1VJGTU

.KOKVGF9CTTCPV[%QPVKPWGF

+/2146#06

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6QUJKDCQH%CPCFC.KOKVGF6%.OCMGUVJGHQNNQYKPINKOKVGFYCTTCPVKGUVQQTKIKPCNEQPUWOGTUKP%CPCFC2NGCUGTGVCKP[QWTő$KNNQH5CNGŒCURTQQH QHRWTEJCUG6QQDVCKPCő%CPCFKCP9CTTCPV[ŒRNGCUGTGIKUVGT
QPNKPGCVYYYVQUJKDCEC
%CPCFKCP9CTTCPV[+PHQTOCVKQP
5JQWNFUGTXKEGDGTGSWKTGFQPVJKUWPKVFWTKPIVJG QPG[GCT
YCTTCPV[RGTKQF6%.UQRVKQPYKNNDGVQTGRCKTQT GZEJCPIGVJG
FGHGEVKXGWPKV +VYKNNDGPGEGUUCT[VQHQNNQYVJKURTQEGFWTG
%QPVCEV6QUJKDCQH%CPCFC.KOKVGFCVVJG%QPUWOGT
'NGEVTQPKEU)TQWREWUVQOGTUWRRQTVNKPG
2JQPG 
'OCKN EGIAEWUVQOGTAUWRRQTV"VQUJKDCEC
#NNKPYCTTCPV[TGRCKTUOWUVDGOCFGD[CPCWVJQTK\GF 6%.
UGTXKEGEGPVTG
(QTUGTXKEGGZEJCPIG6%. YKNNCTTCPIGVQJCXGVJGWPKV RKEMGF
WRD[EQWTKGTCPFCTGRNCEGOGPVWPKVYKNNDG TGVWTPGFXKCUCOG
EQWTKGT0QVG#OCLQTETGFKV ECTFPWODGTYKNNDGTGSWKTGFCUC
EJCTIGQHYKNNCRRN[KHPQHCWNVKU HQWPFYKVJVJGWPKV
&WTKPIVJGHKTUVOQPVJUQHQYPGTUJKRCPGY WPKVYKNNDGUWR
RNKGFCUCTGRNCEGOGPV&WTKPIVJGTGOCKPFGTQHVJG YCTTCPV[
RGTKQFCUGTXKEGTGPGYGFWPKVYKNNDGUWRRNKGF
6JGQTKIKPCNő$KNNQH5CNGŒOWUVDGRTQXKFGFCU RTQQHQHRWT
EJCUGKVYKNNDGTGVWTPGFYKVJVJGTGRNCEGOGPVWPKV
6JKUOQPVJYCTTCPV[YKNNDGUVTKEVN[CFJGTGFVQ
1WVQHYCTTCPV[WPKVUUJQWNFDGTGRCKTGFD[C 6%. CWVJQTK\GF
UGTXKEGEGPVTG
0QVG+VKUVJGTGURQPUKDKNKV[QHVJGQYPGTVQ GPUWTGRTQRGT
RCEMCIKPI5JQWNFFCOCIGKPUJKRRKPIQEEWTFWGVQRQQT
RCEMCIKPICEJCTIGDCEMHQTVJGTGRCKTYKNNTGUWNV
6JKUYCTTCPV[CRRNKGUVQVJGQTKIKPCNRWTEJCUGTQPN[CPF KUPQV
VTCPUHGTCDNG
6JKUYCTTCPV[FQGUPQVCRRN[VQUGVUVJCVJCXG DGGPUWDLGEVGF
VQOKUWUGPGINGEVCEEKFGPVRJ[UKECNFCOCIGQTCEVUQH
PCVWTG
5GVUYKVJVJGUGTKCNPWODGTTGOQXGFCNVGTGFTGRNCEGFQT
FGHCEGFYKNNPQVDGEQXGTGFD[VJKUYCTTCPV[
6JGYCTTCPVKGUHTQO6%. CTGGHHGEVKXGQPN[KHVJGRTQFWEVKU
RWTEJCUGFKP%CPCFCHTQOCPCWVJQTK\GF6%. FGCNGTCPF
QRGTCVGFKP%CPCFC
2TQFWEVUWVKNK\GFHQTTGPVCNQTEQOOGTEKCNRWTRQUGUCTGPQV
EQXGTGFD[VJKUYCTTCPV[
6JKUYCTTCPV[KUKPNKGWQHCNNQVJGTYCTTCPVKGU IWCTCPVKGUQT
CITGGOGPVUYJGVJGTGZRTGUUGFQTKORNKGFCPFPQRGTUQP
CIGPVFKUVTKDWVQTFGCNGTUGTXKEGEGPVTGQTEQORCP[KUCWVJQT
K\GFVQEJCPIGOQFKH[QTGZVGPFKVUVGTOUKP CP[OCPPGT
YJCVUQGXGT
56#0&#4&9#44#06;
6;2'1(5'6 &8&2NC[GT
&8&8%4%QODKPCVKQP
*QOG6JGCVTGKPC$QZ
&8&4GEQTFGT
2QTVCDNG&8&
9#44#06; 2'4+1& /106*5
)#4#06+'014/#.'
6;2'&ŏ#22#4'+. .GEVGWT&8&
&8&OCIPÃVQUEQRGEQODQ
%KPÃOCOCKUQPFCPUWPGDQÉVG
'PTGIKUVTGWT&8&
&8&2QTVCVKH
&74'&'.# )#4#06+' /1+5
2QWTQDVGPKTWPGICTCPVKGECPCFKGPPG
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6QUJKDCFW%CPCFC.KOKVÃG6%.QHHTGCW%CPCFCNGUICTCPVKGUNKOKVÃGUUWKXCPVGUCWZEQPUQOOCVGWTUQTKIKPCWZ8GWKNNG\EQPUGTXGTXQVTGnHCEVWTGEQOOG RTGWXGFŏCEJCVXGWKNNG\XQWUKPUETKTGGPNKIPG´YYYVQUJKDCEC
+PHQTOCVKQPUWTNCICTCPVKG%CPCFKGPPG
5KXQWUCXG\DGUQKPFGUGTXKEGUWTEGVCRRCTGKN CWEQWTUNG
NCPPÃGFGICTCPVKG6QUJKDCFW%CPCFC.KOKVÃGCWTCNQRVKQP
FGTÃRCTGTQWÃEJCPIGTNCRRCTGKNFÃHGEVWGWZ8QWUFGXTG\
UWKXTGNCRTQEÃFWTGUWKXCPVG
%QPVCEV 6QUJKDCFW%CPCFC.KOKVÃGCW)TQWRGNGEVTQPKSWG
CWZEQPUQOOCVGWTUUGTXKEG´NCENKGPVÂNG
6ÃN 
%QWTTKGN EGIAEWUVQOGTAUWRRQTV"VQUJKDCEC
6QWVGUNGUTÃRCTCVKQPUCWEQWTUFGNCICTCPVKGFQKXGPVÄVTGHCKVGU
RCTWPEGPVTGFGUGTXKEGCWVQTKUÃ6QUJKDC
2QWTWPÃEJCPIG6%. UCUUWTGTCSWWPUGTXKEGFGEQWTTKGT
TCOCUUGTCNWPKVÃGVSWWPCRRCTGKNFGTGORNCEGOGPVUQKV
GZRÃFKÃRCTNGOÄOGUGTXKEGFGEQWTTKGT
0QVG7PPWOÃTQFGECTVGFGETÃFKVUGTCTGSWKU ECTWPG
EJCTIGFGUGTCCRRNKSWÃGUKVQWVGHQKUNŏCRRCTGKNPŏCXCKV
CWEWPRTQDNÂOGFGHQPEVKQPPGOGPV
7PGPQWXGNNGWPKVÃUGTCHQWTPKGEQOOGTGORNCEGOGPVFWTCPV
NGURTGOKGTUOQKUFGRTQRTKÃVÃ2CTEQPVTG FWTCPVNCDCNCPEG
FGNCICTCPVKGWPGWPKVÃTGOKUG´PGWHUGTC HQWTPKG
.CnHCEVWTGQTKIKPCNGFQKVÄVTGHQWTPKGEQOOGRTGWXG FŏCEJCV
GNNGXQWUUGTCTGVQWTPÃGCXGENŏWPKVÃFGTGORNCEGOGPV
%GVVGICTCPVKGFGOQKUUGTCUVTKEVGOGPVCFJÃTÃG
.GUWPKVÃUJQTUFGICTCPVKGFGXTCKGPVÄVTGTÃRCTÃGURCT WP
EGPVTGFGUGTXKEGCWVQTKUÃ6QUJKDC
0QVG%ŏGUVNCTGURQPUCDKNKVÃFWRTQRTKÃVCKTGFGUŏCUUWTGTSWG
NŏGODCNNCIGGUVCFÃSWCV8QWUUGTG\HCEVWTÃRQWTVQWVGUTÃRC
TCVKQPUECWUÃGURCTFGUFQOOCIGUGPEQWTWU´ECWUGFŏWP
GODCNNCIGPQPCFÃSWCV
%GVVGICTCPVKGGUVQEVTQ[ÃG´NŏCEJGVGWTKPKVKCNGVPŏGUV RCU
VTCPUHÃTCDNG%GVVGICTCPVKGPGUŏCRNKSWGRCUCWZCRRCTGKNU SWK
QPVÃVÃUWLGVUCWZCDWUPÃINKIGPEGUCEEKFGPVUFQOOCIGU
RJ[UKSWGUQWCEVGUPCVWTGNU
.GUCRRCTGKNUFQPVNGPWOÃTQFGUÃTKGCÃVÃ GPNGXÃCNVÃVÃ
TGORNCEÃQWDCTDQWKNNÃPGUQPVRCUEQWXGTVURCTEGVVG
ICTCPVKG
.GUICTCPVKGUFG6%. UQPVXCNKFGUUGWNGOGPVUWTNGUWPKVÃU
UQPVCEJGVÃGUGVWVKNKUÃGUCW%CPCFCFWPOCTEJCPFCWVQTKUÃ
6%.
%GVVGICTCPVKGPGEQWXTGRCUNGURTQFWKVUFGNQECVKQP QW´
WUCIGEQOOGTEKCN%GVVGICTCPVKGTGORNCEGVQWVGUCWVTGU
ICTCPVKGUQWGPVGPVGUGZRTKOÃGUQWUQWUGPVGPFWGU#WEWPG
RGTUQPPGCIGPVFKUVTKDWVGWTEQPEGUUKQPCKTGQWEQORCIPKG
PŏGUVCWVQTKUÃ´EJCPIGTOQFKHKGTQWRTQNQPIGTNGUVGTOGUFG
EGVVGICTCPVKGFGSWGNSWGHCÁQPSWGEGUQKV
6QUJKDCQH%CPCFC.KOKVGF/E0CDD5VTGGV/CTMJCO 1PVCTKQ.4*

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