
*NQPSUBOUFTDPOTJHOFTEFTÏDVSJUÏ
/FKBNBJTFTTBZFSEBUUSBQFSRVFMRVFDIPTFEBOTMFMBWFMJOHFTJMFUBNCPVS PVMBHJUBUFVSTPOUFO
NPVWFNFOU
"WBOUEPVWSJSMFDPVWFSDMFEFEÏDIBSHFSPVEBKPVUFSEFTWÐUFNFOUTBQQVZFSTVSMBUPVDIF
."3$)&1"64&FUBUUFOESFRVFMBNBDIJOFTPJUDPNQMÒUFNFOUBSSÐUÏFBWBOUEFTPVMFWFSMF
DPVWFSDMF
6OFÏUSPJUFTVSWFJMMBODFFTUSFDPNNBOEÏFTJDFUBQQBSFJMFTUVUJMJTÏQBSPVË QSPYJNJUÏEFOGBOUT
/FQBTMBJTTFSMFTFOGBOUTKPVFSËMJOUÏSJFVSEFDFUBQQBSFJMOJKPVFSBWFDDFU BQQBSFJMPVUPVUBVUSF
BQQBSFJMSFNJTÏ
7PVTTÏQBSFSEFNBOJÒSFBQQSPQSJÏFEFUPVUBQQBSFJMNJTEFDÙUÏQPVSMFSFCVUFUEFT NBUÏSJBVY
EFNCBMMBHFEFYQÏEJUJPO"WBOUEFNFUUSFBVSFCVUVOMBWFMJOHFPVEFMFNFUUSFIPSTTFSWJDF
SFUJSFSMFDPVWFSDMFEVMBWFMJOHF
/FQBTMBJTTFSMFDPVWFSDMFSFMFWÏQFOEBOUMFDZDMF-BNBDIJOFOFGPODUJPOOFSBQBT1PVSMB
EÏNBSSFSSBCBJTTFSMFDPVWFSDMFFUBQQVZFSTVSMBUPVDIF."3$)&1"64&
/FQBTMBWFSPVTÏDIFSEFTBSUJDMFTBZBOUÏUÏOFUUPZÏTBWFDMBWÏTEBOTNJTË USFNQFSEBOTPV
UBDIÏTEFTVCTUBODFTFYQMPTJWFTPVJOGMBNNBCMFTDPNNFMBDJSFMIVJMFMBQFJOUVSFMFTTFODFMFT
QSPEVJUTEÏHSBJTTBOUMFTTPMWBOUTEFOFUUPZBHFËTFDMFLÏSPTÒOFFUDQPVWBOUTFOGMBNNFSPV
FYQMPTFS/FQBTBKPVUFSDFTTVCTUBODFTËMFBVEFMBWBHF/FQBTVUJMJTFSDFTTVCTUBODFTBVUPVS
EFWPUSFMBWFMJOHFFUPVTÒDIFMJOHFQFOEBOUMVUJMJTBUJPODBSJMTEÏHBHFOUEFT WBQFVSTQPVWBOU
TFOGMBNNFSPVFYQMPTFS
-FQSPDFTTVTEFCMBODIJTTFSJFQFVUSÏEVJSFMFEFHSÏJHOJGVHFEFTUJTTVT1PVSÏWJUFSVOUFMSÏTVMUBU
MFTJOTUSVDUJPOTEFOFUUPZBHFEVGBCSJRVBOUEVWÐUFNFOUEFWSPOUÐUSFTVJWJFTBUUFOUJWFNFOU
/FQBTNÏMBOHFSEFBVEF+BWFMËCBTFEFDIMPSVSFBWFDEFMBNNPOJBRVFPVEFTBDJEFTUFMT
RVFMFWJOBJHSFFUPVEFTBHFOUTBOUJSPVJMMF-FNÏMBOHFQFVUEÏHBHFSVOHB[UPYJRVFQPVWBOU
FOUSBÔOFSMBNPSU
/FKBNBJTHSJNQFSTVSPVWPVTUFOJSEFCPVUTVSMFEFTTVTEVMBWFMJOHF PVMFDPVWFSDMFEVMBWFMJOHF
/FQBTMBWFSEBSUJDMFTFOGJCSFEFWFSSFEBOTWPUSFMBWFMJOHF7PVTSJTRVF[EFQSPWPRVFSVOF
JSSJUBUJPODVUBOÏFËQBSUJSEFTQBSUJDVMFTSFTUBOUFTRVJQPVSSPOUÐUSFSÏDVQÏSÏFTQBS MFTWÐUFNFOUT
BVDPVSTEFTQSPDIBJOFTVUJMJTBUJPOTEVMBWFMJOHF
1PVSÏMJNJOFSMFTSJTRVFTEÏMFDUSPDVUJPOEÏCSBODIFSMBQQBSFJMEFMBQSJTFÏMFDUSJRVFFU
EÏDPOOFDUFSMFMBWFMJOHFEVQBOOFBVEFEJTUSJCVUJPOEFMBNBJTPOFO SFUJSBOUMFTGVTJCMFTPVFO
EÏDPOOFDUBOUMFEJTKPODUFVSBWBOUEFOUSFQSFOESFUPVUUSBWBVYEFNBJOUFOBODFPVEFOFUUPZBHF
3&."326&&OBQQVZBOUTVSMFCPVUPO16*44"/$&WPVTOFDPVQF[1"4MBQQBSFJMEF
MBMJNFOUBUJPOÏMFDUSJRVFNÐNFTJUPVTMFTUÏNPJOTTPOUÏUFJOUT
/FQBTVUJMJTFSDFUBQQBSFJMTJMBÏUÏFOEPNNBHÏFODBTEFNBVWBJTGPODUJPOOFNFOUTJMFTU
QBSUJFMMFNFOUEÏNPOUÏPVFODBTEFQJÒDFTNBORVBOUFTPVDBTTÏFTZDPNQSJT VOFQSJTFPVVO
DPSEPOFOEPNNBHÏF
/FQBTVUJMJTFSDFUBQQBSFJMTJMFDPVWFSDMFOBQBTÏUÏDPSSFDUFNFOUSFNJTFOQMBDF
4JWPVTVUJMJTF[VOFSBMMPOHFPVVOEJTQPTJUJGEFQSJTFÏMFDUSJRVFQPS UBCMFDPNNFQBSFYFNQMF
VOFCPÔUFTËQSJTFTEFDPVSBOUNVMUJQMFTWÏSJGJFSRVJMTPJUQPTJUJPOOÏEFNBOJÒSFËOF QBTFOUSFS
FODPOUBDUBWFDEFMFBVPVMIVNJEJUÏ
7&6*--&;$0/4&37&3$&4���*/4536$5*0/4
'3