You are on page 1of 3

JOGPSNF

-JCSPTFMFDUSÓOJDPT {2VÏIBPDVSSJEPQBSBRVFFTUF
DBNCJPTFQSPEV[DB

/VFWBTGPSNBTEFFEJDJÓO
&OQSJNFSMVHBSIFNPTEFDPOTJEFSBSFM
JODSFNFOUPSFHVMBSZDPOUJOVBEPEFMB
FEJDJØOFMFDUSØOJDBFOUPEPFMNVOEP

ZOVFWPTNPEPTEFMFDUVSB -BTFTUBEÓTUJDBTBQPSUBEBTQPSFM
*OUFSOBUJPOBM%JHJUBM1VCMJTIJOH'PSVN
*%1' 
JOGPSNBOEFVOBUFOEFODJB
FYQPOFODJBMFOMBTWFOUBTEFMJCSPT
FMFDUSØOJDPTFOUPEPFMNVOEP DPO
JODSFNFOUPTEFMZFMFOMPT
ÞMUJNPTB×PT

&OFMDBTPEF&TQB×BMBTJUVBDJØOFTNVZ
TJNJMBS DPOSBUJPTEFDSFDJNJFOUPNVZ
QPS+PTÊ"OUPOJP$PSEÓO(BSDÎB ZQPS+VMJP"MPOTP"SÊWBMP JNQPSUBOUFTQBSBTVCTFDUPSFTDPNPMB
6OJWFSTJEBEEF4BMBNBODB 6OJWFSTJEBEEF4BMBNBODB DSFBDJØOMJUFSBSJB 1BOPSBNJDB 
-PT
'BDVMUBEEF5SBEVDDJÓOZ%PDVNFOUBDJÓO 'BDVMUBEEF5SBEVDDJÓOZ%PDVNFOUBDJÓO EBUPTEFWFOUBDPOmSNBOFTUBTUFOEFODJBT
"UFOPSEFMBTDJGSBTQSFTFOUBEBTQPSMB
*OUSPEVDDJØO XFCQBSBMBWFOUBEFMJCSPTFMFDUSØOJDPT
FO&TQB×B5PEPF#PPLDPN MBTWFOUBTTF
/VODBTFIBCÓBIBCMBEPUBOUPEFMPTMJCSPT JODSFNFOUBSPOVOFOZTF
DPNPBIPSB1SFOTB SBEJP UFMFWJTJØO SFEFT QSFWÏTVDPOTPMJEBDJØOjEFmOJUJWBxFO
TPDJBMFT CMPH SFWJTUBTFTQFDJBMJ[BEBT GPSPT  &OEJDJFNCSFEF"NB[PO
FUD JODMVZFODBTJBEJBSJPBMHVOBOPUJDJB IBWFOEJEP QPSQSJNFSBWF[ NÈT
SFMBDJPOBEBDPOMPTNJTNPT PDPOVOBEFTVT F#PPLTRVFMJCSPTFEJUBEPTFOQBQFM-B
GPSNBTMBFMFDUSØOJDBPEJHJUBM-BTBHVBT  MJCSFSÓBWJSUVBMBUSJCVZFFTUFGFOØNFOP
SFMBUJWBNFOUFUSBORVJMBTEFMNVOEPEFM BCSFVOBOVFWBFSBFOMBRVFMPTOVFWPT BMÏYJUPEFTVSFBEFS,JOEMFRVFTFIB
MJCSPZEFMBMFDUVSB TFIBOWJTUPBHJUBEBTFO GPSNBUPTZMPTOVFWPTEJTQPTJUJWPTBDBCBSÈO WJTUPCFOFmDJBEPQPSMPTSFUSBTPTFOMB
FTUFÞMUJNPB×PQPSVOBBVUÏOUJDPUFSSFNPUP TVQMBOUBOEPBMPTMJCSPTDPOWFODJPOBMFT DPNFSDJBMJ[BDJØOEFPUSBTPGFSUBTSJWBMFT 
NFEJÈUJDP QFSPUBNCJÏOFDPOØNJDPZ *ODMVTPTFIBWBUJDJOBEPVOBGFDIB&OMB DPNPMBTEFMBDBEFOBEFMJCSFSÓBT
DVMUVSBMFMEFTQFHVFEFMMJCSPFMFDUSØOJDP ÞMUJNBGFSJBEFMMJCSPEF'SBODGPSU MBNÈT #BSOFSTBOE/PCMF&MDBUÈMPHPEFUÓUVMPT
ZEFMPTEJTQPTJUJWPTQPSUÈUJMFTDPNPPCKFUP JNQPSUBOUFSFVOJØOJOUFSOBDJPOBMFOFM QBSB,JOEMFTVQFSBMPT"NB[PO
ZNFEJPEFMFDUVSBSFTQFDUJWBNFOUF&T ÈNCJUPEFMBFEJDJØO TFDBMDVMØRVFQBSBFM BTFHVSBRVFFOFMNFTEFEJDJFNCSFIB
VOBPCWJFEBERVFMPTMJCSPTIBOFYJTUJEP MBFEJDJØOUSBEJDJPOBMIBCSÓBDFEJEPFM WFOEJEPNÈT,JOEMFTRVF QPSFKFNQMP 
EFTEFIBDFNVDIPUJFNQP)BOTJEP Z UFTUJHPBMBFEJDJØOFMFDUSØOJDB J1PET-BBTPDJBDJØOEFVOEJTQPTJUJWPB
DPOUJOVBSÈOTJFOEP MBQSJODJQBMGVFOUFEF &TUPTWBUJDJOJPTSFWJTUFOFMNJTNPWBMPS VOTJTUFNBEFEJTUSJCVDJØOEFDPOUFOJEPT
MBDPNVOJDBDJØOFTDSJUBEVSBOUFVOBHSBO RVFUPEPTMPTEFTBSSPMMBEPTIBTUBBIPSB FTVONPEFMPEFOFHPDJPFYJUPTP DPNPTF
DBOUJEBEEFTJHMPT1FSPTJFNQSFTFIB FMEFJOUFOUPTEFQSPGFDÓBTBVUPDVNQMJEBT IBEFNPTUSBEPFOFMDBTPBOUFSJPSNFOUF
DPOTJEFSBEPDPNPVOBjWJFKBUFDOPMPHÓBx  /PTFSÈOMPTÞMUJNPT UBNQPDPIBOTJEPMPT NFODJPOBEP PFOMPTEF#BSOFTBOE
ZDPNPUBMIBBUSBÓEPFTDBTBBUFODJØO&M QSJNFSPT&OFMB×P1SJDF8BUFSIPVTF /PCMFZFM/PPL 4POZDPOTVMFDUPS4POZ
JNQBDUPEFMMJCSPFOMBTPDJFEBEIBTJEP $PPQFSTQSFWFÓBVOBFYQMPTJØOEFMHBTUPFO 3FBEFSFO TVTEJGFSFOUFTWFSTJPOFT ZMB
NVDIPNFOPTESBNÈUJDP QPSFKFNQMP RVF MJCSPTFMFDUSØOJDPT FTUJNBOEPRVFQBSBFM UJFOEB4POZ4UPSFZ NÈTSFDJFOUFNFOUF
FMEFMQFSJØEJDPPMBUFMFWJTJØO&MFTUVEJPZ SFQSFTFOUBSÓBFMEFMNFSDBEP DPO"QQMF"QQMFZBDSFPJ5VOFT 
BOÈMJTJTEFFTUPTFMFNFOUPTEFMTJTUFNBEF 6OFTUVEJPSFBMJ[BEPQPS"SUIVS"OEFSTFO  BTPDJBEBBTVEJTQPTJUJWPEFSFQSPEVDDJØO
DPNVOJDBDJØOIBQBSFDJEPNÈTJNQPSUBOUF FODBSHBEPQPSMB"TTPDJBUJPOPG"NFSJDBO EFNÞTJDB*1PE P"QQ4UPSFWJODVMBEB
ZSFMFWBOUF&TUFFTUBEPEFDPTBTTFIB 1VCMJTIFST ZQVCMJDBEPFOMBTNJTNBT DPOFM*1IPOF&OIBQSFTFOUBEPTV
USBOTGPSNBEPSBEJDBMNFOUFDPOMBJSSVQDJØO GFDIBT QSFEFDÓBRVFFMMJCSPFMFDUSØOJDP QSPQVFTUBEFUBCMFUQDDPOQPTJCJMJEBEFT
EFMMJCSPFMFDUSØOJDP6OBJSSVQDJØORVFIB PDVQBSÓBVOEFMNFSDBEP/JOHVOBEF NVMUJNFEJB EFOBWFHBDJØOZEFMFDUVSBEF
UFOJEPVODBSÈDUFSHFOFSBMJ[BEPBGFDUBOEPB FTUBTQSFEJDDJPOFTTFDVNQMJØ BMDPOUSBSJP MJCSPTFMFDUSØOJDPT4FUSBUBEFM*1BE&M
UPEPTMPTFTMBCPOFTEFMBDVMUVSBFOHFOFSBM  DBTJUPEBTMBTJOJDJBUJWBTFNQSFOEJEBTQPS TVNJOJTUSPEFDPOUFOJEPTQBSBFMNJTNP
ZEFMBFEJDJØOFOQBSUJDVMBS FOUPEPFM FEJUPSFTZQSPEVDUPSFTGSBDBTBSPO1FSPFM TFIBSÈBUSBWÏTEF*#PPLT QBSBFMRVFZB
NVOEP-BTSFBDDJPOFTBOUFFMGFOØNFOP QBOPSBNBIBDBNCJBEPSBEJDBMNFOUF ZMPT IBODPNQSPNFUJEPTVTBQPSUBDJPOFTDJODP
OPEFKBOEFTFSDVSJPTBTZTJHVFOMBMØHJDB B×PTZTFBSUJDVMBODPNPMPTEFM JNQPSUBOUFTFEJUPSJBMFTDPNP1FOHVJO 
EFMPTBQPDBMÓQUJDPTFJOUFHSBEPTRVFFOTV EFTQFHVFEFmOJUJWPEFMPTOVFWPTNFEJPTZ )BSQFS$PMMJOT 4JNPO"OE4IVTUFS 
EÓBEFTDSJCJFSB6NCFSUP&DP1BSBVOPTTF GPSNBUPT .BD.JMMBOZ)BDIFUUF

MJCSPT/1SJNBWFSB 
JOGPSNF
&OTFHVOEPMVHBSMPTFTUVEJPTEFVTVBSJPT
EFNVFTUSBORVFFMMJCSPFMFDUSØOJDPZ
MPTEJTQPTJUJWPTEFMFDUVSBEFMPTNJTNPT
FTUÈOBTFOUÈOEPTFEFNBOFSBQSPHSFTJWB
QFSPTØMJEBFOUSFTFDUPSFTTPDJBMFTNVZ
IFUFSPHÏOFPTRVFNVFTUSBOVOHSBEP
EFSFDFQUJWJEBEDBEBWF[NBZPSIBDJB
MPTOVFWPTNFEJPTZ TPCSFUPEPVO
BCBOEPOPEFMBSFTJTUFODJBJOJDJBMBM
DBNCJPEFTPQPSUFEFMFDUVSB-PTFTUVEJPT
EFTBSSPMMBEPTQPS4QSJOHFS 

1VCMJTIFST$PNNVOJDBUJPO(SPVQT 

$FOUSFGPS*OGPSNBUJPO#FIBWJPVSBOEUIF
&WBMVBUJPOPG3FTFBSDI $*#&3
 

PFM+PJOU*OGPSNBUJPO4ZTUFNT$PNNJUUFF
+*4$ 
DPOmSNBOFTUFTVQVFTUP-PT
VTVBSJPTFODVFTUBEPTFOEJWFSTPTÈNCJUPT
NBOJmFTUBOVOJOUFSÏTDSFDJFOUFFOMPT DPNFSDJBMJ[BDJØOEFTVTMJCSPTZEFMNFSDBEP
GPSNBUPTFMFDUSØOJDPTQBSBMBDPOTVMUBEF &ODPOTPOBODJBDPOFTUPMBPGFSUBEFMJCSPT
NPOPHSBGÓBT UBOUPQBSBmOFTEFFTUVEJP FMFDUSØOJDPTFTDBEBWF[NÈTOVNFSPTBZ
ZEFJOWFTUJHBDJØODPNPQBSBMBMFDUVSB WBSJBEB
SFDSFBUJWB ZTPTUJFOFOTVDSFDJFOUFZ
EFmOJUJWPVTPQBSBMPTQSØYJNPTB×PT 'JOBMNFOUFIBCSÓBRVFDJUBSMB EFVTPRVFQFSNJUÓBOBTVTVTVBSJPT
1PSPUSBQBSUF MPTVTVBSJPTEFMBT FYUSBPSEJOBSJBWBSJFEBEBMDBO[BEBFOMB DPOTVMUBSMBTPCSBT MBNBZPSÓBEFMBTWFDFT
CJCMJPUFDBTZDFOUSPTEFJOGPSNBDJØO PGFSUBEFEJTQPTJUJWPTEFMFDUVSBZMBNFKPSB TJOQPTJCJMJEBEEFBDDFTPTJNVMUÈOFPEF
FTUÈODBEBWF[NÈTGBNJMJBSJ[BEPTDPO QFSNBOFOUFFOTVTQSFTUBDJPOFTZEJTF×P WBSJPTVTVBSJPTBMNJTNPMJCSP /FU-JCSBSZ

MPTSFDVSTPTFOGPSNBFMFDUSØOJDB UBMFT PEFSFQSPEVDDJØOZDPQJBEFMPTNJTNPT
DPNPPCSBTEFSFGFSFODJB CBTFTEFEBUPT *HVBMNFOUFFYJTUFOCJCMJPUFDBTEJHJUBMFTNVZ
ZSFWJTUBTFMFDUSØOJDBTBUFYUPDPNQMFUP -PTMJCSPTFMFDUSØOJDPTZEJTQPTJUJWPT DPOTPMJEBEBTDPNPFM1SPZFDUP(VUFOCFSH
&TUPTSFDVSTPTIBOTJEPGÈDJMNFOUF EFMFDUVSB PMB#JCMJPUFDBWJSUVBM.JHVFMEF$FSWBOUFT 
BEBQUBEPTBMGPSNBUPEJHJUBMZSÈQJEBNFOUF QPSUBMFTGVOEBNFOUBMFTQBSBFMBDDFTPB
BDFQUBEPTZBTJNJMBEPT 6OMJCSPFMFDUSØOJDPFTDVBMRVJFSGPSNB UFYUPTEFDBSÈDUFSDMÈTJDP1FSPFOUPEPTMPT
EFmDIFSPFOGPSNBUPEJHJUBMRVF DPNP DBTPTMBDPOTVMUBTFIBCÓBEFEFTBSSPMMBSB
&OUFSDFSMVHBSIBZRVFEFTUBDBSMB UBM QVFEFEFTDBSHBSTFFOEJTQPTJUJWPT USBWÏTEFMPSEFOBEPS DPOMBTNPMFTUJBTFO
QSPHSFTJWBNFOUBMJ[BDJØOEFMTFDUPSFEJUPSJBM FMFDUSØOJDPTQBSBTVQPTUFSJPSWJTVBMJ[BDJØO UÏSNJOPTEFFSHPOPNÓBZMFHJCJMJEBERVF
BDFSDBEFMDBNCJPEFUFOEFODJBRVFTFFTUÈ &OEFmOJUJWBTFUSBUBEFVOBSDIJWPEJHJUBM FTUFDPNQPSUB-POPWFEPTPEFMNPNFOUP
PQFSBOEPFOFMÈNCJUPEFMMJCSP TJNJMBSBM RVFQSFDJTBEFVOFMFNFOUPBEJDJPOBMQBSB BDUVBMIBTJEPFMEFTBSSPMMPEFEJTQPTJUJWPT
RVFFOTVNPNFOUPPDVSSJØFOEFMBTSFWJTUBT TVWJTJPOBEP FMEJTQPTJUJWPMFDUPS RVF QPSUÈUJMFTEFMFDUVSBRVFQFSNJUFOMB
DJFOUÓmDBTPFOFMEFMBTPCSBTEFSFGFSFODJB EFCFDPOUFOFSVOTPGUXBSFBEFDVBEPQBSB EFTDBSHBEFMJCSPTZPUSPTEPDVNFOUPTZDPO
6OTJHOPEFFTUPTDBNCJPTFTRVFMB'FSJBEFM MBMFDUVSBEFMEPDVNFOUP&OHFOFSBM VO VOPTOJWFMFTEFMFHJCJMJEBEFRVJQBSBCMFTB
MJCSPEF'SBOLGVSUEFKBSÈQSPOUPEFTFS#PPL MJCSPFMFDUSØOJDPFTCBTUBOUFTJNJMBSBVOP MPTRVFQSPQPSDJPOBMBFEJDJØODPOWFODJPOBM
'BJSQBSBTFS.FEJB'BJS EFCJEPBMFNQVKF JNQSFTP MPRVFDBNCJBFTFMNFEJP1BSBVO FOQBQFM
EFMPTTPQPSUFTEJHJUBMFT&O&TQB×BTFIB MJCSPEFDBSÈDUFSDPOWFODJPOBMFMNFEJPFT
DFMFCSBEPFOOPWJFNCSFEFMBQSJNFSB FMQBQFM QBSBVOMJCSPFMFDUSØOJDPFMNFEJP &TUPTEJTQPTJUJWPT FTUPTMFDUPSFTEFMJCSPT
GFSJBEFMMJCSPEJHJUBM&OOPWJFNCSFEF QVFEFWBSJBSEFTEFVOPSEFOBEPSBVO FMFDUSØOJDPTUBNQPDPTPOOVFWPT ZB
TFQSFTFOUØFMFTUVEJPj-BEJHJUBMJ[BDJØOEFM MFDUPSEFMJCSPTFMFDUSØOJDPT VOB1%" VO FYJTUÓBOEFTEFmOBMFTEFMTJHMPQBTBEP
MJCSPFO&TQB×Bx %PTEPDF 
 NØWJM PVOUBCMFU1$4VTDPOUFOJEPTFTUÈO -BEJGFSFODJBFTRVFGSFOUFBMBTQBOUBMMBT
&OÏMTFDPOTJEFSBCBRVFMB IBCJUVBMNFOUFEJTQPOJCMFTFO1%' )5.-  SFUSPJMVNJOBEBTRVFUFOÓBOQSPUPUJQPTDPNP
EJHJUBMJ[BDJØOEFMMJCSPTFSÈVOB 9.- F1VC NPCJQPDLFU PFOPUSPTGPSNBUPT FM3PDLFUCPPLP4PGCPPL RVFQSPEVDÓBO
EFMBTEFDJTJPOFTFTUSBUÏHJDBT DPNPUFYUPQMBOP4VTQSFTUBDJPOFTMFT MBNJTNBGBUJHBWJTVBMRVFMBQBOUBMMB
RVFUFOESÈORVFUPNBSMPT QFSNJUFOVOBHSBOWFSTBUJMJEBEZVCJDVJEBE EFMPSEFOBEPS MPTEJTQPTJUJWPTBDUVBMFT
FEJUPSFTFOMPTQSØYJNPT GVODJPOBODPOUJOUBFMFDUSØOJDB VOB
B×PTZRVFDPNQPSUBSÈVOB -PTMJCSPTFMFDUSØOJDPTFYJTUFOEFTEFIBDFZB UFDOPMPHÓBRVFQFSNJUFMFFSDPOMBNJTNB
USBOTGPSNBDJØOHFOFSBM NÈTEFVOBEÏDBEBBVORVFTVEJTUSJCVDJØO DBMJEBERVFFMQBQFM TJOQBSQBEFPTEF
EFMBFEJUPSJBM EFTV ZVTPIBFTUBEPDJSDVOTDSJUBBMÈNCJUP QBOUBMMBZQSÈDUJDBNFOUFTJODPOTVNPEF
FTUSBUFHJBEFQSPEVDDJØOZ BDBEÏNJDPBUSBWÏTEFBHSFHBEPSFTDPNP FOFSHÓB EFIFDIPDBTJUPEPTMPTEJTQPTJUJWPT
EJTUSJCVDJØO EFTVTGVUVSBT &CSBSZ /FU-JCSBSZ 2VFTUJBZPUSPT-BT QFSNJUFOMFFSVOBTQÈHJOBTFOUSF
QPMÓUJDBTEFNBSLFUJOHZ JOTUJUVDJPOFTBDBEÏNJDBTBERVJSÓBOMJDFODJBT DBSHBZDBSHBEFCBUFSÓB

 MJCSPT/1SJNBWFSB
JOGPSNF
&YJTUFOFOFMNFSDBEPNVDIPTNPEFMPT XJmQFSNJUFÞOJDBNFOUFMBDPOFYJØODPO t %3.TPQPSUBEP&M%3.TPOMBTTJHMBT
EFMJCSPTFMFDUSØOJDPT DPODBSBDUFSÓTUJDBT "NB[PN JOHMFTBTEF%JHJUBM3JHIUT.BOBHFNFOU 
ZDBMJEBEFTNVZEJGFSFODJBEBT)BZVOB FTUPFT(FTUJØOEF%FSFDIPT%JHJUBMFT
t .FOÞTZDPOUSPMFTGÓTJDPT6OPEFMPT
TFSJFEFBTQFDUPTRVFFTQSFDJTPUPNBSFO 4VBQMJDBDJØOBGFDUBBEJGFSFOUFTNFEJPT
BTQFDUPTGVOEBNFOUBMFTFODVBMRVJFSUJQP
DPOTJEFSBDJØOBMPQUBSQPSVOPVPUSP ZTJTUFNBTDPNPNÞTJDB QFMÓDVMBT 
EFEJTQPTJUJWPFTUSJCBFOMBGBDJMJEBEEF
EPDVNFOUPTZMJCSPTFMFDUSØOJDPT
t 5BNB×PEFMBQBOUBMMBÏTUBTVFMFPTDJMBS VTP RVFFTUÈFTUSFDIBNFOUFSFMBDJPOBEB
&YJTUFOEJGFSFOUFTUJQPTEF%3.
FOUSFMBTQVMHBEBT MBNÈTIBCJUVBM  DPOMPTFMFNFOUPTGÓTJDPTRVFQFSNJUFO
BVORVFIBZNPEFMPTDPOEJNFOTJPOFT TVNBOFKPZMBTQPTJCJMJEBEFTRVF ‰ %3.QPSIBSEXBSF&TUFUJQPEF
JOGFSJPSFT OPSFDPNFOEBCMFT
ZMBT PGSF[DBOTVTNFOÞT)BTUBBIPSBMPT %3.QVFEFTFSJODMVJEPFOFM
QVMHBEBT-BEJGFSFODJBOPFTUSJCBFOMB EJTQPTJUJWPTIBOBEPMFDJEPEFVOB IBSEXBSFEFDVBMRVJFSEJTQPTJUJWP
DBMJEBETJOPFOMBQPSUBCJMJEBEZFMQFTP FYDFTJWBSVEJNFOUBSJFEBEFODVBOUPBMPT TVTDFQUJCMFEFQPEFSSFQSPEVDJS
TJTUFNBTEFNBOJQVMBDJØO DPOJODØNPEPT DPOUFOJEPTEJHJUBMFT
t 3FTPMVDJØOEFMBQBOUBMMB4VFMFJSEF CPUPOFTZFMFNFOUPTRVFIBDFOQSPMJKP
MPT¨QÓYFMFTQBSBMPTNPEFMPT ZGBUJHPTPTVVTP)BZEJTQPTJUJWPTRVF ‰ %3.QPSTPGUXBSF1VFEFMMFHBSB
EFNBZPSUBNB×PZ¨QÓYFMFT QPTFFODPOUSPMFTGSPOUBMFT MBUFSBMFTF JNQFEJSMBSFQSPEVDDJØOUPUBMPQBSDJBM
QBSBMPTNÈTIBCJUVBMFTEFQVMHBEBT JODMVTPUSBTFSPT DPOMPRVFTVNBOFKP EFMDPOUFOJEPEFMBSDIJWPEJHJUBMV
*HVBMNFOUFFTQSFDJTPWBMPSBSMBTFTDBMBT FTDPNQMJDBEP*HVBMTFQVFEFEFDJS PUSPUJQPEFDPOUSPMTPCSFFMNJTNP
EFHSJTFTRVFNBOFKBO OPSNBMNFOUF EFMPTNFOÞT FOHFOFSBMQPCSFTZDPO 1VFEFMJNJUBSFMOÞNFSPEFFRVJQPT
FOVOBFTDBMBRVFWBEFTEFIBTUB FTDBTPEFTBSSPMMP3FDJFOUFNFOUFFTUÈ FOMPTRVFTFQVFEFMFFS FMOÞNFSP
$VBOUPNBZPSFTMBFTDBMBEFHSJTFT BQBSFDJFOEPMFDUPSFTDPOQBOUBMMBT EFDPQJBT ZFMVTPRVFTFQVFEFIBDFS
NFKPSFTMBDBMJEBEEFQBOUBMMB UÈDUJMFTRVFIBOSFTVFMUPNVZ EFMBTNJTNBT1PSFKFNQMP VOPEF
GBWPSBCMFNFOUFFTUPTJODPOWFOJFOUFT  MBTQSÈDUJDBTNÈTIBCJUVBMFTDPNPFT
t $PMPSDBTJUPEPTMPTEJTQPTJUJWPTRVF
DPNPFM/PPLEF#BSOFTBOE/PCMFPFM MBEFMQSÏTUBNPEFMJCSPTTVFMFFTUBS
DJSDVMBOFOFMNFSDBEPGVODJPOBOFO
4POZ134 SFTUSJOHJEBEFUBMNBOFSBRVFVOB
CMBODPZOFHSPÞOJDBNFOUF1FSPFTUÈO
QFSTPOBUFOESÓBRVFQSFTUBSBPUSB
DPNFO[BOEPBBQBSFDFSEJTQPTJUJWPT t 6UJMJEBEFT"VORVFOPUJFOFORVF TVEJTQPTJUJWPQBSBRVFQVEJFSBMFFS
FODPMPS DPNPFM/PPLEF#BSOFTBOE TFSDPOTVTUBODJBMFTDPOMBMFDUVSBMPT DVBMRVJFSEFMBTPCSBTBERVJSJEBT
/PCMFPFM'MFQJBEF'VKJUTV%FTEFFM EJTQPTJUJWPTQVFEFOJODPSQPSBSVOB -BFDVBDJØOVOMFDUPS VOMJCSPFTMB
QVOUPEFWJTUBEFMBMFDUVSBMBEJGFSFODJB TFSJFEFDPNQMFNFOUPTRVFGBDJMJUBOFM MØHJDBEFMBJOEVTUSJBFEJUPSJBMFOFTUF
QVFEFTFSÞOJDBNFOUFEFNBUJ[ QFSPTJ BDFSDBNJFOUPEFMMFDUPSZMBFNVMBDJØOP ÈNCJUP BMHPDPNQMFUBNFOUFBMFKBEP
TFQJFOTBFOHFOFSPTDPNPFMDPNJD FM TVQFSBDJØOEFMMJCSPDPOWFODJPOBM6OB EFMPTIÈCJUPTFOUSFMFDUPSFT
NBOHB PMBTSFWJTUBTFTVOGBDUPSRVF EFFTUBTVUJMJEBEFTFTMBEFMTVCSBZBEP 
IBZRVFUPNBSFODPOTJEFSBDJØO NBSDBEPEFQÈHJOBTZFTDSJUVSBFOFM 'SFOUFBFTUP BQBSFDFFM%3.4PDJBM
t .FNPSJBJOUFSOBFTVOPEFMPTBTQFDUPT UFYUPRVFTFFTUÈMFZFOEP*HVBMNFOUF 3PUNBO 
RVFJODPSQPSBMPTEBUPT
NÈTJNQPSUBOUFTQVFTTFHÞOTFBFTUB IBZEJTQPTJUJWPTRVFJODPSQPSBO EFMDPNQSBEPSEFOUSPEFMMJCSP BTÓDPNP
TFQPESÈOBMNBDFOBSNBZPSPNFOPS EJDDJPOBSJPTZTJTUFNBTEFCÞTRVFEB VOBNBSDBEFBHVBRVFQFSNJUFSBTUSFBSFM
DBOUJEBEEFMJCSPT1VFEFJSEFTEFVOPT BWBO[BEPTRVFGBDJMJUBOMBMPDBMJ[BDJØO FKFNQMBS$BSFDFEFPUSBTMJNJUBDJPOFTEFVTP
QPDPTNFHBTBWBSJPTHJHBT4FIBEF EFDVBMRVJFSUÏSNJOPPDPOKVOUPEFFMMPT RVFMBTEFMBMJDFODJBVTBEBDPOFMMJCSP&TUF
WBMPSBSJHVBMNFOUFMBQPTJCJMJEBEEF TJTUFNBEF%3.QPTFFFWJEFOUFTWFOUBKBT
t 'PSNBUPTTPQPSUBEPT-PTMJCSPT
JODPSQPSBSNFNPSJBFYUFSOBNFEJBOUF
FMFDUSØOJDPTQVFEFOFTUBSFOEJWFSTPT t &MFCPPLQVFEFFTUBSFOVOGPSNBUP
EJTUJOUPTUJQPTEFUBSKFUBT6OBJEFBEF
GPSNBUPT-PTNÈTIBCJUVBMFTTPO1EG UYU  DPNQMFUBNFOUFBCJFSUPZQPEFSQBTBSEF
MBDBOUJEBEEFMJCSPTBMNBDFOBCMFTMB
SUG EPD IUMN NPCJQPDLFU F1VC FUD VOEJTQPTJUJWPBPUSP
QVFEFEBSRVFVOEJTQPTJUJWPDPNPFM
$BEBEJTQPTJUJWPTBENJUFEJTUJOUPTUJQPTEF
,JOEMFDPOHJHBTEFNFNPSJBQVFEF t 4FQVFEFNBOUFOFSVOSFHJTUSPEFMPT
GPSNBUPTZBMHVOPTSFQPTBOTPCSFGPSNBUPT
BMNBDFOBSFOUPSOPBMJCSPT MJCSPTDPNQSBEPT EFNBOFSBRVFTJFM
QSPQJFUBSJPTTJOQPTJCJMJEBEEFJOUFSDBNCJP
t $POFDUJWJEBEFTPUSPEFMPTGBDUPSFT DPOPUSPT&OMBBDUVBMJEBEDBTJUPEPTMPT EJTQPTJUJWPTFFTUSPQFB TF
EFUFSNJOBOUFTDVBOEPTFIBFYBNJOBS GBCSJDBOUFTEFEJTQPTJUJWPTEFMFDUVSBIBO QVFEBWPMWFSBCBKBS
VOMFDUPS2VFMPTEJTQPTJUJWPTQPTFBO BDUVBMJ[BEPFTUPTQBSBRVFBDFQUFOFM
DPOFDUJWJEBE XJmP( FTGVOEBNFOUBM GPSNBUPF1VC4POZ VOPEFMPTNBZPSFT 5PEPTFTUPTBTQFDUPT
QBSBGBDJMJUBSMBCÞTRVFEB BDDFTP DPNQFUJEPSFTEF"NB[PN MPJODPSQPSØ EFUFSNJOBOMBTEJGFSFODJBT
ZEFTDBSHBEFPCSBT&TJNQPSUBOUF IBDFUJFNQPBCBOEPOBOEPDPNQMFUBNFOUF FOUSFVOPT
UBNCJÏOBOBMJ[BSMBOBUVSBMF[BEFMB TVGPSNBUPQSPQJFUBSJP J3FY UBNCJÏOIB EJTQPTJUJWPTZPUSPT
DPOFDUJWJEBEQVFTIBZEJTQPTJUJWPTDPNP DPNFO[BEPBEBSTPQPSUFBFTUFGPSNBUPB DVZBGVODJPOBMJEBE
FM*-JBEEF*3FYRVFQPTFFVOBDPOFYJØO mOBMFTEF BMJHVBMRVF4IPSUDPWFST ZVUJMJEBEFTUBSÈO
XJm QFSPÞOJDBNFOUFQBSBFOMB[BSDPOMB (PPHMFIBQVFTUPBEJTQPTJDJØOEFMPT DPOEJDJPOBEBTQPS
DBTBNBUSJ[ZBDUVBMJ[BSFMmSNXBSFEFM VTVBSJPTNÈTEFVONJMMØOEFMJCSPT DPO MBTmOBMJEBEFTEF
EJTQPTJUJWP PFM,JOEMFDVZBDPOFYJØO DBSÈDUFSHSBUVJUP FOFTUFGPSNBUP VTPEFMJOUFSFTBEP

MJCSPT/1SJNBWFSB 

You might also like