La producción y difusión de la biografía latinoamericana

-"#*05*$"
-"5*/0".&3*$"/"
&/4645&9504
'SBODJTDP+BWJFS-FO$PSSFB
5BCMBEFDPOUFOJEPT
/PUBQSFMJNJOBS
*OUSPEVDDJO
$VSSJDVMVNEFMBVUPS

$BQUVMP"OMJTJTEFMBQSPEVDDJOCJCMJPHSmDBMBUJOPBNFSJDBOBFOCJPUJDB
"OMJTJTDVBOUJUBUJWP
-PTQSJNFSPTUFYUPTEFCJPUJDB
-PTUFNBTNTFTUVEJBEPT

$BQUVMP'VFOUFTQBSBVOBIJTUPSJBEFMBCJPUJDBFO-BUJOPBNSJDBZTV
EFTBSSPMMP

-BSFDFQDJOEFMBCJPUJDBOPSUFBNFSJDBOB

-BDPOTPMJEBDJOEFMBOVFWBEJTDJQMJOBFOFMNCJUPMBUJOPBNFSJDBOP
6OEJMPHPJOUFSDVMUVSBMFOSJRVFDFEPS

-BEJGVTJOEFMBCJPUJDBTPDJBM

&MSFUPBDUVBMVOBQSPQVFTUBEFEFTBSSPMMPEFMBCJPUJDBDPNPJOTUSVNFOUP
EFMEFCBUFUJDPTPDJBMZQPMUJDP

$BQUVMP3FTFBTCSFWFTEFMJCSPTFEJUBEPTQPSUFNBT
'VOEBNFOUBDJOEFMBCJPUJDB
&OTFBO[BEFMBCJPUJDB
4FYVBMJEBEEFNPHSBGBZGBNJMJB
*OJDJPEFMBWJEBIVNBOB
'JOBMEFMBWJEBIVNBOB
UJDBDMOJDB
3FMBDJONEJDPQBDJFOUF
$POTFOUJNJFOUP JOGPSNBDJO DPOmEFODJBMJEBE
5SBTQMBOUFT
&OGFSNFSB
'BSNBDJB

1TJDPMPHB
1TJRVJBUSB
4JEB
&TQFDJBMJEBEFTNEJDBT
0USBTQSPGFTJPOFT
4BMVE SFDVSTPTZIVNBOJ[BDJO
$PNJUTEFUJDBZCJPUJDB
UJDBFJOWFTUJHBDJO
(FOUJDBZUJDB
%FSFDIP MFHJTMBDJOZCJPUJDB
&DPMPHBZNFEJPBNCJFOUF
'FNJOJTNPZHOFSP
.BOVBMFTZUFNBTWBSJBEPT

"OFYP%JSFDDJPOFT8FCEFDFOUSPTFJOTUJUVDJPOFTEFCJPUJDB
FO*CFSPBNSJDB

"OFYP3FWJTUBTMBUJOPBNFSJDBOBTEFCJPUJDBFO*OUFSOFU

/PUBQSFMJNJOBS
&MUSBCBKPSFBMJ[BEPQPS'SBODJTDP+BWJFS
-FO$PSSFBFTEFVUJMJEBEQBSBRVJFOFT
DVMUJWBO IPZ FM EJGVTP Z BO JOEFmOJ
EPDBNQPEFMBCJPUJDBZMPTFSFOFM
GVUVSP QBSB RVJFOFT EFTFFO IJTUPSJBS MB
DPOTUJUVDJOZFMEFTBSSPMMPEFVOBDP
NVOJEBEEFQSDUJDBT4JQPSBIPSBTUBT
TPOMBYBTZOPTJFNQSFVOJGPSNFTFOFT
UJMPFJOUFODJO FMFTUBUVUPEJTDJQMJOBSJP
SFRVFSJS B OP EVEBSMP MB FYJTUFODJB
EFVOMFOHVBKFRVFDPODJUFBQSPCBDJO
ZEFDBOUF EFMBNBTBTFNOUJDBEFMBT
MFOHVBT BMHP BT DPNP VO MYJDP FTQF
DJBMJ[BEP $VBOEP FTP PDVSSF MP EJDF
3PMBOE #BSUIFT TF IB DSFBEP VOB EJT
DJQMJOBJOUFMFDUVBM0RVJ[FMFTCP[PEF
VOBEJTDJQMJOB
%F MP EJDIP TF DPMJHF RVF VOB FUBQB
PCMJHBEB QSFWJB P TJNVMUOFB DPO MB
DPOTUJUVDJO EF VOB DPNVOJEBE NB
EVSBEFQSDUJDB FTMBEFDPNQBSUJDJO
EFQBMBCSBT HJSPT FYQSFTJPOFTZoTJIBZ
YJUPo DPOTUSVDUPT Z DPODFQUPT &O MB
CJPUJDB DPNP FO DVBMRVJFS EJTDJQMJOB
FM MFOHVBKF OP FT TJNQMFNFOUF VO NF
EJP &T VO DPOTUJUVZFOUF OVDMFBS EFM
USBCBKP Z FM GVOEBNFOUP EF DVBMRVJFS
GPSNBFTUBCMFEFDVMUJWPJOUFMFDUVBM&O
MBDVMUVSBiUFYUPGMJDBwRVFOPTOVUSF MP
RVFOPFTUFTDSJUPOPFYJTUF-BQBMBCSB
WVFMB MBFTDSJUVSBQFSNBOFDF1BSBCJFO
PQBSBNBM MPRVFVOBWF[WJPMBMV[FO
MBTQSFOTBTRVFEBQBSBTJFNQSF:FOFM
DJCFSFQBDJPEF*OUFSOFUOBEBTFEFTUSV
ZF TMPTFUSBOTGPSNB EFNPEPRVFMB
QFSFOOJEBEFTVOBUSJCVUPEFMUFYUPFT
DSJUP&TBQFSNBOFODJBFTMBRVFQFSNJUF
MBTMFDUVSBTZSFMFDUVSBT JOUFSQSFUBDJPOFT
Z SFJOUFSQSFUBDJPOFT RVF DPOTUJUVZFSPO
FM GFSNFOUP EF MB IFSNFOVUJDB FO TV
NT DBCBM TFOUJEP DPNP "VTMFHVOH EF
UFYUPT
4BCFNPT RVF OP IBZ UFYUPT DBOOJDPT
TPMBNFOUF MFDUVSBT DBOOJDBT $VBOEP
VOB PCSB MMFHB B TFS WFOFSBEB QPS TVT
MFDUPSFT P DPOTJEFSBEB JOEJTQFOTBCMF
QBSB TV WJEB P CJFOFTUBS FTB PCSB oBT
SFDSFBEBoTFDPOWJFSUFFOVODMTJDP6O
DMTJDPFTVOUFYUPRVFQFSEVSBQPSRVF
BDFQUB MFDUVSBT NMUJQMFT JOmOJUBT JO
BHPUBCMFT
%FMPTUFYUPTBRVDPNFOUBEPTOPTBCF
NPTDVBMTFSTVEFTUJOP/JTJRVJFSBTJ
TPCSFWJWJSOBMBTWFMFJEBEFTEFMUJFNQP
Z EF MPT B[BSFT IVNBOPT )BZ BMHVOPT
RVF CJFO NFSFDFSBO FM DBMJmDBUJWP EF
QSJNBSJPT QPSRVFTPOPSJHJOBMFTZNF
EJUBEPTPUSPT TFDVOEBSJPT QPSRVFTJN

QMFNFOUFSFQJUFOPHMPTBOMPTQSJNFSPT
: BMHVOPT EFmOJUJWBNFOUF UFSDJBSJPT P
DVBUFSOBSJPT RVFOBEBBQPSUBOZRVFTF
FTDSJCJFSPOZQVCMJDBSPOQPSBMHVOBEF
MBT JOTPOEBCMFT NPUJWBDJPOFT EFM WJDJP
QVCMJDTUJDP IBDFS DBSSFSB BMJNFOUBS
WBOJEBEFT HBOBSEJOFSP FOmO EJTUSBFS
FM PDJP *NQSPQJP TFSB RVF ZP EJKFSB
DVBMFT NF QBSFDFO QFSUFOFDFS B BMHVOB
EFFTUBTWBSJFEBEFT RVFNJUBSFBBRVFT
TPMBNFOUFQSPMPHBS JOUSPEVDJSFJOWJUBS
OPDBMJmDBSOJWBMPSBS1FSPTFQBFMMFDUPS
RVFUBOUPFMDPNQJMBEPSDPNPFTUFQSP
MPHVJTUBUJFOFOTPCSFFTUFNBUFSJBMJEFBT
ZRVFMBJODMVTJOEFVOUFYUPOPTJHOJ
mDB BVUPNUJDBNFOUF RVF TF MP KV[HVF
DJNBEFMBSFnFYJOZMBDVMUVSB
&TUF FT EF TVZP QSPEVDUP QFSFDFEFSP Z
QFSGFDUJCMF BEFNT EF JODPNQMFUP /J
FTUOUPEPTMPTRVFEFCJFSBOOJUPEPTMPT
RVFFTUOEFCJFSBOFTUBS&OMBTFMFDDJO
JOUFSWJFOFFMB[BS MBNPEB FMHVTUP FM
DPOPDJNJFOUP QFSTPOBM EF MPT BVUPSFT
"DIBZUFYUPTRVFTPOSFQFUJDJPOFTEF
PUSPTUFYUPTZBmSNBDJPOFTBMBTRVFOP
TVTUFOUBSFnFYJOQSPQJB4FBCBSDB FO
FTDBTB NFEJEB EBEB TV JNQPSUBODJB MP
FTDSJUPFOQPSUVHVTZMPQVCMJDBEPFOMB
1FOOTVMB*CSJDB1PSFOEF FTUBTFMFD
DJO EF DPNFOUBSJPT TF SFTUSJOHF B EPT
MFOHVBTSPNBODFT QPSUVHVTZFTQBPM
ZEFTUBDBMPIJTQBOPBNFSJDBOP
5BNCJOEFMPTDPNFOUBSJPTDBCSBEF
DJSRVFTPOIFUFSPHOFPT"MHVOPTTPO
BVUOUJDBT DSUJDBT CSFWFT PUSPT TJNQMF
OPUJDJB &M DPNQJMBEPS MPT IB BHSVQB
EP QPS UFNBT QPS BVUPSFT QPS QBTFT
QSJWJMFHJBOEP MB PSEFOBDJO UFNUJDB
-B FTUSBUFHJB FTDPHJEB UJFOF WFOUBKBT Z
EFTWFOUBKBT Z TJO EVEB FM WBMPS EF FTUB
DPNQJMBDJO SFTJEF FO RVF QVFEF TFS
DPOTVMUBEB FNQMFBOEP EJWFSTPT DSJUF
SJPT $BCF QFOTBS RVF OP FT JSSFMFWBO
UF FO VO DBNQP DPNP TUF BHSFHBS FM
DSJUFSJPDSPOPMHJDP QVFTMBTGFDIBTEF
QVCMJDBDJOQVFEFOBVYJMJBSBMNPNFO
UPEFFWJEFODJBSUFOEFODJBT PCTFSWBSSF
QFUJDJPOFTZQSPDMBNBSQSPHSFTPT
1BSBFM1SPHSBNBEF#JPUJDB0140.4
ZTVDFSDBOP$FOUSP$PMBCPSBEPSEFMB
6OJWFSTJEBE EF $IJMF FT VO QSJWJMFHJP
BVTQJDJBSFTUBQVCMJDBDJOZDPOUSJCVJSB
EJGVOEJSMB FOUSF MPT FTUVEJBOUFT Z FTUV
EJPTPT RVJFOFTTJOEVEBWBMPSBSOFTUF
FTGVFS[PDPNPVOBQPSUFBMBDBQBDJEBE
DSUJDB EF MP RVF FTQFSBNPT TFB BMHVOB
WF[VOBDPOUSJCVDJOTMJEBBMVOJWFSTP
JOUFMFDUVBMZOPTJNQMFNFOUFSFQFUJDJO
PWPMVOUBSJPTBFYQSFTJOEFJEFPMPHBT
'FSOBOEP-PMBT4UFQLF
*OUSPEVDDJO
.TRVFVOBJOUSPEVDDJOQSPQJBNFOUF
UBM TFUSBUBEFVOBCSFWFQSFTFOUBDJOB
MPTMFDUPSFTEFFTUFMJCSP&MBVUPSIBTJEP
GVOEBEPSZEJSFDUPSEFMBSFWJTUB$VBEFS
OPTEF#JPUJDBoFEJUBEBFO&TQBBQSJ
NFSPQPSFM(SVQPEF*OWFTUJHBDJOFO
#JPUJDBEF(BMJDJBZBDUVBMNFOUFQPSMB
"TPDJBDJO&TQBPMBEF#JPUJDBoEFTEF
TV DPNJFO[P FO IBTUB BP
FORVFTFUSBTMBEB$IJMFDPNP1SPGF
TPS"EKVOUPEFM$FOUSPEF#JPUJDBFO
MB'BDVMUBEEF.FEJDJOBEFMB1POUJmDJB
6OJWFSTJEBE $BUMJDB EF $IJMF %FTEF
FOUPODFTTFFODBSHBEFMBFEJDJOEFFTUB
SFWJTUBQBSB"NSJDB-BUJOB
&TDSJCFEFTEFMBTFDDJOEF#JCMJP
HSBGBEF$VBEFSOPTEF#JPUJDBZDPMBCP
SBUBNCJOFOMBNJTNBTFDDJOEFPUSBT
SFWJTUBT EF WBSJPT QBTFT MBUJOPBNFSJDB
OPT FO FTQFDJBM FO "DUB #JPFUIJDB EFM
1SPHSBNBEF#JPUJDB 0140.4
-B NBZPSB EF MBT SFTFBT CSFWFT Z SF
DFOTJPOFT EF MJCSPT DPOUFOJEPT FO FTUF
USBCBKPIBOTJEPQVCMJDBEBTFOMBSFWJTUB
$VBEFSOPTEF#JPUJDB ZSFDPHFOMBNB
ZPSQBSUFEFMPQVCMJDBEPFOFTQBPMZ
QPSUVHVT FO FTUPT MUJNPT BPT PSHB
OJ[BEPQPSUFNBT EFNPEPRVFTFBNT
GDJMZDNPEBTVVUJMJ[BDJOQBSBMBJO
WFTUJHBDJO&MDSJUFSJPTFHVJEPIBTJEP
FM VUJMJ[BEP IBCJUVBMNFOUF QBSB EFmOJS
MBTEJTUJOUBTSFBTEFMBCJPUJDBGVOEB
NFOUBDJOZFOTFBO[BJOJDJPEFMBWJEB
mOBMEFMBWJEBUJDBDMOJDBSFDVSTPTZ
IVNBOJ[BDJO EF MB BUFODJO FO TBMVE
DPNJUTEFUJDBJOWFTUJHBDJOHFOUJDB
BTQFDUPTEFEFSFDIPTBOJUBSJP ZBMHVOBT
DVFTUJPOFT NT DPODSFUBT DPNP FDPMP
HBZGFNJOJTNP'JOBMNFOUF IFNPTJO
UFHSBEPFOMBMUJNBTFDDJO iNBOVBMFT
Z UFNBT WBSJBEPTw BRVFMMPT MJCSPT RVF
BCBSDBO WBSJPT EF MPT BQBSUBEPT TFBMB
EPT&TUBTFDDJOFTOFDFTBSJBNFOUFNT
BNQMJB QPSRVFNVDIPTEFMPTMJCSPTQV
CMJDBEPToFTQFDJBMNFOUFFOMPTDPNJFO
[PT FO DBEB QBTo TPO NBOVBMFT JOUSP
EVDUPSJPTBMBCJPUJDB PSFDPQJMBDJPOFT
EF BSUDVMPT EF MPT BVUPSFT P BDUBT EF
DPOHSFTPTZKPSOBEBT"USBWTEFMOEJDF
UFNUJDPBBEJEPBMmOBM QFOTBNPTRVF
TFQVFEFBDDFEFSGDJMNFOUFBMBCJCMJP
HSBGBFTQFDmDBRVFTFCVTRVF
&TUFMJCSPFTUEFEJDBEPQSFDJTBNFOUFB
MPTJOWFTUJHBEPSFTFOFTUBSFDJFOUFEJTDJ
QMJOBBDBENJDB MBCJPUJDB ZQSFUFOEF
GBDJMJUBS MB CTRVFEB CJCMJPHSmDB QBSB
USBCBKPTEFUFTJTEFNBHTUFSPEJQMPNB
EPT UFTJT EF MJDFODJBUVSB P USBCBKPT EF
JOWFTUJHBDJOFOHFOFSBM

2VFEB GVFSB EF FTUF MJCSP MP NVDIP Z
NVZCVFOPQVCMJDBEPFOJOHMTZPUSPT
JEJPNBT BVORVFTFTUOJODMVJEBTSFTF
BTEFMPTMJCSPTEFBVUPSFTBOHMPTBKPOFT
RVF IBO TJEP USBEVDJEPT BM FTQBPM P
QPSUVHVT
DPNPTVGVUVSPQSYJNP-BIJTUPSJBOP
FT VO NJSBS IBDJB BUST DPO BPSBO[B
FTDFQUJDJTNP BmSNBDJOPOFHBDJOEFM
QSPQJP QBTBEP FT GVOEBNFOUBMNFOUF
BQSFOEFSMFDDJPOFTRVFOPTTJSWBOQBSB
EFTBSSPMMBSVOQSFTFOUFNFKPS
&O FM QSJNFS DBQUVMP PGSFDFNPT VO

BOMJTJT EF MB QSPEVDDJO CJCMJPHSm
DBMBUJOPBNFSJDBOBFOCJPUJDB RVFOP
QSFUFOEF TFS EFmOJUJWP 4 FT SFTVMUBEP
EF VO FTUVEJP FYIBVTUJWP QFSP DJFSUB
NFOUFUFOESRVFBNQMJBSTFFOFMGVUVSP
BMJCSPTFEJUBEPTIBTUBRVFOPIBO
TJEP JODMVJEPT FO MB QSFTFOUF FEJDJO
%F UPEBT GPSNBT TF PGSFDFO MPT EBUPT
EFMONFSPEFQVCMJDBDJPOFTZGFDIBTFO
RVFTFFEJUBSPOFODBEBQBT MPTDVBMFT
SFnFKBODNPIBDSFDJEPFMJOUFSTQPS
MBCJPUJDB
:QPSTVQVFTUPRVFUBNCJOFTJNQSFT
DJOEJCMF QBSB MB JOWFTUJHBDJO TFSJB FO
CJPUJDB oTJ RVFSFNPT DPOTUSVJS FOUSF
UPEPTVOBWFSEBEFSBEJTDJQMJOBBDBENJ
DBoMBTOVNFSPTBTQVCMJDBDJPOFTQFSJ
EJDBT Z SFWJTUBT FEJUBEBT UBOUP FO /PS
UFBNSJDB DPNP FO &VSPQB Z "NSJDB
-BUJOB )FNPT BEKVOUBEP EPT BOFYPT
DPOMBTEJSFDDJPOFT8FCEFMPTDFOUSPTF
JOTUJUVDJPOFT ZMBTSFWJTUBTQFSJEJDBTEF
CJPUJDBFEJUBEBTFO-BUJOPBNSJDB DPO
TVTFOMBDFT8FC BVORVFOPUPEBTPGSF
DFOMPTUFYUPTDPNQMFUPTQPS*OUFSOFU
&OFMTFHVOEPDBQUVMPIFNPTQSFUFOEJ
EPEBSVOBPQJOJOQFSTPOBMEFMBFWPMV
DJOZMBTJUVBDJOBDUVBMEFMBCJPUJDB
/P FT QPTJCMF BTJTUJS DPNP FTQFDUBEPS
QBTJWPBMEFTQMJFHVFEFQVCMJDBDJPOFTFO
FTUF NCJUP TJO JOUFOUBS BM NFOPT VOB
SFnFYJO QFSTPOBM RVF QVFEB HVJBS BM
MFDUPS/PTFFYQPOFOMBTEJGFSFOUFTDP
SSJFOUFTEFGVOEBNFOUBDJOFJOUFSQSF
UBDJOEFMBCJPUJDBBEBQUBEBBOVFTUSPT
QBTFT%FFTUPZBIBZWBSJBTQVCMJDBDJP
OFTCJFOWBMJPTBTRVFBOBMJ[BOMBDPSSJFO
UF QSJODJQJBMJTUB OFPLBOUJBOB EF UJDB
EJBMHJDBPQFSTPOBMJTUB FOUSFPUSBT RVF
EFTUBDBNPTFOMBCJCMJPHSBGBEFFTUFDB
QUVMP Z B FMMBT SFNJUJNPT BM MFDUPS &T
NT CJFO VOB SFnFYJO QFSTPOBM RVF
BZVEB B DPNQSFOEFS MB TJUVBDJO QSF
TFOUFEFMBCJPUJDBZMPRVFFOUFOEFNPT
&M MUJNP DBQUVMP FT FM ODMFP GVOEB

NFOUBM EF FTUB PCSB )FNPT SFDPHJEP
MPTEBUPTCJCMJPHSmDPTEFPCSBT
%FTMPIFNPTQPEJEPSFDPHFSMPT
EBUPT CJCMJPHSmDPT QFSP OP MPT TVm
DJFOUFT QBSB SFBMJ[BS MB SFTFB 0GSF
DFNPTSFTFBTCSFWFTEFNTEF
MJCSPT FEJUBEPT FO -BUJOPBNSJDB IBTUB
mOBMFTEFM PSEFOBEBTQPSUFNBT
-BHSBONBZPSBTPOSFTFBTQSPQJBT EF
MPTNTEFTFUFDJFOUPTMJCSPTEFCJPUJ
DB EF MB CJCMJPUFDB QFSTPOBM EFM BVUPS
"HSBEFDFNPT BRV FO QSJNFS MVHBS B
MB EJSFDDJO EF MB SFWJTUB $VBEFSOPT EF
#JPUJDBQPSQFSNJUJSMBVUJMJ[BDJOEFMBT
SFTFBT FEJUBEBT EFTEF 5BNCJO
BHSBEFDFNPTBMBTEJWFSTBTJOTUJUVDJPOFT
ZDFOUSPTEFCJPUJDBRVFOPTIBOQFS
NJUJEPMBVUJMJ[BDJOEFTVTCJCMJPUFDBT

FOFTQFDJBM BM1SPHSBNBEF#JPUJDBEF
MB0SHBOJ[BDJO1BOBNFSJDBOBEFMB4B
MVE BTVEPDVNFOUBMJTUB ZB'FSOBOEP
-PMBT TV EJSFDUPS Z BVUPS EFM QSMPHP
BMBCJCMJPUFDBEFMB1POUJmDJB6OJWFSTJ
EBE$BUMJDBEF$IJMFBMB3FE4DJ&-0
ZTVBCVOEBOUFEPDVNFOUBDJO%FTFB
NPTNPTUSBSUBNCJOOVFTUSPBHSBEFDJ
NJFOUP B MBT QFSTPOBT F JOTUJUVDJPOFT B
MBT RVF IFNPT TPMJDJUBEP RVF SFWJTBSBO
MPT EBUPT RVF UFOBNPT EF MBT QVCMJDB
DJPOFTEFDBEBQBT ZBMBTJOTUJUVDJPOFT
RVFOPTIBOQFSNJUJEPVUJMJ[BSFOQBSUF
MBTSFTFBTEFTVTQHJOBT8FC#JPUJDB
%FCBUEFM*OTUJUVUP#PSKBEF#JPUJDB
MB SFWJTUB BSHFOUJOB $VBEFSOPT EF #JP
UJDB Z TV EJSFDUPSB 'MPSFODJB -VOB MB
SFWJTUB"DUB#JPFUIJDB EFM1SPHSBNBEF
#JPUJDB EF MB 0140.4 Z FM %FQBS

UBNFOUP EF #JPUJDB EF MB 6OJWFSTJEBE
EF&M#PTRVF $PMPNCJB ZTVEJSFDUPS
+BJNF&TDPCBS
&O FM GVUVSP QFOTBNPT BDUVBMJ[BS Z
DPNQMFUBSMPPGSFDJEPFOFTUBPCSB/P
QSFUFOEF TFS VOB WFSTJO EFmOJUJWB MB
mOBMJEBEFTNTFTQFDmDBPGSFDFSVOB
BZVEBQBSBDPOPDFSMPNVDIPZCVFOP
FEJUBEP FO FTQBPM Z QPSUVHVT UBOUP
FO&TQBBZ1PSUVHBMDPNPFO-BUJOP
BNSJDB RVFSFnFKBFMFTGVFS[PEFUBOUPT
BVUPSFT JOTUJUVDJPOFTZVOJWFSTJEBEFTFO
FTUFNCJUPBQBTJPOBOUFEFMBCJPUJDB
'SBODJTDP+BWJFS-FO$PSSFB
4BOUJBHPEF$IJMF NBZPEF

$VSSJDVMVNEFMBVUPS
(SBEPTBDBENJDPT%PDUPSFO'JMPTP
GBZ-FUSBT QPSMB6OJWFSTJEBEEF7B
MMBEPMJE &TQBB FO.BHTUFSFO
#JPUJDBQPSMB6OJWFSTJEBEEF4BOUJBHP
EF $PNQPTUFMB FO 4F FTQFDJBMJ
[ EFOUSPEFMDBNQPEFMB'JMPTPGB FO
MBT DPSSJFOUFT DPOUFNQPSOFBT EF UJDB
Z BOUSPQPMPHB %FTEF TF IB EF
EJDBEPBMBEPDFODJBFJOWFTUJHBDJOFO
CJPUJDB
%PDFODJB )B FKFSDJEP MB EPDFODJB FO
QSFZQPTHSBEPFOMBTVOJWFSTJEBEFTEF
-FO 7BMMBEPMJE Z 4BOUJBHP EF $PN
QPTUFMB FO&TQBB EFTEFB
%FTEFFOMBTVOJWFSTJEBEFT$BU
MJDBEF$IJMF %JFHP1PSUBMFT Z"OEST
#FMMP FO$IJMF"DUVBMNFOUFFTQSPGFTPS
"EKVOUP"TPDJBEPEFM$FOUSPEF#JPUJ
DBEFMB'BDVMUBEEF.FEJDJOB 1POUJm
DJB6OJWFSTJEBE$BUMJDBEF$IJMF
"TPDJBDJPOFTZDFOUSPTEFCJPUJDB)B
TJEP VOP EF MPT GVOEBEPSFT Z EJSFDUPS
EFM(SVQPEF*OWFTUJHBDJOFO#JPUJDB
EF(BMJDJB
QSPNPUPSZEJ
SFDUPSEF$VBEFSOPTEF#JPUJDB SFWJTUB
USJNFTUSBM EJSJHJEB B MB FOTFBO[B JO
WFTUJHBDJOZEJWVMHBDJOEFMBCJPUJDB
FEJUBEBEFTEFFOFSPEF.JFNCSP
GVOEBEPSEFMB"TPDJBDJO&TQBPMBEF
#JPUJDBZUJDB.EJDB "&#*
TFDSF
UBSJPEFTEFFOFSPEFB"D
UVBMNFOUFFTNJFNCSPEFMDPOTFKPBTF
TPS EF MB 'FEFSBDJO -BUJOPBNFSJDBOB
EF #JPUJDB '&-"*#&
1SFTJEFOUF EF
MB4PDJFEBE$IJMFOBEF#JPUJDBZ4FDSF
UBSJPEFMB4PDJFEBE$IJMFOBEF%FSFDIP
4BOJUBSJP&TDPMBCPSBEPSEFM1SPHSBNB
EF#JPUJDB 0140.4
1VCMJDBDJPOFT)BQVCMJDBEPUSFTMJCSPT
Z DPPSEJOBEP EPT NT FOUSF FMMPT VO
.BOVBMEFUJDBZ-FHJTMBDJOFO&OGFS
NFSB DPO-VJT.JHVFM1BTUPS

ZFMWPMVNFOTPCSF$PNJTJPOFT/BDJP
OBMFT EF #JPUJDB 7*** +PSOBEBT EF MB
4PDJFEBE $IJMFOB EF #JPUJDB

)B QVCMJDBEP DBQUVMPT FO MJCSPT
DPNVOJDBDJPOFTDPNQMFUBTFOMJCSPT
EFBDUBTEFDPOHSFTPTZBSUDVMPTFO
SFWJTUBTFTQFDJBMJ[BEBTEF&VSPQBZ-BUJ
OPBNSJDB
)B QBSUJDJQBEP DPO NT EF DPOGF
SFODJBT DPNVOJDBDJPOFTZQPOFODJBTFO
DPOHSFTPT P KPSOBEBT EF CJPUJDB FO MB
NBZPSBEFMPTQBTFTEF-BUJOPBNSJDB
-OFBTEFFTQFDJBMJ[BDJOUJDBDMOJ
DB CJPUJDB TBMVEQCMJDBZQPMUJDBTEF
TBMVE ZKVTUJDJBTPDJBMFOTBMVE

$BQUVMP"OMJTJTEFMBQSPEVDDJOCJCMJPHSmDB
MBUJOPBNFSJDBOBFOCJPUJDB
"OMJTJTDVBOUJUBUJWP
4J SFBMJ[BNPT VO BOMJTJT NFSBNFOUF
DVBOUJUBUJWPEFMONFSPEFMJCSPTFEJUB
EPTFO-BUJOPBNSJDBTPCSFCJPUJDB UB
CMB
WFNPTRVFFMJOUFSTQPSFTUBEJT
DJQMJOBDPNJFO[BDPOMPTEFCBUFTTPCSF
FMBCPSUPZMBTUDOJDBTEFSFQSPEVDDJO
BTJTUJEBFOMPTBPTPDIFOUB-BQSPEVD
DJOQSPQJBNFOUFEFCJPUJDBDPNJFO[B
FO MPT OPWFOUB DPO NVZ QPDPT UUVMPT

FOMPTQSJNFSPTBPT VOBVNFOUPTJH
OJmDBUJWPZBFOZVODSFDJNJFOUP
TPTUFOJEPIBTUB BPFORVFTFBM
DBO[BFMNYJNP-BDJGSBCBKBVOQPDP
FOMPTTJHVJFOUFTBPT QFSPWVFMWFBDSF
DFSZTFNBOUJFOFQSDUJDBNFOUFFTUBCMF
FOUSFZ DPOVOBFEJDJOEF
BMSFEFEPSEFMJCSPTBMBP
5BCMB1VCMJDBDJPOFTEFCJPUJDBQPSBPTFO-BUJOPBNSJDB &TQBBZ1PSUVHBM
"OUFT

.VZQPDBTEFFTUBTTPOEFCJPUJDBFTUSJDUBNFOUF MBNBZPSBTPOGSVUPEFMEFCBUFTPCSFFMBCPSUPZMB
SFQSPEVDDJOBTJTUJEB
&O DVBOUP B MB EJTUSJCVDJO QPS QBTFT

UBCMB
FM QSJNFS MVHBS MP PDVQB &T
QBB TFHVJEB QPS #SBTJM "SHFOUJOB
1PSUVHBM $PMPNCJB .YJDP Z $IJMF
%FTQVTFTU7FOF[VFMB ZBDPOTJEFSB
CMFEJTUBODJBOVNSJDBMPTEFNT$PTUB
3JDB 6SVHVBZ $VCB 1FS &DVBEPS
FUD
5BCMB%JTUSJCVDJOEFMJCSPTFEJUBEPTQPSQBTFT
-BUJOPBNSJDB
"SHFOUJOB
#SBTJM
$PMPNCJB
$PTUB3JDB
$VCB
$IJMF
&DVBEPS
(VBUFNBMB
)POEVSBT

0USPTQBTFT
&TQBB
1PSUVHBM
(SBO#SFUBB
*UBMJB
&TUBEPT6OJEPT

.YJDP
/JDBSBHVB
1BSBHVBZ
1VFSUP3JDP
3FQ%PNJOJDBOB
4BMWBEPS
6SVHVBZ
7FOF[VFMB
5PUBMQBSDJBM

5PUBMMJCSPTFEJUBEPT
-JCSPTFEJUBEPTFODBTUFMMBOP
-PTQSJNFSPTUFYUPTEF
CJPUJDB
-B NBZPSB EF MPT FEJUBEPT BOUFT EF
OP TPO QSPQJBNFOUF EF CJPUJDB
Z QFSUFOFDFO BM EFCBUF TPCSF FM BCPSUP
ZMPTJOJDJPTEFMBSFQSPEVDDJOBTJTUJEB
7BNPT B TFBMBS MPT RVF QSPQJBNFOUF
QPEFNPTJODMVJSFOMBEJTDJQMJOBEFCJP
UJDB FEJUBEPTIBTUB&TJNQPTJCMF
DJUBSBUPEPTMPTBVUPSFTRVFEFTQVTIBO
EFTBSSPMMBEP MB CJPUJDB QFSP BM NFOPT
BRV RVFSFNPT EFKBS DPOTUBODJB EF MPT
RVFMBJOJDJBSPOFODBEBQBT
&O&TQBB KVOUPBBMHVOBTUSBEVDDJP
OFT EF MJCSPT FEJUBEPT FO PUSPT QBTFT
MPT QSJNFSPT UFYUPT TPO NT SFDJFOUFT
RVFFO-BUJOPBNSJDB FOZ
4POMPTFTDSJUPTQPS+BWJFS(BGP KFTVJUB
ZEJSFDUPSEFM$FOUSPEF#JPUJDBEFMB

(FPSHF ,JFFS #JPUJDB &EJU "MIBNCSB

#FBVDIBNQ 5- .D$VMMPVHI -#
&UJDB .EJDB -BT SFTQPOTBCJMJEBEFT NPSBMFT
EF MPT NEJDPT -BCPS #BSDFMPOB (JM
CFSU)PUUPJT&MQBSBEJHNBCJPUJDP6OBUJDB
QBSBMBUFDOPDJFODJB"OUISPQPT &EJUPSJBMEFM
)PNCSF 6OJW 1BT 7BTDP #BSDFMPOB
#SJBO1PMMBSE&VUBOBTJB3JBMQ .BESJE
(VZ%VSBOE-B#JPUJDB%FTDMFEF#SPVXFS
#JMCBP 2VFS 'SBODF-BUJDBZMBWJEB
"DFOUP&EJUPSJBM .BESJE +FBO#FSOBSE
-B#JPUJDB%FCBUF .BESJE
6OJWFSTJEBE EF $PNJMMBT FO .BESJE

TPCSF SFQSPEVDDJO IVNBOB BTJTUJEB Z
NBOJQVMBDJOHFOUJDB ZQPSFMQSPGF
TPS%JFHP(SBDJB DBUFESUJDPEF)JTUP
SJBEFMB.FEJDJOBZEJSFDUPSEFM%FQBS
UBNFOUP EF #JPUJDB EF MB 6OJWFSTJEBE
$PNQMVUFOTF TVT EPT QSJNFSBT PCSBT
TPCSFMPTGVOEBNFOUPTEFMBCJPUJDBZ
MPTQSPDFEJNJFOUPTEFEFDJTJOFOUJDB
DMOJDB EBSBO FM NBSDP DPODFQUVBM FO
MPTJOJDJPTEFFTUBEJTDJQMJOBFO&TQBB
&OTFHVJEBJOJDJBSBOUBNCJOTVTQVCMJ
DBDJPOFT PUSPT BVUPSFT 'SBODFTD "CFM
EJSFDUPSEFMQSJNFSDFOUSPEFCJPUJDBFO

+BWJFS(BGP &EJUPS
1SPDSFBDJOIVNBOBBTJT
UJEB BTQFDUPT UDOJDPT UJDPT Z MFHBMFT 6OJ
WFSTJEBE 1POUJmDJB $PNJMMBT .BESJE
+BWJFS (BGP +PT "OUPOJP "CSJTRVFUB &E

'VOEBNFOUBDJOEFMBCJPUJDBZNBOJQVMBDJO
HFOUJDB 6OJWFSTJEBE 1POUJmDJB EF $PNJMMBT
.BESJE +BWJFS (BGP QBMBCSBT DMBWF
FO CJPUJDB &EJUPSJBM 7FSCP %JWJOP &TUF
MMB /BWBSSB (BGP +BWJFS &E
UJDBZ
#JPUFDOPMPHB 6OJWFSTJEBE 1POUJmDJB EF $P
NJMMBT .BESJE +BWJFS(BGP&UJDBZ-F
HJTMBDJO FO &OGFSNFSB &EJUPSJBM6OJWFSTJUBT
4" .BESJE
%JFHP (SBDJB 'VOEBNFOUPT EF CJPUJDB &V
EFNB .BESJE %JFHP(SBDJB1SPDFEJ
NJFOUPTEFEFDJTJOFOUJDBDMOJDB&VEFNB
.BESJE
'SBODFTD"CFM $BNJOP$BO &EJUPSFT
-B
NFEJBDJOEFMB'JMPTPGBFOMBDPOTUSVDDJOEF
MBCJPUJDB6OJWFSTJEBEEF$PNJMMBT
&VSPQB FM *OTUJUVUP #PSKB EF #JPUJDB

'SBODJTDP +BWJFS &MJ[BSJ +VBO 3BNO
-BDBEFOB ZPUSPTZFOFMNCJUPEFM
%FSFDIP Z MB CJPUJDB 3BNO .BSUO
.BUFP +PT .JHVFM 4FSSBOP $BSMPT
.BSB3PNFP$BTBCPOB Z.BSB$B
TBEP
&O 1PSUVHBM $PTUB 1JOUP FTDSJCF TP
CSFUJDBNEJDBFO ZTFFEJUBO
'SBODJTDP+BWJFS&MJ[BSJ#BTUFSSB#JPUJDB&EJ
DJPOFT1BVMJOBT .BESJE

+VBO3BNO-BDBEFOB 'SBODFTD"CFM $BNJOP
$BO -PZFT $BNJOP $BO -B NFEJBDJO
EFMB'JMPTPGBFOMBDPOTUSVDDJOEFMBCJPUJDB

+FTT $PMPNP .VFSUF DFSFCSBM #JPMPHB Z
UJDB&VOTB 1BNQMPOB 'FEFSBDJO*O
UFSOBDJPOBMEF6OJWFSTJEBEFT$BUMJDBT-BWJEB
IVNBOB PSJHFOZEFTBSSPMMP3FnFYJPOFTCJP
UJDBT EF DJFOUmDPT Z NPSBMJTUBT 6OJWFSTJEBE
1POUJmDJBEF$PNJMMBT *OTUJUVUP#PSKBEF#JP
UJDB .BESJE +VODFEB +VBO .BOVFM
7JEB 4BMVE Z DPODJFODJB %JBHOTUJDP UJDP
TPCSFMB.FEJDJOBBDUVBM4BO1BCMP .BESJE
3FJOIBSEU -X Z PUSPT #JPUJDB
DPOTJEFSBDJPOFT mMPTmDPUFPMHJDBT TPCSF VO
UFNB BDUVBM 3JBMQ .BESJE 'FSOBOEP
.POHF1FSTPOB)VNBOBZ1SPDSFBDJO"SUJ
mDJBM-JCSPT.$&EJDJPOFT1BMBCSB 4".B
ESJE " 4BSNJFOUP ( 3VJ[1SF[ +$
.BSUO UJDB Z HFOUJDB &TUVEJP UJDP TPCSF
MBJOHFOJFSBHFOUJDB&VOTB 1BNQMPOB
7BSJPT BVUPSFT #JPUFDOPMPHB Z GVUVSP EFM
IPNCSF-BSFTQVFTUBCJPUJDB.-VJTB
7FHB (VUJSSF[ 3FQSPEVDDJO BTJTUJEB FO MB
$PNVOJEBE &VSPQFB -FHJTMBDJO Z BTQFDUPT
CJPUJDPT6OJWFSTJEBEEF7BMMBEPMJE

3BNO .BSUO .BUFP #JPUJDB Z %FSFDIP
"SJFM #BSDFMPOB

+PT.JHVFM4FSSBOP3VJ[$BMEFSO$VFTUJP
OFTEFCJPUJDB4QFJSP .BESJE

$BSMPT.BSB3PNFP$BTBCPOB&M%FSFDIPZ
MBCJPUJDBBOUFMPTMNJUFTEFMBWJEBIVNBOB
$FOUSP EF &TUVEJPT 3BNO "SFDFT .BESJE

.BSB$BTBEP-BFVUBOBTJBBTQFDUPTUJDPTV
KVSEJDPT3FVT4"&EJUPSJBM

$PTUB 1JOUP +3 2VFTUFT "DUVBJT EB UJDB
.EJDB#SBHB
MJCSPT TPCSF FM BCPSUP P MB FVUBOBTJB

TPCSFUPEPEFTEFFMQVOUPEFWJTUBKVS
EJDP*OJDJBOTVTFTDSJUPT-VJT"SDIFS
1BVMB.BSUJOIPEB4JMWB ZZBEFTQVT
FODPOUSBSFNPT QVCMJDBDJPOFT FO 1PS
UP EFMBNBOPEFMEPDUPS%BOJFM FO
$PJNCSB DPOMBBNQMJBDPMFDDJOTPCSF
CJPUJDB EF 3VJ /VOFT Z FO -JTCPB
DPOMBTQVCMJDBDJPOFTZMBBNQMJBEJGV
TJOEFMBCJPUJDBBUSBWTEFM$POTFMIP
/BDJPOBMQBSBBT$JFODJBTEB7JEB
&O "SHFOUJOB MPT QSJNFSPT UFYUPT TF
FEJUBO FO FM $FOUSP EF )VNBOJEBEFT
.EJDBTEF+PT"MCFSUP.BJOFUUJ FO-B
1MBUB"MNJTNPUJFNQP FOFM$FOUSP
EF*OWFTUJHBDJPOFTFOUJDB#JPNEJDB
EFMB6OJWFSTJEBE$BUMJDB"SHFOUJOBFO
#VFOPT"JSFT DPO%PNJOHP#BTTP FO

.BSUJOT "OUOJP$BSWBMIP"$PMIFJUBEFS
HPT F 5FDJEPT OPT $BEWFSFT $PJNCSB &E
$PJNCSB "DBEFNJBEF$JODJBTEF-JT
CPB$PMRVJPTPCSF&VUBOTJB-JTCPB"$-

7BSJPT "VUPSFT %JSFJUP EB 4BEF F CJPUJDB
-FY -JTCPB

"SDIFS -VT%FTBmPTEB/PWB(FOUJDB&E
#SPUSJB -JTCPB

.BSUJOIPEB4JMWB 1BVMB$31SPDSFBBP"S
UJmDJBM"TQFDUPT +VSEJDPT .PSBFT &EJUPSFT
-JTCPB

4FSSP %BOJFM/VOFT 3VJ DPPSE
UJDBFN
$VJEBEPTEF4BEF1PSUP&EJUPSB
QQ

:BTFIBOQVCMJDBEPMJCSPTFOMB$PMFDDJO
#JPUJDB)PKF FO(SmDBT$PJNCSB QPSFKFN
QMP

.BJOFUUJ +PT"MCFSUP-BDSJTJTEFMBSB[ON
EJDB*OUSPEVDDJOBMBmMPTPGBEFMB.FEJDJOB
&EJUPSJBM2VJSO -B1MBUB #JPUJDBGVO
EBNFOUBM-BDSJTJTCJPUJDB-B1MBUB 2VJSO
+PT"MCFSUP.BJOFUUJ&TUVEJPT#JPUJ
DPT &E 2VJSO -B 1MBUB "SHFOUJOB
&TUVEJPT #JPUJDPT ** &E 2VJSO -B 1MBUB
"SHFOUJOB

Z)VHP0CJHMJP5BNCJO FO
TFHVJEB DPNFO[BSO MBT QVCMJDBDJPOFT
FOUPSOPBMB6OJWFSTJEBE/BDJPOBMEF
$VZP FO.FOEP[B DPO"MCFSUP#PDIB
UFZ .BSUB'SBDBQBOJZ$FMJB#PSEO
&O#SBTJMFMDPNJFO[PFTFOUPSOPBMEF
CBUFTPCSFMBSFQSPEVDDJOBTJTUJEBZMPT
USBOTQMBOUFT 6O QPDP NT UBSEF FO
FM$POTFMIP'FEFSBMEF.FEJDJOB
QVCMJDBVOQSJNFSMJCSPTPCSFMPTOVFWPT
EFTBGPTUJDPTZTFJOJDJBMBQSPEVDDJO
QSPQJBNFOUFEFCJPUJDB DBEBWF[NT
FYUFOTB &M QSPQJP $POTFMIP 'FEFSBM
JOJDJBS FOTFHVJEB MB QVCMJDBDJO EF MB
SFWJTUB#JPUJDB
*HVBMNFOUF FO$PMPNCJBDPNJFO[BFO
MBEFTQVTFYUFOTBQSPEVDDJOFEJ
UPSJBM EJSJHJEB QPS +BJNF &TDPCBS FO MB
6OJWFSTJEBEEF&M#PTRVF ZVOQPDP
NTUBSEFMBTQVCMJDBDJPOFTEFM*OTUJUVUP
EF#JPUJDBEFMB6OJWFSTJEBE+BWFSJBOB
EJSJHJEPQPS"MGPOTP-MBOP DPOVOBFY
UFOTBDPMFDDJODPPSEJOBEBQPS(JMCFSUP
$FMZ(BMJOEP
:BFOTFFEJUBOFO$IJMFMPTQSJ
NFSPTMJCSPTEFCJPUJDB VOPEFMB014
i#JPUJDB 5FNBT Z QFSTQFDUJWBTw RVF
JOJDJBSVOBMBSHBDPMFDDJOEFQVCMJDB
DJPOFT EF MB RVF QPTUFSJPSNFOUF TF MMB
NBS6OJEBEEF#JPUJDB&OUSFPUSPT
QVCMJDBSOMJCSPTFOFTPTQSJNFSPTBPT
.BOVFM -BWBEPT "MFKBOESP 4FSBOJ Z
$BSMPT2VJOUBOB EFM$FOUSPEF#JP
UJDBEFMB6OJWFSTJEBE$BUMJDBEF$IJMF
Z'FSOBOEP-PMBTZ.JHVFM,PUUPX
EFMB6OJWFSTJEBEEF$IJMF

#BTTP %PNJOHP. /BDFSZNPSJSDPO

EJHOJEBE&TUVEJPTEFCJPUJDBDPOUFNQPSOFB
$POTPSDJP EF .EJDPT $BUMJDPT #VFOPT "J
SFT#BTTP %PNJOHP.0CJHMJP )VHP
0.1SJODJQJPTEFCJPUJDBFOFMDBUFDJTNPEF
MB *HMFTJB $BUMJDB $FOUSP EF *OWFTUJHBDJPOFT
FOUJDB#JPNEJDB #VFOPT"JSFT

"MCFSUP #PDIBUFZ #JPUJDB Z UFPMPHB NPSBM
&EJDJPOFT1BVMJOBT #VFOPT"JSFT $FMJB
#PSEJO .BSUB'SBDBQBOJ -JMJBOB(JBOOBDDBSJ
"MCFSUP#PDIBUFZ#JPUJDB&YQFSJFODJBUSBOT
EJTDJQMJOBSEFTEFVO$PNJU)PTQJUBMBSJP-BUJ
OPBNFSJDBOP6OJWFSTJEBE/BDJPOBM$VZP 'B
DVMUBE$JFODJBT.EJDBT.FOEP[B "SHFOUJOB

5PEPMJ +PTUJDBEPTUSBOTQMBOUFT4P1BVMP
)FSEFS -VETTBOT 4UBOJTMBWT 2VFTUFT
"DUVBJTEF#JPUJDB4P1BVMP-PZPMB
4BOUPT .BSJB $FMFTUF $PSEFJSP 5SBOTQMBOUF
EFSHPTFFVUBOTJBMJCFSEBEFFSFTQPOTBCJ
MJEBEF4P1BVMP4BSBJWB

$POTFMIP 'FEFSBM EF .FEJDJOB %FTBGPT UJ
DPT#SBTJMJB

.BSUJO -FPOBSE."UJDBNEJDBEJBOUFEP
QBDJFOUFUFSNJOBM&EJUPSB4BOUVBSJP"QBSFDJ
EB 4BP1BVMP
+BJNF&TDPCBS5SJBOB DPPSE
#JPUJDB MBDBMJEBE
EFWJEBFOFMTJHMP99*$PMFDDJO#JPTZ&UIPT
O 6OJWFSTJEBE &M #PTRVF #PHPU

(JMCFSUP$FMZ(BMJOEP FE
5FNBTEF#JPUJDB
"NCJFOUBM$FOUSP&EJUPSJBM+BWFSJBOP$&+"
4BOUBGEF#PHPU

0SHBOJ[BDJO1BOBNFSJDBOBEFMB4BMVE#JP
UJDB5FNBTZQFSTQFDUJWBT014 8BTIJOHUPO
QQ
1BCMP"HVJMFSB&OMBGSPOUFSBWJEBNVFSUF1SP
CMFNBT CJPUJDPT &EJUPSJBM 6OJWFSTJUBSJB 4BO
UJBHPEF$IJMF .BSJBOB"ZMXJOZPUSPT
4FNJOBSJP )VNBOJTNP DSJTUJBOP Z CJPUJDB
*OTUJUVUP $IJMFOP EF &TUVEJPT )VNBOTUJDPT
4BOUJBHP &EVBSEP$PSSFB $BSMPT&DIF
WFSSB "MCFSUP3PKBT &E
UJDBZ)VNBOJEBE
FO MB NFEJDJOB BDUVBM 3FnFYJPOFT CJPUJDBT
&EJUPSJBM6OJWFSTJUBSJB 4BOUJBHPEF$IJMF

.BOVFM-BWBEPT +VBO*HOBDJP.POHF $BSMPT
2VJOUBOB "MFKBOESP 4FSBOJ &E
1SPCMFNBT
DPOUFNQPSOFPT EF CJPUJDB &EJDJPOFT 6OJ
WFSTJEBE$BUMJDBEF$IJMF

'FSOBOEP -PMBT 3BNO 'MPSFO[BOP (BCSJFM
(ZBSNBUJ $BSMPT 5SJHP $JFODJBT 4PDJBMFT Z
.FEJDJOB1FSTQFDUJWBT-BUJOPBNFSJDBOBT&E
6OJWFSTJUBSJB 4BOUJBHPEF$IJMF

.JHVFM,PUUPXZ8BMUFS4ODIF[$PNJTJPOFT
ZDPNJUTEFUJDBNEJDB$*&#Z$*/#*0
6OJWEF$IJMF
&M*OTUJUVUPEF*OWFTUJHBDJPOFT+VSEJDBT
EF MB 6/". FT FM QSJNFS DFOUSP VOJ
WFSTJUBSJP FO JOUFSFTBSTF Z FEJUBS TPCSF
CJPUJDB FO .YJDP EFTEF Z
FOTFHVJEBUBNCJOJOJDJBSTVTBDUJWJEB
EFT MB $PNJTJO /BDJPOBM EF #JPUJDB
JNQVMTBEBQPS.BOVFM7FMBTDP4VSF[
DPOMBFEJDJOEFMBT"DUBTEFMPT$PO
HSFTPT/BDJPOBMFT
'JOBMNFOUF FO FTUB SQJEB FYQPTJDJO
UFOFNPT FO 7FOF[VFMB MPT UFYUPT CJFO
UFNQSBOPT EF "VHVTUP -FO $ Z EF
"MGSFEP$BTUJMMP7BMFSZ BNCPTDFOUSB
EPTFOMPTBTQFDUPTUJDPTEFMmOBMEFMB
WJEB&OMPTEFNTQBTFT FMEFTBSSPMMP
EFMBCJPUJDBFTQPTUFSJPSBFTPTQSJNF
SPTBPTOPWFOUB
-PTUFNBTNTFTUVEJBEPT
4JBOBMJ[BNPTFMDPOUFOJEPEFMPTMJCSPT
FEJUBEPTFO-BUJOPBNSJDBTPCSFCJPUJ
DB UBCMB
FODPOUSBNPTRVFFMNBZPS

&MQSJNFSMJCSPFEJUBEPFT+BJNF4$BTUFMMBOPT
.BMP#JPUJDBBQSFOEJFOEPBWBMPSBSOVFTUSB
OBUVSBMF[B &EJUPSJBM %JBOB .YJDP
*OTUJUVUPEF*OWFTUJHBDJPOFT+VSEJDBT#JPUJDB
Z%FSFDIPT)VNBOPT6/". .YJDP
*OTUJUVUP /BDJPOBM EF /FVSPMPHB #JPUJDB Z
.FEJDJOB.YJDP%'

$PNJTJO /BDJPOBM EF #JPUJDB #JPUJDB *
$POHSFTP*OUFSOBDJPOBM$JVEBEEF.YJDP
0DUVCSF&UIPT$PNJTJO/BDJPOBMEF
#JPUJDBEF.YJDP

"VHVTUP -FPO $ -B NVFSUF Z FM NPSJS -B
HPWFO $BSBDBT &VUBOBTJB &EJDJPOFT
"NPO $BSBDBT

"MGSFEP $BTUJMMP 7BMFSZ UJDB NEJDB BOUF FM
FOGFSNPHSBWF&E+*.4 #BSDFMPOB
"MGSFEP $BTUJMMP 7BMFSZ UJDB Z MFHJTMBDJO
NEJDB )JTUPSJB BOMJTJT Z TJUVBDJO BDUVBM
%JTTJOMJNFE $BSBDBT "MGSFEP $BTUJMMP
7BMFSZ 9BWJFS.VHBSSB5PSDB&UJDB QPMUJDBZ
EFSFDIP ZTJUVBDJPOFTEFNVFSUF6OJWFSTJEBE
$FOUSBMEF7FOF[VFMB$BSBDBT
ONFSPTFIBEFEJDBEPBDVFTUJPOFTEF
UJDB DMOJDB DPO MJCSPT &TUP FTU
BDPSEF DPO FM NBZPS EFTBSSPMMP EF MB
EJTDJQMJOBFOFMDBNQPDMOJDPZMBGPS
NBDJO Z EFEJDBDJO B FTUB NBUFSJB EF
OVNFSPTPT NEJDPT Z QSPGFTJPOBMFT EF
MBTBMVEFOUPEPFMNVOEP&OTFHVOEP
MVHBSFTUBSBOMPTHSBOEFTUFNBTEFMJOJ
DJPZFMmOEFMBWJEBIVNBOB DPO
ZMJCSPT SFTQFDUJWBNFOUF FO
UPUBM
5BNCJOTPOOVNFSPTPTMPTNB
OVBMFTRVFJOUFOUBOEBSVOBWJTJOHF
OFSBMEFUPEPTMPTUFNBT PMJCSPTDPN
QVFTUPT DPOBSUDVMPTNVZWBSJBEPT EF
KPSOBEBT DPOHSFTPT FUDFOUPUBM
)B IBCJEP UBNCJO VO FOPSNF JOUF
STQPSMBGVOEBNFOUBDJOmMPTmDBEF
MB CJPUJDB EFTEF MB UJDB FO MP RVF TF
NVFTUSB QPS VO MBEP FM JOUFST EF MPT
EFEJDBEPTBMBCJPUJDBQPSMBTCBTFTUJ
DBTZ QPSPUSP FMJOUFSTEFTQFSUBEPFO
MBmMPTPGBZTPCSFUPEPFOUSFMPTFTQF
DJBMJTUBTFOUJDBQPSMPTUFNBTZEFCBUFT
EFCJPUJDB VOQPDPMFOUPBMQSJODJQJP
QFSP ZB CJFO FYUFOEJEP IPZ FO EB FO
UPUBMSFQSFTFOUBOMJCSPT*HVBMNFO
UF TPO MPT EFEJDBEPT BM %FSFDIP
4BOJUBSJPP#JPKVSEJDB DPOHSBOJOUFST
EFM%FSFDIPQPSMPTUFNBTEFCJPUJDB
TPCSFUPEPFOMPTMUJNPTBPT BMBQBS
EFMEFTBSSPMMPEFMBTMFHJTMBDJPOFTFOFTUBT
NBUFSJBTFOOVNFSPTPTQBTFT&OUSFMPT
UFNBTFNFSHFOUFTEFFTUPTMUJNPTBPT
FTUOMPTEFEJDBEPTBMBTJOWFTUJHBDJPOFT
HFOUJDBTNTSFDJFOUFT
BSFDVSTPT
FO TBMVE UJDB JOTUJUVDJPOBM Z TJTUFNBT
EFTBMVE
BMBUJDBEFMNFEJPBN
CJFOUFZMBDSJTJTFDPMHJDB
MBJOWFT
UJHBDJO oFO FTQFDJBM FO QBTFT FO WBT

EF EFTBSSPMMPo
MB USBOTNJTJO EF
FYQFSJFODJBT EPDFOUFT FO CJPUJDB

MPTDPNJUTEFUJDB
Z mOBMNFOUF
EFNPEPSFDJFOUF FMGFNJOJTNP

5BCMB%JTUSJCVDJOEFMJCSPTFEJUBEPTQPSUFNBT
5FNBT
'VOEBNFOUBDJOCJPUJDB
&OTFBO[BCJPUJDB
*OJDJPZmOEFMBWJEB UPUBM
t4FYVBMJEBE EFNPHSBGB
t*OJDJPWJEB
t'JOBMEFMBWJEB
UJDBDMOJDB UPUBM
t3FMBDJONEJDPQBDJFOUF
t$POTFOUJNJFOUP TFDSFUP
t5SBTQMBOUFT
t&OGFSNFSB
t'BSNBDJB
t1TJDPMPHB
t1TJRVJBUSB
t4*%"
t&TQFDJBMJEBEFTNEJDBT
t0USBTDJFODJBTEFMBTBMVE
3FDVSTPT IVNBOJ[BDJO
$PNJUTEFUJDB
*OWFTUJHBDJO
(FOUJDBZCJPUFDOPMPHB
%FSFDIPZCJPUJDB
&DPMPHB
'FNJOJTNP
.BOVBMFTZWBSJBEPT
/NFSP

$BQUVMP'VFOUFTQBSBVOBIJTUPSJBEFMBCJPUJDB
FO-BUJOPBNSJDBZTVEFTBSSPMMP
/P FT QPTJCMF FO VO DBQUVMP JOUFOUBS

SFBMJ[BS VOB IJTUPSJB EFM OBDJNJFOUP Z
EFTBSSPMMPEFMBCJPUJDBFO"NSJDB-B
UJOB5SBUBSFNPTEFTFBMBSOJDBNFOUF
MPTBTQFDUPTRVFDPOTJEFSBNPTEFNBZPS
JOUFSTFOMPTJOJDJPTZEFTBSSPMMPEFFTUB
OVFWBEJTDJQMJOBFOOVFTUSPTQBTFT QBSB
QPEFSFOUFOEFSNFKPSMPTSFUPTBDUVBMFT
RVFFOGSFOUBZDVMFTQVFEFOTFSMBTM
OFBTRVFOPTWBOBFYJHJSVOBNBZPSEF
EJDBDJOFOFMGVUVSPJONFEJBUP
4PONVDIBTMBTQFSTPOBTFJOTUJUVDJPOFT
RVF IBO DPMBCPSBEP FO FTUB FNQSFTB
EFTEF IBDF VOPT USFJOUB BPT )FNPT
UFOJEP MB TVFSUF EF DPOPDFS B NVDIPT
EF FMMPT QFSTPOBMNFOUF FO MBT QSJNFSBT
BDUJWJEBEFT EF CJPUJDB EFTBSSPMMBEBT
FOCBTUBOUFTEFMPTQBTFTEFTFHVJSEF
DFSDBMBTBDUJWJEBEFTEPDFOUFT KPSOBEBT
DPOHSFTPTZSFVOJPOFTEFMBTJOTUJUVDJP
OFTEFMFFSMBTQVCMJDBDJPOFTZSFWJTUBT
FEJUBEBTFOFTUBTEDBEBTZEFJSGPSKBO
EPZDPOUSBTUBOEPMBQSPQJBEFEJDBDJO
QSPGFTJPOBM B MB CJPUJDB FO DPOUJOVP
EJMPHPDPOMPTQSPNPUPSFTEFFTUBEJT
DJQMJOB DPOCBTUBOUFTEFMPTDVBMFTOPT
VOFUBNCJOVOBQSPGVOEBBNJTUBE
5SBUBSFNPTEFPGSFDFSFOFTUFDBQUVMP
EF NPEP NVZ TPNFSP BMHVOBT GVFO
UFT RVF QVFEFO BZVEBS B FTDSJCJS oFO

FMGVUVSPoVOBWFSEBEFSBIJTUPSJBEFMB
CJPUJDBFOOVFTUSPTQBTFT&OFTUFTFO
UJEP FTVOCVFOQVOUPEFQBSUJEBFMSF
DJFOUFMJCSPi1FSTQFDUJWBTEFMB#JPUJDB
FO *CFSPBNSJDBw DPPSEJOBEP QPS -FP
1FTTJOJ $ISJTUJBO EF 1BVM Z 'FSOBOEP
-PMBT FEJUBEPFO#SBTJMZFO$IJMF&O
FTQFDJBM TFQVFEFTFBMBSMBWJTJOFJO
UFSQSFUBDJOEFMEFTBSSPMMPZMBTJUVBDJO
QSFTFOUFFOOVFTUSPNCJUPMBUJOPBNFSJ
DBOPRVFSFBMJ[BO(FSNO$BMEFSOZ
)VCFSU-FQBSHOFVS
-BSFDFQDJOEFMBCJPUJDB
OPSUFBNFSJDBOB
&O MPT BPT Z DPNJFO[PT EF MPT
DPNFO[BCB B FOTFBSTF FTUB OVFWB EJT
DJQMJOBFOBMHVOBTVOJWFSTJEBEFTEF-B

-FP1FTTJOJ $ISJTUJBOEF1BVMEF#BSDIJGPOUBJ
OF 'FSOBOEP-PMBT DPPSE
1FSTQFDUJWBTEFMB
#JPUJDBFO*CFSPBNSJDB&EJDJOFOFTQBPM
"MWBSP2VF[BEB$FOUSP6OJWFSTJUBSJP4BO$B
NJMP 4BP1BVMP Z1SPHSBNBEF#JPUJDB 014
0.4 4BOUJBHPEF$IJMF

(FSNO $BMEFSO 6OB MFDUVSB DSUJDB EF MB
CJPUJDB MBUJOPBNFSJDBOB &O -FP 1FTTJOJ Z
DPMT0CDJU

)VCFSU -FQBSHOFVS 6OB NJSBEB QPSTQFDUJWB
QBSB JEFOUJmDBS EFTBGPT B QBSUJS EFM DPOUFYUP
IJTUSJDPIJTQBOPBNFSJDBOP&O-FP1FTTJOJZ
DPMTPCDJU

$BQUVMP'VFOUFTQBSBVOBIJTUPSJBEFMBCJPUJDBFO-BUJOPBNSJDBZTVEFTBSSPMMP
UJOPBNSJDB EFTQVT EF TV BOEBEVSB

JOJDJBM FO FM NCJUP OPSUFBNFSJDBOP Z
DPO VO DJFSUP SFUSBTP &T FM NPNFOUP
EFM iUSBTQMBOUFw FO QBMBCSBT EF "MGPO
TP -MBOP i"SHFOUJOB QSJNFSP MVFHP
FOTVPSEFO $PMPNCJB $IJMF .YJDP
#SBTJMZEFNTQBTFTMBUJOPBNFSJDBOPT
USBTQMBOUBSPOMBCJPUJDBB*CFSPBNSJDB
TJOBUFOEFSBMBTEJGFSFODJBTEFAUJFSSBTZ
TJO QSFHVOUBSTF TJ EJDIB AQMBOUB AQFHB
SBFOQBTFTEFUJFSSBTUBOEJTUJOUBT PTJ
FTUFAOVFWPNFEJDBNFOUPFSBBQUPQBSB
DVSBSMPTNBMFT UBOEJGFSFOUFT EFFTUPT
QVFCMPTw
-B OVFWB EJTDJQMJOB TF QSFTFOUBCB DPO
VOBTDBSBDUFSTUJDBTQSPQJBT SFnFKPEFMB
TJUVBDJOEFMBTPDJFEBEOPSUFBNFSJDBOB
EFFTFNPNFOUP
B
-BJOUFSEJTDJQMJOBSJFEBEFMEJMPHP
FOUSF MBT DJFODJBT FNQSJDBT Z MBT
IVNBOTUJDBT
C
&M EFCBUF UJDP FO VOB TPDJFEBE
QMVSBM CBTBEPFOMBUPMFSBODJB
D
-B FMBCPSBDJO EF VOB UFPSB EF
GVOEBNFOUBDJOBQPZBEBFO QSJO
DJQJPTDMBSPTZDPODSFUPT
E
-BBQMJDBDJOFGFDUJWBEFFTPTQSJO
DJQJPTFOFMNCJUPDMOJDP DPOEPT
BTQFDUPTQSDUJDPTJNQPSUBOUFT

6OB NFUPEPMPHB EF BOMJTJT EF
DBTPT DMOJDPT RVF BZVEBCB FGFDUJ
WBNFOUF B MPT QSPGFTJPOBMFT EF MB
TBMVEBMBIPSBEFSFTPMWFSEJMFNBT

"MGPOTP-MBOP-B#JPUJDBFO"NSJDB-BUJOB
ZFO$PMPNCJB&O-FP1FTTJOJZDPMT0CDJU
+PT "MCFSUP .BJOFUUJ Z .BSUB -VDB
1SF[-PTEJTDVSTPTEFMBCJPUJDBFO"NSJDB
-BUJOB&O-FP1FTTJOJZDPMT0CDJU
UJDPTFOVONVOEPDBEBWF[NT
DPOnJDUJWP EFDBNCJPEFSPMQSPGF
TJPOBMZTPDJBM ZEFDBNCJPEFNP
EFMPEFSFMBDJONEJDPQBDJFOUF
-B DSFBDJO EF DPNJUT EF UJDB
BTJTUFODJBM P UJDB DMOJDB FO FM JO
UFSJPS EF MPT IPTQJUBMFT RVF IBO
EJGVOEJEP FM JOUFST QPS MB CJPUJ
DB TVFOTFBO[B ZTPOIPZEBVO
JOTUSVNFOUP iJOTUJUVDJPOBMJ[BEPw
BMTFSWJDJPEFMBDBMJEBEEFBUFODJO
FOTBMVEZEFMBIVNBOJ[BDJOEFMB
SFMBDJODMOJDB BVODPOUPEPTMPT
QSPCMFNBTRVFTVQVFTUBFONBSDIB
FOOVFTUSPTQBTFTZTVTBDUJWJEBEFT
MMFWBODPOTJHP EFOUSPEFTJTUFNBT
EF TBMVE CBTUBOUF CVSPDSUJDPT S
HJEPT Z FO DJFSUP NPEP UPEBWB
BVUPSJUBSJPT
-B TJUVBDJO EF MB TBOJEBE FM FOGPRVF

EFMBSFMBDJONEJDPQBDJFOUF GVFSUF
NFOUFQBUFSOBMJTUB ZFMFOGPRVFTPDJBM
EFMBTBMVEFOMBNBZPSBEFMPTQBTFT
EF-BUJOPBNSJDBDPOUSBTUBCBFOPSNF
NFOUFDPOMBEF&TUBEPT6OJEPT ZFTP
QVFEF FYQMJDBS FM SFUSBTP Z FM QFDVMJBS
FOGPRVFJOJDJBMEFMBCJPUJDBFOOVFTUSB
SFHJOi/PTPCSBBEWFSUJSRVFBMIBDFS
FMAUSBTQMBOUFEFMBCJPUJDBOPSUFBNFSJ
DBOB oNEJDB QSJODJQJBMJTUB VUJMJUBSJT
UBo B MPT QBTFT JCFSPBNFSJDBOPT OP TF
UVWPFODVFOUBFTUFDPOUSBTUF EFTDPOP
DJNJFOUPRVFQVFEFFYQMJDBSMBTNVDIBT
EJmDVMUBEFT RVF TF FYQFSJNFOUBSPO FO
FTUBQSJNFSBFUBQB QBSBMBBDFQUBDJO
FTUVEJP Z EJGVTJO EF MB CJPUJDB FO
*CFSPBNSJDB .T DPODSFUBNFOUF
USBTQMBOUBS MB CJPUJDB OPSUFBNFSJDBOB
PDVQBEBFOVOBCJPUFDOPMPHBEFBWBO
[BEBFJOTQJSBEBFOVOBUJDBBOHMPTBKP
OB B FTUPT QBTFT QPDP EFTBSSPMMBEPT
UFDOPMHJDBNFOUF Z DVMUVSBMNFOUF JO
nVFODJBEPTQPSVOBNPSBMIFUFSOPNB
DBUMJDB DPOVOBUSBEJDJONEJDB IJ
QPDSUJDB Z QBUFSOBMJTUB OP QPEB NF
OPT EF FODPOUSBS TFSJBT EJmDVMUBEFTw
Z TPCSFUPEP VOBDJFSUBJOEJGFSFODJBZ
SFDFMPTJOJDJBMFT
4JOFNCBSHP MBTQSPQJBTDBSBDUFSTUJDBT
EF MB OVFWB EJTDJQMJOB FYQMJDBO MB HSBO
EJGVTJOEFMBCJPUJDBFOFMNCJUPDM
OJDPZTVFGFDUJWJEBEFOMBTPDJFEBEOPS
UFBNFSJDBOB ZTVJOnVKPDBEBWF[NT
DSFDJFOUFFO-BUJOPBNSJDB/PFOUSBS
BRVBEFUBMMBSMPTJOJDJPTEFMBCJPUJDB
FODBEBVOPEFMPTQBTFTEFOVFTUSBSF
HJO QFSPTFTQSFDJTPNFODJPOBSBMHV
OBTQFSTPOBTFJOTUJUVDJPOFT
+PT "MCFSUP .BJOFUUJ EF MB 'VOEB
DJO +PT .BSB .BJOFUUJ FO (POOFU
DFSDBEFMBDJVEBEEF-B1MBUB "SHFOUJ
OB UJFOFFMNSJUPEFIBCFSJOJDJBEPFM
NPWJNJFOUP EF MB IVNBOJ[BDJO EF MB
NFEJDJOB FOMBEDBEBEFM&O
GVOEFM*OTUJUVUPEF)VNBOJEBEFT.
EJDBT RVF QSPOUP EJGVOEJ TVT JEFBMFT
IVNBOTUJDPTFOFM$POP4VSEF-BUJOP
"NSJDBBUSBWTEFMBSFWJTUB2VJSO Z
EFTEFMPTFTUVWPFOQFSNBOFOUFSF
MBDJODPOFM,FOOFEZ*OTUJUVUFPG&UIJDT
EF MB 6OJWFSTJEBE EF (FPSHFUPXO FO
8BTIJOHUPO1PDPEFTQVT BmOBMFTEF
MPT TFGVOEUBNCJOFO"SHFOUJOB
MB&TDVFMB-BUJOPBNFSJDBOBEF#JPUJDB
&-"#&
RVF PSHBOJ[ EVSBOUF VOPT
EJF[BPTVO1SPHSBNBEF&OTFBO[BEF
MB#JPUJDB
:BFOMBEDBEBEFMZTJOFTQFDJBMDP
OFYJO DPO "SHFOUJOB FM QSPGFTPS 'FS
OBOEP4ODIF[5PSSFT RVJFOIBCBTJEP
EFDBOPEF.FEJDJOBZSFDUPSEFMB6OJ
WFSTJEBE/BDJPOBMEF$PMPNCJB GVOE
FOEJDJFNCSFEFFM*OTUJUVUP$P
MPNCJBOPEF&TUVEJPT#JPUJDPT *$&#

FMDVBMIBNBOUFOJEPEFTEFFOUPODFTVO
TFNJOBSJPEFFTUVEJPTCJPUJDPT
-BDPOTPMJEBDJOEFMB
OVFWBEJTDJQMJOBFOFMNCJUP
MBUJOPBNFSJDBOP
&OMPTBPTTFDPOTPMJEBMBCJPUJDB
DPNP EJTDJQMJOB BDBENJDB FO CBTUBO
UFTQBTFTEF"NSJDB-BUJOB-BQVCMJ
DBDJO EF VO ONFSP EFM #PMFUO EF MB
0SHBOJ[BDJO1BOBNFSJDBOBEFMB4BMVE
RVFMVFHPBQBSFDJFOMJCSP UPEPEFEJ
DBEPBMBCJPUJDB BQSJODJQJPTEFMBE
DBEBEFMOPWFOUB MFEJPQSFTFODJBAGPS
NBMBMBCJPUJDB6OTFHVOEPQBTPGVF
MBGVOEBDJOFOQPS"MGPOTP-MB
OP EFTEF $PMPNCJB EF MB 'FEFSBDJO
-BUJOPBNFSJDBOB EF *OTUJUVDJPOFT EF
#JPUJDB '&-"*#&
iNTQBSBQSPNP
WFSMBGVOEBDJOEFJOTUJUVUPTZDFOUSPT
EFCJPUJDBFOUPEPTMPTQBTFTEF*CFSP
BNSJDBRVFQBSBGFEFSBSMPRVFUPEBWB
OPFYJTUB'&-"*#&PSHBOJ[ BQBSUJS
EF TV GVOEBDJO GPSPT Z BTBNCMFBT FO
EJWFSTPT QBTFT EF *CFSPBNSJDBw Z IB
PSHBOJ[BEP JOJOUFSSVNQJEBNFOUF DPO

"MGPOTP-MBOP PCDJU
+PT "MCFSUP .BJOFUUJ Z .BSUB -VDB 1SF[

3FGFSFODJBTEF#JPUJDBFO"SHFOUJOB&O-FP
1FTTJOJZDPMT0CDJU

HSFTPTEFCJPUJDBFOEJWFSTPTQBTFTEFT
EF
6OUFSDFSQBTPGVFMBGVOEBDJOFO4BO
UJBHPEF$IJMF FO QPSQBSUFEFMB
014
EFM1SPHSBNB3FHJPOBMEF#JP
UJDB FO FTUSFDIB DPMBCPSBDJO DPO MB
6OJWFSTJEBEEF$IJMF"EFNTEFMBQP
ZPDPODFQUVBMZFDPONJDPBNMUJQMFT
BDUJWJEBEFTPSHBOJ[BEBTQPSMPTEJWFSTPT
QBTFT IJTQBOPBNFSJDBOPT FM 1SPHSBNB
WJFOFPGSFDJFOEPBQSPGFTJPOBMFTEFUPEB
-BUJOPBNSJDB B QBSUJS EF VOB
.BFTUSB FO #JPUJDB CBKP MB EJSFDDJO
EFM QSPGFTPS %JFHP (SBDJB (VJMMO FO
MBRVFTFIBOGPSNBEPOVNFSPTPTQSP
GFTJPOBMFT Z RVF IB TVQVFTUP VO IJUP
JNQPSUBOUF FO MB EJGVTJO Z QSPGVOEJ
[BDJOEFMBCJPUJDBFOOVFTUSBSFHJO
%FTEF FM1SPHSBNBFTUEJSJHJEP
QPS'FSOBOEP-PMBT4UFQLF
4JNVMUOFBNFOUF TF IB JOUSPEVDJEP
DPNP EJTDJQMJOB FO MPT DVSSDVMPT VOJ
WFSTJUBSJPT JOJDJBMNFOUFFOMPTFTUVEJPT
EF .FEJDJOB Z NT SFDJFOUFNFOUF FO
&OGFSNFSBZPUSBTQSPGFTJPOFTEFMBTB
MVE 5BNCJO IBO DPNFO[BEP DVSTPT

6O SFTVNFO EF MBT BDUJWJEBEFT EFM 1SPHSBNB

3FHJPOBMEFMB014 FONBSDBEPFOFMDPOUFYUP
EFMEFTBSSPMMPEFMB#JPUJDBFOOVFTUSPTQBTFT
QVFEF WFSTF FO 'FSOBOEP -PMBT 4UFQLF i*O
USPEVDDJO IBDJB VOB #JPUJDB QBSB "NSJDB
-BUJOB Z FM $BSJCFw FO FM MJCSP EF 'FSOBOEP
-PMBT &EJUPS
#JPUJDBZ$VJEBEPEFMB4BMVE
&RVJEBE $BMJEBE %FSFDIPT1SPHSBNB3FHJP
OBMEF#JPUJDB0140.4 4BOUJBHPEF$IJMF
QQ.TSFDJFOUF'FSOBOEP-P
MBT-B014ZMBCJPUJDBMBUJOPBNFSJDBOB&O
-FP1FTTJOJZDPMT0CDJU7FSUBNCJO
MBQHJOB8FCIUUQTQBOJTI
IEQ13#QSCJOEYIUN
EF QPTHSBEP Z NBFTUSBT FO CBTUBOUFT

QBTFT FO MBT VOJWFSTJEBEFT EF &M #PT
RVF +BWFSJBOBZMB4BCBOB FO$PMPN
CJBFOMB6OJWFSTJEBEEF#VFOPT"JSFT
FOMB'VOEBDJO.BJOFUUJFO-B1MBUB
FOMB6OJWFSTJEBE$BUMJDB"SHFOUJOBZ
FOMB/BDJPOBMEF$VZP FO.FOEP[B
"SHFOUJOBFOMB6OJWFSTJEBEEF$IJMF
MB 1POUJmDJB 6OJWFSTJEBE $BUMJDB EF
$IJMF Z MB 6OJWFSTJEBE EFM %FTBSSPMMP
FO$IJMFFOMB6/".ZMB6OJWFSTJEBE
"OIVBD FO.YJDP FUD
i1BSBmOBMFTEFMBEDBEBoFOQBMBCSBT
EF"MGPOTP-MBOPo QSDUJDBNFOUFUPEPT
MPTQBTFTEF*CFSPBNSJDBWJFOFOPSHB
OJ[BOEPEJWFSTBTBDUJWJEBEFTEFCJPUJDB
QPSDJUBSBMHVOBT DPNJUTIPTQJUBMBSJPT
DFOUSPT GPSPT KPSOBEBT DVSTPT EF QSF
Z QPTHSBEP Z EF NBOFSB FTQFDJBM BTP
DJBDJPOFT OBDJPOBMFT EF CJPUJDB IBTUB
FMQVOUPEFRVF QBSBMBGFDIB QSDUJDB
NFOUFUPEPTMPTQBTFTEF-BUJOPBNSJDB
DVFOUBODPOUPEBTPDBTJUPEBTFTUBTBDUJ
WJEBEFTRVFBDBCBNPTEFFOVNFSBSw
:B IFNPT TFBMBEP FO FM QSJNFS DBQ
UVMPFMFTGVFS[PFEJUPSJBMRVFTFIBSFB
MJ[BEP FO FTUPT BPT )BZ ZB VO CVFO
ONFSPEFMJCSPTZ BEFNTEFMDSFDJFO
UFJOUFSTQPSFTUPTUFNBTEFMBNBZPSB
EFMBTQVCMJDBDJPOFTEFMNCJUPNEJDP
Z EF FOGFSNFSB TF QVCMJDBO BMHVOBT
SFWJTUBT FTQFDmDBT EF CJPUJDB MBT SF
WJTUBT BSHFOUJOBT 2VJSO $VBEFSOPT EF
#JPUJDB 7JEB Z UJDB Z #JPUJDB EFTEF
"NSJDB -BUJOB MBT SFWJTUBT NFYJDBOBT
.FEJDJOBZUJDBZ4VNNB#JPUJDBMBT

"MGPOTP-MBOP PCDJU
DPMPNCJBOBT1FSTPOBZ#JPUJDB #JPUJDB
4FMFDDJPOFTZ3FWJTUB-BUJOPBNFSJDBOBEF
#JPUJDB MB DIJMFOB "DUB #JPFUIJDB EFM
1SPHSBNBEF#JPUJDB 014MBCSBTJMFB
#JPUJDB EFM$POTFMIP'FEFSBMEF.FEJ
DJOB ZPUSBT
6OEJMPHPJOUFSDVMUVSBM
FOSJRVFDFEPS
&O FM NCJUP FVSPQFP Z UBNCJO FO
-BUJOPBNSJDB B MB WF[ RVF TF SFDJCB
MBJOnVFODJBEFMBCJPUJDBOPSUFBNFSJ
DBOB TF QSPGVOEJ[ FO MPT BTQFDUPT EF
GVOEBNFOUBDJO FOMBSFMBDJOFOUSFMB
UJDBZMBDJFODJB ZFOFMEJMPHPFOUSFMB
OVFWBQSPQVFTUBEFMBUJDBEFMPTQSJO
DJQJPT Z MBT DPSSJFOUFT UJDBT DPO MBSHB
USBEJDJO FO OVFTUSB DVMUVSB -B UJDB
BSJTUPUMJDPUPNJTUB QVFTUBBMEBEFTEF
FMQFSTPOBMJTNP MBUJDBOFPLBOUJBOBZ
MBUJDBEJBMHJDBTFIBOWJTUPDPOGSPO
UBEBT FO VO SFUP JOUFMFDUVBM Z QSDUJDP
DPOFMVUJMJUBSJTNPZMBUJDBEFDPOTFOTP
OFPMJCFSBM
"VORVF FO PDBTJPOFT TF IB QSFTFOUBEP
MB EJTDVTJO DPNP VO FOGSFOUBNJFO
UP P JOUFOUP EF JNQPTJDJO EF WBMPSFT
JEFPMHJDPTZDVMUVSBMFTNVZEJGFSFOUFT
QJFOTPRVFFMBGOEFDPNQMFNFOUBDJO
EFBQFSUVSBZEFEJMPHPIBDPOTFHVJEP
WFODFS MPT SFDFMPT JOJDJBMFT Z FTU FOSJ
RVFDJFOEPOVFTUSBGPSNBDJOBDBENJ
DBZDVMUVSBM
-BT QPTJDJPOFT QFSTPOBMFT TPO NVZ WB
SJBEBTZMPTUFNBTEFCJPUJDBIBOQSP

1VFEFBDDFEFSTFBMBNBZPSBEFMBTSFWJTUBTBUSB
WTEFMBT8FCEFTVTJOTUJUVDJPOFT BVORVFOP
UPEBTPGSFDFODPOUFOJEPTPOMJOF 7FSBOFYP

WPDBEP EFCBUFT NVZ WJWPT QCMJDPT

QPMUJDPT TPDJBMFT KVSEJDPTZmMPTmDPT
FOFTUPTBPT$BEBOVFWPEFTBGPUDOJ
DPZDJFOUmDP ZDBEBOVFWBMFHJTMBDJO
oP JOUFOUP EF MFHJTMBDJOo IBO FTUBEP
BDPNQBBEPT EF GVFSUFT DPOGSPOUBDJP
OFTFOMPTNFEJPTEFDPNVOJDBDJOZ B
WFDFT UBNCJOFOFMNCJUPRVFEFCFSB
TFSNTTFSFOPMBVOJWFSTJEBE
1FSPUPEPTOPTIFNPTFOSJRVFDJEPDPO
FTUF EFCBUF Z FTUBNPT BQSFOEJFOEP B
QSPGVOEJ[BS FO OVFTUSBT DPOWJDDJPOFT
NFKPSBSOVFTUSBNFUPEPMPHBZMBGPSNB
EFEPDFODJBZFYQPTJDJO ZBUPMFSBSVO
WFSEBEFSP EFCBUF QMVSBM FO VOBT TPDJF
EBEFTDBEBWF[NFOPTIPNPHOFBTZ B
MBWF[ NTOFDFTJUBEBTEFFMFNFOUPTEF
VOJOFJEFOUJEBEDVMUVSBMRVFOVODB
-BEJGVTJOEFMBCJPUJDB
TPDJBM
-BQSPQJBFYUFOTJOEFMPTEFCBUFTFOMB
TPDJFEBE Z MB OFDFTJEBE EF MFHJTMBS IBO
MMFWBEPFO-BUJOPBNSJDBBVOEFTBSSP
MMPEFMBCJPUJDBDPNPVOBUJDBTPDJBM
Z QPMUJDB &O FM NVOEP BOHMPTBKO TF
IBQSPEVDJEPFOFTUPTBPTVOHSBOEF
TBSSPMMP EF FTUVEJPT TPCSF KVTUJDJB Z TB
MVE JHVBMEBEFOTBMVE HOFSPZUJDBFO
TBMVE RVFEFTQVTIBSFQFSDVUJEPUBN
CJOFOMPTEFNTQBTFT
4FIBODPNFO[BEPBUSBUBSFTUPTUFNBT
UBNCJOFOMPTQBTFTEF-BUJOPBNSJDB
QSJNFSPEFTEFMBQFSTQFDUJWBEFMBSFQFS
DVTJOEFMEFCBUFTPCSFMPTEFSFDIPTIV
NBOPTFOFMNCJUPQSPQJPEFMBTBMVE
Z QPTUFSJPSNFOUF EFTEFMBQSPGVOEJ[B
DJOFOFMDPODFQUPEFKVTUJDJBZFRVJ

EBEFOTBMVE BMBWF[RVFTFQSPEVDBO
MPT DBNCJPT FO MPT TJTUFNBT EF TFHVSP
TPDJBMZBUFODJOEFMBTBMVEQCMJDBFO
MBNBZPSBEFMPTQBTFT-BDSJTJTEFMPT
TJTUFNBTEFTBMVEIBMMFWBEPBQMBOUFBS
TF B GPOEP MBT DVFTUJPOFT UJDBT $PNP
FTDSJCF 'FSOBOEP -PMBT i.VDIPT QMB
OJmDBEPSFT Z QPMUJDPT QBSFDFO PMWJEBS
RVFMBDSJTJTEFMPTTJTUFNBTOPFTTMPEF
NFEJPT EFDNPPQFSBO TJOPUBNCJO
EF mOFT EF QBSB RV GVFSPO DSFBEPT Z
QBSBRVTJSWFO.JFOUSBTFTUBQSFHVO
UBOPTFBQMBOUFBEBZSFTQPOEJEBFOFM
DPOUFYUP EF DBEB OBDJO FTUBSFNPT
FO VO QSPDFTP FUFSOBNFOUF SFDVSSFOUF
EF QFSGFDDJPOFT AUDOJDBT RVF TFHVJSO
FOHFOESBOEP JOTBUJTGBDDJPOFT FOUSF MPT
VTVBSJPT MPTQBDJFOUFTZTVTGBNJMJBSFTw
&TBQSFHVOUBOPQVFEFSFTQPOEFSTFTMP
EFTEFFMNCJUPEFMBUDOJDB FTJNQSFT

$PNP FKFNQMPT EF QVCMJDBDJPOFT BEFNT EF

MBT QSJNFSBT FEJUBEBT QPS MB 6OJWFSTJEBE /B
DJPOBM "VUOPNB EF .YJDP TPCSF %FSFDIPT
)VNBOPT Z 4BMVE NFODJPOBSFNPT BMHVOPT
MJCSPTSFDJFOUFT
'FSOBOEP -PMBT 4UFQLF &EJUPS
#JPUJDB Z
DVJEBEP EF MB TBMVE &RVJEBE $BMJEBE %F
SFDIPT 4FHVOEB 3FVOJO EFM $PNJU "TFTPS
*OUFSOBDJPOBM FO #JPUJDB EF MB 0140.4
1SPHSBNB 3FHJPOBM EF #JPUJDB 4BOUJBHP EF
$IJMF
+BJNF &TDPCBS 5SJBOB #JPUJDB Z %FSFDIPT
)VNBOPT&EJDJPOFT&M#PTRVF #PHPU $P
MPNCJB : #JPUJDB Z +VTUJDJB 4BOJUBSJB
&EJDJPOFT &M #PTRVF #PHPU $PMPNCJB

#JPUJDB EFTEF "NSJDB MBUJOB 1VCMJDBDJO
QFSJEJDB EFM 1SPHSBNB *OUFSEJTDJQMJOBSJP EF
#JPUJDB 'BDVMUBEEF)VNBOJEBEFTEFMB6OJ
WFSTJEBE/BDJPOBMEF3PTBSJP "SHFOUJOB/
#JPUJDBZ4PDJFEBE/ #JPUJ
DBZ+VTUJDJB4BOJUBSJB
DJOEJCMFFMiOHVMPNPSBMUBOUPDPNPFM
UDOJDPw
&T VO DBNQP JNQPSUBOUF FM RVF EFCF
EFTBSSPMMBSMBCJPUJDB EFQSPNPDJOEF
MPT EFSFDIPT IVNBOPT GVOEBNFOUBMFT
oFTQFDJBMNFOUFFMEFSFDIPBMBWJEBZBMB
TBMVEoZEFBOMJTJTEFMBTDPOTFDVFODJBT
QSDUJDBTEFMBKVTUJDJBFOOVFTUSBTTPDJF
EBEFT Z TPCSF UPEP FO MBT QPMUJDBT EF
TBMVE FOMBJNQMFNFOUBDJOEFSFDVSTPT
ZFOMBJHVBMEBEEFBDDFTPBMBBUFODJO
EFTBMVE
1FSP MB JOUFODJO FT BZVEBS BEFNT BM
EFTBSSPMMPEFVOEFCBUFQMVSBMTPCSFFM
QBQFMEFMBUJDBFOMBTTPDJFEBEFTEFNP
DSUJDBT FOFMEFTFNQFPEFMBQPMUJDB
EF MB GVODJO QCMJDB RVF OPT MMFWF B
EFMJNJUBS MPT WBMPSFT UJDPT RVF EFCFO
DPOGPSNBSOVFTUSBDVMUVSBFOQSPDFTPEF
DBNCJP RVFOPTQFSNJUBOTFHVJSTJFOEP
OPTPUSPTNJTNPTZBEBQUBSOPTBMBWF[B
FTUBOVFWBTPDJFEBEHMPCBMJ[BEB
&TUP DPCSB FTQFDJBM JNQPSUBODJB FO MPT
QBTFT EF -BUJOPBNSJDB QPS MB QSPQJB
TJUVBDJOTPDJBMZFDPONJDB ZFTBRV
EPOEFMBSFnFYJOCJPUJDBQVFEFVOJSTF
BMBFMBCPSBEBQPSMBiUJDBEFMEFTBSSP
MMPw RVFJOUFOUBBVOBSMPTFTGVFS[PTEF
MB SBDJPOBMJEBE UDOJDB UJDB Z QPMUJDB

'FSOBOEP-PMBT4UFQLF-B#JPUJDBZMPTTJTUF
NBTTBOJUBSJPTFO"NSJDB-BUJOBZFM$BSJCF
&O *** $POHSFTP /BDJPOBM -BUJOPBNFSJDBOP
ZEFM$BSJCFEF#JPUJDB$PNJTJO/BDJPOBM
EF#JPUJDBZ"DBEFNJB/BDJPOBM.FYJDBOBEF
#JPUJDB QQ
FO MB TJUVBDJO FDPONJDB Z TPDJBM EF

OVFTUSPTQBTFT
-PT JOTUSVNFOUPT RVF IBO DBOBMJ[BEP
FTUF EFCBUF TPCSF CJPUJDB TPDJBM IBO
TJEP TPCSF UPEP MPT DFOUSPT EF DVMUVSB
EFEJDBEPT B MB CJPUJDB Z MBT BTPDJBDJP
OFTEFCJPUJDBEFDBSDUFSOBDJPOBM RVF
IBOJOnVJEPDBEBWF[NTFOFMNCJUP
BDBENJDP EF GPSNBDJO EF MPT QSPGF
TJPOBMFTEFMBTBMVEFTQFDJBMNFOUFZFO
FMQPMUJDP&TUFQBQFMEFJOUFSMPDVUPSFO
MPT EFCBUFT TPDJBMFT QMBOUFBEPT QPS MBT
OVFWBTUFDOPMPHBTZBWBODFTDJFOUmDPT
TFIBJOTUJUVDJPOBMJ[BEPFOBMHVOPTQB
TFTBUSBWTEFMBTDPNJTJPOFTOBDJPOBMFT
EFCJPUJDB BVORVFTVEFTBSSPMMPFO-B
UJOPBNSJDBFTUFOTVTDPNJFO[PTFOMB
NBZPSBEFMPTDBTPT
-BT DPNJTJPOFT OBDJPOBMFT IBO TJEP
NVZ FGFDUJWBT FO BMHVOPT QBTFT FVSP
QFPT oQPS FKFNQMP FO 'SBODJB *UBMJB
1PSUVHBMo Z RVJ[T NFOPT FO PUSPT 4F
IBONPTUSBEPNVZDMBSBNFOUFMBTDPO
TFDVFODJBTQPTJUJWBTEFMBJOEFQFOEFODJB
ZMBDSFBUJWJEBEGSFOUFBMBTOFHBUJWBTEFM
FYDFTJWP EJSJHJTNP P CVSPDSBUJ[BDJO
)BOSFBMJ[BEPVOBFYUSBPSEJOBSJBMBCPS
EFEJMPHP EFCBUFTPDJBMZUBNCJOEF
QVCMJDBDJPOFTTPCSFMPTUFNBTEFJOUFST
FODBEBQBT RVFNFQBSFDFNVZOFDF
TBSJP DPOPDFS Z RVJ[T JNJUBS EF BMHO
NPEP TFHO MB DVMUVSB QSPQJB EF DBEB

SFHJO
&MSFUPBDUVBMVOB
QSPQVFTUBEFEFTBSSPMMPEFMB
CJPUJDBDPNPJOTUSVNFOUPEFM
EFCBUFUJDPTPDJBMZQPMUJDP
&MYJUPEFMBCJPUJDBDMOJDBIBSFTJEJEP
FOMBFMBCPSBDJOEFVOBCVFOBZFmDB[
NFUPEPMPHB MBJNQMFNFOUBDJOEFVOB
CVFOB QSPQVFTUB EF GPSNBDJO EF MPT
QSPGFTJPOBMFTZMBQFOFUSBDJOFOFMN
CJUPEFMBTBMVEBUSBWTEFMPTDPNJUTEF
UJDBEFMPTIPTQJUBMFT"VORVFOPTGBMUF
NVDIP QPS IBDFS FO FTUF NCJUP EF MB
CJPUJDBDMOJDB FMNJTNPFTGVFS[PEFCF
IBDFSTFQBSBDPOTFHVJSVOCVFOEFTBSSP
MMPEFMBCJPUJDBBQMJDBEBBMEFCBUFUJDP
TPDJBMZQPMUJDP&TUFFT BNJFOUFOEFS
FMQSJODJQBMSFUPRVFOPTQSFTFOUBMBSF
nFYJOFOCJPUJDBEFTQVTEFFTUPTEJF[
MUJNPTBPTEFDPOTPMJEBDJO
$PNP QBTP QSFWJP EFCFNPT EFmOJS
CJFO BMHVOBT OPDJPOFT QSFWJBT BM EJMP
HP RVFUJFOFOFTQFDJBMJNQPSUBODJBFO
FMNCJUPEF-BUJOPBNSJDB
B
&MEFCBUFFOCJPUJDBEFCFTFSQMV
SBM UPMFSBOUF TJO iGVOEBNFOUBMJT
NPTw QPSVOMBEP ZTJOJNQPOFS
VOMBJDJTNPNJMJUBOUFZFYDMVZFOUF
QPSFMPUSP/PDBCFOMPTiEFTQP
UJTNPTJMVTUSBEPTwEFOJOHOTJHOP
Z QPS MP UBOUP EFCFNPT FYJHJS MB
QSFTFOUBDJOQCMJDBEFMBTSB[POFT

&OUSFPUSPT &NJMJP.BSUO/BWBSSPUJDBQBSB
FM EFTBSSPMMP EF MPT QVFCMPT &EJUPSJBM 5SPUUB
.BESJE:UBNCJO %FOJT(PVMFUUJDB
EFM%FTBSSPMMP(VBUFSJDBZQSDUJDB&EJUP
SJBM*&1"-" $PMFDDJO$PPQFSBDJOZ%FTB
SSPMMP .BESJE

'SBODJTDP -FO $PPSE

$PNJTJPOFT /BDJP
OBMFTEF#JPUJDB7***+PSOBEBT/BDJPOBMFTEF
#JPUJDB4PDJFEBE$IJMFOBEF#JPUJDB 4BOUJB
HP

EFDBEBVOBEFMBTQPTJDJPOFTSFTQF
UBCMFTPUPMFSBCMFT
&T QSFDJTP BCSJS FTQBDJPT EF EJMPHP
&YJTUFOZBBMHVOPTRVFQVFEFOSFTVMUBS
FOSJRVFDFEPSFTMPTDPNJUTBTJTUFODJBMFT
EF UJDB FO MPT IPTQJUBMFT P DFOUSPT EF
BUFODJO QSJNBSJB Z MBT DPNJTJPOFT OB
DJPOBMFT FO BRVFMMPT QBTFT RVF MBT IBO
JNQMFNFOUBEP
C
%FCFNPT FTUBCMFDFS VO DPOTFOTP
QSFWJPBMEFCBUFFOUPSOPBMPTCJF
OFTIVNBOPTCTJDPTZBMPTEFSF
DIPTIVNBOPTGVOEBNFOUBMFT/P
JNQPSUBTMPMBSFGFSFODJBUFSJDBZ
HFOFSBM DPOTUJUVDJPOBMNVDIBTWF
DFT BFTUPTEFSFDIPT TJOPFMBOMJTJT
EFMBTDPODMVTJPOFTQSDUJDBTRVFMB
FYQFSJFODJB IJTUSJDB EF FTUBT M
UJNBT EDBEBT IB BQPSUBEP B DBEB
QBTEF-BUJOPBNSJDBTPCSFFMFKFS
DJDJP MBQSPUFDDJOZMBQSPNPDJO
EFFTUPTEFSFDIPT
" MB WF[ FT QSFDJTP BOBMJ[BS MPT WBMPSFT
QSPQJPT EF DBEB QBT Z MPT RVF EFCF
BQPSUBSMBKVTUJDJBTPDJBMFOFMNCJUPEF
MB TBMVE DPOPDFS QSFWJBNFOUF MB SFBMJ
EBE EFM BDDFTP BM TJTUFNB EF TBMVE MBT
EFTJHVBMEBEFTFDPONJDBT TPDJBMFTZU
OJDBT OPT BZVEBS B UFOFS QSFTFOUFT MBT
NFUBTEFKVTUJDJBTPDJBMBOUFTEFFTUVEJBS
MBTQPTJCMFTTPMVDJPOFT
D
%FCFNPT FTUVEJBS Z QSPQPOFS VO
OVFWP NPEFMP EF SFMBDJO NEJ
DPQBDJFOUF P QSPGFTJPOBM EF MB
TBMVEZQFSTPOBBUFOEJEBFOTBMVE
PQSFTUBEPSEFTFSWJDJPTFOTBMVEZ
VTVBSJP
/P DBCF VOB BDFQUBDJO
BDSUJDB EF NPEFMPT FYUFSOPT OJ

VOB FTQFDJF EF JOEJGFSFODJB P BCT
UFODJOBOUFMBFWPMVDJOSQJEBEF
OVFTUSBTTPDJFEBEFTFOFTUFQVOUP
EFTEFVOQBUFSOBMJTNPBGPSNBTEF
VO DPOUSBDUVBMJTNP NT P NFOPT
JOEJWJEVBMJTUB PFTRVFNBTOFPMJCF
SBMFTQPDPBDPSEFTDPOMBFYQFSJFO
DJBDMOJDBEFOVFTUSPTQBTFT
&T OFDFTBSJP BOBMJ[BS RV NPEFMP RVF
SFNPTQBSBDBEBVOPEFOVFTUSPTQBTFT
RVF FTUBCMF[DB DNP JODPSQPSBS QMFOB
NFOUF MB UFPSB Z MB QSDUJDB EFM DPO
TFOUJNJFOUP JOGPSNBEP RVF UFOHB FO
DVFOUBFMQBQFMEFMBBVUPOPNBJOEJWJ
EVBMDNPQSPQPSDJPOBSMBNFKPSJOGPS
NBDJOBMQBDJFOUF RVFOFDFTBSJBNFOUF
FO OVFTUSPT QBTFT TFS UBNCJO QBSUF
EF MB FEVDBDJO FO TBMVE Z QPS UBOUP
EFCFSVOJSTVDBSDUFSJOTUSVDUJWPDPO
VOEFMJDBEPSFTQFUPQPSMBPCKFUJWJEBEZ
MPTWBMPSFTEFMQSPQJPQBDJFOUF ZDNP
FTUBCMFDFSVOBCVFOBSFMBDJOEFBZVEB
OPTMPFOUSFFMQSPGFTJPOBMEFMBTBMVEZ
FM QBDJFOUF TJOP UBNCJO DPNVOJUBSJB
DPOMBGBNJMJBZMBDPNVOJEBETPDJBM
E
'JOBMNFOUF BMBTJNJMBSMPTDPOUFOJ
EPTEFMBCJPUJDBOPSUFBNFSJDBOBZ
FVSPQFBFOOVFTUSPTQBTFTEFCFNPT
KFSBSRVJ[BSMPTQSJODJQJPTCJPUJDPT
TJOSFEVDDJPOFTGDJMFTZTVQFSmDJB
MFT 1VFEF BZVEBS QBSB FMMP MB QSP
QVFTUB SFBMJ[BEB IBDF ZB BMHVOPT
BPTQPS%JFHP(SBDJB EFFTUBCMFDFS
VOQSJNFSOJWFM DPOMPTQSJODJQJPT
EFKVTUJDJBZOPNBMFmDFODJB ZVO
TFHVOEP oJNQPSUBOUF QFSP TFHVO
EPoDPOMPTEFBVUPOPNBZCFOFm
DFODJB2VFPDVQFOFTUPTMUJNPTFM
TFHVOEPQVFTUPOPRVJFSFEFDJSRVF
TFBO TFDVOEBSJPT Z QSFTDJOEJCMFT
QFSPTRVFEFCFUFOFSTFFODVFOUB
MBQPTJDJOQSJNPSEJBMFOFMEFCBUF
CJPUJDPoZFOMBSFBMJEBEDMOJDBZ
TPDJBM EF OVFTUSPT QBTFTo EF MB OP
NBMFmDFODJBZEFMBKVTUJDJB
t
4FS OFDFTBSJP FMBCPSBS Z EFTBSSPMMBS

VOPT JOTUSVNFOUPT RVF UPEBWB FTUO
QPDPEFmOJEPT
t
t
t
6OBNFUPEPMPHBEFBOMJTJTEFMPT
QSPCMFNBTUJDPTPDJBMFTZEFMBUJ
DBQPMUJDBDFOUSBEBFOFMEFTBSSPMMP
EFMBTFYJHFODJBTUJDBTEFMBKVTUJDJB
TPDJBMFODBEBQBT
6OB QSPQVFTUB EF GPSNBDJO EF
PUSPT QSPGFTJPOBMFT OP TMP EFM
NCJUP EF MB TBMVE OJ EFM NCJUP
KVSEJDPNTJOUFSFTBEPTFOMBCJP
UJDB TJOPUBNCJOEFMPTQSPGFTJP
OBMFTEFMBQPMUJDBZMBFDPOPNB
&M EFTBSSPMMP EF BTFTPSBT FO FTUPT
UFNBTQBSBMPTEJQVUBEPT QPMUJDPT
MFHJTMBEPSFTMBBZVEBQBSBFTUBCMF
DFS QSPHSBNBT EF CJPUJDB EFOUSP
EFMBTQSPQVFTUBTQSPHSBNUJDBTEF
MPTEJGFSFOUFTQBSUJEPTQPMUJDPTMB
GPSNBDJOEFKVFDFTZKVSJTUBTFOMB
DPNQMFKJEBEEFMBFYQFSJFODJBCJP
UJDBDMOJDB FOUSFPUSPTBTQFDUPT
1FOFUSBDJOBUSBWTEFMBTDPNJTJP
OFT OBDJPOBMFT EF CJPUJDB oDPNP
FTQBDJP EF EJMPHP Z SFnFYJO
iEFOUSP QFSPGVFSBwEFMDBNQPQP
MUJDPoRVFBQPZFMBFMBCPSBDJOEF
QPMUJDBTEFTBMVE DPOMBQBSUJDJQB
DJOZVOSFBMEFCBUFFOUSFUPEPT Z
t
DPOMBOFDFTBSJBSFnFYJOUJDBBOUF
MBTGVUVSBTMFHJTMBDJPOFT
"NQMJBSMPTFTQBDJPTEFEFCBUFZSF
nFYJOJOUFSEJTDJQMJOBS-PTDFOUSPT
ZBTPDJBDJPOFTEFCJPUJDBEFCFSO
BCSJSNTTVBDUJWJEBEBPUSPTQSP
GFTJPOBMFTBKFOPTBMNCJUPDMOJDP
: FTUB TFS VOB UBSFB JNQPSUBOUF
QBSB MBT RVF FTUO EFOUSP EF MBT
VOJWFSTJEBEFT QVFT FTF FT FM DBN
QPBCJFSUPZQSPQJPEFMBJOUFSEJT
DJQMJOBSJFEBE %FTEF FMMBT EFCFS
QBSUJS VOB SFOPWBEB GPSNBDJO FO
CJPUJDBQBSBPUSPTQSPGFTJPOBMFTOP
DMOJDPT FOQSFZQPTHSBEP
%FTBSSPMMBS MPT BTQFDUPT JOTUJUVDJP
OBMFTZTPDJBMFTEFMBSFnFYJOCJP
UJDB1BTBSEFVOBCJPUJDBDFOUSBEB
FO MB DMOJDB B VOB RVF DPOUFNQMF
oBUSBWTEFMBSFnFYJOZEFMBBDUJ
WJEBEEFMPTDPNJUToMPTQSPCMFNBT
EF UJDB JOTUJUVDJPOBM EF PSHBOJ[B
DJOZBENJOJTUSBDJOEFMBTJOTUJUV
DJPOFTEFTBMVE ZMPTQSPCMFNBTEF
UJDBTPDJBM EFMBTQPMUJDBT SFGPSNBT
ZTJTUFNBTEFTBMVEFODBEBQBT
-BCJPUJDBIBDPOUSJCVJEPBDSFBSFTQB
DJPTEFMJCFSUBEZEJMPHPFOOVFTUSBTTP
DJFEBEFT FTQFDJBMNFOUFFOFMNCJUPDM
OJDP ZEFCFBQPSUBSNTBMBSFTPMVDJO
EFMPTQSPCMFNBTEFKVTUJDJBQMBOUFBEPT
FOMPTTJTUFNBTEFTBMVEZBMEFCBUFTP
CSFMPTWBMPSFTRVFEFCFOGVOEBNFOUBS
OVFTUSBDVMUVSBQSPQJBZFMEFTBSSPMMPTP
DJBMEFDBEBQBTEF-BUJOPBNSJDB

'SBODJTDP-FO%FMPTQSJODJQJPTEFMB#JP
UJDB $MOJDB B VOB #JPUJDB 4PDJBM QBSB $IJMF
3FW.FE$IJMF WPM O KVMJP &O
JNQSFOUB

$BQUVMP3FTFBTCSFWFTEFMJCSPTFEJUBEPTQPS
UFNBT
'VOEBNFOUBDJOEFMB
CJPUJDB
'SBODFTD "CFM #JPUJDB PSHFOFT
QSFTFOUFZGVUVSP*OTUJUVUP#PSKBEF
#JPUJDB 'VOEBDJO.BQGSF.FEJDJ
OB &EJUPSJBM .BQGSF 4" .BESJE
QQ
%PDUPS FO .FEJDJOB Z $JSVHB FTQF
DJBMJTUB FO 0CTUFUSJDJB Z (JOFDPMPHB
-JDFODJBEPFO5FPMPHBZ'JMPTPGB FT
QFDJBMJEBE %FNPHSBGB Z 1PCMBDJO
Z
NJFNCSPEFMB$PNQBBEF+FTTEFT
EFFMBP PSEFOBEPTBDFSEPUF FM
BP&MEPDUPS'SBODFTD"CFM TK
QSFTJEFOUFEFM*OTUJUVU#PSKBEF#JPUJDB
FJOUSPEVDUPSEFMBCJPUJDBFO&VSPQB
EFTQVTEFIBCFSWJWJEPMPTPSHFOFTEF
FTUB EJTDJQMJOB FO MPT &TUBEPT 6OJEPT
PGSFDFFTUBPCSBGVOEBNFOUBM
&MMJCSPDPOTUJUVZFVONBOVBMCTJDPEF
MB #JPUJDB ZB RVF EB B DPOPDFS CVFOB
QBSUFEFTVHOFTJTBMNVOEP MBTJUVB
DJO BDUVBM EFOUSP Z GVFSB EF OVFTUSBT
GSPOUFSBT Z UBNCJO VOB QFSTQFDUJWB B
NFEJPZMBSHPQMB[PFOUSBOEPBBOBMJ[BS
MPT HSBOEFT QSPCMFNBT RVF UJFOF QMBO
UFBEPT IPZ MB CJPUJDB DPO MB WJTJO
QBSUJDVMBSEFMBVUPSRVFMPTIBWJWJEPZ
USBCBKBEP DPOTUBOUFNFOUF UJDB EF MB
JOWFTUJHBDJO DPOEJDJOUJDBZKVSEJDB
EFMFNCSJOIVNBOP EFDJTJPOFTBMmOBM
EFMBWJEB

'SBODFTD"CFM $BNJOP$BO &EJ

UPSFT
-BNFEJBDJOEFMBmMPTPGB
FO MB DPOTUSVDDJO EF MB CJPUJDB
6OJWFSTJEBEEF$PNJMMBT
4FSFDPHFOFOFTUFMJCSPCBTUBOUFTBQPS
UBDJPOFTEFmMTPGPTFOUPSOPBMB#JPUJ
DB ZFTQFDJBMNFOUFTFBOBMJ[BMBSFMBDJO
FOUSFSBDJPOBMJEBEZGFPSFMJHJO&OUSF
PUSPT FTDSJCFO &TDVE "QVOUFT QBSB
VOEJMPHPFOUSFMBTDJFODJBTZMBCJP
UJDB DSJTUJBOB +FTT $POJMM /BUVSBMF[B
IVNBOBZUDOJDB+(NF[$BBSFOB
1FSTPOBZUJDBUFPMHJDB%JFHP(SBDJB
1SPCMFNBTmMPTmDPTFO(FOUJDBZFO
&NCSJPMPHB
+PT$BSMPT"CFMMO4BMPSU#JPUJDB
BVUPOPNB Z MJCFSUBE 'VOEBDJO
6OJWFSTJUBSJB &TQBPMB .BESJE
QQ
&M BVUPS BOBMJ[B FO QSJNFS MVHBS -PT
QSJODJQJPT EF MB CJPUJDB TV PSJHFO Z
EFTBSSPMMP Z VOB DSUJDB QSFMJNJOBS EF
MB NFUBCJPUJDB EF MPT QSJODJQJPT &O
TFHVOEP MVHBS FTDSJCF TPCSF FM QSJODJ
QJPEFBVUPOPNBFOFMNCJUPCJPUJ

DP QSFDJTBOEP FM USNJOP WJFOEP TVT

SBDFT mMPTmDBT FO MB CJPUJDB TFDVMBS
DPOUFNQPSOFB TVFYQSFTJOFOMBQSJ
NFSB CJPUJDB OPSUFBNFSJDBOB TV SFMB
DJODPOMPTPUSPTQSJODJQJPT ZFMFTUBEP
BDUVBM EFM EFCBUF TPCSF MB BVUPOPNB
&O MB UFSDFSB QBSUF EFM MJCSP FMBCPSB Z
FYQPOFTVQSPQVFTUBTPCSFMBMJCFSUBE MB
BVUPOPNBZMBSFTQPOTBCJMJEBEEFTEFMB
CJPUJDB QFSTPOBMJTUB DPNP GVFOUFT EFM
BDUPUJDP TVSFMBDJODPOFMEFSFDIPB
MBWJEB ZMBSFTQVFTUBEFMQFSTPOBMJTNP
BOUFEJF[DBTPTCJPUJDPT
"DUBT EFM 4JNQPTJP 1SJODJQJPT EF

#JPUJDB'VOEBDJO"MCFSUP+3PF
NNFST #VFOPT"JSFT QQ
4JNQPTJPSFBMJ[BEPEFMBMEFBCSJM
EF QPS FM *OTUJUVUP EF #JPUJDB
EF MB 1POUJmDJB 6OJWFSTJEBE $BUMJDB
"SHFOUJOB $POUFOJEP "TQFDUPT IJTU
SJDPT EF MPT QSJODJQJPT RVF TPQPSUBO MB
#JPUJDB %F MPT QSJODJQJPT UJDPT B MPT
CJPUJDPT BMHVOBT QSFDJTJPOFT QSFMJNJ
OBSFT)BDJBVOFYBNFOEFMBDVFTUJO
EFMPT1SJODJQJPTEFMB#JPUJDB&YBNFO
EFMBTBDUJUVEFTZEFMPT1SJODJQJPTEFMB
#JPUJDBDPOUFNQPSOFBQSFEPNJOBOUF
$PODMVTJPOFTZFTCP[PTQBSBVOBQPTUF
SJPSSFEBDDJOEFQSJODJQJPT
'SBODJTDP + "MBSDPT #JPUJDB (MP

CBM +VTUJDJB Z 5FPMPHB .PSBM
&EJUPSJBM %FTDMF EF #SPVXFS 4"

-B DVFTUJO EF MB KVTUJDJB HMPCBM FO FM
NCJUPEFMBCJPUJDBOPFTVOBDVFTUJO
CBMBE FOFMMBOPTKVHBNPTMBEJHOJEBE
BFTDBMBQMBOFUBSJBZMBEJHOJEBEEFUP
EPTZDBEBVOPEFMPTTFSFTIVNBOPTFO
QBSUJDVMBS&MQBSBEJHNBQBSBQFOTBSFM
NVOEPZBOPFTMBDPOGSPOUBDJO&TUFo
0FTUF OJ JODMVTP /PSUF4VS -PT QSP
CMFNBT DPO TVT QPTJCJMJEBEFT Z MJNJUB
DJPOFTFOMBGPSNBEFBCPSEBSMPT UJFOFO
EJNFOTJPOFT HMPCBMFT 6SHF VOB SFBSUJ
DVMBDJO EF MPT EJTDVSTPT QBSDFMBEPT Z
DPNQBSUJNFOUBEPT QVFT EFTEF FMMPT
SFTVMUB FYUSFNBEBNFOUF EJGDJM TFHVJS
BCPSEBOEPMBTDVFTUJPOFTRVFBGFDUBOBMB
WJEBEFTDPOUFYUVBMJ[OEPMBTEFMFOUPSOP
HMPCBM&OMBNJTNBNFEJEBUBNQPDPTF
QVFEFQFOTBSBQSPQJBEBNFOUFMBKVTUJDJB
TJO MBT DPOEJDJPOFT QSDUJDPoNBUFSJBMFT
DPODSFUBTRVF BOJWFMWJUBM WJFOFOEF
UFSNJOBEBT QPS FM GBDUVN EF MP HMPCBM
/JTFQVFEFBCPSEBSVOBUJDBEFMBWJEB
Z QBSB MB WJEB TJO BUFOEFS B SFGFSFODJBT
HMPCBMFTZDSJUFSJPTEFKVTUJDJB
5PEPFMMPQMBOUFBVOOVFWPFTRVFNBFO
FMRVFMBUSBEBWJEBHMPCBMJEBEKVTUJDJB
IBEFTFSBCPSEBEBUBNCJOEFTEFMB#JP
UJDB5FPMHJDB0 MPRVFFTMPNJTNP
MB5FPMPHB.PSBMOPQVFEFQSFTDJOEJS
IPZ EF FTB USJQMF DPOFYJO FNFSHFOUF
TP QFOB EF RVF USBJDJPOF TV QSPQJP FT
UBUVUPEFTFSWJDJP-BJOUFODJOEFGPO
EPFOUPEPFMMPOPFTTJOPFTUJNVMBSMB
CTRVFEB FMEJMPHPZMBDPPQFSBDJOEF
MPT CJPFUJDJTUBT UBOUP EF OEPMF TFDVMBS
DPNP UFPMHJDB FO MB UBSFB JOFMVEJCMF
NFOUF IVNBOB EF DVJEBS MB GSBHJMJEBE
WJUBMFOUPEBTTVTEJNFOTJPOFT
3PCFSUP"OEPSOP#JPUJDBZEJHOJ
EBEEFMBQFSTPOB5FDOPT .BESJE
QQ
&MBVUPSFTEPDUPSFO%FSFDIPZNJFN
CSPEFM$PNJU*OUFSOBDJPOBMEF#JP
UJDBEFMB6/&4$0-BCJPUJDBFTVOB
OVFWB Z QVKBOUF EJTDJQMJOB RVF JOUFOUB
BQPSUBS SFTQVFTUBT B MPT QSPCMFNBT RVF
QMBOUFBO MBT DJFODJBT CJPNEJDBT &M
QSPCMFNB UJDP OBDF EFM IFDIP EF RVF
MBTOVFWBTUFDOPMPHBTQFSNJUFOFKFSDFS
VO QPEFS JOBVEJUP TPCSF FM IPNCSF Z
TPCSFMPTNFDBOJTNPTGVOEBNFOUBMFTEF
MBWJEBIVNBOB-BQSJNFSBQBSUFEFMB
PCSBQPOFEFSFMJFWFMPTGVOEBNFOUPTEF
MBCJPUJDB MBOPDJODMBWFEFiQFSTPOBw
ZMPTSJFTHPTEFVOBEFTWJBDJOFVHFOTJ
DB-BTFHVOEBQBSUFUSBUBEFQSFDJTBSMBT
DVBUSPGBDFUBTEFMBQFSTPOBMJEBEJNQMJ
DBEBTFOMBCJPNFEJDJOBFMDPNJFO[PEF
MBQFSTPOB TVQSPDSFBDJO TVJEFOUJEBE
ZTVmO
"TPDJBDJO .FYJDBOB EF 1FEJBUSB

"SNBOEP(BSEVP %JSFDUPS
#JP
UJDB5FNBTEF1FEJBUSB.D(SBX
)JMM *OUFSBNFSJDBOB .YJDP
QQ
&TUBPCSBDPPSEJOBEBQPSFMEPDUPS"S
NBOEP(BSEVP QSPGFTPSEF1FEJBUSB
FOMB6/".EF.YJDP SFDPHFWFJOUF
USBCBKPT RVF QSFUFOEFO EBS VOB WJTJO
HMPCBMEFMB#JPUJDB OPTMPEFMPTQSP
CMFNBTUJDPTFO1FEJBUSB BVORVFFTUB
TFBMBQBSUFNTFYUFOTBEFMBPCSB
-PTQSJNFSPTIBDFOSFGFSFODJBBMBGVO
EBNFOUBDJO BDBSHPEFWBSJPTBVUPSFT
FTQBPMFT 'VOEBNFOUPT mMPTmDPT EF
MB #JPUJDB EFM QSPGFTPS 'SBODJTDP +
-FO$SJTJTEFMBDPODJFODJBNFEJDBFO
FMUJFNQPBDUVBM EFMEPDUPS.BOVFMEF
4BOUJBHP"OUSPQPMPHBBMTFSWJDJPEFMB
CJPUJDB EFMEPDUPS+PBRVO'FSOOEF[
$SFIVFU
&O MB TFHVOEB QBSUF FYQFSUPT FO 1F

EJBUSB EF .YJDP $IJMF "SHFOUJOB Z
$PTUB3JDB FTUVEJBOMPTEJGFSFOUFTQSP
CMFNBT UJDPT WJODVMBEPT B MB BUFODJO
EF TBMVE EFM OJP $POUSPWFSTJBT UJDB
TFO OFPOBUPMPHB *NQMJDBDJPOFT CJP
UJDBT FO FM OJP EJTDBQBDJUBEP UJDB Z
HFOUJDB NFEJDB /JPT DPO TOESPNF
EF JONVOPEFmDJFODJB BERVJSJEB 1B
DJFOUFFOGBTFUFSNJOBM&VUBOBTJBUJDB
EFMBJOWFTUJHBDJOFOCJPNFEJDJOB*B
USPHFOJB5SBUBNJFOUPEFMEPMPSFOOJ
PT7JPMFODJBZNBMUSBUPBMNFOPS-PT
USBOTQMBOUFT EF SHBOPT $VJEBEPT QB
MJBUJWPT$PNJUTIPTQJUBMBSJPTEFUJDB
3FMBDJOFOUSFNEJDP QBDJFOUFZGBNJ
MJB-PTEFSFDIPTEFMOJPZmOBMNFOUF
-BFOTFBO[BEFMB#JPUJDB
+FTT #BMMFTUFSPT &ODBSOBDJO 'FS

OOEF[ 3V[(BMWF[ #JPUFDOPMPHB
ZQPTUIVNBOJTNP/BWBSSB &EJUP
SJBM"SBO[BEJ 4" QQ
-B PCSB SFDPHF EFTEF VOB QFSTQFDUJ
WB JOUFSEJTDJQMJOBS MBT BQPSUBDJPOFT EF
VOHSVQPEFJOWFTUJHBEPSFTFTQBPMFTF
JUBMJBOPT RVF IBO USBCBKBEP DPOKVOUB
NFOUFEVSBOUFWBSJPTBPTFOEJTUJOUBT
DVFTUJPOFT FO UPSOP B MBT QPTJCJMJEBEFT
ZSJFTHPTEFMPTBWBODFTCJPUFDOPMHJDPT
ZTVJODJEFODJBFOFMDBNQPEFMPTEFSF
DIPTIVNBOPT-PTFTUVEJPTZEFCBUFTTF
IBOSFBMJ[BEPFOFMNBSDPEFMQSPHSBNB
EF EPDUPSBEP JOUFSOBDJPOBM TPCSF i%F
SFDIPT IVNBOPT 1SPCMFNBT BDUVBMFTw
FODBCF[BEP QPS MBT 6OJWFSTJEBEFT EF
7BMFODJB Z 1BMFSNP &M QSPGFTPS +FTT
#BMMFTUFSPT DBUFESUJDPEF'JMPTPGBEFM
%FSFDIPFOMB6OJWFSTJEBEEF7BMFODJB
IBTJEPFMFODBSHBEPEFEJSJHJSZDPPS

EJOBSFTUFQSPZFDUPOEJDF*"TQFDUPT
BOUSPQPMHJDPT**"TQFDUPTCJPNEJDPT
ZFDPONJDPT***"TQFDUPTKVSEJDPT
5PN-#FBVDIBNQ +BNFT'$IJM
ESFTT 1SJODJQJPT EF UJDB CJPN
EJDB .BTTPO 4" #BSDFMPOB
QQ
-BUJDBCJPNEJDBFSBVOBDJFODJBKPWFO
DVBOEPTFJNQSJNJMBQSJNFSBFEJDJO
EFFTUFMJCSPBmOBMFTEF%FOUSP
EF MB USBEJDJO BNFSJDBOB TUF IB TJEP
VOP EF MPT UFYUPT NT JOnVZFOUFT -B
QSJNFSBFEJDJOBNFSJDBOBFTEF

RVF TF CBTB FO MPT DVBUSP QSJODJQJPT
iQSJNBGBDJFwOPNBMFmDFODJB KVTUJDJB
BVUPOPNB Z CFOFmDFODJB &O DBTP EF
DPOnJDUPT FOUSF BMHVOPT EF FTUPT QSJO
DJQJPT IBCS RVF WFS DVM EF FMMPT UJF
OFQSJPSJEBE MPDVBMTFTVFMFEFDJEJSFO
GVODJOEFMBTDPOTFDVFODJBT"MDPOUSB
SJPRVFMBUSBEJDJOFVSPQFB MBBNFSJDB
OBOPCVTDBUBOUPVOBGVOEBNFOUBDJO
FOQSJODJQJPTmMPTmDPTDVBOUPFOWBMP
SFT BNQMJBNFOUF DPNQBSUJEPT DVMUVSBM
NFOUF&MQSJODJQJPEFCFOFmDFODJBWB
VOJEPBMEFBVUPOPNB NBUJ[BEPQPSFM
QSJODJQJPEFKVTUJDJB QBSBDPNQFOTBSMBT
EFTJHVBMEBEFT JOUSPEVDJEBT QPS MPT EPT
BOUFSJPSFT%FFTUBNBOFSB MBUSBEJDJO
VUJMJUBSJTUBDFOUSBEBFOMPTEFSFDIPTJO
EJWJEVBMFTFTUBCMFDFMBQSFFNJOFODJBEF
MBBVUPOPNBJOEJWJEVBM-PTDPOnJDUPT
UJFOEFO B TFS SFTVFMUPT SFDVSSJFOEP BM
NUPEPEFMiPCTFSWBEPSJEFBMwEFTBSSP
MMBEPQPS+PIO3BXMT
4FIBOQSPEVDJEPHSBOEFTDBNCJPTEFT
EFFTBQSJNFSBFEJDJO4FIBOBBEJEP
TFDDJPOFTOVFWBTDPNPiNUPEP KVTUJ
mDBDJOZWFSEBEw iEFmOJSZQPOEFSBS
QSJODJQJPTw iJOEJWJEVBMJTNP MJCFSBMw
iWJSUVEFTFOMPTSPMFTQSPGFTJPOBMFTw FUD
"QFTBSEFMPTDBNCJPT FMMJCSPNBOUJF
OF TV BOUFSJPS FTUSVDUVSB FO DBQUVMPT
Z TVT DBSBDUFSTUJDPT FOGPRVFT TPCSF MPT
UFNBT QSJODJQBMFT -B NBZPSB EF FO
DBCF[BNJFOUPTEFDBQUVMPTZTFDDJPOFT
TPO UBNCJO MPT NJTNPT RVF FO MB BO
UFSJPS FEJDJO &M UFYUP DPOUJFOF BIPSB
WFSTJPOFT NT DPNQMFUBT EF MPT DBTPT
SFMFWBOUFT RVF BOUFT FTUBCBO SFMFHBEPT
BM BQOEJDF Z PGSFDF NBZPS FTQBDJP BM
FTUVEJPEFMPTDBTPT
(JPWBOOJ#FSMJOHVFSUJDBEFMBTB
MVE -VHBS &EJUPSJBM #VFOPT "JSFT
QQ
&M DPOPDJEP mMTPGP JUBMJBOP QBSUJDJQ
FOWBSJPTDPOHSFTPTEF.FEJDJOB4PDJBM
Z FO VOB SFVOJO EF DPNJUT EF UJDB
FO&VSPQBFO&TUPDPMNP ZFOMB$PO
GFSFODJB&VSPQFBEF&RVJEBEFO4BMVE
$PNPGSVUPEFFTBTJOUFSWFODJPOFT SF
DPHF FO FTUF MJCSP TVT SFnFYJPOFT RVF
RVJFSFO BQPSUBS FMFNFOUPT UJDPT B MB
EJTDVTJOTPCSFMBTQSPGVOEBTEFTJHVBM
EBEFTTPDJBMFTQSPEVDUPEFMBMHJDBEFM
NFSDBEPZEFMBDVMUVSBIFEPOTUJDBEFM
OFPMJCFSBMJTNP4VPCKFUJWPGVOEBNFO
UBM FT USBUBS EF FWJUBS RVF MB UJDB Z MB
CJPUJDB TFOBVOiDPNPEOwEFMBUFD
OPCVSPDSBDJBNEJDPTBOJUBSJB
(JPWBOOJ#FSMJOHVFS#JPUJDBDPUJ
EJBOB4JHMP99* .YJDP
5SBEVDDJOEFMBPCSBEFMDPOPDJEPBV
UPS RVFFTQSPGFTPSEF.FEJDJOB4PDJBM
Z4BMVEFOFM5SBCBKPFOMB6OJWFSTJEBE
EF MB 4BQJFO[B 3PNB .JFNCSP EF MB
$PNJTJO*OUFSOBDJPOBMEF#JPUJDBEF
MB6/&4$0ZQSFTJEFOUFEFIPOPSEF
MB $PNJTJO /BDJPOBM EF #JPUJDB EF
*UBMJB
%FOUSPEFTVDPOPDJEBWJTJOEFMB#JPUJ
DBDPNPSFnFYJOEFMPDPUJEJBOP BOBMJ[B
FOFTUFUFYUPDNPFTFMOBDFSIPZ FOUSF
MBOBUVSBMF[BZMBDJFODJB5SBUBTPCSFMBT
QPMUJDBTEFQPCMBDJO UJDBZFRVJEBEFM
USBCBKPZTVJODJEFODJBDPOnJDUJWBEFTEFFM
QVOUPEFWJTUBUJDPFOMBTBMVE&MDVFSQP
IVNBOPEFMBFTDMBWJUVEBMCJPNFSDBEP
: mOBMNFOUF EF MB 4BMVE (MPCBM Z MPT
QSPCMFNBTUJDPTRVFQSFTFOUB
.BOVFM +PT #FSOBM %JBOB 3PDP

#FSOBM$MBWFTQBSBDPNQSFOEFSMB
CJPUJDB6OJWFSTJEBEEF#PZBD 'B
DVMUBEEF$JFODJBT+VSEJDBTZ4PDJB
MFT $FOUSP EF *OWFTUJHBDJPOFT QBSB
FM %FTBSSPMMP $*1"%& $PMPNCJB
QQ
-BCJPUJDBFTVOBOVFWBEJTDJQMJOBRVF
TF PDVQB EFM FUIPT EFM CJPT DPOWJSUJO
EPTFFOFMFTDFOBSJPEFDPOnVFODJBQBSB
EJMFNBTZWBSJBEBTSFTQVFTUBTSFGFSFOUFT
BMBWJEBFOUPEBTTVTGPSNBT TVDBMJEBE
ZQPTJCJMJEBEFTFODPOEJDJPOFTEFWFSEB
EFSPFRVJMJCSJP
"MHVOBTDPSSJFOUFTMFBTJHOBOBMBCJPUJ
DB DPNPPCKFUPEFFTUVEJP UPEPTBRVF
MMPTBTQFDUPTJOIFSFOUFTBMEFTBSSPMMPEF
OVFWBT UFDOPMPHBT RVF BGFDUBO MB WJEB
NJTNB4JOFNCBSHP FODPOUFYUPTNVZ
QBSUJDVMBSFTDPNPFMJCFSPBNFSJDBOP FTUF
PCKFUP IB EF BNQMJBSTF QBSB BCBSDBS MB
QPCSF[B FMEFTBSSPMMPEFMBTDPOEJDJPOFT
EFMTJTUFNBEFTBMVE MBTVQFSQPCMBDJO
MBWJPMFODJB MBTJUVBDJOEFMBTNJOPSBT
UOJDBT MPTEFSFDIPTIVNBOPTZFMQBQFM
EFMBTPDJFEBEDJWJM FOUSFPUSPTDBNQPT
EJSFDUBNFOUFSFMBDJPOBEPTDPOMBWJEB P
NFKPSBO DPOMBDBMJEBEEFWJEB5PEPT
FTUPTIPSJ[POUFT TPCSFMPTRVFFMBOMJTJT
FTJODFTBOUF TPOBCPSEBEPTFOFTUFUFY
UP DPO FM mO EF QSPQPSDJPOBS BM MFDUPS
MBT DMBWFT QBSB VOB DPNQSFOTJO HMPCBM
EFMBCJPUJDB EFNBOFSBUBMRVFTFBCBS
RVFZDPNQSFOEBTVDBSDUFSJOUFSEJTDJ
QMJOBS NFEJBOUF FM DVBM CVTDB BSUJDVMBS
MBTEJGFSFOUFTSFBTEFDPOPDJNJFOUPQBSB
DPOWFSUJSTF FO IFSSBNJFOUB CTJDB FO MB
JOUFSQSFUBDJOEFMBTQPTJCJMJEBEFTEFMB
WJEB BMUJFNQPRVFQMBOUFBBMUFSOBUJWBT
EF TPMVDJO B MPT EJGFSFOUFT QSPCMFNBT
RVF IPZDPNPOVODBBNFOB[BOMBTQP
TJCJMJEBEFTSFBMFTEFFYJTUFODJB
+FBO #FSOBSE -B #JPUJDB %FCBUF

.BESJE QQ
&MQSPGFTPSEFMB'BDVMUBEEF.FEJDJOB
EF 1BST IB TJEP QSFTJEFOUF EF MB "DB
EFNJB/BDJPOBMEFMBT$JFODJBTZQSFTJ
EFOUFEVSBOUFDBTJEJF[BPTEFM$PNJU
$POTVMUJWP /BDJPOBM QBSB MBT DJFODJBT
EFMB7JEB1BSBMMB#JPUJDBEFCFTFS
QSBHNUJDB Z SFTQPOEFS DPO QSFDJTJO
MBT QSFHVOUBT RVF TF MF GPSNVMBO IPZ
FOEB"CPSEBTVPSJHFO MPTQSJODJQJPT
RVFSJHFOFTUBEJTDJQMJOB MBTGSPOUFSBTEF
MB#JPUJDBZTVFOTFBO[B
+SNF #JOE %JSFDDJO

{"EOEF
WBOMPTWBMPSFT $PMPRVJPTEFMTJHMP
99*$PMFDDJO-BCJCMJPUFDBEFMm
MTPGP 6/&4$0
4JOPTFUPNBOZBMBTNFEJEBTOFDFTBSJBT
OVFTUSPQMBOFUB MBFTQFDJFIVNBOBZMB
DJWJMJ[BDJOFTUODPOEFOBEPTBEFTBQB

SFDFS"OUFFTUFQFMJHSP {DNPQPEFNPT
DPOmHVSBSVOOVFWPDPOUSBUPTPDJBM OB
UVSBM DVMUVSBMZUDOJDPZTFOUBSMBTCBTFT
EF VOB UJDB QBSB FM GVUVSP 4PO TUBT
QSFHVOUBT DSVDJBMFT B MBT RVF JOUFOUBO
SFTQPOEFS MPT EFTUBDBEPT JOUFMFDUVBMFT
ZDJFOUmDPTRVFQBSUJDJQBSPOBMi$PMP
RVJPTEFMTJHMP99*w PSHBOJ[BEPBOVBM
NFOUFQPSMB6/&4$0-PTUFYUPTQSF
TFOUBEPTFOFTUFMJCSPBCPSEBOUPEPTMPT
DBNQPT EFM TBCFS JODJUBOEP BM MFDUPS B
VOBQSPGVOEBSFnFYJOTPCSFMPTWBMPSFT
EFMNVOEPFOFMRVFWJWFZMPTRVFQSF
EPNJOBSOFOFMNVOEPEFMGVUVSP
&MMJCSPUJFOFODPOUSJCVDJPOFTEF(FPS
HF + "OOBT +BDRVFT %FMPST +BDRVFT
%FSSJEB JFSSZ(BVEJO /BEJOF(PS
EJNFS -VD.POUBHOJFS &EHBS.PSJO
1BVM 3JDVS +FSFNZ 3JGLJO +BDRVFT
5FTUBSU "MBJO 5PVSBJOF Z (JBOOJ 7BU
UJNP FOUSFPUSPT
"OUPOJP #MBODP .FSDBE "QVOUFT

EF #JPUJDB 'VOEBNFOUBM &EJDJO
EFMQSPQJPBVUPS .BESJE
&M EPDUPS "OUPOJP #MBODP .FSDBE
EPDUPS FO .FEJDJOB Z &TQFDJBMJTUB FO
0UPSSJOPMBSJOHPMPHB&TNTUFSFO#JP
UJDB QPS MB 6OJWFSTJEBE $PNQMVUFOTF
EF.BESJE&T7JDFQSFTJEFOUFEFMB$P
NJTJO EF #JPUJDB EF $BTUJMMB Z -FO
QSFTJEFOUF EFM $PNJU EFM $PNJU EF
UJDB "TJTUFODJBM EFM SFB EF 4BMVE EF
-FO Z QSFTJEFOUF EF MB $PNJTJO EF
UJDBZ%FPOUPMPHBEFM$PMFHJPEF.
EJDPTEF-FO
&MMJCSPFTGSVUPEFMBTFOTFBO[BTSFDJCJ
EBTEVSBOUFTVQFSPEPEFGPSNBDJOFO
#JPUJDB MPHSBOEP VOB TOUFTJT TFODJMMB

ZBNFOBEFMPTGVOEBNFOUPTEFMBCJP
UJDB BVORVFOPFYFOUBEFQSPGVOEJEBE
&TVOMJCSPCTJDPQBSBMPTFTUVEJPTPTEF
MB CJPUJDB Z QBSB MPT RVF RVJFSBO JOJ
DJBSTFFOFMFTUVEJPEFMBCJPUJDBDPNP
EJTDJQMJOB
/JDFUP#M[RVF[#JPUJDB-BOVFWB
DJFODJBEFMBWJEB&TUVEJPTZ&OTB
ZPT #"$ .BESJE QQ
/JDFUP #M[RVF[ EPNJOJDP EPDUPS FO
'JMPTPGB Z QSPGFTPS EF MB 6OJWFSTJEBE
$PNQMVUFOTF .BESJE IBQVCMJDBEPZB
BOUFSJPSNFOUFWBSJPTMJCSPTTPCSFDVFTUJP
OFTEFCJPUJDB"IPSBFYQPOFEFNPEP
PSEFOBEP Z DPNP NBOVBM FTUF BOMJTJT
EFMB#JPUJDBDPNPiOVFWBDJFODJBEFMB
WJEBw UBOUP FO MPT BTQFDUPT EF TV FTUB
UVUPFQJTUFNPMHJDP DPNPFOUPEBTMBT
DVFTUJPOFTEJTQVUBEBTEFCJPUJDBBQMJDB
EB&OUPEPTMPTUFNBTFYJTUFVOBDFSDB
NJFOUPEFMBVUPSBMPTEFCBUFTSFBMJ[BEPT
FO MPT NFEJPT EF DPNVOJDBDJO DPO
BCVOEBOUF CJCMJPHSBGB EF MP QVCMJDBEP
FOQSFOTBFOFTUPTBPT&ODBEBDBTP TF
QSFTFOUBMBEPDUSJOBEFMB*HMFTJBDBUMJDB
MBTDPOTJEFSBDJPOFTUJDBTZMBTJOEJDBDJP
OFT QBTUPSBMFT RVF IBCSB RVF UFOFS FO
DVFOUB DPNPGSJUPEFTVFYQFSJFODJB&O
MBNBZPSBEFMBTDVFTUJPOFTQMBOUFBEBT
MPTUSFTBTQFDUPTDPJODJEFOZBSNPOJ[BO
CJFO4PMBNFOUFFOBMHVOPTTFQSFTFOUB
oTFHOFMBVUPSoVOBEJTPDJBDJOMBBO
UJDPODFQDJO MB JOTFNJOBDJO BSUJmDJBM
IPNMPHBZMBGFDVOEBDJOJOWJUSPIP
NMPHB FOEFUFSNJOBEBTDJSDVOTUBODJBT
TFSBONPSBMNFOUFSFQSPCBCMFT QFSPIB
CSBRVFUPMFSBSMBTTFHOMPTDSJUFSJPTEF
MBFYQFSJFODJBQBTUPSBMQSDUJDB
"MCFSUP#PDIBUFZ#JPUJDBZUFPMP
HBNPSBM&EJDJPOFT1BVMJOBT
QQ
%JSFDUPS *OTUJUVUP #JPUJDB 16$ #VF
OPT"JSFT1SPGFTPSEF5FPMPHB.PSBMZ
UJDBZNJFNCSPEFM$PNJU)PTQJUBMB
SJPEF.FOEP[B&OFTUFMJCSPBCPSEBMB
EFmOJDJOEF#JPUJDBZBMHVOBTDVFTUJP
OFTHFOFSBMFT4FDFOUSBTPCSFUPEPFOMB
DVFTUJOCJPUJDBEFTEFMB5FPMPHB&O
MBUFSDFSBQBSUFBOBMJ[BMBTGVODJPOFTEFM
$PNJU)PTQJUBMBSJP UJQPTEFDPNJUT
ZQBQFMEFMUFMPHPFOFTUBUBSFB
(VTUBWP #VFOP {2VFTMB#JPUJ

DB #JCMJPUFDB 'JMPTPGB FO &TQBPM
1FOUBMGB &EJDJPOFT 0WJFEP
QQ
-Bi#JPUJDBwFTVOBEJTDJQMJOBNVZSF
DJFOUFZTFFODVFOUSBFOVOQFSPEPEF
FYQBOTJO&TBEFNTVOBEJTDJQMJOBRVF
TVFMFJSBDPNQBBEBEFVOHSBOQSFTUJ
HJP 4F JOWPDB TV OPNCSF Z TV BVUPSJ
EBEDPNPDSJUFSJPEFDJTJWPQBSBGPSNBS
OVFTUSPTKVJDJPTBDFSDBEFMBTDVFTUJPOFT
NTVSHFOUFTRVFFOUPSOPBMBWJEBTF
OPTQMBOUFBO{FTMDJUBMBDMPOBDJO {FT
VOBDPOEVDUBCJPUJDBFMFHJS FOMBTMJTUBT
EF FTQFSB EF VO IPTQJUBM RVJSSHJDP B
VOKPWFODPOHSBOFTQFSBO[BEFWJEBEF
KBOEPQPTUFSHBEPBVOWJFKPEFDSQJUP
4FEBQPSTVQVFTUPRVFTFTBCFMPRVFFT
MB#JPUJDBQFSPTJQSFHVOUBNPTBRVJFO
MBJOWPDB EJGDJMNFOUFQPESEFDJSNT
EFEPTPUSFTQBMBCSBTUBVUPMHJDBT RVF
B MP TVNP TFSO NFSBT QBSGSBTJT EF MB
FUJNPMPHB DPNPiMB#JPUJDBFTMBUJDB
EFMBWJEBw
PDPTBTQPSFMFTUJMP-PNT
HSBWFEFFTUBTBQFMBDJPOFTBMB#JPUJDB
FO HFOFSBM FT RVF FMMBT QSFTVQPOFO B

MB #JPUJDB DPNP TJ GVFTF VOB EJTDJQMJ
OBRVFJNQMJDBVODPOKVOUPEFOPSNBT
VOJWFSTBMFTZVOWPDBT DVBOEPFTUPOP
PDVSSFFOBCTPMVUP4JOQFSKVJDJPEFNV
DIPTQVOUPTEFJOUFSTFDDJOFOUSFFMMBT
IBZNVDIBTDPSSJFOUFTZFTDVFMBTCJPUJ
DBTRVFNBOUJFOFOQSJODJQJPTUFSJDPTZ
QSDUJDPTNVZEJTUJOUPTEFTEFFMQVOUP
EF WJTUB JEFPMHJDP mMPTmDP SFMJHJPTP
PQPMUJDP
&MPCKFUJWPEFFTUFMJCSPFTFMEFQMBOUFBS
MPTQSPCMFNBTEFSJWBEPTEFMQMVSBMJTNP
EFMB#JPUJDBZUSBUBSEFEFmOJSMB OPFO
GVODJO EF VO iDPNO EFOPNJOBEPSw
BUPEBTMBTEJGFSFOUFTFTDVFMBTPDPSSJFO
UFT TJOPFOGVODJOEFVOBEFUFSNJOBEB
DPSSJFOUF DPNPFTMBEFMB#JPUJDBNB
UFSJBMJTUB
+VBO .BOVFM #VSHPT 3FQFOTBS MB

OBUVSBMF[B IVNBOB &JVOTB .B
ESJE
&MBVUPSBCPSEB EFTEFMBmMPTPGBQFSTP
OBMJTUB FTUBOPDJOCTJDBEFMBBOUSPQP
MPHB FO TV OVFWP WPMVNFO i3FQFOTBS
MBOBUVSBMF[BIVNBOBw&MQFSTPOBMJTNP
DPOTJEFSBMBOPDJOEFQFSTPOBDPNPMB
DBUFHPSBmMPTmDBFTFODJBMZFTUJNBRVF
TV EJHOJEBE FT VO WBMPS BCTPMVUP Z MPT
EFSFDIPT IVNBOPT TPO QSJODJQJPT JSSF
OVODJBCMFT EFM PSEFO TPDJBM Z QPMUJDP
%PDUPS FO $JFODJBT 'TJDBT Z FO 'JMP
TPGB #VSHPTFTQSPGFTPSFOFM*OTUJUVUP
+VBO1BCMP** EFMB6OJWFSTJEBE-JCSF
*OUFSOBDJPOBMEFMBT"NSJDBT 6-*"
Z
EFMB6OJWFSTJEBE4BO1BCMP$&6 .B
ESJE
1SFTJEFMB"TPDJBDJO&TQBPMBEF
1FSTPOBMJTNP "&1

3PRVF $BCSBM 5FNBT EF UJDB 1V

CMJDBFT EB 'BDVMEBEF EF 'JMPTPmB EB
6OJWFSTJEBEF$BUMJDB1PSUVHVFTB #SB
HB
4PC FTUF UUVMP P BVUPS BQSFTFOUB VN
DPOKVOUP EF USBCBMIPT SFVOJEPT OVN
OJDPWPMVNF0MJWSPFTUFTUSVUVSBEP
FNEVBTQBSUFTBQSJNFJSBBCSBOHFVNB
WPMVNPTBDPMFPEFBSUJHPTQVCMJDBEPT
FTTFODJBMNFOUF FN HSBOEFT FODJDMPQ
EJBT B TFHVOEB DPOTUJUVEB QPS VN
DPOKVOUPEFBOMJTFTRVFFOHMPCBWBTUB
HBNB EF QSPCMFNUJDBT SFMBUJWBT GVO
EBNFOUBPUJDB BTTJNDPNPOVNFSP
TBTRVFTUFTFTQFDJBJTEBmMPTPmBNPSBM
"MN EFTUBT BOMJTFT QBSUJDVMBSNFOUF
JNQPSUBOUFT TBMJFOUBNTFPTFTUVEPTEF
#JPUJDB OPNFBEBNFOUFPEJSFJUPBOBT
DFS BT HFSBFT WJOEPVSBT TFVT QSJOD
QJPTDMTTJDPT BVUPOPNJB CFOFmDODJB
OPNBMFmDODJB KVTUJB
FBFVUBOTJB
&TUBTBOMJTFT SFMFWBOUFTQBSBBUJDBm
MPTmDB F B UFPMPHJB NPSBM DPMPDBNTF
TFN EFTWJPT OFN EJHSFTTFT JOUFJT OP
DFOUSP EBT QSPCMFNUJDBT FTUVEBEBT F
UPDBN JNFEJBUBNFOUF PT QPOUPT TFOT
WFJT NFEJBOUFPTRVBJTPMFJUPSEFTDPCSF
P SFMFWP TVCKBDFOUF EBT EJmDVMEBEFT m
MPTmDBT
/FMTPO $BNQPT 7JMMBMPCPT UJDB Z

#JPUJDB 6OB BQMJDBDJO %FPOUP
MHJDB 'VOEBDJO $MBVEF #FSOBSE
EF$IJMF 4BOUJBHPEF$IJMF FEJ
DJO QQ
&MBVUPSFTEPDUPS BDBENJDPEFMB6OJ
WFSTJEBEEF$IJMF SFBMJ[ FMEPDUPSBEP
FO'JMPTPGBZ$JFODJBTEFMB&EVDBDJO
FOMB6OJWFSTJEBE3BNO-MVMMEF#BS
DFMPOB "DUVBMNFOUF FT WJDFQSFTJEFOUF

EF MB 'VOEBDJO $MBVEF #FSOBSE EF
$IJMF ZEFM$FOUSP5FDOPMHJDP4VQF
SJPS*OGPNFE FOFRVFIBDSFBEPMBQSJ
NFSBDBSSFSBEFQUJDBEFQBT)BQV
CMJDBEPTPCSFmMPTPGBEFMBFEVDBDJO
OFVSPDJFODJBZCJPUJDB
4PCSF MB CBTF EF MPT DPOUFOJEPT EF MBT
DMBTFTEFVODVSTPEFUJDBEFPOUPMHJ
DP RVF FM BVUPS IB EJDUBEP EFTEF IBDF
EJF[BPTBFTUVEJBOUFTEFQSFHSBEP IB
FMBCPSBEP V UFYUP NVDIP NT BNQMJP
OPTMPEFEJDBEPBMBEFPOUPMPHBEFMB
QSPGFTJOEFQUJDP&YQPOFVONBSDP
mMPTmDP UFSJDP EF MBT EJTUJOUBT QSP
GFTJPOFT EF MB TBMVE DPO MPT QSJODJQJPT
EF UJDB HFOFSBM MBT UFPSBT NPEFSOBT
TPCSF NPSBM TPDJBM Z CJPUJDB %FTBSSP
MMBEFTQVTMBUJDBEFMQUJDPQSPGFTJP
OBM ZBBEFBCVOEBOUFTEPDVNFOUPTZ
MFDUVSBTTFMFDUBTRVFQVFEFOTFSWJSBMPT
FTUVEJBOUFT
7JDUPSJB $BNQT 6OB WJEB EF DBMJ

EBE 3FnFYJPOFT TPCSF CJPUJDB
$SUJDB #BSDFMPOB QQ
-BT DVFTUJPOFT UJDBT B MBT RVF OPT FO
GSFOUBMBCJPUFDOPMPHBOPTMMFHBOFOVOB
TJUVBDJODVMUVSBMFOMBRVF TFHO7JD
UPSJB$BNQT ZBOPQBSFDFQPTJCMFBQFMBS
B VOB USBEJDJO NPSBM RVF TF BTFOUBCB
FOVOBSFMJHJODPNQBSUJEB OJUBNQPDP
BVOBSBDJPOBMJEBEQSFTVOUBNFOUFVOJ
WFSTBM $PO FTUB QSFNJTB $BNQT PQUB
QPSTVCSBZBSVOBTQFDUPEFMBSFnFYJO
NPSBMRVF GSFOUFBMBGONPEFSOPQPS
MBTTPMVDJPOFTIFDIBT DPOWJFOFSFTDBUBS
FOOVFTUSPTEBTMBEJNFOTJOEFMJCFSB
UJWBEFMBUJDB
&TFTUB FONJPQJOJO MBQBSUFNTTV

HFSFOUFEFTVMJCSPi-BUJDBoEJDFoOP
QVFEF DPOTJTUJS OJDBNFOUF FO FM FTUB
CMFDJNJFOUPEFVOBTOPSNBT PDEJHPT
EFDPOEVDUBRVFWBMHBOEFVOBWF[QPS
UPEBT OJ QVFEF QSPQPSDJPOBS TJFN
QSF SFTQVFTUBT JOFRVWPDBT $POTJTUF
NTCJFOFOFMQSPDFTPEFEFMJCFSBDJO
RVF QSFDFEF Z TJHVF B MB BDFQUBDJO EF
OPSNBTw &T FTUB WJTJO MB RVF JOTQJSB
TV JEFB EF RVF MB CJPUJDB iOP FT BMHP
TJNQMFNFOUF EFEVDJCMF EF VOPT EFSF
DIPT P QSJODJQJPT UJDPT CTJDPT Z GVO
EBNFOUBMFT-BCJPUJDBFTCTJDBNFOUF
VOQSPDFTPZVOEFTDVCSJNJFOUP"UBM
QSPDFTPMPMMBNPABVUPSSFHVMBDJO QVFT
MP WFP NVZ DFSDBOP B FTB WJSUVE RVF
"SJTUUFMFT MMBN QISPOFTJT Z RVF NBM
USBEVDJNPTQPSQSVEFODJBMBTBCJEVSB
DPOTJTUFOUFFOIBDFSMPRVFDPOWJFOFFO
DBEBNPNFOUP MPKVTUPFOFMNPNFOUP
KVTUP1BSBFTFTBCFSOPIBZGSNVMBTOJ
QSPDFEJNJFOUPTw
-B SFIBCJMJUBDJO DPOUFNQPSOFB EF
"SJTUUFMFTIBDPOUSJCVJEPBFOSJRVFDFS
NVDIPFMEJTDVSTPUJDP$POUPEP FO
"SJTUUFMFTFMTBCFSQSVEFODJBMTFFODPO
USBCBWJODVMBEPFTFODJBMNFOUFBMBWJSUVE
NPSBM NJFOUSBTRVFFOFMQMBOUFBNJFOUP
EF MB QSPGFTPSB $BNQT UBM DPOFYJO TF
EJGVNJOB IBTUB QFSEFSTF 5BM WF[ QPS
FMMP UFSNJOFEFSJWBOEPFMMBNJTNBIB
DJB VOB GPSNB EF QSPDFEJNFOUBMJTNP
EFNPDSUJDP BDBTP DPO NT iTVTUBODJB
UJDBwRVFFMMJCFSBM BMRVFDSJUJDB QFSP
OPQPSFMMPNFOPTQSPDFEJNFOUBM
:FTRVFTVCSBZBSMBDPOFYJOFOUSFQSV
EFODJBZWJSUVENPSBMDPOMMFWBFMQFMJHSP
EFSFDBMBSBOUFTPEFTQVTFOMBDPOFYJO
RVF FTUBCMFDF FM NJTNP "SJTUUFMFT FO
USFWJSUVEZOBUVSBMF[B1FSPTPOUBOUBT
MBTPCKFDJPOFTRVFMBmMPTPGBNPEFSOB
IB WFSUJEP TPCSF FM DPODFQUP EF OBUV
SBMF[B RVF VOB QPESB SB[POBCMFNFOUF
QMBOUFBSTFFMDPOTUSVJSVOBUJDBQSFTDJO
EJFOEPEFM4JOFNCBSHP EFTBQBSFDJ
EPFMSFGFSFOUFEFMBOBUVSBMF[BoTFBTUB
MPRVFTFBBTVNBNPTTJNQMFNFOUFRVF
FT VO MNJUF OP QVFTUP QPS OPTPUSPTo
SFTVMUBEJGDJMNBOUFOFSMBEJGFSFODJBRVF
FMQSPQJP"SJTUUFMFTFTUBCMFDFFOUSFiFM
CVFO IPNCSFw Z iFM CVFO DJVEBEBOPw
FTEFDJS FOUSFUJDBZQPMUJDB
$BNQT DSJUJDB BUJOBEBNFOUF MB UBKBOUF
EJTUJODJO MJCFSBM FOUSF MP KVTUP QCMJ
DP
Z MP CVFOP QSJWBEP
BT DPNP MB
QSFUFOTJO MJCFSBM EF VO &TUBEP UJDB
NFOUF OFVUSBM QFSP QPS NPNFOUPT EB
MBJNQSFTJOEFRVFMPIBDFBMQSFDJPEF
EJTPMWFSMBEJTUJODJOFOUSFUJDBZQPM
UJDB4JFTUPOPMMFHBBPDVSSJSEFMUPEP
FTQPSMBTNBUJ[BEBTDPODFTJPOFTRVF B
MBQPTUSF IBDFBMMJCFSBMJTNP ZBMSFTQF
UPEFMBDPODJFODJBJOEJWJEVBMoEPOEF
B TV QBSFDFS IB EF RVFEBS SFDMVJEB MB
SFMJHJO
4JO FNCBSHP MP RVF EFTBQBSFDF EFm
OJUJWBNFOUFEFMIPSJ[POUFEFTVSFnFYJO
FTFMDPODFQUPEFiBDUPJOUSOTFDBNFOUF
NBMPw UBOMJHBEPBMEFOPTUBEPEFiOB
UVSBMF[Bw"IPSBCJFO TJOPMBFYQSFTJO
oRVFFTNVDIPNTUBSEBo FMDPODFQ
UP ZB TF FODPOUSBCB FO "SJTUUFMFT BMM
EPOEF IBCMBOEP EF MB WJSUVE Z USBT
EFmOJSMB DPNP VO DJFSUP USNJOP NF
EJP PCTFSWBFM&TUBHJSJUBRVFiIBZBDUPT

RVFOPBENJUFOUSNJOPNFEJPw UJDB
B/JDNBDP **
"VORVFGVFSBQBSB
SFCBUJSMP MB NFUBUJDB DPOUFNQPSOFB
OP EFK EF DPOTJEFSBS FTF QBTBKF DPNP
EJHOP EF BUFODJO 1FSP FO FM MJCSP EF
$BNQT OP TF FODVFOUSB SFGFSFODJB BM
HVOBBMBQPTJCJMJEBEEFRVFIBZBBDUPT
NBMPTFOTNJTNPT DPOJOEFQFOEFODJB
EFMBTJOUFODJPOFTPMBTDJSDVOTUBODJBTFO
RVFTFMMFWFOBDBCP
4JOEVEB VOBDPTBFTTPTUFOFSRVFIBZ
BDDJPOFT JOUSOTFDBNFOUF NBMBT Z PUSB
SFDPOPDFSRVFUBMBDDJOQBSUJDVMBSDBF
EFOUSP EF FTUB DMBTF 1BSB BmSNBS FTUP
MUJNP FO BMHVOPT DBTPT FT OFDFTBSJP
DJFSUP BOMJTJT 1FSP BOBMJ[BS MB NPSBMJ
EBEEFVOBBDDJOOPFRVJWBMFBQPTUFS
HBS JOEFmOJEBNFOUF FM QSPDFTP EFMJCF
SBUJWP BTVNJFOEPRVFUPEBSFTQVFTUBFT
QSPWJTJPOBM&TUPQVFEFTFSDJFSUPEFMBT
SFTQVFTUBT RVF NBSDBO MOFBT QPTJUJWBT
EF BDUVBDJO /P MP FT FO DBNCJP EF
MBTRVFTFBMBOMNJUFTOFHBUJWPTGSPO
UFSBT USBTQBTBEBT MBT DVBMFT TF DBVTB VO
EBPDJFSUPBMTFSIVNBOP%FMSFTQFUP
B FTPT MNJUFT EFQFOEF FO CVFOB QBSUF
FM SFTQFUP B MB EJHOJEBE IVNBOB 5BM
WF[ QPS FTP FO FM EJTDVSTP EF MB QSP
GFTPSB $BNQT TF BEWJFSUB VOB FYDFTJWB
BTJNJMBDJOEFEPTDPODFQUPTEJTUJOUPT
iEJHOJEBEIVNBOBwZiDBMJEBEEFWJEBw
3FDFOTJO"OB.BSUB(PO[MF["$&
13&/4" NBS[P
+PBO $BSSFSB J $BSSFSB 6OB UJDB

QFS B MB CJPUJDB *OTUJUVU #PSKB EF
#JPUJDB QQ
+PBO $BSSFSB 4+ OPT QSFTFOUB FTUB
QSPQVFTUB EF VOB UJDB VOJWFSTBM RVF
DPNQBSUBVOPTWBMPSFTNOJNPTDPOMB
FTQFSBO[B EF BNQMJBSMPT FO VO EJMPHP
QBDmDP -B PCSB IBDF VO BOMJTJT EFM
QFOTBNJFOUP EF )5 &OHFMIBSEU DPO
GSPOUOEPMP DPO MB DPSSJFOUF UJDB MMB
NBEB iUJDB DJWJMw &TUB DPOGSPOUBDJO
ZBOPTFTUEJDJFOEPRVFFMNVOEPEFMB
UJDBFTVONVOEPQMVSBM VOIFDIPSFBM
QFSPOPPCWJPQBSBUPEPFMNVOEP+PBO
$BSSFSBIBDF QVFT VOFTUVEJPDSUJDPZ
BGPOEPEFMQFOTBNJFOUPEF&OHFMIBSEU
Z BM NJTNP UJFNQP BOBMJ[B MPT QVOUPT
GVFSUFT Z ECJMFT EF MB UJDB $JWJM oDP
SSJFOUFFVSPQFBEFPSJHFOEJWFSTPRVFMB
IBOQBUSPDJOBEPUBOUPMPTmMTPGPTDPNP
MPTUFMPHPTo+PBO$BSSFSBJ$BSSFSBFT
MJDFODJBEPFO.FEJDJOBZ$JSVHBQPSMB
6OJWFSTJEBEEF#BSDFMPOB ZEF5FPMP
HB.PSBMFOMB'BDVMUBEEF5FPMPHBEF
$BUBMVBZFOMB6OJWFSTJEBE1POUJmDJB
(SFHPSJBOBEF3PNB
(JMCFSUP$FMZ(BMJOEP 4+ &EJUPS

&M)PSJ[POUF#JPUJDPEFMBT$JFO
DJBTFEJDJO $&+" #PHPU $P
MPNCJB QQ
-BQSJNFSBQBSUFEFFTUFWPMVNFODPPS
EJOBEPQPS(JMCFSUP$FMZEFMB6OJWFS
TJEBE+BWFSJBOBEF#PHPU FTUEFEJDBEB
BM FOGPRVF FQJTUFNPMHJDP F JOUFSEJT
DJQMJOBSJP BBEF B MB FEJDJO BOUFSJPS
i6OB QSPQVFTUB EF NBSDP DPODFQUVBM
QBSB MB FDPMPHB IVNBOBw DPNP SFTV
NFO Z WJTJO HMPCBM EFM DPPSEJOBEPS
(JMCFSUP$FMZ-BTFHVOEBQBSUFTFDFO
USB FO MB JOWFTUJHBDJO DJFOUmDB Z HF
OUJDB-BUFSDFSBQBSUFFTUEFEJDBEBB
MB4BMVE $BMJEBEEF7JEBZ4FOUJEPEF
MB7JEB ZTFBBEFOBMHVOPTDBQUVMPT
JNQSFTDJOEJCMFT IPZ EB FO MB QSPCMF
NUJDBCJPUJDBEF$PMPNCJBi#JPUJDB
ZWJPMFODJBwZi'BSNBDPEFQFOEFODJBZ
#JPUJDB VO BTVOUP EF UPEPTw &O MB
DVBSUBZMUJNBTFDDJOTFBOBMJ[BOMPT
BQPSUFTEFMB#JPUJDBBMBDVMUVSBDPO
UFNQPSOFB FO MB FDPMPHB Z MB WBMP
SBDJO EFM NFEJP BNCJFOUF Z NT FO
HFOFSBM FOMBTDMBWFTZSFUPTUJDPTRVF
IBQMBOUFBEPMBQPTNPEFSOJEBE
$FOUSP /BDJPOBM EF #JPUJDB UJDB

FO .FEJDJOB 'VOEBNFOUBDJO
$BSBDBT 6OJWFSTJEBE$FOUSBMEF7F
OF[VFMB QQ
$FOUSPEF#JPUJDB1SJNFSB+PSOB
EB *OUFSEJTDJQMJOBSJB FO #JPUJDB
'BDVMUBE EF .FEJDJOB 1POUJmDJB
6OJWFSTJEBE$BUMJDBEF$IJMF
QQ
4FSHJP $PTUB %CPSB %JOJ[ #JP

UJDB &OTBJPT-FUSBT-JWSFT #SBTJMJB

3FDPHF MBT JOUFSWFODJPOFT FO FTBT 1SJ

NFSBT+PSOBEBTEF#JPUJDBTPCSFi$PO
DFQDJPOFT "DUVBMFT FO #JPUJDBw +VBO
EF %JPT 7JBM $PODFQDJPOFT BDUVBMFT
EF #JPUJDB %PNJOHP #BTTP -B *HMF
TJBGSFOUFBMPTQSPCMFNBTEFMB#JPUJDB
DPOUFNQPSOFB 1FESP 3PTTP *NQPS
UBODJB EFM DVMUJWP EF MB #JPUJDB FO MBT
'BDVMUBEFTEF.FEJDJOB "MFKBOESP4F
SBOJ /BUVSBMF[BEFMB#JPUJDB.BOVFM
-BWBEPT "TQFDUPT GVOEBNFOUBMFT EF
MB UJDB DMOJDB +PSHF 1FB -B JOFWJUB
CJMJEBE EF MPT QSPCMFNBT mMPTmDPT FO
.FEJDJOB +VBO EF %JPT 7JBM - +VTUJ
mDBDJOEFMBUJDBZSFBMJEBEQFSTPOBM
1BVMJOB 5BCPBEB -B EJHOJEBE EF MB
QFSTPOB DPNP GVOEBNFOUP EF MB UJDB
1FESP .PSBOE 7JEB Z QFSTPOB FO MB
QPTNPEFSOJEBE +PT +PBRVO 6HBSUF
%FTBGPTQMBOUFBEPTBM%FSFDIPQPSMPT
QSPCMFNBTCJPUJDPTBDUVBMFT
$PMFDDJOEFQVCMJDBDJPOFTEFJOGPSNFT
EFM$FOUSP/BDJPOBMEF#JPUJDBEF7F
OF[VFMB TPCSFEJTUJOUPTUFNBTEF#JP
UJDBZUJDBDMOJDB FEJUBEPTUPEPTFOFM
BP
&TUF MJCSP SFDPHF BMHVOPT BSUDVMPT EF

MBBOUSPQMPHB%CPSB%JOJ[ZEFMN
EJDP 4FSHJP $PTUB 5SBUBO UFNBT NVZ
WBSJBEPT EF #JPUJDB QFSP TPCSF UPEP
TFDFOUSBOFOMBGVOEBNFOUBDJO USBUBO
EFFOGSFOUBSOPTDPOMBOFHBDJOEFRVF
OVFTUSPTQSJODJQJPTUJDPTFTUOBTFOUB
EPT FO EFDJTJPOFT BVUPSJ[BEBT QPS VOB
SB[O TPCFSBOB -P BMFBUPSJP JSSFnFYJ
WP ZMPTTFOUJNJFOUPTFNFSHFO NBSDB
EPT QPS MB JOTFSDJO NPSBM FO OVFTUSP
NVOEP UPMFSBOUF DPO MB EJWFSTJEBE Z
QPTUNPEFSOP
.BY $IBSMFTXPSUI -B #JPUJDB FO

VOB TPDJFEBE MJCFSBM $BNCSJEHF
6OJWFSTJUZ1SFTT QQ
&TUF MJCSP FRVJMJCSBEP Z GDJM EF MFFS
FT VOB EJTDVTJO PSJHJOBM TPCSF MPT UF
NBTDPOUFNQPSOFPTEFMBCJPUJDB&M
BVUPS TPTUJFOF RVF BM OP QPEFS FYJTUJS
VODPOTFOTPQCMJDPTPCSFVODPOKVO
UPEFWBMPSFTDFOUSBMFTFOMBTTPDJFEBEFT
MJCFSBMFT UBNCJO EFCFSB IBCFS QMV
SBMJEBE EF QPTUVSBT UJDBT " QBSUJS EF
FTUF TVQVFTUP TF EJTDVUFO UFNBT DPNP

FMTVJDJEJP MBFVUBOBTJB MBTUDOJDBTEF

SFQSPEVDDJO BSUJmDJBM P FM EFCBUF TP
CSFMBEJTUSJCVDJOEFSFDVSTPTTBOJUBSJPT
MJNJUBEPT FOGPDBEPTEFTEFMBDPSSJFOUF
UJDBOFPMJCFSBM
NBOB UBNCJO DPNP VO CJFO KVSEJDP

GVOEBNFOUBM
'SBODFTDP %"HPTUJOP #JPUJDB

&TUVEJPT EF mMPTPGB EFM %FSFDIP
&JVOTB #BSDFMPOB QQ
&M BVUPS FT DBUFESUJDP EF 'JMPTPGB FO

MB6OJWFSTJEBEEF"MNFSB"RVBOBMJ[B
FM EFTBSSPMMP EF MB CJPUJDB DPNP DJFO
DJBEFMOVFWPNJMFOJPZDPNPBTPNCSP
)BDFVOFTCP[PEFBOUSPQPMPHBNPEBM
Z EF UFPSB QSDUJDB EF MB QFSTPOB QBSB
GVOEBNFOUBSBMHVOPTEFMPTUFNBTDMBWF
-B EJHOJEBE IVNBOB &MPHJP EFM DVFS
QP -BWFSEBEZMPTWBMPSFTFOMBTPDJF
EBEQMVSBM -BMJCFSUBEDBVUJWB"MmOBM
BGSPOUB MP RVF DPOTUJUVZF MB QSPQVFTUB
JOUFMFDUVBMCTJDBEFMMJCSPDNPBNBS
MPRVFTFWBZDNPDPOTUSVJSVOB#JP
UJDBEFMBWJEBGSHJM
-B CJPUJDB TVSHF DPNP SFTQVFTUB B VO

NBMFTUBS DBEB WF[ NT UBOHJCMF FM RVF
FYQFSJNFOUB FM IPNCSF GSFOUF BM GVFS
UF DBSDUFS JOWBTPS EF MB CJPNFEJDJ
OB Z MB CJPUFDOPMPHB NPEFSOBT 1FSP
SQJEBNFOUF MB QSPQJB CJPUJDB TF IB
DPOWFSUJEPFOTFBMEFNBMFTUBS FOPSJ
HFOEFDPOUSPWFSTJBTFOPDBTJPOFTNVZ
EVSBT EFDBSDUFSOPTMPUFSJDP TJOP
UBNCJOQSDUJDP%JDIPNBMFTUBSQBSF
DFBVNFOUBSDVBOUPNTDSFDFFMONF
SPEFDVFTUJPOFTDBTVTUJDBTEFMBTRVFTF
FODBSHBOMPTCJPUJDPTZDVBOUPNTTF
JNQMJDBO MPT KVSJTUBT Z MPT QPMUJDPT FO
TVTEFCBUFT EPOEFTVQBSUJDJQBDJOMMF
HBBTFSQSDUJDBNFOUFJNQSFTDJOEJCMFZ
EFDJTJWB
&M BVUPS QSPGFTPS EF 'JMPTPGB EFM %F
SFDIP FO MB 6OJWFSTJEBE 5PS 7FSHBUB
EF3PNB IBTJEPQSFTJEFOUFEFM$PNJ
UBUP/B[JPOBMFQFSMB#JPUJDBEF*UBMJB
EVSBOUF CBTUBOUFT BPT )B QVCMJDBEP
ZBWBSJBTPCSBTFOFTUBNBUFSJB ZSFDPHF
BIPSBFOFTUFMJCSPMPTBSUDVMPTGVOEB
NFOUBMFTRVFSFTVNFOTVTSFnFYJPOFTFO
UPSOP B MBT SFMBDJPOFT FOUSF MB #JPUJDB
Z FM %FSFDIP CJFO GVOEBNFOUBEBT FO
MBT OPDJPOFT DMBWFT EF MB EJHOJEBE EFM
TFSIVNBOP ZEFVOPSEFOKVSEJDPRVF
SFTQFUFFOUPEBTVQMFOJUVEMBWJEBIV
+PT -VJT EFM #BSDP -BWJEBGSHJM

&%6$" *OTUJUVUPEF#JPUJDB #VF
OPT"JSFT QQ
$BSMPT + %FMHBEP %B[ )BDJB VO

OVFWPTBCFS-B#JPUJDBFOMBSF
WPMVDJODPOUFNQPSOFBEFMTBCFS
1VCMJDBDJPOFT"DVBSJP $FOUSP'MJY
7BSFMB -B)BCBOB QQ
&MBVUPSFTEPDUPSFO'JMPTPGB QSPGFTPS
UJUVMBSEFMB6OJWFSTJEBEEF-B)BCBOB
ZIBFTDSJUPTPCSF#JPUJDB NFEJPBN
CJFOUFZFDPMPHB ZDPOFTUFMJCSPHBO
FM1SFNJP*CFSPBNFSJDBOPEFUJDB&MF
OB (JM FO &M TJHMP 99 QSPEVKP
FOPSNFT DBNCJPT FO FM DPOPDJNJFOUP
MBUFDOPMPHBZMBWJEB ZUBNCJOFOFM
NJTNPTBCFSIVNBOP&MBVUPSQSPGVO
EJ[B FO MPT EPNJOJPT EF MB #JPUJDB MB
FQJTUFNPMPHBDPNQMFKB MBDPNQMFKJEBE
Z FM BNCJFOUBMJTNP "SHVNFOUB RVF MB
BCVOEBODJBEFOVFWPTEFTDVCSJNJFOUPT
ZUFDOPMPHBTPDVMUBVOBSFWPMVDJONB
ZPS UPEBWB JOBEWFSUJEB QBSB MB QSPQJB

DPNVOJEBE DJFOUmDB &YQPOF MBT OVF
WBT GPSNBT EFM TBCFS IVNBOP Z DNP
USBTDJFOEFMBTGSPOUFSBTEFMBTEJTDJQMJOBT
TVQFSBMBEJDPUPNBFOUSFTBCFDJFOUmDP
Z IVNBOTUJDP Z FOUSF UJDB DJFODJB Z
QPMUJDB ZSFDPOTJEFSBDNPMBDJFODJBZ
MBWJEBDPUJEJBOBIBOBQPSUBEPDBNCJPT
BMQSPQJPDPOPDJNJFOUPIVNBOP
$MBVEJB %JEFT $BTUJMMP #JPUJDB Z

5SBEJDJPOFT FMEFTBGPEFMBUFDOP
DJFODJB $FOUSP *OWFTUJHBDJPOFT FO
#JPUJDB Z 4BMVE 1CMJDB $*#*4"1
64"$) Z 1SPHSBNB 3FHJPOBM EF
#JPUJDB 014 QQ
3FDPHF MBT JOUFSWFODJPOFT EF EJTUJOUPT
SFQSFTFOUBOUFTEFSFMJHJPOFTQSFTFOUFTFO
$IJMFTPCSFFMQBQFMEFMB#JPUJDBZMB
WJTJOEFTEFMBTEJGFSFOUFTDSFFODJBT1PS
MB *HMFTJB $BUMJDB JOUFSWJOP FM 1 'FS
OBOEP $IPNBM NJFNCSP EFM $FOUSP
EF #JPUJDB EF MB 6OJWFSTJEBE $BUMJDB
EF$IJMF
%CPSB %JOJ[ $POnJUPT NPSBJT F

#JPUJDB-FUSBT-JWSFT #SBTJMJB
&TUFMJCSPFTVOBSFnFYJOmMPTmDBBN
QMJB IFDIBDPOPSJHJOBMJEBE RVFJODMV
ZFFOUSFTVTFMFNFOUPTFMEJTDVSTPEFMB
#JPUJDB QFSPRVFQSFUFOEFTPCSFUPEP
QSPQPOFSVOBGFOPNFOPMPHBEFMBTBD
UJUVEFTNPSBMFT
%CPSB %JOJ[ %JSDF (VJMIFN 0

RVFB#JPUJDB&EJUPSB#SBTJMJFOTF
4P1BVMP
0MJWSPi0RVFCJPUJDBwTFSVNNBS
DPQBSBUPEPTBRVFMFTRVFTFJOUFSFTTBN
PVQFTRVJTBN.BOUFOEPBMJOIBFEJUP
SJBMEBDPMFP RVFQSJNBQFMBMJOHVB
HFN TJNQMFT F QFMP DPNQSPNJTTP DPN
BEJTDVTTPUFSJDBEFRVBMJEBEF PMJWSP
QSFFODIF VNB MBDVOB JNQPSUBOUF EP
NFSDBEP FEJUPSJBM CSBTJMFJSP FN CJPUJ
DB RVFDBSFDFEFQVCMJDBFTFNMOHVB
QPSUVHVFTB"TBVUPSBTEPMJWSP %CPSB
%JOJ[ F %JSDF (VJMIFN TP DPOIFDJ
EBTOBDPNVOJEBEFCJPUJDBOBDJPOBMF
JOUFSOBDJPOBM %CPSB %JOJ[ GPJ B QSJ
NFJSB QFTRVJTBEPSB CSBTJMFJSB QSFNJB
EB JOUFSOBDJPOBMNFOUF QFMBT QFTRVJTBT
FN CJPUJDB BMN EF TFS BVUPSB EF W
SJPTMJWSPT%JSDF(VJMIFNDPOIFDJEB
QPSTVBBUVBPFEVDBUJWBOPDBNQPEB
CJPUJDB F EB FOGFSNBHFN BMN EF TFS
SFQSFTFOUBOUFEPTNBJTJNQPSUBOUFTS
HPTPmDJBJTPVBTTPDJBUJWPTEFCJPUJDB
OPQBT DPNPB$PNJTTP/BDJPOBMEF
UJDBFN1FTRVJTB $POFQ
PVB4PDJF
EBEF#SBTJMFJSBEF#JPUJDB 4##

0 MJWSP FTU EJWJEJEP FN RVBUSP DBQ
UVMPT BMNEBJOUSPEVPFDPODMVTP
4FHVOEPBTBVUPSBT PPCKFUJWPEPMJWSP
PVTBEPFTUFMJWSPSFEJSFDJPOBPFTUJMP
USBEJDJPOBM EF BQSFTFOUBP EB CJPUJDB
OP#SBTJM PQUBOEPQPSQBSUJSEBTUFPSJBT
FEFTVBTDSUJDBT PRVFQFSNJUFBPMFJUPS
TF GBNJMJBSJ[BS DPN P BTTVOUP F SFnFUJS
TPCSF BT TJUVBFT EF DPOnJUP NPSBM
PVTFKB BPDPOUSSJPEBTFTUSBUHJBTUSB
EJDJPOBJTEFBQSFTFOUBPEBCJPUJDB P
MJWSPPQUBQPSBCBOEPOBSBTFEVPEB
DBTVTUJDBF QBSUF QBSB B TFEJNFOUBP
UFSJDBEBEJTDJQMJOB"DPODMVTPEPMJ
WSPCSFWFDPNPBJOUSPEVP NBTBT
TVNFVNUPNOPTUMHJDPTPCSFPEFTBmP
JOUFSOBDJPOBMEFBCJPUJDBDPOTUJUVJSoTF
DPNPBOBSSBUJWBTPCSFPTDPOnJUPTNP

SBJT FN TBEF "T BVUPSBT SFDPOIFDFN

RVF P EFTBmP CJPUJDP OP TJNQMF
UBNQPVDP GDJM EF TFS FYFDVUBEP DIF
HBOEP BUNFTNP BEJ[FSRVFiMJEBS
DPN PT UFNBT CJPUJDPT OP VNB UB
SFGBBHSBEWFMw$PNPTBEBQBSBFTTF
JNQBTTF PQSJODQJPUJDPEBUPMFSBODJB
QPTUPDPNPPNFDBOJTNPRVFQPEFS
QPTTJCJMJUBS B DPOTPMJEBP EB CJPUJDB
FN VNB QFSTQFDUJWB HMPCBM .BSDFMP
.FEFJSPT6OJWFSTJEBEFEF#SBTMJB

&ODVFOUSPT'JMPTmDPTEF(JKO1B
OPSBNBBDUVBMEFMB#JPUJDB'VO
EBDJO (VTUBWP #VFOP DPO MB DPMB
CPSBDJOEFMB4*#* (JKO
&TUPT UFSDFSPT FODVFOUSPT TF EFEJDBSPO
EF GPSNB NPOPHSmDB B USBUBS DVFT
UJPOFT EF #JPUJDB Z MMFWBO QPS UUVMP
i1BOPSBNB BDUVBM EF MB #JPUJDBw 4F
PSHBOJ[BSPOFODPMBCPSBDJODPOMB4P
DJFEBE *OUFSOBDJPOBM EF #JPUJDB RVF
QSFTJEF FM EPDUPS .BSDFMP 1BMBDJPT -B
UFNUJDB CJPUJDB FT BNQMJB Z WBSJBEB
&TUBUVUP HOPTFPMHJDP EF MB #JPUJDB
&VUBOBTJBQBTJWB &VUBOBTJBDPNPTVJDJ
EJPBTJTUJEP "CPSUPDPOGFUPTDPOHSBWFT
NBMGPSNBDJPOFT IFSFEJUBSJBT $SFBDJO
EFJOEJWJEVPTIVNBOPTQPSDMPOBDJO
&VHFOFTJB TFMFDUJWB Z FTUFSJMJ[BDJO
"CPSUPFOFNCBSB[PTNMUJQMFT 5SBOT
QMBOUF EF DFSFCSPT $SJPDPOTFSWBDJO
EFQSFFNCSJPOFT #BODPTEFHBNFUPTZ
QSFFNCSJPOFT *OHFOJFSB HFOUJDB DPO
mOFT QSFWFOUJWPT {%FCF FM NEJDP JO
UFSWFOJSFOMBFVUBOBTJB 1SPCMFNBTEF
MPT TJBNFTFT JOTFQBSBCMFT 0DVMUBDJO
EFMEJBHOTUJDPBMQBDJFOUFZBMBGBNJMJB
&OTBZPTDMOJDPT 1BQFMEFMB#JPUJDBFO
MBTBVUPQTJBTZVUJMJ[BDJOEFDBEWFSFT
D$POFTUBFEJDJOEFMPT&ODVFOUSPT
TF QSFUFOEF JOJDJBS EFTEF "TUVSJBT VOB
BUFODJOmMPTmDBFTUBCMFIBDJBDVFTUJP
OFTUBOBDUVBMFTFJNQPSUBOUFTDPNPMBT
RVF EFTEFIBDFQPDPNTEFWFJOUJDJODP
BPT TFSPUVMBO#JPUJDB
(VZ %VSBOE -B #JPUJDB %FTDMF

EF#SPVXFS #JMCBP QQ
&MBVUPSFTQSPGFTPSEFUJDBZUFPMPHB
NPSBM FO MB 6OJWFSTJEBE EF .POUSF
BM &O FTUF QFRVFP MJCSP SFTVNF DPO
QSPGVOEJEBE MPT PSHFOFT MBT EJWFSTBT
DPSSJFOUFT Z MPT NUPEPT EF SFnFYJO
BDUVBMFTBDFSDBEFMBUSBOTNJTJOZSFT
QFUPEFMBWJEBIVNBOB%FTBSSPMMBFT
QFDJBMNFOUF FM BOMJTJT EF MB OBUVSBMF[B
EF MB #JPUJDB TVT QSJODJQJPT SFHMBT Z
WBMPSFT
)5SJTUBN&OHFMIBSEU-PTGVOEB
NFOUPTEFMB#JPUJDB1BJET #BS
DFMPOB QQ
&MDPOPDJEPBVUPSFTQSPGFTPSEF.FEJ
DJOBFOFM#BZMPS$PMMFHFFO5FYBT FJN
QBSUFmMPTPGBFOMB3JDF6OJWFSTJUZ-B
UFPSB EF TV GVOEBNFOUBDJO CJPUJDB
QBSUFEFMBQMVSBMJEBEEFMBTTPDJFEBEFT
BDUVBMFTZQPSMPUBOUPEFMBFYJTUFODJBEF
MBEJWFSTJEBENPSBMRVFIBDFJNQPTJCMF
QPOFSTF EF BDVFSEP FO QSJODJQJPT VOJ
WFSTBMFTEFMBUJDB ZBRVFQBSBMFYJTUFO
MPT MMBNBEPT &YUSBPT NPSBMFT BRVFMMPT
RVFEJmFSFOFOTVTQSJODJQJPTNPSBMFTZ
MPT"NJHPTNPSBMFTRVFQJFOTBOEFJHVBM
NBOFSB QBSBSFTPMWFSFTUFQSPCMFNBM
QSPQPOF FODPOUSBS VOB iUJDB TFDVMBS
TJODPOUFOJEPTwQBSBFTUBCMFDFSVOBUJDB
VOJWFSTBMZDPOMBOJDBGPSNBEFMPHSBS
MPFMmMTPGP&OHFMIBSEUQSPQPOFSFDV
SSJSBVOBUJDBEFNOJNPTNVZCBKPT
: QSPQPOF UBNCJO VOB CJPUJDB QBSB
MPTBNJHPTNPSBMFTFOSFTVNFOQSPQP
OFEPTDMBTFTEFCJPUJDBT
1BSUJFOEPEFUPEPTMPTDBNCJPTBDBFDJ
EPTFOFMUFSSFOPEFMBTBMVEFOMBTMUJ
NBTEDBEBToRVFQPESBOSFTVNJSTFFO
MB FSPTJO EF NVDIBT EF MBT DFSUJEVN
CSFTUSBEJDJPOBMFTFORVFTFBTFOUBCBMB
QSDUJDBNEJDBo FMBVUPSEFFTUFMJCSP
USBUB EF QMBTNBS FO M VOB UJDB EF MPT
QSPCMFNBTCJPNEJDPTRVFBTVWF[TFB
DBQB[EFEFKBSPSTVQFSTVBTJWBWP[FO
MB BDUVBM QPMNJDB BDFSDB EF DNP MPT
IFDIPT MBTUFPSBTZMPTWBMPSFTTFFOUSF
NF[DMBOOUJNBNFOUFFOMPTDPODFQUPT
EF TBMVE Z FOGFSNFEBE $VFTUJPOFT UB
MFT DPNP MPT EFSFDIPT EF MPT QBDJFOUFT
BSFDIB[BSVOUSBUBNJFOUP FMNPNFOUP
B QBSUJS EFM DVBM VO GFUP EFCF USBUBSTF
DPNP iTFS IVNBOPw IBTUB RV QVOUP
VOQBDJFOUFDFSFCSBMNFOUFNVFSUPEFCF
TFHVJSDPOTJEFSOEPTFiWJWPw FMBCPSUP
Z MB GFDVOEBDJO JO WJUSP F JODMVTP MBT
EFTWJBDJPOFT TFYVBMFT Z FM USBOTQMBOUF
EF SHBOPT TPO BT PCKFUP EF VO NJ
OVDJPTP BOMJTJT RVF BVO TJFOEP NVZ
DSUJDP Z DPOUSPWFSUJEP TBCF DPNCJOBS
MBDPNQSFOTJOQSDUJDBEFMBTDPNQMF
KJEBEFTEFMFKFSDJDJPEFMBNFEJDJOBDPO
VOBTPmTUJDBEBQMBTNBDJOEFDJFSUBTEJ
NFOTJPOFTUJDBTZmMPTmDBT6OMJCSP
RVF FTUJNVMBS B NEJDPT BCPHBEPT
UFMPHPT mMTPGPTZ FOHFOFSBM BUPEBT
BRVFMMBT QFSTPOBT JOUFSFTBEBT QPS MPT
QSPCMFNBTCJPUJDPT
+BJNF&TDPCBS5SJBOB%JNFOTJPOFT
POUPMHJDBT EFM DVFSQP IVNBOP
$PMFDDJO#JPTZ&UIPT O 6OJ
WFSTJEBE&M#PTRVF #PHPU
&YJTUJNPTFOUSFEPTMNJUFTJODPHOPTDJ
CMFTFJOFYQFSJNFOUBCMFTFMOBDJNJFOUP
Z MB NVFSUF oJODPHOPTDJCMFT F JOFYQF
SJNFOUBCMFTFOFMTFOUJEPEFRVFOBEJF
FYQFSJNFOUB TV QSPQJP OBDJNJFOUP OJ
UBNQPDPTVQSPQJBNVFSUF&YQFSJNFO
UBNPTFMOBDJNJFOUPZMBNVFSUF TJFN
QSF DPNPFMOBDJNJFOUPZMBNVFSUFEF
PUSPT : FOUSF BNCPT FYUSFNPT FYJTUJ
NPT FO FM CBMBODF Z BM UFOTJO QFSNB
OFOUFFOUSFTBMVEZFOGFSNFEBE
"IPSBCJFO MBTBMVEZMBFOGFSNFEBEOP
TPOFTUBEPTRVFQSPQJBNFOUFIBCMBOEP
FMFHJNPT1PSFMDPOUSBSJP TFUSBUBEFFT
UBEPTRVFOPTBDBFDFO4JOFNCBSHP FT
DJFSUP RVF UPEB EFDJTJO RVF UPNBNPT
FT JNQMDJUB P FYQMDJUBNFOUF FO GVO
DJO EF P B QBSUJS EF OVFTUSP DVFSQP
4JTFQSFmFSF UPEBEFDJTJOFT EJSFDUBP
JOEJSFDUBNFOUF FOSFMBDJODPOPTPCSF
OVFTUSPDVFSQP
%FFTUFNPEP OVFTUSPDVFSQPUJFOFMB
JNQPSUBODJBEFRVFEFmOFBCTPMVUBNFO
UF UBOUP OVFTUSB mOJUVE DPNP OVFTUSB
GBDUJDJEBEFOFMNVOEP&TUBNPTBRVZ
BIPSBZFTJOFWJUBCMFRVFOPOPTFODPO
USFNPTFOFTUBTJUVBDJOoPFOBRVFMMB
1FSPFTOVFTUSPQSPQJPDVFSQPFMRVFOPT
TJUBFONFEJPEFMBTJUVBDJO BQFTBS
EF RVF QPEBNPT FTDBQBSOPT QSPWJTJP
OBMNFOUF HSBDJBTBMBJNBHJOBDJO4JO
FNCBSHP OPTJNQMFNFOUFFYJTUJNPTFO
OVFTUSPDVFSQP&ODPOUSBEFMBTMFDUVSBT
OFPQMBUPOJ[BOUFT FTUPFT FODPOUSBEFM

EVBMJTNP BMNBoDVFSQP P NFOUFoDVFS

QP FYJTUJNPT BEFNT OVFTUSPDVFSQP
:PoRVJFORVJFSBRVFEJHBiZPwoTPZNJ
DVFSQP &YJTUJNPT OVFTUSP DVFSQP EF
EPT NBOFSBT QSJODJQBMFT %F VO MBEP
FYJTUJNPTOVFTUSPDVFSQPDPNPNJSBEP
Z DPOPDJEP QSP FM PUSP %F PUSB QBSUF
FYJTUJNPT OVFTUSP DVFSQP FO USNJOPT
EFTBMVEPEFFOGFSNFEBE
&OFMMJCSPEF+BJNF&TDPCBSFTQPTJCMF
FODPOUSBSVOFTGVFS[PTJODFSPZEFOPEB
EPEFEJBMPHBSDPOMBmMPTPGBZMBNF
EJDJOBBmOEFFODPOUSBSFMNFKPSEFMPT
FTQBDJPT QBSB MB GPSNVMBDJO QSJNFSP
ZMVFHPQBSBMBDPNQSFOTJOZMBTPMV
DJOEFFTUBTQSFHVOUBT4MPRVFFMBV
UPSUPNBDPNPIJMPDBSEJOBMMPRVFNT
MFBUBFPNTMFDPNQFUF FMFODVFOUSP
DPOMBDPNQSFOTJOEFZ FMEJMPHPDPO
FM DVFSQP IVNBOP &T QSFDJTP SFTBMUBS
FYQMDJUBNFOUF BRVFMMP EF MP RVF mOBM
NFOUFTFUSBUBUPEPFTMBWJEBIVNBOB
$BSMPT&EVBSEP.BMEPOBEP

+BJNF &TDPCBS 5SJBOB $PPSE

&Y
QFSJFODJBT FO #JPUJDB $PMFDDJO
#JPT Z &UIPT O 6OJWFSTJEBE &M
#PTRVF #PHPU
"mOBMFTEF DVBOEPFMPODMPHP
OPSUFBNFSJDBOP 7BO 3FOTTFMBFS 1PUUFS
VUJMJ[ QPS QSJNFSB WF[ FM OFPMPHJTNP
EFi#JPUJDBwQBSBQFOTBSZTPBSFOVO
NVOEPEJGFSFOUF VONVOEPFOFMRVF
TF DPNCJOF FM DPOPDJNJFOUP CJPMHJDP
DPO VO DPOPDJNJFOUP EF MPT TJTUFNBT
EFWBMPSFTIVNBOPT#JPTSFQSFTFOUBFM
DPOPDJNJFOUP CJPMHJDP MB DJFODJB EF
MPT TJTUFNBT WJWPT Z UJDB SFQSFTFOUB FM
DPOPDJNJFOUP EF MPT WBMPSFT IVNBOPT
1PUUFS FOUFOEB MB CJPUJDB DPNP VOB

EJTDJQMJOB RVF GVFTF DPNP VO QVFOUF
FOUSFEPTDVMUVSBT MBEFMBTDJFODJBTZMB
EF MBT IVNBOJEBEFT RVF BQBSFDFSBO Z
BO IPZ BQBSFDFO DPNP BNQMJBNFOUF
EJTUBODJBEBT6OP EF MPT PCKFUJWPT EF
1PUUFS FSB DSFBS VOB OVFWB EJTDJQMJOB
EPOEFFYJTUJFSBVOBWFSEBEFSBEJONJDB
F JOUFSBDDJO FOUSF FM TFS IVNBOP Z FM
NFEJPBNCJFOUF MNJTNPIBCMBEFVOB
iUJDBEFMBUJFSSBw
)BZPUSPQFSTPOBKFRVFSFDMBNBMBQB
UFSOJEBE TPCSF FTUB EFOPNJOBDJO TF
USBUBEFMPCTUFUSBIPMBOET"OES)FMMF
HFSTEFMB6OJWFSTJEBEEF(FPSHFUPXO
RVJFOTFJTNFTFTEFTQVTEFMBBQBSJDJO
EFMMJCSPEF1PUUFSo#JPFUIJDT#SJEHFUP
UIF'VUVSFoVUJMJ[BFTUFUSNJOPQBSBEBS
OPNCSFBMDFOUSP+PTFQIBOE3PTF,FO
OFEZ*OTUJUVUFGPSUIF4UVEZPG)VNBO
3FQSPEVDUJPOBOE#JPFUIJDTFOMBDJUBEB
6OJWFSTJEBEEF8BTIJOHUPO %$"EF
NTEFEBSMFFMOPNCSFBTV*OTUJUVUP
)FMMFHFST BOJN B VO HSVQP EF EJTDV
TJOFOFMRVFNEJDPTZUFMPHPT DB
UMJDPT QSPUFTUBOUFTZKVEPT
WFBODPO
QSFPDVQBDJO DSUJDB DNP FM QSPHSFTP
NEJDPoUFDOPMHJDPQSFTFOUBCBHSBOEFT
ZEJGDJMFTSFUPTBMPTTJTUFNBTUJDPTEFM
NVOEPPDDJEFOUBM
&TUBEPCMFQBUFSOJEBEZEPCMFFOGPRVF
EF MB #JPUJDB MB IFNPT BTJNJMBEP IPZ
EBFOFTUFTFOUJEP %JFHP(SBDJBIBCMB
EF QSPCMFNBT EF .BDSPCJPUJDDB DPO
VO FOGPRVF JOTQJSBEP FO 1PUUFS
Z EF
QSPCMFNBTEF.JDSPCJPUJDB DPODMBSP
MFHBEPEF)FMMFHFST
4JOFNCBSHP IBDF
QPDP1PUUFSFYQSFTTVEFDFQDJOQPSFM
DVSTPRVFIBTFHVJEPMB#JPUJDBSFDP
OPDJMBJNQPSUBODJBEFMBMOFBJNQVFT
UBEFTEF(FPSHFUPXOQFSPBmSNRVF
iNJ QSPQJB WJTJO EF MB #JPUJDB FYJHF
VOB NJSBEB NVDIP NT BNQMJBw QSF
UFOEBRVFMB#JPUJDBGVFTFVOBDPNCJ
OBDJOEFDPOPDJNJFOUPDJFOUmDPZm
MPTmDP MPRVFNTUBSEFMMBN(MPCBM
#JPFUIJDT
ZOPTPMBNFOUFVOBSBNBEF
MBUJDBBQMJDBEB DPNPWJFOFTVDFEJFO
EPFODPODSFUPDPOMBNFEJDJOB 'BCJP
"MCFSUP(BS[O

+BJNF&TDPCBS5SJBOB $PPSE
1SP
CMFNBTEFUJDBBQMJDBEB$PMFDDJO
#JPT Z &UIPT O 6OJWFSTJEBE &M
#PTRVF #PHPU
1BSBQFSmMBSVOUBOUPMBJEFOUJEBEEFMB
#JPUJDBDPOUFNQPSOFBFTDPOWFOJFOUF
EJTUJOHVJSFOUSFMPRVFQSFUFOEFTFSFMMB
NJTNBDPNPEJTDJQMJOBQPSVOMBEPZ
QPSPUSP DPNPDPSSJFOUFEFQFOTBNJFO
UPDPOMBWJHPSPTBEJONJDBEFVONP
WJNJFOUP TPDJBM &O FM QSJNFS TFOUJEP
FMMB TF FTU DPOTUJUVZFOEP DPNP NFSB
EJTDJQMJOB DSUJDB iEFDPOTUSVDUJWBw EF
MBT EJGFSFOUFT NPSBMFT DVMUVSBMFT QBSB
JOUFOUBS FO TFHVJEB TFS GVOEBNFOUB
EPSB EF QSJODJQJPT MUJNPT QBSB DVBM
RVJFSKVJDJPZQSFTDSJQDJONPSBMQBSUJ
DVMBS&OUBOUPRVFNPWJNJFOUPTPDJBM
FTU UPNBOEP FM NQFUV EF VOB HSBO
DPOWPDBUPSJB B MB DPODJFODJB IVNBOB
QBSB SFnFYJPOBS Z BTVNJS OVFTUSBT SFT
QPOTBCJMJEBEFTSFTQFDUPEFMBUPUBMJEBE
EFMBWJEBFOUPEPTTVTOJWFMFTZNBOJ
GFTUBDJPOFT DPNFO[BOEP QPSTVQVFTUP
QPSQSFHVOUBSOPTBDFSDBEMFTJHOJmDBEP
Z EFCFSFT JOIFSFOUFT B OVFTUSB QSPQJB
DPOEJDJOIVNBOB
4FSFNPTDBQBDFTEFBDVEJSBMBDPOWPDB
UPSJB EF MB #JPUJDB Z BTVNJS MBT JNQMJ
DBDJPOFT BYJPMHJDBT Z QSBHNUJDBT SF
RVFSJEBTQBSBDPSSFHJSSFTQPOTBCMFNFOUF
MPT DBUBTUSmDPT SJFTHPT PSJHJOBEPT FO
OVFTUSBTFSSUJDBTZFHPTUBTQSDUJDBTJO
EJWJEVBMFTZDPMFDUJWBT -PTSFTVMUBEPTEF
OVFTUSBTUPSQF[BTMPTUFOFNPTBMBWJTUB
QSPHSFTJWB EFTUSVDDJO EFM NFEJP BN
CJFOUF TVQFSQPCMBDJO NBMBVUJMJ[BDJO
EFDJFSUBTUFDOPMPHBT FMDPOTVNJTNP FM
EFTFNQMFP MBBHSFTJOPSHBOJ[BEBDPNP
WJPMFODJB MB USBTHSFTJO EF MPT EFSFDIPT
GVOEBNFOUBMFT EFM TFS IVNBOP MB DP
SSVQDJOQPMUJDB MBNBOJQVMBDJOEFMB
PQJOJOQPSQBSUFEFMPTNFEJPTEFDP
NVOJDBDJONBTJWB MBNBSHJOBMJEBETP
DJBM FUD%JTQPOESFNPTEFMUJFNQPOFDF
TBSJPQBSBNPEJmDBSMPTSVNCPTZSFWFSUJS
DJFSUPTFGFDUPTBOUFTEFMMFHBSBEFUFSNJ
OBEPTQVOUPTTJOSFUPSOP +PT"OUPOJP
4ODIF[ ( EFDBOP EF MB 'BDVMUBE EF
1TJDPMPHB 6OJWFSTJEBE&M#PTRVF

+BJNF &TDPCBS %JSFDUPS

Z PUSPT
#JPUJDB PSJHFOZUFOEFODJBT$P
MFDDJO 1FEBHPHB Z #JPUJDB /

$BSBDUFSTUJDBT EF MB CJPUJDB 5FOEFO
DJBT -B CJPUJDB DPNP UJDB QSDUJDB
0USBTUFOEFODJBTFOCJPUJDB

4UFMMB
/F[ZPUSPT#JPUJDBZUSBEJDJO
mMPTmDB $PMFDDJO 1FEBHPHB Z
#JPUJDB /
$PODFQUPT CTJDPT $PSSJFOUFT mMPT
mDBT FO CJPUJDB UJDBT HSJFHBT UJDBT
DSJTUJBOBT UJDBT NPEFSOBT UJDBT DPO
UFNQPSOFBT


*OHFCPSH
$BSWBKBMZ%BOJFM.FOFTFT"DFSDO
EPOPTBMBCJPUJDBDPNPVOBOVFWB
JOUFMJHFODJB$PMFDDJO1FEBHPHBZ
#JPUJDB /
$POFTUFUSBCBKPMPTBVUPSFTQSFUFOEFO
BDFSDBS MB CJPUJDB B EJTUJOUPT HSVQPT
QPCMBDJPOBMFT NFEJBOUF VO WJBKF JNB
HJOBSJPBMPTEJTUJOUPTTJTUFNBTUJDPTZ
BMBTJOUFMJHFODJBTRVFFTUPTBQPSUBO4F
BOBMJ[B QSJNFSP MB UJDB DPNP QSPDFTP
WJUBM %FTQVT MB UJDB Z OVFTUSB WJTJO
EFMNVOEP ZMBUJDBDPNPVOQSPHSB
NBEFJOTUBMBDJOFOFMNVOEPZTVTEJ
WFSTBTGPSNBTZNBOJGFTUBDJPOFT'JOBM
NFOUF OPTWFNPTDPNQFMJEPTBQFOTBS
ZBWJWJSVOBOVFWBUJDBMBCJPUJDBRVF
IPZFOEB FOFMDBTPEFMBTJOWFTUJHB
DJPOFT SFBMJ[BEBT FO MB 6OJWFSTJEBE &M
#PTRVF TFSFWFMBDPNPVOBTFOTJCJMJEBE
EFMPQPTJCMF EFMPWJBCMFFOFMGVUVSP
DPNP VO iFUIPT EFM CJPTw -B #JPUJDB
FNFSHFFOVOBQPDBFOMBDVBMMBDJFO
DJB TF IB DPOWFSUJEP FO UFDOPDJFODJB Z
ZBOPFTJOOPDVBPOFVUSBMBTPDJFEBE
FTQMVSBMZMBJDBZDPOWJWFOHSVQPTDPO
DPTNPWJTJPOFT DPNQMFUBNFOUF EJGFSFO
UFTMPTBDPOUFDJNJFOUPT MPTQSPCMFNBT
MBT JOUFSBDDJPOFT Z FM NFSDBEP TF IBO
HMPCBMJ[BEPDPFYJTUFOGPSNBTEFQFOTBS
DMTJDBT Z PUSBT OVFWBT MB DPNQMFKJEBE
EFMBTJOUFSBDDJPOFTPCMJHBBEFTBSSPMMBS
MB DBQBDJEBE QBSB WFS QFOTBS WBMPSBS
BDUVBSFODPOUFYUP FOSFEZFOEJTUJO
UBTEJNFOTJPOFTBMBWF[MBDPNQMFKJEBE
FYJHF BCPSEBS MPT UFNBT EFTEF EJWFSTBT
EJTDJQMJOBT Z FO MB DVBM BQBSFDF VOB
QSFPDVQBDJO QPS MB WJEB FO UPEBT TVT
NBOJGFTUBDJPOFTZQPTJCJMJEBEFTZQPSFM
GVUVSP
-B CJPUJDB JNQMJDB VOB OVFWB NJSBEB

DPO MB DVBM OPT QPEBNPT BDFSDBS B MB
QSFHVOUBQPSMBWJEBFOEJTUJOUBTEJNFO
TJPOFT /P CBTUB FM QFOTBNJFOUP BOBM
UJDPZBRVFFMUPEPFTNTRVFMBTVNB
EF TVT QBSUFT FM VOJWFSTP FT VO FOUSB
NBEPSFMBDJPOBMFOFMDVBMTFDPOTUSVZF
VOB BVUPOPNB SFMBUJWB FO MB RVF FYJT
UFOUBOUPMBTQPTJCJMJEBEFTEFNBOUFOFS
TFDPNPEFDBNCJP MBTDPTBTTFiFTUO
IBDJFOEPw BCJFSUBT B USBOTGPSNBDJPOFT
JNQSFEFDJCMFT RVFEBNPT MJCSBEPT B MB
JODFSUJEVNCSF &M IPNCSF OP TMP TF
BEBQUBBTVFOUPSOPTJOPRVFDSFBSFB
MJEBEFTNFEJBOUFMBTJEFBT-BDPNQMFKJ
EBEZMBJODFSUJEVNCSFIBDFOJNQPTJCMF
RVFBMHVOBGPSNBEFWFSFMNVOEPBHP
UFOVFTUSPBCPSEBKFEFVOQSPCMFNB&O
MPTVOJWFSTPTUPUBMJUBSJPTOPTFBDFQUBMB
EJGFSFODJBOJMBEJWFSTJEBETFJNQPOFO
FM DPOUSPM FM EPNJOJP MB FYDMVTJWB FO
mO MBWJPMFODJB
-BCJPUJDBOPTJOUSPEVDFFOVOBNJSB
EB CJPDOUSJDB TF USBUB EF EFTDVCSJS MB
WJEBFOUPEBTQBSUFT FOTVEJWFSTJEBEZ
NVMUJQMJDJEBE JODMVZFOEPBMIPNCSF
+PTFQI .BSB &TRVJSPM &M SFTQFUP

BMBNJSBEBBUFOUBVOBUJDBQBSB
MBFSBEFMBDJFODJBZMBUFDOPMPHB
(FEJTB #BSDFMPOB
{$NP WFNPT FM NVOEP Z {DNP WF
NPTBMPTEFNTZBOPTPUSPTNJTNPT
7JWJS FO MB FSB EF MB UFDOPMPHB OP
TMP TVQPOF EJTQPOFS EF TPmTUJDBEPT
BSUFGBDUPT Z FTUBS JONFSTP FO DPNQMF
KPT TJTUFNBT EF JOGPSNBDJO JNQMJDB
UBNCJO Z DBEB WF[ NT FTUBS CBKP
FM JOnVKP EF VOB EFUFSNJOBEB NBOF
SB EF FOGPDBS Z EF FOUFOEFS MBT DPTBT

%FNPEPRVFMBQSFHVOUBDMBWFFTTUB
{QPEFNPTBQSFOEFSBNJSBS {QPEFNPT
BNQMJBSFMIPSJ[POUFEFOVFTUSBNJSBEB
+PTFQ.&TRVJSPMIBDPOWFSUJEPMBSFT
QVFTUBBFTUBQSFHVOUBFOVOBOPWFEPTB
ZPSJHJOBMQSPQVFTUBUJDBDFOUSBEBFOMB
JEFBEFSFTQFUPJEFBRVFTFOPTEFTDV
CSF DPNP QPSUBEPSB EF VOB SJRVTJNB
TJHOJmDBDJO SFMBDJPOBEB QSFDJTBNFOUF
DPOMBNJSBEB-BNJSBEBBUFOUB SFTVM
UB TFS MB BVUOUJDB FTFODJB EFM SFTQFUP
%FTQVT MB SFnFYJO TF EFTQMB[B EFM
SFTQFUP B MP EJHOP EF TFS SFTQFUB
EP Z FT FOUPODFT DVBOEP BQBSFDFO
PUSBT USFT DBUFHPSBT GVOEBNFOUB
MFT GSBHJMJEBE DPTNJDJEBE Z TFDSFUP
1MBOUFBEBDPOHSBOTPCSJFEBEOPFYFOUB
EFBHVEF[BmMPTmDB CSOEBTFOPTFOT
UBTQHJOBTVOBNVZTVHFSFOUFQSPQVFTUB
UJDB RVFQPESTFSPCKFUPEFVMUFSJPSFT
EFTBSSPMMPT Z DPODSFDJPOFT FO NCJUPT
FTQFDmDPT DPNP MPT EF MB FDPMPHB MB
NFEJDJOB MBFEVDBDJOPFMDJWJTNP
"HVTUO 7 &TUWF[ #JPUJDB EF MB

DVFTUJO OPNJOBM B MB DBSBDUFSJ[B
DJOEFTVDPODFQUP&EJUPSJBMEFMB
6OJWFSTJEBE/BDJPOBMEFM4VS #BIB
#MBODB "SHFOUJOB QQ
-BCJPUJDBIBOBDJEPDPNPVOJOUFOUP
QPS JOUSPEVDJS BM TVKFUP IVNBOP FO MB
SFMBDJOUFSBQVUJDBZEFJOWFTUJHBDJO
&MQBDJFOUFZFMTVKFUPEFJOWFTUJHBDJO
TPOQFSTPOBTBVUOPNBTZUJFOFOEJHOJ
EBE&TFOOPNCSFEFFTBEJHOJEBERVF
EFCFO TFS QSPUFHJEPT MPT TFSFT WVMOFSB
CMFTPBRVFMMPTRVFFTUOMJNJUBEPTQPS
VOBEJTDBQBDJEBE-BCJPUJDBOBDJoBM
NFOPTMBEFMBUSBEJDJORVFMFQVTPTV
OPNCSFoDPNPVOJOUFOUPEFSFJWJOEJ
DBDJOEFMPTHSVQPTIVNBOPTTPCSFMPT
RVFTFIBDFBMHOUJQPEFJOUFSWFODJO
3FDMBNBQBSBTNJTNBVOPTQSJODJQJPT
EFUFSNJOBEPTRVFBMBWF[RVFPSJFOUBO
MBEFDJTJOZTPOQPSFTPOPSNBUJWPTFY
QSFTBO USBEJDJPOFT RVF FO TV DPOKVOUP
QPEFNPTDBSBDUFSJ[BSDPNPEFMVOJWFS
TBMJTNPEF0DDJEFOUF&TUPTQSJODJQJPT
FTUO GPSNVMBEBT DPO MB JOUFODJO RVF
QVFEBOTFSBDFQUBEBTQPSUPEPIPNCSF
6OBNVFTUSBEFFTUBQSFUFOTJOFTUBSB
EBEB FO MB NJTNB $PNJTJO 1SFTJEFO
DJBM RVF FMBCPS FM *OGPSNF #FMNPOU
$POTUJUVJEB QPS NJFNCSPT RVF QSPWF
OBO EF EJTUJOUBT USBEJDJPOFT EF QFOTB
NJFOUPZEFEJTUJOUBTQSPGFTJPOFTBDPS
EBSPOZFTUBCMFDJFSPOMPTUSFTQSJODJQJPT
EFMBCJPUJDB6OBQFDVMJBSJEBEFTRVF
FOFMTFOPEFMB$PNJTJOBBMHVJFOTF
MFPDVSSJGVOEBNFOUBSFMBDVFSEPTPCSF
VO QSJODJQJP OJDP &O FTF NPNFOUP
WPMWJ FM EFTBDVFSEP BRV TF NPTUSBCB
VOBEJNFOTJOQBSUJDVMBSEFMUIPT MBEJ
GFSFODJBFOUSFFMOJWFMEFMPTQSJODJQJPT
&M RVF OP TF QSFTFOUFO EF NBOFSB KF
SBSRVJ[BEB MPTDPOTUJUVZFFOQSJODJQJPT
NFEJPT UBO CTJDPT RVF UPEP IPNCSF
IBEFUPNBSMPTDPNPSFGFSFODJBDPNO
&OFMMPSFTJEFRVFTFQVFEBBSHVNFOUBS
TPCSFDVFTUJPOFTUJDBTZCJPUJDBT1FSP
TFIBEFSFDPOPDFSRVFFTQFDJBMNFOUFFO
DVFTUJPOFTNPSBMFTOPUPEPFTBSHVNFO
UBCMF IBZ QSJODJQJPT MPT RVF DPOTUJUV
ZFOOVFTUSPFTUJMPEFWJEB RVFOPFTUB
NPTEJTQVFTUPTBOFHPDJBS

++'FSSFSZ+$MWBSF[1BSBGVO
EBNFOUBSMBCJPUJDB5FPSBTZQB
SBEJHNBT 5FSJDPT FO MB CJPUJDB
DPOUFNQPSOFB 6OJWFSTJEBE 1PO
UJmDJBEF$PNJMMBT #JMCBP
QQ
-PT BVUPSFT FYBNJOBO FO FTUF MJCSP MPT
EJWFSTPT NPEFMPT UFSJDPT RVF TF QSF
TFOUBOFOFMDBNQPEFMB#JPUJDB FN
QF[BOEPDPOEPTDBQUVMPTHFOFSBMFTEF
JOUSPEVDDJO B MB UJDB Z B MB CJPUJDB
QBSB EFTQVT BOBMJ[BS NPEFMPT UFSJDPT
EFTEF FM QSJODJQJBMJTNP EF #FBVDIBNQ
Z$IJMESFTTIBTUBOVFTUSBTCJPUJDBTNF
EJUFSSOFBT&OVODBQUVMPmOBM'FSSFS
Z MWBSF[ FYQPOFO MBT MOFBT HFOFSBMFT
EFTVQSPQJBQSPQVFTUBEFGVOEBNFOUB
DJO
6SCBOP 'FSSFS {2V TJHOJmDB TFS

QFSTPOB &EJDJPOFT1BMBCSB .BESJE
QQ
-BQFSTPOBFTFMUFNBEFOVFTUSPUJFN
QPZQPSFTPTFTVDFEFOMPTFTUVEJPTRVF
JOUFOUBOEFTFOUSBBSTVWFSEBEFSPPTV
NT QSPGVOEP TJHOJmDBEP 6SCBOP 'F
SSFS QSPGFTPS EF UJDB FO MB 6OJWFSTJ
EBEEF.VSDJB ZDPONVDIPTUUVMPTZB
FEJUBEPT BDBCBEFQVCMJDBSVOFYDFMFOUF
FOTBZPRVFDPOUSJCVZFBFTUBEJTDVTJO
%F MPT QPTJCMFT Z NMUJQMFT DBNJOPT
RVFQVFEFOSFDPSSFSTFQBSBBIPOEBSFO
FTUBDVFTUJOoNFUBGTJDP QFSTPOBMJTUBo
'FSSFSIBFMFHJEPVOPPSJHJOBMZQSPWP
DBEPSFMRVFDPOEVDFEFTEFMBmMPTPGB
USBTDFOEFOUBMBMFNBOBBMBOPDJOPOUP
MHJDB EF QFSTPOB &TF DBNJOP RVF B
QSJNFSBWJTUB QPESBQBSFDFSJNQPTJCMF
FYJTUF TJO FNCBSHP &NQJF[B FO ,BOU

DPOUJOBFO'JDIUFZ DPOFMQVOUPEFJO
nFYJOEF)VTTFSM DPOEVDFBUSBWTEF
4DIFMFS &EJUI4UFJO 1GOEFSZ7PO)JM
EFCSBOEBFTBWJTJOEFMBQFSTPOBBSSBJ
HBEB FO FM TFS QSPQJB EF MB QFSTQFDUJWB
POUPMHJDBZSFBMJTUB'FSSFSEFUBMMBFTUF
DBNJOPDPOQSFDJTJOPGSFDJFOEPEFFTUF
NPEPVOBBQSFUBEBZUJMTOUFTJTEFMB
OPDJOEFQFSTPOBFOFTPTBVUPSFT
1FSP FTUB PCSB OP UJFOF OJDBNFOUF FM
NSJUP EF EFTDSJCJS DPO QSFDJTJO VO
JUJOFSBSJP EFTDPOPDJEP IBDJB MB QFSTP
OB 'FSSFS QSPQPOF UBNCJO TV QSPQJB
WJTJO EBOEP BT SFTQVFTUB DVNQMJEB
oEFOUSPEFMBTMJNJUBDJPOFTEFVOFOTB
ZPoBMBQSFHVOUBRVFQSPQPOFFMUUV
MPEFMMJCSP&OQSJNFSMVHBSPGSFDFVO
BOMJTJTEFMBBDDJOQFSTPOBM UFNQPSBM
FTQBDJBM MJOHTUJDP FUD
RVF DPN
QSFOEF UBNCJO TV EJNFOTJO TPDJBM Z
OPTMPMBJOEJWJEVBMQSPGVOEJ[BFOMB
OPDJOEFJEFOUJEBETPCSFMBCBTFEFMB
PCSB EF $IBSMFT 5BZMPS Z mOBMNFOUF
QSPQPOF VOB FTUSVDUVSB HFOFSBM EFM TFS
QFSTPOBMRVFBCBSDBTVEFmOJDJOZFT
USVDUVSB TVTSFMBDJPOFTDPOFMNVOEPZ
MBTQFSTPOBT DPOSFGFSFODJBTFTQFDmDBT
BMBGBNJMJBZBMBOBDJO
ZTVEJNFOTJO
NPSBM RVFDVMNJOBDPOFMUSBUBNJFOUP
EFMBEJHOJEBE
/PT FODPOUSBNPT QPS UBOUP BOUF VO
UFYUPEFOTPZQSPGVOEP SJDPEFBQPSUB
DJPOFTZEFTJHOJmDBEPUBOUPQPSMPTDP
OPDJNJFOUPTRVFQPOFEFSFMJFWFDPNP
QPSMBSFnFYJOQFSTPOBMRVFBDVNVMB
+PT3PNO'MFDIB-BGVFOUFEFMB
WJEB.BOVBMEF#JPUJDB&EJDJPOFT
4HVFNF 4BMBNBODB QQ
&M BVUPS FT EPDUPS FO 5FPMPHB .PSBM
QPS MB "DBEFNJB "MGPOTJBOB EF 3PNB
DBUFESUJDPEFFTUBEJTDJQMJOBFOMB6OJ
WFSTJEBE 1POUJmDJB EF 4BMBNBODB :B
BOUFSJPSNFOUF IBCB FTDSJUP TPCSF MPT
GVOEBNFOUPTEFMBUJDBDSJTUJBOBZTP
CSFBMHVOBTDVFTUJPOFTEFCJPUJDBow-B
QSFHVOUBNPSBMBOUFMBFVUBOBTJBwoQFSP
FOFTUFMJCSPBCPSEBZBVOBWJTJOHMP
CBM EF FTUB OVFWB EJTDJQMJOB %FTEF MB
EPDUSJOB EF MB *HMFTJB Z MB SFnFYJO EF
UFPMPHBNPSBM FMBVUPSBOBMJ[BUBNCJO
MBUJDBEFDBEBVOPEFMPTUFNBTBDUVB
MFTEF MBCJPUJDBMB EFGFOTBEF MBWJEB
IVNBOB FMDPNJFO[PEFMBWJEBoDPOMB
GFDVOEBDJO JO WJUSP MB DMPOBDJO Z FM
BCPSUPo MBTBMVEZMBFOGFSNFEBEoUSBT
QMBOUFT ESPHBEJDDJO FOGFSNPT NFO
UBMFT 4JEBo MBT DVFTUJPOFT UJDBT BOUF
MB NVFSUF oUPSUVSB QFOB EF NVFSUF
FVUBOBTJBoQBSBUFSNJOBSDPOMPTBTQFD
UPTUJDPTEFMBFDPMPHBZEFMBMMBNBEB
FDPUJDB
.BSUIB &TQFSBO[B 'POTFDB $BSMPT

&EVBSEP.BMEPOBEP ;VMMZ.PSFOP
'BOOZ $POTVFMP 6SSFB )JTUPSJB Z
GVOEBNFOUPTEFMBCJPUJDB&ODB
NJOP IBDJB MB CJPQPMUJDB 6OJWFS
TJEBE /BDJPOBM EF $PMPNCJB 4FEF
#PHPU
'BDVMUBE EF 0EPOUPMPHB
%FQBSUBNFOUP EF 4BMVE $PMFDUJWB
QQ
-BCJPUJDBFTVOBKPWFOEJTDJQMJOBRVF
EB B EB FOGSFOUB NMUJQMFT Z OVFWPT
SFUPT OPQVFEFTFSSFEVDJEBBVOBUJ
DB BQMJDBEB OJ QSPGFTJPOBM OJ EFPOUP

MHJDPiTJSFTUSJOHJNPTMBQSPCMFNUJDB
CJPUJDBBMBUJDBNEJDBEFKBNPTGVF
SB NVDIPT EF MPT JOUFSSPHBOUFT RVF TF
QMBOUFBOw BmSNB FM mMTPGP CFMHB (JM
CFSU)PUUPJT
-BCJPUJDB BMPDVQBSTFEFMBWJEBDPNP
VO QSPCMFNB EF GSPOUFSB Z EFOUSP EFM
DVBMMBTBMVEFTiVOBFYQSFTJOQVOUVBMw
GPSNBQBSUFEFMBTDJFODJBTEFMBDPNQMF
KJEBE ZBMiUFOFSDPNPPCKFUPDFOUSBMEF
TVTQSPCMFNBUJ[BDJPOFTZUFNBUJ[BDJPOFT
FMGVUVSPZNFKPSBOMPTGVUVSJCMFT RVF
FM DVJEBEP Z FM QPTJCJMJUBNJFOUP EF MB
WJEBQFSNJUFODPODFCJSw TFWFJOUFSQF
MBEBDPOTUBOUFNFOUFQPSMPTDPOnJDUPTZ
EJMFNBTRVFTVSHFOEFMPTBWBODFTUFD
OPDJFOUmDPT FOVONVOEPHMPCBMJ[BEP
Z DPNP EJSB 8BMMFSTUFJO QPMBS Z BTJ
NUSJDP
&YJTUF BEFNT VOBSFMBDJOGVFSUFFO
USF MB CJPUJDB Z MB CJPQPMUJDB -B QSJ
NFSBUJFOFTFSJBTJNQMJDBDJPOFTQPMUJDBT
RVFFMMBNJTNB TJOFNCBSHP OPQVFEF
BCPSEBS&OFTUFUFYUPTFQSFTFOUBZBS
HVNFOUBMBUFTJTEFRVFMBCJPQPMUJDBFT
VOBIJKBEFMBCJPUJDBZ QPSFMMPNJT
NP DPOUJFOFNPUJWPTCJPUJDPTQFSP B
MBWF[ TVQFSBJONFOTBNFOUFMBTQPTJCJ
MJEBEFTZMBTDBQBDJEBEFTEFFTUBMUJNB
&OFMUFYUPTFFTUBCMFDFVOEJMPHPFOUSF
MBCJPUJDBZFMHOFSP QBSBEFTFOUSBBS
TJ TUB DPOTJEFSB RVF MBT NVKFSFT Z MPT
IPNCSFTWJWFOTJUVBDJPOFTEJGFSFOUFTFO
FM USBOTDVSTP EF MB WJEB ZB RVF TF FO
DVFOUSBO FODBTJMMBEPTBT FO VOPT FTUF
SFPUJQPTDVMUVSBMFTRVFWJWFODJBOMBEJ

GFSFODJBDPNPEFTJHVBMEBE1PSMUJNP
TF QMBOUFBO QSFHVOUBT BVYJMJBSFT EFTEF
MPT EFSFDIPT IVNBOPT DPNP VOB QPTJ
CMFPQDJOQBSBFTUBEJTDJQMJOB
+BWJFS(BGP &EJUPS
#JPUJDBZSFMJ
HJPOFTFMmOBMEFMBWJEB%JMFNBT
UJDPTEFMBNFEJDJOBBDUVBM 6OJ
WFSTJEBE1POUJmDJBEF$PNJMMBT .B
ESJE QQ
&TUF OVFWP WPMVNFO EF MB DPMFDDJO
TPCSF%JMFNBTUJDPTEFMBNFEJDJOBBD
UVBM SFDPHF FM MUJNP 4FNJOBSJP MMFWB
EPBDBCPZDPPSEJOBEPQPSFM1+BWJFS
(BGP BOUFT EF TV GBMMFDJNJFOUP IBDF
VOPTNFTFT$PNPmOBMEFTVUBSFBVOJ
WFSTJUBSJBEFEFEJDBDJOBMBCJPUJDB FT
NVZ TJHOJmDBUJWP RVF FM UFNB FMFHJEP
TFB FM EF MB SFMBDJO FOUSF MB CJPUJDB Z
MBT EJTUJOUBT SFMJHJPOFT FO MP RVF TF SF
mFSF BM mOBM EF MB WJEB IVNBOB &M 1
(BGPFTDSJCFTPCSFMBUSBEJDJODSJTUJBOB
ZDBUMJDB1FESP5BSRVJT TPCSFMBUSBEJ
DJOEFMBT*HMFTJBTEFMB3FGPSNB3JBK
5BUBSJQSFTFOUBFM*TMBN FMSBCJOP#BSV
DI(BS[O MBKVEB Z'SBODFTD5PSSBMCB
MBTUSBEJDJPOFTPSJFOUBMFTEFMIJOEVJTNP
ZCVEJTNP
.TFOHFOFSBM +PSHF'FSSFSFTUVEJBMB
BQPSUBDJOEFMBCJPUJDBBMBTSFMJHJPOFT
ZFTQFDJBMNFOUFMBBZVEBRVFTVQPOES
oTFHO FM BVUPSo QBSB TVQFSBS MPT QFMJ
HSPT EFM DBUPMJDJTNP BDUVBM EFTEF VOB
WJTJO BM NFOPT BMHP BMBSNJTUB FM EFM
GVOEBNFOUBMJTNP FM BVUPSJUBSJTNP MB
JOUPMFSBODJB GSFOUF B FMMP MB CJPUJDB
QSPQPSDJPOBSMBTDMBWFTQBSBSFnFYJPOBS
TPCSFMPTQSPDFTPTEFCTRVFEBEFMBWFS
EBENPSBMZQSPNPWFSMBQBSUJDJQBDJO
EF UPEPT MPT DBUMJDPT FO FTB CTRVFEB

EFOUSPEFVOB*HMFTJBQBSUJDJQBUJWB
&OFMUSBCBKPmOBMEFMWPMVNFO FMQSP
GFTPS %JFHP (SBDJB QSPGVOEJ[B FO MB
SFMFWBODJB EF MBT USBEJDJPOFT SFMJHJPTBT
QBSBFMEJTDVSTPCJPUJDP DPOVOBOMJTJT
mMPTmDP EPOEF FYQPOF EF OVFWP TVT
DPOPDJEBTUFTJTEFMBTFQBSBDJOSBEJDBM
FOUSFMBTUJDBTEFMBGFZMBTEFMBBVUP
OPNB BQPZOEPTF GVOEBNFOUBMNFOUF
FOMBPCSBEF3BIOFS 'VDITZ%FNNFS
QBSBDPODMVJSRVFMPTNBOEBUPTNPSBMFT
FTQFDmDBNFOUF DSJTUJBOPT OP QVFEFO
GPSNVMBSTF OVODB EF NPEP BCTPMVUP Z
TJOFYDFQDJPOFT QVFTMPOJDPRVFUFO
ESBFTUFTFOUJEPTFSBMBiPQDJONPSBM
GVOEBNFOUBMw ZQPSUBOUP DPNPDPO
DMVTJO IBCSBRVFJSBVOBBVUPOPNB
SFMJHBEB FOFMNJTNPTFOUJEPQFSPNT
BMMEFMPTQSPNPUPSFTEFMiQSPZFDUPEF
UJDB NVOEJBMw DPNP )BOT ,OH P
+PIO&)BSF
%JFHP +PT (BSDB $BQJMMB &M OB

DJNJFOUP EF MB CJPUJDB #JCMJPUFDB
/VPWB $PMFDDJO'JMPTPGB .BESJE
QQ
&MBVUPSFTNEJDPEF"UFODJO1SJNB
SJB MJDFODJBEP FO 'JMPTPGB DPO 1SFNJP
&YUSBPSEJOBSJPEF'JOEF$BSSFSB NTUFS
FO#JPUJDBQPSMB6OJWFSTJEBE$PNQMV
UFOTFEF.BESJE o
EPDUPSFO
DPOVOBUFTJTTPCSFi&MOBDJNJFO
UP EF MB CJPUJDB 6OB HFOFBMPHB EF TV
DPOTUJUVDJO FQJTUFNPMHJDBw EJSJHJEB
QPSFMQSPGFTPS"OUPOJP$BNQJMMP FOFM
%FQBSUBNFOUPEF'JMPTPGBEFMB6OJWFS
TJEBEEF.VSDJB"DUVBMNFOUFFTQSPGFTPS
"TPDJBEP EF #JPUJDB FO MB 6OJWFSTJEBE
EF.VSDJB&OFTUFMJCSPSFDPHFEFVOB
NBOFSB NVZ BNFOB BM UJFNQP RVF FY
IBVTUJWBMBQSPUPIJTUPSJBEFMB#JPUJDB
7PMOFJ(BSSBGB .JHVFM,PUUPX "MZB

4BBEB $PPSET
&MFTUBUVUPFQJTUF
NPMHJDPEFMB#JPUJDB6/&4$0
F*OTUJUVUPEF*OWFTUJHBDJPOFT+VSEJ
DBT EF MB 6/". 6OJWFSTJEBE /B
DJPOBM"VUOPNBEF.YJDP FE
%JTQPOJCMFFO8FCEFMB3FE
#JPUJDB EF MB 6/&4$0 IUUQ
XXXSFECJPUJDBVOFTDPPSHNY
-B3FE#JPUJDBEFMB6/&4$0PSHB
OJ[VO4JNQPTJVNFO.POUFWJEFPFO
OPWJFNCSF EF TPCSF FM &TUBUVUP
FQJTUFNPMHJDP EF MB #JPUJDB &M QSF
TFOUFMJCSPDPOUJFOFMBTPDIPQPOFODJBT
QSJODJQBMFT DPO MPT DPNFOUBSJPT MMFWB
EPT B DBCP QPS MPT FTQFDJBMJTUBT JOWJUB
EPT $PMBCPSBO FO FTUB PCSB FTQFDJB
MJTUB EF OVFWF QBTFT MBUJOPBNFSJDBOPT
RVF EFTEFMBQFSTQFDUJWBEFMBTDJFODJBT
CJPMHJDBT TPDJBMFT Z MBT IVNBOJEBEFT
BCPSEBO MPT QSPCMFNBT FQJTUFNPMHJ
DPTEFMB#JPUJDB.JHVFM,PUUPXUSBUB
TPCSF i#JPUJDB QSFTDSJQUJWB -B GBMBDJB
OBUVSBMJTUB Z FM DPODFQUP EF QSJODJQJPT
FO #JPUJDBw +VBO $BSMPT 5FBMEJ i-PT
QSJODJQJPT EF (FPSHFUPXO BOMJTJT DS
UJDPw 7PMOFJ (BSSBGB i.VMUJJOUFS
USBOTEJTDJQMJOBSJFEBE DPNQMFKJEBE Z
UPUBMJEBE DPODSFUB FO #JPUJDBw 1FESP
-VJT 4PUPMPOHP i&M UFNB EF MB DPN
QMFKJEBEFOFMDPOUFYUPEFMB#JPUJDBw
-FO0MJW i&QJTUFNPMPHBFOMBUJDBZ
FOMBTUJDBTBQMJDBEBTw'FSNO3PMBOE
4DISBNN i{#JPUJDBTJOVOJWFSTBMJEBE
+VTUJmDBDJOEFVOBCJPUJDBMBUJOPBNF
SJDBOB Z DBSJCFB EF QSPUFDDJOw (VJ
MMFSNP)PZPT7TRVF[Z+VMJP$BCSFSB
i&TUSVDUVSBDJO EFM MFOHVBKF CJPUJDPw
$PNFOUBO MBT QPOFODJBT QSJODJQBMFT
+PT.BSB$BOU 4UFMMB$FSSVUJ 1FESP
'FEFSJDP)PPGU 'FSOBOEP$BOP .BSUB
&TDVSSB %BOJFM1JFESB +PT&EVBSEPEF
4JRVJFSB Z+BWJFS-VOB0SP[DP
7PMOFJ (BSSBGB .JHVFM ,PUUPX

"MZB4BBEB 0SH
#BTFTDPODFJUVBJT
EB#JPUJDB&OGPRVFMBUJOPBNF
SJDBOP&EJUPSB(BJB-UEB 4P1BV
MP QQ5SBEVDDJOBMQPS
UVHVT Z FEJDJO FO #SBTJM EFM MJCSP
FEJUBEPQPSMB6/".FO.YJDPFO
FM%JTQPOJCMFFOMB8FCEFMB
3FE#JPUJDBEFMB6/&4$0IUUQ
XXXSFECJPUJDBVOFTDPPSHNY
-B3FE#JPUJDBEFMB6/&4$0PSHB
OJ[VO4JNQPTJVNFO.POUFWJEFPFO
OPWJFNCSF EF TPCSF FM &TUBUVUP
FQJTUFNPMHJDP EF MB #JPUJDB &M QSF
TFOUFMJCSPDPOUJFOFMBTPDIPQPOFODJBT
QSJODJQBMFT DPO MPT DPNFOUBSJPT MMFWB
EPT B DBCP QPS MPT FTQFDJBMJTUBT JOWJUB
EPT $PMBCPSBO FO FTUB PCSB FTQFDJB
MJTUB EF OVFWF QBTFT MBUJOPBNFSJDBOPT
RVF EFTEFMBQFSTQFDUJWBEFMBTDJFODJBT
CJPMHJDBT TPDJBMFT Z MBT IVNBOJEBEFT
BCPSEBOMPTQSPCMFNBTFQJTUFNPMHJDPT
EFMB#JPUJDB
.BSB +FTT (PJLPFUYFB *OUSPEVD

DJO B MB #JPUJDB $VBEFSOPT EF
5FPMPHB%FVTUP O 'BDVMUBEEF
5FPMPHBEFMB6OJWFSTJEBEEF%FVT
UP #JMCBP QQ
-BBVUPSBFTMJDFODJBEBFO1TJDPMPHBZ
5FPMPHBQPSMB6OJWFSTJEBEEF%FVTUP
ZNTUFSFO#JPUJDBQPSMB6OJWFSTJEBE

$PNQMVUFOTF "DUVBMNFOUF FT SFTQPO

TBCMFEF1BTUPSBMZQSFTJEFOUBEF$PNJ
U"TJTUFODJBMEFUJDBEFM)PTQJUBM"JUB
.FOOJEF"SSBTBUF.PESBHO&OFTUF
MJCSP TF SFTVNF CSFWFNFOUF DNP IB
OBDJEP Z TF IB EFTBSSPMMBEP MB #JPUJDB
DPNP EJTDJQMJOB B mOFT EF TJHMP 99 Z
DNP QSFUFOEF BQPSUBS NPEPT SB[POB
CMFTEFSFTPMWFSMPTDPOnJDUPTUJDPTFO
MBBTJTUFODJBTBOJUBSJB1SPQPOFVONP
EFMPEFGVOEBNFOUBDJOSBDJPOBMZVOB
NFUPEPMPHBQBSBMBTPMVDJOEFEJDIPT
DPOnJDUPT CBTBEPTiFOMBPCMJHBDJONP
SBMEFBCTPMVUBDPOTJEFSBDJOZSFTQFUP
BMPTTFSFTIVNBOPTw3FBMJ[BMBBVUPSB
VOBTOUFTJTEFMBTQSPQVFTUBTFMBCPSBEBT
QPSFMQSPGFTPS%JFHP(SBDJBCBTBEBTFO
VOB#JPUJDBEFMPTQSJODJQJPT
'MPSP )FSNFT (NF[ 1JOFEB 0S

MBOEP 1PMJUBOP (BSDT $SPOPMPHB
EFMBNJSBEBCJPUJDBFOFMNVOEP
Z FO $PMPNCJB 6OJWFSTJEBE -JCSF
4FDDJPOBM $BMJ
(SVQP EF *OWFTUJ
HBDJO*OTUJUVUPEF#JPUJDBZ#JPKV
SEJDB QQ
&TUB DSPOPMPHB RVF FT VOB BQSPYJNB
DJOEFTEFMBQFSJGFSJB TFFTDSJCFTPCSFFM
TVQVFTUPEFRVFMBTUFPSBTEFMBCJPUJDB
DPOTUJUVZFOVOBQBSUFEFMBUJDBNJTNB
4POVOBUJDBBQMJDBEB"TNJTNP RVF
QPSTVDBSDUFSIVNBOPTPOIJTUSJDBT
FT EFDJS OP TPO JOUFSQSFUBCMFT TJ OP TF
MBTSFMBDJPOBDPOFMIPNCSFZDPOMBTTJ
UVBDJPOFTDPODSFUBTFORVFWJWFZFYJTUF
"TDPODFCJEBT MBTUFPSBTEFMBCJPUJDB
FOMPTIPSJ[POUFTNVOEJBM JCFSPBNFSJ
DBOPZDPMPNCJBOPOPBMDBO[BOVOmO
FO NBZPS NFEJEB RVF MPT QSPCMFNBT
NPSBMFT PSJHJOBEPT QPS MPT EFTBSSPMMPT
CJPUFDOPDJFOUmDPT Z TV IJTUPSJB OP

UJFOFDBQUVMPmOBM4JFYJTUFVOBNFUB
EJWJOBZSFNPUBIBDJBMBDVBMTFNVFWF
OVFTUSPEFWFOJSCJPUJDP MPTBVUPSFTEF
FTUFUSBCBKPOPUJFOFOMBQSFUFOTJOEF
TBCFSDVMTFB
+VMJBOB (PO[MF[ 7 &M QPEFS EF

FSPT 'VOEBNFOUPT Z WBMPSFT EF
UJDB Z CJPUJDB 1BJET 6/".
'BDVMUBEEF'JMPTPGBZMFUSBT .YJ
DP QQ
-BBVUPSBFTQSPGFTPSBFNSJUBEFMB'B
DVMUBEEF'JMPTPGBZ-FUSBTEFMB6OJWFS
TJEBE"VUOPNBEF.YJDP DBUFESUJDB
EF'JMPTPGBHSJFHB UJDBZ.FUBGTJDB
)BZFOMBBDUVBMJEBEVODSFDJFOUFJOUFST
QPSMBUJDB DPOUSBTUBOUFDPOMBJOEJGF
SFODJBRVFNPTUSBSPOIBDJBFMMBBMHVOBT
mMPTPGBT EFM TJHMP 9*9 +VMJBOB TF QSF
HVOUBRVTFFTQFSBIPZEFMBUJDB RV
OFDFTJEBEFTUFOESBRVFBUFOEFS ZFOTV
SFTQVFTUBTVCSBZBVOBDPOEJDJOPCUF
OFSVOBDPNQSFOTJOJOUFHSBEPSBEFMPT
EJWFSTPT GBDUPSFT EFM NVOEP UJDP QBSB
WFSMPFOTVJOUSOTFDBDPNQMFKJEBE&O
TVPQJOJO MBUJDBOPQVFEFTFQBSBSTF
EFMJNQVMTPEFMBTGVFS[BTJSSBDJPOBMFTP
FYUSBSSBDJPOBMFTRVF KVOUPBMBTSBDJPOB
MFT GPSNBOQBSUFEFMNVOEPNPSBM
&O FTUF MJCSP RVF BUJFOEF UBOUP B MPT
GVOEBNFOUPT UFSJDPT DPNP B MBT DPO
TFDVFODJBT Z BQMJDBDJPOFT QSDUJDBT EF
MBTQSPQVFTUBTUSB[BEBT MBBVUPSBCVTDB
FODPOUSBSMBTSBDFTPOUPMHJDBTEFMBUJ
DBFOMBBNCJHFEBEDPOTUJUVUJWBEFMP
IVNBOP SFDPOPDFSFMPSJHFOEFMNBMZB
MBWF[SFDPCSBSMBQPTJCJMJEBEEFMBCPO
EBE RVFTFOPTSFWFMBDPNPFYQSFTJO
FNJOFOUFEFMQPEFSEFiFSPTw TNCPMP
EFMBOBUVSBMF[BIVNBOBBDFQUBEBFOTV
NTQSPGVOEBTJHOJmDBDJO
&TQFDJBM JOUFST UJFOF QBSB FM NCJUP
EFMBCJPUJDBMBQBSUFRVFEFEJDBBMPT
WBMPSFT UJDPT EF MB DJFODJB Z UBNCJO
TVT SFnFYJPOFT TPCSF MB UJDB NEJDB Z
MBEFDJTJOUJDBFOMBQSDUJDBNEJDB
"CPSEBBTJNJTNPBMmOBMMPTUFNBTNT
BDUVBMFT EF HFOUJDB Z DMPOBDJO QBSB
UFSNJOBS DPO VOB FYQPTJDJO TPCSF FM
QPSWFOJS EFM iIPNP IVNBOVTw FO VO
NVOEPDBEBWF[NTEPNJOBEPQPSMB
UFDOPMPHB i1PS OVFWPT RVF TFBO BT
MPTBWBODFTDJFOUmDPTZUFDOPMHJDPT Z
TFBOUBNCJOOVFWPTMPTIPSJ[POUFTRVF
FMMPTBCSBO UFOESORVFSFHJSTFTJFNQSF
QPS FM NT VOJWFSTBM JNQFSBUJWP UJDP
DVJEBSMBiIVNBOJEBEwNJTNBEFMIPN
CSF TV iIVNBOJUBTw TV MJCFSUBE Z TV
EJHOJEBEw
+VMJBOB(PO[MF[ $PPSE
1FSTQFD
UJWBTEFCJPUJDB 'POEP EF $VMUV
SB &DPONJDB 6/". Z $PNJTJO
/BDJPOBMEFMPT%FSFDIPT)VNBOPT
.YJDP
-BQSPGFTPSBEF'JMPTPGBEFMB6/".
+VMJBOB (PO[MF[ QMBOUFB FO MB *OUSP
EVDDJO{2VUJDBQBSBMBCJPUJDB -B
QSJNFSBQBSUFEFMMJCSPTFDFOUSBQSFDJ
TBNFOUFFOMBDVFTUJOEFRVFTMBCJP
UJDB EFTEF MB QFSTQFDUJWB NEJDB EFM
%FSFDIP MBCJPQPMUJDB MBNFUPEPMPHB
DJFOUmDBZMBmMPTmDB&OFMMBFTDSJCFO
$BSMPT #JFTDB 7DUPS .BSUOF[ #VMM
(PZSJ .BSB5FSFTBEFMB(BS[B -VJT
'FMJQF"CSFVZ+PSHF&-JOBSFT-BTF
HVOEBQBSUFWFSTBTPCSFQSFHVOUBTUJDBT
ZCJPUJDBTTVSHJEBTFOFMJOUFSJPSNJTNP
EFMBTDJFODJBEFMBWJEB CJPNFEJDJOB
OFVSPDJFODJBT FDPMPHB Z CJPUFDOPMP
HB
QPSVOMBEP ZFOFMEFMBTDJFODJBT
TPDJBMFT FDPOPNB EFSFDIP EFSFDIPT
IVNBOPT
QPS FM PUSP &O FM QSJNFS
DBTP MPTFOTBZPTTPOFMSFTVMUBEPEFMB
QSFTFOUBDJOZEJTDVTJOBDBENJDBEF
TVTUFNBTEFOUSPEFMTFNJOBSJPJOUFSEJT
DJQMJOBSJPEFCJPUJDBEFMB6/".FO
FMPUSP EFVO$JDMPEFDPOGFSFODJBTRVF
GVFSPOEJDUBEBTQPSFTQFDJBMJTUBTNFYJ
DBOPT FO FTUBT SFBT (VJMMFSNP 4PCF
SO 3VZ 1SF[ 5BNBZP "EPMGP .BS
UOF[1BMPNP +VBO1FESP-BDMFUUF +PT
-VJT4PCFSBOFT 3PMBOEP$PSEFSB +PT
3BNO $PTTJP 3JDBSEP 5BQJB +PT
4BSVLIOZ'SBODJTDP#PMWBS;BQBUB
"OB .BSUB (PO[MF[ &O CVTDB EF

MBOBUVSBMF[BQFSEJEB&TUVEJPTEF
CJPUJDB GVOEBNFOUBM &VOTB &EJ
DJPOFT 1BNQMPOB QQ
-BBVUPSBFTEPDUPSBFO'JMPTPGBZQSP
GFTPSBEFUJDBZBOUSPQPMPHBTPDJBMFO
MB 6OJWFSTJEBE EF /BWBSSB 4F SFDPHFO
FO FTUF MJCSP DVBUSP FTUVEJPT RVF BDP
HJFOEPMBJOUVJDJORVFEJPPSJHFOBMB
SFnFYJOCJPUJDB IBDFOTVZBMBUBSFBEF
SFnFYJPOBSTPCSFFMMVHBSEFMIPNCSFFO
MBOBUVSBMF[B BMUJFNQPRVFTFBMBOPUSB
NBOFSB QSPGVOEBNFOUFIVNBOJTUB EF
FOGPDBSMPTQSPCMFNBTCJPUJDPTi#JP
UJDBZFWPMVDJOw i1SJODJQJPTZWJSUVEFT
FOCJPUJDBw i-BCJPUJDBFOUSFMBOBUV
SBMF[BZMBDVMUVSBw ZmOBMNFOUFi3FT
QFUBSUPEBTMBTWJEBTw

"OB .BSUB (PO[MF[ /BUVSBMF[B Z

EJHOJEBE6OFTUVEJPEFTEF3PCFSU
4QBFNBOO &EJDJPOFT 6OJWFSTJEBE
EF/BWBSSB QQ
-BBVUPSBFMMJDFODJBEBFO'JMPTPGBQPSMB
6OJWFSTJEBEEF/BWBSSB EPOEFFTQSPGF
TPSBEF'JMPTPGB5FPSUJDB ZIBBNQMJB
EPFTUVEJPTFOMB6OJWFSTJEBEEF.OT
UFS1SPGVOEJ[BFOFTUFMJCSPFOFMFTUVEJP
EFMBmMPTPGBEF3PCFSU4QBFNBOOTPCSF
MB OBUVSBMF[B Z EJHOJEBE EFM TFS IVNB
OP $PO MB DSFDJFOUF DPODJFODJB FDPM
HJDB TF OPT JOWJUB B DPOTJEFSBSOPT EF
OVFWP DPNP TFSFT AOBUVSBMFT 1FSP FTUB
JOWJUBDJO OPT MMFHB DVBOEP ZB IFNPT
BQSFOEJEPBWFSOPTDPNPATFSFTMJCSFTZ
BEFGFOEFSOVFTUSBMJCFSUBEDVBOEPFOFM
EJTDVSTPUJDP USNJOPTDPNPAEJHOJEBE
ZAQFSTPOBIBOQBTBEPBEFTFNQFBSFM
QBQFM QSJWJMFHJBEP RVF FO PUSP UJFNQP
UFOBFMUSNJOPAOBUVSBMF[B&MSFUPIPZ
FTDPODJMJBSFMMPHSPQSJODJQBMEFMBmMP
TPGBNPEFSOBowTPNPTMJCFSUBEwoDPOMB
IFSFODJB DMTJDB owTPNPT OBUVSBMF[Bwo
-B BVUPSB EFmFOEF RVF MFKPT EF SFQSF
TFOUBSVOPCTUDVMPQBSBMBEJHOJEBEZMB
MJCFSUBESFBMEFMIPNCSF MBBQFMBDJOBMB
OBUVSBMF[BFTMPOJDPRVFHBSBOUJ[BRVF
FM USNJOP AEJHOJEBE TFB BMHP NT RVF
VOB QBMBCSB DBSHBEB EF GVFS[B SFUSJDB
QBSBMPTPDDJEFOUBMFT
.BSUB * (PO[MF[ (BSDB +PT "

-QF[$FSF[PZ+PT--VKO-QF[
$JFODJB 5FDOPMPHB Z 4PDJFEBE
6OBJOUSPEVDDJOBMFTUVEJPTPDJBM
EF MB DJFODJB Z MB UFDOPMPHB 5FD
OPT .BESJE QQ
-PT BVUPSFT FTUO EF VO NPEP V PUSP
WJODVMBEPT BM *OTUJUVUP EF *OWFTUJHBDJP
OFT TPCSF $JFODJB Z 5FDOPMPHB .BSUB

*(PO[MF[QFSUFOFDFBM%FQBSUBNFOUP
EF'JMPTPGBEFMB6OJWFSTJEBEEF.JO
OFTPUB &TUBEPT6OJEPT
+PT"-QF[
$FSF[PBM%FQBSUBNFOUPEF'JMPTPGBEF
MB 6OJWFSTJEBE EF 0WJFEP Z +PT -VJT
-VKOBM%FQBSUBNFOUPEF-HJDBZ'J
MPTPGBEFMB$JFODJBEFMB6OJWFSTJEBEEF
7BMFODJB&YQPOFOVOBTFSJFEFFTUVEJPT
TPDJBMFT TPCSF MB DJFODJB Z MB UFDOPMPHB
EFTEF VO NCJUP JOUFSEJTDJQMJOBSJP MPT
DPOEJDJPOBOUFT EFM DBNCJP DJFOUmDPo
UFDOPMHJDP MBTDPOTFDVFODJBTRVFUJFOF
FOFMNFEJPTPDJBMZOBUVSBM5SBUBOEF
FOUFOEFSMBDJFODJBZMBUFDOPMPHBDPNP
QSPDFTPTTPDJBMFTRVFSFTQPOEFOFOQBSUF
BWBMPSFTFJOUFSFTFTFYUFSOPTZRVFUJF
OFOVODPOTJEFSBCMFJOUFSTQCMJDPQPS
MBT DPOTFDVFODJBT RVF TF EFSJWBO EF MPT
NJTNPTQPSFMMP IBZRVFEFGFOEFS FO
EFNPDSBDJB MB SFOPWBDJO EF MPT USBEJ
DJPOBMFTDPOUFOJEPTFEVDBUJWPTFJODMVJS
FTUPT FTUVEJPT FO MB FUBQB BOUFSJPS B MB
6OJWFSTJEBE &YQPOFO MB DPODFQDJO
USBEJDJPOBMEFMBDJFODJBZMBUFDOPMPHB
MB SFBDDJO FO DPOUSB EF TV IFHFNPOB
UBOUPEFTEFFMNCJUPBDBENJDPDPNP
TPDJBM MBT USBEJDJPOFT BNFSJDBOB Z FV
SPQFBEFmMPTPGBEFMBDJFODJBZMBFWB
MVBDJO EF UFDOPMPHBT EFTEF MB BDDJO
QPMUJDB$BSM.JUDIBNFTRVJFOFTDSJCF
FM DBQUVMP EFEJDBEP EF NPEP OFDFTB
SJBNFOUF NVZ FTDVFUP B MBT DVFTUJPOFT
UJDBTFODJFODJBZUFDOPMPHBUJDBOV
DMFBS BNCJFOUBM NEJDBZCJPUJDB UJDB
EFMPTPSEFOBEPSFT JOHFOJFSB UJDBEFMB
UFDOPMPHB.BSB*ONBDVMBEBEF.FMP
QPSTVQBSUF FTMBBVUPSBEFVODBQUVMP
EFEJDBEP FYQSFTBNFOUF B MB JOWFTUJHB
DJOCJPNEJDBZMBTUFDOPMPHBTEFSF
QSPEVDDJOIVNBOB DPOVOBDSUJDBEF
MBBQMJDBDJOBDUVBMNFSDBOUJMJTUBEFFTUBT
UDOJDBT EJTDSJNJOBEPSBTEFMBNVKFS
(SBDJBOP (PO[MF[ 3 "SOBJ[ $P

PSE
%FSFDIPT IVNBOPT -B DPO
EJDJOIVNBOBFOMBTPDJFEBEUFD
OPMHJDB 5FDOPT .BESJE
QQ
-BPQPSUVOJEBEEFVOEJTDVSTPUJDPTP
CSFMPTEFSFDIPTIVNBOPTEFTDBOTBFOMB
OFDFTJEBEEFUFOFSRVFTFHVJSQFOTBOEP
OVFTUSB i$POEJDJO IVNBOBw QBSB RVF
QVFEBTFSSFDPOPDJEBDPNPUBMFODBEB
NPNFOUP "IPSB CJFO VOB DPOTJEFSB
DJOmMPTmDBEFMPTWBMPSFTEFSB[OFO
MPTRVFTFFYQSFTBEJDIBDPOEJDJO TMP
QVFEFIBDFSTFQBTBOEPQPSVOEJTDVSTP
TPCSF UBMFT EFSFDIPT FO MB NFEJEB FO
RVFDPOmHVSBOVOBTFYJHFODJBTNPSBMFT
EFSFBMJ[BDJOUBOUPFOFMOJWFMQFSTPOBM
DPNP FO FM DPNVOJUBSJP -B OFDFTJEBE
EFUSBEVDJSEJDIBTFYJHFODJBTFOFMNP
NFOUPBDUVBMFTMPRVFQSPQJDJBVOBMFD
UVSBUSBOTWFSTBMEFMPTEFSFDIPTIVNBOPT
EFTEFVODPOUFYUPBMRVFJEFOUJmDBNPT
DPNP TPDJFEBE UFDOPMHJDB Z NT FO
DPODSFUP DPNP4PDJFEBEEFMB*OGPSNB
DJO SFEFTEFJOGPSNBDJO *OUFSOFU

4F DPPSEJOBO FO FTUF MJCSP USBCBKPT EF
&VHFOJP 5SBT "EFMB $PSUJOB /JDPMT
.4PTB .BOVFM.BDFJSBT &NJMJP(BS
DB +BWJFS#VTUBNBOUFZ1JMBS-MDFS
8FODFTMBP + (PO[MF[ $PPSE

$JFODJB Z WBMPSFT UJDPT 3FWJTUB
"3#03 /NFSP NPOPHSmDP O

$POUJFOF EJWFSTPT BSUDVMPT EF SFDPOP
DJEPT FTQFDJBMJTUBT RVF FYQPOFO MB QSP
CMFNUJDB HFOFSBM Z QSPGVOEJ[BO FO MB

CTRVFEB EF TPMVDJPOFT FO MB SFMBDJO
UJDBoDJFODJB -B QSFTFOUBDJO FT EFM
DPPSEJOBEPS QSPGFTPS EF 'JMPTPGB FO
MB 6OJW EF " $PSVB 8FODFTMBP +
(PO[MF[i$JFODJBZWBMPSFTUJDPTEF
MBQPTJCJMJEBEEFMBUJDBEFMB$JFODJB
BMQSPCMFNBEFMBWBMPSBDJOUJDBEFMB
$JFODJB#TJDBw"SUDVMPTi&MHJSPIJT
USJDP TPCSF MPT WBMPSFT EF MB $JFODJBw
&WBOESP "HB[[J 6OJW (OPWB
i1B
QFMEFMPTWBMPSFTUJDPTFOMB$JFODJBw
-FO 0MJW 6/". .YJDP
i$NP
JOUSPEVDJSWFDUPSFTUJDPTFmDBDFTFOFM
TJTUFNBDJFOUmDPoUFDOPMHJDPw 3BNO
2VFSBMU 6OJW4FWJMMB
i-NJUFTUJDPT
EFM RVFIBDFS DJFOUmDP Z UFDOPMHJDPw
&WBOESP"HB[[Ji6OBQFSTQFDUJWBEFMPT
QSPCMFNBTUJDPTFOMBJOWFTUJHBDJOCJP
MHJDBMPTBWBUBSFTEFMFWPMVDJPOJTNPw
$BSMPT$BTUSPEF[B 6OJW$PNQMVUFOTF
.BESJEi&M1SPZFDUP(FOPNB)VNB
OP BTQFDUPT UJDPTw +PT )FSOOEF[
:BHP 6OJW1PMJUDOJDB7BMFODJBF*OT
UJUVUP*OWFTUJHBDJPOFT$JUPMHJDBT
%JFHP (SBDJB 'VOEBNFOUPT EF

#JPUJDB &VEFNB .BESJE
QQ
'VOEBNFOUPTEFCJPUJDBTFIBDPOWFSUJ
EPFOVOBPCSBZBDMTJDBEFQSFTUJHJPF
JOnVFODJBJOUFSOBDJPOBM4FUSBUBEFVO
BNCJDJPTPZNBHJTUSBMJOUFOUPEFGVOEB
NFOUBSMPTKVJDJPTNPSBMFTFOFMNCJUP
NEJDPEFTEFVOBEPCMFQFSTQFDUJWBMB
IJTUSJDBZMBTJTUFNUJDB
-BQFSTQFDUJWBIJTUSJDBBCBSDBMBUSBEJ
DJONEJDB DSJUFSJPEFMCJFOEFMFOGFS
NP QBUFSOBMJTNP
MBUSBEJDJOKVSEJDB

DSJUFSJPEFBVUPOPNB EFSFDIPTEFMFO
GFSNP
ZMBUSBEJDJOQPMUJDB DSJUFSJPEF
KVTUJDJB CJFOEFUFSDFSPT

-B QFSTQFDUJWB TJTUFNUJDB TF PDVQB EF
MBTEJWFSTBTGVOEBNFOUBDJPOFTEFMBCJP
UJDB BTDPNPEFTVTNUPEPTZEFMB
CJPUJDBNOJNB
6OBBNQMJBJOUSPEVDDJO SFEBDUBEBFO
FYQPOF MB QFSTQFDUJWB BDUVBM EFM
BVUPS TPCSF FTUF MJCSP QVCMJDBEP PSJHJ
OBMNFOUF FO Z DPOTBHSBEP EFTEF
FOUPODFT DPNP VOB PCSB EF SFGFSFODJB
JNQSFTDJOEJCMFFOTVUFNB
%JFHP(SBDJBFTDBUFESUJDPEF)JTUPSJB
EFMB.FEJDJOBZEJSFDUPSEFM.TUFSEF
#JPUJDBFOMB6OJWFSTJEBE$PNQMVUFO
TF .JFNCSP EF MB 3FBM "DBEFNJB EF
.FEJDJOBZQSFTJEFOUFEFM1BUSPOBUPEF
MB'VOEBDJOEF$JFODJBTEFMB4BMVE
%JFHP (SBDJB 'VOEBNFOUBDJO Z

FOTFBO[BEFMB#JPUJDB&M#IP
#PHPU
&TUF MJCSP GPSNB QBSUF EF MB $PMFDDJO
EF &TUVEJPT EF #JPUJDB EPOEF TF IBO
FEJUBEP FO UPNPT VOB TFSJF EF FTUV
EJPT EFM QSPGFTPS %JFHP (SBDJB BQBSF
DJEPTFOMPTMUJNPTBPTFOEJGFSFOUFT
SFWJTUBT&OTUFMPTBSUDVMPTTFDFOUSBO
FO EPT HSBOEFT UFNBT &M QSJNFSP MB
GVOEBNFOUBDJOEFMB#JPUJDB FMRVZ
FMQPSRVEFMB#JPUJDB FOFMEFCBUFSB
DJPOBM QMVSBMZDSUJDP ZTVTQSJODJQJPT
DNPGVOEBNFOUBSMPTKVJDJPTNPSBMFT
MB WFSEBE NPSBM FO VOB TPDJFEBE QMV
SBMJTUB &O MB TFHVOEB QBSUF BOBMJ[B MB
UJDBNEJDB FMEFCBUFFOUPSOPBMBDB
MJEBEEFWJEB ZMBFOTFBO[BEFMBUJDB
NEJDB DPOVOBQSPQVFTUBEFFOGPRVF
TPDSUJDP
)DUPS(SPT&TQJFMMUJDB #JPUJDB
Z %FSFDIP &EJUPSJBM 5FNJT 4"
#PHPU $PMPNCJB QQ
(SPTT &TQJFMM FT EPDUPS FO %FSFDIP Z
$JFODJBT TPDJBMFT QSPGFTPS EF %FSFDIP
$POTUJUVDJPOBM FO MB 6OJWFSTJEBE EF
MB 3FQCMJDB Z EFMFHBEP QFSNBOFOUF
EF 6SVHVBZ BOUF MB 6/&4$0 FOUSF
PUSPT NVDIPT DBSHPT )B UFOJEP VOB
QBSUJDJQBDJO NVZ BDUJWB FO MBT TVDFTJ
WBT %FDMBSBDJPOFT TPCSF UFNBT EF #JP
UJDBEFMB6/&4$0&OFTUFMJCSP TF
DPNQFOEJBOVOBTFSJFEFBSUDVMPTTVZPT
QVCMJDBEPTFOEJWFSTBTSFWJTUBTFTQFDJBMJ
[BEBT VOJEPTQPSFMQSPQTJUPEFMBVUPS
EFBOBMJ[BSMBSFMBDJOFOUSFFMEFSFDIP
MB UJDB Z MB CJPUJDB DPNP TOUFTJT SF
TVMUBOUFEFMPTEPTBOUFSJPSFT DPNPFY
QPOFFOMBJOUSPEVDDJO"MGPOTP-MBOP
5SBUB NVZ FTQFDJBMNFOUF MPT UFNBT EF
(FOUJDB #JPEJWFSTJEBE FMQSPZFDUPEF
%FDMBSBDJO6OJWFSTBMTPCSFFM(FOPNB
)VNBOPEFMB6/&4$0 MBDMPOBDJO
ZSFBMJ[BVOBOMJTJTEFUBMMBEPEFMBEJH
OJEBEIVNBOBFOMPTJOTUSVNFOUPTJO
UFSOBDJPOBMFT TPCSF EFSFDIPT IVNBOPT
ZFOMBTEFDMBSBDJPOFTJOUFSOBDJPOBMFTEF
#JPUJDB
(JMCFSU)PUUPJT&MQBSBEJHNBCJP
UJDP6OBUJDBQBSBMBUFDOPDJFODJB
"OUISPQPT &EJUPSJBM EFM )PNCSF
6OJWFSTJEBE 1BT 7BTDP #BSDFMPOB
QQ
&M BVUPS FT QSPGFTPS EF 'JMPTPGB $PO
UFNQPSOFBFOMB6OJWFSTJEBEEF#SV
TFMBTZDPEJSFDUPSEFM$FOUSFEF3FDIFS
DIFT *OUFSEJTDJQMJOBJSF FO #JPUIJRVF

)BFTDSJUPWBSJBTPCSBTTPCSFFMMFOHVBKF
ZMBmMPTPGBEFMBUDOJDB ZBCPSEBFO
FTUFMJCSPVOBSFnFYJOBCJFSUBTPCSFMB
OFDFTJEBEEFVOBUJDBQBSBMBUFDOPDJFO
DJBBDUVBM*ODMVZFFOTVUFYUPOVNFSP
TBTDJUBT DPNPFYUSBDUPTRVFNVFTUSFO
BMMFDUPSMBNVMUJQMJDJEBEEFDPODFQDJP
OFTTPCSFMBUFDOPMPHBZMBDJFODJB4V
SFnFYJO MF MMFWB B QMBOUFBSTF UBNCJO
FMTFOUJEP MBOBUVSBMF[BZFMWBMPSEFMB
UJDBRVFEFCBTPTUFOFSFTFEFTBSSPMMPEF
MBUFDOPDJFODJB&MAQBSBEJHNBCJPUJDP
QFSNJUJSBoTFHOFMBVUPSoMBNTFYQM
DJUBFMBCPSBDJOEFMBVOJOEFTFBCMFFO
USFMBUJDBZMBUFDOPDJFODJB QVFTJOWJUB
EFTEFTVJOUFSEJTDJQMJOBSJFEBEBDBNCJBS
DVBMRVJFS QVOUP EF WJTUB AGVOEBNFOUB
MJTUB RVF JOUFOUF FMBCPSBS OPSNBT NP
SBMFT QPSVOQVOUPEFWJTUBASFHVMBEPS
RVF TPMBNFOUF RVJFSB DPOTFHVJS VOPT
NOJNPT FO MB UJDB QCMJDB Q

)PUUPJTTFNVFTUSBBTQBSUJEBSJPEFMBT
UFTJT EF )5 &OHFMIBSEU RVF GVOEB
NFOUBMBUJDBFOFMQSJODJQJPEFBVUP
OPNB DPNPDPOTUJUVUJWPGVOEBNFOUBM
ZOJDPEFMFTQBDJPUJDPQCMJDPPTP
DJBM i&M IFDIP EF RVF OP FYJTUB OJ VO
IPSJ[POUF OJ VO GVOEBNFOUP BCTPMVUP
DPNOOPJNQJEFRVFMPTIPNCSFT EF
CVFOBWPMVOUBEZEFTFPTPT VPCMJHBEPT

EFWJWJSKVOUPTZEFIBDFSKVOUPTVODJFS
UPONFSPEFDPTBT QVFEBOQPOFSTFEF
BDVFSEPTPCSFVOJNQPSUBOUFONFSPEF
DVFTUJPOFT&TUPTBDVFSEPTTFPCUJFOFO
HFOFSBMNFOUF BMBDBCBSVOEJMPHP VOB
EJTDVTJO VOB OFHPDJBDJO -PT DPO
TFOTPTSFBMJ[BEPTEFFTUFNPEPFYQSFTBO
SFHMBTVPCKFUJWPTDPNVOFT-BTOPSNBT
BTPCUFOJEBTTPOQSPGVOEBNFOUFQSBH
NUJDBT FOFMTFOUJEPEFRVFSFTVFMWFO
QSPWJTJPOBMNFOUF QSPCMFNBT EF MB WJEB
TPDJBMQMVSBMZTPO BEFNT SFWJTBCMFT
DPOTUJUVZFO QPSUBOUP VOBUJDBFWPMV
UJWBZBCJFSUB MPRVFOPTJHOJmDBJOFT
UBCMFPBOSRVJDB"EFNT DBEBVOPFT
MJCSFEFAGVOEBSBTVNBOFSB PTFODJMMB
NFOUF EF KVTUJmDBS
MBT OPSNBT RVF IB
DPOTFOUJEPw Q
-PRVFOPFYQMJDB
BGPOEPFMBVUPSFTMBGSNVMBQBSBRVF
VOBUJDBEFMNFSPDPOTFOTPOPDBJHBFO
FM SFMBUJWJTNP UJDP Z QVFEB PCMJHBS FO
VOBTPDJFEBEQMVSBMBMPTRVFOPFTUO
EFBDVFSEPDPOFTBTOPSNBTDPOTFOUJEBT
QPS MB NBZPSB DVBOEP TUBT BGFDUFO B
EFSFDIPT IVNBOPT GVOEBNFOUBMFT &M
QSPQJP )PUUPJT JOEJDB DMBSBNFOUF RVF
EFTEF TV QPTJDJO MB %FDMBSBDJO EF
%FSFDIPT)VNBOPTFTUEFTQSPWJTUBEF
VO GVOEBNFOUP DPNO Z QBTBO B TFS
TPMBNFOUF VO DPOKVOUP EF QSJODJQJPT
TPCSF MPT DVBMFT QSDUJDBNFOUF UPEPT
MPTIPNCSFTQPESBOFOUFOEFSTFFODBEB
NPNFOUPIJTUSJDP Q

(JMCFSU )PUUPJT{2VFTMB#JPUJ
DB &EJDJPOFT 6OJWFSTJEBE &M #PT
RVF #PHPU
&O FM FTDSJUP EF (JMCFSU )PUUPJT {2V
FT MB CJPUJDB TF SFDPHF VOB BGPSUVOB
EBTOUFTJTEFMPRVFIBTJEPMBCJPUJDB
FO FM USBOTDVSTP EF TV DPSUB QFSP SJDB
FYJTUFODJB.VFTUSBQSPGVOEJEBEFOMBT
JEFBTZDPODFQUPTFYQVFTUPTEFNBOFSB
TFODJMMB FO VO MFO HVBKF BM BMDBODF EF
FOUFOEJEPT Z QSPGBOPT FO DBEB GSBTF
TFHFOFSBOJORVJFUVEFTZQFOTBNJFOUPT
RVF JOEVDFO B BNQMJBDJO Z CTRVFEB
DPNQMFNFOUBSJBT QPS QBSUF EFM MFDUPS
4VTUFOUBEBT EJDIBT QSPQVFTUBT BDMBSB

DNP TVSHF MB CJPUJDB B QBSUJS EF MB

SFnFYJOUJDBTPCSFMPTIFDIPTDJFOUm
DPT FOGSVDUGFSBVOJODPOMBTJORVJF
UVEFT RVF TVTDJUBO MB JOUFSQSFUBDJO MB
BQMJDBDJOZFMJNQBDUPEFMPTBWBODFTZ
OVFWPT DPOP DJNJFOUPT RVF JODFTBOUF
NFOUF QSPQPSDJPOBMB*OWFTUJHBDJOZFM
%FTBSSPMMPZMPTFGFDUPTTJNCMJDPTQBSB
TVBDFQUBDJO POP FOMBTBHSVQBDJPOFT
DVMUVSBMFTIVNBOBT-PTEJGFSFOUFTOJWF
MFTEFEFTBSSPMMPEFMPTQBTFTZSFHJPOFT
EFMNVOEPHFOFSBOOJWFMFTEJTUJOUPTEF
BQMJDBDJO EF MB CJPUJDB /P TF QVFEF
EJTDSJNJOBS VOB CJPUJDB QBSB QPCSFT Z
VOBCJPUJDBQBSBSJDPT TFHOFMHSBEP
EFJOOPWBDJOUFDOPDJFOUmDBRVFTFE
FO FMMPT 4PO DPOUFYUPT EJGFSFOUFT EF
VOPT NJTNPT QSPCMFNBT Z OFDFTJEBEFT
FOSFMBDJODPOMBWJEBZFMTFOUJEPRVF
BFMMBTFMFEB
&O {2V FT MB CJPUJDB QSFHVOUB RVF
UPEPTOPTIBDFNPT TFFODJFSSBOJORVJF
UVEFTZTFHFOFSBOQPTJCJMJEBEFTEFNM
UJQMFTSFTQVFTUBT EBEPFMDBSDUFSQMVSJ
EJTDJQMJOBSJP Z NVMUJDVMUVSBM RVF TJSWF
EFGPOEPBTVBQBSJDJOZTVEFTFOWPMWJ
NJFOUP&OFMSFDPSSJEPIJTUSJDPEFTEF
TVPSJHFOoBQSPQTJUPEFMBTSFnFYJPOFT
BDFSDBEFMBUFDOPDJFODJBZMBJNQPSUBO
DJBEFMB*OWFTUJHBDJOZEFM%FTBSSPMMP
UFDOPDJFOUmDP ZFOFTQFDJBMMBCJPNF
EJDJOB UBOUPQBSBMPTJOEJWJEVPTDPNP
QBSBMBTPDJFEBEZMBIVNBOJEBEoTFBMB
)PUUPJTDNPGVFTPSQSFOEJEBMBmMPTP
GBoZMPTmMTPGPT DPOBMHVOBTFYDFQDJP
OFToDPOMBTOVFWBTTJUVBDJPOFTTVTDJUB
EBTQPSMBJOUFSWFODJO NBOJQVMBDJOZ
QSPEVDDJODSFBEBTQPSMBJOWFTUJHBDJO
DJFOUmDB1SPOUPDPSSFHJEBMBTJUVBDJO
MBmMPTPGBBQPSUB DPNPVOBWP[NTZ
OPOJDB BVORVFQSJWJMFHJBEB BMEFTB
SSPMMPEFMBCJPUJDB-PTBWBODFTCJPUFD
OPMHJDPTQVFTUPTBMTFSWJDJPEFMPTTFSFT
IVNBOPT QPSTTPMPT OPFSBOTVmDJFO
UFT QBSB SFTPMWFS QSPCMFNBT RVF BRVF
KBCBO B MBT QFSTPOBT Z B MBT TPDJFEBEFT
Z GVF OFDFTBSJP BDVEJS B MB UFPMPHB MB
UJDBZFMEFSFDIP BEFNTEFMBmMPTPGB
FOVOBCTRVFEBQBSBIBMMBSTPMVDJPOFT
B MPT DPOnJDUPT RVF OVODB BOUFT IBCB
BGSPOUBEP MB FTQFDJF #VTDBS VOB EFMJ
NJUBDJOUFNUJDBZVOBEFmOJDJORVF
SFTQPOEBOBMJOUFSSPHBOUFTPCSF{2VFT
MBCJPUJDB OPFTUBOTFODJMMP1FSP)P
UUPJTFOTBZBZMPMPHSBDPOYJUPBHSVQB
MB JONFOTB FYUFOTJO EF MB CJPUJDB FO
USFTHSBOEFTDPOKVOUPTSFMBDJPOBEPTDPO
MB OBUVSBMF[B MB CJPNFEJDJOB Z FM QMB
OPTPDJBM&OMPTUSFTBTQFDUPTNFODJP
OBEPT MBT DPOTFDVFODJBT EFM EFTBSSPMMP
EFMBUFDOPDJFODJBUJFOFOSFQFSDVTJPOFT
FWJEFOUFTFOMBWJEB*OUSPEVDDJODPO
UFNQPSOFB1PSTVNJTNBDPNQMFKJEBE
DPOTUJUVUJWB NVMUJFJOUFSEJTDJQMJOBSJBZ
FOTPDJFEBEFTNVMUJDVMUVSBMFT FODPOT
UBOUF FWPMVDJO MB CJPUJDB UJFOEF B
GSBDDJPOBSTFQPSUBOUP FOTVJOUFOUPEF
EFmOJDJOUPNBFODVFOUBFTFGPOEPEF
DPNQMFKJEBE 4F QSPDVSB BEFNT RVF
FO FTUBT TPDJFEBEFT DPOUFNQPSOFBT TF
QSPNVFWBMBCTRVFEBEFDPOTFOTPT EF
DPNQSPNJTPT Z EF BDVFSEPT FTUP TFSB
NVZ GDJM FO VOB TPDJFEBE EF DVMUVSB
IPNPHOFBZFTUBCMF FODVZPDBTPTMP
QPESBIBCMBSTFEFiCJPNPSBM
%FTEF MVFHP DPO UBNBB DPNQMFKJEBE
EF MB CJPUJDB Z FO FM QSPQTJUP EF TV
BQMJDBDJOTVSHFOFOMBQSDUJDBMPTQSP
CMFNBTNFUPEPMHJDPTZ FOFTQFDJBM MPT

SFMBDJPOBEPTDPOFMPSJHFONJTNPEFMPT
QSPCMFNBTCJPUJDPTDSFBEPTQPSMB*Z%
UFDOPDJFOUmDPTZFMNVMUJDVMUVSBMJTNP
4VNBEPTBMPTEFTBDVFSEPTRVFTVSHFO
FO MPT DPNJUT EF CJPUJDB oVO HSBO
BQPSUFQBSBFMEFTBSSPMMPEFMBEFNPDSB
DJBoBQBSFDFO BEFNT MPTEFTBDVFSEPT
UBOUP JOUFS DPNP JOUSBEJTDJQMJOBSJPT Z
MPTNMUJQMFTJOUFSFTFTRVFBnPSBOFOMBT
EJTDVTJPOFT EF MPT UFNBT FYQVFTUPT 4F
SFRVJFSF VOB OVFWB NFUPEPMPHB QBSB
OVFWBT JOTUJUVDJPOFT Z MPHSBS BDVFSEPT
NOJNPT QSBHNUJDPT DVBOEP MB FO
WFSHBEVSBEFMPTDPOnJDUPTFYQVFTUPTBT
MPSFRVJFSB
-B QSPQVFTUB EF )PUUPJT FYQMJDJUB MB
NJTJO EF EJDIPT DPNJUT B MPT DVBMFT
DPODFEF VO HSBO WBMPS QVFT TV QBQFM
CVTDB iBDMBSBS VO UFNB EFTEF FM QVOUP
EF WJTUB EF MPT WBMPSFT Z EF MBT OPSNBT
FOFMTFOPEFVOBTPDJFEBEPEFVODPO
KVOUP EF OBDJPOFTw TJFNQSF Z DVBOEP
TFFWJUFOMPTDPOTFOTPTiGPS[BEPTwZMPT
EJTFOTPTiQFSF[PTPTw-BCJPUJDBBQFMB
FOTVBGOEFDPOTUSVJSTVQSPQJBUFPSB
B UJDBT UFPSBT Z QSDUJDBT EF MB IJTUP
SJBEFMBmMPTPGB6OFKFNQMPEFFMMPFT
FMQSJODJQJBMJTNPDPNPNOJNPTUJDPT
VOJWFSTBMNFOUF BDFQUBEPT QBSB SFTPMWFS
EJMFNBTFOMBQSDUJDBCJPNEJDB"VO
RVFIBTJEPTPNFUJEPBMBTDSUJDBTFT TJO
FNCBSHP VO SFDVSTP QSBHNUJDP FO MB
TPMVDJO EF DPOnJDUPT FO CJPNFEJDJOB
5BNCJOIBFYQMPSBEPFOFMOFPBSJTUP
UFMJTNP MB DBTVTUJDB FM LBOUJTNP MBT
UJDBT OBSSBUJWBT MBT UJDBT GFNJOJTUBT
FMVUJMJUBSJTNPZMPTEFSFDIPTIVNBOPT
FOUSFPUSPT&OWJSUVEEFMBCSFWFEBE MP
IBTUBBRVFYQVFTUPTFQSPQPOFNPTUSBS
BMHVOPTBTQFDUPTZMJOFBNJFOUPTQSPQPS
DJPOBEPT QPS FM BVUPS Z RVF B NJ KVJ
DJP UJFOFOHSBOWBMPSQBSBMPTMFDUPSFTZ
TJHOJmDBOVOBQPSUFRVFTPCSFTBMFDPNP
FOSJRVFDFEPSFOMBJONFOTBCJCMJPHSBGB
BDFSDBEFMBCJPUJDB
4UBOMFZ-+BLJ'VOEBNFOUPTUJDPT
EFMB#JPUJDBZPUSPTFOTBZPT+V
MJP"(PO[BMP "TPDJBDJO&TQBPMB
$JFODJBZ$VMUVSB .BESJE
QQ
&O MB QSFTFOUF DPMFDDJO EF FOTBZPT FM
BVUPS USBUB UFNBT CJPUJDPT EF HSBO JO
UFST FO VOB QFSTQFDUJWB GVOEBNFOUBM
JODMVZFOEPFMWFSEBEFSPQSPQTJUPZTFO
UJEPEFMPRVFFOUFOEFNPTQPSDVSBS MB
EFGFOTBEFMBWJEBIVNBOB EFTEFMBDPO
DFQDJOBMBNVFSUFOBUVSBM MBDPOTJTUFO
DJBCTJDBRVFFTFYJHJCMFFOVOB#JPUJDB
DSJTUJBOB FM GVUVSP EF MB #JPUJDB FUD
$POTVDBSBDUFSTUJDPSJHPS TVHSBOFSV
EJDJO Z TVT QSPGVOEPT DPOPDJNJFOUPT
DVMUVSBMFT UFPMHJDPTFIJTUSJDPT FMQSP
GFTPS+BLJIBIFDIPVOBFYDFMFOUFBQPS
UBDJOBDMBSJmDBSMPTGVOEBNFOUPTUJDPT
EFMB#JPUJDBFOFTUPTFOTBZPT
&MBVUPSEFFTUBDPMFDDJOEFFOTBZPTTP
CSF#JPUJDBFT4UBOMFZ-,BLJ VOTBDFS
EPUFDBUMJDPEFMB0SEFO#FOFEJDUJOB
OBDJEPFO)VOHSBZSFTJEFOUFEVSBOUF
NVDIPTBPTFOMPT&TUBEPT6OJEPTEF
"NSJDB "DUVBMNFOUF FT QSPGFTPS EJT
UJOHVJEP FO MB 6OJWFSTJEBE EF 4FUPO
)BMM 4PVUI 0SBOHF /FX +FSTFZ $PO
EPDUPSBEPT FO UFPMPHB Z FO GTJDB TF
IBFTQFDJBMJ[BEPEVSBOUFMPTMUJNPT
BPTFOIJTUPSJBZmMPTPGBEFMBDJFODJB

)BOT+POBT&MQSJODJQJPEFSFTQPO
TBCJMJEBE&OTBZPEFVOBUJDBQBSB
MBDJWJMJ[BDJOUFDOPMHJDB)FSEFS
#BSDFMPOB QQ
&TUBDPOPDJEBPCSBEFMmMTPGP)BOT+P
OBT BQBSFDJEBPSJHJOBMNFOUFFOBMFNO
FO Z EFTQVT USBEVDJEB BM JOHMT
EJP B DPOPDFS NVOEJBMNFOUF B TV BV
UPS'JMTPGPBMFNOKVEP EJTDQVMPEF
)FJEFHHFS UVWPRVFBCBOEPOBSTVQBT
DPOFMOB[JTNP WJWJEFTQVTFO*TSBFMF
*OHMBUFSSB ZTFUSBTMBEQPTUFSJPSNFOUF
B$BOBEZ&TUBEPT6OJEPT"MM DPNP
QSPGFTPSVOJWFSTJUBSJP EFTUBDDPNPFT
UVEJPTPEFMB"OUJHFEBEUBSEB ZTMP
EFTQVTEFTVKVCJMBDJOBMDBO[MBGBNB
NVOEJBM&OFMPSJHFOEFMBmMPTPGBMB
POUPMPHBFSBFMGVOEBNFOUPEFMBUJDB
MB NPEFSOJEBE IBCB TFQBSBEP BNCBT
DPTBT FM SFJOP iPCKFUJWPw EFM iTVCKFUJ
WPw ZBIPSBIBDFGBMUBWPMWFSBSFVOJS
MPT NFEJBOUFVOBSFWJTJOEFMMBEPPC
KFUJWP EFMDPODFQUPEFOBUVSBMF[B"T
FMBCPSBTVUFPSBEFVOBUJDBiPSJFOUBEB
BM GVUVSPw Z CBTBEB FO MB SFTQPOTBCJMJ
EBE RVF EFCF SFHJS QSFDJTBNFOUF QBSB
MPTIPNCSFTEFIPZ EFOVFTUSBDJWJMJ[B
DJOUFDOPMHJDB QVFTFTMBOJDBGPSNB
EF QSPUFHFS B OVFTUSPT EFTDFOEJFOUFT
EFMBTDPOTFDVFODJBTEFOVFTUSBTBDDJP
OFT"mSNBBTRVFMBUDOJDBNPEFSOB
IB JOUSPEVDJEP DBNCJPT TVTUBODJBMFT
Z DPOTFDVFODJBT OVFWBT RVF TF EFCFO
BGSPOUBSDPOVOJNQFSBUJWPUJDPOVFWP
JODPOEJDJPOBM GVOEBNFOUBEPPOUPMHJ
DBNFOUF RVFQVFEFUFOFSEJWFSTBTGPS
NVMBDJPOFT OFHBUJWBTPQPTJUJWBTiPCSB
EFUBMNBOFSBRVFOPQPOHBTFOQFMJHSP
MBTDPOEJDJPOFTEFMBDPOUJOVJEBEJOEF
mOJEB EF MB IVNBOJEBE FO MB 5JFSSBw
iPCSBEFUBMNBOFSBRVFMPTFGFDUPTEF
UV BDDJO OP TFBO EFTUSVDUJWPT QBSB MB
GVUVSBQPTJCJMJEBEEFVOBWJEBIVNBOB
BVUOUJDBFOMB5JFSSBwPFYQSFTBEPFO
QPTJUJWPiJODMVZFFOUVFMFDDJOBDUVBM
DPNP PCKFUP UBNCJO EF UV RVFSFS MB
GVUVSBJOUFHSJEBEEFMIPNCSFwPCJFO
iPCSBEFUBMNBOFSBRVFMPTFGFDUPTEFUV
BDDJOTFBODPNQBUJCMFTDPOMBQFSNB
OFODJBEFVOBWJEBIVNBOBBVUOUJDBFO
MB5JFSSBw
3FBMJ[BBT)BOT+POBTVOBQSPGVOEBDS
UJDBEFMBVUPQBEFMiIPNCSFBVUOUJDP
WFOJEFSPw TFHO /JFU[TDIF Z UBNCJO
EF MB VUPQB NBSYJTUB EF VOB TPDJFEBE
WFOJEFSB TJO DMBTFT &T BCTPMVUBNFOUF
OFDFTBSJBFOOVFTUSBDJWJMJ[BDJOUFDO
MPHJDB VOB iUJDB PSJFOUBEB BM GVUVSP
VOB UJDB EF MB SFTQPOTBCJMJEBEw RVF
FODBVDF IBDJB FM SFTQFUP B MB EJHOJEBE
Z MJCFSUBE EFM IPNCSF Z MB IVNBOJEBE
GVUVSBMBTFOPSNFTQPTJCJMJEBEFTZEFT
DVCSJNJFOUPTDJFOUmDPTZUDOJDPT
"PT NT UBSEF FM BVUPS GBMMFDJEP FO
EFEJDPUSPEFTVTMJCSPTBMPTQSP
CMFNBT EF MB CJPUJDB Z EF MPT BTQFDUPT
QSDUJDPTEFMPTQSJODJQJPTEFTVUJDBEF
MBSFTQPOTBCJMJEBE i5DOJDB .FEJDJOB
ZUJDBw ZBSFTFBEPBOUFSJPSNFOUFFO
OVFTUSBSFWJTUB
+PT 3PRVF +VOHFT #JPUJDB )FS

NFOVUJDBF$BTVTUJDB4P1BVMP
&EJFT-PZPMB
" CJPUJDB EFTFOWPMWFVoTF OP TFV JO
DJP BQBSUJSEPQBSBEJHNBEPQSJODJQJB
MJTNPQSPQPTUPQFMBPCSBEF#FBVDIBNQ
F $IJMESFTT 1SJODJQMFT PG #JPNFEJDBM
&UIJDT.BJTBPTQPVDPTGPSBNTVSHJOEP
DSUJDBTUJSBOJBEPTQSJODQJPT"DSUJDB
NBJTDPOUVOEFOUFGPJMFWBOUBEBQPS+PO
TFOF5PVMNJODPNPMJWSPF"CVTFPG
$BTVJTUSZFNRVFDPOUSBQFNBPQSJO
DJQJBMJTNP P QBSBEJHNB EB DBTVTUJDB
1BSBFMFT BNFUPEPMPHJBBEFRVBEBQBSB
B #JPUJDB B BOMJTF EF DBTPT F OP B
BQMJDBPEFQSJODQJPT1PSJTTPUFOUBN
SFDVQFSBSBJNQPSUBOUFFnPSFTDFOUFDB
TVTUJDBEPJODJPEPTUFNQPTNPEFSOPT
MJCFSUBOEPoBEPTTFVTBCVTPT0BSUJHP
BQSFTFOUB FTTB EJTDVTTP NPTUSBOEP B
JNQPSUODJBEBNFUPEPMPHJBEBBOMJTF
EFDBTPTQBSBBTPMVPEFQSPCMFNBTBP
OWFMEBUJDBDMOJDB0GFSFDFBTDSUJDBT
BP QBSBEJHNB EB DBTVTUJDB BQPOUBO
EPQBSBBOFDFTTJEBEFEBIFSNFOVUJDB
DPNPDPSSFUJWPEPTTFVTQPTTWFJTFYDFT
TPT F EFTWJPT 1BSB OP DBJS OVN QVSP
DPOWFODJPOBMJTNP NPSBM JNQPSUBOUF
JOUFSQSFUBS PT QSFTTVQPTUPT RVF GVOEB
NFOUBNBTTPMVFTDPODSFUBT1PSJTTP
DPOWFOJFOUFRVFBCJPUJDBUFOIBEVBT
GBDFT DPNQMFNFOUBSFT VNB DBTVTUJDB
QBSBDIFHBSBEFDJTFTQSUJDBTFFmDJFO
UFTFPVUSBIFSNFOVUJDB RVFUSB[MV[
BT QSoDPNQSFFOTFT UFSJDBT RVF TVT
UFOUBNFTTBTEFDJTFT *OUSPEVDDJOEFM
QSPQJPBVUPS
(FPSHF ,JFFS #JPUJDB &EJU "M

IBNCSB QQ
&MBVUPS QSPGFTPSEFMB6OJWFSTJEBEEF
*MMJOPJT GVF RVJFO RVJO BEPQU FM US
NJOP #JPUJDB FO DPODPSEBODJB DPO MB
WJTJOQPUUFSJBOB*OJDJBOEPVOBWVFMUB
B MBT JEFBT PSJHJOBMFT EF 1PUUFS i MBT
EFDJTJPOFTUJDBTTPOOPSNBMNFOUFDPO
DMVTJPOFTQBSBHVJBSBDDJPOFTGVUVSBTFO
USNJOPTEFDPOTFDVFODJBTGVUVSBTOJO
HVOBUJDBQSFWJBUVWPFODPOTJEFSBDJO
MBDPOEJDJOHMPCBMEFMBWJEBIVNBOB
Z EFM GVUVSP MFKBOP NVDIP NFOPT EFM
EFTUJOPEFUPEBMBFTQFDJFIVNBOBw
)PZ EB FO RVF MPT FOGPRVFT CJPUJDPT
BM VTP BDVTBO TVT mTVSBT DBEB WF[ TPO
NT MPT CJPFUJDJTUBT RVF TF QFSDBUBO EF
MBTMJNJUBDJPOFTEFMFOGPRVFCJPNEJDP
EFMBEJTDJQMJOBWVFMWFOTVTPKPTBMBCJ
HBSSBEP VO UBOUP DPOGVTP QFSP IPMT
UJDP TJTUFNB QPUUFSJBOP RVF UBM WF[ TJO
QSPQPOSTFMPUFSNJOBBmMJOEPTFBVOB
WJTJOQSPQJBEFMQFOTBNJFOUPDPNQMFKP
EPOEF DPOPDJNJFOUP Z WBMPS TF FSJHFO
FODPOEJDJPOFTJOJDJBMFTEFVOBSFOPWB
EPSBDPNQSFOTJOEFMTFOUJEPZEFTUJOP
EFMBWJEB
.JHVFM ,PUUPX *OUSPEVDDJO B MB

#JPUJDB &EJUPSJBM .FEJUFSSOFP
4BOUJBHPEF$IJMF QQ
&MBVUPSFTNEJDP NBHTUFSFO4PDJPMP
HBZQSPGFTPSUJUVMBSEFMB6OJWFSTJEBE
EF$IJMF EPOEFFOTFB#JPUJDBZ"O
USPQPMPHBNEJDB&MQSFTFOUFUFYUPFT
VOBSFWJTJOZBNQMJBDJOEFPUSPRVFFM
BVUPSQVCMJDFO4FNBOUJFOFFO
FTUBTFHVOEBFEJDJOFMDBSDUFSEJTDVSTJ
WPRVFQSFTFOUBMPTQSPCMFNBTZDPOnJD
UPTEFMB#JPUJDB QFSPTFBCTUJFOFWP
MVOUBSJBNFOUF EF QSFTDSJCJS TPMVDJPOFT
BVORVF FO PDBTJPOFT JOTJOF MPT BCPS
EBKFT RVF DPOTJEFSB NT BQSPQJBEPT
-BUFNUJDBFTBNQMJB EFTEFMPTGVOEB
NFOUPTEFMBUJDBZMBTIFSSBNJFOUBTEF
MB#JPUJDBZTVTEJWFSTBTFTDVFMBT IBTUB
MPT BTQFDUPT EJSFDUBNFOUF CJPUJDPT FM
FOUSPOP OBUVSBM MB UJDB EF MB TFYVBMJ

EBE JOJDJPTEFMBWJEB HFOUJDB DBMJEBE

EFWJEB EJMFNBTFOUPSOPBMmOBMEFMB
WJEB USBTQMBOUFTEFSHBOPT%FEJDBMPT
MUJNPT DBQUVMPT BM FODVFOUSP DMOJDP
MBCJPUJDBZMBTBMVEQCMJDBoUFNBEF
PUSPMJCSPSFDJFOUFEFMNJTNPBVUPSoZMB
QSPGFTJO NEJDB &O DBEB DBTP JOWJUB
BVOBSFnFYJOOPTMPDFOUSBEBFOMBT
QSPGFTJPOFTCJPNEJDBT TJOPFOFMEFCB
UFNTBNQMJPRVFTFQSPEVDFFOMBTP
DJFEBEDJWJM ZSFTVNFBMmOBMEFDBEBDB
QUVMPMPTQVOUPTQSJODJQBMFTUSBUBEPT
.JHVFM ,PUUPX UJDB EF QSPUFD

DJO6OBQSPQVFTUBEFQSPUFDDJO
CJPUJDB 6OJWFSTJEBE /BDJPOBM EF
$PMPNCJB 4FEF #PHPU
6OJWFSTJ
EBEEF$IJMF &TDVFMB4BMVE1CMJDB
QQ
5PEB UJDB BTQJSB B SFBMJ[BS MB KVTUJDJB
TPDJBM Z MB FRVJEBE FOUSF MBT QFSTPOBT
-B IJTUPSJB NVFTUSB RVF FTUB QSPQVFT
UBFTVUQJDBZFTU FOMBQPDBBDUVBM
NT MFKPT RVF OVODB EF DVNQMJSTF &M
DJVEBEBOP NPEFSOP TF WF QSJWBEP EF
MPTSFTHVBSEPTTPDJBMFTRVFIBCBOTJEP
DPORVJTUBEPT B MP MBSHP EF EPT TJHMPT
DBZFOEPFOVOFTUBEPEFJOTFHVSJEBEZ
EFTBNQBSP DPO SJFTHP EF NBSHJOBDJO
ZFYDMVTJO
3FDPOPDJFOEP MBT JOFRVJEBEFT FYJTUFO
UFT MB UJDB EF QSPUFDDJO TF QSPQPOF
QBMJBSMBTNFEJBOUFFMEFTBSSPMMPEFBDUJ
UVEFTQFSTPOBMFTEFBNQBSPZQSPHSBNBT
TPDJBMFTEFSFTHVBSEP1BSBFMMPSFDVSSFB
MBTSBDFTIJTUSJDBTRVFBTJHOBOBM&TUB
EPMBGVODJOEFQSPUFHFSBTVTTCEJUPT
TFHOEFTDSJCJFSB)PCCFT ZUBNCJOB
MPTmMTPGPTDPOUFNQPSOFPTRVF DPNP
-FWJOT Z +POBT WFO FM JOJDJP EF UPEB

UJDBFOMBQSPUFDDJORVFMPTJOEJWJEVPT
CSJOEBOBMPTEFTWBMJEPT
%FTQVTEFSFDPOPDFSMBTJOTVmDJFODJBT
EFPUSBTQSPQVFTUBT FTUFUFYUPEFTBSSPMMB
MBFTUSVDUVSBEFVOUJDBEFQSPUFDDJO
oJOEJWJEVBM Z DPMFDUJWBo DPO FM mO EF
QPOFSMBBEJTQPTJDJOEFVOBQSPUFDDJO
CJPUJDB FTEFDJS VOBCJPUJDBRVFFO
UJFOEBTVDPNFUJEPDPNPVOBBCPHBDB
QPS MPT NT ECJMFT Z VOB IFSSBNJFOUB
DPODFQUVBMRVFCSFHBQPSFMVTPEFJOT
UJUVDJPOFTTPDJBMFTRVFGPNFOUFOFMFN
QPEFSBNJFOUPEFMPTQPTUFSHBEPT
+FBO -BESJSF UJDB F QFOTBNFOUP

DJFOUmDPBCPSEBHFNmMPTmDBEB
QSPCMFNUJDB CJPUJDB 4P 1BVMP
-FUSBT-FUSBT QQ
&YBNJOB TF I VNB SBDJPOBMJEBEF OB
UJDB DPNPIOBDJODJBDPNQBSBOEP
FTUFTEPJTUJQPTEFSBDJPOBMJEBEFFJOWFT
UJHBOEPTVBTSFMBFT
"MGPOTP-MBOP&TDPCBS &EJUPS
{2V
FT#JPUJDB 4FHOOPUBCMFTCJPFUJ
DJTUBT3&EJUPSFT #PHPU $PMPN
CJB QQ
"MGPOTP-MBOP4+FTEJSFDUPSEFM$FO
USP/BDJPOBMEF#JPUJDBEF$PMPNCJBZ
EJSFDUPS EFM *OTUJUVUP EF #JPUJDB EF MB
6OJWFSTJEBE+BWFSJBOBEF#PHPU&TFM
FEJUPSEFFTUFMJCSPRVFSFDPHFVOBCVF
OB TFMFDDJO EF BSUDVMPT EF DPOPDJEPT
CJPFUJDJTUBT EF EJWFSTPT QBTFT FO UPSOP
BMBQSFHVOUBDFOUSBM{2VFT#JPUJDB
4PO SFnFYJPOFT TPCSF MB #JPUJDB NJT
NB TV IJTUPSJB OBUVSBMF[B GVOEBNFO
UBDJO NUPEP FOTFBO[B GVODJPOFT
&ODBEBDBTPFMFEJUPSTFBMBMBGVFOUFP
QSPDFEFODJBEFMBSUDVMP BMHVOPTEBUPT
CJPHSmDPTEFMBVUPS VOCSFWFSFTVNFO
ZFMDPOUFYUPFORVFTFFTDSJCJ
&TUOSFDPHJEPTEPTBSUDVMPTEFMQSPQJP
"MGPOTP-MBOP "QVOUFTQBSBVOBIJTUP
SJBEFMB#JPUJDB Z'VODJPOFTEFM#JPF
UJDJTUB%FMNCJUPOPSUFBNFSJDBOP FTU
JODMVJEP FM DPOPDJEP BSUDVMP EF 7BO
3FOTTFMBFS 1PUUFS #JPUJDB MB DJFODJB
EFMBTVQFSWJWFODJB:UBNCJO+BNFT&
%SBOF 1SFTFOUFZGVUVSPEFMB#JPUJDB
Z %BOJFM $BMMBIBO #JPUJDB .EJDB

DPNPVOBEJTDJQMJOB Z#JPUJDB%F&V
SPQB MPTGSBODFTFT+FBO(BZPO -B#JP
UJDBFOMBFEVDBDJONEJDB Z$ISJTUJBO
#ZL 3FBMJEBE Z TFOUJEP EF MB #JPUJDB
FOFMQMBOPNVOEJBM"VUPSFTFTQBPMFT
'SBODJTDP"CFM #JPUJDB VOOVFWPDPO
DFQUPZVOBOVFWBSFTQPOTBCJMJEBEZ'
+BWJFS &MJ[BSJ 7FJOUF BPT EF #JPUJDB
Z7FJOUJDJODPBPTEF#JPUJDB%F-B
UJOPBNSJDB.BSBEP$V1BUSBP/F
WFT 'VOEBNFOUBDJO BOUSPQPMHJDB EF
MB#JPUJDB5FSFTB"TOBSJ[ {%FRVIB
CMBNPTDVBOEPIBCMBNPTEF#JPUJDB
'FSOBOEP -PMBT *OTUJUVDJPOBMJ[BDJO
EFMB#JPUJDBZ+PT"MCFSUP.BJOFUUJ
#JPUJDBFO"NSJDB-BUJOB
'FSOBOEP-PMBT#JPUJDB&MEJMP
HPNPSBMFOMBTDJFODJBTEFMBWJEB
&EJUPSJBM 6OJWFSTJUBSJB 4BOUJBHP EF
$IJMF QQ
&MBVUPSFTEJSFDUPSEFM1SPHSBNB3FHJP
OBM EF #JPUJDB QBSB "NSJDB -BUJOB Z
FM$BSJCF EFMB0SHBOJ[BDJO.VOEJBM
EF MB 4BMVE &TUF MJCSP FT VOB CSFWF Z
DPOEFOTBEB JOUSPEVDDJO B MB CJPUJDB
EJTDJQMJOB RVF JOUSPEVDF MB DPOTJEFSB

DJONPSBMFOMBNFEJDJOBZMBTDJFODJBT
CJPMHJDBT .FEJBOUF FKFNQMPT DMTJDPT
EFBWBODFTDJFOUmDPTZUDOJDPTRVFIBO
NPEJmDBEP MB WJEB IVNBOB HFOFSBOEP
OVFWPT EJMFNBT UJDPT FM BVUPS EFTUBDB
oFYQPOJFOEPMBTEJGFSFOUFTQPTUVSBToFM
WBMPSEFMEJMPHPDPNPVOJOTUSVNFOUP
EFBOMJTJTZEFQSPGVOEJ[BDJOUJDB
'FSOBOEP-PMBT#JPUJDBZ.FEJDJ
OB &EJUPSJBM #JCMJPUFDB "NFSJDBOB
4BOUJBHP EF $IJMF QQ
5SBEVDDJO BM QPSUVHVT $6 4BO
$BNJMPZ&EJPFT-PZPMB 4P1BVMP
QQ
&M BVUPS FT EJSFDUPS EFM $FOUSP EF &T
UVEJPTFO#JPUJDBEFMB6OJWFSTJEBEEF
$IJMF EJSFDUPS EF MB 6OJEBE EF #JP
UJDB EF MB 0SHBOJ[BDJO 1BOBNFSJDBOB
EFMB4BMVE QTJRVJBUSBZNJFNCSPEFMB
"DBEFNJB$IJMFOBEFMB-FOHVBZEFMB
3FBM "DBEFNJB &TQBPMB &O FTUF MJCSP
FYQPOFMBFWPMVDJOEFMB#JPUJDBDPNP
OVFWB EJTDJQMJOB RVF IB SFWFMBEP VOB
OVFWBEJNFOTJOEFMBNFEJDJOBZEFMBT
DJFODJBT %FmOJEB PSJHJOBMNFOUF DPNP
MB BQMJDBDJO EFM SB[POBNJFOUP NPSBM B
MBTDPOTFDVFODJBTEFMBWBODFDJFOUmDPZ
UFDOPMHJDP FOMBBDUVBMJEBEDVCSFUPEPT
MPTUFNBTSFMFWBOUFTEFMBWJEB MBNVFSUF
MBTBMVEZFMCJFOFTUBSEFMBTQFSTPOBT
1SFTFOUBVOQBOPSBNBEFMBTSFMBDJPOFT
FOUSFMBNFEJDJOB DPODFCJEBDPNPVOB
QSDUJDB TPDJBM PSJFOUBEB B QSFWFOJS Z
DVSBS FOGFSNFEBEFT Z MB CJPUJDB FO
UFOEJEBDPNPMBBQMJDBDJOEFMEJMPHP
BMBGPSNVMBDJOZMBSFTPMVDJOEFMPT
EJMFNBTNPSBMFTBTPDJBEPTBTVQSDUJDB

#BKPMBUFTJTEFRVFMBCJPUJDBSFQSFTFOUB
FMNTSFDJFOUFQBSBEJHNB EFTQVTEFM
NHJDPZEFMDJFOUmDP TFMBDPOTJEFSB
DPNP MB QPTJCJMJEBE EF SFGPSNVMBDJO
EFMBSUFZMBDJFODJBEFMBNFEJDJOB
'FSOBOEP -PMBT 4UFQLF 5FNBT EF

CJPUJDB6OBJOUSPEVDDJO&EJUP
SJBM6OJWFSTJUBSJB 4BOUJBHPEF$IJMF
QQ
&MBVUPSFTEJSFDUPSEFM1SPHSBNBEF#JP
UJDBEFMB0SHBOJ[BDJO1BOBNFSJDBOB
EFMB4BMVE ZQSPGFTPSEFMBT'BDVMUBEFT
EF .FEJDJOB Z $JFODJBT 4PDJBMFT EF MB
6OJWFSTJEBEEF$IJMF&OFTUFQFRVFP
WPMVNFOQSFTFOUBEFNPEPTJTUFNUJDP
ZTFODJMMPMPTQSJODJQBMFTBTQFDUPTEFMB
#JPUJDB DPODFCJEBDPNPFMFNQMFPEFM
EJMPHPFOMBGPSNVMBDJOZSFTPMVDJO
EFEJMFNBTHFOFSBEPTQPSMBDJFODJBZMB
UFDOPMPHB&OUSFPUSPTUFNBT TFBCPS
EBOMBTEFmOJDJPOFTGVOEBNFOUBMFT MBT
SFMBDJPOFTDPOPUSBTEJTDJQMJOBTZMPTSF
RVJTJUPTQBSBFMUSBCBKPEFCJPUJDB
'FSOBOEP -PMBT #JPUJDB Z "OUSP

QPMPHB NEJDB &EJUPSJBM .FEJUF
SSOFP 4BOUJBHP QQ
&MBVUPSFTQSPGFTPS5JUVMBSEFMBT'BDVM
UBEFTEF.FEJDJOBZEF$JFODJBT4PDJB
MFT EFMB6OJWFSTJEBEEF$IJMFZEJSFDUPS
EFM1SPHSBNB3FHJPOBMEF#JPUJDBEFMB
0SHBOJ[BDJO.VOEJBMEFMB4BMVE
&TUF MJCSP QSFTFOUB UFNBT CJPUJDPT FO
VOB QFSTQFDUJWB BOUSPQPMHJDB TPCSF MB
NFEJDJOBZMBTBMVE4VBOMJTJTBMBMV[
EF EJWFSTBT DPSSJFOUFT EF QFOTBNJFO
UP NEJDP FO FTQFDJBM MB BOUSPQPMPHB
NEJDBEFMBFTDVFMBEF)FJEFMCFSH TF
FNQSFOEF FO FTUF WPMVNFO EF NBOFSB
PSJHJOBMZTVCTUBOUJWB
&OUSFMPTUFNBTUSBUBEPTTFFODVFOUSBO
UJDB EF MBT QSPGFTJPOFT BTQFDUPT IJTU
SJDPT Z DPODFQUVBMFT EF MB CJPUJDB EF
SFDIPT IVNBOPT Z TBMVE NVFSUF Z FO
WFKFDJNJFOUP UJDB EF MB JOWFTUJHBDJO
CJPNEJDBZNFEJDJOBBOUSPQPMHJDB&M
BVUPS VOF B VO MFOHVBKF FYQSFTJWP VOB
DBQBDJEBEEFTOUFTJTRVFGBDJMJUBSMBQSP
GVOEJ[BDJOFOMPTUFNBTUSBUBEPTUBOUPB
MPTQSPGFTJPOBMFTEFMBTBMVEDPNPBMPT
FTQFDJBMJTUBTFOEFSFDIPFIJTUPSJBEFMB
NFEJDJOBZQCMJDPJMVTUSBEPFOHFOFSBM
$0/5&/*%0 4BCFS TBCFSIBDFS Z
TBCFSFTUBS )BDJB VOB UJDB EFM DPOP
DJNJFOUP -B QSBYJT NEJDB *OUFSGBDFT
FOUSF UJDB QPMUJDB Z UDOJDB #JPUJDB
VOBQBMBCSBDPOTVFSUF-BCJPUJDBDPNP
OBSSBUJWB DSUJDB 4JUVBDJPOFT MNJUFT FO
TBMVE%FSFDIPTIVNBOPTZTBMVE$PO
TJEFSBDJPOFTCJPUJDBT-BNVFSUFZFMNP
SJS 4FOUJEP Z TJHOJmDBEP EF MB WFKF[ &M
EFTWBMJNJFOUP DPNP QSPDFTP CJPHSmDP
UJDBEFMBJOWFTUJHBDJOCJPNEJDB"T
QFDUPT QFSTQFDUJWBT DPOUFYUPT"OUSPQP
MPHBNEJDBZCJPUJDBQBSBMFMPTZGVUVSP
-PQSPQJP MPCVFOPZMPKVTUPIBDJBVOB
SB[ONEJDBCJPUJDBZBOUSPQPMHJDB
+BWJFS -P[BOP #BSSBHO .FUBCJP

UJDB Z #JPNFEJDJOB 4OUFTJT EF
1SJODJQJPT Z "QMJDBDJPOFT $JVEBE
EFM 7BUJDBOP &EJUSJDF 7FJBS(PSJF
#(
QQ
&M $BSEFOBM +BWJFS -P[BOP #BSSBHO
QSFTJEFOUF EFM 1POUJmDJP $POTFKP QBSB
MB1BTUPSBMEFMB4BMVEQSFTFOUBFOFTUF
MJCSP i.FUBCJPUJDB Z #JPNFEJDJOB
4OUFTJT EF 1SJODJQJPT Z "QMJDBDJPOFTw
VOB CJPUJDB BCJFSUB B MP USBTDFOEFOUF
DPNPDPOUSBQVFTUBBMBCJPUJDBTFDVMBS
DFSSBEB B MP USBTDFOEFOUF &M MJCSP FTU
DPODFCJEP DPO VOB mOBMJEBE QSDUJDB
DPOFTRVFNBTFJNHFOFTRVFMFEBOVO
DBSDUFSFNJOFOUFNFOUFQFEBHHJDP MJ
NJUBOEP TJOFNCBSHP FMBTQFDUPEJBM
DUJDPZSFnFYJWP
TVCKFUJWPBMPTQSJODJQJPTEFMBCJPUJDB
TFDVMBS TUPT TF QSFTFOUBO QSPCMFNUJ
DPTQPSFKFNQMP VOFNCSJOPVOGFUP
OPQVFEFOFKFSDFSTVBVUPOPNB TJOP
FYJTUF VO CJFO PCKFUJWP OP FT QPTJCMF
EFUFSNJOBSRVFTCVFOPQBSBFKFSDFSMB
CFOFmDFODJBOJRVFTKVTUPQBSBFKFSDFS
MBKVTUJDJB
#BTBEPFOFMIFDIPEFRVFOPTFQVFEF
PCWJBSMBOFDFTBSJBSFMBDJOFOUSFUJDBZ
NFUBGTJDB FM$BSEFOBMQBUFOUJ[BMPTQSF
TVQVFTUPTmMPTmDPTZWBMPSFTRVFTVC
ZBDFOBMBCJPUJDBTFDVMBS BMPTDVBMFT
HFOFSBMNFOUFOPTFBEVDF ZRVFQBSUFO
EFMQFOTBNJFOUPEFMBQPTNPEFSOJEBE
FTQJSJUVBMJEBE TJODSFUJTUB EJWJOJEBE EF
MB5JFSSB (BJB
TVCKFUJWJTNP DPOUSBD
UVBMJTNPoDPOTFOTP VUJMJUBSJTNP DBTVJT
NP OFPQPTJUJWJTNP SBDJPOBMJEBE FTU
UJDB UJDB HMPCBM CTRVFEB EF DBMJEBE
EFWJEBZEFTBSSPMMPTPTUFOJCMF EFGFOTB
EFMPTEFSFDIPTIVNBOPT QSPUFDDJOEF
MBT NJOPSBT EFNPDSBDJB QBSUJDJQBUJWB
TPMVDJO QBDmDB EF DPOnJDUPT USBOT
QBSFODJBEFMBTOFHPDJBDJPOFT FRVJEBE
FOUSFPUSPT
-BCJPUJDBBCJFSUBBMPUSBTDFOEFOUF FO
DBNCJP QBSUFEFMBOBUVSBMF[BIVNBOB
FOUPEBTVDPNQMFKJEBETUBTFDPOTUJ
UVZF FO DSJUFSJP PCKFUJWP EF NPSBMJEBE
Z TV BQFSUVSB B MP USBTDFOEFOUF FO BV
UOUJDB BVUPOPNB -B CJPUJDB TF EFm
OF DPNP FM iQSPZFDUP JOUFMJHFOUF EF MB
NBOJQVMBDJOFOMBTDJFODJBTZUDOJDBT
EFMBTBMVEZEFMBWJEBwP FOUSNJOPT
DSJTUJBOPT iFTUVEJPTJTUFNUJDPZQSP
GVOEPEFMBDPOEVDUBRVFDPOTUSVZFBM
IPNCSFNFEJBOUFMBTDJFODJBTEFMBWJEB
ZEFMBTBMVE BMDBNJOBSFO$SJTUPIBDJB
FM 1BESF QMFOJUVE Z GVFOUF EF MB WJEB
QPS MB GVFS[B EFM &TQSJUV 4BOUPw &TUB
CJPUJDB UJFOF TV GVOEBNFOUP FO VOB
UJDBPCKFUJWBVOJWFSTBMRVFTFIBMMBDPO
mSNBEB FO MB SFWFMBDJO DSJTUJBOB -B
NFUBCJPUJDBOPTFCBTBTMPFOMPRVF
FTUBMBMDBODFEFMBSB[O TJOPRVFTF
BCSFBMBSFWFMBDJO
&M QFOTBNJFOUP QPTNPEFSOP IB HFOF

SBEP VOB DVMUVSB UJDB FO RVF QSJNB
MB EFTDPOmBO[B Z FM FTDFQUJDJTNP FO FM
WBMPS EFM SB[POBNJFOUP IVNBOP Z FO
FM GVUVSP TF WJWF VO SFMBUJWJTNP UJDP
VOOJIJMJTNPZVOBQTFVEPSFMJHJPTJEBE
TMP JNQPSUB FM QSFTFOUF MB UPMFSBODJB
FT MB WJSUVE B MB RVF TF MF PUPSHB NT
JNQPSUBODJB "M PUPSHBS TMP VO WBMPS
&MMJCSPDPOUJFOF BEFNT WBMPSBDJPOFT

NPSBMFT EFTEF MB QFSTQFDUJWB DBUMJDB
TPCSFUFNBTBDUVBMFTEFMBCJPUJDBJO
TFNJOBDJO BSUJmDJBM GFDVOEBDJO JO
WJUSP DMPOBDJOIVNBOB DMVMBTNBESF
QSFFNCSJO GFUPMPHBEJBHOTUJDBZUF
SBQVUJDB UFSBQJB HOJDB EPOBDJO Z
USBTQMBOUF EF SHBOPT YFOPUSBTQMBOUFT
FOTBBNJFOUP UFSBQVUJDP FVUBOBTJB

QBUFOUFT FOUSFPUSBTNBUFSJBT &EVBSEP

3PESHVF[:VOUB"DUB#JPFUIJDB
3BNO -VDBT -VDBT "OUSPQPMPHB

Z QSPCMFNBT CJPUJDPT #JCMJPUFDB
EF"VUPSFT$SJTUJBOPT .BESJE
QQ
&M QSFTFOUF MJCSP FT VO FTUVEJP FTQF
DJBMJ[BEP QFSP NT RVF EF CPUJDB TF
USBUB DPNPFMUUVMPJOEJDB EFVOBGVO
EBDJO BOUSPQPMHJDB EF MPT QSPCMFNBT
CJPUJDPT $PNP UBM FM QMBOUFBNJFOUP
FTimMPTmDPw FTEFDJSSBDJPOBM BDDFTJ
CMF B UPEPT MPT IPNCSFT iDSFZFOUFTw P
iOPoDSFZFOUFTw -PT DSFZFOUFT TPO DPO
GSFDVFODJBBDVTBEPTEFRVFSFSJNQPOFS
VOBWJTJOiDPOGFTJPOBMw&OFTUBTQHJ
OBTQSFUFOEPPGSFDFSVOBWJTJOSBDJPOBM
EF MPT QSPCMFNBT CJPUJDPT Z VOB GVO
EBDJO BOUSPQPMHJDB EF MPT NJTNPT
EBEB MB JNQPSUBODJB RVF UJFOF FO UF
NBT RVF UPDBO MB WJEB Z MB NVFSUF EFM
IPNCSF MB TFYVBMJEBE MB GFDVOEBDJO
BSUJmDJBM FMBCPSUP MBDMPOBDJOIVNB
OB MBNVFSUFDFSFCSBM FMUSBOTQMBOUFEF
SHBOPT MB FVUBOBTJB -B BNQMJUVE EF
MPT UFNBT JNQJEF USBUBSMPT UPEPT QPS
FTP MB SFnFYJO TF BSUJDVMB DPNP TJHVF
&O FM QSJNFS DBQUVMP TF FTUBCMFDFO MBT
CBTFT FQJTUFNPMHJDBT QBSB VOB BSHV
NFOUBDJO SBDJPOBM EF WBMPS VOJWFSTBM
DPOFTQFDJBMSFGFSFODJBBMBGFDVOEBDJO
BSUJmDJBM 4JHVFO EFTQVT EPT DBQUVMPT
FTQFDmDBNFOUFBOUSPQPMHJDPTTPCSFMB
OBUVSBMF[BZWBMPSEFMDVFSQPIVNBOPZ
EFMBTFYVBMJEBE FOMPTDVBMFTTFFWJEFO
DJB VOB POUPMPHB EF MB QFSTPOB &O FM
DVBSUPDBQUVMPTFBOBMJ[BMBiOBUVSBMF[B
IVNBOBwEFMFNCSJO EFMNJOVTWMJEP
EFM FOGFSNP UFSNJOBM Z TV FTUBUVUP EF
iQFSTPOB IVNBOBw OJDB JSSFQFUJCMF F
JOWJPMBCMF&OFTUFDPOUFYUPTFBOBMJ[BO
MBTPCKFDJPOFTRVFTFSFmFSFOBMFTUBUVUP
EFiQFSTPOBwEFMFNCSJOZEFMFOGFSNP
UFSNJOBM DPNP UBNCJO MB DMPOBDJO
IVNBOB JODMVTP MB MMBNBEB iUFSBQV
UJDBw 1BSUJFOEP EF MB DPOTJEFSBDJO
RVFTFFTiQFSTPOBw QFSPTFMMFHBBTFS
iQFSTPOBMJEBEw FOFMDBQUVMPRVJOUPTF
FYQMJDBDPNPMBQFSTPOBEFTBSSPMMBZNB
EVSBTVTDBQBDJEBEFTCJPMHJDBTZFTQJSJ
UVBMFT TJORVFFTUPJNQMJRVFDBNCJPEF
TVFTUBUVUPPOUPMHJDP-BVOJEBEQTJDP
CJPMHJDBEFMBQFSTPOBIVNBOB DPSQPSF
FU BOJNB VOVT
IBDF RVF MB NVFSUF TFB
QBSB FM IPNCSF VOB SFBMJEBE EFM UPEP
FTQFDJBMZQSPQJB"OBMJ[BOEPFOFMDBQ
UVMPTFYUPMBiNVFSUFIVNBOBwTFCVTDB
QPSUBOUP FWJUBSEPTSFEVDDJPOJTNPTFM
CJPMHJDP RVFIBDFDPOTJTUJSMBNVFSUF
FOVODPOKVOUPEFQSPDFTPTZFWFOUPTG
TJDPoCJPMHJDPT EJBHOTUJDPNFEJDPEF
iNVFSUFDFSFCSBMw
ZFMFTQJSJUVBMTUJDP
RVFJOTJTUJFOEPFOMBFTQJSJUVBMJEBEEFM
IPNCSFPMWJEBTVSFBMJEBEEFTFSFODBS
OBEP&OFTUFDPOUFYUPFMQSPCMFNBEF
MB NVFSUF DFSFCSBM Z MPT RVF BUBFO FM
USBTQMBOUFEFSHBOPTZMBFVUBOBTJB NB
OJmFTUBOUPEPTVESBNBUJTNPIVNBOPZ
MBEJmDVMUBEEFMKVJDJPUJDP&MMUJNP
DBQUVMPTFEFEJDBBSFTPMWFSMBQSFHVO
UBDSVDJBM{QPSRVIBZRVFSFTQFUBSBM
IPNCSF {%OEFTFGVOEBTVWBMPSJO
WJPMBCMF -BCJPUJDBUJFOFOFDFTJEBEEF
FTUBTBDMBSBDJPOFTZGVOEBNFOUPTBOUSP
QPMHJDPT
+PT "MCFSUP .BJOFUUJ -B DSJTJT EF

MBSB[ONEJDB*OUSPEVDDJOBMB
mMPTPGB EF MB .FEJDJOB &EJUPSJBM
2VJSO -B1MBUB
&O QBMBCSBT EFM QSPQJP BVUPS FO MB JO
USPEVDDJOi1BSBMBNFEJDJOBFTUJFN
QPEFSFnFYJO1PSTVSB[FUJNPMHJDB
NFEJDJOB FT NFEJUBDJO DVSB EFM IPNP
JOmSNVT:TJVOBWJEBTJOSFnFYJOOP
NFSFDFWJWJSTF UBOUPNTMBWJEBNEJ
DB RVFFTNFUBGTJDB MHJDBZNPSBMFO
FKFSDJDJPT mMPTPGB DPODSFUB &O MB FSB
UFDOPMHJDBTFBDFOUBMBOFDFTJEBEEFM
QFOTBNJFOUP DSUJDP DVZB BVTFODJB EF
MBNFEJDJOBSFTVMUBBMBWF[QFMJHSPTBZ
DPTUPTB )PZ DPNP BZFS EFCFNPT VO
HBMMPB&TDVMBQJPw
$PO FTUF UUVMP oEF BQBSBUPTP DVP
LBOUJBOPo QSFTFOUP VO FOTBZP EF GVO
EBNFOUBDJO IJTUSJDB EF MB BDUVBM m
MPTPGBEFMBNFEJDJOB-BJOUFODJOFT
DPOTUJUVJSVOBEJTDJQMJOBWFSUFCSBMEFMBT
IVNBOJEBEFTZDJFODJBTTPDJPoNEJDBT
RVF QSFTUF FTUBUVUP FQJTUFNPMHJDP BM
QBSBEJHNB NEJDP EF OVFTUSP UJFNQP
1VOUPEFQBSUJEBFTFMBOMJTJTEFTJUVB
DJOEFMBNFEJDJOBIPZ QBSBJOGFSJSVO
EJBHOTUJDPEFDSJTJTEFMBSB[ONEJ
DB P EFmDJFODJB EFM NPEFMP UFSJDP
RVFGVOEBNFOUBMPTTBCFSFTNEJDPT FM
FKFSDJDJPQSPGFTJPOBMZMBBUFODJOEFMB
TBMVE &O TFHVOEP MVHBS TF FKFNQMJmDB
EJDIB DSJTJT FO MPT SEFOFT EF MB QBUP
MPHB MBDMOJDBZMBUFSBQVUJDB QPSMPT
DVBMFTFMQFOTBNJFOUPNEJDPTFPSJFOUB
IBDJB VOB BOUSPQPMPHB VOB FQJTUFNP
MPHBZVOBUJDB SFTQFDUJWBNFOUF1PS
MUJNPTFDPODMVZFTFBMBOEPFMQBTPEF
MBIJTUPSJBBMBmMPTPGBEFMBNFEJDJOB
PEFMBDSJTJTBMBDSUJDBEFMBSB[ON
EJDB QBSB BSSJCBS B MB GVOEBNFOUBDJO
TJTUFNUJDBEFMBJBUSPmMPTPGB UBSFBFTUB
MUJNBBDVNQMJSFOPUSPMVHBS
-JCSPFTUFMJCSPNPFOMBNBEVSF[CJP
HSmDB Z FT EF FTQFSBS
CJCMJPHSmDB
4VFMPBHSBEFDFSBM$JFMPQPSIBCFSOBDJ
EPCBKPMBDPOTUFMBDJOEF.JOFSWBZ&T
DVMBQJPRVFTJHOBOVFTUSPUJFNQPDPNP
OJOHOPUSPEFTEFMB(SFDJBDMTJDB.J
WJEBJOUFMFDUVBMIBTJEPmFMBVOQSPZFD
UPmMPTmDPEFMBNFEJDJOB EFMDVBMIPZ
TBCPSFP VO NJOTDVMP GSVUP DVMUJWBEP
FOFMICSJEPKBSEOBDBENJDPEFMBTGB
DVMUBEFTNEJDBZmMPTmDB1PSFMMPNF
IF QSPQVFTUP oDPOUJOVBOEP MB JOFWJUB
CMFNFUGPSBBHSPDVMUVSBMEFMUFYUPoQP
OFSVOBTFNJMMBFTDPMTUJDB EFCJEBBNJT
NBFTUSPT Z EJTDQVMPT FO FM DBNQP GF
DVOEPEFMBTSFMBDJPOFTFOUSFMBmMPTPGB
ZMBNFEJDJOB1BSBFYQMPSBSFTFDBNQP
PGSF[DPFTUBHVBTFNJOBM TOUFTJTEFNJ
FYQFSJFODJB DPNP PCTFSWBEPS SFnFYJWP
EF MB BDUVBM NFEJDJOB " UBM FGFDUP m
OBMNFOUF JODMVZPBNBOFSBEFBQOEJDF
VOBPSJFOUBDJOCJCMJPHSmDBEFQSPWF
DIPQSPCBEP ZVOBHSBOBEBNVFTUSBEF
MBQSPQJBDPTFDIBEJTDJQMJOBSJB
+PT"MCFSUP.BJOFUUJ#JPUJDBGVO
EBNFOUBM-BDSJTJTCJPUJDB2VJ
SO -B1MBUB QQ
&TUBT QHJOBT EFM EPDUPS .BJOFUUJ JOJ
DJBEPSEFMB#JPUJDBFO"SHFOUJOB QSF
UFOEFOJOEBHBSMBHFOFBMPHBEFMBNPSBM
IPZMMBNBEBCJPUJDBPUJDBCJPNEJDB
QSPEVDUP EF VOB DSJTJT CJPoUJDB EF MB
FSBUFDOPMHJDB DSJTJTBMBWF[WJUBMZNP
SBMFODVZBVSEJNCSFBQBSFDFOUSFTNP

UJWPT QSJODJQBMFT BQBSFKBEPT QPS PUSPT

UBOUPTDSJUFSJPTNEJDPTJOOPWBEPSFTB

MBDBUTUSPGFFDPMHJDBZMBiNFEJDJOBEF
MBBMJBO[BwC
MBSFWPMVDJOCJPMHJDBZ
MBiNFEJDJOBEFMEFTFPwD
MBNFEJDBMJ
[BDJOEFMBWJEBZMBiNFEJDJOBEFMQP
EFSw5SFTDMTJDBTmHVSBToMBCCMJDBEF
/P MBNJUPMHJDBEF1JHNBMJOZMBMJ
UFSBSJBEF,OPDLoDPNQPOFOFMRVJN
SJDPSPTUSPEFMBCJPUJDBDPNPEFTBGPB
MBNFEJDJOBFOMBQSFTFOUFFODSVDJKBEB
TFHOFMBVUPS
+PT"MCFSUP.BJOFUUJ-B5SBOTGPS
NBDJOEFMBNFEJDJOB2VJSO -B
1MBUB
&TUFMJCSPRVJFSFNPTUSBSMBUSBOTGPSNB
DJO EF MB NFEJDJOB FO TVT SFMBDJPOFT
DPO FM IVNBOJTNP EVSBOUF MBT EDB
EBTmOBMFTEFMTJHMP99 EFNBOFSBHF
OSJDB Z FO MB GPSNB FTQFDmDB EF USFT
EJTDJQMJOBT QBSBEJHNUJDBT %FTEF VOB
*OUSPEVDDJO B VOB $PODMVTJO TF EF
TBSSPMMBO DVBUSP DBQUVMPT o.FEJDJOB Z
)VNBOJTNP )VNBOJEBEFT .EJDBT
'JMPTPGBEFMB.FEJDJOBZ#JPUJDBoDPO
USFTBQBSUBEPTDBEBVOP DPSSFTQPOEJFO
UFTBVOUSJQMFSFHJTUSP
IJTUSJDPEFT
DSJQUJWP
DPODFQUVBMTJTUFNUJDP Z

QFSTPOBMJOTUJUVDJPOBM &TUF MUJNP
BTQFDUPSFRVJFSFDJFSUBKVTUJmDBDJOQPS
TVDPNQPTUVSBBVUPCJPHSmDB RVFEFT
DVJEBMBQSVEFOUFNYJNB%FOPCTQTJT
TJMFNVT)FSFDJCJEPMBCFOEJDJODIJOB
EFiWJWJSFOUJFNQPTJOUFSFTBOUFTw QBSB
NJWPDBDJOJOUFMFDUVBMEFNEJDPZm
MTPGP HSBEVBEPFO USFJOUBBPT
EFVOFODVFOUSPFOUPODFTJOTPTQFDIBCMF
FOUSFMB.FEJDJOBZFM)VNBOJTNP QPS
MPRVFOPSFTJTUPMBUFOUBDJOEFDPOUBS
FTBIJTUPSJBDPNPUFTUJHPZUFTUJNPOJP
*OUSPEVDDJOEFMQSPQJPBVUPS

+PT "MCFSUP .BJOFUUJ #JPUJDB

*MVTUSBEB2VJSO -B1MBUB
&O QBMBCSBT EFM QSPQJP BVUPS FO MB JO
USPEVDDJO i$PO #JPUJDB *MVTUSBEB
DJFSSP VO DJDMP CJCMJPHSmDP BCPDB
EP BM FTUVEJP HFOFSBM EF MB EJTDJQMJOB
&M QSFTFOUF MJCSP SFDBQJUVMB FO DJFSUP
NPEP MPT BOUFSJPSFT QBSB VOB MFDUVSB
EF EJWVMHBDJO CJPUJDB 5BOUP P NT
RVF VOB EJTDJQMJOB BDBENJDB MB CJP
UJDB SFQSFTFOUB VO PSEFO EF QSFPDVQB
DJPOFToMBiUJDBEFMBWJEBw QSPQVFTUB
QPS FM EFTBSSPMMP DJFOUmDPUFDOPMHJDP
EF MB CJPNFEJDJOBo RVF B OBEJF SFTVM
UBBKFOPZFTSFTQPOTBCJMJEBEEFUPEPT
-BCJPUJDBZBOPQVFEFTFSTMPBTVOUP
EFNPSBMJEBEQSPGFTJPOBMQBSBNEJDPT
F JOWFTUJHBEPSFT P NBUFSJB EF FTUVEJP
BDBENJDPQBSBmMTPGPTZUFMPHPT&MMB
FTUFOMBBHFOEBQCMJDB DPNPBEJBSJP
OPTMPNVFTUSBOMPTNFEJPT*MVTUSBEBFT
FTUB CJPUJDB QPSRVF QSFUFOEF EJGVOEJS
MBT MVDFT EF MB EJTDJQMJOB QPS NFEJP EF
JNHFOFTSFQSFTFOUBUJWBTEFMNVOEPEF
MBWJEBNPSBM1FSPFMSFDVSTPBMJNBHJ
OBSJPOPQFSTJHVFUBOTMPMBTFEVDDJO
EFMNFOTBKFFOMBDPNVOJDBDJOEFFTQ
SJUVT TJOPRVFJOUFOUBEFTUBDBSFMQBQFM
EFMBSB[OJNBHJOBUJWBFOMBNPSBMJEBE
$POUJOVBOEPMBFYQMPSBDJOJOJDJBEBFO
#JPUJDB 'JDUB BRV MB OBSSBUJWB SFTVMUB
iCJPUJDPNFEJBw OPWFMBEFMDJFMP FMJO
mFSOPZFMQVSHBUPSJPEFVOBEJTDJQMJOB
BOBMJ[BEB SFTQFDUJWBNFOUF DPNPGFO
NFOPDVMUVSBM NPWJNJFOUPTPDJBMZFT
UJMPJOUFMFDUVBM
+PT"MCFSUP.BJOFUUJ"OUSPQPCJP
UJDB2VJSO -B1MBUB
&OPDUVCSFEF UVWJNPTFMQMB
DFSEFDPODVSSJSBMBDMJEBQSFTFOUBDJO
FGFDUVBEB QPS ) 5SJTUSBN &OHFMIBSEU
+S EFM MJCSP RVF BRV SFTFBNPT FO
DVZBi*OUSPEVDDJOw.BJOFUUJEFOPNJ
OBQSPWJTPSJBNFOUFiBOUSPQPCJPUJDBwB
MBFYQMPSBDJOBOUSPQPMHJDBEFMB#JP
UJDBRVFDPOFTUBPCSBTFQSPQPOFJOJ
DJBS TFBMBOEPQSFMJNJOBSNFOUFRVFMB
#JPUJDBiFYJHFVOSFQMBOUFBNJFOUPmMP
TmDPEFMBJEFBEFMIPNCSFFOOVFTUSB
DVMUVSBw UFOJFOEPQSFTFOUFRVFiMBUFD
OPDJFODJBDPOUFNQPSOFBHJSBFOUPSOP
BMBQMBTUJDJEBEEFMPCKFUPBNBOJQVMBSw
BRV FMTFSIVNBOP SFWPMVDJODVMUVSBM
BOUSPQPQMUJDB
QQ

&OFM$BQ* QQ
USBUB.BJOFU
UJBDFSDBEFiMBDVFTUJOOPNJOBMEFMB
CJPUJDBw QSFDJTBOEP FM FNQMFP PSJHJ
OBSJP EFM OFPMPHJTNP TV FUJNPMPHB Z
TVSB[OEFTFSZOPTCSJOEBTVQSPQJB
QFSDFQDJOBDBENJDBEFFTUBEJTDJQMJOB
DPNPNBOFSBEFQFOTBSZBDUVBS mMPTP
GBQSDUJDB
FOUFOEJEBiDPNPQBSBEJH
NBEFMBNPSBMDJWJMZUFDOPDJFOUmDBEF
OVFTUSP UJFNQPw OVFWB mMPTPGB EF MB
NFEJDJOBZCJPmMPTPGB
&M $BQ ** QQ
WFSTB TPCSF MB
iSFGPSNBZDPOUSBSSFGPSNBNPSBMEFMB
NFEJDJOBw DPOTJEFSBOEPBRV.BJOFUUJ
BMB#JPUJDBDPNPFMQBSBEJHNBNEJDP
QPTNPEFSOP TJFOEP QSFDJTP QBSB FMMP
iTFHVJSMBFWPMVDJOCJPUJDBFOFMDVBS
UPmOBMEFMTJHMP RVFWJODVMBMBmMPTPGB
Z MB NFEJDJOB EF NBOFSB OVODB BOUFT
DPOPDJEBw BUFOEJFOEPBMBTUSBOTGPSNB
DJPOFTEFMBNFEJDJOBZBMBDPOGSPOUB
DJOFOUSFVONPEFMPSFGPSNJTUBZPUSP
DPOTFSWBEPSEFMBUJDBNEJDB BMPTRVF
EFTDSJCF EFUBMMBOEPMPTEJWFSTPTGBDUPSFT
EFUBMUSBOTJDJO TFBMBOEPRVFMBTOVF
WBTUFOEFODJBTEFMBUJDBNEJDBQBSF
DFOJSFOVOTFOUJEPBOUSPQPCJPUJDP
&OFM$BQ*** EFOPNJOBEPiGFOPNF
OPMPHB EF MB JOUFSDPSQPSFJEBEw QQ

oSFQSPEVDJEPFOFTUFWPMVNFOo
.BJOFUUJFTUVEJBMBOVFWBEJNFOTJOGF
OPNFOPMHJDBJOUFSTVCKFUJWBBCJFSUBQPS
EJWFSTBTCJPUDOJDBTTPNUJDBT USBTQMBO
UFTEFSHBOPTEBDJOEFHBNFUBTZFN
CSJPOFT JOHFOJFSB HFOUJDB
EFOPNJ
OBOEP iJOUFSDPSQPSFJEBEw B MB SFMBDJO
EFJOUFSDBNCJPEFQBSUFTPEFQSPEVDUPT
EFM DVFSQP FOUSF TFSFT IVNBOPT FGFD
UVBOEPBMHVOBTBmSNBDJPOFTRVFNPWJ
MJ[BOMBQPMNJDB WHS iMBCJPNFEJDJOB
PCMJHBIPZBDPOTJEFSBSBMDVFSQPDPNP
PCKFUPEFEFSFDIPw
FOQBSUJDVMBS TPCSF
MBQSPQJFEBEDPSQPSBM
&M$BQ*7 QQ
MMFWBQPSUUVMP
i.FEJDJOB Z IVNBOJUVE TVGSJS FOWFKF
DFS NPSJSw.BJOFUUJQVOUVBMJ[BBRVMPT
MNJUFTUFDOPDJFOUmDPTBOUFEJDIPTGFO
NFOPT BTDPNPMBmOJUVEEFMTFSIVNB
OP FMMPFOQPTEFSFWBMPSJ[BSMBDPOEJDJO
IVNBOBiGSFOUFBVOBDVMUVSBNFEJDBMJ
[BEB QBSB MB RVF FM TVGSJNJFOUP FT VO
EFTQSPQTJUP MBWFKF[VOBFOGFSNFEBEZ
MBNVFSUFVONBMBCTPMVUPw-PTUSFTUF
NBT TVGSJNJFOUP TFOFDUVE NVFSUF
TPO
EFTBSSPMMBEPTBUFOEJFOEPBEFTDSJQDJPOFT
DPODFQUVBMFT EFWFOJSIJTUSJDP UFPSBZ
QSDUJDB DPOOVNFSPTPTFKFNQMPTZVOB
SJDBQSFDJTJODPODFQUVBM

&O TV iDPODMVTJOw QQ

.BJ
OFUUJSFTBMUBFMWBMPSEFMBBOUSPQPCJPUJ
DB FODVBOUPSFTVMUBICJMQBSBCSJOEBS
VOBOVFWBGVOEBNFOUBDJOOPSNBUJWB
EBEBMBDPSSFMBDJOFOUSFMBBOUSPQPMPHB
ZMBUJDB
/P DPODMVZF BRV FTUF MJCSP #BKP FM
UUVMP EF i"OUSPQPUJDBw FOUSF BMHV
OBT JMVTUSBDJPOFT QQ
Z VOB
TFMFDDJO EF UFYUPT i3FMBUPT EF )V
NBOJUVEw
PCSB VO FTUVEJP JOUJUVMBEP
i1JHNBMJO FO QBOUBMMB P MBT USBOTGPS
NBDJPOFT DJOFNBUPHSmDBT EFM DVFSQP
IVNBOPw SFBMJ[BEPFODPBVUPSBDPOFM
MJDFODJBEP 4FSHJP $FDDIFUUP QQ

UPEPMPRVFDPOGPSNBVOBQOEJ
DFEFFTUBQVCMJDBDJO&OFTUFUFYUP MPT
BVUPSFT EFTUBDBO RVF FM DJOF IB TBCJEP
SFnFKBSEFEJWFSTBTNBOFSBTMBTQPTJCJMJ
EBEFTEFUSBOTGPSNBDJOUFDOPDJFOUmDB
ZDVMUVSBMEFMDVFSQPIVNBOP SFmSJO
EPTFBDVBUSPEJNFOTJPOFTGMNJDBTRVF
EBODVFOUBEFFMMP FKFNQMJmDBOEPDPO
EJWFSTBT QFMDVMBT TFBMBOEP RVF iFM
JNBHJOBSJP DVMUVSBM EF OVFWBT GPSNBT
DPSQPSBMFT BOVODJB MBT USBOTGPSNBDJP
OFT QPS WFOJS EF MB OBUVSBMF[B IVNBOB
TPNFUJEB B MB WPMVOUBE QJHNBMJOJDB P
BOUSPQPQMTUJDBEFOVFTUSPUJFNQP DPO
TVUFDOPDJFODJBEFNJSHJDB CJPHFOUJDB
Z DJCFSOUJDB QBMBEJOBNFOUF
Z GVUVSP
JNQSFWJTJCMFw
6OB WF[ NT DPO TV TJOHVMBS FTUJMP
.BJOFUUJ OPT JOWJUB B QFOTBS FTQFDJBM
NFOUF FO FM $BQ *** BM QMBOUFBS EFMJ
DBEBT DVFTUJPOFT WHS BDFSDB EFM QB
USJNPOJP HFOUJDP
RVF SFRVJFSFO EFM
QSPOUPZEFCJEPEFCBUFUJDPZKVSEJDP
B SFBMJ[BSTF Z DPOTPMJEBSTF OPSNBUJWB

NFOUF QSFGFSFOUFNFOUF BOUFT EF RVF
MBT QFMDVMBT RVF SFDSFB DPO $FDDIFUUP
i5FSNJOBUPSw i-B.PTDBw FUD
EFKFO
EFTFSOBEBNTRVFVOFOUSFUFOJNJFO
UP -VJT(VJMMFSNP#MBODP $VBEFSOPT
EF#JPUJDB "SHFOUJOB

+PT "MCFSUP .BJOFUUJ $PNQFOEJP

#JPUJDP2VJSO -B1MBUB
'JFM B VO QSPZFDUP mMPTmDP FO NFEJ
DJOB +PT "MCFSUP .BJOFUUJ FO TV MUJ
NBPCSBUJUVMBEB$PNQFOEJP#JPUJDP
FYQPOF BRVFMMBT DVFTUJPOFT EF MB UJDB
NEJDB RVF TF JOTDSJCFO FO VO DBNQP
NTWBTUPEFJOUFSSPHBDJONPSBM$PO
VOB FMFHBOUF QSPTB QPCMBEB EF CTJDBT
SFGFSFODJBTBMFUIPTIJQPDSUJDPEFMQFO
TBNJFOUPHSJFHP MBMJUFSBUVSBZMBDVMUVSB
FOHFOFSBM .BJOFUUJJOUSPEVDFBMMFDUPS
FO MPT DPODFQUPT CTJDPT EF MB UFPSB
CJPUJDB &TUF MJCSP QSPWFF BM MFDUPS EF
IFSSBNJFOUBT DPODFQUVBMFT RVF BIPO
EBOFOFMTFOUJEPEFMBDSJTJTEFMNPEFMP
CJPNEJDPQPTJUJWJTUB FODPOUSBQVOUPB
VONPWJNJFOUPRVFTFEJCVKBIBDJBVO
OVFWPNPEFMPIVNBOTUJDP
4FBMBTVBVUPS RVFFMSFQMBOUFPEFJO
FMVEJCMFTTJUVBDJPOFTEFMBFYJTUFODJBIV
NBOBFOFMPSEFONEJDP DPNPQVFEFO
TFSFMEPMPS FMTVGSJNJFOUP MBFOGFSNF
EBEPMBNVFSUF DPOGSPOUBOFOEJNFO
TJPOFT OPSNBUJWBT QPMUJDBT FDPO
NJDBTPTPDJBMFT EFVOOVFWPEJTDVSTP
NPSBMTJOQSFDFEFOUFTFOFMNVOEPEF
IPZ -B UJDB DPOUFNQPSOFB RVF IPZ
BUSBWJFTBQPSVOBDSJTJTEFGVOEBNFOUB
DJO OPEFKBEFNBOJGFTUBSVOTJOGOEF
QBSBEPKBTZEJMFNBTFOFMBSUFEFDVSBS
DPOTUJUVZFOEP MB CJPUJDB VOB QSPWJTP

SJBDBSUBEFOBWFHBDJOQBSBMBBWFOUVSB
RVF MB IVNBOJEBE IB FNQSFOEJEP FO
FTUFTFOUJEP
6ODBNCJPEFQBSBEJHNBFTJOUSPEVDJEP
DVBOEPBMBFYDMVTJWBBVUPSJEBENEJDB
CBTBEB FO MB USBEJDJPOBM SBDJPOBMJEBE
DJFOUmDPUFDOPMHJDB TFWJFOFBPQPOFS
FO FM NBSDP EF MB NFEJDJOB VO OPWF
EPTPGVOEBNFOUPFOMBRVFVOEJMPHP
USBOTDVMUVSBM FT JOUSPEVDJEP DPNP TV
PCKFUP MBJOUFSQSFUBDJODPNPTVNUP
EPZMBNPSBMDPNPTVmO IBDJFOEPTV
FOUSBEBVOBDSJTJTEFJEFOUJEBE RVFWJF
OFBSFQMBOUFBSMPTmOFTEFMBNFEJDJOBZ
MBBUFODJOEFMBTBMVE
&MFTQSJUVEFFTUFQBSBEJHNBDJFOUmDP
HMPCBMJ[BEPS IFSNFOVUJDP Z BYJPMHJ
DP TFBCSFDBNJOPEFTEFFMNPEFMPEF
MBWJFKBNPSBMNEJDBEFMBSBDJPOBMJEBE
QPTJUJWJTUB B MB MMBNBEB 3FWPMVDJO
#JPUJDB RVF FO MB GPSNB EF VOB UJDB
TFDVMBSZQMVSBMJTUBWJFOFBDPOTBHSBSVO
FOMBDF TJO QSFDFEFOUFT FOUSF DJFODJB Z
UJDB JOUFOUBOEPVOBSFTJHOJmDBDJOEFM
QBEFDJNJFOUP IVNBOP EBEB VOB SFMB
DJODBEBEBNTDPNQMFKBFOUSFNEJ
DP FOGFSNPZTPDJFEBE
.BJOFUUJ BTJNJTNP FYQMJDB FO FM UFYUP
FM .PEFMP EF MPT 1SJODJQJPT EF #FBV
DIBNQ Z $IJMESFTT FO TVT DVBUSP OJWF
MFTEFKVTUJmDBDJONPSBM UFPSBTUJDBT
QSJODJQJPT SFHMBT Z DBTPT QBSUJDVMBSFT

KVOUP B MB BDMBSBDJO EF RVF MB BQMJDB
DJOSBDJPOBMEFEJDIPNPEFMPEFCFTFS
DPOTJEFSBEBKVOUPBMPTUFNBTEFMQPEFS
MBTVCKFUJWJEBEZMBWPMVOUBEEFNPSBM
&M $PNQFOEJP TF BSUJDVMB FO USFT QBS

UFT QSJODJQBMFT DPOTUJUVZFOEP MPT GVO
EBNFOUPT EF MB CJPUJDB 1SJNFSB QBS
UF #JPUJDB IJTUSJDB RVF EFTQMJFHB
DPOUFOJEPTEFUJDBNEJDBBUSBWTEF
EJTUJOUBTFUBQBTEFMBIJTUPSJB4FHVOEB
QBSUF #JPUJDB TJTUFNUJDB RVF DPNP
VO JUJOFSBSJP mMPTmDP EF MB NFEJDJOB
FTU TVCEJWJEJEB B TV WF[ FO PUSPT USFT
TVCBQBSUBEPT i&TUBUVUP FQJTUFNPMHJ
DPw i1BSBEJHNBEJTDJQMJOBSJPwZi.FUB
CJPUJDBw5FSDFSBQBSUF#JPUJDBmMPT
mDB RVFQSPQPOFVOBGVOEBNFOUBDJO
BOUSPQPMHJDBEFMBCJPUJDB
3FTVNF .BJOFUUJ MBT USFT QSJODJQBMFT
OPWFEBEFT RVF FM BQPSUF EF MB CJPUJDB
JOUSPEVDF B MB NFEJDJOB BDUVBM B
*O
USPEVDDJOEFMTVKFUPNPSBM FOUBOUPFM
QBDJFOUFEFCFTFSDPOTJEFSBEPVOBHFO
UFSBDJPOBMZMJCSFSFTQFDUPBTVEFSFDIP
EF TBCFS Z EFDJEJS C
DBMJEBE EF WJEB
IVNBOB FOUBOUPDSJUFSJPUJDPEFFWB
MVBDJOZD
KVTUJmDBDJOEFMEFSFDIPB
MBTBMVEDPOTJEFSBEBTUBDPNPVOCJFO
TPDJBM QSJNBSJP Z MPT QSPCMFNBT RVF MB
FRVJEBE FO MB EJTUSJCVDJO EF SFDVSTPT
BDBSSFBO
$PODMVJS NJ DPNFOUBSJP JOWJUBOEP B
MBMFDUVSBEFFTUFTMJEPZBNFOP$PN
QFOEJP#JPUJDP FMRVFQBSBGSBTFBOEPBM
BVUPS DPOTUJUVZFVOBDVMUBEJWVMHBDJO
EFMBCJPUJDB "MJDJB*-PTPWJ[3FWJTUB
"TPDJBDJO.EJDB"SHFOUJOB

+PT"MCFSUP.BJOFUUJ"HFOEB#JP
UJDB2VJSO -B1MBUB
$POFMDBNCJPEFTJHMPZNJMFOJPFTTFO
TJCMFFMiHJSPBOUSPQPMHJDPwEFMBCJP

UJDB2VPWBEJTIPNP BEOEFWBNPT
DVMFTFMEFTUJOPEFMBIVNBOJEBE QB
SFDF TFS MB DVFTUJO GVOEBNFOUBM EF MB
RVF EFCFNPT IBDFSOPT DBSHP IPZ EB
&MFTDFOBSJPEFMNVOEPHMPCBMJ[BEPTJO
EVEB TF QSFTUB B SFEPCMBS MB DSJTJT CJP
UJDB EFMBWJEBZEFMBUJDB PDVSSJEBFO
FMUFSDJPmOBMEFMTJHMPQBTBEP VOBDSJTJT
DVZBT SBDFT IFNPT FYQMPSBEP DPNP MB
SFWPMVDJO CJPMHJDB MB NFEJDBMJ[BDJO
EFMBWJEB ZEFMBUJDB
ZMBDBUTUSP
GFBNCJFOUBM%FMBCJPUJDBDMOJDBBMB
CJPUJDBHMPCBMUBMTFSBFMJUJOFSBSJPEFM
PSEFOCJPUJDPDPNPGFONFOPDVMUVSBM
ZNPWJNJFOUPTPDJBMFOMBTUSFTMUJNBT
EDBEBTEFMTJHMP99 RVFBOBMJ[BFMBV
UPSFOFTUBPCSB
3JDBSEP.BMJBOEJ%FKBSMBQPTNP
EFSOJEBEMBUJDBGSFOUFBMJSSBDJP
OBMJTNPBDUVBM&EJUPSJBM"MNBHFTUP
#VFOPT"JSFT
&MMJCSPQVCMJDBEPQPSMBFEJUPSJBM"MNB
HFTUP TFQSFTFOUBDPOFMQSPWPDBUJWPU
UVMPRVFJOTUBB%FKBSMB.PEFSOJEBE&M
NJTNPTFJOTDSJCFFOVOBMOFBEFJOWFT
UJHBDJOZSFnFYJORVFSFWFMBVOBJSSF
EVDUJCMFCTRVFEBSBDJPOBMEFSFTQVFTUB
QBSBMPTQSPCMFNBTRVFOVFTUSPUJFNQP
QMBOUFB ZRVFUJFOFTVTBOUFDFEFOUFTFO
PUSPTUSBCBKPTEFMBVUPS$VMUVSBZDPO
nJDUP #VFOPT"JSFT #JCMPT
UJ
DBDPODFQUPTZQSPCMFNBT #VFOPT"JSFT
#JCMPT
5SBOTGPSNBDJOZTOUFTJT
#VFOPT"JSFT "MNBHFTUP
&OFM
WPMVNFORVFBIPSBDPNFOUBNPTFMBV
UPS TF QSPQPOF iEFGFOEFS UBCFT DPNP
MBSB[O MBVOJWFSTBMJEBE FMDPOTFOTPw
GSFOUF B MPT BOVODJPT EF VOB TFSJF EF
BHPOBTRVFBDPNQBBOBMmOEFMNJMF
OJPBHPOBEFMBSB[O EFMPVOJWFSTBM
EFMBUJDB EFMQSPHSFTP EFMBIJTUPSJB
EFMDPOTFOTP FOmO EFMBNPEFSOJEBE
4JO FNCBSHP BHPOB TJHOJmDB PSJHJOB
SJBNFOUF MVDIB Z UBM WF[ FO FTUF DBTP
TFUSBUFEFVOBBHPOBRVFOPDPOEVDF
OFDFTBSJBNFOUFBMBNVFSUF$PNPTFB
MB NPEFSOJEBE WJFOF EBOEP NVDIP EF
RVIBCMBS
&MMJCSPFTUDPOGPSNBEPQPSUSFTDBQ
UVMPT&OFMQSJNFSPBDFSDBEFi&MSFEVD
DJPOJTNPQPTNPEFSOJTUBw TFDPOUSBQP
OFOMBJNBHFORVFMBQPTNPEFSOJEBETF
IBDF EF MB NPEFSOJEBE Z B TV WF[ B
JNBHFONPEFSOBEFMBQPTNPEFSOJEBE
DPO FM QSPQTJUP EF TFBMBS MBT DBSBD
UFSTUJDBT EFM iFUIPT JSSBDJPOBMJTUBw EFM
QPTNPEFSOJTNP &M TFHVOEP DBQUVMP
FODBSBi-BUFTJTVOJWFSTBMJTUBEFMBSB[O
DPOFTQFDJBMSFGFSFODJBBMBUJDBw&MUFS
DFSDBQUVMPTFUJUVMB-B6OJWFSTBMJEBE
DVFTUJPOBEB Z SFIBCJMJUBEB 3FTQPOEF
BMMBBMHVOBTDSUJDBTTVTDJUBEBTQPSMBT
UFTJT FYQVFTUBT FO FM TFHVOEP DBQUVMP
JOTJTUJFOEPFOMBOFDFTJEBEEFSFIBCJMJ
UBS MB VOJWFSTBMJEBE GSFOUF B MPT JOUFO
UPTQPTNPEFSOPTEFEJTPMWFSMB&MMJCSP
OPTEFKBVOEFTBGP RVFDPOTJEFSBNPT
JOFMVEJCMF FM EF QSPGVOEJ[BS MB DSUJDB
QBSB BWBO[BS FO FM NCJUP EF MB SB[O
QSDUJDB "OVBSJPEF'JMPTPGB"SHFOUJ
OBZ"NFSJDBOB O BP

3JDBSEP .BMJBOEJ 7PMWFS B MB SB

[O&EJUPSJBM#JCMPT #VFOPT"JSFT

/VFTUSPmOEFTJHMPMMFHBJODMVTPBDPO
WFSUJSBMBSB[OFOVOBFTQFDJFEFUBC
&TUFMJCSPFTVOBJOWJUBDJOBTVQFSBSFTF
UBCSFDPOPDJFOEP TJOFNCBSHP MPTEF
TBTUSFT QSPWFOJFOUFT Z TJFNQSF QPTJCMFT
EFVONBMVTPEFMBSB[O6OSB[POBCMF
VTP EFM JOTUSVNFOUP SBDJPOBM IVNBOP
SFRVJFSFUFOFSQSFTFOUFRVFTUBTFBmOB
FOFMFRVJMJCSJPFOUSFMBGVODJODSUJDB
ZMBEFTGVOEBNFOUBDJO BTDPNPFOMB
PCTFSWBODJBEFMBTFYJHFODJBTEJBMHJDBT
&TUFMJCSPEFmFOEFMBDPODFQDJOEFRVF
BOFTQPTJCMFWPMWFSBMBSB[OZEFRVF
MBNBZPSBEFMPTNBMFTQBEFDJEPTFOMB
BDUVBMJEBE OP QSPWJFOFO EF FMMB TJOP
NTCJFOEFTVBCBOEPOPPEFTVNBOF
KPUPSQF VOJEJNFOTJPOBMPGPOPMHJDP
3JDBSEP.BMJBOEJUJDBDPODFQUPT
Z QSPCMFNBT #JCMPT #VFOPT "JSFT

&TUB FT MB UFSDFSB FEJDJO DPSSFHJEB
BDUVBMJ[BEB Z TVTUBODJBMNFOUF BVNFO
UBEB EFVOBPCSBRVFTFIBDPOWFSUJEP
FOSFGFSFOUFDBTJPCMJHBEPQBSBRVJFOFT
FNQSFOEFO FTUVEJPT EF UJDB FO OVFT
USPNFEJP-BTJORVJFUVEFTFOUPSOPEF
MPTQSPCMFNBTUJDPTTFIBONVMUJQMJDB
EPEVSBOUFMBMUJNBEDBEB ZTFIBDF
QFSFOUPSJP HBOBS DMBSJEBE FO FM NPEP
EFQMBOUFBSMPT"FMMPBQVOUBOMBTQSJO
DJQBMFT JOUFODJPOFT EFM BVUPS RVJFO IB
FOSJRVFDJEPMBQSFTFOUFFEJDJODPOJN
QPSUBOUFTBHSFHBEPT
#BEFJB.BSDPTUJDBFQSPGFTTJPOBJT
EFTBEF4BOUPT 4P1BVMP
$POUFOJEPT USBUBEPT *OUSPEVDDJO BM
QFOTBNJFOUP TJTUFNUJDP $PODFQDJO
'JMPTmDB EF MB UJDB &O #VTDB EF MB
UJDB$POTFDVFODJBMJTNP'PSNBTEFMB
UJDB%FPOUPMPHJB/PSNBUJWJEBE5F
NBT1PMNJDPT$EJHPEFUJDB0EPO
UPMHJDB#JPUJDB
+VMJO.BSBT1FSTPOB"MJBO[B&EJ
UPSJBM .BESJE QQ
&OFTUFMJCSP FMmMTPGPFTQBPMJOUFOUB
IBDFSOPT DPNQSFOEFS MB SFBMJEBE NT
JNQPSUBOUFEFFTUFNVOEP MBNTNJT
UFSJPTBZNTFMVTJWB DMBWFEFUPEBDPN
QSFOTJOMBQFSTPOBIVNBOB5SBUBBT
EFMBQSFTFODJBMBQFSTPOBEFTEFTNJT
NBUFNQPSBMJEBEZNPSUBMJEBETPMFEBE
ZDPOWJWFODJBMBTPDVMUBDJPOFTEFMBQFS
TPOBDPODFQUVBSMBFWJEFODJBFMBSDBOP
EFMBQFSTPOBMBWJEBQFSTPOBMQFSGFD
DJOPJNQFSGFDDJOMBSBEJDBMFYQFSJFO
DJB EFM BNPS FM PSJHFO EF MB QFSTPOB
EJNFOTJPOFTEFMBQFSTPOBMBFTUSVDUVSB
NFUBGTJDBEFMBQFSTPOBMBTUSBZFDUPSJBT
QFSTPOBMFT JOUFSQFOFUSBDJO EF QFSTP
OBTHSBEPTEFQFSTPOBMJEBEZmOBMNFO
UF FM EFTUJOP EF MB QFSTPOB 6OB TFSJF
EFSFnFYJPOFTTJFNQSFTVHFSFOUFT DPNP
TOUFTJTRVFSFBMJ[B+VMJO.BSBT BMmOBM
EFTVFYUFOTBZEJGVOEJEBPCSB
+VMJP .BSUOF[ $BUIFSJOF 1FSSPUJO

'SBODFTD5PSSBMCB3FQFOTBSMBEJH
OJEBE IVNBOB &EJUPSJBM .JMFOJP
-MFJEB QQ
+VMJP .BSUOF[ FT EPDUPS FO 5FPMPHB
ZQSPGFTPSEFMB6OJWFSTJEBEEF$PNJ
MMBTZEJSFDUPSEFM*OTUJUVUPEF&TUVEJPT
TPCSF .JHSBDJPOFT FO .BESJE $BUIF
SJOF 1FSSPUJO FT EPDUPSB FO 'JMPTPGB Z
EJSFDUPSB EFM $FOUSF %&UIJRVF *OUFS
EJTDJQMJOBJSFEFMB6OJWFSTJEBE$BUMJDB
EF -ZPO EFEJDBEB FTQFDJBMNFOUF B MBT
UJDBT BQMJDBEBT 'SBODFTD 5PSSBMCB FT
EPDUPSFO'JMPTPGBZ-FUSBTZ5FPMPHB

QSPGFTPSEFMB6OJWFSTJUBU3BNPO-MVMM
ZNJFNCSPEFM*OTUJUVU#PSKBEF#JPUJ
DB FO#BSDFMPOB
&OUPEBTMBTEFDMBSBDJPOFTVOJWFSTBMFTZ
DPOTUJUVDJPOFTEFNPDSUJDBTFTBMHPQMF
OBNFOUFBENJUJEPMBEJHOJEBEJOIFSFOUF
BMBQFSTPOBMJEBEIVNBOB5BNCJOFO
MPTEJTDVSTPTQPMUJDPTZTPDJBMFTFTNVZ
GSFDVFOUFFMSFDPOPDJNJFOUPEFFTUBEJH
OJEBE BTDPNPFOMPTEFCBUFTEF#JPUJ
DB4JOFNCBSHP BKVJDJPEFMPTBVUPSFT
TMPFOSBSBTPDBTJPOFTOPTEFUFOFNPTB
QFOTBSTPCSFTVTJHOJmDBEPZDVMFTTV
GVOEBNFOUP mMPTmDP -PT UFYUPT EF
FTUFWPMVNFOJOUFOUBOiWPMWFSBQFOTBSw
MBEJHOJEBEIVNBOBZMBTDPOTFDVFODJBT
RVFTFEFTQSFOEFOEFFTUBJEFB EFTEFMB
FYQMPSBDJOmMPTmDB EFTEFMBEPDUSJOB
TPDJBMEFMB*HMFTJB$BUMJDB ZFOTVBQMJ
DBDJOBMPTBDUVBMFTEFCBUFTZQSPCMFNBT
RVFQSFTFOUBOMBTCJPUFDOPMPHBT
+PSHF .BSUOF[ #BSSFSB -B SB[O

#JPUJDBZTVTMNJUFT6OJWFSTJEBE
$BUMJDBEF4BOUB'F 4BOUB'F "S
HFOUJOB QQ
&M BVUPS FT EPDUPS FO 'JMPTPGB QPS MB
6OJWFSTJEBE $BUMJDB EF -PWBJOB IB
TJEP QSPGFTPS UJUVMBS EF MB 6OJWFSTJEBE
/BDJPOBM EF $VZP FO "SHFOUJOB Z BD
UVBMNFOUF FT QSPGFTPS EF MB 'BDVMUBE
EF'JMPTPGBEFMB6OJWFSTJEBE$BUMJDB
EF $IJMF &T QSPGFTPS WJTJUBOUF EF WB
SJBT 6OJWFSTJEBEFT FO $IJMF 6SVHVBZ
.YJDPZ#MHJDB
&OMBQSJNFSBQBSUF BOBMJ[BFMFTUBUVUP
FQJTUFNPMHJDPEFMB#JPUJDB DFOUSBOEP
TVDSUJDBFOMBCJPUJDBOPSUFBNFSJDBOB
oFTQFDJBMNFOUFMBPCSBEF)+5SJTUBN
&OHFMIBSEUo DPNP TJTUFNB NPSBM EF
QSJODJQJPT&YQPOFFMBDUVBMEFCBUFTP
CSFMBDMPOBDJODPNPFKFNQMPNFUPEP
MHJDP Z MB SFMBDJO FOUSF MB CJPUJDB Z
MBTEJGFSFOUFTUFPSBTUJDBT EFVONPEP
DMBSPZQSPGVOEP
&O MB TFHVOEB QBSUF UJUVMBEB i)BDJB
VOBCJPQPMUJDBw BOBMJ[BMPTQSPCMFNBT
QPMUJDPT RVF QSFTFOUBO MBT OVFWBT UFD
OPMPHBT RVF BGFDUBO B MB WJEB IVNBOB
FOMPTFTUBEPTNPEFSOPTMBEJTUSJCVDJO
EFSFDVSTPTTPDJPoTBOJUBSJPT MBDVFTUJO
TPDJBMEFMBFOGFSNFEBE MPTDBNQPTEF
JOWFTUJHBDJO EF MB CJPQPMUJDB FTQF
DJBMNFOUFMBFDPOPNBZTVDBSDUFSEF
TBCFSNPSBM ZMBOPDJOEFEFTBSSPMMP
$PODMVZFFMBVUPSDPOMBBmSNBDJOEF
MBCJPQPMUJDBDPNPSB[OTVQFSBEPSBEF
MPTMNJUFTEFVOBiSB[OCJPUJDBwFODF
SSBEBFOFMTJTUFNBEFQSJODJQJPT
+VBO .BTJ $MBWFM #JPUJDB Z "O

USPQPMPHB 6OJWFSTJEBE 1POUJmDJB
EF$PNJMMBT .BESJE QQ
&M BVUPS FT KFTVJUB QSPGFTPS EF "OUSP
QPMPHBmMPTmDBZ#JPUJDBFOMB6OJ
WFSTJEBE 4PQIJB EF 5PLZP Z FO MB EF
$PNJMMBT .BESJE
-BWJTJOBOUSPQP
MHJDB FYQVFTUB FO VOB PCSB BOUFSJPS
i&M BOJNBM WVMOFSBCMFw FODVFOUSB TV
QSPMPOHBDJOFOFMQSFTFOUFFTUVEJP FO
FMRVFQMBOUFBTVFOGPRVFEFMBCJPUJDB
B QBSUJS EF VOB UFTJT NFUPEPMHJDB MBT
EJGFSFODJBTFOFMUSBUBNJFOUPUJDPEFMPT
QSPCMFNBTEFMBWJEBSBEJDBOFOEJWFS
HFODJBT GVOEBNFOUBMFT FO MB BOUSPQP
MPHB mMPTmDB RVF FYQMDJUB P JNQMDJ
UBNFOUFTFQSFTVQPOF-PGVOEBNFOUBM
FTiOPBCTPMVUJ[BSMBNPSBMJNQFSBUJWB
DPNP TJ GVFSB MP QSJODJQBM P MP OJDP
IBCS RVF TJUVBSMB FO FM DPOUFYUP NT
BNQMJPEFVOBNPSBMEFJOUFSSPHBDJO
EFBENJSBDJOZEFEFTFP RVFFTMBRVF
QSPQVHOP BM IBCMBS EF VOB NPSBM EFM
EJMPHP EFMGVUVSPZEFMBDSFBUJWJEBEw
+VBO.BTJ$MBWFM-BHSBUJUVESFT
QPOTBCMF 7JEB TBCJEVSB Z UJDB
6OJWFSTJEBE 1POUJmDJB EF $PNJMMBT
61$0%%# #JMCBP QQ
-BT DVFTUJPOFT DPOUSPWFSUJEBT FO CJP
UJDB QSFTVQPOFO QPTUVSBT EJWFSTBT FO
BOUSPQPMPHB&MBVUPS RVFQMBOUFFTUB
QSPCMFNUJDB FO TV i#JPUJDB Z "OUSP
QPMPHBw
SFOFFOFTUFWPMVNFO
FTUVEJPTZBSUDVMPTEFMBQPDBQPTUFSJPS
(SBUJUVE Z SFTQPOTBCJMJEBE TPO MBT EPT
QBMBCSBTDMBWFTEFVOBSFnFYJOTPCSFMB
WJEBRVFTFFYUJFOEFQPSMPTDBNQPTEF
CJPomMPTPGB CJPoUJDB Z CJPoFTUUJDB
$POFMUFMOEFGPOEPEFTVFYQFSJFODJB
JOUFSDVMUVSBMFJOUFSSFMJHJPTBFO+BQO FM
BVUPSDPOGSPOUBVOBWBSJFEBEEFUFNBT
UJDBEFMBWJEBZEFMBTSFMBDJPOFTIVNB
OBT JOUFSDVMUVSBMJEBE EJTDFSOJNJFOUPZ
EFDJTJO DSUJDBEFJEFPMPHBT USBTQMBO
UFTEFSHBOPT FVHFOFTJB DPNJFO[PEF
MBWJEB FDPMPHBZFDPUJDB6ODBQUVMP
mOBMTPCSFNBMFOUFOEJEPTUFPMHJDPTFO
CJPUJDBSFDIB[BMPRVFFMBVUPSEFOPNJ
OB GVOEBNFOUBMJTNPT QTFVEPSFMJHJPTPT
FOFTUFDBNQP
+VBO .BTJ &EJUPS

4FS IVNBOP
QFSTPOBZEJHOJEBE&EJUPSJBM+VBO
.BTJ QQ
&TUF MJCSP FT FM SFTVMUBEP EFM TFNJOB
SJP RVF IB PSHBOJ[BEP MB $UFESB EF
#JPUJDB EF MB 6OJWFSTJEBE 1POUJmDJB

$PNJMMBT EF .BESJE DPO FM UUVMP i4FS
IVNBOP QFSTPOB Z EJHOJEBEw Z FT FM
O EF MB $PMFDDJO %JMFNBT UJDPT
FOMB.FEJDJOBBDUVBM3FDPHFVOBTFSJF
EFQPOFODJBTDVZPPSEFOSFnFKBFOQSJ
NFSMVHBSVOBFYQPTJDJOEFDPODFQUPT
ZQMBOUFBNJFOUPTEFMQSPCMFNB RVFTF
IBDF FTQFDJBMNFOUF OFDFTBSJB EBEB MB
BCVOEBODJBEFDPOGVTJPOFTUFSJDBTRVF
FYJTUFO FO NVDIPT USBUBNJFOUPT IBCJ
UVBMFT EF FTUF UFNB %FTQVT PUSBT EF
GVFSUFCBTFDJFOUmDB BMBWF[RVFPSJFO
UBEBTBMDVFTUJPOBNJFOUPmMPTmDP QSF
QBSBOFMUFSSFOPQBSBQFOTBSMBEJHOJEBE
IVNBOBQBSUJFOEPEFMBCJPMPHBEFMB
IPNJOJ[BDJO IBDJB MB IVNBOJ[BDJO Z
EFMDFSFCSPEFMBQFSTPOB
-BQFSTQFDUJWBFYQFSJFODJBMEFMBDMOJDB
OPT IBDF WPMWFS MB WJTUB IBDJB TJUVBDJP
OFTEFEFQFOEFODJB RVFOJEJTNJOVZFO
MBEJHOJEBEOJPCTUBOQBSBSFDPOPDFSMB
TJOPVSHFONTBSFTQFUBSMB%PTQPOFO
DJBTEFTEFMBQFSTQFDUJWBKVSEJDBFOTBO
DIBOFMFOGPRVFJOWJUOEPOPTBDPOKV
HBSCJPUJDBZCJPEFSFDIPFOMBSFnFYJO
TPCSFMBEJHOJEBE ZPUSBTOPTJOUSPEV
DFOFOFMNCJUPmMPTmDP JOUFSDVMUVSBM
FJOUFSSFMJHJPTP
5PNT .FMFOEP Z -PVSEFT .JMMO

1VFMMFT %JHOJEBE {6OB QBMBCSB
WBDB &EJDJPOFT6OJWFSTJEBEEF/B
WBSSB QQ
5PNT.FMFOEPFTDBUFESUJDPEF.F
UBGTJDBFOMB6OJWFSTJEBEEF.MBHB Z
-PVSEFT.JMMO1VFMMFT QSPGFTPSBEF'J
MPTPGBEF*OTUJUVUPEF&OTFBO[B4FDVO
EBSJB &O TV FYUFOTB PCSB FTDSJUB BCPS

EBO EF NBOFSB BTFRVJCMF Z TVHFSFOUF

MPTUFNBTWJUBMFTRVFEFmOFOMBDBMJEBE
EFWJEBEFMPTJOEJWJEVPTTJOHVMBSFTPEF
MBDVMUVSBFORVFTFFODVBESBO&OFTUF
MJCSP FODPODSFUP USBUBEFSFDVQFSBSFM
DPOUFOJEP EF MB EJHOJEBE IVNBOB iFM
ESBNBNTQSPGVOEPEFOVFTUSPUJFNQP
FT
MBQSEJEBEFMTFOUJEPEFMBQFSTPOB
IVNBOB FMPMWJEPEFTVEJHOJEBE MBFT
DMBWJUVEEFMPTIPNCSFTDPOSFTQFDUPB
TVTPCSBTZQSPZFDUPTw4JTFSFTQFUBUF
SJDBNFOUFMBEJHOJEBEIVNBOBFOUPEP
TV IPOEP TFOUJEP UBNCJO FM SFTQFUP
QSDUJDPTFSVOBDPOTFDVFODJBJOFWJUB
CMFZEFTFBCMFFOOVFTUSPNVOEP
5PNT .FMFOEP -BT EJNFOTJPOFT

EF MB QFSTPOB &EJDJPOFT 1BMBCSB
.BESJE QQ
-B TPDJFEBE QPTNPEFSOB IB JODPSQP
SBEP EJWFSTPT WBMPSFT FO MB WJEB EF MPT
IPNCSFTMBUPMFSBODJB FMNVMUJDVMUVSB
MJTNP MBWBMJEF[EFMPQBSDJBM FUD1FSP
KVTUBNFOUF QPS FTP B WFDFT TF FDIBO
FOGBMUBWJTJPOFTHMPCBMFTRVFBZVEFOB
PSJFOUBSTFFOVONVOEPRVFTFIBUPS
OBEPGSBHNFOUBSJP&TUFMJCSPEFMDBUF
ESUJDPEF.FUBGTJDBEFMB6OJWFSTJEBE
EF.MBHB 5PNT.FMFOEP PGSFDFVOB
FTQMOEJEBTOUFTJTEFVOPEFMPTUFNBT
NTGVOEBNFOUBMFTQBSBMBGVOEBNFOUB
DJOEFMB#JPUJDBMBQFSTPOBIVNBOB
&MBVUPSBOBMJ[BMBMJCFSUBE MBDPSQPSB
MJEBE MB JOUJNJEBE MB SFMBDJO DPO MPT
EFNTZDPO%JPT MBBQFSUVSBBMBWFS
EBE FUDZ DPOVOFTUJMPDMBSPZTFODJMMP
BQPSUBVONPEFMPEFMBQFSTPOBBCJFSUP
ZUSBTDFOEFOUF
5PNT .FMFOEP %JHOJEBE IVNB

OB Z CJPUJDB &6/4" 1BNQMPOB
QQ
&MQSFTFOUFFTDSJUPFTDPNPVOBTOUFTJT
EFUPEBMBMBCPSMJUFSBSJBEFMQSPGFTPS.F
MFOEP DBUFESUJDPEF'JMPTPGB .FUBGTJ
DB
EF MB 6OJWFSTJEBE EF .MBHB $BTJ
EFTEFFMJOJDJPEFTVDBSSFSBVOJWFSTJUBSJB
.FMFOEP IB FTUVEJBEP QPS VOB QBSUF
MPTQSJODJQJPTNTSJHVSPTPTEFMBmMPTP
GBQSJNFSBZ QPSPUSB IBBOBMJ[BEP BMB
MV[EFFTPTQSJODJQJPT NVDIBTEFMBTSFB
MJEBEFTDPUJEJBOBT&YJTUFO QPSUBOUP FO
TVPCSB MJCSPTFTUSJDUBNFOUFBDBENJDPT
.FUBGTJDB 0OUPMPHBEFMPTPQVFTUPT
&OUSF NPEFSOP Z QPTUNPEFSOP .FUB
GTJDBEFMPDPODSFUP FUD
KVOUPBPUSPT
NT EJWVMHBUJWPT -B GF Z MB GPSNBDJO
JOUFMFDUVBM -BTDMBWFTEFMBFmDBDJBFN
QSFTBSJBM 0DIPMFDDJPOFTTPCSFFMBNPS
IVNBOP -B EJHOJEBE EFM USBCBKP -B
IPSBEFMBGBNJMJB -BTEJNFOTJPOFTEFMB
QFSTPOB
:FOUSFFTUPTMUJNPT SFEBD
UBEPTBWFDFTFODPMBCPSBDJODPOFTQF
DJBMJTUBTFONFEJDJOB BCVOEBOMPTFOTB
ZPTSFMBUJWPTBMBCJPUJDB'FDVOEBDJO
iJOWJUSPwZEJHOJEBEIVNBOB .UPEPT
OBUVSBMFTEFMBSFHVMBDJOIVNBOBEFMB
GFSUJMJEBE 1MBOJmDBDJOGBNJMJBSOBUVSBM
"NPSZDPOUSBDFQUJWPT %JHOJEBE{VOB
QBMBCSBWBDB
&O %JHOJEBE IVNBOB Z CJPUJDB UPEP
MP BOUFSJPS BSSPKB DPNP SFTVMUBEP VOP
EFMPTMJCSPTNTQSPGVOEPTFJMVTUSBUJ
WPT FOUSF MPT RVF FO OVFTUSB FTQFDJBMJ
EBE TVFMFO DBMJmDBSTF DPNP FTDSJUPT EF
GVOEBNFOUBDJO-BPCSBTFTJUBFOFM
DFOUSP EF VOB QPMNJDB ZB WJFKB QFN
BWJWBEBSFDJFOUFNFOUFQPS+VBO1BCMP**
DVBOEP FOMB'JEFTFU3BUJP FTDSJCFDPO

DMBSJEBEiMBNFUBGTJDBOPTFIBEFDPO
TJEFSBSDPNPBMUFSOBUJWBBMBBOUSPQPMP
HB ZBRVFMBNFUBGTJDBQFSNJUFQSFDJTB
NFOUFEBSVOGVOEBNFOUPBMDPODFQUP
EFEJHOJEBEEFMBQFSTPOBw
&M FOTBZP TF NVFWF FO WBSJPT OJWFMFT
%FTFOUSBBDPOTPMUVSBZDMBSJEBEFMTJH
OJmDBEP EF USNJOPT DPNP FM EF iEJH
OJEBEw iQFSTPOBw iSFTQFUPw IPZUBO
VUJMJ[BEPT NVFTUSB UBNCJO QPS RV
MB EJHOJEBE FT VO BUSJCVUP EF UPEP TFS
IVNBOP DPO JOEFQFOEFODJB EF TVT
DJSDVOTUBODJBTQFSTPOBMFTEFEFTBSSPMMP
iOPSNBMJEBEw P FmDJFODJB FYQMJDB FO
RV TFOUJEP TFNFKBOUF EJHOJEBE BENJ
UF P OP VO DSFDJNJFOUP QBTB SFWJTUB B
MBTQSJODJQBMFTBGSFOUBTBFTBHSBOEF[B
1PSPUSPMBEP FOEFUFSNJOBEPTQBTBKFT
FMFWBFMQVOUPEFNJSBIBTUBEFTDVCSJSFM
GVOEBNFOUP MUJNP EF MP RVF FM FTDSJ
UPFYQPOFNBOJGFTUBOEP QPSFKFNQMP
RVUJFOFRVFWFSFMSFMBUJWJTNPPTVCKF
UJWJTNPJNQFSBOUFDPOFMIFDIPEFRVF
MBNFEJDJOBFOTBMDFZBMBWF[DPODVMRVF
MBEJHOJEBEEFMIPNCSFZDPOMBTBQPSBT
RVF FO CJPUJDB QSFTFOUB MB VUJMJ[BDJO
EF VO NJTNP USNJOP FO QPTUVSBT UBO
PQVFTUBTDPNPMBFVUBOBTJBZFMBCPSUP
MJCSFT EFVOMBEP ZFMSFTQFUPBCTPMVUP
QPSMBWJEBIVNBOB EFPUSP
&OEFmOJUJWB VOMJCSPFTDSJUPDPOSJHPS
ZUFSTVSBMJUFSBSJB RVFBSSPKBBCVOEBOUF
MV[TPCSFFMFONBSBBEPNVOEPFORVF
TFDSV[BOMBEJHOJEBEEFMBQFSTPOBIV
NBOB DPO MB UDOJDB FO HFOFSBM Z NT
DPODSFUBNFOUF DPO FM FKFSDJDJP EF MB
NFEJDJOBZEFMBCJPUJDB
&OSJRVF.FOEP[B$BSSFSB#JPUJDB
EFTVNJSBEBFTUOEBS BMBSUFEFMBT
IVNBOJEBEFTNEJDBT&EJUPSFTEF
5FYUPT .FYJDBOPT .YJDP
QQ
)PZ FO EB FO QMFOP BWBODF EFM TJHMP
99 OPT FODPOUSBNPT DPO MBT DPOTF
DVFODJBTEFMQSPHSFTPEFMDPOPDJNJFOUP
NEJDP"TJTUJNPT EFIFDIP BVOBUFO
EFODJB JNQPSUBOUF EFM SFEVDDJPOJTNP
EFMIVNBOJTNPNEJDPZ FODBNCJP TF
IBGBWPSFDJEPMBBEPQDJOEFVOBCJP
UJDBFTUOEBSRVFQVFEFMMFWBSBVOBNF
EJDJOBNTUDOJDBZEFGFOTJWB-B#JP
UJDB QBSBSFQSFTFOUBSVOBDFSDBNJFOUP
WMJEPFOFMNCJUPEFMBTBMVE EFCFTFS
DBQB[EFBCPSEBSMBTQSPCMFNUJDBTDPO
DSFUBT B USBWT EF MB EFMJCFSBDJO Z EF
FRVJQPT JOUFSEJTDJQMJOBSJPT RVF QPOEF
SFOFMCVFOIBDFSDJFOUmDPZUJDP-B
.FEJDJOBEFCFWPMWFS TFHOFMBVUPS B
TVTGVOEBNFOUPTNTIVNBOJTUBT
5POZ .JGTVE #JPUJDB FM SFTQFUP

QPSMBWJEBIVNBOB4BOUJBHP &EJ
UPSJBM4BO1BCMP
&OQVOUPBFTUFUFNBEFMBEJHOJEBEFO
SFMBDJODPOMPTBWBODFTRVFQSFTFOUBFO
MPT NFNFOUPT BDUVBMFT MB CJPNFEJDJOB
5POZ .JGTVE 4 + DPODMVZF RVF MPT
BQPSUFT EF MB *OTUSVDDJO %POVN WJUBF
TPCSF FTUF DBNQP TPO FOUSF PUSPT iMB
EJHOJEBE JOBMJFOBCMF EF MB QFSTPOB IV
NBOBDPNPDSJUFSJPEFDJTJWPFOFMDBN
QPEFMBCJPNFEJDJOB&MSFGFSFOUFUJDP
RVF EFCFSB PSJFOUBS MPT BWBODFT EF MB
CJPNFEJDJOBFTFMSFTQFUPQPSMBEJHOJ
EBE EF MB QFSTPOB IVNBOB -B GBDUJCJ
MJEBE Z FmDBDJB TPO JOTVmDJFOUFT TJ OP

DPNQSFOEFO EFOUSP EF VO TJHOJmDBEP

IVNBOPw
5POZ.JGTVE&UIPTDPUJEJBOP6O
QSPDFTPEFEJTDFSOJNJFOUP6OJWFS
TJEBE"MCFSUP)VSUBEP 4BOUJBHPEF
$IJMF QQ
{2VFTFMEJTDFSOJNJFOUPUJDPZDNP
TF EJTDJFSOF FO MPT UFNBT DPODSFUPT EF
MP DPUJEJBOP &TUF MJCSP QSFUFOEF DPO
UFTUBS BNCBT QSFHVOUBT NFEJBOUF VOB
SJHVSPTB QSFTFOUBDJO UFSJDB RVF FY
QMJDB DNP TF QVFEF BQMJDBS FM EJTDFS
OJNJFOUPBMDBNQPEFMPUJDP&OVO
TFHVOEPNPNFOUP TFJOWJUBBMMFDUPSB
IBDFSFMFKFSDJDJPQSDUJDPEFFTUBNFUP
EPMPHBFODBTJDJODVFOUBUFNBTSFMBDJP
OBEPT DPO FM EJBSJP WJWJS QPS FKFNQMP
MBQMEPSBEFMEBEFTQVT MBFVUBOBTJB
FMEJWPSDJP FMEPMPS MBUPMFSBODJB BOP
SFYJB TVJDJEJP TFSWJDJPNJMJUBS GBNJMJB
NVKFS
&MBVUPSCVTDBVOBBQSPYJNBDJOUJDB
B MB SFBMJEBE CTJDBNFOUF B USBWT EF
MB QFEBHPHB EFM EJTDFSOJNJFOUP UJDP
EPOEF QSFUFOEF SFTQPOEFS MB QSFHVOUB
SFMBUJWBBMDNPGPSNBSVOKVJDJPUJDP
TPCSF FM DPNQPSUBNJFOUP IVNBOP 4F
TVHJFSF FOUPODFT VO NUPEP RVF TF
FNQMFBQPTUFSJPSNFOUFDPNPFTUSVDUVSB
CTJDBQBSBMMFHBSBVOKVJDJPUJDPFOMPT
EJTUJOUPTUFNBTQSFTFOUBEPT"EFNT FM
FTDSJUPOPPGSFDFSFTQVFTUBTBDBEBVOP
EFMPTUFNBTUSBUBEPT TJOPRVFTFJOWJUB
BM MFDUPS B GPSNBS TV QSPQJP KVJDJP UJ
DP EFNBOFSBJOGPSNBEBZSFTQPOTBCMF
NFEJBOUFMPTFMFNFOUPTQBSBFMBOMJTJT
RVF TF PGSFDFOw &O MBT DPTBT QSDUJDBT
TF FODVFOUSB NVDIB JODFSUJEVNCSF
QPSRVF FM BDUVBS TPCSF TJUVBDJPOFT TJO

HVMBSFT Z DPOUJOHFOUFT QPS TV NJTNB
WBSJBCJMJEBE SFTVMUBO JODJFSUBTw 4BOUP
5PNTEF"RVJOP
5POZ.JGTVE TBDFS
EPUFKFTVJUB OBDJFOMBJTMBEF.BMUBFO
ZEFTEFUSBCBKBFO$IJMF&T
EPDUPS FO 5FPMPHB .PSBM QPS MB 1PO
UJmDJB 6OJWFSTJEBE $PNJMMBT .BESJE

BDUVBMNFOUF FT QSPGFTPS EF 5FPMPHB
.PSBMFOMB'BDVMUBEEF5FPMPHBEFMB
1POUJmDJB 6OJWFSTJEBE $BUMJDB *OWFT
UJHBEPSFOFM$FOUSPEFUJDBEFMB6OJ
WFSTJEBE "MCFSUP )VSUBEP Z NJFNCSP
EFM%JSFDUPSJPEFMB'VOEBDJO5SBCBKP
4PMJEBSJPQBSBVO)FSNBOP 7FSOJDB
"OHVJUB

&OSJRVF .PMJOB +PT .BSB 1BSEP

$PPSE
4PDJFEBE DPOUFNQPSOFB
ZDVMUVSBEFMBWJEBQSFTFOUFZGV
UVSPEFMBCJPUJDB&6/4" /BWB
SSB QQ
&MQSPHSFTPBDFMFSBEPEFMDPOPDJNJFOUP
DJFOUmDP Z EF MB UFDOPMPHB IB IFDIP
RVF TFB QPTJCMF EJTQPOFS DBEB WF[ EF
NTNFEJPTEFBDUVBSTPCSFMBWJEBEF
MPTIPNCSFT FODVBMRVJFSBEFTVTFTUB
EJPTEFEFTBSSPMMP EFTEFMBDPODFQDJO
oZBOUFToIBTUBMBNVFSUF&TUPIBTVT
DJUBEPHSBOEFTFTQFSBO[BTFOMBIVNB
OJEBE QFSP BM NJTNP UJFNQP QVFEF
SFQSFTFOUBSVOBBNFOB[BDPOUSBMBWJEB
IVNBOB&MIPNCSFEFOVFTUSPUJFNQP
FTUTPNFUJEPBMBUFOUBDJOEFFSJHJSTF
FOEVFPZTFPSEFMBWJEB EJTQPOJFO
EPEFFMMBBUPEPTMPTOJWFMFT MFHJTMBUJWP
TBOJUBSJP DJFOUmDP FUD&MSFDUPVTPEF
FTUF QPEFS FTU WJODVMBEP BM NPEP FO
RVF TF DPODJCF MP RVF MB WJEB IVNBOB
FT"RVTFSFDPHFOVOBTFSJFEFBSUDV
MPTEFOUSPEFVO4JNQPTJPEF5FPMPHB
RVF RVJFSFO DPOUSJCVJS B MB DBEB WF[
NTJOFYDVTBCMFUBSFBEFQSPNPDJOEF
MBDVMUVSBEFMBWJEB
"OUPOJP .PTFS "OES .BSDFMP .

4PBSFT #JPUJDB %P DPOTFOTP BP
CPNTFOTP&EJUPSB7P[FT 1FUSQP
MJT #SBTJM QQ
"OUPOJP .PTFS FT EJSFDUPS QSFTJEFOUF
EF MB &EJUPSJBM 7P[FT EPDUPS FO 5FP
MPHBZQSPGFTPSEFM*OTUJUVUP5FPMHJDP
'SBODJTDBOPEF1FUSQPMJT #SBTJM"OES
.BSDFMP.4PBSFTFTmMTPGP EPDUPSFO
5FPMPHB4JTUFNUJDB NJFNCSPEFM$P
NJUEUJDBFO*OWFTUJHBDJOEFM*OTUJ
UVUP/BDJPOBMEFM$ODFS DPPSEJOBEPS
EFM /DMFP EF #JPUJDB %PN )MEFS
$FOUSP -PZPMB16$ 3P
Z QSPGFTPS
EF#JPUJDBFOFTUB6OJWFSTJEBE-PTBV
UPSFTRVJFSFOQSFTFOUBSFOFTUFMJCSPEF
GPSNB TJTUFNUJDB MPT GVOEBNFOUPT EF
MB#JPUJDB RVFMMFWFOBVOBEJTDJQMJOB
OP EF DPOTFOTP TJOP EF iCPN TFOTPw
.VDIPTDPOTFOTPTFOMBIJTUPSJBTFIBO
EFNPTUSBEP EFTBTUSPTPT Z TPMBNFOUF
FM iCVFO TFOUJEPw WB BCSJFOEP DBNJ
OPTEFWJEB TJOPMWJEBSMBTBCJEVSBEF
MPT FYQFSUPT FO IVNBOJEBE QFSTPOBT
JOTUJUVDJPOFT Z SFMJHJPOFT -B SB[ NT
QSPGVOEBEFMWJWJSFTUFOFM"VUPSEFMB
WJEB ZEFTEFFTBFYQFSJFODJBSFMJHJPTBMPT
BVUPSFT QSPQVHOBO VOB iDPOTDJFODJBw
DPNPTBCJEVSBEFWJEB RVFQFSNJUBJS
NTBMMEFMNFSPDPOTFOTP1BSBFMMP TF
BQPZBOFOVOBQFSTQFDUJWBMBUJOPBNFSJ
DBOBEFMB#JPUJDB GVOEBNFOUBEBFOMB
iUJDBEFMBMJCFSBDJOw RVFTFSBDPN
QMFNFOUBSJBEFMB#JPUJDBQSJODJQJBMJTUB
OPSUFBNFSJDBOB
)VHP0.0CJHMJP $PPSE
1SJO
DJQJPT EF #JPUJDB 'VOEBDJO "M
CFSUP + 3PFNNFST #VFOPT "JSFT
QQ
"DUBT EFM 4JNQPTJP SFBMJ[BEP EFM BM
EF BCSJM EF FO $PCP QSPWJO
DJBEF#VFOPT"JSFT PSHBOJ[BEPQPSFM
*OTUJUVUPEFUJDB#JPNEJDBEFMB6OJ
WFSTJEBE $BUMJDB "SHFOUJOB $POUFOJ
EP"TQFDUPTIJTUSJDPTEFMPTQSJODJQJPT
RVF TPQPSUBO MB #JPUJDB EF MPT QSJO
DJQJPT UJDPT B MPT CJPUJDPT )BDJB VO
FYBNFOEFMBDVFTUJOEFMPT1SJODJQJPT
EFMB#JPUJDB&YBNFOEFMBTBDUJUVEFT
ZEFMPTQSJODJQJPT$PODMVTJPOFTZFT
CP[PT QBSB VOB QPTUFSJPS SFEBDDJO EF
1SJODJQJPT
%FMJB 0VUPNVSP .BOVBM EF GVO

EBNFOUPT EF CJPUJDB &EJUPSJBM
.BHTUFS #VFOPT "JSFT
QQ
-BBVUPSBFTEPDUPSBFO.FEJDJOBZMJ
DFODJBEBFO'JMPTPGB QSPGFTPSBEF.F
EJDJOB*OUFSOBFOMB'BDVMUBEEF.FEJDJ
OBEFMB6OJWFSTJEBEEF#VFOPT"JSFTZ
$PPSEJOBEPSBEFMB6OJEBE"DBENJDB
EF#JPUJDBFOFTBNJTNB'BDVMUBE)B
FTDSJUP BOUFSJPSNFOUF EJWFSTPT MJCSPT Z
BSUDVMPT FO SFMBDJO DPO MB #JPUJDB Z
FO TUF QSFTFOUB VO UFYUP QFEBHHJDP
TPCSFDPODFQUPTCTJDPTEF#JPUJDBRVF
TFBUJMBMPTBMVNOPTEFOJWFMVOJWFSTJ
UBSJPZBMPTRVFEFTFFOJOJDJBSTFFOFTUB
EJTDJQMJOB Z NVZ FTQFDJBMNFOUF B MPT
BMVNOPTEF.FEJDJOBRVFEFCFOBCPS

EBSEJTDJQMJOBTOPCJPNEJDBTEPOEFFM
BOMJTJT MB SFnFYJO DSUJDB MB GVOEB
NFOUBDJOZFMEJMPHPTPOFTQFDJBMNFO
UF JNQPSUBOUFT )B TFHVJEP QBSB FMMP
oDPNPFYQPOFFOMBOPUBQSFMJNJOBSoMB
HVBEFMBDMTJDBPCSBEF#FBVDIBNQZ
$IJMESFTTTPCSF1SJODJQJPTEFUJDB#JP
NEJDBZTVUFNBUJ[BDJOEFMPTDVBUSP
QSJODJQJPT CTJDPT Z MBT SFHMBT EFSJWBEBT
EFFMMPT.FODJPOBMBBVUPSBUBNCJOMPT
BQPSUFTJNQPSUBOUFTQBSBTVQFOTBNJFO
UPEFMPTQSPGFTPSFT%JFHP(SBDJB +PT
"MCFSUP.BJOFUUJZ'FSOBOEP-PMBT
$BEBDBQUVMPQSFTFOUBMBNJTNBFTUSVD
UVSB DPOUFOJEPT BDUJWJEBEFT OPUBT Z
SFGFSFODJBTCJCMJPHSmDBT DPOCBTUBOUFT
DVBESPT TJOQUJDPT Z FTRVFNBT DPO
DFQUVBMFT RVF GBDJMJUBO MB MFDUVSB B MB
WF[RVFTFPSJFOUBBMPTEPDFOUFTTPCSF
QSPQVFTUBT QSDUJDBT EF BDUJWJEBEFT -B
BVUPSBRVJFSFQSPWFFSMPTDPODFQUPTC
TJDPTZMBTIBCJMJEBEFTJOUFMFDUVBMFTQBSB
QPEFSFOUSBSFOFMBOMJTJTEFMBCJPUJDB
BVORVF OP USBUB EJSFDUBNFOUF FO FTUF
MJCSPEFMPTDPOnJDUPTNTBDUVBMFTFV
UBOBTJB BCPSUP SFQSPEVDDJOBTJTUJEBP
HFOUJDB QPSFKFNQMP
$PNPFYQPOFFMQSPGFTPS'FSOBOEP-P
MBTFOFMQSMPHP FTUFMJCSPDPOUSJCVZFB
BMHVOPTEFMPTBTQFDUPTFTFODJBMFTEFMB
EPDFODJB EF MB #JPUJDB iQSPQPSDJPOBS
IBCJMJEBEFT Z EFTUSF[BT QBSB JEFOUJmDBS
DPOnJDUPT Z EJMFNBT KVTUJmDBS TV MFHJ
UJNJEBEZCVTDBSGPSNBTEFTPMVDJOP
SFTPMVDJOw DPNPQSJNFSBFUBQBOFDF
TBSJB FO DVBMRVJFS BCPSEBKF BDBENJDP
EFMB#JPUJDB
.BSB %P $V 1BUSP /FWFT .B

OVFMB -VOB #JPUJDB PV #JPUJDBT
OBFWPMVPEBTTPDJFEBEFT&EJP
-VTP#SBTJMFJSB (SmDBEF$PJNCSB
$6 4BO$BNJMP $PJNCSB
3FDPHF MBT JOUFSWFODJPOFT EFM *** &O
DVFOUSP-VTP#SBTJMFPEF#JPUJDB DFO
USBEP FO DVBUSP WFSUJFOUFT EF SFnFYJO
RVFFYQMPSBOFMJNQBDUPEFMB#JPUJDB
FOMBTDJFODJBT FOMBTTPDJFEBEFT FOMB
NPSBMDPNO ZmOBMNFOUFFOFMEJOB
NJTNPEFTVQSPQJBFWPMVDJO EFTEFTV
OBDJNJFOUP EFTFOWPMWJNJFOUPZGVUVSP
QSYJNP DPO MB OFDFTBSJB KVTUJmDBDJO
EFTVQSPQJBJEFOUJEBE
0MJOUP"1FHPSBSPUJDBF#JPUJDB
%BTVCTJTUFODJBBFYJTUFODJB&EJUP
SB7P[FT 1FUSQPMJT QQ
1BSUFFMBVUPSEFVOBOVFWBDPODFQDJO
EFMBUJDB DPODFCJEBOPDPNPVODPO
KVOUPEFOPSNBTEFmOJUJWBT TJOPDPNP
VOFTUJMPEFWJEBRVFFMTFSIVNBOPUSB[B
QBSBTNJTNP-BQFSTPOBFTFYJTUFODJB
FWPMVUJWB RVFDPOTUSVZFDPOTUBOUFNFO
UF TV QSPQJB QFSTPOBMJEBE &OUSB FO FM
BOMJTJT EF VOB UJDB EF MB iTPMJEBSJEBE
BOUSPQPDTNJDBw RVFFOWVFMWBBUPEPT
MPTTFSFTWJWPTZBTVFDPTJTUFNB%FTQVT
TFDPODFOUSBTPCSFFMDPODFQUPEFQFSTP
OBDPNPFYJTUFODJB:EFEJDBFMUFSDFSZ
MUJNP DBQUVMP B DVBUSP QBSBEJHNBT P
NPEFMPT GVOEBNFOUBMFT EF MB #JPUJDB
TFDVMBS DPOGFTJPOBM QSJODJQJBMJTUBZGF
OPNFOPMHJDP
.BSDFMP 1FMJ[[PMJ #JPUJDB DPNP

OPWP QBSBEJHNB 1PS VN OPWP
NPEFMPCJPNEJDPFCJPUFDOPMHJ
DP&EJUPSB7P[FT 1FUSQPMJT
QQ
&MDPPSEJOBEPSEFFTUBPCSBFT.BSDFMP
1FMJ[[PMJ mMTPGP DPOFTQFDJBMJ[BDJOFO
$JFODJB1PMUJDBZEPDUPSBEPFO'JMPTP
GB QSPGFTPSFJOWFTUJHBEPSEFMB6'1&
FO 1FUSQPMJT -PT BVUPSFT SFDPHFO MBT
CBTFT DJFOUmDBT TPDJBMFT Z mMPTmDBT
EFM NVOEP EF MB UDOJDB QSPDVSBOEP
FOUFOEFS MB QSFQPOEFSBODJB EF MB SFMB
DJO iDJTJmDBEPSBw EF OVFTUSBT QSDUJ
DBT QBSB QPEFS PGSFDFS VO iNVOEP EB
WJEBw NT IVNBOP Z NT FRVJMJCSBEP
BNCJFOUBMNFOUF&OUSFPUSPTUFNBT-B
SBEJDBMJEBEEFMOVFWPQBSBEJHNBCJPUJ
DPTJHOJmDBEPTEFMDVFSQPZFMDVJEBEP
NEJDP MB NFEJDJOB DPNP QSPNPDJO
EFMBTBMVECBTFTmMPTmDBTBDUVBMFTEF
MBCJPUJDB
#FBUSJ[ 1FB $PNQ

UJDB Z #JP
UJDB 1SJNFS TFNFTUSF EF
.FNPSJBT$UFESB.BOVFM"OD[BS
6OJWFSTJEBE/BDJPOBMEF$PMPNCJB
#PHPU%$ QQ
#FBUSJ[ 1FB EF MB 'BDVMUBE EF &OGFS
NFSB EF MB 6OJWFSTJEBE /BDJPOBM EF
$PMPNCJB DPO TFEF FO #PHPU FT MB
DPPSEJOBEPSBEFFTUFWPMVNFO RVFSF
DPHF MBT DPOGFSFODJBT JNQBSUJEBT FO FM
DVSTPJNQBSUJEPFOMB$UFESB.BOVFM
"ODWBS TPCSF UJDB Z #JPUJDB QBSB
PGSFDFS B VO QCMJDP BNQMJP EF JOUFSF
TBEPT Z FTQFDJBMJTUBT VO FTQBDJP EF SF
nFYJOBDUVBMJ[BEPZDBMJmDBEPFOUPSOP
BMB#JPUJDBZBMPTSFTUPTRVFQMBOUFB
FTQFDJBMNFOUFFO$PMPNCJB
6OBQSJNFSBQBSUFEFMPTUSBCBKPTTFEF
EJDBONVZFTQFDJBMNFOUFBMBSFnFYJO
UJDB HFOFSBM mMPTmDB &O MB TFHVOEB
QBSUF TF BOBMJ[B MB GVOEBNFOUBDJO m
MPTmDBEFMB#JPUJDBZBMHVOPTUFNBT
DPODSFUPT DPNPMBDMPOBDJO MBNVFSUF
Z FM NPSJS FO MB TPDJFEBE DPOUFNQPS
OFB MBUJDBBNCJFOUBM MBUJDBEFMBJO
WFTUJHBDJO ZMPTDPNJUTEFUJDB
+PT1SF["EO-BTBMVETPDJBM%F
MB4PDJPFDPOPNBBM$PNVOJUBSJT
NP5SPUUB .BESJE
&MBVUPSFTDBUFESUJDPEF4PDJPMPHBFOMB
6OJWFSTJEBEEF7BMFODJBZQSFTJEFOUFEF
4"4&$& 4PDJFUZGPSUIF"EWBODFNFOU
PG 4PDJPFDPOPNJDT $BQUVMP &TQBPM
Z
EFM(SVQP&DPMHJDP.FEJUFSSOFP4VT
SFBTEFJOWFTUJHBDJOTPOMB4PDJPMPHB
.FEJPBNCJFOUBM MB 4PDJPFDPOPNB Z
FM $PNVOJUBSJTNP &OUSF TVT MUJNPT
UUVMPT QVCMJDBEPT FTUO i4PDJPFDPOP
NBw i4PDJPMPHB DPODFQUP Z VTPTw Z
i4PDJFEBEZ.FEJP"NCJFOUFw
&TUBOVFWBPCSBFTUVEJBMBTBMVETPDJBM
NFOUBMZDVMUVSBMRVFEFOPUBOBRVFMMPT
FOUPSOPTTPDJBMFTEPOEFFMJOEJWJEVBMJT
NPUPEBWBOPTFIBFODVNCSBEPDPNP
QBOBDFB &M MJCSP EFmFOEF VO NPEFMP
EFEFTBSSPMMPTPDJPFDPONJDPBMUFSOBUJ
WPBMRVFQSPQVHOBMBDVMUVSBPDDJEFOUBM
B USBWT EF VO TJTUFNB EF QSPEVDDJO
ZDPOTVNPRVFDBEBWF[EFTDVCSFNT
EJTGVODJPOBMJEBE &M BVUPS EFmFOEF MB
JNQPSUBODJB RVF UJFOF RVF FM VTP FTUB
ETUJDPEFMDPODFQUPEF4BMVE4PDJBMEF
NBOFSBDPODSFUBFOMBVUJMJ[BDJOHFOF
SBMJ[BEBEFMOEJDF3FMBUJWPEF4BMVE4P
DJBM RVF FT MB QSPQVFTUB NFUPEPMHJDB

BMUFSOBUJWBRVFTFQSFTFOUBBMOEJDFEF
%FTBSSPMMP )VNBOP VUJMJ[BEP QPS MBT
/BDJPOFT 6OJEBT &O FM UFYUP TF IBDF
EFTEF MB DJFODJB TPDJBM VOB FODFOEJEB
EFGFOTBEFMBWJEBIVNBOBOPOBDJEBZ
TFQPOFFOFOUSFEJDIPMBWJTJOPDDJEFO
UBMJTUBEFMBJEFBEFQSPHSFTP
"MGSFEP 1SBEFOBT #JPUJDB EF MB

SFBMJEBE B MB NFUGPSB &EJDJPOFT
1VE 7BMEJWJB QQ
%PDUPSFO'JMPTPGB NBHTUFSFO#JPUJ
DB EPDFOUFEFMB6OJWFSTJEBE"VTUSBMEF
$IJMF &O FTUF MJCSP EFTBSSPMMB BMHVOBT
JEFBT TPCSF FM MPHPT UJDP EFM DPOPDJ
NJFOUPZDVJEBEPEFTEFMDVJEBEPEFM
PUSPMBNFUGPSBEFMBHVFSSBMBCJPUJDB
DPNPNFUGPSBQVFOUF
'SBODF 2VFS -B UJDB Z MB WJEB

"DFOUP&EJUPSJBM .BESJE
QQ
-B BVUPSB UFMPHB Z NJFNCSP EFM $P
NJUEFUJDBGSBODT OPTJOWJUBBVOB
NFEJUBDJOFYJHFOUFFOUPSOPBMPTQSJO
DJQJPT RVF EFCFO QSFTJEJS MPT BWBODFT
DJFOUmDPTFOQSPDSFBDJONEJDBNFOUF
BTJTUJEB EPOBDJPOFTEFSHBOPT MBTJO
UFSWFODJPOFT HFOUJDBT MB FYQFSJNFOUB
DJO FO FM TFS IVNBOP P MB QSPHSFTJWB
NBOJQVMBDJO EF TV QFSTPOBMJEBE /PT
SFDVFSEB RVF FT MB DPODJFODJB EF MPT
IPNCSFTZNVKFSFTMBRVFEFCFBmSNBS
TJOUSFHVBTVTQSPQJPTWBMPSFT FODBSOBS
MPT BEBQUBSMPTBVONVOEPFOUSBOTGPS
NBDJODPOTUBOUF&TUPOPTJHOJmDBOF
HBSMBDJFODJB TJOPEFGFOEFSFTPTWBMPSFT
BMBMV[EFMPRVFMBDJFODJBOPTFOTFB
TPCSFOPTPUSPTNJTNPT
1BCMP 3FRVFOB .FBOB .PEFMPT EF

CJPUJDB DMOJDB 1SFTFOUBDJO DSUJ
DB EFM QSJODJQJBMJTNP Z MB DBTVTUJDB
&EJ[JPOJ6OJWFSTJU%FMMB4BOUB$SPDF
3PNB QQ
&M BVUPS FT MJDFODJBEP FO .FEJDJOB Z
$JSVHB Z EPDUPS FO 5FPMPHB .PSBM
QSPGFTPSEFM%FQBSUBNFOUPEF5FPMPHB
.PSBMEFMB6OJWFSTJEBE1POUJmDJBEFMB
4BOUB$SV[ FO3PNB)BUSBCBKBEPFT
QFDJBMNFOUFFOMPTNUPEPTEFMBCJP
UJDBDMOJDBOPSUFBNFSJDBOB BTDPNPFO
MBTDVFTUJPOFTNPSBMFTSFMBUJWBTBMVTPEF
DMVMBT NBESF &TUF MJCSP FT TV UFTJT EF
EPDUPSBEP ZFOFMMBBCPSEBBGPOEPFM
QSPCMFNBEFMBNFUPEPMPHBEFMB#JPUJ
DBOPSUFBNFSJDBOB ZFODPODSFUPEFEPT
EFMPTNPEFMPTNTDPOPDJEPTFMQSJO
DJQJBMJTNPEF#FBVDIBNQZ$IJMESFTT Z
MBDBTVTUJDBEF+POTFO4FUSBUBEFEPT
QSPQVFTUBT CJFO DBSBDUFSJ[BEBT EFTEF FM
QVOUP EF WJTUB UFSJDP DVZB JOnVFODJB
FTJOOFHBCMFBOJWFMJOUFSOBDJPOBM
.VDIBTWFDFTFTUPTQBSBEJHNBTTFQSF
TFOUBO DPNP DPOUSBQVFTUPT ZB RVF FM
QSJNFSPDFOUSBTVBUFODJOFOMPTQSJO
DJQJPT NJFOUSBT FM TFHVOEP MP IBDF FO
TJUVBDJPOFT QBSUJDVMBSFT 4JO FNCBSHP
FM FTUVEJP EFUFOJEP RVF SFBMJ[B 1BCMP
3FRVFOBEFMBPCSBEFFTUPTBVUPSFT BT
DPNPFMBOMJTJTEFMBTDSUJDBTRVFIBO
TVTDJUBEP MFQFSNJUFBmSNBSRVFFYJTUF
VOHSBOQBSBMFMJTNPFOUSFFMMPT ZQMBO
UFBMBEVEBTPCSFMBWBMJEF[SFBMEFFTPT
NUPEPTDPNPJOTUSVNFOUPTBEFDVBEPT
QBSBMBFEVDBDJOUJDBEFMQFSTPOBMTB
OJUBSJP
/JDIPMBT 3FUDIFS 3B[O Z WBMPSFT

FO MB &SB DJFOUmDPUFDOPMHJDB
1BJET #BSDFMPOB QQ
$PNP FYQPOF FO MB JOUSPEVDDJO FM
DBUFESUJDP EF -HJDB Z 'JMPTPGB EF MB
$JFODJBEFMB6OJWFSTJEBEEFMB$PSVB
8FODFTMBP+(PO[MF[ FMBVUPSBCPSEB
EFTEFEJTUJOUPTOHVMPTVODPOKVOUPEF
BTQFDUPT SFMBDJPOBEPT DPO MB SBDJPOBMJ
EBEDJFOUmDBZMBBDUJWJEBEIVNBOB-P
IBDFEFOUSPEFMNBSDPHFOFSBMEFMBSFMB
DJOFOUSFDJFODJBZWBMPSFT4FJOUFSFTB
EFIFDIP QPSUSFTQMBOPTUFNUJDPTMBT
CBTFTUFSJDBTEFMBSFMBDJOFOUSFSB[O
Z WBMPSFT MPT MNJUFT DPHOJUJWPT EF MB
DJFODJBFODVBOUPDBQBDJEBEIVNBOBZ
MBTMJNJUBDJPOFTUJDBTEFMRVFIBDFSDJFO
UmDPZUFDOPMHJDPDPNPBDUJWJEBEIV
NBOB$BEBVOPEFFMMPTDPOTUJUVZFVOB
QBSUFEFMMJCSP4POQBTPTTVDFTJWPT FO
DPOTPOBODJBDPOFMFOGPRVFHFOFSBMEF
TV QFOTBNJFOUP QSJNFSP BUJFOEF B MBT
CBTFT UFSJDBT EF MB SBDJPOBMJEBE DJFO
UmDBZEFMBPCKFUJWJEBEEFMPTWBMPSFT
EFTQVT DPOTJEFSB MPT GBDUPSFT FTQFDm
DBNFOUFDPHOJUJWPTEFMBBDUJWJEBEDJFO
UmDB RVFDPODJCFDPNPFTUSFDIBNFOUF
WJODVMBEPT BM QSPHSFTP UFDOPMHJDP Z
QPTUFSJPSNFOUF PGSFDFVOBSFnFYJOUJ
DBTPCSFFMRVFIBDFSDJFOUmDPZUFDOP
MHJDP NPNFOUPRVFoBTVKVJDJPoFTU
DPOEJDJPOBEPQPSMPTBOUFSJPSFT
"SNBOEP 3PB UJDB Z #JPUJDB

&EJUPSJBM "OEST #FMMP 4BOUJBHP EF
$IJMF QQ
&MEPDUPS"SNBOEP3PBGVFVOFNJOFO
UFQTJRVJBUSB QSFTJEFOUFEFMB"DBEFNJB
EF .FEJDJOB Z EFM *OTUJUVUP EF $IJMF
EVSBOUFBPT ZQJPOFSPFOFMFTUVEJPF
JNQMFNFOUBDJO EF DVSTPT EF UJDB FO
$IJMF &O FTUB PCSB QTUVNB FOUSFHB
VO QFRVFP USBUBEP TPCSF MB NBUFSJB
USBUBOEPEFPSEFOBSZFODBSBSMPTBQSF
NJBOUFTQSPCMFNBTEFUJQPUJDPRVFIB
QSPWPDBEP EFTEFIBDFBMHVOPTBPT FM
BDFMFSBEPBWBODFEFMBCJPMPHBZMBNF
EJDJOB-PIBDFFOMBNFKPSUSBEJDJOJO
UFMFDUVBMEFPDDJEFOUF EFTEFMPTHSJFHPT
IBTUBMBmMPTPGBZMBTDPSSJFOUFTBDUVBMFT
FO UJDB FO VOB JNQPSUBOUF DPOUSJCV
DJOBMEFCBUFEFFTUFmOEFTJHMP
+BWJFS 4EBCB -B WJEB FO OVFTUSBT

NBOPT &EJDJPOFT # #BSDFMPOB
QQ
&MBVUPS DBUFESUJDPEFUJDBEFMB6OJ
WFSTJEBE"VUOPNBEF.BESJE ZBVUPS
EFOVNFSPTPTMJCSPTEFUJDB BCPSEBFO
TUFMPTQSPCMFNBTBDUVBMFTEFMB#JPUJ
DBiMBWJEBFOOVFTUSBTNBOPTTJHOJmDB
RVF FM EFTUJOP FTU FO CVFOB QBSUF FO
OPTPUSPT: DVFTUJONTEFDJTJWB RVF
FODVBOUPSFTQPOTBCMFTEFEJDIPEFTUJ
OP MB NPSBM IB EF FTUJSBSTF IBTUB EPO
EF MBT DJSDVOTUBODJBT MP SFRVJFSBO TJO
SPNQFSTF.TBO DPODBQBDJEBEQBSB
FOSJRVFDFSVOBFYJTUFODJBBMBRVF TJTF
BDUBBSNOJDBNFOUF DPMPDBSBNPTFO
VOOJWFMIBTUBBIPSBEFTDPOPDJEPw5SB
UBEFMPTBDUVBMFTNJUPTEFJONPSUBMJEBE
RVFPGSFDFMBDJFODJB FMDPNJFO[PEFMB
WJEBZMBJOUFMJHFODJB MBFVUBOBTJB MBTSF
MBDJPOFTFOUSFUJDBZSFMJHJO FMEPMPS Z
mOBMNFOUF IBDFTVBQPSUBDJOBDNP
SFTPMWFSMPTQSPCMFNBTNPSBMFTRVFQSP
WPDBMBOVFWBUFDOPMPHBDJFOUmDB

+BWJFS 4EBCB 1SJODJQJPT EF CJP

UJDBMBJDB(FEJTB #BSDFMPOB
QQ
&MBVUPS DBUFESUJDPEFUJDBEFMB6OJ
WFSTJEBE"VUOPNBEF.BESJE FTDSJCF
FTUBPCSBDPNPJOUSPEVDDJOBMBCJP
UJDB*OUFOUBFYQMJDBSQPSRVIBTVSHJ
EPFTUBKPWFOEJTDJQMJOB ZMBDPOGSPOUB
DPOMBTSFMJHJPOFT ZFTQFDJBMNFOUFDPO
MB SFMJHJO DBUMJDB %F BI FM UUVMP EF
1SJODJQJPT EF #JPUJDB MBJDB DPNP SFJ
WJOEJDBDJORVFSFBMJ[B+BWJFS4EBCBEF
VOFTQBDJPQSPQJPEFMB#JPUJDBDPOUSB
MPRVFMDPOTJEFSBJOUSPNJTJPOFTJOUP
MFSBCMFTEFMBSFMJHJORVFOPTFDPSSFT
QPOEFODPOVOBTPDJFEBETFDVMBS
#BKP FTUF QSJTNB FOGPDB DBEB UFNB
DPNP MB DMPOBDJO MB FVUBOBTJB P MB
WJEB EFTQVT EF MB NVFSUF EFTEF VOB
CJPUJDBRVFQPSSBDJPOBM EFCFTFSVOJ
WFSTBM BUFOUBFYDMVTJWBNFOUFBMPTEBUPT
EFMBDJFODJBZBMPTEFSFDIPTEFMPTDJV
EBEBOPT SFTQPOTBCMF F JOUFHSBEPSB EF
MBTEJTUJOUBTDVMUVSBT
/PEFKBEFTPSQSFOEFSRVFEFTQVTEF
CBTUBOUFT BPT EF GSVDUGFSP EJMPHP FO
&TQBBFTQFDJBMNFOUFFOUSFMBTQPTJDJP
OFTSFMJHJPTBTZUFPMHJDBTZMB#JPUJDB
EFTEF FM NVUVP SFTQFUP UPEBWB FTUF
BVUPS NBOUFOHB QPTJDJPOFT EF EFGFOTB
B VMUSBO[B EF MB JOEFQFOEFODJB DPNP
TJTUBFTUVWJFSBBNFOB[BEB ZOPEFTEF
VOBDPNQMFNFOUBDJOQSPWFDIPTBQBSB
BNCPTNCJUPTEFBOMJTJT
+VBO$MBVEJP4BOBIVKB&MHSBOEF
TBGP-BDVMUVSBEFMBWJEBDPOUSB
MB DVMUVSB EF MB NVFSUF &EJDJPOFT
4FSWJBN #VFOPT "JSFT
QQ
&MBVUPSFTMJDFODJBEPFO$JFODJBTEFMB
*OGPSNBDJOZEPDUPSFO5FPMPHBDP
MBCPSB FO #VFOPT "JSFT DPO MB "TPDJB
DJOEF'BNJMJBT/VNFSPTBT B4PDJFEBE
"SHFOUJOBEFUJDB.EJDBZ#JPMHJDB
.VKFSFTQPSMB7JEBZPUSBTJOTUJUVDJP
OFT NJFNCSPEFM$POTFKP-BUJOPBNFSJ
DBOPQPSMB7JEBZMB'BNJMJB EFM(SVQP
-BUJOPBNFSJDBOP EF &TUVEJPT %FNP
HSmDPTZEFM*OUFSOBUJPOBM$PVODJMGPS
)VNBO%FWFMPQNFOU-BQSFTFOUBDJO
FTUFTDSJUBQPSFM$BSEFOBM-QF[5SV
KJMMP4BOBIVKBSFBMJ[BVOBOMJTJTEFMPT
EPDVNFOUPTEFMB*HMFTJB$BUMJDBTPCSF
GBNJMJB WJEB IVNBOB Z EFNPHSBGB
QSPQPSDJPOBOEP B MB WF[ NMUJQMFT EB
UPTEFMBTDBNQBBTRVFMPTPSHBOJTNPT
JOUFSOBDJPOBMFTSFBMJ[BOBGBWPSEFMBBO
UJDPODFQDJO BCPSUP FUD DPOQPMUJDBT
EF DBSDUFS NBOJQVMBUPSJP %FmFOEF
VOBDVMUVSBEFMBWJEBGSFOUFBVOBDVM
UVSB EF MB NVFSUF QSFTFOUF FO NVDIPT
EFFTPTQMBOUFBNJFOUPTBDUVBMFT
OHFMP 4DPMB {2V FT MB WJEB -B

#JPUJDBBEFCBUF&EJUPSJBM&ODVFO
USP .BESJE QQ
$POUFOJEP&MGFONFOPIVNBOPWJEB
Z UJDB 1BSB NJSBS BM DJFMP 7JEB WJEB
IVNBOB Z QFSTPOB 3FDPOPDFS MB WJEB
1SPCMFNBT FQJTUFNPMHJDPT EF MB CJP
UJDB 7JEB Z QFSTPOB FO MB QPTNPEFS
OJEBE%JGFSFODJBTFYVBMZQSPDSFBDJO
7JEB EF MB CJPMPHB B MB UJDB UJDB Z
WJEBQTRVJDB7JEB UJDBZFKFSDJDJPEF
MBQTJRVJBUSB-BWJEBZMBWJEBFUFSOB
-B UFNQMBO[B WJSUVE FDPMHJDB 7JEB
IVNBOBEPO WJEBZQFSEO$BSDUFS
TBHSBEPEFMBWJEBZDVMUVSBEFMBNVFS
UF7JEBZWJEBTPDJBMQMVSBMJTNPZSF
HMBTTPDJBMFT
"OHFMP 4DPMB $PPSE

{2V FT MB
WJEB &EJDJPOFT 6OJWFSTJEBE $BU
MJDB "SHFOUJOB #VFOPT "JSFT
QQ
5PEPTMPTGFONFOPTRVFTFEFTBSSPMMBO
DPOFYDFTJWBWFMPDJEBEOFDFTJUBOEFmOJS
NFKPSTVOBUVSBMF[BZTVNUPEP&TUFFT
FMDBTPEFMB#JPUJDB EPOEFMBVSHFODJB
QPSSFHVMBSVOBNBUFSJBUBOEFMJDBEBIB
MMFWBEPBEFKBSFOVOTFHVOEPQMBOPFM
FTUVEJPEFMPCKFUPRVFTFRVJFSFSFHVMBS
{RVFTMBWJEB -B#JPUJDBTFHVJSDVFT
UJPOBEB NJFOUSBT OP TF E SFTQVFTUB B
FTUBQSFHVOUB QSFWJBBUPEPPUSPEFCBUF
&TUFMJCSPQSFUFOEFBZVEBSBQSPGVOEJ[BS
FOFMGFONFOPEFMBWJEBIVNBOB&TU
FEJUBEP QPS &%6$" QBSB FM *OTUJUVUP
EFUJDB#JPNEJDB KVOUPBMB6OJWFSTJ
EBE$BUMJDBEF$IJMFZMB6OJWFSTJEBE
EF4BO1BCMP
+VBO 'FSOBOEP 4FMMT -B 1FSTPOB

)VNBOB 5SFT WPMNFOFT $PMFD
DJO "OUSPQPMPHB 'JMPTmDB 6OJ
WFSTJEBEEF-B4BCBOB #PHPU $P
MPNCJB
6OJWFSTJEBE EF /BWBSSB Z QSPGFTPS EF
'JMPTPGBEFMB6OJWFSTJEBEEFMB4BCBOB
FO$PMPNCJB&OMB'JMPTPGBNPEFSOBZ
DPOUFNQPSOFBTFIBQSPEVDJEPoTFHO
FMBVUPSoVOPTDVSFDJNJFOUPFOUPSOPBM
DPOPDJNJFOUPTPCSFFMTFSQFSTPOBM EF
CJEPBRVFTFDJGSBMPEJTUJOUJWPIVNBOP
FOTVPQFSBUJWJEBE RVFoTFHOMPTEJT
UJOUPTBVUPSFToBENJUFWBSJBEBTNPEVMB
DJPOFTSBDJPOBM WPMVOUBSJB MJOHTUJDB
TFOUJNFOUBM MBCPSBM FUD /VFTUSB QP
DB PGSFDF VO DPOUSBTUF EF DMBSPTDVSPT
KVOUPBVOBDPORVJTUBFOMBTMJCFSUBEFT
DPOWJWF VOB EFTQFSTPOBMJ[BDJO EF MBT
DPTUVNCSFT&MBVUPSPGSFDFFOFTUBPCSB
FO USFT UPNPT FO TOUFTJT MPT BQPSUFT
NT SFMFWBOUFT RVF FM QFOTBNJFOUP PD
DJEFOUBMIBPGSFDJEPBDFSDBEFMIPNCSF
SBTUSFBMBBOUSPQPMPHBEFMPTQSFDFEFO
UFT NJMFOJPT QBSB MFHBS TVT DMBWFT B MB
QPTUFSJEBE BmOEFGSBHVBSVOBOVFWBZ
NTQSPGVOEBDPNQSFOTJOEFMBiQFS
TPOB IVNBOBw Z EF TV EJHOJEBE Z EF
MPTQSJODJQBMFTQSPCMFNBTRVFTFMFQMB
UFBOBDUVBMNFOUFGVOEBNFOUPZEFTUJ
OP TFOUJEPEFMBWJEB MJCFSUBEZUJDB FM
BNPSZMBTSFMBDJPOFTJOUFSQFSTPOBMFT MB
GFMJDJEBE MBBQFSUVSBBMBUSBTDFOEFODJB
FUD
&MJP 4HSFDDJB -B #JPUJDB DPNP

QSBYJT&%6$" &EJUPSJBMEFMB6OJ
WFSTJEBE$BUMJDB"SHFOUJOB #VFOPT
"JSFT SFJNQSFTJO QQ
&TUF MJCSP FT VOB DPNQJMBDJO EF USFT
DPOGFSFODJBT RVF FM BVUPS EJDU FO FM
*OTUJUVUPEFUJDB#JPNEJDBEFMB1PO
UJmDJB 6OJWFSTJEBE $BUMJDB "SHFOUJOB
&MJP4HSFDDJBFTBDUVBMNFOUFQSFTJEFOUF
EF MB 1POUJmDJB "DBEFNJB QPS MB 7JEB
NJFNCSPEFM$PNJUEF#JPUJDBEF*UB
MJB ZIBTJEPNVDIPTBPTEJSFDUPSEFM
*OTUJUVUPEF#JPUJDBEFMB6OJWFSTJEBE
EFM4BDSP$VPSF FO3PNB

-BQSJNFSBDPOGFSFODJBUSBUBTPCSF#JP
UJDB Z %FSFDIPT )VNBOPT Z FM BVUPS
SFJUFSBMBBDUVBMJEBEEFMBCJPUJDBDPNP
QSBYJTJNQPSUBOUFQBSBMBDPODJFODJBEFM
IPNCSF &O MB TFHVOEB BCPSEB MB IJT
UPSJB EF MB #JPUJDB DPNP EJTDJQMJOB Z
TVBQPSUFBMBTPDJFEBEDPOUFNQPSOFB
&OMBUFSDFSB TFDFOUSBFOFMBOMJTJTEF
MBiDVMUVSBEFMBNVFSUFwoNFODJPOBEB
FOEPDVNFOUPTEF+VBO1BCMP**FOOV
NFSPTBTPDBTJPOFToZBCPSEBMBFVUBOB
TJB DPNP BDDJO V PNJTJO EJSJHJEB B
BDPSUBSMBWJEBQBSBBMJWJBSFMTVGSJNJFO
UPZMBTEFDJTJPOFTEFUFSBQJBJOUFOTJWB
BMJNFOUBDJOFIJESBUBDJOFOQBDJFOUFT
UFSNJOBMFT Z FM DPODFQUP EF FODBSOJ[B
NJFOUPUFSBQVUJDP
+PT &EVBSEP EF 4JRVFJSB UJDB F

UFDOPDJFODJB VNB BCPSEBHFN TF
HVOEPBQSJODJQJPEFSFTQPOTBCJMJ
EBEFEF)BOT+POBT6&- -POESJ
OB
&TUF USBCBKP FT VOB SFnFYJO TPCSF MB
QSJODJQBMPCSBEFMmMTPGPBMFNODPO
UFNQPSOFP )BOT +POBT .VFTUSB MB
USBZFDUPSJBJOUFMFDUVBMEF+POBTIBTUBMMF
HBSBMSFTDBUFEFMBUJDBEFMBSFTQPOTBCJ
MJEBE RVF.BY8FCFSTVHJFSFFOPCSBT
EFDPNJFO[PTEFMTJHMP&M1SJODJQJPEF
MB3FTQPOTBCJMJEBEEF+POBTFTVOBFWB
MVBDJOTVNBNFOUFDSUJDBEFMBDJFODJB
NPEFSOBZEFTViCSB[PBSNBEPw MBUFD
OPMPHB&MmMTPGPNVFTUSBMBOFDFTJEBE
RVFFMTFSIVNBOPUJFOFEFBDUVBSDPO
DBVUFMB Z IVNJMEBE GSFOUF BM FOPSNF
QPEFSUSBOTGPSNBEPSEFMBUFDOPDJFODJB
"DUB#JPFUIJDB
+PT &EVBSEP EF 4JRVFJSB 0SH

UJDB DJODJB F SFTQPOTBCJMJEBEF
$FOUSP 6OJWFSTJUBSJP 4P $BNJMP Z
&EJFT -PZPMB 4P 1BVMP #SBTJM
QQ
&M DPPSEJOBEPS EF FTUF MJCSP oEPDUPS
+PT &EVBSEP EF 4JRVFJSBo FT NEJDP
FTQFDJBMJTUB FO $BSEJPMPHB EPDUPS FO
.FEJDJOB QPS MB 6OJWFSTJEBE EF -PO
ESJOB 6&-
ZNBHTUFSFO#JPUJDBQPS
MB 6OJWFSTJEBE EF $IJMF $PPSEJOBEPS
EFM $VSTP EF &TQFDJBMJ[BDJO FO #JP
UJDB EF MB 6&- Z EFM $PNJU EF #JP
UJDB EF TV )PTQJUBM 6OJWFSTJUBSJP $PO
M DPMBCPSBO -FPOBSEP 1SPUB -VDJBOB
(SBOHFZ0MJWJB.SDJB/BHZ"SBOUFT
-BTSFnFYJPOFTEFMPTBVUPSFTTFDFOUSBO
FOMBSFMBDJOFOUSFUJDB DJFODJBZTP
DJFEBE DPO VO BOMJTJT EFUBMMBEP EFM
QFOTBNJFOUP EF .BY 8FCFS QSJNFSP
DPNPSB[EFMQSJODJQJPEFSFTQPOTBCJ
MJEBE ZEF)BOT+POBTEFTQVT DPOTV
FMBCPSBEB UFPSB TPCSF FM QSJODJQJP EF
SFTQPOTBCJMJEBEBQMJDBEPBMBUFDOPDJFO
DJB $POTUJUVZF VO BOMJTJT QSPGVOEP Z
DMBSPEFFTUPTBVUPSFTDPOMBQSPQVFTUB
EF VOB NVZ OFDFTBSJB SFTQPOTBCJMJEBE
RVFFTUBCMF[DBMPTMNJUFTEFMBJOWFTUJ
HBDJODJFOUmDBBDUVBM
1BUSJDJB 4PSPLJO $PPSE

#JPUJDB
FOUSF VUPQBT Z EFTBSSBJHPT -JCSP
IPNFOBKF B MB 1SPG %SB (MBEJT +
.BDLJOTPO #VFOPT "JSFT "E)PD
QQ
-PTBNBOUFTEFMPTONFSPTFTUBSOEF
QBSBCJFOFTDPOFTUBQFDVMJBSQVCMJDBDJO
EFMBFEJUPSJBMKVSEJDPoNEJDBQPSUFB
"E)PDVODPNQFOEJPEFQHJOBT
FOFMDVBMBVUPSFTFNQSFOEFOMBUB
SFBEFFTDSJCJSBSUDVMPT BMPTRVFTF
TVNBOPUSPTBVUPSFTRVFFTDSJCFOTVT
FQMPHPT Z QSFTFOUBEPSB HFOFSBM MPT
DVBMFTQFSUFOFDFOBQBTFTEJGFSFOUFT
"SHFOUJOB #SBTJM $PTUB 3JDB $VCB
$IJMF %PNJOJDBOB .YJDP 1BOBN
1BSBHVBZ 6SVHVBZ Z 7FOF[VFMB
Z B
PUSBTUBOUBTQSPGFTJPOFT IPNCSFTZNV
KFSFTEFMEFSFDIPZEFMBmMPTPGB EFMB
NFEJDJOBZMBUFPMPHB EFMBTPDJPMPHB
ZMBCJPRVNJDB EFMBGBSNBDJBZMBCJP
MPHB TJOOJNPBMHVOPEFTFSFYIBVT
UJWP
5PEPT BCTPMVUBNFOUFUPEPT IBO
TVNBEP TV FTGVFS[P QBSB IPNFOBKFBS
EFNBOFSBTFOUJEBZEFMNPEPRVFNF
KPSTBCFOIBDFSMPBMBQSPGFTPSB(MBEZT
.BDLJOTPO BNJHB DPMFHB JOWFTUJHBEP
SBZEPDFOUFBSHFOUJOBGBMMFDJEBBQSJODJ
QJPTEF
4FUSBUBEFVOMJCSPoDBKB QPSRVFFOM
QVFEFO FODPOUSBSTF NMUJQMFT DVFTUJP
OFT BCPSEBEBT EFTEF QFSTQFDUJWBT NVZ
EJWFSTBTMBGFNJOJTUBZMBDPOGFTJPOBM MB
EFPOUPMHJDBZMBDPOTFDVFODJBM MBNBS
YJTUB Z MB QFSTPOBMJTUB MB QSJODJQJBMJTUB
Z MB SFMBDJPOBM BDFSDBNJFOUPT EF DVP
TPDJPMHJDP QTJDPMHJDPZUSBTDFOEFOUBM
FYNFOFTTVTUBOUJWPTZQSPDFEJNFOUBMFT
SFnFYJPOFT FNJOFOUFNFOUF UJDBT KVS
EJDBTZTPDJBMFT&OmO VONVFTUSBSJP
EFHSBOQBSUFEFMPNFKPSEFMBCJPUJDB
FO OVFTUSP QBT Z VO TFMFDUP DPOKVOUP
EFDPMBCPSBDJPOFTBQPSUBEBTQPSDPMFHBT
DFOUSPZTVEBNFSJDBOPT1FSPMPJOUFSF
TBOUF EFM UFYUP OP TF SFEVDF B MB NVM
UJQMJDJEBE EF UFNUJDBT BDPNFUJEBT OJ
BM QSPGFTJPOBMJTNP EF MPT FYQFSUPT RVF
USBUBO EF EBS DVFOUB EF FMMBT .VZ FO
FTQFDJBMIBEFEFTUBDBSTFFOUBMTFOUJEP
RVFFOUPSOPEFBMHVOBTDVFTUJPOFToQPS
FKFNQMP MB FYQFSJNFOUBDJO DPO TFSFT
IVNBOPT FMDPOTFOUJNJFOUPJOGPSNBEP
MBJOGFDDJOQPS7*)4*%"PMBNVFSUF
EJHOBo TPO EJTUJOUPT QSPGFTJPOBMFT MPT
RVF FTDSJCFO Z OP TJFNQSF MBT DPJODJ
EFODJBT TPO MBT RVF QSFEPNJOBO FOUSF
TVTQHJOBT&TUFNFDBOJTNPMFQFSNJUF
BM MFDUPS BOPUJDJBSTF SQJEBNFOUF TPCSF
RVUQJDPTTFIBOGPSKBEPDPOTFOTPTZ
TPCSF RV PUSPT UPEBWB FYJTUFO EJTDSF
QBODJBT
&M WPMVNFO GVF PSJHJOBMNFOUF DPODF
CJEP QPS MB IPNFOBKFBEB MB DVBM EFMJ
OF TV DBSDUFS JOUFSEJTDJQMJOBSJP QMV
SJQBSUJEBSJPZNVMUJSSFMJHJPTP BTDPNP
UBNCJO TV DPNQSPNJTP TJUVBEP DPO
OVFTUSBQSPQJBSFBMJEBEBNFSJDBOB'VF
UBNCJOFMMBMBRVFFMJHJDPMBCPSBEPSFT
BVORVFFTBMJTUBJOJDJBMTFBNQMJMVFHP
EFTVNVFSUFQBSBQPEFSIBDFSMFVOMV
HBSBUPEPTMPTRVFMBDPOPDJFSPOZOP
RVJTJFSPO EFKBS QBTBS FTUB PQPSUVOJEBE
EFUSJCVUBSMFVOFTDSJUP&MSFTVMUBEPm
OBM MMBNBUJWBNFOUF OPFTDBUJDP BQF
TBSEFRVFTVFMFOBQBSFDFSoEFUBOUPFO
UBOUPo SFDVFSEPT QFSTPOBMFT FOUSFNF[
DMBEPT DPO BOMJTJT DJFOUmDPT /P NF
MMBNBSB MB BUFODJO FOUFSBSNF EF RVF
(MBEZTFTUVWPTPCSFWPMBOEPFMUFYUP M
QJ[FONBOP IBDJFOEPEFMBTTVZBT 3F
DFOTJOQPS4FSHJP$FDDIFUUPEPDUPSFO
'JMPTPGB .BHTUFSFO$JFODJBT4PDJBMFT
Z&TQFDJBMJTUBFO#JPUJDB*OWFTUJHBEPS
EFM$0/*$&5%JSFDUPSEFMB"TPDJB
DJO "SHFOUJOB EF *OWFTUJHBDJPOFT UJ
DBT $POTFKP3FHJPOBM#VFOPT"JSFT

(MPSJB.BSB5PNTZ(BSSJEP#JP
UJDB QFSTPOBMJTUB $JFODJB Z DPO
USPWFSTJBT&*6/4" .BESJE
QQ
-BCJPUJDB BMTFSVOBEJTDJQMJOBKPWFO
WBEFTBSSPMMOEPTFTJHVJFOEPEJTUJOUBTZ
QMVSBMFTWBTZ DPNPDJFODJBNVMUJEJTDJ
QMJOBS OPSFOVODJBBRVFTFFODVFOUSFO
DBNJOPTDPNVOFTFOMBTEJTUJOUBTEJTDJ
QMJOBT&OMBTJUVBDJOBDUVBMEFQSBHNB
UJTNPJSSBDJPOBMZOJIJMJTUBTFIBDFNT
VSHFOUFNPTUSBSDPOSBEJDBMJEBERVFMB
QFSTPOBZTVJOOBUBEJHOJEBE TPOFMPSJ
HFOZFMmOEFMBDJFODJBZEFMBTPDJFEBE
%FBIMBDPOWFOJFODJBZBDUVBMJEBEEF
FTUFMJCSP&OMTFQFSDJCFRVFMBTDVFT
UJPOFTCJPUJDBTTPOUBNCJODVFTUJPOFT
BOUSPQPMHJDBTBEFNTEFMBJNBHFOEFM
IPNCSFRVFRVFSBNPTDPOTUSVJS DPN
QSPNFUFOMBEFGFOTBEFTVNJTNBJEFO
UJEBE 1PS FTUB SB[O TF USBUBO UFNBT
RVFSFBM[BOFMWBMPSEFMBQFSTPOB{RVF
OP QVFEF TFS BHPUBEP QPS OJOHVOB FT
USVDUVSB ZPUSPT BDUVBMNFOUFFOQVHOB
DPNPFMFTUBUVUPDJFOUmDPEFMFNCSJO
IVNBOPTFMFDDJOEFTFYPZFVHFOFTJB
QSFOBUBMUDOJDBTEFSFQSPEVDDJOBTJT
UJEBJOWFTUJHBDJODPODMVMBTNBESFZ
DMPOBDJOFM4*%"MBNVFSUFDFSFCSBM
FO MPT RVF TF EBO DMBWFT QBSB MMFHBS B
DPODMVTJPOFTSFDUBTZDFSUFSBT
'SBODFTD5PSSBMCBJ3PTFMM"OUSP
QPMPHB EFM DVJEBS *OTUJUVUP #PSKB
EF #JPUJDB &E 'VOEBDJO .BQGSF
.FEJDJOB .BESJE QQ
6OJWFSTJEBEEF#BSDFMPOBZFO5FPMPHB
QPSMB'BDVMUBEEF5FPMPHBEF$BUBMV
B .JFNCSP JOWFTUJHBEPS EFM *OTUJUVU
#PSKB EF #JPUJDB Z QSPGFTPS UJUVMBS EF

'JMPTPGBEFMB6OJWFSTJEBE3BNO-MV
MM&TUBMUJNBPCSBTVZBFToFOQBMBCSBT
EFM QSPMPHVJTUB EPDUPS #SPHHJo iVOB
BQPSUBDJONBHOmDBZQSPGVOEBBMDP
OPDJNJFOUP EFM IPNCSF DPOTJEFSBEP
DPNP QJF[B GVOEBNFOUBM FO FM BSUF EF
DVSBS Z EF DVJEBSw 1SJNFSP BUJFOEF B
MB EFmOJDJO EF MB DJFODJB EFM IPNCSF
Z TVT EJWFSTPT QBSBEJHNBT EFTQVT BM
FYBNFO QMVSJEJNFOTJPOBM EF MB QFSTP
OB FO UPEPT TVT BTQFDUPT EJNFOTJPOFT
ZSFTQPOTBCJMJEBEFT&OMBUFSDFSBQBSUF
BOBMJ[BMBQFSTPOBBOUFTJUVBDJPOFTMNJ
UF DPNPTPOFMEPMPSZMBFOGFSNFEBE
FO TVT EJGFSFOUFT GPSNBT MB QFEBHPHB
EFM TVGSJNJFOUP Z MB GFOPNFOPMPHB EF
MB NVFSUF TPO TVT DPOTFDVFODJBT 'J
OBMNFOUF USBUB EF MB BOUSPQPMPHB Z FM
BSUFEFDVJEBS DNPQBTBSEFTEFMBBO
USPQPMPHBBMBiUJDBEFMDVJEBSw EFMP
EFTDSJQUJWPBMPOPSNBUJWP UFOJFOEPFO
DVFOUBMBTDBUFHPSBTJNQSFTDJOEJCMFTEF
iMJCFSUBE JOUJNJEBE KVTUJDJBZCJFOw
'SBODFTD5PSSBMCB2VFTMBEJHOJ
EBEIVNBOB)&3%&3 #BSDFMPOB
QQ
&OFTUFMJCSP FMQSPGFTPS'SBODFTD5P
SSBMCB TF QMBOUFB FYQMPSBS FM DPODFQUP
EF EJHOJEBE B MP MBSHP EFM QFOTBNJFO
UP PDDJEFOUBM Z BOBMJ[B FO QBSUJDVMBS
MBDPOUSJCVDJOEF)VHP5SJTUSBN&O
HFMIBSEU +PIO)BSSJTZ1FUFS4JOHFSBM
EJMPHP CJPUJDP DPOUFNQPSOFP " MP
MBSHP EFM UFYUP TF EJTDVUF FM DPODFQUP
EFQFSTPOBRVFTFEFTQSFOEFEFEJDIBT
BQPSUBDJPOFT Z TF FMBCPSB VO SFOPWBEP
DPODFQUPEFQFSTPOBFOEJMPHPDPOFM
QFSTPOBMJTNPmMPTmDPDPOUFNQPSOFP
&M BVUPS QBSUF EF MB DPOWJDDJO RVF MB

QBMBCSBEJHOJEBEFTVOPEFMPTWPDBCMPT
NTBNCJHVBNFOUFVUJMJ[BEPFOMPTGP
SPT EF EJTDVTJO CJPUJDB Z TF QSPQPOF
BDMBSBSTVTNMUJQMFTTJHOJmDBEPT
'SBODFTD 5PSSBMCB 3PTFMM #BSDFMPOB

FTEPDUPSFO'JMPTPGBQPSMB6OJ
WFSTJEBE EF #BSDFMPOB
Z EPDUPS
FO5FPMPHB
QPSMB'BDVMUBEEF
5FPMPHBEF$BUBMVOZB"DUVBMNFOUFFT
QSPGFTPS UJUVMBS EF 'JMPTPGB FO MB 6OJ
WFSTJEBE3BNPO-MVMMZNJFNCSPJOWFT
UJHBEPSEFM*OTUJUVUP#PSKBEF#JPUJDB
&TQFDJBMJTUBFOMBPCSBEF4PSFO,JFSLF
HBBSE IBQVCMJDBEPNTEFUSFJOUBFO
TBZPT EF DBSDUFS mMPTmDP UJDP Z BO
USPQPMHJDPTPCSFEJTUJOUPTUFNBT&OUSF
TVT QVCMJDBDJPOFT DBCF EFTUBDBS "OUSP
QPMPHB EFM DVJEBS
'JMPTPGB EF
MB NFEJDJOB
UJDB EFM DVJEBS

4PCSFMBIPTQJUBMJEBE
Z
,JFSLFHBBSEFOFMMBCFSJOUPEFMBTNT
DBSBT

6OJWFSTJEBE $BUMJDB "SHFOUJOB 'F

Z$JFODJBT+PSOBEBEFMEFPDUV
CSF EF &EJDJPOFT EF MB 6OJ
WFSTJEBE$BUMJDB"SHFOUJOB #VFOPT
"JSFT QQ
4FSFDPHFOFOFTUFMJCSPMBTQPOFODJBTEF
VOB +PSOBEB DFMFCSBEB FM EF PDUVCSF
EF TPCSFMBSFMBDJOFOUSFMBGFZ
MBTDJFODJBT FOMBTFEFEF1VFSUP.BEF
SPEFMB1POUJmDJB6OJWFSTJEBE$BUMJDB
"SHFOUJOB -PT PCKFUJWPT FSBO USFT QSJ
NFSP BTVNJSQMFOBNFOUFBMBiMBTOUFTJT
FOUSFDVMUVSBZGFOPFTTMPVOBFYJHFO
DJBEFMBDVMUVSB TJOPUBNCJOEFMBGF
QVFT
VOBGFRVFOPTFIBDFDVMUVSBFT
VOB GF OP QMFOBNFOUF BDPHJEB FOUFSB

NFOUFQFOTBEBPmFMNFOUFWJWJEBw +VBO
1BCMP** 7
FMTFHVOEP BMFO
UBS FM FTUVEJP EF MPT HSBWFT QSPCMFNBT
DPOUFNQPSOFPToMBEJHOJEBEEFMBWJEB
IVNBOB MBQSPNPDJOEFMBKVTUJDJB MB
EJTUSJCVDJO FRVJUBUJWB EF MPT SFDVSTPT
FUDo EFTEF VO QVOUP EF WJTUB JOUFSEJT
DJQMJOBS ZFMUFSDFSP PGSFDFSVOBWJTJO
HMPCBMZPSHOJDBEFMBSFBMJEBEBMBMVN
OBEP VOJWFSTJUBSJP 4F SFDPHFO QSJNFSP
BMHVOPT JNQPSUBOUFT Z FTDMBSFDFEPSFT
UFYUPT EFM .BHJTUFSJP DBUMJDP TPCSF MB
JOUFHSBDJOEFMPTTBCFSFT MBSFMBDJOFO
USF mMPTPGB DJFODJB Z UFPMPHB FOUSF GF
ZSB[O MPUJDPZMPUDOJDP5SBTFMMPT
TF EFTUBDBO MBT JOUFSWFODJPOFT JOJDJBMFT
EF0TDBS#FMUSO TPCSFi&MPSEFOEFMBT
DJFODJBTw DPNPJOUSPEVDDJOMBFYQPTJ
DJOEF.POTOHFMP4DPMBTPCSFi'FZ
$JFODJB-B5FPMPHBBOUFMBJOUFSQSFUB
DJODJFOUmDBEFMBSFBMJEBEFMFNFOUPT
EFNUPEPwZPUSBTPCSFi'FZDJFODJBT
IPZVOBQFSTQFDUJWBmMPTmDBw EF)D
UPS+%FMCPTDP&TUOQSFTFOUFTMBTEJGF
SFOUFTQUJDBTEFDBEBDJFODJB MBFDPOP
NB FMEFSFDIP MBQPMUJDB MBQTJDPMPHB
Z MB QTJDPQFEBHPHB Z OBUVSBMNFOUF
UBNCJOMBSFnFYJOEFTEFMBi#JPUJDB
VODBNJOPIBDJBMBWFSEBEw BDBSHPEFM
QSPGFTPS)VHP0.0CJHMJP EJSFDUPS
EFM *OTUJUVUP EF UJDB #JPNEJDB EF MB
6OJWFSTJEBE$BUMJDB"SHFOUJOB
3BNO7BMMTUJDBQBSBMBCJPUJDB
Z B SBUPT QBSB MB QPMUJDB (FEJTB
#BSDFMPOB QQ
&MBVUPSFTEPDUPSFO'JMPTPGB QSPGFTPS
EFMB6OJWFSTJEBE"VUOPNBEF#BSDF
MPOBZEPDFOUFFOFMNBTUFSEF#JPUJDB

EF FTUB 6OJWFSTJEBE 1BSUF TV SFnFYJO

EF RVF iMPT mMTPGPT OP EJTQPOFO EF
QBVUBT EF DPOEVDUB FUFSOBT BVORVF T
QVFEFO SFDPNFOEBS BMHVOPT DEJHPT
SFTQFUBCMFTw ZQPSMPUBOUPJOWJUBBSF
QFOTBS MB UJDB iQBSB JOTUBVSBS VOB DJ
WJMJ[BDJOIVNBOBQMBOFUBSJBEFDPPQF
SBDJO FOUSF JHVBMFTEJTUJOUPTw &O FTUF
SFDPSSJEPRVFEBQBUFOUFRVFMPTDEJHPT
NPSBMFTOPTPOJOWBSJBCMFToTFHOFMBV
UPSoZRVFTUFEFmFOEFRVFIPZFOEB
MBGVFOUFEFMBTPCMJHBDJPOFTUJDBTEFCF
FYDMVTJWBNFOUFMBBVUPOPNBNPSBM SF
DIB[BOEPUPEPiQBUFSOBMJTNPBCTPMVUJT
UBw UBOUPFOFMNCJUPQPMUJDPKVSEJDP
DPNPNEJDP
7BSJPTBVUPSFT#JPUJDB SFMJHJOZ
EFSFDIP 'VOEBDJO 6OJWFSTJUBSJB
&TQBPMB .BESJE QQ
&TUFMJCSPSFDPHFMBTBDUBTEFMDVSTPEF
WFSBOPEFMB6OJWFSTJEBE"VUOPNBEF
.BESJE RVFCBKPFMUUVMPi#JPUJDB SF
MJHJOZEFSFDIPwGVFPSHBOJ[BEPQPSFM
SFBEF%FSFDIP&DMFTJTUJDPEFM&TUBEP
EFMB6".ZDFMFCSBEPFO.JSBnPSFTEF
MB4JFSSB .BESJE
EFMBMEFKVMJP
EF
4FDPOUFOFMDVSTPDPOEFTUBDBEPTFT
QFDJBMJTUBTTPCSFMPTEJTUJOUPTUFNBTUSB
UBEPT RVF BCBSDBO CVFOB QBSUF EF MBT
DVFTUJPOFTNTBDUVBMFTEFMBCJPUJDB
". 7FHB $ & .BMEPOBEP "

.BSDPT .BSUOF[ &ET
3BDJPOBMJ
EBE DJFOUmDB Z SBDJPOBMJEBE IV
NBOB UFOEJFOEP QVFOUFT FOUSF
DJFODJB Z TPDJFEBE 6OJWFSTJEBE EF
7BMMBEPMJEZ6OJWFSTJEBE&M#PTRVF
EF #PHPU 7BMMBEPMJE

QQ
$POUJFOFDPOUSJCVDJPOFTEFWBSJPTBVUP
SFT QSPDFEFOUFTEFMBT7***+PSOBEBTEF
'JMPTPGB*$POHSFTP*OUFSOBDJPOBMTPCSF
DJFODJBZ4PDJFEBERVFPSHBOJ[BFM%FQBS
UBNFOUPEF'JMPTPGBEFMB6OJWFSTJEBE
EF7BMMBEPMJE 7BMMBEPMJE OPWJFNCSFEF

5PEPTMPTUFYUPTWFSTBOTPCSFMB
SFMBDJOEFMBDJFODJBDPOPUSPTNCJUPT
EFMBWJEBIVNBOB DPNPFMBSUF MBUJDB
ZMBQPMUJDB MBSFMJHJO MBUFDOPMPHB
ZTPCSFMPTNPEPTEFSBDJPOBMJEBEQSP
QJPTEFDBEBVOPEFFTUPTNCJUPT
+VBO.BSBEF7FMBTDP-BCJPUJDB
ZFMQSJODJQJPEFTPMJEBSJEBE6OB
QFSTQFDUJWB EFTEF MB UJDB UFPMHJ
DB 6OJWFSTJEBE EF %FVTUP #JMCBP
QQ
-B #JPUJDB BDUVBM RVF DPMBCPSB FO MB
CTRVFEBEFOVFWPTIPSJ[POUFTQBSBFM
EFTBSSPMMPIVNBOP iOPEFCFSBPMWJEBS
oTFHOFMBVUPSEFFTUFMJCSP EPDUPSFO
5FPMPHBQPSMB6OJWFSTJEBEEF%FVTUPZ
QSPGFTPSEF.PSBMoRVFFYJTUFVOBHSBO
EJWFSTJEBEEFQMBOUFBNJFOUPTEFGPOEP
FTUMBEPCMFBMUFSOBUJWBEFMEFPOUPMPHJT
NPZFMUFMFPMPHJTNP"QBSUJSEFFTUPT
QMBOUFBNJFOUPTHFOFSBMFTTFDPOmHVSBO
MBTPSJFOUBDJPOFTFOFMDBNQPEFMB#JP
UJDB BDUVBM &M QSFWBMFOUF TPCSF UPEP
FOFMNVOEPBOHMPTBKO FTFMMMBNBEP
iQSJODJQJBMJTNPw:QSFDJTBNFOUF MBJO
UFODJOEFMBVUPSFTDPOUSJCVJSBDPOTP
MJEBSMBUFPSBEFMPTQSJODJQJPTCJPUJDPT
EFTEFVOBQUJDBDSJTUJBOB&TUFUSBCBKP
JOUFOUBQSPNPWFSVOBQSBYJTUJDBCBTB
EBFOBSHVNFOUPTEFGFZEFSB[O RVF
SFJWJOEJDBFMEFSFDIPZEFCFSEFUPEPTFS
IVNBOPBUFOFSVOBWJEBEJHOB BQBSUJS
EFMPTDBVDFTFQJTUFNPMHJDPTRVFJEFO
UJmDBO#JPUJDBZEFTBSSPMMPTPMJEBSJP
+VBO 7MF[ 4+ $PPSE

#JPUJDBT
QBSBFMTJHMP99*BPTEF#JP
UJDB
'VOEBNFOUB
DJPOFT )FSNFOVUJDBT .FUPEP
MPHBT $POUFOJEPT6OJWFSTJEBEEF
%FVTUP #JMCBP QQ
&TUF MJCSP USBUB EF DPOKVHBS oFO QBMB
CSBTEF+VBO7MF[ TVDPPSEJOBEPSoiFM
EJMPHPDJFOUmDPZTFSJPEFMBTDJFODJBT
IVNBOBT Z EF MBT QPTJUJWBT EF MB UJDB
UFPMHJDB Z EF MB QSBYJT DSJTUJBOB EF MB
SFnFYJOZEFMBWJEB EFMBSB[OZEFMB
GFwQBSBBQPSUBSBTVOBWJTJONTBN
QMJBFOFMEFCBUFJOUFSEJTDJQMJOBSJOJDJB
EPIBDFZBBPTQPSMB#JPUJDB
%JFHP(SBDJBFTUVEJBFOQSPGVOEJEBEMBT
GVOEBNFOUBDJPOFTEFMB#JPUJDBmMPT
mDB NJFOUSBT+BWJFS(BGPOPTPGSFDFMB
SFMBDJOFOUSFMB#JPUJDBZMBUSBEJDJO
DBUMJDB FOUPEPTVSFDPSSJEPIJTUSJDP
Z FO UPEPT TVT UFNBT .BSDJBOP 7JEBM
TF JOUSPEVDF FO FM DBNQP DPNQMFKP EF
MBUJDBDSJTUJBOBZMBUPNBEFEFDJTJPOFT
FO CJPUJDB TJFOEP TV QVOUP DFOUSBM MB
FQJTUFNPMPHBUFPMHJDB
&OMBTFHVOEBQBSUF MBPCSBTFEFUJFOF
FO MB QSBYJT UJDP UFPMHJDB FO MBT NF
UPEPMPHBT DPODSFUBT QBSB MB UPNB EF
EFDJTJPOFT Z FO FM BOMJTJT EF BMHVOBT
TJUVBDJPOFTDMOJDBTDPSSJFOUFTDPNPFO
GFSNPTEFTJEBPQBDJFOUFTFOTJUVBDJO
UFSNJOBM
.BSDJBOP 7JEBM #JPUJDB 5FDOPT

.BESJE QQ
&TUBPCSBPGSFDFVOBWJTJOQBOPSNJDB
EF MPT QSPCMFNBT UJDPT RVF QMBOUFB MB
DJFODJBZMBJOWFTUJHBDJOFOUPSOPBMOB
DJNJFOUP JOTFNJOBDJO GFDVOEBDJOJO
WJUSP BCPSUP FYQFSJNFOUBDJOIVNBOB
USBOTQMBOUFT FVUBOBTJB FVHFOFTJB NB
OJQVMBDJO DFSFCSBM FUD -B CTRVFEB
EFMBSB[OUJDBRVFJMVNJOFUPEPTMPT
BWBODFTEFMBCJPMPHBZCJPHFOUJDBFTU
QSFTFOUFFOUPEPTFTUPTFTUVEJPT%JDIP
EF PUSB NBOFSB UPEP MP RVF UDOJDB
NFOUF
TFQVFEFIBDFS i{TFEFCFw UJ
DBNFOUF
IBDFS -BSB[OUJDBFTFMVTP
SBDJPOBMEFMBNFOUFIVNBOBFOUPSOP
B MB FUFSOB QSFHVOUB TPCSF MB SFMBDJO
FOUSFiUDOJDBwZiUJDBw FOUSFiDJFODJBw
ZiDPODJFODJBw%FFTUBCTRVFEBEFMB
SB[OUJDBOBDFMBCJPUJDB DPNPOVFWB
SBNB EFM TBCFS UJDP Z TV KVTUJmDBDJO
DPNP EJTDJQMJOB JOEFQFOEJFOUF Z FTQF
DmDB &M QSPGFTPS . 7JEBM OPT EB FO
FTUF FTUVEJP VO FKFNQMP EF SB[O UJDB
BQMJDBEBBMPTQSPCMFNBTEFMBWJEB
.BSDJBOP7JEBM0SJFOUBDJPOFTUJ
DBTQBSBUJFNQPTJODJFSUPT&OUSFMB
&TDJMBEFMSFMBUJWJTNPZMB$BSJCEJT
EFM GVOEBNFOUBMJTNP %FTDMF EF
#SPVXFS #JMCBP QQ
&MBVUPSFTQSPGFTPSPSEJOBSJPFOFM*OT
UJUVUPEF$JFODJBT.PSBMFT FO.BESJE
" TV FYUFOTB PCSB FO UFPMPHB BBEF
BIPSBFTUFMJCSPDFOUSBEPFOMBNPSBMDB
UMJDBZFOMBSFnFYJOUJDB5JFOFFMWB
MPSEFSFQMBOUFBSMPTWBMPSFTFWBOHMJDPT
QBSBVOBDVMUVSBEFMBTFDVMBSJEBEZQBSB
VOBTPDJFEBEHVJBEBQPSFMQSJODJQJPEF

MBMBJDJEBE1SFTFOUBVODVBESPDPNQMF
UPEFMBUJDBUFPMHJDBZ EFOUSPEFM
BCPSEBMBTDVFTUJPOFTNTDBOEFOUFTMB
FVUBOBTJB MBUJDBTFYVBM MBIPNPTFYVB
MJEBE MB DPSSVQDJO MB HMPCBMJ[BDJO
FUD&TEFFTQFDJBMJOUFSTQBSBMBCJP
UJDBTVQMBOUFBNJFOUPTPCSFMBOFDFTJEBE
EFVOBUJDBEFMBTWJSUVEFTSFOPWBEB EF
DBSDUFSVOJWFSTBM GSFOUFBMPTSFMBUJWJT
NPTBDUVBMFT
$BUBMEP;VDDBSP#JPUJDBFWBMPSFT
OP QTNPEFSOP &EJDPFT -PZPMB
4P1BVMP QQ
5SBEVDDJO BM QPSUVHVT EF FTUB PCSB
EFM QSPGFTPS EF 5FPMPHB .PSBM EF MB
6OJWFSTJEBE 6SCBOJBOB EF 3PNB &M
BVUPS SFBMJ[B VO FYBNFO EF MPT WBMPSFT
QSFTFOUFT FO FM NCJUP EF MB QPTUoNP
EFSOJEBE Z EF VOB #JPUJDB FOGPDBEB
EFTEFMBQFSTQFDUJWBMJCFSBM QBSBSFBMJ[BS
EFTQVTVOBJOUFSFTBOUFDPNQBSBDJOZ
DPOGSPOUBDJODPOMBUFPMPHBNPSBM FO
EJMPHP DPO FTUB #JPUJDB MJCFSBM DPO
DJFODJB BVUPOPNBZMJCFSUBETBOUJEBE
EFWJEBZSFTQPOTBCJMJEBEMBMFZOBUVSBM
ZTVOPSNBUJWJEBE
&OTFBO[BEFMBCJPUJDB
.BSUO"MVKB "OESFB#JSLF $PPSE

&MQBQFMEFMBUJDBFOMBJOWFTUJHB
DJODJFOUmDBZMBFEVDBDJOTVQF
SJPS "DBEFNJB .FYJDBOB EF $JFO
DJBT 'POEP EF $VMUVSB &DPONJDB
.YJDP FE QQ
-B"DBEFNJB.FYJDBOBEF$JFODJBTPS
HBOJ[FMTJNQPTJPi&MQBQFMEFMBUJDB
FOMBJOWFTUJHBDJODJFOUmDBZMBFEVDB
DJO TVQFSJPSw &TUF MJCSP FT FM SFTVMUB
EP EF FTF FODVFOUSP BM DVBM BTJTUJFSPO

FYQFSUPT EF NVZ EJWFSTPT NCJUPT RVF
FOSJRVFDJFSPODPOTVFYQFSJFODJBFMJO
UFSDBNCJPEFPQJOJPOFTZOPTQFSNJUFO
BIPSB B USBWT EF TVT DPOUSJCVDJPOFT
DPOUBSDPOVOUFYUPEFDPOTVMUBTPCSFMB
TJUVBDJOBDUVBMEFMBJOUFHSJEBEDJFOU
mDBZFMQBQFMRVFEFTFNQFBMBUJDBFO
MBJOWFTUJHBDJODJFOUmDB ZUBNCJOFO
FMUSBCBKPEFMPTEPDFOUFTVOJWFSTJUBSJPT
DPOTVTBMVNOPT
"TPDJBDJOEF#JPUJDB'VOEBNFOUBM
Z$MOJDB-BFEVDBDJOFO#JPUJDB
EFMPTQSPGFTJPOBMFTTBOJUBSJPT&E
-PSNP .BESJE
&O FM MJCSP TF FTUVEJB Z BOBMJ[B MB FO
TFBO[B EF MB CJPUJDB FO &TQBB Z TF
QSPQPOFO MOFBT EF BDDJO &M FRVJQP
EFUSBCBKPTPCSFBMFOTFBO[BEFMB#JP
UJDBEFMB"#'Z$ QSPQPOFTFJTNEV
MPT CTJDPT )JTUPSJB GVOEBNFOUBDJO
NFUPEPMPHB SFMBDJPOFT BTJTUFODJBMFT
QSJODJQJPEFMBWJEB mOBMEFMBWJEB F
JOWFTUJHBDJO$BEBNEVMPQVFEFJN
QBSUJSTF FO USFT HSBEPT EF OJWFM EF DP
OPDJNJFOUPT JOUSPEVDUPSJP NFEJPZEF
QSPGVOEJ[BDJO&OMBFEJDJOEFMBPCSB
IBOQBSUJDJQBEP'SBODFTD"CFM EFM*OT
UJUVUP #PSKB EF #JPUJDB .BSD "OUPOJ
#SPHHJ QSFTJEFOUF EF MB 4PDJFEBE $B
UBMBOBEF#JPUJDB%JFHP(SBDJB DBUF
ESUJDPEF)JTUPSJBEFMB.FEJDJOBEFMB
6OJWFSTJEBE$PNQMVUFOTFEF.BESJEZ
.BHTUFSFO#JPUJDB+BWJFS(BGP EJSFD
UPSEFMB$UFESBEF#JPUJDBEFMB6OJ
WFSTJEBE 1POUJmDJB EF $PNJMMBT +PT
4BSBCJB NBHTUFS FO #JPUJDB Z NJFN
CSPEFMB"#'$Z.BOVFMEFMPT3FZFT
QSFTJEFOUFEFMB"#'$ FOUSFPUSPT
7JDFOUF #FMMWFS $BQFMMB 1PS VOB

CJPUJDB SB[POBCMF .FEJPT EF DP
NVOJDBDJO DPNJUTEFUJDBZ%F
SFDIP$PNBSFT (SBOBEB
(JMCFSUP $FMZ (BMJOEP #JPUJDB Z

6OJWFSTJEBE $FOUSP &EJUPSJBM +B
WFSJBOP $&+" #PHPU $PMPNCJB
QQ
-BCJPUJDBFOVOTBCFSBDFSDBEFMPRVF
FTDPSSFDUPFOMBTBDUVBDJPOFTCJPNEJ
DBT $PNP UPEPT MPT TBCFSFT QSDUJDPT
TFOVUSFEFMBJOUFSNJOBCMFDPOWFSTBDJO
RVFMBTQFSTPOBTMMFWBOBDBCPTPCSFFM
QBSUJDVMBS &TB DPOWFSTBDJO FTU QSP
UBHPOJ[BEB QPS NVDIPT JOUFSMPDVUPSFT
oQSPGFTJPOBMFTEFMBTBOJEBE mMTPGPT
KVSJTUBT QPMUJDPT DJVEBEBOPT MFHPT
FUDoZUJFOFMVHBSFONVZEJWFSTPTGP
SPToMPTDFOUSPTEFJOWFTUJHBDJOZEP
DFODJB MPT QBSMBNFOUPT MPT USJCVOBMFT
MBT DPNJTJPOFT EF CJPUJDB MPT NFEJPT
EFDPNVOJDBDJO MBTBTPDJBDJPOFTDJFO
UmDBT FUD &TUB NPOPHSBGB QSFUFOEF
SFnFYJPOBS TPCSF MBT DPOEJDJPOFT RVF
EFCFO EBSTF QBSB RVF MB DPOWFSTBDJO
CJPUJDBOPEFDBJHB QBSBRVFNBOUFOHB
TVGFDVOEJEBEZTFBDBQB[EFBDPNFUFS
MPTHSBOEFTEFTBGPTRVFUJFOFQPSEFMBO
UF PGSFDJFOEPSFTQVFTUBTSB[POBCMFT
&MBVUPSFTTBDFSEPUFKFTVJUB QSPGFTPSEF
UJDBEFMB$PNVOJDBDJOZEF#JPUJDB
FO MB 1POUJmDJB 6OJWFSTJEBE +BWFSJBOB
EF#PHPU DSFBEPSEFM*OTUJUVUPEF#JP
UJDBEFEJDIB6OJWFSTJEBE FTEFTEFFM
TVEJSFDUPS&OFTUFMJCSPWVFMDBTV
FYQFSJFODJBEPDFOUFQBSBNBSDBSBMHVOBT
PSJFOUBDJPOFTEFDNPFOTFBS#JPUJDB
FOMB6OJWFSTJEBE5SBUBEFMBBVUPOP
NBEFMBJOTUJUVDJOVOJWFSTJUBSJBZMPT
QSPCMFNBTTPDJBMFTMBBEFDVBDJOEFMB
SFnFYJOFO#JPUJDBBVOBTPDJFEBEEFM
DPOPDJNJFOUPMB6OJWFSTJEBEDPNPJOT
UBODJBDSUJDBEFMBUFDOPDJFODJB%FEJDB
EPTDBQUVMPTBMBFEVDBDJONEJDBEFT
EFMB#JPUJDB ZBSFBMJ[BSVOBQSPQVFTUB
CJPUJDBQBSBMBFEVDBDJO
3PCFSUP$BMWB3PESHVF[#JPUJDB
.D(SBX )JMM .YJDP
QQ
&MBVUPSFTNEJDPQFEJBUSBEFMB"DB
EFNJB/BDJPOBM.FYJDBOBEF1FEJBUSB
ZUBNCJOEFMBEF#JPUJDB FYEJSFDUPS
EFMB'BDVMUBEEF.FEJDJOBEF1VFCMB
&O FTUF MJCSP PGSFDF QPDP UFYUP FM JN
QSFTDJOEJCMF QBSB QSFTFOUBS VOB JOUFSF
TBOUFTFSJFEFEFmOJDJPOFTEFDPODFQUPT
ZDVFTUJPOBSJPTQBSBFOTFBSBMPTBMVN
OPTMPTEJGFSFOUFTZWBSJBEPTUFNBTEFMB
#JPUJDB.VZUJMQBSBMBPSHBOJ[BDJO
EFUBMMFSFTDPOMPTBMVNOPT
&MF
NFOUPT QBSB MB FOTFBO[B EF MB
CJPUJDB$PMFDDJO#JPTZ&UIPT O
6OJWFSTJEBE &M #PTRVF #PHPU

)PZQPSIPZ MBCJPUJDB USBOTEJTDJQMJOB
EFQSPGVOEBTSFQFSDVTJPOFTQSDUJDBT IB
BERVJSJEPVOMVHBSSFMFWBOUFFOFMQFO
TBNJFOUPDPOUFNQPSOFP-BQSPQVFTUB
EF VOB CJPUJDB HMPCBM DFOUSBEB FO MB
TVQFSWJWFODJBFOVONVOEPQMVSBMJTUBZ
DPNQMFKP NFSFDFVOBSFnFYJOKVJDJPTB
QFOTBOEPFOMBFOTFBO[BEFMBNJTNB
4VSHF MB QSFHVOUB TPCSF DPNP JOUSP
EVDJS FO MPT FTQBDJPT EF MB FTDVFMB UF
NBTIBTUBBIPSBDJSDVOTDSJUPTBDSDVMPT
DJFOUmDPT P EFNBTJBEP FTQFDJBMJ[BEPT
-BT SFnFYJPOFT EF MB CJPUJDB MJHBEBT

B MBT QSFPDVQBDJPOFT QPS MPT EFSFDIPT

)VNBOPT TPO GVOEBNFOUPT FTFODJBMFT
QBSB FODBSBS MBT UFOTJPOFT OP SFTVFMUBT
EFmOJUJWBTQBSBMBTVQFSWJWFODJB BOUFFM
OVFWP NJMFOJP $SJTUJBO (BMWJT .%
&TQFDJBMJTUBFO#JPUJDB

%JFHP +PT (BSDB $BQJMMB &M OB

DJNJFOUP EF MB CJPUJDB #JCMJPUFDB
/VPWB $PMFDDJO'JMPTPGB .BESJE
QQ
&M BVUPS FT NEJDP EF "UFODJO 1SJ
NBSJB MJDFODJBEPFO'JMPTPGBDPO1SF
NJP &YUSBPSEJOBSJP EF 'JO EF $BSSFSB
.BTUFS FO #JPUJDB QPS MB 6OJWFSTJEBE
$PNQMVUFOTFEF.BESJE o

%PDUPSFODPOVOBUFTJTTPCSFi&M
OBDJNJFOUPEFMBCJPUJDB6OBHFOFBMP
HBEFTVDPOTUJUVDJOFQJTUFNPMHJDBw
EJSJHJEBQPSFMQSPGFTPS"OUPOJP$BNQJ
MMP FOFM%FQBSUBNFOUPEF'JMPTPGBEF
MB6OJWFSTJEBEEF.VSDJB"DUVBMNFOUF
FT QSPGFTPS "TPDJBEP EF #JPUJDB FO MB
6OJWFSTJEBE EF .VSDJB &O FTUF MJCSP
SFDPHF EF VOB NBOFSB NVZ BNFOB BM
UJFNQP RVF FYIBVTUJWB MB QSPUPIJTUPSJB
EFMB#JPUJDB
;PZMB 3PTB 'SBODP 1FMF[ -B FWB

MVBDJOUJDBFOMBFEVDBDJOQBSB
FM EFTBSSPMMP IVNBOP &EJUPSJBM
6OJWFSTJEBE EF $BMEBT $PMPNCJB
QQ
-B IFUFSPOPNB NPSBM UJDB Z QPMUJDB
RVF USBEJDJPOBMNFOUF IB DBSBDUFSJ[BEP
FM DPNQPSUBNJFOUP EF MPT DPMPNCJB
OPT IB DPOEVDJEP B BHVEJ[BS MB DSJTJT
RVFBUSBWJFTFFMQBTZMBFEVDBDJOFT
QFDJBMNFOUF-BTJNQMFUSBOTNJTJOEFM
DPOPDJNJFOUPZMPTWBMPSFTEFMBDVMUVSB
EPOEF FM FEVDBOEP BTVNF VOB BDUJUVE
QBTJWB EBDPNPSFTVMUBEPQSPGFTJPOBMFT
EFQFOEJFOUFTEFVOFNQMFP DPOQPDBT
QPTJCJMJEBEFTEFBVUPHFTUJOZEFDSFB
DJO EF FNQSFTB GSFOUF B MPT SFUPT EF
MBHMPCBMJ[BDJO ZBQUJDPFJOEJGFSFOUF
GSFOUFBMSVNCPEFMPTBDPOUFDJNJFOUPT
QPMUJDPTZTPDJBMFT EPOEFTFEFTDPOPDF
TVEJHOJEBEIVNBOBZTVTEFSFDIPT&O
FTUFDPOUFYUPMBBVUPSB QSPGFTPSBEFUJ
DBFOMB6OJWFSTJEBEEF$BMEBT EFTBSSP
MMVOBJOWFTUJHBDJOEFTDSJQUJWBFYQMP
SBUPSJB DPOBQMJDBDJOEFVOBQSPQVFTUB
P NPEFMP FWBMVBUJWP DPOTJTUFOUF FO FM
BVUPTFHVJNJFOUPTJTUFNUJDPEFMEFTFN
QFPFTUVEJBOUJMFODBEBTFTJOEFDMBTF
FOFMBVMB-BTUDOJDBTDPSSFTQPOEFOB
VOUSBCBKPQBSUJDJQBUJWP BDUJWP SFnFYJ
WP TPCSF FM QSPQJP DPNQPSUBNJFOUP
WBMPSBEP B MB MV[ EF DSJUFSJPT FTUBCMFDJ
EPTFOMBOPSNBUJWJEBEJOTUJUVDJPOBM FO
MB%FDMBSBDJOEF%FSFDIPT)VNBOPTZ
FOMPT%FSFDIPT$POTUJUVDJPOBMFT QSJO
DJQJPTQFEBHHJDPTZUJDPT&MVOJWFSTP
GVFMB6OJWFSTJEBEEF$BMEBT MBQPCMB
DJOFTMBDPNVOJEBEFTUVEJBOUJMEFQSF
HSBEPZMBNVFTUSBTPOMPTFTUVEJBOUFTEF
5SBCBKP4PDJBM .FEJDJOB &OGFSNFSBZ
&EVDBDJO'TJDBRVFDVSTBOMBTBTJHOB
UVSBTEFUJDB #JPUJDB %FTBSSPMMP)V
NBOP F *OWFTUJHBDJO -PT UFTUJNPOJPT
GVFSP UPNBEPT B MPT FTUVEJBOUFT QPTUF
SJPSNFOUFBMEFTBSSPMMPZFWBMVBDJOEF
MBTBTJHOBUVSBTDVSTBEBT
"OB *TBCFM (NF[ $SEPCB $BS

MPT &EVBSEP .BMEPOBEP $BTUBFEB
$PNQ
#JPUJDBZFEVDBDJO*O
WFTUJHBDJO QSPCMFNBTZQSPQVFT
UBT 6OJWFSTJEBE EFM 3PTBSJP $P
MPNCJB QQ
&TUBPCSBFTQSPEVDUPEFMJOUFSTQPSMB
FEVDBDJOFOCJPUJDBZQPSFMDVJEBEP
EF MB WJEB EF MPT HSVQPT EF JOWFTUJHB
DJO EF MBT 6OJWFSTJEBEFT EFM 3PTBSJP
$FOUSP *OUFSJOTUJUVDJPOBM EF &TUVEJPT
FO #JPUJDB Z %FSFDIP .EJDP
Z &M
#PTRVF (SVQP #JPUJDB Z $JFODJBT EF
MB 7JEB
JOUFST EF mMTPGPT FDMPHPT
NEJDPT UFSBQJTUBT PEPOUMPHPT QTJD
MPHPTZBCPHBEPT
5JFOF DPNP PCKFUJWP SFnFYJPOBS EFT
EFVOBNJSBEBQMVSBMZBCJFSUB TPCSFMB
FEVDBDJOFOFMDVJEBEPZFMQPTJCJMJUB
NJFOUPEFMBWJEB4FDPNQPOFEFUSFT
QBSUFT EFEJDBEBT SFTQFDUJWBNFOUF B MB
JOWFTUJHBDJO FO CJPUJDB MB FOTFBO[B
EFMBCJPUJDBZTVTDPOUSJCVDJPOFTBMB
FEVDBDJO ZFMBOMJTJTEFDBTPTZQSP
QVFTUBT EF EJWFSTP PSEFO -PT BVUPSFT
SFnFYJPOBO B QBSUJS EF MBT SFMBDJPOFT
FOUSFCJPUJDB CJPKVSEJDBZCJPQPMUJDB
EPOEF QMBOUFBO MPT NBZPSFT SFUPT JN
QVFTUPTQPSMBCJPUFDOPMPHB
"MHVOPT EF MPT JOUFSSPHBOUFT RVF TF
QMBOUFBOBMPMBSHPEFFTUBQVCMJDBDJO
TPO{1PSRVMBPCMJHBDJOEFSFQFOTBS
MB GPSNBDJO EF MPT QSPGFTJPOBMFT EF MB
TBMVE {&T QPTJCMF FOTFBS DPNQPSUB
NJFOUPTEFMPTQSPGFTJPOBMFTEFMBTBMVE
{&T QPTJCMF FOTFBS DPNQPSUBNJFOUPT
UJDPTRVFSFTQFUFOMBWJEBZMBEJWFSTJ
EBEEFMPUSP {$NPTFMMFWBBMBQSDUJ
DBFTUBFOTFBO[B {$VMFTTPOMPTNP
EPTZDPOEJDJPOFTEFMBJOWFTUJHBDJOFO
CJPUJDB BUFOEJFOEPMPTEJWFSTPTOJWFMFT
EFGPSNBDJOEFTEFFMQSFHSBEPIBTUBFM
EPDUPSBEP
"MGPOTP-MBOP&TDPCBS &EJUPS
#JP
UJDBZFEVDBDJOQBSBFMTJHMP99*
1POUJmDJB 6OJWFSTJEBE +BWFSJBOB
#PHPU QQ
-PT DVSSDVMPT Z QSPHSBNBT FTDPMB
SFT Z MPT DVSTPT EF QSF Z QPTHSBEP EF
VOJWFSTJEBEFT IBO WFOJEP FMJNJOBOEP
MBT NBUFSJBT RVF DPOUSJCVZFO B MB GPS
NBDJO EFM IPNCSF DPNP MB VSCBOJ
EBE MB IJTUPSJB MB UJDB MB TPDJPMPHB
Z NBUFSJBT BmOFT TVTUJUVZOEPMBT QPS
MBT DJFODJBT MBT UFDOPMPHBT MBT NB
UFNUJDBT Z MPT JEJPNBT FYUSBOKFSPT
&MSFTVMUBEPFTCJFODPOPDJEPQPSUPEPT
MPT DJVEBEBOPT RVF OP DJFSSBO MPT PKPT
BMBSFBMJEBEZRVFSFDPOPDFORVFFTUO
SPEFBEPT EF DJFOUmDPT JOUFMFDUVBMFT Z
QSPGFTJPOBMFT TPCSFTBMJFOUFTFODJFODJBT
ZUFDOPMPHBTQFSPEFmDJFOUFTFOWBMPSFT
NPSBMFT DVMUVSBMFTZTPDJBMFT&TUPTMEFSFT
DJFOUmDPT BTVWF[ JOnVZFOFOMBEFTIV
NBOJ[BDJOEFMBTOVFWBTHFOFSBDJPOFT
&TUFIFDIPOPTSFDVFSEBMBTFOUFODJBEFM
QSPGFTPS/JDIPMBT-PCLPXJDT EJHOBEF
UPEPVOQSFTJEFOUFEFMB"TPDJBDJO&V
SPQFBEF3FDUPSFTEF6OJWFSTJEBEFT FO
MB TQUJNB "TBNCMFB (FOFSBM SFVOJEB
FO )FMTJOLJ -FT EFDB -PCLPXJDT i4J
MB VOJWFSTJEBE SFOVODJB B TV GVODJO
FEVDBEPSB DPSSF FM SJFTHP EF GPSNBS
CSCBSPT DJFOUmDBNFOUF DPNQFUFOUFT
RVFDPOTUJUVZFOFMUJQPNTQFMJHSPTPEF
TFSFTIVNBOPTRVFFYJTUFFOMBBDUVBMJ
EBEw

5PNT .FMFOEP Z -PVSEFT .JMMO

1VFMMFT -B QBTJO QPS MB WFSEBE
)BDJB VOB FEVDBDJO MJCFSBEPSB
&EJDJPOFT 6OJWFSTJEBE EF /BWBSSB
QQ
-PT EPT BVUPSFT EF MPT RVF ZB IFNPT
SFTFBEP PUSP MJCSP DPOKVOUP FO FTUB
NJTNBTFDDJO BOBMJ[BOFMNCJUPEFMB
FEVDBDJO BDUVBM TMP EFTEF MB FEVDB
DJOFTQPTJCMFFKFSDFSMBMJCFSUBE PoFO
QBMBCSBT EF 4OFDB RVF DJUBO MPT BVUP
SFToiMBOJDBMJCFSUBEFTMBTBCJEVSBw
"OBMJ[BOMBGVODJOMJCFSBEPSBEFMBWFS
EBE Z MB FTDMBWJUVE B RVF QVFEF MMFWBS
VOiTBCFSBOHPTUPw MMFOPEFSFMBUJWJTNP
QPTJUJWJTUB Z RVF GSFDVFOUFNFOUF BDBCB
FOVOBiUFDOPMBUSBw-BGPSNBDJOEFMB
JOUFMJHFODJB EFMBWPMVOUBEZEFMBTWJS
UVEFTNPSBMFT FTNTOFDFTBSJBBOFO
OVFTUSPTEBT ZNTFOFMNCJUPEFMB
CJPUJDBMBCJPUJDBEFMBTWJSUVEFTQVF
EFFODPOUSBSFOFTUFMJCSPVOBTVTUFOUB
DJOmMPTmDBEFTVTQPTUVMBEPT
+PBO$BSMFT .FMJDI +VMJ 1BMPV

$PODFQDJP1PDIZ.POUTFSSBU'POT
&EJUPSFT
3FTQPOEFSEFMPUSP3F
nFYJPOFT Z FYQFSJFODJBT QBSB FEV
DBSFOWBMPSFTUJDPT4OUFTJT .B
ESJE QQ
-PT JOUFHSBOUFT EFM HSVQP EF USBCBKP
TPCSF i-B FEVDBDJO FO WBMPSFTw EFM
*OTUJUVU EF $JFODJBT EF &EVDBDJP EF
MB6OJWFSTJUBU"VUOPNBEF#BSDFMPOB
IBOFEJUBEPFTUFMJCSPDPOSFnFYJPOFTFO
UPSOPBFTUBUFNUJDB ZMBQSFTFOUBDJO
EFVOBTFSJFNVZWBSJBEBEFFYQFSJFODJBT
QSDUJDBT RVFQVFEFOBZVEBSBMFEVDB
EPSFOFEVDBDJOJOGBOUJMZTFDVOEBSJB
Z UBNCJO BM EPDFOUF EF MB FOTFBO[B

VOJWFSTJUBSJB QBSBJODPSQPSBSBTVRVF
IBDFSFEVDBUJWPMBFOTFBO[BFOWBMPSFT
UJDPT4FBOBMJ[BoRVJ[TOPNVZBGPO
EPEFTEFFMQVOUPEFWJTUBmMPTmDPoMB
UBO USBUBEB iDSJTJT EF WBMPSFTw EF OVFT
USB QPDB QBSB BCPSEBS FOTFHVJEB MPT
GVOEBNFOUPT EF VOB FEVDBDJO FO WB
MPSFTUJDPT ZMBVOJWFSTBMJEBEEFFTUPT
BTDPNPFMQBQFMRVFMFDPSSFTQPOEFBM
FEVDBEPS -B TFHVOEB QBSUF EFM MJCSP
SFDPHFFTBTFYQFSJFODJBTQSFTFOUBEBTEF
NPEPHSBmDPRVF BOVFTUSPQBSFDFS FT
MPNTTVHFTUJWPZUJMEFFTUBPCSB
*TBCFM $SJTUJOB EF .PVSB $BSWBMIP

&EVDBPBNCJFOUBMBGPSNBPTP
TVKFJUPFDPMHJDPFEJDJO $PSUF[
&EJUPSB 4P1BVMP QQ
-BBVUPSBFT1TJDMPHB 16$41
FTQF
DJBMJTUBFOQTJDPBOMJTJT NBHTUFSFO1TJ
DPMPHB EF MB &EVDBDJO Z EPDUPSB FO
&EVDBDJO"DUVBMNFOUFSFTJEFFO1PSUP
"MFHSFZFTQSPGFTPSBFJOWFTUJHBEPSBEF
MB6OJWFSTJEBE-VUFSBOBEF#SBTJM%FT
EF TF IB EFEJDBEP B MB EPDFODJB
F JOWFTUJHBDJO FO UFNBT EF FEVDBDJO
BNCJFOUBM QPSMPRVFFTUFMJCSPSFDPHF
QSJODJQBMNFOUFTVFYQFSJFODJBEPDFOUF
"CPSEB MB DVFTUJO BNCJFOUBM EJSJHJO
EPTF B MPT FEVDBEPSFT QSJODJQBMNFOUF
TPCSF MBT QSPQVFTUBT Z EFTBGPT RVF TF
QSFTFOUBO FO #SBTJM QBSUJFOEP EF MBT
QSFNJTBT RVF EFCF UFOFS MB GPSNBDJO
EFVOiTVKFUPFDPMHJDPw UPNBEPDPNP
iFMUJQPJEFBM QPSUBEPSEFWBMPSFTUJDPT
BDUJUVEFTZDPNQPSUBNJFOUPTFDPMHJDB
NFOUFPSJFOUBEPT RVFJODJEFOTPCSFFM
QMBOPJOEJWJEVBMZDPMFDUJWPw
&OMBQSJNFSBQBSUFQSFTFOUBMBTJUVBDJO
EFMNPWJNJFOUPFDPMPHJTUBFO#SBTJM ZMB
IJTUPSJBTPDJBMEFMBTSFMBDJPOFTEFMIPN
CSFDPOMBOBUVSBMF[B&OMBTFHVOEBQBS
UF FYQPOF MPT EFTBGPT FQJTUFNPMHJDPT
QPMUJDPTZQFEBHHJDPTRVFQSFTFOUBFM
FOUSFMB[BNJFOUPEFDVMUVSB OBUVSBMF[BZ
TPDJFEBE DPOFMEFTBSSPMMPEFMPRVFEF
CFSBTFSVOBCVFOBFEVDBDJOBNCJFO
UBM Z MBT CBTFT EF VOB UJDB BNCJFOUBM
CBTBEBFOFMiEFKBSTFSwZiBDPHFSBMOP
IVNBOPw
'JOBMNFOUF SFDPHF MPT MJCSPT FEJUBEPT
MBTQHJOBT8FCZSFEFTEF*OUFSOFU Z
MPT EPDVNFOUPT SFDJFOUFT UPEPT QVCMJ
DBEPT FO #SBTJM TPCSF UFNBT EF FEVDB
DJOBNCJFOUBM
.BSB-VJTB1GFJFS &EJUPSB
#JP
UJDB{FTUSBUFHJBEFEPNJOBDJOQBSB
"NSJDB -BUJOB &EJDJPOFT 4VSF[
.BSEFM1MBUB QQ
&OFTUFMJCSPTFSFDPHFOMBTJOUFSWFODJP
OFTEFM7**&ODVFOUSP/BDJPOBMEF$P
NJUTEFUJDBEFMB4BMVE DFMFCSBEPFO
MB 'BDVMUBE EF .FEJDJOB EF MB 6OJWFS
TJEBEEF#VFOPT"JSFTFOFMBP
4POEJFDJTJTJOUFSWFODJPOFTRVFUSBUBO
EFBOBMJ[BSMBTJUVBDJOEFMB#JPUJDBFO
"NSJDB-BUJOB DPOiMBVSHFODJBEFRVF
SFDPOP[DBNPT RVF MB CJPUJDB OP QVF
EFOJQSFEJDBSTFOJQPOFSTFFOQSDUJDB
DVBOEP TF PMWJEB RVF OVFTUSPT QVFCMPT
WJWFOVOBSFBMJEBEEFNBSHJOBDJOFJO
KVTUJDJBRVFEFCFTFSTPMVDJPOBEBDPNP
NFEJEBQSFWJBBDVBMRVJFSPUSBEFDJTJO
QPMUJDBw DPNP FYQPOF .BSB -VJTB
1GFJFSFOFMQSMPHP
4SHJP3FHP"'PSNBPUJDBEPT
.EJDPT 4BJOEP EB BEPMFTDFODJB
DPNBWJEB EPTPVUSPT
OBTNPT
&EJUPSB 'JPDSV[ 3P EF +BOFJSP
QQ
&MBVUPSFTNEJDPQFEJBUSB DPOVOEPD
UPSBEPFO4BMVE$PMFDUJWBQPSFM*OTUJUV
UPEF.FEJDJOB4PDJBMEFMB6FSK JOWFT
UJHBEPSZQSPGFTPSEF#JPUJDB ZEJSFDUPS
EFMB4PDJFEBEEF#JPUJDBEFM&TUBEPEF
3PEF+BOFJSP2VJFSFSFBMJ[BSVOBQPS
UFBMBGPSNBDJOEFMPTFTUVEJBOUFTEF
.FEJDJOBEF#SBTJMFOFMSFBEFMBUJDB
NEJDBZMBCJPUJDB QBSUJFOEPQSJNFSP
EFMDPOPDJNJFOUPEFMBTJUVBDJOBDUVBM
RVJFSFEFUFDUBSTVTJOTVmDJFODJBT TBCFS
TJ FT QPTJCMF SFGPSNBSMB Z BEFDVBSMB B
MPT BWBODFT FYJTUFOUFT FO QFEBHPHB EF
MBUJDB EFTEFMBTUFPSBTEFMEFTFMWPMWJ
NJFOUPNPSBMEF1JBHFUZ,PIMCFSH4F
JOUFSFTB QPS MPT WBMPSFT RVF SFBMNFOUF
WJWFOMPTFTUVEJBOUFTEF.FEJDJOB QBSB
DPNQSFOEFS NFKPS MBT QPTJCJMJEBEFT Z
MPTMNJUFTEFTVFEVDBDJONPSBM
4PGB14BMBT *OWFTUJHBEPSSFTQPOTB
CMF
"OMJTJTEFMJNQBDUPEFMBFO
TFBO[B EF MB #JPUJDB FO MBT BDUJ
UVEFTUJDPDMOJDBTEFBMVNOPTEF
.FEJDJOB7JDFSSFDUPSB"DBENJDB
1POUJmDJB 6OJWFSTJEBE $BUMJDB EF
$IJMF
4PGB4BMBT QSPGFTPSBEFMB'BDVMUBEEF
.FEJDJOB EF MB 1POUJmDJB 6OJWFSTJEBE
$BUMJDBEF$IJMF FTMBDPPSEJOBEPSBEF
VO HSVQP EF JOWFTUJHBDJO RVF BOBMJ[
FMJNQBDUPEFMBFOTFBO[BEFMDVSTPEF
CJPUJDB Z UJDB DMOJDB FO MPT BMVNOPT
EF .FEJDJOB 1SFTFOUB MPT SFTVMUBEPT F
JOGPSNFmOBM

(BCSJFMB;4BMPNPOF .BSB&MFOB
%PNOHVF[ -B USBOTNJTJO EF MB
UJDB DMOJDB Z EFPOUPMPHB 7P
MVNFO * 'VOEBNFOUPT -FUSB 7JWB
#VFOPT"JSFT QQ
$PPSEJOBOMBPCSB(BCSJFMB;4BMPNP
OFZ.BSB&MFOB%PNOHVF[ QTJDMP
HBTZQSPGFTPSBTBNCBTEFMB$UFESBEF
1TJDPMPHB UJDBZ%FSFDIPT)VNBOPT
EFMB6#" FO#VFOPT"JSFT FJODPSQP
SBOUFYUPTEF+VBO+PSHF.JDIFM'BSJB
*HOBDJP -FXLPXJD[ Z 0TDBS %"NPSF
-BT USFT QBSUFT EF FTUB SFnFYJO TPCSF
MB USBOTNJTJO EF MB UJDB DOJDB Z EF
MB EFPOUPMPHB QSPGFTJPOBM TF DFOUSBO
QSJNFSP FOFMBOMJTJTEFMBQPTJCJMJEBE
Z FYQFSJFODJBT FEVDBUJWBT EF MB UJDB
TFHVOEP FO MB EJNFOTJO TJOHVMBS Z FM
DBNQP OPSNBUJWP EF MB UJDB QSPGFTJP
OBM Z FTQFDJBMNFOUF EF MPT DEJHPT EF
UJDB MB UFSDFSB QBSUF EFTBSSPMMB DPO
QSPGVOEJEBE MPT BTQFDUPT EF VOB UJDB
EF MB SFTQPOTBCJMJEBE DPNP CBTF EF MB
EFPOUPMPHBEFMBTQSPGFTJPOFTDMOJDBT
.BSB$POTVFMPZ(MPSJB.BSB5P
NT Z (BSSJEP -B WJEB IVNBOB B
USBWTEFM$JOF$VFTUJPOFTEF"O
USPQPMPHBZ#JPUJDB&JVOTB .B
ESJE QQ
.BSB $POTVFMP 5PNT FT MJDFODJBEB
FO)JTUPSJBQPSMB6OJW$PNQMVUFOTF
ZEPDUPSBFO$JFODJBTEFMB&EVDBDJO
Z QSPGFTPSB EF MB 6OJWFSTJEBE $BUMJDB
EF 7BMFODJB (MPSJB .BSB 5PNBT FT
EPDUPSBFO'BSNBDJBQPSMB6OJW$PN
QMVUFOTF Z QSPGFTPSB EF #JPUJDB FO MB
6OJWFSTJEBE $BUMJDB EF .VSDJB &O
DBQUVMPTOPTPGSFDFOVONVZCVFO
NBUFSJBM EJEDUJDP QBSB MB EPDFODJB FO
UFNBTEFBOUSPQPMPHBZUJDB&ODBEB
VOPEFFMMPTIBZVOBCSFWFJOUSPEVDDJO
BM UFNB MBT TJOBQTJT EF QFMDVMBT RVF
QVFEFO TFSWJS QBSB QSPGVOEJ[BS Z BM m
OBM VOB CSFWF TFDDJO iTBCFS WFSw RVF
BZVEBBDPODSFUBSMPRVFQVFEFBQPSUBS
MBWJTJOEFMBTQFMDVMBT
4FHO MBT BVUPSBT i&M CVFO DJOF FT FM
BSUFEFDPOUBSIJTUPSJBTEFHFOUFQPTJCMF
.T BMM EF TV EJNFOTJO EF FOUSFUF
OJNJFOUP FT VO FTQFKP EPOEF MB HFOUF
TFCVTDBZRVJFSFNJSBSTF ZBUSBWTEFM
DVBMWFUBNCJOFMNVOEPRVFMFSPEFBw
1PSFTPFTUBOCVFOJOTUSVNFOUPQBSBMB
FOTFBO[BRVFQSFUFOEFBDFSDBSTFBMPT
JOUFSSPHBOUFT Z MB WJEB EF MPT KWFOFT
FTUVEJBOUFT "MHVOPT EF MPT UFNBT TPO
BOUSPQPMHJDPTMBQFSTPOBIVNBOBZTV
EJHOJEBE FMWBMPSEFMBWJEBIVNBOB MB
MJCFSUBE MB DPSQPSBMJEBE MB TFYVBMJEBE
IVNBOB MB GBNJMJB 0USPT IBDFO SFGF
SFODJBBUFNBTCJPUJDPTMBFDPMPHB FM
BCPSUP MBWJPMFODJB MBFVUBOBTJB MBTCJP
UFDOPMPHBT
4FYVBMJEBEEFNPHSBGBZ
GBNJMJB
$BSMPT "CFM 3BZ 1FSTPOB Z TFYP
&%6$" *OTUJUVUPEF#JPUJDB #VF
OPT"JSFT QQ
&O FTUF MJCSP TF FYQPOF VOB SFnFYJO
BOUSPQPMHJDB TPCSF FM DVFSQP B MB MV[
EF MBT PDIFOUB Z TFJT BVEJFODJBT EF MPT
NJSDPMFT EF +VBO 1BCMP ** SFGFSJEBT B
MP M NJTNPT EFOPNJO 5FPMPHB EFM
DVFSQP&OFMMBTBCPSEMPRVFTJHOJmDB
FM DVFSQP IVNBOP FO TV USJQMF EJNFO
TJOCJPMHJDB BOUSPQPMHJDBZUFPMHJ
DB&MMJCSPBOBMJ[BFOTVTUSFTDBQUVMPT
MBT UFNUJDBT &M 1SJODJQJP &M DVFSQP
IVNBOP BZFS
$SFBDJO EFM IPNCSF
4JHOJmDBEPEFMDVFSQP&MTFSNOEFMB
NPOUBB &M DVFSQP IVNBOP IPZ
&M
TFYP -B 5FPMPHB EFM DVFSQP $VMUVSB
BSUTUJDB -B 3FTVSSFDDJO &M DVFSQP
IVNBOPNBBOB

QBSBMBQSPNPDJOEFJHVBMEBEEFPQPS
UVOJEBEFTQBSBMB.VKFS EFM.JOJTUFSJP
EF&EVDBDJOEFMB/BDJO
&TUBPCSB FTDSJUBQPSVONEJDPQFEJB
USB QVFEFTFSWJSEFGVOEBNFOUBDJOTP
CSFFMDVFSQPIVNBOPZMBTFYVBMJEBE
&TUF.BOVBMFTVOBTOUFTJTEFMPTUFNBT
USBUBEPTFOMPTDVSTPTEF.UPEPT/BUV
SBMFT1POFBMBMDBODFEFMPTJOUFSFTBEPT
FO MB QMBOJmDBDJO GBNJMJBS OBUVSBM MPT
DPOPDJNJFOUPT CTJDPT EF MB GFSUJMJEBE
EFMVTPSFTQPOTBCMFEFMBTFYVBMJEBEZFM
GVOEBNFOUP BOUSPQPMHJDP EF MPT .
UPEPT /BUVSBMFT )BO JOUFSWFOJEP EJ
WFSTPTNJFNCSPTEFMB"TPDJBDJO CBKP
MB DPPSEJOBDJO EF MB EPDUPSB .POUTF
SSBU3VUMMBOU
"SDBHOJ %FMHBEP 4BOBIVKB 4DB

MB 4FCFSU -B NVKFS IPZ EFTQVT
EF 1FLO +$ &EJDJPOFT 3PTBSJP
QQ
5PNBOEP DPNP QVOUP EF QBSUJEB MB
DFMFCSBDJOEFMB*7$POGFSFODJBTPCSF
MB .VKFS SFBMJ[BEB FO TFQUJFNCSF EF
FO 1FLO WBSJPT BVUPSFT BSHFO
UJOPT SFDPHFO FO FTUF MJCSP TVT FTDSJUPT
FOUPSOPBMPTQSJODJQBMFTFMFNFOUPTEF
MB QSPCMFNUJDB EF MB NVKFS "SUDVMPT
Z DPOGFSFODJBT EF EJWVMHBDJO RVF FO
QBSUFGVFSPOQSFTFOUBEPTFOFM7$PO
HSFTP/BDJPOBMQSP7JEBZ1SP'BNJMJB
EFM$POTFKP"SHFOUJOPQPSMB7JEBZMB
'BNJMJBDFMFCSBEPFO4BOUB'FFONBZP
EF
4FBCPSEBOEFTEFVOQVOUPEFWJTUBDS
UJDPMBTDVFTUJPOFTNTDBOEFOUFTDPNP
MBQFSTQFDUJWBEFHOFSP MB$POGFSFODJB
EF 1FLO P FM GVUVSP EFM NPWJNJFOUP
GFNJOJTUB B OJWFM JOUFSOBDJPOBM : FO
DVBOUPBMBFYQFSJFODJBFO"SHFOUJOB TF
BOBMJ[BOMBTDPOTFDVFODJBTEFMBUFPSBEF
HOFSPFOMBFEVDBDJOOBDJPOBMBUSBWT
EFM NFUJDVMPTP FTUVEJP EFM 1SPHSBNB
"TPDJBDJO &TQBPMB EF 1SPGFTPSFT

EF 1MBOJmDBDJO 'BNJMJBS /BUVSBM
.BOVBMCTJDPEF1MBOJmDBDJO'B
NJMJBS/BUVSBM&EJUPSJBM&TJO4"
#BSDFMPOB QQ
.BSB5FSFTB#B[P $PPSE
&OWFKF
DJNJFOUPZ4PDJFEBEVOBQFSTQFD
UJWB JOUFSOBDJPOBM &EJUPSJBM 1BOB
NFSJDBOB .BESJE
&TUFMJCSP DPPSEJOBEPQPSMBQSPGFTPSB
.BSB 5FSFTB #B[P EF MB 6OJWFSTJEBE
EFM 1BT 7BTDP PGSFDF VOB SFWJTJO EFM
GFONFOPRVFIBTVQVFTUPFMFOWFKFDJ
NJFOUPEFMBQPCMBDJO&MUFYUPQSFTFO
UBMBSFBMJEBETPDJBMEFMBWFKF[BUSBWT
EF EJWFSTBT JOWFTUJHBDJPOFT TPDJPMHJDBT
SFBMJ[BEBTFO&TQBB ZFODPNQBSBDJO
DPOPUSBTTPDJFEBEFT"TJNJTNP FOFTUF
NBOVBMTFBOBMJ[BOMBTQPMUJDBTTPDJPTB
OJUBSJBTBOUFMPTEFTBGPTRVFFMFOWFKFDJ
NJFOUPQPCMBDJPOBMQSFTFOUBBMBTTPDJF
EBEFT FDPONJDBNFOUF EFTBSSPMMBEBT
RVF OP RVJFSFO SFOVODJBS B TVT MPHSPT
FOFMEFTBSSPMMPTPDJBM ZTFUFSNJOBDPO

VOB BNQMJB CJCMJPHSBGB HFSPOUPMHJDB

DPNFOUBEB
/JDFUP #M[RVF[ -B #JPUJDB Z MPT

IJKPT EFM GVUVSP &EJU 7JTJO /FU
QQ
)BTUB IBDF SFMBUJWBNFOUF QPDP UJFNQP
FM USNJOP #JPUJDB OP FYJTUB FO MPT
EJDDJPOBSJPT "DUVBMNFOUF TF EJDF QPS
FKFNQMP RVF #JPUJDB FT MB EJTDJQMJOB
RVFFTUVEJBMPTQSPCMFNBTUJDPTRVFTF
QMBOUFBO FO MB JOWFTUJHBDJO CJPMHJDB
0MBBQMJDBDJOEFMBUJDBBMBTDJFODJBT
EFMBWJEB-B#JPUJDBFT TJOEVEB VOB
DVFTUJOEFWJEB1FSPNTFYBDUBNFO
UFEFWJEBIVNBOB&TUFODVFTUJOMB
WJEB IVNBOB EFM GVUVSP {$NP TFSO
MPTQBESFTFIJKPTEFMGVUVSP : FODPO
TFDVFODJB {DNPTFSOMBTSFMBDJPOFTTP
DJBMFTEFMNBBOB -B#JPUJDB RVFFT
VOBDVFTUJOEFWJEB QPESBDPOWFSUJSTF
FOCJPUBOBTJBPGPSNBEFEBSNVFSUFB
MBWJEB-BTOVFWBTHFOFSBDJPOFTQPESO
TVDFEFSTF NFEJBOUF TPmTUJDBEPT QSPDF
EJNJFOUPTDJFOUmDPTBMNBSHFOEFMTFYP
FOQSJNFSQMBOPZFMBNPSDPNPDBMEP
EFDVMUJWP
+PT#PUFMMB-MVTJ 4BMVTUJBOPEFM$BN
QP-BFYQMPTJOEFNPHSmDBZMBSF
HVMBDJOEFMBOBUBMJEBE4OUFTJT .B
ESJE QQ
#PUFMMB -MVTJ QSPGFTPS FNSJUP EF MB
6OJWFSTJEBE$PNQMVUFOTF Z4BMVTUJBOP
EFM$BNQP QSPGFTPSEFMBNJTNB6OJ
WFSTJEBE IBO DPPSEJOBEP FTUB PCSB FO
MBRVFQBSUJDJQBOEJFDJTJTQSPGFTPSFT FO
TVNBZPSBFTQBPMFT FOUPSOPBMUFNB
DFOUSBMEFMBFYQMPTJOEFNPHSmDBZMB
SFHVMBDJOEFMBOBUBMJEBE"OBMJ[BOMBT
DPOTFDVFODJBTQPMUJDBTZFDPONJDBT FM
OVFWPPSEFONVOEJBM MBTEJWFSTBTUSBO
TJDJPOFTEFNPHSmDBT ZTFPGSFDFDPNP
TPMVDJO B MB FYQMPTJO JOFWJUBCMF oTF
HOFTUPTBVUPSFToMBDPOUSBDFQDJO FO
TVTEJWFSTPTNPEPTUDOJDPTZUBNCJO
MBOBUVSBM%JWFSTPTBVUPSFTBOBMJ[BOFT
UPTBTQFDUPTNTUDOJDPT ZFMQSPGFTPS
%JFHP(SBDJB mOBMNFOUF FTDSJCFTPCSF
MPTBTQFDUPTUJDPTEFMBSFHVMBDJOEFMB
OBUBMJEBE
.BSJOB $BNQT .FSMP *EFOUJEBE

TFYVBM Z %FSFDIP &TUVEJP JOUFS
EJTDJQMJOBSJP EFM USBOTFYVBMJTNP
&VOTB 1BNQMPOB QQ
-B BVUPSB FT "CPHBEB EPDUPSB FO %F
SFDIP QPS MB 6OJWFSTJEBE EF /BWBSSB
.BTUFS FO .BUSJNPOJP Z 'BNJMJB DPO
PSJFOUBDJOFO#JPUJDB"DUVBMNFOUFFT
QSPGFTPSBEF#JPUJDBFOMB6OJWFSTJEBE
"VTUSBM Z "TFTPSB MFHJTMBUJWB FO UFNBT
EFCJPUJDBZGBNJMJB"DUVBMNFOUFIBZ
VOB HSBO WBSJFEBE FO MBT SFTQVFTUBT B
MBDVFTUJOEFMBJEFOUJEBETFYVBMEFMB
QFSTPOBIVNBOB ZBTVSFQFSDVTJOTP
DJBM DVMUVSBMZKVSEJDB&OFTUBPCSBMB
BVUPSBJOUFOUBJMVNJOBSMBSFBMJEBEEFMB
JEFOUJEBETFYVBMEFMBQFSTPOBIVNBOB
ZMBUSBTDFOEFODJBKVSEJDBRVFMBNJTNB
EFCJFSBUFOFSFOVOFTUBEPEFEFSFDIP
-BQSPCMFNUJDBBDUVBMEFMUSBOTFYVBMJT
NP ZMBTTPMVDJPOFTKVSEJDBTBQPSUBEBT
BMBNJTNBQPSKVFDFTZMFHJTMBEPSFT TJS
WFEFUSBNBQBSBJOUFSJPSJ[BSTFFOMBSFB
MJEBENVMUJEJNFOTJPOBMEFMBJEFOUJEBE
TFYVBM
.BSBEFMB-V[$BTBT{%FTUJOPPMJ
CFSUBE 6OFOGPRVFCJPUJDPBDFSDB
EFMBIPNPTFYVBMJEBE&EJUPSJBM&Y
DFMFODJB .YJDP%'
-B UFTJT GVOEBNFOUBM EF MB BNQMJB JO
WFTUJHBDJOPGSFDJEBFOFTUFUFYUP DPO
TJTUF FO QMBOUFBS VO EJTDVSTP BDFSDB EF
MB TFYVBMJEBE IVNBOB RVF SFTVMUF DPO
HSVFOUF DPOTJTUFOUF Z DJFOUmDBNFO
UF BSUJDVMBEP DPO MB QSDUJDB NEJDB
PSJFOUBEP BM QSJODJQJP EF CFOFmDFODJB
FOUFOEJEBFTUBDPNPFMCJFOJOUFHSBMEF
MBQFSTPOB-BEPDUPSB.BSBEFMB-V[
$BTBTFTNEJDPDJSVKBOPDPOFTQFDJBMJ
EBEFO)FNBUPMPHB UJFOFMB.BFTUSB
FO#JPUJDBZIBTJEPQSPGFTPSBFJOWFTUJ
HBEPSBEFEJWFSTBTFTDVFMBTEFNFEJDJOB
FOQSFZQPTHSBEPFO.YJDP%VSBOUF
BPT BUFOEJ B QBDJFOUFT DPO 7*)
4*%" EFEPOEFQBSUJMBOFDFTJEBEEF
QSPNPWFSVOUSBUPCJPUJDPBFTUPTQB
DJFOUFT &O FTUF MJCSP BCPSEB EF GPSNB
QSPGVOEB MBT DVFTUJPOFT NT EFCBUJEBT
TFOBDFIPNPTFYVBMPOPRVFTMBIP
NPTFYVBMJEBE DVMFT TPO MPT EFSFDIPT
EFMPTIPNPTFYVBMFTTJTFQVFEFDVSBSMB
IPNPTFYVBMJEBEDVMEFCFTFSMBBDUJUVE
NEJDBBOUFFMQBDJFOUFIPNPTFYVBM
.BSBEFMB-V[$BTBTZ.BSBEFMPT
OHFMFT *UVBSUF )BCMFNPT DPO MPT
KWFOFT (VB QSDUJDB EF &EVDB
DJO EF MB 4FYVBMJEBE QBSB QBESFT
Z NBFTUSPT 5SJMMBT .YJDP %'
QQ
.BSBEFMB-V[$BTBTFTNEJDPDJSV
KBOP NTUFSFO#JPUJDBZQSPGFTPSBEF
FTUB EJTDJQMJOB FO WBSJBT 6OJWFSTJEBEFT
EF.YJDP ZEFUJDBEFMBQSPDSFBDJO
&NCSJPMPHBZ4BMVE FOFM*OTUJUVUPEF
&TUVEJPTEFMB'BNJMJB.BSBEFMPTO
HFMFT*UVBSUFFTMJDFODJBEBFO1FEBHPHB
NBFTUSBEFFEVDBDJOQSFFTDPMBSZQSPGF
TPSBEF0SJFOUBDJOGBNJMJBS&TUBPCSB
NVFTUSB EFNPEPDMBSPZNVZEJEDUJ
DP MBBNQMJBFYQFSJFODJBEFTVTBVUPSBT
UBOUPFOFMDBNQPQSPGFTJPOBMDPNPFO
FM EFTBSSPMMP EF TV QBQFM EF FTQPTBT Z
NBESFTEFGBNJMJB RVFDPNQBSUFODPO
PUSPTQBESFTMBJORVJFUVEQPSEBSBMPT
IJKPT VOB PSJFOUBDJO BEFDVBEB 'SFO
UFBMBFWBTJOEFMBSFTQPOTBCJMJEBEEF
MPT KWFOFT FO MB DVMUVSB BDUVBM DPO FM
JNQBDUP EF MB EJGVTJO NBTJWB EF WJP
MFODJB BEJDDJPOFTBESPHBTZTFYVBMJEBE
EFTFOGSFOBEB MBTBVUPSBTQSPQPOFOVOB
FEVDBDJOBmODBEBFOMPTWBMPSFTZFOMB
SFTQPOTBCJMJEBE RVF EFTDVCSB TPMVDJP
OFTDSFBUJWBTFOMBTSFBTEFMBTFYVBMJEBE
ZFMEFTBSSPMMPEFMBQFSTPOBMJEBE
3JDBSEP$BTDJPMJ&MDPNQMPUEFNP
HSmDP1BMBCSB .BESJE
"MIJMPEFMBTJUVBDJOEFNPHSmDBRVF
QSFTFOUBSFMNVOEPFOFM 3JDBS
EP $BTDJPMJ EFTDSJCF BRV MPT JOUFSFTFT
QPMUJDPT FDPONJDPT Z DVMUVSBMFT RVF
FTUOFOMBCBTFEFMPTQPMUJDBTQBSBFM
DPOUSPM EF MB OBUBMJEBE oOBDJPOBMFT Z
TVQSBOBDJPOBMFTo DPOUFNQPSOFBT &M
BVUPS EFOVODJB FM FTQSJUV DPOUSBDFQUJ
WP RVF SFNBSD MB $POGFSFODJB .VO
EJBMEF1PCMBDJODFMFCSBEBFO&M$BJSP

MPTBCVOEBOUFTSFDVSTPTRVFTF
EFTUJOBOBMBJOWFTUJHBDJOZEJGVTJOEF
BOUJDPODFQUJWPT Z FM WBTUP NPWJNJFOUP
DVMUVSBM BDSUJDP RVFEFTEFIBDFEFDF
OJPT QSPNVFWF FM DPOUSPM EF MB QPCMB

DJOTJHVJFOEPFMNPEFMP ZBEFTGBTBEP
EFFOUFOEFSFMEFTBSSPMMPFDPONJDPFO
DMBWFNBMUIVTJBOB
"EFNT EF BOBMJ[BS FO RV DPOTJTUF
QSPQJBNFOUF FM FTQSJUV EF &M $BJSP
$BTDJPMJSFDPHFMBTUFOTJPOFTRVFTFIBO
SFHJTUSBEPFOUSFMB4BOUB4FEFZ&TUBEPT
6OJEPT MBDVFTUJOEFMBQMEPSBBCPS
UJWB 36 MB BDUVBDJO EF BMHVOBT
NVMUJOBDJPOBMFTGBSNBDVUJDBT MPTQST
UBNPT B QBTFT QPCSFT DPOEJDJPOBEPT B
QPMUJDBTDPOUSBDFQUJWBT FUD&OEFmOJ
UJWB VOUSBCBKPRVFPGSFDFBCVOEBOUFT
EBUPTQBSBUFOFSVOBPQJOJOCJFOGPS
NBEBBMSFTQFDUP
4FSHJP $FDDIFUUP -B iTPMVDJOw

RVJSSHJDB %FSFDIP SFQSPEVDUJWP
Z FTUFSJMJ[BDJO GFNFOJOB QFSNB
OFOUF"E)PD #VFOPT"JSFT
QQ
&M BVUPS FT EPDUPS FO 'JMPTPGB NBHT
UFSFO$JFODJBT4PDJBMFTZFTQFDJBMJTUBFO
#JPUJDB QSPGFTPS EF MBT VOJWFSTJEBEFT
OBDJPOBMFTEF.BSEFM1MBUBZEF-BOBT
EJSFDUPS EF MB "TPDJBDJO "SHFOUJOB EF
*OWFTUJHBDJPOFTUJDBT ZNJFNCSPEFMB
"TPDJBDJO"SHFOUJOBEF#JPUJDBZEFM
$PNJU EF #JPUJDB EF EPT IPTQJUBMFT
&TUB FYQFSJFODJB QSPGFTJPOBM MF QFSNJUF
BGSPOUBSFMUFNBEFMEFSFDIPSFQSPEVD
UJWPZMBFTUFSJMJ[BDJOGFNFOJOBQFSNB
OFOUFDPOQSPGVOEJEBEFOFMBOMJTJTEF
MBGVOEBNFOUBDJOEFMPTEFSFDIPTIV
NBOPT ZDPODFSDBOBBMPTQSPCMFNBT
NEJDPT EFNPHSmDPT MFHBMFT NPSBMFT
Z UFPMHJDPT QSFTFOUFT FO FM EFCBUF BT
DPNPBMPTBTQFDUPTQTJRVJUSJDPTFOFM
DBTP EF MB FTUFSJMJ[BDJO EF EFmDJFOUFT
NFOUBMFT3FBMJ[BVOPCKFUJWPBOMJTJTEF
MPT BSHVNFOUPT B GBWPS Z FO DPOUSB FO
MPT EJTUJOUPT DBTPT FO RVF TF QMBOUFB FM
QSPCMFNB FTUFSJMJ[BDJPOFT GPS[BEBT QPS
QPMUJDBTEFTBMVESFQSPEVDUJWB FTUFSJMJ
[BDJPOFTDPNPNFEJEBTBOUJDPODFQUJWBT
JOEJWJEVBMFTZMBTEFEFmDJFOUFTNFOUB
MFT3FDIB[BEFTEFFMQMBOPEFMBOMJTJT
UJDP MPT BSHVNFOUPT EBEPT FO MPT EPT
QSJNFSPTDBTPT ZFYQPOFMBTDJSDVOTUBO
DJBTFORVFTFSB BTVQBSFDFS QPTJCMF
FOFMDBTPEFEFmDJFOUFTNFOUBMFT DPNP
GBDVMUBE FO GVODJO EFM NBZPS JOUFST
EFMJODBQB[TJOPTFQVFEFFNQMFBSPUSPT
NFEJPTBOUJDPODFQUJWPT ZOVODBDPNP
VOB JNQPTJDJO EFUFSNJOBEB QPS QPM
UJDBT TPDJBMFT EFNPHSmDBT QVOJUJWBT
FVHFOTJDBT GBNJMJBSFTPNEJDBT
+FBO$MBVEF $IFTOBJT -F DSQVT

DVMF EF M0DDJEFOU %NPHSBQIJF
FUQPMJUJRVF%OBUBMJU DPOEJUJPO
EFTGFNNFTFUJNNJHSBUJPO&EJUJP
OT3PCFSU-BPOU 1BSJT
QQ
1BSB FM BVUPS DPOPDJEP EFNHSBGP Z
FDPOPNJTUB GSBODT MB IJQUFTJT EF MB
JOFWJUBCMF TVQFSQPCMBDJO NVOEJBM FT
VONFSPiSVNPSJOGVOEBEPw/PFYJTUF
iVOBQPCMBDJONVOEJBM TJOPQPCMBDJP
OFT OBDJPOBMFT NVZ EJGFSFOUFT TPNFUJ
EBTBSJUNPTNVZEJWFSTPT FODPOEJDJP
OFTFDPONJDBTZTPDJBMFTNVZWBSJBEBTw
-PT EFTFRVJMJCSJPT JOUFSOBDJPOBMFT Z MB
TJUVBDJOEF0DDJEFOUFoTPCSFUPEPEF
&VSPQBoMMFWBOBVOFOWFKFDJNJFOUPS
QJEPEFTVQPCMBDJOZBDPOWFSUJSTFFO
FMQSJNFSDPOUJOFOUFQBSBMBFNJHSBDJO
EFMPTQBTFTFOWBTEFEFTBSSPMMP DPO
JNQMJDBDJPOFTQSFPDVQBOUFTZQPUFODJBM
NFOUF FYQMPTJWBT -B TPMVDJO OP FT FM

DPOUSPM EF MB OBUBMJEBE FO FTUPT QBTFT
TJOPMBSFPSJFOUBDJOZMBBZVEBBTVDSF
DJNJFOUPFDPONJDP
[VSJ[ QSFTJEFOUFTSFTQFDUJWBNFOUFEFMB
$POGFSFODJB &QJTDPQBM &TQBPMB Z EFM
$POTFKP &QJTDPQBM -BUJOPBNFSJDBOP
$&-".

$POTFKP 1POUJmDJP QBSB MB 'BNJMJB

5SNJOPT BNCJHVPT Z EJTDVUJEPT
TPCSFGBNJMJB WJEBZDVFTUJPOFTUJ
DBT QQ
$PMFUUF$IJMBOE$BNCJBSEFTFYP
"TPDJBDJOQTJDPBOBMUJDBEF.BESJE
#JCMJPUFDB /VFWB .BESJE
QQ
&M $BSEFOBM "MGPOTP -QF[ 5SVKJMMP

QSFTJEFOUF EFM $POTFKP 1POUJmDJP QBSB
MB'BNJMJBQSFTFOUFO.BESJEFTUBPCSB
VO EJDDJPOBSJP RVF EFmOF DMBSBNFOUF
WPDFT FOUSFDPODFQUPTZFYQSFTJPOFT
VTVBMFT RVFJOEVDFOBFRVWPDPSFTQFD
UP B MB WJEB Z MB GBNJMJB iJOUFSSVQDJO
WPMVOUBSJB EFM FNCBSB[Pw iEFSFDIPT
TFYVBMFT Z SFQSPEVDUJWPTw iFODBSOJ[B
NJFOUP UFSBQVUJDPw iHOFSPw iMJCSF
FMFDDJO EFMBCPSUP
w iNBUSJNPOJPEF
IPNPTFYVBMFTw Z iTFYP TFHVSPw FOUSF
PUSPT&OFMQSFGBDJPEFMBPCSB -QF[
5SVKJMMPBmSNBRVFiDJFSUBTFYQSFTJPOFT
TFBQSPWFDIBOEFMBFTDBTBJOGPSNBDJOP
EFMBJOHFOVJEBEEFMPTRVFMBTFNQMFBO
MPTDVBMFT TFEVDJEPTQPSMBBNCJHFEBE
OP TF EBO QMFOB DVFOUB EFM FOHBPw
&YQSFTBTVEFTFPEFRVFFM-FYJDPOiTF
DPOWJFSUBFOVOJOTUSVNFOUPUJMQBSBMB
OPCMFZVSHFOUFDBVTBEFMBWJEBZEFMB
GBNJMJBw
%FTQVT EF VOPT BPT EF FYQFSJFODJB

DMOJDB $PMFUUF$IJMBOEOPTQSPQPSDJP
OB SFTQVFTUBT EJTUJOUBT B MBT JOUFSSPHB
DJPOFT RVF TF QMBOUFBO B QSPQTJUP EFM
USBOTFYVBMJTNP TPCSF MBT EFNBOEBT EF
MPTUSBOTFYVBMFT RVFTMPRVFPCUJFOFO
EFMBNFEJDJOB MDJSVHBZMPTUSBUBNJFO
UPT IPSNPOBMFT 4F MFT BZVEB QPSRVF
TVGSFO ZTFJOUSPEVDFONFEJEBTMFHBMFT
QBMJBUJWBT %F GPSNBDJO mMPTmDB FO
QSJNFSMVHBS MBBVUPSBFTUVEJ.FEJDJ
OB 1TJRVJBUSBZQTJDPBOMJTJTZIBTJEP
QSPGFTPSBNVDIPTBPTFO-B4PSCPOBZ
FOMB6OJWFSTJEBE3FO%FTDBSUFT
&O TV FMBCPSBDJO IBO QBSUJDJQBEP

FYQFSUPT EF QBTFT FOUSF FMMPT &MJP
4HSFDDJB /BUBMJB -QF[ .PSBUBMMB
.JDIBFM 4DIPPZBOT "RVJMJOP 1PMBJOP
-PSFOUF "MCBO %&OUSFNPOU "OHF
MP4DPMB 8JMMJBN&.BZ$VFOUBDPO
EPT QSFTFOUBDJPOFT EF MPT DBSEFOBMFT
"OUPOJP3PVDPZ'SBODJTDP+BWJFS&SS
"MCBOE&OUSFNPOU%JF[UFNBTEF
EFNPHSBGB &EJDJPOFT *OUFSOBDJP
OBMFT 6OJWFSTJUBSJBT .BESJE
QQ
%FOUSP EF MB DPMFDDJO i%JF[ 5FNBTw
EF &*6/4" FM QSPGFTPS EF (FPHSBGB
EF MB 6OJWFSTJEBE EF /BWBSSB "MCBO
E&OUSFNPOUQVCMJDBVONBOVBMVOJWFS
TJUBSJP TPCSF MPT BTQFDUPT EF MB DJFODJB
EFNPHSmDB NT DPOUSPWFSUJEPT FO MB
BDUVBMJEBE&MMJCSP BVORVFQPDPFYUFO
TP SFTQPOEF B MBT WJSUVEFT EFM NBOVBM
VOJWFSTJUBSJPQPSNVDIBTEFTVTDBSBDUF
STUJDBTFTUJMPTJTUFNUJDP UPOPEJEDUJ
DP DVJEBEBFTUSVDUVSBDJO WPDBCVMBSJP
BTFRVJCMF FUD"DFQUBSBRVFTFUSBUBEF

VONBOVBMJOUSPEVDUPSJP QPSRVFMBFY
UFOTJORVFJNQPOFMBDPMFDDJOi%JF[
5FNBTwOPQFSNJUFIBDFSVOUSBUBNJFO
UPEFUBMMBEPEFMPTBTVOUPTRVFBCPSEB
"VORVF GBMUBO BMHVOPT QSPMFHNFOPT
EF DBSDUFS NFUPEPMHJDP TJFNQSF TV
HJFSF FM BVUPS MB CJCMJPHSBGB OFDFTBSJB
QBSBQSPGVOEJ[BSFOMBNBUFSJB
%FTDSJCF B HSBOEFT SBTHPT MB EJTUSJCV
DJO EF MB QPCMBDJO NVOEJBM Z MPT
QSJODJQBMFT GBDUPSFT RVF MB KVTUJmDBO
-PTFTUVEJPTTPCSFMBOBUBMJEBEZMBNPS
UBMJEBEDPNJFO[BODPOVOBEFTDSJQDJO
EF MB TJUVBDJO NVOEJBM Z B DPOUJOVB
DJO BOBMJ[BO FM DBTP FTQBPM /P GBMUB
FMUSBUBNJFOUPEFMBTNJHSBDJPOFT TPCSF
UPEPMBTFVSPQFBTZ NTFTQFDmDBNFO
UF MBJONJHSBDJOBDUVBMFO&TQBB
&MMJCSPBGSPOUBFMFTUVEJPEFMBUSBOTJDJO
EFNPHSmDB&OFTFDPOUFYUPDPOnJDUJWP
FTUVEJBMBTWJDJTJUVEFTEFMNBUSJNPOJPZ
EF MB GBNJMJB Z MBT SFQFSDVTJPOFT EF MB
JEFPMPHB GFNJOJTUB FO MPT BTQFDUPT EF
NPHSmDPT&MBVUPSOPSFOVODJBBFO
USBSBMGPOEPEFMPTQSPCMFNBTTPDJBMFT
%FNPEPNTQPMNJDPTFBEFOUSBFOMB
EJTDVTJOEFMBTQPMUJDBTEFNPHSmDBT
FOVNFSBEFNPEPDPNQMFUPZBDFSUBEP
MBTJNQMBOUBEBTFOMBFSBDPOUFNQPSOFB
ZBUBDBDPOGVOEBNFOUPFMOFPNBMUVTJB
OJTNPEFMBTFKFDVUBEBTEFTEFMB0/6
FJOTUJUVDJPOFTBmOFT QPOJFOEPNVZFO
EVEBMBCPOEBEEFTVTSFTVMUBEPTBMBSHP
QMB[P
&O FM DBQUVMP OVFWF BOBMJ[B FM FTUBEP
EFMBDVFTUJOEFNPHSmDBEFTEFMBQFST
QFDUJWB EF MBT EJTUJOUBT JEFPMPHBT RVF
PQFSBOBTVBMSFEFEPS&TNVZDMBSBMB
FYQPTJDJORVFIBDFEFMBTGBNPTBTQSP
ZFDDJPOFT EF QPCMBDJO BDPNQBBEBT
EF JEFBT JOUVJUJWBT NVZ WBMJPTBT BDFSDB
EFMGBDUPSEFFTDBMBFOMPTFTUVEJPTZFO
MBTBDDJPOFTEFNPHSmDBT&TUPTEJF[UF
NBTEFEFNPHSBGBTPOVOBMFDUVSBNVZ
SFDPNFOEBCMF QBSB DVBMRVJFS QFSTPOB
RVF TFB DVBM TFB TV FEBE P DPOEJDJO
BDBENJDB RVJFSBDPOPDFSMPTQSPCMFNBT
EFNPHSmDPT EF NT BDUVBMJEBE DPO
USPM EF MB OBUBMJEBE FOWFKFDJNJFOUP EF
MBT QPCMBDJPOFT QPTJOEVTUSJBMFT NJHSB
DJPOFTJOUFSOBDJPOBMFT BDUJWJEBEFDPO
NJDBZSFTQFUPBMBOBUVSBMF[B FUD&MMJ
CSPSFTVMUBFTQFDJBMNFOUFSFDPNFOEBCMF
QBSB MPT FTUVEJBOUFT EF CBDIJMMFSBUP oP
QSJNFSDVSTPEFDBSSFSBoRVFEFCFOJOJ
DJBSTFFOFTUBNBUFSJB
.BSB -VJTB %J 1JFUSP 4FYVBMJEBE

Z QSPDSFBDJO IVNBOB &%6$"
*OTUJUVUP EF #JPUJDB #VFOPT "JSFT
QQ
-B BVUPSB QSPGFTPSB EFM *OTUJUVUP EF
#JPUJDBEFM(FNFMMJ FO3PNB FYQPOF
VOBWJTJODPNQMFUBTPCSFMBTFYVBMJEBE
IVNBOB Z MPT BDUVBMFT EFCBUFT TPCSF
SFQSPEVDDJO NEJDBNFOUF BTJTUJEB
EFTEFVOBWJTJOQFSTPOBMJTUB-BTFYVB
MJEBEIVNBOBDVFTUJOBOUSPQPMHJDBZ
FEVDBUJWB*EFOUJEBETFYVBEBZHOFSP
i$POUSBDFQDJOZBCPSUPDPNPGSVUPT
EFVOBNJTNBQMBOUBw-BDPOUJOVJEBE
EFMBFOTFBO[BFOUSF)VNBOBFWJUBFZ
&WBOHFMJVN WJUBF -B DPOUSBDFQDJO EF
FNFSHFODJB $POUSBHFTUBDJO 1PMUJDBT
EF QPCMBDJO Z EFTBSSPMMP &M QSFoFN
CSJO VO BSUJmDJP 4FNOUJDP 'FDVO
EBDJOBSUJmDJBMZNBHJTUFSJPEFMB*HMF
TJB{$VMFTFMSJFTHPEFMBTUDOJDBTEF
GFDVOEBDJO BSUJmDJBM &M EJBHOTUJDP

QSFJNQMBOUBUPSJP "TFTPSBNJFOUP UJDP
B QBSFKBT FTUSJMFT -B MFZ JUBMJBOB TPCSF
MBQSPDSFBDJONEJDBNFOUFBTJTUJEB-B
OPSNBUJWB JUBMJBOB TPCSF MB SFQSPEVD
DJONEJDBNFOUFBTJTUJEBFO&VSPQB
$MBVEJB %JEFT "SUVSP .SRVF[

"MFKBOESP (VBKBSEP Z -JEJB $BTBT
$IJMF 1BOPSBNB EF 4FYVBMJEBE Z
%FSFDIPT )VNBOPT 4BOUJBHP EF
$IJMF 3P EF +BOFJSP $FOUSP -BUJ
OPBNFSJDBOPEF4FYVBMJEBEZ%FSF
DIPT)VNBOPT $-".

QQ
&MQSFTFOUFMJCSPIBDFQBSUFEFVODPO
KVOUP EF FTUVEJPT JNQVMTBEPT QPS FM
$-". DPO FM QSPQTJUP EF FTUBCMFDFS
MBTJUVBDJOEFMPTEFSFDIPTSFMBUJWPTBMB
TFYVBMJEBE DPOVOBNJSBEBRVFJOUFHSF
MPTDBNCJPTRVFTFIBOQSPEVDJEPFOMB
MFHJTMBDJO KVSJTQSVEFODJB OPSNBUJWBT
ZSFHMBNFOUPT BTDPNPFOMBTQPMUJDBT
QCMJDBT DPOVOBQFSTQFDUJWBDPNQBSB
UJWBSFHJPOBM
&M BOMJTJT TJTUFNUJDP RVF BQPSUB FTUB
QVCMJDBDJOSFQSFTFOUBVOBPQPSUVOJEBE
QBSBFMEFTBSSPMMPEFOVFWBTQSPQVFTUBT
FOFMNCJUPEFMBMFHJTMBDJOZMBTQPMUJ
DBTQCMJDBTFOUPSOPEFUFNUJDBTDPNP
MBSFQSPEVDDJO MBEJWFSTJEBETFYVBMZMB
WJPMFODJBEFHOFSP FOUSFPUSBT-BJO
WFTUJHBDJORVFEBCBTFBFTUFWPMVNFO
GVFEFTBSSPMMBEBFOUSFZQPS
VOQPSVOFRVJQPEFJOWFTUJHBEPSFTEF
'-"$40o$IJMF '-"$40 JOUFHSBEP
QPS $MBVEJB %JEFT "SUVSP .SRVF[
"MFKBOESP(VBKBSEPZ-JEJB$BTBT
6OFTUVEJPEFFTUBTDBSBDUFSTUJDBTDPOT
UJUVZF VO JOTVNP CTJDP QBSB MPT EJ
WFSTPT BDUPSFT DPNQSPNFUJEPT DPO FM
BWBODFEFMPTEFSFDIPTTFYVBMFTZSFQSP
EVDUJWPT BVUPSJEBEFT QBSMBNFOUBSJPT
0/(T HSVQPT BDUJWJTUBT Z DPNVOJDB
EPSFT BT DPNP JOTUJUVDJPOFT BDBENJ
DBT Z PSHBOJTNPT JOUFSOBDJPOBMFT -B
QFSTQFDUJWBEFTBSSPMMBEBDPOTJEFSBBMPT
EFSFDIPTTFYVBMFTZSFQSPEVDUJWPTDPNP
VOB BNQMJB HBNB EF EFDJTJPOFT TPCSF
TFYVBMJEBEZSFQSPEVDDJORVFUPEBTMBT
QFSTPOBT TJOEJTDSJNJOBDJO EFCFOQP
EFSBEPQUBSMJCSFNFOUF TJOOJOHOUJQP
EFDPBDDJOPWJPMFODJB4VFKFSDJDJPJN
QMJDB DPOUBS DPO JOGPSNBDJO Z BDDFTP
BMPTTFSWJDJPTZNFEJPTOFDFTBSJPTQBSB
FKFSDFS FTUBT EFDJTJPOFT &TUPT EFSFDIPT
TPOQBSUFJOUFHSBOUFEFMPTEFSFDIPTIV
NBOPT FOUFOEJEPT DPNP VOJWFSTBMFT
JOEJWJTJCMFT Z EJONJDPT Z DPOTUJUVZFO
VOBIFSSBNJFOUBQBSBQSPNPWFSMBKVTUJ
DJBTPDJBMZMBEJHOJEBEEFMBTQFSTPOBT
.BSB &MTFHVJ %JF[ UFNBT EF H

OFSP&EJDJPOFT*OUFSOBDJPOBMFT6OJ
WFSTJUBSJBT .BESJE QQ
-B FMBCPSBDJO EF EPDVNFOUPT EF MB
0/6TPCSFUFNBTEFHOFSPIBQSPWP
DBEP QPMNJDBT Z OFHPDJBDJPOFT BDFSDB
EFUSNJOPTFOBQBSJFODJBOFVUSPT QFSP
MMFOPTEFJNQMJDBDJPOFT EFSFDIPTSFQSP
EVDUJWPT NBUFSOJEBE TFHVSB NPEFMPT
EFGBNJMJB FOUSFPUSBT
&MDVFSQPDFO
USBMEFFTUFDPOKVOUPEFBSUDVMPTBCPS
EB FM DPODFQUP EF HOFSP RVF TVCZBDF
FOFTPTEPDVNFOUPTZTVJOnVFODJBFO
MBMFHJTMBDJOJOUFSOBDJPOBM.BSB&M
TFHVJ QSPGFTPSB UJUVMBS EF 'JMPTPGB EFM
%FSFDIPFOMB6OJWFSTJEBEEF;BSBHP[B

IBBTJTUJEPDPNPPCTFSWBEPSBZFYQFSUB
BWBSJBTDPOGFSFODJBTEFMB0/6 ZTBCF
EFTWFMBSMPTNPUJWPTFYQSFTPTZPDVMUPT
EFDBEBQPTUVSB MBTNBOJQVMBDJPOFTUFS
NJOPMHJDBT MPTTJMFODJPTZSFTFSWBT4V
QFSTQFDUJWBEFBOMJTJTFTMB'JMPTPGBEFM
%FSFDIP EFTEFMBDVBMBOBMJ[BMBJEFPMP
HBRVFJOTQJSBMBMFHJTMBDJO
-BBVUPSBFYQPOFFOFMMJCSPMPTEJWFSTPT
UFNBT DPOGPSNF B VO NPEFMP EF SFMB
DJPOFTFOUSFIPNCSFTZNVKFSFTCBTBEP
FO MB DPSSFTQPOTBCJMJEBE Z MB JOUFSEF
QFOEFODJB UBOUP FO FM NCJUP GBNJMJBS
DPNP FO FM QCMJDP $PO FTUF FOGPRVF
BOBMJ[BEFRVNPEPGBWPSFDFOMBJHVBM
EBE EF PQPSUVOJEBEFT FOUSF IPNCSFT
Z NVKFSFT MPT QSPHSBNBT FEVDBUJWPT EF
MB6OJO&VSPQFBZMBTEJSFDUJWBTTPCSF
DPODJMJBDJO EF MB WJEB GBNJMJBS Z QSP
GFTJPOBM 6O MJCSP TMJEBNFOUF EPDV
NFOUBEP FO VO DBNQP RVF TF QSFTUB B
MBDPOGVTJO
+BJNF &TDPCBS 5SJBOB %JSFDUPS

#JPUJDB Z TFYVBMJEBE 6OJWFSTJEBE
EFM#PTRVF
&OFTUFWPMVNFOEFMBDPMFDDJO#JPTZ
&UIPTQSFTFOUBNPTBMHVOPTEFMPTBTQFD
UPTUSBUBEPTFOFM94FNJOBSJP*OUFSOB
DJPOBMEF#JPUJDB EFEJDBEPBMBTFYVBMJ
EBE2VJTJNPTBCSJSVOOVFWPFTDFOBSJP
EFSFnFYJOCJPUJDB BDFSDBEFMBJNQPS
UBODJB MPTQSPCMFNBT FMTJHOJmDBEPZMBT
QSDUJDBTEFMBTFYVBMJEBE FOMBUBSFBEF
DPNQSFOEFS Z IBDFS QPTJCMF MB WJEB 4J
IBZVOUFNBFOFMRVFDPOnVZBONJSB
EBT EJGFSFOUFT Z RVF BM NJTNP UJFNQP
HFOFSFSFnFYJPOFTEJWFSTBTFT TJOMVHBSB
EVEBT FMEFMBTFYVBMJEBE4FUSBUBEFVO
UFNB VODBNQPZVOBEJNFOTJORVF
NFSFDFOMBNBZPSTFSJFEBEZQSPGVOEJ
EBEDJFOUmDBZUJDB
4JCJFOMBTFYVBMJEBETVSHJDPNPEJGF
SFODJBDJOQSPHSFTJWBEFMTFYPDPNPFYJ
HFODJB QBSB MB SFQSPEVDDJO BQBSFDFO
BDUVBMNFOUF BEFNT PUSPT FMFNFOUPT
CJPUFDOPMHJDPT RVF QFSNJUFO MB TVQF
SBDJOEFMBFTUFSJMJEBE MBEPOBDJOEF
HBNFUPT MBGFDVOEBDJOJOWJUSP IBTUB
MBQPTJCMFDMPOBDJOZFMQFSNJUJSIJKPT
OPTMPEFQBSFKBTIFUFSPTFYVBMFT
-PTDBNCJPTRVFTFIBOWFOJEPEBOEP
BDFMFSBEBNFOUF TF SFMBDJPOBO DPO IF
DIPT UBO OPUPSJPT DPNP MB TFQBSBDJO
EFM QMBDFS TFYVBM SFTQFDUP EF MB SFQSP
EVDDJO $PNP DPOTFDVFODJB MB QMB
OJmDBDJOEFMONFSPEFIJKPT EFVOB
QBSUF ZEFPUSBMBMJCFSBDJOEFMBNVKFS
IBOQSPQJDJBEPFMDBNCJPOPTMPEFMBT
DPTUVNCSFTTFYVBMFTTJOPMBGPSNBNJT
NBEFMBJOTUJUVDJOGBNJMJBS JOEFQFO
EJFOUFNFOUFEFMKVJDJPNPSBMTPCSFFTUPT
DBNCJPT $PO MB GFDVOEBDJO JO WJUSP
'*7
TF JOJDJ FM DVFTUJPOBNJFOUP OP
TMPBDFSDBEFMBSFQSPEVDDJOIVNBOB
TJOPBEFNTTPCSFMBDPOTUJUVDJOEFMB
GBNJMJBUSBEJDJPOBMZFMNBUSJNPOJPIBT
UB BIPSB QSFEPNJOBOUF FO MB TPDJFEBE
PDDJEFOUBM"QSPQTJUPEFMBTUDOJDBTEF
SFQSPEVDDJOBTJTUJEBZMBHFOUJDB JO
DMVZFOEPMBDMPOBDJO TFWBOHFOFSBOEP
OVFWPTGPSNBUPTEFGBNJMJBT
+BJNF&TDPCBS5SJBOBBOBMJ[BMBTJNQMJ
DBDJPOFT CJPUJDBT EF MB #JPUFDOPMPHB
FOMBTOVFWBTUJQPMPHBTEFGBNJMJB-V
DB/JFUPJOWPDBBMHVOPTFMFNFOUPTEF
DBSDUFSQCMJDP#SJHJUUF#BQUJTUFIBDF
VOBEJTFSUBDJOTPCSFFMFDPGFNJOJTNP
.BSDFMB 4ODIF[ QSPQPOF VOB EJTDV
TJOEFMBTFYVBMJEBECBKPMBQFSTQFDUJWB
EFMPTEFSFDIPTIVNBOPT$IBOUBM"SJT
UJ[CBM FYQPOF BMHVOBT SFMBDJPOFT FOUSF
CJPUJDB TFYVBMJEBE Z MB QBOEFNJB EFM
4JEB )FSOO 4BOUBDSV[ TF BQSPYJNB B
MPT UFNBT TPCSF MB TFYVBMJEBE EFTEF MB
QTJDPMPHBFWPMVDJPOJTUBZFMQTJDPBOMJ
TJT$BSMPT.BMEPOBEPQSPQPOFVOFO
GPRVF EFM TFYP EFTEF MBT DJFODJBT EF MB
DPNQMFKJEBE.BOVFM7FMBOEJBJOUSPEV
DFVOFOGPRVFTJTUNJDPEFMBTJEFOUJEB
EFT TFYVBMFT DBNCJBOUFT 1BSB mOBMJ[BS
"MPOTP"DVBOPTNVFTUSBVOBSFWJTJO
IJTUSJDBEFMBNPSFOMBFWPMVDJOEFMB
QBSFKB
+BJNF&TDPCBS %JSFDUPS
%JBOB1F
BSFUFZPUSPTUJDBTFYVBMZBVUP
OPNBSFQSPEVDUJWB$PMFDDJO1F
EBHPHBZ#JPUJDB /
UJDBZTFYVBMJEBE%FmOJDJOZBMDBO
DFT EFM DPODFQUP TFYVBMJEBE 'BDUPSFT
1TJDPTFYVBMFT*EFOUJEBETFYVBMFJEFO
UJEBEHFOUJDB*EFOUJEBEHFOUJDB3PM
TFYVBM0SJFOUBDJO TFYVBM$POEVDUB
TFYVBM 6O QPDP EF IJTUPSJB-B UJ
DB TFYVBM B MB MV[ EF MPT QSJODJQJPT EF
MB CJPUJDB&M DPODFQUP EF HOFSP
UJDB EF MB QSPDSFBDJO&M DPODFQUP
EF MB DBMJEBE EF WJEB-B NBUFSOJEBE
DPNP VOB PQDJO-B JOUFSSVQDJO
WPMVOUBSJB EFM FNCBSB[P&M BCPSUP FO
$PMPNCJB6O SFQBTP BM DPODFQUP EF
DBMJEBEEFWJEB&MDPODFQUPEFQFSTP
OB IVNBOB&M TOESPNF EF JONVOP
EFmDJFODJBBERVJSJEB
"MBJO(JSBSE&MIPNCSFZMBNBTB
$POTFDVFODJBTEFMBSFWPMVDJOEF
NPHSmDB&TQBTB6OJWFSTJEBE .B
ESJE QQ
&TMBMUJNBPCSBEFMDPOPDJEPTPDJMP
HP GSBODT DPOTFKFSP EFM *OTUJUVUP /B
DJPOBMEF&TUVEJPT%FNPHSmDPTZQSP
GFTPSEFMB6OJWFSTJEBE3FO%FTDBSUFT
EF1BST"OBMJ[BMPTDBNCJPTQSFTFOUFTZ
GVUVSPTRVFMBBDFMFSBEBNVMUJQMJDBDJO
EFMONFSPEFTFSFTIVNBOPTZTVOVF
WBEJTUSJCVDJOHFPHSmDBZTPDJBMFTUO
QSPEVDJFOEP Z RVF DPOMMFWBO QSPCMF
NBT JOEJUPT QBSB FM FRVJMJCSJP JOUFS
OBDJPOBM MBT JOTUJUVDJPOFT Z MPT WBMPSFT
USBEJDJPOBMFT MBDPOEJDJOGFNFOJOB MB
FOTFBO[B MB GBNJMJB MB SFOPWBDJO EF
MBTHFOFSBDJPOFT FMOVFWPUJQPEFJOTF
HVSJEBEQTJDPMHJDBZNPSBM$PONJSB
EBQFOFUSBOUF NVFTUSBMBJODJEFODJBFO
MB DSJTJT EF MB GBNJMJB EF MB QSEJEB EF
WBMPSFT ZMBTDPOTFDVFODJBTOFHBUJWBTEF
BMHVOBT QPMUJDBT EF QMBOJmDBDJO Z EF
MBFYUFOTJOEFMGFONFOPEFMBBDFQUB
DJOTPDJBMEFMBCPSUPWPMVOUBSJP
.OJDB(PHOB $PPSE
-BTSFGPS
NBTEFMTFDUPSTBMVEFOMB"SHFOUJ
OBZ$IJMF0QPSUVOJEBEFTZPCTU
DVMPTQBSBMBQSPNPDJOEFMBTBMVE
TFYVBM Z SFQSPEVDUJWB $&%&4 Z
#BODP*OUFSBNFSJDBOPEF%FTBSSPMMP
#VFOPT"JSFT QQ
&M$FOUSPEF&TUVEJPT&TUBEPZ4PDJF
EBEIBQSPNPWJEPFTUBQVCMJDBDJORVF
USBUBTPCSFMBQSPNPDJOEFMBTQPMUJDBT
EFTBMVESFQSPEVDUJWBFOMB"SHFOUJOBZ
FO$IJMFFOFTUPTMUJNPTBPT&ODVBO
UPBMQSJNFSQBT TFFYQPOFOFMDPOUFY

UP FO RVF TF EBO MBT QPMUJDBT EF TBMVE

SFQSPEVDUJWB MPT TJTUFNBT EF TBMVE MBT
SFGPSNBTRVFFTUOFYQFSJNFOUBOEP MBT
FYQFSJFODJBTFO.FOEP[BZ$IBDP ZMB
OFDFTJEBEEFVOEJMPHPOBDJPOBM%FT
EF$IJMF TFBOBMJ[BFMDPOUFYUPUBNCJO
FMTJTUFNBEFTBMVEZMBSFGPSNBBDUVBM
Z DNP JODPSQPSBS MPT DPODFQUPT EF MB
TBMVESFQSPEVDUJWBBMBBHFOEBEFSFGPS
NBTFDUPSJBM
*HMFTJB &WBOHMJDB EF "MFNBOJB

{$VOUBTQFSTPOBTQVFEFTVTUFOUBS
MBUJFSSB 3FnFYJPOFTUJDBTTPCSFFM
BVNFOUPEFMBQPCMBDJONVOEJBM
11$ .BESJE QQ
&M DSFDJNJFOUP EF MB QPCMBDJO Z TV
DPODFOUSBDJO FO FM 5FSDFS .VOEP IB
MMFWBEP B UFOFS VOB JEFB EJTUPSTJPOBEB
EFMQSPCMFNB EFCJEPBMBGOEFDJFSUPT
QBTFTEFKVHBSVOQBQFMQSPUBHPOJTUBFO
FTUFEFCBUFJOUFSOBDJPOBM&MPCKFUJWPE
FTUFUSBCBKPEFMB*HMFTJB&WBOHMJDB"MF
NBOBFTQSFQBSBSMB$POGFSFODJB.VO
EJBMTPCSF1PCMBDJOZ%FTBSSPMMPEF&M
$BJSP ZDPOUSJCVJSBDSFBSVOBDPODJFO
DJBDSUJDBZGBDJMJUBSVOBWBEFEJMPHP
QBSBBCPSEBSFTUFQSPCMFNB BMBWF[RVF
FYQMJDBS MBT DPOEJDJPOFT HFOFSBMFT CBKP
MBTRVFTFQVFEFFTQFSBSVOBDBEBFOMPT
OEJDFTEFMDSFDJNJFOUPEFMBQPCMBDJO
+PLJO EF *SBMB $PNQSFOEJFOEP MB

IPNPTFYVBMJEBE &6/4" 1BN
QMPOB QQ
-B IPNPTFYVBMJEBE TJHVF TJFOEP VOB
DVFTUJOBCJFSUBFOFMUFSSFOPDJFOUmDP
Z FO FM EFCBUF TPDJBM .JFOUSBT CVFOB
QBSUFEFMBTPDJFEBEEVEBTPCSFTJDPO
TJEFSBSPOPBMBIPNPTFYVBMJEBEDPNP
VOB BMUFSBDJO EF MB QFSTPOBMJEBE IBZ

PUSPTHSVQPTFNQFBEPTBDUJWBNFOUFFO
DFSSBSMBEJTDVTJOZFOTJMFODJBSBDVBM
RVJFSBRVFEJTDVUBRVFTFUSBUBTJNQMF
NFOUF EF VOB PSJFOUBDJO UBO OPSNBM
DPNPMBIFUFSPTFYVBMJEBE
&M BVUPS EF FTUF MJCSP TVCEJSFDUPS EFM
EFQBSUBNFOUP EF .FEJDJOB 1SFWFOUJWB
Z4BMVE1CMJDBEFMB'BDVMUBEEF.F
EJDJOB EF MB 6OJWFSTJEBE EF /BWBSSB Z
EPDUPSFO4BMVE1CMJDBQPSMB6OJWFSTJ
EBEEF.BTTBDIVTTFUT QJFOTBRVFWBMFMB
QFOBBCBOEPOBSQPTUVSBTHVJBEBTQPSMB
FNPUJWJEBEZSFDPOEVDJSFMEFCBUFBVOB
QUJDB NT DJFOUmDB 1PS FTP FNQJF[B
QPS TJOUFUJ[BS MP RVF QVFEF EFDJSOPT
IPZEBMBDJFODJBTPCSFFMPSJHFOEFMB
IPNPTFYVBMJEBE"DUVBMNFOUFOPTFDP
OPDFDPOFYBDUJUVETVPSJHFO BVORVFTF
DSFFRVFFTUBNPTNTCJFOBOUFVOQSP
CMFNBNVMUJDBVTBM-BFWJEFODJBDJFOU
mDBOPEFTDBSUBRVFQVEJFSBUSBUBSTFEF
VO EFTBSSPMMP JOBEFDVBEP EF MB JEFOUJ
EBE TFYVBM -P RVF MPT EBUPT NVFTUSBO
FT RVF MBT QFSTPOBT DPO DPOEVDUB IP
NPTFYVBM QSFTFOUBO NT QSPCMFNBT EF
TBMVEMJHBEPTBTVFTUJMPEFWJEB1PSFTP
EFOUSP EFM SFTQFUP B MBT QFSTPOBT DPO
TFOUJNJFOUPT IPNPTFYVBMFT TF JODMVZF
UBNCJOSFTQFUBSMBEFDJTJOEFRVJFOFT
EFTDPOUFOUPTDPOFTBUFOEFODJB CVTDBO
BZVEBNEJDBQBSBNPEJmDBSMB UFSBQJB
RVFIBEFNPTUSBEPTVFGFDUJWJEBEFOOP
QPDPTDBTPT
-B TFHVOEB QBSUF PGSFDF VO QBOPSBNB
TPCSF MB IPNPTFYVBMJEBE FO FM EFCB
UF QCMJDP $MBSJmDB QPS VOB QBSUF FM
NPEPFORVFMB"TPDJBDJO"NFSJDBOB
EF1TJRVJBUSBTEFDJEJSFUJSBSMBIPNPTF
YVBMJEBE EFM NBOVBM EF FOGFSNFEBEFT
WPUBDJO IFDIB CBKP GVFSUFT QSFTJPOFT
QSPQBHBOETUJDBT Z FO MB RVF TMP QBS
UJDJQBSPO FM EF MPT NJFNCSPT EF
MPT RVF FM WPU B GBWPS EFM DBN
CJP %FTEF FOUPODFT MBT DBNQBBT EF
MPTHSVQPTJOUFSFTBEPTFOOPSNBMJ[BSMB
IPNPTFYVBMJEBEBOUFMBPQJOJOQCMJDB
TF IBO CBTBEP TPCSF UPEP FO MB GVFS[B
EF MPT BSHVNFOUPT TFOUJNFOUBMFT Z FO
MB OFDFTJEBE EF SFQBSBS QBTBEBT JOKVT
UJDJBT &TUB FTUSBUFHJB TF IB DPNCJOBEP
DPOQSFTJPOFTBBTPDJBDJPOFTNEJDBTJO
UFSOBDJPOBMFT BQPMUJDPTZBPUSBTJOTUJ
UVDJPOFT ZDPODBMDVMBEPTBUBRVFTBMPT
RVFQJFOTBOEFPUSPNPEP FOUSFFMMPTB
MB*HMFTJBDBUMJDB
&OMBMUJNBQBSUF*SBMBTFQMBOUFBDNP
IBDFS DPNQBUJCMF FM SFTQFUP RVF NFSF
DFOMPTIPNPTFYVBMFToDPNPDVBMRVJFS
QFSTPOBoDPOFMNBOUFOJNJFOUPEFVOB
BDUJUVE DSUJDB GSFOUF B MBT QSFUFOTJPOFT
EF EBS QPS CVFOB MB DPOEVDUB IPNP
TFYVBM 4PO CSFWFT TVHFSFODJBT TPCSF MB
OFDFTBSJBJOGPSNBDJODJFOUmDB MBQSF
WFODJOFOFMNCJUPGBNJMJBSZFEVDB
UJWP ZMBQBSUJDJQBDJOTPDJBMFOEFDJTJP
OFTRVFBGFDUBOBFTUFBTVOUP$POFTUF
EFTFPPGSFDFSFGFSFODJBTCJCMJPHSmDBTZ
QHJOBT8FCQBSBJOGPSNBSTF
+PLJOEF*SBMBIBFTDSJUPVOMJCSPDMBSPZ
SJHVSPTP RVFIVZFEFTJNQMJmDBDJPOFT
"VORVFEJTDSFQBEFRVJFOFTDPOTJEFSBO
MBIPNPTFYVBMJEBEDPNPPUSPNPEPEF
WJWJS MB TFYVBMJEBE TJO NT DPOTFDVFO
DJBT GVOEBNFOUB TV EJTDSFQBODJB DPO
PCKFUJWJEBEZTJFNQSFNVFTUSBUPUBMSFT
QFUPQPSMBTQFSTPOBTDPOFTBJODMJOBDJO
ZSFDIB[BDVBMRVJFSGPSNBEFEFTQSFDJP
IBDJBFMMBT "DFQSFOTB'SBODJTDP+BWJFS
-FO$PSSFB

"MCFSU +BDRVBSE -B FYQMPTJO EF

NPHSmDB %FCBUF %PNJOT .B
ESJE QQ
%PDUPSFO#JPMPHB)VNBOB +BDRVBSE
FOTF HFOUJDB EF MBT QPCMBDJPOFT FO
MBT6OJWFSTJEBEFTEF1BST*7 -PVWBJO
MF/FVWFZ(JOFCSB/PTGBNJMJBSJ[BFO
QSJNFSMVHBSDPOMBTIFSSBNJFOUBTEFMPT
EFNHSBGPT Z MVFHP FYQMPSB MPT QPTJ
CMFTFTDFOBSJPTEFNPHSmDPTEFMGVUVSP
4BCJFOEP RVF MB 0/6 QSFW EJF[ NJM
NJMMPOFTEFQFSTPOBTQBSBFMTJHMP99*
DPOTJEFSBOFDFTBSJPRVFDBEBVOPEFOP
TPUSPT QVFEB EJSJHJS VOB NJSBEB MDJEB
BMPTQSPCMFNBTRVFQMBOUFBMBTVQFSWJ
WFODJBEFMBIVNBOJEBE
+VBO+JNOF[7BSHBT (VJMMFSNP-
QF[(BSDB{"RVTFMMBNBBCPSUP
&EJUPSJBM.BHJTUFSJP&TQBPM #JCMJP
UFDB $VMUVSBM .BESJE
QQ
6OPEFMPTQSPCMFNBTEFNBZPSBDUVB
MJEBEFOIPZFO&TQBBFMSFMBUJWPBMB
JOUFSSVQDJO EFMJCFSBEB EFM QSPDFTP EF
HFTUBDJO FM BCPSUP QSPWPDBEP UFNB
NVZDPNQMFKPRVFBBEFBTVWFSUJFOUF
FTUSJDUBNFOUF NEJDB PUSBT EF DBSDUFS
KVSEJDP NPSBM TPDJPMHJDP SFMJHJPTP
EFNPHSmDP FUD -B BQBTJPOBEB QPM
NJDB RVF TF IB FODFOEJEP FO UPEP FM
NVOEP IBDF OFDFTBSJB VOB GPSNBDJO
SJHVSPTBTPCSFMBTGVODJPOFTSFQSPEVDUP
SBTEFMBNVKFS MPTNUPEPTEFDPOUSB
DFQDJOZMBTDPOTFDVFODJBTEFMBCPSUP

BTDPNPTVBCPSEBKFEFTEFFMQVOUPEF
WJTUBUJDP
+BDRVFMJOF,BTVO-BHVFSSBDPOUSB
MBQPCMBDJO&DPOPNBFJEFPMPHB
EFMDPOUSPMEFMBQPCMBDJO&EJUP
SJBM "SJBT .POUBOP .BESJE
QQ
-B JEFB EF RVF MB IVNBOJEBE TF FTU
NVMUJQMJDBOEP B VO SJUNP BDFMFSBEP Z
UFSSJCMFFTVOPEFMPTEPHNBTGBMTPTEF
OVFTUSBQPDB%FFMMBTVSHFMBDSFFODJB
BNQMJBNFOUFNBOUFOJEBEFRVF BNF
OPTEFRVFTFQSPEV[DBVOBDPOUFODJO
JONFEJBUB EFM DSFDJNJFOUP QPS UPEPT
MPT NFEJPT QPTJCMFT MB IVNBOJEBE TF
FOGSFOUBBVOJONJOFOUFEFTBTUSF&YJT
UF VOB WFSEBEFSB JOEVTUSJB NVOEJBM EF
DPOUSPMEFMBQPCMBDJO FOQPTEFVOB
QMBOJmDBDJO TPDJFEBE FKFSDJEB QPS MPT
HPCJFSOPT-BBVUPSBQSPQPSDJPOBEBUPT
QBSBFOGPDBSFMQSPCMFNBEFNPEPPC
KFUJWP&TQSPGFTPSBEF&DPOPNBFOMB
6OJWFSTJEBE )VNCPMEU EFM &TUBEP EF
"SDBUB $BMJGPSOJB 64"
)FSW-F#SBT-PTMNJUFTEFMQMB
OFUB .JUPT EF MB OBUVSBMF[B Z EF
MBQPCMBDJO"SJFM4" #BSDFMPOB
QQ
&MBVUPSFTEFNHSBGPZBVUPSEFOVNF
SPTBTPCSBTTPCSFMBQPCMBDJONVOEJBM
1SFTFOUB VOB BCVOEBOUF EPDVNFOUB
DJOZSFBMJ[BVOBOMJTJTUDOJDPEFMPT
EBUPT BDUVBMFT B MB WF[ RVF DSJUJDB MBT
QSFWJTJPOFT RVF TF IBO SFBMJ[BEP TPCSF
FMDSFDJNJFOUPEFMBQPCMBDJO QPSGBM
UBEFDBSDUFSDJFOUmDP%FTQVTEFMB
DPOGSPOUBDJO QPMUJDB EF MPT EPT CMP
RVFTCBKPMBBNFOB[BOVDMFBS IBBQBSF
DJEPMBDVFTUJOEFNPHSmDBDPNPVOB
iJEFPMPHB OBDJFOUFw Z iVOB UFOUBUJWB
EFGPSNBMJ[BDJOEFMBTHSBOEFTKVHBEBT
QPMUJDBTNVOEJBMFTw RVFPDVMUBFMNJF
EPEFMNVOEPEFTBSSPMMBEPZMBGBMUBEF
DPNQSPNJTPQPSVOBVUOUJDPEFTBSSP
MMPEFMPTQPCSFT%FCFNPTJSIBDJBVO
OVFWP iDPOUSBUP OBUVSBMw TJO MPT NJF
EPTNUJDPTRVFTVSHJFSPOUSBT.BMUIVT
Z %BSXJO FM QSJNFSP IB TJEP BNQMJB
NFOUFTVQFSBEP ZFMTFHVOEP iJOWBMJ
EFMSFMBUPCCMJDPZTVNJBMBIJTUPSJB
IVNBOBFOFMJONFOTPFTQBDJPEFMBIJT
UPSJBOBUVSBM-BSFWPMVDJOEBSXJOJBOB
IBUFOJEPVOJNQBDUPGPSNJEBCMFTPCSF
MBDPODFQDJOEFMBTQPCMBDJPOFTFOFM
NPMEF FWPMVDJPOJTUB TF EFTBSSPMMBSPO FM
FVHFOJTNP Z FM EBSXJOJTNP TPDJBM EFM
RVFFMSBDJTNPEFM***3FJDIZFMGBTDJT
NPEF.VTTPMJOJGVFSPOVOBEFMBTDPO
TFDVFODJBT &TUB TOUFTJT IB FTUBMMBEP
FOQFEB[PTBMmOBMEFMBTFHVOEBHVFSSB
NVOEJBM DPO MB DPOEFOBDJO EFM SBDJT
NPZMBFYBMUBDJOEFMBVOJEBEEFMPT
IPNCSFT EFTVJHVBMEBEEFEFSFDIPTZ
EFCFSFT ZEFTVQBUSJNPOJPDPNOw
'FSOBOEP-PMBT (VJMMFSNP'VFOUFT
"MWBSP2VF[BEB %BSP0TFT 3BGBFM
/BOHBS (FSNO"ESJB[PMB&OUSF
UFDIP $POWFSTBDJPOFT CJPUJDBT
TPCSF TFYVBMJEBE $FOUSP *OUFSEJT
DJQMJOBSJP EF &TUVEJPT FO #JPUJDB
6OJWFSTJEBEEF$IJMFZ1SPHSBNB3F
HJPOBMEF#JPUJDBEFMB0140.4
4BOUJBHPEF$IJMF QQ
%JSJHJEPBHFOUFKPWFO FTVODPOKVOUP
EF IJTUPSJFUBT JMVTUSBEBT FKFNQMJmDBO
EPMPTEFCBUFTCJPUJDPTRVFTFEBOFO
MPT UFNBT EF TFYVBMJEBE Z QSPDSFBDJO
IVNBOBT &MBCPSB MB *OUSPEVDDJO FM

EPDUPS'FSOBOEP-PMBT4FBCPSEBOMPT
UFNBTNTDBOEFOUFTZOFDFTBSJPTFOMB
FEVDBDJOFOMBTFYVBMJEBEEFMPTFTUV
EJBOUFTEFFOTFBO[BNFEJB QSFWJBBMB
6OJWFSTJEBE
4FUSBUBMBBOUJDPODFQDJO DPOMBIJTUP
SJB EFM DPOUSPM EF MB OBUBMJEBE -B FQJ
EFNJBEFM7*)ZMBIPNPTFYVBMJEBEZ
BDUJUVEFT BOUF FMMB EF MPT BEPMFTDFOUFT
-B NFOTUSVBDJO -B WJSJMJEBE Z MB JN
QPUFODJB Z PUSBT EJTGVODJPOFT TFYVBMFT
-PT CFCT EF QSPCFUB MB GFDVOEBDJO
JO WJUSP Z MPT QSPCMFNBT RVF DPOMMFWB
EPOEF TF IBCMB EFM QSFFNCSJO &O FM
MUJNPDBQUVMP TFFYQPOFMPRVFFTMB
#JPUJDB TVIJTUPSJBZMBUBSFBEFMPTDP
NJUTEFUJDB"MUSBUBSEFMBQMEPSBEFM
EBEFTQVT TFNFODJPOBRVFiOPTFIB
EFNPTUSBEPRVFJNQJEFMBJNQMBOUBDJO
EFMIVFWPGFDVOEBEPw&ODVBOUPBMPT
NUPEPT OBUVSBMFT TMP TF DJUBO FM EF
0HJOPZFMiDPJUVTJOUFSSVQUVTw ZOPMPT
NTNPEFSOPTTJOUPUSNJDPTP#JMMJOHT
/P TF NFODJPOB DPNP QSPCMFNB UJDP
MPTQPTJCMFTFGFDUPTBCPSUJWPTEFBMHVOPT
EFMPTNUPEPTBOUJDPODFQUJWPT
"MGPOTP-QF[5SVKJMMP5FNBTDBO
EFOUFTEF#JPUJDBZ'BNJMJB &EJ
DJPOFT 1BMBCSB .BESJE
QQ
&MDBSEFOBM"MGPOTP-QF[5SVKJMMP QSF
TJEFOUF EFM $POTFKP 1POUJmDJP QBSB MB
'BNJMJB OPTMPFTDBQB[EFPGSFDFSVOB
SFTQVFTUB SQJEB EJMJHFOUF QSVEFOUF
PQPSUVOB BMBTQSFHVOUBTRVFTFHFOF
SBODPOMPTBUBRVFTRVFTVGSFMBGBNJMJBZ
MBWJEB TJOPRVFUJFOFMBWJSUVEEFFTDSJ
CJSDPOMBDMBSJEBEQSPQJBEFRVJFOFTVO
NBFTUSP VOQFEBHPHP&TUFMJCSPSFDPHF
BMHVOBTEFTVTNTSFDJFOUFTFJNQPSUBO
UFTDPOGFSFODJBTTPCSF FOUSFPUSBTDVFT
UJPOFT MBDMPOBDJO MBFEVDBDJOTFYVBM
MBQMEPSBEFMEBEFTQVT MBDPIFSFODJB
EFMPTQPMUJDPTPMBSFTQPOTBCJMJEBEBOUF
MPTOJPTZMPTKWFOFT&OFTUFMJCSPTF
OPT PGSFDFO DBUPSDF JOUFSWFODJPOFT EFM
BVUPSRVFBCPSEBOMPTUFNBTBDUVBMNFO
UFNTEFCBUJEPTFOUPSOPBMBCJPUJDB
ZBMBGBNJMJB DMPOBDJO iTFYPTFHVSPw
QMEPSBEFMEBEFTQVT EFNPHSBGB MPT
WBMPSFTEFMBGBNJMJB MBDPIFSFODJBEFMPT
MFHJTMBEPSFT
$POVOFTUJMPHJMZBUSBD
UJWP FM DBSEFOBM -QF[ 5SVKJMMP SFBmS
NBMBWFSEBEBDFSDBEFMBWJEBIVNBOBZ
EFMBJOTUJUVDJOCTJDBEFMBTPDJFEBEFO
EFGFOTBEFMPTNTECJMFTZOFDFTJUBEPT
&OFMQSMPHP FMDBSEFOBM3JDBSEP.BSB
$BSMFTSFTBMUBRVFiFMIPNCSFFTUDSFB
EPBJNBHFOZTFNFKBO[BEF%JPT1FSP
NVDIPT USBUBO EF JNQPOFS DPO UPEPT
MPTSFDVSTPTEFRVFEJTQPOFO VOBDPO
DFQDJO EFM IPNCSF DPNP NFSB DPTB
DPNPNFSPPSHBOJTNP TJOMJCFSUBEZTJO
FYJHFODJBTJOUFSOBT:TJOPUSPIPSJ[POUF
RVFFMEFMBNFSBFYUJODJOGTJDBw
+.EF.JHVFM+%F[/JDPMT1P
MUJDBT EF QPCMBDJO &TQBTB$BMQF
.BESJE QQ
+FTT . EF .JHVFM FT DBUFESUJDP EF
4PDJPMPHB EF MB 6OJWFSTJEBE EF 0WJF
EP Z +VBO %B[ /JDPMT DBUFESUJDP EF
&DPMPHB )VNBOB FO MB 6OJWFSTJEBE
$PNQMVUFOTF "NCPT PDVQBO UBNCJO
QVFTUPTEFBTFTPSBNJFOUPOPSHBOJTNPT
OBDJPOBMFT F JOUFSOBDJPOBMFT &TUF MJCSP
FT FM QSJNFS FTUVEJP TPCSF QPMUJDBT EF

QPCMBDJO FO &TQBB Z FO M BOBMJ[BO

HMPCBMNFOUF EFTEF MPT QSPDFTPT EFNP
HSmDPTBMPTEFTBMVEQCMJDB4FJODMV
ZFVOBOMJTJTCTJDPEFMBFTUSVDUVSBEF
MBQPCMBDJOFTQBPMBZVOFTUVEJPEFUB
MMBEPEFMBTJUVBDJOFVSPQFBFJOUFSOB
DJPOBM&OMBUFSDFSBQBSUFTFEFTDSJCFO
BMHVOPTTFDUPSFTDPODSFUPTJNQPSUBOUFT
"TPNCSBRVFBMUSBUBSEFMBQMBOJmDBDJO
GBNJMJBS TFNVFTUSFOUPUBMNFOUFBGBWPS
EFEFTBSSPMMBSMBNVDIPNTFOOVFTUSP
QBT oJODMVJEP FM BCPSUP WPMVOUBSJPo
QVFT MP DPOTJEFSBO BUSBTBEP SFTQFDUP B
PUSPTiQPSFMSHJNFOTVSHJEPEFMBHVF
SSBDJWJMZMBJEFPMPHBDBUMJDBJOUFHSJTUB
PmDJBMw TJOUFOFSFODVFOUBMPTEBUPTEF
JOWFSTJOEFNPHSmDBRVFZBFOTF
DPOPDBOQFSGFDUBNFOUF&TUVEJBOUBN
CJOMBJOGBODJB MBBODJBOJEBE SFDVSTPT
Z QPMUJDBT EFM TFDUPS QCMJDP TBOJUBSJP
BT DPNP MPT NPEFMPT EF QBSUJDJQBDJO
EFMBQPCMBDJO
1FESP.PSBOE1FSTPOB .BUSJNP
OJPZGBNJMJB&EJDJPOFT6OJWFSTJEBE
$BUMJDBEF$IJMF 4BOUJBHPEF$IJMF
QQ
&MBVUPSFTEPDUPSFO4PDJPMPHB FTQF
DJBMJTUB FO 4PDJPMPHB EF MB $VMUVSB Z
EFMB3FMJHJO ZQSPGFTPS5JUVMBSEFMB
1POUJmDJB6OJWFSTJEBE$BUMJDBEF$IJ
MF &O FTUF MJCSP SFDPHF WBSJPT FTDSJUPT
TPCSFFMUFNBDFOUSBMEFMBGBNJMJBZMB
QFSTPOB 1BSB 1FESP .PSBOE i1FSTP
OB NBUSJNPOJP Z GBNJMJB TPO USFT US
NJOPTJOTFQBSBCMFTEFMBFYQFSJFODJBEF
MB MJCFSUBE IVNBOB DVZB TVQSFNB FY
QSFTJO FT BM EPOBDJO JODPOEJDJPOBM F
JSSFWPDBCMF EF MB QSPQJB FYJTUFODJB %F
FMMB OBDF MB GBNJMJB FO FMMB TF BQPZB FM
PSEFOBNJFOUPJOTUJUVDJPOBMEFMBTPDJF
EBEZFODVFOUSBOGVOEBNFOUPMPTNT
BMUPTCJFOFTEFMBDVMUVSBw
"OBMJ[B BT WBSJPT BTQFDUPT JNQPSUBOUFT
EFMBGBNJMJBEFTEFFMQVOUPEFWJTUBEF
MBTPDJPMPHBDPNPHFOFSBEPSBZUSBOT
NJTPSBEFDVMUVSB BTDPNPMBTEJNFO
TJPOFT DVMUVSBMFT EF MB QBUFSOJEBE Z MB
mMJBDJO DPNP GVOEBNFOUP EFM PSEFO
JOTUJUVDJPOBMTVQBQFMFOMBFNFSHFOUF
DVMUVSB EF MB DPNVOJDBDJO %FTQVT
BCPSEBTVUFNBEFFTUVEJPBMBMV[EFMB
DSFFODJBDSJTUJBOBMBGBNJMJBDPNPTJHOP
ZNFNPSJBEFM.JTUFSJPSFMBDJOFOUSF
MB GBNJMJB Z MB &ODBSOBDJO EFM 7FSCP
EJWJOPZMBGBNJMJBFOFMIPSJ[POUFEFM
.JTUFSJP 1BTDVBM $PNP DPODMVTJO
FOQBMBCSBTEFMQSPQJPBVUPSiMBBVUP
EPOBDJO EF MB QFSTPOB FO MB GBNJMJB

FTMBOJDBSFTQVFTUBBEFDVBEBBMEFTFP
EFCJFO EFWFSEBEZEFWJEBRVFFYJTUF
FOMPNTQSPGVOEPEFDBEBDPODJFODJB
IVNBOBw
.VP[1BSBEB %B["SSBJHBEB -B

SSBO4VOEU &MTFHVJ&DIB[P"US
WFUF B DPOWFSTBS DPO UVT IJKPT EF
TFYVBMJEBE$PSQPSBDJOEF&EVDB
DJO Z 4BMVE -BT $POEFT 4BOUJBHP
EF$IJMF QQ
-B $PSQPSBDJO EF &EVDBDJO Z 4BMVE
EF MB .VOJDJQBMJEBE EF -BT $POEFT
PGSFDF FO FTUB QVCMJDBDJO VO NBUFSJBM
UJMEFOUSPEFMQSPHSBNBFOUPSOPBMB
FEVDBDJOEFMBTFYVBMJEBERVFIBWFOJ
EPSFBMJ[BOEPEVSBOUFMPTMUJNPTBPT
EJSJHJEP B QBESFT EF BMVNOPT FTQFDJBM
NFOUF&MUFYUP TFODJMMPZSFBMJTUB TJSWF
BMQSPQTJUPEFGPSNBSBMPTQBESFTQBSB
DPOUFTUBS MPT NMUJQMFT JOUFSSPHBOUFT Z

EJmDVMUBEFT GPSNBSMFT DPNP FEVDBEP
SFTEFTVTIJKPTFOFMNCJUPOUJNPEFMB
TFYVBMJEBE DPOPDFS MBT FUBQBT EF EFTB
SSPMMPEFMOJPFMEFTBSSPMMPEFMBJEFOUJ
EBETFYVBMFOMBSFMBDJODPOMPTBNJHPT
Z KVFHPT Z MPT DPNQBFSPT EFM DPMFHJP
MBTFYVBMJEBEFOMBQVCFSUBEZMPTJOJDJPT
FOFMBNPSEFMBEPMFTDFOUFUFNBTQBSB
DPOWFSTBS DPO EFUFOJNJFOUP EVSBOUF FM
QPMPMFPZBOUFTEFMNBUSJNPOJP
)BOQBSUJDJQBEPFOFTUBUBSFBDVBUSPBV
UPSBT3PTBOB.VP[1BSBEB QSPGFTPSB
ZQSPEVDUPSBEF4PGUXBSFFEVDBUJWP*TB
CFM.BSHBSJUB%F["SSBJHBEB &EVDBEP
SBEFQSWVMPTZ1TJDMPHB Z%JQMPNBEB
FO 'VOEBNFOUBDJO 'JMPTmDB QSPGF
TPSB FO WBSJBT &TDVFMBT EF 1TJDPMPHB Z
&OGFSNFSB "OB *TBCFM -BSSBO 4VOEU
&OGFSNFSB .BUSPOB Z %JQMPNBEB FO
'VOEBNFOUBDJO 'JMPTmDB QSPGFTPSB
EFMB&TDVFMBEF&OGFSNFSBEFMB6OJ
WFSTJEBEEF-PT"OEFTZ.BSB&MTF
HVJ QSPGFTPSB 5JUVMBS EF 'JMPTPGB EFM
%FSFDIPEFMB6OJWFSTJEBEEF;BSBHP[B
ZEPDUPSBFO'JMPTPGBFOMB6OJWFSTJEBE
EF/BWBSSB &TQBB
6OQVOUPDFOUSBMEFMBMOFBBSHVNFO
UBMEFMMJCSPFTMBEFGFOTBEFMPTWBMPSFT
GBNJMJBSFTZMBBQVFTUBQPSMBDBQBDJEBE
EF MPT IVNBOPT QBSB JOWFOUBSOPT OVF
WPTGVUVSPT
&TUBFTVOBPCSBEFTOUFTJT&MBVUPSOP
PDVMUBTVSFTQFUPQPS"NJUBJ&U[JPOJ FM
JEFMPHP EFM DPNVOJUBSJTNP B RVJFO
TFBMBDPNPVOPEFMPTQFOTBEPSFTDPO
UFNQPSOFPTNTJNQPSUBOUFT&TUBNPT
BOUF VO MJCSP FRVJMJCSBEP RVF NBSDB
VO SVNCP EF FTQFSBO[B RVF TF BQVOUB
EJTUJOUP BM RVF MB TPDJFEBE MMFWB FO FT
UPT NPNFOUPT %JF[ 5FNBT EF 4PDJP
MPHBQSFUFOEFGPSNBSZFOFTUFTFOUJEP
FMUFYUPUFOESTVQBSUFEFQPMNJDBFO
MPTBNCJFOUFTBDBENJDPTNTDPOTFSWB
EPSFTZQPMUJDBNFOUFDPSSFDUPT&MMJCSP
EFTQFKBS BTJNJTNP MPT NJFEPT EF MPT
RVF WFO DPO SFDFMP BM DPNVOJUBSJTNP
+PT 1SF[ "EO FT QSPGFTPS EF 4PDJP
MPHB FO MB 6OJWFSTJEBE EF 7BMFODJB Z
FTUFFTTVMJCSPONFSP
3FTFB +PT " 3VJ[ %FQBSUBNFOUP
4PDJPMPHB 7* 6OJWFSTJEBE $PNQMV
UFOTFEF.BESJE
+PT1SF["EO%JF[UFNBTEFTPDJP
MPHB7JWJSVOB4PDJFEBE'BNJMJBSZ
)VNBOB &EJDJPOFT *OUFSOBDJPOBMFT
6OJWFSTJUBSJBT QQ
+PT1SF["EOZ+BWJFS3PT$PEP
FS 4PDJPMPHB EF MB 'BNJMJB Z EF
MB TFYVBMJEBE &EJDFQ FO .YJDP

4F USBUB EF VO UFYUP CTJDP RVF FT

BM NJTNP UJFNQP VO DPNQFOEJP EF
TPDJPMPHBDPNVOJUBSJTUB FMOJDPFYJT
UFOUFIBTUBMBGFDIBFOFTQBPM&MBVUPS
IBQSFUFOEJEPJSBMPFTFODJBMEFIPZ B
MBTDVFTUJPOFTRVFTFQMBOUFBOMPTBMVN
OPTVOJWFSTJUBSJPTZMBHFOUFEFMBDBMMF
4F USBUB EFM QSJNFS WPMVNFO EF VOB

OVFWB DPMFDDJO MMBNBEB iUFYUPT VOJ
WFSTJUBSJPTw DPO MB RVF &EJDFQ JOJDJB
VOB DPMBCPSBDJO DPO QSPGFTPSFT EF MB
TFDDJOFTQBPMBEFM*OTUJUVUP1POUJmDJP
+VBO1BCMP** RVFDPNPTBCFFTUVCJ
DBEBBRVFO7BMFODJB

-B OVFWB DPMFDDJO QSFUFOEF PGSFDFS

BM FTUVEJBOUF NBOVBMFT EF TFHVJNJFO
UPEFMBTBTJHOBUVSBTRVFBOFOMBQSF
DJTJO BDBENJDB DPO MB DPODJTJO Z MB
GBDJMJEBE EF NBOFKP 4F USBUB EF UFYUPT
FTDSJUPTDMBSBZBCJFSUBNFOUFEFTEFVOB
QFSTQFDUJWBDSJTUJBOBZFTUOEJSJHJEPTBM
QCMJDPKPWFOVOJWFSTJUBSJPEFUPEPTMPT
QBTFTEFIBCMBIJTQBOB-BJEFBFTBCPS
EBS DPNP TF EJDF FO MB DPOUSBQPSUBEB
EF FTUF QSJNFS WPMVNFO MBT DVFTUJPOFT
EPNJOBOUFTEFMBDVMUVSBNPEFSOBRVF
NBSDBOMBEJGFSFODJBFOUSFOFPDSJTUJBOJT
NPZSFDSJTUJBOJ[BDJO
&OFTUFWPMVNFOTFUSBUBOBMHVOPTUFNBT
FTFODJBMFTFMFTUBUVUPTPDJBMEFMBWJEBMB
TPDJPMPHB EF MB TFYVBMJEBE TFYVBMJEBE
ZDBNCJPTPDJBMMBTSBDFTEFMBSFWPMV
DJOTFYVBMMBTESPHBTDPNPBEJDDJOFM
DPOnJDUPJOUFSHFOSJDPFRVJEBEHFOSJ
DB Z FNQMFP EF MB NVMUJDVMUVSBMJEBE B
MBUSBOTDVMUVSBMJEBEIBDJBVOBOVFWBTP
DJPMPHBEFMPTEFSFDIPTIVNBOPTDPOMB
GBNJMJBDPNPTPCFSBOB:MPRVFDPOTUJ
UVZFFTFODJBMNFOUFMBQSPQVFTUBEFGPO
EP EFM MJCSP VOB WJTJO DPNVOJUBSJTUB
EFMNVOEPDFOUSBEBFOMBGBNJMJB
'FSNJO 3PMBOE 4DISBN Z .BSMF

OF #SB[ 0SHBOJ[BEPSFT
#JPUJDB F
4BEF/PWPTUFNQPTQBSBNVMIF
SFTFDSJBOBT &EJUPSB'PDSV[ 3JP
EF+BOFJSP QQ
&TUFMJCSPFTVOBDPMFDDJOEFUFYUPTEF
BVUPSFTEFEJDBEPTBMB#JPUJDBZBMBWF[
BMSFBEFTBMVEEFMBNVKFSZQFEJBUSB
TPCSFUPEPFO#SBTJM4FUSBUBOMPTQSJODJ
QBMFTQSPCMFNBTUJDPTRVFTVSHFOFOMB
BTJTUFODJBEFTBMVEBMBNVKFS FOFMSFB
EFMBQSPDSFBDJOZFMFNCBSB[P NBUFS
OJEBE DVJEBEPTOFPOBUBMFTZQFEJBUSB
BTDPNPUBNCJOMPTSFMBDJPOBEPTDPO
MBJOWFTUJHBDJOZMBEPDFODJB6OUFNB
QPDPFTUVEJBEPBO PSJHJOBMZBCPSEB
EPEFTEFQFSTQFDUJWBTJOUFSEJTDJQMJOBSFT
DPOMBFYQFSJFODJBEFMBBTJTUFODJBNBUFS
OPoJOGBOUJMCSBTJMFBEFGPOEP
.BSUJO 3IPOIFJNFS UJDB EF MB

QSPDSFBDJO3JBMQ .BESJE
&MBVUPSFTQSPGFTPSEFUJDBZ'JMPTPGB
1PMUJDBFOMB'BDVMUBEEF'JMPTPGBEFMB
1POUJmDJB6OJWFSTJEBEEFMB4BOUB$SV[
FO 3PNB &OUSF TV FYUFOTB PCSB UJFOF
WBSJBTQVCMJDBDJPOFTEFEJDBEBTBMB-FZ
OBUVSBMZSB[OQSDUJDB BTDPNPBMPT
GVOEBNFOUPTEFMBNPSBMZFMEFSFDIPB
MBWJEBi-BSFTQPOTBCJMJEBEGSFOUFBMB
WJEBoTFHOFMBVUPSoFNQJF[BBMMEPO
EFTVSHFMBWJEBIVNBOB FOMBJOUJNJEBE
EFMBVOJODPSQPSBMFOUSFFMIPNCSFZ
MBNVKFSw&OFTUFFOTBZPBOBMJ[BBMBMV[
EFMBUJDBmMPTmDBMPTDPNQPSUBNJFO
UPT IVNBOPT FO UPSOP B MB TFYVBMJEBE
BQPSUBOEP DSJUFSJPT EF FOKVJDJBNJFOUP
FO DVBUSP BTQFDUPT GVOEBNFOUBMFT -B
BOUJDPODFQDJO DPNP QSPCMFNB UJ
DP EFTEF VOB WJTJO SFTQPOTBCMF EF
MB TFYVBMJEBE $POTJEFSBDJPOFT UJDBT
BDFSDBEFMBGFDVOEBDJOJOWJUSP DPNP
JOTUSVNFOUBMJ[BDJOEFMBWJEBIVNBOB
FOTVJOJDJP4JEJTQPOFNPTEFVOQPEFS
BCTPMVUPTPCSFMPTOBDJEPT FNCSJPOFT P
GFUPT ZDSUJDBBMNPEFMPBSHVNFOUBUJWP
TPCSFTVFTUBUVUPQFSTPOBM:mOBMNFOUF
MBEFGFOTBMFHBMEFMBWJEBFOMPTFTUBEPT
DPOTUJUVDJPOBMFT EFNPDSUJDPT DPO MB
SFMBDJO FOUSF EFSFDIPT GVOEBNFOUBMFT
ZMFZNPSBM
+VBO $MBVEJP 4BOBIVKB &M %FTB

SSPMMP4VTUFOUBCMF-B/VFWBUJDB
*OUFSOBDJPOBM &EJDJPOFT 7SUJDF
#VFOPT"JSFT
1SFTFOUBDJOEFM$BSEFOBM"MGPOTP-
QF[ 5SVKJMMP QSFTJEFOUF EFM 1POUJmDJP
$POTFKP QBSB MB 'BNJMJB 5FNBT USBUB
EPT FOUSFPUSPT&M1BSBEJHNBEFM%F
TBSSPMMP4VTUFOUBCMFFM/VFWP1BSBEJH
NBEFMB4BMVEMPT/VFWPT1BSBEJHNBT
UJDPT-B$BSUBEFMB5JFSSB-BUJDB
1MBOFUBSJB %FNPDSBDJB Z 3FMBUJWJTNP
UJDPMB3FJOUFSQSFUBDJOEFMPT%FSF
DIPT)VNBOPT
&TUFMJCSPFTGSVUPEFDBTJEJF[BPTEF
TFHVJNJFOUP EF EPDVNFOUPT JOUFSOB
DJPOBMFT FTQFDJBMNFOUF EF MBT /BDJPOFT
6OJEBT 4F IBO DMBTJmDBEP Z BOBMJ[BEP
EPDVNFOUPTPmDJBMFTEFMB0/6
Z TVT BHFODJBT Z EPDVNFOUPT
FMBCPSBEPT QPS SFQBSUJDJPOFT EF MBT
/BDJPOFT 6OJEBT FO DPOKVOUP DPO MB
0SHBOJ[BDJPOFT /Po(VCFSOBNFOUBMFT
0/(T
)BDFTFJT BPT FTB JOGPSNB
DJOEJPPSJHFOBVO#PMFUOEFEJGVTJO
QPSDPSSFPFMFDUSOJDP /PUJDJBT(MPCB
MFT ZIPZTFSFDPHFFOFTUFOVFWPMJCSP
+VBO$MBVEJP4BOBIVKB $PPSE
-B
GBNJMJBBOUFMPTEFTBGPTEFM5FSDFS
.JMFOJPBMBMV[EFMB&WBOHFMJVN
7JUBF1POUJmDJP$POTFKPQBSBMB'B
NJMJB "DUBT$POHSFTP-BUJOPBNF
SJDBOP EF NPWJNJFOUPT 1SP7JEB
#VFOPT "JSFT -VKO o*9
*NQSFOUBEFM$POHSFTP #VFOPT"J
SFT "SHFOUJOB QQ
&OFTUF$POHSFTPTFBOBMJ[BOZTFBQPS
UBO TPMVDJPOFT B BMHVOBT DVFTUJPOFT WJ
UBMFTQBSBMBGBNJMJBFOMBBDUVBMJEBETV
DPOUFYUP DVMUVSBM MB JOnVFODJB EF MBT
QPMUJDBT EFNPHSmDBT FO MB WJEB GBNJ
MJBS MPTEFSFDIPTEFMBGBNJMJBZMBQPMUJ
DBGBNJMJBSFO"NSJDB BTDPNPFMQBQFM
EF MB NVKFS FO MB GBNJMJB 5BNCJO EF
BCPSEBO EJSFDUBNFOUF DVFTUJPOFT RVF
BUBFO B MB CJPUJDB DPNP TV SFMBDJO
DPOMBGBNJMJB MBEFGFOTBEFMBWJEBFOFM
PSEFOBNJFOUPKVSEJDPEF"SHFOUJOB MB
DVFTUJOFDPMHJDB PMBDSJTJTEFWBMPSFT
FOMBTPDJFEBEQPTUNPEFSOB
+BNFT84FEMBL +PSHF4DBMB&OHB
PNPSUBM1BUFSOJEBEQMBOJmDBEB
GBNJMJB EFTUSVJEB &EJDJPOFT 7SUJ
DF #VFOPT"JSFT QQ
+BNFT84FEMBLFTQSFTJEFOUFEF4UPQQ
*OUFSOBUJPOBM PSHBOJ[BDJO EF EFOVO
DJB EF MBT BDUJWJEBEFT F JOUFODJPOFT EF
MB GVOEBDJO i1BUFSOJEBE 1MBOJmDBEBw
Z NJFNCSP EF MB BTPDJBDJO 7JEB )V
NBOB*OUFSOBDJPOBM+PSHF4DBMBFTBCP
HBEP QPS MB 6OJWFSTJEBE /BDJPOBM EF
$SEPCB "SHFOUJOB ZDPPSEJOBEPSEFM
$POTFKP -BUJOPBNFSJDBOP QPS MB 7JEB
ZMB'BNJMJB)BQVCMJDBEPFOUSFPUSPT
FM MJCSP i*11' MB .VMUJOBDJPOBM EF MB
.VFSUFw EFOVODJBOEP MBT BDUJWJEBEFT
BGBWPSEFMBCPSUPZTVJODMVTJOFOMBT
DBNQBBTEFQMBOJmDBDJOGBNJMJBSQPS
QBSUFEFFTUBJOTUJUVDJO
&O FTUF MJCSP TF EFOVODJBT MBT TVCWFO
DJPOFTEFMPTHPCJFSOPTBQSPHSBNBTEF
iQMBOJmDBDJO GBNJMJBSw RVF JODMVZFO
FM BCPSUP Z MB EJTUSJCVDJO HSBUVJUB EF
NUPEPT BOUJDPODFQUJWPT 4FBMBO MPT
BVUPSFTBMBTQFSTPOBTZPSHBOJTNPTRVF
BQVFTUBO QPS FTUB iEFTUSVDDJO EF MB

GBNJMJB EF MB WJEB Z EF MB TJNJFOUF EF

WJEBRVFDBEBQFSTPOBQPTFFw ZMBTFT
USBUFHJBTRVFVUJMJ[BODPOUSNJOPTFO
HBPTPT DJGSBTGBMTBTZDPOTJHOBTRVFOP
SFTQPOEFOBMBWFSEBE4FEMBLTFDFOUSB
FO MBT BDUJWJEBEFT B OJWFM JOUFSOBDJPOBM
EFMB'FEFSBDJO*OUFSOBDJPOBMEF1MBOJ
mDBDJOEFMB'BNJMJB *11'
Z4DBMB FO
MBmMJBMEFFTUBJOTUJUVDJOFO"SHFOUJOB
ZMBTBDUJWJEBEFTRVFQSPNVFWFFOFTUF
QBT
.JDIFM 4DIPPZBOT #JPUJDB Z 1P

CMBDJO-BFMFDDJOEFMBWJEB*OT
UJUVUP .FYJDBOP EF %PDUSJOB 4PDJBM
$SJTUJBOB .YJDP%' 0SJH
GSBODT &EJUJPOT-F4BSNFOU'BZBSE
QQ
SFTVNFO EF PUSPT WBSJBEPT Z FYUFOTPT

FTUVEJPT BCPSEBFTUPTUFNBTMPTJOEJDB
EPSFTNTJNQPSUBOUFTEFMBFWPMVDJO
EFMBQPCMBDJOFMSFFNQMB[PMBTUBTBT
EF OBUBMJEBE GFDVOEJEBE FUD MBT NJ
HSBDJPOFTDPNQPTJDJOEFMBQPCMBDJO
MBNPSUBMJEBEFMNBMUIVTJBOJTNP EFTEF
VOBWJTJODSUJDBMBEJmDVMUBEEFMBTFT
UJNBDJPOFTEFNPHSmDBT
+PT.JHVFM4FSSBOP3VJ[$BMEFSO
'BNJMJB Z UFDOPMPHB 'BDVMUBE EF
%FSFDIP6OJWFSTJEBE$PNQMVUFOTF
.BESJE QQ
3FnFYJO EFM QSPGFTPS EF 'JMPTPGB EFM
%FSFDIPEFMB6OJWFSTJEBE$PNQMVUFO
TFEF.BESJE EFTEFMBmMPTPGBEFMEFSF
DIPZMBUJDB TPCSFFMNPEFMPUSBEJDJP
OBMEFGBNJMJB FMOVFWPDPOUSBNPEFMP
MBJODJEFODJBEFMPTBWBODFTUFDOPMHJDPT
FOFMNCJUPGBNJMJBS ZFMBCPSUPDPNP
EFTUSVDDJOEFMTFOUJEPEFMBQSPQJBGB
NJMJB
$POQSMPHPEFMEFNHSBGPGSBODT(
SBSE'SBOPJT%VNPOU EFOVFWPFMDB
UFESUJDPEFMB6OJWFSTJEBEEF-PWBJOB
.JDIFM4DIPPZBOT OPTPGSFDFVOMJCSP
DMBSP EJWVMHBUJWP DPO SFTQVFTUB B
BVUP QSFHVOUBT EFM BVUPS FO UPSOP BM
OJPOPOBDJEP FMBCPSUPZMBFVUBOBTJB
FM DVFSQP EJTQPOJCMF MB MFHJTMBDJO MB
EFNPHSBGBZMBOBUBMJEBE EFTEFMBQPTJ
UJWBFMFDDJOEFMBWJEB
(VJMMFSNP4PCFSO %BGOB'FJOIPM[
&EJUPSFT
)PNPGPCJBZTBMVE$P
NJTJO/BDJPOBMEF#JPUJDB .YJ
DP QQ
.JDIFM 4DIPPZBOT 1BSB FOUFOEFS

MBT FWPMVDJPOFT EFNPHSmDBT *OT
UJUVUP .FYJDBOP EF %PDUSJOB 4PDJBM
$SJTUJBOB .YJDP %'
QQ
&OFTUFMJCSPTFSFDPHFOMBTJOUFSWFODJP
OFTFOVO&ODVFOUSPEFEFNBZPEF
PSHBOJ[BEPQPSMB$PNJTJO/B
DJPOBMEF#JPUJDBEF.YJDPDPOPDB
TJOZEFOUSPEFVOB$BNQBB/BDJP
OBMDPOUSBMB)PNPGPCJB
1SPGFTPS FNSJUP EF 'JMPTPGB 1PMUJDB

*EFPMPHBT DPOUFNQPSOFBT Z UJDB EF
MPTQSPCMFNBTEFNPHSmDPTFOMB6OJ
WFSTJEBEEF-PWBJOB FMBVUPSFTUBNCJO
NJFNCSPEFMB"DBEFNJB1POUJmDJBEF
$JFODJBT 4PDJBMFT &O FTUB CSFWF PCSB
"OBMJ[BOMBTJUVBDJOBDUVBMFONBUFSJBT
EF EFSFDIPT EF MB EJTDSJNJOBDJO QPS
IPNPGPCJB -JMJBOB 7FMTRVF[ -PT EF
SFDIPTEFMBTMFTCJBOBT HBZT CJTFYVBMFTZ
USBOTHOFSPEFTEF"NOJTUB*OUFSOBDJP
OBM3JDBSEP)FSOOEF[MBOPEJTDSJNJ
OBDJODPNPEFSFDIPIVNBOP3PEPMGP
.JMMOIPNPTFYVBMJEBEZEFSFDIPBMB
TBMVE"HVTUO3BNSF[MBDPOmEFODJB
MJEBEEFMPTEBUPTDMOJDPT&OMBTFHVOEB
QBSUF UJUVMBEB.JUPTZSFBMJEBEFTTPCSF
PSJFOUBDJOTFYVBM FTDSJCFO-PV"SFT
UJ Z +PT -VJT (VUJSSF[ )PNPGPCJB Z
TBMVE MB SFQFSDVTJO GBNJMJBS OHFM
"SFMMBOP
MJNJUBDJPOFT FO MPT TFSWJDJPT
EFTBMVE +PSHF4BBWFESB
MPTQSPCMFNBT
EF TBMVE NFOUBM +PSHF "SUVSP (SBOB
EPT
UPMFSBODJB SFTQFUP B MB EJHOJEBE
Z DPNQBTJO DPNP GVOEBNFOUPT EFM
SFDIB[P B MB IPNPGPCJB .BSB 5FSFTB
EFMB(BS[B

%FCPSB - 4QBS #BCZ #VTJOFTT

$NPFMEJOFSP MBDJFODJBZMBQP
MUJDBDPOEJDJPOBOFMOFHPDJPEFMB
JOGFSUJMJEBE6SBOP
0mDJBMNFOUF MBWFOUBEFCFCTFTJMFHBM
QFSP FO MB QSDUJDB MB BEPQDJO TPCSF
UPEPJOUFSOBDJPOBM DPOTUJUVZFUPEPVO
OFHPDJP -BT MFZFT QSPICFO MB DMPOB
DJOIVNBOB QFSPTJFTUFQSPDFEJNJFO
UP QVFEF BZVEBS B BMHVJFO RVF EFTFB
VO IJKP EFTFTQFSBEBNFOUF FM NFSDB
EP BDBCBS QPS TBUJTGBDFS MB EFNBOEB
)PZEB MPTBWBODFTDJFOUmDPTVOJEPT
BM NFSDBEP HMPCBM IBDFO QPTJCMF RVF
QSDUJDBNFOUF DVBMRVJFSB QVFEB UFOFS
EFTDFOEFODJB:NVDIBTQFSTPOBTFTUO
BOTJPTBTQPSIBDFSFTFTVFPSFBMJEBE"
DVBMRVJFSQSFDJP
&OFTUFMJCSPQPMNJDPZUSFNFOEBNFO
UF BDUVBM MB QSPGFTPSB %CPSB - 4QBS
QMBOUFB QPS QSJNFSB WF[ VOB SFBMJEBE
RVF OJOHVOP EF MPT JNQMJDBEPT RVJFSF
SFDPOPDFS FM USBUBNJFOUP EF MB JOGFSUJ

MJEBE FT VO OFHPDJP .T BO TF USBUB
EFVOBJOEVTUSJB DVZPQSPEVDUPFTQSF
DJTBNFOUF BRVFM RVF QBSB NVDIPT KB
NTEFCFSBTFSPCKFUPEFDPNQSBWFOUB
MPTOJPT{2VJOFTTPOMPTiGBCSJDBOUFT
EF CFCTw Z DNP TF mKBO MPT QSFDJPT
{2VJOFTTFCFOFmDJBOEFMBJOGFSUJMJEBE
ZEFRVNPEPTFFTUSVDUVSBFMNFSDBEP
{2VQBQFMEFCFSBOBEPQUBSMPTHPCJFS
OPT FO MB SFHVMBDJO EF FTUB JOEVTUSJB
-B NT DPNQMFUB JODVSTJO FO FM NFS
DBEPEFMBJOGFSUJMJEBE RVFQPOFBMEFT
DVCJFSUP MPT FOUSFTJKPT EF TVT EJTUJOUPT
TFHNFOUPT MPT WJFOUSFT EF BMRVJMFS MPT
CFCTEFEJTFP MBJOWFTUJHBDJOEFD
MVMBT NBESF MB BEPQDJO JOUFSOBDJPOBM
Z MB DMPOBDJO IVNBOB #BCZ #VTJOFTT
QMBOUFBDPOMVDJEF[DNPFRVJMJCSBSMF
ZFT DJFODJB Z DPNFSDJP FO VO OFHPDJP
EPOEFMBEFNBOEBFTEFNBTJBEPBMUBZFM
EFTFP EFNBTJBEP QSPGVOEP DPNP QBSB
TFSEFUFOJEP
" $ E" 5BOBLB .BUFSOJEBEF

%JMFNB FOUSF OBTDJNFOUP F NPS
UF )VDJUFD"#3"4$0 4P 1BVMP

&TUF MJCSP SFDPHF MB UFTJT EF EPDUPSBEP
EFMBVUPSFOMB6OJWFSTJEBEEF4P1BV
MP"OB$SJTUJOBE"OESFUUB5BOBLBQP
TFFHSBEVBDJOFOFM$VSTPEF$PNQMF
NFOUBDJOEF&OGFSNFSBZ0CTUFUSJDJB
FOMB6OJWFSTJEBEEF4P1BVMP

NBFTUSBFO4BMVE1CMJDB
EPD
UPSBEP FO 4BMVE 1CMJDB FO MB NJTNB
6OJWFSTJEBE
EPOEFJNQBSUF4B
MVEQBSBMB.VKFS5JFOFFYQFSJFODJBFO
4BMVE $PMFDUJWB Z FO FTUF MJCSP SFDPHF
TVJOWFTUJHBDJOFONPSUBMJEBENBUFSOB

SJFTHPTEFMFNCBSB[P TBMVEEFMBNVKFS
FJOGPSNBDJOFOTBMVE
1BUSJDJB 6SCBOEU&TUFSJMJ[BDJOGF
NFOJOB WPMVOUBSJB FO FM IPTQJUBM
QCMJDP&EJDJPOFT4VSF[4FSJF5F
TJT .BSEFM1MBUB QQ
1BUSJDJB 6SCBOEU FT NEJDB Z FTQFDJB
MJTUB FO (JOFDPMPHB FMMP MF QFSNJUF
DPOUFYUVBMJ[BSMBQSPCMFNUJDBEFMBFT
UFSJMJ[BDJO GFNFOJOB WPMVOUBSJB EFTEF
VODPNQBDUPQMBOUFPCJPUJDP4VFOGP
RVFoEFTQPKBEPEFKVJDJPTNPSBMFToEB
DVFOUB EF VOB NJOVDJPTB CTRVFEB EF
DBTVTUJDBBDBFDJEBFOFM)PTQJUBM1CMJ
DP QSPEVDUPEFVOBWBTUBFYQFSJFODJBBM
SFTQFDUP
$PODPODFQUPTBDFSDBEFMBFTUFSJMJ[BDJO
WPMVOUBSJB GFNFOJOB RVF OP FTDBUJNBO
FOEPMPS TVGSJNJFOUPZQPCSF[B 1BUSJ
DJB6SCBOEUTFFSJHFDPNPBVUOUJDBJO
WFTUJHBEPSB EF MB QSPCMFNUJDB Z DPNP
FmDB[DSUJDBEFMBTEJmDVMUBEFTRVFEJ
DIPDBNQPQSFTFOUBZMFKPTEFRVFEBSTF
FOMBDSUJDBWBOB MBUSBTDJFOEFUFSJDB
NFOUF BM FYQMJDBSMB DPO DPOTUSVDDJPOFT
RVFMFTPOQSPQJBTZRVFMFMMFWBSPOBPT
EF FMBCPSBDJO %F GDJM MFDUVSB Z DPO
QSMPHP EF 4FSHJP $FDDIFUUP FTUF MJCSP
TF SFDPNJFOEB QPS EPT SB[POFT HFOFSB
JOUFSTFODPOPDFSNTZFTVOBDVFTUJO
EFMBRVFQPDPTFFTDSJCFTJOFNCBSHP
1BUSJDJB 6SCBOEU IBCMB Z FTDSJCF DPO
TFOTBUF[ZQSPGVOEJEBE ZBMMSBEJDBTV
NSJUP 1BUSJDJB4PSPLJO3FWJTUB$VB
EFSOPTEF#JPUJDB "SHFOUJOB

1BUSJDJB 6SCBOEU .BSB $BSMB #PT

UJBODJD -B FTUFSJMJ[BDJO GFNFOJOB
ZEFSFDIPTSFQSPEVDUJWPT-JCFSUBE
EF BDDJO WFSTVT MJCFSUBE EF EFDJ
TJO &6%&. .BS EFM 1MBUB "S
HFOUJOB QQ
&TUF MJCSP USBUB EF FOUFOEFS MB FTUFSJMJ
[BDJOGFNFOJOBFOFMIPTQJUBMQCMJDP
EFOUSP EFM DPOKVOUP EF MPT EFSFDIPT
SFQSPEVDUJWPT DPOKVHBOEP FM TPQPS
UF EF VOB NJOVDJPTB JOWFTUJHBDJO DPO
FM FOTBZP Z MB SFnFYJO QFSTPOBM &TUB
DPNCJOBDJO JOVTVBM QFSNJUF CBSSVO
UBS DNP TF DPNQPSUB VOB QPCMBDJO
EF NVKFSFT GSFOUF B BMHVOBT OUJNBT
EFDJTJPOFTSFQSPEVDUJWBT ZBEFNTOPT
QSPQPSDJPOB VO DVBESP BDBCBEP EF MB
TJUVBDJO FMBCPSBEP TPCSF CBTFT FNQ
SJDBT-BSFnFYJOUJDBBZVEBBTPSUFBS
MPTQSPCMFNBTZEJMFNBTRVFTFQMBOUFBO
MBTBVUPSBT
1BUSJDJB6SCBOEUFTNEJDBZCJPFUJDJTUB
)BDFVOPTBPTZBIBCBQVCMJDBEPVO
MJCSPPUFTJTTPCSFFMFTDFOBSJPEFMBMJHB
EVSB UVCBSJB FO FM IPTQJUBM QCMJDP FO
FM1BSUJEPEF(FOFSBM1VFZSSFEPO 1SP
WJODJBEF#VFOPT"JSFT "SHFOUJOB
&T
UBOVFWBQVCMJDBDJONVFTUSBVOMHJDP
DSFDJNJFOUPFOMBQSPCMFNUJDBEFBQMJ
DBCJMJEBEEFFTUBQSDUJDBDPOUSBDFQUJWB
"OUFUPEPNFSFDFEFTUBDBSTFRVFFOVO
QBT EPOEF MB 4BMVE 1CMJDB DPOTUBO
UFNFOUFZQPSEJTUJOUPTNPUJWPTTFFO
DVFOUSBEFWBMVBEB TFBQPSBVTFODJBFO
BMHVOPTDBTPT TFBQPSDBSFODJBFOUBO
UPTPUSPT MBTBVUPSBT MBNEJDB1BUSJDJB
6SCBOEUZMBBCPHBEB.BSB$BSMB#PT
UJBODJDOPTNVFTUSBORVFDPOSJHPSDJFO
UmDP IPOFTUJEBE JORVJFUVEZFTGVFS[P
QFSTPOBM Z DPMFDUJWP TF QVFEF MPHSBS
FGFDUVBS VOB JOWFTUJHBDJO TFSJB DSP
OPMHJDB F IJTUSJDB FO FM UJFNQP RVF

QFSNJUBVOWFSEBEFSPEJBHOTUJDPEFTJ
UVBDJOEFVOBEFUFSNJOBEBQSDUJDBFO
FMDBNQPEFMB4BMVE3FQSPEVDUJWB
UBFO#JPUJDBIBQVCMJDBEPFOUSFPUSPT
FTUPTMJCSPT*OUSPEVDDJOBMB#JPKVSEJ
DB .BESJE)VSGBOPT#JPMHJDPT
.BESJE
&OSJRVF7BSTJ3PTQJHMJPTJ'JMJBDJO
EFSFDIPZHFOUJDB1VCMJDBDJPOFTEF
MB6OJWFSTJEBEEF-JNB 1FS
-B#JPUJDBTFFODVFOUSBFOVOBFODSV
DJKBEB"OUFMPTOVFWPTEFTDVCSJNJFOUPT
DJFOUmDPT TF QSFTFOUB VOB PQPSUVOJ
EBEQBSBSFDVQFSBSMPTWBMPSFTRVFIBO
DPOmHVSBEP OVFTUSB DVMUVSB PDDJEFO
UBM 5BNCJO MP FT QBSB MBT JEFPMPHBT
NBUFSJBMJTUBT RVF DPO MB NBOJQVMBDJO
EFMMFOHVBKF BMUFSBOTVTDPOOPUBDJPOFT
FNPDJPOBMFTDSFBOEPVOBOVFWBBDUJUVE
FTQJSJUVBM-BTFYVBMJEBE FMBCPSUPZMB
FVUBOBTJBQMBOUFBOVOBTFSJFEFJOUFSSP
HBOUFT BOUF MB UJDB RVF JOWJUBO B VOB
QSPGVOEB SFnFYJO -B BVUPSB BCPSEB
FTUBTDVFTUJPOFTDPOVOBWJTJOQPTJUJWB
F JMVTJPOBOUF EF MB WJEB IVNBOB Z EFM
WBMPSEFMBQFSTPOB
&MUFYUPEFMQSPGFTPS7BSTJJOTJTUFFOMB
OFDFTJEBE EF CVTDBS MB DPNQBUJCJMJEBE
EF MPT USBUBEPT TPCSF EFSFDIPT IVNB
OPT MB$POTUJUVDJO FM$EJHP$JWJMZ
FM$EJHPEFMPT/JPTZ"EPMFTDFOUFT
EFNBOFSBUBMRVFFMPSEFOBNJFOUPMFHBM
SFDPOP[DB FM EFSFDIP GVOEBNFOUBM EF
UPEBQFSTPOBQBSBSFDMBNBSTVmMJBDJO
TPCSF MB CBTF EF MB QSPCBO[B EFM OFYP
CJPMHJDP&MBVUPS EFTQVTEFFYQPOFS
MB GVODJO EF MB DJFODJB NEJDB FO MBT
QSVFCBTEFmMJBDJO BOUFTZEFTQVTEF
MBTQSVFCBTCJPHFOUJDBT FWBMBMPTQSJO
DJQJPTEFMBGBNJMJBZEFMBMFHJUJNJEBE
EFMPTEFSFDIPTEFMBQFSTPOB&TCP[BBT
VOB UFPSB BDUVBM PCKFUJWB Z DPIFSFOUF
BDFSDBEFMBmMJBDJO RVF DPOFMBQPSUF
EFMBDJFODJB QFSNJUBEFUFSNJOBSMBWFS
EBEFSBSFMBDJOQBSFOUBMFYJTUFOUFFOUSF
QBESFTFIJKPT
.BSB%PMPSFT7JMB$PSP-B#JP
UJDBFOMBFODSVDJKBEB4FYVBMJEBE
"CPSUP Z &VUBOBTJB &EJUPSJBM %Z
LJOTPO .BESJE QQ
.BSB%PMPSFT7JMB$PSP MJDFODJBEBFO
'JMPTPGBZFO%FSFDIP FTEJSFDUPSBEFM
EPDUPSBEPZEFMB$UFESBEF#JPUJDBZ
#JPKVSEJDBEFMB6/&4$0 "DBENJDB
$PSSFTQPOEJFOUF EF MB 3FBM "DBEFNJB
EF+VSJTQSVEFODJBZ-FHJTMBDJOZEFMB
"DBEFNJB7BUJDBOB1SPWJUB&TQFDJBMJT
-BTUDOJDBTRVFQFSNJUFOEJBHOPTUJDBS
NBMGPSNBDJPOFTZEFmDJFODJBTFOMBDSJB
UVSB RVFTFFODVFOUSBFOFMTFOPEFMB
NBESF QMBOUFBO TFSJPT QSPCMFNBT B MB
IPSBEFFOKVJDJBSUJDBZKVSEJDBNFOUF
FM BCPSUP &T QPTJCMF MB QSPMPOHBDJO
BSUJmDJBMEFMBWJEBQPSNFEJPEFJOTUSV
NFOUPTNFDOJDPTFOQBDJFOUFTRVFIBO
QFSEJEP MB BDUJWJEBE EF TVT GVODJPOFT
CTJDBT-BBVUPSBTFQSFHVOUBTJTFSFM
IPNCSFEFMGVUVSPEVFPEFMBUDOJDBP
FTDMBWPEFMBNRVJOB
7JDFOUF7JMMBSZ%BMF0-FBSZ$PNP
FOUFOEFS MB IPNPTFYVBMJEBE &EJ
UPSJBM4FLPUJB .BESJE
&TVOBPCSBBUSFWJEBTPCSFVOUFNBEF
DBOEFOUF BDUVBMJEBE -PT BVUPSFT DSJ

UJDBOBCJFSUBNFOUFFMBDUJWJTNPZQPEF
SPIPNPTFYVBM MPRVFBIPSBTVFMFMMB
NBSTFiMPCCZIPNPTFYVBMw&MUFNBSJP
FTUJEFBEPFOGPSNBEFQSFHVOUBTRVF
IBOSFDJCJEPMPTBVUPSFTPRVFIBOJEP
TVSHJFOEP FO MPT EJGFSFOUFT NFEJPT EF
DPNVOJDBDJO1PSMBJOnVFODJBEFFTUPT
NFEJPT GVOEBNFOUBMNFOUF MB JEFB EF
BMHVOBT QFSTPOBT TPCSF MB IPNPTFYVB
MJEBE IB JEP DBNCJBOEP QPDP B QPDP
BVORVF OP QPS FMMP TF QVFEB KVTUJmDBS
VOBDPOEVDUBPFTUJMPEFWJEB RVFEFTEF
FMQVOUPEFWJTUBNPSBMQVFEFUFOFSBM
HVOBTDBSFODJBT1SFUFOEFORVFMPTKWF
OFTMFDUPSFTWFBO BUSBWTEFTVMFDUVSB
SB[POFTQPSMBTRVFTFHVJSVOBDPOEVDUB
PVOBBDUJUVEEFWJEBDPIFSFOUFDPOTVT
QSJODJQJPT ZRVFOPTFEFKFOMMFWBSQPS
NPEBTQBTBKFSBTRVFMFTQVFEBOQFSKVEJ
DBSFOVOGVUVSPQSYJNP RVJ[DVBOEP
ZBFTNTEJGDJMFOEFSF[BSFMSVNCPEF
TVTWJEBT
-JCSP QBSB EPDVNFOUBSTF BDFSDB EF VO
UFNBUBOEFMJDBEPDPNPFTFMFOUPSOPZ
MBQSPCMFNUJDBQFSTPOBM GBNJMJBSZTP
DJBMEFMBIPNPTFYVBMJEBE
#FBUSJ[;FHFST .BSB&MFOB-BSSBO
'SBODJTDP#VTUBNBOUF4PCSFMBIP
NPTFYVBMJEBE &EJUPSJBM .FEJUFSS
OFP 4BOUJBHP EF $IJMF
QQ
-PTUSFTBVUPSFTTPOQSPGFTPSFTEFMBVOJ
WFSTJEBEEF-PT"OEFT#FBUSJ[;FHFSTFT
1TJDMPHBQPSMB1POUJmDJB6OJWFSTJEBE
$BUMJDB EF $IJMF 16$
Z EJSFDUPSB
EF*OWFTUJHBDJOEFMB&TDVFMBEF1TJDP
MPHB .BSB &MFOB -BSSBO FT UBNCJO

1TJDMPHBQPSMB16$ ZEJSFDUPSBEFMB
&TDVFMBEF1TJDPMPHB'SBODJTDP#VTUB
NBOUF FT NEJDP DJSVKBOP QPS MB 6OJ
WFSTJEBEEF$IJMF QTJRVJBUSB ZQSPGFTPS
EFMB'BDVMUBEEF.FEJDJOBZ&TDVFMBEF
1TJDPMPHB
&TUFMJCSPSFDPHFFMFTUBEPDJFOUmDPEF
MBJOWFTUJHBDJOTPCSFMBIPNPTFYVBMJEBE
QSFUFOEJFOEPDPOUSJCVJSBVOBSFnFYJO
DSUJDBTPCSFFMUFNB4FIBDPOTJEFSBEP
FMUSBCBKPEFBVUPSFTEFEJTUJOUBTEJTDJ
QMJOBT DPNP TPO mMPTPGB QTJDPMPHB
QTJRVJBUSB FOGFSNFSB Z EFSFDIP Z
MB SFWJTJO EF VOB FYUFOTB CJCMJPHSBGB
DJFOUmDB TPCSF FM UFNB 5FNBT RVF TF
USBUBO'FOPNFOPMPHBEFMBTFYVBMJEBE
IVNBOB (BONFEFT FO MB "DBEFNJB
MB IPNPTFYVBMJEBE FO MBT mMPTPGBT EF
MB(SFDJBDMTJDB
%FTBSSPMMPEFMBJEFO
UJEBE QTJDPTFYVBM #BTFT CJPMHJDBT EF
MB IPNPTFYVBMJEBE {)PNPTFYVBMJEBE
V IPNPTFYVBMJEBEFT 1SFWBMFODJB EF MB
IPNPTFYVBMJEBE FO MB QPCMBDJO HFOF
SBM"TQFDUPTDPOUSPWFSTJBMFTFOMBUFPSB
QTJDPBOBMUJDB EF MB IPNPTFYVBMJEBE Z
CJTFYVBMJEBE'FOPNFOPMPHBEFMBIP
NPTFYVBMJEBE GFNFOJOB -B QBSFKB IP
NPTFYVBM 'BNJMJB Z IPNPTFYVBMJEBE
*NQBDUP EF MB IPNPTFYVBMJEBE EF MPT
QBESFT FO MPT IJKPT %FTBSSPMMP IPNP
TFYVBMFOFMBEPMFTDFOUF{4POUSBUBCMFT
MBT IPNPTFYVBMJEBEFT 6OB SFWJTJO
TJTUFNUJDB EF MB FWJEFODJB 0SJFOUB
DJOTFYVBMZEFSFDIP&EVDBDJOEFMB
TFYVBMJEBE
*OJDJPEFMBWJEBIVNBOB
'FSOBOEP "CFMMO 3FQSPEVDDJO
IVNBOBBTJTUJEBZSFTQPOTBCJMJEBE
NEJDB $POTJEFSBDJPOFT MFHBMFT Z
UJDBTTPCSFDBTPTQSDUJDPT&EJUP
SJBM $PNBSFT (SBOBEB
QQ
-BT UDOJDBT EF SFQSPEVDDJO BTJTUJEB
DPOTUJUVZFO VOB QBSUF EF MB JOWFTUJHB
DJO DJFOUmDB Z EF MB BTJTUFODJB NEJDB
RVF QVFEFO QMBOUFBS QSPCMFNBT UJDPT
FO MPT RVF OP IBZ DPOTFOTP 'FSOBOEP
"CFMMO MFUSBEPEFMB$PSUFEF"SCJUSBKF
EFM$PMFHJPEF"CPHBEPTEF.BESJE IB
FMBCPSBEPVOMJCSPFOFMRVFTFBCPSEBO
MBTDVFTUJPOFTMFHBMFTZUJDBTEFMPTDBTPT
NTBDUVBMFTEFMBSFQSPEVDDJOIVNBOB
BTJTUJEB -B OPWFEBE EF MB PCSB FT RVF
MBT JNQMJDBDJPOFT KVSEJDBT Z NPSBMFT EF
BMHVOBTUDOJDBTEFSFQSPEVDDJOTFBOBMJ
[BOEFTEFFMQVOUPEFWJTUBEFMBQSDUJDBB
USBWTEFPODFDBTPTQSDUJDPTDPODSFUPT
$BEB VOP EF MPT TVQVFTUPT UJFOF VOB
FTUSVDUVSBTJNJMBSUSBTMBFYQPTJDJOEF
UBMMBEBEFMPTIFDIPT FMBVUPSIBDFSFGF
SFODJB B MB OPSNBUJWB MFHBM BQMJDBCMF BM
DBTP BMBTDVFTUJPOFTUJDBTZMBDPODMV
TJO RVF EF FMMBT TF QVFEF FYUSBFS -B
PCSBFTUVEJBDBTPTDPNPMBTPMJDJUVEEF
BDDFTPBMBTUDOJDBTQPSQBSFKBTEFIP
NPTFYVBMFT MBQBSFKBTFQBSBEBMFHBMNFO
UFFOMBRVFVOPEFMPTNJFNCSPTDFEF
BM PUSP MPT FNCSJPOFT TPCSBOUFT EF MB
GFDVOEBDJOJOWJUSPPMBTPMJDJUVEEFEP
OBDJOEFPWPDJUPTFOUSFEPTIFSNBOBT
HFNFMBTVOJWJUFMJOBT
4V BVUPS OP TF IB MJNJUBEP B VO QMBO
UFBNJFOUP KVSEJDP EF TVQVFTUPT EF SF
DJFOUFBQBSJDJO DPNPFMBDDFTPBFN
CSJPOFT DPOHFMBEPT USBT MB TFQBSBDJO
NBUSJNPOJBMPMBBDUVBDJOGSFOUFBMBT
TPMJDJUVEFT EF EPOBOUFT P VTVBSJPT DPO
FOGFSNFEBEFT TJOP RVF QSPGVOEJ[B FO
DBEBVOPEFMPTUFNBTUSBUBEPTEFTEFFM
QVOUPEFWJTUBMFHBMZCJPUJDP
'FSOBOEP"CFMMO4FMFDDJOHFOUJ
DBEFFNCSJPOFT&OUSFMBMJCFSUBE
SFQSPEVDUJWBZMBFVHFOFTJB&EJUP
SJBM$PNBSFT (SBOBEB
-B DPOFYJO EF MBT UDOJDBT EF SFQSP
EVDDJO IVNBOB BTJTUJEB DPO MB NFEJ
DJOBHFOUJDB IBEBEPMVHBSBVOOVFWP
FTDFOBSJP EF QPTJCJMJEBEFT QBSB MBT QB
SFKBT RVF EFTFBO BTFHVSBSTF BM NYJNP
QPTJCMFVOBEFTDFOEFODJBTBOB)PZEB
NFEJBOUF VOB UDOJDB DPOPDJEB DPNP
%JBHOTUJDP (FOUJDP 1SFJNQMBOUBUP
SJP DPNQMFNFOUBSJBEFMBDMTJDBGFDVO
EBDJOJOWJUSP QVFEFMMFWBSTFBDBCPVO
BOMJTJTEFMPTFNCSJPOFTIVNBOPTQBSB
TFMFDDJPOBSMPTRVFOPQSFTFOUFOFOGFS
NFEBEFT HSBWFT Z OJDBNFOUF USBOTGF
SJS FTUPT MUJNPT BM UFSP NBUFSOP %F
FTUBGPSNB TFEBTBUJTGBDDJOBRVJFOFT
EFTFBOFWJUBSBUPEBDPTUBUFOFSVOIJKP
DPO4OESPNFEF%PXO DPOFOBOJTNP
DPO IFNPmMJB DPSFB EF )VOUJOHUPO
FUD &TUBT QSDUJDBT NEJDBT RVF JOWJ
UBOBMBFTQFSBO[B DPOMMFWBOTJOFNCBS
HP VO DMBSP EFTBGP FO FM QMBOP UJDP
QVFT B USBWT EF MB TFMFDDJO HFOUJDB
EF FNCSJPOFT TF FNQJF[BO B mKBS VOPT
FTUOEBSFTEFDPSSFDDJOHFOUJDBEFMPT
DJVEBEBOPT RVFQVFEFODPOEVDJSBTJ
UVBDJPOFTEFEJTDSJNJOBDJOPJOKVTUJDJB
TPDJBM *HVBMNFOUF QBSB FM NVOEP EFM
%FSFDIPFMFOWJUFFTJNQPSUBOUF ZBRVF

MBMJNJUBDJOEFMBTMJCFSUBEFTJOEJWJEVB
MFTOPFTUBSFBGDJM TJOPRVFTFUSBUBEFM
GFONFOP DPOUSBSJP BM RVF QSFTFODJB
NPT FO OVFTUSPT EBT EPOEF MP IBCJ
UVBM FT MB QSPMJGFSBDJO EF NVMUJUVE EF
OPSNBT OVFWBT SFDPOPDJFOEP EFSFDIPT
TPDJBMFTEFMUJNBHFOFSBDJO
"DUBT EFM 4JNQPTJP *OUFSOBDJPOBM

+PSOBEBQPSMB7JEB$FMFCSBEPFO
#VFOPT "JSFT Z EF TFQUJFNCSF
EF FO MB TFEF EF MB 1POUJmDJB
6OJWFSTJEBE $BUMJDB "SHFOUJOB
$PPSEJOBEPS)VHP0.0CJHMJP
&%6$" &EJDJPOFT EF MB 6OJWFSTJ
EBE $BUMJDB #VFOPT "JSFT
QQ
$POUFOJEP'VOEBNFOUPTBOUSPQPMHJ
DPTEFMBDVMUVSBQPSMBWJEB1SPCMFN
UJDBEFMBQSPDSFBDJOSFnFYJPOFTTPCSF
FMJOJDJPEFMBWJEB{$VMFTFMSJFTHPEF
MBT UDOJDBT EF GFDVOEBDJO BSUJmDJBM
-PT FGFDUPT QTJDPMHJDPT EFM BCPSUP FO
MBGBNJMJB&MEFSFDIPBOUFJOUFSFTFTJN
QMJDBEPTFOMBQSPDSFBDJOBSUJmDJBM-B
QSPUFDDJO DPOTUJUVDJPOBM FM EFSFDIP B
MBWJEB-BTEJTUJOUBTDPODFQDJPOFTmMP
TmDBTZMBMFHJTMBDJOFVSPQFBTPCSFFM
OP OBDJEP &M EFSFDIP B MB WJEB DPNP
GVOEBNFOUPEFMPTEFSFDIPTIVNBOPT
-PT EFSFDIPT EFM OBTDJUVSP Z MB NBOJ
QVMBDJO HFOUJDB %FSFDIP B MB WJEB Z
1PMUJDB/BDJPOBM
)FOSJ"MBO0UFSPBSUJmDJBM&EJ
UPSB 'JPDSV[ 3P EF +BOFJSP
QQ
5SBEVDDJOEFMBPCSBEFMCJPGTJDPZm
MTPGPGSBODT)FOSJ"UMBO RVFQSFTFO
UBFMFTUBEPEFMBSUFFOMBJOWFTUJHBDJO
EFM iUFSP BSUJmDJBMw CJPUFDOPMPHB EF

SFQSPEVDDJO EF WBOHVBSEJB Z VO SF
nFYJOTPCSFMBTQPTJCMFTSFQFSDVTJPOFT
NPSBMFT DVMUVSBMFT Z TPDJBMFT RVF UFO
ESBDNPTFBGFDUBSBOOVFTUSBTOPDJP
OFTUBORVFSJEBTEFMBNPSNBUFSOP MBT
KFSBSRVBT GBNJMJBSFT Z MPT USBEJDJPOBMFT
QBQFMFTGFNFOJOPTZNBTDVMJOPT FOVO
NVOEP GVUVSP EPOEF MB FWPMVDJO EF
MB FTQFDJF GVFTF USBOTGPSNBEB QPS FTUBT
OVFWBTQSDUJDBT
"MJOF.JHOPOEF"MNFJEB#JPUJDB
F #JPEFSFJUP -VNFO *VSJT 3P EF
+BOFJSP
"OBMJ[B MPT QSPCMFNBT UJDPKVSEJDPT
EFSJWBEPTEFMPTBWBODFTUFDOPMHJDPTEF
MBCJPNFEJDJOB DPNPFMEFTUJOPEFMPT
FNCSJPOFTDPOHFMBEPT FMBOPOJNBUPEF
MPT CBODPT EF TFNFO MB QPTJCJMJEBE EF
TVDPNFSDJBMJ[BDJOZEFSFNVOFSBDJO
B MB NBESF EF TVTUJUVDJO FOUSF PUSPT
%JTDVUFUBNCJOMBSFTQPOTBCJMJEBEDJWJM
EFDBEBUQJDPFYQVFTUP
3PCFSUP"OEPSOP#JPUJDBZEJHOJ
EBEEFMBQFSTPOB5FDOPT .BESJE
QQ
&MBVUPSFTKVSJTUB NJFNCSPEFM$PNJU
*OUFSOBDJPOBMEF#JPUJDBEFMB6/&4
$0-BCJPUJDBFTVOOVFWBZQVKBOUF
EJTDJQMJOBRVFJOUFOUBBQPSUBSSFTQVFTUBT
B MPT QSPCMFNBT RVF QMBOUFBO MBT DJFO
DJBTCJPNEJDBT&MQSPCMFNBUJDPOBDF
EFMIFDIPEFRVFMBTOVFWBTUFDOPMPHBT
QFSNJUFOFKFSDFSVOQPEFSJOBVEJUPTP
CSF FM IPNCSF Z TPCSF MPT NFDBOJTNPT
GVOEBNFOUBMFT EF MB WJEB IVNBOB -B
QSJNFSBQBSUFEFMBPCSBQPOFEFSFMJFWF
MPT GVOEBNFOUPT EF MB CJPUJDB MB OP
DJODMBWFEFiQFSTPOBwZMPTSJFTHPTEF
VOB EFTWJBDJO FVHFOTJDB -B TFHVOEB
QBSUFUSBUBEFQSFDJTBSMBTDVBUSPGBDFUBT
EFMBQFSTPOBMJEBEJNQMJDBEBTFOMBCJP
NFEJDJOBFMDPNJFO[PEFMBQFSTPOB TV
QSPDSFBDJO TVJEFOUJEBEZTVmO
"SNBOEP4"OESVFU "UJMJP+$BS
EPOF 'FEFSJDP"0TTPMB1FSTQFDUJ
WBTTPCSFFMJOJDJPEFMBWJEBIVNB
OB &%6$$ 6OJWFSTJEBE $BUMJDB
EF $SEPCB "SHFOUJOB
QQ
4FBOBMJ[BOFOFTUFMJCSP-BPSJFOUBDJO
CJPMHJDBEFMJOJDJPEFMBWJEBIVNBOB
MBPSJFOUBDJOmMPTmDBZFMJOJDJPEFMB
FYJTUFODJB EF MB QFSTPOB FO FM PSEFOB
NJFOUPKVSEJDPBSHFOUJOP
'SBODJTDP"OTO0MJBSU4FGBCSJDBO
IPNCSFT *OGPSNFTPCSFMBHFOUJ
DB IVNBOB
&EJDJPOFT 3JBMQ 4"
.BESJE QQ
&M BVUPS EF FTUF MJCSP VUJMJ[B DPO GSF
DVFODJB EBUPT DBTPT SFBMFT OPUJDJBT EF
MPT NFEJPT EF DPNVOJDBDJO QBSB FY
QPOFS DPO DMBSJEBE MPT EJGFSFOUFT DBTPT
ZUDOJDBTEFMBJOTFNJOBDJOBSUJmDJBM
MB '*7&5 Z MB JOWFTUJHBDJO HFOUJDB
-B QSJNFSB QBSUF EFM MJCSP FTU EFEJDB
EBBMBOPDJO UDOJDBTZNPEBMJEBEFT
EFMBJOTFNJOBDJOBSUJmDJBMFOUSFPUSPT
BTQFDUPT FYQPOFMBTUDOJDBTEFDPOHF
MBDJOEFMPTCBODPTEFTFNFO MBTNB
ESFT EF BMRVJMFS Z MB DPNFSDJBMJ[BDJO
EF OJPT &YQMJDB BTJNJTNP MB UDOJDB
(*'5 USBOTGFSFODJB JOUSBGBMPQJBOB EF
HBNFUPT

&O MB TFHVOEB QBSUF BOBMJ[B EFUFOJEB
NFOUFMB'*7&5P'*75& 'FDVOEBDJO
iJOWJUSPwZUSBOTGFSFODJBEFFNCSJPOFT

%FEJDBMBUFSDFSBQBSUFBMBJOWFTUJHBDJO
FYQFSJNFOUBDJO F JOHFOJFSB HFOUJDB
&OMBDVBSUBZMUJNBTFDDJOEFMMJCSP
'SBODJTDP "OTO FYQPOF MB SFHVMBDJO
KVSEJDBZMPTBTQFDUPTUJDPTEFMBTOVF
WBTUDOJDBTEFSFQSPEVDDJOIVNBOBF
JOHFOJFSBHFOUJDB
.BSJBOB"ZMXJOZPUSPT4FNJOBSJP
)VNBOJTNP DSJTUJBOP Z #JPUJDB
*OTUJUVUP $IJMFOP EF &TUVEJPT )V
NBOTUJDPT 4BOUJBHPEF$IJMF
QQ
3FDPHFMBTJOUFSWFODJPOFTFOVO4FNJ
OBSJPSFBMJ[BEPFOBHPTUPEF DPO
SFnFYJPOFT FO UPSOP B USFT QSPCMFNBT
DPOUFNQPSOFPTMBGFDVOEBDJOJO7J
USP FMUSBTQMBOUFEFSHBOPTZFMBCPSUP
+VTUP"[OBS-VDFB $PPSE
-BWJEB
IVNBOB OBDJFOUF QSFHVOUBT
Z SFTQVFTUBT #"$ .BESJE
QQ
&M EPDUPS +VTUP "[OBS QSFTJEFOUFEF
1SPWJEB7BMFODJB IBDPPSEJOBEPMBQV
CMJDBDJO EFM -JCSP i-B 7JEB IVNBOB
/BDJFOUFQSFHVOUBTZSFTQVFTUBTw
RVF QVCMJDB MB #"$ Z IB TJEP QSPNP
WJEP QPS MB 4VCDPNJTJO EF 'BNJMJB Z
7JEBEFMB$PNJTJO&QJTDPQBM&TQBP
MB QSFTFOUBEPQSPFM$BSEFOBM"MGPOTP
-QF[ 5SVKJMMP QSFTJEFOUF EFM 1POUJm
DJP$POTFKPQBSBMB'BNJMJB ZQSPMPHB
EP QPS .POTFPS +VBO "OUPOJP 3FJH
0CJTQPEF$BSUBHFOBZQSFTJEFOUFEFMB
4VCDPNJTJOQBSBMB'BNJMJBZ%FGFOTB
EFMB7JEBEFMB$POGFSFODJB&QJTDPQBM
&TQBPMB

$PNPFOMBDPOUSBQPSUBEBEFMMJCSPTF
JOEJDBi-B&UBQBEFMBWJEBIVNBOBRVF
NTBUBRVFTSFDJCFFTMBRVFUSBOTDVSSF
EFTEFMBGFDVOEBDJOIBTUBMBDPOTPMJEB
DJOEFMBJNQMBOUBDJOEFMFNCSJOFO
FMEBEFTVFYJTUFODJB ZBRVFFOFMMB
TF DFOUSBO QSPCMFNBT UBO JNQPSUBOUFT
DPNP MB SFHVMBDJO EF MB GFDVOEBDJO
IVNBOB MBQSPDSFBDJOBTJTUJEB MBDMP
OBDJO IVNBOB UPEP MP SFMBDJPOBEP
DPO MBT DMVMBT NBESF FNCSJPOBSJBT FM
EJBHOTUJDPHFOUJDPQSFJNQMBOUBDJPOBM
MPT OJPToNFEJDBNFOUP FUDUFSB 1PS
FMMP QBSFDFEFQMFOBBDUVBMJEBE FWBMVBS
DPNPFOFTUFMJCSPTFIBDF DPOMFOHVBKF
TFODJMMP QFSPDPOSJHPSDJFOUmDP BOUSP
QPMHJDPZNPSBM BMHVOPTEFMPTUFNBT
BOUFSJPSNFOUF SFGFSJEPT BT DPNP MBT
SFTQVFTUBTRVFMBDJFODJBZFM.BHJTUFSJP
EFMB*HMFTJBEBOBFTUPTQSPCMFNBT
+FTT #BMMFTUFSPT OHFMB "QBSJTJ

&EJUPSFT
#JPUFDOPMPHB %JHOJEBE
Z%FSFDIP#BTFTQBSBVOEJMPHP
$PMFDDJO"TUSPMBCJP%FSFDIP .B
ESJE QQ
-B#JPUFDOPMPHBFTFMSFTVMUBEPNTJN
QPSUBOUF EF MB SQJEB FWPMVDJO EF MBT
EFOPNJOBEBTCJPDJFODJBT4VUSBZFDUPSJB
IB TFHVJEP FM QBUSO BOBMUJDP TVNJOJT
USBEPQPSFMNPEFMPNPEFSOPEFDJFODJB
RVFUJFOEFBMBFTQFDJBMJ[BDJOZBMBSBEJ
DBMJEBEGSBHNFOUBDJOEFMBSFBMJEBE&T
UBNPTGSFOUFBVONPEPEFIBDFSDJFODJB
RVFQFSTJHVF TVQFSBSMBTiCBSSFSBTOBUV
SBMFTw DPOTJHVJFOEP MB iMJCFSBDJOw EFM
TFS IVNBOPGSFOUFBMPSFDJCJEP5JFOF
QPTJCJMJEBE EF DBNCJBS FM DEJHP EF MB
WJEB EFBDVFSEPDPOJOUFSFTFTDVMUVSBMFT
FDPONJDPTPTPDJBMFT
%FCFNPT SFnFYJPOBS BDFSDB EFM MVHBS

RVFPDVQBFMTFSIVNBOPDPNPNJFN
CSPEFMBFTQFDJBIVNBOB RVEFSFDIPT
ZRVHBSBOUBTEFSFTQFUPTFMFHBSBOUJ
[BO DNPTFSJHFOMBTSFMBDJPOFTFOUSFFM
IVNBOPZFMSFTUPEFMVOJWFSTP
+FTT#BMMFTUFSPTFTEPDUPSFO%FSFDIPZ
QSPGFTPSUJUVMBSEF'JMPTPGBEFM%FSFDIP
FO MB 6OJWFSTJEBE EF 7BMFODJB 5JFOF
WBSJPT MJCSPT Z QVCMJDBDJPOFT Z BDUVBM
NFOUF EFEJDB BUFODJO QSFGFSFOUF B MBT
DVFTUJPOFT SFMBDJPOBEBT DPO MB #JPUJ
DBOHFMB"QBSJTJFTEPDUPSBFO%FSF
DIP Z QSPGFTPSB UJUVMBS EFTEF FO
MB6OJWFSTJEBEEF/BWBSSBFO'JMPTPGB
EFM%FSFDIP%JSJHFFMEFQBSUBNFOUPEF
'JMPTPGB EFM %FSFDIP Z FM *OTUJUVUP EF
%FSFDIPT)VNBOPT
+FTT#BMMFTUFSPT &EJUPS
-BIVNB
OJEBE JO WJUSP &EJUPSJBM $PNBSFT
(SBOBEB QQ
&TVOBSFnFYJOJOUFSEJTDJQMJOBSFOQSP
GVOEJEBETPCSFMBTUDOJDBTEFSFQSPEVD
DJOBTJTUJEB&OTVQSJNFSBQBSUFBOB
MJ[BFMUFNBFOMBPQJOJOQCMJDBZMBT
SFMBDJPOFT FOUSF JOWFTUJHBDJO HFOUJDB
Z FDPOPNB &O MB TFHVOEB FYQPOF MPT
EJGFSFOUFTDSJUFSJPTEFSFHVMBDJOEFMBT
UDOJDBTEFSFQSPEVDDJOBTJTUJEB RVFTF
QPMBSJ[BOFOUPSOPBMNPEFMPCSJUOJDP
ZBMNPEFMPBMFNO&OMBUFSDFSB TFFT
UVEJBFMFTUBUVUPEFMFNCSJO EFTEFTV
USJQMFEJNFOTJOCJPMHJDB POUPMHJDBZ
KVSEJDB BTDPNPMBTDPOTFDVFODJBTEF
MBTDJUBEBTUDOJDBTFOMPTEFSFDIPTEFMBT
NVKFSFTZFOMPTEFSFDIPTSFQSPEVDUJWPT
&OTVDPOKVOUPFMMJCSPFTVOBMFHBUPQPS
MBEFGFOTBZMBEJHOJEBEEFMBDJFODJBQPS
QBSUFEFMPTRVFMBQSBDUJDBO
&OMBQSJNFSBQBSUF EFMBRVFTFPDVQBO
EPTFNJOFOUFTTPDJMPHPT TFBGSPOUBFM
QSPCMFNB EF MB MMBNBEB NFEJDJOB EFM
EFTFP Z TV DPOFYJO DPO MB FDPOPNB
OFPDMTJDBZTVQSJNBDBEFMBEFNBOEB
TPMWFOUFMBDVFTUJOSBEJDBFOEJTUJOHVJS
FOUSF FM WFSEBEFSP QBDJFOUF RVF TVGSF
VOBFOGFSNFEBEZFMDMJFOUFRVFQSFUFO
EFQPOFSMBNFEJDJOBBMTFSWJDJPEFTVT
EFTFPT
&TUBQSJNFSBQBSUFTFTVCEJWJEFFOEPT
DBQUVMPT&MQSJNFSPEFFMMPTFTVOUSB
CBKPTPCSFFMHSBEPEFBDFQUBDJOEFMBT
UDOJDBT EF SFQSPEVDDJO BTJTUJEB FO MB
PQJOJOQCMJDB&MTFHVOEPBOBMJ[BMBT
DPOFYJPOFTFOUSFFMFDPOPNJDJTNPZMB
SFEVDDJO EFM TFS IVNBOP BM HFOPNB
CBTBEBT FO MB DPNO EFTDPOUFYUVBMJ
[BDJO SFTQFDUP BM BNCJFOUF OBUVSBM Z
IVNBOP BT DPNP TV JOEJWJEVBMJTNP
1BSBMPHSBSVOBQSPUFDDJOJOUFHSBMEFMB
TBMVETFSFRVJFSFTVQFSBSDPOKVOUBNFO
UF BNCPT SFEVDDJPOJTNPT -PT BVUPSFT
OPTFSFUSBFOEFDBMJmDBSEFUJSOJDPFM
FKFSDJDJPEFMQPEFSRVFFKFSDFMBSFQSPHF
OUJDBFOFMEJTFPEFWJEBTIVNBOBTB
USBWTEFMBNBOJQVMBDJOZFYQFSJNFO
UBDJO DPO FNCSJPOFT BMHP QPS PUSB
QBSUF TFSFDVFSEB BGOBMBFVHFOFTJBEF
QSJODJQJPTEFMTJHMPQBTBEPZRVFQPOF
FOEVEBMBNJTNBTVQFSWJWFODJBEFMTJT
UFNBEFNFSDBEPRVFMMBNBNPTDBQJUB
MJTNP
&OMBTFHVOEBQBSUFEFMMJCSPTFBOBMJ[B
MPTEPTNPEFMPTKVSEJDPTFYJTUFOUFTFO
&VSPQBTPCSFMB'*7&MDBQUVMPDVBS
UP DPOTUJUVZF VO FTUVEJP EFM *OGPSNF

FMBCPSBEP QPS FM EPDUPS .BSDFMP 1BMB
DJPT RVFGVFMBCBTFEFMB-FZ&TQBPMB
EF 5DOJDBT EF 3FQSPEVDDJO "TJTUJEB
-53"
EFEF FOFMRVFTF
SFWJTBTVSFMBDJODPOFM*OGPSNF8BS
OPDL EFCJEPBMBJOUSPEVDDJOOPSNB
UJWB EFM USNJOP QSFFNCSJO Z DPO FM
QFOTBNJFOUPVUJMJUBSJTUB
-PT BTQFDUPT NEJDPT EF MB SFQSPEVD
DJO BTJTUJEB FTUVEJBEPT FO FM $BQ
FWJEFODJBOVOBWBODFFOMBTUDOJDBTVUJ
MJ[BEBT QFSPBMNJTNPUJFNQPMBQSFTFO
DJBEFQSPCMFNBTIBTUBBIPSBJOTPMVCMFT
DPNPMBDPOHFMBDJOEFFNCSJPOFTZMB
QSPMJGFSBDJO EF FNCBSB[PT NMUJQMFT
%F PUSP MBEP FM $BQ BOBMJ[B MPT QP
TJCMFT SJFTHPT RVF QBSB MB HFTUBDJO EFM
FNCSJOQVFEFOEFSJWBSEFMIBCFSQSFT
DJOEJEPFOMB'*7EFMQBTPQPSMBTUSPN
QBT EF 'BMPQJP ZB RVF FO FTF MVHBS TF
QSPEVDFVOBJNQPSUBOUFDPNVOJDBDJO
CJPRVNJDBFOUSFMBNBESFZFMOJP
&OMBUFSDFSBQBSUFTFFTUVEJBOMPTQSP
CMFNBTTVTDJUBEPTQPSMB'*7FOSFMBDJO
DPOMPTEFSFDIPTIVNBOPTEFMBNVKFSZ
FMFNCSJOZTPCSFMPTEFSFDIPTFOHF
OFSBM
"T FM$BQQMBOUFBMBDVFTUJOEFFO
RVNFEJEBMBFTUFSJMJEBEFTVOBFOGFS
NFEBE P FM FTUJHNB QSPEVDJEP QPS MB
JEFPMPHB NBDIJTUB RVF SFEVDF FM QSP
ZFDUPFYJTUFODJBMEFMBNVKFSBMBNBUFS
OJEBECJPMHJDB4FBOBMJ[BOUBNCJOMPT
QPTJCMFTSJFTHPTQBSBMBTBMVEEFMBNV
KFS EFDBSDUFSQTJDPMHJDP BTDPNPMB
BQBSJDJOEFUVNPSFTPUSPNCPTJT:TF
FYBNJOBOMBTQPTJDJPOFTEFMPTEJWFSTPT

UJQPTEFGFNJOJTNPTEFMBJHVBMEBE EF
MBEJGFSFODJB EFMBDPNQMFNFOUBSJFEBE
FDPGFNJOJTUBT FOSFMBDJODPOMB'*7
&MFTUBUVUPEFMFNCSJOTFBOBMJ[BEFTEF
VOBUSJQMFQFSTQFDUJWBCJPMHJDB POUP
MHJDBZKVSEJDB&OFMMUJNPDBQJUVMP
EFMMJCSPTFFTUVEJBOMPTQSPCMFNBTQMBO
UFBEPTQPSMBTUDOJDBTEFSFQSPEVDDJO
BTJTUJEB B MPT EFSFDIPT EF MB QFSTPOBMJ
EBE MMFWBOEPBDBCPVOBEJTUJODJOFO
USFWFSEBEFSPTEFSFDIPT DPNPMBMJCFS
UBEEFQSPDSFBS ZPUSPTRVFOPMPTPO
QSPQJBNFOUF DPNP FM EFSFDIP B UFOFS
IJKPT
+VBO 1BCMP #FDB $PPSE

&M FN
CSJO IVNBOP &EJUPSJBM .FEJUF
SSOFP 4BOUJBHPEF$IJMF
QQ
&OFTUFMJCSPTFQSFTFOUBODPNPBQPSUF
QBSB FM EFCBUF TPDJBM MBT JOUFSWFODJPOFT
EFVOBSFVOJOEFVOHSVQPEFFYQFSUPT
ZQSPGFTJPOBMFTEFEJGFSFOUFTEJTDJQMJOBT
DPOWPDBEPTQPSFMDFOUSPEF#JPUJDBZ
&TUVEJPT )VNBOTUJDPT EF MB 'BDVMUBE
EFNFEJDJOBEFMB6OJWFSTJEBEEF$IJ
MF RVF FTUVEJBSPO MPT DPOPDJNJFOUPT
BDUVBMFT TPCSF FM FNCSJO IVNBOP FO
TVT WJTJPOFT CJPMHJDB POUPMHJDB NP
SBM UFPMHJDB KVSEJDBZNEJDB DPOFM
QSPQTJUP EF SFBMJ[BS VOB EFMJCFSBDJO
NPSBMQMVSBMZSFTQFUVPTB
$PPSEJO MB SFVOJO +VBO 1BCMP CFDB
NEJDPFTQFDJBMJTUBFO1FEJBUSBZ/FP
OBUPMPHB F JNQVMTPS EF MB JODPSQP
SBDJO EF MB #JPUJDB FO $IJMF FO MPT
QSPHSBNBTEPDFOUFT ZFOMPTDPNJUTEF
UJDBFOMPTRVFQBSUJDJQB
34NJUIBOBMJ[BMBCJPMPHBEFMFNCSJO
QSFJNQMBOUBDJPOBM$BSMPT"MPOTP#FEB
UFQSFTFOUBTViWJTJOBMUFSOBUJWBwTPCSF
FMWBMPSPOUPMHJDPEFMFNCSJOIVNB
OP ZTVFTUBUVUPUJDPZNPSBM CBTBEP
FO RVF SFDJCJSB BQPSUBDJPOFT HFOUJDBT
EFMBNBESFEFTQVTEFMBJNQMBOUBDJO
OFDFTBSJBT QBSB TV EFTBSSPMMP DPNP TFS
WJWP RVF OP FTUBSBO QSFTFOUFT FO MB
VOJOEFMPTHBNFUPTFOMBGFDVOEBDJO
.PSFJSBBOBMJ[BMBUSBEJDJOEFMBTEJT
UJOUBTJHMFTJBTTPCSFFMFTUBUVUPEFMFN
CSJO#BTDVBOBQPSUBMBWJTJOKVSEJ
DBTPCSFFMFNCSJOQSFJNQMBOUBDJPOBM
ZmOBMNFOUF 3PCMFSPZ+VBO1BCMP#FDB
SFnFYJPOBOTPCSFMBTJOUFSWFODJPOFTN
EJDBTFOHBNFUPTZFNCSJPOFTIVNBOPT
ZMBUJDBEFFTUBTJOUFSWFODJPOFT
+PBO#FTUBSE$BNQT5SBTMB#JPMP
HBMBNPSBMJEBEEFMQBSFOUFTDPZ
MBTOVFWBTUFDOPMPHBTEFSFQSPEVD
DJO&TUVEJTE"OUSPQPMPHJB4PDJBMJ
$VMUVSBM 6OJWFSTJEBEEF#BSDFMPOB
QQ
&MBVUPSFTQSPGFTPSUJUVMBSEF"OUSPQP
MPHB4PDJBMZ$VMUVSBMEFMB6OJWFSTJEBE
EF#BSDFMPOB ZIBFTDSJUPWBSJPTMJCSPT
TPCSFUFNBTEFQBSFOUFTDP ZMBJODJEFO
DJBEFMBTOVFWBTUFDOPMPHBTEFMBSFQSP
EVDDJOZMBIFSFODJBIVNBOBT"CPSEB
FOFTUFUFYUPUFNBTDPNPMBNPSBMJEBE
EFMQBSFOUFTDP QBSFOUFTDPFJEFOUJEBE
FM TJHOJmDBEP DBNCJBOUF EF MBT TVTUBO
DJBTCJPHFOUJDBT MBTQBSBEPKBTEFMBDMP
OBDJOIVNBOB SFMBDJOFOUSFDJFODJBZ
NPSBMJEBE 4V PCKFUJWP FT TPCSF UPEP
NPTUSBSDNPEFIFDIPMBHFOUFFYQF
SJNFOUBZEBTFOUJEPBFTBTUFDOPMPHBT
OVFWBT RVF QBSB M iTPO VO FMFNFOUP

QBSBQFOTBSZIBDFSFYQMDJUPTMPTWBMPSFT
TVSHJEPTBQBSUJSEFMBEJWJTJONPEFSOB
FOUSF OBUVSBMF[B Z DVMUVSBw 3FDPHF BT
FYQFSJFODJBTEFMB6OJEBEEF3FQSPEVD
DJO"TJTUJEBEFM)PTQJUBM6OJWFSTJUBSJP
7BMME)FCSPO FO#BSDFMPOB ZEFM*OT
UJUVUP 6OJWFSTJUBSJP %FYFVT BT DPNP
EFMBBTPDJBDJOEFBZVEBBMBGFSUJMJEBE
(FOFSB
#FOJHOP #MBODP 3PESHVF[ -B MFZ

EFMBCPSUPTJHOJmDBEPZDPOUSPMEF
TVBQMJDBDJO(SVQPEF&TUVEJPTEF
"DUVBMJEBE 7BMFODJB
&MBVUPS BCPHBEP EFMRVFQVCMJDBNPT
VO BSUDVMP FO FTUF NJTNP ONFSP
BIPOEBFOFMFTUVEJPEFMEFMJUPEFMBCPS
UPTFHOMBSFHVMBDJOKVSEJDBFTQBP
MB ZBOBMJ[BBNQMJBNFOUFFMSFDVSTPEF
JODPOTUJUVDJPOBMJEBE RVF TF QMBOUF B
MB MMBNBEB i-FZ EFM "CPSUPw FTQBPMB
4FBMB MPT NPUJWPT QBSB QMBOUFBS MB JO
DPOTUJUVDJPOBMJEBE EF DBEB VOP EF MPT
TVQVFTUPT DPOUFNQMBEPT FO MB MFZ EFT
QFOBMJ[BEPSB MBQPTUFSJPSTFOUFODJBEFM
5SJCVOBM$POTUJUVDJPOBMEFEFBCSJM
EFZVOEFUFOJEPFYBNFOEFMBSU
CJTEFM$EJHP1FOBM
&YQPOF NT BEFMBOUF FO MPT EPT M
UJNPT DBQUVMPT MB BQMJDBDJO EF MB MFZ
EFM BCPSUP Z MPT NFEJPT KVSEJDPT RVF
FYJTUFOQBSBMBEFGFOTBEFMEFSFDIPBMB
WJEB BTDPNPMBPCKFDJOEFDPODJFODJB
GSFOUFBMBTQSDUJDBTBCPSUJWBTZMBQSP
UFDDJO KVSJTEJDDJPOBM EF FTF EFSFDIP B
MBPCKFDJO
"MFKBOESP%#PM[BO)BDJBVOBUJ
DBEFMBWJEBQPSOBDFSUJDBZNB
OJQVMBDJOEFMBWJEBIVNBOBQPS
OBDFSFOMPTBMCPSFTEFMTJHMP99*
&E$MBSFUJBOB #VFOPT"JSFT
QQ
&MBVUPSFTEPDUPSFO$JFODJBT/BUVSBMFT
QPSMB6OJWFSTJEBE/BDJPOBMEF-B1MBUB
$POUFOJEP.BOJQVMBDJOEFMBWJEBQPS
OBDFS*OWFTUJHBDJOZFYQFSJNFOUBDJO
DPOFNCSJPOFTIVNBOPT$MPOBDJOEF
FNCSJPOFT IVNBOPT %JBHOTUJDP QSF
OBUBM5SBTQMBOUFEFUFKJEPTGFUBMFT
&OSJRVF #POFU +PT .BSB 1BSEP

4FO[)BZVOFNCSJOFONJOF
WFSB&VOTB /BWBSSB QQ
{2VIBDFSDPOMPTDJFOUPTEFNJMFTEF
FNCSJPOFT DPOHFMBEPT FYJTUFOUFT FO FM
NVOEP {(FTUBSMPT VUJMJ[BSMPT DPNP
NBUFSJBMEFJOWFTUJHBDJO EFKBSMPTNP
SJS NBOUFOFSMPTDPOHFMBEPT &OFTUF
MJCSPMPTBVUPSFTUSBUBOEFWBMPSBS EFTEF
VOFOGPRVFNVMUJEJTDJQMJOBS MBTEJTUJO
UBT TPMVDJPOFT RVF TF PGSFDFO B VOP EF
MPTNBZPSFTQSPCMFNBTUJDPTEFMBCJP
NFEJDJOB BDUVBM FM DSFDJFOUF DNVMP
EF FNCSJPOFT DPOHFMBEPT Z TV EFTUJOP
$VFTUJPOFTDPOnJDUJWBTRVFBGFDUBOBMB
EJHOJEBEEFMIPNCSFZBMDVJEBEPEFMB
WJEBIVNBOBEFTEFTVJOJDJP
+PBRVO $BMWPMWBSF[ "CPSUP Z

%FSFDIP $POTJEFSBDJPOFT DSUJDBT
FOUPSOPBMBEPDUSJOBEFM5SJCVOBM
$POTUJUVDJPOBMFTQBPM *OTUJUVUP EF
$JFODJBTQBSBMB'BNJMJB 6OJWFSTJEBE
EF/BWBSSB 1BNQMPOB QQ
&M BVUPS FT QSPGFTPS EF %FSFDIP FO MB
6OJWFSTJEBEEF/BWBSSB3FBMJ[B DPNP

FTQFDJmDBFOFMTVCUUVMP VOBSFnFYJO
DSUJDB TPCSF MB TFOUFODJB EFM 5SJCVOBM
$POTUJUVDJPOBMFTQBPMFOUPSOPBMBCPS
UP"VORVFOPTTFQBSBOZBEPDFBPTEF
MBTFOUFODJB TUBTJHVFGVOEBNFOUBOEP
FOFMPSEFOBNJFOUPKVSEJDPFTQBPM MB
DPOTUJUVDJPOBMJEBEEFMBCPSUPFOMPTUSFT
TVQVFTUPT P JOEJDBDJPOFT BENJUJEBT FO
MB MFHJTMBDJO QFOBM WJHFOUF 2VJFSF SF
QFOTBSDSUJDBNFOUFMPTBSHVNFOUPTRVF
TPTUJFOFOMBDPOGPSNJEBEDPOTUJUVDJPOBM
EFM BCPSUP -B EJHOJEBE EFM TFS IVNB
OPZEFTVWJEBEFNBOEBEFMPTKVSJTUBT
VOB WBMPSBDJO EFUFOJEB EF MBT FYJHFO
DJBT EF TV SFDPOPDJNJFOUP HBSBOUB Z
QSPUFDDJO FO DPOUSBTUF DPO FM IFDIP
ESBNUJDP Z QSPGVOEBNFOUF EFTPMBEPS
EFMBCPSUP
"TDFOTJO$BNCSO*OGBOUFZPUSPT
3FQSPEVDDJO BTJTUJEB QSPNFTBT
OPSNBTZSFBMJEBE5SPUUB .BESJE
QQ
$PNP TF BmSNB FO MB QSFTFOUBDJO EF
FTUFMJCSP MPTOPUBCMFTBWBODFTDJFOUm
DPTFONBUFSJBEFSFQSPEVDDJOBTJTUJEB
FOMPTMUJNPTBPTIBEBEPMVHBSBBJSB
EPTEFCBUFTEPDUSJOBMFTEFDPSUFQPMUJDP
ZUJDPTPCSFMBDPOWFOJFODJBZMNJUFTEF
TVVUJMJ[BDJO TJORVFQBSBEKJDBNFOUF
TF IBZB QSPEVDJEP FM DPSSFTQPOEJFOUF
EFCBUFTPDJBM$POFTUFmO WBSJPTBVUP
SFTFTDSJCFOEJWFSTPTBSUDVMPTFOMPTRVF
TFBQVOUBFMGVUVSPEFMBSFHVMBDJOKVS
EJDBFTQBPMBTPCSFSFQSPEVDDJOBTJTUJ
EB BTDPNPMBTDBSFODJBTEFMBOPSNBUJ
WBWJHFOUF DPOTUJUVJEBCTJDBNFOUFQPS
MB -FZ Z TVT DBVTBT &ODPOUSBS
FM MFDUPS VO FTUVEJP EF MB JOGPSNBDJO
FTUBETUJDBTPCSFSFQSPEVDDJOIVNBOB
BTJTUJEBFO&TQBBFOFMQFSPEPo
FM DPOUFOJEP EF MPT EFSFDIPT EF
DPOTFOUJNJFOUPFJOGPSNBDJOFOMB-FZ
EF5DOJDBTEF3FQSPEVDDJO"TJTUJEB
VOFTUVEJPTPCSFMBGFDVOEBDJOJOWJUSP
ZMBTBHSFTJPOFTRVFTVQPOFQBSBMBNV
KFS ZBMHVOBTOPUBTTPCSFMBDMPOBDJO
.BSB$SDBWB'FSOOEF[-PTQSP
CMFNBTKVSEJDPTQMBOUFBEPTQPSMBT
OVFWBTUDOJDBTEFQSPDSFBDJOIV
NBOB+.#PTDI&EJUPS4" #BSDF
MPOB QQ
-BBVUPSBFTQSPGFTPSB5JUVMBSEF%FSF
DIP$JWJMEFMB6OJWFSTJEBEEF0WJFEP
EPDUPSBFO%FSFDIP3FBMJ[TVUFTJTDPO
CFDBEFM$POTFKPEF&VSPQBQBSBFMBO
MJTJTEFM"SDIJWPHFOFSBMEFM$POHSFTPEF
MPT%JQVUBEPT DPOUPEBMBEPDVNFOUB
DJOBDVNVMBEBQBSBFMFTUVEJPEFMBGF
DVOEBDJOJOWJUSPZEFMBJOTFNJOBDJO
BSUJmDJBM IVNBOB FO MB RVF DFOUSB TV
FTUVEJP"CPSEBQSJNFSPMPTBWBODFTEF
MBDJFODJBFOFTUBNBUFSJB ZMBSFTQVFTUB
TPDJBMZKVSEJDB%FTQVTTFDFOUSBFOMB
JOTFNJOBDJOBSUJmDJBMIPNMPHBZMBJO
TFNJOBDJOBSUJmDJBMQPTUNPSUFN.T
BEFMBOUFBOBMJ[BMBIFUFSMPHB MBSFBMJ[B
EBFONVKFSTPMBTJOQBSFKB FMFTUBUVUP
KVSEJDP EF MPT FNCSJPOFT TPCSBOUFT Z
mOBMNFOUF MB NBUFSOJEBE TVCSPHBEB P
EFBMRVJMFS
+ $BSSBTDP EF 1BVMB Z PUSPT *EFO

UJEBE Z FTUBUVUP EFM FNCSJO IV
NBOP &EJDJPOFT *OUFSOBDJPOBMFT
6OJWFSTJUBSJBT $PMUJDBZ4PDJFEBE
.BESJE QQ
4FQSFTFOUBOFOFTUFMJCSPEJF[QSPGVOEPT
FTUVEJPTTPCSFMBJEFOUJEBEZFMFTUBUVUP
EFM FNCSJO IVNBOP DVFTUJO DFOUSBM

IPZ FO EB FO CBTUBOUFT EF MPT EFCBUFT
CJPUJDPT -PT BVUPSFT B QFUJDJO EF MB
"DBEFNJB1POUJmDJBQBSBMB7JEB JOUFO
UBOEBSVOBSFTQVFTUBEFTEFMBTEJGFSFO
UFTEJTDJQMJOBTMB.FEJDJOB MB#JPMPHB
MBUJDBZMB"OUSPQPMPHB FM%FSFDIP
Z MB 5FPMPHB Z BQPSUBS BT VOB TMJEB
DPOTUSVDDJOJOUFSEJTDJQMJOBSJBRVFTJSWB
oFOQBMBCSBTEFMQSMPHPEF&MJP4HSFD
DJBoiQBSBMBDPNVOJEBEOPTMPEFDSF
ZFOUFT TJOP EF DVBOUPT TJFOUFO MB WJEB
EFMTFSIVNBOPEFTEFTVJOJDJPw
4FSHJP$FDDIFUUP%PDUSJOB1SPNJT
DVB&EJDJPOFT4VSF[ .BSEFM1MBUB
"SHFOUJOB QQ
#JPUJDB EPDFOUFFOMBT6OJWFSTJEBEFT
EF.BSEFM1MBUBZ-BOT)BQVCMJDB
EP WBSJPT MJCSPT EF UFNBT EF #JPUJDB
FTQFDJBMNFOUF TPCSF DPOTFOUJNJFOUP
JOGPSNBEPZNFEJDJOBQFSJOBUBM3FOF
FOFTUFMJCSPVOBTFSJFEFBSUDVMPTQVCMJ
DBEPT BOUFSJPSNFOUF FO TV NBZPSB FO
EJTUJOUBTSFWJTUBTEFWBSJPTQBTFT FOUPS
OPBEPTUFNBTDFOUSBMFTMPTUSBTQMBOUFT
EF SHBOPT oSFVOJEPT FO VOB TFDDJO
MMBNBEBi5VZP NP OVFTUSPwo ZMBFT
UFSJMJ[BDJONBTDVMJOBQFSNBOFOUF iWB
TFDUPNBZWBTFDUPNBOBw
&OBNCPTDBTPTTFBCPSEBOMPTBTQFDUPT
DMOJDPT QFSP TF DFOUSB $FDDIFUUP NT
FTQFDJBMNFOUFFOFMBOMJTJTEFGPOEPEF
MBTJEFBTTPDJBMFTZDVMUVSBMFT&ODVBOUP
BMPTUSBTQMBOUFT BCPSEBMBEJTQPTJDJOB
EPOBSMPTSHBOPTZUFKJEPT MBJEFOUJEBE
QFSTPOBM Z FM USBTQMBOUF MB QSPQJFEBE
EFMDVFSQPIVNBOPZFMDPOTFOUJNJFOUP
FYQSFTPPQSFTVOUPFOMBEPOBDJO ZFM
QBQFM EF MPT NFEJPT EF DPNVOJDBDJO
NBTJWPT &O DVBOUP B MB FTUFSJMJ[BDJO
NBTDVMJOB USBUBMPTBTQFDUPTNEJDPTZ
EFNPHSmDPT MBEJTQPOJCJMJEBEZBDDFTJ
CJMJEBEEFMPTTFSWJDJPTEFFTUFSJMJ[BDJO
QBSBWBSPOFT MBTTVCWFODJPOFTZTVCTJ
EJPTFOFMDBNQPEFMBTBMVESFQSPEVD
UJWB NBTDVMJOB Z MPT DVFTUJPOBNJFOUPT
TPDJBMFT DVMUVSBMFT Z NPSBMFT -B BQB
SJDJO EF JODFOUJWPT Z DPNQFOTBDJPOFT
FO WBSJPT QBTFT iQBSB RVF MBT QFSTPOBT
TF BWFOHBO B TFS FTUFSJMJ[BEBT FO GPSNB
QFSNBOFOUF OP QFSNJUFO JEFOUJmDBS FM
MVHBSRVFPDVQBFOFTUFTVQVFTUPMBMJ
CSFEFDJTJOZMBWPMVOUBEEFMJOEJWJEVP
RVF QBSFDF EJTQPOFS EF BMHP RVF FO FM
GPOEPOJTJRVJFSBMFQFSUFOFDFw FOQBMB
CSBTEFMBVUPS RVFDVFTUJPOBUBNCJOMB
QBSUJDJQBDJO BDUVBM EFM &TUBEP FO FTUF
DBNQPEFMBQPMUJDBTBOJUBSJB

.EJDB3FQSPEVDDJOZ(FOUJDB
6OJWFSTJEBE $FOUSBM EF 7FOF[VFMB
$BSBDBT QQ
BP
3BNO $SEPCB 1BMBDJP -B #JP

UJDB Z MB QSPDSFBDJO 6OJWFSTJEBE
1POUJmDJB #PMJWBSJBOB *OTUJUVUP EF
UJDBZ#JPUJDB QQ
&OFTUFUPNP*7EFMBPCSBEFMEPDUPS
3BNO $SEPCB 1BMBDJP TF QSFTFO
UB FM KVJDJP CJPUJDP TPCSF MPT QSPDFTPT

RVFBUBFOBMBQSPDSFBDJO&OMBQBSUF
JOJDJBM DPOVOFTRVFNBEFQSFHVOUBTZ
SFTQVFTUBT QPOF FO DMBSP DNP TFYVB
MJEBEZHFOJUBMJEBETPOEPTGFONFOPT
EJGFSFOUFT BT FTUO NVZ EJGVOEJEPT
DPODFQUPT RVF UJFOEFO B DPOGVOEJSMPT
4FEFTBSSPMMBOMPTUSNJOPTDPOMBDMBSJ
EBEEFRVFBMFKFSDJDJPEFMBHFOJUBMJEBE
TF TBCF MMFHBS DPNP FYQSFTJO EF VOB
TFYVBMJEBEEJHOBNFOUFWJWJEB ZBRVFMB
HFOJUBMJEBEOPFTMBOJDBFYQSFTJOEF
FMMBZBVORVFEFOUSPEFMEFTBSSPMMPEF
MBFYJTUFODJBEFMBQFSTPOB MBBDUJWJEBE
TFYVBMKVTUBZSBDJPOBMUJFOFVOHSBEPEF
JNQPSUBODJB OPFTMBEFmOJUJWB DPNQB
SBEBDPOPUSBTGBDFUBT)BDFDPNQSFOEFS
RVFMBTFYVBMJEBEFTMBDPOEJDJOIVNB
OBRVFQFSNJUFSFDPOPDFSMBTTJUVBDJPOFT
Z IFDIPT FYJTUFODJBMFT QBSB FODBSBSMPT
DPO DSJUFSJPT RVF VCJDBO B MB QFSTPOB
EFOUSPEFMHSVQPEFJOEJWJEVPTDPOEF
UFSNJOBEB NFOUBMJEBE HFOSJDB BT FM
GFOPUJQP Z TV HFOPUJQP OP DPODVFSEFO
DPOMBGPSNBEFBGSPOUBSMBQSPCMFNUJDB
FYJTUFODJBM
%FTQVT DPOTJEFSB MBT QSDUJDBT EF GF
DVOEBDJOIVNBOBBTJTUJEBZEFNBOJ
QVMBDJOEFMBQSPDSFBDJO EFMBTDVBMFT
EFTBSSPMMB BDFSUBEP KVJDJP CJPUJDP DPO
WJTJO OP TPMBNFOUF JONFEJBUB TJOP
UFPMHJDB RVFFTDPNPEFCFWBMPSBSTFMB
BQMJDBDJOEFUFDOPMPHBTRVFEFQSJNFS
WJTPQPESBODPOTJEFSBSTFDPNPWBMFEF
SBT SFTQFUVPTBTZQSPNPUPSBTEFMBFTQF
DJFIVNBOB QFSPRVFWBMPSBEBTEFTEFFM
QVSPCJFOEFMBQFSTPOB QVFEFONFSF
DFSDVFTUJPOBNJFOUPT
*WFT (BOESB %B 4JMWB .BSUJOT $P

PSE
%JSFJUP'VOEBNFOUBM7JEB
2VBSUJFS -BUJO$FOUSP EF &YUFOBP
6OJWFSTJUSJB 4P1BVMP
QQ
#BKP MB DPPSEJOBDJO EFM QSPGFTPS *WFT
(BOESB%B4JMWB.BSUJOT USFJOUBBVUP
SFTEFEJTUJOUPTQBTFTMBUJOPBNFSJDBOPT
FYQPOFOFOFTUFMJCSPVOBBNQMJBZQSP
GVOEBNJSBEBTPCSFMPTUFNBTNTEFCB
UJEPT FO #JPUJDB FO FM NCJUP EFM JOJ
DJPEFMBWJEBFMEFSFDIPBMBWJEBFOMB
USBEJDJOmMPTmDB MBUVUFMBKVSEJDBEF
MBWJEBIVNBOBEFTEFFMNPNFOUPEFMB
DPODFQDJO MPTBSHVNFOUPTEFMEFCBUF
FOUPSOPBMBMFHBMJ[BDJOPEFTQFOBMJ[B
DJOEFMBCPSUP MPTDBTPTEFBOFODFGBMJB
FM EFSFDIP B MB WJEB EF MPT FNCSJPOFT
IVNBOPTEFTEFMBSFnFYJOmMPTmDBZ
EFTEFMBKVSEJDB MBQMEPSBEFMEBEFT
QVT MBJOWFTUJHBDJODPODMVMBTNBESF
FNCSJPOBSJBT
.BSB$SV[%B[EF5FSO%FSFDIP
ZOVFWBFVHFOFTJB6OFTUVEJPEFT
EFMB-FZ EFEFOPWJFN
CSF EF UDOJDBT EF SFQSPEVDDJO
BTJTUJEB&6/4" 1BNQMPOB
QQ
-PTBDUVBMFTDPOPDJNJFOUPTEFMHFOPNB
IVNBOP BDPNQBBEPT EF MBT MUJNBT
UFDOPMPHBTSFQSPEVDUJWBT QFSNJUFOTP
NFUFSBMPTFNCSJPOFTDSFBEPTJOWJUSPB
VOBOMJTJTHFOUJDPQSFWJPBTVJNQMBO
UBDJO QBSBJOUSPEVDJSFOFMUFSPEFMB
NVKFSTMPBRVFMMPTRVFTFBEBQUFOBMPT
DSJUFSJPT EFTFBEPT FMJNJOBOEP MPT EF
GFDUVPTPTPFOGFSNPT&TUBTFMFDDJOEF
FNCSJPOFT TF MMFWB B DBCP GVOEBNFO
UBMNFOUF B QBSUJS EF MPT SFTVMUBEPT EFM

MMBNBEPEJBHOTUJDPQSFJNQMBOUBUPSJP
&O&TQBBFTUBTNFEJEBTTFMFDUJWBTFO
DVFOUSBO KVTUJmDBDJO FO MB -FZ
TPCSFUDOJDBTEFSFQSPEVDDJOBTJTUJEB
RVFNBOFKBMBDBUFHPSBEFQSFFNCSJO
Z BEVDF QBSB KVTUJmDBS UBMFT QSDUJDBT
DSJUFSJPT UFSBQVUJDPT Z EF QSFWFODJO
EFFOGFSNFEBEFT
-B BVUPSB QBSUJFOEP EF MB QSFNJTB EF
RVF MB UVUFMB EF MPT ECJMFT FT GVODJO
QSJPSJUBSJBEFMEFSFDIP BOBMJ[BFMGVOEB
NFOUPZMBTDPOTFDVFODJBTEFFTUBTJUVB
DJOMFHJTMBUJWB
"OCBM 'BOEFT +PT #BS[FMBUUP &M

ESBNBEFMBCPSUP&OCVTDBEFVO
DPOTFOTP -0. &EJDJPOFT FEJ
DJOFO4BOUJBHPEF$IJMF
QQ 1VCMJDBEPBOUFSJPSNFOUFFO#P
HPU

&M EPDUPS "OCBM 'BOEF[ FT QSPGFTPS
UJUVMBSEF0CTUFUSJDJBEFMB6OJWFSTJEBE
EF $IJMF $PPSEJOBEPS EFM $PNJU EF
%FSFDIPT 4FYVBMFT Z 3FQSPEVDUJWPT
'FEFSBDJO -BUJOPBNFSJDBOB EF 4P
DJFEBEFT EF 0CTUFUSJDJB '-"40(
Z
(JOFDPMPHB Z EFM NJTNP DPNJU EF MB
'FEFSBDJO *OUFSOBDJPOBM EF (JOFDP
MPHB Z 0CTUFUSJDJB '*(0
&M EPDUPS
+PT#BS[FMBUUPFTQSPGFTPS"TPDJBEPEF
.FEJDJOB EF MB 6OJWFSTJEBE EF $IJMF
GVF EJSFDUPS EFM 1SPHSBNB &TQFDJBM EF
*OWFTUJHBDJO Z &OUSFOBNJFOUP FO 3F
QSPEVDDJO)VNBOBBVTQJDJBEPQPSFM
1/6% MB 0.4 Z FM #BODP .VOEJBM
&O FTUB PCSB FEJUBEB QSJNFSP FO #P
HPU TFBOBMJ[BFMQSPCMFNBEFMBCPSUP
VO QSPCMFNB RVF BGFDUB B DBTJ UPEPT

EJSFDUBPJOEJSFDUBNFOUF QPSMPNFOPT
VOBWF[FOMBWJEB/BEJFFTUBMGBWPS
EFMBCPSUP&TVOBTPMVDJOEFTFTQFSBEB
RVFUBNQPDPBHSBEBBOBEJFZRVFEFKB
TJFNQSFDJDBUSJDFTFNPDJPOBMFTZGTJDBT
-BHFOUFUJFOEFBUFOFSGVFSUFTPQJOJP
OFTTPCSFFMBCPSUP TJOIBCFSEFEJDBEP
BMBEFCJEBBUFODJOZMBQSPGVOEBZBN
QMJBSFnFYJOTPCSFFMQSPCMFNBRVFOPT
PGSFDFFMMJCSPEF'BOEFTZ#BS[FMBUUP
&MESBNBEFMBCPSUP FOUSFHBBCVOEBOUF
JOGPSNBDJO BDFSDB EF MB TJUVBDJO EFM
BCPSUPFOFMNVOEPZBEFNTBOBMJ[BMBT
DBVTBTZQPTJCMFTTPMVDJPOFTBFTUFQSP
CMFNB
6OBEFMBTDPODMVTJPOFTEFMMJCSPFTRVF
iMPTQBTFTDPONFOPTBCPSUPTTPOQBTFT
FORVFFMBCPSUPFTBNQMJBNFOUFQFSNJ
UJEP 1PS FKFNQMP MB OBDJO EF GSJDB
DPO NFOPS UBTB EF BCPSUPT FT 5OF[
RVFFTVOPEFMPTQPDPTFORVFFTMFHBM
FO MB SFHJOw 4J TF USBUB EF DPNQBSB
DJPOFT &MESBNBEFMBCPSUPSFWFMBRVF
FO "MFNBOJB #MHJDB )PMBOEB Z 4VJ
[B UPEPT QBTFT EPOEF MB JOUFSSVQDJO
FTMFHBM UJFOFOUBTBTEFBCPSUPTQPS
DBEB NJM NVKFSFT FOUSF Z BPT
NJFOUSBTRVF$IJMFFYIJCFMBDJGSBEF
QPSDBEBNJM TFHOMPTBVUPSFT"OUFMB
DPOTVMUBEFTJFTOFDFTBSJPEFTQFOBMJ[BS
FM BCPSUP 'BOEFT SFTQPOEF i4 QFSP
EFUFSNJOBOEP NVZ DMBSBNFOUF MBT DJS
DVOTUBODJBTFORVFEFCFTFSQFSNJUJEP
FEBEEFHFTUBDJOMJNJUFQBSBDBEBDBTP
Z PUSPT EFUBMMFT RVF OP CVSPDSBUJDFO FM
QSPDFTP Z RVF BZVEFO BM PCKFUJWP mOBM
EFSFEVDJSMPTBCPSUPTw

'FEFSBDJO*OUFSOBDJPOBMEF6OJWFSTJEB
EFT$BUMJDBT-BWJEBIVNBOB PSJHFO
ZEFTBSSPMMP3FnFYJPOFTCJPUJDBTEF
DJFOUmDPT Z NPSBMJTUBT 6OJWFSTJEBE
1POUJmDJB EF $PNJMMBT *OTUJUVUP #PSKB
EF#JPUJDB .BESJE QQ
&EJUPSFT'SBODFTD"CFM &EVBSE#PO
+PIO $ )BSWFZ &O NFNPSJB EF "O
ES)FMMFHFST GVOEBEPSEFM*OTUJUVUPEF
#JPUJDB EF MB 6OJWFSTJEBE EF (FPSHF
UPXO 4UBUVT EFM FNCSJO EJBHOTUJDP
QSFOBUBMZBCPSUPTFMFDUJWP NPSBMZNB
HJTUFSJPEFMB*HMFTJB
+BWJFS (BGP &EJUPS

1SPDSFBDJO
IVNBOB BTJTUJEB BTQFDUPT UDOJ
DPT UJDPT Z MFHBMFT 6OJWFSTJEBE
1POUJmDJB $PNJMMBT .BESJE
QQ
&T CVFOP RVF FM TVCUUVMP EF VO MJCSP
OPT BOPUJDJF QSFWJBNFOUF BDFSDB EF TV
DPOUFOJEP NYJNF DVBOEP TV DPOUF
OJEPDVNQMFBDBCBEBNFOUFDPOMPRVF
FOFMBOUFSJPSTFJOEJDB1VFTCJFO PUSB
DPTB OP QPEB FTQFSBSTF EF VOB PCSB
FEJUBEBQPS+BWJFS(BGP DBUFESUJDPEF
5FPMPHB.PSBMZEJSFDUPSEFMB$UFESB
EF#JPUJDBEFMB6OJWFSTJEBE1POUJmDJB
$PNJMMBTo.BESJE
oBDVZBQMVNBQFS
UFOFDFMBi*OUSPEVDDJOw QQ
EF
MBNJTNBo EFMDVBMTMPQPEFNPTEFDJS
RVFDPOUJOBUSBCBKBOEPDPOMBTFSJFEBE
BDBENJDBRVFTJFNQSFMPDBSBDUFSJ[
"TQFDUPTUDOJDPT EJDFFTUFTVCUUVMP Z
TPCSF FTUB UFNUJDB WFSTB MB FOUSFHB EF
+PT.(VFSSB'MFDIBZ+VMJB'FSOO
EF[o.PST -QF[ i"TQFDUPT DJFOUm
DPT EF MB JOTFNJOBDJO BSUJmDJBMw QQ

"NCPTBVUPSFTTFEFTFNQFBO
FOFM4FSWJDJPEF3FQSPEVDDJO)VNB
OB EFM )PTQJUBM (FOFSBM 6OJWFSTJUBSJP
i(SFHPSJP.BSBOw .BESJE
QFSNJ
UJOEPMFT TV FYQFSJFODJB DMOJDB SFMBUBS
FOGPSNBBNFOBZEFUBMMBEB MBUFNUJDB
RVF BCPSEBO SFWJTUJFOEP FTQFDJBM JOUF
ST TVT BQSFDJBDJPOFT BDFSDB EFM iEFTB
SSPMMP GPMJDVMBS NMUJQMFw oFTUP FT MPT
USBUBNJFOUPT NFEJDBNFOUPTPT QBSB MB
FTUJNVMBDJOPWSJDBo FOUSFPUSBTDVFT
UJPOFTRVFCJFOEFUBMMBO
-VFHP +PT " 3VJ[ #BMEB +FGF EF MB
6OJEBEEF3FQSPEVDDJO)VNBOBEFM
)PTQJUBMiEF0DUVCSFw .BESJE
TF
SFmFSF B MPT i"TQFDUPT DJFOUmDPT EF MB
GFDVOEBDJO JO WJUSPw QQ
FO
VOPEFMPTNTDPNQMFUPTUSBCBKPT SJDP
FODPOUFOJEPZFOFTUBETUJDBT RVFIF
NPTMFEPFOMPTMUJNPTUJFNQPT DVZB
FYQMJDBDJOEFMQSPDFTPEFMB'*7HP[B
EFVOBBCTPMVUBDMBSJEBE USBUBOEPBEF
NT oFOUSF PUSPT UFNBTo BDFSDB EF MB
JOZFDDJO JOUSBDJUPQMBTNUJDB EF FTQFS
NBUP[PJEFT *$4*
Z EF BMHVOBT UDOJ
DBTDPNQMFNFOUBSJBTEFMBGFDVOEBDJO
FYUSBDPSQPSBM DPNP FM DPDVMUJWP EF
FNCSJPOFT RVF QFSNJUF TV USBOTGFS FO
FTUBEJPEFCMBTUPDJTUP
-FTJHVFVOFYDFMFOUFUSBCBKPEF%JBOB
(VFSSB%B[ 4FSWFJEF.FEJDJOB1TJDP
TPNUJDB *OTUJUVU 6OJWFSTJUBSJ %FYFVT
#BSDFMPOB
i3FQFSDVTJPOFTQTJDPMHJDBT
EFMBQSPDSFBDJOBTJTUJEBw QQ

EPOEFUSBUBFOEFUBMMFFMUFNBRVFBCPS
EB UBOUP DPO SFTQFDUP B MPT QBDJFOUFT
DPNPBMPTOJPTOBDJEPTNFSDFEBMBT
UDOJDBT JOEJDBEBT Z B MPT QSPQJPT N
EJDPT*OTJTUFoBOVFTUSPFOUFOEFS DPO
SB[OoFOMBOFDFTJEBEEFMTPQPSUFQTJ
DPMHJDPBMBQBSFKBJOGSUJM EFTNJTUJmDB
oTJOEFDJSMPBToVOBTFSJFEFNJUPTSF
GFSFOUFTBMBTDPOTFDVFODJBTQTJDPMHJDBT
RVFUBMFTUDOJDBTFOMPTOJPTDPOFMMBT
HFOFSBEPT ZSFMBUBVOBTFSJFEFDPOUJO
HFODJBT oWHS FM FTUST WJWJEP QPS MPT
QBDJFOUFTo RVF EFCFO TFS QPOEFSBEBT
DVBOEPMBJOTUSVNFOUBDJOEFMBTBOUF
SJPSFT
$PNJFO[B BIPSB FM USBUBNJFOUP EF MPT
BTQFDUPTUJDPT/PIBDFGBMUBQSFTFOUBS
B%JFHP(SBDJB EFDVZPFYUFOTPDVSS
DVMP BRVTMPTFEJDFRVFFTDBUFESUJDP
EF)JTUPSJBEFMBNFEJDJOBZEJSFDUPSEFM
.TUFS EF #JPUJDB EF MB 6OJWFSTJEBE
$PNQMVUFOTFEF.BESJE
RVJFOFTDSJCF
BDFSDBEFi&MFTUBUVUPEFMFNCSJOw QQ

DPNQMFUBOEPoBOVFTUSPQBSF
DFSoVONVZBOUFSJPSUSBCBKPTVZPSFGF
SFOUFBMNJTNPUFNB1PESEJTDVUJSTFZ
EJTFOUJSTFDPOTVTPQJOJPOFToFOQBSUJ
DVMBS FODVBOUPBBMHVOBTBQSFDJBDJPOFT
TVZBTSFGFSFOUFTBMFTUBUVUPPOUPMHJDPZ
BM FTUBUVUP UJDP EFM FNCSJO FYUSBDPS
QPSBMNFOUF HFOFSBEPo QFSP TUBT OP
QVFEFTFSQBTBEBTQPSBMUP
4PCSF BTQFDUPT QSPQJPT EF MB UFPMPHB
NPSBMDBUMJDBSFGFSFOUFTBMUFNB WFSTB
FMUSBCBKPEF+BWJFS(BGPVONFEJUBEP
FTUVEJP BDFSDB EF MB i7BMPSBDJO UJDB
EFMBQSPDSFBDJOIVNBOBBTJTUJEB&YB
NFO DSUJDP EF MB %POVN 7JUBFw QQ

EPOEF DPO SFTQFUP Z QSFDJ
TJO EFUBMMB VOB TFSJF EF EJmDVMUBEFT
TVTDJUBEBTQPSEJDIPEPDVNFOUP QBTBO
EP SFWJTUB B EJWFSTBT PCKFDJPOFT RVF MF
GVFSPO GPSNVMBEBT SFBMNFOUF EJGDJMFT

EFOPDPNQBSUJSTJTFFOGPDBFMUFNBDPO
SJHPS BDBENJDP Z TJO QSFKVJDJPT DPTB
RVF FO WFSEBE QBSB NVDIPT QBSFDF
NVZDPNQMJDBEPMPHSBS
4FJOUFSDBMBFOUSFBNCPTUSBCBKPTFMFY
UFOTPFTUVEJPEFMBCPHBEP-VJT(PO[
MF[.PSO QSPGFTPS5JUVMBSEF%FSFDIP
$JWJM 'BDVMUBE EF %FSFDIP 6OJWFSTJ
EBEEF0WJFEP
i"TQFDUPTKVSEJDPTEF
MBQSPDSFBDJOBTJTUJEBw QQ

EPOEFFGFDUBVOBQSFDJTBSFTFBEFQBS
UF EFM EFSFDIP DPNQBSBEP QBSB MVFHP
USBUBSBDFSDBEFMBMFHJTMBDJOFTQBPMB
FOGPSNBDPNQMFUBZEFUBMMBEB FOVOB
EFMBTNFKPSFTFYQPTJDJPOFTEFUBMOPS
NBUJWBBMBRVFUVWJNPTBDDFTP
$JFSSB FM WPMVNFO FM USBCBKP EF +PTo
3PNO'MFDIB DBUFESUJDPEF5FPMPHB
.PSBM 6OJWFSTJEBE 1POUJmDJB EF 4BMB
NBODB
RVJFO CBKP FM TVHFTUJWP UUVMP
i{&YJTUFOMNJUFTFOMBQSPDSFBDJOBTJT
UJEB w QQ
DPOTJEFSBOEPRVF
iMBDPOEVDUBUJDBIBEFTFSEFTMJOEBEB

EFMNCJUPEFMPSFMJHJPTPw TJCJFO
BMHVOBT EF TVT DSJUFSJPT SFTVMUBO PQJ
OBCMFT DVNQMF BDBCBEBNFOUF DPO FM
DPNFUJEP RVF FO USNJOPT EF JOUFSSP
HBDJO TF QSPQVTP SFBMJ[BS BRV -VJT
(VJMMFSNP #MBODP 3FWJTUB $VBEFSOPT
EF#JPUJDB "SHFOUJOB

"MCFSUP (BSDB (NF[ $PPSE

&M
EFTUJOPEFMPTFNCSJPOFTDPOHFMB
EPT &EJUPSJBM 'VOEBDJO 6OJWFSTJ
EBE&TQBPMB QQ
(VTUBWP 7JMMBQBMPT FTDSJCF TPCSF -PT
SFUPT BOUSPQPMHJDPT Z UJDPT EF MPT

BWBODFTDJFOUmDPTZMBTJOWFTUJHBDJPOFT
UFDOPMHJDBT(PO[BMP)FSSBO[TPCSF-B
JOWFTUJHBDJODPOFNCSJPOFTZMBEFPO
UPMPHBNEJDB/BUBMJB-QF[.PSBUBMMB
Z.BSB%PMPSFT7JMBo$PSPBOBMJ[BOMB
TJUVBDJO EF MPT FNCSJPOFT DPOHFMBEPT
ZTVEFTUJOP-VJT.JHVFM1BTUPSZ.P
EFTUP 'FSSFS -B JOWFTUJHBDJO FO DMV
MBTUSPODBMFT.OJDB-QF[#BSBIPOB
-BBEPQDJOQSFOBUBM DPNPBMUFSOBUJWB
QBSBMPTFNCSJPOFTDPOHFMBEPT+PT.J
HVFM 4FSSBOP Z "MCFSUP (BSDB (NF[
BOBMJ[BOMBDMPOBDJOEFJOWFTUJHBDJOZ
MBUFSBQVUJDB
%JFHP(SBDJBUJDBFOMPTDPOmOFT
EFMBWJEB&M#IP #PHPU
FEJUBEP FO DVBUSP UPNPT VOB TFSJF EF
FTUVEJPT EFM QSPGFTPS %JFHP (SBDJB
BQBSFDJEPTFOMPTMUJNPTBPTFOEJGF
SFOUFT SFWJTUBT &O TUF MPT BSUDVMPT TF
DFOUSBOFOMPTEPTFYUSFNPTEFMBWJEB
&O MB QSJNFSB QBSUF FTUVEJB MB IJTUPSJB
EFMBFVHFOFTJB MBUJDBEFMBTFYVBMJEBE
FMDSFDJNJFOUPQPCMBDJPOBMZFMEFTBSSP
MMPTPTUFOJCMF MBUJDBZMBSFHVMBDJOEF
MBOBUBMJEBE FMFTUBUVUPEFMFNCSJO MB
IJTUPSJBEFMBCPSUP ZUFNBTEFCJPUJDB
ZQFEJBUSB&OMBTFHVOEBQBSUF BCPSEB
QSJNFSPMBIJTUPSJBEFMBWFKF[ MPTDVJEB
EPTJOUFOTJWPTFOMBFSBEFMB#JPUJDB MB
GVUJMJEBE MBIJTUPSJBEFMBFVUBOBTJB TVT
EJMFNBTUJDPT FMUSBTQMBOUFEFSHBOPT
ZMBEFUFSNJOBDJOEFMNPNFOUPEFMB
NVFSUF
4VTBOB)FSSFSB3PESHVF[&MBCPSUP
JOEVDJEP {7DUJNBT P WJDUJNBSJBT
$BUBMPOJB $FOUSP *OUFSEJTDJQMJOBSJP
EF &TUVEJPT EF (OFSP $FOUSP EF
*OWFTUJHBDJPOFT%JFHP#BSSPT"SBOB
$UFESB6/&4$0EF(OFSP 4BO
UJBHPEF$IJMF QQ
&TUFMJCSPOPFTVOPNTEFOUSPEFMDPS
QVTEFUFYUPTFTDSJUPTBGBWPSPFODPOUSB
EFMBQSDUJDBEFMBCPSUP4VTJOHVMBSJEBE
SBEJDBFOEPTNCJUPT&OQSJNFSMVHBS
FTVOBNJSBEBEFTEFMBBOUSPQPMPHBEFM
HOFSP RVFTFBmODBFO$IJMF ZFOTF
HVOEPMVHBS OPFTVOBQVFTUBFOFTDFOB
EFTEFVOBQPTUVSBUJDBPQPMUJDB TJOP
MBQSPQVFTUBEFVODBNJOPQBSBBDFSDBS
OPT B MBT NMUJQMFT Z QSPGVOEBT BSJTUBT
EF MB JOUFSSVQDJO EF VO FNCBSB[P OP
EFTFBEPi4VMFDUVSBFTTJOEVEBVOBJO
UFSQSFUBDJORVFFTQSFDJTPBTVNJSZEF
CBUJSDPOUPEBMBDBSHBEFEPMPSDPMFDUJWB
Z QFSTPOBM RVF FOUSBB FM BCPSUP QFSP
RVF DJFSUBNFOUF OPT BZVEBS B MJCFSBS
MPT OVEPT RVF MP BQSFTBO Z TJMFODJBOw
TFHOMBBVUPSB
.BSB$SJTUJOB)JEBMHP0SET"O
MJTJT KVSEJDPDJFOUmDP EFM DPODF
CJEPBSUJmDJBMNFOUF#PTDI #BSDF
MPOB QQ
-B QSJNFSB PCSB FO DBTUFMMBOP FTQFDm
DBNFOUFDPOTBHSBEBBMFTUVEJPEFMFTUB
UVUPKVSEJDPEFMFNCSJOIBWJTUPMBMV[
EFMBNBOPEF.BSB$SJTUJOB)JEBMHP
0SET DBUFESUJDBEFCJPMPHB BCPHBEB
ZEPDUPSBFO%FSFDIP RVFFYQPOFDPO
HSBO FRVJMJCSJP UBOUP MBT JNQMJDBDJPOFT
DJFOUmDBTDPNPMBTEFUJQPKVSEJDPRVF
BGFDUBOBMBNBUFSJB TJOPMWJEBSMBHSBO
USBTDFOEFODJBRVFTPCSFMBNJTNBUJFOFO
MPTMUJNPTBWBODFTDJFOUmDPTMPHSBEPT
FOFMNCJUPEFMBDMPOBDJO TVTJONFO
TBTQPTJCJMJEBEFTZMPTUBNCJOJONFOTPT
EJMFNBTUJDPTRVFMBDVFTUJOTVTDJUB
-BPCSBTFEJWJEFFODVBUSPQBSUFTDMBSB
NFOUFEJGFSFODJBEBT-BQSJNFSBBOBMJ[B
MPTBTQFDUPTKVSEJDPTZDJFOUmDPTEFMB
SFQSPEVDDJO BTJTUJEB Z MB GFSUJMJ[BDJO
IVNBOB FYUFSOB -B TFHVOEB TF DFOUSB
FO FM BOMJTJT EF MPT BTQFDUPT KVSEJDPT
Z DJFOUmDPT EFM FNCSJO QSPQJBNFOUF
EJDIP-BTUFSDFSBFYBNJOBMPTBTQFDUPT
DJFOUmDPTZKVSEJDPTEFMBJOWFTUJHBDJO
ZMBFYQFSJNFOUBDJOFOHFOFSBMZEFMB
FYQFSJNFOUBDJO HOJDB FO QBSUJDVMBS
DPOVOBCSFWFBMVTJOBMQSPZFDUPHFOP
NBIVNBOP
"EFNT MB PCSB JODMVZF VO JOUFSFTBO
UFBOFYPFOFMRVFTFDJUBMBOPSNBUJWB
TPCSFMBSFQSPEVDDJOBTJTUJEBFYJTUFOUF
FOMBNBZPSBEFMPTQBTFTFVSPQFPT MMF
HBOEPIBTUB3VTJB BTDPNPMBFNBOBEB
EFM$POTFKPEF&VSPQB EFM1BSMBNFOUP
&VSPQFPZEFMB6/&4$0'JOBMNFO
UF QPESFMMFDUPSFODPOUSBSNPEFMPTEF
DPOUSBUPTFJOGPSNBDJOVUJMJ[BEPTFOFM
NCJUPEFMBSFQSPEVDDJOBTJTUJEB
+VBO +JNOF[ 7BSHBT Z (VJMMFSNP

-QF[(BSDB"CPSUPZDPOUSBDFQ
UJWPT &6/4" 1BNQMPOB FEJ
DJO QQ
-PT BVUPSFT EF FTUF MJCSP RVF TF FEJU
QPSWFSQSJNFSBFONBZPEF TPO
QSPGFTPSFT EF 6OJWFSTJEBE DPOPDJEPT
QPS TVT OVNFSPTBT QVCMJDBDJPOFT TPCSF
FTUBTNBUFSJBT&OFTUBFEJDJOTFIB
BVNFOUBEPMBFYQPTJDJOEFNVDIPTBT
QFDUPTDJFOUmDPTRVFTPOEFJNQPSUBO
DJBWJUBMFOFTUPTNPNFOUPT
-B QSJNFSB QBSUF FTU EFEJDBEB B MB
CJPMPHB HFOFSBM EF MB SFQSPEVDDJO
FTUVEJBOEPBDPOUJOVBDJODPONTEF
UFOJNJFOUPMBSFQSPEVDDJOIVNBOBm
TJPMPHBEFMBSFQSPEVDDJOFOMBNVKFS
mTJPMPHB TFYVBM NBTDVMJOB Z DPOEVDUB
IVNBOBFOMBSFQSPEVDDJO
&OVOTFHVOEPNPNFOUP TFBOBMJ[BOMPT
BOUFDFEFOUFTZFWPMVDJOEFMPTEJWFSTPT
NUPEPTBOUJDPODFQUJWPTNTVUJMJ[BEPT
FOMBBDUVBMJEBE MPTDPOUSBDFQUJWPTPSB
MFTZFMEJTQPTJUJWPJOUSBVUFSJOP %*6

-B QBSUF NT JNQPSUBOUF EF FTUF MJCSP
FTUEFEJDBEBBMBCPSUP DPOVOBFYQP
TJDJOEFMBTDMBTFTEFBCPSUP BOMJTJTEF
MBBDUJUVEEFMPTNEJDPTBOUFFMBCPSUP
QSPWPDBEP5BNCJOFYQPOFOoFOEPT
DBQUVMPT EF FTQFDJBM JOUFST B OVFTUSP
QBSFDFSo MB GBMTFEBE FO MB JOGPSNBDJO
TPCSF FM BCPSUP Z MBT BSHVNFOUBDJPOFT
FYUSBDJFOUmDBTDPOUSBMBWJEBEFMTFSIV
NBOP"BEFOVOFTUVEJPNEJDPTPCSF
MBTDPNQMJDBDJPOFTDMOJDBTZQTJRVJUSJ
DBTEFMBCPSUPQSPWPDBEPZEPTDBQUV
MPTRVFTFSFmFSFONVZEJSFDUBNFOUFBM
EFSFDIPBMBWJEBZMBTDPOTFDVFODJBTEF
MBTMFHJTMBDJPOFTBCPSUJTUBT
3BGBFM+VORVFSBEF&TUGBOJ3FQSP
EVDDJO"TJTUJEB 'JMPTPGBUJDBZ
'JMPTPGB+VSEJDB5FDOPT .BESJE

&YJTUFO NVZ QPDBT PCSBT RVF EFTEF FM
DBNQP EF MB 'JMPTPGB EFM %FSFDIP B
OFOVOFTUVEJPUJDPZKVSEJDPFOUPSOP

BMBQSPCMFNUJDBEFMBTUDOJDBTEFSF
QSPEVDDJO BTJTUJEB &M BVUPS QSPGFTPS
EF%FSFDIPEFMB6/&% .BESJE BOB
MJ[B FO FTUB PCSB MB MVDIB QPS MB TVQF
SBDJOEFMBFTUFSJMJEBE MBJOTFNJOBDJO
BSUJmDJBM ZMBGFDVOEBDJOJO7JUSP EFT
EFMBTQFSTQFDUJWBTUJDBZKVSEJDB
+SNF -FKFVOF Z PUSPT %FKBEMPT

WJWJS 3JBMQ .BESJE 5UVMP
PSJHJOBM-BJTTF[MFTWJWSF/POBVH
OPDJEF1BST

)BDF VOPT BPT TF PSJHJO FO 'SBODJB
VO BNQMJP NPWJNJFOUP DPO FM mO EF
EFGFOEFS MB WJEB IVNBOB Z PQPOFSTF
BM QSPZFDUP EF MFHJTMBDJO BCPSUJTUB "
MP MBSHP EF MBT QHJOBT EF FTUF MJCSP TF
SFDPHFOFTUVEJPTZNPOPHSBGBTFTDSJUPT
QPSBMHVOPTEJSJHFOUFTEFMB"TPDJBDJO
DJWJMi-BJTTF[MFT7JWSFw OPNCSFEFFTF
NPWJNJFOUPRVFUBNCJOFTFMUUVMPEF
MBWFSTJOFTQBPMBEFFTUFMJCSP
&OUSF TVT BVUPSFT EFTUBDB FM QSPGFTPS
CJMPHP Z EFTUBDBEP FTQFDJBMJTUB FO
(FOUJDB +SNF -FKFVOF $PMBCPSBO
BTJNJTNP FM NEJDP Z FTDSJUPS GSBODT
EPDUPS$IBVDIBSE FMEPDUPS7JHOFTZFM
QSPGFTPS(PCSZ BTDPNPFMEPDUPS5S
FNCMBZ$POTUBEFUSFTQBSUFTMBQSJNF
SB EFEJDBEBBMSFTQFUPBMBWJEBIVNBOB
ZBCPSUP DPOFTUVEJPTTPCSFFMQSJODJQJP
EFMTFSIVNBOP MBTSB[POFTZNFEJPTEF
QSFWFODJOEFMBCPSUP MPTGVOEBNFOUPT
EFMSFTQFUPBMBWJEBIVNBOB BTDPNP
MPTQFMJHSPTEFMBCPSUPQSPWPDBEP UBOUP
FMDMBOEFTUJOPDPNPFMMFHBM
&OMBTFHVOEBQBSUF FMQSPGFTPS5SFN
CMBZFTUVEJBMPTBTQFDUPTEFNPHSmDPTZ
FDPONJDPT DPOVODBQUVMPoRVFDPO
TJEFSBNPTEFJOEVEBCMFJOUFSToEFEJDB
EPBMBSFDUJmDBDJOEFBMHVOPTFSSPSFT
TPCSFFMBCPSUPZTVMFHBMJ[BDJO
&O MB UFSDFSB QBSUF TF FYQPOFO MBT BD
DJPOFT QSDUJDBT FNQSFOEJEBT QPS MB
BTPDJBDJO GSBODFTB i-BJTTF[MFT 7JWSFw
ZQSPQPTJDJPOFTEFJODPOTUJUVDJPOBMJEBE
QSFTFOUBEBTBOUFFMQSPZFDUPEFMFZGSBO
DTEFMBCPSUP
+PT-QF[(V[NO.UPEPT{BO
UJDPODFQUJWPT QPTUDPJUBMFT$FOUSP
'BSNBDVUJDP /BDJPOBM .BESJE
QQ
+PT -QF[ (V[NO FT EPDUPS FO 'BS
NBDJB QPS MB 6OJW %F 7BMFODJB Z BD
UVBMNFOUF QSPGFTPS EFM %FQBSUBNFOUP
EF)VNBOJEBEFT.EJDBTEFMB6OJWFS
TJEBE EF /BWBSSB )B FTDSJUP BOUFSJPS
NFOUF WBSJPT MJCSPT TPCSF %FPOUPMPHB
FO'BSNBDJB ZUSBUBFOTUFEFVOUFNB
EF HSBO BDUVBMJEBE DPNP FT FM BOMJTJT
UDOJDPZMBWBMPSBDJOUJDBEFMPTNUP
EPTQPTUDPJUBMFTNTDPOPDJEPT JODMVJ
EP FM EF MB iQMEPSB EFM EB TJHVJFOUFw
DBUBMPHBEBQPSFMBVUPSDPNPiJOUFSDFQ
DJOBCPSUJWBEFMFNCSJOw
+PT-QF[(V[NO-BQMEPSBEFM
EBEFTQVTBTQFDUPTGBSNBDPMHJ
DPT UJDPTZKVSEJDPT&EJUPSJBM4F
LPUJB .BESJE QQ
&TUB PCSB EF HSBO BDUVBMJEBE USBUB MPT
BTQFDUPTDJFOUmDPT BOUSPQPMHJDPT TP
DJBMFT UJDPTZKVSEJDPTFOUPSOPBMBQP
QVMBSNFOUFDPOPDJEBDPNPiQMEPSBEFM
EBTJHVJFOUFw
1BSB FNQF[BS EJMVDJEB FM NFDBOJTNP

EF BDDJO EFM GSNBDP BDMBSBOEP RVF
TV FGFDUP QSJODJQBM FT QPUFODJBMNFOUF
BCPSUJWP BMJNQFEJSMBJNQMBOUBDJOEFM
FNCSJOZBDPODFCJEPFOFMUFSPNB
UFSOP

3FnFYJPOBBDFSDBEFMJOJDJPEFMBWJEBIV
NBOBZEFMBDPOEJDJOEFMFNCSJOIV
NBOPBMBMV[EFTVOBUVSBMF[BCJPMHJDB
"TBCJFOEBTEFRVFUPEBWJEBIVNBOBTF
JOJDJBDPOFMGFONFOPEFMBGFDVOEBDJO
DPODMVZFRVFFMGSVUPEFMBDPODFQDJOFT
ZBVOTFSIVNBOPDVZBEJHOJEBEZEFSF
DIPTEFCFOTFSSFDPOPDJEPT QSPUFHJEPTZ
SFTQFUBEPT$POHSBOIBCJMJEBE MPTBV
UPSFT OPT SFWFMBO MB FOHBPTB FTUSBUFHJB
FNQMFBEB QBSB MPHSBS RVF FTUF GSNBDP
BCPSUJWPGVFSBSFDPOPDJEPQPSMBTBVUPSJ
EBEFTTBOJUBSJBTDPNPiBOUJDPODFQUJWPw
GPS[BEPBTTVEJTQFOTBDJOFOMBTPmDJ
OBT EF GBSNBDJB &TUF MUJNP IFDIP IB
DBVTBEPHSBONBMFTUBSFOUSFFMDPMFDUJWP
EFGBSNBDVUJDPTDPNVOJUBSJPTZBRVFFM
EFSFDIPBMBPCKFDJOEFDPODJFODJBOP
IBTJEPJHVBMNFOUFQSPUFHJEPQPSUPEBT
MBT $PNVOJEBEFT "VUOPNBT EF &TQB
B&OVONJTNPPSEFOEFDPTBT EFOVO
DJBOFMJOBDFQUBCMFPDVMUJTNPZMBGBMUBEF
JOGPSNBDJOPCKFUJWBZDJFOUmDBBDFSDB
EFM WFSEBEFSP NFDBOJTNP EF BDDJO Z
EFMPTQPTJCMFTFGFDUPTTFDVOEBSJPT
EFMB
iQMEPSBEFMEBTJHVJFOUFw&OHBPRVF
TFFKFSDFUBOUPTPCSFMBTVTVBSJBTQPUFODJB
MFTDPNPTPCSFMPTGBSNBDVUJDPTRVFWBO
BEJTQFOTBSFMGSNBDP DPOWFODJEPTEF
FTUBSGBDJMJUBOEPVOiBOUJDPODFQUJWPw
"
MBMV[EFMPTIFDIPTFYQVFTUPT KVTUJmDBO
MBJMJDJUVEEFmOBODJBSQCMJDBNFOUFFTUF
GSNBDP
-PTBVUPSFTUBNCJOTFIBOEFUFOJEPB
SFnFYJPOBS BDFSDB EF MB TFYVBMJEBE IV
NBOBZEFMFGFDUPDPOUSBQSPEVDFOUFRVF
MB QPTJCJMJEBE EF SFDVSSJS B MB iQMEPSB
EFMEBTJHVJFOUFwUJFOFBMBIPSBEFGP
NFOUBSZQSPQJDJBSVOBDPOEVDUBTFYVBM
CBTBEBFOFMSFTQFUP MBSFTQPOTBCJMJEBE
ZFMBNPS
/BUBMJB -QF[ .PSBUBMMB Z .BSB +

*SBCVSV &MJ[BMEF -PT RVJODF QSJ
NFSPT EBT EF VOB WJEB IVNBOB
&6/4" 1BNQMPOB QQ
&TUFMJCSPFTVOSFMBUPmFMEFMPRVFTF
TBCFTPCSFMBNBSBWJMMPTBIJTUPSJBEFMPT
QSJNFSPT NPNFOUPT EF MB WJEB QBTP B
QBTP 1FSNJUF BDFSDBSTF Z DPOPDFS DPO
EFUBMMF MPT QSJNFSPT EBT EF VO FN
CSJOIVNBOPFONBSDIBZFOEJMPHP
NPMFDVMBSDPOMBNBESF/PTEFTDVCSF
DNPFMDJHPUPTFDPOWJFSUFFOFNCSJO
VO DPOKVOUP QFSGFDUBNFOUF PSEFOBEP
EF DMVMBT RVF DSFDFO TF EJGFSFODJBO Z
USBOTNJUFO VOBT B PUSBT JOGPSNBDJPOFT
QSFDJTBT
&TVOMJCSPWJWPRVFMFFSODPOJOUFST
DJFOUmDPT MFHJTMBEPSFT FYQFSUPTFOUJ
DBZUPEPTBRVFMMPTJOUFSFTBEPTFODPOP
DFSMPTEFUBMMFTEFDNPTFUSBOTNJUFZ
BSSBODB MB WJEB MP RVF FT Z MP RVF OP
FT VO FNCSJO Z DNP BQBSFDFO MPT
HFNFMPT JEOUJDPT DNP TPO MPT DPO
KVOUPT DFMVMBSFT QBSFDJEPT B FNCSJPOFT
PCUFOJEPTQPSMPTQSPDFTPTEFDMPOBDJO
P QBSUFOPHOFTJT Z RV TPO MBT DMVMBT
USPODBMFTFNCSJPOBSJBT
-PT RVJODF QSJNFSPT EBT EF VOB WJEB
IVNBOB MMFHB FO VO CVFO NPNFOUP

SFDPHF EBUPT BCVOEBOUFT Z QSFDJTPT EF

MB CJCMJPHSBGB NT SFDJFOUF EF VO SFB
DJFOUmDB FO FYQBOTJO /BUBMJB -QF[
.PSBUBMMB FT MJDFODJBEB FO $JFODJBT
2VNJDBT QPS MB 6OJWFSTJEBE EF (SB
OBEB EPDUPSB FO $JFODJBT #JPMHJDBT
QPS MB 6OJWFSTJEBE EF /BWBSSB Z DBUF
ESUJDBEF#JPRVNJDBEFTEF*O
WFTUJHBFOFMSFBEFCJPNFEJDJOB BDFSDB
EFMPTNFDBOJTNPTEFQPUFODJBDJOEFM
TJTUFNB JONVOJUBSJP GSFOUF BM DODFS
FOGFSNFEBEFTBVUPJONVOFTZUPMFSBODJB
JONVOF)BSFBMJ[BEPVOBBNQMJBMBCPS
EFJOWFTUJHBDJOZEJWVMHBDJODJFOUmDB
FOMBTSFBTEFMB"OUSPQPMPHBZMB#JP
MPHBIVNBOB
.BSB *SBCVSV &MJ[BMEF FT EPDUPSB FO
$JFODJBT #JPMHJDBT QPS MB 6OJWFSTJEBE
EF/BWBSSB EPOEFSFBMJ[UBNCJOTVT
FTUVEJPT EF -JDFODJBUVSB 5SBT VOB FT
UBODJB QPTU EPDUPSBM FO FM "MCFSU &JOT
UFJO $PMMFHF EF /VFWB :PSL TV JOWFT
UJHBDJOTFIBDFOUSBEPFOMBSFHVMBDJO
EFMBmCSPTJTZMBBQPQUPTJTFOMBmTJPQB
UPMPHBIFQUJDB
/BSSB-VOB1SPWFUBTFDMPOFTVNB
BOUSPQPMPHBEBTOPWBTUFDOPMPHBT
SFQSPEVUJWBT'PDSV[ 3PEF+BOFJ
SP QQ
(SBEVBEB FO 5FPMPHB Z $JFODJBT 4P
DJBMFT EPDUPSB FO "OUSPQPMPHB QPS MB
6'3+ *OWFTUJHBEPSB EF MB 'VOEBDJO
$BSMPT$IFHBTFO3PEF+BOFJSP"OB
MJ[B MB *OGFSUJMJEBE Z BVTFODJB EF IJKPT
DPNPFMPSJHFOEFMESBNB-BSFTQVFTUB
EFMBCJPNFEJDJOBZTVJODJEFODJBFOMBT
VTVBSJBT 5SBUB EFM DVFSQP DPNP DPO
DFQDJO Z IFSFODJB Z EF DNP BGFDUBO
MBTUDOJDBTSFQSPEVDUJWBTBMQBSFOUFTDP
ZMBOPDJOEFQFSTPOB
3BNO .BDJ .BOTP UJDB WJEB

IVNBOBZBCPSUP 7PM
6OJWFSTJ
EBE$PNQMVUFOTF'BDVMUBEEF%FSF
DIP .BESJE QQ
$POUJFOFTFJTDBQUVMPTFOEPTWPMNF
OFT * *OUSPEVDDJO HFOFSBM ** 7JEB
IVNBOB Z BCPSUP *** $PODFQDJPOFT
BOUSPQPMHJDBT *7 &M IPNCSF TFHO
TVOBUVSBMF[B7-BJEFBEFOBUVSBMF[B
IVNBOB7*7JEBIVNBOBZBCPSUPFM
IFDIPZFMEFSFDIP
#OEJDUF.BOJFS$VBOEPMBTNV
KFSFTIBZBOEFTBQBSFDJEP$UFESB
.BESJE QQ
-BTJUVBDJORVFMMFWBBMBCPSUPTFMFDUJWP
EFMBTOJBTFTUCJFOEFTDSJUBFOFMSF
DJFOUFMJCSPEF#OEJDUF.BOJFS$VBO
EPMBTNVKFSFTIBZBOEFTBQBSFDJEP RVF
TFDFOUSBTPCSFUPEPFOMPRVFPDVSSFFO
MB*OEJB
$POUSBMPRVFDBCSBFTQFSBS FMSFDIB[P
EFMBTOJBTZFMSFDVSTPBMBCPSUPOPIBZ
RVFJNQVUBSMPBMBQPCSF[B BMTVCEFTB
SSPMMPZBMBOBMGBCFUJTNP TJOPBMBQSPT
QFSJEBE-PTHSVQPTTPDJBMFTNTIPTUJ
MFTBMBTOJBTOPTPOMPTQPCSFT TJOPMBT
DMBTFTNFEJBT QBSBMBTDVBMFTFMDPTUFEF
MBCPEBZMBEPUFEFMBIJKBDPOTUJUVZFO
VOPCTUDVMPQBSBTVBTDFOTPTPDJBM1PS
FTP OPFTFYUSBPRVFMBQSPQPSDJOEF
OBDJNJFOUPTEFOJBTTFBNFOPSFOMPT
CBSSJPTBDPNPEBEPTRVFFOMPTQPQVMB
SFT FOMBTDJVEBEFTRVFFOFMDBNQP FO
MPT FTUBEPT NT SJDPT EFM OPSUF RVF FO
MPT EF NFOPS SFOUB i$BTJ DBCSB EFDJS
oFTDSJCF .BOJFSo RVF VO GFUP GFNFOJ

OPUJFOFBMHVOBTPQPSUVOJEBEFTNTEF
WFOJSBMNVOEPFOVOCBSSJPEFDIBCP
MBTEFMNFEJPSVSBMRVFFOVOCBSSJPEF
DMBTFNFEJBw
+VOUP B MBT TBODJPOFT MFHBMFT MBT PSHB
OJ[BDJPOFTRVFMVDIBODPOUSBFMBCPSUP
TFMFDUJWPFOMB*OEJBQSPQPOFOUBNCJO
VOBTFSJFEFNFEJEBTRVFFSSBEJRVFOMBT
DBVTBT EFM SFDIB[P EF MBT OJBT BCPMJS
MB EPUF VO TFHVSP QBSB RVF MPT QSPHF
OJUPSFT OP EFQFOEBO FO MB WFKF[ EF MB
BTJTUFODJBEFVOIJKPWBSO FMBDDFTPEF
MBT NVKFSFT B FNQMFPT RVF MFT EFO VOB
BVUPOPNB FDPONJDB Z DPOUSJCVJS BT
FOUSNJOPTEFJHVBMEBEBMBSFOUBGBNJ
MJBS BDDFTPBMBIFSFODJB&OEFmOJUJWB
MPRVFFTUFOKVFHPFTVODBNCJPFOFM
FTUBUVTEFMBTNVKFSFT RVFQBTBQPSVOB
USBOTGPSNBDJOEFMBTNFOUBMJEBEFT
1FSPMBHSBONBZPSBEFMBTPDJFEBEJO
EJB SFDPOPDF .BOJFS QFSNBOFDF JO
TFOTJCMFBOUFFTUFQSPCMFNBEFMBEJTDSJ
NJOBDJO QSFOBUBM -B BVUPSB MBNFOUB
JODMVTPRVFiFOFMQMBOPSFMJHJPTP OPTF
IBQSPOVODJBEPOJOHVOBFYDPNVOJOw
ZMBTDPOEFOBTFNJUJEBTQPSMBTBVUPSJ
EBEFTSFMJHJPTBT DSJTUJBOB TJK NVTVMNB
OB
TVSUFOFTDBTPFGFDUP
"MHVOBT 0/( IBO EFDJEJEP MVDIBS
DPOUSB MB FMJNJOBDJO EF MBT OJBT DPO
BDDJPOFT RVF TJ MBT VUJMJ[BSB VO HSVQP
QSP WJEB DBVTBSBO FTDOEBMP i&O MPT
QVFCMPT EF 5BNJM /BEV oDVFOUB .B
OJFSoTFIBODSFBEPDPNJUTEFWJHJMBO
DJBEFOPNJOBEPTTBOHBN RVFMMFWBOVO
SFHJTUSP EF MPT FNCBSB[PT FO DVSTP FO
DBEBBMEFBZBNFOB[BODPOEFOVODJBSB
MBTGBNJMJBTBMBQPMJDBFODBTPEFRVFMB
NBESFBCPSUFVOGFUPGFNFOJOP EFRVF
DPNFUBOVOJOGBOUJDJEJPOFPOBUBMPEF
RVFTFQSPEV[DBVOBNVFSUFQSFNBUVSB
TPTQFDIPTBEFVOBOJBw4JFTUPOPFT
VOBiDSV[BEBBOUJBCPSUJTUBw TFMFQBSF
DF NVDIP 1FSP TFSB NT DPOWJODFOUF
TJ OP GVFSB UBO TFMFDUJWB Z BCBSDBSB B
MPT EPT TFYPT 1PSRVF BOUF FM MJCSP EF
#OEJDUF.BOJFS RVFSFTQJSBJOEJHOB
DJO NPSBM FO NVDIBT EF TVT QHJOBT
FTJOFWJUBCMFQMBOUFBSTFVOBQSFHVOUBTJ
FO WF[ EF IBCFS FO "TJB QPS PCSB EFM
BCPSUPTFMFDUJWP VOEmDJUEFDJFONJ
MMPOFTEFNVKFSFT GBMUBSBONJMMPOFT
EFOJBTZNJMMPOFTEFOJPT {ZBOP
IBCSB OJOHO QSPCMFNB 3FTFB *H
OBDJP"SDIBHB"DFQSFOTB
1BVMB$3.BSUJOIP%B4JMWB1SP
DSFBBP"SUJmDJBM"TQFDUPT+VSEJ
DPT.PSBFT&EJUPSFT -JTCPB
5JUVMBEBFO%FSFDIPQPSMB'BDVMUBEEF
%FSFDIP EF MB 6OJWFSTJEBE $MTJDB EF
-JTCPB Z .TUFS FO #JPUJDB FO MB 'B
DVMUBE EF .FEJDJOB EF MB 6OJWFSTJEBE
$PNQMVUFOTF EF .BESJE %FTFNQFB
MB "CPHBDB &T NJFNCSP EFM $POTFKP
EF%JTUSJUPEFMB"TPDJBDJO1PSUVHVFTB
EFMB"CPHBDBQPSQFSPEPEFUSFTBPT
FOUSFMPTBPTZ BTDPNPFM
QFSPEPEFB
.JFNCSPEFM$POTFKP/BDJPOBMEFUJDB
QBSBMBT$JFODJBTEFMB7JEB EFM$POTF
KP&EJUPSJBMEF3FWJTUB&VSPQFBEF%F
SFDIP .EJDP EFM $FOUSP EF &TUVEJPT
#JPUJDPT $PJNCSB ZEFMB"TPDJBDJO
*OUFSOBDJPOBM EF #JPUJDB Z NJFNCSP
"TPDJBEPEFM)BTUJOHT$FOUFS &&66

&OFTUFMJCSPBCPSEBMBQSPCMFNUJDBKV
SEJDBZUJDBEFMBQSPDSFBDJOBSUJmDJBM
FOMPTQSJNFSPTBPTEFTVEFTBSSPMMPFO
1PSUVHBM
"OUOJP$BSWBMIP.BSUJOT#JPUJDB
F %JBHOTUJDP 1S/BUBM $PJNCSB
&E$PJNCSB
&M BVUPS USBUB MP BTQFDUPT KVSEJDPT EFM
EJBHOTUJDP QSFOBUBM FO FM %FSFDIP
QPSUVHVT FM BDDFTP EF MBT NVKFSFT B
MBTUDOJDBTEFSFQSPEVDDJOBTJTUJEBMB
JOTFNJOBDJO BSUJmDJBM DPO EPOBOUF FM
DPOPDJNJFOUPEFMBBTDFOEFODJBHFOUJ
DBFODBTPTEFJOTFNJOBDJPOIFUFSMPHB
FMEFTUJOPEFMPTFNCSJPOFTTPCSBOUFTEF
MBGFDVOEBDJOJO7JUSPMBNBUFSOJEBE
EFBMRVJMFSPDPOUSBUPTEFHFTUBDJO
$*.BTTJOJ 14FSOB &EJUPSFT

&M
EFSFDIPBMBWJEB&6/4" 1BNQMP
OB QQ
4FSFOFOFOFTUFWPMVNFOBMHVOPTBS
UDVMPT EF DPOPDJEPT KVSJTUBT RVF BCPS
EBO FM EFSFDIP B MB WJEB EFTEF VOB
QFSTQFDUJWBKVSEJDBZUJDB1FESP4FSOB
FTDSJCFTPCSFFMEFSFDIPBMBWJEBFOFM
IPSJ[POUFDVMUVSBMFVSPQFP4QBFNBOO
TPCSFFMDPODFQUPEFEJHOJEBEIVNBOB
1PTTFOUJ TPCSF FM FTUBUVUP POUPMHJDP
EFMFNCSJOIVNBOP,BMJOPXTLJ USBUB
i&MEFSFDIPBMBWJEBFO5PNTEF"RVJ
OPw.BTTJOJ i&MEFSFDIPBMBWJEBFOMB
TJTUFNUJDB EF MPT EFSFDIPT IVNBOPTw
+PIO'JOOJTBOBMJ[BFMEFSFDIPBMBWJEB
EFTEF FM EFSFDIP OBUVSBM Z FM QPTJUJWP
'JOBMNFOUF "OEST 0MMFSP FTDSJCF TP
CSF FM QSFDFQUP DPOTUJUVDJPOBM FTQBPM
RVFTVTDSJCFRVFiUPEPTUJFOFOEFSFDIP
BMBWJEBw
(MFOO .D(FF &M CFC QFSGFDUP

5FOFSIJKPTFOFMOVFWPNVOEPEF
MB DMPOBDJO Z MB HFOUJDB (FEJTB
#BSDFMPOB QQ
&MBVUPSFTDPOPDJEPTPCSFUPEPQPSTVT
BSUDVMPT FO NFEJPT EF DPNVOJDBDJO
TPCSFUFNBTEFHFOUJDB FTQSPGFTPSEFM
$FOUSPEF#JPUJDBEFMB6OJWFSTJEBEEF
1FOOTZMWBOJB EPOEF FOTFB 'JMPTPGB Z
DPPSEJOB UJDB EF MB JOWFTUJHBDJO CJP
NEJDB&OFTUBPCSBPGSFDFVOBBNQMJB
Z PCKFUJWB JOGPSNBDJO TPCSF UPEPT MPT
SFDVSTPTZUDOJDBTBDUVBMNFOUFEJTQPOJ
CMFTEFMBSFQSPEVDDJOBTJTUJEBZMBQSF
WFODJOEFQSPCMFNBTHFOUJDPT.VFTUSB
VOUBMBOUFPQUJNJTUBZUSBORVJMJ[BEPSEF
MBJOHFOJFSBHFOUJDB RVFTVFMFSFDIB[BS
TFoTFHOFMBVUPSoQPSQSFKVJDJPTPGBMUB
EFDPOPDJNJFOUPTQSFDJTPT"T MPTGBD
UPSFTRVFTFEFTDVCSFOFOFM"%/OVODB
TFEFTBSSPMMBOEFGPSNBQSFWJTJCMFEFCJEP
BMBWBSJFEBEEFDJSDVOTUBODJBTJOEJWJEVB
MFT EF MB WJEB 0 UBNCJO FT JNQPTJCMF
QSPHSBNBS VO iCFC QFSGFDUPw QPSRVF
OBEJFUJFOFVOBJEFBBCTPMVUBNFOUFDMBSB
TPCSFDNPiEFCFTFSwVOOJP&YQPOF
EFNBOFSBBDDFTJCMFMPTBSHVNFOUPTUJ
DPTZDJFOUmDPTNTJNQPSUBOUFTBGBWPS
ZFODPOUSBEFMBNBOJQVMBDJOHFOUJDB
FWBMVOEPMPTBMBMV[EFDBTPTDPODSFUPT
ZEFMPTSFDVSTPTQPTJCMFT2VJ[TTFFDIB
EFNFOPTVOBNBZPSQSPGVOEJ[BDJOFO
VOB GVOEBNFOUBDJO UJDB EF TVT DSJUF
SJPT NTBMMEFMPBDUVBMNFOUFQPTJCMF
PTPDJBMNFOUFEFTFBEP
+BWJFS.BSD .BSUIB5BSBTDP%JF[
UFNBT EF SFQSPEVDDJO BTJTUJEB
&*6/4" .BESJE
{&T JMJNJUBEB MB WJEB IVNBOB {5JFOF
BMHVOBmOBMJEBEEFTEFFMQVOUPEFWJTUB
EFMBJOWFTUJHBDJOZMBUDOJDB {$NP
EFCFO USBUBSTF EJTUJOUBNFOUF MP IVNB
OPZMPBOJNBM -PTBVUPSFTVUJMJ[BOMB
NFUPEPMPHBEFMBCJPUJDBQBSBFTUVEJBS
MPTQSPCMFNBTSFMBDJPOBEPTDPOMBNBOJ
QVMBDJOEFMJOJDJPEFMBWJEBEFTEFEPT
UJQPTEFUDOJDBTMBSFQSPEVDDJOBTJTUJ
EBZMBDMPOBDJO
&M EFTFP EF UFOFS VO IJKP QVFEF MMFHBS
B TFS NVZ EPMPSPTP DVBOEP EFTQVT
EF NMUJQMFT USBUBNJFOUPT OP TF MPHSB
MB DPODFQDJO 1PS FMMP DVBOEP UDOJ
DBNFOUFFTGBDUJCMFDPMNBSVOEFTFP TF
QSFTFOUB VOB TFSJB EJmDVMUBE QBSB FY
QMJDBSMBTSB[POFTUJDBTZCJPMHJDBTFO
DPOUSB EF DJFSUPT QSPDFEJNJFOUPT &TUB
PCSBFYQPOFMPTUFNBTEFNBOFSBDJFOU
mDBDPSSPCPSBCMFZUSBOTQBSFOUFEFGPS
NBRVFFMMFDUPSQVFEFDPODMVJSQPST
NJTNPMPTQSPZDPOUSBTEFMBTUDOJDBT
SFQSPEVDUJWBT
.BSMJB #FSOBSEFT .BSRVFT %JT

DVSTPTNEJDPTTPCSFTFSFTGSHFJT
'JPDSV[ 3PEF+BOFJSP
-B BVUPSB BOBMJ[B MB USBZFDUPSJB EFM CJ
OPNJPNBESFIJKPZTVTSFMBDJPOFTDPO
MB NFEJDJOB Z MB EFNPHSBGB 4F EJTDV
UFOBTQFDUPTDPNPFMWBMPSEFMBDSJBO[B
EFMPTIJKPTQBSBMBTPDJFEBE FMJEFBMEF
JHVBMEBETPDJBM FMJOJDJPEFMBQVFSJDVM
UVSB MB NPSUBMJEBE JOGBOUJM Z MB EFNP
HSBGB$POMFOHVBKFDMBSPZNJSBEBDS
UJDB SFWJTBMBIJTUPSJBEFMBTQPMUJDBTEF
TBMVEZCJFOFTUBS SFMBDJPOOEPMBTDPOFM
NPNFOUPBDUVBM&TUFMJCSPDVFTUJPOBMB
TPDJFEBEEFMOVFWPNJMFOJP FOMBDVBM
B QFTBS EF UPEPT MPT BWBODFT EF MB NF
EJDJOBZMBUFDOPMPHBFJOWFTUJHBDJPOFT
HFOUJDBT MBTNVKFSFTZTVTIJKPTTVGSFO
UPEBWBEJTDSJNJOBDJPOFTZWJPMFODJB
.BSB7BMFSJB.BTTBHMJBEF#BDJHBMV
QP/VFWBTGPSNBTEFQSPDSFBDJO
Z FM %FSFDIP 1FOBM &EJUPSJBM "E
)PD #VFOPT"JSFT QQ
-B BVUPSB FT BCPHBEB EPDUPSB FO %F
SFDIP1FOBMQPSMB6OJWFSTJEBEEFM4BM
WBEPS FO#VFOPT"JSFT$PNJFO[BFTUB
PCSBDPOMBQSPUFDDJOKVSEJDBEFMBFO
UJEBEIVNBOBFOEFTBSSPMMP EFMJOEJWJ
EVPFOMBTEJTUJOUBTFUBQBTEFTVQSPDFTP
EFEFTBSSPMMP DPNPCJFOKVSEJDBNFOUF
QSPUFHJEP"OBMJ[BBTMPTDPODFQUPTEF
iQFSTPOBQPSOBDFSwFOFMPSEFOBNJFOUP
KVSEJDPBSHFOUJOP ZFMEFMJUPEFBCPSUP
%FTQVTTFDFOUSBFOMBTOVFWBTUDOJDBT
EFQSPDSFBDJOBTJTUJEB ZFOMPTEJTUJOUPT
FOGPRVFTUJDPTTPCSFMBTNJTNBT"OB
MJ[BBDPOUJOVBDJOMPTUFNBTSFMBUJWPTB
MBJOHFOJFSBZMBNBOJQVMBDJOHFOUJDB
QBSBIBDFSmOBMNFOUFVOBQSPQVFTUBEF
UFYUPMFHBMRVFTVQFSFFMWBDPFYJTUFOUF
DPOMBCBTFEFMSFTQFUPBMPTEFSFDIPTEFM
OJP FM EFSFDIP B MB QSPQJB JEFOUJEBE
HFOUJDB ZFMEFSFDIPBOPTFSPCKFUPEF
FYQFSJNFOUBDJO
'FSOBOEP .POHF 1FSTPOB )VNB

OB Z 1SPDSFBDJO "SUJmDJBM -JCSPT
.$ &EJDJPOFT 1BMBCSB 4" .B
ESJE QQ
&MBVUPS mMTPGP QFSJPEJTUBZFTDSJUPS
SFBMJ[BFOFTUFMJCSPVOBMBCPSEFTOUFTJT
ZEJWVMHBDJOEFUPEPTMPTBTQFDUPTSFMB
DJPOBEPTDPOMBGFDVOEBDJOiJOWJUSPw
&O QSJNFS MVHBS SFTVNF Z DPNFOUB MB
*OTUSVDDJOEFMB4BOUB4FEFTPCSFDVFT

UJPOFTEF#JPUJDB ZMPTFDPTRVFUVWP
FO MB PQJOJO QCMJDB NVOEJBM DPO
PQJOJPOFTEFMPTNTEFTUBDBEPTFYQFS
UPTFOFTUBTNBUFSJBT&OTFHVOEPMVHBS
FYQPOF MPT BTQFDUPT DJFOUmDPT UJDPT
ZTPDJBMFTEFMBGFDVOEBDJOiJOWJUSPw
BT DPNP VO BOMJTJT EF MB QSPQPTJDJO
EF MFZ EFM 140& TPCSF i3FQSPEVDDJO
BTJTUJEBw&OMBUFSDFSBQBSUFEFTVUSB
CBKP EFEJDBEB B MB QFSTPOBMJEBE EF MB
WJEB IVNBOB OBDJFOUF FYQMJDB FM EFTB
SSPMMPVOJUBSJPEFMiOBTDJUVSVTwEFTEFTV
DPODFQDJO SFDPHF MB 3FDPNFOEBDJO
EFM$POTFKPEF&VSPQB RVFUSBUB
EF QPOFS MNJUFT B MB FYQFSJNFOUBDJO
DPO FNCSJPOFT IVNBOPT Z FTUVEJB FM
FTUBUVUP EF QFSTPOB RVF EFCF EBSTF BM
FNCSJOIVNBOP
0GSFDF mOBMNFOUF VO HMPTBSJP DPO MPT
USNJOPT UDOJDPT NT GSFDVFOUFT FN
QMFBEPT FO MB GFDVOEBDJO BSUJmDJBM m
HVSBT HSmDBT EF MBT UDOJDBT '*7&5 Z
EFMEFTBSSPMMPFNCSJPOBSJP ZVOBTFMFD
DJOCJCMJPHSmDB
+PT 3PCFSUP .PSFJSB 'JMIP 4FS P

OPTFS0TEJSFJUPTTVDFTTSJPTEP
FNCSJP IVNBOP /FX )BNQUPO
1SFTT #FMP )PSJ[POUF
QQ
&TUFBVUPS NBFTUSPFO%FSFDIP1SJWBEP
QPS MB 1POUJmDJB 6OJWFSTJEBE $BUMJDB
16$
.JOBTZFTQFDJBMJTUBFO#JPUJDB
FOFM*OTUJUVUPEF&EVDBDJO$POUJOVB
EF MB NJTNB VOJWFSTJEBE FOUSF PUSBT
NVDIBTBDUJWJEBEFT BCPSEBFOFTUBTQ
HJOBTFMTJOONFSPEFQSPCMFNBTUJDPT
ZMFHBMFTRVFUSBFODPOTJHPMBTFNFSHFO
UFT UDOJDBT EF MB NFEJDJOB SFQSPEVDUJ
WB4VJNQSFTJOFTRVFiMBTUDOJDBT
BSUJmDJBMFTEFSFQSPEVDDJOBTJTUJEBQSP
WPDBOWFSEBEFSBTCBUBMMBTZEJTDVTJPOFT
UJDBTZCJPUJDBT QVFTFMQPEFSEFNBOJ
QVMBSTJOSFTUSJDDJPOFTMBWJEBIVNBOBTF
DPOUSBQPOFBUPEPTFOUJEPUJDP TPDJBMZ
SFMJHJPTPQSFTFOUFFOMBIVNBOJEBEw
&O QSJNFS MVHBS .PSFJSB JODVSTJPOB
FO MPT EJDUNFOFT EF MB #JPUJDB Z FM
#JPEFSFDIP RVF TJSWFO QBSB TV QSPQJB
GVOEBNFOUBDJO FO TFHVOEP USNJOP
EJTDVUFMBQSPCMFNUJDBEFMBQFSTPOBMJ
EBEDJWJMEFMTFSIVNBOPZTVTEFSFDIPT
FOGPDBEBFOFMNPEPQPSFMDVBMQVFEF
TFSEFmOJEBGSFOUFBOVFWPTBTQFDUPTFT
UBCMFDJEPT QPS MB $POTUJUVDJO 'FEFSBM
EF #SBTJM BOBMJ[BOEP TV JOJDJP mOBMJ
EBEFT DBSBDUFSTUJDBTZBMDBODFT3FWJTB
FO UFSDFS USNJOP MBT OVFWBT UDOJDBT
EF SFQSPEVDDJO IVNBOB NEJDBNFO
UFBTJTUJEBQBSB mOBMNFOUF BOBMJ[BSMBT
QPMNJDBTTVSHJEBTFOFMPSEFOBNJFOUP
KVSEJDPCSBTJMFPSFTQFDUPEFMFTUBUVTMF
HBMEFMFNCSJOIVNBOP FTQFDJBMNFOUF
FOFMNCJUPEFMEFSFDIPTVDFTPSJP FO
GVODJOEFMBBQMJDBDJOEFFTUBTOVFWBT
UDOJDBTSFQSPEVDUJWBT
4F USBUB EF VO NFSJUPSJP USBCBKP RVF
SFOFOPSNBUJWBTZPSEFOBNJFOUPMFHBM
CSBTJMFPTPCSFFTUBTNBUFSJBT1FSP TP
CSFUPEP DPOTUJUVZFVOFTGVFS[PQPSFO
GSFOUBSMBTDVFTUJPOFTMFHBMFTSFMBUJWBTBM
VTPZBCVTPEFMBTUDOJDBTEFSFQSPEVD
DJOBTJTUJEBEFTEFVOQVOUPEFWJTUBUJ
DPZCJPUJDP4VQSPQPTJDJOEFRVFFM
FNCSJOIVNBOPFTiQFSTPOBwEFTEFTV
DPODFQDJO FT NPUJWP EF QFSNBOFOUFT
EJTQVUBT QVFTUP RVF FOUSF PUSBT DVFT
UJPOFT EFEJDIPSFDPOPDJNJFOUPEFSJWB
SBOEFSFDIPTJOIFSFOUFTBUPEBQFSTPOB
OBUVSBM4JQBSUJNPTEFFTUBQSFNJTB EF
CJSBNPT UBNCJO BDFQUBS EFSFDIPT EF
IFSFODJB EFJHVBMEBEFOUSFIFSNBOPTZ
PUSPT EFSFDIPT TVDFTPSJPT DPOTBHSBEPT
FO EJTUJOUPT DVFSQPT MFHBMFT i-B #JP
UJDBZFM#JPEFSFDIPTVSHFO QPSUBOUP
FOUBMDPOUFYUP JOUFOUBOEPDPODBUFOBS
MPT EJMFNBT UJDPT DPO MB QSPCMFNUJDB
KVSEJDB Z MBT MBHVOBT EF TV SFHMBNFO
UBDJO QSFTFOUBOEP QSPQVFTUBT Z QSJO
DJQJPTRVFTFSWJSOEFOPSUFBMQSFTFOUF
USBCBKPw MWBSP 2VF[BEB 4FQMWFEB
"DUB#JPFUIJDB

.BVSJDJP .PSJ " NPSBMJEBEF EP

BCPSUP6O# #SBTJMJB
&TUFMJCSPEFMCJPFUJDJTUBJUBMJBOP.BVSJ
DJP.PSJIBTJEPUSBEVDJEPBMQPSUVHVT
QPS 3PMBOE 4DISBNN QBSB DPOUSJCVJS
BMEFCBUFBDBENJDPTPCSFFMBCPSUP&T
QBSUFEFVOBOVFWBTFSJFQVCMJDBEBQPS
MB6OJWFSTJEBEFEF#SBTJMJB UJUVMBEB4B
MVE $JVEBEBOB Z #JPUJDB &M EFCBUF
TPCSFFMBCPSUPTFDPOTPMJEBFO#SBTJMFO
DVBOEPMPTDBOEJEBUPTBMBTFMFD
DJPOFT QSFTJEFODJBMFT USBUBO FM UFNB Z
TVTQVOUPTEFWJTUB&MBVUPSFYQPOFFTUF
UFNBZFMEFMEJBHOTUJDPQSFOBUBM
)FSNFT /BWBSSP EFM 7BMMF &M EF

SFDIPBMBWJEBZMBJODPOTUJUVDJPOBMJ
EBE EF MB GFDVOEBDJO JOWJUSP
&EJDJPOFT1SPNFTB 4BO+PTEF$PT
UB3JDB QQ
&TUF USBCBKP EFM KVSJTUB DPTUBSSJDFOTF
)FSNFT/BWBSSPEFM7BMMFFTFMDPNFOUB
SJPBVOBTFOUFODJBEFMB4BMB$POTUJUV
DJPOBMEFMB$PSUF4VQSFNBEFKVTUJDJB
EFMB3FQCMJDBEF$PTUB3JDB FOUPSOP
BMiQSJNFSZGVOEBOUFEFSFDIPIVNBOP
FMEFSFDIPBMBJOWJPMBCJMJEBEEFMBWJEB
EF UPEP TFS IVNBOP JOPDFOUFw $PNP
EJDF+PSHF4DBMBFOTVQSFTFOUBDJO iMB
4BMB$POTUJUVDJPOBMEFDMBSPJMFHJUJNBMB
BVUPSJ[BDJOHVCFSOBNFOUBMEFMBTQSD
UJDBTEFGFDVOEBDJOBSUJmDJBM&MJOUFST
EFMPTQBESFTQPSFOHFOESBSZMBDBQBDJ
EBEUDOJDBQBSBMPHSBSMPoMBGVFS[Bo OP
QVFEFOBWBTBMMBSMBJOWJPMBCJMJEBEEFMB
WJEBIVNBOBEFMPTOBTDJUVSVT MPTNBT
JOPDFOUFTFJOEFGFOTPTEFMPTTFSFTIVNB
OPTw
&OFMMJCSPTFEFUBMMBUPEPFMQSPDFTPKV
SEJDPRVFTFMMFWPBDBCPFO$PTUB3JDB
BTDPNPSFnFYJPOFTZBOMJTJTFOUPSOP
BMPTBTQFDUPTUJDPTZKVSEJDPTEFMBTUD
OJDBTEFSFQSPEVDDJOBTJTUJEB
)VHP0.0CJHMJP $PPSE
+PS
OBEB QPS MB 7JEB "DUBT EFM 4JN
QPTJP *OUFSOBDJPOBM DFMFCSBEP FO
#VFOPT"JSFTFMZEFTFQUJFNCSF
EF1POUJmDJB6OJWFSTJEBE$B
UMJDB"SHFOUJOB 4BOUB.BSBEFMPT
#VFOPT"JSFT QQ
#BKP MB DPPSEJOBDJO EFM EJSFDUPS EFM
*OTUJUVUP EF UJDB #JPNEJDB FO DPMB
CPSBDJODPOMB'BDVMUBEEF%FSFDIPZ
$JFODJBT 1PMUJDBT Z MB EF 1PTHSBEP FO
$JFODJBTEFMB4BMVE EFMB6OJWFSTJEBE
$BUMJDB "SHFOUJOB 6$"
UVWJF
SPOMVHBSFTUBT+PSOBEBTQPSMB7JEBFO
#VFOPT "JSFT &O FTUF MJCSP TF SFDPHFO
UPEBT MBT JOUFSWFODJPOFT DPNFO[BOEP
QPS MBT EF MBT BVUPSJEBEFT BDBENJDBT
EFMB*OTUJUVDJOZMBEFM4SQSFTJEFOUF
EFMB/BDJO"SHFOUJOB EPDUPS$BSMPT

4BM.FOFN&M$BSEFOBM"MGPOTP-
QF[ 5SVKJMMP QSFTJEFOUF EFM 1POUJmDJP
$POTFKPQBSBMB'BNJMJB JOUFSWJOPTPCSF
i'VOEBNFOUPTBOUSPQPMHJDPTEFMBDVM
UVSBQPSMBWJEBw&OUPSOPBMJOJDJPEF
MB WJEB IVNBOB JOUFSWJOJFSPO EPDUPSB
.BSHBSJUB#PTDI EFM*OTUJUVUPEFUJDB
#JPNEJDBEFMB6$" i1SPCMFNUJDB
EFMBQSPDSFBDJOwEPDUPSB.BSB-VJTB
EJ1JFUSP EFM*OTUJUVUPEF#JPUJDBEFMB
6OJW EFM 4BDSP $VPSF 3PNB i{$VM
FT FM SJFTHP EF MBT UDOJDBT EF GFDVOEB
DJOBSUJmDJBM wEPDUPSB.BSJF"1FF
UFST/FZ EFM *OUFSOBUJPOBM *OTUJUVUF
GPS 1SFHOBODZ -PTT BOE $IJME "CVTF
3FTFBSDI BOE 3FDPWFSZ i-PT FGFDUPT
QTJDPMHJDPT EFM BCPSUP FO MB GBNJMJBw
4PCSF BTQFDUPT KVSEJDPT EPDUPS +PSHF
.B[[JOHIJ EJSFDUPS EFM *OTUJUVUP EF
%FSFDIPEFMB'BNJMJBEFMB6$" i&M
EFSFDIPBOUFJOUFSFTFTJNQMJDBEPTFOMB
QSPDSFBDJO BSUJmDJBMw EPDUPS 3PEPMGP
$BSMPT #BSSB "TFTPS EF MB /BDJO QPS
MPTEFSFDIPTEFMBQFSTPOBQPSOBDFS i-B
QSPUFDDJODPOTUJUVDJPOBMEFMEFSFDIPB
MBWJEBwQSPGFTPS'SBODJTDP+BWJFS-FO
$PSSFB EJSFDUPS EFM (SVQP EF *OWFTUJ
HBDJO FO #JPUJDB EF (BMJDJB &TQBB
i-BTEJTUJOUBTDPODFQDJPOFTmMPTmDBTZ
MBMFHJTMBDJOFVSPQFBTPCSFFMOJPOP
OBDJEPw EPDUPS $BSMP $BTJOJ %JQVUB
EPEFM1BSMBNFOUP&VSPQFP *UBMJB i&M
EFSFDIPBMBWJEBDPNPGVOEBNFOUPEF
MPT EFSFDIPT IVNBOPTw EPDUPS $FTBSF
.JSBCFMMJ +VF[EFMB$PSUF$POTUJUVDJP
OBM *UBMJB i-PTEFSFDIPTEFMOBTDJUVSPZ
MBNBOJQVMBDJOHFOUJDBw'JOBMNFOUF
TFFEJUBOMPTUFYUPTEFMBTJOUFSWFODJPOFT
FOVO1BOFMTPCSFFMi%FSFDIPBMB7JEB
ZMB1PMUJDB/BDJPOBMw ZFM$JFSSFEFMB
+PSOBEB BDBSHPEFMEPDUPS)VHP0.
0CJHMJP
$FMTP$F[BS1BQBMFP"CPSUPFDPO
USBDFQDBP BUVBMJEBEF F DPNQMFYJ
EBEF EB RVFTUBP 3FOPWBS 3P EF
+BOFJSP
&TUVEJP EFM HSBWF QSPCMFNB EFTEF VO
BNQMJPFTQFDUSPTPDJBM KVSEJDP NEJ
DP EFNPHSmDP FDPONJDP QPMUJDP
UJDP mPMPTmDP Z SFMJHJPTP $POUFOJ
EP&MQSPCMFNBEFMBCPSUPMBBOUJDPO
DFQDJO BOUJDPODFQUJWPT EF CBSSFSB FM
%*6 NUPEPT OBUVSBMFT EF SFHVMBDJO
EF MB GFSUJMJEBE FTUFSJMJ[BDJO QMBOJm
DBDJOGBNJMJBSMBDSJTJTEFNPHSmDBEF
"NSJDB-BUJOBMBDPOEJDJOEFMBNV
KFSFOFMNVOEPBDUVBMZFMQSPCMFNBEF
MBMJNJUBDJOEFMBOBUBMJEBE
-VJT.JHVFM1BTUPS 1FESP+PT4O
DIF[ (BSDB -B JOZFDDJO JOUSB
DJUPQMBTNUJDBEFFTQFSNBUP[PJEFT
{"WBODF P JNQSVEFODJB DJFOUmDB
6OJWFSTJEBE $BUMJDB 4BO "OUPOJP
.VSDJB QQ
4FHOMPTBVUPSFT IBDFZBNTEFWFJO
UJDJODP BPT RVF OBDJ FM QSJNFS CFC
QSPCFUBZEVSBOUFFTUFUJFNQP BQFTBS
EFMPTFTGVFS[PTEFMPTDJFOUmDPT MBFm
DBDJB EF MBT UDOJDBT EF SFQSPEVDDJO
BTJTUJEB 53"
FTCBTUBOUFMJNJUBEB
&MNBOVBMDPOTUBEFEPTQBSUFT-BQSJ
NFSB EF FMMBT QSFTFOUB FM FTUBEP EF MB
DVFTUJO EF MB UDOJDB EF MB JOZFDDJO
JOUSBDJUPQMBTNUJDB EF FTQFSNBUP[PJEFT
*$4*
&OFTUBQBSUFTFBCPSEBO FOUSF
PUSBTDVFTUJPOFT MBUDOJDB DPOTFDVFO
DJBT FO MB GFSUJMJ[BDJO MBT JOEJDBDJPOFT
Z FYQFSJFODJB FO BOJNBMFT MPT SJFTHPT

HFOUJDPT BTPDJBEPT Z MPT SFTVMUBEPT FO
IVNBOPT&OMBTFHVOEBTFFWBMBFTUB
UDOJDBEFTEFVOQVOUPEFWJTUBCJPUJ
DPZQFSTPOBMJTUB-PTBVUPSFTEFMMJCSP
DPOTJEFSBORVFFMBOMJTJTCJPUJDPQVF
EFBZVEBSBWFS OPTMPDNPFTUSFT
QPOEJFOEPMBDPNVOJEBEDJFOUmDBZMB
TPDJFEBEBOUFFMBWBODFEFMBT53" TJOP
UBNCJOBFYQMJDBSDNPMBFWPMVDJOEF
FTUBTUDOJDBTPCFEFDFBVOEJOBNJTNP
RVFUJFOEFBFYQBOEJSTFDPOVOBTDPOTF
DVFODJBTNVZHSBWFTQBSBMBQSPDSFBDJO
IVNBOBi&TUBFYQBOTJOUJFOEFBEJTPM
WFSZBEFTUSVJSMBEJHOJEBEEFMBDPODFQ
DJO Z B DPTJmDBS TV GSVUP FM FNCSJO
IVNBOPw BmSNBO&MMJCSPmOBMJ[BDPO
VOBBNQMJBCJCMJPHSBGB
.BSJOB 1SF[ .POHF -B mMJBDJO

EFSJWBEB EF UDOJDBT EF SFQSPEVD
DJOBTJTUJEB$FOUSPEF&TUVEJPT3F
HJTUSBMFT 'BDVMUBEEF%FSFDIP 6OJ
WFSTJEBEEF;BSBHP[B QQ
&TUF MJCSP FT MB QVCMJDBDJO EF MB UFTJT
EPDUPSBMEFMBBVUPSB QSPGFTPSBEF%F
SFDIP$JWJMFOMB6OJWFSTJEBEEF;BSB
HP[B &TQBB"CPSEBEFVONPEPFY
IBVTUJWP Z QSPGVOEP MPT QSPCMFNBT EF
mMJBDJOEFSJWBEPTEFMBTOVFWBTUDOJDBT
EF SFQSPEVDDJO BTJTUJEB FO FM NCJUP
EF MB KVSJTQSVEFODJB FTQBPMB &O QSJ
NFSMVHBS MBEFUFSNJOBDJOEFMBQBUFS
OJEBEFOTFHVOEPMVHBS FMBOPOJNBUP
EFM EPOBOUF %FEJDB FM UFSDFS DBQUVMP
B MB mMJBDJO EFSJWBEB EF QSPDSFBDJO
iQPTUNPSUFNwZFMDVBSUP BMBEFUFS
NJOBDJOEFMBNBUFSOJEBE
"OB $SJTUJOB 3BVM " SFQSPEVDBP

BSUJmDJBMFPTEJSFDUPTEBQFSTPOBMJ
EBEFFNJT 4P1BVMP
QQ
&OFTUFMJCSPEFDPSUFKVSEJDP MBBVUP
SBBOBMJ[BMBUFOUBUJWBEFBSNPOJ[BDJO
FOUSFFMQSPHSFTPDJFOUmDPDPOMBTUD
OJDBTEFTBSSPMMBEBTQPSMBCJPNFEJDJOBZ
MBJOHFOJFSBHFOUJDB DPOMBDJFODJBEFM
%FSFDIP &YBNJOB MB MFHJTMBDJO DPN
QBSBEBFOUSFBMHVOPTQBTFTEF&VSPQBZ
MPT&TUBEPT6OJEPTFOUPSOPBMBQSPUFD
DJOEFMOBTDJUVSVTFOFM%FSFDIP$JWJM
&YQPOFMPTBTQFDUPTUJDPTZKVSEJDPTEF
MBDMPOBDJO MBSFTQPOTBCJMJEBEDJWJMQPS
EBPNPSBMBMFNCSJOPBMOBTDJUVSVTZ
MBSFQSPEVDDJOIVNBOBBTJTUJEB"OBMJ
[BFOQSPGVOEJEBEMBMFHJTMBDJOQPSUV
HVFTBEFQSPUFDDJOEFMOPOBDJEPFOMB
-FZ/EFMBSFDPNFOEBDJO
EFM$POTFKPEF&VSPQB ZVOBSF
TPMVDJOEFM$POTFMIP'FEFSBMEF.FEJ
DJOBEF#SBTJM BTDPNPMBT/PSNBTEF
1FTRVJTBFN4BEF EF
.BSJBOP3FRVFOB# &EJUPS
"CPS
UPJOEVDJEPFO$IJMF&E4PDJFEBE
$IJMFOB EF 4BMVE 1CMJDB 4BOUJBHP
EF$IJMF QQ
&MBCPSUPFTVOPEFMPTQSPCMFNBTHSBWFT
EF TBMVE FO $IJMF -PT BVUPSFT EF FTUF
MJCSP CBKPMBDPPSEJOBDJOEF.BSJBOP
3FRVFOB EBOMBDJGSBEFVOPT
BCPSUPT QSPWPDBEPT BOVBMFT #FOKBNO
7JBMFTDSJCFTPCSFMBSFHVMBDJOEFMBGF
DVOEJEBE FO "NSJDB -BUJOB .BSJBOP
3FRVFOB TPCSF FM BCPSUP JOEVDJEP FO
$IJMF5BNCJOTFUSBUBOMBTDPOTFDVFO

DJBT NEJDBT 1BUSJDJP (BZO

MB QSF
WFODJO EFM FNCBSB[P FO NVKFSFT DPO
BMUPSJFTHPEFBCPSUP 3BNJSP.PMJOB

MB WJTJO EFTEF MPT EFSFDIPT IVNBOPT
"OEST %PNOHVF[
MB MFHBMJEBE EFM
BCPSUP FO FM NVOEP .BSJBOP 3FRVF
OB
ZFMBCPSUPDPNPVOQSPCMFNBRVF
OPFTTPMBNFOUFEFMBTNVKFSFT "NQBSP
$MBSP
'FSOBOEP3FWJSJFHP1JDO0USPFT
UVEJPNTEFMBCPSUP-BJOEJDBDJO
FVHFOTJDB Z TV GVOEBNFOUBDJO
*OTUJUVUP EF %FSFDIPT )VNBOPT
i#BSUPMPNEFMBT$BTBTw 6OJWFSTJ
EBE$BSMPT***EF.BESJE %ZLJOTPO
QQ
&MPSJHFOEFMQSFTFOUFUSBCBKPFTMBUFTJ
OBSFBMJ[BEBQPSFMBVUPSEFOUSPEFMQSP
HSBNBEFEPDUPSBEPFO%FSFDIPT'VO
EBNFOUBMFT EF MB 6OJWFSTJEBE $BSMPT
*** i-B CJCMJPHSBGB SFTQFDUP BM BCPSUP
FT BCVOEBOUF /P TF EB oTFHO FM BV
UPSoVOBQPTJDJOUPUBMNFOUFBVUOPNB
F JOEFQFOEJFOUF SFTQFDUP BM BCPSUP FV
HFOTJDP TJOP EFQFOEJFOUF Z EFSJWBEB
EFMBQPTJDJORVFBQSJPSJTFNBOUFOHB
SFTQFDUP BM BCPSUP FO HFOFSBM "T C
TJDBNFOUF B MP RVF BTJTUJNPT FT B VOB
QPTUVSB HMPCBM B GBWPS P FO DPOUSB EFM
EFSFDIPBMBCPSUP-PTRVFTFNVFTUSBO
BGBWPSFOUJFOEFOKVTUJmDBEBMBQSFTFOUF
JOEJDBDJO NJFOUSBTRVFBRVFMMPTRVFTF
NBOJmFTUBOFODPOUSB MBDPOTJEFSBOEJT
DSJNJOBUPSJBZSBDJTUBw&MBVUPSRVJFSF
BOBMJ[BSFMGPOEPEFMBiOPFYJHJCJMJEBEw
BMBRVFTFSFmFSFFM5SJCVOBM$POTUJUV
DJPOBM FO TV TFOUFODJB TPCSF MB JOEJDB
DJODPODSFUBEFMBCPSUPFVHFOTJDP
OHFM3PESHVF[-VP (VJMMFSNP-
QF[.POEKBS-BGFDVOEBDJOiJOWJ
USPw1BMBCSB .BESJE QQ
&TUFMJCSPFTFMQSJNFSPEFMPTQVCMJDB
EPT SFDJFOUFNFOUF TPCSF FM UFNB EF MB
GFDVOEBDJOiJOWJUSPw-PTBVUPSFTTPO
OHFM3PESHVF[-VP QSPGFTPSEFUJ
DBmMPTmDBFO3PNB Z3BNO-QF[
.POEKBS MJDFODJBEP FO .FEJDJOB FO
.BESJE RVF IB FKFSDJEP TV QSPGFTJO
PDIP BPT FO +BQO Z BDUVBMNFOUF JO
WFTUJHBTPCSFDVFTUJPOFTEFCJPUJDB
1SFTFOUBOFOFTUFMJCSPVOFTUVEJPDPN
QMFUPEFMPTBTQFDUPTNEJDPDMOJDPTEF
MB'*7&5 MBTCBTFTmTJPMHJDBTEFMQSP
DFTPOBUVSBMEFMBGFDVOEBDJOZFMDPO
USPMZGFSUJMJ[BDJOiJOWJUSPwDPOUSBOT
GFSFODJBEFMFNCSJO%FEJDBOFTQFDJBM
BUFODJOBMQSPCMFNBEFMPTiFNCSJPOFT
TPCSBOUFTw
&OMBTFHVOEBQBSUF BOBMJ[BOMPTBTQFD
UPT UJDPT EF FTUBT UDOJDBT FM WBMPS EF
MBWJEBIVNBOBZMBTMFTJPOFTRVFDBVTB
MB'*7&5QPSBCPSUPTZQSEJEBEFFN
CSJPOFT 5BNCJO FYQPOFO MB SFMBDJO
EFMB'*7&5DPOMPTWBMPSFTQFSTPOBMFT
EF MB TFYVBMJEBE Z MB USBOTNJTJO EF MB
WJEB IVNBOB 1SFTFOUBO mOBMNFOUF
VOBBNQMJBCJCMJPHSBGBUBOUPTPCSFMPT
BTQFDUPTNEJDPTDPNPTPCSFMPTUJDPT
+FTT 3PNFSP4BNQFS $PPSE

)PNCSF VOBFTQFDJF/0QSPUFHJEB
3FTQVFTUBEFMPTFYQFSUPTBMB-FZ
EF*OWFTUJHBDJO#JPNEJDB(SBm
UF&EJDJPOFT #JMCBP QQ
4JFUFFTQFDJBMJTUBTPQJOBOGVOEBEBNFO
UF EFTEF EJTUJOUPT FOGPRVFT EJTDJQMJOB
SJPT BDFSDBEFMBJOWFTUJHBDJODPODMV
MBTNBESFFNCSJPOBSJBT-BDSFBDJOEF
FNCSJPOFTJOWJUSP TVQPTUFSJPSDPOHF
MBNJFOUPZEFTUSVDDJODPOmOFTQSFUFO
EJEBNFOUF iUFSBQVUJDPTw DPOTUJUVZF
VOP EF MPT QSJODJQBMFT QSPCMFNBT B MPT
RVFTFFOGSFOUBMB#JPUJDB&OVOEFCB
UFEFBDUVBMJEBEUBOWJHFOUF TFQSFDJTB
MBWBMPSBDJOTFSFOBZBDBENJDBEFMPT
FYQFSUPTZSJHPSDJFOUmDP RVFFMMFDUPS
FODPOUSBSFOFTUFMJCSP
"MFKBOESB3PUBOJB"DFMFCSBDJOEP
UFNPSCJPUFDOPMPHBT SFQSPEVDBP
UJDBFGFNJOJTNP&QBQFST 3PEF
+BOFJSP
$PNPFYQPOFMBNJTNBBVUPSBFOMB*O
USPEVDDJOEFTVMJCSPi0UFNBEB#JP
UFDOPMPHB EFWF DPOTUJUVJS BTTVOUP EF
JOUFSFTTF EPT TFUPSFT RVF USBCBMIBN OB
SFBEBTBEF &QPSRVFFTQFDJmDBNFOUF
EPNPWJNFOUPEFNVMIFSFTRVFBUVBN
OBSFBEBTBEFFEPTEJSFJUPTTFYVBJTF
SFQSPEVUJWPT 'VOEBNFOUBMNFOUF QPS
RVF FMFT GB[FN QBSUF EP DFOSJP NVO
EJBMDPOUFNQPSOFPBUSBWTEFWBSJBEBT
F TVUJT GPSNBT FTUP QSFTFOUFT OB WJEB
DPUJEJBOB FNCPSBWFMBEPT FTDPOEJEPT
FTDBNPUFBEPT JOWJTWFJT BJOEB EFTUF
NPEPRVF BDSFTDFOUBEPTBPTQSPCMFNBT
USBEJDJPOBJTFOPSFTPMWJEPTEPTQBTFT
EP5FSDFJSP.VOEP UBJTDPNPBGPNF
BGBMUBEFBDFTTPBPTTFSWJPTCTJDPTEF
FEVDBP F EF TBEF NPSCJNPSUB
MJEBEF EBT NVMIFSFT QPS QBSUP PV QPS
BCPSUPDMBOEFTUJOP FMFTDPOmHVSBNVN
NVOEPEFFYUSFNBDPNQMFYJEBEFFSJT
DPRVFBQSFTFOUBEFTBmPTJOEJUPTQBSB
UPEPT BRVFMFT RVF CVTDBN B KVTUJB B
FRVJEBEF BEJHOJEBEFFJOUFHSJEBEFEB
WJEBIVNBOB EPTHSVQPTFQPWPT
'VOEBNFOUBMNFOUF UBNCN QPSRVF
EJ[FNSFTQFJUPBPDPOIFDJNFOUP BPTB
CFS DJODJB UDOJDB DVMUVSB FDP
OPNJB QPMUJDB TPDJFEBEF PVTFKB
BPGB[FSFBPBHJSFNSFMBPBUPEPTPT
FWFOUPT EB WJEB $BCF MFNCSBS RVF P
GFNJOJTNP FNFSHF DPNP QFOTBNFOUP
FBPWJTDFSBMNFOUFDPOmHVSBEPEFTEF
B WPOUBEF UJDPoQPMUJDB EF BQSFTFOUBS
PVUSBTGBDFUBTEBWJEBTPDJBMFEBTSFMBFT
IVNBOBTDPNBOBUVSF[B RVFTUJPOBOEP
BDVMUVSBFQSPQPOEPNVEBOBT"CJP
UFDOPDJODJB B CJPUFDOPMPHJB EJ[FN
SFTQFJUP OP T B RVFTUFT SFMBUJWBT BP
TBCFS UDOJDPDJFOUmDP NBT BRVFMBT
FTTFODJBJTEBWJEBIVNBOB EBWJEBEBT
NVMIFSFT EPNFJPBNCJFOUF EBTBEF
EPGVUVSP EBBVUPEFUFSNJOBPw
+PT"OUPOJP4FPBOF3PESHVF[-B
FTUFSJMJ[BDJOEFJODBQBDFTFOFMEF
SFDIP FTQBPM &E 'VOEBDJO 1BJ
EFJB -B$PSVB QQ
-B BQFMBDJO B MB EJHOJEBE JOBMJFOBCMF
EFUPEPTMPTTFSFTIVNBOPTFTVOUQJDP
SFDVSSFOUFFOMBTEJTDJQMJOBTOPSNBUJWBT
4JOFNCBSHPJEFOUJmDBSQBSBDBEBTJUVB
DJODPODSFUBFORVDPOTJTUFSFBMNFO
UF NBUFSJBMNFOUF SFTQFUBSFTBEJHOJEBE
MFTSFTVMUBBTUBTUBSFBIBSUPEJmDVMUPTB
-BBDUVBMEJTDVTJOFOUPSOPEFMBFTUFSJ
MJ[BDJOEFmOJUJWBEFQFSTPOBTJODBQBDFT
QPSDBVTBQTRVJDBWPMWJBQPOFSTPCSF
FMUBQFUFMBEJmDVMUBETFBMBEB FOGSFO
UBOEPBMPTSFDMBNPTEFHSVQPTBMMFHBEPT
B MPT JODBQBDFT DPO MPT BSHVNFOUPT EF
MPTIPNCSFTEFMEFSFDIPFTQBPM QPDP

QSPDMJWFT B UPNBS FO DPOTJEFSBDJO MBT

iMJCFSUBEFTwBMFHBEBTQPSTVTBOUBHPOJT
UBTDJSDVOTUBODJBMFT
-B DJSDVOTUBODJB EFTDSJQUB WBSJ SBEJ
DBMNFOUF B QBSUJS EF DVBOEP FM
DPOnJDUPTFEFmOJFOGBWPSEFVOBEF
MBTQBSUFT JODPSQPSOEPTFMFVOJODJTPBM
UFYUPEFM$EJHP1FOBMFTQBPMSFTQFD
UPEFMBGBDVMUBEEFFTUFSJMJ[BSJODBQBDFT
TJO RVF FMMP SFTVMUBSB VO BDUP QVOJCMF
$PO QPTUFSJPSJEBE FM EFWFOJS KVSEJDP
EF MB OPSNB BDPQJ UBNCJO TV EFDMB
SBDJOEFDPOTUJUVDJPOBMJEBE ZQSPMJKBT
SFGPSNBTFOTVSFHVMBDJO UPEPMPDVBM
DPOUSJCVZBSFNFEJBSPMWJEPTFJOKVTUBT
QPTUFSHBDJPOFT
-BTBDDJPOFTUFOEJFOUFTBMBQSPNPDJO
EF MBT QFSTPOBT EJTNJOVJEBT QTRVJDBT
EFCFO JODPSQPSBS FOUSF TVT EFTWFMPT
SFGFSFODJBT FTQFDmDBT TPCSF BTQFDUPT
WJODVMBEPT DPO MB TFYVBMJEBE FM NBUSJ
NPOJP MBQSPDSFBDJO MBQBSFOUBMJEBEZ
MBDSJBO[BEFIJKPT DPOWJTUBTBRVFFTBT
QFSTPOBTQVFEBOEFTBSSPMMBSBMNYJNP
TVQFSTPOBMJEBE EFTQMFHBSTVTDBQBDJEB
EFT MBCPSBMFT BGFDUJWBT FUD
ZFKFSDFSTV
SFTQPOTBCJMJEBE IBTUB EPOEF MFT SFTVMUF
QPTJCMF6OBDPSSJFOUFEFPQJOJOFOMB
QFOOTVMB JCSJDB IB DPNQSFOEJEP RVF
TFSBBCVTJWPMJNJUBSFMMJCSFFKFSDJDJPEF
MB TFYVBMJEBE QBSB FTF HSVQP EF QFSTP
OBT QFSPTVHJFSFFODBNCJPBDPUBSMFTMB
GVODJO SFQSPEVDUJWB QPS DVBOUP FTUB
FTGFSB FOWVFMWF SFTQPOTBCJMJEBE IBDJB
VOUFSDFSPoFMIJKPQPSOBDFSoZIBDJBMB
TPDJFEBEFOTVDPOKVOUP ZBRVFMBNFSB
QPTJCJMJEBECJPMHJDBEFQSPDSFBSFTVOB
DPOEJDJOOFDFTBSJBNTFOBCTPMVUPTV
mDJFOUFQBSBMMFWBSBEFMBOUFVOQSPZFD
UPEFIVNBOJ[BDJO&TUPFT RVJ[VOB
QFSTPOBRVFTVGSFVOBEFmDJFODJBNFO
UBM JODBQBDJUBOUF QVFEB DSFBS WJEB CJP
MHJDBQFSPOPQVFEBBMNJTNPUJFNQP
TBUJTGBDFS PUSBT FYJHFODJBT NT FTUSJDUBT
RVFMFQFSNJUBODSJBSBTVTIJKPTFOVO
BNCJFOUF QUJNP &MMP BVUPSJ[BSB FO
UPODFTBJNQFEJSMFTMBQSPDSFBDJO BVO
RVFOVODBBFYJHJSMB DPBDUJWBNFOUFPFO
HFOFSBM TJOPFOBUFODJOBVOBTPMJDJUVE
WPMVOUBSJB QSFTFOUBEB QPS SFQSFTFOUBO
UFTMFHBMFTEFCJEBNFOUFBDSFEJUBEPTRVF
TVQMBOZPDPNQMFNFOUFOMBBVUPOPNB
EBBEBPEJTNJOVJEBEFMJODBQB[FOPS
EFOBVOBEFUFSNJOBDJOPSJFOUBEBBVO
QSPZFDUPWJUBMDPODSFUP RVFBQPSUFCF
OFmDJPT PCKFUJWPT Z GBWPSF[DB FM JOUFST
QSPQJPEFMEJTDBQBDJUBEP
&M JOUFSFTBOUF USBCBKP EF 4FPBOF 3P
ESHVF[SFDPHFFTUPTEFCBUFTZQPOFFO
QFSTQFDUJWBMBTBQPSUBDJPOFTEFM%FSFDIP
4BOJUBSJP MBTEFM%FSFDIP1FOBMZMBTEFM
%FSFDIP1SPDFTBM BVORVFTVJOUFODJO
MUJNBFTFONBSDBSTVTSFnFYJPOFTFOFM
NCJUPEFMB'JMPTPGBEFM%FSFDIP QPS
FOUFOEFSRVFFTBMMEPOEFTFUSBTDJFOEFO
UBMFT PSEFOBNJFOUPT KVSEJDPoQPTJUJWPT
QBSDJBMFTZTFBMDBO[BMBSB[O FMPSJHFO
FMQPSRVEFMBOPSNBUJWB TVmOBMJEBE
TVQSPQTJUPZQBSBRV&MDPOPDJNJFO
UPEFMBTJUVBDJOEFMBFTUFSJMJ[BDJOEF
JODBQBDFTFOMPTPSEFOBNJFOUPTKVSEJDPT
EFPUSBTOBDJPOFTBZVEBFOHSBONFEJEB
B GPSNVMBS FM FTUBEP EF MB DVFTUJO FO
FMUFSSJUPSJPFTQBPM NBSDBOEPBDJFSUPT
ZTVCSBZBOEPEFmDJFODJBTDVBOEPTUBT
BQBSFDFOBMPMBSHPEFTVFWPMVDJOIJT
USJDB.TBEFMBOUFFMUFYUPTFEFUJFOFB
FYBNJOBSMPTSFRVJTJUPTTVTUBODJBMFTZMPT
QSPDFTBMFTRVFTFTVQPOFOFOMBQSDUJDB
FO FTUVEJP QVEJFOEP IBDFSTF BRV VO
QBSBMFMPFOUSFTUPTZMPTBTQFDUPTUJDPT
TVTUBODJBMFT Z QSPDFEJNFOUBMFT &O EF
mOJUJWB QBSFDJFSB RVF MB JODPSQPSBDJO
EF FTUB OPSNBUJWB BM $EJHP 1FOBM FT
QBPMFTUVWPSFWFTUJEBDPOHBSBOUBTSJ
HVSPTBT BEFDVBEBTZTVmDJFOUFTQBSBMB
QSPUFDDJO EF MB QFSTPOB JODBQB[ BO
BDFQUBOEPMBTWBSJBEBTSFTFSWBTZQSFDJ
TJPOFT RVF 4FPBOF 3PESHVF[ DPOTJHOB
DPOUJOP

$POWJFOFEFTUBDBSVOBWF[NTBNPEP
EFDPMPGOFMDBSDUFSJOEJWJEVBMEFMSF
RVFSJNJFOUPEFMJODBQB[ PEFTVSFQSF
TFOUBOUFMFHBM
QBSBBSSJCBSBMBFTUFSJMJ
[BDJOSFTHVBSEPRVFTFQBSBBMJOUFOUP
JCSJDPEFQSFUFOTJPOFTFVHFOTJDBTDP
MFDUJWBT EFJOUFSFTFTFDPONJDPTZDSJUF
SJPTEFSJWBEPTEFVOBEFUFSNJOBEBQPM
UJDBTPDJBM7BEFTVZPFOUPODFTRVFOP
TF JNQPOF FM EFCFS EF MB FTUFSJMJ[BDJO
QBSB MPT JODBQBDFT QPS DBVTB QTRVJDB
TJOPRVF NFEJBOUFMBOPJOKFSFODJB TF
SFTQFUBTVFMFDDJOQFSTPOBM JOEJWJEVBM
DPOBSSFHMPBDSFFODJBTQSPQJBT DPOWJD
DJPOFT TJTUFNBEFWBMPSFT FUD
MBDVBM
IBEFPSJFOUBSTFFOSB[OEFTVNBZPS
CFOFmDJP TV NFKPS JOUFST Z CJFOFTUBS
-BFTUFSJMJ[BDJOTFDPOWJFSUFBTFOVMUJ
NBSBUJPFOMPRVFTFSFmFSFBMBBEPQDJO
EFNFEJEBTBOUJDPODFQUJWBT RVFTJCJFO
MFTJPOB MB JOUFHSJEBE GTJDB EFM JODBQB[
BM NFOPT OP BNQVUB TVT QPTJCJMJEBEFT
BGFDUJWBT BNPSPTBT Z TFYVBMFT &O PUSP
PSEFO EF DPTBT NFSFDF SFDBMDBSTF RVF
FMPSEFOBNJFOUPQFOBMIBQSFUFOEJEPB
USBWTEFFTUBSFGPSNBDPNQMFNFOUBSMB
USBEJDJPOBM GVODJO RVF EFTFNQFBEP

IBTUB BIPSB EF DBSDUFS QBMJBUJWP QBSB
QBTBSBDVNQMJSVOBGVODJOQSFWFOUJWB
BOUJDJQBUPSJB DSFBEPSBEFSFBMJEBEKVS
EJDB 4FSHJP$FDDIFUUP SFWJTUB$VBEFS
OPTEF#JPUJDB "SHFOUJOB

"OUPOJP 4PDDJ &M HFOPDJEJP

DFOTVSBEP "CPSUP NJM NJ
MMPOFT EF WDUJNBT JOPDFOUFT
$SJTUJBOEBE .BESJE
-B FEJUPSJBM $SJTUJBOEBE IB USBEVDJEP
FTUFMJCSPRVFTJCJFOWBFTQFDmDBNFOUF
EJSJHJEP BM QCMJDP JUBMJBOP DPO FKFN
QMPT Z EBUPT SFGFSJEPT B FTF QBT IBCMB
EF VO QSPCMFNB DPNO EF OVFTUSB DJ
WJMJ[BDJO.VFTUSBMBJODPOTJTUFODJBEF
BCSB[BSTMPQSJWBEBNFOUFMBDBVTBEFMB
EFGFOTBEFMBWJEB ZBOBMJ[BTJOQBMJBUJ
WPTMBDSJTJTIVNBOJUBSJBQSPWPDBEBQPS
FMBCPSUP
#FSOBU 4PSJB $PPSE

$MVMBT NB
ESF JOWFTUJHBDJO CTJDB Z VTPT
UFSBQVUJDPT1SFNJP+VOUB(FOFSBM
EFM1SJODJQBEPEF"TUVSJBT 4PDJFEBE
*OUFSOBDJPOBM EF #JPUJDB 4*#*

0WJFEP
&M QSPGFTPS #FSOBU 4PSJB SFDJCJ FO
0WJFEP FM 1SFNJP +VOUB (FOFSBM EFM
1SJODJQBEPEF"TUVSJBTo4PDJFEBE*OUFS
OBDJPOBMEF#JPUJDB 4*#*
QPSFMUSBCB
KP$MVMBTNBESFEFMBJOWFTUJHBDJOC
TJDBBTVTVTPTUFSBQVUJDPT#FSOBU4PSJB
DPNQBSUJ FM HBMBSEO Z MB FEJDJO EFM
USBCBKPFOFTUFMJCSPDPOMPTNJFNCSPT
EFMHSVQPEFJOWFTUJHBEPSFTEFM*OTUJUVUP
EF#JPJOHFOJFSBEFMB6OJWFSTJEBE.J
HVFM)FSOOEF[EF&MDIFRVFMNJTNP
DPPSEJOB

+BDRVFT5FTUBSU&MFNCSJO
USBOTQBSFOUF(SBOJDB $PMFDDJO
1MVSBM $JFODJB"CJFSUB #BSDFMPOB

+BDRVFT5FTUBSU VOQSFTUJHJPTPCJMPHP
QBESFiDJFOUmDPwEFMQSJNFSiCFCQSP
CFUBwGSBODT FTDSJCJFOVOMJCSP
DVZBUSBEVDDJOBMDBTUFMMBOPZFEJDJO
FO &TQBB NF QBSFDF VO IFDIP DVBTJ
NJMBHSPTP-PRVFGBMUBQBSBFTUBSBOUF
VO TVDFTP QPS DPNQMFUP UBVNBUSHJDP
FTRVFFTUFMJCSPoFTDSJUPDPONBHOmDP
QVMTPoTFBMFEPQPSUPEPTP BMNFOPT
QPSMBNBZPSBEFMPTRVFOFDFTJUBOMFFS
MP RVFOPTPOQPDPT ZNVDIPTEFFMMPT
BFGFDUPTEFQVSBZTJNQMFJOGPSNBDJO
RVFFTNVDIBMBRVFQSPQPSDJPOB

1BSBiUSBORVJMJEBEwEFQBSMBNFOUBSJPTZ
EFBVEBDFTDPMVNOJTUBTRVF BMQBSFDFS
TBCFOEFUPEPZTPCSFUPEPUJFOFOJEFBT
DMBSBT Z EJTUJOUBT NF BQSFTVSP B EFDJS
RVF+BDRVFT5FTUBSUOPDJUBOJVOBTPMB
WF[OJOHOEPDVNFOUPWBUJDBOP4FMJ
NJUBBSFnFYJPOBSTPCSFFMTFSIVNBOP
FMBNPS FMTFYP MBDJFODJB FOFTQFDJBMMB
CJPMPHBZMBNFEJDJOB
ZFMQSPHSFTP B
QBSUJSEFTVDPOPDJNJFOUPEFMBNBUFSJB
EFTVDBQBDJEBEOBUVSBMEFSBDJPDJOJPZ
EFVOTFOUJEPUJDPOPDPOGFTJPOBM RVF
NFBUSFWPBDBMJmDBSEFiTFOUJEPDPNOw
PUBNCJOiOBUVSBMw OPFTRVFMPDPOGF
TJPOBMPMPWBUJDBOPNFQBSF[DBNBMIF
EJDIPMPBOUFSJPSBNPEPEFFYPSDJTNP
DPOUSBDJFSUPTQSFKVJDJPT

6OIPNCSFRVFDPOPDFDPNPQPDPTFM
PSJHFO EFTBSSPMMPZQPTJCJMJEBEFTEFMBT
MMBNBEBTiUDOJDBTEFSFQSPEVDDJOBTJT
UJEBw TPCSFUPEPMBGFDVOEBDJOiJOWJ
USPwZUSBOTGFSFODJBFNCSJPOBSJB'*75&

BEWJFSUFoDPOIVNPSZDPOFTBFTQFDJBM
JSPOBEFJODPOGVOEJCMFiCPVRVFUwGSBO
DToTVTNVZQSPCBCMFTJNQMJDBDJPOFTEF
QFSWFSTJONBOJQVMBEPSBZEFGPSNBEPSB
EFMTFSIVNBOPFOFMQMBOPCJPMHJDPZ
TFBMBFMUSFNFOEPSJFTHPEFEFTIVNBOJ
[BDJOEFMPTiUDOJDPTwZEFMPTCFOFm
DJBSJPTEFMB'*75&

%JDF5FTUBSUi&MDJFOUmDPOPFTVO
FKFDVUPS PCMJHBEP EF DVBMRVJFS QSPZFD
UP TBMJEP EF VOB MHJDB JOIFSFOUF B TV
QSPQJBUDOJDB4JUVBEPFOFMFKFEFMSF
NPMJOPEFQPTJCJMJEBEFT FMJOWFTUJHBEPS
BEJWJOBBOUFTRVFOBEJFMBEJSFDDJOEF
MBDVSWBMBOPWFEBERVFUSBFVOBMJWJP
QFSPUBNCJOBRVFMMBRVFSPNQF DFOTV
SB SFOJFHB:P iFYQFSUPFOQSPDSFBDJO
BTJTUJEBw IFEFDJEJEPQBSBSw
4J FO T NJTNB FTUB EFDJTJO GVF FO TV
EB VO EBUP JNQPSUBOUF DPOPDFS MBT
SB[POFTEF5FTUBSUoMBiEJSFDDJOEFMB
DVSWBwo FT BMHP RVF SFTVMUB OFDFTBSJP
QPSNTRVFUBNCJOSFTVMUFJODNPEP
QBSBRVJFOFT BMDPOUSBSJPRVFM QJFO
TBOoPWJWFODPNPTJQFOTBSBOoRVFMB
UDOJDBTHFOFSBTVQSPQJBMHJDB "O
ESTEFMB0MJWB SFTFBQVCMJDBEBFOFM
QFSJEJDPi:"w 7

+BWJFSEFMB5PSSFZ+VBO1SF[.B
SO &EJUPSFT
%JBHOTUJDPQSFOBUBM
Z EJTDBQBDJEBE 6QDP1SPNJ .B
ESJE QQ
-B DPMFDDJO EF MB 6OJWFSTJEBE EF $P
NJMMBTTPCSFi%JMFNBTUJDPTEFMBEFm
DJFODJBNFOUBMwDPNFO[FO GSVUP
EFM 4FNJOBSJP BOVBM PSHBOJ[BEP KVOUP
DPO MB "TPDJBDJO QBSB MB 1SPNPDJO

EFM .JOVTWMJEP 130.*
QBSB EFCB
UJSZSFnFYJPOBSTPCSFMPTBTQFDUPTUJDPT
EF MBT QFSTPOBT DPO EFmDJFODJB NFOUBM
3FDPHFMBTQPOFODJBTTPCSFMBTRVFHJSB
MBSFnFYJOFOUPSOPBEJDIP4FNJOBSJP
&OFTUFPDUBWPWPMVNFO TFDPODFOUSBMB
SFnFYJOFOFMJOJDJPEFMBWJEB ZFOVOP
EFTVTQSJNFSPTEJMFNBTFMEJBHOTUJDP
QSFOBUBM FO TV SFMBDJO DPO MB EJTDBQB
DJEBE$PNPUFNBTEFJOUFSTTFUSBUBO
%JBHOTUJDPQSFOBUBMZDBNCJPTFOOFP
OBUPMPHB&MDPOUSPMEFMBEJTDBQBDJEBE
BUSBWTEFMBTQSVFCBTHFOUJDBT&MQBQFM
EFMBTBTPDJBDJPOFT%JBHOTUJDPQSFOBUBM
Z QSPUFDDJO KVSEJDB )BDJB VOB TPDJF
EBETJOEJTDBQBDJUBEPT&YDMVTJOTPDJBM
Z EJTDBQBDJEBE NFOUBM Z mOBMNFOUF
1FSTQFDUJWBEFGFBOUFMBEJTDBQBDJEBE
.BSB-VJTB7FHB(VUJSSF[ 1FMFHSO
.BSUOF[#B[BZ+BWJFS7FHB(VUJ
SSF[ 3FQSPEVDDJO BTJTUJEB FO MB
$PNVOJEBE &VSPQFB -FHJTMBDJO
Z BTQFDUPT CJPUJDPT 6OJWFSTJEBE
EF7BMMBEPMJE
-PTBVUPSFTQFSUFOFDFOBM%FQBSUBNFO
UPEF.FEJDJOB-FHBMEFMB6OJWFSTJEBE
EF7BMMBEPMJEZFOFTUFMJCSPSFBMJ[BOVO
FTUVEJPDPNQBSBEPEFMBTEJGFSFOUFTMF
HJTMBDJPOFTFYJTUFOUFTFO&VSPQBTPCSFMB
SFQSPEVDDJO BTJTUJEB Z MBT UDOJDBT EF
GFDVOEBDJOJOWJUSP
.BSB %PMPSFT 7JMB$PSP -B CJP

BCPSUP Z FVUBOBTJB &EJUPSJBM %ZD
LJOTPO.BESJE QQ
.BSB%PMPSFT7JMB$PSP MJDFODJBEBFO
'JMPTPGBZFO%FSFDIP PCUVWPFMQSFNJP
FYUSBPSEJOBSJPEFEPDUPSBEPFO%FSFDIP
QPSMB6OJWFSTJEBE$PNQMVUFOTFEF.B
ESJE&TEJSFDUPSBEFMEPDUPSBEPZEFMB
$UFESBEF#JPUJDBZ#JPKVSEJDBEFMB
6/&4$0 "DBENJDB$PSSFTQPOEJFOUF
EFMB3FBM"DBEFNJBEFKVSJTQSVEFODJBZ
-FHJTMBDJO Z EF MB "DBEFNJB 7BUJDBOB
1SPWJUB&T.JFNCSPEFM$PNJU%JSFD
UPSEF#JPUJDBEFM$POTFKPEF&VSPQB
-B #JPUJDB TF FODVFOUSB FO VOB FO
DSVDJKBEB"OUFMPTOVFWPTEFTDVCSJNJFO
UPTDJFOUmDPTTFQSFTFOUBVOBPQPSUVOJ
FTQJSJUVBM
-B TFYVBMJEBE FM BCPSUP Z MB FVUBOBTJB
QMBOUFBOVOBTFSJFEFJOUFSSPHBOUFTBOUF
MBUJDBRVFJOWJUBOBVOBQSPGVOEBSF
nFYJO-BBVUPSBBCPSEBFTUBTDVFTUJP
OFTDPOVOBWJTJOQPTJUJWBFJMVTJPOBO
UF EF MB WJEB IVNBOB Z EFM WBMPS EF MB
QFSTPOB -F TPSQSFOEF MB EFTJOGPSNB
DJORVFTVGSFMBPQJOJOQCMJDBTPCSF
MBTNTEFOVFWBTFOGFSNFEBEFTEF
USBOTNJTJOTFYVBMTJFOEPBTRVFBMHV
OBT QSPEVDFO FTUFSJMJEBE PUSBT QSFEJT
QPOFOBMDODFSZMBTIBZJODVSBCMFT4V
ONFSPNVMUJQMJDBQPSMBTDPOPDJEBT
IBTUBIBDFQPDPTBPT-BTUDOJDBTRVF
QFSNJUFO EJBHOPTUJDBS NBMGPSNBDJPOFT
ZEFmDJFODJBTFOMBDSJBUVSB RVFTFFO
DVFOUSBFOFMTFOPEFMBNBESF QMBOUFBO
TFSJPTQSPCMFNBTB MBIPSB EFFOKVJDJBS
UJDBZKVSEJDBNFOUFFMBCPSUP-BQSP

MPOHBDJOBSUJmDJBMEFMBWJEBQPSNFEJP
EFJOTUSVNFOUPTNFDOJDPTFOQBDJFOUFT
RVFIBOQFSEJEPMBBDUJWJEBEEFTVTGVO
DJPOFTCTJDBT{TFQVFEFJOUFSSVNQJS -B
BVUPSBTFQSFHVOUBTJTFSFMIPNCSFEFM
GVUVSPEVFPEFMBUDOJDBPFTDMBWPEF
MBNRVJOB
.BSB %PMPSFT 7JMB$PSP )VSGB

OPTCJPMHJDPT&MIPNCSFZMBNV
KFS BOUF MB SFQSPEVDDJO BSUJmDJBM
&EJDJPOFT4BO1BCMP .BESJE
QQ
%PDUPSBFO%FSFDIPZMJDFODJBEBFO'J
MPTPGB JNQBSUFDMBTFTFOMB6OJWFSTJEBE
$PNQMVUFOTFZFM$FOUSP6OJWFSTJUBSJP
'SBODJTDPEF7JUPSJB FO.BESJE"OB
MJ[B FO FTUF MJCSP MBT DPOTFDVFODJBT EF
MBT NPEFSOBT UDOJDBT EF SFQSPEVDDJO
BTJTUJEBBSUJmDJBM-BQPTJDJOEFMIPN
CSF Z MB NVKFS BOUF MB GFDVOEBDJO AJO
WJUSP FM DPNJFO[P EF MB WJEB IVNBOB
oUFNBBNQMJBNFOUFEFTBSSPMMBEPFOTV
BOUFSJPS MJCSP i*OUSPEVDDJO B MB #JP
KVSEJDBw
o MB IFSFODJB CJPMHJDB
Z MB IFSFODJB DVMUVSBM MB GVODJO EF MB
QBUFSOJEBE MBT ANBESFT TPMBT Z MPT M
NJUFT EFM EFSFDIP B MB QSPDSFBDJO EF
MBNVKFSMBNBUFSOJEBEEFBMRVJMFSPMB
NBUFSOJEBE EFTQVT EF MB NFOPQBVTJB
MBIPNPTFYVBMJEBEZTVSFMBDJODPOMB
SFQSPEVDDJOBTJTUJEB&OEFmOJUJWB VO
BOMJTJTQSPGVOEPZDMBSPEFBMHVOPTEF
MPT SJFTHPT RVF TF EFSJWBO EF MBT UDOJ
DBTEFGFDVOEBDJOJOWJUSP FOMPRVFMB
BVUPSBEFmOFDPNPVOJOUFOUPEFiSFJO
WFODJOEFMBIVNBOJEBEw RVFOPUJFOF
FODVFOUBMPTEFSFDIPTEFMPTIJKPTGSVUP
EFMBTUDOJDBT RVFWJFOFOBTFS EFFTUF
NPEP VOPTiIVSGBOPTCJPMHJDPTw
7SJPT"VUPSFT"UJDBFP%JSFJUP
OPJODJPEBWJEBIVNBOB4FSWJP
EF#JPUJDBFUJDB.EJDBEB'BDVM
EBEF EF .FEJDJOB EB 6OJWFSTJEBEF
EP1PSUP QQ
&N1PSUVHBM PEFCBUFTPCSFBTRVFTUFT
UJDBTSFMBDJPOBEBTDPNBBUSJCVJPEF
VNFTUBUVUPBPFNCSJPIVNBOP CFN
DPNP B FMBCPSBP EF VN RVBESP MF
HBM RVF QSPUFKB PT EJGFSFOUFT JOUFSFTTFT
FEJSFJUPTFNKPHP UFNoTFSFWFTUJEPEF
JOUFOTBTFBDFTBTEJTDVTTFTOBTPDJFEBEF
DJWJM"TTJN FTUBPCSBUFNEVQMBmOBMJ
EBEFQPSVNMBEP QSPNPWFSBSFnFYP
BQSPGVOEBEB EFTUB UFNUJDB MV[ EPT
WBMPSFT F QSJODQJPT UJDPT EFGFOEJEPT
QFMBT DPSSFOUFT NBJT SFQSFTFOUBUJWBT EP
QFOTBNFOUP IVNBOP QPS PVUSP DPO
USJCVJSQBSBVNDPOTFOTPTPCSFBTOPS
NBTKVSEJDBTBTFSFNBQMJDBEBT OPNFB
EBNFOUF TPCSFBOFDFTTJEBEFPVOPEF
TFBUSJCVJSVNFTUBUVUPEJGFSFODJBEPBP
FNCSJPIVNBOP 8FC$FOUSP#JPUJ
DB 1PSUP

7BSJPT BVUPSFT %FCBUF TPCSF FM

BCPSUP$JODPFOTBZPTEFmMPTPGB
NPSBM$UFESB .BESJE
QQ
&O FTUF MJCSP TF SFOFO DJODP FOTBZPT
TPCSFFMEFCBUJEPUFNBEFMBCPSUP ZEFM
EFSFDIPBMBCPSUP EFTEFQVOUPTEFWJTUB
NVZEJGFSFOUFT+PIO'JOOJTFTDSJCFFO
DPOUSBEFMBCPSUPZBGBWPSEFMSFTQFUP
BCTPMVUPBMBWJEBIVNBOB NJFOUSBT+V
EJUI PNQTPO EFmFOEF RVF MB NVKFS
EFCFEFDJEJSQPSTNJTNB1BSUFEFMEF
CBUFFTTJFYJTUFEJGFSFODJBFOUSFNBUBSZ
EFKBSNPSJSBMGFUP WJTUPEFTEFMBTEJTUJO
UBTQPTJDJPOFT
7BSJPT BVUPSFT &M EFTUJOP EF MPT

FNCSJPOFT DPOHFMBEPT &EJUPSJBM
'VOEBDJO 6OJWFSTJEBE &TQBPMB
QQ
&MEFTUJOPEFMPTFNCSJPOFTDPOHFMBEPT
FTFMUUVMPEFMMJCSPRVFIBOFTDSJUPWBSJPT
QSPGFTJPOBMFTEFMNVOEPEFM%FSFDIP EF
MB#JPUJDB EFMB'JMPTPGBZEFMB$JFO
DJB FOFMRVFTFSFDPHFODSJUFSJPTZDMBWFT
QBSBEFDJEJSRVIBDFSDPOMPTUSFJOUBNJM
FNCSJPOFTDPOHFMBEPTRVFFTQFSBOFOVO
FTUBEPEFWJEBJOUFSSVNQJEB
&MNBOVBMDVFOUBDPODBQUVMPTSFEBD
UBEPTVOJQFSTPOBMNFOUFQPSMPTBVUPSFT
FOMPTRVFDBEBVOPUSBUBDPOHSBOSJHPS
FM UFNB SFTFBEP &OUSF PUSPT BVUPSFT
EFTUBDBO (PO[BMP )FSSBO[ EF MB 6OJ
WFSTJEBE EF /BWBSSB Z .OJDB -QF[
#BSBIPOB EF MB 6OJWFSTJEBE 'SBODJT
DPEF7JUPSJB+VOUPBFTUBTSFnFYJPOFT
FYJTUF VO BNQMJP EPDVNFOUBM RVF SF
DPHFMBMFHJTMBDJOTPCSFMBNBUFSJB MPT
JOGPSNFT QSFTFOUBEPT QPS MB $PNJTJO
/BDJPOBM EF 3FQSPEVDDJO "TJTUJEB EF
Z 5BNCJO DVFOUB DPO FM
FMBCPSBEPQPSFM$PNJU"TFTPSEFUJ
DBEF$JFODJBZ5FDOPMPHBFOFTUFBP
'JOBMNFOUFTFJODMVZFOMBTJOJDJBUJWBTMF
HJTMBUJWBT Z EFCBUFT QBSMBNFOUBSJPT RVF
TFIBOQSFTFOUBEPFOFM$POHSFTPEFMPT
%JQVUBEPTFOMBQSFTFOUFMFHJTMBUVSB FO
MPT RVF TF IBO USBUBEP MB JOWFTUJHBDJO
DPO DMVMBT NBESF Z FM QPTJCMF EFTUJOP
EF MPT FNCSJPOFT -PT BVUPSFT TFBMBO
RVF FM EFTUJOP EF MPT FNCSJPOFT FT JO
DJFSUPZBDPOTFKBODPNPVOBBMUFSOBUJWB
MB BEPQDJO QSFOBUBM QFSP FO OJOHO
DBTPRVFTFEFEJRVFOBMBJOWFTUJHBDJO
QVFTBUFOUBDPOUSBMBEJHOJEBEIVNBOB
7BSJPTBVUPSFT%JBHOTUJDPQSFOB
UBM OFPOBUPMPHB Z EJTDBQBDJEBE
TFWFSB 1SPCMFNBT UJDPT *OTUJUVU
#PSKBEF#JPUJDBZ'VOEBDJO.B
QGSF .FEJDJOB .BESJE
QQ
-B 'VOEBDJO .BQGSF .FEJDJOB Z FM
*OTUJUVU #PSKB EF #JPUJDB QSFTFOUBO
EPTUSBCBKPTEFDPMBCPSBEPSFTEFM*##
%JBHOTUJDPQSFOBUBMZ/FPOBUPMPHBZ
EJTDBQBDJEBE TFWFSB QSPCMFNBT UJDPT
RVFUJFOFOVODBSDUFSDPNQMFNFOUBSJP
DPOVOFMFNFOUPDPNOFMOBDJNJFOUP
EFVOOJP&MQSJNFSPEFMPTBSUDVMPT
USBUB EFM EJBHOTUJDP QSFOBUBM Z TF TV
CSBZBMBJNQPSUBODJBEFMFOGPRVFNVMUJ
EJTDJQMJOBSJPFOMPTDBTPTEFEJBHOTUJDP
EF EFGFDUP DPOHOJUP FO FM RVF EFCFO
QBSUJDJQBS MPT FTQFDJBMJTUBT JNQMJDBEPT
PCTUFUSBT FDPHSBmTUBT HFOFUJTUBT CJ
MPHPT CJPRVNJDPT QFSJOBUMPHPT QB
UMPHPT&MTFHVOEPBSUDVMPBOBMJ[BUSFT
DVFTUJPOFTCTJDBTFOUJDBOFPOBUBMRVF
HJSBOBMSFEFEPSEFFTUPTQSPCMFNBTRV
FTMPRVFDPOWJFOFBMOJP RVJOUJFOF
MBGBDVMUBEPFMEFSFDIPQBSBEFDJEJSMP
ZDVMFTMBNFUPEPMPHBNTBEFDVBEB
QBSBMBSFTPMVDJOEFMPTDPOnJDUPT
7BSJPT BVUPSFT -B WJEB IVNBOB

PSJHFOZEFTBSSPMMP'FEFSBDJO*O
UFSOBDJPOBMEF6OJWFSTJEBEFT$BUMJ
DBT '*6$
61$0 .BESJE
QQ
4PONVDIBTMBTEJTDVTJPOFTZUPNBTEF
QPTJDJOBDFSDBEFMFTUBUVUPUJDPZKVS
EJDPEFMFNCSJOIVNBOP"ODVBOEP
EFTEF MB GFDIB EF QVCMJDBDJO EF FTUF
UFYUP IBTUB IPZ TF IB IFDIP VO MBSHP
DBNJOPFOFMDBNQPEFMBJOWFTUJHBDJO

CJPNEJDB TVTBSHVNFOUPTTJHVFOTJFO
EPWJHFOUFT
%JGFSFOUFTHSVQPTEFFTUVEJPEFMB'FEF
SBDJO *OUFSOBDJPOBM EF 6OJWFSTJEBEFT
$BUMJDBT '*6$
TF IBO PDVQBEP EF
FTUVEJBSDPOMVDJEF[FTUPTQSPCMFNBT&M
SFTVMUBEPFTFTUFUSBCBKPJOUFSEJTDJQMJOBS
MMFWBEPBMBWF[EFTEFMPTDBNQPTEFMB
CJPMPHBGVOEBNFOUBM MBDMOJDBHJOFDP
MHJDB PCTUUSJDBZOFPOBUPMPHJTUB EFT
EFMBSFnFYJOmMPTmDBZUJDBZEFTEF
FMEJTDFSOJNJFOUPUFPMHJDP
+PT7JDP1FJOBEP&MDPNJFO[PEF
MBWJEBIVNBOB#JPUJDBUFPMHJDB
4BO1BCMP 4BOUJBHPEF$IJMF
&M BVUPS FT MJDFODJBEP FO 5FPMPHB
DPOFTUVEJPTEFFTQFDJBMJEBEFO5FPMP
HB.PSBMFOMB"DBEFNJB"MGPOTJBOB
QSPGFTPS FO FM &TUVEJP 5FPMHJDP $MB
SFUJBOP *OTUJUVUP 5FPMHJDP EF 7JEB
3FMJHJPTB 4FNJOBSJP 4 1BCMP $IJMF

F*OTUJUVUP4VQFSJPSEF$JFODJBT.PSB
MFTEF.BESJE&OFTUFMJCSPBOBMJ[BMBT
QSJODJQBMFTDVFTUJPOFTEFCBUJEBTFOUPS
OPBMDPNJFO[PEFMBWJEBIVNBOB
1FESP+VBO7JMBESJDI"CPSUPFTP
DJFEBEFQFSNJTTJWB3FJEPT-JWSPT
-JTCPB
&MBVUPSFTEPDUPSFO%FSFDIP BCPHB
EP Z DBUFESUJDP EF MB 6OJWFSTJEBE EF
/BWBSSB&MPCKFUJWPEFMMJCSPFTSFVOJS
MPT QSJODJQBMFT BSHVNFOUPT B GBWPS EFM
BCPSUPZBOBMJ[BSTVDPOTJTUFODJB/PFT
TMPVOMJCSPBDBENJDP QVFTFOUSBEF
MMFOPFOMBTQSPQVFTUBTEFMPTNFEJPTEF
DPNVOJDBDJOFOUPSOPBMUFNB EFOUSP
EFVOBiTPDJFEBEQFSNJTJWBw QBSBUSBUBS
EFEBSVOBSFTQVFTUBDMBSB SB[POBEB B

GBWPS EF MB EFGFOTB EF MB WJEB IVNBOB
EFTEFMBDPODFQDJO
+$8JMMLF.BOVBMTPCSFFMBCPS
UP &6/4" 1BNQMPOB
QHJOBT FEJDJOFTEF

-PTBVUPSFT MPTFTQPTPT8JMMLF TPOHSB
EVBEPTEFMB6OJWFSTJEBEEF$JODJOOB
UJ4VDPOPDJNJFOUPFONBUFSJBTFYVBMZ
EFPSJFOUBDJOGBNJMJBSMPFYQPOFODPO
UJOVBNFOUFFODPOGFSFODJBT FOUSFWJTUBT
SBEJPGOJDBT BSUDVMPTZMJCSPT
&O FTUB PCSB BOBMJ[BO FM BCPSUP EFTEF
VOB QFSTQFDUJWB DJFOUmDB BQPSUBOEP
BNQMJBEPDVNFOUBDJOMJUFSBSJBZHSm
DB"MFSUBOTPCSFMBTDPOTFDVFODJBTRVF
TF EFSJWBO EF TV BDFQUBDJO Z FYQPOFO
FO RV CBTBO TV QPTUVSB GBWPSBCMF B MB
WJEBEFMPTDPODFCJEPTOPOBDJEPT
-B GSNVMB VUJMJ[BEB QBSB MB SFEBDDJO
EFMMJCSPFTMBEFQSFHVOUBTZSFTQVFTUBT
MPRVFIBDFEFMVONBOVBMDMBSPZEF
MFDUVSB BNFOB QBSB MPT RVF BCPSEBO FM
UFNBQPSQSJNFSBWF[
3PCFSUP (FSNO ;VSSJBSBO -PT

FNCSJPOFT IVNBOPT DPOHFMBEPT
VOEFTBGPQBSBMBCJPUJDB&EJDJP
OFT *OUFSOBDJPOBMFT 6OJWFSTJUBSJBT
.BESJE QQ
-B CJPUJDB DPNP SFnFYJO UJDB NF
EJBEPSBFOUSFMPTOVFWPTSFUPTEFMQSP
HSFTP EF MB DJFODJB Z MB UDOJDB Z MBT
FYJHFODJBT EFM SFTQFUP QPS MB WJEB EFM
IPNCSF TFIBDFNTOFDFTBSJBTJDBCF
DVBOEP EJDIP QSPHSFTP PGSFDF QPTJCJ
MJEBEFT JOEJUBT EF JOUFSWFODJO TPCSF
MB WJEB RVF OPT QMBOUFBO JOUFSSPHBOUFT

UJDPTTJOQSFDFEFOUFT&MBVUPSFTQSP
GFTPSEF%JEDUJDBEFMB3FMJHJOEFMB
6OJWFSTJEBE EF -B 3JPKB -B PCSB FT
FM TFHVOEP UUVMP EF MB DPMFDDJO 5SJ
CVOB 4JHMP 99* &M WPMVNFO DPOUJFOF
TV UFTJT EPDUPSBM TPCSF FM NJTNP UFNB
-BJOWFTUJHBDJOFONFEJDJOBSFHFOFSB
UJWBZTVTQPTJCMFTBQMJDBDJPOFTUFSBQV
UJDBTDPODMVMBTNBESFFTUTVTDJUBOEP
FOMBPQJOJOQCMJDBNVDIBTFYQFDUB
UJWBTEFDVSBDJOEFFOGFSNFEBEFT&Y
QFDUBUJWBTRVF TJOFNCBSHP WBOBDPN
QBBEBTEFGVFSUFTUFOTJPOFTEFDBSDUFS
UJDPoBOUSPQPMHJDP &O FTUF DPOUFYUP
MBNTBQSFDJBCMF TJOEVEB FTMBVUJMJ[B
DJOEFFNCSJPOFTIVNBOPTEFGFDVO
EBDJOJOWJUSP
BQVFTUB QPS FTUB TPMVDJO DPNP MB RVF

NFKPSTFBEFDVBBMBSFBMJEBEPOUPMHJDB
EFMFNCSJOIVNBOP"CPHBQPSiEFKBS
NPSJSwFTUPTFNCSJPOFT EBEPRVFiIBT
UB BIPSB OP TF IB EFNPTUSBEP TV VUJMJ
EBEUFSBQVUJDBw%BEBMBMFHJTMBDJOBD
UVBMiFMQSPCMFNBUJFOFEJGDJMTPMVDJOw
QVFTUPRVFiQFSNJUF BDSJUFSJPNEJDP
QSPEVDJSBRVFMMPTFNCSJPOFTRVFRVFEF
BDPOTJEFSBDJOEFMNEJDPBVORVFTMP
QVFEBOTFSUSBOTGFSJEPTUSFTFNCSJPOFTw
1PSFMMP iTJBDSJUFSJPNEJDPTFQSPEV
DFOFNCSJPOFTZTMPQPSMFZTF
QVFEFOUSBOTGFSJS FMQSPCMFNBTFHVJS
QSFTFOUFw EFCJEPBRVFiTFSOFNCSJP
OFTTPCSBOUFTRVFTFDPOHFMBSOw
"FTUFQSPQTJUP FMMJCSPEFMQSPGFTPSEF
MB6OJWFSTJEBEEF-B3JPKBTFQSFHVOUB
{RVDMBTFEFiSFBMJEBEwPiFOUJEBEwFT
FMFNCSJOIVNBOP -BDVFTUJOSFTVMUB
SFMFWBOUF QVFTEFFMMBEFQFOEFSOVFT
USBQPTJDJOFOMBDPOUSPWFSTJBBDFSDBEFM
EFTUJOPEFMPTFNCSJPOFTDPOHFMBEPT-B
SFTQVFTUBTFBSUJDVMBEFTEFFMBOMJTJT FO
QSJNFSMVHBS EFBRVFMMPTBTQFDUPTCJP
MHJDPT QSFTFOUFT FO MB EJTDVTJO TPCSF
DNPZDVOEPVOPSHBOJTNPIVNBOP
JOEJWJEVBMTFGPSNBZTFEFTBSSPMMB:FO
TFHVOEPMVHBS EFTEFVOBQFSTQFDUJWBm
MPTmDB TFSFTQPOEFBMBQSFHVOUBRV
FTFMFNCSJOIVNBOP
1BCMP"HVJMFSB&OMBGSPOUFSBWJEB
NVFSUF 1SPCMFNBT CJPUJDPT &EJ
UPSJBM6OJWFSTJUBSJB 4BOUJBHPEF$IJ
MF QQ
'JOBMNFOUFTFBOBMJ[BOMBTQSJODJQBMFTTP
MVDJPOFTRVFTFQSPQPOFODPNPEFTUJOP
EFMPTFNCSJPOFTIVNBOPTDPOHFMBEPT
"EPQDJO%POBDJOQBSBJOWFTUJ
HBDJO%FTUSVDDJO%FTDPOHFMB
DJOZEFKBSMPTNPSJS&MOVFWPEPDUPS
'JOBMEFMBWJEBIVNBOB
&MQSPHSFTPEFMB.FEJDJOBIBPCMJHBEP
B QSFDJTBS NFKPS MPT DSJUFSJPT EF NVFS
UF DMOJDB Z IBDF JNQFSJPTP VO BOMJTJT
UJDP EFM UFNB "TJNJTNP MBT UDOJDBT
EFSFBOJNBDJOEFQFSTPOBTRVFFTUOB
QVOUPEFDSV[BSFMVNCSBMEFMBNVFSUF
IBIFDIPTVSHJSVOBTFSJFEFJOUFSSPHBO
UFT RVF MB #JPUJDB JOUFOUB SFTQPOEFS
%JGVTPTQMBOUFBNJFOUPTVUJMJUBSJTUBTRVF
TFFODVCSFOFOVONBMFOUFOEJEPDPO
DFQUPEFiDBMJEBEEFWJEBwDPMPDBOBMPT
FOGFSNPTUFSNJOBMFTBOUFMBQPTJCJMJEBE
EFMBFVUBOBTJB QPSMPRVFIBDFOFDFTBSJB
VOBSFTQVFTUBUJDB RVFFMBVUPS NEJDP
ZTBDFSEPUFRVJFSFEBS&TUVEJBEFTEFMB
EPCMFQFSTQFDUJWB NEJDBZUJDB FTUBT
DVFTUJPOFTEFMB.FEJDJOBBDUVBM

3BDIFM"JTFOHBSU.FOF[FT&NCVT
DBEBCPBNPSUF"OUSPQPMPHBEPT
$VJEBEPT 1BMJBUJWPT &EJUPSB 'JP
DSV[Z(BSBNPOE6OJWFSTJUBSJB 3P
EF+BOFJSP #SBTJM QQ
-BBVUPSBFTNEJDP QTJRVJBUSB QTJDPB
OBMJTUBZEPDUPSBFO4BMVE$PMFDUJWBQPS
FM *OTUJUVUP EF .FEJDJOB 4PDJBM6&3+
"QBSUJSEFTVTFYQFSJFODJBTFOVOFRVJ
QP EF DVJEBEPT QBMJBUJWPT BOBMJ[B FTUF
OVFWPDBNQPQSPGFTJPOBMZMPTFRVJQPT
EFQSPGFTJPOBMFTEFMBTBMVERVFMPTJO
UFHSBO BTDPNPMPTQSJODJQBMFTQSPCMF
NBTUJDPTRVFTFQSFTFOUBOFOMBTJUVB
DJOmOBMEFMBWJEBEFMPTQBDJFOUFT4V
mOBMJEBE FT IVNBOJ[BS MB BUFODJO EFM
QBDJFOUF UFSNJOBM DBNCJBOEP MB NFO
UBMJEBEZFMSPMEFMPTQSPGFTJPOBMFTRVF
EFCFOBUFOEFSMPT$PNQMFNFOUBFMEF
TBSSPMMP UFSJDP DPO FKFNQMPT Z SFMBUPT
EFTVQSPQJBFYQFSJFODJB
"TVODJO MWBSF[ EFM 3P 1SDUJDB

Z UJDB EF MB FVUBOBTJB 'POEP EF
$VMUVSB &DPONJDB .YJDP
QQ
-BBVUPSBFTQSPGFTPSBEFM%FQBSUBNFO
UP EF 1TJRVJBUSB 1TJDPMPHB Z 4BMVE
.FOUBMEFMB6/". .YJDP%'&TUF
FOTBZP FT VO BDFSDBNJFOUP BM UFNB EF
MBFVUBOBTJBEFTEFUPEBTTVTBSJTUBT-J
CFSUBE BVUPEFUFSNJOBDJO EJHOJEBE
SFTQFUP SFTQPOTBCJMJEBE WJEBZNVFSUF
TPO USNJOPT DPO MPT RVF MB BVUPSB WB
UFKJFOEP SFnFYJPOFT M TPCSF FM EFSFDIP
RVF BTJTUF B RVJFO EFDJEF BQSFTVSBS FM
QBTPEFMBQSPQJBNVFSUF.TRVFEBS
SFTQVFTUBT MBBVUPSBDPNQJMBZQSPQPOF
FMFNFOUPTEFKVJDJPZDPOWPDBBVOBTF
SFOBSFnFYJOFOUPSOPEFMBWJEBZEFMB
NVFSUF BVOEFCBUFRVFMMFWFBM&TUBEP
NFYJDBOP B MFHJTMBS TPCSF FTUB FTQJOPTB
NBUFSJB 4F FONBSDB FO FM BQPZP B MPT
SFDJFOUFT QSPZFDUPT EF MFZ QSFTFOUBEPT
FO.YJDPTPCSFFTUFUFNBQPSWBSJPTEF
MPTQBSUJEPTQPMUJDPT
"ST .FEJDB 3FWJTUB EF &TUVEJPT

.EJDPT )VNBOTUJDPT $VJEBEPT
QBMJBUJWPTFOFMFOGFSNPUFSNJOBM
'BDVMUBE EF .FEJDJOB 1POUJmDJB
6OJWFSTJEBE $BUMJDB EF $IJMF BP
O QQ
-B SFWJTUB "ST .FEJDB FT FEJUBEB QPS
FM1SPHSBNBEF&TUVEJPT.EJDPT)V
NBOTUJDPTEFMB'BDVMUBEEF.FEJDJOB
EF MB 1POUJmDJB 6OJWFSTJEBE $BUMJDB
EF$IJMF%JSJHJEBBMPTNEJDPT PUSPT
QSPGFTJPOBMFTEFMBTBMVE ZFTUVEJBOUFT
PGSFDFVOBQFSTQFDUJWBIVNBOTUJDBEFMB
NFEJDJOB FO TVT BTQFDUPT BOUSPQPMHJ
DPT IJTUSJDPT FTQJSJUVBMFTZSFMJHJPTPT
&OFTUFWPMVNFONPOPHSmDPTFBCPS
EBOMPTDVJEBEPTQBMJBUJWPTFOFMFOGFS
NPUFSNJOBM DPOEJFDJTJTDPMBCPSBDJP
OFTEJSJHJEBTBBOBMJ[BSFMDPOUFOJEPZMB
mOBMJEBEEFMPTDVJEBEPTQBMJBUJWPT ZTV
SFMBDJO DPO MB FEVDBDJO NEJDB MPT
QSPCMFNBTUJDPTGSFDVFOUFTRVFTFQSF
TFOUBO MB NFKPSB EF MB DPNVOJDBDJO
DPO FM QBDJFOUF MBT OFDFTJEBEFT EF MPT
FOGFSNPTFOFMmOBMEFMBWJEBZBZVEB
RVFEFCFOQSFTUBSMFTMPTQSPGFTJPOBMFTEF
MBTBMVE3FDPHFUBNCJOBMHVOBTFYQF
SJFODJBTDMOJDBTDPODSFUBT EFM)PHBSEF
$SJTUPZEFMB$MOJDBEFMB'BNJMJB ZMB
BDUVBMSFGPSNBEFMBTBMVEFO$IJMFFOMP
RVFBGFDUBBMPTDVJEBEPTDPOQBDJFOUFT
UFSNJOBMFT
-VJT'FSOBOEP#BSSJPT.BSDPKVS
EJDP EF MB BOBMHFTJB OGBTJT FO FM
QBDJFOUFUFSNJOBM*CF[1MB[B
.BESJE QQ
&M NEJDP DVFOUB DPO VO MJCSP RVF MF
BDFSDBS B MPT BTQFDUPT NEJDPT MFHBMFT
SFMBDJPOBEPTDPOMBQSDUJDBEFMBBOBM
HFTJB DPOFTQFDJBMOGBTJTFOFMFOGFSNP
UFSNJOBM
&MBVUPSFT-VJT'FSOBOEP#BSSJPT QSP
GFTPS EF %FSFDIP "ENJOJTUSBUJWP EF MB
6OJWFSTJEBEEF"MJDBOUF4JSWFEFHVBBM
GBDVMUBUJWPQBSBTBCFSDNPUSBUBSFMEP
MPSEFMQBDJFOUFTJOJODVSSJSFOSFTQPO
TBCJMJEBEFTMFHBMFT&MMJCSPFTUEJWJEJEP
FODVBUSPCMPRVFTBOBMHFTJBZEFSFDIP
MPT EFSFDIPT EFM QBDJFOUF FTUBUVUP EFM
QFSTPOBMBTJTUFODJBMZMBTSFTQPOTBCJMJEB
EFTQPSFMVTPEFMBBOBMHFTJB
+FBO-PVJT#BVEPVJO %BOJFMMF#MPO
EFBV -B UJDB BOUF MB NVFSUF Z FM
EFSFDIPBNPSJS)FSEFS #BSDFMPOB
QQ
+FBO -PVJT #BVEPVJO FT FTQFDJBMJTUB FO
CJPUJDB KVF[EFM5SJCVOBMEFBQFMBDJO
EF 2VFCFD Z QSPGFTPS EF %FSFDIP FO
MB 6OJWFSTJEBE EF .POUSFBM %BOJF
MMF #MPOEFBV FT EPDUPSB FO 'JMPTPGB Z
QSPGFTPSB EF #JPUJDB FO MB &TDVFMB EF
&OGFSNFSBEFMB6OJWFSTJEBE-BWBMEF
2VCFD &O OVFTUSB TPDJFEBE DPOUFN
QPSOFBTFQFSDJCFMBNVFSUFDPNPVO
GSBDBTPNEJDPZUFDOPMHJDP-BBDUVBM
BNCJDJODJFOUmDBIBGBMTFBEPMBTBDUJ
UVEFTBOUFFMmOBMEFMBWJEB QSJWBOEPBM
JOEJWJEVPOPTMPEFTVMJCFSUBEEFEF
DJTJO TJOPJODMVTPEFMBQPTJCJMJEBEEF
BTVNJSFMTFOUJEPQSPGVOEPZNFUBGTJDP
EF MB NVFSUF -PT BVUPSFT PGSFDFO VO

BOMJTJTTPDJPMHJDP mMPTmDPZDJFOUm
DPRVFTVHJFSFSFVCJDBSFMQSPCMFNBEF
MBNVFSUFFOVOFRVJMJCSJPTPDJBMFOUSF
DJFODJBZDVMUVSB
3BNO #BZT"GSPOUBOEPMBWJEB
FTQFSBOEPMBNVFSUF"MJBO[BFEJUP
SJBM .BESJE
&MNFOTBKFRVFTFRVJFSFUSBOTNJUJSFO
FTUFMJCSPTFQPESBTJOUFUJ[BSFOVOBGSB
TF EF &SJD $BTTFMM i-PT RVF TVGSFO OP
TPOMPTDVFSQPT TPOMBTQFSTPOBTw"OUF
MBDPNQMFKJEBEDSFDJFOUFEFOVFTUSBTP
DJFEBEFTOFDFTBSJPSFQMBOUFBSTVTPCKF
UJWPTEFTBMVEQBSBFMTJHMP99*-BQSF
WFODJOZDVSBDJOEFMBTFOGFSNFEBEFT
ZMBQBMJBDJOEFMTVGSJNJFOUPDPOTUJUV
ZFOPCMJHBDJPOFTHFNFMBTQBSBMPTQSPGF
TJPOBMFT TBOJUBSJPT &M BVUPS SFnFYJPOB
EFTEFMBQTJDPMPHB FOFMDPODFQUP FWB
MVBDJO Z UFSBQVUJDB EFM TVGSJNJFOUP
BQMJDBOEP FM DPOPDJNJFOUP DPOTFHVJEP
BEJGFSFOUFTFTDFOBSJPTMBWFKF[ MBNVFS
UF TCJUB F JOFTQFSBEB MBT VOJEBEFT EF
DVJEBEPT DSUJDPT MBT VOJEBEFT EF DVJ
EBEPT QBMJBUJWPT FM TVJDJEJP BTJTUJEP Z
MBFVUBOBTJB MBNVFSUFEFMPTOJPT FM
EVFMP"CPSEBMBTEJGFSFODJBTZBmOJEB
EFTFOUSFEPMPSZTVGSJNJFOUP BTDPNP
MBT DBSBDUFSTUJDBT EF MBT WJWFODJBT RVF
FYQFSJNFOUB VO FOGFSNP BRVFKBEP QPS
VOB FOGFSNFEBE HSBWF Z MBT GPSNBT Z
WBSJBCJMJEBEEFMBTFTUSBUFHJBTEFBGSPO
UBNJFOUPRVFVUJMJ[BOMBTQFSTPOBTFOFM
QSPDFTPEFNPSJS4FJODMVZFVOBQBSUB
EPTPCSFMBTOFDFTJEBEFTFTQJSJUVBMFT
%FTEF VO FOGPRVF PSJHJOBM TF QMBOUFB
JHVBMNFOUF MBJNQPSUBODJBEFMBQFSDFQ

DJO UFNQPSBM FO FTQFDJBM EVSBOUF MPT

JODJFSUPT UJFNQPT EF FTQFSB EFM FOGFS
NP FOMBDSJTUBMJ[BDJOEFMTVGSJNJFOUP
BT DPNP MB OFDFTJEBE EF NBOUFOFS FO
UPEPNPNFOUPBMHOUJQPEFFTQFSBO[B
3FTFB FO #JPUJDB %FCBU *OTUJUVU
#PSKBEF#JPUJDB

-VJT(VJMMFSNP#MBODP.VFSUFEJH
OB $POTJEFSBDJPOFT CJPUJDPKV
SEJDBT&E"E)PD #VFOPT"JSFT
QQ
-B PCSB TF SFQBSUF FO PDIP DBQUVMPT
Z RVF OPTPUSPT SFQBTBSFNPT BIPSB DPO
BMHVOBCSFWFEBEZDJFSUBMJDFODJB&OFM
QSJNFSPEFFMMPT FMBVUPS TFPDVQBEF
EFMJNJUBSEFCJEBNFOUFMPTNCJUPTDPO
DFQUVBMFTZQSDUJDPTTPCSFMPTRVFIBCS
EFBQVOUBMBSMVFHPFMFEJmDJPJOUFMFDUVBM
RVF IBCS EF FEJmDBS 1VFT PGSFDF VOB
SFWJTUB BHPUBEPSB Z BCTPMVUBNFOUF CSF
WF EFMBDVFTUJOUBOQPDPDPOPDJEBDPO
BDJFSUPFONCJUPTEFMPTOPJOJDJBEPT
SFTQFDUP B DVBUSP OPDJPOFT RVF NVFT
USBO VO JUFS RVF OP FT EFTQSFDJBCMF B
TBCFS NVFSUF DJWJM OBUVSBM FODFGMJDB
Z OFPDPSUJDBM 1BSB DPODMVJS IBDJFOEP
VOBSFnFYJOBMMFDUPS FOPSEFOBMUFNB
EFMBDPOTJEFSBDJOEFMBNVFSUFDPNP
DVFTUJOEFMJNJUBEPSBZmOBMNFOUF EFM
NPSJSDPNPQSPDFTPJSSFNFEJBCMFNFOUF
QPTJCMF EF TFS BDPNFUJEP QPS FM JOEJ
WJEVP 4FBMB FO FTUF MUJNP PSEFO MP
RVFIBTJEPEBEPFOMMBNBSMBFYQFSJFO
DJBEFMBNVFSUFDFSDBOB DPNPEBUPEF
MBQTJDPMPHBDPOUFNQPSOFBRVFIBCS
EF BZVEBS B DPNQSFOEFS EFUFSNJOBEPT
DPNQPSUBNJFOUPTWJUBMFT
&OFMTJHVJFOUFDBQUVMP FMBVUPSQSPDFEF
BSFBMJ[BSVOBTFSJFEFTVQVFTUPTDPODFQ
UVBMFT oBVORVF BRV PCWJBNFOUF RVF
TPOWJUBMFToFOMPRVFEFPSEJOBSJPFYJTUF
DPOGVTJPOJTNPTFWFSPZRVFOPBZVEBO
B FTUBCMFDFS JOGPSNBDJO MJNQJB FOUSF
RVJFOFTBSSJCBOBFTUPTQSPCMFNBT%FT
NFOV[BDPOBHVEF[BFJOHFOJPoFTUPFT
CVTDBOEPOPMBTWBTPSUPEPYBToMBQSP
CMFNUJDB EF MB FVUBOBTJB EJTUBOBTJB Z
PSUPUBOBTJB"EFNTEFMSJDPBQPSUFRVF
FO DBEB VOB EF MBT DVFTUJPOFT CSJOEB
QVFTOPTIBQBSFDJEPNVZTVHFSFOUFMB
JOEJDBDJOQFSTJTUFOUFEFMBVUPSFONPT
USBS RVFFTUOUBMFTUQJDPTFODBSOBEPT
FO MB EFUFSNJOBEB SFBMJEBE CJPHSmDB
EFBMHOIPNCSF QVFTQPSFMMP IBCMBZ
CJFOFOOVFTUSPQBSFDFS EFMBTMMBNBEBT
TJUVBDJPOFT FVUBOTJDBT EJTUBOTJDBT Z
PSUPUBOTJDBT
5BMBQPSUF EFTDSJUPDPNPIBTJEPFTTV
NBNFOUFSJDPFOUPEPMPRVFDPOMBWJEB
NPSBMUJFOFRVFWFS QVFTUPRVFFMPCSBS
EFMIPNCSFZFOFMDBTPBIPSBTVCFYB
NJOFEFMNEJDP OPTFEBFOBCTUSBDUP
TJOPFOTJUVBDJPOFTZOPFODBTPTUJQPP
NPEFMPTQSFBOVODJBEPT DPNPEFPSEJ
OBSJPTFUJFOEFBFODBTJMMBS
&O FTUF UQJDP OPT QBSFDF TVNBNFOUF
SJDPZDPODFQUVBMNFOUFWBMJPTPFMBQPS
UFEFMBVUPS QVFTDPNJFO[BBTFSUJFN
QP FORVFFMBOMJTJTRVFTFIBDFEFMBT
DVFTUJPOFToQPSRVFFOEFmOJUJWB EFTEF
MBQFSTQFDUJWBEFMNEJDPRVFBDUBBOUF
VOBTJUVBDJOEJMFNUJDBPTFVEPEJMFN
UJDB MPWJODVMBDPNPUBM DPOTVQSPQJP
FKFSDJDJP QSPGFTJPOBMo RVF MBT NJTNBT
EFCFOTFSFOUFOEJEBTEFTEFMPQBSUJDVMBS
ZDPODSFUPZOPEFTEFFMBCTUSBDDJPOJT
NP EF MPT DBTPT UJQP 1VFT MP RVF WBMF

FO EFmOJUJWB OP FT FM iDBTP UJQPw TJOP
MBT iTJUVBDJPOFT NEJDBTw &O JHVBM PS
EFOOPTQBSFDFRVFFMBVUPS TJCJFOTF
MPQVFEFBETDSJCJSBVOBDPOGPSNBDJO
mMPTmDBDMTJDB TFMPOPUBJHVBMNFOUF
BCJFSUP B JOEBHBS DPO VO DBSDUFS OP
EPHNUJDPFOMPTUQJDPTRVFBnPSBOFO
MPTSEFOFTEFMBWJEBZMBNVFSUF QBSUJ
DVMBSNFOUFFOFTUBMUJNB
1PTUFSJPSNFOUF FM BVUPS BWBO[B FO FM
USBUBSEFFDIBSBMHVOBMV[DMBSBSFTQFD
UP B RV FT MP RVF EFCF TFS FOUFOEJEP
DPNPNVFSUFEJHOBZRVFDPNPUBM FT
FM OPNCSF QSJODJQBM EF MB PCSB 1PS MP
DVBM FO FTF QFRVFP DBQUVMP JOEJDBS
DPOEFMJNJUBDJOZmSNF[B MBTFYJHFO
DJBTRVFMBDPOGPSNBOZRVFDPOTUJUVZFO
QSPQJBNFOUFEFSFDIPZBVORVFFMBVUPS
OPMPEJDF UJFOFVOBGVOEBNFOUBMQSF
PDVQBDJOFORVFOPRVFEFFMMP NFSB
NFOUF BTJNJMBEP B VO EFSFDIP NT EF
MPTRVF IBCJUVBMNFOUFTPOOPNCSBEPT
DPNP TVCKFUJWPT 0UPSHB BMHVOPT DSJ
UFSJPT PQFSBUJWPT QSDUJDPT JHVBMNFOUF
QBSBMBEJTUJODJOFOUSFMPTNFEJPTQSP
QPSDJPOBEPTZOP DPNPUBNCJOSFDBMB
FOMBOPQPDBDPNQMJDBEBDVFTUJO EFM
BOMJTJTEFMBTEFmOJDJPOFTDVBTJEJMFN
UJDBTEFMBWJEBNEJDBDPSSJFOUFDPNP
TPO MBT WJODVMBEBT DPO MB OP SFBOJNB
DJOEFQBDJFOUFT
"QBSUJSEFMDBQUVMPDVBSUPFOOVFTUSB
PQJOJO FM BVUPS DPNJFO[B B DPOTJEF
SBSUFNBTTFQBSBEPTRVFFOTVDPOKVOUP
DPOTUJUVZFOFMTVTUSBUPEFMBBmSNBDJO
EFM DNP EF MB CVFOB NVFSUF %FEJDB
MVFHP VO FYUFOTP DBQUVMP B DVFTUJPOFT
WJODVMBEBTFTUSFDIBNFOUFBMNVOEPKV
SEJDPZRVFTFSPUVMBODPNPCJPKVSEJ
DBT QBSUJDVMBSJOUFSTFOUSFPUSPTUFNBT
RVF BMM TPO DPOTJEFSBEPT FT FM RVF TF
SFmFSF B MB DVFTUJO EF MB SFTQPOTBCJMJ
EBE DJWJM Z MB JNQVUBCJMJEBE QFOBM RVF
FWFOUVBMNFOUFBnJHFBMBQSDUJDBNEJ
DB Z RVF TPO DMBSBNFOUF DPOGSPOUBEBT
DPO MBT TJUVBDJPOFT NEJDBT EFMJDBEBT
oPSUPUBOBTJB Z EJTUBOBTJBo NPTUSBOEP
DPOFMMPWFSEBEFTZNFOUJSBTEFMUQJDP
-VFHP SFQBTBDPOCVFOEFUBMMFFMDPOP
DJEP QFSP TJFNQSF JOBHPUBCMF UFNB EFM
DPOTFOUJNJFOUP JOGPSNBEP $PODMVZF
FMDBQUVMP EFEJDOEPTFBVOQPSNFOP
SJ[BEPUSBUBNJFOUPEFMBTDBEBWF[ NT
DPNVOFTEJTJEFODJBTUFSBQVUJDBTZVCJ
DBOEPFOFMMBTBRVFMMBTRVFQSPQJBNFOUF
TPOUBMFTZRVFQPSJHVBMSB[O QVFEFO
TFS DPOTJEFSBEBT DPNP WFTUJCVMBSFT EF
MB QSPQJB EJHOJEBE EF MB NVFSUF PUPS
HOEPTFBMM BMHVOPTDSJUFSJPTPQFSBUJWPT
QBSBMPTRVFEFCFODBMJmDBSMBEJTJEFODJB
EFMQBDJFOUF
$PODMVZFFMMJCSPDPOVODBQUVMPFTUSF
NFDFEPS WJODVMBEPDPOMPTUSBUBNJFO
UPTNEJDPTEFTNFEJEPTDVBOEPFMTVKF
UPQBTJWPEFMPTNJTNPT TPONFOPSFTP
BEPMFTDFOUFT "SNBOEP4"OESVFU SF
WJTUB$VBEFSOPTEF#JPUJDB "SHFOUJOB

&OSJRVF#POFUF{-JCSFTQBSBNPSJS
&OUPSOPBMBUOBUPUJDB%FTDMF
EF#SPVXFS #JMCBP QQ
&MBVUPSFTQSPGFTPSUJUVMBSEF'JMPTPGB
.PSBMEFMB6OJWFSTJEBEEF4BMBNBODB
#FDBSJP QPTEPDUPSBM EFM $4*$ BNQMJ
FTUVEJPT FO &TUSBTCVSHP Z #FSMO $PO
FTUBPCSBTFJOJDJBVOBOVFWBDPMFDDJO

EF MB FEJUPSJBM TPCSF UFNBT EF UJDB

BQMJDBEB5SBUBFMBVUPSEFMBGPSNBEF
BGSPOUBSFMUFNBEFMBNVFSUFQPSQBSUF
EFMBmMPTPGB EFBMHVOPTEFMPTHSBOEFT
QFOTBEPSFTEFMB)JTUPSJB NPTUSBOEPMB
DBQBDJEBEIVNBOBEFiBQSFOEFSwBNP
SJS JMVNJOBOEP MBT EJWFSTBT QPTJDJPOFT
UJDBTGSFOUFBMTVJDJEJPZTVTMNJUFT Z
PGSFDJFOEP QPS MUJNP VOB JOUFSQSFUB
DJOQFSTPOBMJTUBEFMBNCJHVPDPODFQUP
EF iNVFSUF EJHOBw &M BVUPS QSPQPOF
VOBUBOBUPUJDB DPNPOVFWBEJTDJQMJOB
DPNQMFNFOUBSJB EF MB #JPUJDB RVF TF
DFOUSF FO MBT EJNFOTJPOFT NPSBMFT EFM
QSPDFTPIVNBOPEFMNPSJS
$FMJB#PSEJO-BNVFSUFZFMNPSJS
FOQFEJBUSB-VNFO #VFOPT"JSFT
QQ
&MPCKFUJWPEFFTUFMJCSPFTBOBMJ[BSBMHV
OPTBTQFDUPTEFMmOBMEFMBWJEB EFTEF
VOQVOUPEFWJTUBIPMTUJDPZUSBOTEJTDJ
QMJOBSJP DPOSJHPSDJFOUmDP WBMPSBOEP
MBTUDOJDBTQBSBIVNBOJ[BSMBTZUFOJFO
EPFODVFOUBFMTFSWJDJPZMBTPMJEBSJEBE
NFSFDJEBT QPS FM OJP TV GBNJMJB Z MB
TPDJFEBE"OBMJ[BMBNVFSUFFOMBTPDJF
EBEZMBDVMUVSB FOMBUFPMPHBZFOMB
MJUFSBUVSB QBSB BCPSEBS EFTQVT MBT FY
QFSJFODJBTDPOMPTOJPTZMBTFOTFBO[BT
RVFOPTPGSFDFO
9BWJFS #VTRVFU &TUIFS 7BMWFSEF

$PPSET
"QSFOESFBNPSJS7JWO
DJFT B MB WPSB EF MB NPSU *OTUJUVU
#PSKBEF#JPUJDBZ%PDVNFOUB6OJ
WFSTJUSJB $PMFDDJO#04 OFYUSB
(JSPOB QQ
"QSFOESF B NPSJS FT VO UFYUP PSJHJOBM
Z TJOHVMBS QSPCBCMFNFOUF OJDP FO FM
DPOKVOUP EF OVFTUSB HFPHSBGB : MP FT

QPSNVDIPTNPUJWPT
&OQSJNFSMVHBS QPSRVFUSBUBVOUFNB
UBC RVFFTMBNVFSUFZMPUSBUBDPODVJ
EBEP Z EFMJDBEF[B B QBSUJS EFM DPOPDJ
NJFOUPEFTJUVBDJPOFTDPODSFUBTZSFBMFT
/PFTGSFDVFOUFRVFMPTQSPGFTJPOBMFTEF
MBTBMVEEJTQPOHBOEFCVFOBTPCSBTQBSB
FOGSFOUBSTFDPOMBNVFSUFEFTVTEFTUJ
OBUBSJPTZNFOPTBORVFFTUOFTDSJUBT
DPOVOMFOHVBKFDMBSPRVFQBSUF JOEVD
UJWBNFOUF EFMBTTJUVBDJPOFTNTSFBMFT
&OTFHVOEPMVHBS FTVOUFYUPFNCFMMFDJ
EPQPSVOBTJMVTUSBDJPOFT PCSBEF&TUIFS
7BMWFSEF RVF TMP QPS FMMBT FM MJCSP ZB
UFOESBNVDIPWBMPS-BDPOUFNQMBDJO
EFMPTEJCVKPTGBDJMJUBMBBTJNJMBDJOEFMBT
JEFBTRVFMPTBVUPSFTFYQSFTBOBMPMBSHP
EFMMJCSP&OFTUFTFOUJEPFTVOMJCSPDBTJ
EFUJQPNFEJUBUJWP OPTMPQPSMBEJTQP
TJDJOEFMUFYUP RVFMPGBDJMJUB TJOPQPSMB
PSHBOJ[BDJOJOUFSOBEFMPTUFNBT
&O UFSDFS MVHBS FT VO UFYUP RVF USBUB
EF BSUJDVMBS VOB TJNCJPTJT FOUSF UFPSB
ZQSBYJT PEJDIPEFPUSBNBOFSB FOUSF
VOB EFTDSJQDJO GPSNBM Z mMPTmDB EF
MB DPOEJDJO IVNBOB Z VOB WJWFODJB
QSDUJDBZEJGDJMEFOBSSBSRVFUJFOFTV
PSJHFO FO FM BDPNQBBNJFOUP B QFSTP
OBT RVF TF FOGSFOUBO BM USBNP mOBM EF
TVWJEB
&OFTUFTFOUJEP FTVOMJCSPRVFOPEFKB
SJOEJGFSFOUFBMMFDUPS UBOUPFMQSPGFTJP
OBM RVF TF FOGSFOUB B FTUBT TJUVBDJPOFT
DPNPBDVBMRVJFSMFDUPSRVFNFEJUF TJO
GBMTBTFYDVTBT TPCSFTVEFTUJOPQFSTPOBM
'SBODFTD5PSSBMCB

+PTV $BCPEFWJMMB 7JWJS Z NP

SJS DPOTDJFOUFNFOUF %FTDMF %F
#SPVXFS $PMFDDJO $SFDJNJFOUP
QFSTPOBM #JMCBP QQ
&M BVUPS FT QTJDMPHP EF MB 6OJEBE EF
$VJEBEPT 1BMJBUJWPT EFM )PTQJUBM 4BO
+VBOEF%JPTEF1BNQMPOB&YQPOFBM
HVOBTTVHFSFODJBTUBOUPQBSBQPEFSJOUF
HSBSMBNVFSUFZWJWJSNTQMFOBNFOUF
DPNPQBSBQPEFSBDPNQBBSBMPTNP
SJCVOEPTFOMBTEJTUJOUBTSFBDDJPOFTQTJ
DPMHJDBT RVF QVFEFO QSFTFOUBS 5BN
CJOTFBCBSDBFMQFSPEPEFEVFMPRVF
JOFWJUBCMFNFOUFBUSBWFTBSUPEBQFSTPOB
RVF IB QFSEJEP B VO TFS RVFSJEP " MP
MBSHPEFMMJCSPTFJOUFSDBMBOFKFSDJDJPTEF
TFOTJCJMJ[BDJORVFCJFOQVEJFSBOTFSEF
VUJMJEBEQBSBFMDSFDJNJFOUPQFSTPOBM
+PTV$BCPEFWJMMB-BFTQJSJUVBMJEBE
FO FM mOBM EF MB WJEB VOB JONFS
TJOFOMBTGSPOUFSBTEFMBDJFODJB
%FTDMFFEF#SPVXFS #JMCBP
-B DJFODJB IB IFDIP EFTDVCSJNJFOUPT
BTPNCSPTPT Z OPT IB QSPQPSDJPOBEP
BWBODFT JOJNBHJOBCMFT QFSP UPEBWB
RVFEBODPTBTRVFOPTFiIBOEFTDVCJFS
UPw P OP TF IBO QPEJEP EFNPTUSBS Z
RVJ[TEFCBNPTFNQMFBSPUSBTGPSNBTEF
TBCJEVSBQBSBBDFSDBSOPTBFMMBT&MQTJ
DMPHP*PTV$BCPEFWJMMBIBDFVOBJODVS
TJOFOFTBmOBGSPOUFSBEFMB$JFODJB
QBSBBEFOUSBSOPTEFOVFWPFOFMNVOEP
EFMBFTQJSJUVBMJEBEMBEJNFOTJOEFMTFS
IVNBOP RVF DPNP FYQMJDB B MP MBSHP
EF FTUBT QHJOBT FT KVTUBNFOUF MB RVF
MF IBDF NT IVNBOP Z RVF GSFDVFOUF
NFOUFIBTJEPDPOGVOEJEBFJEFOUJmDBEB
DPO MB SFMJHJO $BCPEFWJMMB FYQMPSB MB
FTQJSJUVBMJEBE DPO VOPT PKPT MJNQJPT Z
TJOQSFKVJDJPT DPNQBSUJFOEPTVTPCTFS
WBDJPOFT EF VO NPNFOUP JNQPSUBOUF
EFMBWJEB DPNPFTMBQSPYJNJEBEEFMB
NVFSUF4FBEFOUSBTJOUBQVKPTFOFMMFO
HVBKFEFMPTTNCPMPT EFMPTTVFPT EF
MBT TJODSPOJDJEBEFT BCSJFOEP FTQBDJPT
QBSBVOBOVFWBZTJOFNCBSHPBODFTUSBM
JOUFSQSFUBDJOEFMPTVUJM JOWJUOEPOPT
BCVDFBSFOMPRVFFOUJFOEFDPNPTJHOPT
EFM&TQSJUV
&TUFMJCSPFTUFTDSJUPQBSBUPEBTMBTQFS
TPOBT RVF RVJFSFO TFHVJS DSFDJFOEP FO
TV EFTBSSPMMP QFSTPOBM Z FTQFDJBMNFOUF
QBSB RVJFOFT TJFOUFO RVF MB NVFSUF MB
TVZB P MB EF BMHO TFS RVFSJEP TF FTU
BDFSDBOEPZMBRVJFSFOWJWJSEFNBOFSB
TFSFOBZDPOmBEB"MPMBSHPEFTVTQ
HJOBT OPT PGSFDF VOB WJTJO DBSHBEB EF
FTQFSBO[B Z DPO VO MFOHVBKF DMJEP Z
BNPSPTP OPTNVFTUSBMBNVFSUFDPNP
VOBCFMMBPQPSUVOJEBE DPNPFMMUJNP
SFHBMP
*PTV$BCPEFWJMMB&SBTP 1BNQMPOB *SV
B
1TJDMPHP$MOJDP FTQFDJBMJT
UB FO $VJEBEPT 1BMJBUJWPT $PNQBHJOB
TV MBCPS EF QTJDMPHP EF MB 6OJEBE EF
$VJEBEPT1BMJBUJWPTFOFM)PTQJUBM4BO
+VBO EF %JPT 1BNQMPOB
DPO MB EF
QTJDPUFSBQFVUB FO FM $FOUSP EF $SFDJ
NJFOUP 1FSTPOBM 4FOEBCJEF 3FTFB
#JPUJDB %FCBU *OTUJUVUP #PSKB EF
#JPUJDB

.BVSJDJP $BMJQBSJ $VSBSTF Z IB

DFSTF DVSBS &OUSF FM BCBOEPOP
EFM QBDJFOUF Z FM FODBSOJ[BNJFOUP
UFSBQVUJDP &%6$" 6OJWFSTJEBE
$BUMJDB "SHFOUJOB #VFOPT "JSFT
QQ

&OFMNBSDPEFM*7$POHSFTP*OUFSOB
DJPOBM EF #JPUJDB 1FSTPOBMJTUB PSHB
OJ[BEP QPS MB 1POUJmDJB 6OJWFSTJEBE
$BUMJDB"SHFOUJOB TFSFBMJ[MBQSFTFO
UBDJOEFMMJCSPA$VSBSTFZIBDFSTFDVSBS
FOUSFFMBCBOEPOPEFMQBDJFOUFZFMFO
DBSOJ[BNJFOUPUFSBQVUJDP EFMTBDFSEP
UF.BVSJDJP$BMJQBSJ
i&OMBPGFSUBEFMBTUFSBQJBTZEFMPTDVJ
EBEPTBMPTFOGFSNPTHSBWFTZBMPTNP
SJCVOEPT MBCTRVFEBBQSPQJBEBEFVOB
PSJFOUBDJOUJDBDPSSFDUBIBSFQSFTFOUB
EPEFTEFTJFNQSFVOQVOUPCBTUBOUFEF
MJDBEP OPTMPQBSBMBQSDUJDBNEJDBZ
BTJTUFODJBM TJOPUBNCJOFOQSJNFSMVHBS
QBSBMBSFnFYJONPSBM&OMPTMUJNPT
UJFNQPT FTUFEJGDJMQVOUPEFFRVJMJCSJP
TFIBWVFMUPBONTDPOUSPWFSUJEPZTP
NFUJEPBMSJFTHPEFTFSDPOGVOEJEPCBKP
FMJNQVMTPEFWBSJBTJOTUBODJBTDVMUVSBMFT
ZTPDJBMFTAQSPFVUBOBTJBZBWFDFTBMSJFT
HPQSDUJDPEFMBCBOEPOPEFMQBDJFOUFw
TFBMB$BMJQBSJFOTVPCSB
&MDSJUFSJPFMBCPSBEPQPSFTUFTBDFSEPUF
EFMB%JDFTJTEF3FHHJP$BMBCSJB#PWB
RVFEFTEFIBDFBMHVOPTBPTEFTBSSPMMB
TVBDUJWJEBEEFFTUVEJPFOMB1POUJmDJB
"DBEFNJBQBSBMB7JEBFOFM7BUJDBOP
iSFRVJFSF FM IPSJ[POUF EF SFTQFUP EF MB
EJHOJEBEEFMBQFSTPOBRVFWBBNPSJSZ
EFMBNVFSUFNJTNBZDPOUSJCVZFBTV
QFSBSOPTMPFMEJMFNBFOUSFMPTPQVFT
UPTAFVUBOBTJBZAFODBSOJ[BNJFOUPUFSB
QVUJDP TJOPUBNCJOBMBUFOUBDJOEFM
BCBOEPOPEFMQBDJFOUFBTVTPMFEBEFO
FM NPNFOUP NT BMUP Z EFDJTJWP EF TV
FYJTUFODJBw TFHOTFBHSFHBFOFMQSFGB
DJPEFMMJCSP
$BMJQBSJPDVQBBDUVBMNFOUFFMDBSHPEF
"TJTUFOUF &DMFTJTUJDP EF MB 'FEFSBDJO
*OUFSOBDJPOBMEFMBT"TPDJBDJPOFTEF.
EJDPT$BUMJDPTZ DPNPQSPGFTPSJOWJUB
EP FOTFBUJDB(FOFSBMFOFM*OTUJUVUP
*OUFSOBDJPOBMi$BNJMMJBOVNwZ#JPUJDB
FOFM1POUJmDJP*OTUJUVUP+VBO1BCMP**
5BNCJOIBQBSUJDJQBEP FODBMJEBEEF
SFMBUPS FONVDIBTDPOWFODJPOFTZDVS
TPTEF#JPUJDB UBOUPFO*UBMJBDPNPFO
FMFYUFSJPS
7JDUPSJB $BNQT 6OB WJEB EF DBMJ

EBE 3FnFYJPOFT TPCSF CJPUJDB
$SUJDB #BSDFMPOB QQ
-BT DVFTUJPOFT UJDBT B MBT RVF OPT FO
GSFOUBMBCJPUFDOPMPHBOPTMMFHBOFOVOB
TJUVBDJODVMUVSBMFOMBRVF TFHO7JD
UPSJB$BNQT ZBOPQBSFDFQPTJCMFBQFMBS
B VOB USBEJDJO NPSBM RVF TF BTFOUBCB
FOVOBSFMJHJODPNQBSUJEB OJUBNQPDP
BVOBSBDJPOBMJEBEQSFTVOUBNFOUFVOJ
WFSTBM $PO FTUB QSFNJTB $BNQT PQUB
QPSTVCSBZBSVOBTQFDUPEFMBSFnFYJO
NPSBMRVF GSFOUFBMBGONPEFSOPQPS
MBTTPMVDJPOFTIFDIBT DPOWJFOFSFTDBUBS
FOOVFTUSPTEBTMBEJNFOTJOEFMJCFSB
UJWBEFMBUJDB
&TFTUB FONJPQJOJO MBQBSUFNTTV
HFSFOUFEFTVMJCSPi-BUJDBoEJDFoOP
QVFEF DPOTJTUJS OJDBNFOUF FO FM FTUB
CMFDJNJFOUPEFVOBTOPSNBTPDEJHPT
EFDPOEVDUBRVFWBMHBOEFVOBWF[QPS
UPEBT OJ QVFEF QSPQPSDJPOBS TJFN
QSF SFTQVFTUBT JOFRVWPDBT $POTJTUF
NTCJFOFOFMQSPDFTPEFEFMJCFSBDJO
RVF QSFDFEF Z TJHVF B MB BDFQUBDJO EF
OPSNBTw &T FTUB WJTJO MB RVF JOTQJSB
TV JEFB EF RVF MB CJPUJDB iOP FT BMHP
TJNQMFNFOUF EFEVDJCMF EF VOPT EFSF

DIPT P QSJODJQJPT UJDPT CTJDPT Z GVO
EBNFOUBMFT-BCJPUJDBFTCTJDBNFOUF
VOQSPDFTPZVOEFTDVCSJNJFOUP"UBM
QSPDFTPMPMMBNPABVUPSSFHVMBDJO QVFT
MP WFP NVZ DFSDBOP B FTB WJSUVE RVF
"SJTUUFMFT MMBN QISPOFTJT Z RVF NBM
USBEVDJNPTQPSQSVEFODJBMBTBCJEVSB
DPOTJTUFOUFFOIBDFSMPRVFDPOWJFOFFO
DBEBNPNFOUP MPKVTUPFOFMNPNFOUP
KVTUP1BSBFTFTBCFSOPIBZGSNVMBTOJ
QSPDFEJNJFOUPTw
-B SFIBCJMJUBDJO DPOUFNQPSOFB EF
"SJTUUFMFTIBDPOUSJCVJEPBFOSJRVFDFS
NVDIPFMEJTDVSTPUJDP$POUPEP FO
"SJTUUFMFTFMTBCFSQSVEFODJBMTFFODPO
USBCBWJODVMBEPFTFODJBMNFOUFBMBWJSUVE
NPSBM NJFOUSBTRVFFOFMQMBOUFBNJFOUP
EF MB QSPGFTPSB $BNQT UBM DPOFYJO TF
EJGVNJOB IBTUB QFSEFSTF 5BM WF[ QPS
FMMP UFSNJOFEFSJWBOEPFMMBNJTNBIB
DJB VOB GPSNB EF QSPDFEJNFOUBMJTNP
EFNPDSUJDP BDBTP DPO NT iTVTUBODJB
UJDBwRVFFMMJCFSBM BMRVFDSJUJDB QFSP
OPQPSFMMPNFOPTQSPDFEJNFOUBM
:FTRVFTVCSBZBSMBDPOFYJOFOUSFQSV
EFODJBZWJSUVENPSBMDPOMMFWBFMQFMJHSP
EFSFDBMBSBOUFTPEFTQVTFOMBDPOFYJO
RVF FTUBCMFDF FM NJTNP "SJTUUFMFT FO
USFWJSUVEZOBUVSBMF[B1FSPTPOUBOUBT
MBTPCKFDJPOFTRVFMBmMPTPGBNPEFSOB
IB WFSUJEP TPCSF FM DPODFQUP EF OBUV
SBMF[B RVF VOB QPESB SB[POBCMFNFOUF
QMBOUFBSTFFMDPOTUSVJSVOBUJDBQSFTDJO
EJFOEPEFM4JOFNCBSHP EFTBQBSFDJ
EPFMSFGFSFOUFEFMBOBUVSBMF[BoTFBTUB
MPRVFTFBBTVNBNPTTJNQMFNFOUFRVF
FT VO MNJUF OP QVFTUP QPS OPTPUSPTo
SFTVMUBEJGDJMNBOUFOFSMBEJGFSFODJBRVF
FMQSPQJP"SJTUUFMFTFTUBCMFDFFOUSFiFM
CVFO IPNCSFw Z iFM CVFO DJVEBEBOPw
FTEFDJS FOUSFUJDBZQPMUJDB
$BNQT DSJUJDB BUJOBEBNFOUF MB UBKBOUF
EJTUJODJO MJCFSBM FOUSF MP KVTUP QCMJ
DP
Z MP CVFOP QSJWBEP
BT DPNP MB
QSFUFOTJO MJCFSBM EF VO &TUBEP UJDB
NFOUF OFVUSBM QFSP QPS NPNFOUPT EB
MBJNQSFTJOEFRVFMPIBDFBMQSFDJPEF
EJTPMWFSMBEJTUJODJOFOUSFUJDBZQPM
UJDB4JFTUPOPMMFHBBPDVSSJSEFMUPEP
FTQPSMBTNBUJ[BEBTDPODFTJPOFTRVF B
MBQPTUSF IBDFBMMJCFSBMJTNP ZBMSFTQF
UPEFMBDPODJFODJBJOEJWJEVBMoEPOEF
B TV QBSFDFS IB EF RVFEBS SFDMVJEB MB
SFMJHJO
4JO FNCBSHP MP RVF EFTBQBSFDF EFm
OJUJWBNFOUFEFMIPSJ[POUFEFTVSFnFYJO
FTFMDPODFQUPEFiBDUPJOUSOTFDBNFOUF
NBMPw UBOMJHBEPBMEFOPTUBEPEFiOB
UVSBMF[Bw"IPSBCJFO TJOPMBFYQSFTJO
oRVFFTNVDIPNTUBSEBo FMDPODFQ
UP ZB TF FODPOUSBCB FO "SJTUUFMFT BMM
EPOEF IBCMBOEP EF MB WJSUVE Z USBT
EFmOJSMB DPNP VO DJFSUP USNJOP NF
EJP PCTFSWBFM&TUBHJSJUBRVFiIBZBDUPT
RVFOPBENJUFOUSNJOPNFEJPw UJDB
B/JDNBDP **
"VORVFGVFSBQBSB
SFCBUJSMP MB NFUBUJDB DPOUFNQPSOFB
OP EFK EF DPOTJEFSBS FTF QBTBKF DPNP
EJHOP EF BUFODJO 1FSP FO FM MJCSP EF
$BNQT OP TF FODVFOUSB SFGFSFODJB BM
HVOBBMBQPTJCJMJEBEEFRVFIBZBBDUPT
NBMPTFOTNJTNPT DPOJOEFQFOEFODJB
EFMBTJOUFODJPOFTPMBTDJSDVOTUBODJBTFO
RVFTFMMFWFOBDBCP

4JOEVEB VOBDPTBFTTPTUFOFSRVFIBZ
BDDJPOFT JOUSOTFDBNFOUF NBMBT Z PUSB
SFDPOPDFSRVFUBMBDDJOQBSUJDVMBSDBF
EFOUSP EF FTUB DMBTF 1BSB BmSNBS FTUP
MUJNP FO BMHVOPT DBTPT FT OFDFTBSJP
DJFSUP BOMJTJT 1FSP BOBMJ[BS MB NPSBMJ
EBEEFVOBBDDJOOPFRVJWBMFBQPTUFS
HBS JOEFmOJEBNFOUF FM QSPDFTP EFMJCF
SBUJWP BTVNJFOEPRVFUPEBSFTQVFTUBFT
QSPWJTJPOBM&TUPQVFEFTFSDJFSUPEFMBT
SFTQVFTUBT RVF NBSDBO MOFBT QPTJUJWBT
EF BDUVBDJO /P MP FT FO DBNCJP EF
MBTRVFTFBMBOMNJUFTOFHBUJWPTGSPO
UFSBT USBTQBTBEBT MBT DVBMFT TF DBVTB VO
EBPDJFSUPBMTFSIVNBOP%FMSFTQFUP
B FTPT MNJUFT EFQFOEF FO CVFOB QBSUF
FM SFTQFUP B MB EJHOJEBE IVNBOB 5BM
WF[ QPS FTP FO FM EJTDVSTP EF MB QSP
GFTPSB $BNQT TF BEWJFSUB VOB FYDFTJWB
BTJNJMBDJOEFEPTDPODFQUPTEJTUJOUPT
iEJHOJEBEIVNBOBwZiDBMJEBEEFWJEBw
3FDFOTJO"OB.BSUB(PO[MF["$&
13&/4" NBS[P

7JDUPSJB $BNQT -B WPMVOUBE EF

WJWJS-BTQSFHVOUBTEFMBCJPUJDB
&EJUPSJBM"SJFM4" QQ
"VORVFFMEFCBUFTPCSFMBEFTQFOBMJ[B
DJOEFMBFVUBOBTJBWVFMWFBFTUBSEFBD
UVBMJEBE FTVOIFDIPRVFOBEJFRVJFSF
NPSJS4JBMHPVOFBMPTTFSFTWJWPTFTFM
JOTUJOUP P MB WPMVOUBE EF DPOTFSWBS MB
WJEB 1FSP UBNCJO FT DJFSUP RVF KVO
UPBMBWPMVOUBEEFWJWJS FYJTUFFMUFNPS
B UFOFS RVF WJWJS FO NBMBT DPOEJDJP
OFT -PT BWBODFT EF MB DJFODJB Z EF MBT
UFDOPMPHBT BMBSHBO MBT FYQFDUBUJWBT EF
WJEB QFSPOPTJFNQSFDPOTJHVFOQBMJBS
FM TVGSJNJFOUP FWJUBS MB EFQFOEFODJB Z
MBGBMUBEFTFOUJEP4JMBEJHOJEBEFTMB
DBSBDUFSTUJDB FTFODJBM EFM TFS IVNBOP

MBWPMVOUBEEFWJWJSIBEFJSVOJEBBMB
EFWJWJSEJHOBNFOUF"GSPOUBSMBNVFSUF
DPNP VOB PQDJO MJCSF OP FT oQBSB MB
BVUPSBo PQPOFSTF BM WBMPS JOEJTDVUJCMF
EFMBWJEB TJOPBOFHBSTFBTPNFUFSTFTJO
NTBUPEBTMBTQPTJCJMJEBEFTRVFPGSFDF
MBCJPUFDOPMPHB
%BOJFM$BMMBIBO1POFSMNJUFT-PT
mOFTEFMBNFEJDJOBFOVOBTPDJF
EBERVFFOWFKFDF&EJUPSJBM5SJBDBT
UFMB .BESJE QQ
4FFEJUBBIPSBFOFTQBPMVOPEFMPTUFY
UPTNTDPOPDJEPTZDPOUSPWFSUJEPTBMB
WF[EFMEJTUJOHVJEPmMTPGPZCJPFUJDJTUB
%BOJFM$BMMBIBO QVCMJDBEPQPSQSJNFSB
WF[FO ZSFFEJUBEPFO"CPS
EBFOFTUFMJCSPVOUFNBCJFOQPMNJDP
DPNPFTTJEFCFNPTPOPQPOFSMNJUFT
BOUF MPT DPTUPT DSFDJFOUFT Z EFTNFTVSB
EPT BTPDJBEPT B MB WFKF[ Z FM FOWFKFDJ
NJFOUPFOMBTTPDJFEBEFTNTBWBO[BEBT
UFDOPMHJDBNFOUF
$BMMBIBOFTDSJCFEFTEFTVFYQFSJFODJBFO
&TUBEPT6OJEPT EPOEFMBBZVEBFTUBUBM
FO BUFODJO EF TBMVE WB EJSJHJEB TPCSF
UPEPBMPTBODJBOPT NTRVFBMBQPCMB
DJOKPWFO ZEPOEFHSBOQBSUFEFQSF
TVQVFTUPEFTBMVETFHBTUBFOMBBUFODJO
EF QBDJFOUFT DSUJDPT FO MPT )PTQJUBMFT
FTQFDJBMJ[BEPT NJFOUSBTTFEFEJDBOQP
DPTSFDVSTPTBMBBUFODJOQSJNBSJBZNT
EFNJMMPOFTEFQFSTPOBTDBSFDFOQPS
DPNQMFUPEFDVBMRVJFSUJQPEFDPCFSUVSB
NEJDB"OUFFTUP TFQSFHVOUBTJEFCF
NPTTFHVJSDPOVOBNFEJDJOBJOUFOTJWB
EFBMUPDPTUF PTJOPFTUBSFNPTTJFOEP
WDUJNBTEFMQSPQJPYJUPEFMB.FEJDJOB
FOMBBUFODJOEFQBDJFOUFTUFSNJOBMFTZ
FOMBTVQFSBDJOEFMBTDSJTJTWJUBMFT
5BNCJOBCPSEBPUSBDVFTUJOEFHSBO
JOUFST RVF FT DNP TF FOGSFOUB MB
NVFSUF FO OVFTUSBT TPDJFEBEFT Z IBTUB
RVQVOUPMBiDBMJEBEEFWJEBwQVFEFTFS
VODSJUFSJPQBSBQPOFSMNJUFTBMBBUFO
DJO FO TBMVE EF QFSTPOBT NBZPSFT FO
FEBEPOP&MBVUPSOPTFRVFEBFONF
SBTDVFTUJPOFTTVQFSmDJBMFTPMMBNBUJWBT
ZUBNQPDPQSFUFOEFEBSTPMVDJPOFTGDJ
MFTBOUFFTUPTQSPCMFNBT DPNPMPTFSB
VOBFVUBOBTJBFVHFOTJDB QPSFKFNQMP
)BUFOJEPFMNSJUPEFQPOFSMPTTPCSF
FMUBQFUFEFMEFCBUFCJPUJDP ZBVORVF
QVFEFEJTFOUJSTFEFBMHVOBTEFTVTDPO
DMVTJPOFT OPTIBDFQSFHVOUBSOPTBUPEPT
EOEF FTUO FTPT MNJUFT FO MB SFMBDJO
TJFNQSF EJGDJM FOUSF BUFODJO FO TBMVE
B MBT QFSTPOBT SFDVSTPT NVDIBT WFDFT
CBTUBOUFFTDBTPT ZEJHOJEBEUJDBEFMB
QSPGFTJOEFMNEJDP ZEFMB.FEJDJOB
DPNPDJFODJBFOOVFTUSBTPDJFEBE
'FSOBOEP $BOP 7BMMF Z PUSPT $P

PSET
&VUBOBTJB"TQFDUPTKVSEJDPT
mMPTmDPT NEJDPT Z SFMJHJPTPT
6/". *OTUJUVUP *OWFTUJHBDJPOFT
+VSEJDBT SFJNQ .YJDP
7FJOUJUSTBVUPSFTBOBMJ[BOMPTEJTUJOUPT
BTQFDUPTEFMBFVUBOBTJB EFTEFMBQUJDB
KVSEJDB EFTEF MB CJPUJDB Z MPT EFSF
DIPTIVNBOPT MPTBTQFDUPTNEJDPT Z
mOBMNFOUF MPT BTQFDUPT SFMJHJPTPT DPO
VOBWJTJOEFPRVFPDVSSFFOMPTEJT
UJOUPTQBTFTEFMNVOEP MBTEJGFSFOUFT
MFHJTMBDJPOFTZMPTWBSJBEPTFOGPRVFTEFM
UFNB
.BSB$BTBEP-BFVUBOBTJBBTQFD
UPT UJDPT V KVSEJDPT 3FVT 4"
&EJUPSJBM QQ
-BmOBMJEBEEFFTUBPCSBFTQSPQPSDJP
OBS VOB WJTJO HFOFSBM Z DPNQMFUB EF
MPT QSPCMFNBT RVF TF TVTDJUBO DVBOEP
TFIBCMBEFMBFVUBOBTJB&MBOMJTJTFGFD
UVBEPBCPSEBMPTQSJODJQBMFTQSPCMFNBT
NPSBMFT DVFTUJPOFTKVSEJDBTZDPOTJEF
SBDJPOFTTPDJBMFTJNQMJDBEPTFOFMUFNB
4FIBQVFTUPFTQFDJBMJOUFSTBMFMBCPSBS
FMBOFYPEFEPDVNFOUBDJORVFSFDPHF
MPTUFYUPTMFHBMFT DEJHPTEFPOUPMHJDPT
Z EFDMBSBDJPOFT JEFPMHJDPoSFMJHJPTBT
GVOEBNFOUBMFT QBSB FM FTUVEJP EF MPT
QSPCMFNBT RVF BOBMJ[BO &O MBT OPUBT
B QJF EF QHJOB TF QSPQPSDJPOB JOGPS
NBDJO DPNQMFNFOUBSJB QBSB BRVFMMPT
RVFEFTFFOQSPGVOEJ[BSFONBZPSHSBEP
FO EFUFSNJOBEPT BTQFDUPT EF MPT QVO
UPT USBUBEPT "EFNT QPS PUSB QBSUF
TFPGSFDFVOBQPSNFOPSJ[BEBSFTFBEF
CJCMJPHSBGB HFOFSBMZFTQFDJBMJ[BEB FO
UPSOPBMBFVUBOBTJB
"MGSFEP$BTUJMMP7BMFSZ 9BWJFS.V
HBSSB 5PSDB UJDB QPMUJDB Z EF
SFDIP Z TJUVBDJPOFT EF NVFSUF
6OJWFSTJEBE $FOUSBM EF 7FOF[VFMB
$BSBDBT
4JNQPTJP FO $FOUSP &TUVEJPT -BUJOPB
NFSJDBOPT 3NVMP (BMMFHPT $BSBDBT
EFNBZPEF.FEJDJOBZTJUVB
DJPOFTEFFNFSHFODJB-NJUFTNFEJEBT
UFSBQVUJDBT %FSFDIP B MB TBMVE 7JEB
IVNBOBZEJMFNBTUJDPT4FDSFUPQSPGF
TJPOBMBEPMFTDFOUFT4JUVBDJOFDPONJ
DBZTBMVE&OGFSNPUFSNJOBM

"MGSFEP$BTUJMMP7BMFSZUJDBNEJ
DBBOUFFMFOGFSNPHSBWF&E+*.4
#BSDFMPOB QQ
&M BVUPS NEJDP DBSEJMPHP F JOUFOTJ
WJTUB QSFTJEFOUFEFMB'FEFSBDJOQBOB
NFSJDBOB EF .FEJDJOB DSUJDB Z UFSBQJB
JOUFOTJWB BCPSEBFOFTUFMJCSPFMKVJDJP
NPSB MB QFSTPOB IVNBOB MBT NFEJEBT
PSEJOBSJBTZFYUSBPSEJOBSJBT MBTFMFDDJO
EFMPTQBDJFOUFTFODVJEBEPTJOUFOTJWPT
MB MJNJUBDJO EF MBT NFEJEBT UFSBQVUJ
DBT ZmOBMNFOUF MBNVFSUFZMB.FEJ
DJOBBDUVBM
"MGSFEP $BTUJMMP 7BMFSZ .BSB 7B

MFOUJOB'JMPNFOB7BMFSZ$SJTJTWJUBM
NVFSUFDFSFCSBMZUJDBNEJDB%J
TJOMJNFE4" $BSBDBT QQ
"MGSFEP$BTUJMMPFTVODPOPDJEPDBSEJ
MPHP F JOUFOTJWJTUB QSPGFTPS EF .FEJ
DJOB "OUSPQPMHJDB FO MB 6OJWFSTJEBE
$FOUSBMEF7FOF[VFMB'JMPNFOB7BMFSZ
FT NEJDP OFVSMPHB QSPGFTPSB EF MB
$UFESB $MOJDB EF /FVSPMPHB FO MB
NJTNB 6OJWFSTJEBE "NCPT BCPSEBO
MPT QSJODJQJPT OPSNBT Z PCMJHBDJPOFT
EFM NEJDP MBT QFSTQFDUJWBT EF MB .F
EJDJOBDSUJDBZMBEJHOJEBEIVNBOBMB
MJNJUBDJOEFUSBUBNJFOUPTFOMBT6$*
RV PDVSSF DVBOEP TF QSPEVDFO GBMMBT
EFNMUJQMFTSHBOPTFOVOQBDJFOUF MB
NVFSUFDFSFCSBM ZMBTNBOJPCSBTEFSF
TVDJUBDJODBSEJPQVMNPOBS
4FSHJP $FDDIFUUP $VSBS P DVJEBS

#JPUJDBFOFMDPOGOEFMBWJEBIV
NBOB"E)PD #VFOPT"JSFT
QQ
3FTVMUBHSBUBMBMFDUVSBEFVOMJCSPDVZP
DPOUFOJEPWFSTBBDFSDBEFVOUFNBiEJ
GDJMw DVBOEP FM NJTNP QFSUFOFDF B MB

QMVNB EF VO JOWFTUJHBEPS TFSJP Z DPO
TVmDJFOUF FYQFSJFODJB QSPGFTJPOBM FO MB
NBUFSJB 1BSB DPOmSNBS MP FYQVFTUP
CBTUBSFDPSEBS QPSVOMBEP RVF4FSHJP
$FDDIFUUPFTEPDUPSFO'JMPTPGBQPSMB
6OJWFSTJEBE EFM 4BMWBEPS Z .JFNCSP
EF MB $BSSFSB EF *OWFTUJHBEPS $JFOUm
DPEFM$0/*$&5 Z QPSFMPUSP RVF
IBDF BPT FT JOUFHSBOUF oFOUSF PUSPTo
EFM $PNJU EF #JPUJDB DPOKVOUP EF
MPT )PTQJUBMFT )*&.*o)*(" 1PS MP
UBOUP MBMFDUVSBEFFTUFMJCSPTVZPoRVF
PCSDPNPUFTJTEFTV.BHTUFSFO$JFO
DJBT4PDJBMFTQPS'-"$40o BEFNTEF
MMFWBEFSB FTUBNCJOQSDUJDB EBEPRVF
TVT DSJUFSJPT BQVOUBO oFOUFOEFNPTo BM
MPHSPEFVOBNFKPSQSBYJTDMOJDBiFOFM
DPOGOEFMBWJEBIVNBOBw
1SPMPHBEPQPSFMEPDUPS1FESP')PPGU
oDBTJ VO CSFWF iFTUVEJP QSFMJNJOBSwo Z
QPSFMEPDUPS+PT".BJOFUUJ DPNJFO
[BFMEFTBSSPMMPEFMBDVFTUJO EJWJEJEB
UFNUJDBNFOUFFODVBUSPDBQUVMPT1SJ
NFSP VOi1MBOUFPw $BQ*
RVFQBSUF
EF MBT USBOTGPSNBDJPOFT EF MB NFEJDJOB
PDDJEFOUBMFOFMTJHMP99 SFGFSFODJBEBB
MBNVFSUF QBSBBUFOEFSBMiQBDJFOUFJSSF
WFSTJCMFNFOUF EFTUJOBEP B MB NVFSUFw
TVTQSFPDVQBDJPOFT MBTEFTVGBNJMJB MB
DPOTJEFSBDJORVFNFSFDF:MBBUFODJO
NEJDB BEFDVBEB MPT DVJEBEPT QBMJBUJ
WPT QSJWJMFHJBEPToDPOSB[OoBMPMBSHP
EFFTUBPCSB
%FTQVT VO NFUJDVMPTPT BOMJTJT BDFSDB
EFi-PTQSPUBHPOJTUBTw $BQ**
EFFTUB
UFNUJDBi&MQBDJFOUFwoTVTQBEFDJNJFO
UPT Z FNPDJPOFT MB JOGPSNBDJOo i-B
GBNJMJBwEFMBOUFSJPSoTVTUFNQFSBNFOUPT
ZBOTJFEBEFTTVQBSUJDJQBDJOFOMBBUFO
DJOBMQSJNFSPoZi&MFRVJQPTBOJUBSJPw
FTUFMUJNP UBNCJOQSFTFOUFFOMPTEPT
BQBSUBEPTBOUFSJPSFTZFOGVODJOEFTVT
PUSPTQSPUBHPOJTUBT
TVTBDUJUVEFTBOUFMB
NVFSUF:FMDPOTFDVFOUFQMBOUFPEFMPT
DVJEBEPTQBMJBUJWPT DPNPiVOBPQDJOm
MPTmDPoQSDUJDBJOUFSEJTDJQMJOBSJBFNQF
BEBFOMBCTRVFEBEFMBTNFKPSFTDPO
EJDJPOFTQBSBRVFFMQBDJFOUFQVFEBWJWJS
QSPUBHOJDBNFOUF TV NVFSUF QSPQJBw
&TUFFOGPRVFEFUBMFTQSPUBHPOJTUBTFTEJ
EDUJDPMBDVFTUJOFTVOBTPMBMBiCVFOB
NVFSUFw EFUBMNPEPRVFi-BFOGFSNF
EBE NPSUBMw oFM DVBSUP iQSPUBHPOJTUBw
NFKPSEJDIP MBBGFDDJORVFQSFTFOUBFM
QSJNFSPEFFMMPToSFDJCBMBBUFODJON
EJDB ZBGFDUJWB
oCSJOEBEBBFTFQBDJFOUF
OPBiMBFOGFSNFEBEw DMBSPFTUoRVFDP
SSFTQPOEB MJCSFEFMBBQMJDBDJOEFiUSBUB
NJFOUPTwEFTDPOUFYUVBEPTRVFBOJOHVOB
iDVSBDJOwQVFEFODPOEVDJS
%JWFSTBT i$POTJEFSBDJPOFTw $BQ ***

EF PSEFO FDPONJDP FVUBOTJDP Z UJ
DP TJHVFO B MP BOUFSJPS FO QBSUJDVMBS
FOPSEFOBMQSPDFTPEFUPNBEFEFDJTJP
OFTNEJDBTZBMBTVTQFOTJOEFUSBUB
NJFOUPTGUJMFT QSPQPOJFOEP$FDDIFUUP
BRVDSJUFSJPTEFBDDJO SFQVEJBOEPMBT
iTPMVDJPOFTw FVUBOTJDBT BENJUJFOEP
DPSSFDUBNFOUFMBMJNJUBDJOUFSBQVUJDB
Z BmSNBOEP MB JNQSPDFEFODJB EF FY
DMVJS BM FOGFSNP oKVSEJDBNFOUF DBQB[
Z CJPUJDBNFOUF DPNQFUFOUFo EFM QSP
DFEJNJFOUP EF UPNB EF EFDJTJO RVF
MPJOWPMVDSB BTFWFSBDJODPOMBDVBMFT
JNQPTJCMF EJTFOUJS 6O DFSUFSP BOMJ
TJTTPCSFMBGBOUBTBPNOJQPUFOUFoTJOP
OFGBTUBo EF QPEFS MMFHBS B iWFODFS B MB
NVFSUFwDJFSSBFTUFDBQUVMP
i$PODMVTJOw TF EFOPNJOB FM $BQ

*7 &O QPDBT QHJOBT Z DPO mSNF[B
SFNJUJOEPTF B BMHVOBT JEFBT DFOUSBMFT
BOUFT EFTBSSPMMBEBT B OVFTUSP QBSFDFS
FMNFOTBKFDFOUSBMRVFBRVCSJOEB$FD
DIFUUPoDPOUFTUFDPOTVTPQJOJPOFTBO
UFSJPSFToFTFMTJHVJFOUFi-PTDVJEBEPT
QBMJBUJWPT DPOTUSVZFO QSFDJTBNFOUF VO
DPOKVOUPEFDPOPDJNJFOUPTFTQFDmDPT
QBSBRVFMPTNEJDPTHFOFSBMFTMPTBQMJ
RVFODPOTVTQBDJFOUFT ZOPQBSBRVF
MPTEFSJWFOBTVQVFTUPTiFYQFSUPTwUBOB
UMPHPT &M TBCFS ZB BDVNVMBEP TPCSF
FTUBT DVFTUJPOFT EFCF TFSWJS EF BQPZP
DPOTVMUBZSFGFSFODJBQBSBRVFMPTN
EJDPTEFDBCFDFSBUPNFOTVTEFDJTJPOFT
DMOJDBT QFSPOPQBSBRVFSFBTJHOFOFTB
MBCPSFONBOPTEFUFSDFSPTQSFUFOEJEB
NFOUFNFKPSDBQBDJUBEPTw UBSFBMBQSJ
NFSBRVFCJFODVNQMBOiMPTBOUJHVPT
NEJDPT EF GBNJMJBw -VJT (VJMMFSNP
#MBODP SFWJTUB $VBEFSOPT EF #JPUJDB
"SHFOUJOB

(JMCFSUP $FMZ (BMJOEP &UIPT WJUBM

Z EJHOJEBE IVNBOB 3FnFYJPOFT
CJPUJDBT 6OJWFSTJEBE +BWFSJBOB
#PHPU QQ
4MPPDPOTVFRVJQPEFM4FNJOBSJPEF
#JPUJDB RVFZBDVNQMFTVTGSVDUVPTPT
RVJODFBPT IBQVCMJDBEPNTEFEJF[
MJCSPT TPCSF MB NBUFSJB /PT QSFTFOUB
BIPSBVOCJFOMPHSBEPFTUVEJP DPOUSFT
UFNBTWJUBMFT-BWJPMFODJBDPNPEF
UFSJPSPEFMFTQFTPSNPSBMEFMBTPDJFEBE
7JTJO FTQJSJUVBM EF MB NVFSUF Z EJ
NFOTJO CJPUJDB EFM EVFMP -B EJH
OJEBEIVNBOBFOMBFODSVDJKBEBEFMPT
DPOmOFTEFMBWJEB

$PO BCVOEBOUFT Z PQPSUVOBT DJUBT EF

DJFOUmDPT CJPFUJDJTUBT Z mMTPGPT SF
GVFS[BTVTQSPQJBTSFnFYJPOFTZIBDFWB
MPSBDJPOFTNPSBMFTTPCSFEJMFNBTUJDPT
EFMJDBEPT B OVFTUSP KVJDJP DPO BDJFSUP
ZQSFDJTJO
%FmOF MB CJPUJDB DPNP iVO TBCFS JO
UFSEJTDJQMJOBSJP IJTUSJDPIFSNFOVUJDP
FO QFSNBOFOUF DPOTUSVDDJO RVF EF
NBOFSB IPMTUJDB TF PDVQB EFM DVJEBEP
SFTQPOTBCMF Z TPMJEBSJP EFM AFUIPT WJUBM
MP DVBM JNQMJDB DPSSFS DBEB WF[ NT MBT
GSPOUFSBT EFM DPOPDJNJFOUP Z EF MB KVT
UB WBMPSBDJO TBQJFODJBM BDFSDB EF USFT
BTQFDUPTGVOEBNFOUBMFTTBCFSRVFTMB
WJEB DVM FT FM UJQP EF DBMJEBE EF WJEB
RVFEFTFBNPTZDVMFTFMTFOUJEPEFMB
WJEB RVF QPEFNPT DPNQBSUJS MPT TFSFT
IVNBOPT TJO EFUSJNFOUP EFM ICJUBU
Z EF MBT GVUVSBT HFOFSBDJPOFTww%FUST
EF MBT GPSNBT FYUFSOBT Z WJTJCMFT EF MPT
ICJUPT EF DPOWJWFODJB TPDJBM FTUO MBT
QFSDFQDJPOFT DVMUVSBMFT RVF EFTWFMBO MB
OBUVSBMF[BEFMCJFOZEFMPTCJFOFTRVF
NFSFDFOCVTDBSTFMJCSFNFOUFQBSBEPUBS
EFTFOUJEPMBWJEBIVNBOB MPDVBMTFBMB
MBEJSFDDJOEFVOBWJEBEJHOBEFWJWJSTF
FO USNJOPT EF MP EFTFBCMF QBSB UPEPT
&TUF TFOUJNJFOUP NPSBM FTU OFDFTBSJB
NFOUFNBSDBEPQPSMPIJTUSJDPDVMUVSBM
MP RVF RVJFSF EFDJS RVF FT DPOUJOHFOUF
ZDPODSFUP MJHBEPBMBTDPOEJDJPOFTTP
DJBMFTZQFSTPOBMFTZFWPMVDJPOBDPNPMB
WJEBNJTNBw:RVFMPTWBMPSFTNPSBMFT
TPODPOTUSVDUPTTPDJBMFTZRVFDBEBHSV
QP DVMUVSBM BTVNF MPT TVZPT Z TF DPOT
USVZFDPOFMMPT MPTTFOUJNJFOUPTNPSBMFT
IBDFO QSPMmDB MB WJEB JOEJWJEVBM Z DP
MFDUJWB QSPEVDJFOEP CJFOFT TPMJEBSJPT Z
SFDQSPDPT QSPQJPT EF VOB DPNVOJEBE

NPSBMZEFTVQFSUJOFODJBAFUIPTDVMUV
SBMi%FMBTNPUJWBDJPOFTFOSBJ[BEBTFO
FMNVOEPEFMBWJEBTVSHFMBDPODJFODJB
EFEJHOJEBE BNPEPEFVOVOJWFSTBMBS
UJDVMBEPS EF UPEPT MPT TFSFT IVNBOPTw
&O FTUF FODVFOUSP DPO MB EJHOJEBE FM
JOEJWJEVPZMBDPNVOJEBEFTUBCMFDFOTVT
DSJUFSJPTUJDPTZTVTQSPQJBTOPSNBTEF
WJEBRVFWJFOFOBTBUJTGBDFSTVTFYQFDUB
UJWBTEFCJFOFTUBS&OFMDPODFQUPBYJPM
HJDPEFMTFS FMiTFOUJNJFOUPNPSBMwWBEF
MBNBOPEFMFKFSDJDJPEFMBMJCFSUBE QBSB
DPOTFHVJSQBSBMBWJEBTVQSPQJPEFTUJOP
BSUJDVMBEPBMBTWJWFODJBTEFMEJBSJPFYJT
UJS FOVOIPSJ[POUFFYJTUFODJBMRVFQFS
NJUBTVQFSBSMBTTJUVBDJPOFTEJGDJMFTRVF
MBWJEBMMFWBDPOTJHP FTQFDJBMNFOUFFOMB
DFSDBOBEFMBNVFSUF
$BSMPT $FOUFOP $PSUT *OUSPEVD

DJOBMBNFEJDJOBQBMJBUJWB+VOUB
EF$BTUJMMBZ-FO $POTFKFSBEF4B
OJEBE 7BMMBEPMJE QQ
&MEPDUPS$BSMPTDFOUFOPFTFTQFDJBMJTUB
FODVJEBEPTQBMJBUJWPT&OFTUFUFYUPTF
EFTDSJCFO DPO QSPGVOEJEBE Z SJHPS MBT
WFOUBKBTRVFFMFOGPRVFEFMPTDVJEBEPT
QBMJBUJWPT BQPSUB B MB GBTF UFSNJOBM EF
BMHVOBT FOGFSNFEBEFT QBSUJDVMBSNFOUF
EFMDODFS%JSFDUPSEFVOB6OJEBEEF
DVJEBEPTQBMJBUJWPT EFTUBDBFOFTUBPCSB
MPTWBMPSFTRVFBQPSUBFTUBOVFWBPSJFO
UBDJO RVFSFDPOPDFUPEBTMBTOFDFTJEB
EFT EF MPT FOGFSNPT Z UBNCJO EF TVT
GBNJMJBT$POFMUSBCBKPFOFRVJQP FMFT
GVFS[PQPSDPOUSPMBSFMEPMPSZPUSPTTO
UPNBT MBDPNVOJDBDJODPOFMQBDJFOUF
TF QVFEF IVNBOJ[BS Z DVJEBS DPO NT
FmDBDJBBRVJFOZBOPTFQVFEFDVSBS

FO.FEJDJOB-BNVFSUFZMBNFEJ
DJOB BDUVBM .VFSUF BTJTUJEB 6OJ
WFSTJEBE $FOUSBM EF 7FOF[VFMB $B
SBDBT QQ
FTUBFYQFSJFODJBTFIBEBEPVOBFTQFDJBM
SFMFWBODJBBMBTDVFTUJPOFTUJDBTQSFTFO
UFTFOTUBTSFBTBTJTUFODJBMFTQBSBMPRVF
TF IB DPOUBEP DPO VO FRVJQP EF FOUSF
TVTQSPGFTJPOBMFTFYQFSUPTFOCJPUJDB
BP
$PNJUEFUJDB$PNQBSUJFOEPFTF
UJFNQPEFMFOGFSNPUFSNJOBM(S
mDBT .BESJE QQ
+FTT$PMPNP(NF[.VFSUFDFSF
CSBM#JPMPHBZUJDB&VOTB 1BN
QMPOB QQ
&M BVUPS FT MJDFODJBEP FO .FEJDJOB Z
EPDUPSFO5FPMPHB.PSBM QSPGFTPSEF
#JPUJDB FO FM "UFOFP 3PNBOP EF MB
4BOUB $SPDF 1SFUFOEF DPOUSJCVJS DPO
FTUB PCSB B EFTQFKBS NVDIBT EF MBT JO
DHOJUBT&YQMJDBMPTNUPEPTVUJMJ[BEPT
QBSB EFUFSNJOBS MB NVFSUF B GBWPS EFM
DSJUFSJP EF NVFSUF EF UPEP FM DFSFCSP
BVORVF FYQPOF MBT UFPSBT DPOUSBSJBT
UBNCJO B JEFOUJmDBSMB DPO MB NVFSUF
EFMJOEJWJEVP
$PNJTJO *OUFSQSPWJODJBM 0SEFO )PT
QJUBMBSJB EF 4BO +VBO EF %JPT )V
NBOJ[BS FM QSPDFTP EF NPSJS 4PCSF
MB UJDB EF MB BTJTUFODJB FO FM NP
SJS 'VOEBDJO +VBO $JVEBE
$PO FTUB QVCMJDBDJO EF MB $PNJTJO
*OUFSQSPWJODJBMEFMB0SEFO)PTQJUBMB
SJB TFRVJFSFDPNQBSUJSMBFYQFSJFODJBFO
FMQSPDFTPEFIVNBOJ[BSMBFOGFSNFEBE
ZFMQSPDFTPEFNPSJS&YQFSJFODJBRVF
WJFOFEFMPTEJTUJOUPTDFOUSPTRVFMB0S
EFO )PTQJUBMBSJB UJFOF FO &TQBB Z EF
MBTEJTUJOUBTFTQFDJBMJEBEFTRVFJOUFHSBO
FMFTQFDUSPBTJTUFODJBMFOTVTDFOUSPT&O
&M$PNJUEFUJDBEFMBPSEFOEF4BO
+VBO EF %JPT QSPWJODJB EF $BTUJMMB
NVFTUSBFOFTUFMJCSPUPEBTVFYQFSJFO
DJBFOMBBTJTUFODJBBMPTFOGFSNPTUFSNJ
OBMFT5SBUBOMPTBTQFDUPTQSPGFTJPOBMFT
Z EF DPOPDJNJFOUP Z USBUBNJFOUP MPT
QTJDPMHJDPToFUBQBTQPSMBTRVFQBTBFM
QBDJFOUF MB JOGPSNBDJO Z DPNVOJDB
DJO DNP DPNQBSUJS MBT FNPDJPOFTo
MPTTPDJBMFTZDVMUVSBMFTRVFSPEFBOFTB
TJUVBDJO 5BNCJO FYQPOFO TVT FYQF
SJFODJBTQSPGVOEBTFOMBBTJTUFODJBFTQJ
SJUVBMZSFMJHJPTB MPTBTQFDUPTUJDPTEFM
FOGFSNPUFSNJOBMoDBQBDJEBEEFPCSBS
DPOTFOUJNJFOUPZEFDJTJPOFTFOFTUBGBTF
EF MB WJEBo Z mOBMNFOUF MPT BTQFDUPT
KVSEJDPT FM SFDPOPDJNJFOUP EF MPT EF
SFDIPT EFM QBDJFOUF Z MB BDUJUVE EF MBT
BVUPSJEBEFTZEFMPTQSPGFTJPOBMFTEFMB
TBMVE
3BNO$SEPCB1BMBDJP-BCJPUJ
DBZMBFYJTUFODJBIVNBOB6OJWFSTJ
EBE1POUJmDJB#PMJWBSJBOB *OTUJUVUP
EFUJDBZ#JPUJDB QQ
&O FTUF UFSDFS WPMVNFO EF TV PCSB FM
BVUPS WVFMWF FO GPSNB NT QSPGVOEB
TPCSF MPT BTQFDUPT GVOEBNFOUBMFT EF MB
FTFODJBEFMTFSIVNBOP QBSBMVFHPDPO
TJEFSBSUPEPMPDPODFSOJFOUFBMDVJEBEP
EFMBFYJTUFODJBEFMIPNCSF TVEJHOJEBE

ZUPEPBRVFMMPRVFMPVCJDBFOMBFTDBMB
TVQFSJPS
NJU EF #JPUJDB EFM SFB EF 4BMVE EF

5VEFMB
-VFHPFOUSBBDPOTJEFSBSMPSFGFSFOUFBM
mOBM EF MB FYJTUFODJB EF MB QFSTPOB &T
BTDPNPEJTDVSSFTPCSFMBNVFSUFEJHOB
PSUBOBTJB
DPNPMBRVFEFCFQFSNJUSTF
MFBUPEPIVNBOPSPEFOEPMPEFDPOTJ
EFSBDJOZDVJEBEPTBEFDVBEPT TJODBFS
FOFYDFTPTJOPQPSUVOPT OJFO[BMBNFSBT
RVFPGFOEFONTRVFIBMBHBS
-B FOGFSNFEBE UFSNJOBM TVQPOF VO

NPNFOUPEFDSJTJTQBSBFMTFSIVNBOP
ZQBSBTVGBNJMJB4FQSPEVDFVOOVFWP
SFQMBOUFBNJFOUP FYJTUFODJBM DBNCJBO
FYQFDUBUJWBT QSPZFDUPT WBMPSFT F JO
DMVTPBQBSFDFVOBOVFWBSFMBDJOFOFM
ODMFP GBNJMJBS &O FTUB DJSDVOTUBODJB
FM QSJODJQJP EF BVUPOPNB FOUSF TBOJ
UBSJP Z QBDJFOUF DPCSB UPEB TV JNQPS
UBODJB SFDPOPDJOEPTF FOUSF PUSPT FM
EFSFDIPEFTUFBFTUBSJOGPSNBEPTJMP
EFTFB1PSPUSBQBSUF MBNFEJDJOBBDUVBM
BDPTUVNCSBBDFOUSBSTVTFTGVFS[PTFOMB
DVSBDJO QFSPEFTBUJFOEFFMQSPDFTPEFM
NPSJS RVFTVFMFIBDFSTFDPOEPMPSZTV
GSJNJFOUP TJOVOBBUFODJOEFCJEBNFO
UFFTUSVDUVSBEBZQSPUPDPMJ[BEBJODMVTP
BWFDFT EFCJEPBMBJOFSDJB OPSFDPOPDF
DVBM FT FM NFKPS CJFO QBSB FM FOGFSNP
TPNFUJOEPMPBFTUVEJPT JOUFSWFODJPOFT
Z USBUBNJFOUPT RVF TMP QSPWPDBO NT
TVGSJNJFOUP "MHVOBT TJUVBDJPOFT QVF
EFO TFS FTQFDJBMNFOUF DPOnJDUJWBT -PT
PSHBOJTNPT TBOJUBSJPT Z MPT QSPGFTJPOB
MFTEFMBTBMVEUFOFNPTFMEFCFSEFFTUBS
TFOTJCJMJ[BEPT GPSNBEPT Z QSFQBSBEPT
QBSB EBS SFTQVFTUB B FTUB JNQPSUBOUF Z
USBTDFOEFOUBM EFNBOEB "MHVOBT TPMV
DJPOFT QVFEFO JNQMJDBS HSBWFT QSPCMF
NBT UJDPT RVF EFCFNPT BGSPOUBS TJO
DPNQMFKPT
1BTBMVFHPBUSBUBSMPRVFUJFOFRVFWFS
DPO MB FVUBOBTJB MB DVBM QSFTFOUB DPO
BSHVNFOUBDJO TMJEB FO TV WFSEBEFSB
DPOEJDJOEFQSPDFEJNJFOUPMFTJWPEFMB
EJHOJEBE RVF UJFOF MB DSJBUVSB IVNBOB
QPSFTFODJB%FTWJSUBFMFOVODJBEPEF
DPNQBTJORVFTFMBBTJHOBBMBMFDDJO
FVUBOTJDB
5BNCJO EJTDVSSF TPCSF MB EJTUBODJB P
FODBSOJ[BNJFOUP UFSBQVUJDP QSPDFEJ
NJFOUPSFBMNFOUFMBNFOUBCMF QVFTWFS
EBEFSBNFOUFOPDPOTVMUBMPTTVQSFNPT
JOUFSFTFT EF MB QFSTPOB BM FTUPSCBSMF FM
DVNQMJNJFOUP OBUVSBM EFM mOBM EF MB
WJEBDPNPQBSUFEFmOJUJWBFJOFMVEJCMF
FOFMEFWFOJSEFMBFYJTUFODJB
OHFM$PSOBHP4ODIF[&MQBDJFOUF
UFSNJOBMZTVTWJWFODJBT4BM5FSSBF
4BOUBOEFS QQ
&MBVUPSFTNEJDPFTQFDJBMJTUBFO"QB
SBUP%JHFTUJWPZ.FEJDJOB*OUFSOB%J
QMPNBEP FO .FEJDJOB 1TJDPTPNUJDB Z
.BTUFS FO #JPUJDB IB USBCBKBEP FO FM
NFEJPSVSBM FO4FSWJDJPT%PNJDJMJBSJPT
EF 6SHFODJBT Z FO EJWFSTPT IPTQJUBMFT
1FSUFOFDF Z IB TJEP QSFTJEFOUF EFM $P
"[VDFOB $PVDFJSP &EJUPSB

UJDB
FODVJEBEPTQBMJBUJWPT5SJBTDBTUFMB
.BESJE QQ
&MEFTBSSPMMPEFMPTDVJEBEPTQBMJBUJWPT
FOOVFTUSPQBTTFIBWFOJEPJODSFNFO
UBOEPEFTEFIBDFDFSDBEFWFJOUFBPT
QFSP IB UFOJEP FO MPT MUJNPT UJFNQPT
VODSFDJNJFOUPBDFMFSBEP5SBTVOJOJ
DJPWJODVMBEPBMBPODPMPHB MPTDVJEB
EPTQBMJBUJWPTTFIBOJEPFYUFOEJFOEPB
NVDIPT PUSPT UJQPT EF FOGFSNFEBEFT
)PZ IBZ VOJEBEFT IPTQJUBMBSJBT QBSB
FTUPTFOGFSNPTFONMUJQMFTDFOUSPTFT
QBPMFTZVOONFSPNBZPSEFFRVJQPT
FTQFDJBMJ[BEPTEFOUSPEFMBSFEEF"UFO
DJO1SJNBSJB
&OFMNCJUPEFMPTDVJEBEPTQBMJBUJWPT
TF QMBOUFBO OVNFSPTPT QSPCMFNBT UJ
DPT RVF BCBSDBO EFTEF MB EFOPNJOBEB
iUJDBEFMDVJEBEPwIBTUBMPTDPOnJDUPT
QSPWPDBEPT QPS MBT EFNBOEBT EF FVUB
OBTJB &TUF MJCSP JOUFOUB FMFWBS FM OJWFM
EFEJTDVTJOTPCSFFTUPTUFNBT DPOUSFT
PCKFUJWPTDMBSPT
&ODVBESBS IJTUSJDB Z mMPTmDB
NFOUF MPT DPOnJDUPT UJDPT QMBO
UFBEPTFOMBSFMBDJODMOJDBDPOMPT
FOGFSNPTUFSNJOBMFT
"NQMJBS DPO BQMJDBDJPOFT DMOJDBT
QSDUJDBT MB GPSNB EF FOUFOEFS
MPTDVJEBEPTQBMJBUJWPTFONCJUPT
NVZDPODSFUPTHFSJBUSB FOGFSNF
EBEFTEFHFOFSBUJWBT 4JEB
0GFSUB BM DMOJDP EF OVFTUSP QBT
VO JOTUSVNFOUP EF USBCBKP RVF MF
BZVEFBSFTPMWFSFOTVDPOUFYUPDVM
UVSBMMPTQSPCMFNBTFTQFDmDPTEFM
FOGFSNPUFSNJOBM
-BFEJUPSBDJFOUmDBEFMMJCSP "[VDFOB
$PVDFJSP FT QSPGFTPSB EF )JTUPSJB Z
5FPSBEFMB.FEJDJOBFOMB6OJWFSTJEBE
"VUOPNBEF.BESJE BTDPNPQSPGF
TPSBEFMNTUFSFO#JPUJDBEFMB014
%BWJE $VOEJ &VUBOTJB /P

3FTQPTUB *OTUJUVUP 1JBHFU -JTCPB

$POUFOJEP &VUBOTJB 'JMPTPmB UJDB
.FEJDJOB 1BDJFOUFT 5FSNJOBJT %JSFJ
UPEF.PSSFS)PTQJUBMEF3FUBHVBSEB
0ODPMPHJB 1SPMPOHBNFOUP EB 7JEB
" FVUBOTJB NFTNP VNB PQP SB
[PWFM "TEPSFTFPTPGSJNFOUPEFVN
QBDJFOUF UN EF TFS QSPMPOHBEPT B mN
EFQSFTFSWBSBWJEB TFNPMIBSBRVBMJEB
EFEFTTBWJEB 1BSB%BWJE$VOEJ OFO
IVNB EFTTBT TJUVBFT OFDFTTSJB 0T
QBDJFOUFT QPEFN WJWFS PT TFVT MUJNPT
EJBT DPN VN SFMBUJWP DPOGPSUP DPN P
BNPSFPBQPJPEBGBNMJB EPTBNJHPTF
EPTQSPmTTJPOBJTEFTBEF"&VUBOTJB
OPB3FTQPTUBNPTUSBDPNPPTEPFOUFT
UFSNJOBJT FNFTQFDJBMPTRVFTPGSFNEF
DBODSPPV4*%" QPEFNWJWFSDPNDPO
GPSUPFEJHOJEBEFBUNPSUF%FNPOT
USBDPNPPVTPBEFRVBEPEPTNPEFSOPT
NFEJDBNFOUPTQBSBBEPSQPEFBMJWJoMB
FJNQFEJSPEFTFTQFSPRVFTPMJDJUBBFV
UBOTJB&DPNPPTFSWJPEFEJDBEPQSFT
UBEPQFMPTIPTQJUBJTEFSFUBHVBSEBQPEF
QPTTJCJMJUBS RVF BRVFMFT EPFOUFT MFWFN
VNB WJEB DPN TJHOJmDBEP BU BP mN
6NB PCSB FTDSJUB DPN JOUFMJHODJB F
QSPGVOEB DPNQSFFOTP CBTFBEB OB FY
QFSJODJBQJPOFJSBEPBVUPSFNUFSNPT
EF DVJEBEPT EF IPTQJUBM EF SFUBHVBSEB
.BT TPCSFUVEP SFEJHJEBDPNTFOTJCJMJ
EBEFFSFTQFJUP6UJMJ[BDBTPTSFBJTFVNB
DPOWJODFOUFBOMJTFNEJDBFTPDJPFDP
ONJDB -JWSP GVOEBNFOUBM RVF BDSFT
DFOUBVNBOPWBEJNFOTPQSFPDVQBP
RVFBTPDJFEBEFEFOPUBQFMBEPSFTPGSJ
NFOUPEPTNPSJCVOEPT FTDMBSFDFOEPBT
RVFTUFToDIBWFBTTPDJBEBTFVUBOTJBF

BPTIPTQJUBJTEFSFUBHVBSEB BQSFTFOUBO
EPoPTOVNBOPWBQFSTQFDUJWB NPTUSBO
EPRVFBBCPSEBHFNEFQBDJFOUFTUFSNJ
OBJT EFWF QBTTBS OFDFTTBSJBNFOUF QFMB
QSFTUBPEFBQPJPDBSJOIPTPFOPBMWJP
EBEPS FNDPOUSBQPOUPBVNBNFEJDJ
OBiIFSJDBwCBTFBEBFNUFDOPMPHJBEF
QPOUB 3FTFBEFMBFEJUPSJBM

'FMJDF %0OPGSJP &M EPMPS VO

DPNQBFSP JODNPEP 4BO 1BCMP
.BESJE QQ
&MEPMPSFTVOPEFMPTFOJHNBTNTQSP
GVOEPTBMRVFFMIPNCSFJOUFOUBEBSFY
QMJDBDJO B MP MBSHP EF TV IJTUPSJB &O
OVFTUSB BDUVBM DVMUVSB NBSDBEB QPS FM
DVMUP BM DVFSQP FM EPMPS DVFTUJPOB MBT
SBDFT EF OVFTUSP NPEP EF WJEB FT FM
HSBOEFTDPOPDJEPBQFTBSEFGPSNBSQBS
UFEFMDJDMPCJPMHJDPEFDBEBTFSWJWJFO
UF&MTVGSJNJFOUPFTBMHPJOIFSFOUFBMB
WJEBEFMIPNCSFZEFCFQSPDVSBSEBSMF
VOTJHOJmDBEP BTVNJOEPMPUBOUPGTJDB
DPNPFTQJSJUVBMNFOUF
+BNFT %SBOF &M DVJEBEP EFM FO

GFSNP UFSNJOBM UJDB DMOJDB Z
SFDPNFOEBDJPOFT QSDUJDBT QBSB
JOTUJUVDJPOFT EF TBMVE Z TFSWJDJPT
EF DVJEBEPT EPNJDJMJBSJPT 0SHB
OJ[BDJO 1BOBNFSJDBOB EF MB 4BMVE
QQ
&TUB PCSB QSPQPSDJPOB B MPT BUBSFBEPT
QSPGFTJPOBMFTEFMBTBMVEFEVDBDJOUJDB
NEJDBCTJDBZSFDPNFOEBDJPOFTQSD
UJDBTQBSBEJTQFOTBSVODVJEBEPIVNB
OJUBSJP IBTUB FM USNJOP EF MB WJEB EFM
QBDJFOUF -BT JOTUJUVDJPOFT EF TBMVE Z
TFSWJDJPT EF DVJEBEPT EPNJDJMJBSJPT QPS
MPHFOFSBMOPUJFOFOFMUJFNQPOJMPTNF
EJPTQBSBJNQBSUJSDVSTPTBDSFEJUBEPTEF
UJDB NEJDB TJO FNCBSHP OP QVFEFO
GVODJPOBSBQSPQJBEBNFOUFTJOVOFRVJ
QP NEJDP BEJFTUSBEP FO FTUB NBUFSJB
Z TJO QPMUJDBT UJDBT DMBSBT Z VO TMJEP
DPNQSPNJTPUJDPJOTUJUVDJPOBM
.BUFSJBTUBOEJWFSTBTDPNPMBSFMJHJPTJ
EBE EF MBT QFSTPOBT MB DPOWFOJFODJB P
JODPOWFOJFODJBEFQSPMPOHBSMBBHPOB
MBTEVEBTQSPWFOJFOUFTEFMWBMPSTJNC
MJDPEFMPTBDUPT FMQSPCMFNBEFMPTDPT
UPT MBQSFTJOEFBDUJUVEFTZDSFFODJBT
FOUSFNVDIBTPUSBT SFDJCFOVOBQSFTFO
UBDJO TFODJMMB Z EJSFDUB 4JO EVEB EF
MPTUFNBTBCPSEBEPT FMEFMBNVFSUFFT
FMNTJNQPSUBOUF
&OFTUFMJCSPTFQSPQPOFVOBNFUPEPMP
HBQBSBRVFMPTFRVJQPTEFQSPGFTJPOBMFT
ZMPTNJFNCSPTEFMPTDPNJUTEFUJDB
FMBCPSFOQPMUJDBTBEFDVBEBTBTJNJTNP
TFCSJOEBBRVVOBFEVDBDJOUJDBC
TJDBZTFEFTBSSPMMBOFMFWBEPTQSJODJQJPT
ZSFHMBTNPSBMFTRVFFKFSDFSOVOBHSBO
JOnVFODJBGPSNBUJWBFOFMDBNQPEFMB
PSHBOJ[BDJO EFM DVJEBEP EF MB TBMVE
$PNPBmSNBFMEPDUPS'FSOBOEP-PMBT
EJSFDUPSEFM1SPHSBNB3FHJPOBMEF#P
UJDBEFMB014iFTUFWPMVNFOBCPSEBFM
DPNQMFKPUFNBEFMmOBMEFMBWJEBEFTEF
VOB QFSTQFDUJWB FNJOFOUFNFOUF QSD
UJDB 4F QSPQPOF BZVEBS BM QSPGFTJPOBM
RVFBUJFOEFFOGFSNPTUFSNJOBMFTZBTVT
GBNJMJBS B UPNBS EFDJTJPOFT SB[POBCMFT
KVTUBTZTBUJTGBDUPSJBw
(FSBME%XPSLJO 3('SFZ 4JTTFMB

#PL-BFVUBOBTJBZFMBVYJMJPN
EJDPBMTVJDJEJP$BNCSJEHF6OJWFS
TJUZ 1SFTT $PMFDDJO i" GBWPS Z FO

DPOUSBw FEJDJO FTQBPMB .BESJE
QQ
&TUBDPMFDDJOQSFUFOEFUSBUBSEFDVFT
UJPOFT BDUVBMFT EFTEF EJGFSFOUFT QVOUPT
EF WJTUB "T FO FTUF MJCSP DPODSFUP TF
SFDPHFO EJWFSTPT BSUDVMPT CSFWFT QFSP
EF BOMJTJT QSPGVOEP mMPTmDP B GBWPS
ZFODPOUSBEFMBFVUBOBTJB"GBWPS MPT
EFMPTmMTPGPT(FSBME%XPSLJOZ3(
'SFZZFODPOUSB MPTEFMBFUJDJTUBOPS
UFBNFSJDBOB4JTTFMB#PL-PTEPTQSJNF
SPTBmSNBORVF FODJSDVOTUBODJBTNVZ
DPODSFUBT FTNPSBMNFOUFQFSNJTJCMFoZ
EFCFSB TFSMP UBNCJO EFTEF VO QVOUP
EFWJTUBMFHBMoRVFMPTNEJDPTGBDJMJUFO
MPT DPOPDJNJFOUPT Z NFEJPT OFDFTBSJPT
QBSBRVFMPTQBDJFOUFTQVFEBORVJUBSTF
MBWJEB4JTTFMB#PLBSHVNFOUBRVFMBMF
HBMJ[BDJOEFMBFVUBOBTJBZEFMTVJDJEJP
DPO BZVEB NEJDB DPNQPSUBSB HSBWFT
SJFTHPTZRVFFOOJOHONPEPTFSBUJM
QBSBUSBUBSEFNPEPBEFDVBEPMBTOFDF
TJEBEFT EF MBT QFSTPOBT RVF TF FODVFO
USBOBMmOBMEFTVWJEB FOFTQFDJBMFOMBT
TPDJFEBEFTEPOEFOPUPEBMBQPCMBDJO
HP[BEFBTJTUFODJBNEJDB
"VORVFIBZBVOBQSFUFOEJEBJOUFODJO
EFJNQBSDJBMJEBE SFTVMUBBMNFOPTDIP
DBOUF RVF FM QSMPHP EF MB FEJDJO FT
QBPMB EFM QSPGFTPS EF %FSFDIP 1FOBM
.JHVFMOHFM/F[1B[ TFBDMBSBNFO
UF GBWPSBCMF B MB EFTQFOBMJ[BDJO EF MB
FVUBOBTJB ZRVFMBBVUPSBFTDPHJEBQBSB
MB TFMFDDJO EF BSUDVMPT FO DPOUSB TF
BQPZF FYDMVTJWBNFOUF QBSB TVT UFTJT FO
VOB WBMPSBDJO DPOTFDVFODJBMJTUB i-MF
HVBMBDPODMVTJOEFRVFMBQSVEFODJB
BDPOTFKBCBOPMFHBMJ[BSMBFVUBOBTJB-B
USBEJDJPOBM QSPIJCJDJO EF MB FVUBOBTJB

WPMVOUBSJBDSFBCBVOBQPEFSPTBCBTFRVF
JNQFEB MB EFCJMJUBDJO EF MBT QSPIJCJ
DJPOFT EF EBS NVFSUF B MPT EFNT QPS
QPDPBEFDVBEBTRVFTFBOBDUVBMNFOUFw
'SBODJTDP +BWJFS &MJ[BSJ %JSFDUPS

QBMBCSBTDMBWFBOUFFMmOBMEFMB
WJEB 7FSCP %JWJOP &TUFMMB /BWB
SSB
QQ
4JUVWJSBNPTRVFEFTUBDBSVOBJEFBEP
NJOBOUF FO i QBMBCSBT DMBWF BOUF FM
mOBMEFMBWJEBw TUBCJFOQPESBTFSMB
BTQJSBDJO B VO NPSJS NFKPS FT EFDJS
NTIVNBOP SFGFSJEPOPTMPBMJOTUBO
UFQPTUSFSPEFMBWJEB TJOP TPCSFUPEP B
TVGBTFMUJNB NTPNFOPTMBSHB1PS
RVFFMNPSJSFOOVFTUSBTPDJFEBEFTNB
OJmFTUBNFOUF NFKPSBCMF "M QFSTFHVJS
FTUF PCKFUJWP OP QPEFNPT PMWJEBS RVF
MB NFKPSB EFM NPSJS UJFOF UBOUBT DBSBT
DPNPQFSTPOBT
&TUFQVOUPFTDBQJUBM QFSPTJRVFSFNPT
USBCBKBS MDJEBNFOUF FO FM FNQFP FT
OFDFTBSJP SFDPSEBS RVF DBEB NPNFOUP
IJTUSJDP DBEBTPDJFEBE EFKB FOBMHO
HSBEP TVQSPQJBIVFMMBFOMBMUJNBFUB
QBEFMBWJEBQPSNFEJPEFOPSNBT MF
ZFT DPTUVNCSFT SJUPT JEFBTUJDBT QSD
UJDBT NEJDBT DSFFODJBT BTQJSBDJPOFT
UFNPSFT JOUFSSPHBOUFT FUD
'SBODJTDP+BWJFS&MJ[BSJIBTJEPQSPGFTPS
EF#JPUJDBEVSBOUFBPTFOFM*OT
UJUVUP4VQFSJPSEF$JFODJBT.PSBMFTEF
.BESJE5BNCJOIBQBSUJDJQBEPDPNP
NJFNCSP EF MB $PNJTJO /BDJPOBM EF
3FQSPEVDDJO)VNBOB"TJTUJEBEVSBO
UF WBSJPT BPT $PMBCPSBO FO FTUB FEJ

DJOPUSPTQSPGFTPSFTRVFIBOUSBCBKBEP
EVSBOUF BPT FO FM NCJUP EF MB #JP
UJDB.BSDJBOP7JEBM 4BMWBEPS6SSBDB
+VBO -VJT 5SVFCB 'SBODFTD 5PSSBMCB
"OB.BSB.BSDPTEFM$BOP +PT$BS
MPT#FSNFKP +BWJFS#BSCFSP +VBO"SJT
UPOEP 4BSBDCBS Z +VBO $BSMPT MWBSF[
1SF[
+BJNF&TDPCBS5SJBOB.PSJSDPNP
FKFSDJDJP mOBM B VOB WJEB EJHOB
WFSTJEBE&M#PTRVF #PHPU7FSTJO
EFTDBSHBCMF FO IUUQXXXCJPFUJ
DBVOCPTRVFFEVDPQVCMJDBDJPOFT
CJPTZFUIPT@CJPFUJDBIUN
&OFTUFFOTBZPTFQSFTFOUBVOBBQSPYJNB
DJODSUJDBBMPTDPODFQUPTEFNVFSUFZTV
FWPMVDJOFOMBIJTUPSJBIVNBOBIBTUBMBT
NTSFDJFOUFTTJUVBDJPOFTQMBOUFBEBTQPS
MBCJPNFEJDJOBZFTUVEJBEBTQPSBMCJP
UJDB&TFMDBTPEFMBFVUBOBTJBDVBOEPTF
IBDFOJOUFOUPTEFMFHBMJ[BSMBFOBMHVOPT
QBTFTEFMNVOEPZDVBOEPTVSHFOEFCB
UFTBMSFEFEPSEFMBNVFSUFEJHOBZMPTEF
SFDIPTIVNBOPT&MQSPHSFTPCJPNEJDP
BQPSUBOVFWPTFMFNFOUPTZDJSDVOTUBODJBT
RVFIBDFOOFDFTBSJPSFWJTBSZQSFDJTBSMPT
DPODFQUPTEFNVFSUF QFSTPOB FMNPSJS
DBMJEBE EF WJEB Z EJHOJEBE EF NVFSUF
.BIBM (JTFI %B $PTUB 4PUP 4BOUJBHP
EF$IJMF +VOJPEF

0TNBSE "OESBEF 'BSJB &VUBOBTJB

" NPSUF DPO EJHOJEBEF 6'4$
'MPSJBOQPMJT
&MMJCSPFTVNBCJPHSBmBOPWFMBEB DPN
FMOPWFOUBQPSDJFOUPEFMPTEBUPTWFS
EJDPT SFnFKPTEFTJUVBDJPOFTWJWJEBTQPS
FMQSPQJPBVUPS$VFOUBFMESBNBEFVO
NEJDP FOGFSNP EF DODFS RVF B QF

TBSEFUPEPTJHVFUSBCBKBOEP MBUSBOTGV
TJOEFTBOHSFFOUFTUJHPTEF+FIPW FM
BCPSUPQSFWFOUJWP DBTPTEFQFUJDJOEF
FVUBOBTJB MB QMBOJmDBDJO GBNJMJBS MPT
FSSPSFTNEJDPT FUD
(JTFMB'BSJBT-BNVFSUFWPMVOUBSJB
4FEBDJO TVJDJEJP BTJTUJEP FVUB
OBTJB &EJUPSJBM "TUSFB #VFOPT "J
SFT QQ
$PO VO BCPSEBKF NVMUJEJTDJQMJOBSJP
IJTUPSJB TPDJPMPHB QTJDPMPHB NFEJDJ
OB Z EFSFDIP
MB BVUPSB TF FODBSHB FO
DJODP DBQUVMPT EF EBS VO USBUBNJFOUP
BDBCBEP B MB NBUFSJB &O FM QSJNFSP
USBUBMBTQFSDFQDJPOFTTPDJPDVMUVSBMFTEF
MB NVFSUF &O FM TFHVOEP UFNBT DPNP
FM TVJDJEJP QBUPMHJDP FM NBSDP UFSJDP
EFMQTJDPBOMJTJTZBMHVOBTWBSJBCMFTWJO
DVMBEBT B MB NVFSUF WPMVOUBSJB EPMPS
UDOJDB DJFODJB Z NBOJQVMBDJO EFM TFS
IVNBOP FODBSOJ[BNJFOUP NEJDP GV
UJMJEBE FUDUFSB
&OFMUFSDFSP BTQFDUPT
mMPTmDPT Z MFHBMFT TPCSF FVUBOBTJB Z
TVJDJEJPBTJTUJEP EPOEFUBNCJOJOEBHB
FOFMEFSFDIPFYUSBOKFSP
&OFMDVBSUP
EFDJTJPOFTQBSBFMmOBMEFMBWJEB SFDIB
[PBUSBUBNJFOUPT BCTUFODJOPSFUJSPEF
TPQPSUFT WJUBMFT TFEBDJO
'JOBMNFOUF
FOFMRVJOUP FMEFSFDIPZFMFTUBEPFOFM
mOBMEFMBWJEB$VMNJOBDPOVOBQO
EJDF TPCSF DBTPT RVF TF SFMBDJPOBO DPO
EJSFDUJWBT BOUJDJQBEBT Z FM EFSFDIP B MB
TBMVE -B BVUPSB FTUVEJB DPO QSPGVOEJ
EBEFMUFNBZWJFSUFTVTGVOEBEBTPQJOJP
OFT RVFEFCFODPOTJEFSBSTFWBMJFOUFT B
UFOPSEFMUFNBFOFYHFTJT1PSDBTP TUB
OJFHBQPSJOBDFQUBCMFTMBTEJTUJODJPOFTEF
PUSPTEPDUSJOBSJPTFOUSFFVUBOBTJBQBTJWB
Z BDUJWB Z FOUSF FVUBOBTJB WPMVOUBSJB Z

OPWPMVOUBSJB$JFSUBNFOUF FYQMJDBRVF
FOMBFVUBOBTJB FOUBOUPiCVFONPSJSwP
iNVFSUF EJHOBw
FO VO QBDJFOUF DSUJDP
PDPOEJBHOTUJDPEFFOGFSNFEBEJODV
SBCMF F JSSFWFSTJCMF EFCFO QPOEFSBSTF
NOJNBNFOUF DBSBDUFSFT UBMFT DPNP FM
EPMPS JOTPQPSUBCMF MB DBQBDJEBE QBSB
EBS P USBOTNJUJS BGFDUPT FO MPT MUJNPT
NPNFOUPT ZDPOMVDJEF[ ZBRVFTFUSBUB
EFVOPEFMPTNPNFOUPTNTSFnFYJWPT
ZUSBTDFOEFOUFTEFMBWJEB
.JHVFM "OYP 'FSOO 7FMMP %JSFD

UPS
.VFSUF EJHOB SFnFYJPOFT
TPCSFMBFVUBOBTJB&EJDJO&TQJSBM
.BJPS
&MQSFTFOUFMJCSPSFOFMBTBQPSUBDJPOFTZ
MBTSFnFYJPOFTEFEJTUJOUPTFYQFSUPTRVF
BCBSDBOVOBNQMJPBCBOJDPEFTFDUPSFT
QSPGFTJPOBMFT DPO FM mO EF JOGPSNBS B
UPEBTMBTQFSTPOBTJOUFSFTBEBTFOFMEF
CBUFTPCSFMBFVUBOBTJB&OTVTDBQUVMPT
TF BCPSEB FTUB DVFTUJO EFTEF EJTUJOUBT
QFSTQFDUJWBT TPDJPMHJDB mMPTmDB UJ
DB UFPMHJDB QTJDPMHJDB NEJDB QTJ
RVJUSJDB KVSEJDBZQFOBM
6OB PCSB DPMFDUJWB QFOTBEB QBSB UPEP
BRVFM MFDUPS RVF QSFUFOEB CVTDBS VO
EFCBUF GVOEBNFOUBEP FO SB[POFT FO
CVFOBT SB[POFT NT RVF FO QPMNJDBT
FODFOEJEBTPSBEJDBMFT
+PT3PNO'MFDIB +.BSB.HJ
DB -B QSFHVOUB NPSBM BOUF MB FV
UBOBTJB 6OJWFSTJEBE 1POUJmDJB EF
4BMBNBODB QQ
-PTBVUPSFTTPOQSPGFTPSFTEF5FPMPHB
.PSBM FO MB 6OJWFSTJEBE 1POUJmDJB EF
4BMBNBODB &O MB QSJNFSB QBSUF USBUBO

EFMiFUFSOPQSPCMFNBEFMBNVFSUFw MB
OFDFTJEBEEFSFEFmOJSMB ZMBNVFSUFZFM
NPSJSBOUFMBUJDB&OMBTFHVOEBQBS
UF BCPSEBOMBDVFTUJOEFMBFVUBOBTJB
SFWJTBOEPMBTBDUJUVEFTHFOFSBMFTBOUFFM
QSPCMFNB MPTDPODFQUPT MPTQSPCMFNBT
EFTVMFHBMJ[BDJO ZMBBGSPOUBOEFTEFMB
EPDUSJOBEFMB*HMFTJB$BUMJDB ZEFMPT
NPSBMJTUBTDBUMJDPT
.BSUB 'SBDBQBOJ #JPUJDB -JNJ

UBDJPOFT EF USBUBNJFOUP -VNFO
#VFOPT"JSFT QQ
%PDUPSBFO.FEJDJOB QSPGFTPSBEF1F
EJBUSBEFMB'BDVMUBEEF$JFODJBT.
EJDBT EF MB 6OJWFSTJEBE /BDJPOBM EF
$VZPFO.FOEP[B "SHFOUJOB MBBVUPSB
FTUBNCJONBHTUFSFO#JPUJDB#FOF
mDFODJBFOMB(SBDJBIJQPDSUJDBZFOMB
&EBE.FEJB-BBVUPOPNBEFTEF-PD
LF&MDPOTFOUJNJFOUPJOGPSNBEPEFMPT
QBDJFOUFTZMPTEFSFDIPTEFMPTFOGFSNPT
+VTUJDJB UFPSBTZQSBYJT-BTWJSUVEFT-B
QSPQPSDJPOBMJEBEUFSBQVUJDB MBUFSBQJB
JOUFOTJWBZMPTFOGFSNPTUFSNJOBMFT-PT
NUPEPTEFMBUJDBDMOJDBFOMPT&TUB
EPT6OJEPTZFO&VSPQB"MHVOPTDBTPT
-BFEVDBDJOFO#JPUJDB
'VOEBDJ 7DUPS (SJGPMT J -VDBT

UJDBZTFEBDJOBMmOBMEFMBWJEB
$VBEFSOPT EF MB 'VOEBDJ O
#BSDFMPOB QQ
4FSFDPHFOMBTJOUFSWFODJPOFTFOVO4F
NJOBSJP TPCSF FM UFNB DPO EPT FYQP
TJDJPOFT MBSHBT B DBSHP EF +PTFQ 1PSUB
Z "[VDFOB $PVDFJSP Z MBT JOUFSFTBOUFT
BQPSUBDJPOFT EF MPT QBSUJDJQBOUFT EJF
DJPDIPFOUPUBM&MNPEFSBEPS 3BNO

#BZT EF MB 'BDVMUBE EF 1TJDPMPHB EF

MB6OJWFSTJEBE"VUOPNBEF#BSDFMPOB
IBDFMBQSFTFOUBDJOZVOBCSFWFTOUFTJT
mOBM
+PTFQ1PSUB EFM4FSWJDJPEF$VJEBEPT1B
MJBUJWPTEFM*OTUJUVU$BUBME0ODPMPHJB
BOBMJ[B FO MB QSJNFSB QPOFODJB MPT BT
QFDUPTDMOJDPTEFMBTFEBDJOFODVJEB
EPT QBMJBUJWPT &O MBT EJGFSFOUFT TJUVB
DJPOFTDMOJDBT"[VDFOB$PVDFJSP EFMB
'BDVMUBEEF.FEJDJOBEFMB6OJWFSTJEBE
"VUOPNBEF.BESJE FYQPOFQSJNFSP
VOBDMBTJmDBDJOEFMBTFEBDJOTFHOFM
NPNFOUPFORVFTFSFBMJ[B DPOBMHVOPT
DBTPT DMOJDPT JMVTUSBUJWPT &O TFHVOEP
MVHBSSFBMJ[BVOBOMJTJTUJDPEFMPTDBTPT
QSFWJBFYQPTJDJOEFMBGVOEBNFOUBDJO
EFTEF VOB UJDB EF MB SFTQPOTBCJMJEBE
PQVFTUB TFHO MB BVUPSB B VOB UJDB EF
MBDPOWJDDJORVFTFSBMFNTFNQMFBEB
IBTUB FM NPNFOUP DVBOEP TF IBCMB EF
DVJEBEPT QBMJBUJWPT 'SFOUF BM BCTPMV
UJTNPNPSBMEFMBTUJDBTCBTBEBTFOMB
DPOWJDDJO FTUBSBFMQSPQPSDJPOBMJTNP
NPSBM oOP SFMBUJWJTUBo GVOEBNFOUBEP
FO MB WJTJO EF MB UJDB EF MB SFTQPOTB
CJMJEBE1SFTFOUBVOBWJTJOEFNBTJBEP
FOGSFOUBEBEFFTUBTEPTDPSSJFOUFTUJDBT
RVF EFTEF MVFHP BENJUFO VOB NBZPS
DPNQMFNFOUBSJFEBEOPEBSBVOBCVF
OBSFTQVFTUBVOBUJDBEFMBDPOWJDDJO
TJO MB BQMJDBDJO QSDUJDB DPODSFUB BM
DBTPDMOJDP OJUBNQPDPQPESBGVOEB
NFOUBSTFVOBUJDBEFMBSFTQPOTBCJMJEBE
DPODSFUBTJOVOBDPOWJDDJOBOUFMBRVF
SFTQPOEFS &T DJFSUP RVF QSPQPSDJPOB
MJTNP OP FT SFMBUJWJTNP TJO NT QFSP
UBNQPDPDPOWJDDJOFTBCTPMVUJTNPTJO
NT ZFODVJEBEPTQBMJBUJWPTTFEFCFO
UFOEFS QVFOUFT FOUSF BNCPT DPNP TF

BMBO BMHVOBT EF MBT JOUFSWFODJPOFT EF
MPTQBSUJDJQBOUFTFOFMEFCBUF
'VOEBDJO$JFODJBTEFMB4BMVE.P
SJSDPOEJHOJEBEEJMFNBTUJDPTFO
FM mOBM EF MB WJEB &EJDJPOFT %PDF
$BMMFT "SBOKVF[ .BESJE
QQ
&M QSPGFTPS %JFHP (SBDJB FO MB *OUSP
EVDDJOEFFTUFMJCSP DPNFOUBi*ODMV
TP FO MPT NPNFOUPT EF NBZPS GFSWPS
WJUBMJTUB TJFNQSF QFSTJTUJ MB TPTQFDIB
OPTMPUFSJDBTJOPTPCSFUPEPQSDUJDB
EFRVFQSPMPOHBSMBWJEBEFFTUBNBOFSB
QPEB SFTVMUBS JOIVNBOP Z EFHSBEBO
UF2VJ[QPSFMQSPQJPEFTBSSPMMPEFMB
NFEJDJOB FO HFOFSBM Z EF MB NFEJDJOB
JOUFOTJWB F QBSUJDVMBS FTUB TPTQFDIB TF
IBJEPJODSFNFOUBOEPQSPHSFTJWBNFOUF
%F BI MB OFDFTJEBE EF QMBOUFBSTF DPO
DJFSUBEFUFODJORVFTNVFSUFEJHOBP
RVFTNPSJSDPOEJHOJEBE-PTDBQUV
MPT EF FTUF MJCSP
QSFUFOEFO PGSFDFS
NBUFSJBMFTQBSBTVBOMJTJT-BTDPODMV
TJPOFTIBEFTBDBSMBTFMQSPQJPMFDUPSw
JNPUIZ & 2VJMM QPOF FO EVEB TJ MB
NVFSUFNEJDBNFOUFBTJTUJEBFTVOQSP
HSFTPPNTCJFOVOQFMJHSP)FNL5FO
)BWF BOBMJ[B MB FYQFSJFODJB IPMBOEFTB
EFEFTQFOBMJ[BDJOEFMBFVUBOBTJB.B
OVFM (PO[MF[ #BSO FYQPOF TV FYQF
SJFODJBDPNPNEJDPFOMBBUFODJOEFM
FOGFSNPUFSNJOBM BMJHVBMRVF8BSSFO
53FJDI%BOJFM$BMMBIBOUJUVMBTVDB
QUVMP EF NPEP CJFO TJHOJmDBUJWP i&M
QSPCMFNUJDPTVFPEFMBWJEBFOCVTDB
EFVOBNVFSUFUSBORVJMBw'JOBMNFOUF
FMQSPQJP%JFHP(SBDJBFOGSFOUBMPTEJ
MFNBTUJDPTFOMPTDPOmOFTEFMBWJEB
iDVFTUJPOFTEFWJEBPNVFSUFw
(BCSJFM(BSDB$PMPSBEP#JPUJDBZ
NVFSUF BTQFDUPT TPDJBMFT Z UJDPT
5SJMMBT .YJDP
-B NVFSUF FT VOB SFBMJEBE RVF EFCF
BGSPOUBSFMTFSIVNBOPZEFMBRVFOBEJF
FTDBQBFTVOFWFOUPDVZPTJHOJmDBEPWB
NT BMM EF DPOTJEFSBDJPOFT CJPMHJDBT
DVMUVSBMFT mMPTmDBTPSFMJHJPTBT&MMBT
TPDJFEBEFT DPOUFNQPSOFBT MB QFSDFQ
DJOEFMBNVFSUFZMBGPSNBEFNPSJS
BERVJFSFOOVFWPTTFOUJEPT JOnVJEPTTJO
EVEBQPSFMNBUFSJBMJTNP FMIFEPOJTNP
Z FM JOEJWJEVBMJTNP FO EFUSJNFOUP EF
DPOTJEFSBDJPOFTmMPTmDBTZIVNBOJTUBT
"T TFEBODPSSJFOUFTRVFQSPNVFWFOMB
FVUBOBTJBDPNPiTPMVDJOQJBEPTBwBOUF
FMTVGSJNJFOUPIVNBOP&OFTUBPCSBT
FTUVEJBMBCJPUJDBZMBUBOBUPMPHBDPNP
EJTDJQMJOBT SFMBDJPOBEBT DPO FM QSPDFTP
EF MB NVFSUF DVZPT mOFT TF BOBO FO
MB UBSFB EF CVTDBS QSPDFEJNJFOUPT QB
MJBUJWPTEFMEPMPSGTJDPZFNPDJPOBMEF
QBDJFOUFTUFSNJOBMFT QPSVOMBEP ZQPS
PUSP NJUJHBS FM TVGSJNJFOUP NPSBM EF
TVTGBNJMJBSFTZBNJHPT
+VBO"OUPOJP(BSSJEP4BOKVO"DPS
UBS MB NVFSUF TJO BDPSUBS MB WJEB
&EJUPSJBM11$ QQ
&TUBPCSBOPQSFUFOEFSFDPSSFSFYIBVT
UJWBNFOUFFMBNQMJPUFNBEFMBCJPUJDB
TBOJUBSJB4FQVFEFEFDJS FODJFSUBGPS
NB RVF FTUBNPT BOUF VO MJCSP iQSD
UJDPw QPSRVFIBTVSHJEPEFMBTJORVJF
UVEFT DSFBEBT QPS MPT QSPCMFNBT UJDPT
FODPOUSBEPTFOMBQSDUJDBDMOJDBEJBSJB
%FIFDIP FTUPTQSPCMFNBTGVFSPOQSF
DJTBNFOUFMPTRVFDPOEVKFSPOBMBVUPSB
VOBGPSNBDJOSFHMBEBFOCJPUJDBDMOJ
DBZBVOJOUFSTQPSUSBOTNJUJSBPUSPT
MPBQSFOEJEP"T FOFTUFMJCSPTFUSBUBO
EFPSEFOBSMBTSFnFYJPOFTHFOFSBEBTQPS
MBSFMBDJODPOMPTQBDJFOUFTZDPOPUSPT
QSPGFTJPOBMFTNFEJBOUFVOBNFUPEPMPHB
SFHMBEBEFMBRVFPCUFOFSDPOPDJNJFOUPT
RVF BZVEFO B PUSPT B UPNBS EFDJTJPOFT
FOUFSSFOPTDPOGSFDVFODJBUBOEJGDJMFT
DPNP FTUPT 1SFUFOEF QSPQPSDJPOBS BM
HVOBTIFSSBNJFOUBTQBSBRVFDBEBDVBM
QVFEBBDFSDBSTFVOQPDPNTQSFQBSBEP
B MBT EFDJTJPOFT RVF MF BGFDUFO EJSFDUB
NFOUF P TF QSPEV[DBO FO TV FOUPSOP
TPDJPGBNJMJBS BTDPNPFOGSFOUBSTFNF
KPSBVOEFCBUFRVFTJOEVEBDPOUJOVBS
FOOVFTUSBTPDJFEBE #JPUJDB%FCBU
*OTUJUVU#PSKBEF#JPUJDB

$BSMPT3(IFSBSEJ7JEBZNVFSUF
FOUFSBQJBJOUFOTJWB#JCMPT #VFOPT
"JSFT
"USBWTEFMBTTBMBTEFUFSBQJBJOUFOTJWB
MB NFEJDJOB JOTUSVNFOUP VOB NPEBMJ
EBEBTJTUFODJBMFOMBRVFMBUFDOPMPHBFT
DBQB[ BUSBWTEFMTPQPSUFWJUBM EFSFDV
QFSBSQBSBMBWJEBBQBDJFOUFTRVFBOUFT
NPSBOJSSFNFEJBCMFNFOUF1FSPFMQSP
HSFTPEFMPTNFEJPT TJOVODPOUSPMUJDP
EF TVT mOFT OP TFS UBM TJO SFnFYJPOBS
TVmDJFOUFNFOUF TPCSF TJ UPEBT MBT BD
DJPOFTQPTJCMFTTPOCVFOBTPNBMBT4F
JOJDJVODBNJOPDVZPEFTBGPDPUJEJBOP
ZDPTUPNPSBMOPIBTJEPDPOWFOJFOUF
NFOUFFYQMPSBEPZFYQMJDBEPBQFTBSEF
VOBIJTUPSJBEFEDBEBT
-B TPDJFEBE QVFEF WJTVBMJ[BS QPS DPN
QMFUP FM QSPCMFNB RVF FT mMPTmDP Z

OP NEJDP TMP TJ TF MF PGSFDFO UPEPT

MPTDPOPDJNJFOUPTEFMBTJUVBDJO EFT
QPKBEPT EF VO IFHFNPOJTNP NEJDP
Z UFDOPMHJDP EFTIVNBOJ[BOUF &O VO
MFOHVBKFBDDFTJCMFQBSBUPEPT FTUFMJCSP
FYQPOFVODPOnJDUPDSFDJFOUFDVZPFYB
NFOMFDPSSFTQPOEFBMBTPDJFEBEFOTV
DPOKVOUPZOPBMBNFEJDJOBFOQBSUJDV
MBS&MQBDJFOUFDPNPQFSTPOBOPEFCF
TFSOVODBVOSFIOEFMQPEFSUFDOPDJFO
UmDP OJ VOB WDUJNB EF MBT EFDJTJPOFT
BKFOBTBTVTEFTFPTPBTVTWBMPSFT
+VBO"(NF[3VCUJDBFONF
EJDJOB DSUJDB 5SJBDBTUFMB .BESJE
QQ
&MBVUPSFTVOPEFMPTQJPOFSPTEFMBNF
EJDJOBJOUFOTJWBFO&TQBB EJSJHFEFTEF
MB6OJEBEEF$VJEBEPT*OUFOTJWPT
EFM )PTQJUBM 7JSHFO EF MB "SSJYBDB FO
.VSDJB ZFTUBNCJONBHTUFSFO#JP
UJDB Z QSFTJEFOUF EFM $PNJU EF UJDB
EF TV IPTQJUBM 7VFMDB FO FTUF MJCSP TV
FYQFSJFODJBQSPGFTJPOBMFOFMUSBUBNJFO
UPEFFOGFSNPTDSUJDPT DPOMBTEJGFSFO
UFT QPTJCJMJEBEFT UFSBQVUJDBT OVFWBT Z
MPTEJMFNBTUJDPTRVFDPNQPSUBO&TUB
QFOTBEPDPNPVOMJCSPEFUJDBQBSBMPT
QSPGFTJPOBMFT EF MB NFEJDBO DSJUJDB Z
UBNCJODPNPVOBGVFOUFEFBDDFTPBM
DPOPDJNJFOUPEFMPTBWBODFTEFMBNFEJ
DJOBFOFTUFNCJUPZEFTVTSFQFSDVTJP
OFTTPDJBMFT
&OFMQSMPHP FMQSPGFTPS%JFHP(SBDJB
DPNFOUB RVF TF OPUB FO FTUB PCSB RVF
iMBNFEJDJOBDSJUJDBIBTBMJEPEFTVOJ
F[OPEFTVBEPMFTDFODJBZIBBMDBO[B
EPVOBQSJNFSBNBEVSF[:BIBOQBTBEP
MPTBPTEFMBTQSJTBT EFMBUFNQFTUBEEF
NPWJNJFOUPT EFMBTDSJTJTEFBOHVTUJBZ
IBFNQF[BEPMBFUBQBEFMTPTJFHP EFMB
NBEVSF[RVFEBMBFYQFSJFODJBBDVNVMB
EB EFM USJVOGP EF MB SBDJPOBMJEBE FO
TVNB EF MB QSVEFODJBw "T BCPSEB FM
BVUPSMPTEJMFNBTUJDPTFOUPSOPBMEJBH
OPTUJDPEFMBNVFSUFMBNVFSUFDMOJDB
ZSFBOJNBDJODBSEJPQVMNPOBSMBTTJUVB
DJPOFTRVFCPSEFBOMBNVFSUF DPNPTPO
FMDPNB FMFTUBEPWFHFUBUJWPQFSNBOFO
UFZFMTOESPNFEFDBVUJWFSJPMPTBTQFD
UPTUJDPTEFMBOVUSJDJOFIJESBUBDJO
BSUJmDJBMMPTEFSFDIPTEFMQBDJFOUFDSJUJ
DPZMPTDPOnJDUPTEFKVTUJDJBRVFFTUO
QSFTFOUFTFOMBBUFODJOBMQBDJFOUFDSJUJ
DPBMmOBMEFMBWJEB
.BSDPT (NF[ 4BODIP .PSJS DPO

EJHOJEBE "SO &EJDJPOFT .BESJE

i.PSJS DPO EJHOJEBEw OPT NVFTUSB FM
QSPDFTP B RVF UPEB QFSTPOB UJFOF EF
SFDIP EF UFSNJOBS TV WJEB EF GPSNB
TFSFOB BQBDJCMF TJO EPMPS V PUSPT TO
UPNBTJNQPSUBOUFTZSPEFBEBEFTVTTF
SFTRVFSJEPT&TUBGPSNBEFNPSJS RVF
BOUBP FSB BMHP HFOFSBMJ[BEP DBEB WF[
TFIBDFNTEJGDJMFOFMNVOEPEFIPZ
-BUFOEFODJB DBEBWF[NBZPS EFMMFWBS
BMPTFOGFSNPTBNPSJSBMIPTQJUBM IBDF
RVFNVDIBTQFSTPOBTQBTFOTVMUJNPT
EBT EF WJEB MFKPT EF TVT GBNJMJBSFT FO
VOFOUPSOPGSPTJOZMBQSJWBDJEBEFJO
UJNJEBE OFDFTBSJBT QBSB BDBCBS MB WJEB
EJHOBNFOUF
&MMJCSPUBNQPDPPMWJEBMBJNQPSUBODJB
RVFUJFOFMBDPSSFDUBBUFODJOZTPQPSUF
RVFIBZRVFTVNJOJTUSBSBMPTGBNJMJBSFT
RVF NVDIBTWFDFT MPQBTBOQFPSRVFFM
QSPQJP FOGFSNP 4PO NVDIPT MPT NJF

EPTZEJmDVMUBEFTRVFQVFEFOTVGSJSMPT
TFSFTRVFSJEPTEFRVJFOFTUBQVOUPEF
NPSJSZBMBTRVFIBZRVFTBCFSEBSVOB
BEFDVBEB SFTQVFTUB QSPGFTJPOBM Z IV
NBOB
.BSDPT(NF[4BODIP&MIPNCSF
Z FM NEJDP BOUF MB NVFSUF "SO
&EJDJPOFT .BESJE QQ
&MEPDUPS(NF[4BODIPFTEPDUPSFO
.FEJDJOB &TQFDJBMJTUB FO "OFTUFTJPMP
HB Z SFBOJNBDJO Z FO $VJEBEPT 1B
MJBUJWPT RVF IB QSPNPWJEP FO &TQBB
Z "NSJDB BDUVBMNFOUF FT QSPGFTPS EF
.FEJDJOB1BMJBUJWBFOMB6OJWFSTJEBEEF
-BT1BMNBTEF(SBO$BOBSJB0GSFDFFO
FTUFMJCSPoGSVUPEFTVMBSHBFYQFSJFODJB
DMOJDBoVOBSFnFYJOTPCSFFMNPEPFO
RVFIBDBNCJBEPFMBGSPOUBNJFOUPEFMB
NVFSUF MBOFHBDJOZNFEJDBMJ[BDJOEF
MB NVFSUF FO MB TPDJFEBE BDUVBM MB JO
UPMFSBODJB BM EPMPS Z BM TVGSJNJFOUP EF
OVFTUSBDVMUVSBIFEPOJTUB MBDSJTJTEFMBT
SFMJHJPOFTZEFMPTWBMPSFTZUBNCJOFM
DVMUP B MB JOEFQFOEFODJB DPNP OVFWP
WBMPSRVFDPOEVDFBMBTPMFEBEBNVDIBT
QFSTPOBT-PTNEJDPToTFHOFMEPDUPS
(NF[4BODIPoUJFOFOBEFNTEJmDVM
UBEFTBBEJEBTQBSBBZVEBSBMPTFOGFS
NPT FO TV QSPDFTP EF NPSJS QSJNFSP
QPSMBGBMUBEFGPSNBDJOFOMB6OJWFS
TJEBE ZUBNCJOQPSFMTFOUJNJFOUPEF
GSBDBTP QSPGFTJPOBM RVF FYQFSJNFOUBO
DVBOEP IBO TJEP QSFQBSBEPT QBSB DV
SBSFOGFSNFEBEFT:IBCSBRVFBBEJS
DPNP SFnFYJO mOBM FO RVF QSPGVOEJ
[BFMBVUPS MBDPSSFTQPOEJFOUFBOHVTUJB
BOUFMBQSPQJBNVFSUFRVFDBTJTJFNQSF
QSPWPDBFOFMQFSTPOBMTBOJUBSJPFMBDFS
DBNJFOUPBMBQFSTPOBRVFFTUBQVOUP
EFNPSJS
%JFHP(SBDJBUJDBFOMPTDPOmOFT
EFMBWJEB&M#IP #PHPU
SFWJTUBT&OTUFMPTBSUDVMPTTFDFOUSBO
FO MPT EPT FYUSFNPT EF MB WJEB &O MB
QSJNFSB QBSUF FTUVEJB MB IJTUPSJB EF MB
FVHFOFTJB MB UJDB EF MB TFYVBMJEBE FM
DSFDJNJFOUPQPCMBDJPOBMZFMEFTBSSPMMP
TPTUFOJCMF MBUJDBZMBSFHVMBDJOEFMB
OBUBMJEBE FM FTUBUVUP EFM FNCSJO MB
IJTUPSJBEFMBCPSUP ZUFNBTEFCJPUJDB
ZQFEJBUSB&OMBTFHVOEBQBSUF BCPSEB
QSJNFSPMBIJTUPSJBEFMBWFKF[ MPTDVJEB
EPTJOUFOTJWPTFOMBFSBEFMB#JPUJDB MB
GVUJMJEBE MBIJTUPSJBEFMBFVUBOBTJB TVT
EJMFNBTUJDPT FMUSBTQMBOUFEFSHBOPT
ZMBEFUFSNJOBDJOEFMNPNFOUPEFMB
NVFSUF
%JFHP (SBDJB +VBO +PT 3PESHVF[

4FOEO %JSFDUPSFT
UJDBFODVJEB
EPT QBMJBUJWPT $PMFDDJO (VBT EF
UJDB FO MB QSDUJDB NEJDB 'VOEB
DJO$JFODJBTEFMB4BMVE
-PT DVJEBEPT QBMJBUJWPT TVFMFO BENJ
OJTUSBSTF B USBWT EF FRVJQPT JOUFSEJT
DJQMJOBSFT GPSNBEPT FTFODJBMNFOUF QPS
NEJDPT QFSTPOBMEFFOGFSNFSB QTJD
MPHPT USBCBKBEPSFTTPDJBMFTZPUSPTQSP
GFTJPOBMFTEFMBTBMVE4VPCKFUJWPMUJ
NPFTQSFWFOJSZBMJWJBSFMTVGSJNJFOUP
BTDPNPDPOTFHVJSMBNFKPSDBMJEBEEF
WJEBQPTJCMFQBSBQBDJFOUFTZGBNJMJBSFT

RVFBGSPOUBOFOGFSNFEBEFTRVFBNFOB
[BOTFSJBNFOUFMBWJEB ZFOFMDBTPEF
FOGFSNPT BM mOBM EF MB FYJTUFODJB BZV
EBSMFTBNPSJSFOQB[
5PEPT MPT NEJDPT OFDFTJUBO DPOPDFS
DVBOEPFTUOJOEJDBEPTMPTTFSWJDJPTEF
DVJEBEPTQBMJBUJWPT DNPTFQVFEFBD
DFEFS B FMMPT Z DNP DVOEP Z EOEF
EFMJCFSBS DPO FM FOGFSNP Z GBNJMJBSFT
TPCSFMBTNMUJQMFTQSPCMFNUJDBTUJDBT
RVFTFQVFEFOQMBOUFBSBMPMBSHPEFMB
FWPMVDJOEFMBFOGFSNFEBE
&MPCKFUJWPEFMBQSFTFOUF(VBEFUJ
DB FO MB 1SDUJDB .EJDB FT PGSFDFS BM
QSPGFTJPOBM VO UFYUP CSFWF Z QSDUJDP
RVFQVFEBTFSMFEFVUJMJEBEBMBIPSBEF
PSJFOUBSMPTQSPCMFNBTUJDPTRVFQMBO
UFBFMNBOFKPEFUPEPUJQPEFFOGFSNPT
FTQFDJBMNFOUF QBSB BRVFMMPT DPO FOGFS
NFEBEHSBWFPRVFTFFODVFOUSBOZBFO
MBGBTFmOBMEFTVFYJTUFODJB
-FPOJEBT )FHFOCFSH %PFOB VN

FTUVEJP mMPTmDP &EJUPSB 'JPDSV[
3PEF+BOFJSP QQ
&MBVUPSFTMJDFODJBEPFO'TJDBZ.BUF
NUJDBT QPS MB 6OJWFSTJEBE .BDLFO[JF
ZEPDUPSFO'JMPTPGBQPSMBEF4P1BV
MP1SPGFTPSEFMB1PUJmDJB6OJWFSTJEBEF
$BUMJDBEF4P1BVMPZFOFM*OTUJUVUP
EF 1TJDPMPHB EF MB 641 &O FTUF MJCSP
PGSFDFVOBOMJTJTIJTUSJDPEFEPMFODJB
DPOMBTBDFQDJPOFTNTDPNVOFT ZUBN
CJO DPO MPT TFOUJEPT Z FOGPRVFT NT
SFDJFOUFTEFTEFMBmMPTPGBEFMBDJFODJB
ZEFMBNFEJDJOB"OBMJ[BBMHVOBTEFMBT
DVFTUJPOFTRVFQSFPDVQBONTBMPTUF
SJDPTEFMB.FEJDJOB TPCSFUPEPBN
EJDPT Z mMTPGPT USBUBOEP EF EBS DPO

UPSOPTCJFOQSFDJTPTBMPTDPODFQUPTRVF
TVFMFOVUJMJ[BSTFFOFTUFDBNQP
.BSJFEF)FOOF[FM-BNVFSUFOUJ
NB-PTRVFWBOBNPSJSOPTFOTF
BOBWJWJS1MB[BZ+BOT #BSDFMPOB
QQ
$PO QSMPHP EFM RVF GVFSB QSFTJEFOUF
EF'SBODJB 'SBOPJT.JUUFSBOE FTUFMJ
CSPFTVODPOKVOUPEFSFMBUPTEFDBTPT
EFBUFODJODMOJDBJOUFHSBMEFDVJEBEPT
QBMJBUJWPT DPO QBDJFOUFT RVF BGSPOUBO
BT TV NVFSUF DPO NFOPT EPMPS Z FO
EJMPHP TFODJMMP Z DMBSP DPO TVT DVJEB
EPSFTZDPOTVTGBNJMJBSFT/BSSBMBFY
QFSJFODJBWJWJEBQPSMBBVUPSB QTJDMPHB
Z QTJDPBOBMJTUB DPNP EJSFDUPSB EF VOB
$MOJDBEFDVJEBEPTQBMJBUJWPT QBSBFO
GFSNPTEFDODFSZTJEBFTQFDJBMNFOUF B
MBTBGVFSBTEF1BST$BEBIPNCSFEFCF
FODPOUSBSTFOUJEPBMBNVFSUF TBMWBSFM
NJFEP B NPSJS Z FYUSBWFO JOGPSNBEP
EF TV TJUVBDJO Z QPEFS BCPSEBSMB DPO
TVTDVJEBEPSFTZTVTGBNJMJBSFT&TUFMJ
CSP FT VO UFTUJNPOJP FYDFQDJPOBM DPO
MBTSFnFYJPOFTQSPGVOEBTZTFSFOBTEFMB
BVUPSB
.BSJP *DFUB 'VUJMJEBE Z UPNB EF

EFDJTJPOFT FO NFEJDJOB QBMJBUJWB
$BKB4VS1VCMJDBDJPOFT $SEPCB &T
QBB QQ
&M BVUPS FT NEJDP Z TBDFSEPUF QSFTJ
EFOUF EF MB 4PDJFEBE "OEBMV[B EF *O
WFTUJHBDJO#JPUJDB DPOTFEFFO$S
EPCB&MMJCSPSFDPHFTVUFTJTEPDUPSBM
SFBMJ[BEBFOMB6OJWFSTJEBEEF/BWBSSB
TPCSFMBGVUJMJEBEZMBUPNBEFEFDJTJPOFT
DPOFOGFSNPTUFSNJOBMFT FOMBNFEJDJ
OB QBMJBUJWB 1SJNFSP BOBMJ[B FM EFCBUF

EF MB GVUJMJEBE FO FM TFOP EF MB QSPQJB
.FEJDJOBQBMJBUJWB DPOMBTTJUVBDJPOFT
QSPDFEJNJFOUPT Z GBDUPSFT RVF DPOEJ
DJPOBO MB UPNB EF EFDJTJPOFT DVBOEP
IBZ EVEBT TPCSF MB VUJMJEBE EFM BDUP
NEJDP %FTQVT BOBMJ[B DNP TF IB
EFTBSSPMMBEPFMEFCBUFFO#JPUJDBTPCSF
FTUFUFNB QBSBQBTBSBDPOUJOVBDJOB
EFTBSSPMMBS MP RVF EFOPNJOB iVO DPO
DFQUPJOUFHSBEPEFGVUJMJEBEw RVFUFO
HB FO DVFOUB UBNCJO MB QBSUJDJQBDJO
EFMQBDJFOUFZMPTDSJUFSJPTTPDJPFDPO
NJDPT 'JOBMNFOUF SFBMJ[B VO FTUVEJP
DPOFODVFTUBTFNJFTUSVDUVSBEBTPCSFMB
UPNBEFEFDJTJPOFTZMBGVUJMJEBEFOMPT
QSPGFTJPOBMFTFTQBPMFTRVFTFEFEJDBO
B.FEJDJOBQBMJBUJWB
$JSJBDP *[RVJFSEP .PSFOP "DPN

QBBSBMBODJBOP-BTPDJFEBEBOUF
MBUFSDFSBFEBE4BO1BCMP .BESJE
QQ
&MBVUPSFTEPDUPSFO%FSFDIP$BOOJ
DP MJDFODJBEPFOQTJDPMPHBZQFEBHPHB
QPS MB 6OJWFSTJEBE EF 7BMFODJB Z FO
0SJFOUBDJO 'BNJMJBS QPS MB EF /BWB
SSB 5JFOF BNQMJB FYQFSJFODJB QBTUPSBM
FOFTUFDBNQP&OFTUFMJCSPPGSFDFDPO
SJHPSVOUSBUBEPTPCSFMBBODJBOJEBE TV
TJUVBDJO TVWBMPSBDJO FOUPSOP OFDF
TJEBEFT ZMBBOJNBDJOTPDJPoDVMUVSBMZ
MBTBUFODJPOFTRVFSFRVJFSF&OUSFMBTOF
DFTJEBEFTEFMBBODJBOJEBE MBQSJNFSBFT
DPOUBSDPOVOFOUPSOPGBNJMJBSZTPDJBM
BEFDVBEP ZVOBTBUFODJPOFTZDVJEBEPT
EFTBMVEEJHOPT EPOEFUBNCJOFOUSFFM
DVJEBEPFTQJSJUVBM
$ISJTUJBOF+PNBJO.PSJSFOMBUFS
OVSB7JWJSFMMUJNPJOTUBOUF&EJ
DJPOFT1BVMJOBT .BESJE
QQ
-B BVUPSB FT FOGFSNFSB EFEJDBEB B MB
BUFODJOEFQBDJFOUFTUFSNJOBMFTFOVO
EFQBSUBNFOUPEFVO)PTQJUBMZEFTQVT
FO VO $FOUSP EF DVJEBEPT QBMJBUJWPT
0GSFDF BRV TV BNQMJB FYQFSJFODJB Z
MB EF UPEP FM FRVJQP EF BUFODJO B FT
UPT QBDJFOUFT FO MPT NPNFOUPT mOBMFT
EFTVTWJEBT-BSFMBDJOEFBZVEBDPO
FMMPTZTVTGBNJMJBT MBTFYQFSJFODJBTEFM
QFSTPOBMTBOJUBSJP RVFEFCFOTBCFSQP
OFSBMFOGFSNPFOTJUVBDJOEFWJWJSTV
QSPQJBNVFSUF1PSFTP MBBSUFmOBMEFM
MJCSPFTVOBHVBQSDUJDBQBSBFMFRVJQP
NEJDPoTBOJUBSJP&TQPTJCMFBQSFOEFSB
DVJEBSBMPTNPSJCVOEPTZQSPQPOFBRV
VOBBVUOUJDBGPSNBDJOQSPGFTJPOBMFT
QFDmDB DBQB[ EF VOJS MB DPNQFUFODJB
UDOJDBZMBNBEVSBDJOQFSTPOBM
$BSNFO+VBOBUFZ%PSBEP%FSFDIP
TVJDJEJPZFVUBOBTJB .JOJTUFSJP EF
+VTUJDJB F *OUFSJPS .BESJE
QQ
&TUF USBCBKP UJFOF VOB JOEVEBCMF IPO
EVSB UDOJDPoKVSEJDB Z BOBMJ[B EF
NPEPFYIBVTUJWPFMTVJDJEJPFOMBIJTUP
SJBEFMEFSFDIPZFOFM%FSFDIPDPNQB
SBEP FM USBUBNJFOUP QFOBM EFM TVJDJEJP
FO MB BDUVBMJEBE FO &TQBB Z FO PUSPT
QBTFT 5BNCJO EFTBSSPMMB MPT QSPCMF
NBTNPSBMFTEFMTVJDJEJP ZmOBMNFOUF
FMDPODFQUPKVSEJDPQFOBMEFTVJDJEJP Z
FMUJQPEFJOKVTUPRVFUJFOFFMEFMJUPEF
BVYJMJPFKFDVUJWPBMTVJDJEJP DPOMBTQP
TJCMFT NPEBMJEBEFT EF DPOEVDUB BDUJWB

PQPSPNJTJO$POFTUP FOUSBUBNCJO
FOFMEFCBUFBDUVBMEFMBFVUBOBTJB FY
QPOFFMDBSDUFSBCTPMVUPFJOEJTQPOJCMF
EFMEFSFDIPBMBWJEBFOMB$POTUJUVDJO
Z FO MB EPDUSJOB KVSEJDB FTQBPMBT BT
DPNPMBEPDUSJOBEFM5SJCVOBM$POTUJ
UVDJPOBM
+PIO ,FPXO -B FVUBOBTJB FYBNJ

OBEBQFSTQFDUJWBTUJDBT DMOJDBTZ
MFHBMFT '$& .YJDP
QQ
-B FVUBOBTJB OP FT VO UFNB OVFWP FO
MB BHFOEB EF MB IVNBOJEBE 4J SFUSP
DFEFNPT FO FM UJFNQP QPEFNPT WFS
RVF UBM QSDUJDB GVF DPOEFOBEB EFTEF
MPT UJFNQPT EF )JQDSBUFT FO MB "OUJ
HFEBE DMTJDB 4JO FNCBSHP QFTF B MB
PQPTJDJORVFTFMFIBIFDIPFOTPDJFEB
EFTEJGFSFOUFTZQPDBTEJTUJOUBT MBFV
UBOBTJBIBQFSTJTUJEP BDFDIBOEPUSBTMB
FTDFOBi-PNTQSPCBCMFoEJDF%BOJFM
$BMMBIBO VOP EF MPT DPMBCPSBEPSFT EF
FTUFFTUVEJPoFTRVFMPTNEJDPT IBTUB
DJFSUP HSBEP MB IBO QSBDUJDBEP : FTUP
IBMMFWBEP EFUJFNQPFOUJFNQP BVO
EFCBUF QCMJDPw &O FTUF EFTQFSUBS EFM
TJHMP MB MFZ QFSNBOFDF TJO VO DBNCJP
KVSEJDPZMBQSPGFTJONEJDBDPOUJOB
DPOEFOBOEPUBMQSDUJDB QFSPFMUPOPEF
MBBHJUBDJOIBDBNCJBEP-BTFODVFTUBT
EFPQJOJOFO&&66 FM3FJOP6OJEP
Z PUSPT QBTFT JOEJDBO FM DSFDJFOUF JO
UFST FOUSF NEJDPT Z MFHPT QPSRVF MB
MFZRVFQSPICFMBFVUBOBTJBTFBBCPMJEB
&O )PMBOEB ZB IB TJEP BDFQUBEB CBKP
FM OPNCSF EF iTVJDJEJP NEJDBNFOUF
BTJTUJEPw MPNJTNPRVFFOFMFTUBEPEF
"VTUSBMJB4FQUFOUSJPOBM
2VJFOFT MB BQPZBO OP DPOTUJUVZFO ZB

VOB QFRVFB NJOPSB TJOP VO HSVQP
OVNFSPTP F JOnVZFOUF EF BDBENJDPT
NEJDPT Z MFHJTMBEPSFT 1VFEF EFDJSTF
RVF MB MFHBMJ[BDJO EFM iTVJDJEJP NEJ
DBNFOUF BTJTUJEPw DPOTUJUVZF ZB VOP
EF MPT UFNBT RVF FODBSBO MFHJTMBEPSFT
QSPGFTJPOBMFT EF MB TBMVE QBDJFOUFT Z
MPTJOUFHSBOUFTEFMBTPDJFEBE&MEFCBUF
TF IB DBSBDUFSJ[BEP QPS MB SFUSJDB NT
RVFQPSMBSB[OZFMDPNQJMBEPS+PIO
,FPXOTFIBmKBEPDPNPNFUB FOFTUF
MJCSP FOSJRVFDFSMPQPOJFOEPBMBMDBODF
EFMMFDUPSMPTQSJODJQBMFTBTQFDUPTUJDPT
DMOJDPTKVSEJDPTZUFPMHJDPTEFMUFNB
-PTFOTBZPTRVFJODMVZFHVBSEBODJFSUP
FRVJMJCSJP QVFTSFnFKBOQVOUPTEFWJTUB
EJWFSHFOUFT DPNP VOB QPMNJDB WJHP
SPTB FOUSF EPT mMTPGPT
Z TPCSF UPEP
TPOBDDFTJCMFTBMMFDUPSOPFTQFDJBMJ[BEP
3JUB,JFMTUFJO +PT"MCFSUP.BJOFUUJ
+PSHF -VJT .BO[JOJ .BSUO 3PVCJ
DFL )BOT.BSUJO4BTT )FSCFSU7JF
GIVFT %JSFDUJWBT BOUJDJQBEBT -B
IJTUPSJBDMOJDBPSJFOUBEBBWBMPSFT
-JU7FSMBH .OTUFS QQ
4F SFDPHFO FO FTUF QFRVFP WPMVNFO
USFTJOUFSFTBOUFTUSBCBKPTFOUPSOPBMBT
EJSFDUJWBT BOUJDJQBEBT &M QSJNFSP FT
EFM QSPGFTPS +PSHF -VJT .BO[JOJ EF MB
6OJWFSTJEBE /BDJPOBM EF .BS EFM 1MB
UB "SHFOUJOB Z BOBMJ[B MBT EJGFSFOUFT
QSPQVFTUBT RVF TF IBO SFBMJ[BEP TPCSF
EJSFDUJWBT BOUJDJQBEBT FO EJTUJOUPT QB
TFT QBSBFYQPOFSEFTQVTVOBQSPQVFTUB
RVFJOUFOUBTJNQMJmDBSFMUSNJUFEFMB
JNQMFNFOUBDJOEFFTBTEJSFDUJWBTFOMPT
SFHJTUSPTEFMBIJTUPSJBDMOJDB
-PT BVUPSFT EFM TFHVOEP USBCBKP TPO

3JUB ,JFMTUFJO EF MB 6OJWFSTJEBE EF
.BHEFCVSHP Z )BOT.BSUJO 4BTT EFM
*OTUJUVUPEF'JMPTPGBEFMB6OJWFSTJEBE
EFM 3VIS BNCPT FO "MFNBOJB -B USB
EVDDJOMBIBOSFBMJ[BEP.BSUJO3PVCJ
DFLZ+PSHF-VJT.BO[JOJ4FDFOUSBFO
MBFYQPTJDJOEFVONPEFMPQBSBRVFFM
QBDJFOUF QVFEB SFEBDUBS TV QSPQJB %J
SFDUJWB"OUJDJQBEBQBSBUSBUBNJFOUPN
EJDP DPOEJGFSFOUFTQPTJCJMJEBEFT UJQPT
ZNPEFMPT
ZNJSBOEPBUSBWTEFVOBHSBOWFOUBOBM
&M TFOUJEP EF MB WJEB OP DPOTJTUF TPMB
NFOUFFODPOPDFSMBTDJODPGBTFT/PTF
USBUBTPMBNFOUFEFMBWJEBRVFTFQJFSEF
TJOPEFMBWJEBRVFTFIBWJWJEP&TDSJCJS
FTUFMJCSPNFIBQSPQPSDJPOBEPMBNBOF
SBEFDPOUJOVBSTJOUJOEPNFUJMFONJ
WJEB B QFTBS EF RVF TF FTU BDBCBOEPw
1PDPBOUFTEFNPSJS &MJTBCFUI,CMFS
3PTTDPNQMFUBCBDPOMBBZVEBEF%BWJE
,FTTMFS MBPCSBRVFBIPSBUJFOFOFOTVT
NBOPT TVMUJNPMJCSP
&MUFSDFSUSBCBKP EF)BOT.BSUJO4BTTZ
)FSCFSU7JFGIVFToQSPGFTPSFNSJUPEFM
$FOUSPEFUJDB.EJDBEFMB6OJWFSTJ
EBE EFM 3VISo TF DFOUSB FO FM BOMJTJT
EFMQSPUPDPMPEF#PDIVNQBSBMBQSD
UJDBUJDPNEJDB DPOVONUPEPQBSB
NBOFKPEFMPTDBTPTFOUJDBNEJDB Z
MBTQSFHVOUBTQBSBMBWBMPSBDJOUJDBEFM
NJTNP)BTJEPUSBEVDJEPZQSPMPHBEP
QPSFMEPDUPS+PT"MCFSUP.BJOFUUJ
4PCSFFMEVFMPZFMEPMPSBQMJDBMBTDJODP
GBTFTEFMEPMPSoOFHBDJO JSB OFHPDJB
DJO EFQSFTJOZBDFQUBDJOoBMQSPDFTP
EFMEVFMPZNF[DMBUFPSB JOTQJSBDJOZ
DPOTFKPT QSDUJDPT UPEP CBTBEP FO MBT
FYQFSJFODJBT QFSTPOBMFT Z QSPGFTJPOBMFT
EF,CMFS3PTTZ%BWJE,FTTMFS*ODMV
ZFIJTUPSJBTDPSUBTFJMVTUSBUJWBTTPCSFUF
NBTEJWFSTPTZDBQUVMPTTPCSFMBUSJTUF
[B MPTSFDVFSEPT MPTTVFPT FMQSPDFTP
EF BDFQUBDJO Z FM BJTMBNJFOUP EVSBOUF
FMQSPDFTPEFMEVFMP #JPUJDB%FCBU

&MJ[BCFUI ,CMFS3PTT %BWJE ,FTT

MFS 4PCSF FM EVFMP Z FM EPMPS -V
DJSOBHB
4PCSFFMEVFMPZFMEPMPSFTFMMFHBEPm
OBMEF&MJTBCFUI,CMFS3PTT MBDPOPDJ
EBBVUPSBEFi-BNVFSUFVOBNBOFDFSw
ZPUSPTNVDIPTMJCSPTZMBBVUPSJEBENT
SFTQFUBEBEFOUSPEFMDBNQPEFMBNVFS
UFZFMQSPDFTPEFNPSJS
i4 RVF MB NVFSUF FTU DFSDBw FTDSJCF
,CMFS3PTTFOMBTMUJNBTQHJOBTEFM
MJCSP iQFSPBOOPMMFHB.FFODVFOUSP
BRVTFOUBEBDPNPPUSBTNVDIBTQFSTP
OBT TF IBO FODPOUSBEP B MP MBSHP EF MB
IJTUPSJB FOVOBDBNBSPEFBEBEFnPSFT
"VHVTUP-FO$&VUBOBTJB&EJDJP
OFT"NPO $BSBDBT
&O FTUF MJCSP TPCSF FVUBOBTJB FM BVUPS
BOBMJ[BFMEFCBUFBDUVBMFOFTDBMBNVO
EJBM MBTMFHJTMBDJPOFTSFDJFOUFTFOEJWFS
TPT QBTFT Z MB TJUVBDJO FO 7FOF[VFMB
&ODPODMVTJOEFMBVUPSiFOUSFOPTPUSPT
MBQSDUJDBEFMBFVUBOBTJBQBTJWBFTQFS
NJTJCMFTFHOTFEFTQSFOEFEFMBMFDUVSB
EFMPT"SUDVMPT ZEFM$EJHP
EF %FPOUPMPHB .EJDB -B FVUBOBTJB
BDUJWB TF IBMMB EFmOJUJWBNFOUF QSPTDSJ
UB UBMDPNPDPOTUBFOFM"SUDVMPEFM

DJUBEP$EJHP&MDPOUFOJEPEFM"SUDV
MP JODMVJEP FO FM $BQUVMP i%F MPT
%FSFDIPT Z %FCFSFT EF MPT &OGFSNPTw
$BQUVMP5FSDFSPEFM5UVMP**
QVFEF
DPOTJEFSBSTFDPNPVODPNQMFNFOUPEF
MPTBSUDVMPTDJUBEPT TMPRVFOPTFSF
mFSFBMFOGFSNPUFSNJOBM3F[BBTi&M
FOGFSNPUJFOFEFSFDIPBSFIVTBSEFUFS
NJOBEBT JOEJDBDJPOFT EJBHOTUJDBT Z
UFSBQVUJDBTTJFNQSFRVFTFUSBUFEFVO
BEVMUPNFOUBMNFOUFDPNQFUFOUF&MEF
SFDIPBMBBVUPEFUFSNJOBDJOOPQVFEF
TFS BCSPHBEP QPS MB TPDJFEBE B NFOPT
RVFFMFKFSDJDJPEFMNJTNPJOUFSmFSBDPO
MPTEFSFDIPTEFMPTEFNTw&O7FOF[VF
MBMBQSDUJDBEFMTVJDJEJPBTJTUJEPWJPMB
EJTQPTJDJPOFT UJDBT Z MFHBMFT TFBMBEBT
SFTQFDUJWBNFOUFFOMPT"SUDVMPTEFM
$EJHP EF %FPOUPMPHB .EJDB Z
EFM$EJHP1FOBM7FOF[PMBOPw
"VHVTUP-FO$-BNVFSUFZFMNP
SJS-BHPWFO $BSBDBT
&M BVUPS SFWJTB EJWFSTPT BTQFDUPT EF MB
NVFSUFZFMQSPDFTPEFNPSJS%FEJDBVO
FTQFDJBMJOUFSTBi-B7FSEBEZFM&OGFS
NP5FSNJOBMw4POQBMBCSBTTVZBTi%F
BDVFSEPDPOMBFYQFSJFODJBEFOVNFSP
TPTBVUPSFT QSDUJDBNFOUFUPEPTMPTFO
GFSNPT RVF TVGSFO EF VOB FOGFSNFEBE
NBMJHOB iTBCFOw FO VOB V PUSB GPSNB
RVFMBQBEFDFO-PQFSUJOFOUFFTUSBUBS
EFBWFSJHVBSRVTVDFEFFOMBJOUJNJEBE
EFM FOGFSNP DNP TF IB FOGSFOUBEP B
MBBNFOB[B DVMFTNFDBOJTNPTIBEFTB
SSPMMBEPQBSBFODVCSJSMBZDVMEFCFTFS
MBGPSNBQBSBJODPSQPSBSOPTBM
&O FTUPT QBDJFOUFT MB BNFOB[B RVF FO
NBZPSHSBEPMFTBnJHFZBWFDFTMFTIP
SSPSJ[BOPFTFMUFNPSEFRVFWBOBNP
SJS TJOPFMUFNPSBMBTPMFEBEQSPHSFTJWB
FMTFOUJNJFOUPEFBCBOEPOP:FTQSFDJ
TBNFOUFFTUBBNFOB[BMBRVFFMNEJDP
QVFEFDPOUSJCVJSBEJTJQBS
5SFTBSHVNFOUPTFTHSJNFOBMHVOPTQBSB
KVTUJmDBSNFOUJSBMFOGFSNPQSPUFHFSMP
QPSRVF OP DPNQSFOEFSB QPSRVF SFBM
NFOUF OP RVJFSF DPOPDFS MB WFSEBE P
QPSRVF QVFEF QFSKVEJDBSMF FM DPOPDJ
NJFOUP EF MB NJTNB %FCFNPT BOBMJ
[BS MB TJUVBDJO EFTEF PUSB QFSTQFDUJWB
.FOUJSFTDPOUSBSJPBMEFSFDIPEFMPTFO
GFSNPTBDPOPDFSMPRVFBFMMPT NTRVF
BOBEJF MFTDPODJFSOF BQBSUFEFRVFMPT
CFOFmDJPTQTJDPMHJDPTZEFPSEFOQSD
UJDPEFSJWBEPTEFFTUFDPOPDJNJFOUPMFT
QFSNJUJSOFWJUBSMPTUSBUBNJFOUPTJOOF
DFTBSJPTZQFSKVEJDJBMFTBRVFQVFEFOTFS
TPNFUJEPTTJJHOPSBOMBDPOEJDJOSFBM
1PDPT QBDJFOUFT OPT FYJHFO DMBSBNFOUF
OPTFSJOGPSNBEPTTJQJFOTBORVFMBTOP
UJDJBTTPONBMBT0USPTOPMPEJDFO QFSP
EBO DMBSBT TFBMFT EF TV WVMOFSBCJMJEBE
BOUFMBBOHVTUJBRVFQPESBEFTFODBEF
OBSTF
&MQSPCMFNBSFTJEFFOOPTPUSPT MPTNEJ
DPTUFOFNPTRVFBQSFOEFSBDPOGSPOUBS
MPTQSPCMFNBTEFMPTFOGFSNPTUFOFNPT
RVFBQSFOEFSFMMFOHVBKFZMBTBDUJUVEFT
SFRVFSJEBT QBSB IBCMBS DPO FMMPT BDFSDB
EF TVT HSBOEFT EJmDVMUBEFT %FCFNPT
DBQBDJUBSOPTQBSBTBCFSQMBOUFBSMBTPQ
DJPOFTZBONT BUSFWFSOPTBNFEJUBS
FOUPSOPBMBTJHVJFOUFQPTJCJMJEBE{RV
EFTFBSB QBSB N P QBSB NJT TFSFT RVF
SJEPT FO UBM TJUVBDJO &M EJMFNB QBSB
MPT FOGFSNPT SFTJEF FO TBCFS TJ QVFEFO
DSFFSFOTVTNEJDPTTJTVTEFTFPTTFSO
SFTQFUBEPT-BNBZPSBEFMPTQBDJFOUFT
BRVJFOFTMPTDMOJDPTTFBMBOOPRVFSFS
TBCFSMBWFSEBESFBMNFOUFUJFOFONJFEP
BMBNJTNBZTMPFMNEJDPJOUFMJHFOUFZ
IVNBOJUBSJP MPHSBSTVQSJNJSPBUFOVBS
FTFTVGSJNJFOUPw
'FSOBOEP-PMBT.TBMMEFMDVFS
QP&EJUPSJBM"OEST#FMMP 4BOUJBHP
EF$IJMF QQ
$POBDFOUPFOMPTFMFNFOUPTCJPUJDPT
FTUF MJCSP EFM EPDUPS 'FSOBOEP -PMBT
QTJRVJBUSB CJPFUJDJTUBZEJSFDUPSEFM1SP
HSBNBEF#JPUJDBEFMB014 QSFTFOUB
VODPOKVOUPCJFOBSUJDVMBEPEFQFSTQFD
UJWBTTPCSFMBTBMVEZMBFOGFSNFEBEMBT
EJGFSFODJBT FOUSF DVSBS TBOBS Z DVJEBS
MBTSFMBDJPOFTFOUSFMPDPSQPSBMZMPFTQJ
SJUVBM MBTEJGFSFODJBTFOUSFNFOPTDBCP
EJTDBQBDJEBEZNJOVTWBMBMBTTJHOJmDB
DJPOFTEFTFOUJSTFCJFO UFOFSVOBFOGFS
NFEBEPTFSDPOTJEFSBEPVOFOGFSNP
'FSOBOEP-PMBT4UFQLF&TDSJUPTTP
CSFWFKF[ FOWFKFDJNJFOUPZNVFSUF
6OJWFSTJEBE "SUVSP 1SBU *RVJRVF
QQ
&MEPDUPS'FSOBOEP-PMBT EJSFDUPSEFM
1SPHSBNBEF#JPUJDBEFMB014 NVFT
USB FO FTUF MJCSP EPT EF TVT GBDFUBT MB
EF NEJDP QTJRVJBUSB Z MB EF CJPFUJDJT
UB 5SBUB FM QSPDFTP EF FOWFKFDJNJFOUP
Z MB WFKF[ Z MPT EFTBGPT CJPUJDPT RVF
QSFTFOUB TPCSFUPEPFOMPRVFTFSFmF
SFBMBQSEJEBEFMBDBMJEBEEFWJEBFO
NVDIPT DBTPT DPNP DPOTFDVFODJB EF
MBTBDUVBMFTEJNFOTJPOFTEFMQSPDFTPEF
FTUJHNBUJ[BDJO&YQPOFBMHVOBTDPOTJ
EFSBDJPOFTTPCSFMBNVFSUFZMPTEJTDVS
TPTTPDJBMFTFOUPSOPBFMMB ZFTUVEJBMB
JEFOUJEBEZDBSBDUFSFTEFMBWFKF[DPNP
FTUBEJPWJUBM&ODVBOUPBMPTUFNBTEF
CJPUJDB BOBMJ[BMBUJDBZMBDBMJEBEEF
WJEB MPTEJMFNBTFOFMQBDJFOUFDSUJDP
MBCJPUJDBEFMDVJEBEPEFMBBODJBOJEBE
FMEFTWBMJNJFOUPZMBDBMJEBEEFWJEBFO
FMTFOFTDFOUF EJMFNBTFOQTJDPHFSJBUSBZ
QTJDPHFSPOUPMPHB
$SJTUJOB-QF[4ODIF[5FTUBNFO
UP 7JUBM Z 7PMVOUBE EFM 1BDJFOUF
%ZLJOTPO .BESJE QQ
&TUBEPDUPSBFO%FSFDIPIBQVCMJDBEP
VOMJCSPFOFMRVFFTUVEJBFMUFTUBNFO
UPWJUBMZMBWPMVOUBEEFMQBDJFOUFFOMB
MFHJTMBDJO FTQBPMB UBOUP BVUPONJDB
DPNP OBDJPOBM BT DPNP FM PSJHFO EF
FTUB mHVSB FO FM %FSFDIP DPNQBSBEP
$PNFOUBBMHVOBTSFGFSFODJBTMFHBMFTEF
&TUBEPT 6OJEPT (SBO #SFUBB Z $B
OBE QBSBEFTQVTBOBMJ[BSMBTJUVBDJO
FO*UBMJB 'SBODJB BUSBWTEFMB-FZEF
%FSFDIPTEFMPT&OGFSNPTZ$BMJEBEEFM
4JTUFNB 4BOJUBSJP EFM EF NBS[P EF

"MFNBOJB )PMBOEBZ#MHJDB
5BNCJO SFWJTB EJTUJOUBT MFHJTMBDJPOFT
BVUPONJDBT RVF IBO SFHVMBEP MBT WP
MVOUBEFT BOUJDJQBEBT Z BMHVOBT BOPUB
DJPOFT FO UPSOP B MPT FOGFSNPT EF "M
I[IFJNFS 4FHO MB BVUPSB MB HBSBOUB
GVOEBNFOUBM EF RVF MBT JOTUSVDDJPOFT
QSFWJBTTFSOCJFOJOUFSQSFUBEBTZ TPCSF
UPEP SFTQFUBEBT DPOTJTUJSFONBOUFOFS
DPO FM NEJDP VOB SFMBDJO EF DBMJEBE
CBTBEBFOMBDPOmBO[BZFMDPOPDJNJFO
UPNVUVP

&OMBPCSBTFSFDPHFFMUFYUPOUFHSPEF
MB-FZ #TJDB3FHVMBEPSBEFMB
"VUPOPNBEFM1BDJFOUFZEF%FSFDIPT
Z0CMJHBDJPOFTFO.BUFSJBEF*OGPSNB
DJO Z %PDVNFOUBDJO $MOJDB Z MPT
UFYUPT MFHBMFT EF MBT DPNVOJEBEFT RVF
IBOSFHVMBEPMBTWPMVOUBEFTBOUJDJQBEBT
IBTUBMBGFDIBEFFEJDJOEFMMJCSP
1SPQTJUP DPNO Z GVOEBNFOUBM EF

OVFTUSBUBSFBIBTJEP FOTVNB BMFOUBS
MB FEVDBDJO UBOBUPMHJDB EF NEJDPT
Z QBDJFOUFT QVFT MB NVFSUF OPT JHVBMB
BUPEPT EPDUPTZQSPGBOPT ZBOJOHO
MFDUPSMFFTJOEJGFSFOUFMPRVFFOFTUFMJ
CSPTFEJHBTPCSFMBFOGFSNFEBERVFOB
EJFDVSBZUPEPTQBEFDFNPT
+PT "MCFSUP .BJOFUUJ &EJUPS

-B
NVFSUF FO NFEJDJOB 2VJSO -B
1MBUB
"NJUBEEFMDBNJOPEFMBWJEBVOPFN
QJF[BBBOEBSDPOTDJFOUFNFOUFIBDJBMB
NVFSUFZBHSBEFDFBMDJFMPIBCFSWJWJEP
IBTUB BMDBO[BS FTF NPNFOUP :P BHSB
EF[DP UBNCJO QFSTPOBMNFOUF FM IB
DFSMPFODPMPRVJPZOPNFSPTPMJMPRVJP
DPO MB TBCJB Z EJMJHFOUF DPNQBB EF
RVJFOFTDPMBCPSBOFOFMQSFTFOUFMJCSP
-BTPMJEBSJEBEBOUFMBNVFSUFFTFMUSJVO
GPEFMBWJEB
&TUF MJCSP SFOF MBT DPNVOJDBDJPOFT

NBOUFOJEBTFOFM***$PMPRVJPEF)V
NBOJEBEFT .EJDBT RVF PSHBOJ[BEP
QPSMB'VOEBDJO.BJOFUUJ TFSFBMJ[FO
-B1MBUBMPTEBT ZEFBHPTUP
EF &TF FODVFOUSP GSUJM FO JEFBT
Z DPOUBDUPT IVNBOPT RVF JOWJUBCB B
SFnFYJPOBSTPCSFVOUFNBHSBWFFOFY
DFMFOUFTDPOEJDJPOFTEFUSBCBKPZBDPHJ
NJFOUP NFSFDB EJGVOEJS TVT PCKFUJWPT
ZDPNQSPNFUFSTVTMPHSPTNFEJBOUFVOB
QVCMJDBDJO5BMFT QVFT MBSB[OEFTFS
EFMQSFTFOUFWPMVNFO
4JCJFOEFTEFIBDFWBSJPTBPTVOBDP
QJPTBMJUFSBUVSBNVOEJBMWJFOFMMFOBOEP
FMWBDPTFDVMBSSFTQFDUPBMDPOPDJNJFO
UPTJTUFNUJDPFJOUFSEJTDJQMJOBSJPEFMB
NVFSUFoMBUBOBUPMPHBo FOOVFTUSPQBT
FM UQJDP FT QPDP NFOPT RVF EFTDPOP
DJEP Z OP DPOUBNPT DPO VOB JOGPSNB
DJO PCKFUJWB EF MPT QSPCMFNBT RVF MB
NVFSUFIVNBOBQMBOUFBBMBTTPDJFEBEFT
DPOUFNQPSOFBT QBSUJDVMBSNFOUFFOFM
DPOUFYUPUFSJDPZQSBHNUJDPEFMBNF
EJDJOB EPOEF MB UBOBUPMPHB SFDJCF VO
iUSBUBNJFOUPw QSJPSJUBSJP DPOGPSNF BM
FTQSJUVEFOVFTUSPUJFNQP
$PMBCPSBEPSFT
)PSBDJP#BSSBHO3JDBSEP%SVU3FO
'BWBMPSP%PSB(BMMJDF'FSNO*UVSSJ[B
+PT "MCFSUP .BJOFUUJ #FSOBSEP .BO
[JOP +PSHF .PJSBOP )FSCFSUP /BWB
KBT .PHSP "SNBOEP 1SF[ %F /VDDJ
&OSJRVFUB;VDDBSEJEF1SF[%F/VDDJ
"OB.BSB3BODJDI3JDBSEP3FDB+VBO
$BSMPT3VUB-VJT"MCFSUP4BMFTTJ+PSHF
4BVSJ3BGBFM5SPUUB"SNBOEP7JWBOUF

+PSHF-VJT.BO[JOJ#JPUJDBQBMJBUJ
WB2VJSO -B1MBUB QQ
-PTNEJDPT KVOUPBPUSPTQSPGFTJPOBMFT
EFMBTBMVE UJFOFOMBEPCMFSFTQPOTBCJ
MJEBEEFQSFTFSWBSMBWJEBZEFBMJWJBSFM
TVGSJNJFOUP&TUFNBOEBUPWBSJBTWFDFT
DFOUFOBSJPTFIBMMBBENJSBCMFNFOUFSF
TVNJEPFOFMBGPSJTNPi$VSBSBWFDFT
BMJWJBSBNFOVEPZDPOGPSUBSTJFNQSFw
4JOFNCBSHP VOBSFTQPOTBCJMJEBEEVBM
QVFEF ZFOPDBTJPOFTBTTVDFEF EFTFN
CPDBS FO EJMFNBT UJDPT {)BTUB EOEF
TF EFCF MMFHBS USBUBOEP EF QSFTFSWBS MB
WJEB EF BMHVJFO RVF QBEFDF VOB FOGFS
NFEBE QSPHSFTJWB JODVSBCMF {)BTUB
EOEF TF QVFEF MMFHBS USBUBOEP EF BMJ
WJBS FM TVGSJNJFOUP TJ FTP TJHOJmDB RVF
DPNP DPOTFDVFODJB EF FMMP MB WJEB EFM
QBDJFOUF TF BDPSUBS {2V TF FOUJFOEF
QPS iSJFTHP BDFQUBCMFw DVBOEP TF BQFMB
BPQJDFPTQBSBBMJWJBSFMEPMPS VPUSBT
ESPHBTRVFNJUJHVFOTOUPNBTQFOPTPT
&TUBT Z NVDIBT PUSBT QSFHVOUBT DPNP
MBT SFGFSJEBT B MBT UFSBQJBT BMUFSOBUJWBT
MB JOWFTUJHBDJO DMOJDB Z MB BTJHOBDJO
EFMPTSFDVSTPT TPOBCPSEBEBTTJTUFN
UJDBNFOUF Z DPO HSBO TFOTJCJMJEBE FO
#JPUJDB 1BMJBUJWB RVF DPNJFO[B DPO
i&MFNFOUPT EF #JPUJDB (FOFSBMw CBTF
DPODFQUVBM BQSPQJBEB QBSB BCPSEBS MPT
QSPCMFNBTNTFTQFDmDPTRVFTFUSBUBO
FOMBTFHVOEBQBSUF
-PT MFDUPSFT EJMJHFOUFT FODPOUSBSO FO
FTUF MJCSP BMHVOBT DMBWFT RVF MPT BZV
EBSO B FOGSFOUBS MPT EFTBGPT UJDPT Z
QSDUJDPTEFMPT$VJEBEPT1BMJBUJWPT"M
IBDFSMP TFDFOUSBSONTFOFMQBDJFO
UF Z BT TF USBOTGPSNBSO FO VO BQPZP
NTSFBM4FSONFKPSFTiBDPNQBBOUFT
UFSBQVUJDPTwEFBRVFMMPTRVFFTUOFOFM
USBODFEFFOGSFOUBSTFBMRVFRVJ[TFTFM
NBZPSEFTBGPEFMBWJEBMBBDFQUBDJO
EF MB NVFSUF JONJOFOUF EF VOB GPSNB
UBM RVF FOBMUF[DB MB WJEB NJTNB QBSB
VOP QBSBMBGBNJMJBZMPTBNJHPT
&TUP JNQMJDB RVF UPEPT MPT NJFNCSPT

EFM FRVJQP EF TBMVE EFCFO BERVJSJS MB
BQUJUVEUDOJDBOFDFTBSJBQBSBTFSDPNV
OJDBEPSFT FGFDUJWPT TFOTJCMFT Z DPNQB
TJWPT FWJUBOEPMPTFYUSFNPTFODBSDFMBS
BMPTQBDJFOUFTUSBTVONVSPEFTJMFODJP
P FOHBBSMPT DPO QBMBCSBT DPO EPCMF
JOUFODJOPDPOVOBTPCSFEPTJTJOTFOTJ
CMFEFJOGPSNBDJOOFHBUJWB1JFOTPRVF
UBOUP FYJTUF FM JNQFSBUJWP UJDP EF TFS
IPOFTUPDPOFMQBDJFOUF DPNPFMEFTFS
TFOTJCMFZDPNQBTJWP&OPUSBTQBMBCSBT
BENJOJTUSBSMBWFSEBEFOEPTJTDVJEBEP
TBNFOUFNFEJEBT WBMPSBEBTEFBDVFSEP
DPOMBTOFDFTJEBEFTZBMBDBQBDJEBEEF
DBEBQBDJFOUFFOQBSUJDVMBS
6OJEPBFTUPFTUMBOFDFTJEBEEFDPN
QSFOEFS MB iGBSNBDPMPHB DMOJDBw EF MB
FTQFSBO[B $PNP EJKFSB $PMFSJEHF oVO
QPFUBCSJUOJDPEFMTJHMP9*9oiFMNF
KPSNEJDPFTFMRVFJOTQJSBFTQFSBO[Bw
1FSPSFDVQFSBSZNBOUFOFSMBFTQFSBO[B
EFOUSPEFMDPOUFYUPEFMBDPNVOJDBDJO
BCJFSUBFTVOBIBCJMJEBERVFOPNVDIPT
NEJDPTQPTFFO
&TUPZTFHVSPEFRVFFTUBPCSBJNQPSUBO
UF Z NVZ PQPSUVOB HVJBS B NVDIPT B
VOB NBZPS DPNQSFOTJO EF MPT GVOEB
NFOUPT UJDPT EF MPT $VJEBEPT 1BMJBUJ
WPT 3PCFSU(5XZDSPTT SFWJTUB$VB
EFSOPTEF#JPUJDB "SHFOUJOB

"OB.BSB.BSDPTEFM$BOP-BFV
UBOBTJBFTUVEJPmMPTmDPKVSEJDP
.BSDJBM1POT .BESJE
-JDFODJBEBFO%FSFDIPQPSMB'BDVMUBE
EF%FSFDIPEFMB6OJWFSTJEBEEF-FO
FO %PDUPSB FO %FSFDIP QPS MB

'BDVMUBE EF %FSFDIP EF MB 6/&% FO

DPO 1SFNJP &YUSBPSEJOBSJP EF
EPDUPSBEP1SPGFTPSB5JUVMBSEF'JMPTP
GBEFM%FSFDIP EFMB'BDVMUBEEF%F
SFDIPEFMB6/&% BQBSUJSEF)B
EFTBSSPMMBEPVOBMBSHBBDUJWJEBEJOWFTUJ
HBEPSBFOEJWFSTPTDFOUSPTVOJWFSTJUBSJPT
EF &TQBB Z EFM FYUSBOKFSP #PMPOJB
4UPOZ#SPPL6OJWFSTJUZEF/VFWB:PSL
'BDPMUEJ(JVSJTQSVEFO[BEJ5PS7FS
HBUB FO 3PNB
)B QVCMJDBEP EJWFSTBT
NPOPHSBGBTFOTVSFBEFJOWFTUJHBDJO
TPCSFCJPUJDB JONJHSBDJOZNVMUJDVM
UVSBMJEBE ZUFPSBEFMEFSFDIP1SFDJTB
NFOUFFTUBPCSBFTMBFEJDJOEFTVUFTJT
EPDUPSBMTPCSFMPTBTQFDUPTKVSEJDPTFO
UPSOPBMUFNBEFMBFVUBOBTJB DPOVOFT
UVEJPFYIBVTUJWPEFM%FSFDIPDPNQBSB
EPZFMBOMJTJTEFTEFMB'JMPTPGBEFM%F
SFDIP"USBWTEFFTUBTQHJOBTMBBVUPSB
USBUB EF BOBMJ[BS MPT QSJODJQJPT MUJNPT
BMPTRVFOPTMMFWBMBSFnFYJOKVSEJDB
TPCSFFMEFOPNJOBEPiEFSFDIPBNPSJSw
&MUSBCBKPTFBSUJDVMBEFTEFFMFTUVEJPEF
MPTDSJUFSJPTUJDPoKVSEJDPTRVFIBOEF
TFSUFOJEPTFODVFOUBDVBOEPTFFOUSBFO
MBTFOEBEFMBSFHVMBDJOQPTJUJWBEFMB
FVUBOBTJB &TUB UFNUJDB DPOTUJUVZF FO
MB BDUVBMJEBE VO GPDP EF QSFPDVQBDJO
QBSBBNQMJPTTFDUPSFTEFMBTPDJFEBE OP
GBMUBOEPJOEJWJEVPTZHSVQPTRVFQJEFO
JOTJTUFOUFNFOUF MB MJCFSBMJ[BDJO EF TV
QSDUJDB MMFHBOEP JODMVTP B SFDMBNBS
MB DPNP VO EFSFDIP GVOEBNFOUBM 1PS
PUSBQBSUF EFOUSPEFMNBSDPJOUFSOBDJP
OBMFTUQMBOUFOEPTFTVDPNQMFKBQSP
CMFNUJDBUJDBZKVSEJDBDPOSFOPWBEB
JOTJTUFODJB$POTFDVFOUFNFOUF MBOFDF
TJEBEEFTPQFTBSMBTWFOUBKBTFJODPOWF
OJFOUFT RVFQSFTFOUBSBVOBSFHVMBDJO
KVSEJDB EF MBT QSDUJDBT FVUBOTJDBT FO

&TQBBPCMJHBBBOBMJ[BSNJOVDJPTBNFO
UFMPTQSJODJQJPTCTJDPTFOFTUBTJUVBDJO
oBTBCFS MBWJEBIVNBOB MBBVUPOPNB
JOEJWJEVBM MB EJHOJEBE EF MB QFSTPOB
ZFMCJFODPNOo TJOEFKBSEFMBEPMB
QMBTNBDJORVFFTUPTWBMPSFTIBOUFOJEP
FO MB MFHJTMBDJO Z FO MB KVSJTQSVEFODJB
UBOUPFO&TQBBDPNP TPCSFUPEP FOFM
NCJUPEFM%FSFDIP$PNQBSBEP
-FPOBSE..BSUJO"UJDBNEJDB
EJBOUFEPQBDJFOUFUFSNJOBM&EJUP
SB 4BOUVBSJP "QBSFDJEB 4P 1BVMP
QQ
&TUFMJCSPFTVOBMFDUVSBUJDPUFPMHJDB
EF MB SFMBDJO FOUSF FM NEJDP Z FM QB
DJFOUF UFSNJOBM FO MPT DEJHPT CSBTJMF
PTEFUJDBNEJDB
0TLBS .JUUBH "TJTUFODJB QSDUJDB

QBSB FOGFSNPT UFSNJOBMFT $POTF
KPTQBSBMBGBNJMJBZQBSBMBIPTQJ
UBMJ[BDJO)FSEFS #BSDFMPOB
QQ
&MBVUPSFTEPDUPSFOQTJDPMPHBZEJSFD
UPS EF MB -7" EF 4DIMFTXJH)PMTUFJO
EPOEFTFEFEJDBBMDVJEBEPQTJDPMHJDP
EF QBDJFOUFT DPO BGFDDJPOFT DBSEJPWBT
DVMBSFT BMBQTJDPUFSBQJBZBMBJOWFTUJ
HBDJODJFOUmDB"WFDFTFTJOFWJUBCMFMB
IPTQJUBMJ[BDJODVBOEPVOFOGFSNPFTU
FOMBFUBQBUFSNJOBMEFTVFOGFSNFEBE
QFSP FTU DSFDJFOEP BM UFOEFODJB B QP
EFSDVJEBSMFTFOTVQSPQJPIPHBS PFO
DFOUSPT IPTQJUBMBSJPT BMUFSOBUJWPT DPO
VO FOUPSOP NT QFSTPOBMJ[BEP &M BV
UPS DPO TV BNQMJB FYQFSJFODJB PGSFDF
DPOTFKPT QBSB UPEPT MPT RVF USBUBO DPO
FOGFSNPTUFSNJOBMFT DPOJOTUSVDDJPOFT
UDOJDBTQBSBTVDVJEBEPQSPGFTJPOBM Z
UBNCJODPOMPTWBMPSFTZBDUJUVEFTRVF
TFEFCFOUFOFS
1FOTBSFMmOBMMBFVUBOBTJBUJDBTFO
DPOnJDUP&EJUPSJBM6OJWFSTJEBE$PN
QMVUFOTF .BESJE QQ
(PO[BMP.JSBOEB#JPUJDBF&VUB
OTJB&%64$ 3PNB
&TUF WPMVNFO FTU FMBCPSBEP QPS VO

DPOKVOUP EF NEJDPT BOUSPQMPHPT m
MTPGPT IJTUPSJBEPSFT EF MB NFEJDJOB
EPDFOUFTZQBDJFOUFT ZQSFUFOEFGPSNV
MBS BMHVOBT QSFHVOUBT RVF QFSNJUBO VO
EFCBUF SFnFYJWP Z BCJFSUP B MB TPDJFEBE
TPCSF FM UFNB EF MB FVUBOBTJB 'SFOUF B
iMPTEFCBUFTEFFYQFSUPT RVFFOEFNB
TJBEBTPDBTJPOFTIBOUFOJEPVODBSDUFS
DFSSBEP DPO EJTDVSTPT QSFDPODFCJEPT
Z BSHVNFOUPT EPHNUJDPT BODMBEPT FO
QSJODJQJPT SFMJHJPTPT KVSEJDPT P UJDPTw
TF RVJFSF iDPOTUSVJS VO NBSDP HFOFSBM
EFTEFFMRVFQFOTBSTPCSFMBDVFTUJOEF
MB FVUBOBTJB Z EJBMPHBS TPCSF MB QSPQJB
DPOEJDJO IVNBOB Z MPT MNJUFT EF MB
WJEBwFYQPOJFOEPPQJOJPOFTCJFOEJWFS
TBTEFQSPGFTPSFTEFWBSJBT6OJWFSTJEBEFT
FTQBPMBT EF#SBTJMZ#FSMO ZNEJDPT
EFEJDBEPT B DVJEBEPT QBMJBUJWPT &OUF
PUSPT FTDSJCFOOHFM(PO[MF[EF1BCMP
PNBT .MMFS (VTUBWP 1JTo%F[ +B
WJFS4EBCBZ%JFUSJDIWPO&OHFMIBSEU
&M BVUPS FT %FDBOP EF MB 'BDVMUBE EF

#JPUJDBEFMB6OJWFSTJEBE3FHJOB"QPT
UPMPSVNFO3PNB&OFTUFMJCSPBCPSEB
FMQVOUPDFOUSBMEFMEFCBUFTPCSFMBFV
UBOBTJBMBJEFBEFRVFBMHVJFORVFEFTFB
NPSJS QVFEF TFS BZVEBEP QBSB RVF UBM
BDUPTFDPODSFUF QVFTFMIPNCSFTFSBFM
OJDPEVFPEFTVQSPQJBWJEB
'FSOBOEP .POHF 4ODIF[ &VUB

OBTJB &EJDJPOFT 1BMBCSB .BESJE

&TUFMJCSPDPOUJFOFVOEJBHOTUJDPDFS
UFSPTPCSFMBPTDVSBWPMVOUBEEFJOnJHJS
MB NVFSUF BM NPSJCVOEP FSSPSFT Z QF
MJHSPTRVFTFDJFSOFOFOMBWJPMBDJOEF
MBWJEBIVNBOB {IBZRVFQPOFSQVOUP
mOBM DVBOEP TF QBEFDF VO NBM JODVSB
CMF 3FnFYJOTPCSFFMEPMPSZFMTVGSJ
NJFOUPIVNBOPT$POQSMPHPEF&MJP
4HSFDDJB MPTDPOUFOJEPTTPO**UJOFSB
SJPIJTUSJDPZMFHJTMBUJWP**"DMBSBDJP
OFTUFSNJOPMHJDBT***%FTQSFDJPEFMPT
EJTUJOUPTUJQPTEFWJEBIVNBOB*7&M
DBTP EFM OB[JTNP 7 -PT QBSBMFMJTNPT
FOUSFFVUBOBTJBZBCPSUP7*.BHJTUFSJP
EFMBJHMFTJBTPCSFDVFTUJPOFTEFFVUBOB
TJB7**4FOUFODJBTKVEJDJBMFT7***-B
QSFWFODJOEFMBFVUBOBTJB*9'BNJMJB
ZQSPNPDJOEFMBTBMVE97BMPSEFMB
WJEB IVNBOB 9* 4FOUJEP Z WBMPS EFM
TVGSJNJFOUP
-VJT .POUJFM .BSB (BSDB &EJUPSFT
4IFSXJO # /VMBOE $NP NPSJ

NPT 3FnFYJPOFT TPCSF FM MUJNP
DBQUVMP EF MB WJEB "MJBO[B &EJUP
SJBM .BESJE QQ
5FNB UBO FWJUBEP DPNP BUSBZFOUF MB
NVFSUF FT VOB FYQFSJFODJB DPNQBSUJ
EB QPS UPEPT MPT IPNCSFT $JSVKBOP Z
QSPGFTPSFOMB'BDVMUBEEF.FEJDJOBEF
MB6OJWFSTJEBEEF:BMF 4IFSXJO#/V
MBOE EFTNJUJmDB FO $NP NPSJNPT FM
QSPDFTP EF NPSJS B USBWT EF VOB EFT
DSJQDJOTJODPODFTJPOFTOJTFOTJCMFSBT

EFMBSFBMJEBEDMOJDB CJPMHJDBZQTJDP
MHJDB EF MB NVFSUF : FT RVF TMP DP
OPDFSMBWFSEBE GBNJMJBSJ[BSOPTDPOMPT
BDUVBMFTiKJOFUFTEFMBNVFSUFwoDODFS
4*%" FOGFSNFEBEFTDBSEJBDBT BDDJEFO
UFTDFSFCSPWBTDVMBSFT "M[IFJNFS WFKF[
ZBHSFTJPOFTWJPMFOUBToQVFEFBZVEBSB
MJCFSBSOPTEFMNJFEPBFTFNCJUPEFT
DPOPDJEPRVFMMFWBFOMUJNPUSNJOPBM
BVUPFOHBPZBMBEFDFQDJO
.JHVFM OHFM /F[ 1B[ )JTUPSJB

EFMEFSFDIPBNPSJS"OMJTJTIJTU
SJDPZBOUFDFEFOUFTKVSEJDPQFOB
MFT&EJUPSJBM'PSVN 0WJFEP
QQ
&MQVOUPEFQBSUJEBEFMUSBCBKPFTFMBO
MJTJTEFMBNVFSUFDPNPQSPCMFNBDPO
OBUVSBMBMBFYJTUFODJBIVNBOB ZDNP
TF IB BGSPOUBEP DVMUVSBMNFOUF FO MBT
EJTUJOUBTFUBQBTEFMBIJTUPSJB IBTUBMBT
UFPSBTSFDJFOUFTEFMPTTJHMPT9*9Z99
%FTQVT FMBVUPSTFDFOUSBFOMBFWPMV
DJOIJTUSJDBEFM%FSFDIPFTQBPM QBSB
MMFHBSFOTFHVJEBBMBFWPMVDJOZSFGPS
NBTSFTQFDUPBMBFVUBOBTJBFOFM$EJHP
1FOBM BOBMJ[BOEPMPTTVDFTJWPTUFYUPTEF
MPTEPTMUJNPTTJHMPT QBSBMMFHBSmOBM
NFOUFBMQSPZFDUPEFSFGPSNBEFM$EJ
HP1FOBMEF
.BSB +PT 1BSFKP (V[NO -B FV

UBOBTJB {6O EFSFDIP PNTPO
"SBO[BEJ /BWBSSB QQ
-BEJTDVTJOFOUPSOPBMUFNBEFMBFVUB
OBTJBFOMBTTPDJFEBEFTDPOUFNQPSOFBT
UJFOF BDUVBMNFOUF VOB JOUFOTJEBE DSF
DJFOUF-BTEJTQVUBTEPDUSJOBMFTZEFPUSP
UJQPTPCSFMBTEJGFSFOUFTEJNFOTJPOFTEF
MBDVFTUJOFTUONPUJWBEBT DVBOEPOP
DPOEJDJPOBEBT QPS EJWFSTPT GBDUPSFT

SFMJHJPTPT NPSBMFT QPMUJDPT KVSEJDPT
NEJDPT BOUSPQPMHJDPT&OMBQSFTFOUF
PCSB TF QSFUFOEF EBS VOB SFTQVFTUB EF
TPMVDJO B MB QSPCMFNUJDB KVSEJDB BD
UVBM RVF SPEFB BM UFNB EF MB FVUBOBTJB
EFTEFMBQFSTQFDUJWBEFMFKFSDJDJPEFMEF
SFDIPBMBMJCSFEJTQPTJDJO
$POFTUFPCKFUJWP MBNPOPHSBGBTFDFO
USB FO EPT DVFTUJPOFT GVOEBNFOUBMFT
QPSVOBQBSUF PGSFDFSVODPODFQUPFT
USJDUPZQSPQJPEFFVUBOBTJB ZBRVFSF
TVMUBGVOEBNFOUBMEFUFSNJOBSRVFTZ
RVOPFTFVUBOBTJBZRVQVFEFPEFCF
JODMVJSTFFOTVDPODFQUP QBSBBGSPOUBS
DPODJFSUBTHBSBOUBTMPTNMUJQMFTQSP
CMFNBTRVFTFQMBOUFBOFOUPSOPBEJDIB
mHVSBZ QPSPUSB SFBMJ[BS QBSUJFOEPEF
MBDVFTUJOQSFWJBBOUFSJPS VOBQPTUFSJPS
SFnFYJOTPCSFMBMJDJUVEPDPOWFOJFODJB
EFFTUBTQSDUJDBTPTPCSFMBMFHJUJNJEBE
EFTVFKFSDJDJP QBSBBTUSBUBSEFEFTDSJ
CJSPFTUBCMFDFSDVMEFCFSBTFSEFJVSF
FM USBUBNJFOUP KVSEJDP EF MBT EJTUJOUBT
NPEBMJEBEFTFVUBOTJDBTFOOVFTUSPPS
EFOBNJFOUPKVSEJDP FTEFDJS TJBMHVOBT
EFTVTNPEBMJEBEFTQVFEFOTFSEFMFHF
GFSFOEBBUFOVBEBT KVTUJmDBEBTPJODMVTP
EFTUJQJmDBEBTQFOBMNFOUF
"MHVOBTEFMBTPQJOJPOFTWFSUJEBTQPSMB
BVUPSBEFFTUBPCSBTPCSFBMHVOPTQVO
UPTEFMJDBEPTTFBQBSUBOEFMBTPQJOJPOFT
DPNONFOUF BDFQUBEBT 4J CJFO EFCF
UFOFSTFFODVFOUBRVFFMWFSEBEFSPPC
KFUJWPEFFTUBPCSBFTBQPSUBSVOFTUVEJP
QBSBMBSFnFYJOTPCSFUPEBTMBTEJGDJMFT
DVFTUJPOFTRVFSPEFBOMBmHVSBEFMBFV
UBOBTJBFOMBTPDJFEBEDPOUFNQPSOFB
-FPDJS1FTTJOJ"FVUBOBTJBOB"N
SJDB-BUJOBRVFTUPFTUJDPUFPMHJ
DBT4BOUVBSJP "QBSFDJEB
-FPDJS 1FTTJOJ &VUBOTJB QPS RVF

BCSFWJBSB7JEB -PZPMB 4P1BVMP

4JFOEP MB FVUBOBTJB VOB QPTUVSB EF

NVFSUF EF WJEB BCSFWJBEB DPSUBEB FO
"NSJDB -BUJOB OPT FOGSFOUBNPT B MB
NVFSUF JOEJWJEVBM QVFT UPEPT TPNPT
NPSUBMFT QFSPUBNCJOBMBNVFSUFDP
MFDUJWBEFNJMMPOFTEFQFSTPOBTRVFTPO
DPOEFOBEBT TJNQMFNFOUF B TPCSFWJWJS
EFNBMBNBOFSB&MBVUPSEJDFRVFiTPO
FVUBOBTJBEPT TPDJBMNFOUFw &T B QBSUJS
EF FTUB DPNQSFOTJO EF MB FVUBOBTJB
DPNPBCSFWJBSMBWJEBGSFOUFBVOBTJUVB
DJO JOTPQPSUBCMF EF TVGSJNJFOUP RVF
FMBVUPSTFQSFHVOUBQPSFMTFOUJEPUJDP
EFMBFVUBOBTJBFOFMDPOUFYUPEFM5FS
DFS .VOEP FTQFDJBMNFOUF FO "NSJDB
-BUJOB Z CSBTJM EPOEF OPT FODPOUSBPT
DPO BMHVOBT NVFSUFT EF BMHVOBT QFSTP
OBTFOFMDPOUFYUPNEJDPoIPTQJUBMBSJP
BMBWF[RVFNJMMPOFTEFTFSFTIVNBOPT
TPODPOEFOBEPTBNPSJSBOUFTEFUJFN
QPQPSMBQSPQJBTPDJFEBE
0 BVUPS DBNJMJBOP EPVUPS FN 5FP

MPHJB.PSBM#JPUJDBQFMB1POUJGDJB'B
DVMEBEFEF5FPMPHJB/PTTB4FOIPSBEB
"TTVOP FN 4P 1BVMP F QTHSBEVB
EPFN$MJOJDBM1BTUPSBM&EVDBUJPOBOE
#JPFUIJDTOP4U-VLFT.FEJDBM$FOUFS
FN .JMMXBVLFF &6"
'PJ NFNCSP
EP #PBSE PG %JSFDUPST EB "TTPDJBP
*OUFSOBDJPOBMEF#JPUJDB

SFQSFTFOUBOEP P #SBTJM "UVBMNFOUF
TVQFSJOUFOEFOUFEB6OJP$BNJMJBOBF
WJDFSFJUPSEP$FOUSP6OJWFSTJUSJP4P
$BNJMP
-FPDJS 1FTTJOJ %JTUBOTJB "U

RVBOEP QSPMPOHBS B WJEB $FOUSP
6OJWFSTJUBSJP 4BO DBNJMP Z &EJPFT
-PZPMB 4P1BVMP QQ
&MBVUPSSFDPHFFOFTUFMJCSPVOBJOWFTUJ
HBDJOSFBMJ[BEBDVBOEPFSBDBQFMMOEF
IPTQJUBMFOMPTBPTZ5SBUBEF
MPTEJMFNBTNTGSFDVFOUFTFODVJEBEPT
JOUFOTJWPT P FO VSHFODJBT IBTUB DVBO
EP QSPMPOHBS MB WJEB DNP EFDJEJS MBT
MJNJUBDJPOFT EF USBUBNJFOUPT NFEJPT
QSPQPSDJPOBEPT Z EFTQSPQPSDJPOBEPT
MPTDVJEBEPTQBMJBUJWPTZMBJOGPSNBDJO
BMPTGBNJMJBSFT
0 MJWSP GPJ PSHBOJ[BEP FN EF[ DBQUV

MPT0TUSTQSJNFJSPTTFDPOTUJUVFNOP
QBOPEFGVOEPQBSBBDPOUFYUVBMJ[BP
EB QSPCMFNUJDB EB FVUBOTJB TPCSF B
NPSUFFPNPSSFS PFOWFMIFDJNFOUPIV
NBOP PDPNCBUFEBEPS BQSFTFOBEB
UFDOPMPHJBOPDVJEBEPEBWJEBFVNBSB
EJPHSBmBEPTEFTBmPTUJDPTEPmOBMEB
WJEBIVNBOBOBDPOUFNQPSBOFJEBEF
/PDBQUVMPRVBUSP BQSFTFOUBTFBFWP
MVP IJTUSJDB EP DPODFJUP EF FVUBO
TJB EBTPSJHFOTTRVFTUFTUJDBTFMFHBJT
EBBUVBMJEBEF"TFHVJS BQSPGVOEBNTF
RVBUSP DPODFJUPT GVOEBNFOUBJT OP EF
CBUFEBTRVFTUFTUJDBTTPCSFBFVUBO
TJBBEJHOJEBEFIVNBOBFBRVBMJEBEF
EFWJEB PTDVJEBEPTQBMJBUJWPTFPQSJO
DQJPEBKVTUJB
"WBOBOEPOVNBMJOIBEFFTDMBSFDJNFO
UPFBQSPGVOEBNFOUPDPODFJUVBM EJTDP
SSFTFBTFHVJSTPCSFPFOUFOEJNFOUPEP

RVFBFVUBOTJB EJTUBOTJB NJTUBOTJB

FPSUPUBOTJB SFnFYPDPOUFYUVBMJ[BEBB
QBSUJSEBSFBMJEBEFEBUJDBNEJDBCSBTJ
MFJSB6NBEBTRVFTUFTDIBWFOPEFCBUF
TPCSFBFVUBOTJBPDPODFJUPEFWJEBF
NPSUFBQBSUJSEBTBCFEPSJBEBTHSBOEFT
USBEJFTSFMJHJPTBTEBIVNBOJEBEF RVF
WJTUB OP DBQUVMP OPWF /P DBQUVMP
EF[ P DBTP 7JDFOU )VNCFSU 'SBOB

RVFDPNPWFVPTGSBODFTFTFUFWF
MBSHB SFQFSDVTTP NVOEJBM BOBMJTBEP
OBWJTPEFRVBUSPQSPmTTJPOBJTEBTTF
HVJOUFTFTQFDJBMJEBEFTmMPTmDB NEJ
DB CJPUJDBFUFPMHJDB$PODMVJTFBSF
nFYP SFUPSOBOEP PT QPOUPT QSJODJQBJT
F BMFSUBOEP QBSB RVFTUFToDIBWF RVF
QSFDJTBN TFS SFQFOTBEBT 8FC EF -B
&EJUPSJBM-PZPMB

5VMJP 1J[[B "OB -VJTB .VP[ Z

"NBOEB'VMMFS&MEPMPS MBNVFSUF
Z FM NPSJS &EJUPSJBM .FEJUFSSOFP
4BOUJBHPEF$IJMF QQ
&TUF MJCSP SFDPHF MBT JOUFSWFODJPOFT FO
VOBKPSOBEBTEFSFnFYJOTPCSFMBNVFS
UF FMNPSJS FMEPMPSZFMTVGSJNJFOUPPS
HBOJ[BEBTQPSMB%JWJTJOEF&YUFOTJO
#JPNEJDB EFMB'BDVMUBEEF.FEJDJOB
EFMB6OJWFSTJEBEEF$IJMFFOUSFMPTBPT
Z&ODBEBPDBTJOTFDPOWP
DBBDBENJDPTEFMNVOEPEFMBTBSUFT
MBmMPTPGB MBDJFODJBZFMQFOTBNJFOUP
QBSBUSBUBSEFEBSVOBNJSBEBQSPGVOEB
BFTUPTUFNBT EFTEFEJGFSFOUFTOHVMPT
CJPUJDP NEJDP IJTUSJDP DVMUVSBM
IVNBOTUJDP P SFMJHJPTP Z NPTUSBS BT
OVFWPT IPSJ[POUFT B MPT EPDFOUFT GVO
DJPOBSJPTZBMVNOPTRVFBTJTUJFSPOBFT
UPTTFNJOBSJPT
5VMJP 1J[[J FTDSJCF TPCSF MB WJTJO IV

NBOJTUB EFM EPMPS Z FM TVGSJNJFOUP Z
UBNCJOTPCSFFMTFOUJEPEFMBNVFSUF
-PTEPDUPSFT'FSOBOEP-PMBTZ"SNBO
EP3PB QTJRVJBUSBT BOBMJ[BOMPTBTQFD
UPTQTJDPMHJDPTEFMEPMPSZMBUJDBEFMB
NVFSUF Z FM NPSJS "OB -VJTB .VP[
FTQFDJBMJTUB FO DVJEBEPT QBMJBUJWPT FY
QPOFMPTBTQFDUPTNEJDPTEFMEPMPSZ
FMEPDUPS3PTTFMPUMBBUFODJOBMPTFO
GFSNPTUFSNJOBMFT1FESP&WB UBNCJO
QTJRVJBUSB FTDSJCF TPCSF FM TVJDJEJP Z
3BM 8VNLIBVTT TPCSF FM EJBHOTUJDP
EFNVFSUFZMPTUSBTQMBOUFT-PTBTQFDUPT
EFSFnFYJOmMPTmDBZFTQJSJUVBMFTUO
B DBSHP EFM FTDSJUPS (VJMMFSNP 5SF
KP o.VFSUF UJFNQP Z FUFSOJEBEo Z EF
.POT#FSOBSEJOP1JFSBo&MDPODFQUP
KVEFPDSJTUJBOP EF MB NVFSUFo Z mOBM
NFOUF 5VMJP 1J[[B Z .JN .BSJOPWJD
BOBMJ[BOFMEPMPSZMBNVFSUFFOMBQJOUV
SBZFOMBNTJDB SFTQFDUJWBNFOUF
#SJBO1PMMBSE&VUBOBTJB{%FCFNPT
NBUBS B MPT FOGFSNPT UFSNJOBMFT
3JBMQ .BESJE QQ
&M BVUPS NVFTUSB FO FTUF MJCSP TV FY
QFSJFODJBEFNTEFUSFJOUBBPTDPNP
NEJDPFOVOBVOJEBEEFDVJEBEPTQB
MJBUJWPTFO4ZEOFZ/PTJOWJUBBSFnFYJP
OBSTFSFOBNFOUFTPCSFMBFVUBOBTJB DPO
UPEPT MPT BTQFDUPT RVF MB DPOmHVSBO
MPT DVJEBEPT BTJTUFODJBMFT RVF TF QSFT
UBO oP EFCFSBO QSFTUBSTFo B MPT FOGFS
NPTUFSNJOBMFT MPTQSFTVQVFTUPTUJDPT
Z mMPTmDPT &M FTUBUVUP MFHBM WJHFOUF
MPTGBDUPSFTFNPDJPOBMFTZGBNJMJBSFT MB
PQJOJOQCMJDBBDUVBMRVFMBSFTQBMEBP
MBSFDIB[B MBDPOTJTUFODJBEFMPTNPUJWPT
FDPONJDPT FUD 5PEP FMMP DPOUSJCVZF

B DFOUSBS MPT QVOUPT EF JOUFST DBQJUBM
MBMJDJUVEZMBWJBCJMJEBEEFMBFVUBOBTJB
WPMVOUBSJB Z EF MPT SFTUBOUFT UJQPT BT
DPNP RVJOFT TFSBO MPT SFTQPOTBCMFT
EF QSBDUJDBSMB iMP RVF JOUFOUP EFNPT
USBSDPOFTUBPCSBFTRVFFTNPSBMNFOUF
JOEFTFBCMF Z UJDBNFOUF NBMP JOUFOUBS
MFHJTMBSTPCSFMBTVQSFTJOEFWJEBTIV
NBOBT JOPDFOUFT RVF UPEB MFZ RVF MP
BVUPSJDFFTUBSTVKFUBBBCVTPTJNQSFEF
DJCMFTZRVFFTTPDJBMNFOUFSFQSPCBCMFZ
EFTPSJFOUBEPSUSBUBSEFQSPNVMHBSMFZFT
DPNPFTBw
+PT *HOBDJP 3JDBSUF %F[ &WBMVB

DJOEFMPTEFSFDIPTEFMBQFSTPOB
FOTJUVBDJOUFSNJOBMFOVOIPTQJ
UBM HFOFSBM *OTUJUVU #PSKB EF #JP
UJDBZ'VOEBDJO.BQGSF.FEJDJOB
.BESJE QQ
&M EPDUPS +PTF * 3JDBSUF QVCMJDB FTUB
UFTJT EPDUPSBM 1SFNJP EF *OWFTUJHBDJO
TPCSF #JPUJDB EF MB 'VOEBDJO
7DUPS(SGPMTJ-VDBT RVFFTVOUSBCB
KP TPCSF MPT EFSFDIPT EF MB QFSTPOB FO
TJUVBDJOUFSNJOBMNFEJBOUFVOFTUVEJP
DPNQBSBUJWP IFDIP DPO QBDJFOUFT EF
EPTIPTQJUBMFTHFOFSBMFT&OFMFTUVEJPTF
EFNVFTUSB RVF MPT QBDJFOUFT WBMPSBO MB
JOGPSNBDJORVFTFMFTEB QSJODJQJPEF
BVUPOPNB
FM DPOUSPM EF TV QBUPMPHB
CVFOB QSBYJT
Z FM BDPNQBBNJFOUP Z
SFTQFUPEFTVTWBMPSFTFTQJSJUVBMFT FYDF
MFODJBQSPGFTJPOBM
4JTFUSBUBEFIVNB
OJ[BSMBBTJTUFODJBTBOJUBSJB {QPSRVOP
TFFOUJFOEFMBNVFSUFDPNPVOQSPDFTP
IVNBOPOBUVSBM
OHFM 3PESHVF[ -B QFSTPOB IV

NBOBGSFOUFBMEPMPS MBWFKF[ZMB
NVFSUF 1POUJmDJB 6OJWFSTJEBE $B
UMJDB EF $IJMF 4BOUJBHP EF $IJMF

-PTUFNBTQSJODJQBMFTEFFTUBPCSBTPO
-B1FSTPOB)VNBOB%JNFOTJO5SBT
DFOEFOUBM EFM )PNCSF &OGFSNFEBE
%PMPS Z 4VGSJNJFOUP -B .VFSUF FO MB
$VMUVSB $POUFNQPSOFB -B )VNBOJ
[BDJOEFMB.FEJDJOB-BNVFSUFFOMB
$VMUVSB$POUFNQPSOFB"CPSUPZ1FS
TPOBZ$VJEBEPT1BMJBUJWPT&TUFOVFWP
MJCSPEFM13PESHVF[SFDPHFFMNBUFSJBM
EFBQPZPEFMQSJNFSi%JQMPNBEPFO4B
MVEZ)VNBOJ[BDJOwPSHBOJ[BEPFOFM
QPSMB'BDVMUBEEF.FEJDJOBEFMB
6OJWFSTJEBE$BUMJDBEF$IJMF
4VBVUPS FMTBDFSEPUFFTQBPMOHFM3P
ESHVF[ QFSUFOFDFBMB*OTUJUVDJO3FMJ
HJPTB $BUMJDB EF MPT .JTJPOFSPT *EFO
UFT&TQSPGFTPSBEKVOUPEFMB'BDVMUBE
EF.FEJDJOB6$ZNJFNCSPEFM$PNJ
U/BDJPOBMEF$IJMFQBSBFMGPNFOUPEF
MBIVNBOJ[BDJOFOTBMVE
-BNFEJDJOBDPOUFNQPSOFBIBUFOJEP
QSPGVOEPTMPHSPT FOMBNJTNBNFEJEB
EFM BWBODF FYUSBPSEJOBSJP EF MBT DJFO
DJBTFYQFSJNFOUBMFT QBSUJDVMBSNFOUFMBT
DJFODJBT EF MB WJEB 4JO FNCBSHP FM TFS
IVNBOPTFFODVFOUSB IPZDPNPTJFN
QSF FOGSFOUBEP FO MB NFEJDJOB B TVT
MNJUFTGPSNBMZUSBTDFOEFOUBM NBOJGFT
UBEPTFOMBQBSBEPKBEFMEPMPS FMFOWFKF
DJNJFOUPZMBNVFSUF-PTFTUVEJPTEF
IVNBOJ[BDJO EF MB NFEJDJOB FO VOJ
WFSTJEBEFTZDFOUSPTEFJOWFTUJHBDJOEF
UPEPFMNVOEP USBUBOEFSFTPMWFSUPEBT

FTUBT DPOUSBEJDDJPOFT TJUVBOEP MB DJFO

DJBNEJDBFOTVDPOUFYUPTPDJPDVMUVSBM
NT BNQMJP 1FSP QPDBT WFDFT TF MPHSB
EFTDFOEFSBMBSB[BOUSPQPMHJDBZBVO
NFUBGTJDBEFMQSPCMFNB
&MBVUPS DJFOUmDPZTBDFSEPUF TFBUSFWF
B DPOFDUBS MB DVMUVSB NEJDB DPOUFN
QPSOFBBMBTNTIPOEBTSBDFTIVNB
OBT-BTEJNFOTJPOFTNTBDUVBMFTEFMB
DJFODJB Z EFM RVFIBDFS NEJDP FO UPEB
TVBNQMJUVEFOUSBOFOTJOUPOBDPOVO
TFSIVNBOPRVFSFDMBNBQFSTPOBMZTP
DJBMNFOUFIPSJ[POUFTQMFOPTEFTFOUJEP
6OBPQPSUVOJEBEQBSBBCPSEBSMBDJFODJB
NEJDBEFTEFMBJOUFHSJEBERVFOFDFTJUB
QBSBTFSWFSEBEFSBDJFODJBEFVOTFSIV
NBOPRVFIVOEFTVTSBDFTFOFMDJFMP
%BWJE 3PESHVF["SJBT6OBNVFS
UF SB[POBCMF %FTDMF EF #SPVXFS
QQ
%BWJE 3PESHVF["SJBT 7BJMIFO FT MJ
DFODJBEPFO'JMPTPGBZBDUVBMNFOUFSFB
MJ[B TV UFTJT EPDUPSBM EF CJPUJDB FO MBT
VOJWFSTJEBEFT EF 4BMBNBODB Z 1BSJT
)BUSBCBKBEPFO4FSWJDJPTEF$VJEBEPT
*OUFOTJWPTEFIPTQJUBMFTFO'SBODJB $B
OBEZ&TUBEPT6OJEPT
/PTJFNQSFFTQPTJCMFNBOUFOFSMBWJEB
EF RVJFOFT TF FODVFOUSBO HSBWFNFOUF
FOGFSNPTMBWJEBFTVOBHVFSSBQFSEJEB
DPOUSB MB NVFSUF -P WFSEBEFSBNFOUF
JOUFSFTBOUF ZMPNTDPNQMJDBEP FTQSF
TFSWBSMBDBMJEBEEFWJEBEFMBTQFSTPOBT
IBTUBFMNPNFOUPEFMBNVFSUF1PSFTP
BMHVOBT EF FMMBT TF QMBOUFBO KVOUP DPO
TVTGBNJMJBSFTZMPTQSPGFTJPOBMFTRVFMBT
BUJFOEFO MJNJUBSMBTNFEJEBTEFTPQPSUF
WJUBMZEFFTFNPEPEFKBSQBTPBMBNVFS
UF0USBT TPCSFUPEPFOMPTQBTFTFORVF
TFIBMFHBMJ[BEP TPMJDJUBOBTVTNEJDPT
RVF MFT QSBDUJRVFO VOB FVUBOBTJB QBSB
BDFMFSBSFMQSPDFTPZUFSNJOBSEFNBOF
SB SQJEB DPO VOB WJEB RVF DPOTJEFSBO
EFNBTJBEP EFHSBEBOUF 6O UFSDFS FTDF
OBSJP DBEB WF[ NT GSFDVFOUF FT FM EF
MPTFOGFSNPTIPTQJUBMJ[BEPTRVFIBOQFS
EJEPTVDBQBDJEBEQBSBUPNBSEFDJTJPOFT
TPCSFTVTBMVE&TUPTQVFEFOIBCFSFTUB
CMFDJEPQPSBEFMBOUBEPZQPSFTDSJUPMPT
USBUBNJFOUPTRVFEFTFBSBOPOPSFDJCJS
&M QSPQTJUP EF FTUF MJCSP FT FTDMBSFDFS
ZEFCBUJSEFTEFVOQVOUPEFWJTUBUJDP
UPEBT FTBT QSDUJDBT SFMBDJPOBEBT DPO FM
mOBMEFMBWJEB MFKPTEFQPTUVSBTBQSJP
STUJDBT JOUSBOTJHFOUFTFJSSBDJPOBMFT
.BSB-VDSFDJB3PWBMFUUJ&OUSFTUB
ZMBPUSBSJCFSB3FnFYJPOFTTPCSF
MBNVFSUFZFMNPSJS-VHBS&EJUP
SJBM #VFOPT"JSFT QQ
-BBVUPSBFTEPDUPSBFO'JMPTPGB MJDFO
DJBEB FO 1TJDPMPHB Z QSPGFTPSB EF "O
USPQPMPHB Z #JPUJDB FO MB 'BDVMUBE EF
.FEJDJOB EF MB 6OJWFSTJEBE EF #VFOPT
"JSFT&OFTUFMJCSP DPSUPQFSPJOUFOTP
PGSFDFTVTSFnFYJPOFTBSB[EFMBNVFSUF
EFVOPEFTVTIJKPTBEPMFTDFOUF ZEFTV
FYQFSJFODJB QSPGFTJPOBM DPNP QTJDMP
HB BT DPNP EF BOUFSJPSFT USBCBKPT BDB
ENJDPT TPCSF FM TFOUJEP EF MB NVFSUF
"OBMJ[B MB NFEJDBMJ[BDJO EF MB NVFSUF
iIPTQJUBMJ[BEBw FOOVFTUSBTPDJFEBEDPO
UFNQPSOFB Z DVMFT TFSBO MBT NFKPSFT
DPOEJDJPOFTEFiVOOVFWPFTDFOBSJPQBSB
MBNVFSUFw QBSBVOBNVFSUFNTEJHOB
&YQPOFDVMTFSBFMTFOUJEPEFMBQSPQJB
NVFSUF ZMBSFnFYJOTPCSFMBTTJUVBDJP
OFTEFNVFSUFWPMVOUBSJB GBTDJOBDJOQPS
MBNVFSUFFJOTPQPSUBCJMJEBEEFMBWJEB
FTQFDJBMNFOUFFOMPTDBTPTEFTVJDJEJP
.BSBEF'UJNB'SFJSFEF4%JSFJ
SPEFNPSSFS%FM3FZ #FMP)PSJ
[POUF
i7JWFNPT VN OPWP QBSBEJHNB P EP
&TUBEP%FNPDSUJDPEF%JSFJUP"EJH
OJEBEFFBQSPNPPEPTFSIVNBOPTP
WBMPSFTGVOEBNFOUBJT RVFEFWFNPSJFO
UBSUPEPPPSEFOBNFOUPKVSEJDP%FT
TBQFSTQFDUJWB PJOUSQSFUFTFFODPOUSB
EJBOUFEFNJTTPDPNQMFYBSFMFSUPEBTBT
OPSNBTKVSEJDBT RVBMRVFSRVFTFKBTVB
GPOUF MV[EFTTFOPWPNPEFMP$PNBT
JOPWBFTEB.FEJDJOBFEB#JPMPHJB P
IPNFNTFWFNTJUVBPEFQFSQMFYJEB
EF)PKFKQPTTWFMTFQFOTBSOBDVSB
EFNVJUBTEPFOBT OBWJEBNVJUPBMN
EBT QPVDBT EDBEBT EB BUVBM TPCSFWJEB
IVNBOB1PSPVUSPMBEP PTJOEJWEVPT
BJOEBUNPEJSFJUPEFNPSSFSDPNEJH
OJEBEF%BBJNQPSUODJBEBTBDJSSBEBT
EJTDVTTFTFNUPSOPEBFVUBOTJB/FTUF
DPOUFYUP NVJUPCFNWJOEBFTUBPCSB
RVF QSFTFOUFJB P NVOEP KVSEJDP DPN
USBCBMIPQSPGVOEP EFNVJUBSFnFYPF
FTUPGP OPMJNJUBOEPTVBBOMJTFBRVFT
UFTTVQFSmDJBJT EFNFSPKPSOBMJTNP
PCSBEFDJODJBEP%JSFJUP DVKBMFJUVSB
TFGB[OFDFTTSJBBPTKVSJTUBTFPQFSBEPSFT
EPGPSPw $TBS'JV[B

"MCFSUP4BMHBEP .BSB5FSFTB"MBS
DO7BMPSBDJOEFMQBDJFOUFBODJB
OP.BTTPO #BSDFMPOB QQ
&M EPDUPS 4BMHBEP FT +FGF EFM 4FSWJDJP
EF(FSJBUSBEFM)PTQJUBM$FOUSBMEFMB
$SV[3PKBFO.BESJEMBEPDUPSB"MBS
DOFTNEJDPBEKVOUPEFHFSJBUSBFOFM
NJTNP)PTQJUBM$POFMMPTIBODPMBCP
SBEP PUSPT USFT NEJDPT BEKVOUPT QBUB
FYQPOFSEFNBOFSBSFHMBEBFMTJHOJmDB
EPZNUPEPEFMBWBMPSBDJOHFSJUSJDB
JOUFHSBM4FEFTBSSPMMBOMPTDPODFQUPTZ
UDOJDBTEFWBMPSBDJO DPOMBFYQFSJFO
DJB QSDUJDB Z MB WPDBDJO EF MPT BVUP
SFT RVFQFSNJUFODPOTJEFSBSBMQBDJFOUF
BODJBOPEFNPEPJOUFHSBMZDPOPDFSMPT
EFCFSFTUJDPTUBNCJOFOTVBUFODJO
'FSOBOEP 4ODIF[ 5PSSFT &EJUPS
-B
FVUBOBTJB"DBEFNJB/BDJPOBMEF.F
EJDJOB *OTUJUVUP $PMPNCJBOP EF &TUV
EJPT#JPUJDPT #PHPU QQ
$PO NPUJWP EF VO GBMMP EF MB $PSUF
$POTUJUVDJPOBM DPMPNCJBOB RVF KVTUJm
DBCB MB FVUBOBTJB QSBDUJDBEB QPS NEJ
DPT FO MB"DBEFNJBOBDJPOBMEF
.FEJDJOB Z FM JOTUJUVUP $PMPNCJBOP
EF&TUVEJPT#JPUJDPTIBOSFVOJEPVOB
TFSJF EF BSUDVMPT TPCSF FM UFNB EFTEF
NVZ EJGFSFOUFT QVOUPT EF WJTUB WJTJO
IJTUSJDB SFnFYJPOFT KVSEJDPUJDBT MB
UJDBNEJDBBOUFMBNVFSUF MPTDVJEB
EPT QBMJBUJWPT Z MPT EF &OGFSNFSB WB
SJBT EFDMBSBDJPOFT EF JOTUJUVDJPOFT EF
$PMPNCJB ZVOBFODVFTUBBQSPGFTPSFT
EF.FEJDJOBTPCSFFMUFNB
-VDJBOP 4BOESJO $NP BGSPOUBS

FMEPMPS"DFQUBSZDPNQSFOEFSFM
TVGSJNJFOUP 4BO 1BCMP .BESJE
QQ
&M BVUPS FT SFMJHJPTP DBNJMP MJDFODJB
EPFO1TJDPMPHB IBTJEPNVDIPTBPT
DBQFMMO EF IPTQJUBM Z TF IB EFEJDBEP
FTQFDJBMNFOUF B FTUVEJBS MPT BTQFDUPT

QTJDPMHJDPT EFM EPMPS FO BNJTUBE DPO

MPT FOGFSNPT &O FTUF MJCSP PGSFDF VOB
QFSTQFDUJWBOVFWB WFSFMEPMPSDPNPVO
UJFNQPEFEFTDVCSJNJFOUPEFMBSJRVF[B
JOUFSJPS DPNPQSPGVOEJ[BDJOEFMBTSF
MBDJPOFTZDSFBDJOEFVONPEPEJGFSFO
UF EF WJWJS Z BNBS /P FTUBNPT MMBNB
EPT B TVGSJS QBTJWBNFOUF FM EPMPS TJOP
BBTVNJSMP TJFOEPiTVKFUPTwEFOVFTUSBT
TFOTBDJPOFTZOPTMPiPCKFUPwEFBUFO
DJPOFTNEJDBT
+PT .JHVFM 4FSSBOP 3VJ[$BMEF

SO&VUBOBTJBZWJEBEFQFOEJFOUF
*ODPOWFOJFOUFT KVSEJDPT Z DPO
TFDVFODJBT TPDJBMFT EF MB EFTQFOB
MJ[BDJO EF MB FVUBOBTJB &EJUPSJBM
&JVOTB QQ
-B MFHBMJ[BDJO EF MB FVUBOBTJB FO )P
MBOEBIBSFBCJFSUPFMEFCBUFTPCSFTJTF
EFCF P OP EFTQFOBMJ[BS FTUB QSDUJDB
QBSB RVJFOFT TVGSFO VOB FOGFSNFEBE
JSSFWFSTJCMF
&TUFFTVOMJCSPDPOFMRVFTVBVUPSIB
RVFSJEPEFTWFMBSMBTDMBWFTRVFFYQMJDBO
FMBVNFOUPEFMBUFOEFODJBSFJWJOEJDBUJ
WBEFMBTPDJFEBEIBDJBFTUBQSDUJDB
4FSSBOP QSPGFTPSUJUVMBSEF'JMPTPGBEFM
%FSFDIPEFMB6OJWFSTJEBE$PNQMVUFO
TFEF.BESJE EFKBBMNBSHFOMPTBSHV
NFOUPTUJDPT NPSBMFTZSFMJHJPTPTQBSB
DFOUSBSTFFOMPTJODPOWFOJFOUFTKVSEJDPT
Z TPDJBMFT RVF GVOEBNFOUBO TV PQPTJ
DJO B MB FVUBOBTJB 4FHO FM BVUPS MB
EFTQFOBMJ[BDJODPOMMFWBSBVOBiEFCJMJ
UBDJOEFMTJTUFNBHFOFSBMEFMBWJEBIV
NBOBPTFPCMJHBSBBEJTDSJNJOBSFOUSF
MBTQFSTPOBTTVTDFQUJCMFTEFFVUBOBTJBZ
MPTRVFTJOTFSMPNBOJmFTUBOTVWPMVOUBE
EFNPSJSw
4FSSBOP BDBENJDPEFMB3FBM"DBEFNJB
EF+VSJTQSVEFODJBZMFHJTMBDJOEFMB"DB
EFNJB7BUJDBOB1SP7JUB BCPSEBMBFVUB
OBTJBZFMQFSTPOBMNEJDPZMBFVUBOBTJB
Z FM UFMPT NEJDP $POTJEFSB RVF iTJ MB
NVFSUFEFMPUSPBERVJFSFSFMFWBODJBVOJ
WFSTBMQBSBUPEPT MBUJFOFFTQFDJBMNFOUF
QBSB VO EFUFSNJOBEP UJQP EF IPNCSFT
RVF IBO IFDIP QSPGFTJO EF DVJEBS MB
TBMVE EF MPT PUSPT QFSP UBNCJO QBSB
RVJFOFTBDPNQBBOFTQFDJBMNFOUFBMPT
IPNCSFTFOTVNPNFOUPmOBMw
+PT.JHVFM4FSSBOP-B&VUBOBTJB
&JVOTB .BESJE QQ
-BMFHBMJ[BDJOEFMBFVUBOBTJBFTBIPSB
NJTNPVOPEFMPTFMFNFOUPTGVOEBNFO
UBMFT EF MB BHFOEB SBEJDBM &O &TQBB
EFTEFTFIBOTFHVJEPMPTQBTPTIB
CJUVBMFTFOMBJNQPTJDJOEFFTUBQSDUJ
DB3FEVDDJOEFMBQFOB QSJNFSP QSP
QBHBOEBQPTUFSJPSTPCSFDBTPTFYUSFNPT
ZUFOEFODJBBMBBCTUFODJOEFMBmTDBMB
FOMBQFSTFDVDJOEFMPTQPTJCMFTEFMJUPT
DPNP WFNPT FO MPT DBTPT 4BOQFESP P
-FHBOT
&O )PMBOEB Z #MHJDB FTUPT GVFSPO MPT
QBTPTRVFTFTJHVJFSPOBOUFTEFMBMFHB
MJ[BDJO EF %FTEF FOUPODFT MB
QFOEJFOUF SFTCBMBEJ[B IB DPOUJOVBEP
QSPCOEPTFRVFFMQSJODJQBMPCKFUJWPEF
MBFVUBOBTJBMFHBMJ[BEBFTMBHBSBOUBEFMB
BDDJOEFMNEJDPDVBOEPTFEBODJFSUBT
DJSDVOTUBODJBTPCKFUJWBTZOPMBDPOTUB
UBDJO EF MB WPMVOUBSJFEBE P MB NFKPSB
EF MBT DPOEJDJPOFT BM mOBM EF MB WJEB
&TUPTFIBUSBEVDJEPFOMBSFBMJ[BDJOEF
MBTEFOPNJOBEBTFVUBOBTJBTOPWPMVOUB
SJBT TPCSF QFSTPOBT JODBQBDFT F JODMVTP
DPOMBBCJFSUBEFGFOTBEFMBFVUBOBTJBEF
NFOPSFT MPRVFSFDVQFSBQBSBFTUBQSD
UJDB MB WJODVMBDJO DPO MB FVHFOFTJB EF
TVPSJHFOFOFMTJHMP99
&M MJCSP BCPSEB MBT JNQMJDBDJPOFT KVS
EJDBTEFMBMFHBMJ[BDJOEFMBFVUBOBTJB
BOBMJ[BOEP MBT USBOTGPSNBDJPOFT RVF
FYJHF FO MPT EFSFDIPT GVOEBNFOUBMFT Z
FOMBQSPQJBEFmOJDJOEFMTVKFUPEFEF
SFDIP MBQSJWBDJOEFTFOUJEPEFMUSNJ
OPEJHOJEBEIVNBOBPFMIFDIPEFRVF
MBFVUBOBTJBFTVOBSFJWJOEJDBDJOEFVO
HSVQPJOUFMFDUVBMSBEJDBMRVFTFBQMJDBS
QSFGFSFOUFNFOUFBQFSTPOBTGVFSUFNFOUF
EFQFOEJFOUFT
%BOJFM4FSSP 3VJ/VOFT $PPSET

UJDBFN$VJEBEPTEF4BEF1PSUP
&EJUPSB QQ
1BSUJDJQBO FO FTUF MJCSP MPT NJFNCSPT
EFM4FSWJDJPEF#JPUJDBZUJDBNEJDB
EFMB6OJWFSTJEBEEF0QPSUP GVOEBEP
QPS FM EPDUPS %BOJFM 4FSSP NJFNCSP
EFMB$PNJTJO/BDJPOBMEF#JPUJDBEF
1PSUVHBM ZEJSJHJEPBDUVBMNFOUFQPSFM
QSPGFTPS 3VJ /VOFT BNCPT DPPSEJOB
EPSFTEFFTUBPCSB RVFUSBUBEFMBNB
ZPSBEFMPTUFNBTUJDPTRVFBGFDUBOB
MPTQSPGFTJPOBMFTEFMBTBMVEFMDPOTFO
UJNJFOUP JOGPSNBEP MB SFMBDJO DPO FM
QBDJFOUF MBUJDBFO1FEJBUSB FO4BMVE
.FOUBM FOFMQSPDFTPEFMNPSJSEFMQB
DJFOUFZUBNCJOMBUJDBEFMBJOWFTUJHB
DJONEJDB FOFMDBNQPEFMBHFOUJDB
ZMBSFQSPEVDDJOIVNBOB MPTDPTUPTFO
MBBUFODJOEFTBMVEZFMCJPEFSFDIP
+VBO $BSMPT 4JVSBOB 7PMVOUBEFT

BOUJDJQBEBT.BESJE&EJUPSJBM5SP
UUB4" QQ
OEJDF*-BSFnFYJOFOCJPUJDBTPCSF
FMmOBMEFMBWJEBZMBQSPQVFTUBEFMBT
WPMVOUBEFTBOUJDJQBEBT**"SHVNFOUPT
B GBWPS EF MBT WPMVOUBEFT BOUJDJQBEBT
QPSTVTBTQJSBDJPOFTGVOEBNFOUBMFT***
"SHVNFOUPT B GBWPS EF MBT WPMVOUBEFT
BOUJDJQBEBTTJTFDVNQMFODJFSUBTDPOEJ
DJPOFT*7"SHVNFOUPTFODPOUSBEFMBT
WPMVOUBEFTBOUJDJQBEBT76OSFGFSFOUF
EFTEFMBUJDBEFMEJMPHP7*$PODMV
TJPOFT
3BRVFM 4[UBKO "VUPOPNB QSJWBEB

FEJSFJUPEFNPSSFS$VMUVSBM1BVMJT
UB6ODJE 4P1BVMP
-BBVUPSBSFBMJ[BVOBOMJTJTUJDPKVSEJ
DPEFMBTOPDJPOFTEFBVUPOPNBZDPO
TFOUJNJFOUPJOGPSNBEPBQPSUBEBTQPSMB
CJPUJDBBMEFCBUFTPCSFMPTBWBODFTUFD
OPMHJDPTZMBDBMJEBEEFWJEBBMmOBMEF
MBFYJTUFODJB&OMBTJUVBDJOEFMPTQB
DJFOUFTUFSNJOBMFT TFBOBMJ[BFMEFSFDIP
BNPSJS FORVNFEJEBFMEFSFDIPQVF
EF FOUSBS FO FTPT UFNBT Z MB FVUBOBTJB
Z FM TVJDJEJP BTJTUJEP DPO MBT EJGFSFOUT
QPTJDJPOFTBGBWPSZFODPOUSB
.JDIFMFWP[ 3PMBOE+BDDBSE.B
OJmFTUPQPSVOBNVFSUFEJHOB,BJ
ST #BSDFMPOB QQ
-BFVUBOBTJB MBNVFSUFEJHOB MBNVFSUF
TJOEPMPSZTJOBOHVTUJBTFTBOUFUPEPVO
EFSFDIPIVNBOP TFHOMPTBVUPSFT*O
DMVTPVOEFSFDIPBOJNBM&TVOEFSFDIP
RVFTFJOTDSJCFFOFMDPOUFYUPEFVOBTP
DJFEBETFDVMBSJ[BEBRVFOPDSFFZBRVF

FMTVGSJNJFOUPJOOFDFTBSJPUFOHBOJOHO
TFOUJEP&MODMFPEFMBDVFTUJOFTRVF
DBEBDVBMQVFEBQPSTJNJTNP EFTEFTV
QMFOBDBQBDJEBEKVSEJDBP FOTVEFGFD
UP BUSBWTEFVOQSFWJPUFTUBNFOUPWJ
UBM DVBOEPRVJFSF ZDVBOEPOPRVJFSF
TFHVJS WJWJFOEP &MMP FT RVF MB WJEB OP
FTVOWBMPSBCTPMVUPMBWJEBEFCFMJHBS
TF DPO DBMJEBE EF WJEB Z DVBOEP FTUB
DBMJEBE TF EFHSBEB NT BMM EF DJFSUPT
MNJUFT VOPUJFOFFMEFSFDIPBEJNJUJS
&MEFSFDIPBMBFVUBOBTJBWPMVOUBSJBFT
BOUFUPEP VOEFSFDIPSFMBDJPOBEPDPO
MB MJCSF BVUPEFUFSNJOBDJO EF MB QFS
TPOB-BWJEBEFDBEBDVBMQFSUFOFDFB
DBEBDVBM)BMMFHBEPMBIPSBEFDPODF
EFSBMTFSIVNBOPMBQMFOBQPTFTJOEF
TVEFTUJOP
+BWJFSEFMB5PSSF &EJUPS
-BMJNJUB
DJOEFMFTGVFS[PUFSBQVUJDP $P
NJMMBT .BESJE QQ
&MBVUPSFTEPDUPSFOEFSFDIPQPSB6OJ
WFSTJEBE$PNQMVUFOTF ZMJDFODJBEPFO
UFPMPHB .PSBM QPS MB 6OJWFSTJEBE EF
$PNJMMBT "DUVBMNFOUF FT QSPGFTPS EF
.PSBMEFMB1FSTPOB %JMFNBTUJDPTEFM
JOJDJP Z EFM mOBM EF MB WJEB UJDB EFM
.BUSJNPOJPZEFMB'BNJMJBF)JTUPSJB
EFMB5FPMPHB.PSBMFOMB'BDVMUBEEF
5FPMPHBEFMB6OJWFSTJEBE1POUJmDJBEF
$PNJMMBT
-B MJNJUBDJO EFM FTGVFS[P UFSBQVUJDP
FTEFDJS MBEFDJTJOEFMJCFSBEBPNFEJ
UBEB TPCSF MB OP JNQMFNFOUBDJO P MB
SFUJSBEBEFNFEJEBTUFSBQVUJDBTRVFOP
BQPSUBOVOCFOFmDJPTJHOJmDBUJWPBMQB
DJFOUF FTVOEJMFNBNPSBMDPOTFDVFODJB
EFM EFTBSSPMMP UDOJDP -BT NFEJEBT EF
TPQPSUF WJUBM OP TJFNQSF QSPQPSDJPOBO

VO CFOFmDJP SFBM BM QBDJFOUF RVJ[ QPS
FMMPFTFMNPNFOUPEFDFOUSBSTFFOMPT
BTQFDUPTNTQBMJBUJWPTZEFCJFOFTUBS
7BSJPTBVUPSFT-PTFTUBEPTWFHFUBUJWPT
DSOJDPT ZFMEJBHOTUJDPQPSJNBHFO
ZTVVUJMJ[BDJO*OTUJUVU#PSKBEF#JP
UJDB Z 'VOEBDJO .BQGSF .FEJDJOB
.BESJE QQ
%JWFSTPT QSPGFTJPOBMFT EF MB NFEJDJOB
ZEFMBTMFZFTBCPSEBOFOFTUFMJCSPMPT
BWBODFTQSPEVDJEPTFOMBTBOJEBE4MP
FO FM DBNQP TBOJUBSJP MBT DPTBT IBO
DBNCJBEPNTFOFTUBTMUJNBTEDBEBT
RVF FO MPT MUJNPT USFJOUB BPT $BN
CJPTRVFTFSFmFSFOBEPTBTQFDUPTGVO
EBNFOUBMFT BMBJOUSPEVDDJOWFSUJHJOP
TBEFOVFWBTUFDOPMPHBT ZMPRVFTUBT
DPOMMFWBO TPCSF TVT MNJUFT F JOGPSNB
DJO ZBMPTDBNCJPTRVFIBFYQFSJNFO
UBEP MB SFMBDJO QFSTPOBM FOUSF NEJDP
ZQBDJFOUF NFOPTQBUFSOBMJTUBZNVDIP
NTSFJWJOEJDBUJWBDPOMPTEFSFDIPTEFM
FOGFSNP
-B QSPCMFNUJDB EFM EJBHOTUJDP DJFSUP
EF FTUBEP WFHFUBUJWP TJHVF TJFOEP QMF
OBNFOUFWJHFOUFZMBSFnFYJOTPCSFMBT
NFEJEBT B BEPQUBS P B TVQSJNJS VOB
OFDFTJEBE RVF SFRVJFSF DPOTUBOUF BD
UVBMJ[BDJO #JPUJDB%FCBU *OTUJUVU
#PSKBEF#JPUJDB

+PT7JDP1FJOBEP%PMPSZNVFSUF
IVNBOBEJHOB#JPUJDBUFPMHJDB
4BO1BCMP .BESJE
&MBVUPSFTMJDFODJBEPFO5FPMPHB DPO
FTUVEJPT EF FTQFDJBMJEBE FO 5FPMPHB
.PSBMFOMB"DBEFNJB"MGPOTJBOBQSPGF
TPSFOFM&TUVEJP5FPMHJDP$MBSFUJBOP
*OTUJUVUP 5FPMHJDP EF 7JEB 3FMJHJPTB
4FNJOBSJP 4 1BCMP $IJMF
F *OTUJUVUP
4VQFSJPS EF $JFODJBT .PSBMFT EF .B
ESJE&OFTUFMJCSPBOBMJ[BMBTQSJODJQBMFT
DVFTUJPOFTEFCBUJEBTFOUPSOPBMmOBMEF
MBWJEBIVNBOB
FTQJSJUVBM
.BSDJBOP7JEBM&VUBOBTJB VOSFUP
BMBDPODJFODJB4BO1BCMP .BESJE

-B TFYVBMJEBE FM BCPSUP Z MB FVUBOBTJB

QMBOUFBOVOBTFSJFEFJOUFSSPHBOUFTBOUF
MBUJDBRVFJOWJUBOBVOBQSPGVOEBSF
nFYJO-BBVUPSBBCPSEBFTUBTDVFTUJP
OFTDPOVOBWJTJOQPTJUJWBFJMVTJPOBO
UF EF MB WJEB IVNBOB Z EFM WBMPS EF MB
QFSTPOB -F TPSQSFOEF MB EFTJOGPSNB
DJORVFTVGSFMBPQJOJOQCMJDBTPCSF
MBTNTEFOVFWBTFOGFSNFEBEFTEF
USBOTNJTJOTFYVBMTJFOEPBTRVFBMHV
OBT QSPEVDFO FTUFSJMJEBE PUSBT QSFEJT
QPOFOBMDODFSZMBTIBZJODVSBCMFT4V
ONFSPNVMUJQMJDBQPSMBTDPOPDJEBT
IBTUBIBDFQPDPTBPT-BTUDOJDBTRVF
QFSNJUFO EJBHOPTUJDBS NBMGPSNBDJPOFT
ZEFmDJFODJBTFOMBDSJBUVSB RVFTFFO
DVFOUSBFOFMTFOPEFMBNBESF QMBOUFBO
TFSJPTQSPCMFNBTB MBIPSB EFFOKVJDJBS
UJDBZKVSEJDBNFOUFFMBCPSUP-BQSP
MPOHBDJOBSUJmDJBMEFMBWJEBQPSNFEJP
EFJOTUSVNFOUPTNFDOJDPTFOQBDJFOUFT
RVFIBOQFSEJEPMBBDUJWJEBEEFTVTGVO
DJPOFTCTJDBT{TFQVFEFJOUFSSVNQJS -B
BVUPSBTFQSFHVOUBTJTFSFMIPNCSFEFM
GVUVSPEVFPEFMBUDOJDBPFTDMBWPEF
MBNRVJOB
&M BVUPS FT BDUVBMNFOUF QSPGFTPS PSEJ

OBSJPEFM*OTUJUVUP4VQFSJPSEF$JFODJBT
.PSBMFT FO.BESJE&TVOPEFMPTSF
OPWBEPSFTEFMBUFPMPHBNPSBMDBUMJDB
DPO NVDIBT QVCMJDBDJPOFT Z VOB QSP
QVFTUBEFNPSBMGVOEBNFOUBMCBTBEBFO
MBT BDUJUVEFT &O FTUF MJCSP BCPSEB MPT
SFUPT RVF FM EFCBUF TPCSF MB FVUBOBTJB
QMBOUFBBMBDPODJFODJBEFMDSFZFOUF
.BSB %PMPSFT 7JMB$PSP -B CJP

BCPSUP Z FVUBOBTJB &EJUPSJBM %ZD
LJOTPO .BESJE QQ
-JDFODJBEBFO'JMPTPGBZFO%FSFDIP MB
BVUPSBPCUVWPFMQSFNJPFYUSBPSEJOBSJP
EF EPDUPSBEP FO %FSFDIP QPS MB 6OJ
WFSTJEBE $PNQMVUFOTF EF .BESJE &T
EJSFDUPSBEFMEPDUPSBEPZEFMB$UFESB
EF#JPUJDBZ#JPKVSEJDBEFMB6/&4
$0 "DBENJDB$PSSFTQPOEJFOUFEFMB
3FBM"DBEFNJBEFKVSJTQSVEFODJBZ-F
HJTMBDJOZEFMB"DBEFNJB7BUJDBOB1SP
WJUB&T.JFNCSPEFM$PNJU%JSFDUPS
EF#JPUJDBEFM$POTFKPEF&VSPQB
-B #JPUJDB TF FODVFOUSB FO VOB FO
DSVDJKBEB"OUFMPTOVFWPTEFTDVCSJNJFO
UPTDJFOUmDPTTFQSFTFOUBVOBPQPSUVOJ
4FSHJP;BJEIBGU.PSUFFGPSNBDBP
NEJDB'SBODJTDP"MWFT 3PEF+B
OFJSP QQ
&M BVUPS FT NEJDP QTJRVJBUSB QTJDPB
OBMJTUB 1SPGFTPS EF 1TJDPMPHB .EJDB

EB 'BDVMEBEF EF .FEJDJOB EB 6OJWFS

TJEBEF'FEFSBMEP3JPEF+BOFJSPZEFMB
'BDVMEBEFEF.FEJDJOBEB6OJWFSTJEBEF
&TUDJPEF4QSFTJEFOUFEFMB$PNJTTP
EF #JPUJDB EP )PTQJUBM 6OJWFSTJUSJP
$MFNFOUJOP'SBHB'JMIP EB6'3+
Z TFOUJNJFOUPTw -PT BPT RVF ;BSDP

DPNQBSUJ DPO FM NBFTUSP EF MB NFEJ
DJOBIVNBOJTUB 1FESP-BO&OUSBMHP Z
QPTUFSJPSNFOUFDPO-VJT.POUJFM BDSF
DFOUBSPOTVJORVJFUVEQPSMBMJUFSBUVSB
MBBOUSPQPMPHBZMBTIVNBOJEBEFT
+VMJP ;BSDP -B TPNCSB EFM EPMPS

-BCPSBUPSJPT (SOFOUIBM .BESJE

UJDBDMOJDB
+VMJP ;BSDP QSFTJEFOUF EF MB 4PDJFEBE

&TQBPMBEF.FEJDJOB3VSBMZ(FOFSB
MJTUB 4FNFSHFO
IB FTDSJUP FM MJCSP -B
TPNCSB EFM EPMPS iVOB PCSB WJWFODJBM
GSVUP EF MB VOJO EF TVT BPT EF FKFS
DJDJP DMOJDP DPO TV QBTJO QPS MB MJUF
SBUVSBw ;BSDP IB TFOUJEP MB OFDFTJEBE
iWJUBMwEFOBSSBSTVTFYQFSJFODJBTEJBSJBT
DPNP NEJDP EF BUFODJO QSJNBSJB FO
VO DFOUSP EF TBMVE 1FSP UPEBT DPO FM
EFOPNJOBEPSDPNOEFMEPMPSFOUPEBT
TVTBDFQDJPOFTGTJDP FNPDJPOBM FTQJSJ
UVBM:UPEPDPOFMQSPQTJUPEFiBQPS
UBSBMPTQSPGFTJPOBMFTEFMBTBMVEZ FT
QFDJBMNFOUFBMPTEFBUFODJOQSJNBSJB
VOUFTUJNPOJPEFMBFOPSNFJNQPSUBO
DJBRVFUJFOFTVUSBCBKP1PSFTP UPEBMB
PCSBHJSBTPCSFMBJEFBEFRVFMBSFMBDJO
NEJDPoQBDJFOUFFTMPGVOEBNFOUBM-P
JNQPSUBOUFBOUFTRVFTFSNEJDPFTTFS
QFSTPOBw
&M MJCSP FT VO NPUJWP QBSB SFnFYJPOBS
TPCSFDNPBDFSDBSTFBMTFSIVNBOPRVF
TVGSF&OFTUFTFOUJEP ;BSDPIBTVCSB
ZBEPRVFMBQPTJDJOEFMPTNEJDPTEF
BUFODJO QSJNBSJB FT QSJWJMFHJBEB QPS
RVFiFMQBDJFOUFOPTRVJFSFZOPTBQSF
DJB&TUPOPTEBMBPQPSUVOJEBEEFBDFS
DBSOPT B NMUJQMFT WJEBT FYQFSJFODJBT
3FMBDJONEJDPQBDJFOUF
'FSOBOEP "CFMMO +BWJFS 4ODIF[
$BSP-PTEFSFDIPTEFMNEJDPFO
MB SFMBDJO DMOJDB $PNBSFT .B
ESJE
&TUBPCSBRVJFSFIBCMBSEFMPTEFSFDIPT
EFMNEJDPDPNPFMFNFOUPTJOEJTQFOTB
CMFTQBSBMBCVFOBMMFWBO[BEFMBSFMBDJO
DMOJDB Z SFnFYJPOBS TJ BOUF FM FKFSDJDJP
IPOFTUP EF MB NFEJDJOB OVFTUSP PSEF
OBNJFOUPKVSEJDPUJFOFDBQBDJEBEFTEF
QSPUFHFSMF Z QFSNJUJSMF RVF EFTBSSPMMF
BEFDVBEBNFOUF TV BVUPOPNB UDOJDB
ZDJFOUmDB TBMWBHVBSEBOEPTVQSFTUJHJP
QSPGFTJPOBM "EFNT BGSPOUB TV EFSF
DIPBMBMJCFSUBEJEFPMHJDBPSFMJHJPTB
NFEJBOUFVOFYBNFOSJHVSPTPEFMBPC
KFDJO EF DPODJFODJB 1FSP RVJ[T MBT
TJUVBDJPOFTNTEJGDJMFTQBSBFMNEJDP
QVFEFO QMBOUFBSTF DVBOEP TF WFO FO
WVFMUPTFOBHSFTJPOFT BNFOB[BTFJOKV
SJBTDPNPDPOTFDVFODJBEFTVPSEFOBEB
BDUVBDJO Z RVF DPSSFTQPOEFO DPNP
FT TBCJEP B NMUJQMFT DBVTBT &O mO
NFOFTUFS TFS RVF FM NEJDP DPOP[DB
UBNCJOTVTEFSFDIPTFOFMNCJUPEFMB
QSPUFDDJOEFTVTBMVEGSFOUFBMPTSJFT
HPTEFSJWBEPTEFMUSBCBKP FOQBSUJDVMBS
FOSFMBDJODPOMPTMMBNBEPTBDDJEFOUFT
CJPMHJDPT
%F UPEP FMMP IBCMB FTUF MJCSP RVF TF

IB FMBCPSBEP DPO FM OJDP PCKFUJWP EF
DPOUSJCVJS FOMBNFEJEBEFMPQPTJCMF B
RVFMPTNEJDPTDPOP[DBOTVTEFSFDIPT
FOFMNCJUPEFMBSFMBDJODMOJDBZDPO
NPUJWPEFTVFKFSDJDJPQSPGFTJPOBM
+PT $BSMPT "CFMMO 4BMPSU $P

PSE
-BQSBYJTEFMDPOTFOUJNJFOUP
JOGPSNBEPFOMBSFMBDJOTBOJUBSJB
BTQFDUPT CJPKVSEJDPT %ZLJOTPO
.BESJE
-B SFDJFOUF JOUSPEVDDJO EFM QSJODJQJP
EFBVUPOPNBDPNPDSJUFSJPGPSNBMSFD
UPS FO MBT SFMBDJPOFT TBOJUBSJBT QPUFO
DJBEBKVSEJDBNFOUFEFTEFRVFFOUSFFO
WJHPSMB-FZ EFEFOPWJFN
CSF #TJDB3FHVMBEPSBEFMB"VUPOPNB
Z MPT EFSFDIPT EFM QBDJFOUF FTU USBOT
GPSNBOEPSBEJDBMNFOUFMBQSFTUBDJOEF
MPTTFSWJDJPTTBOJUBSJPTZBRVFWJFOFBBM
UFSBSOPTMPFMFRVJMJCSJPUSBEJDJPOBMEF
MBT PCMJHBDJPOFT Z EFSFDIPT SFDQSPDPT
FOUSFFMVTVBSJPZFMQFSTPOBMTBOJUBSJP
TJOPUBNCJOMBQSBYJTDPUJEJBOBEFEJ
DIBSFMBDJO
+PT $BSMPT "CFMMO BOBMJ[B FO QSJNFS
MVHBSMPTBTQFDUPTCJPKVSEJDPTEFMDPO
TFOUJNJFOUP JOGPSNBEP Z UBNCJO
FO PUSPT DBQUVMPT FM DPOTFOUJNJFOUP
JOGPSNBEP FO MB CJPMFHJTMBDJO FTQB
PMB QSJODJQJPT Z FYJHFODJBT EF MB -FZ
"VUPOPNBZDPOTFOUJNJFOUP
JOGPSNBEPFOMPTEPDVNFOUPTCJPUJDPT
EFM $POTFKP EF &VSPQB Z PUSPT PSHB
OJTNPT JOUFSOBDJPOBMFT +BWJFS #BSSBDB
.BJSBMFTDSJCFTPCSF&MDPOTFOUJNJFOUP
JOGPSNBEPBMBMV[EFMBIVNBOJ[BDJO
EFMBNFEJDJOBEFMPTWBMPSFTBMBQFSTP
OBDPODSFUB"OB#FSSPDBM-BO[BSPU TP
CSF&MDPOTFOUJNJFOUPJOGPSNBEPDPNP
EFSFDIPEFMPTQBDJFOUFTFOMBOVFWB-FZ
EFEFOPWJFNCSF*MEFGPO
TP(PO[MF[4PMBOB -PTQSPUPDPMPTEF
DPOTFOUJNJFOUP JOGPSNBEP BTQFDUPT
UDOJDPGPSNBMFT 'JOBMNFOUF SFBMJ[BO
VO&TUVEJPEFMBMFHBMJEBEEFMPTEPDV
NFOUPT EF DPOTFOUJNJFOUP JOGPSNBEP
FOMBTBOJEBEFTQBPMB
.BOVFM "NBSJMMB (VOEO Z /VSJB

"NBSJMMB.BUFV-BSFTQPOTBCJMJEBE
DPOUSBDUVBMUFSBQVUJDBFOFM4JHMP
99*&VSPQFBO1IBSNBDFVUJDBM-BX
(SPVQ .BESJE QQ
$POTUJUVZF MB QSJNFSB QVCMJDBDJO EFM
SFDJFOUFNFOUF DSFBEP &VSPQFBO 1IBS
NBDFVUJDBM -BX (SPVQ HSVQP EF EFSF
DIPGBSNBDVUJDPFVSPQFPQSFTJEJEPQPS
.BOVFM "NBSJMMB MFUSBEP FTQFDJBMJ[BEP
FO%FSFDIP'BSNBDVUJDP BOUFSJPSQSF
TJEFOUF EF MB "TPDJBDJO &TQBPMB EF
%FSFDIP'BSNBDVUJDP

-BPCSB FODPBVUPSBDPOMBUBNCJOKV
SJTUB /VSJB "NBSJMMB SFMMFOB VO IVFDP
IBTUB MB GFDIB FYJTUFOUF FO FTUF DBNQP
FOFMRVFMBGBMUBEFUFYUPTEFSFGFSFODJB
DPOWFSUB FO BSEVB MBCPS FM FTUVEJP EF
DVBMRVJFSDBTPSFMBUJWPBMBSFTQPOTBCJMJ
EBEEFSJWBEBEFMBGBCSJDBDJO EJTUSJCV
DJO VTPPDPOTVNPEFDVBMRVJFSUJQP
EFNFEJDBNFOUPT
%FTEFVOQVOUPEFQBSUJEBCTJDP RVF
TVQPOF FM BOMJTJT EFM DPODFQUP EF BD
UJWJEBEUFSBQVUJDB MPTBVUPSFTQBTBOB
FYBNJOBS DPO BQPZP FO MB CBTF KVSJT
QSVEFODJBM SFVOJEB MB SFTQPOTBCJMJEBE

DPOUSBDUVBMFOMBTEJTUJOUBTWFSUJFOUFTFO
RVFQVFEFQSFTFOUBSTFFOFMNVOEPEFM
NFEJDBNFOUP EFTEF MB GBTF EF JOWFTUJ
HBDJOEFMNJTNPIBTUBTVEJTQFOTBDJO
QBTBOEPQPSMBTGBTFTEFGBCSJDBDJO BV
UPSJ[BDJO TVQFSWJTJO SFHJTUSPZQSFT
DSJQDJO
&M MJCSP QSPSSPHBEP QPS FM NBHJTUSBEP
+PT.BOVFM.BSUOF[1FSFEB GVFQSF
TFOUBEPFOFMTFNJOBSJPi3FTQPOTBCJMJ
EBE$POUSBDUVBM5FSBQVUJDBFOFM4JHMP
99*ZMB.PEFSOJ[BDJOEFM4FDUPS'BS
NBDVUJDPw DFMFCSBEPSFDJFOUFNFOUFFO
FM$BTJOPEF.BESJE
$BUBMEP"NBUSJBO.BOVBMEFUJ
DB .EJDB 6OJWFSTJEBE EF #VFOPT
"JSFT QQ
&TUF MJCSP RVF BCPSEB DPODFQUPT GVO
EBNFOUBMFT EF UJDB NEJDB Z CJPUJDB
UJFOF FM QSPQTJUP EF GBDJMJUBS MB EFUFD
DJO BCPSEBKF BOMJTJTZSFTPMVDJOEF
TJUVBDJPOFT DPOnJDUJWBT EFNBOEBOUFT
EF VO FTDMBSFDJNJFOUP BYJPMHJDP FO FM
DPUJEJBOP RVFIBDFS NEJDP " MP MBSHP
EF PODF DBQUVMPT $BUBMEJ "NBUSJBJO
FYQPOFDPOTPMWFODJB BRVFMMPTQSJODJQB
MFTBTQFDUPTUJDPTEFMBNFEJDJOBUSBEJ
DJPOBMZDPOUFNQPSOFB FYQPOFOUFTEF
MPTSFTQFDUJWPTNPEFMPTEFCFOFmDFODJB
ZBVUPOPNBi"OUFVOBTJUVBDJOEJMF
NUJDBOPTMPIBZRVFQSFHVOUBSTFQPS
FM ARV TF EFCF IBDFS .PSBM
TJOP FM
AQPSRV UJDB
i
&OUBOUPJOTUBODJBSFnFYJWB FMBVUPSSF
DMBNB FM BVYJMJP EF MB UJDB BOUF TJUVB
DJPOFTMNJUFT-BBQBSJDJOEFMB#JP
UJDB RVFEB QMBTNBEB FO VO JOUFSFTBOUF
SFDPSSJEPIJTUSJDPEFMBNPSBMNEJDB
NBUJ[BEBBTVWF[DPOMBEFTDSJQDJOEF
DBTPTQBSBEJHNUJDPT-BTKVTUJmDBDJPOFT
EF MBT USBEJDJPOFT POUPMPHJTUB Z DPOTF
DVFODJBMJTUB B MB QBS EF TVT FTQFDmDBT
PCMJHBDJPOFT TPO MBT RVF TVTDSJCFO FM
EFMJDBEPBOMJTJTEFMPTQSPCMFNBTNP
SBMFT
&ODVBOUPMBNPEBMJEBEEFUSBOTNJTJO
EFDPOUFOJEPT TFPCTFSWBRVFMPTDPO
DFQUPT UFSJDPT WBO TJFOEP JOUFHSBEPT
BSFnFYJPOFTNTBCBSDBUJWBTEFMBVUPS
DPNPDVBOEPQMBOUFBRVFFOUPEBEFDJ
TJOFOFMPSEFOEFMPGDUJDP JNQPOFFM
BOMJTJTEFDPNQPOFOUFTUJDPTNTBMM
EF MB QSFTFODJB EF FYDMVTJWPT BTQFDUPT
UFDOPDJFOUmDPT 1PS PUSB QBSUF FYQSF
TBRVFFOMPTDMBSPTDVSPTEFMBWJEB OP
TJFNQSFFMBSUFDMOJDPQVFEFFMVEJSMPT
EPNJOJPT EFM FSSPS DPOWJSUJFOEP B MB
OFDFTJEBEEFBDUVBMJ[BDJOFOVOJNQF
SBUJWPUJDP&MBVUPSJODVSTJPOBQPSMB
DSJTJTEFQSJODJQJPTZWBMPSFTRVFDSFBO
DPOnJDUPT EF EJGDJM SFTPMVDJO EFSJWB
EPT EFM BEWFOJNJFOUP EF MB NPEFSOB
UFDOPMPHB EF USBTQMBOUFT GFSUJMJ[BDJO
BTJTUJEB NBOJQVMBDJO HFOUJDB DPNP
FOMBDMPOBDJOPMBBUFODJOFOVOJEB
EFTEFDVJEBEPTJOUFOTJWPT
0USPTUFNBTDPNPUJDBEFNOJNPTZ
EFNYJNPT 'JMPTPGB %FSFDIP %FPO
UPMPHB EFDMBSBDJPOFT DEJHPTZUSBUBEPT
GVOEBNFOUBMFT KVOUPBEFCFSFTZEFSF
DIPT EF MB SFTQPOTBCJMJEBE UJDB QSPGF
TJPOBM TPOFYQVFTUPTBMPMBSHPEFMMJCSP
FOTVTEJTUJOUPTNPNFOUPTIJTUSJDPT&M
DPOnJDUPEFMFBMUBEFTFOMBSFMBDJOEFM
NEJDPDPOPUSPTBHFOUFTZFMEJWPSDJP
FOUSF WBMPSFT NPSBMFT F JOUFSFTFT FDP

ONJDPT DPO QMBOUFPT FNJOFOUFNFOUF
VUJMJUBSJTUBT TPO DSFBEPSFT EF EJWFSTBT
UFOTJPOFTUJDBT
"TJNJTNP FMBVUPSUSBTMBEBTVFYQFSJFO
DJB FOUSF PUSPT B UFNBT DPNP 4*%"
DODFS HFSJBUSB P VTP EF UDOJDBT JO
WBTJWBTFOFMmOEFMBWJEB MPTRVFTPO
EFTQMFHBEPTFODVJEBEPTPEFTBSSPMMPTP
CSFMBCBTFEFMPTEJMFNBTUJDPTPQSP
CMFNBTRVFTFTVTDJUBOFOMBTFTUSBUFHJBT
EFTUJOBEBT BM DPOUSPM EF TOUPNBT i&M
TFOUJEPEFMBUJDBEFMBDVBMUSBUBNPTFT
BOUSPQPDOUSJDB ZBRVFTJUBMPTMNJUFT
EF MB EJHOJEBE FO BRVFMMPT TFSFT FO MPT
RVFDBCFMBDPNVOJDBDJOw
&MBVUPSUBNCJOQPOFTVQBMBCSBBOUF
FMJOFYPSBCMFUFNBEFMBNVFSUFQPSMB
RVF FM IPNCSF TF TJFOUF JOUFSQFMBEP Z
BOUFMBDVBMFMHBMFOPOPQVFEFTFSJO
EJGFSFOUFQSFTFOUBFOMBWBMPSBDJOUJ
DBRVFDPOEVDFBMBCBOJDPEFPQDJPOFT
QBSB VOB NVFSUF EJHOB MPT MJOFBNJFO
UPTHFOFSBMFTEFMPTDVJEBEPTQBMJBUJWPT
"MJDJB*-PTPWJ[ 3FWJTUB"TPDJBDJO.
EJDB"SHFOUJOB

-VJT "OVO[JBUP &M DPOnJDUP FO MB

SFMBDJO NEJDPQBDJFOUF %F MB
BDUVBDJO QSPGFTJPOBM B MB NBMB
QSBYJT &EJDJPOFT $FOUSP /PSUF
#VFOPT"JSFT QQ
&MBVUPSFTEPDUPSFO.FEJDJOB QSPGFTPS
EF.FEJDJOB-FHBMZ%FPOUPMPHB.
EJDBEFMB6OJWFSTJEBEEF#VFOPT"JSFT
&OFTUFMJCSPTFDFOUSBFOMBSFMBDJON
EJDPoQBDJFOUF FO FTUPT NPNFOUPT EF
NFOUBMJEBEUDOJDBRVFIBJNQSFHOBEP
FM QFOTBNJFOUP NEJDP QBSB USBUBS EF

SFTDBUBS MB EJNFOTJO UJDB Z USBTDFO
EFOUBMRVFUJFOF3FBMJ[BVOBJOWFTUJHB
DJOIJTUSJDBFYIBVTUJWB QBSBFOUSBSB
DPOUJOVBDJOFOFMBOMJTJTEFMBBDUVBM
TJUVBDJO EF DPOnJDUP FO MB SFMBDJO
NEJDP QBDJFOUF Z MBT DJSDVOTUBODJBT
RVF MP SPEFBO MBT GPSNBT EF JOJDJP EF
FTBSFMBDJOMPTFMFNFOUPTDPOTUJUVUJWPT
EF MB SFTQPOTBCJMJEBE NEJDB MBT PCMJ
HBDJPOFT EFSFDIPTZEFCFSFTRVFTVSHFO
FO FTB SFMBDJO FM DPOTFOUJNJFOUP EFM
QBDJFOUF FUD %FTQVT TF DFOUSB FO FM
EBP NEJDP UBM Z DPNP TF DPOUFNQMB
FOFM$EJHP$JWJMZ1FOBM FMFMFNFOUP
TVCKFUJWPEFMBDVMQB MBSFMBDJOEFDBV
TBMJEBE Z FM EFTBSSPMMP EF MPT QSPDFTPT
KVEJDJBMFT
$IBOUBM"SJTUJ[CBMZPUSPT4FJTNJ
SBEBTTPCSFMBCJPUJDBDMOJDB$P
MFDDJO #JPT Z &UIPT &EJDJPOFT &M
#PTRVF 4BOUB'FEF#PHPU $PMPN
CJB QQ
%FOUSP EF MB ZB FYUFOTB DPMFDDJO EF
QVCMJDBDJPOFTEFEJDBEBTBMB#JPUJDBEF
MB6OJWFSTJEBEDPMPNCJBOBEFM#PTRVF
FTUFWPMVNFOSFDPHFTFJTBSUDVMPTEFEJ
DBEPT B EJTUJOUPT QSPCMFNBT EF MB UJDB
DMOJDB4VQPOFOUPEPTiFTGVFS[PTTFSJPT
EF BQMJDBDJO EF MPT QSJODJQJPT CJPUJ
DPTwZBMBWF[ iWFSEBEFSBTDPOUSJCVDJP
OFTBMDVFSQPNJTNPEFUFNBT DPODFQ
UPT Z QSPCMFNBT EF MB CJPUJDBw DPNP
TFBMB$BSMPT&EVBSEP.BMEPOBEPFOMB
*OUSPEVDDJO
$IBOUBM "SJTUJ[CBM BCPSEB FM UFNB EFM
QBOPSBNB BDUVBM EF MB JOGFDDJO QPS
7*) Z 4JEB Z MBT FYQFSJFODJBT FO EJT

UJOUPTQBTFTEFMBTDBNQBBTEFQSFWFO
DJO BTDPNPEFMBFEVDBDJOOFDFTBSJB
QBSB FWJUBS MBT DPOEVDUBT EF SJFTHP +
4JOBZ "SWBMP MB %POBDJO DBEBWSJDB
EFSHBOPTZUFKJEPT EJMFNBTCJPUJDPT
4UFMMB.BSB0TPSOP FOFMDBQUVMPTP
CSF&VUBOBTJBVOEFSFDIPEFMQBDJFOUF
BOBMJ[BEFNPEPDSUJDPMBTFOUFODJBEFM
5SJCVOBM$POTUJUVDJPOBMDPMPNCJBOPEF
RVFEFmOFMBFVUBOBTJBFOUSNJOPT
EF EFSFDIPT EFM QSPQJP FOGFSNP +VBO
$BSMPT .OFWBS BOBMJ[B MB #JPUJDB EF
MPTFOTBZPTDMOJDPT-V[4UFMMB"SWBMP
BQPSUB6OBNJSBEBCJPUJDBEFMPTDVJ
EBEPTQBMJBUJWPT:mOBMNFOUF .OJDB
3JODOFTDSJCFTPCSFMPT%JMFNBTUJDPT
FOMBTEFDJTJPOFTUFSBQVUJDBTEFSFDJO
OBDJEPTQSFUSNJOP DPOMBFYQFSJFODJB
EFMBT6OJEBEFTEF3FDJO/BDJEPT
"TPDJBDJO.EJDB"SHFOUJOB$EJ
HPEFUJDBQBSBFMFRVJQPEFTBMVE
4PDJFEBEEFUJDBFONFEJDJOB #VF
OPT"JSFT QQ
4F SFDPHFO FO FTUF MJCSP MPT TVDFTJWPT
$EJHPT EF UJDB NEJDB RVF IBO FT
UBEPWJHFOUFTFO"SHFOUJOB EFMPTBPT
ZFMUFYUPEFMB-FZ
EFFKFSDJDJPEFMBNFEJDJOBEF
5-#FBVDIBNQ -#.D$VMMPVHI
UJDB .EJDB -BT SFTQPOTBCJMJEB
EFTNPSBMFTEFMPTNEJDPT-BCPS
#BSDFMPOB
)BOEJDIP#FBVDIBNQZ.D$VMMPVHI
RVF TJ MPT WBMPSFT NPSBMFT EFM QBDJFOUF
FOUSBO EJSFDUBNFOUF FO DPOnJDUP DPO
MPT WBMPSFT EF MB NFEJDJOB MB SFTQPO
TBCJMJEBE GVOEBNFOUBM EFM NEJDP FT
SFTQFUBSZGBDJMJUBSMBBVUPEFUFSNJOBDJO
EFM QBDJFOUF FO MB UPNB EF EFDJTJPOFT

BDFSDBEFTVTBMVE&TUBQPMUJDBEFIB
DFSQSJNBSMBWPMVOUBEPBVUPOPNBEFM
QBDJFOUFGSFOUFBMBEFMNEJDPMJNJUFM
QPEFSEFTUFZQSPUFHJBBRVMEFVO
BCVTJWP FOUSFUFOJNJFOUP DVMQBCMF EF
NVDIBTBCFSSBDJPOFT DPNPTPOMBTIPT
QJUBMJ[BDJPOFTOPWPMVOUBSJBTPMBTDJSV
HBTOPDPOTFOUJEBT4JOFNCBSHP FMiZP
RVJFSP RVFw EFM QBDJFOUF OP QVFEF
JOUFSQSFUBSTF DPNP VOB PSEFO EF PCMJ
HBEP DVNQMJNJFOUP QPS QBSUF EFM N
EJDPi:PRVJFSPRVFNFQSBDUJRVFVOB
PQFSBDJODFTSFBw PiZPRVJFSPRVFNF
BQMJRVFMBFVUBOBTJBw OPPCTUBOUFQPEFS
TFS EFUFSNJOBDJPOFT DPIFSFOUFT DPO FM
TJTUFNBEFWBMPSFTZBDUJUVEFTGSFOUFBMB
WJEB QPS QBSUF EFM QBDJFOUF FM NEJDP
UJFOFMBPCMJHBDJOEFDPOTVMUBSTVTQSP
QJPTWBMPSFTZQSJODJQJPT TVCVFOKVJDJP
QBSBBDDFEFSPOPBMBEFNBOEBRVFTF
MFIBDF
$BSNFO#MBT0SCO3FTQPOTBCJMJ
EBE QSPGFTJPOBM EFM NEJDP + .
#PTDI&EJUPS #BSDFMPOB
QQ
3FTQPOTBCJMJEBE QSPGFTJPOBM EFM N
EJDP &OGPRVFQBSBFMTJHMP99* FTVO
DPNQMFUPMJCSPRVFBOBMJ[BMPTEJWFSTPT
BDUPTTBOJUBSJPTRVFQVFEFODPNQSPNF
UFSMBSFTQPOTBCJMJEBEEFMGBDVMUBUJWP
&O MPT PODF DBQUVMPT EFM UFYUP FEJUB
EPQPS+.#PTDI&EJUPSFODPMBCPSB
DJOEF1SFWJTJO4BOJUBSJB/BDJPOBM TF
BCBSDBODVFTUJPOFTDPNPMBSFMBDJON
EJDPQBDJFOUFZMPTBDUPTTBOJUBSJPTRVF
TFHOMB4BMB$JWJMEFM5SJCVOBM4VQSF
NP TFFONBSDBOEFOUSPEFMBMMBNBEB
PCMJHBDJO EF SFTVMUBEP -B PCSB UBN

CJOBOBMJ[BFMDPOTFOUJNJFOUPJOGPSNB
EPEFMQBDJFOUFoDPOUFOJEP GPSNBMJ[B
DJO EFSFDIPTEFMFOGFSNP FUDUFSBoB
MBMV[EFMBTOVFWBTFYJHFODJBTJNQVFTUBT
QPS MB -FZ EF "VUPOPNB EFM 1BDJFOUF
EF
&MFSSPSEFEJBHOTUJDPZMBSFTQPOTBCJ
MJEBE EFM FRVJQP UBNCJO GPSNBO QBS
UFEFMDPOUFOJEPEFMBPCSBEF$BSNFO
#MBT EPDUPSB FO %FSFDIP RVF JODMVZF
VODPNFOUBSJPBMBTTFOUFODJBTNTSF
MFWBOUFTRVFFTUPTBTVOUPTIBEJDUBEPFM
5SJCVOBM4VQSFNP
+ $BOUJMMP Z PUSPT %JMFNBT.PSB

MFT6OBQSFOEJ[BKFEFWBMPSFTNF
EJBOUFFMEJMPHP/BV-MJCSFT 7B
MFODJB QQ
{&TQPTJCMFQPUFODJBSFMEFTBSSPMMPNPSBM
EF MBT QFSTPOBT {2V SFDVSTPT QVFEFO
TFSUJMFTQBSBFMMP {$NPTFQVFEFFEV
DBSFOWBMPSFTFOFMTFOPEFOVFTUSBTBV
MBT &TUFMJCSPUSBUBEFSFTQPOEFSBTUBTZ
PUSBTDVFTUJPOFTFOUPSOPBMBFEVDBDJO
FOWBMPSFT&OCFOFmDJPEFFTUBFEVDB
DJO EJTQPOFNPT EF VO CVFO ONFSP
EF NUPEPT RVF BZVEBO BM BMVNOBEP
FOMBSFnFYJOUJDBTPCSFMPTHSBOEFTZ
QFRVFPTQSPCMFNBTNPSBMFTEFOVFTUSP
UJFNQP &TUF USBCBKP BTQJSB B QSFTFOUBS
VOP EF FTPT NUPEPT TJO FM OJNP EF
DPOTJEFSBSMP DPNP VO TVTUJUVUP EF MPT
PUSPT TJOPDPNPVOCVFODPNQMFNFO
UP EF DVBMRVJFSB EF FMMPT &M MFDUPS FO
DPOUSBSFYQVFTUPTMPTBTQFDUPTUFSJDPT
Z QSDUJDPT EFM NJTNP BEFNT EF VOB
DBOUJEBEDPOTJEFSBCMFEFEJMFNBTNPSB
MFTQBSBBQMJDBSEJSFDUBNFOUFFOMBTBVMBT
-BFYQFSJFODJBNVFTUSBoTFHOFMFRVJ
QP RVF EFTDSJCF TV UBSFB EPDFOUFo RVF
MB EJTDVTJO EF EJMFNBT NPSBMFT QVFEF
TFSVOCVFOSFDVSTPNFUPEPMHJDPQBSB
BCPSEBSMBFEVDBDJONPSBM UBOUPEFTEF
MB BTJHOBUVSB FTQFDmDB EF UJDB DPNP
EFTEFMBFEVDBDJOFOWBMPSFTFOHFOF
SBM &M VTP EF MPT EJMFNBT DVZB QJFESB
BOHVMBSOPFTNTRVFFMSFDPOPDJNJFO
UPFOFMPUSPEFMBDBQBDJEBEEFMBiQBMB
CSBw EFMiEJBMPHPTw QVFEFMMFHBSBTFS
VOB DMBSB FKFNQMJmDBDJO EF DNP MPT
BMVNOPT DPOWFSUJEPTFOTVKFUPTBDUJWPT
DPOTUSVZFOTVQSPQJPBQSFOEJ[BKFFOMB
NFEJEB FO RVF JOUFSBDUBO SFnFYJWB
NFOUF DPO FM NFEJP Z USBUBO EF DPN
QSFOEFSMP&OVOBQPDBFOMBRVFVSHF
EFTBSSPMMBSMBDBQBDJEBEEJBMHJDBEFMBT
QFSTPOBTQBSBSFTPMWFSMPTQSPCMFNBTTJO
IBDFS VTP EF MB WJPMFODJB FT NVZ UJM
DPOPDFS FTUF QSPDFEJNJFOUP FEVDBUJWP
WMJEP QBSB TVTDJUBS FM EJMPHP Z QBSB
BEPQUBSQPTUVSBTSB[POBEBTZSB[POBCMFT
FOFMUFSSFOPEFMPTWBMPSFT EFMBTBDUJUV
EFTZEFMBDPOEVDUB
4BOESB $BQPOJ %B DPNQBJYP

TPMJEBSJEBEF 6NB HFOFBMPHB EB
BTJTUFODJBNEJDBSFJNQ&EJUPSB
'JPDSV[ 3P EF +BOFJSP
QQ
-B BVUPSB FT EPDUPSB FO 'JMPTPGB DPO
QPTEPDUPSBEB FO MBT 6OJWFSTJEBEFT EF
1JDBSEJF 'SBODJB
Z1BST7** FTQSPGF
TPSBEFM%FQBSUBNFOUPEF4BMVE1CMJ
DB EF MB 6OJWFSTJEBE 'FEFSBM EF 4BOUB
$BUBSJOB&OFTUFPCSBQSFTFOUBVOBJO
UFSFTBOUFSFnFYJOTPCSFMBTNPUJWBDJP
OFT UJDBT EFTEF MBT RVF TF MFHJUJNBSPO
MBT EJWFSTBT NPEBMJEBEFT EF BTJTUFODJB

NEJDB MPT OFDFTJUBEPT MB DPOTUJUVDJO

EFMPTIPTQJUBMFTDPNPFTQBDJPNEJDP
FM QBQFM EF MB DBSJEBE Z MB mMBOUSPQB
FM OBDJNJFOUP EF MB GBNJMJB NPEFSOB
DPNPBHFOUFEFMDPOUSPMNEJDPEFMBT
QPCMBDJPOFT ZMBFYUFOTJOEFMBJOUFS
WFODJO DMOJDB B USBWT EF MBT WJTJUBT B
EPNJDJMJP &TUBT QSDUJDBT FODVFOUSBO
TV GVOEBNFOUP UJDP FO MB DBSJEBE P
FOVOVUJMJUBSJTNPmMBOUSQJDP BQBSUJS
NVDIBTWFDFTEFSFMBDJPOFTEFBTJNFUSB
FOUSFBTJTUFOUFTZBTJTUJEPT1PSFTUP MB
BVUPSBBmSNBMBOFDFTJEBEEFQFOTBSMB
BTJTUFODJBNEJDBBQBSUJSEFWODVMPTTJ
NUSJDPT CBTBEPTFOMBTPMJEBSJEBEZMB
FRVJEBE NTBMMEFVOBOPDJODPOUJO
HFOUFOBDJEBEFMTFOUJNJFOUPEFDPNQB
TJO PEFMBTFYJHFODJBTJNQPTJUJWBTEFM
CJFOFTUBSDPMFDUJWPEFMBTBMVEQCMJDB
(PO[BMP $BTJOP .EJDPT EFEJDB

EPT 8PSME .FEJDBM "TTPDJBUJPO
.BESJE
-BTDBSBTEFMBNFEJDJOBTPOJOOVNFSB
CMFT QPSRVF MPT TJTUFNBT TBOJUBSJPT MPT
SJFTHPTQBSBMBTBMVE FMOJWFMEFWJEBEF
MPT QBTFT Z PUSPT NVDIPT GBDUPSFT EF
UFSNJOBO VOB HSBO WBSJBCJMJEBE FO MBT
DPOEJDJPOFT EF USBCBKP EF MPT NEJDPT
BMSFEFEPSEFMNVOEP-PRVFMFTVOFB
UPEPTFMMPTFTTVEFEJDBDJOBMDVJEBEP
EFMPTFOGFSNPT.EJDPTEFEJDBEPTEFM
NVOEPFTQSFDJTBNFOUFFMUUVMPEFVOMJ
CSPTJOHVMBSSFDJOFEJUBEPQPSMB8PSME
.FEJDBM"TTPDJBUJPODPOMPTQFSmMFTIV
NBOPTZQSPGFTJPOBMFTEFNEJDPTEF
QBTFT&TUPTNEJDPTEFEJDBEPTIBO
TJEPFMFHJEPTQPSTVTDPNQBFSPTEFMBT
BTPDJBDJPOFTNEJDBTOBDJPOBMFTRVF
JOUFHSBOFTUBPSHBOJ[BDJORVFQSPNVF
WFMBFYDFMFODJBFONFEJDJOBZMPTWBMP
SFTCTJDPTEFMBNFEJDJOBIVNBOJTNP
DJFODJBZUJDB
-PT NEJDPT FMFHJEPT QPS MB 8."
TPO EJHOPT SFQSFTFOUBOUFT EF FTUBT USFT
USBEJDJPOFT QFSEVSBCMFT EF MB NFEJDJ
OB &OUSF FMMPT FTUO QPS FKFNQMP FM
WFOF[PMBOP +BDJOUP $POWJU RVF BZVE
B FSSBEJDBS MB MFQSB FM DIJOP /BOTIBO
;IPOH RVF BMDBO[ OPUPSJFEBE NVO
EJBM QPS TVT USBCBKP FO MB SFDJFOUF FQJ
EFNJBEFMTOESPNFSFTQJSBUPSJPBHVEP
TFWFSP 4"34
P FM CSJUOJDP 3JDIBSE
%PMM SFDJFOUFNFOUFGBMMFDJEP RVFSFMB
DJPOIBDFBPTFMUBCBRVJTNPDPO
FMDODFSEFQVMNO5PEPTFMMPTBQPS
UBOSFnFYJPOFTRVFDPOWFOESBDPOTJEF
SBS$PNPMBRVFIBDF1FESP"MPOTP FM
OJDP FTQBPM RVF BQBSFDF FO MB MJTUB
QPSTVTSFDJFOUFTYJUPTFOFMEFTBSSPMMP
EFVOBWBDVOBFmDB[DPOUSBMBNBMBSJB
i-BFOGFSNFEBEOPFTTJNQMFNFOUFVOB
DPOTFDVFODJBEFMBQPCSF[B FTUBNCJO
VOBDBVTBEFMBQPCSF[Bw0MPRVFSF
DVFSEBFMCMHBSP/JLPMBJ5TBOLPWi"
WFDFTVOBTPOSJTBQVFEFDVSBSNTRVF
UPEBTMBTFYDFMFODJBTDJFOUmDBTRVFQP
TFBVONEJDPw0MPRVFFYQMJDB3FGBBU
,BNFM DJSVKBOPEF&HJQUPi-BNFEJDJ
OBFTVOFTUJMPEFWJEB.BOUJFOFFMDF
SFCSPWJEPZDVSJPTPw0MPRVFTFBMB
FMQTJRVJBUSBZFYQFSUPFOCJPUJDB-VJT
1JDBSE"NJ EF1BOBNi.FQSFPDVQB
QSPGVOEBNFOUFRVFMBNFEJDJOBTFDPO
WJFSUB FO VOB JOEVTUSJBw 0 MP RVF SF
nFYJPOB "EJC +BUFOF DJSVKBOP UPSDJDP
Z DBSEJPWBTDVMBS EF 4BO 1BVMP #SBTJM

i-BQSPGFTJOFYJTUFQBSBBZVEBSBRVJF
OFTTVGSFOZOPQBSBBZVEBSBMBHFOUF
BHBOBSEJOFSPw1PSTVFSUFQBSBMBQSP
GFTJO IBZ NVDIPT NVDITJNPT PUSPT
NEJDPTEFEJDBEPTDPNPFMMPT
"MGSFEP $BTUJMMP 7BMFSZ UJDB Z MF

HJTMBDJONEJDB)JTUPSJB BOMJTJT
ZTJUVBDJOBDUVBM%JTTJOMJNFE $B
SBDBT
&M BVUPS FT QSPGFTPS EF MB 'BDVMUBE EF
NFEJDJOBEFMB6OJWFSTJEBE$FOUSBMEF
7FOF[VFMB ZFTUFFTVOPEFTVTQSJNFSPT
MJCSPT EFEJDBEPT B MPT UFNBT EF UJDB Z
CJPUJDB DPOFMBOMJTJTEFMBMFHJTMBDJO
WJHFOUFFO7FOF[VFMB ZEFMPTQSJODJQB
MFTUFNBTEFUJDBNEJDB
"RVJMJOP $BZVFMB 7VMOFSBCMFT

QFOTBS MB GSBHJMJEBE &ODVFOUSP
&EJDJPOFT .BESJE
&M BVUPS QSPGFTPS EF MB 6OJWFSTJEBE
$BSEFOBM)FSSFSB $&6
IBJNQVMTBEP
VOBMOFBEFJOWFTUJHBDJOTPCSFBOUSP
QPMPHBZUJDBEFMBGSBHJMJEBEZMBEF
QFOEFODJB ZGSVUPEFFMMPFTFTUFMJCSP
-BWJEBEFMPTIPNCSFTFTWVMOFSBCMFZ
DPOGSFDVFODJBEFCFTVTVQFSWJWFODJBB
PUSBTQFSTPOBT TPDJFEBEFTZNBSDPTNP
SBMFTZKVSEJDPT-BJOGBODJB MBWFKF[Z
MPTFTUBEPTEFFOGFSNFEBE QPSMPTRVF
UPEPT MPT IPNCSFT QBTBNPT OFDFTBSJB
NFOUF QPOFOFOFWJEFODJBFTUFDBSDUFS
EFGSBHJMJEBE"MPMBSHPEFMBUSBEJDJO
EF0DDJEFOUFMBEFGFOTBUJDBZMBQSP
UFDDJO IBO TJEP DPOTUBOUFT QFSP FO
OVFTUSPT EBT UBM EFGFOTB TF IB DPNFO
[BEP B DVFTUJPOBS QSFDJTBNFOUF FO FM
NCJUPEFMB#JPUJDB
.BSJF$MBJSF $MSJFS $BUIFSJOF

0SFTWF 'MPSFODF +BOJBVE(PVJUBB
&MFODVFOUSPDPOFMFOGFSNP%V
OPE 1BST &EJDJOFO&TQB
B &EJU4OUFTJT .BESJE
QQ

-B QSJNFSB EF MBT BVUPSBT FT QTJDPBOB
MJTUB Z OFVSPQTJRVJBUSB FO 1BST Z MBT
PUSBT EPT DPBVUPSBT TPO NEJDPT HFOF
SBMFTFO1BST&MPCKFUJWPEFFTUFMJCSP
FT TFOTJCJMJ[BS BM NEJDP TPCSF MB SFBMJ
EBEQTRVJDBEFTVQBDJFOUFZQPEFSBT
NFKPSBSTVSFMBDJODPOM-BJOUFODJO
EFMFOGFSNPRVFBDVEFBMBDPOTVMUBOP
FTTJFNQSFTJNQMFNFOUFMPDBMJ[BSZDVSBS
MPTTOUPNBTRVFTVGSFQPSFTP FMFTUV
EJP BOBUPNPDMOJDP RVF TF SFBMJ[B EF
DBEBQBDJFOUFEFCFUBNCJOJODMVJSVOB
BQSPYJNBDJO QTJDPMHJDB DVZBT QBVUBT
TF QSFTFOUBO FO FTUB PCSB 4F CBTBO MBT
BVUPSBT OUFHSBNFOUF FO FKFNQMPT DM
OJDPTRVFQFSNJUFOFOUFOEFSMBEJNFO
TJO JODPOTDJFOUF RVF VOF FM DVFSQP Z
MB NFOUF FO TV DPNQMFKJEBE TPNUJDB
ZQTRVJDB QBSBBCPSEBEDNPTFEFCF
SFBMJ[BSMBDPOTVMUBZMBQSJNFSBDJUBDPO
FM FOGFSNP MB FYQMPSBDJO DMOJDB MB
NFEJDBDJOZMBTEJFUBT MBCBKBMBCPSBM
5BNCJOBCPSEBOMBFEVDBDJOQBSBMB
TBMVE MBGPSNBEFBGSPOUBSMBFOGFSNF
EBEZFMTVGSJNJFOUP FMBDPNQBBNJFO
UPFODBTPTEFESPHBEJDDJO EPMPSDS
OJDPPUSBTUPSOPTQTRVJDPT BTDPNPMB
WFKF[ZMBNVFSUF IBTUBMBDPNQBBFO
FMEVFMPBMPTGBNJMJBSFT


FO.FEJDJOB3FTQPOTBCJMJEBEQSP
GFTJPOBM$BSBDBT6OJWFSTJEBE$FO
USBMEF7FOF[VFMB QQ
BP

FO .FEJDJOB -B SFMBDJO NEJDP
QBDJFOUF +VTUJDJB 4BOJUBSJB $BSB
DBT 6OJWFSTJEBE $FOUSBM EF 7FOF
[VFMB QQ
BP
$PMFDUJWP EF BVUPSFT -FDUVSBT EF

mMPTPGB TBMVEZTPDJFEBE1SJNFSB
&EJDJO&EJUPSJBMEF$JFODJBT.EJ
DBT -B)BCBOB
&TDSJCFOTPCSFUJDBNEJDBZCJPUJDB
FOUSF PUSPT 1SF[ .BSDFMJOP 'MPSFT
+PSHF-4JOH $BSMPT1BSFEFT (JTFMB
3BNO $SEPCB 1BMBDJP #JPUJDB

'VOEBNFOUBM * Z ** 6OJWFSTJEBE
1POUJmDJB #PMJWBSJBOB .FEFMMO
$PMPNCJB Z Z
QQ SFTQFDUJWBNFOUF
&M EPDUPS 3BNO $SEPCB QFEJBUSB Z
DPOVOBMBSHBFYQFSJFODJBFOFMDBNQP
DMOJDP Z FO FM EPDFOUF UBNCJO FO FM
NCJUPEFMB#JPUJDBZEFMBGPSNBDJO
FO UJDB NEJDB EF MPT FTUVEJBOUFT EF
.FEJDJOB SFBMJ[BFOFTUPTEPTWPMNF
OFTVOSFQBTPEFMPTDPODFQUPTCTJDPT
EF MB UJDB NEJDB 4F DFOUSB EFTQVT
FOMPTWBMPSFTZFOMPTUFNBTFTQFDmDPT
EFMRVFIBDFSNEJDPZEFMDPNQSPNJTP
TPDJBMEFMNEJDP QBSBmOBMJ[BSDPOVOB
NJSBEBTFSFOBZPCKFUJWBTPCSFMPTQSP
CMFNBTNTMHJEPTFOMBBDUVBMJEBEMB
NFEJDJOBQSFQBHBEB MBDSJTJTEFMRVFIB
DFSQSPGFTJPOBMEFMNEJDP ZFMIPTQJUBM
DPNPDFOUSPEFDVSBDJO
&O FM TFHVOEP WPMVNFO BOBMJ[B FM BV
UPS EFTEF TV FYQFSJFODJB QSPGFTJPOBM
MPT GVOEBNFOUPT EF MB SFMBDJO NEJ
DPoQBDJFOUF FM +VSBNFOUP IJQPDSUJDP
MBWJHFODJBEFMB-FZEFUJDB.EJDB Z
BMHVOPTBTQFDUPTEFUJDBDMOJDB DPNP
MPTBTQFDUPTUJDPTZMFHBMFTEFMBIJTUPSJB
DMOJDB FMDPOTFOUJNJFOUPJOGPSNBEPZ
FM TJHJMP NEJDP BT DPNP MB JOGPSNB
DJOBMQBDJFOUF
3BNO $SEPCB 1BMBDJP 'VOEB

NFOUBDJO CJPUJDB QBSB FM FKFS
DJDJP EF MB NFEJDJOB 6OJWFSTJEBE
1POUJmDJB #PMJWBSJBOB *OTUJUVUP EF
UJDBZ#JPUJDB QQ
&O FTUF WPMVNFO EF #JPUJDB TFHVOEP
EFMBTFSJF FMBVUPSBQPSUBBMBTEJTDJQMJ
OBTEFMBCJPUJDBEFTEFFMFKFSDJDJPEFMB
NFEJDJOB 5SBUB EFM TJHOJmDBEP EF TFS
NEJDP MPTGVOEBNFOUPTEFMBSFMBDJO
NEJDPQBDJFOUF EFM KVSBNFOUP IJQP
DSUJDP MB WJHFODJB EF MB -FZ EF UJDB
.EJDB MBUJDBEFMBDPNVOJDBDJOFO
TBMVEZMBSFTQPOTBCJMJEBEEFMPTNEJ
DPTJOGPSNBUJWPT"VORVFFOFTUFMJCSPFM
BVUPSUSBUBQSJODJQBMNFOUFEFUFNBTEF
CJPUJDBNEJDB FTEFHSBOVUJMJEBEQBSB
UPEPT MPT QSPGFTJPOBMFT RVF UJFOFO RVF
WFSDPOMBBUFODJOFOTBMVEZQBSBPUSPT
QSPGFTJPOBMFTEFSFBTEJGFSFOUFT&OTUF
TFDPOKVHBOMPFTFODJBMZMPBDUVBM NF
EJBOUF MB FYQPTJDJO Z FM SB[POBNJFOUP
TPCSFMBWJHFODJBUSBTDFOEFOUFEFMBUJDB
ZFMFYBNFOSJHVSPTPZQPOEFSBEPEFMPT
UFNBTDSVDJBMFT NJSBEPTEFTEFMBCJPUJ
DBFOMPTUJFNQPTRVFUSBOTDVSSFO
3BNO$SEPCB1BMBDJP&MFNFOUPT
QBSBFM+VJDJP#JPUJDP4FSJF#JPUJ
DB * 6OJWFSTJEBE 1POUJmDJB #PMJWB
SJBOB *OTUJUVUP EF UJDB Z #JPUJDB
QQ
&TUB PCSB SFOF HSBO QBSUF EF MB QSP
EVDDJO JOUFMFDUVBM EFM BVUPS 3BNO
$SEPCB 1BMBDJP FO FM FKFSDJDJP EF MB
.FEJDJOBZMBEPDFODJBEFMBUJDBZMB
#JPUJDB&YQPOFMPTDPODFQUPTCTJDPT
Z FM TFOUJEP FUJNPMHJDP EF BMHVOPT
USNJOPT BOBMJ[B MPT WBMPSFT Z DPODSF
UB MB SFnFYJO FO MPT BTVOUPT SFMBUJWPT
FM RVFIBDFS NEJDP QBSB USBUBS TPCSF
MB.FEJDJOBZMBTDJFODJBT FMNEJDPZ
TVBDUJWJEBEQSPGFTJPOBMZMBGPSNBDJO
UJDBFOTBMVE5FNBTDPNPFMDPNQSP
NJTPTPDJBMEFMNEJDPZFMTFDSFUPQSP
GFTJPOBM TPO USBUBEPT FO FTUB PCSB RVF
UFSNJOBDPOVOBWJTJOTFSFOBZPCKFUJWB
EFMPTQSPCMFNBTOVDMFBSFTEFMFKFSDJDJP
NEJDPBDUVBM MBDSJTJTEFMRVFIBDFSEFM
NEJDP MBNFEJDJOBQSFQBHBEBZFMIPT
QJUBMDPNPDFOUSPEFDVSBDJO
$PNP
EJDF FO FM FOTBZP JOUSPEVDUPSJP FTUB
PCSBFOSJRVFDFS GPSNBSZ QPSRVOP
EFDJSMP DVFTUJPOBSMPTQSJODJQJPTTPCSF
MPTDVBMFTTFIBBTFOUBEPMBMBCPSNEJDB
EFMPTBPTSFDJFOUFT QBSBGPSNBSFOMPT
DSJUFSJPTNTTBOPTEFMEFTBSSPMMPCJPUJ
DPZEFMPTQSJODJQJPTIJQPDSUJDPT
3BNO $SEPCB 1BMBDJP -B #JP

UJDB Z MB QSDUJDB NEJDB QPTUNP
EFSOB 6OJWFSTJEBE 1POUJmDJB #PMJ
WBSJBOB *OTUJUVUPEFUJDBZ#JPUJDB
QQ
1BSBFTUFWPMVNFO7EFTVPCSB FMQSP
GFTPS$SEPCB1BMBDJPQBSUFEFVOKVJDJP
WBMPSBUJWPEFMDPOUFOJEPEFMB-FZ
EF EF4FHVSJEBE4PDJBM RVFSJHF
FO$PMPNCJBEFTEFFOUPODFT KVJDJPRVF
IBDFQBSUJSEFVOBBSHVNFOUBDJOTMJ
EBRVFMFQFSNJUFMBJMJDJUVECJPUJDB EF
HSBOQBSUFEFTVDPOUFOJEP1BTBMVFHP
BEBSMFVOBNJSBEBBMBGPSNBDPNPIB
DBNCJBEP FM NPEP EF FKFSDFS MB NFEJ
DJOBFOMPTUJFNQPTBDUVBMFT HFOFSBOEP
BDUJUVEFT EF MPT QSPGFTJPOBMFT NEJDPT
QPSSB[POFTRVF NJSBEBTEFTEFMBEJHOJ
EBEEFMQBDJFOUFZEFMBQSPGFTJONEJ
DB OPUJFOFOQSFTFOUBDJOUJDB
)BDFOPUBSRVFDPNPDPOTFDVFODJBEF
FTUBOVFWBGPSNBEFBDUVBSFOMBBUFO
DJO EF MPT QBDJFOUFT RVF MB NBZP
SB EF MBT WFDFT FT MB DPOTFDVFODJB EFM
DPOTUSFJNJFOUPBRVFFOUFTFYUSBPTB
MB NFEJDJOB oFTFODJBMNFOUF DPNFSDJB
MFTo TPNFUFO BM NEJDP TF QSFTFOUBO
RVFKBTZEFNBOEBTDPOUSBFMMPT DVBOEP
BMSFBMJEBEFTRVFNVZGSFDVFOUFNFOUF
TVTBDUVBDJPOFTFTUOEFUFSNJOBEBTQPS
QSFTJPOFTOPSNBUJWBTRVFMPTPCMJHBOB
QSPDFEFSTJONTPQDJOZFODPOUSBEF
TVTDPOWJDDJPOFT TPQFOBEFWFSTFDPO
EFOBEPBMPTUSBDJTNPQSPGFTJPOBM
OHFM$PSOBHP4ODIF[$PNQSFO
EFS BM FOGFSNP &EJDJPOFT 4BO 1B
CMP .BESJE QQ
$PNQSFOEFSBMFOGFSNPZBTVGBNJMJB

FTVOPEFMPTSFUPTGVOEBNFOUBMFTEFMPT
QSPGFTJPOBMFT EF MB TBMVE -P FT TPCSF
UPEP DVBOEPMBNFEJDJOBTFIVNBOJ[B
DVBOEP OP QJFSEF MB HFOVJOB WBMFODJB
UFSBQVUJDBEFMBSFMBDJOJOUFSQFSTPOBM
DVBOEP DPOTJEFSB JNQSFTDJOEJCMF VO
FOGPRVF IVNBOP FO FM FKFSDJDJP QSPGF
TJPOBM
3FDPOPDJFOEPMBWVMOFSBCJMJEBEEFMTFS
IVNBOP DPNP QVOUP EF QBSUJEB EF MB
TPMJEBSJEBE FTUBT QHJOBT OPT BZVEBO
B DPOTJEFSBS B MB QFSTPOB FO TFOUJEP
HMPCBM B SFDPOPDFS RVF MB FOGFSNFEBE
OPTMPUJFOFDBVTBTGTJDBTPGVODJPOB
MFT TJOP RVF MPT BTQFDUPT QTJDPMHJDPT
BGFDUJWPT TPDJBMFT EFTFOUJEPEFMBWJEB
JOUFSWJFOFOFOMPTQSPDFTPTEFTBMVEFO
GFSNFEBEZEFFOGFSNFEBETBMVE
OHFM $PSOBHP 4ODIF[ FT NEJDP FT
QFDJBMJTUBFO"QBSBUPEJHFTUJWPZ.FEJ
DJOB JOUFSOB %JQMPNBEP FO .FEJDJOB
1TJDPTPNUJDBZ.TUFSFO#JPUJDB)B
USBCBKBEPFOFMNFEJPSVSBM FO4FSWJDJPT
EPNJDJMJBSJPTEF6SHFODJBTZFOEJWFSTPT
IPTQJUBMFT"EFNTIBTJEPFMSFTQPOTB
CMFEFMPT4FSWJDJPT.EJDPTEFEJTUJOUBT
FNQSFTBT FOUSF FMMBT MB NVMUJOBDJPOBM
4,' ZQSFTJEFOUFEFM$PNJUEFUJDB
"TJTUFODJBMEFMSFBEF4BMVE
$BSMPT $PSSBM &M SB[POBNJFOUP

NEJDP -PT GVOEBNFOUPT MHJDPT
EFMNUPEPDMOJDP%B[EF4BOUPT
4" .BESJE QQ
-B DMOJDB IB TJEP DPOTJEFSBEB DPNP
VOB BDUJWJEBE EF TFHVOEP PSEFO EFSJ
WBEB EF MBT DJFODJBT NEJDBT CTJDBT
&TUBPCSBEFmFOEFRVFMBDMOJDBFTVOB
EJTDJQMJOBBVUOPNBEFOUSPEFMBUFPSB
NEJDBEFOVFTUSPUJFNQP%FMJNJUBMB
OBUVSBMF[BEFMPTQSPCMFNBTRVFBUBFO
BMDMOJDPZMPTGVOEBNFOUPTEFMPTEJ
WFSTPTDPNQPOFOUFTEFMBBDUJWJEBEZFM
NUPEPDMOJDPT%FUBMMBMBTCBTFTTPCSF
MBTRVFTFBTJFOUBOMPTEJWFSTPTUJQPTEF
EBUPT DMOJDPT oTOUPNBT TJHOPT EBUPT
EF QSVFCBT DPNQMFNFOUBSJBTo Z TV WB
MPSBDJO QSJODJQJPT DPODFQUVBMFT RVF
HVBOMPTQSPDFTPTEFFNJTJOEFKVJDJPT
DMOJDPTZMPTGVOEBNFOUPTRVFEJSJHFO
MB UPNB EF EFDJTJPOFT DMOJDBT 'JOBM
NFOUF BBEFFMBVUPSVOCSFWFFTUVEJP
TPCSFMPTBTQFDUPTTPDJBMFTZUJDPTEFMB
BDUJWJEBEDMOJDB
&TQFSBO[B %B[ &O UPSOP B MB FO

GFSNFEBE 'VOEBDJO &NBOVFM
.PVOJFS .BESJE QQ
{2VF SFMBDJO IBZ FOUSF MB TBMVE Z FM
IFDIP DPOUVOEFOUF EF RVF FM IPNCSF
QVFEF FOGFSNBS {2VF QBTB FO MB WJEB
EFVOBQFSTPOBDVBOEPFOGFSNB {&YJTUF
VOB GPSNB TBOB EF FOGFSNBS {5JFOF MB
FOGFSNFEBE TFOUJEP {2VJO EFCF TFS
NEJDP -B BVUPSB SFnFYJPOB FO FTUBT
QHJOBT TPCSF FTUBT Z PUSBT QSFHVOUBT B
MBMV[EFVOBQSDUJDBDMOJDBRVFRVJFSF
TFSQFSTPOBMJTUBZDPNVOJUBSJB
)PSBDJP"%PMDJOJ +PSHF':BOTFO
TPO FODPMBCPSBDJO
UJDBZCJP
UJDBQBSBFMFRVJQPEFTBMVE-JCSF
SB "LBEJB &EJUPSJBM #VFOPT "JSFT
QQ
)PSBDJP "MCFSUP %PMDJOJ FT EPDUPS FO
NFEJDJOB DPEJSFDUPSEFM$EJHPEFUJ
DB EF MB "TPDJBDJO .EJDB "SHFOUJOB
"."
ZQSFTJEFOUFEFM$PNJUEF#JP
UJDBEFMB"."+PSHF'FSOBOEP:BO
TFOTPO FT NEJDP FTQFDJBMJTUB FO (BT
USPFOUFSPMPHBF*OUFOTJWJTUB EPDFOUFEF
#JPUJDBFOMB'BDVMUBEEF.FEJDJOBEF
MB6#""NCPTDPPSEJOBOMBQSFTFOUB
DJO EF WBSJBEPT USBCBKPT EF EJTUJOUPT
DMOJDPTZBDBENJDPTBSHFOUJOPTFOUPS
OPBMPTQSJODJQBMFTBTQFDUPTEFMBCJP
UJDB RVF BGFDUBO B MPT QSPGFTJPOBMFT EFM
FRVJQPEFTBMVE
0DUBWJBOP %PNOHVF[ .SRVF[

#JPUJDB 0CKFDJO EF DPODJFODJB
FO MPT TFSWJDJPT EF TBMVE %&.
.YJDP QQ
(SBOQBSUFEFFTUFUFYUPFTFMDPOUFOJEP
EF MB UFTJT EF HSBEP DPNP NBHTUFS FO
#JPUJDBQPSMB6OJWFSTJEBE"OIVBDEF
.YJDPEFMBVUPS"OBMJ[BMPTFMFNFOUPT
DPODFQUVBMFTZTVBQMJDBDJOJOUFSQSFUB
UJWBFOFMBDUPCJPNEJDP MBFYQSFTJO
RVF UJFOFO FO MB QSDUJDB NEJDB Z MB
PCKFDJO EF DPODJFODJB MBT QSJODJQBMFT
DPSSJFOUFT mMPTmDBT FO MB CJPUJDB Z
mOBMNFOUF SFBMJ[B VOB QSPQVFTUB MFHBM
QBSB.YJDP
+BNFT'%SBOF$NPTFSVOCVFO
NEJDP 4BO1BCMP 4BOUB'FEF#P
HPU
-BUJDBNEJDBFTIPZVOUFNBDBOEFO
UF%BUSBTEBTPONPUJWPEFDPNFO
UBSJPT UFNBT DPNP FM EF MB FVUBOBTJB
MBTNBESFTTVTUJUVUBT MPTKVJDJPTQPSVO
NBM BCPSEBKF EF MB DJFODJB NEJDB MPT
EFSFDIPTEFMQBDJFOUFyFUD4JOJHOPSBS
UPEPFMMP MBUJDBBQVOUBFOTVTFOUJEP
CTJDPBMiTFSwEFVOCVFONEJDP
'MPSFODJP &TDBSE $BSUB BCJFSUB B

MPT QBDJFOUFT 'VOEBDJO 4PDJFEBE
"SHFOUJOB EF 1FEJBUSB &EJDJPOFT
#VFOPT"JSFT QQ
&MEPDUPS'MPSFODJP&TDBSEIBTJEPVOP
EFMPTSFOPWBEPSFTEFMBQFEJBUSBBSHFO
UJOBIBTUBTVGBMMFDJNJFOUPFOBMPT
BPT %FTEF KPWFO TF PSJFOU B MPT
BTQFDUPTQTJDPFNPDJPOBMFTZTPDJBMFTEF
MBQFEJBUSB MVDIDPOUSBFMBCBOEPOPZ
FMIPTQJUBMJTNP JNQVMTMBJOUFSOBDJO
DPOKVOUB NBESFoIJKP DPNP DPOEJDJO
EFIVNBOJTNPZFmDBDJBJOFMVEJCMF FO
FM )PTQJUBM EF /JPT 3JDBSEP (VUJ
SSF[ &TDSJCJ OVNFSPTBT PCSBT UBOUP
QBSB NEJDPT DPNP QBSB FM QCMJDP FO
HFOFSBM ZFOUSFTUBT MBQSFTFOUF$BSUB
BCJFSUBBMPTQBDJFOUFT QSFTFOUBEBBIP
SBZBDUVBMJ[BEBQPSFMUBNCJOQFEJBUSB
/PSCFSUP 4 #BSBODIVL -BT DPOUFTUB
DJPOFTBBMHVOBTQSFHVOUBTRVFTFIBDF
FMBVUPSQVFEFOBZVEBSOPTBFOGPDBSEF
NPEP EJTUJOUP MB SFMBDJO NEJDPoQB
DJFOUF FO OVFTUSP DPOUFYUP BDUVBM RV
NFEJDJOBOPTJOUFSFTBDVMFTFMQVOUP
EFWJTUBEFMPTQBDJFOUFTRVJOFTTPOMPT
NEJDPTRVBQPSUBMBOVFWBNFEJDJOB
&O EFmOJUJWB TFHO FM EPDUPS #BSBO
DIVL TFOFDFTJUBVOOVFWPNEJDPQBSB
VO OVFWP QBDJFOUF Z FTUB PCSB PGSFDF
VOBCJFOJOUFSFTBOUFQFSTQFDUJWB
+BJNF &TDPCBS 5SJBOB $PPSE

&O
TBZPT FO CJPUJDB 6OB FYQFSJFO
DJB DPMPNCJBOB $PMFDDJO #JPT Z
&UIPT O 6OJWFSTJEBE &M #PT
RVF #PHPU
"TQFDUPTCJPUJDPTEFMBTHVBTJOUFHSBMFT
EFBUFODJO-BFEVDBDJOFOEFSFDIPT

IVNBOPTZFOCJPUJDB$VJEBEPTJOUFO
TJWPTZCJPUJDBBMHVOBTSFnFYJPOFT#JP
UJDBZDJSVHBQMTUJDB-BBEPMFTDFODJB
QVOUPEFFODVFOUSPEFEPTQBSBEJHNBT
FMQBUFSOBMJTUBZFMBVUPOPNJTUB"TQFD
UPTCJPUJDPTEFVONPEFMPEFBUFODJO
PEPOUPMHJDB

1SPCMFNBTEFUJDBBQMJDBEB'VO
EBNFOUBDJO Z FTUVEJP EF DBTPT
&EJDJPOFT &M #PTRVF #PHPU $P
MPNCJB QQ
5FNBT EF GVOEBNFOUBDJO mMPTmDB
UJDBBTJTUFODJBM UJDBZUFPSBEFMBBD
DJO OPDJO EF QSPGFTJO Z SFGFSFOUFT
UJDPT JNQPSUBODJBEFMBSFnFYJOmMPT
mDBFOMBGPSNBDJONEJDB&VUBOBTJB
DMPOBDJO VUJMJUBSJTNPEF1FUFS4JOHFSZ
BOJNBMFT/PFYQPOFODBTPT $PPSEJOB
MBFEJDJO'BCJP"MCFSUP(BS[O

4FJTNJ
SBEBTTPCSFMBCJPUJDBDMOJDB$PMFD
DJO #JPT Z &UIPT O 6OJWFSTJEBE
&M#PTRVF #PHPU
1BOPSBNB BDUVBM EF MB JOGFDDJO QPS
7*) Z EFM 4JEB %POBDJO DBEBWSJDB
EFSHBOPTZUFKJEPT%JMFNBTCJPUJDPT
&VUBOBTJBVOEFSFDIPEFMQBDJFOUF#JP
UJDBEFMPTFOTBZPTDMOJDPT6OBNJSBEB
CJPUJDBEFMPTDVJEBEPTQBMJBUJWPT%JMF
NBTUJDPTFOMBTEFDJTJPOFTUFSBQVUJDBT
EFSFDJOOBDJEPTQSFUSNJOP
3BM(BS[B(BS[B#JPUJDB MBUPNB
EFEFDJTJPOFTFOTJUVBDJPOFTEJGDJ
MFT&EJUPSJBM5SJMMBT QQ
&M EPDUPS (BS[B IB TJEP QSPGFTPS EF
1BUPMPHB FO MB 8BTIJOHUPO 6OJWFSTJ

UZ .FEJDBM 4DIPPM
FO MB
'BDVMUBE EF .FEJDJOB 6"/-

ZBDUVBMNFOUFQSPGFTPS5JUVMBSEF
1BUPMPHB 1SFHSBEPZ1PTUHSBEP
EFMB
6OJWFSTJEBEEF.POUFSSFZEFTEFB
MBGFDIB.BHTUFSFO#JPUJDBQPSFM$P
MFHJPEF#JPUJDBEF/VFWP-FO FTBD
UVBMNFOUFQSPGFTPSEFUJDBZQSPGFTPS
5JUVMBSEF#JPUJDBEFMB6OJWFSTJEBEEF
.POUFSSFZ EFTEF
FT QSFTJEFOUF
EFM $PNJU EF #JPUJDB EFM )PTQJUBM
i$ISJTUVT .VHVFS[B .POUFSSFZw Z EFM
)PTQJUBM $ISJTUVT .VHVFS[B $PODIJUB
QSFTJEFOUF EF MB $PNJTJO EF #JPUJDB
EFM $PMFHJP EF .EJDPT $JSVKBOPT EFM
&TUBEPEF/VFWP-FO
+PT(FSBMEPEF'SFJUBT%SVNPOE0
iFUIPTw NEJDP " WFMIB F B OPWB
NPSBMNEJDB6OJWFSTJEBE6OJNPO
UFT .POUFT $MBSPT QQ
&MBVUPSFTNEJDP FTQFDJBMJTUBFO"OB
UPNB1BUPMHJDBZFO.FEJDJOB-FHBM
QSPGFTPS FO MB 6OJWFSTJEBE EF .JOBT
(FSBJT EFTQVTFOMBEF.POUFTDMBSPT
ZBIPSBSFDUPSFOMBEF.POUFT$MBSPT
6OJNPOUFT&OFTUFMJCSPBOBMJ[BMBIJT
UPSJB EF MB UJDB NEJDB DVM EFCF TFS
MBUJDBEFMPTNEJDPT FMFTUBEPBDUVBM
EF MB QSBYJT NEJDB 5BNCJO FTUVEJB
MPT $EJHPT EF UJDB NEJDB FYJTUFOUFT
FO#SBTJM MBSFTQPOTBCJMJEBEUJDBEFMPT
NEJDPT Z MPT $POTFKPT 3FHJPOBMFT EF
NFEJDJOB "BEF CBTUBOUFT BOFYP DPO
VOBNVZCVFOBEPDVNFOUBDJO
+PSHF(JTQFSU$SVFMMT$PODFQUPTEF
CJPUJDBZSFTQPOTBCJMJEBENEJDB
.BOVBM.PEFSOP FEJD .YJDP
QQ
&M BVUPS FT NEJDP DJSVKBOP QPS MB
6/". Z BTFTPS NEJDP EFM *.44 EF
.YJDP "DUVBMNFOUF o TFHO +PSHF
(JTQFSUoiMPTNEJDPTSFRVJFSFOEFVOB
UJDBDMOJDBRVFMPTBQPZFFOMBBUFODJO
EF TVT QBDJFOUFT RVF TF TVTUFOUF FO MB
CJPUJDB FO MPT WBMPSFT EF MB WJEB Z EF
MBIVNBOJEBE RVFOPFYDMVZBMBTUSBEJ
DJPOFT QFSPRVFMBTVCJRVFFOFMNVO
EP DPOUFNQPSOFPw 1MBOUFB MB NBZPS
QBSUFEFMPTEJMFNBTCJPUJDPTEFMBNF
EJDJOB DPOUFNQPSOFB DPO VOB CVFOB
SFDPQJMBDJOEFJOGPSNBDJO ZMPTVCJDB
FO MB SFBMJEBE EF QBTFT DPNP .YJDP
DPOMBTJNJUBDJPOFTFVOQBTFOWBTEF
EFTBSSPMMPZDPOTVQSPQJBJEJPTJODSBTJB
1BSBFMMP SFWJTBUBNCJOMBCJCMJPHSBGB
FEJUBEBFO.YJDP QVFTTFUSBUBEFQSF
TFOUBSVOQBOPSBNBHFOFSBMEFMB#JP
UJDBEJSJHJEPFTQFDJBMNFOUFBMPTNEJ
DPTZFTUVEJBOUFTEF.FEJDJOB
"OBMJ[B FO QSJNFS MVHBS MB #JPUJDB
NEJDB QSPGFTJPOBM DPO FM QFSmM EFM
NEJDP MBSFMBDJODPOFMQBDJFOUF MPT
DEJHPTEFUJDBNEJDBZMPTEFSFDIPT
ZEFCFSFT&OTFHVOEPUSNJOPBCPSEB
MB#JPUJDBNEJDBIPTQJUBMBSJB DPOBM
HVOPTEFMPTQSPCMFNBTRVFTFQMBOUFBO
FOFTFNCJUPQSPGFTJPOBMZMPTDPNJUT
EFCJPUJDBNEJDB-BUFSDFSBTFDDJOMB
EFEJDBBMB#JPUJDBNEJDBTPDJBM DPO
MPT UFNBT EF NVFSUF EJHOB FVUBOBTJB
USBTQMBOUF EF SHBOPT JOWFTUJHBDJO Z
CJPHFOUJDB &O MB MUJNB QBSUF FYQP
OF MPT UFNBT SFGFSFOUFT B MBT EJTUJOUBT
DMBTFT EF SFTQPOTBCJMJEBE NEJDB Z FM

RVFIBDFS EF MB $PNJTJO /BDJPOBM EF
%FSFDIPT )VNBOPT Z EF MB $PNJTJO
/BDJPOBMEF"SCJUSBKF.EJDP DPOVOB
NVZCVFOBFYQFSJFODJBTUBMUJNBFOMB
NFEJBDJOFOUSFMPTQSPGFTJPOBMFTEFMB
TBMVEZMPTQBDJFOUFT
"OUPOJP (PEPZ 5PNB EF EFDJTJP

OFT Z KVJDJP DMOJDP 6OB BQSPYJ
NBDJOQTJDPMHJDB 1JSNJEF $P
MFDDJOEF1TJDPMPHB .BESJE
QQ
&M BVUPS FT QSPGFTPS EF MB 6OJWFSTJEBE
EF.MBHBEFEJWFSTBTNBUFSJBTSFMBDJP
OBEBT DPO FM EJBHOTUJDP QTJDPMHJDP
1BSB UPNBS VOB EFDJTJO DPSSFDUB FO
QTJDPMPHB DMOJDB OP CBTUB DPO RVF MPT
EBUPT TFBO OVNFSPTPT Z EF DBMJEBE P
IBCFS FGFDUVBEP VOB CVFOB FOUSFWJTUB
DMOJDB Z PCUFOJEP FM SFTVMUBEP EF UFTUT
BMUBNFOUF mBCMFT -B UFTJT EFM BVUPS FT
RVF EFCFO DPNCJOBSTF MB JOGPSNBDJO
DMOJDB Z MPT FSSPSFT RVF TF DPNFUFO B
WFDFT QBSBTBCFSDNPDPSSFHJSMPTBOB
MJ[BMBUBSFBEFMPTQTJDMPHPTDMOJDPTZMB
FmDBDJBEFTVTJOUFSWFODJPOFT MBTUFPSBT
RVFIBOJOUFOUBEPFYQMJDBSFTPTFSSPSFT
ZMBTIBCJMJEBEFTDMOJDBTRVFTFQVFEFO
Z EFCFO BQSFOEFS Z FOTFBS 4F EJSJHF
BMPTQTJDMPHPT QFSPUJFOFJHVBMNFOUF
JOUFSTQBSBUPEPTMPTQSPGFTJPOBMFTDM
OJDPTFOTVRVFIBDFSBTJTUFODJBM
"MFKBOESP(PJD&MmOEFMBNFEJDJ
OB&EJUPSJBM.FEJUFSSOFP 4BOUJBHP
EF$IJMF QQ
&M EPDUPS "MFKBOESP (PJD FT QSPGFTPS
5JUVMBSEF.FEJDJOBEFMB6OJWFSTJEBE
EF $IJMF FTQFDJBMJTUB FO &EVDBDJO

.EJDB Z&EJUPSEFMB3FWJTUB.EJDB
EF$IJMFEVSBOUFBPT&TUFFOTBZP
oQSFNJPEFUJDB.EJDBEFM$P
MFHJP.EJDPEF$IJMFoDPOTUJUVZFVOB
QSPGVOEBSFnFYJOUJDBTPCSFMBNFEJ
DJOB TVTGVOEBNFOUPTZmOFT ZVOBBE
WFSUFODJBTPCSFMPTSJFTHPTRVFFOGSFOUBO
IPZFMQBSBEJHNBNEJDPEFSB[IJQP
DSUJDB RVFIBQFSTJTUJEPQPSNTEFEPT
NJMFOJPTTVTUFOUBEPFOMBDPOmBO[BZMB
UJDBEFMBSFMBDJONEJDPQBDJFOUF
-BQSJODJQBMDSUJDBBMBNFEJDJOBBQVO
UBBVOBEFTIVNBOJ[BDJOEFMBQSDUJ
DBQSPGFTJPOBM BMBGBMUBEFFRVJEBEFO
FM BDDFTP EF MB QPCMBDJO B MB BUFODJO
NEJDB B TVT DSFDJFOUFT DPTUPT Z B VO
QFSDFQUJCMF NFSDBOUJMJTNP RVF QBSFDF
IBCFS JOWBEJEP TV FKFSDJDJP &TUF MJCSP
FTUEJSJHJEPOPTMPBMPTNEJDPTTJOP
UBNCJOBMQCMJDPFOHFOFSBM
"OB *TBCFM (NF[ $PPSE

%JMF
NBTUJDPTZSFTQPOTBCJMJEBEGSFO
UF BM FSSPS NEJDP Z B MPT FWFOUPT
BEWFSTPT FO MB BUFODJO FO TBMVE
6OJWFSTJEBEEFM3PTBSJP $PMPNCJB
QQ
-B'BDVMUBEEF.FEJDJOBEFMB6OJWFS
TJEBEEFM3PTBSJP BDPSEFDPOMBNJTJO
JOTUJUVDJPOBMEFCSJOEBSBTVTFTUVEJBOUFT
VOBTMJEBGPSNBDJOFOBTQFDUPTUJDPT
ZQSPZFDDJOTPDJBMBUSBWTEFMBJOWFTUJ
HBDJO DSFBFONBZPEFMFM$FOUSP
*OUFSJOTUJUVDJPOBMEF&TUVEJPTFO#JPUJ
DBZ%FSFDIP.EJDP DPOGPSNBEPQPS
VOHSVQPEFQSPGFTJPOBMFTEFMBTBMVEZFM
EFSFDIPWJODVMBEPTDPNPEPDFOUFTBMB
'BDVMUBEEF.FEJDJOBPQFSUFOFDJFOUFT
B JOTUJUVDJPOFT QSFTUBEPSBT EF TFSWJDJPT
EF TBMVE DPO MBT DVBMFT MB 6OJWFSTJEBE

UJFOF DPOWFOJP EPDFOUF BTJTUFODJBM 4V
PCKFUJWP QSJODJQBM FT HFOFSBS JOGPSNB
DJORVFBQPZFMBGPSNBDJOJOUFHSBMEF
MPTFTUVEJBOUFTEFNFEJDJOBEFQSFHSBEP
Z QPTUHSBEP FO BTQFDUPT IVNBOTUJDPT
CJPUJDPTZMFHBMFT
+FTT (PO[MF[ $BKBM .BOVBM EF

CJPUJDB DMOJDBQSDUJDB '6%&/
.BESJE QQ
&MBVUPSFTNEJDPQTJRVJBUSB NBHTUFS
FO#JPUJDB QSFTJEFOUFEFM$PNJU"TJT
UFODJBMEFUJDBEFM)PTQJUBM-B1SJODF
TB EF .BESJE $PO M IBO DPMBCPSBEP
$BSNFO(BMENF[Z7DUPS"NBZB&O
FTUF.BOVBMFYQPOFTVFYQFSJFODJBFOFM
EFTBSSPMMPEFVO$PNJUEFUJDBFOMB
WJEB EJBSJB EFM )PTQJUBM QFSP B MB WF[
FTVOBSFnFYJOTPCSFMPTGVOEBNFOUPT
EFTVBDUVBSZTPCSFMB#JPUJDBNJTNB
&YQPOF MB BQMJDBDJO EF MPT QSJODJQJPT
CJPUJDPT B DBTPT DMOJDPT FM DPOTFOUJ
NJFOUP JOGPSNBEP Z MB DPODSFDJO FO
MPTGPSNVMBSJPTEFDPOTFOUJNJFOUPFOFM
IPTQJUBM ZMBSFHMBNFOUBDJOZWJEBEFM
QSPQJP$PNJU
%JFHP (SBDJB 1SPDFEJNJFOUPT EF

EFDJTJO FO UJDB DMOJDB &6%&
." .BESJE QQ
&M BVUPS DBUFESUJDP EF )JTUPSJB EF MB
NFEJDJOB FO MB 6OJWFSTJEBE $PNQMV
UFOTF Z QJPOFSP EF MB JOUSPEVDDJO EF
MB#JPUJDBFO&TQBBZ-BUJOPBNSJDB
BCPSEB FO FTUF MJCSP MPT NUPEPT EF MB
UJDBDMOJDB DPOMBTEJGFSFOUFTFOGPRVFT
Z FYQFSJFODJBT QSJODJQBMJTUB DBTVTUJDP
EFTEFMBUJDBEFMBWJSUVEZFMNUPEP
OBSSBUJWP FM FOGPRVF DMOJDP Z BMHVOPT
QSPDFEJNJFOUPTTJODSUJDPT&OMBTFHVO
EBQBSUFEFMMJCSPFYQPOFTVSFTQVFTUBB
MBQSFHVOUBQPSFMGVOEBNFOUPmMPTm
DPEFMBUJDBDMOJDBFMQSPCMFNBEFMPT
MNJUFT EF MB SBDJPOBMJEBE IVNBOB FO
CVTDBEFVOGVOEBNFOUPUSBTDFOEFOUBM
QBSBMBUJDBZMBFTUSVDUVSBEFMBSBDJP
OBMJEBEUJDB
%JFHP (SBDJB #JPUJDB $MOJDB &M

#IP #PHPU QQ
FEJUBEPFOUPNPTVOBTFSJFEFFTUVEJPT
EFM QSPGFTPS %JFHP (SBDJB BQBSFDJEPT
FOMPTMUJNPTBPTFOEJGFSFOUFTSFWJT
UBT &O MB QSJNFSB QBSUF BCPSEB TPCSF
UPEPMPTQSPDFEJNJFOUPTEFEFDJTJOFO
UJDB DMOJDB MB IJTUPSJB EF MPT DPODFQ
UPTEFTBMVEZFOGFSNFEBE MBUJDBEFMB
GSBHJMJEBE Z MPT DBNCJPT BDUVBMFT FO MB
SFMBDJONEJDPoQBDJFOUF&OMBTFHVO
EBQBSUF FTUVEJBBMHVOPTEFMPTEJMFNBT
UJDPT FO EJGFSFOUFT FTQFDJBMJEBEFT N
EJDBTFOBUFODJOQSJNBSJB PODPMPHB
QTJRVJBUSB : mOBMNFOUF BCPHB QPS
VOB DVMUVSB EF MB SFTQPOTBCJMJEBE BOUF
MBTESPHBT
%JFHP(SBDJBZ+BWJFS+EF[UJDBFO
MBQSDUJDBDMOJDB&EJUPSJBM5SJBDBT
UFMB .BESJE QQ
-BCJPUJDBFTQBPMBIBBMDBO[BEPZBVO
HSBEPOPUBCMFEFNBEVSF[RVFTFSFnFKB
UBOUP FO TVT JOTUJUVDJPOFT DPNP FO MPT
UFYUPTRVFTFQSPEVDFO.VDIPTEFFT
UPTUFYUPTUJFOFOVOFMFWBEPOJWFMUFSJ
DP QFSPOPFTGDJMFODPOUSBSVONBOVBM
QSDUJDPEFDBMJEBEDPNQBSBCMFBMPTRVF
ZBFYJTUFOFOMBDVMUVSBBOHMPTBKPOB-B
QSFTFOUFPCSBUJFOFDPNPPCKFUJWPQBTBS
EFMBCJPUJDBUFSJDBBMBCJPUJDBJOUF
HSBEBFOMBQSDUJDBDMOJDBEFMPTQSPGF
TJPOBMFTTBOJUBSJPT ZNVZFTQFDJBMNFOUF
FOMBNFEJDJOBEFGBNJMJB
1BSBFMMP FM
*OTUJUVUP EF #JPUJDB EF MB 'VOEBDJO
EF$JFODJBTEFMB4BMVESFVOJFO
VOHSVQPJOUFSEJTDJQMJOBS GPSNBEPQPS
NEJDPT FOGFSNFSBT QTJDMPHPT KVSJT
UBT Z CJPFUJDJTUBT
RVF IB WFOJEP EFTB
SSPMMBOEPFTUFUSBCBKPEFTEFFOUPODFT
&MSFTVMUBEPTFQSFTFOUBFOFTUFMJCSP&M
QSJNFSDBQUVMPFYQPOFMBNFUPEPMPHB
EFMBEFMJCFSBDJONPSBM-PTEFNTTF
FTUSVDUVSBOTPCSFDBTPTDMOJDPTDPUJEJB
OPTRVFTVTDJUBOQSFHVOUBTUJDBTDVZBT
SFTQVFTUBTTFCVTDBOFOMBUFPSBNPSBM
ZFOMBMFHJTMBDJOQFSUJOFOUF-PTUFNBT
QMBOUFBEPT JODMVZFO FM DPOTFOUJNJFOUP
JOGPSNBEP MB DBQBDJEBE P DPNQFUFO
DJBMBDPOmEFODJBMJEBEZNBOFKPEFMB
JOGPSNBDJODMOJDBMBUPNBEFEFDJTJP
OFTDPOFMQBDJFOUFNFOPSMBMJNJUBDJO
EFMFTGVFS[PUFSBQVUJDPFMEFCFSEFOP
BCBOEPOBS BM QBDJFOUF FM VTP SBDJPOBM
EFSFDVSTPTMBTBDUJWJEBEFTQSFWFOUJWBT
MBHFTUJOEFMBTCBKBTMBCPSBMFTZMBTSF
MBDJPOFTFOUSFMPTQSPQJPTQSPGFTJPOBMFT
TBOJUBSJPT &TUB PCSB DPOTJHVF BSUJDVMBS
FMSJHPSUFSJDPDPOFMFOGPRVFQSDUJDP
QBSBPGSFDFSVOBFYDFMFOUFJOUSPEVDDJO
HFOFSBMBMBUJDBDMOJDB
%JFHP (SBDJB 1SPDFEJNJFOUPT EF

EFDJTJOFOUJDBDMOJDB5SJBDBTUF
MB .BESJE
-B QSFTFOUF PCSB NPOPHSmDB FTU EF
EJDBEBBFYQPOFSEJWFSTPTNUPEPTQBSB
FM BOMJTJT EF MPT QSPDFEJNJFOUPT EF

UPNBEFEFDJTJPOFTUJDBTFOMBQSDUJDB
DMOJDB QMBOUFBNJFOUPT QSJODJQBMJTUBT
DBTVTUJDPT OBSSBUJWPT DMOJDPT TJODSUJ
DPT5SBTQBTBSSFWJTUBBUPEPTFMMPT FM
BVUPSBOBMJ[BDSUJDBNFOUFMBGVOEBNFO
UBDJOEFMPTNJTNPTBUSBWTEFMFTUVEJP
EFMPTMNJUFTEFMBSBDJPOBMJEBEIVNB
OB MBCVTDBEFVOGVOEBNFOUPUSBTDFO
EFOUBM QBSB MB UJDB Z MB FTUSVDUVSB EFM
SB[POBNJFOUPNPSBM&MMJCSPDPODMVZF
DPO MB QSPQVFTUB EF VO NUPEP RVF
QSFUFOEFTFSUJMQBSBUPEPTMPTQSPGFTJP
OBMFTTBOJUBSJPTRVFJOUFSWJFOFOFOFTUF
UJQP EF EFDJTJPOFT NEJDPT HFTUPSFT
FOGFSNFSBT BTJTUFOUFTTPDJBMFT FUD6OB
OVFWBJOUSPEVDDJOSFEBDUBEBFO
FYQPOF MB QFSTQFDUJWB BDUVBM TPCSF FTUF
MJCSPQVCMJDBEPPSJHJOBMNFOUFFO
%JFHP(SBDJBFTDBUFESUJDPEF)JTUPSJB
EFMB.FEJDJOBZEJSFDUPSEFM.TUFSEF
#JPUJDBFOMB6OJWFSTJEBE$PNQMVUFO
TF .JFNCSP EF MB 3FBM "DBEFNJB EF
.FEJDJOBZ1SFTJEFOUFEFM1BUSPOBUPEF
MB 'VOEBDJO EF $JFODJBT EF MB 4BMVE
#JPUJDB%FCBU

)BTUJOHT $FOUFS -PT mOFT EF MB

NFEJDJOB 5SBEVDDJO BM DBTUFMMBOP
EFPSJHJOBMJOHMT 'VOEBDJO7DUPS
(SBGPMT J -VDBT #BSDFMPOB
&EJDJO FMFDUSOJDB QPS #JPUJDB Z
%FCBUF 8FCEFM*OTUJUVUP#PSKBEF
#JPUJDB
&MEPDVNFOUPRVFFMBCPSFMHSVQPEF
JOWFTUJHBEPSFT EFM )BTUJOHT $FOUFS Z
RVFBIPSBTFUSBEVDFBMDBTUFMMBOP FTVO
JOUFOUP EF EFTNJUJmDBS MB NFEJDJOB B
mOEFRVFFMFKFSDJDJPEFMBNJTNBDPOT
UJUVZBFGFDUJWBNFOUFVOQSPHSFTPQBSBMB
IVNBOJEBE-PTmOFTEFMBNFEJDJOB B
mOBMFTEFMTJHMP99 EFCFOTFSBMHPNT
RVF MB DVSBDJO EF MB FOGFSNFEBE Z FM
BMBSHBNJFOUPEFMBWJEB
$POMBUSBEVDDJOEFFTUFEPDVNFOUP MB
'VOEBDJO7DUPS(SGPMTJ-VDBTRVJFSF
QPOFSEFNBOJmFTUPMBDBMJEBEZFMWBMPS
EFTVDPOUFOJEPQBSBMPTPCKFUJWPTRVF
BSUJDVMBO MBT BDUJWJEBEFT EF MB 'VOEB
DJO BT DPNP GBWPSFDFS Z DPOUSJCVJS
B TV EJGVTJO FOUSF UPEPT BRVFMMPT RVF
TFNVFWFOFOMBSCJUBEFMBTMMBNBEBT
iDJFODJBTEFMBTBMVEw$BUFHPSBFCP
PLT 'FDIB EF QVCMJDBDJO FO MB 8FC
IUUQXXXGVOEBDJPHSJGPMT
PSHEPDTQVCFTQQEG
(PO[BMP )FSSBO[ $PNFOUBSJPT BM

$EJHP EF UJDB Z %FPOUPMPHB
NEJDB &6/4" FE /BWBSSB

i/PFTOJFYUFOTPOJQSPGVOEPFMDPOP
DJNJFOUPEFM$EJHPEFUJDBZ%FPO
UPMPHB .EJDB FOUSF MPT NEJDPT FT
QBPMFT/JNVDIPNFKPSQBSFDFTFSFM
NPEPFORVFTFDVNQMFOTVTNBOEBUPT
ZDPOTFKPT.JFOUSBTOPUFOHBNPTIFDIB
VOBJOWFTUJHBDJOTFSJBRVFNJEBFMHSB
EPEFDPOPDJNJFOUPZEFBDFQUBDJOEFM
$EJHP QBSFDF MP NT QSVEFOUF TVQP
OFSRVFTPONVDIPTMPTNEJDPTRVFMP
JHOPSBOZQPDPTMPTRVFJOTQJSBOFOMTV
DPOEVDUB&TVOBQFOB QPSRVF BMMBEP
EFQSFDFQUPTRVFQPESBOJONVOJ[BSOPT
DPOUSBDJFSUPTFSSPSFTQSDUJDPT FM$EJ
HPBOJNBBWJWJSJEFBMFTUJDPTRVFOPT
BZVEBSBOBMPTNEJDPTBDSFDFSFOFT
UBUVSBQSPGFTJPOBMZIVNBOB ZBUSBUBSB
OVFTUSPT QBDJFOUFT DPO NT DPNQBTJO
ZSFTQFUP
4VGSJNPTFO&TQBBZEFTEFIBDFZBNT
EFRVJODFBPTVOMBNFOUBCMFWBDPFO
MB FEVDBDJO EFPOUPMHJDB EF MPT FTUV
EJBOUFT EF .FEJDJOB 4PO NVDIBT MBT
QSPNPDJPOFTEFNEJDPTKWFOFTRVFTF
IBO WJTUP QSJWBEPT EF FTB JNQSFTDJOEJ
CMFGPSNBDJO KVTUBNFOUFDVBOEPNT
MBOFDFTJUBCBO&TDBTJTFHVSPRVFOVODB
IBOIBCMBEPFOTFSJPFOUSFTEFMPRVF
FTMBUJDBQSPGFTJPOBM2VJ[TOBEJFMFT
IBNPTUSBEPRVWBMPSFTZFTUNVMPTTF
DPOUJFOFOFOMPTBSUDVMPTEFM$EJHP:
MPRVFFTQFPSIBOMFEPFOBMHVOBQBSUF
RVFFM$EJHPFTVOSFTJEVPWFTUJHJBMEF
VONPEPEFFOUFOEFSMBQSPGFTJO RVF
MB EFPOUPMPHB FT BMHP RVF FTU FO WBT
EFFYUJODJO
/FDFTJUBNPT FO &TQBB JOUFOTJmDBS MB
QSFTFODJB EFM SB[POBNJFOUP UJDP FO
OVFTUSPTIPTQJUBMFTZDPOTVMUPSJPT4PO
QPDPTMPTNEJDPTZQPDBTMBTJOTUJUVDJP
OFTTBOJUBSJBTRVFTJFOUFOBGPOEPZDPO
TJODFSJEBE MB QSFPDVQBDJO QPS WJWJS Z
EJTDVUJSMBEFPOUPMPHBEFMBQSPGFTJO
1BSBUSBUBSEFSFNFEJBSFTBTJUVBDJOZ
EJTJQBS MB JHOPSBODJB UBO FYUFOEJEB FO
UPSOP BM $EJHP IF EFDJEJEP SFVOJS
FOMBTQHJOBTRVFTJHVFOVOPTDPNFO
UBSJPT BM UFYUP EFM $EJHP EF UJDB Z
%FPOUPMPHB .EJDB QBSB RVF TJSWBO
EF NBUFSJB EF SFnFYJO B MPT NEJDPT
TPCSFUPEPBMPTKWFOFT ZBMPTBMVN
OPT EFM DVSTP EF %FPOUPMPHB NEJDB
.FHVTUBSBRVFMFTBZVEBSBBJSUPNBO
EPDPODJFODJBEFTVTSFTQPOTBCJMJEBEFT
QSPGFTJPOBMFTQSFTFOUFTPGVUVSBTw &Y
USBDUBEPEFMB*OUSPEVDDJOEFMQSPQJP
BVUPS

"MCFSU 3 +POTPO .BSL 4JFHMFS

8JMMJBN+8JOTMBEFUJDB$MOJDB
"SJFM .BESJE QQ
UJDB$MOJDBFTVOMJCSPFTDSJUPDPOVOB
JOUFODJO NVZ DMBSB MB EF PGSFDFS VO
NUPEPQBSBQFOTBS EFMJCFSBSZEFDJEJS
TPCSFMPTJOOVNFSBCMFTQSPCMFNBTUJDPT
DPO MPT RVF UJFOFO RVF FOGSFOUBSTF MPT
DMOJDPT FO TV BDUJWJEBE DPUJEJBOB -PT
BVUPSFT NEJDPTZQSPGFTPSFT FTDSJCFO
DPO FM PCKFUJWP EF BQPSUBS VO FOGPRVF
RVFGBDJMJUFMBSFnFYJOTPCSFMBTDPNQMF
KJEBEFTTVCZBDFOUFTBMPTQSPCMFNBTRVF
MPTDMOJDPTBGSPOUBOFOMBWJEBSFBMZ BM
NJTNP UJFNQP SFVOJS EF GPSNB DPO
DJTB MBT PQJOJPOFT NT SFQSFTFOUBUJWBT
FOUPSOPBMPTQSPCMFNBTUJDPTNTBS
RVFUQJDPTEFMBQSDUJDBEFMBNFEJDJOB
"QBSUJSEFVOFOGPRVFQSDUJDPMPTBV
UPSFT RVJFSFO PGSFDFS VOB BMUFSOBUJWB B
MPTNBOVBMFTEFCJPUJDB PEFUJDBN
EJDB&TUFMJCSP RVFFOJOHMTDVFOUBZB
DPOWBSJBTSFFEJDJPOFT QVFEFTFSEFHSBO
BZVEBQBSBBGSPOUBSMPTQSPCMFNBTUJDPT
TVSHJEPTEFMBQSDUJDBDMOJDB
+VBO .BOVFM +VODFEB 7JEB 4BMVE

ZDPODJFODJB%JBHOTUJDPUJDPTP
CSFMB.FEJDJOBBDUVBM4BO1BCMP
.BESJE QQ
&M BVUPS FT EPDUPS FO .FEJDJOB QPS MB
6OJWFSTJEBEEF4BOUJBHPEF$PNQPTUF
MB KFGFEFMTFSWJDJPEF0GUBMNPMPHBEFM
)PTQJUBM$FOUSBMEF"TUVSJBT&TUFMJCSP
FTVOBDFSDBNJFOUPBMPTQSPCMFNBTZEJ
MFNBTUJDPTRVFFODVFOUSBOMPTNEJDPT
USBTDBEBQBDJFOUF BMBTTPMVDJPOFTRVF
TFQSFDJTBOFOFTUBSFMBDJO ZBMBQSP
GVTJO EF OPWFEBEFT BTJTUFODJBMFT QBSB

MBT RVF BO TF DBSFDF EF KVJDJPT PSJFO

UBEPSFT 1BSUJFOEP EF MBT CBTFT Z QSJO
DJQJPTUJDPTEFMBDPOEVDUBIVNBOB FM
BVUPSEFmOFMBTBDUJUVEFTRVFUPEBTMBT
QFSTPOBTRVFBUJFOEFOBVOFOGFSNPTF
WFO PCMJHBEBT B BEPQUBS &TUF MJCSP FT
EFVUJMJEBEQSDUJDBQBSBFMUSBCBKPDPUJ
EJBOPEFMNEJDPZIBDFSFGFSFODJBBMB
DSFBDJO EFTBSSPMMP Z GVODJPOFT EF MPT
DPNJUTEFUJDBIPTQJUBMBSJPT
"MGSFEP +PSHF ,SBVU -PT EFSFDIPT

EFMPTQBDJFOUFT&EJUPSJBM"CFMFEP
1FSSPU #VFOPT"JSFT QQ
:BEFTEFFM1SFGBDJP FMBVUPSFYQPOFTV
FOGPRVFEFMUFNBMPTEFSFDIPTEFMPTQB
DJFOUFTOPTPOVOEFSFDIPTVCKFUJWPNT
MBTBMVE JODMVZFOEPFOFTUFDPODFQUPFM
FTUBEPEFCJFOFTUBSJOUFHSBMEFMBQFSTP
OBIVNBOB
FTVOBSFGFSFODJBEJSFDUBZ
FYUFOTBBMPTEFSFDIPTIVNBOPT
%FTEFBMMEFTOVEBFMUSBUBNJFOUPNFS
DBOUJM FO FM RVF MB BUFODJO BTJTUFODJBM
IB DBEP QSPWPDBOEP MB DSJTJT EF MB SF
MBDJO NEJDPoQBDJFOUF DPOUFNQMB FM
QSPHSFTP DJFOUmDP FO FM DBNQP EF MB
NFEJDJOBQBSBFMRVFSFDMBNBVOSFBKVT
UFZSFBDUVBMJ[BDJOEFMBTSFTQVFTUBTUJ
DPKVSEJDBTTVQFSBMBBOUJOPNJBQSPGF
TJPOBMoFOGFSNPFOMBEJTUSJCVDJOEFMB
SFTQPOTBCJMJEBEDJWJMQBSBBIPOEBSFOMB
JOFMVEJCMFFJOEFMFHBCMFGVODJOEFM&T
UBEPFOMBQSPNPDJOEFMJOUFSTDPNO
ZMBHBSBOUBEFMPTEFSFDIPTGVOEBNFO
UBMFT EF MPT DJVEBEBOPT Z FM QBDJFOUF
QPSDJFSUP MPFT

/PEFKBEFMBEPMPTBTQFDUPTKVEJDJBMFT
Z QSPDFTBMFT RVF EFCFSBO HBSBOUJ[BS FM
SFTQFUPQPSMPTEFSFDIPTEFFTUPTQBDJFO
UFT FO QBSUJDVMBS TPNFUJEPT WPMVOUBSJB
Z FONVDIPTDBTPT JOWPMVOUBSJBNFOUF
B USBUBNJFOUPT DPO JOUFSOBDJO P MJNJ
UBDJPOFT B TV MJCFSUBE BNCVMBUPSJB /P
QJFSEFEFWJTUBoKVSJTUBBMmOoFMBOMJTJT
EFMEBPZFMSJFTHPRVFFTUBTBGFDDJPOFT
FOUSBBO%BPBMQBDJFOUF EBPBUFS
DFSPT
&M USBUBNJFOUP TPMWFOUF Z FYIBVTUJWP
OJDPoIBTUBEPOEFUFOHPDPOPDJNJFO
UPoFOMBEPDUSJOBKVSEJDBBSHFOUJOB EF
MB TJUVBDJO EF MPT FOGFSNPT NFOUBMFT
EF MB TJUVBDJO NBOJDPNJBM Z TVT QPTJ
CMFT BMUFSOBUJWBT QPOF EF NBOJmFTUP FM
QSPGVOEPZTFHVSBNFOUFQSPMPOHBEPFT
UVEJPQSFWJPEFMBDVFTUJO FMBQPSUFEF
EBUPT DPODSFUPT SFWFMBO MB BCVOEBODJB
EFFYQFSJFODJBTUFOJEBTFODVFOUBQPSFM
BVUPSBMFMBCPSBSZmKBSTVQPTJDJO
%FTQVT EF MB MFDUVSB EF FTUB PCSB OP
EFKBOEFBTPNCSBSOPTBVTFODJBTOPSNB
UJWBT FO UBO EFMJDBEP Z TFOTJCMF QVOUP
DPNPMPFTMBTBMVENFOUBMGBMUBEFEFm
OJDJOEFMBFOGFSNFEBENFOUBM FOVOB
BNQMJBHSBEBDJO
EFDSJUFSJPTPCKFUJWPT
QBSBMBJOUFSOBDJOJOWPMVOUBSJB EFQB
TPTRVFHBSBOUJDFOFMiEFCJEPQSPDFTPw
FO MBT DBVTBT FO RVF TF TVTUBODJBO MBT
SEFOFTEFSFDMVTJOEFFOGFSNPTNFO
UBMFT OJTFQSFWMBQPTJCJMJEBEEFSFTJT
UJS MB JOUFSOBDJO RVF QPDBT WFDFT FTU
TPNFUJEBBVOFGFDUJWPDPOUSPMKVSJTEJD
DJPOBM&TUPTTPOBMHVOPTEFMPTQVOUPT
RVFOPTJNQJEFOTFOUJSRVFWJWJNPTFO
VO FTUBEP EF EFSFDIP SFBM Z DJFSUP DBCF
QSFHVOUBSOPT{FTRVFMPTEFSFDIPTIVNB
OPT TPO TMP SFDPOPDJEPT QBSB BMHVOBT
QFSTPOBT P QFPS BO {MPT JOEJWJEVPT

BGFDUBEPTNFOUBMNFOUFOPTPOQFSTPOBT
QBSBMBQSPUFDDJOEFMBMFZ
-B TBMVE NFOUBM FT FM QVOUP EF EFTFO
DVFOUSP EF MPT QSJODJQJPT TPDJBMFT GVO
EBNFOUBMFT Z FM %FSFDIP TUF BQBSFDF
JOFSNF GSFOUF B MBT FYJHFODJBT QMBOUFB
EBT QPS MPT WBMPSFT DPNQSPNFUJEPT FO
MBNBUFSJBMBEJHOJEBE MBJOUJNJEBE MB
MJCFSUBE MBTBMVEyFOmO MBWJEBEFMPT
QBDJFOUFT QTJRVJUSJDPT -B OPSNBUJWB
FO UBOUP EFDJTJO QPMUJDB EF OVFTUSB
TPDJFEBE OP QBSFDF FTUBS iIFDIB B MB
NFEJEBEFMIPNCSFTJOPRVFFTUIFDIB
TPMBNFOUF QBSB BMHVOPT IPNCSFT RVF
QPTFFO MBT GVFS[BT EF QSPEVDDJO FTU
IFDIBTPMBNFOUFQFOTBOEPFOMBFmDJFO
DJBQSPEVDUJWBwEJDFFMBVUPS 1H

DJUBOEPB#BTBMMB 5FPEPSB;BNVEJP
SFWJTUB $VBEFSOPT EF #JPUJDB "SHFOUJ
OB

.JHVFM ,PUUPX Z 3FJOBMEP #VTUPT

"OUSPQPMPHB NEJDB &EJUPSJBM
.FEJUFSSOFP 4BOUJBHP EF $IJMF
QQ
-PT EPT BVUPSFT EF FTUF MJCSP EFEJDBEP
BMBBOUSPQPMPHBNEJDBTPONJFNCSPT
EFM%FQBSUBNFOUPEF#JPUJDBZ)VNB
OJEBEFT .EJDBT EF MB 6OJWFSTJEBE EF
$IJMF 1PS FTP VOFO MPT DPOPDJNJFO
UPTEFBOUSPQPMPHBDPOMPTEFCJPUJDB
EFKBOEP DMBSP MB DFSDBOB FYJTUFOUF FO
USF BNCPT iSFNPWJFOEP FM FTUVEJP EFM
IPNCSF EFTEF VOB NFSB EFTDSJQDJO
DJFOUmDBIBDJBVODPNQSPNJTPRVFIB
TJEP EJWFSTBNFOUF MMBNBEP UFSBQVUJ
DP FNQFBEP FO NFKPSBS MP FYJTUFOUF
P BDUJWJTUB FTUVEJBOEP TV PCKFUP DPNP
VO QSPCMFNB B NPEJmDBS Z TVHJSJFOEP

TPMVDJPOFTwi-BGVODJOFTFODJBMRVFTF
QVFEFBTJHOBSBMBBOUSPQPMPHBNEJDB
oTFHO MPT BVUPSFT FO FM DBQUVMP mOBM
EF FTUF MJCSPo FT EFWFMBS F JOUFSQSFUBS
MPT WBMPSFT Z MBT TJHOJmDBDJPOFT RVF MBT
QFSTPOBTEFTBSSPMMBOFOUPSOPBMBFOGFS
NFEBE TVUSBUBNJFOUPZTVQSFWFODJO
&TUBMBCPSFTDMBSFDFEPSBPGSFDFBMBCJP
UJDBMPTDPODFQUPTOFDFTBSJPTQBSBEFTB
SSPMMBSTVQSPQJBUBSFBEFBTJHOBS IBDFS
SFTQFUBS Z GPSUBMFDFS MPT WBMPSFT RVF MB
BOUSPQPMPHBSFWFM)BZ QVFT VOBDFS
DBOBJOOFHBCMFFOUSFMPBOUSPQPMHJDPZ
MPUJDP QPSFYUFOTJOMPCJPUJDPw
-PTQSPCMFNBTFTUVEJBEPTQPSMB#JPUJDB
oMPDPUJEJBOPEFMBNFEJDJOBDMOJDB MB
TBMVEQCMJDB MBJOTUSVNFOUBMJ[BDJOEF
MPT QSPDFTPT OBUVSBMFT EF SFQSPEVDDJO
ZNVFSUF FUDoDPOTUJUVZFOVODPNQMF
KPNBUFSJBMRVFTPMJDJUBMBSFnFYJOZFM
FTDMBSFDJNJFOUPUBNCJOEFTEFMBBOUSP
QPMPHB NEJDB Z TUF FT FM JOUFOUP EF
MPTBVUPSFTEFFTUFMJCSP
+BDRVFMJOF-BHSF&MNEJDP FMFO
GFSNPZFMmMTPGP-BFTGFSBEFMPT
-JCSPT .BESJE QQ
-B BVUPSB FT mMTPGB FTQFDJBMJTUB FO MB
QPDBDMTJDB QSPGFTPSBEF)JTUPSJBEFMB
'JMPTPGB.PEFSOBFOMB6OJWFSTJEBEEF
3FOOFT 'SBODJB 1BSUJDJQB EFTEF IBDF
RVJODFBPTFOFM$PNJU3FHJPOBMEF
UJDBEF3FOOFT ZSFDPHFFOFTUFMJCSP
TVTPCTFSWBDJPOFTTPCSFMPTDBNCJPTQSP
EVDJEPTFOMBSFMBDJONEJDPoQBDJFOUF
Z TPCSF MBT DVFTUJPOFT UJDBT WJODVMBEBT
DPOFMEPMPS MBFOGFSNFEBEZMBNVFSUF
-B.FEJDJOBFTiBSUFEFMBWJEBwDPNPUJ

UVMBTVDPODMVTJOmOBM ZQBSFFTPEFCF
SFnFYJPOBSTPCSFBRVJOTFDVJEB RV
RVJFSF EFDJS IBCMBS MB QSPQJB QSDUJDB
NEJDBZMBTWJSUVEFTRVFEFCFOUFOFSFM
FOGFSNPZFMNEJDPQBSBDPNQSFOEFS
TFZWJWJSDPOKVOUBNFOUFMBTTJUVBDJPOFT
EFFOGFSNFEBEZNVFSUF EFOUSPEFVOB
iUJDBEFMBTPMJDJUVEw
1FESP -BO &OUSBMHP -B SFMBDJO

NEJDPQBDJFOUF "MJBO[B 6OJWFSTJ
EBE .BESJE QQ
&TUB FT VOB EF MBT NVDIBT PCSBT OPUB
CMFTEFMJOTJHOFNEJDPIVNBOJTUB&O
i-B SFMBDJO NEJDPFOGFSNP )JTUPSJB
ZUFPSBwIBDFVOQFOFUSBOUFBOMJTJTEF
VOBTVOUPRVFFTDFOUSBMZEFDJTJWPQBSB
MB QSDUJDB NEJDB 4BCFNPT RVF MB SF
MBDJO NEJDPQBDJFOUF TF SFmFSF B MPT
EJWFSTPT GFONFOPT RVF PDVSSFO BOUFT
EVSBOUFZEFTQVTEFMFODVFOUSPEFMN
EJDPDPOTVFOGFSNPFOTVSPMEFUBMFT
ZRVFDPOTUJUVZFFMFKFGVOEBNFOUBMEFM
FKFSDJDJP DMOJDP EF JOTPOEBCMF JNQPS
UBODJB EJBHOTUJDB Z UFSBQVUJDB &TUB
SFMBDJOJOUFSQFSTPOBMTVJHFOFSJT QVFEF
TFS BOBMJ[BEB EFTEF EJTUJOUBT QFSTQFDUJ
WBTDMOJDB QTJDPMHJDB UJDB IJTUSJDB
TPDJBMF JODMVTP mTJPMHJDB-BOMPIBDF
mOBNFOUF EFM QVOUP EF WJTUB DMOJDP F
IJTUSJDP%PTMJCSPTRVFIBCBQVCMJDB
EP QSFWJBNFOUF i.FEJDJOB F )JTUPSJBw
Z i-B IJTUPSJB DMOJDBw MP IBCSBO EF
DPOEVDJSBTVUFPSBEFMBSFMBDJOFOUSF
FM NEJDP Z FM QBDJFOUF &O i.FEJDJOB
F )JTUPSJBw TF QSPQVTP JOEBHBS iMP RVF
FOMBFYQFSJFODJBEFMNEJDPUJFOFDBSDUFS
IJTUSJDP Z MP RVF FO FMMB QPTFF DPOEJDJO
USBOTIJTUSJDBw DPODMVZFOEP RVF iQPS
FODJNBEFMBTJOHFOUFTWBSJBDJPOFTIJTUSJ
DBTRVFFOTVFYQSFTJOIBJEPNPTUSBOEP
MBWJEBIVNBOB BMHP DVBOEPVOIPNCSF
TF FODVFOUSB BNJTUPTBNFOUF DPO PUSP oZ
UBMFTFMDBTPEFMFKFSDJDJPNEJDPTJTUFFT
MPRVFEFCFTFSo USBTDJFOEFJOUFODJPOBMZ
SFBMNFOUFFMDPOTUBOUFNVEBSEFMBIJTUP
SJBw-BIJTUPSJBDMOJDBMBIBCBEFmOJEP
DPNPiFMSFMBUPEFMPTTVDFTJWPTFODVFOUSPT
FOUSFEPTIPNCSFTw MMFHBOEPBMBDPODMV
TJOEFRVFiFORVFBNCPTVOPFOUBOUP
NEJDP PUSPFOUBOUPFOGFSNPTPOBMBWF[
OBUVSBMF[BZQFSTPOBw&OMBQSJNFSBQBS
UFEFMMJCSP-BSFMBDJONEJDPoQBDJFOUF
-BOEFTBSSPMMBMBIJTUPSJBEFMBSFMBDJO
FOMB(SFDJBDMTJDB FOFMDSJTUJBOJTNPZ
FOMBTPDJFEBENPEFSOBTFDVMBSJ[BEB-B
TFHVOEB QBSUF MB EFEJDB B MB UFPSB EF
MB SFMBDJO NEJDPoQBDJFOUF FO FM DVB
ESPEFMBTSFMBDJPOFTJOUFSIVNBOBT MPT
NPUJWPTEFUFSNJOBOUFTEFMBSFMBDJO MB
DPNVOJDBDJOFOUSFFMNEJDPZFMFO
GFSNP MPTNPNFOUPTBGFDUJWP DPHOPT
DJUJWP PQFSBUJWP Z UJDPoSFMJHJPTP EF MB
SFMBDJO Z mOBMNFOUF MB DPOTJTUFODJB
TPDJBM EF FMMB %JGDJMNFOUF FYJTUF FO MB
MJUFSBUVSB PUSB PCSB RVF USBUF FO GPSNB
UBODPNQMFUB QSPGVOEBZPSJHJOBMMBSF
MBDJO NEJDPoQBDJFOUF DPNP MP IBDF
-BOFOTVFTQMOEJEPMJCSP RVFQPEF
NPTDPOTJEFSBSVODMTJDPFOMBNBUFSJB
1FESP -BO &OUSBMHP &M NEJDP Z

FM FOGFSNP &EJUPSJBM 5SJBDBTUFMB
QQ
&O 1FESP -BO &OUSBMHP QVCMJD
VO WPMVNJOPTP MJCSP UJUVMBEP -B SFMB
DJO NEJDPFOGFSNP RVF FT IPZ VO
BVUOUJDP DMTJDP $JODP BPT EFTQVT
BQBSFDJ VOB QSFDJPTB TOUFTJT EF TVT
JEFBT GVOEBNFOUBMFT FO GPSNB EF VO
QFRVFPMJCSPJMVTUSBEP &MNEJDPZFM
FOGFSNP RVFGVFTFMFDDJPOBEPQBSBVOB
FEJDJO JOUFSOBDJPOBM FO TJFUF JEJPNBT
TUFFTFMUFYUPRVFBRVTFSFFEJUB
-BPCSBSFTVNFEFGPSNBNBHJTUSBMMPT
FMFNFOUPTDPOTUBOUFTZMPTDBNCJPTRVF
TF IBO JEP QSPEVDJFOEP B MP MBSHP EF
WFJOUJDJODP TJHMPT FO MB GPSNB EF SFMB
DJPOBSTFFMNEJDPZFMFOGFSNP4PCSF
MBCBTFEFFTUFSFDPSSJEPIJTUSJDP MBTF
HVOEBQBSUFSFBMJ[BFMBOMJTJTUFSJDPEF
FTBSFMBDJO RVFFTMBFTFODJBNJTNBEF
MBQSDUJDBDMOJDB
6OBOVFWBJOUSPEVDDJO EF+PT-[BSP
Z %JFHP (SBDJB
FYQPOF MPT QSPGVOEPT
DBNCJPTPDVSSJEPTFOMBSFMBDJONEJ
DPFOGFSNP FO MPT BPT USBOTDVSSJEPT
EFTEFRVF-BOFTDSJCJFMMJCSPIBTUBMB
BDUVBMJEBE-BQSFTFOUFFEJDJOJODMVZF
VOBDPMFDDJOEFJMVTUSBDJPOFTTFMFDDJP
OBEBT DPO MB DPMBCPSBDJO EFM QSPGFTPS
-QF[1JFSP
&TUBPCSBUJFOFFMSJHPS MBPSJHJOBMJEBEZ
FMFYDFMFOUFFTUJMPMJUFSBSJPRVFDBSBDUFSJ
[BOB-BO$PODFCJEBQBSBVOQCMJDP
BNQMJP FTFMJOTUSVNFOUPJEFBMQBSBVO
QSJNFSBDFSDBNJFOUPBMBTJEFBTEFVOP
EF MPT QFOTBEPSFT NEJDPT FTQBPMFT
NTJNQPSUBOUFTEFMTJHMPWFJOUF
1JMBS -FO 4BO[ *NQMBOUBDJO EF

MPT EFSFDIPT EFM QBDJFOUF $PMFD
DJO "TUSPMBCJP $JFODJBT 4PDJBMFT
.BESJE QQ
{2VJOHBSBOUJ[BFMTFDSFUPEFNJTEBUPT
NEJDPT {%OEF RVFEB DPOTUBODJB EF
NJTJOTUSVDDJPOFTQSFWJBT {"RVJOQFS
UFOFDF MB IJTUPSJB DMOJDB {1VFEP DBN
CJBS EF NEJDP P EF DFOUSP BTJTUFODJBM

QCMJDPTJOQSPCMFNBT {1VFEFOVUJMJ[BS
MPTJOWFTUJHBEPSFTNJTEBUPTQBSBFMBCP
SBSFTUBETUJDBTZBTBZVEBSBMEFTBSSPMMP
EFMB.FEJDJOB
%FTEFFMNCJUPKVSEJDP DMOJDPZEFPO
UPMHJDP TFFTUVEJBOFOFTUFMJCSPMPTBT
QFDUPTNTEFCBUJEPTZOPWFEPTPTEFMB
MFZ -FZ SFHVMBEPSBEFMBBVUP
OPNBEFMQBDJFOUFZEFTVEFSFDIPBMB
JOGPSNBDJODMOJDB
ZTVTJNQMJDBDJPOFT
FO MB BDUJWJEBE DPUJEJBOB EF MPT EJTUJO
UPTDPMFDUJWPTJOWPMVDSBEPT BRVJFOFTWB
EJSJHJEP FM MJCSP NEJDPT FOGFSNFSPT
GBSNBDVUJDPT JOWFTUJHBEPSFT QPMUJDPT
Z KVSJTUBT UPEPT BRVFMMPT RVF FODBSBO
EBBEBMBQSDUJDBDMOJDBZRVFIBOEF
UPNBSEFDJTJPOFTFOMBTRVFTFQMBOUFBO
DVFTUJPOFTEFUJDB EFEFSFDIPNEJDP
ZEFQSPHSBNBDJOBTJTUFODJBM
1JMBS-FO4BO[ MJDFODJBEBFO.FEJDJ
OBQPSMB6$.ZEPDUPSBFO.FEJDJOB
QPSMB6EF/BWBSSB IBDPNQBHJOBEP
QVFTUPTEFHFTUJO DPOMBEPDFODJBZMB
JOWFTUJHBDJO"DUVBMNFOUFFTQSPGFTPSB
"HSFHBEBZEJSFDUPSBEFM%FQBSUBNFOUP
EF)VNBOJEBEFT#JPNEJDBTEFMB6OJ
WFSTJEBEEF/BWBSSB
+BWJFS -QF[ EF MB 1FB -PT EFSF

DIPT EFM QBDJFOUF 5SJMMBT .YJDP
QQ
&MBVUPS FTPSJHJOBSJPEFM%'.EJDP
FHSFTBEPEFMB&TDVFMB4VQFSJPSEF.FEJ
DJOB*1/1PTUHSBEPFO$BSEJPMPHBQPS
MB%JWJTJOEF&TUVEJPT4VQFSJPSFTEFMB
'BDVMUBE EF .FEJDJOB EF MB 6/". Z
FTQFDJBMJEBEFO.FEJDJOB*OUFSOBQPSFM

)PTQJUBM(FOFSBMEF.YJDPEFMB44"
.JFNCSP OVNFSBSJP EF MB 4PDJFEBE
.FYJDBOBEF)JTUPSJBZ'JMPTPGB "$
-PTEFSFDIPTIVNBOPTTPOZEFCFOTFS
TJFNQSF UFNB EF BDUVBMJEBE $POTUJUV
ZFOFMDBCBMMPEFCBUBMMBEFMBTPDJFEBE
WJEBEFKVTUJDJBZMFZ&MBVUPSUSBUBFO
FTUFMJCSPEFMPTEFSFDIPTFOFMUFSSFOP
EFMBTBMVEZDPODSFUBNFOUFFOFMEFMPT
EFSFDIPT RVF BM QBDJFOUF BTJTUFO FO TV
SFMBDJODPOFMQSFTUBEPSEFTFSWJDJPTEF
TBMVE-BOJDBMJHBRVFDPOKVOUBBMQB
DJFOUFDPOFMQSPGFTJPOBMEFMBNFEJDJOB
FTMBFOGFSNFEBEPMBTBMVEUSBTUPDBEB
"T FM FKF TPCSF FM RVF HJSBO BNCPT FT
MB TBMVE ZB BNFOB[BEB P FWJEFOUFNFO
UF RVFCSBOUBEB Z FM BOEBNJBKF RVF TF
DPOTUSVZFBTVBMSFEFEPSTFUFKFSFTVNJ
EBNFOUFDPOMPTQSFDFQUPTNEJDPTEF
CFOFmDFODJB OP EBBS TFS KVTUPT SFT
QPOTBCJMJEBE MFBMUBEZSFTQFUPBTVBV
UPOPNBZBMPTQSFDFQUPTRVFHVBOBM
QBDJFOUFIBDJBFMNEJDP EFDPOmBO[B
IPOFTUJEBE BEIFSFODJB B MBT JOEJDBDJP
OFTZOPUJmDBDJOPQPSUVOBEFDBNCJPT
JOFTQFSBEPT&TUBSFMBDJOQBDJFOUFoQSP
GFTJPOBMEFMBNFEJDJOB DPOUJFOFVOBTF
SJFJNQPSUBOUFEFEFSFDIPT%FIFDIP
TV SFMBDJO FT VOB SFMBDJO DPOUSBDUVBM
BNQBSBEBQPSQSFDFQUPTDPOTUJUVDJPOB
MFT Z NFUB DPOTUJUVDJPOBMFT &T EFDJS
DPOFYUFSOBMJEBEFTZBKVSEJDBTPEFPUSB
OEPMFBMBTRVFEFCFTVKFUBSTF
3JDBSEPEF-PSFO[PZ.POUFSP%F
SFDIPT Z PCMJHBDJPOFT EF MPT QB
DJFOUFT$PMFY QHJOBT
$PO FTUB PCSB 3JDBSEP EF -PSFO[P
BCPHBEP Z QSFTJEFOUF EF MB "TPDJBDJO
&TQBPMB EF %FSFDIP 4BOJUBSJP MBO[B

BMBBDUVBMJEBEKVSEJDBVOPEFMPTQSJ
NFSPTBOMJTJTTJOUUJDPTEFMBOVFWB-FZ
EF"VUPOPNBEFM1BDJFOUF
&MMJCSPUJFOFFMQSPQTJUPEFTFSVONB
OVBMEFDPOTVMUBSQJEBRVFTJUVBSBMN
EJDPFOFMMVHBSBEFDVBEPQBSBSFTPMWFSMF
MBTEVEBTRVFTFMFQMBOUFFOTPCSFFMDPO
TFOUJNJFOUP JOGPSNBEP Z MB EPDVNFO
UBDJO DMOJDB FO TV RVFIBDFS EJBSJP -B
BNQMBCJCMJPHSBGBRVFDPOUJFOFMBPCSB
TFSVOBQPZPJOFTUJNBCMFQBSBBNQMJBSFM
DPOPDJNJFOUPFODVBMRVJFSBEFFTUBTNB
UFSJBT FTFODJBMFTFOFM%FSFDIP4BOJUBSJP
%F -PSFO[P SFJWJOEJDB MB JNQPSUBODJB
EFM DPOTFOUJNJFOUP JOGPSNBEP QBSB MB
.FEJDJOBi$POTUJUVZFVOFSSPSFTUJNBS
RVFFTVOFMFNFOUPFYUSBPBMBQSDUJ
DBNEJDB JNQVFTUPFYUFSOBNFOUFQPS
FMEFSFDIPZRVFOPTJHOJmDBPUSBDPTB
NT RVF VO BSUJmDJP MFHJTMBUJWP NBZPS
CVSPDSBDJBZQSEJEBEFUJFNQP1PSFM
DPOUSBSJP USBUBEFEFWPMWFSBMBSFMBDJO
NEJDPoQBDJFOUFTVPSJHJOBMTJHOJmDBEP
EFSFMBDJOEFDPOmBO[Bw
&MFOB -VHP 3FMBDJO NEJDPQB

DJFOUF &ODVFOUSP JOUFSQFSTPOBM
UJDB Z &TQJSJUVBMJEBE 1POUJmDJB
6OJWFSTJEBE$BUMJDBEF1VFSUP3JDP
QQ
-BBVUPSBFTEPDUPSBFO'JMPTPGBQPSMB
(FPSHFUPXO 6OJWFSTJUZ DBUFESUJDB F
JOWFTUJHBEPSBEFUJDB#JPNEJDBZ'J
MPTPGBEFMB.FEJDJOBFOMB6OJWFSTJEBE
EF1VFSUP3JDPFO.BZBHF["VUPSBEF
WBSJPTMJCSPTTPCSFCJPUJDB NJFNCSPEF
MB1POUJmDJB"DBEFNJBQBSBMB7JEB
"CPSEB FO FM QSFTFOUF MJCSP MB DBMJEBE

EFM DVJEBEP JOUFSQFSTPOBM FO FM NCJ
UPEFMBTBMVE DPNPDVFTUJOUJDBRVF
EFCFBQPZBSTFZGPNFOUBSTFGSFOUFBMPT
EFTBGPT QSPWFOJFOUFT EF MB BMUB UFDOP
MPHBZMBCVSPDSBDJBEFMPTTJTUFNBTEF
TBMVE1BSBNVDIPTEFMPTQBDJFOUFTZEF
MPTQSPGFTJPOBMFT MBDBMJEBEEFMDVJEBEP
oTPCSF UPEP BM mOBM EF MB WJEBo JNQMJ
DB BEFNT VO DPNQSPNJTP DPO MB UJ
DB QSPGFTJPOBM Z B MB WF[ VOB BUFODJO
FYQMDJUBBMBEJNFOTJOFTQJSJUVBMEFMB
FYJTUFODJB IVNBOB -B BVUPSB JOUFOUB
GPSNVMBSDSUJDBNFOUFFTUPTJOUFSSPHBO
UFTEFTEFVOBQFSTQFDUJWBmMPTmDBRVF
BCBSRVFMBDPOEJDJOIVNBOBDPODSFUB
ZBMBWF[ TVUSBTDFOEFODJBRVFTVQFSBMB
JOEJWJEVBMJEBEEFMBWJEBDPUJEJBOB
*SFOF -VQQJ &M FODVFOUSP NEJ

DPQBDJFOUF {"SNPOB P DPOnJDUP
6/3&EJUPSB 3PTBSJP "SHFOUJOB
QQ
-B BVUPSB FT JOWFTUJHBEPSB EFM $FO
USP EF &TUVEJPT 4BOJUBSJPT Z 4PDJBMFT
EF MB "TPDJBDJO .EJDB EF 3PTBSJP
EPDFOUFEFMB6OJWFSTJEBEOBDJPOBMEF
3PTBSJP)BDFOUSBEPTVJOWFTUJHBDJO
FOMBTDJFODJBTTPDJBMFTZTBMVEEFTEF
"CPSEBFOFTUBPCSBDPNPPC
KFUPEFFTUVEJPMBQSPQJBBUFODJOEF
TBMVEFO3PTBSJP ZTFBOBMJ[BOMBTSF
MBDJPOFTFOUSFFTUSVDUVSBT QSPDFTPTZ
SFTVMUBEPTFOMBTQSFTUBDJPOFT FOVOB
JOWFTUJHBDJODVBMJUBUJWBFYQMPSBUPSJB
DPO FM QSPQTJUP EF EFmOJS PQDJPOFT
PSJFOUBEBT B VOB NFKPS DBMJEBE EF
BUFODJO "OBMJ[B MPT NPEFMPT EF SF
MBDJONEJDPQBDJFOUF MBNFUPEPMP
HB EFM FTUVEJP EF DBTPT Z QSFTFOUBS
MPT SFTVMUBEPT EF TVT FODVFOUSPT DPO

NEJDPT
+PT "MCFSUP .BJOFUUJ )PNP *O

mSNVT5FYUPTZDPNFOUBSJPT*OT
UJUVUP EF )VNBOJEBEFT .EJDBT
'VOEBDJO +PT .BSB .BJOFUUJw
2VJSO -B1MBUB
-BQSFTFOUFBOUPMPHBEFUFYUPTDMTJDPT
EF "OUSPQPMPHB 'JMPTmDB FT DPNQMF
NFOUBSJB EF VOB BOUFSJPS FO OVFTUSB
TFSJFEF5FYUPTZ$PNFOUBSJPT ZDVNQMF
JHVBM QSPQTJUP EJEDUJDP DPNP GPSNB
EFFYQPTJDJORVFTFIBQSPCBEPUJMFO
MBFOTFBO[BEFMBEJTDJQMJOB QVFTGBDJMJ
UBBMBMVNOPFMFKFSDJDJPTFOMBMFDUVSBZ
DPNFOUBSJPEFMBTGVFOUFTmMPTmDBT-B
OPWFEBEEFMBDUVBMWPMVNFOFTTVJOUFO
UPEFSFnFKBS FOMPTGSBHNFOUPTFTDPHJ
EPT MBIJTUPSJBEFVOBJEFBEFMIPNCSF
oIPNPJOmSNVToDVZBFMBCPSBDJOTJTUF
NUJDBPGSFDFNPTJOUSPEVDUPSJBNFOUF B
NPEPEFHVBQBSBSFDPHFSMPTNPUJWPT
RVFQSFTUBSBODJFSUBVOJEBEEFTFOUJEP
BMBEJWFSTJEBEUFYUVBM
-BT JOUSPEVDDJPOFT RVF FODBCF[BO MPT
DBQUVMPT QSPDVSBO BQVOUBS NOJNB
NFOUFFMDPOUFYUPEFMQFSPEPIJTUSJDP
SFTQFDUJWP Z QSFUFYUP P JEFB EFTDSJQUB
RVFQSFTJEFBMPTGSBHNFOUPTTFMFDDJPOB
EPT +PT "MCFSUP .BJOFUUJ NBS[P EF

$MBSB 'FMENBO EF .JSBOEB "UFO

EFOEP P QBDJFOUF 1FSHVOUBT F SF
QPTUBTQBSBPQSPGFTTJPOBMEFTB
EF$SFDFS #FMP)PSJ[POUF
" QBSUJS EF TVT DMBTFT TPCSF SFMBDJO
NEJDPQBDJFOUF MB BVUPSB SFHJTUS

QSFHVOUBTRVFTVFMFOQMBOUFBSTFMPTQSP
GFTJPOBMFTEFMBTBMVE FJOUFOUBFOFTUB
PCSBEBSMFTSFTQVFTUBBUPEBT TPCSFMPT
NTWBSJBEPTBTQFDUPTEFFTBSFMBDJOJO
UFSQFSTPOBMEFMBBUFODJODMOJDB
#MBT0SCO3FTQPOTBCJMJEBEQSPGF
TJPOBMEFMNEJDP&OGPRVFQBSBFM
TJHMP99*#PTDI #BSDFMPOB
QQ
&MQSFTFOUFUSBCBKPUJFOFQPSDPOUFOJEP
FMFTUVEJPEFMBSFTQPOTBCJMJEBEEFMN
EJDPFOFMFKFSDJDJPEFTVDBSHP UFNBRVF
NFSFDFVOBQBSUJDVMBSBUFODJOJNQVFTUB
QPSMBFWJEFOUFSFBMJEBEEFMHSBOONFSP
EFEFNBOEBTRVFTFQSFTFOUBODPOUSBFM
QSPGFTJPOBM EF MB .FEJDJOB Z MB DPOTJ
HVJFOUFZMHJDBJORVJFUVERVFHFOFSBFO
TVOJNP&MNEJDPTFJORVJFUBKVTUJm
DBEBNFOUF QFSPOPEJTQPOFEFNFEJPTP
GPSNBTEFDPOPDFSFMUFNBRVFMFQFSNJ
UBOFOKVJDJBSFMBMDBODFEFTVBDUVBDJO
FO EFUFSNJOBEPT TVQVFTUPT $PO FTUB
QVCMJDBDJO QSFUFOEFNPT RVF FM MFDUPS
UFOHB B TV BMDBODF MPT NT FMFNFOUBMFT
DPOPDJNJFOUPTTPCSFFMUFNB FYQVFTUPT
EFGPSNBTFODJMMB Z DPOTFDVFOUFNFOUF
QVFEB TFOUJSTF TFHVSP EF TJ NJTNP FO
VOUFSSFOPRVF IBTUBIBDFQPDPTBPT
MFIBTJEPBKFOP"VORVFFTCJFODJFSUP
RVFFMQBTPEFMPTBPTEFKBSEFTFOUJS
TVTFGFDUPTTPCSFFMMB FTUBPCSBTFFTDSJCF
DPO QSPZFDDJO EF QFSNBOFODJB 1PS
RVF JOEFQFOEJFOUFNFOUFEFMPTBKVTUFT
OPSNBUJWPTRVFTFWFOJNQVMTBEPTQPSMB
DBNCJBOUFSFBMJEBETPDJBM MPTQSJODJQJPT
UJDPT FYQSFTBEPTBUSBWTEFMBTOPSNBT
EFPOUPMHJDBTRVFQSFTJEFODBEBVOPEF
MPTDBQUVMPTEFMUFYUP ZRVFJOTQJSBOTV
DPOUFOJEP TPOWBMPSFTQFSEVSBCMFT
(VTUBWP0SEPRVJ$BTUJMMB%FSFDIP
.EJDP5PNP*%FSFDIPTEFMQB
DJFOUFZEFMNFEJDP5PNP**%F
SFDIPEFMQBDJFOUFBTFSDPODFCJEP
OBDFS WJWJS Z NPSJS DPO EJHOJEBE
EF QFSTPOBw &EJDJPOFT EFM 'PSP
.POUFWJEFP 6SVHVBZ
$PO 1SMPHP EF .POT &MJP 4HSFDDJB
WJDFQSFTJEFOUF EF MB 1POUJmDJB "DBEF
NJB1SP7JEB&TUFMJCSPFTDPOTJEFSBEP
QPSFMBVUPSDPNPVOiQSJNFSCPSSBEPSw
EF MP RVF TFS VO .BOVBM EF #JPUJDB
QBSB "NSJDB -BUJOB 'PSNB QBSUF EF
VOBPCSBEFDJODPUPNPT RVFBCBSDBMPT
TJHVJFOUFTUFNBT5PNP%FSFDIPTZ
EFCFSFTEFMNEJDPZFMQBDJFOUF 1VCMJDB
EP
5PNP %FSFDIP EFM QBDJFOUF B
TFSDPODFCJEP OBDFS WJWJSZNPSJSDPO
EJHOJEBEEFQFSTPOB 1VCMJDBEP
&M
-BQSBYJTNEJDB &OFMBCPSBDJO
ZFM
Z FO QSPZFDUP TPCSF 3FTQPOTB
CJMJEBEDJWJMQPSNBMBQSBYJTNEJDB Z
/PSNBTEFEFSFDIPNEJDP
&MEPDUPS0SEPRVJFTQSPGFTPSEF%FSF
DIP$JWJMFOMBT'BDVMUBEFTEF%FSFDIP
EFMB6OJWFSTJEBEEFMB3FQCMJDBZEF
MB6OJWFSTJEBE$BUMJDBi%NBTP"OUP
OJP-BSSBBHBw FO.POUFWJEFPZQSFTJ
EFOUFEFMB$PNJTJOEF#JPUJDB.EJ
DBEFM$SDVMP$BUMJDPEF0CSFSPTEFM
6SVHVBZ
&O FM QSJNFS 5PNP BCPSEB MPT %FSF
DIPTEFMQBDJFOUFZEFMNEJDP-BTSFMB
DJPOFTFOUSFMB.FEJDJOB MBUJDBZFMEF
SFDIP&MDPOUSBUPEFTFSWJDJPTNEJDPT
-BSFMBDJONFEJDPoQBDJFOUF-BTPCMJHB
DJPOFT EFM NFEJDP -BT PCMJHBDJPOFT
EFMQBDJFOUFZMPTEFSFDIPTEFMNEJDP
$VFOUBDPOVO"OFYPDPOOPSNBTUJ
DBTZKVSEJDBTEFDBSDUFSJOUFSOBDJPOBM
&OFMTFHVOEP5PNP TFDFOUSBFMBVUPS
FO FM i%FSFDIP EFM QBDJFOUF B TFS DPODF
CJEP OBDFS WJWJSZNPSJSDPOEJHOJEBE
EFQFSTPOBw$POTUBEFEPTWPMNFOFT
&OFMQSJNFSPBCPSEBMPTTJHVJFOUFTUF
NBT&M%POEFMB7JEBw MB'BNJMJB ZFM
%FSFDIPBMB1SPDSFBDJO-B4FYVBMJEBE
ZMB5SBOTNJTJO/BUVSBMEFMB7JEB&M
&NCSJO Z FM (FOPNB )VNBOP -B
3FQSPEVDDJO %FTQFSTPOBMJ[BEB -B
EPOBDJO Z FM EJBHOPTUJDP QSFOBUBM &M
BCPSUP Z MB FVUBOBTJB 0USBT GPSNBT EF
BHSFTJOBMBWJEB$PNPBOFYPT mHV
SBOVO1SPZFDUPEF&TUBUVUPKVSEJDPEFM
&NCSJO )VNBOP Z VO 3FMFWBNJFOUP
'PUPHSmDPTPCSFFM"CPSUP
'FSOBOEP 0ZBS[O 1FB *EFB N

EJDBEFMBQFSTPOB-BQFSTPOBUJDB
DPNPGVOEBNFOUPEFMBTBOUSPQP
MPHBTZEFMBDPOWJWFODJBIVNBOB
-0.&EJDJPOFT 4BOUJBHPEF$IJMF
QQ
&MEPDUPS3BGBFM1BSBEBFTFMBVUPSEFM
QSMPHPEFFTUBPCSBEFMEPDUPS'FSOBO
EP 0ZBS[O 1FB BDBENJDP EFM *OT
UJUVUP EF 1TJRVJBUSB EF MB 'BDVMUBE EF
.FEJDJOBEFMB6OJWFSTJEBE"VTUSBMEF
$IJMF RVFUJFOFDPNPFKFDFOUSBMMBIV
NBOJ[BDJO EF MB GPSNBDJO FO FM SFB
EFMBTBMVEZEFMBQSDUJDBNEJDB BT
DPNP EF MBT SFMBDJPOFT FOUSF MBT QFSTP
OBT&OTVQSFTFOUBDJOSFBMJ[BVOBOMJ
TJTEFTEFVOQVOUPEFWJTUBQSPGFTJPOBM
EFTUBDBOEPiMBQFSTPOBMJEBEEFMEPDUPS
0ZBS[O Z MB JNQPSUBODJB EF MB TVCKF
UJWJEBE$SFPRVFFMNEJDPBWFDFTTF
PMWJEBEFRVFUJFOFVOBQFSTPOBBMGSFOUF
ZQJFOTBRVFFTUUSBUBOEPDPOPCKFUPT
QPSMPRVFFTUFMJCSP NVZCJFOFTDSJUP
FOUSFHBVOBQPSUFFTFODJBMZBRVFFTVOB
EFOVODJBQPSVOMBEPZVOBQSPQVFTUB
QPSPUSPw
i*EFB .EJDB EF MB 1FSTPOB TVSHF oTF
HOTVBVUPSoEFMBQPTJCJMJEBEEFUSBUBS
BM QBDJFOUF P DPOTVMUBOUF DPNP VO TFS
QFSTPOBM EFQFSTPOBMJ[BSFOTVSFMBDJO
ZBRVFFYJTUFFMSJFTHPEFVOBEFTQFSTP
OBMJ[BDJO DPOTUBOUF DSFBOEP VO EBP
MMBNBEPJBUSPHOJDP RVFFTUPEBBMUFSB
DJOEFMFTUBEPEFMQBDJFOUFQSPEVDJEP
QPSFMNEJDPZRVFFO$IJMFZFMNVOEP
IBUPNBEPDJFSUPDBSDUFSFQJENJDPw
.JDIBFM 1BMNFS 1SPCMFNBT NP

SBJT FO NFEJDJOB $VSTP QSUJDP
$64BO$BNJMP -PZPMB 4P1BVMP

&TUFOPWPMJWSPEF.JDIBFM1BMNFSBCPS
EBRVFTUFTDPOUSPWFSTBTDPNPFVUBO
TJB BCPSUPFFYQFSJNFOUBPFNBOJNBJT
FIVNBOPT TFNQFSEFSEFWJTUBBEJTDVT
TPTPCSFPEJSFJUPBVUPEFUFSNJOBP
FBPTMJNJUFTEBDPOmBCJMJEBEFOPDBTP
EFFYQFSJNFOUPTDPOEV[JEPTFNMBCPSB
USJP$BEBUQJDPMVDJEBNFOUFJOUSP
EV[JEP F EFQPJT FYBNJOBEP FN NBJPS
QSPGVOEJEBEF QPS NFJP EF FYUSBUPT EF
PCSBTEPTNBJPSFTQFOTBEPSFTUJDPTEB
BUVBMJEBEFT+BNFT3BDIFMT 4JTTFMB#PL
F1FUFS4JOHFS0BVUPSBQSFTFOUBVNB
WJTP HMPCBM EPT QSJODJQBJT QBSBEJHNBT
UJDPTDPOUFNQPSOFPT BPNFTNPUFN
QPRVFFYQMJDBEFNPEPNVJUPBDFTTWFM
UJDBmMPTmDBQBSBDJFOUJTUBTFQSPmT
TJPOBJTEBTBEF&TUVEPTEFDBTPCFN

QFSUJOFOUFT TP QSPQPTUPT TFHVJEPT EF

FYFSDDJPT JOEJWJEVBJT PV FN HSVQP
$BEBDBQUVMPTFDPODMVJDPNVNBCJ
CMJPHSBmBGVOEBNFOUBM QBSBVTPEPTRVF
QSFUFOEBNTFHVJSQFTRVJTBOEP&TUBFY
DFMFOUFJOUSPEVPJOUFSFTTBSBRVFNTF
EFEJDBRVBMJEBEFEFWJEBQPSQSPmTTP
PVQPSWPDBPFBKVEBSRVFNFOGSFOUB
EJMFNBTNEJDPTSFBJTFNTVBQSUJDB
UFYUPQBSBTFSVUJMJ[BEPOPUSFJOBNFOUP
EFFTUVEBOUFTEFNFEJDJOB FOGFSNBHFN
FEFNBJTFTQFDJBMJEBEFTOBSFBEBTB
EF " EJTQPTJP EJEUJDB EFTUB JOUSP
EVP SFHJTUSPEFVNDVSTPEBEPQFMP
BVUPSFRVFBUSBJVBBUFOPOBDJPOBMOB
*OHMBUFSSB GBWPSFDFTVBBEPPDPNPMJ
WSPoUFYUPFNUPEPTPTDVSTPTEBSFBEF
TBEF 8FC&EJUPSJBM1MBOFUB

"SNBOEP1SF[-P[BOP#JPUJDBFO
MB QSDUJDB NEJDB &EJUPSJBM ,JOF
TJT $BSBDBT
&MBVUPSTFBMBRVFiFMSFTQFUPBMBWJEB
ZBMBJOUFHSJEBEEFMBQFSTPOBIVNBOB
FMGPNFOUPZMBQSFTFSWBDJOEFMBTBMVE
DPNPDPNQPOFOUFEFMCJFOFTUBSTPDJBM
DPOTUJUVZFO FO UPEBT MBT DJSDVOTUBODJBT
FMEFCFSQSJNPSEJBMEFMNEJDPw
3VZ1SF[o5BNBZP 0DUBWJP3JWFSP
4FSSBOP .JHVFM5BOJNPUP&MFKFS
DJDJPEFMB.FEJDJOBFOMBTFHVOEB
NJUBEEFMTJHMP994JHMP99*&EJ
DJPOFT .BESJE
3FDPSSFMBTFTUBDJPOFTEFMBNFEJDJOBB
MPMBSHPEFMTJHMPZ TJOPNJUJSMPTQSP
HSFTPTDJFOUmDPTZUFDOPMHJDPTEFRVF
IBHP[BEP BEWJFSUFTPCSFFMQFMJHSPRVF
SFQSFTFOUBQBSBMBTPDJFEBEFMEFKBSRVF
FMNFSDBEPZMBDPNFSDJBMJ[BDJOSJKBOTV
GVODJPOBNJFOUP
-B NFEJDJOB IB BMDBO[BEP VO EFTBSSP
MMPOPUBCMFFOFMTJHMP99 EFNPEPRVF
IPZFTQPTJCMFQSFWFOJSMBBQBSJDJOEF
NVDIBT FOGFSNFEBEFT RVF BOUFT FSBO
UBO GSFDVFOUFT DVSBS PUSBT RVF BOUFT
FSBO JODVSBCMFT QSPQPSDJPOBS BMJWJP
NT P NFOPT TBUJTGBDUPSJP B BRVFMMPT
QBDJFOUFT B MPT RVF UPEBWB OP TF QVF
EF DVSBS Z FWJUBS NVDIBT NVFSUFT RVF
BOUFT FSBO QSFNBUVSBT P JOFWJUBCMFT
4JOFNCBSHP UBNCJOFOFTUFTJHMPIBO
TVSHJEP P TF IBO FYBDFSCBEP BMHVOPT
QSPCMFNBT RVF IBDFO EJGDJM FM BDDFTP
EF HSBOEFT TFDUPSFT EF MB QPCMBDJO B
MPTDVJEBEPTNEJDPTRVFSFRVJFSFO&M
CBMBODFEFMBNFEJDJOBEVSBOUFFMTJHMP
QSYJNP B UFSNJOBS EFCF JODMVJS UBOUP
MPT BTQFDUPT QPTJUJWPT EF TV EFTBSSPMMP
DPNP BRVFMMPT RVF JOUFSmFSFO DPO FM
EJTGSVUF EF TVT CFOFmDJPT QPUFODJBMFT
5BM CBMBODF QVFEF JOUFOUBSTF FOGPDBO
EPMBTUSBOTGPSNBDJPOFTEFMBNFEJDJOB
EFTEF DVBUSP OHVMPT RVF FO QSJODJQJP
QBSFDFO EJGFSFOUFT QFSP RVF DPOGPSNF
BWBO[B FM BOMJTJT TF FODVFOUSB RVF FT
UO OUJNBNFOUF SFMBDJPOBEPT FOUSF T
&TUPTDVBUSPBTQFDUPTEFMBNFEJDJOBFO
OVFTUSPTJHMPTPOFMDJFOUmDP FMUFDOP
MHJDP FMTPDJBMZFMFDPONJDP
"OEZ 1FUSPJBOV UJDB NPSBM Z

EFPOUPMPHB NEJDBT (VBOBCBSB
,PPHBO 3PEF+BOFJSP
7BSJPTJOUFMFDUVBMFTMJHBEPTBMNCJUPEF
MBNFEJDJOBEFCBUFOMBUJDBZFMIVNB
OJTNP EFOUSP EFM SFB -PT USBCBKPT TF
DFOUSBO FO MPT BTQFDUPT FEVDBDJPOBMFT
TPDJBMFT MFHBMFT NEJDPT IVNBOTUJDPT
Z DJFOUmDPT RVF TPO BCPSEBEPT DPO

QSPGVOEJEBE
0DUBWJP3JWFSP4FSSBOPUJDBFOFM
FKFSDJDJP EF MB NFEJDJOB 1BOBNF
SJDBOB6/". .YJDP
QQ
$PNP SFTQVFTUB B MBT JORVJFUVEFT RVF
IBOTVSHJEPFOUSFMPTNEJDPT VOHSV
QP EF EFTUBDBEPT FTQFDJBMJTUBT BCPSEB
EFTEFNVZEJWFSTBTQFSTQFDUJWBT UFNBT
RVFWBOEFTEFMBEFmOJDJOQSFDJTBEFM
DPODFQUPEFMBUJDBEJGFSFODJBEPEFMEF
NPSBM MBEJTUJODJOFOUSFMBCJPUJDBZMB
UJDBNEJDB QBSBMVFHPFYQMPSBSBTQFD
UPTDPODSFUPTDPNPMBSFMBDJONEJDP
QBDJFOUF MBNBOFSBFORVFMPTGBDVMUB
UJWPTIBOJNQBDUBEPFMFKFSDJDJPEFFTUB
QSPGFTJO MPT WBMPSFT Z QSJODJQJPT RVF
EFCFOSFHJSMPTDVJEBEPTRVFTFCSJOEBO
BVOTVKFUPDPOVOQBEFDJNJFOUPJODV
SBCMF FUD
iUJDB FO FM FKFSDJDJP EF MB NFEJDJOBw
OPTIBDFNFEJUBSTPCSFMPTDBNCJPTRVF
IBOQSPWPDBEPMPTBEFMBOUPTDJFOUmDPT
ZFMQSFEPNJOJPEFMDBQJUBMJTNPTBMWBKF
RVFIBMMFWBEPBMBEFTIVNBOJ[BDJOEF
FTUBEJTDJQMJOB RVFTFDSFZEFTBSSPMM
QBSBBMJWJBSPBUFOVBSFMTVGSJNJFOUPEFM
IPNCSF6OEJTUJOHVJEPHSVQPEFWFJO
UJDVBUSP BVUPSFT NFYJDBOPT PGSFDF FO
FTUFMJCSPVOBOMJTJTDSUJDPEFEJGFSFO
UFTTJUVBDJPOFTFOMBTDVBMFTTVSHFOQSP
CMFNBTSFMBDJPOBEPTDPOMBUJDBNEJDB
1SPCMFNBTRVFTVDFEFODPUJEJBOBNFOUF
FOMBBUFODJOEFMPTFOGFSNPT UBOUPFO
MPTIPTQJUBMFT DPNPFOMBDPOTVMUBQSJ
WBEB 5FNBT RVF EFTQJFSUBO QPMNJDB
Z SFnFYJO DPNP DPOTFSWBDJO EF MPT
FNCSJPOFT IVNBOPT QBSUJDJQBDJO EF

UFSDFSPTQBHBEPSFTZUFSDFSPTQSPWFFEP
SFT FO MB NFEJDJOB FODBSFDJNJFOUP EFM
EJBHOTUJDPUFSBQVUJDPVTPZBCVTPEF
MPT BWBODFT UFDOPMHJDPT PQFSBDJPOFT
RVJSSHJDBT JOOFDFTBSJBT DVJEBEPT EFM
FOGFSNPDPODODFSBWBO[BEPSFMBDJO
EFMNEJDPDPOMBJOEVTUSJBGBSNBDVUJ
DBBTQFDUPTUJDPTEFMBDMPOBDJO
-PTBVUPSFTPSJFOUBOBUPEPTMPTNEJDPT
FOFKFSDJDJPQBSBBEPQUBSVODSJUFSJPmSNF
ZGVOEBNFOUBEPGSFOUFBMPTEJMFNBTUJDPT
RVFQMBOUFBMBSFMBDJONEJDPQBDJFOUF
1PSPUSPMBEP MBO[BOVOHSBOSFUPEJED
UJDPMBOFDFTJEBEEFRVFFOMBFOTFBO[B
EFMPTGVUVSPTNEJDPTTFJODMVZBMBSF
nFYJO TPCSF MPT BTQFDUPT UJDPT QSDUJ
DPT BMFKOEPMPTEFMBTNFSBTEJTRVJTJDJP
OFTmMPTmDBTDBSFOUFTEFGVOEBNFOUPT
DJFOUmDPT
+VMJP 3PMEO (PO[MF[ UJDB N

EJDB -JCSFSB EF $MBWFSB FE
.YJDP QQ
&M EPDUPS 3PMEO FT QSPGFTPS EF UJDB
.EJDBEFMB&TDVFMB.FYJDBOBEF.F
EJDJOB EF MB 6OJWFSTJEBE -B 4BMMF )B
TJEP VO JNQVMTPS EFM DPOPDJNJFOUP EF
MBTOPSNBTEFBDUVBDJOEFMNEJDP RVF
QBSUFOEFMiSFDUPVTPEFMBSB[OIVNB
OB FO MB MOFB EF MB KVTUJDJB Z FM BNPS
BMBIVNBOJEBEw4VCSBZBMBOFDFTJEBE
EF JODPSQPSBS B MB WJEB EJBSJB EFM N
EJDP MPT $EJHPT Z %FDMBSBDJPOFT RVF
BZVEBOBQSPGVOEJ[BSFOFMTFOUJEPUJDP
EF MB .FEJDJOB Z SFHVMBS FM DPNQPSUB
NJFOUPEFMQSPGFTJPOBMDPOTJHPNJTNP
DPO FM FOGFSNP Z DPO TVT DPNQBFSPT
EFUSBCBKP

+BWJFS 4ODIF[$BSP Z 'FSOBOEP

"CFMMO%FSFDIPTZEFCFSFTEFMPT
QBDJFOUFT -FZ DPOTFOUJ
NJFOUPJOGPSNBEP IJTUPSJBDMOJDB
JOUJNJEBE F JOTUSVDDJPOFT QSFWJBT
$PNBSFT (SBOBEB QQ
%FOUSPEFMPRVFFTUMMBNBEPBTFSVOP
EFMPTBDPOUFDJNJFOUPTKVSEJDPTEFMBP
MBFOUSBEBFOWJHPSEFMB-FZEF
"VUPOPNBEFM1BDJFOUF MBNPOPHSBGB
%FSFDIPTZEFCFSFTEFMPTQBDJFOUFT-FZ
DPOTFOUJNJFOUP JOGPSNBEP
IJTUPSJB DMOJDB JOUJNJEBE F JOTUSVD
DJPOFTQSFWJBTFTVOBHVBKVSEJDBQBSB
BDFSDBSTFBFTUFOVFWPUFYUPMFHBM
&M EFSFDIP EF BDDFTP B MB IJTUPSJB DM
OJDBUJFOFWBSJBTWFSUJFOUFTEFMQBDJFO
UF EFMBJOTQFDDJOTBOJUBSJB DPOmOFT
FTUBETUJDPTZDJFOUmDPT ZQPSUFSDFSPT
4FHO+BWJFS4ODIF[$BSPZ'FSOBOEP
"CFMMO BVUPSFTEFMMJCSP FMBDDFTPQPS
FQBDJFOUFiQVFEFEFCFSTFBVOJOUFST
QBSUJDVMBSPBVOJOUFSTTBOJUBSJPw&O
FMQSJNFSDBTP BQVOUBO iIBZRVFUFOFS
FODVFOUBRVFTFQVFEFOFTUBCMFDFSEPT
FYDFQDJPOFTMPTEBUPTJODPSQPSBEPTBMB
IJTUPSJBDMOJDBQPSUFSDFSPTFOJOUFSTUF
SBQVUJDPEFMQBDJFOUFZMPTDPNFOUBSJPT
PJNQSFTJPOFTQFSTPOBMFTRVFQVFEFIB
DFSFMNEJDPFOVONPNFOUPEFUFSNJ
OBEP TJFNQSFRVFUFOHBOUSBTDFOEFODJB
DMOJDB FOPUSPDBTPOPEFCFSBOJODMVJS
TFFOFMIJTUPSJBM
w
0USP EF MPT UFNBT BCPSEBEPT FT FM EF
MPT QSPCMFNBT EF JNQMBOUBDJO EF MBT
JOTUSVDDJPOFTQSFWJBTZTVJNQBDUPSFBM
FO MB BTJTUFODJB -PT BVUPSFT TFBMBO
WBSJBT DBVTBT EF TV QPDB JNQMBOUBDJO
i.VDIPTQBDJFOUFTOPRVJFSFOIBCMBSZ
NFOPT BO EFKBS DPOTUBODJB FTDSJUB EF
FTUPTUFNBTwZUBNCJORVFiOPUPEBT
MBTQFSTPOBTUJFOFOQSFGFSFODJBTDMBSBTZ
mSNFTZOPUPEPTMPTEFTFPTEFVOBQFS
TPOB TPO JHVBMNFOUF JNQPSUBOUFT QBSB
FMMBw
'FSOBOEP4ODIF[5PSSFT5FNBTEF
UJDB.EJDB(JSP&EJUPSFT #PHP
U QQ
5SBUBFTUFMJCSPEFMBUJDBHFOFSBMZMB
UJDBNEJDB EFMBTSFMBDJPOFTEFMBUJ
DBNEJDBDPOMBCJPUJDB DNPUFOFSMB
FODVFOUBFOMBGPSNBDJOEFMNEJDPZ
EFMQFSTPOBMEFMBTBMVE ZFMFTQBDJPRVF
EFCFDVNQMJSFOMBIVNBOJ[BDJOEFMB
BUFODJOEFTBMVE5BNCJOTFFYQPOFO
UFNBT EFM DPNJFO[P Z mOBM EF MB WJEB
BOUJDPODFQDJO QSFDPODFQDJO EJBH
OTUJDP QSFOBUBM BCPSUP QFSJOBUPMP
HB DFTSFB BODJBOJEBE EFSFDIPBVOB
NVFSUF EJHOB FVUBOBTJB TJEB IVFMHB
NEJDBZPUSPT
'FEFSJDP +$ 4PSJHVFS &TDPGFU &M

NEJDPZFMDJFOUmDP%B[EF4BO
UPT .BESJE#VFOPT "JSFT
QQ
{&TQPTJCMFTFSDMOJDPEFEBZDJFOUmDP
EFOPDIF %FFTUPIBCMBFMBVUPSoKFGFEF
4FSWJDJPEF&OEPDSJOPMPHBZ/VUSJDJO
EFVO)PTQJUBMQCMJDP ZDPPSEJOBEPS
EFVODFOUSPEFSFEFTEFJOWFTUJHBDJO
EFM *OTUJUVUP EF 4BMVE $BSMPT ***o FO
FTUF MJCSP Z MP IBDF EFTEF MB WJTJO EF
MBEJGDJMZBWFDFTJNQPTJCMFDPOWJWFODJB
EFMBMHJDBDJFOUmDBZMBMHJDBDMOJDB
Z FM BQBTJPOBOUF FNQFP EF TFS BNCBT
DPTBT B MB WF[ FO FM DPOUFYUP MBCPSBM Z

DVMUVSBMEFMBTJOTUJUVDJPOFTQCMJDBTFT
QBPMBTEFTBMVE
&MBVUPSFYQPOFTVFYQFSJFODJBQFSTPOBM
DPNPCBTFEFTVSFnFYJOTPCSFMBTSF
MBDJPOFTFOUSFDMOJDBZDJFODJB EFTEFMB
WJTJOIPMTUJDBRVFPCMJHBBDUVBMNFOUF
BDVBMRVJFSDMOJDPZDJFOUmDPEFMTJHMP
99* Z TJFNQSF EFTEF MB DPOTJEFSBDJO
EFMBNFEJDJOBDMOJDBDPNPVOIVNB
OJTNPDJFOUmDP
'SBODFTD5PSSBMCBJ3PTFMM'JMPTP
GB EF MB NFEJDJOB &O UPSOP B MB
PCSB EF &% 1FMMFHSJOP *OTUJUVU
QQ
&TUFMJCSPEFMEPDUPS'SBODFTD5PSSBMCB
FYQPOF FM QFOTBNJFOUP EFM mMTPGP EF
MBNFEJDJOBOPSUFBNFSJDBOP &%1F
MMFHSJOP"QFTBSEFRVFFTDPOTJEFSBEP
VOBEFMBTmHVSBTNTJNQPSUBOUFTEFMB
CJPUJDBGVOEBNFOUBMZEFMBmMPTPGBEF
MBNFEJDJOBFOMBBDUVBMJEBE TVPCSBOP
IB TJEP QSDUJDBNFOUF DPOTJEFSBEB FO
OVFTUSP DPOUFYUP DVMUVSBM &TUF USBCBKP
QSFUFOEFMMFOBSFTUFWBDP QSFTFOUBOEP
EF VOB NBOFSB TJTUFNUJDB Z TJOUUJDB
MPT QSJODJQBMFT UFNBT EF MB mMPTPGB EF
MB NFEJDJOB B QBSUJS EF MB MFDUVSB FY
IBVTUJWBEFUPEBMBPCSBEF1FMMFHSJOP
*HVBMNFOUF FMEPDUPS'SBODFTD5PSSBMCB
FMBCPSBVOKVJDJPDSUJDPEFMBBQPSUBDJO
EF 1FMMFHSJOP DPOTJEFSBOEP PUSBT QPTJ
DJPOFT JOUFMFDUVBMFT FO FM EFCBUF BDUVBM
EF MB mMPTPGB EF MB NFEJDJOB &M MJCSP
JODMVZF VOB FOUSFWJTUB QFSTPOBM DPO FM
EPDUPS1FMMFHSJOP
'SBODFTD 5PSSBMCB J 3PTFMM UJDB

EFM DVJEBS 'VOEBNFOUPT DPOUFY
UPT Z QSPCMFNBT *OTUJUVU #PSKB EF
#JPUJDBZ'VOEBDJO.BQGSF.FEJ
DJOB .BESJE QQ
&MPCKFUJWPGVOEBNFOUBMEFFTUFMJCSPFT
FYQMPSBSMPTQSJODJQJPTUJDPTRVFEFCFO
SFHJSMBQSDUJDBEFMDVJEBSFOFMNVOEP
BTJTUFODJBM&OVOBQSJNFSBQBSUF TFJO
WFTUJHBOMPTGVOEBNFOUPTEFMBUJDBEFM
DVJEBSZ QPTUFSJPSNFOUF TFBOBMJ[BOMPT
HSBOEFT SFUPT EFM NVOEP TPDJPoTBOJUB
SJPEFTEFVOBQFSTQFDUJWBBOUSPQPMHJDB
Z UJDB &O MB MUJNB QBSUF EFM MJCSP TF
FYQPOFO BMHVOPT QSPCMFNBT CTJDPT FO
FM FKFSDJDJP EFM DVJEBS TJHVJFOEP MB SF
nFYJORVFZBJOJDJFMBVUPSFOTVPCSB
"OUSPQPMPHB EFM DVJEBS
&M MJ
CSPQSFUFOEFTFSVOBHVBQSDUJDBQBSB
DVJEBEPSFTZ QPSFYUFOTJO QBSBUPEPT
MPTQSPGFTJPOBMFTEFMBTBMVERVFUJFOFO
MBSFTQPOTBCJMJEBEEFDVJEBSFOOVFTUSB
TPDJFEBE
$JDFSP EF "OESBEF 6SCO $PPSE

#JPUJDB DMOJDB 3FWJOUFS #SBTJM

-B #JPUJDB DMOJDB FT VOP EF MPT DBN
QPTNTDPNQMFKPTZEFTBmBOUFTEFOUSP
EF MB #JPUJDB 3FRVJFSF DPOPDJNJFOUP
QSPGVOEP UBOUP EF MPT QSPCMFNBT N
EJDPT DPNP EF MPT DJFOUmDPT Z KVSEJ
DPT ZUBNCJOEFMPTGVOEBNFOUPTEFMB
#JPUJDB&MQSPHSFTPIBUPSOBEPJOEJT
QFOTBCMFMB#JPUJDBFOFMFKFSDJDJPEFMB
.FEJDJOB &O FTUF MJCSP DPMBCPSBO BV
UPSFTSFOPNCSBEPTEF#SBTJMZEFPUSPT
QBTFT FOVOBPCSBJOUFSEJTDJQMJOBS QMV
SBMJTUB EPOEFDBEBBVUPSFTSFTQPOTBCMF

EFTVQSPQJBPQJOJO&TUEFTUJOBEBB
MPT FTUVEJBOUFT Z QSPGFTJPOBMFT EFM SFB
EF MB TBMVE Z FM %FSFDIP Z UBNCJO B
MPTNJFNCSPTEFMPTDPNJUTEFUJDBZ
CJPUJDB
UFTZQCMJDPFOHFOFSBM DPOMBDPOmBO
[BEFRVFTFSEFVUJMJEBEQBSBBNQMJBS
FMDPOPDJNJFOUPFOMBNBUFSJB QSFWFOJS
MBNBMBQSDUJDBZNFKPSBSMBDBMJEBEEF
MBBUFODJONEJDB
"SNBOEP 7BMMF )DUPS 'FSOOEF[

7BSFMB "SCJUSBKF NEJDP 'VOEB
NFOUPTUFSJDPTZBOMJTJTEFDBTPT
SFQSFTFOUBUJWPT 5SJMMBT .YJDP

7BSJPT "VUPSFT %FPOUPMPHB GVO

DJOTPDJBMZSFTQPOTBCJMJEBEEFMBT
QSPGFTJPOFTTBOJUBSJBT6OJWFSTJEBE
$PNQMVUFOTF Z 'VOEBDJO #4$)
.BESJE QQ
)PZEB DPNPOVODBBOUFT FYJTUFMBOF

DFTJEBEEFEFTBSSPMMBSZEJGVOEJSDPOP
DJNJFOUPTTPCSFMBSFTPMVDJOEFRVFKBT
NEJDBT QPS NUPEPT BMUFSOBUJWPT DPO
FMmOEFDPOUSJCVJSFOMBNFKPSBEFMB
DBMJEBEEFMBBUFODJONEJDBZMBTBUJT
GBDDJOEFMPTQBDJFOUFT SFTQPOTBCJMJEBE
RVF MF DPSSFTQPOEF B MB $0/".&%
$PNJTJO/BDJPOBMEF"SCJUSBKF.EJ
DP
DSFBEBFOKVOJPEFQPSEFDSF
UPQSFTJEFODJBM QBSBUVUFMBSFMEFSFDIPB
MBQSPUFDDJOEFMBTBMVEZDPOUSJCVJSB
MBDBMJEBEEFMBBUFODJONEJDB
&M $POTFKP 4PDJBM EF MB 6OJWFSTJEBE

$PNQMVUFOTFEF.BESJEPSHBOJ[BDBEB
BPVOBKPSOBEBTPCSFEJTUJOUPTTFDUPSFT
&TUFBPFTDPHJFMUFNBEFMB%FPOUP
MPHB GVODJO TPDJBM Z SFTQPOTBCJMJEBE
EFMBTQSPGFTJPOFTTBOJUBSJBT
)BTUB MB GFDIB $0/".&% IB SFDJ

CJEP NT EF JODPOGPSNJEBEFT
EF MBT DVBMFT QPS DJFOUP TF SFTPM
WJFSPO JONFEJBUBNFOUF DPO MB TJNQMF
BTFTPSB Z PSJFOUBDJO FO TV NBZPSB
QPS BDVFSEPT EF DPODJMJBDJO Z TMP
FO NOJNB QSPQPSDJO TF MMFH BM KVJ
DJP BSCJUSBM QPS WPMVOUBE EF MBT QBSUFT
-BQSFTFOUFPCSBFTFMSFTVMUBEPEFMUSB
CBKP EF NEJDPT Z BCPHBEPT QJPOFSPT
EFMB$0/".&% ZEFBTFTPSFTFYUFS
OPTEFMBNFEJDJOBZEFMEFSFDIP DVZB
FYQFSJFODJBTFQPOFBEJTQPTJDJOEFMB
DPNVOJEBENEJDBZEFQSPGFTJPOFTBm
OFT BCPHBEPT JOWFTUJHBEPSFT FTUVEJBO
+PT;BNBSSJFHPUSBUBEFMDPOTFOUJNJFO
UP JOGPSNBEP Z %JFHP (SBDJB QSPQPS
DJPOB VOB WJTJO HFOSJDB EF MB UJDB
1BSBFMOPJOJDJBEP MBPCSBTVQPOFVOB
JOUSPEVDDJOFTQMOEJEBFODBEBVOBEF
FTBTNBUFSJBT
-PT KVSJTUBT +PT .BSB MWBSF[$JFO

GVFHPT 'SBODJTDP4PUP/JFUPZ.BSJBOP
*[RVJFSEPBCPSEBO SFTQFDUJWBNFOUF MPT
UFNBT EF MB JOUJNJEBE MB PNJTJO EFM
TPDPSSPTBOJUBSJPZMBTUFOEFODJBTKVSJT
QSVEFODJBMFTNTSFDJFOUFT
7BSJPT "VUPSFT %JTDVUJFOEP #JP

UJDB"QPSUFTQBSBVOBOVFWBUJDB
FOTBMVE1VCMJDBDJOEFM)*("&WB
1FSO #VFOPT"JSFT
i%JTDVUJFOEP #JPUJDB "QPSUFT QBSB
VOB OVFWB UJDB FO TBMVEw QSFUFOEF Z
MPHSB
SFQSPEVDJSFMEFCBUFRVFEFTUBDB
EPTQSPGFTJPOBMFTBSHFOUJOPTEFEJGFSFO
UFT EJTDJQMJOBT QPTJDJPOFT JEFPMHJDBT

PSHBOJ[BDJPOFT DPNVOJEBEFT SFBMJ[B
SBONFOTVBMNFOUFFOFM4BMOEFM)PT
QJUBM
5BMFT UFNBT FO DJFSOFT JNQMJDBO EJMF
NBT Z QSPCMFNBT EF PSEFO UJDP DPNP
MPT DVJEBEPT QBMJBUJWPT MB HFOUJDB MB
JOWFTUJHBDJO FO TFSFT IVNBOPT DPNP
BTUBNCJOFMBCPSUPPMBFTUFSJMJ[BDJO
4VUUVMP i%JTDVUJFOEP#JPUJDBw BMVEF
BMBBDUVBMEJTDVTJO OPBDBCBEB EFMBT
EJTUJOUBTUFNUJDBTBCPSEBEBT&MEFCBUF
FYQSFTBVOBQFSTQFDUJWBBNQMJB FWJEFO
DJBOEP EJTDVSTPT EF EJGFSFOUFT NBUJDFT
RVFBmSNBOQPTUVSBTTPDJBMFT QPMUJDBT
PDVMUVSBMFT FOCTRVFEBEFSFTQVFTUBT
B DVFTUJPOFT JNQSFHOBEBT EF JODFSUJ
EVNCSF
$BCF EFTUBDBS UBNCJO RVF FM DBSDUFS
DPMPRVJBMEFMBFEJDJOBTDPNPTVQSF
TFOUBDJOJOWJUBOBVOBMFDUVSBBNFOB
"MFKBOESB 1FSJQBUP SFWJTUB $VBEFSOPT
EF#JPUJDB "SHFOUJOB

$POTFOUJNJFOUP
JOGPSNBDJO DPOmEFODJBMJEBE
'SBODJTDP"MNPEWBS&MEBUPQFSTP
OBMUFSBQVUJDP&VQIBSMBX .BESJE

&TUFMJCSPTFEJSJHFBUPEPTMPTDJVEBEB
OPTTJOFYDFQDJOZBUPEPTMPTBHFOUFT
QCMJDPT Z QSJWBEPT JNQMJDBEPT FO FM
NVOEPEFMNFEJDBNFOUP&MTFDUPSGBS
NBDVUJDP JOUFSOBDJPOBM MMFWB EPSNJEP
WBSJPTBPTZOFDFTJUBEFTQFSUBSEFTVMF
UBSHP.POPHSBGBTJOOPWBEPSBTZFYDF
MFOUFTDPNPFTUB i&MEBUPQFSTPOBMUFSB
QVUJDPw IBSODPOUPEBTFHVSJEBERVF
MPT EJGFSFOUFT BHFOUFT SFMBDJPOBEPT DPO
FMGSNBDPUPNFODPODJFODJBEFMOVFWP
FTDFOBSJPFOFMRVFEFCFOBDUVBSEFTEF
BIPSB BQSJODJQJPTEFMTJHMP99*
-PTOVFWPTDPODFQUPTRVFIBOJOWBEJEP
OVFTUSB SFBMJEBE UFSBQVUJDB IBDFO OF
DFTBSJPTVQSPOUBSFHVMBDJODPOPCKFUP
EF RVF TV EFTUJOBUBSJP FM DJVEBEBOP
EFTBSSPMMFDPOQMFOBFmDBDJBFMQSJODJQJP
EFBVUPOPNBFOMBUPNBEFEFDJTJPOFT
FOTBMVE
&M BVUPS 'SBODJTDP "MNPEWBS OPT
EJSJHFBUSBWTEFTVDPOUFOJEP QPSVO
EFMJSBOUFZOPWFEPTPDBNJOPEFOVFWBT
SFBMJEBEFT FO TBMVE RVF OPT JOnVJSO
BCTPMVUBNFOUF FO OVFTUSB WJEB EJBSJB
BDUVBMZGVUVSB
-BTOVFWBT5FDOPMPHBTEFMB*OGPSNB
DJO Z EF MB $PNVOJDBDJO 5*$
FM
%BUP 1FSTPOBM 5FSBQVUJDP %QU
MB
*OGPSNBDJO 5FSBQVUJDB *5
MB 5FD
OPMPHBEFJEFOUJmDBDJOQPS3BEJPGSF
DVFODJB 3'*% QPSTVTTJHMBTFOJOHMT

FM$3.oDPNPmMPTPGBEFNFKPSBDFO
USBEB FO FM DMJFOUF RVF BQPZB MPT QSP
DFTPT EF NBSLFUJOH WFOUBT Z TFSWJDJPT
GVUVSPTo OPTBDFSDBOZBBMiNVOEPGF
MJ[wEF"MEPVT)VYMFZZBMVOJWFSTPEF
0SXFMM UBO MFKBOPT IBDF QPDP UJFNQP
QBSBOPTPUSPT
-BJNQPSUBODJBEFMPTCJPCBODPT EFMB
UFSBQJBDFMVMBSZHFOUJDBNTMPTBWBO
DFT FO OFVSPDJFODJB Z SFQSPEVDDJO
BTJTUJEB KVOUP DPO FM GPNFOUP EF VOB
DVMUVSB EFM NFEJDBNFOUP ZB EFTEF OJ
PTZMBJOUFSBDDJOEFGSNBDPTDPOBMJ

NFOUPT WBOBSFRVFSJSEFVODJVEBEBOP
JOGPSNBEPFOMBEFGFOTBEFTVTEFSFDIPT
GVOEBNFOUBMFT FO FTQFDJBM FM EFSFDIP
GVOEBNFOUBM B MB QSPUFDDJO EF EBUPT
QFSTPOBMFT
.BOVFM "NBSJMMB *OGPSNBDJO

UFSBQVUJDB EJSFDUB BM DJVEBEBOP
&VQIBSMBX .BESJE QQ
&MBVUPSZQSFTJEFOUFEF&VSPQFBO1IBS
NBDFVUJDBM -BX (SPVQ &VQIBSMBX

.BOVFM"NBSJMMB TFDFOUSBFOFTUBPDB
TJOFOFMBOMJTJTEFMQSJNFSPEFMPTEF
SFDIPTRVF&VQIBSMBXSFDPHFFOTVEF
DMPHP EF %FSFDIPT GVOEBNFOUBMFT FO
4BMVE FM EFSFDIP B MB JOGPSNBDJO FO
FTUFDBTP BMBJOGPSNBDJOUFSBQVUJDB
&OFMMJCSPTFFTUVEJBVOBOVFWBFYQSF
TJO EF MB NJTNB MB *OGPSNBDJO 5F
SBQVUJDB %JSFDUB BM $JVEBEBOP Z OPT
QSPWPDB QBSB JOJDJBS VO EFCBUF RVF MB
TPDJFEBE ZB IB QMBOUFBEP "OBMJ[B MBT
DPOTFDVFODJBTKVSEJDBTRVFUJFOFFMOP
TBUJTGBDFS EJDIP EFSFDIP B MB JOGPSNB
DJO UFSBQVUJDB EF MPT DJVEBEBOPT Z
SFDPHFDVBOUPTFFTUQVCMJDBOEPFOFM
EFCBUFKVSEJDP BENJOJTUSBUJWPZTPDJBM
FYJTUFOUF
-BJOGPSNBDJOEBBVUPOPNBBMDJVEB
EBOP QFSP MF DPOWFSUJS BTJNJTNP FO
DPSSFTQPOTBCMFEFMBTBDUVBDJPOFTRVFTF
EFTBSSPMMFO TPCSF TV TBMVE &M BDDFTP Z
MBDPNQSFTJOEFMBJOGPSNBDJOTPCSF
NFEJDBNFOUPTFTFTFODJBMQBSBRVFQVF
EBEFDJEJSMJCSFNFOUFTPCSFTVDPOTVNP
POP UFOJFOEPFODVFOUBRVFMBGVFOUF
CTJDBEFFTUBJOGPSNBDJOFTMBJOEVT
USJB*5%$USBUBEFDPODJFODJBSTPCSFFM
EFSFDIPEFMPTDJVEBEBOPTBFYJHJSVOB
JOGPSNBDJOWFSB[ZBEFDVBEBTPCSFMPT
NFEJDBNFOUPT Z B EFNBOEBS BTJNJT
NP RVFDBEBBHFOUFJNQMJDBEPFOMBDB
EFOBEFMNFEJDBNFOUP BTVNBTVDVPUB
EFSFTQPOTBCJMJEBESFTQFDUPEFMBJOGPS
NBDJOUFSBQVUJDBRVFQSPQPSDJPOB
.BSB -VJTB "SDPT 7JFJSB 3FTQPO

TBCJMJEBE TBOJUBSJB QPS JODVNQMJ
NJFOUP EFM EFCFS EF JOGPSNBDJO
BMQBDJFOUF&EJUPSJBM"SBO[BEJ ;B
SBHP[B
-BPCSBBOBMJ[BMBTDPOTFDVFODJBTEFMB
GBMUBEFJOGPSNBDJOPEFDPOTFOUJNJFO
UPJOGPSNBEPEFMQBDJFOUF DFOUSOEPTF
FOMPTDBTPTFORVFMBBDUJWJEBETBOJUBSJB
EFMBRVFIBEFSJWBEPFMQFSKVJDJPTFIB
EFTBSSPMMBEP QPSMPEFNT DPOBCTPMVUB
DPSSFDDJO &M FTUVEJP EF MB EPDUSJOB Z
EFMBKVSJTQSVEFODJBDJWJMZDPOUFODJPTPo
BENJOJTUSBUJWBEFMPTMUJNPTBPTQPOF
EFNBOJmFTUPMBTEJGFSFODJBTEFDSJUFSJP
FOUPSOPBEJWFSTPTBTQFDUPTDPNPMBSF
MBDJOEFDBVTBMJEBE FMEBPJOEFNOJ
[BCMF FMOJWFMEFJOGPSNBDJOFYJHJCMF
MBWFSEBEFSBSFMFWBODJBEFMPTSFRVJTJUPT
GPSNBMFT P FM BMDBODF EF DJSDVOTUBODJBT
FTQFDmDBT DPNP QPS FKFNQMP MB TV
QVFTUB OFDFTJEBE EFM USBUBNJFOUP P MB
JOUFSWFODJOBTDPNPMBSFQFSDVTJOEF
UPEPT FTUPT GBDUPSFT FO FM EFTFOMBDF EF
MPT QSPDFTPT TPCSF MB NBUFSJB #JPUJDB
%FCBU *OTUJUVU#PSKBEF#JPUJDB

#PMFUOEFM$POTFKP"DBENJDPEF
UJDBFO.FEJDJOB $"&&.
#VF
OPT"JSFT "P .BZP
&M$POTFKP"DBENJDPEFUJDBFO.F
EJDJOBGVFDSFBEPDPOFMBVTQJDJPEFMB
"DBEFNJB /BDJPOBM EF .FEJDJOB EF

#VFOPT"JSFTDPNPVOGPSPNVMUJEJTDJ
QMJOBSJP EFTUJOBEPBMFTUVEJPZEJGVTJO
EFMPTBTQFDUPTUJDPTWJODVMBEPTDPOMB
BUFODJO EF MB TBMVE &TUB QVCMJDBDJO
QFSJEJDB EF TV #PMFUO JOJDJB VOB UB
SFB EF EJGVTJO EF MBT BDUJWJEBEFT RVF
SFBMJ[BZEFBSUDVMPTRVFBDUVBMJDFOFO
MPTUFNBTEFUJDBDMOJDB&OFMQSJNFS
ONFSP TFSFDPHFOMBTDPODMVTJPOFTEFM
TJNQPTJP DFMFCSBEP TPCSF i$POmEFO
DJBMJEBEZ4FDSFUP.EJDPw MPTUSBCBKPT
QSFTFOUBEPTZMBTDPODMVTJPOFTEFMTJN
QPTJP TPCSF i$PNJUT )PTQJUBMBSJPT EF
UJDBw Z VO $VSTP TPCSF UFNBT EF BD
UVBMJEBEDPOTJEFSBEPTEFTEFVOBWJTJO
mMPTmDB BQMJDBEB B MB .FEJDJOB DPO
DPNFOUBSJPTDMOJDPTZMFHBMFT
.POUTFSSBU #VTRVFUT Z +PSEJ $BTJ -B
JOGPSNBDJO TBOJUBSJB Z MB QBSUJDJQB
DJO BDUJWB EF MPT VTVBSJPT *OGPSNFT
EFMB'VOEBDJ7DUPS(SBGPMTJ-VDBT
$BUFHPSBFCPPLT &EJDJOFMFD
USOJDBQPS#JPUJDBZ%FCBUF 8FCEFM
*OTUJUVUP#PSKBEF#JPUJDB
1SPEVDUP EF VO USBCBKP SFBMJ[BEP QPS
.POUTFSSBU #VTRVFUT Z +PSEJ $BT B
QSPQTJUPEFMFTUBEPBDUVBMEFMBJOGPS
NBDJO TBOJUBSJB Z MB QBSUJDJQBDJO EF
MPT VTVBSJPT FO MBT EFDJTJPOFT DMOJDBT
&M PCKFUJWP IB TJEP DPOPDFS IBTUB RVF
QVOUP MB JOGPSNBDJO RVF SFDJCFO MPT
QBDJFOUFTZTVFOUPSOP FOSFMBDJODPO
MB QBUPMPHB RVF QBEFDFO BT DPNP MBT
QPTJCJMJEBEFTEFQBSUJDJQBSFOFMQSPDF
TP EF UPNB EF EFDJTJPOFT RVF DPOMMFWB
MB FOGFSNFEBE TPO P OP TBUJTGBDUPSJBT
&MQSPDFTPMMFWBEPBDBCPBQBSUJSEFMBT
FOUSFWJTUBTSFBMJ[BEBT ZMBTDPODMVTJPOFT
RVF TF EFEVDFO EF MBT NJTNBT GVFSPO
QSFTFOUBEPTQPSTVTBVUPSFTBVOHSVQP
EFFYQFSUPTRVFEFCBUJFSPOBNQMJBNFO
UFTPCSFMBDVFTUJO-BTJOUFSWFODJPOFT
EFM HSVQP EF EJTDVTJO TF SFQSPEVDFO
BTJNJTNP FO MB TFHVOEB QBSUF EF FTUB
QVCMJDBDJO
-JEJB $BTBT $MBVEJB %JEFT 1BCMP

*TMB $POmEFODJBMJEBE EF MB JOGPS
NBDJOZDPOTFOUJNJFOUPJOGPSNB
EPFOTBMVETFYVBMZSFQSPEVDUJWB
$034"14 4BOUJBHPEF$IJMF
QQ
-B $PSQPSBDJO EF 4BMVE Z 1PMUJDBT
4PDJBMFT TF EFEJDB B GPSNVMBS QPMUJDBT
QMBOFT Z QSPZFDUPT TPDJBMFT Z EF TBMVE
FO$IJMFZ"NSJDB-BUJOB5JFOFOVO
FOGPRVFJOUFSEJTDJQMJOBSJP&OFTUBPDB
TJO TF SFDPHF FM DPOUFOJEP EF MBT JO
UFSWFODJPOFT EF VOB NFTB SFEPOEB TP
CSF EFSFDIPT TFYVBMFT Z SFQSPEVDUJWPT
4FQSPGVOEJ[BFOMBDPOmEFODJBMJEBEEF
MB JOGPSNBDJO MB BVUPOPNB Z EFSF
DIPTEFMBTQFSTPOBT FMDPOTFOUJNJFOUP
JOGPSNBEPZMBQPTJCJMJEBEEFFMFHJSFO
FMNBSDPEFMPTEFSFDIPTTFYVBMFT FOMB
JOWFTUJHBDJOTPCSFBOUJDPODFQDJOZFO
MBQSDUJDBNEJDBHFOFSBM
4FSHJP$FDDIFUUP5FPSBZQSDUJDB
EFM DPOTFOUJNJFOUP JOGPSNBEP FO
FM SFB OFPOBUBM &EJDJPOFT 4VSF[
.BSEFM1MBUB "SHFOUJOB
QQ
&MBVUPSFTEPDUPSFO'JMPTPGBZFTQFDJB
MJTUBFO#JPUJDB IBFTDSJUPWBSJPTMJCSPT
DFOUSBEPTFOMBCJPUJDBDMOJDBZTVGVO
EBNFOUBDJOmMPTmDB ZEJSJHFBDUVBM

NFOUFFM$POTFKPSFHJPOBM#VFOPT"JSFT
EFMB"TPDJBDJO"SHFOUJOBEF*OWFTUJHB
DJPOFT UJDBT BEFNT EF FKFSDFS MB EP
DFODJBFOMBT6OJWFSTJEBEFT/BDJPOBMFT
EF.BSEFM1MBUBZEF-BOT
4FFYQPOFFOFTUFMJCSPVOBOMJTJTEF
UBMMBEPEF MBTJUVBDJO SFBM EFMDPOTFO
UJNJFOUPJOGPSNBEPFOMPTiFTDFOBSJPTw
EF MBT JOTUJUVDJPOFT TBOJUBSJBT FO MBT
VOJEBEFT EF DVJEBEPT JOUFOTJWPT Z FO
MPTUSJCVOBMFT EFOUSPEFMBFYQFSJFODJB
FO"SHFOUJOB4FBOBMJ[BOEFTQVTBiMPT
BDUPSFTZTVTMHJDBTw FMQBDJFOUF MBGB
NJMJB FMFRVJQPTBOJUBSJPZFMFTUBEP&O
UFSDFSMVHBS FMBVUPSBOBMJ[BMBTEJNFO
TJPOFT JOWPMVDSBEBT FO MB EPDUSJOB EFM
DPOTFOUJNJFOUPJOGPSNBEP TVTBOUFDF
EFOUFTIJTUSJDPT DVFTUJPOFTUFSNJOPM
HJDBT Z BTQFDUPT QSPDFEJNFOUBMFT QBSB
BQMJDBSMP EFTQVT BM NCJUP EF MB OFP
OBUPMPHB DPOVOBQSPQVFTUBmOBMRVF
QVFEBTFSWJSBUPEPTMPTJOWPMVDSBEPTFO
MBUPNBEFEFDJTJPOFTZMBBQMJDBDJOEFM
DPOTFOUJNJFOUPJOGPSNBEP
"[VDFOB $PVDFJSP &EJUPSB

#JP
UJDB QBSB DMOJDPT 5SJBDBTUFMB .B
ESJE QQ
/PT FODPOUSBNPT BOUF VO OVFWP MJCSP
EF CJPUJDB RVF NFSFDF TFS SFTFBEP
UBOUP QPS TV DBMJEBE DPNP QPS MB m
OBMJEBE RVF QFSTJHVF TFSWJS EF MJCSP
EF SFGFSFODJB FMFNFOUBM QBSB UPEPT MPT
QSPGFTJPOBMFT TBOJUBSJPT JOUFSFTBEPT FO
FTUPTUFNBT"[VDFOB$PVDFJSP EPDUP
SBFO.FEJDJOBZNBHTUFSFO#JPUJDB
DPO VOB BNQMJB FYQFSJFODJB EPDFOUF Z
DMOJDBFOFMNVOEPEFMBCJPUJDB OPT
QSFTFOUB DPNPFEJUPSBEFFTUBPCSB VOB
QBOPSNJDB HFOFSBM EF RV FT MB CJP

UJDB PCKFUP EFEOEFZQPSRVTVSHF
PSJHFO Z EFTBSSPMMP
QPS RV DBNJOPT
USBOTJUBIPZEB DNPGVODJPOB NUP
EPT
ZTPCSFUPEP RVmOBMJEBEGDUJDB
UJFOF BM SFTPMWFS SBDJPOBM Z DPNQBSUJ
EBNFOUF DPOnJDUPT UJDPT SFMBDJPOBEPT
DPOMBWJEBZMBTBMVE DPNJUTEFUJDB

4FDPNQJMBOBTFOFTUFWPMVNFOBMHV
OPT EF MPT NT TJHOJmDBUJWPT UFNBT EF
MBCJPUJDBDMOJDBBDUVBMDPOBMHVOPTEF
MPTNTSFMFWBOUFTDPMBCPSBEPSFT %JFHP
(SBDJB &ENVOE 1FMMFHSJOP 'SBODFTD
"CFM "MCFSU+POTFO FUD

&TUFMJCSPTFFTUSVDUVSBFODJODPCMPRVFT
&OFMQSJNFSPTFFYQPOFFMPSJHFOZEF
TBSSPMMPEFMBCJPUJDB&MTFHVOEPSFDP
HF MP NBT DBSBDUFSTUJDP EF MB SFMBDJO
DMOJDBZEFMDPOTFOUJNJFOUPJOGPSNBEP
&O FM UFSDFS DBQUVMP TF FYQPOFO MPT
QSJODJQBMFTNUPEPT&MDVBSUPDBQUVMP
TFDFOUSBFOMBEJNFOTJOQCMJDBZVUJ
MJEBEEFMPTMMBNBEPTDPNJUTEFUJDB:
DPODMVZFFMMJCSPQSFTFOUBOEP BNPEP
EFBQOEJDF BMHVOPTEFMPTUFYUPTGVO
EBNFOUBMFT EFOUSP EFM DPOUFYUP EF MB
CJPUJDB RVF QVFEFO TFSWJS EF SFGFSFO
DJBZVUJMJEBEUBOUPQBSBNEJDPTDPNP
QBSBJOUFSFTBEPTPQSFPDVQBEPTQPSMBT
DVFTUJPOFTCJPUJDBFM*OGPSNF#FMNPOU

MB $BSUB EF %FSFDIPT EFM 1B
DJFOUF EF MB "TPDJBDJO "NFSJDBOB EF
)PTQJUBMFT
FM BSUDVMP EF MB
-FZ(FOFSBMEF4BOJEBETPCSF%FSFDIPT
EFM1BDJFOUF

%FGFOTPS EFM 1BDJFOUF &M OVFWP

QBDJFOUF-PTSFUPTEFMBJOGPSNB
DJOTPCSFTBMVEZNFEJDBNFOUPT
.FSDL4IBSQ%PINFEF&TQBB
.BESJE QQ
&MQSMPHPEFFTUBPCSBMPFTDSJCFO.BSDP
$BQQBUPZ)PMHFS,SBINFS NJFNCSPT
EFM 1BSMBNFOUP &VSPQFP TPCSF FM SFUP
EF NFKPSBS MB JOGPSNBDJO BM QBDJFOUF
&MEFGFOTPSEFMQBDJFOUFEFMB$PNVOJ
EBE EF .BESJE +VBO *HOBDJP #BSSFSP
FTDSJCFTPCSFMBJOGPSNBDJOBMQBDJFOUF
FODPOEJDJPOFTEFDBMJEBE9BWJFS#BEB
Z $BSNFO 7BMFOUO OPT PGSFDFO VOB
QFSTQFDUJWB EF MBT PQJOJPOFT JOJDJBUJ
WBT Z FYQFSJFODJBT TPCSF JOGPSNBDJO
BM QBDJFOUF FO MP SFTQFDUJWP B TV TBMVE
ZNFEJDBNFOUPTFOMPTEJTUJOUPTQBTFT
EF&VSPQB&OMBTFHVOEBQBSUF 3BGBFM
4ODIF[ 0MNP DPNFOUB MB TJUVBDJO
DVBOEPMBJOGPSNBDJOEJTQPOJCMFOPFT
JHVBMBMBJOGPSNBDJOSFMFWBOUF DVBOEP
TF SFBMJ[B EF GPSNB EJSFDUB BM QBDJFOUF
"MJQJP (VUJSSF[ TPCSF MB SFTQPOTBCJ
MJEBE EF MPT NFEJPT EF DPNVOJDBDJO
"HVTUO (NF[ EF MB $NBSB BOBMJ[B
MPT EFCFSFT EFM NEJDP EF SFTQFUP B MB
BVUPOPNB EFM QBDJFOUF .BSB %PMPST
0CJPMT FMEFSFDIPBMBJOGPSNBDJOFOFM
NCJUPTBOJUBSJPDPNPVOBEFMBTQSYJ
NBT DPORVJTUBT TPDJBMFT Z mOBMNFOUF
+VBO4JTP EPDUPSFO%FSFDIP1CMJDP
BOBMJ[B MPT DBNCJPT FO MB JOGPSNBDJO
TBOJUBSJBDPOMBBQBSJDJOZEJGVTJOEF
MBDPNVOJDBDJOQPS*OUFSOFU
/PFMJB %F .JHVFM 4ODIF[ 4FDSF

UP NEJDP DPOmEFODJBMJEBE F JO
GPSNBDJOTBOJUBSJB .BSDJBM 1POT
.BESJE
&M QSJODJQJP EF DPOmEFODJBMJEBE DPOT
UJUVZFVOBDPOTUBOUFFOMBSFMBDJON
EJDPoQBDJFOUFEFTEFMPTUJFNQPTEF)J
QDSBUFT RVFIBUFOJEPRVFBEBQUBSTFB
MPTUJFNQPTNPEFSOPT&OMBBDUVBMJEBE
FYJTUFO EJWFSTBT DBVTBT RVF MFHJUJNBO
BM QSPGFTJPOBM TBOJUBSJP QBSB MFWBOUBS
FM TFDSFUP NEJDP BMHVOBT MFHBMNFOUF
QSFWJTUBT DPNPMPTTVQVFTUPTEFSFRVF
SJNJFOUPQPSMPTUSJCVOBMFTEFKVTUJDJBP
MBTFOGFSNFEBEFTEFEFDMBSBDJOPCMJHB
UPSJB ZPUSBTSFGFSFOUFTBTJUVBDJPOFTRVF
TFQSFTFOUBOFOMBQSDUJDBZRVFPGSFDFO
NBZPSPNFOPSHSBEPEFDPOTFOTPFOUSF
MB EPDUSJOB DPNP TPO MPT DBTPT EF MPT
QSPDFEJNJFOUPT EJTDJQMJOBSJPT DPMFHJB
MFT PDVBOEPFMQSPQJPFOGFSNPMPDPO
TJFOUF FUD
5PEBTFTUBTDVFTUJPOFTTPOUSBUBEBTQPS
MB BVUPSB /PFMJB EF .JHVFM FO VOB
PCSB RVF FO USFT QBSUFT BOBMJ[B MB DPO
mHVSBDJOKVSEJDBEFMEFSFDIPBMBJO
UJNJEBEZTVSFMBDJODPOFMEFSFDIPB
MB DPOmEFODJBMJEBE FM TFDSFUP NEJDP
DPNPFYQSFTJOQBSUJDVMBSEFMEFSFDIPB
MBJOUJNJEBEZMBSFMBDJOFOUSFFMTFDSFUP
NEJDPZMBDPOmEFODJBMJEBEFOFMNB
OFKPEFEBUPTTBOJUBSJPT&OQBSUJDVMBS
MBBVUPSBIBDFIJODBQJFOMBBVTFODJBEF
EFTBSSPMMP OPSNBUJWP EFM BSUDVMP
EF MB $POTUJUVDJO RVF FODPNJFOEB BM
MFHJTMBEPS MB SFHVMBDJO QPS MFZ EFM TF
DSFUP QSPGFTJPOBM /P PCTUBOUF FYJTUFO
EJWFSTBT OPSNBT TFDUPSJBMFT RVF IBDFO
NFODJO BM TFDSFUP NEJDP RVF FO MB
PCSBTFEFTDSJCFO BEFNTEFMBSFHVMB
DJOEFFTUBmHVSBKVSEJDBFOFMEFSFDIP
DPNQBSBEP

+PT.BOVFM'FSOOEF[)JFSSP $P
PSE
-B IJTUPSJB DMOJDB $PNBSFT
(SBOBEB QQ
'VOEBDJ7DUPS(SJGPMTJ-VDBT-B
HFTUJOEFMPTFSSPSFTNEJDPT#BS
DFMPOB QQ
&O FTUF OVFWP WPMVNFO TF BCPSEB VO

UFNBRVFIBUPNBEPBVHFFJNQPSUBODJB
FOFTUPTMUJNPTUJFNQPTMBIJTUPSJBDM
OJDB DPOTJEFSBEBFOTNJTNB TVDPO
UFOJEP SFEBDDJO DVTUPEJBZDPOTFSWB
DJO QPSVOBQBSUFZQPSPUSB UPEPMP
SFGFSFOUF B MPT BTQFDUPT UJDPT Z MFHBMFT
RVFMBNJTNBQMBOUFB
4FSFDPHFOEPTJOUFSWFODJPOFTTPCSFMPT
FSSPSFTNEJDPT +BVNF"VCJB
ZMBHFT
UJOEFFTPTFSSPSFT 3JDBSEPEF-PSFO
[P
ZFMQPTUFSJPSEFCBUFFOUSFMPTEPT
QPOFOUFTZMPTBTJTUFOUFT
&M EPDUPS .PSFOP 7FSOJT oKFGF EF MB

6OJEBE EF %PDVNFOUBDJO $MOJDB
EFM)PTQJUBM.JHVFM4FSWFUEF;BSBHP
[Bo BCPSEB FO QSJNFS MVHBS MB IJTUPSJB
DMOJDB TVPCKFUJWP PSHBOJ[BDJO DVTUP
EJBZDPOTFSWBDJO&MEPDUPS.BSUOF[
"HVBEPo.TUFSFO#JPUJDBoMBBOBMJ[B
EFTEFFMQVOUPEFWJTUBUJDP BQMJDBOEP
B MB NJTNB MPT QSJODJQJPT EF MB CJPUJ
DB &O UFSDFS MVHBS 'FSOOEF[ )JFSSP
BCPHBEP Z QSPGFTPS EF MB 6OJWFSTJEBE
EF %FVTUP BCPSEB MPT BTQFDUPT KVSEJ
DPTMBQSPQJFEBE FMBDDFTPBMBNJTNB
TV DVTUPEJB Z DPOTFSWBDJO MPT FGFDUPT
EFTVDPSSFDUBPJODPSSFDUBVUJMJ[BDJOZ
BSDIJWP ZmOBMNFOUFMBJOUFSGFSFODJBEF
MBJOGPSNUJDBDPOMBTIJTUPSJBTDMOJDBT
1PSMUJNP $BOUFSP3JWBT -FUSBEPEF
*OTBMVE USBUBMBBQPSUBDJOEFMBIJTUPSJB
DMOJDBBMQSPDFTPKVEJDJBM DPOMBEPDUSJ
OBKVSEJDBEF5SJCVOBM$POTUJUVDJPOBM
Z EFM 5SJCVOBM &VSPQFP EF %FSFDIPT
)VNBOPT
'VOEBDJ7DUPS(SJGPMTJ-VDBT1SP
CMFNBTQSDUJDPTEFDPOTFOUJNJFO
UPJOGPSNBEP#BSDFMPOB
QQ
4FSFDPHFOUSFTJOUFSWFODJPOFTZFMQPT
UFSJPSEFCBUFTPCSFMPTUFNBTFYQVFTUPT
1BCMP 4JNO FTDSJCF TPCSF OVFWPT IF
DIPT FO FM DPOTFOUJNJFOUP JOGPSNBEP
Z FYQPOF UBNCJO VOB TFSJF EF DBTPT
QSDUJDPT NJFOUSBT $BSMPT . 3PNFSP
$BTBCPOBBOBMJ[BMPTBTQFDUPTKVSEJDPT
EFMDPOTFOUJNJFOUPJOGPSNBEPFOMBSF
MBDJONEJDPoQBDJFOUF
+VMJP $TBS (BMO $PSUT &M DPO

TFOUJNJFOUPJOGPSNBEPEFMVTVBSJP
EFMPTTFSWJDJPTTBOJUBSJPT&EJUPSJBM
$PMFY .BESJE QQ
"CPHBEPZEPDUPSFO.FEJDJOB FMBVUPS
BCPSEBFOFTUFMJCSPMPTBOUFDFEFOUFTZ
QSFTVQVFTUPT EFM DPOTFOUJNJFOUP JO
GPSNBEP FM DPOUFOJEP Z MNJUFT TFHO
FM PSEFOBNJFOUP KVSEJDP FTQBPM MB
DPOTUJUVDJPOBMJEBEEFMBSUDVMPEF
MB-FZHFOFSBMEF4BOJEBERVFMPSFHVMB
FM DPOTFOUJNJFOUP JOGPSNBEP FO OVFT
USBKVSJTQSVEFODJBZUBNCJO DPNPFMF
NFOUPEFDPNQBSBDJO FOMBKVSJTQSV
EFODJBGSBODFTB
1JMBS (NF[ 1BWO 5SBUBNJFOUPT

NEJDPTTVSFTQPOTBCJMJEBEQFOBM
ZDJWJM#PTDI #BSDFMPOB
QQ
&OFTUBOVFWBFEJDJOTFNBOUJFOFJHVBM
FTUSVDUVSB RVF FO MB BOUFSJPS TF JO
DPSQPSB FM FTUVEJP Z BOMJTJT EF MB -FZ
EF EF OPWJFNCSF CTJDB SF
HVMBEPSB EF MB BVUPOPNB EFM QBDJFOUF
ZEFEFSFDIPTZPCMJHBDJPOFTFONBUFSJB
EFJOGPSNBDJOZEPDVNFOUBDJODMOJ
DB RVFFOUSFOWJHPSFONBZPEF
ZRVFEFSPHBQSFDFQUPTEFMB-FZ(FOF
SBM EF 4BOJEBE FOUSF FMMPT MPT SFMBUJWPT
BMDPOTFOUJNJFOUPJOGPSNBEP JODPSQP
SBOEPUBNCJOEFmOJDJPOFTKVSEJDBTFO
MBNBUFSJB3FHVMBDJORVFEFCFSOFDF
TBSJBNFOUFTVQPOFSVODBNCJPFOFTUBT
DVFTUJPOFT BT TF EFmOF RV FT MB IJT
UPSJBDMOJDB MPTMNJUFTBMEFSFDIPBMB
JOGPSNBDJO MPTTVQVFTUPTEFDPOTFOUJ
NJFOUPQPSSFQSFTFOUBDJOZMPTDBTPTFO
RVFQVFEFQSFTDJOEJSTFEFM EFGPSNB
NTFYIBVTUJWBRVFFOMBBOUFSJPS-FZ
+PT(VFSSFSP;BQMBOB&MDPOTFOUJ
NJFOUP JOGPSNBEP 4V WBMPSBDJO
FO MB +VSJTQSVEFODJB -FY /PWB
7BMMBEPMJE QQ
&OFTUBPCSBTFBCPSEBMBRVFTJOEVEB
FT MB DVFTUJO EF NT BDUVBMJEBE EFO
USP EFM %FSFDIP 4BOJUBSJP NPEFSOP FM
EFSFDIP EF JOGPSNBDJO EF MPT QBDJFO
UFT Z MB FYJHFODJB EF MB QSFTUBDJO EF
TV DPOTFOUJNJFOUP QSFWJP B DVBMRVJFS
BDUVBDJO RVF BGFDUF B TV TBMVE FTUB
DVFTUJOTFDPOTUJUVZF DBEBWF[DPONT
GSFDVFODJB FOFMFKFDFOUSBMEFMBNVM
UJUVEEFSFDMBNBDJPOFTRVFTFQMBOUFBO
FO SFMBDJO DPO MB BTJTUFODJB TBOJUBSJB
%FTEFVOQVOUPEFWJTUBFNJOFOUFNFO
UF QSDUJDP Z USBUBOEP EF MPHSBS VOB
FYQPTJDJORVFTFBUJMZ BMBWF[ MPTV
mDJFOUFNFOUFDMBSBUBOUPQBSBNEJDPT
DPNP QBSB KVSJTUBT TF BCPSEB KVOUP BM
FTUVEJPEFMDPOTFOUJNJFOUP TVTFMFNFO
UPT Z TVT SFRVJTJUPT PUSB DVFTUJO NVZ
USBTDFOEFOUF SFGFSJEB B MB GPSNVMBDJO
EFMBTOVFWBTCBTFTTPCSFMBTRVFTFEF
CFOBTFOUBSMBTSFMBDJPOFTFOUSFMPTN
EJDPTZMPTQBDJFOUFTQBSBHBSBOUJ[BSRVF
EJDIBSFMBDJOOPTFDPOTUJUVZBTPCSFMB
DPOGSPOUBDJOTJOPTPCSFFMEJMPHP&M
FTUVEJP EFM DPOTFOUJNJFOUP JOGPSNBEP
TFMMFWBBDBCPUBOUPFOSFMBDJODPOMB
-FZ #TJDB DPNP FO SFMBDJO
DPO MBT EJWFSTBT MFZFT BVUPONJDBT RVF
IBO SFHVMBEP UBNCJO FTUB NBUFSJB TF
BOBMJ[BO TVT EJWFSTBT SFHVMBDJPOFT TVT
TFNFKBO[BTZMBTEJGFSFODJBTRVFTFQVF
EFOFODPOUSBSFOUSFMBTMFHJTMBDJPOFTFT
UBUBMZBVUPONJDB1PSMUJNP ZQBSB
HBSBOUJ[BSVOFTUVEJPNTDPNQMFUP TF
JODMVZF VOB SFMBDJO EF MBT TFOUFODJBT
NT SFDJFOUFT SFMBUJWBT B MB WBMPSBDJO
EFM DPOTFOUJNJFOUP VO BOFYP DPO EJ
WFSTPTGPSNVMBSJPTRVFQVFEFOBZVEBSB
QMBOUFBS SFDMBNBDJPOFT CBTBEBT FO FTUB
DVFTUJO Z mOBMNFOUF VO BQOEJDF
OPSNBUJWPRVFGBDJMJUBMBDPOTVMUBEFMB
MFHJTMBDJOEJDUBEBQBSBSFHVMBSFTUBNB
UFSJB
(VBEFMPTEPDVNFOUPTEFDPOTFO
UJNJFOUPJOGPSNBEP$POTFKFSB7B
MFODJBOBEF4BMVE 7BMFODJB
&MDPOTFKFSPEF4BOJEBE 7JDFOUF3BN
CMB IB DPPSEJOBEP Z QSFTFOUBEP FTUB
(VBEFMPT%PDVNFOUPTEF$POTFOUJ
NJFOUP*OGPSNBEPRVFMB$POTFKFSBEF

4BOJEBEIBQVFTUPBEJTQPTJDJOEFMPT
DJVEBEBOPTDPOMBmOBMJEBEEFPUPSHBSBM
QBDJFOUFMBQPTJCJMJEBEEFEFDJEJSMJCSF
NFOUFZEBSTVDPOTFOUJNJFOUPBOUFVOB
JOUFSWFODJORVJSSHJDB QSPDFEJNJFOUP
EJBHOTUJDPPUFSBQVUJDP&OMB(VBTF
SFDPHFOMPTEPDVNFOUPTEFRVFFO
FTUPTNPNFOUPTEJTQPOFMB$PNVOJEBE
7BMFODJBOB EFMBTEJTUJOUBTFTQFDJBMJEB
EFT RVFJOGPSNBOBMQBDJFOUFTPCSFMPT
SJFTHPTZWFOUBKBTBOUFVOBJOUFSWFODJO
RVFBDUVBMNFOUFFTUOTJFOEPSFNJUJEPT
BMPTDFOUSPTEFTBMVE"EFNT TFFTUO
FMBCPSBOEPOVFWPTDPOTFOUJNJFOUPT
JOGPSNBEPTFOBTQFDUPTDPNPMBDJSVHB
MBQBSPTDQJDB MBOFGSPMPHBQFEJUSJDBP
MBDBSEJPMPHBQFEJUSJDB
&TUF DPOTFOUJNJFOUP JOGPSNBEP OP TF
TPMJDJUB FO UPEPT MPT QSPDFTPT NEJDPT
QPSQBSUFEFMQBDJFOUF TJOPFOBRVMMPT
FOMPTRVFIBZBMHOQSPDFEJNJFOUPRVJ
SSHJDP EJBHOTUJDP UFSBQVUJDPPRVF
FOUSBBBMHOSJFTHPJNQPSUBOUFQBSBMB
TBMVE&OFTUFTFOUJEP FOMB(VBBQBSF
DFDMBSBNFOUFRVFiFTUFEPDVNFOUPOP
FYJNFBMNEJDPEFTVSFTQPOTBCJMJEBE
&TVOBHVBRVFJOGPSNBBMQBDJFOUFQFSP
OPBNQBSBVOBTVQVFTUBNBMBQSBYJTFO
FMDBTPEFRVFTUBTFQVEJFSBEBSw-B
(VBEFMPT%PDVNFOUPTEF$POTFOUJ
NJFOUP*OGPSNBEPDPOTUBEFVOPTGPS
NVMBSJPT FMBCPSBEPT QPS MBT TPDJFEBEFT
DJFOUmDBTEFDBEBFTQFDJBMJEBE RVFGB
DJMJUBOMBJOGPSNBDJOBMVTVBSJPEFVOB
GPSNBDPNQSFOTJCMFEFUPEPFMQSPDFTP
EFMBJOUFSWFODJO BTDPNPMBTWFOUBKBT
ZMPTSJFTHPT
.BHEB *SJCVSV $PO WP[ QSP

QJB %FDJTJPOFT RVF QPEFNPT
UPNBS BOUF MB FOGFSNFEBE
"MJBO[B&EJUPSJBM
.BHEB *SJCVSV EPDUPSB FO .FEJDJOB Z
FTQFDJBMJTUB FO .FEJDJOB *OUFSOB OPT
PGSFDFVOBPCSBBDFSUBEBFOFMGPOEPZFO
MBGPSNB&OFMGPOEP QPSDVBOUPEFTEF
FMUUVMPIBTUBMBMUJNBMOFBUSBEVDFMB
QSPGVOEBQSFPDVQBDJOQPSVOBNFEJDJ
OB EF DBMJEBE DJFOUmDB Z IVNBOB Z EF
HSBOJOUFSTQBSBUPEPTMPTQSPGFTJPOBMFT
EFMBTBOJEBERVFDSFFOFOFMEJMPHPN
EJDPQBDJFOUFTPDJFEBE &M UUVMP i$PO
WP[QSPQJBwBDFOUBMBQSJPSJEBEEFMQB
DJFOUF FO MBT EFDJTJPOFT RVF DPODJFSOFO
BTVTBMVEZFMTVCUUVMPiEFDJTJPOFTRVF
QPEFNPTUPNBSwTFBMBRVFMBTEFDJTJP
OFTDPNQBSUJEBTFYJHFOMBNTmOBPCTFS
WBODJBQPSQBSUFEFMPTQSPGFTJPOBMFTEF
MBNFEJDJOBEFMPTEFSFDIPTEFMQBDJFOUF
5BNCJOFTUFMJCSPSFTVMUBBHSBEBCMFFO
MBGPSNB QPSTVFTUJMPTFODJMMPZFKFNQMPT
OBEB TPmTUJDBEPT Z NVZ SFBMFT WJWJEPT
&TVOMJCSPRVFDPNCJOBNVZCJFODP
OPDJNJFOUPZBNPSBMFOGFSNPDVBOEPB
FTUPTFMFNFOUPTTFVOFMBFYQFSJFODJBFO
FMFKFSDJDJPQSPGFTJPOBMZTUB BTVWF[ TF
PSJFOUBDPNPTFSWJDJPBMFOGFSNPZBMB
TPDJFEBE OPIBZEVEBRVFTFJOUFSJPSJ[B
EPNVZCJFOMBFTFODJBEFMEJMPHPCJP
UJDPFOMBDMOJDBZFOMBQSDUJDB
-FUJDJB +FSJD 0KFS &M DPOnJDUP EF

DPODJFODJB BOUF FM EFSFDIP QFOBM
-B -FZ"DUVBMJEBE .BESJE
QQ
-BBVUPSBFTQSPGFTPSBEF%FSFDIP1FOBM
FO MB 6OJWFSTJEBE 1CMJDB EF /BWBSSB
-BmOBMJEBEEFMFTUVEJPSBEJDBFOFTUB
CMFDFS FO RV NFEJEB FM &TUBEP QVFEF

QFSNJUJS VOB TFSJF EF BDUVBDJPOFT NP
UJWBEBTQPSVOEFCFSNPSBMBCTPMVUPP
JNQFSBUJWPEFDPJODJEFODJB RVFDPMJTJP
OBODPOMPFTUBCMFDJEPQPSMBTOPSNBTEF
OBUVSBMF[BKVSEJDPQFOBM DVZBGVODJO
FTMBEFQSPUFHFSMPTCJFOFTKVSEJDPTNT
JNQPSUBOUFTBOUFMPTBUBRVFTDPOTJEFSB
EPTEFNBZPSHSBWFEBE"T TFBOBMJ[B
FORVDBTPTQSFWBMFDFMBDPODJFODJBFO
MBBDUVBDJOCBKPVODPOnJDUPEFDPJODJ
EFODJBGSFOUFBMEFCFSEFPCFEJFODJBEF
MBT MFZFT &O FM DBTP EF RVF OP TFB BT
TFEFCFSQMBOUFBSTJ BQFTBSEFRVFOP
TFQVFEBHBSBOUJ[BSEFGPSNBBCTPMVUBMB
BDUVBDJO NPUJWBEB QPS FM JNQFSBUJWP
EF DPJODJEFODJB SFTVMUB BEFDVBEP BE
NJUJSVOUSBUBNJFOUPKVSEJDPQFOBMEJ
GFSFODJBEPFOBRVFMMPTDBTPTFOMPTRVF
FMTVKFUPDPNFUFVOEFMJUPPCMJHBEPQPS
EJDIPJNQFSBUJWP
3JUB,JFMTUFJO +PT"MCFSUP.BJOFUUJ
+PSHF -VJT .BO[JOJ .BSUO 3PVCJ
DFL )BOT.BSUJO4BTT )FSCFSU7JF
GIVFT %JSFDUJWBT BOUJDJQBEBT -B
IJTUPSJBDMOJDBPSJFOUBEBBWBMPSFT
ZMBBQMJDBDJOEFMNUPEPOBSSBUJ
WPFOCJPUJDB.OTUFS -JU7FSMBH
QQ
&M QSFTFOUF USBCBKP QVCMJDBEP FO FT
QBPMFOVOBDPMFDDJOBMFNBOBEFUJDB
NEJDB DPOTUJUVZFVOUJMEPTTJFSUFSJ
DPQSDUJDPBDFSDBEFVOUFNBEFDSFDJFO
UF BDUVBMJEBE FO FM DBNQP CJPUJDP MBT
EJSFDUJWBTBOUJDJQBEBT BEWBODFEJSFDUJWFT

%"
$POFTUBFYQSFTJOTFIBDFSFGFSFO
DJB B MBT NBOJGFTUBDJPOFT WBMPSBUJWBT EF
MPTQBDJFOUFT RVFFYQSFTBODNPEFTFB
SBOTFSUSBUBEPTFODBTPEFFOGSFOUBSTJ
UVBDJPOFT EF HSBWF SJFTHP EF NVFSUF P

EJTDBQBDJEBE OPFODPOUSOEPTFFOUBMFT
DJSDVOTUBODJBTFODPOEJDJPOFTEFNBOJ
GFTUBSTF-BJNQPSUBODJBEFFTUFUSBCBKP
FT EPCMF 1PS VO MBEP DPOTUJUVZF VOB
GVFOUFEFWBMJPTBJOGPSNBDJOBDFSDBEF
MBT %" UFNB TPCSF FM DVBM OP BCVOEB
MBCJCMJPHSBGBFTQFDJBMJ[BEBFOFTQBPM
1PS PUSP MBEP FM EPDVNFOUP MFKPT EF
MJNJUBSTF B NFSBT SFnFYJPOFT UFSJDBT
JODMVZFJOEJDBDJPOFTQSDUJDBTDPODSFUBT
PSJFOUBEBTBBZVEBSBQBDJFOUFTZNEJ
DPTFOMBUPNBEFEFDJTJPOFTBDFSDBEF
MPTUSBUBNJFOUPTBTFHVJS
&MUSBCBKPTFJOUFHSBDPOUSFTBSUDVMPT
&OFMQSJNFSPEFFMMPT i%JSFDUJWBTBOUJ
DJQBEBTQBSBUSBUBNJFOUPTNEJDPTw
FM
NEJDP BSHFOUJOP +PSHF -VJT .BO[JOJ
QSFTFOUB DPO HSBO DMBSJEBE DPODFQUVBM
MBOPDJOEF%"ZMBFYQFSJFODJBEFTV
BQMJDBDJO FO FTQFDJBM FO MPT &TUBEPT
6OJEPT-VFHP FMBVUPSFYQPOFEJWFSTBT
GPSNBT EF %" JOEJDBOEP MBT WFOUBKBT
F JODPOWFOJFOUFT EF DBEB VOB EF FMMBT
'JOBMNFOUF .BO[JOJ QSPQPOF VOB
TJNQMJmDBDJO FO MB QVFTUB FO QSDUJDB
EFMBT%" RVFDPOTJTUJSBFOVOBBOP
UBDJOFOMBIJTUPSJBDMOJDBEFMQBDJFOUF
TVHJSJFOEP BM NJTNP UJFNQP NFEJEBT
QBSBHBSBOUJ[BSMBEJTQPOJCJMJEBEZTFHV
SJEBEEFFTBJOGPSNBDJO
&O FM TFHVOEP USBCBKP MPT QSPGFTPSFT
BMFNBOFT )BOT.BSUJO 4BTT 6OJWFSTJ
EBEEF#PDIVN
Z3JUB,JFMTUFJO 6OJ
WFSTJEBEEF.BHEFCVSHP
CBTOEPTFFO
NUPEPT EF MB UJDB OBSSBUJWB PGSFDFO
JOEJDBDJPOFT EFUBMMBEBT DPO FM PCKFUP
EFBZVEBSBMPTQBDJFOUFTBSFEBDUBSTVT

QSPQJBT %" -PT BVUPSFT QSFTFOUBO

IJTUPSJBTDMOJDBTEFQFSTPOBTFOTJUVBDJP
OFT EFBMUPSJFTHPQBSBTVTWJEBTZGPS
NVMBO VOB TFSJF EF QSFHVOUBT QSFDJTBT
BMMFDUPSBDFSDBEFMUSBUBNJFOUPRVFEF
TFBSB P OP
SFDJCJS EF FODPOUSBSTF FO
UBMDJSDVOTUBODJB-VFHP TVHJFSFOVODB
UMPHPEFFYQSFTJPOFToUJQPRVFQVFEFO
TFSWJSBMNPNFOUPEFSFEBDUBSVOB%"
'JOBMNFOUF MPTBVUPSFTCSJOEBODVBUSP
EJGFSFOUFTNPEFMPTEF%" DPOEJWFSTPT
QFSmMFTTFHOMPTWBMPSFTFJOUFSFTFTEFM
QBDJFOUF
&M UFSDFS USBCBKP DPOUJFOF JOUFSFTBOUFT
SFnFYJPOFTEFMCJPFUJDJTUBBSHFOUJOP+PT
"MCFSUP .BJOFUUJ BDFSDB EFM EFTBSSPMMP
EFMBCJPUJDBDPNPOVFWPEPNJOJPEF
MBmMPTPGBQSDUJDB EFTUBDBOEPEFNPEP
FTQFDJBM MB JNQPSUBODJB EFM QBDJFOUF
DPNP iTVKFUP NPSBMw $PNP DJFSSF EFM
EPTTJFS TFJODMVZFFMEFOPNJOBEPi1SP
UPDPMPEF#PDIVNQBSBMBQSDUJDBUJ
DPNEJDBw FMBCPSBEPQPSMPTQSPGFTPSFT
)BOT.BSUO 4BTT Z )FSCFSU 7JFGIVFT
4FUSBUBEFVOBHVBFTUSVDUVSBEBTPCSF
MBCBTFEFVOMJTUBEPEFQSFHVOUBTRVF
FTUO EJSJHJEBT ZB OP BM QBDJFOUF TJOP
BM QSPGFTJPOBM EF MB TBMVE RVF BTQJSB B
UPNBS EFDJTJPOFT UJDBNFOUF GVOEBEBT
-BUSBEVDDJOEFMPTUSBCBKPTPSJHJOBSJB
NFOUFFTDSJUPTFOBMFNO ZRVFIBFT
UBEPBDBSHPEF.BSUO3PVCJDFLZ+PT
"MCFSUP.BJOFUUJ FTTVNBNFOUFDVJEB
EB 3PCFSUP"OEPSOP

.JHVFM ,PUUPX 1BSUJDJQBDJO JO

GPSNBEBFODMOJDBFJOWFTUJHBDJO
CJPNEJDB-BTNMUJQMFTGBDFUBTEF
MBEFDJTJOZFMDPOTFOUJNJFOUPJO
GPSNBEP 3FECJPUJDB 6/&4$0

#PHPU QQ
-B OPDJO EF DPOTFOUJNJFOUP JOGPSNB
EP FTU EJSFDUBNFOUF SFMBDJPOBEB DPO
MB BVUPOPNB Z TV EFTBSSPMMP SFnFKB MPT
JOUFSFTFTEFMPTEJWFSTPTBDUPSFTTPDJBMFT
JOWPMVDSBEPTFOEPTFTQBDJPTGVOEBNFO
UBMNFOUFMBQSDUJDBDMOJDBZMPTQSPDF
TPTJOWFTUJHBUJWPT&MBVUPS QSPGFTPSEF
MB &TDVFMB EF 4BMVE 1CMJDB EF MB 6OJ
WFSTJEBE EF $IJMF QSFUFOEF DPOUSJCVJS
BFTDMBSFDFSMBTEJTUPSTJPOFTEFSJWBEBTEF
DPOGVOEJSFMQSPDFTPDPOVOUSNJUFEFT
WJODVMBEPEFMFOUPSOPTPDJBMFOFMRVFTF
QSPEVDF4VQSPQTJUPGVOEBNFOUBMFTMB
EFGFOTBEFMPTEFSFDIPTEFMPTQBDJFOUFT
Z EF MBT QFSTPOBT RVF DPMBCPSBO DPNP
TVKFUPTEFMBTJOWFTUJHBDJPOFT.FUPEPM
HJDBNFOUF FMBVUPSQSFTFOUBBMmOBMEF
DBEBDBQUVMPVOPTQVOUPTRVFSFTVNFO
MPTBTQFDUPTUSBUBEPTZQFSNJUFOPSJFOUBS
MBEJTDVTJOEFDBEBUFNBQBSUJDVMBS
1JMBS -FO 4BO[ *NQMBOUBDJO EF

MPT EFSFDIPT EFM QBDJFOUF $PMFD
DJO "TUSPMBCJP $JFODJBT 4PDJBMFT
.BESJE QQ
{2VJOHBSBOUJ[BFMTFDSFUPEFNJTEBUPT
NEJDPT {%OEF RVFEB DPOTUBODJB EF
NJTJOTUSVDDJPOFTQSFWJBT {"RVJOQFS
UFOFDF MB IJTUPSJB DMOJDB {1VFEP DBN
CJBS EF NEJDP P EF DFOUSP BTJTUFODJBM
QCMJDPTJOQSPCMFNBT {1VFEFOVUJMJ[BS
MPTJOWFTUJHBEPSFTNJTEBUPTQBSBFMBCP
SBSFTUBETUJDBTZBTBZVEBSBMEFTBSSPMMP
EFMB.FEJDJOB
%FTEF FM NCJUP KVSEJDP DMOJDP Z
EFPOUPMHJDP TF FTUVEJBO MPT BTQFDUPT
NT EFCBUJEPT Z OPWFEPTPT EF MB MFZ

-FZ SFHVMBEPSB EF MB BVUP
OPNBEFMQBDJFOUFZEFTVEFSFDIPBMB
JOGPSNBDJODMOJDB
ZTVTJNQMJDBDJPOFT
FO MB BDUJWJEBE DPUJEJBOB EF MPT EJTUJO
UPTDPMFDUJWPTJOWPMVDSBEPT BRVJFOFTWB
EJSJHJEP FM MJCSP NEJDPT FOGFSNFSPT
GBSNBDVUJDPT JOWFTUJHBEPSFT QPMUJDPT
Z KVSJTUBT UPEPT BRVFMMPT RVF FODBSBO
EBBEBMBQSDUJDBDMOJDBZRVFIBOEF
UPNBSEFDJTJPOFTFOMBTRVFTFQMBOUFBO
DVFTUJPOFTEFUJDB EFEFSFDIPNEJDP
ZEFQSPHSBNBDJOBTJTUFODJBM
1JMBS-FO4BO[ MJDFODJBEBFO.FEJDJ
OBQPSMB6$.ZEPDUPSBFO.FEJDJOB
QPSMB6EF/BWBSSB IBDPNQBHJOBEP
QVFTUPTEFHFTUJO DPOMBEPDFODJBZMB
JOWFTUJHBDJO"DUVBMNFOUFFTQSPGFTPSB
"HSFHBEBZEJSFDUPSBEFM%FQBSUBNFOUP
EF)VNBOJEBEFT#JPNEJDBTEFMB6OJ
WFSTJEBEEF/BWBSSB
$SJTUJOB-QF[4ODIF[5FTUBNFO
UP 7JUBM Z 7PMVOUBE EFM 1BDJFOUF
%ZLJOTPO .BESJE QQ
-B EPDUPSB FO %FSFDIP $SJTUJOB -QF[
4ODIF[IBQVCMJDBEPVOMJCSPFOFMRVF
FTUVEJBFMUFTUBNFOUPWJUBMZMBWPMVOUBE
EFM QBDJFOUF FO MB MFHJTMBDJO FTQBPMB
UBOUP BVUPONJDB DPNP OBDJPOBM BT
DPNPFMPSJHFOEFFTUBmHVSBFOFM%FSF
DIPDPNQBSBEP$PNFOUBBMHVOBTSFGF
SFODJBTMFHBMFTEF&TUBEPT6OJEPT (SBO
#SFUBBZ$BOBE QBSBEFTQVTBOBMJ[BS
MBTJUVBDJOFO*UBMJB 'SBODJB BUSBWTEF
MB -FZ EF %FSFDIPT EF MPT &OGFSNPT Z
$BMJEBEEFM4JTUFNB4BOJUBSJP EFMEF
NBS[P EF
"MFNBOJB )PMBOEB Z
#MHJDB
5BNCJO SFWJTB EJTUJOUBT MFHJTMBDJPOFT

BVUPONJDBT RVF IBO SFHVMBEP MBT WP
MVOUBEFT BOUJDJQBEBT Z BMHVOBT BOPUB
DJPOFT FO UPSOP B MPT FOGFSNPT EF "M
I[IFJNFS 4FHO MB BVUPSB MB HBSBOUB
GVOEBNFOUBM EF RVF MBT JOTUSVDDJPOFT
QSFWJBTTFSOCJFOJOUFSQSFUBEBTZ TPCSF
UPEP SFTQFUBEBT DPOTJTUJSFONBOUFOFS
DPO FM NEJDP VOB SFMBDJO EF DBMJEBE
CBTBEBFOMBDPOmBO[BZFMDPOPDJNJFO
UPNVUVP
&OMBPCSBTFSFDPHFFMUFYUPOUFHSPEF
MB-FZ #TJDB3FHVMBEPSBEFMB
"VUPOPNBEFM1BDJFOUFZEF%FSFDIPT
Z0CMJHBDJPOFTFO.BUFSJBEF*OGPSNB
DJO Z %PDVNFOUBDJO $MOJDB Z MPT
UFYUPT MFHBMFT EF MBT DPNVOJEBEFT RVF
IBOSFHVMBEPMBTWPMVOUBEFTBOUJDJQBEBT
IBTUBMBGFDIBEFFEJDJOEFMMJCSP
'FMJDJEBE-PTDFSUBMFT"CSJM "TDFOTJO
(NF[ (BSSJEP -B DPNVOJDBDJO
DPO FM FOGFSNP 6O JOTUSVNFOUP
BM TFSWJDJP EF MPT QSPGFTJPOBMFT EF
TBMVE"MIVMJB (SBOBEB
QQ
$POMBTEPTBVUPSBT QTJDMPHBT IBODP
MBCPSBEPUBNCJOFOFTUBPCSBNEJDPT
QTJDMPHPT Z VO FRVJQP EF FYQFSUPT FO
iIBCJMJEBEFT TPDJBMFTw QBSB BOBMJ[BS MB
DPNVOJDBDJO FOUSF MB QFSTPOB FOGFSNB
ZMPTQSPGFTJPOBMFTRVFQVFEFOBZVEBSMFB
DPOTFHVJSMBTBMVE4FUSBUBEFRVFFMFO
GFSNPQVFEB FOTVNFEJEB DPMBCPSBSBD
UJWBNFOUFQBSBMPHSBSFMPCKFUJWPDPNO
EFSFDVQFSBSTVTBMVE%FEJDBOVOBFTQF
DJBMBUFODJOBMPTBTQFDUPTUJDPTRVFEF
MJNJUBOZTPTUJFOFOMBBDDJOZMBSFMBDJO
FOMPTDPOUFYUPTEFBUFODJOEFMBTBMVE

"CPSEBO MPT DPODFQUPT FMFNFOUBMFT EF

MPTQSPDFTPTDPNVOJDBUJWPT TJFNQSFEFT
EFVOBQFSTQFDUJWBNTIVNBOTUJDBRVF
UDOJDB ZBRVFUPEBMBPCSBTFTVTUFOUBFO
VOFOGPRVFDFOUSBEPFOMBQFSTPOB DPO
FTQFDJBMJOUFSTFOMBTSFMBDJPOFTDPOMBJO
GBODJBZMBBEPMFTDFODJB
.JHVFM OHFM .BSU (BSDB -B JO

UJNJEBE &VOTB 1BNQMPOB FE
FE
QQ
&MBVUPSFTDBUFESUJDPEF'JMPTPGB"CPS
EBFOFTUFMJCSPVOBTQFDUPQPDPUSBUBEP
MBCTRVFEBEFMBQSPQJBJOUJNJEBEi&T
EJGDJMQPSRVFIBDFGBMUBJOUFMJHFODJBQBSB
QFSDBUBSTFEFFTFNVOEPRVFOJTFWFOJ
TFUPDB)BDFGBMUBVOBFTQFDJBMTFOTJCJ
MJEBE RVF QVFEF TFS FEVDBEB QBSB RVF
TFQBDBQUBSMBJNQPSUBODJBEFAMPOUJNP
NP Z MP OUJNP EF MPT PUSPT .J AJOUJ
NJEBE DBVTBZFGFDUPEFNJTFSFOJEBE
NJ BVUPDPOPDJNJFOUP MB EFOTJEBE EF
NJ WJEB Z FM QSPQJP PMWJEP QBSB SFTQF
UBSMBAJOUJNJEBEDPOMPTPUSPT DPOMPT
RVFDPOWFSTBNPT BMPTRVFFTDVDIBNPT
DPOMPTRVFOPTDBSUFBNPT DPOMPTRVF
DPJODJEJNPTw&OUSFPUSPTDBTPT FTDSJCF
UBNCJOEFMSFTQFUPBMBJOUJNJEBEFOMB
DPOTVMUBNEJDBFTVOMJCSP QPSUBOUP
RVF CJFO QVFEF BZVEBS FO FM RVFIBDFS
QSPGFTJPOBM EJBSJP EF UPEPT Z TPCSF VO
BTQFDUPJNQPSUBOUFFOMBSFMBDJONEJ
DPQBDJFOUFZFOGFSNFSBQBDJFOUF
+VBO.KJDB)JTUPSJBDMOJDB&TUB
UVUPCTJDPZQSPQVFTUBEFSFHVMB
DJO&EJTPGFS4- -JCSPTKVSEJDPT
.BESJE QQ
$VBOEPMB-FZ&TUBUBMEF*OGPSNBDJO
DPODFSOJFOUFBMB4BMVEZMB"VUPOPNB
EFMQBDJFOUFZMB%PDVNFOUBDJO$MOJ
DBFTUFOMPTMUJNPTUSNJUFTQBSBRVF
TFBBQSPCBEBQPSFM$POHSFTPEFMPT%J
QVUBEPT +VBO.KJDB QSPGFTPSBTPDJBEP
EF%FSFDIP$JWJMEFMB6OJWFSTJEBEEF
0WJFEP IB QVCMJDBEP VO MJCSP EPOEF
QSPQPOF VOB SFHVMBDJO NT FTQFDmDB
EFMBIJTUPSJBDMOJDB
&MFYQFSUPFO%FSFDIP4BOJUBSJPBOBMJ[B
DVFTUJPOFT BDUVBMFT DPNP MPT SFRVJTJUPT
RVFEFCFDPOUFOFSFMIJTUPSJBMQBSBRVF
UFOHBWBMJEF[MFHBMZKVEJDJBMPMBQPM
NJDB TPCSF FM QFSPEP EF DPOTFSWBDJO
EFMBIJTUPSJBDMOJDB TVQSPQJFEBEPFM
EFSFDIP EF MPT GBNJMJBSFT EFM QBDJFOUF
GBMMFDJEPBBDDFEFSBMIJTUPSJBM
&M UFYUP SFQSFTFOUB VOB PCSB DPNQMFUB
Z EF BDUVBMJEBE TPCSF VO EPDVNFOUP
WJUBMFOMBBUFODJOTBOJUBSJB DVZBGBMUB
EFSFHVMBDJOQMBOUFBQSPCMFNBTKVSEJ
DPTZMFHBMFT&MBVUPSBOBMJ[BMBIJTUPSJB
DMOJDBUBNCJOEFTEFFMQVOUPEFWJTUB
QSPDFTBM FT EFDJS MB DPOmHVSBDJO EFM
IJTUPSJBMDPNPVONFEJPEFQSVFCBBOUF
MPT USJCVOBMFT 1PS MUJNP .KJDB OP
TFQSJWBEFMBQPTJCJMJEBEEFSFBMJ[BSVO
BOMJTJTDSUJDPEFMBQSPQPTJDJOEFMFZ
FTUBUBM RVFOPJODMVZFMPRVFQBSBMTF
IBDFDBEBWF[NTOFDFTBSJPVOBQSPUP
DPMJ[BDJOEFMBIJTUPSJBDMOJDB
3BGBFM /BWBSSP7BMMT +BWJFS .BS

UOF[5PSSO -BT PCKFDJPOFT EF
DPODJFODJBFOFMEFSFDIPFTQBPMZ
DPNQBSBEP.D(SBX)JMM .BESJE
QQ
-PT EPT BVUPSFT TPO DBUFESUJDPT EF
%FSFDIP FO.BESJEZ(SBOBEBSFTQFD
UJWBNFOUF )BO DPMBCPSBEP UBNCJO
3BGBFM11BMPNJOP .BESJE
Z7JDFO
[P5VSDIJ 5VSO
3FBMJ[BOVOBOMJTJT
DPNQMFUP Z QSPGVOEP EF MB OPDJO EF
PCKFDJO EF DPODJFODJB Z FM QSPCMFNB
EF TV DPCFSUVSB KVSEJDB "OBMJ[BO MPT
EJGFSFOUFTDBNQPTEFBQMJDBDJOFMTFS
WJDJPNJMJUBS PCKFDJOmTDBM BMBCPSUP B
USBUBNJFOUPT NEJDPT FO FM NCJUP EF
MBT SFMBDJPOFT MBCPSBMFT P FO FM NCJUP
FEVDBUJWP MBPCKFDJOEFDPODJFODJBBM
KVSBEP P B MPT KVSBNFOUPT QSPNJTPSJPT
Z PUSPT TVQVFTUPT BDUVBMFT " MB MV[ EF
MBMFHJTMBDJOFYUSBOKFSB TFUSBUBEFTP
MVDJPOBS MPT QSPCMFNBT QMBOUFBEPT FO
&TQBB EFTEF VOB QPTJDJO DSUJDB RVF
BDFQUBMPNFKPSEFMPEFGVFSBZUSBUBEF
BWBO[BSFOFMQMBOUFBNJFOUPKVSEJDPJO
UFSOP5JFOFFTQFDJBMJOUFSTFMDBQUVMP
EFEJDBEPBMBPCKFDJOEFDPODJFODJBB
MPT USBUBNJFOUPT NEJDPT UBOUP EJSJHJ
EPTBBEVMUPTDPNPBNFOPSFT
0mDJOB %FGFOTPS EFM 1BDJFOUF &M

OVFWPQBDJFOUFMPTSFUPTEFMBJO
GPSNBDJO TPCSF TBMVE Z NFEJDB
NFOUPT$POTFKFSBEF4BOJEBEEFMB
$PNVOJEBE EF .BESJE
QQ
1BSUJFOEP EF MPT SFUPT QMBOUFBEPT FO
&VSPQBFOMBJOGPSNBDJOBMQBDJFOUF MB
0mDJOBEFM%FGFOTPSEFM1BDJFOUFEFMB
$PNVOJEBEEF.BESJEFYQPOFFOFTUF
MJCSPVOBSFWJTJOEFMBMJUFSBUVSBDJFOU
mDB FTQFDJBMNFOUFEFMEFSFDIPTBOJUBSJP
TPCSFFMUFNB ZMBTQPTJDJPOFTTVSHJEBT
BTDPNPMPTDPOTFOTPTFOJOGPSNBDJO
EFTBMVEZNFEJDBNFOUPT%FTQVTPGSF
DFMBTiSFnFYJPOFTwEFEJWFSTPTFYQFSUPT
TPCSFDVFTUJPOFTNVZBDUVBMFTRVIB
DFS DVBOEP MB JOGPSNBDJO EJTQPOJCMF
OPFTJHVBMBMBJOGPSNBDJOSFMFWBOUFMB
SFTQPOTBCJMJEBEEFMPTNFEJPTEFDPNV
OJDBDJOFMDIPRVFFOUSFMBMJCFSUBEEF
JOGPSNBDJOZFMEFSFDIPBMBDPOmEFO
DJBMJEBE P MPT EJMFNBT QSPWPDBEPT QPS
MPTEJBHOTUJDPTQPS*OUFSOFU
"MGSFEP3BNPT3BNPTZPUSPT$BS
UB EF DPOTFOUJNJFOUP CBKP JOGPS
NBDJO *OEJDBEPS EF DPNVOJDB
DJO NEJDPQBDJFOUF $PNJTJO
"SCJUSBKF .EJDP &TUBEP EF +BMJTDP
.YJDP QQ
&OMBQSJNFSBQBSUFEFFTUFMJCSPTFFO
USFHBOMBTSFnFYJPOFTZMPTQMBOUFBNJFO
UPT UFSJDPT EFM DPOTFOUJNJFOUP CBKP
JOGPSNBDJO EFTEFMBQFSTQFDUJWBEFMB
CJPUJDB FM EFSFDIP MB TPDJPMPHB MPT
EFSFDIPT IVNBOPT BT DPNP TV BQMJ
DBDJOFOEJGFSFOUFTSFBTEFMBQSDUJDB
EF MB BUFODJO B MB TBMVE FO .FEJDJOB
Z0EPOUPMPHB&OMBTFHVOEBQBSUFTF
QSFTFOUBMBQSPQVFTUBJOUFSJOTUJUVDJPOBM
EF (VB EFM DPOTFOUJNJFOUP CBKP JO
GPSNBDJO FO MB RVF QBSUJDJQBO WBSJPT
)PTQJUBMFT FM$PMFHJP.EJDP MB6OJ
WFSTJEBEEF(VBEBMBKBSBMB$PNJTJOEF
"SCJUSBKF Z FM (PCJFSOP EFM &TUBEP EF
+BMJTDP DPOQSFHVOUBTDMBWFZSFTQVFTUBT
GVOEBNFOUBEBT FO MB MFHJTMBDJO NFYJ
DBOB BT DPNP MB FYQMJDBDJO EF DBEB
VOPEFTVTFMFNFOUPTOPSNBUJWPT ZTF
DPODSFUBVOGPSNBUPDPOEVDUPSQBSBMB
DPOTUSVDDJOZBQMJDBDJOEFMBDBSUBEF
DPOTFOUJNJFOUPCBKPJOGPSNBDJO

1FESP 3PESHVF[ -QF[ -B BVUP

OPNB EFM QBDJFOUF JOGPSNBDJO
DPOTFOUJNJFOUP Z EPDVNFOUBDJO
DMOJDB %JMFT .BESJE
QQ
-B PCSB FT VO BOMJTJT EF MB OPSNBUJWB
DPOUFOJEB FO MB -FZ EF
EF OPWJFNCSF CTJDB SFHVMBEPSB EF MB
BVUPOPNB EFM QBDJFOUF JODJEJFOEP FO
TV DPNQBSBDJO DPO MBT OPSNBUJWBT EF
MBT $PNVOJEBEFT "VUOPNBT &O FTUF
TFOUJEP FMFTUVEJPTFDFOUSB GVOEBNFO
UBMNFOUF FO EPT QVOUPT FTFODJBMFT FM
DPOTFOUJNJFOUP JOGPSNBEP EPOEF TF
JODMVZF MB JOGPSNBDJO OFDFTBSJB RVF
SFTVMUB FTFODJBM FO DVBMRVJFS SFMBDJO
NEJDPoBTJTUFODJBMZMBEPDVNFOUBDJO
DMOJDB BTQFDUP FOPSNFNFOUF DPOUSP
WFSUJEPFOMBTSFMBDJPOFTFOUSFMPTQSPGF
TJPOBMFTTBOJUBSJPTZMPTQBDJFOUFT
/PPCTUBOUF TFIBDFVOQFRVFPBO
MJTJT EF EPT QVOUPT GVOEBNFOUBMFT B MB
IPSBEFFOUFOEFSMBBTJTUFODJBTBOJUBSJB
FMFTUBUVUPEFMQBDJFOUF DPOMBJODJEFO
DJBRVFFOFMDPODFQUPEFQBDJFOUFUJFOF
FM DPODFQUP EF VTVBSJP Z FM DPODFQUP
EFBMUBDPNPQVOUPEFTEFFMRVFOBDFO
NVMUJUVEEFTJUVBDJPOFTKVSEJDB
$BSNFO 4ODIF[ $BSB[P -B JOUJ

NJEBEZFMTFDSFUPNEJDP&EJDJP
OFT %B[ EF 4BOUPT .BESJE
QQ
-BBVUPSBFTEPDUPSBFO.FEJDJOBZNB
HTUFS FO #JPUJDB Z USBUB FO FTUF MJCSP
EFBDFSDBSBMPTQSPGFTJPOBMFTEFMB.F
EJDJOBZEFM%FSFDIPMPTBTQFDUPTUJDPT
ZMFHBMFTEFFTUPTEPTQSJODJQJPTJOUJNJ
EBEZTFDSFUPNEJDP-BBVUPSBBOBMJ[B
FM EFSFDIP B MB JOUJNJEBE OP TMP EFT

EF VOB QFSTQFDUJWB MFHBM TJOP UBNCJO
EFTEF FM QVOUP EF WJTUB EF MB CJPUJDB
"CPSEBMPTQSPCMFNBTNTIBCJUVBMFTFO
MBQSDUJDBBTJTUFODJBMFMDPOnJDUPFOUSF
FM EFSFDIP B MB JOUJNJEBE Z FM EFSFDIP
B MB JOGPSNBDJO &O DVBOUP BM TFDSFUP
NEJDP FMUFYUPSFDPHFDNPFTUSFHV
MBEBFTUBNBUFSJBFOFM$EJHP$JWJM FM
1FOBMZMPT$EJHPT%FPOUPMHJDPT&M
UFNB DMBWF EF MB PCSB FT MB QSPUFDDJO
EF MPT EBUPT TBOJUBSJPT QVFT MB BVUPSB
BOBMJ[BFOEPTFYUFOTPTDBQUVMPTMBQSP
UFDDJOEFMBJOGPSNBDJOTBOJUBSJBBMB
MV[EFMBSFDJFOUFMFZ0SHOJDB
EF 1SPUFDDJO EF %BUPT EF $BSDUFS
1FSTPOBM 4F DPNQMFUB FM MJCSP DPO VO
BOFYP MFHJTMBUJWP DPO OPSNBT DPNP MB
-FZ0SHOJDBEF1SPUFDDJOEF%BUPTZ
FM $POWFOJP EF %FSFDIPT )VNBOPT Z
#JPNFEJDJOBEFM$POTFKPEF&VSPQB Z
VO QSMPHP EFM DBUFESUJDP EF )JTUPSJB
EFMB.FEJDJOB%JFHP(SBDJB
+BWJFS4ODIF[$BSPZ+FTT4ODIF[
$BSP $POTFOUJNJFOUP JOGPSNBEP
Z QTJRVJBUSB VOB HVB QSDUJDB
&EJUPSJBM.BQGSF
&TUB PCSB TF IB QSPQVFTUP BDBCBS DPO
MB MBHVOB FYJTUFOUF FO FM NCJUP EF MB
QTJRVJBUSB EF FTUVEJPT B GPOEP EF MB
JOGPSNBDJOZDPOTFOUJNJFOUPJOGPSNB
EP -PT BVUPSFT TPO FTQFDJBMJTUBT FO FM
UFNB+BWJFS4ODIF[$BSP TVCEJSFDUPS
HFOFSBMEF"TFTPSB+VSEJDBEFM*OTBMVE
Z VOP EF MPT EPDFOUFT NT QSFQBSBEPT
FO%FSFDIP4BOJUBSJP ZTVIFSNBOP+F
TT4ODIF[$BSP QTJRVJBUSBZNEJDP
GPSFOTF
&M SFTVMUBEP TPO DBTJ TFJTDJFOUBT QHJ

OBT GSBODBNFOUF NBOFKBCMFT HSBDJBT BM
FTUJMP EF MPT BVUPSFT Z B MB TJTUFNUJDB
EFMBPCSB FOMBTRVFTFBCPSEBOTVDFTJ
WBNFOUF MB UFPSB EFM DPOTFOUJNJFOUP
JOGPSNBEP TVBQMJDBDJOBMBQTJRVJBUSB
FO &TUBEPT 6OJEPT MBT QFDVMJBSJEBEFT
EFTVDPODFQDJOFOFM%FSFDIPFTQBPM
oRVFFTMPRVFNTJOUFSFTBFOMBQSD
UJDBoZ QPSMUJNP TVBQMJDBDJOFOMB
QTJRVJBUSBFTQBPMB6OBQOEJDFMFHJT
MBUJWPZVOBSFMBDJOEFDBTPTKVEJDJBMFT
DPNQMFUBOFTUFNBOVBM
+FTT4ODIF[$BSPZ+BWJFS4ODIF[
$BSP &M NEJDP Z MB JOUJNJEBE
&EJDJPOFT %B[ EF 4BOUPT .BESJE
QQ
+FTT 4ODIF[ $BSP FT EPDUPS FO .F
EJDJOBZQTJRVJBUSB QSPGFTPSEFMB6OJ
WFSTJEBE$PNQMVUFOTFEF.BESJEFOFM
.TUFSEF%FSFDIP4BOJUBSJPZFOFMEF
1TJDPMPHB$MOJDB -FHBMZ'PSFOTF+B
WJFS 4ODIF[ $BSP FT BCPHBEP MFUSBEP
EFM$VFSQP4VQFSJPSEFMB"ENJOJTUSB
DJOEFMB4FHVSJEBE4PDJBM DPEJSFDUPS
EFM .TUFS EF %FSFDIP 4BOJUBSJP EF MB
6OJWFSTJEBE EF -B $PSVB Z QSPGFTPS
EFM .TUFS FO %FSFDIP 4BOJUBSJP EF MB
6OJWFSTJEBE$PNQMVUFOTF
-PTBVUPSFTBOBMJ[BOFMDPODFQUP PSJHFO
Z GVOEBNFOUP EF MB JOUJNJEBE EFTEF
VOB QFSTQFDUJWB FTFODJBMNFOUF mMPTm
DB NPSBM GFOPNFOPMHJDB BOBMUJDB
BOUSPQPMHJDB Z NFUBGTJDB
KVSEJDB Z
CJPUJDB FTUVEJBOEPTVTDPOFYJPOFTDPO
MBTJEFBTEFBVUPOPNB MJCFSUBEFJEFO
UJEBE ZDPOMPTDPODFQUPTSFMBDJPOBEPT
EF DPOmEFODJBMJEBE PCMJHBDJO EF OP
EFDMBSBS QSJWJMFHJPUFTUJNPOJBM
TFDSFUP
QSPGFTJPOBMZWJEBQSJWBEB&YBNJOBOB
DPOUJOVBDJO MB SFQFSDVTJO RVF UJFOF
FMDPODFQUP ZTPCSFUPEP FMEFSFDIPB
MBJOUJNJEBE FOBMNCJUPTBOJUBSJPFO
HFOFSBMZFOMBQSDUJDBEFMBNFEJDJOB
FO DPODSFUP IJTUPSJB DMOJDB EBUPT EF
TBMVE NFOPSFT SFQSPEVDDJO IVNBOB
BTJTUJEB 4JEB Z EF NPEP FTQFDJBM FO
QTJRVJBUSBZHFOUJDBNEJDB
+BWJFS4ODIF[$BSPZ'FSOBOEP"CF
MMO5FMFNFEJDJOBZQSPUFDDJOEF
EBUPT TBOJUBSJPT "TQFDUPT MFHBMFT
Z UJDPT $PNBSFT (SBOBEB
QQ
"DUVBMNFOUFOPDBCFEVEBEFMBJNQPS
UBODJBRVFMBTOVFWBTGPSNBTEFDPNV
OJDBDJOFJOGPSNBDJOUJFOFOFOOVFT
USB TPDJFEBE &M JOUFSFTBOUF QPUFODJBM
RVF QSFTFOUBO MBT OVFWBT UFDOPMPHBT
FOFMNCJUPTBOJUBSJPIBGBWPSFDJEPMB
BEPQDJO EFM USNJOP iUFMFNFEJDJOBw
QBSBSFGFSJSTFBMBTQSDUJDBTNEJDBTRVF
TFSFBMJ[BODPOCBTFFOEJDIBTUDOJDBT
-HJDBNFOUF MBHFOFSBMJ[BDJOEFMBUF
MFNFEJDJOBUFOESVOBJOnVFODJBEFmOJ
UJWBFOMPTFTUVEJPTPTEFM%FSFDIP4BOJ
UBSJP +BWJFS 4ODIF[ $BSP TVCEJSFDUPS
Z'FSOBOEP"CFMMO MFUSBEPEFMB$PSUF
EF "SCJUSBKF EFM $PMFHJP EF "CPHBEPT
EF.BESJEFOTVTFDDJOEF3FTQPOTBCJ
MJEBE$JWJM4BOJUBSJB IBOTBCJEPUSBOT
NJUJS FO FTUB PCSB DPO DMBSJEBE Z TFO
DJMMF[MPTBTQFDUPTCTJDPTRVFQMBOUFBB
MPTKVSJTUBTFMVTPEFMBUFMFNFEJDJOB-PT
UFNBT RVF BCBSDB MB PCSB DPNQSFOEFO
EFTEF MBT BQMJDBDJPOFT CTJDBT EF MB UF
MFNFEJDJOB DPNP TPO MB UFMFBTJTUFODJB

MB UFMFWJHJMBODJB FM UFMFEJBHOTUJDP P MB

UFMFDPOTVMUB QBTBOEP QPS MPT BTQFDUPT
UJDPT EF TV VUJMJ[BDJO IBTUB MPT EJMF
NBTRVFFMNBOFKPFMFDUSOJDPEFEBUPT
RVFJOFWJUBCMFNFOUFJNQMJDBMBUFMFNF
EJDJOB QMBOUFBEFTEFFMQVOUPEFWJTUB
KVSEJDP EFEJDBOEPFTQFDJBMBUFODJOB
FTUFMUJNPBTQFDUP
%BOJFM)4JMWB-BBVUPOPNBFOMB
SFMBDJONEJDPQBDJFOUF"TQFDUPT
CJPUJDPTZNEJDPTMFHBMFT%PTZV
OB&EJDJPOFT"SHFOUJOBT #VFOPT"J
SFT
&NFTUBPCSBTFPDVQBEFMBSFMBDJON
EJDPQBDJFOUF EF HSBO SFMFWBODJB QBSB
MB QSDUJDB NEJDB FN EPOEF TVSHFO
WBSJPT FKFT DPODFQUVBMFT FTFODJBMFT QBSB
VO DPSSFDUP FKFSDJDJP QSPGFTJPOBM 6OP
FT MB DPNQMFKB JOUFSSFMBDJO EF MPT EPT
TVKFUPT FMNEJDPZFMQBDJFOUFPUSP FM
DPOUFYUPNTBNQMJPZBCBSDBEPSEFMB
JOUFHSJEBE EF MB QFSTPOB EFM QBDJFOUF
&TOFDFTBSJPFOMBTEPTSFBTCVTDBSDPO
QSPGVOEJEBE Z WJTJO JOUFSEJTDJQMJOBS
UBOUPEFTEFMBUJDBZMBCJPUJDBDPNP
EFTEF FM EFSFDIP &M BVUPS QBSUF EF MB
QSBYJT NEJDB QBSB BIPOEBS FN MB SF
MBDJONEJDPQBDJFOUF MBTMJNJUBDJPOFT
EFMEFSFDIPEFBVUPOPNBMBJOUFHSJEBE
ZBVUPOPNBEFMBQFSTPOBFNFMNBSDP
MFHBMZmOBMNFOUF MBUPNBEFEFDJTJP
OFTFNFMDPOUFYUPEFFTBSFMBDJOFOUSF
FMNEJDPZFMQBDJFOUF
1BCMP 4JNO -PSEB &M DPOTFOUJ

NJFOUPJOGPSNBEP5SJBDBTUFMB .B
ESJE
-BJNQPSUBODJBRVFIBBERVJSJEPMBCJP
UJDBFOMBNFEJDJOBBDUVBMQSPDFEF FO
HSBO NFEJEB EF MB QSDUJDB DMOJDB -B

SFMBDJO EFM NEJDP DPO MPT QBDJFOUFT
IB DBNCJBEP QSPGVOEBNFOUF FO QPDPT
BPT"IPSBFMNEJDPZBOPQVFEFEF
DJEJS MJCSFNFOUF MP RVF FT CVFOP QBSB
TV QBDJFOUF TJO DPOUBS DPO MB PQJOJO
EFTUF1PSFTPMBQSDUJDBEFMDPOTFO
UJNJFOUPJOGPSNBEPTFIBDPOWFSUJEPFO
MBDMBWFEFMBSFMBDJODMOJDBBDUVBM1B
CMP4JNO NEJDPEFGBNJMJBZNBHTUFS
FO CJPUJDB IB EFEJDBEP WBSJPT BPT B
FTDSJCJSFTUBPCSB BNQMJBZFYDFQDJPOBM
FOMBRVFTFBCPSEBOUPEPTMPTBTQFDUPT
EFMDPOTFOUJNJFOUPJOGPSNBEP FODJODP
QBSUFTTVDFTJWBT)JTUPSJBEFMDPOTFOUJ
NJFOUPJOGPSNBEP-PTGVOEBNFOUPT
UJDPTZMFHBMFT-PTFMFNFOUPTEFMB
UFPSB$BQBDJEBEPDPNQFUFODJB
-BBQMJDBDJOQSDUJDB-PTGPSNVMBSJPT
FTDSJUPT EF DPOTFOUJNJFOUP JOGPSNBEP
5BM DPNP %JFHP (SBDJB BmSNB FO FM
QSMPHP i/J MB EPDUSJOB EFM DPOTFOUJ
NJFOUP JOGPSNBEP FT VOB NPEB OJ FM
USBUBNJFOUPRVFEFFMMBIBIFDIP1BCMP
4JNO FO FM QSFTFOUF MJCSP UJFOF OBEB
EF PQPSUVOJTUB 5PEP MP DPOUSBSJP &T
OPTMPEFVOBTPMJEF[NPOPMUJDB TJOP
BEFNT VOB QSPQVFTUB JOUFMFDUVBM EF
HSBODBMBEP DVZBTWJSUVBMJEBEFTTFWFSO
DPOFMQBTPEFMUJFNQPw
1BCMP 4JNO *OT .BSB #BSSJP

{2VJOEFDJEJSQPSN 5SJBDBTUF
MB.BESJE QQ
-BUPNBEFEFDJTJPOFTDMOJDBTRVFJN
QMJDBO B QFSTPOBT JODBQBDFT EF EFDJEJS
QPSTNJTNBTQMBOUFBQSPCMFNBTUJDPT
ZMFHBMFTBDVDJBOUFTFOMBQSDUJDBDPUJ
EJBOB{2VJOUJFOFRVFUPNBSFTUBTEF
DJTJPOFT MPTGBNJMJBSFT MPTQSPGFTJPOBMFT
TBOJUBSJPT MPTUVUPSFT MPTKVFDFT {2V

DSJUFSJPTUJDPTZKVSEJDPTEFCFOBQMJDBS
TFQBSBUPNBSMBT :MPTEPDVNFOUPTEF
WPMVOUBEFT BOUJDJQBEBT P iUFTUBNFOUPT
WJUBMFTw {RVSFRVJTJUPTIBOEFDVNQMJS
QBSBUFOFSWBMJEF[ {4POMBQBOBDFBRVF
SFTPMWFS UPEPT MPT QSPCMFNBT {$NP
IBZRVFVUJMJ[BSMPT
BDUVBMNFOUFTFEFOPNJOBiQMBOJmDBDJO
BOUJDJQBEBEFMBEFDJTJPOFTw
1BCMP4JNOoNEJDPEFGBNJMJB NT
UFSFOCJPUJDBZBVUPSEFVOBPCSBFT
QBPMB TPCSF FM DPOTFOUJNJFOUP JOGPS
NBEPoF*OT.BSB#BSSJPoFOGFSNFSB
Z NTUFS FO CJPUJDBo QMBOUFBO FO FTUF
OVFWPMJCSPNMUJQMFTBTQFDUPTEFMBTEF
DJTJPOFTEFSFQSFTFOUBDJOMBFWPMVDJO
IJTUSJDBEFMBTEFDJTJPOFTDMOJDBTTPCSF
FOGFSNPT JODBQBDFT UBOUP FO &TUBEPT
6OJEPT DPNP FO OVFTUSP QBT MPT DSJ
UFSJPT OPSUFBNFSJDBOPTZFTQBPMFT
EF
MB KVSJTQSVEFODJB MFHJTMBDJO Z CJPUJDB
BDUVBMFTFMBOMJTJTEFMPTiUFTUBNFOUPT
WJUBMFTwPiEPDVNFOUPTEFWPMVOUBEFTw
MBTEJGFSFOUFTQSPQVFTUBTQBSBFMNBOFKP
DMOJDPEFFTUBTEJGDJMFTTJUVBDJPOFTZMB
EPDVNFOUBDJOCTJDBEJTQPOJCMFTPCSF
MFUFNB
-B SFDJFOUF OPSNBUJWB TPCSF EFSFDIPT

EFM VTVBSJP EF MPT TFSWJDJPT TBOJUBSJPT
OPTQSPQPSDJPOBFMNBSDPKVSEJDPBEF
DVBEPQBSBIBDFSFGFDUJWPFMSFTQFUPBMB
BVUPOPNB EF MB QFSTPOB FO FM NCJUP
EFMBTBOJEBE-BFYJTUFODJBEFTPDJFEB
EFTDBEBWF[NTEJWFSTBTZMPTOVFWPT
BWBODFTEFMBNFEJDJOBZMBCJPMPHBTPO
GBDUPSFTRVFIBOWFOJEPBFOSJRVFDFSFM
QBOPSBNB QFSPUBNCJOBWPMWFSMPNT
DPNQMFKP&MQMVSBMJTNPNPSBMZDVMUV
SBMQMBOUFBFMSFUPEFBSNPOJ[BSEJGFSFO
UFTDPODFQDJPOFTEFWJEB EFGPSNBRVF
TFBOSFTQFUVPTBTDPOMPTWBMPSFTZQSJO
DJQJPTDPOTUJUVDJPOBMNFOUFSFDPOPDJEPT
ZDPOFMODMFPFTFODJBMEFMPTEFSFDIPT
GVOEBNFOUBMFT #JPUJDB%FCBU *OT
UJUVU#PSKBEF#JPUJDB

&M USBUBNJFOUP KVSEJDP EF MBT EFDJTJP

OFT EF SFQSFTFOUBDJO FO OVFTUSP QBT
oZFTQFDJBMNFOUFFMEFMBTJOTUSVDDJPOFT
QSFWJBTo IB DBNCJBEP EF NBOFSB SBEJ
DBMEFTEFFMBP&TUFMJCSPFTVOB
BQPSUBDJO FTFODJBM QBSB RVF MPT NFDB
OJTNPTUJDPTZKVSEJDPTEFSFQSFTFOUB
DJO EFM QBDJFOUF JODBQB[ OP TF SFEV[
DBOBMBmSNBSVUJOBSJBEFVOJNQSFTP
1MBOUFBMBOFDFTJEBEEFBNQMJPTQSPDF
TPTEFMJCFSBUJWPTFOUSFFMQFSTPOBMTBOJ
UBSJP FMQBDJFOUFZTVTGBNJMJBSFTMPRVF
4BMWBEPS5BSPEP4PSJB-JCFSUBEEF
DPODJFODJB Z EFSFDIPT EFM VTVBSJP
EFMPTTFSWJDJPTTBOJUBSJPT6OJWFSTJ
EBEEFM1BT7BTDP 4FSWJDJP&EJUPSJBM
&VTLBM)FSSJLP6OJCFSUTJUBUFB "SHJ
UBSBQFO;FSCJU[VB
$BSMPT 5FOB 5BNBZP &EJUPS

-B
$PNVOJDBDJO)VNBOBZFM%FSF
DIP4BOJUBSJP.FNPSJBTEFM0DUBWP
4JNQPTJP*OUFSOBDJPOBMEFMB$PNJ
TJO /BDJPOBM EF "SCJUSBKF .EJDP
.YJDP QQ
0SHBOJ[BEPQPSMB$PNJTJO/BDJPOBM
EF "SCJUSBKF .EJDP EF .YJDP FTUF
FT ZB FM PDUBWP 4JNQPTJP EJSJHJEP QPS
FTUB JOTUJUVDJO B TFSWJS EF DPNQFOEJP
ZQSPGVOEJ[BDJOUFSJDBFOMPRVFFTTV
mOBMJEBEQSDUJDB NFKPSBSMBTSFMBDJPOFT

FOUSFMPTQSPGFTJPOBMFTEFMBTBMVEZTVT
QBDJFOUFT BUSBWTEFMBTDPNJTJPOFT
FYJTUFOUFTFOFMQBT
&O FTUB PDBTJO FM 4JNQPTJP TF DFOUS
FOMBDPNVOJDBDJOFJOGPSNBDJOFOUSF
NEJDPZQBDJFOUF UBOUPEFTEFFMQVO
UP EF WJTUB UJDP DPNP KVSEJDP %FTEF
FM BOMJTJT EF MPT EJTUJOUPT NPEFMPT EF
DPNVOJDBDJO SFBMJ[BEP QPS FM EPDUPS
-BXSFODF 8JTTPX BM NBOFKP EF MB JO
GPSNBDJO NEJDB FM DPOTFOUJNJFOUP
JOGPSNBEP oBOBMJ[BEP QPS FM EPDUPS
(BCSJFMJ.BOVFMM-FFo MBJOGPSNBDJO
DMOJDB FO FM PSEFOBNJFOUP MFHBM NFYJ
DBOP oEPDUPS 7DUPS (VFSSBo FM FYQF
EJFOUFDMOJDPFMFDUSOJDPo-VJT.JHVFM
$IPOHo MBDPOmEFODJBMJEBEEFMPTEB
UPT DMOJDPT oMJDFODJBEP "HVTUO 3BN
SF[o ZMBJOGPSNBDJOHFONJDBoMJDFO
DJBEB -BVSB "MCBSFMMPTo 4F EFTBSSPMM
VOBNFTBTPCSF%FSFDIP4BOJUBSJP DPO
QPOFODJBTKVSEJDBTEFMEPDUPS0TWBMEP
3PNP FM MJDFODJBEP 0DUBWJP $BTBNB
ESJEZFMEPDUPS3JDBSEPEF-PSFO[P Z
VOBTPCSFMBUJDBNEJDBFOFMTJHMP99*
ZTVSFMBDJODPOFM%FSFDIPBDBSHPEFM
QSPGFTPSEPDUPS'SBODJTDP-FO BMBRVF
TJHVJVOB.FTBEFEJTDVTJOTPCSFEJMF
NBTCJPUJDPTZ%FSFDIP4BOJUBSJP RVF
FTUUBNCJOSFDPHJEBFOFMMJCSP
$BSNFO 5PNT7BMJFOUF -BOV[B Z

PUSPT-BTBMVEJOUJNJEBEZMJCFSUB
EFTJOGPSNBUJWBT5JSBOU-P#MBODI
7BMFODJB
&MDBSDUFSFTQFDJBMNFOUFTFOTJCMFEFMB
JOGPSNBDJO SFMBUJWB B MB TBMVE EF MPT
JOEJWJEVPTIBDPOUSJCVJEPBRVFFOMPT
MUJNPTBPTTFWFOHBQSFTUBOEPBFTUF
DBNQPVOBFTQFDJBMBUFODJO UBOUPQPS
QBSUFEFMMFHJTMBEPSDPNPFOMPTQSPQJPT
USJCVOBMFTEFKVTUJDJB&OFTUFWPMVNFO
TFSFOFOVOBTFSJFEFUSBCBKPTRVFQSF
UFOEFOQSPGVOEJ[BSFOFMDPNQMFKPFO
USBNBEPEFEFSFDIPTZPCMJHBDJPOFTRVF
FOFTUFNCJUPTFHFOFSBO ZRVF DPNP
OP QPEB TFS EF PUSP NPEP QSPZFDUBO
TVTDPOTFDVFODJBTFOMPTEJWFSTPTSEF
OFT KVSEJDPT DPOTUJUVDJPOBM DJWJM QF
OBM QSPDFTBM MBCPSBM FUD
%FTEF FTUB
QFSTQFDUJWBNVMUJEJTDJQMJOBS TFBOBMJ[BS
oTJFNQSFBMBMV[EFMBOPSNBUJWBOBDJP
OBMFJOUFSOBDJPOBMTPCSFMBNBUFSJBoFM
EFSFDIPEFMDJVEBEBOPBDPOPDFSUPEBMB
JOGPSNBDJOEJTQPOJCMFSFMBUJWBBTVTB
MVE ZBMBTDPOTFDVFODJBTRVFQBSBTUB
QVFEFO DPNQPSUBS JOUFSWFODJPOFT BKF
OBT TFBFOFMNCJUPEFMPTUSBUBNJFOUPT
NEJDPTPFOFMEFMBFYQFSJNFOUBDJO
DMOJDB
BTDPNPTVEFSFDIPBQSFTFSWBS
UBMFTEBUPTFOMBFTGFSBEFTVJOUJNJEBE
GSFOUFBMJOUFSTNTPNFOPTMFHUJNP
RVFFODPOPDFSMPTQVFEBOQPTFFSBMHV
OPT UFSDFSPT FM FNQSFTBSJP M QSPQJP
&TUBEP FUD

+VBO +PT 7JDFEP .JT *OGPSNB

DJO BM QBDJFOUF EPDVNFOUBDJO
DMOJDB Z WPMVOUBEFT BOUJDJQBEBT
*MVTUSF $PMFHJP EF .EJDPT EF "MJ
DBOUF QQ
6OBHVBUJMEFMBTQBVUBTQBSBJOGPSNBS
BMQBDJFOUF-BQSPNVMHBDJOEFMB-FZ
EF"VUPOPNBEFM1BDJFOUFIB
TVQVFTUPVODBNCJPOPSNBUJWPOPUBCMF
QBSB UPEP FM TFDUPS TBOJUBSJP FO MP RVF
TF SFmFSF B MB EPDVNFOUBDJO DMOJDB Z
BMDPOTFOUJNJFOUPJOGPSNBEPQSJODJQBM
NFOUF
&M $PMFHJP EF .EJDPT EF "MJDBOUF OP

IBRVFSJEPEFKBSQBTBSMBPQPSUVOJEBEEF
FYQMJDBSBTVTDPMFHJBEPTMBJNQPSUBODJB
EFFTUBOPSNBZ BMBWF[ QPOFSMFTBMEB
FOMBKVSJTQSVEFODJBTBOJUBSJB*OGPSNB
DJOBMQBDJFOUF EPDVNFOUBDJODMOJDB
ZWPMVOUBEFTBOUJDJQBEBTFTVOBPCSBRVF
SFDPHF USFT FTUVEJPT EPDUSJOBMFT CSFWFT
TPCSFMB-FZEF"VUPOPNBEFM1BDJFO
UF Z RVF JODMVZF BEFNT TFOUFODJBT
VONPEFMPEFEPDVNFOUPEFDPOTFOUJ
NJFOUPJOGPSNBEPZVOBTOPUBTTPCSFFM
BMDBODFKVEJDJBMEFMBIJTUPSJBDMOJDB
$PNPBQVOUB3JDBSEP'FSS QSFTJEFO
UFEFM$PMFHJPEF.EJDPTEF"MJDBOUF
FO FM QSMPHP EFM MJCSP iFM DPOTFOUJ
NJFOUP JOGPSNBEP Z MB IJTUPSJB DMOJDB
TPOFMFNFOUPTBUFOFSQSJNPSEJBMNFOUF
FO DVFOUB QPS QBSUF EF UPEPT OVFTUSPT
DPNQBFSPT BT DPNP MBT WPMVOUBEFT
BOUJDJQBEBTEFBDVFSEPDPOMBOPSNBUJWB
WJHFOUFw'FSSBCPHBQPSMBQSFWFODJO
EFMPTSJFTHPTBTJTUFODJBMFT
&M MJCSP UBNCJO TJSWF DPNP TPQPSUF
EPDUSJOBM B MBT KPSOBEBT RVF FTU DFMF
CSBOEP FM DPMFHJP BMJDBOUJOP QPS UPEB
MBQSPWJODJB ZRVFTFQSPMPOHBSOIBTUB
OPWJFNCSF QBSBJOGPSNBSBMPTGBDVMUB
UJWPTEF"MJDBOUFBDFSDBEFMPTQBUSPOFT
EFBDUVBDJOFOMBTSFDMBNBDJPOFTKVEJ
DJBMFTDPOUSBMPTNEJDPT
7BSJPT BVUPSFT "VUPOPNB EFM QB

DJFOUF JOGPSNBDJOFIJTUPSJBDMOJ
DBPNTPO$JWJUBT .BESJE
-B BVUPOPNB EFM QBDJFOUF JOGPSNB
DJO F IJTUPSJB DMOJDB TF QSFTFOUBO FO
FTUB PCSB NVZ UJM QBSB FOUFOEFS MB
SFHVMBDJO CTJDB EF FTUB NBUFSJB 4VT

NTEFQHJOBTMFDPOWJFSUFOFOFM
BOMJTJTNTQSPGVOEPFYJTUFOUFTPCSFMB
-FZ RVFDPOKVHBDBMJEBEFOFM
BOMJTJTZTJTUFNUJDBQSDUJDB
-PT BVUPSFT TPO KVSJTUBT Z UPEPT BTFTP
SFTKVSEJDPTEFDPMFHJPTEFNEJDPT FO
VOQBUFOUFFTGVFS[PEFMB0SHBOJ[BDJO
.EJDB $PMFHJBM QPS TFSWJS B MPT GBDVM
UBUJWPT Z B MPT QSPQJPT QBDJFOUFT 4PO
FTQFDJBMJTUBTFO%FSFDIP4BOJUBSJP RVF
TBCFO DNP Z QPS RV TF EFNBOEB BM
NEJDPZDNPZQPSRVTFMFTBCTVFMWF
PDPOEFOB&OUSFFMMPT $BSMPT1FMMFKFSP
"MGPOTP"UFMB .BSJBOP#FOBDP$BSMPT
)FSOOEF[
-BIJTUPSJBDMOJDB MBQSPUFDDJOEFEB
UPT FMNFOPS FMBMDBODFEFMBJOGPSNB
DJO FM BMUB Z MBT JOTUSVDDJPOFT QSFWJBT
TPOMPTUFNBTFTFODJBMFTRVFTFFTUVEJBO
DPOQHJOBTEFKVSJTQSVEFODJB
7BSJPT BVUPSFT &M DPOTFOUJNJFOUP

JOGPSNBEPFO/FPOBUPMPHB&EJN
TB DPOMBDPMBCPSBDJOEF/PWBSUJT

.BESJE QQ
-B BQBSJDJO EF VO OVFWP MJCSP TPCSF
DPOTFOUJNJFOUP JOGPSNBEP EFNVFTUSB
RVFTJHVFTJFOEPVOEBUPDMBWFBUFOFS
FODVFOUBOPTMPFOMBTSFDMBNBDJPOFT
QPS SFTQPOTBCJMJEBE NEJDB TJOP DPNP
VOGBDUPSJNQPSUBOUFRVFFWBMBMBDBMJ
EBEEFMBBTJTUFODJBEBEBBMQBDJFOUF
/P FO WBOP FM QSMPHP EF FTUF USBCB
KPBQVOUBRVFTFEFCFOUFOFSFODVFOUB
VOB TFSJF EF DPOEJDJPOBNJFOUPT QBSB
RVFFMFOGFSNPQVFEBBDFQUBSiVOQSP
DFEJNJFOUP EJBHOTUJDP P UFSBQVUJDP

EFTQVTEFRVFIBZBUFOJEPVOBJOGPS
NBDJOBEFDVBEBRVFMFQFSNJUBUPNBS
MJCSFNFOUF VOB EFDJTJOw &TUPT QSFTV
QVFTUPT BQVOUBOMPTBVUPSFT TPOiMBMJ
CFSUBE MBDBQBDJUBDJOZMBJOGPSNBDJO
TVmDJFOUFZDPNQSFOTJWBw
&M MJCSP FT NVZ DPNQMFUP 1SJNFSP
BCPSEB VOB CSFWF TOUFTJT BDFSDB EF MB
FTQFDJBMJEBE EF /FPOBUPMPHB TFHVJ
EP EF PUSPT EPT BQBSUBEPT RVF IBCMBO
EF MB SFMBDJO NEJDPoQBDJFOUF 6O
DBQUVMP JNQPSUBOUF FT FM RVF USBUB EFM
DPOTFOUJNJFOUPJOGPSNBEPFOT EPOEF
TF EFTDSJCF FYIBVTUJWBNFOUF TV SFHVMB
DJOMFHBM TVTSFRVJTJUPT MBSFWPDBDJOZ
MBT FYDFQDJPOFT BM DPOTFOUJNJFOUP CJFO
GPSNBEP oJOTVmDJFOUF P OP QSFDJTPo
4POSFBMNFOUFQBSBUFOFSFODVFOUBMPT
EPDVNFOUPTEFDPOTFOUJNJFOUPSFGF
SJEPTBPUSPTUBOUPTBDUVBDJPOFTNEJDBT
EFMBFTQFDJBMJEBEJOHSFTPFODVJEBEPT
JOUFOTJWPT USBTMBEP USBOTGVTJOEFTBO
HSFZIFNPEFSJWBEPT FYBOHVJOPUSBOT
GVTJO BMJNFOUBDJO QBSFOUFSBM EJBH
OTUJDPQPSJNBHFODPOBENJOJTUSBDJO
EFDPOUSBTUF CJPQTJBIFQUJDB JOUFSWFO
DJORVJSSHJDBZEJMJTJTQFSJUPOFBM FO
USFPUSPT
7BSJPT BVUPSFT -B IJTUPSJB DMOJDB

$POUFOJEPT Z SFRVFSJNJFOUPT FO
MBT DPNVOJEBEFT BVUOPNBT &EJ
DJPOFTEFM4FNJOBSJPEF)JTUPSJBEF
MB .FEJDJOB 6OJWFSTJEBE EF 7BMMB
EPMJE 7BMMBEPMJE QQ
-BIJTUPSJBDMOJDB$POUFOJEPTZSFRVF
SJNJFOUPT FO MBT DPNVOJEBEFT BVUOP
NBTFTVOBPCSBRVFBCPSEBOPTMPMPT
BTQFDUPTHFOFSBMFTEFFTUFFMFNFOUPBTJT
UFODJBM DPNP FM BDDFTP P TV mOBMJEBE

TJOP UBNCJO MPT EPDVNFOUPT CTJDPT
RVFDPOUJFOFJOGPSNFEFBMUB EFBVUPQ
TJB EFVSHFODJBT FUD
-BQFDVMJBSJEBEEFFTUFUFYUP DPPSEJOBEP
QPS+FTT.PSPZ+FTT5FKFEPS FTRVF
FTUVEJBMPTBTQFDUPTNTJNQPSUBOUFTEF
MBIJTUPSJBDMOJDBEFTEFTVSFHVMBDJOFO
MB -FZ CTJDB EF "VUPOPNB
EFM1BDJFOUF EFNCJUPOBDJPOBM ZFO
MBTOPSNBUJWBTEFMBTDPNVOJEBEFTBVU
OPNBT-BIJTUPSJBDMOJDBFOFOGFSNFSB
ZFMEPDVNFOUPDPNPTPQPSUFFMFDUSOJ
DPUBNCJOTFJODMVZFOFOMBPCSB
7BSJPT BVUPSFT $POTFOUJNJFOUP

JOGPSNBEP FO PODPMPHB NEJDB
(VBQSDUJDBTPCSFDNPDPOTFO
UJSFJOGPSNBSFOPODPMPHB4PDJF
EBE&TQBPMBEF0ODPMPHB.EJDB
.BESJE QQ
&MDPOTFOUJNJFOUPJOGPSNBEPUJFOFVOB
HSBO SFMFWBODJB FO UPEBT MBT FTQFDJBMJ
EBEFT NEJDBT Z RVJ[ DPO NBZPS JO
DJEFODJB FO PODPMPHB DPNP TFBMB FM
QSFTJEFOUFEFMB"TPDJBDJO&TQBPMBEF
%FSFDIP4BOJUBSJPZDPBVUPSEFMMJCSP&M
DPOTFOUJNJFOUP JOGPSNBEP FO PODPMP
HBNEJDB 3JDBSEPEF-PSFO[P
-B TFHVOEB FEJDJO EF FTUB PCSB OBDF
DPOMBJOUFODJOEFJODJEJSNTFOUPEPT
MPTBTQFDUPTMFHBMFTZUJDPT ZEFPGSFDFS
B MPT PODMPHPT VOB HVB EF BDUVBDJO
RVFMFTPSJFOUFFOMBQSDUJDBDMOJDBEJB
SJB-PTBVUPSFTSFDPHFOMBTDJFOQSFHVO
UBTZSFTQVFTUBTRVFNTGSFDVFOUFNFOUF
TF QSFTFOUBO FO MBT DPOTVMUBT NPEFMPT
EFDPOTFOUJNJFOUPJOGPSNBEPZVOSF
QFSUPSJP KVSJTQSVEFODJBM &M MJCSP QB

USPDJOBEP QPS "TUSB;FOFDB DPOTUB EF
PDIPDBQUVMPT NTVOHMPTBSJP BOFYPT
ZCJCMJPHSBGB
+VTUP ;BOJFS %JSFDUPS

+PTFmOB
1FSFZSB $PEJSFDUPSB
&M DPOTFOUJ
NJFOUP JOGPSNBEP FO MB SFMBDJO
DPOFMQBDJFOUFEFMFRVJQPEFTBMVE
&YQFDUBUJWBTEFMBQPCMBDJONBS
QMBUFOTF6/". .YJDP
4FQSFTFOUBOFOFTUFMJCSPMPTSFTVMUBEPT
EFVOBJOWFTUJHBDJOEJSJHJEBQPS+VTUP
;BOJFSZ+PTFmOB1FSFZSB FOMBRVFIBO
QBSUJDJQBEP BEFNT PUSPT PDIP JOWFTUJ
HBEPSFT NT TPCSF MBT FYQFDUBUJWBT EF
MPTQBDJFOUFTFODVBOUPBMBJOGPSNBDJO
SFDJCJEBEFMPTFRVJQPTEFTBMVE"MHV
OPT EF MPT UFNBT TPO #SFWF DBSBDUFSJ
[BDJO HFPHSmDPoDVMUVSBM EF .BS EFM
1MBUB EPOEFTFSFBMJ[MBJOWFTUJHBDJO
-BQFSTQFDUJWBCJPUJDB4BMVEoFOGFSNF
EBE WJTUBT EFTEF FM QSJODJQJP EF BVUP
OPNB-BDPNVOJDBDJOIVNBOBFOMB
SFMBDJO EF BTJTUFODJB .PEFMP NEJDP
IFHFNOJDPEF&.FOOEF[ .YJDP

"TQFDUPT .FUPEPMHJDPT Z USB
CBKP EF DBNQP DPO MBT DPODMVTJPOFT Z
DPOTJEFSBDJPOFT
5SBTQMBOUFT
4FSHJP $FDDIFUUP %PDUSJOB 1SP

NJTDVB &EJDJPOFT 4VSF[ .BS EFM
1MBUB "SHFOUJOB QQ
#JPUJDB EPDFOUFFOMBT6OJWFSTJEBEFT
EF.BSEFM1MBUBZ-BOT)BQVCMJDB
EP WBSJPT MJCSPT EF UFNBT EF #JPUJDB
FTQFDJBMNFOUF TPCSF DPOTFOUJNJFOUP

JOGPSNBEPZNFEJDJOBQFSJOBUBM3FOF
FOFTUFMJCSPVOBTFSJFEFBSUDVMPTQVCMJ
DBEPT BOUFSJPSNFOUF FO TV NBZPSB FO
EJTUJOUBTSFWJTUBTEFWBSJPTQBTFT FOUPS
OPBEPTUFNBTDFOUSBMFTMPTUSBTQMBOUFT
EF SHBOPT oSFVOJEPT FO VOB TFDDJO
MMBNBEB i5VZP NP OVFTUSPwo Z MB
FTUFSJMJ[BDJO NBTDVMJOB QFSNBOFOUF
i7BTFDUPNBZWBTFDUPNBOBw
&OBNCPTDBTPTTFBCPSEBOMPTBTQFDUPT
DMOJDPT QFSP TF DFOUSB $FDDIFUUP NT
FTQFDJBMNFOUFFOFMBOMJTJTEFGPOEPEF
MBTJEFBTTPDJBMFTZDVMUVSBMFT&ODVBOUP
BMPTUSBTQMBOUFT BCPSEBMBEJTQPTJDJOB
EPOBSMPTSHBOPTZUFKJEPT MBJEFOUJEBE
QFSTPOBM Z FM USBTQMBOUF MB QSPQJFEBE
EFMDVFSQPIVNBOPZFMDPOTFOUJNJFOUP
FYQSFTPPQSFTVOUPFOMBEPOBDJO ZFM
NBTJWPT &O DVBOUP B MB FTUFSJMJ[BDJO
NBTDVMJOB USBUBMPTBTQFDUPTNEJDPTZ
EFNPHSmDPT MBEJTQPOJCJMJEBEZBDDFTJ
CJMJEBEEFMPTTFSWJDJPTEFFTUFSJMJ[BDJO
QBSBWBSPOFT MBTTVCWFODJPOFTZTVCTJ
EJPTFOFMDBNQPEFMBTBMVESFQSPEVD
UJWB NBTDVMJOB Z MPT DVFTUJPOBNJFOUPT
TPDJBMFT DVMUVSBMFT Z NPSBMFT -B BQB
SJDJO EF JODFOUJWPT Z DPNQFOTBDJPOFT
FO WBSJPT QBTFT iQBSB RVF MBT QFSTPOBT
TF BWFOHBO B TFS FTUFSJMJ[BEBT FO GPSNB
QFSNBOFOUF OP QFSNJUFO JEFOUJmDBS FM
MVHBSRVFPDVQBFOFTUFTVQVFTUPMBMJ
CSFEFDJTJOZMBWPMVOUBEEFMJOEJWJEVP
RVF QBSFDF EJTQPOFS EF BMHP RVF FO FM
GPOEPOJTJRVJFSBMFQFSUFOFDFw FOQBMB
CSBTEFMBVUPS RVFDVFTUJPOBUBNCJOMB
QBSUJDJQBDJO BDUVBM EFM &TUBEP FO FTUF
DBNQPEFMBQPMUJDBTBOJUBSJB


FO.FEJDJOB*OWFTUJHBDJOFOTFSFT
IVNBOPT USBOTQMBOUFEFSHBOPTZ
UFKJEPT6OJWFSTJEBE$FOUSBMEF7F
OF[VFMB $BSBDBT QQ
BP
$POHSFTPTPCSF#JPUJDBZ5SBTQMBO
UF5SBTQMBOUFIFQUJDPEFEPOBOUF
WJWP 6OJWFSTJEBE EFM 1BT 7BTDP
QQ
&OOPWJFNCSFEFTFEFTBSSPMMFM
*$POHSFTPTPCSFCJPUJDBZUSBOTQMBOUF
DFOUSBEP FO FM USBOTQMBOUF EF EPOBO
UFWJWP&M$POHSFTPDPOUDPOFMBWBM
EFMB0SHBOJ[BDJO/BDJPOBMEF5SBOT
QMBOUFT FM(PCJFSOP'PSBMEF/BWBSSB
-B6OJWFSTJEBE1CMJDBEF/BWBSSBZMB
"TPDJBDJO EF #JPUJDB 'VOEBNFOUBM Z
$MOJDB FTUVWPDPPSEJOBEPQPSFMEPD
UPS,PMEP.BSUOF[6SJPOBCBSSFOFUYFB
-BTDPODMVTJPOFTEFFTUFDPOHSFTPTFSF
DPHFOFOFTUFWPMVNFO
&MUSBTQMBOUFIFQUJDPFTFMUSBUBNJFOUP
EFFMFDDJOQBSBFMGBMMPIFQUJDPJSSFWFS
TJCMF %FTBGPSUVOBEBNFOUF FTUB PQDJO
OPTFQVFEFPGFSUBSBUPEPBRVFMRVFMP
OFDFTJUB ZBRVFMBPGFSUBEFSHBOPTEJT
QPOJCMFTOPMMFHBBDVCSJSMBEFNBOEB
-BQPTJCJMJEBEEFUSBTQMBOUBSVOBQBSUF
EFMIHBEPEFVOEPOBOUFWJWPDPNFO[
BQPOFSTFFOQSDUJDBFOIBCJO
EPTF FYUFOEJEP EFTQVT FTUB UDOJDB B
QBDJFOUFTBEVMUPT-BTJNQMJDBDJPOFTUJ
DBTEFMPTUSBTQMBOUFTDPOEPOBOUFWJWP
QSFTFOUBO DPOOPUBDJPOFT FTQFDmDBT

NPUJWPEFBOMJTJTFOFMDPOHSFTPDVZBT
QPOFODJBTSFDPHFNPTFOFTUFMJCSP
3JDBSEP )PEFMO 5BCMBEB .VFSUF

FODFGMJDBZUSBTQMBOUFEFSHBOPT
&EJUPSJBM0SJFOUF 4BOUJBHPEF$VCB
QQ
&MEPDUPS3JDBSEP)PEFMOFT&TQFDJB
MJTUBFO/FVSPDJSVHB DPOBNQMJBFYQF
SJFODJBFOFMUFNBRVFUSBUBFOFTUFMJCSP
EFCPMTJMMPEFVOBDPMFDDJOEFEJWVMHB
DJOUJUVMBEB"VUPBZVEB TPCSFUFNBTEF
TBMVE&OCSFWFFTQBDJP USBUBEFNBOFSB
DMBSB MPT QSPCMFNBT GVOEBNFOUBMFT UJ
DPTRVFBGFDUBOBMBDMOJDBEFMPTUSBT
QMBOUFT DNPTFBQMJDBOFOFTUFNCJUP
MPTQSJODJQJPTEFMBCJPUJDB ZDVMFTTPO
MBTMOFBTQSJODJQBMFTEFMEFCBUFTPCSFMB
NVFSUFFODFGMJDBZFMFTUBEPWFHFUBUJWP
QFSTJTUFOUF
%BWJE-BNC5SBOTQMBOUFEFPSHBPT
FUJDB)VDJUFD 4P1BVMP
%BWJE -BNC )PO $POGFSFODJTUB EF
mMPTPmB EP %FQBSUBNFOUP EF $JODJBT
#JPNEJDBT F UJDB #JPNEJDB EB 'B
DVMEBEF EF .FEJDJOB EF 6OJWFSTJEBEF
EF #JSNJOHIBO F EVSBOUF BOPT GPJ EJ
SFUPSEP%FQBSUBNFOUPEF'JMPTPmBEB
6OJWFSTJEBEFEF.BODIFTUFS&TUFMJWSP
BCSBOHFPWBTUPDBNQPEPTUSBOTQMBOUFT
F SFBMJ[B QSPGVOEB EJTDVTTP EF UFNBT
UJDPTFNPSBJTMJHBEPTBFTUBGPSNBEF
QSUJDBNEJDBRVFBUFOEFBVNBDSFT
DFOUFOFDFTTJEBEFEFTBEF
&OUSF PT BTTVOUPT USBUBEPT TBMJFOUBN
TF B PCUFOP EF SHPT EF DBEWF
SFT F EF EPBEPSFT WJWPT PT DSJUSJPT
EF EFUFSNJOBP EB NPSUF F P DPO

TFOUJNFOUP QBSB B SFUJSBEB EF SHPT
"JEJBEFSFUJSBSPTTPT QFMFPVSHPT
EFVNBQFTTPBFJNQMBOUoMBTFNPVUSB
GBTDJOBBIVNBOJEBEFEFTEFPTUFNQPT
SFNPUPT "U P TDVMP P TPOIP EF
UPSOBSVNBQFTTPBTBVEWFMQPSNFJPEF
USBOTQMBOUFT QFSNBOFDFV OP EPNOJP
EBNJUPMPHJBFEPRVFNJSBDVMPTP0T
QSPDFEJNFOUPTBUVBFTQBSBBUSBOTQMBO
UBFTEFSJOT DPSBFTFBUEFDSFCSPT
EFTQFSUBN RVFTUFT UJDBT DPNQMFYBT
&TUFOPUWFMFTUVEPEPTQSPCMFNBTNP
SBJT MJHBEPT UFSBQVUJDB EF USBOTQMBO
UFTFTUBCFMFDFVNBEJTUJOPTVUJMNFOUF
FRVJMJCSBEB EFVNMBEP FOUSFBTRVFT
UFTUJDBTSFMBUJWBTTVBOBUVSF[BFYQF
SJNFOUBM OP NPNFOUP FN RVF QSP
QPTUB F EF PVUSP BRVFMFT RVF TVSHFN
RVBOEPBUSBOTQMBOUBPUPSOBoTFSPUJOB
&OUSF BT RVFTUFT FYBNJOBEBT FTUP
BT QSPQPTUBT QBSB SFUJSBEB SPUJOFJSB EF
SHPT EF DBEWFSFT PT DSJUSJPT QBSB
B PCUFOP EF SHPT F EF UFDJEPT EF
EPBEPSFT WJWPT EF GFUPT EF BOJNBJT
BTTJN DPNP PT QSPCMFNBT UJDPT BUVBJT
EPTJNQMBOUFTBSUJmDJBMMFT&TDSJUPDPNP
VNBDPOEJPmMPTPmBQSUJDB 5SBOT
QMBOUFTEFSHPTFUJDBJOUFSFTTBSBPT
FTUVEJPTPTEBUJDBFBPTQSPmTTJPOBJTEB
TBEFFFTUJNVMBSEFCBUFTQCMJDPTJOT
USVEPT TPCSF PT QSJODQJPT NPSBJT RVF
EP OPWP GVOEBNFOUP T EJSFUSJ[FT F B
MFHJTMBP B GBWPS EB USBOTQMBOUBP EF
SHPT 3FDFOTJOEFMB&EJUPSJBM

"TDFOTJO.BO[BOP&TQFSBOEPVOB
WJEB3%&EJUPSFT 4FWJMMB
&TQFSBOEP VOB WJEB FT FM UUVMP EFM MJ
CSPEFMBQFSJPEJTUB"TDFOTJO.BO[BOP
&TUFQB 4FWJMMB

RVFIBQSFTFOUB
EP FO MB 'FSJB EFM -JCSP EF 4FWJMMB 4F
USBUBEFVOBPCSBRVFOPWFMBFMNVOEP
EFMPTUSBTQMBOUFTBUSBWTEFNTEFDJFO
UFTUJNPOJPTNEJDPT EFBGFDUBEPTZGB
NJMJBSFTEFM)PTQJUBM7JSHFOEFM3PDP
EF4FWJMMB
-BBVUPSBEFmOJMBPCSBDPNPiVODBO
UPBMBWJEBZBMBFTQFSBO[BwRVFSFMBUB
FMEBBEBEFNJMFTEFQFSTPOBTRVFTF
FODVFOUSBO B MB FTQFSB EF SFDJCJS VOB
MMBNBEBRVFMFTDPNVOJRVFRVFIBZVO
SHBOPEJTQPOJCMF
4FHO.BO[BOP QBSBFTDSJCJSFTUBIJT
UPSJBEFmDDJO FOMBRVFOJOHOQFS
TPOBKFFTSFBMBMQPSDJFO UVWPRVF
BEFOUSBSTFEVSBOUFNTEFVOBPZNF
EJPFOFMNVOEPEFMPTUSBTQMBOUFT EF
MBNBOPEFMDPPSEJOBEPSEFUSBTQMBOUFT
EFM)PTQJUBM7JSHFOEFM3PDP +PT1
SF[#FSOBM1BSBFMMP DPOUBDUUBOUPDPO
OVNFSPTBTQFSTPOBTRVFTFFODVFOUSBO
FO MJTUB EF FTQFSB DPNP DPO BRVFMMBT
RVFZBIBOTJEPUSBTQMBOUBEBT-BPCSB
SFMBUB NT EF DJFO UFTUJNPOJPT EF QB
DJFOUFT NEJDPTZGBNJMJBSFT
-BQSPUBHPOJTUBEFMMJCSPTFMMBNB4POJB
ZFTVOBKPWFORVFTFFODVFOUSBFOMJTUB
EFFTQFSBQBSBSFDJCJSVOIHBEP1PDP
BQPDP BUSBWTEFQSPGFTJPOBMFTNEJ
DPTZEFTVOPWJP VONEJDP.*3EFM
7JSHFO EFM 3PDP JS DPOPDJFOEP OV
NFSPTBT FYQFSJFODJBT EF QFSTPOBT RVF
TFFODVFOUSBOFOTVNJTNBTJUVBDJOP
RVFZBIBOQBTBEPQPSFMMP DPONFKPSP
QFPSGPSUVOBi/PFTVOMJCSPUSJTUF TJOP
RVFSFMBUBMBMVDIBQPSMBWJEBEFOVNF
SPTPTISPFTBOOJNPTRVFTFFOGSFOUBO

BMBWJEBDPOWBMFOUBZHFOFSPTJEBEw&O
FTUBMOFB EFTUBDRVFFTUFMJCSPNVFTUSB
BMiTFSIVNBOPFOFTFODJB FOVOPTNP
NFOUPTFOMPTRVFEFTDVCSFRVFMBTBMVE
FTMPQSJNFSPZEFKBBUSTUPEPUJQPEF
QSJTBTw DPODMVZTVBVUPSB
3BGBFM.BUFTBO[&MNJMBHSPEFMPT
USBTQMBOUFT%FMBEPOBDJOEFS
HBOPTBMBTDMVMBTNBESF-B&TGF
SBEFMPT-JCSPT .BESJE
QQ
$VBOEP VOP MFF MBT QHJOBT EF FTUF MJ
CSP DPNQSVFCB RVF FGFDUJWBNFOUF FO
FMMBTTFIBDFIPOPSBMUUVMPEFMNJTNP
MPTUSBTQMBOUFTDPOTUJUVZFOVOWFSEBEF
SP iNJMBHSPw 5BOUPT TPO MPT GBDUPSFT
RVF IBO EF DPJODJEJS QBSB RVF QVFEBO
SFBMJ[BSTF UBOUPTMPTFTDPMMPTRVFTBMWBS
RVFSFTVMUBEJGDJMJNBHJOBSBMHPEJTUJO
UPBVOQSPDFTPNJMBHSPTP4JOFNCBS
HP MBSFBMJEBEOPTEJDFRVFEFTEFIBDF
WBSJBTEDBEBTTFUSBCBKBFOOVFTUSPQBT
JOUFOTBNFOUFFOFTUFDBNQP MPRVFIB
QFSNJUJEPDSFBSFMMMBNBEPi.PEFMP&T
QBPMw EF EPOBDJO Z USBTQMBOUFT RVF
IBDPMPDBEPB&TQBBFOVOJOEJTDVUJCMF
QSJNFSQVFTUPNVOEJBM
&MEPDUPS3BGBFM.BUFTBO[FTVOPEFTVT
BSUmDFT %JSFDUPS EF MB 0SHBOJ[BDJO
.VOEJBM EF 5SBTQMBOUFT 0/5
EFTEF
TVTPSHFOFT FOFMBP OPTDVFOUB
DPOEFUBMMFZFNPDJODNPTFQPOFFO
NBSDIBVOBEPOBDJODVZPmOFTTBMWBS
VOBWJEBDVMFTFMQBQFMRVFKVFHBOMPT
DPPSEJOBEPSFTRVUJQPTEFUSBTQMBOUFT
TPOMPTNTGSFDVFOUFTZDVMFTMPTNT
BSSJFTHBEPT RV IBZ EF NJUP Z RV EF
SFBMJEBEFOMBHSBOFTQFSBO[BEFMBTDMV
MBTNBESFDNPTFQSPEVDFMBDPNQSB
WFOUB EF SHBOPT Z RV JNQBDUP UJFOF
FTUFUSmDPFOMBQPCMBDJO
+VBO3PET5FJYJEPS5SBTQMBOUFTEF
SHBOPTZDMVMBTEJNFOTJPOFTUJ
DBTSFHVMBUPSJBT'VOEBDJO##7"
.BESJE QQ
-PT USBTQMBOUFT EF SHBOPT Z DMVMBT
TF IBO DPOWFSUJEP FO VOB UFSBQVUJDB
JODPOUSPWFSUJEB FO FM USBUBNJFOUP EF
NVDIBT FOGFSNFEBEFT &O FM NPNFO
UPBDUVBMOPTFDVFTUJPOBMBVUJMJEBEEFM
USBTQMBOUFQVMNPOBS SFOBMPEFNEVMB
TFBDVBOEPOPFYJTUFVOBTPMVDJOBM
UFSOBUJWB4JOFNCBSHP BVOUSBUOEPTF
EF VO QSPDFEJNJFOUP CJFO FTUBCMFDJEP
DVFTUJPOFTDPNPFMMNJUFEFFEBEFOMPT
USBTQMBOUFT MB HFTUJO EF MB MJTUB EF FT
QFSB PFMFGFDUPEFMPTUSBTQMBOUFTTPCSF
MB DBMJEBE EF WJEB EF MPT QBDJFOUFT TPO
BMHVOBT EF MBT SFnFYJPOFT RVF TVTDJUBO
DPOUSPWFSTJB FO MB TPDJFEBE &TUF MJCSP
SFDPHF FM EFCBUF TVTDJUBEP FO UPSOP B
MBTEJTUJOUBTEJNFOTJPOFTEFMUSBTQMBOUF
BQPSUBOEPMBWJTJOEFEFTUBDBEPTFTQF
DJBMJTUBT FO FM DBNQP EF MPT USBTQMBOUFT
EF SJO IHBEP DPSB[O QVMNO P
QODSFBT RVFMMFWBOBDBCPVOBWBMPSB
DJOEFMBTJUVBDJOBDUVBMZTVJNQBDUP
TPCSFMBDBMJEBEEFWJEB4FBOBMJ[BUBN
CJO FM EFOPNJOBEP NPEFMP FTQBPM
QBSBMBPCUFODJOEFSHBOPTZMBTQPTJ
CJMJEBEFTEFNFKPSBEFMNJTNP&OFTUF
NBSDP TF DPOUFNQMBO MBT BQPSUBDJPOFT
TPCSF USBTQMBOUF EF EPOBOUF WJWP RVF
TVQPOFOVOBBMUFSOBUJWBBMBFTDBTF[EF
SHBOPTZMPTFTUVEJPTTPCSFDPTUFFGFD
UJWJEBE EF FTUPT QSPDFEJNJFOUPT 0USP
EFMPTNCJUPTDVCJFSUPTFTFMUSBTQMBOUF
EFDMVMBT"EFNTEFMCJFOFTUBCMFDJEP
USBTQMBOUF EF NEVMB TFB TF FWBMBO
MBT QPTJCJMJEBEFT EF MPT USBTQMBOUFT EF
DMVMBTOFSWJPTBTFOFMUSBUBNJFOUPEFMB
FOGFSNFEBE EF 1BSLJOTPO P EF DMVMBT
EF JTMPUFT QBODSFUJDPT FO FOGFSNPT EF
EJBCFUFT &M FYBNFO CJPNEJDP EF MPT
USBTQMBOUFTTFWFDPNQMFNFOUBEPQPSMBT
QFSTQFDUJWBTKVSEJDBTZCJPUJDBTBDBSHP
EFEFTUBDBEPTFYQFSUPT
NPSUBMJEBE "CPSEB MB UFNUJDB EF MPT

USBTQMBOUFTZMBDMPOBDJOBUSBWTEFMBT
JOWFTUJHBDJPOFT SFBMJ[BEBT FO FM DBNQP
EF MB mMPTPGB MB NFEJDJOB MB UJDB MB
SFMJHJO MBQTJDPMPHBZMBBOUSPQPMPHB
QBSB TBDBS EFTQVT DPODMVTJPOFT UBN
CJOQBSBFMNCJUPKVSEJDP TPCSFUPEP
EFMBTSFBTEFEFSFDIPDJWJMZQFOBM
.BSBEF'UJNB'SFJSFEF4#JPEJ
SFJUPFEJSFJUPBMQSPQJPDPSQP%FM
3FZ #FMP)PSJ[POUF
'FSOBOEP "CFMMO +BWJFS 4ODIF[

$BSP&OGFSNFSBZQBDJFOUF$VFT
UJPOFTQSDUJDBTEFCJPUJDBZEFSF
DIP TBOJUBSJP $PNBSFT (SBOBEB

-B BVUPSB BOBMJ[B MB EPOBDJO EF S

HBOPT DFOUSOEPTF FO FM FTUVEJP EF MB
-FZ CSBTJMFB O DPO MBT BM
UFSBDJPOFT JOUSPEVDJEBT QPS MB -FZ O

.BSB $FMFTUF $PSEFJSP 4BOUPT

5SBOTQMBOUFEFSHPTFFVUBOTJB
MJCFSEBEF F SFTQPOTBCJMJEBEF 4P
1BVMP 4BSBJWB
-B BVUPSB BOBMJ[B FTQFDJBMNFOUF MB SFT
QPOTBCJMJEBEQFOBMFOMBTBDDJPOFTSFMB
DJPOBEBTDPOMPTUSBTQMBOUFTEFSHBOPT
P FO MBT QFUJDJPOFT EF FVUBOBTJB TFHO
MB MFHJTMBDJO CSBTJMFB &O MB TFHVOEB
QBSUF BOBMJ[BMBTiBDDJPOFTTPDJBMNFOUF
BEFDVBEBTw Z FM QSPCMFNB EF MB EJTQP
OJCJMJEBEEFMDVFSQPIVNBOP FTQFDJBM
NFOUFEFTEFFMBOMJTJTKVSEJDP
3JUB.BSB1BVMJOBEPT4BOUPT%PT
USBOTQMBOUFTEFSHBPTBDMPOBHFN
'PSFOTF 3PEF+BOFJSP
-B BVUPSB TVCUJUVMB TV PCSB DPO VOB
QSFHVOUB {6OB OVFWB GPSNB EF FYQF
SJNFOUBDJO IVNBOB SVNCP B MB JO
&OGFSNFSB
&TUBPCSBEF+BWJFS4ODIF[$BSPZ'FS
OBOEP "CFMMO UJFOF TV PSJHFO FO VOB
JOJDJBUJWBEFMPT$PMFHJPTEF&OGFSNFSB
EF5FSVFMZ-MFJEB FOVOJODPOMB6OJ
WFSTJEBE&VSPQFBEF.BESJE4FUSBUBEF
VOFTUVEJPQJPOFSPCBTBEPFOMBSFTQPO
TBCJMJEBE QSPGFTJPOBM EF MB &OGFSNFSB
RVF BOB MPT DPOPDJNJFOUPT UFSJDPT
JOEJTQFOTBCMFTFOFTUBNBUFSJBDPODBTPT
KVEJDJBMFTSFBMFTEFCJEBNFOUFFTDPHJEPTZ
TJTUFNBUJ[BEPTQPSMPTBVUPSFT&TUBPCSB
DVFOUB DPO VO QSFGBDJP EF MB QSPGFTPSB
(NF[4ODIF[ EFM$PNJU*OUFSOBDJP
OBMEFMB6/&4$0 ZDPOVOQSMPHP
EFM QSFTJEFOUF EFM $POTFKP (FOFSBM EF
&OGFSNFSB .YJNP (PO[MF[ +VSBEP
"QBSUJSEFVOSFDPSSJEPQPSMBTDPSSJFO
UFT CJPUJDBT RVF JOnVZFO EF NBOFSB
NTBDVTBEBFOMBBDUJWJEBETBOJUBSJBEF
OVFTUSPUJFNQP ZEFGPSNBFTQFDJBMFO
MBBDUJWJEBEFOGFSNFSB MBUJDBEFMDVJ
EBEP MBUJDBEFMDBSDUFS FUD
FMMFDUPS
FODPOUSBS VO BOMJTJT FO QSPGVOEJEBE
EFDVFTUJPOFTUBMFTDPNPFMSFTQBMEPMFHBM

B MBT DPNQFUFODJBT FOGFSNFSBT TV EFMJ

NJUBDJO SFTQFDUP EFM NEJDP EFM GBS
NBDVUJDPZEFMBBVYJMJBSEFFOGFSNFSB
FMNCJUPEFMEJBHOTUJDPZQSFTDSJQDJO
FOGFSNFSB MBPCKFDJOEFDPODJFODJB MPT
BDDJEFOUFTCJPMHJDPT FUD
1JMBS"OUO"MNFOBSB&OGFSNFSB
UJDB Z MFHJTMBDJO FO FOGFSNFSB
.BTTPO #BSDFMPOB QQ
-BCJPUJDBEFCFFOQSJNFSMVHBSFYQMJDJ
UBSFJEFOUJmDBSMPTDPOnJDUPTUJDPTRVF
TVCZBDFOFODVBMRVJFSEFDJTJOTBOJUBSJB
"EFNT EFCF GBDJMJUBS VOB NFUPEPMPHB
QBSB QPEFS BCPSEBS FTUPT DPOnJDUPT EF
VOB GPSNB TJTUFNUJDB 1MBOUFBS MB SFT
QPOTBCJMJEBEUJDBZMFHBMEFGPSNBDPO
KVOUB BQFTBSEFMPTUFSSFOPTQSPQJPTEF
DBEBVOP FTQSPCBCMFNFOUFVOPEFMPT
NFKPSFTBDJFSUPTEFMBPCSB%FMNJTNP
NPEPRVFMPTPO ZQPSFOEFEFPCMJHBEB
DPOTVMUB MBTQBSUFTEFEJDBEBTBFKFNQMPT
DPODSFUPTEFBTQFDUPTUJDPT QSJNFSP Z
EFBTQFDUPTMFHBMFT EFTQVT"TJNJTNPMB
BVUPSBQSFTFOUBMBTJOTUJUVDJPOFTEPOEFTF
MMFWBOBDBCPFTUFUJQPEFEFDJTJPOFT MPT
$PNJUTEFUJDB"QBSUJSEFMBFYQFSJFO
DJBEFVO$PNJUEFUJDBBTJTUFODJBMFO
VOIPTQJUBM TJOEVEBFMNTBOUJHVPFO
OVFTUSPQBTMBBVUPSBQSFTFOUBMBDPNQP
TJDJO FMNPEPEFUSBCBKPZMBTSFDPNFO
EBDJPOFTBMBTRVFTFIBOMMFHBEP
.BSB EFM 1JMBS "SSPZP $PPSE

UJDB Z MFHJTMBDJO FO &OGFSNFSB
"OMJTJT TPCSF MB SFTQPOTBCJMJEBE
QSPGFTJPOBM .D(SBX)JMM *OUFSB
NFSJDBOB .BESJE QQ
$PPSEJOBFMMJCSP.BSBEFM1JMBS"SSP
ZP QSPGFTPSB EF UJDB Z MFHJTMBDJO Z
EJSFDUPSB EF MB &TDVFMB EF &OGFSNFSB

1VFSUBEF)JFSSP EFMB6OJWFSTJEBE"V
UOPNB EF .BESJE $PMBCPSBO "EFMB
$PSUJOB DBUFESUJDBEF'JMPTPGB.PSBM
Z1PMUJDBEFMB6OJWFSTJEBEEF7BMFODJB
.BSB+PT5PSSBMCB QSPGFTPSBEFUJDB
Z-FHJTMBDJOEFMB&TDVFMBEF&OGFSNF
SBEFMB6OJWFSTJEBEEF.VSDJB Z+PT
;VHBTUJ BCPHBEP
"EFMB $PSUJOB FTDSJCF TPCSF FM DBSDUFS
NPSBMEFMBTQFSTPOBTZMBTQSPGFTJPOFT
FOMBQSJNFSBQBSUF&OMBTFHVOEB MPT
EFNT BVUPSFT BOBMJ[BO MB %FPOUPMPHJB
QSPGFTJPOBMZMBMFHJTMBDJOFO&OGFSNF
SBZFOMBUFSDFSB +PT;VHBTUJFYQPOF
MPTBTQFDUPTKVSEJDPTEFMBSFTQPOTBCJMJ
EBEQSPGFTJPOBM MFHJTMBDJODJWJMZQFOBM
MBTGPSNBTEFDVMQBCJMJEBEZMFTJPOFT
-ZEJB'FJUP(SBOEFUJDB1SPGFTJP
OBM EF MB &OGFSNFSB 'JMPTPGB EF
MB FOGFSNFSB DPNP UJDB EFM DVJ
EBEP1SPNPDJO1PQVMBS$SJTUJBOB
.BESJE QQ
-ZEJB 'FJUP FT EPDUPSB FO 'JMPTPGB Z
NBHTUFS FO #JPUJDB &T QSPGFTPSB EF
)JTUPSJB Z 'JMPTPGB EF MB $JFODJB FO
MB 6OJWFSTJEBE 1POUJmDJB $PNJMMBT EF
.BESJE Z QSPGFTPSB EF #JPUJDB FO MB
6OJWFSTJEBE 3FZ +VBO $BSMPT 5BN
CJOFTNJFNCSPEFM$PNJU"TJTUFODJBM
EF UJDB EFM )PTQJUBM EF (VBEBMBKBSB
-B FOGFSNFSB FO UBOUP RVF MBCPS EF
DVJEBEP UJFOF RVF WFS DPO MB SFBMJEBE
GSHJMZWVMOFSBCMFEFMTFSIVNBOP-PT
DVJEBEPT TF QSFTUBO DVBOEP FYJTUF VOB
TJUVBDJOEFOFDFTJEBEPEFCJMJEBERVF
JNQPTJCJMJUB P EJmDVMUB MB JOEFQFOEFO
DJB FO MB BUFODJO B VOP NJTNP &TB
DPOEJDJOGSHJMJOBVHVSBMBEJNFOTJO
TPMJEBSJBZQPOFFOKVFHPVOBSFTQVFTUB
EFBUFODJOTPMDJUB&TFDVJEBEPRVFTF
PUPSHBHSBUVJUBNFOUFBOUFMBWVMOFSBCJ
MJEBEEFMPUSP QSFUFOEJFOEPTVCJFO FT
VO NPEP EF DPNVOJDBDJO FOUSF TFSFT
RVFSFDPOPDFOBMPUSPDPNPTVZP DPNP
BMHVJFORVFNFSFDFWJWJS&OFMDBTPEF
MB FOGFSNFSB FTB BUFODJO Z FTF SFDP
OPDJNJFOUP TF DPOTUJUVZFO FO VO EF
CFSNPSBM EFSJWBEPEFTVDPOTUJUVDJO
DPNPMBCPSQSPGFTJPOBM
"CPSEBBTJNJTNPMBGPSNBDJOFOWBMP
SFTZFOCJPUJDBEFMPTQSPGFTJPOBMFTEF
MBTBMVEZTVUJDBFTQFDmDB DPOFTQFDJBM
IJODBQJFOMPTBTQFDUPTEFMBDPNVOJDB
DJODPOFMQBDJFOUF MBJOGPSNBDJO MPT
NFEJPTEFDPNVOJDBDJO MBJOGPSNBUJ
[BDJOZMBHFSFODJB
;PZMB 3PTB 'SBODP 1FMF[ %FTB

SSPMMPIVNBOPZEFWBMPSFTFOTB
MVE *OTUJUVUP $PMPNCJBOP QBSB FM
'PNFOUP EF MB &EVDBDJO 4VQFSJPS
*$'&4
4BOUB 'F EF #PHPU $P
MPNCJB QQ
-BUJDBEFMDVJEBSQMBOUFBRVFIBZVOB
EJNFOTJO UJDB JOUSOTFDB FO MPT BDUPT
EFDVJEBSRVFFOSJRVFDFFMEJTDVSTPUJ
DPTBOJUBSJPZBZVEBBTJUVBSMPEFTEFMB
QFSTQFDUJWBEFMVTVBSJP QBDJFOUFZGBNJ
MJBRVFSFDJCFOMBBUFODJO$NPDVJ
EBOMBTFOGFSNFSBTQMBOUFBVOBOPDJO
BDFSDB EF MP RVF EFCF IBDFSTF Z DNP
MMFWBSMPBDBCPZBERVJFSFVOBSFMFWBODJB
JNQPSUBOUFTJEFWFSEBETFRVJFSFEJSJ
HJSFMNPEFMPBTJTUFODJBMIBDJBFMDMJFOUF
QBDJFOUF P VTVBSJP &O MB PSHBOJ[BDJO
EFVOTFSWJDJPTBOJUBSJPIBZRVFDPOTJ
EFSBSMPTQSJODJQJPTCTJDPTEFMDVJEBEP
QSPGFTJPOBMDPNPNOJNPDPOMBNJTNB
JNQPSUBODJB RVF MPT QSJODJQJPT CTJDPT
EFMUSBUBNJFOUPEFMBTFOGFSNFEBEFT
&TUFMJCSPGVFQVFTUPEFM1SFNJP/B
DJPOBM EF &OTBZP "DBENJDP i"MCFSUP
-MFSBT$BNBSHPw EFM*$'&4 FOFMSFB
EF$JFODJBTEFMB4BMVE-BBVUPSBFT-J
DFODJBEB FO &OGFSNFSB Z .BHTUFS FO
#JPUJDBZ$JFODJBT+VSEJDBTEFMB6OJ
WFSTJEBEEF$BMEBT EFMBRVFFTQSPGFTPSB
UJUVMBSFTDBUFESUJDBEFMB6OJWFSTJEBE
EF.BOJ[BMFTZQSPGFTPSBJOWJUBEBEFMB
6OJWFSTJEBEEF$PMPNCJBFO5VOKB4J
MBCPSEFJOWFTUJHBDJOTFIBEJSJHJEPIB
DJBMPTBTQFDUPTIVNBOPTEFMBBUFODJO
BMQBDJFOUF BTDPNPBMBDBMJEBE UJDB
Z EF WBMPSFT FO FM RVFIBDFS IVNBOP Z
QSPGFTJPOBM 'SVUP EF UPEB TV MBCPS FT
FMQSFTFOUFMJCSP FOFMRVFBOBMJ[BRV
EFCF FOUFOEFSTF QPS VO WFSEBEFSP EF
TBSSPMMP IVNBOP FO MBT DPOEJDJPOFT
SFBMFTEFTVQBT ZMPTQSJODJQJPTCTJDPT
EFFTFEFTBSSPMMPZEFDVBMRVJFSQMBOEF
IVNBOJ[BDJO EF MB BUFODJO FO TBMVE
'VOEBDJO7DUPS(SBGPMTJ-VDBT-B
HFTUJOEFMDVJEBEPFOFOGFSNFSB
#BSDFMPOB &EJDJOFMFDUSOJDB
QPS#JPUJDBZ%FCBUF 8FCEFM*OT
UJUVUP#PSKBEF#JPUJDB
$BUFHPSB FCPPLT 'FDIB EF QVCMJDB

DJOFOMB8FCIUUQXXX
CJPUJDBEFCBUPSHNPEVMFTNZEPXO
MPBETWJTJUQIQ DJEMJE
+BWJFS(BGPUJDBZ-FHJTMBDJOFO
FOGFSNFSB &EJUPSJBM 6OJWFSTJUBT
4" .BESJE
+BWJFS(BGPGVFFMEJSFDUPSEVSBOUFNV

DIPTBPTEFMB$UFESBEF#JPUJDBEF
MB6OJWFSTJEBEEF$PNJMMBT ZVOFTQF
DJBMJTUBFOCJPUJDBZBTQFDUPTUJDPTEF
MBBDUJWJEBETBOJUBSJB5JFOFNVDIBTQV
CMJDBDJPOFTFOFMDBNQPEFMB#JPUJDBZ
EJSJHJMBDPMFDDJO%JMFNBTUJDPTEFMB
.FEJDJOBBDUVBM'VFEVSBOUFBPTUBN
CJOQSPGFTPSEFUJDBEFMB&TDVFMBEF
&OGFSNFSBEFMB6OJWFSTJEBE$PNQMV
UFOTF Z FO MB &TDVFMB EF .BUSPOBT EFM
)PTQJUBM4BOUB$SJTUJOBEF.BESJE
&OFTUBPCSBSFBMJ[BVOBFYQPTJDJOHF
OFSBMTPCSFMB#JPUJDB TVIJTUPSJBZMPT
QSJODJQBMFTUFNBTEFEFCBUF ZFOMBTF
HVOEB QBSUF EFM MJCSP BBEF UPEB VOB
TFSJFEFEPDVNFOUPTIJTUSJDPTZKVSEJ
DPT BTDPNPMPT$EJHPT%FPOUPMHJ
DPTZEF&OGFSNFSB
(SVQP EF $VJEBEP 'BDVMUBE EF

&OGFSNFSB&MBSUFZMBDJFODJBEFM
DVJEBEP 6OJWFSTJEBE /BDJPOBM EF
$PMPNCJB #PHPU QQ
-B 'BDVMUBE EF &OGFSNFSB EF MB 6OJ
WFSTJEBE /BDJPOBM EF $PMPNCJB USBCBKB
EFTEF IBDF WBSJPT BPT FO FM BWBODF EF
MB QSPGFTJO EF &OGFSNFSB B USBWT EFM
GPSUBMFDJNJFOUP EFM DVJEBEP Z EFM (SV
QPEF$VJEBEPRVFJOUFHSBBFOGFSNFSBT
BTJTUFODJBMFT EPDFOUFT HFSFOUFTFJOWFTUJ
HBEPSBT5BNCJOTFIBDSFBEPVOB3FE
$PMPNCJBOBEF*OWFTUJHBEPSFTFO$VJEB
EPZ1SDUJDB RVFIBJNQVMTBEPMBTBDUJ
WJEBEFTEPDFOUFTZEFJOWFTUJHBDJODPO
PUSPTHSVQPTEFPUSPTQBTFT IBTUBDPOTUJ
UVJSFOMB"TPDJBDJO*OUFSOBDJPOBM
EF$VJEBEP)VNBOPFO&OGFSNFSB
&OFTUFMJCSPoFMUFSDFSPRVFQVCMJDBFTUF
(SVQPEF$VJEBEPoTFQSFTFOUBOUSFJOUB
ZEPTBSUDVMPTEFUFNUJDBNVZWBSJBEB
JOUFHSBEPTFODJODPDBQUVMPT&OFMQSJ
NFSP TFFOVODJBOMPTFMFNFOUPTQSJNPS
EJBMFTFJNQFSBUJWPTSFMBDJPOBEPTDPOMB
GVOEBNFOUBDJODPODFQUVBMEFMDVJEBEP
&OFMTFHVOEP TFFYQPOFOMBTFYQFSJFO
DJBTEFFOUFOEFSDNPFMDVJEBEPQVFEF
TFSPSJFOUBEPFJOUFHSBEPFOMBFOTFBO[B
EFMB&OGFSNFSB&MUFSDFSDBQUVMPUPDB
BTQFDUPTGVOEBNFOUBMFTEFMDVJEBEPEFT
EFMBQSDUJDBBTJTUFODJBMEFMBFOGFSNFSB
DPOMPTQBDJFOUFT&OFMDVBSUP TFUSBFO
FYQFSJFODJBT EF MB BENJOJTUSBDJO FO
FOGFSNFSB QBSB EFTBSSPMMBS SFnFYJPOFT
DFOUSBEBTFOBTQFDUPTUJDPT1PSMUJNP
FMRVJOUPDBQUVMPBOBMJ[BBTQFDUPTDBSEJ
OBMFTEFJOWFTUJHBDJO DVMUVSBMZQSPEVD
DJODJFOUmDBFOFMDVJEBEP
$PNP TF DPNFOUB FO MB *OUSPEVDDJO
i&TUFFTVOMMBNBEPQBSBRVFFOUSFUP
EBT MBT FOGFSNFSBT Z FOGFSNFSPT DPOT
USVZBNPTVOGVUVSPNFKPSQBSBOPTPUSPT
NJTNPT QBSB OVFTUSPT VTVBSJPT Z QBSB
OVFTUSBTPDJFEBEw
8JMMJBN .BMBHVUUJ 0SH

#JPUJDB
F&OGFSNBHFN$POUSPWSTJBT EF
TBGPT F DPORVJTUBT 3VCJP 3P EF
+BOFJSP QQ
&MDPPSEJOBEPSEFFTUFMJCSPFTFOGFSNF
SP QSPGFTPSEF#JPUJDBFOMB6OJWFSTJEBE
#BOEFJSBOUF EF 4P 1BVMP $PMBCPSBO
EJFDJTJFUFQSPGFTJPOBMFTNT EFMNCJUP
EF MB &OGFSNFSB .FEJDJOB $JFODJBT
4PDJBMFT Z %FSFDIP %JWJEJEP FO EPT
QBSUFT DMBSBT FO MB QSJNFSB TF BOBMJ[BO
MBTBQPSUBDJPOFTEFMBUJDBZMB#JPUJDB
BMBUBSFBEFMPTQSPGFTJPOBMFTEF&OGFS
NFSBFOMBTFHVOEBTFFTUVEJBOBMHVOPT
EF MPT EJGFSFOUFT QSPCMFNBT BDUVBMFT EF
MB#JPUJDB UBOUPDMOJDBDPNPEFGVOEB
NFOUBDJO TPCSFUPEPBMmOBMEFMBWJEB
$BQUVMPT 0 'B[FS EPT &OGFSNFJSPT
FN $FOUSP $JSSHJDP TFVT %JMFNBT F
DPOnJUPTUJDPT*NBHFOTEF&OGFSNFJSPT
WFJDVMBEPTQFMBNEJBUJDBFB#JPUJDB
OP$POUFYUPEF&EVDBP&OGFSNBHFN
F#JPUJDBF2VFTUFTUJDBTWJWFODJBEBT
QFMPT QSPmTJTPOBJT EF FOGFSNBHFN FO
TBJPDSUJDPSFnFYJWP FOUSFPUSPT
7JDUPSJB .PSO "HVJMBS "MCB -JMZ

.FOEP[B3PCMFT.PEFMPTEF&OGFS
NFSB5SJMMBT .YJDP QQ
&O TVT JOJDJPT MB &OGFSNFSB EFQFOEB
DPNQMFUBNFOUFEFMB.FEJDJOBTJOFN
CBSHP MBTPDJFEBE BMSFRVFSJSEFBRVMMB
VOTFSWJDJPEJGFSFOUFEFMRVFQSPQPSDJP
OBCBFMNEJDP FYJHJBMBTFOGFSNFSBT
VOBNQMJPEFTBSSPMMPRVFGVFSBQBSBMFMP
BM EF MB .FEJDJOB -BT EPT EJTDJQMJOBT
DPNQBSUFOFMNJTNPEPNJOJPNBUFSJBM
QFSPTPOEJGFSFOUFTFOTVOBUVSBMF[B MP
RVFIJ[POFDFTBSJPEJTFBSNPEFMPTQSP
QJPTQBSBTVFKFSDJDJPQSPGFTJPOBM&OFTUB
PCSB TF QSFTFOUBO FMFNFOUPT SFMFWBOUFT
EFWBSJPTNPEFMPTEF&OGFSNFSB QFSP
FOQBSUJDVMBS TFEFTBSSPMMBBNQMJBNFOUF
FMNPEFMP.JOOFTPUB VUJMJ[BEPQPSMBT
BVUPSBTFOTVQSDUJDBQSPGFTJPOBM
.BOVFM.PSFOP1SFDJBEP&MDVJEB
EPEFMiPUSPw6OFTUVEJPTPCSFMB
SFMBDJO FOGFSNFSBQBDJFOUF JONJ
HSBEP #FMMBUFSSB #BSDFMPOB
QQ
&MBVUPSFTFOGFSNFSPZEPDUPSFO"O
USPQPMPHB EF MB 4BMVE 1SPGFTPS UJUVMBS
EFMB6OJWFSTJEBE&VSPQFBEF.BESJE
)BQVCMJDBEPEJWFSTPTUSBCBKPTSFMBDJP
OBEPT DPO MB JONJHSBDJO MBT SFMBDJP
OFTJOUFSUOJDBTZMBEJWFSTJEBEDVMUVSBM
BQPTUBOEP QPS MPT FOGPRVFT TPDJBMFT Z
DVMUVSBMFTEFMDVJEBEPEFMBTBMVE TVCBM
UFSOPTFOFMBDUVBMNPEFMPCJPNEJDP
&OFTUFMJCSPTFBOBMJ[BMBTJUVBDJODSFB
EB FO MPT EJTQPTJUJWPT TBOJUBSJPT QPS MB
BnVFODJB DSFDJFOUF EF QPCMBDJO JONJ
HSBEB &T QSFWJTJCMF RVF MB DPOGSPOUB
DJOFOUSFMBTEJTUJOUBTGPSNBTDVMUVSBMFT
EF FOUFOEFS FM QSPDFTP TBMVEFOGFSNF
EBEBUFODJO Z MPT DPOEJDJPOBOUFT TP
DJBMFTEFMIFDIPNJHSBUPSJP DSFFDJFSUPT
EFTBKVTUFT FO FM EJMPHP FOGFSNFSBQB
DJFOUF RVF FT DPOWFOJFOUF FYQMPSBS &M
FKF DFOUSBM EFM FTUVEJP MP DPOTUJUVZFO
MB EFTDSJQDJO Z BOMJTJT EF MPT GBDUPSFT
TPDJBMFTZDVMUVSBMFTRVFJOUFSWJFOFOFO
FTUBSFMBDJO FOFMNBSDPEFMBTSVUJOBT
TBOJUBSJBT EF EJGFSFOUFT JOTUJUVDJPOFT
QCMJDBT-BJONJHSBDJONTRVFBQPS
UBSUFNBTOVFWPTWJFOFBFWJEFODJBSMBT
DBSFODJBT Z GBMMBT FYJTUFOUFT FM SBDJTNP
FYJTUBBOUFTEFRVFMMFHBSBOJONJHSBOUFT
Z MB EFTIVNBOJ[BDJO BTJTUFODJBM UBN
CJOFTUBCBBI-BTEFNBOEBTQBSUJDV
MBSFTEFMBQPCMBDJOJONJHSBEBEFCJEP
BVONBZPSEFTDPOPDJNJFOUPEFMTJTUF
NBZBICJUPTZDPTUVNCSFTEJGFSFOUFT
DIPDBO DPO MBT DVMUVSBT QSPGFTJPOBMFT
JOTUBMBEBT4FFTUQSPEVDJFOEP OPPCT
UBOUF VO BDFSDBNJFOUP QPTJUJWP FOUSF
JONJHSBEPTZQSPGFTJPOBMFT RVFSFRVJF
SF QBSBTVQSPGVOEJ[BDJO FMBCBOEPOP
EFMPTEJTDVSTPTDVMUVSBMJTUBTJNQFSBOUFT
RVFFUJRVFUBOBMJONJHSBEPDPOVOBEP
CMFNJSBEBTPTQFDIPTBZDPNQBTJWB BN

CBT FYDMVZFOUFT &T QSFDJTP RVF FNFSKB

FMPUSPDFSDBOP WJTUPZWBMPSBEPDPNP
QFSTPOB NFEJBOUFFMQBTPEFMBEJGFSFO
DJBBMBJOEJGFSFODJBUOJDB WBMPSOEPMF
QPSBUSJCVUPTZDVBMJEBEFTQFSTPOBMFT
5BLB0HVJTTP &MNB;PCPMJ 0SHT

UJDBFCJPUJDBEFTBmPTQBSBBFO
GFSNBHFNFBTBEF&EJUPSB.BOP
MF 4P1BVMP QQ
5BLB0HVJTTPFTFOGFSNFSB BCPHBEBZ
TBOJUBSJTUB &MNB -PVSEFT $BNQPT FT
&OGFSNFSB NBHTUFSFO#JPUJDBBNCBT
TPO QSPGFTPSBT EF MB &TDVFMB EF &OGFS
NFSBEFMB6OJWFSTJEBEEF4P1BVMP
$PPSEJOBO B VO HSVQP EF &OGFSNFSB
.FEJDJOBZ"TJTUFODJB4PDJBMRVFBOBMJ
[BOFOFTUBPCSBMBFWPMVDJOEFMBUJ
DB Z TVT GVOEBNFOUPT MB EFPOUPMPHB
QSPGFTJPOBM EF MB &OGFSNFSB MBT $P
NJTJPOFT EF UJDB FO &OGFSNFSB Z MBT
QSPQVFTUBT GVOEBNFOUBMFT RVF TF IBO
IFDIPEFTEFMB#JPUJDBZTVJODJEFODJB
FOMPTEJTUJOUPTNCJUPTEFEFTBSSPMMPEF
MB&OGFSNFSB
#FBUSJ[1FB $PNQ
UJDBZ#JP
UJDB.FNPSJBTEFMB$UFESB.B
OVFM "OD[BS * TFNFTUSF EF
'BDVMUBE EF &OGFSNFSB #PHPU
QQ
&OFTUFMJCSPTFPGSFDFOMBTTFTJPOFTEF
VO$VSTPTPCSFUJDBZ#JPUJDBEJDUBEP
QPSMB$UFESB.BOVFM"OD[BS DSFBEB
QBSBGPSUBMFDFSMBFOTFBO[BEFMBUJDBZ
MBQSDUJDBEFMB&OGFSNFSBFOMB6OJ
WFSTJEBE /BDJPOBM EF $PMPNCJB -BT
VOJEBEFTUFNUJDBTTPOQSFTFOUBEBTQPS
QSPGFTPSFTEFUJDBZEFCJPUJDB&OQBS
UJDVMBS TFFYBNJOBMBEJTDVTJOFOUSFMPT
QBSUJEBSJPTEFMVOJWFSTBMJTNPZFMDPOUFY
UVBMJTNP EFOUSPEFMBQPMNJDBTPCSFFM
QBQFMEFMBUJDBFOMPTEJGFSFOUFTNCJ
UPTEFTFSWJDJPT5BNCJOTFBCPSEBOMPT
QSJODJQBMFTQSPCMFNBTEF#JPUJDB ZZB
FOMBQBSUFmOBM TFIBDFFTQFDJBMOGBTJT
FOMPTDEJHPTEFUJDBEFMBTEJGFSFOUFT
QSPGFTJPOFTEFMPTBTJTUFOUFTBMDVSTP EF
UBM NPEP RVF DBEB FTUVEJBOUF DPOP[DB
CJFOFMDEJHPEFTVQSPGFTJO
+BWJFS 4ODIF[ $BSP 'FSOBOEP

"CFMMO &OGFSNFSB Z QBDJFOUF
$VFTUJPOFTQSDUJDBTEF#JPUJDBZ
%FSFDIP 4BOJUBSJP $PNBSFT 6OJ
WFSTJEBE&VSPQFBEF.BESJE
JOJDJBUJWB EF MPT $PMFHJPT EF &OGFSNF
SB EF 5FSVFM Z -MFJEB FO VOJO DPO
MB6OJWFSTJEBE&VSPQFBEF.BESJE4F
USBUB EF VO FTUVEJP QJPOFSP CBTBEP FO
MBSFTQPOTBCJMJEBEQSPGFTJPOBMEFMB&O
GFSNFSB RVF BOB MPT DPOPDJNJFOUPT
UFSJDPT JOEJTQFOTBCMFT FO FTUB NBUFSJB
DPODBTPTKVEJDJBMFTSFBMFTEFCJEBNFOUF
FTDPHJEPTZTJTUFNBUJ[BEPTQPSMPTBVUP
SFT&TUBPCSBDVFOUBDPOVOQSFGBDJPEF
MBQSPGFTPSB(NF[4ODIF[ EFM$PNJ
U*OUFSOBDJPOBMEFMB6/&4$0 ZDPO
VO QSMPHP EFM QSFTJEFOUF EFM $POTFKP
(FOFSBMEF&OGFSNFSB .YJNP(PO
[MF[+VSBEP

FMMFDUPS
EF DVFTUJPOFT UBMFT DPNP FM SFTQBMEP
MFHBMBMBTDPNQFUFODJBTFOGFSNFSBT TV
EFMJNJUBDJO SFTQFDUP EFM NEJDP EFM
GBSNBDVUJDP Z EF MB BVYJMJBS EF FOGFS
NFSB FMNCJUPEFMEJBHOTUJDPZQSFT
DSJQDJOFOGFSNFSB MBPCKFDJOEFDPO
DJFODJB MPTBDDJEFOUFTCJPMHJDPT FUD
&OEFmOJUJWB TFUSBUBEFVOBIFSSBNJFO
UB QSDUJDB SFEBDUBEB FO VO MFOHVBKF
BEBQUBEP QBSB MPT QSPGFTJPOBMFT TBOJ
UBSJPT Z PSJFOUBEB UBOUP B MB OFDFTBSJB
GPSNBDJOEFMBFOGFSNFSBFOFMDBNQP
EFMB#JPUJDBZEFM%FSFDIP4BOJUBSJP
DPNP B MB DPOTVMUB EF UPEPT BRVFMMPT
RVFEFTFNQFBOVOBMBCPSTBOJUBSJB
-VDJMEB4FMMJ#JPUJDBOB&OGFSNB
HFN 34 6OJTJOPT 4P -FPQPMEP

-BBVUPSBSFBMJ[TVEPDUPSBEPFO$JFO
DJBTEFMB4BMVEZ#JPUJDB FOMB6OJWFS
TJEBEFEF#SBTJMJB CBKPMBEJSFDDJOEFM
QSPGFTPS7PMOFJ(BSSBGB&OGFSNFSBEF
QSPGFTJO SFDPHF FO FTUB PCSB VO BO
MJTJTEFMBBQPSUBDJOEFMPTQSJODJQJPTZ
UFNBTEFMB#JPUJDBBMRVFIBDFSQSPGF
TJPOBMEF&OGFSNFSB
'SBODFTD5PSSBMCBJ3PTFMM"OUSP
QPMPHB EFM DVJEBS *OTUJUVUP #PSKB
EF#JPUJDB 'VOEBDJO.BQGSF.F
EJDJOB .BESJE QQ
6OJWFSTJEBEEF#BSDFMPOBZFO5FPMPHB
QPSMB'BDVMUBEEF5FPMPHBEF$BUBMV
B .JFNCSP JOWFTUJHBEPS EFM *OTUJUVU
#PSKB EF #JPUJDB Z QSPGFTPS UJUVMBS EF
'JMPTPGBEFMB6OJWFSTJEBE3BNO-MV
MM&TUBMUJNBPCSBTVZBFToFOQBMBCSBT
EFM QSPMPHVJTUB EPDUPS #SPHHJo iVOB
BQPSUBDJONBHOmDBZQSPGVOEBBMDP
OPDJNJFOUP EFM IPNCSF DPOTJEFSBEP
DPNP QJF[B GVOEBNFOUBM FO FM BSUF EF
DVSBS Z EF DVJEBSw 1SJNFSP BUJFOEF B
MB EFmOJDJO EF MB DJFODJB EFM IPNCSF
Z TVT EJWFSTPT QBSBEJHNBT EFTQVT BM
FYBNFO QMVSJEJNFOTJPOBM EF MB QFSTP
OB FO UPEPT TVT BTQFDUPT EJNFOTJPOFT
ZSFTQPOTBCJMJEBEFT&OMBUFSDFSBQBSUF
BOBMJ[BMBQFSTPOBBOUFTJUVBDJPOFTMNJ
UF DPNPTPOFMEPMPSZMBFOGFSNFEBE
FO TVT EJGFSFOUFT GPSNBT MB QFEBHPHB
EFM TVGSJNJFOUP Z MB GFOPNFOPMPHB EF
MB NVFSUF TPO TVT DPOTFDVFODJBT 'J
OBMNFOUF USBUB EF MB BOUSPQPMPHB Z FM
BSUFEFDVJEBS DNPQBTBSEFTEFMBBO
USPQPMPHBBMBiUJDBEFMDVJEBSw EFMP
EFTDSJQUJWPBMPOPSNBUJWP UFOJFOEPFO
DVFOUBMBTDBUFHPSBTJNQSFTDJOEJCMFTEF
iMJCFSUBE JOUJNJEBE KVTUJDJBZCJFOw
'SBODFTD 5PSSBMCB J 3PTFMM UJDB

EFM DVJEBS 'VOEBNFOUPT DPOUFY
UPT Z QSPCMFNBT *OTUJUVU #PSKB EF
#JPUJDBZ'VOEBDJO.BQGSF.FEJ
DJOB .BESJE QQ
&MPCKFUJWPGVOEBNFOUBMEFFTUFMJCSPFT
FYQMPSBSMPTQSJODJQJPTUJDPTRVFEFCFO
SFHJSMBQSDUJDBEFMDVJEBSFOFMNVOEP
BTJTUFODJBM&OVOBQSJNFSBQBSUF TFJO
WFTUJHBOMPTGVOEBNFOUPTEFMBUJDBEFM
DVJEBSZ QPTUFSJPSNFOUF TFBOBMJ[BOMPT
HSBOEFT SFUPT EFM NVOEP TPDJPTBOJUB
SJPEFTEFVOBQFSTQFDUJWBBOUSPQPMHJDB
Z UJDB &O MB MUJNB QBSUF EFM MJCSP TF
FYQPOFO BMHVOPT QSPCMFNBT CTJDPT FO
FM FKFSDJDJP EFM DVJEBS TJHVJFOEP MB SF

nFYJORVFZBJOJDJFMBVUPSFOTVPCSB
"OUSPQPMPHB EFM DVJEBS
&M MJ
CSPQSFUFOEFTFSVOBHVBQSDUJDBQBSB
DVJEBEPSFTZ QPSFYUFOTJO QBSBUPEPT
MPTQSPGFTJPOBMFTEFMBTBMVERVFUJFOFO
MBSFTQPOTBCJMJEBEEFDVJEBSFOOVFTUSB
TPDJFEBE
'BSNBDJB
1BV "HVMMFT 4JN -B PCKFDJO EF
DPODJFODJB GBSNBDVUJDB FO &TQB
B &EJ[JPOJ 6OJWFSTJU %FMMB 4BOUB
$SPDF 3PNB QQ
&MBVUPSFTMJDFODJBEPFO'BSNBDJBQPS
MB6OJWFSTJUBUEF#BSDFMPOBZEPDUPSFO
5FPMPHB.PSBM ZEFTBSSPMMBBDUVBMNFO
UFTVMBCPSEPDFOUFZEFJOWFTUJHBDJOFO
FMEFQBSUBNFOUPEF5FPMPHB.PSBMEF
MB1POUJmDJB6OJWFSTJUEFMMB4BOUB$SP
DF 3PNB
&TUBPCSB RVFFTTVUFTJTEF
EPDUPSBEP TF DFOUSB FO MB PCKFDJO EF
DPODJFODJBFOFMNCJUPEFMQSPGFTJPOBM
GBSNBDVUJDP
1BSUFEFMBTJUVBDJOFO&TQBB EPOEF
FMGBSNBDVUJDPTFQVFEFFODPOUSBSDPO
MB PCMJHBDJO MFHBM EF QBSUJDJQBS FO MB
GBTF DPOTVMUJWB QSFQBSBUPSJB Z FKFDVUJ
WBEFBDUPTDPOUSBMBWJEBPMBEJHOJEBE
EF MB QFSTPOB TFHO TV DPODJFODJB 4F
QVFEFQMBOUFBSBTFMEJMFNBJOUFSOPFO
USFMBPCFEJFODJBBMBMFZDJWJMZFMEFSF
DIPoRVFBWFDFTIBCSRVFFOUFOEFSMP
DPNP VO WFSEBEFSP EFCFSo EF PQPOFS
PCKFDJOEFDPODJFODJBBTVBDBUBNJFO
UP-BUFOTJOFOUSFMBEJNFOTJOMFHBM
ZMBEJNFOTJONPSBMOPFTBWFDFTGDJM
EFSFTPMWFS&MBVUPSBOBMJ[BQSJNFSPMB
GVOEBNFOUBDJOEFMBPCKFDJOEFDPO
DJFODJBZTVSFHVMBDJOKVSEJDBFO&TQB
B BTDPNPTVTGVOEBNFOUPTUFPMHJ
DPNPSBMFT ZUPEPMPFYQVFTUPTPCSFFM
UFNBFOFM.BHJTUFSJPEFMB*HMFTJB$B
UMJDB&OMBTFHVOEBQBSUFBOBMJ[BDBEB
VOPEFMPTQSJODJQBMFTQSPCMFNBTRVFTF
QSFTFOUBO FO FM USBCBKP QSPGFTJPOBM EFM
GBSNBDVUJDPFMBCPSUP MBTQMEPSBTEFM
EBTJHVJFOUF MBBOUJDPODFQDJO MBFV
UBOBTJB ZPUSBTDVFTUJPOFTRVJ[TOPUBO
MMBNBUJWBT QFSPUBNCJONVZBDUVBMFT
MBEJTQFOTBDJOEFKFSJOHVJMMBTBMPTUPYJ
DNBOPT MBDPMBCPSBDJOFOUDOJDBTEF
SFQSPEVDDJOBTJTUJEB PFOFYQFSJNFO
UBDJODPOmOFTCMJDPT
.BOVFM "NBSJMMB *OGPSNBDJO UF

SBQVUJDB EJSFDUB BM DJVEBEBOP
&VQIBSMBX .BESJE QQ
&MBVUPSZQSFTJEFOUFEF&VSPQFBO1IBS
NBDFVUJDBM -BX (SPVQ &VQIBSMBX

.BOVFM"NBSJMMB TFDFOUSBFOFTUBPDB
TJOFOFMBOMJTJTEFMQSJNFSPEFMPTEF
SFDIPTRVF&VQIBSMBXSFDPHFFOTVEF
DMPHP EF %FSFDIPT GVOEBNFOUBMFT FO
4BMVE FM EFSFDIP B MB JOGPSNBDJO FO
FTUFDBTP BMBJOGPSNBDJOUFSBQVUJDB
&OFMMJCSPTFFTUVEJBVOBOVFWBFYQSF
TJO EF MB NJTNB MB *OGPSNBDJO 5F
SBQVUJDB %JSFDUB BM $JVEBEBOP Z OPT
QSPWPDB QBSB JOJDJBS VO EFCBUF RVF MB
TPDJFEBEZBIBQMBOUFBEP
"OBMJ[B MBT DPOTFDVFODJBT KVSEJDBT RVF
UJFOFFMOPTBUJTGBDFSEJDIPEFSFDIPBMB
JOGPSNBDJOUFSBQVUJDBEFMPTDJVEBEB
OPT ZSFDPHFDVBOUPTFFTUQVCMJDBOEP
FO FM EFCBUF KVSEJDP BENJOJTUSBUJWP Z
TPDJBMFYJTUFOUF
-BJOGPSNBDJOEBBVUPOPNBBMDJVEB
EBOP QFSP MF DPOWFSUJS BTJNJTNP FO
DPSSFTQPOTBCMFEFMBTBDUVBDJPOFTRVFTF
EFTBSSPMMFO TPCSF TV TBMVE &M BDDFTP Z
MBDPNQSFTJOEFMBJOGPSNBDJOTPCSF
NFEJDBNFOUPTFTFTFODJBMQBSBRVFQVF
EBEFDJEJSMJCSFNFOUFTPCSFTVDPOTVNP
POP UFOJFOEPFODVFOUBRVFMBGVFOUF
CTJDBEFFTUBJOGPSNBDJOFTMBJOEVT
USJB*5%$USBUBEFDPODJFODJBSTPCSFFM
EFSFDIPEFMPTDJVEBEBOPTBFYJHJSVOB
JOGPSNBDJOWFSB[ZBEFDVBEBTPCSFMPT
NFEJDBNFOUPT Z B EFNBOEBS BTJNJT
NP RVFDBEBBHFOUFJNQMJDBEPFOMBDB
EFOBEFMNFEJDBNFOUP BTVNBTVDVPUB
EFSFTQPOTBCJMJEBESFTQFDUPEFMBJOGPS
NBDJOUFSBQVUJDBRVFQSPQPSDJPOB
+PT -QF[ (V[NO 0CKFDJO EF

DPODJFODJBGBSNBDVUJDB&*6/4"
#BSDFMPOB QQ
&M BVUPS FT MJDFODJBEP
Z EPDUPS

FO'BSNBDJBQPSMB6OJWFSTJEBE
EF 7BMFODJB 'VF DPMBCPSBEPS EFM %F
QBSUBNFOUPEF)JTUPSJBEFMB'BSNBDJB
Z-FHJTMBDJO'BSNBDVUJDBFOFTB6OJ
WFSTJEBE7JDFSSFDUPSEFMB6OJWFSTJEBE
EF /BWBSSB EFTEF Z TVCEJSFDUPS
EFM %FQBSUBNFOUP EF )VNBOJEBEFT
#JPNEJDBTEFTEF.JFNCSPGVO
EBEPS Z QSJNFS TFDSFUBSJP EF MB 4PDJF
EBE 7BMFODJBOB EF #JPUJDB .JFNCSP
GVOEBEPSEFMB"TPDJBDJO&TQBPMBEF
#JPUJDB
4PCSF MB PCKFDJO EF DPODJFODJB TPCSF
UPEP FO FM DBTP EF MB QMEPSB EFM EB
EFTQVT BQPSUB BMHVOPT QVOUPT EF SF
nFYJO
1SJNFSP3FTVMUBNVZMHJDPRVFBVO
QSPGFTJPOBMRVFTFIBGPSNBEPFOFMSFT
QFUPBMBWJEBZBMBQSPNPDJOEFMBTB
MVEMFQSPWPRVFVOEBPBTVDPODJFODJB
FMUFOFSRVFQBSUJDJQBSFOMBFMJNJOBDJO
EFVOFNCSJOIVNBOP/PPCTUBOUF
EFTEFDJFSUPTTFDUPSFTTFFTUJOUFOUBOEP
DFSDFOBSMBQPTJCJMJEBEEFRVFFMGBSNB
DVUJDPQVFEBBDPHFSTFBMBPCKFDJOEF
DPODJFODJB
4FHVOEP4FIBQSPEVDJEPVOBTJUVBDJO
EFEFTJHVBMEBEEFMPTGBSNBDVUJDPTEF
EJTUJOUBT DPNVOJEBEFT BVUOPNBT
$JFSUBNFOUF WBSJPTDPMFHJPTPmDJBMFTEF
GBSNBDVUJDPTTFIBOEFDMBSBEPBGBWPS
EFMBEFGFOTBEFTVTDPMFHJBEPT NJFOUSBT
RVFPUSPTTFIBOBCTUFOJEPEFQSPOVO
DJBSTFPIBONBOJGFTUBEPTVEFDJTJOEF
EFKBSEFTBNQBSBEPTBMPTQPTJCMFTPCKF
UPSFT
: FT BVORVF FM $EJHP %FPOUPMHJDP
EFMBQSPGFTJOGBSNBDVUJDB EFSFDJFO
UFBQSPCBDJO EJDFUFYUVBMNFOUFFOTV
QVOUP RVF iFM GBSNBDVUJDP QPES
DPNVOJDBS BM DPMFHJP EF GBSNBDVUJDPT
TVDPOEJDJOEFPCKFUPSEFDPODJFODJBB
MPTFGFDUPTRVFDPOTJEFSFQFSUJOFOUFT
&MDPMFHJPQSFTUBSFMBTFTPSBNJFOUPZMB
BZVEBOFDFTBSJB
5FSDFSP5SBTMBQSFUFOTJOEFMJNJUBSMB
DBQBDJEBEEFEFDJTJOEFMGBSNBDVUJDP
QPSQBSUFEFBMHVOPTDPMFHJPTQSPGFTJP
OBMFT TVCZBDF VOB QPTUVSB NVZ DMBSB
MB QSPGFTJO RVF EFCF DVJEBS Z QSP
NPDJPOBS OP UJFOF NT IPSJ[POUF RVF
FM DVNQMJNJFOUP EF MB QSFTDSJQDJO EF
VO NEJDP TJO BUFOEFS B PUSBT SB[POFT

EJSFDUBNFOUF SFMBDJPOBEBT DPO TV GPS

NBDJO Z DBQBDJUBDJO 'SFOUF B FTUB
BDUJUVE DBCSB SFTQPOEFS RVF FM GBSNB
DVUJDP DPNPDVBMRVJFSPUSPTBOJUBSJP
QPTFF VOB GPSNBDJO Z DBQBDJUBDJO
FTQFDmDB RVF MF QFSNJUF UPNBS EFDJ
TJPOFT FODJFODJBZFODPODJFODJB ZTFS
SFTQPOTBCMFEFFMMBT*NQFEJSFTUBDBQB
DJEBEFTOFHBSMFOPTMPTVMVHBSDPNP
QSPGFTJPOBMFOFMNCJUPEFMBTBOJEBE
TJOPUBNCJOVOEFSFDIPIVNBOPCTJ
DPFMEFBDUVBSTFHOTVDPODJFODJB
$VBSUP-BBDUJUVEDPOUSBSJBBMSFDPOP
DJNJFOUP EF MB PCKFDJO EF DPODJFODJB
QBSFDFJSFODPOUSBEFVOPEFMPTNBZP
SFTMPHSPTEFOVFTUSBTPDJFEBEFMSFDP
OPDJNJFOUPEFMBMJCFSUBEEFDPODJFODJB
&OMBCBTFBUPEPTMPTTVQVFTUPTRVFTF
BDPHFOBMBPCKFDJOEFDPODJFODJB NP
[PTBMTFSWJDJPNJMJUBS NEJDPTBMBCPSUP
FUD
FODPOUSBNPTFMNJTNPQSFTVQVFT
UPFMQPEFS MPEFUFOUFRVJFOMPEFUFO
UF
OPQVFEFPSEFOBSDVBMRVJFSDPTB FT
QFDJBMNFOUFTJFMMPBSSFNFUFHSBWFNFOUF
MBDPODJFODJBEFMPTDJVEBEBOPT
-B DPODMVTJO RVF TF EFTQSFOEF EF MPT
QVOUPTBOUFSJPSFTFTRVFJNQFEJSBMGBS
NBDVUJDP MB DBQBDJEBE EF PCKFUBS FO
DPODJFODJBBMBEJTQFOTBDJOEFMBBEFT
OFHBSMFOPTMPTVMVHBSDPNPQSPGFTJP
OBMFOFMNCJUPEFMBTBOJEBE TJOPUBN
CJOVOEFSFDIPIVNBOPCTJDPFMEF
BDUVBS TFHO TV DPODJFODJB /P TF USB
UBEFVOBTVOUPCBMBEQPSDVBOUPRVF
BM EJTQFOTBDJO EF MB QEE FT BMHP RVF
BGFDUB BM CJFO KVSEJDP NT JNQPSUBOUF
EF OVFTUSP PSEFOBNJFOUP F JODMVTP EF
OVFTUSB TPDJFEBE MB WJEB IVNBOB *N
QFEJS BM GBSNBDVUJDP MB DBQBDJEBE EF

PCKFUBSFODPODJFODJBBMBEJTQFOTBDJO
EFMBQMEPSBEFMEBEFTQVTFTOFHBSMF
TVMVHBSDPNPQSPGFTJPOBMFOFMNCJUP
EFMBTBOJEBEZVOEFSFDIPCTJDPFMEF
BDUVBSTFHOTVDPODJFODJB
+PT-QF[(V[NOUJDBFOMBJO
EVTUSJBGBSNBDVUJDBFOUSFMBFDP
OPNBZMBTBMVE&VOTB 1BNQMPOB
QQ
+PT-QF[(V[NO EPDUPSFO'BSNBDJB
QPSMB6OJWFSTJEBEEF7BMFODJBFT FOMB
BDUVBMJEBE QSPGFTPS EFM %FQBSUBNFOUP
EF)VNBOJEBEFT#JPNEJDBT 'BDVMUBE
EF.FEJDJOB
EFMB6OJWFSTJEBEEF/B
WBSSB*NQBSUFMBBTJHOBUVSBEFi%FPO
UPMPHB'BSNBDVUJDBwZFTEJSFDUPSEFM
.TUFSFO#JPUJDBEFMB6OJWFSTJEBEEF
/BWBSSB
{&TDPOTDJFOUFMBJOEVTUSJBGBSNBDVUJDB
EFRVFFMIPSJ[POUFEFTVUSBCBKPEFCF
TFSMBQFSTPOBZTVTBMVE {)BFOUFOEJEP
RVFFTUFQMBOUFBNJFOUPFYJHFOPQFSEFS
EFWJTUBFMSFGFSFOUFEFMBUJDB {)BBTV
NJEPRVFMPTmOFTQFSTFHVJEPToMBSFO
UBCJMJEBE MB DPNQFUJUJWJEBE FUDo OP
EFCFO PTDVSFDFS MB WBMPSBDJO UJDB EF
MPT NFEJPT FNQMFBEPT 1BSB EBS SFT
QVFTUB B FTPT JOUFSSPHBOUFT TF BCPSEBO
FOFTUBPCSBMPTOVNFSPTPTGBDUPSFTRVF
JOnVZFOFOUBMFTEJMFNBT
4F EFmOF Z KVTUJmDB MB OFDFTJEBE EFM
SFDPOPDJNJFOUP EF VOPT QSJODJQJPT EF
UJDBQSPGFTJPOBM4FSFnFYJPOBTPCSFMPT
BTQFDUPT EFPOUPMHJDPT DPODSFUPT RVF
BGFDUBO B MB JOEVTUSJB GBSNBDVUJDB MB
JOWFTUJHBDJOZQSPNPDJOEFMPTNFEJ
DBNFOUPT MBDPNQFUFODJBEFTMFBM FUD

4F SFDPHFO UBNCJO VOB HSBO WBSJFEBE
EF DBTPT QSDUJDPT &TUF iNBUFSJBM EF
USBCBKPwQFSNJUFBMMFDUPSDPNQSPCBSMB
SFBMJEBE Z USBTDFOEFODJB EF MPT QSPCMF
NBTFTUVEJBEPT ZDPOWJFSUFFTUBPCSBFO
VOBWBMJPTBIFSSBNJFOUBQBSBMBEPDFO
DJBFOMBT'BDVMUBEFTSFMBDJPOBEBTDPOMBT
$JFODJBTEFMB4BMVE
+PT -VJT 1PWFEB "OB 7BMMBEPMJE Z

.BSB 3VCJP -B FOUSFWJTUB DMOJDB
FO BUFODJO GBSNBDVUJDB 4FSWJDJP
EF'BSNBDJBEFM$PNQMFKP)PTQJUB
MBSJP6OJWFSTJUBSJPEF"MCBDFUF 'VO
EBDJO4PDJFEBE&TQBPMBEF'BSNB
DJB)PTQJUBMBSJB .BESJE
QQ
i-BFOUSFWJTUBDMOJDBEFCFTFSQMBOUFBEB
DPNP VO QSPDFTP EF OFHPDJBDJO FO
FM RVF TF DPOUSBTUFO PQJOJPOFT Z BMUFS
OBUJWBT1PSFMMP DPOPDFSZEPNJOBSTV
NFUPEPMPHB QFSNJUJS RVF MB SFMBDJO
GBSNBDVUJDPoVTVBSJPSFTVMUFNTFmDB[
ZCFOFmDJPTBQBSBBNCPT.BOUFOFSVOB
DPNVOJDBDJO BEFDVBEB DPOUSJCVJS BM
YJUPEFMBGBSNBDPUFSBQJBEFTDSJUBw TF
BMB MB JOUSPEVDDJO EF FTUF MJCSP RVF
SFDPHF MPT BTQFDUPT CTJDPT RVF EFCFO
UFOFS FO DVFOUB MPT GBSNBDVUJDPT QBSB
SFBMJ[BSVOBBUFODJONTEJSFDUBZFm
DB[FOFMNFEJPIPTQJUBMBSJP
+PT -VJT 1PWFEB KFGF EFM 4FSWJDJP EF
'BSNBDJB EFM $PNQMFKP )PTQJUBMBSJP
6OJWFSTJUBSJP EF "MCBDFUF MBT BEKVOUBT
.BSB 3VCJP 'FSOOEF[ Z "OB 7BMMB
EPMJE8BMTIZ3PTB'VTUFS BEKVOUBEFM
4FSWJDJP EF 'BSNBDJB EFM )PTQJUBM EF

7JMMBKPTB "MJDBOUF
IBOTJEPMPTBVUPSFT
EFVOFTUVEJPRVFDPOTJTUFFOVOBSFDP
QJMBDJOEFSFTVMUBEPTEFMBFYQFSJFODJB
BDVNVMBEBEVSBOUFMPTEPTMUJNPTBPT
USBTFTUBSFODPOUBDUPDPOMPTQBDJFOUFT
RVF SFDJCFO NFEJDBDJO FO FM TFSWJDJP
TPCSFUPEPDPOQBDJFOUFTBGFDUBEPTQPS
7*) IFQBUJUJT FTDMFSPTJT P FOGFSNPT
PODPMHJDPTZEJBMJ[BEPT
-BJEFBGVOEBNFOUBMEFMUFYUPFTRVFMB
FOUSFWJTUBDMOJDBFTMBUDOJDBNTBEF
DVBEBQBSBFTUBCMFDFSFMnVKPDPNVOJDB
UJWPDPOFMVTVBSJPVOBGVFOUFEFJOGPS
NBDJO RVF QFSNJUF BM GBSNBDVUJDP
EFUFDUBS MPT QSPCMFNBT RVF FM QBDJFOUF
QVFEB UFOFS DPO MPT NFEJDBNFOUPT
QSFTDSJUPT&OFMUSBCBKPIBRVFEBEPQB
UFOUFRVFFMJODVNQMJNJFOUPUFSBQVUJ
DP FT FM PSJHFO EF MB FTDBTB FGFDUJWJEBE
EFUSBUBNJFOUPTDPNPMPTBOUJIJQFSUFO
TJWPT BOUJSSFUSPWJSBMFT FUD3FDPOPDFSB
USBWT EF MB FOUSFWJTUB MB GBMUB EF BEIF
SFODJBZSFBMJ[BSMBTJOUFSWFODJPOFTPQPS
UVOBT UBOUPEFUJQPJOGPSNBUJWPDPNP
EFNPEJmDBDJOEFMBDPOEVDUB FTVOB
MBCPSQBSBMBRVFEFCFOFTUBSGPSNBEPT
+BWJFS 4ODIF[ $BSP Z 'FSOBO

EP "CFMMO "UFODJO GBSNB
DVUJDB
Z
SFTQPOTBCJMJEBE
%FSFDIP4BOJUBSJP"TFTPSFT .BESJE
QQ
+BWJFS 4ODIF[ $BSP TVCEJSFDUPS HF
OFSBM EF #JPUJDB Z 0SJFOUBDJO 4BOJ
UBSJB EF MB $PNVOJEBE "VUOPNB EF
.BESJE Z 'FSOBOEP "CFMMO QSPGFTPS
EFM NTUFS FO %FSFDIP 4BOJUBSJP EF MB
6OJWFSTJEBE $PNQMVUFOTF EF .BESJE
TPOMPTBVUPSFTEF"UFODJO'BSNBDV

UJDB Z SFTQPOTBCJMJEBE QSPGFTJPOBM VO

MJCSPRVFBIPOEBFOFMOVFWPQBQFMRVF
MB MFHJTMBDJO SFDPOPDF BM GBSNBDVUJDP
DPNPBHFOUFJNQMJDBEPFOHBSBOUJ[BSMB
TBMVEEFMPTQBDJFOUFTBUSBWTEFMBBUFO
DJOGBSNBDVUJDB
&MMJCSPTFEJWJEFFOUSFTQBSUFT-BQSJ
NFSBEFFMMBTIBDFSFGFSFODJBBMPTBTQFD
UPT HFOFSBMFT EF MB SFTQPOTBCJMJEBE EFM
GBSNBDVUJDPDPNPMPTSFRVJTJUPTFYJHJ
EPT QPS MPT USJCVOBMFT QBSB RVF QVFEB
BQSFDJBSTFMBJNQSVEFODJBQFOBMEFMGBS
NBDVUJDP-BTFHVOEBQBSUFTFBEFOUSB
FO MB BUFODJO GBSNBDVUJDB Z FM %FSF
DIPZUSBUBBTQFDUPTDPNPFMSHJNFOMF
HBMEFMB"'FO&TQBBDPNPOVFWPIP
SJ[POUFEFSFTQPOTBCJMJEBE1PSMUJNP
MBUFSDFSBQBSUFBOBMJ[BMBSFMBDJOFOUSF
JOGPSNBDJO TBMVEZNFEJDBNFOUP DPO
BTVOUPTDPNPMBTDMBTFTEFJOGPSNBDJO
SFMBDJPOBEBTDPOMBTBMVEPMPTBTQFDUPT
GVOEBNFOUBMFTEFMBJOGPSNBDJODMOJDB
PBTJTUFODJBMFOMBMFZEFBVUPOPNBEFM
QBDJFOUF
+BWJFS4ODIF[$BSP 'FSOBOEP"CF
MMO-BSFMBDJODMOJDBGBSNBDV
UJDPQBDJFOUF$VFTUJPOFTQSDUJDBT
EF %FSFDIP TBOJUBSJP Z #JPUJDB
$PNBSFT (SBOBEB QQ
+BWJFS 4ODIF[ $BSP EJSFDUPS EF MB
6OJEBE EF #JPUJDB Z 0SJFOUBDJO 4B
OJUBSJBEFMB$PNVOJEBEEF.BESJE Z
'FSOBOEP"CFMMO EPDUPSFO%FSFDIP
BCPSEBO MBT DVFTUJPOFT UJDBT Z MFHBMFT
EFMFKFSDJDJPQSPGFTJPOBMEFMGBSNBDVUJ
DP&MMJCSPTVSHFUSBTFMDVSTPRVFEFT
EFPDUVCSFEFBGFCSFSPEF
QSPNPWJ $PSSFP 'BSNBDVUJDP Z MB
'VOEBDJO"CCPUU CBKPMBEJSFDDJOEF
MPT EPT BVUPSFT &M GBSNBDVUJDP EFCF
QPUFODJBS IPZ EB NT RVF OVODB TV
WPDBDJO DPNP BHFOUF EF TBMVE TJ WFS
EBEFSBNFOUFRVJFSFTVCTJTUJSFOFMTJHMP
99*TJOTFSSFMFHBEPBVOQBQFMSFTJEVBM
EFOUSP EFM 4/4 TFHO NBOJmFTUBO MPT
BVUPSFT EFM MJCSP &M EFTBSSPMMP F JN
QMBOUBDJOEFMB"UFODJO'BSNBDVUJDB
DPOMMFWBVOBTFSJFEFDBNCJPTUJDPT MF
HBMFT Z GPSNBUJWPT EF HSBO USBTDFOEFO
DJB i$PO MB "UFODJO 'BSNBDVUJDB MB
BDUJWJEBEEFMGBSNBDVUJDPBERVJFSF TJO
EVEB VOBEJNFOTJOUJDBNTJNQPS
UBOUF EFSJWBEBEFMNBZPSDPNQSPNJTP
QFSTPOBM RVF BTVNF DPO FM QBDJFOUF
&O MB QSDUJDB DVBOEP FM GBSNBDVUJDP
SFBMJ[B"'FTUBQPTUBOEPQPSFTUBCMFDFS
VOBSFMBDJODMOJDBFOUPEBSFHMBDPOFM
QBDJFOUF-BDPOTFDVFODJBEFFMMPFTRVF
FMDJVEBEBOPWBBEFQPTJUBSVOBDPOmBO
[BFTQFDJBMFOM RVFMFWBBPCMJHBSBJO
WPMVDSBSTFEFGPSNBNVDIPNTJOUFOTB
FOTVTQSPCMFNBTEFTBMVEw FYQMJDB'FS
OBOEP"CFMMO
i%POEF IBZ RVF EBS FM TBMUP FT FO FM
TFHVJNJFOUP GBSNBDPUFSBQVUJDP Z IBZ
NVDIBT SB[POFT QBSB IBDFSMP 3FDPS
EFNPT BFTUFSFTQFDUP RVFNTEFVO
UFSDJPEFMBTVSHFODJBTIPTQJUBMBSJBTFTU
DBVTBEP QPS VO QSPCMFNB SFMBDJPOBEP
DPOMPTNFEJDBNFOUPTZEFFTBDJGSBVO
TFUFOUB QPS DJFOUP TFSB FWJUBCMF TFHO
MPTFYQFSUPT{/PFTFTUBVOBTVmDJFOUF
NPUJWBDJOQBSBRVFMPTGBSNBDVUJDPT
RVF FTUO EPUBEPT EF BNQMJPT DPOPDJ
NJFOUPT TPCSF MB NBUFSJB TF BQSFTUFO
B BTVNJSMB DPO DFMP Z EFEJDBDJO w TF
QSFHVOUB+BWJFS4ODIF[$BSP
1BSB'FSOBOEP"CFMMO TJTFRVJFSFRVF
FM GBSNBDVUJDP DPNVOJUBSJP QBSUJDJQF
EF GPSNB DPNQSPNFUJEB FO MB QSFTUB
DJOTBOJUBSJBSFBMJ[BOEPFMTFHVJNJFOUP
EFMPTUSBUBNJFOUPTDPONFEJDBNFOUPT
MB "ENJOJTUSBDJO UJFOF RVF BDFQUBS BM
GBSNBDVUJDPDPNPVOQSPGFTJPOBMTBOJ
UBSJP NT FO JHVBMEBE EF DPOEJDJPOFT
RVF MPT EFNT Z QSPNPWFS EF GPSNB
EFDJEJEBTVJOUFHSBDJOZDPPSEJOBDJO
DPOMPTFRVJQPTEFUSBCBKPEFBUFODJO
QSJNBSJBZFTQFDJBMJ[BEB
"SOBMEP;VCJPMJUJDB'BSNBDVUJ
DB 4PCSBWJNF 4PDJFEBEF #SBTJMFJSB
EF7JHJMBODJBEF.FEJDBNFOUPT 4P
1BVMP QQ
1SFTJEFOUF EFM $POTFMIP 3FHJPOBM EF
'BSNBDJB EF 1BSBO "DBEFNJB /BDJP
OBMEF'BNBDJBEFTEF QSPGFTPSEF
%FPOUPMPHBZ-FHJTMBDJOGBSNBDVUJDB
6&. .BSJOHB
"OBMJ[BMB%FPOUPMP
HBFOFMNCJUPEFMBBDUJWJEBEEFMGBS
NBDVUJDP MBT SFMBDJPOFT FOUSF UJDB Z
'BSNBDJB%FSFDIPBMBTBMVEMB1PMUJDB
OBDJPOBMEFNFEJDBNFOUPTZMB-FHJTMB
DJOTBOJUBSJBEF#SBTJM
1TJDPMPHB
$BSMPT .BSUO #FSJTUBJO (JPSHJB
%PO &OGPRVF QTJDPTPDJBM EF MB
BZVEB IVNBOJUBSJB 5FYUPT CTJ
DPT 6OJWFSTJEBE EF %FVTUP *OTUJ
UVUPEF%FSFDIPT)VNBOPT #JMCBP
QQ
&TUFMJCSPFTQBSUFEFVOBDPMFDDJOEFM
*OTUJUVUP EF %FSFDIPT )VNBOPT EF MB
6OJWFSTJEBEEF%FVTUPTPCSFHFTUJOEF
MB BZVEB IVNBOJUBSJB -BT TJUVBDJPOFT
EF FNFSHFODJB FTQFDJBMNFOUF MBT DBVTB

EBTQPSDSJTJTQPMUJDBT QMBOUFBOEJMFNBT
QSDUJDPT Z NPSBMFT i-BT BDDJPOFT IV
NBOJUBSJBT UJFOFO MVHBS FO VO DPOUFYUP
IJTUSJDPFOFMRVFMPTDPOnJDUPTTPOQSF
QBSBEPTZUJFOFOJNQMJDBDJPOFTHMPCBMFT
-BTHVFSSBTOPPDVSSFO TJOPRVFTFQSF
QBSBO-BSJHJEF[JEFPMHJDB MBNJMJUBSJ[B
DJO MPTFTUJHNBTUJDPT GPSNBOQBSUFEF
FTUBQSFQBSBDJOZHFOFSBOVODPOUFYUP
EFWJPMBDJOEFMPTEFSFDIPTIVNBOPT&M
FOGPRVFQTJDPTPDJBMBZVEBBBVNFOUBSMB
DPODJFODJBTPCSFMPTNFDBOJTNPTJNQMJ
DBEPTFOMBQSFQBSBDJOEFMBHVFSSB-B
BZVEBIVNBOJUBSJBOPQVFEFBDUVBSTMP
EFTQVT EF MPT BDPOUFDJNJFOUPT -B EF
GFOTBEFMPTEFSFDIPTIVNBOPT BEFNT
EFTFSVOBQPZPBMPTTVQFSWJWJFOUFT FT
UBNCJOVOBGPSNBEFQSFWFODJOw
(VBMCFSUP #VFMB$BTBM -VJT 'FS

OOEF[3PT 5PNT+FTT$BSSBTDP
1TJDPMPHBQSFWFOUJWB"WBODFTSF
DJFOUFTFOUDOJDBTZQSPHSBNBTEF
QSFWFODJO$PM1TJDPMPHB &E1J
SNJEF .BESJE QQ
-PT BVUPSFT TPO QSPGFTPSFT EF 1TJDPMP
HB (VBMCFSUP #VFMBo$BTBM EF MB 6OJ
WFSTJEBE EF (SBOBEB -VJT 'FSOOEF[o
3PTEFMBEF4BOUJBHPEF$PNQPTUFMBZ
5PNT+FTT$BSSBTDPEFMBEF(SBOBEB
&OFTUFMJCSPSFBMJ[BOVOBQVFTUBBMEB
EF BMHVOBT EF MBT SFBT NT EFTUBDBEBT
EF FTUB OVFWB EJTDJQMJOB DPOTVNP EF
ESPHBT DODFS EFQSFTJO USBTUPSOPTEFM
TVFP TJEB Z UFSDFSB FEBE FOUSF PUSBT
*ODMVZF VOB SFWJTJO DPNQMFUB EF MBT
DVFTUJPOFT DPODFQUVBMFT Z NFUPEPMHJ
DBT SFMBDJPOBEBT DPO MB QSFWFODJO FO
1TJDPMPHB

"OEST $IBNPSSP -VTBS $PPSE

UJDBEFMQTJDMPHP&EJUPSJBM60$
#BSDFMPOB QQ
6O HSVQP EF QTJDMPHPT MB NBZPSB
QSPGFTPSFTEFMB6OJWFSTJUBU"VUOPNB
EF#BSDFMPOB QSFTFOUBFOFTUFMJCSPVO
OPWFEPTP BDFSDBNJFOUP B MPT EJMFNBT
UJDPTQSFTFOUFTFOTVQSPGFTJO-BUJ
DB PGSFDF DPOTJEFSBDJPOFT RVF QVFEFO
BZVEBS BM QSPGFTJPOBM BOUF MB EVEB EF
DNPBDUVBS ZBTMB1TJDPMPHBIBBEPQ
UBEP QSJODJQJPT UJDPT Z IB FTUBCMFDJEP
DEJHPT EFPOUPMHJDPT QBSB NFKPSBS MB
QSDUJDB QSPGFTJPOBM )BTUB IBDF QPDP
MBGPSNBDJOFOUJDBEFMPTFTUVEJBOUFT
EF QTJDPMPHB FSB NOJNB QFSP BDUVBM
NFOUF MBT PSHBOJ[BDJPOFT QSPGFTJPOBMFT
ZMBT6OJWFSTJEBEFTFTUOUPNBOEPDPO
DJFODJB EF MB OFDFTJEBE EF GPSNBS MPT
GVUVSPTQSPGFTJPOBMFTFOFTUBEJTDJQMJOB
1BSBDPOUSJCVJSBFTUBUBSFB MPTBVUPSFT
BOBMJ[BO FO QSJNFS MVHBS MB UJDB Z MB
EFPOUPMPHB&OMBTFHVOEBQBSUF JMVT
USBOTJUVBDJPOFTEFDPOnJDUPTUJDPTDPO
FMBOMJTJTEFTFJTDBTPT&OMBUFSDFSB TF
FYQPOFOMPTBTQFDUPTUJDPTEFMBQSFTUB
DJOEFTFSWJDJPTQTJDPMHJDPTQPSNFEJP
EFMBTOVFWBTUFDOPMPHBT
0NBS 'SBOB5BSSBH UJDB QBSB

QTJDMPHPT *OUSPEVDDJO B MB 1TJ
DPUJDB %FTDMF %F #SPVXFS #J
CMJPUFDBEF1TJDPMPHB #JMCBP
QQ
&MBVUPSFTVSVHVBZP
EPDUPSFO
.FEJDJOB Z MJDFODJBEP FO UJDB QSPGF
TPSEF1TJDPMPHBEFMB&YQFSJFODJB3FMJ
HJPTBFOMB'BDVMUBEEF1TJDPMPHBEFMB
6OJWFSTJEBE$BUMJDBEF6SVHVBZ&TUB
i*OUSPEVDDJOBMB1TJDPUJDBwQSFUFOEF
DPOUSJCVJSBMMFOBSFTFWBDPEFSFnFYJO
ZBQVOUBBIBDFSVOEFTBSSPMMPTJTUFN
UJDPZNFUEJDPEFMPTBTQFDUPTUJDPTEF
MB QSDUJDB EFM QTJDMPHP Z EFM QTJRVJB
USB6OBEFMBTUBSFBTGVOEBNFOUBMFTFO
UPEBSFnFYJOUJDBFTUPNBSDPODJFODJB
EFDVMFTTPOMPTiQSPCMFNBTPUFNBTDB
MJFOUFTwEFMBQSDUJDB FTEFDJS BRVFMMBT
BMUFSOBUJWBT EJNFOTJPOFT QSPDFEJNJFO
UPTPNPNFOUPTEFMBSFMBDJOQTJDPM
HJDBFOMBRVFTFQPOFOFOKVFHPWBMPSFT
UJDPT $POUFOJEPT EFM MJCSP &M QSPGF
TJPOBM EF MB QTJDPMPHB Z TV &UIPT *N
QMJDBDJPOFT UJDBT EF MBT BOUSPQPMPHBT
TVCZBDFOUFT B MBT UFPSBT QTJDPMHJDBT
UJDBEFMBJOWFTUJHBDJOFOQTJDPMPHBZ
QTJRVJBUSB 3FTQPOTBCJMJEBE UJDB BOUF
MB MFZ UJDB EF MB SFMBDJO JOEJWJEVBM
FOUSF UFSBQFVUB Z QBDJFOUF UJDB EF MB
SFMBDJOJOTUJUVDJPOBMFOUSFQTJDMPHPZ
PSHBOJ[BDJPOFT 7JTJO EF DPOKVOUP EF
MBQTJDPUJDB
$BSNFO EFM 3P 4ODIF[ (VB EF

UJDBQSPGFTJPOBMFO1TJDPMPHB$M
OJDB&EJDJPOFT1JSNJEF4"
QQ
&O MPT MUJNPT BPT FO FM NCJUP EF
MB QTJDPMPHB DMOJDB TF FTU QSPEVDJFO
EPVOOPUBCMFBVNFOUPEFMBDPODJFO
DJB QCMJDB SFTQFDUP B MPT EFSFDIPT EF
MPT VTVBSJPT FYJHJOEPTF DBEB WF[ NT
VOBQSDUJDBQSPGFTJPOBMEFDBMJEBEFOMB
RVFDPOnVZBVODPNQPSUBNJFOUPUJDP
Z VOB BDUVBDJO FmDJFOUF 4JO FNCBS
HP OP TF IB QSPEVDJEP VO EFTBSSPMMP
QBSBMFMP EF OPSNBT Z EJSFDUSJDFT RVF
PSJFOUFOBMPTQTJDMPHPTFOTVQSDUJDB
QSPGFTJPOBM Z UBNQPDP FO MPT BDUVBMFT
QMBOFT EF FTUVEJP EF MB MJDFODJBUVSB EF
1TJDPMPHBTFIBOBCPSEBEPFTUPTUFNBT
DPOMBTVmDJFOUFQSPGVOEJEBE&MQSJO
DJQBMPCKFUJWPEFFTUBHVBFTDVCSJSVO
JNQPSUBOUFWBDPFOMBGPSNBDJOEFMPT
QTJDMPHPTDMOJDPTBOBMJ[BOEPUFNBTUBO
SFMFWBOUFTDPNPMPTSFMBDJPOBEPTDPOMB
DPOmEFODJBMJEBE FMDPOTFOUJNJFOUPJO
GPSNBEP MBTUSBOTHSFTJPOFTEFMPTMNJ
UFTQSPGFTJPOBMFT FUD BTDPNPMPTQSJO
DJQBMFT DPOnJDUPT UJDPT Z MFHBMFT RVF
QVFEFO TVSHJS FO MPT EJTUJOUPT NCJUPT
EF BDUVBDJO DMOJDB MB FWBMVBDJO QTJ
DPMHJDB MB UFSBQJB MB JOWFTUJHBDJO Z
FOPUSPTNTFTQFDmDPTDPNPFMGPSFO
TFPMBJOUFSWFODJONFEJBOUF*OUFSOFU
&TUBPCSB JOEJTQFOTBCMFQBSBMPTQTJD
MPHPT DMOJDPT FT MB OJDB RVF BEBQUB
TVT DPOUFOJEPT B MBT OPSNBUJWBT UJDBT
ZMFHBMFTWJHFOUFTBDUVBMNFOUFFOFM&T
UBEP FTQBPM BVORVF BTVNJFOEP MPT
FTUOEBSFT UJDPT FVSPQFPT QSPNPWJEPT
QPS MB 'FEFSBDJO EF "TPDJBDJPOFT EF
1TJDMPHPT&VSPQFPT &'1"
5PEPFMMP
FOVONPNFOUPDSVDJBMEFDBNCJPTFO
MBFOTFBO[BEFMBQTJDPMPHBFOFMRVF
TFFTUQSPNPWJFOEPMBNPWJMJEBEEFMPT
QTJDMPHPT Z QPTJCJMJUOEPTF MB QSDUJDB
QSPGFTJPOBMFODVBMRVJFSQBTFVSPQFP
&EVBSEP (BSDB $BNCB $PPSE

.BOVBM EF 1TJDPPODPMPHB "VMB
.EJDB .BESJE
&M KFGF EF 4FDDJO EFM )PTQJUBM EF MB
1SJODFTB EF .BESJE IB FEJUBEP FTUF
.BOVBM EF 1TJDPPODPMPHB FO FM RVF
FYQPOF DMBSBNFOUF RVF MB FOGFSNFEBE
UVNPSBM BGFDUB OP TMP BM FTUBEP GTJDP
TJOPUBNCJOBMQTRVJDP"USBWTEF
DBQUVMPT MPTQSPGFTJPOBMFTRVFIBOQBS
UJDJQBEPFOMBFMBCPSBDJOEFMMJCSPPGSF
DFODPNFOUBSJPT BWFDFTDPOMBGSNVMB
EFQSFHVOUBTZSFTQVFTUBT SFMBDJPOBEPT
DPOMBTFTUSBUFHJBTEFBGSPOUBNJFOUPEF
MB FOGFSNFEBE MPT GVOEBNFOUPT EF MB
JOGPSNBDJO BM FOGFSNP MB DPNQSFO
TJO EFM FOGFSNP MB BTPDJBDJO FOUSF
BOTJFEBE Z DODFS FM EPMPS PODPMHJDP
EFTEFFMQVOUPEFWJTUBQTRVJDP FMBQP
ZPBMBGBNJMJBEFMQBDJFOUFDPODODFS
MBUFSBQJBEFHSVQP TVJDJEJPZFOGFSNF
EBEOFPQMTJDB BTDPNPMPTQSPHSFTPTZ
BNQMJBDJOEFMPTDVJEBEPTQBMJBUJWPT
"OUPOJP (PEPZ 5PNB EF EFDJTJP

OFT Z KVJDJP DMOJDP 6OB BQSPYJ
NBDJOQTJDPMHJDB 1JSNJEF $P
MFDDJOEF1TJDPMPHB .BESJE
QQ
&MBVUPSFTQSPGFTPSEFMB6OJWFSTJEBEEF
.MBHB EF EJWFSTBT NBUFSJBT SFMBDJPOB
EBTDPOFMEJBHOTUJDPQTJDPMHJDP1BSB
UPNBS VOB EFDJTJO DPSSFDUB FO QTJDP
MPHBDMOJDBOPCBTUBDPORVFMPTEBUPT
TFBO OVNFSPTPT Z EF DBMJEBE P IBCFS
FGFDUVBEP VOB CVFOB FOUSFWJTUB DMOJDB
ZPCUFOJEPFMSFTVMUBEPEFQSVFCBTBMUB
NFOUFmBCMFT-BUFTJTEFMBVUPSFTRVF
EFCFODPNCJOBSTFMBJOGPSNBDJODMOJ
DBZMPTFSSPSFTRVFTFDPNFUFOBWFDFT
QBSB TBCFS DNP DPSSFHJSMPT BOBMJ[B MB
UBSFBEFMPTQTJDMPHPTDMOJDPTZMBFmDB
DJBEFTVTJOUFSWFODJPOFT MBTUFPSBTRVF
IBOJOUFOUBEPFYQMJDBSFTPTFSSPSFT ZMBT
IBCJMJEBEFTDMOJDBTRVFTFQVFEFOZEF
CFOBQSFOEFSZFOTFBS4FEJSJHFBMPT
QTJDMPHPT QFSPUJFOFJHVBMNFOUFJOUF
STQBSBUPEPTMPTQSPGFTJPOBMFTDMOJDPT
FOTVRVFIBDFSBTJTUFODJBM

$BSNFO(NF[-BWO-BQFSTPOB
MJEBEZTVEFTBSSPMMP$BKBEF"IP
SSPT EF ;BSBHP[B "SBHO Z 3JPKB
-PHSPP QQ
-B BVUPSB DPO NT EF BPT EF FY
QFSJFODJBEPDFOUFZDMOJDB QSPQPSDJPOB
FOFTUFOVFWPMJCSP DPOVOMFOHVBKFDMB
SP Z BDDFTJCMF DPODFQUPT CTJDPT TPCSF
MB SFBMJ[BDJO QFSTPOBM MB BOHVTUJB Z MB
DVMQBDPNPSBEJDBMFTEFMTFSIVNBOP MB
DPSQPSBMJEBE MB BGFDUJWJEBE FM NVOEP
EFMPTWBMPSFTZMBJOUFHSBDJOEFMBQFS
TPOBMJEBE MB NBEVSF[ QTJDPMHJDB FUD
1SPQPSDJPOBBTVOBSB[POBCMFDPNQSFO
TJOEFMTFSIVNBOPFOFTBDPNQMFKBSFE
EF JOUFSSFMBDJPOFT GBNJMJBSFT MBCPSBMFT
TPDJBMFT FUD 1SFTUB VOB BUFODJO FTQF
DJBMBMEFTBSSPMMPEFMOJPZMBOFDFTJEBE
QBSBTVNBEVSF[QFSTPOBMEFMBNCJFOUF
GBNJMJBSBEFDVBEP ZMBTBDUVBMFTQBUPMP
HBTGBNJMJBSFTRVFJOnVZFOFOM
$BSNFO (NF[ -BWO 1TJDPMPHB

FWPMVUJWB $BSBDUFSTUJDBT QTJDPM
HJDBT EF MBT EJTUJOUBT FUBQBT EF MB
WJEB$BKBEF"IPSSPTEF;BSBHP[B
"SBHOZ3JPKB -PHSPP
QQ
-B BVUPSB FT EPDUPSB FO .FEJDJOB FT
QFDJBMJTUB FO /FVSPMPHB Z 1TJRVJBUSB
KFGF$MOJDPEFMB$MOJDB1TJRVJUSJDBEF
&MJ[POEP /BWBSSB
ZEJSFDUPSBBMBWF[
EF MB &TDVFMB 6OJWFSTJUBSJB EF 5SBCBKP
4PDJBMEF-PHSPP&OFTUBPCSBQSFUFO
EFJOUSPEVDJSBMPTMFDUPSFTFOVOBWJTJO
NTHMPCBMZQSPGVOEBEFMIPNCSF EF
TV QFSTPOBMJEBE Z EF MBT DBSBDUFSTUJDBT
EFTVWJWJS FOMBTEJTUJOUBTGBTFTEFMEFTB
SSPMMPJOGBODJB BEPMFTDFODJB KVWFOUVE

NBEVSF[ Z WFKF[ "ZVEB B DPNQSFOEFS
MBTEJTUJOUBTFUBQBTFWPMVUJWBT ZMBTQP
TJCMFTBMUFSBDJPOFTQTJDPMHJDBTRVFQVF
EFO QSFTFOUBSTF QSPQJBT EF DBEB FEBE
BTDPNPMPTDVJEBEPTEFTBMVENFOUBM
OFDFTBSJPT
$BSNFO (NF[ -BWO 3JDBSEP

;BQBUB (BSDB 1TJRVJBUSB TBMVE
NFOUBM Z USBCBKP TPDJBM &EJDJPOFT
&VOBUF 1BNQMPOB QQ
&TUFMJCSPFTVONBOVBMEFUFYUPQBSBFM
USBCBKBEPSTPDJBMFTQFDJBMNFOUF FOMBUB
SFBEFQSFWFODJO EJBHOTUJDPZSFIBCJ
MJUBDJOEFMPTJOEJWJEVPT EFMBTGBNJMJBT
ZEFMPTHSVQPT DVZPGVODJPOBNJFOUPTF
WF BNFOB[BEP P BGFDUBEP QPS FM FTUST
TPDJBMZQTJDPMHJDP PQPSVOBBMUFSBDJO
EFMBTBMVENFOUBM-PDPPSEJOBOMBEPD
UPSB$BSNFO(NF[-BWO QTJRVJBUSBZ
EJSFDUPSBEFMB&TDVFMBEF5SBCBKP4PDJBM
EF-PHSPP Z3JDBSEP;BQBUB QTJRVJB
USBZQSPGFTPSEF1TJRVJBUSBZ1TJDPMPHB
.EJDBEFMB6OJWFSTJEBEEF/BWBSSB Z
FTDSJCFOQSPGFTPSFTEFFTUB6OJWFSTJEBE
PUSPTEFMB6OJWFSTJEBE1CMJDBEF/B
WBSSB ZQSPGFTJPOBMFTEFMB$MOJDB1TJ
RVJUSJDB1BESF.FOOJEF1BNQMPOB4F
BOBMJ[BOMPTGBDUPSFTTPDJBMFTRVFJODJEFO
FO MB FOGFSNFEBE NFOUBM Z TV QSPZFD
DJOFOMPTEJGFSFOUFTNCJUPT GBNJMJBS
MBCPSBMZTPDJBM3FTBMUBOMPTBVUPSFTMB
JOUFHSBDJO EFM USBCBKBEPS TPDJBM DPNP
QBSUF EFM FRVJQP NEJDPoBTJTUFODJBM
GVOEBNFOUBM QBSB PCUFOFS VOB CVFOB
SFJOTFSDJOTPDJBMEFMFOGFSNP

BZVEBIVNBOJUBSJB5FYUPTCTJDPT
6OJWFSTJEBEEF%FVTUP *OTUJUVUPEF
%FSFDIPT )VNBOPT #JMCBP
QQ
MB BZVEB IVNBOJUBSJB -BT TJUVBDJPOFT
EF FNFSHFODJB FTQFDJBMNFOUF MBT DBVTB
EBTQPSDSJTJTQPMUJDBT QMBOUFBOEJMFNBT
NBOJUBSJBT UJFOFO MVHBS FO VO DPOUFYUP
IJTUSJDPFOFMRVFMPTDPOnJDUPTTPOQSF
QBSBEPTZUJFOFOJNQMJDBDJPOFTHMPCBMFT
-BTHVFSSBTOPPDVSSFO TJOPRVFTFQSF
QBSBO-BSJHJEF[JEFPMHJDB MBNJMJUBSJ[B
DJO MPTFTUJHNBTUJDPT GPSNBOQBSUFEF
FTUBQSFQBSBDJOZHFOFSBOVODPOUFYUP
EFWJPMBDJOEFMPTEFSFDIPTIVNBOPT&M
FOGPRVFQTJDPTPDJBMBZVEBBBVNFOUBSMB
DPODJFODJBTPCSFMPTNFDBOJTNPTJNQMJ
DBEPTFOMBQSFQBSBDJOEFMBHVFSSB-B
BZVEBIVNBOJUBSJBOPQVFEFBDUVBSTMP
EFTQVT EF MPT BDPOUFDJNJFOUPT -B EF
GFOTBEFMPTEFSFDIPTIVNBOPT BEFNT
EFTFSVOBQPZPBMPTTVQFSWJWJFOUFT FT
UBNCJOVOBGPSNBEFQSFWFODJOw
&TUFCBO 1SF[%FMHBEP 1TJDPMPHB

UJDB SFMJHJO{UJDBWFSTVTSFMJHJO
4JHMP 99* .BESJE QQ
i&TUF MJCSP FTU FTDSJUP DPO FTQSJUV EF
DPODPSEJB CVTDBOEP DPOWFSHFS NT
RVF DPOUSBQPOFS 1PS FTP FO FM UUVMP
IF DPMPDBEP oDPNFOUB FM BVUPSo USFT
QBMBCSBTRVFUBMWF[NVDIPTDPOTJEFSFO
JSSFDPODJMJBCMFT QTJDPMPHB UJDB SFMJ
HJO .F EFDMBSP QVFT ZB EFTEF FTUB
JOUSPEVDDJO DPNP OP CFMJHFSBOUF "M

DPOUSBSJP CVTDP VO EJMPHP FO FM RVF
UPEPT QBSUJDJQFO 2VJFOFT QJFOTBO MP
DPOUSBSJPUBNCJO1PSRVFMPRVFQPES
DPNQSPCBSTFBMPMBSHPZBODIPEFFTUBT
QHJOBTFTRVFUBMFTDVFTUJPOFTIBFTUBEP
TJFNQSF EFTEFFMQVOUPEFWJTUBIJTUSJ
DP JOUSOTFDBNFOUFJNQMJDBEBTZ EFTEF
VOB QFSTQFDUJWB EF BDUVBMJEBE TPO EJ
NFOTJPOFTRVFSFTBMUBOQFSTPOBMZTPDJP
MHJDBNFOUF JOTFQBSBCMFT QPS NT RVF
UFOHBOFGFDUPTEJGFSFOUFTTPCSFMPNPSBM
TFHOQSFWBMF[DBVOBEJNFOTJOVPUSB
i{UJDBWFSTVTSFMJHJO /BEJFEVEBRVF
TPOEPTEJNFOTJPOFTEFMBWJEBIVNBOB
EPTBDUJUVEFTIVNBOBTRVFOPTPOTJN
USJDBT 1FSP UBNQPDP FT GDJM BDFQUBS MB
BOUJOPNJBNPSBMSFMJHJOEF)BSUNBOO
P FRVJWBMFOUFT &O MB FEVDBDJO NPSBM
FTUMBDMBWFQBSBQBTBSEFVOBHFOFSBMB
VOBNPSBMJOUFSJPSJ[BEBZEFDPOWJDDJO
: OP FO FM SFGFSFOUF SFMJHJPTP BMHVOP
QVFEF DPOEVDJS B VOB NPSBM NPEFMBEB
EFTEFFMFYUFSJPS TJOPNFEJBVOQSPDF
TPFEVDBEPSEFSFDPOTUSVDDJOQFSTPOBM
-BPSJFOUBDJOSFMJHJPTBQVFEFHFOFSBSB
TV WF[ VOB OPSNBUJWB NPSBM RVF TF JO
USPZFDUFFOFMTVKFUP TJORVFSFBMNFOUF
TF QSPEV[DB VOB BVUOUJDB BTJNJMBDJO
BGBMUBEFMBFEVDBDJONPSBMOFDFTBSJB
-PRVFFTUFOKVFHPBRV QPSUBOUP FT
DNPFMTVKFUP MBQFSTPOB BTVNFMPTDSJ
UFSJPTNPSBMFTZMPTVUJMJ[BFOTVTEFDJTJP
OFTQFSTPOBMFTw
4PDJFEBE .FYJDBOB EF 1TJDPMPHB

$EJHP UJDP EFM QTJDMPHP SF
JNQS 5SJMMBT .YJDP QQ
i-PT QSJODJQJPT UJDPT BRV EFTDSJUPT
TPO MPT RVF EFCFO SFHJS FM DPNQPSUB

NJFOUP QSPGFTJPOBM EF RVJFOFT FKFSDFO

FTUBEJTDJQMJOBEFBDVFSEPDPOMB4PDJF
EBE .FYJDBOB EF 1TJDPMPHB 4F IBDFO
FYUFOTJWPTUBNCJOBMPTFTUVEJBOUFTRVF
FO FM TFSWJDJP TPDJBM P FO TVT QSDUJDBT
EFTFNQFFO BDUJWJEBEFT SFMBDJPOBEBT
DPO MB QSPGFTJO &M QSFTFOUF $EJHP
FYQPOF VO DPOKVOUP EF QSJODJQJPT UJ
DPTZTVBQMJDBDJOBMFKFSDJDJPEFMBBD
UJWJEBEEFMQTJDMPHP FYQSFTBEPTFOEJ
WFSTPTJNQFSBUJWPTDPODSFUPTTPCSFMB
QSFTUBDJOEFTFSWJDJPT MBJOWFTUJHBDJO
MBEPDFODJB FMVTPEFQSVFCBTZNUPEPT
EF SFHJTUSP NFEJDJO Z FWBMVBDJO MBT
SFMBDJPOFTFOUSFDPMFHBTw
"MJTPO8BEFMFZZ5PNT#MBTDP-B
UJDBFOMBJOWFTUJHBDJOZMBQSD
UJDB QTJDPMHJDBT "SJFM #BSDFMPOB
QQ
&MQSPGFTPS5PNT#MBTDPIBUSBEVDJEP
MB PCSB Z NBUFSJBM FMBCPSBEP QPS "MJ
TPO8BEFMFZZMB#SJUJTI1TZDIPMPHJDBM
4PDJFUZ QBSB QPOFSMP BM BMDBODF EF MPT
QSPGFTJPOBMFT QSPGFTPSFT Z FTUVEJBOUFT
EFQTJDPMPHB)BBBEJEPVOBQSJNFSB
QBSUF TPCSF MB UJDB QSPGFTJPOBM EF MPT
QTJDMPHPT ZMPTDEJHPTEFPOUPMHJDPT
EFMPT$PMFHJPTEF1TJDMPHPTEF.BESJE
Z #BSDFMPOB "OBMJ[B MBT JNQMJDBDJPOFT
UJDBT EF MB QSDUJDB Z MB JOWFTUJHBDJO
QTJDPMHJDBT MBT NPEJmDBDJPOFT EF MB
DPOEVDUB NFEJBOUF UFSBQJB DPOEVDUVBM
PBWFSTJWB MBWBMPSBDJOQTJDPNUSJDB Z
MBFYQFSJNFOUBDJOFJOWFTUJHBDJODPO
BOJNBMFTFOQTJDPMPHB
1TJRVJBUSB
+VBO +PT "SFDIFEFSSB "SBO[BEJ
1TJRVJBUSB Z MFZ 8ZFUI .BESJE
QQ
-B BDUJWJEBE QSPGFTJPOBM EFM QTJRVJBUSB
IBFYQFSJNFOUBEPFOMPTMUJNPTUJFN
QPTVOBFWPMVDJOIBDJBOVFWBTGPSNBT
EF SFMBDJO DPO MPT QBDJFOUFT Z DPO FM
DPOKVOUPEFMBTPDJFEBE-BDPODJFODJB
EFM EFSFDIP DPOTUJUVDJPOBM B MB QSPUFD
DJOEFMBTBMVE VOBDSFDJFOUFTFOTJCJ
MJEBEQBSBFYJHJSOJWFMFTBTJTUFODJBMFTEF
DBMJEBEZFMDPOPDJNJFOUPNTDBCBMEF
TVBVUPOPNBBOUFMBTPGFSUBTUFSBQFUJ
DBTIBODPOUSJCVJEPBVODBNCJPOPUBCMF
FOMBTEJTQPTJDJPOFTEFMJOEJWJEVPFOGFS
NP1PSPUSBQBSUF MB%JWJTJOEF4BMVE
.FOUBMEFMB0SHBOJ[BDJO.VOEJBMEF
MB4BMVEIBSFDPSEBEPRVFMBTEFDJTJPOFT
EFMPTQTJRVJBUSBTTFEFCFOBKVTUBSTJFN
QSFBMBMFHJTMBDJOWJHFOUFFODBEBQBT
QPSMPRVFSFTVMUBOFDFTBSJPVOBEFDVB
EPDPOPDJNJFOUPEFMBNJTNB
-B EPDVNFOUBDJO RVF FO UPSOP B MPT
BTQFDUPTMFHBMFTEFMBQTJRVJBUSB BQPSUB
MB$PMFDDJOi1TJRVJBUSBZ-FZwTFQSF
TFOUBFOUSFTNPOPHSBGBT-BQSJNFSBTF
EFEJDBBMPTQSJODJQJPTUJDPTZOPSNBT
KVSEJDBT RVF SFHVMBO MB BTJTUFODJB QTJ
RVJUSJDB
-B TFHVOEB NPOPHSBGB TF EFEJDB B MB
MFHJTMBDJO SFMBUJWB BM FOGFSNP NFOUBM
&M PSEFOBNJFOUP KVSEJDP QPS MBT QSP
GVOEBTNPEJmDBDJPOFTEFPSEFOTPDJBM
FDPONJDP Z QPMUJDP FTUBCMFDF OVFWBT
EJTQPTJDJPOFT QBSB UVUFMBS MPT WBMPSFT Z
QSJODJQJPTCTJDPTEFMBDPOWJWFODJBDJV
EBEBOB
-BUFSDFSBNPOPHSBGBFOHMPCBMBMFHJT
MBDJOSFMBUJWBBMBSFTQPOTBCJMJEBEQSP
GFTJPOBM EFM QTJRVJBUSB 4F IB TFBMBEP
RVFFTSFMBUJWBNFOUFSFDJFOUFMBUPNBEF
DPODJFODJBTPCSFMBSFTQPOTBCJMJEBEDJWJM
QSPGFTJPOBMZQPSDPOTJHVJFOUFMBJSSVQ
DJOEFMEFSFDIPJOEFNOJ[BUPSJPFOFTUF
DBNQP4FDPOmHVSBBTVOOVFWPNBSDP
OPSNBUJWPFOUPSOPBMBSFTQPOTBCJMJEBE
QSPGFTJPOBMEFMQTJRVJBUSBRVFFTQSFDJTP
DPOPDFS
+VBO+PT"SFDIFEFSSB"SBO[BEJ1TJ
RVJBUSB Z EFSFDIPT IVNBOPT -B
CPSBUPSJPT %VQIBS /F[FM .BESJE
QQ
&TEJGDJMJNBHJOBSFMONFSPZDBMJEBE
EF EPDVNFOUPT RVF PSHBOJTNPT JOUFS
OBDJPOBMFTZOBDJPOBMFTIBOEJDUBEPTP
CSFMPTEFSFDIPTEFMFOGFSNPNFOUBM&T
EJGDJMIBTUBRVFBQBSFDFVOMJCSPDPNP
1TJRVJBUSBZ%FSFDIPT)VNBOPT EF+VBO
+PT"SFDIFEFSSB FTQFDJBMJTUBRVFUSBCB
KBFOFM)PTQJUBM3BNOZ$BKBM FO.B
ESJE$POPDBTJOEFMBOJWFSTBSJPEF
MB%FDMBSBDJO6OJWFSTBMEFMPT%FSFDIPT
)VNBOPT FM BVUPS IBDF VO SFDPSSJEP
QPSFTUFUFYUP FM$POWFOJP&VSPQFPEF
%FSFDIPT )VNBOPT MPT 1SJODJQJPT EF
UJDB.EJDBEFMB0SHBOJ[BDJO.VO
EJBMEFMB4BMVE FM$POWFOJPEF#JP
UJDBEFM$POTFKPEF&VSPQBEF MB
%FDMBSBDJO EF .BESJE Z PUSPT UFYUPT
EFNCJUPJOUFSOBDJPOBM-MFHBOBDPO
UJOVBDJOMPTQSPOVODJBNJFOUPTSFMFWBO
UFTFOFMEFSFDIPFTQBPM%FOVFWP MB
DVFTUJOFTUQSFTFOUFFONTGVFOUFTEF
MBT RVF B QSJNFSB WJTUB QPESB QBSFDFS
FOUSFPUSBT MB$POTUJUVDJO&TQBPMB MB
-FZ(FOFSBMEF4BOJEBE EJWFSTPTJOGPS
NFTEFM%FGFOTPSEFM1VFCMP TFOUFODJBT
EFM 5SJCVOBM 4VQSFNP Z EFM 5SJCVOBM
$POTUJUVDJPOBM
&O DBEB QBTP "SFDIFEFSSB DPNCJOB MB
USBOTDSJQDJOEFMBOPSNBDPOVOBFY
QMJDBDJOTVDJOUBDVBOEPSFTVMUBOFDFTB
SJP"TFWJUBUBOUPFMBCJHBSSBNJFOUPKV
SEJDPDPNPMPTBMBSEFTEFMBFSVEJDJO
-B USBZFDUPSJB QSPGFTJPOBM EFM BVUPS MF
MMFWBEFNPEPOBUVSBMBFTUVEJBSOPTMP
BMFOGFSNPNFOUBMFOFMNCJUPIPTQJ
UBMBSJP P MB BUFODJO QSJNBSJB TJOP MB
SFDMVTJO QPS FTUF NPUJWP QPS SB[POFT
DSJNJOBMFT P OP 1PS MUJNP UJFOF FM
TFOUJEPDPNOEFOPDFSSBSFOFYDFTPFM
DBNQPEFWJTJO EFNPEPRVFDVBOEP
BCPSEB FM DPOTFOUJNJFOUP JOGPSNBEP P
MBDPOmEFODJBMJEBE QPSQPOFSEPTFKFN
QMPT PGSFDFEBUPTZDSJUFSJPTUJMFTQBSB
MPTGBDVMUBUJWPTEFPUSBTFTQFDJBMJEBEFT
+VBO+PT"SFDIFEFSSB 11"ZVTP +

$IP[B +7JDFOUF#JPUJDB 1TJRVJB
USBZ%FSFDIPT)VNBOPT*.
$ .BESJE QQ
1FESP1BCMP"ZVTP FTQFDJBMJTUBFO)JT
UPSJBEFMBT$JFODJBT4BOJUBSJBT FYQPOF
FOQSJNFSMVHBS iMBDPOTJEFSBDJOZFM
USBUP RVF IBO UFOJEP MPT MPDPT FO MPT
QFSPEPT DPOWFODJPOBMFT EF MB IJTUPSJB
EFPDDJEFOUFw&OFMTFHVOEPDBQUVMP
+BDJOUP $IP[B DBUFESUJDP EF "OUSP
QPMPHB'JMPTmDBEF4FWJMMB PGSFDFVOB
NFNPSJBEFMPRVFIBTJEPFMEFTDVCSJ
NJFOUPEFMBEJHOJEBEEFMBQFSTPOBFO
OVFTUSBDJWJMJ[BDJO&OFMUFSDFSP +PSHF
7JDFOUF QSPGFTPSEF"OUSPQPMPHBmMP
TmDBFO.MBHB PGSFDFVOBQBOPSNJ

DB EF MP RVF BDUVBMNFOUF FOUFOEFNPT

QPS JEFOUJEBE QFSTPOBM Z QPS TFOUJEP
EFMBFYJTUFODJB:FOFMDVBSUPZRVJOUP
DBQUVMPT +VBO+PT"SFDIFEFSSB QSPGF
TPSEF1TJDPQBUPMPHBFOMB6OJWFSTJEBE
$PNQMVUFOTF SFnFYJPOBTPCSFMBCJPUJ
DBZBMHVOBEFTVTDPODSFDJPOFTBDUVBMFT
FOFMDBNQPEFMBQTJRVJBUSBoDPOTFOUJ
NJFOUPJOGPSNBEPZDPOmEFODJBMJEBEo
BTDPNPFOFMSFDPOPDJNJFOUPZBQMJDB
DJOEFBMHVOPTQSJODJQJPTUJDPTZEF
SFDIPT IVNBOPT FO MB TPDJFEBE BDUVBM
UPYJDNBOPT USBOTFYVBMJTNP IPNP
TFYVBMJEBE QBDJFOUFT QTJRVJUSJDPT DPO
7*) NFOPSFT FUD
%FNFUSJP#BSDJB1TJRVJBUSBZ)V
NBOJTNP4FSWJDJPEF1VCMJDBDJPOFT
EFMB6OJWFSTJEBE$BUMJDB4BO"OUP
OJP .VSDJB QQ
%FNFUSJP#BSDJBFTDBUFESUJDPFNSJUP
EF1TJDPHFSJBUSBEFMB6OJWFSTJEBE$B
UMJDB 4BO "OUPOJP &O VO NPNFOUP
FO FM RVF MBT QSJODJQBMFT DPSSJFOUFT EF
MB QTJRVJBUSB TF EFDBOUBO QPS FM NFSP
TBCFS CJPMHJDP FM BVUPS QSFTFOUB VO
DPNQMFUPWPMVNFORVFBOBMJ[BMBFOGFS
NFEBEOPEFTEFVOQVOUPEFWJTUBOJ
DBNFOUFQBUPMHJDPTJOPRVFTFBEFOUSB
FOMBFOGFSNFEBEEFTEFVOBQFSTQFDUJWB
IVNBOJTUBQBSBPCUFOFSVOBWJTJOJOUF
HSBMEFMIPNCSF
$VFTUJPOFT DPNP MPT GVOEBNFOUPT EF
VOB NFEJDJOB BOUSPQPMHJDB FM DVFSQP
ZMBDPSQPSBMJEBE FMEPMPS MBBOTJFEBE
Z MB EFTFTQFSBO[B MB TPMFEBE Z MB USBT
DFOEFODJB FMFODVFOUSPZEJMPHPFOFM
NBSDP EF MB BNJTUBE NEJDB Z MB WFKF[
EFTEF FM QVOUP EF WJTUB BOUSPQPMHJDP
TFBCPSEBOFOMPTEJTUJOUPTDBQUVMPTEFM
MJCSP
&M EPDUPS #BSDJB FYQMJDB DNP iMB QTJ
RVJBUSBBDUVBMPSJFOUBEBIBDJBVOBTBCFS
QVSBNFOUF CJPMHJDP Z NT DPODSFUB
NFOUF/FVSPQTJDPMHJDPUJFOFDJFSUBDF
HVFSBQBSBMPTWFSEBEFSPTQSPCMFNBTIV
NBOPTSFMBDJPOBEPTDPOMBFOGFSNFEBE
UBMFTDPNPFMTVGSJNJFOUP MBTPMFEBEP
MB EFTFTQFSBO[Bw : BBEF FM QSPGFTPS
BOBMJ[BS FTUBT DVFTUJPOFT iFT OFDFTBSJP
QBSBUFOFSVOBWJTJOBEFDVBEBEFMFO
GFSNBS NFOUBMw 1PS FMMP FM FTRVFNB
BOUSPQPMHJDP BEFDVBEP TFHO #BSDJB
EFCF TFS iVOB BOUSPQPMPHB RVF UFOHB
FO DPOTJEFSBDJO FM DVFSQP EFM IPN
CSF RVF TFB QFSTPOBMJTUB Z DSJTUJBOB "
OVFTUSP KVJDJP FM $SJTUJBOJTNP USBKP VO
NPEP FTFODJBM EF FOUFOEFS BM IPNCSF
ZTVTGVOEBNFOUPTTPOMPTRVFQVFEFO
IBDFS VOB BQSPYJNBDJO NT DBCBM EFM
IPNCSFDVBOEPTFBOBMJ[BTUFEFTEFTV
DPOEJDJOEFIPNCSFFOGFSNPw
3FTQFDUPBMUSBEJDJPOBMUFNBEFMBSFMB
DJO iBMNBoDVFSQPw FM MJCSP QSPQPOF
VOB WJTJO HMPCBM iFM IPNCSF DPNP
VO UPEP QFSP OFDFTJUBEP EF VOB DMBSB
DMBSJmDBDJO EFM FTQSJUV NVDIBT WFDFT
PMWJEBEP Z OFDFTBSJP QBSB FOUFOEFS BM
IPNCSF DPNP VO TFS MJCSF Z USBTDFO
EFOUFw&MTVGSJNJFOUPIVNBOP FMTFO
UJNJFOUP EF DVMQB DPNP PSJHFO EF MB
EFQSFTJOZFMEPMPS MBBOHVTUJBFYJTUFO
DJBM FMDPOTVNPEFBMDPIPMZEFESPHBT
DPNPIVJEBEFMBTPMFEBEPCTRVFEBEF
MBUSBTDFOEFODJBTPOPUSPTEFMPTUFNBT
BCPSEBEPT
+VBO+PT$BSSBTDP(NF[3FTQPO
TBCJMJEBENEJDBZQTJRVJBUSB$P
MFY FE .BESJE QQ
&M BVUPS FT EPDUPS FO .FEJDJOB FTQF
DJBMJTUBFO1TJRVJBUSBZNEJDPGPSFOTF
3FOF BT MB WJTJO EFM NEJDP DPO MB
EFM KVSJTUB BM FTDSJCJS EF MB SFTQPOTBCJ
MJEBE QSPGFTJPOBM FO NFEJDJOB Z FTQF
DJBMNFOUF FOFMFKFSDJDJPEFMBQTJRVJB
USB"OBMJ[BMPTBTQFDUPTKVSEJDPT DPO
MB SFTQPOTBCJMJEBE EFM NEJDP Z EF MB
BENJOJTUSBDJO QFSP EFTEF MB QUJDB
EFMSFTQFUPBMPTEFSFDIPTEFMPTFOGFS
NPT EFTEF MB EFPOUPMPHB QSPGFTJPOBM
OPSNBT MFHBMFT Z EFPOUPMHJDBT JOGPS
NBDJO DPOTFOUJNJFOUPJOGPSNBEP SF
DIB[PEFUSBUBNJFOUPT TFDSFUPNEJDP
$PO TV FYQFSJFODJB QFSTPOBM BWBMB MPT
BTQFDUPTRVFUJFOFORVFWFSDPOFMFKFS
DJDJP QSPGFTJPOBM EF MB QTJRVJBUSB QPS
DVFOUBQSPQJBPBKFOB FO*OTUJUVDJPOFT
EF 4BMVE EFM &TUBEP MPT USBUBNJFOUPT
DPO RVJNJPUFSBQJBT QTJDPUSQJDBT FM
FMFDUSPTIPDL MB QTJDPDJSVHB MBT QTJDP
UFSBQJBT MBT VSHFODJBT P MPT BDDJEFOUFT
TVSHJEPTEVSBOUFMPTUSBUBNJFOUPT5SB
UB UBNCJO PUSPT JOUFSFTBOUFT UFNBT FM
JOUFSOBNJFOUP QTJRVJUSJDP MB JOWFTUJ
HBDJO Z FOTBZPT DMOJDPT Z FM QFSJUBKF
QTJRVJUSJDP
.BSUB $IJNFOP $BOP *ODBQBDJ

UBDJO UVUFMB F JOUFSOBNJFOUP EFM
FOGFSNPNFOUBM&EJUPSJBM"SBO[BEJ
4" /BWBSSB QQ
&M JOUFSOBNJFOUP GPS[PTP EF MPT FOGFS
NPT NFOUBMFT DPOTUJUVZF VOB NFEJEB
QPUFODJBMNFOUF WVMOFSBEPSB EF EFSF
DIPTDVZPTFGFDUPTUSBEJDJPOBMNFOUFIBO
TVTDJUBEP EJWFSTBT QPTJDJPOFT EPDUSJOB

MFT -P RVF FTU DMBSP FT RVF FO MB BD
UVBMJEBEOVFTUSPPSEFOBNJFOUPKVSEJDP
TF IB EPUBEP EF MPT NFEJPT PQPSUVOPT
QBSBPGSFDFSHBSBOUBTEFTBMWBHVBSEBEF
MPTEFSFDIPTEFMPTFOGFSNPTNFOUBMFT
QPSTVQSPQJBOBUVSBMF[B FTQFDJBMNFOUF
OFDFTJUBEPT EF NFEJEBT QSPUFDUPSBT &M
NT JNQPSUBOUF EF FTUPT NFEJPT FT FM
QSPDFEJNJFOUPFTQFDJBMQBSBMBEFDMBSB
DJOKVEJDJBMEFMBJODBQBDJEBE BNQMJB
NFOUFEFTBSSPMMBEPFOFTUBNPOPHSBGB
EF.BSUB$IJNFOP$BOP&MQSPDFTPEF
JODBQBDJUBDJO QSFTFOUB FTQFDJBMJEBEFT
FO UPEBT TVT GBTFT EFTEF MBT DVFTUJPOFT
EF DPNQFUFODJB QBTBOEP QPS MBT GBTFT
EFBMFHBDJPOFTZQSVFCB IBTUBMBQSPQJB
TFOUFODJB TV FKFDVDJO Z MPT QPTJCMFT
SFDVSTPT RVF TF QMBOUFFO )BZ BEFNT
RVFDPOUBSDPOMPTQSPDFTPTFTQFDmDPT
EF SFIBCJMJUBDJO Z NPEJmDBDJO EF MB
DBQBDJEBE Z MPT QSPDFEJNJFOUPT EF UV
UFMB Z DVSBUFMB 'JOBMNFOUF IBZ RVF
BMVEJS BM DPOUSPWFSUJEP QSPDFEJNJFOUP
EF JOUFSOBNJFOUP GPS[PTP P JOWPMVOUB
SJPZTVTBTQFDUPTNTEFMJDBEPT DPNP
TPOFMEFSFDIPEFEFGFOTBEFMFOGFSNP
FMJOUFSOBNJFOUPVSHFOUF MBmKBDJOEF
TV EVSBDJO Z EF MPT EFSFDIPT DJWJMFT Z
QPMUJDPT EFM JOUFSOBEP BT DPNP MBT
QPTJCMFTSFTQPOTBCJMJEBEFTEFSJWBEBTEF
JOUFSOBNJFOUPT JSSFHVMBSFT 5BNCJO
TFBOBMJ[BOFOFMMJCSPBMHVOPTJOUFSOB
NJFOUPT DPOUSPWFSUJEPT DPNP BRVF
MMPT RVF DPNJFO[BO TJFOEP WPMVOUBSJPT
QBSB QPTUFSJPSNFOUF USBOTGPSNBSTF FO
GPS[PTPT PMPTDBEBWF[NTGSFDVFOUFT
JOUFSOBNJFOUPT EF BODJBOPT FO DFOUSPT
HFSJUSJDPT

&SJD)&SJDTTPOUJDBZQTJDPBO
MJTJT -VNFO #VFOPT "JSFT FE
QQ
&TUF MJCSP USBUB MBT JNQMJDBODJBT UJDBT
EFMBDPNQSFOTJOQTJDPBOBMUJDBZEFMB
SFTQPOTBCJMJEBERVFDBEBHFOFSBDJOEF
IPNCSFTUJFOFDPOMBTTJHVJFOUFT3FFYB
NJOBFMFOGPRVFGSFVEJBOPPSJHJOBSJPZ
MB OBUVSBMF[B EF MB FWJEFODJB DMOJDB
5SBUBMBTQFSUVSCBDJPOFTEFMZPBMBMV[
EFMPTDPOnJDUPTJOUFSOPTZFMEFTBSSBJHP
7BNTBMMEFMBQSPQJBFTQFDJBMJEBE Z
UJFOEF VO QVFOUF FOUSF MB PCTFSWBDJO
BOBMUJDB EF MB SFBMJEBE Z MB BDUVBMJEBE
IJTUSJDB CSJOEBOEPMPTFTCP[PTEFVOB
DJFODJBUPUBMEFMIPNCSF&MBVUPSFTVOB
mHVSBFOFMDBNQPEFMQTJDPBOMJTJTZEF
MBTDJFODJBTEFMBDPOEVDUB&OFMDBQ
UVMPmOBM TPCSF MB 3FHMB EF0SP FO MB
BDUVBMJEBE BCPSEBMBTSFMBDJPOFTFOUSFFM
1TJDPBOMJTJT Z MB UJDB QVFT iZB OP FT
QPTJCMFDPOTJEFSBSMBTSFTQPOTBCJMJEBEFT
TVHFSJEBTQPSFMOVFWPJOTJHIUTJOFOUSBS
FOFMEPNJOJPEFMBUJDBw
7JLUPS&'SBOLM"OUFFMWBDPFYJT
UFODJBM )BDJB VOB IVNBOJ[BDJO
EFMBQTJDPUFSBQJB)FSEFS #BSDFMP
OB FE QQ
"EFNT EF VOB QTJDPMPHB iQSPGVOEBw
FYJTUFUBNCJOVOBQTJDPMPHBiFMFWBEBw
TUBFTMBRVFOPTQSFTFOUBFMDPOPDJEP
DBUFESUJDP EF OFVSPMPHB Z QTJRVJBUSB
EFMB6OJWFSTJEBEEF7JFOBZGVOEBEPS
EF MB iMPHPUFSBQJBw 7JLUPS 'SBOLM FO
FTUB PCSB *ODMVZF BT FO FM DBNQP EF
WJTJO EF MB QTJDPMPHB iMB WPMVOUBE EF
TFOUJEPw$BEBQPDBUJFOFTVTOFVSPTJT
ZDBEBUJFNQPOFDFTJUBTVQTJDPUFSBQJB
IPZ OPT FOGSFOUBNPT DPO VOB GSVTUSB
DJOFYJTUFODJBMDBSHBEBEFVOBGBMUBEF
TFOUJEPZEFVOHSBOTFOUJNJFOUPEFWB
DP-BTPDJFEBEEFMBPQVMFODJBTMPTB
UJTGBDFOFDFTJEBEFT QFSPOPMBWPMVOUBE
EFTFOUJEP JNQSFTDJOEJCMFQBSBDPSSFT
QPOEFSBMBUFOEFODJBSBEJDBMEFMIPN
CSFEFFODPOUSBSFMTFOUJEPEFMBWJEBZ
MMFOBSMBEFDPOUFOJEP-BQSFTFOUFPCSB
FOTVSFFEJDJO PGSFDFVOSFTQMBOEF
DJFOUFIVNBOJTNPEFTEFFMRVFFOGPDBS
MBQTJRVJBUSB
7JLUPS&'SBOLM&MIPNCSFEPMJFO
UF 'VOEBNFOUPT BOUSPQPMHJDPT
EFMBQTJDPUFSBQJB)FSEFS #BSDFMP
OB FE QQ
&O FTUB PCSB TF SFDPHFO BMHVOPT FTDSJ
UPTTVFMUPTEFMDPOPDJEPQTJDPUFSBQFVUB
'SBOLM0GSFDFBTVOBJNBHFOHMPCBMZ
BSUJDVMBEBTPCSFMPTGVOEBNFOUPTBOUSP
QPMHJDPT EF MB 1TJDPUFSBQJB RVF EFKB
NVZ BUST MPT NPEFMPT VTVBMFT JOTQJSB
EPT FO FM QTJDPBOMJTJT FO MB UFPSB EFM
BQSFOEJ[BKF P FO FM CFIBWJPSJTNP B MB
WF[RVFTFJOUFSOBFOMBEJNFOTJOEFM
GFONFOP FTQFDmDBNFOUF IVNBOP
3FDPHFBMHVOPTBSUDVMPTEFTVQSJNFSB
QPDB DPNP i)PNP QBUJFOTw i-FDDJP
OFTNFUBDMOJDBTwoRVFBQBSFDJDPOFM
UUVMPEFi&MIPNCSFJODPOEJDJPOBEPwo
ZPUSPTNTSFDJFOUFTFOUSFMBQTJDPUFSB
QJB Z MB mMPTPGB 5SBUB UFNBT DPNP MB
DVFTUJOEFMTFOUJEP MBBVUPSSFBMJ[BDJO
FMNPWJNJFOUPQBDJmTUB FMTFYPZFMEF
QPSUF ZVOBDPOGFSFODJBEFMBP
DPOFMTJHOJmDBUJWPUUVMPEFi"SHVNFO
UPT B GBWPS EF VO PQUJNJTNP USHJDPw
&TUBPCSBEF7JDUPS&'SBOLMFTEFHSBO
JNQPSUBODJB QBSB EJMVDJEBS MPT QSPCMF
NBTBDUVBMFTEFMRVFIBDFSNEJDPZQBSB
JMVNJOBSMBTDVFTUJPOFTQFSNBOFOUFTEFM
TFSIVNBOP
'VOEBDJO EF $JFODJBT EF MB 4BMVE

-BTESPHBTBEFCBUFUJDBZQSPHSB
NBTEFTVTUJUVDJO&EJDJPOFT%PDF
$BMMFT .BESJE
&OFMEJTFPEFMBTJOUFSWFODJPOFTDPOUSB
MBESPHBEJDDJOTFWFOBODPOTJEFSBOEP
DBTJ BOUBHOJDPT MPT MMBNBEPT iQSPHSB
NBTMJCSFTEFESPHBTwZMPTiQSPHSBNBT
EFSFEVDDJOEFSJFTHPTw4JOFNCBSHP
FO MB BDUVBMJEBE UJFOEFO B WFSTF DPNP
DPNQMFNFOUBSJPT BVORVF FTUF OVFWP
FOGPRVFIBZBTVQVFTUPOVFWPTEFTBGPT
ZQSFHVOUBT ZIBZBFWJEFODJBEPMBOFDF
TJEBEEFEBSSB[POFTEFMPTGVOEBNFOUPT
EF MPT EJTUJOUPT FOGPRVFT BTJTUFODJBMFT
&TUB QVCMJDBDJO TVQPOF MB DVMNJOB
DJOEFMUSBCBKPSFBMJ[BEPFOUSFNBZPEF
ZNBZPEFQPSFM4FNJOBSJP
*OUFSEJTDJQMJOBSEF&YQFSUPTTPCSFUJDB
Z1SPHSBNBTEF4VTUJUVDJOPSHBOJ[BEP
QPSFM*OTUJUVUPEF#JPUJDBEFMB'VOEB
DJOEF$JFODJBTEFMB4BMVEZMB'VOEB
DJOEF"ZVEBDPOUSBMB%SPHBEJDDJO
1SMPHPEF(PO[BMP3PCMFT JODMVZFMBT
$PODMVTJPOFT Z 3FDPNFOEBDJPOFT FMB
CPSBEBTQPSFTUFTFNJOBSJPEFFYQFSUPT
4VNBSJP
1BSUF*1SPHSBNBTEFSFEVDDJOEFSJFTHPT-PT
QSPHSBNBTEFSFEVDDJOEFSJFTHPT+$PMPN
-B IJQUFTJT EF MB BVUPNFEJDBDJO FO
ESPHPEFQFOEFODJBT VO QVOUP EF QBS
UJEB QBSB SFEVDJS SJFTHPT & + ,IBO
U[JBO &M iNPEFMP IPMBOETw TJUVBDJO
BDUVBM Z FWBMVBDJO + 5 . %FSLT
-B FYQFSJFODJB TVJ[B Z TV FWPMVDJO "
.JOP -PHSPT DSUJDBT Z OFDFTJEBEFT EF

NFKPSB EFTEF MB QFSTQFDUJWB CSJUOJ
DB + 4USBOH "QSPYJNBDJO UJDB Z TP
DJBM EFTEF MB QFSTQFDUJWB BVTUSBMJBOB
( #BNNF 7JTJO EF MB 0SHBOJ[BDJO
.VOEJBM EF MB 4BMVE . "SHBOEFB
1BSUF**1SPHSBNBTEFTVTUJUVDJOFO&T
QBB1BOPSNJDBIJTUSJDBEFMPTQSPHSB
NBT EF TVTUJUVDJO FO &TQBB 7 .BSU
4JUVBDJO BDUVBM Z BOMJTJT EFM GVUVSP EF
MPT QSPHSBNBT EF TVTUJUVDJO FO &TQBB
.EFM3P&MIPSJ[POUFEFMBTJOUFSWFO
DJPOFTTPCSFESPHBTIBDJBVOBDPNQMFNFO
UBSJFEBEEFFTUSBUFHJBT+""CFJKO1SP
HSBNBT EF TVTUJUVDJO Z 4*%" ' 1BSSBT
-PT QSPHSBNBT EF TVTUJUVDJO B MB MV[ EF
MPT FOGPRVFT UJDPT DPOTFDVFODJBMJTUBT +
#BSCFSP"OMJTJTDSUJDPEFMPTNPEFMPTEF
TVTUJUVDJOFO&TQBB&.FHBT1PSVOB
DVMUVSBEFSFTQPOTBCJMJEBEBOUFFMUFNBEF
MBTESPHBT%(SBDJB 3FTFB8FCEFMB
'VOEBDJOEF$JFODJBTEFMB4BMVE

'VOEBDJO EF $JFODJBT EF MB 4BMVE

-BT %SPHBT B %FCBUF OVFWPT QB
USPOFT Z UFOEFODJBT EF DPOTVNP
&EJDJPOFT %PDF $BMMFT .BESJE

&O GFCSFSP EF MB 'VOEBDJO EF
$JFODJBTEFMB4BMVEZMB%FMFHBDJOEFM
(PCJFSOP QBSB FM 1MBO /BDJPOBM TPCSF
%SPHBTPSHBOJ[BSPOVOBT+PSOBEBTEFEJ
DBEBTBEFCBUJSMBTUFOEFODJBTEFMPTDPO
TVNPT EF ESPHBT BT DPNP MPT OVFWPT
QBUSPOFT P OVFWPT NPEPT RVF IBCBO
BEPQUBEPFTPTDPOTVNPT
&GFDUJWBNFOUF FO FTUPT DPNJFO[PT EFM
TJHMP 99* QPEFNPT EFDJS RVF MB TJUVB
DJO EF MPT DPOTVNPT EF ESPHBT FO

&TQBB IB FWPMVDJPOBEP TJHOJmDBUJWB

NFOUF DPOmHVSBOEPVOFTDFOBSJPCJFO
EJGFSFOUFBMFYJTUFOUFIBDFEPTEDBEBT
%F VO QBOPSBNB FO FM DVBM MB IFSPOB
FSBMBTVTUBODJBEFSFGFSFODJBEFMNVOEP
EF MBT ESPHBT IFNPT QBTBEP B VOB TJ
UVBDJOFOMBRVFPUSBTTVTUBODJBT DVZB
JNQPSUBODJB TF FODPOUSBCB FO DJFSUP
NPEPJOGSBWBMPSBEB QFTFBTFSTVDPO
TVNPTVQFSJPSBMEFMBQSPQJBIFSPOB

IBONBOJGFTUBEPUPEBTVSFMFWBODJBFTUF
FTFMDBTPEFMBDPDBOB5BNCJOTFSFWJ
TBOMPTQBUSPOFTZUFOEFODJBTEFDPOTV
NPEFMDBOOBCJT EFMBMDPIPMZEFPUSPT
QTJDPFTUJNVMBOUFT %BEP FM JOUFST EF
MPT USBCBKPT EFTBSSPMMBEPT B MP MBSHP EF
MBT+PSOBEBT BTDPNPEFMBTDPODMVTJP
OFTQMBOUFBEBT TFQVCMJDBFTUFWPMVNFO
RVFIBDFFMONFSPEFMB$PMFDDJO
%FCBUFTEFMB'VOEBDJOEF$JFODJBTEF
MB4BMVE 3FTFB8FCEFMB'VOEBDJO
EF$JFODJBTEFMB4BMVE

+BWJFS(BGP &EJUPS
-BUJDBBOUFFM
USBCBKPEFMEFmDJFOUFNFOUBM%JMF
NBTUJDPTEFMBEFmDJFODJBNFOUBM
/6OJWFSTJEBE1POUJmDJBEF$P
NJMMBT .BESJE QQ
&TUB PCSB SFDPHF MBT QPOFODJBT EFM TF
NJOBSJP JOUFSEJTDJQMJOBS RVF TPCSF FM
UFNBPSHBOJ[MB$UFESBEF#JPUJDBEF
MB 6OJWFSTJEBE EF $PNJMMBT .BESJE

CBKP MB DPPSEJOBDJO EF +BWJFS (BGP
+VBO 1SF[ .BSO FYQPOF MB MBSHB FY
QFSJFODJB EF MB BTPDJBDJO 130.* FO
TV USBCBKP DPO EFmDJFOUFT NFOUBMFT &M
QSPGFTPS %JFHP (SBDJB BOBMJ[B MB USJTUF
IJTUPSJBEFMUSBUPBMPTEJTDBQBDJUBEPTFO
OVFTUSBDVMUVSBPDDJEFOUBM-PTEPDUPSFT
+VBO-5SVFCBZ.JHVFMOHFM7FSEV
HPFYQPOFOMPTBTQFDUPTOFVSPMHJDPTZ
QTJDPMHJDPT SFTQFDUJWBNFOUF NJFOUSBT
OHFM3PESHVF[$BTUFEPZ3BGBFM.BS
UOF[ &NQFSBEPS BOBMJ[BO MPT BTQFDUPT
TPDJBMFTZFDPONJDPTTPCSFFMFNQMFP
DPOUSBUPFJOUFHSBDJOMBCPSBMEFQFSTP
OBT DPO EJTDBQBDJEBE NFOUBM "OUPOJP
.BS[BMTFBMBMPTBTQFDUPTUJDPTEFFTB
JOUFHSBDJOMBCPSBMJNQSFTDJOEJCMF
+BWJFS (BGP Z +PT 3BNO "NPS

&EJUPSFT
.BUSJNPOJP Z EFmDJFO
DJB NFOUBM %JMFNBT UJDPT EF MB
EFmDJFODJB NFOUBM 6OJWFSTJEBE
1POUJmDJB $PNJMMBT .BESJE
QQ
&TUF MJCSP SFDPHF MBT QPOFODJBT EFM **
4FNJOBSJP *OUFSEJTDJQMJOBS TPCSF %J
MFNBT UJDPT EF MB %FmDJFODJB .FOUBM
PSHBOJ[BEP DPOKVOUBNFOUF QPS MB $
UFESB EF #JPUJDB EF MB 6OJWFSTJEBE EF
$PNJMMBTZMBBTPDJBDJO130.* QBSB
MBQSPNPDJOEFMNJOVTWMJEP4FFYQP
OFOFOQSJNFSMVHBSMBTFYQFSJFODJBTEFM
NBUSJNPOJP FO MBT QFSTPOBT DPO EFm
DJFODJBNFOUBMFOEJWFSTBTDJVEBEFT&O
FMTFHVOEPDBQUVMP #BMWJOP1PWFEBOP
BCPSEBMBCJPMPHBEFMBTFYVBMJEBEZFM
EFmDJFOUFNFOUBM DPOSFTVMUBEPTDPN
QBSBUJWPT EF MBT FYQFSJFODJBT TFYVBMFT
JODMVZF MB NBTUVSCBDJO FOUSF iMBT GPS
NBTNTDPNVOFTEFWJWFODJBSMBFSUJDB

QVFEFIBDFSMBOPDJWB TPCSFUPEP FM
NBUJ[DVMQBCJMJ[BOUFRVFTVFMFJNQPOFS
MB TPDJFEBEw "MGSFEP 'JFSSP BOBMJ[B MB
EFmDJFODJB NFOUBM EFTEF FM QVOUP EF
WJTUBQTJDPMHJDPiFTNFKPSMBTFYVBMJEBE
DPOBNPSRVFTJOMFTNTHP[PTB NT
IVNBOB NT IVNBOJ[BEPSB NBT OP
QPSFMMPDBCFDPOEFOBSMBDVBOEPGBMUBFM
BNPS&TNFKPSMBTFYVBMJEBEDPODPNV
OJDBDJO RVF TJO FMMB
QFSP FMMP OP
DPOEFOB B MB NBTUVSCBDJO RVF FO MBT
EFCJEBTDPOEJDJPOFT FTNFKPSRVFFMOP
TFYPwEFNPEPRVFiMBDVFTUJOEFMNB
USJNPOJP PEFMBSFMBDJOTFYVBMFTUBCMF

EFQFSTPOBTDPOSFUSBTPNFOUBMIBEFTFS
OFUBNFOUFTFQBSBEBEFMBEFTVQPTJCMF
EFTDFOEFODJBZDSJBO[BEFIJKPTw
&OFMDBQUVMP %JFHP(SBDJBFYQPOF
MBiUJDBEFMBTFYVBMJEBEwi&OVOBUJDB
SBDJPOBMZBVUOPNB VOBFTMBGVODJO
TFYVBM Z PUSB MB GVODJO SFQSPEVDUJWB
/P IBZ VOB UJDB TJOP EPT *EFOUJm
DBSMBTFT EFOVFWP DBFSFOMBIFUFSPOP
NB Z FM OBUVSBMJTNP -B NPSBM TFYVBM
OP QVFEF FEJmDBSTF TPCSF CBTFT IFUF
SOPNBT DPNP FO MB BOUJHFEBE TJOP
BVUOPNBTw%FOVFWPJOTJTUFFMBVUPS
FOVOBWJTJOTVQFSmDJBMEFMBUJDBOB
UVSBMDPNPUJDBIFUFSOPNB RVFOPFT
DPOGPSNFBMBQSFTFOUBDJOBDUVBMJ[BEB
EF NVDIPT BVUPSFT EFOUSP EFM NCJUP
EFM QFSTPOBMJTNP 1PS FMMP EF BDVFSEP
DPO VO QSDUJDP SFMBUJWJTNP UJDP EFM
DPOTFOTP DPODMVZFRVFiFMFKFSDJDJPEF
MBTFYVBMJEBEQFSUFOFDFBMBFTGFSBEFMP
QSJWBEP NT BO EF MP OUJNP Z RVF
QPSUBOUPFTUQSPUFHJEPQPSFMEFSFDIP
B MB QSJWBDJEBE Z B MB JOUJNJEBEw EF
NPEPRVFFMEFSFDIPEFCFQSPUFHFSiMB
MJCFSUBETFYVBMEFMPTJOEJWJEVPT
&M
SFTQFUPBMBEJWFSTJEBETFYVBMZBMFKFSDJ
DJPMJCSFEFMBTFYVBMJEBE QPSTVQVFTUP
EFOUSPEFDJFSUPTMNJUFTRVFMBTTPDJFEB
EFTUJFOFORVFFTUBCMFDFSQPSDPOTFOTP
FTVOEFCFSQFSGFDUP HFOFSBMNFOUFDP
OPDJEPDPOMPTOPNCSFTEFEFSFDIPBMB
JOUJNJEBEZBMBQSJWBDJEBEw
+BWJFS (BGP FO FM DBQUVMP TPCSF iMBT

SFMBDJPOFT FOUSF DSJTUJBOJTNP Z TFYVBMJ
EBEw QSFTFOUB iMB BDUVBM NPSBM TFYVBM
DBUMJDBw BMFKBEB EFM iDPODFQUP EF MFZ
OBUVSBMZMBQSFUFOTJOOBUVSBMJTUBEFMBT
OPSNBTNPSBMFT RVF
IBFTUBEPZTJHVF
FTUBOEPNVZQSFTFOUFFOMBTQPTUVSBTEF
MB*HMFTJBFONBUFSJBTFYVBMFTUBGVOEB
NFOUBDJOFTUQSFTFOUFFOMB)VNBOBF
7JUBF F JHVBMNFOUF FO MB *OTUSVDDJO
%POVN 7JUBF TPCSF QSPDSFBDJO BTJTUJ
EBw-VJT(PO[MF[.PSOZ+PT.BSB
%B[ .PSFOP BOBMJ[BO FM NBUSJNPOJP
EF MPT EFmDJFOUFT NFOUBMFT B MB MV[ EFM
%FSFDIP$JWJMZEFM%FSFDIP$BOOJDP
SFTQFDUJWBNFOUF 1PS MUJNP 'FEFSJDP
$4JO[EF3PCMFTQSFTFOUBTVQPOFODJB
TPCSF i&M QSPCMFNB UJDP Z KVSEJDP EF
MBFTUFSJMJ[BDJOEFJODBQBDFTw NPTUSBO
EPTVBDVFSEPBOUFMBBDUVBMMFHJTMBDJO
FTQBPMB TPCSF FM UFNB RVF MB QFSNJUF
DPNP VO NBM NFOPS Z MUJNB SB[O
DVBOEPTFFOUJFOEFRVFOPDBCFOPUSBT
TPMVDJPOFT
+PT(BSDB'SF[-B#JPUJDBBOUF
MBFOGFSNFEBEEF"M[IFJNFS%FT
DMF%F#SPVXFS 4" 1VCMJDBDJPOFT
EFMB$UFESBEF#JPUJDBEFMB6OJ
WFSTJEBE1POUJmDJBEF$PNJMMBT

.BESJE QQ
&MQSPQTJUPEFFTUFMJCSPOPFTFMBCPSBS
MPRVFBMHVOPTQPESBOMMBNBSVOBUJDB
HFSJUSJDB P VOB UJDB HFSPOUPMHJDB OJ
TJRVJFSBVOBUJDBEFPQBSBMBFOGFSNF
EBEEF"M[IFJNFS &"
TJOPQSPQPOFS
NFEJBOUF VO QBSBEJHNB CJPUJDPoBTJT
UFODJBM Z VO QSPDFEJNJFOUP BOBMUJDPo
EFDJTJPOBM VO NPEFMP UJDP RVF TFB
UJM QBSB DVBMRVJFS DVJEBEPS QSJODJQBM

P QSPGFTJPOBM TPDJPTBOJUBSJP JNQMJDBEP

P DPNQSPNFUJEP FO MB BUFODJO EF BM
HVOBQFSTPOBBGFDUBEFFTUBQBUPMPHB Z
RVF MFT QFSNJUB BGSPOUBS DPO SFTQPOTB
CJMJEBE QSVEFODJBZFYDFMFODJB FMDPN
QMFKPZQSPCMFNUJDPNVOEPEFMBUPNB
EFEFDJTJPOFTNPSBMFTFOQBDJFOUFTDPO
&"
&O FTUF TFOUJEP FM MFDUPS FODPOUSB
S PSHBOJ[BEB FTUB PCSB FO USFT NBSDPT
OBSSBUJWPT FM QSJNFSP EF FYQPTJDJO Z
EFTDSJQDJO EF MB BODJBOJEBE Z MB &"
FM TFHVOEP EF GVOEBNFOUBDJO Z FY
QMJDBDJOUFSJDBEFVOQBSBEJHNBCJP
UJDPoBTJTUFODJBM SJHVSPTP Z DPIFSFOUF
QBSB FTUB FOGFSNFEBE Z TVT QSPCMFNBT
BTJTUFODJBMFTZFMUFSDFSP EFBQMJDBDJO
QSDUJDBEFEJDIPQBSBEJHNB
&EVBSEP (BSDB$BNCB $PPSE

1TJRVJBUSBZ4JEB&E.BTTPO4"
#BSDFMPOB QQ
&MDPPSEJOBEPSEFFTUFWPMVNFOFTKFGF
EF4FDDJOEFM4FSWJDJPEF1TJRVJBUSBFO
FM)PTQJUBM-B1SJODFTB EF.BESJE)B
SFDPHJEPBRVMBTJOUFSWFODJPOFTEFVOBT
+PSOBEBT TPCSF 1TJRVJBUSB Z 4JEB RVF
GPSNBSPO QBSUF EF VO DVSTP EF EPDUP
SBEPJNQBSUJEPFOFM%JWFSTPT
FTQFDJBMJTUBT USBUBO DBEB VOP EF MPT UF
NBTBTQFDUPTFQJEFNJPMHJDPT DMOJDPT
Z QTJDPGBSNBDPMHJDPT TVJDJEJP EPHSB
EJDDJO BTQFDUPTUJDPTFOMBBUFODJOBM
QBDJFOUFoFOFMIPTQJUBM DPOMBGBNJMJB
FOMBTVOJEBEFTEFTBMVENFOUBMo SJFTHP
EFEFTHBTUFQSPGFTJPOBMFOMPTTBOJUBSJPT
PSHBOJ[BDJPOFTEFWPMVOUBSJBEP FUD
3JDBSEP (PO[MF[ .FOOEF[ 404

"MDPIPM Z PUSBT %SPHBT &EJUPSJBM
0SJFOUF 4BOUJBHP EF $VCB
QQ
&MBVUPSFTEPDUPSFO$JFODJBT.EJDBT
FTQFDJBMJTUB Z QSPGFTPS 5JUVMBS EF 1TJ
RVJBUSBFOMB6OJWFSTJEBEEF-B)BCBOB
ZSFTQPOTBCMFEFM4FSWJDJPEF"UFODJO
B"MDPIMJDPTZPUSPT5PYJDNBOPTEFM
)PTQJUBM1TJRVJUSJDPFOFTBNJTNBDJV
EBE$POTVMBSHBFYQFSJFODJBDMOJDBZ
EPDFOUF FYQPOFTVEFEJDBDJOBMBMVDIB
DPOUSBFMBMDPIPMJTNPZMBTESPHBEJDDJP
OFT-BBUFODJOEFCFTFSDPOKVOUBQPS
QBSUF EF QSPGFTJPOBMFT Z UDOJDPT EF MB
TBMVE ZGBNJMJBSFT BNJHPT DPNQBFSPT
EF USBCBKP Z EFTEF MVFHP UBNCJO EFM
QSPQJP QBDJFOUF "OBMJ[B MBT EJGFSFOUFT
TVTUBODJBTUYJDBTQSJNFSP QBSBEFTQVT
EFTDSJCJSMBSFMBDJOEFBZVEBDMOJDB Z
BQPSUB mOBMNFOUF MPT UFNBT EJEDUJDP
JOTQJSBUJWPT EF GSFDVFOUF VUJMJ[BDJO FO
FTBMBCPSEFSFTDBUFEFMBTESPHBT
(VBQBSBFMUSBUBNJFOUPJOGPSNB
UJWP EFM FOGFSNP NFOUBM 'FEFSB
DJO EF "TPDJBDJPOFT EF 'BNJMJBSFT
EF &OGFSNPT .FOUBMFT EF (BMJDJB
'FBGFT(BMJDJB
4BOUJBHP EF $PN
QPTUFMB
-B'FEFSBDJOEF"TPDJBDJPOFTEF'BNJ
MJBSFTEF&OGFSNPT.FOUBMFTEF(BMJDJB
'FBGFT(BMJDJB
IBQSFTFOUBEPVOBHVB
EFFTUJMPDPOMBRVFQSFUFOEFOPSNBMJ[BS
FM USBUBNJFOUP JOGPSNBUJWP EF MPT DFS
DB EF FOGFSNPT NFOUBMFT RVF
QBEFDFO FTUBT EJTGVODJPOFT FO &TQBB
-B HVB SFDPHF VO EFDMPHP EF QSJODJ
QJPT CTJDPT DPO MPT RVF MB GFEFSBDJO
EFGBNJMJBSFTQSFUFOEFBVNFOUBSFMDP
OPDJNJFOUPTPDJBMBQMJDBOEPDPOFYBDUJ
UVE DPODFQUPT Z USNJOPT PGSFDFS VOB
WJTJOQPTJUJWBEFMBFOGFSNFEBENFOUBM
QSFTUBOEPNTBUFODJOBMBTTPMVDJPOFT
ZNFOPTBMBTMJNJUBDJPOFT ZGBDJMJUBSJO
GPSNBDJO MVDIBOEPQPSMPTEFSFDIPTZ
MPTSFDVSTPT ZOPQPSEFTQFSUBSDPNQB
TJO
"EFNT MBT BTPDJBDJPOFT EF FOGFSNPT
NFOUBMFTEFNBOEBOQPUFODJBSMBJOGPS
NBDJOJOEJWJEVBMJ[BEBZWJWFODJBMRVF
QVFEFOBQPSUBSMPTBGFDUBEPTDPNPIF
SSBNJFOUBQBSBDSFBSVOBJNBHFOQPTJUJ
WB OPQSPQBHBSZNBOUFOFSQSFKVJDJPTZ
GBMTBTDSFFODJBT SPNQFSFMGBMTPWODVMP
FOUSFWJPMFODJBZFOGFSNFEBENFOUBM Z
OPFTUJHNBUJ[BSBMBTQFSTPOBTDPOFTUBT
QBUPMPHBTDPOVTPTJODPSSFDUPTEFMBTQB
MBCSBTRVFMBTEFmOFO&OPUSPQVOUPEF
MBHVBTFSFDVFSEBRVFMBNBZPSBEFMBT
FOGFSNFEBEFT NFOUBMFT TPO JOWJTJCMFT
QPSMPRVF'FBGFTJOTUBBMPTNFEJPTEF
DPNVOJDBDJOBJMVTUSBSMBTJOGPSNBDJP
OFTTPCSFFTUPTQBDJFOUFTDPOFMNBUFSJBM
HSmDPBEFDVBEP&MEPDVNFOUPSFDVFS
EBRVFMBQBUPMPHBNFOUBMOPFTFRVJWB
MFOUFBNFOPSDBQBDJEBEJOUFMFDUVBM OP
FTNPSUBM OPTJFNQSFFTJSSFWFSTJCMF OP
FTDPOUBHJPTB OPTJFNQSFFTIFSFEJUBSJB
ZOPUJFOFQPSRVTFSQFSNBOFOUF
+PT-VJT(VUJSSF[$BMMFT-BHVBS
EB EFM FOGFSNP NFOUBM EFCFSFT Z
SFTQPOTBCJMJEBEFT %ZLJOTPO .B
ESJE QQ
&MFKFSDJDJPEFGVODJPOFTUVUFMBSFTTPCSF
QFSTPOBT RVF QBEFDFO VOB FOGFSNFEBE
NFOUBM QVFEFHFOFSBSQBSBRVJFOFTBTV
NFOTVHVBSEBVOBSFTQPOTBCJMJEBEDJWJM
RVF USBTMBSFGPSNBEFM$EJHP$JWJMFO
NBUFSJBUVUFMBSQPSMB-FZ EF
EFPDUVCSF BMDBO[BQMFOBNFOUFBMPT
HVBSEBEPSFT EF IFDIP DPNP EF NBOF
SBFYQSFTBTFIBSFDPHJEPFOFMBSUDVMP
EFMWJHFOUF$EJHP1FOBM
"NFEJBEPTEFMPTBPTPDIFOUBTFJOJDJB
VOBSFGPSNBQTJRVJUSJDBRVFTFQSPQP
OFDPNPPCKFUJWPQSJPSJUBSJPSFTQFDUPEF
MPTIPTQJUBMFTQTJRVJUSJDPTiTVEFTBQBSJ
DJO DPNPBMUFSOBUJWBEPDUSJOBM DPNP
FTQBDJPFTUSVDUVSBMZFOMBNBZPSBEFMPT
DBTPT DPNPFTQBDJPGTJDPw RVFFYJHBBM
NJTNPUJFNQPMBDSFBDJOEFVOBSFEEF
TFSWJDJPT BMUFSOBUJWPT BM WFUVTUP NBOJ
DPNJP5SBTDBTJWFJOUFBPTEFBRVFMMB
SFGPSNB MBFTDBTF[EFSFDVSTPTIBQSPWP
DBEPVOFYJHVPEFTBSSPMMPEFMPTEJTQP
TJUJWPTBMUFSOBUJWPTQSFDJTPT PSJHJOBOEP
VOBTDBSFODJBTFOMBBUFODJOBMBTBMVE
NFOUBM RVF JODJEFO OFHBUJWBNFOUF FO
MPTFOGFSNPT DPMPDBOEPBMPTHVBSEBEP
SFTFOQTJNBTDPOEJDJPOFTQBSBBGSPOUBS
TVEVSBMBCPS
&OFTUFDPOUFYUPDBSFODJBM RVJFOFTFKFS
DFO GVODJPOFT UVUFMBSFT TF WFO EFTCPS
EBEPTQPSMBTJUVBDJODBSBDUFSJ[BEBQPS
VO UVUFMBEP EFmDJFOUFNFOUF BUFOEJEP
NEJDBZBTJTUFODJBMNFOUFZ FODPOTF
DVFODJB FO VOB MBNFOUBCMF TJUVBDJO
QBSB QSFTUBSMF MB BEFDVBEB BUFODJO Z
WJHJMBODJBRVFFM$EJHP$JWJMFYJHFFO
FWJUBDJO EF BDUVBDJPOFT EBPTBT QFSP
TJ TUBT TF QSPEVDFO RVJ[T IBCSB RVF
PSJFOUBSMBCTRVFEBEFSFTQPOTBCJMJEB
EFTIBDJBVOB"ENJOJTUSBDJOTBOJUBSJB
RVF EFTWJODVMOEPTF EFM NBOEBUP MF

HBM OPDSFBVOBSFETBOJUBSJBTVmDJFOUF
Z DBQB[ QBSB BUFOEFS BEFDVBEBNFOUF B
MBTQFSTPOBTRVFQBEFDFOVOBFOGFSNF
EBENFOUBM
&OMBQSFTFOUFPCSBTFBOBMJ[BOMPTFMF
NFOUPT DPOGPSNBEPSFT EF FTB OVFWB
SFBMJEBE BTDPNPMBTPCMJHBDJPOFTRVF
JODVNCFO B MPT UVUPSFT TFBMBEBNFO
UF MBT DPNQSFOEJEBT FO FM BSUDVMP
EFM $EJHP $JWJM DPNQMFUOEPTF B MB
FYQPTJDJO DPO VOPT GPSNVMBSJPT RVF
QSFUFOEFOGBDJMJUBSFMDVNQMJNJFOUPEFM
BWFDFT FYPSCJUBOUF IB[EFEFCFSFTRVF
SFDBFOFOBRVFMMPTGBNJMJBSFTZBMMFHBEPT
RVFBGSPOUBOMBDPNQMFKBUBSFBEFDVJEBS
Z BUFOEFS B VOB QFSTPOB DPO FOGFSNF
EBENFOUBM
"MJDJB * -PTPWJ[ %BOJFM " 7JEBM

"MDJSB #POJMMB $PPSET
#JPUJDB
Z 4BMVE .FOUBM *OUFSTFDDJPOFT Z
%JMFNBT -JCSFSB "LBEJB &EJUPSJBM
#VFOPT"JSFT QQ
-BEPDUPSB-PTPWJ[FTQTJDPBOBMJTUB WJDF
QSFTJEFOUFEFMB"TPDJBDJO"SHFOUJOB
EF#JPUJDB QSPGFTPSBEF#JPUJDBFOMB
6OJWFSTJEBE$"&$&&MEPDUPS7JEBMFT
NEJDPQTJRVJBUSB EPDFOUFEFM%FQBSUB
NFOUPEF4BMVE.FOUBMEFMB6OJWFSTJ
EBEEF#VFOPT"JSFT ZBTFTPSEFDPNJ
UEFUJDBEF)PTQJUBM4BOUB-VDB-B
QSPGFTPSB#POJMMBFTEPDUPSBFO'JMPTPGB
QSPGFTPSB EF "OUSPQPMPHB 'JMPTmDB Z
EFUJDBFOMBGBDVMUBEEF'JMPTPGBZ-F
USBTEFMB6#"&MMPTQSFTFOUBOTVTBQPS
UBDJPOFTZMBTEFPUSPTEPDUPSFTZQSPGF
TPSFTEFPUSBT6OJWFSTJEBEFTBSHFOUJOBT
FO VOB QSJNFSB PCSB RVF RVJFSF iBCSJS
VO EFCBUF TPCSF FKFT DPODFQUVBMFT RVF
EFMJNJUF MB OPDJO EF QBSBEJHNB CJP

UJDP QBSUJDVMBSNFOUF FO 4BMVE .FOUBM
EFUFSNJOBOEP BMDBODFT QTJDPQBUPMHJ
DPT UJDPT QPMUJDPTw -B JOUFODJO IB
TJEPoDPNPTFBMBFOFMQSMPHPFMEPD
UPS7JEBM oiEBSBMHVOBTSFTQVFTUBTBMPT
NVDIPT JOUFSSPHBOUFT FYJTUFOUFT FO FM
DPNQMFKPDBNQPEFMB#JPUJDBZMB4B
MVE .FOUBM QMBOUFBOEP BMHVOPT EF TVT
EJMFNBTZQSPQPOJFOEPEJTUJOUPTQVOUPT
EFJOUFSTFDDJOFOUSFBNBTw
.BSB EFM $BSNFO .BSUOF[ UJ

DBQTJRVJUSJDB1VCMJDBDJPOFTEFMB
$UFESBEF#JPUJDB 6OJWFSTJEBEEF
$PNJMMBTZ%FTDMFEF#SPVXFS #JM
CBP QQ
-PT FTUVEJPT EF #JPUJDB SFBMJ[BEPT B
MPMBSHPEFMPTMUJNPTBPTIBOSF
QMBOUFBEP MB UJDB NEJDB TPCSF UPEP
FOUPSOP B MB BVUPOPNB EFM FOGFSNP
DPNPFKFDFOUSBM5BNCJOQPSFTUPTF
IB EFTWFMBEP MB OFDFTJEBE EF QSFTUBS
VOB FTQFDJBM QSPUFDDJO B MPT QBDJFOUFT
QTJRVJUSJDPT FO MB NFEJEB FO RVF MB
QSPQJBFOGFSNFEBEQVFEFMJNJUBSPBOV
MBSTVDBQBDJEBEEFUPNBEFEFDJTJPOFT
TPCSFTVQSPQJBTBMVE&TUBTJOHVMBSJEBE
EFMBUJDBQTJRVJUSJDBTFIBWJTUPSFnFKB
EBFOMBQSPEVDDJOEFVOHSBOONFSP
EFEPDVNFOUPTBDBSHPEFBTPDJBDJPOFT
QSPGFTJPOBMFT PSHBOJTNPTJOUFSOBDJPOB
MFTZMBTQSPQJBTMFHJTMBDJPOFTOBDJPOBMFT
DPOMBQSFPDVQBDJODPNOEFHBSBOUJ
[BSMBBVUPOPNBEFMFOGFSNPNFOUBMZ
MBTSFMBDJPOFTQBDJFOUFQTJRVJBUSB TJOPM
WJEBEMBTPCMJHBDJPOFTEFMBTJOTUJUVDJP
OFTQCMJDBTEFQSPQPSDJPOBSMPTNFEJPT
OFDFTBSJPT QBSB HBSBOUJ[BS MB BTJTUFODJB
QTJRVJUSJDB
-B BVUPSB EF FTUF MJCSP IB UPNBEP

DPNPQVOUPEFQBSUJEBFTUBWBSJBEBEP
DVNFOUBDJO iMB UJDB EF MBT OPSNBTw
QBSB FTUVEJBS MBT QSJODJQBMFT DVFTUJPOFT
UJDPQTJRVJUSJDBTZ BQBSUJSEFBI BQMJ
DBSMPTDMTJDPTQSJODJQJPTCJPUJDPTiMB
UJDBEFMPTQSJODJQJPTwZBCPSEBSPTEJ
MFNBTUJDPTRVFDBEBVOPEFTUPToBV
UPOPNB CFOFmDFODJB OPNBMFmDFODJB
Z KVTUJDJBo TVTDJUB FO FM NCJUP EF MB
QSDUJDBQTJRVJUSJDB&TUBTSFnFYJPOFTTF
DJFSSBODPOVOBQOEJDFEFEPDVNFOUPT
RVFQFSNJUJSBMMFDUPSEJTQPOFSEFVOB
JNQPSUBOUFGVFOUFEFJOGPSNBDJOTPCSF
MBUJDBQTJRVJUSJDB
.JHVFM OHFM .BUFSB[[J Z PUSPT

4BMVENFOUBM&OGPRVFUSBOTEJTDJ
QMJOBSJP &EJUPSJBM 4BMFSOP #VFOPT
"JSFT
7BSJPT FTQFDJBMJTUBT FO TBMVE NFOUBM
CBKP MB DPPSEJOBDJO EFM EPDUPS .BUF
SB[[J USBUBOEJWFSTPTUFNBTMPTQSPDFTPT
HSVQBMFT MBEJONJDBEFHSVQP MBQTJDP
UFSBQJBEFHSVQP FMQTJDPBOMJTJT FMEVF
MP MBT SFMBDJPOFT NEJDPoQBDJFOUFT MB
BOPSFYJB MBCVMJNJB FM)*7ZFM4JEB MB
WFKF[:OPTPMBNFOUFEFTEFMPTBTQFDUPT
DJFOUmDPT TJOPUBNCJOEFTEFMBUJDB
-FPQPMEP0SUFHB.POBTUFSJPZPUSPT
$PPSET
&MJOUFSOBNJFOUPEFMFO
GFSNPNFOUBMFS4JNQPTJVNEFMB
4PDJFEBE &TQBPMB EF 1TJRVJBUSB
'PSFOTF 5FNB NPOPHSmDP 1SP
NPDJPOFT Z 1VCMJDBDJPOFT 6OJWFSTJ
UBSJBT #BSDFMPOB QQ
4FSFDPHFOMBTQPOFODJBTFJOUFSWFODJP
OFT EFM 1SJNFS 4JNQPTJP EF MB 4PDJF
EBE &TQBPMB EF 1TJRVJBUSB 'PSFOTF
DFMFCSBEP FO 5PSUPTB 5BSSBHPOB

MPT
EBTZEF&OMBQSJNFSBQBSUF
BCPSEBOMPTEJWFSTPTBVUPSFTMBTOPSNBT
KVSEJDBT WJHFOUFT TPCSF USBUBNJFOUP EF
FOGFSNPT NFOUBMFT FO MB $POTUJUVDJO
FTQBPMB FM SFHMBNFOUP 1FOJUFODJBSJP
BVUPSJ[BDJPOFT KVEJDJBMFT EF JOUFSOB
NJFOUPT QTJRVJUSJDPT JOUFSOBNJFOUPT
JOWPMVOUBSJPT FUD &O MB TFHVOEB TF
BOBMJ[BO MPT BTQFDUPT DMOJDPT QTFVEP
EFNFODJBT USBUBNJFOUP GBSNBDPMHJDP
FOVSHFODJBTQTJRVJUSJDBTZFOFTRVJ[P
GSFOJB JODPSQPSBDJOEFMBGBNJMJBFOMB
BUFODJO IPTQJUBMBSJB GVODJO EFM IPT
QJUBMDPNBSDBM ZMPTBTQFDUPTQTJDPQBUP
MHJDPTEFM4JEB
.BY 3PTFOCBVN $PNQ

UJDB Z
WBMPSFT FO QTJDPUFSBQJB 'POEP EF
$VMUVSB&DPONJDB FE .YJDP
QQ
&M DPNQJMBEPS EF FTUB PCSB DPMFDUJWB
.BY 3PTFOCBVN FKFSDF DPNP QTJDPB
OBMJTUB FO /VFWB :PSL Z FT QSFTJEFOUF
EFMB"TPDJBDJOQBSBFM1TJDPBOMJTJTZ
1SPDFTPEF(SVQP)BSFVOJEPDPMBCP
SBDJPOFTEFQSPGFTJPOBMFTEFMBQTJRVJB
USB Z MB QTJDPMPHB FTQFDJBMNFOUF EF
&TUBEPT 6OJEPT FO FTUB QSJNFSB PCSB
TPCSF FM UFNB QVCMJDBEB FO JOHMT FO
ZUSBEVDJEBBMDBTUFMMBOPFO
5FNBTBCPSEBEPT-BUJDBZMPTQTJDP
UFSBQFVUBT MBUJDBZFMQBDJFOUF MBUJDB
FO FM USBUBNJFOUP EF QTJDUJDPT FO MPT
QSPCMFNBTEFQTJDPUFSBQJBEFHSVQP FO
MB UFSBQJB TFYVBM FO TV BQMJDBDJO QSP
GFTJPOBM FOMBGBSNBDPCJPMPHB MPTN
UPEPTEFIJQOPTJT1BSUF3PTFOCBVNEF
VOBOMJTJTEFMBTEJWFSTBTDPSSJFOUFTUJ
DBT DPOFTQFDJBMIJODBQJFOMBVUJMJUB

SJTUBEF4UVBSU.JMM ZMBTQPTUFSJPSFTFO
UPSOPBMBDJFODJBEFMDPNQPSUBNJFOUP
FMBQSFOEJ[BKFTPDJBMEF4LJOOFS FMEFTB
SSPMMPDPHOPTDJUJWPEF1JBHFU ZMBUFPSB
QTJDPBOBMUJDB EF 'SFVE 4JHVF B TUF
MUJNP BVUPS BVORVF DSJUJDB MB TFQBSB
DJORVFIJ[PEFMBNPSBMJEBETFYVBMZ
MBUJDBEFMBTSFMBDJPOFTMBTFYVBMJEBET
UJFOFRVFWFSDPOFMCJFOZFMNBMoFO
DPOUSBEF'SFVEo ZMPTBVUPSFTMBBCPS
EBOBTEFTEFVOBQFSTQFDUJWBTJUVBDJP
OJTUB VOJFOEPFMQTJDPBOMJTJTDPO1JB
HFU FOCVTDBEFMBNPSBMJEBEBVUOPNB
EF MB QFSTPOBMJEBE NBEVSB "BEFO BM
mOBMVOBTFSJFEFEPDVNFOUPTEFJOUF
ST 1SJODJQJPT EF MB UJDB NEJDB DPO
BOPUBDJPOFT FTQFDJBMNFOUF BQMJDBCMFT B
MB1TJRVJBUSB "."
$EJHPEFUJDB
EF MB "TPDJBDJO /BDJPOBM EF 5SBCBKB
EPSFT 4PDJBMFT 1SJODJQJPT UJDPT EF MPT
QTJDMPHPT SFWJTJOEF

MBJOUFSOBDJOQTJRVJUSJDBJOWPMVOUBSJB
MBSFDMVTJODBSDFMBSJBMPTDPOnJDUPTGB
NJMJBSFTMNJUFTZUFSNJOBDJOEFMUSBUB
NJFOUPIBDJBVOBUJDBEFMBDBMJEBEEF
WJEB ZEFVOBUJDBEFMTBCFSNPEFMPT
EF TBMVE NFOUBM Z SFBMJEBE TPDJBM MBUJ
OPBNFSJDBOB FUD
+BWJFS4ODIF[$BSPZ+FTT4ODIF[
$BSP $POTFOUJNJFOUP JOGPSNBEP
Z QTJRVJBUSB VOB HVB QSDUJDB
&EJUPSJBM.BQGSF
.BSB -VDSFDJB 3PWBMFUUJ &EJUPSB

UJDB Z QTJDPUFSBQJB &EJUPSJBM #J
CMPT #VFOPT"JSFT QQ
-BPCSBi$POTFOUJNJFOUPJOGPSNBEPZ
QTJRVJBUSBVOBHVBQSDUJDBw QVCMJDB
EBQPS&EJUPSJBM.BQGSF TFIBQSPQVFT
UP BDBCBS DPO MB MBHVOB FYJTUFOUF FO FM
NCJUP EF MB QTJRVJBUSB EF FTUVEJPT
B GPOEP EF MB JOGPSNBDJO Z DPOTFO
UJNJFOUP JOGPSNBEP -PT BVUPSFT TPO
FTQFDJBMJTUBTFOFMUFNB+BWJFS4ODIF[
$BSP TVCEJSFDUPS HFOFSBM EF "TFTPSB
+VSEJDBEFM*OTBMVEZVOPEFMPTEPDFO
UFTNTQSFQBSBEPTFO%FSFDIP4BOJUB
SJP ZTVIFSNBOP+FTT4ODIF[$BSP
QTJRVJBUSBZNEJDPGPSFOTF
&TUFMJCSPDPOUJFOFMPTUSBCBKPTQSFTFOUB
EPTFOMBT+PSOBEBTTPCSFUJDBZ1TJDP
UFSBQJB DFMFCSBEBTFOKVOJPEFFO
FMNCJUPEFMB'VOEBDJO"DUB 'POEP
QBSBMB4BMVE.FOUBMBFTUPTFBBEFO
FOVOBTFHVOEBQBSUFBMHVOPTUFNBTRVF
OP QVEJFSPO mOBMNFOUF QSFTFOUBSTF FO
FTBT+PSOBEBT ZPUSPTRVFIBOBERVJSJ
EP FTQFDJBM SFMFWBODJB FO FM QBOPSBNB
EFMBQTJDPUFSBQJB5SBUBEFUPDBSUPEBT
MBT SFBT EF TV NCJUP Z WJTUBT EFTEF
EJTUJOUBT PSJFOUBDJPOFT EJTDVSTP UJDP
ZEJTDVSTPQTJDPUFSBQVUJDPMBOFVUSBMJ
EBEBYJPMHJDBEFMBDJFODJBMBUJDBEF
&M SFTVMUBEP TPO DBTJ TFJTDJFOUBT QHJ

OBT GSBODBNFOUF NBOFKBCMFT HSBDJBT BM
FTUJMP EF MPT BVUPSFT Z B MB TJTUFNUJDB
EFMBPCSB FOMBTRVFTFBCPSEBOTVDFTJ
WBNFOUF MB UFPSB EFM DPOTFOUJNJFOUP
JOGPSNBEP TVBQMJDBDJOBMBQTJRVJBUSB
FO &TUBEPT 6OJEPT MBT QFDVMJBSJEBEFT
EFTVDPODFQDJOFOFM%FSFDIPFTQBPM
oRVFFTMPRVFNTJOUFSFTBFOMBQSD
UJDBoZ QPSMUJNP TVBQMJDBDJOFOMB
QTJRVJBUSBFTQBPMB6OBQOEJDFMFHJT
MBUJWPZVOBSFMBDJOEFDBTPTKVEJDJBMFT
DPNQMFUBOFTUFNBOVBM
+PT .BSB 4ODIF[ 0SBOUPT &M

NVOEPEFMBTESPHBT6OSFUPQBSB
MB TPDJFEBE 4BO 1BCMP .BESJE
QQ
&M BVUPS FT NJFNCSP GVOEBEPS EF MB
"TPDJBDJO1SPZFDUP)PHBS EFEJDBEBB
MBBUFODJOZEFTJOUPYJDBDJOEFESPHP
EFQFOEJFOUFT ZUSBCBKBFODPMBCPSBDJO
DPOFM*OTUJUVUP.BESJMFPEFMB*OGBO
DJBZFM1MBO3FHJPOBMEF%SPHBTEF.B
ESJE %FTEF MB FYQFSJFODJB BOBMJ[B MBT
EFQFOEFODJBT PDBTJPOBEBT QPS FM BMDP
IPM FMUBCBDP MPTFTUJNVMBOUFTZGSNB
DPT PSEJOBSJPT Z NT EFUBMMBEBNFOUF
MBTESPHBTOPJOTUJUVDJPOBMJ[BEBT USBUBO
EPEFFYQPOFSMBTSB[POFTEFTVDPOTV
NPFTQFDJBMNFOUFFOUSFMPTKWFOFT BT
DPNPMBTMOFBTEFVOBBDDJOQSFWFOUJ
WBFOFMNCJUPDPNVOJUBSJP GBNJMJBSZ
FTDPMBS ZVOQSPDFTPEFUSBUBNJFOUPRVF
TFBFmDB[FOMBSFIBCJMJUBDJOEFMESPHB
EJDUP4FNVFTUSBDPOUSBSJPBMBQPTJCMF
MFHBMJ[BDJOEFMBTESPHBT
'FSOBOEP4BOUBOEFS $PPSE
UJDB
Z QSBYJT QTJRVJUSJDB "TPDJBDJO
&TQBPMB EF /FVSPQTJRVJBUSB .B
ESJE QQ
&TUFMJCSPSFDPHFMBTQPOFODJBTEFM99*
$POHSFTPEFMB"TPDJBDJO&TQBPMBEF
/FVSPQTJRVJBUSB DFMFCSBEP FO 4BOUJB
HP EF $PNQPTUFMB FO KVOJP EFM
$POQSMPHPEF%JFHP(SBDJB MPTQBS
UJDJQBOUFTFOFM$POHSFTPDFOUSBSPOTVT
JOUFSWFODJPOFTFOMBUJDBZMBQSBYJTQTJ
RVJUSJDB DPOFTUPTBQBSUBEPT#JPUJDBZ
QTJRVJUSJDBUJDBZSFMBDJOBTJTUFODJBM
DPO QSPCMFNBT DPNP MB DPOmEFODJBMJ
EBE FMDPOTFOUJNJFOUPJOGPSNBEPZMBT
EFDJTJPOFTEFTVTUJUVDJOUJDBZQSD
UJDB BTJTUFODJBM QTJRVJUSJDB FTUSVDUVSB
BTJTUFODJBM BDDFTP BM TJTUFNB EF DVJEB
EPT QSPDFTPTEJBHOTUJDPZUFSBQVUJDP
MPTJOHSFTPT BJTMBNJFOUPTZBMUBTDMOJDBT
MBBUFODJOQTJDPHFSJUSJDB ESPHPEFQFO
EFODJBT FUD
'JOBMNFOUF UBNCJO TF BCPSEBO BMHV
OPTBTQFDUPTEFMBUJDBFOMBJOWFTUJHB
DJOEFQTJRVJBUSB MPTDPNJUTEFUJDB
ZMFHJTMBDJO DEJHPTZEPDVNFOUPT
"HVTUO 7BMCVFOB #SJPOFT .BOVBM

EF 5PYJDPNBOBT Z "MDPIPMJTNP
1SPCMFNBT NEJDPT Z QTJRVJUSJ
DPT.BTTPO4BMWBU FEJDJO #BS
DFMPOB QQ
&M BVUPS FT NJFNCSP EFM 3PZBM $PMMF
HF PG 1TZDIJBUSJTUT EFM 3FJOP 6OJEP
&TQFDJBMJTUBFO1TJRVJBUSBZEPDUPS FO
.FEJDJOB QSPGFTPS EF MB 6OJWFSTJEBE
EF"MDBMEF)FOBSFT)BJODPSQPSBEP
FOFTUBTFHVOEBFEJDJOEFTVMJCSPMPT
DPOPDJNJFOUPT NT SFDJFOUFT TPCSF MPT
QSPCMFNBTNEJDPTZQTJRVJUSJDPTPDB
TJPOBEPTQPSMBTUPYJDPNBOBTZFMBMDP
IPMJTNP BT DPNP MPT BTQFDUPT MFHBMFT
&YQPOFPUSPTUFNBTEFBDUVBMJEBEDPNP
FMJNQBDUPEFMBJOGFDDJOQPS7*)ZTVT
DPOTFDVFODJBT DPO OVFWBT QBUPMPHBT
DPNPFM$PNQMFKPEFNFODJB4JEB FOUSF
PUSPTJNQPSUBOUFTEFTBMVEQCMJDB/P
FYQPOFEFNPEPEFUBMMBEPMPTBTQFDUPT
UJDPT QFSPSFDPHFMBTJUVBDJONEJDBZ
TPDJBMDPOQSPGVOEJEBE
5FSFTB7BSHBT"MEFDPB "RVJMJOP1P
MBJOP-PSFOUF -B GBNJMJB EFM EFm
DJFOUFNFOUBM6OFTUVEJPTPCSFFM

BQFHP BGFDUJWP 1JSNJEF .BESJE

QQ
5FSFTB7BSHBTFTFTQFDJBMJTUBFO&EVDB
DJO &TQFDJBM Z "RVJMJOP 1PMBJOP-P
SFOUFFTDBUFESUJDPEF1TJDPQBUPMPHBEF
MB6OJWFSTJEBE$PNQMVUFOTFEF.BESJE
DPOOVNFSPTPTMJCSPTZNPOPHSBGBTFO
TV DVSSDVMP $POUJFOF FTUB PCSB VOB
FYIBVTUJWB FYQPTJDJO EF MB UFPSB EFM
BQFHPJOGBOUJM QPSDPOTJEFSBSMBJNQSFT
DJOEJCMFQBSBFMUSBUBNJFOUPFJOUFSWFO
DJOQTJDPMHJDBZQFEBHHJDBEFMOJP
EFmDJFOUFNFOUBM4FQPTUVMBRVFMBDB
MJEBEEFMPTDVJEBEPTNBUFSOPZQBUFSOP
RVFSFDJCFFMOJPEFmDJFOUFFOMPTQSJ
NFSPTBPTEFWJEBDVNQMFVOBGVODJO
DPOmHVSBEPSB Z NPEFMBEPSB EF WJUBM
JNQPSUBODJBQBSBTVQPTUFSJPSEFTBSSPMMP
TPDJBM DPHOJUJWPZFNPDJPOBM5BNCJO
EFTDSJCFOVOBDJFSUBUJQPMPHBFOMPTQB
ESFT EFBDVFSEPDPOFTBTJOUFSBDDJPOFT
EFDBMJEBEFOUSFQBESFToIJKPEFmDJFOUF
ZQSPQPOFOMPTDBNCJPTDPNQPSUBNFO
UBMFTRVFFTOFDFTBSJPJOUSPEVDJSQBSBMB
PQUJNJ[BDJOEFMBQFHPZMBSFJOTFSDJO
TPDJBMEFMOJPEFmDJFOUF
$BSMPT"7FMBTDP4VSF[1TJRVJBUSB
Z QFSTPOB &%6$" #VFOPT "JSFT

&M EPDUPS 7FMBTDP 4VSF[ FT EPDUPS FO
.FEJDJOBQPSMB6OJWFSTJEBEEF#VFOPT
"JSFT QTJRVJBUSB DPO BNQMJB FYQFSJFO
DJB QSPGFTPSUJUVMBSEF1TJRVJBUSBFOMB
6OJWFSTJEBE $BUMJDB "SHFOUJOB PGSFDF
FOFTUFMJCSPVOBTFSJFEFUSBCBKPTQVCMJ
DBEPTEVSBOUFWFJOUJDJODPBPTTPCSFMBT
FYQFSJFODJBTRVFIBUFOJEPDPNPQSPGF
TJPOBMZFMEFTBSSPMMPEFTVQFOTBNJFOUP
BDFSDBEFQSPCMFNBTDFOUSBMFTEFMIPN
CSF&MFODVFOUSPDPOMBSFBMJEBEEFMB
QFSTPOBEFMQBDJFOUFFTFMFKFDFOUSBMEF
TVFYQFSJFODJBQSPGFTJPOBM ZEFTVQSP
QVFTUBEFVOBQTJRVJBUSBEFMBQFSTPOB
EFTEF FM QFSTPOBMJTNP DSJTUJBOP RVF
TFHO FM BVUPS FMJNJOB MBT BOUJOPNJBT
FOUSFQTJDPMPHBTFNQSJDBTZQTJDPMPHBT
SBDJPOBMFTPBOUSPQPMPHBTmMPTmDBT
4VTBOB;BSBNBEFMB&TQSJFMMB#JP
UJDBZDBQBDJEBENFOUBM6OJWFSTJ
EBE.JMJUBS/VFWB(SBOBEB #PHPU
QQ
-BBVUPSBOPTQSFTFOUBMBJNQPSUBODJBEF
MBEJWFSTJEBEZEFMBEJGFSFODJBBMUSBUBSEF
MBMMBNBEBEFmDJFODJBNFOUBM QBSBFWJUBS
DBFS FO BDUJUVEFT JOKVTUBT EF FYDMVTJO
-B SFTQPOTBCJMJEBE Z PQPSUVOJEBE EF
USBCBKBS DPO MPT SFDIB[BEPT Z FYDMVJEPT
FTQSPQJBEFMRVFIBDFSQTJRVJUSJDP-BT
SFnFYJPOFT DPOTJHOBEBT FO FTUB PCSB TF
QVFEFOBQMJDBSBPUSBTDPOEJDJPOFT QVFT
OP TF QSFTFOUBO BRV MPT EJMFNBT UJDPT
RVFTVSHFOFOMBQSDUJDBDMOJDB TJOPMPT
BTQFDUPTDPODFQUVBMFTZMBTFYQFSJFODJBT
EFM USBCBKP DPO QFSTPOBT DPO TOESPNF
EF %PXO &O FM DBQUVMP TPCSF DBMJEBE
EFWJEBZFYJHFODJBTUJDBT OPTSFDVFSEB
RVFMBTWJEBTEFMBTQFSTPOBTOPWBMFOQPS
TVVUJMJEBE ZRVFNTBMMEFMBiDBMJEBE
EFWJEBwFTUFMEFMBiDBMJEBEEFMBFYJT
UFODJBw RVFJOUFHSBFMTFOUJEPSFMBDJPOBM
ZQFSTPOBMDPOMBDVFTUJOEFMTFOUJEPZ
FMTJTUFNBEFWBMPSFT
4JEB
$0/"4*%" (VB QBSB MB BUFO
DJOEPNJDJMJBSJBEFQFSTPOBTRVF
WJWFO DPO 7*)4JEB $POBTJEB EF
.YJDPZ0140.4 .YJDP
QQ
7BMJPTPT FO DVBOUP B IBDFSTF DBSHP EF
MB SFBMJEBE EFM QBDJFOUF DPO TJEB Z QP
EFSBZVEBSBFTUBCMFDFSVOBSFMBDJOEF
BZVEBFmDB[&YQPOFDNPBDPNQBBS
BM QBDJFOUF MPT DVJEBEPT Z NFEJEBT EF
IJHJFOF MBBMJNFOUBDJONTBEFDVBEB
RV IBDFS BOUF MPT QSJNFSPT TOUPNBT
MPT USBUBNJFOUPT Z NFEJDBNFOUPT RVF
EFCFOUPNBSZMBBUFODJOFOMPTTFSWJ
DJPTEFTBMVE&ODVBOUPBMBTFYVBMJEBE
Z MBT SFMBDJPOFT EF QBSFKB MBT USBUB NT
TVQFSmDJBMNFOUF TFSFDPNJFOEBOUPEBT
BRVFMMBTQSDUJDBTiTFHVSBTw ZTJTFSFBMJ[B
FMBDUPTFYVBMDPNQMFUP TFSFDPNJFOEB
IBDFSMPDPODPOEO DPOFMRVFFTiDBTJ
JNQPTJCMFJOGFDUBSTFw ZTFJOEJDBDPOEJ
CVKPTMBNFKPSGPSNBEFVUJMJ[BSMP
+PSHF+PT'FSSFS4JEBZ#JPUJDBEF
MBBVUPOPNBBMBKVTUJDJB6OJWFSTJ
EBE1POUJmDJBEF$PNJMMBT .BESJE
QQ
6OB FYDFMFOUF PCSB QBSB EPDVNFOUBS
TFTPCSFMBFWPMVDJOEFM7*)EFTEFTV
BQBSJDJOIBTUBTVEFTDVCSJNJFOUP DPO
DJUBT Z SFGFSFODJBT EF FTQFDJBMJTUBT Z SF
WJTUBTOBDJPOBMFTFJOUFSOBDJPOBMFTEPO
EFTFQVCMJDBSPOMPTQSJNFSPTFTUVEJPT
DPOUBEBEFTEFVOBQFSTQFDUJWBCJPUJDB
1SPMPHBEBQPSFMFYQFSUPFOCJPUJDBZB
GBMMFDJEP FM TBDFSEPUF +BWJFS (BGP FTUF
MJCSP DPNJFO[B DPO VO SFQPSUBKF EP
DVNFOUBM TPCSF MB MPDBMJ[BDJO Z QPTJ
CMF JOJDJP EF MB QBOEFNJB FOUSF

Z
1PTUFSJPSNFOUF FM MJCSP HJSB
TPCSFMPTQSJODJQJPTEFBVUPOPNB CF
OFmDFODJBZKVTUJDJBQBSBFTUSVDUVSBSTV
DPOUFOJEP ZBRVFMBQFSTQFDUJWBCJPUJ
DB EFM QSPCMFNB EFM TJEB IB DBNCJBEP
QBVMBUJOBNFOUF4VBVUPS +PSHF'FSSFS
SFDPHFQBSUFEFTVUFTJTEPDUPSBMHVJBEB
QPS +BWJFS (BGP Z UJFOF VO WBMPS GVO
EBNFOUBMQBSBRVJFORVJFSBDPOPDFSDB
QUVMPT EF MB IJTUPSJB EFM TJEB DPNP MB
EJTQVUB FOUSF MPT JOWFTUJHBEPSFT EFM WJ
SVT (BMMP Z .POUBHOJFS
Z PQJOJPOFT
BVUPSJ[BEBTDPNPMBEFMJOWFTUJHBEPSFT
QBPM 3BGBFM/KFSB FOUSFPUSPT-B#J
CMJPUFDBEFM,FOOFEZ*OTUJUVUFPG&UIJDT
EF(FPSHUPXO6OJWFSTJUZFO8BTIJOH
UPOIBTFSWJEPEFCBTFEPDVNFOUBMQBSB
FTUFUSBCBKP RVFOPFTVOBOPWFEBEFEJ
UPSJBMQFSPTVOEPDVNFOUPFYDFQDJPOBM
QBSBJODMVJSFOMBCJCMJPUFDBEFDVBMRVJFS
JOUFSFTBEPFOMBNBUFSJB
)FSOO 'VFO[BMJEB1VFMNB Z PUSPT

&EJUPSFT
"QPSUFT EF MB UJDB Z FM
EFSFDIPBMFTUVEJPEFM4JEB0SHB
8BTIJOHUPO QQ
&OFTUFMJCSPTFUSBUBOMPTBTQFDUPTUJDPT
Z KVSEJDPT RVF TF QMBOUFBO BM BCPSEBS
DVBMRVJFSBEFMBTNBOJGFTUBDJPOFTQSPQJBT
EFMFTQFDUSPEFMBJOGFDDJOQPSFMWJSVT
EFMBJONVOPEFmDJFODJBIVNBOB 7*)

&MBOMJTJTEFMPTUFNBTUSBUBEPTFOFTUB
PCSB MBMFHJTMBDJOJOUFSOBDJPOBMTPCSFFM
4*%" MBDPOmEFODJBMJEBEZTVTMNJUFT
MBBTJHOBDJOEFSFDVSTPTBMPTQBDJFOUFT
EF4*%"ZEFQBEFDJNJFOUPTBmOFT MBT
JOWFTUJHBDJPOFT TPCSF FM 4*%" Z KVOUBT
EFFYBNFOUJDP FM4*%"ZFMMVHBSEF

USBCBKP FUD
QBSUFEFVOFOGPRVFEFMPT
EFSFDIPT IVNBOPT CBTBEP FO FM RVF TF
QPESBEFOPNJOBSoEFTEFVOBQFSTQFDUJ
WBLBOUJBOBoFMiJNQFSBUJWPDBUFHSJDPw
TFHOFMDVBMUPEBTPDJFEBEEFCFSFTQFUBS
MBEJHOJEBECTJDBEFMTFSIVNBOP
&EVBSEP (BSDB$BNCB $PPSE

1TJRVJBUSB Z 4JEB .BTTPO 4"
#BSDFMPOB QQ
&MDPPSEJOBEPSEFFTUFWPMVNFOFTKFGF
EF4FDDJOEFM4FSWJDJPEF1TJRVJBUSBFO
FM)PTQJUBM-B1SJODFTB EF.BESJE)B
SFDPHJEPBRVMBTJOUFSWFODJPOFTEFVOBT
+PSOBEBT TPCSF 1TJRVJBUSB Z 4JEB RVF
GPSNBSPOQBSUFEFVODVSTPEFEPDUPSB
EPJNQBSUJEPFOFMo%JWFSTPT
FTQFDJBMJTUBT USBUBO DBEB VOP EF MPT UF
NBTBTQFDUPTFQJEFNJPMHJDPT DMOJDPT
Z QTJDPGBSNBDPMHJDPT TVJDJEJP EPHSB
EJDDJO BTQFDUPTUJDPTFOMBBUFODJOBM
QBDJFOUFoFOFMIPTQJUBM DPOMBGBNJMJB
FOMBTVOJEBEFTEFTBMVENFOUBMo SJFTHP
EFEFTHBTUFQSPGFTJPOBMFOMPTTBOJUBSJPT
PSHBOJ[BDJPOFTEFWPMVOUBSJBEP FUD
"OES (MVDLTNBOO -B mTVSB EFM

NVOEPUJDBZTJEB&EJDJPOFT1F
OOTVMB #BSDFMPOB QQ
&MBVUPS DPOPDJEPmMTPGPGSBODT OBDJ
FOFMTFOPEFVOBGBNJMJBKVEBZBOUJOB
[JZDSFDJFOVOBNCJFOUFBOUJUPUBMJUB
SJPZBOUJGBTDJTUB5SBTDVSTBSFTUVEJPTFO
-ZPOZ4BJOU$MPVE USBCBKPFOFM$/34
DPNPFTQFDJBMJTUBFOFTUSBUFHJBOVDMFBS
QFSTVBTJO Z HVFSSB (MVDLTNBOO IB
UFOJEPRVFDBSHBSDPOMBFUJRVFUBEFAFO
GBOUUFSSJCMFEFMBmMPTPGBGSBODFTB4V
BDUJWJTNPUJDPMFIBMMFWBEPBOPSFIVJS
FMEFCBUFFOOJOHVOBDVFTUJOFOMBRVF
FMTVGSJNJFOUPIVNBOPFTUQSFTFOUF&T
VOP EF MPT mMTPGPT FVSPQFPT NT JN
QPSUBOUFTEFOVFTUSBQPDB&OUSFPUSBT
IB FTDSJUP MBT TJHVJFOUFT PCSBT -F %JT
DPVST EF MB HVFSSF &M VOEDJNP NBO
EBNJFOUP -B FTUVQJEF[ JEFPMPHBT EFM
QPTUNPEFSOJTNPZ-BmTVSBEFMNVOEP
UJDBZTJEB4VTMUJNBTPCSBT %PTUPJF
WTLJ FO .BOIBUUBO
0DDJEFOUF
DPOUSB PDDJEFOUF
Z &M EJTDVSTP
EFM PEJP
PCUVWJFSPO VO HSBO
YJUPJOUFSOBDJPOBM
0SMBOEP.FKB3JWFSBUJDBZ4JEB
4BO1BCMP #PHPU QQ
&M BVUPS FT NEJDP JOUFSOJTUB QSPGFTPS
EF#JPUJDBFOMB'BDVMUBEEF.FEJDJOB
EF MB 6OJWFSTJEBE EF $BMEBT &O FTUB
PCSB OPT PGSFDF VO BOMJTJT TFSJP EFM
GFONFOP EFM 4*%" HSBWF FQJEFNJB
EFMBTPDJFEBENPEFSOB RVFFYJHFVOB
SFnFYJO EFTEF EJGFSFOUFT QFSTQFDUJWBT
DJFODJBT NEJDBT EJTDJQMJOBT TPDJBMFT
UJDB NPSBM FUD &M BVUPS OPT MMFWB BM
DPOPDJNJFOUP SJHVSPTP EF MB TJUVBDJO
Z OPT QFSNJUF FOGSFOUBSMB DPO FTQSJUV
IVNBOJTUB Z SFTQPOTBCMF FO USNJOPT
DPNVOJUBSJPT
0SHBOJ[BDJO 1BOBNFSJDBOB EF MB

4BMVE$PNQSFOTJOZSFTQVFTUBBM
FTUJHNB Z B MB EJTDSJNJOBDJO QPS
FM7*)4JEBFOFMTFDUPSTBMVE&EJ
DJOFOJOHMTZFODBTUFMMBOP 014
8BTIJOHUPO QQ
&TUFJOGPSNFEFMB014TFDFOUSBFOFM
BOMJTJTEFMPTFTUJHNBTZEJTDSJNJOBDJP
OFTRVFGSFDVFOUFNFOUFBDPNQBBOBMB
FQJEFNJBEFM7*)4JEBFOMBQPCMBDJO
FOHFOFSBM ZNTFTQFDJBMNFOUFFOMPT
QSPGFTJPOBMFT EFM TFDUPS EF TBMVE DPO
FYQFSJFODJBT EF MPT HSVQPT WVMOFSBCMFT
FOGFSNPT Z USBCBKBEPSFT EF MB TBMVE EF
MPTQBTFTEF"NSJDB-BUJOBZFM$BSJ
CF4FFYQPOFOMBTMFDDJPOFTBQSFOEJEBT
FOMPTBPTFORVFTFIBEFTBSSPMMBEPMB
FYQBOTJOEFM4JEB ZEFEJTFBOFTUSBUF
HJBTRVFQVFEBOBZVEBSBMBGPSNBDJO
ZBQPZPEFMPTQSPGFTJPOBMFTRVFEFCFO
USBUBSBFTPTQBDJFOUFTZMBTQFSTPOBTRVF
EFCFO BDPNQBBSMFT Z DVJEBSMFT FO TVT
DPNVOJEBEFT
$PNP TFBMB MB EJSFDUPSB EF MB 014
.JSUB 3PTFT i-PT USBCBKBEPSFT EF MB
TBMVE OFDFTJUBO EF UPEP OVFTUSP BQPZP
QBSBSFBMJ[BSMBEJGDJMUBSFBEFBUFOEFSB
MBT QFSTPOBT DPO 7*) Z 4JEB "MHVOPT
SFRVFSJSO BZVEB QBSB TPCSFQPOFSTF B
TVT QSPQJPT QSFKVJDJPT 0USPT QVFEFO
OFDFTJUBSBQPZPQBSBNBOFKBSTVTUFNP
SFT QBSBTPCSFMMFWBSFMFTUSTEFBUFOEFS
BMPTQBDJFOUFTRVFFTUONVZHSBWFTZ
QBSB QSFWFOJS MB JOEJGFSFODJB RVF QVF
EF PDVSSJS FOUSF RVJFOFT TF PDVQBO EF
QBDJFOUFT RVF NVFSFO QPS FM 4JEB -BT
QFSTPOBT RVF DVJEBO B QBDJFOUFT DPO
7*) UBNCJO OFDFTJUBO DBQBDJUBDJO Z
MPTSFDVSTPTOFDFTBSJPTQBSBBTFHVSBSRVF
FMSJFTHPEFMBUSBOTNJTJOBDDJEFOUBMEFM
WJSVTTFNBOUFOHBFOVONOJNPw
.BSL 1MBUUT $PNQ

4JEB BQSPYJ
NBDJPOFT UJDBT 6OJWFSTJEBE /B
DJPOBM "VUOPNB EF .YJDP *OTUJ
UVUP EF *OWFTUJHBDJPOFT 'JMPTmDBT
.YJDP%' QQ
.BSL1MBUUTSFDPHFFOFTUBPCSBVOBTF
SJFEFUFYUPTEFEJTUJOUPTFTQFDJBMJTUBTFO
FM4JEBZFOFOGFSNPTUFSNJOBMFT"MMBO
. #SBOEU $BSMPT .POTJWJT 4JNPO
8BUOFZ 5JNPUIZ .VSQIZ &MJ[BCFUI
,CMFS3PT Z 4BNVFM 1PODF EF -FO
3FBMJ[BO VOB TPDJPMPHB DVMUVSBM EF MB
FOGFSNFEBE BOBMJ[BO MBT FOGFSNFEBEFT
JOGFDDJPTBT Z MBT EF USBOTNJTJO TFYVBM
MBTFYJHFODJBTRVFUJFOFMBTBMVEQCMJDB
FODVBOUPBMBQSFWFODJOZFEVDBDJO
QBSB MB TBMVE FTQFDJBMNFOUF FO FM DBTP
EFM4JEB
#MBODB3JDPZPUSPT &EJUPSFT
4JUVB
DJOEFMBTNVKFSFTZFM7*)4JEB
FO"NSJDB-BUJOB*OTUJUVUP/BDJP
OBM EF 4BMVE 1CMJDB $VFSOBWBDB
.PSFMPT .YJDP QQ
4FBOBMJ[BOFOFTUFMJCSPMBTFTUBETUJDBT
FQJEFNJPMHJDBT EFM 4JEB FO "NSJDB
-BUJOB ZMBTDBVTBTEFMDSFDJFOUFONF
SPEFNVKFSFTJOGFDUBEBT DPOVOBQSP
QVFTUB EF BHFOEB EF JOUFSWFODJOoBD
DJORVFMMFWFBQPEFSGSFOBSMBEJGVTJO
EFMBFOGFSNFEBE
4PDJFEBEEFUJDBFO.FEJDJOBUJ
DB Z 4JEB 'VOEBDJO "SHFOUJOB EF
%JBHOTUJDP .EJDP #VFOPT "JSFT
QQ
4F SFDPHFO FO FTUB QVCMJDBDJO MPT USB
CBKPT QSFNJBEPT FO MBT +PSOBEBT EF
UJDB.EJDBDFMFCSBEBTFOTFQUJFNCSF
EF 'VFSPO USFT MPT USBCBKPT 4UF
MMB $FSSVUJ $BSNFO $VSCFMP Z .BSJP
EF 1FOB UJDB Z 4JEB )FSOO 1BSFKB
3FnFYJPOFTTPCSFMBEJNFOTJOUJDBEFM
4JEBZ.BSUB'SBDBQBOJZ$FMJB#PSEO
UJDBZ4JEB

&TQFDJBMJEBEFTNEJDBT
3JDBSEP"CJ[BOEB$BNQPT .BOVFM
5SFWJKBOP &UDIFWFSSB + " (NF[
3VC #JPUJDB Z NFEJDJOB JOUFO
TJWB EJMFNBT UJDPT FO FM QBDJFOUF
DSUJDP &EJLB.FE .BESJE
QQ
#JPUJDB DMOJDB Z NFEJDJOB JOUFOTJWB
TPOEPTEJTDJQMJOBTKWFOFTRVFIBOTF
HVJEPVOBUSBZFDUPSJBQBSBMFMBBMPMBSHP
EFMPTMUJNPTBPT-PTJOUFOTJWJTUBT
mHVSBOFOUSFMPTQSJNFSPTDMOJDPTRVF
BMBOPSNBMJORVJFUVEQPSMBTCBTFTDJFO
UmDBTEFTVFTQFDJBMJEBE BBEJFSPOVOB
FTQFDJBM QSFPDVQBDJO QPS MPT BTQFDUPT
TPDJBMFTZIVNBOPTEFMBBTJTUFODJB
"TPDJBDJO .FYJDBOB EF 1FEJBUSB

"SNBOEP(BSEVP %JSFDUPS
#JP
UJDB5FNBTEF1FEJBUSB.D(SBX
)JMM *OUFSBNFSJDBOB .YJDP
QQ
&TUBPCSBDPPSEJOBEBQPSFMEPDUPS"S
NBOEP(BSEVP QSPGFTPSEF1FEJBUSB
FOMB6/".EF.YJDP SFDPHFWFJOUF
USBCBKPT RVF QSFUFOEFO EBS VOB WJTJO
HMPCBMEFMB#JPUJDB OPTMPEFMPTQSP
CMFNBTUJDPTFO1FEJBUSB BVORVFFTUB
TFBMBQBSUFNTFYUFOTBEFMBPCSB
-PTQSJNFSPTIBDFOSFGFSFODJBBMBGVO
EBNFOUBDJO BDBSHPEFWBSJPTBVUPSFT
FTQBPMFT 'VOEBNFOUPT mMPTmDPT EF
MB #JPUJDB EFM QSPGFTPS 'SBODJTDP +
-FO$SJTJTEFMBDPODJFODJBNFEJDBFO
FMUJFNQPBDUVBM EFMEPDUPS.BOVFMEF
4BOUJBHP"OUSPQPMPHBBMTFSWJDJPEFMB
CJPUJDB EFMEPDUPS+PBRVO'FSOOEF[
$SFIVFU
&O MB TFHVOEB QBSUF FYQFSUPT FO 1F

EJBUSB EF .YJDP $IJMF "SHFOUJOB Z
$PTUB3JDB FTUVEJBOMPTEJGFSFOUFTQSP
CMFNBT UJDPT WJODVMBEPT B MB BUFODJO
EF TBMVE EFM OJP $POUSPWFSTJBT UJDB
TFO OFPOBUPMPHB *NQMJDBDJPOFT CJP
UJDBT FO FM OJP EJTDBQBDJUBEP UJDB Z
HFOUJDB NFEJDB /JPT DPO TOESPNF
EF JONVOPEFmDJFODJB BERVJSJEB 1B
DJFOUFFOGBTFUFSNJOBM&VUBOBTJBUJDB
EFMBJOWFTUJHBDJOFOCJPNFEJDJOB*B
USPHFOJB5SBUBNJFOUPEFMEPMPSFOOJ
PT7JPMFODJBZNBMUSBUPBMNFOPS-PT
USBOTQMBOUFT EF SHBOPT $VJEBEPT QB
MJBUJWPT$PNJUTIPTQJUBMBSJPTEFUJDB
3FMBDJOFOUSFNEJDP QBDJFOUFZGBNJ
MJB-PTEFSFDIPTEFMOJPZmOBMNFOUF
-BFOTFBO[BEFMB#JPUJDB
*SFOF "DFWFEP 1SF[ %PMPS DSOJ

DPEFMOJPZCJPUJDB4BOUJBHPEF
$IJMF QQ
&MMJCSPi%PMPS$SOJDPZ#JPUJDBwRVF
OPTFOUSFHB*SFOF"DFWFEPFTQSPEVDUP
EFVOBWJEBQSPGFTJPOBMEFEJDBEBBMBFO
TFBO[BEFMB&OGFSNFSBZMB#JPUJDB
KVOUPBMBBUFODJOEFOJPTFOGFSNPT
.VDIPT EF FTPT OJPT QBEFDBO EPMPS
GTJDP Z TVGSJNJFOUPT FO JOUFOTJEBEFT
UBOWBSJBEBTDPNPEFTDPOPDJEBTZTVC
WBMPSBEBT 1FSP MB BVUPSB IB DPOPDJEP
UBNCJOFMEPMPSDSOJDPFOMPQFSTPOBM
ZFOTVPCSBFMMBFOUSFHBDPONVDIBHF
OFSPTJEBETVWJTJOCBTBEBFOFTUBFYQF
SJFODJB MBDVBMMPHSBJOUFHSBSEFNBOFSB
NVZFTQFDJBMDPOMPTDPOPDJNJFOUPTDM
OJDPTZMBSFnFYJOCJPUJDB&TUFIFDIP
IBDFRVFFTUFMJCSPTFBVOBQPSUFPSJHJ
OBMRVFWBNTBMMEFVOBOMJTJTTMP
UFSJDP EFM EPMPS &M MJCSP BOBMJ[B VO

UFNBRVFIBTJEPEFTDVJEBEPFOMBQSD
UJDB EF MB 1FEJBUSB Z EF MB &OGFSNFSB
1FEJUSJDBZMPIBDFEFTDSJCJFOEPEFVOB
NBOFSBBNQMJBZTJOUUJDBMPTNMUJQMFT
BTQFDUPT RVF UJFOF FM EPMPS DSOJDP FO
FMOJPBTQFDUPTDMOJDPTZQTJDPMHJDPT
MPQTJDPTPDJBMZGBNJMJBS MPTTJHOJmDBEPT
EFM EPMPS EFTEF VOB NJSBEB UFPMHJDB
MP FTQFDmDP EF MPT OJPT PODPMHJDPT
RVFNBEPTPQPMJUSBVNBUJ[BEPT FMBO
MJTJT CJPUJDP EFM UFNB MBT DPOEJDJPOFT
OFDFTBSJBTEFMPTQSPGFTJPOBMFTZBMHVOPT
BTQFDUPTQSDUJDPTEFMDVJEBEP
&OTVTQHJOBTFMMFDUPSDPOPDFSFMJN
QBDUPZFMTJHOJmDBEPEFMEPMPSDSOJDP
DPO TV QBSUJDVMBSJEBE FO FM DBTP EF MPT
OJPT RVF TPO TVKFUPT FTQFDJBMNFOUF
WVMOFSBCMFT RVF FOGSFOUBO FM EPMPS MPT
SJFTHPT EF EJGFSFOUFT TFDVFMBT P MJNJUB
DJPOFT GVODJPOBMFT Z FO BMHVOPT DBTPT
MBDFSDBOBEFTVNVFSUF4FEFTDSJCFMB
OFDFTJEBEZEJmDVMUBEEFMPTQSPGFTJPOB
MFTZDVJEBEPSFTQBSBBQSFDJBSZFWBMVBSFM
EPMPSFOMPTOJPT EFQFOEJFOEPEFTVT
FEBEFT MBTDBVTBTEFMEPMPS FMQSPOTUJ
DPEFMBFOGFSNFEBEZMBTTJUVBDJPOFTGB
NJMJBSFTQBSUJDVMBSFTEFDBEBOJP4MP
EFTQVTEFFTUBWBMPSBDJOZFWBMVBDJO
TFSQPTJCMFQMBOJmDBSSFTQVFTUBTFmDBDFT
RVF JODMVZBO KVOUP B MB QSFTDSJQDJO Z
BENJOJTUSBDJOEFBOBMHTJDPT FMBQPZP
FNPDJPOBM QTJDPMHJDPZFTQJSJUVBMUBO
UPBMOJPDPNPBMBGBNJMJB-PBOUFSJPS
DPOTUJUVZFSFTQVFTUBTDPODSFUBTEFSFTQF
UPBMPTEFSFDIPTEFMOJPZ EFBDVFSEP
DPODBEBFEBE BTVBVUPOPNBDVBOEP
UJFOFOMBQPTJCJMJEBEZTFMFTQFSNJUFQBS
UJDJQBSFOMBTEFDJTJPOFTEFTVDVJEBEP
$PNPPDVSSFDPOUPEBBDDJOQSPGFTJP
OBMFOFMDBNQPEFMBTBMVE FMMBOPTF
BDFSDBS B MB FYDFMFODJB TJ TF EFTDVJEBO
TVTBTQFDUPTUJDPT1PSFTPDPNQSFOEFS
FMEPMPSDSOJDPEFMOJPIBDFOFDFTBSJP
TVBOMJTJTEFTEFMB#JPUJDB MPDVBMFO
FTUBT QHJOBT TF IB SFBMJ[BEP EF NBOF
SBJOUFHSBEBDPOMPTBTQFDUPTDMOJDPTZ
MBTSFTQVFTUBTQSPGFTJPOBMFT4FBOBMJ[BFM
EPMPSEFTEFMBNJSBEBEFMPTQSJODJQJPT
CJPUJDPT QFSPEFNBOFSBNVZFTQFDJBM
EFTEFMBWJTJOEFMBUJDBEFMDVJEBEP
/PQPEBTFSEFPUSBGPSNBQPSDVBOUP
FM EPMPS FO FM OJP EFTQJFSUB OBUVSBM
NFOUFFOMPTBEVMUPTGVFSUFTFNPDJPOFT
ZBDUJUVEFTEFDPNQBTJO&MQSPCMFNB
FTRVFMPTQSPGFTJPOBMFTOPQVFEFORVF
EBSTFDPOFTUBTQSJNFSBTSFBDDJPOFT OF
DFTJUBOFMBCPSBSTVTFNPDJPOFTQBSBQP
EFSBZVEBSFGFDUJWBNFOUFFOFMDVJEBEP
EFMPTFOGFSNPTRVFTVGSFO OPBHPUBSTF
FNPDJPOBMNFOUF QFSP UBNQPDP EFKBS
EFJOWPMVDSBSTFEFBMHVOBNBOFSBFOMBT
WJWFODJBT EF MPT FOGFSNPT 2VJFOFT OP
MPMPHSBOTVGSFOMPRVFIPZDPOPDFNPT
DPNPiCVSOPVUTZOESPNFw-BSFTQVFTUB
FTRVFMPTQSPGFTJPOBMFTEFMDVJEBEPEF
MPTFOGFSNPT FOFTQFDJBMMBTFOGFSNFSBT
Z FOGFSNFSPT RVF TPO FTFODJBMNFOUF
DVJEBEPSFT OFDFTJUBODPOPDFSNVZCJFO
FTUPT UFNBT JODPSQPSBSMPT B TV RVFIB
DFSDPUJEJBOPFJOUFHSBSFOTVTWJEBTMB
DPNQBTJO 4F USBUB EF MB DPNQBTJO
OPDPNPVOBFNPDJOTJOPDPNPVOB
WJSUVERVFFTOFDFTBSJPDVMUJWBSBUSBWT
EF MB WJEB -B BVUPSB MP IB MPHSBEP FO
QMFOJUVE Z QPS FTP IB FTUVEJBEP EFTEF
BPTFTUFUFNBRVFBIPSBFOFTUFMJCSPMP
FOTFBZMPDPNQBSUFDPOMPTMFDUPSFT

&MDPOPDJNJFOUPEFMEPMPSDPNPTOUP
NBZDPNPSFBMJEBEIVNBOBEFMPTFO
GFSNPT ZFMEFTBSSPMMPEFMBTDPNQFUFO
DJBTZIBCJMJEBEFTFTQFDmDBTEFMDVJEBEP
TPOOFDFTBSJPTQBSBUPEPQSPGFTJPOBMEF
MBTBMVE1BSBNEJDPT FOGFSNFSBT QTJ
DMPHPT LJOFTJMPHPT Z PUSPT QSPGFTJP
OBMFTRVFTFEFEJDBOBMBBUFODJOEFMPT
OJPT FTUFDPOPDJNJFOUPZFTUBTIBCJMJ
EBEFTBERVJFSFOQBSUJDVMBSJEBEFTRVFTF
NVFTUSBOFOFTUBTQHJOBT1PSFTPFTUF
MJCSPTFSVOBQPSUFEFHSBOJNQPSUBODJB
FO MB FOTFBO[B EF QSFHSBEP Z QBSB MB
FEVDBDJODPOUJOVBEFMPTQSPGFTJPOBMFT
EF MB TBMVE +VBO 1BCMP #FDB *OGBOUF
$FOUSPEF#JPUJDB 'BDVMUBEEF.FEJ
DJOB $MOJDB "MFNBOB6OJWFSTJEBE EFM
%FTBSSPMMP

Z$MOJDB"TQFDUPTUJDPTFOEJMJ
TJT&ODPMBCPSBDJODPOMB$PSQPSB
DJ4BOJUBSJB1BSD5BVM
&TUFMJCSPEF"DUBTSFDPHFMBTJOUFSWFO
DJPOFT EF MB * +PSOBEB TPCSF "TQFDUPT
UJDPT EF MB EJMJTJT RVF UVWP MVHBS FO
4BCBEFMM FO OPWJFNCSF EF PSHB
OJ[BEBQPSMB$PSQPSBDJ4BOJUSJB1BSD
5BVMZMB"TPDJBDJOEF#JPUJDB'VO
EBNFOUBMZ$MOJDB
.BSB $BTBEP $PPSE

&M "M[IFJ
NFSQSPCMFNBTUJDPTZKVSEJDPT
5JSBOU MP #MBODI 7BMFODJB
QQ
"VUPSFTRVFFTDSJCFOFOFTUFMJCSP.B
SB $BTBEP 1JMBS "OUO .FSD #PBEB
3PWJSB #FUMFN$FSWFMM .JSFOUYV$PS
DPZ #JEBTPMP 3PTFS (PO[MF[%VBSUF
.BOVFM.BT 7DUPS.OEF[#BJHFT
.BSB +FTT .POUPSP $IJOFS "MCFSU

3PZFTZ"OB4ODIF[6SSVUJB
-PT BWBODFT FO HFOUJDB QMBOUFBO OVF
WPT SFUPT QFSTPOBMFT Z TPDJBMFT $PNP
FO DVBMRVJFS PUSP DBNQP DJFOUmDP MB
BERVJTJDJO EF DPOPDJNJFOUPT QVFEF
UFOFSBQMJDBDJPOFTNVZEJWFSTBTZHFOF
SBS TFOUJNJFOUPT EF FTQFSBO[B EVEB P
BOTJFEBE 1FSP DVBOEP FTUB BQMJDBDJO
JODJEF EJSFDUBNFOUF FO MB TBMVE IVNB
OB FTUPTQMBOUFBNJFOUPTBERVJFSFOVOB
SFMFWBODJB NVZ FTQFDJBM &O FTUF TFOUJ
EP MB HFOUJDB IB TJEP IBTUB IBDF NVZ
QPDPUJFNQPVOBDJFODJBNVZEJTDSFUB
"VORVFFMFOVODJBEPEFMBTMFZFTEFMB
IFSFODJB EF MPT DBSBDUFSFT QPS .FOEFM

FMEFTDVCSJNJFOUPEFMBFTUSVD
UVSBEFEPCMFIMJDFEFMDJEPEFTPYJSSJ
CPOVDMFJDP %/"
QPS+BNFT8BUTPOZ
'SBODJT$SJDLFO ZNTUBSEF MPT
DPOPDJNJFOUPTTPCSFMBFTUSVDUVSBZGVO
DJOEFMPTHFOFTGVFSPOIJUPTDSVDJBMFT
EFTVIJTUPSJB OJOHVOPEFFMMPTHFOFS
DPOUSPWFSTJBTPDJBM OJPCUVWPVOBHSBO
SFTPOBODJBNTBMMEFMBTSFBTDJFOUm
DBTQSYJNBT
4FSHJP $FDDIFUUP %JMFNBT UJDPT

FO.FEJDJOB1FSJOBUBM$PSSFHJEPS
#VFOPT"JSFT QQ
-B MFDUVSB EF FTUF MJCSP FTDBQB BM QSP
QTJUPEFMUUVMPEBEPQPSFMBVUPSBMB
PCSBZFOGSFOUBBMMFDUPSBVOBSJDBHBNB
EFDVFTUJPOFTRVFMFMMFWBOBSFnFYJPOBS
TPCSF MPT EJMFNBT EF MB QFSTPOBMJEBE
IVNBOB Z MB SFTQPOTBCJMJEBE TPDJBM MB
JOBEFDVBDJO EF MBT SFTQVFTUBT MFHBMFT
Z MB JOTVmDJFODJB EF MBT DJFOUmDBT Z
MBT FMVTJPOFT RVF MB DPNVOJEBE WJFOF
NBOJGFTUBOEPBOUFDPNQSPNJTPTUJDPT
TPCSFWJOJFOUFT B MPT BWBODFT UFDOPDJFO
UmDPT 1FSP WBZBNPT BM UFYUP BEFMBO
UBOEPEFTEFZBRVFFMNJTNPBIPOEBFO
DVFTUJPOFTRVF TJCJFOOPFTUOGVFSBEF
UFNB TFHVSBNFOUFEBSOBMMFDUPSNV
DIBNTUFMBRVFDPSUBSRVFMBFTQFSBEB
-B BMUB UFDOPMPHB CSJOEB IPZ oZ DBEB
EBBDSFDJFOUBMBPGFSUBoJOONFSPTSF
DVSTPTFOMBMVDIBQPSHBOBSTBMVEPUSB
UBSQFOVSJBTRVF IBTUBIBDFNVZQPDP
UJFNQP OPTTVNBOFOMBSFTJHOBDJO P
FO MB SFCFMEB
BOUF MP JOFWJUBCMF &TUB
OVFWB CBUFSB EF JOTUSVNFOUPT B EJT
QPTJDJO EF MB QSDUJDB NEJDB QFSJOB
UBM QPOF B MPT QSPGFTJPOBMFT PCTUFUSBT
OFPOBUMPHPT PCTUUSJDB Z FOGFSNFSBT
BOUF MB SFTQPOTBCJMJEBE EF EFDJTJPOFT
TFMFDUJWBT QBSB MBT DVBMFT OP IBO UFOJ
EP FM TVmDJFOUF UJFNQP EF SFnFYJPOBS
Z FO NVDIPT DBTPT DBSFDFO EF EBUPT
PCKFUJWPT TPCSF MPT DVBMFT UPNBSMBT &O
FTUFQVOUP 4FSHJP$FDDIFUUPEFKBDMBSP
oDPO FTUBETUJDBT Z VOB SFWJTJO CSFWF
QFSP SFWFMBEPSBo RVF MB EFUFSNJOBDJO
EF MBT DPOEJDJPOFT NT GBWPSBCMFT QBSB
MBSFQSPEVDDJOIVNBOB ZQPSMPUBOUP
MBT EF NFOPT SJFTHPT
OP TPO VOB SFT
QPOTBCJMJEBE FYDMVTJWB EF MB BDUVBDJO
QSPGFTJPOBMBMNPNFOUPEFMOBDJNJFOUP
F JONFEJBUBNFOUF QPTUFSJPS B M BOUFT
CJFOEFMBDPNVOJEBERVFIBEFQSPWFFS
MBT DPOEJDJPOFT NT GBWPSBCMFT B USBWT
EFVOBQMBOJmDBDJOSFBMJTUB Q

&M $BQUVMP ** FT VO MMBNBNJFOUP B MB
SFnFYJO OP TMP NEJDB Z UJDB TJOP
VOB EFOVODJB B MB EFTQSPQPSDJPOBEB
EJTUBODJBFOUSFMBSFBMJEBEDPUJEJBOBZMBT
OPSNBTKVSEJDBTiFOMBQSDUJDBNEJDB
DPUJEJBOB TJOFNCBSHP MBTSFHVMBDJPOFT
FYJTUFOUFTFOFMSFBKVSEJDBSFTVMUBOJO
TBUJTGBDUPSJBT Z EF JSSFHVMBS BQMJDBDJO
/JOHOBHFOUFEFMBTBMVEDPOGBEFNB
TJBEPFOMBFGFDUJWJEBEEFMBTOPSNBTZ
TF TVFMF BQFMBS MMFHBEP FM NPNFOUP B
NFEJEBTBENJOJTUSBUJWBTPKVEJDJBMFTBE
IPD QBSB SFTPMWFS DVFTUJPOFT EFMJDBEBTw
Q
&O SFBMJEBE $FDDIFUUP SFWFMB
MBUSBOTGPSNBDJOZSFEJTFPEFMBOPS
NBUJWB FM DBNCJP DPQFSOJDBOP FO MBT
MFZFT GVOEBNFOUBMFT EF MB DPOWJWFODJB
IVNBOB FOTFOUJEPUJDPZFOTFOUJEP
KVSEJDP
&MQMBOUFPEFMBPCSBOPEFTDVJEBMPTBT
QFDUPTBOUSPQPMHJDPTZQTJDPMHJDPTEF
MBDJSDVOTUBODJBQFSJOBUBMEFBMUPSJFTHP
EBOEPDVFOUBEFVOBOMJTJTDPOUFYUVBM
EFMPTWODVMPTNBESFoIJKPFIJKPoGBNJ
MJBFOFTBTTJUVBDJPOFTZMBOFDFTJEBEEF
VOB BTJTUFODJB QSPGFTJPOBM JOUFHSBEPSB
EFMBTDSJTJTFNFSHFOUFTQBSBFWJUBSBQMJ
DBDJPOFTBCVTJWBTEFMBTUDOJDBTNEJ
DBTDPOTUSVZFOEPBTiVOFRVJMJCSJPFO
USFFMEFSFDIPBMBJOUJNJEBERVFBTJTUF
BMBGBNJMJBZMBEFGFOTBEFMOJPSFDJO
OBDJEPw Q
QFSPTJORVFFMMPDPOT
UJUVZB iMB JOWBTJO NEJDPoUFDOPMHJDB
<RVF>TFQSFTFOUBZBEFTEFMFNPNFOUP
FORVFTFDPOmSNBVOFNCBSB[P
Z
EBQJFQBSBJOJDJBSVOBQSFQBSBDJOEJSJ
HJTUBTPCSFMBCBTFEFVOBNPSBMZVOPT
FTRVFNBTBKFOPTBMBHSWJEB QFSPRVF
MBNPEFMBOZQSFGPSNBOQBSBFMGVUVSP
QBSUP RVF IBCS EF EFTBSSPMMBSTFw Q

-PDVBMMMFWBBMBVUPSBQMBOUFBSVO
DPOUSPMOFDFTBSJPEFUBMFTEJGVOEJEBTBD
UJUVEFTBUSBWTEFMJOUFSSPHBOUFi{$VMFT

IBOTJEPMBTDPOTFDVFODJBTEFFTUFBTBMUP
UFDOPMHJDPBMPTFTUBEJPTJOJDJBMFTEFMB
WJEBIVNBOB w Q

:BFOFM$BQUVMP*** 4FSHJP$FDDIFUUP
FYQMJDJUB iBRVFMMPT JEFBMFT EJTDJQMJOBSJPT
oIJTUSJDPT Z NFUBIJTUSJDPT B VO UJFN
QPoTPCSFMPTRVFFYJTUFTVmDJFOUFBDVFSEPw
FJOUFOUBiUSB[BSDVSTPTEFBDDJOQSPCB
CMFTRVFMFQFSNJUBOBFTPTJEFBMFTDPODSF
UBSTFFOMBSFBMJEBEw Q
"TBEWJFSUF
RVFiFMBGOQPSGVOEBNFOUBSVODSJUFSJP
UJDPMJNJUBUJWPOPEFCFIBDFSOPTPMWJEBS
RVF MB DBUFHPSB EF BOMJTJT SFMFWBOUF OP
FT FM EFTQJMGBSSP FDPONJDP TJOP FM FTUBEP
EFTBMVEEFMQFRVFPw Q
ZRVFVO
DSJUFSJPFDPONJDPEFMBBENJOJTUSBDJO
EFSFDVSTPTFONFEJDJOBQFSJOBUBMEFCF
SBMFOUBSiBDDJPOFTNEJDBTDPIFSFOUFT
EFTEF VO QVOUP EF WJTUB FDPONJDP
DJFOUmDPZUJDPw Q

$FDDIFUUP SFDIB[B TJO BUFOVBOUFT MB
QSDUJDB EFM JOGBOUJDJEJP P FVUBOBTJB
OFPOBUBM OP TJO SFDPOPDFS Z QBTBS SF
WJTUBBPQJOJPOFTEJWFSTBTTPCSFFMUFNB
DPNPMBTEF4JOHFS 4IBX -PSCFS ,MV
HFZPUSPT4JOFNCBSHP FTDMBSPZBCPHB
QPS iMB MJDJUVE EF BCBOEPOBS MPT USBUB
NJFOUPTFMFHJEPTQBSBVOOFPOBUPDVZB
TBMVETFFODVFOUSBNVZDPNQSPNFUJEBw
Q ZSFJUFSBTVQPTJDJOBMPMBSHP
EFMBPCSB
5FPEPSB;BNVEJP SFWJTUB
$VBEFSOPTEF#JPUJDB "SHFOUJOB
(JMCFSUP $FMZ (BMJOEP 4+ Z /FMMZ

4VTBOB 3VFEB "SEJMB /PSNBT CJP
UJDBTQBSBFMFKFSDJDJPQSPGFTJPOBM
EF MB #BDUFSJPMPHB Z FM -BCPSBUP
SJP $MOJDP 6OJWFSTJEBE +BWFSJBOB
FE #PHPU QQ
%FMQSPGFTPS(JMCFSUP$FMZZBIFNPTDP
NFOUBEPWBSJPTEFMPTMJCSPTRVFIBDP
PSEJOBEPTPCSFCJPUJDBZDJFODJB DPNP
EJSFDUPS EFM 4FNJOBSJP *OUFSEJTDJQMJOB
SJPEF#JPUJDBFOMB1POUJmDJB6OJWFSTJ
EBE+BWFSJBOB-BEPDUPSB/FMMZ4VTBOB
3VFEBIJ[PFTUVEJPTEF#BDUFSJPMPHBZ
.BFTUSB FO .JDSPCJPMPHB Z EJSJHF MB
DBSSFSBEF#BDUFSJPMPHBFOMB6OJWFSTJ
EBE+BWFSJBOBEF#PHPU&OUSFBNCPT
SFDPHFO VOB TOUFTJT EF OPSNBT UJDBT
QBSBFMFKFSDJDJPQSPGFTJPOBMFOMBFTQF
DJBMJEBEEF#BDUFSJPMPHBZ-BCPSBUPSJP
$MOJDPMPTEFCFSFTGSFOUFBMBTDPOEJ
DJPOFTFTQFDmDBTEFMBQSPGFTJO GSFOUF
BM QBDJFOUF B MBT JOTUJUVDJPOFT QCMJDBT
PQSJWBEBTFOMBTRVFQSFTUBOTVTTFSWJ
DJPT MPTEFNTDPMFHBT MPTTVCBMUFSOPT
ZUBNCJO EFCFSFTGSFOUFBTVTDPNQSP
NJTPTEPDFOUFTZEFJOWFTUJHBDJOUBOUP
DPOTFSFTIVNBOPTDPNPDPOBOJNBMFT
'JOBMNFOUF FYQPOFOMPTEFCFSFTGSFOUF
BMQBT MBTDBTBTDPNFSDJBMFT MBTVOJWFS
TJEBEFTEPOEFTFIBOGPSNBEP ZMBTBTP
DJBDJPOFTEFTVQSPGFTJO
$PNJTJOEF.FKPSBEFMB$BMJEBE
"MPUSPMBEPEFMBNFTB4PDJFEBE
$BUBMBOBEF.FEJDJOB'BNJMJBSZ$P
NVOJUBSJB 4&.':$
"TUSB;OFDB
#BSDFMPOB
-BGBMUBEFTFOTJCJMJEBEIBDJBFMQBDJFOUF
ZMBFTDBTBDPNQSFOTJORVFFOPDBTJP
OFTEFNVFTUSBFMNEJDPEFGBNJMJBDPO
MBQFSTPOBRVFUJFOFFOGSFOUFTPOBMHV
OBT EF MBT SFnFYJPOFT RVF MB $PNJTJO
EF.FKPSBEFMB$BMJEBEEFMB4PDJFEBE
$BUBMBOB EF .FEJDJOB 'BNJMJBS Z $P
NVOJUBSJB 4FNGZD
IB QMBTNBEP FO FM
MJCSP"MPUSPMBEPEFMBNFTB QBUSPDJ
OBEPQPS"TUSB;OFDBZDVZBWFSTJOFO
DBUBMOZBTBMJFOKVOJPEFMBPQBTBEP
-PTBVUPSFTEFMMJCSPIBOEFDJEJEPTFO
UBSTFBMPUSPMBEPEFMBNFTBEFMBDPO
TVMUBZBEPQUBSFMQBQFMEFMQBDJFOUFQB
SBDPOPDFSRVFTQFSBMBQFSTPOBRVFTF
BDFSDBBMQSJNFSOJWFMBTJTUFODJBTZRV
FTSFBMNFOUFMPRVFSFDJCF&MBVUPBO
MJTJTSFnFKBRVFDVBOEPFMQSPGFTJPOBMTF
RVJUB MBT HBGBT EF TBOJUBSJP PCTFSWB MPT
EFGFDUPTEFMBPSHBOJ[BDJO MBTCBSSFSBT
FOFMBDDFTPBMBBUFODJO MBQPDBQBS
UJDJQBDJO FO MB UPNB EF EFDJTJPOFT Z
TPCSF UPEP MB EFmDJFOUF SFMBDJO FOUSF
FMQSPGFTJPOBMZFMFOGFSNP"EFNTEF
SFnFYJPOBSTPCSFMPTEFGFDUPTEFMBBUFO
DJO FMMJCSPBQPSUBUBNCJOTPMVDJPOFT
ZMBQSJNFSBEFFMMBTTFDFOUSBFOMBOF
DFTJEBEEFEFKBSIBCMBSBMQBDJFOUFQBSB
RVFTFBFTDVDIBEP
'VOEBDJO $JFODJBT EF MB 4BMVE

$POTVNPZDPOUSPMEFESPHBTSF
nFYJPOFT EFTEF MB UJDB .BTTPO
#BSDFMPOB QQ
&T FM SFTVMUBEP FEJUPSJBM EF VO OVFWP
QSPZFDUPEFDPMBCPSBDJOFOUSFMBT'VO
EBDJPOFT EF $JFODJBT EF MB 4BMVE Z EF
"ZVEBDPOUSBMB%SPHBEJDDJO FEJDJO
RVFIBTJEPQPTJCMFHSBDJBTBMBQPZPEF
MB%FMFHBDJOEFM(PCJFSOPQBSBFM1MBO
/BDJPOBM TPCSF %SPHBT 4F USBUB EFM
DPOKVOUPEFUSBCBKPTSFBMJ[BEPTQPSVO
HSVQPEFFYQFSUPTDPNQVFTUPQPSTPDJ
MPHPT NEJDPT QTJRVJBUSBT KVSJTUBT BO

USPQMPHPT QTJDMPHPTZCJPFUJDJTUBT BM
RVFTFFODPNFOEBOBMJ[BSMPTBTQFDUPT
UJDPTEFMPTEPTDPODFQUPTGVOEBNFOUB
MFTRVFGPDBMJ[BOMPTEFCBUFTTPDJBMFTFO
UPSOPBMBTESPHBTFMEFiDPOTVNPwZFM
EFiDPOUSPMw4FIBQSFUFOEJEPBOBMJ[BS
MBEJNFOTJONPSBMEFMPTDPOTVNPTZ
EFMPTNFDBOJTNPTQBSBMJNJUBSMPT BCPS
EBOEP DVFTUJPOFT DPNP MB MJCFSUBE EF
DPNQPSUBNJFOUPQFSTPOBM MPTEFSFDIPT
SFGFSJEPT B MB TFHVSJEBE DPMFDUJWB MBT
FYJHFODJBT EF QSPUFDDJO EF MPT HSVQPT
NT WVMOFSBCMFT MB MFHJUJNJEBE EF MBT
NFEJEBTSFTUSJDUJWBT MBEJTUJODJOFOUSF
MPTNOJNPTFYJHJCMFTZBRVFMMPTPUSPTM
NJUFTRVFDPSSFTQPOEFOBMNCJUPEFMP
QFSTPOBM MBHSBEBDJOZMBMHJDBEFMPT
DPOUSPMFT Z TVT QPTJCMFT FGFDUPT OFHBUJ
WPT"TVOUPTFTQFDJBMNFOUFJNQPSUBOUFT
FO VO NPNFOUP DPNP FM BDUVBM FO FM
RVFFMUJQPEFDPOTVNPFTUDBNCJBOEP
SQJEBNFOUF IBDJB VO QFSmM EF DPOTV
NJEPS KPWFO RVF JHOPSB Z CBOBMJ[B MBT
DPOTFDVFODJBTZMBSFQSFTFOUBDJODPMFD
UJWBTPCSFMPTQSPCMFNBTEFESPHBTZTVT
QPTJCMFTTPMVDJPOFT MPRVFBTVWF[FTU
JOnVZFOEPFOMBSFWJTJOEFMBTQPMUJDBT
ZFTUSBUFHJBTFTUBCMFDJEBTFOMBTMUJNBT
EDBEBT
+VBO"(NF[3VCUJDBFO.F
EJDJOB DSUJDB 5SJBDBTUFMB .BESJE
QQ
&MBVUPSFTVOPEFMPTQJPOFSPTEFMBNF
EJDJOBJOUFOTJWBFO&TQBB EJSJHFEFTEF
MB6OJEBEEF$VJEBEPT*OUFOTJWPT
EFM )PTQJUBM 7JSHFO EF MB "SSJYBDB FO
.VSDJB ZFTUBNCJONBHTUFSFO#JP
UJDB Z QSFTJEFOUF EFM $PNJU EF UJDB

EF TV IPTQJUBM 7VFMDB FO FTUF MJCSP TV

FYQFSJFODJBQSPGFTJPOBMFOFMUSBUBNJFO
UPEFFOGFSNPTDSUJDPT DPOMBTEJGFSFO
UFT QPTJCJMJEBEFT UFSBQVUJDBT OVFWBT Z
MPTEJMFNBTUJDPTRVFDPNQPSUBO&TUB
QFOTBEPDPNPVOMJCSPEFUJDBQBSBMPT
QSPGFTJPOBMFT EF MB NFEJDBO DSJUJDB Z
UBNCJODPNPVOBGVFOUFEFBDDFTPBM
DPOPDJNJFOUPEFMPTBWBODFTEFMBNFEJ
DJOBFOFTUFNCJUPZEFTVTSFQFSDVTJP
OFTTPDJBMFT
&OFMQSMPHP FMQSPGFTPS%JFHP(SBDJB
DPNFOUBRVFTFOPUBFOFTUBPCSBRVFiMB
NFEJDJOBDSUJDBIBTBMJEPEFTVOJF[OP
EF TV BEPMFTDFODJB Z IB BMDBO[BEP VOB
QSJNFSB NBEVSF[ :B IBO QBTBEP MPT
BPT EF MBT QSJTBT EF MB UFNQFTUBE EF
NPWJNJFOUPT EFMBTDSJTJTEFBOHVTUJBZ
IBFNQF[BEPMBFUBQBEFMTPTJFHP EFMB
NBEVSF[RVFEBMBFYQFSJFODJBBDVNVMB
EB EFM USJVOGP EF MB SBDJPOBMJEBE FO
TVNB EF MB QSVEFODJBw "T BCPSEB FM
BVUPSMPTEJMFNBTUJDPTFOUPSOPBMEJBH
OPTUJDPEFMBNVFSUFMBNVFSUFDMOJDB
ZSFBOJNBDJODBSEJPQVMNPOBSMBTTJUVB
DJPOFTRVFCPSEFBOMBNVFSUF DPNPTPO
FMDPNB FMFTUBEPWFHFUBUJWPQFSNBOFO
UFZFMTOESPNFEFDBVUJWFSJPMPTBTQFD
UPTUJDPTEFMBOVUSJDJOFIJESBUBDJO
BSUJmDJBMMPTEFSFDIPTEFMQBDJFOUFDSJUJ
DPZMPTDPOnJDUPTEFKVTUJDJBRVFFTUO
QSFTFOUFTFOMBBUFODJOBMQBDJFOUFDSJUJ
DPBMmOBMEFMBWJEB
*OTUJUVUP /BDJPOBM EF /FVSPMPHB

#JPUJDB Z .FEJDJOB .YJDP %'
QQ
4F SFDPHFO FO FTUF MJCSP WBSJBT EF MBT
QPOFODJBT EF VO $VSTP TPCSF #JPUJDB
Z.FEJDJOB SFBMJ[BEPFONBZPEF
FOFM*///i.BOVFM7FMBTDP4VSF[w
EF .YJDP FO UPSOP TPCSF UPEP B MB
OFVSPMPHBZOFVSPDJFODJB QPSVOMBEP
ZMBJNQPSUBODJBEFMB#JPUJDBFOMBGPS
NBDJOEFMNEJDPZFOFMFKFSDJDJPEF
MBQSPGFTJO QPSPUSP&MQSPQJPEPDUPS
7FMBTDPo4VSF[ FTDSJCF TPCSF i#JPJDB
QSJNJHFOJB FO .FEJDJOB Z /FVSPDJFO
DJBw &M EPDUPS 'SBODJTDP 3VCJP%P
OOBEJFV TPCSF i$POTJEFSBDJPOFT UJ
DPoOFVSPMHJDBT WJHFOUFTw Z FM EPDUPS
'SBODJTDP&TDPCFEP TPCSFi-B#JPUJDB
FOMBNFEJDJOBZDJSVHBOFVSPMHJDBTw
1PS PUSB QBSUF MPT EPDUPSFT )PSBDJP
(BSDBZ'FSOBOEP$BOP7BMMFFTDSJCFO
TPCSF #JPUJDB Z .FEJDJOB FO HFOFSBM
Z FM EPDUPS +PT ,VUIZ 1PSUFS TPCSF MB
iFOTFBO[BEFMB#JPUJDBFOMBGPSNB
DJOEFMNEJDPw
.JHVFM ,PUUPX #JPUJDB FO TBMVE

QCMJDB &EJUPSJBM 1VFSUP EF 1BMPT
4BOUJBHPEF$IJMF QQ
&MBVUPSFTEPDUPSFO.FEJDJOB NBHTUFS
FO 4PDJPMPHB Z QSPGFTPS EF MB 6OJWFS
TJEBE EF $IJMF %FTBSSPMMB BDUJWJEBEFT
BDBENJDBTTPCSF#JPUJDBZBOUSPQPMP
HBNEJDBEFTEFIBDFBPT4FQSPQPOF
FOFMQSFTFOUFUFYUPJOJDJBSMBTJTUFNBUJ
[BDJOEFMEFCBUFCJPUJDPFOTBMVEQ
CMJDB FO TVT BTQFDUPT GVOEBNFOUBMFT Z
FO MB SFnFYJO TPCSF UFNBT FTQFDmDPT
DPNP HFOUJDB GFSUJMJEBE Z SFQSPEVD
DJO IVNBOB FOGFSNFEBEFT FNFSHFO
UFT VTPEFTVTUBODJBTBEJDUJWBT FUD
%FEJDBFMBVUPSMBQSJNFSBQBSUFEFMJCSP
BGVOEBNFOUBDJOEFMBUJDBZMB#JP
UJDB ZBCPSEBFOMBTFHVOEBQBSUFMPT
UFNBT EF TBMVE QCMJDB RVF MF QBSFDFO

NT JNQPSUBOUFT iMPT DPNJFO[PT EF MB
WJEBw HFOUJDB EJTDBQBDJEBE Z TFOFT
DFODJB NVFSUFZUSBTQMBOUFEFSHBOPT
FDPOPNB TBOJUBSJB Z DBMJEBE EF WJEB
NFEJDJOB PDVQBDJPOBM CJPUFSSPSJTNP
1BSBFMBVUPS FOUSFMBQPTUVSBEFRVFMB
WJEBDPNJFO[BFOMBVOJOEFMPTHBNF
UPTZMBQPTUVSBEFRVFTFSBNTUBSEF
oMPTEBT BMUFOFSTJTUFNBOFSWJPTP
FUDoDBCFVOBUFSDFSBQPTUVSB RVFTFSB
DVBOEPMBNBESFDPOPDFZBDFQUBBMIJKP
RVFFTUHFTUBOEP4MPFOMBBDFQUBDJO
EFPUSPTFEBSBVOSFDPOPDJNJFOUPBMB
OVFWBWJEBIVNBOB&TUPUBNCJOQVF
EFBQMJDBSTF TFHOFMBVUPS BMUFNBEFM
BCPSUPQSPWPDBEP GFDVOEBDJOJOWJUSP
ZPUSPT
3JDBSEPEF-PSFO[P.BOVBM1SDUJ
DPEFMB-FZQBSBFTQFDJB
MJTUBTFO(JOFDPMPHBZ0CTUFUSJDJB
4BOFE QQ
%FOUSPEFMBTFSJFEFNPOPHSBGBTEJSJ
HJEBT B EJGFSFOUFT FTQFDJBMJEBEFT TPCSF
MB-FZEF"VUPOPNBEFM1BDJFOUF IBZ
VOBEFEJDBEBFTQFDJBMNFOUFBMPTFTQF
DJBMJTUBTFO(JOFDPMPHBZ0CTUFUSJDJB
$PNPFOUPEBTMBTPCSBTEFMBDPMFDDJO
3JDBSEP EF -PSFO[P BCPHBEP FYQFSUP
FO %FSFDIP 4BOJUBSJP USB[B VO FTCP[P
EFDPODFQUPTKVSEJDPTHFOFSBMFTQBSBFM
NEJDP UBMFTDPNPMBJOGPSNBDJOTBOJ
UBSJB FMEPDVNFOUPEFWPMVOUBEFTBOUJ
DJQBEBTPMBIJTUPSJBDMOJDB
-PTUFNBTQSDUJDPTSFDPHJEPTFOMBNP
OPHSBGBBCPSEBOMBSFTQPOTBCJMJEBEFO
FMBCPSUP MBDVFTUJOEFMBTMJTUBTEFFT
QFSBPFMEJBHOTUJDPQSFOBUBM BTDPNP
FMDPOTFOUJNJFOUPFOMBQSFTDSJQDJOEF
MB QMEPSB QPTUDPJUBM -B SFTQPOTBCJMJ
EBERVFQVFEFQSPEVDJSTFFOFMEJBHOT
UJDPQSFOBUBMFTUSFMBDJPOBEBDPOWBSJPT
TVQVFTUPTDPNFOUBEPTFOFTUBPCSB
.BSB/JFWFT.BSUOZPUSPT#JCMJP
UFDBCTJDB%V1POU1IBSNBQBSB
FM NEJDP EF BUFODJO QSJNBSJB
%V1POU1IBSNB .BESJE
QQ
&O FTUF MJCSP TF SFDPHFO USFT BSUDVMPT
FTQFDJBMNFOUF EJSJHJEPT B MPT NEJDPT
EF BUFODJO QSJNBSJB &M QSJNFSP EF
MPT EPDUPSFT /JFWFT .BSUO &TQMEPSB
.BSB 5FSFTB %FMHBEP .BSSPRVO Z
3PHFMJP "MUJTFOU USBUB TPCSF i#JPUJDB
BQMJDBEBFO"UFODJO1SJNBSJBw DPOMPT
BTQFDUPTFTFODJBMFTUJDPTFTQFDmDPTEF
MBBUFODJOQSJNBSJB ZVOBNVZQSDUJ
DBQSPQVFTUBEFNUPEPQBSBMBUPNBEF
EFDJTJPOFT Z BOMJTJT EF DBTPT UJDPoDM
OJDPT BQMJDBEPBVODBTPDPODSFUPRVF
BOBMJ[BO &M TFHVOEP EFM EPDUPS .B
OVFMEF4BOUJBHP QSPGFTPSEF&OEPDSJ
OPMPHBZEF#JPUJDBFOMB'BDVMUBEEF
.FEJDJOBEFMB6OJWFSTJEBE"VUOPNB
EF.BESJEZQSFTJEFOUFEFMB4PDJFEBE
&TQBPMBEF#JPUJDB PGSFDFiVOBQFST
QFDUJWBEFMPTGVOEBNFOUPTEFMB#JP
UJDBw DPOMBFYQMJDBDJOEFMPTEJGFSFO
UFT NPEFMPT EF GVOEBNFOUBDJO Z VOB
QSPQVFTUB EFTEF MB UJDB QFSTPOBMJTUB
NPEFSOB &O FM UFSDFSP FM EPDUPS 3P
HFMJP"MUJTFOU FTQFDJBMJTUBFO.FEJDJOB
'BNJMJBS Z $PNVOJUBSJB Z QSPGFTPS EF
MB 'BDVMUBE EF .FEJDJOB EF MB 6OJWFS
TJEBEEF;BSBHP[B BOBMJ[BMBBDUVBDJO
Z EJMFNBT UJDPT RVF EFCF FOGSFOUBS FM

QSPGFTJPOBM NEJDP EF GBNJMJB BOUF FM

FOGFSNPFTJUVBDJOUFSNJOBM
)FSOO .POUFOFHSP (VJEP 4PTB

(SFHPSZ$FMJ[#JPUJDBFONFEJDJ
OBDSUJDB4PDJFEBE&DVBUPSJBOBEF
.FEJDJOB$SUJDB 2VJUP
&MEPDUPS)FSOO.POUFOFHSPFTNEJ
DPJOUFOTJWJTUB USBUBOUFEFMBVOJEBEEF
DVJEBEPT JOUFOTJWPT EFM )PTQJUBM EPD
UPS &OSJRVF (BSDT Z NEJDP BTPDJBEP
EFM )PTQJUBM 7PTBOEF &M EPDUPS (VJ
EP4PTBFTNEJDPJOUFOTJWJTUB VOJEBE
EF DVJEBEP JOUFOTJWP )PTQJUBM EPDUPS
&OSJRVF (BSDT +FGF EF MB 6OJEBE EF
DVJEBEPT*OUFOTJWPT&MEPDUPS(SFHPSZ
$FMJ[ QFSUFOFDF B MB NJTNB 6OJEBE EF
DVJEBEPT*OUFOTJWPT-PTUSFTTPONJFN
CSPTEFMB4PDJFEBE&DVBUPSJBOBEF.F
EJDJOB$SJUJDB&OFTUFMJCSPBCPSEBOMPT
QSPCMFNBTUJDPDMOJDPTNTGSFDVFOUFT
RVFTFQSFTFOUBOFOMB.FEJDJOBDSUJDB
ZFO$VJEBEPT*OUFOTJWPT
"MWBS/FU &EJUPS
UJDBZDPTUFTFO
NFEJDJOBJOUFOTJWB4QSJOHFS7FSMBH
*CSJDB #BSDFMPOB QQ
&MBVUPSFTDBUFESUJDPEF.FEJDJOB*O
UFOTJWBEFMB6OJWFSTJEBE"VUOPNBEF
#BSDFMPOB EJSFDUPS EFM 4FSWFS EF NFEJ
DJOB *OUFOTJWB EFM )PTQJUBM 4BOUB $SV[
Z 4BOU 1BV &OUSF PUSPT QBSUJDJQBO FO
FTUBPCSB%JFHP(SBDJBZ'SBODFTD"CFM
$POUFOJEP%JMFNBTUJDPTFOMPTQBDJFO
UFT DSUJDPT 1BSUJDJQBDJO EFM FOGFSNP
DSUJDPFOMBUPNBEFEFDJTJPOFT&MDPTUF
EFMBNVFSUF-BUJDBZMPTDPTUFTWJTUPT
EFTEFMB'BSNBDJB$MOJDB-JNJUBDJOEFM
FTGVFS[PUFSBQVUJDP*NQMJDBDJPOFTUJDBT
ZFDPONJDBTEFMPTOEJDFTEFHSBWFEBE
-BJOnVFODJBEFMBFTDBTF[EFSFDVSTPTFO
MBMJNJUBDJOEFMFTGVFS[PUFSBQVUJDP-PT
DVJEBEPTJOUFOTJWPTFOMBFSBEFMB#JP
UJDB3FWJTJOEFMBDBMJEBEEFFOGFSNFSB
DPNP BSNB UJDB Z FDPONJDB "OMJTJT
DPTUFFGFDUJWJEBE FM FOGPRVF NEJDP
UJDB Z DPTUFT EFTEF MB QFSTQFDUJWB EFM
HFTUPSTBOJUBSJP"TQFDUPTUJDPTZFDPO
NJDPTEFMBNPSBMJEBEPDVMUBFO$VJEB
EPT*OUFOTJWPT%FDJTJPOFTNEJDBT UJ
DBTZDPTUFT-BBVUPOPNBFOFMQBDJFOUF
DSUJDP*EFOUJmDBDJOEFMBTSFMBDJPOFTEF
BHFODJB FO NFEJDJOB JOUFOTJWB Z TV JN
QMJDBDJO UJDB Z FDPONJDB 3FUJSBEB P
OPJOJDJPEFMTPQPSUFWJUBM&MQBQFMEFMB
DBMJEBE BTJTUFODJBM FO VOB QPMUJDB UJDB
EFDPOUFODJOEFDPTUFT.FEJDJOBUJDB
ZDPTUFT#JPUJDBZUSBTQMBOUFEFSHBOPT
&MQSPCMFNBEFMFTUBCMFDJNJFOUPEFQSJP
SJEBEFTFOTBOJEBE
-FP 1FTTJOJ $ISJTUJBO EF 1BVM EF

#BSDIJGPOUBJOF 0SHT
#JPUJDB F
-POHFWJEBEF)VNBOB&EJDPFT-P
ZPMB 4P1BVMP QQ
&TUB PCSB FT VO USBCBKP DPMFDUJWP EF
VO FRVJQP EF QSPGFTJPOBMFT EFM $FO
USP 6OJWFSTJUBSJP 4BO $BNJMP EF 4P
1BVMP DPPSEJOBEPSFT QPS FM EJSFDUPS
-FP1FTTJOJ ZQPS$ISJTUJBOEF1BVMEF
#BSDIJGPOUBJOF"CBSDBCBTUBOUFNTEF
MPRVFFMNJTNPUUVMPJOEJDB ZUJFOFFM
DBSDUFSDBTJEFVO.BOVBMEF#JPUJDB
QVFTBCPSEBFOMBQSJNFSBQBSUFMBGVO
EBNFOUBDJOEFMB#JPUJDB DPOOVFWPT
FOGPRVFTEFBMHVOPTQSPCMFNBTBDUVBMFT
DPNP MB QBSUJDJQBDJO Z DPOUSPM TPDJBM
FOFMNCJUPEFMBBUFODJOEFTBMVE FM
DPODFQUPEFKVTUJDJBDPNPDVJEBEPPMB
FEVDBDJOBNCJFOUBM ZMBTSFMBDJPOFTEF
MBCJPUJDBZMBUFPMPHB&OFTUBNJTNB
VOJEBE TFEFEJDBOPUSPTUSBCBKPTBUSBT
NJUJS SFnFYJPOFT TPCSF MB FOTFBO[B EF
MB#JPUJDBZFYQFSJFODJBT TPCSFUPEPEF
MB EPDFODJB FO FM $FOUSP 6OJWFSTJUBSJP
4P$BNJMP QFSPUBNCJOFOPUSPTN
CJUPTEFFOGFSNFSBZTBMVEQCMJDB
-B TFHVOEB QBSUF FT MB EFEJDBEB EJSFD
UBNFOUF B MB i-POHFWJEBE )VNBOBw
DPNPVOEFTBGPFOFTUFUFSDFSNJMFOJP
MBTQPMUJDBTTPCSFFOWFKFDJNJFOUPZTB
MVE MB DBMJEBE EF WJEB MB DPFEVDBDJO
FOUSF HFOFSBDJPOFT MPT DVJEBPT QBMJBUJ
WPT MPT BODJBOPT NT NBZPSFT MB IPT
QJUBMJ[BDJOEFFTUFHSVQPEFQBDJFOUFT
FMDVJEBEPHFSPOUPMHJDP5FSNJOBFTUF
BOMJTJTDPOVOBQSPQVFTUBEFUSBUBNJFO
UPHMPCBMEFMBTQFSTPOBTNBZPSFT
7BSJPT BVUPSFT &M DPOTFOUJNJFOUP

JOGPSNBEPFO/FPOBUPMPHB&EJN
TB DPOMBDPMBCPSBDJOEF/PWBSUJT

.BESJE QQ
-B BQBSJDJO EF VO OVFWP MJCSP TPCSF
DPOTFOUJNJFOUP JOGPSNBEP EFNVFTUSB
RVFTJHVFTJFOEPVOEBUPDMBWFBUFOFS
FODVFOUBOPTMPFOMBTSFDMBNBDJPOFT
QPS SFTQPOTBCJMJEBE NEJDB TJOP DPNP
VOGBDUPSJNQPSUBOUFRVFFWBMBMBDBMJ
EBEEFMBBTJTUFODJBEBEBBMQBDJFOUF
/P FO WBOP FM QSMPHP EF FTUF USBCB
KPBQVOUBRVFTFEFCFOUFOFSFODVFOUB
VOB TFSJF EF DPOEJDJPOBNJFOUPT QBSB
RVFFMFOGFSNPQVFEBBDFQUBSiVOQSP
DFEJNJFOUP EJBHOTUJDP P UFSBQVUJDP
EFTQVTEFRVFIBZBUFOJEPVOBJOGPS
NBDJOBEFDVBEBRVFMFQFSNJUBUPNBS
MJCSFNFOUF VOB EFDJTJOw &TUPT QSFTV
QVFTUPT BQVOUBOMPTBVUPSFT TPOiMBMJ

CFSUBE MBDBQBDJUBDJOZMBJOGPSNBDJO
TVmDJFOUFZDPNQSFOTJWBw
&MMJCSPFTNVZDPNQMFUP1SJNFSPBCPS
EBVOBCSFWFTOUFTJTBDFSDBEFMBFTQFDJB
MJEBEEF/FPOBUPMPHB TFHVJEPEFPUSPT
EPTBQBSUBEPTRVFIBCMBOEFMBSFMBDJO
NEJDPoQBDJFOUF 6O DBQUVMP JNQPS
UBOUFFTFMRVFUSBUBEFMDPOTFOUJNJFOUP
JOGPSNBEP FO T EPOEF TF EFTDSJCF
FYIBVTUJWBNFOUFTVSFHVMBDJOMFHBM TVT
SFRVJTJUPT MBSFWPDBDJOZMBTFYDFQDJPOFT
BMDPOTFOUJNJFOUPCJFOGPSNBEPoJOTVm
DJFOUFPOPQSFDJTPo4POSFBMNFOUFQBSB
UFOFS FO DVFOUB MPT EPDVNFOUPT EF
DPOTFOUJNJFOUP SFGFSJEPT B PUSPT UBOUPT
BDUVBDJPOFT NEJDBT EF MB FTQFDJBMJEBE
JOHSFTPFODVJEBEPTJOUFOTJWPT USBTMBEP
USBOTGVTJOEFTBOHSFZIFNPEFSJWBEPT
FYBOHVJOPUSBOTGVTJO BMJNFOUBDJOQB
SFOUFSBM EJBHOTUJDPQPSJNBHFODPOBE
NJOJTUSBDJOEFDPOUSBTUF CJPQTJBIFQ
UJDB JOUFSWFODJO RVJSSHJDB Z EJMJTJT
QFSJUPOFBM FOUSFPUSPT
7BSJPTBVUPSFT(FSPOUPMPHBZ%F
SFDIP "TQFDUPT KVSEJDPT Z QFSTP
OBT NBZPSFT &EJUPSJBM .EJDB 1B
OBNFSJDBOB4" QHJOBT
(FSPOUPMPHB Z %FSFDIP "TQFDUPT KV
SEJDPT Z QFSTPOBT NBZPSFT FT FM UUVMP
EFM MJCSP RVF IBO FTDSJUP WBSJPT BVUPSFT
FO EPOEF TF SFDPHF EF GPSNB BNQMJB Z
DVJEBEPTBMBTQSJODJQBMFTDVFTUJPOFTRVF
EFTEFMBQFSTQFDUJWBEFMEFSFDIPZEFMB
MFHJTMBDJOBGFDUBOBMBQPCMBDJONBZPS
-BPCSBTFFTUSVDUVSBFOEPTQBSUFT-B
QSJNFSBIBDFSFGFSFODJBBMBMFHJTMBDJO

RVF BGFDUB BM BODJBOP FO VO BSDP RVF

WB EFTEF MB SFHVMBDJO GVOEBNFOUBM EF
MB $POTUJUVDJO IBTUB VOB WJTJO EF MB
QPMUJDBTPDJBMSFMBUJWBBMPTNBZPSFTFO
MPT NVOJDJQJPT &M TFHVOEP CMPRVF EF
UFNBT DFOUSB TVT DPOUFOJEPT EF NBOF
SB QSFGFSFOUF FO VOB QSPCMFNUJDB UBO
DPNQMFKB DPNP MB JODBQBDJUBDJO Z MPT
QSPCMFNBT EFSJWBEPT EF FMMB 5BNCJO
TF SFDPHFO BTQFDUPT EF JOUFST DPNP FM
SHJNFOKVSEJDPEFMBQFOTJOEFKVCJ
MBDJO FO MB 4FHVSJEBE 4PDJBM FM QBQFM
EFMBTGVOEBDJPOFTFOMBEFGFOTBEFMPT
EFSFDIPT EF MBT QFSTPOBT NBZPSFT P FM
BDDFTPBWJWJFOEBTBEBQUBEBTQBSBMBUFS
DFSBFEBE&MMJCSPmOBMJ[BDPOEPTDB
QUVMPT SFGFSJEPT B MPT UFTUBNFOUPT Z BM
WPMVOUBSJBEP EF MBT QFSTPOBT NBZPSFT
4FUSBUBEFVONBOVBMRVFQVFEFTFSWJS
DPNP IFSSBNJFOUB EF USBCBKP QBSB MPT
NMUJQMFT QSPGFTJPOBMFT RVF EJBSJBNFO
UFUSBCBKBODPOHFOUFEFMBUFSDFSBFEBE
DPNPQTJDMPHPT NEJDPT FOGFSNFSPT
HFSPDVMUPSFT USBCBKBEPSFT TPDJBMFT FUD
RVF EFTBSSPMMBO TV QSPGFTJO UBOUP FO
SFTJEFODJBTDPNPFOFMNFEJPDPNVOJ
UBSJP4FHO"OUPOJP.BSUOF[.BSPUP
DPPSEJOBEPS EFM NBOVBM TF IB IVJEP
FYQSFTBNFOUF EF DPOUFOJEPT EFNBTJB
EPTUDOJDPTZEFVOBNFUPEPMPHBBCJ
HBSSBEBEFDJUBTZKVSJTQSVEFODJB
7BSJPTBVUPSFT4FJTNJSBEBTTPCSFMB
#JPUJDB $MOJDB $PMFDDJO #JPT Z
&UIPT &EJDJPOFT&M#PTRVF 4BOUB'F
EF#PHPU $PMPNCJB QQ
&O FTUF UFYUP EF MB $PMFDDJO #JPT Z
&UIPT EF MB 6OJWFSTJEBE &M #PTRVF EF
$PMPNCJB TF SFDPHFO TFJT UFYUPT TPCSF
UFNBTDPODSFUPTEFUJDBDMOJDB$IBO
UBM"SJTUJ[CBMFTDSJCFTPCSFi&MQBOPSB
NBBDUVBMEFMBJOGFDDJOQPS7*)ZEFM
4JEBw + 4JOBZ "SWBMP TPCSF i-B EP
OBDJODBEBWSJDBEFSHBOPTZUFKJEPT
%JMFNBTCJPUJDPTw4UFMMB.BSB0TPSOP
BOBMJ[BMBiFVUBOBTJBDPNPVOEFSFDIPEFM
QBDJFOUFw+VBO$BSMPT.OFWBSBCPSEB
MBi#JPUJDBEFMPTFOTBZPTDMOJDPTw-V[
4UFMMB "SWBMP Z "OB .BSB (VUJSSF[
i-PTDVJEBEPTQBMJBUJWPTw ZmOBMNFOUF
.OJDB3JODOFTDSJCFTPCSFi-PTEJMF
NBTUJDPTFOMBTEFDJTJPOFTUFSBQVUJDBT
EFSFDJOOBDJEPTQSFUSNJOPw
0USBTQSPGFTJPOFT
'SBODJTDP+"MBSDPT#JPUJDBZQBT
UPSBMEFMBTBMVE&EJDJPOFT4BO1B
CMP .BESJE QQ
&M BVUPS FT MJDFODJBEP FO UFPMPHB QPS
MB6OJWFSTJEBEEF(SBOBEBZNBTUFSFO
#JPUJDBQPSMBEF$PNJMMBT QSPGFTPSEF
#JPUJDBFOFM$FOUSPEF)VNBOJ[BDJO
EFMB4BMVE-BUJDBZMBSFMJHJO MBCJP
UJDB Z MB QBTUPSBM EF MB TBMVE BVORVF
TPO EJTDJQMJOBT EJGFSFOUFT DPNQBSUFO
TFHO FM BVUPS VO NJTNP PCKFUJWP FM
CJFOFTUBSEFMTFSIVNBOPFOHFOFSBM Z
EFMFOGFSNPFOQBSUJDVMBS&OMVHBSEF
EFTUBDBS MBT EJGFSFODJBT RVF MBT TFQBSBO
FTQSFDJTPUFOEFSQVFOUFTRVFEFTDVCSBO
MPRVFMBTVOFFOMBQSDUJDB
"CPSEB BT FM QSPCMFNB EF MB UJDB FO
OVFTUSPTEBTZFMPSJHFOEFFTUBEJTDJQMJ
OBmMPTmDB BTDPNPTVTSFMBDJPOFTDPO
MBSFMJHJO"OBMJ[BEFTQVTMBBQPSUBDJO
EFMBCJPUJDBNPEFSOBFOMBBDUVBMJEBE
QBSBDFOUSBSTFBDPOUJOVBDJOFOMBFWP
MVDJOEFMBDPNQSFOTJOZEFMQSPQJP
DPODFQUP EF TBMVE Z mOBMNFOUF FO MB

GVOEBNFOUBDJOCJPUJDBZUFPMHJDBEF
MBQBTUPSBMEFMBTBMVEZFMTVGSJNJFOUP
'SBODJTDP+"MBSDPT.BSUOF[{7JWJS
EFQFOEJFOEP UJDB EFSFDIPZDPOT
USVDDJOCJPHSmDBFOMBEFQFOEFO
DJB$PNBSFT (SBOBEB
-BEFQFOEFODJB DPNPQSPCMFNBIVNB
OP IB USBTDFOEJEP FM NCJUP QFSTPOBM
Z GBNJMJBS PCMJHBOEP B BCSJS VOB OVF
WB SBNB FO MB QSPUFDDJO TPDJBM Z VOB
OVFWB EJNFOTJO EF EFSFDIPT TPDJBMFT
BT DPNP OVFWPT FMFNFOUPT B DPOTJEF
SBSEFTEFMBUJDBEFMBWJEB$PNPUPEB
DVFTUJOQFSTPOBMZTPDJBMFYJHFVOUSB
UBNJFOUP JOUFSEJTDJQMJOBS QPS MBT EJGF
SFOUFTEJNFOTJPOFTRVFFTUOBGFDUBEBT
-B QFSTQFDUJWB TPDJBM KVSEJDB UJDB Z
MB DPOTUSVDDJO CJPHSmDB TPO FMFNFO
UPT RVF FTUO JNCSJDBEPT EF NBOFSB
USBOTWFSTBM FO FTUF UFYUP &TUF UFYUP FT
GSVUP EFM * 4FNJOBSJP *OUFSEJTDJQMJOBS
EFMB$UFESB"OEBMV[BEF#JPUJDBEF
QFOEJFOUF EF MB 'BDVMUBE EF 5FPMPHB
EF (SBOBEB &O FM QBSUJDJQBO EJWFSTPT
BVUPSFT (SFHPSJP 3PESHVF[ $BCSFSP
1BCMP 4JNO -PSEB .BSDJBOP 7JEBM
#BMEPNFSPMWBSF[ /SJB5FSSJCBT EJ
SFDUPSBEFM*OTUJUVU#PSKBEF#JPUJDB
Z
'SBODJTDP+"MBSDPT.BSUOF[
$BSPMJOBMWBSF[EFMB$BEFOB4BO
EPWBM UJDB 0EPOUPMHJDB 'BDVM
UBE EF 0EPOUPMPHB EF MB 6OJWFSTJ
EBE/BDJPOBM"VUOPNBEF.YJDP
FEJDJO .YJDP QQ
5SBUB MB BVUPSB EF MB OBUVSBMF[B EF MB
UJDB Z MB EFPOUPMPHB QSPGFTJPOBM -PT
GVOEBNFOUPTEFMBWJEBUJDBMPBBDUPT
IVNBOPT Z MB SFTQPOTBCJMJEBE FM WBMPS

EFM FODVFOUSP QFSTPOBM Z mOBMNFOUF
MPTEFSFDIPTIVNBOPT$PNPBQOEJDF
FTUOMPTUFYUPTEFBMHVOPTEFMPT$EJ
HPTEFUJDBNEJDBNTDPOPDJEPT
/P SFBMJ[B MB BVUPSB VOB BQMJDBDJO BM
NCJUPEFMB0EPOUPMPHBEFFTPTQSJO
DJQJPTHFOFSBMFTEFMBUJDBZMBEFPOUP
MPHBQSPGFTJPOBM
+PT3BNO"NPS1BOUJDBZEJT
DBQBDJEBE JOUFMFDUVBM 6OJWFSTJEBE
1POUJmDJBEF$PNJMMBT
&TNVDIPMPRVFTFIBBWBO[BEPFOMPT
MUJNPT BPT FO FM BCPSEBKF EF MBT EJ
GFSFOUFT DVFTUJPOFT SFMBDJPOBEBT DPO MB
EJTDBQBDJEBE JOUFMFDUVBM 1FSP OBEB EF
FMMP UJFOF TFOUJEP TJ OP TF USBUB EF BD
DJPOFTRVFUFOHBODPNPOPSUFVOBSFWB
MPSJ[BDJOUJDBEFFTUFDPMFDUJWPRVF B
QFTBSEFUPEP TJHVFMVDIBOEPQPSHBOBS
FTQBDJPT FO MB TPDJFEBE RVF EF WFSEBE
TJHOJmRVFOVOBNFKPSBFOTVDBMJEBEEF
WJEB-BEJTDBQBDJEBEJOUFMFDUVBMDPOTUJ
UVZFVOPEFMPTHSBOEFTSFUPTRVFUJFOF
QMBOUFBEBOVFTUSBTPDJFEBE RVFMMFWBB
DVFTUJPOBSNVDIBTDPTBT MBQSJNFSBEF
FMMBTMBQSPQJBPSHBOJ[BDJOTPDJBMTPCSF
RVF QSJODJQJPT Z WBMPSFT FTUBNPT FEJm
DBOEPOVFTUSBDJWJMJ[BDJO
$BEBVOPEFTEFTVQFSTQFDUJWBoGBNJMJB
BTPDJBDJPOFT QSPGFTJPOBMFT SFTQPOTBCMFT
TPDJBMFTZQPMUJDPT DJVEBEBOPDPNOo
OFDFTJUB SFnFYJPOBS DPO TFSFOJEBE Z BM
NJTNPUJFNQPDPOQBTJOTPCSFVOOV
NFSPTPDPOKVOUPEFQFSTPOBTRVFUSBUBO
EF HBOBS FTQBDJPT FO VOB TPDJFEBE OP
TJFNQSF BUFOUB B TVT SFBMFT OFDFTJEBEFT

ZQPUFODJBMFT"NPS1BOPGSFDFFTUBSF
nFYJOUJDBQFHBEBBMUFSSFOPEFMBWJEB
SFBM:USBTQSFTFOUBSFMIPSJ[POUFUJDP
FOFMRVFCSJMMBMBEJHOJEBEIVNBOBEF
MBQFSTPOBDPOEJTDBQBDJEBE BGSPOUBUF
NBTZDVFTUJPOFTUBOBDUVBMFTDPNPFTFM
EFCBUFTPCSFiOBDJNJFOUPTJODPSSFDUPTw
Z iWJEBT FRVJWPDBEBTw MB BDDJO Z MPT
QSPCMFNBT EF MB GBNJMJB MB JOUFHSBDJO
BGFDUJWBZTFYVBMEFMBQFSTPOBDPOEJTDB
QBDJEBEZMBJOUFHSBDJOMBCPSBM$PNP
EJDFFMBVUPS MBSFnFYJOTPCSFMBEJTDB
QBDJEBEJOUFMFDUVBMOPTPCMJHBBSFWJTBS
OVFTUSP NPEFMP BOUSPQPMHJDP Z OVFT
USPTQSFTVQVFTUPTNPSBMFT/PTJOWJUBB
BCBOEPOBSOVFTUSPTFHPTNPTZOVFTUSBT
NJPQBTQBSBBCSJSOPTBVOOVFWPFTUJMP
EFWJEB
+PT $BSMPT #FSNFKP *OUFMJHFODJB

FNPDJPOBMMBTBCJEVSBEFMDPSB[O
FOMBTBMVEZFOMBBDDJOTPDJBM4BM
5FSSBF #BSDFMPOB QQ
&M DPOPDJEP BVUPS FT SFMJHJPTP DBNJMP
EPDUPS FO UFPMPHB QBTUPSBM TBOJUBSJB Z
NTUFS FO CJPUJDB "DUVBMNFOUF EJSJHF
FM $FOUSP EF )VNBOJ[BDJO EF MB 4B
MVEZMB&TDVFMBEF1BTUPSBMEFMB4BMVE
/VFTUSB 4FPSB EF MB &TQFSBO[B EF MB
'&34 'FEFSBDJO&TQBPMBEF3FMJHJP
TPT4BOJUBSJPT
)BQVCMJDBEPVOBWFJO
UFOBEFMJCSPTTPCSFUFNBTSFMBDJPOBEPT
DPOMBTBMVE MBBDDJOTPDJBM MBUFPMPHB
ZMBCJPUJDB
&M TBCFS FNPDJPOBM FT JNQSFTDJOEJCMF
QBSB BZVEBS B MPT EFNT UBOUP FO FM
NVOEPEFMBTBMVEDPNPFOFMEFMBJO
UFSWFODJO TPDJBM %JGDJMNFOUF FODPO
USBSFNPT VO CVFO BZVEBOUF TJ OP FTU
GBNJMJBSJ[BEPDPOMBUFSOVSBEFMDPSB[O
IVNBOP TJOPFTFYQFSUPFOTNJTNP TJ
OPNBOFKBMBSFMBDJODPOnFYJCJMJEBEZ
TBCJEVSB$VMUJWBSMBJOUFMJHFODJBFNP
DJPOBMQVFEFDPOUSJCVJSBOVFTUSBGFMJDJ
EBE Z B EPUBS B OVFTUSBT SFMBDJPOFT EF
DPNQFUFODJBT QBSB DPOTUSVJS NT GDJM
NFOUFMBIVNBOJEBERVFDPOMBSJHJEF[
EFMBGSBJOUFMJHFODJBJOUFMFDUJWB
+PT $BSMPT #FSNFKP Z 3PTB .B

SB #FMEB#JPUJDBZBDDJOTPDJBM
DNPBGSPOUBSMPTDPOnJDUPTUJDPT
FO MB JOUFSWFODJO TPDJBM 4BM 5F
SSBF #BSDFMPOB QQ
&M DPOPDJEP BVUPS FT SFMJHJPTP DBNJMP
EPDUPS FO UFPMPHB QBTUPSBM TBOJUBSJB Z
NTUFS FO CJPUJDB "DUVBMNFOUF EJSJHF
FM $FOUSP EF )VNBOJ[BDJO EF MB 4B
MVEZMB&TDVFMBEF1BTUPSBMEFMB4BMVE
/VFTUSB 4FPSB EF MB &TQFSBO[B EF MB
'&34 'FEFSBDJO&TQBPMBEF3FMJHJP
TPT4BOJUBSJPT
)BQVCMJDBEPVOBWFJO
UFOBEFMJCSPTTPCSFUFNBTSFMBDJPOBEPT
DPOMBTBMVE MBBDDJOTPDJBM MBUFPMPHB
ZMBCJPUJDB3PTB.BSB#FMEBFTN
EJDP NTUFSFOCJPUJDB $PPSEJOBEPSB
EFMSFBEF"DDJOFOMPT5FSSJUPSJPTEF
$SJUBT&TQBPMB QSPGFTPSBZDPMBCPSB
EPSBEFM$FOUSPEF)VNBOJ[BDJOEFMB
4BMVEZEFMBSFWJTUB)6."/*;"3
&YJTUFONVDIPTMJCSPTEFCJPUJDB6OPT
MBGVOEBNFOUBO PUSPTEFTBSSPMMBOUFNBT
UBOJNQPSUBOUFTDPNPFMBCPSUP MBFV
UBOBTJB MBJOWFTUJHBDJODPODMVMBTNB
ESFy UFNBTEFTVNBJNQPSUBODJB1FSP
{OP IFNPT EF IVNBOJ[BS UBNCJO FTUB
SFnFYJO Z EFTBSSPMMBSMB FO VO NVOEP
EFMBFTDBTF[EFSFDVSTPT FOMPTDPOUFY
UPTEFQPCSF[BZFYDMVTJO -BJOUFSWFO
DJOTPDJBMOPTTJUBJOFMVEJCMFNFOUFFO
TJUVBDJPOFTFOMBTRVFOPTFODPOUSBNPT
BOUFQSPCMFNBTUJDPT{DNPEJTUSJCVJS
SFDVSTPT {FTCVFOPFDIBSBVOBQFSTPOB
EF VO QSPZFDUP {DVOUB JOGPSNBDJO
QVFEFO NBOFKBS VOPT WPMVOUBSJPT TJO
GBMUBSBMBDPOmEFODJBMJEBE {IBTUBRV
QVOUPMBTOPSNBTIBDFOCJFOBMPTQBS
UJDJQBOUFTFOVOQSPHSBNB {IFEFEF
OVODJBSFMBCVTPEFMBTQSPTUJUVUBTRVF
DPOP[DP {RV IBDFS BOUF VOB NBESF
RVF OP TF DPNQPSUB SFTQPOTBCMFNFOUF
DPOTVTIJKPT {QPSRVZDVOEPJODB
QBDJUBS /PFTGDJMRVFFTUPTQSPCMF
NBT TFBO JEFOUJmDBEPT TJFNQSF DPNP
QSPCMFNBT UJDPT -B SFnFYJO CJPUJDB
RVFTFQSFTFOUBFOFTUFUFYUPBZVEBSB
DPOPDFSFTUSBUFHJBTEFEFMJCFSBDJOZEF
BDPNQBBNJFOUP FO MBT TJUVBDJPOFT EF
DPOnJDUP
$BSNFO $BSEP[P &EVBSEP 3PES

HVF[ 'FSOBOEP-PMBTZMWBSP2VF
[BEBUJDBZ0EPOUPMPHB6OBJO
USPEVDDJO $*&# 6OJWFSTJEBE EF
$IJMF 4BOUJBHPEF$IJMF
&M $FOUSP *OUFSEJTDJQMJOBSJP EF &TUV
EJPT FO #JPUJDB $*&#
EF MB 6OJ
WFSTJEBE EF $IJMF FO DPOKVOUP DPO FM
1SPHSBNB EF #JPUJDB EF MB 0SHBOJ[B
DJO1BOBNFSJDBOBEFMB4BMVE 014

BDBCBEFQVCMJDBSiUJDBZ0EPOUPMPHB
6OBJOUSPEVDDJOw DVZPTFEJUPSFTTPO
$BSNFO$BSEP[P &EVBSEP3PESHVF[
'FSOBOEP -PMBT Z MWBSP 2VF[BEB &M
WPMVNFO EFQHJOBT SFOFDPOUSJ
CVDJPOFT EF NJFNCSPT EFM $*&# Z EF
BMVNOPT EFM 1SPHSBNB *OUFSOBDJPOBM
EFUJDBEFMB*OWFTUJHBDJO#JPNEJDB
Z1TJDPTPDJBM BVTQJDJBEPQPSFM'PHBSUZ
*OUFSOBDJPOBM$FOUFSEFMPT/BUJPOBM*OT
UJUVUFTPG)FBMUI 64"
NTPUSPTJOWFT
UJHBEPSFTZBDBENJDPT
&M MJCSP BCPSEB UQJDPT EF UJDB EF MB
PEPOUPFTUPNBUPMPHB DPO DBQUVMPT
TPCSF SJFTHPT EF MB QSPGFTJO CJPTFHV
SJEBE FKFSDJDJPJOEJWJEVBMWTTBMVEDP
MFDUJWB TBMVEPSBMEFTEFMBBOUSPQPMPHB
JOFRVJEBEFJOKVTUJDJBFOMBBUFODJOEF
TBMVEPSBMFO"NSJDB-BUJOB MBGVODJO
EF MPT DEJHPT EF UJDB FM PEPOUMPHP
ZFMDPOTFOUJNJFOUPJOGPSNBEP QSPHSB
NBT EF GPSNBDJO Z PUSPT NVDIPT UF
NBT RVF FNFSHFO FO MB QSDUJDB EJBSJB
EFMBPEPOUPMPHB-PTBOFYPTJODMVZFO
VOHMPTBSJP FKFNQMPEFDEJHPTEFUJDB
ZSFDPNFOEBDJPOFTEFCJPTFHVSJEBE&M
WPMVNFO FTU EJSJHJEP B PEPOUMPHPT
JOWFTUJHBEPSFT NJFNCSPTEFDPNJUTEF
UJDB QSPNPUPSFTEFQPMUJDBTQCMJDBTZ
FTUVEJBOUFTVOJWFSTJUBSJPT
-VJT$BZP1SF[#VFOP%JTDBQBDJ
EBEZBTJTUFODJBTBOJUBSJBQSPQVFT
UBT EF NFKPSB $PNJU &TQBPM EF
3FQSFTFOUBOUFTEF1FSTPOBTDPO%JT
DBQBDJEBE QQ
-BQSFTFOUFJOWFTUJHBDJOUJFOFQPSPC
KFUP QSPQPOFS B MBT "ENJOJTUSBDJPOFT
4BOJUBSJBT MB BEPQDJO EF NFEJEBT EF
NFKPSB DPOUSBTUBEBT Z GBDUJCMFT RVF
WFO[BO P BUFOFO UPEP MP QPTJCMF MPT
EFTBKVTUFTFOUSFOFDFTJEBEFTZEFNBOEBT
EFMBTQFSTPOBTDPOEJTDBQBDJEBEFOUS
NJOPTEFTBMVEZMBSFTQVFTUBRVFTUBT
SFDJCFOQPSQBSUFMPTTJTUFNBTTBOJUBSJPT
5PEPFMMP DPOVOFOGPRVFEFDBMJEBEZ
EFTBUJTGBDDJOEFMVTVBSJP

"HVTUO%PNOHVF[.PSBUBMMBUJ
DBZWPMVOUBSJBEP6OBTPMJEBSJEBE
TJO GSPOUFSBT &EJDJPOFT 11$ .B
ESJE QQ
&MBVUPSFTQSPGFTPSEF'JMPTPGB.PSBMZ
1PMUJDBFOMB6OJWFSTJEBEEF7BMFODJB
&TQFDJBMJTUBFOFMDBNQPEFMBUJDBBQMJ
DBEB Z MBT UJDBT QSPGFTJPOBMFT BCPSEB
BRV MB OFDFTJEBE Z DPOUFOJEPT EF VOB
UJDB EFM WPMVOUBSJBEP EF MPT WPMVOUB
SJPT FEVDBEPSFTZPSHBOJ[BDJPOFTDWJDBT
Z TBOJUBSJBT SFDBMDBOEP TVT OVFWBT SFT
QPOTBCJMJEBEFTFOMBUSBOTGPSNBDJOTP
MJEBSJBEFMFTUBEPZEFMBTPDJFEBEDJWJM
#JP
UJDBZDJFODJBTTPDJBMFT$PMFDDJO
#JPTZ&UIPT O 6OJWFSTJEBE&M
#PTRVF #PHPU
$POUFOJEPT&MDBSDUFSJOUFSEJTDJQMJOB
SJPEFMBCJPUJDBBMTFSWJDJPEFMEFQPS
UF &M SFGSO VOB CJPUJDB QPQVMBS -B
WJPMFODJBZFMEPMPEFMOJPDPMPNCJOP
4PCSFMBWJPMFODJB3FnFYJOCJPUJDBFO
UPSOPBMBTBDSBMJEBEEFMIPNCSFNVFS
UP1BSBRVMB6OJWFSTJEBE&MEFTQMB[B
NJFOUPFO$PMPNCJB
(VJEP(BUUJUJDBEFMBTQSPGFTJP
OFT GPSNBUJWBT 4BO 1BCMP 4BOUB
'FEF#PHPU $PMPNCJB
QQ
&MBVUPSFTQSPGFTPSEFUJDBQSPGFTJPOBM
FOMB'BDVMUBEEF$JFODJBTEFMB&EVDB
DJOZEFM*OTUJUVUP4VQFSJPSEF$JFODJBT
EFMB$PNVOJDBDJO EFMB6OJWFSTJEBE
4BMFTJBOB %F MBT FYJHFODJBT EF FTB FO
TFBO[BUSBUBTVPCSBDNPSFTQPOEFS
B MB SFTQPOTBCJMJEBE NPSBM EF RVJFOFT
JOUFSWJFOFOBDUJWBNFOUFFOMPTQSPDFTPT
EF GPSNBDJO FO MB TPDJFEBE 4F JOTQJ

SBFOMPTDEJHPTEFEFPOUPMPHBQSPGF
TJPOBMZBFYJTUFOUFT ZBOBMJ[BEFNPEP
NT FTQFDmDP BMHVOBT QSPGFTJPOFT FM
FEVDBEPS FMJOUFMFDUVBM FMBHFOUFEFDP
NVOJDBDJOTPDJBM FMBSUJTUBZFMIPNCSF
EFMFTQFDUDVMP ZoMPRVFBUBFNTEJ
SFDUBNFOUFBMJOUFSTQPSMBCJPUJDBoMB
UJDBEFMQTJDMPHPDPNPQSPNPUPSEFM
CJFOFTUBSZMBDBMJEBEEFWJEBEFMBTQFS
TPOBT FOFTBSFMBDJOEFBZVEBZSFTQFUP
BMBEJHOJEBEEFMQBDJFOUF
$BSNFO (NF[ -BWO 3JDBSEP

;BQBUB (BSDB 1TJRVJBUSB TBMVE
NFOUBM Z USBCBKP TPDJBM &EJDJPOFT
&VOBUF 1BNQMPOB QQ
&TUFMJCSPFTVONBOVBMEFUFYUPQBSBFM
USBCBKBEPSTPDJBMFTQFDJBMNFOUF FOMBUB
SFBEFQSFWFODJO EJBHOTUJDPZSFIBCJ
MJUBDJOEFMPTJOEJWJEVPT EFMBTGBNJMJBT
ZEFMPTHSVQPT DVZPGVODJPOBNJFOUPTF
WF BNFOB[BEP P BGFDUBEP QPS FM FTUST
TPDJBMZQTJDPMHJDP PQPSVOBBMUFSBDJO
EFMBTBMVENFOUBM-PDPPSEJOBOMBEPD
UPSB$BSNFO(NF[-BWO QTJRVJBUSBZ
EJSFDUPSBEFMB&TDVFMBEF5SBCBKP4PDJBM
EF-PHSPP Z3JDBSEP;BQBUB QTJRVJB
USBZQSPGFTPSEF1TJRVJBUSBZ1TJDPMPHB
.EJDBEFMB6OJWFSTJEBEEF/BWBSSB Z
FTDSJCFOQSPGFTPSFTEFFTUB6OJWFSTJEBE
PUSPTEFMB6OJWFSTJEBE1CMJDBEF/B
WBSSB ZQSPGFTJPOBMFTEFMB$MOJDB1TJ
RVJUSJDB1BESF.FOOJEF1BNQMPOB4F
BOBMJ[BOMPTGBDUPSFTTPDJBMFTRVFJODJEFO
FO MB FOGFSNFEBE NFOUBM Z TV QSPZFD
DJOFOMPTEJGFSFOUFTNCJUPT GBNJMJBS
MBCPSBMZTPDJBM3FTBMUBOMPTBVUPSFTMB
JOUFHSBDJO EFM USBCBKBEPS TPDJBM DPNP
QBSUF EFM FRVJQP NEJDPoBTJTUFODJBM
GVOEBNFOUBM QBSB PCUFOFS VOB CVFOB

SFJOTFSDJOTPDJBMEFMFOGFSNP

BZVEB IVNBOJUBSJB 5FYUPT CTJ
DPT 6OJW EF %FVTUP *OTUJUVUP EF
%FSFDIPT )VNBOPT #JMCBP
QQ
MBBZVEBIVNBOJUBSJB-BTTJUVBDJPOFTEF
FNFSHFODJB FTQFDJBMNFOUF MBT DBVTBEBT
QPS DSJTJT QPMUJDBT QMBOUFBO EJMFNBT
NBOJUBSJBTUJFOFOMVHBSFOVODPOUFYUP
IJTUSJDP FO FM RVF MPT DPOnJDUPT TPO
QSFQBSBEPT Z UJFOFO JNQMJDBDJPOFT HMP
CBMFT-BTHVFSSBTOPPDVSSFO TJOPRVF
TFQSFQBSBO-BSJHJEF[JEFPMHJDB MBNJ
MJUBSJ[BDJO MPTFTUJHNBTUJDPT GPSNBO
QBSUFEFFTUBQSFQBSBDJOZHFOFSBOVO
DPOUFYUP EF WJPMBDJO EF MPT EFSFDIPT
IVNBOPT&MFOGPRVFQTJDPTPDJBMBZVEB
BBVNFOUBSMBDPODJFODJBTPCSFMPTNF
DBOJTNPT JNQMJDBEPT FO MB QSFQBSBDJO
EFMBHVFSSB-BBZVEBIVNBOJUBSJBOP
QVFEFBDUVBSTMPEFTQVTEFMPTBDPO
UFDJNJFOUPT-BEFGFOTBEFMPTEFSFDIPT
IVNBOPT BEFNTEFTFSVOBQPZPBMPT
TVQFSWJWJFOUFT FTUBNCJOVOBGPSNBEF
QSFWFODJOw
%BNJO 4BMDFEP .FHBMFT "VUPOP

NBZCJFOFTUBS-BUJDBEFM5SBCB
KP4PDJBM&EJUPSJBM$PNBSFT (SBOB
EB QQ
-BQSPGFTJOEFMUSBCBKPTPDJBMQSDUJDB
NFOUFEFTEFTVOBDJNJFOUPIBMVDIBEP
QPS FM SFDPOPDJNJFOUP EF VOB SFTQPO

TBCJMJEBE QCMJDB IBDJB MPT NJFNCSPT
EF MB TPDJFEBE RVF DBSFDFO EF NFEJPT
PEFPQPSUVOJEBEFTQBSBBTFHVSBSTFVO
NOJNPOJWFMEFWJEB"MIBDFSMPTFIB
DPNQSPNFUJEP DPO WBMPSFT RVF UPEPT
SFDPOPDFNPTDPNPCTJDPTMPTEFCJFO
FTUBSTPDJBM MPTEFKVTUJDJB MPTEFQBSUJ
DJQBDJOQPMUJDB FUD1FSPBMEFTBSSPMMBS
TVT BDUJWJEBEFT MB QSPGFTJO IB UFOJEP
RVF SFDPOPDFS DPNP GVOEBNFOUPT EF
TV QSDUJDB MPT WBMPSFT EF SFTQFUP B MBT
EFDJTJPOFTEFTVTDMJFOUFTVTVBSJPTZMPT
WBMPSFT EF BDUVBS DPO MB NYJNB DPN
QFUFODJB FO FM TFSWJDJP EFM CJFOFTUBS EF
FMMPT.VDIBTWFDFTTFUJFOFFMDPOnJDUP
NPSBMQSDUJDPEFFMFHJSFOUSFFMSFTQFUP
EFMBBVUPOPNBQFSTPOBMoBVORVFEJT
NJOVZB FM CJFOFTUBSo Z PUSB BDUVBDJO
RVF OP TJSWF BM CJFOFTUBS QFSP RVF FT
MB EFDJEJEB QPS FM QBDJFOUF -BT EJTUJO
UBT DPODFQDJPOFT UJDBT EFM USBCBKP TP
DJBM IBO JOUFOUBEP SFTPMWFS FTUF EJMFNB
QSDUJDP&OFTUBPCSB %BNJO4BMDFEP
DBUFESUJDPEFMB&6EF5SBCBKP4PDJBM
EF MB 6OJWFSTJEBE EF (SBOBEB BOBMJ[B
MPTPSHFOFTZDPODFQDJPOFTEFMUSBCBKP
TPDJBM TPCSF MBT SFMBDJPOFT FOUSF MPT WB
MPSFT EF BVUPOPNB Z CJFOFTUBS EF VO
NPEPRVFTFEFOQSPQVFTUBTSB[POBCMFT
QBSBDPNQSFOEFSNFKPSMBQSDUJDBZMPT
EJMFNBTRVFFOFMMBTFQMBOUFBO
4BMVE SFDVSTPTZ
IVNBOJ[BDJO
"DUBT EF MBT 7*** +PSOBEBT /BDJP
OBMFTZ*7*OUFSOBDJPOBMFTEF#JP
UJDB0SEFO)PTQJUBMBSJBEF4BO+VBO
EF %JPT 4FWJMMB PDUVCSF EF

'PSPEF#JPUJDB4BO+VBOEF
%JPT 4FWJMMB QQ
#BKPFMMFNBEFi4BMVEFOFMBP
{&O RV TPDJFEBE RVFSFNPT WJWJS -B
+VTUJDJB4PDJBMFOMB#BTFEFMB4BMVEw
TFDFMFCSBSPOFO4FWJMMBMBT7***+PSOB
EBT/BDJPOBMFTZ*7*OUFSOBDJPOBMFTEF
MB 0SEFO )PTQJUBMBSJB EF 4BO +VBO EF
%JPT&OFMQSJNFSCMPRVFUFNUJDPTF
USBUFMUFNBi%FTJHVBMEBEFTTPDJBMFTZ
EFTJHVBMEBEFTFOTBMVE5FSDFSZ$VBSUP
.VOEPTFOMPTNSHFOFTEFMBTBMVEw&M
TFHVOEPFTUVWPEFEJDBEPBi-BUJDBFO
MPTNFEJPTEFDPNVOJDBDJOTPDJBMSFT
QFDUPBMBTDVFTUJPOFTEFTBMVEw5FSDF
SP iUJDB F JOJDJBUJWBT TPDJPTBOJUBSJBTw
&M DVBSUP #JPUJDB QPMUJDB Z TBMVEw
4FBBEFOUBNCJOMBTDPNVOJDBDJPOFT
QSFTFOUBEBT B FTPT UFNBT BT DPNP MPT
UFYUPT EF JOBVHVSBDJO Z DPODMVTJPOFT
EFMBT+PSOBEBT IBDJFOEPFTQFDJBMSFGF
SFODJB B MPT QSPCMFNBT EF TBMVE EF MPT
JONJHSBOUFT EFOUSPEFVONBSDPHMPCBM
EF UJDB EF MB TPMJEBSJEBE 5BNCJO TF
IBDF IJODBQJ FO MB TJUVBDJO TBOJUBSJB
EFMPTQSFTPT FOGFSNPTNFOUBMFT EJTDB
QBDJUBEPTZUFSNJOBMFT FYDMVJEPTZNBS
HJOBEPTZMBTBDDJPOFTEFWPMVOUBSJBEP
EFOUSP EF MB mOBMJEBE EF DPOTFDVDJO
EFVOFTUBEPTPDJBMGSVUPEFVOQSPDFTP
IJTUSJDP EF MPHSPT FO FM DBNQP EF MPT
EFSFDIPTIVNBOPT&TOFDFTBSJPRVFFM
FTQBDJPTPDJPTBOJUBSJPRVFTFFTUDSFBO
EPEFMJNJUFCJFO BHSVQFZDPPSEJOFMBT
JOJDJBUJWBT EF UPEP UJQP oJOEJWJEVBMFT
ZTPDJBMFToQBSBTFHVJSDPOTUSVZFOEPMB
HMPCBMJ[BDJOEFVOBUJDBTPMJEBSJB
'SBODJTDP + "MBSDPT #JPUJDB (MP

CBM +VTUJDJB Z 5FPMPHB .PSBM
%FTDMFEF#SPVXFS #JMCBP
-B DVFTUJO EF MB KVTUJDJB HMPCBM FO FM
NCJUPEFMBCJPUJDBOPFTVOBDVFTUJO
CBMBE FOFMMBOPTKVHBNPTMBEJHOJEBEB
FTDBMBQMBOFUBSJBZMBEJHOJEBEEFUPEPTZ
DBEBVOPEFMPTTFSFTIVNBOPTFOQBSUJ
DVMBS&MQBSBEJHNBQBSBQFOTBSFMNVO
EPZBOPFTMBDPOGSPOUBDJO&TUF0FTUF
OJ JODMVTP /PSUF4VS -PT QSPCMFNBT
DPOTVTQPTJCJMJEBEFTZMJNJUBDJPOFTFO
MB GPSNB EF BCPSEBSMPT UJFOFO EJNFO
TJPOFTHMPCBMFT6SHFVOBSFBSUJDVMBDJO
EFMPTEJTDVSTPTQBSDFMBEPTZDPNQBSUJ
NFOUBEPT QVFT EFTEF FMMPT SFTVMUB FY
USFNBEBNFOUF EJGDJM TFHVJS BCPSEBOEP
MBTDVFTUJPOFTRVFBGFDUBOBMBWJEBEFT
DPOUFYUVBMJ[OEPMBTEFMFOUPSOPHMPCBM
&OMBNJTNBNFEJEBUBNQPDPTFQVFEF
QFOTBSBQSPQJBEBNFOUFMBKVTUJDJBTJOMBT
DPOEJDJPOFTQSDUJDPNBUFSJBMFTDPODSF
UBTRVF BOJWFMWJUBM WJFOFOEFUFSNJOB
EBTQPSFMGBDUVNEFMPHMPCBM/JTFQVF
EFBCPSEBSVOBUJDBEFMBWJEBZQBSBMB
WJEBTJOBUFOEFSBSFGFSFODJBTHMPCBMFTZ
DSJUFSJPTEFKVTUJDJB
5PEPFMMPQMBOUFBVOOVFWPFTRVFNBFO
FMRVFMBUSBEBWJEBHMPCBMJEBEKVTUJDJB
IBEFTFSBCPSEBEBUBNCJOEFTEFMB#JP
UJDB5FPMHJDB0 MPRVFFTMPNJTNP
MB5FPMPHB.PSBMOPQVFEFQSFTDJOEJS
IPZ EF FTB USJQMF DPOFYJO FNFSHFOUF
TP QFOB EF RVF USBJDJPOF TV QSPQJP FT
UBUVUPEFTFSWJDJP-BJOUFODJOEFGPO
EPFOUPEPFMMPOPFTTJOPFTUJNVMBSMB
CTRVFEB FMEJMPHPZMBDPPQFSBDJOEF
MPT CJPFUJDJTUBT UBOUP EF OEPMF TFDVMBS
DPNP UFPMHJDB FO MB UBSFB JOFMVEJCMF
NFOUF IVNBOB EF DVJEBS MB GSBHJMJEBE

WJUBMFOUPEBTTVTEJNFOTJPOFT
7BMEFNBS"OHFSBNJ$BNPOZPUSPT
0SHT
"UJDBOBTBEFPNQTPO
1JPOFJSB 4P1BVMP
5SBUBS EFM UFNB EF MB UJDB FT TJFNQSF
VOBNJTJOJNQPSUBOUFZQPMNJDBBMB
WF[*NQPSUBOUFQPSTFSVODPNQPOFOUF
FTFODJBMEFVOBTPDJFEBEPSHBOJ[BEBRVF
CVTDBSNFKPSBSFMDPNQPSUBNJFOUPIV
NBOPZMBTSFMBDJPOFTFOUSFMBTQFSTPOBT
DSFBOEPQBSNFUSPTEFDPOEVDUB&TUPT
QBSNFUSPTNVDIBTWFDFTTFSFnFKBOFO
MPT DEJHPT EF DPOEVDUB F JODMVTP FO
DEJHPTFTDSJUPT DPNPFTFMDBTPEFMPT
QSPGFTJPOBMFT EF MB TBMVE &M MJCSP FTU
EJWJEJEPFOOVFWFDBQUVMPT DPOEJWFS
TPTBCPSEBKFTTPCSFFMUFNB
)POPSJP$BSMPT #BOEP $BTBEP

6O DPNQSPNJTP DPO MB TBOJEBE
MBQSPNPDJOJOUFHSBMEFMBTBMVE
&EJDJO4QBOJTI1VCMJTIFST"TTPDJB
UFT
&O FTUF MJCSP FM BVUPS QSPGVOEJ[B DPO
VOB WJTJO BOBMUJDB FO MBT SFBT RVF
BGFDUBOBMBQSPNPDJOEFMBTBMVEEFMB
TPDJFEBE"EFNTEFVOSFQBTPFYIBVT
UJWPEFMBFWPMVDJOEFMBQSPUFDDJOEF
MB TBMVE FO &TQBB #BOEP JODJEF FO
UPEPT BRVFMMPT EFUFSNJOBOUFT RVF TPO
QSFDJTPT QBSB RVF VO TJTUFNB TBOJUBSJP
QCMJDPPDVQFVOQVFTUPEFWBOHVBSEJB
ZSFGFSFODJB UBMDPNPTVDFEFBMTJTUFNB
TBOJUBSJP FTQBPM DPOTJEFSBEP VOP EF
MPTTJFUFNFKPSFTEFMNVOEP
&OUSFPUSBTSFnFYJPOFT #BOEPJODJEFFO
MB JNQPSUBODJB EF MB GPSNBDJO DPOUJ
OVBEB RVFBTVKVJDJPEFCFTFHVJSTJFOEP
VOJWFSTJUBSJB QFSPDPOVOBJNCSJDBDJO
EF MB JOEVTUSJB Z EF MBT FNQSFTBT FO MB
JOWFTUJHBDJO UBMDPNPTVDFEFFOPUSPT
QBTFT #JPUJDB%FCBU

+PT$BSMPT#FSNFKP &EJUPS
)V
NBOJ[BS MPT DVJEBEPT TBOJUBSJPT
4BM5FSSBF $PMFDDJO)VNBOJ[BSMB
TBMVE 4BOUBOEFS QQ
-BFEJUPSJBM4BM5FSSBF FODPMBCPSBDJO
DPO FM $FOUSP EF )VNBOJ[BDJO EF MB
4BMVE DPNJFO[B DPO FTUF WPMVNFO VOB
OVFWBDPMFDDJOEFMJCSPTQFEBHHJDPTEJ
SJHJEPTBMNVOEPEFMDVJEBEPEFMBTBMVE
ZEFMBIVNBOJ[BDJOEFMBWJEB$PNJFO
[BFTUFQSJNFSMJCSPDPOMBFYQPTJDJOEF
MBT EJWFSTBT DPODFQDJPOFT Z TJUVBDJPOFT
RVF DVFTUJPOBO MB JEFB EF IVNBOJ[BS MB
BUFODJO TBOJUBSJB NFEJBOUF MB SFMBDJO
EFBZVEB&OVOTFHVOEPCMPRVFUSBUBEF
MBSFMBDJOEFBZVEBFOMPTDVJEBEPTEF
FOGFSNFSB DPOWBMPSBDJOEFMBDPNQF
UFODJBSFMBDJPOBMZFNPDJPOBMGSFOUFBMB
QFSTPOBFOGFSNBZTVBNCJFOUF-BUFSDF
SBQBSUFTFDFOUSBFOMBTEJmDVMUBEFTQBSB
MBIVNBOJ[BDJOFOTJUVBDJPOFTEJGDJMFT
FEVDBDJOZQSFWFODJOEFMBTBMVE TJUVB
DJPOFTEFDSJTJT DPOnJDUPTUJDPT EFNBO
EBT FTQJSJUVBMFT NBOFKP EF MB BOHVTUJB
MPTNJFEPTEFFOGFSNFSB MBOFHBUJWBBM
USBUBNJFOUPZMBDPNVOJDBDJO MPTDBTPT
EFVSHFODJBT FUD
+PT$BSMPT#FSNFKP2VFTIVNB
OJ[BS MB TBMVE 1PS VOB BTJTUFODJB
TBOJUBSJB NT IVNBOB &EJDJPOFT
4BO1BCMP .BESJE QQ
&MBVUPS SFMJHJPTPDBNJMP FTEPDUPSFO
5FPMPHB1BTUPSBMTBOJUBSJBZNTUFSFO

#JPUJDB BDUVBMNFOUF EJSJHF FM $FO

USP EF )VNBOJ[BDJO EF MB 4BMVE EF
MPTSFMJHJPTPTDBNJMPTZVOB&TDVFMBEF
1BTUPSBMEFMB4BMVE"DUVBMNFOUFTFIB
FYUFOEJEPFMMBNFOUPQPSMBEFTIVNBOJ
[BDJOEFMBTBMVE QFPSOPTFIBFYQMP
SBEPTVmDJFOUFNFOUFFMTJHOJmDBEPZMBT
JNQMJDBDJPOFT EF IVNBOJ[BS 1PS FMMP
FM BVUPS BOBMJ[B FM GFONFOP Z DNP
DPOTFHVJS VOB FGFDUJWB IVNBOJ[BDJO
EFMNVOEPEFMBTBMVEZEFMTVGSJNJFOUP
IVNBOPT QBSUJDVMBSNFOUF DVBOEP FTU
SFMBDJPOBEPDPOMBFOGFSNFEBE"EFNT
EF GVOEBNFOUBS MB IVNBOJ[BDJO FO
MB EJHOJEBE IVNBOB FM BVUPS QSFTFOUB
FM DBNJOP EF MB JOUFMJHFODJB FNPDJPOBM
DPNP WB QSJWJMFHJBEB QBSB IVNBOJ[BS
MBTSFMBDJPOFTFOMBTQSPGFTJPOFTEFTBMVE
ZTPDJBMFT
+PT$BSMPT#FSNFKP)VNBOJ[BSFM
FODVFOUSPDPOFMTVGSJNJFOUP%FT
DMFEF#SPVXFS #JMCBP
&TUBTQHJOBTTPOSFnFYJPOFTIFDIBTBMB
MV[EFFODVFOUSPTQFSTPOBMFTDPORVJF
OFT TJOUJOEPTF FO FM MNJUF FOGFSNF
EBE NVFSUF NBSHJOBDJO
DMBNBO MB
QPTJCJMJEBEEFDPNQBSUJSMPDPOTFODJMMF[
ZBVUFOUJDJEBE)VNBOJ[BSFMTVGSJNJFO
UPDPOTJTUFFOBDFSDBSTFBMFOBDUJUVE
EF CFOJHOJEBE F JOUFOUBS JNQSFHOBS MP
RVFEFPTDVSPUJFOFMBWJEBEFMPTWBMPSFT
NTHFOVJOBNFOUFIVNBOPT&TUFMJCSP
FT VO WJBKF QPS FM JOUFSJPS EFM DPSB[O
IVNBOP EPMJFOUF EPOEF MP NFKPS TF
EFTFODBEFOBDPOPDBTJOEFMFODVFOUSP
JOUFSQFSTPOBM
.BSMJB #FSOBSEFT .BSRVFT 4BEF

1CMJDB UJDBF.FDBEPOPFOUSFB
UPEFEPJTTDVMPT&EJUPSB#SBTJMJFO
TF 4P1BVMP QQ
%PDUPSBFO.FEJDJOB'BDVMUBEEF$JFO
DJBT.EJDBT6/*$".1 JOWFTUJHBEPSB
EF MB 'VOEBDP 0TXBMEP $SV[ &TUV
EJBMPTEFSFDIPTEFMPTTFSFTWJWPTBOUF
USBOTGPSNBDJPOFTEFMBJOWFTUJHBDJOFO
CJPMPHBZCJPUFDOPMPHBJOEVTUSJBM BQMJ
DBEBBMBNFEJDJOB&RVJEBE EFSFDIPZ
EFTBSSPMMP%FTQVTEFQBUFOUBSMBWJEB
CJPTFHVSJEBE Z CJPUJDB (MPCBMJ[BDJO
EPMFODJBT FNFSHFOUFT Z OVFWPT BCVTPT
UJDPT DMPOBDJO NBOJQVMBDJO HFO
UJDB SFHMBNFOUBDJO EF MB #JPUJDB FO
#SBTJM
+SH#MFDI-PTJOWFOUPSFTEFFOGFS
NFEBEFT$NPOPTDPOWJFSUFOFO
QBDJFOUFT&EJDJPOFT%FTUJOP $PMFD
DJO*NBHP.VOEJ QQ
.FOPQBVTJBNBTDVMJOB IJKPTJORVJFUPT
DPMFTUFSPMEFNBTJBEPBMUP UJNJEF[FOGFS
NJ[B IJQFSUFOTJOBSUFSJBM GBUJHBDSOJ
DB &O MPT MUJNPT BPT FO FM NVOEP
JOEVTUSJBMJ[BEP IBOIFDIPTVBQBSJDJO
VOBTFSJFEFFOGFSNFEBEFTiOVFWBTw FO
BMHVOPT DBTPT DPO TJOUPNBUPMPHB NT
CJFO EJGVTB Z BM QPDP UJFNQP IBO MMF
HBEP B MBT GBSNBDJBT MPT NFEJDBNFOUPT
QBSB USBUBSMBT {)BTUB RVF QVOUP UPEBT
FTUBT FOGFSNFEBEFT SFBMNFOUF MP TPO
{&T UJM USBUBSMBT NEJDBNFOUF P FT MB
JOEVTUSJBGBSNBDVUJDBMBRVFDSFBGBMTBT
OFDFTJEBEFT PSRVFTUBOEP QPDP UJDBT
DBNQBBTEFNBSLFUJOH
-B QPEFSPTB JOEVTUSJB GBSNBDVUJDB
FTU SFEFmOJFOEP MB TBMVE IVNBOB EF
UBMNPEPRVFMBDPOWJFSUFFOVOFTUBEP
JEFBMRVFZBOBEJFQVFEFBMDBO[BS.V
DIPTEFMPTQSPDFTPTIBCJUVBMFTEFMBWJEB
oFMOBDJNJFOUP MBWFKF[ MBTFYVBMJEBE MB
JOGFMJDJEBEZMBNVFSUFo BTDPNPPUSPT
DPNQPSUBNJFOUPT DPNQMFUBNFOUF OPS
NBMFT TFOPTQSFTFOUBOTJTUFNUJDBNFO
UFDPNPQBUPMHJDPTi-PTJOWFOUPSFTEF
FOGFSNFEBEFTwJODMVZFVOBSFMBDJOEF
QHJOBT8FCDPOJOGPSNBDJOTPCSFFM
UFNBBCPSEBEPQPSFMBVUPSZVOMJTUBEP
EFEPDFQSFHVOUBTRVFEFCFVTUFEIBDFS
TFBOUFTEFBDVEJSBMNEJDP #JPUJDB

+SH #MFDI .FEJDJOB FOGFSNB

$NP QSPUFHFSOPT EF MBT UFSBQJBT
EJTDVUJCMFT %FTUJOP #BSDFMPOB

"SUSPTDPQJBT JOUJMFT QFMJHSPTBT JOUFS
WFODJPOFTDBSEBDBT QSPCMFNBTEFDPMPO
JSSJUBCMFRVFBDBCBODPOMBFYUJSQBDJOEF
MBWFTDVMBCJMJBS EJBHOTUJDPTEJBNFUSBM
NFOUFEJTUJOUPTQBSBVONJTNPEPMPSEF
FTQBMEB UFSBQJBT BSSJFTHBEBT QBSB TOUP
NBTRVFUFSNJOBOEFTBQBSFDJFOEPQPST
NJTNP4FHOFTUVEJPTSFDJFOUFT EFVO
B VO QPS DJFOUP EF MPT QBDJFOUFT
TPOTPNFUJEPTBQSPDFEJNJFOUPTNEJDPT
RVFOPSFQPSUBOOJOHOCFOFmDJPEJHOP
EFNFODJO-BNFEJDJOBOPFTVOBDJFO
DJBFYBDUB QFSPBMHVOPTEFTVTFSSPSFTTPO
EFNBTJBEP MMBNBUJWPT $PO BSHVNFOUPT
JSSFCBUJCMFTZTMJEBEPDVNFOUBDJO +SH
#MFDIQPOFBOUFOVFTUSPTPKPTVOBEFMBT
QBSBEPKBT EF MB NFEJDJOB NPEFSOB MB
QSPHSFTJWB TPmTUJDBDJO EF MPT NUPEPT
EFEJBHOTUJDPMMFWBBRVFDBEBWF[NT
QFSTPOBTTBOBTDBJHBOFOMBTSFEFTEFMB
NFEJDJOB QVFT TF IB JODSFNFOUBEP FM
BMDBODFEFMPRVFEFmOFDPNPFOGFSNF
EBE5PEPTTPNPT EFVONPEPVPUSP
DBOEJEBUPTBQBDJFOUFTEFDVBMRVJFSDPTB
%FUST EF FTBT NBOJPCSBT BOJEBO MB JH
OPSBODJB DVBOEP OP MB NBMB GF Z NVZ
B NFOVEP FM BGO EF MVDSP &M QSFTFOUF
MJCSPEFNVFTUSBIBTUBRVQVOUPMBNF
EJDJOB EF MBT TPDJFEBEFT NT BWBO[BEBT
TFIBDPOWFSUJEPFOVOBNFEJDJOBFOGFS
NB:OPEFCFNPTPMWJEBSRVFUPEPFMMP
HFOFSB VOPT DPTUPT TBOJUBSJPT QSJWBEPT
Z UBNCJO QCMJDPT
FYPSCJUBOUFT RVF
QPTJCMFNFOUF QPESBO JOWFSUJSTF NVDIP
NFKPS QPS FKFNQMP FO QSPHSBNBT EF
FEVDBDJOQBSBMMFWBSVOBWJEBNTTBOB
FO QMBOFT EF QSFWFODJO QBSB QPCMBDJP
OFTEFBMUPSJFTHPPFOEBSVOBBUFODJO
NTIVNBOBBBRVFMMPTRVFZBQBEFDFO
VOBEFUFSNJOBEBFOGFSNFEBE&TBTFSB
FONVDIBTPDBTJPOFT MBNFKPSUFSBQJB Z
FMDBNJOPRVFEFWPMWFSBBDJFSUBQSDUJDB
NEJDBTVEJHOJEBEQFSEJEB
7JDUSJB$BNQT -QF[J$BTBTOPWBT
JOHFM1VZPM-BTQSFTUBDJPOFTQSJ
WBEBTFOMBTPSHBOJ[BDJPOFTTBOJUB
SJBTQCMJDBT*OGPSNFTEFMB'VOEB
DJ7DUPS(SBGPMTJ-VDBT $BUFHPSB
FCPPLT 1VCMJDBEP FO DBUBMO Z FT
QBPM &EJDJOFMFDUSOJDBQPS
#JPUJDBZ%FCBUF 8FCEFM*OTUJUVUP
#PSKBEF#JPUJDB
&MPCKFUJWPIBTJEPBOBMJ[BSZFWBMVBSVOB
SFBMJEBEFNFSHFOUFFOOVFTUSPQBTMBT
QSFTUBDJPOFTQSJWBEBTFOMBTPSHBOJ[BDJP
OFTTBOJUBSJBTQCMJDBTDPOTJEFSBOEPMBT
EJNFOTJPOFTFDPONJDBT UJDBTZQPMUJ
DBTRVFQMBOUFBFOFMTFOPEFVOTJTUFNB
TBOJUBSJPRVFUJFOFRVFDPNQBUJCJMJ[BSMB
FRVJEBEZMBTPTUFOJCJMJEBE

1BVMP "OUPOJP EF $BSWBMIP 'PSUFT

&MNB -PVSEFT $BNQPT 1BWPOF ;PCPMJ
0SHT
#JPUJDBF4BEF1CMJDB$FO
USP 6OJWFSTJUBSJP 4P $BNJMP &EJDPFT
-PZPMB 4P1BVMP QQ
&TUFMJCSPTFQSPQPOFBGSPOUBSMPTQSP
CMFNBT EF #JPUJDB OP EFTEF NPEFMPT
FYUSBOKFSPT TJOP EFTEF FM DPOUFYUP -B
UJOPBNFSJDBOP EF MBT EFTJHVBMEBEFT TP
DJBMFT /P TF DFOUSB FO MPT QSPCMFNBT
EF MB NFEJDJOB EF BMUB UFDOPMPHB Z FO
MPTBWBODFTCJPUFDOPMHJDPT TJOPFOMPT
GBDUPSFTEFUFSNJOBOUFTZDPOEJDJPOBOUFT
EFM QSPDFTP EF TBMVE Z FOGFSNFEBE FO
#SBTJM 0SHBOJ[BEP QPS 1BVMP "OUOJP
EF $BSWBMIP 'PSUFT .EJDP QFEJBUSB
Z &MNB -PVSEFT $BNQPT 1BWPOF ;P
CPMJ &OGFSNFSBZNBHTUFSFO#JPUJDB
BNCPTEPDFOUFTFO4BMVE1CMJDBEFMB
6OJWFSTJEBEEF4P1BVMP
&OUSFMPTUFNBTUSBUBEPT#JPUJDBZTB
MVEQCMJDBFMQSJODJQJPUJDPEFKVTUJDJB
EJTUSJCVUJWB BQMJDBEP B MPT TJTUFNBT EF
TBMVEMBTQPMUJDBTQCMJDBTCSBTJMFBTEF
TBMVEBMBMV[EFMB#JPUJDBVOB#JPUJDB
EFQSPUFDDJOFOTBMVEQCMJDB#JPUJ
DB Z HOFSP MB JOWFTUJHBDJO DPO TFSFT
IVNBOPT MPT DVJEBEPT QBMJBUJWPT Z MB
BUFODJOEFTBMVEPEPOUPMHJDB
-VJT %BWJE $BTUJFM $BSMPT MWBSF[

%BSEFU %JB[ " 4BEF QFSTFDVU
SJB 0T MJNJUFT EB SFTQPOTBCJMJEB
EF&EJUPSB'JPDSV[ 3PEF+BOFJSP
QQ
-PTBVUPSFTTPOQSPGFTPSFTEFMB&TDVFMB
/BDJPOBMEF4BMVE1CMJDB4FSHJP"SPVDB
EF MB 'VOEBDJO 0TXBMEP $SV[ &OTQ
'JPDSV[
FO3PEF+BOFJSP$POFMUS
NJOP EF iTBMVE QFSTFDVUPSJBw EJTDVUFO
iMBDPNQMFKBUBSFBEFFWBMVBSMBSFBMFGFD
UJWJEBE EF MBT QSPQVFTUBT JOEJWJEVBMJTUBT
IFHFNOJDBT EF QSPNPDJO EF MB TBMVE
DFOUSBEBT FO FWJEFODJBT DJFOUmDBTw Z
MBTDPOTFDVFODJBTEFVOBDPODFQDJOEF
QSPNPDJO Z QSFWFODJO FO TBMVE RVF
DPIFSFOUFDPOFMMJCFSBMJTNP NJOJNJ[BMB
EJNFOTJOQCMJDBEFMBSFTQPOTBCJMJEBE
QPSMBTBMVEEFUPEPTMPTJOEJWJEVPT
3BGBFM $BWJFEFT %VQS 1BOEPSB

NEJDB.FEJDJOB QPEFSZEJOFSP
&EJUPSJBM$JFEFTT 4BOUJBHPEF$IJMF
QQ
&M BVUPS FT .BTUFS FO &DPOPNB Z IB
QVCMJDBEP WBSJPT MJCSPT TPCSF MPT QSP
DFTPTEFSFGPSNBTEFMTFDUPSEFMBTBMVE
FO $IJMF EFTEF mOFT EF MPT BPT Z
MB NPEFSOJ[BDJO EF MB TBMVE &M MJCSP
FT VO SFUSBUP EFM DPNQPSUBNJFOUP EF
MB TPDJFEBE GSFOUF B MB FOGFSNFEBE &M
JODSFNFOUP JODPOUSPMBEP EFM HBTUP MPT
GSBVEFTBMTJTUFNB MBTBMVEDPNPVOEF
SFDIP FMBCVTPEFMBTEFOVODJBTDPOUSB
FMTJTUFNBFOMPTNFEJPTEFDPNVOJDB
DJO TV VTP EFNBHHJDP DPNP PGFSUB
QPMUJDB ZFMGVUVSPJONFEJBUP
1SPQPSDJPOBNVDIBJOGPSNBDJOWBMJP
TB Z DBEB UFNB TF BDPNQBB DPO DBTPT
SFBMFTRVFJNQBDUBSPOFOMBPQJOJOQ
CMJDB
"RVJMJOP $BZVFMB +VMJO 7BSB UJ

DB CJPUJDBZEFTBSSPMMP$PNBSFT
(SBOBEB QQ
&M QSFTFOUF WPMVNFO SFDPHF MBT BQPS
UBDJPOFT SFBMJ[BEBT FO MPT MUJNPT BPT

FOFMNBSDPEFMB6OJWFS
TJEBE $BSEFOBM )FSSFSB $&6
BDFSDB
EF DVFTUJPOFT UJDBT CJPUJDBT Z EF EF
TBSSPMMP DPOTUJUVZFOEPVODPOKVOUPEF
UFYUPT EF BNQMJP FTQFDUSP TPCSF MPT UF
NBTEFNBZPSWJHFODJBFOOVFTUSPTEBT
FO FM NCJUP EF MB UJDB BQMJDBEB B MBT
DJFODJBTEFMBTBMVE
(JMCFSUP$FMZ(BMJOEP-BCJPUJDB
FO MB TPDJFEBE EFM DPOPDJNJFOUP
MPTQPCSFTEFM5FSDFS.JMFOJPTPO
MPTRVFOPBDDFEFOBMDPOPDJNJFO
UP3&EJUPSFT #PHPU
QQ
&OFTUBOVFWBPCSB FMDPOPDJEPTBDFS
EPUF KFTVJUB Z QSPGFTPS (JMCFSUP $FMZ
IBDF WBMJPTPT BQPSUFT RVF MMBNBO B MB
SFnFYJO TPCSF MB HSBO SFTQPOTBCJMJEBE
RVFJODVNCFBMBDJFODJBZBMBUFDOPMP
HB ZBMDJFOUmDPFOTVUSBCBKPDPUJEJB
OPJOEJWJEVBM FOMBDPOmHVSBDJOEFMB
OVFWBTPDJFEBE MBTPDJFEBEEFMDPOPDJ
NJFOUP5PEPFOSB[OEFMQBQFMDSVDJBM
RVF MFT DPODJFSOF FO MB GPSNVMBDJO Z
QVFTUB FO QSDUJDB EF MPT WBMPSFT UJDPT
RVF EFCFO JOTQJSBS FM DPNQPSUBNJFOUP
HFOFSBMEFUPEBMBTPDJFEBEZFMRVFIB
DFSDJFOUmDP JOEJWJEVBMPDPMFDUJWP-B
OVFWBTPDJFEBEEFMDPOPDJNJFOUPIBCS
EF DBSBDUFSJ[BSTF QPS MB TPMJEBSJEBE FO
USFRVJFOFT MBDPOGPSNBO Z TVQFSBS MPT
GSBDDJPOBNJFOUPTUSBEJDJPOBMFT.FSDFE
BMBQVFTUBFOQSDUJDBEFVOBOVFWBUJ
DBJOTQJSBEBFOFMQSJODJQJPEFQSFTFSWBS
MBWJEBFOUPEBTTVTGPSNBT JODMVJEBMB
IVNBOB DPO TVT BUSJCVUPT EF EJHOJEBE
FJOUFHSJEBE&TUBFTMBSB[OQPSMBRVF
FM BVUPS QSFmFSF MMBNBS #JPUJDB B FTUB
OVFWBUJDB
.BZ $IPNBM (BSJC Z +BJNF .B

BMJDI .VYJ -B EFTDPOmBO[B EF
MPTJNQBDJFOUFT3FnFYJPOFTTPCSF
FMDVJEBEPNEJDPZMBHFTUJOEF
SJFTHPT FO MBT JOTUJUVDJPOFT EF TB
MVE&EJUPSJBM.FEJUFSSOFP 4BOUJB
HPEF$IJMF QQ
.BZ$IPNBMFTNEJDP FTQFDJBMJTUBFO
4BMVE 1CMJDB Z TVCEJSFDUPSB NEJDB
EFMB$MOJDBMBT$POEFT+BJNF.BB
MJDIFTUBNCJONEJDP FTQFDJBMJTUBFO
.FEJDJOB*OUFSOB ZEJSFDUPSNEJDPEF
MB NJTNB $MOJDB &MMPT DPPSEJOBO MBT
BQPSUBDJPOFTEFEPDFBVUPSFTEFMNCJUP
EFMBTDJFODJBTEFMBTBMVE FMEFSFDIPZMB
TPDJPMPHB DFOUSBEPT FO USFT TFDDJPOFT
-BQSJNFSB TPCSFDBMJEBEEFMBBUFODJO
NEJDB FYQPOF MPT DBNCJPT TPDJBMFT
SFDJFOUFTFO$IJMF ZMPTDBNCJPTFOMB
SFMBDJO NEJDPoQBDJFOUF DPO FM NBS
DP UJDP Z KVSEJDP DIJMFOP FO UPSOP BM
DPOTFOUJNJFOUPJOGPSNBEP MBmDIBDM
OJDB Z MB DPOmEFODJBMJEBE EF MPT EBUPT
EFTBMVE&OMBTFHVOEBQBSUFTFDFOUSBO
FOMBHFTUJOEFMPTSJFTHPTFOTBMVE Z
FODNPQSFWFOJSMPTFWFOUPTBEWFSTPT
EFOUSPEFVOBBUFODJOFOTBMVEEFDB
MJEBE -B UFSDFSB BOBMJ[B MBT SFMBDJPOFT
FOUSFMB.FEJDJOBZFM%FSFDIP DPOFM
FTUVEJPEFMBSFTQPOTBCJMJEBENEJDBZ
EFMBTJOTUJUVDJPOFTEFTBMVEFOFMNCJ
UPEFMEFSFDIPDJWJMZQFOBM ZFMNBSDP
MFHBM EF MPT EFSFDIPT Z EFCFSFT EF MPT
NEJDPTZMPTQBDJFOUFT

"OUPOJP&MJ[BMEF%FTBSSPMMPIVNB
OPZUJDBQBSBMBTVTUFOUBCJMJEBE
6OJWFSTJEBE#PMJWBSJBOBZ1/6."
4BOUJBHPEF$IJMF QQ
&MBVUPSFTTPDJMPHP SFDUPSEFMB6OJWFS
TJEBE#PMJWBSJBOBEF$IJMF FJOUFHSBOUF
EFM%JSFDUPSJPEFM1SPHSBNB$IJMFTVT
UFOUBCMF)BQVCMJDBEPWBSJPTMJCSPTTP
CSF FM UFNB Z FO TUF SFDPHF TV WJTJO
EFMBTJUVBDJOBDUVBM EPOEFTFQSPEVDF
VOBiTJTUFNUJDBZBCTVSEBEFTUSVDDJO
EF MB WJEB FO UPEBT TVT FYQSFTJPOFT MB
OFHBDJO BCTPMVUB EFM WBMPS EF MB TJO
HVMBSJEBE Z EF MB FTQFDJmDJEBE EF DBEB
GFONFOP WJWJFOUF EF DBEB JOEJWJEVP
QVFCMP MFOHVB Z DVMUVSB -B JOUVJDJO
QSFTFOUBEBFOFTUFMJCSPFTRVFTFSFRVJF
SF SFEJTFBS FM QSPZFDUP EF DJWJMJ[BDJO
Z OP CBTBSMB FO CJFOFT RVF SFTQPOEBO
B EFTFPT FTUSBNCUJDPT EF TFSFT JOTFO
TJCMFT B MB OFDFTJEBE EF MPT PUSPT TJOP
FO CVTDBS MPT CJFOFT DPOWFOJFOUFT QBSB
UPEPT EFOUSPEFVOBUJDBRVFSFTQFUFMB
TVTUFOUBCJMJEBETPDJBMZFDPONJDB
+BJNF&TDPCBS5SJBOB %JSFDUPS
#JP
UJDBZ+VTUJDJB4BOJUBSJB&EJDJPOFT
6OJWFSTJEBEEFM#PTRVF 4BOUB'FEF
#PHPU $PMPNCJB QQ
4FSFDPHFOFOFTUFWPMVNFOMBTQPOFO
DJBTEFM*74FNJOBSJP*OUFSOBDJPOBMEF
#JPUJDBSFBMJ[BEPQPSMB6OJWFSTJEBE&M
#PTRVF EF$PMPNCJB FO CBKPMB
EJSFDDJOEF+BJNF&TDPCBS5SJBOB SFD
UPSZEJSFDUPSEFM1SPHSBNBEF#JPUJDB
EFMB6OJWFSTJEBE&M#PTRVF-PTBVUP
SFT EF $PMPNCJB "SHFOUJOB Z $IJMF
BOBMJ[BOMPTFGFDUPTEFMBBQMJDBDJOEF
MB-FZEF4FHVSJEBE4PDJBM$PMPN
CJBOBEFFOFMTJTUFNBEFTBMVE Z
BQBSUJSEFBITFQSPGVOEJ[BFOEJTUJOUPT
BTQFDUPT EFM EFSFDIP CTJDP EF MB BTJT
UFODJBFOTBMVE MPTDPTUPTEFMBUFDOP
MPHBNEJDBZMBMJNJUBDJOEFSFDVSTPT
ZMPTQSPCMFNBTRVFQSFTFOUBMBKVTUJDJB
DPNP QSJODJQJP EFOUSP EF VO TJTUFNB
EFTBMVEEFDPSUFVUJMJUBSJTUB JNQVMTBEP
QPS FM &TUBEP FO WBSJPT QBTFT MBUJOPB
NFSJDBOPT
+BJNF &TDPCBS 5SJBOB $BSMPT 7MB

EJNJS ;BNCSBOP #JPUJDB KVTUJDJB
Z TBMVE 6OJWFSTJEBE EFM #PTRVF

4JOEVEB VOBEFMBTHSBOEFTQSFPDVQB
DJPOFT NPUJWPEFEJTDVTJOFOCJPUJDB
FTUSFMBDJPOBEBDPOMBEJTUSJCVDJOBEF
DVBEBZFRVJUBUJWBEFMPTSFDVSTPTQBSB
MPHSBSFMBDDFTPBMPTTFSWJDJPTEFTBMVE
EF UPEB MB QPCMBDJO DPMPNCJBOB 4F
PDVQBEFFTUPFMQSJODJQJPEFKVTUJDJBRVF
TFFTDBQBEFMDBNQPNFSBNFOUFDMOJDP
EFMBCJPUJDBIPTQJUBMBSJBZTFFYQBOEFB
MBFDPOPNB MBQPMUJDBZMBTTJUVBDJPOFT
TPDJBMFT RVF BGFDUBO B MBT DPNVOJEBEFT
RVFDPOTUJUVZFOFMQBT
&OFTUFWPMVNFOEFMB$PMFDDJO#JPTZ
&UIPT /
#JPUJDB KVTUJDJBZTBMVE
QSFTFOUBNPTBMHVOBTEFMBTNTEFTUBDB
EBTJOWFTUJHBDJPOFTZUSBCBKPTEFHSBEP
RVF GVFSPO PCKFUP EF EJTDVTJO FO MPT
TFNJOBSJPTEFMB.BFTUSBFO#JPUJDBEF
MB6OJWFSTJEBE&M#PTRVF EFOUSPEFMBT
MOFBTEFJOWFTUJHBDJOi+VTUJDJBFO4B
MVEwZi#JPUJDB.EJDBi1SFUFOEFNPT
DPOFMMPDPOUSJCVJSEFBMHVOBNBOFSBBM
FTUVEJPEFMBMFZZEFMBTJOFRVJEB
EFTEFTVBQMJDBDJOFOFMQBT RVFTPO
PCKFUPEFDPOTUBOUFQSFPDVQBDJO UBO
UPEFMPTQSPGFTJPOBMFTEFMBTBMVEDPNP
EFMPTVTVBSJPT BTDPNPEFJOTBUJTGBD
DJODSFDJFOUFQBSBUPEPTMPTJOWPMVDSB
EPT #JPUJDB%FCBU *OTUJUVU#PSKBEF
#JPUJDB

#JP
UJDB Z DBMJEBE EF WJEB $PMFDDJO
#PTRVF #PHPU
$BMJEBE EF WJEB Z QSJODJQJPT CJP
UJDPT
$PNQSFOTJO
TJTUNJ
DB EF MB TBMVE Z DBMJEBE EF WJEB
$PNQBSBDJPOFTJOUFSQFSTPOBMFTFJOUFS
DVMUVSBMFTEFCJFOFTUBS$BMJEBEEFWJEB
VOB QFSTQFDUJWB MBUJOPBNFSJDBOB #JP
UJDB FDPMPHBZDBMJEBEEFWJEB&MQSP
ZFDUPBDBENJDP MBDSFBDJOEFWBMPSZ
MBDBMJEBEEFWJEB$BMJEBEEFWJEBIJT
UPSJBZGVUVSPEFVODPODFQUPQSPCMFNB
-BWJPMFODJBFOUSFMPTKWFOFTDPMPNCJB
OPTVOSFUPQBSBMBCJPUJDBNPEFSOB
-BKVTUJDJBEJTUSJCVUJWBFOMBQSFTUBDJO
EFMPTTFSWJDJPTEFTBMVE.FEJDJOEFMB
DBMJEBEEFWJEBEFVOHSVQPEFQBDJFO
UFTUFSNJOBMFTEFVOBVOJEBEEFDVJEBEP
QBMJBUJWPEPNJDJMJBSJP
#JP
UJDB EFTBSSPMMP IVNBOP Z FEV
DBDJO $PMFDDJO #JPT Z &UIPT O
6OJWFSTJEBE&M#PTRVF #PHPU

-PTEPDVNFOUPTSFVOJEPTFOFMQSFTFO
UFUFYUPOPTQFSNJUFOWJTMVNCSBSEFTEF
OVFTUSBQSPQJBSFBMJEBEIPSJ[POUFTQSP
NJTPSJPTQBSBFMBOMJTJTZMBJOUFSWFODJO
CJPUJDB FO MB TPDJFEBE UFDOPDJFOUJmDB
-B CJPUJDB IB FTUBEP QSPGVOEBNFOUF
VOJEBBMBTQSDUJDBTNEJDBT SFTBMUBOEP
FTUF QVOUP TF NBOJmFTUB QFSNBOFOUF
NFOUFDPNPiMBNFEJDJOBTBMWPMBWJEB
EF MB UJDBw 5PVMNJO
4JO FN
CBSHP FTQSFDJTPSFDPOPDFSRVFFTUFIF
DIPUBNCJOIBMMFWBEPBVOBNVZGVFSUF
NFEJDBMJ[BDJOEFMBCJPUJDB BMSFEFEPS
EFMPTUFNBTEFEJTDVTJOZBOMJTJT ZMPT
FTRVFNBTZNUPEPTEFJOUFSQSFUBDJOZ
SFTPMVDJOEFEJMFNBT(JSBOEPFOUPS
OPBMPTUFNBTQSPCMFNBTEFMJOJDJP FM
EFTBSSPMMPZFMmOEFMBWJEB FONFEJP
EFMPTBWBODFTFOMBNFEJDJOB MBCJPUJDB
EFCJBCSJSTFDBEBWF[NBTIBDJBUFNBT
NBTDPNQMFKPT QSPCMFNBTRVFEFTCPS
EBCBOMBSFMBDJONFEJDPQBDJFOUFZMPT
NVSPTEFMPTDPOTVMUPSJPT IPTQJUBMFTZ
DMOJDBTFMBDFMFSBEPQSPDFTPEFJOOP
WBDJO UFDOPMHJDB Z TVT BQMJDBDJPOFT
FOMBCJPNFEJDJOBFMEFDBJNJFOUPEFMB
WJTJO UFSBQVUJDB EF MB NFEJDJOB RVF
IPZTFFODVFOUSBCBTUBOUFNBUJ[BEBQPS
FMBVNFOUPEFTPSCJUBEPEFMBEFNBOEB
FTUUJDBMPTDBNCJPTFOMPTNCJUPTEFMB
FDPOPNBZFOMBJOUFSWFODJOQPMUJDP
JOTUJUVDJPOBM RVFIBODPOEVDJEPBRVF
MB QSDUJDB NFEJDB TF DPOWJFSUB FO VOB
NFSDBODBNBTFOFMNFSDBEPFOHFOF
SBM FTUBNPT BTJTUJFOEP B VOB QSPGVOEB
USBOTGPSNBDJOTPCSFMPRVFTFFOUJFOEF
QPSTBMVEZFOGFSNFEBE
-BUJDBCJPNEJDBTFIBWFOJEPBCSJFO
EP IBDJB MB KVTUJDJB TBOJUBSJB MP RVF IB
QFSNJUJEPMBBNQMJBDJOEFMFTQBDJPEF
MBCJPUJDBIBDJBVOBNBDSPCJPUJDB VOB
EJTDJQMJOBRVFCVTDBSFTQPOEFSDBEBWF[
NTBMPTUFNBTFJNQBDUPTQSPEVDUPEFM
EFTBSSPMMP IVNBOP Z UFDOPDJFOUmDP
4JOFNCBSHP FMEFCBUFTPCSFMBKVTUJDJB

TBOJUBSJBIBTFHVJEPMJNJUBOEPFMNCJUP
EFMBCJPUJDBBMNCJUPEFMBTBMVE%J
DIP EFCBUF DPOEVDF B RVF FM DPODFQUP
TBMVEDPCJKFUPEPTMPTBTQFDUPTEFMBWJEB
TPDJBMoMPCJPMHJDP FMNFEJPBNCJFOUF
VO FTUJMP EF WJEB TBMVEBCMF P TFB DPO
EJDJPOFT EF WJEB TBMVEBCMF USBCBKP SF
DSFBDJO FEVDBDJO
ZMPTTFSWJDJPTEF
TBMVEo &M NCJUP EF DPOTJEFSBDJO EF
MBCJPUJDBTFTJHVFSFEVDJFOEPQPSPUSPT
NFEJPTBMPTUFNBTEFMBUJDBCJPNEJDB
BVORVFBNQMJBEPTFOTVSBEJPEFJOUFS
QSFUBDJOZBOMJTJTBMFTQBDJPTPDJBM BMB
TBMVEQVCMJDB1PSPUSBTWBT MPTBOUFPKPT
VUJMJ[BEPTTJHVFOFTUSFDIBOEPMBWJTJOB
MPT QSPCMFNBT EF FRVJEBE Z KVTUJDJB FO
TBMVE BVODPOUPEBMBEJWFSTJEBERVFTF
QVFEBEFTQSFOEFSEFMBTBMVEFOUFOEJEB
DPNPVOTFSWJDJP
P FOGFSNP FSB VO QSPCMFNB QSJWBEP

EFUFSNJOBEPQPSMBTVFSUFPQPSGVFS[BT
TPCSFOBUVSBMFT JOEFQFOEJFOUFEFM&TUB
EPZMBTPDJFEBE$POFMQSPHSFTPEFMPT
DPODFQUPT BOBUPNPQBUPMHJDP mTJPQB
UPMHJDP Z FUJPMHJDP EF MB FOGFSNFEBE
TFGVFDSFBOEPMBDPODJFODJBJOEJWJEVBMZ
DPMFDUJWBEFMiEFSFDIPBMBTBMVEw&M&T
UBEPZMPTFTUBNFOUPTTPDJBMFTTFWJFSPO
FOMBOFDFTJEBEEFBTVNJSSFTQPOTBCJMJ
EBEFTFOQSPDVSBEFMCJFOQSJNBSJPNF
SJUPSJPMMBNBEPTBMVE4JOFNCBSHP FO
MPTMUJNPTBPTUPEPTMPTHPCJFSOPT
IBO NBOJGFTUBEP TV QSFPDVQBDJO QPS
FM DSFDJNJFOUP EFM HBTUP FO TBMVE Z TF
QMBOUFFMQSPCMFNBEFSFDVSTPTFTDBTPT
GSFOUF B VOBT OFDFTJEBEFT DSFDJFOUFT F
JMJNJUBEBT DPOMBUFOTJOFOMBSFMBDJO
FOUSFUJDBZFDPOPNB 8FC&EJUPSB

&O MBT BDUVBMFT DJSDVOTUBODJBT BWBO[BS

IBDJBVOBNBDSPoCJPUJDB VOBCJPUJDB
QSPGVOEBFTVOBOFDFTJEBEDSFDJFOUFFO
MBRVFDMBSBNFOUFTFEFCFBSSJFTHBS QBSB
BNQMJBS FM FTQFDUSP EF BOMJTJT F JOUFS
WFODJOEFMBCJPUJDB NTBMMEFMFTQB
DJPRVFMFIBWFOJEPEBOEPVOTVTUFOUP
QBSB TV DSFDJNJFOUP MB UJDB NFEJDB P
UJDB CJPNEJDB " NBOFSB EF JOUSP
EVDDJODMBWFTQBSBVOBCJPUJDBEFMB
FEVDBDJO&EHBS/PWPB

&YDMVTJO FO TBMVE FO QBTFT EF

"NSJDB-BUJOBZFM$BSJCF6OJEBE
EF1PMUJDBTZ4JTUFNBTEF4BMVE 0S
HBOJ[BDJO1BOBNFSJDBOBEFMBTBMVE
0140.4Z"HFODJB4VFDBQBSBFM
%FTBSSPMMP*OUFSOBDJPOBM

$SJTUJBO
(BMWJT+VTUJDJB4BOJUBSJB$PMFDDJO
1FEBHPHBZ#JPUJDB /
6OPEFMPTUFNBTDMBWFTEFMB#JPUJDB
FT FM EF MB KVTUJDJB FO MB QSFTUBDJO EF
TFSWJDJPT FO TBMVE P KVTUJDJB TBOJUBSJB
)BDF BQFOBT DJFOUP DJODVFOUB BPT
QBSB MB NBZPSB EF MB HFOUF FTUBS TBOP
4FFTUBCMFDFFMNBSDPDPODFQUVBMZVOB
NFUPEPMPHBQBSBNFEJSMBFYDMVTJOFO
TBMVEZNVFTUSBMPTSFTVMUBEPTEFMBNF
EJDJOFOTFJTQBTFTEFMBSFHJO
-B FYDMVTJO FO TBMVE FT VO UFNB EF
DSFDJFOUF JNQPSUBODJB FO FM NCJUP EF
MBTQPMUJDBTQCMJDBT OPTMPDPNPVO
QSPCMFNBRVFTFEFCFFOGSFOUBSZSFTPM
WFS TJOP DPNP IFSSBNJFOUB EF BOMJTJT
QBSBFWBMVBSMBTJOUFSWFODJPOFTEFTUJOB
EBTBNFKPSBSFMFTUBEPEFTBMVEEFMBT
QFSTPOBT
"QFTBSEFMBJNQPSUBODJBEFMBFYDMVTJO
FOTBMVEDPNPGFONFOPTPDJBMZDPNP
QSPCMFNBEFQPMUJDBTQCMJDBT FOMBBD
UVBMJEBEOPTFMBFODVFOUSBFOMBMJTUBEF
UFNBTQSJPSJUBSJPTEFMBBHFOEBQPMUJDP
TPDJBM EF MPT QBTFT EF MB 3FHJO Z MBT
SFGPSNBT TFDUPSJBMFT TMP MB IBO UPDBEP
EFNBOFSBJOEJSFDUBZGSBHNFOUBSJB
6O GBDUPS RVF PCTUBDVMJ[B FM FOGSFO
UBNJFOUP BEFDVBEP EF MB FYDMVTJO
FO TBMVE FO MPT QBTFT EF MB 3FHJO FT
RVF FO MB BDUVBMJEBE OP TF DPOPDF DPO
FYBDUJUVETVNBHOJUVE TVTGBDUPSFTDBV
TBMFT Z B RVJOFT BGFDUB 5BNQPDP FTU
DMBSP DVMFT TPO MBT JOUFSWFODJPOFT RVF
IBOEFNPTUSBEPTFSNTFmDJFOUFTQBSB
DPNCBUJSMB&TUPTFEFCFQSJODJQBMNFOUF
BEPTSB[POFTBMDBSDUFSNVMUJDBVTBMEF
MB FYDMVTJO FO TBMVE RVF IBDF RVF TV
NFEJDJOTFBDPNQMFKBZBMBFTDBTF[EF
JOTUSVNFOUPTNFUPEPMHJDPTQBSBDBSBD
UFSJ[BSZNFEJSFMQSPCMFNB
&MMJCSPQSFTFOUBFMSFTVMUBEPEFMPTFT
UVEJPTSFBMJ[BEPTFOUSFZFO
TFJTQBTFTEF"-BUJOBZ&M$BSJCF DPO
FMPCKFUJWPEFDBSBDUFSJ[BSZNFEJSMBFY
DMVTJOFOTBMVE1MBOUFBVONBSDPDPO
DFQUVBM QBSB BCPSEBS FTUF QSPCMFNB Z
QSPQPOFVOBNFUPEPMPHBEFNFEJDJO
CBTBEBFOVOBOMJTJTRVFUJFOFDPNQP
OFOUFT DVBOUJUBUJWPT Z DVBMJUBUJWPT &M
DPNQPOFOUFDVBOUJUBUJWPDPOTUBEFEPT
FMFNFOUPTMBNFEJDJO BUSBWTEFVOB
CBUFSB EF JOEJDBEPSFT EFM JNQBDUP EF
EJWFSTPT GBDUPSFT TPCSF MB FYDMVTJO FO
TBMVE Z VO BOMJTJT FDPOPNUSJDP RVF
NVFTUSBMBJOUFSBDDJOFOUSFEJDIPTGBD
UPSFT
-PTSFTVMUBEPTEFMFTUVEJPNVFTUSBORVF
MPT GBDUPSFT NT JNQPSUBOUFT EF FYDMV
TJOFOTBMVEEJmFSFOQBSBDBEBQBT&O
BMHVOPTEFFMMPT MPTGBDUPSFTFYUFSOPTBM
TJTUFNB EF TBMVE CBSSFSBT EF FOUSBEB

DPOUSJCVZFONTBFYQMJDBSFTUFGFONF
OP NJFOUSBT RVF FO PUSPT TPO GBDUPSFT
WJODVMBEPTBMBPGFSUBEFTFSWJDJPTEFTB
MVE GBDUPSFTJOUFSOPT
MPTRVFUJFOFOVO
NBZPSWBMPSFYQMJDBUJWP
&M DPOKVOUP EF MBT NFUPEPMPHBT VUJMJ
[BEBT QBSB MB NFEJDJO EF MB FYDMVTJO
FOTBMVEFOFTUFFTUVEJP NPTUSTFSBM
UBNFOUF FYQMJDBUJWP EFM GFONFOP EF
MB FYDMVTJO FO TBMVE FO TVT EJTUJOUBT
EJNFOTJPOFTZEFNBOFSBJOUFHSBEB-B
NFEJDJO EF MB FYDMVTJO SFBMJ[BEB EF
FTUBNBOFSB QVFEFDPOTUJUVJSVOJOTUSV
NFOUPJNQPSUBOUFQBSBMBEFmOJDJOEF
QPMUJDBTTPDJBMFTFOMPTQBTFTw $FDJMJB
"DVB $POTVMUBOU &YUFOTJPOPG4PDJBM
1SPUFDUJPOJO)FBMUI1SPHSBN.BOBHF
NFOU0DF 1BO"NFSJDBO)FBMUI0S
HBOJ[BUJPO 1")08)0

3PESJHP 'JFSSP #FOUF[ %FTIVNB

OJ[BDJO EF MB .FEJDJOB Z #JPUJ
DB $BTB EF MB $VMUVSB &DVBUPSJBOB
i#FOKBNO $BSSJOw 2VJUP &$
QQ
&MBVUPSSFBMJ[BVOBOMJTJTEFMBSFMBDJO
FOUSFNFEJDJOBZUJDB DPNPDJFODJBEFM
DPNQPSUBNJFOUPIVNBOP RVFOPTEFT
DVCSFFMTJTUFNBEFWBMPSFT)BDFIJODB
QJFOMBEFTIVNBOJ[BDJOEFMB.FEJ
DJOBZFOMB#JPUJDBDPNPJOTUSVNFOUP
QBSBEFWPMWFSBMB.FEJDJOBMBIVNBOJ
EBEQFSEJEB

1BVMP"OUPOJPEF$BSWBMIP'PSUFTUJ
DBF4BEF&16 4P1BVMP
&TUFMJWSPEJSJHJEPBFTUVEBOUFTFQSPmT
TJPOBJTEFTBEFRVFBUVBNFNTFSWJPT
QCMJDPT PV QSJWBEPT BNCVMBUPSJBJT PV
IPTQJUBMBSFT 2VFTUFT UJDBT EFPOUPM
HJDBTFMFHBJTQSFTFOUFTOPDPUJEJBOPEPT
TFSWJPT EF TBEF TP BOBMJTBEBT BUSBWT
EF SFGFSFODJBM UFSJDP F EB BQSFTFOUBP
EF DBTPT 0T DBQUVMPT EB PCSB USBUBN
EBEFTVNBOJ[BPEPTTFSWJPTEFTBEF
EPTEJSFJUPTFEBBVUPOPNJBEPQBDJFOUFF
EPDPOTFOUJNFOUPFTDMBSFDJEP EPEJSFJUP
JOGPSNBP QSJWBDJEBEFFBPTFHSFEP
QSPmTTJPOBM EBMJCFSEBEFEFMPDPNPP
EBQSFWFOPEBPNJTTPEFTPDPSSPFEB
UJDBOBTQFTRVJTBTFNTFSFTIVNBOPT
" FWPMVP EBT DJODJBT EF TBEF F BT
NPEJmDBFT EP TJTUFNB EF TBEF UN
SFTVMUBEP OVNB SFMBP QSPmTTJPOBM EF
TBEFQBDJFOUF DBEB WF[ NBJT EJTUBOUF
JNQFTTPBMFEFTQFSTPOBMJ[BEB1BSBBSF
WFSTPEFTUFRVBESPUPSOBTFOFDFTTSJP
PDPOIFDJNFOUPEBTOPSNBTEFDPOEVUB
UJDB F EP DPSQP EF MFJT RVF P SFHVMB
NFOUBN DPOEJPOFDFTTSJBQBSBRVFB
DVMUVSBBVUPSJUSJBBJOEBQSFWBMFOUFFN
OPTTPNFJPEFTBEFQPTTBTFSNJUJHBEB
5BOUPPFTUVEBOUFRVBOUPPQSPmTTJPOBM
EF TBEF FODPOUSBSP OFTUF MJWSP VNB
BOMJTF PCKFUJWB F DMBSB EP QSPCMFNB
GBDJMJUBOEPMIFT VN QPTJDJPOBNFOUP
DPOTDJFOUF QPJTBMNEBTGBMIBTJOEJWJ
EVBJT QPEFSWJTMVNCSBSPTJTUFNBRVF
BTQSPEV[F FWFOUVBMNFOUF DPOUSJCVJS
QBSBRVFOPPDPSSBN QFMPNFOPTDPN
UBOUBGSFRODJBPVHSBWJEBEF 3FTFB
EFMBQSPQJBFEJUPSJBM

;PZMB3PTB'SBODP%FTBSSPMMPIV
NBOP Z EF WBMPSFT QBSB MB TBMVE
6OJWFSTJEBE EF $BMEBT .BOJ[BMFT
$PMPNCJB QQ
-B BVUPSB DVST FTUVEJPT EF &OGFSNF
SB Z NBHTUFS FO 'JMPTPGB Z $JFODJBT
+VSEJDBT FO MB 6OJWFSTJEBE EF $BMEBT
$PMPNCJB EPOEF FT QSPGFTPSB UJUVMBS
JOUFHSBOUF EF MB 3FE 6OJWFSTJUBSJB EF
UJDB EF .BOJ[BMFT Z NBHJTUSBEP EFM
5SJCVOBM/BDJPOBMUJDPEF&OGFSNFSB
&MQSFTFOUFMJCSPFTVOBTFHVOEBFEJDJO
BDUVBMJ[BEB EFM USBCBKP RVF GVF QSFNJP
OBDJPOBMEFFOTBZPBDBENJDPFO
-BBVUPSBQBSUFEFVOQSJODJQJPGVOEB
NFOUBMOPFTQPTJCMFVOCVFOFKFSDJDJP
FOMBTDJFODJBTEFMBTBMVEPFODVBMRVJFS
PUSP DBNQP EFM TBCFS TJO VO DPOPDJ
NJFOUPGPSNBMEFMBUJDBFOHFOFSBMP
EF MB CJPUJDB DPNP DJFODJB QBSUJDVMBS
&OFTUFMJCSPDPOTUSVZFQBSBFMMFDUPSVO
FTRVFNB DMBSP 4PCSF VOPT QSJODJQJPT
CJPMHJDPTBDFQUBNPTOVFTUSBDPOEJDJO
EF TFSFT WJWPT DPO OFDFTJEBEFT QSPQJBT
EF MB FTQFDJF 4PCSF VOPT QSJODJQJPT
QTJDPMHJDPTUSBTDFOEFNPTOVFTUSBNVZ
SFTQFUBCMFBOJNBMJEBEDPOTJEFSOEPOPT
TFSFTNFOUBMFT TFOTJUJWPTZBGFDUJWPT4F
QSPGVOEJ[BTPCSFMBUFPSBEFMPTWBMPSFT
ZTPCSFUPEPNTEJSFDUBNFOUFTPCSFMPT
WBMPSFTOFDFTBSJPTQBSBMPTQSPGFTJPOBMFT
FODBSHBEPTEFBMJWJBSFMEPMPSZBUFOEFS
BMPTFOGFSNPT"QBSFDFBTiFMIVNBOJT
NPDPNPSFTQFUPQPSMPRVFFTIVNBOP
EFTEFMBOFDFTJEBEEFBMJNFOUBSTFIBTUB
MBTNTBMUBTDVNCSFTEFMBSUFEFTEFFM
EPMPSZMBFOGFSNFEBE IBTUBMBTFMFWBEBT
NBOJGFTUBDJPOFTEFMBDJFODJBw
"CPSEBMBBVUPSBFMEFTBSSPMMPIVNBOP
ZMBGPSNBDJOFOWBMPSFTMBUJDBEFMPT
QSPGFTJPOBMFTEFMBTBMVEMBUJDBDPNV
OJDBUJWBFOMBSFMBDJOUFSBQVUJDBQSPGF
TJPOBMoQBDJFOUFZFMFOUPSOPIVNBOPZ
GBNJMJBSEFMQSPGFTJPOBMEFMBTBMVE
'VOEBDJOEF$JFODJBTEFMB4BMVE-B
SFTQPOTBCJMJEBEEFMPTNEJDPTZDFO
USPTIPTQJUBMBSJPTGSFOUFBMPTVTVBSJPT
EFMBTBOJEBEQCMJDBZQSJWBEB&EJ
DJPOFT%PDF$BMMFT .BESJE
-BGVODJOQSJNPSEJBMEFFTUFMJCSPFTMB
EFBDMBSBSDPODFQUPTFJEFBTTPCSFMBQSP
CMFNUJDBEFMBSFTQPOTBCJMJEBEDJWJMEF
MPT NEJDPT Z MPT DFOUSPT IPTQJUBMBSJPT
FO SFMBDJO DPO MPT EBPT RVF QVFEBO
EFSJWBSTFQBSBMPTQBDJFOUFTDPNPDPO
TFDVFODJBEFTVTBDUVBDJPOFT1BSUJDJQBO
SFQSFTFOUBOUFTEFMB"ENJOJTUSBDJO EF
MB 0SHBOJ[BDJO .EJDB $PMFHJBM EFM
5SJCVOBM4VQSFNP DBUFESUJDPTZBCP
HBEPT RVFEBOBDPOPDFSTVTEJTUJOUPT
FOGPRVFT Z FTUVEJPT QBSB FTUBCMFDFS VO
NBSDPKVSEJDP BENJOJTUSBUJWPZQSPGF
TJPOBM DMBSPZFTQFDmDP
4VNBSJP-BSFTQPOTBCJMJEBEEFMB"ENJ
OJTUSBDJOEFMPTQSPGFTJPOBMFTFOMBQSDUJ
DBNEJDB+$POEF-BSFTQPOTBCJMJEBE
TPDJBMEFMNEJDP+'PSOFTUJDBZSFT
QPOTBCJMJEBEQSPGFTJPOBM%(SBDJB-B
SFTQPOTBCJMJEBE DJWJM Z QFOBM EFM NEJDP
& 3VJ[ 7BEJMMP -B SFTQPOTBCJMJEBE EF
MB "ENJOJTUSBDJO 4BOJUBSJB & -JOEF
&M BTFHVSBNJFOUP EF MBT SFTQPOTBCJMJEB
EFT NEJDBT Z IPTQJUBMBSJBT + "MBSDO
8FCEFMB'VOEBDJOEF$JFODJBTEFMB
4BMVE

'VOEBDJO EF $JFODJBT EF

MB
4BMVE
-JNJUBDJO
EF
MBT
QSFTUBDJPOFT
TBOJUBSJBT
&EJDJPOFT%PDF$BMMFT .BESJE
&O TBOJEBE TMP MPT SFDVSTPT TPO MJNJ
UBEPT -BT OFDFTJEBEFT OP TMP TPO JMJ
NJUBEBTTJOPRVFUJFOEFOBDSFDFS&TUB
UFOTJOFOUSFMPTSFDVSTPTEJTQPOJCMFTZ
MBT OFDFTJEBEFT HFOFSBEB QPS FM DSFDJ
NJFOUP EF MPT DPTUFT Z MB OFDFTJEBE EF
EBSVOCVFOTFSWJDJPTBOJUBSJPBMBQPCMB
DJO IBQSPWPDBEPVOBDSJTJTFOMBRVF
MPT QBTFT PDDJEFOUBMFT IBO PQUBEP QPS
TPMVDJPOFT CBTBEBT FO MB MJNJUBDJO EF
QSFTUBDJPOFTTBOJUBSJBT DPNPNFEJPSF
EVDUPSEFMBEFNBOEBEFTFSWJDJPT PFO
MBJNQMBOUBDJOEFDSJUFSJPTEFFmDJFODJB
FOMBHFTUJOEFM4JTUFNB4BOJUBSJPQBSB
BTFHVSBS VO NBZPS SFOEJNJFOUP EF MPT
SFDVSTPTEJTQPOJCMFT"NCBTTPMVDJPOFT
TMPTPOGBDUJCMFTDPOMBJNQMJDBDJOEF
MPTQSPGFTJPOBMFTTBOJUBSJPTFOMBBTJHOB
DJOEFEJDIPTSFDVSTPT1SFTFOUBDJOEF
&OSJRVF$BTUFMMO
4VNBSJP&MNEJDPDPNPHFTUPSEFSFDVS
TPTMBBTJTUFODJBTBOJUBSJBEFTEFMBUJDBZ
MBFDPOPNB&%1FMMFHSJOP-BSFMBDJO
NEJDPoQBDJFOUFFOMBFSBEFMBNFEJDJOB
EFHFTUJO.4JFHMFS5SBUBNJFOUPTJO
UJMFTZMJNJUBDJOEFQSFTUBDJPOFT"+P
OTPO-BTMJTUBTEFFTQFSBDPNPNUPEPEF
MJNJUBDJOEFQSFTUBDJPOFT)UFO)BWF
-BFEBEDPNPDSJUFSJPEFMJNJUBDJOEFSF
DVSTPTTBOJUBSJPT%$BMMBIBO&MNBSDP
EFMEFCBUFMBKVTUJDJBTBOJUBSJB %(SB
DJB 8FC EF MB 'VOEBDJO EF $JFODJBT
EFMB4BMVE

'VOEBDJ7DUPS(SJGPMTJ-VDBT6TP
SBDJPOBMEFMPTNFEJDBNFOUPT"T
QFDUPTUJDPT$VBEFSOPTO #BS
DFMPOB QQ
4FSFDPHFOMBTEPTJOUFSWFODJPOFTEFVO
QBOFM TPCSF FM UFNB PSHBOJ[BEP QPS MB
'VOEBDJ 7DUPS (SJGPMT J -VDBT Z MBT
BQPSUBDJPOFT BM EFCBUF QPTUFSJPS EF MPT
QBSUJDJQBOUFT
+VBO #JHPSSB 4VCEJSFDUPS (FOFSBM EF
/PWBSUJT'BSNBDVUJDBSFBMJ[BMBQSJNF
SB FYQPTJDJO BOBMJ[BOEP MB PGFSUB EF
NFEJDBNFOUPTQPSQBSUFEFMBJOEVTUSJB
GBSNBDVUJDB Z MB HFOFSBDJO EF MB EF
NBOEB FO MPT QBTFT JOEVTUSJBMJ[BEPT
DPOJOnVFODJBTRVFOPTMPTPOTBOJUB
SJBT TJOP UBNCJO EF MBT SFHMBT QSPQJBT
EFNFSDBEP&YQPOFBMHVOBTJOUFSFTBO
UFT QSPQVFTUBT QBSB VOB PGFSUB Z VOB
EFNBOEB NT SBDJPOBMFT EF MPT NFEJ
DBNFOUPTFOFTUBTPDJFEBEEFNFSDBEP
FODVBOUPBMBPGFSUB SFEJTFBSMB*%
GBSNBDVUJDB NFKPSBS MB FWBMVBDJO
QPTDPNFSDJBMJ[BDJO SBDJPOBMJ[BS MPT
DSJUFSJPT EF mOBODJBDJO QCMJDB Z EF
mOJSVONBSDPEFSFGFSFODJBFOMBDPMB
CPSBDJOFOUSFTPDJFEBEDJWJMFJOEVTUSJB
GBSNBDVUJDB 3FTQFDUP B MB EFNBOEB
QSPQPOFSFBMJ[BSVOBOMJTJTPCKFUJWPEF
TVFWPMVDJOSFDPCSBSMBEFmOJDJOPSJ
HJOBMEFNFEJDJOBCBTBEBFOMBFWJEFODJB
TJOEPHNBUJTNPTFYJHJSVOBQSPNPDJO
UJDB Z NFKPSBS MB GPSNBDJO UFSBQV
UJDBEFQSFZQPTUHSBEPZMBGPSNBDJO
DPOUJOVBEB
9BWJFS$BSO +FGFEFM4FSWJDJPEF'BS
NBDPMPHB$MOJDBEFM)PTQJUBM$MOJDP
EF #BSDFMPOB FYQPOF EF NBOFSB BMHP
NT HFOFSBM MB TJUVBDJO EFM NFSDBEP

GBSNBDVUJDP MB SFTQPOTBCJMJEBE EF MB
JOEVTUSJBGBSNBDVUJDBZMBOFDFTJEBEEF
NFKPSBS MB SBDJPOBMJEBE FO FM DPOTVNP
EFNFEJDBNFOUPT
%PNJOHP (BSDB .BS[ %JSFDUPS

-BBQVFTUBUJDBFOMBTPSHBOJ[BDJP
OFTTBOJUBSJBT6OJWFSTJEBE+BVNF*
4FSWJDJP1VCMJDBDJPOFT )VNBOJUBUT
$BTUFMMO QQ
&M QSFTFOUF UFYUP JOUFSFTBOUF Z SFDP
NFOEBCMF EFTEF DVBMRVJFS QVOUP EF
WJTUB TVQPOF VOB WJTJO HMPCBM EFM
DPNQSPNJTP QPS FM RVF EFCFO BQPTUBS
MBT PSHBOJ[BDJPOFT TBOJUBSJBT EF GPSNB
DPOKVOUB DPO MPT QSPGFTJPOBMFT RVF MB
JOUFHSBO Z NT DPODSFUBNFOUF MPT SFT
QPOTBCMFTEFEJDIBTPSHBOJ[BDJPOFT MPT
HFTUPSFT QSPQPOJFOEP VOB PSJFOUBDJO
QBSBMBHFTUJOUJDBEFMBNJTNB
-BPCSBPGSFDFVODEJHPUJDPPEFDMB
SBDJO EF JOUFODJPOFT QBSB EJDIPT HFT
UPSFT RVFBCPSEFOMBSFMBDJOFOUSFVOB
PSHBOJ[BDJOUBOUPDPOMPTQSPGFTJPOBMFT
RVFMBDPNQPOFODPNPDPOMBTPDJFEBE
BMBRVFPGSFDFOTVTFSWJDJP%FFTUBGPS
NBZFOVOEJTDVSTPDPNQSFOTJCMF UBMZ
DPNPFTIBCJUVBMFOMBUSBZFDUPSJBEFTVT
BVUPSFT QSPQPOFO EJWFSTBT MOFBT QBSB
EBS SFTQVFTUB B MBT FYJHFODJBT FVSPQFBT
FO NBUFSJB EF PSHBOJ[BDJO TBOJUBSJB
QVFTUP RVF IB EF UFOFS VOB USBTMBDJO
SFBMNTBMMEFVOBEFDMBSBDJOEFJO
UFODJPOFTPEFMNFSPGPSNBMJTNP
&M UFYUP PGSFDF VOB WJTJO HMPCBM EF
DPNQSPNJTP RVF DPNQMFNFOUB JOJDJBM
NFOUFMBGPSNBDJOCTJDBDVSSJDVMBSEF
MPTQSPGFTJPOBMFTEFMBTBMVEFOHFOFSBM
Z QBSUJDVMBSNFOUF BRVFMMPT EF NBZPS
JNQMJDBDJO FO MPT QSPDFTPT EF HFTUJO
TBOJUBSJBDPNPMPTNEJDPTZMBTFOGFS
NFSBT UPEBWF[RVFPGSFDFMBQFSTQFDUJWB
EFMHFTUPSEFMBSFMBDJOQBDJFOUFVTVBSJP
ZFMQSPGFTJPOBMTBOJUBSJPFOVODPOUFY
UPFORVFFMSFDFQUPSEFMTFSWJDJPFTNT
FYJHFOUFDBEBEB FTUNTJOGPSNBEP
QFSPQBSBDVZBSFTQVFTUBTFEJTQPOFEF
SFDVSTPTNVZMJNJUBEPT
3FTQFDUP B MB PSHBOJ[BDJO EFM UFYUP
FO T NJTNP BM JHVBM RVF TV EJTDVSTP
SFTVMUB DNPEP Z NBOFKBCMF DPO EPT
CMPRVFT DMBSBNFOUF EJGFSFODJBEPT &M
QSJNFSP DFOUSBEPFOVOCSFWFSFDPSSJEP
QPSEJWFSTPTBTQFDUPTNPSBMFTZUJDPTEF
MBBUFODJOTBOJUBSJBEFTEFMBQFSTQFDUJ
WBEFMBPSHBOJ[BDJOQSFTUBUBSJB1PSMP
RVFSFTQFDUBBMTFHVOEP QSPQPSDJPOBEF
GPSNB PSHBOJ[BEB EJWFSTPT SFDVSTPT EF
JOUFSTSFMBUJWPTBMUFNB UBOUPJNQSFTPT
DPNP FMFDUSOJDPT DPNQMFNFOUBEPT
QPSBMHVOPTCTJDPTMFHBMFT DPNPMB-FZ
PEFPOUPMHJDPDPNPBMHVOPT
DEJHPT EFPOUPMHJDPT EF QSPGFTJPOFT
TBOJUBSJBT
&O EFmOJUJWB MPT BVUPSFT JOUFOUBO
PSJFOUBS FO MB DPOGPSNBDJO EF VOB
SBNBEFMBUJDBSFDJFOUF DPNPFTMBUJ
DBEFMBTPSHBOJ[BDJPOFTTBOJUBSJBT ZRVF
OPEFCFTJOPDPOUSJCVJSBQSPQPSDJPOBS
DPOmBO[BBMPTQBDJFOUFTVTVBSJPTFOMB
PSHBOJ[BDJOFOMBRVFDPOGBOTVBUFO
DJOTBOJUBSJB HFOFSBMNFOUFEFNCJUP
QCMJDP $SJTUCBM.FTFHVFS-J[B %F
QBSUBNFOUPEF&OGFSNFSB 6OJWFSTJEBE
EF.VSDJB

7PMOFZ(BSSBGB"EJNFOTBPEBUJ
DB FN TBEF QCMJDB "641 4P
1BVMP
/FTUF TFOUJEP WPV EJSJHJS PT DPNFO
USJPTBPDBNQPEBUJDBBQMJDBEBFSF
GFSFOUF QSJPSJ[BP OB BMPDBPEF SF
DVSTPT HFSBMNFOUFJOTVmDJFOUFT
QBSBB
TBEF&NCPSBP#SBTJMDPOUJOVFOFTUF
JODJPEFTDVMP UFJNPTBNFOUF FOUSF
BTOBFTRVFPTUFOUBNPTQJPSFTJOEJDB
EPSFT EF TBEF F WJEB EBT "NSJDBT B
EJTDVTTPTPCSFUFNBTSFMBDJPOBEPTDPN
BTGSPOUFJSBTEBDJODJBJNQPTUFSHWFM
QSJODJQBMNFOUF TF MFWBSNPT FN DPOTJ
EFSBP PT QBSBEPYPT QSUJDPT F UJDPT
WFSJmDBEPT OP DBTP CSBTJMFJSP 4F QPS
VNMBEPBEFOUSBNPTPSHVMIPTBNFOUFP
OPWPTDVMPUSBCBMIBOEPPNCSPBPN
CSPDPNPT&TUBEPT6OJEPTEB"NSJDB
EP/PSUFFNVNQSPNFUPEBEJNFOTP
EP(FOPNB)VNBOPEP$ODFS DPOUJ
OVBNPT WFSHPOIPTBNFOUF SFHJTUSBOEP
BQSPYJNBEBNFOUF NJMIFT EF DJEB
EPT
OPOWFMEFFYUSFNBQPCSF[B PV
NJTSJBBCTPMVUB
&TUDPCFSUPEFSB[P
P BVUPS BP NFODJPOBS RVF OP #SBTJM
BQFTBS EP SFHJTUSP EF QSPHSFTTPT JNQPS
UBOUFTOPRVF TFSFGFSF TPMVPPVDPO
USPMFEFBMHVOTQSPCMFNBTPDBNJOIPB
QFSDPSSFSQBSBVNFTUBEPDPNQBUWFMDPN
OPTTPEFTFOWPMWJNFOUPFDPONJDPBJOEB
MPOHPFEJGDJM
.BT FTTF RVBESP OP QSJWJMHJP EP
#SBTJM "QFTBS EP FTQBOUPTP EFTFOWPM
WJNFOUPDJFOUmDPFUFDOPMHJDPFYQFSJ
NFOUBEPOBTFHVOEBNFUBEFEPTDVMP
QBTTBEP NBJT EF QBSUFT EB QPQV
MBP IVNBOB EP QMBOFUB DPOUJOVBN
BMJKBEBT EPT CFOFGDJPT BMDBOBEPT "T

TJN OVoNBWJTPNBJTBNQMJBEB TFB

TBEFQCMJDBBUBHPSBWJOIBTFQBSBOEP
OBFTQPCSFTFSJDBTOPRVFTFSFGFSF
RVBMJEBEFEFWJEBFGPSNBTEFOBTDFS WJ
WFSFNPSSFS IPKF BQFTBSEBEJWJTPFEB
JOBDFTTJCJMJEBEF DPOUJOVBSFN PT EBEPT
QBTTBSBN B NPTUSBS BMHVNBT EJGFSFOBT
QBSBEPYBJT GSVUPEFVNEFTFOWPMWJNFO
UPQSFUFOTBNFOUFHMPCBMJ[BEPFDBUJDP
RVFDSJBNQSJNFJSPTFUFSDFJSPTNVOEPT
EFOUSP EPT QSQSJPT QBTFT NBOUFOEP
B DSVFMEBEF "T OPWBT UFDOPMPHJBT F BT
JOGPSNBFT FN HSBOEF QBSUF K FTUP
EJTQPOWFJT 0 QSPCMFNB P BDFTTP T
NFTNBT/FTUFBNBSHPNVOEPiHMPCB
MJ[BEPw BDIPDBEBWF[NBJTEJGDJMUSBUBS
EF UFNBT DPNP FTUF TFN QPMJUJ[oMPT
VNBWF[RVFBFTQDJFIVNBOBKDPOTF
HVJVEPNJOBSBTUDOJDBTQBSBDPOUSPMBS
BNBJPSJBEPTQSPCMFNBTTBOJUSJPTRVF
OPT BnJHFN QFMP NFOPT PT NBJT CTJ
DPT"RVFTUPDFOUSBMQBSBP#SBTJM OP
FTU TJNQMFNFOUF OB BDFTTJCJMJEBEFJO
BDFTTJCJMJEBEF PV OB JODMVTPFYDMVTP
TPDJBM NBTOBEFmOJPEBTSJPSJEBEFT
QCMJDBT 3FTFBEFMQSPQJPBVUPS

$MBVEJB *OGBOUF $BTUBFEB 2VFKBT

NEJDBT -B JOTBUJTGBDDJO EF MPT
QBDJFOUFTDPOSFTQFDUPBMBDBMJEBE
EF MB BUFODJO NEJDB &EJUPSFT
EF UFYUPT NFYJDBOPT .YJDP %'
QQ
"MPMBSHPEFFTUFMJCSP MBEPDUPSB$MBV
EJB *OGBOUF oQSPGFTPSB 5JUVMBS EF MB
'BDVMUBE EF NFEJDJOB EF MB 6/". Z
NJFNCSP EF MB "DBEFNJB OBDJPOBM EF
NFEJDJOB EF .YJDPo FYQMJDB FO RV
GPSNBMBTRVFKBTNEJDBTTPOVOiIFDIP
TPDJBMw NVDIBTWFDFTJOEFQFOEJFOUFEF
RVFFYJTUBOPOPFSSPSFTPFWFOUPTBEWFS
TPT EFTEFFMQVOUPEFWJTUBNEJDP1SF
UFOEFBQPSUBSBUSBWTEFVOBJOWFTUJHB
DJODJFOUmDBEFMPTGBDUPSFTRVFMMFWBO
BQMBOUFBSRVFKBTZFMUJQPEFQSPCMFNBT
EF BUFODJO NEJDB RVF TUBT SFnFKBO
FMFNFOUPTUFSJDPTZFNQSJDPTRVFBQP
ZFO VOB iQSDUJDB NEJDB CBTBEB FO MB
FWJEFODJBwBQBSUJSEFMBDVBMTFTVTUFOUF
VONFKPSBNJFOUPEFMBSFMBDJONEJDP
QBDJFOUF EJTNJOVZBMBJOTBUJTGBDDJOZ
DPNPDPOTFDVFODJB TFSFEV[DBFMSJFTHP
EFRVFTFQMBOUFFORVFKBT FWJUBOEPBMB
WF[MBQSDUJDBEFVOBNFEJDJOBBMBEF
GFOTJWB
*OGPSNF 4&41"4 *OWFSUJS

QBSBMBTBMVE1SJPSJEBEFTEFTBMVE
QCMJDB4PDJFEBE&TQBPMBEF4BMVE
1CMJDB Z "ENJOJTUSBDJO 4BOJUBSJB
.BESJE
"NQMJPZFYIBVTUJWPJOGPSNFRVFBOVBM
NFOUFQVCMJDBMB4PDJFEBE&TQBPMBEF
&OFTUBPDBTJO TFUSBUBEFEPTWPM
NFOFT &M QSJNFSP FTU DFOUSBEP FO MB
WJHJMBODJBEFMBTBMVE MPTQSPCMFNBTEF
TBMVEQSJPSJUBSJPTZFNFSHFOUFT ZFMBO
MJTJTEFMTJTUFNBEFTBMVEFO&TQBB&O
FM TFHVOEP TF BOBMJ[BO MBT QSJPSJEBEFT
FOMBPSHBOJ[BDJOEFMBBUFODJOFOTB
MVEFO&TQBB MBBUFODJOQSJNBSJB MPT
IPTQJUBMFT MPTTFSWJDJPTEFTBMVEQCMJDB
ZMBTQPMUJDBTQCMJDBTZTVTQSFGFSFODJBT
TPDJBMFTZQSJPSJEBEFTFOTBMVE
4FBOBMJ[BOFOQSJNFSMVHBSMPTEBUPTEFM
TJTUFNB EF TBMVE Z MPT QSPQPSDJPOBEPT
QPS MB TPDJPMPHB MPT JOEJDBEPSFT TBOJ
UBSJPTQPSDPNVOJEBEFTBVUOPNBT MBT
EFTJHVBMEBEFT FO TBMVE RVF UJFOFO TV
SB[FOMBQPCSF[BPFOFMHOFSPQSP
CMFNBTDPNPFMVTPEFESPHBTJMFHBMFTZ
FMUBCBDP MBBMJNFOUBDJOZOVUSJDJOFM
NFEJPBNCJFOUFZMBTBMVE
"MFTUVEJBSFMTJTUFNBEFTBMVEFO&TQB
B TFSFDPHFMBGSVTUSBEBiJOEFQFOEFO
DJBwEFMBBTJTUFODJBTBOJUBSJBQCMJDBEFM
TJTUFNB EF 4FHVSJEBE 4PDJBM F OVFWP
NPEFMPEFmOBODJBDJOBVUPONJDBFM
TFDUPSGBSNBDVUJDP FOUSFPUSPT
&O FM TFHVOEP WPMVNFO TF BOBMJ[BO
MBTQSJPSJEBEFTFOMBPSHBOJ[BDJOEFMB
BUFODJO FO TBMVE DPO FM JNQBDUP RVF
IBO UFOJEP MBT QPMUJDBT EF MB 6OJO
&VSPQFBFOMPTEJTUJOUPTTJTUFNBTTBOJUB
SJPT4FFYQPOFOEJTUJOUPTFTUVEJPTTPCSF
MBTJUVBDJOFOMBBUFODJOQSJNBSJBMPT
IPTQJUBMFT Z MB HBSBOUB EF BUFODJO EF
DBMJEBEZTVHFTUJOMPTTFSWJDJPTEFTB
MVEQCMJDBZMBTQPMUJDBTQCMJDBT QSF
GFSFODJBTTPDJBMFTZQSJPSJEBEFTFOTBMVE
%FOUSPEFFTUPTDBQUVMP EFTUBDBNPTFM
FTDSJUPQPS.JSFOUYV$PSDPZTPCSFiUJ
DBZQSJPSJEBEFTFOTBMVEZTFSWJDJPTTB
OJUBSJPTw EPOEFFTUVEJBFMSFTQFUPBMPT
EFSFDIPTGVOEBNFOUBMFTFOMBNFEJDJOB
QSFEJDUJWB Z MB UJDB EF MB EJTUSJCVDJO
EFMPTSFDVSTPT
*OTUJUVU #PSKB EF #JPUJDB 1FOTFN

FO MB TBMVU $PMFDDJO #04 *OTUJ
UVU #PSKB EF #JPUJDB Z %PDVNFOUB
6OJWFSTJUSJB O (JSPOB
QQ
1SJNFSWPMVNFOSFTVMUBEPEFMBDPMBCP
SBDJOFOUSFFM*OTUJUVU#PSKBEF#JPUJDB
ZMBFEJUPSJBM%PDVNFOUB6OJWFSTJUSJB
QBSB USBUBS UFNBT FTQFDmDPT EF CJPUJ

DBRVFDPOTUJUVJSOMBDPMFDDJO#04
$PJODJEJFOEPDPOMBBQMJDBDJOEFM1MBO
EF 4BMVE EF $BUBMVB QBSB FM QFSPEP
o FTUF MJCSP FT GSVUP EF MB
DPPQFSBDJO DPO FM %FQBSUBNFOUP EF
4BOJEBE Z 4FHVSJEBE 4PDJBM %444
EF
MB(FOFSBMJUBUEF$BUBMVOZB DPOFMPC
KFUJWPDPNOEFDPOUSJCVJSBMBNFKPSB
EFMBTBMVEQCMJDB$POTJEFSBNPTRVF
EFCFOGPNFOUBSTFMPTICJUPTEFWJEBTB
MVEBCMFTEBOEPBSHVNFOUPTUJDPTBMPT
DJVEBEBOPT QBSB TFOTJCJMJ[BSMPT EF DBSB
BDPOTFSWBSMBTBMVEDVBOEPTFUJFOFZB
EFEJDBSUJFNQPBMBQSFWFODJOEFFOGFS
NFEBEFT &M MJCSP SFDPHF USFT USBCBKPT
i4BMVE FTUJMPTEFWJEBZESPHBEJDDJOw
EFMEPDUPS'SBODFTD5PSSBMCBi-PTDPT
UFTEFMPTICJUPTOPTBMVEBCMFTFMDBTP
EFM UBCBRVJTNP FO $BUBMVBw EF MPT
QSPGFTPSFT+PBO3PWJSBZ*TNBJM"CCBT
ZFMEFi&WBMVBDJOEFMDPTUFTPDJBMEFM
DPOTVNPEFESPHBTJMFHBMFTFOFM&TUBEP
&TQBPMw DPMBCPSBDJO EF MB %JSFDDJO
(FOFSBMEF%SPHPEFQFOEFODJBTZ4JEB
EFM%FQBSUBNFOUEF4BOJUBUJ44EFMB
(FOFSBMJUBUEF$BUBMVOZB
-VJTB *JHVF[ 0NBS & 1SF[

$PNQT
)FUFSPHFOFJEBETPDJBMFO
MB$VCBBDUVBM$FOUSPEF&TUVEJPT
EF4BMVEZ#JFOFTUBS)VNBOPT6OJ
WFSTJEBEEF-B)BCBOB-B)BCBOB

%FOUSPEFVOBTFSJFEFBSUDVMPTTPCSFMB
TJUVBDJOTPDJBMFO$VCB EFTEFFMQVOUP
EFWJTUBEFMBTBMVEZFMCJFOFTUBS FTDSJCF
FOUSFPUSPT $BSMPT+FTT%FMHBEP TPCSF
#JPUJDB EFTJHVBMEBEZQPMUJDB

)PSBDJP+JOJDI&MQBDJFOUFZTVN
EJDP&EJUPSJBM"MmM FEJD .YJDP
%' QQ
&M BVUPS FT 4PDJP 5JUVMBS EF MB "DBEF
NJB OBDJPOBM EF .FEJDJOB EF .YJDP
QSPGFTPSEF.FEJDJOBFOMB6OJWFSTJEBE
EF$BMJGPSOJB FO4BO%JFHP 64" ZFO
MB6OJWFSTJEBE"OIVBDEF.YJDP&O
FTUF MJCSP SFDPHF TV BNQMJB FYQFSJFODJB
QSPGFTJPOBM FO UPSOP B MB SFMBDJO N
EJDPoQBDJFOUF FO MPT UJFNQPT BDUVBMFT
EF NFEJDJOB TQFS DJFOUmDB Z TQFS
UFDOPMHJDB"IPOEBFOMBTSBDFTEFMB
QSPGVOEBCSFDIBZEFMBBDUVBMEFTDPO
mBO[BRVFDSFDFFOUSFFMQSPGFTJPOBMEF
MBTBMVEZFMQBDJFOUF ZFOMBOFDFTJEBE
EFFNQBUBZSFMBDJOQSPGVOEBFOUSFFM
TFSIVNBOPRVFTFTJFOUFPTFDSFFFOGFS
NPZFMQSPGFTJPOBMRVFUJFOFRVFUSBUBS
MFTFHOFMBSUFEFMBNFEJDJOB"CPSEB
FKFNQMPTZUFNBTDPODSFUPTEFMBTEJGF
SFOUFTFTQFDJBMJEBEFTNEJDBT BTDPNP
MPTEJMFNBTRVFTFQMBOUFBOBMmOBMEFMB
WJEB GSFOUFBMFOGFSNPHSBWF
.JHVFM ,PUUPX #JPUJDB FO 4BMVE

1CMJDB &EJUPSJBM 1VFSUP EF 1BMPT
4BOUJBHPEF$IJMF QQ
&MBVUPSFTEPDUPSFO.FEJDJOB NBHTUFS
FO 4PDJPMPHB Z QSPGFTPS EF MB 6OJWFS
TJEBE EF $IJMF %FTBSSPMMB BDUJWJEBEFT
BDBENJDBTTPCSF#JPUJDBZBOUSPQPMP
HBNEJDBEFTEFIBDFBPT4FQSPQPOF
FOFMQSFTFOUFUFYUPJOJDJBSMBTJTUFNBUJ
[BDJOEFMEFCBUFCJPUJDPFOTBMVEQ
CMJDB FO TVT BTQFDUPT GVOEBNFOUBMFT Z
FO MB SFnFYJO TPCSF UFNBT FTQFDmDPT
DPNP HFOUJDB GFSUJMJEBE Z SFQSPEVD
DJO IVNBOB FOGFSNFEBEFT FNFSHFO
UFT VTPEFTVTUBODJBTBEJDUJWBT FUD
%FEJDBFMBVUPSMBQSJNFSBQBSUFEFMJCSP
BGVOEBNFOUBDJOEFMBUJDBZMB#JP
UJDB ZBCPSEBFOMBTFHVOEBQBSUFMPT
UFNBT EF TBMVE QCMJDB RVF MF QBSFDFO
NT JNQPSUBOUFT iMPT DPNJFO[PT EF MB
WJEBw HFOUJDB EJTDBQBDJEBE Z TFOFT
DFODJB NVFSUFZUSBTQMBOUFEFSHBOPT
FDPOPNB TBOJUBSJB Z DBMJEBE EF WJEB
NFEJDJOB PDVQBDJPOBM CJPUFSSPSJTNP
1BSBFMBVUPS FOUSFMBQPTUVSBEFRVFMB
WJEBDPNJFO[BFOMBVOJOEFMPTHBNF
UPTZMBQPTUVSBEFRVFTFSBNTUBSEF
oMPTEBT BMUFOFSTJTUFNBOFSWJPTP
FUDoDBCFVOBUFSDFSBQPTUVSB RVFTFSB
DVBOEPMBNBESFDPOPDFZBDFQUBBMIJKP
RVFFTUHFTUBOEP4MPFOMBBDFQUBDJO
EFPUSPTFEBSBVOSFDPOPDJNJFOUPBMB
OVFWBWJEBIVNBOB&TUPUBNCJOQVF
EFBQMJDBSTF TFHOFMBVUPS BMUFNBEFM
BCPSUPQSPWPDBEP GFDVOEBDJOJOWJUSP
ZPUSPT
.JHVFM ,PUUPX UJDB EF QSPUFD

DJO6OBQSPQVFTUBEFQSPUFDDJO
CJPUJDB 6OJWFSTJEBE /BDJPOBM EF
$PMPNCJB 4FEF #PHPU
6OJWFSTJ
EBEEF$IJMF &TDVFMBEF4BMVE1
CMJDB 4BOUJBHPEF$IJMF
QQ
5PEB UJDB BTQJSB B SFBMJ[BS MB KVTUJDJB
TPDJBM Z MB FRVJEBE FOUSF MBT QFSTPOBT
-B IJTUPSJB NVFTUSB RVF FTUB QSPQVFT
UBFTVUQJDBZFTU FOMBQPDBBDUVBM
NT MFKPT RVF OVODB EF DVNQMJSTF &M
DJVEBEBOP NPEFSOP TF WF QSJWBEP EF
MPTSFTHVBSEPTTPDJBMFTRVFIBCBOTJEP
DPORVJTUBEPT B MP MBSHP EF EPT TJHMPT
DBZFOEPFOVOFTUBEPEFJOTFHVSJEBEZ
EFTBNQBSP DPO SJFTHP EF NBSHJOBDJO
ZFYDMVTJO
3FDPOPDJFOEP MBT JOFRVJEBEFT FYJTUFO

UFT MB UJDB EF QSPUFDDJO TF QSPQPOF
QBMJBSMBTNFEJBOUFFMEFTBSSPMMPEFBDUJ
UVEFTQFSTPOBMFTEFBNQBSPZQSPHSBNBT
TPDJBMFTEFSFTHVBSEP1BSBFMMPSFDVSSFB
MBTSBDFTIJTUSJDBTRVFBTJHOBOBM&TUB
EPMBGVODJOEFQSPUFHFSBTVTTCEJUPT
TFHOEFTDSJCJFSB)PCCFT ZUBNCJOB
MPTmMTPGPTDPOUFNQPSOFPTRVF DPNP
-FWJOT Z +POBT WFO FM JOJDJP EF UPEB
UJDBFOMBQSPUFDDJORVFMPTJOEJWJEVPT
CSJOEBOBMPTEFTWBMJEPT
%FTQVTEFSFDPOPDFSMBTJOTVmDJFODJBT
EFPUSBTQSPQVFTUBT FTUFUFYUPEFTBSSPMMB
MBFTUSVDUVSBEFVOUJDBEFQSPUFDDJO
oJOEJWJEVBMZDPMFDUJWBo BmOEFQPOFS
MBBEJTQPTJDJOEFVOBQSPUFDDJOCJP
UJDB FTEFDJS VOBCJPUJDBRVFFOUJFOEB
TVDPNFUJEPDPNPVOBBCPHBDBQPSMPT
NTECJMFTZVOBIFSSBNJFOUBDPODFQ
UVBMRVFCSFHBQPSFMVTPEFJOTUJUVDJP
OFTTPDJBMFTRVFGPNFOUFOFMFNQPEFSB
NJFOUPEFMPTQPTUFSHBEPT
'SBODJTDP-FBM2VFWFEP +VBO.FO
EP[B7FHB &SOFTUP 1MBUB 3VFEB
2&1%
$PPSET
)BDJB VOB
.FEJDJOB NT IVNBOB &EJUP
SJBM .EJDB 1BOBNFSJDBOB #PHPU
QQ
&MQSPQTJUPEFMPTBVUPSFT RVFEFEJDBO
FMMJCSPBVOPEFMPTDPPSEJOBEPSFTSF
DJFOUFNFOUFGBMMFDJEP FTBEFDVBSMBNF
EJDJOBBMIPNCSF ZFWJUBSFMQSPDFTPEF
EFTIVNBOJ[BDJO 7BO TJHVJFOEP FTUF
QSPQTJUP EFTEF MBT EJTUJOUBT FTQFDJBMJ
EBEFTNEJDBTMBQMBOJmDBDJOGBNJMJBS
FMFNCBSB[PZFMQBSUPOBUVSBM MBUJDB
PCTUUSJDB MB HFOUJDB NEJDB DNP
DPOTFHVJS VOB 1FEJBUSB NT IVNBOB

FO MB BUFODJO B MPT OJPT IPTQJUBMJ[B
EPT FMDVJEBEPEFMEPMPSFOMPTOJPT
TV NVFSUF 5BNCJO BCPSEBO MB BUFO
DJOFOTBMVEEFMBEPMFTDFOUF MBDJSVHB
QMTUJDB MBWFKF[ FMNPSJSDPOEJHOJEBE
ZmOBMNFOUFMBFOGFSNFSBZTVQBQFMFO
FMQSPDFTPEFIVNBOJ[BDJO
'FSOBOEP -PMBT 3BNO 'MPSFO[B

OP (BCSJFM(ZBSNBUJ $BSMPT5SJHP
$JFODJBT4PDJBMFTZ.FEJDJOB1FST
QFDUJWBT -BUJOPBNFSJDBOBT &EJUP
SJBM6OJWFSTJUBSJB 4BOUJBHPEF$IJMF
QQ
&TUFMJCSPTFDFOUSBFOMBTUSBOTGPSNBDJP
OFTEFMB.FEJDJOBZTVSFMBDJODPOMBT
$JFODJBT4PDJBMFTQTJDPMPHB TPDJPMPHB
BOUSPQPMPHB 4F BOBMJ[B MB EJNFOTJO
CJPQTJDPTPDJBM EF MB TBMVE Z MB FOGFS
NFEBE MB UJDB FDPMHJDB MBT QPMUJDBT
SFQSPNPDJOEFMBTBMVE ZFMEFSFDIPB
MBTBMVEFOMBT"NSJDBT
'FSOBOEP-PMBT %PVHMBT,.BSUJO
Z "MWBSP 2VF[BEB &EJUPSFT
1SJP
SJEBEFT FO TBMVE Z TBMVE JOUFSDVM
UVSBM $*&# 6OJWFSTJEBE EF $IJMF
4BOUJBHPEF$IJMF QQ
&TUFFTFMQSJNFSONFSPEFVOB$PMFD
DJOEF&TUVEJPTEF#JPUJDB4PDJBM&M
$FOUSP *OUFSEJTDJQMJOBS EF &TUVEJPT EF
#JPUJDBEFMB6OJWFSTJEBEEF$IJMFKVO
UPDPOFM+PJOU$FOUFSGPS#JPFUIJDTEF
MB6OJWFSTJEBEEF5PSPOUP PSHBOJ[BSPO
USFTWJEFPDPOGFSFODJBTFOZ
&M$FOUSPEF5PSPOUPFTUFTQFDJBMJ[BEP
FOUJDBEFMBTBMVE DPOJOWFTUJHBDJPOFT
ZBDUJWJEBEDMOJDB DVFOUBDPOVOBSFE
EFQSPGFTJPOBMFTDPOMBmOBMJEBEEF

NFKPSBSMPTFTUOEBSFTEFDVJEBEPTBOJ
UBSJP"NCBTJOTUJUVDJPOFTTPO$FOUSPT
DPMBCPSBEPSFTEFMB0.4&MQSPZFDUP
GVFDPPSEJOBEPQPSFM1SPHSBNBEF#JP
UJDB EF MB 014 Z FM (PCJFSOP EF $B
OBE
&OFMQSJNFSBQBSUBEP #JPUJDBZQSJP
SJEBEFTFOTBMVE 'FSOBOEP-PMBTFTDSJCF
TPCSFMPTFTUVEJPTEF#JPUJDBTPDJBM ZMB
JOWFTUJHBDJOGSFOUFBMBJOUFSWFODJOFO
TBMVEQCMJDB%PVHMBT,.BSUJO TPCSF
CJPUJDBZTBMVEQCMJDB ZTPCSFMBTQSJP
SJEBEFTFOTBMVEFOMPTQBTFTFOWBTEF
EFTBSSPMMP-BTFHVOEBQBSUFFTUEFEJDB
EBBMBOMJTJTEFMBTJUVBDJOFO"NSJDB
-BUJOB SFTBMUBOEP MB JNQPSUBODJB EFM
UFNB +VBO .BOVFM 4PUFMP
MB OFDFTJ
EBE EFM EJMPHP Z MB DPPQFSBDJO QBSB
FTUBCMFDFS MBT QSJPSJEBEFT FO DBEB QBT
'FSOBOEPMPMBT
QSJPSJ[BDJO FGFDUJWJ
EBE Z FRVJEBE FO TBMVE "MNB &VOJDF
3FOEO Z &MJ[BCFUI .FSDBE
Z MPT EJ
MFNBT UJDPT RVF FTUP QSPWPDB 3BGBFM
$BWJFEFT
ZmOBMNFOUFEPTFTUVEJPTEF
MPTFGFDUPTEFMBSFGPSNBEFMBTBMVEFOMB
DBMJEBEEFWJEBFO1VFSUP3JDP .BOVFM
5PSSFT
ZMBQSJPSJ[BDJOFOFMBCPSEBKF
EFMBEJTDBQBDJEBEFO$IJMF -BVSB3VF
EB

&O FM UFSDFS BQBSUBEP TF FTUVEJBO MBT
SFMBDJPOFTFOUSFMBQSJPSJ[BDJOFOTBMVE
ZFMSFTQFUPBMBJOUFSDVMUVSBMJEBE BMBT
DVMUVSBTMPDBMFT %VODBO1FEFSTFO
DPO
USFTBQMJDBDJPOFTDPODSFUBTEFVONPEF
MPEFTBMVEJOUFSDVMUVSBMFO$IJMF .BS
HBSJUB4F[ (VJMMFSNJOB.VP[ 7JWJBO
(BWJMO

+PT-QF[(V[NOUJDBFOMBJO
EVTUSJBGBSNBDVUJDBFOUSFMBFDP
OPNBZMBTBMVE&VOTB 1BNQMPOB
QQ
+PT-QF[(V[NO EPDUPSFO'BSNBDJB
QPSMB6OJWFSTJEBEEF7BMFODJBFT FOMB
BDUVBMJEBE QSPGFTPS EFM %FQBSUBNFOUP
EF)VNBOJEBEFT#JPNEJDBT 'BDVMUBE
EF.FEJDJOB
EFMB6OJWFSTJEBEEF/B
WBSSB*NQBSUFMBBTJHOBUVSBEFi%FPO
UPMPHB'BSNBDVUJDBwZFTEJSFDUPSEFM
.TUFSFO#JPUJDBEFMB6OJWFSTJEBEEF
/BWBSSB
{&TDPOTDJFOUFMBJOEVTUSJBGBSNBDVUJDB
EFRVFFMIPSJ[POUFEFTVUSBCBKPEFCF
TFSMBQFSTPOBZTVTBMVE {IBFOUFOEJEP
RVFFTUFQMBOUFBNJFOUPFYJHFOPQFSEFS
EFWJTUBFMSFGFSFOUFEFMBUJDB {IBBTV
NJEPRVFMPTmOFTQFSTFHVJEPToMBSFO
UBCJMJEBE MB DPNQFUJUJWJEBE FUDo OP
EFCFO PTDVSFDFS MB WBMPSBDJO UJDB EF
MPT NFEJPT FNQMFBEPT 1BSB EBS SFT
QVFTUB B FTPT JOUFSSPHBOUFT TF BCPSEBO
FOFTUBPCSBMPTOVNFSPTPTGBDUPSFTRVF
JOnVZFOFOUBMFTEJMFNBT
4F EFmOF Z KVTUJmDB MB OFDFTJEBE EFM
SFDPOPDJNJFOUP EF VOPT QSJODJQJPT EF
UJDBQSPGFTJPOBM4FSFnFYJPOBTPCSFMPT
BTQFDUPT EFPOUPMHJDPT DPODSFUPT RVF
BGFDUBO B MB JOEVTUSJB GBSNBDVUJDB MB
JOWFTUJHBDJOZQSPNPDJOEFMPTNFEJ
DBNFOUPT MBDPNQFUFODJBEFTMFBM FUD
4F SFDPHFO UBNCJO VOB HSBO WBSJFEBE
EF DBTPT QSDUJDPT &TUF iNBUFSJBM EF
USBCBKPwQFSNJUFBMMFDUPSDPNQSPCBSMB
SFBMJEBE Z USBTDFOEFODJB EF MPT QSPCMF
NBTFTUVEJBEPT ZDPOWJFSUFFTUBPCSBFO
VOBWBMJPTBIFSSBNJFOUBQBSBMBEPDFO
DJBFOMBT'BDVMUBEFTSFMBDJPOBEBTDPOMBT
$JFODJBTEFMB4BMVE
-VJT.BSUOF[0MJWB+VTUJDJBZ.F
EJDJOB 1CMJDB %FM QSJODJQJP UJ
DPBMPTEFTBGPTFOTVBQMJDBDJO
-0.&EJDJPOFT 4BOUJBHPEF$IJMF

3FDPHFMPGVOEBNFOUBMEFVOBUFTJTEF
NBFTUSB FO #JPUJDB OEJDF 5FPSBT
mMPTmDBT EF KVTUJDJB %FSFDIPT Z PCMJ
HBDJPOFTFOTBMVE&RVJEBEZFmDJFODJB
FOTBMVE{EPTDPODFQUPTEFJHVBMOJWFM
UJDP FO DPNQFUFODJB -B PQDJO EFM
NOJNPEFDFOUFPEFDPSPTP &RVJEBE
DPOUSPM EF DPTUPT TFHVSPT TPMJEBSJPT
6OBQFSTQFDUJWBSFOPWBEBZDSJTUJBOBEFM
DPODFQUPEFKVTUJDJB
( .BDLJOTPO %JSFDUPSB
" 'BSJOBUJ
$PPSEJOBEPSB
4BMVE EFSFDIPZFRVJ
EBE
1SJODJQJPT DPOTUJUVDJPOBMFT 1PM

UJDBTEFTBMVE#JPUJDB"MJNFOUPT
ZEFTBSSPMMP"E)PD #VFOPT"JSFT
QQ
"VUPSFT #JEBSU $BNQPT ( $BZVTP
4 ( 4BOEMFS ) 3 "DPTUB . &
3BKMBOE #(JM%PNOHVF[ "(BSSJ
EP $PSEPCFSB - . .JOZFSTLZ /
8BHNBJTUFS " . "OESJDI EF MWB
SF[ .#F[BM1BSLJOTPO "$BP $
/F[4BOUJBHP #
$POTUJUVDJO TBMVEZFRVJEBE&MEFSF
DIPBMBTBMVE-BTJOHVMBSDBSSFSBEFMB
EJWJOB%JL$BMJEBEOPJNQMJDBEJHOJ
EBE-BTBMVEQCMJDBWJTUBEFTEFMBm
MPTPGB EFM EFSFDIP 1PMUJDBT EF TBMVE

%FDJTJPOFTFONBUFSJBEFTBMVEEVSBOUF
MBTQSFTJEFODJBTEF"MGPOTOZ.FOFN
-BDPOUSBEJDDJOFOUSFTBMVEZNFSDBEP
#JPUJDB FRVJEBEZTBMVE-FZEF4BMVE
3FQSPEVDUJWB Z 1SPDSFBDJO 3FTQPOTB
CMF #JPUJDB Z BDUJWJEBE JOEVTUSJBM &M
DSJUFSJP EF GVUJMJEBE *NQMJDBODJB UJDP
KVSEJDBEFMBTUDOJDBTEFSFQSPEVDDJO
IVNBOBBTJTUJEB4BMVE BMJNFOUPTZEF
TBSSPMMP "MJNFOUPT TBMVE Z DPOTVNP
-BJEFBEFMDPOTVNPTVTUFOUBCMF$BMJ
EBEEFWJEBZEFGFOTBEFMDPOTVNJEPS
-BTBMVEZMPTBMJNFOUPT
1JFUSP.BHMJP[[J%FMBTBMVECJPM
HJDBBMBTBMVECJPHSmDB)VNBOJ
[BDJOZ4BMVE1POUJmDJB6OJWFSTJ
EBE $BUMJDB EF $IJMF 4BOUJBHP EF
$IJMF QQ
&M BVUPS EF FTUF MJCSP TBDFSEPUF DBNJ
MJBOPEFOBDJPOBMJEBEJUBMJBOB MJDFODJB
EPFO.FEJDJOBZ$JSVHB TFFODVFOUSB
EFTEFIBDFEPTBPTFO$IJMFDPMBCPSBO
EPFOFM1SPHSBNBEF&TUVEJPT.EJDPT
)VNBOTUJDPTEFMB'BDVMUBEEF.FEJDJ
OBEFMB6OJWFSTJEBE$BUMJDBEF$IJMF
&TOPUPSJPRVFFYJTUFVOQSPGVOEPNB
MFTUBSGSFOUFBMBNFEJDJOBEFIPZ EJDF
TV QSMPHP EFM QSPGFTPS +VBO EF %JPT
7JBM$PSSFB:FYQMJDBRVFi1PSVOMBEP
TVTYJUPTTPOUBODMBNPSPTPTRVFOPTF
WFVOBNBOFSBEFTVTUJUVJSMBOJEFTVT
USBFSTF B TV BDDJO 1PS PUSB QBSUF MB
BDUJWJEBE NEJDB TF MMFWB B DBCP B NF
OVEP TFHO FM FTUJMP EF VOB WFSEBEFSB
UJSBOBUFDOPMHJDBFOMBDVBMFMQBDJFOUF
QBTBBTFSDPNPVOPCKFUPFOMBBDDJO
EFDVSBSZEFOJOHVOBNBOFSBVODPMB

CPSBEPS P VO QSPUBHPOJTUB " FTUB GPS

NB EF iFOBKFOBDJOw TF BHSFHB RVF MPT
DPTUPTDSFDFONTBMMEFUPEBNFEJEB
BGFDUBOEP EVSBNFOUF B MBT GBNJMJBT Z
HPMQFBOEPEFNPEPQBSUJDVMBSBMPTNT
ECJMFTRVFTFWFOBNFOVEPFYDMVJEPT
EFMPTCFOFmDJPTEFMBBDDJONEJDBP
TPNFUJEPT B DPOEJDJPOFT EF BUFODJO
EFQSJNFOUFT MBSHBT DPMBT UJFNQPT EF
FTQFSBFYBHFSBEPT FUD.JFOUSBTFMIPN
CSF DPOUFNQPSOFP SFDMBSB QJEJFOEP FM
NYJNPSFTQFUPEFTVQFSTPOBMJEBEZMJ
CFSUBE MTFWFTPNFUJEPBVOBNRVJOB
DSFDJFOUFNFOUFJNQFSTPOBMZDPOUSBSJBB
TV EJHOJEBE FO FM BDUP NJTNP EF CVT
DBSBMJWJPBTVFOGFSNFEBE&MMJCSPEFM
EPDUPS .BHMJP[[J FT VO WBMJPTP BQPSUF
BM QSPCMFNB EF MB NFEJDJOB DPOUFNQP
SOFB ZFTQFDJBMNFOUFFOMPSFGFSFOUFB
#JPUJDB FTUO TVT PCTFSWBDJPOFT TPCSF
.PEFMPTUJDPTZTBMVE Z#JPUJDBZIV
NBOJ[BDJO-PTPCKFUJWPTEFMMJCSPTPO
&OTBODIBSMBQFSTQFDUJWBEFMBNFEJDJ
OB4BOBSBMBQFSTPOBFTVOUSBCBKPZVO
QSPDFTPOPTMPNEJDPZFYQFSJNFOUBM
TJOPRVFQFSUFOFDFBMDBNQPEFMBJOUFS
EJTDJQMJOBSJFEBE&TUFMJCSPCVTDBJMVTUSBS
MPTEJWFSTPTEFTBGPTRVFiMBQFSTPOBw FO
TVT WBSJBT EJNFOTJPOFT QPOF BM USBCBKP
EFTBOBDJOEFMBHFOUFTBOJUBSJPWPMWJO
EPMPNTJOUFSFTBOUFZDPNQMFUP
*OUFHSBS MPT TBCFSFT &M MJCSP FOTFB
DNP MPT BQPSUFT EF MBT DJFODJBT OBUV
SBMFTZIVNBOBT QVFEFOTFSJOUFHSBEPT
FO VOB UBSFB Z FO VO DBNJOP QFSTPOBM
EF iTBOBDJO CJPHSmDBw ZB TFB QBSB FM
BHFOUFTBOJUBSJPDPNPQBSBFMFOGFSNP
&MFWBSFM/JWFMEF4BMVEZ4BOBDJO
&MUFYUPQSPGVOEJ[BZIVNBOJ[BFMTFO
UJEP Z MB SFBMJEBE EF MB TBOBDJO MJCF
SOEPMB EF TVT BDFQDJPOFT DVMUVSBMFT
QBUHFOBT
QBSBRVFQVFEBGBWPSFDFSVO
DBNCJPTBMVEBCMFFOMBTQFSTPOBT IBDFS
MBTNTBCJFSUBTBVODSFDJNJFOUPFOTV
BVUPoUSBTDFOEFODJBZBZVEBSBMPTBHFO
UFTEFTBMVEBUSBOTGPSNBSTFFOTFSFTNT
JOUFHSBEPTZNPUJWBEPT
+VBO.BTJ$MBWFM5FSUVMJBTEF#JP
UJDB.BOFKBSMBWJEB DVJEBSBMBT
QFSTPOBT&EJUPSJBM4BM5SSFB 4BO
UBOEFS QQ
&TUBT QHJOBT TPO GSVUP EF VOBT iUFS
UVMJBTw FO MBT RVF TF IBO QFOTBEP FO
DPNO DVFTUJPOFT UJDBT FO UPSOP B MB
WJEB&MTVCUUVMPSFnFKBEPTSFUPTBDUVB
MFTNBOFKBSMBWJEBIBDJFOEPVTPEFMB
UFDOPMPHB QFSPDPOSFTQPOTBCJMJEBEZ
USBUBSMBTFOGFSNFEBEFT QFSPDVJEBOEP
B MBT QFSTPOBT 4F QSFUFOEB FO EJDIBT
UFSUVMJBT DPOUJOVBEBT EVSBOUF NT EF
RVJODFBPT EJBMPHBSDPOTFSJFEBEDJFO
UmDBZNFOUBMJEBEBCJFSUB UFOJFOEPFO
DVFOUB MBT QFSTQFDUJWBT DSJTUJBOBT QFSP
TJOFYDMVJSPUSPTQVOUPTEFWJTUB
&M BVUPS TBDFSEPUF KFTVJUB Z DPPSEJOB
EPSEFMBTUFSUVMJBT IBSFVOJEPBRVNB
UFSJBMFT NJTDFMOFPT RVF QVFEBO TFSWJS
EFSFGFSFODJBFOSFVOJPOFTTFNFKBOUFTB
MBTRVFPSJHJOBSPO SFTQPOEJFOEPBQSF
HVOUBTRVFFTUOFOMBDBMMFZFOMPTNF
EJPT4FIBODMBTJmDBEPMPTEPDVNFOUPT
FO UPSOP B MPT NEVMPT EFM DVSTP EF
CJPUJDB JOUSPEVDDJO BOUSPQPMHJDB
CJPUJDB MBJDB Z QFSTQFDUJWBT SFMJHJPTBT
DPNJFO[PZmOEFMBWJEBTBMVEZFOGFS
NFEBE FDPUJDB Z FDPKVTUJDJB &M BVUPS
EFEJDBVOFTQBDJPEFEJDBEPBMBiMFDUVSB
DSUJDBEFMBTSFDPNFOEBDJPOFTZEPDV
NFOUPTEFMNBHJTUFSJPFDMFTJTUJDPTPCSF
UFNBT EF CJPUJDB {DNP TF DPOKVHBO
MBTDSFFODJBTDPOFMEJTFOUJNJFOUPSB[P
OBCMF Z SFTQPOTBCMF EFOUSP EFM NJTNP
HSVQPEFRVJFOFTMBTDPNQBSUFO w
.JOJTUFSJP EF 4BMVE 1CMJDB &Y

DMVTJO TPDJBM FO TBMVE 1BSBHVBZ
"OMJTJT B OJWFM /BDJPOBM Z
3FHJPOBM .JOJTUFSJP EF 4BMVE %J
SFDDJO(FOFSBMEF&TUBETUJDB 014
"TVODJO
&M .JOJTUFSJP EF 4BMVE EF 1BSBHVBZ
DPODMVZF FTUF JOGPSNF DPO EBUPT CJFO
TJHOJmDBUJWPT-BFYDMVTJOTPDJBMFOTB
MVEIBEJTNJOVJEPFOFMQBTTPCSFUPEP
FOFMBP&MTFDUPSQCMJDPTJHVF
TJFOEPMBQSJODJQBMGVFOUFEFQSPWJTJO
EFTFSWJDJPT IBZNTPGFSUBEFTEFFMTFD
UPS QCMJDP NFOPT FYDMVTJO QPS NP
UJWPT HFPHSmDPT BVORVF BO QFSTJTUF
-BQSJODJQBMDBVTBEFMBFYDMVTJOFTMB
BVUPNFEJDBDJO RVF FT BVUPFYDMVTJO
FT OFDFTBSJP HBSBOUJ[BS VO BDDFTP FRVJ
UBUJWPBCJFOFTZUFDOPMPHBTEFTBMVEEF
DBMJEBE
NPDSUJDPFOMBUPNBEFEFDJTJPOFT&M
DPTUFEFMBNVFSUF-BUJDBZMPTDPTUFT
WJTUPTEFTEFMB'BSNBDJB$MOJDB-JNJ
UBDJOEFMFTGVFS[PUFSBQVUJDP*NQMJDB
DJPOFTUJDBTZFDPONJDBTEFMPTOEJDFT
EFHSBWFEBE-BJOnVFODJBEFMBFTDBTF[
EFSFDVSTPTFOMBMJNJUBDJOEFMFTGVFS[P
UFSBQVUJDP-PTDVJEBEPTJOUFOTJWPTFO
MBFSBEFMB#JPUJDB3FWJTJOEFMBDB
MJEBEEFFOGFSNFSBDPNPBSNBUJDBZ
FDPONJDB"OMJTJTDPTUFFGFDUJWJEBEFM
FOGPRVFNEJDPUJDBZDPTUFTEFTEFMB
QFSTQFDUJWB EFM HFTUPS TBOJUBSJP "TQFD
UPTUJDPTZFDPONJDPTEFMBNPSBMJEBE
PDVMUBFO$VJEBEPT*OUFOTJWPT%FDJTJP
OFTNEJDBT UJDBTZDPTUFT-BBVUPOP
NBFOFMQBDJFOUFDSUJDP*EFOUJmDBDJO
EFMBTSFMBDJPOFTEFBHFODJBFONFEJDJOB
JOUFOTJWB Z TV JNQMJDBDJO UJDB Z FDP
ONJDB3FUJSBEBPOPJOJDJPEFMTPQPSUF
WJUBM &M QBQFM EF MB DBMJEBE BTJTUFODJBM
FO VOB QPMUJDB UJDB EF DPOUFODJO EF
DPTUFT.FEJDJOBUJDBZDPTUFT#JPUJDB
ZUSBTQMBOUFEFSHBOPT&MQSPCMFNBEFM
FTUBCMFDJNJFOUPEFQSJPSJEBEFTFOTBOJ
EBE
"MWBS/FU &EJUPS
UJDBZDPTUFTFO
NFEJDJOBJOUFOTJWB4QSJOHFS7FSMBH
*CSJDB #BSDFMPOB QQ
&EHBS"/PWPB *WO+FTT-FTQPSU
4FSHJPEF;VCJSB $POTUBO[B0WBMMF
$BSMPT7MBEJNJS;BNCSBOP#JPUJ
DB %FTBSSPMMP IVNBOP Z &EVDB
DJO
&MBVUPSFTDBUFESUJDPEF.FEJDJOB*O
UFOTJWBEFMB6OJWFSTJEBE"VUOPNBEF
#BSDFMPOB EJSFDUPSEFM4FSWFSEFNFEJ
DJOB*OUFOTJWBEFM)PTQJUBM4BOUB$SV[
Z 4BOU 1BV &OUSF PUSPT QBSUJDJQBO FO
FTUBPCSB%JFHP(SBDJBZ'SBODFTD"CFM
$POUFOJEP %JMFNBT UJDPT FO MPT QB
DJFOUFTDSUJDPT1BSUJDJQBDJOEFMFOGFS
-PTEPDVNFOUPTSFVOJEPTFOFMQSFTFO
UFUFYUPOPTQFSNJUFOWJTMVNCSBSEFTEF
OVFTUSBQSPQJBSFBMJEBEIPSJ[POUFTQSP
NJTPSJPTQBSBFMBOMJTJTZMBJOUFSWFODJO
CJPUJDB FO MB TPDJFEBE UFDOPDJFOUJmDB
-B CJPUJDB IB FTUBEP QSPGVOEBNFOUF
VOJEBBMBTQSDUJDBTNEJDBT SFTBMUBOEP
FTUF QVOUP TF NBOJmFTUB QFSNBOFOUF

NFOUFDPNPiMBNFEJDJOBTBMWPMBWJEB
EF MB UJDBw 5PVMNJO
4JO FN
CBSHP FTQSFDJTPSFDPOPDFSRVFFTUFIF
DIPUBNCJOIBMMFWBEPBVOBNVZGVFSUF
NFEJDBMJ[BDJOEFMBCJPUJDB BMSFEFEPS
EFMPTUFNBTEFEJTDVTJOZBOMJTJT ZMPT
FTRVFNBTZNUPEPTEFJOUFSQSFUBDJOZ
SFTPMVDJOEFEJMFNBT(JSBOEPFOUPS
OPBMPTUFNBTQSPCMFNBTEFMJOJDJP FM
EFTBSSPMMPZFMmOEFMBWJEB FONFEJP
EFMPTBWBODFTFOMBNFEJDJOB MBCJPUJDB
EFCJBCSJSTFDBEBWF[NBTIBDJBUFNBT
NBTDPNQMFKPT QSPCMFNBTRVFEFTCPS
EBCBOMBSFMBDJONFEJDPQBDJFOUFZMPT
NVSPTEFMPTDPOTVMUPSJPT IPTQJUBMFTZ
DMOJDBTFMBDFMFSBEPQSPDFTPEFJOOP
WBDJO UFDOPMHJDB Z TVT BQMJDBDJPOFT
FOMBCJPNFEJDJOBFMEFDBJNJFOUPEFMB
WJTJO UFSBQVUJDB EF MB NFEJDJOB RVF
IPZTFFODVFOUSBCBTUBOUFNBUJ[BEBQPS
FMBVNFOUPEFTPSCJUBEPEFMBEFNBOEB
FTUUJDBMPTDBNCJPTFOMPTNCJUPTEFMB
FDPOPNBZFOMBJOUFSWFODJOQPMUJDPo
JOTUJUVDJPOBM RVFIBODPOEVDJEPBRVF
MB QSDUJDB NFEJDB TF DPOWJFSUB FO VOB
NFSDBODBNBTFOFMNFSDBEPFOHFOF
SBM FTUBNPT BTJTUJFOEP B VOB QSPGVOEB
USBOTGPSNBDJOTPCSFMPRVFTFFOUJFOEF
QPSTBMVEZFOGFSNFEBE
-BUJDBCJPNEJDBTFIBWFOJEPBCSJFO
EP IBDJB MB KVTUJDJB TBOJUBSJB MP RVF IB
QFSNJUJEPMBBNQMJBDJOEFMFTQBDJPEF
MBCJPUJDBIBDJBVOBNBDSPCJPUJDB VOB
EJTDJQMJOBRVFCVTDBSFTQPOEFSDBEBWF[
NTBMPTUFNBTFJNQBDUPTQSPEVDUPEFM
EFTBSSPMMP IVNBOP Z UFDOPDJFOUmDP
4JOFNCBSHP FMEFCBUFTPCSFMBKVTUJDJB
TBOJUBSJBIBTFHVJEPMJNJUBOEPFMNCJUP
EFMBCJPUJDBBMNCJUPEFMBTBMVE%J
DIP EFCBUF DPOEVDF B RVF FM DPODFQUP

TBMVEDPCJKFUPEPTMPTBTQFDUPTEFMBWJEB
TPDJBMoMPCJPMHJDP FMNFEJPBNCJFOUF
VO FTUJMP EF WJEB TBMVEBCMF P TFB DPO
EJDJPOFT EF WJEB TBMVEBCMF USBCBKP SF
DSFBDJO FEVDBDJO
ZMPTTFSWJDJPTEF
TBMVEo &M NCJUP EF DPOTJEFSBDJO EF
MBCJPUJDBTFTJHVFSFEVDJFOEPQPSPUSPT
NFEJPTBMPTUFNBTEFMBUJDBCJPNEJDB
BVORVFBNQMJBEPTFOTVSBEJPEFJOUFS
QSFUBDJOZBOMJTJTBMFTQBDJPTPDJBM BMB
TBMVEQVCMJDB1PSPUSBTWBT MPTBOUFPKPT
VUJMJ[BEPTTJHVFOFTUSFDIBOEPMBWJTJOB
MPT QSPCMFNBT EF FRVJEBE Z KVTUJDJB FO
TBMVE BVODPOUPEBMBEJWFSTJEBERVFTF
QVFEBEFTQSFOEFSEFMBTBMVEFOUFOEJEB
DPNPVOTFSWJDJP
&O MBT BDUVBMFT DJSDVOTUBODJBT BWBO[BS
IBDJBVOBNBDSPoCJPUJDB VOBCJPUJDB
QSPGVOEBFTVOBOFDFTJEBEDSFDJFOUFFO
MBRVFDMBSBNFOUFTFEFCFBSSJFTHBS QBSB
BNQMJBS FM FTQFDUSP EF BOMJTJT F JOUFS
WFODJOEFMBCJPUJDB NTBMMEFMFTQB
DJPRVFMFIBWFOJEPEBOEPVOTVTUFOUP
QBSB TV DSFDJNJFOUP MB UJDB NFEJDB P
UJDBCJPNEJDB
i4FSFRVJFSFVOBWJTJOOVFWBEFMBSFB
MJEBE RVF DPNQSFOEB SFMBDJPOFT Z EF
QFOEFODJBTSFDJQSPDBTEFUPEPTMPTGFO
NFOPT GTJDPT CJPMHJDPT QTJDPMHJDPT
TPDJBMFT Z DVMUVSBMFTw &TDPCBS

%JDIBBNQMJBDJOTMPQVFEFDPOUSJCVJS
BGPSUBMFDFSMBCJPUJDB QBSBIBDFSMBBWBO
[BSFOTVDMBSPJOUFSTQPSDPOTPMJEBSTF
DPNPVOBEJTDJQMJOBQVFOUF SFTQFDUPEF
OVFTUSPGVUVSPDPNPQMBOFUB FOUSFMPT
EJGFSFOUFT TBCFSFT Z DPNP VOB CJPUJDB
BDUJWBZDPNQSPNFUJEB&TUFMMBNBEPB
MBBNQMJBDJOEFTVTJOUFSFTFTFTNVDIP
NTVSHFOUFFOOVFTUSBTTPDJFEBEFT FO
EPOEFMBTEFVEBTTPDJBMFTTPOJONFOTBT
$PNPTFEFTQSFOEFEFMPTBHSFHBEPTFT
UBETUJDPTFOMPTMUJNPTUJFNQPT FTUB
NPTBTJTUJFOEPBVOBDSFDJFOUFQPCSF[BZ
FYDMVTJOTPDJBM VOBDJVEBEBOBZVOPT
EFSFDIPT GVOEBNFOUBMFT SFDPSUBEPT Z
VOBT QSFDBSJBT P JOFYJTUFOUFT PQPSUVOJ
EBEFTEFFNQMFP DJSDVOTUBODJBTRVFOPT
QSFTFOUBO VO QBOPSBNB EFTBMFOUBEPS
QBSBMBHSBONBZPSBEFMBUJOPBNFSJDB
OPT 4J NJSBNPT OVFTUSP QBT UFOESB
NPT RVF TVNBS DPNQMFKPT QSPCMFNBT
DPNP FM DPOnJDUP BSNBEP JOUFSOP Z FM
OBSDPUSmDP RVFIBDFONTHSBWPTBMB
TJUVBDJO " NBOFSB EF JOUSPEVDDJO
DMBWFTQBSBVOBCJPUJDBEFMBFEVDBDJO
&EHBS/PWPB

3VJ /VOFT (VJMIFSNJOB 3FHP

1SJPSJEBEFT OB 4BEF .BD(SBX
)JMM -JTCPB QQ
$PNFTUFMJWSP QBTTBNPTBEJTQPS FN
1PSUVHBM EFVNUFYUPRVFBCPSEBBEJG
DJMRVFTUPEPFTUBCFMFDJNFOUPEFQSJPSJ
EBEFTOPVOJWFSTPEBTBEF OVNBQFST
QFDUJWBNPEFSOBFSJHPSPTB&MFQFSNJUF
VNB WJTP PCKFUJWB EF GBUPT F TPMVFT
TFHVOEPVNBNFUPEPMPHJBRVFDPOGFSF
QFSTQFDUJWBUJDBVNMVHBSJNQPSUBOUF
EFBDPSEPDPNPFOTJOBEPQFMPmMTPGP
BNFSJDBOP/PSNBO%BOJFMT0QSJNFJ
SPDBQUVMPEJTDVUFBTUFPSJBTEFKVTUJB
BTFHVJS EFCBUFPQSPCMFNBEBBMPDBP
EF SFDVSTPT QBSB BT QSFTUBFT EPT DVJ
EBEPTEFTBEFFNUFSNPTEFFRJEBEF
FDSJUSJPTEFSFGFSODJB4FHVFNoTFoMIF
DBQUVMPT TPCSF B QPMUJDB EPT NFEJDB
NFOUPT OPFWJUBOEPBTFNQSFQPMNJ
DBRVFTUPEPTHFOSJDPT BWBMJBEBMV[
EPTDSJUSJPTEFFUJDJEBEFEBTFTUSBUHJBT
EFNBSLFUJOHEBTFNQSFTBTQSPEVUPSBT
/BTFHVOEBQBSUF JOUJUVMBEBi$SJUSJPT
EFBWBMJBPEP4JTUFNBEF4BEFw BOB
MJTBoTFBFRJEBEFOPBDFTTPFBTPMJEB
SJFEBEFOPmOBODJBNFOUP EJTDVUJOEPo
TF BJOEB BFmDDJBFBFmDJODJBoFTUB
PCSBSFQSFTFOUBJNQPSUBOUFJOTUSVNFO
UPQBSBBQSPNPPEPEFCBUFQCMJDP
TPCSFBTPQFTEBTBEFFN1PSUVHBM
8FC$FOUSP#JPUJDB 1PSUP

3VJ /VOFT $SJTUJOB #SBOEBP )V

NBOJ[BBP EB 4BEF (SBmDB EF
$PJNCSB $PJNCSB 1PSUVHBM
)VNBOJ[BS MB TBMVE FT VOB UBSFB RVF
BGFDUB B UPEPT MPT QSPGFTJPOBMFT EF MB
TBMVE"T NEJDPT FOGFSNFSPT GBSNB
DVUJDPT QTJDMPHPT FOUSF PUSPT UJFOFO
MB SFTQPOTBCJMJEBE UJDB EF FKFSDFS TV
QSPGFTJO DPO MB DPOWJDDJO QSPGVOEB
EF RVF USBUBO DPO QFSTPOBT IVNBOBT
QBSUJDVMBSNFOUF WVMOFSBCMFT Z QBSB MBT
DVBMFTFMGFONFOPEFMBFOGFSNFEBEFT
QSPGVOEBNFOUFJODBQBDJUBOUFFJOEFTFB
CMF
/P IBZ EVEB EF RVF MB TBMVE FO 1PS
UVHBM FWPMVDJPO DPOTJEFSBCMFNFOUF B
MP MBSHP EF MBT MUJNBT EDBEBT DPO MB
DSFBDJO EFM 4FSWJDJP /BDJPOBM EF 4B
MVE BIPSBJNQPSUBBMDBO[BSOVFWPTBMJ
DJFOUFTZNFUBTDPNPMBFYDFMFODJBZMB
IVNBOJ[BDJO
-B CJPUJDB TF IB DBSBDUFSJ[BEP DPNP
VOQVFOUFQBSBFMGVUVSP6OGVUVSPFO
DPOTUBOUFNVUBDJO EPOEFEFUFSNJOB

EPT WBMPSFT EFCFO NBOUFOFSTF JONVUB

CMFTFJOUFNQPSBMFT1SJODJQBMNFOUF FM
SFTQFUP QPS MB EJHOJEBE EF MB QFSTPOB
IVNBOB o TPCSF UPEP DVBOEP FTU FO
GFSNB $POTFDVFOUFNFOUF IVNBOJ[BS
MB QSFTUBDJO EF MPT DVJEBEPT FT EFTEF
MB QFSTQFDUJWB EF MB #JPUJDB FM QVFOUF
QBSBFMGVUVSPRVFTFEFTFBFOFMSFBEF
MBTBMVE%FIFDIP MBFTQFSBO[BRVFMPT
QPSUVHVFTFTEFQPTJUBOFOMBUSBOTGPSNB
DJO EFM 4JTUFNB /BDJPOBM EF 4BMVE TF
BTPDJBDMBSBNFOUFBMBWJTJOIVNBOJTUB
EF MBT EFNPDSBDJBT PDDJEFOUBMFT EPOEF
MB FWPMVDJO UFDOPMHJDB FT VO NFEJP
QBSBNFKPSBSMBDPOEJDJOIVNBOBZMB
DBMJEBEEFWJEBEFMPTDVJEBEPT
NVKFSFTZIPNCSFTEFCVFOBWPMVOUBE
B TVNBSOPT QBSB FODBSBS VO MJEFSB[HP
UJDPFJOUFMFDUVBMGVOEBEPFOWBMPSFTZ
QSJODJQJPTDPNPMBQB[ MBKVTUJDJB FMEF
TBSSPMMP FMEJMPHP FMFRVJMJCSJPEFQP
EFSFT MFSFQBSUPFRVJUBUJWPEFMBSJRVF[B
MBUPMFSBODJBZMBFYQMPUBDJOSBDJPOBMEF
SFDVSTPTy/BEJFEFCFTFOUJSTFFYDMVJEP
EFFTUFEFTBGP
+FTT0MNFEP3JWFSP0SJFOUBDJO
4PDJBM EFTEF VOB UJDB .VOEJBM
4BO1BCMP #VFOPT"JSFT
"SOBMEP 1BOHSB[[J (JSBTPMFT KVOUP

BTBVDFT&OEJMPHPDPOMPTFOGFS
NPT&EJUPSJBM4BM5FSSBF 4BOUBOEFS
QQ
-PT MFDUPSFT FODPOUSBSO FO FTUB PCSB

HSBO DBOUJEBE EF EBUPT Z DJGSBT RVF
NVFTUSBO DPODSVEF[B MBNBHOJUVEEF
BMHVOPTNBDSPQSPCMFNBTJSSFTVFMUPTRVF
HPMQFBOBUPEBMBIVNBOJEBE QFSP EF
NBOFSBNTJOUFOTBBMPTNJMMPOFTEFFY
DMVJEPTRVFHFOFSBMBPGFOTJWBEFMQFO
TBNJFOUPOFPMJCFSBMRVFQSFEJDBFMJOEJ
WJEVBMJTNP FMQSBHNBUJTNPZMBDVMUVSB
EFNFSDBEP&OTVTQHJOBTUBNCJOTF
PGSFDFO BMHVOPT DSJUFSJPT Z QSJODJQJPT
QBSB VO KVJDJP UJDP EF MPT QSPCMFNBT
BOBMJ[BEPT Z VO NBSDP SFGFSFODJBM EF
QSPQVFTUBT QBSB VOB BDDJO TPMJEBSJB
&M PCKFUJWP EFM BVUPS FT RVF TJSWBO EF
IFSSBNJFOUBT BQSPQJBEBT F JOWBMPSBCMFT
RVFOPTBZVEFOBNPEFMBSFMNBOEBUP
NBSBWJMMPTP EF USBOTGPSNBS MB SFBMJEBE
$POmSNF[BZUFSOVSB JOWJUBBUPEBTMBT
$POmBNPTFORVFMBSFnFYJOZMFDUV
SBEFTUFMJCSPBOJNF FTQFDJBMNFOUFB
MPT KWFOFT Z BEPMFTDFOUFT B BTVNJS FM
DPNQSPNJTPEFiDPOTUSVJSZDPOTPMJEBS
VONVOEPEFTPMJEBSJEBECBTBEPFOMB
KVTUJDJBw &EJUPSJBM4BO1BCMP

&MBVUPSFTSFMJHJPTPDBNJMP QSFTJEFOUF
EFMB"TPDJBDJOJUBMJBOBEFQBTUPSBMTB
OJUBSJBZEFM$PNJUFVSPQFPEFi1BTUP
SBM$BSFBOE$PVOTFMMJOHw
&TUFMJCSPFTUEJSJHJEPBMPTBHFOUFTEF
QBTUPSBM TBOJUBSJB NEJDPT FOGFSNPT
WPMVOUBSJPT Z DVBOUPT TF BDFSDBO EJB
SJB V PDBTJPOBMNFOUF B MPT FOGFSNPT Z
QFSTPOBT RVF TVGSFO 1SFUFOEF BZVEBS
MFTBTFSNTTFOTJCMFTZTFSDBQBDFTEF
FTUBCMFDFSVOBSFMBDJOEFBZVEBZVOB
DPNVOJDBDJONTQSPGVOEBZBMBWF[
UFSBQVUJDB&TUFYQVFTUPDPOQSFHVO
UBT SFMBUPT Z FKFSDJDJPT RVF BZVEBO B
SFnFYJPOBS TPCSF MPT DPOUFOJEPT DPNP
QSPZFDUP EF GPSNBDJO FO SFMBDJO EF
BZVEB
$ISJTUJBOEF1BVMEF#BSDIJGPOUBJOF
4BEF QCMJDB CJPUJDB $FOUSP
6OJWFSTJUBSJP 4P $BNJMP 1BVMVT
4P1BVMP QQ
%FOUSP EF VOB DPMFDDJO EF MJCSPT QF
RVFPTTPCSFDVFTUJPOFTGVOEBNFOUBMFT
FM BVUPS NBHTUFS FO "ENJOJTUSBDJO
)PTQJUBMBSJBZNJFNCSPEFM$PNJUEF
UJDBFOJOWFTUJHBDJOZSFDUPSEFM$FOUSP
6OJWFSTJUBSJP4BO$BNJMPEF4P1BVMP
RVJFSFDPODJFODJBSBUPEPTRVFMBTBMVE
DPNPCJFOZEFSFDIPGVOEBNFOUBMBMB
WJEB FTVOEFCFSEFM&TUBEPZVOEFSF
DIPDJVEBEBOP&TUFEFCFTFSDPORVJTUB
EPZMBCJPUJDB DPNPDJFODJBEFMBWJEB
ZDPNPNPWJNJFOUPTPDJBM SFQSFTFOUBFM
NFKPSNFEJPZIFSSBNJFOUB
-FP 1FTTJOJ -VDJBOB #FSUBDIJOJ

0SHT
)VNBOJ[BP F $VJEBEPT
1BMJBUJWPT&EJFT-PZPMB 4P1BV
MP #SBTJM QQ
&TUFMJCSPUJFOFEPTQBSUFTGVOEBNFOUB
MFT&OMBQSJNFSBTFBCPSEBMBIVNBOJ
[BDJO EF MPT DVJEBEPT FO TBMVE FO MB
TFHVOEB FMDPODFQUPFJNQPSUBODJBEF
MPT DVJEBEPT QBMJBUJWPT VOB OFDFTJEBE
FNFSHFOUF Z VSHFOUF FTQFDJBMNFOUF FO
MB BUFODJO EF TBMVE FO #SBTJM RVF FT
EPOEFTFDFOUSBOMPTBVUPSFT DPOUPEB
TV FYUFOTB FYQFSJFODJB FO FTUB SFB FO
FM$FOUSP6OJWFSTJUSJP4P$BNJMP EF
4P 1BVMP -P DPPSEJOBO -FP 1FTTJOJ
Z -VDJBOB #FSUBDIJOJ QFSP DPMBCPSBO
WFJOUJOBVUPSFTNT UPEPTQSPGFTJPOB
MFTEFMSFBEFMBTBMVEDPOFYQFSJFODJB
FOMBIVNBOJ[BDJOEFMPTDVJEBEPTEF
TBMVEZFODVJEBEPTQBMJBUJWPT
-PTUFNBTEFMBQSJNFSBQBSUFTPOCJFO
TVHFSFOUFT Z BUSBDUJWPT )VNBOJ[BDJO
EFMEPMPSFOFMSFBEFTBMVE-BUJDBEF
MBIVNBOJ[BDJOFOMPTIPTQJUBMFT$VJ
EBSZTPBS PUSBWJTJOEFMBDUPUFSBQV
UJDPZFEVDBUJWPBMBWF[)VNBOJ[BDJO
EFMBBUFODJOFOMBWFKF[ZUFSDFSBFEBE
FO FOGFSNPT UFSNJOBMFT P DPO TJEB
&RVJQPEFTBMVEZBUFODJOBMNPSJSDPO
EJHOJEBE
$PNJFO[B MB TFHVOEB QBSUF DPO MB OF
DFTJEBEZMBmMPTPGBEFMPTDVJEBEPTQB
MJBUJWPT DPNPSFTQVFTUBBMBPCTUJOBDJO
UFSBQVUJDB &TQJSJUVBMJEBE Z DVJEBEPT
FO QBDJFOUFT DPO 4JEB PODPMHJDPT P
UFSNJOBMFT ZFTQFDJBMNFOUFMBTJUVBDJO
BDUVBMFO#SBTJM
+ 1VJH+VOPZ ( -QF[$BTBTOP

WBT 7 0SUO {.T SFDVSTPT QBSB
MB TBMVE &MTFWJFS.BTTPO .BESJE

5BM Z DPNP DPNFOUB FM BVUPS FO MB
QSFTFOUBDJO DPO MB PCSB TF QSFUFOEF
SFEJSJHJS FM EFCBUF QPMUJDP TPCSF TJ FO
&TQBBTPOOFDFTBSJPTNTSFDVSTPTQBSB
MB TBMVE EFTEF MPT EJGFSFOUFT QVOUPT EF
WJTUB FO GVODJO EF VOB QPMUJDB TBOJ
UBSJBNTCBTBEBFOMBFWJEFODJBEFMPT
SFTVMUBEPTEFMBJOWFTUJHBDJOFDPONJ
DB FQJEFNJPMHJDBZDMOJDB-BQSJNFSB
QBSUFTFQMBOUFBDPNPPCKFUJWPQSJODJQBM
USBUBSEFQPOFSMPTSFDVSTPTEFM4JTUFNB
4BOJUBSJP &TQBPM Z TV mOBODJBDJO FO
SFMBDJO DPO MBT DJGSBT PCTFSWBEBT FO FM
NCJUP JOUFSOBDJPOBM EF BDVFSEP DPO
MPT GBDUPSFT RVF DPOEJDJPOBO MB OFDFTJ
EBEZFYQFDUBUJWBEFBUFODJOTBOJUBSJB
DPNP MB SFOUB Z MBT QFSTQFDUJWBT TPCSF

FMTJTUFNBTBOJUBSJPEFMBQPCMBDJOFT
QBPMB RVF EFCFO DPOTJEFSBSTF QBSB
KV[HBS MB OFDFTJEBE EF SFDVSTPT BEJDJP
OBMFT-BTFHVOEBQBSUFBCPSEBFMWBMPS
EFM HBTUP TBOJUBSJP FT EFDJS MB DPOUSB
QBSUFEFMBVNFOUPEFMBmOBODJBDJOFO
VOBIJQPUUJDBDVFOUBEFSFTVMUBEPTEFM
TFDUPSTBOJUBSJP&OUSFPUSBTDPTBT DBCF
QSFHVOUBSTFDVMFTFMWBMPSFDPONJDP
EF MBT NFKPSBT BEJDJPOBMFT FO FM FTUBEP
EFTBMVERVFIBOBQPSUBEPMPTDBNCJPT
UFDOPMHJDPT FO FM EJBHOTUJDP Z USBUB
NJFOUPEFMBTFOGFSNFEBEFT RVQBSUF
EF MB NFKPSB EF MB FTQFSBO[B EF WJEB Z
FO MB DBMJEBE EF WJEB FT BUSJCVJCMF B MB
BUFODJOTBOJUBSJBZTJWBMFOMPRVFDVFT
UBOMPTBVNFOUPTFOFMHBTUPFOTFSWJDJPT
TBOJUBSJPT-BUFSDFSBQBSUFEFMMJCSPUSBUB
EFMBTBMUFSOBUJWBTQBSBMBPCUFODJOEF
SFDVSTPTBEJDJPOBMFTQBSBMBmOBODJBDJO
EFMPTTFSWJDJPTTBOJUBSJPTFO&TQBBTP
CSF MB CBTF EF MBT MFDDJPOFT EFM TJTUFNB
DPNQBSBEP Z EF MB FWJEFODJB UFSJDB Z
FNQSJDB #JPUJDB %FCBU *OTUJUVU
#PSKBEF#JPUJDB

OHFM 1VZPM )BOOPU 3PESHVF[

&EJUPSFT
#JPUJDB KVTUJDJB Z HMP
CBMJ[BDJO &EJU &SFJO %POPTUJ
QQ
-B CJPUJDB DFOUSB TVT IBCJUVBMFT QSF
PDVQBDJPOFTFOMBUJDBDMOJDB FMDPO
TFOUJNJFOUPJOGPSNBEP MBFVUBOBTJB FM
BCPSUP MB DMPOBDJO UFSBQVUJDB FUD

4JO FNCBSHP WB TJFOEP IPSB EF RVF
UBNCJOTFEFEJRVFBMPTQSPCMFNBTSF
MBDJPOBEPTDPOMBKVTUJDJB FOVOBUJDB
HMPCBMEFMBWJEB$POUPOPQPMNJDPZ
OPWFEPTP FTUFMJCSPBOBMJ[BFMJNQBDUP
EFMBHMPCBMJ[BDJOFOMBTBMVENVOEJBM
MPTJOUFSFTFTQPMUJDPTZFDPONJDPTRVF
FTUOFOKVFHP FMBDDFTPBMPTNFEJDB
NFOUPTFOMPTQBTFTQPCSFT MBEJTDSJNJ
OBDJOEFMBTNVKFSFTFOMBEJTUSJCVDJO
EF MB BUFODJO TBOJUBSJB MPT SJFTHPT EF
VOBNBOJQVMBDJOHFOUJDBHMPCBMJ[BEB
Z MB OFDFTJEBE EF BNQMJBS FM IPSJ[POUF
EF MB DPODJFODJB NPSBM IBTUB JODMVJS B
UPEPT MPT TFSFT WJWPT EFM QMBOFUB DPNP
VOB EF MBT FYJHFODJBT JOBQMB[BCMFT EF
OVFTUSP UJFNQP &T VO MJCSP BCJFSUP
EF JODJUBDJO B VO EFCBUF UBO VSHFOUF
DPNP QPDP FYQMPSBEP OHFM 1VZPM Z
)BOOPU 3PESHVF[ FEJUPSFT EFM WPMV
NFO TPO SFTQFDUJWBNFOUF QSPGFTPSEF
UJDBZmMPTPGBQPMUJDBFOMB6OJWFSTJUBU
"VUOPNB EF #BSDFMPOB 6"#
Z DP
MBCPSBEPSEFMB$UFESB4ODIF[.B[BT
617&)6

$BSNFO 3PESHVF[ .FEJOB 4BMVE

1CMJDBZBTJTUFODJBTBOJUBSJBFOMB
6OJO &VSPQFB 6OB 6OJO NT
DFSDBOB BM DJVEBEBOP $PNBSFT
(SBOBEB
&M EFSFDIP B MB QSPUFDDJO EF MB TBMVE
UJFOF VOB EPCMF WFSUJFOUF RVF OPT TFS
WJS QBSB FTUSVDUVSBS FM QSFTFOUF MJCSP
QPS VOB QBSUF BCBSDB FM NCJUP EF MB
EFOPNJOBEB TBMVE QCMJDB DPOUFN
QMBOEPUPEBTMBTNFEJEBTRVFVO&TUBEP
EFCFEFTBSSPMMBSQBSBQSFTFSWBSMBTBMVE
EFTVDJVEBEBOBZEFPUSB DPNQSFOEF
MBTBDDJPOFTBBEPQUBSQBSBHBSBOUJ[BSMB
BTJTUFODJBTBOJUBSJBRVFDBEBDJVEBEBOP
QVFEFMMFHBSBQSFDJTBS-B6OJO&VSP
QFB UBMZDPNPWJFOFSFDPOPDJEPFOFM
BSUEFM5SBUBEPEFNTUFSEBN IB
EFQSPDVSBSHBSBOUJ[BSFMNTBMUPOJWFM
EFQSPUFDDJOEFMBTBMVEIVNBOB RVF
TFNBOJmFTUBFORVFTUBFTUQSPUFHJEB
FOFMUFSSJUPSJPFVSPQFPDPOMPTNJTNPT
OJWFMFTEFDBMJEBEZDBOUJEBERVFFOFM
UFSSJUPSJP OBDJPOBM QSPQJP : UPEP FMMP
TF DPOTJHVF GPSUBMFDJFOEP B MB 6OJO
TJO RVF FMMP TVQPOHB EFCJMJUBNJFOUP
EF MPT &TUBEPT RVF MB JOUFHSBO $PNP
RVFEBQBUFOUFFOOVFTUSPFTUVEJP BSB[
EF WBSJPT BDPOUFDJNJFOUPT TVSHJEPT FO
MPTMUJNPTBPTDPNPMBFODFGBMPQBUB
FTQPOHJGPSNF CPWJOB MB DSJTJT EF MBT
EJPYJOBTZNTSFDJFOUFNFOUFFMTOESP
NF SFTQJSBUPSJP BHVEP P MB HSJQF BWJBS
MB6OJO&VSPQFBIBWJTUPJODSFNFOUB
EBTTVTDPNQFUFODJBTFOFMDBNQPEFMB
QSPUFDDJO EF MB TBMVE 1PSRVF TJ CJFO
MBTDVFTUJPOFTTBOJUBSJBTIBOFTUBEPQSF
TFOUFTFOMPTEJTUJOUPTUSBUBEPTEFTEFFM
QSJODJQJPEFMBDPOTUSVDDJOFVSPQFB IB
TJEPFM5SBUBEPEF.BBTUSJDIUFOQSJNFS
MVHBS Z QPTUFSJPSNFOUF FM EF NTUFS
EBN MPTRVFIBOQFSNJUJEPEFTBSSPMMBS
VOBWFSEBEFSBFTUSBUFHJBDPNVOJUBSJBFO
TBMVEQCMJDB #JPUJDB%FCBU

.BSB 7JDUPSJB 3PRV .FEJDJOB

Z QBDJFOUF &M MBEP IVNBOP EF MB
NFEJDJOB&EJUPSJBM%VY
-B EPDUPSB .BSB 7JDUPSJB 3PRV FT
QSPGFTPSB EF "OUSPQPMPHB 'JMPTmDB Z
#JPUJDB EF MB 6OJWFSTJEBE *OUFSOBDJP
OBMEF$BUBMVB)BQVCMJDBEPSFDJFOUF
NFOUFTVMJCSP.FEJDJOBZQBDJFOUF&M
MBEPIVNBOPEFMBNFEJDJOB&TUBPCSB
SFTDBUB MB JEFB EF MB SFMBDJO QFSTPOBM
RVFFOUSFNEJDPZQBDJFOUFJNQSFHOB
CB ZB EFTEF TVT JOJDJPT MB NFEJDJOB FO
0DDJEFOUF
{$NPBZVEBFMNEJDPBBGSPOUBFMEP
MPSZMBNVFSUFEFVOFOGFSNP {2VFT
QFSBFMFOGFSNPEFTVNEJDP -BBVUPSB
FYQMJDBFOFMMJCSPDNPEFTEFTVTPS
HFOFT MB NFEJDJOB QPTFB MBT EJNFOTJP
OFTBOUSPQPMHJDBTZUJDBTEFDVJEBEP
TPDPSSP QSPUFDDJO TFSWJDJP Z SFTQFUP
&TUBTEJNFOTJPOFTDPOTUJUVZFOMPTQJMB
SFT TVTUBODJBMFT EF UPEB SFMBDJO NEJ
DPoQBDJFOUF"TJNJTNP QPOFEFSFMJFWF
FOTVPCSBRVFFMYJUPUFSBQVUJDPEF
QFOEFFOCVFOBQBSUFEFMBDBQBDJEBEEF
DPNVOJDBDJO Z DPMBCPSBDJO FOUSF MBT
WDUJNBTEFMBFOGFSNFEBEZMPTBHFOUFT
EFMBNFEJDJOBIVNBOJTUB
'FSNJO3PMBOE4DISBNN"UFSDFJ
SBNBSHFOEBTBEFUJDBOBUVSBM
DPNQMFYJEBEF DSJTFFSFTQPOTBCJMJ
EBEFOPTBCFSGB[FSTBOJUSJP6O#
#SBTJMJB
-B DSJTJT EF MB TBMVE FT FM UFNB EF FTUB
PCSB &M BTVOUP RVF IB TVTDJUBEP NV
DIPTEFCBUFTQCMJDPTFOUPEPTMPTTFD
UPSFTEFMBTPDJFEBE FTUSBUBEPQPS'FS
NO 3PMBOE 4DISBNN B QBSUJS EF VO
FOGPRVFmMPTmDP CBTBEPFOVOBUJDB
OBUVSBMPUJDBEFMBTBMVE-BQSPQVFT
UB TVTUFOUB VO QVOUP EF WJTUB TBOJUBSJP
BVUOPNP RVFBMNJTNPUJFNQPTPCSF
QBTFMPTMNJUFTUJDPTUSBEJDJPOBMFTFOFM
NPEPEFFOGPDBSMBTBMVE
-FUJDJB 4ODIF[ &TDPSJBM 1JMBS 7F

SPOB )VNFU *EFOUJEBE KVTUJDJB Z
WVMOFSBCJMJEBE 'VOEBDJO .BQGSF
.FEJDJOB
&M *OTUJUVU #PSKB EF #JPUJDB QSFTFOUB
FTUFUFYUP DPNPGSVUPEFVOUSBCBKPEF
JOWFTUJHBDJOSFBMJ[BEPQPSEPTCFDBSJBT
EFMBJOTUJUVDJO&MPCKFUPDFOUSBMDPO

TJTUFFOFYQMPSBSFMDPODFQUPEFJEFOUJ
EBE EF KVTUJDJB Z EF WVMOFSBCJMJEBE FO
EPTBVUPSFTDPOUFNQPSOFPTRVFUJFOFO
VOHSBOJOnVKPFOFMQFOTBNJFOUPNP
SBM DPOUFNQPSOFP Z QBSUJDVMBSNFOUF
FO FM DBNQP EF MB CJPUJDB GVOEBNFO
UBM /PT SFGFSJNPT B " .BD*OUZSF SF
DPOPDJEP QPS TV PCSB 5SBT MB WJSUVE Z
3/P[JDL FMBVUPSEF"OBSRVB &TUBEP
Z6UPQB4JCJFOFTUPTBVUPSFTOPIBO
FMBCPSBEP GPSNBMNFOUF VO EJTDVSTP
CJPUJDP T RVF FTUO FO FM USBTGPOEP
EFBMHVOBTDPODFQDJPOFTCJPUJDBTOPS
UFBNFSJDBOBTZFVSPQFBTZ QPSFMMP SF
TVMUB GVOEBNFOUBM BQSPYJNBSTF B FMMPT
QVFTTMPEFTEFMPTDJNJFOUPTTFQVFEF
DPNQSFOEFSMBDPOTUFMBDJOEFQSPQVFT
UBT CJPUJDBT RVF FO MB BDUVBMJEBE TF
NBOJmFTUBOFOFMNVOEP
"NBSUZB 4FO #FSOBSEP ,MJLTCFSH

1SJNFSP MB HFOUF 1MBOFUB %FVTUP

"DBCB EF BQBSFDFS FO &TQBB i1SJNFSP
MB(FOUF6OBNJSBEBEFTEFMBUJDBEFM
EFTBSSPMMPBMPTQSJODJQBMFTQSPCMFNBTEFM
NVOEP HMPCBMJ[BEPw VOB PCSB QSFQBSB
EB QPS FM 1SFNJP /CFM EF &DPOPNB
"NBSUZB4FO Z#FSOBSEP,MJLTCFSH FO
USFPUSBTEJTUJODJPOFTDJVEBEBOPIPOPSB
SJPEFMB$JVEBEEF.POUFWJEFPZQSP
GFTPS)POPSBSJPEFMB6OJWFSTJEBEEFMB
3FQCMJDB
EJSJHJEBBSFWJTBSMPTQSJODJ
QBMFTQSPCMFNBTEFMNVOEPHMPCBMJ[BEP
ZEF"NSJDB-BUJOB EFTEFVOBNJSBEB
JOUFHSBM Z UFOJFOEP B MB HFOUF DPNP
QSJPSJEBEQSJODJQBM&MMJCSPSFDPSSFUF
NBT DBOEFOUFT TVHJSJFOEP OHVMPT EF
BOMJTJTJOEJUPT ZBQPSUBOEPJOGPSNB
DJOBOBMUJDBTJTUFNUJDB&OMBQSJNFSB
QBSUF"NBSUZB4FO BRVJFOPUSP1SFNJP
/CFMEF&DPOPNB3PCFSU4PMPXMMB
NBiMBDPODJFODJBNPSBMEFMBQSPGFTJO
FDPONJDBwSFDPSSFFOUSFPUSBTDVFTUJP
OFTDPNP MBQPMNJDBTPCSF MB HMPCBMJ
[BDJO FMEFCBUFTPCSFMBEFNPDSBDJB FM
DIPRVFEFDVMUVSBT MBTEJONJDBTEFMB
FYDMVTJO TPDJBM MB MVDIB QPS FM NFEJP
BNCJFOUF MB FRVJEBE FO TBMVE &O MB
TFHVOEB QBSUF #FSOBSEP ,MJLTCFSH EF
RVJFOFMmMPTPGP&EHBS.PSJO %JSFDUPS
&NSJUPEFM$FOUSP/BDJPOBMEF*OWFT
UJHBDJO $JFOUmDB EF 'SBODJB
EJDF FO
MBPCSBiRVFIBEFTBSSPMMBEPQMFOBNFO
UF MB JEFB EF VOB FDPOPNB DPO SPTUSP
IVNBOPwBOBMJ[B{RVTJHOJmDBWJWJSFO
"NSJDB -BUJOB MB SFHJO NT EFTJHVBM
EFMNVOEP DNPNFKPSBSMBTBMVEQV
CMJDBFOMBSFHJO MBTBMUFSOBUJWBTGSFOUF
B MB JOTFHVSJEBE DJVEBEBOB MPT NJUPT
TPCSF MB KVWFOUVE MBUJOPBNFSJDBOB FM
QBQFMEFMBTSFMJHJPOFTGSFOUFBMPTQSP
CMFNBTFDPONJDPTPDJBMFT FMSPMBDUVBM
EFMWPMVOUBSJBEP QPSRVFTJNQPSUBOUF
MBDVMUVSBQBSBFMEFTBSSPMMP
-BPCSBQSPGVOEJ[BVODBNQPEFQFOTB
NJFOUPRVFFTUBEFTQFSUBOEPVOJOUFST
DSFDJFOUF MBUJDBQBSBFMEFTBSSPMMP DFO
USBEBFODPNPWPMWFSBBSUJDVMBSFDPOP
NBZUJDB TFWFSBNFOUFEJTPDJBEPTQPS
FM BCPSEBKF FDPONJDP DPOWFODJPOBM
4FBMBFOTVJOUSPEVDDJORVFMBTTPMV
DJPOFTEFEJDIPBCPSEBKFiOPIBOEBEP
SFTQVFTUBBMPTBMUTJNPTOJWFMFTEFFYDMV
TJO TVGSJNJFOUPZQSJWBDJOTPDJBMRVF
BGFDUBOBMQMBOFUBZB"NSJDB-BUJOBw Z
FOGBUJ[Bi)BZQFOTBNJFOUP ZNVZSJDP
GVFSBEFMQFOTBNJFOUPDPOWFODJPOBMFO
FDPOPNB ZQVFEFTFSWJSBMBHFOUFDVZB
EJHOJEBE Z EFSFDIPT BM EFTBSSPMMP Z MB

MJCFSUBE EFCFO TFS FM PCKFUJWP mOBM EF
DVBMRVJFSFDPOPNBw
1BCMP 4JNPO UJDB EF MBT PS

HBOJ[BDJPOFT TBOJUBSJBT /VF
WPT NPEFMPT EF DBMJEBE
5SJBDBTUFMB .BESJE QQ
-B"TPDJBDJOEF#JPUJDB'VOEBNFOUBM
Z $MOJDB KVOUBNFOUF DPO MB FEJUPSJBM
5SJBDBTUFMB IBO QVCMJDBEP UJDB EF MBT
PSHBOJ[BDJPOFT TBOJUBSJBT /VFWPT NP
EFMPT EF DBMJEBE &O FTUF MJCSP TF BOB
MJ[BO DPNQBSBUJWBNFOUF MPT BTQFDUPT
UJDPT RVF TVCZBDFO FO MPT EJGFSFOUFT
TJTUFNBTJOUFSOBDJPOBMFTEFBDSFEJUBDJO
EF MB DBMJEBE EF MBT JOTUJUVDJPOFT V PS
HBOJ[BDJPOFT TBOJUBSJBT Z TF FNJUFO SF
DPNFOEBDJPOFTRVFQVFEBONFKPSBSMPT
P NPEJmDBSMPT FO FM DBTP RVF TF QMBO
UFFMBQPTJCJMJEBEEFEFTBSSPMMBSOVFWPT
TJTUFNBT EF BDSFEJUBDJO FO &TQBB
-BT PSHBOJ[BDJPOFT TBOJUBSJBT EFM GVUV
SP IBCSO EF TFS FNQSFTBT FYDFMFOUFT
PSHBOJ[BDJPOFTEPOEFMBDBMJEBETFBVO
FMFNFOUPDMBWFQBSBTVCVFOHPCJFSOP
-PTDJVEBEBOPTEFIPZZBMPFTUOFYJ
HJFOEPZMPTEFNBBOBMPDPOTJEFSBSO
JSSFOVODJBCMF
&TUF MJCSP TPTUJFOF RVF FM WJBKF IBDJB
MB $BMJEBE 5PUBM QPS FM PDBOP EF VO
NVOEPDBEBWF[NTDPNQMFKP QMVSBMJT
UBZHMPCBMJ[BEP FYJHFVOCVRVFEPUBEP
EFVOBSNB[OUJDPTMJEP JOUFMJHFOUF
ZnFYJCMFBMBWF[-BUJDBEFMBPSHBOJ
[BDJO DPNPDPOKVOUPEFQSPDFTPTRVF
USBOTNJUFOWBMPSFTBMPMBSHPEFUPEBTMBT
mCSBT EF TV FTUSVDUVSB BQPSUB FTF UJQP
EFBSNB[ODBQB[EFDPOUSJCVJSBMBNF
KPSBDPOUJOVBEFMBDBMJEBE.VDIPTEF
TVT FMFNFOUPT TF FODVFOUSBO ZB FO MPT
EJWFSTPTTJTUFNBTEFBDSFEJUBDJOPDFSUJ
mDBDJOEFMBDBMJEBEDPOMPTRVFDVFOUB
FMNVOEPTBOJUBSJP-PTBVUPSFTEFMQSF
TFOUFMJCSPSFBMJ[BOVOBMFDUVSBEFFTPT
NPEFMPTEFDBMJEBEEFTEFVOBQFSTQFD
UJWB UJDB 5SBT BOBMJ[BS TVT FMFNFOUPT
DPNVOFT TF PCUJFOF VOB QSPQVFTUB EF
QMBOUFBNJFOUPUJDPQBSBUPEBPSHBOJ[B
DJO TBOJUBSJB RVF RVJFSB TFS VOB FYDF
MFOUFFNQSFTBDJVEBEBOB
1FUS 4LSBCBOFL -B NVFSUF EF MB

NFEJDJOBDPOSPTUSPIVNBOP%B[
EF4BOUPT .BESJE QQ
&MBVUPSoGBMMFDJEPFOoFSBDIFDPT
MPWBDP QFSP QFSNBOFDJ NVDIPT BPT
oEFTEFMBJOWBTJOEF1SBHBoFO*SMBOEB
ZFKFSDJMBEPDFODJBEF4BMVE$PNVOJ
UBSJB FO FM 5SJOJUZ $PMMFHF EF %VCMO
&OFTUFMJCSP DPOVOFTUJMPZVODPOUF
OJEPRVFSPNQFFTRVFNBTFJEFBTQSF
WJBT USBUBEFMPTQFMJHSPTEFMDVMUPBMB
TBMVE EFVOBJEFPMPHBEFiTBMVEOBDJP
OBMw-BQSJNFSBQBSUFNVFTUSBDNPFM
UFNBEFMB4BMVEFTFYQMPUBEPDPOmOFT
QSPGFTJPOBMFT QPMUJDPT Z DPNFSDJBMFT
-BTFHVOEBQBSUFUSBUBTPCSFMPTFTUJMPT
EFWJEB MJGFTUZMJTN
ZOPTMMFWBBUSBWT
EF FKFNQMPT IJTUSJDPT FO MB CTRVFEB
EFMBRVJNFSBEFMBTBMVEIBTUBMBJOTUBV
SBDJOEFMBOPSNBMJ[BDJODPMFDUJWBEFM
DPNQPSUBNJFOUP DPNP QPMUJDB FTUBUBM
-BUFSDFSBQBSUFTFDFOUSBFOMBUJSBOBEF
MBOPSNBMJ[BDJO FOMBJNQPSUBODJBRVF
UJFOF NBOUFOFS FM QBUFSOBMJTNP TPDJBM
#JH#SPUIFSJTN
QBSBMBTVQFSWJWFODJBEF
MPTFTUJMPTEFWJEB ZFOPUSBTNBOJGFTUB
DJPOFTEFMBNFEJDJOBDPFSDJUJWB)BCMB

EFMBDPODJFODJBIJTUSJDB EFMPTMNJUFT
EFMBDJFODJB EFMBDPNQBTJOIVNBOB
EFMBOFDFTJEBEEFMNEJDPQFSTPOBM Z
EFMPTQFMJHSPTRVFBDFDIBOFOFMDSVDF
EFDBNJOPTEFEPTTJHMPTZEPTQBSBEJH
NBT EF MB NFEJDJOB FM QBSBEJHNB QSF
WFOUJWPZFMHFOUJDP
7BSJPTBVUPSFT%JTUSJCVDJOEFSF
DVSTPTFTDBTPTZPQDJPOFTTBOJUBSJBT
*OTUJUVU #PSKB EF #JPUJDB Z 'VO
EBDJO .BQGSF .FEJDJOB .BESJE
QQ
$POTFHVJSFMQUJNPEFTBMVEQBSBVOB
QPCMBDJO FOVOTJTUFNBTBOJUBSJPRVF
BTFHVSFFMBDDFTPFRVJUBUJWPBMPTSFDVS
TPT FT VOB UBSFB DPNQMFKB Z EJGDJM EF
TPMVDJPOBS 5PEPT MPT QBTFT JOEVTUSJB
MJ[BEPT IBO WJTUP DSFDFS MPT HBTUPT EF
MBTBOJEBE FOQPSDFOUBKFEFM1SPEVDUP
*OUFSJPS#SVUPZFOEMBSFTQFSDQJUB
1BSFDFSB MHJDP QVFT RVF B VO JODSF
NFOUP FO MPT QSFTVQVFTUPT EF MB TBMVE
TJHVJFSBVOBNFKPSBFOMBTBMVEEFMBQP
CMBDJO&TUPOPQBSFDFTFSBT-PTGBD
UPSFTRVFNTJOnVZFOFOMBTBMVETPOFM
FTUJMPEFWJEB FMOJWFMDVMUVSBM FMHSBEP
EFDPCFSUVSBEFMPTTFHVSPTPCMJHBUPSJPT
ZPUSPTRVFTFBOBMJ[BOFOFTUBPCSB
&TUFMJCSPSFDPHFVOBTFSJFEFQPOFODJBT
ZDPNVOJDBDJPOFTFOFMJEJPNBPSJHJOBM
RVFTFQSFTFOUBSPOFOMBT+PSOBEBTBOVB
MFTEFMB"TPDJBDJO&VSPQFBEF$FOUSPT
EF UJDB .EJDB "&$&.&"$.&

PSHBOJ[BEBT QPS FM *## TPCSF FM UFNB
i%JTUSJCVDJO EF SFDVSTPT Z 0QDJPOFT
FO MB "TJTUFODJB 4BOJUBSJBw #JPUJDB

7BSJPTBVUPSFT-BTBMVEZMPTEFSF
DIPT IVNBOPT "TQFDUPT UJDPT Z
NPSBMFT 8BTIJOHUPO 014
QQ
&TUF WPMVNFO UJFOF IJTUPSJB MBSHB GVF
DPOTUSVJEPTPCSFMBCBTFEFVOFYUFOT
TJNP UFYUP DPPSEJOBEP QPS FM QSPGFTPS
(VJEP (FSJO oQSFTJEFOUF EFM *OTUJUVUP
*OUFSOBDJPOBM EF &TUVEJPT TPCSF %FSF
DIPT )VNBOPT EF 5SJFTUFo Z FEJUBEP
FO1BEPWBFO -BNEJDJOGBDFBVY
ESPJUTEFMIPNNF
&OMTFDPNQJMBSPO
MPTEPDVNFOUPTKVSEJDPT UJDPTZEFPO
UPMHJDPT JOUFSOBDJPOBMFT Z OBDJPOBMFT
EFMPTQBTFTNJFNCSPTEFM$POTFKPEF
&VSPQB DPODFSOJFOUFT B MB QSPCMFN
UJDB EF MB CJPNFEJDJOB FO SFMBDJO DPO
MPT EFSFDIPT IVNBOPT Z TF BDPNQB
BCB DPO VO DPOKVOUP EF mDIBT RVF
EFTDSJCBO TPNFSBNFOUF Z BOBMJ[BCBO
TJUVBDJPOFT QSPUPUQJDBT RVF FM FRVJQP
NEJDPTVFMFFOGSFOUBSFOFMFKFSDJDJPEF
TVT GVODJPOFT 6OB WFSTJO DPOEFOTB
EB EF FTUB PCSB BQBSFDJ QPDP EFTQVT
-B TBOU GBDF BVY ESPJUT EF MIPNNF B
MUIJRVFBUBVYNPSBMFT
ZTFUSBEVKPBM
SVTPZBMJUBMJBOPDPOQSPQTJUPTEPDFO
UFTFJNBHJOBOEPTVVUJMJEBEQBSBMBTUP
NBTEFEFDJTJOFONCJUPTDBTJTJFNQSF
DMOJDPT-BFEJDJOGSBODFTBEFMBPCSB
RVFDPNFOUBNPTIPZTFSFBMJ[FO
ZMMFHBBIPSBFOTJNVMUOFPBMBMFOHVB
DBTUFMMBOBZBMBJOHMFTBDPODJFSUPSFUSB
TP FM DVBM SFTVMUB TFOTJCMF EBEP RVF MB
GPSNVMBDJO EF MBT TJUVBDJPOFT FTUVEJB
EBT FO FMMB TF BQPZB FO MPT JOWFOUBSJPT
QSFDFEFOUFT
&TBT TJUVBDJPOFT NEJDPoDMOJDBT TFMFD
DJPOBEBTTVNBO ZTFMFBEPTBOPUSBT
JORVJFUVEFT QSPQPSDJPOBEBT QPS FM

QFSTPOBMEFFOGFSNFSBUPEBTFMMBTGVF
SPOSFEBDUBEBTQPSFTQFDJBMJTUBTEFEJT
UJOUPT QBTFT FVSPQFPT DPUFKBEBT DPO
MBT OPSNBT KVSEJDBT oJOUFSOBDJPOBMFT
ZOBDJPOBMFTo MBUJDBZMPTQSJODJQBMFT
QBSBEJHNBTNPSBMFTSFMJHJPTPToDBUMJDP
QSPUFTUBOUF KVEP JTMNJDP CVEJTUBoZ
MBJDPToBHOTUJDPoRVFUJFOFOJOnVFODJB
EFDJTJWB FO MB BDFQUBDJO P FM SFDIB[P
EFMBTBDDJPOFTTBOJUBSJBT$PNQFUFODJB
UDOJDB SFnFYJOUJDBZTPMWFODJBKVS
EJDB QPSUBOUP TFQPOFOBQSVFCBFOMPT
BOMJTJTEFMPTEJTUJOUPTDPNQPSUBNJFO
UPTQSPCBCMFTRVFGSFOUFBMPTQSPCMFNBT
ZEJMFNBTWBMPSBUJWPTTVFMFOBEPQUBSMPT
QSPGFTJPOBMFTTBOJUBSJPT
&OSFTVNFO TFUSBUBEFVOTMJEPZEP
DVNFOUBEPFTUVEJPEFDBTPToDBTFCPPL
EF FTPT RVF GBTDJOBO BM QCMJDP BOHMP
TBKO4VVUJMJEBEFWJEFOUFFJOEJTDVUJ
CMFFTQSPQPSDJPOBSNBUFSJBMEFQSJNFSB
BHVBQBSBEFTBSSPMMBSFTUVEJPTVOJWFSTJ
UBSJPT FO CJPUJDB Z CJPNFEJDJOB QBSB
FYQMJDJUBS MBT SFMBDJPOFT FOUSF TBMVE Z
CJPEFSFDIP BTQFDUPTJOEJTPDJBCMFTEFMPT
DPOUFYUPTFDPONJDPT TPDJBMFT DVMUVSB
MFTZWBMPSBUJWPT1VFEFBEFNTQFOTBSTF
FO VOB VUJMJ[BDJO EFM WPMVNFO DPNP
NBOVBMQPSQBSUFEFMQFSTPOBMEFMSFB
TBOJUBSJB oFRVJQPT NEJDPT Z FUJDJTUBTo
RVFOFDFTJUFOEFVOBBQSPYJNBDJOBMBT
TJUVBDJPOFTFTQJOPTBTZUFOHBOVSHFODJB
FOEBSSFTQVFTUBBDBTPTQBSUJDVMBSFT
4JO FNCBSHP DBCF BIPSB DPOTJHOBS BM
HVOPT SFQBSPT B MPT FOUVTJBTNPT EFT
NFEJEPT 1BSB DPNFO[BS MBT mDIBT TPO
FTUVEJBEBT EF BDVFSEP DPO OPSNBUJWBT
JOUFSOBDJPOBMFTDPOTFOTVBEBTZDPONP
SBMFT SFMJHJPTBT USBTDFOEFOUFT Z VOJWFS
TBMFT QFSPUBNCJOBUFOEJFOEPBMBMF
HJTMBDJOFVSPQFBFOFMSFB&TUBMUJNB
DBSBDUFSTUJDBIBDFRVFTVUSBTMBEPBDSUJ
DPBPUSBTMBUJUVEFTOPTFBQPTJCMFOJEF
TFBCMF6OBJOWFTUJHBDJOEFOBUVSBMF[B
TJNJMBSEFCFSBTFSFNQSFOEJEBUBNCJO
FOPUSBTSFHJPOFTZ DPOFMUJFNQP USBUBS
EFFOTBNCMBSMPTSFTVMUBEPTFOVOTPMP
UFYUPRVFOPSFQBSFFOGSPOUFSBT
&O TFHVOEP USNJOP FM MFDUPS QBEFDF
EFVOBEJmDVMUBETFSJBBMFNQSFOEFSMB
MFDUVSBEFMBPCSBOPDVFOUBDPOMBMF
HJTMBDJONFODJPOBEB&TUFFTDPMMPFTG
DJMNFOUFTVQFSBCMFFOQBTFTRVFQPTFFO
VO DFOUSP EPDVNFOUBM BDDFTJCMF QFSP
FTUB OP FT MB OPSNB FO OVFTUSPT QBTFT
TVEZDFOUSPBNFSJDBOPT2VJFORVJFSB
BQSPWFDIBSBMNYJNPBRVFMMPRVFTFMF
PGSFDF UFOES FOUPODFT RVF QSPDVSBSTF
QSJNFSP VO CVFO SFQFSUPSJP EF EPDV
NFOUPTFOUPSOPBMPTEFSFDIPTIVNB
OPTZBMBTSFTQPOTBCJMJEBEFTQSPGFTJPOB
MFTEFMPTBHFOUFTEFTBMVE
&MQSPQJP(FSJOBOPUBPUSBBEWFSUFODJB
MBTTJUVBDJPOFTTBOJUBSJBTTPODBNCJBOUFT
ZDPNQMFKBT UBNCJONVEBODPOWFMPDJ
EBEMBTUFSBQJBT MPTEFTDVCSJNJFOUPT MBT
JOWFODJPOFT Z MBT UDOJDBT CJPNEJDBT
6O SFQFSUPSJP EF TPMVDJPOFT FOWFKFDF
QSPOUPZQPSFTP MBTSFTQVFTUBTEFMEBB
EB QVFEFOEBSMBDPONBZPSJEPOFJEBE
MBTDPNJTJPOFTJOTUJUVDJPOBMFTEFCJPUJ
DB DPOTDJFOUFTEFFTBTOVFWBTSFBMJEBEFT
RVFMPTDBUMPHPTDSJTUBMJ[BEPT4FEFTQF
KBBTVOMUJNPNBMFOUFOEJEPMBPCSB
OP BHPUB MBT TPMVDJPOFT QPTJCMFT B MPT

QSPCMFNBTQSFTFOUBEPTTJOPRVFQSPQPS
DJPOBBQFOBTTPMVDJPOFTQSPCBCMFT6OB
WFSEBEFSBQSPEVDDJONPSBMOPEFWJFOF
EFBQMJDBSMBTSFDPNFOEBDJPOFTDPOUFOJ
EBTFOFMWPMVNFOBVODBTPDPODSFUP
DPNPRVJFOTVCTVNFVODBTPQBSUJDVMBS
EFOUSPEFVOBMFZHFOFSBM&MUSBCBKPOP
FTVOBDPMFDDJOEFSFDFUBTJOGBMJCMFT OJ
VO SFHJTUSP BOBMUJDP EF BQPUFHNBT 4V
MFDUVSB Z RVJ[ MB FWFOUVBM BQMJDBDJO
EFTVTTVHFSFODJBTSFRVJFSFFOUPEBTMBT
PDBTJPOFTEFMBOMJTJTZEFMBQSVEFODJB
QBSB MB UPNB EF EFDJTJPOFT UJDBNFOUF
TVTUFOUBCMFT 4FSHJP $FDDIFUUP SFWJTUB
$VBEFSOPTEF#JPUJDB "SHFOUJOB

+VTUP;BOJFSZ1FESP')PPGU %J
SFDUPSFT
$SJUFSJPTEFKVTUJDJBFOMB
EJTUSJCVDJOZBTJHOBDJOEFSFDVS
TPT FO TBMVE 6O FTUVEJP EF DBN
QPFOMBDJVEBEEF.BSEFM1MBUB
6/". .YJDP
-PTEJSFDUPSFTEFFTUBJOWFTUJHBDJOUJF
OFOVOBMBSHBUSBZFDUPSJBEFQVCMJDBDJP
OFT FO UFNBT EF #JPUJDB Z EF USBCBKP
FOMB"TPDJBDJO"SHFOUJOBEF#JPUJDB
FO.BSEFM1MBUB"MHVOPTEFMPTUFNBT
RVFBCPSEBOFOFTUFMJCSP KVOUPDPOVO
CVFO HSVQP EF JOWFTUJHBEPSFT TPO -B
CJPUJDB TVDBNQP TVFOMBDF TVTPCKF
UJWPT-BQFSTQFDUJWBCJPUJDB)BDJBVOB
EFmOJDJO EF TBMVE $POUFYUP CJPUJDP
EFKVTUJDJB{&YJTUFVOEFSFDIPBMBBUFO
DJOEFMBTBMVE 0SHBOJ[BDJOEFMPTTJT
UFNBTTBOJUBSJPTNVOEJBMFT6OBMFDUVSB
CJPUJDBEFMBQSPQVFTUBEFMBBENJOJT
USBDJO$MJOUPOEFSFGPSNBEFMTJTUFNB
EF TBMVE $PNFOUBSJP EFM EPDUPS #PC
,SBNFS NEJDPEFMi)FBMU$BSF$PO
TVMUJOH 4FSWJDFTw %BMMBT 5FYBT &YQP
OFOFMUSBCBKPEFDBNQPSFBMJ[BEP DPO
MBTDPODMVTJPOFTEFMBJOWFTUJHBDJO
$PNJUTEFUJDBZCJPUJDB
'SBODJTDP "HVJSSF[BCBM &SOFTUP
.VOEU -VJT4JMWB.UPEPQBSBMB
WBMPSBDJONPSBMEFMBDUPNEJDP
$PNJU EF UJDB EF MB &TDVFMB EF
.FEJDJOB 6OJWFSTJEBEEF7BMQBSB
TP QQ
*OUSPEVDDJO TPCSF MB WBMPSBDJO NP
SBM EFM BDUP NEJDP Z USFDF DBTPT RVF
GVFSPOEFCBUJEPTFOFMDPNJUEFUJDB
UJFOFORVFWFSDPOEJMFNBTUJDPoDMOJ
DPT QFSP TPCSF UPEP DPO DVFTUJPOFT EF
EFPOUPMPHB NEJDB NBMFmDFODJB QPS
NBMB FKFDVDJO PQFSBDJO TJO UFOFS MB
EFCJEB DPNQFUFODJB OJ EFTUSF[B PQF
SBDJO SJFTHPTB DSJUJDBEB QPS MPT QBSFT
TVQVFTUB NBMB QSDUJDB QFUJDJO EF
DFSUJmDBEP GBMTP BCPSUP TPMJDJUBEP EPT
DBTPTEFDODFSDSWJDPVUFSJOPZFNCB
SB[P KVJDJP UFNFSBSJP EF VO NEJDP B
VODPMFHBNBMBSFMBDJOFOUSFNEJDPT
RVF QFSKVEJDB BM FOGFSNP VOB WJTJUB B
VOFOGFSNPRVFZBFTUFOUSBUBNJFOUP
QPSPUSPNEJDP
Z$MOJDB$PNJUTEFUJDB
BTJTUFODJBM.BESJE
&EJUBOFTUFMJCSP+PT4BSBCJBZ.BOVFM
EF MPT 3FZFT $POUFOJEP 3FVOJO EF
BOMJTJTEFMB"#'Z$TPCSFMPT$PNJUT
EFUJDBBDSFEJUBEPTFO&TQBB4FFTUV
EJBOBTQFDUPTDPNP-BNFUPEPMPHBFO
UJDBDMOJDB3FMBDJPOFTEFMPT$PNJUT
EFUJDBDPOMBT*OTUJUVDJPOFT&MBCPSB
DJOEFQSPUPDPMPT"OMJTJTEFDBTPTDM
OJDPT DNPMMFHBOZTFSFTVFMWFO'PS
NBDJOFOCJPUJDBEFMPTQSPGFTJPOBMFT
EFMBT*OTUJUVDJPOFT
"MCFSUP#PDIBUFZ#JPUJDBZUFPMP
HBNPSBM&EJDJPOFT1BVMJOBT
QQ
%JSFDUPS *OTUJUVUP #JPUJDB EF MB 6OJ
WFSTJEBE$BUMJDB"SHFOUJOB FO#VFOPT
"JSFT1SPGFTPSEF5FPMPHB.PSBMZUJ
DB ZNJFNCSPEFM$PNJU)PTQJUBMBSJP
EF.FOEP[B"CPSEBFOFTUFMJCSPMBEF
mOJDJOEF#JPUJDB MBDVFTUJOCJPUJDB
EFTEF MB 5FPMPHB Z FTQFDJBMNFOUF MBT
FYQFSJFODJBT EFM $PNJU )PTQJUBMBSJP
UJQPTEFDPNJUT ZQBQFMEFMUFMPHPFO
FMMPT
$FMJB#PSEJOJ .BSUB'SBDBQBOJ -J

MJBOB(JBOOBDDBSJ "MCFSUP#PDIBUFZ
#JPUJDB&YQFSJFODJBUSBOTEJTDJQMJ
OBSEFTEFVO$PNJU)PTQJUBMBSJP
-BUJOPBNFSJDBOP6OJWFSTJEBE/B
DJPOBMEF$VZP 'BDVMUBEEF$JFODJBT
.EJDBT .FOEP[B QQ
FEJDJO

&MIPNCSFBOUFMBWJEB MBFOGFSNFEBEZ
MBNVFSUFTFFODVFOUSBFOTJUVBDJPOFTFO
MBTRVFTVSHFODPOnJDUPTUJDPT{2VJO
QVFEF EBS SFTQVFTUBT MB NFEJDJOB FM
EFSFDIP MB UFPMPHB PUSBT DJFODJBT -B
#JPUJDBQVFEFSFTQPOEFS{1FSPRVFT
MB#JPUJDB
/BEJF EVEB RVF FYJTUB FM EFSFDIP B MB
TBMVE QFSP{TFSFTQFUBFMEFSFDIPEFMQB
DJFOUFBMBJOGPSNBDJO 5PEPMPRVFMB
NFEJDJOBQVFEFIBDFS {TJFNQSFTFEFCF
IBDFS 5PEP MP UDOJDBNFOUF QPTJCMF
{FTUJDBNFOUFWMJEP
{2VFTVO$PNJU)PTQJUBMBSJPEFUJDB
{1BSBRVTJSWF {$NPEFCFGVODJPOBS
'SFOUF B VOB EFDJTJO DPOnJDUJWB FO FM
USBUBNJFOUPEFVOFOGFSNP {RVJOEFDJ
EF {&MQBDJFOUFEFCFQBSUJDJQBS {4JFN
QSF TF MF EFCF EFDJS MB WFSEBE {2V
OFDFTJUB VO NPSJCVOEP 6OB NVFSUF
EJHOB{&VUBOBTJB
&OFTUFMJCSPTFJEFOUJmDBO FWBMBOFJOUF
HSBOMBTWJWFODJBTSFDPHJEBTFOFMBDDJPOBS
EJBSJPEFEPTNEJDBT VOBBCPHBEBZVO
UFMPHPFOFM$PNJU)PTQJUBMBSJPEFUJDB
EFM)PTQJUBM1FEJUSJDPi)VNCFSUP/PU
UJwEF.FOEP[B "SHFOUJOB ZFOFMNCJUP
VOJWFSTJUBSJP &MMPT RVJFSFO QBSUJDJQBS Z
VOJSTVTWPDFTQBSBFYIPSUBSBUPEPTBBTV
NJSTVTSFTQPOTBCJMJEBEFTFOFMDBNQPEF
MBWJEB MBFOGFSNFEBEZMBNVFSUF
+PT "OUPOJP %F[ 'FSOOEF[ -PT

$PNJUT /BDJPOBMFT EF #JPUJDB
$PNBSFT (SBOBEB
-PT$PNJUTP$PNJTJPOFT/BDJPOBMFT
EF#JPUJDBTPOPSHBOJTNPTEFSFnFYJO
Z EFCBUF EF DBSDUFS FNJOFOUFNFOUF
DPOTVMUJWP RVF BTFTPSBO B HPCJFSOPT Z
1BSMBNFOUPT FO DVFTUJPOFT CJPUJDBT
4PO VO GFONFOP SFDJFOUF MPT QSJNF
SPT TF DSFBO FO MB QSJNFSB NJUBE EF MB
EDBEBEFMPT QBSBEBSVOBSFTQVFTUB
UJDBZKVSEJDBBMPTEFTBGPTTVTDJUBEPT
QPSMPTOVFWPTBWBODFTFOFMDBNQPEF
MBCJPNFEJDJOBZQBSBMPTRVFOPFYJTUB
VOBSFTQVFTUBFOMBMFHJTMBDJO"DUVBM
NFOUFFTUOJNQMBOUBEPTFOMBNBZPSB
EF MPT QBTFT PDDJEFOUBMFT Z IBO SFBMJ
[BEPVOBBQPSUBDJOoFOBMHVOPTDBTPT
EFDJTJWBoBMBMVNCSBNJFOUPEFMBTOVF
WBTMFZFTTPCSFCJPNFEJDJOB

&OTVPSJHFOTFFOUSFDSV[BOUBOUPGBDUP
SFTEFOEPMFIJTUSJDP DPNPEFPSEFO
QPMUJDP EF VO MBEP MB JORVJFUVE RVF
EFTQFSUFOMBTPDJFEBEFMDPOPDJNJFOUP
EFMPTBCVTPTRVFTFWFOBODPNFUJFOEP
FOMBFYQFSJNFOUBDJODPOTFSFTIVNB
OPTBQBSUJSEFMB**(VFSSB.VOEJBMEF
PUSP MB JOTVmDJFODJB EF MBT SFTQVFTUBT
QPMUJDBTBOUFDVFTUJPOFTFORVFDPOnVZF
MB DPNQMFKJEBE DJFOUmDB DPO MB SFQFS
DVTJORVFMPTOVFWPTEFTDVCSJNJFOUPT
UJFOFOFOMBWJEBEFUBOUPTDJVEBEBOPT
DPSSJFOUFT QSPCMFNBT DPNQMFKPT QFSP
DPOVOIPOEPDBMBEPNPSBMQVFTBGFD
UBO FOEFmOJUJWB BMPNTQSPGVOEPEFM
TFSIVNBOP BMQSPQPSDJPOBSSFTQVFTUBT
oNT P NFOPT DPNQBSUJEBTo TPCSF MB
WJEB MBFOGFSNFEBE MBNVFSUF
&MCBHBKFRVFQSFTFOUBOFOTVTNTEF
BPT EF FYJTUFODJB FT DJFSUBNFOUF
EFTJHVBMVOPTIBOUFOJEPVOBFYJTUFO
DJB FGNFSB PUSPT MBOHVJEFDFO EFTQVT
EFVOBQSJNFSBQPDBFORVFSFBMJ[BSPO
VOB MBCPS EF FOUJEBE PUSPT IBO WJTUP
SFEVDJEP TV NBSHFO EF BDUJWJEBE B MBT
FTUSFDIBTQBVUBTRVFMFTNBSDBMBBVUP
SJEBE QPMUJDB EF RVF EFQFOEFO PUSPT
FO mO TF IBO DPOTPMJEBEP DPNP GPSPT
SFTQFUBCMFTZTPMWFOUFT ZTPOBVUPSJEBE
EFSFGFSFODJBQBSBMPTTFDUPSFTEFMBTP
DJFEBE JOUFSFTBEPT FO FM NCJUP EF MB
CJPUJDB
&TUF MJCSP BEFNT EF SFBMJ[BS VO BO
MJTJT KVSEJDP Z EF %FSFDIP DPNQBSBEP
EFMPT$PNJUT/BDJPOBMFT BQPSUBVOB
OPWFEPTBSFnFYJOTPCSFMBSFDJFOUFMFZ
FTQBPMBTPCSFJOWFTUJHBDJOCJPNEJDB
ZFODPODSFUP TPCSFFM$PNJU/BDJPOBM
EF#JPUJDBEF&TQBBBMRVFEBEPWJEB
MBMFZ
+PSHF +PT 'FSSFS +VMJP .BSUOF[

$PPSE
$PNJUT EF #JPUJDB
QQ
+PSHF +PT 'FSSFS BOBMJ[B FO FM QSJNFS
DBQUVMP MB DMBTJmDBDJO QSPQVFTUB QBSB
MPT DPNJUT EF UJDB MB IJTUPSJB EF TV
OBDJNJFOUP Z EFTBSSPMMP DPNP NCJUP
EFEFMJCFSBDJODPMFDUJWB ZMBTBDUJUVEFT
GVOEBNFOUBMFTZTVQVFTUPFQJTUFNPMHJ
DPEFCBTFQBSBMBEFMJCFSBDJODPMFDUJWB
QSPQJBEFMPTDPNJUTEFCJPUJDB FOUSF
FMTVCKFUJWJTNPZFMPCKFUJWJTNPNPSBMFT
'SBODFTD"CFMFYQPOFTVFYQFSJFODJBFO
FMQSJNFSDPNJUFYJTUFOUFFOFM)PTQJUBM
4BOU+PBOEF%FVFO#BSDFMPOB%JFHP
(SBDJBBOBMJ[BMBUFPSBZMBQSDUJDBEF
MPT DPNJUT EF UJDB FTQFDJBMNFOUF EFM
NUPEPEFMJCFSBUJWP+VBO$BSMPTMWB
SF[ FYQPOF MPT QSPCMFNBT EF MB QVFTUB
FONBSDIBEFMPTDPNJUT EFTVGVODJP
OBNJFOUPZTVTGVODJPOFT1BCMP4JNO
FTUVEJBMBUJDBEFMBTJOTUJUVDJPOFTTBOJ
UBSJBTZMPTiTUBLFIPMEFSTwPQBSUFTJOUFSF
TBEBTDPNPQBMBODBNFUPEPMHJDBEFMB
UJDBEFMBTPSHBOJ[BDJPOFTEFMBTBMVE
1PSPUSBQBSUF *OT(BMFOEFFTDSJCFTP
CSFMPTDPNJUTEFUJDBFOJOWFTUJHBDJO
DMOJDB DPOMBFYQFSJFODJBEFMB$PNV
OJEBEEF.BESJE$BSMPT"MPOTP#FEB
UF TPCSFMB#JPUJDBZMBJOWFTUJHBDJOFO
#JPNFEJDJOB Z 1JMBS /F[ TPCSF MPT
$PNJUT /BDJPOBMFT Z TVQSBOBDJPOB
MFT EF #JPUJDB 'JOBMNFOUF +VMJP -VJT
.BSUOF[ FTDSJCF TPCSF MBT QFSTQFDUJWBT
UJDBTRVFEJTQPOFOQBSBVOBCVFOBEF
MJCFSBDJO OFDFTBSJBFOMPTDPNJUT RVF

JOUFHSBO EJGFSFOUFT QFSTQFDUJWBT NPSB
MFT ZDNPEFMJCFSBSFOFMDPOUFYUPEF
VOBTPDJFEBEQMVSBMJTUB
*OT (BMFOEF %PNOHVF[ $PPSE

&WBMVBDJO EF &OTBZPT $MOJDPT
'VOEBDJO"TUSB;FOFDB
0GSFDFHVBTPQFSBUJWBTQBSBMPTDPNJUT
UJDPT EF JOWFTUJHBDJO DMOJDB 4F USBUB
EF VO MJCSP EF DPOTVMUB FTQFDJBMNFOUF
QBSB BRVFMMPT RVF TF JOJDJBO FO MB FWB
MVBDJOEFFOTBZPTDMOJDPT RVFBCPSEB
MPTUFNBTNFUPEPMHJDPT UJDPTZMFHB
MFTSFMBDJPOBEPTDPOFTUBBDUJWJEBE-PT
BVUPSFT DVFOUBO UPEPT DPO HSBO FYQF
SJFODJB FO MB FWBMVBDJO EF QSPUPDPMPT
ZQSPWJFOFOEFEJTUJOUPTDBNQPTDPNP
MB GBSNBDPMPHB DMOJDB FOGFSNFEBEFT
JOGFDDJPTBT DBSEJPMPHB NFEJDJOBJOUFS
OB NFEJDJOB QSFWFOUJWB Z TBMVE QCMJ
DB BT DPNP QSPGFTJPOBMFT EFM SFB EFM
%FSFDIP
.BSB .FSDFEFT )BDLTQJFM Z PUSPT

$PNJUT#JPUJDPT$MOJDPT.JOJT
UFSJPEF4BMVE (JSP&EJUPSFT #PHP
U
-B FOGFSNFSB DPMPNCJBOB Z QSPGFTPSB
EF#JPUJDB.BSB.FSDFEFT)BDLTQJFM
KVOUP B PUSPT FTQFDJBMJTUBT SFDPQJM JO
GPSNBDJO TPCSF $PNJUT EF #JPUJDB
FOEJGFSFOUFTQBTFT FOUSFFMMPT&&66
&TQBB #SBTJMZ"SHFOUJOB ZQSPQVTPBM
.JOJTUFSJPEF4BMVEVOQSPHSBNBQJMPUP
QBSBBQMJDBSTVOVFWBQSPQVFTUBEFDPOT
UJUVDJOEFVOFRVJQPEFUSBCBKPCJPUJ
DPJOUSBIPTQJUBMBSJP RVFEFOPNJO$P
NJUT#JPUJDPT$MOJDPT DMBTJmDOEPMPT
FO $PNJUT #JPUJDPT $MOJDPT "TJT
UFODJBMFT $#$"
Z $PNJUT #JPUJDPT
$MOJDPT EF *OWFTUJHBDJO $#$*
&O
FM HSVQP DPNFO[ MB FYQFSJFODJB
EF TFOTJCJMJ[BDJO FO FM %FQBSUBNFOUP
EF$VOEJOBNBSDB FODVBUSPIPTQJUBMFT
EFUFSDFSOJWFMPBMUBDPNQMFKJEBE ZEPT
IPTQJUBMFT EF TFHVOEP OJWFM P NFEJB
OB DPNQMFKJEBE -PT SFTVMUBEPT GVFSPO
NVZ QPTJUJWPT Z TF QSFQBS FTUF MJCSP
TPCSF$PNJUT#JPUJDPT$MOJDPTRVFFM
.JOJTUFSJPEF4BMVEQVCMJDZEJTUSJCV
ZQPSUPEPFMQBT
.JHVFM ,PUUPX Z 8BMUFS 4ODIF[

$PNJTJPOFTZDPNJUTEFUJDBN
EJDB$*&#Z$*/#*0 6OJWFSTJEBE
EF$IJMF QQ
$PO MB DPMBCPSBDJO EFM QSPHSBNB SF
HJPOBMEF#JPUJDBEFMB014ZFM.JOJT
UFSJPEF4BMVEEF$IJMF .JHVFM,PUUPX
SFDPHFFOFTUFMJCSPMBTQPOFODJBTEFM*
5BMMFS /BDJPOBM EF $PNJUT EF UJDB
RVFUVWPMVHBSFO$IJMF
.JHVFM,PUUPX5FNUJDBZGVODJP
OBNJFOUP EF MPT DPNJUT JOTUJUV
DJPOBMFT EF UJDB NEJDBCJPUJDB
$*/#*0 6OJWFSTJEBE EF $IJMF Z
.JOJTUFSJPEF4BMVE QQ
&OFTUFEPDVNFOUPTFSFDPHFOMPTGVO
EBNFOUPT EF MB BDUVBDJO Z GVODJPOB
NJFOUPEFMPTDPNJUTEFUJDBEFMBJO
WFTUJHBDJO MMBNBEPTFO$IJMFDPNJUT
EFUJDBDJFOUmDB4JSWFEFCBTFQBSBMB
FMBCPSBDJOEFMPTSFHMBNFOUPTEFGVO
DJPOBNJFOUPEFFTUPTDPNJUT
'SBODJTDP +BWJFS -FO $PSSFB $P

PSE
$PNJTJPOFT /BDJPOBMFT EF
#JPUJDB -JCSP EF "DUBT 7*** +PS

OBEB /BDJPOBM EF #JPUJDB 4PDJF

EBE$IJMFOBEF#JPUJDB 4BOUJBHPEF
$IJMF
4FSFDPHFOFOFTUFMJCSPMBTDPNVOJDBDJP
OFTFJOUFSWFODJPOFTEFMBT7***+PSOBEBT
OBDJPOBMFTEF#JPUJDB PSHBOJ[BEBTQPS
MB4PDJFEBE$IJMFOBEF#JPUJDBFOBHPT
UPEFM4FDFOUSBSPOFOFMBOMJTJT
EFMQBQFMEFMBT$PNJTJPOFT/BDJPOBMFT
EF#JPUJDB ZTPCSFFTUFUFNBFTDSJCFO
.JHVFM,PUUPXZ'SBODJTDP+BWJFS-FO
4F SFDPHFO UBNCJO FYQFSJFODJBT EFM
GVODJPOBNJFOUPEFMPTDPNJUTEFUJDB
DJFOUmDB P EF JOWFTUJHBDJO MBT MOFBT
EF JOWFTUJHBDJO Z UFTJT EF NBHTUFS FO
$IJMF ZFYQFSJFODJBTEFMBEPDFODJBEF
MB #JPUJDB FO WBSJBT 6OJWFSTJEBEFT EFM
QBT 'JOBMNFOUF TF QVCMJDB UBNCJO
VOSFTVNFOEFMPTUSBCBKPTEFJODPSQP
SBDJOEFOVFWPTTPDJPT RVFQSFTFOUBO
FOMBT+PSOBEBTMPTUFNBTEFTVTUFTJTEF
NBHTUFS JOWFTUJHBDJPOFT PFYQFSJFODJBT
EPDFOUFTZEFUSBCBKPFOMPTDPNJUTEF
UJDB
4BMWBEPS 3JCBT 3JCBT $PNJUT EF

UJDB "TJTUFODJBM FO &TUBEPT 6OJ
EPT 3FWJTJO CJCMJPHSmDB )FBM
UIDBSF&UIJDT$PNNJUUFFT*OTUJUVU
QQ
-BDSFBDJOEFMPTEPTQSJODJQBMFTDFO
USPT EF CJPUJDB EFM NVOEP FO MPT &T
UBEPT 6OJEPT o,FOOFEZ *OTUJUVUF PG
&UIJDT Z )BTUJOH $FOUFSo JNQVMT MB
BQBSJDJO EF MPT QSJNFSPT $&"T FO FM
QBT OPSUFBNFSJDBOP 4BMWBEPS 3JCBT
QSFTFOUB FO FTUF USBCBKP GSVUP EF VOB
CFDB EF JOWFTUJHBDJO EFM *## VOB SF
WJTJOCJCMJPHSmDBEFMBFYQFSJFODJBEF
MPT&TUBEPT6OJEPTDPOMPT$PNJUTEF
UJDB"TJTUFODJBM
&O OVFTUSP QBT EFTEF MB DSFBDJO EFM
QSJNFS DPNJU EF UJDB FO FO FM
)PTQJUBM .BUFSOP*OGBOUJM 4BOU +PBO
EF%VEF#BSDFMPOBQPSQBSUFEFMQSF
TJEFOUF EFM *OTUJUVU #PSKB EF #JPUJDB
EPDUPS 'SBODFTD "CFM TF IBO DSFBEP
NVDIPT $PNJUT EF UJDB "TJTUFODJBM
$&"T
FO IPTQJUBMFT Z DFOUSPT TBOJUB
SJPTFO&TQBB"QFTBSEFFMMP OPUP
EPTDVNQMFOMBGVODJOFODBSHBEBZOP
QPSGBMUBEFDPOnJDUPTUJDPT&TUFMJCSP
QVFEFTFSEFJOUFSTQBSBUPEPTBRVFMMPT
QSPGFTJPOBMFT RVF GPSNFO QBSUF EF VO
$&"PRVJFSBOGPSNBSQBSUF
.BSUB 5BSBTDP .JDIFM $PNJUT

)PTQJUBMBSJPTEF#JPUJDB .BOVBM
.PEFSOP .YJDP QQ
-BBVUPSBFTNEJDPFTQFDJBMJTUBFO$P
NVOJDBDJO )VNBOB EPDUPSBEP FO
.FEJDJOB QPS MB 6OJWFSTJEBE EF 4BO
UJBHP EF $PNQPTUFMB GVOEBEPSB EFM
*OTUJUVUP EF )VNBOJTNP FO $JFODJBT
EFMB4BMVEZEFMB'BDVMUBEEF#JPUJDB
EF MB 6OJWFSTJEBE "OIVBD EF MB DVBM
FTBDUVBMNFOUFJOWFTUJHBEPSBi$PNJUT
)PTQJUBMBSJPTEF#JPUJDBwUJFOFFMPCKF
UJWPEFQSFQBSBSBMBTOVFWBTHFOFSBDJP
OFTEFNEJDPT DPOVOBTMJEBZDPO
HSVFOUFCBTFCJPUJDBQBSBTVEFTBSSPMMP
QFSTPOBM P DPNP NJFNCSP EF EJWFSTPT
DPNJUT JOTUJUVDJPOBMFT -B BVUPSB SFB
MJ[BVOEFUFOJEPFYBNFOEFMBGVODJO
EFMPT$PNJUTEFUJDBFO)PTQJUBMFT
EFMBMJDJUVEUJDBEFGVODJPOBNJFOUPZ
EFM BTFTPSBNJFOUP NFEJBOUF FM DPOTFO
TPFOUSFTVTNJFNCSPT5BNCJOBOBMJ
[B MB DVFTUJO EFM NUPEP EFMJCFSBUJWP
WJTUP EFTEF FM QFSTPOBMJTNP BT DPNP
MBEJNFOTJORVFUJFOFOMPTDPNJUTEF
DPODJFODJBDSUJDBEFMBTJOTUJUVDJPOFT Z
TV EJNFOTJO FTQJSJUVBM Z SFMJHJPTB &O
MB QBSUF TFHVOEB FYQPOF MBT FYQFSJFO
DJBTZCBTFTMFHBMFTEFMGVODJPOBNJFOUP
EF MPT DPNJUT FO .YJDP Z UBNCJO
EFMB$PNJTJO/BDJPOBMEF#JPUJDBZ
EFMBGVODJOJOUFSNFEJBEPSBEFMB$P
NJTJO /BDJPOBM EF "SCJUSBKF .EJDP
'JOBMNFOUF FO MB UFSDFSB QBSUF EF FTUB
PCSB TFFOGPDBBBMHVOPTEFMPTQSPCMF
NBTNTGSFDVFOUFT TPCSFMBSFHVMBDJO
EFMBGFSUJMJEBE FMEFMJUPEFVTVSQBDJO
QSPGFTJPOBM MBSFMBDJONEJDPQBDJFOUF
ZFMBTQFDUPTPDJBMEFMPTDPNJUT
UJDBFJOWFTUJHBDJO
.BSUO "MVKB "OESFB #JSLF $P
PSET
&M QBQFM EF MB UJDB FO MB
JOWFTUJHBDJODJFOUmDBZMBFEVDB
DJO TVQFSJPS "DBEFNJB .FYJDBOB
EF$JFODJBT 'POEPEF$VMUVSB&DP
ONJDB FE .YJDP
QQ
-B"DBEFNJB.FYJDBOBEF$JFODJBTPS
HBOJ[FMTJNQPTJPi&MQBQFMEFMBUJDB
FOMBJOWFTUJHBDJODJFOUmDBZMBFEVDB
DJO TVQFSJPSw &TUF MJCSP FT FM SFTVMUB
EP EF FTF FODVFOUSP BM DVBM BTJTUJFSPO
FYQFSUPT EF NVZ EJWFSTPT NCJUPT RVF
FOSJRVFDJFSPODPOTVFYQFSJFODJBFMJO
UFSDBNCJPEFPQJOJPOFTZOPTQFSNJUFO
BIPSB B USBWT EF TVT DPOUSJCVDJPOFT
DPOUBSDPOVOUFYUPEFDPOTVMUBTPCSFMB
TJUVBDJOBDUVBMEFMBJOUFHSJEBEDJFOU
mDBZFMQBQFMRVFEFTFNQFBMBUJDBFO
MBJOWFTUJHBDJODJFOUmDB ZUBNCJOFO
FMUSBCBKPEFMPTEPDFOUFTVOJWFSTJUBSJPT
DPOTVTBMVNOPT
1FESP#BRVFSP 3PYBOB&"TT .

OJDB(PO[MF[ 0MHB$#POFUUJUJ
DB EF MB *OWFTUJHBDJO $JFOUmDB
&EJUPSJBM"OCBTJT $SEPCB "SHFO
UJOB QQ
&TUFMJCSPSFDPHFMBTDMBTFTEFVODVSTP
JNQBSUJEPTPCSFUJDBEFMBJOWFTUJHBDJO
DJFOUmDBFOMB6OJWFSTJEBE$BUMJDBEF
$SEPCB "SHFOUJOB FO FM BP
-PT QSPGFTPSFT QSPQPOFO VOB SFnFYJO
QSPGVOEB TPCSF USFT BTQFDUPT DFOUSBMFT
&MQSJNFSP MBDPOWFSHFODJBEFEJTUJOUPT
QFOTBNJFOUPTZFOGPRVFTFOBTJHOBSBMB
UJDB VOB GVODJO EFDJTJWB QBSB MB WJEB
EFMPTTFSFTIVNBOPT&MTFHVOEP DPO
TJEFSBSMBDJFODJBDPNPEJHOJEBEBMUBEF
MBSB[OZQPSMPUBOUP DPNQSPNFUJEBB
GPOEPDPOMBCTRVFEBEFMBWFSEBE:
FMUFSDFSP FMQSPUBHPOJTNPEFMBQFSTPOB
IVNBOB FO UPEB JOWFTUJHBDJO DJFOUm
DB QVOUP EF DPOnVFODJB FOUSF UJDB Z
DJFODJB i-B WFSEBE DPNP GVOEBNFOUP
UJDPoDPODMVZFOMPTBVUPSFToJNQPOFMB
SFHVMBDJONPSBMEFUPEBJOWFTUJHBDJO
DJFOUmDB .T BO UPEB JOWFTUJHBDJO
DJFOUmDB FT UBNCJO VO DPNQSPNJTP
NPSBMw
.BSJP#SPOGNBO "OB-BOHFS +B

NFT 5SPTUMF %F MB JOWFTUJHBDJO
FOTBMVEBMBQPMUJDBMBEJGDJMUSB
EVDDJO*OTUJUVUPEF4BMVE1CMJDB
Z&M.BOVBM.PEFSOP .YJDP%'
QQ
&TUFWPMVNFOFTUDPPSEJOBEPQPSUSFT
QSPGFTPSFT .BSJP / #SPOGNBO 4P

DJMPHPZEJSFDUPSEFM$FOUSPEF*OWFT
UJHBDJO FO 4JTUFNBT EF 4BMVE 1CMJDB
"OB -BOHFS &TQFDJBMJTUB FO 4BMVE 3F
QSPEVDUJWB Z EJSFDUPSB 3FHJPOBM QBSB
"NSJDB-BUJOBZFM$BSJCFEFM1PQVMB
UJPO$PVODJMZ+BNFT5SPTUMF QSPGFTPS
EF"OUSPQPMPHBFOFM5SJOJUZ$PMMFHF
$POOFDUJDVU "OBMJ[BO MBT SFMBDJPOFT
FOUSFJOUFSFTFTEFMBJOWFTUJHBDJOZQP
MUJDBT EF TBMVE OP TJFNQSF DPJODJEFO
UFT DPO DBTPT FTUVEJBEPT FO &TUBEPT
6OJEPTZ&VSPQB0DDJEFOUBM QFSPDPO
SFGFSFODJBTBMBJOWFTUJHBDJOFO"NSJ
DB-BUJOBZTPCSFUPEPBDVBUSPQSPHSB
NBT EF TBMVE FO .YJDP 4JEB DMFSB
QMBOJmDBDJOGBNJMJBSZWBDVOBDJO4J
HVFOMPTPCKFUJWPTEFMPTPSHBOJTNPTEFM
1PQVMBUJPO$PVODJMZFOBMHVOPTDBTPT
SFnFKBO EFNBTJBEP MPT QSFTVQVFTUPT EF
MBUSBEJDJOOPSUFBNFSJDBOBNTRVFMPT
QSPQJPTEFFTUPTQBTFT

FONFEJDJOB*OWFTUJHBDJOFOTFSFT
IVNBOPT USBOTQMBOUFEFSHBOPTZ
UFKJEPT6OJWFSTJEBE$FOUSBMEF7F
OF[VFMB $BSBDBT QQ
BP
$PO
USBQVOUPTEFJOWFTUJHBDJO$PMFD
DJO#JPTZ&UIPT O 6OJWFSTJ
EBE&M#PTRVF #PHPU
&OFTUFMJCSPTFSFDPHFODPMBCPSBDJPOFT
FOUPSOPBMBUJDBEFMBJOWFTUJHBDJOFO
$PMPNCJB &O EOEF TF TJUB MB JOWFT
UJHBDJO%JNFOTJOEFMB6OJWFSTJEBE
$PMPNCJBOBFOFMNVOEP"DFSDBEFMB
GPSNBDJO FO FM FYUFSJPS FO FM QBT &M
ODMFPEFMBJOWFTUJHBDJO.PEPTEFJO
WFTUJHBDJO$VBOEPMBJOWFTUJHBDJOOP
FODVFOUSBFTQBDJPTQSPQJDJPTEFFYJTUFO
DJB Z1BTPTUDOJDPTEFJOWFTUJHBDJO
$POSBE 7 'FSOOEF[ $POGPSNJ

EBE Z EJTDPOGPSNJEBE QBSB MB JO
WFTUJHBDJOFOOJPTDPOFOGFSNF
EBEDSOJDB1SFNJP+VOUB(FOFSBM
EFM1SJODJQBEPEF"TUVSJBT 4PDJFEBE

0WJFEP
-BDSPOJDJEBEFOQBDJFOUFTQFEJUSJDPTFT
CBTUBOUFDPNO-BFOGFSNFEBEDSOJ
DBTFNVFWFFOVOBCBOJDPRVFWBEFTEF
NPMFTUJBT MFWFT B TFS BMHP RVF BNFOB[B
MB WJEB EFM OJP QPS MP RVF FM FTQFD
USPEFHSBWFEBEZUJQPEFFOGFSNFEBEFT
NVZBNQMJPBTNB DODFS JOTVmDJFODJB
SFOBMPFOGFSNFEBEQTJRVJUSJDB-BFO
GFSNFEBE DSOJDB DBNCJB BM JOEJWJEVP
BGFDUBBTVEFTBSSPMMPDPHOJUJWPZQTJDP
TPDJBMZUJFOFVOQSPGVOEPFGFDUPTPCSF
MB SFMBDJO NEJDPQBDJFOUF 5BNCJO
UJFOFVOGVFSUFJNQBDUPTPCSFFMFOUPSOP
GBNJMJBSEFMTVKFUPZMBTSFEFTEFBQPZP
7BMPSBSEFGPSNBBEFDVBEBZSFDPOPDFS
FM JNQBDUP EF MB FOGFSNFEBE DSOJDB
DVBOEPRVJFOMBTVGSFFTVONFOPSSF
TVMUB TFS VO QSPDFTP DPNQMFKP BVORVF
FTFODJBM QBSB EFUFSNJOBS MB DBQBDJEBE
EFMOJPQBSBDPOTFOUJSZFYQSFTBSEJT
DPOGPSNJEBE B MB QBSUJDJQBDJO FO JO
WFTUJHBDJONEJDB
-PTNFOPSFTRVFWJWFODPOVOBFOGFS
NFEBE DSOJDB RVF DPO GSFDVFODJB SF
QSFTFOUB VOB BNFOB[B QBSB TVT WJEBT

UJFOFOWFOUBKBTZEFTWFOUBKBTBMBIPSBEF
DPNQSFOEFS MP RVF TJHOJmDB QBSUJDJQBS
FO VOB JOWFTUJHBDJO 1VFEF SFTVMUBSMFT
WFOUBKPTPBQSFOEFSEFGPSNBTPmTUJDBEB
MPSFMBUJWPBUFNBTNEJDPTZEFJOWFTUJ
HBDJO QFSPUBMFTWFOUBKBTTFWFODPOUSB
SSFTUBEBTQPSNVDIBTEFTWFOUBKBT DMBSBT
ZTVUJMFT DPNPMBEFQFOEFODJBEFMDPO
UBDUP SFHVMBS DPO IPTQJUBMFT Z QFSTPOBM
NEJDPTBOJUBSJPFTUPTMUJNPTQVFEFO
BEFNTFKFSDFSFMEPCMFQBQFMEFDVJEB
EPSFTFJOWFTUJHBEPSFT&TUBTWFOUBKBTZ
EFTWFOUBKBTEFCFOFWBMVBSTFFYIBVTUJWB
NFOUFFOFMDPOUFYUPEFMBQBSUJDJQBDJO
FOJOWFTUJHBDJOFOUFOEJFOEPRVFMBFO
GFSNFEBE DSOJDB UJFOF VO JNQPSUBOUF
JNQBDUP DPOGSFDVFODJBOFHBUJWP TPCSF
FMEFTBSSPMMPDPHOJUJWPZQTJDPMHJDPEFM
TVKFUP BNCPTFTFODJBMFTBMBIPSBEFPC
UFOFSFMDPOTFOUJNJFOUPPMBOFHBUJWBEFM
QBDJFOUFQBSBUPNBSQBSUFFOVOBJOWFT
UJHBDJO &M QSFTFOUF USBCBKP USBUBS EF
FYQMPSBSMBJOnVFODJBEFMBFOGFSNFEBE
DSOJDB TPCSF FM EFTBSSPMMP DPHOJUJWP
QTJDPMHJDPZQTJDPTPDJBMEFMOJPZQPS
UBOUPTPCSFTVDBQBDJEBEQBSBPUPSHBSP
OPDPOTFOUJNJFOUPSFTQFDUPEFTVQBSUJ
DJQBDJOFOVOBJOWFTUJHBDJONEJDB
(FOPWFWB ,FZFVY 7DUPS 1FODIBT

[BEFI "MZB 4BBEB $PPSET
UJDB
EFMBJOWFTUJHBDJOFOTFSFTIVNB
OPT Z QPMUJDBT EF TBMVE QCMJDB
6OJWFSTJEBE /BDJPOBM EF $PMPNCJB
4FEF#PHPU
3FE-BUJOPBNFSJDBOB
ZEFM$BSJCFEF#JPUJDB *OTUJUVUPEF
(FOUJDB6/&4$0
1BTBEPTBPTEFTVDSFBDJO MBCJP
UJDBIBDPOPDJEPVOTJHOJmDBUJWPEFTB
SSPMMPFOMBTOBDJPOFTEF"NSJDB-BUJOB
Z&M$BSJCF&ONVDIPTQBTFTEFMBSF
HJO TF IBO PSHBOJ[BEP DPNJUT OBDJP
OBMFT QSPWJODJBMFTPMPDBMFT FODBSHBEPT
EFBOBMJ[BSUFNBTSFMBDJPOBEPTEJSFDUBF
JOEJSFDUBNFOUFDPOMBFTQFDJBMJEBEEFTEF
FMQVOUPEFWJTUBNBDSPHVCFSOBNFOUBM
ZMFHJTMBUJWP"EFNTZBFTHSBOEFFMO
NFSPEFDPNJUTFODBSHBEPTFTQFDmDB
NFOUFEFBOBMJ[BS BQBSUJSEFMPUJDP
QSPUPDPMPTEFJOWFTUJHBDJOCJPNEJDB
&O FTUB PCSB MPT FYQFSUPT FYQPOFO TVT
QPTJDJPOFT GSVUPEFTVSFnFYJOQFSTP
OBMZFYQFSJFODJBFOFMUFNB1PSTVDPO
UFOJEP SJHVSPTJEBE BDBENJDB BHVEB
QFSDFQDJOZBOMJTJTEFMPRVFFTUFO
KVFHPFOMBBDUVBMJEBEZBGVUVSP OPIBZ
EVEBEFRVFFTUFUFYUPTFSNBUFSJBEF
SFGFSFODJBFOMPTEFCBUFTZMJOFBNJFOUPT
RVF MPT DPNJUT EF UJDB MBT JOTUBODJBT
HVCFSOBNFOUBMFT EF QSPNPDJO EF MB
JOWFTUJHBDJOFOTFSFTIVNBOPTZMBTP
DJFEBEDJWJMEFCFSOBQSPQJBS FOFMQMF
OPFKFSDJDJPEFMPT%FSFDIPT)VNBOPT
ZMBKVTUJDJB
,JOHFS'POUJNFMMB+OJPS1FTRVJTB
FO 4BEF UJDB #JPUJDB F -FHJT
MBP "#3 $VMUVSB F 2VBMJEBEF
(PJBOJB QQ
&OGFSNFSP 6OJWFSTJEBE 'FEFSBM EF
"NBQ6/'1" NJFNCSPEFM$POTFM
IP &TUBEVBM EF 4BVEF EF "NBQ &O
TV MJCSP FYQPOF MB FWPMVDJO IJTUSJDB
MFHJTMBDJO Z OPSNBT BT DPNP MPT BT
QFDUPT UJDPMFHBMFT EF MB JOWFTUJHBDJO
FO TBMVE 3FBMJ[B VO BOMJTJT DSUJDP EF
MBMFHJTMBDJOOBDJPOBMCSBTJMFBZEFMB
JOUFSOBDJPOBM

'VOEBDJOEF$JFODJBTEFMB4BMVE-B
*OWFTUJHBDJO1SFDMOJDBZ$MOJDBEF
MPT.FEJDBNFOUPTFO&TQBB&EJDJP
OFT%PDF$BMMFT .BESJE
1VCMJDBDJO SFTVMUBEP EF VO DJDMP EF
KPSOBEBTFONBSDBEPEFOUSPEFVODPO
WFOJPEFDPMBCPSBDJOQBSBFMEFTBSSPMMP
ZQSPNPDJOEFMBTDJFODJBTCJPNEJDBT
1BSUJDJQBSPO SFQSFTFOUBOUFT EF MB 6OJ
WFSTJEBE$PNQMVUFOTFEF.BESJE $FO
USP4VQFSJPSEF*OWFTUJHBDJPOFTDJFOUm
DBTZEFMB*OEVTUSJB'BSNBDVUJDBRVF
EFTUBDBSPO FM DSFDJFOUF OJWFM DJFOUmDP
EFMUPEBWBQPDPOVNFSPTPHSVQPEFJO
WFTUJHBEPSFTFTQBPMFTRVFDPMBCPSBOFO
FMEFTBSSPMMPEFNFEJDBNFOUPT ZBMDBEB
WF[ NBZPS ONFSP EF USBCBKPT DJUBEPT
FO MB CJCMJPHSBGB DJFOUmDB JOUFSOBDJP
OBMEFJOWFTUJHBEPSFTEFOVFTUSPQBT
4VNBSJP
1BSUF*-B*OWFTUJHBDJO$MOJDBEF.F
EJDBNFOUPTFO&TQBB&%B[3VCJP
-B *OWFTUJHBDJO $MOJDB FO &TQBB
1FSTQFDUJWB EF MB *OEVTUSJB 'BSNBDV
UJDB *OUFSOBDJPOBM #BSUMFUU -B *O
WFTUJHBDJO $MOJDB FO &TQBB 1FST
QFDUJWB EF MB *OEVTUSJB 'BSNBDVUJDB
*OUFSOBDJPOBM 3 3VJ[ 1SPCMFNUJDB
EF MB *OWFTUJHBDJO $MOJDB EFTEF MB
QUJDB EFM *OWFTUJHBEPS " .PSFOP
1BQFM EF MPT $PNJUT UJDPT EF *OWFT
UJHBDJO $MOJDB * (BMFOEF UJDB F
*OWFTUJHBDJO $MOJDB % (SBDJB -B
*OWFTUJHBDJO$MOJDBFOFM.BSDPEFMB
"ENJOJTUSBDJO4BOJUBSJB'("MPOTP
1BSUF ** -B *OWFTUJHBDJO FO FM DBN
QP EF MB 'BSNBDPMPHB 1SFDMOJDB FO
&TQBB + 5BNBSHP "QMJDBDJO EF MB

#JPMPHB .PMFDVMBS BM %FTDVCSJNJFO
UP EF /VFWPT .FEJDBNFOUPT + WJMB
-B *OWFTUJHBDJO 1SFDMOJDB FO &TQBB
1FSTQFDUJWBEFMB*OEVTUSJB'BSNBDVUJ
DB &TQBPMB 4 &SJMM -B *OWFTUJHBDJO
1SFDMOJDBFO&TQBB1FSTQFDUJWBEFMB
*OEVTUSJB 'BSNBDVUJDB *OUFSOBDJPOBM
'(EFMBT)FSBT-B%FDJTJO&NQSF
TBSJBMGSFOUFBMB*% 4+VMJ 8FCEF
'VOEBDJOEF$JFODJBTEFMB4BMVE

'VOEBDJ 7DUPS (SGPMT J -VDBT Z

$FOUSFEF3FHVMBDJ(FONJDB6O
NBSDP EF SFGFSFODJB UJDP FOUSF MB
FNQSFTB Z FM DFOUSP EF JOWFTUJHB
DJO#BSDFMPOB
4FSFDPHFFOFTUBQVCMJDBDJOMBTOPSNBT
RVFQVFEFOTFSWJSEFHVBFOUSFMBTFN
QSFTBTZMPTDFOUSPTEFJOWFTUJHBDJO EF
GPSNBRVFFMNPEPEFTFSEFMBTBDUJWJ
EBEFTNFSDBOUJMFTSFTQFUFMPTQSJODJQJPT
UJDPTRVFEFCFOHVJBSMBJOWFTUJHBDJO
DJFOUmDB ZFTQFDJBMNFOUFFOFMNCJUP
EFMBCJPNFEJDJOBZMBHFONJDB7JFOF
FMUFYUPFODBUBMO DBTUFMMBOPFJOHMT
(SVQPEF5SBCBKPEFM.JOJTUFSJPEF
4BMVE EF $IJMF 3FHVMBDJO EF MB
FKFDVDJO EF FOTBZPT DMOJDPT RVF
VUJMJ[BO QSPEVDUPT GBSNBDVUJDPT
FO TFSFT IVNBOPT /PSNB 5DOJ
DB .JOJTUFSJPEF4BMVE 4BOUJBHPEF
$IJMF
1PS JOJDJBUJWB EFM .JOJTUFSJP EF 4BMVE
TFDPOTUJUVZVO(SVQPEF5SBCBKPFO
CBKP MB DPPSEJOBDJO EFM EPDUPS
3PCFSUP.BO[JOJ RVFFMBCPSFTUBOPS
NB DPO MB DPMBCPSBDJO EFM 1SPHSBNB
3FHJPOBMEF#JPUJDBQBSB"NSJDB-B
UJOB EF MB 0SHBOJ[BDJO 1BOBNFSJDBOB

EFMB4BMVE5JFOFNBZPSJOUFSTQPSMP
FYJHVPEFMBSFHVMBDJOFYJTUFOUFFOFTUB
NBUFSJB UBOUPFO$IJMFDPNPFOFMSFTUP
EF-BUJOPBNSJDB ZQPSTFSVONCJUP
EF JOEVEBCMF JNQPSUBODJB DJFOUmDB Z
UJDB
$PNPTFBMBMBEPDUPSB.JDIFMMF#BDIF
MFU FOUPODFT.JOJTUSPEF4BMVE iTFIB
UFOJEPBMBWJTUBMBFYQFSJFODJBOBDJPOBM
F JOUFSOBDJPOBM TF IBO BTVNJEP DPNP
DSJUFSJPTBSUJDVMBEPSFTMPTHSBOEFTQSJO
DJQJPT CJPUJDPT EF BVUPOPNB CFOFm
DFODJBZKVTUJDJB UPEPFOMBQFSTQFDUJWB
EFDPOUSJCVJSBMBTJFNQSFBOIFMBEBDP
OFYJOFOUSFEFTBSSPMMPDJFOUmDPZQSP
NPDJOEFMPTEFSFDIPTEFMBQFSTPOBw
4F SFHVMB MB FKFDVDJO EF MPT FOTBZPT
DMOJDPT DPO MPT SFRVJTJUPT RVF EFCFO
DVNQMJSMPTFTUVEJPTDMOJDPT MPTJOWFT
UJHBEPSFT MBTJOTUJUVDJPOFTZMPTQBUSPDJ
OBOUFT BTDPNPFMSPMEFM*OTUJUVUPEF
4BMVE1CMJDB ZEFMPTDPNJUTEFFWB
MVBDJOUJDPoDJFOUmDBEFMPTFOTBZPT
6SJFM (VFWBSB /VCJB " 1BDIFDP

.BOVBMEF#JPUJDB(VBQSDUJDB
6OJWFSTJEBE/BDJPOBMEF/JDBSBHVB
6/"/-FO
'BDVMUBEEF$JFODJBT
.EJDBT .BOBHVB QQ
&OFMEDJNPBOJWFSTBSJPEFTVDSFBDJO
FM $PNJU EF UJDB EF MB *OWFTUJHBDJO
#JPNEJDBEFEJDBFTUFMJCSPBMRVFGVFSB
TVGVOEBEPS SFDJFOUFNFOUFGBMMFDJEP FM
EPDUPS6SJFM(VFWBSB5SBUBTPCSFUPEP
EF MB UJDB EF MB JOWFTUJHBDJO DPO MBT
HVBTZSFHMBNFOUPTRVFOPSNBOMBBDUJ
WJEBEEFM$PNJU
+PSHF-VJT)FSOOEF["SSJBHBUJDB
EFMBJOWFTUJHBDJOCJPNEJDB.B
OVBM .PEFSOP .YJDP
QQ
-B DJFODJB DVBMRVJFSB RVF TFB TV NP
EBMJEBE EFCF TVCPSEJOBSTF B QSJODJQJPT
CTJDPT JOEVEBCMFNFOUF UJDPT RVF
EFMJNJUFOTVNBOFSBEFQSPDFEFSTFHO
QSJODJQJPTJOUFSOBDJPOBMFT&MMJCSPQSF
TFOUBVOBOMJTJTmMPTmDPHFOFSBMEFMBT
EJGFSFOUFT DPSSJFOUFT EF QFOTBNJFOUP
FO UPSOP B MB UJDB BQMJDBEB B MBT DJFO
DJBT CJPMHJDBT Z NEJDBT #JPUJDB

1SFUFOEFTFSWJSEFBQPZPBBRVFMMPTRVF
TFJOJDJBOPTFEFEJDBOEFNBOFSBQSP
GFTJPOBMBMBJOWFTUJHBDJOZRVFEFTFBO
BEFOUSBSTFFOMPTBTQFDUPTUJDPTCTJDPT
RVFSJHFOFMQSPDFEFSEFUPEPJOWFTUJHB
EPSDPOTDJFOUFEFMBJNQPSUBODJBEFTV
QSPDFEFS
-B CJPUJDB DPNP UBM FT VOB EJTDJQMJOB
SFMBUJWBNFOUF KPWFO /BDF EF MB OFDF
TJEBE EF VOJS MB BODFTUSBM UJDB NEJDB
DPOFMTVSHJNJFOUPEFOVFWBTDPSSJFOUFT
mMPTmDBT RVF QPDP B QPDP JOnVFODJB
SPOBMQFOTBNJFOUPNEJDP QFSPTPCSF
UPEP BOUF MB VSHFODJB EF SFQMBOUFBS MB
GVODJOSFBMRVFEFTFNQFBFMIPNCSF
BOUF VO NVOEP OVFWP DBEB WF[ NT
UFDOJmDBEP EFTBSSPMMBEP DPNVOJDBEP
ZQBSBEKJDP
&TUF MJCSP BCPSEB VO UFNB EF NVDIB
BDUVBMJEBE Z EF JNQPSUBODJB SFMFWBOUF
ZB RVF FO MB BDUVBMJEBE TF IBO HFOFSB
EP NMUJQMFT DPNJUT EF SFHVMBDJO EF
MBJOWFTUJHBDJONEJDBZCJPMHJDB BOUF
MBOFDFTJEBEEFFTUBCMFDFSQSJODJQJPTC
TJDPTRVFSFHVMFOFMQSPDFEFSEFMJOWFTUJ

HBEPS-PTDPMBCPSBEPSFTEFMBPCSBTPO
EFQSJNFSOJWFMZFYQFSUPTFOMPTUFNBT
USBUBO MPRVFJODSFNFOUBOPCMFNFOUFFM
WBMPSEFMDPOUFOJEP QPSPUSP MBCJCMJP
HSBGB DPOTVMUBEB DVNQMF UBNCJO DPO
TUPTFTUOEBSFTEFDBMJEBE
(,FZFVY 71FODIBT[BEFI "4BB

EB $PPSET
UJDB EF MB JOWFTUJHB
DJO FO TFSFT IVNBOPT Z QPMUJDBT
EF TBMVE QCMJDB 6/&4$0 3FE
-BUJOPBNFSJDBOBZEFM$BSJCF 6OJ
WFSTJEBE/BDJPOBMEF$PMPNCJB *OT
UJUVUPEF(FOUJDB #PHPU
*/$*&/4" 1PMUJDB EF *OWFTUJHB

DJO F JOOPWBDJO UFDOPMHJDB FO
4BMVEFO$PTUB3JDB.JOJTUFSJPEF
4BMVE 5SFT3PT $PTUB3JDB
QQ
&TUFMJCSPFTFMTFHVOEPEFMBTFSJFi1V
CMJDBDJPOFTDJFOUmDBTwEFMB3&%#*0
5*$"EFMB6/&4$01VCMJDBEBFO
DPFEJDJOFOUSFMBPmDJOBEFMB6/&4
$0 FO .YJDP Z MB 6OJWFSTJEBE /B
DJPOBM EF $PMPNCJB FT SFTVMUBEP EFM
4JNQPTJPDPOFMNJTNPOPNCSF RVFTF
MMFWBDBCPMPTEBTZEFNBZPEF
FO#PHPU
-BFEJDJOEFFTUFEPDVNFOUPIBFTUB
EPEJSJHJEBQPS"OB.PSJDFZ(FSNBOB
4ODIF[1SFTFOUBMBTJUVBDJOEFMBJO
WFTUJHBDJODJFOUmDBZFMEFTBSSPMMPUFD
OPMHJDP ZFMNBSDPKVSEJDPFYJTUFOUF
QBSBFYQPOFSEFTQVTMBWJTJOBDUVBMEF
MBJOWFTUJHBDJOFO4BMVEZMB1PMUJDBEF
4BMVE DPOMBTQSJPSJEBEFTFYJTUFOUFT
*OTUJUVUP $PTUBSSJDFOTF EF *OWFTUJ

HBDJO Z &OTFBO[B FO /VUSJDJO Z
4BMVE */$*&/4"
/PSNBTZQSP
DFEJNJFOUPTEFM$PNJU$JFOUmDP
UJDP 5SFT 3PT $PTUB 3JDB
QQ
-BFEJDJOZSFWJTJOUDOJDBIBTJEPSFB
MJ[BEB QPS "OB .PSJDF (FSNBOB 4O
DIF[Z.BSMFO4PMT ZIBTJEPWBMJEBEP
QPSMPTQSPGFTJPOBMFTEFM*ODJFOTBFM
EF NBS[P EF 3FHVMB MBT OPSNBT
UJDBTQBSBMBJOWFTUJHBDJOFOTBMVE BT
DPNPMBDPOGPSNBDJOZGVODJPOBNJFO
UPEFM$PNJU$JFOUmDPUJDP"T TF
BOBMJ[BO MB BQSPCBDJO EF MPT QSPUPDP
MPTEFJOWFTUJHBDJO FMEFTBSSPMMPEFMPT
USBCBKPTmOBMFTEFHSBEVBDJO MBEFTJH
OBDJOEFBVUPSB ZFMDPOTFOUJNJFOUP
JOGPSNBEP
&YQFSUPTFOFMDBNQPEFMBJOWFTUJHBDJO
FO4FSFT)VNBOPT EFMB#JPUJDBZEFMB
TBMVEQCMJDBEFMBSFHJOMBUJOPBNFSJ
DBOB QSFTFOUBOZEJTDVUFOMPTQSJODJQB
MFTBTQFDUPTUJDPTRVFDPOGSPOUBOFTUBT
JOWFTUJHBDJPOFT&OFTUFBOMJTJTTFJODMV
ZFOMBEFUFSNJOBDJOEFQSJPSJEBEFTEF
JOWFTUJHBDJO TVmOBODJBDJOZEJTFP
TVFWBMVBDJOUJDBZMBJNQMFNFOUBDJO
EFMPTSFTVMUBEPTQBSBFMCFOFmDJPEFMBT
QFSTPOBTZEFMBTPDJFEBEFOHFOFSBM
-PTDBQUVMPTFTUOPSHBOJ[BEPTFOUPS
OPBUSFTFKFTUFNUJDPT-BWJTJONVO
EJBMBDVFSEPTJOUFSOBDJPOBMFTRVFSJHFO
MBUJDBEFJOWFTUJHBDJODPOTFSFTIVNB
OPT"TQFDUPTUFSJDPTZNFUPEPMHJDPT
&YQFSJFODJBTEFJNQMFNFOUBDJOBOJWFM
OBDJPOBMEFMBTOPSNBTJOUFSOBDJPOBMFT
.JHVFM ,PUUPX &EJUPS

#JPUJDB F
JOWFTUJHBDJODPOTFSFTIVNBOPTZ
FOBOJNBMFT1POFODJBTQSFTFOUBEBT
BM 5BMMFS PSHBOJ[BEP QPS FM $PNJU
"TFTPS EF #JPUJDB EF $0/*$:5
OPWJFNCSF $0/*$:5 4BO
UJBHPEF$IJMF QQ
.JHVFM ,PUUPX FT NEJDP NBHTUFS
FO 4PDJPMPHB Z QSPGFTPS UJUVMBS EF MB
6OJWFSTJEBE EF $IJMF EPOEF FOTFB
#JPUJDB Z "OUSPQPMPHB NEJDB 'PS
NBQBSUFUBNCJOEFM$PNJUEFUJDB
EFMB$PNJTJO/BDJPOBMEF$JFODJBZ
5FDOPMPHB EF $IJMF Z IB DPPSEJOBEP
FOFTUBPDBTJOVO5BMMFSEFEJMPHPFO
USF RVJFOFT QBSUJDJQBO FO JOWFTUJHBDJO
DPOTFSFTIVNBOPTZDPOBOJNBMFT DPO
NTEFVOBEPDFOBEFQPOFODJBT5PEBT
BCPSEBOEJTUJOUPTBTQFDUPTEFMBUJDBEF
MBJOWFTUJHBDJO ZFYQFSJFODJBTEFDNP
BTFHVSBS FM OJWFM UDOJDP Z UJDP EF MBT
JOWFTUJHBDJPOFT EBOEPMBNBZPSQSPUFD
DJOQPTJCMFBMBTQFSTPOBTRVFQBSUJDJ
QBOFOMPTFOTBZPTDMOJDPT ZUBNCJOB
MPTBOJNBMFTVUJMJ[BEPTQBSBFYQFSJNFO
UBDJO7BSJBT EF MBT QPOFODJBT IBDFO
SFGFSFODJBBMBFOTFBO[BEFMBUJDBFO
.FEJDJOBZFO$JFODJBTCTJDBT ZPUSBT
TFDFOUSBOFOFMQBQFMEFMPTDPNJUTEF
FWBMVBDJOUJDPDJFOUmDP
.JHVFM ,PUUPX &EJUPS

.BSDPT
OPSNBUJWPT FO UJDB EF MB JOWFTUJ
HBDJODJFOUmDBFOTFSFTWJWPT
5BMMFSPSHBOJ[BEPQPSFM$PNJU"TF
TPSEF#JPUJDBEF$0/*$:5$0
/*$:5 4BOUJBHP EF $IJMF
QQ
&TUFFTFMTFHVOEPUBMMFSPSHBOJ[BEPQPSFM
$PNJUEF#JPUJDBEFMB$PNJTJO/B
DJPOBMEF$JFODJBZ5FDOPMPHBEF$IJMF
&EJUBEPQPS.JHVFM,PUUPX SFDPHFMBT
JOUFSWFODJPOFT EF FTF UBMMFS 6OB QBSUF
EFMBTNJTNBTTFEFEJDBSFWJTBSMPTEJ
GFSFOUFTEPDVNFOUPTIJTUSJDPTRVFIBO
NBSDBEPFMJOJDJPZEFTBSSPMMPEFMBUJDB
EFMBJOWFTUJHBDJOCJPNEJDB&M$EJ
HP EF /VSFNCFSH 1BUSJDJP .JDIBVE

MBT %FDMBSBDJPOFT EF )FMTJOLJ .JHVFM
,PUUPX
MBT %FDMBSBDJPOFT JOUFSOBDJP
OBMFTTPCSF(FOPNB)VNBOP .BOVFM
4BOUPT
Z MBT SFDJFOUFT /PSNBT $*0
.4EFUJDBFOJOWFTUJHBDJOFOQBTFT
FOWBTEFEFTBSSPMMP 'SBODJTDP-FO

&O MB TFHVOEB QBSUF "MFKBOESP 4FSBOJ
FTUVEJB MB UJDB EF MB JOWFTUJHBDJO DPO
QFSTPOBTDPOEFmDJFODJBTNFOUBMFT+PT
-VJT"SJBT MBVUJMJ[BDJOEFBOJNBMFTFO
JOWFTUJHBDJO DJFOUmDB Z .BSB "OH
MJDB 4PUPNBZPS MBT EFDMBSBDJPOFT *OUFS
OBDJPOBMFT Z MBT /PSNBT OBDJPOBMFT EF
UJDB FO MB JOWFTUJHBDJO CJPNEJDB 4F
BBEFO MPT EPDVNFOUPT EF OPSNBUJWBT
EFMB6OJO&VSPQFBZEFMB6/&4$0
ZPUSPTPSHBOJTNPT ZPUSPTEPDVNFOUPT
EFJOUFST
'FSOBOEP-PMBT4Z"MWBSP2VF[BEB
4 &EJUPSFT
1BVUBTUJDBTEFJOWFT
UJHBDJOFOTVKFUPTIVNBOPTOVF
WBT QFSTQFDUJWBT 1SPHSBNB 3FHJP
OBMEF#JPUJDB0.4014 4BOUJBHP
EF$IJMF QQ
&TUFMJCSPDPSSFTQPOEFBVOBBNQMJBDJO
Z SFGPSNVMBDJO EFM SFTFBEP BOUFSJPS
NFOUFFOFTUBTFDDJO TPCSFJOWFTUJHB
DJOFOTVKFUPTIVNBOPT DPOMBQVCMJ
DBDJOEFVOBBNQMJBTFMFDDJOEFMUFYUP
EFMBT1BVUBTUJDBT*OUFSOBDJPOBMFTQBSB
MB *OWFTUJHBDJO #JPNEJDB FO 4FSFT

)VNBOPT $*0.4 QSFQBSBEBT

QPSFM$POTFKPEF0SHBOJ[BDJPOFT*OUFS
OBDJPOBMFT EF MBT $JFODJBT .EJDBT FO
DPMBCPSBDJODPOMB0SHBOJ[BDJO.VO
EJBMEFMB4BMVE+VOUPBMUFYUP VOBTFSJF
EFDPNFOUBSJPTBCPSEBOMBTQSJODJQBMFT
SFBTEFJOUFSTEFMBUJDBEFMBJOWFTUJ
HBDJO CJPNEJDB &EVBSEP 3PESHVF[
:VOUB FTDSJCF TPCSF FM DPOTFOUJNJFOUP
JOGPSNBEPFOFMVTPEFNVFTUSBTCJPM
HJDBT IVNBOBT Z EF SFHJTUSPT NEJDPT
Z UBNCJO TPCSF MB FMFDDJO EF DPOUSPM
FOFOTBZPTDMOJDPTZFMQSPCMFNBUJDP
EFMVTPEFQMBDFCP&MEPDUPS'FSOBOEP
-PMBTBCPSEBMPTBTQFDUPTUJDPTEFMBJO
WFTUJHBDJOCJPNEJDB+BNFT'%SBOF
SFBMJ[BVOBTSFnFYJPOFTQFSTPOBMFTTPCSF
MBQBSUJDJQBDJOEFMB014FOUFNBTEF
#JPUJDB &[FRVJFM &NBOVFM FYQMJDJUB
MPT TJFUF SFRVJTJUPT RVF IBDFO RVF VOB
JOWFTUJHBDJO TFB UJDB 3VUI .BDLMJO
FTDSJCF TPCSF MB JOWFTUJHBDJO DPMBCP
SBUJWB JOUFSOBDJPOBM &M QSPGFTPS %JFHP
(SBDJB BOBMJ[B MBT JNQMJDBODJBT MHJDBT
IJTUSJDBTZUJDBTEFMBJOWFTUJHBDJOFO
TVKFUPT IVNBOPT +VMJP "SCPMFEB'MP
SF[ MBT QPCMBDJPOFT WVMOFSBCMFT FO MB
JOWFTUJHBDJOZ mOBMNFOUF +PT"MCFS
UP.BJOFUUJFYQPOFMBFYQFSJFODJBEFMB
&TDVFMB-BUJOPBNFSJDBOBEF#JPUJDBFO
MPTUFNBTEFFYQFSJNFOUBDJOIVNBOB
'FSOBOEP-PMBT4UFQLF &EJUPS
UJ
DBFJOOPWBDJOUFDOPMHJDB$*&#
6OJWFSTJEBE EF $IJMF Z 1SPHSBNB
EF#JPUJDB014 4BOUJBHPEF$IJMF

&O FTUF MJCSP TF SFDPHFO MBT JOUFSWFO
DJPOFT EF EFTUBDBEPT FTQFDJBMJTUBT RVF
QBSUJDJQBSPOFOEPTKPSOBEBTEFM4FNJ
OBSJPiUJDBEFMB*OOPWBDJO5FDOPM
HJDBw SFBMJ[BEPFMEFBHPTUPZFM
EF OPWJFNCSF EFM FO FM NBSDP
EFM 1SPZFDUP #JDFOUFOBSJP FO $JFODJB
Z 5FDOPMPHB QBUSPDJOBEP QPS MB $P
NJTJO /BDJPOBM EF $JFODJB Z 5FDOP
MPHB EF $IJMF Z FM CBODP .VOEJBM &M
WPMVNFOFTUEJWJEJEPFOUSFTTFDDJPOFT
mMPTPGB DJFODJBFJOOPWBDJO*OOPWB
DJOZQSPQJFEBEJOUFMFDUVBMZ.FEJDJ
OB F JOOPWBDJO *ODMVZF BSUDVMPT EF
+PSHF "DFWFEP 4BMWBEPS %BSP #FSHFM
+PT.BOVFM$PVTJP +PT(FSBSEPEF
'SFJUBT %SVNPOE .BSDPT (BSDB EF
MB)VFSUB 'FSOBOEP-PMBT 3JDBSEP#
.BDDJPOJ "OB 'SBODJTDB 1SFMMFS 1FSF
1VJHEPNOFDI "MNB &VOJDF 3FOEO
&EVBSEP3PESHVF[ -FPOFM3PKPZ.B
SJBOP3VJ[&TRVJEF
'FSOBOEP -PMBT MWBSP 2VF[BEB Z

&EVBSEP 3PESHVF[ &EJUPSFT
*O
WFTUJHBDJO FO TBMVE %JNFOTJO
UJDB $*&# 6OJWFSTJEBE EF $IJMF
QQ
&M$FOUSP*OUFSEJTDJQMJOBSJPEF&TUVEJPT
FO #JPUJDB $*&#
EF MB 6OJWFSTJEBE
EF$IJMF FODPOKVOUPDPOMB6OJEBEEF
#JPUJDBEFMB0SHBOJ[BDJO1BOBNFSJ
DBOB EF MB 4BMVE 0140.4 BDBCB EF
QVCMJDBS VO NBOVBM EF UJDB EF MB JO
WFTUJHBDJOFOTBMVE&MWPMVNFOSFOF
DPOUSJCVDJPOFTEFNJFNCSPTBDBENJDPT
EFM $*&# Z EF BMVNOPT EFM 1SPHSBNB
*OUFSOBDJPOBM EF UJDB EF MB *OWFTUJHB
DJO#JPNEJDBZ1TJDPTPDJBMBVTQJDJBEP
QPSFM'PHBSUZ*OUFSOBDJPOBM$FOUFSEF
MPT/BUJPOBM*OTUJUVUFTPG)FBMUI 64"

JOWFTUJHBEPSFTZBDBENJDPTEFNTEF
TJFUF QBTFT MBUJOPBNFSJDBOPT -PT FEJ
UPSFTEFMMJCSPTTPOFMEPDUPS'FSOBOEP
-PMBT EJSFDUPSEFMB6OJEBEEF#JPUJDB
0140.4 "MWBSP 2VF[BEB FODBSHB
EP EF QVCMJDBDJPOFT EF EJDIB 6OJEBE
Z&EVBSEP3PESHVF[:VOUB $PPSEJOB
EPSEFM1SPHSBNBEFUJDBEFMB*OWFTUJ
HBDJOZBTFBMBEP
&M MJCSP BCPSEB UQJDPT EF UJDB EF MB
JOWFTUJHBDJO DPO DBQUVMPT TPCSF MBT
DJFODJBT TPDJBMFT MB TBMVE QCMJDB MBT
GVODJPOFT EF MPT DPNJUT EF UJDB MBT
OPSNBTMFHBMFTFOQBTFTMBUJOPBNFSJDB
OPT MBDPOmEFODJBMJEBE MBPEPOUPMPHB
FM USBCBKP DPO BOJNBMFT EF MBCPSBUPSJP
MPTFTUVEJPTNVMUJDOUSJDPT MPTDPOnJD
UPTEFJOUFSTZMBUJDBEFMBQVCMJDBDJO
DJFOUmDB FOUSF PUSPT &O EFmOJUJWB MB
NBZPS QBSUF EF MBT DVFTUJPOFT BDUVBM
NFOUF FO EFCBUF FO #JPUJDB TPCSF MB
JOWFTUJHBDJO DJFOUmDB Z CJPNEJDB
*ODMVZFBEFNT QBVUBTZEFDMBSBDJPOFT
EFJOEJTDVUJEBWJHFODJB$VFOUBDPOVOB
CJCMJPHSBGBSFMFWBOUF DPOGVFOUFTEFSF
GFSFODJBZVOMJTUBEPEFJOTUJUVDJPOFTZ
SFDVSTPTJOWFTUJHBUJWPTRVFJODSFNFOUBO
TVVUJMJEBE
0SHBOJ[BEP FO EJFDJOVFWF DBQUVMPT
QSFTFOUBFOQSJNFSMVHBSVOB*OUSPEVD
DJO EF MB IJTUPSJB Z FM QSFTFOUF EF MB
#JPUJDBDPNPEJTDJQMJOBEFEJMPHPUJ
DPDSFBUJWP"DPOUJOVBDJOTFBOBMJ[BO
MPTUJQPTEFJOWFTUJHBDJODJFOUmDB ZFO
FTQFDJBMMBEFTBSSPMMBEBDPOTFSFTIVNB
OPT FO FM DPOUFYUP TPDJBM EF MPT QBTFT
FOEFTBSSPMMP4FQSFTFOUBVOBCSFWFIJT
UPSJBEFMBUJDBEFMBJOWFTUJHBDJODPO
TFSFTIVNBOPT MBTOPSNBTMFHBMFTFYJT
UFOUFT UBOUPQBSBMBJOWFTUJHBDJODPNP
QBSBMPTDPNJUTEFUJDBEFMBJOWFTUJHB
DJO DJFOUmDB Z MB TJUVBDJO BDUVBM EF
TUPT FO MPT QBTFT MBUJOPBNFSJDBOPT Z
EFM$BSJCF
$PNP BTQFDUPT NT DPODSFUPT TF BOB
MJ[B MB UJDB EF MB TBMVE QCMJDB Z EF MB
JOWFTUJHBDJO FO DJFODJBT TPDJBMFT RVF
TVQPOFVOBCVFOBOPWFEBEFOFTUFUJQP
EF FTUVEJPT QVFT IB FTUBEP NVZ DFO
USBEB MB SFnFYJO UJDB FO MBT DJFODJBT
CJPNEJDBT Z TPCSF UPEP FO FM NCJUP
DMOJDP&TUOJODMVJEPTUBNCJOoFOUSF
PUSPTo FTUVEJPT TPCSF MB JOWFTUJHBDJO
FO HFOUJDB IVNBOB MPT FOTBZPT DM
OJDPT MB JOWFTUJHBDJO DPO FNCSJPOFT
IVNBOPT PMBRVFTFSFBMJ[BDPOQPCMB
DJPOFTNTWVMOFSBCMFT DPNPNFOPSFT
EFFEBE NVKFSFT BEVMUPTNBZPSFT FO
GFSNPTUFSNJOBMFTPQFSTPOBTJOGFDUBEBT
DPO7*)4JEB
4FUSBUBFOEFmOJUJWBEFVOSFQBTPCBT
UBOUF DPNQMFUP EF MB NBZPSB EF MBT
DVFTUJPOFT UJDBT EFCBUJEBT FO FM DBN
QP EF MB JOWFTUJHBDJO FO TBMVE $PO
BOMJTJT CJFO GVOEBEPT DPO VOB NVZ
CVFOBVUJMJ[BDJOEFMBCJCMJPHSBGBNT
SFDJFOUF QJFOTPRVFoBVORVFOPTFBMB
JOUFODJOEFMPTQSPQJPTBVUPSFToFT EF
IFDIP FMQSJNFS.BOVBMTPCSFUJDBEF
MB*OWFTUJHBDJOFO4BMVEFEJUBEPFO-B
UJOPBNSJDB 4FS EF VOB HSBO VUJMJEBE
FO MB GPSNBDJO FO FTUF NCJUP EF MPT
QSPGFTJPOBMFT RVF UJFOFO SFMBDJO DPO
MBTBMVE ZUBNCJOFOFMEFCBUFQCMJ
DPTPCSFFTUPTUFNBT UBOOFDFTJUBEPTEF
SFnFYJO EFBMUVSBBDBENJDB ZEFEJ
MPHPDPOTUSVDUJWP

.FNPSJBT * $POHSFTP *OUFSOBDJP

OBM#JPUJDBF*OWFTUJHBDJO$JFO
UmDB 6OJWFSTJEBE .JMJUBS /VFWB
(SBOBEB #PHPU QQ
4F SFDPHFO MBT JOUFSWFODJPOFT FO FTUF
$POHSFTP *OUFSOBDJPOBM TPCSF UJDB EF
MB*OWFTUJHBDJO4FBOBMJ[BOMBUJDBEF
MBJOWFTUJHBDJOCTJDB FMDPOTFOUJNJFO
UPJOGPSNBEP FMBCVTPEFMBJOWFTUJHB
DJO DMOJDB MPT DPNJUT EF UJDB EF MB
JOWFTUJHBDJO MB JOWFTUJHBDJO TPCSF FM
HFOPNB
/VFME $PVODJMPO#JPFUIJDTUJ
DBEFMBJOWFTUJHBDJOSFMBUJWBBMB
BUFODJOTBOJUBSJBFOMPTQBTFTFO
EFTBSSPMMP &M SFTVNFO MBT DPODMV
TJPOFT Z MBT SFDPNFOEBDJPOFT -PO
ESFT QQ
*OGPSNF FMBCPSBEP QPS VO HSVQP EF
USBCBKP EFM /VFME $PVODJM TPCSF MBT
DVFTUJPOFTUJDBTRVFTFQMBOUFBODVBO
EPMBJOWFTUJHBDJOSFMBUJWBBMBBUFODJO
TBOJUBSJBTFSFBMJ[BFOQBTFTFOEFTBSSPMMP
ZFTUmOBODJBEBQPSQBUSPDJOBEPSFTEF
QBTFT EFTBSSPMMBEPT -BT EFTJHVBMEBEFT
EFSFDVSTPTSFQSFTFOUBOVOSJFTHPSFBMEF
FYQMPUBDJOFOFMNBSDPEFMBJOWFTUJHB
DJOQBUSPDJOBEBEFTEFFMFYUFSJPS RVF
OPTJFNQSFDPSSFTQPOEFBMBTQSJPSJEB
EFT OBDJPOBMFT &TUF HSVQP EF FYQFSUPT
EB BMHVOBT SFDPNFOEBDJPOFT EF HSBO
JOUFST QBSB GPNFOUBS MB DBQBDJEBE EF
MPTQBTFTFOEFTBSSPMMPEFSFBMJ[BSJOWFT
UJHBDJPOFTQFSUJOFOUFTBTVTOFDFTJEBEFT
ZDPOUSPMBSFMNBSDPUJDPFORVFEFCFO
EFTFOWPMWFSTF TJFNQSF MBT JOWFTUJHBDJP
OFT FO TBMVE DPO FYQFSJNFOUBDJO FO
TFSFTIVNBOPT
4F BCPSEB BT FM DPOTFOUJNJFOUP JOGPS

NBEP JOEJWJEVBMPEFMBDPNVOJEBEFO
BMHVOBT TJUVBDJPOFT DVMUVSBMFT FM OJWFM
EF BTJTUFODJB RVF TF EFCF QSFTUBS B MPT
QBDJFOUFT RVF FOUSFO FO MB JOWFTUJHB
DJO MPTQSPCMFNBTUJDPTRVFQVFEFO
QSFTFOUBSTFVOBWF[DPODMVJEBEJDIBJO
WFTUJHBDJOZmOBMNFOUF FMFYBNFOEF
MBUJDBEFMQSPQJPQSPZFDUPEFJOWFTUJ
HBDJO
1BVUBT UJDBT JOUFSOBDJPOBMFT QBSB

MBJOWFTUJHBDJOCJPNEJDBFOTFSFT
IVNBOPT 1SFQBSBEBT QPS FM $POTF
KPEF0SHBOJ[BDJPOFT*OUFSOBDJPOBMFT
EF MBT $JFODJBT .EJDBT $*0.4

FODPMBCPSBDJODPOMB0SHBOJ[BDJO
.VOEJBMEFMB4BMVE$*0.4 (JOF
CSB &EJDJOFOFTQBPMQPSFM
1SPHSBNB3FHJPOBMEF#JPUJDB014
0.4 4BOUJBHPEF$IJMF
QQ
4FSFDPHFFOFTUFWPMVNFOFMEPDVNFO
UPPmDJBMRVFMB$*0.4QSPNVMHFOFM
BP TPCSF1BVUBTUJDBTQBSBMBJO
WFTUJHBDJOFOTFSFTIVNBOPT USBEVDJEP
ZQSFQBSBEPQPSVOHSVQPEFQSPGFTJPOB
MFTEFMQSPHSBNB3FHJPOBMEF#JPUJDBEF
MB0SHBOJ[BDJO1BOBNFSJDBOBEFMB4B
MVE$PNPTFBMBTVEJSFDUPS 'FSOBOEP
-PMBT 4UFQLF i-B QSFTFOUF USBEVDDJO
Z TV EJGVTJO TPO VO NFEJP QBSB DPMB
CPSBSFOFMEFTBSSPMMPZFTUBCMFDJNJFOUP
EF CVFOBT QSDUJDBT FO MB JOWFTUJHBDJO
CJPNEJDBZQTJDPTPDJBM ZDPOUSJCVJSBM
USBCBKPEF$*0.4Z0.4w
-B SFEBDDJO mOBM EFTQVT EF WBSJBT
WFSTJPOFTQSFWJBT EFFTUBT1BVUBTUJDBT
FTUVWP B DBSHP EF QSPGFTJPOBMFT EF WB
SJBT JOTUJUVDJPOFT DPPSEJOBEPT QPS FM

QSPGFTPS3PCFSU+-FWJOF DPOTVMUPSEFM
QSPZFDUPZQSFTJEFOUFEFMDPNJUEJSFD
UJWP BQPZBEPQPSFMEPDUPS+BNFT(B
MMBHIFS EFMB4FDSFUBSBEFMB$*0.4
5BNCJODPOUDPOMBBTJTUFODJBEFVO
HSVQP EF USBCBKP FODBSHBEP EF SFDPHFS
MB JOnVFODJB EF MBT EJGFSFOUFT DVMUVSBT
FO FTUBT 1BVUBT UJDBT Z FTQFDJBMNFOUF
FOFMNCJUPMBUJOPBNFSJDBOPFOMFT
UVWJFSPOFMEPDUPS'FSOBOEP-PMBT +PIO
#SZBOU -FPOBSEPEF$BTUSP 3PCFSU-F
WJOF 3VUI.BDLMJOZ(PEGSFZ5BOHXB
EFTEFFMDPNJFO[PFOFOFSPEFM Z
BQBSUJSEFPDUVCSFEFFTFBP UBNCJO
QBSUJDJQBSPO'MPSFODJB-VOBZ3PEPMGP
4BSBDDJ-B%FDMBSBDJOEF)FMTJOLJEF
TVQVTP FM JOJDJP EF VOB TFSJF EF
EPDVNFOUPT B OJWFM JOUFSOBDJPOBM QBSB
FTUBCMFDFSMPTDSJUFSJPTUJDPTRVFEFCFO
HVJBSMBJOWFTUJHBDJOCJPNEJDBDPOTF
SFTIVNBOPT&TUB%FDMBSBDJOGVFSFWJ
TBEBQPSMB"TPDJBDJO.EJDB.VOEJBM
FO Z EPT WFDFT NT FO MPT BPT
PDIFOUB FOZ-B$*0.4
0.4 DVMNJO BTJNJTNP FO VOB
1SPQVFTUB EF 1BVUBT UJDBT *OUFSOBDJP
OBMFT QBSB MB *OWFTUJHBDJO #JPNEJDB
FO4FSFT)VNBOPT RVFGVFSPOEFTQVT
SFWJTBEBTFOZFO
%FTQVTEFFTUBGFDIBTVSHJFSPOQSPCMF
NBT UJDPT RVF OP FTUBCBO DPOUFNQMB
EPT FTQFDmDBNFOUF DPO BOUFSJPSJEBE
MPTFOTBZPTDMOJDPTDPOUSPMBEPTDPOQB
USPDJOBEPSFT F JOWFTUJHBEPSFT FYUFSOPT
FGFDUVBEPTFOQBTFTEFCBKPTSFDVSTPTFM
VTPEFDPNQBSBEPSFTEJGFSFOUFTEFVOB
JOUFSWFODJO EF FGFDUJWJEBE DPNQSPCB
EB&MEFCBUFTFDFOUSFOMBOFDFTJEBE
EFPCUFOFSTPMVDJPOFTEFTBMVEQCMJDB
RVF GVFSBO BQSPQJBEBT EFTEF FM QVOUP
EF WJTUB UDOJDP Z EF CBKP DPTUF TPCSF
UPEPQBSBFMUSBUBNJFOUPEFM7*)4JEB
QPSNFEJPEFNFEJDBNFOUPTZWBDVOBT
BDDFTJCMFTBMPTQBTFTNTQPCSFT)BCB
RVFSFWJTBSiFMDPOUFYUPFORVFTFFTUB
CBO QSPEVDJFOEP FTUBT JOWFTUJHBDJPOFT
oDPNPTFTFBMBFOMB*OUSPEVDDJOEFM
UFYUPoZFWJUBSBMBWF[FMQBUFSOBMJTNP
EF MPT QBTFT NT SJDPT IBDJB MPT NT
QPCSFT ZBMBWF[FTUJNVMBSMBTJOWFTUJ
HBDJPOFT Z FODPOUSBS TPMVDJPOFT MPDBMFT
QBSB FOGFSNFEBEFT EF HSBO QBSUF EF MB
QPCMBDJO NVOEJBM Z FOUSFHBS OPSNBT
DMBSBT QBSB MB QSPUFDDJO DPOUSB MB FY
QMPUBDJOEFJOEJWJEVPTZDPNVOJEBEFT
WVMOFSBCMFTw
-BSFWJTJOZBDUVBMJ[BDJOEFMBTQBVUBT
DPNFO[ FO DPO VO QSJNFS CP
SSBEPS RVF EFTQVT GVF SFWJTBEP &O FM
BP MB MUJNB WFSTJO GVF QVFTUB
BEJTQPTJDJOHFOFSBMFOFMTJUJP8FCEF
$*0.4 QBSB SFDPHFS PCTFSWBDJPOFT Z
DPNFOUBSJPT &M OVFWP UFYUP EFmOJUJWP
EF FTUBCMFDF MPT QSJODJQJPT UJDPT
HFOFSBMFT VO QSFNCVMP Z QBVUBT
DPOVOBCSFWFJOUSPEVDDJOZVOBCSFWF
EFTDSJQDJOEFMPTBOUFSJPSFTJOTUSVNFO
UPTZQBVUBT&TUEFTUJOBEPiBPSJFOUBS
FTQFDJBMNFOUF B MPT QBTFT EF FTDBTPT
SFDVSTPT FOMBEFmOJDJOEFQBVUBTOB
DJPOBMFT TPCSF UJDB EF MB JOWFTUJHBDJO
CJPNEJDB BQMJDBOEP FTUOEBSFT UJDPT
FO DPOEJDJPOFT MPDBMFT Z FTUBCMFDJFOEP
P SFEFmOJFOEP NFDBOJTNPT BEFDVBEPT
QBSBMBFWBMVBDJOUJDBEFMBJOWFTUJHB
DJOFOTFSFTIVNBOPTw

&OUSFMPTUFNBTRVFDPOUFNQMBOMBTQBV
UBT FTUMBKVTUJmDBDJOUJDBZMBWBMJEB
DJO DJFOUmDB EF MB JOWFTUJHBDJO CJP
NEJDB FO TFSFT IVNBOPT MPT DPNJUT
EF FWBMVBDJO UJDB EF MBT JOWFTUJHBDJP
OFTMBTJOWFTUJHBDJPOFTQBUSPDJOBEBTFY
UFSOBNFOUFFMDPOTFOUJNJFOUPJOGPSNB
EPJOEJWJEVBMZTVPCUFODJO BTDPNP
MBQSPUFDDJOEFMBDPOmEFODJBMJEBEMPT
JODFOUJWPTQBSBQBSUJDJQBSFOVOBJOWFT
UJHBDJOMPTCFOFmDJPTZSJFTHPTEFQBS
UJDJQBS FO VO FTUVEJP MBT MJNJUBDJPOFT
EFM SJFTHP DVBOEP TF JOWFTUJHB FO JOEJ
WJEVPTJODBQBDFTEFEBSDPOTFOUJNJFOUP
JOGPSNBEPMBJOWFTUJHBDJOFOQPCMBDJP
OFTZDPNVOJEBEFTDPOSFDVSTPTMJNJUB
EPT MB FMFDDJO EFM DPOUSPM FO FOTBZPT
DMOJDPT ZMBEJTUSJCVDJOFRVJUBUJWBEF
DBSHBT Z CFOFmDJPT MBT JOWFTUJHBDJPOFT
FORVFQBSUJDJQBOQFSTPOBTWVMOFSBCMFT
DPNPOJPT NVKFSFToFTQFDJBMNFOUFMBT
FNCBSB[BEBT QFSTPOBT DPO USBTUPSOPT
NFOUBMFTPDPOEVDUVBMFT FUD
OHFM 1FMBZP (PO[MF[5PSSF #JP

UJDB Z FYQFSJNFOUBDJO DPO TFSFT
IVNBOPT&EJUPSJBM$PNBSFT
QQ
#JPUJDB Z FYQFSJNFOUBDJO DPO TFSFT
IVNBOPTFTFMUUVMPEFMMJCSPFTDSJUPQPS
OHFM1FMBZP(PO[MF[5PSSF QSPGFTPS
EF#JPUJDBEFMB'BDVMUBEEF.FEJDJOB
EF4BOUBOEFS
&M BVUPS BEWJFSUF RVF TJ MB BVUPOPNB
EFMQBDJFOUFUJFOFDBEBWF[NTVOQBQFM
QSFQPOEFSBOUFFOMBTSFMBDJPOFTNEJDBT
MPRVFQPTJCJMJUBRVFFMTVKFUPSFDIBDFVO
USBUBNJFOUP BTVNBVOSJFTHPPQJEBTFS
EBEPEFBMUB QVFEFQBSFDFSJODPOHSVFO
UF FYDMVJS MB QPTJCJMJEBE EF RVF TJNJMBS

MJCFSUBE EF EFDJTJO QVFEB TFS FKFSDJEB
FOFMNCJUPEFMBJOWFTUJHBDJODPOTF
SFT IVNBOPT EPOEF MB MJCSF BDUVBDJO
EFM TVKFUP QVFEF BEFNT QSPEVDJS VO
CJFOTPDJBMFOSFMBDJODPOFMBWBODFEF
MPTDPOPDJNJFOUPTDJFOUmDPT
&MMJCSPQBSUFEFVOQMBOUFBNJFOUPHF
OFSBMFOFMRVFTFQPOEFSBFMQBQFMEFMB
UJDBZFMEFSFDIPBOUFFMBWBODFDJFOU
mDP QBSBEFTDFOEFSBMBTDVFTUJPOFTNT
QSPCMFNUJDBTRVFQMBOUFBMBJOWFTUJHB
DJOFOSFMBDJODPOMPTEFSFDIPTJOEJ
WJEVBMFT
3FTQFDUP BM DPOTFOUJNJFOUP JOGPSNB
EPEFMTVKFUPZMBQPTJCJMJEBEEFRVFMF
QFSNJUB BTVNJS SJFTHPT NT BMM EF MP
OPSNBMDVBOEPMBQFSTPOBFTUFTQFDJBM
NFOUFNPUJWBEB 1FMBZP(PO[MF[o5P
SSFBEWJFSUFEFQPTJCMFTTVTQJDBDJBT&O
TV PQJOJO iMB SFUSJCVDJO FDPONJDB
IBDF RVF FM DBSDUFS BMUSVJTUB EF MB WP
MVOUBETFEFTWJSUF iQPSMPRVFSFDVFS
EB B MPT DPNJUT EF UJDB iMB OFDFTJEBE
EF QPOEFSBS MB WPMVOUBE EFM JOEJWJEVP
FOSFMBDJODPOMPTCFOFmDJPTZSJFTHPT
EFMFYQFSJNFOUPw
&OEFmOJUJWB SFDVFSEBFMBVUPSRVFiFM
FTRVFNBEFSFUSJCVDJOFDPONJDBoW
MJEPQBSBPUSBTGBDFUBTEFMBWJEBTPDJBMo
SFTVMUB EF UPEP QVOUP JNQPTJCMF FO MB
FYQFSJNFOUBDJODPOTFSFTIVNBOPTw
"MCFSUP 1FMMFHSJOJ 'JMIP Z 3VUI

.BDLMJO &EJUPSFT
*OWFTUJHBDJO
FO TVKFUPT IVNBOPT FYQFSJFODJB
JOUFSOBDJPOBM&EJDJOFOJOHMTZ
FTQBPM 1SPHSBNB3FHJPOBMEF#JP
UJDB0.4014 4BOUJBHPEF$IJMF
QQ
&TUB QVCMJDBDJO SFDPHF MPT BSUDVMPT
QSFTFOUBEPT FO MB QSJNFSB SFVOJO EFM
$PNJU"TFTPS*OUFSOBDJPOBMFO#JPUJ
DBEFMB0SHBOJ[BDJO1BOBNFSJDBOBEF
MB4BMVE 1040.4
DFMFCSBEBEFM
BMEFNBZPEFFO8BTIJOHUPO
4FDFOUSFOMBUJDBEFMBJOWFTUJHBDJO
(FPSHF "0 "MMFZOF EJSFDUPS EF MB
014 EFTBSSPMM MPT DPODFQUPT CTJDPT
RVFPSJFOUBOMBDPPQFSBDJOUDOJDBEF
014FOFMSFBEFCJPUJDB6OQSJNFS
HSVQP EF EPDVNFOUPT DPSSFTQPOEF B
MPT USBCBKPT QSFQBSBEPT QPS NJFNCSPT
EFMB$PNJTJO+BNFT%SBOF &[FRVJFM
&NBOVFM 3VUI.BDLMJO %JFHP(SBDJB
+VMJP "SCPMFEB'MSF[ Z +PT "MCFSUP
.BJOFUUJ
6OTFHVOEPHSVQPEFEPDVNFOUPTFTU
PSJFOUBEPBMFTUBCMFDJNJFOUPEFMNBSDP
JOTUJUVDJPOBMEF014QBSBMBTBDUJWJEBEFT
EFDPPQFSBDJOUDOJDBRVFJOWPMVDSFOB
MB #JPUJDB &O FTQFDJBM 'FSOBOEP -P
MBT EJSFDUPS EFM QSPHSBNB 3FHJPOBM EF
#JPUJDBEFMB014 QSFTFOUBMBTQSJODJ
QBMFTFTUSBUFHJBT MOFBTEFBDDJOZBDUJ
WJEBEFTEFTBSSPMMBEBT
4JMWJB 3JWFSB $PNQ

UJDB Z HFT
UJOEFMBJOWFTUJHBDJOCJPNEJDB
1BJET #VFOPT"JSFT
&TUFMJCSPFTQSPEVDUPEFVOUBMMFSSFB
MJ[BEP FO FM IPTQJUBM %PDUPS +VBO 1
(BSSBIBO DPO FM BQPSUF EF EJTUJOUPT
QSPGFTJPOBMFT SFMBDJPOBEPT DPO FM DBN
QPEFMBCJPUJDB%FTEFVOBQFSTQFDUJWB
NVMUJEJTDJQMJOBS TFBCPSEBMBUJDBEFMB
HFTUJOEFMBTJOWFTUJHBDJPOFT QBSBEJSJ
HJS FM QSPDFTP EF QSPEVDDJO EF DPOP

DJNJFOUP IBDJB WBMPSFT DPNP KVTUJDJB Z
TPMJEBSJEBE"OBMJ[BOFMNPEPFORVFMB
CJPUJDB QVFEF BZVEBS FO FTUF QSPDFTP
MPTNFDBOJTNPTOFDFTBSJPTQBSBTPDJBMJ
[BSFMQSPDFTPEFUPNBEFEFDJTJPOFTFO
FMDBNQPEFMBJOWFTUJHBDJOCJPNEJDB
EFOUSPEFVOBUJDBBQMJDBEBBMPTQSPDF
TPTJOTUJUVDJPOBMFT
.JHVFM3V[$BOFMB-QF['BSNB
DPHFONJDBVOOVFWPEFTBGPQBSB
MBUJDBEFMBJOWFTUJHBDJO1SFNJP
+VOUB (FOFSBM EFM 1SJODJQBEP EF
"TUVSJBT 4PDJFEBE *OUFSOBDJPOBM EF
#JPUJDB 4*#*
0WJFEP
&TUB NPOPHSBGB QVCMJDBEB DPOKVO
UBNFOUF FO FTQBPM Z FO JOHMT PGSFDF
VOB WJTJO DPNQMFUB Z SJHVSPTB EF MPT
GVOEBNFOUPTDJFOUmDPTEFMBGBSNBDP
HFONJDBZTVTJNQMJDBDJPOFTUJDBT/P
TJO NPUJWP IB TJEP HBMBSEPOBEB DPO FM
1SFNJP i+VOUB (FOFSBM EFM 1SJODJQBEP
EF "TUVSJBTo4PDJFEBE *OUFSOBDJPOBM EF
#JPUJDB 4*#*
w4VBVUPS .JHVFM
3VJ[$BOFMB-QF[FTEPDUPSFO'BSNB
DJBZQSPGFTPSBEKVOUPEFM%FQBSUBNFO
UP EF )VNBOJEBEFT #JPNEJDBT EF MB
6OJWFSTJEBEEF/BWBSSB
$POFMOBDJNJFOUPEFMBGBSNBDPHFO
NJDBTFIBOBVNFOUBEPMBTFYQFDUBUJWBT
TPCSFFMEFTBSSPMMPEFMBNFEJDJOBJOEJ
WJEVBMJ[BEBFTEFDJS VOBNFEJDJOBFOMB
RVFFMUSBUBNJFOUPQBSBVOBFOGFSNFEBE
FTUEFUFSNJOBEPQPSFMQFSmMHFOUJDP
EF DBEB QBDJFOUF &TUP QPESB QFSNJUJS
RVFDBEBQBDJFOUFSFDJCBGSNBDPTNT
TFHVSPT Z FmDBDFT EFQFOEJFOEP EF MJT
SFTVMUBEPTEFVOBOMJTJTGBSNBDPHFOUJ

DPTFQPESEFDJEJSTJVOFOGFSNPQVFEF
POPSFDJCJSVONFEJDBNFOUPZRVEP
TJTEFMGSNBDPTFSMBNTJEOFB4JO
FNCBSHP BO RVFEB VO MBSHP DBNJOP
RVFSFDPSSFSQBSBMMFHBSBFTUBTJUVBDJO
&WJEFOUFNFOUF FOFTUFDBNJOPIBTUBMB
NFEJDJOB JOEJWJEVBMJ[BEB TF TVTDJUBSO
SFMFWBOUFT DVFTUJPOFT EF DBSDUFS UJDP
GVOEBNFOUBMNFOUF QPSRVF FMMP QBTB
OFDFTBSJBNFOUFQPSMBJOWFTUJHBDJODPO
TFSFT IVNBOPT 5BMFT DVFTUJPOFT TPO
BOBMJ[BEBTFOFTUBPCSB
1BSBBGSPOUBSFTUBSFnFYJOUJDB MBNP
OPHSBGB TF EJWJEF FO DVBUSP DBQUVMPT
UPEPTFMMPTNVZKVTUJmDBEPT&OFMQSJ
NFSPEFFMMPTTFEFTDSJCFFMPSJHFOEFMB
GBSNBDPHFOUJDB QPS RV TVSHF MB GBS
NBDPHFONJDBZDVMFTTPOMBTEJGFSFO
DJBTFOUSFFMMBT"DPOUJOVBDJOTFNVFT
USBOMPTCFOFmDJPTRVFFTUBJOWFTUJHBDJO
QVFEF BQPSUBS UBOUP QBSB MB PCUFODJO
EFNFEJDBNFOUPTNTTFHVSPTZFmDBDFT
DPNPQBSBFMEFTBSSPMMPEFMBJOWFTUJHB
DJOGBSNBDPMHJDB'JOBMNFOUF TFPGSF
DFVOBQBOPSNJDBEFMBTJUVBDJOBDUVBM
EF MB JOWFTUJHBDJO GBSNBDPHFONJDB
DPO BMHVOPT FKFNQMPT EF JOWFTUJHBDJP
OFT RVF BDUVBMNFOUF FTUO FO NBSDIB
SFTVMUBEPTPCUFOJEPTIBTUBFMNPNFOUP
ZFMQBQFMRVFBMHVOBTDPNQBBTZPS
HBOJTNPTQCMJDPTFTUOEFTFNQFBOEP
FOFTUFQSPDFTP
&O FM $BQUVMP TFHVOEP TF EFTDSJCFO
CSFWFNFOUF MPT FMFNFOUPT CTJDPT RVF
GPSNBOQBSUFEFMBUJDBEFMBJOWFTUJHB
DJODPOTFSFTIVNBOPTZMBJOWFTUJHB
DJOHFOUJDB"NCPTUFNBTOPTNBSDBO
MBT MOFBT HFOFSBMFT RVF EFCFO PSJFOUBS
MB JOWFTUJHBDJO GBSNBDPHFONJDB 4J

CJFOVOUSBUBNJFOUPFOQSPGVOEJEBEEF
FTUPTUFNBTSFRVFSJSBVOBNBZPSBNQMJ
UVE UFOJFOEP FO DVFOUB FM PCKFUJWP EF
FTUBNPOPHSBGB TFKVTUJmDBQMFOBNFO
UF RVF UBO TMP TF EFTUBRVFO MPT QSJO
DJQJPT CTJDPT RVF IBZ RVF DPOPDFS EF
NBOFSB JNQSFTDJOEJCMF QBSB QPEFS USB
UBSBEFDVBEBNFOUFMPTQSPCMFNBTEFMB
GBSNBDPHFONJDB&OUSFPUSBTDPOTJEF
SBDJPOFT TFIBDFVOBNFODJOFTQFDJBM
BMBDVFTUJOEFMBQSPUFDDJOEFEBUPT
HFOUJDBTZMBJOGPSNBDJOHFOUJDB RVF
TFHO FM BVUPS OP FT DVBMJUBUJWBNFOUF
EJTUJOUBEFMBJOGPSNBDJOOPHFOUJDB

BT DPNP B MB DVFTUJO EF MB JOWFTUJHB
DJODPONVFTUSBTCJPMHJDBTIVNBOBTZ
MPTCJPCBODPT
&O FM UFSDFS DBQUVMP QPS TV QBSUF TF
QSFTFOUBFMEFCBUFBDUVBMFOUPSOPBMPT
BTQFDUPT UJDPT Z TPDJBMFT EF MB JOWFTUJ
HBDJO GBSNBDPHFONJDB 4F DPNJFO[B
DPO VOB WBMPSBDJO TPCSF TVT SJFTHPT Z
CFOFmDJPT &O FTUF BQBSUBEP TF EFTUBDB
FMSJFTHPSFMBDJPOBEPDPOMBJOGPSNBDJO
PCUFOJEB FO FTUBT JOWFTUJHBDJPOFT &T
GVOEBNFOUBMFOUFOEFSFTUFQSPCMFNB ZB
RVFEFBITFQVFEFOEFSJWBSHSBOQBSUF
EFMBTDVFTUJPOFTUJDBTRVFTFQMBOUFBO
FOUPSOPBFTUBTJOWFTUJHBDJPOFTZEFTVT
QPTJCMFTBQMJDBDJPOFT&OTFHVOEPMVHBS
TF EFTDSJCFO MBT DBSBDUFSTUJDBT QSPQJBT
EFMDPOTFOUJNJFOUPZMPTSFRVJTJUPTQBSB
JOGPSNBS B MPT TVKFUPT TPCSF MPT SFTVM
UBEPT EF VO FTUVEJP " DPOUJOVBDJO
TF EFTDSJCFO MBT DPOTFDVFODJBT EF FTUBT
JOWFTUJHBDJPOFTBOJWFMTPDJBM QSFTUBOEP
VOBFTQFDJBMBUFODJOBMEFCBUFTPCSFMB
QPTJCMFBQBSJDJOEFMPTiHFOPUJQPTIVS
GBOPTw QVFEFO BQBSFDFS FOGFSNPT DPO

VOQFSmMHFOUJDPEFUFSNJOBEPQBSBMPT
DVBMFTOPSFTVMUFSFOUBCMFJOWFSUJSFOFM
EFTBSSPMMPEFOVFWBTNPMDVMBT
"FTUF
SFTQFDUP FMBVUPSQSPQPOFFMEFTBSSPMMP
EFJODFOUJWPTRVFQSPNVFWBOMBJOWFTUJ
HBDJO FO HFOPUJQPT NFOPT GSFDVFOUFT
UBMZDPNPTFIBDFBDUVBMNFOUFDPOMPT
NFEJDBNFOUPT IVSGBOPT : FO DVBSUP
MVHBSTFBOBMJ[BFMQBQFMRVFMBJOEVTUSJB
GBSNBDVUJDBFTUEFTFNQFBOEPFOFTUF
EFCBUFUJDP
'JOBMNFOUF FOFMDBQUVMPDVBSUPZM
UJNP FM BVUPS SFBMJ[B VOB WBMPSBDJO
TPCSF MBT FYQFDUBUJWBT EF GVUVSP EF MB
GBSNBDPHFONJDB&OUSFPUSPTUFNBT TF
NBUJ[BOBMHVOBTEFMBTQSPNFTBTSFMBDJP
OBEBT DPO FM EFTBSSPMMP EF MB NFEJDJOB
JOEJWJEVBMJ[BEB&TUPFTEFHSBOJNQPS
UBODJB ZBRVFDVBMRVJFSFYBHFSBDJOEF
TVTQPTJCJMJEBEFTTJFNQSFJSFOQFSKVJ
DJPEFTVQSPQJPEFTBSSPMMP-BTFYQFD
UBUJWBTEFMBGBSNBDPHFOUJDBEFCFOTFS
SFBMJTUBTZ QPSMPUBOUP IBZRVFUFOFSFO
DVFOUBUBNCJOTVTMNJUFT1PSMUJNP
TFSFDPOPDFFMQBQFMRVF UBOUPMPTQSP
GFTJPOBMFTTBOJUBSJPT DPNPMBTPDJFEBE
EFTFNQFBOFOFMGVUVSPEFMBGBSNBDP
HFONJDB &O BNCPT DBTPT FT FTFODJBM
RVFTFDPOP[DBOMBJOWFTUJHBDJOGBSNB
DPHFONJDBFOUPEBTVEJNFOTJO*O
EVEBCMFNFOUF FTUBNPOPHSBGBDPOUSJ
CVZFBMPHSBSFTFPCKFUJWP
+BWJFS 4ODIF[ $BSP &OTBZPT DM

OJDPTFO&TQBB&VSPNFEJDF .B
ESJE QQ
#BKPMBDPPSEJOBDJOEF+BWJFS4ODIF[
$BSP TVCEJSFDUPSHFOFSBMEF#JPUJDBZ
0SJFOUBDJO4BOJUBSJBEFMB$PNVOJEBE
EF.BESJE ZEF'FSOBOEP"CFMMO QSP
GFTPS EFM .TUFS EF %FSFDIP 4BOJUBSJP
EFMB6OJWFSTJEBE$PNQMVUFOTFEF.B
ESJE JOWFTUJHBEPSFT KVSJTUBTZCJPUJDPT
IBOQVCMJDBEPFMMJCSP&OTBZPT$MOJDPT
FO&TQBB
-BPCSB FOMBRVFIBOQBSUJDJQBEPDB
UPSDF FYQFSUPT BOBMJ[B MPT EJWFSTPT BT
QFDUPT DJFOUmDPT CJPUJDPT Z KVSEJDPT
EFMPTFOTBZPTDMOJDPTFOOVFTUSPQBT
EFTEFMBNFUPEPMPHBQBSBTVSFBMJ[BDJO
IBTUBMBTOPSNBTEFGVODJPOBNJFOUPEF
MPT DPNJUT UJDPT EF JOWFTUJHBDJO DM
OJDB
%FTEF FM QVOUP EF WJTUB MFHBM FM MJCSP
BCPSEB DVFTUJPOFT DPNP FM DPOTFOUJ
NJFOUPJOGPSNBEPZMBDPOmEFODJBMJEBE
EF MPT EBUPT -B PCSB mOBMJ[B DPO VO
BQOEJDFRVFSFQSPEVDFFM3FBM%FDSFUP
EFEFGFCSFSP TPCSF&OTB
ZPT $MOJDPT DPO .FEJDBNFOUPT Z VO
HMPTBSJP
4POJB7JFJSB 8JMMJBN4BBE)PTTOF
&YQFSJNFOUBDBP DPO TFSFT IVNB
OPT.PEFSOB 4P1BVMP
-PT BVUPSFT SFWJTBO QSJNFSP MB IJTUPSJB
EF MB JOWFTUJHBDJO Z FYQFSJNFOUBDJO
FO TFSFT IVNBOPT Z MPT EJMFNBT UJDPT
RVFTVSHFOFOMBJOWFTUJHBDJO3FQBTBO
MB OFDFTJEBE EFM DPOTFOUJNJFOUP JOGPS
NBEP QFSPUBNCJOMPTEJMFNBTUJDPT
RVFFTUOQSFTFOUFTFOMBNFUPEPMPHBZ
QMBOUFBNJFOUPEFMBTJOWFTUJHBDJPOFT Z
MPTGSBVEFTDJFOUmDPTRVFTFEBOBWFDFT
QPSGBMUBEFDSJUFSJPTUJDPT

4POJB7JFJSB 8JMMJBN4BBE)PTTOF
1FTRVJTBNEJDBBUJDBFBNFUP
EPMPHB PNQTPO 1JPOFJSB 4P
1BVMP
-PTBVUPSFTTFQMBOUFBOBMHVOBTDVFTUJP
OFT{DVOEPVOTFSIVNBOPQVFEFTFS
DPCBZB EF MPT JOWFTUJHBEPSFT {$VOEP
TFQVFEFQSPCBSVOOVFWPNFEJDBNFO
UPFOTFSFTIVNBOPT 5SBUBOOPTMPMBT
JOWFTUJHBDJPOFT EF MB CJPMPHB Z MB NF
EJDJOB TJOPUBNCJOMBTEFMBTDJFODJBT
TPDJBMFT TPDJPMPHB FEVDBDJO BOUSPQP
MPHB5PEBMBJOWFTUJHBDJOFOMBDPMFD
UJWJEBEEFCFUFOFSVOBTOPSNBTUJDBT Z
SFQBTBOMBTRVFFYJTUFOBOJWFMJOUFSOB
DJPOBMZFO#SBTJM BTDPNPMBUBSFBEF
MPTDPNJUTEFUJDBEFJOWFTUJHBDJOZTV
TJUVBDJOFO#SBTJM
"MJTPO8BEFMFZZ5PNT#MBTDP-B
UJDBFOMBJOWFTUJHBDJOZMBQSD
UJDB QTJDPMHJDBT "SJFM #BSDFMPOB
QQ
&MQSPGFTPS5PNT#MBTDPIBUSBEVDJEP
MB PCSB Z NBUFSJBM FMBCPSBEP QPS "MJ
TPO8BEFMFZZMB#SJUJTI1TZDIPMPHJDBM
4PDJFUZ QBSB QPOFSMP BM BMDBODF EF MPT
QSPGFTJPOBMFT QSPGFTPSFT Z FTUVEJBOUFT
EFQTJDPMPHB)BBBEJEPVOBQSJNFSB
QBSUF TPCSF MB UJDB QSPGFTJPOBM EF MPT
QTJDMPHPT ZMPTDEJHPTEFPOUPMHJDPT
EFMPT$PMFHJPTEF1TJDMPHPTEF.BESJE
Z#BSDFMPOB
"OBMJ[BFTQFDJBMNFOUFMBTJNQMJDBDJPOFT
UJDBT EF MB QSDUJDB Z MB JOWFTUJHBDJO
QTJDPMHJDBT MBT NPEJmDBDJPOFT EF MB
DPOEVDUB NFEJBOUF UFSBQJB DPOEVDUVBM
PBWFSTJWB MBWBMPSBDJOQTJDPNUSJDB Z
MBFYQFSJNFOUBDJOFJOWFTUJHBDJODPO
BOJNBMFTFOQTJDPMPHB
(FOUJDBZUJDB
'FSOBOEP"CFMMO4FMFDDJOHFOUJ
DBEFFNCSJPOFT&OUSFMBMJCFSUBE
SFQSPEVDUJWBZMBFVHFOFTJB$PNB
SFT (SBOBEB
-B DPOFYJO EF MBT UDOJDBT EF SFQSP
EVDDJO IVNBOB BTJTUJEB DPO MB NFEJ
DJOBHFOUJDB IBEBEPMVHBSBVOOVFWP
FTDFOBSJP EF QPTJCJMJEBEFT QBSB MBT QB
SFKBT RVF EFTFBO BTFHVSBSTF BM NYJNP
QPTJCMFVOBEFTDFOEFODJBTBOB)PZEB
NFEJBOUF VOB UDOJDB DPOPDJEB DPNP
%JBHOTUJDP (FOUJDP 1SFJNQMBOUBUP
SJP DPNQMFNFOUBSJBEFMBDMTJDBGFDVO
EBDJOJOWJUSP QVFEFMMFWBSTFBDBCPVO
BOMJTJTEFMPTFNCSJPOFTIVNBOPTQBSB
TFMFDDJPOBSMPTRVFOPQSFTFOUFOFOGFS
NFEBEFT HSBWFT Z OJDBNFOUF USBOTGF
SJS FTUPT MUJNPT BM UFSP NBUFSOP %F
FTUBGPSNB TFEBTBUJTGBDDJOBRVJFOFT
EFTFBOFWJUBSBUPEBDPTUBUFOFSVOIJKP
DPO4OESPNFEF%PXO DPOFOBOJTNP
DPO IFNPmMJB DPSFB EF )VOUJOHUPO
FUD &TUBT QSDUJDBT NEJDBT RVF JOWJ
UBOBMBFTQFSBO[B DPOMMFWBOTJOFNCBS
HP VO DMBSP EFTBGP FO FM QMBOP UJDP
QVFT B USBWT EF MB TFMFDDJO HFOUJDB
EF FNCSJPOFT TF FNQJF[BO B mKBS VOPT
FTUOEBSFTEFDPSSFDDJOHFOUJDBEFMPT
DJVEBEBOPT RVFQVFEFODPOEVDJSBTJ
UVBDJPOFTEFEJTDSJNJOBDJOPJOKVTUJDJB
TPDJBM *HVBMNFOUF QBSB FM NVOEP EFM
%FSFDIPFMFOWJUFFTJNQPSUBOUF ZBRVF
MBMJNJUBDJOEFMBTMJCFSUBEFTJOEJWJEVB
MFTOPFTUBSFBGDJM TJOPRVFTFUSBUBEFM
GFONFOP DPOUSBSJP BM RVF QSFTFODJB

NPT FO OVFTUSPT EBT EPOEF MP IBCJ
UVBM FT MB QSPMJGFSBDJO EF NVMUJUVE EF
OPSNBT OVFWBT SFDPOPDJFOEP EFSFDIPT
TPDJBMFTEFMUJNBHFOFSBDJO
+FTT #BMMFTUFSPT Z OHFMB "QBSJTJ

&EJUPSFT
#JPUFDOPMPHB %JHOJEBE
Z%FSFDIP#BTFTQBSBVOEJMPHP
$PMFDDJO"TUSPMBCJP%FSFDIP .B
ESJE QQ
-B#JPUFDOPMPHBFTFMSFTVMUBEPNTJN
QPSUBOUF EF MB SQJEB FWPMVDJO EF MBT
EFOPNJOBEBTCJPDJFODJBT4VUSBZFDUPSJB
IB TFHVJEP FM QBUSO BOBMUJDP TVNJOJT
USBEPQPSFMNPEFMPNPEFSOPEFDJFODJB
RVFUJFOEFBMBFTQFDJBMJ[BDJOZBMBSBEJ
DBMJEBEGSBHNFOUBDJOEFMBSFBMJEBE&T
UBNPTGSFOUFBVONPEPEFIBDFSDJFODJB
RVFQFSTJHVF TVQFSBSMBTiCBSSFSBTOBUV
SBMFTw DPOTJHVJFOEP MB iMJCFSBDJOw EFM
TFS IVNBOP GSFOUF B MP SFDJCJEP 5JFOF
QPTJCJMJEBE EF DBNCJBS FM DEJHP EF MB
WJEB EFBDVFSEPDPOJOUFSFTFTDVMUVSBMFT
FDPONJDPTPTPDJBMFT
%FCFNPT SFnFYJPOBS BDFSDB EFM MVHBS
RVFPDVQBFMTFSIVNBOPDPNPNJFN
CSPEFMBFTQFDJBIVNBOB RVEFSFDIPT
ZRVHBSBOUBTEFSFTQFUPTFMFHBSBOUJ
[BO DNPTFSJHFOMBTSFMBDJPOFTFOUSFFM
IVNBOPZFMSFTUPEFMVOJWFSTP
+FTT#BMMFTUFSPTFTEPDUPSFO%FSFDIPZ
QSPGFTPSUJUVMBSEF'JMPTPGBEFM%FSFDIP
FO MB 6OJWFSTJEBE EF 7BMFODJB 5JFOF
WBSJPT MJCSPT Z QVCMJDBDJPOFT Z BDUVBM
NFOUF EFEJDB BUFODJO QSFGFSFOUF B MBT
DVFTUJPOFT SFMBDJPOBEBT DPO MB #JPUJ
DBOHFMB"QBSJTJFTEPDUPSBFO%FSF
DIP Z QSPGFTPSB UJUVMBS EFTEF FO
MB6OJWFSTJEBEEF/BWBSSBFO'JMPTPGB
EFM%FSFDIP%JSJHFFMEFQBSUBNFOUPEF
'JMPTPGB EFM %FSFDIP Z FM *OTUJUVUP EF
%FSFDIPT)VNBOPT
#BSCPTB Z PUSPT %F $BO B MB DMP

OBDJO&OTBZPTTPCSFFMMNJUFMP
QSPIJCJEP Z MP QPTJCMF "MUBNJSB
#JCMJPUFDBEF'JMPTPGB #VFOPT"JSFT
QQ
&TUF MJCSP OP FT MB TVNB EF BSUDVMPT
BJTMBEPT EF MPT BVUPSFT PODF mMTPGPT
BSHFOUJOPT TJOP FM GSVUP EF VOB DPO
GSPOUBDJOZEJMPHPFOUSFFMMPT DPOVO
QSPQTJUP DPNO BVORVF B WFDFT DPO
GVFOUFT DBUFHPSBT Z SFTQVFTUBT EJWFS
HFOUFT DNP EFGFOEFSTF EF MBT USBOT
HSFTJPOFT EFM MNJUF EFTEF FM TNCPMP
CCMJDP EF $BO B MB BNFOB[B QTFVEPT
DJFOUmDBEFMBDMPOBDJOIVNBOB6OB
ZPUSBWF[FMIPNCSFIBDPODVMDBEPMB
EJHOJEBE IVNBOB Z FM SFTQFUP QPS FM
PUSP QPS MP RVF FT OFDFTBSJP SFDPSEBS
OPTBUPEPTMPTMNJUFTFOUSFMPQSPIJCJ
EPZMPNPSBMNFOUFQPTJCMF$POTUBEF
USFTQBSUFT MBQSJNFSB i&MMMBNBEPEFMB
UJDBw EBMBCBTFmMPTmDBQBSBUSB[BSFM
MNJUF -B TFHVOEB TF UJUVMB i-P GSHJM
NJSBEBT EFTEF FM MNJUFw QVT SFDVFSEB
MBGSBHJMJEBEEFMCJFOZEFMIPNCSFEFT
EFMBTPDJPMPHB MBBOUSPQPMPHB MBmMP
TPGB MB QPMUJDB Z FM QTJDPBOMJTJT 1PS
MUJNP MFUFSDFSBQBSUFmKBTVBUFODJO
FOi-PGBOUTUJDPDJFODJBZUFDOPMPHBw
FODVBOUPTUBTTJFOUFOIPZMBUFOUBDJO
EFTPCSFQBTBSFMMNJUFEFMPQSPIJCJEP
ZMPQPTJCMF

4BMWBEPS %BSP #FSHFM Z +PT .BSB

$BOU 0SH
#JPUJDB Z (FOUJDB
** &ODVFOUSP MBUJOPBNFSJDBOP EF
#JPUJDBZ(FOUJDB&EJUPSJBM$JV
EBE"SHFOUJOB #VFOPT"JSFT
QQ
$POUFOJEP #JPUJDB Z HFOUJDB ** FO
DVFOUSP MBUJOPBNFSJDBOP EF CJPUJDB
Z HFOUJDB UJDB Z HFOUJDB QPS $MBV
EJB - "SCFSBT -PT EJMFNBT UJDPT EF
MB JOUFSBDDJO 6OJWFSTJEBE o &NQSFTB
QPS #FSOBSEP #FJHVFMNBO -JCFSUBE
EF JOWFTUJHBDJO Z SFTQPOTBCJMJEBE EF
MPT DJFOUmDPT FO FM DBNQP EF MB HFO
UJDB IVNBOB QPS 4BMWBEPS % #FSHFM
"TQFDUPTHFOUJDPTZUJDPTSFGFSFOUFTB
MPT EFSFDIPT EF MPT QVFCMPT JOEHFOBT
BSHFOUJOPT QPS /TUPS 0 #JBODIJ &M
HFOPNB IVNBOP Z MB NFEJDJOB EFM TJ
HMP 99* QPS +PT . $BOU 1PTJDJO
UJDBBOUFFMQSPHSFTPEFMBHFOUJDBFO
FM DPOWFOJP QBSB MB QSPUFDDJO EF MPT
EFSFDIPTIVNBOPTZMBEJHOJEBEEFMTFS
IVNBOPDPOSFTQFDUPBMBTBQMJDBDJPOFT
EF MB CJPMPHB Z MB NFEJDJOB QPS +PB
RVJN$MPUFU1SPZFDUPEFEJWFSTJEBEEFM
HFOPNB IVNBOP &YQFSJFODJB DIJMFOB
FOHFOUJDBEFQPCMBDJPOFT QPS3JDBSEP
$SV[$PLF.BESJE*OGPSNBDJOHFO
UJDB Z EFSFDIP B MB JEFOUJEBE QFSTPOBM
QPS(PO[BMP'JHVFSPB:F[1SPZFDUP
HFOPNB IVNBOP TPCSF EJWFSTJEBE QPS
"EB,FNFMNBKFSEF$BSMVDDJ*OUFSWFO
DJPOFT HFOUJDBT FYUSBPSEJOBSJBT QFST
QFDUJWBTCJPUJDBT QPS.JHVFM,PUUPX
%FSFDIPT IVNBOPT Z HFOUJDB FO FM
DPOUFYUP EF MB DPPQFSBDJO JOUFSOBDJP
OBM QPS7DUPS..BSUOF[#VMM(P
ZSJ&MEFSFDIPQFOBMDPNPJOTUSVNFOUP
BTFHVSBEPS EF MPT QSJODJQJPT CJPUJDPT
QPS4UFMMB..BSUOF[%FMQBUSJNPOJP
VOJWFSTBM B DPNFSDJBM EFM HFOPNB IV
NBOPQSBHNBUJTNPQPDPTJNCMJDP&M
TOESPNF CJPUJDP QPS .BSDJB .VP[
EF "MCB .FESBOP 0 DPOTFOUJNJFOUP
MJWSFFFTDMBSFDJEPFBDPOmEFODJBMJEBEF
EPT EBEPT PCUJEPT FNUSJBHFN HFOUJDB
QPQVMBDJPOBMPDBTPEBBOFNJBGBMDJGPS
NF o RVFTUFT EF CJPUJDB QPS 'UJNB
0MJWFJSB "TQFDUPT UJDPT FO HFOUJDB
NEJDB QPS 7DUPS # 1FODIBT[BEFI
&M $POWFOJP &VSPQFP TPCSF %FSFDIPT
)VNBOPTZ#JPNFEJDJOBTVTQSFWJTJP
OFTTPCSFFMHFOPNBIVNBOP QPS$BS
MPT.BSB3PNFP$BTBCPOB{&TQPTJCMF
JNQMFNFOUBS VO QSPHSBNB EF QSFWFO
DJOEFEFGFDUPTDPOHOJUPTFOOVFTUSP
QBT QPS.BSUO3PVCJDFL.PSBMJEBE
EF MB JOHFOJFSB HFOUJDB BSHVNFOUPT
FOQSPZDPOUSBEFMBJOUFSWFODJOQSP
HSBNBEBTPCSFFMHFOPNBIVNBOP QPS
'FSNO3PMBOE4DISBNN5FTUHFOUJ
DP NFEJDJOBHFOUJDBZMBFWPMVDJOEFM
DPODFQUPEFTBMVE QPS+VBO.5PSSFT
%FDMBSBDJO JCFSPoMBUJOPBNFSJDBOB TP
CSFUJDBZHFOUJDB
'SBODJTDP +BWJFS #M[RVF[ 3VJ[

QBMBCSBT DMBWF FO OVFWB HFOUJDB
7FSCP%JWJOP
6O MJCSP TPCSF MPT EFTBGPT TPDJBMFT EF
MB/VFWB(FOUJDB"OBMJ[BSEFTEFVOB
QFSTQFDUJWB JOUFSEJTDJQMJOBS MPT SFUPT Z
EFTBGPT TPDJBMFT RVF QMBOUFBO MPT OVF
WPTBWBODFTFOMBJOWFTUJHBDJOZFYQF
SJNFOUBDJO HFOUJDB FT FM PCKFUJWP EFM
MJCSPQBMBCSBTDMBWFFO/VFWB(FO
UJDB EJSJHJEPQPSFMQSPGFTPSEFMB6OJ
WFSTJEBE 1CMJDB EF /BWBSSB 'SBODJTDP
+BWJFS#M[RVF[3VJ[-BPCSBSFOFMBT
BQPSUBDJPOFTEFEPDFFYQFSUPTTPCSFEJF[
DPODFQUPT GVOEBNFOUBMFT FO FM DBNQP
EFMBCJPUJDBZMBHFOUJDBQSJWBDJEBE
QSPZFDUP (FOPNB )VNBOP FNCSJO
DMVMBT NBESF DMPOBDJO FVHFOFTJB
EFSFDIPT IVNBOPT EJHOJEBE IVNBOB
HFOFSBDJPOFTGVUVSBTZMFHJTMBDJO
&ODPODSFUP MPTBVUPSFTDVZPTUFYUPTTF
QVFEFO FODPOUSBS FO FM MJCSP BEFNT
EFMEJSFDUPSEFMBPCSB TPOMPTTJHVJFO
UFT7JDFOUF#FMMWFS$BQFMMB "TDFOTJO
$BNCSO*OGBOUF -ZEJB'FJUP(SBOEF
+FTT "RVJMJOP 'FSOOEF[ 4VSF[ (JM
CFSU)PUUPJT 3BGBFM+VORVFSBEF&TU
GBOJ .BSDFMP 1BMBDJPT &TUIFS 3FCBUP
$BSMPT.BSB3PNFP$BTBCPOBZ$IBS
MFT4VTBOOF #JPUJDB%FCBU *OTUJUVU
#PSKBEF#JPUJDB

"MMFO #VDIBOBO %BO 8 #SPDL

/PSNBO %BOJFMT Z %BOJFM 8JLMFS
(FOUJDB Z KVTUJDJB $BNCSJEHF
6OJWFSTJUZ1SFTT QQ
&TUBPCSBIBTVSHJEPDPNPVOBSFnFYJO
mMPTmDBTPCSFMBQPTJCJMJEBEEFRVFiFM
QPUFODJBMDPOUSPMUFDOPMHJDPEFMBTGPS
NBT EF WJEB IVNBOB DPORVJTUBEP QPS
MPTSFDJFOUFTBWBODFTEFMBJOWFTUJHBDJO
CJPMHJDB TJSWB OP TMP B mOFT UFSBQV
UJDPT EF DVSBDJO P QSFWFODJO EF MB
FOGFSNFEBE TJOP UBNCJO QBSB EFUFS
NJOBSDJFSUBTDBSBDUFSTUJDBTZDBQBDJEB
EFTEFMBTOVFWBTHFOFSBDJPOFTEFTFSFT
IVNBOPTw
&TUBQPTJCJMJEBE TFHOTFFYQMJDBFOFM
QSMPHP iFTMBQSFPDVQBDJODFOUSBMEF
MB QVCMJDBDJOw 4VT BVUPSFT TPO UPEPT
mMTPGPTRVF EFTEFVOBQFSTQFDUJWBUJ
DB EF KVTUJDJB EJTUSJCVUJWB BCPSEBO iMB

DVFTUJOEFMSFQBSUPEFCFOFmDJPTZDBS
HBTTPDJBMFTFOUSFMPTQBSUJDJQBOUFTFOFM
TJTUFNBEFDPPQFSBDJOTPDJBM JODMVZFO
EPFOMMBQPTJCMFSFEJTUSJCVDJOZNFKP
SBEFMBTDVBMJEBEFTIVNBOBT IBTUBBIP
SB EFQFOEJFOUFT EFM B[BS QPS FM RVF TF
EFUFSNJOBMBIFSFODJBHFOUJDBw
&O FM DBQUVMP TPCSF MB MJCFSUBE SFQSP
EVDUJWB TF BOBMJ[B FM DPODFQUP EF
BVUPEFUFSNJOBDJO FOUFOEJEB DPNP
iMB DBQBDJEBE EF MPT TFSFT IVNBOPT EF
UPNBS EFDJTJPOFT JNQPSUBOUFT QBSB TV
QSPQJB WJEB QPS T NJTNPT Z EF BDVFS
EPDPOTVTQSPQJPTPCKFUJWPTZWBMPSFTw
"VORVF QSJNB MB WJTJO MJCFSBM FO MBT
EFDJTJPOFT SFMBUJWBT B MB TFYVBMJEBE Z MB
QSPDSFBDJO TJOFNCBSHP MBEFmOJDJO
EFCF DPNQMFUBSTF FO FM TFOUJEP EF RVF
MB BVUPEFUFSNJOBDJO GPSNB QBSUF EF
VO iJEFBM NPSBM EF MB QFSTPOB OP FT
TJNQMFNFOUF WBMJPTB QBSB NBYJNJ[BS MB
TBUJTGBDDJOEFPUSPTEFTFPTFJOUFSFTFTw
&T EFDJS UBNCJO iBZVEB B MPT JOEJWJ
EVPTBEFmOJSTVQSPQJBJEFOUJEBEw OP
TMPBRVFiQVFEBOUPNBSMBTEFDJTJPOFT
NTTFOTBUBTw
&MDBQUVMPEFEJDBEPBMBTFMFDDJOHFO
UJDB UJUVMBEP{1PSRVOPFMNFKPS FY
QMJDBQPSRViFTUBSBNBMRVFMPTQBESFT
DFSSBTFOTVTUBODJBMNFOUFMBNBZPSBEF
MBT PQPSUVOJEBEFT RVF EF PUSB GPSNB
FTUBSBOEJTQPOJCMFTQBSBTVTIJKPTZMFT
JNQVTJFTFO TV QSPQJB DPODFQDJO QBS
UJDVMBS EF MB CVFOB WJEBw 4F BOBMJ[B MB
QPTJCMFFYUFOTJOEFVOBNFOUBMJEBEFV
HFOTJDBFOMBGPSNBEFBCPSEBSMBUFDOP
MPHBHFOUJDBBDUVBMZGVUVSB

+PT&OSJRVF#VTUPT1VFDIF&M%F
SFDIP$JWJMBOUFFMSFUPEFMBOVFWB
(FOUJDB%ZLJOTPO .BESJE
QQ
&MBVUPSFTQSPGFTPSUJUVMBSEF%FSFDIP
$JWJM FO MB 6OJWFSTJEBE EF "MDBM EF
)FOBSFT .BESJE 3FBMJ[B FO FTUB PCSB
VO FTUVEJP UJDP Z KVSEJDP EF MBT OVF
WBTUDOJDBTHFOUJDBT DFOUSOEPTFFOMB
QSJNFSBQBSUFFOMBQSPUFDDJOKVSEJDB
EFMOBTDJUVSVT MBJOTVmDJFODJBEFMBTWBT
USBEJDJPOBMFTEFQSPUFDDJOBQMJDBEBTBM
FNCSJOZTVVOJODPOMPTWBMPSFTTV
QSFNPTEFMPSEFOBNJFOUPKVSEJDP&T
UVEJB UBNCJO MPT QSJODJQJPT HFOFSBMFT
WJHFOUFT FO NBUFSJB EF SFQSPEVDDJO
BSUJmDJBM Z MPT BQMJDB B MPT QSJODJQBMFT
QSPCMFNBTCJPHFOUJDPTBDUVBMFT
.BSB$BTBEP 3PTFS(PO[MF[%VBS
UF &EJUPSFT
-PTSFUPTEFMBHFOUJDB
FOFMTJHMP99*#JPUJDBZHFOUJDB
0DUBFESP #BSDFMPOB QQ
&TUFMJCSPIBTVSHJEPBQBSUJSEFMBTEJT
DVTJPOFT Z QPOFODJBT EF MBT KPSOBEBT
i(FOUJDB Z #JPUJDB MPT SFUPT EF MB
HFOUJDB FO FM TJHMP 99*w RVF TF DFMF
CSBSPOFOMB6OJWFSTJEBEEF#BSDFMPOB
&TUF FODVFOUSP DJFOUmDP UFOB DPNP
PCKFUJWPEBSBDPOPDFSMPTMUJNPTBWBO
DFT FO FTUF DBNQP FYQMJDBS MBT OVFWBT
NFUPEPMPHBTHFOUJDBTZWBMPSBSTVSF
QFSDVTJO TPDJBM EFTEF VOB QFSTQFDUJWB
QMVSBMZNVMUJEJTDJQMJOBSJB&OFTUBTEPT
MUJNBTEDBEBTMPTBWBODFTFOHFOUJDB
TFIBQSPEVDJEPBVOSJUNPWFSUJHJOPTP
"EFNT EFIBOEFTBSSPMMBEPNFUPEPMP
HBTNVZQPUFOUFTRVFIBOBCJFSUPDBN
QPT EF BQMJDBDJO UPUBMNFOUF JOFTQFSB
EPT DVZBT SFQFSDVTJPOFT TPDJBMFT TPO

FOPSNFT&MEFCBUFTPCSFFMQPTJCMFVTP
ZBQMJDBDJOEFFTUPTOVFWPTMPHSPTEFCF
DPOTUSVJSTF DPO SJHPS DJFOUmDP MJCFSB
EPS EF MPT EPHNBUJTNPT Z MPT NJFEPT
QBSBMJ[BOUFT&MDPOPDJNJFOUP VOJEPBM
SFTQFUPBMBMJCFSUBEEFMBTQFSTPOBTZB
MPT EFSFDIPT IVNBOPT FT MB NFKPS HB
SBOUBEFMQSPHSFTPTPDJBM
+PT #FOJUP $JCFJSB .FEJDJOB Z

#JPUJDBFOFMTJHMP99*&EJDJPOFT
-VNJFSF 4" #VFOPT "JSFT
QQ
&M EPDUPS +PT # $JCFJSB IB TJEP FM
DSFBEPSEFMBFTQFDJBMJEBEEF.FEJDJOB
'TJDBZ3FIBCJMJUBDJOFOMB"SHFOUJOB
ZEVSBOUFCBTUBOUFTBPTEJSJHJFM*OT
UJUVUP EF 3FIBCJMJUBDJO 1TJDPGTJDB FO
#VFOPT "JSFT "DUVBMNFOUF FT EJSFDUPS
EF MB DBSSFSB EF FTUB FTQFDJBMJEBE FO MB
'BDVMUBEEF.FEJDJOBEF#VFOPT"JSFT
1PSFTUFMJCSPPCUVWPFMQSFNJPEFUJDB
.EJDBEFMBPEFMB"TPDJBDJO
.EJDB"SHFOUJOB
&MBVUPSEJWJEFMBNFEJDJOBFOBTJTUFO
DJBM DMTJDB Z QSFEJDUJWB -B QSJNFSB FT
DVSBUJWB QFSGFDUJWB SFIBCJMJUBUJWB Z QB
MJBUJWB -B TFHVOEB QVFEF DMBTJmDBSTF
TFHO MPT BOMJTJT HFOUJDPT BOUFT EF
MBDPODFQDJO BQMJDBEPTBMFNCSJOZB
JNQMBOUBEP P GFUP FO FM NPNFOUP EF
OBDFSPFOFMMBCPSBUPSJPDPOFMFNCSJO
JO WJUSP "OBMJ[B BT MPT BTQFDUPT UJDPT
EFMBTEFOPNJOBEBTQPSMiBDDJPOFTUF
SBQVUJDBTwDPNPFMBCPSUP MBBOUJDPO
DFQDJO MBFMFDDJOEFTFYP PFMiBMRVJ
MFS EF WJFOUSFTw ZB TFB QPS JOEJDBDJO
NEJDB P QPS DPNPEJEBE EF MB GVUVSB
NBESF 4F FYQPOFO OVNFSPTPT UFNBT

UJDPT Z MFHBMFT TPCSF FTUBT DVFTUJPOFT
BTDPNPTPCSFMBDMPOBDJOIVNBOBZ
BOJNBM MBGFDVOEBDJOBTJTUJEBZFMUSBT
QMBOUFEFSHBOPT5BNCJOBOBMJ[BEF
GPSNBFTDVFUBFMTVJDJEJPBTJTUJEP ZMBT
BDUJUVEFTNEJDBTBOUFMBFVUBOBTJB EJT
UBOBTJBZPSUPUBOBTJB
&OMBMUJNBQBSUFEFTVMJCSP FYQPOF
MPT QSPCMFNBT EF JOHFOJFSB HFOUJDB Z
BNCJFOUBM FJNBHJOBDNPQVFEFTFSMB
IVNBOJEBE FO FTUF TJHMP &O SFTVNFO
SFBMJ[BVOSFQBTPEFUPEPTMPTQSJODJQB
MFT QSPCMFNBT BDUVBMFT EF MB #JPUJDB
RVJ[T EF GPSNB FO FYDFTP FTDVFUB FO
BMHVOPTDBTPT FORVFQPEFNPTFDIBSEF
NFOPTVOBNBZPSQSPGVOEJ[BDJOFOMPT
BTQFDUPTUJDPTQMBOUFBEPT
'FSOBOEP $BOP 7BMMF $MPOBDJO

IVNBOB6/". *OTUJUVUP*OWFTUJ
HBDJPOFT+VSEJDBT .YJDP
4FSFDPHFOFOFTUFMJCSPBMHVOPTFTUVEJPT
FOUPSOPBMBDMPOBDJOEFTEFEJGFSFOUFT
QFSTQFDUJWBT#JPMPHBNPEFSOBZDMPOB
DJO #PMWBS ;BQBUB 'SBODJTDP (-BT
DMVMBT USPODBMFT Z MB DMPOBDJO IVNB
OB $PWBSSVCJBT3 -VJT'&MDVMUJWP
EF MBT DMVMBT FNCSJPOBSJBT QBSB mOFT
EFJOWFTUJHBDJO 0TUSPTLZ 1BUSJDJB-B
BQMJDBDJODMOJDBEFMBTDMVMBTUSPODBMFT
USBTQMBOUFOVDMFBS
4BMBNBODB(NF[
'BCJP "TQFDUPT UJDPT EF MB DMPOBDJO
IVNBOB -JTLFS 3VCO &M TUBUVT KV
SEJDP EFM VTP EF MBT DMVMBT USPODBMFT
FO .YJDP .VP[ EF "MCB .FESBOP
.BSDJB1BUFOUFTZUSBOTBDDJPOFTDPNFS
DJBMFTEFUFKJEPTIVNBOPT #FDFSSB3B
NSF[ .BOVFM-PTEFSFDIPTIVNBOPT
ZMBDMPOBDJOIVNBOB #BSSFEB4PMS
[BOP -VJTEFMB
(JMCFSUP $FMZ (BMJOEP (FOUJDB

%POEFMBWJEBZMBUJDBTFBSUJDV
MBO 6OJWFSTJEBE 1POUJmDJB +BWFSJB
OB #PHPU
&OFTUFMJCSPFMQSPGFTPS(JMCFSUP$FMZ
BCPSEB WBSJPT UFNBT EF MB HFOUJDB Z
TV SFMBDJO DPO MB UJDB MPT BMJNFOUPT
USBOTHOJDPT MBDMPOBDJO MBNBOJQVMB
DJOHFOUJDBFOHFOFSBM ZFOFTQFDJBM
MBNBOJQVMBDJOHFOUJDBEFBMJNFOUPT
(JMCFSUP$FMZ(BMJOEP &EJUPS
%J
MFNBTCJPUJDPTEFMBHFOUJDB 3
&EJUPSFT #PHPU
&TUF MJCSP SFDPHF WBSJPT FTUVEJPT TPCSF
MPT BTQFDUPT UJDPT EFM 1SPZFDUP (FOP
NB)VNBOP EFMB(FOUJDBIVNBOBZ
MBNBOJQVMBDJO(FOUJDB
$POHSFTTP/BDJPOBMEF#JPUJDB(F
OUJDB F SFQSPEVP IVNBOB 4FS
WJP EF #JPUJDB F UJDB .EJDB EB
'BDVMEBEFEF.FEJDJOBEB6OJWFSTJ
EBEFEP1PSUP QQ
&TUF MJWSP GPJ FEJUBEP QPS PDBTJP EP
$POHSFTTP /BDJPOBM EF #JPUJDB TPCSF
i'FSUJMJEBEF F JOGFSUJMJEBEF IVNBOBT F
B NVMIFS BT UDOJDBT F B UJDBw WJTBO
EP TFSWJS B UPEPT PT RVF TF EFCSVBN
TPCSF FTUB QSPCMFNUJDB *OJDJBTF DPN
VNUSBCBMIPEF-VT"SDIFS NPTUSBOEP
DPNPUFNTJEP FN1PSUVHBM BFWPMVP
EPQFOTBNFOUPUJDPTPCSFFTUBNBUSJB
TFHVJEBEFVNBEFTDSJPEPTQSJODQJPT
CJPUJDPT.FSFDFNQBSUJDVMBSEFTUBRVF
BEJTDVTTPEPEJBHOTUJDPQSOBUBMEB
EPFOBHFOUJDB BBOMJTFQTJDPMHJDBF

BEJTDVTTPKVSEJDBEPTQSPCMFNBTTVT
DJUBEPT QFMB SFQSPEVP VUJMJ[BOEP B
JOTFNJOBPBSUJmDJBMDPNEPBEPSFTEF
HBNFUBT4VBMFJUVSBNVJUPQSPWFJUPTB
QBSBRVFNRVFJSBSFnFUJSTPCSFBMHVNBT
RVFTUFTFNBCFSUPBDFSDBEBSFQSPEVP
BTTJTUJEBFEPEJBHOTUJDPQSOBUBM
$PSSFJB $MBSB1JOUP$MPOFT)VNB
OPT"/PTTB"VUPCJPHSBmB$PMFD
UJWB3FMHJPE|"HVB -JTCPB
" SFQFSDVTTP EP OBTDJNFOUP EB PWFM
IB %PMMZ GPJ VNB TVSQSFTB QBSB B CJ
MPHB F FTDSJUPSB $MBSB 1JOUP $PSSFJB
"MN EF QFSDFCFS B DPNPP NVOEJBM
RVF P BOODJP EB DMPOBHFN TVB SFB
EF BUVBP QSPWPDPV OP FOUFOEJB
QPSRVFPTDJFOUJTUBTFEJWVMHBEPSFTEB
DJODJBIBWJBNEFJYBEPEFMBEPEFUBMIFT
JNQPSUBOUFT RVF BHPSB EFWFSJBN TFS
FYQMJDBEPTBVNQCMJDPBOTJPTPFQSF
PDVQBEP"TTJN BBVUPSB RVFOBQPDB
USBCBMIBWBOPT&TUBEPT6OJEPTOVNMB
CPSBUSJPSFTQPOTWFMQPSDMPOBHFNEF
NBNGFSPT DVKPTCF[FSSPTDMPOBEPTTP
NVJUP BOUFSJPSFT GBNPTB PWFMIB
BT
TVNJVBUBSFGBEFFTDSFWFSVNMJWSPEF
DJODJBQPQVMBSTPCSFPUFNBQBSBDPSSJ
HJS FOUSFPVUSBTDPJTBT PRVFFMBDIBNB
EF iBDJEFOUF EF QFSDVSTPw PT BWBOPT
DJFOUmDPT OP TFSFN USBOTNJUJEPT BP
NVOEPEFNBOFJSBFmDB[FSFTQPOTWFM
3FTFBEFMBFEJUPSJBM

3JDBSEP $SV[$PLF (FOUJDB TP

DJBM &EJUPSJBM 6OJWFSTJUBSJB 4BOUJB
HPEF$IJMF QQ
&M BVUPS FT NEJDP DJSVKBOP QSPGFTPS
EF.FEJDJOBFOMB6OJWFSTJEBEEF$IJMF
ZNJFNCSPEFONFSPEFMB"DBEFNJB
$IJMFOBEF.FEJDJOB EFM$PNJU*OUFS
OBDJPOBM EF #JPUJDB EF MB 6/&4$0
&O FTUF MJCSP DPOTJEFSBOEP OVFTUSP
NVOEPHMPCBMJ[BEPZQMVSBMJTUB JOUFOUB
EFGFOEFSMPTBWBODFTEFMBUFPSBHFOUJ
DBZWBMPSBSMBTCJPUFDOPMPHBTEFQVOUB
MMBNBEPMBBUFODJOTPCSFTVTEFTCPSEFT
NPSBMFTFJOWJUBOEPBMBDPOTFSWBDJOEF
MBTGVFS[BTFTQJSJUVBMFTEFOVFTUSBJEFOUJ
EBEIJTUSJDB
%JBGSJB "ESJBOB $MPOBHFN BT

QFDUPT KVSEJDPT F CJPUJDPT &EJ
QSP #BVSV
&TUF MJCSP USBUB TPCSF MB QSPUFDDJO EFM
QBUSJNPOJP HFOUJDP IVNBOP Z MB OF
DFTJEBE EF EJTDVTJO KVSEJDB TPCSF MBT
QPTJCJMJEBEFTEFNBOJQVMBDJOEFMNB
UFSJBM HFOUJDP 1SFTFOUB MB MFHJTMBDJO
CSBTJMFBFJOUFSOBDJPOBMTPCSFFMUFNB
%CPSB %JOJ[ 0SH

"ENJSWFM
/PWB(FOUJDB#JPUJDBF4PDJFEB
EF&EJUPSB6O# -FUSBT-JWSFT #SB
TJMJB QQ
-B NBZPSB EF MPT UFYUPT JODMVJEPT FO
FTUF MJCSP TPO EJTDVTJPOFT EF VO HSVQP
EF USBCBKP TPCSF JNQMJDBDJPOFT UJDBT Z
TPDJBMFTEF1SPZFDUP(FOPNB)VNBOP
FOMB6OJWFSTJEBEFEP&TUBEPEF3PEF
+BOFJSPDPOMBPSHBOJ[BDJOEFM$FOUSP
EF#JPUJDB5SBUBOUFNBTNVZWBSJBEPT
MPT EFTBGPT EF MB OVFWB HFOUJDB $VM
UVSB EFmDJFODJB Z HFOUJDB MB "OFNJB
GBMDJGPSNFZMBTBMVEQCMJDBFO#SBTJM
&MBCPSUPQPSBOPNBMBGFUBMZFMDPO
TFKPHFOUJDP
"MJDJB%VSO +PSHF3JFDINBOO $P

PSET
(FOFTFOFMMBCPSBUPSJPZFO
MB GCSJDB 5SPUUB .BESJE
QQ
&O FTUF MJCSP TF SFDPHFO MB NBZPSB EF
MBT JOUFSWFODJPOFT EF VOBT KPSOBEBT EF
EFCBUF TPCSF i5FDOPMPHBT HFOUJDBT
UJDB EF MB *%w PSHBOJ[BEBT QPS FM
%FQBSUBNFOUPEF.FEJP"NCJFOUFEFM
TJOEJDBUP $PNJTJPOFT 0CSFSBT FO MB
'BDVMUBE EF $JFODJBT #JPMHJDBT EF MB
6OJWFSTJEBE"VUOPNBEF.BESJE FO
NBS[PEF3FTVNFOMPTDPPSEJOB
EPSFTFOMBJOUSPEVDDJOCBTUBOUFTEFMPT
UFNBTUSBUBEPT MPTOVFWPTSJFHPTJOUSO
TFDPTBFTUPTOVFWPTEFTBSSPMMPTDJFOUm
DPTTPODBEBWF[NBZPSFT ZFTOFDFTB
SJB DBEBWF[NTJNQFSBUJWBNFOUF VOB
iUJDBEFMPTmOFT UJDBEFMPTNFEJPTZ
UJDBEFMBTDPOTFDVFODJBTEFDBEBQSPDF
TPwi-BDMPOBDJOEFDVBMRVJFSBOJNBM
FTVOUSFNFOEPBWBODFFOMPTQSPDFTPT
EFDPTJmDBDJOZNFSDBOUJMJ[BDJOEFMB
NBUFSJB WJWB Z MPT TFSFT WJWPTw Z TPCSF
UPEPFOMPTTFSFTIVNBOPT QVFTiOJFHB
RVFMPTTFSFTWJWPTQVFEBOTFSmOFTFOT
NJTNPT%FQBSUJEBZEFGPSNBSBEJDBM
TFSOTFSFTDSFBEPTQBSBEFBIMBJONP
SBMJEBE SBEJDBM EF FTUB PQFSBDJOww&M
OVEP QSJODJQBM RVF TF FTU EFCBUJFOEP
FOMPTMUJNPTBPTFTFMiQSPCMFNBEFMB
NFSDBOUJMJ[BDJOEFMBWJEBw ZBMBWF[
iVO DPOUJOVP QSPDFTP EF QSJWBUJ[BDJO
EFM DPOPDJNJFOUP DJFOUmDP Z VOB
BQSPQJBDJOEFMDPOPDJNJFOUPDPMFDUJWP
QPS MBT HSBOEFT DPNQBBT EF JOWFTUJ
HBDJO
ZMBSFEVDDJOQSPHSFTJWBEFM
AQFSPEPEFNBEVSBDJOEFMPTBWBODFT
DJFOUmDPTDPOTFHVJEPTFMSJUNPEFJO
USPEVDDJOEFQSPEVDUPTFOFMNFSDBEP
FTNVDIPNTSQJEPRVFMBDBQBDJEBE
EFSFTQVFTUBEFMBTPDJFEBEBMBTQPTJCMFT
DPOTFDVFODJBTEFMPTNJTNPTEFNPEP
RVFGBMUBOMBTQSFNJTBTQBSBRVFQVFEB
EBSTF VO BVUOUJDP EFCBUF DJFOUmDP Z
QPMUJDPoNPSBMRVFMBTDPODMVTJPOFTEF
FTUF EFCBUF UFOHBO JNQMJDBDJPOFT QSD
UJDBTw TJO GSFOBS FM DPOPDJNJFOUP DJFO
UmDP i/P RVFSFNPT NFOPT DJFODJB
IBCMBNPTEFANTDJFODJB QFSPADJFODJB
SFTQPOTBCMFRVFBQFMFBMBUJDBEFMB
SFTQPOTBCJMJEBEDPMFDUJWBEFMPTUSBCBKB
EPSFTEFMBDJFODJBw
&MMJCSP DPOOVNFSPTBTDPMBCPSBDJPOFT
Z UFNBT DPNP UJDB Z FDPMPHB P UJDB
BNCJFOUBMFJOHFOJFSBHFOUJDB UFSNJOB
DPO VOB SFTPMVDJO EF MB FKFDVUJWB EFM
TJOEJDBUP$$00TPCSFCJPUFDOPMPHBT
ZVOBQSPQPTJDJOEFMFZEFPCKFDJOEF
DPODJFODJBFONBUFSJBDJFOUmDB
"JU[JCFS &NBMEJ $JSJO &M DPOTFKP

HFOUJDP Z TVT JNQMJDBDJPOFT KV
SEJDBT $UFESB *OUFSVOJWFSTJUBSJB
'VOEBDJO##7"%JQVUBDJO'PSBM
EF #J[LBJB EF %FSFDIP Z (FOPNB
)VNBOP 6OJWFSTJEBE EF %FVTUP
#JMCBP(SBOBEB QQ
&TUBNPOPHSBGBSFDPHFMBUFTJTEPDUPSBM
EFMBBVUPSB QSPGFTPSBEFMB6OJWFSTJEBE
EF %FVTUP RVF SFBMJ[B VO QSPGVOEP Z
FYUFOTP BOMJTJT EFM DPOTFKP HFOUJDP Z
EF TVT JNQMJDBDJPOFT KVSEJDBT Z UJDBT
FO MPT EJTUJOUPT BTQFDUPT EFOUSP EF MB
NFEJDJOB QSFWFOUJWB DPO FM EJBHOTUJ
DPQSFDPODFQUJWP PDPOFMEJBHOTUJDP
QSFJNQMBOUBUPSJP EJBHOTUJDP QSFOBUBM
P QPTUOBUBM DPO MPT EJGFSFOUFT EJMFNBT

KVSEJDPTRVFTFQMBOUFBOZMBTEJGFSFOUFT
TPMVDJPOFT QSPQVFTUBT QPS FM DPOTFKFSP
HFOUJDP
1BVM3&ISMJDI/BUVSBMF[BTIVNB
OBT HFOFT DVMUVSBTZMBQFSTQFDUJWB
IVNBOB'POEPEF$VMUVSB&DPO
NJDB .YJDP
&MBVUPSQFSUFOFDFBM$FOUSPEF$POTFS
WBDJO #JPMHJDB FO MB 6OJWFSTJEBE EF
4UBOGPSE " QBSUJS EF MPT DPOPDJNJFO
UPT BDUVBMFT oCJPMHJDPT Z BOUSPQPMHJ
DPToEFMBFWPMVDJOEFMBIVNBOJEBE
FM BVUPS OPT NVFTUSB FO FTUF MJCSP MB
DPNQMFKJEBE EF OVFTUSBT DPOEVDUBT
DSFFODJBT Z BDUJUVEFT FO DPOUSBTUF DPO
FM EFUFSNJOJTNP SHJEP RVF QPS USBEJ
DJOTFBTJHOBBVOB{OBUVSBMF[BIVNB
OB OJDBFJONVUBCMF"T i/BUVSBMF
[BT IVNBOBTyw FT VO QBOPSBNB RVF
DPO NMUJQMFT UPOBMJEBEFT EFTQMJFHB MB
QMVSBMJEBE EF GBDUPSFT CJPMHJDPT Z TP
DJBMFTRVFEFmOFOMPTNBUJDFTEFOVFT
USPT DPNQPSUBNJFOUPT QTJDPMHJDPT Z
DPNVOJUBSJPT{4PNPTMPTTFSFTIVNBOPT
BHSFTJWPT DPEJDJPTPTZNBMWBEPTQPSOB
UVSBMF[B {0BDBTPFMDPOUFYUPDVMUVSBM
TVKFUPBTVWF[BVOQSPDFTPFWPMVUJWP FT
MPRVFEBTFOUJEPBOVFTUSBCJPMPHB 1PS
FKFNQMP {QPSRVMPTDSOFPTEFOVFT
USPTBOUFQBTBEPTDBNCJBSPONTRVFFM
SFTUP EF TVT FTRVFMFUPT {P QPS RV FT
UBOEJGDJMDPODJMJBSMBUFDOPMPHBDPOFM
SFTQFUPBMBWBTUTJNBEJWFSTJEBEEFQMBO
UBTZBOJNBMFTRVFOPTSPEFBZTVTUFOUB
-MFHBNPTBVOBFODSVDJKBEBFOMBRVFMB
IVNBOJEBEUJFOFFMQPEFSEFEFTUSVJSTF
BTNJTNBZBMQMBOFUB TJOMBSBDJPOBMJ
EBE EF BQSPWFDIBS EJDIP QPEFS &O MB
NFEJEBFORVFTFEFTWFMFOMPTNJTUFSJPT
EFOVFTUSBTSBDFTFWPMVUJWBT TPTUJFOFFM
BVUPS UFOESFNPTPQPSUVOJEBEEFDSFBS
VOBTPDJFEBETVTUFOUBCMF ZEFTPCSFWJ
WJSBOVFTUSPQSFEJDBNFOUP
+BJNF &TDPCBS 5SJBOB #JPUJDB

DJFODJB UFDOPMPHBZTPDJFEBE$P
MFDDJO#JPTZ&UIPT O 6OJWFS
TJEBE&M#PTRVF #PHPU
&MWPMVNFODPOUJFOFBMHVOPTUFNBTSFMB
DJPOBEPTDPOMB#JPUJDB $JFODJB 5FD
OPMPHBZ4PDJFEBEFYQVFTUBTFOFM7***
4FNJOBSJP*OUFSOBDJPOBMEF#JPUJDBEF
MB6OJWFSTJEBE&M#PTRVF5FNBTRVFTF
USBUBOFOFTUBPCSB7BSJBDJPOFTBMSFEF
EPSEFBMHVOBTSFMBDJPOFTFOUSFFMDPOP
DJNJFOUPZMBUJDB#JPUJDBZTPDJFEBE
EFMDPOPDJNJFOUP-BJOWFTUJHBDJODM
OJDBEFTEFMBQFSTQFDUJWBEFMBCJPUJDBZ
MPTFTUVEJPT$54#JPUJDB UFDOPMPHBZ
NFEJPBNCJFOUF$POTJEFSBDJPOFTCJP
UJDBTBDFSDBEFMBGVNJHBDJOEFDVMUJWPT
JMDJUPTFO$PMPNCJB3FE&DIFMOiVO
QSPCMFNB CJPUJDP NVOEJBMw 1SPCMF
NBT FO MB BTJNJMBDJO EF MB UFDOPMPHB
FO MBT PSHBOJ[BDJPOFT VOB WJTJO EFT
EF FM DPNQPSUBNJFOUP PSHBOJ[BDJPOBM
$JFODJB 5FDOPMPHB Z #JPUJDB DPNP
BQSFOEJ[BKFFWPMVUJWP
#JP
UJDBZ5FDOPMPHBFOMBQFSTQFDUJWB
$54
$PMFDDJO #JPT Z &UIPT O
$POUFOJEPT EF MB PCSB #JPNFEJDJOB Z
CJPUFDOPMPHBBQMJDBEBTBMIPNCSF#JP
UFDOPMPHB Z DMPOBDJO EF TFSFT IVNB
OPT%JNFOTJOCJPUJDBEFMBSFBMJEBE
WJSUVBM#JPUFDOPMPHBZDPOTUSVDDJOEF
MB FWPMVDJO 6OB EFGFOTB GVFSUF EF MB
CJPUFDOPMPHB #JPUFDOPMPHB Z NFEJP

BNCJFOUF 6OB BQSPYJNBDJO mMPTmDB
BMDPODFQUPEFDJFODJB#JPUJDB CJPUFD
OPMPHB Z DPODJFODJB TPDJBM /BOPCJP
UFDOPMPHB
UJDBZCJPUFDOPMPHB/NFSPNP
OPHSmDPEF"HPSB1IJMPTPQIJDB3F
WJTUB .BSQMBUFOTF EF 'JMPTPGB "TP
DJBDJO"SHFOUJOBEF*OWFTUJHBDJPOFT
UJDBT .BSEFM1MBUB "SHFOUJOB "P
*** O EJDJFNCSF QQ
/NFSPEFMBSFWJTUB"HPSB1IJMPTPQIJ
DBEFEJDBEPBMBUJDBBQMJDBEBBMBCJP
UFDOPMPHBZMPTOVFWPTQSPCMFNBTRVF
QMBOUFB B UPEB MB TPDJFEBE /P FYJTUFO
NBSDPT OPSNBUJWPT RVF PSJFOUFO MB JO
WFTUJHBDJO Z UBNQPDP FT DPODFCJCMF
VO NPEP EF SFTPMWFS FTPT QSPCMFNBT B
QSJPSJ BOUFTEFRVFTFIBZBOQSFTFOUB
EP7BSJPTEFMPTBSUDVMPTTFSFmFSFOB
QSPCMFNBTDPODSFUPTEFBQMJDBDJOBMB
BHSJDVMUVSBZBMPTDVMUJWPTUSBOTHOJDPTZ
TVJNQBDUPFOFMNFEJPBNCJFOUF FOMP
RVFDPNFOUB(SBDJFMB'FSOOEF[DPNP
iFM SFUPSOP EF )FSOO $PSUTw 0USPT
WBONTBMPTDSJUFSJPTZQSJODJQJPTRVF
EFCFO FTUBS QSFTFOUFT FO MB JOWFTUJHB
DJO CJPUFDOPMHJDB 3JDBSEP .BMJBOEJ
BOBMJ[B FTPT QSJODJQJPT Z .BSB -VJTB
1GFJFSTVBQMJDBDJOBMBTJOWFTUJHBDJP
OFT4FSHJP$FDIFUUPBOBMJ[BFMDPODFQUP
EF iFRVJWBMFODJB TVTUBODJBMw QSPQVFTUP
QPSBMHVOPTPSHBOJTNPTQBSBWBMPSBSMB
USBOHOFTJT Z .BSB "MFKBOESB 3BTDJP
FYQPOFMBQFSTQFDUJWBCJPUJDBTPCSFMPT
QPUFODJBMFT FGFDUPT EF MPT USBOTHOJDPT
TPCSFFMNFEJPBNCJFOUF
-ZEJB'FJUP(SBOEF&MTVFPEFMP
QPTJCMF #JPUJDB Z UFSBQJB HOJDB
.BESJE QQ
-BBVUPSBFTEPDUPSBFO'JMPTPGBZNB
HTUFSFO#JPUJDB QSPGFTPSBEFmMPTPGB
EFMBDJFODJBFOMB6OJWFSTJEBEEF$P
NJMMBT .BESJE3FBMJ[TVUFTJTEPDUPSBM
TPCSFVOPEFMPTUFNBTEFMRVFTFPDVQB
FOFTUFMJCSPMBUJDBEFMBUFSBQJBHFO
UJDB"IPSBBNQMJBFMDBNQPEFBOMJTJT
mMPTmDP QBSB BCPSEBS MPT QSPCMFNBT
RVF MB OVFWB HFOUJDB Z TV BQMJDBDJO
UFSBQVUJDB QMBOUFBO B MB UJDB mMPT
mDBZBMEFSFDIP5SBTEFTFDIBSMPRVF
MBBVUPSBEFOPNJOBMPTiEFUFSNJOJTNPT
OBUVSBMJTUB Z HFOFUJDJTUBw Z DPNQSPCBS
FMJNQBSBCMFBWBODFEFMBJOHFOJFSBHF
OUJDB MBBVUPSBBQVOUBDPNPTPMVDJO
EF GVUVSP MBT WBT EF MB UJDB EF MB SFT
QPOTBCJMJEBEEF)+POBTZ TPCSFUPEP
MBUJDBEJTDVSTJWBEF,0"QFM
%JFHP 'POUJ 3FTJEVPT IVNBOPT

&TUVEJPT TPCSF #JPUJDB UDOJ
DB .FEJDJOB Z mOJUVE IVNBOB
&%6$$ &EJUPSJBM EF MB 6OJWFSTJ
EBE$BUMJDBEF$SEPCB "SHFOUJOB
QQ
-B NPEFSOJEBE DPOTBHS DPNP QBUSP
OFT EF MB FYQFSJFODJB IVNBOB BM NJUP
QSPNFUFJDP Z BM TVFP GVTUJDP 4JO
FNCBSHPFMTFSIVNBOPTJHVFNPTUSO
EPTF IPZNTRVFBZFS FOTVmOJUVE
TV FOGFSNFEBE TV NPSUBOEBE &TUBT
FYQFSJFODJBTHFOFSBOIPZTFSJPTEJMFNBT
UJDPT QVFT MB NPEFSOJEBE IB BCJFSUP
OVFWBT QPTJCJMJEBEFT DJFOUmDPoUDOJ
DBT QPTJCJMJEBEFT RVF IBDFO FGFDUJWPT

QSPCMFNBTNPSBMFTRVFIBTUBIBDFQPDP
FSBORVJNFSBT
&MDBNQPEFMBCJPUJDBFTVOFTQBDJPGS
UJMQBSBBDDFEFSBMBQSPCMFNUJDBEFMTFS
IVNBOPFOTVGSBHJMJEBE ZFOMPTNM
UJQMFTNPEPTEFUSBCBKBSDPOFMMB EPNJ
OBSMB NBOJQVMBSMB SFTQFUBSMB{2VSF
MBDJPOFTTFFTUBCMFDFOIPZFOUSFUDOJDB
NFEJDJOBZTVGSJNJFOUPIVNBOP {2V
NPEFMPTEFDPOTUSVDDJOTPOQPTJCMFTB
MBMV[EFMBTDPODFQDJPOFTEFTBSSPMMBEBT
EFTEF MB NPEFSOJEBE {2V SFTQVFTUBT
B MPT EJMFNBT NPSBMFT TF PGSFDFO IPZ
DVMFTTPOTVTQPTJCJMJEBEFTZTVTMNJ
UFT &TUBT TPO BMHVOBT EF MBT QSFHVOUBT
RVFPSJFOUBOFTUFMJCSPEF%JFHP'POUJ
MJDFODJBEPFO'JMPTPGBQPSMB6OJWFSTJ
EBE/BDJPOBMEF$SEPCBZEPDFOUFEF
MB6OJWFSTJEBE$BUMJDBEF$SEPCB
'VOEBDJO$JFODJBTEFMB4BMVE&O
MBT GSPOUFSBT EF MB WJEB $JFODJB Z
UJDBEFMBDMPOBDJO%PDF$BMMFT
"SBOKVF[ .BESJE QQ
%FOUSPEFMB$PMFDDJOTPCSFEFCBUFTEF
UJDB Z IVNBOJEBEFT MB 'VOEBDJO EF
$JFODJBTEFMB4BMVEPGSFDFFTUFWPMVNFO
TPCSF $JFODJB Z UJDB EF MB DMPOBDJO
-PT BTQFDUPT DJFOUmDPT TPO FYQVFTUPT
QPS 3PCFSU .PPS 1BVM 3 (JOEPM Z
)BSSZ % (SJO FOUSF PUSPT -PT BT
QFDUPT UJDPT FTUO B DBSHP EF +PT .
.BUP "MCFSU3+POTFO )BSPME54IB
QJSP )DUPS(SPTT&TQJFMM 4BCSJOB$P
MPNCPZ(FPSHFT#,VUVLEKJBO%JFHP
(SBDJB FTDSJCF MBT DPODMVTJPOFT EF FTUB
+PSOBEB EF USBCBKP EF FTQFDJBMJTUBT EF
WBSJPTQBTFT
'VOEBDJO 'FSOBOEP 'VFZP -BOFSJ

%FSFDIP #JPUJDB Z HFOPNB )V
NBOP &EJUPSJBM +VSEJDB EF $IJMF
4BOUJBHPEF$IJMF QQ
&TUFMJCSPFTFMSFTVMUBEPEFM5FSDFS&O
DVFOUSP -BUJOPBNFSJDBOP TPCSF %FSF
DIP #JPUJDBZ(FOPNB)VNBOP FGFD
UVBEPFO4BOUJBHPEF$IJMFFMBP
DPOQBSUJDJQBDJOEFKVSJTUBT CJMPHPTZ
HFOFUJTUBT EF EJTUJOUPT QBTFT +VOUP B
QSPGFTPSFT DIJMFOPT DPNP (PO[BMP 'J
HVFSPB 'FSOBOEP-PMBTP)DUPS(SPT
&TQJFMM FOUSF PUSPT JOUFSWJOJFSPO UBN
CJOMPTFTQBPMFT$BSMPT.BSB3PNFP
$BTBCPOBZ.BSB$BTBEP FMNFYJDBOP
+PT.BSB$BOUZMPTBSHFOUJOPT4BM
WBEPS%BSP#FSHFMZ"EB,FNFMNBKFS
EF$BSMVDDJ
&MUFNBDFOUSBMEFMBPCSBTFPSJFOUBB
EFUFSNJOBS MPT GVOEBNFOUPT UJDPT Z
KVSEJDPT EF BMHVOBT EF MBT HSBOEFT JO
OPWBDJPOFTRVFIBUSBEPMBHFOUJDB4F
FODVFOUSBOFOGPRVFTZQPTJDJPOFTNVZ
WBSJBEBTFONBUFSJBTUBMFTDPNPFMFTUB
UVUPEFMFNCSJO EJTUJOHVJFOEPTJTUF
TFFTUPOPJNQMBOUBEP ZMBTJOUFSWFO
DJPOFT TPCSF FNCSJPOFT Z GFUPT UFNB
OUJNBNFOUF MJHBEP DPO MB FVHFOFTJB Z
DPOBMHVOPTJOUFOUPTEFEJTDSJNJOBDJO
FOFMDBNQPHFOUJDP5BNCJOTFFYQP
OFONVZEJWFSTBTQPTJDJPOFTFOUPSOPBM
QPMNJDPUFNBEFMBDMPOBDJO
-B PCSB DPODMVZF DPO VO BOUJDJQP EF
MP RVF EFCF TFS FM NBSDP KVSEJDP JO
UFSOBDJPOBMRVFSJKBFTUBTNBUFSJBT DPO
FTQFDJBMSFGFSFODJBBMEFCBUFBDFSDBEFMB
QBUFOUBCJMJEBE EF MPT EFTDVCSJNJFOUPT
HFOUJDPT Z VOB %FDMBSBDJO TVTDSJUB
QPSMPTDPODVSSFOUFTBDFSDBEFMBTHSBO
EFTMOFBTGVUVSBTRVFTFWJTMVNCSBOFO
FMDBNQPEFM%FSFDIPZMB#JPUJDB
'VOEBDJ7DUPS(SJGPMTJ-VDBT.F
EJDJOBQSFEJDUJWBZEJTDSJNJOBDJO
$VBEFSOPT EF MB 'VOEBDJ O
#BSDFMPOB
+PTFQI &H[DVF WJDFQSFTJEFOUF EF MB
'VOEBDJO SFBMJ[B MB *OUSPEVDDJO Z
9BWJS &TUJWJMM EFTBSSPMMB FM UFNB EF EF
CBUF TPCSF .FEJDJOB QSFEJDUJWB Z EJT
DSJNJOBDJO 5BNCJO TF SFDPHFO MBT
JOUFSWFODJPOFT Z SFTQVFTUBT EFM EFCBUF
RVFTJHVJEFTQVT
(BCJOFUF EF *OWFTUJHBP EF #JPUJ

DB $MPOBHFN P SJTDP F P EFTBmP
6OJWFSTJEBEF $BUMJDB 1PSUVHVFTB
QQ
1BSB P CFN PV QBSB P NBM QFMBT CPBT
PV NT SB[FT B WFSEBEF RVF B DMP
OBHFNFTUIPKFFNGPDP FNUPEPTPT
OWFJT EB TPDJFEBEF &TUB PCSB B QSJ
NFJSBFPQPSUVOBNPOPHSBmBFNRVFBP
SJHPSEBJOGPSNBPUDOJDBFDJFOUmDB
TF KVOUBN SFnFYFT UJDBT UFPMHJDBT F
KVSEJDBT/VNBRVFTUPDMBSBNFOUFEF
QPOUB BJOEBFOWPMUBFNQPTTJCJMJEBEFT
FEWJEBT PTQSPCMFNBTTPQPTUPTTFN
BNCJHJEBEFT QSPDVSBOEP OVNB SF
nFYPBCFSUBFQPOEFSBEB RVFBTDPO
DMVTFT UJDBT TFKBN SFTTBMUBEBT DPN B
DMBSF[B QPTTWFM " EJTDVTTP EBT QPTTJ
CJMJEBEFTFSJTDPTEBDMPOBHFNSFQSPEV
UJWBFEBDIBNBEBDMPOBHFNUFSBQVUJDB
QFSNJUFNVNPMIBSMDJEPTPCSFPFN
CSJPFPSFTQFJUPRVFMIFEFWJEPDPNP
WJEBIVNBOB 8FC$FOUSPEF#JPUJDB
1PSUP

+BWJFS(BGP +PT"OUPOJP"CSJTRVF
UB &EJUPSFT
'VOEBNFOUBDJOEFMB
#JPUJDB Z NBOJQVMBDJO HFOUJDB
.BESJE QQ
$POUFOJEP'VOEBNFOUBDJOEFMBCJP
UJDB %JFHP(SBDJB-BCJPUJDBFOVOB
TPDJFEBEQMVSBMJTUBMBFYQFSJFODJBBNF
SJDBOBZTVJOnVKPFO&TQBB +BNFT'
%SBOF5DOJDB UJDBZBNJTUBENEJDB
1FESP-BO&OUSBMHP{#JPUJDBiDBUMJ
DBw +BWJFS(BGP.BOJQVMBDJOHFOUJ
DB +VBO 3BNO -BDBEFOB %JSFDUSJDFT
UJDBTEFMBNBOJQVMBDJOHFOUJDB 7J
UBMJOP "MMFS +PT "OUPOJP "CSJTRVFUB
;BSSBCF -B MJCFSUBE EF JOWFTUJHBDJO
&EVBSEP -QF[ "[QJUBSUF &M OVFWP
iIPNPIBCJMJTw +BWJFS(BGP
+BWJFS (BGP &EJUPSFT

UJDB Z #JP
UFDOPMPHB 6OJWFSTJEBE 1POUJmDJB
EF$PNJMMBT .BESJE QQ
&OFTUFWPMVNFOEFMBTFSJF%JMFNBTUJ
DPTEFMB.FEJDJOB"DUVBM CBKPMBDPPS
EJOBDJOEF+BWJFS(BGP TFSFDPHFOMBT
JOUFSWFODJPOFTEFWBSJPTFYQFSUPTTPCSF
MPT BTQFDUPT UJDPT EF MB CJPUFDOPMPHB
%JFHP(SBDJBFTDSJCFTPCSFMBMJCFSUBEEF
JOWFTUJHBDJO3JDBSEP"NJMTZ&OSJRVF
.BSO TPCSF MPT QSPCMFNBT NFEJPBN
CJFOUBMFTSFMBDJPOBEPTDPOMBCJPUFDOP
MPHB +VBO 3BNO -BDBEFOB BOBMJ[B
MBT EFSJWBDJPOFT EFM QSPZFDUP HFOPNB
)VNBOP-VJT"SDIFSMBUFSBQJBHOJDB
IVNBOB $BSMPT "MPOTP #FEBUF FTDSJCF
TPCSF MB CJPUFDOPMPHB Z MPT QBTFT FO
EFTBSSPMMP Z FM 5FSDFS .VOEP $BSMPT
.3PNFP$BTBCPOBFTUVEJBMBTJNQMJ
DBDJPOFTKVSEJDBT ZFMQSPQJPDPPSEJOB
EPS +BWJFS(BGP BOBMJ[BMPTQSPCMFNBT

UJDPTQSFTFOUFTFOFMQSPZFDUPHFOPNB
)VNBOP
+PT .BSB (BSDB (NF[)FSBT

$PPSE
%JHOJEBE EF MB WJEB Z
NBOJQVMBDJO HFOUJDB #JPUJDB
*OHFOJFSBHFOUJDB UJDBGFNJOJT
UB %FPOUPMPHB.EJDB#JCMJPUFDB
/VFWB .BESJE QQ
&M IPNCSF BMDBO[B IPZ FO EB DPO FM
JOTUSVNFOUBM RVF MB UDOJDB QPOF B TV
BMDBODF FTQBDJPT EF MB OBUVSBMF[B Z EF
MB WJEB RVF MF FTUBCBO WFUBEPT UJFNQP
BUST&TUPQMBOUFBBMBUJDBQSPCMFNBT
JOEJUPTTPCSFMBTJNQMJDBDJPOFTNPSBMFT
EFMBBDDJOIVNBOB DVBOEPTUBNB
OJQVMB NBUFSJBM HFOUJDP FYQFSJNFOUB
DPO TVKFUPT IVNBOPT P USBOTGPSNB MBT
DPOEJDJPOFTEFMOBDFSZEFMNPSJSEFMPT
IPNCSFT%FBIMBOFDFTJEBEZMBPQPS
UVOJEBEEFFTUPTFTUVEJPTRVFTFBHSVQBO
FO UPSOP B MB EJTDJQMJOB EF MB #JPUJDB
#BKPMBDPPSEJOBDJOEFMDBUFESUJDPEF
'JMPTPGB.PSBMZ1PMUJDBEFMB6OJWFS
TJEBEEF4BMBNBODB +PT.BSB(BSDB
(NF[o)FSBT WBSJPT BVUPSFT BCPSEBO
MPT QMBOUFBNJFOUPT NT SFDJFOUFT TPCSF
FTUBTDVFTUJPOFTDMBWFRVFBGFDUBOBMPT
QSPGFTJPOBMFT NEJDPT Z B MPT JOWFTUJ
HBEPSFTFOFMDBNQPEFMBCJPMPHBZMB
HFOUJDB(NF[)FSBTBCPSEBMBJOUSP
EVDDJO DPO VO BOMJTJT EFM iSFUPSOP B
VOBUJDBEFMBWJEBDPUJEJBOBw ZUBN
CJODJFSSBFMMJCSPDPOVOFQMPHPiUJ
DBEFNYJNPTZUJDBEFNOJNPT6OB
BMUFSOBUJWBQBSBTPMVDJPOBSMPTDPOnJDUPT
NPSBMFTEFMBTTPDJFEBEFTQMVSBMJTUBTw
'SBODFTD 5PSSBMCB FTDSJCF TPCSF i-PT
DPODFQUPT GVOEBNFOUBMFT EF MB #JP
UJDBw "HVTUO EFM $BJ[P BCPSEB i-B

UJDB EF MB FYQFSJNFOUBDJO DPO TVKF
UPT IVNBOPT FO JOWFTUJHBDJO DMOJDBw
-ZEJB'FJUPFTDSJCFEPTDBQUVMPT TPCSF
i(FOUJDB DPODJFODJBNPSBMFJOHFOJF
SBHFOUJDBw Zi&MBCPSUPw.BSB5F
SFTB-QF[EFMB7JFKBBOBMJ[BFOPUSPT
EPTiUJDBZHOFSPwZi.VFSUFEJHOBw
"NCBTQSFTFOUBOMBTQPTJDJPOFTBGBWPS
ZFODPOUSBFOFTPTBTQFDUPTUBODPOUSP
WFSUJEPTEFMEFCBUFUJDPQCMJDPTPCSF
FM BCPSUP Z MB FVUBOBTJB 'SBODFTD "CFM
USBUBmOBMNFOUFEFMBiUJDBEFMBQSP
GFTJO NEJDBw 5FNBT NVZ WBSJBEPT
RVJ[TDPOQPDBVOJEBE DPNPFMQSPQJP
UUVMPEFMMJCSPNBOJmFTUB
$BSNFO .BSB (BSDB .JSBOEB

1FSTQFDUJWB UJDB Z KVSEJDB EFM
QSPZFDUP HFOPNB )VNBOP &TQF
DJBM SFGFSFODJB B MB QBUFOUBCJMJEBE
EFHFOFTIVNBOPT6OJWFSTJEBEFEB
$PSVB QQ
-BBVUPSBFTEPDUPSBFO%FSFDIP EFTEF
FTJOWFTUJHBEPSBEFMSFBEF'JMP
TPGBEFMEFSFDIP .PSBMZ1PMUJDBEFMB
6OJWFSTJEBEEF"$PSVB DPOFTQFDJBM
EFEJDBDJO B MB CJPUJDB CJPKVSEJDB Z
EFSFDIPT IVNBOPT &TUF MJCSP FT VO
SFTVNFOEFTVUFTJTEPDUPSBM FOMBRVF
BCPSEB MPT BTQFDUPT TPDJBMFT Z NPSBMFT
EFM1SPZFDUPHFOPNB)VNBOP MPTSFT
UPTRVFQMBOUFBUBNCJOBM%FSFDIPZMB
SFHVMBDJO KVSEJDB EF MB NBOJQVMBDJO
HFOUJDB%FTQVT FOMPRVFFTFMODMFP
DFOUSBMEFMBUFTJT BCPSEBMBTQFSTQFDUJ
WBT UJDBT Z KVSEJDBT EF MB QBUFOUBCJMJ
EBEEFMPTHFOFTIVNBOPT BMBMV[EFM
EFSFDIP DPNQBSBEP Z EF MB MFHJTMBDJO
FTQBPMB
+VMJBOB (PO[MF[ 7BMFO[VFMB (F

OPNB IVNBOP Z EJHOJEBE IVNB
OB &EJUPSJBM "OUISPQPT #BSDFMPOB
QQ
&SJD 4 (SBDF -B CJPUFDOPMPHB BM

EFTOVEP 1SPNFTBT Z SFBMJEBEFT
"OBHSBNB #BSDFMPOB
QQ
-PTSFWPMVDJPOBSJPTIBMMB[HPTEFMBCJP
MPHB NPMFDVMBS EBO RVF QFOTBS UBOUP
B mMTPGPT DPNP B DJFOUmDPT RVJFOFT
JODMVZFOFOVODPODFQUPJOUFHSBEPSEFM
TBCFSMBEJNFOTJOUJDB&TUFTBCFSHF
ONJDPFTEFDJTJWPIPZQBSBMBDPSSFDUB
F JOOPWBEPSB DPNQSFOTJO EF MB OBUV
SBMF[BIVNBOBZTVJOIFSFOUFEJHOJEBE
4VSHFOBTEFOVFWPMPTQSPCMFNBTEFM
EFUFSNJOJTNPZMBMJCFSUBE EFMNPOJT
NPZFMEVBMJTNP EFMBOBUVSBMF[BZMB
DVMUVSB
&M BVUPS FT EPDUPS FO ;PPMPHB QPS MB

6OJWFSTJEBEEF"WFSEFFO &TDPDJB
&T
VOMJCSPEFCVFOBEJWVMHBDJO BNFOP
TPCSF MB CJPUFDOPMPHB &O MB QSJNFSB
QBSUF USBUB EF MPT DPOPDJNJFOUPT NT
CTJDPT EF MB HFOUJDB &O MB TFHVOEB
BMHVOBTEFMBTBQMJDBDJPOFTBDUVBMFTEFMB
CJPUFDOPMPHB FO NFEJDJOB BHSJDVMUVSB
ZNFEJPBNCJFOUF"MmOBM BQPSUBVOB
JOUFSFTBOUF SFnFYJO TPCSF BMHVOPT BT
QFDUPTUJDPTQMBOUFBEPTQPSFTUBTUFDOP
MPHBTQBUFOUFTEFHFOFT UFSBQJBHOJDB
DMPOBDJO FUD&MBVUPSVOFBTDJFODJBZ
UJDB TJOKVHBSiBMPOVFWPw ZBQSPWF
DIBOEPFOCJFOEFMIPNCSFFTPTOVFWPT
EFTDVCSJNJFOUPT
6O UFNB QSPGVOEBNFOUF EFCBUJEP FO

SFTQVFTUB BM JOUFSSPHBOUF EF DNP MPT
TFSFT IVNBOPT EPNJOBO Z BVUPDPOUSP
MBO FM QSPDFTP IJTUSJDP UFDOPDJFOUmDP
EFUBMGPSNBRVFQVFEBOFWJUBSTVTQF
MJHSPTZSJFTHPT2VJ[TMBDMBWFEFUPEP
FMMPFTUBSBFOMBDPNVOJDBDJOTPDJBMEF
MPT DPOPDJNJFOUPT DJFOUmDPT Z TV WJ
TJO UJDB EF MPT WBMPSFT Z EFSFDIPT EF
MPTTFSFTIVNBOPTDPNPFYQSFTJOEFTV
EJHOJEBE
QSJNFSBTFSFmFSFBMBDJFODJBHFONJDB
FORVFTFBCPSEBOMPTUFNBTEFMBSFWP
MVDJOCJPMHJDB MBCJPUJDBZFMQSPCMF
NBPOUPMHJDPEFMBOBUVSBMF[BIVNBOB
-BTFHVOEBEJDFSFMBDJOBMBQSBYJTHF
ONJDBZTVTBQMJDBDJPOFTUFSBQVUJDBT
"SMFOF+VEJUI,MPU[LP{2VJFSFTDMP
OBSUF $JFODJBZUJDBEFMBDMPOB
DJOIVNBOB6OJWFSTJUBUEF7BMFO
DJB QQ
-B BVUPSB FT FTQFDJBMJTUB FO #JPUJDB
BCPHBEBZQSPGFTPSBEFM%FQBSUBNFOUP
EF"OBUPNBZ%FTBSSPMMP#JPMHJDPEFM
6OJWFSTJUZ $PMMFHF EF -POESFT Z EFM
*OTUJUVUP8JOEFZFS&TDPNFOUBSJTUBFO
NFEJPTEFDPNVOJDBDJOEFUFNBTDJFO
UmDPT UJDPTZQPMUJDPT TPCSFUPEPFO
WBSJBTUFMFWJTJPOFTEF&TUBEPT6OJEPTZ
(SBO #SFUBB " QBSUJS EF MPT MUJNPT
EFTDVCSJNJFOUPTDJFOUmDPTFOFMSFBEF
MBDMPOBDJO DPOVOBQSPTBHJMZMMFOB
EFBMVTJPOFTBMBMJUFSBUVSB MBQTJDPMPHB
FMBSUF MBNTJDBZFMDJOF MBBVUPSBEFT
DSJCFFMOVFWPNVOEPEFQPTJCJMJEBEFT

RVFTFBCSFBOUFOPTPUSPT EFTQFSUBOEP
FTQFSBO[BTPDVMUBT QFSPUBNCJOUFNP
SFTTPNCSPT RVFOPTIBDFOQFOTBSFO
VODBNCJPSBEJDBMEFMBDPOEJDJOIV
NBOB
+SHFO )BCFSNBT &M GVUVSP EF MB

OBUVSBMF[BIVNBOB{)BDJBVOBFV
HFOFTJBMJCFSBM 1BJET*CSJDB #BS
DFMPOB QQ
+SHFO )BCFSNBT SFBMJ[ FTUVEJPT EF
mMPTPGB QTJDPMPHB MJUFSBUVSBZFDPOP
NB FO (PUJOHB ;SJDI Z #POO 'VF
BZVEBOUF EF 8 "EPSOP EF )(
(BEBNFS Z EF , -XJUI Z TVDFTPS EF
.)PSLIFJNFSFOMBDUFESBEFmMPTP
GB EF MB 6OJWFSTJEBE EF 'SBODGPSU &T
FMSFQSFTFOUBOUFNTTPCSFTBMJFOUFEFMB
iTFHVOEB HFOFSBDJOw EF MB &TDVFMB EF
'SBODGPSU1SPGFTPSUBNCJOFO1SJODF
UPOZ#FSLFMFZ IBJNQBSUJEPDMBTFT FO
USFPUSBTVOJWFSTJEBEFT FO.BSCVSHPZ
FO)FJEFMCFSH
&O FTUB PCSB )BCFSNBT QSFTFOUB TVT
JEFBTFOUPSOPBMQSPCMFNBEFMBFVHF
OFTJB MB PQUJNJ[BDJO EF TFSFT IVNB
OPT DPO SFDVSTP B MB CJPUFDOPMPHB 4F
PQPOFBVOBTFSJFEFFRVJQBSBDJPOFTRVF
MBWBSJBOUFMJCFSBMIBEFTBSSPMMBEPFOFM
EFCBUF UFSJDP FO UPSOP B MB FVHFOFTJB
Z RVF TF SFEVDFO CTJDBNFOUF B EPT
DSJUFSJPT B TBCFS FVHFOFTJBFEVDBDJO
BSUJmDJBMOBUVSBM )BCFSNBT QSPQPOF
NBOUFOFS FTUPT EJTUJOHPT TPCSF MB CBTF
EF VOB DPODFQDJO BOUSPQPMHJDB RVF
BmSNB MB MJCFSUBE F JEFOUJEBE QFSTPOBM
EF VOB FTQFDJF RVF OP EFCF OPSNBUJ
WBNFOUFIBCMBOEP EFKBSTFBWBTBMMBSQPS
MPTHVTUPTHFOUJDPTEFTVTQSPHFOJUPSFT
OJSPNQFSJEFOUJUBSJBNFOUFDPOMBMOFB
HFOUJDB EF MBT HFOFSBDJPOFT QSFDFEFO
UFT MJCSBOEPMBFVHFOFTJBBMNFSDBEPEF
MBPGFSUBZMBEFNBOEB
%FBO)BNFS&MHFOEF%JPT-BFT
GFSBEFMPTMJCSPT QQ
{1PSRVMBFTQJSJUVBMJEBEFTVOBGVFS[B
UBOQPEFSPTBZVOJWFSTBM {1PSRVUBOUB
HFOUF DSFF FO DPTBT RVF OP QVFEF WFS
PMFS TBCPSFBS PS P UPDBS &M HFOFUJTUB
%FBO)BNFS TPTUJFOFRVFMBSFTQVFTUB
FTUFOOVFTUSPTHFOFTZRVFMBFTQJSJUVB
MJEBEFTVOBEFOVFTUSBTIFSFODJBTCTJ
DBT VOJOTUJOUPRVFOPTQSPQPSDJPOBVO
TFOUJEP EF MB WJEB Z WBMPS QBSB TVQFSBS
EJmDVMUBEFT Z QSEJEBT "EFNT UBN
CJO JODSFNFOUB OVFTUSBT QSPCBCJMJEB
EFT EF TVQFSWJWFODJB SFQSPEVDUJWB QPS
RVF BZVEB B SFEVDJS FM FTUST QSFWJFOF
FOGFSNFEBEFT Z BVNFOUB MB FTQFSBO[B
EFWJEB
#BTOEPTFFOMPTMUJNPTEFTDVCSJNJFO
UPT FO HFOUJDB EFM DPNQPSUBNJFOUP Z
FOOFVSPCJPMPHB FMBVUPSIBBOBMJ[BEP
MB DPNQPTJDJO HFOUJDB EF VOPT NJM
JOEJWJEVPT EF EJGFSFOUFT FEBEFT Z DPO
UFYUPTTPDJBMFTZIBDPNQBSBEPNVFTUSBT
EF TVT "%/ DPO VOB FTDBMB RVF NJEF
MB FTQJSJUVBMJEBE DPOTJHVJFOEP JEFO
UJmDBS VO iHFO EF %JPTw FTQFDmDP oFM
7."5oRVFEFNVFTUSBDNPTUBTF
NBOJmFTUBFOFMDFSFCSP
&O MB FTUFMB EF MB DJFODJB EJWVMHBUJWB
i&M HFO EF %JPTw FT VOB JOWFTUJHBDJO
QSPGVOEB QFSP BDDFTJCMF RVF OPT MMFWB
BDBNCJBSMBGPSNBEFQFOTBSBDFSDBEF
OPTPUSPTNJTNPT EFOVFTUSPNVOEPZ
EFOVFTUSBDVMUVSB&TDSJUPDPOPCKFUJWJ
EBE OPCVTDBDPOmSNBSMBFYJTUFODJBP
MBJOFYJTUFODJBEF%JPT TJOPUFOEFSVO
QVFOUFFOUSFMBSFMJHJOZMBDJFODJB
&ODVBMRVJFSDBTP FMBVUPSBEWJFSUFEF
USFT iMJNJUBDJPOFT JNQPSUBOUFTw EF TV
MJCSP RVF OP FT VOB FYQMJDBDJO UPUBM
EFMBFTQJSJUVBMJEBERVFMBJOWFTUJHBDJO
TPCSFFMDPNQPSUBNJFOUPHFOUJDPTPMB
NFOUFQVFEFFYQMJDBSEJGFSFODJBTJOEJWJ
EVBMFT OPDBSBDUFSTUJDBTHFOFSBMFTEFMB
FTQFDJFZRVFTUFFTVOMJCSPTPCSFMP
RVFMPTIVNBOPTDSFFO OPTPCSFTJFTBT
DSFFODJBTTPOWFSEBE
)BNFSFTEPDUPSBEPQPSMB6OJWFSTJEBE
EF )BSWBSE IB TJEP HBMBSEPOBEP DPO
OVNFSPTPT QSFNJPT FOUSF MPT RVF EFT
UBDBFM"SJFOT,BQQFST"XBSEGPS/FV
SPCJPMPHZ
+PIO)BSSJT4VQFSNOZMB.VKFS
.BSBWJMMPTB -BT EJNFOTJPOFT UJ
DBT EF MB CJPUFDOPMPHB IVNBOB
5FDOPT .BESJE QQ
{%FCFNPT JOUSPEVDJS DBNCJPT FO MPT
TFSFTIVNBOPTNFEJBOUFJOHFOJFSBHF
OUJDB {%FCFNPT VTBS FM PSHBOJTNP
IVNBOPDPNPCBODPEFDMVMBTVSHB
OPTQBSBQSPQPSDJPOBSiSFQVFTUPTw {&T
JOKVTUPDPNQSBSPWFOEFSUFKJEPTIVNB
OPT {%FCFNPTFYQFSJNFOUBSTPCSFFN
CSJPOFT IVNBOPT P OJPT &TUBNPT BM
CPSEFEFVOBSFWPMVDJOEFMBCJPMPHB
NPMFDVMBS RVF OPT EBS VOB DBQBDJEBE
TJOQSFDFEFOUFTEFEFTWJBSZDPOUSPMBSMB
FWPMVDJOIVNBOB+PIO)BSSJT QSPGF
TPS EF 'JMPTPGB "QMJDBEB FO FM $FOUSP
EFUJDBZ1PMUJDB4PDJBMEFMB6OJWFS
TJEBEEF.BODIFTUFS BSHVZFRVFMBEF
DJTJORVFUFOFNPTBOUFOPTPUSPTOPFT
MBEFVTBSPOPFTUFQPEFS TJOPDNPZ
FO RV NFEJEB &M BVUPS TJHVF MBT UFP
SBTEF8BSOPDLFOUPSOPBMBJEFOUJEBE
EFMFNCSJOIVNBOP ZSFQJUFBMHVOPT
BSHVNFOUPTZBCBTUBOUFTVQFSBEPTFOMB
EJTDVTJOCJPUJDBiOPUFOFNPTNPUJWP
BMHVOP QBSB QFOTBS RVF FM FNCSJO OJ
UBO TJRVJFSB FM GFUP BMDBO[B VOB DPOTJ
EFSBDJO NPSBM DPNQBSBCMF B MB EF MPT
BEVMUPTFOOJOHVOBGBTFEFTVTUSFTUSJ
NFTUSFTEFHFTUBDJO%JmFSFEFPUSBT
DSJBUVSBT oEF FTP QPEFNPT FTUBS TFHV
SPToFOTVQFSUFOFODJBBMBFTQFDJFIV
NBOBZFOTVQPUFODJBMEFEFTBSSPMMBSTF
IBTUB MB NBEVSF[ IVNBOB 1FSP B FTUF
SFTQFDUP OP TF EJGFSFODJB EFM WVMP OP
GFDVOEBEP OJ EFM FTQFSNBUP[PJEFw %F
FTUB GPSNB OP FYJTUFO SB[POFT NPSBMFT
JNQFSJPTBTRVFQVFEBOJNQFEJSMBJOWFT
UJHBDJO DPO FNCSJPOFT Z UPEP FM RVF
RVJFSBQSPIJCJSMBFToTFHOMBQPTJDJO
FYDMVZFOUF Z VUJMJUBSJTUB EFM BVUPSo QPS
TFOUJNJFOUPPQPSBMHVOBimDUJDJBPSEFO
SFMJHJPTBw
.BF8BO)P*OHFOJFSBHFOUJDB
{TVFPPQFTBEJMMB (FEJTB #BSDFMP
OB QQ
.BF8BO)PFTQSPGFTPSBEF#JPMPHB
EFMB0QFO6OJWFSTJUZZNJFNCSPEFMB
/BUJPOBM (FOFUJDT 'PVOEBUJPO EF &T
UBEPT6OJEPT%FTEFFTDPOTFKFSB
DJFOUmDBEFMB3FEEFM5FSDFS.VOEP
TPCSFCJPUFDOPMPHBEFMBJOHFOJFSBHF
OUJDB Z TFHVSJEBE CJPMHJDB "RV FY
QPOF MPT QSPDFTPT DJFOUmDPT RVF FTUO
FOMBCBTFEFUFDOPMPHBEFMBJOHFOJFSB
HFOUJDBZBQPZBTVTTFSJBTBEWFSUFODJBT

FOTVQSPQJBFYQFSJFODJBDPNPJOWFTUJ
HBEPSBFOHFOUJDBZEPDFOUF&YBNJOB
MBTDPOTFDVFODJBTTPDJBMFTZQPMUJDBTEF
MB OUJNB DPNQMJDJEBE EF MB JOHFOJFSB
HFOUJDB DPO MBT HSBOEFT DPSQPSBDJPOFT
DPNFSDJBMFT ZTFBMBMPTTFSJPTQFMJHSPT
RVFFTUPUJFOF&TVSHFOUFEFUFOFSMBDP
NFSDJBMJ[BDJOZSFBMJ[BSJOWFTUJHBDJPOFT
QCMJDBT JOEFQFOEJFOUFT QBSB SFBMJ[BS
VOB QSDUJDB DJFOUmDB UJDB Z QSFWFS
CJFOTVTFGFDUPT
#FSUSBOE+PSEBO0T*NQPTUPSFTEB
(FOUJDB%FSSBNBS -JTCPB
1BSB FM BVUPS CJMPHP NPMFDVMBS EFM
$/34GSBODT MBFWPMVDJOVMUSBMJCFSBM
EF OVFTUSB TPDJFEBE IB QSPEVDJEP VO
HSBOONFSPEFUFPSBTRVFBUSJCVZFOFM
EFTUJOPEFMBTQFSTPOBTBMPTHFOFTNT
RVF B MB FEVDBDJO FM BNCJFOUF P MBT
DPOEJDJPOFTTPDJBMFT QBSBQSPQPSDJPOBS
BTVOBKVTUJmDBDJOCJPMHJDBBMBFYJT
UFODJBEFMBEFTJHVBMEBETPDJBM&OFTUB
PCSB DSJUJDB FM EJTDVSTP NFEJUJDP RVF
IBCMB EFM EFTDVCSJNJFOUP EFM HFO EF
MBIPNPTFYVBMJEBE FMEFMBMDPIPMJTNP
FMEFMBIJQFSBDUJWJEBEJOGBOUJM FUDVO
VTPEFMBHFOUJDBRVFFT QBSBFMBVUPS
FSSOFP Z QFMJHSPTP 1SFUFOEF NPTUSBS
RVFMBFYBHFSBDJOEFMQBQFMEFMPTHF
OFT RVF EJGVOEFO BDUVBMNFOUF DJFSUPT
NFEJPT FT VOB EPDUSJOB GBMTB CBTBEB
FO VOB TJNQMJmDBDJO JODPSSFDUB EF MBT
MUJNBTJOWFTUJHBDJPOFTFOFMDBNQPEF
MBHFOUJDB-BPCSBTFJOJDJBDSJUJDBOEP
FM MMBNBEP iHFO EF MB DSJNJOBMJEBEw Z
QSPTJHVF DPO DSUJDBT FO DVFTUJPOFT UBO
DPNQMFKBT DPNP MBT BmSNBDJPOFT TPCSF
FMDBSDUFSIFSFEJUBSJPEFMBJOUFMJHFODJB
MBFTRVJ[PGSFOJBPMBIPNPTFYVBMJEBE
+VBO 3BNO -BDBEFOB (FOUJDB Z

#JPUJDB 6OJWFSTJEBE 1POUJmDJB EF
CBP QQ
&MBVUPSFTDBUFESUJDPZEJSFDUPSEFM%F
QBSUBNFOUPEF(FOUJDBEFMB'BDVMUBE
EF#JPMPHBEFMB6OJWFSTJEBE$PNQMV
UFOTFEF.BESJEEFTEFZIBFTDSJUP
OVNFSPTPTMJCSPTTPCSFUFNBTEFHFOUJ
DBZCJPUJDB$POFMUUVMP BQBSFDFFO
QSJNFSMVHBSMBHFOUJDB QBSBIBDFSIJO
DBQJFOFMQMBOUFBNJFOUPDJFOUmDPEF
MPT EJWFSTPT UFNBT USBUBEPT QBSB IBDFS
EFTQVTSFGFSFODJBBTVTQPTJCMFTDPOTF
DVFODJBTUJDBT/PUSBUBFOQSJNFSMVHBS
EFMPTGVOEBNFOUPTEFMB#JPUJDBQBSB
BQMJDBSMPT B MB (FOUJDB TJOP BM SFWT
QFSPDPOVOBWJTJOJOUFSEJTDJQMJOBS RVF
BCBSDBUBOUPBMPTQSPCMFNBTSFMBDJPOB
EPTDPOFMTFSIVNBOP FMFNCSJOIV
NBOP MBSFQSPEVDDJOBTJTUJEB MBDMPOB
DJO MBTFYVBMJEBE FMQSPZFDUPHFOPNB
IVNBOP MBUFSBQJBHOJDB MBEFmDJFODJB
NFOUBM FMBTFTPSBNJFOUPHFOUJDP MBHF
OUJDBGPSFOTF
DPNPBMBTQMBOUBT MPT
BOJNBMFTZFMNFEJPBNCJFOUF QMBOUBTZ
BMJNFOUPTUSBOTHOJDPT BOJNBMFTUSBOT
HOJDPT NVUBHOFTJT

%PNJOJRVF-FDPVSU)VNBOP1PT
IVNBOP &EJDJPOFT -JTCPB
QQ
-BBUSBDDJOQPSMPEFTDPOPDJEPQBSFDF
IBCFSDFEJEPFMMVHBSBMNJFEPBRVFIBZB
BMHPRVFOPDPOP[DBNPT&MGBOUBTNBEF
VOCFCDMPOBEPDPODFOUSMBBUFODJO
EF UPEPT MPT NFEJPT EFM QMBOFUB iDSJ
NFODPOUSBMBIVNBOJEBEwPiDPOUSBMB
FTQFDJFIVNBOBw%JDFOBMHVOPT0USPT
DPNFOUBORVFFTOFDFTBSJPZVSHFOUFMF
HJTMBS0USPTTFQSFHVOUBOTJFMFNCSJO
IVNBOPFTTBHSBEP&TUBCJFSUPoTFHO
FMBVUPSoFMQSPDFTPFODPOUSBEFMBUD
OJDB QPSIBCFSTFBQSPQJBEPEFMBWJEB
1BSFDFRVFTPOMPTQSPQJPTNEJDPTZMPT
JOWFTUJHBEPSFToQVOUBEPTDPOFMEFEPo
MPTRVFFTUOSFWPMVDJPOBOEPMBQSPQJB
OBUVSBMF[B IVNBOB BM SFWPMVDJPOBS MB
QSPDSFBDJO MB TFYVBMJEBE FM FOWFKFDJ
NJFOUPPMBNVFSUF
+PT3-F[BNB"OUSPQPMPHB #JP
UJDBF*OHFOJFSB(FOUJDB"OMJ
TJTTPCSFBMHVOPTEFMPTQSFTVQVFT
UPT BOUSPQPMHJDPT EF MB #JPUJDB
6OJWFSTJEBE $BUMJDB "OEST #FMMP
$BSBDBT QQ
4FBOBMJ[BFOFTUFMJCSPFMQPSRVEFMB
JOHFOJFSBHFOUJDBZMBOFDFTJEBEEFVO
DPODFQUPBOUSPQPMHJDPEFMIPNCSF&M
iIPNPGVUVSVTwEFMB#JPMPHB GSFOUFBM
IPNCSFDPNPEVFPEFTVGVUVSPEFMB
UFPMPHB DSJTUJBOB "OBMJ[B FM DBTP DPO
DSFUPEF)BOT+POBT FOFMRVFCBTBQBSUF
EFTVQSPQVFTUBTPCSFMBSFTQPOTBCJMJEBE
UJDBBOUFMBJOHFOJFSBHFOUJDB
.OJDB -QF[ #BSBIPOB 4BMWBEPS

"OUVBOP -B DMPOBDJO IVNBOB
"SJFM QQ
-PT BWBODFT FO MB NFEJDJOB Z MB BQBSJ
DJO QPS DMPOBDJO EF MB PWFKB %PMMZ
QMBOUFBOMBEVEBEFTJFTUBUDOJDBQVF
EF TFS FNQMFB DPO YJUP FO MB DSFBDJO
EF VO TFS IVNBOP .OJDB -QF[ #B
SBIPOB EPDUPSBFO$JFODJBT2VNJDBTZ
EJSFDUPSBEFMBDUFESBEF#JPUJDBEFMB
6OJWFSTJEBE'SBODJTDPEF7JUPSJB Z4BM
WBEPS"OUVBOP"MFB EPDUPSFO'JMPTP
GBQPSMB6OJWFSTJEBEEFMB#BSDFMPOB
EFTHSBOBOFOVOMJCSPMBTDVFTUJPOFTNT
JNQPSUBOUFTRVFBGFDUBOBMBDMPOBDJO
EFTFSFTIVNBOPT
-PTBVUPSFTBCPSEBOFTUFQSPCMFNBEFT
EFFMQVOUPEFWJTUBCJPMHJDP NFEJBOUF
FMFTUVEJPEFMFNCSJOIVNBOPZEFMPT
UJQPTEFDMVMBTNBESF"USBWTEFVOB
WJTJOmMPTmDB TFQMBOUFBOMPTQSPCMF
NBTUJDPTEFMBVUJMJ[BDJOEFFTUBUD
OJDBFOFMIPNCSF QBSUJFOEPEFMBDPO
DFQDJOEFMBQFSTPOBZEFTJFMFNCSJO
EFCFTFSPOPDPOTJEFSBEPDPNPVOTFS
IVNBOP1PSMUJNP MPTBTQFDUPTMFHB
MFTSFnFKBODVMFTMBTJUVBDJOBDUVBMFO
&TUBEPT6OJEPT FOMB6OJO&VSPQFBZ
FOOVFTUSPQBT
-BmOBMJEBEEFMBPCSBFT TFHOTVTBV
UPSFT iQMBOUFBS EF VO NPEP PCKFUJWP
Z SFGSFOEBEP QPS MPT EBUPT FNQSJDPT
RVFTMBDMPOBDJOZFMFNCSJOIVNB
OPw-BWJTJOCJPUJDBEFMBDMPOBDJO
IVNBOBZVOSFTVNFOEFMBTBDUJUVEFT
EFMBTSFMJHJPOFTNBZPSJUBSJBTGSFOUFBMB
QPTJCJMJEBEEFEPOBSJOEJWJEVPTEFMBFT
QFDJFIVNBOBUBNCJOUJFOFODBCJEBFO
FTUBDPNQMFUBPCSB
'MPSFODJB-VOB &EVBSEP3JWFSB-
QF[ $PNQ
UJDB Z HFOUJDB -PT
QSPCMFNBT NPSBMFT EF MB HFOUJDB
IVNBOB $BUMPHPT #VFOPT "JSFT
QQ
&TUF MJCSP SFOF MPT SFTVMUBEPT EF USFT
BPT EF MBCPS DPOKVOUB EF VO HSVQP
EFJOWFTUJHBDJOTPCSFUJDBZHFOUJDB
-BT EJTDVTJPOFT Z EFCBUFT NFKPSBSPO
MBTBQPSUBDJPOFTEFDBEBVOP UBOUPFO

UPSOP B MPT BTQFDUPT UJDPT Z KVSEJDPT

DPNPBMPTBTQFDUPTDJFOUmDPTZNEJ
DPT 4F BOBMJ[B DNP FTU ZB BGFDUBOEP
MBHFOUJDBIVNBOBBOVFTUSBTPDJFEBE
FOBMHVOBTEFTVTJOTUJUVDJPOFTCTJDBT
MBNFEJDJOB MBSFQSPEVDDJO FMUSBCBKP
&MSFUPFTQPEFSDPOUFTUBSBMBQSFHVO
UB EF TJ OVFTUSB QSPQJB TPDJFEBE QVFEF
UPSOBSTFNTJOKVTUBDPNPDPOTFDVFODJB
EFMBUFDOPMPHBHFOUJDB ZDVMFTWBOB
TFSMPTMNJUFTUJDPTQBSBBQMJDBSUFSBQJBT
HFOUJDBT RVFQVFEFOBGFDUBSOPTMPBM
QBDJFOUFTJOPBTVEFTDFOEFODJB
"NFMJB .BSUO 6SBOHB -B QSPUFD

DJO KVSEJDB EF MBT JOOPWBDJPOFT
CJPUFDOPMHJDBT &TQFDJBM DPOTJ
EFSBDJO EF TV QSPUFDDJO QFOBM
$UFESBEF%FSFDIPZ(FOPNB)V
NBOPZ&EJUPSJBM$PNBSFT 4-#JM
CBP(SBOBEB QQ
"NFMJB .BSUO FT EPDUPSB FO %FSFDIP
QPS MB 6OJWFSTJEBE /BDJPOBM EF &EV
DBDJO B %JTUBODJB 6/&%
EPOEF FT
QSPGFTPSB EF %FSFDIP QFOBM )J[P TV
MJDFODJBUVSBFOMB6OJWFSTJEBEEF%FVT
UPZQBSUJDJQDPNPJOWFTUJHBEPSBFOMB
$UFESB EF %FSFDIP Z (FOPNB %BEB
MBJNQPSUBODJBDBEBWF[NBZPSRVFFTUO
BERVJSJFOEP MBT JOOPWBDJPOFT CJPUFD
OPMHJDBT FO VO ONFSP DPOTJEFSBCMF
EFBDUJWJEBEFTJOEVTUSJBMFT MBBVUPSBTF
DVFTUJPOB TJMPT JOTUSVNFOUPT KVSEJDPT
USBEJDJPOBMFTQBSBMBQSPUFDDJOEFDSFB
DJPOFTFJOWFODJPOFT DPNPTPOMBQSP
QJFEBE JOUFMFDUVBM FM TFDSFUP JOEVTUSJBM
ZMBQBUFOUF PGSFDFOVONBSDPKVSEJDP
BEFDVBEP FO FM RVF FTUBT JOOPWBDJPOFT
TF FODVFOUSFO FmDB[NFOUF QSPUFHJEBT
EFTEF MB GBTF EF JOWFTUJHBDJO IBTUB MB
EF BQMJDBDJO JOEVTUSJBM "EFNT TF

BBEFO MPT SJFTHPT RVF QVFEF QMBOUFBS
MBCJPUFDOPMPHBNPEFSOBZRVFQVEJF
SBOQMBOUFBSMBOFDFTJEBEEFSFDVSSJSBM
%FSFDIP QFOBM QBSB EBS VOB SFTQVFTUB
KVSEJDBBEFDVBEB
'FEFSJDP .BZPS ;BSBHP[B $BSMPT

"MPOTP#FEBUF $PPSET
(FOUJDB
"SJFM #BSDFMPOB QQ
&TUBPCSB DPPSEJOBEBQPS'FEFSJDP.B
ZPS ;BSBHP[B Z $BSMPT "MPOTP #FEBUF
BCPSEB DVFTUJPOFT EF UBOUB BDUVBMJEBE
DPNPFMFTUBUVUPUJDPEFMFNCSJOIV
NBOP MBT DMVMBT USPODBMFT OFVSBMFT EF
PSJHFOIVNBOP DPOUFNQMBOEPMBJOWFT
UJHBDJOCTJDB MBBQMJDBEBZMBTQFSTQFD
UJWBT UFSBQVUJDBT MB JOEJWJEVBMJ[BDJO
ZMBNJTNJEBEHFOUJDBFOFMEFTBSSPMMP
IVNBOP4FUSBUBEFVOMJCSPJOEJTQFO
TBCMF QBSB FM NFKPS FOUFOEJNJFOUP EF
MBT BQMJDBDJPOFT HFOUJDBT EFTEF MB UJ
DB MB mMPTPGB MB SFMJHJO MB DJFODJB Z
FM%FSFDIP&MQSMPHPZFMFQMPHPEF
'FEFSJDP .BZPS ;BSBHP[B DPO BNQMJB
FYQFSJFODJBDPNPDJFOUmDPZFYoEJSFD
UPS HFOFSBM EF MB 6/&4$0 BEFOUSBO
SQJEBNFOUF BM MFDUPS FO MPT PCKFUJWPT
EFBQPSUBSMV[TPCSFFMHSBOJOUFSSPHBO
UFEFMBHFOUJDB&MSFTUPEFMPTBVUPSFT
BOBMJ[BOMBTQFSTQFDUJWBTUFSBQVUJDBT MB
JOEJWJEVBMJEBE EFM EFTBSSPMMP IVNBOP
MBJOHFOJFSBDFMVMBSZUJTVMBS ZMBCJPJO
GPSNUJDB -B EJHOJEBE MBT JNQMJDBDJP
OFT UJDP KVSEJDBT EF MBT QBUFOUFT CJP
UFDOPMHJDBT MBJOUJNJEBE FMQSPUFDDJO
EFEBUPTHFOUJDPT ZMBEJNFOTJOTPDJBM
EFMBCJPUFDOPMPHB TPOPUSPTUFNBTTP
NFUJEPTBFTUVEJP&MBOFYPmOBMJODMVZF
MB%FDMBSBDJO6OJWFSTBMTPCSFFM(FOP
NB)VNBOPZMPT%FSFDIPT)VNBOPT
BQSPCBEB QPS MB $POGFSFODJB (FOFSBM
EFMB6/&4$0FMEFOPWJFNCSFEF
&M MJCSP SFDPHF MBT BQPSUBDJPOFT
EF +BWJFS 4ODIF[ $BSP +FTT 4ODIF[
$BSP %JFHP (SBDJB "MCFSUP .BSU
OF[o4FSSBOP #FBUSJ[ /BWBSSP $BSMPT
#VFOP ' +BWJFS 3VCJP *TBCFM -JTUF
"OB 7JMMB "MGPOTP 7BMFODJB :PMBOEB
(NF[4ODIF[ .BSB$BTBEP Z$BS
MPT.3PNFP$BTBCPOB FOUSFPUSPT
"OOF .D-BSFO $MPOBDJO &EJUP

SJBM $PNQMVUFOTF .BESJE
QQ
$MPOBDJO{RVJOUJFOFEFSFDIPBIBDFS
RVZBRVJO -BIJTUPSJBEFMBDMPOB
DJO-BDMPOBDJOEF%PMMZ$NPQP
ESB DBNCJBS OVFTUSB WJEB MB DMPOBDJO
IVNBOBDPOmOFTSFQSPEVDUJWPT{&TMB
DMPOBDJOIVNBOBBMHPJOUSOTJDBNFOUF
NBMP -BDMPOBDJOUFSBQVUJDBZFMFTUB
UVTEFMFNCSJOUJDB NPSBMZSFMJHJO
3FTQVFTUBTMFHBMFT-BQPTUVSBEFM$PO
TFKPEF&VSPQB{)BDJBVOBQSPIJCJDJO
NVOEJBMEFMBDMPOBDJOIVNBOB
&VHFOJP.PZB$SUJDBEFMBSB[O
UFDOPDJFOUmDB #JCMJPUFDB /VFWB
.BESJE QQ
&MBVUPSFTQSPGFTPSEFMB6OJWFSTJEBEEF
.VSDJB&OFTUFMJCSPUSB[BVOPSJHJOBM
BOMJTJTEFMQSPGVOEPZEFDJTJWPJNQBD
UPEFMEFTBSSPMMPUFDOPDJFOUmDPTPCSFMB
TPDJFEBE DPOUFNQPSOFB 3FDPOTUSVZF
EFTEFVOBQFSTQFDUJWBDSUJDB DVFTUJPOFT
EFWJUBMJNQPSUBODJBQBSBFMIPNCSFBD
UVBMDPNPMBUSBOTOBDJPOBMJ[BDJOEFMB
DJFODJB MPTQSPCMFNBTUJDPTEFMBCJP
UFDOPMPHB FM DPOUSPM FDPONJDP EF MB
UFDOPDJFODJBPMBDPOWFSTJOEFMBDJFO
DJBFOVOBi/VFWB*HMFTJB6OJWFSTBMw
3FCFDB .VMFS (FOFT DMPOFT Z TP

DJFEBE %JMFNBT CJPUJDPT "JRVF
(SVQP &EJUPS 4" #VFOPT "JSFT
QQ
-B BVUPSB FT MJDFODJBEB FO 2VNJDB
IB DPPSEJOBEP FRVJQPT EPDFOUFT FO FM
.JOJTUFSJP EF &EVDBDJO EF "SHFOUJOB
Z IB TJEP DPPSEJOBEPSB Z EPDFOUF EF
#JPUFDOPMPHB FO FM *OTUJUVUP 5FDOPM
HJDP0350GSFDFFOFTUFMJCSPVOBJO
GPSNBDJOSJHVSPTBZBMBWF[BTFRVJCMF
TPCSF MPT EFTDVCSJNJFOUPT DJFOUmDPT Z
MPTBWBODFTUFDOPMHJDPTRVFDPOmHVSBO
MB iSFWPMVDJO CJPMHJDBw Z TV JNQBDUP
FOMBWJEBEFMBTQFSTPOBTZMBTTPDJFEB
EFT&TUBiOVFWBCJPMPHBwOPTFOGSFOUB
DPOEJMFNBTCJPUJDPTGSFOUFBMPDVBMFT
EFCFNPT UPNBS OVFTUSBT EFDJTJPOFT FO
UPSOP B MB HFOUJDB BQMJDBEB B MPT TFSFT
IVNBOPT Z UBNCJO B MPT BOJNBMFT Z
QMBOUBTZBMNFEJPBNCJFOUFOBUVSBM-B
JOHFOJFSBHFOUJDBUSBFDPOTJHPQSPCMF
NBTOVFWPTZTPMVDJPOFTUBNCJOOVF
WBT RVFFTOFDFTBSJPDPOPDFSZBOBMJ[BS
EFTEFMBUJDB
&NJMJP.VP[#JPUFDOPMPHBZTP
DJFEBE &ODVFOUSPT Z EFTFODVFO
USPT*OTUJUVUPEF'PNFOUP4BOJUBSJP
.BESJE
-BTDPOTFDVFODJBTFDPONJDBTZTPDJBMFT
EFMBWBODFCJPUFDOPMHJDPTPOJNQSFEF
DJCMFTQFSPQVFEFOTFSFODBV[BEBTQBSB
RVFMBJOWFTUJHBDJODJFOUmDBTJSWBFOMB
NBZPS NFEJEB QPTJCMF BM CJFO DPNO
&O FTUB PCSB TF JOUSPEVDF BM MFDUPS FO
MPT GVOEBNFOUPT DJFOUmDPUDOJDPT EF

MBCJPUFDOPMPHBQBSBIBDFSMFDPNQSFO
EFSRVF BQFTBSEFMPRVFBQSJNFSBWJTUB
QVEJFSBQBSFDFS OPTFUSBUBEFVOBDJFO
DJBOVFWBQVFTUPRVFZBEFTEFUJFNQPT
JONFNPSJBMFTFMTFSIVNBOPIBUSBUBEP
EFVUJMJ[BSMBDBQBDJEBEEFMPTNJDSPPS
HBOJTNPTDPOEJWFSTBTVUJMJEBEFT DPNP
QPSFKFNQMPMBUSBOTGPSNBDJOZDPOTFS
WBDJOEFMPTBMJNFOUPT/PPCTUBOUF MB
CJPUFDOPMPHB NPEFSOB BQPSUB QPTJCMFT
VUJMJ[BDJPOFTFOFMDBNQPEFMBTBMVEBO
UBPJOJNBHJOBCMFT
&O FTUF TFOUJEP |#JPUFDOPMPHB Z 4P
DJFEBE} JODMVZF VO DBQUVMP FTQFDmDP
QBSB EFTBSSPMMBS MPT OVFWPT QBSBEJHNBT
FOEJBHOTUJDPZUFSBQJBRVFBQPSUBFOMB
BDUVBMJEBEMBCJPUFDOPMPHB DPOFTQFDJBM
BUFODJO B MBT VUJMJEBEFT FO NBUFSJB EF
USBUBNJFOUPEFFOGFSNFEBEFTDPNVOFT
FOFMDBNQPEFMHFOPNBZFMEJBHOTUJDP
HFOUJDP ZMBUFSBQJBHOJDB5PEPFMMP
DPOFYQPTJDJOEFMBTJNQMJDBDJPOFTQP
MUJDBT TPDJBMFTZFDPONJDBTEFMBBQMJ
DBDJOEFUDOJDBTBVUOUJDBNFOUFSFWP
MVDJPOBSJBTZDPODPOTFDVFODJBTUJDBTB
NFOVEPDPOUSPWFSUJEBT
1JMBS /JDPMT +JNOF[ -B QSPUFD

DJOKVSEJDBEFMPTEBUPTHFOUJDPT
EFDBSDUFSQFSTPOBM%FSFDIPZ(F
OPNB)VNBOP $PNBSFT
-BPCUFODJOZVUJMJ[BDJOEFMPTEBUPT
HFOUJDPT QFSTPOBMFT FT DBEB WF[ NT
GSFDVFOUFFOFMNCJUPCJPNEJDP UBO
UP DPOmOFT EF JOWFTUJHBDJO DJFOUmDB
DPNPEFEJBHOTUJDPDMOJDP-BQSFPDV
QBDJO QPS MBT JNQMJDBDJPOFT KVSEJDBT
EFFTUBTQSDUJDBTFTVOBDPOTUBOUFRVF
BDPNQBB B MPT QSPZFDUPT NT JNQPS
UBOUFTFOFTUBNBUFSJB
1BSB MB EJGVTJO EF MB DJFODJB FO DPO

DSFUPEFMBHFOUJDBNPMFDVMBS ZEFMPT
CFOFmDJPT EF TV EFTBSSPMMP FT QSFDJTP
BWBO[BS FO MB EFmOJDJO Z DPODSFDJO
EFMPTEFSFDIPTEFMPTJOEJWJEVPTFOFTUF
NCJUP EFNBOFSBRVFMBDPOmBO[BFO
FMSFTQFUPBMBTQSPQJBTEFDJTJPOFTTFBMB
CBTF B QBSUJS EF MB DVBM TF EFTFOWVFMWB
VOB OVFWB DPODFQDJO EF MB NFEJDJOB
RVFNFKPSFFOMUJNBJOTUBODJBMBTDPO
EJDJPOFTEFWJEBEFMPTJOEJWJEVPT
&TFTUBQVCMJDBDJOTFTJTUFNBUJ[BFMS
HJNFOEFMPTEFSFDIPTJNQMJDBEPTFOFM
USBUBNJFOUPEFEBUPTHFOUJDPT TFFYQP
OFOMPTDPOnJDUPTRVFQVFEFOTVSHJSFO
FTUFQSPDFTPZTFQSPQPOFOTPMVDJPOFTB
MPTNJTNPT&MSFTQFUPBMBQSJNBDBEFM
TFS IVNBOP B MB WF[ RVF MB OFDFTJEBE
EFDPODJMJBSFTUFQSJODJQJPDPOPUSPTJO
UFSFTFT FTFMFKFBMSFEFEPSEFMDVBMHJSB
FM DPOUFOJEP EF FTUB PCSB #JPUJDB

%BWJE ' /PCMF -B SFMJHJO EF MB

UFDOPMPHB-BEJWJOJEBEEFMIPN
CSFZFMFTQSJUVEFJOWFODJO1BJ
ET #BSDFMPOB QQ
&M BVUPS FT QSPGFTPS EF )JTUPSJB EF MB
:PSL6OJWFSTJUZEF5PSPOUPZEFM)BS
WFZ.VEE$PMMFHFFO$MBSFNPOU $B
MJGPSOJB
&TUF MJCSP JOOPWBEPS OP TMP
OJFHB RVF MB UFDOPMPHB Z MB SFMJHJO
TFOBBOUBHOJDBT TJOPRVFUBNCJOSF
WFMBMBTSBDFTSFMJHJPTBTEFMBUFDOPMPHB
PDDJEFOUBM DPO FM DPOWFODJNJFOUP EF
RVFFMBDUVBMFOUVTJBTNPUFDOPMHJDPFT
DMBSBNFOUFEFVEPSEFMBTBOUJHVBTFTQF
SBO[BT DSJTUJBOBT TPCSF BM SFDVQFSBDJO
EF MB EJWJOJEBE QFSEJEB /PCMF SFDPSSF
MB FWPMVDJO EF MB JEFB PDDJEFOUBM EF

EFTBSSPMMPUFDOPMHJDPEFTEFFMTJHMP9*
IBTUBFM99&TUBDPOWFSHFODJBFOUSFSF
MJHJO Z UFDOPMPHB B QFTBS EF UPEB TV
DPOUSJCVDJOBMCJFOFTUBSIVNBOP TFIB
DPOWFSUJEPFOMBBDUVBMJEBEFOVOBBNF
OB[BQBSBOVFTUSBTVQFSWJWFODJB QPSRVF
TFNFOPTQSFDJBOQSFDJTBNFOUFMBTSBDFT
NPSBMFT
$TBS/PNCFMB$MVMBTNBESF FO
DSVDJKBEBTCJPMHJDBTQBSBMB.FEJ
DJOB&%"'
-B JOWFTUJHBDJO DPO DMVMBT NBESF TF
IB DPOWFSUJEP FO VOP EF MPT DBNQPT
NT QSPNFUFEPSFT QBSB IBDFS SFBMJEBE
MB.FEJDJOBSFHFOFSBUJWB1FSPNVDIBT
WFDFT MBT JOGPSNBDJPOFT TF WFO DPOEJ
DJPOBEBT QPS VOB WJTJO QBSDJBM EF MBT
DVFTUJPOFTCJPUJDBTZNEJDBTRVFFTUO
FO KVFHP $TBS /PNCFMB DBUFESUJ
DPEF.JDSPCJPMPHBFOMB6OJWFSTJEBE
$PNQMVUFOTF BDBCB EF QVCMJDBS FO MB
FEJUPSJBM &EBG FM MJCSP i$MVMBT NBESF
FODSVDJKBEBTCJPMHJDBTQBSBMB.FEJDJ
OBw DPOFMmOEFEJWVMHBSMBSFBMJEBEBD
UVBMZMBTQPTJCJMJEBEFTBCJFSUBTQPSFTUBT
JOWFTUJHBDJPOFT
$TBS /PNCFMB $PPSE

1FESP
$VFWBT 7DUPS EF -PSFO[P /BUBMJB
-QF[ .PSBUBMMB 'SBODJTDP .PSB
3BGBFM1BSEP %BOJFM3BNO7JEBM
*HOBDJP 4ODIF[ $NBSB 3FUPT EF
MB TPDJFEBE CJPUFDOPMHJDB $JFO
DJBZUJDB'VOEBDJO'BFT .BESJE
QQ
-B PCSB BCPSEB DNP MB CJPUFDOPMPHB
TVQPOF OP TMP DPOPDJNJFOUP EF MPT
TFSFTWJWPTTJOPUBNCJOQPTJCJMJEBEEF
JOUFSWFOJSFOFMMPT NPEJmDBOEPTVTDB
SBDUFSTUJDBTZGVODJPOBNJFOUPEFNBOF
SBSBEJDBM/VFTUSBTPDJFEBETFFOGSFOUB
BEFDJTJPOFTQPMUJDBTRVFSFRVJFSFOVO
DPOPDJNJFOUPDMBSPEFMPTGVOEBNFOUPT
DJFOUmDPUDOJDPT Z EF TVT DPOTFDVFO
DJBTQBSBFMTFSIVNBOP
&M DBUFESUJDP Z GBSNBDVUJDP $TBS
/PNCFMB FT FM DPPSEJOBEPS EF 3FUPT
EF MB TPDJFEBE CJPUFDOPMHJDB $JFODJB
ZUJDB VOMJCSPRVFSFOFMBWJTJOEF
EJTUJOUPTFYQFSUPTTPCSFMBTQPTJCJMJEBEFT
RVFQMBOUFBBMBTPDJFEBEMBCJPUFDOPMP
HB OPTMPDPNPDPOPDJNJFOUPEFMPT
TFSFT WJWPT TJOP TV DBQBDJEBE QBSB JO
UFSWFOJSTPCSFFMMPTNPEJmDBOEPTVTDB
SBDUFSTUJDBTZTVGVODJPOBNJFOUPEFVOB
NBOFSBSBEJDBM&MMJCSPBOBMJ[BBTQFDUPT
DPNP MB CJPUFDOPMPHB DPNP FTUSBUFHJB
DJFOUmDB FM HFOPNB IVNBOP TV JN
QBDUPFOMBBMJNFOUBDJO MBNBOJQVMB
DJOHFOUJDB MBJOWFTUJHBDJOTPCSFD
MVMBTUSPODBMFTZFMQSPHSFTPDJFOUmDPFO
VOBQFSTQFDUJWBIVNBOJTUB FOUSFPUSPT
(+7/PTTBM-PTMNJUFTEFMBNB
OJQVMBDJOHFOUJDB(FEJTB FE
#BSDFMPOB QQ
&MBVUPS VOPEFMPTCJMPHPTEFSFOPN
CSF NVOEJBM NJFNCSP EFM *OTUJUVUP
8BMUFSZ&MJ[B)BMMFO.FMCPVSOF UPNB
FOTFSJPMBTQFTBEJMMBTEFMBIVNBOJEBE
ZOPTUSBTNJUFEFNBOFSBTFODJMMBMPTDP
OPDJNJFOUPTDJFOUmDPTEFMPTQSPHSFTPT
EFMBJOHFOJFSBHFOUJDB NFEJBOUFVOB
FYQPTJDJOTJNQMFZSBDJPOBM QBSBWJTVB
MJ[BSMBTQFSTQFDUJWBTEFMPTDBNCJPTRVF
TFQVFEFOFTQFSBSFOMBNBOJQVMBDJOEF
MBWJEBQPSMBJOHFOJFSBHFOUJDB

'UJNB 0MJWFJSB &OHFOIBSJB HFO

UJDB 0 TUJNP EJB EB DSJBP .P
EFSOB FE 4P1BVMP
&TDSJUPQFMBNEJDBFGFNJOJTUB'UJNB
0MJWFJSB OPVNMJWSPSFWPMVDJPOSJP
TPCSF P BTTVOUP BP DPOUSSJP 1PSN
OP EFJYB EF TFS VNB CPB MFJUVSB QBSB
RVFNEFTFKBFOUFOEFSNFMIPSBFOHFO
IBSJB HFOUJDB F UFNBT SFMBDJPOBEPT
VN MJWSP EJEUJDP RVF DPOTFHVF FN
BQFOBTQHJOBT BCPSEBSPBTTVOUP
DPN FmDJODJB EFTEF PT BTQFDUPT CJP
MHJDPT F FWPMVUJWPT BU PT SFMBUJWPT
CJPUJDB QBTTBOEP QPS QPOUPT QPMNJ
DPTJNQPSUBOUFTEBBUVBMJEBEF0MJWSP
DVNQSFTFVPCKFUJWPRVF TFHVOEPBBV
UPSB iTFS VN NBOVBM EF JOJDJBP
BMGBCFUJ[BPUFDOPDJFOUmDBFNFOHFO
IBSJBHFOUJDBw
&OUSFNVJUBTBCPSEBHFOTQPTTWFJT BBV
UPSBPQUPVQPSGB[FSBEJWVMHBPDJFO
UmDB EP UFNB EF NBOFJSB DPOUFYUVB
MJ[BEB P RVF UPSOB P VOJWFSTP UDOJDP
DJFOUmDP EB FOHFOIBSJB HFOUJDB NBJT
QSYJNP EB WJEB EPT MFJUPSFT FN HFSBM
*TTPQFSNJUFRVFBJOGPSNBPDJFOUm
DBTFKBDPNQSFFOEJEBQFMBTQFTTPBTDPN
NBJTGBDJMJEBEF DPOUSJCVJOEPQBSBNFM
IPSBS B RVBMJEBEF EBT EJTDVTTFT TPCSF
PBTTVOUP/FTTFDPOUFYUP FTTFUJQPEF
QVCMJDBPUFNHSBOEFWBMPS FYBUBNFO
UF QFMB TVB TJNQMJDJEBEF F DBQBDJEBEF
EFBUJOHJSPQCMJDP"BVUPSBGB[CFN
P QBQFM EF EJWVMHBEPSB DJFOUmDB F P
GB[ DPN B QSFPDVQBP EF BUJOHJS TFVT
PCKFUJWPT i$POTJEFSP FYUSFNBNFOUF
JOKVTUP BOUJQBUSJUJDP F QPMJUJDBNFOUF
BOUJUJDPBCPSEBSBHFOUJDBFBQSFTFOU
MBOPTTBKVWFOUVEFBQFOBTDPNPNBJT
VN UFNB EB CJPMPHJB EF NBOFJSB GSJB

EJTUBOUFEBSFBMJEBEF TFNGPSOFDFSTVC
TEJPTRVFGBWPSFBNBSFnFYPTPCSFPT
NFDBOJTNPT EF CJPQPEFS RVF FTTB SFB
EPTBCFSWFNHFSBOEPFQPEFSHFSBSw
0 MJWSP EFJYB DMBSP RVF BT RVFTUFT EB
CJPMPHJB TFNQSF UJWFSBN TJHOJmDBEPT
QPMUJDPT RVF VMUSBQBTTBN PT FYQFSJ
NFOUPTSFBMJ[BEPTOPTMBCPSBUSJPT5BJT
TJHOJmDBEPTQPMUJDPTTPUPGPSUFTRVF
OBPQJOJPEBBVUPSB KTVHFSFNBFMB
CPSBP EF VN OPWP DPODFJUP QBSB B
CJPMPHJB NPEFSOB FTTB RVF DBQB[ EF
USBOTGPSNBS B RVJNFSB FN SFBMJEBEF

&MBCPSBS VNB DPODFJUVBP SB[PWFM
DBQB[ EF FYQSFTTBS P EJOBNJTNP EFTTB
DJODJBOPTEJBTEFIPKFOPTJNQMFT
&N VN NVOEP EF CJDIPT FTRVJTJUPT
NPOTUSPTBSUJmDJBJTFBMJNFOUPTJOWFOUB
EPT PBOUJHPDPODFJUPEFCJPMPHJBUPS
OBTFPCTPMFUP
'UJNB 0MJWFJSB VTB B QPMNJDB HFSBEB
QFMB FOHFOIBSJB HFOUJDB QBSB EJTDVUJS
F FYQPS B DPNQMFYJEBEF EBT BQMJDBCJMJ
EBEFT EBT OPWBT EFTDPCFSUBT DJFOUmDBT
FUFDOPMHJDBT TBMJFOUBOEPRVFBJOGPS
NBP P DPOIFDJNFOUP F P TBCFS BP
MPOHPEBIJTUSJBQSPWBSBNFTUBSNVJUP
SFMBDJPOBEPT BP QPEFS &MB FTDSFWF RVF
BFOHFOIBSJBHFOUJDBWFN OBBUVBMJEB
EF HFSBOEP NVJUBT DPOUSPWSTJBT NBT
FYQMJDB RVF UBJT DPOUSPWSTJBT FYJTUFN
EFTEFBEDBEBEF RVBOEPBCJPFO
HFOIBSJBK FSBNBSDBEBQPSEJTDVTTFT
BOUBHOJDBT OPT NFJPT BDBENJDPT EPT
&6" F &VSPQB $PN SFMBP FOHFO
IBSJBHFOUJDB FMBDPOUBRVFBTPQJOJFT
WP EFTEF B EFGFTB JOUSBOTJHFOUF RVF
FMBEFOPNJOBEFCJPMJCFSBJT
BUBNBJT
DPNQMFUB PQPTJP RVF FMB DIBNB EF
CJPGVOEBNFOUBMJTUBT
&NDBEBVNEFT
TFT FYUSFNPT FYJTUFN BJOEB WSJBT DP
SSFOUFTEFPQJOJP
"PmOBMEPMJWSPBBVUPSBFMBCPSPVVN
HMPTTSJPDPNEJWFSTPTUFSNPTUDOJDPT
+VMJBOB4DIPCF $PNDJFODJB #SBTJM

.JRVFM 0TTFU )FSOOEF[ *OHFOJF

SB HFOUJDB Z EFSFDIPT IVNBOPT
-FHJTMBDJO Z UJDB BOUF FM SFUP EF
MPT BWBODFT CJPUFDOPMHJDPT "N
OJTUB *OUFSOBDJPOBM EF $BUBMVOZB F
*DBSJB &EJUPSJBM #BSDFMPOB
QQ
&MBVUPSFTEPDUPSFO#JPRVNJDBQPSMB
6OJWFSTJEBE "VUOPNB EF #BSDFMPOB
&OFTUFMJCSPBOBMJ[BMPTQSJODJQBMFTQSP
CMFNBTTVTDJUBEPTQPSMBTNBOJQVMBDJP
OFT F JOWFTUJHBDJPOFT HFOUJDBT BDUVBMFT
oQSPZFDUPHFOPNBIVNBOP DMPOBDJO
QBUFOUFT EF HFOFT DPOTFKP HFOUJDPo B
MBMV[EFMBEFDMBSBDJO6OJWFSTBMEFMPT
EFSFDIPT IVNBOPT Z EF TV QPTUFSJPS
QSPGVOEJ[BDJOZBDUVBMJ[BDJO
5FSFTB 1BMPNFRVF .BOVFM .BSU

OF[ 1FESP -PSJUF .BSUOF[ &EJUP
SFT
.BOJQVMBDJO HFOUJDB NF
UPEPMPHB BQMJDBDJPOFT Z CJPUJDB
6/&% +BO
-PTBVUPSFTTPOQSPGFTPSFTEFM%FQBSUB
NFOUP EF #JPMPHB &YQFSJNFOUBM EF MB
6OJWFSTJEBE EF +BO .BOJQVMBDJO FT
MB BDDJO Z FGFDUP EF NBOJQVMBS &TUF
WFSCPUJFOFWBSJPTTJHOJmDBEPT4JHOJmDB
FOQSJNFSMVHBS iPQFSBSDPOMBTNBOPT
FTQFDJBMNFOUFDJFSUBTTVTUBODJBTQBSBPC
UFOFSVOSFTVMUBEPwTJHOJmDBUBNCJOZ
FOVOTFOUJEPNTmHVSBUJWPZGBNJMJBS
iHPCFSOBSMPTBTVOUPTQSPQJPTZBKFOPTw
-B QSJNFSB BDFQDJO BVORVF JOFYBDUB
TFBDFSDBBMHPBMPRVFIPZFOUFOEFNPT
QPS NBOJQVMBDJO HFOUJDB MB TFHVOEB
DPOTVEPCMF
TFOUJEPQFZPSBUJWP TFBMFKBCBTUBOUFEFM
DPODFQUPRVFQVFEFUFOFSEFMBNJTNB
VO DJFOUmDP BDUVBM DPO VOB DJFSUB UJ
DB/PQSFUFOEFNPTJOEJDBSRVFTUBTFB
VOBBDUJWJEBEJOPDVB OJOHVOBBDUJWJEBE
IVNBOBMPFT&TOFDFTBSJPFOUPEPTMPT
DBTPT FWBMVBS MPT QPTJCMFT CFOFmDJPT Z
TJTUPTDPNQFOTBOMPTSJFTHPT NJOJNJ
[BOEPTJFNQSFFTUPTMUJNPT
' 1BQJMMPO "YFM ,BIO $MPOBHFN

FN 2VFTUP *OTUJUVUP 1JBHFU -JT
CPB
%FTEF RVF TVSHJ MB PWFKB %PMMZ MPT
DJFOUmDPT Z MPT QPMUJDPT EF MPT QBTFT
EFTBSSPMMBEPTEFCBUFOTPCSFFMGVUVSPEF
MB DMPOBDJO &O FTUB PCSB TF QSFUFOEF
QPOFSBMBMDBODFEFMHSBOQCMJDPMPTEF
TBGPT RVF QSFTFOUB FTUB QSPF[B UDOJDB
Z MBT QPTJCMFT BQMJDBDJPOFT &M QSPGFTPS
"YFM,BIOQSFTFOUBZFYQMJDBMBTSB[POFT
EFTVSFDIB[PBDVBMRVJFSFYQFSJFODJBEF
DMPOBDJOFOTFSFTIVNBOPT QBSUJFOEP
EFMBEJHOJEBEIVNBOBZEFMBEJWFSTJ
EBECJPMHJDBHBSBOUJ[BEBQPSMBNF[DMB
EFMBTJOGPSNBDJPOFTHFOUJDBT%FGPS
NBTFODJMMBZQFEBHHJDB MPTBVUPSFTOPT
PGSFDFOVOBSFnFYJOQSPGVOEBTPCSFMPT
QFMJHSPTUJDPTRVFTVQPOFMBDMPOBDJO

.BOVFM1PSSBTEFM$PSSBM#JPUFDOP
MPHB %FSFDIPZ%FSFDIPT)VNB
OPT$BKB4VS1VCMJDBDJPOFT $SEP
CB &TQBB QQ
&M BVUPS FT QSPGFTPS EF MB 'BDVMUBE EF
%FSFDIPEFMB6OJWFSTJEBEEF$SEPCB
FTQFDJBMJTUBFOUFNBTEFCJPUJDBKVSEJ
DB &O FTUB PCSB BCPSEB MPT QSPCMFNBT
KVSEJDPTRVFQMBOUFBMBSFWPMVDJOCJP
UFDOPMHJDB FO DVBOUP BM SFTQFUP B MB
EJHOJEBEIVNBOBZMPTEFSFDIPTIVNB
OPT "OBMJ[B MB MFHJTMBDJO FYJTUFOUF FO
DVBOUP B MBT UDOJDBT EF SFQSPEVDDJO
BTJTUJEBZFMTUBUVTKVSEJDPEFMFNCSJO
IVNBOP Z MPT QSPCMFNBT RVF TVTDJUB
TV BQMJDBDJO FO &TQBB 5BNCJO MPT
QSPCMFNBTKVSEJDPTEFMBJOHFOJFSBHF
OUJDB EFTEF FM EJBHOTUJDP HFOUJDP Z
MBUFSBQJBHOJDB BMBJOWFTUJHBDJOEFMB
QBUFSOJEBE
$FMVUB$BSEPTP3BNBMIP"QSPCMFN
UJDBEBTFYQFSJFODJBTHFOUJDBTFWPMV
DBP DPOnJUPTUJDPTFKVSEJDPT MJNJ
UFTNPSBJT3PEF+BOFJSP
&TUFMJCSPSFDPHFMBUFTJTQSFTFOUBEBQPS
MBBVUPSBFOMB7*$POGFSFODJB/BDJPOBM
EF MB "TPDJBDJO #SBTJMFB EF .VKFSFT
EF$BSSFSB+VSEJDB&OFMMBBOBMJ[BMPT
OVFWPT QSPCMFNBT QMBOUFBEPT QPS MPT
BWBODFTFOHFOUJDB EFTEFMBQUJDBKV
SEJDBZEFTEFMBUJDB
+FSFNZ 3JGLJO &M TJHMP EF MB #JPUFD
OPMPHB$SUJDB #BSDFMPOB
QQ
&MBVUPSEFFTUFMJCSP FMNJTNPRVFFT
DSJCJ&MmOEFMUSBCBKP OPTPGSFDFVOB
PCSB MMBNBEB B QSPWPDBS DPOUSPWFSTJBT
NVZ TVQFSJPSFT B MBT RVF TVTDJU BRVFM

MJCSPi/VFTUSBGPSNBEFWJEBoOPTEJDF
3JGLJOoWBBUSBOTGPSNBSTFNTQSPGVO
EBNFOUFFOMBTQSYJNBTEDBEBTEFMP
RVFMPIJ[PFOMPTMUJNPTNJMBPTw&O
FGFDUP MPT BMJNFOUPT TF QSPEVDJSO FO
FTQBDJPT DFSSBEPT FO VO NFEJP CBDUF
SJBOP RVF TVTUJUVJS B MB BHSJDVMUVSB MB
DMPOBDJO EF BOJNBMFT Z IBTUB EF TFSFT
IVNBOPT TFS DPTB DPUJEJBOB Z MB iSF
QMJDBDJOwTVTUJUVJSBMBSFQSPEVDDJO
EFUFSNJOBEBTQFSTPOBTQPESOEJTQPOFS
EFVOQMBOPEFUBMMBEPEFTVDEJHPHF
OUJDP RVF MFT QFSNJUJS QSPHSBNBS TV
GVUVSPZIBDFSTFGBCSJDBSSHBOPTEFSF
QVFTUPMPTIJKPTTFHFTUBSOFOUFSPTBS
UJmDJBMFTGVFSBEFMDVFSQPIVNBOP ZFO
MPT GFUPT TF QPESO JOUSPEVDJS DBNCJPT
HFOUJDPT QBSB DPSSFHJS FOGFSNFEBEFT
Z EFTBSSPMMBS iB MB DBSUBw FM DBSDUFS MB
JOUFMJHFODJBZMPTSBTHPTGTJDPTEFMOVF
WP TFS &M TJHMP EF MB CJPUFDOPMPHB FO
FMDVBMFTUBNPTFOUSBOEP OPTWBBUFO
UBSDPOVOBBNQMJBHBNBEFBMJNFOUPT
USBOTHOJDPT Z BOJNBMFT BMUFSBEPT HF
OUJDBNFOUF FTPT QBUFOUBEPTQPSMBT
HSBOEFTDPSQPSBDJPOFT
ESPHBTNBSBWJ
MMPTBTZUFSBQJBTHFOUJDBTRVF FOUFPSB
QSPEVDJSOOJPTNTTBOPT FMJNJOBSO
FMTVGSJNJFOUPZBMBSHBSOMBWJEBEFMBT
QFSTPOBT 1FSP B DBEB QBTP RVF EBNPT
IBDJBFTFOVFWPNVOEPiCJPJOEVTUSJBMw
VOBBOHVTUJPTBQSFHVOUBOPTBTBMUBi{"
RVQSFDJP w
$BSMPT 3PNFP $BTBCPOB -PT HFOFT Z
TVTMFZFT&MEFSFDIPBOUFFM(FOPNB
)VNBOP $PNBSFT (SBOBEB
QQ
-B %FDMBSBDJO 6OJWFSTBM TPCSF FM (F

OPNB)VNBOPZMPT%FSFDIPT)VNB
OPTEFMB6/&4$0ZFM$POWFOJPTPCSF
%FSFDIPT)VNBOPTZ#JPNFEJDJOBEFM
$POTFKP EF &VSPQB BNCPT BQSPCBEPT
FO QSPQPSDJPOBSPO B MB HFOUJDB
VONBSDPKVSEJDPJOUFSOBDJPOBM
-PT OVFWPT DPOnJDUPT RVF IBO BQBSF
DJEPFOMBTDJFODJBTCJPNEJDBT SFMBDJP
OBEPT DPO MB EPOBDJO FM EJBHOTUJDP
QSFJNQMBOUBUPSJP MB CJPUFDOPMPHB Z FM
"%/ IBONPUJWBEPMBBQBSJDJOEFOV
NFSPTPTUSBCBKPTTPCSFFMUFNBFOMPTM
UJNPTBPT
&TUF MJCSP FT DPNP FYQMJDB TV BVUPS
iFMGSVUPEFMBTSFnFYJPOFTRVFIBOQSP
QJDJBEPMBTOVNFSPTBTDPOGFSFODJBTQSP
OVODJBEBT MPT USBCBKPT QVCMJDBEPT Z
HSVQPTEFUSBCBKPFOMPTRVFIFQBSUJDJ
QBEPwEFTEF NPNFOUPFOFMRVF
GVF QVCMJDBEB TV NPOPHSBGB %FM (FO
BM%FSFDIP
&OFMDBQUVMPRVFUSBUBEFMBJOGPSNB
DJO HFOUJDB 3PNFP FYQMJDB RVF iMB
QSPUFDDJOEFMPTEBUPTHFOUJDPTGSFOUF
BUFSDFSPTEFCFNBOUFOFSTFJODMVTPDVBO
EP FTF UFSDFSP FT VO GBNJMJBS CJPMHJDP
EFMBGFDUBEPRVFTPMJDJUBMBJOGPSNBDJO
DPNPSFGFSFODJBOFDFTBSJBQBSBJEFOUJm
DBSMBQPTJCMFQSFTFODJB<FOFMRVFQJEFMB
JOGPSNBDJO>EFVOHFOQBUPMHJDPEFMBT
NJTNBTDBSBDUFSTUJDBTRVFFMEFTDVCJFSUP
FOFMGBNJMJBS IFSFEBEPJHVBMNFOUFEF
MPTQBESFTw1PSPUSPMBEP FOFMBQBSUB
EPSFMBUJWPBMBJOWFTUJHBDJOZMBFYQFSJ
NFOUBDJOHFOUJDB 3PNFPFYQMJDBRVF
iBVORVF TF SFDPOPDF MB MFHJUJNJEBE EF
MB JOWFTUJHBDJO DJFOUmDB Z TF QSPQVH

OBRVFTFBFmDB[NFOUFJNQVMTBEBUBOUP
QPS MPT QPEFSFT QCMJDPT DPNP QPS MB
JOJDJBUJWBQSJWBEB FTUBMJCFSUBEUJFOFTVT
MNJUFTw -B %FDMBSBDJO 6OJWFSTBM TP
CSFFM(FOPNB)VNBOPZMPT%FSFDIPT
)VNBOPT EF MB 6/&4$0 PGSFDF VO
iNBSDPPSJFOUBUJWPBNQMJPw ZBRVFQSP
DMBNBiMBMJCFSUBEEFJOWFTUJHBDJO RVF
OPQPESQSFWBMFDFSTPCSFFMSFTQFUPEF
MPTEFSFDIPTIVNBOPT EFMBTMJCFSUBEFT
GVOEBNFOUBMFTZEFMBEJHOJEBEIVNBOB
EFMPTJOEJWJEVPTw
0USPT UFNBT EF MB NPOPHSBGB TPO MB
CJPUFDOPMPHB MPTNFDBOJTNPTKVSEJDPT
EFDPOUSPMEFMBJOHFOJFSBHFOUJDBZFM
"%/
4FSHJP3PNFSP.BOEBMB*OUFSWFODJP
OFT HFOUJDBT TPCSF FM TFS IVNBOP Z
EFSFDIP QFOBM $UFESB EF %FSFDIP Z
(FOPNB)VNBOP $PNBSFT (SBOBEB

&OFTUBPCSBTFSFBMJ[BVOEFUBMMBEPFTUV
EJPEFMPTGVOEBNFOUPTFYJTUFOUFTQBSB
MBDSJNJOBMJ[BDJOEFMBTJOUFSWFODJPOFT
HFOUJDBT FTUBCMFDJFOEPVOBTQBVUBTDMB
SBTTPCSFMBGPSNBNTDPSSFDUBQBSBMB
JODSJNJOBDJOEFUBMFTDPOEVDUBT*HVBM
NFOUF TF BOBMJ[B MB MFHJTMBDJO QFOBM
SFMBUJWB B MBT JOUFSWFODJPOFT HFOUJDBT
QBSBDPNQSPCBSTJFMMFHJTMBEPSFTQBPM
IBBDUVBEPPOPEFGPSNBBEFDVBEB SFB
MJ[BOEP FODBTPDPOUSBSJP MBTPQPSUVOBT
DPOTJEFSBDJPOFTEFMFHFGFSFOEB #JPUJ
DB%FCBU *OTUJUVU#PSKBEF#JPUJDB

"MZB4BBEB %JFHP7BMBET1BOPSB

NBTPCSFMBMFHJTMBDJOFONBUFSJB
EFM HFOPNB IVNBOP FO "NSJDB
-BUJOBZFM$BSJCF6OJWFSTJEBE/B
DJPOBM"VUOPNBEF.YJDP
&MPCKFUJWPEFFTUFUSBCBKPFTFMEFQSF
TFOUBS EF NBOFSB TVNBSJB FM FTUBEP
BDUVBMEFMBSFMBDJOFOUSFFMEFSFDIPZ
EJWFSTBTFYQSFTJPOFTDJFOUmDBTZ EFNB
OFSBQBSUJDVMBS MPRVFSFTQFDUBBMHFOP
NBIVNBOP
"EFNT FT FM SFTVMUBEP EF VO USBCBKP
EF JOWFTUJHBDJO DPMFDUJWB FO EPOEF TF
SFnFKBFM&TUBEPEFMBTMFHJTMBDJPOFTOB
DJPOBMFTFODVBOUPBMHFOPNBIVNBOP
Z MPT EFSFDIPT IVNBOPT $BEB FTUVEJP
SFBMJ[BVOBCPSEBKFEFMPTUFNBTEFTB
MVE NFEJPBNCJFOUFZHFOPNBIVNBOP
FOSFMBDJODPOTVJODPSQPSBDJODPOTUJ
UVDJPOBMMBTHBSBOUBTQBSBMBJOWFTUJHB
DJO MBTFHVSJEBEZMBDPOmEFODJBMJEBE
MPT BTQFDUPT DJWJMFT QFOBMFT BENJOJT
USBUJWPT Z EF QSPQJFEBE JOUFMFDUVBM MBT
SFTPMVDJPOFT KVEJDJBMFT Z QSPQVFTUBT MF
HJTMBUJWBTFODVBOUPBMHFOPNBIVNBOP
MPTFTUVEJPTBDBENJDPTZMBCJCMJPHSBGB
TPCSFEJDIPTUFNBT #JPUJDB%FCBU

.JDIBFM 4BOEFM $POUSB MB QFS

GFDDJO -B UJDB FO MB FSB
EF MB JOHFOJFSB HFOUJDB
.BSCPU #BSDFMPOB QQ
.JDIBFM 4BOEFM QSPGFTPS FO MB 6OJ
WFSTJEBE EF )BSWBSE Z BVUPS EF &M MJ
CFSBMJTNP Z MPT MNJUFT EF MB KVTUJDJB Z
NTSFDJFOUFNFOUF 1VCMJD1IJMPTPQIZ
FYQPOF EF VOB NBOFSB EJWVMHBUJWB Z
BNFOB QFSPBMNJTNPUJFNQPSJHVSPTB
ZDPOVOHSBOTFOUJEPDSUJDP MBBNCJWB
MFODJBEFMBCJPJOHFOJFSB1PSVOMBEP
MPTBWBODFTFOFMDBNQPEFMBHFOUJDB
TVQPOFOVOBQSPNFTBFOFMTFOUJEPRVF
UJFOFOMBDBQBDJEBEEFUSBUBSZQSFWFOJS
BMHVOBT FOGFSNFEBEFT QFSP QPS PUSP
MBEP TPO UBNCJO VO QSPCMFNB EBEP
RVFFMDPOPDJNJFOUPHFOUJDP BEFNTZ
DBEBWF[NT QPESNBOJQVMBSMBOBUV
SBMF[BIVNBOB&MBVUPS QFSGFDUBNFOUF
EPDVNFOUBEP QPOF OVNFSPTPT FKFN
QMPTEFFTUBNBOJQVMBDJOMBNFKPSBV
PQUJNJ[BDJO EF MB NVTDVMBUVSB EF MB
NFNPSJB EFMIVNPTMBQPTJCJMJEBEEF
FTDPHFSFMTFYPPMBBMUVSBEFMPTIJKPT
FUD -P RVF JORVJFUB SFBMNFOUF BM QSP
GFTPSEF)BSWBSE OPFTFMVTPDVSBUJWP
PQSFWFOUJWPEFMBHFOUJDB TJOPMBCT
RVFEBEFMQSPQJPQFSGFDDJPOBNJFOUPEF
MBOBUVSBMF[BIVNBOB
$POUSB MB QFSGFDDJO FYQMPSB FTUPT Z
PUSPTEJMFNBTNPSBMFTSFMBDJPOBEPTDPO
MB CTRVFEB EF OVFTUSP QSPQJP QFSGFD
DJPOBNJFOUP.JDIBFM4BOEFMBSHVNFO
UB RVF MB CTRVFEB EF MB QFSGFDDJO FT
JNQFSGFDUBQPSSB[POFTRVFWBONTBMM
EF MB TFHVSJEBE Z EF MB FRVJEBE Z OPT
MMFWBNTBMMEFMPTGBNJMJBSFTUSNJOPT
EFM EJTDVSTP QPMUJDP QBSB NPTUSBSOPT
RVFMBSFWPMVDJOHFOUJDBUSBOTGPSNBS
FM NPEP FO RVF TF EJTDVUF TPCSF DVFT
UJPOFT UJDBT Z PCMJHBS B SFJOUSPEVDJS
MBTDVFTUJPOFTEFPSEFOFTQJSJUVBMFOFM
DFOUSPEFMEFCBUFQPMUJDP1BSBEFCBUJS
TPCSF MB UJDB EFM QFSGFDDJPOBNJFOUP FT
QSFDJTPBCPSEBSQSFHVOUBTRVFFMNVO
EPNPEFSOPIBJHOPSBEPEFTEFNVDIP
UJFNQP BUST FO HSBO NFEJEB QPSRVF
CPSEFBOFMUFSSFOPUSBEJDJPOBMEFMBUFP
MPHB1FSPOVFTUSPTOVFWPTQPEFSFTFO
FMNCJUPEFMBCJPUFDOPMPHBIBDFOJO
FWJUBCMFTFTUBTQSFHVOUBT"CPSEBSMBTFT
MBUBSFBEFFTUFMJCSP FTDSJUPQPSVOPEF
MPT mMTPGPT QPMUJDPT OPSUFBNFSJDBOPT
NTOPUBCMFT.JDIBFM4BOEFM QSPGFTPS
EF)BSWBSE FTDPOPDJEPQPSTVDSUJDBB
MBmMPTPGBQPMUJDBMJCFSBMEF+PIO3BXMT
EFTEF VOB QUJDB DPNVOJUBSJTUB 4JO
FNCBSHP EFTEFIBDFWBSJPTBPTUSBCBKB
FOBTVOUPTCJPUJDPT OPTMPEFTEFVOB
QFSTQFDUJWB UFSJDB TJOP BOBMJ[BOEP MB
SFQFSDVTJOQSDUJDBRVFFO&&66IBO
UFOJEP MPT BWBODFT DJFOUmDPT %VSBOUF
USFT BPT GVF NJFNCSP EFM 1SFTJEFOUT
$PVODJMPO#JPFUIJDT
OHFM4BOUPT3VJ[*OTUSVNFOUBDJO
(FOUJDB-JCSPT.$ &EJDJPOFT1B
MBCSB4" .BESJE QQ
&TUF MJCSP QSPQPSDJPOB BM MFDUPS JOGPS
NBDJOBCVOEBOUFZQVFTUBBMEBEFMPT
BWBODFTEFMBUFDOPMPHBCJPMHJDB QFSP
UBNCJO EF TV DPTUF UJDP DVBOEP MB
JOWFTUJHBDJOHFOUJDB FOBMHVOPTMBCP
SBUPSJPTZIPTQJUBMFT VUJMJ[BDPNPNBUF
SJBMFMFNCSJOIVNBOP&MBVUPS DPNP
WFSEBEFSP FYQFSUP FO VO UFNB RVF IB
WJTUPEFTBSSPMMBSTFEFTEFTVPCTFSWBUPSJP
EFM$POTFKP4VQFSJPSEF*OWFTUJHBDJPOFT
$JFOUmDBT Z TV $UFESB FO MB 6OJWFS
TJEBE FTQBPMB NFODJPOB DPO WBMFOUB
MPT IFDIPT oVO DNVMP JNQSFTJPOBO
UF EF IFDIPT QPS DJFSUPo QFSP EFKB BM
MFDUPS RVF TBRVF TVT QSPQJBT DPODMV
TJPOFT 6OB EF FMMBT FT FTUSFNFDFEPSB
FTUB FYQFSJNFOUBDJO CJPMHJDB FNQMFB
NBUFSJBMIVNBOPQPSRVFFTFMNTEJT
QPOJCMF FMNTCBSBUPFOPUSBTPDBTJP
OFT MBT QSFUFOEJEBT iOFDFTJEBEFT EF MB
JOWFTUJHBDJOwoFMOPGSFOBSMBEJONJDB
EFMQSPHSFTPDJFOUmDPoTPOMBUBQBEFSB
EFVOQVOUPEFQBSUJEBQSFWJPMBVUJMJ
[BDJONBSHJOBMEFMPTTVCQSPEVDUPTEF
MBJOEVTUSJBEFMBCPSUP
5BNCJOTFEFUJFOFFOMPTQSPDFEJNJFO
UPT TVCTJEJBSJPTEFMB'*7&5 EFNBOJ
QVMBDJO EF FNCSJPOFT IVNBOPT Z FO
MBTQPTJCJMJEBEFTEFFNQMFPUFSBQVUJDP
EFUPEBTFTUBTUDOJDBT"EFNT PGSFDF
FOMPTMUJNPTDBQUVMPT VOBWBMPSBDJO
QPOEFSBEBEFMBOPSNBUJWBMFHBMFOEJ
WFSTPTQBTFTBDFSDBEFMBNBOJQVMBDJO
CJPMHJDBZNEJDBEFMTFSIVNBOP ZMPT
QSJODJQBMFTUFYUPTTPCSFCJPHFOUJDBQV
CMJDBEPTQPSMB4BOUB4FEF
"VHVTUP 4BSNJFOUP $VJEBS Z EF

GFOEFSMBWJEB3JBMQ .BESJE
QQ
-BT QPTJCJMJEBEFT EF JOUFSWFOJS FO MBT
EJTUJOUBT GBTFT EFM EFTBSSPMMP EF MB WJEB
IVNBOB HSBDJBTBMPTBWBODFTEFMBUFD
OPMPHB BCSFOQFSTQFDUJWBTIBTUBBIPSB
JOTPTQFDIBEBT QFSPUBNCJOSJFTHPTEJ
GDJMFTEFJNBHJOBS$VJEBSZEFGFOEFSMB
WJEBFTVOBUBSFBVSHFOUFFOMBTPDJFEBE
BDUVBM&MBVUPSEFFTUFMJCSP QPOJFOEP
FMBDFOUPFOBMHVOPTEFMPTQVOUPTNT
CTJDPTEFMBQSPUFDDJOZEFGFOTBEFMB
WJEB PGSFDFMBWBMPSBDJORVFNFSFDFFM
VTPEFEFUFSNJOBEBTUDOJDBT
" 4BSNJFOUP ( 3VJ[1SF[ +$

.BSUO UJDB Z HFOUJDB &TUVEJP
UJDP TPCSF MB JOHFOJFSB HFOUJDB
&VOTB 1BNQMPOB QQ
-PTBVUPSFTTPOQSPGFTPSFTEFMB'BDVMUBE
EF5FPMPHBEFMB6OJWFSTJEBEEF/BWB
SSB%PNJOJPZDPSQPSBMJEBEIVNBOB MB

WJEBIVNBOBZMBEJHOJEBEQFSTPOBM MB
DBMJEBEEFWJEB FMEJBHOTUJDPHFOUJDP
MBUFSBQJBHFOUJDBZMBFYQFSJNFOUBDJO
HFOUJDB
+PT4F[$BQFM(FOUJDB #JPUJDB
Z%FSFDIP1FOBM1SPB99*&EJUP
SFT #VFOPT"JSFT
&MBVUPSFTBCPHBEP 6#"
3FB
MJ[ FTUVEJPT EF QPTUHSBEP FO MBT 6OJ
WFSTJEBEFTEF#VFOPT"JSFT EFM&TUBEP
EF/FX:PSL 46/:
4BMBNBODB /B
DJPOBMEFM$PNBIVF EFM.VTFP4PDJBM
"SHFOUJOPZ'MBDTP%PDUPSFOEFSFDIP
Z DJFODJBT TPDJBMFT QPS MB 6.4" )B
FKFSDJEPFOGPSNBJOEFQFOEJFOUFMBQSP
GFTJOEFBCPHBEP B
&OMB
BDUVBMJEBEFT+VF[EF$NBSBEFM1PEFS
+VEJDJBM EF MB $JVEBE "VUOPNB EF
#VFOPT"JSFTZNJFNCSPTVCSPHBOUFEFM
5SJCVOBM4VQSJPSEF+VTUJDJB
"OBMJ[BFOFTUBPCSBMBTQSJODJQBMFTDVFT
UJPOFT KVSEJDBT Z UJDBT RVF QMBOUFB FM
EFTBSSPMMPEFMBHFOUJDB FTQFDJBMNFOUF
FOMPSFMBUJWPBMBQFOBMJ[BDJOEFMPTEF
MJUPTHFOUJDPT
.JDIFM 4DIPPZBOT %PNJOBOEP

B WJEB NBOJQVMBOEP PT IPNFOT
*CSBTB 4P1BVMP
&OFTUBPCSB FMDPOPDJEPBVUPSSFBMJ[B
VOBDSUJDBEFMB#JPQPMUJDBZMBVUJMJ[B
DJOEFMBTDJFODJBTZMBTUDOJDBTCJPN
EJDBTQBSBEPNJOBSBMBTQFSTPOBT#JP
QPMUJDB TFSB FM DPOKVOUP EF EFDJTJPOFT
UPNBEBTQBSBGBWPSFDFSMBTJOWFTUJHBDJP
OFTCJPNEJDBT CVTDBOEPMBNBOJQVMB
DJOEFMBTQFSTPOBT4FFTUDPOTUSVZFO
EPoTFHOFMBVUPSoVOBOVFWBSB[BEF
UFDODSBUBT MPTCJPDBUSBT RVFTFBQPZBO

FO MPT OVFWPT EFSFDIPT IVNBOPT QBSB
CVTDBSVOBNFKPSBCJPMHJDBEFMBDPO
EJDJO IVNBOB DPO NFOUBMJEBE FVHF
OTJDB
4VTBOB & 4PNNFS (FOUJDB DMP

OBDJOZ#JPUJDB{$NPBGFDUBMB
DJFODJBOVFTUSBTWJEBT &EJUPSJBM#J
CMPT #JCMJPUFDBEFMBT.VKFSFT #VF
OPT"JSFT QQ
-BBVUPSBFTQSPGFTPSBEFQPTUHSBEPEF
MB'BDVMUBEEF1TJDPMPHBZFOVOBNBFT
USB FO UJDB "QMJDBEB FO MB 6OJWFSTJ
EBE EF #VFOPT "JSFT )B FTDSJUP TPCSF
MPT BTQFDUPT UJDPT EF MBT OVFWBT UDOJ
DBT SFQSPEVDUJWBT Z UBNCJO FO FTUF
MJCSPDPOUSJCVZFBMEFTBSSPMMPEFMBUJ
DBBQMJDBEBBMBTBMVE EFTEFVOBWJTJO
GFNJOJTUB &M UFYUP DPNJFO[B DPO VOB
EFTDSJQDJO DMBSB Z CJFO EPDVNFOUBEB
TPCSF MPT IFDIPT DJFOUmDPT Z NEJDPT
SFMFWBOUFTQBSBFMGFONFOPRVFQPTUF
SJPSNFOUFTFSTPNFUJEPBVOBSFnFYJO
CJPUJDB "OBMJ[B MPT DPODFQUPT HFOFSB
MFT EF MB HFOUJDB MB UFSBQJB HFOUJDB Z
MB JOWFTUJHBDJO FO FTUF DBNQP DPO FM
QSPZFDUP (FOPNB )VNBOP 1SFTFOUB
MPTEJMFNBTUJDPTFODBEBDBTP TJOEBS
TPMVDJPOFTEFmOJUJWBT
%FTQVT FTUVEJB MBT OVFWBT UDOJDBT EF
QSPDSFBDJOZFMEJBHOTUJDPQSFOBUBM EF
NPEPDSUJDPTFSFmFSFBMBFYUFOTJOEFM
EJBHOTUJDPHFOUJDPEFNPEPJOEJTDSJ
NJOBEP ZBGSPOUBFMUFNBJOTPTMBZBCMF
EF MB QSDUJDB SVUJOBSJB EFM EJBHOTUJDP
HFOUJDP QSFOBUBM FO QBTFT DPNP "S
HFOUJOB EPOEFFMBCPSUPFTJMFHBM
%BWJE4V[VLJ 1FUFS,OVEUTPO(F
OUJDB$POnJDUPTFOUSFMBJOHFOJF
SBHFOUJDBZMPTWBMPSFTIVNBOPT
5FDOPT .BESJE QQ
-BDJFODJBZMBUFDOPMPHBTPOFOCVFOB
NFEJEB GSVUP EFM JSSFGSFOBCMF EFTFP EF
MB IVNBOJEBE NPEFSOB QPS DPOPDFS Z
DPOUSPMBSMBOBUVSBMF[B3FTVMUBFWJEFO
UFRVFIBCSBRVFTFHVJSDPOFTFEFTFP
QFSPTFTJFOUFMBJNQFSJPTBOFDFTJEBEEF
DPOTUSVJSVONBSDPNPSBMFOFMRVFMB
DVSJPTJEBE DJFOUmDB Z MBT DBQBDJEBEFT
UDOJDBT QVFEBO EFTBSSPMMBSTF TJO FY
QPOFS BM TFS IVNBOP P B TV NFEJP B
SJFTHPT JOBDFQUBCMFT P EBPT JSSFQBSB
CMFT&TOFDFTBSJPVONBSDPNPSBMQBSB
MB JOHFOJFSB HFOUJDB RVF DIPDB DPO
BMHVOPT EF MPT WBMPSFT IVNBOPT USBEJ
DJPOBMFT 1BSB FTUP MPT BVUPSFT SFBMJ[BO
VOB QSPQVFTUB SFnFYJWB EF QSJODJQJPT
UJDPT oP HFOUJDPT DPNP TF EJDF FO
MB PCSBo IVNBOJUBSJPT DJFOUmDBNFOUF
TMJEPTZBNQMJBNFOUFBDFQUBCMFT DVZP
DVNQMJNJFOUPQPESBBMFKBSSFDFMPTZUF
NPSFTEFVOBEFMBTNTQSPNFUFEPSBT
UFDOPMPHBTEFMNPNFOUP
+BDRVFT 5FTUBSU Z $ISJTUJBO (PEJO

&M SBDJTNP EFM HFO #JPMPHB .F
EJDJOBZ#JPUJDBCBKPMBGSVMBMJ
CFSBM'POEPEF$VMUVSB&DPONJDB
#VFOPT"JSFT QQ
&OFTUFCSFWFMJCSP FMmMTPGP$ISTUJBO
(PEJOZFMDPOPDJEPJOWFTUJHBEPSGSBO
DT +BDRVFT 5FTUBSU TF QMBOUFBO DPNP
JOUFSSPHBOUF DNP JNQFEJS RVF MPT
BWBODFTFOMBTUDOJDBTEFNBOJQVMBDJO
CJPMHJDB BDBSSFFO DPOTFDVFODJBT DPO
USBSJBT B MB EJHOJEBE IVNBOB Z DNP
SFWFSUJSMBUFOEFODJBEFMBUJDBBDUVBMB
PMWJEBSTFEFTVQBQFMDSUJDPFOFMDBNQP
EFMBUFDOPDJFODJB ZBFODFSSBSTFFODS
DVMPTQFRVFPTEFFYQFSUPT-PTBVUPSFT
QMBOUFBOMBOFDFTJEBEJNQFSJPTBEFRVF
MPT DJVEBEBOPT EFmFOEBO TV EFSFDIP B
JOUFSWFOJS FO MBT EFDJTJPOFT TPCSF FTUPT
EFTBGPTUJDPTRVFMBUFDOPDJFODJBBDUVBM
QMBOUFBBUPEBMBTPDJFEBE
&EVBSEP -VJT 5JOBOU %JS

.OJ
DB#FBUSJ[#PSOJB $PPSE
(FOUJDB
Z +VTUJDJB $VSTP PSHBOJ[BEP QPS FM
$POTFKP%FQBSUBNFOUBM-B1MBUBEFM
*OTUJUVUPEF&TUVEJPT+VEJDJBMFTEFMB
4VQSFNB$PSUFEF+VTUJDJBEFMB1SP
WJODJBEF#VFOPT"JSFT*NQSFOUBEFM
1PEFS+VEJDJBM #VFOPT"JSFT
QQ
4FSFDPHFOFOFTUFMJCSP CBKPMBEJSFD
DJOEF&EVBSEP-VJT5JOBOU .BHJTUSB
EPZQSPGFTPSEF'JMPTPGBEFM%FSFDIP
EFMB6OJWFSTJEBE/BDJPOBMEF-B1MBUB
MBTDPOGFSFODJBTFJOUFSWFODJPOFTEFVO
$VSTP TPCSF (FOUJDB Z %FSFDIP EF
TBSSPMMBEP FO FM BP $PO JOUSP
EVDDJOEF$ISJTUJBO#ZLZ+PT"MCFSUP
.BJOFUUJ RVF BCPSEBO BTQFDUPT HFOF
SBMFT "MHVOBT EF MBT JOUFSWFODJPOFT TF
DFOUSBOFOFMQSPZFDUP(FOPNB)VNB
OP EFMBEPDUPSB(SBDJFMB.FEJOBZFM
QSPGFTPS4BMWBEPS%BSP#FSHFM ZPUSBT
NTDPODSFUBT BCPSEBOJOWFTUJHBDJPOFT
SFBMJ[BEBTFO"SHFOUJOBQPSMPTEPDUPSFT
/TUPS 0TDBS #JBODIJ Z 7FSOJDB -V
DSFDJB.BSUOF[ZMBTJNQMJDBDJPOFTEFM
BOMJTJTEFM"%/FOMB"ENJOJTUSBDJO
EF+VTUJDJB EFMBEPDUPSB.BSB.FSDF
EFT-PKP

7BSJPT BVUPSFT #JPUFDOPMPHB Z

GVUVSP EFM IPNCSF -B SFTQVFTUB
CJPUJDB6OJWFSTJEBE$PNQMVUFOTF
.BESJE QQ
4FSFDPHFOFOFTUFMJCSPMBTJOUFSWFODJP
OFTFOVOFODVFOUSPFO.BESJETPCSFFM
UFNBEFMB#JPUJDBZMBTOVFWBTCJPUFD
OPMPHBT DFMFCSBEP FO &OUSF MPT
UFNBTUSBUBEPT#JPUJDBZBYJPMPHBEFMB
DJFODJB $BQQFMMFUUJ
#JPMPHBFWPMVUJWB
UJDBZEFTUJOPEFMIPNCSF ,BOJUTDIFJ
EFS
3FnFYJPOFTUJDBTZMFHBMFTTPCSFMB
CJPUFDOPMPHB 1BMBDJPT
$JFODJB UJDB
Z EFSFDIP .JDIBVE
-BT DPOTFDVFO
DJBTKVSEJDBTEFMBGFDVOEBDJOBTJTUJEB
)FSOOEF[
-B GBNJMJB DPNP NCJUP
EFM EFTBSSPMMP OPSNBM P QBUPMHJDP EFM
JOEJWJEVP 3BMMP
-PTMNJUFTEFMB#JP
UJDB 7JMBo$PSP
ZTVTBTQFDUPTKVSEJDPT
4FSSBOP
-B MJCFSUBE EF JOWFTUJHBDJO
4ODIF[EFMB5PSSF
ZMBTWBSJBDJPOFT
QSPDSFBUJWBT -FKFVOF
7BSJPT BVUPSFT -B FVHFOFTJB IPZ

$UFESB%FSFDIPZ(FOPNB)VNB
OP %FVTUP #JMCBP QQ
&O FM QBOPSBNB RVF OPT PGSFDFO MPT
BWBODFTDJFOUmDPTFOHFOUJDBIVNBOB
TFBCSFOMBTQVFSUBTBVOIPSJ[POUFUPEB
WBJOEFmOJEP-BUFOUBDJOFVHFOTJDB
IBTJEPVOBDPOTUBOUFFOMB)JTUPSJBEF
MB )VNBOJEBE QFSP FO MB BDUVBMJEBE
MPT BOMJTJT HFOUJDPT Z MB UFSBQJB HOJ
DB TPO VO JOTUSVNFOUBM RVF QVFEF TFS
VUJMJ[BEPFOGBWPSEFDPSSJFOUFTRVFIBO
TVSHJEP IPZ DPNP AOVFWB FVHFOFTJB P
AOFPFVHFOFTJB&TUFGFONFOPIBTVTDJ
UBEP OVNFSPTBT SFnFYJPOFT EPDUSJOBMFT
Z EFCBUFT DJFOUmDPT TPCSF FM DPODFQUP
NJTNP EF FVHFOFTJB FO MB BDUVBMJEBE

TVTFGFDUPTFJNQMJDBDJPOFTQBSBMPTEF
SFDIPTIVNBOPTZMBDPOTJEFSBDJOEFM
HFOPNB IVNBOP DPNP NFSFDFEPS EF
QSPUFDDJO TPCSF UPEP EFTEF RVF DPO
UBNPT DPO OPSNBT JOUFSOBDJPOBMFT RVF
BUJFOEFOBFTUBTDVFTUJPOFT&OFTUFTFO
UJEPSFDVSEFTFMB%FDMBSBDJO6OJWFSTBM
EFMPT%FSFDIPT)VNBOPTEFMB6/&4
$0 EFEFOPWJFNCSFEF
-B $UFESB *OUFSVOJWFSTJUBSJB 'VOEB
DJO ##7"o%JQVUBDJO 'PSBM EF #J
[LBJB EF%FSFDIPZ(FOPNB)VNBOP
EFMB6OJWFSTJEBEEF%FVTUPZMB617
&)6 EFDJEJDPOUSJCVJSBFTUBSFnFYJO
DPOWPDBOEPFM4FNJOBSJPA-BFVHFOFTJB
IPZ RVFTFDFMFCSFOFM$BNQVTEFMB
6OJWFSTJEBE EFM 1BT 7BTDP FO 4BSSJLP
#JMCBP
MPTEBTZEF0DUVCSFEF
"MMTFEJFSPODJUBFTQFDJBMJTUBTEF
EJGFSFOUFT EJTDJQMJOBT KVSJTUBT mMTPGPT
ZCJMPHPT
ZVOBBVEJFODJBDVJEBEPTB
NFOUFTFMFDDJPOBEB EFUBMNPEPRVFMBT
TFTJPOFTSFTVMUBSPOUBOJOUFSFTBOUFTRVF
TF DSFZ BDFSUBEP DPOUJOVBS FM USBCBKP
DPO FTUB QVCMJDBDJO Z EBSMF BT NBZPS
EJGVTJO4JCJFOFMQSPHSBNBEFBRVFM
TFNJOBSJP DPOTUJUVZF FM ODMFP GVOEB
NFOUBMEFMMJCSP MBNBZPSQBSUFEFMPT
BVUPSFT RVF FOUPODFT JNQBSUJFSPO TVT
DPOGFSFODJBT MBT SFWJTBSPO EFTQVT DPO
WJTUBT B TV QVCMJDBDJO Z B FMMP TF IBO
BBEJEP VOB TFSJF EF DPOUSJCVDJPOFT
RVFTFDPOTJEFSBSPOPQPSUVOBTQBSBRVF
FMUSBCBKPmOBMSFTVMUBTFNTDPNQMFUP
-BT DVFTUJPOFT SFMBUJWBT B MB FVHFOFTJB
IBOTJEPBHSVQBEBTFODVBUSPDBQUVMPT
EJGFSFODJBEPT BMPTRVFTJHVFOVOBTFSJF
EF SFGFSFODJBT CJCMJPHSmDBT Z BMHVOPT
EBUPTEFJOUFSTTPCSFBRVFMMPTRVFIBO
QBSUJDJQBEPFOFTUFUSBCBKP 8FCEFMB
$UFESB%FSFDIPZ(FOPNB)VNBOP

7BSJPT BVUPSFT #JPUFDOPMPHB %F

SFDIP Z EJHOJEBE IVNBOB $PNB
SFT (SBOBEB QQ
*OWFTUJHBEPSFT DBUFESUJDPTEFmMPTPGBZ
UFPMPHBNPSBMZFYQFSUPTFOEFSFDIPTB
OJUBSJPIBODPMBCPSBEPFOMBQVCMJDBDJO
EFVOMJCSPTPCSFCJPUFDOPMPHBZEFSF
DIP&OUSFTQBSUFTTFBOBMJ[BMBEJHOJEBE
IVNBOB BOUF MPT OVFWPT EFTBGPT EF MB
CJPUFDOPMPHB Z MBT OVFWBT UFDOPMPHBT
&MFTUVEJPEFDVFTUJPOFTDPNPMBEJHOJ
EBE EFM FNCSJO IVNBOP MBT UDOJDBT
EFSFQSPEVDDJOBTJTUJEBPMBDMPOBDJO
UFSBQVUJDBTFEBODJUBFOVOBPCSBRVF
DVMNJOBDPOFMBOMJTJTEFMEFSFDIPBMB
JOUJNJEBEZTVDPOnJDUPDPOFMEFSFDIP
B MB JOGPSNBDJO FO MPT DSJCBEPT HFO
UJDPT
7BSJPT BVUPSFT 3FUPT EF MB 4PDJF

EBE #JPUFDOPMHJDB 'BFT .BESJE
QQ
3FUPT EF MB TPDJFEBE CJPUFDOPMHJDB
$JFODJB Z UJDBFT VOB PCSB RVF SFOF
MBTSFnFYJPOFTRVFTFFYQVTJFSPOFOMPT
DVSTPT EF WFSBOP EF (VBEBMBKBSB EF

$TBS/PNCFMB QSFTJEFOUFEFM$PNJU
"TFTPSEFUJDBEF*OWFTUJHBDJO$JFOU
mDBZ5FDOPMHJDBDBMJmDBEFWJUBMFMDP
OPDJNJFOUP EF MB FTQFDJF IVNBOB QBSB
FMUSBUBNJFOUPEFMBTFOGFSNFEBEFTDPO
CBTF HOJDB Z BCPHB QPS VOB SFnFYJO
UJDBEFMPTBWBODFTCJPUFDOPMHJDPT
&M BOMJTJT DJFOUmDP TF SFBMJ[B QPS MPT

QSPGFTPSFT1FESP$VFWBTZ/BUBMJB-
QF[ .PSBUBMMB RVF SFTQBMEB MB JEPOFJ
EBE EF QPUFODJBS MB JOWFTUJHBDJO DPO
DMVMBTNBESFBEVMUBT*HOBDJP4ODIF[
$NBSB DBUFESUJDP EF MB 6OJWFSTJ
EBE EF -B $PSVB EFTUBDB FM EFSFDIP
BMBWJEBDPNPMNJUFEFMDPOPDJNJFOUP
DJFOUmDP
&OSJRVF7BSTJ3PTQJHMJPTJ%FSFDIP
(FOUJDP 1SJODJQJPT HFOFSBMFT
&EJUPSJBM4BO.BSDPT FE -JNB
QQ
&MBVUPSFTQSPGFTPSFOMB6OJWFSTJEBEEF
-JNBZFOMB6OJWFSTJEBE/BDJPOBM.B
ZPSEF4BO.BSDPT-BQSJNFSBFEJDJO
FTEF ZQSFTFOUBBIPSBEFNPEP
BDUVBMJ[BEP MPT QSJODJQJPT HFOFSBMFT EFM
%FSFDIP HFOUJDP DPO VOB QSPGVOEB
WJTJO KVSEJDB Z IPOEP TFOUJEP EF MB
NJTJOEFMEFSFDIPFOMBQSPUFDDJOEF
MBWJEBIVNBOBiFM%FSFDIPFOTFTMB
WJEBIVNBOBw DPNFOUBFOMBTQBMBCSBT
EFBHSBEFDJNJFOUPBTVNBFTUSP'FSOO
EF[ 4FTTBSFHP "CBSDB UPEPT MPT BTQFD
UPTEFM%FSFDIPBQMJDBEPBMBHFOUJDB
TVT GVOEBNFOUPT FM JOJDJP EF MB WJEB
JOUFHSJEBEHFOUJDB JOWFTUJHBDJOZFY
QFSJNFOUBDJOFOTFSFTIVNBOPT NBOJ
QVMBDJOHFOUJDB HFOPNBIVNBOP JO
UJNJEBE F JEFOUJEBE HFOUJDBT QSVFCBT
CJPHFOUJDBTEFQBUFSOJEBE QSPDSFBDJO
BTJTUJEB GVOEBNFOUPTFDPONJDPTZTP
DJBMFTEFM%FSFDIPHFOUJDP ZVOMUJNP
DBQUVMP EFEJDBEP BM %FSFDIP HFOUJDP
FOFM1FS

FOMBTEFDJTJPOFTTPCSFMBBQMJDBDJOEF
MBSFQSPHFOUJDBw
QBESFTFIJKPT
+PT.JHVFM7FSB-BSB-BCJPUJDB
VOBEJTDJQMJOBBEPMFTDFOUF.POP
HSBGBTEFM*OTUJUVUP.JMFOJPEF&TUV
EJPT "WBO[BEPT FO #JPMPHB $FMVMBS
Z#JPUFDOPMPHB $##
4BOUJBHPEF
$IJMF QQ
+PT -VJT 7FMTRVF[ %FM IPNP BM

FNCSJO UJDB Z CJPMPHB QBSB FM
TJHMP99*(FEJTB #BSDFMPOB
QQ
6OJWFSTJEBE "VUOPNB EF #BSDFMPOB
EPOEF BDUVBMNFOUF FT QSPGFTPS EF UJ
DB"CPSEBFOFTUFMJCSPMBJOWFTUJHBDJO
DPO FNCSJPOFT MBT DMVMBT USPODBMFT
FNCSJPOBSJBT MB DMPOBDJO Z FO RV
NFEJEB FTUPT BWBODFT DJFOUmDPT BGFD
UBO B MB JNBHFO RVF UFOFNPT EFM TFS
IVNBOP"EJGFSFODJBEFMBTQPTJDJPOFT
iFYDFTJWBNFOUFQSVEFOUFTRVFQJEFOSF
HVMBDJPOFT NJOVDJPTBT BCPHB QPS VOB
BDUJUVEMJCFSBM*MVTUSBEBZTJOQSFKVJDJPT
&M BVUPS SFBMJ[ MB DBSSFSB EF 'JMPTPGB

FOMB6OJWFSTJEBEEF$IJMFZEFTQVTFO
.BESJEFOFM*OTUJUVUPEF&TUVEJPT4P
DJBMFT"WBO[BEPT&TQSPGFTPSEFMB$UF
ESBEF#JPUJDBFOMB'BDVMUBEEF%FSF
DIPEFMB6OJWFSTJEBEEF$IJMF&OFTUF
MJCSP BQBSUJSEFBMHVOPTDBTPTSFDJFOUFT
DPNPFMEFMBTiWBDBTMPDBTw BOBMJ[BMBT
SFMBDJPOFTFOFMUSJOHVMPEFmOJEPQPSMB
UJDB FM#JFO
FM%FSFDIP FM%FCFS
Z
MB#JPUFDOPMPHB FM1PEFS
i&MFTDFOB
SJPFORVFTFEFTFOWVFMWFMBDPNVOJEBE
TPDJBM FT UFDOPMHJDP TF QVFEF MMFHBS B
NPEJmDBS FM ASPTUSP BOUSPQPMHJDP EF
MB FTQFDJF IVNBOBw QPS FKFNQMP DPO
MBUDOJDBEFMBDMPOBDJO1PSFTPKVFHB
VO QBQFM JNQPSUBOUF MB #JPUJDB DPNP
EJTDJQMJOB ZFMBVUPSBOBMJ[BTPCSFUPEP
MP SFMBDJPOBEP DPO MB CJPSSFTQPOTBCJMJ
EBE CJPTFHVSJEBE ZMBSFTQPOTBCJMJEBE
NPSBMEFMPTFYQFSUPTZMPTDJFOUmDPT
%FSFDIP MFHJTMBDJOZ
CJPUJDB
"DUB #JPFUIJDB %FSFDIP Z #JPUJ
DB$POUJOVBDJOEF$VBEFSOPTEFM
1SPHSBNB3FHJPOBMEF#JPUJDB014
0.4 O
4FSFDPHFOFOFTUFTFHVOEPWPMVNFOEFM
QBTBEP BP EF MB QVCMJDBDJO EF #JP
UJDB EF MB PSHBOJ[BDJO 1BOBNFSJDBOB

EFMB4BMVE VOBTFSJFEFUSBCBKPTTPCSF
%FSFDIPZ#JPUJDBEFEJGFSFOUFTBVUP
SFT NVZ DPOPDJEPT FO FM NCJUP EF MB
CJPUJDBKVSEJDBFOWBSJPTQBTFT*UBMJB
&TQBB "SHFOUJOB 6SVHVBZ $IJMF
#SBTJM 6OB TFSJF EF USBCBKPT TF DFOUSB
FOMPTBTQFDUPTHFOFSBMFTEFMBSFMBDJO
FOUSF#JPUJDBZ%FSFDIP DPNPMPTEFM
QSPG 'SBODFTDP %"HPTUJOP MB QSPG
.BSB$BTBEP PFMNBHJTUSBEPBSHFOUJ
OP1FESP'FEFSJDP)PPGU PFMCSBTJMFP
3FJOBMEP 1FSFJSB F 4JMWB 0USPT TF DFO
USBOFOMPTQSPCMFNBTUJDPTZKVSEJDPT
RVFQMBOUFBMBUFDOPMPHBHFOUJDB FTDSJ
UPTQPSFMQSPGFTPS3PNFP$BTBCPOB FM
QSPGFTPS 4BMWBEPS %BSP #FSHFM Z "OB
7JDUPSJB 4ODIF[ 6SSVUJB 1PS MUJNP
BGSPOUBFMSFDJFOUFDBTPEF%JBOF1SFUUZ
ZTVTPMJDJUVEEFBTJTUFODJBBMTVJDJEPMB
QSPGFTPSBOHFMB7JWBODP EFMB6OJWFS
TJEBE$BUMJDBEF$IJMF
-BVSB"MCBSFMMPT#JPUJDBDPOUSB[PT
KVSEJDPT &EJUPSJBM 1PSSB .YJDP
%' QQ
-B BVUPSB FT BCPHBEB HSBEVBEB EF MB
6OJWFSTJEBE /BDJPOBM EF MB 1BUBHPOJB
$IVCVU "SHFOUJOB NBHTUFS FO %FSF
DIP *OUFSEJTDJQMJOBS EF 'BNJMJB QPS MB
6OJWFSTJEBE/BDJPOBMEF3PTBSJP 4BO
UB'F1PTHSBEVBEBFO"TQFDUPT'JMPT
mDPT EF MB #JPUJDB QPS MB 6OJWFSTJEBE
/BDJPOBM EF .BS EFM 1MBUB "SHFOUJOB
&T NJFNCSP BTPDJBEP EF i(FOFUJDT
-BXw 'VOEBEPSB Z PSHBOJ[BEPSB EFM
QSPZFDUP8FCEFMBDPNVOJEBEKVSEJ
DPoHFOUJDB 'VOEBEPSBEFMB4PDJFEBE
*OUFSOBDJPOBMEF%FSFDIP(FONJDPZ
#JPUJDB Z NJFNCSP EFM %JSFDUPSJP EF
&YQFSUPT EF MB $PNJTJO /BDJPOBM EF

#JPTFHVSJEBE .YJDP
-BQSFTFOUBDJO
EFMMJCSPMBFTDSJCF(BCSJFM"OEST$N
QPMJ FYQFSUPFO%FSFDIP*OGPSNUJDPZ
#BODPT EF %BUPT (FOUJDPT 5SBUB EF
MPT EJWFSTPT UFNBT EF #JPUJDB RVF UJF
OFOSFMFWBODJBKVSEJDB ZFOFTQFDJBMEF
UPEPMPSFMBDJPOBEPDPOMBJOWFTUJHBDJO
HFOUJDB
+PT .BSB MWBSF[$JFOGVFHPT -B

%FGFOTB EF MB *OUJNJEBE EF MPT
$JVEBEBOPT Z MB 5FDOPMPHB *O
GPSNUJDB"SBO[BEJ .BESJE
QQ
-BJOGPSNUJDBFTVOBEFMBTIFSSBNJFO
UBTRVFNTJOUFSTEFTQJFSUBOFOUSFMPT
NEJDPT QVFT GBDJMJUB OP TMP MB UFSB
QVUJDB TJOP UBNCJO MB GPSNBDJO "
OBEJFTFMFPDVMUBOMPTSJFTHPTRVFDPN
QPSUB QBSB MB JOUJNJEBE FM USBUBNJFOUP
BVUPNBUJ[BEPEFMPTEBUPT OJMBTFWFSB
WJHJMBODJB RVF FM OVFWP $EJHP 1FOBM
IB JOTUBVSBEP TPCSF FTUB DVFTUJO 4JO
FNCBSHP MPT QFSmMFT KVSEJDPT TVFMFO
TFSDPNQMJDBEPTEFFOUFOEFS ZBFTUFmO
EFEJDB FTUB MUJNB PCSB TVZB +PT .B
SBMWBSF[$JFOGVFHPT QSFTJEFOUFEFMB
4BMBEFMP$POUFODJPTPEFMB"VEJFODJB
/BDJPOBM+VOUPBEPTDBQUVMPTEFEJDB
EPT FOUFSBNFOUF B MPT EBUPT TBOJUBSJPT
TF FTUVEJBO DBNQPT EF JOUFST HFOFSBM
DPNPFMDPSSFPFMFDUSOJDPPFMBDDFTPB
MBTTFOUFODJBTKVEJDJBMFT
"OUPOJP MWBSF[ (BSDB #JPUJDB Z

UJDB QSPGFTJPOBM 6OJWFSTJEBE EF
"MNFSB
&M BVUPS FT QSPGFTPS EF 'JMPTPGB EFM
%FSFDIPEFMB6OJWFSTJEBEEF"MNFSB

&TQBB&OFTUBPCSBFYQPOFMPTQSJODJ
QBMFTUFNBTEFCJPUJDBTFHOFMQSPHSB
NB EF MB BTJHOBUVSB RVF JNQBSUF FO FM
QSFHSBEPEFEJDIB6OJWFSTJEBE
.BOVFM "NBSJMMB (VOEO /VSJB

"NBSJMMB.BUFV-BSFTQPOTBCJMJEBE
DPOUSBDUVBMUFSBQVUJDBFOFM4JHMP
99*&VSPQFBO1IBSNBDFVUJDBM-BX
(SPVQ .BESJE QQ
i-BSFTQPOTBCJMJEBEDPOUSBDUVBMUFSBQV
UJDBFOFM4JHMP99*wDPOTUJUVZFMBQSJNF
SBQVCMJDBDJOEFMSFDJFOUFNFOUFDSFBEP
&VSPQFBO 1IBSNBDFVUJDBM -BX (SPVQ
HSVQPEFEFSFDIPGBSNBDVUJDPFVSPQFP
QSFTJEJEPQPS.BOVFM"NBSJMMB MFUSBEP
FTQFDJBMJ[BEPFO%FSFDIP'BSNBDVUJDP
BOUFSJPSQSFTJEFOUFEFMB"TPDJBDJO&T
QBPMBEF%FSFDIP'BSNBDVUJDP

-BPCSB FODPBVUPSBDPOMBUBNCJOKV
SJTUB /VSJB "NBSJMMB SFMMFOB VO IVFDP
IBTUB MB GFDIB FYJTUFOUF FO FTUF DBNQP
FOFMRVFMBGBMUBEFUFYUPTEFSFGFSFODJB
DPOWFSUB FO BSEVB MBCPS FM FTUVEJP EF
DVBMRVJFSDBTPSFMBUJWPBMBSFTQPOTBCJMJ
EBEEFSJWBEBEFMBGBCSJDBDJO EJTUSJCV
DJO VTPPDPOTVNPEFDVBMRVJFSUJQP
EFNFEJDBNFOUPT
%FTEFVOQVOUPEFQBSUJEBCTJDP RVF
TVQPOF FM BOMJTJT EFM DPODFQUP EF BD
UJWJEBEUFSBQVUJDB MPTBVUPSFTQBTBOB
FYBNJOBS DPO BQPZP FO MB CBTF KVSJT
QSVEFODJBM SFVOJEB MB SFTQPOTBCJMJEBE
DPOUSBDUVBMFOMBTEJTUJOUBTWFSUJFOUFTFO
RVFQVFEFQSFTFOUBSTFFOFMNVOEPEFM
NFEJDBNFOUP EFTEF MB GBTF EF JOWFTUJ
HBDJOEFMNJTNPIBTUBTVEJTQFOTBDJO
QBTBOEPQPSMBTGBTFTEFGBCSJDBDJO BV
UPSJ[BDJO TVQFSWJTJO SFHJTUSPZQSFT

DSJQDJO
&M MJCSP QSPMPHBEP QPS FM NBHJTUSBEP
+PT.BOVFM.BSUOF[1FSFEB GVFQSF
TFOUBEPFOFMTFNJOBSJPi3FTQPOTBCJMJ
EBE$POUSBDUVBM5FSBQVUJDBFOFM4JHMP
99*ZMB.PEFSOJ[BDJOEFM4FDUPS'BS
NBDVUJDPw DFMFCSBEPSFDJFOUFNFOUFFO
FM$BTJOPEF.BESJE
"SNBOEP4"OESVFU#JPUJDB %F
SFDIPZ4PDJFEBE$POnJDUP DJFO
DJBZDPOWJWFODJB"MWFSPOJ&EJDJP
OFT $SEPCB QQ
&MMJCSPFODPNFOUBSJPBCPSEBNFUEJDB
Z FYIBVTUJWBNFOUF MPT QSJODJQBMFT EJMF
NBTRVFIPZQMBOUFBMB#JPUJDBBMBMV[
EFMBDJFODJBEFM%FSFDIP PDVQBOEPVO
FTQBDJP MBSHBNFOUF FTQFSBEP FO OVFT
USPNFEJPEPOEF MBNFOUBCMFNFOUF OP
FYJTUFOPCSBTEFMBEJNFOTJOZTJOHVMB
SFT DBSBDUFSTUJDBT RVF QPTFF MB RVF DP
NFOUP&OOVFWFFYIBVTUJWPTDBQUVMPT
TFPDVQBEFMBBQSPYJNBDJOEFM%FSF
DIPBMBTDJFODJBTCJPNEJDBT BTDPNP
EFMBTSFQFSDVTJPOFTZHSBWJUBDJPOFTRVF
UBMFTDVFTUJPOFTUJFOFOFOUPEBTPDJFEBE
-PTEJWFSTPTBDQJUFTEFMBPCSBUSBUBO
SFTQFDUJWBNFOUF EF MB #JPUJDB FO HF
OFSBM TV OBUVSBMF[B Z QSJODJQJPT $BQ
*
FM DPOTFOUJNJFOUP JOGPSNBEP $BQ
**
MB SFMBDJO RVF EFCF NFEJBS FOUSF
MPTEFSFDIPTEFMPTFOGFSNPTZMBWFSEBE
NEJDB $BQ*7
FMEFSFDIPBMBTBMVE
$BQ***
MBTQBSUJDVMBSJEBEFTKVSEJDBT
ZCJPUJDBTRVFQMBOUFBMBFQJMFQTJB $BQ
7
FM QSPCMFNB EF MB JOWFTUJHBDJO FO
TFSFTIVNBOPTZFM$EJHPEF/VSFN
CFSH $BQ7*
FMEFOPNJOBEPi5FTUB
NFOUP 7JUBMw $BQ 7**

MB FVUBOBTJB
$BQ 7*** DPO FTQFDJBM DPOTJEFSBDJO
EFMBMFZIPMBOEFTBEFUFSNJOBDJOEFMB
WJEBBQFUJDJOQSPQJB
ZMB%FDMBSBDJO
6OJWFSTBMTPCSFFM(FOPNB)VNBOPZ
MPT%FSFDIPTEFM)PNCSF $BQ*9

-BUPUBMJEBEEFMPTUFNBTBCPSEBEPTTPO
BOBMJ[BEPTFOGPSNBNJOVDJPTB FYQVFT
UPTDPODMBSJEBE TJOSFUBDFBSMBTFMBCP
SBDJPOFTOPSNBUJWBTZEPDUSJOBSJBTFGFD
UVBEBTFOSFMBDJODPOFMMPT DPOBHVEBT
DSUJDBTEFMQSPQJPBVUPS
.BSB -VJTB "SDPT 7JFJSB 3FTQPO

TBCJMJEBE TBOJUBSJB QPS JODVNQMJ
NJFOUPEFMEFCFSEFJOGPSNBDJOBM
QBDJFOUF&EJUPSJBM"SBO[BEJ
-BPCSBBOBMJ[BMBTDPOTFDVFODJBTSFTBS
DJUPSJBTEFMBGBMUBEFJOGPSNBDJOPEF
DPOTFOUJNJFOUPJOGPSNBEPEFMQBDJFOUF
DFOUSOEPTFFOMPTDBTPTFORVFMBBDUJ
WJEBETBOJUBSJBEFMBRVFIBEFSJWBEPFM
QFSKVJDJPTFIBEFTBSSPMMBEP QPSMPEF
NT DPOBCTPMVUBDPSSFDDJO&MFTUVEJP
EFMBEPDUSJOBZEFMBKVSJTQSVEFODJBDJ
WJMZDPOUFODJPTPoBENJOJTUSBUJWBEFMPT
MUJNPTBPTQPOFEFNBOJmFTUPMBTEJ
GFSFODJBTEFDSJUFSJPFOUPSOPBEJWFSTPT
BTQFDUPTDPNPMBSFMBDJOEFDBVTBMJEBE
FMEBPJOEFNOJ[BCMF FMOJWFMEFJOGPS
NBDJOFYJHJCMF MBWFSEBEFSBSFMFWBODJB
EF MPT SFRVJTJUPT GPSNBMFT P FM BMDBODF
EFDJSDVOTUBODJBTFTQFDmDBTDPNP QPS
FKFNQMP MBTVQVFTUBOFDFTJEBEEFMUSB
UBNJFOUPPMBJOUFSWFODJOBTDPNPMB
SFQFSDVTJOEFUPEPTFTUPTGBDUPSFTFOFM
EFTFOMBDFEFMPTQSPDFTPTTPCSFMBNBUF
SJB #JPUJDB%FCBU *OTUJUVU#PSKBEF
#JPUJDB

'SBODJTDP +BWJFS "OTVUFHVJ 3PJH

$PPSE
1SPCMFNBT EF MB FVUBOB
TJB 6OJWFSTJEBE $BSMPT *** EF .B
ESJE %ZLJOTPO QQ
4FSFDPHFFOFTUFMJCSP DPPSEJOBEPEFT
EFFM%FQBSUBNFOUPEF'JMPTPGBEFM%F
SFDIPQPS'SBODJTDP+BWJFS"OTVUFHVJ
MBT JOUFSWFODJPOFT EFM TFNJOBSJP TPCSF
i1SPCMFNBTEFMBFVUBOBTJBw PSHBOJ[BEP
QPSFM*OTUJUVUPEF%FSFDIPT)VNBOPT
#BSUPMPNEFMBT$BTBTEFMB6OJWFSTJ
EBE$BSMPT***EF.BESJE MPTEBT
EF KVOJP EF +VSJTUBT EFTEF EJGF
SFOUFTWJTJPOFTQBSUJDJQBOFOVOEFCBUF
BGPOEPTPCSFmMPTPGBEFMEFSFDIPZFV
UBOBTJB(SFHPSJP1FDFT#BSCB &VTFCJP
'FSOOEF[ +FTT #BMMFTUFSPT +VBO +PT
-QF[ 0SUFHB "OB .BSB .BSDPT EFM
$BOP ' +BWJFS "OTVUFHVJ "OUPOJP
3VJ[ EF MB $VFTUB .BOVFM 1PSSBT EFM
$PSSBM 'JOBMNFOUF TF SFDPHFO MBT JO
UFSWFODJPOFTEFVOBNFTBSFEPOEBDPO
QSPQVFTUBT MFHJTMBUJWBT EF DBEB VOP EF
MPTHSVQPTQBSMBNFOUBSJPT"OEST0MMF
SP +PBRVO+(BMOF*OT4BCBOT
.BOVFM"UJFO[B#JPUJDB %FSFDIP
ZBSHVNFOUBDJO1BMFTUSB&EJUPSFT
-JNB QQ
&OFTUFWPMVNFO FMQSPGFTPS"UJFO[BJO
UFOUBVOBSFTQVFTUBBQBSUJSEFVOBDPO
DFQDJOEFMEFSFDIPDSUJDBDPOFMGPSNB
MJTNP MFHBMJTUB %FTEF FTUB QFSTQFDUJWB
OPTEJDFFMBVUPSiMPTQSPCMFNBTEFMB
CJPUJDBTPOFOMPFTFODJBMQSPCMFNBTEF
BSHVNFOUBDJOPTFB MPRVFTFOFDFTJUB
FOFTUFDBNQPFT TPCSFUPEP VONUP
EPEFEJTDVTJO VOQSPDFEJNJFOUPRVF
OPTQFSNJUBMMFHBSBBDVFSEPTSB[POBCMFT

B USBWT EF VO JOUFSDBNCJP EF SB[POFT

DBQB[EFFMJNJOBSMBTNBMBTSB[POFTZMBT
RVFQBSFDFOCVFOBTQFSPOPMPTPOw
$POUFOJEP #JPUJDB Z BSHVNFOUBDJO
+VSJEJmDBS MB CJPUJDB VOB QSPQVFTUB
NFUPEPMHJDB *OWFTUJHBDJO DPO FN
CSJPOFTZDMPOBDJOMBUJDBEFMBSB[P
OBCJMJEBE'BMBDJBTCJPUJDBT
'FSOBOEP #BOEST .PZB 4BOUJBHP

%FMHBEP#VFOP +BWJFS4ODIF[$BSP
#JPNFEJDJOB Z EFSFDIP 4BOJUBSJP
"EFNT$PNVOJDBDJO
&TUBPCSBSFDPHFMPTUSBCBKPTZFTUVEJPT
JOJDJBEPTQPSMPTBMVNOPTEFM.BTUFSEF
%FSFDIP4BOJUBSJP DVSTBEPTEVSBOUFFM
QFSPEP FO MB 6OJWFSTJEBE
$PNQMVUFOTF EF .BESJE 4V FMBCP
SBDJO QPTUFSJPS ZB FO MB 'BDVMUBE EF
$JFODJBTEFMB4BMVEEFMB6OJWFSTJEBE
&VSPQFB EF .BESJE TFEF BDUVBM EFM
.BTUFS QFSNJUFDPODMVJSDPOMPTUFYUPT
RVFGPSNBOMBPCSBZFOMPTRVFTFSFDP
HFOBOMJTJTZSFWJTJPOFTTPCSFMPTUFNBT
NTSFMFWBOUFTEFMB#JPNFEJDJOBFOFM
DPOUFYUPEFMPTEFSFDIPT EFCFSFTZSFT
QPOTBCJMJEBEFT RVF EFTEF MB .FEJDJOB
-FHBM ZFM%FSFDIP IBODVMNJOBEPFO
FM%FSFDIP4BOJUBSJP #JPUJDB%FCBU

*HOBDJP 'SBODJTDP #FOUF[ 0SU[BS

$PPSE
&TUVEJPT KVSEJDPQFOB
MFT TPCSF HFOUJDB Z CJPNFEJDJOB
-JCSP IPNFOBKF BM QSPGFTPS EPDUPS
% 'FSSBOEP .BOUPWBOJ %ZLJOTPO
4- QQ
0CSB FO IPNFOBKF BM QSPGFTPS EPDUPS
% 'FSSBOEP .BOUPWBOJ DBUFESUJDP
EF%FSFDIP1FOBMEFMB6OJWFSTJUEFHMJ
4UVEJ EJ 'JSFO[F Z UFSJDP QFOBMJTUB EF
QSFTUJHJPJOUFSOBDJPOBM-JCSPDPNQVFT
UPEFDJODPQBSUFTZDPNQMFUBEPDPOVOB
EJHSFTJO mOBM -B QSJNFSB EF MBT QBS
UFT FTU EFEJDBEB B NBUFSJBT HFOFSBMFT
DPNPMBTEFDMBSBDJPOFTEFMB6/&4$0
TPCSF CJPUJDB HFOUJDB Z HFOFSBDJPOFT
GVUVSBT MB MFZ TPCSF UDOJDBT EF SFQSP
EVDDJO BTJTUJEB JOWFTUJHBDJPOFT TPCSF
DMVMBT NBESF FM DPOUSPM QFOBM EF MBT
NBOJQVMBDJPOFT HFOUJDBT FM CJFO KVS
EJDPQSPUFHJEPFOMPTEFMJUPTSFMBUJWPTB
MB NBOJQVMBDJO HFOUJDB QSFWFODJO
WFSTVTTJNCPMJTNPFOFM%FSFDIPQFOBM
EFMBTCJPUFDOPMPHBT ZDPOTJEFSBDJPOFT
TPCSF %FSFDIPT IVNBOPT NVKFSFT Z
CJPUFDOPMPHB
-B TFHVOEB QBSUF TF PDVQB EFM BOMJTJT
EFMPTUJQPTQFOBMFTVCJDBEPTEFOUSPEFM
5UVMP7EFMMJCSPTFHVOEPEFM$EJHP
QFOBMEFEJDBEPBMPTEFMJUPTSFMBUJWPTBMB
NBOJQVMBDJOHFOUJDB-BTJOGSBDDJPOFT
QVOJUJWBTSFGFSJEBTBMTFSIVNBOPFOGPS
NBDJOFTMBNBUFSJBEFMBUFSDFSBQBSUF
-BTJHVJFOUFQBSUFUSBUBTPCSFPUSPTEF
MJUPT SFMBDJPOBEPT DPO MB CJPNFEJDJOB
DPNP MBT JNQSVEFODJBT TBOJUBSJBT DPO
SFTVMUBEPEFNVFSUFPMFTJPOFT FMBVYJ
MJP BM TVJDJEJP FO FOGFSNPT UFSNJOBMFT
Z FVUBOBTJB MPT FGFDUPT BUFOVBOUFT EFM
DPOTFOUJNJFOUP FO MBT MFTJPOFT MB EP
OBDJOEFSHBOPTPUFKJEPEFEPOBOUFT
QPSQFSTPOBTJODBQBDFTEFDPOTFOUJSZMB
QSPCMFNUJDBHFOFSBMEFMDPOTFOUJNJFO
UPFOMPTUSBOTQMBOUFT FTUFSJMJ[BDJPOFTP
DJSVHB USBOTFYVBM -B RVJOUB QBSUF TF
SFNJUFBBTQFDUPTDPODSFUPTFOFMNBSDP
EF MB HFOUJDB -B EJHSFTJO mOBM USBUB

TPCSFi&MQSPZFDUPEFMFZTPCSFUDOJDBT
EFSFQSPEVDDJOIVNBOBBTJTUJEBFO&T
QBBZMPTSFGFSOEVNEFSPHBUPSJPTEF
BMHVOPTBTQFDUPTEFMBMFZJUBMJBOBTPCSF
OPSNBTFONBUFSJBEFQSPDSFBDJON
EJDBNFOUFBTJTUJEBw
.BOVFM+PT#FSOBM(BSDB $PNQ

#JPUJDBZCJPKVSEJDB6OJWFSTJEBE
EF#PZBD 'BDVMUBEEF$JFODJBT+VS
EJDBTZ4PDJBMFT $FOUSPEF*OWFTUJHB
DJPOFTQBSBFM%FTBSSPMMP $*1"%&

QQ
&TUB PCSB FT GSVUP EFM 7*** 4FNJOBSJP
*OUFSOBDJPOBM i#JPUJDB Z CJPKVSEJDBw
FMDVBMDPOUSJCVZBBTVNJSVOBBDUJUVE
DSUJDB Z B FTUBCMFDFS VOB TBOB SFMBDJO
FO UPSOP EF MPT BWBUBSFT QSPQJPT EF MB
UFDOPDJFODJBZTVJNQMJDBDJOFOMBWJEB
" FTUF SFTQFDUP WBMF TFBMBS MB BmSNB
DJO EF 7BO 3FOTTFMBFS 1PUUFS FO TV
PCSB #JPUJDB 1VFOUF IBDJB FM GVUVSP
i/PIBZUPEBWBVOBUJDBRVFUSBUFEF
MBSFMBDJOEFMIPNCSFDPOMBUJFSSBZMPT
BOJNBMFTZMBTQMBOUBTRVFDSFDFOTPCSF
FMMB-BSFMBDJODPOMBUJFSSBFTUPEBWB
FDPOPNBFTUSJDUB RVFJNQMJDBEFSFDIPT
QFSPOPPCMJHBDJPOFTw%FTEFFTUBBmS
NBDJO FYQSFTBEBFOIBTUBFMEB
EFIPZ TFBQSFDJBVOWFSUJHJOPTPSJUNP
DPO FM DVBM IB BWBO[BEP FM TBCFS DJFO
UmDP Z FM EJMPHP FOUSF MBT EJTDJQMJOBT
EFUBMNBOFSBRVFMBBMEFBQMBOFUBSJB FT
EFDJSMBDBTBOBUVSBM ZEFOUSPEFFMMBMB
WJEBZFMDPNQPSUBNJFOUPEFMPTIPN
CSFT TFIBUPSOBEPFOFMIJMPDPOEVDUPS
EF VO EJTDVSTP RVF EFTEF MB #JPUJDB
EFTFONBTDBSBMBTGBMBDJBTZMPTTPmTNBT
RVFMBTPDJFEBEIBDPOTUSVJEP
+PBRVO $BMWPMWBSF[ "CPSUP Z

%FSFDIP $POTJEFSBDJPOFT DSUJDBT
FOUPSOPBMBEPDUSJOBEFM5SJCVOBM
$POTUJUVDJPOBM FTQBPM *OTUJUVUP
EF$JFODJBTQBSBMB'BNJMJB 6OJWFS
TJEBE EF /BWBSSB 1BNQMPOB
QQ
&M BVUPS FT QSPGFTPS EF %FSFDIP FO MB
6OJWFSTJEBEEF/BWBSSB3FBMJ[B DPNP
FTQFDJmDBFOFMTVCUUVMP VOBSFnFYJO
DSUJDB TPCSF MB TFOUFODJB EFM 5SJCVOBM
$POTUJUVDJPOBMFTQBPMFOUPSOPBMBCPS
UP"VORVFOPTTFQBSBOZBEPDFBPTEF
MBTFOUFODJB TUBTJHVFGVOEBNFOUBOEP
FOFMPSEFOBNJFOUPKVSEJDPFTQBPM MB
DPOTUJUVDJPOBMJEBEEFMBCPSUPFOMPTUSFT
TVQVFTUPT P JOEJDBDJPOFT BENJUJEBT FO
MB MFHJTMBDJO QFOBM WJHFOUF 2VJFSF SF
QFOTBSDSUJDBNFOUFMPTBSHVNFOUPTRVF
TPTUJFOFOMBDPOGPSNJEBEDPOTUJUVDJPOBM
EFM BCPSUP -B EJHOJEBE EFM TFS IVNB
OPZEFTVWJEBEFNBOEBEFMPTKVSJTUBT
VOB WBMPSBDJO EFUFOJEB EF MBT FYJHFO
DJBT EF TV SFDPOPDJNJFOUP HBSBOUB Z
QSPUFDDJO FO DPOUSBTUF DPO FM IFDIP
ESBNUJDP Z QSPGVOEBNFOUF EFTPMBEPS
EFMBCPSUP
$NBSBEF3FQSFTFOUBOUFTEFM6SV
HVBZ4FNJOBSJPSFHJPOBMJOUFSQBS
MBNFOUBSJPTPCSF#JPUJDB.POUF
WJEFP QQ
&O FTUF MJCSP TF SFDPHFO MBT WFSTJPOFT
UFYUVBMFT EF MBT JOUFSWFODJPOFT EF MPT
QBSUJDJQBOUFTFOVO4FNJOBSJP*OUFSQBS
MBNFOUBSJP PSHBOJ[BEP QPS MB $NBSB
EF3FQSFTFOUBOUFTEF6SVHVBZFO.PO
UFWJEFP FMEFTFQUJFNCSFEFM
&TUBCB DFOUSBEP FO MBT SFQFSDVTJPOFT

KVSEJDBTZUJDBTEFMPTBWBODFTFOHFO
UJDBZCJPUFDOPMPHB
"TDFOTJO$BNCSO*OGBOUFZPUSPT
3FQSPEVDDJO BTJTUJEB QSPNFTBT
OPSNBTZSFBMJEBE5SPUUB .BESJE
QQ
$PNP TF BmSNB FO MB QSFTFOUBDJO EF
FTUFMJCSP MPTOPUBCMFTBWBODFTDJFOUmDPT
FONBUFSJBEFSFQSPEVDDJOBTJTUJEBFO
MPTMUJNPTBPTIBOEBEPMVHBSBBJSB
EPTEFCBUFTEPDUSJOBMFTEFDPSUFQPMUJDP
ZUJDPTPCSFMBDPOWFOJFODJBZMNJUFTEF
TVVUJMJ[BDJO TJORVFQBSBEKJDBNFOUF
TF IBZB QSPEVDJEP FM DPSSFTQPOEJFOUF
EFCBUFTPDJBM$POFTUFmO WBSJPTBVUP
SFTFTDSJCFOEJWFSTPTBSUDVMPTFOMPTRVF
TFBQVOUBFMGVUVSPEFMBSFHVMBDJOKVS
EJDBFTQBPMBTPCSFSFQSPEVDDJOBTJTUJ
EB BTDPNPMBTDBSFODJBTEFMBOPSNBUJ
WBWJHFOUF DPOTUJUVJEBCTJDBNFOUFQPS
MB -FZ Z TVT DBVTBT &ODPOUSBS
FM MFDUPS VO FTUVEJP EF MB JOGPSNBDJO
FTUBETUJDBTPCSFSFQSPEVDDJOIVNBOB
BTJTUJEBFO&TQBBFOFMQFSPEP
FM DPOUFOJEP EF MPT EFSFDIPT EF
DPOTFOUJNJFOUPFJOGPSNBDJOFOMB-FZ
EF5DOJDBTEF3FQSPEVDDJO"TJTUJEB
VOFTUVEJPTPCSFMBGFDVOEBDJOJOWJUSP
ZMBTBHSFTJPOFTRVFTVQPOFQBSBMBNV
KFS ZBMHVOBTOPUBTTPCSFMBDMPOBDJO
.BSB $BTBEP #JPUJDB EFSFDIP Z

TPDJFEBE5SPUUB #BSDFMPOB
-B #JPUJDB UJFOEF BM SFDPOPDJNJFOUP
EF MB QMVSBMJEBE EF PQDJPOFT NPSBMFT
QSFTFOUFT FO MBT TPDJFEBEFT BDUVBMFT
QSPQVHOBOEPMBOFDFTJEBEEFFTUBCMFDFS
NOJNPTBDVFSEPT-PTQSPDFEJNJFOUPT
RVF QFSNJUBO EFDJTJPOFT DPOTFOTVBMFT
UJFOFOVOBJNQPSUBODJBGVOEBNFOUBM4J
OPIBZBDVFSEP FM%FSFDIPEFCFSFTUB
CMFDFSMPTMNJUFTEFMPQFSNJUJEPEFBI
EFSJWBMBFTUSFDIBSFMBDJOFOUSF#JPUJDB
Z%FSFDIP FOUFOEJEPDPNPOPSNBEF
DPOEVDUBRVFFNBOBEFMBWPMVOUBEEF
UPEPT
6OJSMBTOPDJPOFTEF#JPUJDBZ%FSFDIP
FT JNQPSUBOUF OP QBSB KVSJEJmDBS B MB
QSJNFSB TJOPQBSBFOUFOEFSMPTWBMPSFT
DPOTUJUVDJPOBMFTZMPTiQSJODJQJPTHFOF
SBMFT EF MBT OBDJPOFT DJWJMJ[BEBTw DPNP
BDVFSEP NOJNP B MB MV[ EF MB %FDMB
SBDJO EF %FSFDIPT )VNBOPT Z EF MBT
EFNT EFDMBSBDJPOFT JOUFSOBDJPOBMFT Z
DPOWFOJPTRVFGPSNBOQBSUFEFOVFTUSP
BDFSWPDPNO-PT%FSFDIPT)VNBOPT
DPOTUJUVZFOBMBWF[MBCBTFKVSEJDBZFM
NOJNP UJDP JSSFOVODJBCMF TPCSF MPT
DVBMFTTFBTJFOUBOMBTTPDJFEBEFTEFNP
DSUJDBT
5FYUPEFMBQSPQJBBVUPSB
.BSB$BTBEP&TUVEJPTEFCJPUJDB
ZEFSFDIP5JSBOUMP#MBODI 7BMFO
DJB QQ
*OUSPEVDDJO -B #JPUJDB DPNP SF
nFYJO FUJDPKVSEJDB VO QVOUP EF
WJTUBMBJDP.BSB$BTBEPi)BDJBVOB
DPODFQDJO nFYJCMF EF MB CJPUJDBw
+BWJFS 4EBCB i-B OFDFTJEBE EF MB
CJPUJDB 3FQFOTBS FM TVKFUPw 7DUPS
.OEF[#BJHFTi4PCSFMBMFHJTMBDJO
FTQBPMB FO CJPNFEJDJOBw .JSFOUYV
$PSDPZ #JEBTPMP i1SPCMFNBT KVS
EJDPQFOBMFT EF MB PCKFDJO EF DPO
DJFODJBFOFMNCJUPEFMBTBDUJWJEBEFT
TBOJUBSJBTw+PTFQ4BOMMFIi"WVFMUBT
DPOFMQSJODJQJPEFBVUPOPNBw"OOB
4FSWFUP Z /VSJB 3PTFMM i1FSDFQDJO
TPDJBM EF MB CJPUJDBw +PT .BOVFM
#FSNVEPi-BQPMUJDB FOUSFMBDJFO
DJBZMBUJDBwi-BJODPSQPSBDJOEF
MB #JPUJDB B MB EJTDVTJO EF QSPCMF
NBT TBOJUBSJPTw +PBRVO .BSUOF[
.POUBVUJ i'JOFT EF MB NFEJDJOBw
$BSMPT)VNFUi&MFKFSDJDJPBDUVBMEF
MBNFEJDJOB6OQVOUPEFWJTUBEFTEF
MBCJPUJDBZMBDBMJEBEBTJTUFODJBM-B
SFTQPOTBCJMJEBEEFMBTJOTUJUVDJPOFTw
.JHVFM OHFM "TFOKP i$VFTUJPOFT
CJPUJDBTFOMBFDPOPNBEFMBTBMVEZ
MBHFTUJOIPTQJUBMBSJBw"OESFV(BS
DB "[OBS i4PCSF FM SFTQFUP B MB BV
UPOPNB EF MPT QBDJFOUFTw +PT .B
SB(BUFMMi&TUBEPBDUVBMEFMNBOFKP
DMOJDPEFMPTQBDJFOUFTJOGFDUBEPTQPS
FM 7*) "TQFDUPT SFMBDJPOBEPT DPO
MB CJPUJDBw .POUTFSSBU 7JBT 1POT
i"QSPYJNBDJO KVSEJDB B MB QSPCMF
NUJDB FO UPSOP B MPT QSPGFTJPOBMFT
TBOJUBSJPT TVTDFQUJCMFT EF USBOTNJUJS
FOGFSNFEBEFTDPOUBHJPTBTw'SBODJTDP
+$VSJ$BTBOPWFTi#JPUJDBZEJTDB
QBDJEBEw "OUPOJ 7JM i$VFTUJPOFT
KVSEJDBTFOUPSOPBMBEJTDBQBDJEBEw
+PT -VJT 7FM[RVF[ i$MVMBT QMV
SJQPUFODJBMFT Z UJDBw 3BNO 7BMMT
i.BUFSJBMFTCTJDPTTPCSFMPTPSHFOFT
EFMBNPSBMNPEFSOBw
.BSB $BTBEP &EJUPSB

.BUFSJB
MFT EF #JPUJDB Z %FSFDIP $FEFDT
&EJUPSJBM4- #BSDFMPOB
5JUVMBSEFMB$UFESB6/&4$0EF#JP
UJDBEFMB6OJWFTJUBUEF#BSDFMPOB1SP
GFTPSB5JUVMBSEF'JMPTPGBEFM%FSFDIP
.PSBMZ1PMUJDB 6OJWFSTJUBUEF#BSDF
MPOB %JSFDUPSB EFM $FOUSP EF *OWFTUJ

HBDJO 0CTFSWBUPSJ EF #JPUJDB J %SFU
-B #JPUJDB UJFOEF BM SFDPOPDJNJFOUP
EF MB QMVSBMJEBE EF PQDJPOFT NPSBMFT
QSFTFOUFT FO MBT TPDJFEBEFT BDUVBMFT
QSPQVHOBOEPMBOFDFTJEBEEFFTUBCMFDFS
NOJNPTBDVFSEPT-PTQSPDFEJNJFOUPT
RVF QFSNJUBO EFDJTJPOFT DPOTFOTVBMFT
UJFOFOVOBJNQPSUBODJBGVOEBNFOUBM4J
OPIBZBDVFSEP FM%FSFDIPEFCFSFTUB
CMFDFSMPTMNJUFTEFMPQFSNJUJEPEFBI
EFSJWBMBFTUSFDIBSFMBDJOFOUSF#JPUJDB
Z%FSFDIP FOUFOEJEPDPNPOPSNBEF
DPOEVDUBRVFFNBOBEFMBWPMVOUBEEF
UPEPT
6OJSMBTOPDJPOFTEF#JPUJDBZ%FSFDIP
FT JNQPSUBOUF OP QBSB KVSJEJmDBS B MB
QSJNFSB TJOPQBSBFOUFOEFSMPTWBMPSFT
DPOTUJUVDJPOBMFTZMPTiQSJODJQJPTHFOF
SBMFT EF MBT OBDJPOFT DJWJMJ[BEBTw DPNP
BDVFSEP NOJNP B MB MV[ EF MB %FDMB
SBDJO EF %FSFDIPT )VNBOPT Z EF MBT
EFNT EFDMBSBDJPOFT JOUFSOBDJPOBMFT Z
DPOWFOJPTRVFGPSNBOQBSUFEFOVFTUSP
BDFSWPDPNO-PT%FSFDIPT)VNBOPT
DPOTUJUVZFOBMBWF[MBCBTFKVSEJDBZFM
NOJNP UJDP JSSFOVODJBCMF TPCSF MPT
DVBMFTTFBTJFOUBOMBTTPDJFEBEFTEFNP
DSUJDBT
.BSB $BTBEP $PNQ

/VFWPT
NBUFSJBMFT EF CJPUJDB Z EFSFDIP
&EJUPSJBM'POUBNBSB .YJDP
QQ
-B BVUPSB FT 5JUVMBS EF MB $UFESB
6/&4$0EF#JPUJDBEFMB6OJWFTJUBU
EF #BSDFMPOB 1SPGFTPSB 5JUVMBS EF 'J
MPTPGB EFM %FSFDIP .PSBM Z 1PMUJDB
6OJWFSTJUBUEF#BSDFMPOB%JSFDUPSBEFM

$FOUSPEF*OWFTUJHBDJO0CTFSWBUPSJEF
#JPUJDBJ%SFU&TUFMJCSPQSFUFOEFDPO
USJCVJSBMBDPOTUSVDDJOEFVOB#JPUJDB
nFYJCMF BQUBQBSBMBTPDJFEBEBDUVBM RVF
FONBSRVFMBTTPMVDJPOFTBMPTDPOnJDUPT
FOFMSFTQFUPBMPT%FSFDIPT)VNBOPT
SFDPOPDJEPT&MPCKFUJWPFTTVNJOJTUSBS
JOGPSNBDJPOFT Z BSHVNFOUPT QBSB RVF
MBTEFDJTJPOFTCJPUJDBTTFBONTUSBOT
QBSFOUFT KVTUBTZEFNPDSUJDBT
.BSB$BTBEP-BTMFZFTEFMBCJP
UJDB(FEJTB #BSDFMPOB
QQ
-BDPOTJEFSBDJOUJDBZKVSEJDBEFMPT
QSPCMFNBTZDPOnJDUPTRVFTVTDJUBOMBT
OVFWBTUFDOPMPHBTZTVBQMJDBDJOBMPT
TFSFT WJWPT Z BM NFEJP BNCJFOUF TF IB
DPOWFSUJEP FO BMHP IBCJUVBM FO FM QSF
TFOUF ZBRVFRVJOFTTFFOGSFOUBOBMP
RVF DPOPDFNPT DPNP DVFTUJPOFT EF MB
CJPUJDB EFCFO TBCFS RV EJDF MB MFZ BM
SFTQFDUP
&OVOBTPDJFEBEQMVSBM FOMBRVFFYJT
UFOQPTJDJPOFTFODPOnJDUP FTOFDFTBSJP
DPOPDFS FM NBSDP KVSEJDP QBSB EJSJNJS
MBDVFTUJOZTJFTFNBSDPFTJOTVmDJFO
UF V PCTPMFUP TFS QSFDJTP QPOFSMP FO
DVFTUJOZUSBCBKBSQBSBDBNCJBSMPQFSP
TJFNQSF TFS OFDFTBSJP DPOPDFSMP $PO
FTUFMJCSPZFM$%RVFMPBDPNQBBTF
QSPQPSDJPOBOMPTUFYUPTMFHBMFTRVFDPO
GPSNBOFMNBSDPOPSNBUJWPQBSBMBUPNB
EFEFDJTJPOFTFOFMDBNQPEFMBCJPUJDB
4FIBQSFTUBEPFTQFDJBMBUFODJOBMBSF
HVMBDJO FTUBCMFDJEB QPS FM $POTFKP EF
&VSPQBZMB6OJO&VSPQFB ZBRVFMPT
QBTFTNJFNCSPTQSPNVFWFOFMFTUBCMF
DJNJFOUPEFVOBMFHJTMBDJOBSNPOJ[BEB
-BPCSBJODMVZFUBNCJOMBKVSJTQSVEFO
DJBNTTJHOJmDBUJWBRVFFYJTUF QVFTMPT
EFTBGPTZEJMFNBTEFMPTHSBOEFTDBTPT
IBONBSDBEPEFTEFTVTDPNJFO[PTMBSF
nFYJOCJPUJDB-BTFMFDDJOOPSNBUJWB
ZKVSJTQSVEFODJBMBCBSDB QPSTVFTQFDJBM
TJHOJmDBDJO MBSFHVMBDJOFYJTUFOUFFO
BMHVOPT QBTFT MBUJOPBNFSJDBOPT DPNP
"SHFOUJOB $IJMF Z .YJDP &O QSYJ
NBTFEJDJPOFTTFJSOJODPSQPSBOEPMBT
OPSNBUJWBT EF PUSPT QBTFT 1PS UPEP
FMMPFTUBPCSBDPOTUJUVZFVOBIFSSBNJFO
UB GVOEBNFOUBM QBSB FM USBUBNJFOUP EF
MPTQSPCMFNBTCJPUJDPTDPOTVDVJEBEB
TFMFDDJO OPSNBUJWB Z KVSJTQSVEFODJBM
BQPSUB DSJUFSJPT QBSB MB SFnFYJO TPCSF
FTUBT DVFTUJPOFT Z QSPQPSDJPOB QBVUBT
QBSBFONBSDBSMPTDPOnJDUPTRVFIPZFO
EB FTU QMBOUFBOEP MB BQMJDBDJO EF MB
CJPUFDOPMPHBZMBCJPNFEJDJOB
0DUBWJP $BTB.BESJE .BUB -B

BUFODJO NEJDB Z FM %FSFDIP 4B
OJUBSJP+()&EJUPSFT .YJDP%'
QQ
&M MJDFODJBEP 0DUBWJP $BTB.BESJE FT
KVSJTUB EJSFDUPS (FOFSBM EF "SCJUSBKF
EF MB $PNJTJO /BDJPOBM EF "SCJUSB
KF .EJDP Z QSFTJEFOUF EF MB 4PDJFEBE
.FYJDBOB EF %FSFDIP 4BOJUBSJP 4F IB
EJTUJOHVJEPFOMBQSPNPDJOEFVOBDFS
DBNJFOUP FOUSF FM %FSFDIP 4BOJUBSJP Z
MB#JPUJDBFOOVNFSPTBT+PSOBEBTZQV
CMJDBDJPOFT&OFTUFMJCSPTFDFOUSBFOMB
BUFODJONEJDBZMBMFHJTMBDJOTBOJUB
SJBFYJTUFOUFFO.YJDP DPOMPTBTQFDUPT
DJWJMFTFTFODJBMFT MBQFSJDJBNEJDBZMB
BENJOJTUSBDJOEFKVTUJDJB
.BSB5FSFTB$SJBEP"TQFDUPTN
EJDPMFHBMFTEFMB)JTUPSJB$MOJDB
$PMFY .BESJE QQ
.BSB 5FSFTB $SJBEP QSPGFTPSB UJUVMBS
EF.FEJDJOB-FHBMZ5PYJDPMPHBEFMB
6OJWFSTJEBEEF;BSBHP[B IBSFDPQJMBEP
FOVOMJCSPMPTBTQFDUPTNTSFMFWBOUFT
EFMBIJTUPSJBDMOJDB
&M UFYUP BCPSEB DVFTUJPOFT UBO EJTDVUJ
EBTFOMPTGPSPTMFHBMFTZTBOJUBSJPTDPNP
FMEFSFDIPEFMQBDJFOUFBBDDFEFSVPC
UFOFSVOBDPQJBEFMBIJTUPSJBPBRVJO
EFCFBUSJCVJSTFTVQSPQJFEBE
&M DBQUVMP PDUBWP EFEJDBEP B MB IJT
UPSJB DMOJDB JOGPSNBUJ[BEB BEFNT EF
FYBNJOBSMBOPSNBUJWBWJHFOUFFOMBNB
UFSJB DPNP MB -PSUBE Z FM 3FBM %FDSF
UP QPS FM RVF TF BQSVFCB FM
3FHMBNFOUPEFNFEJEBTEFTFHVSJEBEEF
MPTmDIFSPTBVUPNBUJ[BEPTRVFDPOUFO
HBO EBUPT EF DBSDUFS QFSTPOBM FTUVEJB
MBTWFOUBKBTFJODPOWFOJFOUFTEFMBWFS
TJOJOGPSNUJDBEFMBIJTUPSJB
-BPCSBIBDPOUBEPDPOMBDPMBCPSBDJO
EF+BWJFS4FPBOF NBHJTUSBEPEFMB"V
EJFODJB1SPWJODJBMEF;BSBHP[B RVFIB
FYBNJOBEPDVFTUJPOFTDPNPMBTPCMJHB
DJPOFTZMBSFTQPOTBCJMJEBEEFMPTQSPGF
TJPOBMFTTBOJUBSJPTFOMBFMBCPSBDJO VTP
ZDPOTFSWBDJOEFMBIJTUPSJBDMOJDBEF
MPTQBDJFOUFTZTVWBMPSDPNPNFEJPEF
QSVFCBBOUFMPTUSJCVOBMFTEFKVTUJDJB
+PT"OUPOJP$PCBDIP(NF[$P
NFOUBSJPTBMB-FZ EF
EF.BZP TPCSFUDOJDBTEFSFQSP
EVDDJOIVNBOBBTJTUJEB&EJUPSJBM
"SBO[BEJ 4" /BWBSSB
QQ
&TUBPCSB EJSJHJEBQPSFMQSPGFTPS$PCB
DIP(NF[ZDPPSEJOBEBQPSFMQSPGFTPS
*OJFTUB %FMHBEP PGSFDF VO DPNFOUBSJP
SJHVSPTPZEFUBMMBEPEFMPTQSFDFQUPTEF
MB-FZ EFEFNBZP TPCSF
UDOJDBT EF SFQSPEVDDJO IVNBOB BTJT
UJEB #0& EF NBZP
&YQFSUPT FO
%FSFDIP $JWJM %FSFDIP "ENJOJTUSBUJ
WP Z .FEJDJOB -FHBM BCPSEBO DPO EF
UFOJNJFOUP MPT JNQPSUBOUFT QSPCMFNBT
KVSEJDPT RVF QMBOUFBO MBT UDOJDBT EF
SFQSPEVDDJOBTJTUJEBZEBOVOBWJTJO
BOBMUJDBZDSUJDBEFMBTTPMVDJPOFTPGSF
DJEBTQPSMBOVFWBSFHVMBDJO&OFTUPT
$PNFOUBSJPT UBNCJO TF IB UFOJEP FO
DVFOUB MB JOnVFODJB RVF TPCSF MB OPS
NBUJWB FTUVEJBEB UJFOF MB SFDJFOUF -FZ
EFEFKVMJP EF*OWFTUJHBDJO
#JPNEJDB &O FM BOFYP EF MB PCSB TF
JODMVZFOPTMPUFYUPOUFHSPEFMB-FZ
TJOPUBNCJOMPTUFYUPTEFMBT
EFSPHBEBT-FZFT EFEFOP
WJFNCSFZ EFEFOPWJFN
CSF QBSBGBDJMJUBSFMBOMJTJTDPNQBSBUJ
WP EF MBT SFGPSNBT JOUSPEVDJEBT QPS MB
OVFWBSFHVMBDJODPNFOUBEB5BNCJO
TF JODMVZFO MPT UFYUPT EF BRVFMMBT EJT
QPTJDJPOFT SFHMBNFOUBSJBT RVF BVORVF
EJDUBEBTFOEFTBSSPMMPEFMB-FZBOUFSJPS
TJHVFONBOUFOJFOEPTVWJHFODJB

.BSB$SV[%B[EF5FSO%FSFDIP
ZOVFWBFVHFOFTJB6OFTUVEJPEFT
EFMB-FZ EFEFOPWJFN
CSF EF UDOJDBT EF SFQSPEVDDJO
BTJTUJEB&6/4" 1BNQMPOB
QQ
-PTBDUVBMFTDPOPDJNJFOUPTEFMHFOPNB
IVNBOP BDPNQBBEPT EF MBT MUJNBT
UFDOPMPHBTSFQSPEVDUJWBT QFSNJUFOTP
NFUFSBMPTFNCSJPOFTDSFBEPTJOWJUSPB
VOBOMJTJTHFOUJDPQSFWJPBTVJNQMBO
UBDJO QBSBJOUSPEVDJSFOFMUFSPEFMB
NVKFSTMPBRVFMMPTRVFTFBEBQUFOBMPT
DSJUFSJPT EFTFBEPT FMJNJOBOEP MPT EF
GFDUVPTPTPFOGFSNPT&TUBTFMFDDJOEF
FNCSJPOFT TF MMFWB B DBCP GVOEBNFO
UBMNFOUF B QBSUJS EF MPT SFTVMUBEPT EFM
MMBNBEPEJBHOTUJDPQSFJNQMBOUBUPSJP
&O&TQBBFTUBTNFEJEBTTFMFDUJWBTFO
DVFOUSBO KVTUJmDBDJO FO MB -FZ
TPCSFUDOJDBTEFSFQSPEVDDJOBTJTUJEB
RVFNBOFKBMBDBUFHPSBEFQSFFNCSJO
Z BEVDF QBSB KVTUJmDBS UBMFT QSDUJDBT
DSJUFSJPT UFSBQVUJDPT Z EF QSFWFODJO
EFFOGFSNFEBEFT
-B BVUPSB QBSUJFOEP EF MB QSFNJTB EF
RVF MB UVUFMB EF MPT ECJMFT FT GVODJO
QSJPSJUBSJBEFMEFSFDIP BOBMJ[BFMGVOEB
NFOUPZMBTDPOTFDVFODJBTEFFTUBTJUVB
DJOMFHJTMBUJWB
'SBODFTDP %"HPTUJOP #JPUJDB

&TUVEJPTEFmMPTPGBEFM%FSFDIP
&JVOTB #BSDFMPOB QQ
-B CJPUJDB TVSHF DPNP SFTQVFTUB B VO
NBMFTUBS DBEB WF[ NT UBOHJCMF FM RVF
FYQFSJNFOUB FM IPNCSF GSFOUF BM GVFS
UF DBSDUFS JOWBTPS EF MB CJPNFEJDJ
OB Z MB CJPUFDOPMPHB NPEFSOBT 1FSP

SQJEBNFOUF MB QSPQJB CJPUJDB TF IB
DPOWFSUJEPFOTFBMEFNBMFTUBS FOPSJ
HFOEFDPOUSPWFSTJBTFOPDBTJPOFTNVZ
EVSBT EFDBSDUFSOPTMPUFSJDP TJOP
UBNCJOQSDUJDP%JDIPNBMFTUBSQBSF
DFBVNFOUBSDVBOUPNTDSFDFFMONF
SPEFDVFTUJPOFTDBTVTUJDBTEFMBTRVFTF
FODBSHBOMPTCJPUJDPTZDVBOUPNTTF
JNQMJDBO MPT KVSJTUBT Z MPT QPMUJDPT FO
TVTEFCBUFT EPOEFTVQBSUJDJQBDJOMMF
HBBTFSQSDUJDBNFOUFJNQSFTDJOEJCMFZ
EFDJTJWB
&M BVUPS QSPGFTPS EF 'JMPTPGB EFM %F
SFDIP FO MB 6OJWFSTJEBE 5PS 7FSHBUB
EF3PNB IBTJEPQSFTJEFOUFEFM$PNJ
UBUP/B[JPOBMFQFSMB#JPUJDBEF*UBMJB
EVSBOUF CBTUBOUFT BPT )B QVCMJDBEP
ZBWBSJBTPCSBTFOFTUBNBUFSJB ZSFDPHF
BIPSBFOFTUFMJCSPMPTBSUDVMPTGVOEB
NFOUBMFTRVFSFTVNFOTVTSFnFYJPOFTFO
UPSOP B MBT SFMBDJPOFT FOUSF MB #JPUJDB
Z FM %FSFDIP CJFO GVOEBNFOUBEBT FO
MBT OPDJPOFT DMBWFT EF MB EJHOJEBE EFM
TFSIVNBOP ZEFVOPSEFOKVSEJDPRVF
SFTQFUFFOUPEBTVQMFOJUVEMBWJEBIV
NBOB UBNCJO DPNP VO CJFO KVSEJDP
GVOEBNFOUBM
-VJT5%B[.MMFS#JPUJDB TBMVE
ZEFSFDIPTIVNBOPT&EJDJPOFT1P
SSB .YJDP QQ
)PZ FO EB QPS GPSUVOB QVFEF QFO
TBSTF JEFBMNFOUF FO OVFWPT Z NFKPSFT
TJTUFNBT EF DPOWJWFODJB TPDJBM DPNP
FM&TUBEPEFEFSFDIPZFMJNQFSJPEFMB
SB[O)PZ MBCJPUJDB DPNPEJTDJQMJ
OBBVUOPNB FTDBQB[EFFTUBCMFDFSVO
WODVMP IVNBOJTUB FOUSF FM NVOEP EF
MPTEFSFDIPTIVNBOPT1BSBMPHSBSFTUB
VOJOJOEJTPMVCMFZOPSFTVMUBFOUSFFM
TFS Z FM EFCFS TFS OVFTUSBT TPDJFEBEFT
MBUJOPBNFSJDBOBT IBO EFCJEP USBOTJUBS
QPSMPTB[BSPTPTDBNJOPT OPEF$BTUJMMB
DPNP FM 2VJKPUF TJOP QPS MPT WFSJDVF
UPTEFMTVCEFTBSSPMMP {1PSMBGBUBMJEBE
EFMBEFQFOEFODJB QPSMBJHOPNJOJBEF
MPT BVUPSJUBSJTNPT Z BIPSB TJ QPS MBT
USBOTJDJPOFTBMBEFNPDSBDJB FOMBDVBM
FMEFSFDIPBMBTBMVEFTVOBBTJHOBUVSB
QFOEJFOUF&M%FSFDIPBMBTBMVE FOFTUB
EJONJDBEFmOEFTJHMP TFQMBOUFB FO
NJPQJOJO DPNPVOEFSFDIPTPDJBM UBM
DPNPmHVSBFOFMBSU$POTUJUVDJPOBM
1FSPBEFNT TFOPTQSFTFOUBDPNPVO
EFSFDIPRVFUJFOFRVFWFSDPOMBTBMVE
JOUFSOBDJPOBMZDPOFOGFSNFEBEFTDPNP
FMDMFSB FM4*%"MBTEFMBTQPCSF[B MBT
USBOTNJTJCMFT-BJEFBDFOUSBMRVFSFDP
SSFUPEPFMMJCSPQBSUFEFMBJEFBEFRVF
FMEFSFDIPBMBTBMVEFTUBEJSFDUBNFOUF
VOJEPBMBUFNUJDBEFMEFTBSSPMMPZEF
MBQPTNPEFSOJEBEZ UBNCJO EFMBWJP
MFODJB/PQPSOBEBFTDSJCB#SFDIUUBO
WJPMFOUBTTPOMBTBHVBTEFMPTSPT DPNP
MB WJPMFODJB EF MBT PSJMMBT RVF MBT PQSJ
NFO&MEFSFDIPBMBTBMVEFTVOEFSFDIP
QSJODJQBMNFOUF EFMBQPCSF[B&OMBJO
WFTUJHBDJO FM EFSFDIP B MB TBMVE FT FM
JOUFSNFEJBSJPFOUSFMPTEFSFDIPTIVNB
OPTZMBTESPHBT-BTBMVE DPNPTFBMB
MB0.4 FTFMFTUBEPEFDPNQMFUPCJFO
FTUBSGTJDP QTJDPMHJDPZTPDJBM&TUFMJ
CSPTPTUJFOFRVF FOMBGBTFBDUVBMEFMB
FWPMVDJO EF MB IVNBOJEBE DPO SFWP
MVDJPOFT DJFOUmDPoUFDOPMHJDBT Z UPEP
MP RVF FMMBT BDBSSFBO MB TBMVE EFCF TFS
PCTFSWBEB Z BOBMJ[BEB DPNP VO PCKFUP
EFFTUVEJPHMPCBMZUSBOTEJTDJQMJOBSJP
'SBODFTDP%POBUP#VTOFMMJ#JPUJDB
Z EFSFDIP QSJWBEP GSBHNFOUPT EF
VO %JDDJPOBSJP &EJUPSJBM +VSEJDB
(SJKMFZ -JNB QQ
$POTUJUVZFVOIPOPSZVOBFTQFDJBMTB
UJTGBDDJOQSFTFOUBSBMQCMJDPMFDUPSMB
WFSTJOFOMFOHVBDBTUFMMBOBEFMBWBMJPTB
PCSBEF'SBODFTDP%#VTOFMMJUJUVMBEB
#JPUJDB Z EFSFDIP QSJWBEP &M DSFBUJWP
Z UBMFOUPTP QSPGFTPS JUBMJBOP BNQMJB
NFOUFDPOPDJEPFO MPTQBTFTEF IBCMB
DBTUFMMBOB FT VOB SFDPOPDJEB mHVSB EF
EJNFOTJO JOUFSOBDJPOBM VO KVSJTUB EF
FYDFQDJO FO FM NVOEP KVSEJDP DPO
UFNQPSOFP IPOEBNFOUF DPNQSPNF
UJEP DPO MB QSPUFDDJO EF MB QFSTPOB
IVNBOB &T BEFNT VO FTUJNBCMF Z
EJTUJOHVJEP BNJHP EF MBSHB EBUB &TUB
DPNQMBDFODJB TF BDSFDJFOUB DVBOEP TF
IBDF SFGFSFODJB DPNP FO FTUF DBTP B
VO MJCSP FTUFMBS EF QMFOB BDUVBMJEBE
DPO VO TVTUFOUP EPDUSJOBSJP KVTSJTQSV
EFODJBMZCJCMJPHSmDPEFQSJNFSPSEFO
CTJDPQBSBRVJFOEFTFBJOUSPEVDJSTFFO
MPTQSPCMFNUJDPTNFBOESPTRVFQSFTFO
UBMBNBUFSJB DPOmBCMFZPSJFOUBEPSFO
NBUFSJB UBO IVNBOBNFOUF DPNQMFKB Z
EFMJDBEBDPNPFTMBCJPUJDB
-B QSJNFSB QSFMJNJOBS Z USBTDFOEFOUF
DVFTUJORVFQMBOUFBFMMJCSPCBKPDPNFO
UBSJPTFSFmFSFBMBQPTJDJORVFBTVNF
#VTOFMMJGSFOUFBMBTVQVFTUBBVUPOPNB
EFMBCJPUJDBEFMBDVBM EFBDVFSEPDPO
TVTQSPQJBTFYQSFTJPOFT OPFTUDPOWFO
DJEP4FHOTVQBSFDFS iMBFYJHFODJBEF
SFnFYJPOBSEFNBOFSBDPNQMFUBTPCSFMB
JODJEFODJBEFMQSPHSFTPNEJDPZDJFO
UmDP TPCSF MB WJEB EFM IPNCSF OP IB
IFDIPEFMBCJPUJDBVOTBCFSSFBMNFOUF

BVUOPNPwTJOP NTCJFO iFMMVHBSEF

FODVFOUSP Z DPOnVFODJB EF EJTDJQMJOBT
mMPTmDBT KVSEJDBT BOUSPQPMHJDBT
DJFOUmDBT FO TFOUJEP FTUSJDUP DPNP
EJWFSTBTNBOFSBTEFBQSPYJNBDJOBMFT
UVEJPEFFTUBTUFNUJDBTw$PNQBSUJNPT
MBQPTJDJOEFMBVUPSFODVBOUPBMBCJP
UJDBBTDPNPTVDPNQSPCBDJOEFRVF
MPT QSJODJQJPT KVSEJDPT DPOTUJUVZFO VO
MFOUFQSJWJMFHJBEPQBSBMFFSMPTiIFDIPT
EFMBWJEBNBUFSJBMw
#VTOFMMJ TF EJSJKB B MB DPSQPSBDJO EF
KVSJTUBT B MPT DVBMFT DPSSFTQPOEF FM EJ
GDJMDPNQSPNJTPEFOVDMFBSPQDJPOFTZ
QSJODJQJPTQBSBVOBEJTDJQMJOBEFMBTCJP
UFDOPMPHBTEFBWBO[BEB EFTEFRVFDPO
TJEFSBOFDFTBSJPSFHVMBSMBKVSEJDBNFOUF
BMBMV[EFMPTWBMPSFTRVFTFFODVFOUSBO
FOMBCBTFEFOVFTUSBDVMUVSB"MSFTQFD
UP FMBVUPSIBDFVOMMBNBEPQBSBFODPO
USBSTPMVDJPOFTDPIFSFOUFT FRVJMJCSBEBT
Z TPCSFUPEP QSVEFOUFTFOUBOEFMJDB
EBNBUFSJB/PTFUSBUB EFVOMBEP EF
TFHVJS FVGSJDB F JSSFTQPOTBCMFNFOUF FM
NJUPEFMPHSBS BDVBMRVJFSDPTUP MBGF
MJDJEBEJOEJWJEVBMOJUBNQPDP QSFTBTEF
UFNPS Z BVO EF UFSSPS DPOTJEFSBS RVF
OP FTUBNPT EFCJEBNFOUF QSFQBSBEPT
QBSBBTVNJS DPOTBCJEVSB TBHBDJEBEZ
DPOTFOTJCJMJEBEWBMPSBUJWB MBEJTDJQMJOB
EF MBT CJPUFDOPMPHBT EF BWBO[BEB QBSB
SFHVMBSMBT BDFSUBEB Z QSVEFOUFNFOUF
QBSBRVFSFEVOEFOFOCFOFmDJPZOPFO
QFSKVJDJP EFM TFS IVNBOP $BSMPT 'FS
OOEF[4FTTBSFHP

.BSB &MTFHVJ *UYBTP .BUFSJBMFT

EFQSDUJDBTEFUFPSBEFM%FSFDIP
1SFOTBT 6OJWFSTJUBSJBT EF ;BSBHP[B
$PMFDDJO 5FYUPT %PDFOUFT FE

;BSBHP[B QQ
-B BVUPSB FT QSPGFTPSB EF 'JMPTPGB EFM
%FSFDIPFOMB6OJWFSTJEBEEF;BSBHP
[B &TUF MJCSP FT VO NBOVBM EF QSDUJ
DBTQBSBTVTDMBTFT QMBOUFBEBTQPSUBOUP
DPNPVONFEJPEPDFOUFRVFBDFSRVFBM
BMVNOPBMBSFBMJEBEZBMBFmDBDJBEFM
%FSFDIP BZVEBSMFBEFTDVCSJSMBBQMJDB
DJOQSDUJDBEFMPTDPODFQUPTKVSEJDPT
RVFIBFTUVEJBEPZFMNPEPEFJOUFSQSF
UBSMPT +VOUB BT DPNFOUBSJPT EF UFYUP
EFBVUPSFTDMTJDPT OPUJDJBTEFQSFOTBZ
PQJOJORVFEFTUBRVFOMBSFMBDJOFOUSF
FM%FSFDIPZMBTPDJFEBE TFOUFODJBTRVF
EFTBSSPMMBOMBUFPSBHFOFSBMEFMEFSFDIP
ZMPTWBMPSFTKVSEJDPT"MHVOPTEFMPTUF
NBTQFSUFOFDFOOUFHSBNFOUFBMNCJUP
EFMBCJPUJDBKVSEJDB NVZCJFOFOGPDB
EBQPSMBBVUPSBIVFMHBEFIBNCSFZBMJ
NFOUBDJOGPS[PTBFMUSBUBNJFOUPMFHBM
EJGFSFODJBEPEFMTVJDJEJPZMBFVUBOBTJB
MBPCKFDJOEFDPODJFODJBMBSFOVODJBB
USBUBNJFOUPTNEJDPTFONFOPSFT
#JP
UJDBZ%FSFDIPT)VNBOPT$PMFD
DJO#JPTZ&UIPT O 6OJWFSTJEBE
&M#PTRVF #PHPU
-PT %FSFDIPT )VNBOPT DPOTUJUVJEPT
DVMUVSBMNFOUFFOQBSUJDVMBSBQBSUJSEFM
TJHMP97** TFIBOWJTUPBDSFDFOUBEPTZ
GPSUBMFDJEPT DPO MB EJTDJQMJOB #JPUJDB
-PT DSJUFSJPT EF VOJWFSTBMJ[BDJO EF MPT
EFSFDIPT )VNBOPT B QBSUJS EF
DPOMBEFDMBSBDJOEFMBT/BDJPOFT6OJ
EBT IBOWFOJEPUPNBOEPQPTJDJOQSP
NJOFOUF FTQFDJBMNFOUF FO FM NVOEP
PDDJEFOUBM
-BCJPUJDBFOUSFMB[BMBDVMUVSBDJFOUm
DB Z MB DVMUVSB IVNBOTUJDB DPO NJSBT
BBQPSUBSTPMVDJPOFTBMPTDPOnJDUPTEF
MB TPDJFEBE DPOUFNQPSOFB -B DJFODJB
TPMBOPQPESOPQPESBQPSUBSMBTTP
MVDJPOFT RVF TF DSFZ QSPQPSDJPOBSB B
QBSUJSEFMB*MVTUSBDJO5BNQPDPEFTEF
MBTDJFODJBTIVNBOTUJDBT EFTEFMBPUSB
PSJMMB TFPCUFOESFTUFQSPQTJUP/PTF
FYDMVZFOMBTEPT TJOPQPSFMDPOUSBSJP
TFDPNQMFNFOUBOOFDFTBSJBNFOUFMBVOB
DPOMBPUSB$POMBDJFODJBOPTFMPHSB
SOMBTTPMVDJPOFT QFSPUBNQPDPTFDPO
TFHVJSOTJOFMMB
-PTEFSFDIPT)VNBOPTUBNCJOTFFO
USFMB[BO DPO MPT PUSPT QSJODJQJPT EF MB
#JPUJDBQSPQVFTUPTQPS#FBVDIBNQTZ
$IJMESFTT /P NBMFmDFODJBCFOFmDFO
DJBRVFFOGBUJ[BO FOUSFPUSPT FMSFTQFUP
B MB JOUFHSJEBE GTJDB EF MB QFSTPOB FO
MBQSDUJDBNEJDBZDPOMBKVTUJDJBRVF
EFCFQSPQJDJBSMBPSHBOJ[BDJOEFMBTP
DJFEBEZFMFTUBEPDPNPKVTUBEJTUSJCV
DJOEFSFDVSTPTTBOJUBSJPTEFOUSPEFMPT
DSJUFSJPTEFJHVBMEBE EFEJHOJEBEEFMPT
TFSFT IVNBOPT MB EFGFOTB EF MB WJEB Z
MBQSPUFDDJOEFBRVFMMBTQFSTPOBTRVF
QPS TV DPOEJDJO FDPONJDB GTJDB P
NFOUBM TFFODVFOUSBOFOEFCJMJEBENB
OJmFTUB&MFOUSBNBEPNEJDPoKVSEJDP
FTDSFBDJOEFMBTPDJFEBENPEFSOB DPO
HSBOJOTVSHFODJBEFMQSJODJQJPEFBVUP
OPNB EF MB QFSTPOB &O FTF FOUSBNB
EP OPT IFNPT WFOJEP EFTFOWPMWJFOEP
EFTEFFMJOJDJPEFMBNPEFSOJEBE IBTUB
BMDBO[BSMPTOJWFMFTEFQSFFNJOFODJBRVF
UJFOF FO MB BDUVBMJEBE +BJNF &TDPCBS
5SJBOB SFDUPS6OJWFSTJEBE&M#PTRVF

$
EJHPT DPOWFOJPT Z EFDMBSBDJPOFT
EFUJDBNEJDB FOGFSNFSBZCJP
UJDB$PMFDDJO#JPTZ&UIPT O
-PTDEJHPTEFUJDBUJFOFOVOBGVODJO
PSJFOUBEPSBEFNBOFSBQSFWJBZQSFDJTB
P QPTUFSJPSZFWBMVBUJWB-BCJPUJDBUJF
OFVOBGVODJODPODPNJUBOUFBMBUPNB
EFEFDJTJPOFTFOGVODJOEFDVBMJmDBSMB
FMFDDJO -B CJPUJDB UJFOF MPT DEJHPT
EFPOUPMHJDPTDPNPVOSFGFSFOUFGSFOUF
BMBTEFNTWBMPSBDJPOFTZDSJUFSJPTBQPS
UBEPTEFTEFMBTDJFODJBT EFJHVBMNBOFSB
TFDJSDVOTDSJCFEFOUSPEFVONBSDPMFHBM
WJHJMBOEPRVFMPTQSPDFEJNJFOUPTOPWB
ZBOBUSBOTHSFEJSMBMFHJTMBDJOWJHFOUF
-BQSFTFOUFFOUSFHBEFDEJHPT DPOWFO
DJPOFTZEFDMBSBDJPOFTEFUJDBNEJDB
FOGFSNFSB Z CJPUJDB FT VOB FYDFMFOUF
PQPSUVOJEBEQBSBRVFMPTQSPGFTJPOBMFT
EFMBTDJFODJBTEFMBTBMVEQVFEBOFOSJ
RVFDFSTVTSFnFYJPOFTFOUPSOPBMPTWB
MPSFT RVF TVTUFOUBO FTUBT EJTQPTJDJPOFT
Z QVFEBO JODVSTJPOBS DPO YJUP FO MBT
JONFOTBTQPTJCJMJEBEFTRVFBCSFMBCJP
UJDBQBSBFMFKFSDJDJPQSPGFTJPOBM
'FEFSJDP 'FSOOEF[ EF #VKO -B

WJEB QSJODJQJPSFDUPSEFM%FSFDIP
1SMPHP EF 1FESP -BO &OUSBMHP

%ZLJOTPO .BESJE QQ
&MBVUPSFTDBUFESUJDPEF%FSFDIP3P
NBOP*OJDJBFTUFFOTBZPDPOVOBQVOUF
UFPMHJDP EF MB WJEB FO HFOFSBM Z EF MB
WJEBIVNBOBFOQBSUJDVMBS QBSBEFTQVT
EBSVOBQVOUFmMPTmDP CJPMHJDP UJ
DPZFTUUJDP5SBUBEFBDFSDBSTFBMBWJEB
EFTEFFTUBTEJTDJQMJOBT ZBQBSUJSEFFMMBT

EFTFNCPDBSFOFM%FSFDIP QVFTTUF FM

%FSFDIP
iDPNJFO[B FO FM IPNCSF FO
TVSFBMJEBEPOUPMHJDBZFOTVWJEBJO
EJWJEVBM ZUFSNJOBFOFMIPNCSF FOTV
SFBMJEBEDPNPTFSTPDJBMZFOTVWJEBFO
SFMBDJO DPO PUSPT IPNCSFT -B WJEB
EFMTFSIVNBOPFTFODSVDJKBEBZQVOUP
EF FODVFOUSP EFM %FSFDIP BM TFS DBVTB
FOTVGPSNVMBDJOZmOFOTVBQMJDBDJO
"T FOTVDPOEJDJOCJGSPOUFEFDBVTBZ
NFUB QSJODJQJPZmO MBWJEBFTQSJODJ
QJPSFDUPSEFM%FSFDIPw
+PBOB'FSSFSJ.JRVFM-BIFSFODJB
UJDBEFMB$POTUJUVDJO4VBQMJDB
DJOFOFMBVMB"/":" $PMFDDJO
)BDFS SFGPSNB .BESJE
QQ
-BBVUPSBQBSUFEFTVFYQFSJFODJBFEVDB
UJWBQBSBSFnFYJPOBSTPCSFFMMFHBEPUJ
DP EF MB $POTUJUVDJO FTQBPMB %FTEF
MBFEVDBDJOFOMPTWBMPSFT MB$POTUJUV
DJOSFQSFTFOUBVOSFGFSFOUFUJDPFTFO
DJBM RVF EFCF JOUFHSBSTF FO FM QSPDFTP
EFFOTFBO[BZBQSFOEJ[BKFFTDPMBS QVFT
PGSFDFFMDPOKVOUPEFiWBMPSFTNOJNPT
JOGSBORVFBCMFTw FOMPTRVFUPEPTQPEF
NPTFODPOUSBSOPT QPSFODJNBEFEJGF
SFODJBT ZFOMPTRVFTFIBDFQPTJCMFMB
DPOWJWFODJBGVOEBNFOUBEBFOMBOPWJP
MFODJB MB JHVBMEBE Z MB MJCFSUBE 1VFEF
TFSUJMUBNCJOoBVORVFOPFTMBJOUFO
DJO EF MB BVUPSBo DPNP NPEFMP QBSB
VOBJOUFHSBDJOEFMPTUFNBTEFCJPUJDB
FOMBFOTFBO[BTFDVOEBSJB BQBSUJSEF
MBQSPQJB$POTUJUVDJOZEFMBQPTUFSJPS
MFHJTMBDJOFTQBPMBFOMBNBUFSJB
'VOEBDJO 'FSOBOEP 'VFZP -BOFSJ

%FSFDIP #JPUJDB Z HFOPNB )V
NBOP &EJUPSJBM +VSEJDB EF $IJMF
4BOUJBHPEF$IJMF QQ
&TUFMJCSPFTFMSFTVMUBEPEFM5FSDFS&O
DVFOUSP -BUJOPBNFSJDBOP TPCSF %FSF
DIP #JPUJDBZ(FOPNB)VNBOP FGFD
UVBEPFO4BOUJBHPEF$IJMFFMBP
DPOQBSUJDJQBDJOEFKVSJTUBT CJMPHPTZ
HFOFUJTUBT EF EJTUJOUPT QBTFT +VOUP B
QSPGFTPSFT DIJMFOPT DPNP (PO[BMP 'J
HVFSPB 'FSOBOEP-PMBTP)DUPS(SPT
&TQJFMM FOUSF PUSPT JOUFSWJOJFSPO UBN
CJOMPTFTQBPMFT$BSMPT.BSB3PNFP
$BTBCPOBZ.BSB$BTBEP FMNFYJDBOP
+PT.BSB$BOUZMPTBSHFOUJOPT4BM
WBEPS%BSP#FSHFMZ"EB,FNFMNBKFS
EF$BSMVDDJ
&MUFNBDFOUSBMEFMBPCSBTFPSJFOUBB
EFUFSNJOBS MPT GVOEBNFOUPT UJDPT Z
KVSEJDPT EF BMHVOBT EF MBT HSBOEFT JO
OPWBDJPOFTRVFIBUSBEPMBHFOUJDB4F
FODVFOUSBOFOGPRVFTZQPTJDJPOFTNVZ
WBSJBEBTFONBUFSJBTUBMFTDPNPFMFTUB
UVUPEFMFNCSJO EJTUJOHVJFOEPTJTUF
TFFTUPOPJNQMBOUBEP ZMBTJOUFSWFO
DJPOFT TPCSF FNCSJPOFT Z GFUPT UFNB
OUJNBNFOUF MJHBEP DPO MB FVHFOFTJB Z
DPOBMHVOPTJOUFOUPTEFEJTDSJNJOBDJO
FOFMDBNQPHFOUJDP5BNCJOTFFYQP
OFONVZEJWFSTBTQPTJDJPOFTFOUPSOPBM
QPMNJDPUFNBEFMBDMPOBDJO
-B PCSB DPODMVZF DPO VO BOUJDJQP EF
MP RVF EFCF TFS FM NBSDP KVSEJDP JO
UFSOBDJPOBMRVFSJKBFTUBTNBUFSJBT DPO
FTQFDJBMSFGFSFODJBBMEFCBUFBDFSDBEFMB
QBUFOUBCJMJEBE EF MPT EFTDVCSJNJFOUPT
HFOUJDPT Z VOB %FDMBSBDJO TVTDSJUB
QPSMPTDPODVSSFOUFTBDFSDBEFMBTHSBO
EFTMOFBTGVUVSBTRVFTFWJTMVNCSBOFO
FMDBNQPEFM%FSFDIPZMB#JPUJDB
+VMJP $TBS (BMO $PSUT &M DPO

TFOUJNJFOUPJOGPSNBEPEFMVTVBSJP
EFMPTTFSWJDJPTTBOJUBSJPT&EJUPSJBM
$PMFY .BESJE QQ
"OUPOJP 'SBHB .BOEJO .BOVFM

.BSB -BNBT .FJMO &M DPOTFOUJ
NJFOUPJOGPSNBEPEFMQBDJFOUFFO
MB BDUJWJEBE NEJDPRVJSSHJDB
3FWJTUB 9VSEJDB (BMFHB .POPHSB
GBT QQ
"CPHBEPZEPDUPSFO.FEJDJOB FMBVUPS
BCPSEBFOFTUFMJCSPMPTBOUFDFEFOUFTZ
QSFTVQVFTUPT EFM DPOTFOUJNJFOUP JO
GPSNBEP FM DPOUFOJEP Z MNJUFT TFHO
FM PSEFOBNJFOUP KVSEJDP FTQBPM MB
DPOTUJUVDJPOBMJEBEEFMBSUDVMPEF
MB-FZHFOFSBMEF4BOJEBERVFMPSFHVMB
FM DPOTFOUJNJFOUP JOGPSNBEP FO OVFT
USBKVSJTQSVEFODJBZUBNCJO DPNPFMF
NFOUPEFDPNQBSBDJO FOMBKVSJTQSV
EFODJBGSBODFTB
-PTBVUPSFTTPOKVSJTUBTRVFTFIBOEF
EJDBEPEFNPEPFTQFDJBMBMNVOEPEFM
EFSFDIP EF MB TBMVE Z MB FOGFSNFEBE
&O FTUB NPOPHSBGB BOBMJ[BO MPT SFRVJ
TJUPTEFMDPOTFOUJNJFOUPJOGPSNBEPMBT
FYDFQDJPOFT MFHBMFT B MB FYJHFODJB EFM
DPOTFOUJNJFOUP Z MB GBMUB EF DPOTFOUJ
NJFOUPMPTSFRVJTJUPTEFMBJOGPSNBDJO
BMQBDJFOUFZBMHVOPTTVQVFTUPTFTQFDJB
MFTEFDPOTFOUJNJFOUPJOGPSNBEPSFBMJ
[BDJO EF FOTBZPT DMOJDPT USBTQMBOUFT
VUJMJ[BDJOEFUFKJEPTIVNBOPT UDOJDBT
EF SFQSPEVDDJO BTJTUJEB FUD &O UPEP
NPNFOUPUJFOFOQSFTFOUFMBMFHJTMBDJO
DPNQBSBEB EF EJGFSFOUFT QBTFT DPO MB
FTQBPMB
7JUUPSJP 'SPTJOJ %FSFDIPT IVNB

OPT Z #JPUJDB 5FNJT $PMPNCJB
QQ
&MBVUPS DPOPDJEPKVSJTUB USBUBFOFTUB
PCSB EF MPT PSHFOFT EF MPT EFSFDIPT
IVNBOPT EFTEF FM #JMM PG 3JHIUT MPT
EFSFDIPT IVNBOPT FO MB TPDJFEBE UFD
OPMHJDB MB TPDJPMPHB EF MPT EFSFDIPT
IVNBOPTZFYQFSJNFOUBDJOFOFMIPN
CSFUSBCBKPZEFSFDIPBMBTBMVEUFTUB
NFOUPEFWJEBZFMEFSFDIPEFNPSJS
+VMJP$TBS(BMO$PSUT3FTQPOTB
CJMJEBE$JWJM.EJDB&EJU PN
TPO$WJUBT FEJDJO .BESJE
QQ
&TUB TFHVOEB FEJDJO SFWJTB BDUVBMJ[B
ZBNQMBMBZBFYJUPTBQSJNFSBFEJDJO
DPOTUJUVZFOEPVOBFYIBVTUJWBQVFTUBBM
EBEFFTUBNBUFSJB
*OUFHSBOEP DPO UPUBM BDJFSUP QMBOUFB
NJFOUPTUFSJDPTZTPMVDJPOFTQSDUJDBT
BOBMJ[BFOEFUBMMF UBOUPEFTEFFMQVOUP
EFWJTUBEPDUSJOBMDPNPKVSJTQSVEFODJBM
MBTJUVBDJOBDUVBMEFMBSFTQPOTBCJMJEBE
DJWJMNEJDB DPOVOUSBUBNJFOUPQPSNF
OPSJ[BEPEFUPEPTMPTUFNBTRVFDPOTUJ
UVZFOFTUBEJTDJQMJOB EFTEFMPTBTQFDUPT
QSPDFTBMFT KVSJTEJDDJO DPNQFUFOUF Z
QSFTDSJQDJO FYUJOUJWB
B MB DVBOUB JO
EFNOJ[BUPSJB QBTBOEPQPSMBOBUVSBMF[B
KVSEJDBEFMBPCMJHBDJOEFMNEJDP MB
DVMQBZTVQSVFCB MBSFMBDJOEFDBVTB
MJEBEZTVQSVFCB ZFMDPOTFOUJNJFOUP
JOGPSNBEP DPOVOEFUFOJEPFTUVEJPEF

MBTNTNPEFSOBTUFPSBTEPDUSJOBMFTFO
UPSOPBFTUBTJOTUJUVDJPOFTKVSEJDBT
UJDBEJSJHJEPFTQFDJBMNFOUFBMPTNEJ
DPTZFTUVEJBOUFTEF.FEJDJOB
%PSB(BSDB&TUVEJPTEF%FSFDIP
Z #JPUJDB 1PSSB .YJDP
QQ
"OBMJ[B FO QSJNFS MVHBS MB #JPUJDB

NEJDB QSPGFTJPOBM DPO FM QFSmM EFM
NEJDP MBSFMBDJODPOFMQBDJFOUF MPT
DEJHPTEFUJDBNEJDBZMPTEFSFDIPT
ZEFCFSFT&OTFHVOEPUSNJOPBCPSEB
MB#JPUJDBNEJDBIPTQJUBMBSJB DPOBM
HVOPTEFMPTQSPCMFNBTRVFTFQMBOUFBO
FOFTFNCJUPQSPGFTJPOBMZMPTDPNJUT
EFCJPUJDBNEJDB-BUFSDFSBTFDDJOMB
EFEJDBBMB#JPUJDBNEJDBTPDJBM DPO
MPT UFNBT EF NVFSUF EJHOB FVUBOBTJB
USBTQMBOUF EF SHBOPT JOWFTUJHBDJO Z
CJPHFOUJDB &O MB MUJNB QBSUF FYQP
OF MPT UFNBT SFGFSFOUFT B MBT EJTUJOUBT
DMBTFT EF SFTQPOTBCJMJEBE NEJDB Z FM
RVFIBDFS EF MB $PNJTJO /BDJPOBM EF
%FSFDIPT )VNBOPT Z EF MB $PNJTJO
/BDJPOBMEF"SCJUSBKF.EJDP DPOVOB
NVZCVFOBFYQFSJFODJBTUBMUJNBFOMB
NFEJBDJOFOUSFMPTQSPGFTJPOBMFTEFMB
TBMVEZMPTQBDJFOUFT
6OHSVQPEFJOWFTUJHBEPSFTFO%FSFDIP
FTQFDJBMJTUBT FO #JPUJDB IB VOJEP TVT
FTGVFS[PT QBSB GPSNBS FM QSJNFS UPNP
EFMB$PMFDDJOEF%FSFDIPZ#JPUJDB
RVF QSFUFOEF TFS QJPOFSB FO TV HOFSP
FO .YJDP 4F SFOFO JOWFTUJHBDJPOFT
RVFBQPSUBODPOPDJNJFOUPT TPMVDJPOFT
Z QSPQVFTUBT B MPT NT WBSJBEPT UFNBT
UBOEFCBUJEPTZBDUVBMFTEFMB#JPUJDB
+PSHF(JTQFSU$SVFMMT$PODFQUPTEF
#JPUJDBZSFTQPOTBCJMJEBENEJDB
.BOVBM .PEFSOP FEJD .YJDP
QQ
&M BVUPS FT NEJDP DJSVKBOP QPS MB
6/". ZBTFTPSNEJDPEFM*.44EF
.YJDP"DUVBMNFOUFoTFHO+PSHF(JT
QFSUoiMPTNEJDPTSFRVJFSFOEFVOBUJ
DBDMOJDBRVFMPTBQPZFFOMBBUFODJO
EF TVT QBDJFOUFT RVF TF TVTUFOUF FO MB
CJPUJDB FO MPT WBMPSFT EF MB WJEB Z EF
MBIVNBOJEBE RVFOPFYDMVZBMBTUSBEJ
DJPOFT QFSPRVFMBTVCJRVFFOFMNVO
EP DPOUFNQPSOFPw 1MBOUFB MB NBZPS
QBSUFEFMPTEJMFNBTCJPUJDPTEFMBNF
EJDJOB DPOUFNQPSOFB DPO VOB CVFOB
SFDPQJMBDJOEFJOGPSNBDJO ZMPTVCJDB
FO MB SFBMJEBE EF QBTFT DPNP .YJDP
DPOMBTJNJUBDJPOFTFVOQBTFOWBTEF
EFTBSSPMMPZDPOTVQSPQJBJEJPTJODSBTJB
1BSBFMMP SFWJTBUBNCJOMBCJCMJPHSBGB
FEJUBEBFO.YJDP QVFTTFUSBUBEFQSF
TFOUBSVOQBOPSBNBHFOFSBMEFMB#JP
+PT.(NF[Z%B[$BTUSPWFSEF
'SBODJTDP +BWJFS 4BO[ -BSSVHB %J
SFDUPSFT
-FDDJPOFT EF %FSFDIP
4BOJUBSJP6OJWFSTJEBEFEB$PSVB
$PMFDDJO$VSTPT $POHSFTPTZ4JN
QPTJPT -B$PSVB QQ
4FSFDPHFOFOFTUFMJCSPMBTMFDDJPOFTJN
QBSUJEBTFOVO$VSTPEF&TQFDJBMJ[BDJO
FO%FSFDIP4BOJUBSJPPSHBOJ[BEPQPSMB
6OJWFSTJEBEEF"$PSVBFODPMBCPSB
DJO DPO MB 'VOEBDJO +VOJPST o$FO
USPEF"MUPT&TUVEJPTEF(BMJDJB FOUSF
MPTNFTFTEFFOFSPBKVOJPEF4F
BCPSEBO OVNFSPTBT DVFTUJPOFT SFMBDJP
OFT DPO MB SFTQPOTBCJMJEBE KVSEJDB EF
MPTQSPGFTJPOBMFTTBOJUBSJPT USBUBEBTQPS
FTQFDJBMJTUBT FO EFSFDIP NEJDP DPNP
3VJ[7BEJMMP (BSDB(PO[MF[1PTBEB
MWBSF[$JFOGVFHPT 4ODIF[ $BSP %F
-PSFO[P FUD"CPSEBOFMEFSFDIPTBOJ
UBSJPFO&TQBB BOMJTJTEFMBMFHJTMBDJO
FYJTUFOUF EFSFDIPTZEFCFSFTEFMPTQB
DJFOUFT FM DPOTFOUJNJFOUP JOGPSNBEP
MPT EJGFSFOUFT UJQPT EF EFMJUPT DPOUFN
QMBEPTFOFM$EJHPQFOBM FUD5BNCJO
TFBOBMJ[BOPUSPTUFNBTi-BSFTQPOTBCJ
MJEBE QBUSJNPOJBM EF MB BENJOJTUSBDJO
TBOJUBSJBw 5FPEPSB'5PSSFTi-BSFHV
MBDJOKVSEJDBEFMBNBOJQVMBDJOHFO
UJDBw $BSNFO.BSB(BSDB.JSBOEBZ
i&MEFCBUFTPCSFMBFVUBOBTJBZMB.FEJ
DJOBBDUVBMw 'SBODJTDP+BWJFS-FO
1JMBS (NF[ 1BWO 5SBUBNJFOUPT

NEJDPTTVSFTQPOTBCJMJEBEQFOBMZ
DJWJM#PTDI #BSDFMPOB QQ
&OFTUBOVFWBFEJDJOTFNBOUJFOFJHVBM
FTUSVDUVSB RVF FO MB BOUFSJPS TF JO
DPSQPSB FM FTUVEJP Z BOMJTJT EF MB -FZ
EF EF OPWJFNCSF CTJDB SF
HVMBEPSB EF MB BVUPOPNB EFM QBDJFOUF
ZEFEFSFDIPTZPCMJHBDJPOFTFONBUFSJB
EFJOGPSNBDJOZEPDVNFOUBDJODMOJ
DB RVFFOUSFOWJHPSFONBZPEF
ZRVFEFSPHBQSFDFQUPTEFMB-FZ(FOF
SBM EF 4BOJEBE FOUSF FMMPT MPT SFMBUJWPT
BMDPOTFOUJNJFOUPJOGPSNBEP JODPSQP
SBOEPUBNCJOEFmOJDJPOFTKVSEJDBTFO
MBNBUFSJB3FHVMBDJORVFEFCFSOFDF
TBSJBNFOUFTVQPOFSVODBNCJPFOFTUBT
DVFTUJPOFT BT TF EFmOF RV FT MB IJT
UPSJBDMOJDB MPTMNJUFTBMEFSFDIPBMB
JOGPSNBDJO MPTTVQVFTUPTEFDPOTFOUJ
NJFOUPQPSSFQSFTFOUBDJOZMPTDBTPTFO
RVFQVFEFQSFTDJOEJSTFEFM EFGPSNB
NTFYIBVTUJWBRVFFOMBBOUFSJPS-FZ
-VJT (PO[MF[ .PSO %F MB #JP

UJDB BM #JPEFSFDIP -JCFSUBE WJEB
ZNVFSUF6QDP%ZLJOTPO .BESJE
QQ
&TUB FT MB PCSB EF VO KVSJTUB RVF TBCF
RVFFMEFSFDIPZMBCJPUJDB TJFOEPEJT
UJOUPT FO TVT QMBOUFBNJFOUPT Z FO TVT
FYJHFODJBT TJOFNCBSHPTFOFDFTJUBOZTF
DPNQMFNFOUBO NVUVBNFOUF 5SBT VOB
QSJNFSBQBSUFJOUSPEVDUPSJB TFBCPSEBO
MBTUSFTHSBOEFTDVFTUJPOFTRVFNTIBO
QSFPDVQBEPBMPTIPNCSFTEFUPEPTMPT
UJFNQPTMBMJCFSUBE MBWJEBZMBNVFSUF
4V PCSB iQSFUFOEF TFS oFO QBMBCSBT EFM
QSPQJPBVUPSoVOBSFnFYJOBDFSDBEFMB
SFTQVFTUBRVFFM%FSFDIPEBBMBTDVFT
UJPOFTEFMBCJPUJDBFOMPSFGFSFOUFBMB
MJCFSUBE MB WJEB Z MB NVFSUF 5SBT VOB
JOUSPEVDDJOBDFSDBEFFTUBTEPTEJTDJQMJ
OBT BCPSEP TV QMBTNBDJO FO FTBT USFT
DVFTUJPOFTRVFEFmOFOMBWJEBNJTNB"M
IBCMBSEFMJCFSUBEEFTUBDPMBSFWPMVDJO
RVFTVQPOFFMRVFFMQBDJFOUFTFDPOWJFS
UBFOVOTVKFUPBDUJWP&OMPSFGFSFOUFB
MBWJEB FMUFTUBNFOUPWJUBMFTVOBTQFDUP
NVZ JOUFSFTBOUF RVF QFSNJUF MB USBO
RVJMJEBE EFM FOGFSNP Z EB TFHVSJEBE B
GBNJMJBSFTZNEJDPT&OMPUPDBOUFBMB
NVFSUF FTNVZJOUFSFTBOUFIBCMBSEFMB
EJTQPOJCJMJEBEEFMBWJEBZBRVTVSHFO
UFNBTDPNPMBFVUBOBTJBPFMTVJDJEJPw
)DUPS (SPT &TQJFMM UJDB #JPUJ

DBZ%FSFDIP&EJUPSJBM5FNJT4"
#PHPU QQ
(SPTT &TQJFMM FT EPDUPS FO %FSFDIP Z

$JFODJBT TPDJBMFT QSPGFTPS EF %FSFDIP

$POTUJUVDJPOBM FO MB 6OJWFSTJEBE EF
MB 3FQCMJDB Z EFMFHBEP QFSNBOFOUF
EF 6SVHVBZ BOUF MB 6/&4$0 FOUSF
PUSPT NVDIPT DBSHPT )B UFOJEP VOB
QBSUJDJQBDJO NVZ BDUJWB FO MBT TVDFTJ
WBT %FDMBSBDJPOFT TPCSF UFNBT EF #JP
UJDBEFMB6/&4$0&OFTUFMJCSP TF
DPNQFOEJBOVOBTFSJFEFBSUDVMPTTVZPT
QVCMJDBEPTFOEJWFSTBTSFWJTUBTFTQFDJBMJ
[BEBT VOJEPTQPSFMQSPQTJUPEFMBVUPS
EFBOBMJ[BSMBSFMBDJOFOUSFFMEFSFDIP
MB UJDB Z MB CJPUJDB DPNP TOUFTJT SF
TVMUBOUFEFMPTEPTBOUFSJPSFT DPNPFY
QPOFFOMBJOUSPEVDDJO"MGPOTP-MBOP
5SBUB NVZ FTQFDJBMNFOUF MPT UFNBT EF
(FOUJDB #JPEJWFSTJEBE FMQSPZFDUPEF
%FDMBSBDJO6OJWFSTBMTPCSFFM(FOPNB
)VNBOPEFMB6/&4$0 MBDMPOBDJO
ZSFBMJ[BVOBOMJTJTEFUBMMBEPEFMBEJH
OJEBEIVNBOBFOMPTJOTUSVNFOUPTJO
UFSOBDJPOBMFT TPCSF EFSFDIPT IVNBOPT
ZFOMBTEFDMBSBDJPOFTJOUFSOBDJPOBMFTEF
#JPUJDB
)DUPS(SPTT&TQJFMMZ:PMBOEB(
NF[ 4ODIF[ -B %FDMBSBDJO VOJ
WFSTBM TPCSF #JPUJDB Z %FSFDIPT
)VNBOPTEFMB6/&4$0$PNB
SFT (SBOBEB QQ
-B $POGFSFODJB (FOFSBM EF MB 6/&4
$0 DFMFCS FO 1BST TV SFVOJO
BEPQUBOEP QPS BDMBNBDJO MB %FDMBSB
DJO 6OJWFSTBM TPCSF #JPUJDB Z %FSF
DIPT)VNBOPT RVFUSBUBEFiMBTDVFTUJP
OFTUJDBTSFMBDJPOBEBTDPOMBNFEJDJOB
MBT DJFODJBT EF MB WJEB Z MBT UFDOPMPHBT
DPOFYBT BQMJDBEBT B MPT TFSFT IVNBOPT
UFOJFOEP FO DVFOUB TVT EJNFOTJPOFT
TPDJBMFT KVSEJDBT Z BNCJFOUBMFTw &TUB
%FDMBSBDJO SFTQPOEF B VOB WFSEBEFSB

OFDFTJEBE B NFEJEB RVF TF NVMUJQMJ
DBO BNFOVEPTJOVONBSDPSFHVMBEPS
QSDUJDBT RVF USBTQBTBO MBT GSPOUFSBT
OBDJPOBMFT MB SFBMJ[BDJO TJNVMUOFB
FO EJGFSFOUFT QBTFT EF QSPZFDUPT EF
JOWFTUJHBDJO Z EF FYQFSJNFOUPT FO FM
DBNQPCJPNEJDP MBJNQPSUBDJOZFY
QPSUBDJOEFFNCSJPOFTZDMVMBTNBESF
FNCSJPOBSJBT EF SHBOPT EF UFKJEPT Z
EFDMVMBT ZMBDJSDVMBDJOUSBOTGSPOUFSJ
[BEFUFKJEPT EFNVFTUSBTEF"%/ZEF
EBUPTHFOUJDPT-BJOTUBVSBDJOBOJWFM
JOUFSOBDJPOBMEFQSJODJQJPTUJDPTFTQPS
MPUBOUPNTOFDFTBSJBRVFOVODB
&MUFYUPBEPQUBEPQSPQPSDJPOBVONBS
DPDPIFSFOUFEFQSJODJQJPTZEFQSPDFEJ
NJFOUPTRVFQPESOTFSWJSEFHVBBMPT
&TUBEPT FO MB GPSNVMBDJO EF TVT QPM
UJDBT MFHJTMBDJPOFTZDEJHPTUJDPT&O
UPEPT MPT MVHBSFT FO MPT RVF UPEBWB TF
DPOTUBUFMBBVTFODJBEFVONBSDPUJDP
MB%FDMBSBDJOJODJUBSZBZVEBSBMMF
OBSFTFWBDP:BVORVFBMPT&TUBEPTMFT
DPSSFTQPOEBFMBCPSBSMPTEPDVNFOUPTF
JOTUSVNFOUPTBEBQUBEPTBTVTDVMUVSBTZ
USBEJDJPOFT FMNBSDPHFOFSBMQSPQVFTUP
QPS MB %FDMBSBDJO QVFEF DPOUSJCVJS B
VOJWFSTBMJ[BSMBUJDBGSFOUFBVOBDJFODJB
RVFDBEBWF[UJFOFNFOPTGSPOUFSBT
"HVTUO "OUPOJP )FSSFSB 'SBHP

TP-BOVFWBFVHFOFTJB CJPUJDBZ
EFSFDIPT IVNBOPT 1VCMJDBDJPOFT
"ENJOJTUSBUJWBT$POUBCMFT+VSEJDBT
.YJDP QQ
6OCJPFUJDJTUBEFCF DPNPBNBOUFEFMB
WJEBRVFFT OPEFKBSTFMMFWBSQPSMBTDP
SSJFOUFTEFPQJOJOUBOWBSJBCMFTEFTJHMP
FOTJHMPZEFHFOFSBDJOFOHFOFSBDJO
OJQPSMBTQPTJDJPOFTVUJMJUBSJTUBT:EFCF
UFOFS FM TVmDJFOUF EJTDFSOJNJFOUP QBSB
TBCFSDVOEPZDNPDBOBMJ[BTVWPDB
DJOEFQB[ RVFFTSFTQFUPBMBWJEB BM
IPNCSFZBMBOBUVSBMF[B1PSFTUP FMBV
UPSQMBOUFBFOFTUFMJCSPMPTMNJUFTUJDPT
RVFEFCFOQPOFSTFEFTEFMBMFHBMJEBEB
MBTQPTJDJPOFTFVHFOTJDBTRVFFTUOIPZ
QSFTFOUFTFOWBSJPTDBNQPTEFMBJOWFTUJ
HBDJODJFOUmDB
.BSB$SJTUJOB)JEBMHP0SET"O
MJTJT KVSEJDPDJFOUmDP EFM DPODF
CJEPBSUJmDJBMNFOUF#PTDI #BSDF
MPOB QQ
-B QSJNFSB PCSB FO DBTUFMMBOP FTQFDm
DBNFOUFDPOTBHSBEBBMFTUVEJPEFMFTUB
UVUPKVSEJDPEFMFNCSJOIBWJTUPMBMV[
EFMBNBOPEF.BSB$SJTUJOB)JEBMHP
0SET DBUFESUJDBEFCJPMPHB BCPHBEB
ZEPDUPSBFO%FSFDIP RVFFYQPOFDPO
HSBO FRVJMJCSJP UBOUP MBT JNQMJDBDJPOFT
DJFOUmDBTDPNPMBTEFUJQPKVSEJDPRVF
BGFDUBOBMBNBUFSJB TJOPMWJEBSMBHSBO
USBTDFOEFODJBRVFTPCSFMBNJTNBUJFOFO
MPTMUJNPTBWBODFTDJFOUmDPTMPHSBEPT
FOFMNCJUPEFMBDMPOBDJO TVTJONFO
TBTQPTJCJMJEBEFTZMPTUBNCJOJONFOTPT
EJMFNBTUJDPTRVFMBDVFTUJOTVTDJUB
-BPCSBTFEJWJEFFODVBUSPQBSUFTDMBSB
NFOUFEJGFSFODJBEBT-BQSJNFSBBOBMJ[B
MPTBTQFDUPTKVSEJDPTZDJFOUmDPTEFMB
SFQSPEVDDJO BTJTUJEB Z MB GFSUJMJ[BDJO
IVNBOB FYUFSOB -B TFHVOEB TF DFOUSB
FO FM BOMJTJT EF MPT BTQFDUPT KVSEJDPT
Z DJFOUmDPT EFM FNCSJO QSPQJBNFOUF
EJDIP-BTUFSDFSBFYBNJOBMPTBTQFDUPT
DJFOUmDPTZKVSEJDPTEFMBJOWFTUJHBDJO
ZMBFYQFSJNFOUBDJOFOHFOFSBMZEFMB
FYQFSJNFOUBDJO HOJDB FO QBSUJDVMBS
DPOVOBCSFWFBMVTJOBMQSPZFDUPHFOP
NBIVNBOP
"EFNT MB PCSB JODMVZF VO JOUFSFTBO
UFBOFYPFOFMRVFTFDJUBMBOPSNBUJWB
TPCSFMBSFQSPEVDDJOBTJTUJEBFYJTUFOUF
FOMBNBZPSBEFMPTQBTFTFVSPQFPT MMF
HBOEPIBTUB3VTJB BTDPNPMBFNBOBEB
EFM$POTFKPEF&VSPQB EFM1BSMBNFOUP
&VSPQFPZEFMB6/&4$0'JOBMNFO
UF QPESFMMFDUPSFODPOUSBSNPEFMPTEF
DPOUSBUPTFJOGPSNBDJOVUJMJ[BEPTFOFM
NCJUPEFMBSFQSPEVDDJOBTJTUJEB
1FESP 'FEFSJDP )PPGU #JPUJDB Z

%FSFDIPT )VNBOPT 5FNBT Z DB
TPT&EJDJPOFT%FQBMNB #VFOPT"J
SFT QQ
&MBVUPSFTKVF[EFMGVFSPQFOBMFO.BS
EFM1MBUB "SHFOUJOB FJOUFHSBFM1PEFS
+VEJDJBMEFMBQSPWJODJBEF#VFOPT"JSFT
EFTEF(SBEVBEPFO%FSFDIPZFO
'JMPTPGB QPTUHSBEVBEPFO#JPUJDBZTP
DJPGVOEBEPSEFMB"TPDJBDJO"SHFOUJOB
EF#JPUJDB DPOTUJUVJEBFO&OFTUF
MJCSPWVFMDBTVTSFnFYJPOFTBDBENJDBTZ
TVTBQPSUFTEFTEFMBGVODJOKVEJDJBMBM
DBNQPEFMBCJPUJDB DPODJCJFOEPTUB
DPNP FTUVEJP JOUFSEJTDJQMJOBSJP EF MPT
QSPCMFNBT UJDPT SFMBDJPOBEPT DPO MBT
DJFODJBTEFMBWJEB
1BSUFEFTVTQSJNFSBTTFOUFODJBTFOBD
DJPOFTEFBNQBSP SFGFSJEBTBQSPCMFNBT
ZDPOnJDUPTRVFTFSFGFSBOBMBWJEBZMB
TBMVE Z EF MPT GBMMPT RVF SFDPHJFSPO MB
SFTQVFTUBGBWPSBCMFEFMPTKVSJTUBT1BSB
FM BVUPS MPT EFSFDIPT IVNBOPT TPO MB

FYQSFTJOEFMBJOFMVEJCMFEJHOJEBEEFMB
QFSTPOBZTPOBTQVFOUFFOUSFMBCJPUJ
DBZFMEFSFDIPFTUBCMFDJEP DPOVOBMFD
UVSBiFODMBWFEFEFSFDIPTIVNBOPTwZ
EFTEFFMQSJTNBDPOTUJUVDJPOBM-BQFST
QFDUJWB JOUFSEJTDJQMJOBSJB FTU SFDPHJEB
TPCSFUPEPFOMBTFHVOEBQBSUFEFMMJCSP
EFEJDBEBBBMHVOPTDBTPT SFTVFMUPTQPS
FMBVUPSFOTVDBSDUFSEFKVF[o BQBSUJS
EFMBTPMJDJUVEEFEJDUNFOFTEF$PNJ
UTEF#JPUJDBFOTJUVBDJPOFTDPNQMFKBT
ZDPOnJDUJWBT TFOUBOEPKVSJTQSVEFODJB
%FTUBDBEPT KVSJTUBT Z mMTPGPT EFM %F
SFDIPFYQPOFOBMHVOBTOPUBTTPCSFFTBT
TFOUFODJBT FOSJRVFDJFOEPFMEJMPHPJO
UFSEJTDJQMJOBSJP
1FESP 'FEFSJDP )PPGU #JPUJDB

EFSFDIP Z DJVEBEBOB $BTPT CJP
UJDPTFOMBKVSJTQSVEFODJB5FNJT
#PHPU QQ
$PMBCPSBEPSFT(FSBMEJOB+1JDBSEJ 3J
DBSEP(VUJSSF[Z-ZOFUUF)PPGU$PO
QSMPHP EF %JFHP (SBDJB 6OJWFSTJEBE
$PNQMVUFOTF .BESJE
Z QSFTFOUBDJO
EF "VHVTUP .BSJP .PSFMMP "DBEFNJB
/BDJPOBMEF%FSFDIP "SHFOUJOB
FMDP
OPDJEPKVF[ZCJPFUJDJTUB1FESP'FEFSJDP
)PPGUBOBMJ[BBMHVOPTDBTPTEFKVSJTQSV
EFODJB FO UFNBT EFCBUJEPT EFM NCJUP
EFMBCJPUJDB
*OTUJUVUP EF *OWFTUJHBDJPOFT +VSEJ

DBT#JPUJDBZ%FSFDIPT)VNBOPT
6/". .YJDP QQ
&OFTUFMJCSPFM/DMFPEF&TUVEJPT*O
UFSEJTDJQMJOBSJPT FO 4BMVE Z %FSFDIPT
)VNBOPTEFMB6/".SFOFVOBTF
SJF EF DPMBCPSBDJPOFT DPNQJMBEBT QPS
'FSOBOEP $BOP 7BMMF .BSB -PVSEFT

3BNSF[ Z )PSBDJP " %FM $BTUJMMP FO
UPSOPBMBTBMVEZMPTEFSFDIPTIVNBOPT
MPTDEJHPTEFUJDB MBHFOUJDB MBDBMJ
EBEEFMBBTJTUFODJBNEJDB FMEFSFDIPB
MBWJEBZBMBNVFSUF MBJOWFTUJHBDJOF
FYQFSJNFOUBDJOFOTBMVE MPTEFSFDIPT
IVNBOPTEFMQBDJFOUFUFSNJOBM ZMBTJ
UVBDJOEFMEFSFDIPBMBTBMVEFO.YJ
DP
0MHB *TMBT EF (PO[MF[ .BSJTDBM

"OMJTJT MHJDP EF MPT EFMJUPT DPO
USB MB WJEB 5SJMMBT FE .YJDP
QQ
&TUBPCSBNVFTUSBMPTQMBOUFBNJFOUPTZ
QFSTQFDUJWBTEFMBQSDUJDBEFM%FSFDIP
1FOBM FO.YJDP TPCSFMPTEFMJUPTRVF
BUFOUBO DPOUSB MB WJEB Z MB JOUFHSJEBE
DPSQPSBM FOUSF MPT RVF TF JODMVZFO FM
IPNJDJEJPZMBTMFTJPOFTGTJDBT5JFOFO
FTQFDJBMJOUFSTQBSBMBCJPUJDBKVSEJDB
FM DBQUVMP EFEJDBEP B MPT IPNJDJEJPT
TVJDJEJPT QPS BDDJO V PNJTJO EF
VONFOPSEFFEBE PEFVOFOBKFOBEP
NFOUBMZFMEFEJDBEPBMPTBCPSUPT TJO
WJPMFODJB DPO WJPMFODJB DPOTFOUJEPT P
QSPDVSBEPT
3BGBFM+VORVFSBEF&TUGBOJ $PPSE

"MHVOBTDVFTUJPOFTEF#JPUJDBZTV
SFHVMBDJO KVSEJDB (SVQP /BDJP
OBM EF &EJUPSFT 4FWJMMB
QQ
&OFTUFMJCSPFTDSJUPQPSWBSJPTKVSJTUBT
FO TV NBZPSB QFSUFOFDJFOUFT BM QSPGF
TPSBEP EF MB 6OJWFSTJEBE B %JTUBODJB
6/&% TF QSFUFOEF RVF FM MFDUPS TF
FTQFDJBMJDF FO #JPEFSFDIP FTUP FT FO
UPEPT BRVFMMPT BTQFDUPT EF MB #JPUJDB
RVF JODJEFO GVOEBNFOUBMNFOUF FO FM

PSEFOBNJFOUP KVSEJDP MPT QSPCMFNBT
EFMBMFHJTMBDJOTBOJUBSJB MBMFHJTMBDJO
#JPUJDB MB KVSJTQSVEFODJB FYJTUFOUF MB
GVOEBNFOUBDJO EFM #JPEFSFDIP -PT
PCKFUJWPT TPO PGSFDFS VOB WJTJO HMPCBM
EFMBTJNQMJDBDJPOFTKVSEJDBTEFMB#JP
UJDBZDPOTFHVJSVOBGPSNBDJOJOUFSEJT
DJQMJOBSFOFMUSBUBNJFOUPEFMPTEJTUJO
UPTQSPCMFNBT
%JFHP -FO 3CBHP -B #JPUJDB

QBSB FM %FSFDIP 6OJWFSTJEBE EF
(VBOBKVBUP .YJDP QQ
&MBVUPSFTBCPHBEPZOPUBSJPQCMJDP
MJDFODJBEP FO %FSFDIP QPS MB 'BDVMUBE
EF%FSFDIPEFMB6OJWFSTJEBEEF(VB
OBKVBUP .YJDP EFMBRVFFTQSPGFTPS
3FBMJ[ FTUVEJPT EF UJDB NEJDB FO MB
6OJWFSTJEBE EF 8BTIJOHUPO &TUBEPT
6OJEPT)BEFTFNQFBEPEJWFSTPTDBS
HPT FO FM (PCJFSOP &TUBUBM Z 'FEFSBM
Z FT BDUVBMNFOUF EJSFDUPS EFM $FOUSP
EF *OWFTUJHBDJPOFT )VNBOTUJDBT EF MB
6OJWFSTJEBEEF(VBOBKVBUP
&TUFMJCSPFTTVBQPSUBDJOBMEFCBUFRVF
PDVQBMBBUFODJOEFKVSJTUBT NEJDPTZ
mMTPGPT"OBMJ[BMBTSFMBDJPOFTFOUSFMB
NPSBM MBCJPUJDBZFMEFSFDIP EFTEFTV
QFSTPOBMDPOWJDDJOEFMWBMPSEFMBWJEB
IVNBOB&YQPOFMBTOPDJPOFTKVSEJDBT
UJMFTQBSBBGSPOUBSMPTQSPCMFNBTBDUVB
MFT EF MB .FEJDJOB Z FOUSB EFTQVT FO
MPTUFNBTNTEFCBUJEPTMBQSPDSFBDJO
NEJDBNFOUF BTJTUJEB MBT GVUVSBT GPS
NBTEFTFS OBDFSZNPSJS FMBCPSUPZMB
FVUBOBTJB
1BCMPEF-PSB%FMUPSP&OUSFFMWJ
WJSZFMNPSJSFOTBZPTEF#JPUJDBZ
%FSFDIP'POUBNBSB .YJDP
QQ
1BCMPEF-PSBFTEPDUPSFO%FSFDIPQPS
MB6OJWFSTJEBE"VUOPNBEF.BESJEZ
BDUVBM QSPGFTPS UJUVMBS EF 'JMPTPGB EFM
%FSFDIP EF MB NJTNB VOJWFSTJEBE )B
TJEP NJFNCSP EF USFT QSPZFDUPT EF JO
WFTUJHBDJO EFM 1SPHSBNB 4FDUPSJBM EF
1SPNPDJO (FOFSBM EFM $POPDJNJFOUP
F JOWFTUJHBEPS WJTJUBOUF FO MBT 6OJWFS
TJEBEFTEF4ZSBDVTF /FX:PSL 64"

#FSLFMFZ /PSUIXFTUFSOZ0YGPSE"EF
NTEFFTUBPCSB IBQVCMJDBEPPUSBTTP
CSF%FSFDIPDPOTUJUVDJPOBMZVOBTPCSF
+VTUJDJB QBSB MPT BOJNBMFT MB UJDB NT
BMMEFMBIVNBOJEBE
3JDBSEPEF-PSFO[PZ+BWJFS1SF[1J
RVFSBT&MDPOTFOUJNJFOUPJOGPSNB
EPFO1BUPMPHB%JHFTUJWB&EJUPSFT
.EJDPT4" .BESJE
-BQBUPMPHBEJHFTUJWBFTVOBEFMBTFT
QFDJBMJEBEFTRVFNBZPSJOUFSTKVSEJDP
EFTQJFSUBO BM DPOnVJS DPO NVDIB GSF
DVFODJBDPOTJUVBDJPOFTEFVSHFODJBRVF
FYJHFO VO USBUBNJFOUP KVSEJDP FTQFD
mDP Z DVJEBEPTP TJOHVMBSNFOUF FO MB
FNJTJOEFMDPOTFOUJNJFOUPJOGPSNBEP
1PS FTUF NPUJWP 3JDBSEP EF -PSFO[P
QSFTJEFOUF EF MB "TPDJBDJO &TQBPMB
EF %FSFDIP 4BOJUBSJP Z +BWJFS 1SF[
1JRVFSBT QSFTJEFOUF EF MB "TPDJBDJO
&TQBPMB EF 1BUPMPHB %JHFTUJWB VOFO
EPTQVOUPTEFWJTUBoFMKVSEJDPZFMTB
OJUBSJPoQBSBFMBCPSBSVOPTEPDVNFOUPT
RVFTJSWBOEFHVB ZSFEV[DBOMBDPN
QMFKJEBEEFMBJOGPSNBDJOFYJTUFOUFFO

OVNFSPTPT DFOUSPT Z MB EJmDVMUBE RVF

UJFOFFMQBDJFOUFQBSBDPNQSFOEFSMB
RVFFNQMFFMGBDVMUBUJWPZFMWFSFEJDUP
EFMUSJCVOBM
&TUB DPNQMJDJEBE KVSEJDPTBOJUBSJB IB

QFSNJUJEPBMPTBVUPSFTBCPSEBSMBTDJFO
QSFHVOUBTRVFNTDPNONFOUFTFGPS
NVMBO FO DPOTVMUBT QSPGFTJPOBMFT &O
FTUFDBQUVMPFODPOUSBNPTVOBSFTQVFT
UBRVFTFSWJS BVORVFMPTBVUPSFTBENJ
UFORVFOPFTVOOJNF QBSBBGSPOUBSFM
FKFSDJDJP EJBSJP DPO NT TFHVSJEBE -B
QBSUFRVFNTEFTUBDBFTFMUSBUBNJFOUP
EF GPSNVMBSJPT EF DPOTFOUJNJFOUP JO
GPSNBEP FOFMRVFTFJODMVZFOEJCVKPT
EFMBJOUFSWFODJOQSPZFDUBEBQBSBBDSF
EJUBS FM DVNQMJNJFOUP EF MPT PCKFUJWPT
EF MB JOGPSNBDJO DPNP QPS FKFNQMP
VO MBWBEP HTUSJDP NBOPNFUSB FTPG
HJDB UBQPOBNJFOUPDPOCBMO FUDUFSB
&MMJCSPSFOFMBSFHVMBDJOWJHFOUFTP
CSFFMDPOTFOUJNJFOUPJOGPSNBEP KVOUP
DPO FM "DVFSEP EFM $POTFKP *OUFSUFSSJ
UPSJBM TPCSF DPOTFOUJNJFOUP Z FM EPDV
NFOUPmOBMEFM(SVQPEF&YQFSUPTFO
JOGPSNBDJO Z EPDVNFOUBDJO DMOJDB
EFM.JOJTUFSJPEF4BOJEBE
'SBODJTDP -MFEP :BHF $BSNFO

0DIPB.BSJFUB$PNFOUBSJPTDJFO
UmDPKVSEJDPT B MB -FZ TPCSF UD
OJDBT EF SFQSPEVDDJO IVNBOB
BTJTUJEB -FZ
%ZLJOTPO
4- .BESJE QQ
&T OPWFEPTB MB QBSUF EFEJDBEB B VOB

FYQMJDBDJOHFOFSBMTPCSFMPTMJUJHJPTEF
DPOTFOUJNJFOUP JOGPSNBEP FO MB RVF
TF SFDPHF VOB JEFB HFOFSBM EF MPT QSP
DFEJNJFOUPT FMFNFOUPTDPNVOFTFOMPT
EJTUJOUPTQSPDFTPT ZPUSBTWBTEFSFDMB
NBDJO DPNPMBTDPNJTJPOFTEFPOUPM
HJDBT 1PS MUJNP QBSB FM FTUVEJPTP FO
MBNBUFSJBTFSFDPHFOMBTTFOUFODJBTNT
SFMFWBOUFT FOMPTEJTUJOUPTNCJUPTKVS
EJDPT TPCSFDPOTFOUJNJFOUPJOGPSNBEP
ZTPCSFQBUPMPHBEJHFTUJWB"TBQBSFDF
VO EF SFTVNFO MPT IFDIPT MB UDOJDB
&M BVUPS BOBMJ[B EFUBMMBEBNFOUF UPEPT

MPTUFNBTKVSEJDPTRVFFTUODPOUFOJEPT
FOMB-FZTPCSFUDOJDBTEFSFQSPEVDDJO
IVNBOBBTJTUJEB -FZ EFEF
NBZP
"BEFUBNCJODPNFOUBSJPTBMB
NPEJmDBDJOEFMBSUEFMB-FZ
TPCSFUDOJDBTEFSFQSPEVDDJOIVNBOB
BTJTUJEB QPSMB-FZEFEFNBS
[P TPCSFMBSFHVMBDJOEFMBSFDUJmDBDJO
SFHJTUSBM EF MB NFODJO SFMBUJWB BM TFYP
EFMBTQFSTPOBT
*HOBDJP .BHMJP 1SFWFODJOEFEB

PTZBCPHBDBIPTQJUBMBSJB"SLIF
UZQP #VFOPT"JSFT QQ
&M BVUPS BCPSEB QSJNFSP VO EJBHOTUJ
DP EF MB TJUVBDJO DPO MPT DBNCJPT FO
MBSFMBDJONEJDPQBDJFOUF FTUVEJBOEP
TVT DBVTBT Z TVT DPOTFDVFODJBT DPO FM
JODSFNFOUPEFEBPTZSFDMBNPT"OBMJ
[BMBQSFWFODJOEFEBPTFOMBQSDUJDB
NEJDB DPNP VO NPEFMP EF SFDQSPDP
SFTQFUP B MB EJHOJEBE EF UPEPT TPMJEB
SJEBE KVTUJDJB DPOmBO[B Z SFTQFUP B MB
BVUPOPNB &YQPOF UBNCJO TV QFSTP
OBMFYQFSJFODJBFOFM$PNJUEF#JPUJDB
EFM)PTQJUBMEF*OGFDDJPTBTi'SBODJTDP+
.V[w DPO FM SPM QSFWFOUJWPQSPUFD
UPS RVF UJFOF BT DPNP MBT QSPQVFTUBT
Z $BSUBT EF %FSFDIPT Z 0CMJHBDJPOFT
EFMPTQBDJFOUFTZEFMFRVJQPEFTBMVE
ZEFMQSPQJP)PTQJUBMFMBCPSBEBTEFTEF
FM$PNJU&OVOBUFSDFSBQBSUF BOBMJ[B
DBTPTDPODSFUPTQSFWFODJOEFEBPTFO
FMQBDJFOUFDPOJOUFODJOTVJDJEB EBPT
QPSBDDJEFOUFTMBCPSBMFTEFJOGFDDJOQPS
7*)FOFMFRVJQPEFTBMVE DPOUSPMEF
JOGFDDJPOFTZPCMJHBDJOEFTFHVSJEBEFO
UVCFSDVMPTJT NVMUJSSFTJTUFOUF 6O MJCSP
FOEFmOJUJWB RVFMPHSBBVOBS%FSFDIPZ
.FEJDJOB QBSBDPOTFHVJSiVOBSFMBDJO
BSNOJDBFOUSFFMFRVJQPEFTBMVEZFM
QBDJFOUFBUSBWTEFMBEJNFOTJOIV
NBOJTUBRVFGVOEBNFOUBMBNTFMFWBEB
FTUSBUFHJBEFQSFWFODJOEFEBPTw
+PSHF.BMFN&TUVEJPTEFUJDB+V
SEJDB 'POUBNBSB .YJDP
QQ
&MBVUPSFTQSPGFTPSEF'JMPTPGBEFM%F
SFDIPFOMB6OJWFSTJEBE1PNQFV'BCSB
EF#BSDFMPOB&OFTUBPCSBSFOFEJWFS
TPT BSUDVMPT TPCSF QSPCMFNBT BDUVBMFT
EFMBSFMBDJOFOUSFUJDBZEFSFDIPMB
PCFEJFODJB BM EFSFDIP Z MB PCKFDJO EF
DPODJFODJB MB QFSNJTJWJEBE BOUF MB EJ
GVTJOEFQPSOPHSBGBFOMBTPDJFEBEBD
UVBMZFMUFNBCJPUJDBEFMBQSJWBDJEBE
ZFMNBQBHFOUJDP
3BNO .BSUO .BUFP #JPUJDB Z

%FSFDIP "SJFM #BSDFMPOB
QQ
/P DSFP TFB BWFOUVSBEP BmSNBS RVF
FTUBNPT FO VOP EF MPT NPNFOUPT NT
JNQPSUBOUFTEFMBIJTUPSJBEFMB$JFODJB
EFMB7JEB/VODBTFIBCBDPOTFHVJEP
UBMFTQSPHSFTPTDPNPMPTRVFTFIBODVM
NJOBEP FO MPT QBTBEPT EBT EFM WFSBOP
EFMFOMPTRVFFOVOBDFSFNPOJB
TPMFNOF VOB PSHBOJ[BDJO QCMJDB Z
PUSB QSJWBEB MP DVBM UBNCJO FT VOB
DPOTUBUBDJOGDUJDBZBMBWF[ VOBTJN
CMJDBSFWFMBDJOEFMFOUSBNBEPEFMEFT
DVCSJNJFOUP TF QSFTFOU MB TFDVFODJB
DJODPNQMFUBEFMHFOPNBIVNBOP FO
VOBDUPRVFUFOBDPNPPmDJBOUFDJWJMBM
QSFTJEFOUFEF&TUBEPT6OJEPT&OFMTF
EJPGFEFVOPEFMPTMPHSPTEFMBIVNB
OJEBE NT JNQPSUBOUF RVF DPOPDJFSPO
MPT TJHMPT &T PQPSUVOP QPS UBOUP BOB
MJ[BS MBT DPOTFDVFODJB TPDJBMFT EF FTUPT
BWBODFT Z TV QSFWJTJCMF NBUFSJBMJ[BDJO
FOSFBMJ[BDJPOFTQSDUJDBTEFUSBTDFOEFO
DJB QBSB MBT DJSDVOTUBODJBT DPUJEJBOBT Z
NBTBMMBO QBSBMBWJEB MBTBMVEZMB
NVFSUF
"OB .BSB .BSDPT EFM $BOP $P

PSE
#JPUJDB 'JMPTPGBZ%FSFDIP
6/&% .FMJMMB
"OUPOJP.BSUO4FSSBOP&MEFSFDIP
EFMPTQSPGFTJPOBMFTTBOJUBSJPT&EJ
DJPOFT%B[EF4BOUPT4" .BESJE
QQ
-B DPPSEJOBEPSB EF FTUF MJCSP FT QSP

GFTPSB EF 'JMPTPGB EFM EFSFDIP FO MB
6/&% .BESJE&OFTUBPCSBFTDSJCFO
WBSJPTFTQFDJBMJTUBTFOUPSOPBMBTQSJODJ
QBMFTDVFTUJPOFTEFCBUJEBTFOFMNCJUP
EFMBCJPUJDBZTVSFMBDJODPOFMEFSF
DIP FTQFDJBMNFOUFEFTEFMB'JMPTPGBEFM
%FSFDIP
&MBVUPSFTEPDUPSFO%FSFDIPZFKFSDF
MBBCPHBDBFO.BESJE&TVODPNQMF
UPNBOVBMEFUPEPFMEFSFDIPTBOJUBSJP
5SBUBMBSFTQPOTBCJMJEBEDJWJMPQFOBM MPT
EFSFDIPTZPCMJHBDJPOFTEFMPTQSPGFTJP
OBMFTTBOJUBSJPTZUBNCJOMPTEFSFDIPT
ZEFCFSFTEFMPTVTVBSJPTEFMTJTUFNBEF
TBMVE MB PSHBOJ[BDJO Z FTUSVDUVSB EFM

TJTUFNBTBOJUBSJP ZMMFHBIBTUBMPTQSP
CMFNBTKVSEJDPTRVFQMBOUFBMBJODPSQP
SBDJOBMB$PNVOJEBE&VSPQFB-JCSP
FTDSJUPEFNPEPBTFRVJCMFBMPTQSPGFTJP
OBMFTEFMNCJUPEFMBTBMVE RVFBOBMJ[B
FM NBSDP KVSEJDP FO RVF EFTFOWVFMWFO
TVBDUJWJEBE
1BVMB$3.BSUJOIPEB4JMWB$PO
WFODBPEPTEJSFJUPTEPIPNFOFEB
#JPNFEJDJOB "OPUBEB &EJDJPOFT
$PTNPT -JTCPB
-BBVUPSB BDUVBMNFOUFQSFTJEFOUBEFMB
$PNJTJO/BDJPOBMQBSBMT$JODJBTEF
MB7JEB BOBMJ[BFNFTUFMJCSPMB$POWFO
DJO EF EFSFDIPT EFM IPNCSF Z MB CJP
NFEJDJOB&MMBNJTNBFYQSFTB
i$POWFOP TPCSF PT %JSFJUPT EP )P
NFNFEB#JPNFEJDJOBQBSUJDVMBSNFO
UF JNQPSUBOUF QPSRVF EJWFSTPT QBTFT
EF DVMUVSBT CFN EJTUJOUBT BTTJOBSBN B
$POWFOPFEFWFSPBKVTUBSTVBTMFHJT
MBFTJOUFSOBTQBSBFGFUJWMB2VBOUP
NVEBOBEFSVNP EVSBOUFPQSPDFTTP
EF FMBCPSBP EB $POWFOP FOGBUJ[B
TFPTFOUJNFOUPEFVNBOFDFTTJEBEFEF
OP MJNJUBS P DPOUFEP EB DPOWFOP
NFSBEFDMBSBPEFBMHVOTQSJODQJPT
HFSBJT BEFOUSBOEP FTQFDJmDBNFOUF FN
BMHVNBT NBUSJBT EF JNQPSUODJB DBQJ
UBM /P PCTUBOUF JTTP GPSBN BGBTUBEBT
NBUSJBT BMUBNFOUF DPOUSPWFSUJEBT B
FYFNQMP EB FYQFSJNFOUBP DPN FN
CSJFTIVNBOPT
&N MJOIBT HFSBJT BT QBSUFT DPOWFODJP
OBSBN RVF QSPUFHFSP B EJHOJEBEF F B
JEFOUJEBEFEFUPEPTPTTFSFTIVNBOPTF
RVF HBSBOUJSP B UPEBT BT QFTTPBT TFN
EJTDSJNJOBP PSFTQFJUPQFMBTVBJOUF
HSJEBEF F QFMPT PVUSPT EJSFJUPT F MJCFS
EBEFT GVOEBNFOUBJT GBDF T BQMJDBFT
EB CJPMPHJB F EB NFEJDJOB CFN DPNP
EFWFSP UPNBS BT NFEJEBT OFDFTTSJBT
OP EJSFJUP JOUFSOP QBSB FGFUJWBS P EJT
QPTUP OB $POWFOP " $%)# SFBmS
NPV P QSJNBEP EP TFS IVNBOP TPCSF
PTJOUFSFTTFTFYDMVTJWPTEBTPDJFEBEFPV
EBDJODJB USBPVEJSFUSJ[FTOPTFOUJEP
EBJHVBMEBEFEFBDFTTPBPTDVJEBEPTEF
TBEF CFNDPNPDPOTBHSPVPQSJODQJP
EP DPOTFOUJNFOUP FTUBCFMFDFOEP VNB
TSJFEFNFEJEBTQSPUFUJWBTBPTRVFOP
UFOIBNDBQBDJEBEFQBSBUBOUP5SBUBO
EPFTQFDJmDBNFOUFEFJOGPSNBFTSFMB
UJWBTTBEF EFDMBSPVRVFUPEBQFTTPB
UFNEJSFJUPBPSFTQFJUPEBWJEBQSJWBEB
UFOEPPEJSFJUPEFDPOIFDFSUPEBBJO
GPSNBP SFDPMIJEB TPCSF TVB TBEF
CFNDPNPTFSSFTQFJUBEBRVBOUPWPO
UBEFEFOPTFSJOGPSNBEBw
*TBCFMEFMB.BUB#BSSBODP $PPSE

#JPUJDBZKVTUJDJB$POTFKP(FOFSBM
EFM 1PEFS +VEJDJBM .BESJE
QQ
"DUBT EFM 4FNJOBSJP RVF TPCSF FM UFNB
EF#JPUJDBZ+VTUJDJB TFDFMFCSFO.B
ESJE EFMBMEF0DUVCSFEF Z
RVFTVQVTPVOCVFOBDFSDBNJFOUPEFMBT
EPTWJTJPOFT MBEFMPTCJPFUJDJTUBTZMBEF
MPTQSPGFTJPOBMFTEFMBKVTUJDJB
+VBO.KJDB)JTUPSJBDMOJDB&TUB
UVUPCTJDPZQSPQVFTUBEFSFHVMB
DJO&EJTPGFS4- -JCSPTKVSEJDPT
.BESJE QQ
$VBOEPMB-FZ&TUBUBMEF*OGPSNBDJO
DPODFSOJFOUFBMB4BMVEZMB"VUPOPNB
EFMQBDJFOUFZMB%PDVNFOUBDJO$MOJ
DBFTUFOMPTMUJNPTUSNJUFTQBSBRVF
TFBBQSPCBEBQPSFM$POHSFTPEFMPT%J
QVUBEPT +VBO.KJDB QSPGFTPSBTPDJBEP
EF%FSFDIP$JWJMEFMB6OJWFSTJEBEEF
0WJFEP IB QVCMJDBEP VO MJCSP EPOEF
QSPQPOF VOB SFHVMBDJO NT FTQFDmDB
EFMBIJTUPSJBDMOJDB
&MFYQFSUPFO%FSFDIP4BOJUBSJPBOBMJ[B
DVFTUJPOFT BDUVBMFT DPNP MPT SFRVJTJUPT
RVFEFCFDPOUFOFSFMIJTUPSJBMQBSBRVF
UFOHBWBMJEF[MFHBMZKVEJDJBMPMBQPM
NJDB TPCSF FM QFSPEP EF DPOTFSWBDJO
EFMBIJTUPSJBDMOJDB TVQSPQJFEBEPFM
EFSFDIP EF MPT GBNJMJBSFT EFM QBDJFOUF
GBMMFDJEPBBDDFEFSBMIJTUPSJBM
&M UFYUP SFQSFTFOUB VOB PCSB DPNQMFUB
Z EF BDUVBMJEBE TPCSF VO EPDVNFOUP
WJUBMFOMBBUFODJOTBOJUBSJB DVZBGBMUB
EFSFHVMBDJOQMBOUFBQSPCMFNBTKVSEJ
DPTZMFHBMFT&MBVUPSBOBMJ[BMBIJTUPSJB
DMOJDBUBNCJOEFTEFFMQVOUPEFWJTUB
QSPDFTBM FT EFDJS MB DPOmHVSBDJO EFM
IJTUPSJBMDPNPVONFEJPEFQSVFCBBOUF
MPT USJCVOBMFT 1PS MUJNP .KJDB OP
TFQSJWBEFMBQPTJCJMJEBEEFSFBMJ[BSVO
BOMJTJTDSUJDPEFMBQSPQPTJDJOEFMFZ
FTUBUBM RVFOPJODMVZFMPRVFQBSBMTF
IBDFDBEBWF[NTOFDFTBSJPVOBQSPUP
DPMJ[BDJOEFMBIJTUPSJBDMOJDB
7DUPS.OEF[#BJHFT )DUPS$MBV
EJP4JMWFJSB(PSTLJ#JPUJDBZ%FSF
DIP60$ #BSDFMPOB
&OMBBDUVBMJEBETFPZFIBCMBSNVDIPEF
MBCJPUJDB4FIBCMBEFFMMBDPNPTJGVF
SBBMHPEFJNQPSUBODJBQBSBUPEPT1FSP
UBNCJO DPNP EF BMHP RVF SFWJTUF VO
JOUFSTFTQFDJBMQBSBMPTKVSJTUBT4JOFN
CBSHP BQFTBSEFTVDJFSUBQPQVMBSJEBE
OP FT GDJM FODPOUSBS VOBOJNJEBE B MB
IPSBEFFYQMJDBSFORVDPOTJTUFMBCJP
UJDB DVMFTTVOBUVSBMF[B DVMFTTPOTVT
DPOUFOJEPT Z TVT NUPEPT FTQFDmDPT
DVMFTMBSFMBDJORVFHVBSEBFOSFBMJ
EBEDPOFMEFSFDIPPDPOPUSBTNBUFSJBT
&OFTUFMJCSPTFJOUFOUBSFTQPOEFSBFTPT
JOUFSSPHBOUFTBMBWF[RVFTFPGSFDFVOB
DPODFQDJOTJTUFNUJDBEFVOBQBSUFEF
MBCJPUJDBBRVFMMBRVFTFFODVFOUSBFT
USFDIBNFOUFSFMBDJPOBEBDPOFMEFSFDIP
&TBMBCPSTFMMFWBBDBCPEFTEFMBJEFBEF
RVFMPRVFEFOPNJOBNPT#JPUJDBZEF
SFDIPOPFTTJOPVOBNBOJGFTUBDJONT
EFFTBWPMVOUBEEFDJEJEBEFSFnFYJPOBS
TPCSFMBTOPWFEBEFTDJFOUmDBTZUFDOP
MHJDBT RVF DBSBDUFSJ[B BM QFOTBNJFOUP
DPOUFNQPSOFP
)FSNFT /BWBSSP EFM 7BMMF &M %F

SFDIPBMBWJEBZMBJODPOTUJUVDJPOBMJ
EBE EF MB GFDVOEBDJO JOWJUSP
&EJDJPOFT1SPNFTB 4BO+PTEF$PT
UB3JDB QQ
&TUF USBCBKP EFM KVSJTUB DPTUBSSJDFOTF
)FSNFT/BWBSSPEFM7BMMFFTFMDPNFOUB
SJPBVOBTFOUFODJBEFMB4BMB$POTUJUV
DJPOBMEFMB$PSUF4VQSFNBEFKVTUJDJB
EFMB3FQCMJDBEF$PTUB3JDB FOUPSOP
BMiQSJNFSZGVOEBOUFEFSFDIPIVNBOP
FMEFSFDIPBMBJOWJPMBCJMJEBEEFMBWJEB
EF UPEP TFS IVNBOP JOPDFOUFw $PNP
EJDF+PSHF4DBMBFOTVQSFTFOUBDJO iMB
4BMB$POTUJUVDJPOBMEFDMBSPJMFHJUJNBMB
BVUPSJ[BDJOHVCFSOBNFOUBMEFMBTQSD
UJDBTEFGFDVOEBDJOBSUJmDJBM&MJOUFST
EFMPTQBESFTQPSFOHFOESBSZMBDBQBDJ
EBEUDOJDBQBSBMPHSBSMPoMBGVFS[Bo OP

QVFEFOBWBTBMMBSMBJOWJPMBCJMJEBEEFMB
WJEBIVNBOBEFMPTOBTDJUVSVT MPTNBT
JOPDFOUFTFJOEFGFOTPTEFMPTTFSFTIVNB
OPTw
&OFMMJCSPTFEFUBMMBUPEPFMQSPDFTPKV
SEJDPRVFTFMMFWPBDBCPFO$PTUB3JDB
BTDPNPSFnFYJPOFTZBOMJTJTFOUPSOP
BMPTBTQFDUPTUJDPTZKVSEJDPTEFMBTUD
OJDBTEFSFQSPEVDDJOBTJTUJEB
3BGBFM /BWBSSP7BMMT +BWJFS .BS

UOF[5PSSO -BT PCKFDJPOFT EF
DPODJFODJBFOFMEFSFDIPFTQBPMZ
DPNQBSBEP.D(SBX)JMM .BESJE
QQ
-PTEPTBVUPSFTTPODBUFESUJDPTEF%F
SFDIP FO .BESJE Z (SBOBEB SFTQFDUJ
WBNFOUF)BODPMBCPSBEPUBNCJO3B
GBFM11BMPNJOPo.BESJEo Z7JDFO[P
5VSDIJ EF 5VSO 3FBMJ[BO VO BOMJTJT
DPNQMFUP Z QSPGVOEP EF MB OPDJO EF
PCKFDJO EF DPODJFODJB Z FM QSPCMFNB
EF TV DPCFSUVSB KVSEJDB "OBMJ[BO MPT
EJGFSFOUFTDBNQPTEFBQMJDBDJOFMTFS
WJDJPNJMJUBS PCKFDJOmTDBM BMBCPSUP B
USBUBNJFOUPT NEJDPT FO FM NCJUP EF
MBT SFMBDJPOFT MBCPSBMFT P FO FM NCJUP
FEVDBUJWP MBPCKFDJOEFDPODJFODJBBM
KVSBEP P B MPT KVSBNFOUPT QSPNJTPSJPT
Z PUSPT TVQVFTUPT BDUVBMFT " MB MV[ EF
MBMFHJTMBDJOFYUSBOKFSB TFUSBUBEFTP
MVDJPOBS MPT QSPCMFNBT QMBOUFBEPT FO
&TQBB EFTEF VOB QPTJDJO DSUJDB RVF
BDFQUBMPNFKPSEFMPEFGVFSBZUSBUBEF
BWBO[BSFOFMQMBOUFBNJFOUPKVSEJDPJO
UFSOP5JFOFFTQFDJBMJOUFSTFMDBQUVMP
EFEJDBEPBMBPCKFDJOEFDPODJFODJBB
MPT USBUBNJFOUPT NEJDPT UBOUP EJSJHJ
EPTBBEVMUPTDPNPBNFOPSFT
1JMBS /JDPMT +JNOF[ -B QSPUFDDJO

KVSEJDBEFMPTEBUPTHFOUJDPTEFDB
SDUFS QFSTPOBM $PMFDDJO %FSFDIP Z
(FOPNB)VNBOP $PNBSFT (SBOBEB

-BPCUFODJOZVUJMJ[BDJOEFMPTEBUPT
HFOUJDPT QFSTPOBMFT FT DBEB WF[ NT
GSFDVFOUFFOFMNCJUPCJPNEJDP UBO
UP DPOmOFT EF JOWFTUJHBDJO DJFOUmDB
DPNPEFEJBHOTUJDPDMOJDP-BQSFPDV
QBDJO QPS MBT JNQMJDBDJPOFT KVSEJDBT
EFFTUBTQSDUJDBTFTVOBDPOTUBOUFRVF
BDPNQBB B MPT QSPZFDUPT NT JNQPS
UBOUFTFOFTUBNBUFSJB
1BSB MB EJGVTJO EF MB DJFODJB FO DPO
DSFUPEFMBHFOUJDBNPMFDVMBS ZEFMPT
CFOFmDJPT EF TV EFTBSSPMMP FT QSFDJTP
BWBO[BS FO MB EFmOJDJO Z DPODSFDJO
EFMPTEFSFDIPTEFMPTJOEJWJEVPTFOFTUF
NCJUP EFNBOFSBRVFMBDPOmBO[BFO
FMSFTQFUPBMBTQSPQJBTEFDJTJPOFTTFBMB
CBTF B QBSUJS EF MB DVBM TF EFTFOWVFMWB
VOB OVFWB DPODFQDJO EF MB NFEJDJOB
RVFNFKPSFFOMUJNBJOTUBODJBMBTDPO
EJDJPOFTEFWJEBEFMPTJOEJWJEVPT
&TFTUBQVCMJDBDJOTFTJTUFNBUJ[BFMS
HJNFOEFMPTEFSFDIPTJNQMJDBEPTFOFM
USBUBNJFOUPEFEBUPTHFOUJDPT TFFYQP
OFOMPTDPOnJDUPTRVFQVFEFOTVSHJSFO
FTUFQSPDFTPZTFQSPQPOFOTPMVDJPOFTB
MPTNJTNPT&MSFTQFUPBMBQSJNBDBEFM
TFSIVNBOP BMBWF[RVFMBOFDFTJEBEEF
DPODJMJBS FTUF QSJODJQJP DPO PUSPT JOUF
SFTFT TPOFMFKFBMSFEFEPSEFMDVBMHJSB
FM DPOUFOJEP EF FTUB PCSB #JPUJDB

)VNCFSUP/PHVFJSB"MDBM&MEFSF
DIPBMBWJEB-JCSPUFDOJB 4BOUJBHP
EF$IJMF QQ
%PDUPSFO%FSFDIPQPSMB6OJWFSTJEBE
EF-PWBJOB QSPGFTPSEF%FSFDIP$POT
UJUVDJPOBM FO MB 6OJWFSTJEBE EF 5BMDB
)VNCFSUP/PHVFJSBBOBMJ[BMPTBTQFDUPT
KVSEJDPTQMBOUFBEPTQPSMBQSPUFDDJOEF
MBWJEBIVNBOB GSFDVFOUFNFOUFNBSHJ
OBEPTFOVOEFCBUFEFTBSSPMMBEPEFTEF
QFSTQFDUJWBTQPMUJDBTPQPMBSJ[BEPFOWJS
UVEEFDPODFQDJPOFTmMPTmDBTNPSBMFT
&M FOGPRVF NFUPEPMHJDP EF BOMJTJT
KVSEJDPJOUFHSBMBTGVFOUFTKVSEJDBTEFM
EFSFDIP JOUFSOBDJPOBM EF MPT EFSFDIPT
IVNBOPT WJODVMBOUF Z MB OPSNBUJWB
DPOTUJUVDJPOBM DPNPBTJNJTNP TVDPO
mHVSBDJOMFHJTMBUJWB
&MBOMJTJTEFMCMPRVFDPOTUJUVDJPOBMEFM
EFSFDIPBMBWJEBFYJHFBTJNJTNPMBDPO
TJEFSBDJO EF MB KVSJTQSVEFODJB EF MPT
USJCVOBMFT TVQFSJPSFT OBDJPOBMFT DPNP
MBTMOFBTKVSJTQSVEFODJBMFTEFTBSSPMMBEBT
QPS MB $PSUF *OUFSBNFSJDBOB EF %FSF
DIPT)VNBOPT
*HVBMNFOUFTFJODPSQPSBKVSJTQSVEFODJB
EFMPTUSJCVOBMFTDPOTUJUVDJPOBMFTZDPS
UFTTVQSFNBTEFPUSPTQBTFTMBUJOPBNF
SJDBOPTRVFPQFSBODPONBSDPTKVSEJDPT
TJNJMBSFTBMDIJMFOP MPDVBMFOSJRVFDFFM
BOMJTJT KVSEJDP Z QFSNJUF DPOTJEFSBS
FOGPRVFT P NBUJDFT BVTFOUFT FO FM N
CJUPOBDJPOBM
&MEFSFDIPBMBWJEBFOUSFHBFMFNFOUPTF
JOUFSQSFUBDJOKVSEJDBTPCSFMBCBTFEF
MBFGFDUJWJEBEEFMPTWBMPSFTZQSJODJQJPT
KVSEJDPT DPOTUJUVDJPOBMJ[BEPT Z EF MPT
EFSFDIPT IVNBOPT DPO TVT SFTQFDUJWBT

JNQMJDBODJBT UJDBT 4F FM DPODFQUP EF
JOEJWJEVPIVNBOP EFEFMJNJUBDJOEF
MBWJEBEFMTFSIVNBOP DPOTVTBDVDJBO
UFTDPOTJEFSBDJPOFTTPCSFFMJOJDJPEFMB
WJEBIVNBOBEFMBEJTQPOJCJMJEBEQBSB
EFDJEJS FOEFUFSNJOBEBTDJSDVOTUBODJBT
TPCSFMBWJEBBKFOB BCPSUP
ZEFMBQSP
QJB FWFOUVBMEFSFDIPBMBQSPQJBNVFS
UF FVUBOBTJB
MBNBOJQVMBDJOHFOUJDB
EFM TFS IVNBOP MB GVODJO EFM &TUBEP
FOMBQSPUFDDJOEFMBWJEBIVNBOBZTVT
SFTQPOTBCJMJEBEFTFOWJSUVEEFMBTBDUVB
DJPOFTEFTVTBHFOUFTZMBQSPUFDDJOJO
UFSBNFSJDBOBEFMEFSFDIPBMBWJEB
.JHVFM OHFM /F[ 1B[ )PNJDJ

EJP DPOTFOUJEP FVUBOBTJB Z EFSF
DIPBNPSJSDPOEJHOJEBE1SPCMF
NUJDBKVSEJDBBMBMV[EFM$EJHP
1FOBM EF &EJUPSJBM 5FDOPT
.BESJE QQ
i&M CJFO KVSEJDP AWJEB IVNBOB RVF
TF FYUJFOEF EFTEF MB HFTUBDJO IBTUB FM
NPNFOUP EF MB NVFSUF EFCF EFUFSNJ
OBSTFDPOBSSFHMPBDSJUFSJPTOPSNBUJWPT
MPRVFOPTVQPOFQSFTDJOEJSEFDSJUFSJPT
CJPMHJDPTZQTJDPMHJDPTRVF TJCJFOOP
TPOTVmDJFOUFTQBSBEFUFSNJOBSFMDPOUF
OJEPEFFTFCJFOKVSEJDP EFCFODPOTUJ
UVJSVOMNJUFQBSBTVWBMPSBDJOw$PO
FTUBJEFBDFOUSBM FMBVUPSBCPSEBFMQSP
CMFNBKVSEJDPEFMBFVUBOBTJB"OBMJ[B
MPTNTSFMFWBOUFTBTQFDUPTEFM%FSFDIP
DPNQBSBEPZDVMFTTPOMBTSFHVMBDJPOFT
EFPUSPTQBTFTRVFQVEJFSBOUFOFSSFMF
WBODJBEFOUSPEFOVFTUSPFOUPSOPKVSEJ
DPZDVMUVSBM&TUBCMFDFVOKVJDJPDSUJDP
TPCSFFMCJFOKVSEJDPiWJEBw FOQSJNFS

MVHBS DPNP EFSFDIP GVOEBNFOUBM SF

HVMBEP FO MB $POTUJUVDJO FTQBPMB EF
FOGSFOUBEP BRV DPO PUSPT EFSF
DIPTJHVBMNFOUFSFHVMBEPTFOTFHVOEP
MVHBS TFUSBUBEFEFmOJSMBUVUFMBQFOBM
EFEJDIPCJFOKVSEJDPZFOUFSDFSMVHBS
FMFTUVEJPEFMPTDPODFQUPTOUJNBNFOUF
SFMBDJPOBEPT DPO FM IPNJDJEJP DPOTFO
UJEP Z MPT BTQFDUPT USBTDFOEFOUBMFT EFM
UJQP EF JOKVTUP FM DPOTFOUJNJFOUP FM
BOMJTJTKVSEJDPQFOBMEFMTVKFUPBDUJWP
Z QBTJWP Z EF MB QPTUVSB NEJDB $PO
VO BOMJTJT KVSEJDP Z EJTUJOUJWP EF MBT
EJGFSFOUFTTJUVBDJPOFTRVFQVFEFOEBSTF
FMBVUPSEFMJNJUBCJFOMBTDPOTFDVFODJBT
QFOBMFTRVFTFEFSJWBO TBMWPoBOVFTUSP
QBSFDFSoFOTVKVTUJmDBDJOEFMDBTPFY
USFNPEFJOUFSWFODJOBDUJWBEFMNEJDP
FOTJUVBDJOFYDFQDJPOBM DVBOEPFMQB
DJFOUFJODVSBCMFOPQVFEFDBVTBSTFBT
NJTNPMBNVFSUF
"OEST0MMFSP5BTTBSB#JPEFSFDIP
&EJUPSJBM "SBO[BEJ 4" /BWBSSB
QQ
-BCJPUJDBIBDPCSBEPBVUPOPNBBDB
ENJDBZEJGVTJOTPDJBM BMBCPSEBSMPT
QSPCMFNBTSFMBDJPOBEPTDPOFMPSJHFOZ
mOBMEFMBWJEBIVNBOBZMBTFYJHFODJBT
NPSBMFTEFSJWBEBTEFTVQSPUFDDJO4V
SFQFSDVTJO TPCSF FM EFSFDIP QMBOUFB
FYJHFODJBT FTQFDmDBT SFMBDJPOBEBT DPO
FM BCPSUP MB QPTJCJMJEBE EF EJTQPOFSo
QBSB VOPT V PUSPT mOFT EF FNCSJPOFT
IVNBOPTPMBFVUBOBTJB)BTVSHJEPBT
FM CJPEFSFDIP RVF TF WFS VSHJEP QPS
MB CJPQPMUJDB QBSB RVF MF TJSWB EF JOT
USVNFOUP DPOWJSUJFOEP FO TPDJBMNFOUF
OPSNBMFT EFUFSNJOBEPT QMBOUFBNJFO
UPT NPSBMNFOUF DVFTUJPOBEPT &M BVUPS
USBUB EF MBT SFMBDJPOFT FOUSF #JPUJDB

CJPEFSFDIP Z CJPQPMUJDB &M &TUBUVUP
KVSEJDP EFM FNCSJO IVNBOP 5PEPT
UJFOFOEFSFDIPBMBWJEB{)BDJBVODPO
DFQUPDPOTUJUVDJPOBMEFQFSTPOB %FSF
DIPBMBWJEB {%FSFDIPBMBNVFSUF -B
MJCSF BVUPEFUFSNJOBDJO QFSTPOBM Z MBT
JNQSFDJTBTGSPOUFSBTEFMEFSFDIP#JFOFT
KVSEJDPTPEFSFDIPTJMVTUSBDJOiJOWJ
USPw"QPSUBDJOBMEFCBUFTPCSFMBFVUB
OBTJBFOFMQSPZFDUPEFDEJHPQFOBMEF
&VUBOBTJB Z NVMUJDVMUVSBMJTNP
%FSFDIP NPSBMZSFMJHJOFOVOBTPDJF
EBEQMVSBMJTUB-BJOWJTJCJMJEBEEFMPUSP
&VUBOBTJBZEJHOJEBEIVNBOB7JEBIV
NBOB EFSFDIPZNPSBM
"OEST 0MMFSP 5BTTBSB %FSFDIPT

IVNBOPT&OUSFMB.PSBMZFM%F
SFDIP6/". .YJDP
-BBDUVBMJEBERVFSFWJTUFOMPTQSPCMFNBT
SFMBDJPOBEPTDPOMPTEFSFDIPTIVNBOPT
IBODPOEVDJEPB"OEST0MMFSP5BTTBSB
DBUFESUJDPEF'JMPTPGBEFM%FSFDIPFO
MB6OJWFSTJEBE3FZ+VBO$BSMPTEF.B
ESJE BSFVOJSFOVOMJCSPUPEBVOBTFSJF
EF USBCBKPT RVF IB JEP QVCMJDBOEP FO
MPTMUJNPTBPTFOUPSOPBMBDVFTUJO
&EJUBEP QPS MB 6OJWFSTJEBE /BDJPOBM
"VUOPNB EF .YJDP i%FSFDIPT IV
NBOPT&OUSFMBNPSBMZFMEFSFDIPwTF
IBMMBFTUSVDUVSBEPFOUSFTHSBOEFTBQBS
UBEPTUFNUJDPT
0MMFSP UPNB DPNP QVOUP EF QBSUJEB MB
DPOTJEFSBDJO EF RVF iMB EFNPDSBDJB
DPOUSBMPRVFQVEJFSBQBSFDFS OPDPOTJT
UFFOIBDFSMPRVFRVJFSFMBNBZPSBTJOP
FO HBSBOUJ[BS FM SFTQFUP B MPT EFSFDIPT
IVNBOPT JODMVJEPTMPTEFMBTNJOPSBTw
%FTEFFTUBQUJDBFMBVUPSQMBOUFBDVMFT
TV GVOEBNFOUP SFBM ZB RVF TFHO NB
OJmFTUB iFYJTUFVOBDJFSUBFTRVJ[PGSFOJB
ZTFNBOFKBOBMBWF[EPTDPODFQDJPOFT
DPOUSBEJDUPSJBT MB EF QFSDJCJSMPT DPNP
EFSFDIPFOTFOUJEPFTUSJDUPPFOUFOEFS
MPTDPNPFYIPSUBDJPOFTNPSBMFTwi1BSB
RVF MPT EFSFDIPT IVNBOPT QSPHSFTFO o
BBEFoIBZRVFQSFPDVQBSTFQPSTVGVO
EBNFOUPSFBM RVFQVFEFTPOBSBUFPSBT
VOQPDPQBTBEBTEFNPEB QPSMPRVFTF
UJFOEFBJSBMBQSDUJDBw
"OEST 0MMFSP DSJUJDB FO FTUF TFOUJEP
RVFQVFEBOMMFHBSBDPOWFSUJSTFFOJOT
USVNFOUPEFFTUSBUFHJBQPMUJDB
5BNCJO FYQPOF MB OFDFTJEBE EF SF
QMBOUFBSMBUFPSBEFM%FSFDIPRVFIPZ
FOEBQSFEPNJOBDPOFMmOEFRVFQVF
EBSFnFKBSMBSFBMJEBEFOMBRVFWJWJNPT
-PT USBCBKPT RVF JOUFHSBO MB QSFTFOUF
QVCMJDBDJOIBOWJTUPMBMV[DPOBOUFSJP
SJEBE ZFOTVNBZPSBGPSNBOEPQBSUF
EFMJCSPTDPMFDUJWPT TJCJFOFMBVUPSMPT
IBSFVOJEPBIPSBTJHVJFOEPVODSJUFSJP
EF VOJEBE UFNUJDB RVF FOMB[B DPO MPT
BTVOUPTTPCSFMPTRVFIBCJUVBMNFOUFTF
IBNPTUSBEPJOUFSFTBEPi%FSFDIPTIV
NBOPTZNFUPEPMPHBKVSEJDBw i%JTDSJ
NJOBDJOQPSSB[OEFTFYPw i*HVBMEBE
FO MB BQMJDBDJO EF MB MFZ Z QSFDFEFOUF
KVEJDJBMw i%FSFDIP B MB WFSEBEw i&T
QBB {VOFTUBEPMBJDP w i{5JFOFSB[O
FMEFSFDIP wPTVNTSFDJFOUFi#JPEF
SFDIP &OUSF MB WJEB Z MB NVFSUFw TPO
BMHVOPT EF MPT UUVMPT QVCMJDBEPT IBTUB
MBGFDIBQPSFTUFDBUFESUJDPEF'JMPTPGB
EFM %FSFDIP i$PO FM MJCSP RVF BDBCB
EFTBMJSFTQFSPDPOUSJCVJSBMBDPNQSFO
TJOEFRVFEFNPDSBDJBFTQSPUFHFSMPT
EFSFDIPTEFUPEPT BTDPNPEFMPTNT
ECJMFT BMUJFNQPRVFOPTQSFPDVQBNPT
oDPODMVZF0MMFSPoEFMGVOEBNFOUPSFBM
EFFTFEFSFDIPw
3FJOBMEP1FSFJSBF4JMWB*OUSPEVDBP
BP #JPEJSFJUP *OWFTUJHBDFT QPM
UJDPKVSJEJDBT TPCSF P FTUBUVUP EF
DPODFQDPIVNBOB-53 4P1BV
MP QQ
%PDUPSFO%FSFDIP QSPGFTPSEF%FSF
DIP $POTUJUVDJPOBM Z 5FPSB (FOFSBM
EFM%FSFDIP$JWJM 6OJW'FEFSBMEF4BO
UB $BUBSJOB .JFNCSP EF MB $PNJTJO
/BDJPOBMEF%FSFDIPT)VNBOPT ZEF
MB4PDJFEBE#SBTJMFBEF#JPUJDB
&O MB QBSUF QSJNFSB BCPSEB &M FTUBUV
UPCJPMHJDPEFMBDPODFQDJOIVNBOB
EFMBDPODFQDJOOBUVSBMBMOBDJNJFOUP
NPEBMJEBEFT OP OBUVSBMFT EF MB DPO
DFQDJO UFDOPMPHBT EF MB JOGFSUJMJEBE
DSJUFSJPT EF JOJDJP EF MB JOEJWJEVBMJEBE
IVNBOB&OMBTFHVOEB&TUBUVUPCJP
UJDPEFMBDPODFQDJOIVNBOB1FSTPOB
IVNBOBFJNQFSBUJWPTUJDPTUJDBEFM
BNPS%FEJDBMBUFSDFSBQBSUFBM&TUBUVUP
CJPKVSEJDP EF MB DPODFQDJO IVNBOB
-B QPMUJDB KVSEJDB FM CJPEFSFDIP Z MB
DPODFQDJOIVNBOB
.BSJOB 1SF[ .POHF -B mMJBDJO

EFSJWBEB EF UDOJDBT EF SFQSPEVD
DJO BTJTUJEB $FOUSP EF &TUVEJPT
3FHJTUSBMFT 'BDVMUBE EF %FSFDIP
6OJWFSTJEBEEF;BSBHP[B
QQ
&TUF MJCSP FT MB QVCMJDBDJO EF MB UFTJT
EPDUPSBMEFMBBVUPSB QSPGFTPSBEF%F

SFDIP$JWJMFOMB6OJWFSTJEBEEF;BSB
HP[B &TQBB"CPSEBEFVONPEPFY
IBVTUJWP Z QSPGVOEP MPT QSPCMFNBT EF
mMJBDJOEFSJWBEPTEFMBTOVFWBTUDOJDBT
EF SFQSPEVDDJO BTJTUJEB FO FM NCJUP
EF MB KVSJTQSVEFODJB FTQBPMB &O QSJ
NFSMVHBS MBEFUFSNJOBDJOEFMBQBUFS
OJEBEFOTFHVOEPMVHBS FMBOPOJNBUP
EFM EPOBOUF %FEJDB FM UFSDFS DBQUVMP
B MB mMJBDJO EFSJWBEB EF QSPDSFBDJO
iQPTUNPSUFNwZFMDVBSUP BMBEFUFS
NJOBDJOEFMBNBUFSOJEBE
1FESP 3PESHVF[ -QF[ -B BVUP

OPNB EFM QBDJFOUF JOGPSNBDJO
DPOTFOUJNJFOUP Z EPDVNFOUBDJO
DMOJDB %JMFY .BESJE
QQ
-B PCSB FT VO BOMJTJT EF MB OPSNBUJWB
DPOUFOJEB FO MB -FZ EF
EF OPWJFNCSF CTJDB SFHVMBEPSB EF MB
BVUPOPNB EFM QBDJFOUF JODJEJFOEP FO
TV DPNQBSBDJO DPO MBT OPSNBUJWBT EF
MBT $PNVOJEBEFT "VUOPNBT &O FTUF
TFOUJEP FMFTUVEJPTFDFOUSB GVOEBNFO
UBMNFOUF FO EPT QVOUPT FTFODJBMFT FM
DPOTFOUJNJFOUP JOGPSNBEP EPOEF TF
JODMVZF MB JOGPSNBDJO OFDFTBSJB RVF
SFTVMUB FTFODJBM FO DVBMRVJFS SFMBDJO
NEJDPoBTJTUFODJBMZMBEPDVNFOUBDJO
DMOJDB BTQFDUP FOPSNFNFOUF DPOUSP
WFSUJEPFOMBTSFMBDJPOFTFOUSFMPTQSPGF
TJPOBMFTTBOJUBSJPTZMPTQBDJFOUFT
/PPCTUBOUF TFIBDFVOQFRVFPBO
MJTJT EF EPT QVOUPT GVOEBNFOUBMFT B MB
IPSBEFFOUFOEFSMBBTJTUFODJBTBOJUBSJB
FMFTUBUVUPEFMQBDJFOUF DPOMBJODJEFO
DJBRVFFOFMDPODFQUPEFQBDJFOUFUJFOF
FM DPODFQUP EF VTVBSJP Z FM DPODFQUP
EFBMUBDPNPQVOUPEFTEFFMRVFOBDFO
NVMUJUVEEFTJUVBDJPOFTKVSEJDB
$BSMPT.BSB3PNFP$BTBCPOB .B
SB$BTBEP $PPSET
%FSFDIP#JP
NEJDPZ#JPUJDB$PNBSFT (SB
OBEB QQ
-BT EJWFSTBT DPOUSJCVDJPOFT EF QSFT
UJHJPTPTFTQFDJBMJTUBTFOMBNBUFSJB TF
PDVQBODPODBSDUFSTJOHVMBSEFMEF
SFDIPCJPNEJDP BMRVFTFDBSBDUFSJ[B
DPNPEJTDJQMJOBKVSEJDBBVUOPNBF
JOUFSEJTDJQMJOBS EJGFSFODJOEPMBEFMB
NFEJDJOBMFHBM FTQFDJmDBOEPEFTUB
TVT QSJODJQJPT Z OPSNBT EFPOUPMHJ
DPTZTVFTQFDJBMNPEFMPPSHBOJ[BUJWP
FO &TQBB 0USPT USBCBKPT JODMVJEPT
FO FTUF WPMVNFO TF PDVQBO EJSFDUB
NFOUF EF MB CJPUJDB FYQPOJOEPTF
TVT QSJODJQJPT KVTUJDJB BVUPOPNB
CFOFmDFODJB OP NBMFmDFODJB
USB
[OEPTFTVTMNJUFTFYUFSOPT EFSFDIPT
IVNBOPT
RVFMMFHBOBDPODSFUBSTFFO
FM PSEFOBNJFOUP DPOTUJUVDJPOBM EF
MPTQBTFT BVORVFTFSFRVJFSFVOBJO
UFSOBDJPOBMJ[BDJO Z BQPSUBOEP VOB
QSPQVFTUB EF VOPT NOJNPT EF DPO
nVFODJBFOFMQSPDFTPEJBMDUJDPFOUSF
MBT DJFODJBT CJPNEJDBT Z FM EFSFDIP
FO FM RVF TUF OFDFTBSJBNFOUF EFCF
JOUFSWFOJS &M WPMVNFO TF DPNQMFUB
DPOVOFYDFMFOUFBOFYPCJCMJPHSmDP
TPCSFEFSFDIPNEJDPZNBUFSJBTDP
OFYBT
$BSMPT .BSB 3PNFP $BTBCPOB &M

EFSFDIP Z MB CJPUJDB BOUF MPT M
NJUFT EF MB WJEB IVNBOB $FOUSP
EF&TUVEJPT3BNO"SFDFT .BESJE
QQ
&MQSPGFTPS$BSMPT.BSB3PNFP$BTB
CPOBNBOUJFOFRVFiMBTUDOJDBTEFSF
QSPEVDDJOBTJTUJEBTPOVOFmDB[JOTUSV
NFOUP EF FVHFOFTJB QPTJUJWB QVFT QPS
NFEJPEFFMMBTFTQPTJCMFMBTFMFDDJOEF
HBNFUPTPDJHPUPTFYFOUPTEFBOPNBMBT
PQPSUBEPSFTEFMBTDBSBDUFSTUJDBTEFTFB
EBTw SFDPOPDJFOEPRVFFOBMHVOPTQB
TFT VOB FVHFOFTJB DPBDUJWB QVFEF FTUBS
TJFOEPVUJMJ[BEB"MFOUFOEFSEFMQSPGF
TPS3PNFP$BTBCPOBMBTUDOJDBTEFSF
QSPEVDDJOBTJTUJEBEFCFOSFTUSJOHJSTFB
MPTQSPCMFNBTEFJOGFSUJMJEBEQBUPMHJDB
PDPOSJFTHPEFUSBOTNJUJSFOGFSNFEBEFT
JOGFDDJPTBT
$BSMPT.BSB3PNFP$BTBCPOB-PT
HFOFTZTVTMFZFT&MEFSFDIPBOUFFM
(FOPNB )VNBOP $PNBSFT (SB
OBEB QQ
-B %FDMBSBDJO 6OJWFSTBM TPCSF FM (F
OPNB)VNBOPZMPT%FSFDIPT)VNB
OPTEFMB6/&4$0ZFM$POWFOJPTPCSF
%FSFDIPT)VNBOPTZ#JPNFEJDJOBEFM
$POTFKP EF &VSPQB BNCPT BQSPCBEPT
FO QSPQPSDJPOBSPO B MB HFOUJDB
VONBSDPKVSEJDPJOUFSOBDJPOBM
-PT OVFWPT DPOnJDUPT RVF IBO BQBSF
DJEPFOMBTDJFODJBTCJPNEJDBT SFMBDJP
OBEPT DPO MB EPOBDJO FM EJBHOTUJDP
QSFJNQMBOUBUPSJP MB CJPUFDOPMPHB Z FM
"%/ IBONPUJWBEPMBBQBSJDJOEFOV
NFSPTPTUSBCBKPTTPCSFFMUFNBFOMPTM
UJNPTBPT
&TUF MJCSP FT DPNP FYQMJDB TV BVUPS

iFMGSVUPEFMBTSFnFYJPOFTRVFIBOQSP
QJDJBEPMBTOVNFSPTBTDPOGFSFODJBTQSP
OVODJBEBT MPT USBCBKPT QVCMJDBEPT Z
HSVQPTEFUSBCBKPFOMPTRVFIFQBSUJDJ
QBEPwEFTEF NPNFOUPFOFMRVF
GVF QVCMJDBEB TV NPOPHSBGB %FM (FO
BM%FSFDIP
&OFMDBQUVMPRVFUSBUBEFMBJOGPSNB
DJO HFOUJDB 3PNFP FYQMJDB RVF iMB
QSPUFDDJOEFMPTEBUPTHFOUJDPTGSFOUF
BUFSDFSPTEFCFNBOUFOFSTFJODMVTPDVBO
EP FTF UFSDFSP FT VO GBNJMJBS CJPMHJDP
EFMBGFDUBEPRVFTPMJDJUBMBJOGPSNBDJO
DPNPSFGFSFODJBOFDFTBSJBQBSBJEFOUJm
DBSMBQPTJCMFQSFTFODJB<FOFMRVFQJEFMB
JOGPSNBDJO>EFVOHFOQBUPMHJDPEFMBT
NJTNBTDBSBDUFSTUJDBTRVFFMEFTDVCJFSUP
FOFMGBNJMJBS IFSFEBEPJHVBMNFOUFEF
MPTQBESFTw1PSPUSPMBEP FOFMBQBSUB
EPSFMBUJWPBMBJOWFTUJHBDJOZMBFYQFSJ
NFOUBDJOHFOUJDB 3PNFPFYQMJDBRVF
iBVORVF TF SFDPOPDF MB MFHJUJNJEBE EF
MB JOWFTUJHBDJO DJFOUmDB Z TF QSPQVH
OBRVFTFBFmDB[NFOUFJNQVMTBEBUBOUP
QPS MPT QPEFSFT QCMJDPT DPNP QPS MB
JOJDJBUJWBQSJWBEB FTUBMJCFSUBEUJFOFTVT
MNJUFTw -B %FDMBSBDJO 6OJWFSTBM TP
CSFFM(FOPNB)VNBOPZMPT%FSFDIPT
)VNBOPT EF MB 6/&4$0 PGSFDF VO
iNBSDPPSJFOUBUJWPBNQMJPw ZBRVFQSP
DMBNBiMBMJCFSUBEEFJOWFTUJHBDJO RVF
OPQPESQSFWBMFDFSTPCSFFMSFTQFUPEF
MPTEFSFDIPTIVNBOPT EFMBTMJCFSUBEFT
GVOEBNFOUBMFTZEFMBEJHOJEBEIVNBOB
EFMPTJOEJWJEVPTw
0USPT UFNBT EF MB NPOPHSBGB TPO MB
CJPUFDOPMPHB MPTNFDBOJTNPTKVSEJDPT

EFDPOUSPMEFMBJOHFOJFSBHFOUJDBZFM
"%/
$BSMPT.BSB3PNFP$BTBCPOB "J
U[JCFS&NBMEJ$JSJO -BUJDBZFM
EFSFDIP BOUF MB CJPNFEJDJOB EFM
GVUVSP6OJWFSTJEBEEF%FVTUP 7J[
DBZB
4FBCPSEBVOUFNBEFBDUVBMJEBEZDPO
QSPZFDDJOTPDJBMMBTJNQMJDBDJPOFTUJ
DBTZKVSEJDBTEFMPTBWBODFTCJPNEJDPT
&ODPODSFUP TFFTUVEJBFOQSJNFSMVHBS
FMOVFWPNBSDPKVSEJDPTBOJUBSJP DPNP
DVFSQPKVSEJDPHFOFSBMRVFTFEFCFQSP
ZFDUBS B UPEB MB BDUJWJEBE CJPNEJDB
GVOEBNFOUBMNFOUFFOTVTBTQFDUPTNT
OPWFEPTPTEFTEFFMQVOUPEFWJTUBMFHJT
MBUJWPFOTFHVOEPMVHBS MBTOVFWBTZFT
QFDmDBTQFSTQFDUJWBTQSFWFOUJWBTZUFSB
QVUJDBTZmOBMNFOUF MBTJNQMJDBDJPOFT
KVSEJDBT EF MBT NT BDUVBMFT MOFBT EF
JOWFTUJHBDJO DJFOUmDB $PO FTUB PCSB
TFQSFUFOEFBQPSUBSVOBEFTDSJQDJOEF
UBMMBEBEFMBTJUVBDJOMFHJTMBUJWBBDUVBM
FO FM NCJUP EF MB CJPNFEJDJOB DPNP
FMFNFOUPOFDFTBSJPFOVONPNFOUPEF
JOUFOTBBDUJWJEBEMFHJTMBUJWBEFFTUBNB
UFSJBFO&TQBB
4FSHJP 3PNFSP .BOEBMB *OUFSWFO

DJPOFTHFOUJDBTTPCSFFMTFSIVNB
OPZEFSFDIPQFOBM$UFESBEF%F
SFDIPZ(FOPNB)VNBOP $PNBSFT
(SBOBEB
&OFTUBPCSBTFSFBMJ[BVOEFUBMMBEPFTUV
EJPEFMPTGVOEBNFOUPTFYJTUFOUFTQBSB
MBDSJNJOBMJ[BDJOEFMBTJOUFSWFODJPOFT
HFOUJDBT FTUBCMFDJFOEPVOBTQBVUBTDMB
SBTTPCSFMBGPSNBNTDPSSFDUBQBSBMB
JODSJNJOBDJOEFUBMFTDPOEVDUBT*HVBM
NFOUF TF BOBMJ[B MB MFHJTMBDJO QFOBM

SFMBUJWB B MBT JOUFSWFODJPOFT HFOUJDBT
QBSBDPNQSPCBSTJFMMFHJTMBEPSFTQBPM
IB BDUVBEP P OP EF GPSNB BEFDVBEB
SFBMJ[BOEP FODBTPDPOUSBSJP MBTPQPS
UVOBT DPOTJEFSBDJPOFT EF MFHF GFSFOEB
#JPUJDB %FCBU *OTUJUVU #PSKB EF
#JPUJDB

0TWBMEP3PNP1J[BSSP $PPSE
1SJ
NFSBT+PSOBEBTEF%FSFDIP.EJ
DP 6OJWFSTJEBE $FOUSBM EF $IJMF
'BDVMUBEEF$JFODJBT+VSEJDBTZ4P
DJBMFT 4BOUJBHPEF$IJMF
QQ
4FSFDPHFOFOFTUFWPMVNFOMBTDPNVOJ
DBDJPOFTQSFTFOUBEBTBMBT1SJNFSBT+PS
OBEBTEF%FSFDIP.EJDP PSHBOJ[BEBT
QPS MB 6OJWFSTJEBE $FOUSBM EF $IJMF
Z DPPSEJOBEBT QPS FM QSPGFTPS 0TWBMEP
3PNP 1J[BSSP EPDUPS FO %FSFDIP FT
QFDJBMJTUBFO.FEJDJOB-FHBMZQSFTJEFO
UF EF MB "TPDJBDJO *CFSPBNFSJDBOB EF
%FSFDIP.EJDP&OUSFMPTOVNFSPTPT
USBCBKPT QSFTFOUBEPT EFTUBDBNPT QPS
TVSFMBDJODPOFMNCJUPEFMB#JPUJDB
MPTEFEJDBEPTBMBSFMBDJONEJDPoQB
DJFOUF EF 7DUPS "HVTUO 'SJHJFSJ FM
DPOTFOUJNJFOUPJOGPSNBEP EF3JDBSEP
EF -PSFO[P MB IJTUPSJB DMOJDB 0TDBS
(FSWBTJP 4ODIF[ FM DPNJFO[P EF MB
QFSTPOB IVNBOB +PT +PBRVO 6HBSUF
FM %FSFDIP BOUF FM HFOPNB IVNBOP
$BSMPT3PNFPo$BTBCPOBMFHJTMBDJOZ
QSPCMFNBT TPCSF GFSUJMJ[BDJO BTJTUJEB
+VMJP -FODJPOJ Z )FSOO $PSSBM Z FM
QSJODJQJPEFBVUPOPNBEFMBWJEBZMB
FVUBOBTJB BOBMJ[BEPQPSFMDPPSEJOBEPS
EFMWPMVNFO 0TWBMEP3PNP1J[BSSP
"QPSUBFTUFMJCSPVOBWJTJOBDUVBMJ[BEB
EFTEFFMNCJUPKVSEJDPEFBMHVOPTEF
MPT QSJODJQBMFT QSPCMFNBT EFCBUJEPT FO
#JPUJDBFOMBBDUVBMJEBE DPOVOBWJTJO
DPNQMFNFOUBSJBFOUSFFMEFSFDIPNEJ
DPZFMBOMJTJTEFTEFMBUJDBFOFMFOGP
RVFEFMPTQSPCMFNBT
"OUPOJP3VJ[EFMB$VFTUB $PPSE

#JPUJDBZEFSFDIPTIVNBOPTJN
QMJDBDJPOFT TPDJBMFT Z KVSEJDBT
6OJWFSTJEBE EF 4FWJMMB 4FSWJDJP EF
1VCMJDBDJPOFT 4FWJMMB
QQ
&MDPPSEJOBEPSEFFTUBPCSBFTQSPGFTPS
5JUVMBS EFM %FQBSUBNFOUP EF 'JMPTPGB
EFM%FSFDIPEFMB6OJWFSTJEBEEF4FWJ
MMB&OFTUFMJCSPDPMBCPSBOBMHVOPTEF
MPTQSPGFTPSFTRVFDPOMQBSUJDJQBOFO
VO$VSTPEF&YUFOTJO6OJWFSTJUBSJBEF
#JPUJDB DPOFMNJTNPUUVMPEFMMJCSP
-B BDDJO CJPUJDB IB EF JOUFSQSFUBSTF
TJFNQSFDPNPVOBBQVFTUBTPMJEBSJBQPS
MBWJEBZVODPNCBUFUFOB[DPOUSBFMTV
GSJNJFOUP IVNBOP &O FTUF TFOUJEP MB
%FDMBSBDJO #JPUJDB EF (JKO

BTJHOBCB QSFDJTBNFOUF B MB #JPUJDB MB
JNQPSUBOUFUBSFBEFBSNPOJ[BSFMVTPEF
MBTDJFODJBTCJPNEJDBTZTVTUFDOPMPHBT
DPOMPTEFSFDIPTIVNBOPT%FBIRVF
MB SFnFYJO CJPUJDB SFDMBNF VO USBUB
NJFOUP DBEB WF[ NT QMVSJEJTDJQMJOBS F
JOUFSEJTDJQMJOBS EBEPT MPT DPNQMFKPT Z
EJWFSTPTBTQFDUPTTPCSFMPTRVFUJFOFRVF
QSPOVODJBSTF
-PT FYUSBPSEJOBSJPT BWBODFT RVF FTUO
QSPEVDJOEPTFFOMPTNCJUPTDJFOUmDPT
EFMBCJPHFOUJDBZEFMBCJPUFDOPMPHB
RVFUBOJNQPSUBOUFTSFQFSDVTJPOFTFTUO
DPTFDIBOEPFOFMDBNQPEFMBNFEJDJOB
DPOUSJCVZFOEPTPCSFUPEPBMEFTBSSPMMP
EF OVFWBT UFSBQJBT JOJNBHJOBCMFT IBDF
UBOTMPVOPTBPT FYJHFOIPZOVFWPT
QMBOUFBNJFOUPTQPMUJDPT KVSEJDPTZTP
DJBMFTRVFQVFEBOSFTQPOEFSTBUJTGBDUP
SJBNFOUFBMPTEJWFSTPTQSPCMFNBTZFY
QFDUBUJWBTRVFMPTOVFWPTDBNCJPTFTUO
TVTDJUBOEP
"MZB4BBEB %JFHP7BMBET1BOPSB
NBTPCSFMBMFHJTMBDJOFONBUFSJB
EFM HFOPNB IVNBOP FO "NSJDB
-BUJOBZFM$BSJCF6OJWFSTJEBE/B
DJPOBM"VUOPNBEF.YJDP .YJ
DP
&MPCKFUJWPEFFTUFUSBCBKPFTFMEFQSF
TFOUBS EF NBOFSB TVNBSJB FM FTUBEP
BDUVBMEFMBSFMBDJOFOUSFFMEFSFDIPZ
EJWFSTBTFYQSFTJPOFTDJFOUmDBTZ EFNB
OFSBQBSUJDVMBS MPRVFSFTQFDUBBMHFOP
NBIVNBOP
"EFNT FT FM SFTVMUBEP EF VO USBCBKP
EF JOWFTUJHBDJO DPMFDUJWB FO EPOEF TF
SFnFKBFM&TUBEPEFMBTMFHJTMBDJPOFTOB
DJPOBMFTFODVBOUPBMHFOPNBIVNBOP
Z MPT EFSFDIPT IVNBOPT $BEB FTUVEJP
SFBMJ[BVOBCPSEBKFEFMPTUFNBTEFTB
MVE NFEJPBNCJFOUFZHFOPNBIVNBOP
FOSFMBDJODPOTVJODPSQPSBDJODPOTUJ
UVDJPOBMMBTHBSBOUBTQBSBMBJOWFTUJHB
DJO MBTFHVSJEBEZMBDPOmEFODJBMJEBE
MPT BTQFDUPT DJWJMFT QFOBMFT BENJOJT
USBUJWPT Z EF QSPQJFEBE JOUFMFDUVBM MBT
SFTPMVDJPOFT KVEJDJBMFT Z QSPQVFTUBT MF
HJTMBUJWBTFODVBOUPBMHFOPNBIVNBOP
MPTFTUVEJPTBDBENJDPTZMBCJCMJPHSBGB
TPCSFEJDIPTUFNBT #JPUJDB%FCBU

+BWJFS4ODIF[$BSP +PT3BNO+JN
OF[$BCF[O%FSFDIPZ4JEB&EJUPSJBM
.BQGSF .BESJE QQ
&TUFFTFMQSJNFSMJCSPEFVOBDPMFDDJO
FEJUBEB QPS MB 'VOEBDJO .BQGSF TP
CSFUFNBTEF%FSFDIP4BOJUBSJP+BWJFS
4ODIF[DBSPFTBCPHBEP -FUSBEPEFMB
"ENJOJTUSBDJOEFMB4FHVSJEBE4PDJBM
QSPGFTPSEFMB6OJWFSTJEBE$PNQMVUFO
TFEF.BESJE Z7JDFQSFTJEFOUFEFMB4P
DJFEBE&TQBPMBEF%FSFDIP4BOJUBSJP
+PT3BNO+JNOF[FTBCPHBEP -FUSB
EPEFMB"ENJOJTUSBDJOEFMB4FHVSJEBE
4PDJBMZ+FGFEFMB"TFTPSB+VSEJDBEFM
*OTBMVEEF.BESJE&OFTUBPCSBBQMJDBO
UPEBMBEPDUSJOBKVSEJDBEFMSFTQFUPBMB
QFSTPOB B MB TJUVBDJO EF MPT QBDJFOUFT
EF4JEB BCPSEBOEPMPTQSPCMFNBTEFMB
PCMJHBUPSJFEBE P OP EF MPT BOMJTJT MPT
EFSFDIPT Z EFCFSFT EF FTUPT QBDJFOUFT
FMDBUMPHPEFQSFTUBDJPOFT FMDPOTFOUJ
NJFOUPJOGPSNBEP MBEFDMBSBDJOPCMJ
HBUPSJBEFMBFOGFSNFEBE MBTSFMBDJPOFT
JOUFSQFSTPOBMFT FMDPOUSPMTBOJUBSJPZMB
BTJTUFODJBRVFEFCFQSPQPSDJPOSTFMF MB
USBOTNJTJO EF CJFOFT Z MPT DPOnJDUPT
QPTJCMFT FO MBT SFMBDJPOFT MBCPSBMFT P
GVODJPOBSJBMFT 5BNCJO USBUBO EF MBT
QSFTUBDJPOFTEFMB4FHVSJEBE4PDJBM MPT
TFHVSPT MB SFTQPOTBCJMJEBE EF JOEFN
OJ[BDJO QPS DPOUBHJPT Z MPT DVJEBEPT
TBOJUBSJPTFOSHJNFOEFQSJTJO
+BWJFS4ODIF[$BSP 'FSOBOEP"CF
MMO%FSFDIPTEFMNEJDPFOMBSF
MBDJO DMOJDB $PNBSFT (SBOBEB

&TUBPCSBRVJFSFIBCMBSEFMPTEFSFDIPT
EFMNEJDPDPNPFMFNFOUPTJOEJTQFOTB
CMFTQBSBMBCVFOBMMFWBO[BEFMBSFMBDJO
DMOJDB Z SFnFYJPOBS TJ BOUF FM FKFSDJDJP
IPOFTUP EF MB NFEJDJOB OVFTUSP PSEF
OBNJFOUP KVSEJDP UJFOFO DBQBDJEBEFT
EFQSPUFHFSMFZQFSNJUJSMFRVFEFTBSSPMMF
BEFDVBEBNFOUFTVBVUPOPNBUDOJDBZ
DJFOUmDB TBMWBHVBSEBOEP TV QSFTUJHJP
QSPGFTJPOBM"EFNT BGSPOUBTVEFSFDIP
B MB MJCFSUBE JEFPMHJDB P SFMJHJPTB NF
EJBOUFVOFYBNFOSJHVSPTPEFMBPCKFDJO
EFDPODJFODJB1FSP RVJ[T MBTTJUVBDJP
OFTNTEJGDJMFTQBSBFMNEJDPQVFEFO
QMBOUFBSTF DVBOEP TF WFO FOWVFMUPT FO
BHSFTJPOFT BNFOB[BT F JOKVSJBT DPNP
DPOTFDVFODJBEFTVPSEFOBEBBDUVBDJO
ZRVFDPSSFTQPOEFO DPNPFTTBCJEP B
NMUJQMFT DBVTBT &O mO NFOFTUFS TFS
RVFFMNEJDPDPOP[DBUBNCJOTVTEF
SFDIPTFOFMNCJUPEFMBQSPUFDDJOEF
TVTBMVEGSFOUFBMPTSJFTHPTEFSJWBEPTEFM
USBCBKP FOQBSUJDVMBSFOSFMBDJODPOMPT
MMBNBEPTBDDJEFOUFTCJPMHJDPT
%FUPEPFMMP IBCMBFTUFMJCSP RVFTFIB
FMBCPSBEPDPOFMOJDPPCKFUJWPEFDPO
USJCVJS FOMBNFEJEBEFMPQPTJCMF BRVF
MPTNEJDPTDPOP[DBOTVTEFSFDIPTFOFM
NCJUPEFMBSFMBDJODMOJDBZDPONP
UJWPEFTVFKFSDJDJPQSPGFTJPOBM #JPUJDB

+BWJFS4ODIF[$BSPZ'FSOBOEP"CF
MMO5FMFNFEJDJOBZQSPUFDDJOEF
EBUPT TBOJUBSJPT "TQFDUPT MFHBMFT
Z UJDPT $PNBSFT (SBOBEB
QQ
"DUVBMNFOUF OP DBCF EVEB EF MB JN
QPSUBODJBRVFMBTOVFWBTGPSNBTEFDP
NVOJDBDJO F JOGPSNBDJO UJFOFO FO
OVFTUSB TPDJFEBE &M JOUFSFTBOUF QPUFO
DJBMRVFQSFTFOUBOMBTOVFWBTUFDOPMPHBT
FO FM NCJUP TBOJUBSJP IB GBWPSFDJEP MB
BEPQDJO EFM USNJOP iUFMFNFEJDJOBw
QBSBSFGFSJSTFBMBTQSDUJDBTNEJDBTRVF
TF SFBMJ[BO DPO CBTF FO EJDIBT UDOJDBT
-HJDBNFOUF MBHFOFSBMJ[BDJOEFMBUF
MFNFEJDJOBUFOESVOBJOnVFODJBEFmOJ
UJWBFOMPTFTUVEJPTPTEFM%FSFDIP4BOJ
UBSJP +BWJFS 4ODIF[ $BSP TVCEJSFDUPS
Z'FSOBOEP"CFMMO MFUSBEPEFMB$PSUF
EF"SCJUSBKFEFM$PMFHJPEF"CPHBEPTEF
.BESJE FO TV TFDDJO EF 3FTQPOTBCJMJ
EBE$JWJM4BOJUBSJB IBOTBCJEPUSBOTNJ
UJSFOFTUBPCSBDPODMBSJEBEZTFODJMMF[
MPT BTQFDUPT CTJDPT RVF QMBOUFB B MPT
KVSJTUBT FM VTP EF MB UFMFNFEJDJOB -PT
UFNBT RVF BCBSDB MB PCSB DPNQSFOEFO
EFTEF MBT BQMJDBDJPOFT CTJDBT EF MB UF
MFNFEJDJOB DPNPTPOMBUFMFBTJTUFODJB
MBUFMFWJHJMBODJB FMUFMFEJBHOTUJDPPMB
UFMF DPOTVMUB QBTBOEP QPS MPT BTQFDUPT
UJDPTEFTVVUJMJ[BDJO IBTUBMPTEJMFNBT
RVFFMNBOFKPFMFDUSOJDPEFEBUPT RVF
JOFWJUBCMFNFOUFJNQMJDBMBUFMFNFEJDJOB
QMBOUFBEFTEFFMQVOUPEFWJTUBKVSEJDP
EFEJDBOEPFTQFDJBMBUFODJOBFTUFMUJ
NPBTQFDUP
+BWJFS 4ODIF[ $BSP 'FSOBOEP

"CFMMO &OGFSNFSB Z QBDJFOUF
$VFTUJPOFTQSDUJDBTEF#JPUJDBZ
%FSFDIP 4BOJUBSJP $PNBSFT 6OJ
WFSTJEBE&VSPQFBEF.BESJE
JOJDJBUJWBEFMPT$PMFHJPTEF&OGFSNFSB
EF5FSVFMZ-MFJEB FOVOJODPOMB6OJ
WFSTJEBE&VSPQFBEF.BESJE4FUSBUBEF
VOFTUVEJPQJPOFSPCBTBEPFOMBSFTQPO
TBCJMJEBE QSPGFTJPOBM EF MB &OGFSNFSB

RVF BOB MPT DPOPDJNJFOUPT UFSJDPT
JOEJTQFOTBCMFTFOFTUBNBUFSJBDPODBTPT
KVEJDJBMFTSFBMFTEFCJEBNFOUFFTDPHJEPTZ
TJTUFNBUJ[BEPTQPSMPTBVUPSFT&TUBPCSB
DVFOUB DPO VO QSFGBDJP EF MB QSPGFTPSB
(NF[4ODIF[ EFM$PNJU*OUFSOBDJP
OBMEFMB6/&4$0 ZDPOVOQSMPHP
EFM QSFTJEFOUF EFM $POTFKP (FOFSBM EF
&OGFSNFSB .YJNP(PO[MF[+VSBEP
FMMFDUPS
EF DVFTUJPOFT UBMFT DPNP FM SFTQBMEP
MFHBMBMBTDPNQFUFODJBTFOGFSNFSBT TV
EFMJNJUBDJO SFTQFDUP EFM NEJDP EFM
GBSNBDVUJDP Z EF MB BVYJMJBS EF FOGFS
NFSB FMNCJUPEFMEJBHOTUJDPZQSFT
DSJQDJOFOGFSNFSB MBPCKFDJOEFDPO
DJFODJB MPTBDDJEFOUFTCJPMHJDPT FUD
&OEFmOJUJWB TFUSBUBEFVOBIFSSBNJFO
UB QSDUJDB SFEBDUBEB FO VO MFOHVBKF
BEBQUBEP QBSB MPT QSPGFTJPOBMFT TBOJ
UBSJPT Z PSJFOUBEB UBOUP B MB OFDFTBSJB
GPSNBDJOEFMBFOGFSNFSBFOFMDBNQP
EFMB#JPUJDBZEFM%FSFDIP4BOJUBSJP
DPNP B MB DPOTVMUB EF UPEPT BRVFMMPT
RVFEFTFNQFBOVOBMBCPSTBOJUBSJB
+PT.JHVFM4FSSBOP3FUPTKVSEJDPT
EF MB #JPUJDB &*6/4" .BESJE
QQ
&MQSFEPNJOJPEFMQBSBEJHNBCJPMHJDP
FO MB $JFODJB Z MB SFWPMVDJO CJPUFD

OPMHJDB IB UFOJEP JOEVEBCMFT FGFDUPT

QPTJUJWPTTPCSFMBSFBMJEBEIVNBOB4JO
FNCBSHP IB TJEP BTPDJBEP FO PDBTJP
OFTBVOBJEFPMPHBDJFOUJmDJTUBRVFIB
QVFTUPFOUFMBEFKVJDJPFMQSJODJQJPKV
SEJDP EF EJHOJEBE EF MB WJEB IVNBOB
MP RVF TVQPOF VO JOEVEBCMF SFUP QBSB
FM%FSFDIP
%FTEFMBDPODFQDJOEFM%FSFDIPDPNP
PCKFUP EF MB +VTUJDJB Z MB EFGFOTB EF MB
BERVJTJDJO EFM DPODFQUP EF EJHOJEBE
IVNBOB FTUFMJCSPBOBMJ[BMPTSFUPTRVF
MB CJPUFDOPMPHB QMBOUFB BOUF OPTPUSPT
OP TMP FO MP RVF SFTQFDUB B MBT JOOP
WBDJPOFTUFDOPMHJDBT TJOPFOMPRVFTF
SFmFSF B QSJODJQJPT CTJDPT EF +VTUJDJB
DPNP MB JHVBM DPOTJEFSBDJO EF UPEPT
MPTTFSFTIVNBOPTPMBTBDSBMJEBEEFMB
WJEBIVNBOB"TTFBOBMJ[BODVFTUJPOFT
KVSEJDBTEFBDUVBMJEBEDPNPMBFVHFOF
TJBQPTJUJWB MBSFEVDDJOEFMFTUBUVUPEFM
FNCSJOIVNBOP MBJOWFTUJHBDJOTPCSF
IVNBOPT FMBCPSUP MBDMPOBDJO MBFV
UBOBTJB P MB TVQSFTJO EF MB JOTUJUVDJO
KVSEJDBEFMNBUSJNPOJP
*WFT (BOESB EB 4JMWB .BSUJOT $P

PSE
%JSFJUP'VOEBNFOUBM7JEB
&EJUPSB 2VBSUFS -BUJO EP #SBTJM Z
$FOUSP EF &YUFOTP 6OJWFSTJUBSJB
4P1BVMP QQ
&TUFMJCSPSFDPHFBSUDVMPT FOTVNB
ZPSBEFKVSJTUBT QFSPUBNCJODJFOUm
DPT EF#SBTJM "SHFOUJOB &TQBB *UBMJB
$IJMF Z 6SVHVBZ FO UPSOP BM %FSFDIP
'VOEBNFOUBMBMB7JEB DPOFMQSPQTJUP
EFiEFNPTUSBSRVF DJFOUmDBZKVSEJDB
NFOUF MBWJEBEFMTFSIVNBOPDPNJFO[B
FOMBDPODFQDJO ZEFCFTFSQSPUFHJEB
EFTEFFTFNPNFOUPQPSMBMFHJTMBDJOEF
DBEBQBT2VJFSFTFSVOBBZVEBFTQFDJBM
NFOUFQBSBMPTMFHJTMBEPSFT QBSMBNFOUB
SJPTZKVFDFTRVF FO#SBTJMZUBNCJOFO
MPT EFNT QBTFT FTUO FODBSHBEPT EF
DPOGPSNBSFM%FSFDIP
&M DPPSEJOBEPS EFM MJCSP FT *WFT (BO
ESB EB 4JMWB QSFTJEFOUF EFM $POTFMIP
EF &TUVEPT +VSEJDPT EB 'FEFSBP EF
$PNSDJP EP &TUBEP EF 4P 1BVMP Z
EFM $FOUSP EF &YUFOTP 6OJWSTJUBSJB
$&63FBMJ[BMBJOUSPEVDDJOEFMUFNB
DFOUSBM FM %FSFDIP EFM TFS IVNBOP B
MB WJEB "MHVOBT EF MBT DPMBCPSBDJPOFT
TF DFOUSBO FO MB GVOEBNFOUBDJO UJDB
Z KVSEJDB EFM EFSFDIP B MB WJEB +BWJFS
4BMEBB 1FESP4FSOB 1FESP.POUBOP
(VTUBWP.JHVFT 'FSOBOEP.5PMMFS Z
%FSOJWBM#SBOEPFOUSFPUSPT0USBTFSJF
EFFTUVEJPTUSBUBOTPCSFFMBCPSUPQSP
DVSBEP ZFMEFSFDIPBMOBDJNJFOUPEFM
OBTDJUVSVT +PT $BSMPT #BSCPTB $SJT
UCBM 0SSFHP .BTTJNP 7BSJ (JMCFSUP
+BCVS %BOJFM'BSBDP "OUPOJP+PT&B
0USPTTFDFOUSBOFOBMHVOPTDBTPTDPO
DSFUPTDPNPMBBOFODFGBMJBo*WFT(BOESB
EB4JMWB "OUPOJP+PSHF1FSFJSB+OJPS
+PBP #BQUJTUB 7JMMFMBo P MB QMEPSB EFM
EBEFTQVT4BOUJBHP.BSB$BTUSP
4PCSF FM FTUBUVUP Z MB FYQFSJNFOUBDJO
DPOFNCSJPOFTFTDSJCFO$BSMPT'FSOBO
EP.BUIJBTEF4PV[BZ'MJY3VJ["MP
OTP ZTPCSFMBFYQFSJNFOUBDJODPOD
MVMBTNBESFFNCSJPOBSJBT -JMJBO1JFSP
'JOBMNFOUF )FSCFSU 1SYFEFT FTDSJCF
TPCSF MB MJNJUBDJO Z QSPQPSDJPOBMJEBE
EFMPTUSBUBNJFOUPTFOQBDJFOUFTUFSNJ
OBMFT ZMBFVUBOBTJB
(VTUBWP 4JWJMB 1FBSBOEB #JPUJDB

Z%FSFDIP-B1B[ QQ
&M BVUPS FT WJDFQSFTJEFOUF EF MB $PNJ
TJOEF#JPUJDBEFM$PMFHJPEF"CPHB
EPTEF-B1B[&MBWBODFEFMBHFOUJDBZ
MBNFEJDJOBUSBFOJOOFHBCMFTCFOFmDJPT
QBSBMBIVNBOJEBE TJOFNCBSHP{TFFO
NBSDBO FO MPT QSJODJQJPT UJDPNPSBMFT
RVF EFCFO TFHVJS UPEBT MBT BDUJWJEBEFT
SFBMJ[BEBTQPSFMIPNCSF 6OBSFTQVFTUB
RVFOPQPEFNPTFWBEJS:RVFFMBVUPS
OPTEBFOFTUFMJCSP
4BMWBEPS5BSPEP4PSJB-JCFSUBEEF
DPODJFODJB Z EFSFDIPT EFM VTVBSJP
EFMPTTFSWJDJPTTBOJUBSJPT6OJWFS
TJEBEEFM1BT7BTDP 4FSWJDJP&EJUP
SJBM &VTLBM )FSSJLP 6OJCFSUTJUBUFB
"SHJUBSBQFO ;FSCJU[VB
QQ
-B SFDJFOUF OPSNBUJWB TPCSF EFSFDIPT
OPTQSPQPSDJPOBFMNBSDPKVSEJDPBEF
DVBEPQBSBIBDFSFGFDUJWPFMSFTQFUPBMB
BVUPOPNB EF MB QFSTPOB FO FM NCJUP
EFMBTBOJEBE-BFYJTUFODJBEFTPDJFEB
EFTDBEBWF[NTEJWFSTBTZMPTOVFWPT
BWBODFTEFMBNFEJDJOBZMBCJPMPHBTPO
GBDUPSFTRVFIBOWFOJEPBFOSJRVFDFSFM
QBOPSBNB QFSPUBNCJOBWPMWFSMPNT
DPNQMFKP&MQMVSBMJTNPNPSBMZDVMUV
SBMQMBOUFBFMSFUPEFBSNPOJ[BSEJGFSFO
UFTDPODFQDJPOFTEFWJEB EFGPSNBRVF
TFBOSFTQFUVPTBTDPOMPTWBMPSFTZQSJO
DJQJPTDPOTUJUVDJPOBMNFOUFSFDPOPDJEPT
ZDPOFMODMFPFTFODJBMEFMPTEFSFDIPT
GVOEBNFOUBMFT
5SBTMBEBEP BM NCJUP EF MB TBOJEBE
FM QMVSBMJTNP IB QVFTUP EF SFMJFWF RVF

BRVFMMP RVF TF FOUJFOEF QPS CJFOFTUBS
EFMQBDJFOUFOPQVFEFTFSEFUFSNJOBEP
BMNBSHFOEFMBWPMVOUBEEFTUF-BTEF
DJTJPOFT RVF FM QBDJFOUF UPNB TPCSF TV
QSPQJB TBMVE FT QSPCBCMFNFOUF VOP EF
MPTNCJUPTEFTVWJEBFOMPTRVFNTTF
NBOJmFTUBO TVT DPOWJDDJPOFT QFSTPOB
MFT PCKFUPEFQSPUFDDJOEFMEFSFDIPB
MBMJCFSUBEEFDPODJFODJB
-BFYJTUFODJBEFVOFTQBDJPQSPQJP EF
SFDIPBMBJOUJNJEBE
MBMJCSFGPSNBDJO
EF VOB JEFB TPCSF MBT DVFTUJPOFT RVF
DPODJFSOFO B MB QSPQJB TBMVE EFSFDIP
BMBJOGPSNBDJOTBOJUBSJB
ZMBQPTJCJMJ
EBEEFBEFDVBSFMDPNQPSUBNJFOUPBMBT
QSPQJBTDPOWJDDJPOFT EFSFDIPBEFDJEJS
TPCSFMBTDVFTUJPOFTRVFDPODJFSOFOBMB
QSPQJBTBMVE
TPOHBSBOUBT FOFMNCJ
UPEFMBTBOJEBE EFMBDPIFSFODJBEFVOP
DPOTJHPNJTNP GVFOUFEFMBBVUPFTUJNB
ZEFMSFTQFUPEFMPTEFNT RVFOVFTUSP
5SJCVOBM$POTUJUVDJPOBMIBMJHBEPJOEJ
TPMVCMFNFOUFBMBEJHOJEBEEFMBQFSTP
OB
4BMWBEPS5BSPEP4PSJBFTMJDFODJBEPFO
%FSFDIPZFO'JMPTPGBQPSMB6OJWFSTJ
EBEEF7BMMBEPMJE"MDBO[FMHSBEPEF
EPDUPS FO %FSFDIP QPS MB 6OJWFSTJEBE
EFM1BT7BTDPDPOVOBUFTJTEPDUPSBMFO
MBRVFBCPSEFMFTUVEJPEFMPTEFSFDIPT
EFTEF MB QFSTQFDUJWB EF MB MJCFSUBE EF
DPODJFODJB &O MB BDUVBMJEBE EFTBSSPMMB
UBSFBTEPDFOUFTZEFJOWFTUJHBDJOFOFM
SFBEF%FSFDIP&DMFTJTUJDPEFM&TUBEP
EFMB6OJWFSTJEBEEFM1BT7BTDP

$BSMPT 5FOB 5BNBZP 0DUBWJP $B

TBNBESJE.BUB $PPSET
.FEJDJOB
BTFSUJWB BDUP NEJDP Z EFSFDIP
TBOJUBSJP#JCMJPUFDBEF%FSFDIP4B
OJUBSJP &EJUPSJBM "MmM .YJDP %'
QQ
&M%PDUPS$BSMPT5FOBIBTJEPEVSBOUF
CBTUBOUFT BPT $PNJTJPOBEP /BDJPOBM
EF"SCJUSBKF.EJDPEF.YJDP ZFMMJ
DFODJBEP0DUBWJP$BTB.BESJE %JSFD
UPS(FOFSBMEF"SCJUSBKFEFMB$PNJTJO
/BDJPOBM EF "SCJUSBKF .EJDP "NCPT
TFIBOEJTUJOHVJEPFOMBQSPNPDJOEF
VOBDFSDBNJFOUPFOUSFFMEFSFDIP4BOJ
UBSJPZMB#JPUJDBFOOVNFSPTBT+PSOB
EBTZQVCMJDBDJPOFT
-BNFEJDJOBEFGFOTJWB VOQSPCMFNBEF
JOUFSTOBDJPOBMZNBUFSJBEFTBMVCSJEBE
HFOFSBM FO .YJDP IB PDBTJPOBEP OV
NFSPTPTFTUSBHPTFOPUSPTQBTFT TPCSF
UPEP FO 64" RVF FM QSPGFTJPOBM TBOJ
UBSJP Z MBT JOTUJUVDJPOFT NEJDBT BOUF
FMUFNPSBVOBEFNBOEB SFDPNJFOEFO
FTUVEJPTJOOFDFTBSJPT DPOUSBUFOQMJ[BT
EF TFHVSPT EF FMFWBEPT NPOUPT Z FN
QMFFO FM FYQFEJFOUF DMOJDP Z MBT DBSUBT
EF DPOTFOUJNJFOUP B UUVMP EF JOTUSV
NFOUPT EF EFGFOTB MFHBM 1FSP FTP OP
FT UPEP MB GBMUB EF DPOPDJNJFOUP EFM
EFSFDIP TBOJUBSJP Z MB GBMUB EF DSJUFSJPT
TPCSFMBDPSSFDUBJOUFSQSFUBDJOEFMBDUP
NEJDPIBOPSJHJOBEPRVFBMTFSSFTVFM
UBTMBTDPOUSPWFSTJBTFOMPTUSJCVOBMFTTF
FNQMFFO DSJUFSJPT BKFOPT B MB DPSSFDUB
JOUFSQSFUBDJOEFMBMFYBSUJTBEIPDZMB
EFPOUPMPHBNEJDB
1PSFMMP VOPEFMPTPCKFUJWPTEFMB$0
/".&% FO .YJDP IB TJEP TVTUJUVJS
UBMFTQSDUJDBTQPSMBNFEJDJOBBTFSUJWB
FOMBDVBMTFBFMSFTQFUPBMPTWBMPSFTZ
VOOVFWPDSDVMPWJSUVPTPFMRVFCFOFm
DJFMBSFMBDJOKVSEJDBNEJDPQBDJFOUF
BUSBWTEFMBDPNVOJDBDJO FMSFTQFUP
BMPTEFSFDIPTEFMBTQBSUFTZMBNFKPSB
DPOUJOVB
&MQSFTFOUFMJCSP EFOBUVSBMF[BFTFODJBM
NFOUF NFUPEPMHJDB WJFOF B MMFOBS VO
WBDPFOMBMJUFSBUVSBFTQFDJBMJ[BEB QVFT
TFSFmFSFBMFTUVEJPKVSEJDPTBOJUBSJPEFM
BDUPNEJDPHSBDJBTBMBDPMBCPSBDJOEF
FTQFDJBMJTUBTNFYJDBOPTZEFPUSPTQBTFT
o3JDBSEP EF -PSFO[P 7DUPS "HVTUO
'SJHJFSJ 0TWBMEP 3PNP 'SBODJTDP +
-FO TFIBJOUFHSBEPVOBPCSBEFDPO
TVMUBPCMJHBEBQBSBFMFTUVEJPEFDBTPT
FMDPSSFDUPFTUVEJPEFMBDUPNEJDP ZFM
EFTBSSPMMP EF MB DBMJEBE FO MB BUFODJO
NEJDB 4F USBUB EF VO SFGFSFOUF FO FM
%FSFDIPTBOJUBSJPJCFSPBNFSJDBOP
&EVBSEP -VJT 5JOBOU "OUPMPHB

QBSBVOB#JPUJDB+VSEJDB-B-FZ
#VFOPT"JSFT QQ
&M BVUPS FT QSPGFTPS EF 'JMPTPGB EFM
%FSFDIP FO MB 'BDVMUBE EF $JFODJBT
+VSEJDBT Z 4PDJBMFT EF MB 6OJWFSTJEBE
/BDJPOBM EF -B 1MBUB FO MB 3FQCMJDB
"SHFOUJOB "MM IB PSHBOJ[BEP EFTEF
EJWFSTBTBDUJWJEBEFTBDBENJDBTFO
UPSOP B MB CJPUJDB Z IB QSPNPWJEP Z
EJSJHFVOB.BFTUSBFO#JPUJDB+VSEJDB
SFDJFOUFNFOUFBQSPCBEBQPSTV6OJWFS
TJEBEDPNPDBSSFSBJOUFSEJTDJQMJOBSJBEF
QPTUHSBEP&MMJCSPTFEJSJHFGVOEBNFO
UBMNFOUF B MPT FTUVEJBOUFT EF #JPUJDB
UBOUPFODVSTPTEFHSBEPDPNPEFQPTU
HSBEP Z QPS FMMP FM BVUPS BBEF WBSJPT
BOFYPTDPOFMQSPHSBNBEFFTUB.BFTUSB
BTDPNPVOBUJMZFYUFOTBCJCMJPHSBGB
Z EPDVNFOUBDJO QBSB GBDJMJUBS MB CT
RVFEBEFNBUFSJBM
3FDPHFFOFTUFWPMVNFOBMHVOPTUSBCB
KPTFOUPSOPBUFNBTEFCJPUJDBFTDSJUPT
FO MPT MUJNPT BPT JNQBSUJEPT DPNP
DPOGFSFODJBT P QVCMJDBEPT FO SFWJTUBT
FTQFDJBMJ[BEBT EFM NCJUP EFM %FSFDIP
)BO TJEP DPSSFHJEPT Z BDUVBMJ[BEPT Z
PSEFOBEPTTFHOVOQMBOBEFDVBEPQBSB
TVMFDUVSBQSPHSFTJWB BQBSUJSEFMBWJO
DVMBDJOFOUSF#JPUJDBZ%FSFDIP NT
HFOFSBM QBSBDPODMVJSFOMPTQSJODJQBMFT
UFNBTZQSPCMFNBTCJPUJDPTZKVSEJDPT
EFMBBDUVBMJEBE
-PT QSJNFSPT DBQUVMPT EFM MJCSP FTUO
EFEJDBEPT BM BOMJTJT EF MBT SFMBDJPOFT
FOUSFUJDB CJPUJDBZEFSFDIP1SPGVO
EJ[B FM BVUPS FO MPT EJGFSFOUFT NCJUPT
RVF IBO FOUSBEP FO MB EJTDJQMJOB EF MB
#JPUJDB DMOJDBZTPDJBM ZFOMPTQSJO
DJQJPTCJPUJDPTDPNPUQJDPTKVSEJDPT
BTDPNPFOMBJOUFSQSFUBDJOEFMBTEF
SFDIPTIVNBOPTBMBMV[EFMB#JPUJDB
-PTTJHVJFOUFTDBQUVMPTFOUSBOEFMMFOP
FOFMBOMJTJTEFQSPCMFNBTCJPKVSEJDPT
BDUVBMFT 4PCSF DVFTUJPOFT BM DPNJFO[P
EF MB WJEB IVNBOB MB BOFODFGBMJB MB
UFDOPDJFODJB Z MB BVUPSJ[BDJO KVEJDJBM
EF UFSBQJB MNJUF FM BCPSUP UFSBQVUJDP
Z MB PCKFDJO EF DPODJFODJB EFM QSPGF
TJPOBM MB MJCFSUBE EF DPOUSBDFQDJO Z
MBEJHOJEBEFJOUFHSJEBEEFMBQFSTPOB
MBMFZEFTBMVETFYVBMEF"SHFOUJOBZMB
QSPDSFBDJO SFTQPOTBCMF Z MPT EFSFDIPT
IVNBOPT4PCSFFMmOBMEFMBWJEBIV
NBOBFMEFSFDIPEFMQBDJFOUFBSFDIB[BS
VOUSBUBNJFOUPQPSMJCFSUBEEFDPODJFO
DJB MB FVUBOBTJB QBTJWB Z BEJTUBOBTJB B
MBMV[EFVOGBMMPEFMB$PSUF4VQSFNB
EF$BMJGPSOJBVODBTPEFUSBOTQMBOUFEF
SHBOPT iCJPBNQBSPw UFSBQJB MNJUF Z
BVUPOPNBEJBMHJDB
6OUFSDFSHSVQPEFBSUDVMPTFTUOEJSJ
HJEPT BM BOMJTJT EF MPT BMDBODFT Z MNJ
UFTEFMEFSFDIPBMBTBMVEMBUVUFMBEFMB
QFSTPOBiWVMOFSBCMFwFOTFOUJEPCJPUJ
DPFMBCBOEPOPEFMEFCFSEFQSPUFDDJO
EFMBTBMVEDPNPEFSFDIPIVNBOPGVO
EBNFOUBMTBMVE QSJWBDJEBEZEFSFDIPT
DPOTUJUVDJPOBMFT
&EVBSEP-VJT5JOBOU#JPUJDBKVS
EJDB EJHOJEBEEFMBQFSTPOBZEF
SFDIPTIVNBOPT&EJUPSJBM%VOLFO
#VFOPT"JSFT QQ
&M BVUPS FT BCPHBEP QSPGFTPS EF 'J
MPTPGB EFM %FSFDIP FO MB 'BDVMUBE EF
$JFODJBT+VSEJDBTZ4PDJBMFTEFMB6OJ
WFSTJEBE /BDJPOBM EF -B 1MBUB "MM IB
PSHBOJ[BEP EFTEF EJWFSTBT BDUJWJ
EBEFTBDBENJDBTFOUPSOPBMBCJPUJDB
QBSUJDJQBFOWBSJPTDPNJUTEFCJPUJDB
Z IB QSPNPWJEP Z EJSJHF VOB .BFTUSB
FO #JPUJDB +VSEJDB &TUF MJCSP FT VO
NBOVBMDPNQMFUPEFMPTUFNBTEF#JP
UJDBFOGPDBEPTEFTEFFMEFSFDIP%FEJDB
MBQSJNFSBQBSUFBMBQFSTPOBZTVEJH
OJEBE DPOMBGVOEBNFOUBDJOmMPTmDB
Z BOUSPQPMHJDB EFM %FSFDIP Z MB #JP
UJDB Z BOBMJ[B MPT UFNBT EFM JOJDJP EF
MBWJEBIVNBOBFMOBTDJUVSVTZTVUSBT
DFOEFODJB MB BOFODFGBMJB Z MB EJHOJEBE
FJOUFHSJEBEEFMBQFSTPOBMBEJHOJEBE
Z BVUPOPNB BM mOBM EF MB WJEB &O MB
TFHVOEB QBSUF TF DFOUSB FO MB #JPUJDB

KVSEJDBZMB#JPUJDB TVSFMBDJO MPTEF

SFDIPTIVNBOPTZFMEFSFDIPBMBTBMVE
FMDPODFQUPZDPOUFOJEPTEFMBCJPUJDB
KVSEJDB BOBMJ[B FM CJFO DPMFDUJWP Z MBT
EFDJTJPOFT KVEJDJBMFT Z MB #JPUJDB Z FM
%FSFDIPBNCJFOUBM
-BUFSDFSBQBSUFEFFTUBPCSBFTUEFEJ
DBEBBMBUJDBEFMB#JPUFDOPMPHBZMPT
EFSFDIPTIVNBOPT4FQMBOUFBFMBVUPS
TJMBUJDBZFMEFSFDIPQVFEFOEFUFOFS
FM BWBODF CJPUFDOPMHJDP RV UJDB EF
MBSFTQPOTBCJMJEBEEFCFTFSWJSQBSBHVJBS
MPTBWBODFTFOFTUFDBNQPEFMBDJFODJB
ZTFDFOUSBmOBMNFOUFFOEPTDVFTUJPOFT
QSDUJDBTFMDPOTFOUJNJFOUPJOGPSNBEP
FOJOWFTUJHBDJPOFTHFOUJDBTDPOHSVQPT
IVNBOPT ZMBTOPSNBTRVFEFCFOHVJBS
BMPTDPNJUTEFUJDBFOJOWFTUJHBDJPOFT
CJPNEJDBT
$BSNFO 5PNT7BMJFOUF -BOV[B Z

PUSPT-BTBMVEJOUJNJEBEZMJCFSUB
EFTJOGPSNBUJWBT5JSBOU-P#MBODI

&MDBSDUFSFTQFDJBMNFOUFTFOTJCMFEFMB
JOGPSNBDJO SFMBUJWB B MB TBMVE EF MPT
JOEJWJEVPTIBDPOUSJCVJEPBRVFFOMPT
MUJNPTBPTTFWFOHBQSFTUBOEPBFTUF
DBNQPVOBFTQFDJBMBUFODJO UBOUPQPS
QBSUFEFMMFHJTMBEPSDPNPFOMPTQSPQJPT
USJCVOBMFTEFKVTUJDJB&OFTUFWPMVNFO
TFSFOFOVOBTFSJFEFUSBCBKPTRVFQSF
UFOEFOQSPGVOEJ[BSFOFMDPNQMFKPFO
USBNBEPEFEFSFDIPTZPCMJHBDJPOFTRVF
FOFTUFNCJUPTFHFOFSBO ZRVF DPNP
OP QPEB TFS EF PUSP NPEP QSPZFDUBO
TVTDPOTFDVFODJBTFOMPTEJWFSTPTSEF
OFT KVSEJDPT DPOTUJUVDJPOBM DJWJM QF
OBM QSPDFTBM MBCPSBM FUD
%FTEF FTUB
QFSTQFDUJWBNVMUJEJTDJQMJOBS TFBOBMJ[BS
oTJFNQSFBMBMV[EFMBOPSNBUJWBOBDJP
OBMFJOUFSOBDJPOBMTPCSFMBNBUFSJBoFM
EFSFDIPEFMDJVEBEBOPBDPOPDFSUPEBMB
JOGPSNBDJOEJTQPOJCMFSFMBUJWBBTVTB
MVE ZBMBTDPOTFDVFODJBTRVFQBSBTUB
QVFEFO DPNQPSUBS JOUFSWFODJPOFT BKF
OBT TFBFOFMNCJUPEFMPTUSBUBNJFOUPT
NEJDPTPFOFMEFMBFYQFSJNFOUBDJO
DMOJDB
BTDPNPTVEFSFDIPBQSFTFSWBS
UBMFTEBUPTFOMBFTGFSBEFTVJOUJNJEBE
GSFOUFBMJOUFSTNTPNFOPTMFHUJNP
RVFFODPOPDFSMPTQVFEBOQPTFFSBMHV
OPT UFSDFSPT FM FNQSFTBSJP M QSPQJP
&TUBEP FUD
#JPUJDB%FCBU *OTUJUVU
#PSKBEF#JPUJDB

7BSJPT"VUPSFT&MJOJDJPEFMB7JEB
*EFOUJEBE Z FTUBUVUP EFM FNCSJO
IVNBOP#JCMJPUFDBEF"VUPSFT$SJT
UJBOPT .BESJE QQ
&M $FOUSP 6OJWFSTJUBSJP 'SBODJTDP EF
7JUPSJB EF .BESJE IB SFDPHJEP MBT
BQPSUBDJPOFT NEJDBT DJFOUmDBT Z KV
SEJDBT EFM DPOHSFTP JOUFSOBDJPOBM RVF
FTUB6OJWFSTJEBEDFMFCSFMQBTBEPNFT
EFGFCSFSP
-BPCSBSFDPHF FOUSFPUSBT MBTQPOFO
DJBT TPCSF FM FTUBUVUP HFOUJDP EFM FN
CSJOIVNBOPEFTBSSPMMBEBQPS.OJDB
-QF[#BSBIPOB DPPSEJOBEPSBEFMBDB
SSFSBEF#JPRVNJDBZ#JPMPHB.PMFDV
MBS PMPTBTQFDUPTNEJDPGBSNBDVUJDPT
EFMFNCSJO UFNBBCPSEBEPQPS(PO
[BMP)FSSBO[ EJSFDUPSEFM%FQBSUBNFO
UPEFUJDB.EJDBEFMB6OJWFSTJEBEEF
/BWBSSB
&OMBQSFTFOUBDJOEFMBPCSB +PT*H
OBDJP&DIOJ[ DPOTFKFSPEF4BOJEBEEFM
(PCJFSOPEF.BESJE SFDPSERVFiOJMB
DPNVOJEBEDJFOUmDBOJMPTQPEFSFTQ
CMJDPTQVFEFOWJWJSBMNBSHFOEFMQSJO
DJQJPHFOFSBMEFEFGFOTBEFMBEJHOJEBE
EFMTFSIVNBOPw
(FOUJDP(SJKMFZ FEJDJO -JNB
QQ
&OSJRVF 7BSTJ 3PTQJHMJPTJ EFTUBDBEP
QSPGFTPS1FSNBOFOUFEFMB6OJWFSTJEBE
/BDJPOBM .BZPS EF 4BO .BSDPT Z EF
MBT6OJWFSTJEBEFTEF-JNB /BDJPOBMEF
5SVKJMMPZEF4BO"HVTUOEF"SFRVJQB
SFQSFTFOUBOUF EFM 1FS BOUF FM $PNJU
*OUFSHVCFSOBNFOUBM EF #JPUJDB EF MB
0SHBOJ[BDJO EF MBT /BDJPOFT 6OJEBT
QBSBMB&EVDBDJO MB$JFODJBZMB$VM
UVSB 6/&4$0

&TUB PCSB FEJUBEB QPS QSJNFSB WF[ FO
PSEFOB TV EFTBSSPMMP FO USFT U
UVMPT &M QSJNFSP i'VFOUFT FTUSVDUVSB
Z GVOEBNFOUPT EFM EFSFDIP HFOUJDPw
SFMBDJPOB Z EJTUJOHVF FO EPT DBQUVMPT
i#JPUJDBwZi'VOEBNFOUPTCTJDPTEFM
%FSFDIP (FOUJDPw &M TFHVOEP i1FS
TPOB (FOUJDBZ%FSFDIPw BCBSDBTJFUF
DBQUVMPT DBEB VOP DPO QFTP QSPQJP
i*OEJWJEVBMJEBE #JPHFOUJDBw i*OUFHSJ
EBE (FOUJDBw i*EFOUJEBE (FOUJDBw
i*OUJNJEBE (FOUJDBw i1SPDSFBDJO
"TJTUJEBw $FSSBOEP FM EFTBSSPMMP EF MB
PCSBoZBCSJFOEPQBSBTFBMBSVOBEJT
QPSBEFSFBMJEBEFTJNQMJDBEBToFMUFSDF
SP i4PDJPFDPOPNB (FOUJDB Z -FZw
SFOFEPTDBQUVMPTi'VOEBNFOUPTFDP
ONJDPT Z TPDJBMFT EFM EFTBSSPMMP EF MB
HFOUJDBZTVJOnVFODJBTPCSFFMTFSIV
NBOPwZi%FSFDIPHFOUJDPFOFM1FSw
DBQUVMP RVF KVTUJmDBSB QPS T TMP VO
MJCSPBQBSUFDPNQSFOEFFMFTUVEJPEFMB
i#BTF MFHBM EFM %FSFDIP HFOUJDP FO FM
1FSw i%PDVNFOUPTQSFMJNJOBSFTQBSB
FMEFTBSSPMMPMFHJTMBUJWPEFM%FSFDIPHF
OUJDPw i1SPZFDUPT EF MFZ QSFTFOUBEPT
BM$POHSFTPEFMB3FQCMJDB'JMJBDJO
$MPOBDJO 1SPQVFTUBT QBSB MB SFHVMB
DJOEFMPTEFMJUPTQPSNBOJQVMBDJOHF
OUJDB #BODPEF%BUPT(FOUJDPT %JT
DSJNJOBDJOHFOUJDBwZi"DFSDBNJFOUP
BMBOUFQSPZFDUPEFMFZTPCSFMBTUDOJDBT
EFSFQSPEVDDJOBTJTUJEBw
QBESFTFIJKPT

.EJDP 1FSVBOP (SJKMZ -JNB

&OFTUFDPNQMFUPNBOVBMTPCSFFM%F
SFDIP.EJDPEF1FS FMBVUPSEFTDSJCF
FO MB *OUSPEVDDJO FM TJTUFNB EF TBMVE
ZTVSFHVMBDJOFO1FS&OMBQSJNFSB
QBSUF TF EFEJDB B BOBMJ[BS MB QSPGFTJO
NEJDBFMBDDFTPZMBQSDUJDBEFMBQSP
GFTJO MB QSDUJDB JMFHBM Z FM DPOUSPM
&OMBTFHVOEBQBSUFTFDFOUSBFOMBTSF
MBDJPOFT NEJDPoQBDJFOUF DPOUFOJEP Z
EFSFDIPTFTQFDJBMFTBMBJOGPSNBDJO FM
DPOTFOUJNJFOUPJOGPSNBEP MBJOUJNJEBT
ZFMTFDSFUPQSPGFTJPOBM MBTRVFKBT:BM
HVOPTDBTPTFTQFDJBMFTDPNPMPTNFOPSFT
EFFEBE BEPMFTDFOUFTZFOGFSNPTNFO
UBMFT 5BNCJO BOBMJ[B EFUBMMBEBNFOUF
BMHVOBTBDUJWJEBEFTNEJDBTFTQFDmDBT
FM BCPSUP MB FTUFSJMJ[BDJO MBT UDOJDBT
EFSFQSPEVDDJOBTJTUJEB FMEJBHOTUJDP
QSFOBUBM MPT USBTQMBOUFT FYQFSJNFOUPT
DPO TFSFT IVNBOPT MB NBOJQVMBDJO
HFOUJDB MB FVUBOBTJB MB BEFDVBDJO
EF TFYP FM 4JEB MB BOUJDPODFQDJO EF
FNFSHFODJB
&OMBUFSDFSBQBSUFEFMBPCSB FTUVEJBMBT
SFMBDJPOFTEFMNEJDPDPOFMTJTUFNBEF
TBMVE MBT SFMBDJPOFT DPO MBT JOTUJUVDJP
OFTZDPOMPTEFNTDPMFHBTZDPOPUSPT
QSPGFTJPOBMFTDPNPUDOJDPTZBVYJMJBSFT
EFTBMVE
7BSJPTBVUPSFT(FSPOUPMPHBZ%F
SFDIP "TQFDUPT KVSEJDPT Z QFSTP
OBT NBZPSFT &EJUPSJBM .EJDB 1B
OBNFSJDBOB4" QQ
(FSPOUPMPHB Z %FSFDIP "TQFDUPT KV
SEJDPTZQFSTPOBTNBZPSFT FTFMUUVMP
EFMMJCSPRVFIBOFTDSJUPWBSJPTBVUPSFT
FOEPOEFTFSFDPHFEFGPSNBBNQMJBZ
DVJEBEPTBMBTQSJODJQBMFTDVFTUJPOFTRVF
EFTEFMBQFSTQFDUJWBEFMEFSFDIPZEFMB
MFHJTMBDJO BGFDUBO B MB QPCMBDJO NB
ZPS
QSJNFSBIBDFSFGFSFODJBBMBMFHJTMBDJO
RVF BGFDUB BM BODJBOP FO VO BSDP RVF
WB EFTEF MB SFHVMBDJO GVOEBNFOUBM EF
MB $POTUJUVDJO IBTUB VOB WJTJO EF MB
QPMUJDBTPDJBMSFMBUJWBBMPTNBZPSFTFO
MPT NVOJDJQJPT &M TFHVOEP CMPRVF EF
UFNBT DFOUSB TVT DPOUFOJEPT EF NBOF
SB QSFGFSFOUF FO VOB QSPCMFNUJDB UBO
DPNQMFKB DPNP MB JODBQBDJUBDJO Z MPT
QSPCMFNBT EFSJWBEPT EF FMMB 5BNCJO
TF SFDPHFO BTQFDUPT EF JOUFST DPNP FM
SHJNFOKVSEJDPEFMBQFOTJOEFKVCJ
MBDJO FO MB 4FHVSJEBE 4PDJBM FM QBQFM
EFMBTGVOEBDJPOFTFOMBEFGFOTBEFMPT
EFSFDIPT EF MBT QFSTPOBT NBZPSFT P FM
BDDFTPBWJWJFOEBTBEBQUBEBTQBSBMBUFS
DFSBFEBE&MMJCSPmOBMJ[BDPOEPTDB
QUVMPT SFGFSJEPT B MPT UFTUBNFOUPT Z BM
WPMVOUBSJBEP EF MBT QFSTPOBT NBZPSFT
4FUSBUBEFVONBOVBMRVFQVFEFTFSWJS
DPNP IFSSBNJFOUB EF USBCBKP QBSB MPT
NMUJQMFT QSPGFTJPOBMFT RVF EJBSJBNFO
UFUSBCBKBODPOHFOUFEFMBUFSDFSBFEBE
DPNPQTJDMPHPT NEJDPT FOGFSNFSPT
HFSPDVMUPSFT USBCBKBEPSFT TPDJBMFT FUD
RVF EFTBSSPMMBO TV QSPGFTJO UBOUP FO
SFTJEFODJBTDPNPFOFMNFEJPDPNVOJ
UBSJP4FHO"OUPOJP.BSUOF[.BSPUP
DPPSEJOBEPS EFM NBOVBM TF IB IVJEP
FYQSFTBNFOUF EF DPOUFOJEPT EFNBTJB
EPTUDOJDPTZEFVOBNFUPEPMPHBBCJ
HBSSBEBEFDJUBTZKVSJTQSVEFODJB
3PEPMGP7[RVF[%FMBCPSUPBMBDMP
OBDJO 1SJODJQJPT EF VOB #JPUJDB
MJCFSBM'POEPEF$VMUVSB&DPONJDB
.YJDP
&M USNJOP iCJPUJDBw GVF FNQMFBEP
QPSQSJNFSBWF[FO4JCJFOFOVO
QSJODJQJP FTUB EJTDJQMJOB JOWPMVDS DBTJ
FYDMVTJWBNFOUF B NEJDPT UFMPHPT Z
MFHJTMBEPSFT IPZ FO EB TF PDVQBO EF
FMMB BTJNJTNP QTJDMPHPT HFOFUJTUBT
CJMPHPT RVNJDPT TPDJMPHPT BOUSP
QMPHPT KVSJTUBTZmMTPGPTEFMNVOEP
FOUFSP 1PS FTUF NPUJWP FM QSFTFOUF MJ
CSP IBDF VO FTGVFS[P QPS QSPQPOFS VO
FOGPRVF NVMUJEJTDJQMJOBSJP Z VOJWFSTBM
SFQMBOUFB FYBNJOB Z DSJUJDB MBT UFPSBT
QSJODJQJPT Z SFHMBT OPSNBUJWBT RVF FT
USVDUVSBO FM MFOHVBKF EF MB CJPUJDB
BCPSEB UFNBT JNQSFTDJOEJCMFT DPNP FM
QSJODJQJPEFBVUPOPNB EFMBEJHOJEBE
EFMBQFSTPOBZEFMBJHVBMEBEFTUVEJB
BQPZOEPTFUBOUPFOEJWFSTPTZOVNFSP
TPTUFYUPTDPNPFOEJGFSFOUFTFYQFSJFO
DJBT PDVSSJEBT B MP MBSHP EF MB IJTUPSJB
DVFTUJPOFTUBOEFCBUJCMFTDPNPFMBCPS
UP MBFVUBOBTJB MBPCUFODJOZBEKVEJ
DBDJOEFSHBOPT FM1SPZFDUPEFM(F
OPNB)VNBOPZMBDMPOBDJO"T MPT
EBUPT Z SFnFYJPOFT QSFTFOUBEPT FO FTUB
PCSBPCFEFDFOBVOJOUFOUPQPSFTDMBSF
DFSBTVOUPTTPCSFMPTRVFTFIBEJTDVUJEP
IBTUBFMDBOTBODJP BTDPNPQPSBQPSUBS
JEFBTOVFWBTZ BDBTP DPODJMJBEPSBT
3PEPMGP 7[RVF[ #JPUJDB Z %F

SFDIP 'VOEBNFOUPT Z QSPCMFNBT
BDUVBMFT'POEPEF$VMUVSB&DPO
NJDB .YJDP
A#JPUJDB Z %FSFDIP CVTDB FWBMVBS Z
BDMBSBSFMDPOnJDUPFOUSFFMBWBODFEFMB
DJFODJBZFMCJFOFTUBSNPSBMEFMTFSIV
NBOP3PEPMGP7[RVF[ EPDFOUFZBV
UPSEFWBSJPTMJCSPTTPCSFUJDBZmMPTPGB
KVSEJDB SFOFFOFTUBPCSBUSBCBKPTRVF
BCPSEBOQSPCMFNBTBDUVBMFTEFHSBOJN
QPSUBODJBNPSBMFMBCPSUP MBFVUBOBTJB
FMUSBTQMBOUFEFSHBOPT FMQSPZFDUPHF
OPNBIVNBOP FMUFNBEFMBDMPOBDJO
EFTFSFTIVNBOPTZMBSFMBDJOEFMIPN
CSFDPOTVBNCJFOUF
+BJNF 7JEBM .BSUOF[ +PT *HOBDJP

#FOUF[ Z "OB .BSB 7FHB %FSF
DIPT SFQSPEVDUJWPT Z UDOJDBT EF
SFQSPEVDDJO BTJTUJEB &EJUPSJBM
$PNBSFT (SBOBEB
"SB[EFMBTDPOGFSFODJBTNVOEJBMFTEF
&M$BJSPZ1FLO DPOWPDBEBTQPSMBT/B
DJPOFT6OJEBT TFIBBDVBEPVOOVFWP
USNJOPiEFSFDIPTSFQSPEVDUJWPTw&TUB
PCSB DPFEJUBEBQPSFM.JOJTUFSJPEF4B
OJEBEZMBFEJUPSJBM$PNBSFTEF(SBOB
EB DPOTUBEFUSFTFTUVEJPTEFDPSUFKVS
EJDPTPCSFFMUFNB"OB.BSB7FHBTF
QSFHVOUB TJ MPT EFSFDIPT SFQSPEVDUJWPT
TPOVOBEFGFOTBPVOBBNFOB[BDPOUSB
FMEFSFDIPBMBWJEB+BJNF7JEBM.BSU
OF[FTUVEJBMBMFHJTMBDJOFTQBPMBTPCSF
MBT UDOJDBT EF SFQSPEVDDJO BTJTUJEB F
*HOBDJP#FOUF[0SU[BS MPTEFMJUPTRVF
QVFEFO DPNFUFSTF FO MB SFBMJ[BDJO EF
FTUBTUDOJDBT
5FSF[B3PESHVFT7JFJSB#JPUJDBF
%JSFJUP+VSEJDB#SBTJMFJSB 4P1BV
MP
-B BVUPSB USBUB UFNBT CJFO WBSJBEPT
FN TV WFSUJFOUF KVSEJDB $MPOBDJO
FM BCPSUP FVHFOTJDP FVUBOBTJB Z USBO

TFYVBMJEBE TPOUFNBTBWFDFTUBC1PS
PVUSP MBEP ZB TF FTUO JNQMFNFUBOEP
DVSTPTFNMBT'BDVMUBEFTEF%FSFDIPTP
CSF#JPUJDB ZMBBVUPSBRVJFSFEFmOJSMB
SFQBTBS TVT PSHFOFT TV DBSDUFS JOUFS
EJTDJQMJOBS ZMPRVFQVFEFBQPSUBSBMB
SFnFYJOKVSEJDB
&DPMPHBZNFEJP
BNCJFOUF
$BSMPT+BWJFS"MPOTP&MFWPMVDJP
OJTNP Z PUSPT NJUPT -B DSJTJT EFM
QBSBEJHNBEBSWJOJTUB&VOTB 1BN
QMPOB
&MBVUPSFTQSPGFTPSEF'JMPTPGBFO-FO
ZIBFTDSJUPZBWBSJBTPCSBTTPCSFUFNBT
SFMBDJPOBEPTDPOFMEFFTUFMJCSP5SBTMB
FWPMVDJO -B BHPOB EFM DJFOUJmDJTNP
)JTUPSJB CTJDB EF MB $JFODJB &O FTUB
PCSB FYQPOF TJO BMBSNJTNPT JOKVTUJm
DBEPT MBTJUVBDJOEFDSJTJTEFMBUFPSB
EBSWJOJTUBEFMBFWPMVDJOZTVJNQPUFO
DJBQBSBFYQMJDBSQSFDJTBNFOUFMBNJTNB
FWPMVDJO&TVOBTJUVBDJOEFiDSJTJTEF
QBSBEJHNBw QVFT FT FM ODMFP EVSP EF
MBUFPSBEF%BSXJOoFMQSJODJQJPEFMB
TFMFDDJOOBUVSBMoFMRVFFTUFOUFMBEF
KVJDJPQPSMBTDSFDJFOUFTBOPNBMBTUBO
UP FNQSJDBT DPNP DPODFQUVBMFT FO FM
NCJUP DJFOUmDP -B DJFODJB CVTDB VO
OVFWP QBSBEJHNB QBSB FYQMJDBS MB FWP
MVDJO
$BSMPT +BWJFS "MPOTP5SBT MB FWP

MVDJO 1BOPSBNB IJTUSJDP EF MBT
UFPSBTFWPMVDJPOJTUBT&VOTB 1BN
QMPOB QQ
&O FTUF MJCSP FM BVUPS QSPGFTPS EF 'J
MPTPGBFOFM*&4)BZHOEF"MJDBOUF
QSFTFOUBVOSFDPSSJEPQPSMBTQSJODJQBMFT
UFPSBT FWPMVDJPOJTUBT EFTEF MPT BMCPSFT
EFM QFOTBNJFOUP HSJFHP Z DIJOP IBTUB
FM NPNFOUP QSFTFOUF TJO TPTMBZBS MBT
FTQFDVMBDJPOFT NFEJFWBMFT NPEFSOBT
Z DPOUFNQPSOFBT 4JNVMUOFBNFOUF
PGSFDF VOB QSPGVOEJ[BDJO FO MB DJEB
DPOUSPWFSTJBTVTDJUBEBFO&&66FOUSF
DSFBDJPOJTUBTZFWPMVDJPOJTUBT BTDPNP
VOBSFnFYJOoNFEJBOUFVOBOMJTJTJO
UFSEJTDJQMJOBSo TPCSF FM PSJHFO Z MB FT
QFDJmDJEBE EFM TFS IVNBOP 4F QVFEF
BT DPNQSFOEFS MB HOFTJT FQJTUFNPM
HJDB EF MBT EPDUSJOBT FWPMVDJPOJTUBT TV
EFTBSSPMMP IJTUSJDP Z FM FTUBEP BDUVBM
EF MB DVFTUJO EF MB FWPMVDJO FTUF MJ
CSPQFSNJUFWFSEFNPEPNTDMBSPMPT
FOJHNBTRVFUPEBWBTFPDVMUBOiUSBTMB
FWPMVDJOw
. -VEFWJE "OHMBEB &M DBNCJP

HMPCBM FO FM NFEJP BNCJFOUF *O
USPEVDDJO B TVT DBVTBT IVNBOBT
#PJYBSFV&EJUPSFT #BSDFMPOB
QQ
&M BVUPS FT FDPOPNJTUB DPOTVMUPS BN
CJFOUBM Z EJSFDUPS EF VO %JQMPNB EF
1PTUHSBEPTPCSFi(FTUJOBNCJFOUBMEF
MBFNQSFTBwFOMB6OJW1PNQFV'BCSB
EF#BSDFMPOB&TUFMJCSPFYBNJOBMBTDBV
TBTRVFQSPWPDBOFMDBNCJPFOFMNFEJP
BNCJFOUF B OJWFM QMBOFUBSJP FYQSFTBEP
FO GFONFOPT DPNP MB JOUFOTJmDBDJO
EFMFGFDUPJOWFSOBEFSP EJTNJOVDJOEF
MBDBQBEFP[POP MMVWJBDJEBPMBQSEJ
EBEFMBCJPEJWFSTJEBE"OBMJ[BMBTDBVTBT
EJSFDUBTZMBTNTQSPGVOEBTFWPMVDJO
EFMBQPCMBDJOZEFMPTSFDVSTPTFOFM
NVOEP MB QFSDFQDJO Z WBMPSBDJO JO
EJWJEVBMZDPMFDUJWBEFMPTIPNCSFTTP
CSF FTUPT GFONFOPT P FM QBQFM EF MBT

JOTUJUVDJPOFT QPMUJDBT FDPONJDBT Z
TPDJBMFT 3FTVNF UBNCJO MBT QSJODJQB
MFT QPMUJDBT EF SFTQVFTUB B MPT SJFTHPT
RVFTVQPOFFTUFDBNCJPHMPCBM DPOUSFT
SFTQVFTUBTGSFOBSMBQPCMBDJO OFPNBM
UIVTJBOPT
BVNFOUBS MPT SFDVSTPT UFD
OPPQUJNJTUBT
PDBNCJBSFMTJTUFNBDPO
MB QSFTJO EF MB QSPEVDDJO TPCSF MPT
SFDVSTPT&MBVUPSPQJOBRVFTFSOFDF
TBSJP BCPSEBS MPT USFT BTQFDUPT Z TPCSF
UPEP iQMBOUFBSOPT VOB PSHBOJ[BDJO
FDPONJDBJOUFSOBDJPOBMRVFBTFHVSFVO
NFKPSBDDFTPEFUPEPTMPTQVFCMPTEFMB
5JFSSBBMBCBTFEFSFDVSTPTw
+PBRVO "SBKP 99* 4JHMP EF MB

&DPMPHB 'JOBMJTUB QSFNJP &TQBTB
&TQBTB$BMQF QQ
&TUF MJCSP FT VOB JOUSPEVDDJO BM QFO
TBNJFOUPFDPMHJDP4VBVUPS NJFNCSP
EFM$POTFKP"TFTPSEF.FEJP"NCJFO
UF QSFTJEFOUFEF&DPGSVN QFSJPEJTUBZ
BVUPS EF EPDVNFOUBMFT QBSB UFMFWJTJO
DPOKVHBMBTBQPSUBDJPOFTEFMBFDPMPHB
DPO MBT EFM IVNBOJTNP EF UPEPT MPT
UJFNQPTi'SFOUFBMBEFTFSUJmDBDJOEF
MPIVNBOPRVFIBMPHSBEPMBTPDJFEBE
EFMPTFYDFTPTZMBDPNQFUJUJWJEBEFYB
DFSCBEB FM BVUPS JOEBHB
MPT DBNJOPT
EFMBDPNQBUJCJMJEBEDPOOVFTUSBTQSP
QJBT SBDFT Z OVFTUSP GVUVSP 1SPQPOF
iMB IPTQJUBMJEBE DPNP UFSBQJB SFOPWBS
OVFTUSB DBQBDJEBE EF BDPHJEB DPO MPT
RVF OPT BDPHF Z FODPOUSBS FO MB BE
NJSBDJO EF MB /BUVSBMF[B FM QSJODJQJP
SFHFOFSBEPS EF MB DPOEJDJO IVNBOBw
-BUJDBFDPMHJDBMMFWBSBBFTFSFTQFUP
QPSMB/BUVSBMF[BZUBNCJOBRVFiTFB
TPMJEBSJPFMRVFTFBNPTNFOPTOFDFTJ
UBNPT QPSFMCJFOEFUPEPTZEFMUPEP
TFSNFOPTTJOEFTDVJEBSFONPNFOUP
BMHVOPRVFFTFPCKFUJWPEFCFBMDBO[BSTF
TJOFMVTPEFGPSNBBMHVOBEFWJPMFODJBw
4FPQPOFFMBVUPSUBNCJOBMBTQBUFOUFT
EFEFTDVCSJNJFOUPTHFOUJDPT QBSBRVF
OP FYJTUBO iEVFPT EF MB DPNQPTJDJO
OUJNBEFDVBMRVJFSTFSWJWPw
'SBODJTDP + "ZBMB -B OBUVSBMF[B

JOBDBCBEB &OTBZPT FO UPSOP B MB
FWPMVDJO 4BMWBU $JFODJB #BSDFMP
OB QQ
"ZBMB FT DBUFESUJDP EF (FOUJDB FO MB
6OJWFSTJEBE EF $BMJGPSOJB Z QSFTJEFO
UF EF MB "TPDJBDJO "NFSJDBOB QBSB FM
"WBODFEFMB$JFODJB1BSBFMBVUPS MPT
TFSFTWJWPT ZFOQBSUJDVMBSFMTFSIVNB
OP TMP QVFEFO DPNQSFOEFSTF QMFOB
NFOUFTJTFPCTFSWBOCBKPFMQSJTNBEF
MB FWPMVDJO CJPMHJDB BO JOBDBCBEB
QVFT MB TFMFDDJO OBUVSBM TJHVF BDUVBO
EP1SPQPSDJPOBVOBWJTJOJOUFHSBMEF
MB SFBMJEBE WJWJFOUF Z EFM TFS IVNBOP
1SJNFSP FYQMJDB MPT DPODFQUPT CTJDPT
EF MB UFPSB EF MB FWPMVDJO Z EFTQVT
BGSPOUBMPTUFNBTNTEFCBUJEPTNJDSP
ZNBDSPFWPMVDJO TFMFDDJOOBUVSBMP
B[BS DPOTFDVFODJBTEFMEFTBSSPMMPEFMB
JOHFOJFSBHFOUJDB&OMBUFSDFSBQBSUF
CBKP FM UUVMP EF 4PDJFEBE Z $VMUVSB
BOBMJ[BMBTUFPSBTEF%BSXJO 5FJMIBSE
MBTEJGFSFODJBTFOUSFMBFWPMVDJOCJPM
HJDBZMBFWPMVDJODVMUVSBMEFMTFSIV
NBOP FMGVUVSPEFMBIVNBOJEBEoCBKP
FMFYQSFTJWPUUVMPi{0DBTPCJPMHJDPV
PDBTP NPSBM wo Z MBT SFMBDJPOFT FOUSF
FWPMVDJOZNPSBM OFDFTBSJBTQBSBFWJUBS
RVFMBDJFODJBHFOUJDBEFSJWFFOFVHF
OFTJB"MBOBMJ[BSTJMBTOPSNBTNPSBMFT

QVFEFO EFSJWBSTF B QBSUJS EF MB OBUVSB

MF[B CJPMHJDB EFM TFS IVNBOP BmSNB
DPNP UFTJT RVF iMB QFSTPOB IVNBOB FT
VOTFSUJDPQPSTVOBUVSBMF[BCJPMHJDB
RVFKV[HBTVDPNQPSUBNJFOUPCVFOPP
NBMP NPSBM P JONPSBM DPNP DPOTF
DVFODJBEFTVFNJOFOUFDBQBDJEBEJOUF
MFDUVBM RVF JODMVZF MB DPODJFODJB EF T
NJTNBZFMQFOTBNJFOUPBCTUSBDUP&T
UBT QPTJCJMJEBEFT JOUFMFDUVBMFT TPO PCSB
EFM QSPDFTP FWPMVUJWP QFSP UJFOFO VO
DBSDUFS FTQFDmDBNFOUF IVNBOP "T
QVFT EFGFOEFS RVF FM DPNQPSUBNJFO
UP UJDP OP HVBSEB SFMBDJO DBVTBM DPO
FM DPNQPSUBNJFOUP TPDJBM EF MPT BOJ
NBMFTw5BNCJOTFBMBDPNPTFHVOEB
UFTJT RVFiMBTOPSNBTNPSBMFTTFHOMBT
DVBMFT DBMJmDBNPT EFUFSNJOBEBT BDDJP
OFTEFNPSBMNFOUFCVFOBTPNBMBTTPO
QSPEVDUPEFMBFWPMVDJODVMUVSBM OPEF
MB CJPMHJDBw QVFT OP OFDFTBSJBNFOUF
TPO DPIFSFOUFT MBT OPSNBT UJDBT Z MBT
UFOEFODJBTCJPMHJDBT
EPEFTNFTVSBEBNFOUF'SFOUFBBNCBT
QSPQVFTUBT FM FDPMPHJTNP QFSTPOBMJTUB
WFBMIPNCSFDPNPDVFSQPQFSTPOBM EF
QFOEJFOUFEFMSFTUPEFMBOBUVSBMF[BZ BM
NJTNPUJFNQP EPUBEPEFVOBQBSUJDV
MBSEJHOJEBERVFMFQPTJCJMJUBZPCMJHBB
DVJEBSEFMSFTUPEFMBDSFBDJO BTDPNP
BEBSQSJNBDBBMQSPCMFNBEFTVTDPO
EJDJPOFT EF WJEB &TUP EFCF DPOEVDJS
FOFMNCJUPEFMBQPMUJDBoTFHOFMBV
UPSoBMBMVDIBFOGBWPSEFMDPOKVOUPEFM
QMBOFUBTVQFSBOEPMBTWJTJPOFTUSJCBMFTZ
FO FM NCJUP EF MB FDPOPNB FO GBWPS
EF MB EVSBDJO DPOUSB MB TBDSBMJ[BDJO
EFM NFSDBEP 5BNCJO BGSPOUB +FTT
#BMMFTUFSPT DFSUFSBNFOUF MPT QSPCMFNBT
EFEJTDSJNJOBDJOEFMBNVKFS BTDPNP
MBQSJPSJEBEEFMEFSFDIPBMBWJEBTPCSF
MPT EFNT EFSFDIPT Z FTQFDJBMNFOUF
FYJHJCMFFOFMNCJUPEFMBGBNJMJB QBSB
BT HBSBOUJ[BS MPT EFSFDIPT EF MPT NT
ECJMFT UBOUPMPTBDUVBMNFOUFFYJTUFOUFT
DPNP MPT RVF QVFEBO TFS FOHFOESBEPT
FOFMGVUVSP
+FTT #BMMFTUFSPT &DPMPHJTNP QFS

TPOBMJTUB $VJEBS MB OBUVSBMF[B
DVJEBSBMIPNCSF5FDOPT .BESJE
QQ
+FTT #BMMFTUFSPT +PT 1SF[ "EO

&EJUPSFT
4PDJFEBE Z NFEJP BN
CJFOUF5SPUUB .BESJE QQ
&MBVUPS DBUFESUJDPEF'JMPTPGBEFM%F
SFDIPFOMB6OJWFSTJEBEEF7BMFODJB IB
FTDSJUPFOOVNFSPTBTPDBTJPOFTTPCSFMB
DSJTJTEFMBNPEFSOJEBEZMBQPTNPEFS
OJEBE0GSFDFBRVTVTSFnFYJPOFTTPCSF
MB DSJTJT FDPMHJDB Z UBNCJO TPCSF MBT
SFMBDJPOFT FOUSF IPNCSFT Z OBUVSBMF[B
&MBOUSPQPDFOUSJTNPBmSNBMBBVUPTVm
DJFODJBIVNBOBKVTUJmDBOEPMBEFQSFEB
DJOEFMBOBUVSBMF[B1PSFMDPOUSBSJP FM
CJPMPHJTNP DPOTJEFSB BM IPNCSF DPNP
VOB FTQFDJF NT RVF TF IB SFQSPEVDJ
&TUB PCSB FYQPOF FM TJHOJmDBEP Z MBT

DPOTFDVFODJBT EF MB JOUFSSFMBDJO FOUSF
MBDVMUVSBNPEFSOBZFMFOUPSOPOBUVSBM
)BZEPTTJHOJmDBUJWBTSFCFMEBTGSFOUFB
MP RVF FO FM NVOEP BDBENJDP TF FO
UJFOEF QPS QPMUJDBNFOUF DPSSFDUP OP
VUJMJ[BOMPTBVUPSFTBSHVNFOUPTOFPMJCF
SBMFTOJNBMUIVTJBOPT"EFNT MBPCSB
DVFOUBDPOKVSJTUBT TPDJMPHPT HFHSB
GPT JOHFOJFSPT FDPOPNJTUBTZmMTPGPT
MP RVF MF EB VO BJSF NVMUJEJTDJQMJOBS
-PTDPPSEJOBEPSFTTPO+FTT#BMMFTUFSPT
Z+PT1SF["EO DBUFESUJDPTEFM%F
QBSUBNFOUP EF 'JMPTPGB EFM %FSFDIP
FMQSJNFSP ZEF4PDJPMPHBFMTFHVOEP
BNCPTEFMB6OJWFSTJEBEEF7BMFODJB
&O MB QSJNFSB TFDDJO TF QSPQPSDJP
OBVOBWJTJOTJOUUJDBEFMFTUBEPEFMB
DVFTUJO Z EF MBT MUJNBT BQPSUBDJPOFT
BM EFCBUF TPCSF VO GVUVSP DPOEJDJPOB
EPEFNBOFSBJSSFNFEJBCMFQPSMBDSJTJT
FDPMHJDB0USPTDBQUVMPTTFPDVQBOEFM
DPOTVNPZEFMBSFMBDJOFNQSFTBoNF
EJPBNCJFOUF-BTFHVOEBTFDDJOTFBS
UJDVMBFODVBUSPUFNBTMBQPCMBDJO FM
EFTBSSPMMP MBDPSQPSBDJONVMUJOBDJPOBM
ZMBJEFOUJEBEQMBOFUBSJB&MFTUVEJPEF
MB QPCMBDJO TF DFOUSB FO FM FRVJMJCSJP
EJONJDP FOUSF GBDUPSFT EFNPHSmDPT
DVMUVSBMFT UDOJDPT Z GTJDPT 4F BSHV
NFOUBDPOUSBMBTWJTJPOFTPDDJEFOUBMJTUBT
EFMBFYQMPTJOEFNPHSmDBZTFBmSNB
RVFMBDBVTBGVOEBNFOUBMEFMEFUFSJPSP
BNCJFOUBMEFQFOEFNVDIPNTEFMFY
DFTPEFDPOTVNPEFMPTQBTFTEFM/PSUF
RVF EFM UBNBP EF MB QPCMBDJO FO TV
DPOKVOUP
-B UFSDFSB TFDDJO TPCSF JEFPMPHB Z
QSBYJTEFMBDSJTJTFDPMHJDB TFBCSFDPO
VOSFDPSSJEPQPSMBTEJGFSFOUFTmMPTPGBT
FDPMHJDBT FO FM RVF TF TVCSBZB MP SF
EVDUJWPEFMCJPDFOUSJTNPZEFMPTQMBO
UFBNJFOUPTUFDOPDSUJDPTZTFEFmFOEFO
MPT FDPMPHJTNPT IVNBOJTUBT -B MUJNB
TFDDJOMMBNBMBBUFODJOTPCSFMPTQSP
CMFNBTNFEJPBNCJFOUBMFTNTDFSDBOPT
BMQCMJDPBMRVFWBEJSJHJEPFMNBOVBM
DPO QMBOUFBNJFOUPT RVF IBO EF WFSTF
DPNP WJBCMFT QBSB TFS BDFQUBEPT FO FM
FTUJMPEFWJEBQSPQVFTUP
$ISJTUPQIFS #FMTIBX 'JMPTPGB EFM

NFEJP BNCJFOUF &OWJSPONFO
UBM 1IJMPTPQIZ
5FDOPT .BESJE
QQ
&MQSJODJQBMWBMPSEFi'JMPTPGBEFMNF
EJPBNCJFOUFwFTQPOFSEFSFMJFWFZBS
HVNFOUBS EF GPSNB QFSTVBTJWB RVF MBT
BDUVBDJPOFTEFDJTJWBTFONBUFSJBFDPM
HJDBTPOEFOBUVSBMF[BUJDB-BFDPMPHB
FTVOBDJFODJBRVFQVFEFQSPQPOFSEF
UFSNJOBEBTTPMVDJPOFT QFSPMBBEPQDJO
EF MBT NFKPSFT NFEJEBT OP FT BMHP RVF
EFQFOEBFOEFmOJUJWBOJEFMBQPMUJDBOJ
EFMBEJONJDBEFMNFSDBEP4JTFEFKBO
MBTNFKPSFTTPMVDJPOFTFDPMHJDBTBMKVF
HPEFMPTQBSUJEPTPBMKVFHPEFMNFSDB
EP DBTJOVODBTFMMFWBSOBDBCP
"NQMJPT DBQUVMPT TPCSF i1SPCMFNBTw
i$BVTBTw i4PMVDJPOFT MBT VSOBT Z FM
NFSDBEPw i4PMVDJPOFT 5FPSB NPSBMw
i"OJNBMFTw i7JEBw TF SFmFSF B MB EF
MBT QMBOUBT
i3PT FTQFDJFT Z 5JFSSBw
i&DPMPHBQSPGVOEBw i7BMPSw i#FMMF[Bw
Zi4FSFTIVNBOPTwQFSNJUFOFOVNFSBS
MBDBTJUPUBMJEBEEFMBTDVFTUJPOFTFDPM
HJDBT RVF TF IBO QMBOUFBEP IBTUB IPZ
&OFTFTFOUJEPTFUSBUBEFVOBPCSBNVZ
WBMJPTB
0USBDPTBTPOMBTTPMVDJPOFT4JTFUSB
UB EF VOB DVFTUJO UJDB TF USBUB TPCSF
FM CJFO 1FSP {DNP TF MMFHB B EFmOJS
FMCJFOQSPQJPRVFVOBUJDBEFMNFEJP
BNCJFOUFEFCFSBJOUFOUBSSFBMJ[BS 1BSB
FTFQVOUP FTFODJBMZCTJDP FOFTUFMJCSP
OP IBZ TVmDJFOUFT SFTQVFTUBT DMBSBT &M
BVUPSSFDVSSFBVONUPEPBOUJHVPoTJO
JSNTMFKPT FMEFMBFTDPMTUJDBNFEJFWBM
QPSOPSFNPOUBSOPTB4DSBUFToIBDFS

VOBBmSNBDJOZ BDPOUJOVBDJO QSP

QPOFSTFSJBTPCKFDJPOFTBTVWBMJEF[i4JD
FUOPOw BTZOPBT1FSPFTUFNUPEPFT
CVFOPTJMVFHPFTQPTJCMFVOBSFTQVFTUB
RVF IBDJOEPTFDBSHPEFMBTPCKFDJPOFT
SFQMBOUFFMBUFTJT"RVDBTJUPEPRVFEB
FOFMBJSF:FTRVFIBZVOBUSBEJDJOEF
NJFEPBMBTFHVSJEBE BMBDFSUF[B
6OBDPTBFTRVFMBDJFODJBFTUFODPO
UJOVPQSPHSFTPZPUSBFTOPBUSFWFSTFB
BmSNBS BMHP DPO HBSBOUBT EF WFSEBE
-B DPTB TF BHSBWB FO VOB NBUFSJB oMB
NFEJPBNCJFOUBMo FO MB RVF BCVOEBO
MPTQSPDFTPTJSSFWFSTJCMFTTJOPTFBDUB
BUJFNQP
&MQMBOUFBNJFOUPEF#FMTIBXFTUMBTUSB
EP QPS FM FNQJSJTNP TF PCTFSWB MB WB
SJFEBEEFFYQFSJFODJBTZTFUSBUBEFFO
DPOUSBSVOBFTQFDJFEFNFEJB-BUJDB
FTPUSBDPTBTFQSPQPOFFMCJFOQSPQJP
EF DBEB BDDJO Z TF BQFMB B MB MJCFSUBE
QBSB RVF MP SFBMJDF : NVDIB HFOUF MP
IBDF DPNQFOTBOEPDPOFMCJFOFMNBM
RVFUBNCJOTFEB&TUFFOGPRVFFTNT
GBWPSBCMFBMNFEJPBNCJFOUFZFTFMRVF
JOUVJUJWBNFOUFMBNBZPSBQPOFFOQSD
UJDB 3BGBFM (NF[ 1SF[ BDFQSFOTB
DPN

+PT-VJT#FSUSBN{)BDJBFMmOEF
MP IVNBOP "VHF Z EFDMJWF EF MB
FTQFDJF #JCMJPUFDB /VFWB .BESJE
QQ
&MBVUPSUJFOFGPSNBDJOBDBENJDBEF
JOHFOJFSP Z TF IB PDVQBEP BM NJTNP
UJFNQPBPUSBTEJTDJQMJOBTDPNPMBIJT
UPSJB MB mMPTPGB Z MB CJPMPHB %FEJDB
MBQSJNFSBQBSUFEFMMJCSPBMPTBVUPSFT
RVF IBO EBEP FYQMJDBDJPOFT EFM QSPDF

TPIVNBOP EFTEF)FSDMJUPZ1MBUO B
,BOU .BSY 4QFOHMFS 5PZOCFF Z +BT
QFST"OBMJ[BEFTQVTEFNPEPNTFY
UFOTPMBTUFPSBTEF%BSXJO RVFoQBSBFM
BVUPSo VOFO EFmOJUJWBNFOUF MB DJFODJB
Z MB mMPTPGB i4PNPT VOPT TFSFT DPOT
USVJEPTCJPMHJDBNFOUFQPSVOFOUPSOP
CJFOEJTUJOUPEFMBDUVBM1PSFTPWJWJNPT
FO VOB DPOUSBEJDDJO RVF TMP QPES
SFTPMWFSTFNFEJBOUFMBSFDVQFSBDJOEFM
FRVJMJCSJPw "OBMJ[B UBNCJO iMP TBHSB
EPw EFTEF TV QSPQJB QPTJDJO DJFOUJm
DJTUB iTJ VUJMJ[BNPT FYDMVTJWBNFOUF MB
DJFODJB MB FWPMVDJO OPT FOTFB RVF
TPNPT QSPEVDUP EFM B[BS RVF OVFTUSBT
DBQBDJEBEFTOPTPOUPEBTMBTQPTJCMFTOJ
MBT NYJNBT RVF VO JOEJWJEVP QVEJFSB
MPHSBS 1PS FTP OP TPNPT DBQBDFT EF
DPOPDFSMBSFBMJEBEBCTPMVUBZOPTFT
JNQPTJCMFDPOPDFSBUSBWTEFMBMHJDB
VOQSJODJQJPFUFSOP"VORVFMBDJFODJB
EPNJOFMBTUSFT[POBTEFNJTUFSJPBDUVB
MFT FMPSJHFOEFM6OJWFSTP FMPSJHFOEF
MBWJEBZFMPSJHFOEFMBDPOEJDJOIV
NBOB TJFNQSFOFDFTJUBSFNPTFYQMJDBSFM
PSJHFOEFMBQSJNFSBNBUFSJBZFMPSJHFO
EFMBTMFZFTRVFMBQVTJFSPOFONBSDIB
-MFHBEPBFTUFQVOUP ZPNFRVJFCSP:
OPFODVFOUSPPUSBSFTQVFTUBRVFEFDMB
SBSNFBHOTUJDPw
-FPOBSEP#P&MDVJEBEPFTFODJBM
UJDB EF MP IVNBOP DPNQBTJO
QPSMBUJFSSB5SPUUB .BESJE
QQ
-FPOBSEP#PSFJWJOEJDBFOFTUBTQ
HJOBTBMTVKFUPDPNPTFSQBSUJDJQBOUF
FO MB HSBO DBTB DPNO MB 5JFSSB MB
DVBMFTUSFUPSOBOEPFTVMBSHPFYJMJP
QBSBFODPOUSBSTFBTNJTNBDPNPQMB
OFUB5JFSSBVOJmDBEP:FOMB.BESF
5JFSSB FMIPNCSFDPNPIVTQFEIBEF
BTVNJSFMiFUIPTwFOTVTFOUJEPPSJHJOB
SJP DPNPiBRVFMMBQPSDJOEFMNVOEP
RVFSFTFSWBNPTQBSBPSHBOJ[BS DVJEBSZ
IBDFSOVFTUSPICJUBUw1PSMPUBOUP IBZ
RVFSFDVQFSBSFMDVJEBEPDPNPiFUIPTw
GVOEBNFOUBMEFMPIVNBOP FMiDVJEBEP
DPNPNPEPEFTFSFTFODJBMw
.BSB OHFMT $BOBEFMM Z +FTT 7J

DFOT -B UFYUVSB EF MB WJEB *OTUJ
UVU #PSKB EF #JPUJDB Z %PDVNFOUB
6OJWFSTJUBSJB$PMFDDJO#04 /
(JSPOB QQ
4PDJFEBE CJPMPHB Z FDPTJTUFNBT DPO
DJFODJB WJEB Z UJDB DPOPDJNJFOUP
CJPEJWFSTJEBE Z KVTUJDJB 6OB QFSTQFD
UJWB BTPDJBEB B VO QFOTBNJFOUP O
UFHSP Z B VOB DJFODJB TPTUFOJCMF {&T
QPTJCMF BWBO[BS FO FM DPOPDJNJFO
UP EF MB WJEB Z EF MB TBMVE EFTEF VOB
QSDUJDB NEJDB DJFOUmDB Z FDPONJ
DB SFTQFUVPTB DPO UPEBT MBT GPSNBT EF
WJEB Z DPO FM FRVJMJCSJP EFM QMBOFUB
&OFTUFMJCSPQSFTFOUBNPTVOBOMJTJTEF
FTUF QSPDFTP WJTUP EFTEF MB QFSTQFDUJWB
EFMBIJTUPSJBEFMBTJEFBT OHFMT$BOB
EFMM Z EFTEF MPT NPWJNJFOUPT TPDJBMFT
+FTT7JDFOT #JPUJDB%FCBU *OTUJUVU
#PSKBEF#JPUJDB

.JHVFM"OEST$BQ.BSU"QMJDB
DJOEFMB#JPUJDBBMCJFOFTUBSZBM
EFSFDIPEFMPTBOJNBMFT6OJWFSTJ
EBE $PNQMVUFOTF .BESJE
QQ
&MBVUPSFTNJFNCSPEFMB3FBM"DBEF
NJB EF $JFODJBT 7FUFSJOBSJBT 1BSB M
iFM7FUFSJOBSJP BTDPNPUPEPTMPTDP
QSPGFTJPOBMFT EFM .FEJP "NCJFOUF OP
QVFEFOFTDPOEFSTFEFUSTEFMBUFDOPMP
HB Z MB FDPOPNB EFCFO DPNQBSUJS MB
SFTQPOTBCJMJEBEQPSMPTEJMFNBTUJDPTP
IBDFSGSFOUFBMBTDPOTFDVFODJBTBMBSHP
QMB[PEFFTUPTBTVOUPTDVBOEPTFEFOMB
WVFMUB QBSB PCTFTJPOBSOPT -B DVFTUJO
UJDBSFRVJFSFUBNCJORVFEFKFNPTEF
MBEPMBTWJTJPOFTOBDJPOBMJTUBTQPSFMCF
OFmDJP B MBSHP QMB[P EF MB QPCMBDJO Z
MBFDPMPHBHMPCBMw%FCFNPTQPSUBOUP
BQMJDBSMPTNJTNPTQSJODJQJPTEFMBCJP
UJDB FO MB FYQFSJNFOUBDJO Z SFMBDJO
DPOMPTBOJNBMFT
i-PT FYQFSJNFOUBEPSFT EFCFO SFDPOP
DFSFMTPNFUJNJFOUPBVOBSFTQPOTBCJMJ
EBENPSBM RVFEFSJWBEFMBTTJHVJFOUFT
DPOTJEFSBDJPOFT$BEBBOJNBM DPNP
DBEB TFS IVNBOP QPTFF VO WBMPS QSP
QJP QPSRVF EFCF FTUJNSTFMF DPNP VO
TVKFUPFOFMTJTUFNBZOPDPNPVOPCKF
UP4FHOFMMP FM%FSFDIPNPSBMOPT
JNQJEFDPOTJEFSBSBMBOJNBMZBTVWJEB
FYDMVTJWBNFOUFFOGVODJOEFMBTOFDFTJ
EBEFTEFMIPNCSFZEFTVVUJMJEBE TJOP
RVFOPTJOEVDFBFTUJNBSMPTDPNPQBS
UJDJQBOUFTFOVOBGPSNBEFiDPOTDJFODJB
VOJWFSTBMw"EFNT FMBOJNBMFTVO
TFSWJWPTFOTJCMFRVFTVGSFGTJDBZFNP
DJPOBMNFOUFZUJFOFNFNPSJB QPSMPRVF
FM IPNCSF FT NPSBMNFOUF SFTQPOTBCMF
EFBRVFMMBTBDDJPOFTRVFMFTQSPEV[DBO
TVGSJNJFOUPZ FOMUJNPDBTP EFCFTFS
DPOTDJFOUFEFTVPCMJHBDJOEFQSPWPDBS
FMNFOPSEBPQPTJCMF&MIPNCSFFT
NPSBMNFOUF SFTQPOTBCMF EFM NBOUFOJ
NJFOUP EFM TJTUFNB FDPMHJDP OVFTUSP
QSJODJQBMQBUSJNPOJP BDVZPSFJOPBOJ

NBMQFSUFOFDFNPT0CMJHOEPOPT BVO
RVF TMP TFB QPS QSPYJNJEBE mMPHFO
UJDB IBDJBMPTBOJNBMFT JODMVZFOEPMBT
WBSJFEBEFTEFTBSSPMMBEBTDPOmOFTFYQF
SJNFOUBMFT&ODVBOUPBFTUBTMUJNBT
MPT JOUFOUPT EF QSPEVDJS TFSFT ICSJEPT
QPSGFSUJMJ[BDJOEFWVMPTBOJNBMFTDPO
FTQFSNBUP[PJEFT IVNBOPT P WJDFWFSTB
QBSFDFOBCTPMVUBNFOUFSFQSPCBCMFTQPS
TJHOJmDBSVOBUFOUBEPBMFRVJMJCSJPFDP
MHJDPZBMBTMFZFTOBUVSBMFTw
$BSNFO"MJDJB$BSEP[PEF.BSUOF[Z
PUSPT&MBOJNBMDPNPTVKFUPEFFYQF
SJNFOUBDJO"TQFDUPTUDOJDPTZUJ
DPT$FOUSP*OUFSEJTDJQMJOBSJPEF&TUV
EJPTFO#JPUJDB 6OJWFSTJEBEEF$IJMF
4BOUJBHPEF$IJMF
&M$FOUSP*OUFSEJTDJQMJOBSJPEF&TUVEJPT
FO#JPUJDB RVFQFSUFOFDFBMB7JDFSSFD
UPSB EF *OWFTUJHBDJO Z %FTBSSPMMP EF
MB6EF$IJMF QSFTFOUSFDJFOUFNFOUF
FTUFMJCSPEFMPTBVUPSFT$BSNFO"MJDJB
$BSEP[PEF.BSUOF[ $PMPNCJB
"m
GF.SBEEF0TPSJP #SBTJM
$POTUBO[B
.BSUOF[ $PMPNCJB
&EVBSEP 3PES
HVF[ $IJMF
Z'FSOBOEP-PMBT $IJMF

&MVTPEFMBOJNBMDPNPGVFOUFEFDPOP
DJNJFOUPT FYQFSJNFOUBMFT UJFOF ZB VOB
MBSHB USBEJDJO 5PEB MB NPEFSOB GBS
NBDPMPHB MBmTJPMPHB MBUPYJDPMPHB MB
BMHPMPHB MBQTJDPMPHB MBFUPMPHB QPS
TMP NFODJPOBS EJTDJQMJOBT EF FWJEFOUF
BQMJDBDJOBMPTBTVOUPTIVNBOPT TFIB
CBTBEPFOTPNFUFSBBOJNBMFTBFYQFSJ
NFOUPTPFOPCTFSWBSMBPDVSSFODJBFT
QPOUOFBEFGFONFOPTFOFMMPT
&TUF MJCSP SFDPHF BMHVOPT DPODFQUPT

GVOEBNFOUBMFT FO MP UDOJDP Z FO MP
UJDP QBSB VO BEFDVBEP USBUBNJFOUP
EFM TVKFUP FYQFSJNFOUBM iBOJNBMw FO FM
USBCBKPDJFOUmDP&MUFYUPSFBMJ[BVOFY
UFOTP SFDPSSJEP TPCSF MBT DBSBDUFSTUJDBT
EFMPTBOJNBMFTEFMBCPSBUPSJP BTQFDUPT
FO FM NBOFKP EF BOJNBMFT EF FYQFSJ
NFOUBDJO BOFTUFTJB BOBMHFTJB Z FVUB
OBTJBBMUFSOBUJWBTBMVTPEFBOJNBMFTEF
MBCPSBUPSJP VTP EF MPT BOJNBMFT DPNP
NPEFMPT QBSB FOGFSNFEBEFT IVNBOBT
DPOTJEFSBDJPOFT UJDBT DPNJUT JOTUJ
UVDJPOBMFTQBSBFMDVJEBEPZVTPEFMPT
BOJNBMFT TJUVBDJO MBUJOPBNFSJDBOB FO
FTUB NBUFSJB Z BOFYPT EF HSBO VUJMJEBE
SFGFSJEPT FOUSFPUSPTUFNBT BSFHVMBDJP
OFT EPTJTEFBOFTUTJDPT EBUPTEFDSBZ
SFQSPEVDDJOZCJCMJPHSBGB
1FUFS$BSSVUIFST-BDVFTUJOEFMPT
BOJNBMFT5FPSBEFMBNPSBMBQMJ
DBEB $BNCSJEHF 6OJWFSTJUZ 1SFTT

-PT BOJNBMFT SBSBT WFDFT IBO NFSFDJEP
MBBUFODJOEFMPTmMTPGPTEFMBNPSBM
Z FOFTPTDBTPT BNFOVEP QBSBRVFEBS
FYDMVJEPT EFM NCJUP NPSBM IVNBOP
MUJNBNFOUFQBSFDFIBCFSDSFDJEPVOB
TFOTJCJMJEBETFHOMBDVBMFTSFQSPCBCMF
NBMUSBUBS B BOJNBMFT VOB TFOTJCJMJEBE
RVF QPSUBOUP MFTEBVOBFOUJEBENP
SBM BVORVF OPSNBMNFOUF QPS EFCBKP
EF MB JNQPSUBODJB NPSBM EFM IPNCSF
/P NF QBSFDF OFDFTBSJP EJTDVUJS BRV
MB JNQPSUBODJB SFMBUJWB EF MPT BOJNBMFT
PEFEFUFSNJOBEBTFTQFDJFT-PRVFEF
BDVFSEPDPONJTUFTJTFTFWJEFOUFFTRVF
MPTBOJNBMFT FOMBNFEJEBFORVFUJFOFO
MBDBQBDJEBEEFTVGSJSZFMMPEFQFOEFEF
OVFTUSBJOUFSWFODJO OFDFTJUBOTFSDPO
TJEFSBEPTPCKFUPTEFBUFODJONPSBM
&YJTUFO BSHVNFOUBDJPOFT FYQMDJUBT FO
DPOUSBEFMBFOUJEBENPSBMEFMPTBOJNB
MFT&TUFFTFMDBTPEF1FUFS$BSSVUIFST
FOFTUFMJCSP FOFMRVFEFmFOEFRVFMPT
BOJNBMFTOPUJFOFOFOUJEBENPSBMOJEF
SFDIPT $POTJEFSB RVF MB NFKPS UFPSB
UJDBFTFOMBBDUVBMJEBEFMDPOUSBDUVBMJT
NP VOEFTBSSPMMPEFBMHVOPTFMFNFOUPT
CTJDPT DPOUFNQMBEPT QPS ,BOU FOUSF
DVZPTSFQSFTFOUBOUFTEFTUBDB3BXMT RVF
TMPSFRVJFSFOPSNBTRVFEFGPSNBJN
QBSDJBMFTUBCMFDFSBOMPTTFSFTSBDJPOBMFT
DPOMBWPMVOUBEEFMMFHBSBVOBDVFSEP
TPCSFMBTOPSNBTCTJDBT%FNPEPRVF
MBSBDJPOBMJEBEEFMBHFOUFNPSBMFTOFDF
TBSJB QFSPTUBOPTFMJNJUBBDPOUFOJEPT
iMHJDPTw VOPEFMPTHSBOEFTQSPCMFNBT
EFMBUJDBEF,BOU&OMUJNBJOTUBODJB
$BSSVUIFSTDPOTJEFSBJOOBUBMBOFDFTJEBE
EF KVTUJmDBSTF BOUF TFSFT SBDJPOBMFT -B
NPSBMFTTJNQMFNFOUFVOBIFSSBNJFOUB
UJM QBSB MB TVQFSWJWFODJB EF MB FTQFDJF
IVNBOB
$BSSVUIFST FYQPOF RVF MPT BOJNBMFT
QVFEFO UFOFS JOUFMJHFODJB IBTUB DJFSUP
QVOUP QFSP RVF OP TPO BHFOUFT SBDJP
OBMFTFOFMTFOUJEPEFMDPOUSBDUVBMJTNP
ZB RVF OP QVFEFO QMBOJmDBS Z BDPSEBS
OPSNBT B MBSHP QMB[P %F NPEP RVF
EBEPRVFMPTBOJNBMFTOPTPOTFSFTDPO
MBSBDJPOBMJEBESFRVFSJEBQBSBFTUBCMFDFS
DPOUSBUPTOPSNBUJWPT OPUJFOFOFOUJEBE
NPSBM OJ EFSFDIPT NPSBMFT 1FSP UBN
CJOFMMPTUJFOFOTVFSUF BVORVFOPUBO
UBDPNPMPTIVNBOPTJSSBDJPOBMFT QVFT
UJFOFOEFSFDIPTJOEJSFDUPTQPSRVFTUPT
QVFEBOiJOUFSFTBSwBMPTTFSFTSBDJPOBMFT
&OBNCPTDBTPTMBSFGFSFODJBFTFMJOUFST
EFMTFSSBDJPOBM
*OHFCPSH $BSWBKBM Z PUSPT 'VOEB

NFOUBDJOEFMB#JPUJDB VOBUBSFB
DPNO$PMFDDJO#PTZ0JLPT O
&EJDJPOFT&M#PTRVF 4BOUB'FEF
#PHPU $PMPNCJB QQ
$POFTUFMJCSPTFJOJDJBVOBOVFWBDPMFD
DJOEFQVCMJDBDJPOFTEFMB6OJWFSTJEBE
EF&M#PTRVF EF$PMPNCJB TPCSFUFNBT
EF #JPUJDB DFOUSBEB FO MB GVOEBNFO
UBDJOEFMB#JPUJDBZTVSFMBDJODPO
MBFDPMPHBZNFEJPBNCJFOUF4FBBEF
B MBT ZB NMUJQMFT QVCMJDBDJPOFT EF FT
UPTMUJNPTBPTEFTVDPMFDDJO#JPTZ
&UIPT -PT FOTBZPT RVF TF QVCMJDBO FO
FTUFQSJNFSWPMVNFOTPOEFNPTUSBDJO
EFFTBQSFPDVQBDJOQPSMBGVOEBNFO
UBDJO Z SFDPHFO MBT SFnFYJPOFT RVF TF
IBO TVTDJUBEP FO FM EFTBSSPMMP EF VOB
.BFTUSBFO#JPUJDB QSFWJBTBMBFMBCP
SBDJOEFMBTUFTJTEFNBHTUFSQPSQBS
UF EF MPT BMVNOPT i1FOTBS MB #JPUJDB
FT QSFDJTBNFOUF QFOTBS MB WJEBw DPNP
UJUVMB FM FQMPHP EF FTUF MJCSP $BSMPT
&EVBSEP .BMEPOBEP Z FTQFSBNPT RVF
FTUBQSJNFSBJOJDJBUJWBTJHBBEFMBOUFDPO
MBQVCMJDBDJOFMBTUFTJTEFFTUPTBMVN
OPTRVFEBOBIPSBTVQSJNFSBWJTJOEF
MB#JPUJDB
+BJNF 4BMWBEPS $BTUFMMBOPT .BMP

#JPUJDB BQSFOEJFOEP B WBMPSBS
OVFTUSBOBUVSBMF[B&EJUPSJBM%JBOB
.YJDP
-JDFODJBUVSBFO2VNJDBDPOFTQFDJBMJ
EBE FO #JPMPHB 6OJWFSTJEBE "VUOP

NBEF2VFSUBSP
.BFTUSBFO$JFODJBT
EFMB&EVDBDJO 6OJWFSTJEBE"VUOP
NBEF2VFSUBSP
&OUSFMPTBPT
ZGVFEJSFDUPSEFFOTFBO[BNFEJB
ZFTUFMJCSPFTVOUFYUPEJSJHJEPFTQFDJBM
NFOUF B MPT BMVNOPT QBSB BQSFOEFS B
WBMPSBSZSFTQFUBSMBOBUVSBMF[B
(JMCFSUP$FMZ(BMJOEP&MIPSJ[PO
UF CJPUJDP EF MBT DJFODJBT $FOUSP
&EJUPSJBM +BWFSJBOP $&+" #PHPU
QQ
&TUFFTFMQSJNFSPEFEPTMJCSPTFTDSJUPT
QPS (JMCFSUP $FMZ EF MB 6OJWFSTJEBE
+BWFSJBOB EF #PHPU TPCSF CJPUJDB Z
DJFODJBT UFNB RVF QPTUFSJPSNFOUF FM
BVUPSEFTBSSPMMBSFOCBTUBOUFTQVCMJDB
DJPOFT"RVTFEFEJDBNTEJSFDUBNFOUF
BQPOFSMPTGVOEBNFOUPTEFMBSFMBDJO
FOUSF#JPUJDBZ$JFODJBT*EFOUJEBEJO
UFSEJTDJQMJOBSEFMB#JPUJDB#JPUJDBZ
UFDOPDJFODJB $BMJEBE EF WJEB Z TBMVE
#JPUJDBBNCJFOUBM
5F
NBTEF#JPUJDB"NCJFOUBM$FOUSP
&EJUPSJBM +BWFSJBOP $&+" 4BOUBG
EF#PHPU
1POFSMBNJSBEBCJPUJDBFOMPBNCJFOUBM
FT QMBOUFBSTF SBEJDBMNFOUF MB QSFHVOUB
QPSFMPSJHFOZFMTFOUJEPEFUPEPDVBO
UPFYJTUF DPOFMSJHPSJOUFSEJTDJQMJOBSJP
EF MBT DJFODJBT RVF JODMVZFO FM WPMWFS
BMNJUP BMBMFZFOEB ZBMBTCFMMTJNBT
DSFFODJBT BODFTUSBMFT &T UPQBSTF FM TFS
IVNBOPDPOMBBMUFSJEBE DPOMPPUSPEJ
GFSFOUFBMiZPwQFSPIFDIPEFMPNJTNP
Z TFOUJSTF QSPGVOEBNFOUF JOUFSQFMBEP
QPSMBTWPDFTTJMFOUFTEFUPEPTMPTTFSFT
RVFDPNQBSUFODPONSJUPTQBSFTMBDBTB
UFSSFOBM&TEFTDVCSJSDPOWFOFSBDJOZ
SFHPDJKP FTQJSJUVBM FM %JPT PDVMUP FO FM
NJTUFSJPEFMBWJEB FIJODBSTFEFSPEJMMBT
QBSBQFEJSTVCFOEJDJO&TVOJSFM$JF
MPDPOMB5JFSSB DPOMBBCTPMVUBDPOWJD
DJOEFRVFOPIBZ$JFMPTJO5JFSSB&O
TOUFTJT MBNJSBEBCJPUJDBEFMBFDPMPHB
OPTIBDFUSBTDFOEFSMBJONFEJBUF[EFMP
DPODSFUP QBSBFODPOUSBSFOFMMPMBWBMJ
EF[EFMPVOJWFSTBMRVFMPDPOGPSNB-B
WJEB IVNBOB DPCSB TFOUJEP BM EFTWFMBS
FM TFOUJEP EFM NVOEP "M EFTDVCSJS GF
MJ[NFOUFMBMVNJOPTBVOJEBEEFMTFSFO
MBQPMDSPNBEJWFSTJEBEEFUPEPDVBOUP
FYJTUF &M NVOEP NFSFDF UPEP OVFTUSP
SFTQFUP Z DVJEBEP QPSRVF TV EJHOJEBE
Z CPOEBE QSPWJFOFO EF TFS BOUFSJPS BM
IPNCSF EF UFOFS WBMPS FO T NJTNP Z
QPSTNJTNPZTFSGVOEBNFOUPPSJHJOB
SJPEFUPEBMBCJPTGFSB&TUPMPDPOWJFSUF
FOFMSFGFSFOUFPCMJHBEPEFUPEBCTRVF
EB EF TFOUJEP BM UFOFS FM TVZP QSPQJP
CBTBEPFOMBEJONJDBFTUSVDUVSBOUFEF
MBTMFZFTCJPGTJDBTEFMDPTNPT1PSFTUB
SB[O DBEBVOPEFMPTTFSFTEFMBFDP
FTGFSB QPTFF WBMPS FO T NJTNP QPS FM
TMP IFDIP EF TFS FT CVFOP Z PCSB FO
DPOGPSNJEBEDPOTVOBUVSBMF[B%FBI
TV QFSGFDDJO JOEFQFOEJFOUFNFOUF EF
RVF TFB FM IPNCSF RVJFO MF EF WBMPSB
DJO/VFTUSBUBSFBDVMUVSBMQPSMPUBO
UP DPCSBTVGVFS[BFOFMEFTWFMBSPEFT
DVCSJSMPTWBMPSFTZBFYJTUFOUFTFOUPEP
DVBOUPFYJTUFZFOBSNPOJ[BSMPTDPOMBT
DPOEVDUBT IVNBOBT QBSB CJFO EF UPEB
MBDSFBDJO
(JMCFSUP $FMZ (BMJOEP &DPMPHB

IVNBOB VOB QSPQVFTUB CJPUJDB
$FOUSP &EJUPSJBM +BWFSJBOP $&+"
#PHPU
%FOUSP EF MB FYUFOTB QSPEVDDJO EF
(JMCFSUP$FMZ FMJOUFSTQPSMBDVFTUJO
FDPMHJDBZEFMNFEJPBNCJFOUFIBTJEP
QSFEPNJOBOUF &O FTUF MJCSP SFQBTB MB
FWPMVDJOUFSJDBZQSDUJDBEFTEFFMBO
USPQPDFOUSJTNPBMFHPDFOUSJTNP QSPQP
OJFOEPVOB&DPMPHBIVNBOB FOMBRVF
TFDPOTJHBVOBVUOUJDPEJMPHPFOUSFMB
$JFODJBZMB$VMUVSB1BSBFMMPUBNCJO
FTJNQSFTDJOEJCMFUSBUBSEFMQBQFMEFMB
3FMJHJO Z TV SFMBDJO DPO MB #JPUJDB
#BTDPNPEFMPTBTQFDUPTKVSEJDPTRVF
BTFHVSFO VOB SFHVMBDJO BDPSEF DPO MB
#JPUJDBFOFTUPTUFNBT
(JMCFSUP $FMZ (BMJOEP #JPUJDB

HMPCBM 6OJWFSTJEBE +BWFSJBOB #P
HPU
&M SFDJFOUF MJCSP EFM QSPGFTPS (JMCFSUP
$FMZ TK EJSFDUPS EFM $FOUSP EF &TUV
EJPT#JPUJDPTEFMB6OJWFSTJEBE+BWFSJB
OB SFUPNB VOB EF TVT QSFPDVQBDJPOFT
NTDFOUSBMFT MBSFMBDJOFOUSF#JPUJDB
$JFODJBZUFDOPMPHB ZNFEJPBNCJFO
UF5FNUJDBT#JPUJDBUJDBBNCJFOUBM
5FDOPMPHBZUJDB$JFODJBZUJDB
$ %FWJMMFST + $IBMJOF -B UFPSB

EFMBFWPMVDJO&TUBEPEFMBDVFT
UJOBMBMV[EFMPTDPOPDJNJFOUPT
DJFOUmDPT BDUVBMFT "LBM .BESJE
QQ
%FWJMMFST FT QSPGFTPS IPOPSBSJP FO MB
6OJWFSTJEBE EF 1BST7** FO NBUFSJBT
EF BOBUPNB QBMFPOUPMPHB FNCSJPMP
HBZFWPMVDJO$IBMJOF EJSFDUPSEFJO
WFTUJHBDJOFOFM$/34 EJSJHFFO%JKPO
FM$FOUSPEFHFPEJONJDBTFEJNFOUBSJB
ZEFFWPMVDJOHFPCJPMHJDB
"CPSEBOFOFTUFMJCSPMPTNFOTBKFTRVF
IPZFOEBQPEFNPTMFFSFOMBOBUVSB
MF[B FM FTUBEP BDUVBM EF MB DJFODJB FO
FMDPOPDJNJFOUPEFMPTGTJMFTZMPRVF
BQPSUBOBMBUFPSBEFMBFWPMVDJO ZFO
RV QVOUP TF FODVFOUSBO BDUVBMNFOUF
MBTUFPSBTRVFTFBQMJDBOBMBFWPMVDJO
EFMIPNCSF#BTBEPFOMPTNTSFDJFOUFT
EFTDVCSJNJFOUPT EF HFOUJDB NPMFDVMBS
ZEFMEFTBSSPMMP FTUFMJCSPFOSJRVFDFMB
UFPSBTJOUUJDBEFMBFWPMVDJO"MUSBUBS
EFMIPNCSF DPNFOUBORVFiMBHSBOEJ
GFSFODJBDPOMBTEFNTFTQFDJFTTFEFCF
BMIFDIPEFRVFVOBEFMBTDPOTFDVFO
DJBT EF FTUB FWPMVDJO CJPMHJDB MB BE
RVJTJDJOEFMQFOTBNJFOUPSFnFYJWP WB
BNPEJmDBSFMDVSTPEFMBFWPMVDJONF
EJBOUFMBBEJDJOEFEPTJOOPWBDJPOFT MB
EFMBFWPMVDJOTPDJBMZDVMUVSBM ZMBEF
MBMJCFSUBEwi-BMJCFSUBEoDPNFOUBOMPT
BVUPSFToIBTVQVFTUPFMmOEFMBEJDUB
EVSBEFMPTHFOFTw
3BGBFM%PNJOHVF[3FNZ3FnFYJP
OT TPCSF FDPMPHJB J UJDB *OTUJUVU
#PSKB EF #JPUJDB 4BOU $VHBU EFM
7BMMT QQ
"OMJTJT EF MPT EFTBGPT FDPMHJDPT Z
NFEJPBNCJFOUBMFT RVF QMBOFBO TPCSF
OVFTUSP QMBOFUB EFTEF EJGFSFOUFT QFST
QFDUJWBT &TUF UFYUP FMBCPSBEP B QBSUJS
EFVOBCFDBEFJOWFTUJHBDJOEFM*OTUJUVU
#PSKBEF#JPUJDB MPBOBMJ[BEFTEFVOB
WJTJO FDPONJDB EFNPHSmDB QPM
UJDB Z TPDJBM DPOTUJUVZFOEP VOB WMJEB

BQPSUBDJOBVOBEFMBTWFSUJFOUFTEFMB
CJPUJDBHMPCBM
.BSB $FMFTUJOB %POBEP .BHHJ

EF(BOEPMm#JPEJWFSTJEBEZ#JP
UFDOPMPHB 3FnFYJPOFT EF #JPUJ
DB &%6$" #VFOPT "JSFT
QQ
-BBVUPSBFTEPDUPSBFO'JMPTPGB QSPGF
TPSBUJUVMBSEF'JMPTPGBFOMB6OJWFSTJ
EBE$BUMJDB"SHFOUJOBZNJFNCSPEFM
*OTUJUVUP EF #JPUJDB F JOWFTUJHBEPSB
QSJODJQBMEFM$0/*$&54FIBEFEJDB
EPGVOEBNFOUBMNFOUFBMBUJDBQSDUJ
DB MBmMPTPGBTPDJPQPMUJDBZMBCJPUJDB
&MQSPQTJUPEFFTUBPCSBFTBCPSEBSMPT
QSPCMFNBTRVFTFIBOTVTDJUBEPFOUPS
OPMBCJPEJWFSTJEBEZBMBCJPUFDOPMPHB
SFTDBUBOEPZWBMPSJ[BOEPFMUSBUBNJFOUP
mMPTmDP EF MB OBUVSBMF[B Z FM DPOPDJ
NJFOUPEFMBNJTNB GVOEBNFOUBMTFHO
MBBVUPSBQBSBFTDMBSFDFSDVFTUJPOFTDFO
USBMFTEFMBWJEBZMBCJPUJDB1SPGVOEJ[B
UBNCJOFOMBTFHVOEBQBSUFFOFMFUIPT
EFMDJFOUmDP RVFTFFOGSFOUBBDPOnJD
UPTFOMBUPNBEFEFDJTJPOFTZQPOFFO
KVFHPTVSFTQPOTBCJMJEBE DVBOEPFUSBUB
EFMFHJUJNBSZmKBSMNJUFTBMBJOWFTUJHB
DJOTPCSFMPTTFSFTIVNBOPT
-FJSF &TDBKFEP 4BO &QJGBOJP 1PS

VO BWBODF TBMVEBCMF Z TPTUFOJCMF
EF MB CJPUFDOPMPHB +VOUB (FOFSBM
EFM1SJODJQBEPEF"TUVSJBT4PDJFEBE

&YJTUF VO DPOTFOTP NVZ FYUFOEJEP EF
RVF MPT PSHBOJTNPT NPEJmDBEPT HF
OUJDBNFOUF QVFEFO EBS MVHBS B CFOF
mDJPTPT BWBODFT QBSB MB IVNBOJEBE FO
NBUFSJBT UBO EFUFSNJOBOUFT DPNP MB

BMJNFOUBDJO MBTBOJEBEPMBQSPUFDDJO
EFMNFEJPBNCJFOUF1FSPOPFTNFOPT
DJFSUPRVFFTUBNPTBOUFJOOPWBDJPOFTZ
EFTDVCSJNJFOUPT QPMNJDPT RVF FTUO
FODPOUSBOEP TFSBT EJmDVMUBEFT QBSB TV
JNQMBOUBDJOTPDJBM/PQVFEFPCWJBSTF
RVFFOUBOUPJOUFSWFODJPOFTFOMBNBUF
SJBWJWB FTUPTBWBODFTDJFOUmDPTZUFD
OPMHJDPTEFTQJFSUBOEJTUJOUBTTFOTJCJMJ
EBEFTUJDBTZSFMJHJPTBT-PTQSPEVDUPT
EF MB NPEFSOB CJPUFDOPMPHB FTQFDJBM
NFOUFMPTBMJNFOUPT FTUOTJFOEPPCKF
UPEFVOBQSPCMFNBUJ[BDJORVFBCBSDB
UBNCJO PCKFDJPOFT JOUSOTFDBT EF MBT
RVFIBCBBQFOBTQSFDFEFOUFTFOMBIJT
UPSJBUJDBBMJNFOUBSJB
#JP
UJDB MBDBMJEBEEFWJEBFOFMTJHMP
99* $PMFDDJO #JPT Z &UIPT O
6OJWFSTJEBE &M #PTRVF #PHPU

&MHSBOBWBODFUFDOPDJFOUmDPEFMPTM
UJNPTEFDFOJPTEFMTJHMP99IBDSFBEPTJ
UVBDJPOFTOPTPTQFDIBEBTBOUFSJPSNFOUF
QPSMBIVNBOJEBEZIBFTUSFNFDJEPMBT
CBTFTUJDBTRVFQPSDFOUVSJBTIBOHVJB
EPMPTDPNQPSUBNJFOUPTFOMBTPDJFEBE
PDDJEFOUBM Z TF DPOTJEFSBCBO JOBNPWJ
CMFT -B QSFPDVQBDJO QPS MPT EFTBGPT
QMBOUFBEPTQPSEJDIPBWBODFIBQSPQJ
DJBEPQSPQVFTUBTJOUFSEJTDJQMJOBSJBTDPO
NJSBT B TPMVDJPOBS MPT DPOnJDUPT RVF
HFOFSBOMBTUFDOPMPHBTFOTVJOUFOUPEF
CVTDBSVOBWJEBNFKPS&MNPWJNJFOUP
CJPUJDPIBTVSHJEPDPOFOPSNFGVFS[B
DPNPMBQSPQVFTUBNTBEFDVBEBQBSBMB
SFnFYJO TPCSF MPT IFDIPT DJFOUmDPT Z
MBCTRVFEBEFTPMVDJPOFTFODBNJOBEBT
BMBQSPUFDDJOEFMBWJEBUBOUPIVNBOB
DPNPMBEFMPTEFNTTFSFTWJWJFOUFTEFM
QMBOFUB
#JP
UJDBZ.FEJP"NCJFOUF$PMFDDJO
#PTRVF #PHPU
UJDB Z NFEJP BNCJFOUF $VMUVSB UFD
OPDJFOUmDB Z NFEJP BNCJFOUF 3FUPT
FOMBGPSNBDJOEFMJOHFOJFSPBNCJFO
UBM UJDB EFM DPOUSPM EFNPHSmDP -B
FOTFBO[B EF MB CJPUJDB HFOFSBM FO MB
DPOTUSVDDJOEFVOBUJDBDJWJM-VHBSZ
TJHOJmDBEPEFMBWJEBBSUJmDJBMFOMBCJP
UJDBZFOMBFDPMPHB$POnJDUPTUJDPT
EFMDPOUSPMEFNPHSmDPEFMBQPCMBDJO
#JPUJDBJNQMJDBDJPOFTEFMBDJFODJBZMB
UFDOPMPHB MFDDJPOFT EFTEF MB HFOUJDB
#JPUJDB FDPMPHBZTPMJEBSJEBEFO"N
SJDB-BUJOB
&EV
DBDJOBNCJFOUBMZ#JPUJDB$PMFD
EBE&M#PTRVF #PHPU
&TUFUFYUPTVSHFEFMBOFDFTJEBEEFMPHSBS
VOBJOUFHSBDJOEFTBCFSFT EPOEFFMDP
OPDJNJFOUP BDBENJDP Z FM USBEJDJPOBM
TFVOBOQBSBMPHSBSVOBNBZPSZNFKPS
DPNQSFOTJOEFOPTPUSPTNJTNPTZEFM
NVOEPRVFIBCJUBNPT DPOFMOJNPEF
RVF MBT EFDJTJPOFT RVF UPNFNPT IPZ
DPONJSBTBMGVUVSP TFBODPOTFDVFOUFT
DPOMBQSPQJBSFBMJEBE
1BSBUBMmO TFSFBMJ[VOUSBCBKPDPOMB
DPNVOJEBE EFM NVOJDJQJP EF ;JQBDO
%FQBSUBNFOUPEF$VOEJOBNBSDB
RVF
OPTQFSNJUJDPOPDFSEJGFSFOUFTQVOUPT
EFWJTUBTPCSFUFNBTSFGFSJEPTBMBWJEB
BMNFEJPBNCJFOUF MPTSFDVSTPTOBUVSB
MFT MBT[POBTSVSBMFTEF$PMPNCJB ZTVT
NVOJDJQJPT MBEJTQPOJCJMJEBEEFMBHVBZ
TVTQSPCMFNBT MBOFDFTJEBEEFDVJEBSMB
ZMBTNMUJQMFTGPSNBTEFIBDFSMP
%BNPT DVFOUB EF OVFTUSP SFDPSSJEP
QPS MPT QFOTBNJFOUPT F JNBHJOBSJPT EF
OJBTZOJPTZKWFOFTRVFFTUVWJFSPO
EJTQVFTUPT B DPNQBSUJS MP RVF TBCFO :
MP RVF TJFOUFO /PT GBDJMJUBSPO BEFNT
FMFNFOUPTQBSBMBDPNQSFOTJOFJOUFS
QSFUBDJOEFMBGPSNBFORVFFOUJFOEFO
MBWJEBZMBNBOFSBFORVFFTUBCMFDFOTVT
SFMBDJPOFTDPOFMNVOEP
&T QBSUF EFM JOUFST JODPSQPSBS B OVFT
USBT SFnFYJPOFT MPT DPOPDJNJFOUPT RVF
UJFOFO MBT DPNVOJEBEFT SVSBMFT TPCSF
FMNVOEP FOVOJOUFOUPQPSMPHSBSWJ
TJPOFT JOUFHSBEPSBT RVF QFSNJUBO BDFS
DBNJFOUPT FOUSF MBT DPNVOJEBEFT Z MB
BDBEFNJB&TUPDPOFMQSPQTJUPEFRVF
OVFTUSBTEFDJTJPOFTZBDDJPOFTTFBODPO
TFDVFOUFTDPOFMDVJEBEPZFMSFTQFUPEF
MBWJEBFOUPEBTTVTNBOJGFTUBDJPOFT
&T FO FTUF TFOUJEP OVFTUSB JOWJUBDJO
B MPT MFDUPSFT QBSB RVF SFBMJDFO TVT SF
nFYJPOFT TPCSF MPT UFNBT RVF BRV TF
QSFTFOUBO1BSUJNPTQVFTEFMBTJHVJFOUF
QSFNJTB
/P FT QPTJCMF QFOTBS MB WJEB DPNP JO
EFQFOEJFOUF EF TV FOUPSOP EFCJEP B
RVFFOUFOEFNPTRVFMBTSFMBDJPOFTRVF
TFFTUBCMFDFOFOUSFMPTTFSFT TPOMBTRVF
IBDFOEFMBWJEBVOBSFBMJEBEFOFMQMB
OFUB

&OFMPSJHFOZUSBEJDJPOFTEFMPTHSVQPT
TF FODVFOUSBO SB[POFT QBSB TV FTQFDJBM
BEBQUBDJOBMNFEJPOBUVSBMZMBUSBOT
GPSNBDJO EFM NJTNP QPS FTUF NJTNP
NPUJWPOPTJOUFSFTBDPOPDFSDPNPQJFO
TBOZEFDJEFOMBTDPNVOJEBEFTTPCSFMBT
GVFOUFTEFBHVB TVTTJTUFNBTQSPEVDUJ
WPTZMBJODPSQPSBDJORVFIBDFOEFDP
OPDJNJFOUPTFODJFODJBZUFDOPMPHBFO
TVRVFIBDFSDPUJEJBOP
%FTEF FTUPT BDFSDBNJFOUPT JOUFOUBSF
NPTTPTUFOFSFJNQVMTBSMPTTJTUFNBTMP
DBMFT QBSBSFDPOPDFSMPTFOTVSJRVF[BZ
FOTVEJWFSTJEBE ZFWJUBSRVFTFEJMVZBO
FOMBIPNPHFOFJEBEEFMPHMPCBM&TMB
SJRVF[BEFFTUPTFTDFOBSJPTNVOJDJQBMFT
MBRVFQSPNVFWFMBWBSJFEBEEFTVTGPS
NBT $VMUVSBMFT Z B MB WF[ JNQVMTB VO
EFTBSSPMMPRVFDPOKVHBNMUJQMFTJOUFSF
TFT RVFUJFOFORVFWFSDPOVOBCVFOB
HFTUJOEFMBOBUVSBMF[B:EFMBWJEB

+VMJB $BS
NPOB Z PUSPT .BDSPCJPUJDB $P

&WPMVDJO EF MB TPDJFEBE -B DPNVOJ
EBE JOEHFOB /VLBL 4PCSFQPCMBDJO
%FTGPSFTUBDJO $POUBNJOBDJO -B
DPOUBNJOBDJOFO$PMPNCJB&MFGFDUP
JOWFSOBEFSP MB QPCSF[B DPNP EFUFS
NJOBOUF BNCJFOUBM #BTVSBT Z SFTJEVPT
UYJDPTFYUJODJOEFFTQFDJFTEFTBSSPMMP
TPTUFOJCMF QSPCMFNBT UJDPT EFM NFEJP
BNCJFOUFSFMBDJPOFTFOUSFDJFODJB UFD
OPMPHB Z UJDB MPT NFEJPT NBTJWPT EF
DPNVOJDBDJO
(SBDJFMB 'FSOOEF[ 4FSHJP $FD

DIFUUP &EJUPSFT
5SBOTHOJDPT FO
"NSJDB-BUJOBFMSFUPSOPEF)FS
OO $PSUT &EJDJPOFT 4VSF[ .BS
EFM1MBUB "SHFOUJOB QQ
"MJHVBMRVFTFQMBOUFDPOFMHPCJFSOPDP
MPOJBMFTQBPMFO)JTQBOPBNSJDB FOFTUF
MJCSPWVFMWFBTVSHJSIPZMBQSFHVOUBEFTJ
MBUDOJDBPDDJEFOUBMTFQSPQPOFBMPTTVE
BNFSJDBOPTiDPNPVOBNBOFSBEFTBMWBS
FMBUSBTPSFMBUJWPFORVFOPTFODPOUSBNPT
PTFUSBUBFODBNCJPEFPUSPEJTQPTJUJWP
QPSFMDVBMTFQFSQFUBOVFTUSBNJTFSJBZ
EFHSBEBDJOw1PSVOMBEP TFQSFTFOUBO
MPTUSBOTHOJDPTDPNPMBPQPSUVOJEBEEF
DPNCBUJSMBTTJUVBDJPOFTEFIBNCSFFOFM
NVOEP ZQPSPUSP OPDBCFVOBBDFQUB
DJOTJODSUJDBEFUPEPMPRVFBDPNQBB
BiFTUBnBNBOUFUFDOPMPHBEFBMUPSJFTHP
MBDVBMTFQSPDMBNBMJCFSBEPSBw
-PTBVUPSFT FOTVNBZPSBBSHFOUJOPT
BOBMJ[BOMPTQSJODJQJPTUJDPTRVFEFCFO
SFHJSMPTBWBODFTFOCJPUFDOPMPHB ZFT
QFDJBMNFOUFFOTVBQMJDBDJOBMNCJUP
EFMBBHSJDVMUVSBZFOMBTQPTJCMFTDPO
TFDVFODJBT QBSB FM NFEJP BNCJFOUF BT
DPNP MPT DPOUSPMFT KVSEJDPT Z TPDJBMFT
RVFEFCFSBOFTUBCMFDFSTF
.BOVFM 'FSSFS 3FHBMFT Z "OUPOJP

1FMF[-QF[1PCMBDJO FDPMPHBZ
NFEJPBNCJFOUF&6/4" 1BNQMP
OB QQ
&MBVNFOUPEFMBQPCMBDJONVOEJBMZB
OP QSFPDVQB TMP QPS FM QPTJCMF BHPUB
NJFOUPEFMPTSFDVSTPT TJOPUBNCJOQPS
UFNPSBRVFBSSVJOFFMNFEJPBNCJFOUF
-BDVFTUJOEFNPHSmDBTFQMBOUFBBIPSB
EFOUSP EFM USJOHVMP QPCMBDJOEFTBSSP
MMPFDPMPHB&OFTUFMJCSP EPTQSPGFTPSFT
EFMB6OJWFSTJEBEEF/BWBSSBBOBMJ[BOMB
TJUVBDJOBDUVBM"MPMBSHPEFMBTQBTBEBT
EDBEBT Z DPJODJEJFOEP DPO MB DSJTJT EF
MBNPEFSOJEBEIFNPTBTJTUJEPBMBEJGV
TJOQPSUPEPFMNVOEPEFMQFOTBNJFOUP
FDPMHJDP 3FTQFDUP BM FTUBEP FO RVF TF
FODVFOUSBBDUVBMNFOUFFTUBDPSSJFOUF FM
QSPGFTPS'FSSFS EFNHSBGP EJSFDUPSEFM
$FOUSPEF&TUVEJPTEF&DPMPHB)VNB
OBEFMB6OJWFSTJEBEEF/BWBSSB FYQMJDB
i&MQFOTBNJFOUPTPCSFMBTSFMBDJPOFTEFM
IPNCSFDPOMBOBUVSBMF[BPTDJMBFOUSFEPT
FYUSFNPT %F VO MBEP FTUBSB MB EJNFO
TJOSBEJDBMPFDPDOUSJDBoDJFSUPTFDPMP
HJTNPToRVFFOMB[BDPOMBTSFMJHJPOFTRVF
OPEJTUJOHVFOHSBEBDJPOFTFOUSFFM)PNP
TBQJFOTZMBTEFNTFTQFDJFT)BCSB FO
DPOTFDVFODJB RVFDPOTFHVJSMBJOTFSDJO
EFMIPNCSFFOFMFDPTJTUFNB MPRVFTJHOJ
mDBSBWPMWFSBUST EBSMBFTQBMEBBMQSP
HSFTP SFEVDJSMBQPCMBDJOESTUJDBNFOUF
oOPZBFMDSFDJNJFOUPTJOPFMWPMVNFOo
FMJNJOBSFMTJTUFNBJOEVTUSJBM&OFMPUSP
FYUSFNP TF IBMMBO MPT EJWFSTPT BOUSPQP
DFOUSJTNPT RVF GBWPSFDFO FM EFTBSSPMMP
EFMBDJFODJBZEFMBUDOJDB
&OFMNFEJPFTUBSBMBWJTJOKVEFPDSJT
UJBOB RVF DPOTJEFSB BM IPNCSF DPNP
JNBHFOEF%JPT&M$SFBEPSIBPUPSHBEP
BMIPNCSFFMEPNJOJPEFMBOBUVSBMF[B
QFSPFTFEPNJOJPEFCFFKFSDFSMPEFTEFMB
QFSTQFDUJWBEFMSFTQFUPZFMDVJEBEP FO
FMNBSDPEFMDBSDUFSEFMIPNCSFDPNP
TPMVDJPOBEPSEFQSPCMFNBT4FFOUJFOEF
BTMBDPODFQDJOEFVOBFDPMPHBQFSTP
OBMJTUB FOMBRVFFMIPNCSFFTFMDVTUP
EJPSFTQPOTBCMFEFMBTSFMBDJPOFTDPOFM
QMBOFUB5JFSSB RVFQFSUFOFDFBUPEPTw
3BNO 'PMDI "NCJFOUF FNPDJO

ZUJDB"DUJUVEFTBOUFMBDVMUVSBEF
MB TPTUFOJCJMJEBE "SJFM #BSDFMPOB
QQ
&MFDPMPHJTNPFTVOBPQDJOJEFPMHJDB
RVF QSFUFOEF IBMMBS TPMVDJPOFT BMUFSOB
UJWBTBMPTDPOnJDUPTNFEJPBNCJFOUBMFT
)B FWPMVDJPOBEP IBDJB FM TPTUFOJCJMJT
NP RVFWJFOFBTFSVOBFTUSBUFHJBQBSB
BTFHVSBS MB WJBCJMJEBE JOEFmOJEB EF MBT
SFMBDJPOFTEFMPTIVNBOPTFOUSFTZDPO
TV FOUPSOP &M BVUPS QSFUFOEF EFTMJO
EBSFTUPTNCJUPTZDPNQSFOEFSNFKPS
FMEJMPHPFOUSFFMNFEJPBNCJFOUFZMB
UJDBTPTUFOJCJMJTUB4JOVOBPQDJOUJDB
OP TFS QPTJCMF FODPOUSBS FTBT TPMVDJP
OFT iFO VO QBOPSBNB TPDJPFDPONJDP
JOTUBVSBEP QPS MB TPDJFEBE JOEVTUSJBM
PDDJEFOUBM RVF OP BDBCB EF FOUFOEFS
MP RVF FTU QBTBOEP QFSP OP EFKB EF
IBDFS MP RVF FTU IBDJFOEPw EF NPEP
JOTPMJEBSJP1PSFTUP iFDPMPHJTNP TPT
UFOJCJMJEBE Z HPCFSOBCJMJEBE TPO B NJ
KVJDJP DPODFQUPT DPSSFMBUJWPT 4J OP
DBNCJBNPTFMNPEFMPFDPONJDP TJOP
NPEJmDBNPTFMQBSBEJHNBEFEFTBSSPMMP
FOUSNJOPTEFCVFOBHFTUJOTPDJPBN
CJFOUBM QMBOFUBSJB Z EF FRVJEBE TPDJBM
HMPCBM FTEFDJS FOUSNJOPTEFTPTUFOJ
CJMJEBE MBHPCFSOBCJMJEBETFJSWPMWJFO
EPNTZNTEJGDJMw
+BWJFS (BGP %JSFDUPS

QBMBCSBT
DMBWF FO FDPMPHB &EJUPSJBM 7FSCP
%JWJOP &TUFMMB /BWBSSB
QQ
+VOUPB+BWJFS(BGP EJSFDUPSEFMBDUF
ESB EF #JPUJDB Z EFM NBHTUFS EF #JP
UJDB EF MB 6OJWFSTJEBE EF $PNJMMBT
.BESJE
DPMBCPSBO FO FTUF WPMVNFO

PUSPTQSPGFTPSFTEFTV6OJWFSTJEBEZEF
MB 6OJWFSTJEBE 4BO 1BCMP $&6
+PT
3BNO"NPSFTDSJCFTPCSFi&DPMPHBw
DPOVOBFYQPTJDJOIJTUSJDBEFTVFWP
MVDJOIBTUBMB$BSUBEF3PZMBTJUVB
DJOBDUVBMEFMBTDPSSJFOUFTFDPMHJDBT
IBDJB VOB iVUJMJ[BDJO TPTUFOJCMFw RVF
SFTQFUFMPTEFSFDIPTEFMBTHFOFSBDJPOFT
GVUVSBTFOi%FTBGPEFNPHSmDPw BOB
MJ[BFMUSBUBNJFOUPEFMQSPCMFNBFOMBT
MUJNBT DVNCSFT NVOEJBMFT FO DPOUSB
EFMOVFWPiDPMPOJBMJTNPEFNPHSmDPw
QVFT iSFTVMUB BCTPMVUBNFOUF JONPSBM
DVBMRVJFSJNQPTJDJOFONBUFSJBEFNP
HSmDBOPTFQVFEFDPOEJDJPOBSMBBZV
EBBMEFTBSSPMMPBMBTQPMUJDBTEFDPOUSPM
EFMBQPCMBDJOMPTTVKFUPTQSJODJQBMFT
EFMBSFTQPOTBCJMJEBEFOFTUBNBUFSJBTPO
MBDPNVOJEBEDPOZVHBMw.BSJT#PSKB
FTDSJCF MPT DBQUVMPT TPCSF #JPEJWFSTJ
EBEZ5SBOTHOJDPT+VBO.BTJ TPCSF
iMPTEFSFDIPTEFMPTBOJNBMFTw RVFNT
CJFOIBCSBRVFDPOTJEFSBSDPNPEFCF
SFT Z SFTQPOTBCJMJEBE EFM IPNCSF QBSB
DPOMBOBUVSBMF[BZMPTBOJNBMFT$FDJMJB
(PO[MF[BCPSEBFMDBNCJPDMJNUJDPZ
MBDBQBEFP[POP+BWJFS.PSJMMBTFTUVEJB
MPTQSPCMFNBTEFMDSFDJNJFOUP EFTBSSP
MMPZEFTBSSPMMPTPTUFOJCMF:mOBMNFOUF
+BWJFS (BGP BOBMJ[B MBT SFMBDJPOFT FOUSF
MBFDPMPHBZMBTSFMJHJPOFT DPOFTQFDJBM
SFGFSFODJBBMPTEPDVNFOUPTEFMB*HMFTJB
$BUMJDBEFTEF1P9*B+VBO1BCMP** Z
FYQPOFFOVOSFTVNFOmOBMMBTDBSBDUF
STUJDBT RVF EFCF UFOFS VOB iFDPUJDBw
EFTQVTEFBOBMJ[BSMBTBDUJUVEFTOBUVSB
MJTUB FNPUJWJTUB VUJMJUBSJTUBZSBDJPOBMJT
UB

$PPSE
UJDBEFMNFEJPBNCJFOUF
1SPCMFNB QFSTQFDUJWBT IJTUPSJB
5FDOPT .BESJE QQ
4FSFDPHFOBRVMPTUSBCBKPTQSFTFOUBEPT
ZEFCBUJEPTFOFM4FNJOBSJPEFUJDBEF
MB6OJWFSTJEBEEF4BMBNBODBEVSBOUFFM
DVSTP&MQSPGFTPS(NF[)FSBT
DPPSEJO FOUPODFT EJDIPT USBCBKPT Z
BIPSB MPT PGSFDF DPO VOB DPNQMFUB *O
USPEVDDJOEFNTEFDJODVFOUBQHJOBT
FO MB RVF QSFTFOUB MBT FTUSBUFHJBT QBSB
FTUB SFDPOWFSTJO FDPMHJDB EF MB NP
SBMEFMBRVFUBOUPTFFTUFNQF[BOEPB
IBCMBS+VOUPDPOVOUSBCBKPEF3PCJO
"UUmFMEFOFMRVFTFEFMJNJUBOFMQSPCMF
NBZMPTNUPEPTEFFTUBOVFWBUBSFB MB
BQPSUBDJO EFM QSPGFTPS (NF[o)FSBT
UJFOFMBWJSUVEEFTFSVOBEFMBTNFKPSFT
ZNTDVJEBEBTJOUSPEVDDJPOFTBMBUJ
DB.FEJPBNCJFOUBM1SFTFOUBFOQSJNFS
MVHBS MP RVF FM BVUPS MMBNB FM iDPOUSB
GPOEPwmMPTmDPDFOUSBEPFOFMEFCBUF
TPCSFMPTMNJUFTEFVOBSB[ONPEFSOB
EPOEFiMBBSCJUSBSJFEBEEFDPOEVDUBTFO
MB FYQMPUBDJO EF MB OBUVSBMF[B BSSJFT
HBOEPMBTVQFSWJWFODJBEFMBFTQFDJFIV
NBOB NVFTUSBMBQFSWFSTJOJONBOFOUF
B VOB SBDJPOBMJEBE OFVUSBM SFTQFDUP B
WBMPSFT Z UFOEFOUF OJDBNFOUF B SFTVM
UBEPTw Q
%FTQVT EF QSFTFOUBS FM
QBSBEJHNB BOUSPQPDOUSJDPVUJMJUBSJTUB
RVFEJGFSFODJBFOUSFIVNBOJTNPZOB
UVSBMJTNP
ZFMmTJPDOUSJDP RVFJEFO
UJmDBSFEVDUJWBNFOUFIVNBOJTNPBOB
UVSBMJTNP
BOBMJ[BDPOEFUBMMFMBTRVFM
DPOTJEFSBDJODPiDVFTUJPOFTFOMJUJHJPw
MBT BMUFSOBUJWBT BM BOUSPQPDFOUSJTNP FM
FTUBUVUPEFWBMPSEFMBOBUVSBMF[B MPTEF
SFDIPTEFMPTBOJNBMFT VOBOVFWBmMP
TPGBEFOBUVSBMF[BZMBJOTUSVNFOUBMJ[B
DJOFDPONJDBEFMPTSFDVSTPT"VORVF
IBCSB BMHVOBT NT EFKB BT MB QVFSUB
BCJFSUB QBSB MBT PUSBT EPT QBSUFT EFM MJ
CSP OP TJO BOUFT BEWFSUJS MPT QFMJHSPT
EFMQBSBEJHNBmTJPDOUSJDP TPCSFUPEP
FOMBWFSTJOEFMBi&DPMPHBQSPGVOEBw
%FFQ&DPMPHZ
QPSRVFIBDFNTiBN
CJFOUBMJTNPwRVFiUJDBw DPOGVOEJFOEP
OBUVSBMF[BZMJCFSUBE TFSZEFCFSTFS
&O MB TFHVOEB QBSUF TF QSFTFOUBO VO
DPOKVOUP EF FOGPRVFT &YQFSUPT FO
&DPMPHB +PT .BSB (NF[
&DPOP
NB 'FSOBOEP&TUFWF 3BGBFM.VP[

5FDOPMPHB 'FSOBOEP#SPODBOP
P-
HJDB "OUPOJP (PNJMB
DPOUSJCVZFO B
FOSJRVFDFSFMQSPGVOEPEFCBUFmMPTmDP
JOJDJBEP

$PPSE
-BEJHOJEBEEFMBOBUVSB
MF[B&OTBZPTTPCSFUJDBZmMPTPGB
EFM.FEJP"NCJFOUF&EJUPSJBM$P
NBSFT (SBOBEB QQ
&OUSF MPT TFDUPSFT EF MB DPOEVDUB IV
NBOBRVFBUSBFOFMJOUFSTDSFDJFOUFEF
MPT mMTPGPT EFTUBDB BRVFM FO FM RVF FM
IPNCSFTFSFMBDJPOBDPOMBOBUVSBMF[BZ
FMNFEJPBNCJFOUF-BTBQPSUBDJPOFTFO
FTUF DBNQP TF IBO NVMUJQMJDBEP FO MPT
MUJNPTBPTZQFSNJUFOEJTQPOFSIPZFO
EBEFTMJEPTCMPRVFTQBSBDPOTUSVJSMP
RVFMPTBVUPSFTEFMMJCSPMMBNBOVOBiUJ
DBFDPMHJDBw:BFTDSJCJFSPOBOUFTPUSP
MJCSPTPCSFiUJDBEFMNFEJPBNCJFOUFw
ZBIPSBBQPSUBOOVFWPTQMBOUFBNJFOUPT
Z UFNBT CBKP MB DPPSEJOBDJO EFM QSP
GFTPS+PT.BSB(BSDB(NF[)FSBT
DBUFESUJDPEFUJDBZ'JMPTPGB1PMUJDB
EFMB6OJWFSTJEBEEF4BMBNBODB RVFFT
UBNCJO FM RVF FTDSJCF MB NBZPS QBSUF
EFM WPMVNFO FO MB JOUSPEVDDJO FTDSJ
CFTPCSFMBiEJHOJEBEEFMBOBUVSBMF[BZ
UJDBNFEJPBNCJFOUBMw ZFOMBQSJNFSB
QBSUFBOBMJ[BFMDPODFQUPEFEJHOJEBEEF
MBOBUVSBMF[BZMBTBQSPYJNBDJPOFTEFTEF
MBTPDJPMPHB EFTEFMBTDPSSJFOUFTFDPMP
HJTUBT ZNTBGPOEPEFTEFMPTFTDSJUPT
EF)BOT+POBTRVFDVFTUJPOBOMBiOFV
USBMJEBE BYJPMHJDBw EF MB DJWJMJ[BDJO
UDOJDPDJFOUmDB
&OMBTFHVOEBQBSUFEFMMJCSP $BSNFO
7FMBZPT QSPGFTPSBEFUJDBEFMB$JFO
DJB FO MB 6OJWFSTJEBE &VSPQFB EF .B
ESJE FTDSJCFTPCSFFMSFTQFUPQPSMBWJEB
WFHFUBM -VDJBOP &TQPOPTB TPCSF 'JMP
TPGBEFMBOBUVSBMF[BZFDPMPHBTPDJBM
4FBBEFmOBMNFOUFVOFTDSJUPEF"MEP
-FPQPME VOPEFMPTQSJODJQBMFTQSPNP
UPSFTEFMBSFnFYJOTPCSFUJDBFDPMHJ
DB i-BUJDBEFMBUJFSSBw QVCMJDBEPFO
VOBPEFTQVTEFTVNVFSUF
+PT.BSB(BSDB(NF[)FSBT $P
PSE
UJDB FO MB GSPOUFSB .FEJP
BNCJFOUF $JFODJB Z UDOJDB &DP
OPNB Z FNQSFTB *OGPSNBDJO Z
EFNPDSBDJB#JCMJPUFDB/VFWB .B
ESJE QQ
$PNP TFBMB +PT .BSB ( (NF[
)FSBT DBUFESUJDPEF'JMPTPGB.PSBMZ
1PMUJDBEFMB6OJWFSTJEBEEF4BMBNBO
DBZDPPSEJOBEPSEFFTUFWPMVNFO iFO
MB mMPTPGB QSDUJDB DPOUFNQPSOFB TF
QFSDJCFO TOUPNBT EF BHPUBNJFOUP Z
DBOTBODJP4FFTDVDIBOWPDFTRVFSFDMB
NBO DPO JOTJTUFODJB VO SFUPSOP EFTEF

VOB UJDB EF MPT QSJODJQJPT JNQSFTDJO

EJCMF TJO EVEB B VOB UJDB BQMJDBEB B
MBT TJUVBDJPOFT DPODSFUBT EF MB WJEB 4F
IBCMB QSPFMMP EFVOOVFWPHJSPFOMB
mMPTPGBQSDUJDB5SBTFMHJSPMJOHTUJDP
EFMQBTBEPTJHMP ZFMHJSPQSBHNUJDPEF
MBT MUJNBT EDBEBT FTUBNPT BTJTUJFOEP
B VO HJSP BQMJDBEP RVF EFTEF IBDF BM
HVOPTBPTSFNVFWFDPOJOUFOTJEBEMBT
BHVBTEFMBSFnFYJONPSBMw
-PTBVUPSFTEFMQSFTFOUFWPMVNFORVJF
SFOQPSFMMPOPTMPEFUFDUBSQSPCMFNBT
FNFSHFOUFT CBKP FM JNQBDUP EF MB DJ
WJMJ[BDJOUFDOPMHJDBFOMBUJDBNFEJP
BNCJFOUBM FOMBUFDOPUJDB FOMBFDPOP
NB F JOGPSNBDJO Z FO MB DPOWJWFODJB
EFNPDSUJDB TJOPUBNCJOPGSFDFSFODVB
ESFT EF SBDJPOBMJEBE QBSB BZVEBS FO MB
UPNBEFEFDJTJOTPCSFMPTNJTNPT
(NF[)FSBT SFBMJ[B MBT QSPQVFTUBT
QBSBVOBGVOEBNFOUBDJOEFMBUJDBEFM
NFEJPBNCJFOUF$BSNFO7FMBZPTBOBMJ
[B i-B UJDB Z FM BOJNBM OP IVNBOPw
+PSEJ(JS i-PTEFSFDIPT PCMJHBDJPOFT
ZSFTQPOTBCJMJEBEIBDJBMBTHFOFSBDJPOFT
GVUVSBT#FHPB3PNO iUJDBZTJUVB
DJPOFTEFSJFTHPw+PTFQI.BSB&TRVJ
SPM iUJDBEFMBDJFODJBZEFMBUDOJDBw
+FTT EF (BSBZ iUJDB EF MB FNQSFTB
&OSJRVF #POFUF i&TCP[P EF VOB UJDB
EFMBJOGPSNBDJOZEFMBDPNVOJDBDJO
BVEJPWJTVBMw3BGBFM-BSSBFUB i*OUFSSP
HBOUFT UJDPT EF MB FDPOPNBw Z mOBM
NFOUF +PT.BSB7JOVFTBBCPSEBi-B
UJDBEFMBDPOWJWFODJBEFNPDSUJDBw
"M(PSF-B5JFSSBFOKVFHP&DPMP
HBZDPODJFODJBIVNBOB&.&$&
$PMFDDJO 3FnFYJPOFT #BSDFMPOB
QQ
7FUFSBOPEFGFOTPSEFMBDBVTBFDPMPHJTUB
EVSBOUFUPEBTVDBSSFSBQPMUJDB IBFT
DSJUPFTUBPCSBBNPEPEFQSPQVFTUBEF
VOQMBODPODSFUPZSFBMJ[BCMF RVFMMFWF
BBGSPOUBSMBBNFOB[BEFFGFDUPSFUBSEB
EPEFMQFMJHSPEFEFTUSVDDJOEFMNFEJP
BNCJFOUFIVNBOP&MVEJFOEPFMJEFBMJT
NPGUJM "M(PSFBOBMJ[BMBTDBVTBTEFMB
QSFTFOUFTJUVBDJO ZDPODMVZFRVFMBEF
HSBEBDJOEFMDMJNB BJSF BHVB BMJNFO
UPT FUDiQVFEFGSFOBSTFTJBDUVBNPTDPO
QSPOUJUVEZ TPCSFUPEP TJBQSFOEFNPT
BQFOTBSFOUSNJOPTEFVOBTPMBZHSBO
GBNJMJB IVNBOB ZB RVF OJOHO QBT
EFMNVOEPRVFEBSFYFOUPEFTVGSJSMBT
HSBWFT DPOTFDVFODJBT RVF OVFTUSB EFTJ
EJB EFQBSF B MBT GVUVSBT HFOFSBDJPOFTw
"MBOBMJ[BSFMiNFEJPBNCJFOUBMJTNPEFM
FTQSJUVw SFDPSSF MBT QSJODJQBMFT USBEJ
DJPOFT mMPTmDBT Z SFMJHJPTBT QVFT iMB
DSJTJTEFMNFEJPBNCJFOUFHMPCBMFTBOUF
UPEPVOBDSJTJTEFWBMPSFTIFNPTCBTB
EPOVFTUSBTSFMBDJPOFTDPOFMNFEJPBN
CJFOUFFOQSFNJTBTQPDPUJDBTw"DIBDB
BMBIFSFODJBEFMQFOTBNJFOUPHSJFHPMB
TFQBSBDJOEFMIPNCSFZMBOBUVSBMF[BZ
QJFOTBRVFFOMBBDUVBMJEBE MPTEJWFSTPT
TJTUFNBTSFMJHJPTPTQVFEFOJNQVMTBSFTUB
DBVTB BQSPYJNBOEP BM IPNCSF Z B MB
DSFBDJO BNCPTSFnFKPTEF%JPT
(VBQBSBFMDVJEBEPZVTPEFMPT
BOJNBMFT EF MBCPSBUPSJP *OTUJUV
UF PG -BCPSBUPSZ "OJNBM 3FTPVSDFT
$PNNJTTJPO PO -JGF 4DJFODFT /B
UJPOBM 3FTFBSDI $PVODJM &EJDJO
.FYJDBOB BVTQJDJBEB QPS MB "DBEF
NJB /BDJPOBM EF .FEJDJOB .YJDP
%' QQ
&TUB HVB SFDPHF MB FYQFSJFODJB EF MBT
MUJNBT EDBEBT FO FYQFSJNFOUBDJO F
JOWFTUJHBDJODPOBOJNBMFT FJODPSQPSB
MPT MUJNPT IBMMB[HPT DJFOUmDPT 5SB
UB FO QSJNFS MVHBS EF MBT %JSFDUSJDFT Z
SFTQPOTBCJMJEBEFTJOTUJUVDJPOBMFT DPOFM
QBQFM Z GVODJPOFT EF MPT DPNJUT JOTUJ
UVDJPOBMFTQBSBFMDVJEBEPZVTPEFMPT
BOJNBMFTEFMBCPSBUPSJP DPOMPTQSPUP
DPMPT DVJEBEP EF MB TBMVE Z TFHVSJEBE
PDVQBDJPOBMZDBQBDJEBEFTEFMQFSTPOBM
RVF MPT BUJFOEF &O TFHVOEP MVHBS FM
NFEJPBNCJFOUFEFMPTBOJNBMFT DSJBO
[BZNBOFKP DNPEJTFBSQSPHSBNBTZ
BTQFDUPTEFDPOEVDUB TPDJBMFT ZHFOUJ
DPT5BNCJOBCPSEBMBBUFODJONEJ
DPWFUFSJOBSJB DPOFTQFDJBMIJODBQJFO
FMSFDPOPDJNJFOUPEFMEPMPSZTVBMJWJPZ
MB FVUBOBTJB 'JOBMNFOUF TF TFBMBO MPT
BTQFDUPT EF EJTFP Z DPOTUSVDDJO RVF
EFCFO UFOFS MBT JOTUBMBDJPOFT QBSB BOJ
NBMFTEFMBCPSBUPSJP
"NPT))BXMFZ5FPSBEFMB&DP
MPHB )VNBOB 5FDOPT .BESJE
QQ
$FOUSBEBFOMBJOUFSBDDJOEFTPDJFEBE
ZNFEJPBNCJFOUF MB&DPMPHBIVNBOB
DPOTUJUVZFVOJOUFOUPEFUSBUBSFODPO
KVOUP FM GFONFOP EF MB PSHBOJ[BDJO
IVNBOB VUJMJ[BOEP MPT IBMMB[HPT EF MB
FDPOPNB MB DJFODJB QPMUJDB MB BOUSP

QPMPHBZMBCJPFDPMPHB QBSBDPNQSFO
EFSMBSFMBDJOEFMPTTFSFTIVNBOPTDPO
FMNFEJPBNCJFOUF)BXMFZJOUFHSBDPO
YJUP MBT UFTJT EJTQFSTBT EF FTUB BNQMJB
EJTDJQMJOBFOVOUPEPFTRVFNUJDP-PT
QSJNFSPT FTQFDJBMJTUBT FO &DPMPHB IV
NBOB TF WBMJFSPO EF MB BOBMPHB EF MBT
DPNVOJEBEFT WFHFUBMFT DPNP NUPEP
QBSB DPNQSFOEFS MBT DPNVOJEBEFT VS
CBOBT )BXMFZ NBOUJFOF BRV RVF MB
QSJODJQBMDPOUSJCVDJOFTMBQFSTQFDUJWB
EF MB WJEB IVNBOB DPMFDUJWB DPNP VO
QSPDFTPBEBQUBUJWPRVFDPOTJTUFFOJOUF
SBDDJODPOFMNFEJPBNCJFOUF QPCMB
DJOZPSHBOJ[BDJO$POTJEFSBRVFEF
FTUFQSPDFTPBEBQUBUJWPFNFSHFFMFDPTJT
UFNB$SJUJDBMBWJTJONBMUIVTJBOBEFM
QPEFS FYQBOTJWP EF MB QPCMBDJO QVFT
oTFHOFMBVUPSoiFTJODBQB[EFPQFSBS
JOEFQFOEJFOUFNFOUF EF MBT DJSDVOTUBO
DJBTPSHBOJ[BUJWBT&OTZQPSTOPQVF
EFTFSMBDBVTBEFHVFSSBT FTRVJMNBDJO
EFSFDVSTPT PEFMBDPOUBNJOBDJOBN
CJFOUBM
5BMFT SFTVMUBEPT TPO FYQMJ
DBCMFT DPNP NBMBT BEBQUBDJPOFT P NBM
GVODJPOBNJFOUPEFMBPSHBOJ[BDJOw
+PT3PRVF+VOHFTUJDBBNCJFO
UBM4P-FPQPMEP 6OJTJOPT
+3+VOHFT KFTVJUB QSPGFTPSEFMB6OJ
WFSTJEBEEF6OJTJOPT #SBTJM NVFTUSBFO
FTUFMJCSPRVFMBTPMVDJOEFMPTQSPCMF
NBTFDPMHJDPTOPFTUFOQSPDFEJNJFO
UPTUDOJDPTTUPTQJEFOBOUFTVOBDPN
QPTUVSB UJDB SFRVJFSFO VOB NVEBO[B
EFM QBSBEJHNB FO MB WJEB QFSTPOBM FO
MBDPOWJWFODJBTPDJBMZFOBMQSPEVDDJO
EF CJFOFT EF DPOTVNP -PT QSPCMFNBT

BNCJFOUBMFT FO EFmOJUJWB TMP TFSO

SFTVFMUPTDPOMBDPOTUSVDDJOEFVOBTP
DJFEBEKVTUB
+VBO3BNO-BDBEFOB &EJUPS
-PT
EFSFDIPTEFMPTBOJNBMFT %JMFNBT
UJDPTEFMB.FEJDJOBBDUVBM O
%FTDMF EF #SPVXFS #JMCBP
QQ
6OWPMVNFONTEFMBZBFYUFOTBDPMFD
DJORVFSFDPHFMPT4FNJOBSJPT*OUFSEJT
DJQMJOBSJPT RVF BOVBMNFOUF PSHBOJ[B MB
$UFESB EF #JPUJDB EF MB 6OJWFSTJEBE
EF $PNJMMBT &TUF FT FM MUJNP EF MPT
PSHBOJ[BEPT QPS +BWJFS (BGP BOUFT EF
TV GBMMFDJNJFOUP KVOUP B +VBOo3BNO
-BDBEFOB ZFOMTFBCPSEFMUFNBEF
MPTEFSFDIPTZFTUBUVTNPSBMEFMPTBOJ
NBMFT Z IBTUB RV QVOUP BVORVF OP
TFBO BHFOUFT NPSBMFT T TFSBO TVKFUPT
NPSBMFTDPOMPTRVFEFCFNPTFTUBCMFDFS
SFMBDJPOFTEFKVTUJDJBZOPTMPEFNFSB
CFOFmDFODJB
&M4FNJOBSJPBCPSEMPTQMBOUFBNJFOUPT
DJFOUmDPT mMPTmDPT KVSEJDPT Z UJ
DPTi-BJOWFTUJHBDJOBOJNBMIJTUPSJBZ
QFSTQFDUJWB GVUVSBw - .POUPMJV
i&M
EPMPSZTVGSJNJFOUPEFMPTBOJNBMFTw "
(BSDB4BDSJTUO
i&MVTPZBCVTPEFMPT
BOJNBMFTw ."$BQ
i-B)JTUPSJBEF
MPTEFSFDIPTBOJNBMFTFOMBTUSBEJDJPOFT
PSJFOUBMZPDDJEFOUBMw '5PSSBMCBZ%
(SBDJB SFTQFDUJWBNFOUF
FM i%FCBUF
UJDP BDUVBM TPCSF MB SFMBDJO EFM IPN
CSF DPO MPT BOJNBMFTw . 4ODIF[
Z
i&M %FSFDIP GSFOUF B MPT BOJNBMFTw -
(PO[MF[.PSO

.BSB"OUPOJFUUB-B5PSSF&DPMPHB
ZNPSBM-BJSSVQDJOEFMBJOTUBO
DJB FDPMHJDB FO MB UJDB EF 0DDJ
EFOUF %FTDMF EF #SPVXFS #JMCBP
QQ
-BBVUPSBFTMJDFODJBEBFO'JMPTPGBQPS
MB 6OJWFSTJEBE EF /QPMFT Z TF EFEJDB
B MB JOWFTUJHBDJO TPCSF MB IJTUPSJB EFM
QFOTBNJFOUP FVSPQFP DPOUFNQPSOFP
oTPCSFUPEPFOMBTEJNFOTJPOFTEFMBUJ
DBo ZFOFMBOMJTJTEFMBTQPTJCJMJEBEFT
EFFMBCPSBDJOEFVOBNPSBMFDPMHJDB
" USBWT EF MB ADPODJFODJB FDPMHJDB TF
IBMMFHBEPIPZBQPOFSFOEJTDVTJOBM
HVOBTDBUFHPSBTEFMQFOTBNJFOUP BMHV
OBTUFTJTJEFPMHJDBTRVFFTUOFOMBCBTF
EFM EFTBSSPMMP JOEVTUSJBM Z UFDOPMHJDP
4JCJFOMBOBUVSBMF[B FODJFSUPNPEP OP
FYJTUBQBSBFMJEFBMJTNP OJQBSBBMHVOBT
UFPSBTFQJTUFNPMHJDBTEFUFOEFODJBGF
OPNFOJTUB IBDFTFOUJSUPEBTVQSFTFODJB
KVTUBNFOUFFOMPTEFTBTUSFTFDPMHJDPTZ
FOMPTJOUFSSPHBOUFTRVFFTUPTQMBOUFBO
-PRVFIBDFGBMUB TFHOMBBVUPSB FTVO
SFQMBOUFBNJFOUP EF MB QFSTQFDUJWB BO
USPQPDOUSJDBOPVOTJNQMFDBNCJPFO
MB DPOEVDUB QPMUJDB TJOP VOB SFWJTJO
EFMBJNBHFORVFFMIPNCSFPDDJEFOUBM
UJFOFEFMNVOEP
1BCMPEF-PSB%FMUPSP+VTUJDJBQBSB
MPTBOJNBMFTMBUJDBNTBMMEFMB
IVNBOJEBE"MJBO[B &EJUPSJBM .B
ESJE QQ
1BCMPEF-PSBFTEPDUPSFO%FSFDIPQPS
MB6OJWFSTJEBE"VUOPNBEF.BESJEZ
BDUVBM QSPGFTPS UJUVMBS EF 'JMPTPGB EFM
%FSFDIP EF MB NJTNB VOJWFSTJEBE )B
TJEP NJFNCSP EF USFT QSPZFDUPT EF JO
WFTUJHBDJO EFM 1SPHSBNB 4FDUPSJBM EF

1SPNPDJO (FOFSBM EFM $POPDJNJFOUP
F JOWFTUJHBEPS WJTJUBOUF FO MBT 6OJWFS
TJEBEFTEF4ZSBDVTF /FX:PSL 64"

#FSLFMFZ /PSUIXFTUFSOZ0YGPSE
"EFNT EF FTUB PCSB IB QVCMJDBEP -B
JOUFSQSFUBDJO PSJHJOBMJTUB EF MB $POT
UJUVDJO 6OB BQSPYJNBDJO EFTEF MB
mMPTPGBEFM%FSFDIP
Z&OUSFFM
WJWJS Z FM NPSJS &OTBZPT EF #JPUJDB Z
%FSFDIP
BEFNTEFEJWFSTBTDP
MBCPSBDJPOFTFOMJCSPTDPMFDUJWPTZBSU
DVMPTFOSFWJTUBTTPCSFUFNBTSFMBUJWPTB
MBCJPUJDB BMBmMPTPGBNPSBMZKVSEJDB
ZBM%FSFDIPDPOTUJUVDJPOBM
-BUJDBFTVOBTVOUPFTUSJDUBNFOUFIV
NBOP QFSPTVEPNJOJPOPFYDMVZFBMPT
BOJNBMFT RVFOPEJTQPOFOEFMTFOUJEP
EFMBKVTUJDJB/VFTUSPDPNQPSUBNJFOUP
DPO FMMPT OP FT QPS UBOUP NPSBMNFOUF
JSSFMFWBOUFFOMBNFEJEBFORVFTFWFBO
BGFDUBEPTQPSOVFTUSBTBDDJPOFT/PUF
OFSMPTFODVFOUBNFSBNFOUFQPSRVFOP
QFSUFOFDFOBOVFTUSBFTQFDJFFTVOBGPS
NBEFEJTDSJNJOBDJOJOKVTUJmDBEBDVZB
FMJNJOBDJOUFOESBVOJNQBDUPFYUSBPS
EJOBSJPTPCSFMBTRVFIBOTJEPZTJHVFO
TJFOEP OVFTUSBT BDUJUVEFT Z QSDUJDBT
DPO FM SFJOP BOJNBM $PO SFGFSFODJBT B
MPTFTUVEJPTTPCSFDPNQPSUBNJFOUPBOJ
NBM B MB IJTUPSJB B MBT USBEJDJPOFT OP
PDDJEFOUBMFT Z B MB DSVFMEBE JOTUJUVDJP
OBM RVF BO QFSWJWF FTUF MJCSP BOBMJ[B
DSUJDBNFOUF FM BMDBODF EF MB SFnFYJO
UJDB FO GBWPS EFM CJFOFTUBS BOJNBM FO
MBDPNQBBEFBRVFMMPTRVF EFTEF1J
UHPSBTIBTUB1FUFS4JOHFS IBOBCPHBEP
QPSRVF UBOUP EFTEF MB UFPSB DPNP FO
MBDPUJEJBOFJEBEEFOVFTUSBTWJEBT IBHB
NPTKVTUJDJBDPOMPTBOJNBMFT
$BSMPT .BDIBEP EF 'SFJUBT .BSDF

MP'JSQP1PSUP4BEF "NCJFOUFF
4VTUFOUBCJMJEBEF &EJUPSB 'JPDSV[
3PEF+BOFJSP #SBTJM QQ
$BSMPT .BDIBEP FT MJDFODJBEP FO )JT
UPSJB NBHTUFSFO*OHFOJFSBEF1SPEVD
DJO Z EPDUPS FO 4BMVE 1CMJDB .BS
DFMP 'JSQP FT EPDUPS FO JOHFOJFSB EF
1SPEVDDJO MJDFODJBEP FO 1TJDPMPHB
DPO QPTEPDUPSBEP FO .FEJDJOB 4PDJBM
"NCPT TPO JOWFTUJHBEPSFT UJUVMBSFT EFM
$FOUSPEF&TUVEPTEB4BEFEP5SBCBM
IBEPSF&DPMPHB)VNBOBEB&OTQ'JP
DSV[ FO3PEF+BOFJSP
&O FTUF MJCSP QSFTFOUBO EF NPEP SFTV
NJEP EJSJHJOEPTFBFTUVEJBOUFT QSPGF
TPSFT Z QCMJDP FO HFOFSBM MBT DVFTUJP
OFTSFMBUJWBTB4BMVEZ.FEJP"NCJFOUF
DPO FM BOMJTJT EF MB JOTVTUFOUBCJMJEBE
BNCJFOUBMZEFTEFFMQVOUPEFWJTUBEFMB
TBMVEIVNBOBEFMBDUVBMNPEFMPEFEF
TBSSPMMP MBTJOJDJBUJWBTTVSHJEBTFO#SBTJM
Z MPT EFTBGPT RVF QSFTFOUB VO NPEFMP
JEFBMEFEFTBSSPMMPRVFTFBFGFDUJWBNFO
UFTVTUFOUBCMF
+VBO.BZS.BMEPOBEPZPUSPT#JP
UJDBZ.FEJP"NCJFOUF$PMFDDJO
#PT Z &UIPT &EJDJPOFT &M #PTRVF
4BOUBGEF#PHPU $PMPNCJB
QQ
6O WPMVNFO NT EF FTUB ZB FYUFOTB
DPMFDDJO EF MJCSPT EFEJDBEPT B MB UJ
DBZMBWJEBoBDUVBMNFOUFEJFDJTJToEF
MB 6OJWFSTJEBE &M #PTRVF #PHPU &O
FTUFDBTP DFOUSBEPFO#JPUJDBZNFEJP

BNCJFOUF +BJNF &TDPCBS SFDUPS EF MB

6OJWFSTJEBE&M#PTRVF QSPMPHBFTUFMJ
CSPRVFSFDPHFMBTJOUFSWFODJPOFTEFM7
4FNJOBSJP*OUFSOBDJPOBMTPCSF#JPUJDB
Z.FEJPBNCJFOUF DPOBQPSUBDJPOFTEFM
FOUPODFTNJOJTUSPDPMPNCJBOPEFMNF
EJPBNCJFOUF +VBO.BZS EFVOHSVQP
EFQSPGFTPSFTEFMQSPHSBNBEFJOHFOJF
SBJOEVTUSJBMEFMBQSPQJB6OJWFSTJEBE
Z EF PUSPT BVUPSFT EF WBSJPT QBTFT EF
-BUJOPBNSJDB Z EF &TQBB &M NJTNP
+BJNF&TDPCBSBQPSUBMBFYQFSJFODJBEF
MBEPDFODJBEF#JPUJDBZTVQBQFMFOMB
DPOTUSVDDJOEFVOBUJDBDJWJM(JMCFSU
)PUUPJT FTDSJCF TPCSF MB CJPEJWFSTJEBE
FOFMUFDOPDPTNPT.JHVFMOHFM4O
DIF[Z1BCMP4JNPO-PSEBBOBMJ[BOMPT
QSPCMFNBTUJDPTEFMDPOUSPMEFNPHSm
DP$BSMPT&EVBSEP.BMEPOBEP -BWJEB
BSUJmDJBMFOMBCJPUJDBZFOMBFDPMPHB
"[VDFOB $PVDFJSP BOBMJ[B MB TJUVBDJO
EFMBCJPUJDBZMBFDPMPHBFO"NSJDB
-BUJOB Z,BUIMFFO$SBOMFZMBTJNQMJDB
DJPOFTEFMBDJFODJBZMBUFDOPMPHBEFTEF
MB HFOUJDB &M DIJMFOP 3BM 7JMMBSSPFM
DSJUJDBFMSJFTHPEFiFUJDJTNPwFOFMQB
OPSBNBUJDPDPOUFNQPSOFPZQSPQP
OF VOB DPNQSFOTJO NT BCJFSUB EFM
NVOEP EF MB TBMVE Z EF MBT SFMBDJPOFT
NEJDPQBDJFOUF RVF UFOHBO FO DVFOUB
FMNFEJPBNCJFOUF
"MGSFEP.BSDPTUJDBBNCJFOUBM
6OJWFSTJEBEEF7BMMBEPMJE 4FSJF
'JMPTPGB 7BMMBEPMJE QQ
&TUFMJCSP EFMQSPGFTPSEF'JMPTPGB"M
GSFEP .BSDPT USBUB EF TFS VOB IFSSB
NJFOUBUJMDPNPJOUSPEVDDJOBMBUJDB
BNCJFOUBM ZMPHSBEFNBOFSBNVZDMBSB
TVQSPQTJUP1SFTFOUBDPODMBSJEBEMPT
UQJDPTFTFODJBMFTEFFTUBEJTDJQMJOBZMBT
MOFBTNTJNQPSUBOUFTEFQFOTBNJFOUP
EFOUSP EF MB NJTNB TVT CBTFT mMPTm
DBT ZTVSFMBDJODPOMBUJDBZMBNPSBM
1FSP FM BVUPS JOUFOUB UBNCJO Z PGSFDF
BMHP NT DPO TVHFSFODJBT BDFSDB EF MB
DPOTUSVDDJOEFVOBUJDBBNCJFOUBMRVF
UFOHBFODVFOUBMBTNPEFSOBTDPSSJFOUFT
QFSPFTUJOTQJSBEBFOMBUSBEJDJOBSJT
UPUMJDB
5SBUBFOQSJNFSMVHBSEFMBDPOFYJOFO
USFUJDB NPSBMZUJDBBNCJFOUBMTPCSF
MBOFDFTJEBEZMBQPTJCJMJEBEEFVOBUJDB
BNCJFOUBMQPSFMBMDBODFBDUVBMEFOVFT
USP QPEFS UFDOPMHJDP "CPSEB EFTQVT
FM UFNB DMBWF EFM WBMPS EF MPT TFSFT EF
OVFTUSPFOUPSOP DPNPCBTFEFOVFTUSPT
EFCFSFTNPSBMFTQBSBDPOFMMPT FOMPRVF
FTMBQSPQVFTUBGVOEBNFOUBMEFMMJCSP
"DPOUJOVBDJO QSFTFOUBMBTEJNFOTJP
OFTUJDBTEFMPTQSPCMFNBTBNCJFOUBMFT
MBTRVFBGFDUBOBMBTSFMBDJPOFTJOUFSOB
DJPOBMFT MBT RVF JNQMJDBO EJSFDUBNFO
UFSFMBDJPOFTFOUSFTFSFTIVNBOPTZOP
IVNBOPT ZMBTRVFBUBFOBSFMBDJPOFT
FOUSFEJTUJOUBTHFOFSBDJPOFTEFTFSFTIV
NBOPT'JOBMNFOUF SFDPSSFMBTEJTUJOUBT
MOFBT EF QFOTBNJFOUP WJHFOUFT BDUVBM
NFOUFFOUJDBBNCJFOUBM EFTEFMBTNT
BOUSPQPDOUSJDBTIBTUBMBTNTFYUSFNBT
EFMBiEFFQFDPMPHZw ZMBTEFDPSUFIVNB
OJTUBZTPDJBM
3BNO .BSUO .BUFP &M IPNCSF

VOBFTQFDJFFOQFMJHSP$BNQPNB
OFT-JCSPT .BESJE QQ
3BNO.BSUOFTDBUFESUJDPEF%FSF
DIP"ENJOJTUSBUJWPEFMB6OJWFSTJEBEEF
"MJDBOUFZUJFOFFMQSFNJP/BDJPOBMEF
.FEJP"NCJFOUF&OFTUBPCSBQSFTFO
UBDPNPQSFNJTBQSJNFSBMBiQSFWJTJCMF
EFTBQBSJDJOEFMBFTQFDJFIVNBOBwi-B
DJFODJB QFSNJUJS BNQMJBS MPT SFDVSTPT
OBUVSBMFT RVFTPOQSDUJDBNFOUFJMJNJ
UBEPTMB5JFSSBOPFTUFOQFMJHSPFTFM
IPNCSFFMRVFFTUBNFOB[BEPFMSJFTHP
QSPWJFOFEFOVFTUSBTEJmDVMUBEFTEFBV
UPHPCJFSOPw"VORVFIBZEBUPTEFNF
KPSBT EFM USBUBNJFOUP JOUFSOBDJPOBM EF
BMHVOPT QSPCMFNBT BCVOEBO MPT DBUBT
USPmTUBT ZFMBVUPSSFQBTBMPTUFNBTDBO
EFOUFTMBTOVFWBTUFDOPMPHBTHFOUJDBT
oRVFRVJ[TQVFEBOMMFWBSBVOBiUFSBQJB
HFOUJDBQBSBMBFTRVJ[PGSFOJBEFOVFTUSB
FTQFDJFwo MBJNQPTJCJMJEBEEFBUFODJO
BMBEFNBOEBFOFSHUJDB MBDPOTFSWBDJO
EFMPTTJTUFNBTBNCJFOUBMFT MBJOUFSOB
DJPOBMJ[BDJOEFMBFDPOPNBZFMGVUVSP
JOTUJUVDJPOBM:DPNPKVSJTUB FYQPOFMB
GVODJO EFM %FSFDIP FO MB JOEJTQFOTB
CMFJOTUSVNFOUBDJOKVSEJDBEFMBUVUFMB
BNCJFOUBM BOBMJ[BOEPmOBMNFOUFMPTSF
TVMUBEPTEFMB$POGFSFODJBEFMB0/6
TPCSF EFTBSSPMMP TPTUFOJCMF EF
FO3PEF+BOFJSP$PNPFYQPOFFOMB
JOUSPEVDDJO iGSFOUF B MB JEFB DBVTBM
QSFEPNJOBOUFNFOUF CJPMHJDB Z EFUFS
NJOJTUB EFM JODPSSFDUP GVODJPOBNJFO
UPDPMFDUJWPEFMIPNCSF QVFEFEBSOPT
VOBDJFSUBFTQFSBO[BFMJEFBSJP BOOP
FYUJOHVJEP EF MBT HSBOEFT SFMJHJPOFT
DPPQFSBUJWBTZGSBUFSOBMFTRVFFOBMHO
NPNFOUPSFTPMWJFSPODPOnJDUPTQBSBO
HPOBCMFTBMPTRVFBIPSBOPTPDVQBOw
&MBVUPSFTQFSBEFMBDJFODJB TPCSFUPEP
EFMBVOJOFOUSFMB#JPMPHBNPMFDVMBS
Z MBT $JFODJBT 4PDJBMFT RVF MMFHVFO B
VOJSCJPUJDBZCJPMPHB
+FTT.PTUFSO-PTEFSFDIPTEFMPT
BOJNBMFT&EJUPSJBM%FCBUF .BESJE
QQ
&MBVUPSFTDBUFESUJDPEF'JMPTPGBEFMB
$JFODJB FO MB 6OJWFSTJEBE EF #BSDFMP
OB 5JFOF OVNFSPTBT PCSBT EF mMPTPGB
ZUBNCJOTFIBEFEJDBEPBBDUJWJEBEFT
EFQSPUFDDJOEFMBOBUVSBMF[B&OFTUB
PCSBEJWVMHBEFNBOFSBTFODJMMBVOBJEFB
GVOEBNFOUBMiOPFTUBNPTTPMPT TPNPT
BOJNBMFT FOUSF PUSPT BOJNBMFT DPNQB
FSPT EF WJBKF TPCSF MB OBWF 5JFSSB MB
FWPMVDJO IB BDBCBEP QPS DPMPDBSOPT
FOFMUJNOEFMBOBWFZBIPSBFTUFO
OVFTUSBTNBOPTFMEFTUJOPEFUPEBMBUSJ
QVMBDJO JODMVJEPFMOVFTUSPw
+FTT .PTUFSO Z +PSHF 3JFDINBOO

"OJNBMFT Z DJVEBEBOPT *OEBHB
DJO TPCSF FM MVHBS EF MPT BOJNB
MFTFOMBNPSBMZFMEFSFDIPEFMBT
TPDJFEBEFTJOEVTUSJBMJ[BEBT5BMBTB
&EJDJPOFT .BESJE QQ
&TUF MJCSP SFOF BMHVOPT BSUDVMPT QV
CMJDBEPTBOUFSJPSNFOUFEF+FTT.PTUF
SO OBUVSBMJTUBZmMTPGPEFMBCJPMPHB
Z UFYUPT JOEJUPT EF +PSHF 3JFDINBOO
QSPGFTPS EF MB 6OJWFSTJEBE EF #BSDF
MPOB *OUFOUBO iDPOWFODFS B OVFTUSPT
SFUJDFOUFTmMTPGPTEFRVFMPTBOJNBMFT
T RVF QMBOUFBO QSPCMFNBT mMPTmDPT
EF FOWFSHBEVSB FTUJNVMBS VO EFCBUF
TPDJBM NT BNQMJP TPCSF FM MVHBS RVF
MPT BOJNBMFT PDVQBO FO MBT TPDJFEBEFT
JOEVTUSJBMJ[BEBT Z QSPQPSDJPOBS B MPT
EPDFOUFT VOB IFSSBNJFOUB QFEBHHJDB
UJMQBSBBCPSEBSBMHVOBTDVFTUJPOFTEF
UJDB BQMJDBEBw 2VJFSFO MPHBS VOJS MPT
NPWJNJFOUPTFDPMPHJTUBZBNCJFOUBMJTUB
DPOFMEFEFGFOTBEFMPTBOJNBMFTi2VF

MPTBOJNBMFTOPTFOBBHFOUFTNPSBMFTOP
FTSB[OQBSBRVFOPQVFEBOTFSDPOTJ
EFSBEPTUJUVMBSFTEFEFSFDIPTEFCFNPT
JODMVJSQPSMPNFOPTBBMHVOPTBOJNBMFT
EFOUSPEFMBDPNVOJEBENPSBMw5PEP
FTiVODPOUJOVPmTJPoCJPMHJDPoTPDJBMw
Z MB UFTJT EF MB EJGFSFODJB BOUSPQPMHJ
DB OP FT DJFOUmDB QPS MP RVF BQPZBO
EFDJEJEBNFOUF MB EFDMBSBDJO VOJWFSTBM
EFMPTEFSFDIPTEFMBOJNBMEFMB6/&4
$0 ZMBEFMPTQSJNBUFT FMBCPSBEBQPS
1FUFS4JOHFS RVFQJEFRVFTFSFTQFUFiFM
EFSFDIPBMBWJEB MBQSPUFDDJOEFMBMJ
CFSUBEJOEJWJEVBMZMBQSPIJCJDJOEFMB
UPSUVSBwEFUPEPTMPTQSJNBUFT
*TBCFM $SJTUJOB EF .PVSB $BSWBMIP

&EVDBP BNCJFOUBM B GPSNBP
TPTVKFJUPFDPMHJDP$PSUF[&EJUP
SB FE 4P1BVMP QQ
-BBVUPSBFTQTJDMPHB 16$41
FTQF
DJBMJTUBFOQTJDPBOMJTJT NBHTUFSFO1TJ
DPMPHB EF MB &EVDBDJO Z EPDUPSB FO
&EVDBDJO"DUVBMNFOUFSFTJEFFO1PSUP
"MFHSFZFTQSPGFTPSBFJOWFTUJHBEPSBEF
MB6OJWFSTJEBE-VUFSBOBEF#SBTJM%FT
EF TF IB EFEJDBEP B MB EPDFODJB
F JOWFTUJHBDJO FO UFNBT EF FEVDBDJO
BNCJFOUBM QPSMPRVFFTUFMJCSPSFDPHF
QSJODJQBMNFOUFTVFYQFSJFODJBEPDFOUF
"CPSEB MB DVFTUJO BNCJFOUBM EJSJHJO
EPTF B MPT FEVDBEPSFT QSJODJQBMNFOUF
TPCSF MBT QSPQVFTUBT Z EFTBGPT RVF TF
QSFTFOUBO FO #SBTJM QBSUJFOEP EF MBT
QSFNJTBT RVF EFCF UFOFS MB GPSNBDJO
EFVOiTVKFUPFDPMHJDPw UPNBEPDPNP
iFMUJQPJEFBM QPSUBEPSEFWBMPSFTUJDPT
BDUJUVEFTZDPNQPSUBNJFOUPTFDPMHJDB
NFOUFPSJFOUBEPT RVFJODJEFOTPCSFFM
QMBOPJOEJWJEVBMZDPMFDUJWPw
&OMBQSJNFSBQBSUFQSFTFOUBMBTJUVBDJO
EFMNPWJNJFOUPFDPMPHJTUBFO#SBTJM ZMB
IJTUPSJBTPDJBMEFMBTSFMBDJPOFTEFMIPN
CSFDPOMBOBUVSBMF[B&OMBTFHVOEBQBS
UF FYQPOF MPT EFTBGPT FQJTUFNPMHJDPT
QPMUJDPTZQFEBHHJDPTRVFQSFTFOUBFM
FOUSFMB[BNJFOUPEFDVMUVSB OBUVSBMF[BZ
TPDJFEBE DPOFMEFTBSSPMMPEFMPRVFEF
CFSBTFSVOBCVFOBFEVDBDJOBNCJFO
UBM Z MBT CBTFT EF VOB UJDB BNCJFOUBM
CBTBEBFOFMiEFKBSTFSwZiBDPHFSBMOP
IVNBOPw
'JOBMNFOUF SFDPHF MPT MJCSPT FEJUBEPT
MBTQHJOBT8FCZSFEFTEF*OUFSOFU Z
MPT EPDVNFOUPT SFDJFOUFT UPEPT QVCMJ
DBEPT FO #SBTJM TPCSF UFNBT EF FEVDB
DJOBNCJFOUBM
.BSB/PWP-BFEVDBDJOBNCJFO
UBM #BTFT UJDBT DPODFQUVBMFT Z
NFUPEPMHJDBT &EJUPSJBM 6OJWFSTJ
UBT4" .BESJE QQ
-B BVUPSB FT QSPGFTPSB EF &EVDBDJO
"NCJFOUBM FO MB 6OJWFSTJEBE /BDJPOBM
EF&EVDBDJOB%JTUBODJBEF&TQBB Z
EJSJHF FO FMMB VO .BTUFS FO &EVDBDJO
"NCJFOUBM"OBMJ[BMPTQSJODJQJPTCTJ
DPTEFMBFEVDBDJOBNCJFOUBM EFTEFMPT
QVOUPTEFWJTUBUJDP DPODFQUVBMZNF
UPEPMHJDP "CPHB iQPS VOB UJDB BN
CJFOUBM RVF BCBOEPOF EFmOJUJWBNFOUF
FMWJFKPFOGSFOUBNJFOUPFOUSFAEFKBSIB
DFSBMIPNCSFZBMBFDPOPNBPAEFKBS
IBDFS B MB /BUVSBMF[B TBDSBMJ[OEPMB
VOB UJDB MBJDB GVFSUFNFOUF FOSBJ[B
EB FO QMBOUFBNJFOUPT DJFOUmDPT RVF
BDFQUBMBJEFBEFRVFMBIVNBOJEBEIB
EF TPCSFWJWJS VUJMJ[BOEP MB /BUVSBMF[B
/PTFUSBUBEFQMBOUFBSMBOFDFTJEBEEF
VOAJNQBDUPDFSPTPCSFFMFOUPSOP TJOP
EFBWBO[BSIBDJBNPEFMPTFORVFOVFT
USPT JNQBDUPT QVFEBO TFS BCTPSCJEPT
QPS MB DBQBDJEBE FRVJMJCSBEPSB EF MPT
TJTUFNBTw
'SBOPJT 0TU /BUVSBMF[B Z EFSF

DIP 1BSB VO EFCBUF FDPMHJDP FO
QSPGVOEJEBE&EJDJPOFT.FOTBKFSP
#JMCBP QQ
'JMTPGP Z KVSJTUB FM BVUPS FT QSPGFTPS
FOMB6OJWFSTJEBEEF4BJOU-PVJT #SV
TFMBT ZEJSFDUPSEFM$FOUSPEF&TUVEJP
EFM%FSFDIPEFM.FEJP"NCJFOUF3F
DIB[BDPNPiJOTVmDJFOUFTUBOUPMBTUFTJT
EFMIVNBOJTNPBCTUSBDUPEFJOTQJSBDJO
DBSUFTJBOB EFTQSPWJTUB EF MPT NFEJPT
EJBMDUJDPT OFDFTBSJPT QBSB DPNQSFOEFS
MB DPNQMFKJEBE EF MBT SFMBDJPOFT IPN
CSFOBUVSBMF[B DPNPMBTEFMBAFDPMPHB
QSPGVOEB RVFTFQSJWBEFUPEBQPTJCJMJ
EBEEFBDUVBSSBDJPOBMNFOUFBMTBDSBMJ[BS
MBOBUVSBMF[Bw%FOVODJBMBTJMVTJPOFTEF
VOBSFHVMBDJONFSDBOUJMEFMNFEJPBN
CJFOUFZFYBNJOBMPTQSPCMFNBTEFKVT
UJDJBFDPMHJDBBMBMV[EFMBUSBEJDJOm
MPTmDB EFTEF,BOUIBTUB3BXMTZ)BOT
+POBT "CPHB QPS VOB /BUVSBMF[B RVF
OP TFB OJ PCKFUP NBOJQVMBCMF B EJTDSF
DJO OJ TVKFUP JOUPDBCMF TBHSBEP TJOP
iQSPZFDUP RVF TJUB BM IPNCSF FO VOB
UJDB EF MB SFTQPOTBCJMJEBE QSFPDVQBEB
QPSOVFTUSPQPSWFOJSDPNOw ZTFBBT
CBTFEFVOBQPMUJDBEFMNFEJPBNCJFOUF
CJFOGVOEBEBFOMBmMPTPGB MBFDPMPHB
ZFMEFSFDIP
'SBOPJT0TU"/BUVSF[B.BSHFN
EB-FJ"&DPMPHJB1SPWBEP%J
SFJUP*OTUJUVUP1JBHFU -JTCPB
%FQPJT EF (BMJMFV #BDPO F %FTDBSUFT
P IPNFN NPEFSOP OP TF DBOTPV EF
USBOTGPSNBSBOBUVSF[B FNCFOFGDJPEB
iTVQSBOBUVSF[Bw EPBSUFGBDUP'SBOPJT
0TU NPTUSB DPNP B DPODFQP EP IP
NFN iEPOP F TFOIPS EB OBUVSF[Bw TF
JOTDSFWFBUNFTNPOPDEJHPDJWJM"T
EFmOJFTBERVJSJEBTEPEJSFJUPEFQSP
QSJFEBEF JOUFSEJUBNOPT EF QFOTBS EF
NBOFJSBBEFRVBEB BTOPFTEPSFDVSTP
BNCJFOUBM PV EF QBUSJNOJP DPNVN
QSFDJTP QPSUBOUP SFQFOTBS RVFS P
EJSFJUP RVFS B OBUVSF[B &TUBNPT FN
QSFTFOB EF VNB WFSEBEFJSB DSJTF FDP
MHJDB B EFTnPSFTUBP F B EFTUSVJP
TJTUFNUJDB EBT FTQDJFT BOJNBJT NBT
BOUFT EF NBJT F TPCSFUVEP B DSJTF EB
OPTTBSFQSFTFOUBPEBOBUVSF[B BDSJTF
EBOPTTBSFMBPDPNFMB$SJTF TJNVMUB
OFBNFOUF EPWODVMPFEPMJNJUFVNB
DSJTFEFQBSBEJHNB$SJTFEFWODVMPK
OP DPOTFHVJNPT EJTDFSOJS P RVF OPT
MJHB BP BOJNBM BP RVF UFN WJEB OB
UVSF[B$SJTFEPMJNJUFKOPDPOTFHVJ
NPTEJTDFSOJSPRVFEFMBOPTEJTUJOHVF
&TUFMJWSPBCPSEBBDSJTFFDPMHJDBTPCP
OHVMP UJDP F KVSEJDP &ORVBOUP OP
GPSSFQFOTBEBBOPTTBSFMBPDPNBOB
UVSF[B F FORVBOUP OP GPSNPT DBQB[FT
EFEFTDPCSJSPRVFEFMBOPTEJTUJOHVFF
PRVFBFMBOPTMJHB PTOPTTPTFTGPSPT
TFSPFNWP DPNPPUFTUFNVOIBBUP
SFMBUJWBFGFDUJWJEBEFEPEJSFJUPBNCJFO
UBMFBUPNPEFTUBFmDDJBEBTQPMUJDBT
QCMJDBT OFTUF EPNOJP 'SBOPJT 0TU
SFGVUBUBOUPBTUFTFTEPIVNBOJTNPBCT

USBDUPNBOFJSBEF-VD'FSSZ RVFOP
GPSOFDFPTNFJPTEFQFOTBSBDPNQMFYJ
EBEFEBTSFMBFTEPIPNFNOBUVSF[B
DPNP BT EB iFDPMPHJB QSPGVOEBw RVF
TFDPCFEFUPEBBQPTTJCJMJEBEFEFBHJS
SBDJPOBMNFOUF TBDSBMJ[BOEPBOBUVSF[B
&MFEFOVODJB JHVBMNFOUF BTJMVTFTEB
SFHVMBNFOUBPNFSDBOUJMEPBNCJFOUF
FFYBNJOBBTRVFTUFTEFKVTUJBFDPMHJ
DB MV[EBUSBEJPmMPTmDB EF,BOU
B3BXMTF)BOT+POBT1BSBMEBOBUV
SF[BPCKFDUP NBOJQVMWFM NFSD F
EBOBUVSF[BTVKFJUPJOUPDWFMFTBHSBEB
PBVUPSEFGFOEFVNBOBUVSF[BQSPKFDUP
RVFJOTDSFWFPIPNFNOBDPNQMFYJEBEF
EBTJOUFSBDFTDPNPTFVNFJPFEFmOF
VNB UJDB EB SFTQPOTBCJMJEBEF QSFPDV
QBEB DPN P OPTTP GVUVSP DPNVN /P
DSV[BNFOUPFOUSFBmMPTPmB BFDPMPHJB
F P EJSFJUP FTUB PCSB JOGPSNBEB F FN
QFOIBEB QSPQF OPWPT GVOEBNFOUPT
QBSBVNBQPMUJDBQCMJDBEPBNCJFOUF
&EJUPSJBM1JBHFU

'SBODJTDP+1FB$BTUJFJSB.FEJP
BNCJFOUF Z TBMVE &EJUPSJBM $PN
QPTUFMB 4BOUJBHP EF $PNQPTUFMB
QQ
&OFTUFMJCSPFMBVUPSFTUVEJBDPOQSP
GVOEJEBE FM PCKFUJWP EF MB FEVDBDJO
QBSBMBTBMVEZMBNFEJDJOBQSFWFOUJWB
MBDPOUBNJOBDJOZFMTBOFBNJFOUPBN
CJFOUBM $PNP SFTVNFO EFTUBDB RVF FM
PCKFUJWP iQSJPSJUBSJP Z GVOEBNFOUBM EF
MBQPMUJDBBNCJFOUBMIBEFTFSMBQSPUFD
DJOEFMBTBMVEEFMIPNCSF BTDPNPMB
DPOTFSWBDJOEFUPEPTMPTSFDVSTPT

6O QMBO JOUFHSBM EF NFEJP BNCJFOUF
EF DBSDUFS HMPCBM Z QSFWFOUJWP FYJHF
MBQVFTUBFONBSDIBEFVOBTFTUSBUFHJBT
EF BDUVBDJO EJTQPOFS EF VO NBSDP

OPSNBUJWPTVmDJFOUF MMFWBSBDBCPVOB
QMBOJmDBDJO Z VOB HFTUJO BNCJFOUBM
BEFDVBEBBUSBWTEFVOPTQMBOFTEFBD
UVBDJO ZMBJNQMBOUBDJOEFQSPHSBNBT
EFGPSNBDJOJOWFTUJHBDJOZFEVDBDJO
BNCJFOUBM DPNPQJMBSFTGVOEBNFOUBMFT
EFVOBQPMUJDBBNCJFOUBMFmDB[w
.BSB -VJTB 1GFJFS 5SBOTHOJDPT

6OEFTUJOPUFDOPMHJDPQBSB"N
SJDB -BUJOB %FTUJOP #BSDFMPOB
QQ
i-BDBMJEBEEFMQSPEVDUPRVFTFPCUJFOF
EFMBUJFSSB MBTDPOTFDVFODJBTEFDVMUJWBS
VOBVPUSBTFNJMMBQBSBFMGVUVSPEFMBQP
CMBDJO MPTCFOFmDJPTTPDJBMFTZFDPO
NJDPTRVFTFPCUFOHBOEFMBFMFDDJOEF
DJFSUPTDVMUJWPT TPOQSPCMFNUJDBTTPCSF
MBTDVMFTEFCFOSFTQPOEFSMPTRVFHFOF
SBOFTBTTFNJMMBTHFOUJDBNFOUFNPEJm
DBEBTMPTRVFMBTTJFNCSBOZDPTFDIBO
MPTRVFMBVTBO MPTRVFMPDPOTVNFOZ
MPT RVF mTDBMJ[BO Z BVUPSJ[BO FTUB QSP
EVDDJOw-BBVUPSBEFFTUFMJCSP EPDUP
SB.BSB-VJTB1GFJFS FTNJFNCSPEFM
DPOTFKPEF#JPUJDBZ%FSFDIPT)VNB
OPTQBSBMBTJOWFTUJHBDJPOFT#JPNEJDBT
EFMB4FDSFUBSBEF%FSFDIPT)VNBOPT
EF "SHFOUJOB 1BSB FMMB MB QSPEVDDJO
EFTFNJMMBTHFOUJDBNFOUFNPEJmDBEBT
BUBF B UPEPT MPT DJVEBEBOPT EF MB OB
DJO QPSRVF FO MB QSPCMFNUJDB FTUO
FO KVFHP TV QSFTFOUF Z TV GVUVSP 1BSB
1GFJFS JOEBHBSFMQPSRVIBOTJEPEF
TBSSPMMBEPT BMHVOPT USBOTHOJDPT QVFEF
MMFWBS B EFTFONBTDBSBS TJUVBDJPOFT EF
EPNJOBDJO QPEFSZHSBOEFTHBOBODJBT
EFEJOFSPFOEFUSJNFOUPEFMPTTFDUPSFT
NTEFTGBWPSFDJEPT
'FSNJO 3PMBOE 4DISBNN 4FSHJP

3FHP .BSMFOF#S[ .BSJTB1BMBDJPT
0SHT
#JPUJDB SJTDPTFQSPUFP
&EJUPSB 'JPDSV[ 3P EF +BOFJSP
QQ
4F QSFTFOUBO FO FTUF MJCSP MBT DPNVOJ
DBDJPOFTZSFnFYJPOFTBDBENJDBTEFM
$POHSFTPEF#JPUJDBEFM&TUBEPEF3P
EF+BOFJSP DPOFMBQPZPEFMB4PDJFEBE
#SBTJMFBEF#JPUJDBZWBSJBT6OJWFSTJ
EBEFT&MUFNBFTUBCBDFOUSBEPFOFOGB
UJ[BSVOBEFMBTDBSBDUFSTUJDBTEFMBTBMVE
QCMJDB FM DVJEBEP Z MB OFDFTJEBE EF
QSPUFHFSBMPTJOEJWJEVPTZMBTQPCMBDJP
OFTIVNBOBT BTDPNPBMPTBOJNBMFTZ
FMNFEJPBNCJFOUF%FTEFMBNJSBEBEJT
DJQMJOBSEFMB#JPUJDB TFRVFSBEJTDVUJS
TPCSF MB DPOTUSVDDJO EF VOB TPDJFEBE
NT KVTUB Z EF VOB BTJTUFODJB FO TBMVE
NTIVNBOBZFmDB[
3FnFYJPOFTEFTEFWBSJBEPTFOGPRVFTUF
SJDPT Z TPCSF NVZ WBSJBEPT UFNBT RVF
WBOEFTEFMBGVOEBNFOUBDJOEJTDVUJEB
EFVOBiCJPUJDBEFQSPUFDDJOw MBUJDB
EFMBJOWFTUJHBDJODPOTFSFTIVNBOPTZ
BOJNBMFT MBGPSNBDJOEFMPTQSPGFTJP
OBMFTEFMBTBMVEQBSBRVFTFBOQFSTPOBT
BVUOPNBT DPNQSPNFUJEBTDPOFMEJ
MPHPZDPOFMSFTQFUPBMPTPUSPTZBMPT
EFSFDIPTIVNBOPT
+PT-VJT4FSSBOP.PSFOP&DPMPHB
Z%FSFDIP1SJODJQJPTEF%FSFDIP
"NCJFOUBMZ&DPMPHB+VSEJDB$P
NBSFT (SBOBEB QQ
&MBVUPSFTQSPGFTPSUJUVMBSEFMB6OJWFS
TJEBEEF(SBOBEB ZRVJFSFFOFTUFMJCSP
iEFTDPNQPOFSDJFSUBTQBSUFTEFMTJTUFNB
KVSEJDPQBSBFYUSBFSEFFMMBTVODPOKVO
UP EF JOTUSVNFOUPT FWFOUVBMNFOUF UJ

MFT QBSB MB DPOTFSWBDJO Z SFTUBVSBDJO
EF MPT FDPTJTUFNBT FO FM DPOUFYUP EF
MB DSJTJT FDPMHJDB FOUFOEJEB DPNP DSJ
TJT DJWJMJ[BUPSJBw &YQPOF MPT QSJODJQB
MFT DPODFQUPT EFM %FSFDIP "NCJFOUBM
MBT QPTJCJMJEBEFT RVF UJFOF FM EFSFDIP
QBSB UVUFMBS MPT FDPTJTUFNBT MPT mOFT
DPOTUJUVDJPOBMFT F JOTUSVNFOUPT MFHBMFT
QBSBMBQSPUFDDJOBNCJFOUBMZFMDSFDJ
NJFOUPTPTUFOJCMF UBOUPEFTEFFMFTUBEP
oQSPHSBNBTEFDPOUSPMQCMJDPBNCJFO
UBMoDPNPEFTEFMBTTPMVDJPOFTEFNFS
DBEP RVF MMFWBO B VOB BVUPSSFHVMBDJO
BNCJFOUBM 1BSB UFSNJOBS FYQPOF MPT
QSJODJQJPT KVSEJDPT RVF DPOTJEFSB JO
EJTQFOTBCMFTQBSBVOiQSPHSBNBFDPJO
UFHSBEPSwRVFTFBUSBEVDDJOKVSEJDBEF
MBFDPMPHBQPMUJDB
/JDPMT . 4PTB UJDB FDPMHJDB

/FDFTJEBE QPTJCJMJEBE KVTUJmDB
DJOZEFCBUF-JCFSUBSJBT1SPEIVm
FE .BESJE QQ
4PTB FT QSPGFTPS EF 'JMPTPGB .PSBM Z
1PMUJDBFOMB6OJWFSTJEBEEF4BMBNBO
DB EPOEFEJSJHFVOQSPHSBNBJOUFSEJT
DJQMJOBSTPCSF.FEJP"NCJFOUFOBUVSBM
ZIVNBOP0GSFDFFOFTUFMJCSPVOBWJ
TJOEFTEFMBRVFIBCSBEFDPOUFNQMBS
TFVODPOKVOUPEFQSPCMFNBTDBSBDUFST
UJDPT FOTVHSBWFEBEZUSBTDFOEFODJB EF
FTUFmOBMEFTJHMP RVFBGFDUBOBMNFEJP
BNCJFOUF OBUVSBM Z IVNBOP &M BVUPS
SFTVNF MBT QPTJDJPOFT EF MBT EJGFSFOUFT
DPSSJFOUFT FO FDPMPHB Z FO MB mMPTPGB
NPSBM RVF TF DFOUSB FO MPT QSPCMFNBT
FDPMHJDPT iDPNPDPOTUSVDDJOEFVOB
CBTF EF EBUPT QBSB MB JOWFTUJHBDJO FO
FTUF DBNQPw 1SFTFOUB BT iVOB BQSPYJ

NBDJOBMB&DPMPHBDPNPDJFODJBZMB
BEPQDJOEFMQBSBEJHNBFDPMHJDPDPNP
NPEFMP JOUFSEJTDJQMJOBS QBSB FONBSDBS
MB DSJTJT DJWJMJ[BUPSJB BDUVBMw SFWJTB MPT
NT DPOPDJEPT iEJBHOTUJDPTw TPCSF MB
DSJTJT ZMBSFnFYJOUJDBTPCSFMBNJTNB
TPCSFUPEPEFMNCJUPmMPTmDPBMFNO
ZBOHMPTBKO RVFTFBDFSDBBIPSBBiMB
BQBSJDJO QSPHSFTJWB EF MB JEFB EF SFT
QPOTBCJMJEBE NPSBMw &TUB SFnFYJO WB
FO EPT EJSFDDJPOFT VOB CBTBEB FO VOB
SFMFDUVSB EF MPT mMTPGPT DMTJDPT USBUB
EF EBS TVTUFOUP OP TMP B JORVJFUVEFT
TJOP B BVUOUJDPT iEFCFSFT FDPMHJDPTw
PUSB QPTUVSB UJFOEF B OFHBS B MBT UJDBT
NPEFSOBT TV DBQBDJEBE EF TVTUBODJBS
VOB UJDB FDPMHJDB QSPDFEJFOEP B SF
TVDJUBSFMEFCBUFCJPMPHJTNPBOUSPQP
DFOUSJTNP MB DPOTJEFSBDJO EFM QBQFM
EFM IPNCSF FO FM NVOEP MB FYUFOTJO
EFM DPODFQUP EF SFTQPOTBCJMJEBE NPSBM
BMNVOEPOPIVNBOP FUD
&TOFDF
TBSJBVOBUJDBFDPMHJDBRVFOPTBZVEFB
FTDMBSFDFSMPTUSNJOPTEFOVFTUSBTFMFD
DJPOFT Z PQDJPOFTw 3FWJTB UBNCJO BM
mOBMMBJOUFSWFODJOEFMEJTDVSTPUFPM
HJDPZSFMJHJPTP OFDFTBSJBZVSHFOUF FO
FMUFNBEFMBDSJTJTFDPMHJDB
"OESFB 4QFSBO[B &DPMPHB QSP

GVOEB Z BVUPSSFBMJ[BDJO *OUSP
EVDDJOBMBmMPTPGBFDPMHJDBEF
"3/&/BFTT&EJUPSJBM#JCMPT #VF
OPT"JSFT QQ
-BBVUPSBSFBMJ[MBQSJNFSBUFTJTTPCSF
FDPmMPTPGB FO MB 'BDVMUBE EF 'JMPTPGB
Z -FUSBT EF MB 6OJWFSTJEBE EF #VFOPT
"JSFT GVF QSPGFTPSB EF "OUSPQPMPHB
mMPTmDB Z BDUVBMNFOUF TF FODVFOUSB
USBCBKBOEP FO VO QSPZFDUP FEVDBUJWP

EF FTDBMB SFHJPOBM TPCSF DPODJFO[BDJO
FDPMHJDB
&TJOOFDFTBSJPFYQMJDBSQPSRVMBUFN
UJDBTPDJPBNCJFOUBMIBBERVJSJEPFOMBT
MUJNBTEDBEBTUBOUPQSPUBHPOJTNP-B
JNQPUFODJB NBOJmFTUB FO VOB BDUJUVE
EF SFTJHOBDJO Z FM EFTBHSBEP FYQSFTB
EPFOGPSNBEFQSPUFTUBQBSFDFOTFSMB
OJDB BMUFSOBUJWB QBSB RVJFOFT OP TPO
QSPUBHPOJTUBTFOMBFTDFOBQPMUJDBJOUFS
OBDJPOBM4JOFNCBSHP EFTEFFMTFOPEF
MBmMPTPGB "SOF/BFTTQSFTFOUBPUSBPQ
DJORVFSFJWJOEJDBMBWJEBFOUPEBTTVT
NBOJGFTUBDJPOFT Z RVF QSPQPOF DPNP
DPOEJDJOEFQPTJCJMJEBEVODBNCJPSB
EJDBMEFMNPEFMPFDPOPNJDJTUBWJHFOUF
VODVFTUJPOBNJFOUPQSPGVOEPZFMEFTB
SSPMMPEFMBTQPUFODJBMJEBEFTJOIFSFOUFT
EFDBEBTFS
3FDVQFSBOEP FM FOGPRVF TJTUNJDP EF
BMHVOPTQFOTBEPSFTDMTJDPT /BFTTBSUJ
DVMB VO EJTDVSTP RVF JOBVHVSB GPSNBM
NFOUFFMDBNJOPEFMBmMPTPGBIBDJBVO
OVFWPDBNQPJEFOUJmDBEPDPNPmMPTPGB
FDPMHJDBPiFDPmMPTPGBw/PPCTUBOUF
OPFTTPMBNFOUFVOmMTPGPRVFUFPSJ[B
TPCSFFTUBQSPCMFNUJDBFTUBNCJOVO
SFGFSFOUFEFOUSPEFMNPWJNJFOUPFDPMP
HJTUB &TUF MJCSP BQVOUB B JOUSPEVDJS BM
MFDUPSFOMBmMPTPGBFDPMHJDBEF/BFTT
ZTVWJODVMBDJODPOBMHVOBTDVFTUJPOFT
SFMFWBOUFT RVF HJSBO FO UPSOP EF MB UF
NUJDB TPDJPBNCJFOUBM UBMFT DPNP MBT
DSUJDBTBMNPEFMPUFDOPDSUJDP MBCT
RVFEBEFNPEFMPTBMUFSOBUJWPTEFDBSD
UFSTPTUFOJCMFZMBOFDFTJEBEEFJOTUBVSBS
EFmOJUJWBNFOUFVOBUJDBBNCJFOUBM
' 5BQJB . 5PIBSJB .FEJP BN

CJFOUF {BMFSUB WFSEF (FTUJO BN
CJFOUBMDPOUSBEFTBSSPMMPJOTPTUFOJ
CMF"DFOUP&EJUPSJBM .BESJE
QQ
'SBODJTDP 5BQJB FT JOHFOJFSP FTQFDJBMJ
[BEP FO FM TFDUPS BNCJFOUBM Z .BOVFM
5PIBSJB QFSJPEJTUB FTQFDJBMJ[BEP FO
DJFODJB 5SBUBO EF iQPOFS MBT DPTBT FO
TV TJUJPw BOBMJ[BOEP DPO SBDJPOBMJEBE
DJFOUmDBMPTQSPCMFNBTEFMNFEJPBN
CJFOUF QVFT iNVDIBT EF MBT CBOEFSBT
FTHSJNJEBT DPNP WFSEBEFT BCTPMVUBT Z
QPSUBOUP JOEJTDVUJCMFT OPBMPOVDMFBS
OP B MB JODJOFSBDJO FGFDUP JOWFSOBEF
SP P[POP FUD
UJFOFO QPDP RVF WFS
DPO MB SFBMJEBE DJFOUmDB EF MBT DPTBT
Z TPO BO JODHOJUBT DJFOUmDBT 1FPS
NJFOUSBTMBDJFODJBTFBTFHVSB TFEFCFO
BQMJDBSDVBOUPBOUFTMBTTPMVDJPOFTBMPT
QSPCMFNBT DPOTFOUJEPDPNO FOVOB
iOVFWBSFWPMVDJOJOEVTUSJBMWFSEFw"M
BOBMJ[BSMBTQPMUJDBTEFQPCMBDJOTFJO
DMJOBOEFDJEJEBNFOUFQPSFODPOUSPMEF
MBOBUBMJEBEFOMPTQBTFTFOWBTEFEF
TBSSPMMP DPOTJEFSBOEPJSSFTQPOTBCMFTMBT
QPTJDJPOFTDPOUSBSJBT
+PT -VJT 5FMMFSB &EJUPS

&M JN
QBDUPEFMIPNCSFTPCSFFMQMBOFUB
&EJUPSJBM$PNQMVUFOTF
-BQPCMBDJOIVNBOB GSFOBEBIBTUBOP
IBDFNVDIPQPSQMBHBT FOGFSNFEBEFTZ
VOEFTBSSPMMPUFDOPMHJDPSFMBUJWBNFOUF
JODJQJFOUF TF IB EJTQBSBEP FO MBT MUJ
NBTEDBEBT$PNPTFDVFMBEFTVTBDUJ
WJEBEFTTFDPOUBNJOBFMNBSZMBBUNT
GFSB DBNCJBFMDMJNB TFQJFSEFTVFMP TF
FTRVJMNBOMPTSFDVSTPT EFTBQBSFDFOMBT
FTQFDJFT 4VSHF BT VO JOUFST DSFDJFOUF

QPS SFWJTBS OVFTUSP QBQFM TPCSF WJBCJMJ
EBEEFMPTTJTUFNBTBNCJFOUBMFTRVFOPT
NBOUJFOFO &O FTUF MJCSP RVF SFDPHF
VOB TFSJF EF DPOGFSFODJBT PSHBOJ[BEBT
QPSFM'PSP$PNQMVUFOTF TFSFnFYJPOBF
JOGPSNBTPCSFMBTDBSBDUFSTUJDBTFJOUFO
TJEBEEFNVDIPTEFFTUPTQSPCMFNBT
%BOJFMMF5FU3PESHVF[0%FSFJ
UPT EPT BOJNBJT 6NB BCPSEBHFN
UJDB 'JMPTmDBF/PSNBUJWB+VS
N &EJUPSB $VSJUJCB B FE
QQ
"VUPSB FT .FTUSF FO %JSFJUP &DPO
NJDP F 4PDJBM 16$13 SFB EF %JSFJ
UP 4PDJPBNCJFOUBM F %FTFOWPMWJNFOUP
QPSMB6'13 QSPGFTPSBEFMB'BDVMUBE
EF%FSFDIPEF$VSJUJCB5SBUBTPCSFMB
OBUVSBMF[B MPT BOJNBMFT Z MPT BOJNBMFT
IVNBOPT Z MB QSPUFDDJO KVSEJDB RVF
EFCF EBSTF B MPT BOJNBMFT FO FM &TUBEP
DPOUFNQPSOFP
BMFT5S[ 0SH
*OTUSVNFOUPBOJ
NBM0VTPQSFKVEJDJBMEFBOJNBJT
OPFOTJOPTVQFSJPS7JFOB "MGFOBT
#SBTJM
BMFT 5S[ FT HSBEVBEP FO $JFODJBT
#JPMHJDBT QPS MB 6OJWFSTJEBEF 'FEFSBM
EF4BOUB$BUBSJOB
DPONBFTUSB
FOUJDBBQMJDBEBQPSMB,BUIPMJFLF6OJ
WFSTJUFJU-FVWFO
"DUVBMNFOUFFT
QSPGFTPS UJUVMBS EF MB 6OJWFSTJEBEF 'F
EFSBMEF"MGFOBT5JFOFFYQFSJFODJBFOFM
SFBEFUJDBFOMB&EVDBDJO FTQFDJBM
NFOUF FO CJPUJDB Z FYQFSJNFOUBDJO
BOJNBM UFNBBMRVFEFEJDBFTUFMJCSP

7BSJPTBVUPSFT#JPUJDB.FJP"N
CJFOUF 4BEFF1FTRVJTB*USJB 4P
1BVMP QQ
-PT BVUPSFT EF FTUF MJCSP QSPWJFOFO EF
EJGFSFOUFT NCJUPT BDBENJDPT NEJ
DPT CJMPHPT RVNJDPT EPDUPSFT FO
$JFODJBT Z MFT VOF FM TFS QSPGFTPSFT Z
DPMBCPSBEPSFT EF MB .BFTUSB FO #JP
UJDB EF MB 6OJWFSTJEBEF EP 7BMF EF
4BQVDB 6/*7"4
FO 1PVTP "MFHSF
#SBTJM 5SBUBO UFNBT EF UJDB Z NFEJP
BNCJFOUF FQJEFNJPMPHBZTBMVEQCMJ
DB EJMFNBT CJPUJDPT EF MB DMPOBDJO Z
MPTEJBHOTUJDPTHFOUJDPT ZTPCSFUPEP
TFEFEJDBCBTUBOUFFTQBDJPBMBUJDBEF
MBJOWFTUJHBDJOFOTFSFTIVNBOPTZFO
BOJNBMFT ZBMBCJPFTUBETUJDBDPNPIF
SSBNJFOUBEFMBJOWFTUJHBDJOZTVSFMB
DJODPOMB#JPUJDB
3BM7JMMBSSPFM-BOBUVSBMF[BDPNP
UFYUP)FSNFOVUJDBZDSJTJTNFEJP
BNCJFOUBM &EJUPSJBM 6OJWFSTJUBSJB
4BOUJBHPEF$IJMF QQ
3BM7JMMBSSPFMFTEPDUPSFO'JMPTPGBZ
NBHTUFSFO#JPUJDBQPSMB6OJWFSTJEBE
EF$IJMF&TQSPGFTPS"TPDJBEPEFM%F
QBSUBNFOUPEF'JMPTPGBEFMB'BDVMUBE
EF'JMPTPGBZ)VNBOJEBEFTEFMB6OJ
WFSTJEBEEF$IJMFZFOMBBDUVBMJEBETF
EFTFNQFBDPNPEJSFDUPSEFM$FOUSPEF
&TUVEJPTEFUJDB"QMJDBEBEFMBNJTNB
'BDVMUBE&TBVUPSEFOVNFSPTPTBSUDV
MPT FO SFWJTUBT FTQFDJBMJ[BEBT Z DPBVUPS
EFM MJCSP #JPUJDB 'VOEBNFOUPT Z %J
NFOTJOQSDUJDB

&M MJCSP RVF BRV TF QSFTFOUB TF EFmOF
DPNPVOBBQPMPHBmMPTmDBEFMNFEJP
BNCJFOUF4VBSHVNFOUBDJODFOUSBMTF
TVTUFOUBFOVOBIFSNFOVUJDBEFMBOB
UVSBMF[BFOMBRVFTUBFTMFEBDPNPTJ
GVFSBVOUFYUP%FFTUBPQFSBDJOJOUFS
QSFUBUJWBQVFEFTFSQSPUBHPOJTUBFMTVKFUP
EFQPUFODJBEPEFMBTOVFWBTDPOEJDJPOFT
IJTUSJDBTJNQVFTUBTQPSMBQPDBmOBMEF
MBNFUBGTJDB%BEBMBSFCBKBOJIJMJTUBEF
TVFTUBUVUPPOUPMHJDPZMBFYUSFNBHSB
WFEBEEFMBDSJTJTBNCJFOUBMEFMQSFTFO
UF FTUFQBSUJDVMBSTVKFUPDPOUFNQPSOFP
TFWFJNQVMTBEP BIPSBEFDBSBBMGVUVSP
BSFDPOTJEFSBSDSUJDBNFOUFTVQSPHSBNB
EFWBTUBEPSEFMBOBUVSBMF[BZBTVNJSMB
DPSSFTQPOTBCJMJEBE QPS MBT DPOTFDVFO
DJBTEFTVBDDJOJOEJWJEVBMZDPMFDUJWB
TPCSF FM NVOEP -B OVFWB QFSTQFDUJWB
EF TV BDDJO QSPWJFOF EF VOB EJTQPTJ
DJOGVOEBNFOUBMEFDVJEBEP EFTEFMB
RVFBMJFOUBMBQPTJCJMJEBEEFSFTUBCMFDFS
BRVFMMBTPMJEBSJEBEBOUSPQPDTNJDBEFT
DPOPDJEBTJTUFNUJDBNFOUFQPSFMQBSB
EJHNBUFDOPDJFOUmDPNPEFSOP BMRVF
IBTUBBIPSBIBSFTQPOEJEP
'FNJOJTNPZHOFSP
"SDBHOJ %FMHBEP 4BOBIVKB 4DB
MB 4FCFSU -B NVKFS IPZ EFTQVT
EF 1FLO +$ &EJDJPOFT 3PTBSJP
"SHFOUJOB QQ
5PNBOEPDPNPQVOUPEFQBSUJEBMBDF
MFCSBDJOEFMB*7$POGFSFODJBTPCSFMB
.VKFS SFBMJ[BEBFOTFQUJFNCSFEF
FO1FLO WBSJPTBVUPSFTBSHFOUJOPTSFDP
HFOFOFTUFMJCSPTVTFTDSJUPTFOUPSOPB
MPT QSJODJQBMFT FMFNFOUPT EF MB QSPCMF
NUJDBEFMBNVKFS"SUDVMPTZDPOGFSFO
DJBTEFEJWVMHBDJORVFFOQBSUFGVFSPO
QSFTFOUBEPTFOFM7$POHSFTP/BDJPOBM
QSP7JEBZ1SP'BNJMJBEFM$POTFKP"S
HFOUJOPQPSMB7JEBZMB'BNJMJBDFMFCSB
EPFO4BOUB'FFONBZPEF
4FBCPSEBOEFTEFVOQVOUPEFWJTUBDS
UJDPMBTDVFTUJPOFTNTDBOEFOUFTDPNP
MBQFSTQFDUJWBEFHOFSP MB$POGFSFODJB
EF 1FLO P FM GVUVSP EFM NPWJNJFOUP
GFNJOJTUB B OJWFM JOUFSOBDJPOBM : FO
DVBOUPBMBFYQFSJFODJBFO"SHFOUJOB TF
BOBMJ[BOMBTDPOTFDVFODJBTEFMBUFPSBEF
HOFSPFOMBFEVDBDJOOBDJPOBMBUSBWT
EFM NFUJDVMPTP FTUVEJP EFM 1SPHSBNB
QBSBMBQSPNPDJOEFJHVBMEBEEFPQPS
UVOJEBEFTQBSBMB.VKFS EFM.JOJTUFSJP
EF&EVDBDJOEFMB/BDJO

$PPSE
/VFWB .BESJE QQ
&M IPNCSF BMDBO[B IPZ FO EB DPO FM
JOTUSVNFOUBM RVF MB UDOJDB QPOF B TV
BMDBODF FTQBDJPT EF MB OBUVSBMF[B Z EF
MB WJEB RVF MF FTUBCBO WFUBEPT UJFNQP
BUST&TUPQMBOUFBBMBUJDBQSPCMFNBT
JOEJUPTTPCSFMBTJNQMJDBDJPOFTNPSBMFT
EFMBBDDJOIVNBOB DVBOEPTUBNB
OJQVMB NBUFSJBM HFOUJDP FYQFSJNFOUB
DPO TVKFUPT IVNBOPT P USBOTGPSNB MBT
DPOEJDJPOFTEFMOBDFSZEFMNPSJSEFMPT
IPNCSFT%FBIMBOFDFTJEBEZMBPQPS
UVOJEBEEFFTUPTFTUVEJPTRVFTFBHSVQBO
FO UPSOP B MB EJTDJQMJOB EF MB #JPUJDB
TJEBEEF4BMBNBODB +PT.BSB(BSDB
(NF[)FSBT WBSJPT BVUPSFT BCPSEBO
MPT QMBOUFBNJFOUPT NT SFDJFOUFT TPCSF
FTUBTDVFTUJPOFTDMBWFRVFBGFDUBOBMPT
QSPGFTJPOBMFT NEJDPT Z B MPT JOWFTUJ
HBEPSFTFOFMDBNQPEFMBCJPMPHBZMB
HFOUJDB(NF[)FSBTBCPSEBMBJOUSP
EVDDJO DPO VO BOMJTJT EFM iSFUPSOP B
VOBUJDBEFMBWJEBDPUJEJBOBw ZUBN
CJODJFSSBFMMJCSPDPOVOFQMPHPiUJ
DBEFNYJNPTZUJDBEFNOJNPT6OB
BMUFSOBUJWBQBSBTPMVDJPOBSMPTDPOnJDUPT
NPSBMFTEFMBTTPDJFEBEFTQMVSBMJTUBTw
USBUBmOBMNFOUFEFMBiUJDBEFMBQSP
GFTJO NEJDBw 5FNBT NVZ WBSJBEPT
RVJ[TDPOQPDBVOJEBE DPNPFMQSPQJP
UUVMPEFMMJCSPNBOJmFTUB
+PSHF-VJT)FSOOEF["SSJBHB &EJ
UPS
-BCJPUJDBZMBNVKFS5SJMMBT
.YJDP QQ
6OHSVQPEFIPNCSFTZNVKFSFTEFEJ
DBEPTBEJTDJQMJOBTUBOEJWFSTBTDPNPFM
EFSFDIP MBQPMUJDB MBCJPMPHBDFMVMBS
MBNFEJDJOBZMBQTJDPMPHB FOUSFPUSBT
TF IB SFVOJEP QBSB DPNQBSUJS TVT DP
OPDJNJFOUPT FYQFSJFODJBT PQJOJPOFT Z
QFSTQFDUJWBTFOUPSOPBMBNVKFS

&OFTUBTFSJFEFFOTBZPTTFBOBMJ[BOBT
QFDUPT QBSUJDVMBSFT BDFSDB EF MB NVKFS
BDUVBM FO OVFTUSP NFEJP Z TF PGSFDFO
QSPQVFTUBTEFDBNCJPPQPTJCMFTTPMVDJP
OFT TFQMBOUFBFMQSPCMFNBEFMSFTQFUPB
MPTEFSFDIPTIVNBOPT MBQBSUJDJQBDJO
EFMBNVKFSFOMBTPDJFEBEZMBGBNJMJB Z
TVGVUVSPZMBTQPTJCJMJEBEFTEFTFSSFDP
OPDJEBDPOKVTUJDJB.TRVFGPNFOUBS
MBMVDIBEFMBNVKFSQPSPDVQBSFMQBQFM
EFMIPNCSF MBQSFNJTBEFFTUBPCSBFT
SFDPOPDFS RVF BNCPT TPO QPTFFEPSFT
EFMNVOEPZRVFDBEBVOPEFCFPDVQBS
FMMVHBSRVFMFTDPSSFTQPOEFFOMPTN
CJUPTCJPMHJDP TPDJBM QPMUJDP DVMUVSBM
FUD QVFTMBTQPTJCJMJEBEFTEFDPOTFHVJS
MPTPOSFBMNFOUFWJBCMFT
.BSB5FSFTB-QF[EFMB7JFKB $P
PSE
#JPUJDB Z GFNJOJTNP &TUV
EJPT NVMUJEJTDJQMJOBSFT EF HOFSP
&EJDJPOFT 6OJWFSTJEBE EF 4BMBNBO
DB QQ
%VSBOUFEDBEBT MPTQSPCMFNBTSFMBDJP
OBEPTDPOMBTNVKFSFTIBOTJEPQSDUJDB
NFOUFJOWJTJCMFTQBSBMBCJPUJDB FOFT
QFDJBMQBSBMBMJCFSBM ZBRVFTUBQSFTUBCB
FTDBTBBUFODJOBMBEJNFOTJOTPDJBMZ
QPMUJDBEFMBBUFODJOTBOJUBSJBZEFMB
JOWFTUJHBDJODJFOUmDB&OMPTBPTTF
UFOUB $(JMMJHBOoBVUPSBEFVOPEFMPT
DBQUVMPTEFFTUFMJCSPoBCPHBCBQPSVOB
DPODFQDJOBMUFSOBUJWBEFMBNPSBMJEBE
QPS VOB WP[ RVF GVFSB EJGFSFOUF EF MPT
WBMPSFT GFNFOJOPT DPOWFODJPOBMFT /P
PCTUBOUF MB UJDB GFNJOJTUB BQFOBT GVF
DPOTJEFSBEBFOBRVFMNPNFOUP&OMPT
BPT BMUJFNQPRVFMBTEJmDVMUBEFT
DVMUVSBMFT FNQF[BCBO B TFS SFMFWBOUFT
FO MB FTGFSB QCMJDB MB QFSTQFDUJWB EF
HOFSPSFDMBNVOBWJTJONTBNQMJB
EFMEJTDVSTPCJPUJDP DPOFMmOEFRVF
TUFJODMVZFSBMBFYQFSJFODJBZWP[EFMBT
NVKFSFTTPCSFFMDVJEBEPEFMBTBMVE MB
EJTUSJCVDJOTPDJBMEFMDVJEBEPF JODMV
TP TPCSFMPTMNJUFTEFMBBVUPOPNBEF
MBT EFDJTJPOFT FO FM NCJUP DMOJDP -B
CJPUJDBGFNJOJTUBIBTVSHJEPEFVOBWB
MPSBDJONVZDSUJDBEFMTFTHPEFHOFSP
FO MB QSDUJDB DMOJDB Z FO MB JOWFTUJHB
DJO
&M MJCSP UJFOF DVBUSP BQBSUBEPT i0USB
WP[ PUSBUJDBNEJDBw i#JPUJDBGFNJ
OJTUBw .VKFSZTBMVEwZi&TUVEJPTNVM
UJEJTDJQMJOBSFTEFHOFSPw&MBSUDVMPEF
MBDPPSEJOBEPSBEFMMJCSPow#JPUJDB EFM
DVJEBEP BM HOFSPwo TF PDVQB EFM QSP
DFTP RVF IB MMFWBEP IBDJB VOB CJPUJDB
EF HOFSP RVF BNQMB MBT DVFTUJPOFT
NPSBMFTDPOBTQFDUPTEFDBSDUFSTPDJBM
ZQPMUJDP1PSFTUBSB[O IPZQVFEFTFS
DPOTJEFSBEBDPNPVOBiCJPUJDBDSUJDBw
DPNQSPNFUJEB DPO MBT OFDFTJEBEFT EF
MPTDJVEBEBOPT BFTDBMBMPDBMZHMPCBM
(BJB .BSJTDP #JPUJDB WPDFT EF

NVKFSFT/BSDFB QQ
-BBVUPSBFTEPDUPSBFO#JPUFDOPMPHB
ZMJDFODJBEBFO'JMPTPGBEFMB$JFODJB
USBCBKBFONCJUPTVOJWFSTJUBSJPT TB
OJUBSJPTZBDBENJDPTEF*UBMJB
-FKPTEFEPDUSJOBTZUFPSBT FTUFMJCSP
TFDFOUSBFOJUJOFSBSJPTZWJEBDPUJEJB
OB FYQMPSBOEP EFTEFVOBQFSTQFDUJ
WB GFNFOJOB Z GFNJOJTUB BMHVOBT EF
MBT NT VSHFOUFT DVFTUJPOFT EF CJP
UJDBEJSFDUBNFOUFSFMBDJPOBEBTDPOMBT
NVKFSFT -B TFOTJCJMJEBE EF OVNFSP
TBTFTQFDJBMJTUBTFOCJPUJDBCVTDBBM
UFSOBUJWBT RVF WBO NT BMM EF DVFT
UJPOFT FTUSJDUBNFOUF SFQSPEVDUJWBT
QSFTFOUBOEPNPEPTEJWFSTPTEFIBDFS
CJPUJDB EJWFSTPT FO FM NUPEP MB
SFnFYJO Z MBT QSPQVFTUBT QPSRVF FM
QFOTBNJFOUPGFNFOJOPZFMGFNJOJTUB
TPO TPCSFUPEP QFOTBNJFOUPTQSPQP
TJUJWPT
014&RVJEBEEFHOFSPFOMBSF
GPSNB EFM TFDUPS TBMVE MFDDJPOFT
EFMQSPDFTPDIJMFOP014 4BOUJBHP
EF$IJMF QQ
4F PGSFDF VOB TJTUFNBUJ[BDJO EFM 1SP
ZFDUP(OFSP &RVJEBEZ3FGPSNBEFMB
4BMVE MMFWBEPBDBCPQPSMB6OJEBEEF
(OFSP &UOJBZ4BMVEEFMB0140.4
FOUSFMPTBPTB FO$IJMF
'BCJPMB 3PIEFO 6NB DJFODJB EB

EJGFSFOB TFYP F HOFSP OB NFEJ
DJOBEBNVMIFS'*0$36; 3JPEF
+BOFJSP
"OBMJTBOEP P DPOKVOUP EF UFTFT QSP
EV[JEBT OB 'BDVMEBEF EF .FEJDJOB EP
3JP EF +BOFJSP QFSDFCFTF RVF B POEB
EF QSPHSFTTPT OBT UFPSJBT F UDOJDBT F
P TVSHJNFOUP EF OPWBT FTQFDJBMJEBEFT
NEJDBT JNQMJDB VNB EFTJHVBMEBEF OB
BUFOPEFEJDBEBBDBEBVNEPTTFYPT
6NB QSFPDVQBP TJOHVMBS DPN B EF
MJNJUBP EP QBQFM TPDJBM EF DBEB TFYP
QPEFTFSQFSDFCJEBBQBSUJSEPQSPDFTTB
NFOUP EPT UUVMPT EBT UFTFT QSPEV[JEBT
OB'BDVMEBEFEF.FEJDJOBEP3JPEF+B
OFJSPFOUSFF RVFDPOTUBN
EP$BUMPHPEFUFTFTEB'BDVMEBEFEF.F
EJDJOBEP3JPEF+BOFJSPQVCMJDBEPQFMB
6OJWFSTJEBEF'FEFSBMEP3JPEF+BOFJSP
FN
QPEFNPTTVTQFJUBSRVFIVNBEJGFSFOB
EFDPOTJEFSBPBSFTQFJUPEBTEVBTNF
UBEFTRVFDPNQFNBIVNBOJEBEF%F
VNMBEP BNVMIFSUSBUBEBOPEJTDVS
TP NEJDP DPNP FNJOFOUFNFOUF QSFTB
GVOP TFYVBMSFQSPEVUJWB EJGFSFO
UFNFOUF EP IPNFN %F PVUSP MBEP
RVBOEP TF GBMB FN SFQSPEVP RVBTF
RVF NBDJBNFOUF TF FWPDB B NVMIFS F
SBSBTWF[FTPIPNFN&OUFOEFSBDPO
GPSNBP EFTTF EJTDVSTP JNQMJDB FN
NFSHVMIBSOPDPOUFYUPEBQPDB UFOUBS
QFSDFCFSBTDPOFYFTFOUSFPQFOTBNFO
UPDJFOUmDPFPTQBESFTTPDJBJTWJHFOUFT
FNDBEBNPNFOUP DPNPTFUFOUBGB[FS
BTFHVJS *OUSPEVDDJOEFMBQSPQJBBV
UPSB

"MFKBOESB3PUBOJB"DFMFCSBDJOEP
UFNPSCJPUFDOPMPHBT SFQSPEVDBP
UJDBFGFNJOJTNP&QBQFST 3JPEF
+BOFJSP
$PNPFYQPOFMBNJTNBBVUPSBFOMB*O
USPEVDDJOEFTVMJCSPi0UFNBEB#JP
UFDOPMPHB EFWF DPOTUJUVJS BTTVOUP EF
JOUFSFTTF EPT TFUPSFT RVF USBCBMIBN OB
SFBEBTBEF &QPSRVFFTQFDJmDBNFOUF
EPNPWJNFOUPEFNVMIFSFTRVFBUVBN
OBSFBEBTBEFFEPTEJSFJUPTTFYVBJTF
SFQSPEVUJWPT 'VOEBNFOUBMNFOUF QPS
RVF FMFT GB[FN QBSUF EP DFOSJP NVO
EJBMDPOUFNQPSOFPBUSBWTEFWBSJBEBT
F TVUJT GPSNBT FTUP QSFTFOUFT OB WJEB
DPUJEJBOB FNCPSBWFMBEPT FTDPOEJEPT
FTDBNPUFBEPT JOWJTWFJT BJOEB EFTUF
NPEPRVF BDSFTDFOUBEPTBPTQSPCMFNBT
USBEJDJPOBJTFOPSFTPMWJEPTEPTQBTFT

EP5FSDFJSP.VOEP UBJTDPNPBGPNF
BGBMUBEFBDFTTPBPTTFSWJPTCTJDPTEF
FEVDBP F EF TBEF NPSCJoNPSUB
MJEBEF EBT NVMIFSFT QPS QBSUP PV QPS
BCPSUPDMBOEFTUJOP FMFTDPOmHVSBNVN
NVOEPEFFYUSFNBDPNQMFYJEBEFFSJT
DPRVFBQSFTFOUBEFTBmPTJOEJUPTQBSB
UPEPT BRVFMFT RVF CVTDBN B KVTUJB B
FRVJEBEF BEJHOJEBEFFJOUFHSJEBEFEB
WJEBIVNBOB EPTHSVQPTFQPWPT
'VOEBNFOUBMNFOUF UBNCN QPSRVF
EJ[FNSFTQFJUPBPDPOIFDJNFOUP BPTB
CFS DJODJB UDOJDB DVMUVSB FDP
OPNJB QPMUJDB TPDJFEBEF PVTFKB
BPGB[FSFBPBHJSFNSFMBPBUPEPTPT
FWFOUPT EB WJEB $BCF MFNCSBS RVF P
GFNJOJTNP FNFSHF DPNP QFOTBNFOUP
FBPWJTDFSBMNFOUFDPOmHVSBEPEFTEF
B WPOUBEF UJDPQPMUJDB EF BQSFTFOUBS
PVUSBTGBDFUBTEBWJEBTPDJBMFEBTSFMBFT
IVNBOBTDPNBOBUVSF[B RVFTUJPOBOEP
BDVMUVSBFQSPQPOEPNVEBOBT"CJP
UFDOPDJODJB B CJPUFDOPMPHJB EJ[FN
SFTQFJUP OP T B RVFTUFT SFMBUJWBT BP
TBCFS UDOJDPDJFOUmDP NBT BRVFMBT
FTTFODJBJTEBWJEBIVNBOB EBWJEBEBT
NVMIFSFT EPNFJPBNCJFOUF EBTBEF
EPGVUVSP EBBVUPEFUFSNJOBPw
4VF 8JMLJOTPO $FMJB ,JU[JOHFS

$PNQT
.VKFSZ4BMVEVOBQFST
QFDUJWB GFNJOJTUB 1BJET $POUFY
UPT #BSDFMPOB QQ
4VF 8JMLJOTPO QFSUFOFDF BM %FQBSUB
NFOUP EF $JFODJBT 4PDJBMFT EF MB 6OJ
WFSTJEBEEF-PVHICPSPVHIZFTEJSFDUPSB
EFMBSFWJTUBi'FNJOJTN1TZDIPMPHZw
Z$FMJB,JU[JOHFSFTDPPSEJOBEPSBEFMPT
&TUVEJPTEFMB.VKFSFOMBNJTNBVOJ
WFSTJEBE#BKPTVDPPSEJOBDJO TFPGSF
DFOPODFFTUVEJPTTPCSFFMUFNBHFOFSBM
EFVOFOGPRVFGFNJOJTUBTPCSFMBNVKFS
ZMBTBMVE UPEPTFTDSJUPTQPSBVUPSBTEF
(SBO#SFUBBZDFOUSBEPTFOMPTQSPCMF
NBTEFFTUFQBT BVORVFBCJFSUPTBMBCJ
CMJPHSBGBZDPNVOJDBDJPOFTEFMNCJUP
BOHMPTBKO TPCSFUPEPEF&TUBEPT6OJ
EPT "MHVOPT PGSFDFO VOPT QVOUPT EF
WJTUBNVZTVHFSFOUFTTPCSFMBNVKFSZMBT
ESPHBTPFMUBCBDP FMDODFSEFNBNB MB
NFOPQBVTJB FUD&ODVBOUPBMBTUDOJ
DBTEFGFDVOEBDJOJOWJUSP FTJOUFSFTBO
UFFMFTUVEJPEF1BU4QBMMPOF EFMB6OJ
WFSTJEBE EF :PSL RVF DSJUJDB MB WJTJO
BDUVBMDFOUSBEBFOBTFHVSBSMBFmDBDJBEF
MBTUDOJDBTZFOMBJOWFTUJHBDJOTPCSFFM
FNCSJO TJORVFTFUFOHBOFODVFOUBMBT
DPOTFDVFODJBTOFHBUJWBTRVFUJFOFOFOMB
NVKFS BMIBCMBSEFMBATBMVESFQSPEVDUJ
WB1PSTVQBSUF EPTJOWFTUJHBEPSBTEFM
i.FO 3JTLBOE"*%41SPKFDUwQSFTFO
UBOMBTBDUJUVEFTEFMBTKWFOFTCSJUOJDBT
TPCSF MBT SFMBDJPOFT TFYVBMFT ATFHVSBT
NVFTUSBOMBFEBEDBEBWF[NTUFNQSB
OBEFMJOJDJPEFMBTSFMBDJPOFTZMBQPDB
VUJMJ[BDJOEFMQSFTFSWBUJWP QFSPTVQSP
QVFTUBEFFTUSBUFHJBTOPMMFHBNTBMMEF
SFDPNFOEBSVOFKFSDJDJPEFMBTFYVBMJEBE
RVFOPMMFHVFIBTUBFMDPJUP DPOVODBN
CJPFOMBNFOUBMJEBENBTDVMJOB
.BOVBMFTZUFNBTWBSJBEPT
'SBODFTD "CFM J 'BCSF #JPUJDB
PSHFOFT QSFTFOUFZGVUVSP*OTUJUVU
#PSKBEF#JPUJDBZ'VOEBDJO.BQGSF
.FEJDJOB .BESJE QQ
&MEPDUPS'SBODFTD"CFM TK QSFTJEFOUF
EFM *OTUJUVU #PSKB EF #JPUJDB F JOUSP
EVDUPS EF MB CJPUJDB FO &VSPQB EFT

QVTEFIBCFSWJWJEPMPTPSHFOFTEFFTUB
EJTDJQMJOBFOMPT&TUBEPT6OJEPT PGSFDF
FTUBPCSBGVOEBNFOUBM
&MMJCSPDPOTUJUVZFVONBOVBMCTJDPEF
MB #JPUJDB ZB RVF EB B DPOPDFS CVFOB
QBSUFEFTVHOFTJTBMNVOEP MBTJUVB
DJO BDUVBM EFOUSP Z GVFSB EF OVFTUSBT
GSPOUFSBT Z UBNCJO VOB QFSTQFDUJWB
B NFEJP Z MBSHP QMB[P FOUSBOEP B BOB
MJ[BS MPT HSBOEFT QSPCMFNBT RVF UJFOF
QMBOUFBEPTIPZMBCJPUJDB DPOMBWJTJO
QBSUJDVMBSEFMBVUPSRVFMPTIBWJWJEPZ
USBCBKBEP DPOTUBOUFNFOUF UJDB EF MB
JOWFTUJHBDJO DPOEJDJOUJDBZKVSEJDB
EFMFNCSJOIVNBOP EFDJTJPOFTBMmOBM
EFMBWJEB
#JPUJDB%FCBU *OTUJUVU
#PSKBEF#JPUJDB

+PT3BNO"DPTUB4BSJFHP &EJUPS

#JPUJDBEFTEFVOBQFSTQFDUJWBDV
CBOB$FOUSP'MJY7BSFMB -B)BCB
OB
"DPTUB4BSJFHP DPPSEJOBEPSZFEJUPSEF
FTUB PCSB FT EPDUPS FO .FEJDJOB &T
QFDJBMJTUB EF 4FHVOEP (SBEP FO 4BMVE
1CMJDB QSPGFTPS 5JUVMBS EFM *OTUJUVUP
4VQFSJPSEF$JFODJBT.EJDBTEF-B)B
CBOBZNBHTUFSFO#JPUJDB)BDPPSEJ
OBEPFOFTUFMJCSPBVOBCVOEBOUFO
NFSPEFQSPGFTJPOBMFTEFEJTUJOUBTSFBT
JNQMJDBEPTFOMB#JPUJDB QBSBEFTBSSP
MMBSVOBQSJNFSBNVFTUSBEFMQFOTBNJFO
UPDVCBOPFOTUBEJTDJQMJOB-PTUFNBT
RVF DFOUSBO MPT USBCBKPT TPO &M PCKFUP
Z GVOEBNFOUPT EF MB #JPUJDB -B UJDB
EFMBJOWFTUJHBDJODJFOUmDBFOTFSFTIV
NBOPT$VFTUJPOFTUJDBTFNFSHFOUFTZ
$JWJMJ[BDJO NFEJPBNCJFOUFZTBMVE

#JPUJDB QBSB MB TVTUFOUBCJMJEBE
1VCMJDBDJPOFT"DVBSJP $FOUSP'MJY
7BSFMB -B)BCBOB QQ
&TUFWPMVNFOIBTJEPDPPSEJOBEPQPSFM
EPDUPS+PT3BNO"DPTUB VOPEFMPT
NJFNCSPT GVOEBEPSFT EFM $PNJU $V
CBOPEF#JPUJDB BTDPNPEFMB$UF
ESB EF UJDB BQMJDBEB Z EFM $PNJU EF
#JPUJDBEFMB6OJWFSTJEBEEF-B)BCB
OB-PFEJUBFM$FOUSP'MJY7BSFMB PS
HBOJ[BDJO OP HVCFSOBNFOUBM DVCBOB
DPOFMQSPQTJUPEFSFOEJSVOIPNFOBKF
B7BO3FOTTFMBFS1PUUFS ZDPOUSJCVJSB
MBFYQBOTJOEFVOBQFSTQFDUJWBCJPUJDB
JOUFHSBEPSB USBOTEJTDJQMJOBSJB NVMUJ
DVMUVSBMZDPNQSPNFUJEB
-PT USBCBKPT SFDPHJEPT TF DFOUSBO FO
DJODPHSBOEFTUFNBT1MBOUFBNJFOUPHF
OFSBMEFVOB#JPUJDBQBSBMBTVTUFOUBCJ
MJEBE.FEJPBNCJFOUFZSFDVSTPTOBUV
SBMFT1PCMBDJPOFTWVMOFSBCMFT$JFODJB
UFDOPMPHB Z TPDJFEBE Z mOBMNFOUF
$POnJDUPTZSFUPTFDPONJDPT TPDJBMFT
ZDVMUVSBMFT$PMBCPSBOFTQFDJBMJTUBTEF
CBTUBOUFT QBTFT EF -BUJOPBNSJDB Z EF
&TQBB QSJODJQBMNFOUF

#JPUJDBEFTEFVOBQFSTQFDUJWBDV
CBOB $FOUSP 'MJY 7BSFMB FE
"NQMJBEB -B)BCBOB
"DPTUB 4BSJFHP DPPSEJOBEPS Z FEJUPS
EF FTUB PCSB FT EPDUPS FO .FEJDJOB
&TQFDJBMJTUB EF 4FHVOEP (SBEP FO 4B
MVE1CMJDB QSPGFTPS5JUVMBSEFM*OTUJ
UVUP 4VQFSJPS EF $JFODJBT .EJDBT EF
-B)BCBOBZNBHTUFSFO#JPUJDB)B
DPPSEJOBEP FO FTUF MJCSP B VO BCVO

EBOUFONFSPEFQSPGFTJPOBMFTEFEJT
UJOUBT SFBT JNQMJDBEPT FO MB #JPUJDB
TJHVJFOEP TVT EPT USBCBKPT FEJUPSJBMFT
BOUFSJPSFT 3FDPHF OVNFSPTBT DPMBCP
SBDJPOFTEFBVUPSFTDVCBOPT FOFEJDJO
FO $%3PN FO USFT QBSUFT #JPUJDB
'VOEBNFOUBM #JPUJDBQVFOUF UJDBEF
MBJOWFTUJHBDJOCJPNEJDBZUJDBN
EJDB
Z#JPUJDBQSPGVOEBZHMPCBMi&T
SFTVMUBEP oFO QBMBCSBT EFM FEJUPSo EF
VOMBSHPUSBCBKPEFSFWJTJOZEFBDUVB
MJ[BDJOEFMPTUFNBTUSBUBEPTFOMBTEPT
QSJNFSBT FEJDJPOFT SFBMJ[BEBT .VFTUSB
MBWJTJOEFMPTQSPCMFNBTEFMBTBMVEZ
MB WJEB BDPSEF B MBT DPOEJDJPOFT QBSUJ
DVMBSFTEFOVFTUSPFOUPSOPw3FDPHFMPT
DBNCJPTPDVSSJEPTFOFTUPTEJF[MUJNPT
BPT BTDPNPMBTQPTJCMFTTPMVDJPOFTB
MPTOVFWPTSFUPTZDPOnJDUPTEFWBMPSFT
NPSBMFTTVSHJEPT
"DUBT EFM $POHSFTP *OUFSOBDJPOBM

i&WBOHFMJVN 7JUBF BPT EF
&WBOHFMJP Z 7JEBw PSHBOJ[BEP QPS
FM*OTUJUVUPEF#JPUJDBEFMB'BDVMUBE
EF$JFODJBT.EJDBTEFMB1POUJmDJB
6OJWFSTJEBE$BUMJDB"SHFOUJOB
EF TFQUJFNCSF EF &EJDJO
FTQFDJBM EF MB 3FWJTUB 7JEB Z UJDB
#VFOPT"JSFT "P O EJDJFNCSF
QQ
#BKPMBDPPSEJOBDJOEFM1BESF"MCFSUP
#PDIBUFZ EJSFDUPSEFM*OTUJUVUPEF#JP
UJDBEFMB6$" TFFEJUBOMBT"DUBTEF
FTUF $POHSFTP *OUFSOBDJPOBM FO FM RVF
QBSUJDJQBSPO FTQFDJBMJTUBT EF EJWFSTPT
QBTFT DPO MB QSFTFODJB EF .POT &MJP
4HSFDDJB .BVSJ[JP $BMJQBSJ Z .BSB
-VJTB %J 1JFUSP EFTEF *UBMJB .POT
'FSOBOEP$IPNBMEFTEF$IJMF Z$BSPM
5BZMPSZ3PCFSU#BSOFU EFMB(FPSHF
UPXO6OJWFSTJUZEF8BTIJOHUPO
"DUBT EFM FS $POHSFTP *OUFSOBDJPOBM
EF #JPUJDB 1FSTPOBMJTUB $FMFCSBEP
DPONPUJWPEFMBOJWFSTBSJPEFM*OT
UJUVUPEF#JPUJDBEFMB1POUJmDJB6OJ
WFSTJEBE $BUMJDB "SHFOUJOB SFBMJ[BEP
FO #VFOPT "JSFT MPT EBT Z EF
PDUVCSF EF /NFSP FTQFDJBM EF
MBSFWJTUB7JEBZUJDB "P O EJ
DJFNCSF #VFOPT"JSFT QQ
4FSFDPHFOFOFTUFMJCSPEFBDUBTMBTDP
NVOJDBDJPOFT QSFTFOUBEBT TPCSF UFNBT
NVZWBSJBEPTRVFQSDUJDBNFOUFTVQP
OFOVOBSFWJTJOEFMB#JPUJDBEFTEFFM
QFSTPOBMJTNP GVOEBNFOUBDJO UFNBT
EFJOJDJPEFMBWJEBZEFMmOBMEFMBWJEB
DVFTUJPOFT EF UJDB DMOJDB 4F QSFTFOUB
UBNCJO UPEB MB MBCPS EFTBSSPMMBEB QPS
FM*OTUJUVUPEF#JPUJDBEFMB1POUJmDJB
6OJWFSTJEBE $BUMJDB "SHFOUJOB Z VO
BOMJTJT EF MB CJPUJDB QFSTPOBMJTUB FO
EJTUJOUPTQBTFT
HPSB 1IJMPTPQIJDB 3FWJTUB .BS

QMBUFOTF EF 'JMPTPGB 7PM
/ ONFSPNPOPHSmDPEFEJDB
EPBMB#JPUJDB
&TUF ONFSP NPOPHSmDP EF MB 3FWJT
UB.BSQMBUFOTFEF'JMPTPGBSFDPHFEJT
UJOUBT BQPSUBDJPOFT B MB #JPUJDB FO FM
DPOUJOFOUFBNFSJDBOP SFQSFTFOUBEPQPS
"SHFOUJOB #SBTJM $IJMF $PMPNCJB Z
$VCB -BT UFNUJDBT BCPSEBEBT TPO FT
QFDmDBTFOHSBONFEJEBEFMPTQBTFTMB
UJOPBNFSJDBOPT BVORVFUBNCJOTFEBO
BMHVOBTWJTJPOFTHFOFSBMFTDPNPMBUJDB
FO VO NVOEP FO USBOTGPSNBDJO EF
$ISJTUJBOEF1BVMPMBTSFnFYJPOFTTPCSF
QSDUJDBTEFJOWFTUJHBDJOJOUFSDVMUVSBM
EF4JMWJB4BMJOBT 4VTBOB3BODF .OJDB
4FSSBUFZ.FSZ$BTUSP'SBODJTDP+BWJFS
-FOIBDFVOBQSPQVFTUBEFi6OB#JP
UJDBTPDJBMQBSB-BUJOPBNSJDBw4FSHJP
$FDDIFUUPBCPSEBMBNVFSUFZMBEPOB
DJO EF SHBOPT DPO mOFT EF USBTQMBO
UF(FSNO$BMEFSOFYQPOFFMDBTPEF
)PMBOEB SFTQFDUP B MB FVUBOBTJB WJTUP
EFTEF4VEBNSJDBZ.BSBEFM$BSNFO
"NBSPBOBMJ[BMBBUFODJOBMBEVMUPNB
ZPS EFTEF FM QSJTNB EF MB #JPUJDB FO
$VCB
&VHFOJP "MCVSRVFSRVF #JPUJDB

VOB BQVFTUB QPS MB WJEB &EJUPSJBM
$$4 .BESJE QQ
-B#JPUJDBEFFTUFMJCSPFTVOBBQVFT
UB QPS MB EJHOJEBE EF MB QFSTPOB QPS
MB DJWJMJ[BDJO EF MB WJEB Z QPS MB SFT
QPOTBCJMJEBE FO FM EFTBSSPMMP IVNB
OP 0SJFOUB TPCSF MPT QSPCMFNBT EFM
BCPSUP FM TVJDJEJP MB FVUBOBTJB MB
QFOB EF NVFSUF MBT ESPHBT MB GFDVO
EBDJO BSUJmDJBM 4F FODBSBO UBNCJO
MPT QSPCMFNBT EF MB JOHFOJFSB HFOUJ
DB MB FYQFSJNFOUBDJO Z MB DMPOBDJO
OEJDF $JFODJB Z UJDB 6O EJMPHP
OFDFTBSJP&MWBMPSGVOEBNFOUBMEFMB
WJEB IVNBOB &M BCPSUP /VFWBT
GPSNBT EF SFQSPEVDDJO IVNBOBT
*OHFOJFSB Z NBOJQVMBDJO HFOUJDB
&MFDDJO Z DBNCJP EF TFYP &YQFSJ
NFOUBDJO IVNBOB 5SBOTQMBOUF EF
SHBOPT&MEFTBGPEFM4*%"&V
HFOFTJBZDBMJEBEEFWJEB$POUSPMZ
NBOJQVMBDJOEFMDFSFCSP&OUPSOP
BMBESPHB&MTVJDJEJP&VUBOB
TJB1FOBEFNVFSUF
+PT 3BNO "NPS 1BO *OUSPEVD

DJO B MB #JPUJDB 11$ .BESJE
QQ
-BUJDBFTVOTBCFSRVFOPTPSJFOUBQBSB
BDUVBS SBDJPOBMNFOUF FO FM DPOKVOUP
EF OVFTUSB WJEB DPOTJHVJFOEP TBDBS EF
FMMB MP NT QPTJCMF QBSB MP DVBM OFDF
TJUBNPTTBCFSPSEFOBSJOUFMJHFOUFNFOUF
MBTNFUBTRVFQFSTFHVJNPTZBSCJUSBSMPT
NFEJPTPQPSUVOPTQBSBBMDBO[BSEJDIPT
mOFT&TUPFTFTQFDJBMNFOUFJNQPSUBOUF
FO OVFTUSB QPDB FO RVF BUSBWFTBNPT
VO QFSPEP EF HSBOEFT DBNCJPT FO MP
NT QSPGVOEP EF OVFTUSBT DPOWJDDJP
OFTBOUSPQPMHJDBTZUJDBT TVTDJUBOEP
QPS UBOUP HSBOEFT EJMFNBT DPOGVTJO
Z EJWJTJO %FTQVT EF SFHJS OVFTUSPT
QFOTBNJFOUPTZEFDJTJPOFTTPCSFMBWJEB
Z MB NVFSUF EVSBOUF NT EF EPT NJM
BPT FOFTUPTMUJNPTUJFNQPTFTUBNPT
BTJTUJFOEPBMEFSSVNCFEFMBUJDBPDDJ
EFOUBMUSBEJDJPOBMFMDPOKVOUPEFJEFBT
DSFFODJBT Z WBMPSFT IB DBNCJBEP WFS
UJHJOPTBNFOUF BM SJUNP EF MBT HSBOEFT
USBOTGPSNBDJPOFTQPMUJDBT FDPONJDBT
TPDJBMFTZUFDOPMHJDBTRVFIBODPOWVM
TJPOBEP OVFTUSBT TPDJFEBEFT &TUB PCSB
DPOTUJUVZF VO SJHVSPTP Z DPNQMFUP FT
UVEJPRVF QFTFBMUUVMP TPCSFQBTBDPO
DSFDFT MP RVF TF FTQFSBSB EF VOB NFSB
JOUSPEVDDJO 4F USBUB EF VO FYUFOTP
USBCBKP RVF FTUVEJB EFTEF FM DPODFQUP
NJTNPEFUJDBoDPOTVTEJGFSFODJBTDPO
FMEFSFDIP MBSFMJHJOZMBQPMUJDBoZTV
GVOEBNFOUPIBTUBVOWBSJBEPSFQFSUPSJP
EF DVFTUJPOFT RVF QMBOUFBO QSPCMFNBT
CJPUJDPT Z RVF WBO EFTEF MB BUFODJO
BMQBDJFOUFDSOJDPZUFSNJOBM IBTUBFM
SFTQFUP EF MB OBUVSBMF[B Z MPT EFSFDIPT
EFMPTBOJNBMFT QBTBOEPQPSMBUFNUJ

DBEFMBTQFSTPOBTDPOEJTDBQBDJEBE MB
BODJBOJEBE FMVTPEFMPTSFDVSTPTTBOJ
UBSJPT MBSFQSPEVDDJOIVNBOBBTJTUJEB
ZMBHFOUJDB
-"SDIFS +#JTDBJB 80TTXBME .

3FOBVE $PPSE
/PWPT EFTBGPT
EB#JPUJDB1PSUP&EJUPSB 1PSUP
QQ
%FTEF B QVCMJDBP FN EP QSJ
NFJSPDPNQOEJPEFBVUPSFTQPSUVHVF
TFTTPCSF#JPUJDBTVSHJSBNJNQPSUBOUFT
QSPHSFTTPT DJFOUmDPT F UDOJDPT RVF
MBOBSBN OPWPT EFTBmPT F KVTUJmDB
SBN VN MJWSP EJGFSFOUF &TUB PCSB WBMF
DPNP FTQDJF EF FODJDMPQEJB EF CPMTP
OPWBTUPFFNQPMHBOUFDBNQPEFFTUV
EPFSFnFYPEPRVFB#JPUJDBIPKF
1PSFYFNQMP SFOFUFYUPTTJOUUJDPT EF
HSBOEFSJHPSFEBNBJPSBUVBMJEBEF TPCSF
QSPCMFNBTKDMTTJDPTMJHBEPTTFYVBMJ
EBEF GFSUJMJEBEF DPOUSBDFQP BP
FNCSJP BP EJBHOTUJDP QSoOBUBM BP
FOWFMIFDJNFOUP FVUBOTJB BP TVJD
EJPBTTJTUJEPFTBEFNFOUBM"CPSEB
QSPCMFNBT NBJT SFDFOUFT MFWBOUBEPT
QFMB SFQSPEVP BTTJTUJEB DMPOBHFN
EFDJGSBP EP HFOPNB IVNBOP F TVB
NBOJQVMBP DVMUVSBEFDMVMBTFTUBNJ
OBJT F TVB VUJMJ[BP OB SFDPOTUJUVJP
EF UFDJEPT F SHPT IVNBOPT FDPMPHJB
F QSPUFP EP BNCJFOUF $PNQMFNFO
UBSNFOUF EJTDPSSF TPCSF BT RVFTUFT
HFSBJTPVEFQSJODQJPTSFMBUJWBTUJDB
FBPTFVQBQFMOBTTPDJFEBEFTBUVBJT BP
TFOUJEPFMJNJUFTEBDJODJBFEBQFTRVJTB
DJFOUmDB BPSFHSFTTPEBUJDBBPNBHP
EPQFOTBNFOUPDJFOUmDPFBPJNQBDUP
EP GFONFOP EB HMPCBMJ[BP 0T UFY
UPT TP EF BVUPSJB EF VN DPOKVOUP EF
QFSTPOBMJEBEFT EF SFDPOIFDJEP N

SJUP0TRVBUSPDPPSEFOBEPSFTBWBMJ[BN
B FYDFMODJB EF VNB PCSB DPMFUJWB RVF
DPOTUJUVJ VN DPOUSJCVUP QBSB P JOEJT
QFOTWFMEFCBUFQCMJDPBDFSDBEPTOP
WPTEFTBmPTRVFBUFDOPDJODJBQSPQF
UJDB 8FC$FOUSP#JPUJDB 1PSUP

"TPDJBDJOEF#JPUJDB'VOEBNFO
UBMZ$MOJDB-BCJPUJDBFOMBFO
DSVDJKBEB.BESJE
&TUF MJCSP SFDPHF MBT DPNVOJDBDJPOFT Z
QPOFODJBTEFM*$POHSFTP/BDJPOBMEFMB
$MOJDB4FDFOUSBTPCSFUPEPFOMB'VO
EBNFOUBDJO FO CJPUJDB Z FO WBSJPT
USBCBKPT TPCSFFM BMJWJP EFM TVGSJNJFOUP
FOFMQBDJFOUFDSOJDP
Z$MOJDB-BCJPUJDB MVHBSEFFO
DVFOUSP.BESJE
QPOFODJBTEFM**$POHSFTP/BDJPOBMEF
MB "TPDJBDJO EF #JPUJDB 'VOEBNFO
UBM Z $MOJDB $POUFOJEPT $PNJUT EF
UJDB "TJTUFODJBM FO &TQBB 6OJWFS
TBMJ[BS MB BSJTUPDSBDJB QPS VOB UJDB EF
MBTQSPGFTJPOFT.PSBMQCMJDBZNPSBM
QSJWBEB 3FTQPOTBCJMJEBE EF MB 014
0.4FOMBFOTFBO[BEFMBCJPUJDB-B
FOTFBO[BEFMBCJPUJDBFO&TQBBVO
FOGPRVFTPDSUJDP
Z$MOJDB-BCJPUJDB IPSJ[POUFEF
QPTJCJMJEBEFT.BESJE
QPOFODJBTEFM***$POHSFTP/BDJPOBMEF
MB"TPDJBDJOEF#JPUJDB'VOEBNFOUBM
Z $MOJDB $POUFOJEPT -PT EFSFDIPT

)VNBOPT BM mOBM EF MB WJEB -PT mOFT
EFMB.FEJDJOBFOMPTVNCSBMFTEFMTJHMP
99*UJDBEFMPTDVJEBEPTFOVODFOUSP
TPDJPTBOJUBSJP -B BTJTUFODJB HFSJUSJDB
FO&TQBB
EFMBWJEB -BTBMVEZMBFOGFSNFEBE -PT

BUFOUBEPTDPOUSBMBWJEBZMBTBMVE
Z$MOJDB-B#JPUJDB EJMPHPWFS
EBEFSP.BESJE
&M MJCSP DPOTUB EF TFJT DBQUVMPT &O FM

QSJNFSPFMQBESF#BTTPFYQPOFMPTGVO
EBNFOUPT EF MB EJHOJEBE IVNBOB Z FM
SFTQFUP QPS MB WJEB MPT GVOEBNFOUPT
BOUSPQPMHJDPT FMPSJHFOZMBOBUVSBMF[B
EFMBMNBZMBEJHOJEBEIVNBOB NTBMM
EF MBT GSPOUFSBT OBUVSBMFT &M TFHVOEP
DBQUVMP USBUB EFM DPNJFO[P EF MB WJEB
IVNBOBTFHOMBDJFODJBZTFHOMBUFP
MPHB DPOVOBQOEJDFTPCSFFMFTUBUVT
IVNBOPEFMFNCSJO
4FSFDPHFOFOFTUFWPMVNFOMBTJOUFSWFO
DJPOFTFOMBT+PSOBEBTEFMB"TPDJBDJO
EF#JPUJDB'VOEBNFOUBMZ$MOJDBDF
MFCSBEBT FO .BESJE FO FM &OUSF
PUSPT UFNBT TF USBUBO "QPSUBDJO EF
MB CJPUJDB B MB DBMJEBE EF MB BTJTUFODJB
TBOJUBSJB )FSNFOVUJDB $JOF Z UJDB
OBSSBUJWB $MPOBDJO BTQFDUPT UJDPT
$POnJDUPEFJOUFSTFOMBJOWFTUJHBDJO
DMOJDBDPONFEJDBNFOUPTDPNFSDJBMJ[B
EPT "QMJDBDJPOFT B MB .FEJDJOB Z B MB
CJPUJDB EF MB UJDB OBSSBUJWB Z IFSNF
OVUJDB
%PNJOHP#BTTP )VHP0.0CJ
HMJP 1SJODJQJPT EF #JPUJDB FO FM
DBUFDJTNP EF MB *HMFTJB $BUMJDB
$FOUSP EF *OWFTUJHBDJPOFT FO UJDB
#JPNEJDB #VFOPT"JSFT
QQ
$POUFOJEP 1SFTVQVFTUPT BOUSPQPMHJ
DPT %JHOJEBE EF MB QFSTPOB IVNBOB
OEPMFQSPQJBEFMBBDUJWJEBEQFSTPOBM
&MPSEFONPSBM-BTGVFOUFTEFMBNPSB
MJEBE -BT OPSNBT NPSBMFT $VFTUJPOFT
NPSBMFTSFMBUJWBTBMBTTFYVBMJEBE-BWJS
UVEDSJTUJBOBEFMBDBTUJEBE -PTEFTSEF
OFTEFMBTFYVBMJEBE$VFTUJPOFTNPSBMFT
SFMBUJWBTBMBWJEBIVNBOB7BMPSEFMB
7JEB *OEJTQPOJCJMJEBE F JOWJPMBCJMJEBE
%PNJOHP#BTTP/BDFSZNPSJSDPO
EJHOJEBE &TUVEJPT EF #JPUJDB
$POUFNQPSOFB$POTPSDJPEF.
EJDPT$BUMJDPT #VFOPT"JSFT
&M DBQUVMP UFSDFSP FTU EFEJDBEP B MB

WJEB IVNBOB BSUJmDJBMNFOUF JNQFEJEB
MB DPOUSBDFQDJO
EPOEF USBT FYQPOFS
MBFOTFBO[BEFM.BHJTUFSJP FOTVUSB
ZFDUPSJBZFOTVDPOUFOJEP TFSFmFSFB
MPNPSBMNFOUFMDJUPZMPJMDJUP TFHO
MBEPDUSJOBEFMB*HMFTJB FOMBSFHVMBDJO
EF MB OBUBMJEBE Z B MB BDUJUVE QBTUPSBM
EFM TBDFSEPUF -B WJEB BSUJmDJBMNFOUF
QSPEVDJEB MB QSPDSFBDJO BSUJmDJBM
FT
UFNB EFM DBQUVMP DVBSUP FO FM RVF TF
FYQPOFOMPTGVOEBNFOUPTBOUSPQPMHJ
DPT Z UJDPT EF VO KVJDJP DSUJDP TPCSF
FTUB UFNUJDB BT DPNP MPT BTQFDUPT
UDOJDPTZVOBOMJTJTUJDPDSUJDPEFMB
QSPDSFBDJOBSUJmDJBM
&M RVJOUP DBQUVMP USBUB BDFSDB EF MB
WJEB IVNBOB JOJDJBM BSUJmDJBMNFOUF JO
UFSSVNQJEB FM BCPSUP JOEVDJEP
VO
WFSEBEFSPUSBUBEPTPCSFFMUFNBRVFFO

MB BDUVBMJEBE IBDF DPSSFS SPT EF UJOUB

EFCBUFT JEFPMHJDPT QSFTJPOFT EFM QP
EFS NEJDPT JOmFMFT B TV KVSBNFOUP
IJQPDSUJDP KVFDFTWFOBMFT GFNJOJTNPB
VMUSBO[B QSFTJPOFTJOUFSOBDJPOBMFT ZVO
EFTQSFDJPBUSP[QPSMBWJEBOBDJFOUF
&MMUJNPDBQUVMPTFSFmFSFBMBWJEBIV
NBOBUFSNJOBMBSUJmDJBMNFOUFBCSFWJBEB
FMTVJDJEJPZMBFVUBOBTJB
i&MMJCSPEFM
QBESF#BTTPoEJDFFMEPDUPS+PSHF"EPM
GP.B[[JOHIJoFTVOBDPOUSJCVDJOWB
MJPTBQBSBNPEJmDBSSVNCPTFYUSBWJBEPT
ZQBSBSFTDBUBSFMEFSFDIPRVFBSSBJHBFO
MBNTTFDSFUBJOUJNJEBEEFMIPNCSF B
OBDFSZNPSJSDPOEJHOJEBEw
7JDFOUF #FMMWFS $BQFMMB 1PS VOB

#JPUJDBSB[POBCMF.FEJPTEFDP
NVOJDBDJO DPNJUTEFUJDBZ%F
SFDIP$PNBSFT (SBOBEB
-BCJPUJDBFOVOTBCFSBDFSDBEFMPRVF
FTDPSSFDUPFOMBTBDUVBDJPOFTCJPNEJ
DBT $PNP UPEPT MPT TBCFSFT QSDUJDPT
TFOVUSFEFMBJOUFSNJOBCMFDPOWFSTBDJO
RVFMBTQFSTPOBTMMFWBOBDBCPTPCSFFM
QBSUJDVMBS &TB DPOWFSTBDJO FTU QSP
UBHPOJ[BEB QPS NVDIPT JOUFSMPDVUPSFT
oQSPGFTJPOBMFTEFMBTBOJEBE mMTPGPT
KVSJTUBT QPMUJDPT DJVEBEBOPT MFHPT FUD
oZUJFOFMVHBSFONVZEJWFSTPTGPSPToMPT
DFOUSPTEFJOWFTUJHBDJOZEPDFODJB MPT
QBSMBNFOUPT MPTUSJCVOBMFT MBTDPNJTJP
OFTEFCJPUJDB MPTNFEJPTEFDPNVOJ
DBDJO MBT BTPDJBDJPOFT DJFOUmDBT FUD
&TUB NPOPHSBGB QSFUFOEF SFnFYJPOBS
TPCSF MBT DPOEJDJPOFT RVF EFCFO EBSTF
QBSBRVFMBDPOWFSTBDJOCJPUJDBOPEF
DBJHB QBSBRVFNBOUFOHBTVGFDVOEJEBE
ZTFBDBQB[EFBDPNFUFSMPTHSBOEFTEF
TBGPTRVFUJFOFQPSEFMBOUF PGSFDJFOEP
SFTQVFTUBTSB[POBCMFT
.BOVFM #FSOBMFT "MWBSBEP Z PUSPT

i#JPUJDB$PNQSPNJTPEFUPEPTw
&EJDJPOFT5SJMDF .POUFWJEFP 6SV
HVBZ QQ
1POFODJBTQSFTFOUBEBTBM$PMPRVJPSFB
MJ[BEPFO.POUFWJEFP 6SVHVBZ BM
EF OPWJFNCSF EF &TUF $PMPRVJP
*OUFSOBDJPOBM GVF PSHBOJ[BEP QPS MB
&NCBKBEB EF 'SBODJB FO 6SVHVBZ FM
*OTUJUVUP(PFUIFEF.POUFWJEFP MB'B
DVMUBEEF$JFODJBTEFMB6OJWFSTJEBEEF
MB3FQCMJDB MB$PNJTJOEF$JFODJBZ
5FDOPMPHBEFMB$NBSBEF4FOBEPSFT
EFM6SVHVBZZDPOFMBVTQJDJPEFMB0m
DJOB3FHJPOBMEF$JFODJBQBSB"NSJDB
-BUJOBZFM$BSJCF6/&4$0.POUFWJ
EFP
+PSHF #JTDBJB #JPUJDB FODPOUSP F

SFMBP(SmDBEF$PJNCSB $PJN
CSB QQ
-JDFODJBEPFO.FEJDJOBFOMB6OJWFSTJ
EBEEF$PJNCSB +PSHF#JTDBJBFTUBN
CJOGVOEBEPS FO EFM$FOUSPEF
&TUVEJPTEF#JPUJDB FO$PJNCSB ZEF
MB3FWJTUB1PSUVHVFTBEF#JPUJDB QVCMJ
DBDJORVFUBNCJOEJSJHF&OFTUBPCSB
TFSFmFSFBEJGFSFOUFTBTQFDUPTEFMBCJP
UJDB UBMFT DPNP TV JOOFHBCMF SBJHBN
CSFFOMBUJDBNEJDBZMPTQSPCMFNBT
BDUVBMFTEFMBSFMBDJONEJDPQBDJFOUF
RVFTFQSPMPOHBOFOPUSPTBTQFDUPTEFM
USBCBKPFOTBMVE QPSFKFNQMPMPTTFSWJ
DJPTEFTBMVEZMBBVUPOPNBEFMBQFSTP
OB MBWVMOFSBCJMJEBEEFMPTQBDJFOUFT Z
MBWJEBIPTQJUBMBSJBZTVSFMBDJODPOMPT
QSPGFTJPOBMFTEFMBTBMVE
#JTDBJBBOBMJ[BUBNCJOBMHVOPTQSPCMF
NBTDPODSFUPTEFMBCJPUJDB FOUSFPUSPT
MB DMPOBDJO MB GFSUJMJ[BDJO BTJTUJEB FM
SFTQFUPBMJOEJWJEVPQPSOBDFS FMEPMPS
FOFMOJPZTVGBNJMJB MBFYQFSJNFOUB
DJODMOJDBZFMDPOTFOUJNJFOUPFONF
OPSFT MBSFTQPOTBCJMJEBEEFMDVJEBEPEFM
EPMJFOUFFOTJUVBDJPOFTEFEFQFOEFODJB
ZMBWJEBIVNBOBFOTVGBTFUFSNJOBM
-VFHP EF QBTBS SFWJTUB B FTUBT DVFTUJP
OFTQVOUVBMFT TJUVBEBTTPCSFUPEPFOFM
NCJUP EFM DVJEBEP EF MB TBMVE FM BV
UPSFOGSFOUBMBQFSTQFDUJWBGVUVSBEFMBT
QSFPDVQBDJPOFTCJPUJDBT FTQFDJBMNFOUF
BRVFMMBTRVFFTDBQBOBMNCJUPCJPNEJ
DPFTQFDmDP*OWJUBEFTEFFTUBTQHJOBT
BSFDPOTJEFSBSMBSFMBDJOFOUSFCJPUJDB
FDPMPHB SFMJHJPTJEBEZGF Z TPCSFUPEP
B UFOFS QSFTFOUF VO OVFWP TJHOJmDBEP
EF MB CJPUJDB DPNP BQFSUVSB Z EFTDV
CSJNJFOUP EFM PUSP MWBSP 2VF[BEB
4FQMWFEB "DUB#JPFUIJDB

-VJT (VJMMFSNP #MBODP $PPSE

#JPUJDB Z #JPEFSFDIP $VFTUJPOFT
BDUVBMFT&EJUPSJBM6OJWFSTJEBE #VF
OPT"JSFT QQ
&TUFMJCSPIBTJEPFMBCPSBEPFONFNPSJB
ZIPNFOBKFEFMBEPDUPSB(MBEZT+VBOB
.BDLJOTPO GBMMFDJEBFOBCSJMEFM
ZSFDPHFUSBCBKPTEFQSPGFTPSFTEFEJTUJO
UBT6OJWFSTJEBEFTBSHFOUJOBT FOTVNB
ZPSBFTQFDJBMJTUBTFO$JFODJBT+VSEJDBT
QFSPUBNCJOFO'JMPTPGB 1TJDPMPHBZ
.FEJDJOB $PPSEJOB FM WPMVNFO -VJT
(VJMMFSNP #MBODP BCPHBEP NJFNCSP
EFM $PNJU )PTQJUBMBSJP EF UJDB EFM
)PTQJUBMi+PTEF4BO.BSUOw ZQSPGF
TPSEFUJDBFOMB6/-"MHVOPTEFMPT
FTUVEJPT IBDFO SFGFSFODJB B QSPCMFNBT

UJDPKVSEJDPTQMBOUFBEPTFO"SHFOUJOB
QFSP FO TV DPOKVOUP BCPSEBO BTQFDUPT
NT BNQMJPT DPOTFOUJNJFOUP JOGPSNB
EP TFDSFUP QSPGFTJPOBM QSFWFODJO EFM
7*)4JEB BOUJDPODFQDJOEFFNFSHFO
DJB MBDMPOBDJO QSPDVSBDJOEFSHBOPT
QBSBUSBTQMBOUFT MBFVUBOBTJB$POTUBEF
VOBQOEJDFDPOWBSJPTEPDVNFOUPTEF
BDUVBMJEBE
/JDFUP #M[RVF[ -VJT .JHVFM 1BT

UPS #JPUJDB GVOEBNFOUBM #"$
.BESJE QQ
%FTEF ZB IBDF VOPT BPT MPT JOUFSFTFT
BDBENJDPT TF IBO WJTUP DPOWPDBEPT
QPSUFNBTRVFBQBSFDFOSFVOJEPTQPSMB
FYQSFTJO #JPUJDB EJTDJQMJOB RVF FTU
WJWJFOEPUPEBWBVOBFUBQBEFDSJTUBMJ[B
DJO Z DPOTPMJEBDJO DPNP TBCFS DJFO
UmDP5FYUPTDPNPMPTEF/JDFUP#M[
RVF[Z-VJT.JHVFM1BTUPS RVFJOUFOUBO
VOBNJSBEBQBOPSNJDB OPTVQFSmDJBM
BMBTGVFOUFTZBMPTQSJODJQBMFTQSPCMF
NBTBOBMJ[BEPTQPSMB#JPUJDB PGSFDFO
BMBWF[ VODPNQFOEJPEFMPTBSHVNFO
UPTZEFMBTDPODMVTJPOFTNTEFDBOUBEBT
FOFTUFBCVOEBOUFDPSQVTEPDUSJOBM&MMJ
CSPJODPSQPSBFM.BHJTUFSJPEFMB*HMFTJB
$BUMJDB EFNBOFSBnVJEBFOFMBOMJTJT
EFMPTQSPCMFNBTZFOMBDPOmHVSBDJO
NJTNB EF MB #JPUJDB DPNP EJTDJQMJOB
DJFOUmDB4JOFNCBSHP FOBMHVOBTPDB
TJPOFT QBSFDF QSFGFSJS EFKBSMP EF MBEP
QBSBQMBOUFBSPQJOJPOFTiJOOPWBEPSBTw
RVFTFHOFMBVUPSFOGSFOUBONFKPSDJFS
UPT DBTPT DPODSFUPT RVF MBT TPMVDJPOFT
FYQMJDJUBEBTQPSMPTUFYUPTNBHJTUFSJBMFT

"MCFSUP#PDIBUFZ $PNQ
#JPUJDB
ZQFSTPOB&TDVFMBEF&MJP4HSFDDJB
&%6$" QBSBFM*OTUJUVUPEF#JPUJ
DB #VFOPT"JSFT QQ
%JFDJPDIPBVUPSFTEFTJFUFQBTFTEJTUJO
UPT FTDSJCFO FO FTUF MJCSP FO IPNFOBKF
EF .POT &MJP 4HSFDDJB FO TVT PDIFO
UB BPT $POUFOJEP $PPQFSBDJO EFM
DOZVHF FO FM QFDBEP EFM PUSP 6OB
DVFTUJO EF DPODJFODJB -B QFSTQFDUJWB
EFM QFSTPOBMJTNP Z MB NJSBEB EF MB GF
7JEB IVNBOB Z TFYVBMJEBE 3FnFYJP
OBOEPEFTEF&MJP4HSFDDJBZ"HVTUOEF
)JQPOB -B DFOUSBMJEBE EF MB QFSTPOB
FO MB QSBYJT NEJDB .JT QBESFT Z NJT
NBESFT 3FDVSTPT TBOJUBSJPT Z QSPDSFB
DJOIVNBOBVOBMFDUVSBBMBMV[EFMB
CJPUJDBQFSTPOBMJTUB1PTNPEFSOJEBEZ
DVMUVSB EF MB WJEB &M EFSFDIP BOUF MBT
OVFWBTDVFTUJPOFTEFMBCJPUJDB.POT
&MJP4HSFDDJBJOTQJSBDJOQBSBJOUFHSBS
MB PCKFUJWJEBE Z MB TVCKFUJWJEBE FO MB
DPODJFODJBNPSBM'JMPTPGBQFSTPOBMJTUB
EF MB OPTUSJEBE BOUSPQPUFPMPHBM )BDJB
VOB GVOEBNFOUBDJO mMPTmDB EF MB
CJPUJDB-B'FEFSBDJOEFMPT$FOUSPT
F *OTUJUVUPT EF #JPUJDB EF *OTQJSBDJO
1FSTPOBMJTUB '*#*1
IJTUPSJBZTFOUJEP
6OB USJMPHB RVF USBTDJFOEF DVMUVSB
CJPNFEJDJOB Z MFZ OBUVSBM -B FYQF
SJFODJB WJWJEB EF MB EJHOJEBE IVNBOB
&MNEJDPGSFOUFBMBPCKFDJOEFDPO
DJFODJB UFOTJPOFT Z QSPCMFNBT 3FMB
DJO FOUSF QFSTPOBMJTNP POUPMHJDP Z
DPSQVTEPDUSJOBM&MFNCSJOIVNBOP
{i)JKPw P iJOTUSVNFOUP UFDOPMHJDPw
&M$FOUSPZFM*OTUJUVUPEF#JPUJDBEF
MB6OJWFSTJEBE$BUMJDBEFM4BDSP$VPSF
FOMBQFSTQFDUJWBEFMB&WBOHFMJVN7JUBF
%FTBSSPMMPEFMB#JPUJDBFO.YJDP&M
QFSTPOBMJTNPPOUPMHJDPEF&MJP4HSFD
DJBFOMPTQFSJEJDPTJUBMJBOPT *OTUJUVUP
EF#JPUJDB6$" #VFOPT"JSFT

.BSHBSJUB#PMBEFSBT$VDVSFMMB#JP
UJDB 4OUFTJT .BESJE
QQ
-BBQMJDBDJOEFMBDJFODJBZMBUDOJDB
BBMHVOPTNCJUPTFTQFDJBMNFOUFTJHOJ
mDBUJWPT EF MB SFBMJEBE IVNBOB DPNP
MB SFQSPEVDDJO BTJTUJEB FM DPOUSPM EF
MB OBUBMJEBE FM USBUBNJFOUP EF DJFSUBT
TJUVBDJPOFT MNJUF FOGFSNPT UFSNJOB
MFT DVSBT QBMJBUJWBT FTUBEPT EF DPNB
QSPMPOHBEPT JOWFTUJHBDJO NEJDB FO
IVNBOPT
USBTQMBOUFTEFSHBOPT JOHF
OJFSBHFOUJDB FUD UJFOFDPOTFDVFODJBT
EF DBSDUFS JOEJWJEVBM TPDJBM QPMUJDP
MFHBM Z NPSBM RVF SFRVJFSFO BOMJTJT Z
SFnFYJO
&TUFMJCSPPGSFDFJOGPSNBDJOZFWBMVB
DJOEFDBTPTEFTEFEJWFSTBTQFSTQFDUJWBT
QBSBBZVEBSBMBNFKPSDPNQSFOTJOEF
MBDPNQMFKJEBEEFMPTGFONFOPTBMVEJ
EPT BTDPNPBMEFTBSSPMMPEFBDUJUVEFT
ZQPTJDJPOFTQFSTPOBMFTSFTQPOTBCMFT
&EVBSEP#POOJO#BSDFM.PSBMEF
MBWJEB.BOVBMEF#JPUJDBUFPM
HJDB%PCBS .YJDP
&M1&EVBSEP#POOJOIBTJEPEVSBOUF
CBTUBOUFT BPT DBUFESUJDP EF 5FPMPHB
.PSBM FO MB 6OJWFSTJEBE 1POUJmDJB EF
.YJDP"MHVOPTEFTVTMJCSPTTPOi-B
KVTUJDJBZMBQB[TFCFTBOw iUJDBNBUSJ
NPOJBM GBNJMJBS Z TFYVBMw i&MFNFOUPT
EFMB%PDUSJOB4PDJBMEFMB*HMFTJBw i-B
-FZEFM&TQSJUVZDPODJFODJBDSJTUJBOBw
4VTFTDSJUPTTFDBSBDUFSJ[BOQPSTVMPHSB
EP TFOUJEP QFEBHHJDP DVBMJEBE RVF
EFTUBDBEB DPO FWJEFODJB FO FTUB QVCMJ
DBDJOEF#JPUJDB RVFFMBVUPSQSFmFSF
EFOPNJOBS.PSBMEFMBWJEB
/P IBZ UFNB NPSBM EF OVFTUSPT EBT
RVFOPTFBMVEBEFGPSNBFYQMDJUBBRV
TFOUJEPEFMBWJEB IPNJDJEJPZTVJDJEJP
BCPSUP FTUFSJMJ[BDJO UPSUVSB QFOB EF
NVFSUF IVFMHB EF IBNCSF FVUBOBTJB
USBTQMBOUFT TBMVE Z FOGFSNFEBE TJEB
DMPOBDJO DMVMBTNBESF NBOJQVMBDJO
HFOUJDB QSPCMFNBEFMIBNCSF BMDPIP
MJTNP ESPHBEJDDJO OBSDPUSmDP FDP
MPHB
.BSB *TBCFM #SJOHBT -QF[ &NJMJP

+PT*CFBT$VBTBOUF6OBOVFWBEJT
DJQMJOBMBCJPUJDB6OJWFSTJEBE1P
QVMBS &EVDBDJO Z $VMUVSB EF #VS
HPT QQ
3FDPHF MBT QPOFODJBT QSFTFOUBEBT FO
MBT *7 KPSOBEBT EF #JPUJDB PSHBOJ[B
EBTQPSMB6OJWFSTJEBE1PQVMBSQBSBMB
&EVDBDJOZ$VMUVSBEF#VSHPTZQPSMB
"TPDJBDJOQBSBFM'PNFOUPEFMB&EV
DBDJOEF"EVMUPT
+PT)FOSJRVFT4JMWFJSB#SJUP 0SH

#JPUJDB2VFTUFTFN%FCBUF1V
CMJDBFT EB 'BDVMEBEF EF 'JMPTPmB
6OJWFSTJEBEF $BUMJDB 1PSUVHVFTB
#SBHB QQ
&TUF MJWSP JOTDSFWFTF OBT QVCMJDBFT
NBJTSFMFWBOUFTEB#JPUJDBQPSUVHVFTB
3FOF EF[ BOMJTFT DPSSFTQPOEFOUFT T
MJFTEFCBUFSFBMJ[BEBTOPNFTUSBEPFN
#JPUJDB PSHBOJ[BEP QFMB 'BDVMEBEF EF
'JMPTPmB OP BOP MFUJWP EF
&TUSVUVSBTF OPT TFHVJOUFT DBQUVMPT

" HFOUJDB DMOJDB VNB JOUSPEVP BP
UFNB1SPCMFNBTUJDPTOPTDVJEBEPTEF
TBEFEPTJEPTPTUJDBFNQFEJBUSJB0
HFOPNBIVNBOP.PSBMSBDJPOBMFNP
SBMFWBOHMJDBUJDBFQSPDSJBPNFEJ
DBNFOUFBTTJTUJEBFGFDVOEJEBEFIVNB
OB&VUBOTJBFTVJDEJPBTTJTUJEPVNB
RVFTUP QTNPEFSOB " VUJMJ[BP EP
DBEWFS IVNBOP FN .FEJDJOB " UFP
MPHJBNPSBMDBUMJDBQFSBOUFB#JPUJDB
UJDB FNQSFTBSJBM F HMPCBMJ[BP 8FC
$FOUSP#JPUJDB 1PSUP

+PSHF .BSJP $BCSFSB 7BMWFSEF 5F

NBT EF #JPUJDB %FM JOJDJP BM m
OBM EF MB WJEB IVNBOB &EJUPSJBM
&6/&%1SPNFTB 4BO+PTEF$PT
UB3JDB QQ
&M BVUPS FT MJDFODJBEP FO .BUFNUJDBT
QPSMB6/".EF.YJDP .BHTUFSFO
#JPUJDB QPS MB 6OJWFSTJEBE "OIVBD
EF .YJDP Z EPDUPS FO 'JMPTPGB QPS
MB 6OJWFSTJEBE EF $PTUB 3JDB "DUVBM
NFOUF FT *OWFTUJHBEPS "DBENJDP EFM
$POTFKP/BDJPOBMEF3FDUPSFTFO$PTUB
3JDB-BPCSBUSBUBEJF[UFNBTDBQJUBMFT
EF #JPUJDB DPNCJOBOEP MBT NBUFSJBT
NT SFMBDJPOBEBT DPO FTUB EJTDJQMJOB
.FEJDJOB %FSFDIP 'JMPTPGBZ5FPMP
HB
EFTEF FM QVOUP EF WJTUB EF QFSTP
OBMJTNP&TUDPNQVFTUBQPSUFYUPTEF
DPOGFSFODJBTQSPOVODJBEBTFODPOHSFTPT
TPCSF#JPUJDBPBSUDVMPTQVCMJDBEPTFO
SFWJTUBT FTQFDJBMJ[BEBT $PO VOB FYQP
TJDJO DMBSB Z CJFO FTUSVDUVSBEB UJFOF
VOQSPQTJUPEJEDUJDPEFBDFSDBSBMPT
UFNBTQSJODJQBMFTEFMB#JPUJDBBMPTEP
DFOUFTZFTUVEJBOUFT

"TDFOTJO $BNCSO &OUSF FM OB

DFS Z FM NPSJS $PNBSFT (SBOBEB
QQ
i&OUSFFMOBDFSZFMNPSJSw DPPSEJOBEP
QPS MB QSPGFTPSB "TDFOTJO $BNCSO
BCPSEB MB USBTDFOEFODJB EF EFUFSNJOB
EBTBDUVBDJPOFTRVFJODJEFOFOMBTEJGF
SFOUFTFUBQBTEFMBWJEBPTPCSFNBUFSJBT
IVNBOBTWJWBT-PTEJTUJOUPTFTQFDJBMJT
UBTFOTVTDPMBCPSBDJPOFTFYQPOFO EFT
EFQFSTQFDUJWBTDJFOUmDBTDPOnVZFOUFT
TVTSFnFYJPOFTBDFSDBEFMPTQSPCMFNBT
CJPUJDPT RVF FOWVFMWFO MBT EJTUJOUBT
BQMJDBDJPOFTCJPNEJDBTFONBUFSJBTUB
MFTDPNPMBTOVFWBTGPSNBTEFSFQSPEVD
DJO IVNBOB MBT UDOJDBT FVHFOTJDBT
MB FVUBOBTJB FM BCPSUP MBT QSVFCBT EFM
"%/PMBDPODFTJOEFQBUFOUFTTPCSF
NBUFSJBWJWB DPOUSJCVZFOEPBDMBSJmDBS
ZNFTVSBSMBHSBWFEBEEFMBQSPCMFNUJ
DBCJPUJDB
'FSOBOEP$BOP7BMMF#JPUJDBUF
NBTIVNBOTUJDPTZKVSEJDPT*OT
UJUVUP EF *OWFTUJHBDJPOFT +VSEJDBT
6/". .YJDP%' %JTQP
OJCMFFO8FCEFMB3FE#JPUJDBEF
MB6/&4$0IUUQXXXSFECJPUJ
DBVOFTDPPSHNY
&OMBQSJNFSBQBSUFEFFTUFMJCSP FMBV
UPSBOBMJ[BMB#JPUJDBDPNPUFNBKVS
EJDP DFOUSOEPTF FTQFDJBMNFOUF FO F
DPOTFOUJNJFOUPJOGPSNBEP MPT$PNJUT
EFUJDBDMOJDB ZMB#JPUJDBFOFMNBS
DPEFMBTRVFKBTFOMBTJOTUJUVDJPOFTEF
TFHVSJEBE TPDJBM &O MB TFHVOEB QBSUF
BCPSEB BMHVOPT EF MPT QSPCMFNBT TP
DJBMFT BDUVBMFT EFTEF MB QFSTQFDUJWB EF
MB#JPUJDB-BEFTJHVBMEBEFO"NSJDB
-BUJOB MBQPCSF[B FMBOBMGBCFUJTNPZTV
SFMBDJODPOMBNPSUBMJEBE MBJOWFTUJHB
DJONEJDB MBFRVJEBEFOFMBDDFTPBMB
TBMVE FM4JEB MPTEFSFDIPTEFMPTFOGFS
NPTUFSNJOBMFT MBSFDJFOUFFQJEFNJBEF
4"34 MBCJPUFDOPMPHBZmOBMNFOUF MBT
UDOJDBTEFDMPOBDJO
"RVJMJOP $BZVFMB &EJUPS

"SHV
NFOUPT CJPUJDPT .BSPWB 'VOEB
DJO .BESJE QQ
-B SFnFYJO FM EJMPHP Z TPCSF UPEP
MB CTRVFEB EF BSHVNFOUPT TMJEPT Z
SJHVSPTPTQBSBFYQMJDBSEFTEFVOBQFST
QFDUJWBDSUJDBFMNVOEPRVFOPTSPEFB
TPOMBTDMBWFTEFMMJCSP&OMBPCSB DP
PSEJOBEB QPS FM QSPGFTPS "RVJMJOP $B
ZVFMB FYQFSUP FO UJDB Z QSPGFTPS EFM
*OTUJUVUPOHFM"ZBMBEFMB6OJWFSTJEBE
$&6 $BSEFOBM )FSSFSB IBO QBSUJDJ
QBEP FYQFSUPT FO EJGFSFOUFT EJTDJQMJOBT
DPNP7JDFOUF#FMMWFSEFMB6OJWFSTJUBU
EF 7BMODJB $BSMPT 1SF[ EFM 7BMMF EF
MB 6OJWFSTJUBU $&6 "CBU 0MJCB Z +V
MJO 7BSB EFM *OTUJUVUP OHFM "ZBMB EF
MB6OJWFSTJEBE$&61BSB$TBS/PN
CFMB MPNTJNQPSUBOUFEFFTUBPCSBFT
iMBDPOTUSVDDJOEFBSHVNFOUPTWMJEPT
Z BMFKBEPT EF MPT UQJDPT BDUVBMFT RVF
BZVEFOBSFnFYJPOBSTPCSFMBFTFODJBEFM
IPNCSF MBEJHOJEBEZFMGVUVSPEFMBOB
UVSBMF[B IVNBOBw 1BSB FM DBUFESUJDP
MPT DVBUSP DBQUVMPT TF DPNQMFNFOUBO
iQBSBBCPSEBSMBCJPUJDBEFTEFMBDJFO
DJB MBmMPTPGBZFMEFSFDIPw
-PTBVUPSFTEFMMJCSPDPJODJEFOFOBmS
NBSRVFTFJNQPOFMBOFDFTJEBEEFEF
GFOEFSVOBUJDBmSNFGSFOUFBMSFMBUJWJT
NPBDUVBMZBRVFiMBFYDFMFODJBRVFTF
CVTDBQBSBUPEPTMPTBTQFDUPTFDPONJ
DPTZTPDJBMFT FOMBBDUVBMJEBE QPDPB

QPDP TF FTU QFSEJFOEP FO MPT NCJUPT
EFMBNPSBMZMPTWBMPSFTw1BSBSFDVQF
SBSFTBiUJDBEFMBFYDFMFODJBw 7JDFOUF
#FMMWFS QSPGFTPS EF MB 6OJWFSTJUBU EF
7BMODJBZVOPEFMPTDPMBCPSBEPSFTEFM
MJCSP QSPQPOFiMMBNBSTJFNQSFBMBTDP
TBTQPSTVOPNCSF QFSTFHVJSTJFNQSFMB
EJHOJEBE EFM TFS IVNBOP TFS WBMJFOUFT
BVORVF TFB B DPOUSBDPSSJFOUF Z BDFQUBS
RVFFMTFSIVNBOPFTVOTFSJOUFSEFQFO
EJFOUFw
%J
MFNBT CJPUJDPT DPOUFNQPSOFPT
3&EJUPSFT #PHPU
"RVJMJOP $BZVFMB $PPSE

UJDB
#JPUJDB Z EFTBSSPMMP FM IPNCSF
DPNP TFS EFQFOEJFOUF $PNBSFT
(BOBEB
5FNUJDBT#JPUJDBUJDBNEJDB&V
HFOFTJB$JFODJBZWJEB
&M QSFTFOUF WPMVNFO SFDPHF MBT BQPS

UBDJPOFT SFBMJ[BEBT FO MPT MUJNPT BPT
FO MB 6OJWFSTJEBE $BSEFOBM )FSSFSB
$&6
BDFSDBEFDVFTUJPOFTUJDBT CJP
UJDBTZEFEFTBSSPMMP&TVODPOKVOUPEF
UFYUPTTPCSFMPTUFNBTNTEFCBUJEPTFO
UJDBBQMJDBEBBMBTDJFODJBTEFMBTBMVE
*ODMVZF MBT QPOFODJBT F JOUFSWFODJPOFT
NT SFMFWBOUFT EFM * $VSTP *OUFSOBDJP
OBMEF#JPUJDB DFMFCSBEPFOPDUVCSFEF
RVFGVFFMJOJDJPEFVOQSPZFDUP
EFJOWFTUJHBDJOTPCSFDVFTUJPOFTBOUSP
QPMHJDBT DPNP TPO MB WVMOFSBCJMJEBE
EFQFOEFODJBEFMTFSIVNBOP ZMBBQMJ
DBDJOEFFTUBQFSTQFDUJWBFOMBCJPUJDB
ZMBCJPKVSEJDB
-BPCSBDPOTUBEFUSFTHSBOEFTCMPRVFT
UFNUJDPT"QPSUBDJPOFTUJDBTZBOUSP
QPMHJDBTQBSBMBGVOEBNFOUBDJOEFMB
#JPUJDB $VFTUJPOFT BQMJDBEBT QSPQJB
NFOUFCJPUJDBTZQPSMUJNPEPTBSU
DVMPTTPCSFUFNBTEFEFTBSSPMMP
5FNUJDBT#JPUJDB$JFODJBTEFMB7JEB
"TQFDUPT NPSBMFT )PNCSF *OnVFODJB
TPCSFMBOBUVSBMF[B4JEB"TQFDUPTNP
SBMFTZUJDPT4FHVSJEBE4PDJBM"TQFD
UPTUJDPT
#JP
UJDBIVNBOJTNPDJFOUmDPFNFS
HFOUF 6OJWFSTJEBE 1POUJmDJB +BWF
SJBOB #PHPU
$FOUSPEF#JPUJDB5FNBTEF#JP
UJDB * 6OJWFSTJEBE +VBO "HVTUO
.B[B .FOEP[B QQ
&M $FOUSP EF #JPUJDB EF MB 6OJWFSTJ
EBE +VBO "HVTUO .B[B PGSFDF FO FTUF
MJCSP VOB TOUFTJT EF TV DPSUB IJTUPSJB
QBSBQSFTFOUBSTFZFYQPOFSTVTPCKFUJWPT
Z mOFT "EKVOUBO MPT QSPHSBNBT EFTB
SSPMMBEPTFOBMHVOPTDVSTPT ZEJTUJOUBT
DPOGFSFODJBT PSHBOJ[BEBT CBKP FM MFNB
EFTVQSPQJBVOJWFSTJEBE)PNPSFTTBDSB
IPNJOJ&OUSFPUSPTUFNBT FMSFTQFUPEF
MB WJEB IVNBOB OBDJFOUF Z MB EJHOJEBE
EFMBQSPDSFBDJO"DUJUVEFTKVEBTBOUF
MBFVUBOBTJBFMQBDJFOUFUFSNJOBM NVFS
UFZFVUBOBTJBMB#JPUJDBFOMPTBMCPSFT
EFMTJHMP99*#JPUJDBFOMBFOGFSNFEBE
EF FWPMVDJO QSPHSFTJWB F JSSFWFSTJCMF
SFTQPOTBCJMJEBE Z TFDSFUP QSPGFTJPOBM
CJPUJDBZIBNCSF

$FOUSPEF&TUVEPTEF#JPUJDB#FN
EB1FTTPBF#FN$PNVN6NEF
TBmP#JPUJDB(SmDBEF$PJNCSB
-UEB $PJNCSB QQ
&TUF MJWSP USB[ PT UFYUPT EB i3FVOJP
EF $PJNCSB EB "TTPDJBP &VSPQJB
EF UJDB .EJDBw F BCPSEB P DPOnJUP
EB QFTTPB DPN P CFN DPNVN DPNP
VNBQSPCMFNUJDBRVFBUSBWFTTBUPEPP
DPOUFYUP EB #JPUJDB %FTEPCSBTF FN
UFNBT EF HSBOEF JOUFSFTTF USBUBEPT QPS
BMHVOTEPTNFMIPSFTWVMUPTEB#JPUJDB
FVSPQJB OVNDPOGSPOUPEFJEJBTFOB
QSPDVSBEFOPWBFDPOTFOTVBMNVOEJWJ
EODJB$PNFTUBPCSBQSFUFOEFVTFFT
UBCFMFDFSVNEJMPHPEFDPOTFOTPTFOUSF
PT WSJPT QBTFT FOUSF QPS VN MBEP B
BNFBBRVFQPEFSJBNSFQSFTFOUBSPTWB
MPSFTEBDJODJBFEBUFDOPMPHJBRVBOEP
DPOTJEFSBEPTDPNPVNmNFNTJNFT
NPF QPSPVUSP BQSPDVSBEFDBNJOIPT
RVFUFOIBNDPNPmNPCFNEBQFTTPB
OPSFTQFJUPQPSTVBEJHOJEBEF5SBUBTF
BTTJN EFVNBSFnFYPOBRVBMPWBMPS
EBWJEB BEJHOJEBEFEBQFTTPB TVBBVUP
OPNJB TVBSFTQPOTBCJMJEBEFFTFVCFN
BTTVNFN EJNFOTP QSJPSJUSJB " DPO
GSPOUBP UFOTB FOUSF PT EPJT CFOT o
CFNEBQFTTPBFCFNDPNVNoPUFNB
EFBCFSUVSBEPMJWSP"FMFTFHVFoTFVNB
BOMJTFSFnFYJWBFQMVSJEJTDJQMJOBSTPCSF
PQBQFMEPTNFJPTEFDPNVOJDBPTP
DJBM OB GPSNBP EF VNB DPOTDJODJB
CJPUJDB POEF TF USBCBMIB P QSPCMFNB
EPDPOnJUPFOUSFBDPOmEFODJBMJEBEFFB
DPNVOJDBPTPDJBM%FQPJT BEJTDVTTP
QBTTBQFMBQSPUFPEPTWVMOFSWFJTBOUF
BTQSFTTFTEBTPDJFEBEF UBOUPOB.F
EJDJOB(FOUJDBDPNPOB1FSJOBUPMPHJB
0 UFSDFJSP QPOUP DPOGSPOUB PT EJSFJUPT
EB TPDJFEBEF WFSTVT PT EJSFJUPT JOEJWJ

EVBJT DPNSFMBPBPTEPFOUFTNFOUBJT
F EPFOBT EF SJTDP TPDJBM 1PS MUJNP
FRVBDJPOBNTF BT QSJPSJEBEFT TPDJBJT F
BTFYQFDUBUJWBTJOEJWJEVBJT EFTEFBEF
DJTPEFUSBUBSPVOPUSBUBSBUPBDFTTP
BPT DVJEBEPT EF TBEF 3FTTBMUFTF RVF
UPEBTFTUBTQSPCMFNUJDBTTPBOBMJTBEBT
EFNPEPQMVSBMFNVJUBTWF[FTQPMNJ
DP QPS OPNFT EF SFDPOIFDJEP NSJUP
OP DFOSJP EB CJPUJDB FVSPQJB 8FC
$FOUSP&TUVEPT#JPUJDB $PJNCSB

$FOUSP EF *OWFTUJHBDJPOFT FO #JP

UJDB&DPTEFM*7&ODVFOUSPEFMB
'FEFSBDJO -BUJOPBNFSJDBOB EF
*OTUJUVDJPOFT EF #JPUJDB 6OJWFS
TJEBEEF(VBOBKVBUP .YJDP
QQ
%FMBMEFOPWJFNCSFEFTF
SFBMJ[ FO (VBOBKVBUP .YJDP FM *7
&ODVFOUSP -BUJOPBNFSJDBOP EF #JPUJ
DB CBKPMPTBVTQJDJPTEFMB6OJWFSTJEBE
EF (VBOBKVBUP Z EF '&-"*#& DPO FM
UFNBDFOUSBMEF{7JEBZNVFSUF 4FUSB
UBSPOUFNBTNVZWBSJBEPT DPOQBSUJDJ
QBOUFTEFCBTUBOUFTQBTFT DVZBTDPNV
OJDBDJPOFTTFSFDPHFOFOFTUFWPMVNFO
DPO MB mOBMJEBE EF RVF iTF DPOP[DB FM
QFOTBNJFOUP RVF MPT MBUJOPBNFSJDBOPT
UFOFNPT FO FTUF SFMBUJWBNFOUF OVFWP
DBNQPEFMB#JPUJDBw
-JOP $JDDPOF #JPUJDB )JTUPSJB

QSJODJQJPT Z DVFTUJPOFT 5SBEVD
DJO "OUPOJP &TRVJWJBT 7JMMBMPCPT
1BMBCSB .BESJE QQ
5BM DPNP JOEJDB FM TVCUUVMP MB PCSB
IBDFQSJNFSPVOSFQBTPEFMBIJTUPSJBEF
MBCJPUJDB OFDFTBSJBNFOUFCSFWF
QBSB
EFEJDBS MVFHP BMHP NT EF FYUFOTJO B

MBTDVFTUJPOFTEFQSJODJQJPT"RVFOUSB
VOBEFTDSJQDJOEFMPTQSJODJQBMFTQMBO
UFBNJFOUPT UFSJDPT FYJTUFOUFT FO FTUB
EJTDJQMJOB&MBVUPSEFTMJOEBDMBSBNFOUF
MPT NPEPT QFSTPOBMJTUBT EF DPODFCJS MB
CJPUJDB EF MPT NFSBNFOUF VUJMJUBSJPT Z
TF EFDBOUB QPS VO FOGPRVF EFM QSJNFS
UJQP BQVOUBOEPVOPTQSJODJQJPT WBMPS
EFMBWJEB EJHOJEBEEFMBQFSTPOB MJCFS
UBEoSFTQPOTBCJMJEBE Z UPUBMJEBE
NVZ
EJTUJOUPTBMPTRVFIBCJUVBMNFOUFTFNB
OFKBOFOMBTSFWJTUBTNEJDBTZCJPUJDBT
EFPSJHFOPJOnVFODJBBOHMPTBKPOB BV
UPOPNB OPNBMFmDFODJB CFOFmDFODJB
Z KVTUJDJB
&TUF TFS FM NBSDP QBSB FM
EFTBSSPMMPEFMBTDVFTUJPOFTQBSUJDVMBSFT
RVFPDVQBOFMDVFSQPEFMBPCSB
FO MPT BQBSUBEPT i-B WJEB FO TVT DP

NJFO[PTwZi-BWJEBECJMwPi#JPUJDB
DMOJDBw
&O M FM BVUPS TF DFOUSB FO BMHVOBT

DVFTUJPOFT EJTDSFQBOUFT FOUSF BNCBT
JOUFSQSFUBDJPOFT SFTQFUP B MB WJEB RVF
DPNJFO[B FTUBUVUP EFM FNCSJO EJBH
OTUJDP QSFOBUBM FYQFSJNFOUBDJO DPO
FNCSJPOFT JOHFOJFSBHFOUJDB
ZTFYVB
MJEBE IVNBOB UDOJDBT EF SFQSPEVD
DJO BTJTUJEB DMPOBDJO TJEB
+VOUP
DPOFMMBT BQBSFDFOPUSBTFOMBTRVFOP
FYJTUFEJDIBEJTDSFQBODJB JOWFTUJHBDJO
FOTFSFTIVNBOPTZFOBOJNBMFT ESPHBT
BMDPIPMZUBCBDPoBVORVFTPSQSFOEFVO
UBOUP MB BNQMJB FYUFOTJO EF FTUPT USFT
MUJNPTBQBSUBEPTo
QFSPRVFJNQMJDBO
MBEJHOJEBEEFMTFSIVNBOPEFVONPEP
EFDJTJWP ZFTUPKVTUJmDBTVQSFTFODJBFO
MBPCSB&MBVUPSQSPQPOFFOMBQTV
DMBTJmDBDJO EF MBT EJWFSTBT DVFTUJPOFT
EFMBCJPUJDBZ FOFTUFMJCSP QBSBFWJUBS
VOBFYQBOTJOJONPEFSBEBEFMUFYUP TF
MJNJUBBBMHVOBTEFMBTRVFDPNQSFOEF
.JHVFM $JVSP (BMEBOJ 1FESP '

)PPGU )PSBDJP 4BMWBEPS $PPSET

#JPUJDB IPZ Z NBBOB IFSSB
NJFOUBTQBSBMBDPOTUSVDDJOEFMB
DJVEBEBOB9+PSOBEBT"SHFOUJOBTZ
-BUJOPBNFSJDBOBT EF #JPUJDB .BS
EFM 1MBUB "SHFOUJOB PDUVCSF
&EJDJPOFT4VSF[ .BSEFM1MB
UB QQ

4FUSBUB FOTVNB EFVOBPCSBRVF
BQPSUBBMQBOPSBNBFTQBPMVONBOVBM
EF CJPUJDB RVF B EJGFSFODJB EF PUSBT
PCSBT SFDJFOUFT EF DPMBCPSBDJPOFT QSF
TFOUBVODPOUFOJEPNVZDPIFSFOUF FTMB
EJmDVMUBEFUFSOBEFUPEBPCSBEFWBSJPT
BVUPSFT
Z SB[POBCMFNFOUF DPNQMFUP
4F USBUB EF VOB PCSB EF NBEVSF[ JOUF
MFDUVBM RVFDVFOUBDPOVOCVFOBQPZP
DJFOUmDP Z CJCMJPHSmDP -B FEJDJO
DBTUFMMBOB DPOUJFOF BEFNT VO BOFYP
EFSFGFSFODJBTCJCMJPHSmDBTBDUVBMJ[BEBT
QPSMBQSPGFTPSB1PTUJHP "OUPOJP1BS
EP "DFQSFOTB

&O FTUF MJCSP TF SFDPHFO MPT SFTNFOFT

EFMBTDPNVOJDBDJPOFTQSFTFOUBEBTBMBT
9+PSOBEBT"SHFOUJOBTZ-BUJOPBNFSJDB
OBT EF #JPUJDB RVF UVWJFSPO MVHBS FO
.BSEFM1MBUB EFMBMEFPDUVCSF
EFM-PTUFNBTTPONVZWBSJBEPT
Z FT FTQFDJBMNFOUF JOUFSFTBOUF QBSB TF
HVJSMBNBSDIBEFMBTJOWFTUJHBDJPOFTFO
#JPUJDB UBOUP FO "SHFOUJOB DPNP FO
BMHVOPTQBTFTNTEF"NSJDBEF4VS
UBNCJO SFQSFTFOUBEPT FO FTUBT +PSOB
EBT

+PBRVJN $MPUFU #JPUJDB VNB

BQSPYJNBBP &EJDJPOFT 1POUJmDJB
6OJWFSTJEBEFEP3P(SBOEFEP4VM
1PSUP"MFHSF QQ
FO HFOUJDB MB JOWFTUJHBDJO TPCSF FM

HFOPNBIVNBOP MBDMPOBDJOZMBNF
EJDJOBHFOUJDB
&MBVUPSFTEPDUPSFO'JMPTPGBZ-FUSBT
QPSMB6OJWFSTJEBEEF#BSDFMPOBZSFBMJ
[QPTUFSJPSNFOUFFTUVEJPTFOPUSBT6OJ
WFSTJEBEFTEF&VSPQBZ&&66.JFN
CSPEFM,FOOFEZ*OTUJUVUFPG&UIJDTZEFM
)BTUJOHT$FOUFS FOUSFPUSPT ZQSPGFTPS
EF#JPUJDBFOMB1POUJmDJB6OJWFSTJEBE
EF3P(SBOEFEFM4VS FO1PSUP"MFHSF
EFMBRVFFTUBNCJOWJDFSSFDUPS
+PBRVJN $MPUFU "OBNBSJB 'FJK

.BSMJB (FSIBSEU EF 0MJWFSB $P
PSET
#JPUJDB 6NB 7JTP QBOP
SNJDB &EJDJPOFT EF MB 1POUJmDJB
6OJWFSTJEBE$BUMJDBEP3JP(SBOEF
EP4VM &%*16$3"
1PSUP"MFHSF
QQ
4F PGSFDFO FO FTUF WPMVNFO WFJOUJO

USBCBKPTEFMBVUPSEFUFNBTWBSJBEPTEF
#JPUJDB EFTEF MPT EFEJDBEPT B MB GVO
EBNFOUBDJO IBTUB MPT EFEJDBEPT B MB
JOWFTUJHBDJO HFOUJDB P B MB TJUVBDJO
EFMB#JPUJDBDPNPEJTDJQMJOBFO#SBTJM
-B#JPUJDBDPNPVOBUJDBBQMJDBEB FM
BOMJTJTEFMPTQSJODJQJPTEFCFOFmDFODJB
ZOPNBMFmDJFODJB FMNPEFMPVUJMJUBSJT
UBFOMBDPOTUSVDDJOZEFTBSSPMMPEFMB
#JPUJDB TVTSFMBDJPOFTDPOMB%FPOUP
MPHBZDPOFM%FSFDIP DPSSFTQPOEFOB
MBSFnFYJOmMPTmDBEFMBVUPSTPCSFFTUB
OVFWBEJTDJQMJOB
-BUJDBDMOJDBUBNCJOFTUUSBUBEB FO
DBQUVMPTEFEJDBEPTBMBBVUPOPNBEFM
QBDJFOUF FO MB 1BUJFOU 4FMG%FUFSNJOB
UJPO"DU FMDPOTFOUJNJFOUPJOGPSNBEP
FO JOWFTUJHBDJO FM USBUBNJFOUP EF MBT
FQJMFQTJBT PMPTDBTPTDMOJDPTRVFBOBMJ
[B0USBTFSJFEFBSUDVMPTFTUOEFEJDB
EPTBMPTBTQFDUPTUJDPTEFMPTBWBODFT
$PPSEJOBO FTUF MJCSP +PBRVJN $MPUFU

EPDUPSFO'JMPTPGBZ-FUSBT ZQSPGFTPS
FO MB 'BDVMUBE EF .FEJDJOB Z 0EPO
UPMPHBEFMB16$34ZNJFNCSPEFMB
$PNJTTP/BDJPOBMTPCSF"DDFTPF6TP
EP(FOPNB)VNBOP"OBNBSB'FJK
#JMPHBZEPDUPSB FO'JMPTPGB NJFN
CSP EFM $PNJU EF UJDB FO *OWFTUJHB
DJOEFMB16$34Z.BSMJB(FSIBSEU
EF 0MJWFJSB DJSVKBOP EFOUJTUB EPDUPSB
FO 0EPOUPMPHB EF MB NJTNB 6OJWFS
TJEBE &O UPUBM EJFDJOVFWF FTQFDJBMJTUBT
QSPQPSDJPOBOVOBiWJTJOQBOPSNJDBw
EF MB #JPUJDB Z EF MPT NMUJQMFT QSP
CMFNBT EF EFCBUF RVF MPT BVUPSFT IBO
FYQVFTUP FO MB EPDFODJB EFM $VSTP EF
*OWJFSOPEF#JPUJDB RVFJNQBSUFOEFT
EF0GSFDFOBTBMMFDUPS FTQFDJBM
NFOUFBMPTBMVNOPTVOJWFSTJUBSJPTZEF
FEVDBDJODPOUJOVB iVOBDPOUSJCVDJO
FmDB[QBSBFMEJMPHP FMSFTQFUPZMBKVT
UJDJB TJFNQSF RVF FTU SFMBDJPOBEB DPO
MBWJEBFOOVFTUSPQMBOFUBFOTFOUJEPFY
UFOTP PDPOMBDBMJEBEEFMBWJEBIVNB
OBFOQBSUJDVMBSw DPNPFTDSJCF+PBRVJN
$MPUFUFOMBQSFTFOUBDJOEFFTUBPCSB
.JHVFM$JVSP$BMEBOJ 1FESP')P
PGU )PSBDJP 4BMWBEPS $PPSET
&M
IPNCSFZTVNFEJPFOMBCJPUJDB
EFOVFTUSPUJFNQP9*+PSOBEBT"S
HFOUJOBTZ-BUJOPBNFSJDBOBTEF#JP
UJDB 3PTBSJP "SHFOUJOB ZEF
OPWJFNCSFEF&EJDJPOFT4V
SF[ .BSEFM1MBUB "SHFOUJOB
QQ
4F SFDPHFO FO FTUF MJCSP MPT SFTNFOFT
EFMBTJOUFSWFODJPOFTEFMBZBUSBEJDJPOBM
KPSOBEBBOVBMPSHBOJ[BEBQPSMB"TPDJB
DJO "SHFOUJOB EF #JPUJDB RVF TJSWF
NVZCJFOQBSBDPOPDFSMPTUFNBTEFJO
WFTUJHBDJOZEFUSBCBKPEFTVTNJFNCSPT
FOFTFQBTZUBNCJOEFBMHVOPTQBTFT
WFDJOPToFTQFDJBMNFOUF$IJMFoRVFQBS
UJDJQBO
+PBRVJN $MPUFU 0SH

#JPUJDB
&%*16$34 1PSUP "MFHSF
QQ
OFTFOFM***$POHSFTP#SBTJMFPEF#JP
UJDB DPO UFNBT NVZ WBSJBEPT NFEJP
BNCJFOUF TBMVEQCMJDB MBTOVFWBTUFD
OPMPHBT EFPOUPMPHBNEJDB EFSFDIP
QTJDPMPHB HFOUJDB
%JBOB $PIFO 5FNBT EF CJPUJDB

QBSB JORVJFUPT NPSBMFT &EJDJPOFT
EFM4JHOP #VFOPT"JSFT
QQ
-BBVUPSBFTEPDUPSBFO'JMPTPGBQPSMB
6OJWFSTJEBEEF#VFOPT"JSFTZNBHTUFS
FO #JPUJDB QPS FM $FOUSF GPS )VNBO
#JPFUIJDT EF MB .POBTI 6OJWFSTJUZ EF
"VTUSBMJB %FTEF TF EFTFNQFB
DPNPEPDFOUFFJOWFTUJHBEPSBFOFM%F
QBSUBNFOUPEF'JMPTPGBEFMB'BDVMUBE
EF'JMPTPGBZ-FUSBTEFMB6OJWFSTJEBE
EF#VFOPT"JSFT3FBMJ[BEPQPSVOBFT
QFDJBMJTUBFOMBNBUFSJB JOUFOUBSFTQPO
EFSBMPTJOUFSSPHBOUFTNTJNQPSUBOUFT
RVFMBDJFODJBZMPTBEFMBOUPTUFDOPMHJ
DPTQMBOUFBOBDFSDBEFMBWJEBIVNBOBZ
RVFQPOFOFODVFTUJOMBUJDB&MBCPS
EBKFEFMPTUFNBTBMDBO[BFMHSBEPEFHF
OFSBMJEBEOFDFTBSJBQBSBTFSWJSEFHVBB
QSPGFTPSFTZBMVNOPT ZPUSPTAJORVJFUPT
RVF RVJFSBO BDFSDBTF B FTUF DBNQP EFM
TBCFS -B QSPQVFTUB JODMVZF FKFSDJDJPT
EJMFNBT UBOUP QBSB EFTBSSPMMBS DPO MPT
NTKWFOFTBMVNOPTDPNPQBSBJOUFS
DBNCJBS JEFBT QBSB MB FOTFBO[B TJO
RVFEBSTFFOMBTJNQMFJOGPSNBDJOUSBUB
EF MBT OPDJPOFT NT JNQPSUBOUFT EF MB
#JPUJDBMBFVUBOBTJB FMUSBOTQMBOUFEF
SHBOPT MBSFQSPEVDDJOBTJTUJEB MBDMP
OBDJO FUD
.BSUO$PIFOEJMFNBTUJDPT
"MJBO[B &EJUPSJBM .BESJE
QQ
&OVOMJCSPBOUFSJPS iQSPCMFNBTEF
mMPTPGBwFMBVUPSSFUPNBCBMBBTQJSBDJO
PSJHJOBM EF MB mMPTPGB DPNP BDUJWJEBE
DPNP DBQBDJEBE RVF IBZ RVF EFTBSSP
MMBS&OTUF TFJOUFSOBFOVOEPNJOJP
BMRVFJOUFSFTBOMBTEFDJTJPOFTEJGDJMFT
MBTBMUFSOBUJWBT FMEJTDFSOJSRVFTUCJFO
ZRVFTUNBM ZOPFOFMQMBOPUFSJDP
BCTUSBDUP TJOPFOMBUPNBEFEFDJTJPOFT
FO MB WJEB SFBM "OBMJ[BOEP OPUJDJBT EF
MPT NFEJPT JOGPSNBUJWPT DVFTUJPOFT EF
BDUVBMJEBE P UFNBT QMBOUFBEPT FO QFM
DVMBT FMMJCSPOPQSFUFOEFEBSSFTQVFT
UBT TJOP QMBOUFBS MPT EJMFNBT Z BZVEBS
BM MFDUPS B RVF TBRVF TVT QSPQJBT DPO
DMVTJPOFT&OUSFPUSPTUFNBTEFEJWFSTPT

NCJUPT FYQPOFDBTPTEFEJMFNBTCJP
UJDPT EFUJDBNEJDBZEFUJDBNFEJP
BNCJFOUBM
$PMFDDJO EF UFNBT EF #JPUJDB

&EJUPSJBM 4BOUJMMBOB 4BOUJBHP EF
$IJMF
-B FEJUPSJBM 4BOUJMMBOB Z FM $FOUSP EF
#JPUJDB EF MB 1POUJmDJB 6OJWFSTJEBE
$BUMJDBEF$IJMFIBOFEJUBEPMPTDVB
USP QSJNFSPT ONFSPT EF VOB TFSJF EF
QVCMJDBDJPOFTEFEJDBEBTBMBEJWVMHBDJO
EF UFNBT EF #JPUJDB FOUSF FTUVEJBOUFT
EF FOTFBO[B NFEJB -PT BVUPSFT Z UF
NBTTPOMPTTJHVJFOUFT
'FSOBOEP $IPNBM Z PUSPT 1SPZFDUP
(FOPNB)VNBOP1SFTFOUFZQFSTQFD
UJWBTGVUVSBT.BVSJDJP#FTJP 'FSOBOEP
$IPNBM +PSHF/FJSBZOHFMB7JWBODP
"CPSUP iUFSBQVUJDPw 'FSOBOEP $IP
NBM%JMFNBTUJDPTQBSBFMTJHMP99*
'FSOBOEP $IPNBM "TQFDUPT DJFOUm
DPTZUJDPTEFMBFQJEFNJBEFM7*)ZFM
4JEB1SFTFOUFZQFSTQFDUJWBTGVUVSBT
$PNJTJO /BDJPOBM EF #JPUJDB EF

.YJDP Z "DBEFNJB /BDJPOBM EF
#JPUJDB "$ +PSOBEB EF BOMJTJT
Z BDUVBMJ[BDJO EF MB #JPUJDB FO
MPT TFSWJDJPT EF TBMVE 0140.4
.YJDP QQ
-BTKPSOBEBTTFDFMFCSBSPOMPTEBTZ
EFPDUVCSFEF DPOEJGFSFOUFT
DPOGFSFODJBT Z UBMMFSFT &OUSF PUSBT &M
GPNFOUP EF MB #JPUJDB FO MPT TFSWJDJPT
EF TBMVE EPDUPS .BOVFM 7FMBTDP 4V
SF[
.FEJDJOB QSFWFOUJWB Z TFSWJDJPT
EF TBMVE +FTT ,VNBUF
WBSJPT TPCSF
#JPUJDB Z DODFS B DBSHP EF .BSUIB
5BSBTDP +PSHF .BSJP $BCSFSB Z 1FESP

4PCSFWJMMB)VCPDPMPRVJPTTPCSF$BMJ
EBEZFmDJFODJBEFMPTTFSWJDJPTEFTBMVE
#JPUJDBZNBSDPMFHBMEFMPTTFSWJDJPTEF
TBMVE MB QSPNPDJO EF MB QFSTPOB IV
NBOBGSFOUFBMBUFDOPDSBDJBNEJDB Z
UJDBFOMBBTJHOBDJOEFSFDVSTPT
$POTFMIP/BDJPOBMEFUJDBQBSBBT
$JODJBT EB 7JEB $/&$7
$P
MFP EF #JPUJDB -JTCPB

&TUF$POTFMIP DPNDFSDBEFBOPTEF
BUJWJEBEF DPOUSJCVJV EF GPSNB OPUSJB
QBSB P BWPMVNBS EF QVCMJDBFT FNJ
UJV QBSFDFSFT EJTUSJCVEPT QPS PJUP
WPMVNFT EF EPDVNFOUBP PT RVBJT
EFTEF FODPOUSBNoTF EJTQPOWFJT
FN GPSNBUP FMFUSOJDP 1BSBMFMBNFOUF
P$/&$7UFNVNBDPMFPEF#JPUJDB
EBTBUBTEPTEJGFSFOUFTTFNJOSJPTPSHB
OJ[BEPT DPN PT TFHVJOUFT WPMVNFT 0
DPOTFOUJNFOUP JOGPSNBEP $PNJTTFT
EF UJDB UJDB EB WJEB DPODFQFT F
EFCBUFT 1PEFSFT F MJNJUFT EB HFOUJDB
"QFTTPBJEPTBFBTPDJFEBEF5FNQPEF
WJEB UFNQPEFNPSUFF QPSMUJNP BT
BUBTEP&ODPOUSP-VTPo#SBTJMFJSPEF
#JPUJDB EFOPNJOBEP i$SFCSP F UJ
DBw 8FC$FOUSP#JPUJDB 1PSUP

&EVBSEP $PSSFB $BSMPT &DIFWFSSB

"MCFSUP3PKBT &EJUPSFT
UJDBZ)V
NBOJEBE FO MB .FEJDJOB BDUVBM
3FnFYJPOFT CJPUJDBT &EJUPSJBM
6OJWFSTJUBSJB 4BOUJBHP EF $IJMF
QQ
4FSFDPHFOFOFTUFMJCSPMPTUSBCBKPTRVF
DPOGPSNBSPOMBT7***+PSOBEBT$MOJDBT
EFM )PTQJUBM /BWBM i"MNJSBOUF /FGw
FWFOUP DJFOUmDP EF DBSDUFS BOVBM RVF

QSFUFOEFBCSJSMBEJTDVTJOFOUSFEJWFS
TPT FTQFDJBMJTUBT TPCSF UFNBT EF JOUFST
ZSFMFWBODJBQBSBFMFKFSDJDJPQSDUJDPEF
MBNFEJDJOB1PSVOMBEPTFBOBMJ[BOMPT
GVOEBNFOUPTNPSBMFTZUJDPTEFMB#JP
UJDBMBJOUFSWFODJOEFMBNFEJDJOBFO
FM DBNQP EF MB TFYVBMJEBE MB EJHOJEBE
EFM QBDJFOUF MB NVFSUF Z MB DPNQMFKB
SFTQPOTBCJMJEBE NEJDB MB FOTFBO[B
Z MB BQMJDBDJO QSDUJDB EF MB #JPUJDB
-B EJTDVTJO GFDVOEB FOUSF NEJDPT Z
BHFOUFTTBOJUBSJPT BTDPNPMBSFnFYJO
CJPUJDBJODPSQPSBEBBMBPQJOJOQCMJ
DB mHVSBFOUSFMPTPCKFUJWPTDFOUSBMFTEF
FTUBPCSB
$PNJTJO /BDJPOBM EF #JPUJDB

#JPUJDB * $POHSFTP *OUFSOBDJP
OBM$JVEBEEF.YJDP0DUVCSF
&UIPT$PNJTJO/BDJPOBMEF
#JPUJDBEF.YJDP QQ
$PO QSFGBDJP EFM EPDUPS 7FMBTDP4V
SF[ QSFTJEFOUFEFM$PNJUPSHBOJ[BEPS
TF BCPSEBO FO FTUBT BDUBT EFM 1SJNFS
$POHSFTP*OUFSOBDJPOBMQSPNPWJEPQPS
MB $PNJTJO /BDJPOBM EF #JPUJDB EF
.YJDP VOB TFSJF EF DVFTUJPOFT EF BD
UVBMJEBE &O FM QSPHSBNB DJFOUmDP TF
USBUBMBSFTQPOTBCJMJEBEDJFOUmDBZNT
FODPODSFUP MPTEJMFNBTCJPUJDPTFOMB
QSDUJDB NEJDB DPNJUT EF CJPUJDB
DPOTFOUJNJFOUP JOGPSNBEP CJPUJDB Z
SFMJHJO JOWFTUJHBDJO Z FYQFSJNFOUB
DJO (FOPNB)VNBOP SFQSPEVDDJO
BTJTUJEB TBMVEZFDPMPHB BTJHOBDJOEF
SFDVSTPTQBSBMBTBMVE NVFSUFDFSFCSBMZ
USBTQMBOUFT QBDJFOUFTDPO7*)PUFSNJ
OBMFT FUD4FBBEFVOBJOUFSWFODJOm
OBMTPCSFi-B#JPUJDB VOBOVFWBNPSBM
QBSBMPTUJFNQPTNPEFSOPTw EFMEPDUPS
"MGSFEP$FSEBO"TTBE VOCSFWFBOMJTJT
EFM QSPQJP $POHSFTP Z MBT QBMBCSBT EF
DMBVTVSBEFMEPDUPS7FMBTDP4VSF[
$PNJTJO /BDJPOBM EF #JPUJDB

"DBEFNJB .FYJDBOB EF #JPUJDB
.FNPSJBEFM1SJNFS$POHSFTP/B
DJPOBM EF #JPUJDB .YJDP %'
QQ
&TUF1SJNFS$POHSFTP/BDJPOBMTFDFO
USBFOi-B4BMVE %FSFDIPT)VNBOPTZ
SFTQPOTBCJMJEBEDJFOUmDBwFOTVTDPOUF
OJEPTCJPUJDPT BTDPNPFOBOBMJ[BSF
JNQVMTBSVOBiDVMUVSBEFMBWJEBw ZQSF
WFOJSiMBHMPCBMJ[BDJOEFVOBDVMUVSBEF
MBNVFSUFw&OUSFMPTUFNBTUSBUBEPTFO
DPOGFSFODJBT NFTBTSFEPOEBTZDPNVOJ
DBDJPOFT RVFBCBSDBOVOBQSPCMFNUJDB
NVZ BNQMJB EFTUBDBNPT 'VOEBNFO
UBDJOZSFBMJEBEEFMB#JPUJDB MPTD
EJHPTUJDPT MBCJPUJDBFOMBFEVDBDJO
NEJDB DPOUJOVB FYQFSJNFOUBDJO FO
BOJNBMFT BTQFDUPT KVSEJDPT Z TV SFMB
DJO DPO MPT %FSFDIPT )VNBOPT MB
OVFWBUFDOPMPHBNEJDB FMFTUBUVUPEFM
FNCSJO MBHFOUJDBIVNBOB MBBTJHOB
DJOEFSFDVSTPT EFSFDIPTEFMOJP NF
EJPBNCJFOUFZTBMVE MBWJPMFODJBGSFOUF
B MB CJPUJDB EFM EFTBSNF Z QSFWFODJO
EFMBHVFSSB

$PNJTJO/BDJPOBMEF#JPUJDB "DB
EFNJB /BDJPOBM .FYJDBOB EF #JP
UJDB $FOUSP EF *OWFTUJHBDJPOFT FO
#JPUJDB EF MB 6OJWFSTJEBE EF (VB
OBKVBUP .FNPSJB EFM ** $POHSF
TP /BDJPOBM EF #JPUJDB $VMUVSB
CJPUJDB QBSB FM EFTBSSPMMP IVNB
OP"DBEFNJB/BDJPOBMEF#JPUJDB
.YJDP QQ
&TUF ** $POHSFTP /BDJPOBM EF #JPUJ
DBTFDFMFCSMBDJVEBEEF(VBOBKVBUP
.YJDP MPTEBTEFOPWJFNCSFEF
DPNP $POHSFTP EF WJODVMBDJO
DPO MB 'FEFSBDJO -BUJOPBNFSJDBOB Z
EFM$BSJCFEF*OTUJUVDJPOFTEF#JPUJDB
'FMBJCF
&MUFNBDFOUSBMGVFDNPDPO
TFHVJSVOBDVMUVSBCJPUJDBRVFBZVEFBM
EFTBSSPMMP IVNBOP &M EPDUPS 7FMBTDP
4VSF[ QSFTJEFOUFEFMB"DBEFNJB/B
DJPOBM .FYJDBOB EF #JPUJDB GVF UBN
CJOFMQSFTJEFOUFEFMDPNJUPSHBOJ[B
EPSEFM$POHSFTPZDPPSEJOBEPSoKVOUP
BM EPDUPS 5PSSFT .FKBo EF MB FEJDJO
EFFTUFMJCSP-BTDPOGFSFODJBTSFDPHJEBT
IBDFOSFGFSFODJBoFOUSFPUSPToBMPTTJ
HVJFOUFTUFNBT-BCJPUJDBFOFMNVOEP
EF MB KVSJTQSVEFODJB MJDFODJBEP .BSB
&MPEJB 3PCMFT
CJPUJDB FO MB DVMUVSB
EFM EFTBSSPMMP IVNBOP EPDUPS +PSHF
-VJT )FSOOEF[ EPDUPS .JHVFM "ZBMB
EPDUPS"OUPOJP$BCSFSB
MBCJPUJDBFO
FM mO EF TJHMP Z QBSB FM OVFWP NJMFOJP
EPDUPS +BWJFS /F[ EPDUPS &EVBSEP
4PVTB-FOOPY
MB FOTFBO[B EPDUPS
,VUIZ 1PSUFS MJDFODJBEP 4POJB -QF[
EPDUPS4BOUJBHP)FSOOEF[ EPDUPS+PT
.BOVFM.BSUOF[
MB#JPUJDB DJFODJBEF
MBTVQFSWJWFODJB EPDUPS0TDBS+.BS
UOF[
MPTUSBOTQMBOUFT EPDUPS#BMUB[BS
.BSUOF[
BUFODJO NEJDB FO QBTFT
FO EFTBSSPMMP EPDUPS )PSBDJP (BSDB

EPDUPS"MCFSUP"NPS
JOHFOJFSBHFO
UJDB EPDUPSB.BSB&MJTB"MPOTP EPDUPS
'FSOBOEP"ZBMB QSPGFTPS+PSHF'"HVJ
SSF
NVFSUFDFSFCSBM EPDUPS3BM(BS
[B
FVUBOBTJB EPDUPS -FPCBSEP 3VJ[

PODPMPHB EPDUPSB 3FCFDB (JM
Z 4JEB
EPDUPSBT-BVSB1FESPTBZ.BSBEFMB
1B[ .JSFMFT
HBTUP TPDJBM FO .YJDP
EFSFDIPBMBJOGPSNBDJOFYQFSJNFOUB
DJO FO TFSFT IVNBOPT WVMOFSBCJMJEBE
EFMBNCJFOUFBWBODFTFOMBMFHJTMBDJO
CJPUJDB Z EFSFDIP SFQSPEVDDJO BTJT
UJEBEFSFDIPTIVNBOPTFOMBBUFODJO
NEJDB ZMBSFTQPOTBCJMJEBENEJDB&O
UPUBM JOUFSWFODJPOFT NTFMUFYUPEF
DPNVOJDBDJPOFT EF UFNBT JOUFSBDUJ
WPTEFCJPUJDB
$POGFSFODJB &QJTDPQBM &TQBPMB

4VCDPNJTJO QBSB MB 'BNJMJB Z %F
GFOTB EF MB 7JEB #JPUJDB SFDPOP
DJNJFOUP EF MB QFSTPOB &%*$&
.BESJE QQ
4F SFDPHFO FO FTUF MJCSP MBT JOUFSWFO
DJPOFT FO VO $VSTP EF GPSNBDJO EF
BHFOUFT EF QBTUPSBM DFMFCSBEP FO &M
&TDPSJBM *OUFSWJOJFSPO QSPGFTJPOBMFT
EF NVZ EJGFSFOUFT NCJUPT Z FM DVSTP
FTUBCBEFTUJOBEPTPCSFUPEPBMPTJOUF
HSBOUFT EF MPT $FOUSPT EF 0SJFOUBDJO
'BNJMJBS QBSB RVF iQVFEBO SFTQPOEFS
B MPT OVFWPT EFTBGPT RVF OPT QMBOUFB
MB CJPUJDB QSFTFOUBOEP MBT DPOWJDDJP
OFTGVOEBNFOUBMFTEFMB*HMFTJBTPCSFFM
IPNCSFZTVEJHOJEBEw
"T TF BGSPOUB MB EJTUJODJO FOUSF QFS
TPOB PSHBOJTNP Z WJEB IVNBOB MB
EJHOJEBEQFSTPOBMFOMBQSPDSFBDJOFM
DVJEBEPEFMBWJEBIVNBOBZTVSFDPOPDJ
NJFOUPZQSPUFDDJOKVSEJDBUBOUPFOTV
PSJHFODPNPFOTVPDBTPMBFVUBOBTJB
MPTDVJEBEPTQBMJBUJWPTFMTOESPNFQPTU
BCPSUP&OMBMUJNBQBSUF TFFYQPOFO
BMHVOBTJOUFSFTBOUFTFYQFSJFODJBTEFMPT
$FOUSPTEF0SJFOUBDJO'BNJMJBSEFQFO
EJFOUFTEFMB*HMFTJB$BUMJDB ZEF$FO
USPTEF"DPHJEBBMB7JEBEFEJGFSFOUFT
DJVEBEFTFTQBPMBT
$POHSFTP/BDJPOBMEFUJDB.EJ
DB$POTFKPEF.EJDPTEFMBQSPWJO
DJBEF$SEPCB $SEPCB "SHFOUJOB

4F SFDPHFO MBT JOUFSWFODJPOFT EF FTUF
* $POHSFTP DFMFCSBEP EFM BM EF
BHPTUPEF5FNBT-BUJDBNEJ
DB EPDUPS .BJOFUUJ
UJDB F JOWFTUJHB
DJO (BSSBO
UJDB FDPOPNBZTBMVE
(PO[MF[ (BSDB
5BNCJO FTUO MBT
NFTBTSFEPOEBTRVFTFDFMFCSBSPOTPCSF
'VOEBNFOUPTmMPTmDPTEFMBUJDBN
EJDB 1SJODJQJPTUJDPTTPCSFMBWJEBZMB
NVFSUF4JEBZFKFSDJDJPEFMBQSPGFTJO
NEJDB
$POTFKP EF &VSPQB -B TBMVE Z MPT

EFSFDIPTIVNBOPT"TQFDUPTUJDPT
Z NPSBMFT 0140.4 1VCMJDBDJO
$JFOUmDBO 8BTIJOHUPO%$
QQ
&TUFMJCSPFTUSBEVDDJOEFMPSJHJOBMFO
GSBODTFEJUBEPFO FMBCPSBEBQPS
MB 014 $POTUB EF BMHVOPT BSUDVMPT
JOUSPEVDUPSJPT BVORVF MB QBSUF GVOEB
NFOUBMTPODJFOUPWFJOUFmDIBTDPODB
TPT QMBOUFBEPT EFTEF MB QFSTQFDUJWB EF
DBEBVOBEFMBTQSJODJQBMFTSFMJHJPOFTZ
EFVOBWJTJOBHOTUJDB
$POTFMIP 'FEFSBM EF .FEJDJOB

%FTBGPTUJDPT#SBTJMJB
QQ
&O FTUF MJCSP DPMBCPSBO WBSJPT BVUPSFT
TPCSFUFNBTEFUJDBZ$JFODJB EFSFDIP
NFEJPBNCJFOUF FOTFBO[B5FNBTEF
UJDBDMOJDBTPCSFUPEPZEFEFPOUPMPHB
QSPGFTJPOBM
$POTFMIP'FEFSBMEF.FEJDJOB*OJ
DJBP#JPUJDB$POTFMIP'FEFSBM
$POTFMIP'FEFSBMEF.FEJDJOB #SB
TJMJB%' #SBTJM QQ
-PTPSHBOJ[BEPSFT FEJUPSFTEFMBSFWJTUB
i#JPUJDBw SHBOPEFM$POTFMIPGFEFSBM
EF.FEJDJOBEF#SBTJM TPO4FSHJP*CJB
QJOB'FSSFJSB$PTUB NEJDPZQSPGFTPS
EFUJDBFOMB'BDVMUBEEF.FEJDJOBEF
1JBV 7PMOFJ (BSSBGB DJSVKBOP EFOUJT
UB Z QSPGFTPS UJUVMBS EFM %FQBSUBNFOUP
EF 4BMVE $PMFDUJWB EF MB 6OJWFSTJEBE
EF #SBTJMJB Z (BCSJFM 0TFMLB NEJDP
Z QSPGFTPS BTPDJBEP EF 1FEJBUSB FO MB
6OJWFSTJEBE EF 4P 1BVMP $PO FMMPT
DPMBCPSBONTEFUSFJOUBQSPGFTJPOBMFT
RVF BCPSEBO VO BNQMJP DBNQP EF UF
NBT EFTEFEJTUJOUBTQPTUVSBT5SBTVOB
*OUSPEVDDJO MB**QBSUFTFEFEJDBBMPT
DPODFQUPTCTJDPTUJDBFOMB4BMVEMPT
QSJODJQJPTEFMB#JPUJDBEFMQSJODJQJB
MJTNPBMBCTRVFEBEFVOBQFSTQFDUJWB
MBUJOPBNFSJDBOB&OMBQBSUFUFSDFSB EF
UFNBT FTQFDmDPT #JPUJDB Z $JFODJB
SFQSPEVDDJOBTJTUJEBCJPUJDBZBCPSUP
1SPZFDUP (FOPNB )VNBOP USBTQMBO
UFTFVUBOBTJBZEJTUBOBTJBJOWFTUJHBDJO
FOTFSFTIVNBOPTCJPUJDBZTBMVEQ
CMJDBCJPUJDBZEFSFDIPTIVNBOPT-B
QBSUFDVBSUBTFEFEJDBBBTQFDUPTEFCJP
UJDBDMOJDBFMFSSPSNEJDPMB.FEJDJ

OB-FHBMMBDPOmEFODJBMJEBEZQSJWBDJ
EBEMBUJDBEFMBBTJTUFODJBBQBDJFOUFT
EF4JEB
4FSHJP $PTUB .BMV 'POUFT 'MWJB

4RVJODB &EJUPSFT
5QJDPTFN#JP
UJDB -FUSBT-JWSFT #SBTJMJB
QQ
3FnFKB MPT QSJODJQBMFT SFTVMUBEPT EFM
1SJNFS $VSTP EF &TQFDJBMJ[BDJO FO
#JPUJDBSFBMJ[BEPFOMB3FHJO/PSUFZ
/PSPFTUF EF #SBTJM RVF UVWP TV JOJDJP
FOPDUVCSFEF
%F MPT BSUDVMPT QSFTFOUBEPT QPS
MPT QBSUJDJQBOUFT GVFSPO TFMFDDJPOBEPT
PDIP MPT RVF B KVJDJP EF MPT FEJUPSFT
SFQSFTFOUBCBO NFKPS MB EJWFSTJEBE EF
QFSTQFDUJWBT UFNBT Z BVUPSFT " FTUPT
BSUDVMPT TF TVNBSPO EPT FTDSJUPT QPS
QSPGFTPSFT EFM DVSTP 4F IB MPHSBEP VO
MJCSPRVFFTFMGSVUPEFVOBFYQFSJFODJB
BDBENJDBFYJUPTBEPOEFFYQSPGFTPSFTZ
FYBMVNOPTTPOBIPSBBVUPSFTZUBNCJO
SFQSFTFOUBOUFTEFVOBHFOFSBDJOEFJO
WFTUJHBEPSFTWBMJFOUFTZDPNQSPNFUJEPT
DPOMBEFNPDSBUJ[BDJOEFMBCJPUJDBFO
#SBTJM
-B QSJNFSB QBSUF EFM MJCSP BCPSEB EPT
HSBOEFTEFTBGPTEFMBCJPUJDBCSBTJMFB
FMBCPSUPQPSBOFODFGBMJBZMBJOWFTUJHB
DJODPOFNCSJPOFTFYUSBVUFSJOPT&OFM
QSJNFSBSUDVMP i*OUFSSVQDJOEFMBHFT
UBDJO FO DBTP EF BOFODFGBMJB PQJOJO
EF NVKFSFT EF DMBTFT QPQVMBSFT FO 5F
SFTJOBw (JTMFOP'FJUPTBQSPQPOFRVFFM
BCPSUPQPSBOFODFGBMJBEFCFTFSVOEFSF
DIPJOEJWJEVBM QSPUFHJEPQPSFM&TUBEP
&O FM TFHVOEP i-B JOWFTUJHBDJO DPO
FNCSJPOFT FYUSBVUFSJOPT FOUSF DJFODJB

ZQBTJOw 4BNBOUIB#VHMJPOJFOGSFOUB
FTUBDMBTFEFJOWFTUJHBDJOEFTEFMBQFST
QFDUJWBEFMBSFEVDDJOEFEBPTZEFMB
HBSBOUBEFMBJDJDJEBEEFMBMFHJTMBDJO
0USPTBSUDVMPTEFFTUFMJCSPFTUOPSJFO
UBEPT B EJWFSTBT UFNUJDBT QFSTJTUFOUFT
FOMBCJPUJDBCSBTJMFB DPNPMBEFMmO
EFMBWJEB&TFMDBTP-VJ[B*WFUUF7JFSB
ZTVUSBCBKPi$VBOEPUSBUBSTJHOJmDBTV
GSJNJFOUPw VOEFTDVCSJNJFOUPQFSTPOBM
EFMPTDPOnJDUPTEFMBQSDUJDBQSPGFTJP
OBMDPOFOGFSNPTUFSNJOBMFT
&MUFNBEFMFOWFKFDJNJFOUPFTBCPSEBEP
QPS4FSHJP"DPTUBFOi#JPUJDBDMOJDBZ
5FSDFSB &EBEw %F BDVFSEP DPO FM BV
UPS MB NVFSUF EFCF TFS BTVNJEB DPNP
QBSUFEFOVFTUSBFYJTUFODJBDPNQBSUJEBZ
OPFOMBTPMFEBEZFMBJTMBNJFOUP QPSMP
NJTNPFTUFUFNBEFCFTFSBCJFSUBNFOUF
FOGSFOUBEPQPSMBTQPMUJDBTQCMJDBT
6O UFNB DFOUSBM EF FTUF MJCSP FT FM EF
MB EFmDJFODJB EFTBSSPMMBEP QPS FM
NB .BSB EP /BTDJNFOUP FO i1FSJDJB
NEJDB FO HBTUSPIFQBUPMPHB QBSB MB
DPODFTJO EF CFOFmDJPT QSFWJTJPOBMFTw
%FCPSB %JOJ[ 'MBWJB 4RVJODB Z .BS
DFMP .FEJSPT FO i%FmDJFODJB DVJEBEP
Z KVTUJDJB EJTUSJCVUJWBw Z 'SBOL +BOFT Z
1BVMB -JSB FO i#FOFmDJP BTJTUFODJBM EF
QSFTUBDJO DPOUJOVBEB IFSSBNJFOUB EF
JODMVTJOPEFFYDMVTJOTPDJBMw
5FNBT QPDPT FYQMPSBEPT FO "NSJDB
-BUJOB TPO MB QFOB EF NVFSUF Z MB FY
QFSJNFOUBDJO DPO BOJNBMFT &O FTUF
TFOUJEP DBCF EFTUBDBS MPT USBCBKPT i&Y
QFSJNFOUBDJO BOJNBM BTQFDUPT CJPUJ
DPT Z OPSNBUJWPTw EF %BOJFMMF .BSB

.BDIBEP"DFWFEP Zi1FOBEF.VFSUF
VOBCPSEBKFDPOUFYUVBMw EF0TJUB.B
SB.BDIBEP3JCFJSP$PTUB
'JOBMNFOUF FMUFNBEFMDPOTFOUJNJFOUP
MJCSFFJOGPSNBEPTFIBDPOTUJUVJEPFO
VOB EF MBT QJF[BT DMBWF EF MB JOWFTUJHB
DJODPOTFSFTIVNBOPT&MBSUDVMPEF
8BHOFS-FBMEF.PVSBi$POTFOUJNJFO
UP MJCSF F JOGPSNBEP FO FM USBUBNJFOUP
PEPOUPMHJDP JOGBOUJMw OPT JOUSPEVDF
FO MPT EJTUJOUPT QSPCMFNBT QSPQJPT EF
MB FEBE JOGBOUJM SFTQFDUP EF FTUF UFNB
(VJMMFSNP'VFOUFT6 "DUB#JPFUIJDB

OPTPOGDJMFT&OFTUFMJCSP FODPOUSB
SOVOBGVFOUFEFJOGPSNBDJOFSVEJUB
ZEPDVNFOUBEB BMBWF[RVFBTFRVJCMF
ZDPNQSFOTJCMF EFMBNBOPEFVOBBV
UPSJEBEFOBNCBTNBUFSJBTJOWPMVDSBEBT
CJPMPHBZUFPMPHB
"T FTUFMJCSPUSBUBUFNBTUBOJOUFSFTBO
UFTDPNP-BBOUSPQPMPHB-BTUDOJDBT
EFSFQSPEVDDJOBTJTUJEB&MDPOUSPMEF
OBUBMJEBE &M EJBHOPTUJDP QSFOBUBM &M
BCPSUP-BFVHFOFTJB-BJOHFOJFSBHF
OUJDB -B CJPUFDOPMPHB &M QSPZFDUP
EFMHFOPNBIVNBOP:UPEPCBKPVOB
QFSTQFDUJWBDSJTUJBOB
"OUPOJP $SV[ #JPUJDB DSJTUJB

OB &EJUPSJBM $MJF 5FSBTTB &TQBB
QQ
+PSHF5FJYFJSB$VOIB#JPUJDB#SF
WF "QMJDBP &EJDJPOFT 1BVMJOBT
-JTCPB QQ
{2VFTMB#JPUJDB &TMBUJDBBQMJDBEBB
MBCJPMPHB FMSFTQFUPBMBWJEBIVNBOB
FMEFSFDIPBWJWJSZBNPSJS BNBOJQVMBS
FNCSJPOFTZDMVMBT BDMPOBSTFSFTIV
NBOPTZBMMFHBSDPOFMTFSIVNBOPIBTUB
EPOEFMPTMNJUFTEFMBDJFODJBOPTQFS
NJUBO/PPCTUBOUF{FTMDJUPBQMJDBSB
MBWJEBIVNBOBUPEPBRVFMMPRVFDJFO
UmDBNFOUF FT QPTJCMF IBDFS &M GVUVSP
RVFQSPQPOFOMBCJPMPHBZMBNFEJDJOB
NPEFSOBT FT BMUBNFOUF FTQFSBO[BEPS
QFSPUBNCJOFTWFSEBERVFBMHVOPTOV
CBSSPOFTQSFPDVQBOUFTTFIBOFNQF[BEP
BFMFWBSTPCSFFMIPSJ[POUFEFMSFTQFUPZ
MB BDUVBMJEBE EFM UFNB IBDF QBTUPSFT Z
MJEFSFT DSJTUJBOPT BDPTBEPT DPOTUBOUF
NFOUF FODPOGFSFODJBTFJOUFSWFODJPOFT
EFSBEJPZUFMFWJTJO DPOQSFHVOUBTTP
CSFDVMFTOVFTUSBQPTJDJOBMSFTQFDUP
TF WFBO FO MB OFDFTJEBE EF BGSPOUBSMP
1FSPFMUFNBFTDPNQMFKPZMBTSFTQVFTUBT
+PSHF 5FJYFJSB EB $VOIB DPOWJEBOPT

EF VNB GPSNB DMBSB F QSPGVOEB B VN
QFSDVSTP QFMPT NFBOESPT EBT RVFTUFT
FNFSHFOUFT OB QTNPEFSOJEBEF "
TBEF P CFNFTUBS EB QFTTPB UJDB
FUSBOTQMBOUFEFSHPTEFTQFOBMJ[BP
EPBCPSUP1FSQFMFYJEBEFEJBOUFEBDMP
OBHFN #JPUJDB UDOJDB F QSPDSJBP
FVUBOTJB F TVJDEJP B NPSUF B QPSUB
EPOBEB
4BCFOEP RVF OP I VNB FWJEODJB
DPNQBSUJMIBEB TPCSF BT HSBOEFT RVFT
UFT EB WJEB EB NPSUF EB QSPDSJBP
EBUDOJDB FTUBPCSBQSFUFOEFTFSVN
TJNQMF FYFSDDJP EF QBSUJDJQBP OVN
EFCBUF DPNP P EBT PQFT FN NBUSJB
UJDBRVFBUPEPTEJ[SFTQFJUP&DPODMVJ
RVFBEFNPDSBUJ[BPEBUJDBFBFNFS
HODJB EB CJPUJDB FYJHFN OPT OPTTPT
UFNQPT NBJPSMVDJEF[OBCVTDBEBWFS

EBEF NPSBM 0 BVUPS EFTBmB PT MFJUPSFT

B OP BMJOIBSFN QFMP QPOUP EF WJTUB
NBJT GDJM PV DPSSFSFN P SJTDP EF FT
DPMIFSBQBSUFQJPSRVFBSFMBUJWJ[BP
EF UPEBT BT PQJOJFT 1BSB B UFPMPHJB
P%FVTEF+FTVT$SJTUPTFNQSFDPOWJEB
PFTQSJUPEPIPNFNBBCSJSTFJOmOJUB
NFOUFFPGFSFDFBJOJDJBPBVNBWJEB
NBJTBNQMBFEFRVBMJEBEFTVQFSJPS
&WJUBTFBTTJN FTDSFWF+PSHF5FJYFJSBEB
$VOIBOB*OUSPEVP PEJTDVSTPNDB
mDPV BQFOBT DPN P CBUJNFOUP EF BTBT
OPWB[JPEFVNBFHPMBUSJBTFNIPSJ[PO
UF 3FTFBEFMB&EJUPSJBM

.BOVFM $VZT J .BUBT$VFTUJPOFT

EF#JPUJDB*OTUJUVU#PSKBEF#JP
UJDB Z 'VOEBDJO .BQGSF .FEJDJOB
.BESJE QQ
&MQSPGFTPSEPDUPS.BOVFM$VZT 4+
PGSFDFFOFTUFMJCSPVOBTFMFDDJOEFBSU
DVMPTEF#JPUJDBQVCMJDBEPTFOEJGFSFO
UFTSFWJTUBTFTQFDJBMJ[BEBT
.BOVFM$VZTFTMJDFODJBEPFO'JMPTP
GBZ5FPMPHBZEPDUPSBEPFO%FSFDIP
$BOOJDP )B TJEP QSPGFTPS EF 5FPMP
HB.PSBMFOMB'BDVMUBEEF5FPMPHBEF
$BUBMVB Z EF %FPOUPMPHB NEJDB FO
MB'BDVMUBEEF.FEJDJOBEF#BSDFMPOB
ZIBJNQBSUJEPDVSTPTEF.PSBMNEJDB
FOMB1POUJmDJB6OJWFSTJEBE(SFHPSJBOB
$PMBCPSBEPSFOMBDSFBDJOEFM*OTUJUVU
#PSKBEF#JPUJDB
QSJNFSDFOUSP
CJPUJDPEF&VSPQB EPOEFIBDFOUSBEP
MUJNBNFOUF TV EFEJDBDJO 3FDPNFO
EBEPQBSBUPEPTBRVFMMPTRVFDSFFOFO
MB QPTJCJMJEBE EFM EJMPHP FOUSF DJFODJB
Z GF #JPUJDB %FCBU *OTUJUVU #PSKB
EF#JPUJDB

&OSJRVF%F.FTUSBM $PPSE
ZPUSPT
.BOVBMEF#JPUJDB&'"$*. 1B
SBHVBZ QQ
&TUFMJCSPFTFMQSJNFSNBOVBMEF#JP
UJDBRVFTFFEJUBFO1BSBHVBZ ZFOMDP
MBCPSBOMBEPDUPSB&MFOB-VHP ZPUSPT
QSPGFTJPOBMFT EFM NCJUP EF MB TBMVE
MJHBEPTFOTVNBZPSBBMB'BDVMUBEEF
$JFODJBT.EJDBTEFMB6/"ZBM$P
NJUEF#JPUJDBEFM)PTQJUBMEF$MOJ
DBT QSFTJEJEPQPSFMEPDUPS%F.FTUSBM
&TDSJUPEFTEFVOBQPTJDJOQFSTPOBMJTUB
RVJFSF PGSFDFS BM MFDUPS TPCSF UPEP B
MPT FTUVEJBOUFT VOJWFSTJUBSJPT BMHVOBT
JOGPSNBDJPOFT DJFOUmDBT Z MPT FMFNFO
UPTOFDFTBSJPTQBSBFMBOMJTJTUJDPRVF
BZVEFOBDBEBVOPBQPOFSBQSVFCBTV
QSPQJP EJTDFSOJNJFOUP 4F BCPSEBO FO
QSJNFS MVHBS MPT QSPCMFNBT EF MB UJDB
DMOJDB Z MB SFMBDJO NEJDPoQBDJFOUF
QBSB EFTQVT DFOUSBSTF FO MPT EFCBUFT
TPCSFFMJOJDJPmOBMEFMBWJEBIVNBOB
UJDBEFMBTFYVBMJEBE HFOUJDB QBDJFO
UFTDPOTJEB DVJEBEPTQBMJBUJWPT CJPUJ
DBFJOWFTUJHBDJO DPOBMHVOPTBQPSUFT
EFTEF MBT FTQFDJBMJEBEFT NEJDBT EF MPT
BVUPSFTQBDJFOUF5FSNJOBM EJBHOTUJDP
QSFOBUBM VOJEBEFTEFDVJEBEPTJOUFOTJ
WPT FOGFSNFEBEFTHFOUJDBT
+BNFT%SBOFZ-FP1FTTJOJ#JPUJDB
.FEJDJOB F 5FDOPMPHB %FTBGPT
UJDPT OB GSPOUFJSB EP DPOIFDJ
NFOUP IVNBOP $6 4P $BNJMP
Z&EJPFT-PZPMB 4P1BVMP
QQ
+BNFT%SBOFFTVOPEFMPTQJPOFSPTEF
MB#JPUJDBFO64" QSPGFTPSBDUVBMNFO
UFFOMB6OJWFSTJEBEEF&EJOCPSP 1FO
TJMWBOJB-FP1FTTJOJFTEPDUPSFO5FPMP
HB.PSBM TVQFSJOUFOEFOUFEFMB6OJP
4PDJBM$BNJMJFOTFEF#SBTJM3FQBTBOFO
FTUBPCSBMPTPSHFOFTEFMBEJTDJQMJOBEF
MB#JPUJDB MBTJUVBDJOBDUVBMZFMGVUVSP
QSFWJTJCMF-BIVNBOJ[BDJOEFMB.FEJ
DJOB ZFMJNQBDUPEFMBTOVFWBTUFDOPMP
HBT&MFOWFKFDJNJFOUP MBNVFSUFZMPT
DVJEBEPTQBMJBUJWPTZDNPTFBGSPOUBO
BDUVBMNFOUF -B FVUBOBTJB FM TVJDJEJP
BTJTUJEP MB BMJNFOUBDJO F IJESBUBDJO
EFQBDJFOUFTUFSNJOBMFT-PTQSPCMFNBT
EFKVTUJDJBRVFQVFEFOQSFTFOUBSMBBMUB
UFDOPMPHBNEJDBBDUVBM
(VZ %VSBOE -B #JPUJDB %FTDMF

EF#SPVXFS #JMCBP QQ
i-B#JPUJDBEFTJHOBMBJOWFTUJHBDJOEFM
DPOKVOUPEFFYJHFODJBTEFMSFTQFUPZEF
MBQSPNPDJOEFMBWJEBZEFMBQFSTPOB
FOFMDBNQP#JPNEJDPw TFHOFMBVUPS
RVFJOUSPEVDFFO'SBODJBFMDPOPDJNJFO
UPEFFTUBOVFWBEJTDJQMJOB(VZ%VSBOE
TPTUJFOFRVFMBCJPUJDBUJFOFVOBEPCMF
EJNFOTJOFOTVFOGPRVFJOEJWJEVBMFO
UBOUPTFPDVQBEFDPOnJDUPTQFSTPOBMFT
EFMPTTVKFUPTZEFMBTSFnFYJPOFTQSPQJBT
EFMPTQSPGFTJPOBMFT1FSPUBNCJOFTTV
QSFPDVQBDJOFMiJNQBDUPEFFTUBTEFDJ
TJPOFTFOMBTPDJFEBEZFMJNQBDUPEFMB
TPDJFEBEFOMPTJOEJWJEVPTw
%JFUSJDIWPO&OHFMIBSEU +PT"MCFS
UP .BJOFUUJ 3PCFSUP $BUBMEJ -VJTB
.FZFS &EJUPSFT
#JPUJDBZ)VNB
OJEBEFT .EJDBT &EJUPSJBM #JCMPT
#VFOPT"JSFT QQ
-BIJTUPSJBEFMB#JPUJDB MBQFSTQFDUJWB
NFUEJDB MPT EJMFNBT BOUF FM QBDJFOUF
5FSNJOBM FM TJEB P MB EJTUSJCVDJO EF
MPT SFDVSTPT FO TBMVE oFOUSF PUSPT UF

NBTo TPO BCPSEBEPT BRV EF NBOFSB
QSFDJTB FO VOB DMBSB EFNPTUSBDJO EF
WPDBDJOJOUFSEJTDJQMJOBSJB4FFWJEFODJB
MBJOnVFODJBEFMBTFTDVFMBTEF)FJEFM
CFSH 4DIJQQFSHFS
ZEF.BESJE 1-BO
&OUSBMHP
Z FT OPUBCMF MB JOUFODJO EF
MPTBVUPSFTEFBMDBO[BSVOBSBDJPOBMJEBE
NEJDB VOJFOEPMBUFPSBZMBQSDUJDB
1VCMJDBFMMJCSPMB"DBEFNJB"SHFOUJOB
EFUJDBFO.FEJDJOB-BBQPSUBDJOEF
%JFUSJDIWPO&OHFMIBSEUoFYQSFTJEFOUF
EFMB"DBEFNJB"MFNBOBEFUJDB.
EJDBoFTFYUFOTB DPOBSUDVMPTTPCSFMB
UJDB NEJDB FM NEJDP Z FM QBDJFOUF
FOUSFMBDJFODJBZMBIVNBOJEBE FMQSJO
DJQJPEFMBTVCKFUJWJEBE mMPTPGBZQSBYJT
QTJRVJUSJDB MBWFSEBEKVOUPBMMFDIPEFM
FOGFSNP ZMBFVUBOBTJBFOUSFFMBDPSUB
NJFOUP EF MB WJEB Z FM BQPZP B NPSJS
-PTBSUDVMPTTFPSEFOBOFOVOBQSJNFSB
TFDDJO NT HFOFSBM EF JOUSPEVDDJO
PUSBTFDDJOTPCSFMBTSFMBDJPOFTFOUSFMB
#JPUJDBZMBTIVNBOJEBEFTFOFMBTQFDUP
NFUEJDP ZMBUFSDFSBTPCSFMBDPOnJDUJ
WJEBERVFTFQSPEVDFFOUSFMB#JPUJDBZ
FTBTNJTNBTIVNBOJEBEFTNEJDBT
$BS
UJMMB EF #JPUJDB $PMFDDJO #JPT Z
&UIPT O 6OJWFSTJEBE &M #PT
RVF #PHPU
$POUFOJEP 2V FT MB CJPUJDB 1SJODJ
QJPT EF MB CJPUJDB %JNFOTJPOFT EF MB
CJPUJDB.FEJPTEFDPNVOJDBDJO

#JP
UJDB DPNP QVFOUF FOUSF DJFODJB Z
TPDJFEBE$PMFDDJO#JPTZ&UIPT O
$POUFOJEP )BDJB MB CJPDPOTUSVDDJO
#JPUJDB Z FNQSFTB 7BMPSBDJO UJDB
EF QSPUPDPMPT EF JOWFTUJHBDJO DMOJDB
"QSPYJNBDJO EF VOB CJPUJDB FNQSF
TBSJBM.PNFOUPCJPUJDPEFMGFONFOP
EFMBESPHB
+BJNF&TDPCBS5SJBOB#JPUJDB TFO
UJEPEFMBWJEBZGFSFMJHJPTB$PMFD
EBE&M#PTRVF #PHPU
-BT SFMJHJPOFT EF NBZPS BSSBJHP FO FM
NVOEP TF DPOWJSUJFSPO DPO FM QBTP
EFMUJFNQP FODPNQFOEJPTOPTMPEF
DSFFODJBT TJOPFOJOUFOUPTEFFYQMJDBSFM
QSPQTJUPEFMBFYJTUFODJBEFMTFSIVNB
OP EFMBTGPSNBTEFDPODFCJSMBWJEBZ
EFMBNFKPSNBOFSBEFWJWJSMB$PNQFO
EJPT RVF WBMPSBOEP DJFSUBT BDUJUVEFT Z
EFTDBMJmDBOEP PUSBT EJFSPO MVHBS B MBT
HSBOEFT DVMUVSBT EF MB IVNBOJEBE &M
TFNJOBSJPSFDPHJEPFOFTUFMJCSPQSFUFO
EFJEFOUJmDBSMPTQVOUPTFODPNORVF
TPCSF MB WJEB TV DBMJEBE Z TV TFOUJEP
QSPNVFWFO MBT DVMUVSBT DBUMJDB KVEB
JTMNJDB JOEHFOB BSIVBDB IFCSFB EF
MPTUFTUJHPTEF+FIPWZEFMB"TPDJBDJO
*HMFTJBEF+FTVDSJTUP
+BJNF &TDPCBS 5SJBOB #JPUJDB Z

DPOnJDUP BSNBEP $PMFDDJO #JPT
Z&UIPT O 6OJWFSTJEBE&M#PT
RVF #PHPU
-B JORVJFUVE EFM UFNB EFM QBQFM EF MB
CJPUJDBFOMBSFTPMVDJOOPWJPMFOUBEF
MPTDPOnJDUPTBSNBEPTWFOBHFTUOEPTF
UJFNQPBUSTEBEBMBZBMBSHBZDPNQMFKB
TJUVBDJO EF DPOnJDUP RVF WJWJNPT FO
$PMPNCJB&TUBDPOUSJCVDJOTFSBBQMJ
DBCMF B MBT NMUJQMFT TJUVBDJPOFT DPO
nJDUJWBT RVF BGFDUBO B MB NVOEJBMJ[BEB
TPDJFEBE Z QPESB BQPSUBS FMFNFOUPT B
MB TPDJFEBE DJWJM QBSB DPOWJWJS EFTQVT
EFMDPOnJDUPDPONJSBTBMPHSBSVOBQB[
EVSBEFSB
&TBTDPNPVOBFTDBTBTFNBOBBOUFTEF
MB DBUTUSPGF EF MBT 5PSSFT HFNFMBT EF
/FX:PSLZFMBUBRVFBMQFOUHPOPFO
8BTIJOHUPO DFMFCSBNPTFM7**4FNJOB
SJP*OUFSOBDJPOBMDPOFMUFNBEF#JPUJDB
Z$POnJDUP"SNBEP{2VFQBQFMUJFOF
MB CJPUJDB FO MB TPMVDJO EF DPOnJDUPT
BSNBEPT FO MB QPTNPEFSOJEBE {2VF
QBQFMEFTFNQFBOMBTDPNVOJDBDJPOFT
MBJOGPSNBDJO MBUFDOPMPHBFOMBTPDJF
EBEBDUVBMFOSFMBDJODPOMPTDPOnJDUPT
{$NPQVFEFNFEJBSMBCJPUJDBQBSBMB
SFTPMVDJOOPWJPMFOUBEFMPTDPOnJDUPT
OBDJPOBMFT P JOUFSOBDJPOBMFT {$NP
DPOUSJCVJS EFTEF MB CJPUJDB B TPMVDJP
OBSTJUVBDJPOFTDPOnJDUJWBTRVFBGFDUBO
BMBTPDJFEBEDPNPMBESPHBEJDDJOZFM
OBSDPUSmDP {$NP FOGPDBS EFTEF MB
CJPUJDBMBTTPMVDJPOFTEFMBTDPOEVDUBT
TPDJPQUJDBT {$NP SFTQFUBS MBT FUOJBT
ZDVMUVSBTZGPSUBMFDFSFMEJMPHPQBSBMB
TPMVDJO OP WJPMFOUB EF MBT EJGFSFODJBT
ZQBSBNBOUFOFSMPTEFSFDIPTIVNBOPT
EF MBT NJOPSBT BQMJDBOEP MB UJDB EFM
DVJEBEP Z FM QSJODJQJP E QSFDBVDJO
{$NP NBOUFOFS MB OFVUSBMJEBE BOUF
MPT IFDIPT WJPMFOUPT EFM DPOnJDUP RVF
BSSFNFUFO DPOUSB MB TPDJFEBE DJWJM Z MB
QPCMBDJOJOEFGFOTBFOMPTDBTPTEFUF
SSPSJTNP
)JT
UPSJB EF MB CJPUJDB FO $PMPNCJB
WFSTJEBE&M#PTRVF #PHPU
+BJNF&TDPCBS5SJBOB %JSFDUPS
5F
NBTEF#JPUJDBFO$PMPNCJB$P

-BQSFIJTUPSJBEFMBCJPUJDB-BOPSNB
MJ[BDJOEFMBCJPUJDBFO$PMPNCJB-B
BNQMJBDJOEFGSPOUFSBTZSFMBDJPOFTEF
MBCJPUJDB)BDJBVOBDPODFQUVBMJ[BDJO
EFMBIJTUPSJBEFMBCJPUJDBOBDFVOQSP
HSBNB"QMJDBDJOEFDJFODJPNFUSBBMB
IJTUPSJBEFMBCJPUJDB
"MHVOPTFMFNFOUPTEFMDPNQPSUBNJFOUP
WJPMFOUPMBUPMFSBODJBSFMBDJOBEFDVB
EB B MPT DPOnJDUPT FM EFSFDIP JOUFSOB
DJPOBM IVNBOJUBSJP NBMUSBUP JOGBOUJM
EFSFDIPT IVNBOPT MB EJTDSJNJOBDJO
TJUVBDJO EF MPT EFSFDIPT IVNBOPT FO
$PMPNCJBBMDPIPMJTNPZESPHBEJDDJO
GBDUPSFTRVFEFUFSNJOBOMBGSNBDPEF
QFOEFODJBFMBMDPIPMJTNPZMBESPHBEJD
DJOFO$PMPNCJB

$POTUBO[B 0WBMMF Z PUSPT 1BOPSB
NBCJPUJDPDVFSQP TBMVEZFOGFS
NFEBE$PMFDDJO1FEBHPHBZ#JP
UJDB /
.JSBEB EFM DVFSQP GSFOUF B MB TBMVE Z
MBFOGFSNFEBE$PODFQDJPOFTEFMDVFS
QP IVNBOP7JTJO QSFTPDSUJDB EFM
DVFSQP&MDVFSQPFOMBFEBENFEJB&M
DVFSQP FO BM NPEFSOJEBE&M DVFSQP
FO MBT DVMUVSBT JOEHFOBT3FnFYJPOFT
TPCSF FM DVFSQP IVNBOP $PODFQ
DJPOFT TBMVEFOGFSNFEBE1BSBEJHNB
BOUJHVP1BSBEJHNB NPEFSOP1BSB
EJHNB
DPOUFNQPSOFP.FEJDJOBT
BMUFSOBUJWBT 1SFWFODJO F IJHJFOF
FO NFEJDJOB4BMVE&O MB FEVDB
DJO
*OWFTUJHBDJPOFT*OWFTUJHBDJO
FO TFSFT IVNBOPT*OWFTUJHBDJO FO
BOJNBMFT*OWFTUJHBDJO FO FEVDBDJO
+VTUJDJB TBOJUBSJB1PMUJDBT EF TBMVE FO
$PMPNCJB1PMUJDBT EFM TFDUPS EF MB
FEVDBDJOQBSBMBTBMVE3FMBDJPOFTFO
USF&TUBEPZ4BMVE
"OB &TDSCBS .BOVFM 1SF[ Z 3BM

7JMMBSSPFM &EJUPSFT
#JPUJDB GVO
EBNFOUPT Z EJNFOTJO QSDUJDB
&EJUPSJBM.FEJUFSSOFP 4BOUJBHPEF
$IJMF QQ
"NQMJP .BOVBM EF #JPUJDB FMBCPSBEP
FOFM$FOUSPEF&TUVEJPTEFUJDB"QMJ
DBEBEFMB'BDVMUBEEF'JMPTPGBZ)V
NBOJEBEFTEFMB6OJWFSTJEBEEF$IJMF
CBKPMBEJSFDDJOEF"OB&TDSCBS QSP
GFTPSBEF'JMPTPGBZEJSFDUPSBEFM$FO
USP .BOVFM1SF[ NEJDPOFVSMPHPZ
NBHTUFSFO#JPUJDB Z3BM7JMMBSSPFM
EPDUPS FO 'JMPTPGB Z NBHTUFS FO #JP
UJDB $PO FMMPT IBO DPMBCPSBEP PUSPT
EJFDJTJT QSPGFTJPOBMFT FO TV NBZPSB
NEJDPT Z mMTPGPT FO VO USBCBKP JO
UFSEJTDJQMJOBSRVFRVJFSFiSFVOJSFOVO
UPEP PSHBOJ[BEP MPT EJWFSTPT FOGPRVFT
EFMPTBVUPSFTEFTEFFMNCJUPDJFOUmDP
BM IVNBOJTUB QPOJFOEP EF NBOJmFTUP
FO UPEPT FMMPT VOB FTQFDJBM WPDBDJO
UFOEJFOUF B QSPUFHFS MB WJEB IVNBOB
MBWJEBFOTVDPOKVOUPZFMNFEJPBN

CJFOUFRVFMBTVTUFOUBw&MEFTFPDPNO
oDPNPFYQSFTBOMPTFEJUPSFToFTiNFKP
SBSMBDBMJEBENPSBMEFMBWJEB UBOUPFO
MBSFMBDJOFOUSFMBTQFSTPOBTDPNPFOMB
EJTQPTJDJOBQSFTFSWBSOVFTUSPNVOEP
CJPMHJDPHMPCBMw DPOiMBDPNOJOUFO
DJOEFQSPNPWFSMPTJEFBMFTEFQFSGFD
DJOZAWJEBCVFOBw
1PSPSEFO TFFYQPOFOQSJNFSPMPT"O
UFDFEFOUFTmMPTmDPTEFMB#JPUJDB DPO
VOBOMJTJTEFDBEBVOBEFMBTQSJODJQBMFT
DPSSJFOUFTUJDBEFMBTWJSUVEFTBSJTUPU
MJDB UJDB EFPOUPMHJDP LBOUJBOB UJDB
BYJPMHJDB VUJMJUBSJTUB EFM EJTDVSTP Z
MB BDUVBM UFOEFODJB B VOB DPNQMFNFO
UBDJO FOUSF EFPOUPMPHB Z UJDB EF MB
SFTQPOTBCJMJEBE %FTQVT TF USBUB EFM
TVSHJNJFOUPZEFTBSSPMMPEFMB#JPUJDB
DPO MPT QSJODJQBMFT IJUPT DPO VOB JO
USPEVDDJO BM NUPEP EFMJCFSBUJWP Z BM
FOGPRVFOBSSBUJWPFO#JPUJDB ZVOFT
UVEJPEFMPTDPOEJDJPOBNJFOUPTTPDJBMFT
EFFTUBEJTDJQMJOB
&OFMUFSDFSDBQUVMP FMNTFYUFOTP TF
FYQPOFOMPTQSJODJQBMFTUFNBTEF#JP
UJDB DMOJDB FO SFMBDJO DPO FM JOJDJP Z
mOEFMBWJEB UDOJDBTEFSFQSPEVDDJO
BTJTUJEB HFOPNBZDMPOBDJO FUD
&OFMDVBSUPDBQUVMP EFOUSPEFMUUVMP
0USBTBQMJDBDJPOFTEFMB#JPUJDB TFBOB
MJ[BTVSFMBDJODPOFMNFEJPBNCJFOUF
MB UJDB EF MB JOWFTUJHBDJO FO TVKFUPT
IVNBOPT TVTSFMBDJPOFTDPOFMEFSFDIP
ZMBQSPUFDDJOUJDPKVSEJDBEFMBWJEB
IVNBOB MB CJPUJDB DPNP FTQBDJP EF
SBEJDBMJ[BDJOEFMBEFNPDSBDJBZmOBM
NFOUF MPTBTQFDUPTSFGFSFOUFTBMBFEV
DBDJOFOUFNBTEFCJPUJDBZMBBZVEB
EFTUBBMBDPOTUSVDDJOEFMBQFSTPOB
MJEBENPSBM
.BSB%PMPSFT&TQFKP "VSFMJP$BT
UJMMB#JPUJDBFOMBT$JFODJBTEFMB
4BMVE"TPDJBDJO"MDBMQBSBMB'PS
NBDJO $POUJOVBEB FO $JFODJBT EF
MB4BMVE (SBOBEB QQ
#JPUJDB FO MBT $JFODJBT EF MB 4BMVE FT
FM UUVMP EFM MJCSP DPO FM RVF "VSFMJP
$BTUJMMB FTQFDJBMJTUB FO 1TJRVJBUSB Z
NJFNCSPEFMB$PNJTJO%FPOUPMHJDB
EFM$PMFHJPEF.EJDPTEF7BMMBEPMJE
Z.BSB%PMPSFT&TQFKP EJQMPNBEBFO
&OGFSNFSB Z FTQFDJBMJTUB FO #JPUJDB
BCPSEBO MPT EJTUJOUPT QSPCMFNBT UJDPT
RVFTVSHFOFOMBQSDUJDBNEJDBEJBSJB
-B JOWFTUJHBDJO NEJDB Z FM RVFIBDFS
EF MPT QSPGFTJPOBMFT HFOFSBO EJMFNBT
NPSBMFT EF SBEJDBM JNQPSUBODJB QVFT
TPO DJFODJBT RVF BGFDUBO EJSFDUBNFOUF
BM TFS IVNBOP DPNP QFSTPOB Z DPNP
QBDJFOUF 7FJOUJDJODP BVUPSFT FOUSF
KVSJTUBT CJPUJDPT Z QSPGFTJPOBMFT EF MB
.FEJDJOB BOBMJ[BOFOQHJOBTVOB
SFBMJEBERVFDBEBEBFTFTUVEJBEBFOGP
SPTZEFCBUFTKVSEJDPTZTBOJUBSJPT
5SBT VOB QSJNFSB QBSUF EFEJDBEB B MB
JOUSPEVDDJOBMBCJPUJDB FMMFDUPSTFFO
DPOUSBSDPOEPTCMPRVFTUFNUJDPT&M
QSJNFSPFTUVEJBDVFTUJPOFTDPNPFMDPO
TFOUJNJFOUPJOGPSNBEPPMBPCKFDJOEF
DPODJFODJBFOFMNCJUPBTJTUFODJBMZ FM
TFHVOEP MBTBQMJDBDJPOFTEFMBCJPUJDBB
MBBDUJWJEBENEJDB&OFTUFDBQUVMP FM
NTFYUFOTP TFBCPSEBOMPTQSPCMFNBT
UJDPT BM JOJDJP EF MB WJEB MB FTUFSJMJ[B
DJOZMPTEJMFNBTRVFTVSHFOBMmOBMEF
MBWJEBUBOUPFOMPTDVJEBEPTQBMJBUJWPT
DPNPFOBTJTUFODJBTBOJUBSJBBMPTUFTUJ
HPTEF+FIPW
-B CJPUJDB FO MB FYQFSJNFOUBDJO Z MB
JOWFTUJHBDJOUBNCJOFTPCKFUPEFFTUV
EJP BUSBWTEFWBSJPTDBQUVMPTFTDSJUPT
QPSCJPUJDPTDPNP7JDFOUF#FMMWFS EJ
SFDUPSEFM.TUFSEF#JPUJDBZ%FSFDIP
EF MB 6OJWFSTJEBE EF 7BMFODJB Z +BWJFS
7FHB QSPGFTPSUJUVMBSEF.FEJDJOB-F
HBM -B SFBMJEBE BTJTUFODJBM FT EFTDSJUB
QPSRVJFONFKPSMBDPOPDFMPTDMOJDPT
"T FMMJCSPDVFOUB DPOMBDPMBCPSBDJO
EFQSPGFTJPOBMFTDPNP$SJTUCBM.FTF
HVFS EJQMPNBEPFO&OGFSNFSBZ&MJTFP
$PMMB[P FTQFDJBMJTUBFO$JSVHB(FOFSBM
Z%JHFTUJWB
3PCFSUP &TQTJUP #JPT #JPQPMUJ

DB Z mMPTPGB "NPSSPSUV &EJUPSFT
#VFOPT"JSFT
&M BVUPS FT QSPGFTPS EF )JTUPSJB EF MBT
%PDUSJOBT1PMUJDBTZ'JMPTPGB.PSBMFO
/QPMFT"OBMJ[BFOFTUBPCSBFMEFTBSSP
MMPEFMBCJPQPMUJDBEVSBOUFFMTJHMP99
FOMBDJWJMJ[BDJOPDDJEFOUBM DPOFMSF
DVSTPBBVUPSFTDMTJDPTEFMQFOTBNJFOUP
QPMUJDP )PCCFT 4QJOP[B )FJEFHHFS
"SFOEU /JFU[TDIF %FMFV[F TPOBMHVOBT
EFTVTSFGFSFODJBTQBSBFOGSFOUBSFMUFNB
EFMQPSRVMBQPMUJDBEFMBWJEBUFSNJOB
TJFOEPVOBQPMUJDBEFMBNVFSUF EFMB
UBOBUPQPMUJDB FOOVFTUSBDJWJMJ[BDJO
.SDJP'BCSJEPT"OKPT +PT&EVBSEP
EF4JRVJFSB 0SHT
#JPUJDBOP#SB
TJM 5FOEFODJBT F QFSTQFDUJWBT 4P
DJFEBEF#SBTJMFJSBEF#JPUJDB *EFJBT
-FUSBT 4P1BVMP QQ
.SDJPGBCSJFTUFMPHPZmMTPGP QSPGF
TPSEFM$FOUSP6OJWFSTJUBSJP4P$BNJ
MP&EVBSEPEF4JRVJFSBFTNEJDPDBS
EJMPHP EPDUPSFONFEJDJOB ZNBHTUFS
FO#JPUJDBQPSMB6OJWFSTJEBEEF$IJMF
QSPGFTPSEFMB6OJWFSTJEBEF&TUBEVBMEF
-POESJOB Z QSFTJEFOUF EF MB 4PDJFEBEF
#SBTJMFJSBEF#JPUJDB&OFTUFMJCSPEBO
DVFOUB EFM EFTBSSPMMP EF MB #JPUJDB FO
#SBTJM OPTMPQPSMBDPOTUJUVDJOZBD
UJWJEBEFTEF$FOUSPTFOFMNCJUPVOJ
WFSTJUBSJP TJOP UBNCJO QPS FM EFCBUF
JOUFMFDUVBM HFOFSBEP EFTEF MBT EJTUJOUBT
UFOEFODJBT Z MB BQPSUBDJO RVF TVQPOF
QBSBMB#JPUJDBFOHFOFSBM
-ZEJB 'FJUP (SBOEF $PPSE

&TUV
EJPT EF #JPUJDB %ZLJOTPO .B
ESJE
&TUB PCSB DPMFDUJWB FEJUBEB QPS -ZEJB
'FJUP SFDPHF MBT SFnFYJPOFT EF VOB TF
SJFEFBVUPSFTTPCSFEJWFSTPTQSPCMFNBT
SFMBDJPOBEPT DPO MB CJPUJDB "T USBT
VOB JOUSPEVDDJO BM UFNB TF BCPSEBO
FOVOBQSJNFSBQBSUFDVFTUJPOFTSFMBUJ
WBTBMBGVOEBNFOUBDJO BSUDVMPTEF-
'FJUP %JFHP.(SBDJB(VJMMOZ"EFMB
$PSUJOB
QBSB BOBMJ[BS B DPOUJOVBDJO
BTQFDUPTEFCJPUJDBDMOJDB BSUDVMPTEF
' $BSCBMMP MWBSF[ '+ +EF[ (VUJ
SSF[ 14JNO-PSEBZ.EFMPT3FZFT
-QF[
-BPCSBSFTQPOEFBMBWPMVOUBE
EFDPOUSJCVJSBMEFCBUFTPCSFMBCJPUJDB
QBSB iEBS DBVDF B MB EJTDVTJO SB[POB

EBTPCSFMPTUFNBTEFOVFTUSBWJEBZEF
OVFTUSP UJFNQP Z DPO FMMP SFWJUBMJ[BS
OVFTUSBTPDJFEBEw
-ZEJB 'FJUP &EJUPSB

#JPUJDB MB
DVFTUJO EF MB EJHOJEBE 6OJWFSTJ
EBEEF$PNJMMBT .BESJE
QQ
&TUBPCSBSFDPHFMBTQPOFODJBTZDPNV
OJDBDJPOFTQSFTFOUBEBTFOMBT999+PS
OBEBTEFMB"TPDJBDJO+PTEF"DPTUB
DFMFCSBEBT FO (BMBQBHBS .BESJE
EFM
BMEFTFQUJFNCSFEF DPOFM
UUVMPi#JPUJDBMBDVFTUJOEFMBEJHOJ
EBEw
+PT 'FSSBUFS .PSB 1SJTDJMMB $PIO

UJDBBQMJDBEBEFMBCPSUPBMBWJP
MFODJB"MJBO[B&EJUPSJBM FE .B
ESJE QQ
&TUFMJCSPTFPDVQBEFTJFUFUFNBTEFMP
RVFTFIBMMBNBEPBWFDFTiUJDBBQMJDB
EBwZBWFDFTiUJDBQSDUJDBwFMBCPSUP
MPTEFSFDIPTEFMPTBOJNBMFT MBFVUBOB
TJB MBJHVBMEBETFYVBM FMQBUFSOBMJTNP
MBQPSOPHSBGBZMBWJPMFODJB
&TUP FT FWJEFOUFNFOUF VOB TFMFDDJO
FOUSFMPTNVDIPTUFNBTEFRVFTFNFKBO
UFUJDBQVFEFPDVQBSTF QFSPFOMBNF
EJEBFORVFDBTJUPEPTMPTUFNBTEFUJDB
BQMJDBEB P UJDB QSDUJDB FTUO FOUSFWF
SBEPT QVFEFTFSWJSEFNVFTUSBSJPEFVO
UJQPEFFTUVEJPRVFFKFSDFDPOTJEFSBCMF
BUSBDDJO OP TMP TPCSF MPT mMTPGPT
TJOP UBNCJO TPCSF DVBMRVJFS QFSTPOB
B MB RVF MPT mMTPGPT MMBNBO BDBTP VO
QPDPEFTDPOTJEFSBEBNFOUF iDPSSJFOUFw
ViPSEJOBSJBw
&MMJCSPFTPCSBEFEPTBVUPSFTRVFIBO
EJTDVUJEP TVT SFTQFDUJWBT JEFBT Z SFBD
DJPOFTBOUFMPTUFNBTUSBUBEPT ZRVFFO
VOBHSBONBZPSBEFDBTPTDPJODJEFOFO
MBBQSFDJBDJOHFOFSBMEFMBOBUVSBMF[BF
JNQMJDBDJPOFT EF DBEB UFNB BT DPNP
FOMBTQPTJDJPOFTCTJDBTBEPQUBEBT4JO
FNCBSHP DBEBBVUPSTFIBDFSFTQPOTBCMF
EFTVQSPQJPUFYUP
1SJTDJMMB $PIO IB FYBNJOBEP MPT QSP
CMFNBT GVOEBNFOUBMFT RVF TF QMBOUFBO
FO DBEB DBTP IB QSFTFOUBEP FKFNQMPT
EFDPOnJDUPTRVFTFIBOTVTDJUBEPZIB
BOBMJ[BEP WBSJBT PQJOJPOFT PGSFDJFOEP
FOTVNPNFOUPPQPSUVOP MBQSPQJB Z
BQPSUBOEP BM FGFDUP MBT QFSUJOFOUFT SB
[POFT+PT'FSSBUFS.PSBIBUFOEJEPB
QPOFSEFSFMJFWFBTQFDUPTNTHFOFSBMFT
Z B FTDSVUBS OPDJPOFT TVCZBDFOUFT RVF
DBTJTJFNQSFTJSWFOEFDPOUFYUPQBSBFM
FYBNFO EFM UFNB &O MPT USBCBKPT EF
BNCPTBVUPSFTMBTSFGFSFODJBTZDJUBTm
HVSBOFOFMDVFSQPEFMBPCSBDVBOEPTF
NFODJPOBFMUJUVMPEFVOMJCSPPBSUDVMP
FOPUSBMFOHVBEJTUJOUBEFMBDBTUFMMBOB
TFJOEJDB FOUSFDPSDIFUFT TVUSBEVDDJO
DBTUFMMBOB BNFOPTRVF QPSMBTJNJMJUVE
MJOHTUJDB TVTFOUJEPSFTVMUFTVmDJFOUF
NFOUFDMBSP
+PSHF +PT 'FSSFS +BWJFS (BGP $P

PSE
#JPUJDB VO EJMPHP QMVSBM
)PNFOBKFB+BWJFS(BGP6OJWFSTJ
EBEEF$PNJMMBT .BESJE
QQ
$PONPUJWPEFMGBMMFDJNJFOUPEF+BWJFS
(BGP TBDFSEPUFZQSPGFTPSEF.PSBMEF
MB 1FSTPOB Z #JPUJDB EVSBOUF NT EF
BPTFOMB6OJWFSTJEBE1POUJmDJBEF
$PNJMMBT EJTUJOUPT FTUVEJPTPT BNJHPT

ZDPNQBFSPTEFMDMFCSFQSPGFTPSIBO
VOJEP TVT FTGVFS[PT QBSB QVCMJDBS VOB
PCSBRVFDPOTUJUVZFBMBWF[VONFSFDJ
EPIPNFOBKFBMNJTNPZVODPNQMFUP
USBUBEP EF CJPUJDB &M MJCSP JODPSQP
SB BSUDVMPT EFM QSPQJP IPNFOBKFBEP Z
VOB SFMBDJO EF MB JOHFOUF PCSB QPS FM
NJTNP QVCMJDBEB FO WJEB "EFNT FM
MJCSP JODMVZF BSUDVMPT RVF WFSTBO TP
CSF QSDUJDBNFOUF UPEBT MBT DVFTUJPOFT
CJPUJDBT RVF FO MB BDUVBMJEBE TF QMBO
UFBOFOFMNVOEPEFMBTBOJEBE&OUSF
PUSPT JOUFSWJFOFO DPOPDJEPT FYQFSUPT
FOCJPUJDBDPNPTPO$BSNFO4ODIF[
"OUPOJP 1JHB %JFHP (SBDJB &EVBSEP
-QF[ +VBO-VJT5SVFCBP3BGBFM.BSB
4BO[EF%JFHP"MPMBSHPEFMBPCSBTF
EFTHSBOBO DVFTUJPOFT CJPUJDBT EF HSBO
SFMFWBODJB EJTUSJCVJEBT FO TJFUF TFDDJP
OFT SFGFSJEBT SFTQFDUJWBNFOUF B MB WJEB
IVNBOBZTVTDPOmOFT MBCJPUJDBZMB
UFDOPMPHB MBCJPUJDBZMBNFEJDJOB MB
CJPUJDBZMBTPDJFEBE MPTGVOEBNFOUPT
mMPTmDPTEFMBCJPUJDB MBCJPUJDBZFM
CJPEFSFDIP Z MB CJPUJDB Z MB SFMJHJO
4FUSBUBEFVOBWBTUBPCSBFOMBRVFFM
MFDUPS QPES DPOPDFS MPT GVOEBNFOUPT
CJPUJDPT RVF TPTUFOB FM QBESF (BGP Z
DVFTUJPOFT UBO QVOUVBMFT DPNP MB EFm
OJDJO FYBDUB Z MB EJGFSFODJBDJO FOUSF
MPRVFTPODMVMBTUPUJQPUFOUFT QMVSJQP
UFOUFTZNVMUJQPUFOUFT PJOGPSNFTZSF
DPNFOEBDJPOFTEFMB$PNJTJO/BDJP
OBMEF3FQSPEVDDJO"TJTUJEB&TQBPMB
ZSHBOPTTJNJMBSFTEFPUSPTQBTFT
.BSUB'SBDBQBOJ $PPSE
#JPUJDB
TVT JOTUJUVDJPOFT -VNFO #VFOPT
"JSFT
-B SFBMJEBE BDUVBM PCMJHB B EBS TFOUJEP
B MB UBSFB EFM CJPFUJDJTUB FO MB DPODFQ
DJOEFVOIPNCSFNFKPS CVFOP RVF
DPOP[DBTVTGBMFODJBT RVFOPTFFOHBF
BOUFMBJNQPTJCJMJEBEEFMNBM ZRVFUFO
HBWJHFOUFZQSPGVOEJDFTVJODMJOBDJOBM
BNPS MBCPOEBE MBUPMFSBODJBZMBTPMJ
EBSJEBE
"M USBUBS TPCSF MPT DPNJUT EF UJDB EF
JOWFTUJHBDJO TF DPNJFO[B EFTEF MPT
BOUFDFEFOUFTIJTUSJDPT IBTUBJODMVJSJO
GPSNFTZQBVUBTJOUFSOBDJPOBMFT
"MSFGFSJSTFBPUSBTJOTUJUVDJPOFTEF#JP
UJDB FTQFDmDBNFOUF DPNJUT IPTQJUB
MBSJPT UBNCJOTFJODMVZFOHVBT EFDMB
SBDJPOFT MFHJTMBDJO ZTFQSPGVOEJ[BFO
TVTGVODJPOFT4FEBOFKFNQMPTZFTQFDJ
mDBDJPOFTEFTUBT
-BFYQFSJFODJBEFMPTBVUPSFTTFIBDFQB
UFOUFFOMPTDBTPTDMOJDPTQBSBEJHNUJDPT
RVFQSPQPOFO ZFOMPTDMBSPTZEJEDUJ
DPTFTRVFNBTZNBQBTDPODFQUVBMFT
4FCSJOEBOQBVUBTQBSBMBFOTFBO[BEF
MB#JPUJDB MVFHPEFBOBMJ[BSMBTUFOEFO
DJBTBDUVBMFTFOFEVDBDJONEJDB RVF
UBO FO DVFOUB UJFOFO B MB #JPUJDB Z MB
IVNBOJ[BDJO
4F BOBMJ[BO B MB MV[ EF MB MJCFSUBE Z MB
BVUPSJEBE MPTMNJUFTBMBTMJNJUBDJPOFT
ZMBSFTUSJDDJOBMPTEFSFDIPTNFODJP
OBOEPDPNPFKFNQMPMBSFTUSJDDJOBMB
MJCFSUBEDJFOUmDB MBDMPOBDJOZMBQSP
DSFBDJOBTJTUJEB

(BCJOFUF EF *OWFTUJHBP EF #JP

UJDB UJDB EB WJEB 7JUBMJEBEF EB
UJDB6OJWFSTJEBEF$BUMJDB1PSUV
HVFTB
0T UFNBT QVCMJDBEPT OFTUB PCSB GPSBN
BQSFTFOUBEPT F EJTDVUJEPT OBT TFTTFT
EF VNB TFNBOB EF FTUVEPT PDPSSJEBT
OB 6OJWFSTJEBEF $BUMJDB OP 1PSUP
TPCPUFNBiUJDBEBWJEBo7JUBMJEBEF
EB UJDBw "P UPSOMPT BDFTTWFJT B VN
QCMJDP NBJT WBTUP P (BCJOFUF EF *O
WFTUJHBP FN #JPUJDB BUVBM *OTUJUVUP
EF #JPUJDB
PCKFUJWPV DPOUSJCVJS QBSB
VNBSFnFYPDSUJDBEFWSJBTWJTFTEF
UFNBTQBSBEJHNUJDPT7BSJBEPONFSP
EFRVFTUFT EBCJPUJDBGVOEBNFOUBM
CJPUJDB BQMJDBEB FTUP DPOUFNQMBEPT
OFTUF WPMVNF 6NB QBOPSNJDB EBT
EJGFSFOUFT DPSSFOUFT FN #JPUJDB VNB
SFnFYPEPIPSJ[POUFUFPMHJDPTPCSFP
WBMPSEBWJEBFBBMVTPBRVFTUFTDVM
UVSBJTEFJNQPSUODJBCTJDBQBSBBGPS
NVMBPFFmDDJBEFOPSNBTUJDBTEF
SFTQFJUP QFMB WJEB DBTP EP GFNJOJTNP
PVNBUFSOJEBEF
TPUSBUBEBTDPNBTF
SFOJEBEFQSPQJDJBEBQFMPEJTUBODJBNFO
UPDSUJDP0TQPOUPTEFMJDBEPTFNRVF
BWJEBIVNBOBTFFODPOUSBNBJTFYQPTUB
oDPNPBWJEBFNCSJPOSJB BJOGODJB B
WFMIJDFo DPOTUJUVFN PVUSP EPT HSBOEFT
TFUPSFT DPNQSFFOEJEPT QFMPT DPOUSJCV
UPTEFTUFMJWSP'JOBMNFOUF UFNBTDPNP
PEJSFJUPCJPUJDP BNBOJQVMBPHFOUJ
DBEFNJDSPSHBOJTNPTFBDVTUEJBUJDB
FKVSEJDBEPNFJPBNCJFOUFFODPOUSBN
USBUBNFOUPFTDMBSFDJEPOPVUSBTFPEF
UFYUPTEPNFTNPWPMVNF 8FC$FOUSP
#JPUJDB1PSUP

+BWJFS (BGP #JPUJDB UFPMHJDB

&EJDJOQTUVNBBDBSHPEF+VMJP-
.BSUOF[6OJWFSTJEBE1POUJmDJBEF
CBP QQ
0CSBQTUVNBEFMQSPGFTPS+BWJFS(BGP
GBMMFDJEPFO FEJUBEBQPSFMBDUVBM
EJSFDUPS EF MB $UFESB EF #JPUJDB EF
MB 6OJWFSTJEBE EF $PNJMMBT +VMJP -VJT
.BSUOF[3FDPHFMBBQSPYJNBDJOUJDB
TPCSFFMWBMPSEFMBWJEBIVNBOBEFMB
USBEJDJODSJTUJBOBZEFMBSFnFYJOUFP
MHJDBKVOUPBMPTBWBODFTFOCJPUJDB MPT
QSPCMFNBT NT EFCBUJEPT BDUVBMNFOUF
TPCSFFMJOJDJPZFMmOBMEFMBWJEBIV
NBOB ZFTQFDJBMNFOUFFOFMDBNQPEF
MBUJDBDMOJDB QFSPBNQMJBEPBMPTQSP
CMFNBTFDPMHJDPTZNFEJPBNCJFOUBMFT
3FDPHFFMBVUPSMBTBQPSUBDJPOFTFODBEB
UFNBEFMBDJFODJB EFMNFOTBKFCCMJDP
Z EF MB USBEJDJO FDMFTJBM EFM .BHJTUF
SJPEFMB*HMFTJBZEFMBBDUVBMSFnFYJO
UFPMHJDB
&TUBPCSBFTUEJSJHJEBNVZQSJNPSEJBM
NFOUF B MPT FTUVEJBOUFT EF MB 5FPMPHB
.PSBM ZBBRVFMMPTRVFRVJFSBOQSPGVO
EJ[BS FO MB BQPSUBDJO EF MB USBEJDJO
DSJTUJBOBFOMPTUFNBTEF#JPUJDB
'BCJP"MCFSUP(BS[O%B[#JPUJ
DB .BOVBM JOUFSBDUJWP 3 &EJUP
SFT 4BOUBGEF#PHPU
&MBVUPSFTFEJUPSEFMBSFWJTUBEFMB6OJ
WFSTJEBE .JMJUBS /VFWB (SBOBEB EF
$PMPNCJB&OFTUBPCSBBOBMJ[BMPTQSJO
DJQBMFTUFNBTEFMNCJUPEFMB#JPUJDB
)JTUPSJBEFMBCJPUJDB 1SJODJQJPTEFMB
CJPUJDB 'VOEBNFOUPT EF MB CJPUJDB
.FUPEPMPHBT EF MB CJPUJDB %JMFNBT
EFMDPNJFO[PEFMBWJEB %JMFNBTEFMm
OBMEFMBWJEB 5FNBTEFNBDSPCJPUJDB
Z$PNJUTEFCJPUJDB

$PPSE
/VFWB .BESJE QQ
TJEBE EF 4BMBNBODB +PT .J ( (
NF[)FSBT WBSJPT BVUPSFT BCPSEBO MPT
QMBOUFBNJFOUPTNTSFDJFOUFTTPCSFFTUBT
DVFTUJPOFTDMBWFRVFBGFDUBOBMPTQSPGF
TJPOBMFT NEJDPT Z B MPT JOWFTUJHBEPSFT
FOFMDBNQPEFMBCJPMPHBZMBHFOUJDB
(NF[)FSBT BCPSEB MB JOUSPEVDDJO
DPOVOBOMJTJTEFMiSFUPSOPBVOBUJDB
EF MB WJEB DPUJEJBOBw Z UBNCJO DJFSSB
FMMJCSPDPOVOFQMPHPiUJDBEFNYJ
NPTZUJDBEFNOJNPT6OBBMUFSOBUJ
WBQBSBTPMVDJPOBSMPTDPOnJDUPTNPSBMFT
EFMBTTPDJFEBEFTQMVSBMJTUBTw
USBUBmOBMNFOUFEFMBiUJDBEFMBQSPGF
TJONEJDBw
+ .BSB (BSDB (NF[)FSBT Z $

7FMBZPT #JPUJDB QFSTQFDUJWBT
FNFSHFOUFT Z OVFWPT QSPCMFNBT
5FDOPT .BESJE QQ
-PT UFYUPT EF FTUF MJCSP TPO FM SFTVMUB
EP EFM TJNQPTJP i4BMVE Z FOGFSNFEBE
1FSTQFDUJWBTZQSPCMFNBTw DFMFCSBEPFO
4BMBNBODBZQVCMJDBEPBIPSBQPS5FD
OPT&TUFMJCSP DPNPBOVODJBFMTVCU
UVMP UJFOFMBJOUFODJOEFDPOUSJCVJSB
RVF MB CJPUJDB SFnFYJPOF BMSFEFEPS EF
MBTQFSTQFDUJWBTFNFSHFOUFTZMPTQSPCMF
NBT FO FM NCJUP EF MBT DJFODJBT EF MB
WJEBZEFMBTBMVE
&M WPMVNFO DPOTUB EF USFT QBSUFT CJFO
EJGFSFODJBEBT -B QSJNFSB 1FSTQFDUJWBT
FNFSHFOUFT BCPSEB DVFTUJPOFT SFGFSFO
UFT BM NUPEP QSFTVQVFTUPT Z QMBOUFB
NJFOUPT EF MB EJTDJQMJOB -B TFHVOEB
1SPCMFNBTOVFWPT SFQMBOUFBEFNBOFSB
OPWFEPTBUFNBTCJPUJDPTEFBDUVBMJEBE
-BUFSDFSB &OUPSOPBMDPOTFOUJNJFOUP
JOGPSNBEP SFDPHFWBSJPTUSBCBKPTTPCSF
FTUBDVFTUJOJNQPSUBOUF
'SBOLMJO(NF[.POUFSP#JPUJDB
VOBEJTDJQMJOBQBSBMBWJEB&EJUPSB
#IP 4BOUP%PNJOHP
&M BVUPS FT NEJDP NBHTUFS FO 4BMVE
1CMJDB Z .FEJDJOB 1SFWFOUJWB NBHT
UFS FO %FSFDIP Z 3FMBDJPOFT *OUFSOB
DJPOBMFT NBHTUFS FO 4BMVE .FOUBM Z
&TQFDJBMJTUBFO/FVSPQTJDPMPHB$MOJDB
Z&YQFSJNFOUBM5JFOFUBNCJOVO%J
QMPNBEP FO #JPUJDB $MOJDB Z FT QSP
GFTPS "EKVOUP EF 1SF Z 1PTHSBEP EF MB

6OJWFSTJEBE "VUOPNB EF 4BOUP %P

NJOHP 6"4%
&O FTUF MJCSP FYQPOF
MPT 'VOEBNFOUPT EF MB #JPUJDB Z TVT
NUPEPTZQSDUJDBTBMSFEFEPSEFMBTB
MVE MB DPOEVDUB Z MB WJEB BOBMJ[BOEP
EJWFSTPTUFNBTEFBDUVBMJEBE
+VMJBOB (PO[MF[ $PPSE

%JMFNBT
EF#JPUJDB'POEPEF$VMUVSB&DP
ONJDB 6/". Z $PNJTJO /B
DJPOBM EF MPT %FSFDIPT )VNBOPT
$PMFDDJO i#JCMJPUFDB EF UJDB Z
#JPUJDBw .YJDP
i&M UFNB EF FTUB PCSB UJFOF VOB FOPS
NFTJHOJmDBDJOmMPTmDB IVNBOTUJDB
DJFOUmDBZDVMUVSBMoDPNFOUB"NCSPTJP
7FMBTDPFOFMQSMPHPo QVFTMBCJPUJDB
IPZFOEBDPOTUJUVZFVOBJOWFTUJHBDJO
EFGSPOUFSBFOUSFMBTDJFODJBTEFMBWJEB
ZWBSJBTEJTDJQMJOBTmMPTmDBTQSJODJQBM
NFOUFMBPOUPMPHBZMBUJDB-BGVTJO
EJBMHJDBFOUSFDJFODJBTEFMBWJEBZUJDB
FTVOQVOUPEFJOnFYJOFOMBNPEFS
OJEBE QVFT OVODB BOUFT FM IPNCSF EF
DJFODJB P JODMVTJWF FM mMTPGP EF MB OB
UVSBMF[BIBCBSFRVFSJEPVOBSFMBDJOZ
BDUJUVEUJDBTBOUFMPOBUVSBMw
+VMJBOB(PO[MF[SFBMJ[BMBDPPSEJOBDJO
EFMBPCSBZMB*OUSPEVDDJO&OFMQSJ
NFS DBQUVMP TF FYQPOF MB DPOUSPWFSTJB
TPCSFDMVMBTUSPODBMFTDPOBQPSUBDJPOFT
EF "OOF 'BHPU-BSHFBVMU -J[CFUI 4B
HPMT "SOPMEP(SBVT 3PEPMGP7[RVF[
Z$BSMPT-QF[#FMUSO&OFMTFHVOEP
TF BCPSEB FM FTUBUVT POUPMHJDP Z UJDP
EFMFNCSJOIVNBOPFTDSJCFO&WBOESP
)BHJT $BSMPT7JFTDB5SFWJP 1BVMJOB
3JWFSP8FCFS 7DUPS..BSUOF[#V
MM(PZSJZ.BSHBSJUB7BMET&MUFSDFS
DBQUVMP FTU EFEJDBEP B MPT DPOTFOTPT

ZEJTFOTPTRVFTFQSPEVDFOFO#JPUJDB
FOEJMPHPDPO(JMCFSU)PUUPJT EF#M
HJDB$POMJOUFSWJFOFO+PSHF&OSJRVF
-JOBSFT .BSB5FSFTBEFMB(BS[B -FO
0MJWZ+VMJBOB(PO[MF[&MMUJNPDB
QUVMPUSBUBEFMBUJDBGSFOUFBMPTBOJ
NBMFT DPO BQPSUBDJPOFT Z DPNFOUBSJPT
EF +FTT .PTUFSO "MFKBOESP )FSSFSB
"MJOF 4DIVOFNBOO +PSHF .BSUOF[ Z
.FSDFEFTEFMB(BS[B
0UNBO % (PSEJMMP +BJNF &TDPCBS

5SJBOB %JSFDUPS
'BCJP "MCFSUP
(BS[O $PPSE
&YQFSJFODJBT FO
#JPUJDBQSPNPDJOEFFTQFDJB
MJTUBT&EJDJPOFT&M#PTRVF #PHPU
$PMPNCJB QQ
7BSJPT JNQPSUBODJB EF MB 6OJEBE EF
#JPUJDB $MOJDB FO MPT IPTQJUBMFT EF
mOJDJOEFEJHOJEBEZEFSFDIPBNPSJS
DPO EJHOJEBE FEVDBDJO FO CJPUJDB
BQMJDBDJONUPEPBDBTPTEFRVFKBTFO
USJCVOBMFTEFUJDBPEPOUPMHJDB .BSZ
4UFMMB %VRVF .BSB 5FSFTB &TDPCBS

SFGPSNBEFMBTFHVSJEBETPDJBM SFMBDJO
NEJDPoQBDJFOUF
%JFHP (SBDJB *OUSPEVDDJO B MB

#JPUJDB 4JFUF FOTBZPT &M #IP
#PHPU
&MQSPGFTPS%JFHP(SBDJBSFOFFOFTUF
WPMVNFO TJFUF FOTBZPT TPCSF EJWFSTPT
UFNBT EF #JPUJDB &TUVEJB MB SFMBDJO
FOUSFTBMVE FDPMPHBZDBMJEBEEFWJEB
MBUJDBZMBDBMJEBEEFWJEB MBTSFTQPOTB
CJMJEBEFTUJDBTQBSBDPOMBTGVUVSBTHF
OFSBDJPOFT5BNCJO RVFTVOTJTUFNB
KVTUP EF TFSWJDJPT EF TBMVE MPT QSPCMF
NBTUJDPTEFMBSFWPMVDJOCJPUFDOPM
HJDB MBGVOEBNFOUBDJOZFMNUPEPEF
MB CJPUJDB Z MPT QSPCMFNBT mMPTmDPT
EFMBHOFTJTIVNBOB
%JFHP (SBDJB 1SPGFTJO NEJDB

JOWFTUJHBDJO Z KVTUJDJB TBOJUBSJB
&M#IP #PHPU
SFWJTUBT &O TUF MPT BSUDVMPT BCPSEBO
USFTUFNBTEJGFSFOUFT-PTQSJNFSPTIB
DFOSFGFSFODJBBMBQSPGFTJONEJDBFO
FMTJHMP99 MBSFTQPOTBCJMJEBEQSPGFTJP
OBM MBTSFMBDJPOFTFOUSFDJFODJBZUJDB
%FTQVTBCPSEBMBJOWFTUJHBDJODMOJDB
MBUJDBEFMBNFEJDJOBCBTBEBFOMBFYQF
SJNFOUBDJOZWBMJEBDJO MBMJCFSUBEEF
JOWFTUJHBDJOZCJPUFDOPMPHB ZMBUJDB
ZMBFDPMPHB&OMPTMUJNPT BEFNTEF
QSPGVOEJ[BSFOMBUJDBEFMBFmDJFODJB
BCPSEB FM EFCBUF TPCSF MBT MJNJUBDJPOFT
FOMBTQSFTUBDJPOFTTBOJUBSJBT ZMPTQSJO
DJQJPTQBSBMBBTJHOBDJOEFSFDVSTPTFT
DBTPTFOVOTJTUFNBKVTUPEFTFSWJDJPTEF
TBMVE
%JFHP (SBDJB $PNP BSRVFSPT BM

CMBODP&TUVEJPTEF#JPUJDB5SJB
DBTUFMB .BESJE QQ
&MMJCSPFTVOBSFDPQJMBDJOEFUSBCBKPT
EF%JFHP(SBDJB FEJUBEPTQPS+PT-
[BSP"CPSEBOUSFTHSBOEFTSFBTNFEJ
DJOB UFPSBEFMBCJPUJDBZEFPOUPMPHB
TBOJUBSJB FOWFJOUFDBQUVMPTRVFTFEJT
USJCVZFOFODJODPCMPRVFTUJUVMBEPTi-B
NFEJDJOBFOFMDBNCJPEFTJHMPw i'VO
EBNFOUPTEFMBCJPUJDBw iUJDBEFMBT
QSPGFTJPOFT TBOJUBSJBTw i#JPUJDB DMOJ

DBwZi/BDFSZNPSJSw
&MUUVMP DPNPFYQMJDBMBJOUSPEVDDJO
SFNJUF B VOB GSBTF EF "SJTUUFMFT RVF
BQBSFDFFOMBUJDBB/JDNBDPZTFSFmF
SFBMmORVFPSHBOJ[BZEJSJHFMPTBDUPT
IVNBOPT &TUF MJCSP SFDPHF EF GPSNB
TJTUFNUJDB MPT FTDSJUPT NT SFDJFOUFT
EFQSPG%JFHP(SBDJB TPCSFMPTQSPCMF
NBT DSVDJBMFT FO MB UFPSB Z MB QSDUJDB
EFMBNFEJDJOB4VDPNQJMBDJOGBDJMJUB
BMQFSTPOBMTBOJUBSJPVODBNJOPSJHVSP
TPQBSBFMBOMJTJTEFMPTWBMPSFTNPSBMFT
QFSTPOBMFTZTPDJBMFTRVFOVODBEFKBOEF
JNQSFHOBSMPTIFDIPTDMOJDPT
1BSUJFOEP EF VOB WJTJO HFOFSBM EF MB
FWPMVDJOEFMBNFEJDJOBZEFTVTQFST
QFDUJWBTQBSBFMTJHMP99* $PNPBSRVF
SPT BM CMBODP SFWJTB MB GVOEBNFOUBDJO
EFMBCJPUJDB MPTDPODFQUPTUSBEJDJPOBM
ZBDUVBMEFQSPGFTJOTBOJUBSJB DVFTUJP
OFT EF UJDB DMOJDB DPOmEFODJBMJEBE
FOGFSNFEBEFT DSOJDBT ESPHBT
Z EF
CBUFTBDUVBMFTTPCSFFMOBDFSZFMNPSJS
TFYVBMJEBE DMVMBTFNCSJPOBSJBT FVUB
OBTJB USBTQMBOUFT DVJEBEPTQBMJBUJWPT

%JFHP (SBDJB TVDFEJ B -BO &OUSBMHP
DPNPDBUFESUJDPEF)JTUPSJBEFMB.FEJ
DJOBEFMB6OJWFSTJEBE$PNQMVUFOTF&T
NJFNCSPEFMB3FBM"DBEFNJBEF.FEJ
DJOBZEJSFDUPSEFM*OTUJUVUPEF#JPUJDB
EFMB'VOEBDJOEF$JFODJBTEFMB4BMVE
$PNPEJTDQVMPEF-BOIBIFDIPEFMB
IJTUPSJBEFMBNFEJDJOBVOBTMJEBCBTF
FO MB RVF BQPZB UPEB TV PCSB $PNP
TFHVJEPS EFM mMTPGP 9BWJFS ;VCJSJ IB
EJSJHJEPTVSFnFYJOIBDJBMPTQSPCMFNBT
BCTUSBDUPTFTFODJBMFTEFMTFSIVNBOP:

DPNPNEJDP IBTBCJEPNBOUFOFSTFFO
DPOUBDUPDPOMPTQSPCMFNBTDPODSFUPTB
MPTRVFTFFOGSFOUBODBEBEBMPTDMOJDPT
EFOVFTUSPQBT QSJODJQBMFTCFOFmDJBSJPT
EFVOBSFnFYJORVFIBTBCJEPTFSBMB
WF[SJHVSPTB DPNQSFOTJCMFZBQMJDBCMF
%FGPSNBTJOUUJDBZDMBSB BMBMDBODFEF
UPEPT FMBVUPSJOUFOUBSFTQPOEFSFOFTUF
MJCSPBMBTQSJODJQBMFTQSFHVOUBTRVFTF
SFBMJ[BOTPCSFUFNBTEFMBWJEBIVNBOB
MBQSPDSFBDJOBSUJmDJBM MBNBOJQVMBDJO
HFOUJDB MBBOUJDPODFQDJO FMBCPSUP Z
mOBMNFOUF MBFVUBOBTJB
mMPTmDBTEFMTJHMP99*i&OTVTFOUJEP
NTBNQMJP MBCJPUJDBTFSFMBDJPOBOP
TMP DPO MB CJPMPHB Z DPO MB UJDB TJOP
DPO NVDIBT PUSBT SFBT EF MB BDUJWJEBE
IVNBOB DPNP MB NFEJDJOB MB FDPMP
HB MBBOUSPQPMPHB MBFDPOPNB MBm
MPTPGB MBT MFZFT MB DJFODJB FO HFOFSBM
MBUFDOPMPHBZFMEFTBSSPMMPTPDJBM FOUSF
PUSBT1PSFTUBSB[OOVFTUSPEJDDJPOBSJP
QPESB IBCFS TJEP NVDIP NT BNQMJP
QFSP FOUPODFT EFCFSB IBCFSTF MMBNBEP
%JDDJPOBSJPEFCJPUJDBZEFPUSBTDPTBT
ZTFHVJSBTJFOEPJODPNQMFUPw&TUFFTFM
QSJNFSEJDDJPOBSJPNFYJDBOPEFCJPUJ
DBZTVSHFEFMEFTFPEFPGSFDFSBMQCMJDP
JOUFSFTBEP VO NBSDP EF SFGFSFODJB RVF
JODMVZBiMBNBZPSBwEFMPTUSNJOPTSF
MBDJPOBEPTDPOFTUBEJTDJQMJOB
"SOPMEP ,SBVT "OUPOJP 3 $BCSBM

-B #JPUJDB $POTFKP /BDJPOBM
QBSBMB$VMUVSBZMBT"SUFT .YJDP

+PSHF -VJT )FSOOEF[ "SSJBHB

$PNQ
#JPUJDBHFOFSBM&EJUPSJBM
&M .BOVBM .PEFSOP .YJDP %'
QQ
1BOPSBNBTPCSFMBTHSBOEFTQSPCMFNUJ
DBTEFMBCJPUJDB DVZPTPSHFOFTTFSF
NPOUBOBMB(SFDJBDMTJDBZTVTCBTFTSB
EJDBOFOMBmMPTPGBNPSBM"DUVBMNFOUF
FTVODBNQPDSUJDP EBEPTMPTBWBODFT
DJFOUmDPTEFMBTDJFODJBTCJPMHJDBTZMB
NFEJDJOB FOUFNBTDPNPFMUSBTQMBOUF
EFSHBOPT FMBCPSUP MBFVUBOBTJBZMB
JOHFOJFSBHFOUJDB
&MDPNQJMBEPSEFFTUF.BOVBMEF#JP
UJDB +PSHF-VJT)FSOOEF["SSJBHB FT
EJSFDUPS EFM $FOUSP EF *OWFTUJHBDJPOFT
FO#JPUJDBEFMB6OJWFSTJEBEEF(VB
OBKVBUP ZIBDPOTFHVJEPSFVOJSFOFTUF
WPMVNFO MBT BQPSUBDJPOFT EF VO CVFO
HSVQPEFFTQFDJBMJTUBTEFEJGFSFOUFT6OJ
WFSTJEBEFT NFYJDBOBT Z EF $FOUSPT EF
#JPUJDBQBSBPGSFDFSVOBPCSBDPNQMFUB
RVFTJSWBEFNBOVBMBMPTFTUVEJBOUFTZ
QSPGFTJPOBMFTEFMBTDJFODJBTEFMBTBMVE
&TUOSFQSFTFOUBEBToBEFNTEFMBEFMB
(VBOBKVBUPo MB 6OJWFSTJEBE /BDJPOBM
"VUOPNBEF.YJDP 6/".
MB1B
OBNFSJDBOB MB"OIVBD MB6OJWFSTJEBE
EF(VBEBMBKBSB BTDPNPMB"TPDJBDJO
.FYJDBOBEF#JPUJDB MB$PNJTJO/B
+VBO.BSB(VFSSFSP1BSBPSJFOUBS
TFFO#JPUJDB$VFTUJPOFTCTJDBT
$JVEBE /VFWB .BESJE
QQ
"SOPMEP,SBVTZ3VZ1SF[5BNBZP
%JDDJPOBSJPJODPNQMFUPEFCJPUJ
DB $PO DPNFOUBSJPT Z QSFHVOUBT
5BVSVT .YJDP
-BCJPUJDBFTVOBTVOUPEFUPEPTZ EF
BDVFSEPDPOMPTBVUPSFTEFFTUFEJDDJP
OBSJP FTVOBEFMBTQSJODJQBMFTEPDUSJOBT
DJPOBMEF#JPUJDB FM$FOUSPEF*OWFTUJ
HBDJPOFTFO#JPUJDBEF(VBEBMBKBSB Z
FM$PMFHJPEF#JPUJDBEF/VFWP-FO
&MMJCSPTFEJWJEFFOPDIPTFDDJPOFTRVF
QMBOUFBOMPTQSPCMFNBTNTDPNVOFTEF
MBQSDUJDBNEJDBFMDPOUFYUPDVMUVSBM
TPDJBM Z CJPMHJDP FO FM RVF TF QSFTFO
UB Z DPO FMMP QSPQVFTUBT EF TPMVDJO
GVOEBNFOUBEBTFOFYQFSJFODJBTDMOJDBT
Z MFZFT JOUFSOBDJPOBMFT QFSUJOFOUFT EF
PSHBOJTNPT DPNP MB 0/6 Z MB 0.4
/P RVFEB OJOHO SFB EF MB NFEJDJOB
TJO USBUBS EFCJEBNFOUF EFTUBDBOEP FM
NBOFKPEFMBSFMBDJONEJDPoQBDJFOUF
FOGFSNFSBoQBDJFOUF FVUBOBTJB USBTQMBO
UFEFSHBOPT EJHOJEBEEFMPTQBDJFOUFT
EJTDBQBDJUBEPT BTDPNPMPTQSPCMFNBT
EFTBMVEQCMJDBZCJPUJDB
3PCFSUP )FSOOEF[ $VBUSP &OTB

ZPT EF #JPUJDB $FOUSP EF *OWFT
UJHBDJPOFT &EVDBUJWBT Z /BDJPOBMFT
6OJWFSTJEBEEF1BOBN
&M BVUPS QVCMJDB DVBUSP FOTBZPT TPCSF
MPTUFNBTEF"CPSUP &VUBOBTJB 3FQSP
EVDDJOBTJTUJEBZ$MPOBDJO)VNBOB
DPOUSFTDPNFOUBSJPTDSUJDPTEFMEPDUPS
3JDBSEP"SJBT$BMEFSO
1FESP ' )PPGU $PPSE

#JPUJDB
/NFSP FTQFDJBM EF MB SFWJTUB +VSJT
QSVEFODJB"SHFOUJOB *** O
QQ
4FSFDPHFOFOFTUFONFSPFTQFDJBMBM
HVOPTBSUDVMPTEF#JPUJDBEFSFDPOPDJ
EPTFTQFDJBMJTUBT RVFOPFTUODFOUSBEPT
FOFMDBNQPKVSEJDPFOTVNBZPSB TJOP
FOFMNTHFOFSBMEFMPTQSJODJQJPTEFMB
UJDBNEJDB"T +BNFT%SBOFFTDSJCF
TPCSFMBIPOFTUJEBEFO.FEJDJOBZTJTF
EFCFEFDJSMBWFSEBEBMPTQBDJFOUFT%JF
HP(SBDJB TPCSFMBUJDBEFM+VSBNFOUP
IJQPDSUJDP .JHVFM ,PUUPX BDFSDB EF
MBWVMOFSBCJMJEBE+PT.5BVTPCSFMB
BUFODJONEJDBZMBDFSUJEVNCSFDPNP
WBMPS0USPTEPTBSUDVMPTIBDFOSFGFSFO
DJBBMGFUPDPNPQBDJFOUFFOMPTDBTPTEF
BOFODFGBMJBo.BSJP4FCBTUJBOJo ZBMPT
EJMFNBTUJDPTEFMSFDJOOBDJEPEFNVZ
CBKPQFTP
0USPT BSUDVMPT TF DFOUSBO NT FO MPT
BTQFDUPT KVSEJDPT Z UJDPT EFM HFOPNB
IVNBOP o+BO #SPFLNBO Z "EB ,F
NFMNBKFSo ZEFMBCJPUFDOPMPHB "MJDJB
-PTPWJU[1PSMUJNP
3PCFSUP "OEPSOP FYQPOF MBT QBVUBT
KVSEJDBTZUJDBTQBSBVOBDPSSFDUBBQMJ
DBDJO EFM QSJODJQJP EF QSFDBVDJO Z
1FESP')PPGUFTDSJCFTPCSFFMOFPMP
HJTNPiCJPEFSFDIPw
1FESP ' )PPGU &TUFMB $IBQBSSP

)PSBDJP 4BMWBEPS $PNQT
#JP
UJDB 7VMOFSBCJMJEBE Z &EVDBDJO
7***+PSOBEBT"SHFOUJOBTZ-BUJOPB
NFSJDBOBTEF#JPUJDB .BSEFM1MB
UB "SHFOUJOB BM EF OPWJFNCSF
EF&EJDJPOFT4VSF[ .BSEFM
1MBUB 5PNPT*Z** Z
QQ
%FM BM EF OPWJFNCSF EF MB
"TPDJBDJO"SHFOUJOBEF#JPUJDBPSHB
OJ[ FO .BS EFM 1MBUB TVT 7*** +PSOB
EBT "SHFOUJOBT Z -BUJOPBNFSJDBOBT EF
#JPUJDB DPOVOBTFSJFEFDPOGFSFODJBT
QBOFMFTZUSBCBKPTMJCSFTFODPNJTJO FO
UPSOPBVOFKFDFOUSBM#JPUJDB 7VMOF
SBCJMJEBE Z &EVDBDJO iQSPCMFNUJDB

RVFDPOTJEFSBNPTEFBQSFNJBOUFJOUFST
QBSBMPTQBTFTEFMBSFHJOw FOQBMBCSBT
EF1FESP'FEFSJDP)PPGU QSFTJEFOUFEF
MB "TPDJBDJO Z EF MBT +PSOBEBT "OUFT
EF DFMFCSBSTF TUBT TF FEJUBSPO MPT EPT
WPMNFOFTDPOMBTDPNVOJDBDJPOFTRVF
JCBO B QSFTFOUBSTF DPNP BQPSUF B MB
EJTDVTJO Z iB MB DPOTUSVDDJO EF VOB
WFSEBEFSB ADJVEBEBOB TPDJBM DPO VOB
WJTJOJOUFHSBEPSBEFMPTEJTUJOUPTNCJ
UPTEFMTBCFSRVFDPOnVZFOFOFMNCJUP
EFMB#JPUJDBw
-BTBQPSUBDJPOFTZMPTUFNBTUSBUBEPTTPO
NVZWBSJBEPT ZSFDPHFOMBTSFnFYJPOFT
FOFMNCJUPEFMB#JPUJDBEFVOCVFO
ONFSP EF QSPGFTJPOBMFT Z QSPGFTPSFT
FTQFDJBMNFOUF EF MBT EJTUJOUBT DJVEBEFT
EF "SHFOUJOB QFSP UBNCJO EF PUSPT
QBTFTDPNP#SBTJM $IJMFP&TQBB
()PUUPJT +FBO/PFM3BJTTB/PWB
&ODJDMPQEJB EB #JPUJDB .FEJDJ
OB "NCJFOUF #JPUFDOPMPHJB*OTUJ
UVUP1JBHFU -JTCPB
1PSVNMBEP B*OWFTUJHBPFP%FTFO
WPMWJNFOUPUDOJDPDJFOUmDPT RVFOF
DFTTJUBNBBRVJTJPFBBDUVBMJ[BPEF
VNB DVMUVSB DJFOUmDB F UDOJDB DIBWF
EB SFMBP QBSB BT DJODJBT F QBSB DPN
BT UDOJDBT RVF TFKB TJNVMUBOFBNFOUF
DSUJDB F JOGPSNBEB 1PS PVUSP MBEP P
NVMUJDVMUVSBMJTNP B EJWFSTJEBEF EBT
USBEJFT EBT IJTUSJBT EBT NFOUBMJEB
EFT EBTDSFOBT EBTQPTJFTmMPTmDBT
F UJDBT RVF DPDPOTUJUVFN BT OPTTBT
TPDJFEBEFT&NUPSOPEFTUFTEPJTFJYPT
FTUBPCSBQSPQFVNBWJTPNVJUPDPN
QMFUB EP DBNQP EB CJPUJDB EPT TFVT
QSPCMFNBT EBTVBMJOHVBHFN EPTTFVT
EFTBmPT0GFSFDFBPMFJUPSFOUSBEBTDMB
SBNFOUFFTUSVUVSBEBTFSFEJHJEBTOVNB
MJOHVBHFN BDFTTWFM $BEB FOUSBEB
DPNQPTUB QPS UST QBSUFT B EFmOJP
PIJTUSJDPFBFYQPTJPEPTQSPCMFNBT
UJDPT$PSSFMBFT CJCMJPHSBmBTFOEFY
DPNQMFUBNFTUBFODJDMPQEJBRVFBMJBP
SJHPS DJFOUmDP B VNB BQSFTFOUBP EJ
EDUJDB 3FTFBEFMBFEJUPSJBM

*OTUJUVU #PSKB EF #JPUJDB &OTBZPT

EF#JPUJDB."1'3&.FEJDJOB
QQ
2VJOUPWPMVNFOEFFTUBDPMFDDJORVF
SFDPHFMPTNFKPSFTUSBCBKPTEFMPTBMVN
OPT EFM .TUFS Z 1PTUHSBEP FO #JPUJ
DB RVF JNQBSUF FM *## UPEPT FMMPT EF
HSBO DBMJEBE F JOUFST TPCSF EJGFSFOUFT
UFNUJDBT EF #JPUJDB Z EFTEF EJWFSTBT
WFSUJFOUFT NEJDB mMPTmDBZKVSEJDB

$POUFOJEPT%FMGVOEBNFOUPmMPTmDP
ZUFPMHJDPEFMBCJPUJDB1PSVOBCJP
UJDBHMPCBM)BCMFNPTEF"EPMFTDFODJB
ZFNCBSB[P(FTUJOEFMBJOGPSNBDJO
FO VO TFSWJDJP RVJSSHJDP UJDB EF MB
SFMBDJOFOUSFFMNEJDPEFGBNJMJBZFM
QBDJFOUF JONJHSBOUF &M QSPGFTJPOBM EF
FOGFSNFSB BOUF FM QBDJFOUF DPO 7*)
4*%" $PNJUT UJDPT EF JOWFTUJHBDJO
DMOJDB 3FnFYJO TPCSF MBT WPMVOUBEFT
BOUJDJQBEBT FO "UFODJO 1SJNBSJB -B
UJDBEFMBTWJSUVEFTZMBBUFODJOEPNJ
DJMJBSJB(FTUJOEFMBJOGPSNBDJOFOFM
QSPDFTPEFNPSJSFODVJEBEPTQBMJBUJWPT
&M EFSFDIP EF MBT QFSTPOBT B MB TBMVE
VOBBQSPYJNBDJOBQBSUJSEFMBTSFDMB
NBDJPOFT QSFTFOUBEBT QPS MPT VTVBSJPT
EFVOTFSWJDJPEFVSHFODJBTIPTQJUBMBSJP
#JPUJDB%FCBU

&NJMJBOP+JNOF[)FSOOEF[#JP
UJDBMBWJEB EPOEF%JPT$BQBSST
&EJUPSFT .BESJE QQ
-BBDUJWJEBENEJDB BDFQUBDJOQSFEP
NJOBOUFQBSBNVDIPTBMUSBUBSEF#JPUJ
DB
IBVOJEPEFTEFTJFNQSFMPTDPODFQUPT
EFWJEBZUJDB WJEBZWBMPSFTNPSBMFTEF
MBWJEB-B#JPUJDBUJFOFDPNPUBSFBJMV
NJOBSMPTQSPCMFNBTPSJHJOBEPTFOFTUF
DBNQP TVNBNFOUF BDUVBM EFM QSPHSFTP
NEJDP {$PO RV DSJUFSJPT TF PSJFOUB
MB FWPMVDJO IVNBOB {2V NPEFMP EF
IPNCSFJOGPSNBMPTJOUFOUPTCJPMHJDPT
QBSBFMIPNCSFGVUVSP {5JFOFEFSFDIP
FMDJFOUmDPBDUVBMBEFUFSNJOBSFMGVUV
SPCJPMHJDPEFMBTHFOFSBDJPOFTGVUVSBT
&OEFmOJUJWB TFHOFMBVUPS TFUSBUBEF
MBDVFTUJODFOUSBMEFTJFMIPNCSFTFHVJ
STJFOEPIPNCSF
"MGSFEP(,PIO-PODBSJDBZ%FMJB
0VUPNVSP &EJUPSFT
#JPUJDBIPZ
*NQMJDBODJBTFOFEVDBDJO DMOJDB
JOWFTUJHBDJO Z QPMUJDBT EF TBMVE
.FNPSJB EF MB 1SJNFSB +PSOBEB EF
#JPUJDBEFMB'BDVMUBEEF.FEJDJOB
EF MB 6OJWFSTJEBE EF #VFOPT "JSFT
#VFOPT"JSFT QQ
4FSFDPHFOFOFTUFMJCSPMBTBQPSUBDJPOFT
EFMBTNFTBTSFEPOEBTZUBMMFSFTRVFTF
MMFWBSPO B DBCP FO MB QSJNFSB +PSOBEB
EF#JPUJDBEFMB'BDVMUBEEF.FEJDJOB
EFMB6OJWFSTJEBEEF#VFOPT"JSFT-PT
UFNBTEFMBTNFTBTSFEPOEBTGVFSPOi&M
EPMPS TVGSJNJFOUP Z NVFSUF FO MB FSB
CJPUFDOPMHJDBw Z i1PMUJDB DJFOUmDB
JOEVTUSJB JOWFTUJHBDJOZMNJUFTUJDPTw
-BDPOGFSFODJBDFOUSBMFTUVWPBDBSHPEFM
EPDUPS'FSOBOEP-PMBT4UFQLF TPCSFi&M
EJTDVSTPCJPUJDPZMBBDDJOTPDJBMw-PT
UBMMFSFTBCPSEBSPOUFNBTNVZWBSJBEPT
-BJOHFOJFSBHFOUJDBZMBDMPOBDJO&M
QSPDFTPEFBQSFOEJ[BKFZFOTFBO[BEFMB
#JPUJDB&MDPOTFOUJNJFOUPJOGPSNBEP
EFTEFVOBNJSBEBCJPUJDBZ-BSFMBDJO
NEJDPoQBDJFOUFZMPTMNJUFTEFMBBV
UPOPNB
.JHVFM ,PUUPX 7FSOJDB "OHVJUB

#JPUJDB$BUMJDB.SHFOFTEFJO
UFSQSFUBDJOEFMBTFOTFBO[BTNB
HJTUFSJBMFT$*/#*06OJWFSTJEBEEF
$IJMF 4BOUJBHP EF $IJMF
QQ
-PTBVUPSFTFYQPOFOMBFWPMVDJOEFMP
RVFEFOPNJOBOiVOBUFPMPHBEPDUSJOB
SJBw BM EJMPHP CJPUJDP "OBMJ[BO MBTB
DVFTUJPOFT NT EFCBUJEBT FOUSF MP RVF
QSPQPOFMB*HMFTJBZMPTEFCBUFTTPDJBMFT
MBDPSQPSBMJEBEIVNBOB FMUSNJOPEF
MB WJEB MB TFYVBMJEBE BOUJDPODFQDJO
'JWFU BCPSUP1SFTFOUBOMBBUFODJON
EJDBDPNP%FSFDIPZCJFODPNO
+PT ,VUIZ 1PSUFS .BSUIB 5BSBTDP

.JDIFM $PNQT
5FNBT BDUVBMFT
EF#JPUJDB$PFEJDJO6OJWFSTJEBE
"OIVBD&EJUPSJBM 1PSSB .YJDP
QQ
-PT BWBODFT FTQFDUBDVMBSFT RVF FO MPT
MUJNPT BPT IBO UFOJEP MBT DJFODJBT
CJPNEJDBTQMBOUFBONMUJQMFTEJMFNBT
DVZBTPMVDJOFTBCPSEBEBFOMPTUFYUPT
RVFJOUFHSBOMBQSFTFOUFPCSB4FNFO
DJPOBOEFTEFTVFWPMVDJOIJTUSJDBIBT
UBFMNPNFOUPBDUVBMMPTGVOEBNFOUPT
EF MB CJPUJDB EFOUSP EF TVT EJGFSFOUFT
DPSSJFOUFT mMPTmDBT MB SFMBDJO FOUSF
MBCJPUJDBZMBTSFMJHJPOFTCBTBEBTFOFM
SFTQFUPBMBEJHOJEBEIVNBOB4FSFWJ

TBOUBNCJOBTQFDUPTJNQPSUBOUFTTPCSF
MBTFYVBMJEBE JOHFOJFSBHFOUJDBZDMP
OBDJO
$BSMPT-BSB3PDIF.BOVBMEF#JP
UJDB %FGFOTB Z QSPNPDJO EF MB
QFSTPOB&EJDJPOFT4BO1BCMP (VB
UFNBMB QQ
&M BVUPS FT NEJDP Z DJSVKBOP QPS MB
6OJWFSTJEBE EF 4BO $BSMPT EF (VBUF
NBMB MJDFODJBEPFO)JTUPSJBQPSMB6OJ
WFSTJEBEEFM7BMMFEF(VBUFNBMB Z&T
QFDJBMJTUBFO#JPUJDBQPSMB6OJWFSTJEBE
EF -B 4BCBOB $PMPNCJB &T GVOEBEPS
Z QSFTJEFOUF EF MB "TPDJBDJO (VBUF
NBMUFDBEF#JPUJDB&OFTUBPCSB DPO
MFOHVBKF TFODJMMP Z EJSFDUP PGSFDF VOB
QBOPSNJDBHFOFSBMEFMB#JPUJDB EFT
EFMBGVOEBNFOUBDJO DFOUSBEBFOVOB
BCFSUVSBBMBUSBTDFOEFODJBEFMBQFSTPOB
IVNBOBZTVEJHOJEBE IBTUBMPTQSPCMF
NBTDPODSFUPTEFMJOJDJPZmOEFMBWJEB
MBJEFOUJEBEZFTUBUVUPEFMFNCSJOIV
NBOP MB TFYVBMJEBE IVNBOB EFTEF MBT
EJGFSFOUFT SFnFYJPOFT CJPUJDBT MB UJDB
FO MB QSPDSFBDJO DBMJEBE EF WJEB FV
UBOBTJB DVJEBEPT QBMJBUJWPT $JFSSB FM
MJCSP DPO MB BUFODJO B EPT QSPCMFNBT
FTQFDmDPTEFMBUJDBDMOJDBFMUSBTQMBO
UFEFUFKJEPT ZMBNVFSUFDFSFCSBM
.BOVFM-BWBEPT +VBO*HOBDJP.PO
HF $BSMPT 2VJOUBOB "MFKBOESP
4FSBOJ &EJUPSFT
1SPCMFNBT DPO
UFNQPSOFPT EF #JPUJDB &EJDJP
OFT 6OJWFSTJEBE $BUMJDB EF $IJMF
QQ
1POFODJBTEFM*$POHSFTPEFUJDB.
EJDB EF MB 'BDVMUBE EF .FEJDJOB EF MB
6OJWFSTJEBE$BUMJDBEF$IJMF FOKVMJP
EF TPCSF i&M SFTQFUP Z MB QSP

NPDJO EF MB QFSTPOB IVNBOB FO MB
.FEJDJOB NPEFSOBw $VFTUJPOFT GVO
EBNFOUBMFT EF #JPUJDB #JPUJDB Z SF
QSPEVDDJOIVNBOB#JPUJDB QPMUJDBT
EFTBMVEZFDPOPNB&EVDBDJONEJDB
ZFOTFBO[BEFMBUJDBDMOJDB
'FSOBOEP-PMBT4UFQLF &EJUPS
%J
MPHPZDPPQFSBDJOFOTBMVE%JF[
BPTEF#JPUJDBFOMB0140SHB
6OJEBEEF#JPUJDB0140.4 4BO
UJBHPEF$IJMF QQ
$PPSEJOBEP QPS FM EPDUPS 'FSOBOEP
-PMBT FTUF MJCSP SFDPHF EF GPSNB SFTV
NJEB MBT BDUJWJEBEFT F JOJDJBUJWBT MMFWB
EBT B DBCP QPS MB 6OJEBE EF #JPUJDB
EF MB PSHBOJ[BDJO 1BOBNFSJDBOB EF MB
4BMVE0SHBOJ[BDJO.VOEJBMEFMB4B
MVE FO TVT QSJNFSPT EJF[ BPT EF FYJT
UFODJB$SFBEBFOoDPNP1SPHSB
NB3FHJPOBMEF#JPUJDBo FO4BOUJBHP
EF$IJMF NFEJBOUFVODPOWFOJPDPOFM
(PCJFSOPEF$IJMFZMB6OJWFSTJEBEEF
$IJMF TVNJTJOIBTJEPZFTiDPMBCPSBS
DPOFOUJEBEFTQCMJDBTZQSJWBEBTFOFM
EFTBSSPMMPZMBBQMJDBDJOEFDPODFQUPTZ
QSPDFEJNJFOUPT QBSB MB TVTUFOUBCJMJEBE
UJDBEFEFDJTJPOFTSFMBUJWBTBMBJOWFTUJ
HBDJO DJFOUmDB MB DBQBDJUBDJO UDOJ
DB MBGPSNBDJOQSPGFTJPOBM FMDVJEBEP
EFMBTBMVEZMBGPSNVMBDJOEFQPMUJDBT
TBOJUBSJBTwFOUPEB-BUJOPBNSJDB
$PNP TFBMB 'FSOBOEP -PMBT EJSFDUPS
EFMB6OJEBEEF#JPUJDB IBOTJEPEPT
MVTUSPT EF iCVFOB WPMVOUBE Z QMVSBMJT
NPw RVF IBO RVFSJEP BIPSB DFMFCSBSTF
DPOMBQVCMJDBDJOEFMBTJOUFSWFODJPOFT
EFMB$VBSUB3FVOJOEFM$PNJU"TFTPS
*OUFSOBDJPOBM ZEFVO4FNJOBSJPTPCSF
EJHOJEBEBMmOBMEFMBWJEB
-BQSJNFSBQBSUFFYQPOFMBTBQPSUBDJP
OFT EF MPT NJFNCSPT EFM $PNJU "TF
TPS &OUSF PUSPT +BNFT %SBOF FTDSJCF
TPCSF MPT JOJDJPT EF MB #JPUJDB Z MPT
JOJDJPT UBNCJO EF MB 6OJEBE EF #JP
UJDB EFOUSP EF MB 014 %JFHP (SBDJB
FYQPOFTVFYQFSJFODJBZSFnFYJOTPCSF
MBFOTFBO[BEFMB#JPUJDB DPOMBQSP
QVFTUB EF VO NPEFMP EFMJCFSBUJWP oEF
SFUPSOP B 4DSBUFTo GSFOUF B MPT NPEF
MPT EPDUSJOBM P JOTUSVDUJWP Z OFVUSBM P
JOGPSNBUJWP "MGPOTP -MBOP BOBMJ[B MB
SFMBDJOFOUSFMBCJPUJDBZMBSFMJHJO B
QBSUJSEFMBSFMBDJOFOUSFFMCJPFUJDJTUB
ZMBGFSFMJHJPTB-FPDJS1FTTJOJUSBUBEF
MBTDVFTUJPOFTUJDBTFTFODJBMFTFOFMmOBM
EFMBWJEB ZFTQFDJBMNFOUFEFMPTUSBUB
NJFOUPTJOUJMFT MPTDVJEBEPTQBMJBUJWPT
ZMBBQPSUBDJOEFMBUJDBUFPMHJDBFO
FTUFDBNQP
&O FM 4FNJOBSJP TPCSF EJHOJEBE BM m
OBM EF MB WJEB JOUFSWJOJFSPO 8PMGHBOH
6&DLBSU TPCSFMB.FEJDJOBQBMJBUJWB
"OB &TDSCBS TPCSF MBT DPOEJDJPOFT EF
QPTJCJMJEBEEFVOBNVFSUFEJHOBZ3J
DBSEP7BDBSF[[BFOUPSOPBMBMJNJUBDJO
EFM FTGVFS[P UFSBQVUJDP DPNP OVFWP
OPNCSFEFMBFVUBOBTJBQBTJWB4FBB
EFO BMHVOPT BSUDVMPT DPO JOGPSNBDJO
EFMBTBDUJWJEBEFTZQVCMJDBDJPOFTEFMB
6OJEBE EF #JPUJDB FO FTUPT EJF[ BPT
EF FYJTUFODJB DPO SFnFYJPOFT EFM EPD
UPS'FSOBOEP-PMBTTPCSFTVDBNQPEF
BDDJO Z MB mOBMJEBE EF MBT BDUJWJEBEFT
SFBMJ[BEBT'SBODJTDP+-FOFTDSJCFTP
CSF MB IJTUPSJB SFDJFOUF Z MPT SFTUPT BD

UVBMFTEFMB#JPUJDBFO-BUJOPBNSJDB
+BJNF ;BCBMB NVFTUSB FM EFTBSSPMMP EF
.BHTUFS *OUFSOBDJPOBM FO #JPUJDB EF
MB0140.43PCFSUP.BODJOJJOGPS
NBTPCSFMBGPSNBDJOFO#JPUJDB DPO
FM EFTBSSPMMP EF UBMMFSFT FO OVNFSPTPT
QBTFT&EVBSEP3PESHVF[:VOUBTPCSF
MBSFDJFOUFFYQFSJFODJBEF1SPHSBNB*O
UFSOBDJPOBMEFGPSNBDJOFOUJDBEFMB
JOWFTUJHBDJOCJPNEJDBZQTJDPTPDJBMZ
mOBMNFOUF (VJMMFSNP'VFOUFTZ"MWB
SP2VF[BEBNVFTUSBOMBTQVCMJDBDJPOFT
FEJUBEBTFOFTUPTEJF[BPT
.BSB5FSFTB-QF[EFMB7JFKB $P
PSE
#JPUJDB FOUSF MB .FEJDJOB Z
MBUJDB4FSWJDJPEF1VCMJDBDJPOFTEF
MB6OJWFSTJEBEEF4BMBNBODB
QQ
-B #JPUJDB PDVQB VO MVHBS EFTUBDBEP
FOUSF MBT UJDBT FTQFDJBMFT .T BMM EF
CBSSFSBT DVMUVSBMFT OBDJPOBMFT MJOHT
UJDBT UJFOF IPZ VOB QSFTFODJB HMPCBM
%FTEF FM DPNJFO[P IB JOUFOUBEP AUFO
EFSQVFOUFTFOUSFMBDJFODJBZMBUJDB
&MDSFDJNJFOUPEFMBEJTDJQMJOBIBFTUBEP
NBSDBEP TJO FNCBSHP QPS UFOTJPOFT
JNQPSUBOUFTRVFTPOBOBMJ[BEBTQPSEJT
UJOUPT BVUPSFT FO FTUF MJCSP CBKP MB EJ
SFDDJOEF5FSFTB-QF[EFMB7JFKB"T
USBUBOBMHVOPTEFTVTUFNBTDBSBDUFSTUJ
DPTMPTMNJUFTEFMBJOWFTUJHBDJODJFO
UmDB VTP EF MBT UDOJDBT CJPNEJDBT
EFDJTJPOFTTPCSFMBWJEB TPCSFMBNVFS
UF MBSFMBDJOFOUSFQSPGFTJPOBMFTZQB
DJFOUFT-BDPPSEJOBEPSBFTEPDUPSBFO
'JMPTPGB DBUFESUJDBEFM%FQBSUBNFOUP
EF)JTUPSJBEFM%FSFDIP 'JMPTPGB+VS
EJDB .PSBMZ1PMUJDB EFMB6OJWFSTJEBE

EF4BMBNBODB ZIBQVCMJDBEPCBTUBOUFT
MJCSPT TPCSF UJDB QSDUJDB GFNJOJTNP
UJDBZMJUFSBUVSB
"MJDJB * -PTPWJ[ $PNQJMBDJO Z

1SMPHP
&M(VBSEJOEFMPT7JFO
UPT3FnFYJPOFTJOUFSEJTDJQMJOBSJBT
TPCSFUJDBFO.FEJDJOB$BUMPHPT
#VFOPT"JSFT QQ
$PNPDPNFOUBMBDPPSEJOBEPSBEFFTUF
MJCSPoQTJDPBOBMJTUBZNJFNCSPEFMB4P
DJFEBEEFUJDBFO.FEJDJOBEF"SHFOUJ
OBoTFHOMB0EJTFB &PMPowFM(VBSEJO
EF MPT 7JFOUPTwo PCTFRVJ B 6MJTFT VO
PESF RVFDPOUFOBFODFSSBEPTMPTWJFOUPT
EFTGBWPSBCMFTBMBOBWFHBDJOTVTDPNQB
FSPTBCSJFSPOMBWBTJKBDSFZFOEPRVFDPO
UFOB SJRVF[BT Z TMP DPOTJHVJFSPO EFKBS
FOMJCFSUBEMBTGVFS[BTUFNQFTUVPTBT"T
UBNCJOBIPSB MBCJPUFDOPDJFODJBPGSFDF
PUSPPESFBMBIVNBOJEBE-PTBWBODFTEF
MB UFDOPMPHB NEJDB MB GFDVOEBDJO JO
WJUSP MBDMPOBDJO MBTUFSBQJBTJOUFOTJWBT
QSPNVFWFOTJUVBDJPOFTRVFTFVCJDBOFO
FMMNJUFEFMPCJPMHJDP MPQTRVJDP MP
KVSEJDPZMPmMPTmDP ZRVFQVFEFOMMF
HBSBEFTEJCVKBSMBFTFODJBEFMPIVNBOP
1BSBFWJUBSMPFTGVOEBNFOUBMQMBOUFBSMBT
DPOTJEFSBDJPOFTUJDBTEFDBEBBDUPDJFO
UmDPZNEJDP
&MMJCSPSFDPHFOVFWFBSUDVMPTEFUFNBT
NVZWBSJBEPTZDVBUSPDPOGFSFODJBTi-B
#JPUJDB Z TVT QSPCMFNBTw 'MPSFODJB
-VOBi$VFSQP WJEB NVFSUFZQSDUJDB
NEJDBw .BSUB -QF[ (JM i.FEJDJOB
BOUSPQPMHJDBCBTFUJDBEFMB.FEJDJ
OBBDUVBMw .BSDPT.FFSPi)BDJBVO
DBNCJPFOMBGPSNBDJONEJDBw (VJ
MMFSNP+BJN&UDIFWFSSZ
0TWBMEP -PVEFU 'JMPTPGB Z NFEJ

DJOB&NFDFEJUPSFT #VFOPT"JSFT

0TWBMEP -PVEFU QFSUFOFDJ B MB HFOF
SBDJOEFQTJRVJBUSBTMJUFSBUPT FTEFDJS
BBRVFMMBHFOFSBDJORVFFOMBQSJNFSB
NJUBEEFMTJHMP99OPTMPEFTDPMMBSPO
FOFMNCJUPEFMBQTJRVJBUSBTJOPRVF
UBNCJO TF FODBSHBSPO EF EJWVMHBS BM
QCMJDP NT HFOFSBM MPT TFDSFUPT EF MB
QTJRVJBUSB MB DSJNJOPMPHB Z MB NFEJ
DJOB MFHBM DPO VO UPOP EFTBDBSUPOBEP
F JOUFSFTBOUF &OUSF Z GVF
EJSFDUPSEFM*OTUJUVUP1PQVMBSEF$PO
GFSFODJBT Z EJDU OVNFSPTBT FYQPTJDJP
OFTQCMJDBT TPCSFmMPTPGB NFEJDJOBZ
IVNBOJTNP 1SFDJTBNFOUF -PVEFU GVF
VONEJDPIVNBOJTUB'VFBVUPSEFOV
NFSPTBTPCSBT BDFSDBEFUFNBTEJWFSTPT
EFMBDJFODJBZMBDVMUVSB&TUFEFTUBDBEP
NEJDP QTJRVJBUSB QFEBHPHP Z IPN
CSFQCMJDP NVSJFO#VFOPT"JSFTFO

3FJOIBSEU -X Z PUSPT #JPUJDB

DPOTJEFSBDJPOFT mMPTmDPUFPM
HJDBTTPCSFVOUFNBBDUVBM3JBMQ
.BESJE QQ
1FSTPOBMJEBEFT SFMFWBOUFT oFTQFDJBM
NFOUFEFMNCJUPBMFNOoEFMNVOEP
EFM QFOTBNJFOUP MB UFPMPHB MB UJDB Z
MBDJFODJBEBOSFTQVFTUBFOFTUFMJCSPBM
DPOKVOUPEFQSFHVOUBTRVFTFGPSNVMBMB
IVNBOJEBE SFMBDJPOBEBT DPO MB #JPUJ
DB MPT GVOEBNFOUPT BOUSPQPMHJDPT EF
VOBCJPUJDBDSJTUJBOB DVFTUJPOFTUFPM
HJDBTBDFSDBEFMPSJHFOEFMBWJEBIVNB
OB BOMJTJTEFMHFOPNBZUFSBQJBHFO
UJDB MPTQSPCMFNBTCJPUJDPTEFM4*%"
SFnFYJPOFTTPCSFBMBTJTUFODJBFTQJSJUVBM
BMPTEFmDJFOUFT USBTQMBOUFTEFSHBOPT
JEFBTQBSBFWJUBSRVFMBNVFSUFTFBVOIF
DIPEJTPOBOUF3FJOIBSEU-X 3BU[JO
HFS 3PCFSU4QBFNBOO 3FJUFS .BSTDI
Z.FSBODPMBCPSBOFOFTUFMJCSP
%PMPSFT-PZBSUF $PPSE
#JPUJDB
DVFTUJPOFTBCJFSUBT*OJDJP EFTBSSP
MMPZmOEFMBWJEB&EJUPSJBM&MFE
#VFOPT"JSFT
1SPMPHBEPQPS+BWJFS(BGP QQ
Z
QPS +PT " .BJOFUUJ QQ
FTUF
MJCSPoDVZBHOFTJTFTSFMBUBEBQPS+VTUP
;BOJFS FO TVT i1BMBCSBT 1SFMJNJOBSFTw
QQ
o EFBVUPSBEFWBSJPTQSP
GFTJPOBMFT NBSQMBUFOTFT QSFTFOUB oFO
HFOFSBMo VO DPOUFOJEP Z VOB DBEFODJB
UFNUJDB DPOUFTUF DPO TV UUVMP WFS
TB TPCSF BMHVOBT DVFTUJPOFT DPODSFUBT
Z iBCJFSUBTw oBM EJMPHP B MB EJTDVTJO
SBDJPOBMZBOVFWPTBQPSUFToQSPQJBTEF
MBUFNUJDBCJPUJDB BUJOFOUFTBMJOJDJP
USBOTDVSTPZmOEFMBWJEBIVNBOB
5FSFTB - "TOSJ[ mMTPGB
Z +BESBOLB
+VSJD MJD FO -FUSBT
BCSFO FM WPMVNFO
USBUBOEPBDFSDBEFMi"CPSEBKFCJPUJDP
6OSFDPSSJEPJOUFSUSBOTEJTDJQMJOBSJPFT
QJSBMBEPw+VTUP).;BOJFS NEJDP
HFOFUJTUB
TF SFmFSF B MPT i1SJODJQJPT
CJPUJDPT EF MB OVFWB HFOUJDBw 4PCSF
FMPSJHFOEFMBWJEB %PMPSFT-PZBSUFZ
"ESJBOB&3PUPOEP BCPHBEBT
TFFY
QMBZBOTPCSFi-BSFQSPEVDDJOIVNBOB
BSUJmDJBM6OEFTBGPCJPUJDPw Z$SJTUJ
OB%J%PNOJDP QTJDMPHB
TFSFmFSF
DPOCVFODSJUFSJP BDFSDBEFi&MDPOTFO
UJNJFOUPJOGPSNBEPFOMBSFQSPEVDDJO
BTJTUJEBw1FESP')PPGU FOi#JPUJDB
Z USBTQMBOUFT 6O SFOBDFS B MB WJEBw

EFTQVTEFTFBMBSMBSFMBDJOFOUSFMPT
USBTQMBOUFTEFSHBOPTZMBHOFTJTEFMB
CJPUJDB Z EF SFDPSEBS MBT DPOEJDJPOFT
UJDBTQBSBMBQSPDFEFODJBEFVOBEBDJO
ZUSBTQMBOUFEFSHBOPTFOUSFWJWPT SFMB
UBVODBTPKVEJDJBM
:B FO PUSB UFNUJDB &TUFMB $IBQBSSP
&OGFSNFSB
USBUBBDFSDBEFi-BEJNFO
TJO IVNBOB EFM EPMPSw " DPOUJOVB
DJO (SBDJFMB(BHMJBOP QTJDMPHB
FO
i6OJEBE EF 5FSBQJB *OUFOTJWB 6O TJT
UFNB QBSB MB SFWJTJOw SFDPSEBOEP MBT
WJWFODJBToBOTJFEBE UFNPS FUDoZDPO
EJDJPOFToBJTMBNJFOUP FUDoEFMQBDJFO
UF JOUFSOBEP FO VOB 65* "M SFTQFDUP
4FSHJP$FDDIFUUP mMTPGP
CBKPFMUUV
MP i&VUBOBTJB Z FOGFSNFEBE UFSNJOBMw
TF QSPOVODJB DBUFHSJDBNFOUF FO DPO
USBEFMBTiTPMVDJPOFTwFVUBOTJDBTZMBT
QSDUJDBTEJTUBOTJDBT GVOEBNFOUBOEPZ
EFGFOEJFOEP MB WB PSUPUBOTJDB QSPQJB
EF MB NFEJDJOB QBMJBUJWB 'JOBMNFOUF
+PSHF - .BO[JOJ NEJDP
TF FYQMBZB
DPO TMJEPT BSHVNFOUPT BDFSDB EF i-B
MJNJUBDJO UFSBQVUJDB FO FM mOBM EF MB
WJEB 6OB QSPQVFTUB QBSB TV BCPSEBKF
-VJT(VJMMFSNP#MBODP SFWJTUB$VBEFS
OPTEF#JPUJDB "SHFOUJOB

3BNO -VDBT -VDBT #JPUJDB QBSB

UPEPT5SJMMBT .YJDP%'
-PTQSPCMFNBTEFMBCJPUJDBOPTPOTMP
FO MB BDUVBMJEBE VO DPUP QSJWBEP QBSB
FTQFDJBMJTUBT4VTDJUBOJOUFSTFOEJQVUB
EPT DBUFESUJDPT NEJDPT QFSJPEJTUBT
FNQMFBEPT Z BNBT EF DBTB MB CJPUJDB
IPZFTQBSBUPEPT2VJFOFTTFOTJCMFBM
WBMPSEFMBWJEB OPQVFEFFWJUBSMBTQSF

HVOUBTDSVDJBMFTi{&MIJKPFTVOEPORVF
TFBDPHFPVOQSPEVDUPRVFTFGBCSJDB w
i{5PEPMPRVFFTUDOJDBNFOUFQPTJCMF
FT UBNCJO NPSBMNFOUF BENJTJCMF w
i{&MmOCVFOPEFDVSBSVOBFOGFSNFEBE
DPNP FM "M[IFJNFS KVTUJmDB MB FYQFSJ
NFOUBDJODPOFNCSJPOFTIVNBOPTZTV
EFTUSVDDJO wi{1PSRVOPQPOFSmOBM
EPMPSDPOVOBACVFOBNVFSUF w&MMJCSP
QSFTFOUB EF NPEP TFSJP QFSP BDDFTJCMF
QBSBUPEPT MPTQSPCMFNBTCJPUJDPT$PO
VOMFOHVBKFDMBSPZQSFDJTP DPOEJCVKPT
ZDBSJDBUVSBT EJBHSBNBTZGPUPHSBGBT FM
BVUPSPGSFDFVOBi#JPUJDBQBSBUPEPTw
4FSHJP -VDJP 5PSBMFT $PPSE

%J
MFNBT CJPUJDPT 6OJWFSTJEBE "V
UOPNB EF "HVBTDBMJFOUFT .YJDP

-B "DBEFNJB /BDJPOBM .FYJDBOB EF
#JPUJDB $BQUVMP EF "HVBTDBMJFOUFT
KVOUPDPOMB6OJWFSTJEBE"VUOPNBEF
"HVBTDBMJFOUFT PSHBOJ[BmOBMFTEFPD
UVCSFEFMVOBT+PSOBEBTOBDJPOBMFT
EF#JPUJDB TPCSFi-BJNQPSUBODJBZSF
UPTEFMB#JPUJDBFO.YJDPw
&OFTUFMJCSPTFSFDPHFOMBTQSJODJQBMFTJO
UFSWFODJPOFTEFFTUBT+PSOBEBT FOUPSOP
BWBSJBEPTUFNBTJOWFTUJHBDJOFOTBMVE
CJPUFDOPMPHB Z CJPUJDB MB GPSNBDJO
EFMPTQSPGFTJPOBMFTEFMBTBMVE DVJEBEPT
QBMJBUJWPTBMmOBMEFMBWJEB FUD
'MPSFODJB-VOB "-4BMMT#JPUJDB
JOWFTUJHBDJO QSPDSFBDJO NVFS
UFZPUSPTUFNBTEFUJDBBQMJDBEB
4VEBNFSJDBOB #VFOPT "JSFT
QQ
-PT UFNBT RVF TF QSFTFOUBO FO FTUF
WPMVNFO QSFUFOEFO SFTQPOEFS B BMHV

OBTEFMBTQSFHVOUBTNTGSFDVFOUFTFO
#JPUJDB$PNJFO[BODPOVOBOMJTJTEF
MPTEFTBGPTUJDPTRVFTFQMBOUFBOFOMB
JOWFTUJHBDJORVFJOWPMVDSPTFSFTIVNB
OPT1BTBOSFWJTUBBDVFTUJPOBNJFOUPTZB
DMTJDPT EF MB JOWFTUJHBDJO Z B QSPCMF
NBTBDUVBMFTRVFTFWJODVMBO QPSFKFN
QMP DPOFMVTPEFQMBDFCPTFOQBDJFOUFT
DPO 4*%" FO QBTFT FO EFTBSSPMMP P FM
USBCBKP JOBEFDVBEP EF MPT $PNJUT EF
UJDBFOMB*OWFTUJHBDJO*ODMVZFFMMJ
CSP UBNCJO BSUDVMPT RVF USBUBO QPS
FKFNQMP BMHVOPT EF MPT EJMFNBT RVF
FOGSFOUBOMPTFEJUPSFTEFSFWJTUBTDJFOU
mDBTDVBOEPQJFOTBORVFVONBOVTDSJUP
OPDVNQMFDJFSUPTQBSNFUSPTUJDPT-B
MFDUVSBEFFTUBQBSUFIBSFWJEFOUFMBVS
HFODJBEFVOBEJTDVTJOQSPGVOEBTPCSF
FTUPTUFNBT-BTFHVOEBQBSUFEFMMJCSP
USBUB BDFSDB EF MPT JOUFSSPHBOUFT RVF
QMBOUFB MB UPNB EF EFDJTJPOFT UFSBQV
UJDBT -BT OPDJPOFT EF BVUPOPNB Z EF
SFTQFUPQPSMBBVUPEFUFSNJOBDJOEFMPT
QBDJFOUFTUJFOFOVOHSBOQSPUBHPOJTNP
FOFTUBSFB
'MPSFODJB-VOB&OTBZPTEF#JPUJ
DB3FnFYJPOFTEFTEFFM4VS'POUB
NBSB .YJDP QQ
.BTUFS PG "SUT $PMVNCJB 6OJWFSTJUZ
&&66
%PDUPSB FO 'JMPTPGB 6#"

*OWFTUJHBEPSB"EKVOUBEFM$0/*$&5
%PDFOUFEFMB6#"$PPSEJOBEPSBEFM
SFB EF #JPUJDB EF '-"$40 1SFTJ
EFOUF EF MB *OUFSOBUJPOBM "TTPDJBUJPO
PG #JPFUIJDT *"#
o $POTFKFSB
5FNQPSBSJB EF MB 0SHBOJ[BDJO .VO
EJBM EF MB 4BMVE 0.4
Z EFM $PVO
DJM GPS *OUFSOBUJPOBM 0SHBOJ[BUJPOT PG
.FEJDBM 4DJFODFT $*0.4

%JSFDUPSB
Z GVOEBEPSB EF MB SFWJTUB 1FSTQFDUJWBT
#JPUJDBTEFTEF
&TUF MJCSP SFOF VOB TFSJF EF BSUDVMPT
CSFWFT FO MPT DVBMFT TF QMBOUFB BMHVOPT
QSPCMFNBTEFMBCJPUJDBEFTEFMBNJSBEB
EF VO QBT FO EFTBSSPMMP &O TVT QHJ
OBTTFBOBMJ[BOMPTQMBOUFPTRVFTFIBDFO
BMHVOPT NEJDPT GSFOUF B TVT QBDJFOUFT
BOBMGBCFUPT MPT EJMFNBT RVF FOGSFOUBO
MBTNVKFSFTFNCBSB[BEBTZDPO4*%"P
MPTQSPCMFNBTUJDPTRVFQMBOUFBMBJO
WFTUJHBDJOFOTFSFTIVNBOPTBTDPNP
FM JNQBDUP RVF QVFEF MMFHBS B UFOFS MB
DPSSVQDJOFODJFSUPTQBTFT&OVOGPS
NBUPNTUFSJDPTFBOBMJ[BUBNCJOMB
SFMBDJOEFMBCJPUJDBZMBmMPTPGBPMB
WJBCJMJEBEZMVHBSRVFQVFEFUFOFSMBDB
TVTUJDBFOMBTQSPQVFTUBTEFMBCJPUJDB
BDUVBM
'MPSFODJB -VOB "SMFFO -' 4BMMFT

#JPUJDB OVFWBT SFnFYJPOFT TPCSF
EFCBUFT DMTJDPT 'POEP EF $VMUV
SB &DPONJDB #VFOPT "JSFT
QQ
4F SFDPSSFO FO FTUB PCSB MPT QSJODJQB
MFTUFNBTDMBWFEFMBCJPUJDB ZBMBWF[
MPT FOGPRVFT BMUFSOBUJWPT RVF UJFOFO
RVF IBO QSPWPDBEP JOUFSQSFUBDJPOFT
EJWFSHFOUFT Z RVF SFNJUFO B EJGFSFOUFT
QFSTQFDUJWBT mMPTmDBT 1POF FO FWJ
EFODJB MBT TVDFTJWBT USBOTGPSNBDJPOFT
RVFIBTVGSJEPMBCJPUJDBZMPTBMDBODFT
EFTVTCBTFTUFSJDBTFOSFMBDJODPOMB
QBSUJDVMBS SFBMJEBE Z MPT QSPCMFNBT EF
"NSJDB-BUJOB3FWJTBOMBTQSJODJQBMFT
UFPSBTDMTJDBTEFMBUJDBZBOBMJ[BOMPT
QSPCMFNBT DPODSFUPT RVF TVSHFO FO MB
BUFODJOEFMBTBMVEFOUSFNEJDPTZQB
DJFOUFTMBBVUPOPNBZFMQBUFSOBMJTNP
MPTBMDBODFTEFMBDPOmEFODJBMJEBEZFM
DPOTFOUJNJFOUPJOGPSNBEP MBFVUBOBTJB
WPMVOUBSJB Z FM TVJDJEJP BTJTUJEP MB BO
UJDPODFQDJO MBSFQSPEVDDJOBTJTUJEBZ
MPT VTPT EF MB DMPOBDJO Z MPT EFCBUFT
NPSBMFT FO UPSOP BM BCPSUP 5BNCJO
DPOTJEFSBOMBTFYJHFODJBTRVFSFRVJFSFO
MBT JOWFTUJHBDJPOFT TPCSF CJPUJDB BT
DPNP MPT EJMFNBT TPCSF FM EFSFDIP HF
OFSBMBMBTBMVEZMBGVODJORVFEFCFSB
DVNQMJSFM&TUBEP
&M WPMVNFO DVFOUB DPO WBSJPT FTDSJUPT
EFMPTEPTBVUPSFTZDPMBCPSBDJPOFTFTQF
DJBMFTEF.BSB7JDUPSJB$PTUB 4VTBOB
&4PNNFSZ(SBDJFMB7JEFMMB
+PT.BDIBEP1BJT +PSHF7BMB .B

OVFM 7JMMBWFSEF $BCSBM 3FMJHJP F
CJPUJDB-JWSP&EJUPS -JTCPB
QQ
&TUF MJCSP DPOTUJUVZF FM TFHVOEP WPMV
NFOUFNUJDPTPCSF-BTBDUJUVEFTEFMPT
QPSUVHVFTFT-PTUFYUPTJODMVJEPTFOGP
DBO WBSJPT BTQFDUPT EF MB SFMJHJPTJEBE
DPO CBTF FO VOB FODVFTUB EFM *441 EF
-PTSFTVMUBEPTTFDPNQBSBSPODPO
MPTEFPUSPTQBTFT QSFTUBOEPQBSUJDVMBS
BUFODJO B MBT DSFFODJBT QPQVMBSFT TP
DJBMJ[BDJPOFTSFMJHJPTBT SFQSFTFOUBDJPOFT
Z BDUJUVEFT DPO SFMBDJO BM EFTFNQFP
EFMB*HMFTJBZBMQBQFMEFMBSFMJHJO&M
MUJNPDBQUVMPTFEFEJDBBMBTBDUJUVEFT
EF MPT QPSUVHVFTFT TPCSF DVFTUJPOFT EF
CJPUJDBBCPSUP FVUBOBTJB GFSUJMJ[BDJO
BSUJmDJBM EPOBDJOEFSHBOPT ZDMPOB
DJO

+PT"MCFSUP.BJOFUUJ3FBMJEBE 'F
ONFOPZ.JTUFSJPEFMDVFSQPIV
NBOP2VJSO -B1MBUB
-B SFnFYJO TPCSF FM DVFSQP IVNBOP
DPOTUJUVZF VO BTQFDUP GVOEBNFOUBM
EF MB mMPTPGB DPOUFNQPSOFB &TUP TF
EFCF QBSUJDVMBSNFOUF BMBPSJFOUBDJO
GFOPNFOPMHJDPoFYJTUFODJBM MB DVBM IB
EFTDVCJFSUPMBGFDVOEBOPDJOEFiDVFS
QPQSPQJPwZQMBOUFBEPFMQSPCMFNBEFM
DVFSQP oEF VOB NBOFSB PSJHJOBM Z TJT
UFNUJDBoFOFMDFOUSPEFMBTQSFPDVQB
DJPOFTEPNJOBOUFTEFMQFOTBNJFOUPEF
OVFTUSPT EBT %FTEF MB QFSTQFDUJWB EF
MBGFOPNFOPMPHBZEFMBmMPTPGBEFMB
FYJTUFODJB Z HSBDJBT B TVT TJHOJmDBUJWPT
BQPSUFT FMQSFTFOUFFTUVEJPTFQSPQPOF
QVFT BCPSEBS FTUF JNQPSUBOUF DBQUVMP
EFMBmMPTPGBBDUVBM
&M BTQFDUP NT EFDJTJWP EFM QSPCMFNB
EFMDVFSQPSFTJEFFOMBQSPGVOEBSFOP
WBDJORVFTUFSFQSFTFOUBQBSBMBDPN
QSFOTJO mMPTmDB EFM IPNCSF Z BO
NT SBEJDBMNFOUF QBSB MB QPTJCJMJEBE
NJTNB EF VOB BOUSPQPMPHB mMPTmDB
TUSJDUP TFOTV &O UBM TFOUJEP FM DPODFQ
UP DFOUSBM RVF EF JONFEJBUP TF JNQP
OF FTFMEFDVFSQPiQSPQJPw iTVKFUPwP
iGFOPNFOPMHJDPw DPODFQUP DMBWF RVF
TJOUFUJ[B BDBCBEBNFOUF MB SFOPWBEB WJ
TJOEFMBFTFODJBEFMIPNCSFSFTQFDUP
BM USBEJDJPOBM QSPCMFNB NFUBGTJDP EFM
DVFSQPZFMBMNB QBSBFMDVBMQFSNBOFDF
TVCFTUJNBEB MB SFBMJEBE DPSQPSFJEBE

PDVMUPFMGFONFOP DPSQPSBMJEBE
FJO
EJGFSFOUF BM NJTUFSJP FODBSOBDJO
EFM
DVFSQPIVNBOP'SFOUFBFTUBPNJTJO
USBEJDJPOBM EFM DVFSQP QPS TV BQBSFOUF
DPOUJOHFODJB FO FM FTUBUVUP NFUBGTJDP
EFM IPNCSF FM QSPCMFNB GFOPNFOP

MHJDPFYJTUFODJBM EFM DVFSQP QSPQJP
JOUSPEVDF SBEJDBMNFOUF USFT QSJODJQJPT
GVOEBNFOUBMFT QBSB MB DPOTUJUVDJO EF
MB BDUVBM BOUSPQPMPHB mMPTmDB &O
QSJNFS MVHBS MB TVQFSBDJO EF MB JEFB
TVTUBODJBMJTUBEFMBSFBMJEBEEFMDVFSQP
RVF EPNJOB oNVUBUJT NVUBOEJTo FO FM
EVBMJTNPDMTJDPZQBSUJDVMBSNFOUFNP
EFSOP&OTFHVOEPMVHBS MBBmSNBDJO
EFMBDPODJFODJBDPSQPSBMDPNPTVCKFUJ
WJEBEBVUOUJDBZDPODSFUB ZEFTVSPM
GVOEBNFOUBM FO MB DPOTUJUVDJO EF MBT
FTUSVDUVSBT EFM NVOEP IVNBOP : FO
UFSDFSMVHBS MBQPTJCJMJEBEEFVOBDPN
QSFOTJOPOUPMHJDBEFMTFSEFMIPNCSF
QPSTVDPOEJDJOFODBSOBEB-BmMPTPGB
GFOPNFOPMHJDPFYJTUFODJBM EFM DVFSQP
QSPQJPTJHOJmDB FOMUJNPBOMJTJT VOB
PSJHJOBMZDPODSFUBGPSNBEFBDDFTPBMB
EJNFOTJOQSPQJBNFOUFNFUBGTJDBEFMB
FYQFSJFODJBIVNBOB
$POGPSNF B FTUPT USFT SBTHPT QSJODJQB
MFT oTJTUFNUJDBNFOUF BSUJDVMBEPT FO FM
QMBOUFBNJFOUPEFMQSPCMFNBEFMDVFSQP
IVNBOPFOMBmMPTPGBBDUVBMoMBFYQPTJ
DJORVFTJHVFDPNQSFOEFSUSFTQBSUFT
-BQSJNFSBo-BTEJNFOTJPOFTBOUSPQP
MHJDBTEFMEVBMJTNPZMBiGPSNBDPSQP
SFJUBUJTwo EFTBSSPMMB VO BOMJTJT DSUJDP
EFMPTTVQVFTUPTNFUBGTJDPTFOMBDPO
DFQDJO TVTUBODJBMJTUB Z USBEJDJPOBM EFM
DVFSQP TFHO MBT EJWFSTBT GPSNBT RVF
QSFTFOUBoPSJHJOBSJBFIJTUSJDBNFOUFoFM
EVBMJTNPQTJDPGTJDP5BMSFWJTJODSUJDB
OPFTBKFOB DMBSPFTU BMBQSFPDVQBDJO
QPSTJUVBSMBDPODFQDJOUSBEJDJPOBMEFM
DVFSQPBMBMV[EFMBQFSTQFDUJWBSFOPWB
EBEFMQSPCMFNB-BTFHVOEBo-BUFPSB
GFOPNFOPMHJDB EFM DVFSQP QSPQJPo
DPNQSFOEF MB EFTDSJQDJO GFOPNFOP
MHJDB EF MB DPOTUJUVDJO USBTDFOEFOUBM
EFM DVFSQP QSPQJP EF BDVFSEP DPO MBT
EJWFSTBT FTUSVDUVSBT SFQBSBCMFT QPS FTUF
NUPEPEFJOWFTUJHBDJO
-B UFSDFSB o&M PSEFO POUPMHJDP EF MB
FYQFSJFODJB FODBSOBEBo SFQSFTFOUB VO
JOUFOUPEFJOUFSQSFUBDJONFUBGTJDBEF
MB FYQFSJFODJB EFM DVFSQP QSPQJP FO
WJSUVE EF MPT DBSEJOBMFT TFOUJEPT POUP
MHJDPTRVFTFQBUFOUJ[BOFOMBNJTNB

+PT"MCFSUP.BJOFUUJ&TUVEJPT#JP
UJDPT2VJSO -B1MBUB "SHFOUJOB

&M EPDUPS .BJOFUUJ VOP EF MPT JOJDJB
EPSFTEFMB#JPUJDBFO"NSJDB-BUJOB
PGSFDF FO FTUF MJCSP BMHVOPT BSUDVMPT
TPCSFEJWFSTPTBTQFDUPTCJPUJDPTZmMP
TmDPT&M4JEB MBNVFSUFZMB.FEJDJ
OB FMUJFNQPCJPMHJDPZFMIPNCSF MB
mMPTPGBEFMDVFSQP MBTSFMBDJPOFTFOUSF
FMNEJDPZFMQBDJFOUF MBUJDBEFMEJBH
OTUJDP Z mOBMNFOUF VOB NJSBEB B MB
TJUVBDJOEFMB#JPUJDBFO-BUJOPBN
SJDB
+PT"MCFSUP.BJOFUUJ&TUVEJPT#JP
UJDPT**2VJSO -B1MBUB "SHFOUJ
OB
4FSFOFOFOFTUFMJCSPBMHVOBTSFnFYJP
OFTEFMEPDUPS.BJOFUUJ FTQFDJBMNFOUF
EJSJHJEBTBMQSPCMFNBEFMDVFSQPFO0S
UFHB FO6OBNVOP FO;VCJSJZFO-BO
&OUSBMHP EFOUSPEFMBHSBOUSBEJDJOEF
MB.FEJDJOBZMPTHSBOEFTNEJDPTIV
NBOJTUBT 5BNCJO BCPSEB MB mMPTPGB

EFMWFTUJEP ZMBSFWPMVDJOEFMPTUSBT
QMBOUFT RVFBGFDUBOBTJNJTNPEJSFDUB
NFOUF BM DVFSQP Z TV SFQSFTFOUBDJO Z
VUJMJ[BDJOBDUVBMFT
%POBME EF .BSDP Z #FOKBNO %

8JLFS"SRVJUFDUPTEFMBDVMUVSBEF
MB NVFSUF $JVEBEFMB -JCSPT .B
ESJE QQ
-B $VMUVSB EF MB .VFSUF TF DPOUSBQP
OFBMB$VMUVSBEFMB7JEB ZBNCBTTF
DPOGSPOUBOFOUPSOPBDVFTUJPOFTDPNP
FMBCPSUP MBFVUBOBTJB MBFYQFSJNFOUB
DJO DPO FNCSJPOFT MB DPODFQDJO EF
MBTFYVBMJEBE4JOFNCBSHP OPTJFNQSF
TFUJFOFVOBJEFBDMBSBEFMBNFOUBMJEBE
RVF TVCZBDF FO MB MMBNBEB $VMUVSB EF
MB.VFSUFOJEFDNPTFIBJEPDPOGPS
NBOEP%F.BSDPZ8JLFSEBOBFTUB
DVMUVSB VO FOGPRVF EF FOPSNF JONF
EJBUF[$POVOFTUJMPBMBWF[SJHVSPTP
DFSDBOPZFOUSFUFOJEP OPTNVFTUSBOMBT
JEFBT Z MBT WJEBT EF WFJOUF JOnVZFOUFT
QFSTPOBKFT IBDJFOEPDMBSPZQBMQBCMFFM
QFOTBNJFOUP Z MBT JOUFODJPOFT RVF JO
GPSNBO FTUB NFOUBMJEBE JOEJUB IBTUB
BIPSBFOMBDJWJMJ[BDJOPDDJEFOUBM RVF
QPDPBQPDPTFWBIBDJFOEPQSFTFOUFFO
MBMFHJTMBDJOEFOVNFSPTPTQBTFT FVSP
QFPTZBNFSJDBOPT
"OUPOJP .BSMBTDB *OUSPEVDDJO B

MB #JPUJDB 6OJWFSTJEBE /BDJPOBM
EF $PTUB 3JDB 'BDVMUBE EF 'JMPTP
GBZ-FUSBT 4BO+PTEF$PTUB3JDB
QQ
&MBVUPSFTMJDFODJBEPFO'JMPTPGBZ-FUSBT
QPSMB6OJWFSTJEBEEF7BMFODJB &TQBB
ZEPDUPSFO'JMPTPGBQPSMB6OJWFSTJEBE

$BUMJDB EF -PWBJOB #MHJDB 1SPGFTPS

EFUJDBF)JTUPSJBEFMQFOTBNJFOUPFO
MB6OJWFSTJEBEEF$PTUB3JDB ZEJSFDUPS
EFM*OTUJUVUPEF*OWFTUJHBDJPOFT'JMPTm
DBTEFEJDIB6OJWFSTJEBE
&OFTUFMJCSPEBVOBWJTJOHFOFSBMEFMB
#JPUJDBZEFMPTQSJODJQBMFTEFCBUFTBD
UVBMFT&TUVEJBQSJNFSPMPTQSJODJQJPTZ
GVOEBNFOUPTEFMB#JPUJDB ZTVSFMBDJO
FTUSFDIBDPOMB"OUSPQPMPHBZMPTEFSF
DIPTIVNBOPT QBSBFOUSBSEFTQVTBMPT
UFNBTSFGFSFOUFTBMJOJDJPEFMBWJEB DPO
MBT OVFWBT UFDOPMPHBT SFQSPEVDUJWBT EF
TFSFTIVNBOPT ZMBTOPDJPOFTEFUJDB
FVHFOFTJBZHFOUJDB5BNCJOBCPSEBMB
FVUBOBTJBEFTEFMBQFSTQFDUJWBDBUMJDBZ
EFTEFMBNPSBMMBJDBZTFDVMBSJ[BEB5FS
NJOBFMMJCSPDPOVOFQMPHPQBSBDPTUB
SSJDFOTFTMPTUFNBTCJPUJDPTFOTVQBT
DPO FM EFCBUF TPCSF FM FTUBUVUP KVSEJDP
EFMFNCSJO FMWBDPMFHBMTPCSFUDOJDBT
EFSFQSPEVDDJOBTJTUJEBZFMEFDSFUPTP
CSFFTUFSJMJ[BDJOWPMVOUBSJB
+VBO.BTJ$MBWFM5FSUVMJBTEF#JP
UJDB.BOFKBSMBWJEB DVJEBSBMBT
QFSTPOBT5SPUUB .BESJE
&TUBT QHJOBT TPO GSVUP EF UFSUVMJBT Z
DIBSMBTFOMBTRVFTFIBQFOTBEPFODP
NODVFTUJPOFTUJDBTTPCSFMBWJEB EJ
SJHJEBTQPS+VBO.BTJ KFTVJUB EJSFDUPS
EFMB$UFESBEF#JPUJDBEFMB6OJWFSTJ
EBE1POUJmDJBEF$PNJMMBT&MTVCUUVMP
SFnFKBEPTSFUPTBDUVBMFTNBOFKBSMBWJEB
IBDJFOEPVTPEFMBUFDOPMPHB QFSPDPO
SFTQPOTBCJMJEBEZDVSBSMBTFOGFSNFEB
EFT DVJEBOEPBMBTQFSTPOBT4FQSFUFO
EBFOEJDIBTUFSUVMJBTZDIBSMBTEJBMPHBS
DPO TFSJFEBE DJFOUmDB Z NFOUBMJEBE
BCJFSUB UFOJFOEP FO DVFOUB EJWFSTBT

QFSTQFDUJWBT TFHOMBTJEFBTZDSFFODJBT
EFMPTQBSUJDJQBOUFT
&M BVUPS IB SFVOJEP BRV NBUFSJBMFT
NJTDFMOFPT oHVJPOFT QBSB FM EJMPHP
SFTNFOFTEFDIBSMBT FUDoRVFQVFEBO
TFSWJSEFSFGFSFODJBFOSFVOJPOFTTFNF
KBOUFT QSPDVSBOEPSFTQPOEFSBDVFTUJP
OFTEFBDUVBMJEBE4FIBDMBTJmDBEPMPT
EPDVNFOUPTFOUPSOPBMPTNEVMPTEFM
DVSTP EF CJPUJDB JOUSPEVDDJO BOUSP
QPMHJDBCJPUJDBMBJDBZQFSTQFDUJWBTSF
MJHJPTBTDPNJFO[PZmOEFMBWJEBTBMVE
ZFOGFSNFEBEFDPUJDBZKVTUJDJB
)B BBEJEP VO FTQBDJP EFEJDBEP B MB
MFDUVSB DSUJDB EF BMHVOBT SFDPNFOEB
DJPOFT TPCSF UFNBT EF CJPUJDB RVF TF
FODVFOUSBO FO EPDVNFOUPT P EFDMBSB
DJPOFTEFJOTUBODJBTSFMJHJPTBT$POFMMP
TF USBUB EF FWJUBS oFO QBMBCSBT EFM BV
UPSoMBFYBHFSBDJOEFBMHVOBTCJPUJDBT
DPOGFTJPOBMFTZOPDPOWFSUJSFODVFTUJO
QPMUJDBPSFMJHJPTBMPRVFTPOUFNBTEF
DJFODJBZUJDB
+VBO .BTJ #JPUJDB Z SFMJHJO

&EJDJO4OUFTJT .BESJE
6OEPCMFSFUPEFBQPSUBDJOZBQSFO
EJ[BKFTFQMBOUFBEFTEFMBCJPUJDBBMB
SFMJHJOZWJDFWFSTB-BUFOTJOFOUSF
DJFODJBTZSFMJHJPOFTTFBDFOUBDVBO
EPMBTEPTTFDPOWJFSUFOFOJEFPMPHBT
QPS MP RVF MB mMPTPGB DSUJDB GSFOUF
B BNCBT QVFEF Z EFCF NFEJBS FO MB
EJTDVTJO IPZ NT RVF OVODB -BT
DPOUSPWFSTJBTEFCJPUJDBTFCMPRVFBO
QPSMBQSFTJOEFJOUFSFTFTQPMUJDPTZ
QSFKVJDJPTSFMJHJPTPT
)BZRVFSFDVQFSBSEFTEFMBmMPTPGBMB
DBQBDJEBEEJBMPHBOUFEFVOBCJPUJDB
DPOTUSVJEB DPNP DPOWFSTBDJO B VO
EPCMFOJWFMMPTEFCBUFTJOUFSEJTDJQMJ
OBSFT BDBENJDPT Z FM EJMPHP DWJDP
FO FM TFOP EF VOB TPDJFEBE QMVSBM Z
EFNPDSUJDB
)VNCFSUP.BUVSBOB +VMJP.POUU
.BIBMEB$PTUB $BSMPT.BMEPOB
EP 4BM 'SBODP #JPUJDB MB DBMJ
EBEEFWJEBFOFMTJHMP99*6OJWFS
TJEBE&M#PTRVF #PHPU
&MHSBOBWBODFUFDOPDJFOUmDPEFMPTM
UJNPTEFDFOJPTEFMTJHMP99IBDSFBEPTJ
UVBDJPOFTOPTPTQFDIBEBTBOUFSJPSNFOUF
QPSMBIVNBOJEBEZIBFTUSFNFDJEPMBT
CBTFTUJDBTRVFQPSDFOUVSJBTIBOHVJB
EPMPTDPNQPSUBNJFOUPTFOMBTPDJFEBE
PDDJEFOUBM Z TF DPOTJEFSBCBO JOBNPWJ
CMFT -B QSFPDVQBDJO QPS MPT EFTBGPT
QMBOUFBEPTQPSEJDIPBWBODFIBQSPQJ
DJBEPQSPQVFTUBTJOUFSEJTDJQMJOBSJBTDPO
NJSBT B TPMVDJPOBS MPT DPOnJDUPT RVF
HFOFSBOMBTUFDOPMPHBTFOTVJOUFOUPEF
CVTDBSVOBWJEBNFKPS&MNPWJNJFOUP
CJPUJDPIBTVSHJEPDPOFOPSNFGVFS[B
DPNPMBQSPQVFTUBNTBEFDVBEBQBSBMB
SFnFYJO TPCSF MPT IFDIPT DJFOUmDPT Z
MBCTRVFEBEFTPMVDJPOFTFODBNJOBEBT
BMBQSPUFDDJOEFMBWJEBUBOUPIVNBOB
DPNPMBEFMPTEFNTTFSFTWJWJFOUFTEFM
QMBOFUB +BJNF&TDPCBS5SJBOB

$BSMPT.FMMJ[P &EJUPS
/BDFS WJWJS
NPSJS /PFTJT .BESJE
QQ
4F SFDPHFO FO FTUF WPMVNFO MBT MFDDJP
OFTEJDUBEBTFOVO$VSTPEFWFSBOPEF
MB6OJWFSTJEBE$PNQMVUFOTF RVFUVWP
MVHBS FO KVMJP EF FO "MNFSB &M

PCKFUJWP FSB iSFnFYJPOBS TPCSF MPT UF
NBTQFSNBOFOUFTEFMIPNCSF TVTDPO
nJDUPT FYJTUFODJBMFT MP MJNJUBEP EF TV
DPOEJDJOZMPTBTQFDUPTFTQFDmDPTRVF
EJTUJOHVFO MP IVNBOPw $POUFOJEPT
&NJMJP 'FSOOEF[(BMJBOP i-B QSF
TFODJBEFMIPNCSFFOMBCJPTGFSBw+PT
-VJT(PO[MF[2VJST i-BUFDOPMPHBZ
MB USBEJDJO BOUJUFDOPMHJDBw +VBO 3B
NO -BDBEFOB i"TQFDUPT HFOUJDPT Z
UJDPTEFMBSFQSPEVDDJOIVNBOBw FO
FM RVF TF NVFTUSB QBSUJEBSJP EF MB ATV
mDJFODJB DPOTUJUVDJPOBM EFM FNCSJO B
QBSUJSEFMBTFNBOB"MFKBOESP-MBOP
i-B OBUVSBMF[B EFM QFOTBNJFOUPw $BS
MPT.FMMJ[P i4VJDJEJP BCPSUPZMJUFSBUV
SBw-VJT/F[-BEFW[F i&MQSPDFTP
EF SBDJPOBMJ[BDJO IVNBOBw -PVSEFT
0SUJ[ i&MTVFPEFMBQBTJOw3BNO
1J i&M PSJHFO EF MB WJEB FO MB QFSDFQ
DJOTPDJBMw DPOVOBDMBSBEFGFOTBEFMB
WJEBEFTEFMBGFDVOEBDJO FODPOUSBEF
MB BDFQUBDJO TPDJBM EFM BCPSUP RVF WF
DPNPDPOTFDVFODJBEFMBEFHSBEBDJOEF
PUSBJOTUJUVDJO MBGBNJMJB3BGBFM1VZPM
i-PTDBNCJPTEFNPHSmDPTFO&TQBB
.BSHBSJUB 3FUVFSUP i$PORVJTUB EJBSJB
EFMFTUBEPEFEFSFDIPw OHFM4ODIF[
i"CTPMWFS SFTPMWFSw GSJDB 4FOEJOP
i&M EPNJOJP EF MB QSPQJB WJEBw EPO
EF FYQPOF DPNP NEJDP MBT GVODJPOFT
BOUSPQPMHJDBT EFM EPMPS FM IPNCSF FT
iVOTFSFOGFSNBCMFw ZMBTBMVEFTQSP
WJTJPOBMJEBE EF NPEP RVF FM EPMPS BM
DVFTUJPOBS TJFNQSF BM IPNCSF TPCSF FM
TFOUJEPEFTVWJEBZIBDFSMFFYQFSJNFO
UBSTVmOJUVE QVFEFJODMVTPDPMBCPSBSB
MBGFMJDJEBEQFSTPOBMZmOBMNFOUF "MFJY
7JEBM2VBESBT FO i&M EFTDSEJUP EFM

EFCFSw FYQPOFDNPTFQBTBEFMiEFCFS
TJOSFMJHJO BVOBSFMJHJOEFMEFCFSw Z
EFTQVTBVOBiUJDBJOEPMPSBw DPOEFT
DSEJUPEFMEFCFS RVFiKBNTDPOTFHVJ
SDPMNBSMBTFEJOTBDJBCMFEFBCTPMVUPw
EFMIPNCSF
.FNPSJB EFM 4FNJOBSJP 5BMMFS

i#JPUJDB FO "NSJDB -BUJOB Z
FM $BSJCFw 4FDSFUBSB EF 4BMVE EF
)POEVSBT Z 014 5FHVDJHBMQB
QQ
OFTFOFM74FNJOBSJP5BMMFSDFMFCSBEP
FO )POEVSBT EFM BM EF PDUVCSF
EF PSHBOJ[BEP QPS MB 014 )BZ
USFTJOUFSWFODJPOFTFOVOBQSJNFSBQBS
UF TPCSF BOUFDFEFOUFT IJTUSJDPT EF MB
#JPUJDB "$PVDFJSP
QFSTQFDUJWBTMB
UJOPBNFSJDBOBT +1 #FDB
Z MFHJTMBDJO
.4ODIF[
-BTFHVOEBQBSUFFTVOB
FYQPTJDJOEFMPTDPNJFO[PTZQSJNFSBT
BDUJWJEBEFTEFTBSSPMMBEBTFO#JPUJDBFO
DBEBQBTEF-BUJOPBNSJDBZ&M$BSJCF
.FNPSJBTEFM**$POHSFTPEF#JP
UJDBEF"NSJDB-BUJOBZEFM$BSJ
CF$FOBMCF 'FMBJCF #PHPU
QQ
)BDF MB QSFTFOUBDJO EF MBT NFNPSJBT
EFM $POHSFTP "MGPOTP -MBOP &TU EJ
WJEJEPFOUSFTQBSUFT&OMBQSJNFSB FM
UFNBDFOUSBMFTi)BDJBVOB#JPUJDB-B
UJOPBNFSJDBOBw DPOBSUDVMPTEF"EFMB
$PSUJOB %JFHP(SBDJB 1FESP'FEFSJDP
)PPGU 0NBS'SBOB "MGPOTP5BNBZP
Z(VJMMFSNP)PZPT&OMBTFHVOEBQBS
UF TFBOBMJ[BOBMHVOPTQSPCMFNBTFTQF
DmDPT WJTUPT EFTEF MB #JPUJDB MBT UD
OJDBTEFSFQSPEVDDJOBTJTUJEB +(BGP

MBDMPOBDJO +3-BDBEFOB
MBHFOUJDB
"MPOTP #FEBUF
FM HFOPNB IVNBOP
($PSUT(BMMP
MBCJPEJWFSTJEBE (
$FMZ
FM NPNFOUP EF MB NVFSUF $
.BDIBEP
ZFMNPSJSIVNBOP &-VHP

&OMBUFSDFSBQBSUF TFSFDPHFOMBTJOUFS
WFODJPOFTEFMPT'PSPT TPCSFEPTUFNBT
MBWJPMFODJB MPTNFEJPTZMBUJDBZ&V
UBOBTJBFO$PMPNCJB
.FNPSJBEFM***$POHSFTP/BDJP
OBM -BUJOPBNFSJDBOPZEFM$BSJCF
EF#JPUJDBi-B#JPUJDBEFmOEF
TJHMPZIBDJBMBOVFWPNJMFOJPw$P
NJTJO/BDJPOBMEF#JPUJDB "DBEF
NJB/BDJPOBM.FYJDBOBEF#JPUJDB
'FMBJCF .YJDP
&M$POHSFTPUVWPMVHBSMPTEBTB
EF OPWJFNCSF EF FO FM *OTUJUVUP
1PMJUDOJDP/BDJPOBM CBKPMBDPPSEJOB
DJOEFMEPDUPS.BOVFM7FMBTDP4VSF[
&OUSF MBT DPOGFSFODJBT NFODJPOBNPT
#JPUJDBZTJTUFNBTTBOJUBSJPTFO"NSJ
DB-BUJOB '-PMBT
%FSFDIPTHFOUJDPT
,VUVLEKJBO
UJDB FDPOPNB Z TBMVE
( 4PCFSO
3FDVSTPT FDPONJDPT Z
NFEJDJOB 3(BS[B
5BNCJOUVWPMV
HBSVOB+PSOBEBTPCSF#JPUJDB(MPCBM
"OUSPQPMHJDB Z $VMUVSBM Z VO 4JN
QPTJP TPCSF FM GVUVSP EF MB #JPUJDB FO
"NSJDBMBUJOBZFM$BSJCF
&OSJRVF .PMJOB +PT .BSB 1BSEP

4FO[ 4PDJFEBE DPOUFNQPSOFB Z
DVMUVSBEFMBWJEB1SFTFOUFZGVUV
SPEFMB#JPUJDB&6/4" /BWBSSB

-BFEJUPSJBM&6/4"IBMBO[BEPVOOVF
WPWPMVNFOEFEJDBEPOUFHSBNFOUFBMB
CJPUJDBEFTEFVOBQFSTQFDUJWBJOUFSEJT
DJQMJOBS&MMJCSP EJSJHJEPQPS&OSJRVF
.PMJOBZ+PT.BSB1BSEP EFMB6OJ
WFSTJEBE EF /BWBSSB 1BNQMPOB &TQB
B
DPOUJFOFBSUDVMPTRVFBEWJFSUFOEF
RVFiMBWJEBIVNBOBFTBMHPGDJMNFOUF
NBOJQVMBCMF FO PSEFO B EFUFSNJOBEPT
mOFTw -B QVCMJDBDJO TF BSUJDVMB FO
USFT CMPRVFT FM i&WBOHFMJP EF MB WJEB
VONFOTBKFQBSBFMIPNCSFEFOVFTUSP
UJFNQPw i-BCJPUJDB SFnFYJOTPCSFMB
WJEB BEFCBUFw Zi1BSBVOBQSPNPDJO
EFMBDVMUVSBEFMBWJEBw
&OFTUBTQHJOBT MBDBUFESUJDBEF#JP
RVNJDB Z #JPMPHB .PMFDVMBS /BUBMJB
-QF[ .PSBUBMMB SFnFYJPOB TPCSF MB
OPDJO EF QBUFSOJEBEoNBUFSOJEBE FO
MB QSPNPDJO EF MB DVMUVSB EF MB WJEB
NJFOUSBT RVF MB UFMPHB +VUUB #VSHHSBG
BOBMJ[Bi-BHMPSJBEF%JPTFTFMIPNCSF
WJWPwi)PNPTFYVBMJEBEZIFUFSPTFYVB
MJEBE VOB SFnFYJO B MB MV[ EFM .B
HJTUFSJP EF MB *HMFTJBw DPSSF B DBSHP EF
$BUBMJOB#FSNEF[ ZFMQSPGFTPSOHFM
3PESHVF[-VPTFDFOUSBFOi5DOJDBT
EF SFQSPEVDDJO BTJTUJEB VOB WBMPSB
DJOUJDBw
&OUSF MPT UFNBT BCPSEBEPT FTU MB WJEB
OBUVSBM Z MB WJEB QFSTPOBM B DBSHP EF
+VBO 'FSOBOEP 4FMMT FM BCPSUP Z MB
DVFTUJO EF MB iBOJNBDJO SFUBSEBEBw
FTDSJUP QPS 3PCFSUP (FSNO ;VSSJB
SJO Z MB FVUBOBTJB DPNP iVO QPEFS
JODPOUSPMBCMFTPCSFMBNVFSUFw BDBSHP
EF (PO[BMP )FSSBO[ 4PCSF CJPUJDB Z
&WBOHFMJPSFnFYJPOBQPSTVQBSUFFMQSP
GFTPS+PT-VJT*MMBOFTFOi"TQFDUPTmMP
TmDPT Z UFPMHJDPT FO MB SFDFQDJO EF
&WBOHFMJVN7JUBFwZFMPCJTQP+VBO"O
UPOJP3FJH1MFOi.FOTBKFZ%PDUSJOB
EF &WBOHFMJVN 7JUBFw &M BOUJHVP SFD
UPSEFMB6OJWFSTJEBEEF/BWBSSB +PT
.BSB#BTUFSP QSPGVOEJ[BFOFMWBMPSEF
i4FSWJSBMBWFSEBE"NBSZEFGFOEFSMB
WJEBw
7JDUPSJB&/BWBSSFUF -VJT3JPOEB
1SJNFS4FNJOBSJPEF#JPUJDB .F
NPSJB
6OJWFSTJEBEEF(VBOBKVBUP
Z 4PVUIFSO 0SFHPO 4UBUF $PMMFHF
.YJDP QQ
&TUFMJCSPFYQPOFMPTUFYUPTSFTVMUBOUFT
EFM * 4FNJOBSJP EF #JPUJDB SFBMJ[BEP
FO (VBOBKVBUP FO PSHBOJ[BEP
QPS FM 4PVUIFSO 0SFHPO 4UBUF $PMMBHF
ZMB6OJWFSTJEBEEF(VBOBKVBUP&OM
FTDSJCFOWBSJPTBVUPSFT%JFHP-FO3
CBHP/PUJDJBIJTUSJDBEFMBUJDBQSP
GFTJPOBMEFMFKFSDJDJPEFMB.FEJDJOB Z
&VUBOBTJB-VJT3JPOEB"SSFHVOUJDB
Z SFMJHJO 7JDUPSJB & /BWBSSFUF -BT
OVFWBTUDOJDBTEFMBSFQSPEVDDJOIV
NBOB (SFHPSZ - 'PXMFS -B UJDB EF
MBDPNVOJDBDJONEJDB 5FPSBUJDBZ
MBTQSPGFTJPOFTEFMBTBMVE Z(FOUJDB
4BOUJBHP )FSOOEF[ 0SOFMBT UJDB FO
JOWFTUJHBDJOCJPNEJDB
$BSMPT/FWFT#JPUJDB5FNBT&MF
NFOUBSFT 'JN EF 4DVMP -JTCPB

-PTSFDJFOUFTBWBODFTEFMBCJPMPHBZMB
CJPNFEJDJOB JOUSPEVDFO VO DPOKVOUP
EFOVFWPTQSPCMFNBTFOMBSFMBDJON
EJDPQBDJFOUF1PSPUSPMBEP MBTOVFWBT
UFDOPMPHBTOPTMPDVFTUJPOBOBMPTN
EJDPTDPNPHSVQPQSPGFTJPOBM TJOPBMB
TPDJFEBEDPNPVOUPEP RVFUJFOFORVF
FODPOUSBSSFTQVFTUBTOPTMPDJFOUmDBT

TJOPUBNCJOUJDBT&OFTUFMJCSPTFBOB
MJ[BOMPTQSJODJQBMFTQSPCMFNBTUBOUPEF
UJDBDMOJDBDPNPEFUJDBHFOFSBM DPO
SFTQVFTUBTEFTEFEJWFSTBTSFBT MBmMPTP
GB MBQPMUJDB FMEFSFDIP MBNFEJDJOB

4BMVE#JPUJDB5FNBTZQFSTQFDUJ
WBT8BTIJOHUPO QQ
-BQSJNFSBQBSUFEFFTUFMJCSPDPOUJFOF
USFDFBSUDVMPTTPCSFUFPSBZQSDUJDBEF
MB#JPUJDB DPOMBNBZPSBEFMPTUFNBT
DFOUSBMFTEFFTUBEJTDJQMJOB&OMBTFHVO
EBQBSUF TFBCPSEBFMQBOPSBNBSFHJPOBM
FO"NSJDB-BUJOB DPOMBTJUVBDJOEF
MB #JPUJDB FO MPT EJWFSTPT QBTFT EF MB
3FHJO FMEFTBSSPMMPEFMBTJOTUJUVDJPOFT
Z BDUJWJEBEFT $PNP BQOEJDF TF BB
EFO BMHVOPT EF MPT $EJHPT EF UJDB Z
PUSPTEPDVNFOUPTEFJOUFST

4BMVE-BTBMVEZMPTEFSFDIPTIV
NBOPT "TQFDUPT UJDPT Z NPSBMFT
014 8BTIJOHUPO QQ
&MPSJHJOBMEFFTUFMJCSPMPFEJUFOGSBO
DT F JOHMT FM $POTFKP EF &VSPQB FO
"IPSBSFBMJ[BMBFEJDJOFODBTUF
MMBOPMB014$POUJFOFBMHVOPTBSUDV
MPTJOJDJBMFTTPCSFMBUJDBNEJDBZMPT
EFSFDIPTIVNBOPT ZMBWJTJOEFFTUPT
UFNBTEF#JPUJDBQPSMBTEJGFSFOUFTSFMJ
HJPOFT%FTQVT FOMPRVFFTFMODMFP
DFOUSBMEFMBPCSB TFFYQPOFODBTPT
DMOJDPT EF TBMVE NFEJDJOB Z FOGFSNF
EBE BOBMJ[BEPTQPSBVUPSFTEFEJGFSFO
UFTQBTFTFVSPQFPT DPOSFGFSFODJBTBMB
MFHJTMBDJO MBUJDBZMPTQSJODJQJPTNP
SBMFTSFMJHJPTPTZMBJDPT
$MBVEJB :PMBOEB 0TPSOP #BVUJT

UB $PPSE
#JPUJDB DPNP QVFOUF
FOUSFDJFODJBZTPDJFEBE&EJDJPOFT
6OJWFSTJEBE &M #PTRVF $PMPNCJB
QQ
-PTUSBCBKPTQVCMJDBEPTFOFTUFWPMVNFO
TFIBOTFMFDDJPOBEPDPOFMmOEFNPT
USBSEJGFSFOUFTBTQFDUPTQFSUJOFOUFTBMBT
JOUFSSFMBDJPOFTEFMBDJFODJBZMB#JPUJDB
DPO NJSBT B CVTDBS DBNJOPT EF DPNV
OJDBDJORVFQFSNJUBOMBBQMJDBDJOEF
MBTUFDOPMPHBTFOMBBDUJWJEBEDPUJEJBOB
DPOVOBWJTJOOPDPOnJDUJWBDPOMBWJEB
IVNBOBZMBEFMQMBOFUBFOHFOFSBM
$MBVEJB:PMBOEBFTDSJCFTPCSFMB#JP
UJDB DPNP CJPDPOTUSVDDJO +BJNF %V
SOZ'BCJP1PTBEBBOBMJ[BOMBSFMBDJO
FOUSF#JPUJDBZ&NQSFTB#FMO4BNQFS
BOBMJ[BMBWBMPSBDJOUJDBEFMPTQSPUP
DPMPTEFJOWFTUJHBDJODMOJDB8PMGHBOH
1m[FONBJFSSFBMJ[BVOBBQSPYJNBDJOB
VOB #JPUJDB FNQSFTBSJBM DPO VO 1SP
ZFDUPBDBENJDPEFDSFBDJOEFWBMPSZ
DBMJEBEEFWJEB'JOBMNFOUF0TDBS-BV
CJO3BNSF[BOBMJ[BEFTEFMB#JPUJDBFM
GFONFOPEFMBESPHBZFMEFCBUFTPCSF
QSPIJCJDJO Z MFHBMJ[BDJO MB QPTJDJO
EFMB#JPUJDBZMBTSFDPNFOEBDJPOFTTP
CSFFTUFNVZTFSJPQSPCMFNB
8BMUFS0TTXBME6NmPEFUJDB*OT
UJUVUPEF*OWFTUJHBPF'PSNBP$BS
EJPWBTDVMBS $PJNCSB QQ
&TUB PCSB DPOUN DPOTJEFSWFM RVBOUJ
EBEF EF BSUJHPT UFYUPT EF DPOGFSODJBT
F QBSUJDJQBFT FN DPMRVJPT SFWJTUBT
MJFT FUD PT RVBJT T WF[FT CSFWFT
PVUSBTWF[FTNBJTEFTFOWPMWJEPT GPSBN
FTDSJUPTFOUSFF DPNBDST
DJNPEFEPJTFMBCPSBEPTFN
NBT
BHSBOEFNBJPSJBQPTUFSJPSB0T
USJOUBFEPJTUFYUPTJOUFHSBNTFFNTFJT
HSBOEFTDBQUVMPTPVQBSUFT SFTQFDUJWB
NFOUF%PNEJDP%PEPFOUF%PUSB
UBSDPNNFEJDBNFOUPT%PNPSSFSFEP
EFJYBSNPSSFS%PJOWFTUJHBSDPNPFYFS
DDJPEBUJDB%BVOJWFSTJEBEF4VBMFJ
UVSBQSPQPSDJPOBJOUFSFTTBOUFDPCFSUVSB
EFUFNBTEFJOEJTDVUWFMJOUFSFTTFCJPUJ
DP 8FC$FOUSP#JPUJDB 1PSUP

"OB1BVMB1BDIFDP$MFNFOUF 0SH

#JPUJDBVNPMMBSUSBOTEJTDJQMJOBS
TPCSF PT EJMFNBT EP NVOEP DPO
UFNQPSOFP 16$ .JOBT #FMMP
)PSJ[POUF QQ
%JWFSTPTUFNBTEFBDUVBMJEBEZOPWFEP
TPTRVFTFFOGPDBOEFTEFMB#JPUJDBMBT
UDOJDBTEFSFQSPEVDDJOBTJTUJEB CJPUFD
OPMPHBZCJPTFHVSJEBE CJPQJSBUFSB CJP
OFHPDJPT CJPJOGPSNUJDBZOFVSPUJDB
.BSDFMP 1BMBDJPT 3JDBSEP "NJMT

$PPSE
#JPUJDB &EJDJPOFT
/PCFM QQ
"DUBTEFMB+PSOBEBDPOKVOUBDFMFCSBEB
FO.BESJEFMEBEFKVOJPEF
"VUPSFT 3JDIBSE "TIDSPGU .POUTF
SSBU #PBEB 7JDUPSJB $BNQT 4BMWBEPS
%BSP #FSHFM &SXJO %FVUTDI .BVSJ
DF %PPMFZ +PT &HP[DVF +BWJFS (BGP
(VJEP(FSJO 4BOUJBHP(SJTPMB (JMCFSU
)PUUPJT #BSUIB.BSB,OPQQFST +VBO
3 -BDBEFOB &OSJRVF .BSO 3BGBFM
.BUFTBO[ +FBO .JDIBVE &NJMJP .V
P[ 3BGBFM /KFSB "MBJO 1PNQJEPV
7BO 3FOTTFMBFS 1PUUFS $BSMPT .BSB
3PNFSP$BTBCPOB )ZBLVEBJ4BLBNP
UP +BWJFS4ODIF[$BSP 6EP4ILMFOL
"NPT 4IBQJSB 'SBOPJTF 4IFOmFME

"HOJ7MBWJBOPT"SWBOJUJT
.BSDFMP1BMBDJPT &EJUPS
*$POHSFTP
.VOEJBMEF#JPUJDB QQ
&TUF MJCSP SFDPHF MBT QSJODJQBMFT JOUFS
WFODJPOFTFOFTUF$POHSFTP"MmOBMEFM
$POHSFTP.VOEJBMEF#JPUJDB (JKO
&TQBB KVOJP
FM$PNJU
$JFOUmDP EF MB 4PDJFEBE *OUFSOBDJP
OBMEF#JPUJDB 4*#*
JOTJTUFFORVFMB
DJFODJBZMBUFDOPMPHBEFCFOUPNBSFO
DPOTJEFSBDJOFMJOUFSTHFOFSBM&OFTUF
MJCSPTFSFDPHFOMBTQSJODJQBMFTJOUFSWFO
DJPOFTZDPNVOJDBDJPOFT ZMBTPCTFSWB
DJPOFTmOBMFTEFM$POHSFTP
+PT .BSB 1BSEP 4FO[ #JPUJDB

QSDUJDB BM TFSWJDJP EF UPEPT &EJ
DJPOFT3JBMQ .BESJE
&OFTUFMJCSP +PT.BSB1BSEP MJDFO
DJBEPFO.FEJDJOBZ$JSVHBZEPDUPSFO
UFPMPHBQPSMB6OJWFSTJEBEEF/BWBSSB
FYQPOF DPO DMBSJEBE MPT GVOEBNFOUPT
EFMBCJPUJDB ZBCPSEBEFGPSNBNVZ
QSDUJDBMBTDVFTUJPOFTNTDBOEFOUFTFO
FTUBNBUFSJBMBQSPDSFBDJOIVNBOB MB
HFOUJDB FMFNCSJO MBDMPOBDJO PMB
FVUBOBTJB&TVOBPCSBEFEJWVMHBDJOB
OJWFMEFFTUVEJBOUFTVOJWFSTJUBSJPTFJO
UFSFTBEPTFODPOPDFSMPGVOEBNFOUBMEF
FTUBOVFWBEJTDJQMJOB
-VJT.JHVFM1BTUPS .PEFTUP'FSSFS
$PPSET
-BCJPUJDBFOFMNJMFOJP
CJPUFDOPMHJDP4PDJFEBE.VSDJBOB
EF#JPUJDB .VSDJB QQ
-BCJPUFDOPMPHB FOUFOEJEBFOUSNJOPT
HFOFSBMFTDPNPMBTBQMJDBDJPOFTDJFOUm
DBTFOFMNCJUPEFMPTTFSFTWJWPT TFIB

DPOWFSUJEPDPOTVTBWBODFTFOVOBGVFS[B
RVFQSFTJPOBOVFTUSBTDPODJFODJBTQVFT
EFNBOEBSFTQVFTUBTFOSFMBDJODPOTV
mOBMJEBE Z MJNJUFT %F FTUB GPSNB FMMB
UBNCJOTFDPOTUJUVZFDPNPVOPEFMPT
FMFNFOUPTDPOmHVSBEPSFTEFMBSFnFYJO
CJPUJDBBDUVBM1PSFTUFNPUJWP BMEJTF
BSFM***$POHSFTP/BDJPOBMEF#JPUJ
DBEFMB"TPDJBDJO&TQBPMBEF#JPUJDB
ZUJDB.EJDB "&#*
TFDPOTJEFSB
MBCJPUFDOPMPHBFOFMOVFWPNJMFOJPZB
DPNFO[BEP DPNPFMIJMPDPOEVDUPSEF
MBTEJWFSTBTBDUJWJEBEFTDJFOUmDBTEFUBM
FWFOUP"MSFEFEPSEFFMMBTFEFTBSSPMMB
SPO MBT EJWFSTBT TFTJPOFT SFDPHJEBT FO
FTUFWPMVNFO%FFTUBGPSNB DPOTJHVFO
NBUFSJBMJ[BSFOVOUFYUPMPTEBTEFUSB
CBKP UFOJEPT FO FM $POHSFTP DFMFCSBEP
FO .VSDJB EVSBOUF MPT EBT o EF
/PWJFNCSFEF ZBMBWF[QPOFOB
EJTQPTJDJOEFMQCMJDPEFIBCMBIJTQBOB
VOMJCSPCJPUJDPRVFBCPSEBDPOSJHPSZ
PSJHJOBMJEBE OVNFSPTBT DVFTUJPOFT RVF
QMBOUFB B MB TPDJFEBE Z B DBEB IPNCSF
FOQBSUJDVMBSMBCJPUFDOPMPHBBDUVBM
-VJT.JHVFM1BTUPS(BSDB 'SBODJTDP
+BWJFS -FO $PSSFB $PPSET
.B
OVBMEFUJDBZ-FHJTMBDJOFO&O
GFSNFSB #JPUJDB EF &OGFSNFSB
.PTCZ%PZNB QQ
.BOVBMEFUJDBZMFHJTMBDJOFOFOGFS
NFSBSFOFUSBCBKPTEFFTQFDJBMJTUBT
DPPSEJOBEPT QPS -VJT .JHVFM 1BTUPS
(BSDB Z 'SBODJTDP +BWJFS -FO $P
SSFB%FTQVTEFFYQPOFSMPTQSJODJQJPT
EFPOUPMHJDPTHFOFSBMFTZMPTFTQFDmDPT
EF MB QSPGFTJO FYBNJOBO TJUVBDJPOFT
GSFDVFOUFTRVFFODVFOUSBOMPTFOGFSNF
SPTZMBMFHJTMBDJOWJHFOUFBMSFTQFDUP
+PT 1SF[ "EO "EJT &TUBEP

CJFOWFOJEB DPNVOJEBE &*6/4"
.BESJE QQ
&MBVUPSFTQSPGFTPSEF4PDJPMPHBFOMB
6OJWFSTJEBEEF7BMFODJB DPOVOBBCVO
EBOUFQSPEVDDJOBDBENJDB NJFNCSP
ZGVOEBEPSEFMB"TPDJBDJOJCFSPBNFSJ
DBOBEF$PNVOJUBSJTNP ZDPPSEJOBEPS
HFOFSBM EF MB 6OJWFSTJEBE -JCSF *OUFS
OBDJPOBMEFMBT"NSJDBT&OFTUFMJCSP
QSPQPOFVOBBMUFSOBUJWBUBOUPBMBQSP
QVFTUBTPDJBMJTUBDMTJDBEFNTFTUBEPZ
NFOPT NFSDBEP DPNP B MB QSPQVFTUB
MJCFSBMEFNFOPTFTUBEPZNTNFSDBEP
%FMPTUSFTQJMBSFTRVFTVTUFOUBOFMFRVJ
MJCSJPTPDJBM FMFTUBEP FMNFSDBEPZMB
DPNVOJEBE FOFMNVOEPPDDJEFOUBMFM
EmDJUBIPSBNJTNPFTFMDPNVOJUBSJP
BM UJFNQP RVF FYJTUF VOB TPCSFEJNFO
TJOEFMFTUBEP&MBVUPSQMBOUFBRVFFT
FMNPNFOUPEFSFQMBOUBSTFMBGVODJOZ
NJTJOEFMFTUBEPDPOMBTQPTJCJMJEBEFT
RVF CSJOEB MB UFDOPMPHB Z MB TPDJFEBE
DJWJM ZEFGFOEFSBMBTDPNVOJEBEFTEFTV
BDUVBMQSEJEBEFMJCFSUBE"CPHBQPSMB
OFDFTJEBEEFSFDPOPDFSMBTPCFSBOBEF
MBTDPNVOJEBEFTZQSJODJQBMNFOUFEFMBT
GBNJMJBT F JMVTUSB DNP MB DPNVOJEBE
GBNJMJBSQVFEFTPMWFOUBSCBTUBOUFTEFMPT
HSBOEFTSFUPTRVFUJFOFQMBOUFBEPTMBTP
DJFEBE DPNPFMBDDFTPBMBFEVDBDJOZ
MBDSJTJTNFEJPBNCJFOUBM
1SFTFOUBBMDPNVOJUBSJTNPDPNPVOBBM
UFSOBUJWBQMBVTJCMFQBSBFMDBNCJPJEFP
MHJDPFOMBTTPDJFEBEFTPDDJEFOUBMFT
"SNBOEP.1SF[EF/VDDJ#JP
UJDBFNUJDB&EJDJPOFT6OJWFSTJ
EBE$BUMJDBEF4BOUJBHPEFM&TUFSP
"SHFOUJOB QQ
&MBVUPSFTBDUVBMNFOUFNJFNCSPBTFTPS
EFMB$PNJTJO/BDJPOBMEF#JPUJDBEF
"SHFOUJOB ZUJFOFVOBFYUFOTBFYQFSJFO
DJBKVSEJDBFOUFNBTEFCJPUJDB DPNP
-FHJTMBEPSEFMB1SPWJODJBEF5VDVNO
FOUSFZ&OUSFPUSBT FMBCPS
MBT MFZFT EF DPOTUJUVDJO EF MPT $PNJ
UT)PTQJUBMBSJPTEF#JPUJDBZTJHVJEF
DFSDB TV DPOTUJUVDJO Z FWPMVDJO 3F
DPQJMB FO FTUF MJCSP CBTUBOUFT BSUDVMPT
TVFMUPT RVF IB QSFTFOUBEP Z QVCMJDBEP
FONVZEJWFSTPTGPSPT$PMBCPSBODPOM
MBQTJDMPHB&OSJRVFUB7JDUPSJB;VDDBS
EJ FMEPDUPS"SNBOEP&OSJRVF1SF[EF
/VDDJ Z MB QSPGFTPSB EF "OUSPQPMPHB
.EJDB -JTB%BWJE.PMJOVFWP
"CPSEB UFNBT NVZ WBSJBEPT $PNJFO
[B DPO FM QPS RV EF MBT IVNBOJEBEFT
NEJDBT MB MFHJTMBDJO FO #JPUJDB FO
5VDVNO DPOMBDSFBDJOEFMPT$PNJ
UT)PTQJUBMBSJPTEFUJDB"OBMJ[BUBN
CJOMBSFMBDJOFOUSFCJPUJDBZNFEJP
BNCJFOUF QBSBQMBOUFBSEFNPEPUJDP
MB DBMJEBE EF WJEB FO FM &YQPOF
MBT SFMBDJPOFT FOUSF UJDB Z %FSFDIPT
)VNBOPT FO MB .FEJDJOB Z EF NPEP
FTQFDJBM FO MB 1TJRVJBUSB MB (JOFDPMP
HB ZMBTOVFWBTUDOJDBTEFGFSUJMJ[BDJO
BTJTUJEBMBSFHMBNFOUBDJOEFMBJOWFTUJ
HBDJODJFOUmDBMBCJPUJDBBMmOBMEFMB
WJEB DPOVOBOMJTJTDMBSPEFMQSPCMFNB
EFMBFVUBOBTJB
3VZ 1SF[ 5BNBZP 3VCO -JT

LFS Z 3JDBSEP 5BQJB $PPSET
-B
DPOTUSVDDJOEFMB#JPUJDB5FYUPT
EF#JPUJDB 7PM 'POEPEF$VMUV
SB&DPONJDB .YJDP
&TUFWPMVNFOUSBUBEFUFNBTRVFFOFM
NVOEPTFEFCBUFOEFTEFEJGFSFOUFTQ
UJDBTMBDVFTUJOEFMFNCSJO FMBTFTP
SBNJFOUPHFOUJDPZFMEJBHOTUJDPQSF
OBUBM FMBCPSUP MBDMPOBDJOZMBTDMVMBT
USPODBMFT FM USBTQMBOUF EF SHBOPT MB
JOWFTUJHBDJONEJDBFOTFSFTIVNBOPT
MB FVUBOBTJB MB OFVSPUJDB "EFNT FM
QSJNFSDBQUVMPOPTJOUSPEVDFBMTVSHJ
NJFOUPEFMDPODFQUPEFUJDB ZEFBIBM
OBDJNJFOUP EF MB CJPUJDB -PT BVUPSFT
FYQPOFO DPO JNQBSDJBMJEBE MPT QVOUPT
EFWJTUBDPOUSBSJPTBMPTRVFFMMPTNJTNPT
TPTUJFOFO MP DVBM DPOmFSF B TVT UFYUPT
VOBQSPCJEBEJOUFMFDUVBMNVZBEFDVBEB
QBSBVOBPCSBEFFTUBOBUVSBMF[B

#BSDIJGPOUBJOF 0SHT
'VOEBNFO
UPTEF#JPUJDB 1BVMVT 4P 1BVMP
QQ
-PT EPT QSPGFTPSFT EFM $FOUSP 6OJWFS
TJUBSJP4BO$BNJMP DPPSEJOBOFTUBPCSB
DPO VOB WBSJBEB UFNUJDB -B QSJNFSB
QBSUF FTU DFOUSBEB FO MB GVOEBNFOUB
DJOEFMB#JPUJDBFMEFTFOWPMWJNJFO
UP EF MB #JPUJDB FO "NSJDB -BUJOB Z
MPT EFTBGPT BDUVBMFT MPT QSJODJQJPT EF
MB GVOEBNFOUBDJO MB BMUFSJEBE DPNP
DSJUFSJPGVOEBNFOUBMZFOHMPCBOUFEFMB
#JPUJDBMBUJDBBDUVBMZFMDPODFQUPEF
QFSTPOB&OMBTFHVOEBQBSUFTFBOBMJ[BO
EJWFSTPT UFNBTSFGFSFOUFT BM DPNJFO[P
EFMBWJEBIVNBOBoMBHFOUJDB MBDMP

OBDJO MBJOHFOJFSBHFOUJDB MBSFQSP

EVDDJO BTJTUJEBo Z UBNCJO BM mOBM
EJHOJEBEIVNBOBZFVUBOBTJB EFSFDIPT
EFMQBDJFOUFUFSNJOBMZUSmDPEFSHB
OPT

#BSDIJGPOUBJOF 1SPCMFNBT BDUVBJT
EF #JPUJDB 4P $BNJMP &EJDPFT
-PZPMB BFE 4P1BVMP
&TUF MJCSP TVSHF EFM USBCBKP EF MPT BV
UPSFTDPNPDBQFMMBOFTDBNJMJBOPTFOFM
)PTQJUBMEF$MOJDBTEFMB'BDVMUBEEF
.FEJDJOBEFMB6OJWFSTJEBEEF4P1BV
MP DPOBDUJWJEBEFTEPDFOUFTUBNCJOF
#JPUJDBFOQPTUHSBEP&OVODPOUFYUP
QMVSBMJTUB MPTBVUPSFTQBSUFOEFMEJMPHP
ZMBJOUFSEJTDJQMJOBSJFEBE QBSBBCPSEBS
MPT GVOEBNFOUPT EF MB #JPUJDB MB TB
MVE MB FDPMPHB Z MB #JPUJDB HMPCBM P
MBSFMBDJOEFMB#JPUJDBDPOMBTSFMJHJP
OFTo 5BNCJO BCPSEBO UFNBT FTQFDm
DPTUJDBEFMBJOWFTUJHBDJO DPNJUTEF
UJDB EFSFDIPTSFQSPEVDUJWPT MBSFQSP
EVDDJOBTJTUJEB MBHFOUJDB FMBCPSUP
MBFVUBOBTJB USBTQMBOUFTEFSHBOPT
-FP1FTTJOJ#JPUJDB6NHSJUPQPS
EJHOJEBEFEFWJWFS$FOUSP6OJWFS
TJUBSJP4P$BNJMP &EJDJPOFT1BVMJ
OBT 4P1BVMP QQ
&M BVUPS FT DBNJMJBOP EPDUPS FO 5FP
MPHB .PSBM Z #JPUJDB QSPGFTPS EFM
$FOUSP 6OJWFSTJUBSJP 4BO $BNJMP &O
FTUFMJCSPFYQPOFBSUDVMPTTPCSFUFNBT
NVZWBSJBEPT EFTEFFMJOJDJPEFMBWJEB
IBTUB FM mOBM MB QBTUPSBM Z MB FWBOHFMJ
[BDJOFOFMNVOEPEFMBTBMVEZPUSPT
RVFOUFOEFSQPS#JPUJDBWJEBIVNB
OB UFDOPDJFODJB Z HFONJDB DVJEBS MB
TBMVEIVNBOBFDPMPHBFJOWFTUJHBDJO
FOTFSFTWJWPTFMDSFDJNJFOUPEFMBQP
CMBDJOZFMFOWFKFDJNJFOUPMBEJHOJEBE
ZFMFHBODJBBMEFTQFEJSTFMBQBTUPSBM MB
FWBOHFMJ[BDJOZMBFTQJSJUVBMJEBE

#BSDIJGPOUBJOF 'FSOBOEP-PMBT $P
PSET
1FSTQFDUJWBT EF MB #JPUJDB
FO-BUJOPBNSJDB$FOUSP6OJWFSTJ
UBSJP4P$BNJMP$*&# 4BOUJBHPEF
$IJMF
&TUF MJCSP QSPNVFWF VO EJMPHP BN
QMJP Z QMVSBMJTUB TPCSF MB CJPUJDB JCF
SPBNFSJDBOB Z TV DPOUSJCVDJO B MB
CJPUJDB JOUFSOBDJPOBM 4F EFTUJOB B
MFDUPSFT JOUFSFTBEPT FO MB SFnFYJO Z
EFMJCFSBDJO FO DBNQPT UBMFT DPNP MB
WJEB Z MB TBMVE IVNBOB FM SFTQFDUP B
MPT EFSFDIPT IVNBOPT Z MB EJWFSTJEBE
DVMUVSBM MB CJPUFDOPMPHB MB NFEJDJOB
HFONJDB MB JOWFTUJHBDJO DPO DMVMBT
USPODBMFT MBDMPOBDJO MBTQPMUJDBTQ
CMJDBTEFTBMVE NJSBOEPIBDJBVOGVUVSP
EFFRVJEBE KVTUJDJBZEJHOJEBEQBSBMPT
TFSFT IVNBOPT Z EF BEFDVBEB QSPUFD
DJOBMNFEJPBNCJFOUF&TUBWFSTJOFO
MFOHVB DBTUFMMBOB IB TJEP DPNQMFNFO
UBEB DPO NBUFSJBMFT QSPEVDJEPT QPS FM
1SPHSBNB EF #JPUJDB EF MB 0SHBOJ[B
DJO1BOBNFSJDBOBEFMB4BMVE 014
Z
FM$FOUSP*OUFSEJTDJQMJOBSJPEF&TUVEJPT
FO#JPUJDBEFMB6OJWFSTJEBEEF$IJMF

#BSDIJGPOUBJOF 0SHT
#JPUJDB OB
*CFSP"NSJDB )JTUPSJB F QFST
QFDUJWBT $FOUSP 6OJWFSTJUSJP 4P
$BNJMP &EJDPFT-PZPMB 4P1BVMP
QQ
&TUF MJCSP QSPNVFWF VO EJMPHP BN
QMJP Z QMVSBMJTUB TPCSF MB CJPUJDB JCF
SPBNFSJDBOB Z TV DPOUSJCVDJO B MB
CJPUJDB JOUFSOBDJPOBM 4F EFTUJOB B
MFDUPSFT JOUFSFTBEPT FO MB SFnFYJO Z
EFMJCFSBDJO FO DBNQPT UBMFT DPNP MB
WJEB Z MB TBMVE IVNBOB FM SFTQFDUP B
MPT EFSFDIPT IVNBOPT Z MB EJWFSTJEBE
DVMUVSBM MB CJPUFDOPMPHB MB NFEJDJOB
HFONJDB MB JOWFTUJHBDJO DPO DMVMBT
USPODBMFT MBDMPOBDJO MBTQPMUJDBTQ
CMJDBTEFTBMVE NJSBOEPIBDJBVOGVUVSP
EFFRVJEBE KVTUJDJBZEJHOJEBEQBSBMPT
TFSFTIVNBOPTZEFBEFDVBEBQSPUFDDJO
BMNFEJPBNCJFOUF
.BSL1MBUUT $PNQ
%JMFNBTUJ
DPT 1SPCMFNBT EF UJDB QSDUJDB
*OTUJUVUP EF *OWFTUJHBDJPOFT 'JMPT
mDBT 6OJWFSTJEBE/BDJPOBM"VUOP
NBEF.YJDP 'POEP$VMUVSB&DP
ONJDB .YJDP QQ
&MDPNQJMBEPSSFOFFOFTUFMJCSPEJWFS
TPT FOTBZPT mMPTmDPT TPCSF iMPT QSP
CMFNBT QSDUJDPT NPSBMFT NT VSHFOUFT
EF MB TPDJFEBE NFYJDBOBw -BT BQPSUB
DJPOFTBCBSDBOUFNBTNVZWBSJBEPT&O
i-B MJCFSUBE SFQSPEVDUJWB OBUVSBMF[B
CBTFTZMNJUFTw %BO8#SPDLEFmFO
EF MB MJCFSUBE DPNP NFEJP EF BUFOEFS
BMBJHVBMEBEZOPEJTDSJNJOBDJOEFMB
NVKFS BVORVFOPTJFNQSFVUJMJ[BSBOUJ
DPODFQUJWPT FMBCPSUPPMBQSPDSFBDJO
BTJTUJEBTFBBVNFOUBSMBBVUPEFUFSNJOB
DJO ZFODJFSUPTDBTPTQVFEB BMSFWT

EJTNJOVJSMB MPT MNJUFT FTUBSBO FTQF
DJBMNFOUFMJHBEPTBFWJUBSMPTEBPTQP
UFODJBMFT EFM IJKP P MBT FYDFTJWBT DBSHBT
QPUFODJBMFTQBSBPUSBTQFSTPOBT BEFNT
EFM IJKP &O i"CPSUP Z BOUJDPODFQDJO
FO.YJDPBDUJUVEFTZBSHVNFOUPTEFMB
*HMFTJB $BUMJDBw .BSHBSJUB . 7BMET
EFmFOEFMBiMJCFSUBEQPTJUJWBwEFMBNV
KFSEFDPOUSPMBSTVQSPQJBGFSUJMJEBE DPO
BDDFTPBMBBOUJDPODFQDJOZFMBCPSUP
DPO VO BOMJTJT FSSOFP oQPS TVQFSm
DJBMo EF MPT BSHVNFOUPT FO DPOUSB EF
MB*HMFTJB$BUMJDB ZQSPQPOFVOBNP
EJmDBDJO EF MB MFHJTMBDJO GBWPSBCMF BM
BCPSUPFOTVQBT-BVSB-FDVPOBow&V
UBOBTJBBMHVOBTEJTUJODJPOFTwoDPOTJEF
SBMBFVUBOBTJBWPMVOUBSJBFRVJWBMFOUFBM
TVJDJEJPZNPSBMNFOUFQFSNJTJCMFMBOP
WPMVOUBSJBQBTJWBTFSBUBNCJOiBDFQUB
CMFDVBOEPFMTVKFUPFODVFTUJOIBQFS
EJEP QBSB TJFNQSF UPEP SBTUSP EF WJEB
NFOUBMw Z UBNCJO FO BMHVOPT DBTPT
EFQFSTPOBTJODPNQFUFOUFT ZTMPTFSB
SFDIB[BCMF NPSBMNFOUF TV BQMJDBDJO B
QFSTPOBTDPNQFUFOUFT
.BSL 1MBUUT ow-B SFMBDJO NEJDPoQB
DJFOUF FO MPT UJFNQPT EFM TJEB FM DBTP
QTJDPBOBMUJDPwo BOBMJ[B MPT QSPCMFNBT
EF MB DPOmEFODJBMJEBE FO SFMBDJO DPO
MB TBMVE QCMJDB Z DPO FM QBDJFOUF RVF
TF QSFTFOUBO FO MB iSFMBDJO QMFOB EF
DPOmBO[Bw BM QTJDPBOBMJTUB UFNB RVF
UBNCJO BCPSEB EF NPEP NT HFOFSBM
ow$POmBO[B Z DPOmEFODJBMJEBEwo 0M
CFUI )BOTCFSH 'MPSFODJB -VOB QPS
TV QBSUF BCPSEB VO UFNB EF FTQFDJBM
JOUFSTFO-BUJOPBNSJDBFMQBUFSOBMJT
NPNEJDPRVFQVFEFBNQBSBSTFFOMB

GBMUBEFBVUPOPNBEFMQBDJFOUFQPSTFS
BOBMGBCFUP Z SFBMJ[B VOB CVFOB EFGFOTB
EFVONPEFMPEFSFMBDJODPOFTUPTQB
DJFOUFT RVF SFTQFUF NFKPS TV EJHOJEBE
DPO VO NBZPS FTGVFS[P FO MB JOGPSNB
DJOZSFTQFUPBMBBVUPOPNB BVORVF
FTUFODJFSUPNPEPEJTNJOVJEB1BVMFU
UF%JFUFSMFOFTDSJCFi4PCSFFMQSJODJQJP
EFMBSFDUJmDBDJOEFJOKVTUJDJBTwDPOMPT
DBTPEFMPTFYQVMTBEPTEFTVTUJFSSBTFO
$IJBQBTPFO0BYBDB'JOBMNFOUF "MF
KBOESP)FSSFSBBCPSEBi-PTJOUFSFTFTEF
MPTBOJNBMFTZTVTEFSFDIPTw BOBMJ[BOEP
MBTEJGFSFODJBTFOUSFMPTBSHVNFOUPTEF
1FUFS4JOHFSZ3FHBO ZNPTUSOEPTFB
GBWPS EF MB JOUFSWFODJO KVSEJDB QBSB
UVUFMBSTVTEFSFDIPT
"RVJMJOP 1PMBJOP -PSFOUF $PPSE

.BOVBMEF#JPUJDB(FOFSBM3JBMQ
.BESJE QQ
&TUFFTFMQSJNFSNBOVBMDPNQMFUPEF
CJPUJDB EFOJWFMVOJWFSTJUBSJP RVFTF
QVCMJDB FO &TQBB #BKP MB EJSFDDJO
FEJUPSJBM EF "RVJMJOP 1PMBJOP -PSFOUF
DBUFESUJDPEF1TJDPQBUPMPHBEFMB6OJ
WFSTJEBE$PNQMVUFOTF IBOQBSUJDJQBEP
FOMBFMBCPSBDJOEFFTUBPCSBWFJOUJTJFUF
QSPGFTPSFT MBNBZPSBEFVOJWFSTJEBEFT
FTQBPMBT JUBMJBOBTZDIJMFOBT EJTQVFT
UBTFOUSFTQBSUFT&OMBQSJNFSB EFEJ
DBEBBMBGVOEBNFOUBDJOEFMBCJPUJDB
"RVJMJOP1PMBJOPFTUVEJBBMHVOBTDVFT
UJPOFT CTJDBT SFMBDJO FOUSF DJFODJB
Z DPODJFODJB UJDB Z MFZ OBUVSBM UJDB
DPNP QSPQVFTUB QSFUFOTJO Z QSPZFD
UP
QBSB EFTQVT BOBMJ[BS FM NUPEP Z
GVOEBNFOUPT EF MB CJPUJDB $PNQMF

UBO FTUB TFDDJO 5PNT .FMFOEP RVF
FTDSJCFTPCSFMBEJHOJEBEEFMBQFSTPOB
Z"OUPOJP1BSEP DPOVOBQSFTFOUBDJO
DSUJDBEFMQVOUPEFWJTUBEFMBTIJQUFTJT
TFDVMBSJTUBTFOCJPUJDB
-B TFHVOEB QBSUF UJUVMBEB i&M WBMPS
GVOEBNFOUBMEFMBWJEBIVNBOBw BOB
MJ[B MBT DVFTUJPOFT UJDBT SFGFSFOUFT BM
JOJDJP Z QSJNFS EFTBSSPMMP EF MB WJEB
NBOJQVMBDJO HFOUJDB F JOUFSWFODJO
FO FNCSJPOFT USBTQMBOUFT EF UFKJEP GF
UBM GFDVOEBDJO JO WJUSP EJBHOTUJDP
QSFOBUBM FTUFSJMJ[BDJO BOUJDPODFQUJWB
UJDBEFMBUSBOTNJTJOEFMBWJEBZNF
EJDJOBQSFOBUBM
&O MB UFSDFSB QBSUF MB NT BNQMJB TF
BCPSEB MB UJDB FO MB QSDUJDB NEJDB
DPUJEJBOB DPO FTUVEJPT SFGFSFOUFT B MB
EFOPNJOBEB CJPUJDB DMOJDB DPNP MB
SFMBDJONEJDPoQBDJFOUF MBTSFMBDJPOFT
JOUFSQSPGFTJPOBMFTEFMPTNEJDPT IJTUP
SJBDMOJDBFJOGPSNBUJ[BDJO FMTFDSFUP
NEJDP FMFOTBZPDMOJDP MBPCMJHBUPSJF
EBEEFMBBTJTUFODJBBMQBDJFOUF FMDPO
TFOUJNJFOUP JOGPSNBEP MB UJDB EF MB
QVCMJDJEBEFOCJPNFEJDJOB MPTDPNJUT
EFUJDBIPTQJUBMBSJB ZMBTJNQMJDBDJPOFT
UJDBTEFMBFEVDBDJOQBSBMBTBMVE4F
BBEFO VOPT DBQUVMPT RVF BCPSEBO MB
UJDBFOFMUSNJOPEFMBWJEBIVNBOB
BUFODJOBMFOGFSNPUFSNJOBM DPNVOJ
DBDJOEFMEJBHOTUJDP UJDBZTVJDJEJP
FM TFOUJEP EFM EPMPS Z EFM TVGSJNJFOUP
ZmOBMNFOUF MBBTJTUFODJBQBTUPSBMBMPT
FOGFSNPTUFSNJOBMFT
&MFOB 1PTUJHP 4PMBOB (MPSJB .BSB

5PNTZ(BSSJEP $PPSE
#JPUJDB
QFSTPOBMJTUB DJFODJB Z DPOUSPWFS
TJBT&EJDJPOFT*OUFSOBDJPOBMFT6OJ
WFSTJUBSJBT .BESJE QQ
'JMTPGPT DJFOUmDPT NEJDPTZKVSJTUBT
PGSFDFOFOFTUFMJCSPVOBOMJTJTJOUFSEJT
DJQMJOBSEFMPTUFNBTCJPUJDPTNTDBO
EFOUFT EFTEF MB QSPDSFBDJO BSUJmDJBM
IBTUB MBT JNQMJDBDJPOFT UJDBT EF MB FV
UBOBTJB-BTSFnFYJPOFTTFSFBMJ[BOEFTEF
MBQFSTQFDUJWBRVFPGSFDFMBmMPTPGBQFS
TPOBMJTUB6OQVOUPEFWJTUBRVFSFTVMUB
FOSJRVFDFEPS TPCSFUPEPTJTFUJFOFFO
DVFOUBRVFFOMPTEFCBUFTQCMJDPTUJFO
EF B PMWJEBSTF MB SBJHBNCSF mMPTmDB Z
BOUSPQPMHJDBEFMBNFEJDJOBZMBDJFO
DJB-BQSJNFSBQBSUFEFMMJCSP i$MBWFT
QBSBMBBSHVNFOUBDJOCJPUJDBw
SFBMJ[B
VO SFQBTP IJTUSJDP QPS MB EJTDJQMJOB Z
DBSBDUFSJ[B mMPTmDBNFOUF FM QFOTB
NJFOUP CJPUJDP BDUVBM &T GDJM JEFO
UJmDBS QPS PUSB QBSUF MBT EFmDJFODJBT
UFSJDBTEFBMHVOPTQMBOUFBNJFOUPTRVF
JOTJTUFOFOMBBVUPOPNBEFMJOEJWJEVPP
RVFTFTVTUFOUBOTMPTPCSFFMQSJODJQJP
EF VUJMJEBE 'SFOUF B FMMP MB DPSSJFOUF
QFSTPOBMJTUBJODJEFFOMBEFGFOTBHMPCBM
ZVOJUBSJBEFMBQFSTPOB TJOVOBJODPN
QSFOTJCMFTFQBSBDJOFOUSFMPDPSQPSBMZ
MPBONJDP%FIFDIP FOFTUBQBSUF TF
SFnFYJPOBTPCSFFMTJHOJmDBEPEFMDVFS
QP Z EF MB TFYVBMJEBE DPNP GPSNB EF
FYQSFTJOEFMFTQSJUV/PIBZRVFPMWJ
EBS TJOFNCBSHP RVFMBSFnFYJOCJP
UJDB QPTFF PSJHJOBSJBNFOUF VO TFOUJEP
FNJOFOUFNFOUF TPDJBM &T EFDJS QBSB
EFGFOEFS FmDB[NFOUF MB EJHOJEBE EF
MBQFSTPOBFTOFDFTBSJPRVFMBSFnFYJO
CJPUJDB FNQBQF MB QPMUJDB Z FM EFSF

DIP DPNPQPOFEFNBOJmFTUPFMUFYUP
EF+PT.JHVFM4FSSBOP3VJ[$BMEFSO
RVJFOUBNCJOBOBMJ[BFOMBTQHJOBTm
OBMFTMBFVUBOBTJBZTVSFHVMBDJO
-BTFHVOEBQBSUF i$VFTUJPOFTBDUVBMFT
FO CJPUJDBw
QMBOUFB BCJFSUBNFOUF MPT
EFTBGPTRVFIBEFBGSPOUBSMBEJTDJQMJOB
ZBMHVOBTWBTEFTPMVDJO TJOQFSEFSFM
QVOUP EF WJTUB UFSJDP BTFOUBEP FO MPT
QSJNFSPTDBQUVMPT-BQSPGFTPSB5PNT
Z(BSSJEPQSFTFOUBFMFTUBUVUPDJFOUmDP
EFMFNCSJOIVNBOPDPOFMmOEFRVF
EFTQVT QVFEBO FYUSBFSTF DPODMVTJPOFT
mMPTmDBTZKVSEJDBT UBSFBRVFFNQSFO
EF 7JDFOUF #FMMWFS 4F FTUBCMFDF QVFT
VODPODFQUPBNQMJPEFQFSTPOBRVFJO
DMVZBBMFNCSJO/PTFPMWJEB FODVBM
RVJFSDBTP MBVUJMJ[BDJOEFMEJBHOTUJDP
QSFJNQMBOUBUPSJP RVF JNQMDJUBNFOUF
TVQPOF BKVJDJPEF.BSB$SV[5FSO
BDFQUBSTVmOBMJEBEFVHFOTJDB
"EFNTEFMBJOWFTUJHBDJODPODMVMBT
NBESFZVOOVFWPBOMJTJTEFMGFONFOP
EFMBCPSUP TFJODMVZFVOBQBSUBEPJOUF
SFTBOUFZOPNVZGSFDVFOUFFOMPTUFYUPT
TPCSFCJPUJDBFMTJEB +PTF.BSB$BSB
CBOUF "DFQSFOTB

.BSJP (PEPZ 1SVEFOUF #JPUJDB

DPODFJUPTGVOEBNFOUBJT%P"VUPS
1PSUP"MFHSF QQ
&TTFMJWSP PSHBOJ[BEPDPNPVNEJDJP
OSJP UFN DPNP PCKFUJWP UPSOBS BDFT
TWFJT BPT FTUVEBOUFT QSPmTTJPOBJT PV
JOUFSFTTBEPTFNUBJTBTTVOUPT DPODFJUPT
PSJVOEPTEFWSJBTSFBTEPTBCFS DPNP
mMPTPmB QPMUJDB TPDJPMPHJB EJSFJUP

NFEJDJOBFCJPUJDB RVFGB[FNQBSUFEP
VOJWFSTPEPEJTDVSTPCJPUJDP"PQSP
KFUBSFTTFEJDJPOSJP PBVUPSPQUPVQPS
PGFSFDFS BP HSBOEF QCMJDP VNB PCSB
EF DPOTVMUB RVF GPTTF EF VTP SQJEP F
DNPEP EFDPOUFEPFYBUPFDPODJTP
F EF UFNUJDB TVmDJFOUFNFOUF BNQMB F
QPSNFOPSJ[BEB QPSUBOUP VN EJDJP
OSJP UFNUJDP RVF BMN EF FYQMJDBS
UFSNPTFEFFYQPSDPODFJUPToGVOPEF
RVBMRVFSEJDJPOSJPoBOBMJTBPTQSJODJ
QBJTQSPCMFNBT PRVFWFNBTFSGVOP
QFDVMJBSEFVNBPCSBEFTTBOBUVSF[B
"#JPUJDBVUJMJ[BNVJUPTDPODFJUPTRVF
TP VTVBJT OB MJOHVBHFN RVPUJEJBOB
DPOGFSJOEPVNTFOUJEPNBJTQSFDJTPOP
DPOUFYUP EJTDJQMJOBS F JOUFSEJTDJQMJOBS
"P MBEP EFTTFT FODPOUSBNoTF PVUSPT
OPWPT JOUJNJEBEF JOUFHSJEBEF SFTQPO
TBCJMJEBEF DPOTFOUJNFOUP BVUPOPNJB

OPWPT EJSFJUPT EJSFJUP JOUJNJEBEF
EJSFJUP EF TFS EFJYBEP FN QB[ F TJNJ
MBSFT
OPWPT QSJODQJPT QSJODQJP EB
BVUPOPNJB QSJODQJP EB KVTUJB TPDJBM
QSJODQJP EB CFOFmDODJB
&N MJOHVB
HFNEJSFUBFBDFTTWFMBPTOPJOJDJBEPT
FNUFNBTUJDPT mMPTmDPTFKVSEJDPT
PBVUPSEFTFOWPMWFDBEBVNEPTDPODFJ
UPTRVFDPNQFNBPCSB PGFSFDFOEPB
QFSTQFDUJWB IJTUSJDB EP TVSHJNFOUP EF
DBEB VN EFMFT F P DBNQP EP DPOIFDJ
NFOUPFNRVFGPJEFTFOWPMWJEPFVUJMJ
[BEPQFMBQSJNFJSBWF["MNEFRVBTF
VNB DFOUFOB EF EFmOJFT DPODFJUVBJT
RVFEPUUVMPPCSB NBJTEFEV[FOUPT
PVUSPTDPODFJUPTTPUBNCNEFmOJEPT
QFMPBVUPS RVBOEPFYQFBHOFTFEPT
QSJODJQBJT UPEPTFMFTGBDJMNFOUFFODPO
USWFJTOPOEJDFSFNJTTJWP"PmOBMEB
PCSB P MFJUPS FODPOUSBS FN BQOEJDF
VNB SFTVNJEB CJPHSBmB EF mMTPGPT
TPDJMPHPT FDPOPNJTUBT DPOTJEFSBEPT
QFMPBVUPSDPNPSFGFSODJBPCSJHBUSJB
.BSJP (PEPZ 1SVEFOUF CVTDB OFTUB
PCSB DPNPBmSNBFNTVBJOUSPEVP
iPGFSFDFS B UPEPT PT QSFTVNWFJT JOUFS
MPDVUPSFT BT NFTNBT QPTTJCJMJEBEFT EF
QBSUJDJQBSEFVNBDPNVOJEBEFEJTDVSTJ
WBw Q
$BEFSOPTEF$JODJB5FD
OPMPHJB #SBTMJB W O Q
NBJPBHP

+PT.BOVFM3FWFSUF-BTGSPOUFSBT
EFMB.FEJDJOB MNJUFTUJDPT DJFO
UmDPT Z KVSEJDPT %B[ EF 4BOUPT
.BESJE QQ
&MEPDUPS3FWFSUFFTQSPGFTPSEF"OUSP
QPMPHB.EJDBZ'PSFOTFEFMB6OJWFS
TJEBE $PNQMVUFOTF EF .BESJE "VUPS
EFOVNFSPTBTPCSBTBOUSPQPMHJDBT IJT
USJDBTZNEJDBT&OFMQSFTFOUFFOTBZP
OPTNVFTUSBFMFTUBEPBDUVBMEFVOBTFSJF
EFQSPCMFNBTDPOMPTRVFTFFOGSFOUBMB
.FEJDJOBNPEFSOBZEBEBMBWFMPDJEBE
DPO RVF TF TVDFEFO MPT BWBODFT FO FM
DBNQP EF MB #JPNFEJDJOB FTUVEJB MPT
MNJUFTDJFOUmDPT UJDPTZKVSEJDPTFO
OUJNBSFMBDJOVOPTDPOPUSPTTPOMBT
iGSPOUFSBTEFMB.FEJDJOBwIBTUBMBTRVF
QVFEFMMFHBS QFSPOPTPCSFQBTBS5SBUB
EFM TFDSFUP QSPGFTJPOBM MB FVHFOFTJB FM
BCPSUP MBFVUBOBTJB MBFYQFSJNFOUBDJO
FOTFSFTIVNBOPT MBQTJDPGBSNBDPMPHB
MBQTJDPDJSVHB MBNBOJQVMBDJOHFOUJ
DBZFMUSBTQMBOUFEFSHBOPT
8JMMJBN"3PESHVF[(BSDB"QVO
UFT#JPUJDPTEFTEFFMDBNQPEFMB
TBMVE 0EPOUPMPHB$BSBDBT 7FOF
[VFMB QQ
&MBVUPSFTTBDFSEPUFZQSPGFTPSEF#JP
UJDBFOMB'BDVMUBEEF0EPOUPMPHBEF
$BSBDBT ZFYQPOFFOFTUFMJCSPTVTJEFBT
Z BQVOUFT EF EPDFODJB VOJWFSTJUBSJB
4F DFOUSB TPCSF UPEP FO MB GVOEBNFO
UBDJO DPOFMBOMJTJTEFMPTQSJODJQJPT
CJPUJDPTZMPTNPEFMPTUJDPT FOMBQSJ
NFSBQBSUF QBSBFYQPOFSFOMBTFHVOEB
MPTQSJODJQBMFTFMFNFOUPTEFMBDUVBSNP
SBMMBQFSTPOB DPNPTVKFUPEFMBUJDB
MB EFDJTJO UJDB FM IPNCSF DPNP TFS
NPSBM MBWJEBZMBNVFSUF
5FSF[B3PESHVF[7JFJSB 0SH
#JP
UJDBOBT1SPmTTFT&EJUPSB7P[FT
1FUSQPMJT #SBTJM QQ
-BDPPSEJOBEPSBEFFTUBPCSBFTEPDUPSB
FO %FSFDIP EF MBT 3FMBDJPOFT 4PDJBMFT
QPS MB 16$4P 1BVMP FTQFDJBMJTUB FO
#JPUJDB QPS MB 'BDVMUBE EF .FEJDJOB
EF MB 641 Z FO 4FYVBMJEBE )VNBOB
QPS4CSBTI ZNJFNCSPEFMB4PDJFEBE
#SBTJMFBEF#JPUJDB FOUSFPUSBTBDUJWJ
EBEFTBDBENJDBT)BDPPSEJOBEPBRV
FMUSBCBKPEFWBSJPTQSPGFTPSFTCSBTJMFPT
oFTQFDJBMJTUBT RVF USBCBKBO FO #JPUJDB
FOWBSJBTJOTUJUVDJPOFToFOUPSOPBVOB
WJTJOJOUFSEJTDJQMJOBSJBEFMB#JPUJDBZ
MBQSFTFOUBDJOEFSFnFYJPOFTTPCSFMPT
QSPCMFNBTUJDPTRVFEJBSJBNFOUFBDPO
UFDFOFOMBQSDUJDBQSPGFTJPOBM DPOEV
EBTMJHBEBTBMBWJEB MBTBMVEZMBOVFWBT
UFDOPMPHBT
'FSNJO 3PMBOE 4DISBNN 4FSHJP

3FHP .BSMFOF#S[ .BSJTB1BMBDJPT
0SHT
#JPUJDB SJTDPTFQSPUFP
&EJUPSB'JPDSV[ 3PEF+BOFJSP #SB
TJM QQ
4F QSFTFOUBO FO FTUF MJCSP MBT DPNVOJ
DBDJPOFTZSFnFYJPOFTBDBENJDBTEFM
$POHSFTPEF#JPUJDBEFM&TUBEPEF3P
EF+BOFJSP DPOFMBQPZPEFMB4PDJFEBE
#SBTJMFBEF#JPUJDBZWBSJBT6OJWFSTJ
EBEFT&MUFNBFTUBCBDFOUSBEPFOFOGB
UJ[BSVOBEFMBTDBSBDUFSTUJDBTEFMBTBMVE
QCMJDB FM DVJEBEP Z MB OFDFTJEBE EF
QSPUFHFSBMPTJOEJWJEVPTZMBTQPCMBDJP
OFTIVNBOBT BTDPNPBMPTBOJNBMFTZ
FMNFEJPBNCJFOUF%FTEFMBNJSBEBEJT
DJQMJOBSEFMB#JPUJDB TFRVFSBEJTDVUJS
TPCSF MB DPOTUSVDDJO EF VOB TPDJFEBE
NT KVTUB Z EF VOB BTJTUFODJB FO TBMVE
NTIVNBOBZFmDB[
3FnFYJPOFTEFTEFWBSJBEPTFOGPRVFTUF
SJDPT Z TPCSF NVZ WBSJBEPT UFNBT RVF
WBOEFTEFMBGVOEBNFOUBDJOEJTDVUJEB
EFVOBiCJPUJDBEFQSPUFDDJOw MBUJDB
EFMBJOWFTUJHBDJODPOTFSFTIVNBOPTZ
BOJNBMFT MBGPSNBDJOEFMPTQSPGFTJP
OBMFTEFMBTBMVEQBSBRVFTFBOQFSTPOBT
BVUOPNBT DPNQSPNFUJEBTDPOFMEJ
MPHPZDPOFMSFTQFUPBMPTPUSPTZBMPT
EFSFDIPTIVNBOPT
-J[CFUI .BSHBSJUB 4BHPMT *OUFSGB[

#JPUJDB'POUBNBSB .YJDP
QQ
-BCJPUJDBTVSHFEFMBQSFPDVQBDJOQPS
FMEFTUJOPIVNBOJ[BEPEFMIPNCSFGSFO
UFBMBWBODFEFMBTDJFODJBTEFMBWJEBZ
FMDSFDJFOUFQPEFSEFMBTCJPUFDOPMPHBT
RVF DVFTUJPOBO FM AAQVFTUP EFM IPNCSF

FOFMDPTNPT1BSBFOGSFOUBSUBMDVFT
UJPOBNJFOUP MB CJPUJDB TF CBTB OFDF
TBSJBNFOUF FO FM EJMPHP FOUSF EJDIBT
DJFODJBTZMBTIVNBOJEBEFT FOFTQFDJBM
MBUJDBmMPTmDB*OUFSGB[CJPUJDBBCPS
EBVOBJEFBEFMTFSIVNBOPBDPSEFDPO
OVFTUSBQPDBWFOGSFOUBMPTQSPCMFNBT
Z QPTJCMFT WFOUBKBT RVF PGSFDFO MB EP
OBDJO UFSBQVUJDBWSFQSPEVDUJWB
BT
DPNPMBTEJWFSTBTBMUFSOBUJWBTFVHFOTJ
DBT FOQBSUJDVMBS MBQPTJCJMJEBESBEJDBM
EFRVFAAUPNFNPTMBFWPMVDJOFOOVFT
USBT NBOPT HSBDJBT B MB JOUFSWFODJO
FO FM (FOPNB )VNBOP 5PEP FMMP TF
BOBMJ[B EFTEF VOB QFSTQFDUJWB DSUJDB
BCJFSUBZQMVSBM RVFFWJUBDBFSUBOUPFO
MBGPCJBBOUFMBUFDOPMPHBDPOUFNQPS
OFBDPNPFOMBGBTDJOBDJOGSFOUFBFMMB
4F FTUBCMFDF BT VO EJMPHP DSUJDP DPO
BNCBTQPTUVSBTDPOFMPCKFUJWPQSJNPS
EJBM EF DSFBS DPODJFODJB EF BMHVOBT EF
MBTFODSVDJKBEBTUJDBTRVFFOGSFOUBNPT
IPZFOEBZEFKBSBMMFDUPSMBUBSFBEF
FMBCPSBSTVKVJDJPQSPQJP
.JHVFM OHFM 4ODIF[ (PO[MF[

UJDB #JPUJDBZ(MPCBMJEBE$&1
.BESJE QQ
.JHVFM OHFM 4ODIF[ FT QSPGFTPS 5J
UVMBS EF )JTUPSJB EF MB $JFODJB FO MB
6OJWFSTJEBE$PNQMVUFOTFEF.BESJE Z
TVCEJSFDUPS EFM i.BHTUFS FO #JPUJDBw
RVFEJSJHFFMQSPGFTPS%JFHP(SBDJB&O
FTUFMJCSPOPTPGSFDFFMNBUFSJBMEPDFO
UFVUJMJ[BEPFOTVTDMBTFTEFMNBTUFSEF
CJPUJDB EFTQVTEFRVJODFBPTDPNP
QSPGFTPS 'JOBMNFOUF TF EFDJEJ B QV
CMJDBSMPT USBTTVSFWJTJOZQVFTUBBMEB
DPO FM PCKFUJWP EF QPOFSMPT BM BMDBODF
EFMQCMJDPJOUFSFTBEPZFWJUBSQMBHJPTZ
EFGPSNBDJPOFTEFMPTNJTNPT
'FSOBOEP 4ODIF[ 5PSSFT $BUFDJT

NPEFUJDBNEJDB)FSEFS #BSDF
MPOB QQ
i$BUFDJTNPEFUJDBNEJDBwOPFTVOB
PCSBEFDBSDUFSDPOGFTJPOBM4FUSBUBEF
VOMJCSPRVF BNBOFSBEFJOTUSVNFOUP
EPDUSJOBM CVTDB JOTUSVJS QPS NFEJP EF
QSFHVOUBTZSFTQVFTUBTBRVJFOFTTFJOJ
DJBO FO MB EPDUSJOB EF MB UJDB .EJDB
P UJDB 4BOJUBSJB UJDB FO HFOFSBM Z EF
MB UJDB NEJDB FO QBSUJDVMBS 4F USBUB
OJ NT OJ NFOPT EF MB FOTFBO[B EF
MPTEFCFSFTEFWJSUVEFOFMDBNQPEFMB
BUFODJO EF MB TBMVE IVNBOB TJO RVF
FM DBUFRVJTUBT TF BMJOEFSF FO FTDVFMB m
MPTmDB P SFMJHJPTB BMHVOB /P TF USBUB
UBNQPDP EF VOB PCSB EF %FPOUPMPHB
.EJDB QVFTEFMPRVFTFPDVQBFTEF
MB PCMJHBDJO EFCJEB B MBT MFZFT Z OPS
NBTQSPNVMHBEBTQPSMPTSFQSFTFOUBOUFT
EFMBTPDJFEBE-BPCSBFTUEJWJEJEBFO
EPTQBSUFTFMQSJNFSPEFTUJOBEPBMDP
OPDJNJFOUPEFMBUJDBFOHFOFSBMZEFMB
UJDBNEJDBFOQBSUJDVMBSFMTFHVOEPB
BOBMJ[BS TJUVBDJPOFT UJDPNEJDBT DPO
DSFUBT DPNPMBBOUJDPODFQDJO MBQSP
DPODFQDJO FM EJBHOTUJDP QSFOBUBM FM
OBDJNJFOUP FMBCPSUPQSPWPDBEP MBWF
KF[ MPTFTUBEPTUFSNJOBMFTZMPTUSBTQMBO
UFT'FSOBOEP4ODIF[5PSSFTFTNEJDP
DPMPNCJBOP FTQFDJBMJ[BEPFOPCTUFUSJDJB
ZHJOFDPMPHB"MNJTNPUJFNQPFTQSP
GFTPSUJUVMBS FNSJUPZIPOPSBSJPEFMB
/BDJPOBMEF$PMPNCJB'VOEFM*OTUJ
UVUP$PMPNCJBOPEF&TUVEJPT#JPUJDPT
EFMRVFUBNCJOGVFQSFTJEFOUF1SFTJEJ
FM5SJCVOBM/BDJPOBMEFUJDB.EJDB
&TQSFTJEFOUFEFMB'VOEBDJOQSP%F
SFDIPB.PSJS%JHOBNFOUF
-FPOJEFT 4BOUPT Z 7BSHBT #JPUJDB

DSUJDB*OTUJUVUP)PTUPTJBOPEF#JP
UJDB 6OJWFSTJEBE EF 1VFSUP 3JDP
QQ
&MBVUPSTFJEFOUJmDBDPOMBQFSTQFDUJWB
DSUJDB TFDVMBSZSBDJPOBMEFMB#JPUJDB
1FSPBQFTBSEFTFSiVOB#JPUJDBQPTU
NPEFSOB SFBDJBBUPEPEPHNBZEJBMHJ
DBw UPNBQPTJDJOFONVZWBSJBEPTUF
NBT iQBSBDVFTUJPOBSZBZVEBSBSPNQFS
DPOFTRVFNBTZDPODMVTJPOFTIFSFEBEBT
VOBT P BTVNJEBT BDSUJDBNFOUF QPS MB
HFOFSBMJEBE EF MBT JOTUJUVDJPOFT Z QPS
FM QCMJDP GPSNBEP FO MB USBEJDJO PD
DJEFOUBMDSJTUJBOBw5SBUBEFMB#JPUJDB
DPNPEJTDJQMJOBDSUJDB EFMB#JPUJDBZ
FMGFNJOJTNP MBTUDOJDBTEFSFQSPEVD
DJOBTJTUJEB OVUSJDJO GBSNBDJB FVUB
OBTJBZPUSPTUFNBT
"VHVTUP 4BSNJFOUP &M EPO EF MB

WJEB %PDVNFOUPT EFM .BHJTUFSJP
EF MB *HMFTJB TPCSF #JPUJDB #"$
FE .BESJE QQ
i-PT FYUSBPSEJOBSJPT QSPHSFTPT EF MB
DJFODJBZEFMBUDOJDBFOFMWBTUPDBNQP
EFMBTBOJEBEZMBTBMVEIBODPOWFSUJEP
FOEJTDJQMJOBFTQFDmDBBBRVFMMBRVFBD
UVBMNFOUFTFEFOPNJOBCJPUJDBPUJDB
EFMBWJEBw4FQVFEFEFDJSRVFOJOHVOP
EFMPTNCJUPTSFMBDJPOBEPTDPOMBWJEB
IVNBOBFOTVTEJGFSFOUFTGBTFTIBEFKB
EP EF BUSBFS MB BUFODJO EF MB DJFODJB
6ODBNQPRVF BMBGFDUBSEJSFDUBNFOUF
B MB QFSTPOB JOUFSFTB UBNCJO QPS FTP
NJTNPBMBUJDB&TUBFTMBSB[OEFRVF
FM.BHJTUFSJPEFMB*HMFTJBUFOHBFMEFSF
DIPZFMEFCFSEFJOUFSWFOJS
%FTEFMBBQBSJDJOEFMBQSJNFSBFEJDJO
TPONVDIBTMBTWFDFTZUBNCJOMPTUFNBT
RVFMB*HMFTJBIBUSBUBEP"MBTRVFFO
UPODFTTFJODMVBO TFBBEFOBIPSBPUSBT
EJFDJTJT JOUFSWFODJPOFT EF +VBO 1BCMP
VOBEFMB$POHSFHBDJOEFMB%PDUSJOB
EFMB'F VOBEFM1POUJmDJP$POTFKPEF
MB'BNJMJBZVOBEFMB4BOUB4FEF
+PSHF 4DBMB 3FDSFBS MB DVMUVSB EF

MB WJEB 1SJODJQJPT GVOEBDJPOBMFT
EFMBCJPUJDB&EJUPSJBM1SPNFTBEF
$PTUB3JDB
&M BVUPS BCPHBEP BSHFOUJOP Z FYQFSUP
FO#JPUJDB IBFTDSJUPOVNFSPTPTMJCSPT
TPCSF BMHVOPT EF MPT UFNBT RVF BIPSB
USBUB EF NPEP DPOKVOUP FO FTUF MJCSP
&O MB QSJNFSB QBSUF BCPSEB MB DPODFQ
DJOEFM%FSFDIPFOMBDVMUVSBDPOUFN
QPSOFB ZEFMBTJNQMJDBDJPOFTDVMUVSB
MFT RVF UJFOF MB MFHBMJ[BDJO EFM BCPSUP
FOMPTQBTFTRVFMPIBOQFSNJUJEP"OB
MJ[B MPT EBPT GTJDPT Z QTJDPMHJDPT EFM
BCPSUP MFHBM Z MBT DJSDVOTUBODJBT SFBMFT
EFM MMBNBEP iBCPSUP UFSBQVUJDPw RVF
DBMJmDBEFNJUP
&OMBTFHVOEBQBSUF BOBMJ[BFMPSJHFOZ
EFTBSSPMMPEFMPTQSJODJQJPTUJDPTFO#JP
UJDB DPOVOBDSUJDBEFMQSJODJQJBMJTNP
EFPSJHFOBOHMPTBKO4FDFOUSBUBNCJO
FOMPTQSPCMFNBTUJDPTEFMBBUFODJOB
QBDJFOUFTDPO4JEBZEFMBTDBNQBBTEF
QSFWFODJOEFMBUSBOTNJTJO"OBMJ[BFM
QSPZFDUP EF $POWFODJO *OUFSOBDJPOBM
DPOUSBUPEBTMBTGPSNBTEFDMPOBDJO Z

MBTQPMUJDBTJOUFSOBDJPOBMFTRVFBGFDUBO
BMBGBNJMJBZBMNBUSJNPOJP
.BSDP4FHSF $MBVEJP$PIFO 0SHT

#JPUJDB&%641 4P1BVMP
QQ
-PTBVUPSFTFOUJFOEFOMB#JPUJDBDPNP
BmODBEB FO FM EFTFOWPMWJNJFOUP EF MB
QFSTPOBMJEBE QBTBOEP QPS BmSNBS MB
BVUPOPNB EFM JOEJWJEVP FO SFMBDJO
DPO MB DPNVOJEBE EPOEF WJWF 5SBUBO
EF MB JOWFTUJHBDJO DJFOUmDB FO TFSFT
IVNBOPT SFMBDJO FOUSF FM QBDJFOUF Z
MPTQSPGFTJPOBMFTEFMBTBMVE MPTDEJHPT
EFUJDBNEJDB FMBCPSUP MBJOHFOJFSB
HFOUJDB MPTUSBTQMBOUFTZMBFVUBOBTJB
.BSDP 4FHSF " RVFTUBP UJDB F B

TBEF IVNBOB &EJUPSB "UIFOFZ
4P1BVMP QQ
&MDPPSEJOBEPSFTQSPGFTPSFNSJUPEFMB
EF4P1BVMPZFMMJCSPSFDPHFWFJOUJUST
DPMBCPSBDJPOFT EF QSPGFTPSFT EF EJTUJO
UBT VOJWFSTJEBEFT Z QSPGFTJPOBMFT EF MB
TBMVE FOUPSOPBMBNBZPSQBSUFEFMPT
QSPCMFNBTEFCJPUJDBFVUBOBTJB BCPSUP
JOHFOJFSBHFOUJDB MBUJDBEFMBJOWFTUJ
HBDJODJFOUmDB&OMBQSJNFSBQBSUFTF
FTUVEJBOMPTDPODFQUPTHFOFSBMFTEFUJDB
ZCJPUJDB&OMBTFHVOEB TFBCPSEBOMPT
BWBODFTDJFOUmDPTZUFDOPMHJDPT ZMPT
QSPCMFNBTUJDPT-BmOBMJEBE QSPNP
WFS MB UJDB DPNP iDPOWJWFODJB EF MBT
QFSTPOBTSFHJEBQPSOPSNBTRVFQSPQJ
DJFO MB BSNPOB Z FM FRVJMJCSJP BDFQUB
CMFTFOFMBNCJFOUFTPDJBMw
4FNJOBSJP EF #JPUJDB Z -FHJTMB

DJO 5PNPT * Z ** 4JOEJDBUP .
EJDPEFM6SVHVBZ /PSEBO .POUF
WJEFP ZQQ
&OUSF MPT UFNBT RVF TF PGSFDFO FO FTUF
MJCSP FTUO (PCJFSOP Z #JPUJDB +
%SBOF
EFSFDIPT EF MPT QBDJFOUFT )
'VFO[BMJEB
EJMFNBTUJDPTBOUFFM4JEB
+%SBOF
USBTQMBOUFT TBMVENFOUBMEJ
MFNBTUJDPTBMJOJDJPEFMBWJEB +%SBOF
4-PMJ
ZBMmOBMEFMBWJEB $VMWFS
MPT
DPOTFOUJNJFOUPT JOGPSNBEPT Z FM UFTUB
NFOUPWJUBM $VMWFSZPUSPT

4FNJOBSJP *OUFSQBSMBNFOUBSJP EF

#JPUJDB 1SFTJEFODJB EF MB $NB
SBEF3FQSFTFOUBOUFTEFM6SVHVBZZ
1SPHSBNBEF$JFODJBT4PDJBMFTZ)V
NBOBTEFMB6/&4$0 .POUFWJEFP
6SVHVBZ QQ
1VCMJDBDJO EFM 4FNJOBSJP 3FHJPOBM
SFBMJ[BEPFMEFNBZPEFFOFM
1BMBDJP -FHJTMBUJWP .POUFWJEFP &O
FTUF MJCSP TF SFDPHFO MBT JOUFSWFODJPOFT
EFMPTQPOFOUFTZEFMPTBTJTUFOUFTBVOBT
+PSOBEBTPSHBOJ[BEBTQPSMB$NBSBEF
3FQSFTFOUBOUFT EF 6SVHVBZ DPO FM PC
KFUJWPEFFTUBCMFDFSVOEJMPHPFOUSFFT
QFDJBMJTUBTFO#JPUJDBZDJFOUmDPT QPS
VOMBEP ZMPTEJQVUBEPTZQPMUJDPTRVF
EFCFO FMBCPSBS MBT MFZFT FO FTUBT NBUF
SJBT QPS FM PUSP &OUSF MPT QPOFOUFT
TF FODVFOUSBO )DUPS (SPTT &TQJFMM
7JDFQSFTJEFOUF EF MB $PNJTJO *OUFS
OBDJPOBM EF #JPUJDB 3JDBSEP &SMJDI
%FDBOPEFMB'BDVMUBEEF$JFODJBTEFMB
6OJWFSTJEBEEFMB3FQCMJDB'SBODJTDP
-FO$PSSFB EFMB"TPDJBDJO&TQBPMB
EF#JPUJDBZUJDB.EJDB FOOPNCSF
EFMB6OJWFSTJEBEEF.POUFWJEFP.B
OVFM #FSOBMFT "MWBSBEP EFM 1SPHSBNB
EF $JFODJBT 4PDJBMFT Z )VNBOBT EF MB
6/&4$0 0NBS 'SBOB EJSFDUPS EFM
%FQBSUBNFOUPEFUJDBT"QMJDBEBTEFMB
6OJWFSTJEBE$BUMJDBEF.POUFWJEFP
4FNJOBSJP 5BMMFS i#JPUJDB FO

"NSJDB-BUJOBZFM$BSJCFw014
0.4 4BOUJBHP EF $IJMF
QQ
&O FTUF 4FNJOBSJP 5BMMFS PSHBOJ[BEP
QPS MB 6OJEBE EF #JPUJDB EF MB 014
0.4DPOTFEFFO4BOUJBHPEF$IJMF TF
BOBMJ[BEFGPSNBCSFWFMBTJUVBDJOEFMB
#JPUJDBFODBEBQBTEF"NSJDB-BUJOB
Z&M$BSJCF&TMBQSJNFSBQVCMJDBDJO
EF FTUF UJQP RVF BCPSEB MB IJTUPSJB EF
MPTDPNJFO[PTZQSJNFSEFTBSSPMMPEFMB
#JPUJDBFOFMNCJUPMBUJOPBNFSJDBOP
%BOJFM4FSSPF3VJ/VOFT $PPSET

UJDBFDVJEBEPTEFTBEF4FSWJP
EF#JPUJDBFUJDB.EJDBEB'BDVM
EBEF EF .FEJDJOB EB 6OJWFSTJEBEF
EP1PSUP QQ
&TUF VN MJWSP EJEUJDP EF #JPUJDB F
UJDB.EJDBRVF DPNPEJ[FN%BOJFM
4FSSP F 3VJ /VOFT OB OPUB JOUSPEV
USJB i4FOEP B VN UFNQP SFnFYJWP F
JOGPSNBUJWP UFN HSBOEF VUJMJEBEF QBSB
UPEPT PT QSPmTTJPOBJT EF TBEF RVF B
QPEFN FODPOUSBS NVJUPT NPUJWPT QBSB
BNQMJBSFN B TVB SFnFYP UJDB RVF B
QSUJDB EJBSJBNFOUF MIFT JNQFw &N
EF[ DBQUVMPT BCPSEB BMHVOT EPT QSP
CMFNBT NBJT DBOEFOUFT EP NPNFOUP
BUVBM DPNHSBOEFQSFPDVQBPFNOP
GVHJSTTJUVBFTDPODSFUBT0DPOTFO
UJNFOUP JOGPSNBEP B UJDB OB SFMBP

DPNPTEPFOUFT BUJDBFNQFEJBUSJB B
UJDBFBTBEFNFOUBM BUJDBEBTBUJUV
EFTNEJDBTFNSFMBPBPQSPDFTTPEF
NPSSFS B QFTRVJTB NEJDB PT EJMFNBT
UJDPTEBHFOUJDB BSFQSPEVPIVNB
OB BUJDBNEJDBFPTDVTUPTEPTDVJEB
EPTEFTBEF BMNEPCJPEJSFJUP TPPT
UFNBT EFTFOWPMWJEPT "MN EJTTP DPO
UNOVNCFNTFMFDJPOBEPBOFYPBMHVOT
JNQPSUBOUFTDEJHPT EFDMBSBFTFDPO
WFOFT JOUFSOBDJPOBJT 8FC *OTUJUVUP
EF#JPUJDB 1PSUP

$VFTUJPOFTEF#JPUJDB4QFJSP .B
ESJE QQ
&TUF FOTBZP SFOF TJFUF DVFTUJPOFT EF
#JPUJDBEF+PT.JHVFM4FSSBOP QSPGF
TPSEF'JMPTPGBEFM%FSFDIPEFMB6OJ
WFSTJEBE$PNQMVUFOTF"USBWTEFMN
UPEPEJBMDUJDP FMBVUPSBCPSEBEJWFSTPT
UFNBTEFBDUVBMJEBEDPOBTQFDUPTUJDPT
ZKVSEJDPTEFMBTDJFODJBTCJPNEJDBT4F
SFmFSF QSJODJQBMNFOUF B DVFTUJPOFT EF
GVOEBNFOUBDJODPNPMBQPTJCJMJEBEEF
VOBCJPUJDBOFVUSBM PTJTUBFYJHFVOB
OVFWBGPSNBEFUJDB*ODJEFUBNCJOFO
UFNBT FTQFDmDPT DPNP MB JONPSBMJEBE
EFMBCPSUPWPMVOUBSJPPMBJOKVTUJDJBEF
MPTTJTUFNBTMFHBMFTRVFOPMPQFOBO ZFM
DPNJFO[PEFMTFSIVNBOP
/VFWBT DVFTUJPOFT EF #JPUJDB
QQ
&TUF QSPGFTPS EF 'JMPTPGB EFM %FSFDIP
FOMB6OJWFSTJEBE$PNQMVUFOTFEF.B
ESJE BDUVBMJ[B MBT $VFTUJPOFT EF CJP

UJDB RVF FTDSJCJ IBDF BPT 6OB

EDBEB FO MB RVF MBT UDOJDBT TPCSF FM
DPOUSPM EF MB WJEB IVNBOB IBO IFDIP
BQBSFDFSOVFWPTQSPCMFNBTZFOMBRVF
TFIBOFNQF[BEPBWFSMBTDPOTFDVFODJBT
EF BMHVOBT OPWFEBEFT EF MPT PDIFOUB
DPNPFMBCPSUP MB'*7&5 MBJOHFOJFSB
HFOUJDB
1PS FTP FM MJCSP UJFOF BMHP EF CBMBODF
ZFTUPNFQBSFDFMPNTSFMFWBOUF NT
BMMEFMBTFOTFBO[BTTPCSFUFNBTEFBD
UVBMJEBE MBDMPOBDJOZMBJOWFTUJHBDJO
DPO DMVMBT FNCSJPOBSJBT MB SFMFWBODJB
KVSEJDBEFMBJEFOUJEBETFYVBM MBFVHF
OFTJB
3FTVMUBNVZBMFDDJPOBEPSBTV
SFnFYJOJOJDJBMTPCSFMBOBUVSBMF[BEFMB
CJPUJDBZFMWBMPSEFMPTEJTUJOUPTUJQPT
EFBSHVNFOUBDJO
&MBVUPSSFOVODJBBMBSHVNFOUPBQPDB
MQUJDP RVFNBMJOUFSQSFUBMBTBEWFSUFO
DJBTEFMNBHJTUFSJPEFMB*HMFTJBTPCSFFM
QFMJHSP EF VOB EFNPDSBDJB UPUBMJUBSJB
oMPTFSSPSFTCJPUJDPTOPIBORVFCSBEP
MB FTUBCJMJEBE EF MPT TJTUFNBT QPMUJDPT
MJCFSBMFT RVFFTUOQFOTBEPTQBSBTPCSF
WJWJSBVOBiTPDJFEBEEFEFNPOJPTwoZ
EBBTVBSHVNFOUBDJOVODBSDUFSNT
QSBHNUJDP BCJFSUP QBDJFOUF Z DPN
QSFOTJWP.TFYJHFOUFDPOMBTQSPQJBT
SB[POFT ZNTDPOmBEPFOTVDBQBDJEBE
EFBUSBDDJO BMBMV[EFMBTDPOTFDVFO
DJBTEFMPTFSSPSFT ZEFMBDPIFSFODJBEF
MPT RVF EFmFOEFO MB QSPUFDDJO EF MB
WJEBIVNBOBFOUPEPTMPTFTUBEJPTEFTV
EFTBSSPMMP4FSSBOPFTDSJCFDPOVOUPOP
DSUJDP oIFSFODJB EF .BD*OUZSF KVOUP
DPO BMHVOPT NPEPT FYQPTJUJWPTo RVF
EFTWFMBMBTDPODSFUBTUSBNBTEFJOUFSFTFT
FDPONJDPT QPMUJDPTZDJFOUmDPT RVF

TFPDVMUBOEFUSTEFBMHVOBTJOOPWBDJP
OFT DPNP MB DMPOBDJO P MB NBOJQVMB
DJOEFFNCSJPOFT
$PNPFOPCSBTBOUFSJPSFT FMBVUPSEP
TJmDBDPOFmDBDJBMBTSFGFSFODJBTUDOJDBT
KVOUPBMBTDVMUVSBMFT IJTUSJDBTZMJUFSB
SJBT-PTFKFNQMPTJMVTUSBOCJFOMBTJEFBT
ZGBWPSFDFOFMUPOPEJWVMHBUJWP"VORVF
BWFDFTFYJHFBMHVOPTDPOPDJNJFOUPTQSF
WJPTTPCSFFMFTUBEPEFMEFCBUFCJPUJDP
DVBMRVJFS QFSTPOB NFEJBOBNFOUF DVMUB
UJFOFSFDVSTPTTVmDJFOUFTQBSBTFHVJSMBT
JEFBT QSJODJQBMFT EFM MJCSP QPOFSTF BM
EB FO BTVOUPT DPNP MB DMPOBDJO P MB
JEFOUJEBETFYVBM ZNBOFKBSBSHVNFOUPT
TMJEPTTPCSFMBQSPUFDDJOEFMBEJHOJ
EBE EF MB QFSTPOB IVNBOB GSFOUF B MB
JOTUSVNFOUBMJ[BDJO 3JDBSEP $BMMFKB
3PWJSB

&MJP 4HSFDDJB .BOVBM EF #JPUJDB

$PFEJDJO 6OJWFSTJEBE "OIVBD
&EJUPSJBM%JBOB .YJDP
QQ
&OFTUFMJCSPTFUSBUBOMPTGVOEBNFOUPT
EF MB CJPUJDB Z EF MPT QSPCMFNBT RVF
DPODJFSOFOBMBJOUFSWFODJOEFMIPNCSF
TPCSFMBWJEBIVNBOB FOFMNCJUPCJP
MHJDPZNEJDP BmOEFFTUBCMFDFSTVT
MNJUFT EF MJDJUVE 1VFT UBMFT JOUFSWFO
DJPOFT QVFEFO JODJEJS FO MB FTGFSB NT
QSPGVOEBEFMBWJEBQFSTPOBMZDVFTUJP
OBSFMFTUBUVUPCJPMHJDPZFMGVUVSPEF
MBIVNBOJEBE%FBIMBQSFPDVQBDJO
EFMBVUPSQPSRVFFOFMUFYUPRVFEFDMBSP
DVMiEFCFTFSoTFHOMoFMDSJUFSJPUJDP
GVOEBNFOUBMQBSBFMFKFSDJDJPDPOTDJFOUF
ZDPSSFDUPEFMBNFEJDJOBw
+PP3JCFJSPEB4JMWB "OUOJP#BS
CPTB 'FSOBOEP.BSUJOT7BMF$PO
USJCVUPT QBSB B #JPUJDB FN 1PS
UVHBM $PPSEFOBP EF $FOUSP EF
#JPUJDB EB 'BDVMEBEF EF .FEJDJOB
EB 6OJWFSTJEBEF EF -JTCPB &EJFT
$PTNPT QQ
&TUBPCSBUSB[ FYQPTUPTDPNSJHPSFJO
UFSFTTF PTUFYUPTEFDPOGFSODJBTFMJFT
SFBMJ[BEBT FN DPMRVJPT F JOUFSWFOFT
JOUFHSBOUFTEBBUJWJEBEFQFEBHHJDBEP
$FOUSPEF#JPUJDBEB'BDVMEBEFEF.F
EJDJOBEF-JTCPB&TUSVUVSBoTFFNEVBT
QBSUFT"QSJNFJSBSFOFVNBDPMFPEF
BSUJHPTEJWFSTJmDBEPTGVOEBNFOUBPEB
#JPUJDBF'JMPTPmB #JPUJDBF&DPMPHJB
#JPUJDBF%JSFJUP &DPOPNJB #JPUJDB
FQPMUJDB #JPUJDBFSFMJHJPF#JPUJDB
F $JODJBT )VNBOBT NBJT FTQFDmDB
B TFHVOEB QBSUF DPOTUJUVEB QPS VN
DPOKVOUPEFUFYUPTEFOPNJOBEPT#JP
UJDBF.FEJDJOBFBCBSDBWBTUBHBNBEF
QSPCMFNUJDBT SFMBUJWBT SFnFYP UJDB
DPNPSFTVMUBEPEBQSUJDBDMOJDB 8FC
$FOUSP#JPUJDB 1PSUP

$BSMPT 4JNO 7[RVF[ %JSFDUPS

%JDDJPOBSJP EF #JPUJDB &EJUPSJBM
.POUF$BSNFMP #VSHPT
QQ
&M DPPSEJOBEPS EF FTUB FYUFOTB PCSB FT
QSPGFTPSEFMB'BDVMUBEEF5FPMPHBEF
#VSHPT ZIBSFVOJEPVOBFYUFOTBDPN
QJMBDJOEFWPDFTUFNUJDBTRVFBCBSDBO
MB NBZPSB EF MPT UFNBT EF CJPUJDB
)BO DPMBCPSBEP NVDIPT BVUPSFT FTQB
PMFT BMHVOPT EF MB "TPDJBDJO &TQB
PMBEF#JPUJDB EFM$&6EF.BESJE
EFMB4PDJFEBE"OEBMV[BEF#JPUJDB EF
MBT 6OJWFSTJEBEFT EF /BWBSSB .VSDJB
$BUMJDB EF 7BMFODJB MB 1POUJmDJB EF

4BMBNBODB ZBMHVOPTNTJUBMJBOPT EFM
*OTUJUVUPEF#JPUJDBEFMB6OJWFSTJEBE
EFM4BDSP$VPSF%FTEFVOBWJTJOQFS
TPOBMJTUB PGSFDFVOSFQBTPEFUBMMBEPEF
DBEBUFNB ZDPOTUJUVZFVOBWBMJPTBPCSB
EFSFGFSFODJBQBSBMPTFTUVEJPTPSFWJTJP
OFTEFJOWFTUJHBDJPOFTFOFTUFDBNQP
+PT &EVBSEP EF 4JRVFJSB -FPOBS

EP 1SBUB -PVSFOP ;BODBOBSP
#JPUJDB FTUVEPT F SFnFYFT 7PM
&EJUPSB 6&- 6OJWFSTJEBEF &TUB
EVBM EF -POESJOB -POESJOB #SBTJM
QQ 7PMZFEJUBEPT
FO

$PPSEJOBEPTQPSFMQSPGFTPS+PT&EVBS
EP EF 4JRVFJSB EJSFDUPS EFM $VSTP EF
&TQFDJBMJ[BDJO FO #JPUJDB EF MB 6OJ
WFSTJEBE &TUBUBM EF -POESJOB TF PGSF
DFOFOFTUPTUSFTWPMNFOFTMPTUSBCBKPT
SFBMJ[BEPTQPSMBTTVDFTJWBTQSPNPDJPOFT
EF BMVNOPT EF FTB FTQFDJBMJ[BDJO -PT
UFNBT TPO NVZ WBSJBEPT EFTEF MB GVO
EBNFOUBDJO EF MB #JPUJDB B BTQFDUPT
DPODSFUPTEFMBUJDBDMOJDBPBOMJTJTEF
MPTQSPCMFNBTBDUVBMFTEFMBHFOUJDBZMB
JOWFTUJHBDJO CJPNEJDB -BT QSPGFTJP
OFTEFMPTFTUVEJBOUFTTPOUBNCJONVZ
WBSJBEBTZBTTFPGSFDFMBQFSTQFDUJWBEF
NEJDPT FOGFSNFSBT QFEBHPHPT GBSNB
DVUJDPT QTJDMPHPT KVSJTUBT ZUBNCJO
EFQSPGFTJPOBMFTEFMPTNFEJPTEFDPNV
OJDBDJO
$BSMPT4JNO7[RVF[%JDDJPOBSJP
EF#JPUJDB.POUF$BSNFMP
-B #JPUJDB DPNP DJFODJB RVF USBUB EF
BQMJDBS MPT QSJODJQJPT EF MB UJDB B MBT
$JFODJBTEFMB7JEBFTVOBDJFODJBOVF

WB 4JO FNCBSHP DPO BQFOBT DVBSFOUB

BPTEFTEFMBBQBSJDJOEFMUSNJOP MB
#JPUJDB IB DPOTFHVJEP PCUFOFS DBSUB
EFDJVEBEBOBFOUPEPTMPTHSBOEFTSF
UPTFJOUFSSPHBOUFTBMPTRVFTFFOGSFOUB
MB BDUVBM DJWJMJ[BDJO FO UPEP FM 1MBOF
UB/PTVSHFBUPEPTUFOFSVOBJEFBMP
NTQSFDJTBQPTJCMFBDFSDBEFMBWJEBRVF
RVFSFNPTQBSBOPTPUSPT QBSBMPTOVFT
USPTZQBSBOVFTUSPFOUPSOP BTDPNPEF
MBUJDBEFMPTNFEJPTDPOMPTRVFDPO
TFHVJSMBNYJNFEFOUSPEFVONVOEP
DBEB WF[ NT UFDOJmDBEP Z NVUBOUF
&TUF EJDDJPOBSJP QSFUFOEF EFTFOUSBBS
EF VO NPEP TJOUUJDP Z PSEFOBEP MBT
DMBWFTEFDPNQSFOTJO QSJODJQJPUJDPT
NPNFOUPT QVOUVBMFT SFDVSTPT F JOGPS
NBDJO CTJDPT QBSB EBS VOB SFTQVFTUB
BEFDVBEB B MPT EFTBGPT F JOUFSSPHBOUFT
RVF MBT $JFODJBT EF MB 7JEB QMBOUFBO
IPZ #JPUJDB %FCBU *OTUJUVU #PSKB
EF#JPUJDB

,BUJB4PBSFT#SBHB#JPUJDB#JCMJP
HSBGBCSBTJMFJSB-FUSBT
-JWSFT #SBTJMJB QQ
-BBVUPSBFTBOUSPQMPHBZFTUVEJUBN
CJO$JFODJBTEFMB*OGPSNBDJO%JSFD
UPSBEFM*OTUJUVUPEF#JPUJDB %FSFDIPT
)VNBOPTZ(OFSP "/*4
FO#SBTJMJB
3FOF FO FTUF MJCSP MB QSPEVDDJO CJ
CMJPHSmDB CSBTJMFB FO #JPUJDB FOUSF
Z &M QSJODJQBM PCKFUJWP FT
PSHBOJ[BS FM QFOTBNJFOUP CJPUJDP CSB
TJMFP QBSBGBDJMJUBSMBJOWFTUJHBDJOZFM
BDDFTPBMBJOGPSNBDJO
1BUSJDJB 4PSPLJO $PPSE

#JPUJDB
FOUSF VUPQBT Z EFTBSSBJHPT -JCSP
IPNFOBKFBMB1SPG%SB(MBEJT+
.BDLJOTPO"E)PD #VFOPT"JSFT
QQ
-PTBNBOUFTEFMPTONFSPTFTUBSOEF
QBSBCJFOFTDPOFTUBQFDVMJBSQVCMJDBDJO
EF MB FEJUPSJBM KVSEJDPNEJDB QPSUFB
"E)PDVODPNQFOEJPEFQHJOBT
FOFMDVBMBVUPSFTFNQSFOEFOMBUB
SFBEFFTDSJCJSBSUDVMPT BMPTRVFTF
TVNBOPUSPTBVUPSFTRVFFTDSJCFOTVT
FQMPHPT Z QSFTFOUBEPSB HFOFSBM MPT
DVBMFTQFSUFOFDFOBQBTFTEJGFSFOUFT
"SHFOUJOB #SBTJM $PTUB 3JDB $VCB
$IJMF %PNJOJDBOB .YJDP 1BOBN
1BSBHVBZ 6SVHVBZ Z 7FOF[VFMB
Z B
PUSBTUBOUBTQSPGFTJPOFT IPNCSFTZNV
KFSFTEFMEFSFDIPZEFMBmMPTPGB EFMB
NFEJDJOBZMBUFPMPHB EFMBTPDJPMPHB
ZMBCJPRVNJDB EFMBGBSNBDJBZMBCJP
MPHB TJOOJNPBMHVOPEFTFSFYIBVT
UJWP
5PEPT BCTPMVUBNFOUFUPEPT IBO
TVNBEP TV FTGVFS[P QBSB IPNFOBKFBS
EFNBOFSBTFOUJEBZEFMNPEPRVFNF
KPSTBCFOIBDFSMPBMBQSPGFTPSB(MBEZT
.BDLJOTPO BNJHB DPMFHB JOWFTUJHBEP
SBZEPDFOUFBSHFOUJOBGBMMFDJEBBQSJODJ
QJPTEF
4F USBUB EF VO MJCSPDBKB QPSRVF FO M
QVFEFO FODPOUSBSTF NMUJQMFT DVFTUJP
OFT BCPSEBEBT EFTEF QFSTQFDUJWBT NVZ
EJWFSTBTMBGFNJOJTUBZMBDPOGFTJPOBM MB
EFPOUPMHJDBZMBDPOTFDVFODJBM MBNBS
YJTUB Z MB QFSTPOBMJTUB MB QSJODJQJBMJTUB
Z MB SFMBDJPOBM BDFSDBNJFOUPT EF DVP
TPDJPMHJDP QTJDPMHJDPZUSBTDFOEFOUBM
FYNFOFTTVTUBOUJWPTZQSPDFEJNFOUBMFT
SFnFYJPOFT FNJOFOUFNFOUF UJDBT KVS
EJDBTZTPDJBMFT&OmO VONVFTUSBSJP
EFHSBOQBSUFEFMPNFKPSEFMBCJPUJDB
FO OVFTUSP QBT Z VO TFMFDUP DPOKVOUP
EFDPMBCPSBDJPOFTBQPSUBEBTQPSDPMFHBT
DFOUSP Z TVEBNFSJDBOPT
&M WPMV
NFO GVF PSJHJOBMNFOUF DPODFCJEP QPS
MB IPNFOBKFBEB MB DVBM EFMJOF TV DB
SDUFSJOUFSEJTDJQMJOBSJP QMVSJQBSUJEBSJP
ZNVMUJSSFMJHJPTP BTDPNPUBNCJOTV
DPNQSPNJTPTJUVBEPDPOOVFTUSBQSPQJB
SFBMJEBEBNFSJDBOB 4FSHJP$FDDIFUUP

.JHVFM 4VB[P #JPUJDB QBSB OVF

WPT*OTUJUVUP5FDOPMHJDPEF4BOUP
%PNJOHP QQ
&MTVSHJNJFOUPEFMBCJPUJDBDPOTUJUVZF
VODBNCJPEFQBSBEJHNBFOMBSFMBDJO
QSPGFTJPOBMEFMBTBMVEQBDJFOUFPDMJFO
UF ZB RVF MB NJTNB QBTB B TFS NFOPT
WFSUJDBM Z NT IPSJ[POUBM Z DPNP EJDF
4VB[P TFQBTBEFMBSUFNVEPBMBSUFIB
CMBEPFOFMTFOUJEPEFRVFTFSFDPOPDFFM
EFSFDIPEFMQBDJFOUFBTBCFSMPRVFUJFOF
Z B UPNBS MBT EFDJTJPOFT RVF DSFB NT
DPOWFOJFOUF -B CJPUJDB TVSHF DPNP
VOBOFDFTJEBEEFIVNBOJ[BSMPTBWBODFT
DJFOUmDPT Z UFDOPMHJDPT QSFTFOUFT FO
MBTDJFODJBTEFMBTBMVE QFSPTFIBFYUFO
EJEPBUPEBTMBTQSPGFTJPOFT ZBMFOUFO
EFSEFMBVUPSOPFTTMPVOBEJTDJQMJOB
TJOPVOBGPSNBEFWFSMBWJEBZOVFTUSB
SFMBDJODPOMPTEFNT
+VBO +PT 5BNBZP #JPUJDB Z SFMJ

HJO%ZLJOTPO .BESJE
QQ
/PFYJTUFJODPNQBUJCJMJEBEFOUSFCJP
UJDBMBJDBZUJDBEFMBTSFMJHJPOFT FOUSFMB
SFWPMVDJO CJPHFOUJDB Z MBT SFMJHJPOFT
1BSBFMMPFTOFDFTBSJPRVFMBTSFMJHJPOFT
DBNCJFO EF QBSBEJHNB Z MFOHVBKF 3F

MJHJPOFT CJPUJDB Z CJPHFOUJDB UJFOFO
RVFDBNJOBSBMBQBSDPOTFOUJEPDSUJDP
ZBVUPDSUJDP TJOEFTDPOPDFSTF QFSPTJO
FOUPSQFDFSTF " FMMP RVJFSF DPOUSJCVJS
FTUBPCSB
&OUSFPUSPTUFNBT %JFHP(SBDJBZ+VBO
+PT 5BNBZP FTDSJCFO TPCSF #JPUJDB
Z SFMJHJO VOB SFMBDJO BNCJWBMFOUF
+VBO .BTJ $MBWFM #JPOPNB CJPUJDB
ZEFSFDIPTGVOEBNFOUBMFT$BSMPT-FNB
"O-FZTPCSFUDOJDBTEFSFQSPEVD
DJO BTJTUJEB
.PEJmDBDJPOFT
Z QSPQVFTUBT EF BDUVBMJ[BDJO .BSDF
MP 1BMBDJPT $MPOBDJO .JHVFM OHFM
3BNJSP "WJMT &VUBOBTJB Z BVUPOPNB
JOEJWJEVBM'SBODJTDP+BWJFS"OTVUFHVJ
5SBOTHOJDPTZHMPCBMJ[BDJO
+VBO$BSMPT5FBMEJ %JSFDUPS
%JD
DJPOBSJP MBUJOPBNFSJDBOP EF CJP
UJDB6OJWFSTJEBE/BDJPOBMEF$P
MPNCJB 4FEF #PHPU
6/&4$0
3FE -BUJOPBNFSJDBOB Z EFM $BSJCF
EF#JPUJDB QQ
&TUFEJDDJPOBSJPQSPQPOFQFOTBSMBCJP
UJDBDPNPDBNQPEFFOUSFDSV[BNJFOUP
EF EJWFSTBT EJTDJQMJOBT Z WJTJPOFT QBSB
VOBSFnFYJODSUJDBTPCSFMBWJEBZFMWJ
WJSFO"NSJDB-BUJOB$POFMEFTBSSPMMP
DJFOUmDP Z UFDOPMHJDP FO MBT DJFODJBT
EF MB WJEB Z MB TBMVE MBT EJmDVMUBEFT F
JNQPTJCJMJEBEFT EF HSBOEFT HSVQPT EF
QPCMBDJOQBSBBMDBO[BSFMEFCJEPFTUO
EBSFOTVTBMVEZDBMJEBEEFWJEB FMJN
QBDUPEFMEFUFSJPSPEFMNFEJPBNCJFOUF
ZMPTDBNCJPTTPDJBMFTZDVMUVSBMFTEFMB
OVFWB HMPCBMJ[BDJO MB CJPUJDB TF IB
DPOTUJUVJEPFOVOPEFMPTDBNQPTJOUFS

EJTDJQMJOBSJPTNTBDUJWPTEFSFnFYJOZ
BDDJOBFTDBMBNVOEJBM&OMBQFSTQFD
UJWBEFFTQFDJBMJTUBTZFYQFSUPTEFMB
SFHJO FOFTUF%JDDJPOBSJPDPODVSSFOMB
mMPTPGBZMBTIVNBOJEBEFT FMEFSFDIP
ZMBTDJFODJBTTPDJBMFT MBNFEJDJOBZMBT
DJFODJBTEFMBWJEBZMBTBMVE MBMJUFSBUVSB
Z MB DVMUVSB Z FM QFOTBNJFOUP QPMUJDP
EF MB DPNVOJEBE "T TF UJFOF VOB PQ
DJOBNQMJBZQMVSBMFOMBDPOTUSVDDJO
QBSUJDJQBUJWBEFVODBNQPRVFOPTFMJ
NJUBBVOHSVQPSFEVDJEPEFFYQFSUPT
&MODMFPEFJOUFSTDPNO TJOFNCBS
HP TPO MPT BTQFDUPT UJDPT Z NPSBMFT
EF WBMPSFT QSJODJQJPT Z WJSUVEFT RVF
QSPCMFNBUJ[BOMBWJEBZMBJEFOUJEBE MB
JOUFHSJEBEZMBMJCFSUBE MBBUFODJOZFM
CJFOFTUBSEFMBTQFSTPOBTZDPNVOJEBEFT
EFMBSFHJOFOFMNBSDPEFMEFCJEPSFT
QFUPBMPTEFSFDIPTIVNBOPT*OUFSFTBO
FTUPT QSPCMFNBT QPSRVF BCSFO JOUFSSP
HBOUFTTPCSFFMPSJHFO FMEFTBSSPMMPZFM
mOBMEFMBWJEB ZTPCSFMBTDPOEJDJPOFT
QBSBWJWJSVOQSPZFDUPEFWJEBBSNOJDP
ZFOKVTUJDJB&TFTBWJTJODPNQMFKBZB
MBWF[DFSDBOBEFMBNPSBMZFMWJWJSSF
HJPOBMMBRVFTFIBRVFSJEPEBSBMMFDUPS
BUSBWTEFFTUBPCSB
9BWJFS FWFOPU -B #JPUJDB &EJ

DJPOFT.FOTBKFSP #JMCBP
QQ
-BQBMBCSB#JPUJDB RVFBVORVFOPQB
SF[DB EF SFDJFOUF BDVBDJO FT VO US
NJOPEJGVOEJEPBQBSUJSEFMPTBPT
QPS 3 7BO 1PUUFS DPNP QSPQVFTUB EF
VOFTUVEJPJOUFSEJTDJQMJOBSJPFODBSHBEP
EFMBOMJTJTEFMBTQSPCMFNUJDBTHFOFSB
EBT QPS FM QSPHSFTP EF MB #JPMPHB Z MB
.FEJDJOB #JPNFEJDJOB
ZTVTSFQFSDV
TJPOFTFOMBTTPDJFEBEFTIVNBOBT
&OFMDPOUFYUPEFMBmMPTPGBQPMUJDBMJ
CFSBM MB#JPUJDBOPFTNTRVFMBEJTDV
TJOQPMUJDBTPCSFMBTNFEJEBTQCMJDBT
RVF EFCFO BEPQUBSTF QBSB QSPUFHFS BM
IPNCSFEFMBNBOJQVMBDJOEFMBTUD
OJDBTCJPNEJDBT
"MHVOBTEFMBTSFBTFOMBTRVFMB#JPUJ
DBFODVFOUSBDBNQPQBSBGVOEBNFOUBS
TFTPOMB.FEJDJOBoFTQFDmDBNFOUFFO
MP SFMBDJPOBEP DPO MB SFMBDJO NEJDP
QBDJFOUFo MB FVUBOBTJB FM TVJDJEJP BTJT
UJEP FMUSBUPBMPTFOGFSNPTUFSNJOBMFT
FOUSF PUSPT MB *OHFOJFSB HFOUJDB RVF
JOWPMVDSB MB DMPOBDJO MB EFUFDDJO EF
FOGFSNFEBEFT HFOUJDBT MB TOUFTJT EF
QSPEVDUPT HOJDPT QBSB TV VUJMJ[BDJO
FO UFSBQJBT MB NFKPSB EFM HFOPNB IV
NBOPFM%FSFDIPQBUFOUFEFTFDVFODJB
EFHFOFT FMHFOPNBZMPTEFSFDIPTIV
NBOPT MPT IPNPTFYVBMFT Z MB QSPDSFB
DJO BTJTUJEB MB &DPMPHB JOWPMVDSB MBT
QMBOUBTZBOJNBMFTUSBOTHOJDPTZFOMB
&EVDBDJOZ$PNVOJDBDJOTFIBCMBEF
MBGPSNBDJOEFWBMPSFTZMBEJGVTJOEF
MBJOGPSNBDJOQBSBRVFFTUBMBMDBODF
EFUPEPT
%BWJE $ PNBTNB Z PNBTJOF

,VTIOFS &EJUPSFT
%F MB WJEB B MB
NVFSUF $JFODJB Z #JPUJDB $BN
CSJEHF6OJWFSTJUZ1SFTT
i%FMBWJEBBMBNVFSUFwFTVOBQVCMJ
DBDJO EJSJHJEB BM QCMJDP FO HFOFSBM
DPOSFEBDDJONVZDVJEBEBQBSBMBGDJM
DPNQSFOTJO EF MPT JNQPSUBOUFT EJMF
NBT UJDPT FYBNJOBEPT RVF SFDPHF VO
DPOKVOUP EF BSUDVMPT EF QSFTUJHJPTPT

QSPGFTPSFT Z BMUPT DBSHPT EF EJGFSFOUFT
VOJWFSTJEBEFT F JOTUJUVDJPOFT EF &TUB
EPT 6OJEPT 3FJOP 6OJEP Z "VTUSBMJB
TPCSFMBTDVFTUJPOFTUJDBTUSBEJDJPOBMFT
EF MB NFEJDJOB Z MBT QMBOUFBEBT QPS FM
BWBODF EF MB DJFODJB -PT FEJUPSFT %B
WJE $ PNBTNB Z PNBTJOF ,VT
IOFS SFBMJ[BO VO SFTVNFO FYQMJDBUJWP
EF DBEB BSUDVMP FO TV DPNJFO[P Z VO
FQMPHPFOFMRVFFYQMJDBODVMFTTPOMPT
QSJODJQBMFT DPNFUJEPT UJDPT QBSB FM TJ
HMP99*FOMPRVFSFTQFDUBBMBCJPUJDB
&OUSFMPTOVNFSPTPTBSUDVMPTRVFJODMV
ZFMBPCSB FORVFTFNVFTUSBOEJGFSFO
UFT UFOEFODJBT Z TPMVDJPOFT FO GVODJO
EF DBEB BVUPS EFTUBDBO MPT RVF WFSTBO
TPCSFSFQSPEVDDJOBTJTUJEB USBUBNJFO
UPEFFOGFSNFEBEFTHSBWFTFOOFPOBUPT
FMQSPCMFNBEFMQBHPEFSHBOPTEFDB
EWFSFTQBSBUSBTQMBOUFT FMUSBUBNJFOUP
NEJDPJOUJM MBFVUBOBTJBZFMTVJDJEP
BTJTUJEP ZMBJOWFTUJHBDJODPOTFSFTIV
NBOPTZBOJNBMFT
(MPSJB.BSB5PNT(BSSJEP $P
PSE
.BOVBM EF #JPUJDB "SJFM
#BSDFMPOB QQ
.BOVBMEF#JPUJDB DPPSEJOBEPQPSMB
QSPGFTPSB(MPSJB.BSB5PNT(BSSJEP
EF MB 6OJWFSTJEBE $BUMJDB EF .VSDJB
RVF SFOF MBT DPMBCPSBDJPOFT EF VO
CVFOONFSPEFQSPGFTPSFTZQSPGFTJP
OBMFT EF EJGFSFOUFT SFBT .FEJDJOB Z
PUSBTDJFODJBTEFMBTBMVE 'JMPTPGB #JP
MPHB %FSFDIP FOUSF PUSBT &O DVBOUP
BMBPSJFOUBDJODFOUSBMEFFTUF.BOVBM
iSFTQFUBOEPMBEJWFSTJEBEEFPUSPTNB
OVBMFT BCPHBQPSMB#JPUJDBRVFUJFOF
DPNPQVOUPEFSFGFSFODJBBMBQFSTPOB
FM WBMPS EF MB WJEB IVNBOB DPNP CJFO

QSJNBSJPZGVOEBNFOUBM DPNPMBGVFO
UFEFUPEPTMPTEFSFDIPTIVNBOPTZEF
UPEPFMPSEFOTPDJBM"mSNBDJPOFTRVF
OP DPOUSBEJDFO MB DPOTUBOUF CTRVFEB
EFMBTHBSBOUBTTPDJBMFT MFHBMFT DJFOUm
DBTZDVMUVSBMFT QFSPQSFDJTBNFOUFQBSB
RVFMBQFSTPOBNBOUFOHBTVDFOUSBMJEBE
TJOEFTUSVJSMBUSBEJDJOZTJOPCTUSVJSFM
GVUVSPw
&M.BOVBMTFFTUSVDUVSBFOUSFTQBSUFT
-BQSJNFSB i&MNBSDPEFMB#JPUJDBw
UJFOFDPNPPCKFUJWPTFOTJCJMJ[BSBMMFDUPS
DPOFMDPOUFOJEPEFMB#JPUJDB4FFT
UBCMFDFOTVTEJGFSFODJBTDPOMBUJDBZMB
EFPOUPMPHB TVPSJHFOZEFTBSSPMMP VOB
GVOEBNFOUBDJOQFSTPOBMJTUBCBTBEBFO
MB TPMJEBSJEBE Z FM SFTQFUP EF MB EFCJMJ
EBE Z MB WJEB GSHJM TVT SFMBDJPOFT DPO
FM%FSFDIPZMB1PMUJDB MB&OGFSNFSB
ZFMUSBCBKPQSPGFTJPOBMEFMNEJDPFOFM
IPTQJUBMPFMDFOUSPEFTBMVE
-BTFHVOEBQBSUF UJUVMBEB i$MBWFTQBSB
MBBSHVNFOUBDJO#JPUJDBw UJFOFDPNP
mOBMJEBE iQSPQPSDJPOBS IFSSBNJFOUBT
DVZB BQMJDBDJO TPMVDJPOF B BM NFOPT
BQVOUFBMBTTPMVDJPOFTEFMPTQSPCMFNBT
RVFTFQMBOUFBOFOUSFDJFODJBZDPODJFO
DJBw$PNJFO[BDPOFMBOMJTJTEFMNVO
EPOBUVSBMZMBUJDBEFMEPNJOJPUDOJ
DPEFMBOBUVSBMF[B ZDPOMBTFYJHFODJBT
CJPKVSEJDBT EF MB EJHOJEBE IVNBOB Z
EFM FTUBUVUP EFM FNCSJO IVNBOP 4F
USBUBO UBNCJO MPT BTQFDUPT UJDPT EFM
(FOPNBIVNBOP MBTFYVBMJEBEIVNB
OB FM EFSFDIP B MB GBNJMJB MB SFMBDJO
FOUSF MJCFSUBE DFSFCSP Z EJHOJEBE QFS
TPOBMZmOBMNFOUF MBTBQMJDBDJPOFTEF

MBCJPUJDBBMDBNQPEFMBFDPMPHBZFM
NFEJPBNCJFOUF
-BUFSDFSBQBSUFMMFWBQPSUUVMPi5FNBT
CJPUJDPTFTQFDmDPTwZTFDBSBDUFSJ[BQPS
TVDPOUFOJEPNTQSDUJDP-B#JPUJDB
BOUF MBT OVFWBT UFDOPMPHBT HFOUJDBT
MB FYQFSJNFOUBDJO DPO TFSFT IVNBOPT
ZDPOBOJNBMFTMPTUSBTQMBOUFTZYFOP
USBTQMBOUFTMBJOWFTUJHBDJODPODMVMBT
NBESFZMBDMPOBDJOMBTUDOJDBTEFSF
QSPEVDDJOBTJTUJEBMBIPNPTFYVBMJEBE
MBBUFODJOBQBDJFOUFTDPOTJEBFMBCPS
UPMBEJTQPOJCJMJEBEEFMBWJEBFOFMEF
SFDIPQFOBMMPTDVJEBEPTQBMJBUJWPTWT
MB FVUBOBTJB Z mOBMNFOUF MB FVUBOBTJB
OFPOBUBMZMBMJNJUBDJOEFUSBUBNJFOUPT
FOMBT6OJEBEFTEF$VJEBEPT*OUFOTJWPT
/FPOBUBMFT
&OMBTJUVBDJOBDUVBMFOMBRVFVOFmDB[
QSBHNBUJTNP JSSBDJPOBMJTUB Z MB EFTWJO
DVMBDJOFOUSFMPTIPNCSFTDVOEFFOMPT
EFCBUFT BDBENJDPT TPCSF MB #JPUJDB Z
FO UBOUBT PUSBT EJNFOTJPOFT DVMUVSBMFT
TFIBDFNTOFDFTBSJPZVSHFOUFDPOPDFS
ZSFDPSEBSUPEBMBWFSEBETPCSFFMWBMPS
JODPNQBSBCMFEFDBEBWJEBIVNBOB&O
TVTFOUJEPSBEJDBM MBQFSTPOBZTVJOOBUB
EJHOJEBETPOFMPSJHFOZFMmOEFMBDJFO
DJBZMBTPDJFEBE
(MPSJB.BSB5PNTZ(BSSJEP &EJ
UPSB
-B #JPUJDB VO DPNQSPNJTP
FYJTUFODJBM Z DJFOUmDP 5PNP *

'VOEBNFOUBDJO Z SFnFYJPOFT
2VBEFSOB .VSDJB QQ
&M MFDUPS UJFOF FOUSF TVT NBOPT FM QSJ

NFSUPNPEFMPTUSFTRVFDPNQPOFOMB
PCSB-B#JPUJDBVODPNQSPNJTPFYJT
UFODJBMZDJFOUmDP$BEBVOPEFFMMPT
TJFOEPJOEFQFOEJFOUFT TFJOUFSSFMBDJPOB
DPOMPTPUSPT QVFTMBWJEBOPQVFEFTV
NJOJTUSBSTF FO DPNQBSUJNJFOUPT FTUBO
DPT TV DBCBM FOUFOEJNJFOUP TPCSFQBTB
OVFTUSB SB[O Z OVFTUSBT SB[POFT QPS
FMMP FTQPTJCMFBWBO[BS%FBIRVFFTUF
QSJNFS UPNP SFTQPOEB BM DPNQSPNJTP
GVOEBNFOUBM F JOBDBCBEP EF BNQMJBS Z
QSPGVOEJ[BSFOMBGVOEBNFOUBDJOEFMB
#JPUJDBEFTEFEJTUJOUBTQFSTQFDUJWBT
-BDPPSEJOBEPSBZFEJUPSBEFFTUBPCSB
RVF BQBSFDFS FO USFT WPMNFOFT FT
EPDUPSB FO 'BSNBDJB QPS MB VOJWFSTJ
EBE$PNQMVUFOTFEF.BESJE)BTJEP
QSPGFTPSB EF MB 'BDVMUBE EF .FEJDJOB
EF 7BMFODJB Z QSPGFTPSB WJTJUBOUF FO MB
6OJWFSTJEBE "VTUSBM FO "SHFOUJOB &O
MB BDUVBMJEBE FT QSPGFTPSB "EKVOUB EF
#JPUJDBFOMB6OJWFSTJEBE$BUMJDB4BO
"OUPOJP FO.VSDJB
-BmOBMJEBEEFUPEBTFMMBTFTBQPSUBSVOB
JEFBDFOUSBMZBBQVOUBEB RVFMB#JPUJDB
BTVNBDPNPQSJODJQJPQSPQJPBMBQFS
TPOB DVZBEJHOJEBEFTJOBMJFOBCMF6OB
OPSNBUJWBEFFTUBOEPMFTVQFSBJEFPMP
HBT Z FT QBUSJNPOJP JNQPSUBOUF EF MB
FYQFSJFODJB IVNBOB &TUF MJCSP RVJFSF
DPOUSJCVJSFmDB[NFOUFBFTUFOPCMFPC
KFUJWP
UPSB
FYJTUFODJBM Z DJFOUmDP 5PNP **

#JPUJDB Z FOUSBNBEP TPDJBM 6OJ
WFSTJEBE$BUMJDB4BO"OUPOJP 2VB
EFSOB
)BDF BPT FM BDUVBM 1BQB #FOFEJDUP
97* FYQMJDBCB RVF MB WJTJO UJDB QSP
QJBEFMBGFFO$SJTUPOPDPOTUJUVZFBMHP
FYDMVTJWBNFOUFDSJTUJBOP TJOPRVFFTMB
TOUFTJTEFMBTHSBOEFTJOUVJDJPOFTNPSB
MFTEFMBIVNBOJEBE QVFTUPEPIPNCSF
UJFOFOFDFTJEBEEFMBUSBTDFOEFODJBZEF
MBUJDB&TNT BVORVFMBOFHBDJOEF
FTUBT MUJNBT DPOEVDF JOJDJBMNFOUF B
VOB FYBMUBDJO BQBTJPOBEB EF MB WJEB
QSPOUPEFWJFOFFOMBOVTFBEFFTBNJT
NBWJEBZFOMBCBOBMJ[BDJOEFTVTTB
UJTGBDDJPOFT
&TUB SFBMJEBE TF IBDF QBUFOUF DBEB EB
NJFOUSBTRVFMBUFDOPMPHBBWBO[BZDSF
DF QBSFDFRVFMBTQFSTPOBTQJFSEFOFTUB
UVSBNPSBM-BPQJOJOQCMJDB BNPEP
EFEJSFDUPSBOOJNPEFMBFYJTUFODJBIV
NBOB IBDSFBEPVOBTPDJFEBEVGBOBEF
T NJTNB RVF SFTQPOEF B FTUB JNBHFO
TPNCSBEFMIPNCSF
&TUF TFHVOEP WPMVNFO EF -B #JPUJDB
VODPNQSPNJTPFYJTUFODJBMZDJFOUmDP
RVFWFSTBTPCSFMBJODJEFODJBEFMB#JP
UJDBFOFMFOUSBNBEPTPDJBM NVFTUSBRVF
QVFEFOSFTDBUBSTFIPSJ[POUFTSFOPWBEPT
EFM TFOUJNJFOUP QSJNJHFOJP EF OVFTUSP
FYJTUJS5FOEFSQVFOUFTFOUSFMPQFSNB
OFOUFZMPDBNCJBOUFFTFMIJMPDPOEVD
UPS EF MB PCSB &M MFDUPS FODPOUSBS FO
TVT QHJOBT VO OVFWP NPEP EF NJSBS
MBWFSEBEEFMBWJEBZEFDPNVOJDBSMP
#JPUJDB %FCBU *OTUJUVU #PSKB EF

#JPUJDB

UPSB
FYJTUFODJBMZDJFOUmDP 5PNP***

-B#JPUJDBFONCJUPTFTQFDmDPT
2VBEFSOB QQ
&TUFMJCSPFTFMUFSDFSWPMVNFOFEJUBEP
QPS MB BVUPSB DPNP DVMNJOBDJO FNJ
OFOUFNFOUFQSDUJDBEFMPTEPTBOUFSJP
SFT 4F DPNQPOF EF EPDF DBQUVMPT FO
MPTRVFTFBCPSEBOUFNBTEFBDUVBMJEBE
FMEFSFDIPBUFOFSEFGFDUPTBOUFMBOVF
WBHUJDB MBTDPOTFDVFODJBTEFMBCPSUP
MBBEPQDJOQPSIPNPTFYVBMFT FMFTUB
EP WFHFUBUJWP MB QFOEJFOUF SFTCBMBEJ[B
EFMBFVUBOBTJB4FUSBUBOBEFNTPUSPT
BTQFDUPT NFOPT MMBNBUJWPT QFSP RVF
NVFTUSBO MB DBQBDJEBE IVNBOB QBSB FM
CJFOZMBTVQFSBDJOFMVTPSBDJPOBMEF
MPT NFEJDBNFOUPT MB TBMVE EFTEF VOB
QFSTQFDUJWBCJPUJDB FMDVJEBEPEFMEF
NFOUF MB NFEJDJOB FOUF MPT FOGFSNPT
UFSNJOBMFT
(MPSJB .BSB 5PNT Z (BSSJEP

$VFTUJPOFT BDUVBMFT EF #JPUJDB
&6/4" /BWBSSB QQ
"RVTFUSBUBOEFNPEPTFODJMMPZBDDF
TJCMFBVOQCMJDPDVMUP QFSPOPOFDF
TBSJBNFOUFFYQFSUP MPTUFNBTEFNBZPS
JOUFST Z BDUVBMJEBE FO FM DBNQP EF MB
CJPUJDB5SBTVOBCSFWFEFmOJDJOEFM
DPODFQUPEFCJPUJDB TFPGSFDFTVGVO
EBNFOUBDJOBOUSPQPMHJDBDFOUSBEBFO
MBEJHOJEBEEFMTFSZEFMPCSBSEFMBQFS
TPOB %FTEF FTB QFSTQFDUJWB TF BCPSEB
MBCJPUJDBEFMBWJEBIVNBOBEFTEFTV

DPODFQDJOIBTUBTVUSNJOPOBUVSBM BT
DPNPMBTEJWFSTBTCJPUFDOPMPHBT DPNP
QPS FKFNQMP UDOJDBT EF SFQSPEVDDJO
BTJTUJEB SFQSPEVDDJO IVNBOB BTFYVB
EB BOUJDPODFQDJO BCPSUPZFTUFSJMJ[B
DJO FVUBOBTJB FUD
&MEFTBSSPMMPTVTUFOUBCMFDPNPQBSBEJH
NB UJDP 7*** -B UPNB EF EFDJTJPOFT
FOMPTEJMFNBTCJPUJDPT*9UJDBEFMB
SFMBDJONEJDPZQBDJFOUF&OGFSNFEBE
ZFODVFOUSP9#JPUJDBFOFMFKFSDJDJP
EFMBNFEJDJOBEFGBNJMJB
-BBNQMJBEFEJDBDJOEFMBBVUPSBBUP
EPTFTUPTBTVOUPT KVOUPDPOTVDPNQF
UFODJBDJFOUmDB IBDFORVF$VFTUJPOFT
BDUVBMFTEF#JPUJDBTFBVOBIFSSBNJFO
UBFYUSBPSEJOBSJBNFOUFUJMQBSBDVSTPT
CSFWFT RVF USBUFO TPCSF FTUB NBUFSJB Z
VODPNQMFNFOUPDVMUVSBMQBSBBCPSEBS
UFNBT RVF TF QMBOUFBO DPOUJOVBNFOUF
FOMBTPDJFEBEBDUVBMFOMBTRVFEFNB
TJBEBTWFDFTTFPNJUFVOBBEFDVBEBSF
nFYJOTPCSFMBQFSTPOBIVNBOB
&MJFYFS6SEBOFUB &EJUPS
.FNPSJBT
EFM ** $POHSFTP *CFSPBNFSJDBOP
Z EFM $BSJCF EF #JPUJDB *OTUJUVUP
-BUJOPBNFSJDBOPEF#JPUJDBZ%FSF
DIPT )VNBOPT .SJEB
QQ
(MPSJB.BSB5PNTZ(BSSJEP EPDUP
SBFO'BSNBDJBZ.BTUFSFO#JPUJDBFT
QSPGFTPSB "HSFHBEB EF MB 6OJWFSTJEBE
$BUMJDBEF.VSDJB"EFNTEFNFEJP
DFOUFOBSEFBSUDVMPT IBQVCMJDBEPWB
SJPTMJCSPTTPCSFTVFTQFDJBMJEBE
(MPSJB.BSB5PNTZ(BSSJEP &O
SJRVF "NBU "HVJSSF -B #JPUJDB
.VSDJB QQ
OEJDF *OUSPEVDDJO * (FOUJDB OB
UVSBMF[B IVNBOB Z EPOFT EFM FTQSJ
UV ** 1SJODJQJPT MUJNPT Z DVFTUJPOFT
CJPUJDBT *** -B MFZ NPSBM OBUVSBM Z
MBT DVFTUJPOFT CJPUJDBT *7 #JPUJDB Z
DPODJFODJBNPSBM7#JPUJDBZOPSNB
QFSTPOBMJTUB EF MB BDDJO 7* -JCFSUBE
Z CJPUJDB $PNFOUBSJPT FO UPSOP B MB
BQPSUBDJO MJCFSBM Z FDPGFNJOJTUB 7**
OFT FO FM ** $POHSFTP *CFSPBNFSJDBOP
Z EFM $BSJCF TPCSF i#JPUJDB BYJPMPHB
ZEFSFDIPTIVNBOPTw ZMBTEFM*4FNJ
OBSJP*OUFSOBDJPOBMTPCSFi%FTBGPTUJ
DPT FO VO NVOEP HMPCBM MB WJEB FO FM
MNJUFw RVF UVWJFSPO MVHBS FO .SJEB
7FOF[VFMB FOUSFFMZFMEFGFCSFSP
EF
.BOVFM5SFWJKBOP&UDIFWFSSJB{2V
FT MB #JPUJDB &EJDJPOFT 4HVFNF
4BMBNBODB QQ
-JDFODJBEPFO'JMPTPGBQPSMB6OJWFSTJ
EBEEF$PNJMMBT 4BOUBOEFS
ZEF.B
ESJE PCUVWP FM EPDUPSBEP FO .VOJDI
-JDFODJBEPFOUFPMPHBQPSMB6OJWFSTJ
EBE (SFHPSJBOB 3PNB
1SPGFTPS EV
SBOUFNVDIPTBPTFOMB6OJWFSTJEBEEF
#VFOPT"JSFT EPOEFSFBMJ[BFTUVEJPTEF
NBUFNUJDBT'BMMFDJFMEFOPWJFN
CSFEF
5SFWJKBOPPGSFDFVOBWJTJOIJTUSJDBEF
MB SFBMJEBE BDUVBM EF MB CJPUJDB Z QSF
TFOUBMPRVFMPTCJPUJDPTFOUJFOEFOIPZ
QPSTVDJFODJB4FIBOBBEJEPFKFNQMPT
TPCSFMPTUFNBTNTDBOEFOUFTFOMBBD
UVBMJEBEMBDMPOBDJOZFMUSBTQMBOUFEF
SHBOPT
"OESFX$7BSHB#JPUJDB QSJODJ
QBMFTQSPCMFNBT&EJDJPOFT4BO1B
CMP #PHPU
&MBVUPSFTKFTVJUB EFPSJHFOIOHBSPZ
QSPGFTPS EF #JPUJDB FO MB 6OJWFSTJEBE
EF 'PSEIBN /FX :PSL Z FTDSJCJ MB
QSJNFSBFEJDJOEFFTUFMJCSPFO
-B UFSDFSB FEJDJO GVF USBEVDJEB QPS
"MGPOTP -MBOP &TDPCBS 4+ Z QVCMJ
DBEB FO FO #PHPU &M MJCSP FTU
FTDSJUPEFTEFMBQUJDBOPSUFBNFSJDBOB
QFSP BQPSUB VOB TFSJF EF SFnFYJPOFT
DMBSBT RVFBQPZBOEFGPSNBFYQSFTBFM
.BHJTUFSJPEFMB*HMFTJB$BUMJDBFODBEB
DVFTUJOoDPOBMHVOBTTBMWFEBEFTFOMB
BOUJDPODFQDJOZSFDVSTPBMPTNUPEPT
OBUVSBMFTEFSFHVMBDJOEFMBGFSUJMJEBEo
B MB WF[ RVF QSFTFOUBO MPT EFCBUFT FO
UPSOP B DBEB VOB EF FMMBT #JPMPHB Z
.PSBM DPOTVTBOMJTJTDSUJDPEFMBTEJT
UJOUBTDPODFQDJPOFTUJDBT1PCMBDJOZ
SFTQPOTBCJMJEBENPSBM&MBCPSUP&VHF
OFTJBZDBMJEBEEFWJEB'FDVOEBDJOJO
WJUSPZUSBOTGFSFODJBEFFNCSJPOFT'PS
NBTJSSFHVMBSFTEFQSPDSFBDJO*OHFOJF
SBHFOUJDB&YQFSJNFOUBDJOIVNBOB
1TJDPDJSVHB Z DPOUSPM EF MB DPOEVDUB
%SPHBT&MUSBOTQMBOUFEFSHBOPTS
HBOPTBSUJmDJBMFT1SFTFMFDDJOZDBNCJP
EFTFYP7JEBZNVFSUF-BNPSBMJEBEEF
MBFVUBOBTJBJOGBOUJM
7BSJPT BVUPSFT &OTBZPT EF CJPUJ

DB*OTUJUVU#PSKBEF#JPUJDBZ'VO
QQ
1SJNFS WPMVNFO EF FTUB DPMFDDJO RVF
OPTEFM.TUFSZ1PTUHSBEPFO#JPUJDB
RVFJNQBSUFFM*## UPEPTFMMPTEFHSBO
DBMJEBEFJOUFSTTPCSFEJGFSFOUFTUFNUJ
DBTEF#JPUJDBZEFTEFEJWFSTBTWFSUJFO
UFT NEJDB mMPTmDBZKVSEJDB

7BSJPTBVUPSFT&OTBZPTEFCJPUJDB
*OTUJUVU#PSKBEF#JPUJDBZ'VO
QQ
4FHVOEPWPMVNFOEFFTUBDPMFDDJO
7BSJPTBVUPSFT&OTBZPTEFCJPUJDB
*OTUJUVU#PSKBEF#JPUJDBZ'VO
QQ
5FSDFSWPMVNFOEFFTUBDPMFDDJO
7BSJPT BVUPSFT &OTBZPT EF #JP

UJDB *OTUJUVU #PSKB EF #JPUJDB Z
'VOEBDJO .BQGSF .FEJDJOB .B
ESJE QQ
$VBSUP WPMVNFO EF FTUB DPMFDDJO RVF
OPT EFM .TUFS Z 1PTUHSBEP FO #JPUJ
DB RVF JNQBSUF FM *## UPEPT FMMPT EF
HSBO DBMJEBE F JOUFST TPCSF EJGFSFOUFT
UFNUJDBT EF #JPUJDB Z EFTEF EJWFSTBT
WFSUJFOUFT NEJDB mMPTmDB Z KVSEJ
DB
#JPUJDB%FCBU *OTUJUVU#PSKBEF
#JPUJDB

7BSJPTBVUPSFT-BTBMVEZMPTEFSF
DIPT IVNBOPT "TQFDUPT UJDPT Z
NPSBMFT0SHBOJ[BDJO1BOBNFSJDB
OB EF MB 4BMVE 8BTIJOHUPO
QQ
&TUB PCSB GVF FTDSJUB PSJHJOBMNFOUF FO
GSBODTFOQPSFM$POTFKPEF&V
SPQB TJFOEPTVOJDBUSBEVDDJOBVUP
SJ[BEB &O FM MJCSP TF FYQPOFO MBT OPS
NBTKVSEJDBTJOUFSOBDJPOBMFTZFVSPQFBT
SFMBDJPOBEBT DPO QSPCMFNBT BDUVBMFT
QSFTFOUOEPTFDBTPTDMOJDPTQSDUJ
DPTBOBMJ[BEPTQPSEJGFSFOUFTBVUPSFTEF
QBTFTFVSPQFPTRVFFWBMBOMBTSFBDDJP
OFTQPTJCMFTEFMQSPGFTJPOBMEFMBTBMVE
GSFOUF B MB MFHJTMBDJO JOUFSOBDJPOBM MB
UJDBZPUSPTQSJODJQJPTNPSBMFT SFMJHJP
TPTZMBJDPTTPCSFQSPCMFNBTBDUVBMFTEF
TBMVE
7BSJPTBVUPSFT1SPHSTIVNJSFT
QPOTBCJMJUBUTPDJBMMBCJPUJDBBMTF
HMF99**OTUJUVU#PSKBEF#JPUJDBZ
%PDVNFOUB6OJWFSTJUSJB $PMFDDJO
#04 O (JSPOB QQ
&M*OTUJUVU#PSKBEF#JPUJDBQSFTFOUBFO
FTUBPCSBMBSFDPQJMBDJOEFVODPOKVOUP
EFUSBCBKPTDJFOUmDPTFYQVFTUPTFOGPS
NB EF DPOGFSFODJBT Z DPMPRVJPT FO MPT
BDUPTEFDPONFNPSBDJOEFMPTBPT
EFM*OTUJUVUP DFMFCSBEPTFOFMBP
Z 3FMFWBOUFT FTQFDJBMJTUBT EF MB
CJPUJDBNVOEJBM KVOUPDPOEFTUBDBEPT
SFQSFTFOUBOUFT EF MBT VOJWFSTJEBEFT EF
$BUBMVBZPUSPTQSPGFTJPOBMFT IBODP
MBCPSBEPFOMBFMBCPSBDJOEFFTUFMJCSP
RVFFM*##RVJFSFDPNQBSUJSDPOUPEBT
BRVFMMBT QFSTPOBT RVF EFTFFO DPOPDFS
BMHPNTTPCSFVOPEFMPTHSBOEFTUFNBT
EFMOVFWPNJMFOJPMBCJPUJDB
7BSJPT BVUPSFT &M $OEPS MB 4FS

QJFOUFZFM$PMJCSMB0140.4Z
MBTBMVEQCMJDBFOFM&DVBEPSEFM
TJHMP990140.4 2VJUP
&OFTUFMJCSPEFMB014TPCSFMB4BMVE
1CMJDB FO FM &DVBEPS EFM TJHMP 99 TF
EFEJDBVOFYUFOTPDBQUVMPBMBIJTUPSJB
EFMOBDJNJFOUPZQSJNFSEFTBSSPMMPEFMB
#JPUJDB FO &DVBEPS &TDSJCFO BMHVOPT
NEJDPT RVF IBO FTUBEP WJODVMBEPT F
JOUFSFTBEPTQPSFMEFTFOWPMWJNJFOUPEF
MB#JPUJDBFOFM1BTFMEPDUPS%JNJUSJ
#BSSFUP#BRVFSP EPDUPS7DUPS.BOVFM
1BDIFDP#BTUJEBT EPDUPS'FSOBOEP%P
NOHVF[ 3PESHVF[ Z EPDUPS "OUPOJP
$SFTQP -B #JPUJDB FT EF VO SFDJFOUF
EFTBSSPMMPFOFM&DVBEPSZTFPSHBOJ[BZ
EJOBNJ[BBQBSUJSEFMBPDVBOEP
TFSFOFFM9997**DPOHSFTPEJSFDUJWP
EFMB014ZTFDSFBFMQSPHSBNBSFHJP
OBMEF#JPUJDBDPOTFEFFOMBDJVEBEEF
4BOUJBHP EF $IJMF QSPHSBNB RVF TJO
EVEBIBDPOUSJCVJEPFOGPSNBQPTJUJWBB
MBEJGVTJOEFMB#JPUJDBFOFM&DVBEPS
-VJT "MGPOTP 7MF[ $PSSFB UJDB

NEJDB*OUFSSPHBOUFTBDFSDBEFMB
NFEJDJOB MBWJEBZMBNVFSUF$PS
QPSBDJOEF*OWFTUJHBDJPOFT#JPMHJ
DBT .FEFMMO QQ
&MBVUPSFTNEJDPJOUFSOJTUBZQSPGFTPS
EFMB6OJWFSTJEBEEF"OUJPRVJB .FEF
MMO ZSFDUPSEFM*OTUJUVUPEF$JFODJBTEF
MB4BMVE&OFTUFMJCSPEFUJDBNEJDB
USBUB EF CBTUBOUFT BTQFDUPT EF UJDB HF
OFSBM BOUSPQPMPHB NEJDB MB SFMBDJO
DPOFMQBDJFOUFZFMDPOTFOUJNJFOUPJO
GPSNBEP TFDSFUPQSPGFTJPOBM FUD5BN
CJOBOBMJ[BFOMBTFHVOEBQBSUFBMHVOPT
UFNBT DPODSFUPT EF EFCBUF BCPSUP GF
DVOEBDJO JOWJUSP DNP BGSPOUBS MB

NVFSUF
.JSUB 7JEFMB -PT EFSFDIPT IVNB

OPT FO #JPUJDB /BDFS WJWJS FO
GFSNBS Z NPSJS &EJUPSJBM "E )PD
#VFOPT"JSFT QQ
1TJDMPHB RVF USBCBKB FO -B 1MBUB "S
HFOUJOB5SBUBFOFTUFMJCSPEFMB#JP
UJDBDPNPEJTDJQMJOBZDPOWFSHFODJBEF
TBCFSFT-PTQSPCMFNBTFTFODJBMFTEFMB
#JPUJDBTPCSFMBWJEBZMBNVFSUFEFT
BQBSFDFS NFKPSBS DSFBS BSUJmDJBMNFOUF
MBWJEBFMQSPCMFNBEFMBFTUFSJMJEBEIV
NBOBSFQSPEVDDJOTJOTFYPZQBUFSOJ
EBETJOQSPDSFBDJOEFMBSFQSPEVDDJO
B MB QSPEVDDJO EF TFSFT QFSGFDUPT MB
EJHOJEBEEFMIPNCSFBOUFMBNVFSUF

"OFYP%JSFDDJPOFT8FC
EFDFOUSPTFJOTUJUVDJPOFTEF
CJPUJDBFO*CFSPBNSJDB
3FWJTBEBTFOBHPTUPEF
*OUFSOBDJPOBMFT
'FEFSBDJO-BUJOPBNFSJDBOBZEFM$BSJ
CFEF*OTUJUVDJPOFTEF#JPUJDB'&-"*
#&IUUQXXXGFMBJCFDPNBS
0140.41SPHSBNBEF#JPUJDB DPO
TFEFFO4BOUJBHPEF$IJMFIUUQXXX
QBIPPSHTQBOJTICJPIPNFIUN
3FE #JPUJDB 6/&4$0 IUUQQPSUBM
JOFSHPCNYCJPFUJDBJOEFYKTQ
6/&4$0 #JPUJDB IUUQXXXVOFT
DPPSHVZTITFTBSFBTEFUSBCBKPDJFO
DJBTTPDJBMFTCJPFUJDBQSFTFOUBDJPOIUNM
"SHFOUJOB
"TPDJBDJO"SHFOUJOBEF#JPUJDB.BS
EFM1MBUBIUUQXXXBBCJPFUJDBPSH
#JP4VS"TPDJBDJOEF#JPUJDBZ%F
SFDIPT)VNBOPT3FE3FHJPOBMEF$P
NJUT EF UJDB FO 4BMVE IUUQXXX
CJPTVSPSHBS
#JPUJDB Z %FSFDIP 'BDVMUBE EF %F
SFDIP 6OJWFSTJEBE EF #VFOPT "JSFT
IUUQXXXCJPFUJDBPSHCJPFUJDBJO
EFYIUN
$FOUSP EF *OWFTUJHBDJO Z &OTFBO[B
#VFOPT"JSFTXXXCJPFUJDBPSH
$PNJTJOEF#JPUJDB1+PT,FOUFOJ
DIIUUQXXXGBNJMJBPSHBS
'MBDTP"SHFOUJOB1SPHSBNBEF#JPUJDB
Z $VSTPT EF QPTUHSBEP IUUQWJSUVBM
nBDTPPSHBS
IUUQXXXnBDTPPSHBSJOWFTUJHBDJPO@
BZQ@DPOUFOJEPQIQ *%
*OTUJUVUPEF#JPUJDB'BDVMUBEEF$JFO
DJBT.EJDBT 6OJWFSTJEBE$BUMJDB"S
HFOUJOB 6$" IUUQXXXVDBFEV
BSFTQTFDCJPFUJDBJOEFYQIQ
*OTUJUVUP EF #JPUJDB Z )VNBOJEBEFT
.EJDBT 'VOEBDJO .BJOFUUJ QBSB FM
QSPHSFTPEFMB.FEJDJOB-B1MBUBXXX
GVOEBDJPONBJOFUUJDPNBSCJPFUJDBIUN
3FE EF #JPUJDB #VFOPT "JSFT IUUQ
XXXCJPFUJDBPSH
4PDJFEBE EF UJDB FO .FEJDJOB "TP
DJBDJO.EJDB"SHFOUJOBIUUQXXX
TFNJOUSBNFEOFUBS
6OJWFSTJEBE "VTUSBM %FQBSUBNFOUP
EF #JPUJDB IUUQXXXBVTUSBMFEV
BSCJPNFEJDBTEFQBSUBNFOUP@CJPFUJDB
IUN
6OJWFSTJEBE/BDJPOBMEF$VZP'BDVMUBE
EF$JFODJBT.EJDBT.FOEP[B.BFT
USBFO#JPUJDBIUUQGDNVODVFEVBS
JOEFY1PTHSBEPQIQ QBHJOBCJPFUJDB
6OJWFSTJEBE/BDJPOBMEF-BOT.BFT
USBFOUJDB"QMJDBEBIUUQXXXCJP
FUJDBPSHDFOUSPTIUN
6OJWFSTJEBE /BDJPOBM .BS EFM 1MBUB
&TQFDJBMJ[BDJOFO#JPUJDB
IUUQXXXCJPFUJDBPSHDFOUSPTIUN

#PMJWJB
$PNJU /BDJPOBM EF #JPUJDB EF #PMJ
WJB
IUUQXXXPQTPSHCPCJPFUJDBBDUB
IUN
6OJWFSTJEBE$BUMJDB#PMJWJBOB4BO1B
CMP$FOUSPEF#JPUJDB
XXXVDCDCBFEVCP
#SBTJM
$FOUSP 6OJWFSTJUSJP 4P $BNJMP 4P
1BVMPXXXTDBNJMPCS
&TDPMB/BDJPOBM4BEF1CMJDB%FQBS
UBNFOUPEF$JFODJBT4PDJBJT 'BDVMEBEF
.FEJDJOB /DMFP EF UJDB "QMJDBEB F
#JPUJDB '*0$36;3JPEFKBOFJSP
IUUQXXXCJPFUJDBPSHCS
TJUF"DBP#JPFUJDB#SBTJM*OUFHSBJE
*OTUJUVUPEF#JPUJDB %FSFDIPT)VNB
OPTZ(OFSP#SBTJMJBXXXBOJTPSHCS
*OTUJUVUP 0TDBS 'SFJSF $FOUSP EF #JP
UJDB 'BDVMEBEF EF .FEJDJOB 6 4P
1BVMP
IUUQXXXCJPFUJDBPSHCS
/DMFP *OUFSJOTUJUVDJPOBM EF #JPUJDB
(SVQPEF1FTRVJTB1PSUP"MFHSF
IUUQEHQDOQRCSCVTDBP
QFSBDJPOBMEFUBMIFHSVQP
KTQ HSVQP%&50,
1POUJGDJB6OJWFSTJEBEF$BUMJDBEF4P
1BVMP/DMFP'FZ$VMUVSB
XXXQVDTQCSGFDVMUVSBUFYUPT@CJP@
DJFODJBTIUNM
1POUJmDJB
6OJWFSTJEBEF
$BUMJ
DB 1PSUP "MFHSF 'BDVMEBEF .F
EJDJOB /DMFP EF &TUVEPT FN
#JPUJDB IUUQXXXCJPFUJDBPSHCS
4PDJFEBEF#SBTJMFJSBEF#JPUJDB#SBT
MJBIUUQXXXTCCJPFUJDBPSHCS
6OJWFSTJEBEF 'FEFSBM EF 4P 1BVMP
%JTDJQMJOBEF.FEJDJOB-FHBMF#JPUJ
DB IUUQXXXVOJGFTQCSEQBUPNF
EMFHBMENMENIUN
$PMPNCJB
"TPDJBDJO /BDJPOBM EF #JPUJDB
"/"-#& IUUQBOBMCFHPPHMFQBHFT
DPN
1POUJmDJB6OJWFSTJEBE+BWFSJBOB*OTUJ
UVUP EF #JPUJDB $&/"-#& #PHPU
IUUQXXXKBWFSJBOBFEVDPCJPFUJDB
JOJDJPIUN
*OTUJUVUP$PMPNCJBOPEF&TUVEJPT#JP
UJDPT *$&#
"DBEFNJB /BDJPOBM EF
.FEJDJOB EF $PMPNCJB IUUQFODP
MPNCJBDPNNFEJDJOBTPDJFEBEFTDJFO
JDFCIUN
6OJWFSTJEBE&M#PTRVF*OTUJUVUPZ1SP
HSBNBEF#JPUJDBXXXCJPFUJDBVOCPT
RVFFEVDP

6OJWFSTJEBE-B4BCBOB$FOUSPEF#JP
UJDB IUUQXXXVOJTBCBOBFEVDP
QPTUHSBEPFTQFDJBMJ[BDJPOFTNFEJDJOB
CJPFUJDBJOEFYIUNM
6OJWFSTJEBE /BDJPOBM EF $PMPNCJB
3FEEF#JPUJDBXXXVOBMFEVDPCJP
FUJDBJOEFYIUNM
%FQBSUBNFOUP EF #JPUJDB Z )VNBOJ

EBEFT .EJDBT 'BDVMUBE EF .FEJDJOB
6OJWFSTJEBEEF$IJMFIUUQXXXNFE
VDIJMFDMEFQBSUBNFOUPTCJPFUJDB@IV
NBOJEBEFT@NFEJDBTIUNM
*OTUJUVUP EF #JPUJDB 6OJWFSTJEBE $B
UMJDBEFMB4BOUTJNB$PODFQDJO
IUUQXXXJOTUJUVUPEFCJPFUJDBDM
$VCB
$FOUSP EF #JPUJDB +VBO 1BCMP ** -B
)BCBOBIUUQXXXDCJPFUJDBPSH
$PNJU EF #JPUJDB EF MB 6OJWFSTJEBE
EF -B )BCBOB IUUQXXXVIDVJO
GPHSBMBSFBTVIWSJBSDIJWPT$PNJUFDP
NJUFIUN
6OJEBEEF#JPUJDB0140.4IUUQ
XXXCJPFUJDBPQTPNTPSH&FIPNF
IUN
&DVBEPS
1POUJmDJB6OJWFSTJEBE$BUMJDBEF&DVB
EPS (SVQP EF #JPUJDB IUUQXXX
QVDFFEVFDTJUJPTCJPFUJDBJOEFYQIQ
$IJMF
$FOUSP EF #JPUJDB 'BDVMUBE EF .FEJ
DJOB1POUJmDJB6OJWFSTJEBE$BUMJDBEF
$IJMF IUUQFTDVFMBNFEQVDDMEFQ
UPT#JPFUJDB
$FOUSP EF #JPUJDB 6OJWFSTJEBE EFM
%FTBSSPMMP IUUQCJPFUJDBVEFTBSSPMMP
DMIUNMJOEFYIUNM
$FOUSP&TUVEJPTEFUJDB"QMJDBEB'B
DVMUBEEF'JMPTPGBZIVNBOJEBEFT6OJ
WFSTJEBE EF $IJMF IUUQXXXDFEFB
VDIJMFDMNJFNCSPTIUN
$FOUSPEFUJDB"QMJDBEB6OJWFSTJEBE
"MCFSUP )VSUBEP IUUQFUJDBVBIVSUB
EPDMOVFTUSP@DFOUSPDPOUFYUPIUN
$FOUSP*OUFSEJTDJQMJOBSJPEF&TUVEJPTFO
#JPUJDB6OJWFSTJEBEEF$IJMFIUUQ
XXXVDIJMFDMCJPFUJDB
4PDJFEBE&DVBUPSJBOBEF#JPUJDB
IUUQXXXCJPFUJDBPSHFD
&TQBB
*OTUJUVDJPOFT
$UFESBEF#JPUJDB6OJWFSTJEBE1POUJ
mDJBEF$PNJMMBTXXXVQDPFT
$UFESBEF%FSFDIPZ(FOPNB)VNB
OP6OJWFSTJEBEEF%FVTUPXXXDBUF
ESBEFSFDIPZHFOPNBIVNBOPFT
$UFESB 6/&4$0 EF #JPUJDB Z #JP
KVSEJDB
%FQBSUBNFOUP EF )VNBOJEBEFT #JP
NEJDBT6OJWFSTJEBEEF/BWBSSBXXX
VOBWFTDBTUFMMBOPQBNQMPOBGBDVMUB
EFTNFEJDJOBCJPFUJDBQQSJODJQBMIUMN

'VOEBDJ 7DUPS (SBGPMT J -VDBT #BS
DFMPOB
"TPDJBDJ $BUBMBOB E}&TUVEJT #JPUJDT

IUUQXXXBDFCPSH
*OTUJUVUP EF #JPUJDB 'VOEBDJO EF

$JFODJBTEFMB4BMVE.BESJEXXXGDTFT
4PDJFEBE7BMFODJBOBEF#JPUJDBIUUQ
XXXTWCJPFUJDBPSHFTQJOEFYIUNM
*OTUJUVP EF #JPUJDB EF "OEBMVDB 'B

DVMUBE EF 5FPMPHB 6OJWFSTJEBE EF
(SBOBEB
4PDJFEBE.VSDJBOBEF#JPUJDB 4.#

CJPFUJDB!VNFT
*OTUJUVUP EF #JPUJDB Z $JFODJBT EF MB

4BMVE &TDVFMB "SBHPOFTB EF $VJEBEPT
EFMB4BMVEIUUQXXXJOTUJUVUPEFCJP
FUJDBPSH
*OTUJUVUP#PSKBEF#JPUJDB4BO$VHBU
7BMMTXXXCJPJOTCPSPSH
*OTUJUVUP EF $POTVMUB F *OWFTUJHBDJO
#JPUJDB *$&# 'VOEBDJO #JPUJDB
$SEPCBIUUQXXXCJPFUJDBDTPSH
0CTFSWBUPSJ#JPUJDBJ%SFU#BSDFMPOB
XXXVCFTmMEUCJPFUJDBIUN
XXXCJPFUJDBZEFSFDIPVCFT
"TPDJBDJPOFT
%FDBSDUFSOBDJPOBM
$MOJDBXXXBTPDJBDJPOCJPFUJDBDPN
"TPDJBDJO&TQBPMBEF#JPUJDBZUJDB
.EJDBXXXBFCJPFUJDBPSH
4PDJFEBE*OUFSOBDJPOBMEF#JPUJDB "T
UVSJBTIUUQXXXTJCJPSH
"TPDJBDJO $BOBSJB EF #JPUJDB "$"

#*
IUUQXXXBDBCJFT
4PDJFEBE"OEBMV[BEF*OWFTUJHBDJO#JP
UJDBIUUQXXXBSSBLJTFT&TBJCJP
.YJDP
"DBEFNJB/BDJPOBM.FYJDBOBEF#JP
UJDBWTVBSF[!TFSWJEPSVOBNNY
"TPDJBDJO 1BOBNFSJDBOB EF #JPUJDB
IUUQXXXBQBCFPSHNY
$FOUSP EF &TUVEJPT F *OWFTUJHBDJO FO
#JPUJDB $&*# (VBEBMBKBSB .BFTUSB
FO#JPUJDB
IUUQXXXDFJCBDPSHJOEFY
QIQ PQUJPODPN@DPOUFOUUBTLWJFX
JE*UFNJE
$PMFHJP EF #JPUJDB EF /VFWP -FO
IUUQXXXCJPFUJDBDPNNY
$PMFHJPEF#JPUJDB"$ .YJDPXXX
DPMCJPPSHNYQSJNFSBIUN
%FDBSDUFSSFHJPOBM
$PNJTJO/BDJPOBMEF#JPUJDBIUUQ
XXXTBMVEHPCNYTJUJPTDOCJOEFY
IUN
"TPDJBDJOEF#JPUJDBEFMB$PNVOJEBE
EF.BESJEIUUQXXXBCJNBEPSH
4PDJFEBE *OUFSOBDJPOBM EF %FSFDIP

(FONJDP Z #JPUJDB $VFSOBWB

DB .PSFMPT .YJDP IUUQXXX
TJEFHFCNFHTDPN
6OJWFSTJEBE"OIVBD 'BDVMUBEEF#JP
UJDB .YJDP%'IUUQXXXBOBIVBD
NYCJPFUJDB
6OJWFSTJEBE 1FSVBOB $BZFUBOP )FSF

EJB 'BDVMUBE EF .FEJDJOB 6OJEBE EF
#JPUJDB
IUUQXXXVQDIFEVQFGBNFEBDFSDB
PSHBOJ[BDJPOBTQ
6OJWFSTJEBEEF(VBOBKVBUP$FOUSPEF
*OWFTUJHBDJPOFT FO #JPUJDB (VBOBKVB
UP -FOIUUQVTJDVHUPNYDJCVH
1PSUVHBM
6/". 1SPHSBNB EF QPTUHSBEP DPO

.BFTUSB Z %PDUPSBEP .YJDP %'
IUUQXXXKNWFSUJ[QPTHSBEPVOBN
NY
$POTFMIP /BDJPOBM EF UJDB QBSB BT

$JODJBTEB7JEB
IUUQXXXDOFDWHPWQUDOFDWQU
6/". 4FNJOBSJP FO MOFB EF UJDB

Z #JPUJDB 'BDVMUBE EF 'JMPTPGB Z -F
USBT .YJDP%'IUUQXXXEJBMPHPT
VOBNNYQSFTFOUBDJPOIUNM
6/".'BDVMUBEEF'JMPTPGB%JMPHPT
EFUJDBZCJPUJDB DPO$PMFHJPEF#JP
UJDB "$ IUUQXXXEJBMPHPTVOBN
NYOPUJDJBTIUNM
"TTPDJBP1PSUVHVFTBEF#JPUJDB
IUUQXXXBQCJPFUJDBPSH MJOHVBQU
$FOUSPEF#JPUJDB'BDVMEBEFEF.FEJ
DJOBEF-JTCPB
IUUQXXXGNVMQU
*OTUJUVUPEF#JPUJDB6OJWFSTJEBEF$B
UMJDBEF1PSUVHBM1PSUP
IUUQXXXQPSUPVDQQUTJUFDVT
UPNUFNQMBUFVDQUQMGBDIPNF
BTQ 441"(&*%MBOH
6SVHVBZ
1BOBN
"TPDJBDJO EF #JPUJDB EF 1BOBN
"#*01"/ IUUQXXXBCJPQBOPSH
QBJOEFYIUNM
6OJWFSTJEBE$BUMJDBEFM6SVHVBZ*OT
UJUVUPEF#JPUJDB'BDVMUBEEF$JFODJBT
)VNBOBT XXXVDVFEVVZ'BDVMUB
EFT$JFODJBT)VNBOBT*OTUJUVUPT#JPF
UJDB#JPFUJDBIUN
1FS
"TPDJBDJO1FSVBOBEF#JPUJDB "41&
#*0
IUUQXXXHFPDJUJFTDPN$PMMF
HF1BSL'JFME
"OFYP3FWJTUBT
MBUJOPBNFSJDBOBTEFCJPUJDBFO
*OUFSOFU
6OJWFSTJEBE/BDJPOBM4BO.BSDPT*OT
UJUVUPEFUJDBFO4BMVE
IUUQNFEJDJOBVONTNFEVQFJ@FUJDB
BTQ
"DUB #JPFUIJDB 3FWJTUB EFM 1SPHSBNB

EF #JPUJDB 0140.4 4BOUJBHP EF
$IJMF"PEFJOJDJP$POUJOVB
EPSB EF MPT $VBEFSOPT EFM QSPHSBNB
3FHJPOBM EF #JPUJDB FEJUBEPT EFTEF
B

IUUQXXXQBIPPSH4QBOJTI#*0
QVCMJDBIUN
"ST#JPUJDB$BNQPEF&TUVEJP1SJO
DJQBM #JPUJDB 6OJWFSTJEBE /BDJPOBM
"VUOPNB EF .YJDP *OJDJP QSFWJTUP
FOFMMUJNPUSJNFTUSFEFM
IUUQXXXKNWFSUJ[QPTHSBEPVOBN
NYCJPFUJDBCJPFJHIUN
"ST.FEJDB3FWJTUBEF&TUVEJPT.EJ
DPT )VNBOTUJDPT 1POUJmDJB 6OJWFSTJ
EBE$BUMJDBEF$IJMF4BOUJBHP"PEF
JOJDJP
IUUQFTDVFMBNFEQVDDMQVCMBSTNF
EJDBBSTNFEJDBIUNM
#JPFUIJLPT $FOUSP 6OJWFSTJUSJP 4P
$BNJMP4P1BVMP*OJDJP
IUUQXXXTBPDBNJMPTQCSJOEFY
QIQ QBHQVCMJDBDPFT
#JPUJDB3FWJTUBEFM$FOUSP+VBO1BCMP
**EF#JPUJDB -B)BCBOB $VCB"P
EFJOJDJP
IUUQXXXDCJPFUJDBPSH
#JPUJDB3FWJTUBEFM$POTFMIP'FEFSBM
EF.FEJDJOBEF#SBTJM#SBTJMJB"PEF
JOJDJP XXXTCCJPFUJDBPSHCSSCCEF
GBVMUBTQ
#JPUJDB Z #JPEFSFDIP 3FWJTUB EFM
$FOUSP EF *OWFTUJHBDJPOFT EF 'JMPTPGB
+VSEJDBZ'JMPTPGB4PDJBM'BDVMUBEEF
%FSFDIP6OJWFSTJEBE/BDJPOBMEF3P
TBSJP"SHFOUJOB"PEFJOJDJP
IUUQXXXDBSUBQBDJPFEVBSPKTJO
EFYQIQCZC
#JPUJDB %FCBU *OTUJUVUP #PSKB EF

#JPUJDB$BUBMVB &TQBB"PEFJOJ
DJP
IUUQXXXCJPFUJDBEFCBUPSHNPEV
MFTUJOZDPOUFOUJOEFYQIQ JE
#JPUJDB EFTEF "NSJDB -BUJOB 6OJ
WFSTJEBE/BDJPOBMEF3PTBSJP "SHFOUJ
OB"PEFJOJDJP
IUUQXXXSFWJTUBGVUVSPTJOGPSFTFOBT
SFTFOBTCJPFUJDB@"-IUN
&O-BUJOEFY
IUUQXXXMBUJOEFYVOBNNYMBSHB
QIQ PQDJPOGPMJP
#JPUJDB &EVDBDJO Z IVNBOJEBEFT
.EJDBT 'VOEBDJO *OUFSOBDJPOBM
$BUBMEJ "NBUSJBO "SHFOUJOB "P EF
JOJDJP QSJNFSB QPDB TF FEJU
JNQSFTB%FTEFTFHVOEBQPDBPO
MJOF
IUUQXXXCJPFUJDBZFEVDBDJPODPN
BSBTQ
#JPUJDBZ$JFODJBTEFMB4BMVE4PDJF
EBE"OEBMV[BEF*OWFTUJHBDJO#JPUJDB
4"*#$SEPCB &TQBB"PEFJOJDJP
IUUQXXXBSSBLJTFT_TBJCJPTBJCIUN
#JPUJDBVOEFTBGPEFMUFSDFSNJMFOJP
'VOEBDJO 'SBUFSOJUBT Z 6OJWFSTJEBE
$BUMJDBEF-B1MBUB TFEF3PTBSJP"S
HFOUJOB"PEFJOJDJP
IUUQXXXVDBMQSPTPSHBS
#JPQISPOFTJT3FWJTUBEF#JPUJDBZ4P
DJPBOUSPQPMPHBFO.FEJDJOB SFWJTUBPO
MJOF6OJWFSTJEBEEF#VFOPT"JSFT 'B
DVMUBE EF .FEJDJOB %FQBSUBNFOUP EF
)VNBOJEBEFT.EJDBT 6OJEBE"DBE
NJDBEF#JPUJDB"PEFJOJDJP

IUUQXXXGNWVCBPSHBSBOUSPQPMP
HJBJOEFYYIUN
$BEFSOPTEF#JPUJDB$FOUSPEF&TUV
EPT EF #JPUJDB 1PSUVHBM "P EF JOJ
DJP
$VBEFSOPTEF#JPUJDB#VFOPT"JSFT
&EJDJOJNQSFTBZPOMJOF"PEFJOJ
DJP
IUUQXXXCJPFUJDBPSHDVBEFSOPT
$VBEFSOPTEF#JPUJDB"TPDJBDJO&T
QBPMBEF#JPUJDBZUJDB.EJDB&EJ
DJO JNQSFTB Z PO MJOF "P EF JOJDJP

IUUQXXXBFCJPFUJDBPSHDVBEFSOPT
IUN
%JNFOTJO )VNBOB 4PDJFEBE &TQB
PMBEF.FEJDJOBEF'BNJMJBZ$PNV
OJUBSJB"PEFJOJDJP
IUUQXXXTFNGZDFTIVNBOB
UJDBEFMPT$VJEBEPT'VOEBDJO*O
EFY FOMBIFNFSPUFDBEJHJUBM$BOUSJEB
"PEFJOJDJP
$POBDDFTPBCJFSUPFOIUUQXXXJO
EFYGDPNFUJDVJEBEPOTVNBSJPQIQ
)VNBOJUBT )VNBOJEBEFT NEJDBT
5FNBTPOMJOFEFMNFT'VOEBDJO.F
EJDJOB Z )VNBOJEBEFT .EJDBT &TQB
B"PEFJOJDJP
IUUQXXXGVOEBDJPONINPSHSFWJT
UBIUNM
*OWFTUJHBDJO$MOJDBZ#JPUJDB*$#
%JHJUBM 4PDJFEBE &TQBPMB EF 'BSNB
DPMPHB$MOJDB"PEFJOJDJP
IUUQXXXJDGVBCFTJDCEJHJUBM
.FEJDJOBZUJDB3FWJTUBEFM*OTUJUVUP
EF)VNBOJTNPFO$JFODJBTEFMB4BMVE
'BDVMUBEEF#JPUJDB 6OJWFSTJEBE"O
IVBD .YJDP"PEFJOJDJP
IUUQXXXBOBIVBDNYJIDTEJGVTJPO
SFWJTUBQIQ
1FSTPOBZ#JPUJDB$FOUSPEF#JPUJDB
EF-B4BCBOB #PHPU"PEFJOJDJP
IUUQCJCMJPUFDBVOJTBCBOBFEVDPSF
WJTUBTJOEFYQIQQFSTPOBZCJPFUJDB
1FSTQFDUJWBT #JPUJDBT 'BDVMUBE -BUJ
OPBNFSJDBOBEF$JFODJBT4PDJBMFT '-"
$40
"SHFOUJOB"PEFJOJDJP
IUUQXXXGMBDTPPSHBSQVCMJDBDJP
OFT@WFSNBTQIQ JE
2VJSO3FWJTUBEF)VNBOJEBEFT.
EJDBT'VOEBDJO.BJOFUUJ *OTUJUVUPEF
#JPUJDB Z )VNBOJEBEFT .EJDBT -B
1MBUB "SHFOUJOB"PEFJOJDJP
XXXGVOEBDJPONBJOFUUJDPNBSCJPFUJ
DBIUN
3FWJTUB EF #JPUJDB Z %FSFDIP 1V
CMJDBDJOEFM.TUFSFO#JPUJDBZ%F
SFDIP 0CTFSWBUPSJ EF #JPUJDB J %SFU
6OJWFSTJUBUEF#BSDFMPOB"PEFJOJDJP

IUUQXXXVCFEVmMEUSFWJTUB
3FWJTUBEF#JPUJDB-BUJOPBNFSJDBOB
'BDVMUBEEF.FEJDJOB 6OJWFSTJEBE-PT
"OEFT .SJEB 7FOF[VFMB"PEFJOJ
DJP
IUUQXXXTBCFSVMBWFSFWJTUBCJPFUJ
DB

3FWJTUB #SBTJMFJSB EF #JPUJDB 4PDJF
EBEF #SBTJMFJSB EF #JPUJDB $UFESB
6/&4$0 EF #JPUJDB 6OJWFSTJEBEF
EF#SBTJMJB"PEFJOJDJP
IUUQXXXTCCJPFUJDBPSHCSSCCTP
CSFBTQ
3FWJTUB$PMPNCJBOBEF#JPUJDB%F
QBSUBNFOUPEF#JPUJDB 6OJWFSTJEBE&M
#PTRVF"PEFJOJDJP
IUUQXXXCJPFUJDBVOCPTRVFFEVDP
QVCMJDBDJPOFTSFWJTUB@CJPFUJDBIUN
3FWJTUB EF %FSFDIP Z (FOPNB )V
NBOP $UFESB *OUFSVOJWFSTJUBSJB EF
%FSFDIP Z (FOPNB )VNBOP #JMCBP
&TQBB"PEFJOJDJP
IUUQXXXDBUFESBEFSFDIPZHFOPNB
IVNBOPFTSFWJTUBBTQ
3FWJTUB-BUJOPBNFSJDBOBEF#JPUJDB
6OJWFSTJEBE.JMJUBSEF/VFWB(SBOBEB
#PHPU"PEFJOJDJP
IUUQXXXVNOHFEVDPXXXTFD
UJPOKTQ
3FWJTUB4PDJFEBEEFUJDBFO.FEJDJ
OB &EJDJO FMFDUSOJDB #VFOPT "JSFT
"SHFOUJOB"PEFJOJDJP
XXXTFNJOUSBNFEOFUBSSFWJTUBIUN
4FMFDDJPOFT EF #JPUJDB 3FWJTUB EFM
*OTUJUVUPEF#JPUJDB$&/"-#& 6OJ
WFSTJEBE+BWFSJBOB #PHPU"PEFJOJ
DJP
IUUQXXXKBWFSJBOBFEVDPCJPFUJDB
QVCMJDBDJPOFT@SFWJTUBTIUN
4*#*3FWJTUBEFMB4PDJFEBE*OUFSOB
DJPOBM EF #JPUJDB "TUVSJBT &TQBB
"PEFJOJDJP
IUUQXXXTJCJPSHQVCSFWJOEFYIUN
7JEBZUJDB*OTUJUVUPEF#JPUJDB'B
DVMUBE EF $JFODJBT .EJDBT 6OJWFSTJ
EBE $BUMJDB "SHFOUJOB #VFOPT "JSFT
"PEFJOJDJP
IUUQXXXVDBFEVBSFTQTFDCJPF
UJDBFTQQBHFQIQ TVCTFDQVCMJDBDJPOFT

La producción y difusión de la biografía latinoamericana

Cargado por

Información del documento

Título original

Derechos de autor

Formatos disponibles

Compartir este documento

Compartir o incrustar documentos

Opciones para compartir

¿Le pareció útil este documento?

¿Este contenido es inapropiado?

Copyright:

Formatos disponibles

La producción y difusión de la biografía latinoamericana

Cargado por

Copyright:

Formatos disponibles

-"#*05*$"

&O FM QSJNFS DBQUVMP PGSFDFNPT VO

&M MUJNP DBQUVMP FT FM ODMFP GVOEB

#JPUJDB EF MB 0140.4 Z FM %FQBS

FO MPT OPWFOUB DPO NVZ QPDPT UUVMPT

          

&O DVBOUP B MB EJTUSJCVDJO QPS QBTFT

(FPSHF ,JFFS #JPUJDB &EJU "MIBNCSB

6OJWFSTJEBE EF $PNJMMBT FO .BESJE

&VSPQB FM *OTUJUVUP #PSKB EF #JPUJDB

MJCSPT TPCSF FM BCPSUP P MB FVUBOBTJB

#BTTP %PNJOHP. /BDFSZNPSJSDPO

/P FT QPTJCMF FO VO DBQUVMP JOUFOUBS

UFT RVF QVFEFO BZVEBS B FTDSJCJS oFO

UJOPBNSJDB EFTQVT EF TV BOEBEVSB

-B TJUVBDJO EF MB TBOJEBE FM FOGPRVF

+PT "MCFSUP .BJOFUUJ Z .BSUB -VDB 1SF[

6O SFTVNFO EF MBT BDUJWJEBEFT EFM 1SPHSBNB

EF QPTHSBEP Z NBFTUSBT FO CBTUBOUFT

WPDBEP EFCBUFT NVZ WJWPT QCMJDPT

$PNP FKFNQMPT EF QVCMJDBDJPOFT BEFNT EF

FO MB TJUVBDJO FDPONJDB Z TPDJBM EF

NPEP TFHO MB DVMUVSB QSPQJB EF DBEB

'SBODJTDP -FO $PPSE

BDSUJDB EF NPEFMPT FYUFSOPT OJ

4FS OFDFTBSJP FMBCPSBS Z EFTBSSPMMBS

'SBODFTD"CFM $BNJOP$BO &EJ

DP QSFDJTBOEP FM USNJOP WJFOEP TVT

"DUBT EFM 4JNQPTJP 1SJODJQJPT EF

'SBODJTDP + "MBSDPT #JPUJDB (MP

"TPDJBDJO .FYJDBOB EF 1FEJBUSB

&O MB TFHVOEB QBSUF FYQFSUPT FO 1F

+FTT #BMMFTUFSPT &ODBSOBDJO 'FS

.BOVFM +PT #FSOBM %JBOB 3PDP

+FBO #FSOBSE -B #JPUJDB %FCBUF

+SNF #JOE %JSFDDJO

"OUPOJP #MBODP .FSDBE "QVOUFT

#JPUJDB MPHSBOEP VOB TOUFTJT TFODJMMB

(VTUBWP #VFOP {2VFTMB#JPUJ

FO HFOFSBM FT RVF FMMBT QSFTVQPOFO B

+VBO .BOVFM #VSHPT 3FQFOTBS MB

3PRVF $BCSBM 5FNBT EF UJDB 1V

/FMTPO $BNQPT 7JMMBMPCPT UJDB Z

DFMPOB "DUVBMNFOUF FT WJDFQSFTJEFOUF

7JDUPSJB $BNQT 6OB WJEB EF DBMJ

&TFTUB FONJPQJOJO MBQBSUFNTTV

+PBO $BSSFSB J $BSSFSB 6OB UJDB

(JMCFSUP$FMZ(BMJOEP 4+ &EJUPS

$FOUSP /BDJPOBM EF #JPUJDB UJDB

4FSHJP $PTUB %CPSB %JOJ[ #JP

3FDPHF MBT JOUFSWFODJPOFT FO FTBT 1SJ

&TUF MJCSP SFDPHF BMHVOPT BSUDVMPT EF

.BY $IBSMFTXPSUI -B #JPUJDB FO

FMTVJDJEJP MBFVUBOBTJB MBTUDOJDBTEF

NBOB UBNCJO DPNP VO CJFO KVSEJDP

'SBODFTDP %"HPTUJOP #JPUJDB

&M BVUPS FT DBUFESUJDP EF 'JMPTPGB FO

-B CJPUJDB TVSHF DPNP SFTQVFTUB B VO

+PT -VJT EFM #BSDP -BWJEBGSHJM

$BSMPT + %FMHBEP %B[ )BDJB VO

ZPS UPEBWB JOBEWFSUJEB QBSB MB QSPQJB

$MBVEJB %JEFT $BTUJMMP #JPUJDB Z

%CPSB %JOJ[ $POnJUPT NPSBJT F

-"#05$"

&M MUJNP DBQUVMP FT FM ODMFP GVOEB

#JPUJDB EF MB 0140.4 Z FM %FQBS

(FPSHF ,JFFS #JPUJDB &EJU "MIBNCSB

&VSPQB FM *OTUJUVUP #PSKB EF #JPUJDB

MJCSPT TPCSF FM BCPSUP P MB FVUBOBTJB

#BTTP %PNJOHP. /BDFSZNPSJSDPO

+PT "MCFSUP .BJOFUUJ Z .BSUB -VDB 1SF[

'SBODFTD"CFM $BNJOP$BO &EJ

"DUBT EFM 4JNQPTJP 1SJODJQJPT EF

'SBODJTDP + "MBSDPT #JPUJDB (MP

"TPDJBDJO .FYJDBOB EF 1FEJBUSB

&O MB TFHVOEB QBSUF FYQFSUPT FO 1F

+FTT #BMMFTUFSPT &ODBSOBDJO 'FS

+FBO #FSOBSE -B #JPUJDB %FCBUF

"OUPOJP #MBODP .FSDBE "QVOUFT

(VTUBWP #VFOP {2VFTMB#JPUJ

+VBO .BOVFM #VSHPT 3FQFOTBS MB

3PRVF $BCSBM 5FNBT EF UJDB 1V

/FMTPO $BNQPT 7JMMBMPCPT UJDB Z

DFMPOB "DUVBMNFOUF FT WJDFQSFTJEFOUF

7JDUPSJB $BNQT 6OB WJEB EF DBMJ

&TFTUB FONJPQJOJO MBQBSUFNTTV

+PBO $BSSFSB J $BSSFSB 6OB UJDB

(JMCFSUP$FMZ(BMJOEP 4+ &EJUPS

$FOUSP /BDJPOBM EF #JPUJDB UJDB

4FSHJP $PTUB %CPSB %JOJ[ #JP

3FDPHF MBT JOUFSWFODJPOFT FO FTBT 1SJ

.BY $IBSMFTXPSUI -B #JPUJDB FO

'SBODFTDP %"HPTUJOP #JPUJDB

+PT -VJT EFM #BSDP -BWJEBGSHJM

$BSMPT + %FMHBEP %B[ )BDJB VO

$MBVEJB %JEFT $BTUJMMP #JPUJDB Z

%CPSB %JOJ[ $POnJUPT NPSBJT F

%CPSB %JOJ[ %JSDF (VJMIFN 0

SBJT FN TBEF "T BVUPSBT SFDPOIFDFN

(VZ %VSBOE -B #JPUJDB %FTDMF

EVBMJTNP BMNBoDVFSQP P NFOUFoDVFS

+BJNF &TDPCBS 5SJBOB $PPSE

+PTFQI .BSB &TRVJSPM &M SFTQFUP

SB EF FOGPDBS Z EF FOUFOEFS MBT DPTBT

"HVTUO 7 &TUWF[ #JPUJDB EF MB

FYJTUF TJO FNCBSHP &NQJF[B FO ,BOU

DB BQMJDBEB OJ QSPGFTJPOBM OJ EFPOUP

%JFHP +PT (BSDB $BQJMMB &M OB

.BSB +FTT (PJLPFUYFB *OUSPEVD

$PNQMVUFOTF "DUVBMNFOUF FT SFTQPO

'MPSP )FSNFT (NF[ 1JOFEB 0S

+VMJBOB (PO[MF[ 7 &M QPEFS EF

"OB .BSUB (PO[MF[ &O CVTDB EF

"OB .BSUB (PO[MF[ /BUVSBMF[B Z

.BSUB * (PO[MF[ (BSDB +PT "

OFT TPCSF $JFODJB Z 5FDOPMPHB .BSUB

(SBDJBOP (PO[MF[ 3 "SOBJ[ $P

8FODFTMBP + (PO[MF[ $PPSE

%JFHP (SBDJB 'VOEBNFOUPT EF

%JFHP (SBDJB 'VOEBNFOUBDJO Z

DIFT *OUFSEJTDJQMJOBJSF FO #JPUIJRVF

+PT 3PRVF +VOHFT #JPUJDB )FS

(FPSHF ,JFFS #JPUJDB &EJU "M

.JHVFM ,PUUPX *OUSPEVDDJO B MB

.JHVFM ,PUUPX UJDB EF QSPUFD

+FBO -BESJSF UJDB F QFOTBNFOUP

EJTDJQMJOB RVF JOUSPEVDF MB DPOTJEFSB

'FSOBOEP -PMBT 4UFQLF 5FNBT EF

'FSOBOEP -PMBT #JPUJDB Z "OUSP

+BWJFS -P[BOP #BSSBHO .FUBCJP

&M QFOTBNJFOUP QPTNPEFSOP IB HFOF

QBUFOUFT FOUSFPUSBTNBUFSJBT &EVBSEP

3BNO -VDBT -VDBT "OUSPQPMPHB

+PT "MCFSUP .BJOFUUJ -B DSJTJT EF

+PT "MCFSUP .BJOFUUJ #JPUJDB

&O TV iDPODMVTJOw QQ

B SFBMJ[BSTF Z DPOTPMJEBSTF OPSNBUJWB

+PT "MCFSUP .BJOFUUJ $PNQFOEJP

DPOTUJUVZFOEP MB CJPUJDB VOB QSPWJTP

&M $PNQFOEJP TF BSUJDVMB FO USFT QBS

3JDBSEP .BMJBOEJ 7PMWFS B MB SB

+PSHF .BSUOF[ #BSSFSB -B SB[O

+VBO .BTJ $MBWFM #JPUJDB Z "O