
4BMFUÏEVMJOHF)PXEJSUZ 
7PUSFMBWFVTF*OUVJUJWFTÏMFDUJPOOFSBBVUPNBUJRVFNFOUVOF
JOUFOTJUÏNPZFOOFEFMBWBHFJOEJRVÏFQBSUSPJTWPZBOUT
MVNJOFVYBVEFTTVTEVCPVUPO)08%*35: $FQBSBNÒUSF
TFSBBQQSPQSJÏQPVSVODIBSHFNFOUEFMJOHFOÏDFTTJUBOU
VOMBWBHFNPZFONBJTTFMPOMFOJWFBVEFTBMFUÏEVMJOHF
WPVTQPVSSF[DIPJTJSVOMBWBHFQMVTNPEÏSÏPVQMVTJOUFOTJG
1BSFYFNQMFVODIBSHFNFOUEFKFBOTTBMFTOÏDFTTJUFSBVO
MBWBHFQMVTJOUFOTFUBOEJTRVFQPVSVODIBSHFNFOUEF
TFSWJFUUFTEFCBJOVUJMJTÏFTVOFGPJTTFVMFNFOUMFMBWBHFMF
QMVTNPEÏSÏTFSBTBOTEPVUFTVGGJTBOU

-*/(&5"$)²45"*/&%

$FQSPHSBNNFBMUFSOFMBWBHFBWFDRVBUSFUSFNQBHFTDPVSUTQPVSFOMFWFSMFTUBDIFTEFWPT
WÐUFNFOUTQBSFYFNQMFUSPJTNJOVUFTEBHJUBUJPORVBUSFNJOVUFTEFUSFNQBHFUSPJTNJOVUFT
EBHJUBUJPOFUD-FQSPHSBNNF45"*/&%VUJMJTFSBVOFBHJUBUJPOEFOJWFBVEFTBMFUÏNPZFO
JMOFTUEPODËTÏMFDUJPOOFSRVFQPVSMFTUBDIFTEFUZQFAHÏOÏSBM4JWPVTBWF[VOFUBDIF
TQÏDJGJRVFDPNNFTBOHIFSCFWJODIPDPMBUPVUPNBUFTVUJMJTF[MVOEFTQSPHSBNNFT45"*/4
-*'&$:$-&47PJS1SPHSBNNFT-JGFDZDMFTQBHF
4PJOEVMJOHF'BCSJDDBSF

4&/4&63"650."5*26&"6504&/4*/(

$IBSHF[WPUSFMBWFVTF*OUVJUJWFFUQSFTTF[MFCPVUPO45"351"64&-FTFOTFVSBVUPNBUJRVF
ÏWBMVFSBMFTUZQFTEFUJTTVTEFWPUSFDIBSHFNFOUFUTÏMFDUJPOOFSBMFMBWBHFBQQSPQSJÏ QPVSPCUFOJS
MFNFJMMFVSSÏTVMUBU1PVSVOMBWBHFOPSNBMOPVTSFDPNNBOEPOTVOMBWBHFEJOUFOTJUÏNPZFOOF

3&1"44"(&'"$*-&$3&"4"#-&4

-FTWÐUFNFOUTEÏMJDBUTTFGSPJTTFOUTPVWFOUGBDJMFNFOUFUOÏDFTTJUFOUEPODVOFTTPSBHFNJOJNBM
ËVOFWJUFTTFUSÒTGBJCMF-PQUJPOSFQBTTBHFGBDJMFDIBOHFSBBVUPNBUJRVFNFOUMÏUBQFEFSJOÎBHFË
VOSJOÎBHFEPVCMFNFOUJOUFOTFFUTÏMFDUJPOOFSBVOFTTPSBHFDPVSUFUMFOU UPVSTNJOVUFQPVS
RVFMFMJOHFTPJUMFNPJOTGSPJTTÏQPTTJCMF-PQUJPOSFQBTTBHFGBDJMFOFTUQBTTFVMFNFOUVUJMFQPVS
MFTWÐUFNFOUTEÏMJDBUTNBJTÏHBMFNFOUQPVSGBDJMJUFSMFSFQBTTBHFEFUPVTMFTUZQFTEF WÐUFNFOUT

-"*/&800-

$FSUBJOTUJTTVTOÏDFTTJUFOUVOTPJOQBSUJDVMJFSDPNNFMFTMBJOBHFT
MBWBCMFTFONBDIJOF$FTMBJOBHFTPOUÏUÏUSBJUÏTTQÏDJBMFNFOU
QPVSQPVWPJSÐUSFMBWÏTFONBDIJOF-FQSPHSBNNFMBJOFBÏUÏ
DPOÎVBWFDVOMBWBHFNPEÏSÏVOSJOÎBHFBVKFUFUVOSJOÎBHF
FOQSPGPOEFVSFUVOFTTPSBHFNPEÏSÏUPVSTNJOVUFQPVS
QSFOESFTPJOEFTMBJOBHFTMBWBCMFTFONBDIJOF

-"7"(&®-"."*/)"/%8"4)

-PQUJPO)BOEXBTIPGGSFVOMBWBHFQBSUJDVMJÒSFNFOUEÏMJDBUQPVSMFTUJTTVTUSÒTGSBHJMFT$F
QSPHSBNNFBÏUÏDPOÎVQPVSMFTWÐUFNFOUTRVFWPVTBWF[KVTRVËQSÏTFOUIÏTJUÏËNFUUSF
FONBDIJOF"WFDMPQUJPO)BOEXBTIMFTWÐUFNFOUTTPOUMBWÏTUPVUFOEPVDFVSSJODÏTFO
QSPGPOEFVSBWBOUVOFTTPSBHFUSÒTDPVSUFUMFOUUPVSTNJOVUF4JWPVTOFWPVMF[ QBTFTTPSFS
WPTWÐUFNFOUTTÏMFDUJPOOF[%SJQ%SZMJOHFËÏUFOESF$POTVMUF[MFTQBHFTFU 