Documentos de Académico
Documentos de Profesional
Documentos de Cultura
"13&/%&3:&/4&º"3$*&/$*"4%&4"'¶04 &453"5&(*"4:010356/*%"%&4
%JFHP"(PMPNCFL
"QSFOEFSZFOTF×BSDJFODJBT
EFMMBCPSBUPSJPBMBVMB
ZWJDFWFSTB
%0$6.&/50#«4*$0
"QSFOEFSZFOTF×BSDJFODJBT
EFMMBCPSBUPSJPBMBVMB
ZWJDFWFSTB
*7'PSP-BUJOPBNFSJDBOPEF&EVDBDJØO
"13&/%&3:&/4&º"3$*&/$*"4%&4"'¶04
&453"5&(*"4:010356/*%"%&4
%JFHP"(PMPNCFL
"QSFOEFSZFOTF×BSDJFODJBT
EFMMBCPSBUPSJPBMBVMB
ZWJDFWFSTB
%0$6.&/50#«4*$0
(PMPNCFL
%JFHP"OESÏT
"QSFOEFSZFOTF×BSDJFODJBTEFMMBCPSBUPSJPBMBVMBZWJDFWFSTBBFE
#VFOPT"JSFT4BOUJMMBOB
QYDN 'VOEBDJØO4BOUJMMBOB
*4#/
&EVDBDJØO*5ÓUVMP
$%%
%JFHP"(PMPNCFLFTMJDFODJBEPZEPDUPSFO#JPMPHÓBEFMB
6OJWFSTJEBEEF#VFOPT"JSFT1SPGFTPSFOMB6OJWFSTJEBEEF
2VJMNFTFJOWFTUJHBEPSEFM$0/*$&5%JSFDUPSEFMMBCPSBUPSJP
EF$SPOPCJPMPHÓBEFFTB6OJWFSTJEBE
*4#/
ª
%JFHP"(PMPNCFL
ª
'VOEBDJØO4BOUJMMBOB
"W-FBOESP/"MFN $""1
$JVEBE"VUØOPNBEF#VFOPT"JSFT
3FQÞCMJDB"SHFOUJOB
2VFEBIFDIPFMEFQØTJUPRVFNBSDBMBMFZ
*NQSFTPFO"SHFOUJOB1SJOUFEJO"SHFOUJOB
¶/%*$&
1SFGBDJP
* &TBDPTBMMBNBEBDJFODJB
***3FDPSSFSMBDJFODJBFOFMBVMB
*76O.JOJTUFSJPRVFEBDPOTFKPTy
7 'JOBMFDPODJFODJB
"QÏOEJDFEFTGJMFEFNPEFMPT
#JCMJPHSBGÓB
1SFGBDJP
&MSFZ EFMBDJFODJB
FTUÈEFTOVEP
&TUFEPDVNFOUPDPOTUJUVZFVOBQPSUFQBSBMBSFGMFYJØOTPCSFMBFOTF×BO[BEFMBTDJFODJBT
FO FM NBSDP EFM *7 'PSP -BUJOPBNFSJDBOP EF &EVDBDJØO PSHBOJ[BEP QPS MB 'VOEBDJØO
4BOUJMMBOB
CBKPFMMFNBi"QSFOEFSZFOTF×BSDJFODJBT%FTBGÓPT
FTUSBUFHJBTZPQPSUVOJEB
EFTw&MUFNBEFFTUF'PSPOPQPESÓBTFSEFNBZPSBDUVBMJEBE
EBEBMBDSFDJFOUFJNQPS
UBODJBRVFTFMFFTUÈPUPSHBOEPBMBDJFODJB
BTÓDPNPBMBFEVDBDJØOZMBBMGBCFUJ[BDJØO
DJFOUÓGJDBTOPTPMPFOMBSFHJØOTJOPUBNCJÏOFOFMSFTUPEFMNVOEP"MSFTQFDUP
DBCF
EFTUBDBSRVFIBTJEPEFDMBSBEPi"×PEFMB&OTF×BO[BEFMBT$JFODJBTwFOMB3FQÞ
CMJDB"SHFOUJOB
VOIFDIPRVFOPTPMBNFOUFEJTUBEFTFSTJNCØMJDPTJOPRVFDSJTUBMJ[BVOB
HFOVJOBQSFPDVQBDJØOQPSMBDSJTJTFOFMÈSFB
QPSDVZBTGBMFODJBTTVGSFOPTPMPFMDBNQP
QSPGFTJPOBMFTQFDÓGJDPTJOPUPEBMBDJVEBEBOÓB
&TJOUFSFTBOUFEFUFOFSTFFOMPTDPODFQUPTQSJODJQBMFTEFMUÓUVMPEFFTUFGPSP&OQSJODJQJP
OPTFUSBUBÞOJDBNFOUFEFDØNPFOTF×BSMBDJFODJBoTPCSFMPDVBMIBZBNQMJBCJCMJPHSBGÓB
ZVOWBTUPDBNQPEFFYQFSJFODJBTRVFQVFEFOTFSDPNQBSUJEBTFJNJUBEBToTJOPUBNCJÏO
EFMPTQSPDFTPTRVFPDVSSFOFORVJFOBQSFOEFZFKFSDJUBMBTDJFODJBT UBOUPTFBFMBMVNOP
EFOJWFMFT CÈTJDPT P TVQFSJPSFT DPNP FM EPDFOUF FO EJTUJOUBTFUBQBTEFTVGPSNBDJØO
"NCPTDBNQPToFMEFFOTF×BSZFMEFBQSFOEFSoIBOFYQFSJNFOUBEPEJWFSTBTUSBOTGPS
NBDJPOFTFOMBTÞMUJNBTEÏDBEBT
FOMPRVFTFSFGJFSFBMPTDPOUFOJEPTZBMPTNÏUPEPT
JNQMFNFOUBEPTPTVHFSJEPT
QFSPMPDJFSUPFTRVFFMEFTBGÓPEFMUÓUVMPFTNBZÞTDVMPIBZ
VOBFOPSNFDSJTJTFOFMTFDUPSRVFTFWFSFGMFKBEBFOFMNBHSPEFTFNQF×PEFMBSFHJØOFO
MBTFWBMVBDJPOFTJOUFSOBDJPOBMFT
FOFMBCJTNPFOUSFMBFEVDBDJØOFODJFODJBTFOFMOJWFM
TFDVOEBSJPZFMVOJWFSTJUBSJP
FOMBGBMUBEFWPDBDJPOFTDJFOUÓGJDBTFOOVFTUSPTFTUVEJBO
UFToIFDIPQBSUJDVMBSNFOUFHSBWFFOSFHJPOFTEFFDPOPNÓBTFNFSHFOUFTRVFOFDFTJUBO
1SFGBDJP
FYQFSUPT FO DJFODJB Z UFDOPMPHÓB FO HSBEPT DSFDJFOUFTo Z
QPS ÞMUJNP
FO MB EFGJDJFOUF
BMGBCFUJ[BDJØODJFOUÓGJDBEFMBQPCMBDJØO
MPDVBMFOFMNVOEPDPOUFNQPSÈOFP FOFMRVF
TFSFRVJFSFDBEBWF[NÈTMBUPNBEFEFDJTJPOFTSFMBDJPOBEBTDPOMBDJFODJBZTVTDPOTF
DVFODJBT
FTTFODJMMBNFOUFJNQFSEPOBCMF
"OUFT EF BWBO[BS FO MB UFNÈUJDB FTQFDÓGJDB EFM EPDVNFOUP FT OFDFTBSJP SFBMJ[BS VOBT
DVBOUBTBDMBSBDJPOFT&MBVUPSEFFTUFUFYUPOPFTFTQFDJBMJTUBFOEJEÈDUJDBEFMBTDJFODJBT
/BEBEFFTP.ÈTBMMÈEFNJFYQFSJFODJBEPDFOUFFOEJWFSTPTOJWFMFT FOQBSUJDVMBS
TF
DVOEBSJPZVOJWFSTJUBSJP
NFEFTFNQF×PQSPGFTJPOBMNFOUFDPNPJOWFTUJHBEPSDJFOUÓGJDP
ZUFOHPBNJDBSHPVOMBCPSBUPSJPEFJOWFTUJHBDJØO5BMWF[FTUBDPOEJDJØO
NÈTBMMÈEFTVT
PCWJBTEFTWFOUBKBTGSFOUFBMPTRVFTFEFEJDBOGPSNBMNFOUFBMBJOWFTUJHBDJØOZEJTF×P
FTQFDÓGJDPT FO MB FOTF×BO[B EF MBT DJFODJBT
UFOHB UBNCJÏO BMHVOBT WJSUVEFT
FOUSF MBT
DVBMFTDBCFSFTBMUBSEPTQPTJCMFT
B
-BUFTJTQSJODJQBMEFFTUFUSBCBKPQVFEFSFTVNJSTFFORVFMBÞOJDBGPSNBEFBQSFOEFS
DJFODJBT FT IBDJFOEP DJFODJBT %F FTUB NBOFSB
NÈT BMMÈ EF BMHVOPT SFDVSTPT EJEÈD
UJDPT Z FKFNQMPT QBSUJDVMBSFT RVF
DPNP FT PCWJP
TF FODVFOUSBO NBSBWJMMPTBNFOUF
FYQMJDBEPTZEJTDVUJEPTFOPUSPTUFYUPT
MBJOWFTUJHBDJØODJFOUÓGJDBZMBFOTF×BO[BEF
MBT DJFODJBT UBM WF[ OP EJGJFSBO EF NBOFSB TVTUBODJBM NÈT BMMÈ EFM SFRVFSJNJFOUP EF
PSJHJOBMJEBEFOMBQSJNFSB
OPPCMJHBUPSJPEFMBTFHVOEB
"TÓ
MBWJTJØOEFVODJFOUÓGJDP
&OSFBMJEBEQPESÓBNPTEFDJSRVFMBPSJHJOBMJEBEOPFTFMQSJODJQBMQVOUPEFEJGFSFODJBFOUSFMBDJFODJBQSPGFTJPOBMZ
MBDJFODJBFOFMBVMB5BMWF[MBEJGFSFODJBSBEJDBFORVFFOFMBVMBFMBMVNOPBQSFOEFCBKPMBHVÓBEFVOEPDFOUFRVF
TBCFCJFODVÈMFTMBIPKBEFSVUB
FMQVOUPEFMMFHBEBZMPTQPTJCMFTDBNJOPTQBSBMMFHBSEFVOPBPUSPMBEP&OFTFDB
iQVSPwQVFEFBQPSUBSPUSBQFSTQFDUJWBRVFUBMWF[SFTVMUFEFJOUFSÏTQBSBMPTEPDFOUFT
MPDPOUSBSJP
FMBQPSUFEFMPTEPDFOUFTBMBJOWFTUJHBDJØO
FTJOEVEBCMFZMBJOUFSBDDJØO
FOUSFBNCPTFOGPRVFTFTTVNBNFOUFCFOFGJDJPTB
FOUBOUPEFTDSJCBDBNJOPTRVFTPO
IBCJUVBMFTFOMPTMBCPSBUPSJPTZMBTEJTDVTJPOFTFOUSFQBSFTRVFUBMWF[OPSFTVMUFOoP
OPEFCBOSFTVMUBSoUBOFYUSB×PTQBSBMBDJFODJBFOFMBVMB
C
&MFTUBSBMFKBEPEFVOSVCSPUBOUSBCBKBEPZFYIBVTUJWBNFOUFEJTDVUJEPDPNPMBEJ
EÈDUJDBQSPGFTJPOBMEFMBTDJFODJBTQVFEFQFSNJUJSVOBNJSBEBEFTQSPWJTUBEFDJFSUPT
UFDOJDJTNPTZTPCSFFOUFOEJEPT
ZDPOVOBMMBOVSBUBMRVFTFBFYQPSUBCMFBMPTEJWFSTPT
OJWFMFTEFFOTF×BO[B
7FBNPTBMHVOPTDPSPMBSJPTEFFTUPTEPTQPTUVMBEPT4JMBÞOJDBGPSNBEFBQSFOEFSDJFODJB
FTIBDJÏOEPMB
RVJFSFEFDJSRVFFMBVMBoUBOUPTFBMBEFBMVNOPTEFFTDVFMBTQSJNBSJBT
DPNPMBEFMPTJOTUJUVUPTEFGPSNBDJØOEPDFOUFoQVFEFZEFCFUSBOTGPSNBSTFFOVOÈN
CJUPBDUJWPEFHFOFSBDJØOEFDPOPDJNJFOUP
BMFKBEPEFMBNFSBSFQFUJDJØOGPSNVMÓTUJDBZ
CBTBEPFOMBFYQFSJNFOUBDJØOFJOEBHBDJØODPOTUBOUFT FTUBNPTIBCMBOEP
DMBSPFTUÈ
EF
MBFOTF×BO[BEFMBTDJFODJBTOBUVSBMFT
ZOPEFMBTTPDJBMFTPEFMBNBUFNÈUJDB
DBEBVOB
EFMBTDVBMFTQPTFFVODPSQVTQSPQJPZEFMDVBMVODJFOUÓGJDPOBUVSBMOPFTUÈDBQBDJUBEP
QBSB PQJOBS DPO NVDIP DPOPDJNJFOUP EF DBVTB
6OB EF MBT PCKFDJPOFT B FTUB NJSBEB
FTQVSBNFOUFNFUPEPMØHJDBDØNPIBDFSDJFODJBFOVOBVMBRVFBEPMFDFEFMBGBMUBEF
UPEBIFSSBNJFOUBJOTUSVNFOUBM
EFTEFVONJDSPTDPQJPIBTUB
FOFMQFPSEFMPTDBTPT
MB
FOFSHÓBFMÏDUSJDBRVFQFSNJUBMBSFBMJ[BDJØOEFEFUFSNJOBEBTQSVFCBT&TDJFSUPBMHVOPT
PCKFUJWPTQVOUVBMFTSFRVFSJSÈODJFSUBTUFDOPMPHÓBTBWFDFTJOBMDBO[BCMFTFOBMHVOPTÈN
CJUPTFEVDBUJWPT4JOFNCBSHP
SFEVDJSMBDJFODJB ZTVFOTF×BO[B
BGBDUPSFTQVSBNFOUF
NFUPEPMØHJDPT oTJO OFHBS TV JOEVEBCMF JNQPSUBODJBo FT
FO UPEP DBTP
VO QVOUP EF
WJTUBNJPQF$BEBWF[RVFMPHSBNPTVOBBDUJUVEJORVJTJUJWB
DVSJPTB
IBTUBSFCFMEF
FOFM
BMVNOP
RVFDPNQSFOEBRVFTVTQSPQJBTQSFHVOUBTBDFSDBEFMNVOEPRVFMPSPEFBTPO
FMJOJDJPZOPFMGJOBMEFVOWJBKFDBEBWF[RVFOPTQFSNJUJNPTBDPNQB×BSZOPMJNJUBS
FTBTQSFHVOUBTDBEBWF[RVFVOBBGJSNBDJØOFTEJTDVUJEB
DPSSPCPSBEBZSFGVUBEBIBTUB
FMIBSUB[HPPDBEBWF[RVFOPTNBSBWJMMBNPTGSFOUFBVOGFOØNFOPOBUVSBMZRVFSFNPT
EPNBSMPZDPNQSFOEFSMP
FTUBSFNPTIBDJFOEPDJFODJB
TJOOFDFTJEBEEFBDFMFSBEPSFTEF
QBSUÓDVMBTPNJDSPTDPQJPTFMFDUSØOJDPT
NJOPoQSPWJTUPEFBOEBNJPTZFTDBMFSBTQBSBJSFYQMPSBOEPOVFWPTOJWFMFToMBJEFBFTRVFFMRVFBQSFOEFIBHBDPTBT
BOÈMPHBT QFSPPCWJBNFOUFOPJHVBMFT
BMPRVFIBDFVODJFOUÓGJDPDVBOEPTFFOGSFOUBBVOQSPCMFNBQPSSFTPMWFSPB
VOGFOØNFOPQPSFYQMPSBS"MFOTF×BS
FMEPDFOUFWBHFOFSBOEPDPONVDIPDVJEBEPDPOEJDJPOFTQBSBRVFMPTDIJDPT
UFOHBOMBPQPSUVOJEBEEFQFOTBSDJFOUÓGJDBNFOUF
MPDVBMOPFTOBEBTFODJMMPZSFRVJFSFEPDFOUFTNVZQSFQBSBEPT
1SFGBDJP
4JOFNCBSHP
FTFTUSJDUBNFOUFDJFSUPRVFFMFOGPRVFFYQFSJNFOUBMEFMBFOTF×BO[BEFMBT
DJFODJBTOBUVSBMFTSFRVJFSFVOBCBTFNFUPEPMØHJDBRVFQFSNJUBMBGPSNVMBDJØOEFUBMFTFYQF
SJNFOUPT&OHFOFSBMMPTFYQFSJNFOUPTOPQVFEFOGBMUBSQFSPOPTPOMPÞOJDPRVFTFQVFEF
OJTFEFCF
IBDFSQBSBFOTF×BSBQFOTBSDJFOUÓGJDBNFOUFoSFTVMUBPCWJPRVFFYJTUFOEJWFSTPT
UFNBTRVFOPTPOBEFDVBEPTQBSBMBSFTPMVDJØOFYQFSJNFOUBMo"RVÓFOUSBOFOUPODFTBTQFD
UPTQSÈDUJDPTEFMBEJEÈDUJDBDJFOUÓGJDB
RVFFTUÈOBMBQBSEFMPTPUSPTFOGPRVFTRVFUSBUBSFNPT
FOFTUFEPDVNFOUP
TJFNQSFZDVBOEPRVFEFDMBSPRVFMPRVFRVFSFNPTBSHVNFOUBSFTRVF
FOFMBVMBTFEFCFODVNQMJSUPEPTMPTQBTPTEFMBBERVJTJDJØOEFDPOPDJNJFOUPDJFOUÓGJDP
FOUSF
MPTDVBMFTMBSFBMJ[BDJØOEFMFYQFSJNFOUPFTGVOEBNFOUBM
QFSPTVJNQPSUBODJBOPFTNFOPS
RVFMBEFGPSNVMBDJØOEFQSFHVOUBT
FMEJTF×PEFVOBFYQFSJFODJB
MBJNBHJOBDJØOEFVONP
EFMPPMBDPOTUSVDDJØOEFVODPOTFOTPEFJOUFSQSFUBDJØOEFMPTEBUPTPCUFOJEPT
3PTUBOE
+&MDPSSFPEFVOCJØMPHP.BESJE
"MJBO[B&EJUPSJBM
CBKBSFMQSPCMFNBBVOOJWFMDPUJEJBOP
FMEFBQSFOEFSZFOTF×BSBDPNQSFOEFSMBOBUVSBMF
[B&OFTUFBTQFDUPFMSFZFTUÈQBSDJBMNFOUFEFTOVEP
ZMPUBQBNPTDPOQBSDIFTEFEJWFSTPT
iJTNPTw
NJFOUSBTMBDJFODJBQBTBQPSPUSPMBEPoBWFDFTGSFOUFBOVFTUSBTQSPQJBTOBSJDFTo
&TUFEPDVNFOUPFT
FOUPODFT
VOBWJTJØOTPCSFMBFOTF×BO[BEFMBTDJFODJBTBUSBWÏTEFMB
NJSBEBEFVODJFOUÓGJDPQSPGFTJPOBM$PNFO[BSFNPTQPSVOBJOUSPEVDDJØOHFOFSBMBDFS
DBEFMQBQFMEFMBTDJFODJBTFOFMNVOEPZMBTPDJFEBEDPOUFNQPSÈOFPToFOGPRVFRVF
NVDIBTWFDFTFTUÈBMFKBEPEFMPTPCKFUJWPTGÈDUJDPTEFMBEJEÈDUJDBEFMÈSFB
FOMBRVFMB
DJFODJBFTFTPRVFPDVSSFVOQBSEFWFDFTQPSTFNBOBDVBOEPMPTBMVNOPTWBOFOGJMBJO
EJBBFTFTJUJPFOJHNÈUJDPMMBNBEPMBCPSBUPSJPZFOFMRVFMPNFKPSRVFQVFEFPDVSSJSoEF
BDVFSEPDPOMBNJSBEBEFMBMVNOPoFTVOBQFRVF×BFYQMPTJØOPMPHSBSVOBSFBDDJØODVZP
QSPEVDUPUFOHBVOPMPSJOTPQPSUBCMF-VFHP
FOFMOÞDMFPEFMUFYUP
SFWJTBSFNPTEJWFSTPT
BTQFDUPTEFMBDJFODJBRVFOPTEJDFODØNPFOTF×BSMB
RVFSFEVOEBOJONFEJBUBNFOUFFO
FTUSBUFHJBT QBSB TV EJEÈDUJDB FTQFDÓGJDB &TUP OPT MMFWBSÈ B FYBNJOBS BMHVOPT FKFNQMPT
RVFTFIBOQVFTUPFONBSDIBFOEJWFSTPTQBÓTFTRVFIBOQSPCBEPDJFSUPOJWFMEFÏYJUP
QBSBJOUFSFTBSBMPTBMVNOPT
QBSBEØKJDBNFOUF
FOBRVFMMPFORVFZBFTUBCBOJOUFSFTBEPT
EFTEFVOQSJODJQJPDPOPDFSTFBTÓNJTNPTZBMNVOEPDJSDVOEBOUF&OPUSBTQBMBCSBT
FODJFODJB
DPNPFOPUSBTEJTDJQMJOBT
UBMWF[FTUFNPTEBOEPBMPTKØWFOFTSFTQVFTUBTB
QSFHVOUBTRVFKBNÈTTFIBOIFDIP
MPDVBMJNQMJDBQBTBSQPSBMUPVOMBSHPQSPDFTPRVF
JOFMVEJCMFNFOUFEFCFQBSUJSEFMBTQSPQJBTJOEBHBDJPOFTZDVSJPTJEBEEFMBMVNOPQBSBMVF
HPMMFHBSBDPOTUSVJSPUSPUJQPEFQSFHVOUBTFOGPSNBTFDVOEBSJB1PSÞMUJNP
QBTBSFNPT
SFWJTUBBMBTPQPSUVOJEBEFTZSFDPNFOEBDJPOFTRVFQVFEFOJNQMFNFOUBSTFFOVOGVUVSP
EFDPSUPZNFEJBOPQMB[P
DPOFMDPOWFODJNJFOUPEFRVFMBTJUVBDJØO
QPSHSBWFRVFTFB
NFSFDFMBNBZPSEFMBTBUFODJPOFTZDSFBUJWJEBEFTQBSBEJTF×BSTPMVDJPOFT-PTNPUJWPT
QBSBNFKPSBSMBFOTF×BO[BEFMBTDJFODJBTTPODBTJUSJWJBMFTJOTFSUBSTFFOVONVOEPFO
FMRVFMPRVFWBMFFTFMDPOPDJNJFOUP TPCSFUPEPFMDJFOUÓGJDPZUFDOPMØHJDP
GPNFOUBS
WPDBDJPOFTDJFOUÓGJDBT
BMJNFOUBSZIBTUBBVNFOUBSMBDVSJPTJEBEOBUVSBMEFOVFTUSPTBMVN
OPT/PFTOFDFTBSJBNFOUFVONPUJWPDPSQPSBUJWPPQSPTFMJUJTUBOBEJFQSFUFOEFNFKPSBS
MBFOTF×BO[BEFMBTDJFODJBTQBSBMMFOBSMBTGBDVMUBEFTEFGVUVSPTDJFOUJGJRVJUPT BVORVF
FTUPFT
UBNCJÏO
VOPCKFUJWPEFTFBCMFBVNFOUBSMBNBUSÓDVMBEFDBSSFSBTUÏDOJDBTZVOJ
WFSTJUBSJBTEFÓOEPMFDJFOUÓGJDB
/PTFUSBUB
FOUPODFT
EFRVFVOBNFKPSFOTF×BO[BEF
MBTDJFODJBTGPSNFBMVNOPTNÈTJOUFMJHFOUFT
VPSJFOUBEPTIBDJBEFUFSNJOBEBTÈSFBTEFM
DPOPDJNJFOUP4FUSBUB
FOTVNB
EFGPSNBSDJVEBEBOPTDPODSJUFSJPTQSJODJQBMNFOUFSB
DJPOBMFTBMBIPSBEFUPNBSEFDJTJPOFT
RVFTFBODBQBDFTEFKV[HBSFOGPSNBBEFDVBEBMBT
EJGFSFOUFTBMUFSOBUJWBTRVFTFMFTQSFTFOUBO
RVFQVFEBOQFOTBSZSB[POBSQPSTÓNJTNPT
1SFGBDJP
7BMFUBNCJÏOVOBNFODJØONVZFTQFDJBMBMPTDSÏEJUPTZBHSBEFDJNJFOUPTDPOMPTRVFFTUFEP
DVNFOUPFTUÈFOEFVEB&OQSJNFSMVHBS
NVDIBTEFMBTJEFBTZQSPQVFTUBTBRVÓQSFTFOUBEBT
TPOFMGSVUPEFEJTDVTJPOFTFJOUFSDBNCJPTDPOMPT%SFT.FMJOB'VSNBOZ(BCSJFM(FMMPO
WFS
EBEFSPTFTQFDJBMJTUBTFOFMUFNBEFTEFMBGPSNVMBDJØOEFQSPZFDUPTZBTQFDUPTGVOEBDJPOBMFT
EFMBFOTF×BO[BEFMBTDJFODJBTIBTUBMBJNQMFNFOUBDJØOQSÈDUJDBEFFTUBTJEFBTFOÈNCJUPT
FEVDBUJWPTGPSNBMFTZOPGPSNBMFT$POFMMPTZDPOMB%SB&MTB3PTFOWBTTFS'FIFSIFUFOJEPFM
QSJWJMFHJPEFJOUFSBDUVBSZNBSBWJMMBSNFEFMJOUFSDBNCJPEFPQJOJPOFT
FONJDBTPTJFNQSFEFM
MBEPSFDFQUJWPEFMBBNQMJBFYQFSJFODJBEFMPTDPMFHBT-PTDVBUSPIFNPTQVCMJDBEPVOMJCSP
TPCSFFOTF×BO[BEFMBTDJFODJBT FTKVTUPEFDJSRVFFMMPTNFIBOEFKBEPQBSUJDJQBSFOTVMJCSP
EFMDVBMIFUPNBEPQSFTUBEBTOVNFSPTBTJEFBTZTVHFSFODJBTQBSBDPOTUSVJSFTUFEPDVNFOUP
&OTFHVOEPMVHBS
IFUFOJEPFMIPOPSEFQBSUJDJQBSFOMB$PNJTJØO/BDJPOBMQBSBFM.FKP
SBNJFOUPEFMB&OTF×BO[BEFMBT$JFODJBT/BUVSBMFTZMB.BUFNÈUJDB
DPOGPSNBEBQPSFM
.JOJTUFSJPEF&EVDBDJØOEFMB/BDJØOFODPOPCKFUPEFSFEBDUBSVOJOGPSNFDPOSF
DPNFOEBDJPOFTQBSBFMÈSFB&TJOUFSFTBOUFEFTUBDBSRVF
BEFNÈTEFOPUBCMFTFTQFDJBMJTUBT
FOEJEÈDUJDBEFMBTDJFODJBTZHFTUJØOFEVDBUJWB
FM.JOJTUFSJPEFDJEJØDPOWPDBSBDJFOUÓGJDPT
QBSBFTUB$PNJTJØO
FOTJOUPOÓBDPOMBUFTJTQSJODJQBMEFFTUFEPDVNFOUP
TFHÞOMBDVBMMB
DJFODJBUJFOFNVDIPRVFBQPSUBSBTVFOTF×BO[B
DVBMRVJFSBRVFTFBFMOJWFMFODVFTUJØO
'JOBMNFOUF
UBNCJÏOFTUPZFOEFVEBDPOUPEPTMPTQBSUJDJQBOUFTEFM%JQMPNB4VQFSJPSFO
&OTF×BO[BEFMBT$JFODJBTEFMB'BDVMUBE-BUJOPBNFSJDBOBEF$JFODJBT4PDJBMFT '-"$40
"SHFOUJOB
RVFUVWFFMIPOPSEFDPPSEJOBSEVSBOUFMPTEPTQSJNFSPTB×PTEFTVGVODJP
OBNJFOUP"MEFDJSUPEPT
NFSFGJFSPUBOUPBTVTQSPGFTPSFT
TVFRVJQPEFDPPSEJOBDJØOZ
TVQFSWJTJØODPNP
FOQBSUJDVMBS
BMPTBMVNOPTEFMQPTHSBEP
RVJFOFTBQPSUBSPOMBOFDF
TBSJBWJWFODJBDPUJEJBOBEFMNVOEPEFMBFEVDBDJØODPNPQBSBQPOFSOVFTUSBTJEFBTFOFM
DPOUFYUPBEFDVBEP0USBWF[MBTUFPSÓBTQBTBO
MPTBMVNOPT
ZMPTEPDFOUFT
RVFEBO
7FS
QPSFKFNQMP
XXXFYQFEJDJPODJFODJBPSHBS
(FMMPO
)
FUBM-BDJFODJBFOFMBVMBMPRVFOPTEJDFMBDJFODJBTPCSFDØNPFOTF×BSMB#VFOPT"JSFT
&E1BJEØT
&OQBSUJDVMBSEFTFPBHSBEFDFSMBDPMBCPSBDJØOEFMBMJDFODJBEB"OOJF.VMDBIZ
BTFTPSBEFMB4FDSFUBSÓBEF&EVDBDJØOEFM
.JOJTUFSJP
RVJFONFGBDJMJUØEBUPTFJOGPSNBDJPOFTEFHSBOVUJMJEBEQBSBFTUFUSBCBKP
&TOFDFTBSJPNFODJPOBSBRVÓBMBTHFTUPSBTZDPPSEJOBEPSBTHFOFSBMFTEFMQSPZFDUP
4JMWJB(PKNBOZ4JMWJB'JOPDDIJP
BTVQSJNFSBTFDSFUBSJBBDBEÏNJDB
7JDUPSJB.FOEJ[ÈCBM
ZBTVTNBSBWJMMPTPTUVUPSFT
RVFMPHSBSPOVOBSFMBDJØOJOVTVBM
DPOMBTDPIPSUFTEFBMVNOPTPUSBWF[.FMJOB'VSNBOZ(BCSJFM(FMMPO
BDPNQB×BEPTEF"HVTUÓO"EÞSJ[#SBWPZ.JMFOB
8JOPHSBE
*
&TBDPTBMMBNBEBDJFODJB
4JMPTQVFCMPTOPTFJMVTUSBO
-BEJGVTJØOZMBFOTF×BO[BEFMBTDJFODJBTTVFMFOKVTUJGJDBSTFDPOBSHVNFOUPTJOFRVÓWPDPT
TBOPTZPCWJPT.ÈTBMMÈEFMBJEFBEFNPDSÈUJDBEFRVFFMDPOPDJNJFOUPFTVOCJFODPNÞO
TFTVFMFBQFMBSBVOBMØHJDBGPSNBUJWBQBSBMPTDJVEBEBOPTFOFMNVOEPQBTBDJFODJB
ZDBEB
WF[NÈT
QPSMPRVFMBDJVEBEBOÓBEFCFFTUBSQSFQBSBEBQBSBFTUF6OJWFSTPFODPOTUBOUF
DBNCJP"EFNÈT
ZFTKVTUPEFDJSMP
FTUBEFGFOTBWJFOFEFMBNBOPEFMBDPODFQDJØOEFRVF
MBDJFODJBTJSWF
RVFFTÞUJM
RVFFTVOBQBSUFJOTPTMBZBCMFEFMBWBODFEFMBTPDJFEBE
OPTPMP
FOMPTUÏSNJOPTBCTUSBDUPTEFMiDPOPDJNJFOUPwTJOPUBNCJÏOFOSFTVMUBEPTDPODSFUPT
1FSP FYJTUF UBNCJÏO PUSP BTQFDUP GVOEBNFOUBM EF MB FOTF×BO[B EF MBT DJFODJBT
OP FT
USJDUBNFOUF EF MPT QSPEVDUPT EF MB JOWFTUJHBDJØO
TJOP EFM QFOTBNJFOUP DJFOUÓGJDP FO TÓ
NJTNP
FTBBWFOUVSBRVFSPNQFDPOFMQSJODJQJPEFBVUPSJEBE BRVFMRVFBGJSNBRVFFTUP
FTBTÓQPSRVFMPEJHPZP
RVFTPZFMSFZ
PFMHFOFSBMPQBQÈ
ZTBOTFBDBCØ
ZRVFQSPQPOF
VOBTFSJFEFQBTPTQBSBDPOGJBS
BMNFOPTFOGPSNBUFNQPSBSJB
FOBMHP
-BDJFODJBOPFTNÈTRVFVONPEPEFDPOPDFSMBSFBMJEBE4FHÞOFTUFNPEP
MPFTFODJBM
OP FT RVÏ TBCFNPT TJOP DØNP MMFHBNPT B TBCFSMP -B JOWFTUJHBDJØO DJFOUÓGJDB TJFNQSF
* &TBDPTBMMBNBEBDJFODJB
&OBMHÞONPNFOUPMMFHBNPTBVOBTFSJFEFPCTFSWBDJPOFTZWBNPTBDPOUBSMBTBMBKBVSÓB
EFDPMFHBTEFDJEJEPTBEFTUSVJSOPT
FOWJEJBSOPT
QPOFSOPTFOKBRVF/FDFTBSJBNFOUF
EF
BMHVOBNBOFSBTFMMFHBBMDPOTFOTP$PNPQBSUFEFMBDPNVOJEBEEFDJFOUÓGJDPT
EFCF
NPTTFSFTDÏQUJDPTZEJGÓDJMFTEFDPOWFODFS
EFNBOEBSUPEBTMBTQSVFCBTZQFSNBOFDFS
BCJFSUPTBPUSBTQPTJCJMJEBEFT
{/PFTFTPNVZQBSFDJEPBMPRVFRVFSFNPTDPNPTPDJFEBE {/PFTVOCVFOPCKFUJWP
TFSQSFHVOUPOFT
UFOFSBMUFSOBUJWBTZQPEFSKV[HBSMBT
ZQPTFFSIFSSBNJFOUBTQBSBSFBMJ[BS
FTPTKVJDJPT +VTUBNFOUFMBEJGVTJØOEFMBDJFODJBDPNPGPSNBEFFOUFOEFSFMNVOEPFT
VOFKFSDJDJPRVFOPTQVFEFBZVEBSBTFSNFKPSFTQFSTPOBT
NFKPSFTDJVEBEBOPT
NFKPSFT
FTUVEJBOUFT1BSBFTPOFDFTJUBNPTJOGPSNBDJØO
TBCFSEØOEFFTUBNPTQBSBEPT
BVORVFB
WFDFTMBJOGPSNBDJØOFYDFTJWBQVFEFTFSVOBCPNCBEFUJFNQPRVFOPTNBSFBBVONÈT
i<>FOFMNVOEPNPEFSOPMBJOGPSNBDJØOFTNVDIPNÈTQPSUÈUJMRVFBOUFT:
MBHFOUFUBNCJÏO&SHP
ZBOPFTOFDFTBSJPHVBSEBSMBJOGPSNBDJØOFOVOFEJGJDJP
OJNBOUFOFSBMPTNFKPSFTBMVNOPTFODFSSBEPTFOVODBNQVT)BZUSFTDPTBTRVF
IBOQSPWPDBEPVOBSFWPMVDJØOFOMBWJEBBDBEÏNJDBEVSBOUFMPTÞMUJNPTWFJOUF
B×PT
BVORVFNVZQPDPTTFIBZBOEBEPDVFOUBMPTWJBKFTFOSFBDUPS
MPTUFMÏGPOPT
EFNBSDBEPEJSFDUPZMBGPUPDPQJBEPSB)PZFOEÓB
MPTTBCJPTOPIBOEFUSBCBKBS
FOMBNJTNBJOTUJUVDJØOQBSBJOUFSDBNCJBSTVTJNQSFTJPOFT
QVFTTFMMBNBOVOPTB
PUSPTPTFFODVFOUSBOFOMPTDPOHSFTPTJOUFSOBDJPOBMFT:ZBOPIBOEFCVTDBSMPT
EBUPTFOMPTFTUBOUFTEFMBTCJCMJPUFDBT
QVFTUPEPBSUÓDVMPPMJCSPRVFMFTQBSFDF
JOUFSFTBOUFMPIBDFOGPUPDPQJBSZMPMFFOFODBTB0FOFMBWJØORVFMPTMMFWBBM
TJHVJFOUFDPOHSFTP:PUSBCBKPTPCSFUPEPFODBTBPFOMPTBWJPOFT
ÞMUJNBNFOUF
3BSBWF[FOUSPFOMBVOJWFSTJEBE
FYDFQUPQBSBEBSNJTDMBTFT<>.JFOUSBTUFOHB
VTUFE BDDFTP B VO UFMÏGPOP
B VOB GPUPDPQJBEPSB Z B VO GPOEP EF BZVEB QBSB
TFNJOBSJPTZDPOHSFTPT
FTUBSÈQFSGFDUBNFOUF
FTUBSÈFODIVGBEPFOMBÞOJDBVOJ
WFSTJEBERVFFOSFBMJEBEJNQPSUBFMDBNQVTHMPCBMw
.ÈT BMMÈ EFM VTP P EFTVTP EF MBT IFSSBNJFOUBT EF MB JOGPSNBDJØO
MP DJFSUP FT RVF MB
DJFODJB
ZTVFOTF×BO[B
QBSFDFOHP[BSEFVOFTUBUVTQBSUJDVMBSEFOUSPEFMBTBDUJWJEBEFT
IVNBOBT FT DJFSUP RVF DPNQBSUFO DJFSUBT DBSBDUFSÓTUJDBT RVF MFT TPO QSPQJBT
QFSP EF
OJOHVOB NBOFSB FTP TJHOJGJDB BJTMBSMBT Z FUJRVFUBSMBT DPNP QPS GVFSB EF MB DVMUVSB EF
UPEPTMPTEÓBT
-BDJFODJBDPNPQBSUFEFMBDVMUVSB
"QBSUJSEFMJOGMVZFOUFUSBCBKPEF$14OPXi-BTEPTDVMUVSBTwTFGPSNBMJ[ØVOBSVQUVSB
FOUSFMBNJSBEBDJFOUÓGJDBEFMNVOEPZPUSPTFOGPRVFToOPOFDFTBSJBNFOUFNFOPTWÈMJEPT
QFSPTÓEFPUSPPSEFO
RVFQPESÓBOBHSVQBSTF TJHVJFOEPMBUFSNJOPMPHÓBEFFTFUFYUP
DPNPiIVNBOÓTUJDPTw
%BWJE-PEHF
&MNVOEPFTVOQB×VFMP
QQ
.VDIBTEFTVTSFGMFYJPOFTZFOUSFWJTUBTFTUÈOFOTVQÈHJOBEF*OUFSOFUXXXFEHFPSH
* &TBDPTBMMBNBEBDJFODJB
FOUPODFTMPTDJFOUÓGJDPTRVJFOFTEFCFODPMBCPSBSQBSBEBSMBT CVFOBT
OVFWBT&OUSFMPT
NJFNCSPTEFMBUFSDFSBDVMUVSBFTUÈOMVNJOBSJBTDPNP4UFQIFO(PVME
3JDIBSE%BXLJOT
1BVM%BWJFT
4UFWFO1JOLFSPyFMNJTNÓTJNP#SPDLNBO
RVJFOFOUSFPUSBTDPTBTTVFMFTFS
DJUBEPUBOUPFOMBTTFDDJPOFTEFBSUFDPNPFOMBTEFDJFODJBEFM/FX:PSL5JNFT
o/PTJSWPQBSBOBEBoEJKP#SVOPDPOSFTJHOBDJØOo4PZJODBQB[IBTUBEFDSJBSDFS
EPT/PUFOHPJEFBEFDØNPTFIBDFOMBTTBMDIJDIBT
MPTUFOFEPSFTPMPTUFMÏGPOPT
QPSUÈUJMFT4PZJODBQB[EFQSPEVDJSDVBMRVJFSBEFMPTPCKFUPTRVFNFSPEFBO
MPT
RVF VTP P MPT RVF NF DPNP OJ TJRVJFSB TPZ DBQB[ EF FOUFOEFS TV QSPDFTP EF
QSPEVDDJØO 4J MB JOEVTUSJB TF CMPRVFBSB
TJ EFTBQBSFDJFSBO MPT JOHFOJFSPT Z MPT
UÏDOJDPTFTQFDJBMJ[BEPT
ZPTFSÓBJODBQB[EFWPMWFSBQPOFSFONBSDIBVOBTPMB
SVFEB&TUPZGVFSBEFMDPNQMFKPFDPOØNJDPJOEVTUSJBM
ZOJTJRVJFSBQPESÓBBTFHV
SBSNJQSPQJBTVQFSWJWFODJBOPTBCSÓBBMJNFOUBSNF
WFTUJSNFPQSPUFHFSNFEFMB
JOUFNQFSJFNJTDPNQFUFODJBTUÏDOJDBTTPOMJHFSBNFOUFJOGFSJPSFTBMBTEFMIPN
CSFEF/FBOEFSUBM%FQFOEPQPSDPNQMFUPEFMBTPDJFEBERVFNFSPEFB
QFSPZP
TPZQBSBFMMBQPDPNFOPTRVFJOÞUJMUPEPMPRVFTÏIBDFSFTQSPEVDJSEVEPTPT
DPNFOUBSJPTTPCSFPCKFUPTDVMUVSBMFTBOUJDVBEPT4JOFNCBSHP
HBOPVOTVFMEP
JODMVTPVOCVFOTVFMEP
NVZTVQFSJPSBMBNFEJB-BNBZPSQBSUFEFMBHFOUFRVF
NFSPEFBFTUÈFOFMNJTNPDBTP
&TUSJTUFNFOUFDJFSUPDBTJOJOHVOPEFOPTPUSPTUJFOFJEFBEFDØNPTFIBDFOMBTTBMDIJ
DIBTPMPTUFMÏGPOPT/JRVÏIBCMBSEFDSJBSDFSEPT/VFTUSBTPDJFEBETFCBTB
KVTUBNFOUF
FOMBEJWJTJØOEFMUSBCBKP
ZBOPTPUSPTOPOPTUPDBSPOFOTVFSUFoPFOEFTHSBDJBoFTUPT
TBCFSFT1FSP
CJFODPOUBEPTZNJSBEPT
QVFEFOTFSGBTDJOBOUFT
ZMBSFTQPOTBCJMJEBEEF
QSPWFFEPSFTZVTVBSJPTFTBDFSDBSTFBDPNQBSUJSFMDPOPDJNJFOUP
RVFQBSBFTPUFOFNPT
VODFSFCSPQSJWJMFHJBEPDBQB[IBTUBEFNJSBSTFBTÓNJTNP
* &TBDPTBMMBNBEBDJFODJB
`$JFODJB`WFSEBEFSBIJKBEFMUJFNQPUÞFSFT
RVFBMUFSBTUPEBTMBTDPTBTDPOUVTFTDSVUBEPSFTPKPT
{1PSRVÏEFWPSBTBTÓFMDPSB[ØOEFMQPFUB
CVJUSF
DVZBTBMBTTPOPCUVTBTSFBMJEBEFT
{$ØNPEFCFSÓBÏMBNBSUF P{DØNPQVFEFKV[HBSUFTBCJB
BRVFMBRVJFOOPEFKBTFOTVWBHBS
CVTDBSVOUFTPSPFOMPTFOKPZBEPTDJFMPT
BVORVFTFFMFWBSBDPOJOUSÏQJEBBMB
{/PIBTBSSFCBUBEPB%JBOBEFTVDBSSP
{/JFYQVMTBEPBMBT)BNBESÓBEFTEFMCPTRVF
QBSBCVTDBSBCSJHPFOBMHVOBGFMJ[FTUSFMMB
{/PIBTBSSBODBEPBMBT/ÈZBEFTEFMBJOVOEBDJØO
BM&MGPEFMBWFSEFIJFSCB
ZBNÓ
EFMTVF×PEFWFSBOPCBKPFMUBNBSJOEP
$JFODJBZDJFOUÓmDPTKVOUPTQFSPOPSFWVFMUPT
NVDIPTDBTPT
CBTUBOUFFYUFOTB:MPTDJFOUÓGJDPTJOWFTUJHBOJOUFSSPHBOBMNVOEPDPOVO
NÏUPEP Z VO MFOHVBKF VOÓWPDPT
SFQFUJCMFT Z DPOUSBTUBCMFT BVORVF UBNCJÏO TF QFMFBO
DPOTUSVZFOJOUFSQSFUBDJPOFT
TJHVFONPEBT
TJFOUFOFOWJEJBTZ
BWFDFT
IBTUBDPMBCPSBO
{:QPSFMBVMBDØNPBOEBNPT
-BJEFBDFOUSBMEFFTUFUFYUÞTDVMPFTRVFMBÞOJDBGPSNBEFBQSFOEFSDJFODJBFTIBDJFOEP
DJFODJB FOFMTFOUJEPEFiDJFODJBwRVFIFNPTEFGJOJEPBOUFT
ZUBNCJÏOFOFMTFOUJEPEF
iIBDFSwRVFJOWPMVDSBVOUSBCBKPJOUFMFDUVBM
VOBQSFOEJ[BKFBDUJWPQPSQBSUFEFMPTBMVN
OPT
"RVÓTVFMFOFYQPOFSTFMPTQFSPTEFTJFNQSFRVFOPIBZCVFOBGPSNBDJØO
RVFMPT
DPOUFOJEPTTPOJOUFSNJOBCMFTZIBZRVFDPSSFS
RVFOPUFOFNPTVOCVFOMBCPSBUPSJPy5P
EBTDVFTUJPOFTNVZBUFOEJCMFT
QFSPRVFOPTEFTWÓBOEFOVFTUSBWFSEBEFSBGVODJØOEPDFOUF
FODJFODJBTMBEFBDPNQB×BSBOVFTUSPTBMVNOPTFOFMDBNJOPEFMEFTDVCSJNJFOUP
&TJOOFHBCMFRVFMPTDPODFQUPT
PiIFDIPTEFMBDJFODJBwTPOVOBQBSUFTVTUBOUJWBEF
DVBMRVJFSQSPZFDUPEFFOTF×BO[B
ZMBTDJFODJBTOPFTUÈOBKFOBTBFTUBHFOFSBMJ[BDJØO4JO
EVEBRVFFTJOUFSFTBOUFDPOPDFSZFWFOUVBMNFOUFSFWJTBSFTUPTDPOUFOJEPTZFWBMVBSTV
BEFDVBDJØOBMPTEJWFSTPTOJWFMFT4JOFNCBSHP
NFQFSNJUPEVEBSEFMFYDFTJWPÏOGBTJT
TPCSFMPTDPOUFOJEPT
NÓOJNPT
NFEJBOPT
NÈYJNPTPFYUSBMBSHF
DPNPJEFBTSFDUPSBT
BDFSDBEFMBFOTF×BO[BEFMBTDJFODJBT1PSTVQVFTUP
OPOJFHPRVFIBZRVFQPOFSTFEF
BDVFSEPTPCSFRVÏFOTF×BS ZRVÏOPFOTF×BS
QFSP
UBMWF[QPSJHOPSBODJB
NFQBSFDFVO
UBOUPUSJWJBM BEFNÈTEFRVFIBZNVDIBHFOUFRVFIBQFOTBEPFOFTUFQSPCMFNBZPGSF
DJEPBMUFSOBUJWBTJOUFSFTBOUFTZQMBVTJCMFT
5BMWF[MBGBMMBHSBWFTPCSFMBFOTF×BO[BEFMBT
DJFODJBTOPFTUÈUBOUPFOFMRVÏFOTF×BSTJOPFODØNPIBDFSMP
TPCSFUPEPDØNPDPOTUSVJS
MBTJEFBTDJFOUÓGJDBTZFTUBQBSUJDVMBSoZQPEFSPTÓTJNBoNJSBEBTPCSFFMNVOEP
* &TBDPTBMMBNBEBDJFODJB
#SFWFIJTUPSJBEFMBDJFODJB
4F TVFMF EFDJS RVF MB NPEFSOJEBE SFDPSSF
DBTJ FO GPSNB TVQFSQVFTUB
MB IJTUPSJB EF MB
DJFODJBZMBUFDOPMPHÓB-PTÞMUJNPTTJHMPTIBOUSBÓEPDPOTJHPWFSEBEFSBTSFWPMVDJPOFTFO
FTUBTÈSFBT
IFSFEFSBTEFMBSFWPMVDJØODJFOUÓGJDBEFM*MVNJOJTNP
DPODBNCJPTFDPOØNJDPT
ZTPDJBMFTRVFIBODBNCJBEPFMNVOEPUBMWF[NÈTRVFFONVDIPTEFMPTTJHMPTBOUFSJPSFT
EFÏQPDBTIJTUØSJDBT-BTDPOEJDJPOFTEFWJEBBDUVBMFToNÈTBMMÈEFMBTJOFRVJEBEFTTP
DJBMFTRVFTVQJNPTDPOTFHVJSoTPOVOGSVUPEJSFDUPEFMPTBWBODFTDJFOUÓGJDPT
FOÈNCJUPT
UBMFTDPNPMBBMJNFOUBDJØO
MBTBMVEPMBTGVFOUFTEFFOFSHÓB
-BIJTUPSJBJODMVTPOPTBMFDDJPOBBDFSDBEFMBNFOUBEBSFMBDJØOFOUSFMBTMMBNBEBTDJFODJBT
CÈTJDBT Z BQMJDBEBT *OEFQFOEJFOUFNFOUF EFM UJFNQP RVF SFRVJFSBO
MPT DBNCJPT FO FM
NBSDPEFMQFOTBNJFOUPDJFOUÓGJDPSJOEFOFOGPSNBJOFWJUBCMFTVTGSVUPTUFDOPMØHJDPTBTÓ
QPEFNPTSFMBDJPOBSMBSFWPMVDJØODJFOUÓGJDBEFMPTTJHMPT97*Z97**DPOMB3FWPMVDJØO*OEVT
USJBMRVFTPCSFWJOPTJHMPTNÈTUBSEF5PEPFTUP
FTDMBSP
OPQBTØEFTBQFSDJCJEPQBSBMBT
DMBTFTEPNJOBOUFT
MBTDVBMFTDPNQSFOEJFSPOUFNQSBOBNFOUFBRVFMMPEFRVFiFMDPOP
DJNJFOUP DJFOUÓGJDP
FTQPEFSw
ZTFEFEJDBSPOBGPNFOUBSMBTDJFODJBTZTVTBQMJDBDJPOFT
DPOWJTJPOFTRVFFYDFEÓBOFONVDIPMBNFSBEJWFSTJØOEFVOCVFOFYQFSJNFOUPQBSBMB
IPSBEFMBTPCSFNFTB"TÓ
MBNPUJWBDJØODJFOUÓGJDBQBTØEFTFSMBTJNQMFZOVODBCJFO
QPOEFSBEBDVSJPTJEBEQBSBDPOTUJUVJSTFFOVONPUPSEFMEFTBSSPMMPZ
FWFOUVBMNFOUF
EF
MBTSJRVF[BTQFSTPOBMFTZOBDJPOBMFT FOFMGPOEP
QPSMBQMBUBCBJMBFMTQPOTPS
&O FTUF DBNJOP
FM DPODFQUP NJTNP EF EJTDJQMJOB DJFOUÓGJDB
RVF FO MB FTDVFMB TF QSF
TFOUBFOGPSNBBCTPMVUBNFOUFTFHNFOUBEB
UBNCJÏONFSFDFTFSSFWJTBEPFOUÏSNJOPT
'FSSBSP
3"1BSBRVÏTJSWFMBUFDOPMPHÓB6OEFTBGÓPQBSBDSFDFS
$BQJUBM*OUFMFDUVBM$MBWFTQBSBUPEPT
#VFOPT
"JSFT
IJTUØSJDPT&TUBTEJTDJQMJOBT
FOMBTDMBTJGJDBDJPOFTFORVFTFMBTDPOPDFFOMBBDUVBMJEBE
TPOFOSFBMJEBESFDJFOUFT
DPOQPDPNÈTEFEPTTJHMPTEFIJTUPSJB
ZOPOFDFTBSJBNFOUF
DPSSFTQPOEFOBVOSFDPSUFEFBDVFSEPDPOEJWFSTBTWJTJPOFTEFMNVOEP
TJOPNÈTCJFOB
ÏQPDBTFJOUFSFTFTRVFQSPNPWJFSPOMBTEJWJTJPOFTTFHÞODSJUFSJPTOPFTQFDJBMNFOUFOBUV
SBMFT&OPUSBTQBMBCSBT
MBEFMJNJUBDJØOEJTDJQMJOBSJBEFMBDJFODJBFT
FONVDIPTDBTPT
VOIFDIPDVMUVSBMBVOBTÓMBQSFTFOUBNPTBOVFTUSPTBMVNOPTDPNPQSPGVOEBZEJTQBS
DPNPTJWFSFMNVOEPDPOMPTPKPTEFVOGÓTJDPGVFSBSBEJDBMNFOUFEJGFSFOUFEFIBDFSMP
DPOMPTEFVOCJØMPHP
&O FTUB IJTUPSJB EFTFNQF×BO VO SPM GVOEBNFOUBM MBT TPDJFEBEFT DJFOUÓGJDBT RVF GVFSPO
NBSDBOEPTVQSPQJPUFSSFOPBQBSUJSEFMTJHMP97***
ZBTJNJTNPDSFBSPOSFWJTUBTEFTBCFSFT
FTQFDÓGJDPT
RVFFYDMVÓBOBMPTWFDJOPTEFFOGSFOUF%FMBNJTNBNBOFSB
MBTVOJWFSTJEBEFT
NPEFSOBTJOWFOUBOMBGJHVSBEFMDJFOUÓGJDPQSPGFTJPOBM
BRVFMRVFFTUVEJBDJFODJBTZSFDJCF
VOUÓUVMPIBCJMJUBOUFQBSBIBCMBSFOTVOPNCSFUPEBVOBOPWFEBE
{&TFOUPODFTRVFOPIBZOJOHÞOUJQPEFQFHBNFOUPPJOTUBODJBFODPNÞORVFEFGJOBB
MBDJFODJBZBMPTDJFOUÓGJDPT 6OBEFMBTSFTQVFTUBTBFTUFFOJHNBMBEBFMTPDJØMPHP3P
CFSU.FSUPO
RVJFOQSPQPOF
EFNBOFSBCBTUBOUFJEFBMJTUB
RVFMPTDJFOUÓGJDPTEFCFOTV
USBCBKPZTVDPSB[PODJUPBMPRVFMMBNBB
VOJWFSTBMJTNP
C
DPNVOJUBSJTNP
D
EFTJOUFSÏT
E
FTDFQUJDJTNPPSHBOJ[BEPZF
KVJDJPQPSQBSFT&OPUSBTQBMBCSBT
FMDJFOUÓGJDPNFSUPOJTUB
FTVOCVFOTBNBSJUBOPRVFEFKBUPEPQPSTVTTFNFKBOUFT
BMHPRVFCJFOQPESÓBNPTQPOFS
FOEVEBFOFTUPTUJFNQPTFORVFIBZJOWFTUJHBEPSFTRVFIBTUBQBUFOUBOTVQSPQJPHF
OPNBy4JOFNCBSHP
FTUFEJMFNBEFJEFBMJTNPWFSTVTQSBHNBUJTNP
QBTBOEPQPSUPEPT
MPTHSJTFTDPOPDJEPT
OJTJRVJFSBTFDPOTJEFSBFOMBDJFODJBEFMBVMBEPOEF
DPNPFOMPT
XFTUFSOT
UPEPTTPOCVFOPTPNBMPT
OFHSPTPCMBODPT
2VÏIBZRVFTBCFSIPZTPCSFDJFODJBT
,SFJNFS
1%FQSPCFUBT
DPNQVUBEPSBTZSBUPOFT-BDPOTUSVDDJØOEFVOBNJSBEBTPDJPMØHJDBTPCSFMBDJFODJB
#VFOPT"JSFT
&EJUPSJBMEFMB6OJWFSTJEBE/BDJPOBMEF2VJMNFT
4BMPNPO
++6OBCÞTRVFEBJODJFSUB$JFODJB
UFDOPMPHÓB
EFTBSSPMMP.ÏYJDP
'POEPEF$VMUVSB&DPOØNJDB
-BUPVS
#-BWJEBEFMBCPSBUPSJP-BDPOTUSVD
DJØOTPDJBMEFMPTIFDIPTDJFOUÓGJDPT.BESJE
"MJBO[B
(PMPNCFL
%i"USFWFSTFBHFOFSBSOVFWBTQSFHVOUBTw&M.POJUPS
/
* &TBDPTBMMBNBEBDJFODJB
&MGVUVSPMMFHØ IBDFSBUP
: MVFHP EF FTUB CSFWF IJTUPSJB EFM NVOEP FO USFDF SFOHMPOFT Z NFEJP
FTUBNPT BRVÓ
SPEFBEPTEFDJFODJBZEFTVIJKBEJMFDUB
MBUFDOPMPHÓB.ÈTRVFSPEFBEPT
TPNPTEFQFO
EJFOUFTEFFMMBT
DPNPWJNPTFOMBDJUBEFMMJCSPEF.JDIFM)PVMMFCFDR1FSPNÈTBMMÈEFMB
GBCSJDBDJØOEFTBMDIJDIBTPUFMÏGPOPT
DBTJOJOHVOPEFOPTPUSPTUJFOFJEFBBDFSDBEFMPT
DPODFQUPTRVFBQBSFDFOFOMPTNFEJPTDPNPMPTHSBOEFTBWBODFTEFMBDJFODJB
t MBUFPSÓBEFDVFSEBT
t MBOBOPUFDOPMPHÓB
t MBFOFSHÓBPTDVSB
t MBTDÏMVMBTNBESF
t MPTPSHBOJTNPTHFOÏUJDBNFOUFNPEJGJDBEPT
t FMDBNCJPDMJNÈUJDP
yZTJHVFOMBTGJSNBT
BVORVFBFTUBBMUVSBQPEFNPTDPODMVJSRVFTFHVSBNFOUFOPT
TJSWBOQBSBTFSJNCBUJCMFTBMBIPSBEFM4DSBCCMF"MHPFTUÈQBTBOEPFOMBTBMUBTDVN
CSFT
RVFEFQSPOUPNBOFKBOMFOHVBKFTFJEFBTRVFOPTTPODPNQMFUBNFOUFBKFOPT
Z OPT SFMFHBO B TFS NFSPT VTVBSJPT P DPOUFNQMBEPSFT 6O NPNFOUP FT OFDFTBSJP
TBCFSEFRVÏTFUSBUB
ZQPEFSUPNBSEFDJTJPOFTDPOTDJFOUFTTPCSFVOPVPUSPUFNB
Z
BRVÓMBSFTQPOTBCJMJEBEFTEPCMFFJOFMVEJCMF1PSVOMBEP
MPTDJFOUÓGJDPTEFCFOSFOEJS
DVFOUBTEFMBNBOFSBNÈTTJNQMFDPOUBOEPMPRVFIBDFO BMNFOPTQPSSB[POFTJN
QPTJUJWBT
ZBRVFEFBMHÞOMBEPOPTWJFOFFMTVFMEP
Z
QPSPUSP
MBTPDJFEBEEFCJFSBTFS
JOTBDJBCMFBMBIPSBEFRVFSFSTBCFSNÈT4JBMHPOPTIJ[PFWPMVDJPOBSDPNPFTQFDJF
GVFMBDVSJPTJEBEZ
DPNPBGJSNB.BSDFMJOP$FSFJKJEP
MBBOHVTUJBBOUFMPEFTDPOPDJEP
RVFOPTIJ[PRVFSFSTBCFSNÈTQBSBEFKBSEFUFOFSNJFEP
JOWFOUBSNÈRVJOBTQBSB
WFODFSBMBOPDIF
BMIBNCSFZMPTGBOUBTNBT%FKBSNPSJSFTBDVSJPTJEBEZOPRVFSFS
TBCFSEFRVÏTFUSBUBFTDMBSBNFOUFJOWPMVUJWP
ZBIÓCJFOWBMFOMPTFKFNQMPTEFMPT
DIJDPTDPOFM.FDBOP
DPOFMKVFHPEFRVÓNJDB
DPO.JT-BESJMMPT TJFTRVFUPEBWÓB
FYJTUFO
1PSPUSPMBEP
DPOPDFSDVFTUJPOFTTPCSFBHVKFSPTOFHSPTPJOHFOJFSÓBHFOÏ
UJDBQVFEFBQPSUBSNBSBWJMMPTPTUFNBTEFDPOWFSTBDJØORVFMPDPOWJFSUFOBVOPFOFM
BMNBEFMBGJFTUB1FSPy
yMBDJFODJBFTUÈFOPUSBQBSUF
1BSBGSBTFBOEPBMHSBODJFOUÓGJDP FOFMTFOUJEPEFiHSBOQSFHVOUØOw
+PIO-FOOPO
QP
ESÓBNPTEFDJSRVFMBDJFODJBFTFTPRVFOPTQBTBNJFOUSBTFTUBNPTPDVQBEPTIBDJFOEP
PUSPTQMBOFT:UBMWF[FTPFTKVTUBNFOUFMPRVFIBZRVFTBCFSTPCSFDJFODJBRVFOPFT
NÈTRVFVOBBDUJUVEJORVJTJUJWB
RVFFTSPNQFSDPOFMQSJODJQJPEFBVUPSJEBE FTFRVF
EJDFRVFMBTDPTBTTPOBTÓQPSRVFMPEJHPZP
PFM1BQBPFMHFOFSBM
ZRVFFTBUSFWFSTF
BDVFTUJPOBS
DVFTUJPOBSTFZTFSDVFTUJPOBEP*NBHJOPFMUFSSPSEFMPTEPDFOUFTGSFOUF
BFTUFQMBOUFPy{ZOPTPUSPTRVÏ
FI {2VÏIBDFNPTDPOUBOUBQSFHVOUBTVFMUB .VZ
TFODJMMP
QFSPIBSUPEFTBGJBOUFBDPNQB×BSMBT
IBDFSMBTDSFDFS
JEFBSFYQFSJNFOUPTQBSB
BWBO[BSFOMBOJFCMBZ
TÓ
HFOFSBSOVFWBTQSFHVOUBT-BDJFODJBFTUÈBMMÓQBSBBZVEBS
OPTBUPNBSEFDJTJPOFT
QBSBFOUFOEFSVOQPDPNÈTBMNVOEPZ
QPSRVÏOP
RVFSFS
DBNCJBSMP
DPNP DPSSFTQPOEF "VORVF
TPCSF UPEP
FTUÈ BMMÓ QBSB IBDFSOPT NFKPSFT
QFSTPOBT$BTJOBEB
* &TBDPTBMMBNBEBDJFODJB
-PTDJODPKJOFUFTEFMBDJFODJB
&MBTVOUPRVFOPTDPOWPDBFTDØNPMMFWBSUPEBFTUBDBUBSBUBEFQFOTBNJFOUPDJFOUÓGJDPB
MBTBVMBT:TPCSFFTUFUFNBNFQFSNJUPVOBQPSUFCBTBEPFOBMHVOBTJEFBTNPEJGJDBEBT
EFMMJCSP-BDJFODJBFOFMBVMB-PRVFOPTEJDFMBDJFODJBTPCSFDØNPFOTF×BSMB #VFOPT
"JSFT
1BJEØT
BDMBSBOEPRVFMPTWFSEBEFSPTBVUPSFTJOUFMFDUVBMFTEFFTUFDSJNFO
MJUFSBSJPTPO(BCSJFM(FMMPO
&MTB3PTFOWBTTFS'FIFSZ.FMJOB'VSNBO&OMBTFHVOEBQBSUF
EFFTUFEPDVNFOUPWBNPTBSFUPNBSZFYUFOEFSWBSJBTEFFTUBTJEFBT
{$ØNPQPEFNPTBDFSDBSFMQSPDFTPEFBQSFOEJ[BKFEFDJFODJBTFOFMBVMBBMQSPDFTPEF
JOEBHBDJØODJFOUÓGJDBQPSMPTDJFOUÓGJDPT .VZTJNQMFUSBUBOEPEFSFDPSSFSFOFMBVMBVO
DBNJOPBOÈMPHPBMEFMPTMBCPSBUPSJPT
BUSBWÏTEFBMHVOPTBTQFDUPTQSJODJQBMFTEFMBDJFO
DJBRVF
UBMWF[TJOTBCFSMP
MPTJOWFTUJHBEPSFTUJFOFODPNPQJMBSFTEFTVBDUJWJEBE
1PS VO MBEP
FT GVOEBNFOUBM SFDPOPDFS RVF MB GPSNB EF FOUFOEFS FM NVOEP FT B
USBWÏT EF MBT PCTFSWBDJPOFT Z MPT FYQFSJNFOUPT %F OVFWP
FTUP OP TJHOJGJDB SFBMJ[BS
DPNQMFKÓTJNBTPQFSBDJPOFTOJ
NVDIPNFOPT
SFQFUJSSFDFUBTTFUSBUBEFFYQFSJNFOUBS
QFSNBOFOUFNFOUFDPOMPRVFUFOHBNPTBNBOP BTQFDUPFNQÓSJDP
TFOTVBOEPZNPEJGJDBOEPEFNBOFSBQFSJØEJDB&TUFBTQFDUPTPDJBMUBNQPDPQVFEF
FTUBSBVTFOUFEFMBVMB
ZBRVFMBDJFODJBRVFTFRVFEBFODBTB PFOFMMBCPSBUPSJP
P
FOFMDVBEFSOPEFOPUBTQFSTPOBM
FTSFOHB
SFDJÏOTFSFDJCFDVBOEPTFDPNVOJDBB
OVFTUSPTQBSFT
**
/PTÏMPRVFRVJFSP
QFSPMPRVJFSPZB
&TDJFSUPFOFMDBQÓUVMPBOUFSJPSIFNPTQSPQVFTUPVOBNJSBEBUBMWF[JEÓMJDBZFYDFTJWB
NFOUFFOUVTJBTUBEFMBWJEBDJFOUÓGJDB%FTEFFTUBQFSTQFDUJWB
UPEPToJODMVZFOEPQBSUJDV
MBSNFOUFBOVFTUSPTFTUVEJBOUFToEFCJFSBOFTUBSEFTFPTPTEFNFUFSTFEFMMFOPFOMBDJFO
DJBZTVTWFSJDVFUPT
EFFTUVEJBSMBOBUVSBMF[BZTVTNJTUFSJPT$POWFOHBNPTFORVFOPFT
BTÓ
ZRVFMBDJFODJBoTPCSFUPEPFOÈNCJUPTFEVDBUJWPToOPHP[BEFMBNFKPSQSFOTB
-BTDPODMVTJPOFTEFMBTSFDJFOUFTFODVFTUBTEFQFSDFQDJØOQÞCMJDBEFMBDJFODJBTPO
FO
FTUFTFOUJEP
TPNCSÓBT3FTQVFTUBTDPOUSBEJDUPSJBT DPNPBGJSNBSRVFMBDJFODJBFTNBSB
WJMMPTBZQBOBDFBEFNVDIPTEFOVFTUSPTQSPCMFNBT
QBSBEFDJSJONFEJBUBNFOUFBDPOUJ
OVBDJØORVFMBDJFODJBOPTEFTIVNBOJ[BZFTGVFOUFEFQFMJHSPTZNBMFT
ZVOBDJFSUBJH
OPSBODJBBDFSDBOPTPMPEFMBJOWFTUJHBDJØOQSPGFTJPOBMTJOPUBNCJÏOEFMNJTNPDPODFQUP
EFQFOTBNJFOUPDJFOUÓGJDP
TPOMPTSFTVMUBEPTRVFTFWFOBMPMBSHPEFNÞMUJQMFTFTUSBUPT
TPDJBMFTDPOEJWFSTPOJWFMFEVDBUJWP
7FBNPTVOFKFNQMPVOBFODVFTUBSFDJFOUFRVFGPSNØQBSUFEFVOFTUVEJPEFMB0SHBOJ
[BDJØOEF&TUBEPT*CFSPBNFSJDBOPT ZEFMRVFUBNCJÏOQBSUJDJQBSPOMB'VOEBDJØO&TQB×P
MBEF$JFODJBZ5FDOPMPHÓB
FM$FOUSP3FEFTZMB3FEEF*OEJDBEPSFTEF$JFODJBZ5FDOP
MPHÓB<3*$Z5>
JOEJDØVOTVQVFTUPBMUPJOUFSÏTQPSUFNBTEFDJFODJBZUFDOPMPHÓB1FSPBM
QSPGVOEJ[BSFOMBTQSFHVOUBTZTPMJDJUBSFKFNQMPTEFBMHVOPTEFFTUPTUFNBT
PCJFOJOTUJ
UVDJPOFTEF$Z5EFMBSFHJØO
MBNBZPSÓBEFMPTFODVFTUBEPTFONVEFDJFSPO-BFODVFTUB
GVFSFBMJ[BEBFOEJWFSTBTDJVEBEFTJCFSPBNFSJDBOBT
DVZPTIBCJUBOUFTEJGJSJFSPONVDIPBM
7FSIUUQXXXPFJFTSFWJTUBDUTJOVNFSPBSUJDVMPIUNZIUUQXXXPFJFTTBMBDUTJ-JCSPQEGPXXXPCTFSWB
UPSJPNJODZUHPWBSEPDT*OGPSNF@'JOBM@QEG
** /PTÏMPRVFRVJFSP
QFSPMPRVJFSPZB
"FTUBBMUVSBFTUÈDMBSPRVFMBEJGVTJØOEFMBDJFODJBFONFEJPTEFDPNVOJDBDJØONBTJWPT
OPEFCFOJQVFEFSFFNQMB[BSBMSPMSFDUPSZGVOEBNFOUBMEFMBFTDVFMBFOMBFOTF×BO[B
EFMBTDJFODJBTTJOFNCBSHP
TFBDFQUBDPOOBUVSBMJEBERVFBTÓGVODJPOBOMBTDPTBT&M
DPODFQUPEFGPOEPQBSFDJFSBTFSRVFTJMPTFTUVEJBOUFTOPBQSFOEFODJFODJBTFOMBFTDVF
MB
QPSMPNFOPTTFJOGPSNFOTPCSFMPTBEFMBOUPTDJFOUÓGJDPUFDOPMØHJDPTQPSMPTEJBSJPT
MBTSFWJTUBTPMBUFMFWJTJØO
-B EJWVMHBDJØO DJFOUÓGJDB TF BNQBSB BTÓ FO QSFDFQUPT QSPEFNPDSÈUJDPT 4FHÞO "MCFSU
+BDRVBSE
"MIBDFSBDFQUBSQPSMBNBZPSÓBEFMPTBEPMFTDFOUFTMBDFSUF[BEFRVFiOPFTUÈO
IFDIPTQBSBDPNQSFOEFSw
RVFOPQFSUFOFDFOBMBQFRVF×BDPIPSUFEFMPTQPDPT
DFSFCSPTQSJWJMFHJBEPT
MPTÞOJDPTFOUFOFSBDDFTPBMBDPNQSFOTJØOEFMBSFBMJEBE
BMTVHFSJSRVFUBOUPTVJOUFSÏTQFSTPOBMDPNPFMJOUFSÏTDPMFDUJWPOFDFTJUBORVF
TFSFTJHOFOBPCFEFDFSDJFHBNFOUF
TFPSHBOJ[BVOBTPDJFEBEGVOEBEBTPCSFMB
TVNJTJØOEFMBNVMUJUVE
-BSFTQVFTUBBFTUFGFOØNFOPFMJUJTUBQBSFDFWFOJSFOUPODFTEFMGPNFOUPBMBTBDUJWJEBEFT
EFEJWVMHBDJØODJFOUÓGJDB
ZOPBMBFEVDBDJØO
RVFFTMBWFSEBEFSBGVFOUFEFMBEFTBMGB
CFUJ[BDJØOFOFMÈSFB&MSPMEFMBEJWVMHBDJØODJFOUÓGJDB
FOSFBMJEBE
FTDPNQMFNFOUBSJP
EFMEFMBFEVDBDJØO
ZFTJNQPTJCMFQFOTBSFORVFMBSFFNQMBDFFOUPEPDBTP
TFEFCFSÓB
7FS
QPSFKFNQMP
1PMJOP
$i5IFXJTFBOEUIFJHOPSBOU
PSBEBOHFSPVTEJTUJODUJPOGPS-BUJO"NFSJDBOw+4DJ
$PNNVOJDBUJPO
/¡
+BDRVBSE
"-BDJFODJBQBSBOPDJFOUÓGJDPT.ÏYJDP
4JHMP99*
QSPNPWFSRVFFTUBEJWVMHBDJØOBZVEFBDPOTUJUVJSVOBDVMUVSBDJFOUÓGJDBFOMBDPNVOJEBE
RVFTFBMPTVGJDJFOUFNFOUFDSÓUJDBDPNPQBSBEJTDFSOJSGVFOUFTZGBMBDJBT%FFTUBNBOFSB
FMWFSEBEFSPTJHOJGJDBEPEFMBNBHSBJOWFSTJØOEFQBÓTFTMBUJOPBNFSJDBOPT DPOVOBTQPDBT
IPOSPTBTFYDFQDJPOFT
FO$Z5TBMESÈBMBMV[DPNPVOBFWJEFODJBJODPOUSBTUBCMF1FSPTPMP
QVFEFFYJHJSVOBVNFOUPEFMQSFTVQVFTUP IBDJBMBBOTJBEBNFUBEFBMNFOPTVOEFM1#*
RVJFOIBZBSFDJCJEPMBFEVDBDJØOTVGJDJFOUFDPNPQBSBDPNQSFOEFSRVFMBNJSBEBNÈTMØHJDB
SBDJPOBM
KVTUBZQSFWJTPSBRVFQPEBNPTUFOFSTPCSFFMNVOEPFTMBDJFOUÓGJDPUFDOPMØHJDB
&MJOUFSÏTQPSMBDJFODJB
7FSSFGFSFODJBTFJOEJDBEPSFTFOXXXSJDZUPSH
%FOPGSJP
-"
3VTTFMM
#
-PQBUUP
%
-VZ:i.FOUPSJOH-JOLJOHTUVEFOUJOUFSFTUTUPTDJFODFDVSSJDVMBw
4DJFODF
8PPE
8#Z(FOUJMF
+.i&OIBODFE5FBDIJOHJOB3FTFBSDI$POUFYUw4DJFODF
)BOEFMT
NBO
+FUBMi4DJFOUJGJD5FBDIJOHw4DJFODF
7FSXXXJOSQGSMBNBQZCJCMJPHSBGÓB
** /PTÏMPRVFRVJFSP
QFSPMPRVJFSPZB
&YJTUFOFYQFSJFODJBTRVFCBTBOMPTDPOUFOJEPTEFMPTDVSTPTEFDJFODJBFOMPTJOUFSFTFTEF
MPTBMVNOPT
QFSPFTUÈDMBSPRVFOPSFTVMUBOFYFOUPTEFDPNQMJDBDJPOFT
MBQSJNFSBEFMBT
DVBMFTFTRVFMPTBMVNOPTNVDIBTWFDFTOPUJFOFOMBTIFSSBNJFOUBTQBSBJEFOUJGJDBSMPT
QSPCMFNBTDJFOUÓGJDPTZMBTNFUPEPMPHÓBTBQSPQJBEBT&OFTUFTFOUJEP
TFIBQSPQVFTUPMB
HVÓBQPSQBSUFEFNFOUPSFT
RVFJODMVZFOBMPTEPDFOUFTZUBNCJÏOBFTUVEJBOUFTEFPUSPT
OJWFMFTFEVDBUJWPTRVFIBZBOQBTBEPQPSFTUFUJQPEFFYQFSJFODJB0USPQSPCMFNBDPO
FTUBNJSBEBFTRVFVOBGVODJØODMBWFEFMBFTDVFMBFTBCSJSIPSJ[POUFT
NPTUSBSMFTBMPT
DIJDPTDPTBTEFTDPOPDJEBTTJCJFOMPTJOUFSFTFTQSFWJPTEFMPTBMVNOPTTPOGVOEBNFOUB
MFT
TJMBFOTF×BO[BEFMBDJFODJBTFCBTBÞOJDBNFOUFFOFTUP
FTUBSFNPTEÈOEPMFTQPDBT
PQPSUVOJEBEFT EF FYQBOEJS TV VOJWFSTP &M FTUBCMFDJNJFOUP EF HSVQPT EF JOWFTUJHBDJØO
BMSFEFEPS EF VO UFNB FTQFDÓGJDP EFSJWBEP EF MPT JOUFSFTFT EF MPT FTUVEJBOUFT UBNCJÏO
IBSFTVMUBEPVOBFYQFSJFODJBOPTPMPJOOPWBEPSBTJOPUBNCJÏOFYJUPTBEFBDVFSEPDPO
BMHVOPTSFQPSUFT
FOQBSUJDVMBSFOFMOJWFMVOJWFSTJUBSJP DPNPFMDJUBEPEF%FOPGSJPFUBM
-BTWJTJUBTBMVHBSFTEFJOWFTUJHBDJØOZEFTBSSPMMP
FOUBOUPQMBOJGJDBEBTDPOBOUF
SJPSJEBEQPSFMEPDFOUF
DVNQMFOUBNCJÏODPOFMSPMEFGPNFOUBSFMJOUFSÏTEFMPTBMVNOPT
QPSMBTBDUJWJEBEFTDJFOUÓGJDBTFOTVDPOUFYUPSFBM&OFTUPTFOGPRVFT
FMQSJODJQBMSFDVSTP
UBMWF[TFBFMUJFNQPOFDFTBSJPDPNPQBSBRVFFMSFDPSSJEPDJFOUÓGJDPTFBFMBEFDVBEP
Z
FMDBNCJPDVMUVSBMJOWPMVDSBEP
"QSFOEFSBBQSFOEFSDJFODJBT
0USPEJWPSDJPRVFBUFOUBDPOUSBVOBCVFOBFEVDBDJØOFODJFODJBTFTFMRVFFYJTUFFO
USFMPTEPDFOUFTEFMÈSFBZMPTJOWFTUJHBEPSFTBDFSDBEFMPTQSPDFTPTEFBQSFOEJ[BKF
FO
QBSUJDVMBSMPTSFMBDJPOBEPTDPOFMDPOPDJNJFOUPDJFOUÓGJDPUFDOPMØHJDP&TDJFSUPRVFFTUB
EJTUBODJBFTNVDIBTWFDFTBDFOUVBEBQPSMBFTQFDJGJDJEBEEFFTUBTJOWFTUJHBDJPOFT
RVF
DPOMMFWB VO VTP Z BCVTP
EF UFDOJDJTNPT
NPEFMPT DPNQMJDBEPT Z PUSBT CBSSFSBT RVF
IBDFOJOGSBORVFBCMFFMDBNJOPFOUSFMBUFPSÓBZFMBVMBEFUPEPTMPTEÓBT4JOFNCBSHP
WFOESÓBCJFOUFOEFSQVFOUFTFOUSFMPTRVFFOTF×BO
MPTRVFBQSFOEFOZMPTRVFJOWFTUJHBO
DØNPTFBQSFOEFMPRVFTFFOTF×B
"MHVOPTEFMPTSFTVMUBEPTEFFTUBTJOWFTUJHBDJPOFTBGJSNBORVFNVDIBTQSÈDUJDBTJOTUJUV
DJPOBMFTUSBEJDJPOBMFT
DPNPMBTDMBTFTNBHJTUSBMFT
PJODMVTPBMHVOBTQSÈDUJDBTEFMBCPSB
#SBOTGPSE
+%
#SPXO
"-Z$PDLJOH
33)PX1FPQMF-FBSO#SBJO
.JOE
&YQFSJFODF
BOE4DIPPM&YQBOEFE
&EJUJPO8BTIJOHUPO
%$
/BUJPOBM"DBEFNZ1SFTT
4FDPOTJHVFFOIUUQOBQFEV
UPSJP
QVFEFOSFTVMUBSQPDPFGFDUJWBTQBSBMPHSBSRVFMPTFTUVEJBOUFTSFBMNFOUFEPNJOFO
MPT DPODFQUPT GVOEBNFOUBMFT EF MBT EJTDJQMJOBT DJFOUÓGJDBT 1FPS BVO
BMHVOBT EF FTUBT
QSÈDUJDBTUSBEJDJPOBMFTOPQSFQBSBOBMPTBMVNOPTQBSBMBDSFBUJWJEBERVFTFSFRVJFSFQBSB
SFTPMWFSQSPCMFNBTDJFOUÓGJDPT6OPEFMPTQSPCMFNBTFOFTUFTFOUJEPFTUBMWF[MBGBMUBEF
FWBMVBDJPOFTRVFPCKFUJWBNFOUFQVFEBOEFUFSNJOBSRVÏFTMPRVFIBOBQSFOEJEPMPTFT
UVEJBOUFT"TJNJTNP
OPFYJTUFVOBDVMUVSBQBSUJDVMBSNFOUFJOOPWBEPSBFOMBFOTF×BO[B
EFMBTDJFODJBToFONVDIPTDBTPT
TFUSBUBEFDVCSJSVOQSPHSBNBFOFMNFOPSUJFNQP Z
DPOMPTNFOPSFTDPOUSBUJFNQPT
QPTJCMFo5BMWF[MPTJOWFTUJHBEPSFTZEPDFOUFTFTQFDJB
MJ[BEPTFOGÓTJDBTFBOMPTRVFNÈTIBOEFTBSSPMMBEPFTUSBUFHJBTQBSBFOTF×BS
BQSFOEFSZ
DPNQSPCBSMPTFGFDUPTEFBNCBTBDUJWJEBEFT%FOUSPEFMBCJPMPHÓB
BMHVOBTJOJDJBUJWBT
DPNPMBTEFM*OTUJUVUP.ÏEJDP)PXBSE)VHIFT XXXIINJPSH
TFPSJFOUBOBDPNCJOBS
JOWFTUJHBDJPOFTEFQVOUBFODJFODJBTCJPNÏEJDBTDPOBRVFMMBTGSPOUFSBTDPHOJUJWBTTPCSF
FM GFOØNFOP EFM BQSFOEJ[BKF
BVORVF TPO EFNBTJBEP SFDJFOUFT DPNP QBSB FWBMVBS VO
QPTJCMFFGFDUPTPCSFMBFOTF×BO[BEFMBCJPMPHÓBZEJTDJQMJOBTBGJOFT
"MNFOPTFOFMQBQFMMPTBDVFSEPTZDPOTFOTPTFTUÈOFTUBCMFDJEPT
DPNPFMQSPQVFTUPFO
VOSFQPSUFEFMB"TPDJBDJØO/PSUFBNFSJDBOBQBSBFM1SPHSFTPEFMBT$JFODJBT """4
EF
IBDFZBDBTJWFJOUFB×PT
FOFMRVFEJWFSTPTQBOFMFTBDPSEBSPORVFMBTSFGPSNBTFOFEV
DBDJØOEFMBTDJFODJBTEFCJFSBOWFOJSEFMBNBOPEFVOBiFOTF×BO[BDJFOUÓGJDBw
FTUPFT
FTUSBUFHJBTFEVDBUJWBTRVFTFCBTFOFOFMQSPDFTPEFDSFBDJØOEFMDPOPDJNJFOUPDJFOUÓGJDP
ZIBZBOTJEPDPNQSPCBEBTEFMBNJTNBNBOFSBRVFVOFYQFSJNFOUPPMPTSFTVMUBEPTEF
DVBMRVJFSJOWFTUJHBDJØORVFTFQSFDJF
1FSPEFMQBQFMBMBVMBIBZNVDIPUSFDIP
ZNÈTBMMÈEFJOJDJBUJWBTSFMBUJWBNFOUFBJTMBEBT
BÞOOPIBMMFHBEPMBSFWPMVDJØOFOMBFOTF×BO[BEFMBTDJFODJBTRVFNVDIPTWJTMVNCSB
CBO&TDMBSPIPZMBTDJFODJBTBEFMBOUBORVFFTVOBCBSCBSJEBE
QFSPOPBTÓTVFOTF×BO[B
&TNÈTFOFMOJWFMVOJWFSTJUBSJP
BWFDFTMPTNJTNPTDJFOUÓGJDPTRVFFYJHFOFMNBZPSEFMPT
SJHPSFTZSFGVUBCJMJEBEFTBTVTEBUPTEFJOWFTUJHBDJØOVUJMJ[BONÏUPEPTFEVDBUJWPTRVFDMB
SBNFOUFOPTPOMPTNÈTFGFDUJWPT&ONVDIPTDBTPTFTQPTJCMFRVFOJTJRVJFSBDPOP[DBO
MBTJOWFTUJHBDJPOFTZQSVFCBTTPCSFNÏUPEPTZFTUSBUFHJBTEFQSPCBEPWBMPSoMPTDVBMFTOP
TVFMFOMMFHBSBMBCJCMJPHSBGÓBBDBEÏNJDBRVFMPTJOWFTUJHBEPSFTMFFOIBTUBFOFMCB×P
"""4i4DJFODFGPSBMM"NFSJDBOT"1SPKFDUSFQPSUPOMJUFSBDZHPBMTJOTDJFODF
NBUIFNBUJDT
BOEUFDIOPMP
HZw8BTIJOHUPO
%$
** /PTÏMPRVFRVJFSP
QFSPMPRVJFSPZB
4JOFNCBSHP
MBTFWJEFODJBTFTUÈOBMBPSEFOEFMEÓBFTMBQBSUJDJQBDJØOBDUJWBEFMPTFTUV
EJBOUFTFOMBTDMBTFT
ZOPMBUÓQJDBUSBOTNJTJØOWFSUJDBMEFJOGPSNBDJØOPFMVTPEFMBCPSB
UPSJPTCBTBEPTFOSFDFUBSJPT
MBRVFUJFOEFBHBSBOUJ[BSFMBQSFOEJ[BKFEFMBTDJFODJBT-P
NJTNPPDVSSFDPOMBTJOWFTUJHBDJPOFTFODVBOUPBMNBUFSJBMJNQSFTPRVFSFBMNFOUFBZVEB
BRVFMPTFTUVEJBOUFTBDPNQB×FOFMSFDPSSJEPDJFOUÓGJDPRVFQSFUFOEFNPTGPNFOUBS4J
CJFOOPTEFEJDBSFNPTBFTUFBQBSUBEPNÈTBEFMBOUF
WBMFMBQFOBQSFTFOUBSBMHVOPTJOUF
SSPHBOUFTTPCSFRVÏMFFSQBSBFOUFOEFSZTBCPSFBSMBDJFODJB
-PTMJCSPTZMBDJFODJB
$MBSP
TPOFYDFQDJPOFTOPUPEPTMPTMJCSPTEFiEJWVMHBDJØODJFOUÓGJDBwFTUÈOFTDSJUPTQPS
MPTNÈTHSBOEFTFYQFSUPTFOFMUFNB&OFMNVOEPBOHMPTBKØOFYJTUFFMSØUVMPEFiFT
DSJUPSFT DJFOUÓGJDPTw QBSB RVJFOFT TF FTQFDJBMJ[BO FO OBSSBS IJTUPSJBT EF MB DJFODJB Z MPT
JOWFTUJHBEPSFT:BWFDFTMPIBDFONVZQFSPNVZCJFO1VFEFRVFMPTMJCSPTiEFUFYUPw
OFDFTJUFODPOUBHJBSTFEFFTFNJTNPFOUVTJBTNPDPORVFMPTJODJQJFOUFTJOUFOUPTEFEJWVM
HBDJØOEFMDPOUJOFOUFTFFTUÈOEFTQFSF[BOEP
***
3FDPSSFSMBDJFODJBFOFMBVMB
-PTDBNJOPTEFMBFOTF×BO[BEFMBTDJFODJBT
4JCJFOFTDMBSPRVFMBTQSPQVFTUBTWBODBNCJBOEP
ZRVFDBEBÏQPDBUJFOFTVTQBMBCSJUBT
EFNPEBFOMBEJEÈDUJDB
IBZDPODFQUPTTVCZBDFOUFTRVFTFNBOUJFOFOQPSTVPCWJBJNQPS
UBODJB"TÓ
VOBEFMBTHSBOEFTEJTDVTJPOFTHJSBFOUPSOPBMEJMFNBDPODFQUPTWFSTVTNFUP
EPMPHÓBOBEJFOJFHBMBJNQPSUBODJBEFBNCPT
QFSPTÓRVFFYJTUFOFODFOEJEBTEJTDVTJPOFT
BDFSDBEFEØOEFQPOFSFMÏOGBTJToBTVNJFOEPRVFTFBQPTJCMFEJTPDJBSBNCPTDPODFQUPTo
&OSFBMJEBE
FTEJGÓDJMTFQBSBSMPT
ZBRVFFMBQSFOEJ[BKFQPSQBSUFEFMPTBMVNOPTFTVOQSP
DFTPJOUFHSBM
RVFOPEJGFSFODJBMPRVFTFFOTF×FEFDØNPTFMPFOTF×F4JOFNCBSHP
B
BNCPTUØQJDPToDFOUSBMFTFOMBFEVDBDJØOoTFMFTIBOEFEJDBEPUPNPTZUPNPT
IBTUBFODJ
DMPQFEJBT
DPOOPWFEBEFTRVFWBOBQBSFDJFOEPFOGPSNBQFSJØEJDB.ÈTBMMÈEFEJTDVTJPOFT
DPNQMFUBNFOUFFTUÞQJEBTDPNPMBEFJODMVJSPOPiUFPSÓBTwDPNPMBEFMEJTF×PJOUFMJHFOUF
FOFMDVSSÓDVMP
PFMDPOTJEFSBSRVFMBUFPSÓBEFMBFWPMVDJØOEFCFTFSFOTF×BEBDPNPiVOB
WJTJØONÈTwEFMBWJEBTPCSFMB5JFSSB
MPDJFSUPFTRVFSFTVMUBNVZTBOPSFDPOTJEFSBSMPT
DPOUFOJEPTEFMBVMBEFDJFODJBT
BMBMV[EFMBTOPWFEBEFTRVFTFWBOQSPEVDJFOEPFOMBJO
WFTUJHBDJØO4JOFNCBSHP
ZFOUÏSNJOPTNÈTGVUCPMFSPT
TJMBCBTFOPFTUÈ
EFOBEBTFSWJSÈ
CPNCBSEFBSBMPTBMVNOPTDPOFMÞMUJNPHSJUPEFMBTDJFODJBTOBUVSBMFT{2VÏFTMBCBTF
7ÏBTF
QPSFKFNQMP
$BNQBOBSJP
+.Z.PZB
"i{$ØNPFOTF×BSDJFODJBT 1SJODJQBMFTUFOEFODJBTZQSPQVFT
UBTw&OTF×BO[BEFMBT$JFODJBT
(BSSJU[
"#PM4PD2VÓN.ÏY
*** 3FDPSSFSMBDJFODJBFOFMBVMB
B
4VFTUSVDUVSBMØHJDB
UBOUPBUSBWFTBOEPMPTEJWFSTPTOJWFMFTFEVDBUJWPTDPNPEFOUSPEF
VODJDMPFOQBSUJDVMBS1PSPUSPMBEP
FTUFIFDIPEFCFDPUFKBSTFFOGPSNBQFSNBOFOUF
DPOMPRVFPDVSSFWFSEBEFSBNFOUFFOFMBVMB
RVFNVDIBTWFDFTQVFEFFTUBSBB×PT
MV[EFMPRVFGJHVSBFOFMQBQFMEFMPTQSPHSBNBT
NJOJTUFSJPTZTF×PSBTJOTQFDUPSBT
C
4VJOUFSSFMBDJØOFODVBOUPBMÈSCPMEFMBTDJFODJBTFMNJTNPDPOUFOJEPQVFEFBCPSEBS
TFEFTEFVOBQFSTQFDUJWBEJTDJQMJOBSJBQBSUJDVMBS
ZFTUBGSBHNFOUBDJØODPOTQJSBDPOUSB
MBDPNQSFOTJØODBCBMEFMPTUFNBTFOEJTDVTJØO/PFTUÈEFNÈTSFDPSEBSRVFMBEJWJ
TJØOEJTDJQMJOBSJBEFMBTDJFODJBTFTBSCJUSBSJBZBSUJGJDJBMoZFTUPTVFMFSFDSFBSTFEFFTUB
NJTNBNBOFSBFOFMBVMBo&TUBJOUFSSFMBDJØO
EFBDVFSEPDPOBMHVOBTFTDVFMBTNÈT
NPEFSOBT
QVFEFZEFCFTFSFOGPDBEBKVOUPDPOPUSBTHSBOEFTÈSFBTEFMDPOPDJNJFOUP
DPNPMBMJUFSBUVSBZMBTIVNBOJEBEFT
D
-BFMFDDJØOEFMPTOÞDMFPTEFDBEBEJTDJQMJOB UBNCJÏOMMBNBEPTDPODFQUPTFTUSVDUV
SBOUFTPJEFBTGVFS[B
0USBTEPTDVFTUJPOFTEFQFSNBOFOUFEJTDVTJØOFOMPTÈNCJUPTFOMPTDVBMFTTFEJTDVUF
RVÏFOTF×BNPTFOFMBVMBEFDJFODJBTPOMPTUFNBTEFMBTFWBMVBDJPOFT RVÏRVFSFNPT
RVFTFQBOMPTBMVNOPTEFDJFODJBTOBUVSBMFT
ZDØNPIBDFNPTQBSBTBCFSTJTBCFOMPRVF
RVFSFNPTRVFTFQBO
Z
FOGPSNBQBSBMFMB
DØNPFOGSFOUBSMBJOGMVFODJBEFMPTDPOPDJ
NJFOUPTQSFWJPTEFMPTFTUVEJBOUFT Z
TPCSFUPEP
DØNPUSBCBKBSBQBSUJSEFFMMPT
&TUF
ÞMUJNPQVOUPIBUFOJEPVOOVFWPFNQVKFBQBSUJSEFMBHMPCBMJ[BDJØOEFMDPOPDJNJFOUP
BUSBWÏTEFEJWFSTPTNFEJPT
DPO*OUFSOFUBMBDBCF[BDPNPNBESFEFUPEPTMPTWJDJPT
&GFDUJWBNFOUF
QPESÓBNPT BGJSNBS RVF MBT QSJNFSBT JOWFTUJHBDJPOFT FO EJEÈDUJDB EF MBT
DJFODJBTTFDFOUSBCBOFOMBTQSFDPODFQDJPOFTTPCSFEJGFSFOUFTUFNBTTJOFNCBSHP
FOMB
BDUVBMJEBEFMÏOGBTJTFTUÈQVFTUPFOFYQMPSBSDØNPFOTF×BSBQBSUJSEFFMMBT
TFSWBSMBDMBTFEFGÓTJDBPRVÓNJDBIBDJBGJOBMFTEFMTFHVOEPTFNFTUSF
DVBOEPTFEFCF
DVNQMJSDPOFMQSPHSBNBQSFFTUBCMFDJEP
ZFMQSFTVQVFTUPOPBMDBO[BQBSBDPNQSBSVOB
TBMEFDPCSF
PCMJHBOEPBMEPDFOUFBoIPSSPSoEJDUBSFTBTDMBTFTNBHJTUSBMFTRVFUBONBM
TFWFOFOMPTUFYUPTEFEJEÈDUJDBEFMBTDJFODJBT
0USPDBOUBSoPNÈTCJFOPUSPFTDSJCJSoFTRVFMBTDJFODJBTUJFOFOVOBMØHJDBQSPQJBFO
DVBOUPBTVTQSPDFTPTEFFTDSJUVSBZMFDUVSB
ZFTUPTFOGPRVFTIBOTJEPJODPSQPSBEPTQPS
MBEJEÈDUJDBDPOUFNQPSÈOFBFOFMÈSFB&TVOUFNBEJTDVUJCMFZPQJOBCMFOBEJFQVFEF
OFHBSMBTQBSUJDVMBSJEBEFTEFMBSJHVSPTJEBEZGBMUBEFBNCJHàFEBEEFMMFOHVBKFDJFOUÓGJDP
RVFEFCFFOGBUJ[BSTFFOMBTDMBTFTTJOFNCBSHP
NVDIBTWFDFTTFPMWJEBFOFMBVMBEF
DJFODJBTRVFMBTEJTDJQMJOBTUJFOFOVOBSFUØSJDBQBSUJDVMBS
VOBSUFEFDPOWFODJNJFOUP ZB
TFBBUSBWÏTEFMPTQBQFST
EFMBTDPOGFSFODJBT
EFMPTQFEJEPTEFGJOBODJBNJFOUP
RVFTF
BDFSDB EFGJOJUJWBNFOUF B DVBMRVJFS PUSB QSÈDUJDB EF MFDUVSB Z FTDSJUVSB $PNP WFSFNPT
NÈTBEFMBOUF
FOHFOFSBMMBTQBMBCSBTiUBQBOwMPTDPODFQUPTFOMBDMBTFEFDJFODJBTTFMFT
TVFMFQPOFSOPNCSFBMBTDPTBTTJORVFTFIBZBODPNQSFOEJEPQSJNFSPMPTGFOØNFOPT
5BMWF[MBTJOWFTUJHBDJPOFTTPCSFEJEÈDUJDBEFMBDJFODJBNÈTDPOUFNQPSÈOFBTIBODBNCJB
EPVOQPDPFMGPDPEFMBTVOUP
BMJOUFSFTBSTFNÈTFORVÏQBTBFOMBDBCF[BEFMPTBMVN
OPTDVBOEPBQSFOEFOoPJOUFOUBNPTRVFBQSFOEBOoRVÏFTUSBUFHJBTEFSB[POBNJFOUP
VUJMJ[BO
DØNPWBOWBSJBOEPTVTQSPDFTPTDPHOJUJWPT JODMVZFOEPMPTNFUBDPHOJUJWPT
BMHP
BTÓDPNPFMBQSFOEFSBBQSFOEFSZTFSDPOTDJFOUFEFFMMP
:FOFTUFDBTPTFFOUSFNF[DMBO
MPTBWBODFTEFMBTDJFODJBTDPHOJUJWBTDPODJFSUBTDPODFQDJPOFTFQJTUFNPMØHJDBTBDFSDBEF
DØNPTFBERVJFSFMBJEFBNJTNBEFMDPOPDJNJFOUPDJFOUÓGJDPoBMHPRVFTFDPOPDFDPNP
iMBOBUVSBMF[BEFMBDJFODJBwo"MMÈWBNPT
&TPNJTNPMBOBUVSBMF[BEFMBDJFODJB
/P
OBEJFQSFUFOEFRVFMPTQSPGFTEFDJFODJBTOBUVSBMFTEFCBODPOWFSUJSTFFOFQJTUFNØ
MPHPT BMGJOZBMDBCP
{BMHVJFOTBCFRVÏFTVOFQJTUFNØMPHPZBRVÏTFEFEJDBFYBDUB
NFOUF
4JOFNCBSHP
MBFOUSBEBUSJVOGBMEFFTUBSBNBGJMPTØGJDB
KVOUPDPOMPTBQPSUFT
EFMBTPDJPMPHÓBEFMBDJFODJB
BMBTEJTDVTJPOFTTPCSFFOTF×BSZBQSFOEFSDJFODJBT
BHSFHB
JOUFSFTBOUFTMF×BTBMGVFHPEF1SPNFUFP
"EÞSJ[#SBWP
"6OBJOUSPEVDDJØOBMBOBUVSBMF[BEFMBDJFODJB-BFQJTUFNPMPHÓBFOMBFOTF×BO[BEFMBTDJFODJBT
OBUVSBMFT#VFOPT"JSFT
'POEPEF$VMUVSB&DPOØNJDB
7FS.BUUIFXT
.4DJFODFUFBDIJOH5IFSPMFPGIJTUPSZBOEQIJMPTPQIZPGTDJFODF-POESFT
3PVUMFEHF
.D$PNBT
85IFOBUVSFPGTDJFODFJOTDJFODFFEVDBUJPO3BUJPOBMFTBOETUSBUFHJFT,MVXFS
7È[RVF[FUBM
FOIUUQXXXSJFPFJPSHEFMPTMFDUPSFT7B[RVF[1%'
*** 3FDPSSFSMBDJFODJBFOFMBVMB
&OFTUFTFOUJEP
FTUÈDMBSPRVFMPTDPOUFOJEPTIBCJUVBMFTUSBUBOTPCSFIFDIPTEFMBDJFO
DJB
ZOPTPCSFMBDJFODJBNJTNB FTBNJSBEBTPCSFFMNVOEPRVFNFODJPOBNPTFODBQÓUV
MPTBOUFSJPSFT
4JOFNCBSHP
MBEJTDVTJØOBDFSDBEFRVÏFTZDØNPGVODJPOBiMBDJFODJBw
FTUÈOPUBCMFNFOUFBVTFOUFEFMBTBVMBT
MPRVFTFWFBNQMJBNFOUFDPSSPCPSBEPFOMBT
FODVFTUBTEFQFSDFQDJØODVBOEPTFQSFHVOUBBDFSDBEFMPTBSRVFUJQPTEFMDJFOUÓGJDP
FO
MBNBZPSÓBEFMPTDBTPTDFSDBOPTBMDJFOUÓGJDPMPDP
NPWJEPQPSPTDVSPTJOUFSFTFT
TJFN
QSFNBTDVMJOP
DBTJTJFNQSFQFMBEP WÏBOTFMBTFODVFTUBTZBDJUBEBTEF4&$Z53*$Z5
&O
BVTFODJBEFFTUFFOGPRVF
MPRVFTFFOTF×BFOFMBVMBEFDJFODJBTFTUÈOFDFTBSJBNFOUF
EJWPSDJBEPEFMBSFBMJEBE
ZBRVFPGSFDFMBWJTJØOEFVODPOPDJNJFOUPBDBCBEPZQFSGFDUP
DBTJEPHNÈUJDP
MPDVBMFTUÈBMFKBEPEFMPRVFTVFMFPDVSSJS FTUPFT
TJOFOUSBSFODPOTJEF
SBDJPOFTBDFSDBEFMBTDVFTUJPOFTJOUFSOBTBDBEBEJTDJQMJOBFOQBSUJDVMBS
DPOTVTNPEBT
TVTEPHNBT
TVTSFHMBTZEFNÈT
"CEFMLIBMJDL
'Z-FEFSNBO
/(i*NQSPWJOHTDJFODFUFBDIFSTDPODFQUJPOTPGUIFOBUVSFPGTDJFODF"DSJ
UJDBMSFWJFXPGUIFMJUFSBUVSFw*OUFSOBUJPOBM+PVSOBMPG4DJFODF&EVDBUJPO
.D$PNBT
8'Z
0MTPO
+,i5IFOBUVSFPGTDJFODFJOJOUFSOBUJPOBMTDJFODFFEVDBUJPOTUBOEBSETEPDVNFOUTw&O.D$PNBT
8
' FE
5IFOBUVSFPGTDJFODFJOTDJFODFFEVDBUJPO3BUJPOBMFTBOETUSBUFHJFT,MVXFS"DBEFNJD1VCMJTIFST
QQ
0TCPSOFZDPMBCPSBEPSFTFOGBUJ[BOFMIFDIPEFRVFFOUPEPDPNJUÏTPCSFDPOUFOJEPTEFFOTF×BO[BEFMBDJFODJB
TFEJTDVUFBNQMJBNFOUFTPCSFFTUBTOFDFTJEBEFT
QFTFBMPDVBM
DBTJOVODBTFMMFHBBVOBDVFSEPOJTJRVJFSBIBZ
FWJEFODJBTFNQÓSJDBTEFMPTDBNCJPTRVFTVQPOFJODMVJSMBOBUVSBMF[BEFMBDJFODJBFOFMDVSSÓDVMP0TCPSOF
+FU
BMi8IBUA*EFBTBCPVU4DJFODF4IPVME#F5BVHIUJO4DIPPM4DJFODF "%FMQIJ4UVEZPGUIF&YQFSU$PNNVOJUZw
+PVSOBMPG3FTFBSDIJO4DJFODF5FBDIJOH
&TNÈTOJTJRVJFSBIBZDPOTFOTPBNQMJPTPCSFMBEFOPNJOBDJØOQSPQJBEFFTUBÈSFB{OBUVSBMF[BEFMBDJFODJB
JEFBTTPCSFMBDJFODJBPBDUJUVEFTSFMBDJPOBEBTDPOMBDJFODJB 4FSFDJCFOQSPQVFTUBTy
4FHÞO"EÞSJ[#SBWP
FMDPOKVOUPEFEJTDJQMJOBTRVFBQPSUBOBFTUFDPODFQUPEF
iOBUVSBMF[BEFMBTDJFODJBTw JODMVZFOEPMBTPDJPMPHÓB
IJTUPSJBPGJMPTPGÓBEFMBDJFODJB
UJFOFOVOBJODJEFODJBQPTJUJWBFOMBFOTF×BO[B
ZBRVF
QSPQPSDJPOBOVOBSFGMFYJØODSÓUJDBTPCSFRVÏFTFMDPOPDJNJFOUPDJFOUÓGJDPZDØNPTF
FMBCPSB
RVFQFSNJUFDPNQSFOEFSNFKPSMPTBMDBODFTZMÓNJUFTEFMBDJFODJBDPNPQSP
EVDUPZDPNPQSPDFTP
IVNBOJ[BOMBDJFODJBZMBBDFSDBOFOGPSNBNPUJWBEPSBZBUSBZFOUFBRVJFOFTOPTFSÈO
DJFOUÓGJDPTZDJFOUÓGJDBT
IBDFOWFSRVFMBTDJFODJBTTPOQBSUFEFMBDFSWPDVMUVSBMIVNBOPZEFMQBUSJNPOJPDP
MFDUJWPUSBOTNJUJEPBMBTOVFWBTHFOFSBDJPOFT
QSPWFFO IFSSBNJFOUBT EF QFOTBNJFOUP Z EF EJTDVSTP SJHVSPTBT
DPNP MB MØHJDB Z MB
BSHVNFOUBDJØO
BZVEBO B TVQFSBS PCTUÈDVMPT FO FM BQSFOEJ[BKF EF MPT DPOUFOJEPT
QSPDFEJNJFOUPT
NÏUPEPT
BDUJUVEFTZWBMPSFTDJFOUÓGJDPT
QFSNJUFOBMPTQSPGFTPSFTZQSPGFTPSBTEFDJFODJBTOBUVSBMFTVOBNJSBEBNÈTDPNQMF
UBZSPCVTUBEFMBTEJTDJQMJOBTRVFFOTF×BOZEFMPTWÓODVMPTEFFTUBTDPOPUSBTÈSFBT
DVSSJDVMBSFT
GBDJMJUBOMBFTUSVDUVSBDJØOEFMPTDVSSÓDVMPTEFMÈSFBEFDJFODJBTOBUVSBMFTBMQFSNJUJS
SFDPOPDFSMPTNPEFMPTiFTUSVDUVSBOUFTwEFDBEBEJTDJQMJOB
*** 3FDPSSFSMBDJFODJBFOFMBVMB
DJFOUÓGJDP-BFQJTUFNPMPHÓBTPMPBQPSUBSÈFJOGMVJSÈFOFMBVMBDVBOEPTFSFGJFSBBIFDIPT
DPODSFUPTRVFSFRVJFSBOVOBiNFUBJOUFSQSFUBDJØOwRVFBSSPKFMV[TPCSFMPRVFTFFTUÈ
DPOTUSVZFOEPZDPDJOBOEPFOFMMBCPSBUPSJPPMBEJTDVTJØODJFOUÓGJDB
4FBNPT SFBMJTUBT FTUF UJQP EF DVFTUJPOFT TVFMFO BCPSEBSTF FO MBT QSJNFSÓTJNBT DMBTFT
EFMBTEJGFSFOUFTEJTDJQMJOBTDJFOUÓGJDBT
ZFOUPEPTMPTOJWFMFTFEVDBUJWPT{RVÏDVSTPEF
DJFODJBTOPDPNJFO[B
BQSJODJQJPTEFMB×P
IBCMBOEPTPCSFMBDJFODJB
MPTDJFOUÓGJDPT
MPT
EJGFSFOUFTUJQPTEFDPOPDJNJFOUPZEFNÈT
QBSBMVFHPFOSPMMBSMPQSPMJKBNFOUFEFCBKPEFMB
BMGPNCSBZEFEJDBSTFBiMPJNQPSUBOUFw
RVFTVFMFPDVSSJSEFCBKPEFMPTUVCPTEFFOTBZP
ZEFOUSPEFMPTNJDSPTDPQJPT &OPUSBTQBMBCSBT
FMEFTBGÓPFTFOUPODFTJODPSQPSBSBFTUB
OBUVSBMF[BEFMBDJFODJBDPNPVOBSFGMFYJØOQFSNBOFOUFBMPMBSHPEFUPEPFMDVSTPEF
DJFODJBT
RVFJODPSQPSFFMDPOUFYUPFOFMRVFTFSFBMJ[BUPEPEFTDVCSJNJFOUPDJFOUÓGJDP
UBOUPFMRVFUJFOFMBPCMJHBDJØOEFTFSPSJHJOBM
FOFMÈNCJUPiSFBMwEFMPTJOWFTUJHBEPSFT
DPNPMBDSFBDJØOSFDVSSFOUFEFDPOPDJNJFOUPDJFOUÓGJDPFOFMBVMB
$POØDFUFBUJNJTNPMBNFUBDPHOJDJØOFOFMBQSFOEJ[BKFEFMBTDJFODJBT
4JRVFSFNPTRVFBMHVJFOBQSFOEBBMHP
FTCVFOPTBCFSDØNPTFJODPSQPSBFMDPOPDJNJFO
UPFOMBDBCF[BEFMDPOTVNJEPS&OFTUFTFOUJEP
IBZOVNFSPTBTJOWFTUJHBDJPOFTBDFSDBEF
MBTFTUSBUFHJBTQBSBMBSFTPMVDJØOEFQSPCMFNBT
UBOUPFOMBWJEBSFBM
MBEFMMBCPSBUPSJP
P
MBEFMBVMB TJDPOFTUPTFFOUJFOEFRVFMBWJEBEFMMBCPSBUPSJPPMBEFMBVMBOPTPOiSFB
MFTwFMSB[POBNJFOUPDPSSFQPSDVFOUBEFMMFDUPS
4JCJFOUPEPMPiNFUBwTFEFTWBOFDFFOFMBJSF
WBMFMBQFOBDPNFO[BSQPSBMHVOBEFGJOJ
DJØOBDFSDBEFMBNFUBDPHOJDJØO
DPNPMBTJHVJFOUF
-BNFUBDPHOJDJØOTFSFGJFSFBMDPOPDJNJFOUPRVFVOPUJFOFTPCSFMPTQSPQJPTQSP
DFTPT P QSPEVDUPT DPHOJUJWPT P TPCSF DVBMRVJFS DPTB SFMBDJPOBEB DPO FMMPT
FT
EFDJS
MBTQSPQJFEBEFTEFMBJOGPSNBDJØOPMPTEBUPTSFMFWBOUFTQBSBFMBQSFOEJ[BKF
1PSFKFNQMP
FTUPZJNQMJDBEPFONFUBDPHOJDJØO NFUBNFNPSJB
NFUBBQSFOEJ[BKF
NFUBBUFODJØO
NFUBMFOHVBKF
FUD
TJNFEPZDVFOUBEFRVFUFOHPNÈTQSPCMFNBT
BMBQSFOEFS"RVFBMBQSFOEFS#
TJNFPDVSSFRVFEFCPDPNQSPCBS$BOUFTEF
BDFQUBSMP DPNP VO IFDIPy -B NFUBDPHOJDJØO TF SFGJFSF
FOUSF PUSBT DPTBT
BM
DPOUSPMZMBPSRVFTUBDJØOZSFHVMBDJØOTVCTJHVJFOUFEFFTUPTQSPDFTPT
&TDJFSUPBMHPTVDFEFDVBOEPFMBMVNOPEFTDVCSFMBSFHMBRVFMFQFSNJUFFOUFOEFSDJFSUPT
QSPDFTPTBQBSFOUFNFOUFEJTÓNJMFTFOUSFTÓ
DVBOEPMPHSBEJTDFSOJSVOQBUSØOEFSFHVMBSJ
EBEFTFJONFEJBUBNFOUFWJTVBMJ[BMPRVFFTDBQBBMBSFHMB
DVBOEPBQMJDBDPODFQUPTEF
UFPSÓBEFMBNFOUFQBSBDPNQSFOEFSVOGFOØNFOPEFMBOBUVSBMF[B"TJNJTNP
MBNF
UBDPHOJDJØOFTUÈQSFTFOUFDVBOEPVOBMVNOPFTDBQB[EFQSFEFDJSVOSFTVMUBEPBQBSUJS
EFMBTPCTFSWBDJPOFTPFYQFSJNFOUBDJPOFTQSFWJBToNPNFOUPTVCMJNFFOMBWJEBEFUPEP
DJFOUÓGJDPFOQPUFODJBo&TUFQSPDFTPFTVOFVSFLBDPNPUBOUPTPUSPT
QFSPFTOFDFTBSJP
RVFDVFOUFDPOFMGPNFOUPFTUSBUÏHJDPZMBHVÓBoBVORVFTPMBQBEBoEFMEPDFOUF
BHB[B
QBEPEFUSÈTEFMPTFYQFSJNFOUPTFTQFSBOEPBQPSUBSMBQBMBCSBPMBQSFHVOUBKVTUBDPNP
QBSBRVFFMDFSFCSPEFMFTUVEJBOUFRVFEFUFNCMBOEPQPSVOSBUP
$BNQBOBSJP
QSPQPOFVOBTFSJFEFFTUSBUFHJBToBMHVOBTPCWJBT
PUSBTNÈTJOUFSF
TBOUFToQBSBEFTBSSPMMBSFTUBNFUBDPHOJDJØOFOMBDMBTFEFDJFODJBT7BMFMBQFOBQVOUVB
MJ[BSMBTQPSFKFNQMP
QBSBTBCFSMPRVFTBCFO
MPTBMVNOPTQPESÓBO
B
SFTPMWFSQSPCMFNBTDPOTPMVDJPOFTDPOUSBJOUVJUJWBT
C
QSFEFDJSMPRVFWBBPDVSSJSFOFMQSØYJNPFYQFSJNFOUP
D
SFBMJ[BSNPEFMPTNBUFSJBMFTEFMPRVFBOEBOFMVDVCSBOEP
E
MMFWBSVOEJBSJPDJFOUÓGJDPFOFMRVFBOPUFOUPEPMPRVFMFTQBTB
F
DVFTUJPOBSTFFMDPOPDJNJFOUPBERVJSJEP
G
QSFHVOUBS
QSFHVOUBS
QSFHVOUBS
'MBWFMM
+)i.FUBDPHOJUJWFBTQFDUTPGQSPCMFNTPMWJOHw&O3FTOJDL-# FE
5IFOBUVSFPGJOUFMMJHFODF/VFWB
+FSTFZ
-BXSFODF&SMCBVN
i{$VÈMFTMBQBVUBRVFDPOFDUBBMDBOHSFKPDPOMBMBOHPTUB
BMBPSRVÓEFBDPOMBSPTB
ZBMPTDVBUSPDPONJHP {:
BNÓZBVTUFEFTDPOMBBNFCB
FOVOFYUSFNP
ZDPOFMFTRVJ[PGSÏOJDP
FOFMPUSP w
TFQSFHVOUB(SFHPSZ#BUFTPO
FOTVBQBTJPOBOUFMJCSP&TQÓSJUVZOBUVSBMF[B
#VFOPT"JSFT
"NPSSPSUV
$BNQBOBSJP
+.i&MEFTBSSPMMPEFMBNFUBDPHOJDJØOFOFMBQSFOEJ[BKFEFMBTDJFODJBTFTUSBUFHJBTQBSBFMQSPGF
TPSZBDUJWJEBEFTPSJFOUBEBTBMBMVNOPw&OTF×BO[BEFMBT$JFODJBT
*** 3FDPSSFSMBDJFODJBFOFMBVMB
B
EBSBDPOPDFSBMPTBMVNOPTMPTPCKFUJWPTEFMQSPDFTPEFFOTF×BO[BBQSFOEJ[BKF
C
JOTJTUJSFOFMDPNQPOFOUFQSPCMFNÈUJDPEFMDPOPDJNJFOUP
D
BQMJDBSMPTDPOPDJNJFOUPTDJFOUÓGJDPTBMBSFBMJEBEDPUJEJBOB
E
VUJMJ[BSQFSNBOFOUFNFOUFMBTNFUBDJFODJBT IJTUPSJB
GJMPTPGÓB
TPDJPMPHÓB
FOMBFOTF
×BO[B
F
EFTBSSPMMBSFOGPRVFTNVMUJEJTDJQMJOBSJPT
G
VTBSMBFWBMVBDJØODPNPJOTUSVNFOUPNFUBDPHOJUJWP
4FHVSBNFOUFNVDIPTEPDFOUFTEFDJFODJBTBEPQUFOFTUBTFTUSBUFHJBTFOGPSNBJOUVJUJWB
Z
FOFTUPTDBTPT
DPNPWFOJNPTEJDJFOEP
EFQPDPWBMFQPOFSMPFOUFDOJDJTNPTZPUSPT
iJTNPTw4JOFNCBSHP
EBEPRVFOPDBCFEVEBEFRVFMBDBQBDJEBEEFFOTF×BO[BFTVO
BSUFRVFTFBERVJFSFQPSJNJUBDJØO EFOVFTUSPTNBFTUSPT
EFOVFTUSPTDPMFHBT
BWFDFT
WBMFMBQFOBQVOUVBMJ[BSMPPCWJPDPNPQBSBIBDFSIJODBQJÏFOBMHVOBTQSÈDUJDBTQBSUJDV
MBSNFOUFFYJUPTBT
-BTQBMBCSBTZMBTDPTBT
6OPOPQVFEFDBOTBSTFEFQSFTFOUBSBMFNQJSJTNPQFSNBOFOUFDPNPMBNFKPSFTUSBUFHJB
QBSBBCPSEBSMBFOTF×BO[BEFMBTDJFODJBTOBUVSBMFT4JOFNCBSHP
MBNBOFSBFOMBDVBM
MMFHBNPTBMBGBTFFYQFSJNFOUBMEFMBDMBTFFTGVOEBNFOUBMQBSBRVFTFTBRVFFMNBZPS
QSPWFDIPEFFTUFBTQFDUPEFMBDJFODJB&OHFOFSBMBCVTBNPTEFMBTEFTDSJQDJPOFTQSFWJBT
BMBFYQFSJFODJBZ
TPCSFUPEP
EFMBVUJMJ[BDJØOEFEFGJOJDJPOFTRVF
BOUFTEFDPNQSFOEFS
MPTGFOØNFOPT
DBSFDFOEFTFOUJEP-BDJFODJB
ZTPCSFUPEPFMEFTBSSPMMPEFEJTDJQMJOBT
QBSUJDVMBSFT
QPTFFO VOB KFSHB JODPNQSFOTJCMF Z EF MB RVF MPT DJFOUÓGJDPT TVFMFO FTUBS
PSHVMMPTPT
DPNPTJNBOFKBSFTFEJDDJPOBSJPEFUFDOJDJTNPTGVFSBVOQBTBQPSUFBMDPOP
DJNJFOUP&MSJFTHPFTFYQPSUBSFTUBUFSNJOPMPHJUJTBMBVMBEFDJFODJBTMBNBOFSBFORVF
JOUSPEV[DBNPTFTUBUFSNJOPMPHÓBUFOESÈVOQSPGVOEPJNQBDUPFOMBJEFBRVFMPTFTUV
EJBOUFTTFIBHBOEFMBDJFODJBZTVTNPEPTEFUSBCBKP
2VFTJCJFOOPSFQSFTFOUBOVOBBSRVFPMPHÓBEFMBTDJFODJBTIVNBOBT 'PVDBVMU
TÓQVFEFOBZVEBSBDPN
QSFOEFSVOBBSRVFPMPHÓBEFMBFOTF×BO[BEFMBTDJFODJBT
&T NVZ DPNÞO RVF FM EPDFOUF QSFTFOUF MB DMBTF DPO BMHÞO DPODFQUP EFGJOJUPSJP QPS
FKFNQMP
iIPZFTUVEJBSFNPTMBDBSHBFMÏDUSJDBw"MNFOPTJOUVJUJWBNFOUF
UPEPTTFOUJSÈO
RVFDPNQSFOEFOEFRVÏTFUSBUB
ZIBTUBBSSJFTHBSÈOBMHÞOUJQPEFEFGJOJDJØOPQFSBUJWB
iFTPRVFDPSSFQPSMPTDBCMFTEFFMFDUSJDJEBEw
FUD
QFSPRVFFOMBNBZPSÓBEFMPTDBTPT
SFEVOEBSÈFOUBVUPMPHÓBTPQBMBCSBTDBSFOUFTEFTJHOJGJDBEPPCKFUJWP iFTPw
"QBSUJSEF
BMMÓTFFODBEFOBVOBTFSJFEFFRVÓWPDPTZTPCSFFOUFOEJEPTRVFDPOTQJSBODPOUSBFMBQSFO
EJ[BKF
ZBRVFTFQBSUFEFBMHPRVFTVQVFTUBNFOUFFTDPOPDJEP
QFSPRVFFTJNQPTJCMFEF
SFMBDJPOBSDPOGFOØNFOPTEFMBOBUVSBMF[B6OBDMBTFEFDJFODJBTOPEFCFCVTDBSEBSMFT
TJHOJGJDBEPBMPTUÏSNJOPT1PSFMDPOUSBSJP
FTUPTEFCFOBDV×BSTFKVTUBNFOUFQBSBQPEFS
SFGFSJSTFBGFOØNFOPTQSFTFODJBEPTFJEFBTGPSNVMBEBTRVFTFDPOPDFOQFSPOPIBOTJEP
OPNCSBEPTUPEBWÓB
/PNCSBS VO GFOØNFOP
BVO DPO FM NÈT QPNQPTP Z FMFHBOUF EF MPT OPNCSFT
OP FT
FOUFOEFSMP
Z B WFDFT FT UPEP MP DPOUSBSJP &O FM FKFNQMPEFDBSHBFMÏDUSJDB
FTCVFOP
SFDPSEBS
QPSFKFNQMP
RVFIBCMBSEFDBSHBiQPTJUJWBwPiOFHBUJWBwFTVOBDPOWFODJØO
IJTUØSJDBQBSBFYQMJDBSFMMMBNBEPFGFDUPÈNCBSMPNJTNPTFSÈIBCMBSEFDBSHBCMBODBZ
DBSHBOFHSB
PEFDBSHBEVMDFZTBMBEB
&TNVZEJGFSFOUFDPNFO[BSVOBTFDVFODJBEJEÈDUJDBQSFTFOUBOEPVOGFOØNFOPoTJNQMFP
DPNQMFKP
FTQFDUBDVMBSPDPUJEJBOPoZSFBMJ[BOEPFYQFSJFODJBTSFGFSJEBTBFTFGFOØNFOP
FOQBSUJDVMBS%FTQVÏTEFUPEP
MBDJFODJBTFCBTBFOMBPCTFSWBDJØOZNBOJQVMBDJØOFY
QFSJNFOUBMEFFTUFUJQPEFGFOØNFOPTOBUVSBMFT
ZZBTBCFNPTRVFFTUBNPTUSBUBOEPEF
IBDFSDJFODJBFOFMBVMB6OBWF[BOVEBEPTZEFTBOVEBEPTMPTGFOØNFOPT
MPTFTUVEJBOUFT
QPESÈOIBDFSTFVOBJEFBCBTUBOUFDPODSFUBBDFSDBEFMGFOØNFOPFOFTUVEJPFODJFSUBT
DPOEJDJPOFTTFDPNQPSUBEFFTUBNBOFSB
TFEFTDSJCFEFBDVFSEPDPOFTUBTWBSJBCMFT
FUD
6OBWF[RVFTFNBOFKFOFMGFOØNFOPZMBTJEFBTTPCSFÏM
FTVOCVFONPNFOUPQBSB
JOUSPEVDJSMPTDPODFQUPTUFSNJOPMØHJDPTZMBTEFGJOJDJPOFT
RVFBIPSBUFOESÈOVOTFOUJEP
DPODSFUPTFSWJSÈOQBSBOPNCSBSMPRVFZBDPOPDFNPT&MVTPEFFTUBTFDVFODJBRVFWBEF
MPTGFOØNFOPTOBUVSBMFTBMPTOPNCSFTUÏDOJDPTQVFEFIBDFSTFFYQMÓDJUPBMPTFTUVEJBOUFT
EFNPEPRVFTFTVNFODPOTDJFOUFNFOUFBMFTGVFS[PEFQFOTBSMBTJEFBTQSJNFSPZEJTQP
OFSEFMPTUÏSNJOPTUÏDOJDPTDVBOEPTFBBEFDVBEP
(FMMPOFUBM$JFODJBFOFMBVMB#VFOPT"JSFT
1BJEØT
&MGÓTJDP3JDIBSE'FZONBOTPMÓBDPOUBSRVFTVGPSNBEFQFOTBSUVWPVOBFOPSNFJOGMVFODJBEFTVQBESF
RVJFO
SFTQPOEÓBTVTQSFHVOUBTTPCSFFMOPNCSFEFMBTDPTBT DPNPMPTQÈKBSPTRVFTFFODPOUSBCBOFOTVTDBNJOBUBT
EJDJFOEPRVFiOPJNQPSUBDØNPTFMMBNBMPRVFJNQPSUBFTRVFFTNBSSØODPOFMQFDIPBNBSJMMP
ZUJFOFFMUBNB×P
EFVOHPSSJØOZWJWFFOVODMJNBGSÓPyw
*** 3FDPSSFSMBDJFODJBFOFMBVMB
&OTF×BSDJFODJBTTFIBDFDBNJOPBMBOEBS
"FTUBBMUVSBEFMQBSUJEPRVFEBDMBSPRVFUBOJNQPSUBOUFDPNPMPTIFDIPTEFMBDJFODJBFT
MBNBOFSBFOMBDVBMVOBMVNOP P
QBSBFMDBTP
VOGVUVSPEPDFOUF
DPOTUSVZFTVQSPQJB
WJTJØODJFOUÓGJDBEFMNVOEP4JCJFOFTUPTFCBTBFOQSFTVQVFTUPTDMÈTJDBNFOUFQJBHFUJB
OPT
QBSBSFTBMUBSMBQPDBFGJDBDJBEFJOTJTUJSFOEJGJDJMJTNPTZMBCFSJOUPTEFMMFOHVBKF Z
EFQBTP
QBSBOPQPOFSFOFWJEFODJBMBJHOPSBODJBEFMBVUPSTPCSFFTUBTCBTFT
WFBNPT
RVÏUJFOFRVFBQPSUBSFMDPOTUSVDUJWJTNPQFEBHØHJDPFODPODSFUPQBSBOVFTUSBTDMBTFTEF
UPEPTMPTEÓBT
$PNFODFNPTQPSMPPCWJPFMFOGPRVFMÞEJDPEFMPTQSJNFSÓTJNPTOJWFMFTFEVDBUJWPTOP
UJFOF
OJUJFOFQPSRVÏIBDFSMP
VOPCKFUJWPEFFOTF×BO[BEFMBTDJFODJBT&TNÈTCJFO
BMNFKPSFTUJMP5SFT$IJGMBEPT
iVOQPDPEFFTUP
PUSPEFBRVFMMPy{ZRVÏTFUJFOF w
4JOFNCBSHP
MBNJTNBFYQFSJFODJB NF[DMBT
TPMVDJPOFT
EJTQFSTJPOFT
FUD
QPSFKFNQMP
BQMJDBEBFOEJWFSTPTOJWFMFTWBBBSSPKBSSFTVMUBEPTDPNQMFUBNFOUFEJGFSFOUFTFODVBOUPB
MBBQSPQJBDJØOEFDPODFQUPTZQSPDFEJNJFOUPTQPSQBSUFEFMPTBMVNOPTZ
TPCSFUPEP FO
MPRVFBBQSFOEJ[BKFEFMBTDJFODJBTTFSFGJFSF
BMBTQSFHVOUBTRVFEJTQBSFMBFYQFSJFODJB
DPNPVOBQVFSUBQBSBJSBKVHBSZFYQFSJNFOUBSNÈTBMMÈEFMBDPOTJHOBJOJDJBM&TJNQPS
UBOUFEFTUBDBSRVFFOFTUPTQSJNFSPTB×PTTFDPOTUSVZF PEFCFSÓB
FMHVTUPQPSMBDJFODJB
QPSFYQFSJNFOUBS
QPSPCTFSWBSDPONÈTEFUBMMFMPRVFUFOFNPTEFMBOUFEFOVFTUSPTPKPT
ZUSBUBSEFFOUFOEFSQPSRVÏQBTBMPRVFQBTB
'VNBHBMMJ
-&MEFTBGÓPEFFOTF×BSDJFODJBTOBUVSBMFT#VFOPT"JSFT
5SPRVFM
TJOP RVF WJFOF EF MPT QTJDPEÏMJDPT Z
FO MPT RVF TJ FM NVOEP FYQFSJNFOUBCB FO
DBSOF QSPQJB OVNFSPTBT OPWFEBEFT
OP DBCÓB PUSB QPTJCJMJEBE RVF DPOUBHJBS FTUF BGÈO
EFFYQFSJNFOUBDJØOZEFTDVCSJNJFOUPBMBVMBEFDJFODJBT&TDVDIFNPTTJOPB1JBHFU
DPO
PÓEPTEFTJHMP99*
$BEB WF[ RVF TF FOTF×B QSFNBUVSBNFOUF B VO OJ×P BMHP RVF IVCJFSB QPEJEP
EFTDVCSJSTPMP
TFMFJNQJEFJOWFOUBSMPZ
FODPOTFDVFODJB
FOUFOEFSMPDPNQMFUB
NFOUF
&TUBT JEFBT SFWPMVDJPOBSJBT MMFWBSPO B QPTUVMBS FO FTPT B×PT EPSBEPT MB QPTJCJMJEBE EFM
BQSFOEJ[BKFQPSEFTDVCSJNJFOUP&OTVNPNFOUPFTUPSFQSFTFOUBCBMBQBOBDFBZFMFTDV
EPDPOUSBMPTQSPDFTPTUSBEJDJPOBMFTEFDMBTFTNBHJTUSBMFT
NFNPSJ[BDJØOZSFQFUJDJPOFT
BVUPNÈUJDBTEFFYQFSJNFOUPTEFEVEPTBGPSNBMJEBE&TUBQPTUVSBQPOFVOÏOGBTJTDBTJ
BCTPMVUPFOMPTQSPDFEJNJFOUPTQPSTPCSFMPTDPOUFOJEPTDPODSFUPT
MBJEFBoNVZTFTFOUJT
UB
TJMBTIBZoFTTBMJSBPCTFSWBSFMNVOEPZGPSNVMBSIJQØUFTJTDPOJOHFOVJEBEBCTPMVUB
+VTUBNFOUF
TF PMWJEBCB RVF OVFTUSBT RVFSJEBT CFTUF[VFMBT WJFOFO DPO TVT JEFBT FO MB
DBCF[B
RVFOPOFDFTBSJBNFOUFTFDBNCJBOQPSPCTFSWBSDPOBUFODJØOBMHPRVFWBFO
DPOUSBEFFTBTNJTNBTJEFBT1PSPUSPMBEP
MBJEFBEFBQSFOEJ[BKFQPSEFTDVCSJNJFOUP
MMFWBEBBMFYUSFNP
QSFUFOEFRVFMBSFBMJEBENJTNBOPTiEJDFwDØNPGVODJPOBFMNVOEP
JODMVZFOEPDVFTUJPOFTSFBMNFOUFDPNQMFKBTRVFBMPTDJFOUÓGJDPTMFTMMFWØTJHMPTFOUFOEFS
5BMWF[FOFTUPSBEJRVFVOBEFMBTNBZPSFTEFGJDJFODJBTEFMNPEFMPQPSNÈTRVFNJSF
EVSBOUFNVDIPUJFNQPDØNPGMPUBVOPCKFUP
FTNVZQPDPQSPCBCMFRVFVODIJDP
TPMJUP
FOUJFOEBFMGFOØNFOPEFMBGMPUBDJØOZFMFNQVKF
$PNPTFB
NÈTBMMÈEFMBTDSÓUJDBTRVFTFMFIBOGPSNVMBEPIBTUBEFKBSMPVOUBOUPIVNJMMB
EPFOFMSJODØO
FMBQSFOEJ[BKFQPSEFTDVCSJNJFOUPTFWBBDFSDBOEP
EFBQPDP
BVOFO
1JBHFU
+$JUBEPFO1P[P
+*Z$BSSFUFSP
.i%FMQFOTBNJFOUPGPSNBMBMBTDPODFQDJPOFTFTQPOUÈOFBT{2VÏ
DBNCJBFOMBFOTF×BO[BEFMBDJFODJB w*OGBODJBZ"QSFOEJ[BKF
"VTVCFM
%1
/PWBL
+%Z)BOFTJBO
)&EVDBUJPOBM1TZDIPMPHZ"$PHOJUJWF7JFX/VFWB:PSL
)PMU
3JOFIBSU
BOE8JOTUPO
*** 3FDPSSFSMBDJFODJBFOFMBVMB
GPRVFFEVDBUJWPRVFQPSGJOTFBDFSRVFBMBDJFODJB"QSFOEFSBEFTDVCSJSFT
BEFNÈTEF
GBTDJOBOUF
VODBNJOPEFJEBEFMRVF
BGPSUVOBEBNFOUF
OPTFWVFMWFNÈT/PFTDBTVBM
RVFEPTIJKPTEJSFDUPTEFFTUFFOGPRVFEFFOTF×BO[BEFMBTDJFODJBTTFBOFMBQSFOEJ[BKF
QPSJOEBHBDJØOZMPTBQSFOEJ[BKFTQPSSFTPMVDJØOEFDBTPTPEFQSPCMFNBT
)BDFSDJFODJBQBSBBQSFOEFSDJFODJBTBQSFOEJ[BKFQPSJOEBHBDJØO
$VBOEP QFOTBNPT FO iIBDFS DJFODJB FO FM BVMBw TFHVSBNFOUF SFDPSEBNPT FM GBNPTP
NÏUPEPDJFOUÓGJDPDPOFMRVFNVDIPTEFOPTPUSPTGVJNPTCPNCBSEFBEPTFOOVFTUSBÏQP
DB FTDPMBS -B DJFODJB
FO GPSNB DBSJDBUVSJ[BEB
TFSÓB VOB SFDFUB JOGBMJCMF TFHÞO MB DVBM
IBZRVFQPOFSTFGJSNFTZ
PCTFSWBS
IJQPUFUJ[BS
FYQFSJNFOUBS
EFEVDJSZWPMWFS
BFNQF[BS
UPEPFTPTJOSFQFUJS
TJOTPQMBS
TJOTBMUFBSTFOJOHÞOQBTPOJBMUFSBSTVPSEFO
iOBUVSBMw&TDPNPTJMBDJFODJBFTUVWJFSBDPNQVFTUBQPSOVNFSPTBTJUFSBDJPOFTEFFTUF
GBNPTPNÏUPEP
JOEFQFOEJFOUFTFOUSFTÓZTVKFUBTBVOPSEFODBTJQSFFTUBCMFDJEP&TNÈT
EPOEFOPIBZPSEFO
QBSFDFRVFOPIBZDJFODJB
OPIBZOBEB-PTGBNPTPTiBOBSRVJTUBT
DJFOUÓGJDPTw
DPO1BVM'FZFSBCFOEBMBDBCF[B
WBONVDIPNÈTBMMÈ
ZMMFHBOBQSPQPOFS
RVFMBÞOJDBNBOFSBEFIBDFSDJFODJBFTJSEJSFDUBNFOUFFODPOUSBEFMNÏUPEPDJFOUÓGJDP
FODPOUSBOEPDBNJOPTBMUFSOBUJWPTZEFTPSEFOBEPT
{2VÏFTMPRVFTFiJOEBHBwFOFTUFBQSFOEJ[BKF "MHPTJNJMBSBMPRVFPDVSSFFOMBDJFODJB
QSPGFTJPOBMBQBSUJSEFVOBPCTFSWBDJØO
PEFVOBTJUVBDJØOQMBOUFBEBQPSFMEPDFOUF
FM
BVMBTFDPOWJFSUFFOVOMBCPSBUPSJPEFQSFHVOUBT
JEFBTZFYQFSJNFOUPT"RVÓMBQBMBCSB
EFMEPDFOUFFTGVOEBNFOUBM
QBSBPSJFOUBSFTUBJOEBHBDJØOIBDJBQMBZBTGÏSUJMFTZDSFBUJWBT
BVOTJTPOJOFTQFSBEBT
"MEFDJSEF'VSNBOZ;ZTNBO
4JHVJFOEP B #FSUPMU #SFDIU i&O MB BDUVBMJEBE IBZ TPCSF UPEP PSEFO
EPOEF OP IBZ OBEB
FT VOB EFGJDJFODJB
BQBSFOUFw
'FZFSBCFOE
15SBUBEPDPOUSBFMNÏUPEP.BESJE
5FDOPT
'VSNBO
. Z ;ZTNBO
" $JFODJBT OBUVSBMFT BQSFOEFS B JOWFTUJHBS FO MB FTDVFMB #VFOPT "JSFT
/PWFEBEFT
&EVDBUJWBT
1FOTBSDJFOUÓGJDBNFOUFSFRVJFSFMBDBQBDJEBEEFFYQMPSBSZIBDFSMFQSFHVOUBTBM
NVOEPOBUVSBMEFNBOFSBTJTUFNÈUJDBQFSPBMNJTNPUJFNQP
DSFBUJWBZKVHVFUP
OB*NQMJDBQPEFSJNBHJOBSFYQMJDBDJPOFTEFDØNPGVODJPOBOMBTDPTBTZCVTDBS
GPSNBTEFQPOFSMBTBQSVFCB
QFOTBOEPFOPUSBTJOUFSQSFUBDJPOFTQPTJCMFTQBSB
MP RVF WFNPT Z VTBOEP FWJEFODJBT QBSB EBS TVTUFOUP B OVFTUSBT JEFBT DVBOEP
EFCBUJNPTDPOPUSPT
%FDJS iOP TÏw QFSUVSCB MBT JEFBT USBEJDJPOBMFT EF MB FEVDBDJØO $VBOEP ZP FSB
BMVNOB
OVODBFODPOUSÏOJVOTPMPNBFTUSPRVFDPOGFTBSBOPTBCFS&MPGJDJPEF
QSPGFTPSFTUÈEFTUJOBEPBUSBOTNJUJSVOBNPSBM
JNQBSUJSDPNQFUFODJBT
EFTIBDFS
OVEPTOJOHÞOQSPCMFNBEFCFSFTJTUJSTFBMQSPGFTPS&MiOPTÏwFTVOBIVNJMMBDJØO
OJOHÞOBMVNOPWPMWFSÈBSFTQFUBSMP$VBOEPZPNJTNBNFIJDFQSPGFTPSBQFO
TBCBRVFUFOÓBRVFSFQSFTFOUBSUPUBMNFOUFFTFQBQFM
EBSVOBCVFOBJNBHFOEF
NJTBCFS4JPDVSSÓBRVFOPTVQJFSB
EFCÓBTPTMBZBSIÈCJMNFOUFMBQSFHVOUBQBSB
RVFMPTBMVNOPTOPTFQFSDBUBSBOVOBMVNOPIBCÓBDPOTUSVJEPVONPMJOPDPO
FOHSBOBKFT
QFSPOPHJSBCB
$IBSQBL
-
-ÏOB
1Z2VÏSÏ
:-PTOJ×PTZMBDJFODJB#VFOPT"JSFT
4JHMP99*&EJUPSFT
*** 3FDPSSFSMBDJFODJBFOFMBVMB
7PZBDPOUBSMFTVOBGÈCVMB
i6OHBUJUPQSFHVOUBBVOHBUPWJFKP
o{2VÏUFOHPRVFDPNFS
o-PT KØWFOFT UF MP QVFEFO FOTF×BS oSFTQPOEF FTUF &M HBUJUP TF WB B WFS B MPT
WFDJOPTFOMBQSJNFSBDBTB
FMEVF×PPDVMUBFOTFHVJEBMBDBSOFFOMBTFHVOEB
PDVMUBFMQFTDBEP
&MHBUJUPTFQSFHVOUB
o{1PS RVÏ
BQFOBT MMFHP
FTDPOEFO UPEP :B DPNQSFOEÓ
UJFOFO NJFEP EF RVF
NFDPNBMPRVFFTDPOEFO
BTÓRVFTFHVSBNFOUFTFUSBUBEFMPRVFUFOHPRVF
DPNFS
&M HBUP WJFKP TBCÓB RVF IBZ RVF QSBDUJDBS QBSB DPNQSFOEFS QSPOUP
DVBOEP FM
HBUJUPWJWBTPMP
UFOESÈRVFFODPOUSBSÏMNJTNPMPRVFQVFEFDPNFS&MHBUPWJFKP
TBCÓBRVFFSBQSFGFSJCMFDBMMBSTF
<y>
-BBDUJUVEJOEBHBUPSJB ZOPJORVJTJUPSJBy
JNQMJDBUBNCJÏOVODBNCJPSBEJDBMFOMBTSFMB
DJPOFTEFOUSPEFMBVMBZBOPOFDFTBSJBNFOUFTFSÈOMPTNJTNPTMPTBMVNOPTRVFCSJMMBSÈO
QPSTVTDPOPDJNJFOUPTPTVNFNPSJB
TJOPRVFQPESÈOEFWFMBSTFPUSBTDBQBDJEBEFT
BDBTP
NÈTPDVMUBT
EFRVJFOFTUJFOFOTVQSPQJPSJUNPEFQFOTBNJFOUPZEFEVDDJØO$MBSPRVF
FTUPJNQMJDBVOEFTBGÓPBEJDJPOBMMPHSBSVOBDPNVOJEBEEFJORVJTJEPSFTFOMBRVFUPEPT
QBSUJDJQFOEFMBDPOTUSVDDJØOEFMDPOPDJNJFOUPDJFOUÓGJDP
&YJTUFOEPTFOGPRVFTBMUFSOBUJWPTQBSBFTUFUJQPEFFOTF×BO[BQPSVOMBEP
BRVFMRVF
SFTQPOEFBMBTJOEBHBDJPOFTBCJFSUBT
CBTBEBTFOMBTQSFHVOUBTJOJDJBMFTEFMPTBMVNOPT
RVJFOFT
HVJBEPTQPSFMEPDFOUF
PSEFOBOZFMJHFOTVTQVOUPTEFDVSJPTJEBEZQSPQPOFO
NBOFSBTEFSFTPMWFSMPTFYQFSJNFOUBMNFOUF&OFMPUSPSJODØOFTUÈOMBTJOEBHBDJPOFTiDF
SSBEBTwPHVJBEBT
FOMBTRVFMBDPOTJHOBJOJDJBMQBSUFEFMEPDFOUF
RVJFOFTUSVDUVSBFM
DBNJOPBTFHVJS"MPMBSHPEFVODVSTPEFDJFODJBTEFDVBMRVJFSOJWFM
FMDBNJOPJEFBMFT
FMRVFSFDPSSFMBTJOEBHBDJPOFTEFDFSSBEBTBBCJFSUBT
FOFMBGÈOEFMPHSBSFTUSVDUVSBTEF
QFOTBNJFOUPDJFOUÓGJDPJOEFQFOEJFOUF
PBMNFOPTJOUFOUBSMP
&MMJCSPEF8JHHJOTZ.D5JHIFGVFQVCMJDBEPFO
ZQVFEFFODPOUSBSTFNVDIBJOGPSNBDJØOTPCSFFTUBQSP
QVFTUBFOIUUQXXXHSBOUXJHHJOTPSHVCEIUNM
*** 3FDPSSFSMBDJFODJBFOFMBVMB
&TUBTQSFHVOUBTQVFEFOTFSDMBTJGJDBEBTEFBDVFSEPDPOTVDPNQMFKJEBEDPHOJUJWB
DPOFM
DBSÈDUFSEFMBTIFSSBNJFOUBTOFDFTBSJBT FYQFSJNFOUBMFTPOP
QBSBSFTQPOEFSMBTPJODMVTP
DPORVFTVVTPFODMBTFSFRVJFSBVOBDMBTFPVOBTFDVFODJBEJEÈDUJDBRVFQVFEFMMFWBS
NFTFT P IBTUB UPEP FM B×P -BT QSFHVOUBT EFCFO TFS BGJOBEBT Z HVJBEBT IBTUB RVF TF
DPOTUJUVZBOFOWFSEBEFSBTQSFHVOUBTDJFOUÓGJDBT
PTFB
DPNQSPCBCMFTFYQFSJNFOUBMNFO
UF
QVFTUBTBQSVFCB
EJTQBSBEPSBTEFQSFEJDDJPOFT
FUD$MBSP
FMBTVOUPFTEFUFSNJOBS
RVFVOBQSFHVOUBFTDJFOUÓGJDB
ZFTPEFQPSTÓFT5PEB6OB1SFHVOUB&OVOUFYUPDV
SJPTBNFOUFMMBNBEPi)BDJFOEPDJFODJBwTFQSPQPOFOBMHVOPTDSJUFSJPTQBSBEFDJEJSMB
iDJFOUJGJDJEBEwEFVOBQSFHVOUBQBSBFMBVMB
t %FCFCBTBSTFFOPCKFUPT PSHBOJTNPTZFWFOUPTEFMNVOEPOBUVSBM
t /PEFCFCBTBSTFFOPQJOJPOFT TFOUJNJFOUPTZDSFFODJBT
t %FCFQPEFSTFSJOWFTUJHBEBBUSBWÏTEFFYQFSJNFOUPTVPCTFSWBDJPOFT
t %FCFMMFWBSBMBSFDPMFDDJØOEFFWJEFODJBZFMVTPEFJOGPSNBDJØOQBSBFYQMJDBSDØNP
GVODJPOBFMNVOEPOBUVSBM
&MBTVOUPFTRVFUBOUPMPTEPDFOUFTDPNPMPTBMVNOPTTFFKFSDJUFOFOFTUFUJQPEFQSF
HVOUBTQBSBRVFNÈTBEFMBOUFGPSNVMBSMBTTFBDBTJVOBDVFTUJØOEFSVUJOB&OQBSUJDVMBS
FM EPDFOUF EFCF JODPSQPSBS QSFHVOUBT EF DBSÈDUFS FTUSBUÏHJDP RVF HVÓBO BM BMVNOP Z
MPFTUJNVMBOBJSVOQPDPNÈTBMMÈ
DPOTUSVZFOEPEFFTBNBOFSBTVQSPQJPDBNJOPZTV
QSPQJPDPOPDJNJFOUP
&O FM QSPDFTP USBEJDJPOBMNFOUF EFOPNJOBEP NÏUPEP DJFOUÓGJDP
FTUBT QSFHVOUBT FTUÈO
VTVBMNFOUFDBNVGMBEBTCBKPFMEJTGSB[EFIJQØUFTJT
QFSPDVFTUBNVDIPFODPOUSBSMBTEF
#ZCFF
3i%PJOHTDJFODFUIFQSPDFTTPGTDJFOUJGJDJORVJSZw&O
TDJFODFFEVDBUJPOOJIHPW4VQQMFNFOUT/*)*ORVJSZHVJEFOJI@EPJOHTDJFODFQEG
USÈTEFUBOUPNBRVJMMBKF4JOFNCBSHP
FOFMBQSFOEJ[BKFQPSJOEBHBDJØO
MBIJQØUFTJTFT
FMDPSPMBSJPEFUPEBCVFOBQSFHVOUBDJFOUÓGJDBFODJFSUBGPSNB
FTFMQBTPQSFWJPQBSB
FOGSFOUBSOPTBVOBSFTPMVDJØOFYQFSJNFOUBMEFMBDVFTUJØOFOFTUVEJP6OBIJQØUFTJTBCSF
NÞMUJQMFTQVFSUBTPQSFEJDDJPOFT
UPEBTMBTDVBMFTEFCJFSBOTFSDPNQSPCBCMFTPSFGVUBCMFT
FOMBTDPOEJDJPOFTFYQFSJNFOUBMFTBEFDVBEBT1PSPUSPMBEP
FTVOBNBSBWJMMPTBPQPSUV
OJEBEQBSBRVFFMBVMBTFUSBOTGPSNFFOVOWFSEBEFSPDBNQPEFCBUBMMBJOUFMFDUVBM
FO
FMRVFMPTDFSFCSPTJOUFSWJOJFOUFTTFFYQSJNBOEFTDVCSJFOEPMBTGBMMBTZWJSUVEFTEFUPEP
SB[POBNJFOUPIJQPUÏUJDPBOUFTEFJOUFOUBSQPOFSMPBQSVFCB:EFTQVÏT
TÓ
BEJTF×BSFM
NFKPSEFMPTFYQFSJNFOUPTFMEFTBSSPMMPEFFTUFEJTF×P
DPOTVTDPOUSPMFTOFHBUJWPTZ
QPTJUJWPT
TVTQBTPT
TVTDPNQMJDBDJPOFTZEFNÈT
ZBFTQBSUFEFMQSPDFTPFYQFSJNFOUBMFO
TÓoZBWFDFT
IBTUBNÈTJNQPSUBOUFRVFSFBMJ[BSMBFYQFSJFODJB QFSPTPMPBWFDFT
1PSTVQVFTUP
FMQSPDFTPEFSFDSFBSMBDJFODJBFOFMBVMBRVFEBDPNQMFUBNFOUFUSVODPTJ
MVFHP EF MB SFBMJ[BDJØO EF MPT FYQFSJNFOUPT DPSSFTQPOEJFOUFT
MPT EBUPT RVFEBO JOFSUFT
DPNPOÞNFSPT
HSÈGJDPTPUBCMBTFOVOQBQFM6OBFUBQBGVOEBNFOUBMEFMQSPDFTPFTMBEFM
EFCBUFFJOUFSQSFUBDJØOEFMPTSFTVMUBEPT
RVFPCWJBNFOUFEFCFSÈOHFOFSBSOVFWBTQSFHVO
UBT
IJQØUFTJTZFYQFSJNFOUPT:BIFNPTEJDIPBRVFMMPEFRVFMBDJFODJBOPFTUBMIBTUBRVF
OPTFQPOFFODPNÞODPOMBDJFODJBFOFMBVMBQBTBFYBDUBNFOUFMPNJTNP-BFUBQBEFEJT
DVTJØOHFOFSBMEFMPTSFTVMUBEPTFTBQBTJPOBOUFZGSVDUÓGFSBoEFTDVCSJSRVFVOFYQFSJNFOUP
OPEBiNBMwTJOPRVFEBMPRVFEB
ZFTOVFTUSBUBSFBFOUFOEFSRVÏOPTFTUÈEJDJFOEPFT
GVOEBNFOUBM QBSB QSPNPWFS FM QFOTBNJFOUP DJFOUÓGJDP FOUSF OVFTUSPT BMVNOPTo %B VO
QPDPEFWÏSUJHPDPNQSFOEFSMP
QFSPFMDBNJOPOVODBUFSNJOB
EBEPRVFTFHFOFSBOOVFWBT
DVFTUJPOFTZSFGJOBNJFOUPTQBSBFYUSBFSMFNÈTEBUPTBMBOBUVSBMF[B BVORVFFTUBNCJÏO
UBSFBEFMEPDFOUFQSFWFSZQSPQPOFSVODJFSSFQBSBMPTUSBZFDUPTEJEÈDUJDPT
&OSFTVNFO
FMBQSFOEJ[BKFQPSJOEBHBDJØOJNQMJDBVODBNCJPDPODFQUVBMFOMBNBOFSB
FO MB DVBM OPT QMBOUBNPT GSFOUF BM BVMB &M JOWFTUJHBEPS EF MB 6OJWFSTJEBE EF 7BMFODJB
%BOJFM(JM1ÏSF[SFTVNJØIBDFNÈTEFVOBEÏDBEBFTUPTDBNCJPTZQSPDFTPTFOBMHVOPT
TJNQMFTQBTPT
B
TFQMBOUFBOTJUVBDJPOFTQSPCMFNÈUJDBTRVFHFOFSFOJOUFSÏTFOMPTBMVNOPTZQSPQPSDJP
OFOVOBDPODFQDJØOQSFMJNJOBSEFMBUBSFB
(JM1ÏSF[
%i$POUSJCVDJØOEFMBIJTUPSJBZEFMBGJMPTPGÓBEFMBTDJFODJBTBMEFTBSSPMMPEFVONPEFMPEFFOTF×BO
[BBQSFOEJ[BKFDPNPJOWFTUJHBDJØOw&OTF×BO[BEFMBT$JFODJBT
(JM1ÏSF[
%i3FMBDJPOFTFOUSF
DPOPDJNJFOUPFTDPMBSZDPOPDJNJFOUPDJFOUÓGJDPw*OWFTUJHBDJØOFOMB&TDVFMB
*** 3FDPSSFSMBDJFODJBFOFMBVMB
C
MPTBMVNOPTUSBCBKBOFOHSVQPZFTUVEJBOMBTTJUVBDJPOFTQMBOUFBEBT
D
MPTQSPCMFNBTTFUSBUBOTJHVJFOEPVOBPSJFOUBDJØODJFOUÓGJDBDPOFNJTJØOEFIJQØUFTJT
FMBCPSBDJØO EF FTUSBUFHJBT QPTJCMFT EF SFTPMVDJØO Z BOÈMJTJT
Z DPNQBSBDJØO DPO MPT
SFTVMUBEPTPCUFOJEPTQPSPUSPTHSVQPTEFBMVNOPT
E
MPTOVFWPTDPOPDJNJFOUPTTFBQMJDBOBOVFWBTTJUVBDJPOFT
1FSPBRVÓOPBDBCBUPEP
ZBRVFFTFMQVOUPEFQBSUJEBQBSBPUSPEFMPTQSPDFTPTRVF
JOWPMVDSBVOBMUPHSBEPEFDSFBUJWJEBEFODJFODJBZ
QPSTVQVFTUP
MBDJFODJBFOFMBVMBOP
QVFEFFTUBSFYFOUBEFFTUFQBTP4FUSBUBEFMBJNBHJOBDJØOEFNPEFMPTRVFEFTDSJCBO
MB TFSJF EF SFTVMUBEPT FYQFSJNFOUBMFT PCUFOJEPT Z
TPCSF UPEP
RVF QFSNJUBO GPSNVMBS
QSFEJDDJPOFTBGVUVSP
)BZ NPEFMPT QBSB UPEPT MPT HVTUPT
EFTEF BRVFMMPT NBUFSJBMFT RVF VUJMJ[BO FMFNFOUPT
EFCSJDPMBKFQBSBFOUFOEFSDØNPGVODJPOBBMHÞOGFOØNFOPOBUVSBMIBTUBMPTNPEFMPT
DPNQMFUBNFOUFBCTUSBDUPTFJEFBMFTRVFEFTDSJCFOFTFGFOØNFOP4JMPHSBNPTDSFBSVO
NPEFMPEFMPRVFRVFSFNPTDPOPDFS
FTUBSFNPTNÈTDFSDBEFDPNQSFOEFSMP1PSÞMUJNP
QPSRVÏOPQFOTBSFOVOWFSEBEFSPEFTGJMFEFNPEFMPT
FOFMRVFMPTBMVNOPTQSFTFOUFO
ZEFGJFOEBOTVTJEFBTDPNPFOVODPOHSFTPDJFOUÓGJDPIBDJFOEPDJFODJB
.PEFMPTZBCTUSBDDJØO
$PNPBGJSNBO1IJMJQ%BWJTZ3FVCFO)FSTDI
TFTVFMFEFDJSRVFMBTNBUFNÈUJDBTDPNFO[B
SPODVBOEPMBQFSDFQDJØOEFUSFTNBO[BOBTTFTFQBSØEFMDPODFQUPEFiNBO[BOBwZQBTØ
BTFSFMOÞNFSPiw&TUPFTVOBQSJNFSBGPSNBEFBCTUSBDDJØO
UBMWF[VOPEFMPTNP
NFOUPTNÈTFVSFLBEFMQSPDFTPEFBQSFOEJ[BKFEFMBTDJFODJBT
ZPCWJBNFOUFOPQSJWBUJWP
EFMBNBUFNÈUJDB-PTNJTNPTBVUPSFTTFSFGJFSFOBEJGFSFOUFTDPODFQUPTEFBCTUSBDDJØO
NVZÞUJMFTDPNPDBUFHPSÓBTBMBIPSBEFQFOTBSFOFMBVMBEFDJFODJB
B
MBBCTUSBDDJØODPNPJEFBMJ[BDJØO
DPNPBRVFMMBRVFJNBHJOBVOBSFDUBJEFBMTPCSFFM
QMBOP
C
MB BCTUSBDDJØO DPNP FYUSBDDJØO
FTB QSPQJFEBE RVF TFHÞO -B 3FQÞCMJDB EF 1MBUØO
iPCMJHBBSFGMFYJPOBSTPCSFMPTOÞNFSPTBCTUSBDUPTw
DPNPFOMBDPSSFTQPOEFODJBRVF
:OPFTDVFTUJØOEFUPNBSTFFTUPTNPEFMPTBMBMJHFSBTJOJSNÈTMFKPT
FTMBGPSNBFOMBDVBM8BUTPOZ$SJDL
BWBO[BSPOIBDJBMBFTUSVDUVSBEFM"%/
%BWJT
1+Z)FSTDI
35IFNBUIFNBUJDBMFYQFSJFODF.JEEMFTFY
1FOHVJO
VOBTFSJFEFUBMFTOÞNFSPTUJFOFDPOPCKFUPTSFBMFToZRVFTJFOUBMBTCBTFTEFMBT
UFPSÓBTEFHSBGPT
&TUÈDMBSPRVFFMQSPDFTPEFBCTUSBDDJØOFTUÈFOMBCBTFEFMQFOTBNJFOUPDJFOUÓGJDPJNB
HJOBSUBOUPMPRVFOPTFQVFEFWFS DPNPMPTÈUPNPT
DPNPBRVFMMPRVFSFRVJFSFVOB
JOUFSQSFUBDJØOBCTUSBDUBEFMPTSFTVMUBEPTDPODSFUPTRVFVOFYQFSJNFOUPBSSPKF&OFTUF
TFOUJEP
FMBVMBEFDJFODJBEFCFGPNFOUBSMBDPOTUSVDDJØOQFSNBOFOUFEFNPEFMPT
NFO
UBMFT
JNBHJOBSJPT
DPODSFUPT
EFDBSUØOZEFBMBNCSF
DPNPVOBDPSSFTQPOEFODJBFOUSF
MPTEBUPTZMBSFBMJEBE&MBTVOUPFTRVF
TJCJFOMPTEBUPTRVFBSSPKFVOFYQFSJNFOUPTPO
ÞOJDPTZVOJWFSTBMFT
MPTNPEFMPTRVFQPEFNPTDPOTUSVJSTPCSFFMMPTTPOEJTQBSFTFJOEJ
WJEVBMFT PBMNFOPTTFDUBSJPT
&TBNJTNBBCTUSBDDJØOoPUBMWF[PUSPPSEFOEFFTUFQSPDFTPoTFSFRVJFSFQBSBRVFMPT
DJFOUÓGJDPT TF QPOHBO EF BDVFSEP TPCSF BMHÞO GFOØNFOP PCKFUJWP , $ $PMF DJUB VOB
BOÏDEPUBJMVTUSBUJWBBMSFTQFDUP
&OTVFEJDJØOEFMEFKVMJPEFFM/FX:PSL5JNFTBOVODJØRVFMPTGÓTJDPT
IBCÓBOFODPOUSBEPGJOBMNFOUFFMTFYUPRVBSL
ÞMUJNPNJFNCSPEFFTBNJTUFSJPTB
GBNJMJBEFQBSUÓDVMBTFMFNFOUBMFTRVFSFWPMPUFBOFOFMOÞDMFPBUØNJDP$BTVBM
NFOUFVOBNJHPGÓTJDPEF$BMJGPSOJBFTUBCBEFWJTJUBFTFEÓB<y>/PTFWFÓBNVZ
JNQSFTJPOBEP QPS FM BOVODJP Z IBTUB QBSFDÓB UPNÈSTFMP DPO DJFSUP IVNPS .F
FYQMJDØ RVF MB NÈRVJOB RVF IBCÓB iFODPOUSBEPw FM RVBSL MMFWBCB NÈT EF TFJT
NFTFTBQBHBEBZRVFMPTEBUPTIBCÓBOTJEPBOBMJ[BEPTIBDÓBZBUSFTNFTFT-PT
SFTVMUBEPT
QVFT
ZBTFDPOPDÓBO
i-P RVF FM BOVODJP TJHOJGJDB oEJKPo FT RVF GJOBMNFOUF TF QVTJFSPO EF BDVFSEP
TPCSFMPRVFWJFSPOw
&TBFTFYBDUBNFOUFMBOBUVSBMF[BEFMDPOPDJNJFOUPDJFOUÓGJDPQPOFSTFEFBDVFSEPTPCSFMP
RVFWFNPT&TNÈTBMEFDJSEFMGJMØTPGP1BVM'FZFSBCFOE
MBDJFODJBOPDPOPDFIFDIPTEFTOV
EPT
TJOPRVFUPEPTMPTIFDIPTRVFTFJOUFHSBOBOVFTUSPDPOPDJNJFOUPZBWJFOFOWFTUJEPTEF
VOBDJFSUBGPSNB&OPUSBTQBMBCSBT
MBTPQJOJPOFTQSFDPODFCJEBTGPSNBUFBOMBBERVJTJDJØOZMB
JOUFSQSFUBDJØOEFMPTIFDIPTDJFOUÓGJDPT
(FMMPO
()BCÓBVOBWF[FMÈUPNP$ØNPMPTDJFOUÓGJDPTJNBHJOBOMPJOWJTJCMF#VFOPT"JSFT
4JHMP99*
$PMF
,$i*TUIFSFTVDIBUIJOHBTTDJFOUJGJDPCKFDUJWJUZ w%JTDPWFS
TFQUJFNCSFEF
*** 3FDPSSFSMBDJFODJBFOFMBVMB
&TPCWJPRVFTJFTUPPDVSSFFOMBTEJWFSTBTJOTUBODJBTEFMBJOWFTUJHBDJØODJFOUÓGJDB
FMBVMB
EFDJFODJBTOPQVFEFFTUBSFYFOUBEFUBMFTGFOØNFOPTRVF
MFKPTEFEJTUPSTJPOBSMPTQSP
DFTPTEFBQSFOEJ[BKF
EFCFOTFSBQSPWFDIBEPTFOTVGBWPS"UPEPTMPTEPDFOUFTOPTIB
PDVSSJEPRVFMPTBMVNOPTTFOPTQSFTFOUBONVZEFTBOJNBEPTQPSRVFiFMFYQFSJNFOUP
NFEJPNBM
QSPGFwy
DPNPTJUBMDPTBQVEJFSBPDVSSJS&MEFTBGÓPFT
FOUPODFT
JOUFSQSFUBS
FMSFTVMUBEP MPTEBUPTTPOMPTEBUPT
ZOPQVFEFOEBSiNBMw
FJODPSQPSBSMPEFOUSPEFM
NPEFMPRVFNFKPSMPFYQMJRVF
-BDJFODJBUJFOFTVTQSPCMFNBTZTVTDBTPT
{2VÏFTMPRVFUJFOFOTFSJFTUFMFWJTJWBTDPNP$4*P%PDUPS)PVTFQBSBIBDFSMBTUBOBUSBD
UJWBTFOUSFUPEPUJQPEFQÞCMJDP
NÈTBMMÈEFMFYDFTPEFKFSHBUÏDOJDBFJODPNQSFOTJCMF
FO FM RVF TVFMFO JODVSSJS 1PTJCMFNFOUF TFB FM EFTBGÓP EF UFOFS RVF SFTPMWFS VO DBTP
DPODSFUP
FOFMRVFMBDJFODJBQSPWFFEFIFSSBNJFOUBTQBSBSFTPMWFSMBTQJTUBTRVFTFWBO
TVDFEJFOEP&TUBQBSFDFTFSVOBFTUSBUFHJBEJSFDUBNFOUFFYUSBQPMBCMFBMBVMB
ZBRVFTJTF
USBUBEFFOUVTJBTNBSFJODFOUJWBSBOVFTUSPTBMVNOPT
CJFOWFOJEPTTFBOMPTQSPCMFNBT
&TUÈÓOUJNBNFOUFMJHBEBBMBQSFOEJ[BKFQPSJOEBHBDJØO
ZBRVFSFRVJFSFVOQSPDFTPEF
HSBOSFTQPOTBCJMJEBEFJOEFQFOEFODJBQPSQBSUFEFMBMVNOP PEFFRVJQPTEFBMVNOPT
RVFEFCFOTFSHVJBEPTEFNBOFSBTVUJMQPSFMEPDFOUFQBSBRVFOPQJFSEBOFMTFOEFSP
QSFFTUBCMFDJEPEFBDVFSEPDPOMPTPCKFUJWPTEFMDVSTP-BSFTPMVDJØOEFDBTPTFTUBMWF[
NÈT DPNQMFKB
ZB RVF SFRVJFSF QPS QBSUF EFM EPDFOUF VO DPOUFYUP
VOB IJTUPSJB Z VOB
FTDFOPHSBGÓBBEFDVBEBQBSBJOTFSUBSFMPMPTQSPCMFNBTDJFOUÓGJDPT
.ÈTBMMÈEFTVTJNQMJDBODJBTQSÈDUJDBT
SFTVMUBJOUFSFTBOUFDPOTJEFSBSRVFMBSFTPMVDJØOEF
UBSFBTZQSPCMFNBTFTVOUFNBBDUVBMNFOUFCBKPJOUFOTBJOWFTUJHBDJØOFOFMÈSFBEFMBT
OFVSPDJFODJBTDPHOJUJWBT4JCJFOSFTPMWFSVOQSPCMFNBFTMPRVFIBDFNPTBEJBSJP
JODMVTP
DVBOEPOPTBCFNPTRVÏIBDFS
QBSBFMDFSFCSPDPOTUJUVZFVOEFTBGÓPGFOPNFOBM
BVOFO
FMNÈTTJNQMFEFMPTDBTPT
TVTTPMVDJPOFTZQFOTBNJFOUPTFOUJFNQPSFBM
ZMVFHPTFBOBMJ[BCBOMBTHSBCBDJPOFT&O
MBBDUVBMJEBE
DPNPEFDÓBNPT
FTUFFTVODBNQPEFJOUFOTBTFYQFSJNFOUBDJPOFT
CBTBEBT
UBOUPFOFMFTUVEJPEFGFOØNFOPTDPHOJUJWPTDPNPFOFMQSPDFTBNJFOUPEFJOGPSNBDJØO
Z
BQMJDBEPBMBVMB
NFSFDFTFTVEBTJOWFTUJHBDJPOFTFODBEBEJTDJQMJOBDJFOUÓGJDB
&MNVOEPUBNCJÏOFYJTUFMBDJFODJBTBMFEFMBVMB
)BTUBOPTIFNPTSFGFSJEPBBTQFDUPTEFMBQSFOEJ[BKFGPSNBMEFMBTDJFODJBT5SBEJDJPOBM
NFOUFTFMMBNBCBBQSFOEJ[BKFOPGPSNBMBUPEBBDUJWJEBERVFPDVSSÓBGVFSBEFMBFTDVFMB
oMBGBNPTBTBMJEBRVFJOWPMVDSBCBVOBTFSJFEFQBTPTZBVUPSJ[BDJPOFTCVSPDSÈUJDBT
WJB
KFTFONJDSPTZEVEPTPTSFTVMUBEPTQFEBHØHJDPTo"TJNJTNP
TPMÓBTFSDPOTJEFSBEPVOB
FTQFDJFEFEJWFSUJNFOUP
DPOSFMBUJWBNFOUFQPDBWBMPSBDJØO5BMWF[QBSBMBDJFODJBFTUBT
TBMJEBTTFBOGVOEBNFOUBMFT
BVODVBOEPTFSFBMJDFOFOVOÈNCJUPSFEVDJEPFMQBUJPEF
MBFTDVFMB
MBQMB[B
MBTJOWFTUJHBDJPOFTIPHBSF×BT1PSTVQVFTUP
MBTTBMJEBTBÈNCJUPTEF
QSPEVDDJØOPFYIJCJDJØOEFBDUJWJEBEFTDJFOUÓGJDBT DPNPMBCPSBUPSJPTPNVTFPT
CSJOEBO
VOBQPSUFGVOEBNFOUBMQBSBDPNQSFOEFSDØNPTFDPOTUSVZFFMDPOPDJNJFOUP
ZEFCFO
TFSGPNFOUBEBTZBQSPWFDIBEBTDPOMBQMBOJGJDBDJØOBEFDVBEB
-B EJTUJODJØO CBTBEB FO BSHVNFOUPT iHFPHSÈGJDPTw FT BDUVBMNFOUF VO UBOUP BCTVSEB
{RVÏQBTBDPOFMBQSFOEJ[BKFQPS*OUFSOFU
PFOMBTFYQFSJFODJBTRVFTFSFBMJ[BOFODBTB
DPOVOBHVÓBQSPWFOJFOUFEFMBFTDVFMB
DPOMPTEPDVNFOUBMFTEFUFMFWJTJØO /PWBMFMB
QFOBEFUFOFSTFFOEFGJOJSGPSNBMJEBEFTFJOGPSNBMJEBEFTFOFTUPTDBTPT
TJOPFOBOBMJ[BS
RVÏQPEFNPTBQSPWFDIBSEFDVBMRVJFSTJUVBDJØOBQUBQBSBFMBQSFOEJ[BKFEFMBTDJFODJBT
&OFTUFQSPDFTP
UBMWF[VOPEFMPTNBZPSFTDBNCJPTEFMBTÞMUJNBTEÏDBEBTIBTJEPMB
USBOTGPSNBDJØOEFMPTNVTFPTEFDJFODJB
QBSUJFOEPEFÈNCJUPTWFOFSBCMFTQBSBMBTDP
MFDDJPOFTEFFTQFDÓNFOFTEFCPUÈOJDB
[PPMPHÓBPNJOFSBMPHÓB
FOMVHBSFTFOMPTRVFFM
WJTJUBOUFQVFEFQBSUJDJQBSEFFYQFSJFODJBTRVFNPEJGJDBOFOGPSNBBDUJWBTVQFSDFQDJØO
ZDPOPDJNJFOUPEFMNVOEP1PSGPSUVOB
MBTJOWFTUJHBDJPOFTSFBMJ[BEBTFOFTUPTNVTFPT
BDFSDBEFMBTEJWFSTBTWBSJBCMFTZMBTSFTQVFTUBTEFMPTWJTJUBOUFTGVFSPOSÈQJEBNFOUFFYUSB
QPMBEBTBFOUFOEFSFMQSPDFTPEFBQSFOEJ[BKFRVFTFSFBMJ[BCBFOTVTTBMBT
ZFTUPQVFEF
TFSBNQMJBNFOUFBQSPWFDIBEPFOMBFOTF×BO[BEFMBTDJFODJBT5BMWF[EFMBNBOPDPO
7FS
QPSFKFNQMP
(PPE
3Z4NJUI
.i)PX%P8F.BLF4UVEFOUT#FUUFS1SPCMFN4PMWFST w 5IF4DJFODF
5FBDIFS
(BCFM
% FE
)BOECPPLPG3FTFBSDIPO4DJFODF5FBDIJOHBOE-FBSOJOH/VFWB:PSL
.BDNJMMBO
*** 3FDPSSFSMBDJFODJBFOFMBVMB
MBTJOWFTUJHBDJPOFTTPCSFFTUBFOTF×BO[B
FOMPTNVTFPTTFDPNFO[ØBFTUVEJBSNFUPEP
MPHÓBTZQSPDFTPTEFBERVJTJDJØOEFDPOPDJNJFOUPNÈTBMMÈEFMPTDPOUFOJEPTNJTNPTEF
MBTFYIJCJDJPOFT&OMBFYQFSJFODJBJOUFSBDUJWB
FMBQSFOEJ[BKFFTDPNQMFKPZUJFOFRVFWFS
DPOMPRVFVOPUSBFDPNPJOEJWJEVP
DPOFMBNCJFOUFGÓTJDPFOFMDVBMTFMFQSFTFOUBOMBT
FYIJCJDJPOFTZ
QPSÞMUJNP
DPOMBNFEJBDJØOTPDJBMFOMBRVFTFJOTFSUBMBFYQFSJFODJB JO
DMVZFOEPMBTJOUFSBDDJPOFTDPOMPTGBDJMJUBEPSFTEFMNVTFP
1PSTVQVFTUPRVFFTUFUJQP
EFBDUJWJEBE
BMJHVBMRVFDVBMRVJFSPUSBTBMJEB
TPMPFTBQSPWFDIBEBFOMBNFEJEBFORVF
TFQSFQBSBQSFWJBNFOUFFOFMBVMB
ZTFDPOUJOÞBMBFYQFSJFODJBFODMBTFTTVCTJHVJFOUFT
&OFMDBTPEFMBTWJTJUBTBMBCPSBUPSJPTPDFOUSPTEFDPOPDJNJFOUPDJFOUÓGJDP
FTGVOEBNFO
UBMBQSPWFDIBSMBTBMJEBBMNÈYJNPUFOJFOEPFODVFOUBDSJUFSJPTi$54w DJFODJB
UFDOPMPHÓB
ZTPDJFEBE
BMBIPSBEFEJTF×BSMBTBDUJWJEBEFTBSFBMJ[BSOPTPMPTFUSBUBEFSFDJCJSJOGPS
NBDJØOEFMBNBOPEFFYQFSUPT
TJOPRVFUBNCJÏOMPTBMVNOPTQVFEFOJSQSFQBSBEPTDPO
BHFOEBQSPQJB
NVOJEPTEFQSFHVOUBTFTQFDÓGJDBTBDFSDBEFMBIJTUPSJBEFMBTJOWFTUJHBDJP
OFT ZEFMPTJOWFTUJHBEPSFT
FMDPOUFYUPFOFMRVFTFJOTFSUBO
MBTBNCJDJPOFTQFSTPOBMFT
MBJNBHJOBDJØOZDSFBUJWJEBERVFTVCZBDFFOMPTFTUVEJPT
FUD5BMWF[FOFTFÈNCJUPTF
QVFEBSPNQFSDPOFMBSRVFUJQPEFDJFOUÓGJDPBJTMBEPEFMNVOEP
DPOTVJOGBMUBCMFEFMBOUBM
CMBODPZNPTDBTBMSFEFEPSEFTVDBCF[B&YJTUFOOVNFSPTPTFKFNQMPTBEJDJPOBMFTFOMPT
RVFTFQSPDVSBVOBBUNØTGFSBBEFDVBEBQBSBMBFOTF×BO[BEFMBTDJFODJBTGVFSBEFMBVMB
oFOUSFMPTDVBMFTDBCFNFODJPOBSMPTDBNQBNFOUPTDJFOUÓGJDPTZMPTDMVCFTEFDJFODJBo
QFSPFTDBQBOBMBFYUFOTJØOZPCKFUJWPQSJNBSJPEFFTUFEPDVNFOUP
&MDPOTFOTPTPDJBMEFMBDJFODJBFOFMBVMBBMHVOBTIFSSBNJFOUBT
6OQSPCMFNBPCWJPFTFMEFDØNPMMFWBSBMBVMBMBWJTJØOEFMBDJFODJBDPNPBTVOUPTPDJBM
TJODBFSFOVOSFMBUJWJTNPRVFBGJSNFRVFUPEPDPOPDJNJFOUPFTJHVBMNFOUFWÈMJEP
OJFO
TJNQMJGJDBDJPOFTDPOSFTQFDUPBMTJHOJGJDBEPEFMPTEBUPTFNQÓSJDPT"TÓ
MBDPOTUSVDDJØO
DPOTFOTVBEBEFDPOPDJNJFOUPFTVODPNQPOFOUFFTFODJBMEFMBDJFODJBiQSPGFTJPOBMwZ
DPNPUBM
OPQVFEFFTUBSBKFOBBMBDJFODJBiFTDPMBSw6OBQPTJCJMJEBEFTSFUPSOBSBMWJFKP
TJTUFNBEFEJÈMPHPTHVJBEPT
PUSBFTMBEFBQSPQJBSTFEFKVFHPTEFSPMUBMFTDPNPKVJDJPT
'BML
+%Z%JFSLJOH
-%5IFNVTFVNFYQFSJFODF8BTIJOHUPO
8IBMFTCBDL#PPLT
"MSFTQFDUP
DBCFJOTJTUJSTPCSFFMDPODFQUPEFiDJFODJBFOGJDDJØOw
QSPQVFTUPQPS$BSM%KFSBTTJZRVFQFSNJUF
BQMJDBDJPOFTNÞMUJQMFTFOFMBVMBBOBMJ[BOEPPCSBTEFGJDDJØO QFMÓDVMBT
MJCSPT
UFBUSP
FUD
ZFMSPMZQPTJDJØODVN
QMJEPTQPSMBDJFODJBZMPTDJFOUÓGJDPTFOFMMBT
7FS
QPSFKFNQMP
XXXFYQFSJNFOUBSPSHBS
.BODVTP
3$MVCFTEFDJFODJBT1PSUP"MFHSF
$&$*34
&KFNQMPTUPNBEPTEF(FMMPOFUBM-BDJFODJBFOFMBVMB#VFOPT"JSFT
1BJEØT
FOBNCPTDBTPTTFCVTDBVOÈNCJUPEFFGFSWFTDFODJBZEJTDVTJØOFOFMRVFTFFYQPOHBO
FJOUFSDBNCJFOJEFBT
TPCSFMBCBTFEFRVFFMDPOPDJNJFOUPFODJFODJBTOBUVSBMFTQSPWJF
OFEFGVFOUFTQVSBNFOUFFNQÓSJDBT
QFSPFTJNQSFTDJOEJCMFJOUFSQSFUBS
BOBMJ[BSZIBTUB
QFMFBSTFQPSFMTJHOJGJDBEPEFMBTJOWFTUJHBDJPOFT
-BDPOTUSVDDJØOEFMDPOPDJNJFOUPDJFOUÓGJDPEFNBOFSBDPOTFOTVBEBFOFMBVMBQFSNJUF
QSFTFOUBSBMBDJFODJBDPNPVOUJQPNVZFTQFDJBMEFEFCBUF
FOFMDVBMMPTPCTFSWBEPSFT
EF GFOØNFOPT EFCFO QPOFSTF EF BDVFSEP TPCSF MP RVF TVDFEF Z QPS RVÏ TVDFEF "M
BERVJSJSVOSPMBDUJWPFOMBUBSFB
MPTBMVNOPTWBOSFBMJ[BOEPVOBTFSJFEFPQFSBDJPOFT
NFOUBMFTMØHJDBTRVFNFKPSBOMBDPIFSFODJBJOUFSOBEFMEJTDVSTPBNFEJEBRVFTFDVFT
UJPOBOMPTSB[POBNJFOUPT
&YJTUFOEJWFSTPTFKFNQMPTFOMPTRVFFMEPDFOUFNPEFMBQBSBMPTBMVNOPTFMEJÈMPHPTPDSÈ
UJDP
CVTDBOEPFYUSBFSEFMJOUFSMPDVUPS
BUSBWÏTEFQSFHVOUBTZSFQSFHVOUBT
MBTQSFNJTBT
RVFMFQFSNJUBODPOTUSVJSVOEJTDVSTPMØHJDPZDPIFSFOUFBDFSDBEFVOUFNBFOQBSUJDVMBS
&MEJÈMPHPQVFEFTFSDPNQMFNFOUBEPQPSFYQFSJNFOUPT
BVORVFFTUPOPFTFTUSJDUBNFOUF
OFDFTBSJP%FDVBMRVJFSNBOFSB
MBEJTDVTJØOTFDPNQMFNFOUBFOGPSNBQFSNBOFOUFDPO
iFYQFSJNFOUPTNFOUBMFTw UIPVHIUFYQFSJNFOUT
EFMUJQPEFiTJSFBMJ[BSBUBMFYQFSJNFO
UPPBOÈMJTJTZIBMMBSBUBMSFTVMUBEP
FOUPODFTMMFHBSÓBBFTUBDPODMVTJØOw
&OMBEÏDBEBEFFSBJOTUSVDUPSEFKØWFOFTEF$BMJGPSOJB
4BO'SBODJTDP&SB
VOBQFRVF×BDMBTFEFBFTUVEJBOUFT
ZZPTBCÓBRVFJCBBJOHSFTBSBVOBBU
NØTGFSBEFFTDFQUJDJTNPSBZBOPFOMBIPTUJMJEBE$VBOEPFOUSÏ
QFSDJCÓDMBSBNFO
UFRVFTVQPOÓBORVFZPFSBVOBFODBSOBDJØOEFMEFNPOJP
RVFWFOÓBBJODSFQBSMFT
EØOEFFTUBCBFMTFOUJEPDPNÞORVFQSPEVDÓBHVFSSBTBUØNJDBTZQFTUJDJEBT&O
FTUPTUJFNQPT {ZUPEBWÓBIPZ
TFDSFÓBRVFMBDJFODJBFSBiBKFOBBMPTWBMPSFTwZ
RVFOPFTUBCBHVJBEBQPSiFNPDJPOFTw
1PSTVQVFTUP
FTUBFTMBNJTNBFYQFSJFODJBRVFTVFMFOTFOUJSMPTQSPGFTPSFTDVBOEPFOUSBO
BTVDMBTFEFDJFODJBT#BUFTPOQSFQBSBFMFTDFOBSJPDVJEBEPTBNFOUF
ZHVÓBBTVTBMVN
OPTBUSBWÏTEFVOQSPCMFNBTFODJMMP
#BUFTPO
(SFHPSZ&TQÓSJUVZOBUVSBMF[B#VFOPT"JSFT
"NPSSPSUV&EJUPSFT
#POBQBSUF
1BCMP3-BNJSBEB
EFMNBSDJBOP&OTBZPTQBSBDPOPDFSMPDPOPDJEP#VFOPT"JSFT
&6%&#"
*** 3FDPSSFSMBDJFODJBFOFMBVMB
-MFWÏDPONJHPEPTCPMTBTEFQBQFMEFVOBEFFMMBTTBRVÏVODBOHSFKPSFDJÏODPDJ
OBEPZMPQVTFTPCSFFMFTDSJUPSJP
EJDJÏOEPMFTNÈTPNFOPTFTUPiRVJFSPRVFNF
EFO BSHVNFOUPT RVF NF DPOWFO[BO EF RVF FTUF PCKFUP FT FM SFTUP EF VOB DPTB
WJWJFOUF4JRVJFSFOQVFEFOJNBHJOBSRVFTPONBSDJBOPTZRVFFO.BSUFFTUÈOIBCJ
UVBEPTBWFSDPTBTWJWJFOUFT
TJFOEPVTUFEFTNJTNPTTFSFTWJWPTQFSP
EFTEFMVFHP
OVODBIBOWJTUPDBOHSFKPTPMBOHPTUBT)BTUBBMMÓMMFHBSPO
UBMWF[MMFWBEPTQPSVO
NFUFPSJUP
VODJFSUPOÞNFSPEFPCKFUPTDPNPFTUF%FCFOFYBNJOBSMPTZMMFHBSBMB
DPODMVTJØOEFRVFTPOSFTUPTEFDPTBTWJWBT{$ØNPMMFHBSÓBOBFTBDPODMVTJØO
"MQPOFSSFHMBTFOFMSFMBUP
#BUFTPOFTUÈHVJBOEPBMPTFTUVEJBOUFTBMUJQPEFSB[POB
NJFOUPTPDSÈUJDPRVFEFTFBSFBMJ[BS&GFDUJWBNFOUF
DPOMBDPOTJHOBEFRVFiTPONBS
DJBOPTw
MPT PCMJHB B FWJUBS UPEB FYQMJDBDJØO DPOPDJEB RVF TF CBTF FO MB DPNQBSBDJØO
EFMUJQPiFTPFTUÈWJWPQPSRVFFTVODBOHSFKP
ZZPTÏRVFFTUÈOWJWPTw-PTSFTVMUBEPT
PCTFSWBEPTTPONVZJOUFSFTBOUFT
&OMBNPEBMJEBEEFEJÈMPHPTPDSÈUJDPEFCFRVFEBSDMBSPRVFBWFDFTMBQSFHVOUBQMBOUFB
EBOPFYJHFVOBSFTQVFTUBÞOJDBPOFDFTBSJBNFOUFBDFQUBEBMPJOUFSFTBOUFFTFMQSPDFTP
QBSBMMFHBSBMBTQPTJCMFTFYQMJDBDJPOFT&MSPMEFMEPDFOUFFT
VOBWF[QMBOUFBEBTDMBSB
NFOUFMBTDPOTJHOBTEFMDBTP
FTUJNVMBSMBEJTDVTJØOFOZFOUSFMPTHSVQPTEFUSBCBKPZ
PGSFDFSBMHVOBTQBVUBTBEJDJPOBMFTNJFOUSBTFMFKFSDJDJPTFWBEFTBSSPMMBOEP&TUBBDUJWJEBE
UJFOFWBSJPTPCKFUJWPTQVOUVBMFT1PSVOBQBSUF
QSPNVFWFRVFMPTFTUVEJBOUFTEJTDVUBO
BDFSDB EF VO QVOUP QBSUJDVMBSNFOUF QPMÏNJDP P EF GSPOUFSB EFOUSP EF MPT DPOUFOJEPT
DJFOUÓGJDPT EF MBT NBUFSJBT "TJNJTNP
BQVOUB B FTUJNVMBS MB DPOTUSVDDJØO EF EJTDVSTPT
MØHJDPTDPOGVFSUFDPIFSFODJBJOUFSOB
MBEJTDVTJØOHSVQBMZFMUSBCBKPFOFRVJQP
-BFTUSBUFHJBEFMKVJDJPQSPNVFWFRVFMPTFTUVEJBOUFTTFQPOHBOiFOMBNFOUFEFMPUSPwB
MBIPSBEFBSHVNFOUBSZDPOUSBBSHVNFOUBS
EFTBSSPMMBOEPTVDBQBDJEBEEFEFUFDUBSIVF
DPTMØHJDPTFOBSHVNFOUPTQSPQJPTZBKFOPT&OFTUFTFOUJEP
MBTJNVMBDJØOEFVOKVJDJP
FOMBDMBTFBZVEBBHFOFSBSIFSSBNJFOUBTRVFUBNCJÏOTPOÞUJMFTQBSBMPTEFCBUFTZMB
DPOTUSVDDJØODPOKVOUB
QPSQBSUFEFMPTBMVNOPT
EFJEFBTDJFOUÓGJDBTP
NÈTFOHFOFSBM
EFVOBDBQBDJEBEDSÓUJDBSBDJPOBMRVFMFTQFSNJUBFOGSFOUBSMBTNÈTEJWFSTBTTJUVBDJPOFT
-BFMFDDJØOEFMUFNBQBSBMBTJNVMBDJØOEFVOKVJDJPTFQVFEFIBDFSBQBSUJSEFVOBOPUJ
DJBQFSJPEÓTUJDB
VODBTPUPNBEPEFMBSFBMJEBEZNPEJGJDBEPQBSBFMUSBCBKPFOFMBVMBP
JODMVTPVOBIJTUPSJBJOWFOUBEB&ODVBMRVJFSDBTP
MBiIJTUPSJBwBCPSEBSÈVOUFNBRVF
FO
MBFTUJNBDJØOEFMEPDFOUF
QVFEBSFTVMUBSQSPWPDBUJWPQBSBMPTBMVNOPT/VFWBNFOUF
FM
EJTF×PEFMBBDUJWJEBEFTBMUBNFOUFGMFYJCMF
ZBRVFQFSNJUFRVFTFBSFBMJ[BEBFOVOBÞOJ
DBDMBTFPCJFOFOVOBTFDVFODJBEJEÈDUJDBBMPMBSHPEFMUJFNQPRVFTFKV[HVFOFDFTBSJP
-PTSFTVMUBEPTWBMFOMBQFOB
$PNPFKFNQMPQVFEFDPOTVMUBSTFFMGBTDJOBOUFQSPZFDUPEFMBiDPNVOJEBEEFBQSFOEFEPSFTw
FO#SPXO
"-
Z$BNQJPOF
+$i(VJEFE%JTDPWFSZJOB$PNNVOJUZPG-FBSOFSTw&O$MBTTSPPNMFTTPOT*OUFHSBUJWFDPHOJUJWF
UIFPSZBOEDMBTTSPPNQSBDUJDF
DBQ
$BNCSJEHF
.*51SFTT
*** 3FDPSSFSMBDJFODJBFOFMBVMB
$ØNPTBCFSRVFTBCFORVFTBCFO
-PTEPDFOUFTQVFEFOSFBMJ[BSVOBTFDVFODJBEJEÈDUJDBCSJMMBOUF
QFSPTJFNQSFRVFEBSÈO
DPOMBEVEBEFRVÏFTMPRVFBQSFOEJFSPOTVTBMVNOPT:BRVÓWJFOFFMUFNBUBOUFNJEP
QPSEPDFOUFTZBMVNOPT
DMBSP
EFMBFWBMVBDJØOFOMBDMBTFEFDJFODJBT&TUBFWBMVBDJØOFT
VOBQBSUFGVOEBNFOUBMEFMEJTF×PEFMBTBDUJWJEBEFTEFMBVMBEFDJFODJBT
ZTFHVSBNFOUF
UFOESÈDBSBDUFSÓTUJDBTQBSUJDVMBSFTRVFMBEJGFSFODJFOEFMBRVFTFMMFWBBDBCPFOPUSBT
BTJHOBUVSBT
-PT EJTF×PT DVSSJDVMBSFT Z MBT FWBMVBDJPOFT USBEJDJPOBMFT NVDIBT WFDFT OP DVNQMFO FM
PCKFUJWPEFRVFMPTBMVNOPTBQSFOEBOMPRVFRVFSFNPTRVFBQSFOEBO
ZFTPQVFEFOP
UFOFS OBEB RVF WFS DPO MB DBQBDJEBE EJEÈDUJDB P FSVEJDJØO EFM EPDFOUF TJNQMFNFOUF
OPTFMPHSBFMBQSFOEJ[BKFEFTFBEP"EFNÈTEFMBQSÈDUJDBUSBEJDJPOBMZ
TPCSFUPEP
MBT
NB×BTRVFEBMBFYQFSJFODJBFODVBMRVJFSQSÈDUJDBEPDFOUF
UBMWF[VOEJTF×PRVFEFMJCF
SBEBNFOUFBCPSEFPCKFUJWPTEFBQSFOEJ[BKFZOPEFFOTF×BO[BMPHSFDVNQMJSFTUPTGJOFT
EFNBOFSBNÈTTBUJTGBDUPSJB4JTPNPTTJODFSPT
MPRVFUFOFNPTFONFOUFBMEJTF×BSVOB
DMBTFEFDJFODJBTFTKVTUBNFOUFRVÏRVFSFNPTFOTF×BS
PTFB
RVÏRVFSFNPTDPOUBSFOFM
BVMB
ZMPTSFDVSTPTRVFVUJMJ[BSFNPTQBSBFTBFOTF×BO[B4JOFNCBSHP
QPEFNPTQPOFS
OVFTUSPT QFOTBNJFOUPT QBUBT BSSJCB DFOUSÈOEPOPT FO RVÏ RVFSFNPT RVF MPT BMVNOPT
BQSFOEBOoDØNPFTRVFTFWBOBJSEJGFSFOUFTEFDPNPFOUSBSPOBMBVMBEFDJFODJBTo&OMB
QSPQVFTUBZBDJUBEBEF8JHHJOTZ.D5JHIF $PNQSFOTJØOBUSBWÏTEFMEJTF×P
FMQSPDFTP
TFCBTBFOMBDPNQSFOTJØOEFMPTBMVNOPT&MTFHVOEPQBTP
QSPQPOFOMPTBVUPSFT
DPO
TJTUJSÈFOFTUBCMFDFSEFRVÏNBOFSBMPTEPDFOUFTQPEFNPTEFUFSNJOBSTJMPTBMVNOPTIBO
BMDBO[BEPPOPFTUBTDPNQSFOTJPOFT{2VÏUJQPEFDPOEVDUBTPDPNFOUBSJPTPDBQBDJEB
EFTPBDUJUVEFTOPTNPTUSBSÈORVFMPTFTUVEJBOUFTSFBMNFOUFIBOMPHSBEPDPNQSFOEFSMP
RVFCVTDÈCBNPTRVFDPNQSFOEJFSBO "QBSUJSEFFTUP
ZDPNPQBTPGJOBM
TFFTUBCMFDFSÈ
VOBTFDVFODJBEFBDUJWJEBEFT
&MDPSB[ØOEFMBQSPQVFTUBTFFODVFOUSBFOFMTFHVOEPQBTP
FOFTUBCMFDFSMPTDSJUFSJPT
RVFOPTWBOBEFDJSTJMPHSBNPTOVFTUSPTPCKFUJWPTPOPBOUFTEFMBTBDUJWJEBEFT&TUPT
DSJUFSJPTTPO
EFBMHVOBNBOFSB
VOBTVFSUFEFiFWBMVBDJØOwZTFSFGJFSFO
DPNPEJKJNPT
BDPTBTRVFMPTEPDFOUFTQPEFNPTWFSZFTDVDIBS P
FOPUSBTQBMBCSBT
DPTBTRVFMPT
BMVNOPTEJDFO
IBDFO
FTDSJCFO
FUD
RVFOPTQFSNJUFOEBSOPTDVFOUBEFFTPRVFQBTB
&TUFBQBSUBEPFTUÈCBTBEPFOVOUFYUPQSFQBSBEPQPS((FMMPOZ.'VSNBOQBSBMBEJQMPNBUVSBTVQFSJPSEF
FOTF×BO[BEFMBTDJFODJBTEF'-"$40"SHFOUJOB
iEFOUSPEFTVTDBCF[BTw4JOFNCBSHP
RVFSFNPTUSBUBSEFFWJUBSMBQBMBCSBiFWBMVBDJØOw
QBSBOPFWPDBSTVVTPNÈTUSBEJDJPOBMQPSFMRVFTFFOUJFOEFOMBTiQSVFCBTwDMÈTJDBTDPO
QSFHVOUBTDFSSBEBTBMGJOBMEFVOBVOJEBE
8JHHJOTZ.D5JHIFEFOPNJOBOBFTUFQSPDFTPCBDLXBSETEFTJHOPiEJTF×PEFBUSÈTIBDJB
BEFMBOUFw&TUPBMVEFBMIFDIPEFRVFMPTBVUPSFTQSPQPOFODBNCJBSMBMØHJDBEFDØNPMB
NBZPSÓBEFMPTEPDFOUFTQMBOJGJDBNPTMBTDMBTFT4VHJFSFOBCBOEPOBSMBTFDVFODJBPCKFUJ
WPTBDUJWJEBEFTFWBMVBDJØOZQFOTBSFOFMiDØNPNFWPZBEBSDVFOUBEFRVFMPTBMVNOPT
BQSFOEJFSPOMPRVFZPRVFSÓBRVFBQSFOEJFSBOwBOUFTEFQFOTBSFODØNPFOTF×BS
"RVÓWBMFMBQFOBBDMBSBSRVFDVBOEPIBCMBNPTEFDBNCJBSFMGPDPEFOVFTUSBQMBOJGJ
DBDJØO IBDJB FM BQSFOEJ[BKF EF MPT BMVNOPT OP RVFSFNPT EFDJS RVF
FOUPODFT
FM QFTP
EFMÏYJUPPFMGSBDBTPEFVOBBDUJWJEBEWBBFTUBSDFOUSBEPFOFMMPT%FOJOHVOBNBOFSB
-BSFTQPOTBCJMJEBEGVOEBNFOUBMEFHVJBSBMPTBMVNOPTIBDJBMPTBQSFOEJ[BKFTRVFOPT
QSPQPOFNPTSFDBFFOOPTPUSPT
MPTEPDFOUFT
ZFOBRVFMMPRVFIBDFNPT ZEFKBNPTEF
IBDFS
QBSBDVNQMJSFTPTPCKFUJWPT$VBOEPEFDJNPTRVFFTQSJNPSEJBMWFSRVÏIBDFO
EJ
DFOZFTDSJCFOMPTBMVNOPTFOSFMBDJØODPOMPTQSPQØTJUPTRVFOPTQMBOUFBNPT
FOUPODFT
OPTSFGFSJNPTQPSTPCSFUPEPBQFOTBSRVÏIJDJNPTCJFOZRVÏQPEFNPTIBDFSEJGFSFOUF
MBQSØYJNBWF[RVFFOTF×FNPT
*** 3FDPSSFSMBDJFODJBFOFMBVMB
4JFMBVMBOPWBIBDJBMBDJFODJBy
3FDPSEFNPTMBQSFNJTBQSJODJQBMEFFTUFEPDVNFOUP&OHFOFSBMBQBSFDFMBJEFBEFRVF
iMBDJFODJBFTPUSBDPTBw
CBTUBOUFEJGFSFOUFEFMPRVFTFTVFMFFOTF×BSFOFMBVMB&TP
RVFMMBNBNPTDJFODJBFT
BOUFUPEP
VOBNBOFSBEFFOUFOEFSFMNVOEP
VOBGPSNBEF
TBDVEJSMPBQSFHVOUB[PTRVF
DVSJPTBNFOUF
EBODPNPSFTVMUBEPNÈTZNÈTQSFHVOUBT
&OPUSBTQBMBCSBT
FOUFOEFNPTMBDJFODJBNÈTDPNPWFSCPRVFDPNPTVTUBOUJWP
VOIBDFS
QFSNBOFOUF
RVFSPNQFDPOFMQSJODJQJPEFBVUPSJEBE BVORVFOPDPOFMEFVOBDPN
QB×BNJFOUPHVJBEPIFBIÓFMWFSEBEFSPSPMEFMEPDFOUFFOFTUFDBTP
QFSPTFTVCPSEJOB
BMEFMBFYQFSJNFOUBDJØOZMBEFNPTUSBDJØO
BVORVFTFBUSBOTJUPSJB"MNFOPTFTUPTTPO
MPTQSFDFQUPTRVFHVÓBOMBJOWFTUJHBDJØODJFOUÓGJDB
FTBTHBOBTEFTBCFSMPUPEP
NVDIP
UPEÓTJNPyZTJIBZBMHPDMBSPFTRVFOPIBZiEPTDJFODJBTw
VOBQBSBMPTJOWFTUJHBEPSFTZ
PUSBQBSBMBFTDVFMB
TJOPVOBTPMB
DPOTVTNBSBWJMMBTZTVTGSVTUSBDJPOFTDPUJEJBOBT
4JOFNCBSHP
VOBFYQFSJFODJBSFDJFOUFFOUSFFM1&%&$*#"VSVHVBZPZMB6/&4$0SFBMJ[ØVOJOUFSFTBOUFJOUFOUP
FOFTUFTFOUJEP
OPDPOBMVNOPTTJOPDPONBFTUSPTCFDBSPOBDJFOUPTEFQSPGFTPSFTEFDJFODJBTEFOJWFMNFEJP
QBSBRVFBTJTUJFSBOEVSBOUFUSFTNFTFTBMBCPSBUPSJPTEFMB6OJWFSTJEBEEFMB3FQÞCMJDBPJOTUJUVUPTEFJOWFTUJHBDJØO
FO.POUFWJEFP-PTSFTVMUBEPTEFFTUBJOJDJBUJWBTFFTUÈOBOBMJ[BOEPBDUVBMNFOUF
&OUPODFT
TJFMBVMBOPWBBMPTDFOUSPTEFMBJOWFTUJHBDJØO
RVFMBNPOUB×BWBZBIBDJBFM
BVMB5BMWF[VOBBMUFSOBUJWBTFBMBEFTVHFSJSBMHVOBTBDUJWJEBEFTQBSBRVFMPTCFDBSJPTEF
JOWFTUJHBDJØOZ
FWFOUVBMNFOUF
MPTDJFOUÓGJDPTKØWFOFT
QBSUJDJQFOEJSFDUBNFOUFFOFMBVMB
EFDJFODJBTEFMOJWFMNFEJP
{1PSRVÏMPTCFDBSJPT ZMPTJOWFTUJHBEPSFTKØWFOFT
/PTFTBCFCJFOQPSRVÏ
QFSPBMHPFTUBNPTIBDJFOEPCJFOFOMBFEVDBDJØOTVQFSJPSFO
DJFODJBT"TÓDPNPDPOMBTBHFODJBTEFNPEFMPT
MPTDJFOUÓGJDPTFYUSBOKFSPTBTJTUFOHVT
UPTPTBOVFTUSPTDPOHSFTPTMPDBMFTDPOFMGJOEFIBDFSVOBFTQFDJFEFDBTUJOHFOFMRVF
TFMFDDJPOBOBMPTNÈTKØWFOFTQSPNJTPSJPTQBSBPGSFDFSMFTVOQPTUEPDFOTVTMBCPSBUPSJPT
EFTQVÏTIBCSÈRVFWFSDØNPIBDFSQBSBRVFWVFMWBO
QFSPFTBFTPUSBIJTUPSJB
1PSTJ
GVFSBQPDP
BFTUPTKØWFOFTDJFOUÓGJDPTZDJFOUÓGJDBTMFTTVFMFJSNVZCJFOBGVFSB
ZTFEFTUB
DBOSÈQJEBNFOUFFOTVTSFTQFDUJWBTFTQFDJBMJEBEFT&TUPIBCMBEFMBNBFTUSÓBEFOVFTUSPT
HSBEVBEPTFODJFODJBTFOTVTEJTDJQMJOBT
RVFNBOFKBOSFBMNFOUFDPOTPMUVSBZOJWFMJO
UFSOBDJPOBM BWFDFTNÈTRVFTVTQSPQJPTTVQFSWJTPSFT
QFSPFTBUBNCJÏOFTPUSBIJTUPSJB
1PSPUSPMBEP
FTJOOFHBCMFFMFOUVTJBTNPRVFRVJFOFTTFJOJDJBOFOTVDBSSFSBQSPGFTJPOBM
FODJFODJBTQPOFOFOTVTUBSFBT
FOTVTQSFHVOUBTDPUJEJBOBTZEFMBSHPQMB[P
FOBWBO[BS
BUJFOUBTDPOHBOBTEFRVFTFMFTDBJHBOMBTNBOEÓCVMBTQPSFMBTPNCSPEFMPRVFWBZBO
BFODPOUSBS"TJNJTNP
TPOFMMPT
MPTCFDBSJPTFJOWFTUJHBEPSFTKØWFOFT
RVJFOFTUPEBWÓB
SFBMNFOUFRVJFSFO ZEFCFO
DBNCJBSFMNVOEPZ
FTNÈT
QVFEFOIBDFSMP
NVDIBTWFDFT
FTHSJNJFOEPMBDJFODJBDPNPVOBEFTVTQSJODJQBMFTBSNBT1PSTVQVFTUP
PUSBTHFOFSB
DJPOFTQPESÈOQBSUJDJQBSEFFTUBTBDUJWJEBEFT
QFSPMBTDVBMJEBEFTBOUFSJPSFTIBDFOEFMPT
NÈTKØWFOFTMPTDBOEJEBUPTJEFBMFTQBSBVOBFUBQBJOJDJBM
&TDJFSUPRVFOPUPEPTMPTCFDBSJPTUJFOFOCVFOBTEPUFTEPDFOUFT
QFSPOPTFMFTQJEFRVF
TFBOEPDFOUFT
TJOPHVÓBTZBDPNQB×BOUFTUBOUPEFMPTBMVNOPTDPNPEFMPTQSPGFTPSFT
EFDJFODJBTEFOJWFMNFEJP.ÈTBMMÈEFTVTBDJFSUPTPGBMFODJBTGSFOUFBMBVMB
TFSÈMBPQPS
UVOJEBE UBMWF[ÞOJDBFONVDIPTDBTPT
EFFOGSFOUBSTFBVODJFOUÓGJDPiEFWFSEBEw
BTVT
QSFHVOUBTZTVNPEPEFQFOTBSFMNVOEP
&YJTUFO EJWFSTPT JOUFSSPHBOUFT BMSFEFEPS EF FTUB QSPQVFTUB
JODMVZFOEP MB QSFHVOUB EF
TJEFCFTFSPCMJHBUPSJBPOP&TQPTJCMFRVFMVFHPEFVOBDVJEBEPTBQMBOJGJDBDJØO
FTUF
QSPZFDUPQVFEBJNQMFNFOUBSTFFOGPSNBNBTJWB
DPOMBQBSUJDJQBDJØOEFUPEPTMPTCF
DBSJPT
ZOPTPMPMPTEFDJFODJBTOBUVSBMFT TFQBSUFEFMBCBTFEFRVF
NÈTBMMÈEFTVT
EJGFSFODJBTNFUPEPMØHJDBTZEJTDVSTJWBT
VOJOWFTUJHBEPSFOEFSFDIPPBSRVJUFDUVSBQBSUF
*** 3FDPSSFSMBDJFODJBFOFMBVMB
-BBMUFSOBUJWBUSJWJBMFTRVFTFBVOBBDUJWJEBEFMFDUJWBQBSBBRVFMMPTJOWFTUJHBEPSFTZCFDB
SJPTRVFTFTJFOUBOBUSBÓEPTQPSMBQSPQVFTUB RVFQSFTVNPRVFTFSÈOVOPTDVBOUPT
&TUB
PQDJØOUBMWF[SFRVJFSBJODFOUJWPTFTQFDÓGJDPTNÈTBMMÈEFMBFWBMVBDJØO RVFBRVÓUBNCJÏOTF
WVFMWFPCMJHBUPSJB
RVFQPESÈOJODMVJSTVQMFNFOUPTTBMBSJBMFTTJTFDPOTJEFSBBEFDVBEP
&OUPODFT
FTFDPOUBSMPRVFIBDFOQSFTVQPOFRVFMPIBSÈODPOFOUVTJBTNPDPOUBHJPTP
DPOMBTUSBCBTZUBSUBNVEFPTEFRVJFOFTOPFTUÈOOFDFTBSJBNFOUFBDPTUVNCSBEPTBPUSP
UJQPEFQÞCMJDP
QFSPFOGPDBEPEFTEFMBTQSFHVOUBTRVFTFIBOGPSNVMBEP
DØNPMBTIBO
JEPNPEJGJDBOEP
DPORVÏEJGJDVMUBEFTTFIBOFODPOUSBEP
DØNPFTTVEÓB JODMVJEBTMBT
CSPNBTZMBTDPNJEBTEFMMBCPSBUPSJP
/PTFUSBUBEFiIBCMBSFOGÈDJMwMBTDJFODJBTUJFOFO
TVMFOHVBKFSJHVSPTPZVOÓWPDPRVF
NÈTBMMÈEFMBTNFUÈGPSBTZBOBMPHÓBTRVFTFVUJMJDFO
EFCFSFTQFUBSTFZDPNQSFOEFSTF4FUSBUBEFIBDFSFMFTGVFS[PEFDPNQBSUJSFOFMBVMB
DPOMBTNJTNBTHBOBTRVFVOCFDBSJPDVFOUBVOQØTUFSFOVODPOHSFTP
PDPOWFODFBTV
TVQFSWJTPSEFSFBMJ[BSBMHÞOFYQFSJNFOUPVOUBOUPBSSJFTHBEP
1PSTVQVFTUP
FTUFiDPOUBSwEFCFFTUBSBDPNQB×BEPQPSBDUJWJEBEFTQSFWJBTZQPTUFSJPSFT
FOFMBVMB
QPSVOBNCJFOUFQSPQJDJPBMBTQSFHVOUBTZEJTDVTJPOFT
UBSFBTFOMBTRVFFM
EJTFSUBOUFQPESÈDPMBCPSBSBDUJWBNFOUF
&MPUSPDBNJOPFTRVFMPTQBSUJDJQBOUFTTFJOWPMVDSFOEFNBOFSBNÈTBDUJWBDPOMBDJFODJB
FOFMBVMB5PEPJOWFTUJHBEPS BVOFMNÈTDVÈOUJDPEFMPTDVÈOUJDPT
QBSBWPMWFSBMFKFNQMP
BOUFSJPS
HVBSEBFOTVHBMFSBUSVDPTZBDUJWJEBEFTRVFFKFNQMJGJDBOTVUBSFBDPONBZPS
DMBSJEBERVFFMEJTDVSTP&OFTUFTFOUJEP
WBMFSFNJUJSTFBMQSFDFQUPEFRVFQSJNFSPWJFOF
FMDPODFQUP
MVFHPMBFYQMJDBDJØO:BOUFTRVFFMQSFDFQUPWJFOFMBQSFHVOUB
*7
6O.JOJTUFSJPRVFEBDPOTFKPT
3FDJFOUFNFOUFFM.JOJTUFSJPEF&EVDBDJØOEFMB/BDJØO"SHFOUJOB FOFTFNPNFOUPUBN
CJÏOFODBSHBEPEFMBHFTUJØOEFMBDJFODJBZMBUFDOPMPHÓB
FODPNFOEØBVOB$PNJTJØO
MB SFEBDDJØO EF VOB TFSJF EF SFDPNFOEBDJPOFT QBSB MB NFKPSB EF MB FOTF×BO[B EF MBT
DJFODJBTOBUVSBMFTZMBNBUFNÈUJDB
7FBNPTQSJNFSPDBVTBTZDBSBDUFSÓTUJDBTEFFTUBOPWFEBE-BDBVTBFWJEFOUFGVFFMNVZNBM
EFTFNQF×PEFMPTBMVNOPTEFMQBÓTFOBMHVOBTFWBMVBDJPOFTSFDJFOUFTFODJFODJBTOBUVSBMFT
NBUFNÈUJDB
DPNQSFOTJØOEFUFYUPTZPUSBTNFOVEFODJBT&TUPOPOFDFTBSJBNFOUFQPESÓB
BETDSJCJSTFBMUJQPEFFWBMVBDJØO
RVFTJHVFQBVUBTZDPOTFOTPTJOUFSOBDJPOBMFTCBTUBOUF
DMBSPTFJOUFSFTBOUFT/PWBNPTBBEFOUSBSOPTOJFOMBFWBMVBDJØOOJFOMPTSFTVMUBEPT
ZB
RVFOPTPODFOUSBMFTQBSBFTUFEPDVNFOUPCBTUFEFDJSRVF
BEFNÈTEFMNBMEFTFNQF×P
MMBNØMBBUFODJØOMBJOFRVJEBEFEVDBUJWBRVFBSSPKBSPOMPTEBUPT NFEJEPTDPNPMBEJTQFS
TJØOFOUSFMPTNFKPSFTZMPTQFPSFTSFTVMUBEPTEFMBTQSVFCBT
"TJNJTNP
FTUSJTUFNFOUF
SFDPOGPSUBOUFTBCFSRVFOPFTUBNPTTPMPTMPTQPDPTQBÓTFTEFMBSFHJØORVFTFQSFTFOUBSPO
B FTUB FWBMVBDJØO SFTVMUBSPO QBSFKBNFOUF EFTGBWPSFDJEPT FO FM SFTVMUBEP UBM WF[ DPO MB
FYDFQDJØOEF$IJMF
RVFPCUVWPQPTJDJPOFTMJHFSBNFOUFNFKPSFTFOFMSBOLJOHNVOEJBM
-B$PNJTJØOFTUVWPJOUFHSBEBQPS3FCFDB(VCFS
1BCMP+BDPWLJT
%JFHP(PMPNCFL
"MCFSUP,PSOCMJIUU
1BUSJDJB
4BEPWTLZ
1FESP-BNCFSUJ
'SBODJTDP(BSDÏT
"MFKBOESP+PSHF"SWÓBZ+VMJB4BMJOBT&OSFQSFTFOUBDJØOEFM.JOJTUFSJP
EF&EVDBDJØO
$JFODJBZ5FDOPMPHÓB
QBSUJDJQBSPOFMFOUPODFTTFDSFUBSJPEF&EVDBDJØO
+VBO$BSMPT5FEFTDP
FMFY
TFDSFUBSJPEF$JFODJB
5FDOPMPHÓBF*OOPWBDJØO1SPEVDUJWB
5VMJP%FM#POP
MBEJSFDUPSBEFM*OTUJUVUP/BDJPOBMEF
'PSNBDJØO %PDFOUF
.BSÓB *OÏT 7PMMNFS
MB EJSFDUPSB OBDJPOBM EF (FTUJØO $VSSJDVMBS
-BVSB 1JUNBO
MB EJSFDUPSB
OBDJPOBM EF *OGPSNBDJØO Z &WBMVBDJØO EF MB $BMJEBE EF MB &EVDBDJØO
.BSUB ,JTJMFWTLZ
BTÓ DPNP FTQFDJBMJTUBT Z
UÏDOJDPTEFEJDIBT%JSFDDJPOFT/BDJPOBMFT&MUSBCBKPEFMB$PNJTJØOTFEFTBSSPMMØFOUSFMPTNFTFTEFGFCSFSPZ
TFQUJFNCSFEF
0$%&1*4"
.BSDPEFMB&WBMVBDJØO4BOUJMMBOB
&TQB×B
*7 6O.JOJTUFSJPRVFEBDPOTFKPT
-PSFWPMVDJPOBSJPEFMDBTPFTRVFOPTPMPTFSFDVSSJØBFTQFDJBMJTUBTFOFOTF×BO[BEFMBT
DJFODJBT P HFTUPSFT EF MB FEVDBDJØO TJOP
QSJODJQBMNFOUF
B DJFOUÓGJDPT FO BDUJWJEBE :
FTUPOPFTNFSBNFOUFTJNCØMJDPDPNPEFMBVOJØOFOUSFMBQØMWPSBZFMMJCSP
EFMBEF
MPTDJFOUÓGJDPTZMPTNBFTUSPTQVFEFTVSHJSVOBNJSBEBOVFWBTPCSFMBFOTF×BO[BEFMBT
DJFODJBT1FSPBEFNÈT
EFOPUBVOBQSFPDVQBDJØOHFOVJOBTPCSFFMSPMRVFMBGPSNBDJØO
DJFOUÓGJDBUJFOFFOMPTDJVEBEBOPT
DVBMRVJFSBRVFTFBTVQSPGFTJØOPDMBTFTPDJBM
4FHÞOFMJOGPSNF
TFUSBUBiEFVOBFEVDBDJØORVFDPOUSJCVZBBEFNÈTBMBBMGBCFUJ[BDJØO
DJFOUÓGJDBEFMDPOKVOUPEFMBQPCMBDJØO
EFNBOFSBRVFUPEPTMPTDJVEBEBOPTQPEBNPT
FTUBSFODPOEJDJPOFTEFJOUFSFTBSOPTFO
FJOEBHBSTPCSF
EJTUJOUPTBTQFDUPTEFMNVOEP
RVFOPTSPEFBQPEFSUPNBSEFDJTJPOFTJOGPSNBEBTBDFSDBEFDVFTUJPOFTRVFBGFDUBOMB
DBMJEBEEFWJEBZFMGVUVSPEFMBTPDJFEBEEFJOUFSFTBSTFQPS
FJOWPMVDSBSTFFO
MPTEJT
DVSTPTZEFCBUFTTPCSFDJFODJBTZEFBSSJCBSBDPODMVTJPOFTCBTBEBTFOSB[POBNJFOUPT
WÈMJEPTRVFJODMVZBO
DVBOEPDPSSFTQPOEB
MBJOUFSQSFUBDJØOEFFWJEFODJBFNQÓSJDBw&TUP
FTUÈ B UPOP DPO MBT EFDMBSBDJPOFT EF MB 6/&4$0
EF MB /BUJPOBM 4DJFODF 'PVOEBUJPO Z
PUSBTJOTUJUVDJPOFTRVF
QBMBCSBTNÈT
QBMBCSBTNFOPT
BGJSNBORVFFOFTUPTUJFNQPTRVF
DPSSFOZOPTDPSSFO
MPRVFWBMFFTFMDPOPDJNJFOUP
ZEFOUSPEFFTUFVOJWFSTP
MBDJFODJB
ZMBUFDOPMPHÓBPDVQBOVOMVHBSQSFQPOEFSBOUF
-B$PNJTJØOIJ[PTVZPFMFOGPRVFEFRVFMBNBOFSBEFFODBSBSMBFOTF×BO[BEFMBDJFO
DJBFTJOEJTPMVCMFEFMBNBOFSBFORVFTFQSPEVDFOMBTJEFBTDJFOUÓGJDBTiFOTVFTUBEP
OBUVSBMw"IPSBCJFO
FTUFÏOGBTJTFOMPTQSPDFTPTEFDPOTUSVDDJØOEFMDPOPDJNJFOUPEF
OJOHVOBNBOFSBUJFOFRVFMMFWBSOPTBMBDPODMVTJØOEFRVFEFCFNPTEFTUFSSBSMBTDMBTFT
FYQPTJUJWBTUSBEJDJPOBMFTZBCPDBSOPTUPUBMZDPNQMFUBNFOUFBDMBTFTEFMBCPSBUPSJP&M
QSPCMFNB EF MB FEVDBDJØO FO DJFODJBT OP FT TPMP MB GBMUB EF FYQFSJNFOUPT FO FM BVMB
6OPQPESÓBQFOTBSRVFTJIBDFNPTFYQFSJNFOUPTFMBTQFDUPFNQÓSJDPUFOESÈRVFFTUBS
QSFTFOUF
QFSPFTUPOPFTBTÓ&TUPUBMNFOUFQPTJCMFSFBMJ[BSFYQFSJNFOUPTZFYQFSJFODJBT
EFMBCPSBUPSJPFOGPSNBNFDÈOJDB
SFQJUJFOEPSFDFUBTZTJCJFOFOVOBDMBTFQSÈDUJDBMPT
FTUVEJBOUFT QVFEFO GBNJMJBSJ[BSTF DPO BQBSBUPT Z QSPDFEJNJFOUPT
FTUP OP HBSBOUJ[B MB
(PO[ÈMF[5V×ØO
3BÞM-BMVOBDPOHBUJMMP
DPNQSFOTJØO DPODFQUVBM -B HFOVJOB BDUJWJEBE NFOUBM JOWPMVDSB FM IBDFSTF QSFHVOUBT
JOEBHBS
DPNQBSUJSMBTJEFBTQSPQJBT
TFSDBQB[EFEFGFOEFSMBTZDVFTUJPOBSMBTEFPUSPT
4JIBCMBNPTEFMSPMBDUJWPEFMFTUVEJBOUF
OPTSFGFSJNPTBMBBDUJWJEBEDPHOJUJWBZOPBM
NFSPIBDFS6OBDMBTFUFØSJDBQVFEFSFGFSJSDMBSBNFOUFZTJOBNCJHàFEBEFTBMBFWJEFODJB
FNQÓSJDBRVFTPTUJFOFFTUBJEFBPBRVFMNPEFMP&TUBBDUJUVE
TJOFYQFSJNFOUPBMHVOP
FTZBVOFOPSNFQBTPBEFMBOUFIBDJBMBJODPSQPSBDJØOEFMBTQFDUPFNQÓSJDPEFMBDJFODJB
FOFMBVMB
5PEPT FTUPT DBNCJPT DPNJFO[BO QPS FM QSJODJQJP
FT EFDJS
QPS FM EPDFOUF .ÈT BMMÈ EF
OFDFTBSJPTDBNCJPTDPTNÏUJDPTBDPSUPQMB[P
MBÞOJDBGPSNBEFNPEJGJDBSFMQSFTFOUFFT
QFOTBOEPFOFMGVUVSPoFOOVFTUSPDBTP
QMBOFBOEPMBGPSNBDJØOEFRVJFOFTWBOBTFS
NBFTUSPTZQSPGFTPSFTEFDJFODJBTFOVOGVUVSPNFEJBUPZEFMBSHPQMB[Po&TDJFSUPFM
QSPCMFNBQSJODJQBMSBEJDBFOMBSFMBUJWBGBMUBEFDPOPDJNJFOUPTDJFOUÓGJDPTBDUVBMJ[BEPTFO
MBGPSNBDJØOEFMPTEPDFOUFT1FSP
DPNPEJDFFMJOGPSNF
iDPOPDFSMBNBUFSJBBFOTF×BS
TJHOJGJDBEPNJOBSOPTPMPMPTDPOUFOJEPTDJFOUÓGJDPT
TJOPUBNCJÏOMPTQSPCMFNBTRVFPSJHJ
OBSPOTVDPOTUSVDDJØO
MBTEJGJDVMUBEFTQBSBDPOTUSVJSMPT
MBTPSJFOUBDJPOFTNFUPEPMØHJDBT
FNQMFBEBTFOMBDPOTUSVDDJØOEFMPTDPOPDJNJFOUPTZMBJOGMVFODJBEFMBTJOUFSBDDJPOFTTP
DJBMFTTPCSFEJDIBDPOTUSVDDJØO4FHÞOFMOJWFMEFMBFOTF×BO[BFOFMDVBMTFEFTFNQF×F
FMEPDFOUFEFCFDPOPDFSUBNCJÏOMPTEFTBSSPMMPTDJFOUÓGJDPTSFDJFOUFTZTVTQFSTQFDUJWBT
BTÓDPNPTBCFSTFMFDDJPOBSDPOUFOJEPTBEFDVBEPTRVFTFBOBTFRVJCMFTBMPTBMVNOPTZ
TVTDFQUJCMFTEFJOUFSFTBSMFTZ
FOEFGJOJUJWB
TFSDBQB[EFQSPNPWFSMBDVSJPTJEBEZMBDBQB
DJEBEEFBQSFOEFSBMPMBSHPEFUPEBMBWJEBw
&TUBGBMMBUJFOFBMNFOPTEPTDPOTFDVFODJBTMPTQJCFTOPBQSFOEFOPBQSFOEFONBMZ
UBM
WF[NÈTHSBWF
EFTBSSPMMBOBOUJDVFSQPTDPOUSBMBTDJFODJBT
MPRVFTFUSBEVDFFOVOBHSBO
EJTNJOVDJØOEFMBWPDBDJØODJFOUÓGJDBFOUSFMPTFTUVEJBOUFT"MHVOPTEFMPTBSHVNFOUPT
TPORVFMBDJFODJBiFTNVZEJGÓDJMwP
MPRVFFTNÈTDPNÞO
iRVFOPIBZUSBCBKPQBSBMPT
DJFOUÓGJDPTw"NCPTBSHVNFOUPTTPOGÈDJMNFOUFSFGVUBCMFTQPSVOMBEP
FTDJFSUPRVFIBZ
EJGJDVMUBEFTFOFMFTUVEJPEFMBTDJFODJBT
QFSPUBMWF[OPNÈTRVFFOPUSPTÈNCJUPTEF
MBFEVDBDJØOTVQFSJPS&TUVEJBSVOBDBSSFSBDJFOUÓGJDBSFRVJFSFVOHSBOFTGVFS[P
QFSPMPT
CFOFGJDJPTJOUFMFDUVBMFTTPOJHVBMNFOUFDPOTJEFSBCMFT1PSPUSPMBEP
BMNFOPTFODJFSUBT
EJTDJQMJOBTDJFOUÓGJDBTIBZVOBBDVDJBOUFGBMUBEFHSBEVBEPT
BMPTRVFMFTSFTVMUBNVZGÈDJM
DPOTFHVJSCVFOPTUSBCBKPT&OOVFTUSBSFHJØOTFOFDFTJUBOJOHFOJFSPT
RVÓNJDPT
HFØMP
HPT
NFUFPSØMPHPT
NVDIPNÈTRVFMPRVFDVBMRVJFSBTFTPSFOPSJFOUBDJØOWPDBDJPOBM
QVFEBJNBHJOBSTF1FSPUPEPFTUPWBNVDIPNÈTBMMÈEFMBTWPDBDJPOFTVOJWFSTJUBSJBTTF
*7 6O.JOJTUFSJPRVFEBDPOTFKPT
USBUBEFVOBDSJTJTEFSBDJPOBMJEBE
RVFHFOFSBVOBTPDJFEBEGÈDJMNFOUFNBOJQVMBCMFQPS
RVJFOFTDPSUBOFMCBDBMBP DJFOUÓGJDPPOP
&MEPDVNFOUPEFMB$PNJTJØOBCVOEBFOEFUBMMFTEJBHOØTUJDPTZTFEFUJFOFFOQBSUJDVMBS
FOMBTJUVBDJØOBOJWFMEFGPSNBDJØOEFGPSNBEPSFT
DMBSBNFOUFEFGJDJFOUFFOMBTÈSFBTEF
DJFODJBTOBUVSBMFTZNBUFNÈUJDB VOIFDIPDPNÞOBUPEBMBSFHJØO
.ÈTBVO
FYJTUFVOB
BNQMJB EJTQBSJEBE JOTUJUVDJPOBM FT VO IFDIP DPOPDJEP RVF MPT JOTUJUVUPT EF GPSNBDJØO
EPDFOUFWBSÓBONVDIPFODVBOUPBMBDBMJEBEEFTVTFHSFTBEPT
ZMBTÈSFBTEFDJFODJBTOP
TPOVOBFYDFQDJØOBFTUBSFHMB
1FSPOPTPMPEFEJBHOØTUJDPTZRVFKBTWJWFOMBTDPNJTJPOFT&MPCKFUJWPQSJODJQBMFSBBDPS
EBSVOBTFSJFEFSFDPNFOEBDJPOFTQBSBFMNFKPSBNJFOUPEFMBFOTF×BO[BEFMBTDJFODJBT
ZWBMFMBQFOBUSB[BSBRVÓVOSFTVNFOEFMPQSPQVFTUP-BTSFDPNFOEBDJPOFTFTUÈOEJWJ
EJEBTFOTFDDJPOFT
DPNPMBTSFGFSJEBTBMBGPSNBDJØOJOJDJBM
BMBGPSNBDJØODPOUJOVBZFM
EFTBSSPMMPQSPGFTJPOBM
BMPTDPOUFOJEPTZNÏUPEPTEFFOTF×BO[B
MPTFRVJQBNJFOUPTZMPT
SFDVSTPTEJEÈDUJDPT
MBBSUJDVMBDJØODPOFMTJTUFNBEFJOWFTUJHBDJØOFODJFODJBZUFDOPMPHÓB
MBTBDUJWJEBEFTEFEJWVMHBDJØODJFOUÓGJDBZ
QPSTVQVFTUP
MBQSPWJTJØOEFGPOEPTFTQFDÓGJ
DBNFOUFQBSBFMÈSFB
3FDPNFOEBDJØO
4FSFDPNJFOEBGPSUBMFDFSMPT*OTUJUVUPTEF'PSNBDJØO%PDFOUF *'%
BQBSUJSEFMEFTBSSPMMP
EFTVTQSPZFDUPTJOTUJUVDJPOBMFTZMBEPUBDJØOEFSFDVSTPTEJEÈDUJDPT
QFEBHØHJDPTZUFD
OPMØHJDPTRVFQFSNJUBONFKPSBSMBFOTF×BO[BEFMBTDJFODJBTZMBNBUFNÈUJDB
"DDJPOFTTVHFSJEBT
&MEPDVNFOUPDPNQMFUPQVFEFDPOTVMUBSTFFOIUUQXXXNFHPWBSEPD@QEGEPD@DPNJTJPOQEGPIUUQXXX
PFJFTTBMBDUTJNFK@EF@MB@FOTFQEG
UBTQSPCMFNÈUJDBTEFTBSSPMMBEBTFOFMEJBHOØTUJDP&M.&$Z5EFCFSÈDPOTJEFSBSMBQSPWJ
TJØOEFBTJTUFODJBUÏDOJDBQBSBMBFMBCPSBDJØOEFQSPZFDUPT
FMBQPZPZBDPNQB×BNJFOUP
FOMBJNQMFNFOUBDJØO
ZFMTFHVJNJFOUPEFMPTSFTVMUBEPT
'PSUBMFDJNJFOUPEFJOTUJUVUPTDPNPiDFOUSPTEFSFGFSFODJBw$POTUJUVJSEFUFS
NJOBEPT*'%FODFOUSPTEFSFGFSFODJBQBSBFMSFTUPEFMPTJOTUJUVUPTEFTVKVSJTEJDDJØO
&OUSFTVTGVODJPOFTUFOESÈOMBGPSNBDJØOEFEPDFOUFTEFDBMJEBEFOMBTEJTDJQMJOBTDJFO
UÓGJDBT
MBJODMVTJØOEFNPEFMPTEFSFTJEFODJBQFEBHØHJDBBEFDVBEPTBMBTEJTDJQMJOBT
MB
SFBMJ[BDJØOZEJGVTJØOEFJOWFTUJHBDJPOFTEFDBNQPDFOUSBEBTFOMBTFTDVFMBT
BDDJPOFT
EFBSUJDVMBDJØODPOMBTFTDVFMBTSFDFQUPSBTEFSFTJEFOUFTZWÓODVMPTDPOMBTVOJWFSTJEB
EFT-BJEFOUJGJDBDJØOEFEJDIPTJOTUJUVUPTEFCFSÈGBWPSFDFSVOBBEFDVBEBEJTUSJCVDJØO
UFSSJUPSJBM
3FDPNFOEBDJØO
4FSFDPNJFOEBRVFMBTEJTUJOUBTKVSJTEJDDJPOFTBQPZFOMBGPSNBDJØOQSPGFTJPOBMZMBFTQF
DJBMJ[BDJØOEFMPTEPDFOUFTFOFKFSDJDJPZEFMPTGPSNBEPSFTEFGPSNBEPSFTEFNBOFSBEF
DPOUSJCVJSBMNFKPSBNJFOUPEFMBFOTF×BO[BEFMBTDJFODJBTZMBNBUFNÈUJDB
"DDJPOFTTVHFSJEBT
1SPNPDJØOEFFTUVEJPTEFQPTHSBEPZFTQFDJBMJ[BDJPOFT0GSFDFSCFDBTEFGPS
NBDJØOQBSBEPDFOUFTFOFKFSDJDJPZQBSBGPSNBEPSFTEFGPSNBEPSFT
FOVOJWFSTJEBEFTF
JOTUJUVDJPOFTBDBEÏNJDBTZEFJOWFTUJHBDJØOTFMFDDJPOBEBTQBSBUBMGJO
%JTF×P EF BDDJPOFT EF EFTBSSPMMP QSPGFTJPOBM RVF JNQBDUFO FO MB DBMJEBE Z
FGFDUJWJEBEEFMBGPSNBDJØO
DPOTJEFSBOEPDSJUFSJPTDPNPMBJODPSQPSBDJØOEFNFUPEP
MPHÓBTZSFDVSTPTEFFOTF×BO[BRVFJODMVZBOQSPDFTPTEFFYQFSJNFOUBDJØO
MBBNQMJBDJØO
ZQSPGVOEJ[BDJØOEFDPOPDJNJFOUPTFOMBTSFTQFDUJWBTEJTDJQMJOBT
MBJODMVTJØOEFWBSJBCMFT
JEFOUJGJDBEBTDPNPCVFOBTQSÈDUJDBTQBSBEJTUJOUPTDPOUFYUPTFTDPMBSFTZMBBEPQDJØOEF
NPEFMPTEFDBQBDJUBDJØOiFOTFSWJDJPw
FOUSFPUSBTDVFTUJPOFT
3FDPNFOEBDJØO
4FSFDPNJFOEBOMBSFWJTJØOZBDUVBMJ[BDJØOQFSNBOFOUFEFMPTDPOUFOJEPTZMPTNÏUPEPT
EF FOTF×BO[B EF NBOFSB RVF FM USBUBNJFOUP EF UFNÈUJDBT TPDJBMNFOUF TJHOJGJDBUJWBT Z
DPOWBMJEF[DJFOUÓGJDBSFTVMUFDPOWPDBOUFQBSBMPTBMVNOPTZBMVNOBTZGBWPSF[DBNFKPSFT
BQSFOEJ[BKFT
*7 6O.JOJTUFSJPRVFEBDPOTFKPT
"DDJPOFTTVHFSJEBT
1SFTFODJBFGFDUJWBEFMBTDJFODJBTOBUVSBMFTEFTEFMPTQSJNFSPTB×PTEFMOJWFM
QSJNBSJP"TFHVSBSVOBBEFDVBEBDBSHBIPSBSJBEFTUJOBEBFGFDUJWBNFOUFBMBFOTF×BO[B
EFMBTDJFODJBTOBUVSBMFTEFTEFMPTQSJNFSPTB×PTEFMOJWFMQSJNBSJP
'PSUBMFDJNJFOUP EF MB BVUPOPNÓB EF MPT EPDFOUFT Z QSPNPDJØO EF FTQBDJPT
DPMFDUJWPTEFUSBCBKP)BCJMJUBSBMPTEPDFOUFTBFKFSDFSMBBVUPOPNÓBTVGJDJFOUFQBSB
EFDJEJS DPMFDUJWBNFOUF FO MBT SFTQFDUJWBT JOTUJUVDJPOFT BDFSDB EF MB TFMFDDJØO
SFDPSUF
DPNCJOBDJØO Z BEFDVBDJØO EF MPT DPOUFOJEPT DVSSJDVMBSFT
EF NBOFSB EF QSJPSJ[BS MBT
DVFTUJPOFTNÈTQPUFOUFTQBSBRVFMPTBMVNOPTDPNQSFOEBOBTQFDUPTFTFODJBMFTEFDBEB
VOBEFMBTEJTDJQMJOBT
&KFSDJDJPEFMB$PNJTJØOEF3FOPWBDJØO$VSSJDVMBS1SPNPWFSMBDPOTUJUVDJØOEF
MB$PNJTJØODSFBEBQPSMBOVFWB-FZEF&EVDBDJØO/BDJPOBMQBSBMBSFOPWBDJØOZBDUVBMJ
[BDJØOEFMPTDPOUFOJEPTDVSSJDVMBSFT
QSJPSJ[BOEPFMUSBCBKPTPCSFMPTDPOUFOJEPTDPSSFT
QPOEJFOUFTBMBTDJFODJBTZMBNBUFNÈUJDB
$SFBDJØOEFVOPCTFSWBUPSJPEFFOTF×BO[BEFMBTDJFODJBTOBUVSBMFTZMBNB
UFNÈUJDB.POJUPSFBSMPTQSPDFTPTEFFOTF×BO[BZBQSFOEJ[BKFEFMBTDJFODJBTZMBNBUF
NÈUJDBFOUPEPTMPTOJWFMFTEFMTJTUFNB
QBSBQFSNJUJSMBDPOUJOVJEBEFOMBJNQMFNFOUBDJØO
EFMBTNFEJEBTBRVÓQSPQVFTUBT
1SPNPWFSZGPSUBMFDFSFTQBDJPTEFJOWFTUJHBDJØOFOFEVDBDJØOFODJFODJBTOB
UVSBMFTZNBUFNÈUJDBEFNPEPRVFJODJEBFOMBNFKPSBEFMBFOTF×BO[BZBQSFOEJ[BKF
EFMBTEJTDJQMJOBT
3FDPNFOEBDJØO
4F SFDPNJFOEB RVF FM ÏOGBTJT FO FM NÏUPEP FYQFSJNFOUBM QBSB MB FOTF×BO[B EF MBT
EJTDJQMJOBTDJFOUÓGJDBT
UBOUPFOFMOJWFMQSJNBSJPZTFDVOEBSJPDPNPFOMBGPSNBDJØOEP
DFOUF
TFBBQPZBEPHBSBOUJ[BOEPVOBEFDVBEPFRVJQBNJFOUPBUPEBTMBTJOTUJUVDJPOFT
FEVDBUJWBT
"DDJPOFTTVHFSJEBT
&RVJQBNJFOUPEFMBCPSBUPSJPTFOMBTJOTUJUVDJPOFTFEVDBUJWBT%JTF×BSVOQSP
HSBNBEFDPOTUSVDDJØOZFRVJQBNJFOUPEFMBCPSBUPSJPTEFDJFODJBTFOMBTJOTUJUVDJPOFT
GJOBODJBEPZHVJBEPQPSFM.&$Z5
RVFEÏQSJPSJEBEBBRVFMMBTRVFBUJFOEFOBMVNOPTEF
TFDUPSFTNÈTWVMOFSBCMFT
ZBTFHVSBSMBJODPSQPSBDJØOEFQSÈDUJDBTEFFOTF×BO[BBEFDVB
EBTFOUPEPTMPTOJWFMFT
%JTF×PZFMBCPSBDJØOEFNBUFSJBMEJEÈDUJDP1SPNPWFSMBFMBCPSBDJØOEFNBUFSJBM
EJEÈDUJDP FOUSF JOTUJUVDJPOFT EF FEVDBDJØO GPSNBM Z OP GPSNBM FTDVFMBT EF FEVDBDJØO
UÏDOJDB
NVTFPTEFDJFODJBT
PUSBTJOTUJUVDJPOFT
QBSBMBFOTF×BO[BEFMBTDJFODJBTDPNP
TF×BM EFM NBSDP FQJTUFNPMØHJDP RVF FM .JOJTUFSJP EF &EVDBDJØO
$JFODJB Z 5FDOPMPHÓB
RVJFSFFODBSBSQBSBTVNFKPSBNJFOUP
-PTUSBCBKPTQSÈDUJDPTZMBGPSNBDJØOEPDFOUF-BTFMFDDJØOEFJOTUJUVDJPOFTQBSB
FMEFTBSSPMMPEFFTUVEJPTEFQPTHSBEPZFTQFDJBMJ[BDJPOFT
NFODJPOBEPTFOFMQVOUP
EFMBTSFDPNFOEBDJPOFTEFFTUFJOGPSNF
QSJPSJ[BSÈBRVFMMBTRVFPGSF[DBOUSBCBKPTQSÈD
UJDPTZEFDBNQPFOTVTDVSTPTZNBUFSJBT
3FDPNFOEBDJØO
4FSFDPNJFOEBRVFMBTBVUPSJEBEFTFEVDBUJWBTHFOFSFOJOJDJBUJWBTRVFBTFHVSFOMBDBMJEBE
EFMPTMJCSPTEFUFYUPFYJTUFOUFTFOFMTJTUFNB
"DDJPOFTTVHFSJEBT
$SFBDJØOEFVODPNJUÏEFBOÈMJTJTZSFDPNFOEBDJØOEFMJCSPTEFUFYUP$PO
WPDBS VO FRVJQP EF FTQFDJBMJTUBT JODMVZFOEP DJFOUÓGJDPT
FTQFDJBMJTUBT FO FOTF×BO[B EF
MBTDJFODJBTZEPDFOUFT
QBSBFMBOÈMJTJTEFMBTJUVBDJØOBDUVBMEFMPTMJCSPTEFUFYUPDPOFM
PCKFUJWPEFFMBCPSBSZEJGVOEJSSFDPNFOEBDJPOFT
UBOUPFOSFMBDJØODPOTVEJTQPOJCJMJEBE
DPNPDPOTVVUJMJ[BDJØOFOMBTJOTUJUVDJPOFTFEVDBUJWBT
1VCMJDBDJØOEFMJCSPTEFUFYUP&MBCPSBSOVFWPTMJCSPTEFUFYUPEFTEFFM.&$Z5
TPCSFMBCBTFEFMBTSFDPNFOEBDJPOFTQSPEVDJEBTQPSMB$PNJTJØOTVHFSJEBFOFMQVOUP
BOUFSJPS
EFTUJOBEPTUBOUPBFTDVFMBTEFOJWFMQSJNBSJPZTFDVOEBSJPDPNPB*'%
FOMBT
ÈSFBTEFNBUFNÈUJDBZDJFODJBTOBUVSBMFT%JTUSJCVJSZQSPNPWFSTVVTP
3FDPNFOEBDJØO
4FSFDPNJFOEBMBQSPNPDJØOEFBDUJWJEBEFTRVFJOUFHSFOFMUSBCBKPFOMBTFTDVFMBTEF
OJWFMQSJNBSJPZTFDVOEBSJP
ZFMUSBCBKPEFMPTDJFOUÓGJDPT
*7 6O.JOJTUFSJPRVFEBDPOTFKPT
"DDJPOFTTVHFSJEBT
"DUJWJEBEFTFOFTDVFMBTEFOJWFMQSJNBSJPZTFDVOEBSJPDPNPQBSUFEFMBDBSSF
SBEFMCFDBSJPPFMJOWFTUJHBEPS7JTJUBTQFSJØEJDBTEFCFDBSJPTFJOWFTUJHBEPSFTKØWFOFT
BFTDVFMBTQSJNBSJBTZTFDVOEBSJBTMPDBMFTBUSBWÏTEFDIBSMBTEFCFDBSJPTFOFMBVMBZQBS
UJDJQBDJØOBDUJWBEFCFDBSJPTFOFMEJTF×P
SFBMJ[BDJØOZTFHVJNJFOUPEFVOBFYQFSJFODJB
DJFOUÓGJDBDPODSFUB
EFNBOFSBDPOKVOUBDPOFMEPDFOUF7JTJUBTQFSJØEJDBTEFBMVNOPTB
MBCPSBUPSJPTDPOFMPCKFUJWPEFDPOUSJCVJSBMJOUFSDBNCJP
TFQSPQPOFMBWJTJUBEFBMVNOPT
ZEPDFOUFTBMBCPSBUPSJPTEFJOTUJUVDJPOFTEFFEVDBDJØOTVQFSJPS 7FSDBQÓUVMP***QBSBVO
EFUBMMFZFYQBOTJØOEFFTUBQSPQVFTUB
$POWPDBSBJOWFTUJHBEPSFTFODJFODJBTZFOFOTF×BO[BEFMBTDJFODJBTZEFMBT
NBUFNÈUJDBTQBSBPGJDJBSEFDPOTVMUPSFTBTFTPSFTFOFOTF×BO[BEFMBTDJFODJBTFO
MPTFTUBCMFDJNJFOUPTFEVDBUJWPTEFOJWFMQSJNBSJPZTFDVOEBSJP
3FDPNFOEBDJØO
4FSFDPNJFOEBWBMPSJ[BSMBFOTF×BO[BEFMBTEJTDJQMJOBTDJFOUÓGJDBTBUSBWÏTEFBDDJPOFTEF
EJGVTJØOZMBEJWVMHBDJØOEFMDPOPDJNJFOUPDJFOUÓGJDP
"DDJPOFTTVHFSJEBT
1FSJPEJTNP DJFOUÓGJDP 'PNFOUBS MB BQBSJDJØO EF OVFWPT NFEJPT EFEJDBEPT B MB
EJWVMHBDJØODJFOUÓGJDB
FOQBSUJDVMBSBRVFMMPTEFTUJOBEPTBMFDUPSFTFOFEBEFTDPMBSZEP
DFOUFTFOGPSNBDJØOZFOFKFSDJDJPDPOUFNQMBSMBMMFHBEBBMBTFTDVFMBTEFVODPNQJMBEP
QFSJØEJDPEFOPUJDJBTDJFOUÓGJDBTZGPNFOUBSMBSFBMJ[BDJØOEFNÈTDJDMPTEFDJFODJBEFTEF
FMNFEJPUFMFWJTJWPZMBBQSPQJBDJØOEFFTUPTQPSQBSUFEFMPTEPDFOUFTEFDJFODJBTZTVT
BMVNOPT
-JCSPTEFEJWVMHBDJØODJFOUÓGJDB1SPNPWFSMBBQBSJDJØOEFOVFWPTUFYUPTZDPMFD
DJPOFTEFEJWVMHBDJØODJFOUÓGJDBEFFMBCPSBDJØOMPDBM
ZEJTUSJCVJSVOBTFMFDDJØOEFDBMJEBE
FOGPSNBNBTJWBFOMBTCJCMJPUFDBTFTDPMBSFT%JTF×BSVODPODVSTPOBDJPOBMEFUFYUPTEF
EJWVMHBDJØODJFOUÓGJDBQBSBEPDFOUFTEFDJFODJBT
1VCMJDJEBEDJFOUÓGJDB3FBMJ[BSVOBGVFSUFDBNQB×BEFQVCMJDJEBEEFMBDJFODJB
EF
TVTWFOUBKBT
EFTVTSFBMJEBEFT
EFTVTPQPSUVOJEBEFTMBCPSBMFTZMBGBTDJOBDJØOEFMEFT
DVCSJNJFOUPDPNPNPEPEFWJEB
NPTUSBOEPPUSPTBTQFDUPTEFMBDJFODJBRVFBRVFMMPT
BSRVFUÓQJDPT
%FTJHOBDJØOEFMi"×PEFMBFOTF×BO[BEFMBTDJFODJBTw%FDMBSBSFMB×P
DPNP"×PEFMBFOTF×BO[BEFMBTDJFODJBT
DPOFMGJOEFBVOBSFTGVFS[PTRVFGPNFOUFOMB
SFBMJ[BDJØOEFEJWFSTPTFWFOUPTDJFOUÓGJDPTZEFEJWVMHBDJØO
*OTUJUVDJPOBMJ[BDJØO EF MBT QPMÓUJDBT EF EJWVMHBDJØO DJFOUÓGJDB $SFBS VO QSP
HSBNBOBDJPOBMEFEJWVMHBDJØODJFOUÓGJDB
EFDBSÈDUFSJOUFSNJOJTUFSJBM
QBSBQSPNPWFSMB
SFBMJ[BDJØO
DPPSEJOBDJØO F JOUFHSBDJØO EF BDUJWJEBEFT EF EJWVMHBDJØO DJFOUÓGJDB B OJWFM
OBDJPOBMUFOEJFOUFTBMBBMGBCFUJ[BDJØODJFOUÓGJDBEFMBQPCMBDJØOFOHFOFSBM
3FDPNFOEBDJØO
4FSFDPNJFOEBMBQSPNPDJØOEFJOJDJBUJWBTFYUSBDVSSJDVMBSFTRVFMPHSFOBUSBFSBMPTBMVN
OPTIBDJBFMNVOEPEFMBTDJFODJBTZMBNBUFNÈUJDB
"DDJPOFTTVHFSJEBT
3FBMJ[BDJØOEFPMJNQÓBEBTZGFSJBTEFDJFODJBT1SPNPWFSFTUBTJOJDJBUJWBTFOUBOUP
BDUJWJEBEFTRVFDPOUSJCVZFOBRVFOJ×PT
OJ×BTZKØWFOFTBERVJFSBOHVTUPZFOUVTJBTNP
QPSFTUBTEJTDJQMJOBT
BTÓDPNPBMBGPSNBDJØODPOUJOVBEFMPTEPDFOUFT
.VTFPTEFDJFODJBT*NQMFNFOUBSBDDJPOFTRVFQSPNVFWBOBMPTNVTFPTEFDJFODJBT
DPNPVOJOTUSVNFOUPQBSBFMNFKPSBNJFOUPEFMBFOTF×BO[BEFMBTDJFODJBTZMBNBUF
NÈUJDB
$BNQBNFOUPTZDMVCFTEFDJFODJBT1SPNPWFSPUSBTJOJDJBUJWBTDPNPMPTDBNQB
NFOUPTDJFOUÓGJDPT
MBSFBMJ[BDJØOEFQSÈDUJDBTEFMBCPSBUPSJPQPSQBSUFEFMPTFTUVEJBOUFT
EFOJWFMNFEJPFODFOUSPTEFJOWFTUJHBDJØO
ZMPTDMVCFTEFDJFODJBT
3FDPNFOEBDJØO
4FSFDPNJFOEBQSFWFSMBEJTQPTJDJØOEFSFDVSTPTGJOBODJFSPTFOGPSNBQSJPSJUBSJB
DPOUJOVB
ZTPTUFOJEBFOFMUJFNQP
RVFBTFHVSFFMDVNQMJNJFOUPEFMBTNFUBTFTUBCMFDJEBTQPSMB
$PNJTJØO
BUSBWÏTEFMPTNFDBOJTNPTRVFTFDPOTJEFSFONÈTBEFDVBEPT
&TUPDPOTUJUVZFVOPEFFTPTNJMBHSPTBMPTRVFOPFTUBNPTBDPTUVNCSBEPT&OVOBEFMBTSFVOJPOFTEFMB$P
NJTJØOTVSHJØMBQSPQVFTUBEFMi"×PEFMBFOTF×BO[BEFMBTDJFODJBTwZUPEPTQFOTBNPTRVFFSBVOBMPDBJEFB
UJSBEBDBTJBMB[BSFOUSFVODBGÏZVOBNBTJUB-PDJFSUPFTRVFUPEPTOPTTPSQSFOEJNPTDVBOEP
QPDPEFTQVÏT
TF
BOVODJØRVFFGFDUJWBNFOUF
TFSÓBUBMB×PQBSBMB3FQÞCMJDB"SHFOUJOB
DPOUPEBTTVTDPOTFDVFODJBTGÈDUJDBT
ZTJNCØMJDBT
*7 6O.JOJTUFSJPRVFEBDPOTFKPT
"DDJPOFTTVHFSJEBT
$POTJEFSBSVOBQBSUJEBQSFTVQVFTUBSJBFTQFDÓGJDBQBSBFMNFKPSBNJFOUPEFMBFOTF×BO[B
EF MBT DJFODJBT Z MB NBUFNÈUJDB
EBEPT MPT BMUPT DPTUPT JOWPMVDSBEPT FO BMHVOBT EF MBT
BDDJPOFTBRVÓTVHFSJEBT
7
'JOBMFDPODJFODJB
%FDÓBNPTFOUPODFTRVFMBTQSFHVOUBTTPOGVOEBNFOUBMFTFOMBFOTF×BO[BEFMBTDJFODJBT
6OBEFMBTNÈTUFNJEBTFOFMBVMBFTFMGBNPTPi{ZDPOFTPRVÏ wPi{QBSBRVÏTJSWF
FTUP
QSPGF w0CWJBNFOUF
MBSFTQVFTUBEFRVFiMPTWBBIBDFSNFKPSFTQFSTPOBTwOP
TVFMFTFSEFMPNÈTTBUJTGBDUPSJB
ZNVDIBTWFDFTFDIBNPTNBOPEFMDPOTBCJEPiMPWBNPT
BWFSNÈTBEFMBOUFw:FMNÈTBEFMBOUF
TBCFNPT
OPMMFHBOVODB
1PSPUSPMBEP
MBNBZPSÓBEFMBTQSFHVOUBTRVFJOUSPEVDJNPTFOFMBVMBTPOBRVFMMBTRVF
OVFTUSPTFTUVEJBOUFTOPTFIBOIFDIPOJTFIBSÓBOKBNÈT
QPSMPRVFFTDPNQMJDBEPHFOF
SBSVOJOUFSÏTHFOVJOPFOTVSFTPMVDJØO
7PMWBNPTBMDPODFQUPEFFOTF×BSDJFODJBTDPNPVOBQSFQBSBDJØOQBSBJOTUBODJBTTVQF
SJPSFT&OUÏSNJOPTEFQBSBEJHNBTDJFOUÓGJDPT
FTUBSÓBNPTQSFQBSBOEPBOVFTUSPTBMVN
OPTQBSBMBMMBNBEBiDJFODJBOPSNBMw
PTFB
MPTDPODFQUPTFTUBCMFDJEPTFOMBTEJWFSTBT
EJTDJQMJOBTQBSBMBÏQPDBZDPZVOUVSBFTQFDÓGJDBT"TÓ
OPTRVFEBSÓBNPTDPOVOBÓOGJNB
QSPQPSDJØOEFFTUVEJBOUFTBMPTDVBMFTFTUBSÓBSFBMNFOUFEFEJDBEBFTUBFEVDBDJØODJFO
UÓGJDB0CWJBNFOUF
FOUPODFT
FMEJTF×PEFMDVSSÓDVMPFODJFODJBTEFCFCBTBSTFFOPUSBT
OFDFTJEBEFTZPUSPTQÞCMJDPTNÈTBNQMJPT
&MBTVOUPEFQPSRVÏZQBSBRVÏFOTF×BSDJFODJBTFOMBFTDVFMBFTSFMFWBOUFEFTEFNVDIPT
QVOUPTEFWJTUB&OUSFPUSBTDPTBT
OPTMMFWBEJSFDUBNFOUFBMBDVFTUJØOEFMPTDPOUFOJEPT
5BMWF[FTFNÈTBEFMBOUFTFSFGJFSBBMBFUBQBVOJWFSTJUBSJB
DPNPBGJSNBO'VSJØ
$
7JMDIFT
"
(VJTBTPMB
+Z
3PNP
7i'JOBMJEBEFTEFMBFOTF×BO[BEFMBTDJFODJBTFOMBTFDVOEBSJBPCMJHBUPSJB{"MGBCFUJ[BDJØODJFOUÓGJDBPQSF
QBSBDJØOQSPQFEÏVUJDB w&OTF×BO[BEFMBT$JFODJBT
1FSPFTP
DMBSP
FYDMVZFBVOBCVFOB
QSPQPSDJØOEFFTUVEJBOUFTZ
TPCSFUPEP
OPTBUJTGBDFFMPCKFUJWPQSJODJQBMEFMBFOTF×BO[BEFMBTDJFODJBT
"DFWFEP%ÓB[
+"i3FGMFYJPOFTTPCSFMBTGJOBMJEBEFTEFMBFOTF×BO[BEFMBTDJFODJBTFEVDBDJØODJFOUÓGJDBQBSB
MBDJVEBEBOÓBw3FWJTUB&VSFLBTPCSF&OTF×BO[BZ%JWVMHBDJØOEFMBT$JFODJBT
7 'JOBMFDPODJFODJB
$JFODJBQBSBQSPTFHVJSFTUVEJPTDJFOUÓGJDPT
$JFODJBQBSBUPNBSEFDJTJPOFTFOMPTBTVOUPTDJFOUÓGJDPUFDOPMØHJDPT
$JFODJBQBSBUSBCBKBSFOMBTFNQSFTBT
$JFODJBÞUJMQBSBMBWJEBDPUJEJBOB
$JFODJBQBSBTBUJTGBDFSMBDVSJPTJEBE
$JFODJBDPNPDVMUVSB
&O UÏSNJOPT TJNQMJTUBT
FTUB NVMUJQMJDJEBE EF PCKFUJWPT QPESÓB EJWJEJSTF FO EPT HSBOEFT
GBNJMJBTFOTF×BSDJFODJBTQBSBBMHPDPODSFUP FOUÏSNJOPTMBCPSBMFTPEFFTUVEJPTTVQF
SJPSFT
PFOTF×BSDJFODJBTQPSRVFTÓ VOBNBOFSBVOUBOUPJSØOJDBEFEFDJSRVFFMQSPDFTP
FTWÈMJEPFOTÓNJTNP
ZRVFMBGVODJØOBMGBCFUJ[BEPSBDVCSFIPSJ[POUFTNÈTBNQMJPTZ
IBTUBJOFYQMPSBEPT
-BIJTUPSJBEFMDPODFQUPEFiBMGBCFUJ[BDJØODJFOUÓGJDBw TDJFOUJGJDMJUFSBDZ
UBMWF[TFSFNPO
UFBDJFSUBÏQPDBBNFEJBEPTEFMTJHMP 99DVBOEPMPT&TUBEPT6OJEPTWJFSPO[P[PCSBSTV
TVQSFNBDÓBFOFMÈSFBEFMBDJFODJBZMBUFDOPMPHÓB FMCPNCB[PRVFSFQSFTFOUØMBQVFTUB
FOØSCJUBEFM4QVUOJLQPSQBSUFEFMB6OJØO4PWJÏUJDBGVFNVZGVFSUF
ZUVWPBNQMJBT
DPOTFDVFODJBTFOMBTPDJFEBEOPSUFBNFSJDBOB
6OPEFMPTTVCQSPEVDUPTEFFTUFDBN
CJPDVMUVSBMGVFFMEFSSBNFRVFUVWPTPCSFMBTBDUJWJEBEFTEFFEVDBDJØOZEJGVTJØOEF
MBTDJFODJBTTJRVFSFNPTHBOBSMFTBMPTSPKPT
EFDÓBO
IBCSÈRVFFNQF[BSQPSFMQSJO
DJQJPFEVDBSBMBQPCMBDJØOFOQSJODJQJPTDJFOUÓGJDPTRVFMVFHPTFUSBEV[DBOFOMPHSPT
"JLFOIFBE
( 4 i3FWJFX PG 3FTFBSDI PO )VNBOJTUJD 1FSTQFDUJWFT JO 4DJFODF $VSSJDVMBw
IUUQXXX
VTBTLDBFEVDBUJPOQFPQMFBJLFOIFBE&4&3"@QEG
UFDOPMØHJDPTDPODSFUPT4JMBFEVDBDJØOEFMTJHMP9*9TFDFOUSØFOVOBBMGBCFUJ[BDJØOB
TFDBT
MBEFMTJHMP 99 TPCSFUPEPBQBSUJSEFTVTFHVOEBNJUBE
QVTPVONBZPSÏOGBTJT
FOMBGPSNBDJØOEFVOBDJVEBEBOÓBSFTQPOTBCMFZQSFQBSBEBQBSBBGSPOUBSMPTDBNCJPT
DVMUVSBMFT
DJFOUÓGJDPTZUFDOPMØHJDPTFONBSDIB EFBIÓBRVFMPIBZBMPHSBEPIBZVOMBSHP
USFDIP
4J MB GVODJØO QSPQFEÏVUJDB EF MB DJFODJB FTDPMBS EFKB BGVFSB B DBTJ UPEPT MPT BMVNOPT
iOPSNBMFTw
MPCVFOPEFMFOGPRVFBMGBCFUJ[BEPSFTRVFFTBCTPMVUBNFOUFJODMVTJWP
MP
RVFDPNQSFOEFBEFNÈTBMPTGVUVSPTBQSFOEJDFTEFDJFOUÓGJDPT
UBODJVEBEBOPTDPNPFM
RVFNÈT"TJNJTNP
OPEFCFPMWJEBSTFRVFMBBMGBCFUJ[BDJØODJFOUÓGJDBOPTFBHPUBFOMB
FTDVFMB
OJNVDIPNFOPT
TJOPRVFJODMVZFMBFEVDBDJØOOPGPSNBM
MBFEVDBDJØODPOUJOVB
Z
TPCSFUPEP
MPTEJGFSFOUFTNPEPTEFDPNVOJDBDJØOQÞCMJDBEFMBDJFODJB
%FOUSP EF FTUF FTRVFNB
MB QSFTFOUBDJØO EF MB DJFODJB EFOUSP EF VO DPOUFYUP TPDJBM
DPNPQSFUFOEFFMFOGPRVFiDJFODJB
UFDOPMPHÓBZTPDJFEBEw
SFTVMUBGVOEBNFOUBMQBSB
VOBDPNQSFOTJØODBCBMEFTVTBMDBODFTZMÓNJUFT%FFTUFNPEP
FOUFOEFSMBTSFMBDJPOFT
TPDJBMFTEFMBBDUJWJEBEDJFOUÓGJDBZUFDOPMØHJDB
BTÓDPNPMBZBEFTDSJQUBiOBUVSBMF[BEFMB
DJFODJBw
FTUBSÈBMBQBSEFMBQSFOEJ[BKFEFMPTDPOUFOJEPTCÈTJDPTEFMÈSFB
#ZCFF
38"DIJFWJOHTDJFOUJGJDMJUFSBDZ'SPNQVSQPTFTUPQSBDUJDFT1PSUTNPVUI
)FJOFNBOO
'PVSF[
(i4DJFOUJGJDBOE5FDIOPMPHJDBM-JUFSBDZw4PDJBM4UVEJFTPG4DJFODF
7FSIUUQGPMLVJPOPTWFJOTK-JUFSBDZIUNMZIUUQGPMLVJPOPTWFJOTK45&@QBQFS@4KPCFSH@6/&4$0IUN
.JMMBS
3Z0TCPSOF
+'#FZPOE4DJFODF&EVDBUJPOGPSUIF'VUVSF-POESFT
,JOHT$PMMFHF
7 'JOBMFDPODJFODJB
{$VÈMFTTPOMPTÏYJUPTZGSBDBTPTEFMBFEVDBDJØOFODJFODJBTBDUVBMNFOUF
{2VÏUJQPEFFEVDBDJØODJFOUÓGJDBOFDFTJUBOMPTKØWFOFTEFIPZFOEÓB
{$VÈMFTTFSÓBOFMDPOUFOJEPZMBFTUSVDUVSBEFVONPEFMPBEFDVBEPZGBDUJCMFQBSBFM
DVSSÓDVMPEFDJFODJBTQBSBUPEPTMPTKØWFOFT
5BMWF[FOOVFTUSPTQBÓTFTFTUBOFDFTJEBETFBBVONÈTBDVDJBOUFEFCJEPBMSFMBUJWPSFUSBTP
RVFFYJTUFFOFMÈSFBMBFOTF×BO[BEFMBTDJFODJBTTPMÓB {TVFMF
TFSSFMFHBEBBVOTFHVO
EPQMBOP
UBOUPQPSEPDFOUFTZEJSFDUJWPTDPNPQPSBMVNOPT.ÈTBMMÈEFMBOFDFTJEBE
JNQFSJPTBEFIBDFSDJFODJBFOMBFTDVFMB
FMGBOUBTNBEFMPTSFRVFSJNJFOUPTUFDOPMØHJDPT
JOBMDBO[BCMFT QBSB FTUF GJO QVFEF FMJNJOBSTF GÈDJMNFOUF
EBEP RVF MP RVF TF SFRVJFSF
FTVODBNCJPDPNQMFUPFOFMFOGPRVFEFMBFOTF×BO[B
NÈTBMMÈEFMBTBOBSFWJTJØOEF
DPOUFOJEPTPEFMBOFDFTBSJBSFOPWBDJØOEFNBUFSJBMFEVDBUJWP&OFTUFTFOUJEP
MBWJFKBZ
OVODBCJFOQPOEFSBEBHFSNJOBDJØOEFMQPSPUPoBDBTPMBÞOJDBFYQFSJFODJBDJFOUÓGJDBRVF
TFSFBMJ[BCBFOOJWFMFTFEVDBUJWPTCÈTJDPTEVSBOUFNVDIPUJFNQPoQVFEFTFSSFTDBUBEB
TJTFMPHSBNJSBSDPOOVFWPTPKPT
JORVJTJEPSFTZDVSJPTPT/PJOWFSUJSFOMBFOTF×BO[BEF
MBTDJFODJBTFRVJWBMFBJOWFSUJSFOMBQPCSF[BJOUFMFDUVBMZNBUFSJBM
ZFTVOMVKPRVFOP
QPEFNPTEBSOPT
-BDJFODJBFTVOBSNBDBSHBEBEFGVUVSP
"QÏOEJDFEFTmMFEFNPEFMPT
&OFTUBTFDDJØOQSFTFOUBNPTBMHVOPTFKFNQMPTEFFTUSBUFHJBTJNQMFNFOUBEBTQBSBMB
FOTF×BO[BEFMBTDJFODJBT
RVFTJHVFOBMHVOPTEFMPTQSFDFQUPTDPNFOUBEPTFOFTUF
EPDVNFOUP-BMJTUBFTPCWJBNFOUFNVZCSFWF
ZTPMPQSFTFOUBBMHVOPTDBTPTEFOUSP
EF VO VOJWFSTP EF FYQFSJFODJBT RVF WBMF MB QFOB DPOPDFS BOUFT EF JNQMFNFOUBS VO
DBNJOPQSPQJP
i-BNBJOËMBQÉUFw i-BNBOPFOMBNBTBw
IUUQXXXMBNBQPSH
%FMBNBOPEFMQSFNJP/PCFM(FPSHFT$IBSQBL
FTUFQSPHSBNBTFJOJDJØFODPPSEJ
OBEPQPSMB"DBEFNJB'SBODFTBEF$JFODJBT
DPOFMBQPZPEFM*OTUJUVUP/BDJPOBMEF*OWFTUJ
HBDJØO1FEBHØHJDBZMB²DPMF/PSNBMF4VQÏSJFVSF 1BSÓT
FODPOKVOUPDPOFM.JOJTUFSJPEF
&EVDBDJØOEF'SBODJB&TUFQSPHSBNBOBDJPOBM BMRVFEFTEFVODPNJFO[PIBOBEIFSJEP
PUSPTOPUBCMFTJOWFTUJHBEPSFTGSBODFTFTDPNP1JFSSF-FOBF:WFT2VÏSÏ
QFSTJHVFEFTBSSPMMBS
MBFEVDBDJØODJFOUÓGJDBZUFDOPMØHJDBFOMBFTDVFMBQSJNBSJBZIBTUBFOFMKBSEÓOEFJOGBOUFT
-BJEFBFTJNQMFNFOUBSFMBQSFOEJ[BKFQPSJOWFTUJHBDJØOFJOEBHBDJØOEFTEFFMDPNJFO[P
NJTNPEFMBFTDPMBSJEBE
BQSPWFDIBOEPMBDVSJPTJEBEZDSFBUJWJEBEEFMPTOJ×PTZGPNFOUBO
EPVOBBDUJUVEDSÓUJDBGSFOUFBMNVOEP&MÏYJUPEFMQSPHSBNBTFNJEFOPTPMPFOTVTMPHSPT
MPDBMFTTJOPUBNCJÏOFOTVFYQPSUBDJØOBPUSPTQBÓTFTFOUPEPFMNVOEP&TVOQSPHSBNB
DPNQMFUP
RVFTVHJFSFUBSFBTQBSBFMBVMB
PSHBOJ[BUBMMFSFTQBSBEPDFOUFT
QVCMJDBEPDV
NFOUPTZMJCSPT
JNQMFNFOUBQSPZFDUPTEFDPMBCPSBDJØO
FUDÏUFSB
1SPZFDUPEF"MGBCFUJ[BDJØO$JFOUÓGJDBIUUQSFEUFMFGPSNNFHPWBSQBD
&TVOBWFSTJØOMPDBMEFMQSPHSBNBGSBODÏTi-BNBOPFOMBNBTBw
ZFTUÈEJSJHJEPFTQFDÓGJ
DBNFOUFBMBFOTF×BO[BEFMBDJFODJBFOMBFEVDBDJØOCÈTJDB&MPCKFUJWPFTNVZBNQMJP
"QÏOEJDFEFTmMFEFNPEFMPT
&YJTUFOWBSJBDJPOFTEFi-BNBOPFOMBNBTBwFOWBSJPTQBÓTFTMBUJOPBNFSJDBOPT
JODMVZFO
EPFMQSPHSBNBi1FRVF×PTDJFOUÓGJDPTw
FO$PMPNCJB IUUQQFRVFOPTDJFOUJGJDPTVOJBOEFT
FEVDP
i"NÍPOBNBTTBwFO#SBTJM FEVDBSTDVTQCSNN
ZFMQSPHSBNB&$#*FO$IJMF
XXXFDCJDIJMFDM
i-BDJFODJBFOUVFTDVFMBwIUUQXXXMBDJFODJBFOUVFTDVFMBBNDFEVNY
4FUSBUBEFVOQSPHSBNBEFMB"DBEFNJB.FYJDBOBEF$JFODJBT DPOFMBQPZPEFMB4FDSF
UBSÓBEF&EVDBDJØO1ÞCMJDB
RVFUJFOEFBNFKPSBSMBBDUJUVEEFMPTQSPGFTPSFTEFFEVDBDJØO
CÈTJDBZNFEJBIBDJBMBTNBUFNÈUJDBTZMBTDJFODJBT
BTÓDPNPMBBDUVBMJ[BDJØOEFMPTDPOP
DJNJFOUPTFOFTUBTEJTDJQMJOBT5BNCJÏOJNQMJDBWJODVMBSDJFOUÓGJDPTZFTUVEJBOUFTEFDJFODJBT
DPOEPDFOUFT
EBEPRVFSFBMJ[BOTVUSBCBKPTPDJBMEJSFDUBNFOUFFOMBTFTDVFMBT&OUSFTVT
BDDJPOFTIBZFTUVEJPTEFQPTHSBEP
DPOGFSFODJBTZNBUFSJBMFTEFFTUVEJPTPCSFDPOUFOJEPT
BDUVBMJ[BEPTEFDJFODJBTZNBUFNÈUJDB
"QSFOEJ[BKFCBTBEPFOQSPCMFNBTIUUQXXXVEFMFEVQCM
&TVOQSPHSBNBEFMB6OJWFSTJEBEEF%FMBXBSF &TUBEPT6OJEPT
RVFQSPQPOFEJWFSTPT
NÏUPEPTQBSBMBFOTF×BO[BEFMBTDJFODJBTCBTBEBFOMBSFTPMVDJØOEFQSPCMFNBTiEFMB
WJEBSFBMw4VTBVUPSFTTVHJFSFORVFFMNÏUPEPEFTBSSPMMBFMQFOTBNJFOUPDSÓUJDPZBOB
MÓUJDP
ZMFTQFSNJUFBQSPWFDIBSFOGPSNBØQUJNBMPTSFDVSTPTFEVDBUJWPTBTVBMDBODF
1SPZFDUP(BMJMFP )BSWBSE6OJWFSTJUZ
IUUQHBMJMFPIBSWBSEFEV
&T VO QSPZFDUP EF JOWFTUJHBDJØO TPCSF MB FEVDBDJØO FO DJFODJBT
QBSUJDVMBSNFOUF FO FM
ÈSFB EF MB GÓTJDB
FO FM RVF TF JOTFSUBO EJWFSTPT DJFOUÓGJDPT JODMVZFOEP BM HSVQP EF &SJD
.B[VS
EF)BSWBSE4JCJFOFOFTUFNPNFOUPTFIBDPOWFSUJEP
FOQBSUF
FOVOBJOJDJBUJWB
DPNFSDJBM WFOEFONBUFSJBMFEVDBUJWP
JODMVZFOEP%7%
MBTCBTFTEFMQSPZFDUPTPOMBTEF
VOBQSFOEJ[BKFHVJBEPQPSDPMFHBTZQPSFYQFSUPT
BTÓDPNPMBQBSUJDJQBDJØOBDUJWBEFMPT
FTUVEJBOUFTFOMBDMBTFEFDJFODJBT
1SPZFDUP4DBMF6QXXXODTVFEVQFSTDBMFVQIUNM
&MOPNCSFWJFOFEFMBTJHMB FOJOHMÏT
EFiBDUJWJEBEFTDFOUSBEBTFOFMFTUVEJBOUFFODMBTFT
OVNFSPTBTw4JCJFOTFSFGJFSFQSJODJQBMNFOUFBFTUVEJPTVOJWFSTJUBSJPTFODJFODJBT
QSPQPOF
VOBTFSJFEFUÏDOJDBTZFTUSBUFHJBTFEVDBUJWBTQBSBMBFOTF×BO[BEFMBTDJFODJBTFODVSTPT
OVNFSPTPT NÈTEFBMVNOPT
EFDVBMRVJFSOJWFM1SPQPOFGPNFOUBSFMUSBCBKPDPMBCP
SBUJWPFOUSFMPTFTUVEJBOUFT
DPOVTPEFDPNQVUBEPSBTZFYQFSJFODJBTEFMBCPSBUPSJP
"QSFOEJ[BKFQPSDBTPT
XXXCJPRVFTUPSHMJGFMJOFT
IUUQVCMJCCVGGBMPFEVMJCSBSJFTQSPKFDUTDBTFTDBTFIUNM
IUUQXXXFEVDBSFEPSHBSFOGPDPMBQVOUBEFMPWJMMP
IUUQCSJHIBNSBEIBSWBSEFEVFEVDBUJPOPOMJOFUDEUDEIUNM
&TUPTTJUJPTQSPQPOFOVOBTFSJFEFDBTPTQBSBTFSVUJMJ[BEPTFOFMBVMBEFDJFODJBFOEJWFSTPT
OJWFMFTFEVDBUJWPT-PTFTUVEJBOUFTSFTVFMWFOTJUVBDJPOFTSFBMJTUBT TJCJFODPNQMFKBT
BQMJ
DBOEPFMDPOPDJNJFOUPBERVJSJEPEFNBOFSBDSFBUJWBZIBTUBMÞEJDB&ONVDIPTFKFNQMPT
MPTDBTPTTFCBTBOFOTJUVBDJPOFTEJSFDUBNFOUFSFMBDJPOBEBTDPOIJTUPSJBTSFBMFTEFJOWFTUJ
HBDJØODJFOUÓGJDB
"QSFOEJ[BKFQPSJOEBHBDJØO
XXXQMBOUQBUIXJTDFEVGBDKPICCUMIUN
XXXCJPRVFTUPSH
IUUQDBNQVTNVSSBZTUBUFFEVBDBEFNJDGBDVMUZUFSSZEFSUJOHDDMJDDMJIPNFQBHFIUNM
XXXEOBJPSH
&TUPTTJUJPTQSPWFFOBMHVOPTFKFNQMPTFTQFDJBMNFOUFÞUJMFTQBSBFMBQSFOEJ[BKFQPSJOEBHB
DJØOFOFMBVMB
DPOUFNÈUJDBTDPODSFUBTRVFWBOEFMBGÓTJDBBMBCJPMPHÓBNPMFDVMBS
5IF5FBDIFS4DJFOUJTU/FUXPSL -BSFEEFEPDFOUFTDJFOUÓGJDPT
IUUQXXXUTOPSHVL
&TVOBJOJDJBUJWBMPDBMEFMÈSFBEF/PSGPMLFOFM3FJOP6OJEP
RVFCVTDBBTPDJBSBEPDFO
UFTDPODJFOUÓGJDPTEFNBOFSBEFGBDJMJUBSVOBFOTF×BO[BEFMBDJFODJBDPODPOUFOJEPT
"QÏOEJDFEFTmMFEFNPEFMPT
BDUVBMJ[BEPTZSFMFWBOUFT%FQBTP
QPTUVMBRVFDPOFTUPTFBCBOEPOBFMFTUFSFPUJQP
EFMDJFOUÓGJDPFYDÏOUSJDP
ZMPHSBVOBCVFOBJOUFSBDDJØODPOFMBMVNOBEP-PTDJFOUÓGJ
DPT WJTJUBO MB FTDVFMB QFSJØEJDBNFOUF Z DPMBCPSBO FO FM EFTBSSPMMP EF JOWFTUJHBDJPOFT
FTDPMBSFT
*OTUJUVUP%PDFOUFEFM&YQMPSBUPSJVNIUUQXXXFYQMPSBUPSJVNFEVUJ
&M &YQMPSBUPSJVN EF 4BO 'SBODJTDP FT QPTJCMFNFOUF FM QJPOFSP FO DVBOUP B NVTFPMPHÓB
JOUFSBDUJWBFODJFODJBT
ZFTVOFKFNQMPEFFOTF×BO[BJOGPSNBMRVFIBTJEPDPQJBEPIBTUB
FMIBSUB[HPFOEJWFSTPTQBÓTFT DPOUPUBMBOVFODJBEFMBJOTUJUVDJØO
ZBRVFQVCMJDBFMiSFDF
UBSJPwQBSBSFQFUJSMBTEJWFSTBTFYIJCJDJPOFTZNØEVMPT
%FTEFIBDFNÈTEFWFJOUFB×PTFM
NVTFPUJFOFVOJOTUJUVUPBTPDJBEPFOFMRVFTFEJDUBODVSTPTZTFEJTF×BOFYQFSJFODJBTQBSB
FMVTPEFEPDFOUFTEFDJFODJBTEFOJWFMQSJNBSJPZTFDVOEBSJP-BTBDUJWJEBEFTFTUÈOCBTBEBT
FOMBFYQFSJNFOUBDJØOQFSNBOFOUFZMBDPOTUSVDDJØOEFNPEFMPTZFOVOFOGPRVFQVSB
NFOUFQSÈDUJDP&OUSFPUSPTFWFOUPT
SFBMJ[BOVOBFTDVFMBEFWFSBOPRVFZBFTVODMÈTJDP
Z
QBSBMBDVBMJODMVTPPGSFDFOCFDBTBMPTEPDFOUFTJOUFSFTBEPT
"MHVOBTSFWJTUBT FOFTQB×PM
TPCSFFOTF×BO[BEFMBTDJFODJBT
&OTF×BO[BEFMBT$JFODJBTFOTDJFODJBTVBCFT
3FWJTUB&MFDUSØOJDBTPCSF&OTF×BO[BEFMBT$JFODJBTTBVNVWJHPFTSFFD
3FWJTUB&VSFLBEF&OTF×BO[BZ%JWVMHBDJØOEFMBT$JFODJBTXXXBQBDFVSFLBPSHSFWJTUB
#JCMJPHSBGÓB
#JCMJPHSBGÓB
-BTSFnFYJPOFTRVFTFSFDPHFOFOFTUFMJCSPDPOTUJUVZFOVOBQPSUFQBSB
TFHVJSQFOTBOEPFOUPSOPBMBFOTF×BO[BEFMBTDJFODJBT-BDSFDJFOUFJN
QPSUBODJBPUPSHBEBBMBDJFODJBFTMPRVFJOTQJSBFMUFNBEFFTUF'PSPZ
CVTDBBDPNQB×BSBEFNÈTFMEFCBUFQSPQVFTUPSFTQFDUPEFMBFEVDBDJØOZ
MBBMGBCFUJ[BDJØODJFOUÓmDBTUBOUPFOMBSFHJØODPNPFOFMSFTUPEFMNVO
EP "M SFTQFDUP
DBCF EFTUBDBS RVF IB TJEP EFDMBSBEP i"×P EF MB
&OTF×BO[BEFMBT$JFODJBTwFOMB3FQÞCMJDB"SHFOUJOB
VOIFDIPRVFOP
TPMBNFOUFEJTUBEFTFSTJNCØMJDPTJOPRVFDSJTUBMJ[BVOBHFOVJOBQSFPDV
QBDJØOQPSMBDSJTJTFOFMÈSFB
EFDVZBTGBMFODJBTTVGSFOPTPMPFMDBNQP
QSPGFTJPOBMFTQFDÓmDPTJOPUPEBMBDJVEBEBOÓB
-PTDSFDJFOUFTDBNCJPTRVFTFQSPEVDFOIPZFOEÓBZRVFJOUFSSPHBOBMPT
JOEJWJEVPTSFTQFDUPEFTVTDFSUF[BT
KVOUPDPOMBQFSNBOFOUFJOOPWBDJØO
UFDOPMØHJDB
FYJHFOEFFMMPTVOBBDUVBMJ[BDJØODPOTUBOUFEFTVTTBCFSFT
1BSBBGSPOUBSFTUFFTDFOBSJPMPTFEVDBEPSFTFTUÈOPCMJHBEPTBUPNBSEF
UFSNJOBEBTQPTJDJPOFTFOSFMBDJØODPOMPRVFTFFOTF×B
DØNPTFFOTF×B
ZFMQBSBRVÏEFFTBFOTF×BO[B&OTF×BSDJFODJBOPJNQMJDBTPMPUSBOTNJUJS
VOBTFSJFEFTBCFSFTBOVFTUSPTBMVNOPTEFOUSPEFVONBSDPFEVDBUJWP
GPSNBMTJOP
QPSFMDPOUSBSJP
FTHFOFSBSFOMPTKØWFOFTEFIPZDVSJPTJEBE
QPSQSFHVOUBS
QPSJOEBHBSZ
QPSFOEF
EFTDVCSJSMPRVFIBTUBFMNPNFO
UPMFTFSBBKFOP