Documento9937 PDF

)FJEFHHFS Z MB NFUBGTJDB
"OMJTJT DSUJDPT
$BSNFO 4FHVSB 1FSBJUB
.BESJE w
$BSNFO 4FHVSB 1FSBJUB
)FJEFHHFS Z MB NFUBGTJDB
"OMJTJT DSUJDPT
&EJUPS MJUFSBSJP 'FSOBOEP #PEFHB 2VJSPHB

$PMBCPSBEPSFT #FBUSJ[ $BCF[B .BSUOF[ Z 'FSOBOEP #PEFHB 2VJSPHB
.BESJE w
i $BSNFO 4FHVSB 1FSBJUB "MHVOPT EFSFDIPT SFTFSWBEPT
&TUB PCSB TF PUPSHB DPO MJDFODJB $SFBUJWF $PNNPOT #:/$4" &TQBB
IUUQDSFBUJWFDPNNPOTPSHMJDFOTFTCZODTBFT

*4#/
%FQTJUP MFHBM 4& 6OJO &VSPQFB
%JTFP EF QPSUBEB +PSHF $PSSBM

.BRVFUBDJO 1BCMP 3PESHVF[
*NQSJNF 1VCMJEJTB IUUQXXXQVCMJEJTBFT
-PT DPOUSBSJPT TF QBHBO

NVUVBNFOUF QFOB Z SFUSJCVDJO
QPS TV JOKVTUJDJB TFHO MB
EJTQPTJDJO EFM UJFNQP
"OBYJNBOESP %, "
"EWFSUFODJB FEJUPSJBM
&TUF MJCSP UJFOF TV PSJHFO FO VO DVSTP EF .FUBGTJDB JNQBSUJEP FO MB

6OJWFSTJEBE $PNQMVUFOTF EF .BESJE EVSBOUF FM BP BDBENJDP
1PTUFSJPSNFOUF FTUBT DMBTFT GVFSPO USBOTDSJUBT Z MJHFSBNFOUF
NPEJDBEBT QBSB TV VTP QPS QBSUF EF RVJFOFT BTJTUJFSPO B FMMBT &TUBT
MFDDJPOFT GVFSPO FEJUBEBT FO GPSNB EF MJCSP CBKP FM UUVMP )FJEFHHFS
FO EJMPHP DSUJDP DPO MB USBEJDJO DPO TV DPSSFTQPOEJFOUF EFQTJUP
MFHBM F *4#/
&M UJFNQP NF IB QFSNJUJEP QSPGVOEJ[BS FO MBT DVFTUJPOFT BMM FY
QVFTUBT DPNQMFUBS P NFKPSBS FO TV DBTP FM USBUBNJFOUP EF MPT UFNBT
FTUVEJBEPT Z TVCTBOBS FSSPSFT UJQPHSDPT 3FTVMUBEP EFM USBCBKP SFB
MJ[BEP FT FTUF OVFWP MJCSP RVF WJFOF B TVTUJUVJS BM BOUFSJPS
-B BVUPSB
OEJDF HFOFSBM
"EWFSUFODJB FEJUPSJBM
1SMPHP
*OUSPEVDDJO HFOFSBM
-B GPSNBDJO EFM QFOTBNJFOUP IFJEFHHFSJBOP

,BOU Z FM OFPLBOUJTNP
)VTTFSM Z MB GFOPNFOPMPHB
%JMUIFZ MBT MPTPGBT EF MB WJEB Z MB IFSNFOVUJDB
"SJTUUFMFT
&M DSJTUJBOJTNP 1BCMP EF 5BSTP "HVTUO EF )JQPOB
-VUFSP Z ,JFSLFHBBSE
1SJNFS BDFSDBNJFOUP BM QFOTBNJFOUP EF )FJEFHHFS

"OBMUJDB FYJTUFODJBM
%JGFSFODJB POUPMHJDB
7FSEBE Z TFOUJEP
&SFJHOJT
-FOHVBKF
*EFOUJEBE Z EJGFSFODJB

OEJDF HFOFSBM
* -B QSFHVOUB QPS FM TFS Z QPS MB WFSEBE EFM TFS
*OUSPEVDDJO B 4FS Z UJFNQP

&YQPTJDJO UFSJDB
-B QSFHVOUB QPS FM TFOUJEP EFM TFS
1SJNBDB OUJDPPOUPMHJDB EFM %BTFJO
/FDFTJEBE EF VOB EFTUSVDDJO EF MB IJTUPSJB EF
MB NFUBGTJDB
'FONFOP Z GFOPNFOPMPHB
4FS Z TFOUJEP TFS Z WFSEBE TFS Z UJFNQP
"OMJTJT UFYUVBM
*OUSPEVDDJO B 2V FT NFUBGTJDB

&YQPTJDJO UFSJDB
&M SFUPSOP BM GVOEBNFOUP <OP GVOEBEP> EF MB
NFUBGTJDB
-B WFSEBE EFM TFS
-B FYJTUFODJB FYUUJDB DPNP FTFODJB EFM TFS IV
NBOP BCBOEPOP EFM TVKFUP Z MB DPODJFODJB
4FS OP FT EJTUJOUP EF UJFNQP
-B POUPMPHB GVOEBNFOUBM EF 4FS Z UJFNQP "V
UPDSUJDB
-B NFUBGTJDB DPNP POUPUFPMPHB Z MB OBEB DPNP
TV GVOEBNFOUP
"OMJTJT UFYUVBM
** &M PSJHFO EF MB NFUBGTJDB Z
&M DPNJFO[P EF MB IJTUPSJB EFM TFS DPNP NFUBGTJDB

&YQPTJDJO UFSJDB
*OTVDJFODJB EF MB EFUFSNJOBDJO EFM TFS DPNP
FGFDUJWJEBE &RVJQBSBDJO FOUSF TFS Z FYJTUFODJB
"SJTUUFMFT DSFBEPS EF MB EJTUJODJO

OEJDF HFOFSBM
&M TFS PDVMUB TV PSJHFO Z MJNJUB TV EFTPDVMUBDJO

B MB FOUJEBE FOUFOEJEB DPNP Z
-B JOUFSQSFUBDJO IFJEFHHFSJBOB EF MB Z
MB BSJTUPUMJDBT
"OMJTJT UFYUVBM
$POGSPOUBDJO DPO MB UFPSB BSJTUPUMJDB EF MB Z MB

-PT NMUJQMFT TFOUJEPT EF MP RVF FT
-B OPDJO EF FO "SJTUUFMFT
&M NPWJNJFOUP
Z
-B DPNP Z
%JPT DPNP TVTUBODJB Z BDUP QSJNFSP
-B USBOTGPSNBDJO EF MB FO BDUVBMJUBT Z EF TUB FO

8JSLMJDILFJU
&YQPTJDJO UFSJDB
-P SFBM FGFDUJWP FT FM FOUF
1SFQPOEFSBODJB EF MB JEFB EF CJFO FO 1MBUO
Z TV WJODVMBDJO DPO MB JEFB DSJTUJBOB EF %JPT
DSFBEPS
%FTEF MB USBTGPSNBDJO EFM TFS FO BDUVBMJUBT
QVFEF FYQMJDBSTF MB DSFBDJO EJWJOB Z FM FGFD
UVBS IVNBOP

-B MP RVF FTU GVFSB TFQBSBEP Z FYJTUF
4VSF[ MB BDUVBMJUBT DPNP DBVTBMJUBT
0OUPUFPMPHB
"OMJTJT UFYUVBM
$POGSPOUBDJO DPO MB UFPSB UPNBTJBOB Z TVBSFDJBOB BDFS
DB EF MB EJTUJODJO SFBM
5PNT EF "RVJOP Z MB EJTUJODJO SFBM
4VSF[ Z MB EJTUJODJO EF SB[O
$POGSPOUBDJO DPO MB UFTJT EF ,BOU TFHO MB DVBM FM TFS
OP FT VO QSFEJDBEP SFBM
1SJNFSB BQSPYJNBDJO

OEJDF HFOFSBM
/FDFTJEBE EF MPT KVJDJPT TJOUUJDPT B QSJPSJ

-BT DBUFHPSBT EF MB NPEBMJEBE
-PT QPTUVMBEPT EFM QFOTBNJFOUP FNQSJDP
-B USBOTGPSNBDJO EF MB WFSEBE FO DFSUF[B %FTDBSUFT

5SBOTJDJO 5SBOTGPSNBDJO EFM FO
FM DPODJFODJB
&YQPTJDJO UFSJDB
-B EFUFSNJOBDJO EF MB SFBMJEBE DPNP 8JSL
MJDILFJU NVUB MB FTFODJB EF MB WFSEBE
-B MPTPGB NPEFSOB DPNP UFPMPHB
-B DFSUF[B EF MB GF QBSBEJHNB QBSB MB DFSUF[B
EF MB SB[O
-B DFSUF[B SFDMBNB VO TVKFUP
RVF
TF DPOTUJUVZB DPNP GVOEBNFOUP BCTPMVUP
5SBOTGPSNBDJO EFM FO TVCKFDUVN
&M FOVODJBEP
DBSBDUFSTUJDB EFUFSNJOBO
UF EFM TVKFUP

-B SFQSFTFOUBUJWJEBE EFUFSNJOB MB OVFWB DPN
QSFTJO EF MB FTFODJB EF MB FYJTUFODJB
"OMJTJT UFYUVBM
$POGSPOUBDJO DPO %FTDBSUFT
&M FKFSDJDJP EF MB EVEB
-B FYJTUFODJB EFM DPHJUP FT JOEVEBCMF
%FNPTUSBDJO EF MB FYJTUFODJB EF %JPT
"DFSDB EF MB DBVTB Z OBUVSBMF[B EFM FSSPS
,BOU &M DPNP TVKFUP EF TVT EFUFSNJOBDJPOFT

&YQPTJDJO UFSJDB
&M DPNP TVKFUP EF UPEBT MBT EF
UFSNJOBDJPOFT
-B UFTJT EF ,BOU TPCSF FM TFS

"OMJTJT UFYUVBM
$POGSPOUBDJO EF MB JOUFSQSFUBDJO IFJEFHHFSJBOB EFM
ZP QJFOTP DPO ,BOU

OEJDF HFOFSBM
&M ZP QJFOTP PSJHJOBSJB VOJEBE TJOUUJDB EF BQFS

DFQDJO USBTDFOEFOUBM
(MPTBSJP EF USNJOPT HSJFHPT
#JCMJPHSBGB
'VFOUFT
#JCMJPHSBGB TFDVOEBSJB

1SMPHP
.BSUJO )FJEFHHFS TF TJUB BOUF OPTPUSPT DPNP FM QFOTBEPS RVF

EFDMBS FM OBM EF MB NFUBGTJDB %FOVODJ FM PMWJEP EFM TFS Z BQVOU
B VO OVFWP DPNJFO[P NT BUST EF MPT PSHFOFT BVORVF FTUP OP TF
IBZB EF FOUFOEFS FO TFOUJEP DSPOPMHJDP
4F USBUB EF VO MTPGP RVF
QVTP EF SFMJFWF MB DFOUSBMJEBE EF MB EJGFSFODJB POUPMHJDB Z RVF JOTJTUJ
DSUJDBNFOUF FO FM DBSDUFS POUPUFPMHJDP EF MB NFUBGTJDB BMHP RVF
OP PCTUBOUF GPSNBCB QBSUF EF TV NJTNP EFTUJOP
"M SFFYJPOBS TPCSF )FJEFHHFS OPT FODPOUSBNPT GSFOUF B VO QFO
TBEPS RVF WJTUP BM NFOPT EF VO NPEP HMPCBM SFTVMUB FO BMHVOB
NFEJEB DPOUSBEJDUPSJP 4J EF VO MBEP TVT DSUJDBT B MB NPEFSOJEBE Z
FO USNJOPT HFOFSBMFT B MB IJTUPSJB EF MB MPTPGB PDDJEFOUBM TPO CJFO
DPOPDJEBT EFM PUSP OP QVFEF EFKBS EF BEWFSUJSTF FO M BMHVOPT SBTHPT
DBSBDUFSTUJDPT EF UPEP QFOTBEPS NPEFSOP Z PDDJEFOUBM
4V CTRVFEB JODBOTBCMF EFM TFS Z MB WFSEBE FO SFBMJEBE EPT DBSBT
EF VOB NJTNB NPOFEB DPO UPEBT MBT SFTUSJDDJPOFT RVF TFB OFDFTBSJP
JOUSPEVDJS
MP QPOFO EF NBOJFTUP
)FJEFHHFS EFDMBSB FM OBM EF MB NFUBGTJDB Z EFTFB DPOUBSTF FOUSF
MPT QFOTBEPSFT EFM TFS &TUF EPCMF NPUJWP MF IBDF FTQFDJBMNFOUF JEOFP
QBSB MB QSFTFOUF JOWFTUJHBDJO &O TUB TF USBUB EF FTUVEJBS FM NPEP FO
RVF DPODJCJ MB NFUBGTJDB Z B MB WF[ TF SFFYJPOB TPCSF MB SB[O RVF
MF MMFW B EFDMBSBS TV OBM
/P TF QVFEF B NJ KVJDJP IBDFS VOB NFUBGTJDB QVSBNFOUF TJTUFN
UJDB MB SB[O FT RVF MB MPTPGB FTU FO TV IJTUPSJB Z FO CVFOB QBSUF

1SMPHP
FT TV IJTUPSJB $PO FMMP OP TF QSFUFOEF JEFOUJDBS B MB NBOFSB IFHF

MJBOB MPTPGB F IJTUPSJB 5BO TMP TF EFTFB EFKBS DPOTUBODJB EF RVF FM
QFOTBS OP IB TJEP OP FT OJ QVFEF MMFHBS B TFS PUSB DPTB RVF VO EJMPHP
DSUJDP DPO MB USBEJDJO RVF OPT QSFDFEF 1FSP DPO FTUP UBNQPDP TF
QSFUFOEF TPTUFOFS MB JOBOJB EF DVBMRVJFS JOUFOUP EF TJTUFNBUJDJEBE OP
FO CBMEF MPT HSBOEFT QSPCMFNBT WVFMWFO TJFNQSF B SFTVSHJS Z FYJHFO
DPO KVTUJDJB RVF MFT QSFTUFNPT OVFTUSB BUFODJO
&O DVBMRVJFS DBTP FO FTUF FTUVEJP TF IB PQUBEP QPS VOB WJTJO
IJTUSJDPHFOFBMHJDB RVF OP IJTUPSJDJTUB RVF OPT QFSNJUB BTJTUJS
TJRVJFSB EF MFKPT B BMHVOPT EF MPT NPNFOUPT RVF IBO NBSDBEP MB IJTUP
SJB EF 0DDJEFOUF &TUB SFGFSFODJB B MB IJTUPSJB EF 0DDJEFOUF OP RVJFSF
TFS QSFUFODJPTB QFSP RVJFO FTUP TVTDSJCF UJFOF MB QFSTVBTJO EF RVF MB
MPTPGB RVF DPNP FM BWF EF .JOFSWB MFWBOUB FM WVFMP BM BOPDIFDFS
IB
NBSDBEP NT EF MP RVF MPT UFTUJNPOJPT FYQFSJNFOUBMFT Z DPOTUBUBCMFT
QVFEBO JOEJDBS OVFTUSP NPEP EF WFS Z OVFTUSP NPEP EF WJWJS
$PNQBSUP DPO )FJEFHHFS MB DPOWJDDJO EF RVF MB NFUBGTJDB FT CBT
UBOUF NT RVF VOB DPTNPWJTJO Z DPO M BVORVF TMP GVFSB FO TVT QSJ
NFSPT QBTPT NF BUSFWP B TPTUFOFS RVF MB MPTPGB IB EF JOUFOUBS FM
SJHPS RVF TMP FT QSPQJP EF MB MPTPGB QSJNFSB
$PO FTUF DPOWFODJNJFOUP ZB BFKP TF IB FNQSFOEJEP FM QSPQTJ
UP RVF HVB FTUBT QHJOBT MPHSBS VOB BQSPYJNBDJO QSPCMFNUJDB Z
QSPCMFNBUJ[BOUF B MB MPTPGB QSJNFSB EFTEF OVFTUSB BDUVBM TJUVB
DJO "T QVFT B MP MBSHP EF FTUF MJCSP BTJTUJSFNPT EF MB NBOP EFM
QFOTBEPS EF 'SJCVSHP B BMHVOPT NPNFOUPT QBSUJDVMBSNFOUF EFTUB
DBCMFT EF FTB WJFKB IJTUPSJB EF MB NFUBGTJDB 6OB IJTUPSJB NBSDBEB
EFTEF FM QSJODJQJP QPS MB OFDFTJEBE EF TV BDBCBNJFOUP 6O OBM EFOUSP
EFM RVF UPEBWB FTUBNPT UPEB WF[ RVF BM QBSFDFS EF NVDIPT Z DPO FM
CFOFQMDJUP EF PUSPT UBOUPT OPT FODPOUSBNPT TVNFSHJEPT EF MMFOP FO
FM OJIJMJTNP RVF ZB QSPDMBNBSB /JFU[TDIF FM MUJNP NFUBGTJDP FO
PQJOJO EFM MUJNP NFUBGTJDP )FJEFHHFS
1PS MPT NPUJWPT RVF TF BDBCBO EF FYQPOFS FO FTUF USBCBKP OP TF
CVTDB UBOUP SFBMJ[BS VOB FYQPTJDJO TJTUFNUJDB P VO FTUVEJP NPOPHS
DP EFM QFOTBNJFOUP EF )FJEFHHFS DVBOUP EF CVTDBS VO IJMP DPOEVDUPS

1SMPHP
RVF TJSWB QBSB USBOTJUBS BMHVOP EF MPT QBSBKFT Z EF MPT NPNFOUPT NT

TJHOJDBUJWPT EF MB MPTPGB QSJNFSB B MP MBSHP EF TV IJTUPSJB $PNP
FTQFSP RVF TF QVFEB BQSFDJBS B MP MBSHP EF MBT QHJOBT RVF TJHVFO FM
IJMP DPOEVDUPS FTDPHJEP OP TMP QFSNJUF TJOP RVF FYJHF BCPSEBS UPEBT
BRVFMMBT HSBOEFT DVFTUJPOFT RVF OP QVFEFO TFS JHOPSBEBT QPS RVJFO TF
FOGSFOUB BM SFUP EFM QFOTBS NFUBGTJDP 1SFDJTBNFOUF QPS FTUB SB[O
DPNP TF QVFEF BQSFDJBS ZB FO FM OEJDF OP NF IF MJNJUBEP B FYQPOFS MBT
UFTJT EF VO MTPGP QPS NVZ EFUFSNJOBOUFT RVF TUBT IBZBO SFTVMUBEP
1PS FM DPOUSBSJP MPT QMBOUFBNJFOUPT EFM QFOTBEPS EF MB 4FMWB /FHSB
BT DPNP MBT DSUJDBT RVF MMFW B DBCP TF IBO WJTUP TJTUFNUJDBNFOUF
DPOGSPOUBEBT EBOEP MB WP[ Z MB QBMBCSB B BRVFMMPT B RVJOFT JCBO EJ
SJHJEBT &TUP FT FO NJ PQJOJO MP RVF IBDF RVF FTUF FTUVEJP QVFEB
JODMVTP TFSWJS DPNP VO DVSTP EF NFUBGTJDB &O M MPT BTVOUPT QSJO
DJQBMFT EF FTUB EJTDJQMJOB BT DPNP MPT QMBOUFBNJFOUPT EF BMHVOPT EF
TVT SFQSFTFOUBOUFT NT EFTUBDBEPT IBO FTUBEP QSFTFOUFT EF NBOFSB
DPOUJOVBEB
1FSNUBTFNF QPS UBOUP JOTJTUJS RVF TF IBZB FMFHJEP B )FJEFHHFS
OP TJHOJDB RVF TV QFOTBNJFOUP TF IBZB DPOWFSUJEP FO NBUFSJBM NP
OPHSDP Z FYDMVZFOUF EF JOWFTUJHBDJO $PNP ZB IF EJDIP EFTEF MB
EFDMBSBDJO EFM OBM EF MB NFUBGTJDB DPNP QVOUP EF QBSUJEB Z PSJFOUB
DJO TF IB RVFSJEP BTJTUJS FO MB NFEJEB FO RVF FT QPTJCMF
B TV NJTNP
EFTQMJFHVF 4F QPES BEWFSUJS FO MP RVF TJHVF RVF MPT HSBOEFT UFNBT
EF MB MPTPGB QSJNFSB UBMFT DPNP TFS Z USBTDFOEFOUBMJEBE FM TFS Z MB
OBEB MP SFMBUJWP B VOB POUPMPHB DBUFHPSJBM NPEBM Z USBTDFOEFOUBM MB
BOUJHVB DVFTUJO EF JEFOUJEBE Z EJGFSFODJB FM QSPCMFNB EF %JPT F JO
DMVTP FM BSHVNFOUP POUPMHJDP MBT DVFTUJPOFT SFMBUJWBT B MB TVTUBODJB
Z FM TVKFUP MB OPDJO EF NVOEP EF TFS IVNBOP Z MJCFSUBE FM QSPCMFNB
EFM MFOHVBKF MB OEPMF EF MB IJTUPSJB BT DPNP MB IJTUPSJDJEBE EFM TFS
IVNBOP Z MB DVFTUJO EF TV OJUVE Z SFMBDJO DPO FM BCTPMVUP FOUSF
PUSBT OP IBO RVFEBEP GVFSB %F MB NBOP EF )FJEFHHFS Z FO EJMPHP
TJOHVMBS DPO "SJTUUFMFT 1MBUO 5PNT EF "RVJOP 4VSF[ %FTDBSUFT
Z ,BOU UPEPT FTUPT BTVOUPT IBO JEP TVSHJFOEP EF NBOFSB OBUVSBM 4J
FTUP IB TJEP QPTJCMF Z DNP MP IB TJEP TF EFKB FYQMJDBS TJO EJDVMUBE
FT TBCJEP RVF MPT HSBOEFT QFOTBEPSFT MP TPO QPS BCPSEBS DPO NBZPS

1SMPHP
P NFOPS BDJFSUP QFSP TJFNQSF DPO NBHOBOJNJEBE JOUFMFDUVBM BRVFMMBT

DVFTUJPOFT RVF DPOTUJUVZFO FM DPSB[O EF MB NFUBGTJDB TUF FT B NJ
KVJDJP FM DBTP EFM QSPCMFNUJDP QFOTBEPS BMFNO
1FSP ZB FT IPSB EF EBS DVFOUB TJ RVJFSB TPNFSB EFM NPEP EF QSP
DFEFS RVF IB HVJBEP FTUF USBCBKP &O 4FS Z UJFNQP )FJEFHHFS EFOVO
DJ EF NPEP BQSFNJBOUF FM PMWJEP EFM TFS P NFKPS FM PMWJEP EFM PMWJEP
EFM TFS .T RVF BDVTBS B MB NFUBGTJDB EF OFHMJHFODJB SFDPOPDJ ZB
FOUPODFT RVF BRVM DPOTUJUVB TV TFBM EF JEFOUJEBE MP RVF MF IBDB
QSFDJTBNFOUF TFS NFUBGTJDB Z OP OJOHVOB PUSB DPTB %FTEF FTF NP
NFOUP Z UBNCJO BOUFT
MB QSFHVOUB QPS FM TFOUJEP EFM TFS Z QPS MB
QPTJCJMJEBE EF VO IPSJ[POUF QBSB QMBOUFBS TJRVJFSB EJDIB QSFHVOUB GVF
FM NPUJWP EF TV DPOTUBOUF DVFTUJPOBS
4F IB EJDIP OP TJO SB[O RVF TV BWFOUVSB GVF TJFNQSF MB NJTNB
RVF QPS UBOUP UPEP TV USBZFDUP TF QVFEF FOUFOEFS DPNP VO DBNJOP
QFSP DPNP FTPT DBNJOPT EFM CPTRVF RVF B WFDFT OP TPO TJOP TFOEBT
QFSEJEBT 2VJ[ QPS FTP )FJEFHHFS BOEVWP Z EFTBOEVWP NVDIPT QB
SBKFT JOITQJUPT B MB CTRVFEB BM QBSFDFS EF VO DMBSP FO FM CPTRVF
4JFNQSF EFOUSP EF FTUB JOEBHBDJO TV PSJFOUBDJO TVGSJ BMHVOPT
DBNCJPT OP EFCJEPT B MB NPNFOUOFB BUSBDDJO QPS PUSPT UFNBT TJOP
B MB OFDFTJEBE EF QMBOUFBS Z SFQMBOUFBS EF OVFWP MB TJFNQSF BDVDJBOUF
DVFTUJO EFM TFS &TUP FYQMJDB FM HJSP MB ,FISF VO WJSBKF OP VOB SVQ
UVSB EF MB QSFHVOUB QPS FM TFOUJEP EFM TFS B MB QSFHVOUB QPS MB WFSEBE
EFM TFS
&O FTUF FTUVEJP EF NFUBGTJDB MB JOUSPEVDDJO HFOFSBM OP IB UFOJEP
NT QSFUFOTJO RVF MB EF EJCVKBS VO NBQB VOB FTQFDJF EF HVB QSP
WJTJPOBM QBSB RVF FM BDDFTP B BMHVOBT EF MBT UFTJT GVFSUFT EFM DPNQMFKP
QFOTBEPS OP SFTVMUBS UBO BCSVQUP &O FMMB TF IB EFTUJOBEP VO DBQUVMP
B MB GPSNBDJO EFM QFOTBNJFOUP IFJEFHHFSJBOP QPS FOUFOEFSTF RVF MBT
JOVFODJBT RVF M SFDJCJ OJ DBZFSPO FO TBDP SPUP OJ EFKBSPO EF USB[BS
FO NBZPS P NFOPS NFEJEB Z TFHO MPT DBTPT
MB HVB QBSB TV CTRVF
EB PSJHJOBM &M TFHVOEP DBQUVMP EF FTUB JOUSPEVDDJO TF IB DPODFCJEP
DPNP VO QSJNFS BDFSDBNJFOUP UFSJDP NPWJEP FO SFBMJEBE QPS MB NJT

1SMPHP
NB JOUFODJO RVF FO FM DBTP BOUFSJPS DPOUSJCVJS B EFTFOUSBBS FM DNP

MB SB[O JODMVTP FM DVOEP EF TVT HJSPT WVFMUBT Z SFWVFMUBT
-B QSJNFSB QBSUF EF FTUF MJCSP FTU EFTUJOBEB B NPTUSBS FM TFOUJEP
EF MB JOFYJO RVF FTUP TVQVTP %FTEF VO QMBOUFBNJFOUP FYDFTJWBNFOUF
DPOEJDJPOBEP QPS MB SNPSB EF MB MPTPGB USBTDFOEFOUBM DPNP TF EFKB
OPUBS FO 4FS Z UJFNQP B MB USBOTGPSNBDJO RVF ZB WFNPT QMFOBNFOUF
PQFSBEB FO MB *OUSPEVDDJO B 2V FT NFUBGTJDB &O FTUB QSJNFSB
UPNB EF DPOUBDUP EJSFDUB DPO MPT UFYUPT EF )FJEFHHFS MB BUFODJO TF
IB WJTUP BUSBEB QPS MB FYJHFODJB EF MBT DPTBT NJTNBT IBDJB VO DFOUSP
RVF QSFUFOEF Z MVDIB QPS OP TFSMP FM %BTFJO FM %BTFJO MB FYJTUFODJB
DPNP FYTUBTJT RVF NPSB FO TV FTUBS GVFSB 4FB DPNP GVFSF BMHP QBSFDF
RVFEBS DMBSP MB DPQFSUFOFODJB EF TFS Z %BTFJO TJFOEP FTUF MUJNP UBO
TMP NPEFTUBNFOUF USBT MB ,FISF
MB -JDIUVOH FM DMBSP EFM CPTRVF FM
NCJUP FTQBDJP UFNQPSBM QBSB FM PDVMUBSTFEFTPDVMUBSTF EFM TFS 6O
TFS RVF DPNP &SFJHOJT TF EFTPDVMUB WFMOEPTF FO BDPOUFDJNJFOUPT
EF TFOUJEP
-B TFHVOEB QBSUF EF FTUB NPOPHSBGB TF IB DFOUSBEP FO MB JOWFTUJ
HBDJO BUFOUB EF VOBT QPDBT QFSP EFOTBT QHJOBT EFM /JFU[TDIF ** 4PO
MBT RVF MMFWBO QPS UJUVMP 2V FT Z RVF FT FO FM DPNJFO[P FTFODJBM EF
MB NFUBGTJDB Z MB 4F USBUB EF VO UFYUP FO FM RVF DPNP
EFDMBSB DPO QSPQTJUP BENPOJUPSJP FM NJTNP )FJEFHHFS OP TF QSFUFOEF
IBDFS IJTUPSJPHSBGB QFSP FO FM RVF RVJ[ T TF IBHB FTP RVF ZB TF
IB BEFMBOUBEP BMHVOPT QSSBGPT NT BSSJCB HFOFBMPHB EFM TFS RVF
TF PDVMUB Z RVF QSFDJTBNFOUF PDVMUOEPTF IBDF B MB WF[ QPTJCMF Z UBO
JNQPTJCMF MB IJTUPSJB EF MB NFUBGTJDB
&O FM QSJNFS DBQUVMP EF FTUB TFHVOEB QBSUF TF BSSBODB EFM NJTNP
DPNJFO[P EF MB IJTUPSJB EFM TFS DPNP NFUBGTJDB DBSBDUFSJ[BEB QPS FM
PMWJEP EFTUJOBEP EF MB EJGFSFODJB POUPMHJDB &O M )FJEFHHFS IBDF BM
HVOPT HVJPT B MPT PSHFOFT QSFQMBUOJDPT EF MB NFUBGTJDB BVORVF
TV JOUFST TF DFOUSB TJO EVEB FO MPT MPHSPT Z EFTBDJFSUPT EFM QFOTB
EPS RVF TJO MVHBS B EVEBT B TV KVJDJP
NBSD EF NBOFSB EFOJUJWB MB
NBSDIB EFM QFOTBNJFOUP PDDJEFOUBM "SJTUUFMFT 1PS FMMP NF IB QBSF
DJEP RVF USBT MB FYQPTJDJO EFM QMBOUFBNJFOUP IFJEFHHFSJBOP SFTVMUB

1SMPHP
JNQSFTDJOEJCMF VO EJMPHP EJSFDUP DPO FM TFFSP QFOTBEPS HSJFHP .F

EJBOUF M MPT FTUVEJPTPT FTUBSO FO NFKPS TJUVBDJO QBSB KV[HBS MPT
BDJFSUPT ZP MBT EFDJFODJBT EF MB JOUFSQSFUBDJO IFJEFHHFSJBOB EF TV
MPTPGB QSJNFSB
&O FM DBQUVMP TFHVOEP EF FTUB TFHVOEB QBSUF BTJTUJNPT B MP RVF
)FJEFHHFS FOUJFOEF RVF GVF MB USBOTGPSNBDJO EF MB FO BD
UVBMJUBT Z EF TUB FO 8JSLMJDILFJU "RV FM EJMPHP DPO MPT QFOTBEPSFT
NFEJFWBMFT Z SFOBDFOUJTUBT EF DVP FTDPMTUJDP RVF TF BQSPQJBSPO TV
DFTJWB F JOUFOTJWBNFOUF EFM QFOTBNJFOUP HSJFHP MBTF EF 1MBUO Z
"SJTUUFMFT
DPCSB FTQFDJBM SFMFWBODJB 1PS FTUF NPUJWP MB DPOGSPO
UBDJO EF MB JOUFSQSFUBDJO EF )FJEFHHFS DPO MBT UFTJT EF 5PNT EF
"RVJOP Z 4VSF[ BDFSDB EF MB MMBNBEB EJTUJODJO SFBM TF IB WVFMUP
JNQSFTDJOEJCMF 1FSP QPS PUSB QBSUF ZB FO UPEP FTUF USBUBNJFOUP EFM
QFOTBEPS BMFNO TF EFKB QFSDJCJS EF NBOFSB QBMQBCMF BVORVF JNQM
DJUB MB DPNQSFOTJO LBOUJBOB EFM TFS DPNP 8JSLMJDILFJU EF BDVFSEP
DPO TV DPOPDJEB UFTJT TFHO MB DVBM FM TFS OP FT VO QSFEJDBEP SFBM /J
RVF EFDJS UJFOF RVF FTUP B TV WF[ IB FYJHJEP MB DPOGSPOUBDJO DPO BM
HVOPT EF MPT QMBOUFBNJFOUPT CTJDPT EFM BVUPS EF MB $SUJDB EF MB SB[O
QVSB BOUF UPEP MPT SFMBUJWPT B MBT DBUFHPSBT EF MB NPEBMJEBE Z B MPT
QPTUVMBEPT EFM QFOTBNJFOUP FNQSJDP
1FSP IBZ VO QVOUP FO FM RVF MB FYQPTJDJO SFBMJ[BEB QPS )FJEFHHFS
FO FM /JFU[TDIF ** QBSFDF FYQFSJNFOUBS VO WVFMDP .F FTUPZ SFSJFOEP
BM NPNFOUP FO RVF TV JOUFSQSFUBDJO TF DFOUSB FO MP RVF IF EFOPNJ
OBEP MB USBOTGPSNBDJO EFM TVKFUP POUPMHJDP Z
FO DVBOUP UBM MHJDP
FO FM DPODJFODJB TVKFUP MHJDP Z FO
DVBOUP UBM POUPMHJDP
-PT EPT MUJNPT DBQUVMPT EF FTUF MJCSP FTUO
EFEJDBEPT B QSPGVOEJ[BS FO FTUB DVFTUJO
&O FM DBQUVMP UFSDFSP TF BCPSEB MB USBTGPSNBDJO EF MB WFSEBE FO
DFSUF[B EF MB NBOP EF %FTDBSUFT RVJO B TV WF[ TJFNQSF B KVJDJP
EF )FJEFHHFS
DPOEVKP B MB USBOTGPSNBDJO EFM FO TVC
KFDUVN EJDIP EF VO NPEP NT DPOGPSNF DPO OVFTUSP WPDBCVMBSJP FO
DPHJUP .FSDFE BM QFOTBEPS GSBODT FM FOVODJBEP TF IBCSB USBOTNV
UBEP FO DBSBDUFSTUJDB EFUFSNJOBOUF EFM TVKFUP Z MB SFQSFTFOUBUJWJEBE

1SMPHP
FO MP EFUFSNJOBOUF QBSB MB OVFWB DPNQSFOTJO EFM TFS P MP RVF FT MP

NJTNP EF MB FTFODJB EF MB FYJTUFODJB
1PS MUJNP FO FM DBQUVMP DVBSUP TF BCPSEB MP RVF )FJEFHHFS FO
UJFOEF RVF PDVSSF DPO Z B QBSUJS EF ,BOU MB USBOTGPSNBDJO EFM
FO TVKFUP EF UPEBT MBT EFUFSNJOBDJPOFT Z BT FO FM OVFWP QSJO
DJQJP DPOTUJUVZFOUF EFM TFS FTUP FT EF MB PCKFUJWJEBE FM ZP BQPGO
UJDP %FTQVT DPNP FO UPEPT MPT DBTPT BOUFSJPSFT TF IB SFBMJ[BEP MB
DPOGSPOUBDJO DPO MBT UFTJT EFM QSPQJP ,BOU FO FTUF DBTP MBT SFMBUJWBT
BM ZP QJFOTP
5SBT MP FYQVFTUP SFTVMUB DMBSP RVF VOP EF MPT PCKFUJWPT QSJODJQBMFT
EF FTUBT QHJOBT IB TJEP FM EF MPHSBS VOB UPNB EF DPOUBDUP BVORVF
TJFNQSF SFTVMUF JOTVDJFOUF DPO MPT QFOTBEPSFT RVF OPT IBO QSFDF
EJEP Z EF IBDFSMP FO MB NFEJEB EF MP RVF FT QPTJCMF TJO NFEJBDJPOFT
PGVTDBEPSBT &TUB FT MB SB[O RVF FYQMJDB VO BTQFDUP EF MB FTUSVDUVSB
HFOFSBM RVF TF IB NBOUFOJEP B MP MBSHP EF FTUF USBCBKP $PNP TF IB
QPEJEP BQSFDJBS FO FM OEJDF EFM NJTNP FO DBEB DBQUVMP EF MBT EPT
QBSUFT
B VOB QSJNFSB FYQPTJDJO UFSJDB TJHVF VO BOMJTJT UFYUVBM
%F FTUF NPEP IF QSPDVSBEP GBDJMJUBS FM DPOUBDUP EJSFDUP DPO MBT GVFO
UFT "T TF QVFEF B NJ KVJDJP DPNQSFOEFS DPO NBZPS QSPGVOEJEBE Z
DFSDBOB MP RVF GPSNVMBEP NFSBNFOUF B OJWFM UFSJDP QVFEF DPOUJOVBS
SFTVMUBOEP FYUSBP Z BKFOP &T VOB DPOWJDDJO DPNQBSUJEB RVF OBEB
IBZ NFKPS QBSB DPNQSFOEFS VO QSPCMFNB P FM QMBOUFBNJFOUP EF VO QFO
TBEPS RVF BDVEJS B MBT GVFOUFT %F DVBMRVJFS NBOFSB TF IB JOUFOUBEP
FWJUBS SFQFUJDJPOFT JOOFDFTBSJBT NT CJFO TF IB QSPDVSBEP BCPSEBS MPT
BTVOUPT EFTEF QFSTQFDUJWBT EJWFSTBT Z B MB WF[ DPNQMFNFOUBSJBT
.F IB QBSFDJEP NT HJM DJUBS EJSFDUBNFOUF FO DBTUFMMBOP &O FM DBTP EF )FJEFH

HFS DSFP PQPSUVOP SFBMJ[BS FTUB BDMBSBDJO DVBOEP TF EBO MBT SFGFSFODJBT EF
MBT QHJOBT TUBT TPO MBT DPSSFTQPOEJFOUFT B MBT EF MBT USBEVDDJPOFT /P IF DJUBEP
TJHVJFOEP MB QBHJOBDJO EFM UFYUP BMFNO ZB RVF TUB OP TF SFDPHF FO UPEBT MBT WFS
TJPOFT BM DBTUFMMBOP 5BNCJO DPO FM QSPQTJUP EF GBDJMJUBS FM FTUVEJP DVBOEP TF EBO
MBT SFGFSFODJBT FO MBT OPUBT B QJF EF QHJOB UBOUP EF MBT GVFOUFT DPNP EF MBT NP
OPHSBGBT FTQFDJBMJ[BEBT TF SFNJUF TJFNQSF RVF MB IBZB B MB WFSTJO DBTUFMMBOB
4JO FNCBSHP FO MB CJCMJPHSBGB OBM KVOUP DPO MBT USBEVDDJPOFT DPSSFTQPOEJFOUFT
TF SFMBDJPOBO UBNCJO MPT PSJHJOBMFT

1SMPHP
&M CSFWF HMPTBSJP RVF TF JODMVZF BM OBM SFDPHF BMHVOBT EF MBT OPDJP
OFT Z DBUFHPSBT HSJFHBT RVF BQBSFDFO DPO NT GSFDVFODJB FO MPT UFYUPT
USBCBKBEPT 4F IB DPODFCJEP DPNP VO JOTUSVNFOUP UJM EF MFDUVSB QBSB
BRVFMMPT FTUVEJPTPT QPDP GBNJMJBSJ[BEPT DPO MB MFOHVB EF MPT QFOTBEP
SFT HSJFHPT
/P RVJFSP EFKBS EF BHSBEFDFS FM FTGVFS[P EF MPT QSJNFSPT EFTUJOB
UBSJPT EF FTUF USBCBKP DVBOEP UPEBWB TF FTUBCB GPSKBOEP MPT BMVNOPT
EF HSVQP $ EF NFUBGTJDB EF MB 6OJWFSTJEBE $PNQMVUFOTF EFM DVSTP
$PNQBSUJS DPO FMMPT Z DPO MPT RVF WFOHBO
QBSUF EF NJ
JOWFTUJHBDJO IB DPOTUJUVJEP QBSB N VOB HSBO TBUJTGBDDJO "HSBEF[DP
UBNCJO MB DPMBCPSBDJO JODPOEJDJPOBM Z FOUVTJBTUB RVF IF FODPOUSB
EP FO #FBUSJ[ $BCF[B Z 'FSOBOEP #PEFHB EPT QFSTPOBT RVF IBO DPMB
CPSBEP FTUSFDIBNFOUF DPONJHP FO MB DPOGFDDJO EF FTUBT QHJOBT TJO
FTDBUJNBS FTGVFS[PT " 'FSOBOEP #PEFHB IF EF BHSBEFDFSMF BEFNT
MB DPNQFUFODJB DPO MB RVF IB EFTBSSPMMBEP MBT UBSFBT EF FEJUPS MJUFSB
SJP 1PS MUJNP RVJFSP NBOJGFTUBS NJ HSBUJUVE B MB 1SPGj 4BSB &TDPCBS
$BSSJP Z B 1BCMP 3PESHVF[ "HSBEF[DP B BNCPT MBT DPOWFSTBDJPOFT
NBOUFOJEBT RVF IBO TJEP GVFOUF EF WBMJPTBT TVHFSFODJBT FO DVBOUP B
MPT DPOUFOJEPT "EFNT BHSBEF[DP B 4BSB &TDPCBS TV DPOUSJCVDJO
FO MB SFWJTJO EFM NBOVTDSJUP Z B 1BCMP 3PESHVF[ MB NBRVFUBDJO EFM
NJTNP " UPEPT FO EFOJUJWB MFT EPZ MBT HSBDJBT QPS TV BNJTUBE Z TV
FOUVTJBTUB DPMBCPSBDJO

*OUSPEVDDJO HFOFSBM
$BQUVMP
-B GPSNBDJO EFM QFOTBNJFOUP

IFJEFHHFSJBOP
5PEB MB PCSB MPTDB EF )FJEFHHFS HJSB FO UPSOP B MB DVFTUJO EFM

TFOUJEP EFM TFS EFTEF MB RVF TF EFCFO BGSPOUBS MPT HSBOEFT UFNBT
DBQJUBMFT EF TV MPTPGB BOBMUJDB FYJTUFODJBM EFTUSVDDJO EF MB NFUB
GTJDB DSUJDB EF MB UDOJDB
"IPSB CJFO FTB DFOUSBMJEBE RVF PDVQB
FM QSPCMFNB EFM TFS UBM DPNP TF NBOJFTUB EF GPSNB FYQMDJUB FO 4FS Z
UJFNQP
OP TVSHF EF MB OBEB TJOP RVF FT FM SFTVMUBEP EF EJ
WFSTPT FOTBZPT FO MPT RVF TF FOUSFDSV[BO NMUJQMFT JOVFODJBT &O TVT
QSJNFSPT QBTPT QBSUJFOEP EF VOB GPSNBDJO OFPLBOUJBOB )FJEFHHFS
WB B JOJDJBS VOB BOEBEVSB RVF MF DPOEVDJS B GPSNVMBS TV QSFHVOUB QPS
FM TFOUJEP EFM TFS &O FMMB WBO B EFTFNQFBS UBNCJO VO QBQFM GVOEB
NFOUBM EJWFSTBT MOFBT EF QFOTBNJFOUP MB GFOPNFOPMPHB EF )VTTFSM
%JMUIFZ MBT MPTPGBT EF MB WJEB Z MB IFSNFOFUJDB "SJTUUFMFT BEF
NT EF PUSPT MTPGPT HSJFHPT
Z FM QFOTBNJFOUP DSJTUJBOPMVUFSBOP
TBO 1BCMP TBO "HVTUO .BSUJO -VUFSP Z ,JFSLFHBBSE

,BOU Z FM OFPLBOUJTNP
)FJEFHHFS FT LBOUJBOP EF GPSNBDJO Z BVORVF SFDIBDF FM TVCKFUJ

WJTNP EF MB MPTPGB USBTDFOEFOUBM FT JOOFHBCMF RVF UPEBWB FO 4FS Z
UJFNQP TJHVF IPOEBNFOUF JOVJEP QPS FMMB $VBOEP FO FTUB PCSB QSF
HVOUB QPS FM TFS EF MPT FOUFT SFTVFOBO MPT FDPT EF MB MPTPGB USBT
DFOEFOUBM FO MB NFEJEB FO RVF DPODJCF FM TFS DPNP DPOEJDJO EF
QPTJCJMJEBE EF BRVMMPT MMFHBOEP B FTUBCMFDFS BT MB EJGFSFODJB POUPM
HJDB DPO MP QPTJCJMJUBEP )FJEFHHFS SFDVSSF B VO B QSJPSJ B BMHP OP
EBEP /P PCTUBOUF B EJGFSFODJB EF MP RVF PDVSSF FO FM USBTDFOEFOUB
MJTNP LBOUJBOP OP TF USBUB BRV EF GPSNBT B QSJPSJ OFDFTBSJBT QBSB MB
DPOTUJUVDJO EF MB FYQFSJFODJB QPTJCMF OJ UBNQPDP EF BMHP RVF QVFEB
QFSUFOFDFS FO TFOUJEP FTUSJDUP BM QMBOP MHJDPUSBTDFOEFOUBM 1PS UBOUP
IBCSBNPT EF IBCMBS NT CJFO EF B VO B QSJPSJ POUPMHJDP DPOEJDJO
EF QPTJCJMJEBE EF MP RVF QFSUFOFDF BM QMBOP EF MP OUJDP
)BZ VO BTQFDUP SFMFWBOUF FO FM RVF )FJEFHHFS SFDPOPDF MB JNQPS
UBODJB EF MB IFSFODJB LBOUJBOB FT MB DVFTUJO EF MB UFNQPSBMJEBE 1BSB
FM QFOTBEPS EF 'SJCVSHP ,BOU GVF FM MTPGP RVF NT QSPGVOEJ[ FO MB
DPNQSFOTJO EFM UJFNQP BM DPOTJEFSBSMP OP DPNP VO SFDJQJFOUF WBDP
TJOP DPNP VOB GPSNB B QSJPSJ EF MB TFOTJCJMJEBE TJO MB DVBM OP FT QPTJCMF
MB DPOTUJUVDJO EF MB FYQFSJFODJB BEFNT EF TFS VO FMFNFOUP FTFODJBM
UBOUP FO FM FTRVFNBUJTNP DPNP FO MPT QPTUVMBEPT EFM QFOTBNJFOUP FN
QSJDP FO HFOFSBM Z FO TVT DPSSFTQPOEJFOUFT DBUFHPSBT 4JO FNCBSHP
FO PQJOJO EF )FJEFHHFS ,BOU OP DPNQSFOEJ EF NBOFSB TVDJFOUF MB
SFMBDJO FOUSF FM UJFNQP Z FM TVKFUP -B UBSFB IFJEFHHFSJBOB DPOTJTUJS
FO NPTUSBS RVF FM UJFNQP FT FM OJDP IPSJ[POUF EFTEF FM RVF TF QVFEF
DPNQSFOEFS FM TFS
%F MB JNQPSUBODJB EF MB MPTPGB EF ,BOU FO MB PCSB EF )FJEFHHFS
TPO CVFOPT FKFNQMPT QBSB DPNFO[BS EPT DVSTPT EF .BSCVSHP &M EF
RVF MMFWB QPS UUVMP -HJDB -B QSFHVOUB QPS MB WFSEBE FO QBS
UJDVMBS MB TFHVOEB QBSUF EF FTUF UFYUP FTU DPOTBHSBEB BM FTUVEJP EF
,BOU Z FO DPODSFUP EFM UJFNQP
Z FM EF -PT QSPCMFNBT GVO
EBNFOUBMFT EF MB GFOPNFOPMPHB FO FM RVF TV BVUPS BCPSEB DVFTUJPOFT
DPNP MB UFTJT TFHO MB DVBM FM TFS OP FT VO QSFEJDBEP SFBM P MB DPODFQ

DJO LBOUJBOB EF MB WJODVMBDJO TVKFUPPCKFUP

"EFNT DBCF EFTUBDBS
FM UFYUP EF ,BOU Z FM QSPCMFNB EF MB NFUBGTJDB
1PS MP RVF TF SFFSF B MB QSFTFODJB EF IVFMMBT OFPLBOUJBOBT FO FM
QFOTBNJFOUP EF )FJEFHHFS FT QSFDJTP SFDPSEBS RVF FTUVEJ DPO 3JDLFSU
FO 'SJCVSHP FOUPODFT VOP EF MPT GPDPT QSJODJQBMFT EF MB MPTPGB OFP
LBOUJBOB
&TUB FTDVFMB MPTDB TF DBSBDUFSJ[B QPS MP RVF TF QPESB
EFOPNJOBS VO USBTDFOEFOUBMJTNP MPHJDJTUB RVF JNQMJDB FOUSF PUSBT
MBT TJHVJFOUFT UFTJT MB WBMJEF[ JOUFNQPSBM EF MBT DBUFHPSBT MHJDBT
MB JSSFEVDUJCJMJEBE EF MB MHJDB B MB FTGFSB QTRVJDB QPSRVF FTUB MUJ
NB NVEB FO FM UJFNQP
Z MB DPOTJEFSBDJO EFM TVKFUP EFM DPOPDJNJFOUP
DPNP TVKFUP QVSP USBTDFOEFOUBM &O MBT DPODMVTJPOFT EF TV UFTJT EF IB
CJMJUBDJO -B EPDUSJOB EF MBT DBUFHPSBT Z EFM TJHOJDBEP FO %VOT 4DPUP

)FJEFHHFS DPNJFO[B B FTCP[BS BMHVOBT EF MBT MOFBT EF TV QP
MNJDB DPO FM OFPLBOUJTNP "T SFJWJOEJDB MB OFDFTJEBE EF JS NT BMM
EF MB MHJDB Z QSFUFOEF GVOEBS MB WBMJEF[ JOUFNQPSBM EF MBT DBUFHPSBT
MHJDBT FO MB WJEB EF MB DPODJFODJB DBSBDUFSJ[BEB QPS MB UFNQPSBMJEBE
Z MB IJTUPSJDJEBE -BT DBUFHPSBT OP QVFEFO FOUFOEFSTF QBSB )FJEFH
HFS DPNP QVSBT GVODJPOFT EFM QFOTBNJFOUP Z MB FGFDUJWJEBE EF MB
FYJTUFODJB MB IJTUPSJDJEBE EFM TVKFUP EF DPOPDJNJFOUP IBDFO JNQPTJCMF
DPODFCJSMP DPNP VO TVKFUP QVSP USBTDFOEFOUBM
:B EFTEF TVT DPNJFO[PT DPNP FTUVEJBOUF )FJEFHHFS FNQJF[B B

MFFS DPO HSBO FOUVTJBTNP MB PCSB EF )VTTFSM EFM RVF QPTUFSJPSNFOUF
DPO MB MMFHBEB EF TUF B 'SJCVSHP TF DPOWFSUJSB FO BZVEBOUF $PNP
UBM FM KPWFO )FJEFHHFS JNQBSUF DMBTFT DFOUSBEBT FO MB FYQPTJDJO EF MB
GFOPNFOPMPHB QSFDPOJ[BEB QPS TV NBFTUSP "T EFTEF TVT DPNJFO[PT
DPNP EPDFOUF QSJNFSPT DVSTPT EF 'SJCVSHP *OGPSNF /B
UPSQ 0CTFSWBDJPOFT B MB QTJDPMPHB EF MBT DPODFQDJPOFT EFM NVOEP EF
,BSM +BTQFST Z PUSBT
TV BDUJWJEBE JOWFTUJHBEPSB Z EPDFOUF FTU MJHBEB
$G ( 7BUUJNP *OUSPEVDDJO B )FJEFHHFS (FEJTB #BSDFMPOB QQ

B MB EF TV NBFTUSP )VTTFSM OP TMP QPS QSBDUJDBS FM NPEP GFOPNFOPM

HJDP EF IBDFS MPTPGB FM WFS GFOPNFOPMHJDP
TJOP QPS SFFYJPOBS
TPCSF MB UBSFB EF MB GFOPNFOPMPHB FO MB SFOPWBDJO SBEJDBM EF MB MPTP
GB DJFOUDB &T DJFSUP RVF CJFO QSPOUP DPNP TF QVFEF BQSFDJBS DPO
UPEB DMBSJEBE FO MPT DVSTPT EFM BP FO BEFMBOUF FTQFDJBMNFOUF FO
MPT 1SPMFHNFOPT QBSB VOB IJTUPSJB EFM DPODFQUP EF UJFNQP EF

)FJEFHHFS DPNJFO[B B EJTUBODJBSTF EF MPT QMBOUFBNJFOUPT EF TV NBFT
USP &O DVBMRVJFS DBTP OP IBZ RVF PMWJEBS RVF BM NFOPT IBTUB -PT
QSPCMFNBT GVOEBNFOUBMFT EF MB GFOPNFOPMPHB
FM QFOTBEPS EF
'SJCVSHP TF BDPHF BM QSPZFDUP EF VOB DJFODJB MPTDB IFSFEBEP EF
)VTTFSM Z BVORVF OP DPNQBSUF DPO M FM JEFBM EF DJFODJB DPNP DPSQVT
EF WFSEBEFT JOUFNQPSBMFT T DPOTFSWB BMHVOPT QSJODJQJPT RVF QSPDFEFO
EF -B MPTPGB DPNP DJFODJB FTUSJDUB

*OEFQFOEFODJB EF MB MPTPGB SFTQFDUP EF MBT DJFODJBT PCKFUJWBT

&M SJHPS EFM QFOTBNJFOUP TF KVTUJDB B QBSUJS EF MB DPTB NJTNB
Z OP TF USBUB EF FYUFOEFS FM NUPEP EF MBT DJFODJBT OBUVSBMFT BM
NCJUP EF MB DPODJFODJB %F BI MB SB[O EF TFS EF MB GFOPNFOP
MPHB DPO TV FYJHFODJB EF JS B MBT DPTBT NJTNBT
-B UBSFB EF MB MPTPGB OP FT QSPQPSDJPOBS VOB DPTNPWJTJO

8FMUBOTDIBVVOH
&TUP FT JNQPSUBOUF QPSRVF B QFTBS EF MB QSP
YJNJEBE EFM QSJNFS )FJEFHHFS B %JMUIFZ Z MBT MPTPGBT EF MB WJ
EB MB IFSNFOVUJDB EF MB GBDUJDJEBE OP FT FO OJOHO DBTP VOB
DPODFQDJO EFM NVOEP DBQB[ EF PSJFOUBS BM IPNCSF EFOUSP EF M
1BSFDF JODPOUFTUBCMF RVF ZB EFTEF )FJEFHHFS RVF BOUFT
IBCB BUFOEJEP FTQFDJBMNFOUF B MB DVFTUJO EFM %BTFJO
QBTB B
DFOUSBS UPEB TV BUFODJO QSJNFSP FO FM TFS EFM %BTFJO Z MVF
HP EFOJUJWBNFOUF FO MB QSFHVOUB QPS FM TFOUJEP EFM TFS BVO
DVBOEP QBSB FMMB DPOTJEFSBSB OFDFTBSJB MB BOBMUJDB QSFQBSBUPSJB
EFM TFS EFM %BTFJO

$G 3 3PESHVF[ (BSDB -B USBOTGPSNBDJO IFSNFOVUJDB EF MB GFOPNFOPMPHB

5FDOPT .BESJE QQ
$G *C QQ

-B DPODFQDJO EF MB MPTPGB DPNP VOB DJFODJB PSJHJOBSJB Z QSF

UFSJDB EF MB WJEB &T EFDJS DPNP MB DJFODJB EF MBT SBDFT EF MPT
DPNJFO[PT BCTPMVUPT "T QPS FKFNQMP FO -PT QSPCMFNBT GVOEB
NFOUBMFT EF MB GFOPNFOPMPHB DVSTP JONFEJBUBNFOUF QPTUFSJPS
B MB QVCMJDBDJO EF 4FS Z UJFNQP EJGFSFODJB FOUSF MB DPTNP
WJTJO RVF TF NVFWF FO FM QMBOP EF MP FOUF Z MB MPTPGB RVF
FT MB DJFODJB EFM TFS Z RVF FT FO DVBOUP UBM PSJHJOBSJB 4FS PSJ
HJOBSJB DPOTJTUF FO TFS QSFUFSJDB Z FT BRV EPOEF TF QVFEF
BEWFSUJS FM QBQFM EFDJTJWP RVF IBCB KVHBEP MB GFOPNFOPMPHB FO
TV QFOTBNJFOUP
-B JEFB EF JOUFODJPOBMJEBE RVF UPEBWB FO FM NFODJPOBEP DVS

TP EF )FJEFHHFS DPOTJEFSB DPNP FM HSBO EFTDVCSJNJFOUP Z
BQPSUBDJO EF )VTTFSM B MB GFOPNFOPMPHB Z FO HFOFSBM B MB
MPTPGB
&O DVBMRVJFS DBTP DPNP ZB TF IB BQVOUBEP MOFBT BUST FO FM EFTB

SSPMMP EFM QFOTBNJFOUP EF )FJEFHHFS TF BEWJFSUF DPO DMBSJEBE VO BMFKB
NJFOUP DSFDJFOUF EF MB GFOPNFOPMPHB EF )VTTFSM 1BSB FOUFOEFSMP FT
OFDFTBSJP EFUFOFSTF FO MBT EPT FUBQBT RVF TF EJTUJOHVFO FO MB FWPMVDJO
EF )VTTFSM
1SJNFS )VTTFSM -B FUBQB DPSSFTQPOEJFOUF B MBT *OWFTUJHBDJP

OFT MHJDBT
&TU NBSDBEB QPS FM DPODFQUP EF JO
UFODJPOBMJEBE Z QPS FM BOMJTJT JOUFODJPOBM EF MBT WJWFODJBT
NVZ JNQPSUBOUF TFHO )FJEFHHFS QBSB FTDMBSFDFS FM DPODFQUP
EF WFSEBE TUB ZB OP WB B TFS FOUFOEJEB DPNP MB DPODPSEBODJB
FOUSF VOB SFQSFTFOUBDJO TVCKFUJWB Z VO TFS PCKFUJWP TJOP RVF FM
NPTUSBSTF MB DPTB NJTNB FO MB JOUVJDJO WB B TFS MB DMBWF QBSB FM
FTUBCMFDJNJFOUP EF VOB OVFWB DPODFQDJO EF MB WFSEBE UBM DPNP
)FJEFHHFS FTUBCMFDF FO 4FS Z UJFNQP
$G 3 3PESHVF[ (BSDB )FJEFHHFS Z MB DSJTJT EF MB QPDB NPEFSOB $JODFM .B

ESJE QQ

4FHVOEP )VTTFSM $PSSFTQPOEF B MB FUBQB EF *EFBT QBSB VOB

GFOPNFOPMPHB QVSB Z VOB MPTPGB GFOPNFOPMHJDB
Z EF
MBT .FEJUBDJPOFT DBSUFTJBOBT
4J FO MB FUBQB BOUFSJPS
)VTTFSM TF IBCB DFJEP BM BOMJTJT JOUFODJPOBM EF MBT WJWFODJBT
BIPSB WB B FTUBCMFDFS DPNP WB EF BDDFTP B MB GFOPNFOPMPHB
MB MMBNBEB FQPDI P SFEVDDJO GFOPNFOPMHJDB TUB DPOTJTUF
FO MB TVTQFOTJO EF MB BDUJUVE OBUVSBM EFM WJWJS DPUJEJBOP FO MB
RVF OPT SFGFSJNPT B MBT DPTBT TVQPOJFOEP TV SFBMJEBE -B FQP
DI DPOTUJUVZF VO BDUP EF SFFYJO RVF DPOWJFSUF FO PCKFUPT MBT
WJWFODJBT EF MB BDUJUVE OBUVSBM FT VOB NJSBEB EFTJOUFSFTBEB TP
CSF FMMBT QBSB QPOFS EF NBOJFTUP TV FTUSVDUVSB JOUFODJPOBM FM
PCKFUP JOUFODJPOBM Z FM NPEP FO RVF FT JOUFODJPOBEP
%F FTUB
GPSNB MBT WJWFODJBT TPO EFTSFBMJ[BEBT QVSJDBEBT SFEVDJEBT B
QVSP GFONFOP QVSP BQBSFDFS BOUF VO TVKFUP SFFYJWP RVF MBT
DPOUFNQMB Z RVF TF BQSPQJB EF TV WJEB QVSB DPO UPEBT TVT WJ
WFODJBT QVSBT 1BSB )VTTFSM TF DPOTUJUVZF BT VOB OVFWB SFHJO
EFM TFS FM NCJUP EF MB DPODJFODJB QVSB DVZP DBSDUFS EF BC
TPMVUP QSPQPSDJPOB FM UFSSFOP SNF RVF FM JEFBM DBSUFTJBOP EF
DJFODJB SFRVFSB 4MP FO MB DPODJFODJB QVSB MBT DPTBT TPO WFSEB
EFSBNFOUF MP RVF TPO TMP FM ZP QVSP RVF SFFYJPOB TPCSF TVT
WJWFODJBT WF DVM FT FM BVUOUJDP TFOUJEP EF MB SFBMJEBE
)FJEFHHFS SFDPOPDF B MB FQPDI FM RVF QFSNJUB BDDFEFS BM TFS EFM

FOUF &TUF QPOFS FOUSF QBSOUFTJT MP FOUF OP BGFDUB QBSB OBEB B MP
FOUF NJTNP OJ UBNQPDP TJHOJDB RVF MP FOUF OP TFB FM TFOUJEP EF FTB
DBNCJP EF MB NJSBEB OP FT PUSP RVF FM EF IBDFS QSFTFOUF FM DBSDUFS EF
TFS EF MP FOUF 1FSP TJ FM EJTDQVMP TF BQBSUB EFM TFHVOEP )VTTFSM
FT QPSRVF BM DPOTJEFSBS MB DPODJFODJB QVSB DPNP DBNQP QSPQJP EF MB
GFOPNFOPMPHB FOUJFOEF RVF TV NBFTUSP FTU USBJDJPOBOEP TV QSJODJQJP
GVOEBNFOUBM EF JS B MBT DPTBT NJTNBT BT TUF IBCSB DBEP FO MB
DJFOUJDJEBE FO FM JEFBM RVF BSSBODB DPO %FTDBSUFT TFHO FM DVBM MB
. )FJEFHHFS 1SPMFHNFOPT QBSB MB IJTUPSJB EFM DPODFQUP EF UJFNQP

"MJBO[B .BESJE USBE +BJNF "TQJVO[B Q

MPTPGB IB EF TFS Z QBSUJS FYDMVTJWBNFOUF EF MB DFSUF[B DVZP GVOEB

NFOUP OP FT PUSP RVF FM NJTNP DPHJUP &M PCKFUJWP EF )VTTFSM FT IBDFS
EF MB DPODJFODJB FM PCKFUP EF VOB DJFODJB BCTPMVUB Z QBSB MPHSBSMP OF
DFTJUB SFDVSSJS B MB FQPDI 1FSP QBSB )FJEFHHFS TJ MP RVF CVTDBNPT FT
DPNQSFOEFS FM TFS NJTNP EF MB DPODJFODJB TV NPEP DPODSFUP EF FYJTUJS
MB FQPDI TF SFWFMB JOBEFDVBEB FO MB NFEJEB FO RVF QSFTDJOEF OP TMP
EF MB SFBMJEBE EFM PCKFUP TJOP EF MB WJWFODJB NJTNB DPNP WJWFODJB EF
VO IPNCSF JOEJWJEVBM DPODSFUP UBM Z DPNP TF EB FO MB BDUJUVE OBUVSBM
&M QSPCMFNB TFHO )FJEFHHFS FT RVF )VTTFSM FOUJFOEF EF NPEP
JOTVDJFOUF MB BDUJUVE OBUVSBM BM DPOTJEFSBS RVF FO TUB FM IPNCSF BQB
SFDF DPNP VO TFS NT EF MPT RVF QVFCMBO FM NVOEP DPO DBSBDUFSTUJDBT
RVF QVFEFO TFS PCKFUJWBNFOUF JOWFTUJHBEBT 4J FO PQJOJO EF TV EJTD
QVMP )VTTFSM MP WF BT FT QPSRVF TVDVNCF B MB DPNQSFOTJO USBEJDJPOBM
EF MB SFMBDJO TVKFUPPCKFUP DSFF RVF MP DBSBDUFSTUJDP EF MB BDUJUVE OB
UVSBM FT QSPQPSDJPOBSOPT VO NVOEP EF DPTBT SFBMFT RVF FTUO EBEBT
DPNP TVCTJTUFOUFT Z EJTQPOJCMFT BI EFMBOUF Z DVZP DPSSFMBUP FO FM TV
KFUP FT VOB BDUJUVE UFSJDB MB EF VOB NJSBEB RVF DPOUFNQMB Z PCKFUJWB
)FJEFHHFS QJFOTB RVF QSFDJTBNFOUF QPS FOUFOEFS JOBEFDVBEBNFOUF MB
BDUJUVE OBUVSBM )VTTTFSM TF WF PCMJHBEP B IVJS EF FMMB NFEJBOUF MB
FQPDI DPO FM O EF OP DPTJDBS MB DPODJFODJB EF OP OBUVSBMJ[BSMB Z
BT EF TPTUFOFS TV JSSFEVDUJCJMJEBE Z QPEFS IBDFS EF FMMB FM PCKFUP EF
VOB DJFODJB BCTPMVUB 1BSB )FJEFHHFS TUF OP FT FM NPEP OBUVSBM FO
FM TFOUJEP GFOPNFOPMHJDP EF PSJHJOBSJBNFOUF EBEP FO RVF BQBSF
DF FM IPNCSF FO TV WJEB GDUJDB FO FMMB OP TF WF DPNP VO TFS OBUVSBM
NT 1PS FM DPOUSBSJP TJ TF FOUJFOEF CJFO MB BDUJUVE OBUVSBM OP IBZ
OJOHVOB DPTJDBDJO EF MB DPODJFODJB %F MP RVF TF USBUB FT EF CVTDBS
FM NPEP BEFDVBEP EF BDDFEFS B FMMB
&O DVBMRVJFS DBTP B QFTBS EF MBT DSUJDBT EFM EJTDQVMP B MB FWPMV
DJO EFM QFOTBNJFOUP EF TV NBFTUSP FTU DMBSP RVF MB GFOPNFOPMPHB
WB B TFS MB MPTPGB EF SFGFSFODJB QBSB )FJEFHHFS BM NFOPT IBTUB 4FS
Z UJFNQP $PNP TFBMB 7BUUJNP FO TV *OUSPEVDDJO B )FJEFHHFS MB
GFOPNFOPMPHB WB B SFQSFTFOUBS QBSB FM QFOTBEPS EFM TFS MB TOUFTJT EF
$G ( 7BUUJNP PQ DJU Q

MBT FYJHFODJBT USBTDFOEFOUBMFT EFM OFPLBOUJTNP Z MB SFJWJOEJDBDJO EF

MB WJEB RVF TF FODVFOUSB FO MBT MPTPGBT EF MB WJEB Z FO MB DVMUVSB EF
MPT BPT QPTUFSJPSFT B MB QSJNFSB (VFSSB .VOEJBM
$PNP UFOESFNPT PDBTJO EF WFS QBSFDF RVF FO 4FS Z UJFNQP )FJ
EFHHFS DPOUJOB BM NFOPT FO BMHVOB NFEJEB EFOUSP EFM FTRVFNB USBT
DFOEFOUBM 4JO FNCBSHP UBNCJO FT DJFSUP RVF TV QPTJDJO GFOPNF
OPMHJDB TF EJSJHF DPOUSB FM JEFBMJTNP USBTDFOEFOUBM FO MPT TJHVJFOUFT
BTQFDUPT
&O MB WJWFODJB JONFEJBUB EFM NVOEP DJSDVOEBOUF 6NXFMUFSMFC

OJT
MP WJWJEP OP TPO TFOTBDJPOFT EBUPT JODPOUSPWFSUJCMFT B MPT
RVF TF BQMJDB MB OPSNBUJWJEBE B QSJPSJ TJOP MBT DPTBT NJTNBT
RVF TPO BOUF UPEP TJHOJDBEPT TFOUJEPT -P RVF TF EB FO MB QFS
DFQDJO OBUVSBM UJFOF ZB VO TJHOJDBEP TUF OP FT EF OJOHVOB
NBOFSB VO BBEJEP B QPTUFSJPSJ B VOB NBUFSJB BNPSGB QPSRVF
KBNT TF EB VOB WJWFODJB JONFEJBUB EFM NVOEP TJO TJHOJDBEP /J
FM FTQBDJPUJFNQP OJ MB QVSB NBUFSJB GTJDB OJ MBT TFOTBDJPOFT TF
EBO PSJHJOBSJBNFOUF TJOP RVF DPOTJEFSBEBT BJTMBEBNFOUF TPO
DPOTUSVDDJPOFT QSPQJBT EF MB UFPSB EFM DPOPDJNJFOUP
5BNQPDP FM ZP EF MB WJWFODJB FT BMHP TJNJMBS BM TVKFUP USBT

DFOEFOUBM LBOUJBOP TJOP VO ZP FTUSJDUBNFOUF JOEJWJEVBM GDUJDP
IJTUSJDP FO VOB TJUVBDJO EBEB FO FM NVOEP
)BZ VOB BCTPMVUB JNCSJDBDJO FOUSF MP WJWJEP Z FM ZP RVF MP WJWF

RVF FT VOB JNCSJDBDJO PSJHJOBSJB RVF FTU NVDIP NT BD
RVF MB SFMBDJO TVKFUPPCKFUP EF MB UFPSB EFM DPOPDJNJFOUP )FJ
EFHHFS EB DVFOUB EF FTUP EFOJFOEP MB FTFODJB EFM %BTFJO QPS
FKFNQMP FO 4FS Z UJFNQP DPNP TFSFOFMNVOEP

PQ DJU QQ

%JMUIFZ MBT MPTPGBT EF MB WJEB Z MB IFSNFOV

UJDB
)FJEFHHFS NPTUS EFTEF TVT DPNJFO[PT MPTDPT VOB HSBO TFOTJ

CJMJEBE QBSB MB WJEB IJTUSJDB DPODSFUB RVF MP BMFKB EF MB HVSB EF VO
MTPGP QVSP EFTDPOFDUBEP EF MP IJTUSJDP &TUP FYQMJDB TV JOUFST
QPS %JMUIFZ Z MBT MMBNBEBT MPTPGBT EF MB WJEB FTUB MUJNB EFOP
NJOBDJO TJSWF QBSB FOHMPCBS B QFOTBEPSFT Z DPSSJFOUFT NVZ EJWFSTBT
DPNP /JFU[TDIF B RVJO TF QVFEF DPOTJEFSBS TV HSBO JOJDJBEPS
#FSH
TPO P 4DIFMFS -P RVF UJFOFO FO DPNO FT FM EJSJHJSTF B MB JONFEJBUB
SFBMJEBE EF MB WJEB Z FMMP DPOTUJUVZF MB SB[O EFM JOUFST RVF EFTQJFS
UBO FO )FJEFHHFS 1BSB )FJEFHHFS MB NPEB EFM WPDBCVMBSJP WJUBMJTUB
SFBMJEBE WJUBM TFOUJNJFOUP WJUBM
JOEJDB VOB TJUVBDJO FTQJSJUVBM RVF
FYJHF JOWFTUJHBS FM GFONFOP PSJHJOBSJP EF MB WJEB .T BMM EF MB
FYBMUBDJO Z FM FOUVTJBTNP EF MBT MPTPGBT WJUBMJTUBT MP RVF TF QSP
QPOF )FJEFHHFS FT MB UBSFB EF NPTUSBS FM GFONFOP PSJHJOBSJP RVF TF
NBOJFTUB Z PDVMUB B MB WF[ FO FTB QBMBCSB WBHB F JODMVTP JOEFUFSNJ
OBEB
&OUSF MPT BVUPSFT NFODJPOBEPT NT BSSJCB )FJEFHHFS NPTUS VO
HSBO JOUFST QPS %JMUIFZ &TUF QFOTBEPS DPOTJEFSBCB RVF MBT DJFODJBT
EFM FTQSJUV FOUSF FMMBT MB IJTUPSJB OP EFCBO TVQFEJUBSTF BM NUPEP EF
MBT DJFODJBT EF MB OBUVSBMF[B QVFTUP RVF TVT PCKFUPT Z NCJUPT FSBO
EJTUJOUPT .T BO QSPQVTP FM NUPEP IFSNFOVUJDP DPNP FM BEFDVB
EP B MBT DJFODJBT EFM FTQSJUV 1VFT CJFO ZB FO TV EFTFP EF TV
QFSBDJO EF MB NFUBGTJDB IBDF RVF )FJEFHHFS SFDIBDF BCJFSUBNFOUF MB
DPTNPWJTJO IJTUSJDB EF )FHFM Z TF WVFMWB IBDJB %JMUIFZ 1FSP QPS MP
RVF MF JOUFSFTB %JMUIFZ B )FJEFHHFS OP FT UBOUP QPS FTUBT DVFTUJPOFT
NFUPEPMHJDBT QVFT DPOTJEFSB RVF FO FM GPOEP %JMUIFZ FT EFVEPS EFM
QPTJUJWJTNP FO MB NFEJEB FO RVF TJHVF DPOTJEFSBOEP RVF FM NUPEP IB
DF B MB DJFODJB
TJOP QPSRVF BCPSEB MB IJTUPSJDJEBE MB WJEB IJTUSJDB
Z QPSRVF FO MB IFSNFOVUJDB EJMUIFZBOB )FJEFHHFS FODVFOUSB MB QP
TJCJMJEBE EF VOB SBEJDBMJ[BDJO RVF EFTEF MVFHP BRVM OP QFOT &O FM
QSJNFS DVSTP EFTQVT EF MB HVFSSB -B JEFB EF MB MPTPGB Z FM QSPCMFNB
EF MB DPODFQDJO EF NVOEP )FJEFHHFS BMBCB B %JMUIFZ QPS SFDMBNBS

MB JOEFQFOEFODJB EF MBT DJFODJBT EFM FTQSJUV Z GSFOUF B )VTTFSM NBO

UJFOF RVF FM ZP OP FT VO ZP BCTPMVUP TJOP VO ZP IJTUSJDP /P FT MB
QTJDPMPHB TJOP MB IJTUPSJB MB RVF EFCF EJSJHJS B MB GFOPNFOPMPHB FO
TV DBNJOP Z FTUB MUJNB IB EF TFS IFSNFOVUJDB )FJEFHHFS CVTDB FO
MB GFOPNFOPMPHB VOB MHJDB RVF IBHB QPTJCMF MB PSJFOUBDJO IBDJB MB
WJEB MB IJTUPSJB MP SFQFOUJOP EFM JOTUBOUF "VHFOCMJDL
Z MB PTDVSJEBE
EF MB NVFSUF $PNP TF WFS FO FM DPNFOUBSJP B MB *OUSPEVDDJO EF 4FS
Z UJFNQP %JMUIFZ UJFOF VOB JNQPSUBODJB EFDJTJWB QSFDJTBNFOUF FO FM
QVOUP FO RVF MB BOBMUJDB FYJTUFODJBM SFDPOPDF MB UFNQPSBMJEBE DPNP
TFOUJEP POUPMHJDP EFM DVJEBEP 4PSHF

1PS MP RVF UJFOF RVF WFS DPO MB IFSNFOVUJDB IBZ RVF SFDPSEBS
MP RVF TF BDBCB EF EFDJS )FJEFHHFS DPOUSBQPOF B MB BDUJUVE UFSJDB Z
DSUJDB MB WJWFODJB PSJHJOBSJB EFM NVOEP DJSDVOEBOUF -B MPTPGB USB
EJDJPOBM IB BCTPMVUJ[BEP MB BDUJUVE UFSJDB RVF DPOTJTUF FO VOB NJSBEB
RVF QSFUFOEF DBQUBS MBT DPTBT EF NBOFSB PCKFUJWB DPNP BMHP QVFTUP
BOUF VO ZP DPOUFNQMBUJWP TJO IVFMMB EF GBDUJDJEBE 1FSP QBSB )FJEFH
HFS MB UFPSB MB SFFYJO TPO VO NPEP EFSJWBEP EF FTUBS FO FM NVOEP
RVF TMP BEPQUBNPT PDBTJPOBMNFOUF -P PSJHJOBSJP FM NCJUP FO FM RVF
TJFNQSF OPT FODPOUSBNPT ZB QSFWJP B UPEB SFFYJO FT MB WJWFODJB
EFM NVOEP DJSDVOEBOUF FO FM RVF FM IPNCSF TF SFMBDJPOB DPO MBT DPTBT
RVF UFOFNPT B NBOP ;VIBOEFO
TJO OFDFTJEBE EF VO DPOPDJNJFOUP
UFSJDP &M QSPCMFNB FT RVF MB QSJNBDB BCTPMVUB EF MB QPTJDJO UFSJDB
EFGPSNB MB FYQFSJFODJB PSJHJOBSJB EF MB WJEB 1FSP FO SFBMJEBE MB WJEB
TF DPNQSFOEF B T NJTNB PSJHJOBSJBNFOUF EF NBOFSB QSFUFSJDB UJFOF
VO NPEP QSFSFFYJWP EF SFWFMBSTF B T NJTNB VO TFOUJEP DPNQSFOTJ
CMF BOUFT EF TV FYQMJDJUBDJO UFSJDB 1PS FTP )FJEFHHFS JOTJTUF FO RVF
MB GFOPNFOPMPHB FTU MMBNBEB B TFS FTB DJFODJB QSFUFSJDB PSJHJOB
SJB EF MB WJEB VOB DJFODJB RVF QFSNJUB FM EFTQMJFHVF EF MB NJTNB WJEB
GDUJDB TJO MB NFEJBDJO EF VO UFPSJ[BS RVF MB BMUFSF Z EFGPSNF 4J
DPNP BSNBCB %JMUIFZ MB WJEB TF JOUFSQSFUB B T NJTNB MB GFOPNFOP
MPHB TFSB MB QSPMPOHBDJO EF FTB BVUPDPNQSFOTJO EF MB WJEB GDUJDB
TUB FT TV QVOUP EF QBSUJEB &O PQJOJO EF )FJEFHHFS MB GFOPNFOP

MPHB OP QVFEF TFS FOUFOEJEB DPNP JOUVJDJO EF PCKFUPT QPSRVF FMMP

TVQPOESB VOB SFDBEB FO FM FTRVFNB EF MB SFMBDJO TVKFUPPCKFUP &O
MVHBS EF JOUVJDJO FJEUJDB MB GFOPNFOPMPHB UJFOF RVF TFS DPNQSFO
EFS WFSTUFIFO
QBSB RVF MB WJEB OP QJFSEB TV FTFODJBM DPOFYJO EF
TJHOJDBUJWJEBE DPO FM NVOEP FO MB IJTUPSJB 1PS FTUB SB[O )FJEFH
HFS TF WB B JOUFSFTBS DBEB WF[ NT QPS MB IFSNFOVUJDB OP FOUFOEJEB
EFTEF MVFHP DPNP NUPEP TJOP POUPMHJDBNFOUF SBEJDBMJ[BEB Z FT
UP IBTUB MMFHBS B EFOJS BM %BTFJO DPNP IFSNFOVUJDP QVFTUP RVF M
NJTNP FT DPNQSFOTPS EFM TFS -B WJEB GDUJDB DPOTUJUVZF BRVFMMP RVF
EFCF DPNQSFOEFS MB GFOPNFOPMPHB 1PS FTUB SB[O FO )FJEFHHFS
EFOPNJOBS B TV QSPZFDUP IFSNFOVUJDB GFOPNFOPMHJDB EF MB GBDUJ
DJEBE 6OB EFOPNJOBDJO RVF TF QVFEF FOUFOEFS FO FM TFOUJEP EF VOB
USBOTGPSNBDJO IFSNFOVUJDB EF MB GFOPNFOPMPHB Z RVF WB B TFS
FM BVUOUJDP HFSNFO EF MB POUPMPHB GVOEBNFOUBM EF 4FS Z UJFNQP
$PNP ZB IF DPNFOUBEP EFTEF FM TFNFTUSF EF JOWJFSOP EF
FO FM RVF JNQBSUF VO DVSTP UJUVMBEP *OUFSQSFUBDJPOFT GFOPNFOPMHJ
DBT TPCSF "SJTUUFMFT *OUSPEVDDJO B MB JOWFTUJHBDJO GFOPNFOPMHJDB
BTJTUJNPT B VOB POUPMPHJ[BDJO DSFDJFOUF EF MPT BTVOUPT RVF IBTUB BRVM
NPNFOUP IBCBO PDVQBEP FM QFOTBNJFOUP EF )FJEFHHFS "MHP RVF ZB
SFTVMUB NVZ DMBSP FO FM EFOPNJOBEP *OGPSNF /BUPSQ FM IJMP DPOEVDUPS
WB B TFS BRV MB QSFHVOUB BM %BTFJO IVNBOP QPS TV DBSDUFS EF TFS WFS
EBEFSP PCKFUP EF MB JOWFTUJHBDJO MPTDB &TUB POUPMPHJ[BDJO EF MB
IFSNFOVUJDB GFOPNFOPMHJDB EF MB WJEB GDUJDB OP FT BUSJCVJCMF B DBV
TBT FYUFSOBT DPNP QVEJFSB TFS MB DSFDJFOUF EFEJDBDJO EF )FJEFHHFS
B "SJTUUFMFT
TJOP B MB DPTB NJTNB MB WJEB GDUJDB
&T TUB MB RVF
JOEJDB DVM FT MB PSJFOUBDJO GVOEBNFOUBM RVF IB EF HVJBS FM QSFHVOUBS
MPTDP 1VFT CJFO FTB DVFTUJO QSJODJQBM OP FT PUSB RVF MB EFM TFS
QVFTUP RVF MB WJEB GDUJDB TF DPNQSFOEF B T NJTNB DPNP VOB GPSNB
FTQFDJBM EF TFS 4FS FO FM NPEP EF WJWJS GDUJDBNFOUF UFOJFOEP VOB QP
$G *C QQ $G UBNCJO $ 4FHVSB )FSNFOVUJDB EF MB WJEB IVNBOB
&O UPSOP BM *OGPSNF /BUPSQ EF .BSUJO )FJEFHHFS 5SPUUB .BESJE QQ

TJDJO FOUSF MB UPUBMJEBE EF MBT DPTBT RVF TPO &M %BTFJO IVNBOP FT
FTF FOUF BM RVF MF WB TV QSPQJP TFS QSFDJTBNFOUF QPSRVF UJFOF RVF TFS
QPSRVF FT BMHP QPS SFBMJ[BS &M %BTFJO FT M NJTNP IFSNFOVUJDP QPS
RVF TV QSPQJP TFS Z FM EFM NVOEP FO HFOFSBM MF TPO OPUJDBEPT 1PS
FTP BSNB FO FM *OGPSNF /BUPSQ RVF FM PCKFUP EF MB JOWFTUJHBDJO MP
TDB FT MB FYJTUFODJB IVNBOB FO UBOUP RVF JOUFSSPHBEB QPS TV DBSDUFS
EF TFS -B JEFB FTFODJBM RVF HVB FM QFOTBNJFOUP EF )FJEFHHFS FT
RVF MB PSJFOUBDJO BM TFS MF WJFOF B MB IFSNFOVUJDB EFDJEJEB QPS MB QSP
QJB FTUSVDUVSB EF MB GBDUJDJEBE -B MPTPGB IB EF FOUFOEFSTF DPNP MB
HFOVJOB SFBMJ[BDJO FYQMDJUB EF MB UFOEFODJB B MB JOUFSQSFUBDJO EF MBT
BDUJWJEBEFT GVOEBNFOUBMFT EF MB WJEB FO MBT RVF FMMB NJTNB Z TV TFS
FTUO FO KVFHP 6OB WF[ FOUFOEJEP RVF TF QSFHVOUB BM %BTFJO QPS
TV TFOUJEP EF TFS TF DPNQSFOEF RVF MB IFSNFOVUJDB GFOPNFOPMHJDB
EF MB WJEB GDUJDB TFB POUPMPHB QSJODJQJBM
:B FO 4FS Z UJFNQP )FJEFHHFS QBTB B FYQMJDJUBS DPNP NFUB EF MB
JOWFTUJHBDJO MPTDB MB DVFTUJO QSJODJQJBM EFM TFOUJEP EFM TFS PUPS
HOEPTFMF B MB BOBMUJDB EFM %BTFJO VO NFSP DBSDUFS QSFQBSBUPSJP
QVFTUP RVF MB GFOPNFOPMPHB IFSNFOVUJDB JOUFOUB MMFHBS B MB QSFHVO
UB QPS FM TFOUJEP EFM TFS IB EF MMFWBSTF B DBCP QSJNFSBNFOUF VOB GF
OPNFOPMPHB FYJTUFODJBSJB RVF FTUVEJF BM %BTFJO VOB BOBMUJDB EF MB
FYJTUFODJBSJFEBE EF MB FYJTUFODJB
"SJTUUFMFT
"DBCBNPT EF WFS DNP FO MB QSJNFSB FUBQB EF TV MBCPS MPT

DB )FJEFHHFS DPODJCF MB MPTPGB DPNP IFSNFOVUJDB GFOPNFOPMHJDB
EF MB GBDUJDJEBE DVZP PCKFUP FT FM %BTFJO IVNBOP BM RVF JOUFSSPHB

PQ DJU Q
. )FJEFHHFS *OUFSQSFUBDJPOFT GFOPNFOPMHJDBT TPCSF "SJTUUFMFT *OEJDBDJO EF
MB TJUVBDJO IFSNFOVUJDB
5SPUUB .BESJE USBE +FTT "ESJO
&TDVEFSP Q
*C Q

"SJTUUFMFT
QPS TV DBSDUFS EF TFS &TUF %BTFJO GDUJDP Z DPO M MB MPTPGB FT

UO TJFNQSF FO VOB TJUVBDJO IFSNFOVUJDB RVF FYJHF BDMBSBDJO Z
EFTUSVDDJO 4F USBUB EF EFTDVCSJS MB GPSNB FO RVF FM %BTFJO TF DPN
QSFOEF EFTDVCSJS MBT QSFTVQPTJDJPOFT MBT QSFDPODFQDJPOFT IFSFEBEBT
FO RVF MB WJEB GDUJDB TF IBZB TJUVBEB -P RVF )FJEFHHFS TPTUJFOF FO
FM *OGPSNF /BUPSQ
FT RVF FTUB MBCPS FYJHF RVF OPT SFNPOUFNPT
IBTUB MB MPTPGB EF "SJTUUFMFT QPSRVF EF M QBTBOEP QPS MB UFPMPHB
DSJTUJBOB PDDJEFOUBM QSPDFEF MB DPODFQUVBMJEBE IFSFEBEB QPS MB USBEJ
DJO $PNP TPTUVWP (BEBNFS )FJEFHHFS OP TF BDFSDB B "SJTUUFMFT
DPNP PCKFUP EF FTUVEJP IJTUSJDP TJOP EFTEF TV QSFPDVQBDJO QPS FM
QSPCMFNB EF MB WJEB EF MB GBDUJDJEBE EFM %BTFJO &O UFYUPT DPNP MB
3FUSJDB Z FTQFDJBMNFOUF FO MB UJDB B /JDNBDP OVFTUSP QFOTBEPS
CVTD VOB DPNQSFOTJO HFOVJOB EF MB WJEB GDUJDB 5BNCJO B KVJDJP
EF ' 7PMQJ FO FM ODMFP EFM QSPZFDUP EF 4FS Z UJFNQP TF FODVFOUSB MB
MPTPGB QSDUJDB EF "SJTUUFMFT BVORVF USBOTGPSNBEB Z SBEJDBMJ[BEB
FO TFOUJEP POUPMHJDP " DPOUJOVBDJO TF EFTUBDBO BMHVOPT BTQFDUPT
EFM GSVDUGFSP EJMPHP RVF )FJEFHHFS TPTUVWP DPO "SJTUUFMFT
-B DPODFQDJO BSJTUPUMJDB EFM NPWJNJFOUP " KVJDJP EF )FJEFH

HFS MB SB[O QPS MB RVF FO UPEB MB IJTUPSJB EFM QFOTBNJFOUP PD
DJEFOUBM GBMUB VO BDFSDBNJFOUP PSJHJOBSJP B MB WJEB GDUJDB DPNP
GFONFOP FT MB TJHVJFOUF "SJTUUFMFT FMJHJ MB FYQFSJFODJB EFM
NPWJNJFOUP
QBSB DPOTUSVJS TPCSF FMMB TV FEJDJP MPT
DP POUPMPHB Z MHJDB
4JO FNCBSHP TF USBUB B TV QBSFDFS EF
VOB FYQFSJFODJB RVF OJ FT BEFDVBEB QBSB EBS DVFOUB EF MB WJEB
GDUJDB OJ TF PSJHJOB FO FMMB )FJEFHHFS FOUJFOEF RVF FO GVODJO
EFM NPWJNJFOUP FM FTUBHJSJUB FTUBCMFDJ VO FTQFDUSP RVF WB EF
MP NT JNQFSGFDUP QVSP NPWJNJFOUP DBNCJP
B MP NT QFSGFDUP
)( (BEBNFS )FJEFHHFST UIFPMPHJTDIF +VHFOETDISJGU %JMUIFZ +BISCVDI

Oz QQ QQ
$G ' 7PMQJ -B FYJTUFODJB DPNP QSBYJT -BT SBDFT BSJTUPUMJDBT EF MB UFSNJ
OPMPHB EF 4FS Z UJFNQP FO 7BUJNP ( FE
)FSNFOVUJDB Z SBDJPOBMJEBE
/PSNB #PHPU QQ $G UBNCJO $ 4FHVSB )FSNFOVUJDB EF MB
WJEB IVNBOB PQ DJU QQ

%JPT DPNP BDUP QVSP TJO NPWJNJFOUP TJO

NF[DMB EF QPUFODJB QVSB QFSGFDDJO

"SJTUUFMFT EJTUJOHVF FOUSF FM NVOEP TVCMVOBS RVF FT FM EF
MPT TFSFT NBUFSJBMFT DPSSVQUJCMFT OJUPT Z FM NVOEP TVQSB
MVOBS BM RVF QFSUFOFDFO MPT TFSFT JODPSSVQUJCMFT FUFSOPT RVF
TF USBTMBEBO DPO VO NPWJNJFOUP DJSDVMBS FT EFDJS QFSGFDUP 1PS
FTUB SB[O MB MPTPGB QSJNFSB MB NFUBGTJDB OP WB B UFOFS QPS
PCKFUP BM IPNCSF TUF QFSUFOFDF BM NVOEP TVCMVOBS Z FO DPO
TFDVFODJB OP QVFEF TFS MP NFKPS EFM DPTNPT FT UBO TMP VO TFS
OBUVSBM FOUSF PUSPT BVORVF QPTFB MB TJOHVMBS EJTQPTJDJO QBSB
MB DPOUFNQMBDJO
&M PCKFUP EF MB MPTPGB QSJNFSB IB EF TFS MP
RVF FT FO UBOUP RVF FT Z BEFNT FO FM TFOUJEP NT FNJOFOUF FO
EFOJUJWB MB FOUJEBE Z NT FTQFDDBNFOUF MB FOUJEBE FUFSOB F
JONVUBCMF %JPT 'SFOUF BM TFS IVNBOP RVF QFSUFOFDF BM HOFSP
EF FOUFT RVF QVFEFO TFS EF PUSB NBOFSB RVF TVSHFO Z QBTBO Z
RVF UJFOFO VOB EVSBDJO MJNJUBEB FO FM UJFNQP TF BM[B MP EJWJOP
MP RVF FT TJFNQSF BDUJWJEBE QVSB MP BVUOUJDBNFOUF QSFTFOUF
1SFDJTBNFOUF FTUP FT MP RVF )FJEFHHFS DSJUJDB EF "SJTUUFMFT
RVF BEPQUBSB DPNP NPEFMP QBSB MB FYJTUFODJB IVNBOB MB NT
BMUB JEFB EF TFS %JPT RVF OP TF DPNQBSFDF DPO FM TFS EFM %B
TFJO %JPT B RVJO FM FTUBHJSJUB DPODJCF DPNP QFOTBNJFOUP QVSP
%F BDVFSEP DPO FTUP MB NT BMUB EF MBT
WJSUVEFT MB QPTJCJMJEBE NT BMUB QBSB FM IPNCSF TFSB MB DPOUFN
QMBDJO EF MP RVF FT TJFNQSF Z OFDFTBSJBNFOUF MB UFPSB QPSRVF
BT QBSUJDJQB EF MB WJEB EJWJOB RVF FT QVSP DPOPDJNJFOUP 5PEP
FTUP BM NFOPT BM QBSFDFS EF )FJEFHHFS FT GSVUP EF IBCFS SBEJ
DBMJ[BEP POUPMHJDBNFOUF MB JEFB EF NPWJNJFOUP IBTUB IBMMBS TV
TVCMJNBDJO FO VOB QFSGFDUB QFSP B DPTUB EF TVQFEJUBS
MB FYJTUFODJB EFM %BTFJO B VOB DPNQSFOTJO RVF OP EB DVFOUB EF
TV QSPQJP WJWJS )BCSB QPS UBOUP FO "SJTUUFMFT VOB GBMUB EF FO
4FHO )FJEFHHFS FO FM DPODFQUP EF TFS EF MPT HSJFHPT JOVZF UBNCJO FM NPEFMP

EF MB QSPEVDDJO EF NBOFSB RVF TFS TJHOJDB FTUBS UFSNJOBEP TFS QSPEVDJEP
IBCFS MMFHBEP B TV O B MB QSFTFODJB

"SJTUUFMFT
UFOEJNJFOUP EF MB FYQFSJFODJB EF MB WJEB GDUJDB RVF EF OJOHO

NPEP FT OJ QVFEF QSFUFOEFS BTJNJMBSTF B EJDIB QFSGFD
UB &O EFOJUJWB FM FSSPS EF "SJTUUFMFT IBCSB DPOTJTUJEP FO OP
TFS DBQB[ EF DPNQSFOEFS MB FTQFDJDJEBE EFM %BTFJO "OUF UPEP
QPS RVF DPO FMMP TF NBMPHS MB QPTJCJMJEBE EF VOB FYQFSJFODJB
PSJHJOBSJB EF MB WJEB GDUJDB
-B DVFTUJO EF MB QSJNBDB FOUSF Z $VBOEP

)FJEFHHFS FTUVEJB MB UJDB B /JDNBDP TV JOUFST OP FT UJDP
TJOP POUPMHJDP -B SB[O FT RVF DPOTJEFSB RVF MB BEFDVBEB JO
UFSQSFUBDJO EF MB MPTPGB QSDUJDB BSJTUPUMJDB PGSFDF MB QPTJ
CJMJEBE EF EFUFSNJOBS BM FOUF RVF FT FM %BTFJO IVNBOP FO TV
DBSDUFS EF TFS &O DPODSFUP )FJEFHHFS WBMPSB NVZ QPTJUJWB
NFOUF MB DPNQSFOTJO RVF "SJTUUFMFT UJFOF EF MB FO FM
MJCSP 7* EF MB UJDB B /JDNBDP DVZP PCKFUP OP TFSB PUSP RVF MB
NJTNB WJEB IVNBOB &O FGFDUP QBSFDF QSPQJP EFM IPNCSF QSV
EFOUF FM TFS DBQB[ EF EFMJCFSBS SFDUBNFOUF TPCSF MP RVF FT CVFOP
Z DPOWFOJFOUF QBSB T NJTNP OP FO VO TFOUJEP QBSDJBM TJOP QBSB
WJWJS CJFO FO HFOFSBM
" QFTBS EF TVT DSUJDBT BOUFSJPSFT )FJEFHHFS FODVFOUSB FO MB
QSVEFODJB BSJTUPUMJDB MB QPTJCJMJEBE EF BDMBSBDJO EF MB WJEB GD
UJDB Z QPS FTUB SB[O WB B IBDFS EF FMMB VOB EFUFSNJOBDJO PO
UPMHJDB EFM %BTFJO 1SFDJTBNFOUF MP RVF MF EFGSBVEB EF "SJT
UUFMFT FT RVF IBCJOEPTF BDFSDBEP UBOUP B MB WJEB IVNBOB FO
TV GBDUJDJEBE OP GVFSB DBQB[ EF FYUSBFS MBT MUJNBT DPOTFDVFO
DJBT POUPMHJDBT RVF TF EFSJWBCBO EF TV DPNQSFOTJO %F IFDIP
FM QFOTBEPS EF 'SJCVSHP SFQSPDIB BM FTUBHJSJUB RVF BDBCBSB EF
DBOUOEPTF QPS MB SFMFHBOEP MB B VO TFHVOEP
MVHBS :B TF IB FYQVFTUP DVM GVF FM NPUJWP EF FTUB FMFDDJO T
MP MB TBCJEVSB QFSNJUF BM IPNCSF BDDFEFS BM SFJOP EF MPT FOUFT
$G $ 4FHVSB )FSNFOVUJDB EF MB WJEB IVNBOB PQ DJU QQ

"SJTUUFMFT UJDB B /JDNBDP $FOUSP EF &TUVEJPT $POTUJUVDJPOBMFT .BESJE
FE CJMJOHF USBE .BSB "SBVKP Z +VMJO .BSBT JOUSPEVDDJO Z OPUBT
+VMJO .BSBT B

FUFSOPT -B QSVEFODJB TJO FNCBSHP BM UFOFS QPS PCKFUP MBT DP

TBT IVNBOBT DPOUJOHFOUFT Z QBSUJDVMBSFT OP QVFEF BTQJSBS B MP
NT BMUP
-B TBCJEVSB TFS JOUFMFDUP Z DJFODJB VOB FTQF

DJB EF DJFODJB DBQJUBM EF MPT PCKFUPT NT IPOPSBCMFT
4FSB BCTVSEP DPOTJEFSBS MB QPMUJDB P MB QSVEFODJB
DPNP MP NT FYDFMFOUF TJ FM IPNCSF OP FT MP NFKPS
EFM DPTNPT
4FHO )FJEFHHFS DPO MB FOUSPOJ[BDJO QPS QBSUF EF "SJTUUFMFT

EF MB TF UPN MB EFDJTJO BDFSDB EFM DBNJOP RVF IBCSB EF
TFHVJS MB MPTPGB PDDJEFOUBM Z RVF DPOEVKP BM FODVNCSBNJFOUP
EF MB TVCKFUJWJEBE CJFO CBKP MB GPSNB EFM DPHJUP DBSUFTJBOP EFM
ZP USBTDFOEFOUBM LBOUJBOP P EFM TVKFUP BCTPMVUP IFHFMJBOP QPS
NFODJPOBS BMHVOPT FKFNQMPT QBSBEJHNUJDPT "SJTUUFMFT IBCSB
EFKBEP QBTBS MB PQPSUVOJEBE EF FMFHJS DPNP NPEFMP FM IPNCSF
QSVEFOUF
FM RVF TBCF WJWJS CJFO FO HFOFSBM -B UB
SFB RVF TF QSPQPOF )FJEFHHFS B USBWT EF MB EFTUSVDDJO EF MB
USBEJDJO FT MB EF FMBCPSBS VOB POUPMPHB GVOEBNFOUBM RVF UFO
HB DPNP FYQFSJFODJB PSJHJOBSJB FM TFS EFM %BTFJO Z RVF BT E
DVFOUB EF TV NPEP EF TFS QSPQJP RVF SFTQPOEB B TV UFNQPSBMJ
EBE Z RVF UFOHB TV BSSBORVF FO VOB BEFDVBEB DPNQSFOTJO EF
MB EJNFOTJO POUPMHJDB EF MB TBCJEVSB QSDUJDB
*C B

/J MB FYQFSJFODJB EFM NPWJNJFOUP FOUFOEJEP DPNP OJ MB TVCMJNBDJO BSJT
UPUMJDB TFHO MB DVBM MB JEFB NT QFSGFDUB EF NPWJNJFOUP EF BDUJWJEBE TF FO
DVFOUSB FO MB DPNP BDUJWJEBE RVF UJFOF FM TFS FO T NJTNP
TPO BEF
DVBEBT QBSB FYQMJDBS MB GPSNB EF MB BDUJWJEBE FTQFDDB EFM %BTFJO 1PS FTP MB
DPODFQDJO EF BDUJWJEBE QFSGFDUB RVF UJFOF "SJTUUFMFT OP DPOWJFOF BM TFS EFM %B
TFJO GDUJDP BVORVF FYQMJRVF RVF FMFWF MB UFPSB B MB NT BMUB GPSNB EF WJEB "O
BT MB POUPMPHB Z MB MHJDB BSJTUPUMJDBT FMBCPSBEBT TPCSF VOB EFUFSNJOBEB JEFB
EF TFS IBO DPOHVSBEP UPEP FM QFOTBNJFOUP PDDJEFOUBM Z TUF FO TV EFTQMJFHVF
IB PMWJEBEP MBT FYQFSJFODJBT PSJHJOBSJBT RVF KVTUJDBSPO VOB FMBCPSBDJO UBM 1PS
FTUB SB[O FT OFDFTBSJB MB EFTUSVDDJO 4MP FTUF QSPDFEFS GFOPNFOPMHJDP QFS

"SJTUUFMFT
-B DVFTUJO EF MPT TFOUJEPT EFM TFS 5BNCJO B USBWT EF MB UF

TJT EPDUPSBM EF #SFOUBOP %F MB NMUJQMF TJHOJDBDJO EFM FOUF
FO "SJTUUFMFT TF EFTQJFSUB MB TFOTJCJMJEBE EF )FJEFHHFS IBDJB FM
QSPCMFNB EFM TJHOJDBEP EF TFS "T UPNB DPODJFODJB EF RVF OP
IBZ VOB DVFTUJO NT SBEJDBM FO MPTPGB RVF MB EF MB POUPMPHB
FO TFOUJEP BNQMJP &O FM DPOUFYUP EF MB NVUJQMJDJEBE EF MPT TFO
UJEPT EF MP RVF FT )FJEFHHFS BDVTB B "SJTUUFMFT Z MB MPTPGB
PDDJEFOUBM EF IBCFS QSJWJMFHJBEP MB FOUJEBE
&OUJEBE TJH
OJDB QBSB )FJEFHHFS MP RVF ZBDF BI EFMBOUF Z BT FTU FO BDUP
FT QSFTFODJB QSFTFOUF VOB DPNQSFOTJO RVF B TV KVJDJP TVQPOF
QSJWJMFHJBS TMP VO NPNFOUP EF MB UFNQPSBMJEBE FM QSFTFOUF
Z FO SFBMJEBE JHOPSBSMB 1PSRVF MB UFNQPSBMJEBE RVF JOUFSF

TB BM DSUJDP EF "SJTUUFMFT OP UJFOF RVF WFS DPO MB DPNQSFOTJO
WVMHBS EFM UJFNQP Z TJO FNCBSHP FT GVOEBNFOUBM QBSB OVFTUSP
BVUPS FO MB NFEJEB FO RVF FT FM IPSJ[POUF EFM TFS 1BSB )FJ
EFHHFS MB JEFB EF QSFTFODJB EFUFSNJOB MB DPODFQDJO HSJFHB
EFM TFS Z EF MB WFSEBE Z FMMP EF UBM NPEP RVF MMFHB B TFS EFUFS
NJOBOUF QBSB UPEP FM QFOTBNJFOUP QPTUFSJPS SB[O QPS MB DVBM
)FJEFHHFS QVFEF UBDIBS BM DPOKVOUP EF MB NFUBGTJDB PDDJEFOUBM
EF QSFTFODJBMJTUB 1VFT CJFO QBSB FWJUBS FM QSFTFODJBMJTNP
BSJTUPUMJDP RVF EB QSJPSJEBE BM BDUP
EF MB NBOP EF MB
)FJEFHHFS WB B SFFYJPOBS MBSHBNFOUF TPCSF MB QPUFODJB

FOUFOEJEB FO FM TFOUJEP QSFTPDSUJDP EF QPEFS QPEF
SP DBQBDJEBE .F FTUPZ SFSJFOEP B VOB RVF DPNP
TF QVFEF BQSFDJBS FO BMHVOPT UFYUPT IFJEFHHFSJBOPT EF MPT BPT
USFJOUB TVFMF BQBSFDFS WJODVMBEB B MB TJFOEP FOUFOEJEB
FTUB MUJNB DPNP EFTQMJFHVF UFNQPSBM 1PS FTUB WB FM QFOTBEPS
EF 'SJCVSHP QSFUFOEF DPOTFHVJS VO BDFSDBNJFOUP NT MPHSBEP B
FTB JEFB EF UFNQPSBMJEBE RVF M NJTNP EFFOEF
NJUJS RVF DPNQBSF[DB BOUF MB MPTPGB TV BVUOUJDP PCKFUP FM TFS EFM %BTFJO
$ 4FHVSB )FSNFOVUJDB EF MB WJEB IVNBOB PQ DJU Q
/P TF QVFEF PMWJEBS RVF FO FTUB JOUFSQSFUBDJO IFJEFHHFSJBOB EFM UJFNQP SFTVF
OBO MPT FDPT EF MB DPNQSFOTJO LBOUJBOB 6OB DPODFQDJO RVF DPNP ZB IFNPT

5PEP FTUP RVFEBS SFFKBEP DVBOEP B QBSUJS EF NFEJBEPT EF MPT

BPT USFJOUB BERVJFSB UPEB TV DFOUSBMJEBE MB OPDJO EF &SFJHOJT
FYQSFTJO EF EJGDJM USBEVDDJO BOUF UPEP TJ TF RVJFSF WFSUFS BM
DBTUFMMBOP MP RVF )FJEFHHFS USBUBCB EF FYQSFTBS "T DPOUBNPT
FO FTQBPM DPO USBEVDDJPOFT UBMFT DPNP BDPOUFDJNJFOUP BQSP
QJBEPS BDPOUFDJNJFOUP QSPQJDJP P BDPOUFDJNJFOUP QSPQJP
/JOHVOB EF FMMBT QBSFDF TFS TVDJFOUF QPS FTP QBSFDF OFDFTBSJP
FYQMJDBSMB 1VFT CJFO MB OPDJO EF &SFHOJT TF QVFEF FOUFOEFS BM
NFOPT EF GPSNB UFOUBUJWB DPNP BDPOUFDJNJFOUP EF TFS RVF B MB
WF[ JNQMJDB MB SFMBDJO EF DPQFSUFOFODJB NVUVB TFS %BTFJO "
TV WF[ SFNJUF B MB SFMBDJO EF BM NFOPT UBM DPNP
)FJEFHHFS FOUJFOEF FM TFOUJEP EF MB QPUFODJB QPEFSPTB Z FGFDUJ
WB FO FM TFOUJEP EF TVDFEFS DPNP BDPOUFDFS DPNP EFTQMFHBSTF
FM PDVMUBNJFOUPEFTPDVMUBNJFOUP EF TFS FO FM DMBSP FO FM DBMWFSP
-JDIUVOH
RVF FM %BTFJO FT QPS Z QBSB FM TFS
7FSEBE DPNP EFTPDVMUBNJFOUP

Z
&O 4PCSF MB JOUFSQSFUBDJO "SJTUUFMFT EJT
UJOHVF EFOUSP EFM EJTDVSTP TJHOJDBUJWP
EFM
RVF TF PDVQB FO MB 1PUJDB MB 3FUSJDB P MB UJDB VOB GPSNB
FTQFDDB EF EJTDVSTP FM MB QSPQPTJDJO RVF
NBOJFTUB EFUFSNJOB Z DPNVOJDB &T BRVMMB FO RVF QPS NFEJP
EF MB DPNQPTJDJO Z EJWJTJO TF EJDF MB WFSEBE Z MB GBMTFEBE &M
FTUBHJSJUB TPTUJFOF RVF TMP FO MPT FOVODJBEPT NBOJGFTUBUJWPT TF
QVFEFO EBS MB WFSEBE Z MB GBMTFEBE QVFTUP RVF TMP FMMPT EJDFO
BMHP NFEJBOUF MB BSNBDJO P MB OFHBDJO " KVJDJP EF )FJEFH
HFS OP DBCF EVEB RVF BVORVF "SJTUUFMFT OP MP TPTUVWP OVODB
EF NPEP FYQMDJUP IBZ VOB SFMBDJO FOUSF MPT FOVODJBEPT NBOJ
GFTUBUJWPT Z MB WFSEBE FOUFOEJEB QPTUFSJPSNFOUF DPNP BEFDVB
DJO 4FHO (BEBNFS "SJTUUFMFT BQVFTUB QPS FM
Z FTUB EFDJTJO DPOEJDJPOB UPEP FM QFOTBNJFOUP PDDJEFOUBM
SFDPSEBEP SFTVMUB JOTVDJFOUF B KVJDJP EF OVFTUSP QFOTBEPS QFSP RVF EFTUBDB

TJO FNCBSHP DPNP MB NT FYDFQDJPOBM EF UPEB MB USBEJDJO

"SJTUUFMFT
OP TMP DJFOUDP TJOP MPTDP "M SFMFHBS EF BMHO NPEP FM

EFDJS IFSNFOVUJDP FM FTUBHJSJUB EFKB GVFSB MP OP QSFTFOUF Z
DPOUSPMBCMF QMFOBNFOUF ZB RVF FM FYJHF MB
QSFTFODJB QVSB Z BTQJSB B TFS FYQSFTJO EF EJDIB QSFTFODJB
4FHO )FJEFHHFS DPNP RVFEB TFBMBEP EF NBOFSB QBSEJHNUJ
DB FO FM QBSHSBGP EF 4FS Z UJFNQP TF IB BUSJCVJEP B "SJTU
UFMFT IBCJUVBM F JOKVTUBNFOUF MB UFTJT EF RVF MB WFSEBE FT BEF
DVBDJO FOUSF QFOTBNJFOUP Z PCKFUP Z RVF TV MVHBS FTU FO MPT
KVJDJPT QFSP TV JOUFSQSFUBDJO FT EJTUJOUB :B FO FM *OGPSNF /B
UPSQ WB B JOTJTUJS FO RVF WFSEBE QBSB "SJTUUFMFT FT EFTWFMB
NJFOUP
Z FO RVF QPS UBOUP OP FT VOB QSPQJFEBE EF MPT
KVJDJPT TJOP EF MPT FOUFT FO TV EFTWFMBSTF Z TJNVMUOFBNFOUF
TFS EFTWFMBEPT 1PS FTP FO MB JOUFSQSFUBDJO RVF IBDF EF "SJT
UUFMFT OP DPOTJEFSB RVF MB QSPQPTJDJO TFB FM MVHBS FO RVF TF EB
QSJNBSJBNFOUF MB WFSEBE TJOP RVF MB WFSEBE FT FM MVHBS EF MB
QSPQPTJDJO 4J FM FT FT QPSRVF EFKB BQBSFDFS FM
PCKFUP EFKB RVF TUF DPNQBSF[DB IBDF WFS BRVFMMP EF RVF TF IB
CMB )FJEFHHFS JOTJTUF FO RVF MB WFSEBE FT EFTWFMBNJFOUP Z RVF
QPS UBOUP TV MVHBS OBUVSBM Z QSPQJP OP FT BM NFOPT PSJHJOBSJB
NFOUF MB QSPQPTJDJO &T EFTWFMBNJFOUP OP TMP FO FM TFOUJEP
EF USBFS BMHP B MB MV[ QPS WF[ QSJNFSB TJOP EF EFTFODVCSJS MP
PDVMUP V PMWJEBEP TUF FT FM TFOUJEP PSJHJOBSJP EF MB WFSEBE
RVF )FJEFHHFS SFDPOPDF UPEBWB FO FM QFOTBEPS HSJFHP
FT MB
QPTJCJMJEBE EF MB NBOJGFTUBDJO GFOPNOJDB EF MBT DPTBT QSPQJ
DJBEB QPS FM %BTFJO RVF FT WFSEBEFSP FO TFOUJEP QSJNBSJP $P
NP BSN )FSDMJUP MB BNB FM PDVMUBNJFOUP 1PS FTP
MB WFSEBE FM EFTWFMBNJFOUP IB EF TFSMF BSSBODBEP B MPT FOUFT
$G )( (BEBNFS 2V FT MB WFSEBE FO 7FSEBE Z NUPEP ** 4HVFNF

4BMBNBODB USBE .BOVFM 0MBTBHBTUJ QQ Q
$G 3 3PESHVF[ (BSDB )FJEFHHFS Z MB DSJTJT EF MB QPDB NPEFSOB PQ DJU Q

$G . )FJEFHHFS -PT QSPCMFNBT GVOEBNFOUBMFT EF MB GFOPNFOPMPHB 5SPUUB
.BESJE USBE Z QSMPHP +VBO +PT (BSDB /PSSP g D Q
)FSDMJUP %, #

RVF FO DVBOUP GFONFOPT TF NVFTUSBO FO TV TFS FTUP TVQPOF

DPNP TF QVFEF BQSFDJBS VOB SFGFSFODJB DPOTUBOUF B MB QPTJCJMJ
EBE EFM PDVMUBNJFOUP

&M DSJTUJBOJTNP 1BCMP EF 5BSTP "HVTUO EF

)JQPOB -VUFSP Z ,JFSLFHBBSE
5SBT TV MMFHBEB B MB 6OJWFSTJEBE )FJEFHHFS UPNB DPOUBDUP DPO

UFMPHPT QSPUFTUBOUFT EF SFOPNCSF 1BSB FOUFOEFS MB JOVFODJB RVF
FKFSDJFSPO TPCSF M IBZ RVF UFOFS FO DVFOUB RVF )FJEFHHFS IBCB FYQF
SJNFOUBEP VOB DJFSUB EFDFQDJO SFTQFDUP B MB UFPMPHB OFPFTDPMTUJDB
RVF IBCB FTUVEJBEP DPO BMHO EFUFOJNJFOUP FO MPT EPT TFNFTUSFT QBTB
EPT FO FM TFNJOBSJP 2VJ[ UBNCJO QPS FMMP MB OPWFEBE EF MB UIFPMPHJB
DSVDJT EFKB FO M VOB QSPGVOEB IVFMMB )FJEFHHFS EFTUBDB EF KPWFO -V
UFSP TV CTRVFEB EF VOB GF QVSB RVF OP TFB VOB UFPEJDFB TV EFTFP EF
SFTDBUBS MB FYQFSJFODJB PSJHJOBSJB EF MB JORVJFUVE EF MB WJEB GDUJDB
IJTUSJDB Z EFM JOTUBOUF
5PEB MB SFFYJO EF )FJEFHHFS TPCSF MB QSPCMFNUJDB SFMJHJPTB B
MB MV[ EFM /VFWP 5FTUBNFOUP FO QBSUJDVMBS EF 1BCMP Z EFTQVT EF
"HVTUO QPOF EF NBOJFTUP FM DPOUSBTUF FOUSF FM FTQSJUV WJWJFOUF
Z FM BQBSBUP DPODFQUVBM NFUBGTJDP EF MB IJTUPSJB EF MB MPTPGB EFTEF
1BSNOJEFT %FTEF FTUB QFSTQFDUJWB TF BBO[B TV DPOWJDDJO TFHO MB
DVBM MB NFUBGTJDB DPODJCF FM TFS EFTEF FM NPEFMP NVMUJTFDVMBS EF MP
FUFSOP DPNP QVSB QSFTFODJB DPNP MP EBEP BOUF VOB NJSBEB 7PS
IBOEFO
JOTJTUJFOEP FO RVF BT TF JNQJEF QFOTBS PSJHJOBSJBNFOUF FM
GFONFOP EF MB WJEB Z MB IJTUPSJDJEBE 5PEPT MPT GBDUPSFT NFODJPOB
EPT IBTUB BIPSB FYQMJDBO FM OVFWP F JOUFOTP BDFSDBNJFOUP EF )FJEFHHFS
B MB #JCMJB Z B BMHVOPT QFOTBEPSFT DSJTUJBOPT QBSUJDVMBSNFOUF B 4BO
"HVTUO Z UBNCJO B ,JFSLFHBBSE "T QVFT FO MPT BPT RVF TJHVFO
B MB QSJNFSB (VFSSB .VOEJBM MB SFFYJO EF )FJEFHHFS TPCSF FM QFO
TBNJFOUP DSJTUJBOP PDVQB VO MVHBS SFMFWBOUF TJFNQSF WJODVMBEB B TV
$G ( 7BUUJNP PQ DJU QQ

&M DSJTUJBOJTNP 1BCMP EF 5BSTP "HVTUO EF )JQPOB -VUFSP Z ,JFSLFHBBSE
JOUFST QPS MB GBDUJDJEBE EF MB WJEB 5PNBS FTUP FO DPOTJEFSBDJO SF

TVMUB FTFODJBM QBSB DPNQSFOEFS MB GPSNBDJO EFM IPSJ[POUF UFSJDP RVF
DVMNJOB FO 4FS Z UJFNQP QFSP DVZB JOVFODJB QFSEVSB NVDIP NT BMM
1FSUFOFDF B FTB UFNUJDB MPT DVSTPT DPOUFOJEPT FO 'FOPNFOPMPHB EF
MB WJEB SFMJHJPTB
$PNP ZB TF BOVODJB FO FM UUVMP EF FTUF BQBSUBEP SFTVMUB PCMJHBEP
IBDFS VOB SFGFSFODJB B MB JOVFODJB EF MB #JCMJB 4BO 1BCMP Z "HVTUO
EF )JQPOB "VORVF FO MBT MOFBT TJHVJFOUFT TF JSO EFTHMPTBOEP MBT
BQPSUBDJPOFT EF DBEB VOB EF FTUBT GVFOUFT TF IBS EF UBM NPEP RVF
RVFEF DMBSP BMHP EF FTQFDJBM JNQPSUBODJB QBSB FM EFTBSSPMMP EFM QFOTB
NJFOUP EF )FJEFHHFS TF USBUB EF MB OPDJO EF RVF DPOTUJUVJS
QBSUF EFM BDFSWP JOUFMFDUVBMFYJTUFODJBM RVF )FJEFHHFS MMFWBS TJFNQSF
DPOTJHP
&M MTPGP EF 'SJCVSHP SFFYJPOB DPO QBSUJDVMBS EFUFOJNJFOUP TP
CSF MB JEFB DSJTUJBOB EF FO MB NFEJEB FO RVF TUF TF IB EF FOUFO
EFS DPNP NPNFOUP PQPSUVOP 4F USBUB EF VO RVF )FJEFHHFS
UBNCJO EFTDVCSJ FO MB UJDB BSJTUPUMJDB Z RVF FYQSFT FO NT EF VOB
PDBTJO DPO FM USNJOP JOTUBOUF "VHFOCMJDL
: FT RVF FO DVBMRVJFS
DBTP FM UJFOF RVF WFS DPO VOB DPODFQDJO EFM UJFNQP OP WVMHBS
TFHO MB DVBM EF MP RVF TF USBUB OP FT EF RVF MB WJEB TF E P EJTDVSSB
FO FM UJFNQP TJOP RVF FT UFNQPSBMJEBE
)FJEFHHFS . 1IOPNFOPMPHJF EFT SFMJHJTFO -FCFOT

,MPTUFSNBOO
'SBOLGVSU BN .BJO (" $POUJFOF
&JOMFJUVOH JO EFS 1IOPNFOP
MPHJF EFS 3FMJHJPO *OUSPEVDDJO B MB GFOPNFOPMPHB EF MB SFMJHJO
<84
> .BUUJBT +VOH Z 5IPNBT 3FHFIMZ FET

"VHVTUJOVT VOE EFS /FPQMB
UPOJTNVT "HVTUO Z FM /FPQMBUPOJTNP
<44 > .BUUJBT +VOH Z 5IPNBT
3FHFIMZ FET

%JF QIJMPTPQIJTDIFO (SVOEMBHFO EFS NJUUFMBMUFSMJDIFO .ZT
UJL -PT GVOEBNFOUPT MPTDPT EF MB NTUJDB NFEJFWBM
<5FYUP SFFMBCPSBEP EF
VOB MFDDJO RVF OP UVWP MVHBS> $MBVEJVT 4USVCF FE
)BZ USBEVDDJO BM DBTUF
MMBOP EF EPT EF MPT USFT DVSTPT &TUVEJPT TPCSF NTUJDB NFEJFWBM 4JSVFMB .BESJE
USBE +BDPCP .VP[
&O PDBTJPOFT )FJEFHHFS FODVFOUSB Z FYQSFTB FTUB JEFB EFM UJFNQP PQPSUVOP
DPO MB QBMBCSB NBEVSBDJO FO BMFNO ;FJUVOH RVF B TV WF[ QSPDFEF EF NB
EVSBS [FJUJHFO $BCF TFBMBS RVF FO MB SB[ EF FTUB QBMBCSB FTU QSFDJTBNFOUF

&O FM /VFWP 5FTUBNFOUP MB OPDJO EF FT SFDVSSFOUF )FJ

EFHHFS TF EFUJFOF FO MB FYQFSJFODJB EF MBT QSJNFSBT DPNVOJEBEFT DSJT
UJBOBT UBM DPNP BQBSFDF SFFKBEB FO MBT FQTUPMBT EF 1BCMP EF 5BSTP &M
BQTUPM EFTUBDB EF NBOFSB TJOHVMBS FO EJMPHP DPO BRVFMMBT DPNVOJEB
EFT B MBT RVF EJSJHF TVT FQTUPMBT MB PSJHJOBSJB FYQFSJFODJB EFM UJFNQP
DPNP UJFNQP PQPSUVOP RVF QBSB FM DSJTUJBOP QSJNJUJWP FSB
FM UJFNQP EF MB TFHVOEB F JONFEJBUB WFOJEB EF +FTVDSJTUP Z RVF QPS
UBOUP TJHOJDBCB MB MMFHBEB EF MB TBMWBDJO EFOJUJWB
"EFNT FO TVT MFDUVSBT CCMJDBT )FJEFHHFS EFTDVCSF VOB OPDJO
EJGFSFOUF EF WFSEBE 4F USBUB EF MB DPODFQDJO KVEFPDSJTUJBOB TFHO MB
DVBM MB WFSEBE FTUP FT %JPT OP TF NVFTUSB EF HPMQF TJOP FO FM
UJFNQP B USBWT EF MB SFWFMBDJO B MP MBSHP EF MB IJTUPSJB %JDIB SFWF
MBDJO FTU FTUSFDIBNFOUF WJODVMBEB BM NJTNP EFWFOJS EF VO QVFCMP BM
RVF TF MF WB NBOJGFTUBOEP FM NJTUFSJP EJWJOP EF GPSNB QBVMBUJOB 1PS
TV QBSUF FTF QVFCMP NBOJFTUB TV BQFSUVSB FO FM WFMBNJFOUP Z SFTQF
UP BM NJTNP 1VFT CJFO EF BMHO NPEP BVORVF ZB EFTFOUFOEJEP EF
TVT SBDFT CCMJDBT FTUB DPNQSFOTJO EF MB WFSEBE Z FM UJFNQP UFOES
SFTPOBODJB FO FM &SFJHOJT
1PS MP RVF SFTQFDUB B 4BO "HVTUO IBZ RVF TVCSBZBS RVF MP RVF
JOUFSFTB B )FJEFHHFS EF TV QFOTBNJFOUP FT MB WJWFODJB EF MB FYJTUFODJB
FO FM DSJTUJBOJTNP QSJNJUJWP QPSRVF UBNCJO FTUP UJFOF RVF WFS DPO
MB UFNQPSBMJEBE "IPSB CJFO TFHO )FJEFHHFS UBNQPDP "HVTUO EF
)JQPOB GVF DBQB[ EF TBMJS GVFSB EFM FTRVFNB NFUBGTJDP HSJFHP FO FTUB
PDBTJO FO MB GPSNB EFM OFPQMBUPOJTNP
UBO GVF BT RVF B TV QBSFDFS
MPT DPODFQUPT RVF VUJMJ[B FM UFMPHP BGSJDBOP QBSB JOUFOUBS EBS DVFOUB EF
MB FYQFSJFODJB DSJTUJBOB Z RVF TFSO MPT RVF TF USBTMBEBSO B MB UFPMPHB
NFEJFWBM QPTUFSJPS B M BDUBO DPNP NPMEFT SHJEPT RVF MB TPKV[HBO Z
SFTVMUBO JOBEFDVBEPT
;FJU EF NBOFSB RVF SFTVMUB QBUFOUF MB BMVTJO B VO UJFNQP RVF OP FT SFDFQUDVMP

BMHVOP EF VO USBOTDVSSJS TJOP EFTQMJFHVF NBEVSBDJO Z BT UJFNQP PQPSUVOP
$G $ 4FHVSB )FSNFOVUJDB EF MB WJEB IVNBOB PQ DJU QQ

&M DSJTUJBOJTNP 1BCMP EF 5BSTP "HVTUO EF )JQPOB -VUFSP Z ,JFSLFHBBSE
1PS MUJNP OP TF QVFEF EFKBS EF EFTUBDBS MB EFVEB EF )FJEFHHFS

DPO ,JFSLFHBBSE "DFSDB EF M EJDF QPS FKFNQMP FO 4FS Z UJFNQP RVF
DBQU FYBDUBNFOUF MB DVFTUJO EF MB WJEB DPNP QSPCMFNB FYJTUFODJBM
QFSP RVF MF GVF BKFOB MB QSPCMFNUJDB FYJTUFODJBSJB MB SFFYJO TPCSF
MB FYJTUFODJB
QPSRVF FO FM QMBOP POUPMHJDP QFSNBOFDJ CBKP MB FTGFSB
EF )FHFM %F DVBMRVJFS NPEP OP TF QVFEF JHOPSBS FM UBMBOUF QPTJUJWP
DPO RVF TF SFFSF BM QFOTBEPS EBOT DVBOEP USBUB EF MB BOHVTUJB P MB
UFNQPSBMJEBE FO FTUB NJTNB PCSB 5BNCJO TF QVFEFO FODPOUSBS FMP
HJPT RVF OVFTUSP QFOTBEPS OP TPMB QSPEJHBS
EJSJHJEPT B ,JFSLFHBBSE
FO PCSBT BOUFSJPSFT DPNP FO 0OUPMPHB )FSNFOVUJDB EF MB GBDUJDJEBE

5PEP QBSFDF JOEJDBS RVF )FJEFHHFS MF EFCF NT B ,JFSLFHBBSE
EF MP RVF TVT FTDBTPT SFDPOPDJNJFOUPT EFKBO FOUSFWFS
$G *C QQ

$BQUVMP
1SJNFS BDFSDBNJFOUP BM QFOTB

NJFOUP EF )FJEFHHFS
"OUFT EF BEFOUSBSOPT FO FTUF TFHVOEP QVOUP SFTVMUB OFDFTBSJP

SFDPSEBS DVM FT FM NPEP EF QSPDFEFS RVF HVB FM USBCBKP SFBMJ[BEP B
MP MBSHP EF FTUB JOUSPEVDDJO HFOFSBM EFM MJCSP MB RVF BIPSB TF FTU
EFTQMFHBOEP
*OUFSFTB EFTUBDBS RVF FM PCKFUJWP RVF TF QFSTJHVF FO FT
UB NPOPHSBGB OP FT FM EBS DVFOUB FYIBVTUJWB EF MBT JOVFODJBT Z MPT
UFNBT USBUBEPT QPS )FJEFHHFS &M QSPQTJUP RVF TF QFSTJHVF FT CJFO
EJTUJOUP TF USBUB EF SBTUSFBS MPT NPUJWPT RVF MMFWBSPO B )FJEFHHFS B
EFDMBSBS FM OBM EF MB NFUBGTJDB CBTOEPOPT FO BMHVOPT UFYUPT FT
DPHJEPT &TUB JOUSPEVDDJO QSFUFOEF TFSWJS EF BQPZP BM MFDUPS NFOPT
BWF[BEP QFSP SFOVODJB B VOB FYIBVTUJWJEBE RVF JNQPTJCJMJUBSB BWBO
[BS FO FM SFDPSSJEP HFOFSBM RVF OPT IFNPT USB[BEP Z EFM RVF TF IB EBEP
DVFOUB FO FM QSMPHP
&O FM QSJNFS DBQUVMP EF FTUB JOUSPEVDDJO TF IBO TFBMBEP MBT JO
VFODJBT SFDJCJEBT QPS )FJEFHHFS B MB WF[ RVF TF IB JOUFOUBEP NPTUSBS
MB IVFMMB RVF EFKBSPO FO TV QFOTBNJFOUP Z FO TV PCSB "IPSB TF JO
UFOUBS EBS DVFOUB EF BMHVOBT OPDJPOFT GVOEBNFOUBMFT RVF )FJEFHHFS
EFTQMFH B MP MBSHP EF TV USBZFDUPSJB 4PCSF UPEP B QBSUJS EF TV PCSB EF

SFGFSFODJB 4FS Z UJFNQP /P SFTVMUB EJGDJM FOUFOEFS RVF BNCPT QVO

UPT EF WJTUB JOVFODJBT Z DVFTUJPOFT TF JNCSJDBO NVUVBNFOUF 4JO
FNCBSHP TF WB B SFBMJ[BS FM JOUFOUP EF FWJUBS SFQFUJDJPOFT RVF IBSBO
UFEJPTB MB MFDUVSB EF FTUBT QHJOBT
1VFT CJFO BM SFGFSJSOPT BM QFOTBNJFOUP EF .BSUJO )FJEFHHFS TF
QVFEF IBCMBS EF HJSP ,FISF
DBNCJP EF QMBOUFBNJFOUP EF VO BCSJS
DBNJOPT FUD QFSP MP RVF FT DPOTUBOUF FO TV PCSB FT MB CTRVFEB EF
MP OPQFOTBEP &TUB CTRVFEB TF DPOTUJUVJS FO FM IJMP DPOEVDUPS EF TV
DBNJOP -B QSFHVOUB QPS M QMBOUFBEB OP QSFUFOEB SFTVMUBS OPWFEPTB
.T CJFO TF QPESB EFDJS RVF )FJEFHHFS WPMWB TPCSF VOB DVFTUJO NJM
WFDFT QMBOUFBEB BVORVF B TV KVJDJP OVODB FOUFOEJEB OJ SFTQPOEJEB EF
GPSNB TBUJTGBDUPSJB MB QSFHVOUB QPS FM TFS
&TUF FT FM HSBO BTVOUP FM OJDP BTVOUP EFM QFOTBS IFJEFHHFSJBOP
BVORVF GVFSB BCPSEBEP EFTEF EJTUJOUPT OHVMPT Z DPO EJGFSFOUFT NBUJ
[BDJPOFT B MP MBSHP EF UPEP TV DBNJOP : TJ BMHP WB B DBSBDUFSJ[BS TV
SFFYJO TPCSF FM TFS FT RVF TUB TF WB B DPOTUJUVJS DPNP VO HSBO F
JOJOUFSSVNQJEP EJMPHP DPO MPT QFOTBEPSFT QSFDFEFOUFT FO VO EFCBUF
DSUJDP Z BQBTJPOBEP DPO MB HSBO USBEJDJO EF MB NFUBGTJDB PDDJEFOUBM
1BSB )FJEFHHFS MB NFUBGTJDB RVF IB DPNFO[BEP FO "SJTUUFMFT BM
DBO[B TV QBSPYJTNP DPO )FHFM Z EFTFNCPDB DPNP VO SP RVF TF QJFSEF
FO FM NBS FO FM MUJNP NFUBGTJDP NPEFSOP /JFU[TDIF /VFTUSP QFO
TBEPS FOUJFOEF DPNP TF WFS NT BEFMBOUF RVF MB IJTUPSJB EF MB NF
UBGTJDB IB TJEP POUPUFPMPHB Z RVF EFTQVT EF /JFU[TDIF BM EFDMBSBS
MB NVFSUF EF %JPT QBSFDF RVF MB MPTPGB PDDJEFOUBM FTU BCPDBEB BM
1SVFCB EF FMMP FT FM QBTBKF EFM 4PTUB EF 1MBUO RVF BQBSFDF BM QSJODJQJP EF 4FS
Z UJFNQP -P SFQSPEV[DP B DPOUJOVBDJO EF BDVFSEP DPO MB USBEVDDJO RVF EF
MB WFSTJO BMFNBOB RVF SFBMJ[ +PSHF &EVBSEP 3JWFSB QPSRVF NBOJFTUBNFOUF
WPTPUSPT FTUJT GBNJMJBSJ[BEPT EFTEF IBDF NVDIP UJFNQP DPO MP RVF QSPQJBNFOUF
RVFSJT EFDJS DVBOEP VTJT MB FYQSFTJO FOUF FO DBNCJP OPTPUSPT DSFBNPT PUSPSB
DPNQSFOEFSMP QFSP BIPSB OPT FODPOUSBNPT FO BQPSB 1MBUO 4PTUB B FO
. )FJEFHHFS 4FS Z UJFNQP 5SPUUB .BESJE USBE +PSHF &EVBSEP 3JWFSB
$ Q &M UFYUP HSJFHP SF[B

OJIJMJTNP "T FT DPNP IBDF TV FOUSBEB MB OBEB FO FM QFOTBNJFOUP PD

DJEFOUBM DPO FMMB DPNJFO[B MB FSB EFM OJIJMJTNP
6OP EF MPT QVOUPT DFOUSBMFT EF TV MPTPGB EF KVWFOUVE FT MB SF

FYJO FO UPSOP BM %BTFJO FO TV WJODVMBDJO DPO MB QSFHVOUB QPS FM
TFS Z TV TFOUJEP )FJEFHHFS MMFHB BM %BTFJO DPNP FYQFSJFODJB USBT OP
QPDBT WJDJTJUVEFT JOUFMFDUVBMFT EF KVWFOUVE &O BMFNO %BTFJO FT VO
USNJOP DPNO QBSB EFTJHOBS MB FYJTUFODJB 1FSP )FJEFHHFS DBSHB DPO
VO TFOUJEP FTQFDDP Z FYDMVTJWP FTUF USNJOP Z SFTUSJOHF TV VTP QB
SB EFTJHOBS BM TFS IVNBOP FYJTUFOUF Z GDUJDP &O FGFDUP )FJEFHHFS
QJFOTB RVF FM TFS IVNBOP FTU DBSBDUFSJ[BEP QPS MB FYJTUFODJB RVF OP
FT VO RV VO FOUF VO BMHP EFUFSNJOBEP &TUF QMBOUFBNJFOUP EPNJOB
FO CVFOB NFEJEB MBT SFFYJPOFT RVF DPOTUJUVZFO 4FS Z UJFNQP &O FTUB
PCSB FM PCKFUJWP RVF QFSTJHVF TV BVUPS FT WPMWFS B QMBOUFBS MB QSFHVOUB
RVF JOUFSSPHB QPS FM TFOUJEP EFM TFS 4JO FNCBSHP FOUJFOEF RVF QBSB
IBDFS VO DPSSFDUP QMBOUFBNJFOUP FT QSFDJTP MMFWBS QSFWJBNFOUF B DBCP
VOB BOBMUJDB FYJTUFODJBM EFM %BTFJO $PNP IF UFOJEP PQPSUVOJEBE EF
WFS B MP MBSHP EF TV DBNJOP MB DFOUSBMJEBE EFM %BTFJO JS EFTQBSFDJFO
EP BVORVF OP MB SFGFSFODJB EFTDFOUSBEB EFM %BTFJO BM TFS Z B MB
WFSEBE QPS SB[POFT RVF TF FYQPOESO FO MP TVDFTJWP
)FJEFHHFS FOUJFOEF RVF MB MPTPGB PDDJEFOUBM BM JODPSQPSBS FM QMBO
UFBNJFOUP EF "SJTUUFMFT BDFQU NFEJSTF QPS MPT FOUFT RVF OP TPO DP
NP OPTPUSPT NJTNPT QPS FOUFT EF MB OBUVSBMF[B FT EFDJS DPOTUSVZ
VO FEJDJP DPO DBUFHPSBT RVF TJO TFSOPT QSPQJBT BQMJDBNPT B OVFTUSB
NJTNB FYJTUFODJB Z RVF DPNP OP FT EJGDJM DPODMVJS OP TPO DBQBDFT
"MHVOPT MTPGPT FYJTUFODJBMJTUBT RVF QSFUFOEJFSPO TFHVJS B )FJEFHHFS UBNCJO

IBO VUJMJ[BEP FTUF USNJOP JODPSQPSOEPMP B TVT QSPQJPT QMBOUFBNJFOUPT 4JO FN
CBSHP OP DBCF EVEB RVF FM QFOTBNJFOUP EF )FJEFHHFS WJTUP DPNP QSFHVOUB QPS FM
TFS OVODB RVJTP QFSUFOFDFS BM NPWJNJFOUP FYJTUFODJBMJTUB EF QSJODJQJPT EFM TJHMP
99 &M NJTNP )FJEFHHFS MP BDMBSB FO TV $BSUB TPCSF FM IVNBOJTNP

FO )JUPT "MJBO[B .BESJE QQ USBE ) $PSUT Z " -FZUF

OJ BEFDVBEBT QBSB EBS DVFOUB EF MB TJOHVMBSJEBE EFM %BTFJO "SJTU

UFMFT TPTUJFOF RVF FM MTPGP IB EF PDVQBSTF EF MP QFSGFDUP EF MP OP
DPSSVQUJCMF Z QPS FTP IB EF FKFSDJUBSTF FO MB DPOUFNQMBDJO JNJUBOEP
FM NPEFMP EJWJOP QVFT BI SFTJEF MB QFSGFDDJO 1PS PUSB QBSUF Z QVFTUP
RVF FM DPOKVOUP EF MB MPTPGB BSJTUPUMJDB FTU HVJBEB QPS MB FTUSVDUVSB
EF QPUFODJBBDUP FODPOUSBNPT RVF MB QFSGFDDJO IB EF FTUBS EFM MBEP
EFM BDUP QVSP Z MB JNQFSGFDDJO EFM EF MPT TFSFT RVF OP TPO QVSP BDUP
BVORVF QVFEFO FTUBS FO BDUP
" )FJEFHHFS OP MP QBSFDF RVF MB MPTPGB EF "SJTUUFMFT FO TV WFS
TJO EF MPTPGB QSJNFSB E DVFOUB EF FTB TJOHVMBS SFBMJEBE RVF FT FM
TFS IVNBOP QPS FM DPOUSBSJP QBSB M MB NFUBGTJDB BSJTUPUMJDB FT FO
EFOJUJWB DPTNPMPHB P BM NFOPT DPTNPMHJDB Z TJO FNCBSHP
FM %BTFJO OP TF QVFEF SFEVDJS FO NPEP BMHVOP B VO FMFNFOUP NT EF
MB OBUVSBMF[B $PNP TF IB TVCSBZBEP FM FSSPS EF "SJTUUFMFT GVF TF
HO )FJEFHHFS FM EF QSJNBS MB TBCJEVSB
TPCSF MB QSVEFODJB

4J EF BDVFSEP DPO FM FTUBHJSJUB FT FO MB EPOEF
DPNQBSFDF FM TFS NJTNP EFM %BTFJO EFCFSB IBCFS TJEP TUF MP RVF TF
DPOTUJUVZFSB FO FYQFSJFODJB PSJHJOBSJB QBSB FM QFOTBNJFOUP 1PS FTP
Z FO TOUFTJT "SJTUUFMFT UFOESB RVF IBCFS IFDIP EF MB TBCJEVSB EF
MPT BTVOUPT IVNBOPT MB MPTPGB QSJNFSB "MHP RVF JOEVDF B DPODMVJS
RVF FO FTF DBTP MB IJTUPSJB EF MB NFUBGTJDB PDDJEFOUBM IVCJFSB TJEP
NVZ EJGFSFOUF &OUSF PUSBT DPTBT OP IBCSB TVDFEJEP MP RVF TJO FNCBS
HP IB BDPOUFDJEP DPNP EFTUJOP B MP MBSHP EF MB IJTUPSJB EF MB NFUBGTJDB
&M QSJWJMFHJP BCTPMVUP PUPSHBEP QPS "SJTUUFMFT B MB UFPSB WBMJE RVF
FM DFOUSP EF MB MPTPGB OP GVFSB PUSP RVF MB DPODJFODJB FM DPHJUP P FM
TVKFUP USBTDFOEFOUBM BMHP RVF BMDBO[B TV NYJNB FYQSFTJO FO )FHFM
RVJFO DJFSSB FM QSPDFTP FO FM TVKFUP BCTPMVUP
1FSP FT RVF BEFNT MB
MPTPGB QSJNFSB EF "SJTUUFMFT TF DPOTUJUVZF FO UFPMPHB BM FODPOUSBS
TV DTQJEF FO FM BDUP TJO NPWJNJFOUP FT EFDJS FO %JPT DPNP NPUPS JO
NWJM Z TVQSFNP CJFO EFM VOJWFSTP BM RVF UPEP UJFOEF DPNP B TV QSPQJP
O
&O DVBMRVJFS DBTP Z B QFTBS EF MBT EJTDSFQBODJBT TFBMBEBT OP IBZ
EVEB BDFSDB EF RVF FM QMBOUFBNJFOUP EF 4FS Z UJFNQP IVOEF TVT SBDFT
FO MB UJDB EF "SJTUUFMFT &OUSF PUSBT SB[POFT QPSRVF )FJEFHHFS EFT

DVCSF RVF MB BDUJWJEBE JOUFMFDUVBM EFM FTUBHJSJUB FTU HVJBEB QPS VOB
BVUOUJDB Z SBEJDBM BDUJUVE GFOPNFOPMHJDB UBM DPNP M MB DPNQSFO
EB
%JDIP EF PUSB NBOFSB FM EJTDQVMP EF )VTTFSM DSFZ EFTDVCSJS FO
FM FTUBHJSJUB Z FO TVT QSFEFDFTPSFT FM HFOVJOP WFS GFOPNFOPMHJDP
5PEBT FTUBT SB[POFT OPT QFSNJUFO DPNQSFOEFS NFKPS MB QSPQVFTUB
RVF )FJEFHHFS SFBMJ[ FO RVF MB MHJDB Z MB POUPMPHB OP TPO TJOP
IFSNFOVUJDB GFOPNFOPMHJDB EF MB GBDUJDJEBE -B SB[O RVF TV
BVUPS DPOUJOB EFGFOEJFOEP FO 4FS Z UJFNQP FT RVF FM NJTNP %BTFJO
FT DPNQSFOTPS EFM TFS &T EFDJS FT IFSNFOVUJDP Z MP FT FO MB QSFDJTB
NFEJEB NFODJPOBEB FO DVBOUP RVF FT FM FOUF DBQB[ EF DPNQSFOEFS FM
TFS 1PS FTUF NPUJWP FO TV PCSB EF SFGFSFODJB .BSUJO )FJEFHHFS TF
WF FO MB OFDFTJEBE EF MMFWBS B DBCP VOB BOBMUJDB FYJTUFODJBM EFM %BTFJO
TUF OP FT FM NPNFOUP QBSB EFTBSSPMMBS VOB FYQPTJDJO SJHVSPTB EF MB
NJTNB QFSP TFBMBS BMHVOPT EF TVT FMFNFOUPT DPOUSJCVJS BM QSPQTJUP
RVF TF QFSTJHVF FO FTUF BQBSUBEP "T DBCF EFTUBDBS MB JOUFSQSFUBDJO
IFJEFHHFSJBOB EFM %BTFJO DPNP TFSFOFM NVOEP P TV DPNQSFOTJO
EF MB FYJTUFODJB DPNP QPTJCJMJEBE DPNP QSPZFDUP Z TV BOMJTJT EFM TFS
QBSB MB NVFSUF
&O DVBMRVJFS DBTP MP RVF FO MB QBSUF QSFQBSBUPSJB EF 4FS Z UJFNQP
EFTUBDB EF NBOFSB TJOHVMBSTJNB FT FM EFTDVCSJNJFOUP Z MB SFMFWBODJB
PUPSHBEB BM FYJTUFODJBSJP FO FM RVF TF GVOEFO P FODVFOUSBO MPT SFT
UBOUFT 4F USBUB EFM DVJEBEP 4PSHF
DPO DVZP USBUBNJFOUP )FJEFHHFS
DPODMVZF MP SFMBUJWP B MB BOBMUJDB FYJTUFODJBM 1VFT CJFO QPS MP RVF SFT
QFDUB B MB 4PSHF DBCF EFTUBDBS RVF TUB FYQSFTB FM TFS EFM %BTFJO FO
DVBOUP TFSFOFMNVOEP TV SFMBDJPOBSTF JONFEJBUP DPO FM NVOEP FO
UPSOP FO FM TFS TPMDJUP BUFOUP FTUBS PDVQBEP Z QSFPDVQBEP QFOEJFOUF
EF BCJFSUP TJFNQSF ZB EF BOUFNBOP Z OP DPNP VOB QPTJCJMJEBE RVF
TF QVFEF FKFSDJUBS P OP BM NVOEP &M DVJEBEP FM TFSFOFM NVOEP FT
$PNP FT TBCJEP FO MPT QMBOUFBNJFOUPT QPTUFSJPSFT B 4FS Z UJFNQP USBT MB ,FISF

)FJEFHHFS RVFSS BCBOEPOBS FM MFOHVBKF EF MB NFUBGTJDB QFSP OP TMP FTP SF
OVODJBS B MB GFOPNFOPMPHB Z B MB IFSNFOVUJDB &YJTUFO CVFOBT SB[POFT QBSB
QFOTBS DPNP M NJTNP MMFH B SFDPOPDFS BM OBM EF TV DBNJOP RVF OP MPHS BCBO
EPOBS UPEP MP RVF TF IBCB QSPQVFTUP EFKBS BUST BVORVF GVFSB FO DBEB DBTP
QPS EJGFSFOUFT NPUJWPT

QVFT FM NJTNP TFS EFM %BTFJO TV FTFODJB &O M TF FYQSFTB MB FTUSVD

UVSB UPUBM EF MB FYJTUFODJB IVNBOB )FJEFHHFS EFOF BT FM DVJEBEP
QSFTFSTFZB FO FM NVOEP
DPNP TFS KVOUP B MPT FOUFT RVF IBDFO
GSFOUF EFOUSP EFM NVOEP

&O FTUB EFOJDJO TF FODJFSSBO FTUPT BTQFDUPT
1SFTFSTF BMVEF BM QSPZFDUP B MB FMFDDJO EF QPTJCJMJEBEFT
4FSZBFO BMVEF B MB GBDUJDJEBE BM IFDIP EF FTUBS BSSPKBEP ZB

TJFNQSF EF BOUFNBOP FO VOB TJUVBDJO DPODSFUB
.VOEP FT FM NCJUP EF QPTJCJMJEBEFT FM FO EOEF EFM FTUBS

ZB BSSPKBEPT 4PNPT FO FM NVOEP KVOUP B PUSPT FOUFT JOUSBNVO
EBOPT FTUBNPT BCJFSUPT B FMMPT OPT QSFPDVQBNPT Z PDVQBNPT
CFTPSHFO GSTPSHFO
QPS FMMPT Z EF FMMPT
&M DVJEBEP 4PSHF

FT FM FTUBS DPOUJOVBNFOUF FO JOUFSDBNCJP DPO
FM NVOEP FM %BTFJO FT VO TFS EF QPTJCJMJEBEFT OP UJFOF VOB OBUVSBMF[B
KBEB EF BOUFNBOP FT QSPZFDUP Z TV NT EFOJUJWB QPTJCJMJEBE FT FM
TFS QBSB MB NVFSUF -B NVFSUF OP FT VO TVDFTP RVF OPT WFOHB EFTEF
GVFSB OJ MB QMFOJUVE P FM BDBCBNJFOUP EF VO QSPDFTP TJOP RVF FTU
QSFTFOUF FT OVFTUSB QPTJCJMJEBE NT QSPQJB F JOUSBOTGFSJCMF BVORVF
TMP FO MB BOHVTUJB RVF FYQFSJNFOUBNPT BOUF FMMB DVBOEP MB FODBSBNPT
EF NBOFSB BVUOUJDB TF OPT SFWFMB FTF OVFTUSP QPEFS TFS NT QSPQJP
'SFOUF B MB DBEB 7FSGBMMFO
FO MB FYJTUFODJB JOBVUOUJDB RVF FT MB
UFOEFODJB FTUSVDUVSBM EFM %BTFJO B JOUFSQSFUBSTF EFTEF FM NPEP EF TFS
EF MBT DPTBT TJO BTVNJS TV QSPQJP TFS MB FYJTUFODJB BVUOUJDB DPOTJTUF
FO FMFHJS FM QSPZFDUP EF WJWJS MB OJUVE DPNP MB QPTJCJMJEBE NT QSPQJB
&M %BTFJO GDUJDP FO DVBOUP QSPZFDUP TF EFTQMJFHB FO FM GVUVSP
QPS FTP FM BVUPS EF 4FS Z UJFNQP FOGBUJ[B FTUF YUBTJT UFNQPSBM GSFOUF
BM QSFTFOUF BM DPOUSBSJP EF MP RVF B TV KVJDJP IBCB EFTUBDBEP MB USB
EJDJO &TUP TJO FNCBSHP OP JNQMJDB FO NPEP BMHVOP RVF TF QVFEB
$G . )FJEFHHFS 4FS Z UJFNQP PQ DJU gg

IBCMBS EF VOB DJFSUB UFMFPMPHB FO FM TFOUJEP EF RVF FM %BTFJO QVFEB P

WBZB B EFTQMFHBS FO QMFOJUVE TV OBUVSBMF[B QVFTUP RVF ZB TF IB WJTUP
RVF OP MB UJFOF $PNP ZB TF IB EJDIP OP FT TJOP QSPZFDUP
-B EJGFSFODJB POUPMHJDB FT DMBWF QBSB FOUFOEFS MB MPTPGB IFJEFH

HFSJBOB 4F USBUB EF MB EJGFSFODJB FOUSF FM TFS Z FM FOUF Z TV FTUBCMFDJ
NJFOUP SFTVMUB EFUFSNJOBOUF B MB IPSB EF NPTUSBS DNP MB NFUBGTJDB
IBTUB FM NPNFOUP Z EFTEF TVT PSHFOFT TF IB QSFHVOUBEP QPS MP
FOUF Z IB PMWJEBEP FM TFS 1BSB NPTUSBS MB SBEJDBMJEBE JSSFEVDUJCMF EF
FTUB EJGFSFODJB FM BVUPS EF 4FS Z UJFNQP BSNBS RVF FM TFS FT MB OBEB
EFM FOUF FT EFDJS RVF TFS FT UPEP MP RVF OP TFB FOUF FT EFDJS OBEB
)FJEFHHFS VUJMJ[B FTUBT QBMBCSBT RVF BMHVOBT WFDFT QVFEFO SFTVMUBS
QBSBEKJDBT QPSRVF FOUJFOEF RVF FM MFOHVBKF EF MB MPTPGB USBEJDJPOBM
FTU BHPUBEP &O TV PCSB NBHOB TF JOUFSSPHB DPNP TBCFNPT QPS FM
TFS EF MPT FOUFT Z FO FTUB QSFHVOUB SFTVFOBO BVORVF GPSNVMBEBT Z
FTUBCMFDJEBT EF NPEP CJFO EJTUJOUP JOVFODJBT LBOUJBOBT MB CTRVF
EB EF VO B QSJPSJ EF BMHP OP EBEP RVF TFB DPOEJDJO EF QPTJCJMJEBE
4FHO .BSUOF[ .BS[PB MB JOWFTUJHBDJO LBOUJBOB TPCSF MB WBMJEF[
TPCSF MBT DPOEJDJPOFT EF QPTJCJMJEBE EFM DPOPDJNJFOUP FT MB SFGPSNV
MBDJO NPEFSOB EF MB DVFTUJO EFM TFS &O ,BOU MB WBMJEF[ EFQFOEF EF
VO B QSJPSJ MHJDP OP IBZ NVOEP TJ OP FT DPOTUJUVJEP QPS FM TVKFUP
EF DPOPDJNJFOUP TFHO VOBT SFHMBT B QSJPSJ 1VFT CJFO FO )FJEFHHFS
TFS BQBSFDF UBNCJO DPNP DPOEJDJO EF QPTJCJMJEBE EF MPT FOUFT QFSP
TJ BDBTP DPNP VO B QSJPSJ POUPMHJDP RVF QPTJCJMJUB FM TFOUJEP EF MP RVF
QFSUFOFDF BM QMBOP EF MP OUJDP EF MP RVF IBZ
&O -PT QSPCMFNBT GVOEBNFOUBMFT EF MB GFOPNFOPMPHB )FJEFH
HFS SFDPHF MB UFTJT LBOUJBOB TFHO MB DVBM FM TFS OP FT VO QSFEJDBEP
SFBM MP RVF TJHOJDB UBOUP DPNP RVF OP FT VOB EFUFSNJOBDJO RVF
$G ' .BSUOF[ .BS[PB )JTUPSJB EF MB MPTPGB ** *TUNP .BESJE QQ

$G . )FJEFHHFS PQ DJU Q

BBEB BMHP B PUSBT EFUFSNJOBDJPOFT EFM FOUF RVF OP GPSNB QBSUF EF

TV FTFODJB &O FTUB MOFB BVORVF EF NBOFSB NVZ OPWFEPTB Z EFDJEJ
EBNFOUF OP USBTDFOEFOUBM OVFTUSP QFOTBEPS WB B SFJWJOEJDBS UBNCJO
EFTEF FM QSJODJQJP MB EJGFSFODJB POUPMHJDB FM TFS OP FT FM FOUF OP QFS
UFOFDF BM QMBOP EF MP RVF FT EF MP OUJDP OP FT VOB DPTB NT FOUSF MBT
DPTBT
4F IB TVCSBZBEP FO NVDIBT PDBTJPOFT Z )FJEFHHFS JOTJTUJ QBS
UJDVMBSNFOUF FO FMMP RVF MB NFUBGTJDB PDDJEFOUBM UPNB DPNP NPEFMP
QBSB FM DPOPDJNJFOUP MB WJTJO FT EFDJS MB JOUVJDJO Z DVBOEP TF USBUB
EF MB JOUFMJHFODJB Z OP EF MPT TFOUJEPT FOUJFOEF FM WFS DPNP JOUFMFDDJO

MP RVF USBTMBEBEP DPO DBVUFMB B OVFTUSP MFOHVBKF NPEFSOP QP
ESBNPT EFOPNJOBS JOUVJDJO JOUFMFDUVBM 1FSP FT QSFDJTP SFDPSEBS
RVF BOUFT )FSDMJUP IBCB BEWFSUJEP EF MB OFDFTJEBE EF FTDVDIBS BM
6OB FTDVDIB RVF DPNP FT FWJEFOUF OP FTU WJODVMBEB B MB WJT
UB TJOP BM PEP QFSP FM PEP FTDVDIB QBMBCSBT ZB TFBO P
"T QVFT UBNCJO FM EFDJS NUJDP WBMF BVORVF FO TV NCJUP QSPQJP RVF
QPEFNPT FOMB[BS DPO FM QPUJDP
DPNP BMUFSOBUJWB QPTJCMF BM WFS QSF
TFODJBMJ[BOUF 1VFT CJFO FM JOUFST JOJDJBM EF )FJEFHHFS QPS MB IFSNF
OVUJDB Z TV DPOTJHVJFOUF SBEJDBMJ[BDJO POUPMHJDB FT DPOTFDVFODJB
EF TV DSUJDB BM QSJWJMFHJP EF MB WJTJO DPO FM TVCTJHVJFOUF NFOPTQSFDJP
EF MB FTDVDIB %FTEF TVT PSHFOFT NFUPEPMHJDPT MB IFSNFOVUJDB FT
VO QPOFSTF FO EJMPHP DPO MPT UFYUPT EFKOEPMFT IBCMBS Z BT FTDV
DIOEPMPT 5PEP FTUP TJSWF QBSB FYQMJDBS RVF )FJEFHHFS BOUFQVTJFSB
BM BQSFIFOEFS CFHSFJGFO
FM DPNQSFOEFS WFSTUFIFO

-B JOUFSQSFUBDJO EFM DPOPDJNJFOUP DPNP WJTJO FYJHB RVF TPMB
NFOUF TF QVEJFSB DPOPDFS MP RVF FTUBCB BMM EFMBOUF FM FOUF "T FT
DPNP UVWP MVHBS FO PQJOJO EF )FJEFHHFS MP RVF QPESBNPT EFOPNJ
OBS MB SFEVDDJO OUJDB RVF CMPRVFB DVBMRVJFS BUJTCP EF DPNQSFOTJO
EF MB EJGFSFODJB POUPMHJDB 1FSP QSFDJTBNFOUF FTUB EJGFSFODJB FT MB RVF
RVJFSF SFTDBUBS )FJEFHHFS BM WPMWFS B QMBOUFBS MB QSFHVOUB QPS FM TFS
"EFNT QVFTUP RVF FM TFS FT MB OBEB EFM FOUF OP QVFEF TFS FOUFOEJ
EP DPNP GVOEBNFOUP .BSUJO )FJEFHHFS FT DPOTDJFOUF RVF FO MPTPGB
TF IB SFFYJPOBEP FO UPSOP BM TFS QFSP QJFOTB RVF QVFTUP RVF TF IB
DPOTJEFSBEP B %JPT DPNP FM TFS NT QFSGFDUP DPNP BM 4VNNVN &OT

7FSEBE Z TFOUJEP
Z TF IB QFOTBEP UPEP FO SFMBDJO B M MB MPTPGB OP IB MPHSBEP USBOT

HSFEJS MBT GSPOUFSBT EF MP OUJDP -P RVF BDPOUFDF FO DPOTFDVFODJB FT
RVF BM NFOPT B KVJDJP EF )FJEFHHFS FM GVOEBNFOUP OP GVOEBEP EF MB
NFUBGTJDB DBF FO FM QFPS EF MPT PMWJEPT FM EF TFS DPOTJEFSBEP DPNP BM
HP FWJEFOUF TPCSF MP RVF OP UJFOF TFOUJEP SFFYJPOBS 4F IB FOUFOEJEP
RVF FM GVOEBNFOUP OUJDP FT VO QSPUPFOUF VO TFS RVF FO EFOJ
UJWB DPOUJOB TJFOEP VO FOUF )BTUB RVF FTUP OP TF TVQFSF OP TF QPES
QMBOUFBS B KVJDJP EF )FJEFHHFS MB QSFHVOUB QPS FM TFS : MB EJDVMUBE
QBSB RVF FTUP TF MPHSF FTUSJCB DPNP IF BQVOUBEP MOFBT BUST FO RVF
FM TFS OP FT BMHP
7FSEBE Z TFOUJEP
0USB EF MBT DVFTUJPOFT DFOUSBMFT EF MB MPTPGB IFJEFHHFSJBOB EF TV

SFFYJO FO UPSOP B MP OJDP EJHOP EF TFS QFOTBEP FT MB RVF UJFOF RVF
WFS DPO MB WFSEBE Z FM TFOUJEP /P WPZ B SFQFUJS BRV MP RVF TF EJS NT
BEFMBOUF EF NPEP RVF VO CSFWF CPTRVFKP EF MBT JEFBT QSJODJQBMFT IBCS
EF CBTUBS &O QSJNFS MVHBS FT JNQPSUBOUF UFOFS FO DVFOUB MP TJHVJFOUF
&O UPSOP B WFSEBE Z TFOUJEP QSDUJDBNFOUF TF JEFOUJDBO FT EF
DJS )FJEFHHFS DPNQSFOEF MB WFSEBE DPNP FM TFOUJEP Z FM TFOUJEP DPNP
MB WFSEBE $NP TF IBZB EF FOUFOEFS FTUP FT BMHP RVF TF NPTUSBS BM JS
FYQPOJFOEP MP RVF FM QFOTBEPS EF 'SJCVSHP FOUFOEB FO BRVFM NPNFOUP
QPS WFSEBE TUB FT MB UBSFB RVF BDPNFUP B DPOUJOVBDJO 1BSB BCPS
EBSMB JOUFSFTB UFOFS FO DVFOUB MB QMVSBMJEBE EF MPT TFOUJEPT EF MP RVF FT
4JO EVEB FTUB UFPSB BSJTUPUMJDB DPOUSJCVZ B GPSKBS FO )FJEFHHFS VOB
EFUFSNJOBEB DPNQSFOTJO EF MB WFSEBE FM TFOUJEP Z TV SFMBDJO &TUP
OP TJHOJDB RVF FM BVUPS EF 4FS Z UJFNQP SFQJUJFSB B "SJTUUFMFT UBO
TMP RVF FO MB DJUBEB NVMUJQMJDJEBE EF TFOUJEPT FODVFOUSB VOB GVFOUF
EF JOTQJSBDJO
)FNPT WJTUP Z UFOESFNPT PDBTJO EF TFHVJS IBDJOEPMP RVF FO VO
EFUFSNJOBEP NPNFOUP FM TFS DPNP MP WFSEBEFSP Z FM OP TFS DPNP MP
GBMTP BERVJFSF DJFSUP QSPUBHPOJTNPT FO FM QFOTBS EF )FJEFHHFS &O
NPNFOUPT QPTUFSJPSFT FTF QSPUBHPOJTNP MF TFS DFEJEP B MB

1FSP FO MPT BPT RVF HJSBO FO UPSOP B MB GFDIB EF QVCMJDBDJO EF 4FJO

VOE ;FJU MB DPNQSFOTJO BSJTUPUMJDB EF MB WFSEBE FT MB RVF KVFHB VO
QBQFM NT EFTUBDBEP UBOUP QPS MP RVF )FJEFHHFS DSJUJDB DVBOUP QPS MP
RVF FODVFOUSB EF QPTJUJWP FO FMMB
&O MB WFSEBE UBM DPNP MB FOUJFOEF "SJTUUFMFT SFTVMUB UPEBWB NVZ
DFSDBOP Z GBNJMJBS FM TJHOJDBEP EF EFTWFMBNJFOUP P EFTPDVM
UBNJFOUP &TUP FT MP RVF )FJEFHHFS EFTFB SFTDBUBS -P RVF TJO FNCBS
HP QSFUFOEF FWJUBS FT RVF TF IBHB DPNP DPOTUB FO FM g EF 4FS Z
UJFNQP VOB JOUFSQSFUBDJO SFEVDDJPOJTUB RVF FT TJO FNCBSHP MB RVF
USBEJDJO IB EBEP QPS DBOOJDB "RVMMB TFHO MB DVBM "SJTUUFMFT
QBESF EF MB MHJDB IBCSB BSNBEP RVF MB WFSEBE TF EB EF GPSNB
QSJPSJUBSJB FO MB QSPQPTJDJO FOVODJBUJWB $PNP UBNCJO TPTUVWP FO
PUSPT FTDSJUPT FM FOVODJBEP FT EFSJWBEP )FJEFHHFS OP RVJFSF OF
HBS TV GVODJPOBMJEBE Z TFOUJEP QFSP SFDIB[B DPO SPUVOEJEBE RVF FTF
TFB FM MVHBS QSJWJMFHJBEP EF MB WFSEBE "T FO -HJDB -B QSFHVOUB
QPS MB WFSEBE UPEP TV FNQFP DPOTJTUF FO NPTUSBS RVF FO SFBMJEBE FM
TF IB EF SFDPOEVDJS BM RVF NB
OJGFTUBS OP FT FO EFOJUJWB TJOP TJHOJDBS 1PS PUSB QBSUF OVFTUSP
QFOTBEPS QPOF UBNCJO VO HSBO FNQFP FO NPTUSBS RVF FO DVBMRVJFS
UJQP EF EJTDVSTP SJHF MB FTUSVDUVSB BMHP DPNP BMHP FUXBT BMT FUXBT

6OB FTUSVDUVSB RVF FT IFSNFOVUJDB Z FO DPOTFDVFODJB FO NPEP BM
HVOP FYDMVTJWB EFM FM RVF NFEJBOUF MB BSNBDJO
Z MB OFHBDJO EJDF BMHP EF BMHP
$PNP TF FTU BQSFDJBOEP MP RVF )FJEFHHFS QFSTJHVF FT SFTDBUBS
MB EJNFOTJO GFOPNFOPMHJDPIFSNFOVUJDB RVF M DSFZ FODPOUSBS ZB
OP TMP FO "SJTUUFMFT TJOP FO FM DPOKVOUP EF MB MPTPGB HSJFHB "IPSB
CJFO RVF MB WFSEBE FT TVQPOF RVF MPT GFONFOPT DPSSFTQPO
EJFOUFT IBO EF TFS TBDBEPT EF TV PDVMUBNJFOUP FT EFDJS EFTWFMBEPT
%FTWFMBS FT MP QSPQJP EF %BTFJO RVF FT FO MB WFSEBE Z QPS UBOUP UBN
$G . )FJEFHHFS PQ DJU g QQ TT

2VJ[ FM NT SFMFWBOUF FO FTUF TFOUJEP TFB -HJDB -B QSFHVOUB QPS MB WFSEBE

"MJBO[B .BESJE USBE + "MCFSUP $JSB
$G *C g QQ

7FSEBE Z TFOUJEP
CJO FO FM FSSPS
1SPQJBNFOUF EFTWFMBEPS FT FM %BTFJO Z QPS UBOUP MB
WFSEBE FO TFOUJEP QSJNPSEJBM FT FM NJTNP %BTFJO UBNCJO QPSRVF MP
RVF IB EF EFTPDVMUBS FT FM TFS Z FT BM IBDFSMP DVBOEP DPNQBSFDF FM TFO
UJEP 1PS PUSB QBSUF MPT GFONFOPT TPO EFTWFMBEPT MVFHP FO TFHVOEP
MVHBS UBNCJO MBT DPTBT MPT FOUFT TPO WFSEBE "IPSB CJFO QVFTUP RVF
MB DPOEJDJO EFM EFTWFMBNJFOUP FT FM %BTFJO M NJTNP FT MB NFEJEB EF
MB WFSEBE 1PS FTP EJS )FJEFHHFS RVF IBZ TFS Z WFSEBE FO MB NFEJEB
FO RVF FM %BTFJO FT
"T FT DPNP )FJEFHHFS DPNQSFOEB MB WFSEBE Z DPO FMMB FM TFOUJ
EP FO MB FUBQB EF 4FS Z UJFNQP 5SBT FM HJSP VOP EF MPT QSPQTJUPT
EPNJOBOUFT FO FM RVFIBDFS IFJEFHHFSJBOP TFS FM EF FMBCPSBS MB DVFT
UJO EFM TFS GVFSB EFM SBEJP EF MB MPTPGB EF MB TVCKFUJWJEBE FT EFDJS
GVFSB EF VOB DPNQSFOTJO USBTDFOEFOUBM RVF DPNP TF BDBCB EF BQSF
DJBS
FO BRVFM NPNFOUP UPEBWB SFTVMUBCB JNQFSBOUF 2VJ[ QPS FTUB
SB[O B QBSUJS EF MB ,FISF FM QFOTBEPS BMFNO JOUFOUB VOB WJODVMB
DJO EJGFSFOUF B MB FTUBCMFDJEB FO TV PCSB NBHOB FOUSF TFS Z WFSEBE
"IPSB TFS FT BDPOUFDFS EF WFSEBE EF TFOUJEP QFSP EOEF BDPOUFDF
4JHVJFOEP UPEBWB EF BMHO NPEP FO MB FTUFMB EF ,BOU QBSFDF TFHV
SP RVF EFCF BDPOUFDFS FO VO FTQBDJP Z FO VO UJFNQP DPO UFSNJOPMPHB
IFJEFHHFSJBOB FO VO NCJUP FTQBDJPUFNQPSBM &M TFS OP FT TVKFUP OJ
DPODJFODJB OP FT MP USBTDFOEFOUF OJ FM GVOEBNFOUP OP FT MB EJWJOJEBE
UPEPT FTUPT TPO FOUFT &M TFS TMP QVFEF BDPOUFDFS FO FM %BTFJO RVF FT
DPODFCJEP DPNP VOB FTQFDJF EF KVFHP EF FTQBDJP Z UJFNQP
&T BT DPNP FO FM USBOTDVSSJS EFM QFOTBS IFJEFHHFSJBOP IBDF TV
BQBSJDJO VO FMFNFOUP RVF TJ OP FT OVFWP BM NFOPT FT GPSNVMBEP EF
NPEP OPWFEPTP Z RVF SFTVMUB FTQFDJBMNFOUF SFMFWBOUF QBSB FM BTVOUP
RVF OPT PDVQB 4F USBUB EFM DMBSP EFM CPTRVF MB -JDIUVOH
6O MV
$G . )FJEFHHFS 4FS Z UJFNQP PQ DJU g Z -PT QSPCMFNBT GVOEBNFOUBMFT

EF MB GFOPNFOPMPHB PQ DJU * g
&T OFDFTBSJP JOTJTUJS FO MP RVF )FJEFHHFS BDMBS VOB WF[ NT FO TV DPOGFSFODJB
&M OBM EF MB MPTPGB Z MB UBSFB EFM QFOTBS FO 5JFNQP Z TFS 5FDOPT .BESJE
JOUSPE .BOVFM (BSSJEP USBET .BOVFM (BSSJEP +PT -VT .PMJOVFWP Z
'MJY %VRVF QQ &O FMMB WPMWJ B BEWFSUJS RVF MB -JDIUVOH EFM %B P
EF MB WFSEBE FOUSF TFS Z %BTFJO OP EFCF EF TFS FOUFOEJEB EFTEF MB NFUBGTJDB

HBS EPOEF FM BDPOUFDFS EF TFS UJFOF TV NPSBEB FTUF MVHBS FT VO NCJUP

EF BQFSUVSB FM BI EFM TFS %BTFJO
RVF DPNP UBM QFSNJUF RVF BDPOUF[
DB FM PDVMUBNJFOUPEFTPDVMUBNJFOUP EFM TFS -P RVF DBSBDUFSJ[B B FTUF
DBMWFSP FT TV DBSDUFS EF FTQBDJPUJFNQP BCJFSUP BVORVF TV BQFSUVSB
OP QFSNJUB FO OJOHO DBTP VO EFTPDVMUBNJFOUP DPNQMFUP EFM TFS &TUP
DPOTUJUVJSB TJO EVEB VO DPOUSBTFOUJEP QPSRVF FO FTF NJTNP JOTUBOUF
JNQPTJCMF FM TFS TF IBCSB USBOTGPSNBEP FO VO FOUF NT "T B QBSUJS
EF QBSFDF RVF )FJEFHHFS MPHSB FMJNJOBS UPEP SBTUSP EF VOB
DPODFQDJO USBTDFOEFOUBM Z QSFTFODJBMJTUB EF MB TUB ZB OP
FT JOUFSQSFUBEB DPNP QVSP EFTWFMBNJFOUP FT NT CJFO BDPOUFDFS EFM
KVFHP PDVMUBNJFOUPEFTPDVMUBNJFOUP
5SBT UPEP MP FYQVFTUP DBCF TPTUFOFS RVF FM TFS Z MB WFSEBE OVODB
TF TJUVBSPO QBSB )FJEFHHFS FO FM UFSSFOP EF MBT DPTBT RVF TPO EF
MP TVCTJTUFOUF 5BM DPOWJDDJO RVFEB SFGPS[BEB DPO MB JEFB EF MB DPQFS
UFOFODJB FOUSF BDPOUFDFS EFM TFS Z %BTFJO %F FTUF NPEP BEFNT
)FJEFHHFS DSFF IBCFS DPOKVSBEP MB DPODFQDJO EFM %BTFJO DPNP DPO
EJDJO EF QPTJCJMJEBE BMHP RVF B QFTBS EF TVT JOUFOUPT OP MPHS FWJUBS
EF NBOFSB TBUJTGBDUPSJB EVSBOUF MB QPDB EF 4FS Z UJFNQP
&SFJHOJT
4F IB RVFSJEP NPTUSBS FM HJSP RVF FM MTPGP EF 'SJCVSHP WB EFTEF

MB QSFHVOUB QPS FM TFOUJEP EFM TFS FO 4FS Z UJFNQP IBTUB MB QSFHVOUB
QPS MB WFSEBE EFM TFS 1FSP TJ TF RVJFSF WFS DPO DMBSJEBE FTUB FWPMV
DJO FT QSFDJTP JOUSPEVDJS VOB OVFWB OPDJO EF JNQPSUBODJB DSFDJFOUF
FO FM QFOTBNJFOUP EF TV BVUPS TF USBUB EFM &SFJHOJT BM RVF ZB TF IB
IFDIP SFGFSFODJB FO FM BQBSUBEP BOUFSJPS
WJODVMBEP EF GPSNB FTFODJBM
DPO MP RVF TF BDBCB EF FYQPOFS BDFSDB EF MB -JDIUVOH
EF MB MV[ "T DPNP TF FYQMJDB FO FTUF BQBSUBEP MB -JDIUVOH FT MP BCJFSUP $G 0

1HHFMFS /FVF 8FHF NJU .BSUJO )FJEFHHFS "MCFS 'SFJCVSH.ODIFO
QQ
&O DVBMRVJFS DBTP FTUF BTVOUP WB B TFS BCPSEBEP NT EFUFOJEBNFOUF FO FM DBQ
UVMP EF FTUF MJCSP EFEJDBEP B MB *OUSPEVDDJO B 2V FT NFUBGTJDB

&SFJHOJT
&T JOUFSFTBOUF TFBMBS RVF &SFJHOJT OP FT VO USNJOP RVF BQBSF

DJFSB NT P NFOPT UBSEBNFOUF FO MB PCSB EF .BSUJO )FJEFHHFS BVO
RVF TJO EVEB UVWP VO QSPUBHPOJTNP FTQFDJBM FO MBT $POUSJCVDJPOFT B
MB MPTPGB
Z B QBSUJS EF BRV :B FO 4FS Z UJFNQP TF FO
DVFOUSB VOB SFGFSFODJB BM &SFJHOJT EPOEF FM BDPOUFDFS EBT &SFJHOFO
FT FOUFOEJEP DPNP VOB BHVEJ[BDJO EFM FYQFSJNFOUBS Z FM FOUFOEFS

&M NJTNP USNJOP BQBSFDF UBNCJO FO 4PCSF MB FTFODJB EFM GVOEBNFO
UP
"EFNT SFTVMUB DPOWFOJFOUF TFBMBS RVF TFHO OVFTUSP
QFOTBEPS FO MB 3FQCMJDB 1MBUO TF SFFSF BM CJFO FODVBESOEPMP
EFOUSP EF BRVFMMB IJTUPSJB PSJHJOBSJB 6S(FTDIJDIUF
DPNP BRVFMMP
RVF FTU NT BMM EF UPEP TFS F JEFB Z RVF FT QPS FTP NJTNP MP RVF
QFSNJUF TFS BM TFS Z MBT JEFBT EF FTF CJFO RVF FT MB GVFOUF EF MB QPTJ
CJMJEBE FO DVBOUP RVF UBM QPTJCJMJEBE RVF VOB WF[ NT BIPSB DPNP
QPEFS DPNP FT NT BMUB RVF MB SFBMJEBE
&M USNJOP &SFJHOJT WVFMWF B BQBSFDFS FO &M PSJHFO EF MB PCSB EF
BSUF &O FTUF UFYUP TV BVUPS FOUJFOEF RVF MB PCSB EF BSUF QVFEF WPMWFS
B PDVQBS FM MVHBS RVF TF OPNCSB DPO FM USNJOP HSJFHP BM RVF
ZB TF IB BMVEJEP BM USBUBS EF MB EJGFSFODJB POUPMHJDB
" TV KVJDJP FO
MB VOJEBE FO FM DBNJOBS KVOUPT EFM Z EFM TF QSFTFOUB EF
OVFWP MB QSFHVOUB QPS MB WFSEBE RVF EF UJFNQP FO UJFNQP BDPOUFDF FO
VOB PCSB EF BSUF
%F DVBMRVJFS NPEP NT BMM EF MB IJTUPSJB JOUFSOB EFM USNJOP
EF TV FWPMVDJO QBSB FOUFOEFS NFKPS B RV OPT FTUBNPT SFSJFOEP
BM IBCMBS EF &SFJHOJT FT QSFDJTP SFNPOUBSTF EF OVFWP IBTUB "SJTUUF
MFT Z B TV GPSNVMBDJO EF MPT TFOUJEPT EFM TFS $PNP ZB TF IB JOEJDBEP
MB MPTPGB EFM FTUBHJSJUB FTU BUSBWFTBEB FO UPEBT TVT NBOJGFTUBDJP
OFT QPS EPT DPODFQUPT EF TVNB JNQPSUBODJB TF USBUB EF MBT OPDJPOFT
EF Z FT EFDJS FO MB USBEVDDJO QPTUFSJPS MBUJOB Z EF
MBT MFOHVBT NPEFSOBT MB QPUFODJB Z FM BDUP :B TF IB WJTUP Z TF QP
ES WFS NVDIP NT DMBSBNFOUF FO FM EFTBSSPMMP EF MB TFHVOEB QBSUF
EF FTUF MJCSP DNP )FJEFHHFS QSFUFOEF BEWFSUJS VOB SFEVDDJO FO MB
$G 0 1HHFMFS /FVF 8FHF NJU .BSUJO )FJEFHHFS PQ DJU Q
$G *C Q

QPDB EFM QFOTBNJFOUP NFEJFWBM EF MB B MB BDUVBMJUBT "M QP

OFS EF SFMJFWF FTUB USBOTGPSNBDJO VOP EF MPT PCKFUJWPT EF )FJEFHHFS
FT NPTUSBS MB SB[O RVF IB DPOEVDJEP BM QFOTBNJFOUP PDDJEFOUBM QPS MB
TFOEB EFM QSFTFODJBMJTNP 4FHO OVFTUSP QFOTBEPS MB MPTPGB QSJNFSB
BSJTUPUMJDB FT UFPMPHB ZB RVF DVMNJOB FO FM FOUF TVQSFNP %JPT RVF
DPNP BDUP QVSP TFSB MB QVSB QSFTFODJB 1FSP ZB TF IB TFBMBEP RVF
B KVJDJP EFM BVUPS EFM /JFU[TDIF ** FM USNJOP NT BEFDVBEP QBSB EFT
DSJCJS MB FTFODJB EFM %BTFJO DPNP NCJUP QBSB FM BDBFDJNJFOUP EF MB
WFSEBE EFM TFS FT FM EF -JDIUVOH 1VFT CJFO FO FTUF PSEFO EF DPTBT
TF TJUB MB WJODVMBDJO USBOTGPSNBEB QPS MB PSJHJOBMJEBE EFM QFOTBS
IFJEFHHFSJBOP EF FTUB -JDIUVOH DPO MB TJFNQSF RVF TUF
DPODFQUP TF FOUJFOEB DPNP FYJHJSB )FJEFHHFS
EF NBOFSB TVDJFOUF
NFOUF PSJHJOBSJB &T EFDJS TJFNQSF RVF FWPRVF MP RVF TJHOJDBCB FO
MPT DPNJFO[PT DBQBDJEBE QPEFS $BCF QFOTBS RVF TJ )FJEFHHFS SFMB
DJPOB BVORVF FTDBTFFO MBT JOEJDBDJPOFT FYQSFTBT BM SFTQFDUP

Z &SFJHOJT FT QPSRVF FO FM BOUJHVP QFOTBEPS HSJFHP BT DPNP FO TVT
BOUFDFTPSFT FODPOUS VOB JOTQJSBDJO RVJ[ JHOPSBEB QPS FMMPT NJT
NPT
DBQB[ EF MMFWBS BEFMBOUF FM QFOTBS EFM TFS
-FOHVBKF
4F IB TVCSBZBEP TVDJFOUFNFOUF RVF FO PQJOJO EF )FJEFHHFS FM

EFDJS NFUBGTJDP FT POUJDBOUF Z RVF MP FT EF UBM NBOFSB RVF DPO
TUF MB NFUBGTJDB DVNQMF TV EFTUJOP MPHSBS RVF FM TVKFUP BVUPDPOT
DJFOUF DPOTUSVZB FM NVOEP PCKFUJWP )FJEFHHFS WB B SFBDDJPOBS DPOUSB
MB PCKFUJWJEBE ZB RVF FOUJFOEF RVF FM PCKFUJWJTNP EFCJEP B MB QSFF
NJOFODJB EFM EFDJS NBOJGFTUBUJWP DPOTUJUVZF VOB EF MBT NT TMJEBT
SB[POFT QBSB FYQMJDBS DNP Z QPS RV MB NFUBGTJDB IB EFTFNCPDBEP
FO UFDOPDJFODJB
$PNP TF IB WJTUP FO FM QSJNFS BQBSUBEP EF FTUB JOUSPEVDDJO HF
OFSBM "SJTUUFMFT FOUFOEB RVF IBCB BMHVOBT GPSNBT EF EJTDVSTP FO
MBT RVF TF EBCB MB WFSEBE FT EFDJS RVF FSBO NBOJGFTUBUJWBT 4F USBUB
EFM 1VFT CJFO DPNP FT TBCJEP )FJEFHHFS TPTUVWP

-FOHVBKF
RVF GVFSPO TUBT MBT RVF TJSWJFSPO DPNP GVOEBNFOUP QBSB FM EFDJS NF
UBGTJDP Z DJFOUDP FO MB NFEJEB FO RVF TPO FTQFDJBMNFOUF BQUBT QBSB
FOUFOEFS MB WFSEBE DPNP MB BEFDVBDJO FOUSF FM TVKFUP Z FM PCKFUP
4JO FNCBSHP QBSB IBDFS KVTUJDJB BM QFOTBEPS EF &TUBHJSB IBZ RVF
TFBMBS RVF TUF OVODB TFOUFODJ RVF FM GVFSB FM
OJDP NPEP EFM EFDJS -P RVF TPTUVWP FM EJTDQVMP EF 1MBUO FT RVF
TUF FSB VOB EF MBT GPSNBT FO RVF QPEB NPEVMBSTF FM
EF NBOFSB UBM RVF BRVM QFSUFOFDB B TUF 4F USBUB EF BMHP CJFO
TFODJMMP EF FOUFOEFS TJ OPT QFSDBUBNPT EF RVF UPEP EFDJS FT TJHOJDB
UJWP BVORVF OP TJFNQSF TFB NBOJGFTUBUJWP &YJTUF FTB NBOFSB QSFWJB
Z DPNO EF EFDJS RVF FT MB QSPQJB EFM EFM RVF FT
DBSBDUFSTUJDP RVF OP EFTWFMB MB WFSEBE OJ MB GBMTFEBE FO MB GPSNB EF MB
DPNQPTJDJO Z MB EJWJTJO "IPSB CJFO FTUF EFDJS TJHOJDBUJWP OP QPS
FMMP EFKB EF TFS Z EF DPOUFOFS TV QSPQJB BSUJDVMBDJO &O M FODVFOUSB
)FJEFHHFS VOB QPTJCJMJEBE QBSB FM MFOHVBKF QSPQJP EF MPT QPFUBT Z EF
MPT QFOTBEPSFT EFM TFS
&O DVBMRVJFS DBTP QBSB IBDFS KVTUJDJB BM USBUBNJFOUP IFJEFHHF
SJBOP EFM MFOHVBKF IBZ RVF UFOFS FO DVFOUB RVF TUF ZB SFTVMUB EFDJTJWP
FO 4FS Z UJFNQP Z UBNCJO FO FM DVSTP EF -HJDB -B QSFHVOUB
QPS MB WFSEBE "VORVF TF QVFEFO BEWFSUJS BMHVOBT EJGFSFODJBT EF QMBO
UFBNJFOUP )FJEFHHFS FOUJFOEF ZB FO BRVFM NPNFOUP RVF MB BQFSUVSB
FT MJOHTUJDB /P PCTUBOUF FT DJFSUP RVF FM MFOHVBKF DPCSB VO NBZPS
QSPUBHPOJTNP B QBSUJS EF MB TFHVOEB NJUBE EF MPT BPT USFJOUB &O MB
DPOGFSFODJB RVF )FJEFHHFS EJDU FO 3PNB TPCSF )MEFSMJO
ZB
TF DPOTJEFSB FM MFOHVBKF DPNP FM &SFJHOJT RVF TJUB BM IPNCSF FO TV
FTFODJB Z MP DPOTUJUVZF FO FM %B EFM TFS FO FM BI EFM TFS
4JO FNCBSHP IBZ RVF UFOFS FO DVFOUB RVF B QBSUJS BQSPYJNBEB
NFOUF EF )FJEFHHFS FNQSFOEF VOB OVFWB FUBQB EF TV DBNJOP
&O FTF NPNFOUP TVT QSPQVFTUBT BOUFSJPSFT TJHVFO UFOJFOEP WBMJEF[
BOUF UPEP FO FM TFOUJEP EF RVF MF MMFWBO B QSPGVOEJ[BS UPEBWB NT FO
$PNP ZB TF IB SFDPSEBEP FO FM BQBSUBEP TJFNQSF FO UPEP EFDJS SJHF MB

FTUSVDUVSB FUXBT BMT FUXBT FTUP FT BMHP TJFNQSF TF EJDF DPNP BMHP
$G 0 1HHFMFS /FVF 8FHF NJU .BSUJO )FJEFHHFS PQ DJU Q

MB JEFB TFHO MB DVBM FM MFOHVBKF FT MB NPSBEB EFM TFS UBM DPNP EJDF BM
DPNJFO[P EF MB $BSUB TPCSF FM IVNBOJTNP
" KVJDJP EFM QFOTBEPS EF
'SJCVSHP MFOHVBKF FT EF NBOFSB FNJOFOUF FM EF MPT QFOTBEPSFT Z MPT
QPFUBT ZB RVF FOUJFOEF RVF FM EFDJS QPUJDP FT FM OJDP RVF IB QPEJEP
MJCSBSTF EF MBT DPOTUSJDDJPOFT MPHJDJTUBT RVF MB NFUBGTJDB MF JNQVTP B
BRVM 1PS FTP OP FT EF FYUSBBS RVF ZB BOUFT Z UBNCJO EFTQVT MPT
FTDSJUPT EF .BSUJO )FJEFHHFS BERVJSJFSBO VO UPOP QPUJDP DBTJ BM NF
OPT BM EFDJS EF BMHVOPT NTUJDP &TUP TF QVFEF FOUFOEFS NVZ CJFO
TJ SFDPSEBNPT B MPT DPNQBFSPT EF WJBKF RVF ZB UJFNQP BUST IBCB
FMFHJEP QBSB TV BWFOUVSB /JFU[TDIF Z )MEFSMJO "IPSB MP RVF EJDF MP
EJDF DPO BZVEB EF MBT WJTJPOFT EF FTUPT NBFTUSPT EFM MFOHVBKF
4FB DPNP GVFSF FO MPT BPT DJODVFOUB MB DVFTUJO EFM MFOHVBKF FT
MB RVF QSFPDVQB EF NPEP FTQFDJBM B )FJEFHHFS %F DBNJOP BM IBCMB
SFDPHF VOB TFSJF EF UFYUPT EF FTPT BPT &O 4FS Z UJFNQP RVFE DMBSP
RVF FM IPNCSF OP FT VOB DPTB NT FOUSF MBT DPTBT RVF TV QFDVMJBSJEBE
SFTJEF FO RVF B M DPNP %BTFJO TF MF BCSF FM TFS EF MPT FOUFT FO MB
QMVSBMJEBE EF TVT NPEPT Z TFOUJEPT 5BNCJO TF JOTJTUJ FO MB NJTNB
PCSB FO RVF MP RVF FT DPNQBSFDF FO TV EFTPDVMUBNJFOUP FO MB NFEJEB FO
RVF FM IPNCSF DPO TV FTFODJB QPJUJDB DPOUSJCVZF B TBDBS BEFMBOUF IB
DJB BGVFSB EJDIP EFTPDVMUBNJFOUP 1VFT CJFO BIPSB )FJEFHHFS JOTJTUF
FO RVF B EJDIB DPSSFTQPOEF VO NPEP QBSUJDVMBS EFM MFOHVBKF
DPO TV EFDJS FT 1PS FTP )FJEFHHFS FOUFOEJ RVF FM USBUBNJFOUP EFM
&SFJHOJT SFDMBNBCB VOB SFFYJO BDFSDB EFM MFOHVBKF
-PT UFYUPT B RVF OPT FTUBNPT SFSJFOEP QBSUFO EF RVF FM %BTFJO
DPO TV QBMBCSB UJFOF RVF DPSSFTQPOEFS BM &SFJHOJT EF NVOEP Z DPTB -B
MFOHVB DPNP TBHB TF USBOTGPSNB FO MFOHVBKF PSJHJOBSJP EFM &SFJHOJT
MB TBHB RVF OPT NVFTUSB MBT DPTBT 1PS FTP MB IFSNFOVUJDB WB B TFS
FOUFOEJEB BIPSB DPNP VO USBOTNJUJS VO NFOTBKF FO FM TFOUJEP HSJFHP
FTUP FT FO FM TFOUJEP EF )FSNFT MPT QPFUBT Z SBQTPEBT "IPSB CJFO
IBZ RVF UFOFS NVZ FO DVFOUB RVF FTF USBOTNJUJS BOVODJBS ZB OP
IB EF TFS FOUFOEJEP DPNP FO 4FS Z UJFNQP OJ UBO TJRVJFSB DPNP FO MBT
$G *C Q

$POUSJCVDJPOFT B MB MPTPGB QVFT BIPSB SFTVMUB GVOEBNFOUBM IBDFS

RVF FM NJTUFSJP FM PDVMUBNJFOUP FO DVBOUP UBM QFSNBOF[DB

SFOF EPT DPOGFSFODJBT FO MBT RVF
)FJEFHHFS WVFMWF B JOTJTUJS FO RVF DVBOEP TF SFFSF B MB EJGFSFODJB
POUPMHJDB OP TF USBUB EF EJTUJOHVJS VO FOUF EF PUSP RVF MB EJGFSFODJB
OP FT OUJDB TJOP POUPMHJDB 1FSP FTUP FT QSFDJTBNFOUF MP RVF OP WF
MB USBEJDJO 1PS FM DPOUSBSJP OVFTUSP QFOTBEPS DPOTJEFSB RVF FM TFS
TPCSFWJFOF B MP FOUF RVF MP FOUF MMFHB B TFS P TF IBDF QSFTFOUF FO M
1FSP MB EJGFSFODJB EFCF EF TFS QVFTUB FO SFMBDJO DPO VOB JEFOUJEBE
FO MB RVF FM TFS FO TV QMVSBMJEBE Z FM QFOTBNJFOUP P %BTFJO DPSSFT
QPOEJFOUFNFOUF QVFEBO TFS VOJEPT FO MB TVCJUBOFJEBE EF VO JOTUBOUF

&M BDPOUFDJNJFOUP RVF IBZ RVF QFOTBS FT BRVM RVF IBDF QP
TJCMF MB IJTUPSJB EFM TFS MPT BDPOUFDJNJFOUPT BQSPQJBEPSFT EF TFOUJEP
&SFJHOJTTF
1FSP MB IJTUPSJB EFM TFS DPO FM PMWJEP EF FTF BDPOUFDJ
NJFOUP TF BCPDB B T NJTNB B TV OBM %F FTUF NPEP FT DPNP FM PSJHFO
QFSNBOFDF DPNP VO BDPOUFDJNJFOUP BM RVF MF QFSUFOFDF FM SFUJSBSTF Z
PDVMUBSTF FM IVSUBSTF 1PS FTP BDPOUFDFS FSFJHOFO
FT TJNVMUOFBNFO
UF VO SFUJSBSTF EF MP QSPQJP EF UBM BDPOUFDFS FOUFJHOFO
5BNCJO FO
5JFNQP Z TFS VO UFYUP EF )FJEFHHFS JOTJTUF FO MP RVF TF BDB
CB EF FYQPOFS FM BDPOUFDFS FM BDPOUFDJNJFOUP &SFJHOJT
TF QSPUFHF
FO TV PDVMUBSTF EF UBM NBOFSB RVF MP TVZP QSPQJP TF SFUJSB EFM UPUBM
EFTPDVMUBNJFOUP QPTJCMF FO FM DMBSP EF CPTRVF
"M OBM EF FTUF SFDPSSJEP TF BEWJFSUF MP RVF ZB TF IB BOVODJBEP
EFTEF FM QSJODJQJP 2VF UPEP FM DBNJOP EFM QFOTBS EF .BSUJO )FJEFHHFS
HJSB BMSFEFEPS EF VOB OJDB DVFTUJO BVORVF TV QSFHVOUB QPS FM TFO
UJEP EFM TFS MF MMFWBSB B JOBVHVSBS NMUJQMFT TFOEBT NPWJEP TJFNQSF
. )FJEFHHFS *EFOUJEBE Z EJGFSFODJB "OUISPQPT #BSDFMPOB FE " -FZ

UF USBE " -FZUF Z )FMFOB $PSUT
. )FJEFHHFS 5JFNQP Z TFS 5FDOPT .BESJE JOUSPE .BOVFM (BSSJEP
USBET .BOVFM (BSSJEP +PT -VT .PMJOVFMP Z 'MJY %VRVF QQ

QPS FM NJTNP QSPQTJUP QFOTBS FM TFS 2VF MPHSBSB TV QSPQTJUP P RVF

TUF SFTVMUBSB GBMMJEP FT VO BTVOUP RVF OP TF QVFEF EFDJEJS FO FTUBT
QHJOBT %F MP RVF OP DBCF EVEB FT EF RVF TV DVFTUJPOBS DPOTUJUVZF VO
DPOUJOVP BDJDBUF QBSB RVJFO TF JOUFSFTB QPS MB MPTPGB Z QPS RV OP
EFDJSMP QPS MB NFUBGTJDB

*
-B QSFHVOUB QPS FM TFS Z QPS

MB WFSEBE EFM TFS
$BQUVMP
&YQPTJDJO UFSJDB
5PEP FM FTGVFS[P MPTDP EF )FJEFHHFS FTU FOGPDBEP BM QSPCMFNB

EFM TFS RVF QBSB M DPOTUJUVZF FM BVUOUJDP Z OJDP UFNB EF MB MPTPGB
"M DPNJFO[P EF 4FS Z UJFNQP TFBMB RVF TV PCKFUJWP FT MB FMBCPSBDJO
EF MB QSFHVOUB QPS FM TFOUJEP EFM TFS Z FTUBCMFDF DPNP NFUB QSPWJTJPOBM
MB JOUFSQSFUBDJO EFM UJFNQP DPNP IPSJ[POUF QPTJCMF EF UPEB DPNQSFO
TJO EFM TFS &O FTUB UBSFB WBO B DPOWFSHFS USFT NPUJWPT CTJDPT RVF TF
TFBMBSPO BM IBCMBS EF MB GPSNBDJO EFM QFOTBNJFOUP IFJEFHHFSJBOP
"DUJUVE GFOPNFOPMHJDB EF BUFOFODJB B MPT GFONFOPT 6OB BD

UJUVE RVF FO MP FTFODJBM SFTQPOEF BM NJTNP QFOTBNJFOUP RVF
QFSNJUJ MB DPNQSFOTJO HSJFHB EF MB
*OWFTUJHBDJO EF MB OPDJO EF TFS TJFNQSF EFTEF VO QMBOUFBNJFO

UP GFOPNFOPMHJDP
$G 3 3PESHVF[ (BSDB )FJEFHHFS Z MB DSJTJT EF MB QPDB NPEFSOB PQ DJU Q

$PNQSFOTJO EF MB GFOPNFOPMPHB DPNP GFOPNFOPMPHB IFSNF

OVUJDB EF MB GBDUJDJEBE MP RVF FYQMJDB MB OFDFTJEBE EF BUFOEFS
BM WJWJS IJTUSJDP DPODSFUP 1SFDJTBNFOUF FM OP UFOFS FO DVFOUB
MB GBDUJDJEBE F IJTUPSJDJEBE GVF VOB EF MBT SB[POFT TJFNQSF B
KVJDJP EF )FJEFHHFS RVF BDBC DPOEVDJFOEP B )VTTFSM QPS MPT
EFSSPUFSPT EF MB GFOPNFOPMPHB USBTDFOEFOUBM
"VORVF FO 4FS Z UJFNQP MB QSFHVOUB EF )FJEFHHFS OP WB EJSJHJEB

QSJNBSJBNFOUF BM %BTFJO TJOP RVF TF JOUFSSPHB QPS FM TFOUJEP EFM TFS
FM %BTFJO PDVQB VO MVHBS DBQJUBM EBEB TV QSJPSJEBE OUJDB POUPMHJDB
Z OUJDPPOUPMHJDB &TUB QSJNBDB PCFEFDF B RVF FM %BTFJO FT FM FOUF
QSJWJMFHJBEP RVF DPNQSFOEF FM TFS Z QPS FTP MB BOBMUJDB FYJTUFODJBM
DPOTUJUVZF FM OFDFTBSJP QBTP QSFWJP QBSB MB FMBCPSBDJO EF MB QSFHVOUB
QPS FM TFS -B BOBMUJDB FYJTUFODJBM FTUVEJB MPT FMFNFOUPT FTUSVDUVSB
MFT EF MB FYJTUFODJB FT EFDJS MPT FYJTUFODJBSJPT QBSB QPEFS QMBOUFBS
TJRVJFSB MB QSFHVOUB QPS FM TFOUJEP EFM TFS
&T VOB OPDJO DMBWF GPSNVMBEB FYQMDJUBNFOUF FO 4FS Z UJFNQP

QPS WF[ QSJNFSB BVORVF EFTBSSPMMBEB NT JOUFOTB Z EFUFOJ
EBNFOUF FO PCSBT QPTUFSJPSFT $POTJTUF FO FM FTUBCMFDJNJFOUP EF MB
EJGFSFODJB FOUSF FM TFS Z FM FOUF SFDPSEBOEP RVF MP POUPMHJDP FT MP
SFMBUJWP BM TFS Z MP OUJDP MP RVF TF SFFSF BM FOUF
&M TFS OP FT VO
BMHP VOB DPTB VO RV &O PQJOJO EF )FJEFHHFS "SJTUUFMFT Z USBT
M UPEB MB NFUBGTJDB PDDJEFOUBM EF FOUSF MB NVMUJQMJDJEBE EF TFO
UJEPT EFM TFS QSJWJMFHJ FM EF MB FOUJEBE
1FSP FRVJWBMF
B MP RVF FTU FO BDUP MP RVF QPTFF BDUVBMNFOUF FO QSFTFOUF BRVFMMP
RVF FT &TUP MF QFSNJUF DPODMVJS BM QFOTBEPS EF 'SJCVSHP RVF FT QSF
TFOUF QSFTFODJB "OXFTFOIFJU
1BSB )FJEFHHFS FTUB QSFFNJOFODJB
RVF "SJTUUFMFT DPODFEF B MB FT VO FSSPS QPSRVF BM QSJWJMFHJBS MB
QSFTFODJB EFKB EF MBEP MP RVF DPOTUJUVZF QBSB M FM IPSJ[POUF EFM TFS MB

&YQPTJDJO UFSJDB
UFNQPSBMJEBE :B FO FTUPT NPNFOUPT QBSB )FJEFHHFS FM TFOUJEP QSJ

NPSEJBM EFM TFS OP FT MB FOUJEBE TJOP MB WFSEBE &TUF BTQFDUP FT NVZ
JNQPSUBOUF QPSRVF QSFDJTBNFOUF MP RVF DBSBDUFSJ[BS FM HJSP ,FISF
EF )FJEFHHFS RVF UJFOF MVHBS QPDP EFTQVT EF MB QVCMJDBDJO EF 4FS

Z UJFNQP FT FM QSFHVOUBSTF ZB OP QPS FM TFS TJOP QPS MB WFSEBE EFM
TFS &T EFDJS TF EB BM NFOPT VO DBNCJP EF BDFOUP MB QSFHVOUB QPS
FM TFOUJEP EFM TFS TF GPSNVMBS DPNP MB QSFHVOUB QPS MB WFSEBE EFM
TFS
/FDFTJEBE EF VOB EFTUSVDDJO EF MB IJTUPSJB EF MB NFUB

GTJDB
-B IJTUPSJB EF MB NFUBGTJDB TF DBSBDUFSJ[B QPSRVF OP UJFOF FO DVFO

UB MB EJGFSFODJB POUPMHJDB FOUSF TFS Z FOUF Z QPS TV PMWJEP EF MB QSF
HVOUB QPS FM TFS )FJEFHHFS QSFUFOEF SFUSPUSBFSTF B MB FYQFSJFODJB PSJ
HJOBSJB EF MB RVF QBSUF FTF PMWJEP EFM TFS MP RVF MF PCMJHB B WPMWFS B
"SJTUUFMFT " QBSUJS EF M FM PMWJEP EFM TFS TF QFSQFUB FO MB SFGPS
NVMBDJO FTDPMTUJDB EF MB POUPMPHB HSJFHB FO MB MPTPGB EFM DPHJUP
DBSUFTJBOP FO MB MPTPGB USBTDFOEFOUBM LBOUJBOB Z FO FM TVKFUP BCTP
MVUP EF )FHFM 4J RVFSFNPT QMBOUFBS QPS O MB QSFHVOUB QPS FM TFS TFS
OFDFTBSJP EFTUSVJS UPEBT MBT DBQBT EF MBT RVF TF IB JEP SFDVCSJFOEP
QBVMBUJOBNFOUF MB USBEJDJO &TUB EFTUSVDDJO FT UBM DPNP MB FOUJFOEF
)FJEFHHFS VOB EF MBT FUBQBT EFM NUPEP GFOPNFOPMHJDP Z OP UJFOF
VO TFOUJEP NFSBNFOUF OFHBUJWP TJOP RVF DPOTJTUF FO VOB SFDPOTUSVD
DJO DSUJDB EF MPT DPODFQUPT POUPMHJDPT IFSFEBEPT EF MB USBEJDJO
4MP NFEJBOUF FTUF EJMPHP DSUJDP DPO MB USBEJDJO TF IBS QPTJCMF FM
JOUFOUP EF VOB BVUOUJDB POUPMPHB FO DPODSFUP FM EF MB POUPMPHB GVO
EBNFOUBM " TV WF[ QBSB MMFWBS B DBCP FTUB BWFSJHVBDJO IJTUSJDB FT
OFDFTBSJP VO NPNFOUP QSFWJP FO RVF TF E DVFOUB EF MB UFNQPSBMJEBE
F IJTUPSJDJEBE EFM %BTFJO TMP BT TUF QPES BQSPQJBSTF EF GPSNB QSP
EVDUJWB EF MB USBEJDJO
$G . )FJEFHHFS -PT QSPCMFNBT GVOEBNFOUBMFT EF MB GFOPNFOPMPHB PQ DJU

Q

&M NUPEP GFOPNFOPMHJDP RVF TF TVTUFOUB FO MB NYJNB aB MBT

DPTBT NJTNBT
FT FM FYJHJEP QBSB MB JOWFTUJHBDJO EFM TFS EFM FOUF
&M DPODFQUP DPOWFODJPOBM EF GFONFOP JOEJDB MP RVF TF NVFTUSB FO
T NJTNP MP QBUFOUF Z FTUP FT QSFDJTBNFOUF MP RVF DBSBDUFSJ[B B MPT
FOUFT 1FSP B FTUF DPODFQUP WVMHBS PQPOF )FJEFHHFS FM DPODFQUP GF
OPNFOPMHJDP Z DPOTJEFSB RVF FM PCKFUP EF MB GFOPNFOPMPHB EFCF TFS
FM TFS EFM FOUF %F BI RVF MB GFOPNFOPMPHB OP TFB VOB DJFODJB EJT
UJOUB EF MB POUPMPHB GVOEBNFOUBM QVFTUP RVF TF PDVQB FO EFOJUJWB
EF MB QSFHVOUB QPS FM TFS &TUF TFS OP TF NVFTUSB EF NPEP JONFEJB
UP Z FTUP FT MP RVF FYJHF TFS DPOWFSUJEP FO GFONFOP QBSB OP RVFEBS
FODVCJFSUP PMWJEBEP -B GVODJO QSJNBSJB EFM WB B TFS EFTPDVMUB
EPSB VO EFTWFMBS RVF QFSNJUB RVF BMHP TFB WJTUP EFTDVCJFSUP RVF MMF
HVF B NPTUSBSTF " FTF EFTDVCSJNJFOUP MMFWBEP B DBCP QPS FM %BTFJO
EFTWFMBEPS FT B MP RVF DPO UPEB QSPQJFEBE TF IB EF MMBNBS WFSEBE
FOUFOEJEB FO FM QSFDJTP TFOUJEP EF
$VBOEP )FJEFHHFS TF QSFHVOUB QPS FM TFS TF QSFHVOUB QPS MB WFS

EBE QPS FM TFS DPNP WFSEBE 4V SFTQVFTUB TJO QSFUFOEFSMP NT CJFO
QSFUFOEJFOEP KVTUBNFOUF MP DPOUSBSJP OP WB B MPHSBS FM QSPQTJUP EF
VOB UPUBM EFTWJODVMBDJO EF MB USBTDFOEFOUBMJEBE $PNP TF BDBCB EF
TVCSBZBS FO VO QSJNFS NPNFOUP TJHVJFOEP B "SJTUUFMFT Z FO MB
FTUFMB EF MB FWJEFODJB IVTTFSMJBOB MB WFSEBE FT FOUFOEJEB DPNP
DPNP EFTPDVMUBNJFOUP P EFTWFMBNJFOUP &O FM QBSHSBGP EF TV
*OUSPEVDDJO )FJEFHHFS FOUJFOEF RVF FM EFTPDVMUBNJFOUP FT BMHP
RVF MF UJFOF RVF TFS BSSFCBUBEP B MPT FOUFT RVF TV NPTUSBSTF OP FT BMHP
RVF MFT QFSUFOF[DB B MBT DPTBT FO DVBOUP UBMFT "IPSB CJFO QBSB RVF
BMHP TFB GFONFOP QBSB RVF TFB EFTDVCJFSUP FT OFDFTBSJP VO DPNQPS
UBNJFOUP EFTDVCSJEPS Z TUF OP FT PUSP RVF FM EFM %BTFJO P NT CJFO
TUF FT FM %BTFJO NJTNP %F FTUB GPSNB M BQBSFDF DPNP DPOEJDJO EF
QPTJCJMJEBE EF MB WFSEBE Z FO EFOJUJWB EFM TFS BVORVF )FJEFHHFS OVO
DB MP GPSNVMBS EF FTUF NPEP UBO SPUVOEP
1PS FTUP FT QPS MP RVF DBCF

&YQPTJDJO UFSJDB
TPTUFOFS RVF )FJEFHHFS DPOUJOB EFOUSP EFM FTRVFNB USBTDFOEFOUBM

4F QVFEF EFDJS RVF IBZ TFS TMP FO MB NFEJEB FO RVF IBZ %BTFJO OP
QPSRVF FM %BTFJO DSFF FM TFS P TFB TV DBVTB QVFTUP RVF FM TFS OP FT
VO FOUF &M %BTFJO OP QPOF MBT DPTBT TUBT FTUO BI OP EFQFOEFO
EF OPTPUSPT QBSB FYJTUJS FMMBT DPOTUJUVZFO EF BOUFNBOP FM DPOKVOUP EF
MP RVF MMBNBNPT MB OBUVSBMF[B 1FSP FTUB OBUVSBMF[B TF QVFEF DPOUSB
QPOFS BM NVOEP FO FM RVF TPNPT RVF FT TJFNQSF Z OP QVFEF TFS EF
PUSP NPEP
VO NVOEP JOUFSQSFUBEP QPS FM TFS RVF DPOTJTUF FO TFSFO
FMNVOEP /P UFOFNPT VO BDDFTP JONFEJBUP Z OFVUSBM BM NVOEP B MBT
DPTBT TJOP NFEJBEP QPS FM MFOHVBKF FT EFDJS QPS FM DPNQSFOEFS Z MB
JOUFSQSFUBDJO -B WFSEBE FT BT Z FO MUJNP USNJOP DVFTUJO IFSNF
OVUJDB QPSRVF FM %BTFJO FT IFSNFOVUJDP Z FTUP UJFOF BM NFOPT BT MP
QSFUFOEF )FJEFHHFS NVZ QPDP RVF WFS DPO MB WFSEBE DPNP BEFDVBDJO
/P IBZ RVF PMWJEBS RVF FO QSJODJQJP MB BEFDVBDJO FT FM DPSSFMBUP EF
VO DPNQPSUBNJFOUP EFTWFMBEPS QFSP UBNQPDP TF QVFEF PMWJEBS RVF
MB USBEJDJO MMFHB B EFTWJODVMBS EFTWFMBDJO Z WFSEBE EF NPEP RVF FO
MB QSPQPTJDJO ZB OP TF IBDF WJTJCMF FM GFONFOP FO FM RVF UFOESB TV
PSJHFO %JDIP EF PUSP NPEP FO MB NFEJEB FO RVF MB TF SFEVDF
BM NCJUP EF MB QSPQPTJDJO RVF EFUFSNJOB Z DPNVOJDBDJO MB WFSEBE
QBTB B TFS FOUFOEJEB FO FM NT QPCSF TFOUJEP EF BEFDVBDJO IBTUB FM
FYUSFNP EF RVF TF MMFHB B QFSEFS TV SFGFSFODJB B MPT GFONFOPT RVF
IBO TJEP EFTWFMBEPT Z DVZP EFTWFMBNJFOUP FMMB IB EF DPNVOJDBS
" QBSUJS EFM MMBNBEP HJSP ,FISF
FM QSPQTJUP EF )FJEFHHFS FT
RVF FM %BTFJO EFKF EF UFOFS MB QSJPSJEBE OUJDPPOUPMHJDB RVF PTUFO
UBCB FO 4FS Z UJFNQP MP RVF DSFF QPEFS MPHSBS TJ FO MVHBS EF QMBOUFBS
MB QSFHVOUB QPS FM TFOUJEP EFM TFS QBTB B DVFTUJPOBSTF QPS MB WFSEBE
EFM TFS &M BVUPS EF 4FS Z UJFNQP WJODVMBS BIPSB WFSEBE Z TFS EF VOB
GPSNB EJGFSFOUF &OUFOEFS MB WFSEBE DPNP WFSEBE EFM TFS QFSP BCBO
EPOBS FO CVFOB NFEJEB MB DPODFQDJO EF MB WFSEBE DPNP
QSFDJTBNFOUF QPS DPOTJEFSBSMB QSFTFODJBMJTUB
)F TFBMBEP BOUFT DNP FO MB QPDB EF 4FS Z UJFNQP MB BOBMUJDB
EFM %BTFJO FO UBOUP RVF FOUF RVF DPNQSFOEF FM TFS FT VO QBTP QSFWJP
QBSB MB DPNQSFOTJO EFM TFS &TB BOBMUJDB WB B NPTUSBS RVF MB UFN
QPSBMJEBE FT VO SBTHP DPOTUJUVUJWP PSJHJOBSJP EFM %BTFJO Z RVF TUF FT

UFNQPSBM IJTUSJDP &M %BTFJO TF SFMBDJPOB DPO FM TFS DPNQSFOEJO

EPMP Z FM IPSJ[POUF EF FTB DPNQSFOTJO FT FM UJFNQP TMP FM UJFNQP
QFSNJUF MB DPNQSFOTJO EFM TFS EFM TFOUJEP 1PS FTP BSNB )FJEFHHFS
FO -PT QSPCMFNBT GVOEBNFOUBMFT EF MB GFOPNFOPMPHB
4J MB UFNQPSBMJEBE DPOTUJUVZF FM TFOUJEP EFM TFS EFM

%BTFJO IVNBOP Z TJ B MB DPOTUJUVDJO EFM TFS EFM %BTFJO
QFSUFOFDF MB DPNQSFOTJO EFM TFS FOUPODFT BTJNJTNP TUB
DPNQSFOTJO EFM TFS TMP QVFEF TFS QPTJCMF TPCSF MB CB
TF EF MB UFNQPSBMJEBE %F BRV TF TJHVF MB QFSTQFDUJWB EF
VOB QPTJCMF EFNPTUSBDJO EF MB UFTJT EF RVF FM UJFNQP FT FM
IPSJ[POUF B QBSUJS EFM DVBM TF IBDF DPNQSFOTJCMF BMHP BT
DPNP FM TFS
-PT UUVMPT EF MBT EPT QBSUFT FO RVF )FJEFHHFS IBCB EJWJEJEP FM

QSPZFDUP PSJHJOBM EF 4FS Z UJFNQP EBO DVFOUB EFM QBQFM DMBWF EF MB
UFNQPSBMJEBE
1SJNFSB QBSUF MB JOUFSSPHBDJO EFM %BTFJO QPS MB UFNQPSBMJEBE Z MB

FYQMJDBDJO EFM UJFNQP DPNP IPSJ[POUF USBTDFOEFOUBM EF MB QSF
HVOUB QPS FM TFS
4FHVOEB QBSUF MPT SBTHPT GVOEBNFOUBMFT EF VOB EFTUSVDDJO GFOPNF

OPMHJDB EF MB IJTUPSJB EF MB POUPMPHB BM IJMP EF MB QSPCMFNUJDB
EF MB UFNQPSBMJEBE
1BSB )FJEFHHFS FM DPODFQUP USBEJDJPOBM EF UJFNQP UBM DPNP TF IB

DPOPDJEP FO MPTPGB FT TMP VO EFSJWBEP EF MB UFNQPSBMJEBE DPNP TFO
UJEP PSJHJOBSJP EFM %BTFJO ,BOU GVF B KVJDJP EFM BVUPS EF 4FJO VOE
;FJU FM MTPGP RVF NT TF BDFSD B MB DPNQSFOTJO EFM UJFNQP ZB RVF
MP DPOTJEFS QPS NFODJPOBS BMHVOPT BTQFDUPT DPNP GPSNB B QSJPSJ EF
MB TFOTJCJMJEBE OFDFTBSJB QBSB MB QFSDFQDJO EF MPT GFONFOPT DPNP MB
*C Q

"OMJTJT UFYUVBM
DMBWF EFM FTRVFNBUJTNP Z DPNP DSJUFSJP EF EJTDSJNJOBDJO GVOEBNFO

UBM FO MPT QPTUVMBEPT EFM QFOTBNJFOUP FNQSJDP UPEP FMMP PSJFOUBEP B
MB DPOTUJUVDJO EF MB FYQFSJFODJB QPTJCMF
-P RVF TF BDBCB EF EFDJS QFSNJUF FTUBCMFDFS VO DJFSUP QBSBMFMJTNP
FOUSF ,BOU Z )FJEFHHFS DPO SFTQFDUP BM UJFNQP TJ FO ,BOU FM UJFNQP
FT OVDMFBS QBSB MB DPOTUJUVDJO EF MB FYQFSJFODJB QPTJCMF FO )FJEFHHFS
TMP FM UJFNQP QFSNJUF MB DPNQSFOTJO EFM TFS QVFTUP RVF FT TV IPSJ
[POUF 4JO FNCBSHP )FJEFHHFS DPOTJEFSBS RVF ,BOU OP QSPGVOEJ[B
TVDJFOUFNFOUF FO TV DPOTJEFSBDJO EFM UJFNQP QPSRVF OP NPTUS TV
GVODJO POUPMHJDB GVOEBNFOUBM FT EFDJS TV SFMBDJO DPO MB JOUFSQSF
UBDJO EFM TFS 1SFDJTBNFOUF MB WJODVMBDJO EFM UJFNQP DPNP QSFHVOUB
QPS FM TFS FT MP RVF QSFUFOEF FM BVUPS EF 4FS Z UJFNQP
"OMJTJT UFYUVBM
&M UFYUP QVFEF FTUSVDUVSBSTF FO MBT QBSUFT RVF TF FOVNFSBO B DPO

UJOVBDJO DPO FM QSPQTJUP EF GBDJMJUBS TV FYBNFO
g QQ )FJEFHHFS GPSNVMB MB OFDFTJEBE EF SFQFUJS FYQM

DJUBNFOUF MB QSFHVOUB QPS FM TFS Z DSJUJDB MPT QSFKVJDJPT EF MPT
RVF TF IB TFSWJEP MB USBEJDJO QBSB FWJUBS FM EJGDJM BVORVF
JOFTRVJWBCMF QMBOUFBNJFOUP EF MB QSFHVOUB QPS FM TFS $PODMVZF
TV SFWJTJO BEWJSUJFOEP RVF TFHO FM FTUBEP EF DPTBT EFTDSJUP
MB QSFHVOUB FT PTDVSB Z DBSFDF EF EJSFDDJO
gg QQ &TUPT UFYUPT FTUO FOGPDBEPT FO QSJNFSB JOT

UBODJB B EFTFOUSBBS MB FTUSVDUVSB EF MB QSFHVOUB Z FO DPODSFUP
EF MB QSFHVOUB QPS FM TFS -PT BOMJTJT RVF )FJEFHHFS MMFWB B DB
CP MF QFSNJUFO BDBCBS EFDMBSBOEP RVF FM %BTFJO UJFOF VOB USJQMF
QSJNBDB OUJDP POUPMHJDB Z OUJDPPOUPMHJDB
g QQ 1PS QSJNFSB WF[ )FJEFHHFS GPSNVMB VOB EF MBT

OPDJPOFT RVF TFSO DMBWF B MP MBSHP EF TV DBNJOP 4F USBUB EF MB

EJGFSFODJB POUPMHJDB RVF FT MB RVF IBZ FOUSF FM TFS Z FM FOUF &M

TFS RVF FT EFM FOUF OP FT VO FOUF TJOP MB OBEB EFM FOUF
g QQ %FOUSP ZB EFM TFHVOEP DBQUVMP EF MB *OUSP

EVDDJO FM BVUPS EF 4FS Z UJFNQP TF BQMJDB B MB UBSFB EF MB
EFTUSVDDJO )FJEFHHFS DPO FO RVF FSB QPTJCMF MMFHBS IBTUB MB
FYQFSJFODJB PSJHJOBSJB Z BOUFT EFTQMFH OPDJPOFT EF SFMFWBODJB
UBMFT DPNP MBT EF UFNQPSBMJEBE IJTUPSJDJEBE Z TJUVBDJO IFSNF
OVUJDB
g QQ -B *OUSPEVDDJO B 4FS Z UJFNQP TF DJFSSB DPO

VO QBSHSBGP DBQJUBM FO RVF )FJEFHHFS FYQPOF DVM FT TV DPO
DFQDJO EF GFONFOP Z GFOPNFOPMPHB 4F BEWJFSUF BM
MFFS FTUF UFYUP MB JNQSPOUB IFSNFOVUJDB RVF IBZ FO TV QFO
TBNJFOUP 1PS PUSB QBSUF )FJEFHHFS NVFTUSB RVF FM WFSEBEFSP
GFONFOP FT FM TFS
g$ QQ &O MBT QHJOBT OBMFT EF TV *OUSPEVDDJO

)FJEFHHFS FYUSBF BMHVOBT DPODMVTJPOFT EF OP QPDB JNQPSUBODJB
4PO MBT RVF UJFOFO RVF WFS DPO MB SFMBDJO TFS Z WFSEBE Z %B
TFJOWFSEBE FO FTUF NPNFOUP )FJEFHHFS FOUJFOEF UPEBWB RVF
FM %BTFJO FT DPOEJDJO EF QPTJCJMJEBE EF MB WFSEBE "EFNT TF
SFFSF BM UJFNQP F JOTJTUF FO RVF MB BOBMUJDB FYJTUFODJB NPTUSB
S RVF UFNQPSBMJEBE F IJTUPSJDJEBE TPO SBTHPT POUPMHJDPT EFM
%BTFJO
&M QSPCMFNB RVF QMBOUFB )FJEFHHFS DPNP ODMFP EF 4FS Z UJFNQP

OP DPOTJTUF OJDBNFOUF FO RVF OPT GBMUF MB SFTQVFTUB B MB QSFHVOUB QPS
FM TFOUJEP EF TFS TJOP UBNCJO FO RVF MB QSFHVOUB NJTNB FT PTDVSB
Z IBDF GBMUB SFQMBOUFBSMB FMBCPSBSMB EF OVFWP &MMP FT BT QPSRVF UBM
QSFHVOUB IB DBEP FO FM PMWJEP B QFTBS EF RVF NBSD MB JOWFTUJHBDJO
MPTDB EFTEF 1MBUO Z "SJTUUFMFT 1FSP SFBMNFOUF QPS MP RVF TF
QSFHVOU "SJTUUFMFT GVF QPS MB RVF OP DBCF USBEVDJS TJO NT

"OMJTJT UFYUVBM
QPS TFS UBM DPNP FO PDBTJPOFT IJ[P )FJEFHHFS BVORVF BM QFOTBEPS

EF 'SJCVSHP MF DPOWJOJFSB USBEVDJS EF FTUF NPEP FM USNJOP HSJFHP EF
DBSB B TV TJOHVMBS JOUFSQSFUBDJO
-B FOUJEBE
BSJTUPUMJDB FT
FTP MUJNP FO FM TFOUJEP EF QSJNFSP RVF OP UJFOF DPOUSBSJPT BVORVF
FO FMMB QVFEBO EBSTF MPT DPOUSBSJPT &T DJFSUP RVF B MP MBSHP EF MB IJTUP
SJB EF MB NFUBGTJDB FTUB OPDJO JS BEPQUBOEP EJWFSTBT NPEVMBDJPOFT
WJODVMBEBT FO OP QPDBT PDBTJPOFT B MBT USBEVDDJPOFT B MBT RVF TF IVCP
EF TPNFUFS &O MB &EBE .FEJB TFS DPODFCJEB DPNP TVCTUBOUJB FO FM
TFOUJEP EF MP RVF TVCZBDF FO MB NPEFSOJEBE EF MB NBOP EF %FTDBSUFT
DPNP BRVFMMP RVF FT FO T Z QPS T Z RVF OP OFDFTJUB EF OJOHO PUSP
QBSB FYJTUJS 4QJOP[B BBEJS BEFNT B FTUP RVF OP OFDFTJUB EF OJO
HVOB PUSB DPTB QBSB TFS QFOTBEP 'JOBMNFOUF DPO )FHFM MB FWPMVDJO
EFM DPODFQUP EF TVTUBODJB MMFHBS B TV NYJNB USBOTGPSNBDJO FO MB
NFEJEB FO RVF MB DVMNJOBDJO EFM TBCFS BCTPMVUP DPJODJEF DPO VO TFS
RVF FT B TV WF[ TVKFUP BCTPMVUP
1BSB )FJEFHHFS BVORVF TF FODVFOUSB FO VOB QPDB RVF TF FOUFOEB
DPNP MB DVMNJOBDJO EF MB NFUBGTJDB MB QSFHVOUB QPS FM TFS IB QBTBEP
B DPOTJEFSBSTF VOB USJWJBMJEBE Z FTUB DPOWJDDJO FTU BMJNFOUBEB QPS
USFT QSFKVJDJPT
&M DPODFQUP EF TFS FT FM NT VOJWFSTBM Z WBDP )FJEFHHFS SFDPHF

MB BSNBDJO EF TBOUP 5PNT EF RVF VOB DPNQSFOTJO EFM TFS
ZB FTU JNQMDJUB FO UPEP BRVFMMP RVF TF BQSFIFOEF DPNP FOUF
&O MB OPNFODMBUVSB NFEJFWBM FM TFS FT VO USBTDFOEFOUBM FO FM
TFOUJEP EF RVF QFSUFOFDF B UPEP FOUF QPS FM IFDIP EF TFSMP DPNP
VOP BMHP WFSEBEFSP CVFOP
1FSP OP IBZ RVF FOUFOEFS MB VOJ
WFSTBMJEBE EF TFS DPNP MB EFM HOFSP &M TFS OP FT FM HOFSP EF
MPT HOFSPT OJ FM HOFSP NT VOJWFSTBM 4V VOJWFSTBMJEBE USBT
DJFOEF MB EFM HOFSP "SJTUUFMFT ZB QMBOUFB FM QSPCMFNB EF MB
VOJEBE EFM TFS GSFOUF B MB NVMUJQMJDJEBE EF MBT DBUFHPSBT )FHFM
MP EFOJS DPNP MP JONFEJBUP JOEFUFSNJOBEP MP RVF B KVJDJP
EF )FJEFHHFS UBNQPDP SFTVFMWF FM QSPCMFNB GPSNVMBEP QPS FM
FTUBHJSJUB
. )FJEFHHFS 4FS Z UJFNQP PQ DJU *OUSPEVDDJO $BQUVMP g Q

$VBOEP TF EJDF RVF FM DPODFQUP EF TFS FT FM NT VOJWFSTBM FMMP OP

JOEJDB RVF TFB FM NT DMBSP BOUFT CJFO FT FM NT PTDVSP QPS MP
RVF FT OFDFTBSJP QMBOUFBSTF MB QSFHVOUB QPS TV TFOUJEP 5BNQPDP
FT FM DPODFQUP NT WBDP QPS MP RVF TF BDBCB EF EFDJS
&M DPODFQUP EF TFS FT JOEFOJCMF &TUP TF EJDF QPSRVF MB EFOJDJO

FO MB MHJDB DMTJDB TF IBDF QPS FM HOFSP QSYJNP Z MB EJGFSFO
DJB FTQFDDB Z TJ TF FOUJFOEF FM TFS DPNP MP NT VOJWFSTBM OP
QVFEF DBFS CBKP OJOHO HOFSP QSYJNP EFTEF FM RVF TF QVFEB
EFMJNJUBS 1FSP FM TFS OP FT VO FOUF Z OP TF MF QVFEF BQMJDBS FTF
UJQP EF EFOJDJO /P PCTUBOUF FTP OP JNQMJDB RVF OP IBZB EF
QSFHVOUBSTF QPS TV TFOUJEP TJOP UPEP MP DPOUSBSJP
&M TFS FT VO DPODFQUP PCWJP FWJEFOUF QPS T NJTNP &T DJFSUP RVF
FO UPEP DPOPDJNJFOUP FOVODJBEP DPNQPSUBNJFOUP TF IBDF VTP
EFM TFS 1FSP QBSB )FJEFHHFS TF USBUB EF VOB DPNQSFOTJCJMJEBE EF
USNJOP NFEJP FO MB RVF SFBMNFOUF TVCZBDF MB JODPNQSFTJCJMJEBE
FM FOJHNB
&M IFDIP EF RVF ZB TJFNQSF WJWBNPT FO VOB DPN

QSFOTJO EF TFS Z RVF BM NJTNP UJFNQP FM TFOUJEP EF
TFS FTU FOWVFMUP FO PTDVSJEBE EFNVFTUSB MB QSJODJ
QBM OFDFTJEBE EF SFQFUJS MB QSFHVOUB QPS FM TFOUJEP
EFM TFS
-B QSFHVOUB QPS FM TFS WB NT BMM EF MP RVF QFSNJUFO MB

MB P &M QFOTBEPS EF 'SJCVSHP FOUFOEJ RVF
FO FM DPOKVOUP EF MB MPTPGB PDDJEFOUBM TF IBCB QSJWJMFHJBEP EF NPEP
VOJMBUFSBM MB UFPSB Z RVF BEFNT TUB IBCB TJEP DPODFCJEB DPNP
VO DBQUBS P BQSFIFOEFS CFHSFJGFO
FO EFOJUJWB DPNP VOB GPSNB EF
BQPEFSBSTF EF MBT FTFODJBT FO FM DPODFQUP 'SFOUF B FTUP )FJEFHHFS
TPTUJFOF RVF MB QSJNBDB MB UJFOFO FM DPNQSFOEFS WFSTUFIFO
Z MB
QSFHVOUB " FTUF SFTQFDUP DPOWJFOF JOTJTUJS FO RVF RVF MB DPNQSFOTJO
*C g Q

"OMJTJT UFYUVBM
FO )FJEFHHFS OP FT VO NUPEP DPNP QPESB TFSMP UPEBWB FO %JMUIFZ

TJOP RVF DPOTUJUVZF MB NJTNB FTFODJB EFM %BTFJO TUF TF FODVFOUSB
TJFNQSF FO VOB QSFDPNQSFOTJO EFM TFS Z QPS FMMP NJTNP TF IB EF EFDJS
RVF FT IFSNFOVUJDP
2VJ[ DPOWFOHB BDMBSBS RVF )FJEFHHFS VTB FO PDBTJPOFT DPNQPS
UBNJFOUP 7FSIBMUFO
DPNP TJOOJNP EF %BTFJO &O FMMP TVCZBDF MB
UFTJT EF RVF OVFTUSB SFMBDJO DPO FM NVOEP OP FT QSJNBSJBNFOUF JO
UFMFDUVBM DPHOPTDJUJWB TJOP QSDUJDB /P TPNPT PKPT RVF NJSBO QVSP
JOUFMFDUP TJOP USBUP SFMBDJO Z BQFSUVSB
5SBT IBCFS BOBMJ[BEP MPT USFT QSFKVJDJPT EF MB USBEJDJO )FJEFH
HFS JOTJTUF FO MB JNQPSUBODJB EF MB QSFHVOUB QPS FM TFOUJEP EFM TFS
RVF JODMVTP UJFOF QSJNBDB TPCSF MB SFTQVFTUB Z DPOTUJUVZF FM PCKFUJWP
GVOEBNFOUBM EF FTUB 4FS Z UJFNQP
-B DPOTJEFSBDJO EF MPT QSFKVJDJPT OPT IB IFDIP WFS

RVF OP TMP GBMUB MB SFTQVFTUB B MB QSFHVOUB QPS FM TFS
TJOP RVF JODMVTP MB QSFHVOUB NJTNB FT PTDVSB Z DBSFDF EF
EJSFDDJO 1PS DPOTJHVJFOUF SFQFUJS MB QSFHVOUB QPS FM TFS
TJHOJDB FMBCPSBS EF VOB WF[ QPS UPEBT FO GPSNB TVDJFO
UF FM QMBOUFBNJFOUP NJTNP EF MB QSFHVOUB
-P JOUFSSPHBEP FO MB QSFHVOUB QPS FM TFS FT FM FOUF NJTNP TF MF

JOUFSSPHB QPS TV TFS %FCFNPT QVFT BDDFEFS BM FOUF QFSP OP B DVBM
RVJFS FOUF ZB RVF OP FT JOEJGFSFOUF FM QVOUP EF QBSUJEB TJOP RVF IBZ
VO FOUF RVF UJFOF QSJNBDB QPS MP RVF SFTQFDUB B MB FMBCPSBDJO EF MB
QSFHVOUB QPS FM TFOUJEP EFM TFS
" FTUF FOUF RVF TPNPT FO DBEB DBTP OPTPUSPT NJTNPT

Z RVF FOUSF PUSBT DPTBT UJFOF FTB QPTJCJMJEBE EF TFS RVF
*C Q

FT FM QSFHVOUBS MP EFTJHOBNPT DPO FM USNJOP %BTFJO &M

QMBOUFBNJFOUP FYQMDJUP Z USBOTQBSFOUF EF MB QSFHVOUB QPS
FM TFOUJEP EFM TFS FYJHF MB QSFWJB Z BEFDVBEB FYQPTJDJO EF
VO FOUF FM %BTFJO
FO MP RVF SFTQFDUB B TV TFS
&T EFDJS )FJEFHHFS WJODVMB MB QSFHVOUB QPS FM TFOUJEP EFM TFS BM

%BTFJO $PNP MB QSFDPNQSFOTJO EFM TFS Z FM QMBOUFBNJFOUP EF MB QSF
HVOUB QPS FM TFS TPO DPNQPSUBNJFOUPT QSPQJPT EF VO FOUF DPODSFUP FM
%BTFJO TUF WB B UFOFS MB QSJNBDB TPCSF PUSPT FOUFT QPS MP RVF SFTQFD
UB B MB QSFHVOUB QPS FM TFOUJEP EFM TFS 4F IB EF JOWFTUJHBS MB FTFODJB
EFM %BTFJO QPSRVF FT FM OJDP MVHBS FO FM RVF QVFEF EFUFSNJOBSTF FM
TFOUJEP EFM TFS %F BI RVF )FJEFHHFS QMBOUFF MB BOBMUJDB FYJTUFODJBM
DPNP QSJNFSB GBTF EF MB JOWFTUJHBDJO EF MB QSFHVOUB QPS FM TFOUJEP EFM
TFS P EJDIP EF PUSP NPEP RVJ[ NT BKFOP B MB UFSNJOPMPHB EF 4FS
Z UJFNQP QFSP OP QPS FMMP JOFYBDUP DPNP IPSJ[POUF USBTDFOEFOUBM
EF FTB QSFHVOUB
&M BVUPS EF 4FJO VOE ;FJU BEWJFSUF RVF FO FTUF NPEP EF QSPDFEFS
QVFEF PCTFSWBSTF VOB DJFSUB DJSDVMBSJEBE &O FGFDUP QSJNFSP TF EFUFS
NJOB B VO FOUF FM %BTFJO
FO TV TFS Z TPCSF FTUB CBTF TF QMBOUFB MVFHP
MB QSFHVOUB QPS FM TFS Z BM IBDFSMP TF QSFTVQPOF MP RVF TMP MB SFTQVFT
UB IB EF QSPQPSDJPOBS 1FSP TFHO )FJEFHHFS OP IBZ OJOHO DSDVMP
WJDJPTP FO FTF NPEP GPSNVMBS MB QSFHVOUB QPSRVF VO FOUF QVFEF EF
UFSNJOBSTF FO TV TFS TJO RVF TFB OFDFTBSJP EJTQPOFS QSFWJBNFOUF EFM
DPODFQUP FYQMDJUP EFM TFOUJEP EF TFS #BTUB VOB QSFDPNQSFOTJO EF
TFS QBSB FM BOMJTJT EFM %BTFJO Z FTB QSFDPNQSFOTJO QFSUFOFDF B TV
DPOTUJUVDJO FTFODJBM
&M FOUF EFOPNJOBEP IPNCSF UJFOF DPNP VOP EF TVT DPNQPSUBNJFO
UPT QPTJCMFT MB DJFODJB QFSP OJ FT FM OJDP OJ FM NT JONFEJBUP MB UFPSB
FT VO NPEP EFSJWBEP EF SFMBDJPOBSTF DPO FM FOUPSOP FO FM RVF MPT FO
UFT QBTBO EF TFS QBSB OPTPUSPT UJMFT EJTQPOJCMFT DPTBT RVF UFOFNPT B
*C g Q
*C Q

"OMJTJT UFYUVBM
NBOP ;VIBOEFO
B TFS PCKFUPT EF DPOUFNQMBDJO 7PSIBOEFO
)FJ
EFHHFS BSNB RVF FM %BTFJO UJFOF VO DBSDUFS QSFFNJOFOUF RVF OP
FT TJO NT VO FOUF FOUSF PUSPT Z FTB QSJNBDB TF EFCF B RVF FO M TF
EB FM GBDUVN EF MB QSFDPNQSFOTJO EFM TFS OP ZB TF IB EJDIP DPNP
NFSB QSPQJFEBE TJOP DPNP BMHP DPOTUJUVUJWP &TB QSFDPNQSFOTJO FT
MB DPNQSFOTJO DPNO Z DPSSJFOUF EFM TFS FM TFS DBQB[ EF FOUFOEFS
TFS FO MPT EJGFSFOUFT DPOUFYUPT BVORVF TF DBSBDUFSJDF QPS TV NFEJB
OB Z WBHVFEBE &M %BTFJO TF FODVFOUSB ZB TJFNQSF FO VOB TJUVBDJO
IFSNFOVUJDB FO VOB QFSTQFDUJWB Z TF NVFWF FOUSF DPODFQUPT IFSF
EBEPT EF MB USBEJDJO UBOUP TJ FT DPOTDJFOUF EF FMMP DPNP TJ OP &TUF
DBSDUFS IFSNFOVUJDP EFM %BTFJO Z FM IFDIP EF RVF TFB DPNQSFOTPS
EFM TFS FT MP RVF MF DPODFEF TV QSJNBDB OUJDB TPCSF PUSPT FOUFT
-P RVF MP DBSBDUFSJ[B OUJDBNFOUF FT RVF B FTUF FOUF

MF WB FO TV TFS FTUF NJTNP TFS
UJFOF FO TV TFS VOB
SFMBDJO EF TFS DPO TV TFS : FTUP TJHOJDB B TV WF[ RVF
FM %BTFJO TF DPNQSFOEF FO TV TFS EF BMHVOB NBOFSB Z DPO
BMHO HSBEP EF FYQMJDJUVE
-B DPNQSFOTJO EFM TFS
FT FMMB NJTNB VOB EFUFSNJOBDJO EFM TFS EFM %BTFJO -B
QFDVMJBSJEBE OUJDB EFM %BTFJO DPOTJTUF FO RVF FM %BTFJO
FT POUPMHJDP
-P RVF RVJFSF EFDJS )FJEFHHFS FT RVF TJFOEP VO FOUF QFSUFOFDJFO

EP B MP OUJDP FM %BTFJO FT TJOHVMBS QPSRVF FT POUPMHJDP OP QPSRVF
EFTBSSPMMF VOB POUPMPHB VOB UFPSB FYQMDJUB EFM TFS EFM FOUF TJOP QPS
RVF TV NPEP EF TFS QSPQJP FT UBM RVF TF SFMBDJPOB DPO FM TFS EF VO GPSNB
FYDMVTJWB DPNQSFOEJOEPMP
&TUB QPTJCJMJEBE EF DPNQSFOEFS EF FTUBS DPOTUJUVUJWBNFOUF SFMB
DJPOBEP DPO FM TFS MB FOUJFOEF )FJEFHHFS DPNP BQFSUVSB EFM %BTFJO
1VFEF PDVSSJS EF UBM NBOFSB RVF FTUBT UFPSBT RVFEFO PDVMUBT DPNP GVFOUFT EF
MB DPNQSFOTJO EPNJOBOUF *C g Q
*C g Q &M TVCSBZBEP FT NP

&T QSPQJP EF FTUF FOUF FM RVF DPO Z QPS TV TFS TUF TF FODVFOUSF BCJFSUP
QBSB M NJTNP
&MMP OP RVJFSF EFDJS RVF MB DPNQSFOTJO EFM TFS FTU HBSBOUJ[B
EB DPNP NVFTUSB MB IJTUPSJB EF MB MPTPGB .T CJFO FT VOB SFMBDJO
DPO FM TFS RVF IBCJUVBMNFOUF GSBDBTB QPS MB UFOEFODJB B MB DBEB
7FSGBMMFOTUFOEFO[
RVF DPNP TF WFS NT BEFMBOUF FT UBNCJO
DPOTUJUVUJWB EFM %BTFJO
)FJEFHHFS VUJMJ[B EPT USNJOPT QBSB SFGFSJSTF BM TFS IVNBOP RVF
FT DPNQSFTPS EFM TFS 6OP EF FMMPT FT %BTFJO FM PUSP FT &YJTUFO[
%BTFJO TFSBI BI EFM TFS

FO FM BMFNO DPNO FTUB QB
MBCSB TJHOJDB FYJTUFODJB 4JSWF QBSB SFGFSJSTF BM FTUBS BI EF
DVBMRVJFS DPTB MB OBUVSBMF[B FM TFS IVNBOP MPT TFSFT WJWPT
)FJEFHHFS FMJHF FTUF USNJOP EPUOEPMP EF VO TJHOJDBEP UPUBM
NFOUF OVFWP RVF FO DBTUFMMBOP TF JOUFOUB DPOTFSWBS DVBOEP TF
USBEVDF MJUFSBMNFOUF QPS TFSBI BVORVF UBNCJO Z RVJ[ EF
VOB NBOFSB NT BKVTUBEB B TV QFOTBNJFOUP TF QVFEF WFSUFS DP
NP FM BI EFM TFS 3FDVSSJFOEP BM USNJOP %BTFJO )FJEFHHFS
RVJFSF JOEJDBS FM DBSDUFS FTFODJBM RVF EFOF B FTP RVF MB USB
EJDJO IB MMBNBEP TFS IVNBOP MB DPNQSFOTJO EFM TFS RVF FT
QSPQJB EFM FYJTUFOUF IVNBOP FM IFDIP EF RVF TV TFSFYJTUFODJB
WJFOF EFUFSNJOBEP QPSRVF FMMB FT FM NCJUP FO RVF BQBSFDF FM
TFS
&YJTUFO[ FYJTUFODJB
5BM DPNP MB FOUJFOEF )FJEFHHFS FT MB FTFO
DJB FM NPEP EF TFS QSPQJP EFM %BTFJO RVF DPOTJTUF FO FTF JSMF TV
QSPQJP TFS FO TV UFOFS RVF TFS FO FM FTUBS FO DPOTUBOUF FYQPTJ
DJO P BQFSUVSB BM TFS &T VO NPEP EF SFGFSFODJB BM TFS FYDMVTJWP
EFM FYJTUFOUF IVNBOP EFM %BTFJO "T QVFT MPT PUSPT FOUFT TPO
QFSP OP FYJTUFO &M TFS NJTNP DPO SFTQFDUP BM DVBM FM %BTFJO
TF QVFEF DPNQPSUBS EF FTUB P BRVFMMB NBOFSB Z DPO SFTQFDUP
*C

"OMJTJT UFYUVBM
BM DVBM TJFNQSF TF DPNQPSUB EF BMHVOB EFUFSNJOBEB NBOFSB MP

MMBNBNPT FYJTUFODJB
"T QVFT MB FTFODJB EFM %BTFJO FT TV FYJTUFODJB FOUFOEJEB DPNP

BQFSUVSB FO SFMBDJO BM TFS Z OP DPNP BMHP DFSSBEP DMBVTVSBEP BDB
CBEP 1PS FMMP FM %BTFJO OP TF QVFEF EFOJS SFDVSSJFOEP B DPOUFOJEPT
RVJEJUBUJWPT QPSRVF OP FT VO RV TJOP VO DNP FO DPODSFUP FM DNP
TF SFMBDJPOB DPO FM TFS
5BNCJO QPS FTUF NPUJWP BM NFOPT FO MB QPDB
EF 4FS Z UJFNQP )FJEFHHFS OP IBCMB EF IPNCSF TJOP EF %BTFJO
: DPNP MB EFUFSNJOBDJO FTFODJBM EF FTUF FOUF OP QVF

EF SFBMJ[BSTF NFEJBOUF MB JOEJDBDJO EF VO DPOUFOJEP RVJ
EJUBUJWP TJOP RVF TV FTFODJB DPOTJTUF NT CJFO FO RVF
FTUF FOUF UJFOF RVF TFS FO DBEB DBTP TV TFS DPNP TVZP TF
IB FTDPHJEP QBSB EFTJHOBSMP FM USNJOP %BTFJO DPNP QVSB
FYQSFTJO EF TFS
-B MUJNB QBSUF EFM BQBSUBEP MB EFEJDB )FJEFHHFS B MB POUPMPHB

GVOEBNFOUBM &T FO TUB EPOEF TF QMBOUFB MB QSFHVOUB QPS FM TFOUJEP
EFM TFS RVF UJFOF VOB QSJNBDB POUPMHJDB QVFTUP RVF TF QSFHVOUB QPS
FM TFS FO HFOFSBM OP QPS FM TFS EF VOPT FOUFT DPODSFUPT &T MB QSFHVOUB
GVOEBNFOUBM QPSRVF EFUFSNJOB MBT DPOEJDJPOFT EF QPTJCJMJEBE OP TMP
EF MBT DJFODJBT RVF JOWFTUJHBO BM FOUF FO UBOUP RVF UBM P DVBM FOUF MBT
DJFODJBT QPTJUJWBT
TJOP EF MBT POUPMPHBT SFHJPOBMFT BRVFMMBT RVF
UJFOFO RVF WFS DPO VOB EJNFOTJO DPODSFUB EF MB SFBMJEBE RVF USBUBO
EF MPT FOUFT RVF OP TPO FO FM NPEP EFM %BTFJO FO EFOJUJWB MBT DJFODJBT
QBSUJDVMBSFT TUBT FYJHFO VO BDVFSEP QSFWJP TPCSF MP RVF TJHOJDB MB
FYQSFTJO TFS Z BMDBO[BS FTF TJHOJDBEP FT FM PCKFUJWP EF MB POUPMPHB
GVOEBNFOUBM
*C
*C
/P IBZ RVF PMWJEBS RVF QPDP EFTQVT EF 4FS Z UJFNQP )FJEFHHFS SFOVODJBS B
TV QSPZFDUP EF POUPMPHB GVOEBNFOUBM QPS DPOTJEFSBSMP BODMBEP FO MB NFUBGTJDB
RVF CVTDBCB TVQFSBS

5PEB POUPMPHB QPS SJDP Z TMJEBNFOUF BSUJDVMBEP RVF

TFB FM TJTUFNB EF DBUFHPSBT EF RVF EJTQPOF FT FO FM GPO
EP DJFHB Z DPOUSBSJB B TV OBMJEBE NT QSPQJB TJ OP IB
BDMBSBEP QSJNFSP TVDJFOUFNFOUF FM TFOUJEP EF TFS Z OP
IB DPNQSFOEJEP FTUB BDMBSBDJO DPNP TV UBSFB GVOEBNFO
UBM
1BSB )FJEFHHFS IBZ VOB OUJNB SFMBDJO FOUSF POUPMPHB GVOEB

NFOUBM Z BOBMUJDB FYJTUFODJBM EFM %BTFJO %F BI RVF MB POUPMPHB
GVOEBNFOUBM RVF FTU B MB CBTF EF UPEBT MBT POUPMPHBT EFCB TFS CVT
DBEB FO MB BOBMUJDB FYJTUFODJBM EFM %BTFJO
-B BOBMUJDB POUPMHJDB EFM %BTFJO FO HFOFSBM DPOTUJ

UVZF MB POUPMPHB GVOEBNFOUBM EF UBM NBOFSB RVF FM %B
TFJO WJFOF B TFS FM FOUF RVF FO QSJODJQJP IB EF TFS QSFWJB
NFOUF JOUFSSPHBEP SFTQFDUP EF TV TFS
&TUB WJODVMBDJO FOUSF MB POUPMPHB GVOEBNFOUBM Z MB BOBMUJDB FYJT

UFODJBM EFM %BTFJO TF EFCF B MB USJQMF QSJNBDB EFM %BTFJO
OUJDB QPSRVF B EJGFSFODJB EF PUSPT FOUFT FM %BTFJO FTU EFUFS

NJOBEP FO TV TFS QPS MB FYJTUFODJB
POUPMHJDB QPSRVF FT VO FOUF RVF DPNQSFOEF FM TFS
OUJDPPOUPMHJDB QPSRVF DPNP FT QSPQJP EFM %BTFJO FM DPNQSFO

EFS FM TFS EF UPEP FOUF RVF OP UJFOF FM NPEP EF TFS EFM %BTFJO
FT DPOEJDJO EF QPTJCJMJEBE EF UPEBT MBT POUPMPHBT
. )FJEFHHFS 4FS Z UJFNQP PQ DJU g Q *ODMVTP MB POUPMPHB LBOUJBOB MF

QBSFDF B )FJEFHHFS SFHJPOBM QPSRVF TF MJNJUB B FMBCPSBS VO TJTUFNB DBUFHPSJBM
Z OP TF QSFHVOUB QPS FM TFS &O DVBMRVJFS DBTP IBZ RVF IBDFS OPUBS RVF FTUB
BSNBDJO FT NVZ SFTUSJOHJEB QVFT FM QSPQJP )FJEFHHFS EJS FO PUSBT PDBTJPOFT
RVF FO ,BOU T TF FODVFOUSB SFDPHJEB MB QSFHVOUB QPS FM TFS EF MP FOUF BVORVF
FO TV DBTP TF QMBOUFF DPNP MB QSFHVOUB QPS MB PCKFUJWJEBE EFM PCKFUP
. )FJEFHHFS 4FS Z UJFNQP PQ DJU g Q
*C Q

"OMJTJT UFYUVBM
&M MVHBS DBQJUBM EF MB BOBMUJDB FYJTUFODJBM EFM %BTFJO B MB IPSB EF

QMBOUFBSTF MB QSFHVOUB QPS FM TFOUJEP EFM TFS TF KVTUJDB DPO FTUBT QB
MBCSBT EF )FJEFHHFS BM OBM EFM QBSHSBGP DVBUSP &O FTUF DPOUFYUP
QSFPOUPMHJDP JOEJDB RVF OP TF USBUB EF VOB SFFYJO MPTDB GPS
NBM P EF MB FMBCPSBDJO EF VOB UFPSB FYQMDJUB EFM TFS EFM FOUF TJOP
RVF FO UBOUP RVF TPNPT %BTFJOEF OPT SFMBDJPOBNPT POUPMHJDBNFOUF
DPO FM NVOEP
&O TOUFTJT TJ MB POUPMPHB GVOEBNFOUBM TF PDVQB EF MB QSFHVOUB
QPS FM TFOUJEP EFM TFS Z FM %BTFJO FT VO UJQP QSJWJMFHJBEP EF FOUF DVZB
FTFODJB TF DBSBDUFSJ[B QPS DPNQSFOEFS FM TFS MB BOBMUJDB FYJTUFODJBM
EFM %BTFJO
EFCF FTUBS FTUSFDIBNFOUF SFMBDJPOBEB DPO MB POUPMPHB
GVOEBNFOUBM "IPSB CJFO POUPMPHB GVOEBNFOUBM Z BOBMUJDB FYJTUFO
DJBM OP TF JEFOUJDBO MB POUPMPHB GVOEBNFOUBM FT MB QSFHVOUB QPS FM
TFOUJEP EFM TFS Z QPS FTP WB NT BMM EF MB BOBMUJDB FYJTUFODJBM
-B BOBMUJDB FYJTUFODJBM JOWFTUJHB MB FYJTUFODJB FM UJQP EF TFS EFM
%BTFJO TF PDVQB EF MBT FTUSVDUVSBT EF MB FYJTUFODJB UBM DPNP TF PGSFDFO
BM QVOUP EF WJTUB EF MB BDUJUVE OBUVSBM 1PS FTP IBZ RVF WFSMB DPNP
VOB GFOPNFOPMPHB IFSNFOVUJDB EF MB GBDUJDJEBE QPSRVF QBSUF EFM
GBDUVN EFM FYJTUJS IVNBOP DPODSFUP EFM UFSSJUPSJP DPNO EFM NVOEP
EF MB WJEB QBSB FTUBCMFDFS EFTEF BI MB FTUSVDUVSB EFM %BTFJO /P TF
USBUB OJ EF VOB QTJDPMPHB OJ EF CJPMPHB OJ EF BOUSPQPMPHB QPSRVF TV
PCKFUP OP FT UBOUP FM IPNCSF TJOP MB DPNQSFOTJO EFM TFS
&TUB BOBMUJDB FYJTUFODJBM FTU QFOTBEB DPOUSB FM NPEFMP EF MB PO
UPMPHB USBEJDJPOBM MJHBEB B MB EJTUJODJO TVKFUPPCKFUP Z RVF BDFOUB
MB TVCKFUJWJEBE BM WFS BM IPNCSF DPNP BMHP FTQFDJBM GSFOUF BM SFTUP EF
MBT DPTBT RVF TPO MP NFSBNFOUF TVCTJTUFOUF 7PSIBOEFO
"M NPEFMP
EFM ZP USBTDFOEFOUBM LBOUJBOP )FJEFHHFS WB B PQPOFS FM %BTFJO GDUJ
DP "IPSB CJFO DPNP TUF OP FT BMHP DMBVTVSBEP VO RV TJOP VO NPEP
EF SFMBDJPOBSTF DPO FM TFS EF FTUBS BCJFSUP B M FM BOMJTJT EFM %BTFJO
OP TF QVFEF IBDFS BQPZOEPTF FO DBUFHPSBT TJOP RVF FO FTUF DPOUSB
NPEFMP EF MB BOBMUJDB FYJTUFODJBM )FJEFHHFS WB B BOBMJ[BS MB FTFODJB
EFM %BTFJO EFTEF MPT FYJTUFODJBSJPT &TUPT TPO DPODFQUPT POUPMHJDP
FYJTUFODJBMFT RVF TF SFFSFO BM TFS EFM %BTFJO Z OP B QFDVMJBSJEBEFT

EF DBEB IPNCSF DPODSFUP 4PO GPSNBMFT B QSJPSJ Z TMP QVFEFO FO

UFOEFSTF B QBSUJS EF MB GBDUJDJEBE EFM %BTFJO EFM IFDIP NJTNP EF MB
FYJTUFODJB
-B EJGFSFODJB POUPMHJDB
&O TV BOMJTJT EF MB FTUSVDUVSB GPSNBM EF MB QSFHVOUB QPS FM TFS

)FJEFHHFS BSNB RVF FM TFS OP FT VO PCKFUP VOB DPTB VO BMHP QPSRVF
OP FT VO FOUF &O FTUB EJTUJODJO FOUSF TFS Z FOUF DPOTJTUF MB EJGFSFO
DJB POUPMHJDB &M TFS FT BRVFMMP RVF EFUFSNJOB BM FOUF FO DVBOUP FOUF
QFSP OP FO FM TFOUJEP EF VOB EFUFSNJOBDJO OUJDB EF VOB DBSBDUFST
UJDB RVF TF BBEB BM FOUF TJOP DPNP TV DPOEJDJO EF QPTJCJMJEBE &T
FM IPSJ[POUF TJHOJDBUJWP EFTEF FM RVF UPEP FOUF FT WJTUP "T FM TFS
OP FT VO DPODFQUP HFOFSBMTJNP TJOP NT CJFO VO IPSJ[POUF VO N
CJUP EF TFOUJEP QSFWJP &M FOUF QSFTVQPOF FM TFS FO SFBMJEBE FT NT
PSJHJOBSJB MB QSFHVOUB QPS FM TFS RVF QPS MPT FOUFT &M TFS EFM FOUF OP
FT M NJTNP VO FOUF 2VF TF NVFTUSF VO FOUF OP RVJFSF EFDJS FO
BCTPMVUP RVF TF NVFTUSF FM TFS
-B EJGFSFODJB POUPMHJDB FT QVFT GPSNVMOEPMP EF NBOFSB FT
RVFNUJDB MB RVF IBZ FOUSF
FM TFS RVF FT QSFWJP B MPT FOUFT Z EJGFSFOUF B FMMPT UBO EJGFSFO

UF RVF DPO )FJEFHHFS IBZ RVF SFDPSEBS RVF FM TFS FT MB OBEB
EFM FOUF BVORVF UPEBWB FO 4FS Z UJFNQP TF DPOTUJUVZB DPNP TV
DPOEJDJO EF QPTJCJMJEBE
FM FOUF FT FM RV MP RVF BQBSFDF MB DPTB DPO TVT DBSBDUFSTUJDBT

QSPQJBT
$G . )FJEFHHFS PQ DJU g Q

"OMJTJT UFYUVBM
/FDFTJEBE EF VOB EFTUSVDDJO EF MB IJTUPSJB EF MB NFUB

GTJDB
$PNP IFNPT WJTUP BOUFT MB QSJNBDB EFM %BTFJO B MB IPSB EF QMBO

UFBS MB QSFHVOUB QPS FM TFS PCFEFDF B RVF TF SFMBDJPOB DPO FM TFS DPN
QSFOEJOEPMP " FMMP IBZ RVF BBEJS BIPSB RVF FM IPSJ[POUF EF FTB DPN
QSFOTJO FT FM UJFNQP QPSRVF POUPMHJDBNFOUF FM %BTFJO FT UFNQPSBM
IJTUSJDP &M TFS EFM %BTFJO UJFOF TV TFOUJEP FO MB UFNQPSBMJEBE 1FSP
FTUB MUJNB FT UBNCJO MB DPOEJDJO RVF IBDF QPTJCMF MB IJTUPSJDJEBE
DPNP VO NPEP EF TFS UFNQSFP EFM %BTFJO NJTNP
&M %BTFJO FT BDPOUFDFS Z FTUF BDPOUFDFS FT FM OJDP GVOEBNFOUP
QPTJCMF QBSB MP RVF MMBNBNPT IJTUPSJB VOJWFSTBM 4J IBZ IJTUPSJB (F
TDIJDIUF DPNP BDPOUFDFS EF MB IJTUPSJB VOJWFSTBM
FT QPSRVF TPNPT IJT
USJDPT Z OP B MB JOWFSTB 1PS PUSB QBSUF TMP FT QPTJCMF FM TBCFS IJTU
SJDP )JTUPSJF
TJ MB IJTUPSJDJEBE EFM %BTFJO OP TF MF PDVMUB B M NJTNP
DPNP TFS RVF TF QSFHVOUB DPO QPTJCJMJEBE EF EFTDVCSJS MB USBEJDJO
DPOTFSWBSMB F JOWFTUJHBSMB
1FSP FM TBCFS IJTUSJDP )JTUPSJF

TMP FT QPTJCMF
FO DVBOUP NPEP EF TFS EFM %BTFJO DVFTUJPOBOUF QPSRVF
FTUF MUJNP FTU EFUFSNJOBEP FO FM GPOEP EF TV TFS QPS MB
IJTUPSJDJEBE 4J TUB TF MF PDVMUB BM %BTFJO Z NJFOUSBT
TF MF PDVMUF UBNCJO MF TFS SFIVTBEB MB QPTJCJMJEBE EFM
QSFHVOUBS IJTUSJDP Z EFM EFTDVCSJNJFOUP EF MB IJTUPSJB
-B QSFHVOUB NJTNB QPS FM TFOUJEP EFM TFS RVF DPOTUJUVZF FM PCKFUP

DFOUSBM EF MB JOWFTUJHBDJO EF )FJEFHHFS FT IJTUSJDB Z QPS FMMP TMP
IBZ VOB GPSNB EF IBDFS POUPMPHB IJTUSJDBNFOUF FO EJMPHP DPO MB
USBEJDJO MPTDB -B QSFHVOUB QPS FM TFOUJEP EFM TFS QPS TV NJTNB
GPSNB EF MMFWBSTF B DBCP FE QPS SFRVFSJS VOB QSFWJB FYQMJDBDJO EFM
*C g Q
*C Q

%BTFJO FO TV UFNQPSBMJEBE F IJTUPSJDJEBE TF WF MMFWBEB QPS T NJTNB

B FOUFOEFSTF DPNP BWFSJHVBDJO IJTUSJDB
"IPSB CJFO FTB JOUFSQSFUBDJO QSFWJB EFM %BTFJO QPOF EF NBOJFT
UP RVF TUF DPOTUJUVUJWBNFOUF UJFOEF B MB DBEB 7FSGBMMFOTUFOEFO[

B MB FYJTUFODJB JOBVUOUJDB B PMWJEBSTF Z PMWJEBS FM TFS Z FO TV MVHBS
TF FOUSFHB BM USBUP DPUJEJBOP DPO MB DPTBT TF JOUFSQSFUB EFTEF TUBT Z
TF QJFSEF FO FM NVOEP &M %BTFJO RVFEB B NFSDFE EF MB USBEJDJO RVF
MF TVTUSBF MB EJSFDDJO EF T NJTNP FM QSFHVOUBS Z FM FMFHJS
-B QSPQJB USBEJDJO FO MB RVF WJWJNPT JONFSTPT OPT JOTFOTJCJMJ[B
EF NBOFSB RVF OP TMP PMWJEBNPT DVM FT TV PSJHFO TJOP RVF OP WFNPT
MB OFDFTJEBE EFM SFUPSOP B MBT GVFOUFT FO MBT RVF TF IB PSJHJOBEP
OVFTUSB DPNQSFOTJO EFM NVOEP
-B USBEJDJO
OP WVFMWF QSPQJBNFOUF BDDFTJCMF MP
USBOTNJUJEP QPS FMMB TJOP RVF QPS FM DPOUSBSJP JONF
EJBUB Z SFHVMBSNFOUF MP FODVCSF $POWJFSUF FM MFHBEP EF
MB USBEJDJO FO DPTB PCWJB Z PCTUSVZF FM BDDFTP B MBT GVFO
UFT PSJHJOBSJBT EF EPOEF GVFSPO UPNBEPT FO GPSNB QBS
DJBMNFOUF BVUOUJDB MBT DBUFHPSBT Z DPODFQUPT RVF OPT
IBO TJEP USBOTNJUJEPT
-B USBEJDJO EFTBSSBJHB MB IJTUPSJDJEBE EFM %BTFJO RVF QBTB FO

PDBTJPOFT B PDVQBSTF EF JOWFTUJHBDJPOFT IJTUSJDBT Z MPMHJDBT TPCSF
MPT NPEPT EF MPTPGBS FO DVMUVSBT MFKBOBT QBSB FODVCSJS CBKP FTF JO
UFST TV QSPQJB GBMUB EF GVOEBNFOUP %F FTUB NBOFSB FM %BTFJO RVFEB
JNQFEJEP QBSB VOB WVFMUB QPTJUJWB BM QBTBEP QBSB BQSPQJBSTF QSPEVD
UJWBNFOUF EF M
)FJEFHHFS TFBM ZB FO FM DPNJFO[P EFM QBSHSBGP EF MB *OUSP
EVDDJO RVF MB QSFHVOUB QPS FM TFOUJEP EFM TFS OP TMP OP IB TJEP
*C QQ

*C Q
*C

"OMJTJT UFYUVBM
SFTVFMUB TJOP RVF B MP MBSHP EF MB IJTUPSJB EF MB NFUBGTJDB FTB QSFHVO

UB IB DBEP FO FM PMWJEP %FTEF (SFDJB FO FM SFDPSSJEP IJTUSJDP RVF FM
QFOTBEPS EF 'SJCVSHP SFBMJ[BS FO UBOUBT PDBTJPOFT FTDPMTUJDB NF
EJFWBM %FTDBSUFT -FJCOJ[ MPTPGB USBTDFOEFOUBM LBOUJBOB )FHFM
MB
SFFYJO MPTDB TF IB DFOUSBEP FO EJTUJOUPT EPNJOJPT QBSUJDVMBSFT
EFM TFS FM DPHJUP DBSUFTJBOP FM TVKFUP FM ZP MB SB[O FM FTQSJUV MB
QFSTPOB
QFSP FO UPEPT MPT DBTPT TF BEWJFSUF FM NJTNP GSBDBTP MB PNJ
TJO HFOFSBM EF MB QSFHVOUB QPS FM TFS
" KVJDJP EFM BVUPS EF 4FS Z UJFNQP FT NFOFTUFS CVTDBS MB FYQFSJFO
DJB PSJHJOBSJB FM QVOUP EF QBSUJEB RVF IB NBSDBEP FM EFSSPUFSP TFHVJEP
QPS MB MPTPGB PDDJEFOUBM QBSB NPTUSBS B RV TF EFCF FM PMWJEP EF MB
QSFHVOUB QPS FM TFS BVORVF OP QPESB IBCFS TJEP EF PUSB GPSNB FT
UBCB EFTUJOBEB B TFS BT
1VFT CJFO FTB FYQFSJFODJB PSJHJOBSJB RVF
IB NBSDBEP MB POUPMPHB HSJFHB Z RVF B USBWT EF TVT NPEJDBDJPOFT
EFUFSNJOB FM BQBSBUP DPODFQUVBM EF MB MPTPGB PDDJEFOUBM DPOTJTUF FO
RVF B QBSUJS EF "SJTUUFMFT FM %BTFJO TF DPNQSFOEF B T NJTNP Z BM
TFS FO HFOFSBM B QBSUJS EFM NVOEP
&M PCKFUJWP TJ RVFSFNPT RVF MB QSFHVOUB QPS FM TFOUJEP EFM TFS TFB
QPS O QMBOUFBEB Z TF IBHB USBOTQBSFOUF FT MMFWBS B DBCP VOB EFTUSVD
DJO FMJNJOBS UPEBT MBT DBQBT DPO RVF MB USBEJDJO MB IB FODVCJFSUP
&TUB UBSFB FT MP RVF DPNQSFOEFNPT DPNP MB EFTUSVD

DJO IFDIB BM IJMP EF MB QSFHVOUB QPS FM TFS EFM DPOUFOJEP
USBEJDJPOBM EF MB POUPMPHB BOUJHVB FO CVTDB EF MBT FYQF
SJFODJBT PSJHJOBSJBT FO MBT RVF TF BMDBO[BSPO MBT QSJNFSBT
EFUFSNJOBDJPOFT EFM TFS RVF TFSO FO BEFMBOUF MBT EFDJTJ
WBT
&TUB EFTUSVDDJO EFM DPOUFOJEP USBEJDJPOBM EF MB POUPMPHB BOUJHVB

OP UJFOF VO TFOUJEP OFHBUJWP OP QSFUFOEF EFTIBDFSTF EF MB USBEJDJO
TJOP RVF UJFOF VO QSPQTJUP QPTJUJWP MP RVF CVTDB FT NPTUSBS FM PSJHFO
*C Q
*C g Q

EF MPT DPODFQUPT POUPMHJDPT GVOEBNFOUBMFT TVT GVFOUFT PDVMUBT QPS

VOB USBEJDJO RVF IB EFHSBEBEP MB DVFTUJO EFM TFS B MB DPOEJDJO EF
DPTB PCWJB 5BO TMP DVBOEP TF IBZB MMFWBEP B DBCP MB EFTUSVDDJO EF
MB USBEJDJO POUPMHJDB MB QSFHVOUB QPS FM TFS DPCSBS TV WFSEBEFSB
DPODSFDJO
&O MB MUJNB QBSUF EFM FQHSBGF )FJEFHHFS WB B FYQPOFS BMHVOBT
FUBQBT EFDJTJWBT FO FTB EFTUSVDDJO EF MB IJTUPSJB EF MB POUPMPHB BM
IJMP EF MB QSPCMFNUJDB EF MB UFNQPSBMJEBE
,BOU GVF FM QSJNFSP Z OJDP RVF JOWFTUJH MB EJNFOTJO EF MB UFN

QPSBMJEBE QFSP GSBDBT TFHO )FJEFHHFS B MB IPSB EF NPTUSBS
TVT WFSEBEFSBT EJNFOTJPOFT Z TV QBQFM POUPMHJDP GVOEBNFOUBM
: FTUF GSBDBTP PCFEFDF B WBSJBT SB[POFT B
PNJTJO EF MB QSF
HVOUB QPS FM TFS C
OP IBDFS VOB BOBMUJDB POUPMHJDB QSFWJB EF
MB TVCKFUJWJEBE TJOP QFSNBOFDFS FO FM NBSDP EF MB POUPMPHB EF
%FTDBSUFT DPO VO DPHJUP DMBVTVSBEP FO T NJTNP Z EFTDPOFDUBEP
EFM NVOEP
D
BOMJTJT EFM UJFNQP PSJFOUBEP QPS MB DPNQSFOTJO
WVMHBS B QFTBS EF IBCFSMP SFUSPUSBEP BM TVKFUP -B DPOFYJO
EFDJTJWB FOUSF FM UJFNQP Z FM ZP QJFOTP RVFEB FOWVFMUB FO VOB
UPUBM PTDVSJEBE Z OJ TJRVJFSB MMFHB B TFS QSPCMFNB QBSB ,BOU
-B TFHVOEB FUBQB FO MB EFTUSVDDJO EF MB IJTUPSJB EF MB POUP

MPHB NVFTUSB DNP %FTDBSUFT PNJUF MB QSFHVOUB QPS FM TFOUJEP
EFM TFS 4F DSFF EJTQFOTBEP EF FMMB QPS MB DFSUF[B BCTPMVUB EFM
DPHJUP BT BVORVF DSFB FTUBS PGSFDJFOEP VO GVOEBNFOUP OVFWP
Z TFHVSP QBSB MB MPTPGB FO SFBMJEBE EFK TJO QFOTBS FM TFOUJ
EP EFM TFS EFM TVN "EFNT B QFTBS EF TV TVQVFTUB OPWFEBE
%FTDBSUFT JODPSQPSB FMFNFOUPT EF MB FTDPMTUJDB NFEJFWBM MB SFT
DPHJUBOT FT VO FOUF DSFBEP QPS %JPT RVF FT FM FOUF JODSFBEP JO
OJUP : DPNP TFS DSFBEP FT TFS QSPEVDJEP DPOUJFOF QPS UBOUP
VO FMFNFOUP FTUSVDUVSBM FTFODJBM EFM DPODFQUP EF TFS EF MB BOUJ
HFEBE
*C Q
*C Q

"OMJTJT UFYUVBM
$PNP ZB TF IB SFDPSEBEP FO EJWFSTBT PDBTJPOFT FM WFSFEJDUP EF

)FJEFHHFS FT RVF MB POUPMPHB BOUJHVB QSJWJMFHJB FM QSFTFOUF -B
QSFHVOUB EF "SJTUUFMFT QPS FM FOUF FT QPS MB FOUJEBE
TVTUBODJB
RVF FT QSFTFODJB FTQBDJBM Z UFNQPSBM %F FTUF NP
EP DPNP TF IB WJTUP FM FOUF RVF TF NVFTUSB FT DPODFCJEP DPNP
QSFTFODJB 5BNCJO FO 1MBUO B MP WFSEBEFSB Z BVUOUJDBNFOUF
SFBM TF MF MMBNB JEFB MP WJTUP MP QSFTFOUF 1PS PUSB QBSUF
DBCF TFBMBS UBNCJO RVF FO 1MBUO MB POUPMPHB IBCB UPNB
EP MB GPSNB EF EJBMDUJDB EBEP RVF FO MB EFOJDJO BM VTP EFM
IPNCSF TUF ZB FSB FM WJWJFOUF FTFODJBMNFOUF EFUFSNJOBEP QPS
TV DBQBDJEBE EF IBCMBS 4JO FNCBSHP FO "SJTUUFMFT MB EJBMD
UJDB FT TVQFSBEB QPS BMHP NT SBEJDBM BOUFSJPS RVF OP BENJUF
DPOUSBSJPT MB "MHP RVF QPS GVFS[B DPOEVDF B SFGPS[BS MB
DPNQSFOTJO EFM TFS DPNP QSFTFODJB QVSB &O TOUFTJT
&TUB JOUFSQSFUBDJO HSJFHB EFM TFS TF SFBMJ[B TJO

VO TBCFS FYQMDJUP BDFSDB EFM IJMP DPOEVDUPS RVF MB
HVB TJO DPOPDFS OJ DPNQSFOEFS MB GVODJO POUPM
HJDB GVOEBNFOUBM EFM UJFNQP
1PS FM DPOUSBSJP
FM UJFNQP NJTNP FT DPOTJEFSBEP DPNP VO FOUF FOUSF
PUSPT FOUFT
1SFDJTBNFOUF MB JOUFSQSFUBDJO EFM USBUBEP BSJTUPUMJDP EFM UJFN

QP FSB VOP EF MPT BQBSUBEPT RVF )FJEFHHFS IBCB JODMVJEP FO FM
QMBO EF MB TFHVOEB QBSUF EF TV PCSB QPS DPOTJEFSBS RVF B QBSUJS
EF M QPESB BDMBSBS MBT CBTFT Z MNJUFT EF MB POUPMPHB BOUJHVB
4JO FNCBSHP DPNP TBCFNPT OP MMFW B DBCP TV FNQSFTB
1BSB MB JOWFTUJHBDJO BDFSDB EFM TFS EFM FOUF EFM TFOUJEP EFM TFS
FO HFOFSBM FM NUPEP FYJHJEP QPS FM MFNB EF MB WVFMUB B MBT DPTBT
NJTNBT FT FM GFOPNFOPMHJDP &O 4FS Z UJFNQP MB GFOPNFOPMPHB
*C Q

TF DPODJCF OP TMP DPNP VO NUPEP QBSB IBDFS MPTPGB TJOP DPNP FM

NJTNP FKFSDJDJP EF MB MPTPGB RVF OP TMP TF PDVQB EF DBSBDUFSJ[BS MPT
PCKFUPT EF MB JOWFTUJHBDJO TJOP EF DNP BCPSEBSMPT EF DNP MMFWBS B
DBCP EJDIB JOWFTUJHBDJO
-B GFOPNFOPMPHB FT MB DJFODJB EF MPT GFONFOPT 4F FOUJFOEF QPS
GFONFOP MPRVFTFNVFTUSBFOTNJTNP MP QBUFOUF RVF FT BSSFCB
EBUBEP BM PDVMUBNJFOUP Z BT FT TBDBEP B MB MV[ &O DVBOUP BM
UJFOF VOB GVODJO QSJNBSJBNFOUF EFTWFMBEPSB DPOTJTUF FO TBDBS BMHP
EF TV PDVMUBNJFOUP FO EFTDVCSJSMP "UFOEJFOEP B TV TFOUJEP FUJNP
MHJDP MB GFOPNFOPMPHB FT VO NPEP UBM EF DBQUBS MPT PCKFUPT RVF UPEP
MP RVF TF EJTDVUF BDFSDB EF FMMPT EFCF TFS USBUBEP FO EJSFDUB NPTUSBDJO
Z KVTUJDBDJO 4F USBUB EF IBDFS WFS EFTEF T NJTNP BRVFMMP RVF TF
NVFTUSB Z UBM DPNP TF NVFTUSB EFTEF T NJTNP
" MB JEFB IBCJUVBM EF GFONFOP )FJEFHHFS PQPOF FM DPODFQUP GF
OPNFOPMHJDP Z EJDF RVF B MP RVF IBZ RVF MMBNBS GFONFOP FO TFOUJEP
FNJOFOUF FT BM TFS EFM FOUF FM DPODFQUP GFOPNFOPMHJDP EF GFONFOP
FOUJFOEF DPNP BRVFMMP RVF TF NVFTUSB FM TFS EFM FOUF TV TFOUJEP TVT
NPEJDBDJPOFT Z EFSJWBEPT
)FJEFHHFS BEWJFSUF RVF FT VO FSSPS DPODFCJS FM TFS EFM FOUF DPNP
BMHP EFUST EF MP DVBM IBZ PUSB DPTB RVF OP DPNQBSFDF %FUST EF MPT
GFONFOPT EF MB GFOPNFOPMPHB OP IBZ OBEB OP IBZ VO OPNFOP
FO FM TFOUJEP LBOUJBOP
QFSP T FYJTUF FM QFMJHSP EF RVF MP RVF EFCF
DPOWFSUJSTF FO GFONFOP QFSNBOF[DB PDVMUP &M TFS EFM FOUF FT MP RVF
'FONFOP OP TMP FT MP RVF TF NVFTUSB TJOP RVF TJHOJDB UBNCJO BQBSJFO

DJB Z BNCPT TFOUJEPT FTUO SFMBDJPOBEPT QPSRVF BMHP TMP QVFEF TFS NFSB
BQBSJFODJB TJ TF NVFTUSB 5BNQPDP IBZ RVF DPOGVOEJS GFONFOP DPO NBOJGFTUB
DJO &STDIFJOVOH
QPSRVF TUB FT FM BOVODJBSTF EF BMHP RVF OP TF NVFTUSB QPS
NFEJP EF BMHP RVF TF NVFTUSB Z DPNP UBM FM NBOJGFTUBSTF FT VO OP NPTUSBSTF
WJE *C g" QQ
1PS MP NJTNP DBCF UBNCJO MB QPTJCJMJEBE EF VO FODVCSJEPS RVF IBHB QBTBS
VOB DPTB QPS PUSB RVF OP FT $G *C g# Q
$G *C g$ Q
*C
*C Q

"OMJTJT UFYUVBM
MB GFOPNFOPMPHB EFCF IBDFS WFS MP RVF EFCF TFS PCKFUP EF VOB NPT
USBDJO FYQMDJUB
"RVFMMP RVF EF VO NPEP JONFEJBUP Z SFHVMBS QSFDJTB

NFOUF OP TF NVFTUSB BRVFMMP RVF RVFEB PDVMUP FO MP RVF
JONFEJBUB Z SFHVMBSNFOUF TF NVFTUSB QFSP RVF BM NJT
NP UJFNQP QFSUFOFDF FTFODJBMNFOUF B MP RVF JONFEJBUB Z
SFHVMBSNFOUF TF NVFTUSB IBTUB FM QVOUP EF DPOTUJUVJS TV
TFOUJEP Z GVOEBNFOUP
&O TOUFTJT MB GFOPNFOPMPHB UJFOF QPS PCKFUP FM TFS EFM FOUF BRVF
MMP RVF FO TFOUJEP FNJOFOUF FYJHF MMFHBS B DPOTUJUVJSTF FO GFONFOP ZB
RVF EF MP DPOUSBSJP QVFEF RVFEBS IBTUB UBM QVOUP FODVCJFSUP RVF RVFEF
PMWJEBEP Z OP TF QSFHVOUF QPS M 1FSP FOUPODFT MB GFOPNFOPMPHB FT
MB DJFODJB EFM TFS EFM FOUF FT POUPMPHB TUB FT MB SB[O QPS MB RVF
FM QFOTBEPS EF 'SJCVSHP BSNB RVF MB POUPMPHB TMP FT QPTJCMF DPNP
GFOPNFOPMPHB QPSRVF TMP TUB QPTJCJMJUB Z FT FM NPEP EF BDDFTP B
MP OJDP RVF QVFEF TFS UFNB EF MB POUPMPHB
&O EFOJUJWB GFOPNFOPMPHB Z POUPMPHB GVOEBNFOUBM OP TPO EJTDJ
QMJOBT EJTUJOUBT ZB TF IB NPTUSBEP DNP MB GFOPNFOPMPHB FT MB DJFODJB
EFM TFS EFM FOUF Z DNP MB POUPMPHB GVOEBNFOUBM TF PDVQB EF MB QSF
HVOUB QPS FM TFS %F FTUF TFS RVF DPOTUJUVZF FM UFNB GVOEBNFOUBM EF MB
MPTPGB )FJEFHHFS EJDF RVF OP FT VO HOFSP EFM FOUF QFSP DPODJFSOF
B UPEP FOUF : FT RVF UJFOF VOB VOJWFSTBMJEBE RVF USBTDJFOEF B UPEB
EFUFSNJOBDJO OUJDB RVF TFSB QSPQJB EF VO FOUF 1FSP FTUB USBTDFO
EFODJB QFSNJUF MB QPTJCJMJEBE EF MP RVF QPESBNPT MMBNBS VOB JOEJ
WJEVBDJO FO FM %BTFJO TJOHVMBS )FJEFHHFS DPODJCF MB MPTPGB DPNP
POUPMPHB GFOPNFOPMHJDB VOJWFSTBM Z EJDF RVF UJFOF TV QVOUP EF
QBSUJEB FO MB IFSNFOVUJDB EFM %BTFJO FO MB BOBMUJDB FYJTUFODJBM &T
EFDJS B QFTBS EF MB VOJWFSTBMJEBE EF TFS FT QPTJCMF BDFSDBSTF B M QPS
*C
*C Q
*C Q

MB WB EF MB JOUFSQSFUBDJO FTQFDDB EFM %BTFJO RVF FT FM FOUF OUJDB Z

POUPMHJDBNFOUF QSJWJMFHJBEP QPS TV DPNQSFOTJO EFM TFS DVZP BOMJTJT
FT MB CBTF EF MB POUPMPHB GVOEBNFOUBM -B GFOPNFOPMPHB EFM %BTFJO
FT IFSNFOVUJDB FT EFDJS JOUFSQSFUBDJO
QPSRVF MF TPO BOVODJBEPT
B MB DPNQSFOTJO EFM TFS RVF FT QSPQJB EFM %BTFJO NJTNP FM BVUOUJDP
TFOUJEP EFM TFS Z MBT FTUSVDUVSBT GVOEBNFOUBMFT EF TV QSPQJP TFS
$PO FM QSPQTJUP EF BDMBSBS RV TF IB EF FOUFOEFS QPS IFSNFOV
UJDB )FJEFHHFS FYQPOF MPT EJTUJOUPT TFOUJEPT FO RVF TF IBCMB EF FMMB
&M TFOUJEP QSJNPSEJBM EF MB IFSNFOVUJDB FT FM EF JOUFSQSFUBDJO

EFM TFS EFM %BTFJO Z QPS UBOUP FM EF BOBMUJDB EF MB FYJTUFODJB
MJEBE EF MB FYJTUFODJB
5BNCJO TF QVFEF DPNQSFOEFS DPNP FMBCPSBDJO EF MBT DPOEJ

DJPOFT EF QPTJCJMJEBE EF UPEB POUPMPHB QVFTUP RVF BM EFTDVCSJS
FM TFOUJEP EFM TFS Z EF MBT FTUSVDUVSBT EFM %BTFJO BCSF MB QPTJCJ
MJEBE EF JOWFTUJHBS FOUFT EJTUJOUPT BM %BTFJO
&O VO TFOUJEP TFDVOEBSJP DBCF FOUFOEFS MB IFSNFOVUJDB DP

NP NFUPEPMPHB EF MBT DJFODJBT IJTUSJDBT EFM FTQSJUV &MMP TF
FYQMJDB QPSRVF MB IJTUPSJDJEBE EFM %BTFJO RVF SFWFMB MB BOBMUJDB
FYJTUFODJBM FT DPOEJDJO OUJDB EF QPTJCJMJEBE EFM TBCFS IJTUSJDP
:B IF TFBMBEP BOUFT DNP FM %BTFJO FT VO FOUF DPNQSFOTPS JOUFS

QSFUBEPS WJODVMBEP DPO FM FOUPSOP FO UBOUP RVF ZB TJFNQSF FT TFSFO
FMNVOEP &M RVF TFB DPNQSFOTPS EFM TFS RVJFSF EFDJS RVF DPNQSFOEF
FM TFOUJEP EF MP RVF IBZ Z FT DPOTUJUVZFOUF OP EF MBT DPTBT TJOP EF TV
TFOUJEP &M TFS OP DPNQBSFDF EF GPSNB JONFEJBUB FO MBT DPTBT P FO MPT
PCKFUPT QFSNBOFDF PDVMUP QFSP MFT QFSUFOFDF FO QPSRVF DPOTUJUVZF TV
*C Q
*C

"OMJTJT UFYUVBM
TFOUJEP 1PS FMMP QSFDJTBNFOUF MB GFOPNFOPMPHB DVZP PCKFUP FT FM TFS

EFM FOUF
FT IFSNFOVUJDB
&O FM QBSHSBGP $ )FJEFHHFS TF SFFSF B MB SFMBDJO TFSWFSEBE
Z B MB DVFTUJO EFM DBSDUFS EF WFSEBE EFM TFS WFSJUBT USBTDFOEFOUB
MJT
:B IFNPT WJTUP DNP FM TFS FTU NT BMM EF UPEP FOUF DPODSFUP
EF UPEB EFUFSNJOBDJO OUJDB FT EFDJS MP USBTDJFOEF EF BI RVF MB PO
UPMPHB P DJFODJB EFM TFS QVFEB EFOPNJOBSTF DJFODJB USBTDFOEFOUBM
&M TFS FT MP USBTDFOEFOUF QPS FYDFMFODJB &TB USBTDFOEFODJB DPOTJTUF
FO MB BQFSUVSB EFM TFS FO MB WFSEBE USBTDFOEFOUBM UPEB BQFSUVSB EFM
TFS DPNP MP USBOTDFOEFOT FT DPOPDJNJFOUP USBTDFOEFOUBM -B WFSEBE
GFOPNFOPMHJDB BQFSUVSJEBE EFM TFS
FT WFSJUBT USBOTDFOEFOUBMJT
-B MMBNBEB EF BUFODJO TPCSF MB BQFSUVSJEBE EFM %BTFJO DPOTUJUVZF
VO FMFNFOUP GVOEBNFOUBM EF 4FS Z UJFNQP RVF GBDJMJUB MB DPNQSFOTJO
EF MP RVF )FJEFHHFS FOUJFOEF RVF FT FM GFONFOP PSJHJOBSJP EF MB
WFSEBE )BZ VOB SFMBDJO GVOEBNFOUBM FOUSF BQFSUVSB EFM %BTFJO Z
WFSEBE FM %BTFJO FT FTFODJBMNFOUF WFSEBEFSP OP FO FM TFOUJEP FQJTUF
NPMHJDP EF RVF DPOP[DB MB WFSEBE TJOP FO TFOUJEP POUPMHJDP QVFTUP
RVF MB BQFSUVSB DPOTUJUVUJWB EF MB FYJTUFODJB IVNBOB FT DPOEJDJO EF
UPEB WFSEBE BCSF MB QPTJCJMJEBE EF RVF MBT DPTBT Z FMMB NJTNB BQB
SF[DBO TJFOEP MP RVF TPO TFBO EFTDVCJFSUBT VOB WF[ NT TF NVFTUSB
BRV MB DPODFQDJO EF MB WFSEBE DPNP

4PTUFOFS RVF IBZ TFS TMP FO MB NFEJEB FO RVF FM %BTFJO FT
TVQPOF RVF FM %BTFJO FT EFWFMBEPS P MP RVF FT MP NJTNP RVF MB DPN
QSFOTJO EFM TFOUJEP Z FM EFWFMBNJFOUP EF MB WFSEBE FT BMHP RVF M IB
EF SFBMJ[BS &O FM QBSHSBGP EF MB *OUSPEVDDJO B -PT QSPCMFNBT GVO
EBNFOUBMFT EF MB GFOPNFOPMPHB )FJEFHHFS FYQSFTB FO FTUPT USNJOPT
MBT SFMBDJPOFT %BTFJOTFSWFSEBE EFTPDVMUBNJFOUP

. )FJEFHHFS -PT QSPCMFNBT GVOEBNFOUBMFT EF MB GFOPNFOPMPHB PQ DJU Q

. )FJEFHHFS 4FS Z UJFNQP PQ DJU g$ Q
Z UBNCJO Q

)BZ TFS TMP FO MB FTQFDDB SFWFMBDJO RVF DBSBD

UFSJ[B MB DPNQSFOTJO EFM TFS 1FSP B MB SFWFMBDJO EF BMHP
MB MMBNBNPT MB WFSEBE
4JO FNCBSHP IBZ WFSEBE T
MP DVBOEP FYJTUF VO FOUF RVF BCSF RVF SFWFMB EF TVFSUF
RVF QFSUFOF[DB BM NPEP EF TFS EF FTUF FOUF FM SFWFMBS NJT
NP 5BM FOUF TPNPT OPTPUSPT NJTNPT &M %BTFJO FYJTUF FO
MB WFSEBE "M %BTFJO QFSUFOFDF FTFODJBMNFOUF FM NVOEP
BCJFSUP Z B MB WF[ QPS FMMP MB BQFSUVSB EF T NJTNP &M %B
TFJO FT TFHO MB FTFODJB EF TV FYJTUFODJB FO MB WFSEBE
Z QSFDJTBNFOUF QPS FTUP UJFOF MB QPTJCJMJEBE EF TFS FO
MB OP WFSEBE 4MP IBZ TFS TJ IBZ WFSEBE FT EFDJS TJ FYJT
UF FM %BTFJO
&TUPT QSPCMFNBT EF MB SFMBDJO FOUSF FM
TFS Z MB WFSEBE MPT FOHMPCBNPT EFOUSP EFM QSPCMFNB EFM
DBSDUFS EF MB WFSEBE EFM TFS WFSJUBT USBTDFOEFOUBMJT

1PS MP RVF TF SFFSF B MBT SFMBDJPOFT FOUSF TFS Z UJFNQP ZB FO FM

QBSHSBGP EF MB *OUSPEVDDJO TV BVUPS TF QMBOUFB MB QSFHVOUB EF
TJ B MP MBSHP EF MB IJTUPSJB EF MB POUPMPHB TF IB FTUBCMFDJEP VOB DPOF
YJO UFNUJDB FOUSF MB JOUFSQSFUBDJO EFM TFS Z MB QSPCMFNUJDB EF MB
UFNQPSBMJEBE :B DPOPDFNPT TV SFTQVFTUB %F FMMB TF EFTQSFOEF RVF
FM BOMJTJT QSFQBSBUPSJP EFM %BTFJO FT FM RVF QFSNJUF EFTDVCSJS MB UFN
QPSBMJEBE MB IJTUPSJDJEBE DPNP SBTHPT POUPMHJDPT EFM %BTFJO Z DPOT
UJUVZF VO QBTP QSFWJP QBSB MB FYQMJDBDJO EFM UJFNQP DPNP IPSJ[POUF
USBTDFOEFOUBM EF MB QSFHVOUB QPS FM TFS
&TB UFNQPSBMJEBE RVF DPOTUJUVZF FM TFOUJEP EFM TFS EFM %BTFJO OP
PCFEFDF B MB DPODFQDJO DPSSJFOUF EFM UJFNQP TJOP RVF TVSHF EF IBCFS
QFSDJCJEP DPO DMBSJEBE MB QFDVMJBS JNCSJDBDJO EF QBTBEP QSFTFOUF Z
GVUVSP "T FM QBTBEP OP FT VO GTJM TJOP BMHP RVF FTU PQFSBUJWP
FO FM QSFTFOUF QVFTUP RVF FM %BTFJO FTU TJFNQSF TJUVBEP WJWF FO VO
NVOEP JOUFSQSFUBEP TF FODVFOUSB FO VOB DPNQSFOTJO IFSFEBEB EFM
NVOEP EF MB RVF OP QVFEF QSFTDJOEJS "M IBCFS TJEP BSSPKBEP BM NVOEP
OP JOJDJB TV TFS QPS T NJTNP TJOP RVF TF FODVFOUSB ZB EF BOUFNBOP
BSSPKBEP FO FM NVOEP FO FM RVF FT %F BI RVF BSNF )FJEFHHFS
*C Q &M TVCSBZBEP FT NP

"OMJTJT UFYUVBM
&O TV TFS GDUJDP FM %BTFJO FT TJFNQSF DPNP Z MP RVF

ZB IB TJEP &YQSFTB P UDJUBNFOUF M FT TV QBTBEP : FTUP
OP TMP FO FM TFOUJEP EF RVF TV QBTBEP TF EFTMJDF QPS BT
EFDJSMP EFUST EF M Z RVF FM %BTFJO QPTFB MP QBTBEP DPNP
VOB QSPQJFEBE RVF FTU UPEBWB BI Z RVF EF WF[ FO DVBOEP
WVFMWB B BDUVBS TPCSF M
FM %BTFJO TF IB JEP GBNJMJB
SJ[BOEP DPO Z DSFDJFOEP FO VOB JOUFSQSFUBDJO VTVBM EFM
FYJTUJS %FTEF FMMB TF DPNQSFOEF FO GPSNB JONFEJBUB
1PS PUSB QBSUF FM GVUVSP PDVQB VO MVHBS SFMFWBOUF FO MB UFNQPSBMJ

EBE EFM %BTFJO FO UBOUP RVF FT FTFODJBMNFOUF QSPZFDUP BSSPKBEP IBDJB
MB NVFSUF $PNP TFBMB 3BNO 3PESHVF[ IBZ FO MB UFNQPSBMJEBE EF
)FJEFHHFS VOB QFDVMJBS SFMBDJO EF QBTBEP Z GVUVSP FM GVUVSP DPN
QSFOEF FM QBTBEP QPSRVF BM WFOJS FM %BTFJO IBDJB TV QPTJCJMJEBE NT
QSPQJB TF FODVFOUSB DPO MP RVF ZB IB TJEP DPO VO DBSDUFS EF SFUPSOP
QFSP B MB WF[ FM IBCFS ZB TJEP TMP FT FO MB NFEJEB FO RVF FM %BTFJO
WVFMWF TPCSF M Z MP BDFQUB QPS MP RVF FOWVFMWF BM GVUVSP &TUP FY
QMJDB BSNBDJPOFT FO QSJODJQJP BQBSFOUFNFOUF QBSBEKJDBT DPNP RVF
FM %BTFJO FT TV QBTBEP FO MB GPSNB QSPQJB EF TV TFS TFS RVF EJDIP
FMFNFOUBMNFOUF BDPOUFDF TJFNQSF EFTEF TV GVUVSP
4V QSPQJP QB
TBEP Z FTUP TJHOJDB TJFNQSF FM QBTBEP EF TV HFOFSBDJO
OP WB EFUST EFM %BTFJO TJOP RVF ZB DBEB WF[ TF MF BOUJDJQB
$PO FM FTUVEJP EF MB UFNQPSBMJEBE EFM %BTFJO DVMNJOB FM BOMJTJT
QSFQBSBUPSJP EF FTUF FOUF OUJDPPOUPMHJDBNFOUF QSJWJMFHJBEP QPS TFS
BRVM RVF TF QSFHVOUB Z B RVJFO TF QSFHVOUB QPS FM TFOUJEP EFM TFS -B
MUJNB TFDDJO EF MB QSJNFSB QBSUF EF 4FS Z UJFNQP UBM Z DPNP HVSBCB
FO FM QMBO EFM USBUBEP EFCB NPTUSBS FO RV TFOUJEP FM TFS NJTNP FT
UFNQPSBM BMHP RVF )FJEFHHFS EFK TJO IBDFS
*C g QQ

$G 3 3PESHVF[ (BSDB )FJEFHHFS Z MB DSJTJT EF MB QPDB NPEFSOB PQ DJU QQ

. )FJEFHHFS 4FS Z UJFNQP PQ DJU g Q

$BQUVMP
*OUSPEVDDJO B 2V FT NF

UBGTJDB
&YQPTJDJO UFSJDB
&O .BSUJO )FJEFHHFS QSPOVODJB MB MFDDJO JOBVHVSBM EFM DVS

TP FO MB 6OJWFSTJEBE EF 'SJCVSHP DPO FM UUVMP 2V FT NFUBGTJDB
.T UBSEF DVBOEP FO TF MF QSPQPOF QVCMJDBS EJDIB DPOGFSFODJB
BDFQUB DPO MB DPOEJDJO EF FTDSJCJS VOB JOUSPEVDDJO RVF BSSPKF BMHP EF
MV[ TPCSF MBT EJGFSFOUFT MOFBT EF QFOTBNJFOUP FTUBCMFDJEBT FO VOB Z
PUSB QPDB &M UFYUP RVF TF WB B FTUVEJBS BRV BCSF VO BNQMJP QBOPSBNB
TPCSF MPT QVOUPT GVOEBNFOUBMFT RVF FM MTPGP USBU B MP MBSHP EF TV DB
NJOP 1PS PUSB QBSUF FTUB JOUSPEVDDJO FT JNQPSUBOUF FO MB NFEJEB FO
RVF )FJEFHHFS WVFMWF UBOUP TPCSF 2V FT NFUBGTJDB VOB SFF
YJO RVF DJFSUBNFOUF NBSDP VO IJUP FO TV USBZFDUPSJB DPNP TPCSF
4FS Z UJFNQP "M FTUVEJBS MB DPOGFSFODJB Z MB *OUSPEVDDJO TF QVFEF
PCTFSWBS DNP FO SFBMJEBE OP IBZ VO DBNCJP EF SVNCP TJOP NT
CJFO VO EFTFP EF BCSJS OVFWBT TFOEBT -P RVF )FJEFHHFS QSFUFOEJ BM
OBM EF MPT BPT WFJOUF OP GVF PUSB DPTB RVF DPOUJOVBS TV JOBHPUBCMF JO
UFSSPHBDJO TPCSF FM TFS &OUPODFT Z HVJBEP QPS FTUB NJTNB QSFHVOUB

TV DBNJOBS TF WJP JNQFMJEP B EBS VO HJSP FTUP FT B GPSNVMBS EF VO

NPEP OVFWP Z FO DJFSUB NBOFSB EFDJTJWP MB NJTNB DVFTUJO :B OP TF
USBUBCB UBOUP EF QMBOUFBS MB QSFHVOUB QPS FM TFOUJEP EFM TFS TJOP NT
CJFO EF GPSNVMBS MB QSFHVOUB QPS MB WFSEBE EFM TFS Z EF MB QFSUFOFODJB
EF TUB NJTNB B MB FTFODJB EFM %BTFJO
&O MBT MOFBT RVF TJHVFO UFOESFNPT PQPSUVOJEBE EF WFS DNP )FJ
EFHHFS EFTEF MB BUBMBZB EF DPNQSFOEF TV HJSP Z FM NPEP QSP
CMFNBUJ[BOUF FO RVF MP WJODVMB BM SFDPSSJEP SFBMJ[BEP IBTUB MB QVCMJDB
DJO 4FS Z UJFNQP
&M SFUPSOP BM GVOEBNFOUP <OP GVOEBEP> EF MB NFUBGTJDB
&M UFYUP RVF OPT PDVQB FT DPNP TVFMF TFS IBCJUVBM FO MPT FTDSJUPT
EF .BSUJO )FJEFHHFS VO TVNFSHJSTF FO MB IJTUPSJB EF MB MPTPGB QFSP
TJFNQSF EFTEF MPT PSHFOFT EFM QFOTBNJFOUP PDDJEFOUBM QVFT FOUJFOEF
RVF MP CVTDBEP IB EF TFSMP FO TV JOJDJP FO EFOJUJWB FO FM QFOTBS BO
UJHVP RVF OPT EFUFSNJOB Z RVF EFUFSNJOB MB IJTUPSJB EF MB NFUBGTJDB
DPNP UBM -B NFUGPSB DBSUFTJBOB EFM SCPM EF MB DJFODJB RVF VUJMJ[B FO
FM QSJODJQJP EF TV *OUSPEVDDJO B 2V FT NFUBGTJDB FT VO DMBSP
FKFNQMP EF DNP TF QVFEF QFOTBS MB MPTPGB QSJNFSB B QBSUJS EF MP
ZB QFOTBEP FT DMBSP RVF %FTDBSUFT KVFHB VO QBQFM EFTUBDBEP ZB RVF
FT B KVJDJP EF )FJEFHHFS VOP EF MPT QFOTBEPSFT RVF NT IB JOVJEP
FO MB FMBCPSBDJO EF MB NFUBGTJDB UBM DPNP IPZ TF DPOPDF "QPZOEP
TF FO MB EFTDSJQDJO DBSUFTJBOB EFM SCPM EF MB DJFODJB FM BVUPS EF MB
*OUSPEVDDJO TF FYQSFTB EF FTUB NBOFSB
/P RVFSJFOEP BCBOEPOBS FTB JNBHFO QSFHVOUBNPT EF

FTUF NPEP FO RV TVFMP TF BQPZBO MBT SBDFT EFM SCPM
EF MB MPTPGB &O RV GVOEBNFOUP FODVFOUSBO MBT SB
DFT Z BT FM SCPM FOUFSP PCUJFOF TVT TBWJBT Z GVFS[BT
)FJEFHHFS EFDMBS FO SFJUFSBEBT PDBTJPOFT RVF TV JOUFODJO OP FSB IBDFS IJTUP

SJPHSBGB TJOP RVF MP RVF QSFUFOEB QPS FM DPOUSBSJP FSB MMFWBS B DBCP VO SFUPSOP
EFM QFOTBS IBDJB FM PSJHFO

&YQPTJDJO UFSJDB
OVUSJUJWBT 2V FMFNFOUP FTDPOEJEP FO FM TVFMP Z FM GVO

EBNFOUP QFOFUSB MBT SBDFT RVF TPTUJFOFO Z BMJNFOUBO BM
SCPM %OEF SFQPTB Z TF NVFWF MB FTFODJB EF MB NFUB
GTJDB 2V FT MB NFUBGTJDB WJTUB EFTEF TV GVOEBNFOUP
&O HFOFSBM RV FT FO FM GPOEP FTP EF MB NFUBGTJDB
5PEP QBSFDF JOEJDBS RVF OP TF QVFEF BCBOEPOBS MB NFUBGTJDB RVF

IBTUB BIPSB Z EFTEF TV NJTNP PSJHFO IB DPOTJTUJEP FO SFQSFTFOUBS FM
FOUF FO DVBOUP UBM -B WJFKB UFTJT EF )FJEFHHFS TFHO MB DVBM MB NFUBG
TJDB QSJWJMFHJB MB MP RVF JNQMJDB FM QSJWJMFHJP EFM QSFTFOUF F JN
QJEF RVF TF QMBOUFF MB QSFHVOUB GVOEBNFOUBM QPS FM TFS QFSNBOFDF
JOUBDUB &O FTUB EFOVODJB DPOUJOB SBEJDBOEP MP OVDMFBS EF MB DSUJDB
EF )FJEFHHFS B "SJTUUFMFT 5BNCJO FT DJFSUP RVF FM NJTNP QFOTBEPS
BENJUF RVF 1MBUO Z "SJTUUFMFT UFOBO VOB WJTJO GFOPNFOPMHJDB
BMHP RVF BIPSB ZB OP SFTVMUB UBO QPTJUJWP QBSB OVFTUSP QFOTBEPS
"T
FT B TV QBSFDFS MPT EPT QFOTBEPSFT HSJFHPT FOUFOEBO RVF MP RVF FT

TF NVFTUSB Z BQBSFDF DPNQBSFDF 4FHO 1MBUO MP WJTUP FT
QSFDJTBNFOUF MP WJTUP FO DVBOUP RVF WJTUP $PNP FT CJFO TBCJEP MBT
JEFBT DPOTUJUVBO QBSB FTUF QFOTBEPS MP WFSEBEFSB Z BVUOUJDBNFOUF
SFBM QVFT QBSB M DPOPDFS OP FSB OBEB EJTUJOUP EF DBQUBS BMHP FO TV
NBOJGFTUBCJMJEBE "T QVFT MB WFSEBE DPOTJTUB FO FM EFTWFMBNJFOUP Z
FO MB QPTUFSJPS DPOUFNQMBDJO EF MBT JEFBT NFSDFE B MB MV[ RVF FNBOB
EFM TPM FM CJFO
Z RVF EF BDVFSEP DPO MB JOUFSQSFUBDJO IFJEFHHFSJB
OB EF MB BMFHPSB QMBUOJDB EF MB DBWFSOB OP FT TJOP MB &TUP
FT MP RVF FT BDDFTJCMF BM EFM EJBMDUJDP EFM RVF IB BTDFOEJEP IBTUB
MMFHBS B MB DVNCSF EF MB MOFB B MBT BGVFSBT EF MB DBWFSOB "T QVFT
BMHP FT DPOPDJEP QPSRVF FTU QSFTFOUF FO TV BTQFDUP FO TV WJTJCJMJEBE
1VFT CJFO )FJEFHHFS TFOUFODJB RVF GVF QSFDJTBNFOUF FTUF NPEP EF WFS
Z FOUFOEFS MP RVF IJ[P RVF MB NFUBGTJDB TF MJNJUBSB B SFQSFTFOUBS MP
FOUF FO DVBOUP FOUF Z TF PMWJEBSB EF NJSBS IBDJB FM TFS &TUB MJNJUBDJO
. )FJEFHHFS *OUSPEVDDJO B 2V FT NFUBGTJDB FO )JUPT "MJBO[B .B

ESJE USBE ) $PSUT Z " -FZUF QQ Q
1BSB )FJEFHHFS MB UFNQPSBMJEBE ;FJUMJDILFJU
IBDF QPTJCMF MB FMBCPSBDJO Z DPN
QBSFDFODJB EF MB EJGFSFODJB POUPMHJDB

TF IB NBOUFOJEP B MP MBSHP EF MB IJTUPSJB BVORVF FO TV USBOTDVSTP MP

SFQSFTFOUBEP TF IBZB DBSBDUFSJ[BEP EF MBT NT EJWFSTBT NBOFSBT
4FB DVBM TFB MB JOUFSQSFUBDJO RVF RVFSBNPT EBSMF B

MP FOUF ZB TFB DPNP FTQSJUV FO FM TFOUJEP EF FTQJSJUVBMJT
NP DPNP NBUFSJB Z GVFS[B FO FM TFOUJEP EFM NBUFSJBMJTNP
DPNP EFWFOJS Z WJEB DPNP SFQSFTFOUBDJO DPNP WPMVO
UBE DPNP TVTUBODJB DPNP TVKFUP DPNP P DPNP
FUFSOP SFUPSOP EF MP JHVBM MP FOUF FO DVBOUP FOUF TJFNQSF
BQBSFDF B MB MV[ EFM TFS 4JFNQSF RVF MB NFUBGTJDB SFQSF
TFOUB B MP FOUF RVFEB JMVNJOBEP FM TFS
5PEBT MBT WFSTJPOFT TPO WBSJBDJPOFT TPCSF MP NJTNP FM FOUF 1FSP

MP QSFTFOUF MP FOUF TPMBNFOUF BQBSFDF TFHO )FJEFHHFS BM BNQBSP
EFM TFS &T FM TFS FM RVF IBDF QPTJCMF MB QSFTFODJB EF MP FOUF QPSRVF
TJO M OP FT QPTJCMF TV EFTPDVMUBNJFOUP 1PS FTP FT QPS MP RVF FO MB
*OUSPEVDDJO EF )FJEFHHFS TPTUJFOF RVF FM GVOEBNFOUP EF MB
NFUBGTJDB FT MB WFSEBE EFM TFS -B NFUBGTJDB TJHVJFOEP DPO MB NF
UGPSB EFM SCPM EF MBT DJFODJBT EF %FTDBSUFT IB PMWJEBEP FM IVNVT FM
TVCTUSBUP MB UJFSSB EPOEF FTU QMBOUBEB -B OJDB BMUFSOBUJWB QPTJCMF
FT VO QFOTBS FTFODJBM OP SFQSFTFOUBDJPOJTUB RVF OP BQVOUBMF NT MB
EJONJDB TVKFUPPCKFUP IBTUB BIPSB FTUBCMFDJEB &M TFS OP QVFEF TFS
DBQUBEP DPNP VO PCKFUP EF NBOFSB RVF TMP VO QFOTBS OP SFQSF
TFOUBUJWP QVFEF TFS VOB BMUFSOBUJWB 4F USBUB EF VO QFOTBS RVF IBDF
NFNPSJB BMHP DPOUSBSJP B MB SFQSFTFOUBDJO RVF TMP BENJUF QSFTFOUF
&TUBT SFFYJPOFT EFKBO FOUSFWFS VO BQBSFOUF DPOJDUP FO FM QFO
TBNJFOUP EF )FJEFHHFS 1PS VOB QBSUF SFBMJ[B VOB GFSP[ DSUJDB B MB
NFUBGTJDB QPS PUSB BEWJFSUF RVF IB EF NBOUFOFSTF FO EJMPHP DPO
FMMB -P RVF FO DVBMRVJFS DBTP JNQPSUB EFTUBDBS BM QFOTBEPS EFM TFS FT
RVF MB FTFODJB EF MB NFUBGTJDB FT MB QSFHVOUB QPS MB WFSEBE EFM TFS
BVORVF IBTUB BIPSB TUB OP IB TJEP QMBOUFBEB DPSSFDUBNFOUF 1FSP
OP FT RVF UFOHBNPT RVF EFSSJCBS MB NFUBGTJDB P QFOTBS FO DPOUSB EF
FMMB ZB RVF
. )FJEFHHFS *OUSPEVDDJO B 2V FT NFUBGTJDB PQ DJU Q

&YQPTJDJO UFSJDB
6O QFOTBS RVF QJFOTB FO MB WFSEBE EFM TFS DJFSUBNFOUF

ZB OP TF DPOUFOUB DPO MB NFUBGTJDB QFSP UBNQPDP QJFOTB
DPOUSB FMMB 1PS TFHVJS VUJMJ[BOEP MB NJTNB JNBHFO OP
BSSBODB MB SB[ EF MB MPTPGB -F FYDBWB FM GVOEBNFOUP Z
MF BSB TV TVFMP -B NFUBGTJDB TJHVF TJFOEP MP QSJNFSP EF
MB MPTPGB /VODB MMFHB B TFS MP QSJNFSP EFM QFOTBS &O FM
QFOTBNJFOUP TPCSF MB WFSEBE EFM TFS MB NFUBGTJDB TF WF
TVQFSBEB $BF QPS TV QFTP MB FYJHFODJB EF MB NFUBGTJDB
TFHO MB DVBM EFCF TFS FMMB MB RVF BENJOJTUSF MB QSJODJQBM
SFGFSFODJB BM TFS Z EFUFSNJOF EF NPEP EFDJTJWP UPEB SF
MBDJO DPO MP FOUF DPNP UBM 1FSP FTUB TVQFSBDJO EF MB
NFUBGTJDB OP NBSHJOB B MB NFUBGTJDB
-B NFUBGTJDB PMWJEB TV GVOEBNFOUP QFSP B MB WF[ OP FT DBQB[ EF

MJCSBSTF EF M FOUPODFT BERVJFSF VO DBSDUFS EF EFTUJOP DVNQMJEP ZB
RVF OP EFKB BM QFOTBS EFTBSSPMMBSTF EF PUSB NBOFSB RVF MB ZB FOTB
ZBEB 4J TF RVJFSF TBMJS EF MB NFUBGTJDB IBZ RVF JS EJSFDUBNFOUF OP
ZB BM GVOEBNFOUP B MPT PSHFOFT EFM SFQSFTFOUBS NFUBGTJDP TJOP NT
BUST Z BT FO UPEP DBTP QPESFNPT JOUFOUBS EF OVFWP VO QFOTBS RVF
BCBOEPOF EJDIP GVOEBNFOUP "M IBCMBS EF SFUPSOP NF SFFSP B MP
RVF )FJEFHHFS MMBNBS FO NVDIBT PDBTJPOFT FM TBMUP BUST RVF FT
OFDFTBSJP QBSB WPMWFS B QMBOUFBS MB QSFHVOUB QPS FM TFS GVFSB EF MPT
MNJUFT EF MB NFUBGTJDB &O FTUF TFOUJEP TVSHFO MPT QSPCMFNBT QVFT
FTUF TBMUP OP FT VOP DVBMRVJFSB FT VO TBMUP BM WBDP B MB OBEB BM BCJT
NP /PT EFKBNPT MMFWBS QPS MP OJDP RVF TPNPT DBQBDFT EF EFUFDUBS B
NPEP EF QFRVFB TFBM FM %BTFJO
3FNJUJSTF B VO QSJODJQJP QBTB QPS SFDPOPDFS BMHO FOUF EFM DVBM
QVFEB EFSJWBSTF BMHP QPTUFSJPS Z DVBOEP TF EJDF FM TFS FT MB OBEB EFM
FOUF QSFDJTBNFOUF TF IBDF SFGFSFODJB B RVF OP IBZ OBEB FO FM TFOUJEP
MUJNP EF MB QBMBCSB RVF FTU BOUFT DPNP QSJODJQJP QPS FTP FM GVOEB
NFOUP EF MB NFUBGTJDB UJFOF RVF TFS MB OBEB MP OPGVOEBEP FM BCJTNP
&M NJTNP %BTFJO FT MB OBEB FT FTB QFRVFB TFBM RVF TF OPT BQBSF
DF FO FM IPSJ[POUF Z B QBSUJS EF MB DVBM QPEFNPT FNQF[BS B CVTDBS
*C Q

1BSB IBDFSMP EF OBEB WBMFO MBT DBUFHPSBT LBOUJBOBT OJ MPT B QSJPSJ

OP TF QVFEF FTUBCMFDFS VO GVOEBNFOUP RVF FTUF NFEJBEP QPS MB DPN
QSFOTJO EF MB NFUBGTJDB PDDJEFOUBM TJ TF RVJFSF TVQFSBS MB DPODFQDJO
NFUBGTJDB TJ TF RVJFSF BMDBO[BS MB SFGFSFODJB EFM TFS B MB FTFODJB EFM
IPNCSF IBZ RVF FOTBZBS VO OVFWP NPEP EF QFOTBS RVF TF BMFKF EF MP
RVF IBTUB BIPSB TF IB FOUFOEJEP DPNP SFQSFTFOUBS NFUBGTJDP FT EFDJS
TF IB EF USBUBS EF OP DPOGVOEJS TFS Z FOUF EF TJUVBSTF FO MB EJGFSFODJB
POUPMHJDB POUPMPHJTDIF %JFSFO[
4J IBZ RVF CVTDBSMP FO BMHP FM
GVOEBNFOUP EF MB NFUBGTJDB FT FO MB OBEB &TUP FT MP RVF FO DJFSUP
NPEP TF RVJFSF TJHOJDBS DPO MP OPGVOEBEP OP IBZ VO QSJODJQJP
EBEP TPCSF FM RVF MVFHP TF QVFEB DPOTUSVJS VO DJFSUP NPEP EF QFOTBS
MP RVF IBZ FT OBEB QPSRVF TJ TF BDVFSEB RVF IBZ VO QSJODJQJP RVF OP
TFS PUSB DPTB RVF VO FOUF TF WVFMWF B DBFS FO FM PMWJEP ZB RVF PUSB
WF[ TF GVOEBNFOUBS MB NFUBGTJDB FO VO FOUF IBDJFOEP NT SBEJDBM FM
PMWJEP EF MB EJGFSFODJB FOUSF FM TFS Z FM FOUF -P RVF HVJBS FM QFOTB
NJFOUP EF .BSUJO )FJEFHHFS TFS VOB DPOUJOVB SFWJTJO EF MPT QJMBSFT
EF MB MPTPGB DPO FM O EF MMFHBS IBTUB MPT PSHFOFT EFM QFOTBNJFOUP Z
BT QPEFS BQVOUBS IBDJB FM EOEF TF TVNFSHJ FO FTF USFNFOEP PMWJEP
RVF UPEBWB EFUFSNJOB FM QFOTBS BDUVBM
-B WFSEBE EFM TFS
$PNP TF IB JOEJDBEP FO FM BQBSUBEP BOUFSJPS FM GVOEBNFOUP EF

MB NFUBGTJDB OP FT PUSP RVF MB WFSEBE EFM TFS BT RVF TJHVJFOEP MB
"T MP FYQMJDB "SUVSP -FZUF 1FSP UBNCJO TF FOUFOEFSB NBM EFTEF MB QFSTQFD
UJWB EF FTUF TJHOJDBEP EF NFUBGTJDB RVF TF DPNJFO[B B FNQMFBS FYQMDJUBNFOUF
EFTQVT EF 4FS Z UJFNQP RVF DPO MP EF PSJHFO TF WPMWJFSB B FOUFOEFS VO TJO
OJNP EF QSJODJQJP B QBSUJS EFM DVBM TF EFSJWBSB VOB TFSJF EF DPOTFDVFODJBT
1PSRVF BT DPOTJEFSBEP QSJODJQJP OP EFKBSB EF TFS B TV WF[ BMHP EFSJWBEP
QPS BT EFDJSMP QVFTUP EFTQVT : FTUF TFOUJEP EFM EFTQVT SFTVMUB DSVDJBM QBSB
DBSBDUFSJ[BS FM NJTNP TFOUJEP EFM %BTFJO FO DJFSUP NPEP UPEP WJFOF EFTQVT
UPEP FT GPSNVMBEP FO USNJOPT LBOUJBOPT B QPTUFSJPSJ EF NPEP RVF OBEB QVFEF
TFS JOUFSQSFUBCMF DPNP B QSJPSJ QSJODJQJP GVOEBNFOUP FUD
/BEB FYDFQUP MB
OBEB NJTNB QPS NFEJP EF MB DVBM TF EJDF RVF OBEB IBZ B FYDFQDJO EF MP FOUF
EF MBT DPTBT " -FZUF )FJEFHHFS "MJBO[B .BESJE QQ

&YQPTJDJO UFSJDB
FYQPTJDJO FTRVFNUJDB EF MB *OUSPEVDDJO B 2V FT NFUBGTJDB

BIPSB TF EFCF FTUBCMFDFS VOB DPOUJOVJEBE FOUSF EJDIP GVOEBNFOUP Z MB
SFGFSFODJB RVF IB EF IBDFSTF DPO SFMBDJO B MB FTFODJB EFM IPNCSF -B
TJHVJFOUF DVFTUJO USBUBS EF MB FTFODJB FYUUJDB EFM %BTFJO QSJNFSP
TF IBCMB EFM GVOEBNFOUP MVFHP TF FTUBCMFDF MB SFGFSFODJB FOUSF FM GVO
EBNFOUP Z MB FTFODJB EFM IPNCSF Z QPS MUJNP TF BCPSEB MB FTFODJB
EFM IPNCSF RVF OP WB B TFS PUSB RVF TV FYJTUFODJB
-P RVF IBZ RVF EFDJEJS FT TJ FM QSPQJP TFS QVFEF IBDFS

BDPOUFDFS QSPQJBNFOUF TV SFGFSFODJB B MB FTFODJB EFM IPN
CSF DPOUBOEP DPO TV QSPQJB WFSEBE P TJ MB NFUBGTJDB BMF
KOEPTF EF TV QSPQJP GVOEBNFOUP TJHVF JNQJEJFOEP RVF MB
SFGFSFODJB EFM TFS BM IPNCSF B QBSUJS EF MB FTFODJB EF FTB
NJTNB SFGFSFODJB BMDBODF VOB MV[ RVF MMFWF OBMNFOUF BM
IPNCSF B TV QFSUFOFODJB BM TFS
&O FTUF QBTBKF TF BQSFDJB FM QBTP RVF WB EFM GVOEBNFOUP EF MB NF

UBGTJDB B MB SFGFSFODJB EFM TFS B MB FTFODJB EFM IPNCSF 1FSP MB EFDJTJO
EFQFOEF EFM GVOEBNFOUP FT EFDJS EF TJ MB NFUBGTJDB QVFEF BMFKBSTF EF
EJDIP GVOEBNFOUP )BTUB BIPSB Z FTP QBSFDF RVF FT VOB DPOTUBOUF FO
FM QFOTBNJFOUP EF )FJEFHHFS MB NFUBGTJDB OP IB QPEJEP EFTIBDFSTF
EFM GVOEBNFOUP RVF DPOEJDJPOB TV FTFODJB OP IB TJEP DBQB[ EF QFOTBS
MB EJGFSFODJB FOUSF TFS Z FOUF Z DPNP DPOTFDVFODJB MB SFGFSFODJB RVF
BIPSB TF CVTDB IB QFSNBOFDJEP WFMBEB PDVMUB TUF FT QSFDJTBNFOUF
FM DBSDUFS EF EFTUJOP DVNQMJEP RVF IB UFOJEP EJDIP QFOTBS NFUBGTJDP
B MP MBSHP EF MB IJTUPSJB EFM TFS OP QPEB IBCFS TJEP PUSP QPSRVF FO
TV PSJHFO ZB RVFE QSFEFTUJOBEB BM PMWJEP "T FT DPNP MB NFUBGTJDB
QPOF USBCBT B FTB SFGFSFODJB EFM TFS B MB FTFODJB EFM IPNCSF
/P DBCF EVEB IBZ VOB SFMBDJO TJOHVMBS FOUSF FM TFS Z FM IPN
CSF &O 4FS Z UJFNQP RVFE FTUBCMFDJEP FM %BTFJO DPNP FM FOUF DPN
QSFOTPS EFM TFS Z FTUB SFMBDJO FT JOEJTPMVCMF FO BRVFMMB HSBO PCSB
)FJEFHHFS EFDB IBZ TFS Z WFSEBE FO MB NFEJEB RVF FM %BTFJO FT

&T DJFSUP RVF BIPSB )FJEFHHFS IB DBNCJBEP FTFODJBMNFOUF FM NBUJ[

BM QVOUP EF IBDFS JNQPTJCMF VOB JOUFSQSFUBDJO EF DPSUF USBTDFOEFO
UBM EF BRVFMMB BSNBDJO "IPSB OP TMP FO FTUB *OUSPEVDDJO TJOP
UBNCJO FO PUSPT UFYUPT EF MB NJTNB QPDB FOUJFOEF BM %BTFJO DP
NP MVHBS DPNP NCJUP FTQBDJPUFNQPSBM QBSB FM BDPOUFDFS EF TFS BT
FM %BTFJO FT DPNP FM DMBSP EFM CPTRVF FM DBMWFSP -JDIUVOH
QBSB FM
PDVMUBNJFOUPEFTPDVMUBNJFOUP EFM TFS &O 4FS Z UJFNQP MB WFSEBE FSB
TFHO )FJEFHHFS NBOJGFTUBDJO BOUF QVSP GFONFOP QFSP ZB MP
IFNPT WJTUP
B QBSUJS EF TVT PCSBT QPTUFSJPSFT B QBTB B TFS FO
UFOEJEB DPNP VO KVFHP EF PDVMUBNJFOUPEFTPDVMUBNJFOUP EFM TFS 2V
RVJFSF EFDJS .BSUJO )FJEFHHFS DVBOEP TF SFFSF B MB WFSEBE DPNP PDVM
UBNJFOUPEFTPDVMUBNJFOUP 1BSB SFTQPOEFS B FTUB QSFHVOUB TF EFCF
QSPGVOEJ[BS FO FM QFOTBNJFOUP BOUJHVP Z TPCSF UPEP FO MPT QFOTBEPSFT
EFOPNJOBEPT QSFTPDSUJDPT
-B HSBO QSFPDVQBDJO EF MB MPTPGB HSJFHB BOUFSJPS B "SJTUUFMFT
FSB FTUBCMFDFS MB EJGFSFODJB FOUSF TFS Z BQBSFDFS Z
MB
FYQFSJFODJB EFM TFS TFHO 1BSNOJEFT FT QSFDJTBNFOUF FM BQBSFDFS FO
FM QSFDJTP TFOUJEP EF RVF TFS TF FOUJFOEF DPNP QSFTFODJB FO FM TFOUJEP
EF MB Z QPS FTP MP RVF FT FO FM SFDVFSEP EF MB OP FT TJOP
MB QSFTFODJB EF MP RVF FT Z OP QVFEF OP TFS " KVJDJP EF )FSDMJUP QPS
FM DPOUSBSJP MB TFSB FM EFTWFMBNJFOUP EFM PDVMUBNJFOUP RVF
MB BNB %FTEF 1BSNOJEFT FODPOUSBNPT MB BMUFSOBODJB TFS Z
OPTFS FM TFS IVNBOP UJFOF RVF FTUBS BCJFSUP BM EFTPDVMUBNJFOUP
BCJFSUP B MB QSFTFODJB EF MP FOUF FTUP MP EFTJHOB DPO FM RVF TFS
DFOUSBM FO MB MPTPGB EF 1MBUO Z FO HFOFSBM QBSB UPEP FM NVOEP
HSJFHP Z PDDJEFOUBM
-B NFUBGTJDB IB CVTDBEP MB DPNQSFOTJO EFM TFS QFSP TJO IBDFS
TF DBSHP EF MB QSFHVOUB QPS FM TFS FM TFS IB TJEP DPOPDJEP NFEJBO
UF VO BDDFTP FQJTUNJDP QPS MB EFNPTUSBDJO Z MB EFOJDJO FT EFDJS
$G ' .BSUOF[ .BS[PB )JTUPSJB EF MB 'JMPTPGB * PQ DJU Q
&M %BTFJO FTU QPS TV QSPQJB DPOTUJUVDJO BCJFSUP FT BQFSUVSJEBE RVF TBDB EFM
PDVMUBNJFOUP BQFSUVSB RVF QFSNJUF FM EFTPDVMUBNJFOUP Z BT IBDF NBOJFTUP B
MP FOUF

&YQPTJDJO UFSJDB
NFEJBOUF VO BDDFTP SBDJPOBM &TUF BDDFTP MB BSUJDVMBDJO MB DPNQP

TJDJO Z MB EJWJTJO Z
FTU FO SFMBDJO DPO MB GPS
NB EF DPOTUSVDDJO EFM MFOHVBKF JOEPFVSPQFP RVF QBSUF EF VO TVKFUP

VO WFSCP TFS RVF PQFSB DPNP DQVMB Z VO QSFEJDBEP

" FTUB GPSNB FTQFDDB EF BSUJDVMBDJO TF MF MMBNB
FTUP FT BMHP 4
TF NBOJFTUB DPNP BMHP 1
&TUP IBDF
RVF FM TJHOJDBEP EF MB DQVMB EF MB BSUJDVMBDJO NJTNB TFB FM NB
OJGFTUBSTF FM BQBSFDFS FM NPTUSBSTF FT EFDJS MB &TUF
MFOHVBKF FT FM RVF JONFEJBUBNFOUF EFTQVT Z DPO DBSDUFS EFOJUJWP
BEPQU MB DJFODJB QFSP DPNP FM TFS FT MP JOEFOJCMF MP JOBQSFIFOTJCMF
TFHO )FJEFHHFS Z DPNP ZB MP IBCB DPOTJEFSBEP MB NJTNB USBEJDJO
NFUBGTJDB B MB RVF BQFMB MB *OUSPEVDDJO B 4FS Z UJFNQP
IFNPT
EF JOTUBMBSOPT GVFSB EF MB EJONJDB TVKFUPPCKFUP QBSB SFQMBOUFBSOPT
MB QSFHVOUB QPS FM TFS &M QSJNBEP VOJMBUFSBM EFM
Z MBT DBUFHPSBT CMPRVFBO MB QSFHVOUB QPS FM TFS -B QPTJCMF TPMVDJO
RVF QSPQVTP )FJEFHHFS SBEJDBMJ[BOEP FM QMBOUFBNJFOUP EF %JMUIFZ GVF
PUSB GPSNB EF BDDFTP MB IFSNFOVUJDB
/PT IFNPT BGFSSBEP B MP RVF DPNQBSFDF B MP QSFTFOUF Z OPT IF
NPT EFTWJBEP EF MP GVOEBNFOUBM TJ BIPOEBNPT FO MB IJTUPSJB EF MB
NFUBGTJDB OPT BDFSDBNPT B MP OPQFOTBEP OPT QSFHVOUBNPT QPS MP
RVF QSFDJTBNFOUF OP BQBSFDF 4MP SFIVTBOEP FM BCPSEBKF QSFTFODJB
MJTUB QVFEF MB NFUBGTJDB TFS QFOTBS EFM TFS &M QSFTFODJBS QSPWJFOF FO
EFOJUJWB EF MPT QSFTPDSUJDPT RVF FOUJFOEFO MB WFSEBE DPNP
FT EFDJS DPNP VO BSSBODBSMF B MB TV PDVMUBNJFOUP %F )FSDMJ
UP SFDVQFSB )FJEFHHFS FM BNPS EF MB QPS FM PDVMUBNJFOUP Z EF
"OBYJNBOESP MB MVDIB EF DPOUSBSJPT TFHO FTUF MTPGP HSJFHP
QVFT TF QBHBO NVUVBNFO
UF QFOB Z SFUSJCVDJO
P EJDIP DPO FYQSFTJO EF .BS[PB DBEB
DPTB FT TMP OFHBOEP TV PUSP QSFEPNJOBOEP QFSP DPNP FO EFOJUJ
WB TMP FT FO DVBOUP MP PUSP FT IB EF SFDPOPDFS B MP PUSP PUPSHBSMF

BQSFDJP FTUJNBDJO
SFDPOPDFSMF MP RVF MF QFSUFOFDF
$G ' .BSUOF[ .BS[PB )JTUPSJB EF MB 'JMPTPGB * PQ DJU Q
4JNQMJDJP 'TJDB %, "

SFOVODJBOEP BM QSFEPNJOJP FTUP FT B MB QSFTFODJB -VFHP MB

OP TF NVFTUSB FO TV UPUBMJEBE FT VO DPOUJOVP KVFHP EF BQBSJDJO Z PDVM
UBNJFOUP "SJTUUFMFT WB B QPOFS O TFHO )FJEFHHFS B MB MVDIB EF
DPOUSBSJPT DPO VO OVFWP DPODFQUP RVF FM EFOPNJOB " KVJDJP
EF )FJEFHHFS "SJTUUFMFT FOUSB EF MMFOP FO FM QSFTFODJBMJTNP BM JEFO
UJDBS DPO -P RVF )FJEFHHFS QSPQPOF FT VO SFUPSOP B
MPT PSHFOFT Z BQVOUBOEP BM PDVMUBNJFOUPEFTPDVMUBNJFOUP OPT IBDF
SFDPSEBS MB DPOPDJEB TFOUFODJB EF "OBYJNBOESP 1FSP
OP TF USBUB EF OJOHO SFOBDJNJFOUP EFM QFOTBS QSFTPDS

UJDP TFNFKBOUF QSFUFOTJO TFSB GBUVB Z DBSFOUF EF TFOUJ
EP
TJOP RVF TF USBUB EF QSFTUBS BUFODJO BM BEWFOJNJFOUP
EF MB FTFODJB BO OP EJDIB EFM EFTPDVMUBNJFOUP FO FM DVBM
TF IB BOVODJBEP FM TFS .JFOUSBT UBOUP Z B MP MBSHP EF UP
EB TV IJTUPSJB EFTEF "OBYJNBOESP IBTUB /JFU[TDIF B MB
NFUBGTJDB MF QFSNBOFDF PDVMUB MB WFSEBE EFM TFS
&M EFTPDVMUBNJFOUP OP QVFEF UFOFS MVHBS DPNP IB JOUFOUBEP IB

DFS MB NFUBGTJDB TJO FM PDVMUBNJFOUP ZB RVF FOUPODFT MP OP PDVMUP
DPNQBSFDF DPNP FOUF Z TF FOUSB EF MMFOP FO MB FRVJQBSBDJO EF FOUF Z
TFS TMP IBDJFOEP NFNPSJB EFM PMWJEP TF QVFEF JOUFOUBS PUSP DPNJFO[P
RVF Z FTUP IB EF RVFEBS CJFO DMBSP OP FT VOP OVFWP -P RVF IBZ RVF
IBDFS FT BUFOEFS BM PMWJEP EFM TFS FO MB SFGFSFODJB EFM TFS B MB FTFODJB
EFM IPNCSF 4MP BT UFOESB TFOUJEP MB QSFHVOUB QPS MB NFUBGTJDB
1FSP TVQPOJFOEP RVF MB TVQFSBDJO EF MB NFUBGTJDB FT

UVWJFSB FO DPSSFTQPOEFODJB DPO FM FTGVFS[P QPS BQSFOEFS B
QSFTUBSMF QPS O BUFODJO BM PMWJEP EFM TFS B O EF FYQFSJ
NFOUBS Z BTVNJS EJDIB FYQFSJFODJB FO MB SFGFSFODJB EFM TFS
BM IPNCSF Z QSFTFSWBSMB BMM FOUPODFT MB QSFHVOUB RV FT
' .BSUOF[ .BS[PB )JTUPSJB EF MB 'JMPTPGB * PQ DJU Q


&YQPTJDJO UFSJDB
NFUBGTJDB UBM WF[ TFHVJSB TJFOEP EFOUSP EF MB QSFDBSJF

EBE EFM PMWJEP EFM TFS MP NT OFDFTBSJP EF FOUSF UPEP MP
OFDFTBSJP QBSB FM QFOTBS
-B FYJTUFODJB FYUUJDB DPNP FTFODJB EFM TFS IVNBOP

BCBOEPOP EFM TVKFUP Z MB DPODJFODJB
4F IB BOVODJBEP RVF MB QSFHVOUB QPS FM GVOEBNFOUP EF MB NFUBG

TJDB FTU SFMBDJPOBEB DPO MB SFGFSFODJB EFM TFS B MB FTFODJB EFM IPNCSF
BIPSB IBZ RVF NPTUSBS DNP FT FTB FTFODJB &M QFOTBS RVF TF FOTBZ
FO 4FS Z UJFNQP QVFEF WBMFS B KVJDJP EF )FJEFHHFS DPNP VO JOUFOUP
-B BOBMUJDB FYJTUFODJBM SFBMJ[BEB BMM QVFEF TFSWJS QBSB BMDBO[BS EJ
DIB SFGFSFODJB " FTUF SFTQFDUP .BSUJO )FJEFHHFS TF FYQSFTB FO MPT
USNJOPT TJHVJFOUFT
&M QFOTBS FOTBZBEP FO 4FS Z UJFNQP TF IB QVFTUP FO

DBNJOP QBSB JOUSPEVDJS BM QFOTBS QPS VO DBNJOP RVF MF
QFSNJUF BMDBO[BS MB SFGFSFODJB EF MB WFSEBE EFM TFS B MB
FTFODJB EFM IPNCSF QBSB BCSJSMF BM QFOTBS VOB TFOEB B O
EF RVF QJFOTF FYQSFTBNFOUF FM QSPQJP TFS FO TV WFSEBE &O
FTUF DBNJOP MP RVF TJHOJDB BM TFSWJDJP EF MB QSFHVOUB
QPS MB WFSEBE EFM TFS TF IBDF OFDFTBSJB VOB SFFYJO TP
CSF MB FTFODJB EFM IPNCSF QPSRVF MB FYQFSJFODJB EFM PMWJEP
EFM TFS OP FYQSFTB Z RVF BO EFCF TFS NPTUSBEB JODMVZF
MB TVQPTJDJO TPCSF MB DVBM UPEP TF CBTB TFHO MB DVBM EF
BDVFSEP DPO FM EFTPDVMUBNJFOUP EFM TFS MB SFGFSFODJB EFM
TFS B MB FTFODJB EFM IPNCSF QFSUFOFDF BM TFS NJTNP
&M QFOTBS EF 4FS Z UJFNQP QBSFDF EFDJS TV BVUPS TF IBDF JNQSFT

DJOEJCMF TJ RVFSFNPT TBDBS BM %BTFJO EF MB TVCKFUJWJEBE BVORVF FO
SFBMJEBE FTUP ZB TF IBCSB SFBMJ[BEP FO MB NFEJEB FO RVF QPS TV QSPQJB
*C Q

*C

EFOJDJO FM %BTFJO FT TFSFOFMNVOEP Z FTP FT MP PUSP B MB TVCKFUJWJ

EBE -B BMUFSOBUJWB B MB EJONJDB TVKFUPPCKFUP FT VO QFOTBS RVF TBRVF
MB FTFODJB EFM IPNCSF GVFSB EFM NCJUP EF MB TVCKFUJWJEBE 1PS UBOUP FM
%BTFJO OP TF IB EF FOUFOEFS DPNP VOB TVTUJUVDJO EFM TVKFUP P BMHP
BT FM IPNCSF OP FT DPODJFODJB OJ ZP USBTDFOEFOUBM T QVFEF DPOWFS
UJSTF SFEVDUJWBNFOUF FO UPEP FTP QFSP TV EFUFSNJOBDJO FTFODJBM OP
FT OJOHVOB EF MBT BOUFSJPSFT -P RVF EFUFSNJOB MB FYJTUFODJB FT QSF
DJTBNFOUF FM FTUBS GVFSB EF VO TVQVFTUP T NJTNP
&T NFOFTUFS
QFOTBS BM %BTFJO EFTEF TV BQFSUVSB BM NVOEP BQFSUVSB RVF QFSNJ
UF RVF MB SFGFSFODJB EFM TFS B MB FTFODJB EFM IPNCSF QVFEB BDPOUFDFS
BQFSUVSB RVF UJFOF RVF WFS DPO FM DSVDF FOUSF MP OUJDP Z MP POUPMHJDP
RVF IBDF QPTJCMF MB EJGFSFODJB POUPMHJDB -P RVF QFSNJUF BM %BTFJO
DPMPDBSTF FO FTB BQFSUVSB FT TV QSJNBDB OUJDPPOUPMHJDB RVF TF IJ[P
QSFTFOUF FO MB JOUSPEVDDJO B 4FS Z UJFNQP
"T QVFT ZB FO 4FS Z UJFNQP NFEJBOUF MB FTUSVDUVSB GVOEBNFOUBM
RVF EFOB BM %BTFJO DPNP TFSFOFMNVOEP RVFEBCB DVFTUJPOBEB TV
DPNQSFOTJO DPNP TVKFUP QPSRVF BOUFT EF DBQUBSNF DPNP QFOTBOUF
P BHFOUF FTUPZ ZB FO FM NVOEP EFTEF BOUFT Z TJFNQSF MP RVF TPZ
OP FT PUSB DPTB RVF TFSFOFM NVOEP Z FTF FT FM IPSJ[POUF B QSJP
SJ EF UPEP DPOPDFS TV DPOEJDJO EF QPTJCJMJEBE
&TU DMBSP RVF OP
IBZ RVF FOUFOEFS FM TFSFOFMNVOEP DPNP VO ZP DPOUSBQVFTUP BM
NVOEP TJOP DPNP VOB FTUSVDUVSB VOJUBSJB &T EFDJS FM NVOEP OP FT
VO DPOKVOUP EF DPTBT EBEBT QBSB OVFTUSB DPOUFNQMBDJO 7PSIBOEFO

TJOP RVF FT NT CJFO FM DPOKVOUP EF MBT DPTBT RVF TF OPT QSFTFOUBO
DPNP UJMFT EJTQPOJCMFT ;VIBOEFO
&T BT MB UPUBMJEBE EF SFMBDJPOFT
EF TFOUJEP FOTBNCMBEBT SFGFSJEBT BM %BTFJO Z B MBT RVF TUF QFSNB
OFOUFNFOUF TF SFFSF EF NPEP RVF BNCPT QFSNBOFDFO FO NVUVB F
JOFYUSJDBCMF SFMBDJO
" O EF FYQSFTBS FO VOB TPMB QBMBCSB Z B VO NJTNP

UJFNQP UBOUP MB SFGFSFODJB EFM TFS B MB FTFODJB EFM IPNCSF
DPNP MB SFMBDJO FTFODJBM EFM IPNCSF DPO MB BQFSUVSB FM
BRV
EFM TFS DPNP UBM TF FMJHJ QBSB FTF NCJUP FTFODJBM

&YQPTJDJO UFSJDB
FO FM RVF TF IBMMB FM IPNCSF FO DVBOUP IPNCSF MB QBMBCSB

%BTFJO
-B QBMBCSB %BTFJO IBDF RVF QPEBNPT QFOTBS MB SFGFSFODJB Z BEF

NT TJHOJDB FTP RVF ZB TF IB SFDPSEBEP VOBT MOFBT NT BSSJCB &M %B
TFJO FT BMHP BT DPNP VO MVHBS VO NCJUP EPOEF QSPQJBNFOUF QVFEF
BDPOUFDFS MB WFSEBE &M %BTFJO FM BI EFM TFS FT FM DBMWFSP -JDIUVOH
RVF FTU BCJFSUP QBSB RVF BDPOUF[DB FM PDVMUBNJFOUPEFTPDVMUBNJFOUP

EFM TFS 1FSP BRV FT QSFDJTP BDMBSBS RVF MP RVF DBSBDUFSJ[B BM DMBSP OP
FT MB MV[ TJOP FM DBSDUFS EF FTQBDJP BCJFSUP VOB [POB EFM CPTRVF MJCSF
EF SCPMFT %F FTUB NBOFSB FM %BTFJO OP FTU QFOTBEP FO FM TFOUJEP
QSFTFODJBMJTUB QPSRVF FT UBO TMP FM MVHBS EF VO KVFHP EF VO BDPOUFDFS
RVF OP FT TJOP FM PDVMUBSTFEFTPDVMUBSTF EFM TFS
&O SFTVNFO MB WVFMUB BM GVOEBNFOUP EF NFUBGTJDB FT EFDJS FM
WPMWFS B QMBOUFBS MB QSFHVOUB RV FT NFUBGTJDB OPT MMFWB B CVTDBS
PUSP PSJHFO MB CTRVFEB EF MB SFGFSFODJB EFM TFS BM IPNCSF OPT SFNJUF
BM %BTFJO DPNP FOUF DPNQSFOTPS EFM TFS EFCJEP B TV EFUFSNJOBDJO
FTFODJBM EF BQFSUVSB Z RVF QFSNJUF FM BDPOUFDJNJFOUP EF TFS EF WFSEBE
&O MB MPTPGB EF .BSUJO )FJEFHHFS TF QVFEF FODPOUSBS ZB EFTEF FM

DPNJFO[P EF NPEP FNJOFOUF FO 4FS Z UJFNQP VOB QMFOB JEFOUJDBDJO
FOUSF TFS Z UJFNQP RVF TFS DPOTUBOUF B MP MBSHP EF TV PCSB &M UJFN
QP FT VOB EF MBT OPDJPOFT RVF NT JNQPSUBODJB UJFOFO FO MB MPTPGB
IFJEFHHFSJBOB Z QPS FTUB SB[O VOB EF MBT NT DPNQMFKBT -P RVF MB
NFUBGTJDB IB FOUFOEJEP DPNP UJFNQP OP FT MP RVF )FJEFHHFS SFDMBNB
QBSB TV NPEP EF QFOTBS :B TF IB SFNBSDBEP FM DBSDUFS QSFTFODJBMJT
UB EF MB NFUBGTJDB DVBOEP TF IB FYQVFTUP DNP )FJEFHHFS QSFUFOEF
QBTBS EF VO QFOTBNJFOUP SFQSFTFOUBUJWP DVZP MUJNP FYQPOFOUF TFSB
/JFU[TDIF B VO QFOTBNJFOUP DPONFNPSBUJWP &O FM QSJNFSP UFOFNPT
QVSP QSFTFOUF NBOJGFTUBDJO BOUF FO FM QFOTBS RVF IBDF NFNPSJB
*C

EFM TFS )FJEFHHFS JOUSPEVDF DPNP FMFNFOUP FTFODJBM MB OPDJO EF

UFNQPSBMJEBE ;FJUMJDILFJU
:B FO 4FS Z UJFNQP DPNP M NJTNP SF
DVFSEB FO TV *OUSPEVDDJO TF QSFTFOUB FTB JEFOUJDBDJO
4FS OP FT FO 4FS Z UJFNQP PUSB DPTB EJTUJOUB EF UJFN

QP FO MB NFEJEB FO RVF FM UJFNQP FT OPNCSBEP DPNP
FM OPNCSF QSPQJP QBSB MB WFSEBE EFM TFS WFSEBE RVF FT MP
RVF TF QSFTFOUB FO FM TFS Z QPS FOEF FM TFS NJTNP
&O FM BQBSUBEP BOUFSJPS TF QPEB WFS DNP FM NCJUP QBSB FM BDPOUF

DJNJFOUP EF TFS RVF FSB FM DMBSP EFM CPTRVF -JDIUVOH
MP FSB UBNCJO
QBSB MB WFSEBE MP RVF BOUFSJPSNFOUF RVJ[ QPESB TFS DPOGVTP BIPSB
TF WVFMWF OUJEP WFSEBE Z TFS TPO MP NJTNP Z TF EBO FO FM UJFNQP QF
SP OP FO FM UJFNQP FOUFOEJEP GTJDBNFOUF TJOP FO FM UJFNQP PQPSUVOP

RVF IBDF BMVTJO B MB NBEVSBDJO ;FJUVOH

)VCP VOB QSJNFSB DPNQSFOTJO GBMMJEB EFM UJFNQP B KVJDJP EF )FJ
EFHHFS FO MB IJTUPSJB EF MB MPTPGB RVF TF IJ[P FTQFDJBMNFOUF QBUFOUF
DPO "SJTUUFMFT BM FOUFOEFSMP DPNP QSFTFOUF TF QFSEJ FM DBSDUFS EF
EFTQMJFHVF RVF MF FT QSPQJP
1BSB OPTPUSPT OP QBSB VO HSJFHP BOUJHVP RVF FOUFO

EB PUSB DPTB CJFO EJTUJOUB
Z BT DPNP Z
OPT EJDFO BOUFT RVF OBEB MP TJHVJFOUF FO FM QSF
TFOUBSTF SFJOB EF NPEP JNQFOTBEP Z PDVMUP FM QSFTFOUF
Z MB QFSEVSBDJO FTUP FT TF QSFTFOUB FM UJFNQP 1PS DPO
TJHVJFOUF FM TFS DPNP UBM FT EFTFODVCJFSUP QPS FM UJFNQP
: BT FM UJFNQP SFNJUF BM EFTPDVMUBNJFOUP FT EFDJS B MB
WFSEBE EFM TFS
"M FOUFOEFS BM %BTFJO DPNP QSPZFDUP ZB EFTEF 4FS Z UJFNQP

)FJEFHHFS RVJTP QSJWJMFHJBS FM GVUVSP 1BTBEP QSFTFOUF Z GVUVSP TPO
*C Q

*C Q

&YQPTJDJO UFSJDB
FOUFOEJEPT FO MB PCSB NBHOB EF )FJEFHHFS DPNP YUBTJT EF MB UFN

QPSBMJEBE 1FSP OP DBCF EVEB RVF MB JODPSQPSBDJO QSFFNJOFOUF EFM
GVUVSP DPOUSJCVZF B VOB NFKPS DPNQSFOTJO EF MB JOUFSQSFUBDJO IFJ
EFHHFSJBOB EFM TFS -B DPODFQDJO EFM UJFNQP EF MB RVF TF BMJNFOUB
UJFOF DPNP CVFOB QBSUF EF TVT QMBOUFBNJFOUPT Z EF GPSNB TJOHVMBS
FO TVT JOJDJPT
SFTPOBODJBT LBOUJBOBT %F IFDIP DPNP ZB TF IB TVC
SBZBEP FO FM DBQUVMP BOUFSJPS )FJEFHHFS TPTUJFOF RVF FM RVF NT IB
DPNQSFOEJEP MB OPDJO EF UJFNQP IB TJEP ,BOU QFSP DPNP FYQMJDB FO
-PT QSPCMFNBT GVOEBNFOUBMFT EF MB GFOPNFOPMPHB OP IB TJEP TV
DJFOUF
4F WF GDJMNFOUF RVF MB EJGFSFODJB POUPMHJDB QVFEF

BDMBSBSTF Z MMFWBSTF B DBCP DPO QSFDJTJO FO MB JOWFTUJHB
DJO POUPMHJDB TMP TJ FM TFOUJEP EFM TFS FO HFOFSBM TF IB
TVTUSBEP B MB MV[ FYQMDJUBNFOUF FTUP FT TMP TJ TF IB
NPTUSBEP DNP MB UFNQPSBMJEBE IBDF QPTJCMF RVF TF EJT
UJOHB FOUSF FM TFS Z FM FOUF 4MP NFEJBOUF FTUB DPOTJEF
SBDJO QVFEF SFDJCJS MB UFTJT LBOUJBOB EF RVF FM TFS OP FT
QSFEJDBEP SFBM TV TFOUJEP PSJHJOBSJP Z VOB GVOEBNFOUB
DJO TVDJFOUF
-B HSBO JNQPSUBODJB RVF QBSB MB MPTPGB EF )FJEFHHFS BERVJFSF

FM UJFNQP QFOTBEP DPNP UFNQPSBMJEBE TF WF SFFKBEB FO RVF MP RVF
QSFDJTBNFOUF IBDF QPTJCMF RVF QVFEB EBSTF FTB EJGFSFODJB POUPMHJDB
FTF FOUSF EFM %BTFJO Z FM TFS FT MB UFNQPSBMJEBE %F BI RVF UPEBT
MBT DPODFQDJPOFT EFM UJFNQP RVF IBO TVSHJEP B MP MBSHP EF MB IJTUPSJB MF
QBSF[DBO JOTVDJFOUFT 1PS FTUF NPUJWP UJUVMB TV PCSB EF SFGFSFODJB
4FS Z UJFNQP Z BIPSB FO MB *OUSPEVDDJO B 2V FT NFUBGTJDB
FYQMJDB FM QPS RV EF FTUF UUVMP

-B POUPMPHB GVOEBNFOUBM EF 4FS Z UJFNQP "VUPDSUJDB
4F IB QPEJEP WFS DNP IBZ VO DBNCJP EF QMBOUFBNJFOUP EFOUSP EF

MPT MNJUFT RVF TF IBO FYQMJDBEP EFTEF 4FS Z UJFNQP Z B FTUP TF MF IB
MMBNBEP ,FISF
B PUSBT QVCMJDBDJPOFT P USBCBKPT QPTUFSJPSFT FO MB WJ
EB EF .BSUJO )FJEFHHFS &M MB *OUSPEVDDJO B 2V FT NFUBGTJDB
TF FODVFOUSBO OVNFSPTBT BMVTJPOFT B TV PCSB EF VOBT WFDFT
SFDMBNBOEP FM QFOTBS BMM FOTBZBEP Z PUSBT FTUBCMFDJFOEP EJGFSFODJBT
SFTQFDUP EF FMMB &O 4FS Z UJFNQP TV BVUPS CVTDBCB VOB POUPMPHB GVO
EBNFOUBM RVF B KVJDJP EFM )FJEFHHFS QPTUFSJPS QFSNBOFDFSB EFOUSP
EFM QFOTBS NFUBGTJDP &TUP FT QSFDJTBNFOUF MP RVF BIPSB TF IB EF FWJ
UBS
.JFOUSBT FTUF QFOTBS TF TJHB EFTJHOBOEP B T NJTNP

DPNP POUPMPHB GVOEBNFOUBM TF FTUBS QPOJFOEP FO TV
QSPQJP DBNJOP CMPRVFOEPMP Z PTDVSFDJOEPMP &M UUVMP
POUPMPHB GVOEBNFOUBM DBTJ PGSFDF MB JNQSFTJO EF RVF
FM QFOTBS RVF JOUFOUB QFOTBS MB WFSEBE EFM TFS Z OP MB WFS
EBE EF MP FOUF DPNP IBDF UPEB MB POUPMPHB TJHVF TJFOEP
UBNCJO FO DVBOUP POUPMPHB GVOEBNFOUBM PUSP UJQP EF
POUPMPHB 1FSP FO MVHBS EF FTP FM QFOTBS FO MB WFSEBE
EFM TFS FO DVBOUP SFUPSOP BM GVOEBNFOUP EF MB NFUBGTJDB
IB BCBOEPOBEP ZB EFTEF TV QSJNFS QBTP FM NCJUP EF UPEB
POUPMPHB 1PS FM DPOUSBSJP UPEB MPTPGB RVF TF NVFWF FO
MB JONFEJBUB P NFEJBUB SFQSFTFOUBDJO EF MB USBTDFOEFO
DJB TJHVF TJFOEP OFDFTBSJBNFOUF POUPMPHB FO VO TFOUJEP
FTFODJBM
/P DBCF EVEB TJ TF TJHVF IBCMBOEP EF POUPMPHB GVOEBNFOUBM TF

DPOUJOB EFOUSP EF MPT NSHFOFT EFM DVFTUJPOBS NFUBGTJDP &SB OFDF
TBSJP FO FTF NPNFOUP FO FM QFOTBS FOTBZBEP FO 4FS Z UJFNQP
QFSP
SFTVMU GBMMJEP QPSRVF MP JNQPSUBOUF FSB FM USOTJUP QBSB QFOTBS MB WFS
EBE EFM TFS

&YQPTJDJO UFSJDB
-B NFUBGTJDB DPNP POUPUFPMPHB Z MB OBEB DPNP TV GVO

EBNFOUP
$VBOEP .BSUJO )FJEFHHFS TF QSFHVOUB BDFSDB EF MB DPOTUJUVDJO EF

MB NFUBGTJDB B MP MBSHP EF TV IJTUPSJB DPOPDF ZB MB SFTQVFTUB FT POUP
UFPMPHB :B EFTEF "SJTUUFMFT TF QVFEF BQSFDJBS DNP TF QSJWJMFHJB P
TF UPNB DPNP SFGFSFODJB EF UPEP MP RVF FT NT QFSGFDUP %JPT 1VFT
CJFO MP RVF )FJEFHHFS RVJFSF NPTUSBS FT RVF BM UPNBS DPNP QVOUP
EF QBSUJEB B MPT FOUFT FO TV UPUBMJEBE MB MPTPGB TF IB DPOWFSUJEP
FO POUPMPHB 1FSP BEFNT BM UPNBS DPNP SFGFSFOUF Z GVOEBNFOUP
MUJNP BM TFS NT QFSGFDUP FTUP FT B %JPT TF IB DPOTUJUVJEP B MB
WF[ FO UFPMPHB &M SFTVMUBEP EF FTUB FMFDDJO FT MB NFUBGTJDB DPNP
POUPUFPMPHB
)FJEFHHFS RVJFSF EFTUBDBS FM DBSDUFS POUPUFPMHJDP EF MB NFUB
GTJDB QPSRVF FOUJFOEF RVF TUF NVFTUSB Z DPOUSJCVZF B MB SFBMJ[BDJO
EF TV QSPQJP EFTUJOP &TUP IB TJEP BT DPNP MP FOUJFOEF FM BVUPS EF
2V FT NFUBGTJDB QPSRVF MB MPTPGB IB CVTDBEP DPNP QBUSO
EF NFEJEB QBSB FM TFS IVNBOP VO FOUF RVF FT FM NT QFSGFDUP EF
UPEPT %JPT
B QFTBS EF RVF DPOUJOB TJFOEP TMP FTP VO FOUF &T
UB FMFDDJO QFSNJUF FOUFOEFS NFKPS MB SB[O EFM PMWJEP EFM TFS ZB RVF
EFTEF TJFNQSF FM TFS IB TJEP SFMFHBEP P DPOGVOEJEP DPO FTF QSPUPFOUF
&O EFTBSSPMMPT QPTUFSJPSFT EF TV QFOTBNJFOUP FO DPODSFUP FO MB PCSB
UJUVMBEB *EFOUJEBE Z EJGFSFODJB )FJEFHHFS QFSMB QSPGVOEJ[BOEP FO
FMMB Z BHVEJ[OEPMB MB JEFB EF POUPUFPMPHB
4J B MB JOWFTUJHBDJO EF BRVFMMP VOJWFSTBM TF MF MMBN FTDPMBSNFOUF POUPMPHB

B MB EF FTUP TVQSFNP QPS UFOFS FTF DBSDUFS TVQFSJPS EJWJOP TF MF SFDPOPDJ
DPNP UFPMPHB 0OUPMPHB Z UFPMPHB SFTVMUBSPO TFS BT EJTDJQMJOBT EF DPOPDJ
NJFOUP DVZP UFNB FT MP OP TFOTJCMF BVORVF DPOTJEFSBSBO FTP OP TFOTJCMF EFTEF
VOB EPCMF QFSTQFDUJWB EFTEF MP VOJWFSTBM POUPMPHB
Z EFTEF MB UPUBMJEBE VOJ
DBEPSB EF VO FOUF TVQSFNP UFPMPHB
4F SFDPOPDF BRV MB MDJEB EFTDSJQDJO
RVF )FJEFHHFS PGSFDF EF MB NFUBGTJDB DPNP POUPUFPMPHB FT EFDJS EJTDVS
TP
TPCSF MP FOUF MP DPNO
Z BM NJTNP UJFNQP TPCSF FM FOUF TVQSFNP
%JPT
" -FZUF )FJEFHHFS PQ DJU Q

)BTUB EOEF QVFEF UFOFS YJUP VOB FYQMJDBDJO )BT

UB EPOEF DPOTJEFSFNPT RVF FM BTVOUP EFM QFOTBS FT MP FOUF
FO DVBOUP UBM FT EFDJS FM TFS TUF TF NBOJFTUB FO FM
NPEP FTFODJBM EFM GVOEBNFOUP 4FHO FTUP FM BTVOUP EFM
QFOTBS FM TFS FO DVBOUP GVOEBNFOUP TPMP FT SFQSFTFOUB
EP B GPOEP DVBOEP FM GVOEBNFOUP FT SFQSFTFOUBEP DPNP
FM QSJNFS GVOEBNFOUP &M BTVOUP PSJHJOBSJP
EFM QFOTBS TF QSFTFOUB DPNP MB DPTB PSJHJOBSJB DPNP MB
DBVTB QSJNB RVF DPSSFTQPOEF BM SFUPSOP GVOEBNFOUBEPS
B MB MUJNB SBUJP B MB MUJNB DVFOUB RVF IBZ RVF SFOEJS
&M TFS EF MP FOUF TMP TF SFQSFTFOUB B GPOEP FO FM TFOUJ
EP EF GVOEBNFOUP DPNP DBVTB TVJ $PO FMMP IB RVFEBEP
OPNCSBEP FM DPODFQUP NFUBGTJDP EF %JPT
"OMJTJT UFYUVBM
-B *OUSPEVDDJO B 2V FT NFUBGTJDB QVFEF FTUSVDUVSBSTF FO

TFJT QBSUFT DPO FM O EF GBDJMJUBS TV FTUVEJP 4PO MBT TJHVJFOUFT
" QBSUJS EF MB QHJOB DFOUSBEP FO FM DBSDUFS QSFTFODJBMJT

UB EF MB NFUBGTJDB Z FO FM PMWJEP EF MB QSFHVOUB QPS FM TFS KVOUP
DPO MB OFDFTJEBE EFM SFUPSOP BM GVOEBNFOUP <OP GVOEBEP> EF MB
NFUBGTJDB DPO MB JOFWJUBCMF SFGFSFODJB B MB OBEB Z MB BOHVTUJB
%FTEF MB QHJOB QVFEF WFSTF DNP TF FNQSFOEF MB CTRVFEB

EF MB SFGFSFODJB EFM TFS BM B FTFODJB EFM IPNCSF
" QBSUJS EF MB QHJOB )FJEFHHFS WB B WPMWFS TPCSF DVFT

UJPOFT QMBOUFBEBT FO 4FS Z UJFNQP QBSB MVFHP BCPSEBS TV NT
SBEJDBM DPNQSFOTJO EFM %BTFJO
. )FJEFHHFS *EFOUJEBE Z EJGFSFODJB "OUISPQPT #BSDFMPOB FE " -FZ
UF USBE " -FZUF Z )FMFOB $PSUT Q

"OMJTJT UFYUVBM
%FTEF MB QHJOB )FJEFHHFS BCPSEB NT EJSFDUBNFOUF MP

SFMBUJWP B MB UFNQPSBMJEBE Z MPT QSPCMFNBT RVF MB NFUBGTJDB DPO
UFNQPSOFB USBF DPOTJHP
" QBSUJS EF MB QHJOB TF IBDF QBUFOUF FM SFDIB[P EF MB POUP

MPHB GVOEBNFOUBM RVF TV BVUPS IBCB QSPQVFTUP EF 4FS Z UJFNQP
%FTEF MB QHJOB FM QFOTBEPS EF 'SJCVSHP FYQPOF FM DBSD

UFS EF MB NFUBGTJDB DPNP POUPUFPMPHB Z OBMJ[B TV FOTBZP FO
EJMPHP DPO -FJCOJ[ Z WPMWJFOEP B QMBOUFBS MB QSFHVOUB EF FTUF
MUJNP QPS RV FM TFS Z OP NT CJFO MB OBEB
&M SFUPSOP BM GVOEBNFOUP <OP GVOEBEP> EF MB NFUBGTJDB
&O FTUB JOUSPEVDDJO TF NBOJFTUB QPS TV NJTNP UUVMP RVF )FJ

EFHHFS UPEBWB EFTFB Z WF MB OFDFTJEBE EF NBOUFOFS VO EJMPHP DPO MB
NFUBGTJDB "EWJFSUF MB OFDFTJEBE EF QSFHVOUBSTF QPS TV GVOEBNFOUP
VOB QSFHVOUB RVF OJ MB NJTNB NFUBGTJDB TF IBCB QMBOUFBEP QVFT FO
SFBMJEBE FYDFEB TVT QSPQJPT MNJUFT 1BSB NPTUSBSOPT FM DBSDUFS QSF
TFODJBMJTUB EF EJDIB NFUBGTJDB IBCMB EFM SFQSFTFOUBS NFUBGTJDP
RVF QPOF EFMBOUF FO QSFTFOUF BOUF MPT PKPT MP RVF IB EF TFS DPOPDJ
EP "EFNT QPS PUSB QBSUF Z FO DPOTPOBODJB DPO MP RVF TF BDBCB EF
SFDPSEBS )FJEFHHFS JOTJTUF VOB WF[ NT FO RVF MB NFUBGTJDB IB QFO
TBEP MP FOUF FO DVBOUP FOUF FT EFDJS TF IB BMFKBEP EF MB QSFHVOUB
QPS FM TFS BM DPOTJEFSBS BM FOUF DPNP MUJNP PCKFUP EF FTUVEJP BM DPO
GVOEJS BM TFS DPO FM FOUF 1SVFCB EF FMMP IBO TJEP MBT JOUFSQSFUBDJPOFT
RVF TF MF IBO EBEP EF MP FOUF B MP MBSHP EF MB IJTUPSJB EFTEF TV DPO
TJEFSBDJO DPNP IBTUB MBT EJWFSTBT WFSTJPOFT RVF EF M IBO
EBEP EJWFSTBT DPSSJFOUFT DPNP FM JEFBMJTNP FM NBUFSJBMJTNP FUD
-B NFUBGTJDB IB PMWJEBEP MB UJFSSB FO MB RVF UJFOF TV BSSBJHP -B BMUFS
OBUJWB B FTUF QFOTBS SFQSFTFOUBDJPOJTUB FT VO QFOTBS DPONFNPSBUJWP

*C
$G *C Q

RVF BCBOEPOF MB FTUSVDUVSB TVKFUPPCKFUP Z RVF BT OPT QFSNJUB TB

MJS EFM QVSP QSFTFOUF &O MB NFEJEB FO RVF SFQSFTFOUB <QPOF EFMBOUF>
TJFNQSF MP FOUF Z TMP FO DVBOUP FOUF MB NFUBGTJDB OP QJFOTB FO FM
QSPQJP TFS <PMWJEP EFM TFS> "CBOEPOBNPT MB NFUBGTJDB FO FM NP
NFOUP RVF JOUFOUBNPT QFOTBS FO MB WFSEBE EFM QSPQJP TFS FO MVHBS EF
SFQSFTFOUBS MP FOUF FO DVBOUP FOUF 4J IBDFNPT FTUP FM GVOEBNFOUP
TF DPOWJFSUF FO FM BCJTNP FO MB OBEB Z FTUBSFNPT FO EJTQPTJDJO EF
FYQFSJNFOUBS BMHP QPS WFOJS
"M OBM EF FTUB QSJNFSB QBSUF OPT FODPOUSBNPT DPO VOB DPOUSBEJD
DJO BQBSFOUF ZB RVF FM GVOEBNFOUP EF MB NFUBGTJDB FKFSDF VOB EPCMF
JOVFODJB FO FM QFOTBS QPS VOB QBSUF TF PMWJEB EF EJDIP GVOEBNFOUP
QFSP B MB WF[ OP QVFEF FTDBQBS EF M 1FSP TVDFEF RVF FTP RVF UP
EBWB TJHVF BQBSFDJFOEP DPNP GVOEBNFOUP QSFTVNJCMFNFOUF DBTP EF
TFS FYQFSJNFOUBEP EFTEF T NJTNP FT PUSB DPTB UPEBWB OP EJDIB EF
BDVFSEP DPO MB DVBM MB FTFODJB EF MB NFUBGTJDB UBNCJO FT PUSB DPTB
RVF MB NFUBGTJDB 4J TF DPOTJHVF SFUPSOBS BM GVOEBNFOUP <OP GVO
EBEP> EF MB NFUBGTJDB TF QPES FYQFSJNFOUBS BMHP EJTUJOUP EF MP RVF
IB WFOJEP TJFOEP MB NFUBGTJDB PDDJEFOUBM IBTUB BIPSB -B DVFTUJO Z
FTUP FOMB[B DPO MB TJHVJFOUF QBSUF EFM UFYUP FT RVF TJ BMHO EB FM
QFOTBS DPOTJHVF SFUPSOBS BM GVOEBNFOUP EF MB NFUBGTJDB TFB QPTJCMF
VO DBNCJP FO MB FTFODJB EFM IPNCSF RVF MMFWBSB BQBSFKBEB VOB NF
UBNPSGPTJT EF MB NFUBGTJDB -B TVQFSBDJO EF MB NFUBGTJDB DPNP
ZB TF IB JOEJDBEP QBTB QPS VO DBNCJP FO FM QFOTBS MB SFGFSFODJB EFM
TFS BM IPNCSF
*C
*C QQ
&O FM TFOUJEP EF VOB OVFWB FYQFSJFODJB EF TFS UPEBWB OP QFOTBEB 6O GVOEB
NFOUP OPGVOEBEP
*C

"OMJTJT UFYUVBM
-B WFSEBE EFM TFS
1FSP )FJEFHHFS OP JOUFOUB USBOTGPSNBS MB NFUBGTJDB QPSRVF CVT

RVF PUSB FYQMJDBDJO OP CVTDB VO GVOEBNFOUP JODPONPWJCMF OP WB B
QSFTFOUBS VO TJTUFNB NFKPS OP FOUJFOEF RVF MPT RVF OPT IBO QSFDF
EJEP IBZBO FSSBEP FO TV QMBOUFBNJFOUP 1MBOUFBS BT MBT DPTBT TFSB
TJOP JODVSSJS FO MPT NJTNPT FSSPSFT EF MB NFUBGTJDB -B DVFTUJO MP
RVF TF QPOF FO KVFHP FT TJ QVFEF BDPOUFDFS TFS TJ FM NJTNP TFS QVF
EF IBDFS BDPOUFDFS QSPQJBNFOUF TV SFGFSFODJB B MB FTFODJB EFM IPNCSF
DPOUBOEP DPO TV QSPQJB WFSEBE -B NFUBGTJDB CMPRVFB FTUB SFGF
SFODJB FT EFDJS CMPRVFB MB SFMBDJO EFM TFS BM IPNCSF Z EFM IPNCSF BM
TFS 4J TFS FT BDPOUFDFS EF TFOUJEP FOUPODFT RV TPNPT TJ OPT CBTUB
MB DPOUFNQMBDJO EF MP FOUF TJ QFSNBOFDFNPT QPS SFDVSSJS B MB UFSNJ
OPMPHB EF 4FS Z UJFNQP FO FM FTUBEP EF DBEB FO FM NVOEP %F MP RVF
BIPSB TF USBUB FT EF DNP MB EJGFSFODJB POUPMHJDB FTF FOUSF EFM %B
TFJO Z FM TFS QVFEF TFSWJSOPT EF NCJUP EF BQFSUVSB FTQBDJPUFNQPSBM
QBSB FM BDPOUFDJNJFOUP EF TFS 1FSP UBNCJO TF EFCF FOUFOEFS RVF EJ
DIB SFGFSFODJB TF IB QFSEJEP BVORVF FTUP OP TJHOJDB RVF IVCJFSB FO
BMHO NPNFOUP Z RVF BM DBFS QSFDJTBNFOUF FO FM PMWJEP TF CMPRVFBSB
BMHP RVF IBCB BDPOUFDJEP FO FM QSJODJQJP -B CTRVFEB EF MB SFGFSFODJB
QBTB QPS VO SFUPSOP BM GVOEBNFOUP EF MB NFUBGTJDB QPS VO WPMWFS B
MPT PSHFOFT EFM QFOTBNJFOUP NFUBGTJDP RVF OPT QFSNJUB EFUFDUBS FO
RV NPNFOUP P NPNFOUPT EFM QFOTBS BOUFSJPS TJ MP IVCP TF EJ
GVNJO UBM SFGFSFODJB &TUB CTRVFEB FT VOB DPOTUBOUF FO DBTJ UPEPT
MPT FTDSJUPT EF .BSUJO )FJEFHHFS &O FMMPT QPEFNPT BQSFDJBS FM JODF
TBOUF EJMPHP RVF NBOUJFOF DPO MB USBEJDJO Z RVF OPT QPOF FO DBNJOP
QBSB DPNQSFOEFS MP RVF IB TVQVFTUP MB NFUBGTJDB FO FM IPSJ[POUF EFM
QFOTBNJFOUP PDDJEFOUBM
1BSB QFOTBS FO MB WFSEBE EFM TFS TFS OFDFTBSJP JOJDJBS VO QFOTB
NJFOUP RVF IBDF NFNPSJB EFM TFS FM QFOTBS RVF SFNFNPSB "OEFOLFO
FT FM OJDP QPTJCMF SFQSFTFOUBS FT TJFNQSF NFOPT RVF SFNFNPSBS &T

UF NPEP EF QFOTBS B KVJDJP EF )FJEFHHFS ZB IBCSB TJEP JOJDJBEP FO
*C Q

4FS Z UJFNQP EPOEF TF QSFUFOEB VOB TVQFSBDJO EF MB NFUBGTJDB BT

FOUFOEJEB <DPNP SFQSFTFOUBDJO>
$BTJ EFTEF TV JOJDJP MB NFUBGTJDB IB SFEVDJEP MB WFSEBE BM FOVO
DJBEP RVF OP FT MP NJTNP RVF MB &M NPEP EF QSPDFEFS RVF EB
MVHBS B MB QSFFNJOFODJB EF MB QSPQPTJDJO FT CJFO TFODJMMP MP RVF TF IB
EFTWFMBEP TF GPSNVMB FO VO FOVODJBEP Z TUF TF DPOWJFSUF FO NPOFEB
EF DBNCJP QFSP BM QFSEFSTF BT MB WFSEBE FO FM FOVODJBEP TF IB QFS
EJEP MB FTFODJB EF MB WFSEBE TV DBSDUFS EF EFTPDVMUBNJFOUP &O VO
QSJODJQJP TFHO )FJEFHHFS MB WFSEBE GVF EFTWFMBNJFOUP QFSP MP RVF
TF IB NBOUFOJEP IBTUB BIPSB DPNP MVHBS EF MB WFSEBE OP TPO TJOP N
CJUPT EFSJWBEPT EF BRVMMB )FJEFHHFS SFUPNB FM TJHOJDBEP PSJHJOBSJP
EF ZB RVF QPESB TFS MB QBMBCSB RVF OPT EB VOB JOEJDBDJO
UPEBWB OP FYQFSJNFOUBEB TPCSF MB FTFODJB JNQFOTBEB EFM FTTF -B
NFUBGTJDB BM PDVQBSTF EF MP EBEP EF MP QSFTFOUF IB PMWJEBEP FM PDVM
UBNJFOUP *ODMVTP QVFEF MMFHBS B FYQSFTBS FM TFS QFSP OP MB WFSEBE EFM
TFS
&O SFTVNFO FO FTUB QBSUF EFM UFYUP MP GVOEBNFOUBM SBEJDB FO FM JO
UFOUP EF SPNQFS MB CBSSFSB RVF JNQJEF BM IPNCSF MB SFGFSFODJB JOJDJBM
EFM TFS B MB FTFODJB EFM IPNCSF FT EFDJS TF USBUB EF EFTIBDFSOPT
EF MB NFUBGTJDB DPNP TF IB FOUFOEJEP IBTUB BIPSB &MMB OVODB TF QSF
HVOUB QPS FM TFS FT DJFSUP RVF MB NFUBGTJDB TF B SFGFSJEP BM TFS QFSP
OVODB MP IB UPNBEP TFSJBNFOUF FO DPOTJEFSBDJO QPSRVF MB QSFHVOUB
QPS MB WFSEBE EFM TFS OP TF IB QMBOUFBEP DPNP UBM -PT NFUBGTJDPT
DPOGVOEFO FM TFS DPO FM FOUF MMBNBO TFS B MP RVF FT FOUF FTUF FT FM
EFTUJOP EF MB NFUBGTJDB
"IPSB CJFO DNP QPESBNPT FODBSBS FM TFS P BM NFOPT TV PMWJ
EP 1VFTUP RVF FM TFS OP QVFEF TFS DPODFQUVBMJ[BEP OJ SFQSFTFOUBEP
SFTUB UBO TMP MB FYQFSJFODJB EF MB BOHVTUJB TUB QFSNJUF MB FYQFSJFO
DJB EF MB OBEB FT EFDJS EFM TFS "IPSB CJFO )FJEFHHFS TF DVJEB NVZ
NVDIP EF RVF MB BOHVTUJB B MB RVF M TF SFFSF OP TF DPOGVOEB DPO
*C Q

*C Q
*C Q

"OMJTJT UFYUVBM
VO FTUBEP EF OJNP P VO TFOUJNJFOUP RVF GVFSB PCKFUP EF MB QTJDP

MPHB QPS FKFNQMP
4F QPESB EFDJS QPS FM DPOUSBSJP RVF MB BOHVTUJB
UJFOF VO BSSBJHP POUPMHJDP QVFTUP RVF FT FM SFTVMUBEP EF FOGSFOUBS
TF BM TFS B MB OBEB RVF TMP QVFEFO DPNQBSFDFS QBSB FM IPNCSF FO
FTB FYQFSJFODJB GVOEBNFOUBM :B FO 4FS Z UJFNQP )FJEFHHFS DFOUS
TV BUFODJO FO MB BOHVTUJB FOUFOEJOEPMB UBNCJO DPNP FM FTUBEP RVF
FYQFSJNFOUB FM %BTFJO DVBOEP TF FOGSFOUB B MB NVFSUF 1PESBNPT
EFDJS RVF MB FYQFSJFODJB EFM TFS Z MB OBEB FT VO QSJWJMFHJP SFTFSWBEP
B RVJFOFT FYJTUJFOEP FO MB BVUFOUJDJEBE Z MB QSPQJFEBE FODBSBO DPO
EFDJTJO FMVEJFOEP FM DPNO JOUFOUP EF JHOPSBSMB V PMWJEBSMB
TV QP
TJCJMJEBE NT QSPQJB "IPSB FO 2V FT NFUBGTJDB MB FYQFSJFODJB
EF MB OBEB WVFMWF B DPCSBS FM QSPUBHPOJTNP RVF MF DPSSFTQPOEF FO VO
QFOTBNJFOUP EF MBT DBSBDUFSTUJDBT EFM EF )FJEFHHFS 1FSP TJ FO BMHP
TF EJGFSFODJB MP EJDIP FO 4FJO VOE ;FJU EF MP TPTUFOJEP BRV FT B NJ
KVJDJP RVF BIPSB FM BDFOUP OP SFDBF TPCSF FM %BTFJO TJOP TPCSF FM TFS
%JDIP EF PUSP NPEP MP SFMFWBOUF OP FT BIPSB RVF FM IPNCSF TF DVN
QMB DPNP FYJTUFODJB NFSDFE B TV DBSFP DPO MB NVFSUF FTUP ZB OP FT
MP EFDJTJWP TJOP MB FYQFSJFODJB EFM TFS FO TJHVJFOEP MB USBEVDDJO EF
;VCJSJ
FM OBEFBS EF MB OBEB &O MB BOHVTUJB OPT FOGSFOUBNPT OPT
IBMMBNPT BOUF FM PMWJEP EFM TFS Z BT MP TPTUFOFNPT -B QSFHVOUB RV
FT NFUBGTJDB RVJFSF TFS VOB BQFSUVSB VO DMBSP EFM CPTRVF -JDIUVOH
EPOEF OPT IBDFNPT DVFTUJO EFM PMWJEP EFM TFS

1BSB FWJUBS RVF TF NBMJOUFSQSFUF FM TFOUJEP EF TVT OPWFEPTBT
BQPSUBDJPOFT )FJEFHHFS BDMBSB RVF TV QSPQTJUP OP FT JOOPWBS QVFT
UP RVF MP RVF QSFUFOEF FT BOUFT CJFO VOB WVFMUB VOB SFNJUFODJB BM
PSJHFO JNQFOTBOEP 4J FTF OVFWP QFOTBS MMFHB B EBSTF TFS VO QFO
TBS BDPOUFDJEP QPS FM QSPQJP TFS Z QPS FOEF PCFEJFOUF B M %F MP RVF
TF USBUB B TV KVJDJP FT EF RVF MP ZBQFOTBEP OP IB TJEP FO SFBMJEBE FM
TFS QVFTUP RVF TUF TMP IB TJEP SFQSFTFOUBEP NFUBGTJDBNFOUF
1PS
FM DPOUSBSJP FM QFOTBS PCFEJFOUF BM TFS IB EF QBSUJS EF MP EF BMHO
$G . )FJEFHHFS 4FS Z UJFNQP PQ DJU gg QQ

NPEP ZBQFOTBEP QVFTUP RVF TMP B QBSUJS EF M QFSP B MB WF[ BUFO

EJFOEP B MP QPS QFOTBS QVFEF BDPOUFDFS TFS
-P RVF TJHVF FO FM UFYUP PCKFUP EF FTUF BOMJTJT TF QVFEF FOUFOEFS
DPNP VOB BVUPJOUFSQSFUBDJO QPS QBSUF EF )FJEFHHFS UPEP DPOUJOB
EF BMHO NPEP TJFOEP QSPWJTJPOBM QFSP FM PCKFUJWP FT FTUBCMFDFS MB SF
GFSFODJB ZB RVF FM QFOTBS FOTBZBEP FO 4FS Z UJFNQP TF IB QVFTUP FO
DBNJOP QBSB JOUSPEVDJS BM QFOTBS QPS FM DBNJOP RVF MF QFSNJUF BMDBO
[BS MB SFGFSFODJB EFM TFS B MB FTFODJB EFM IPNCSF &TUB SFGFSFODJB MB
FYQSFT )FJEFHHFS BDVEJFOEP BM USNJOP %BTFJO "IPSB CJFO QBSB
NPTUSBS FTB SFGFSFODJB SFTVMUB JNQSFTDJOEJCMF TBDBS MB EFUFSNJOBDJO
FTFODJBM EFM IPNCSF EF MB TVCKFUJWJEBE QPSRVF TUF OP FT TVCKFUJWJEBE
TJOP RVF FT NT CJFO FO FM SFDVFSEP EF 4FS Z UJFNQP TFSFOFMNVOEP
4F FMJHF FTUF USNJOP QBSB FYQSFTBS MB NVUVB SFGFSFODJB FOUSF FM TFS
Z MB FTFODJB EFM IPNCSF &M %BTFJO FT FM MVHBS FO RVF BDPOUFDF TFS Z
TFOUJEP WFSEBE 1FSP FTUP QJFOTB )FJEFHHFS OP IB TJEP FOUFOEJEP IB
CJUVBMNFOUF FTU UPEBWB FTU QPS QFOTBS DPO %BTFJO TF OPNCSB FTP
RVF BO UJFOF RVF TFS FYQFSJNFOUBEP Z QPS FOEF UJFOF RVF TFS QFOTB
EP DPNP MVHBS -JDIUVOH
DPODSFUBNFOUF DPNP MVHBS EF MB WFSEBE EFM
TFS
&M QFOTBEPS EF 'SJCVSHP QPOF QPS UBOUP FM BDFOUP FO MB FYJTUFO
DJB 3FDVFSEB VOB WF[ NT DPOUSB MB DPNQSFOTJO OBUVSBMJTUB EF MB
NFUBGTJDB RVF MB FTFODJB EFM IPNCSF FT FYJTUJS )FJEFHHFS FO DBNCJP
SFDIB[B RVF FM IPNCSF UFOHB OBUVSBMF[B JOTJTUF FO RVF OP IBZ FTFODJB
OP IBZ DPOUFOJEP TPNPT QVSB FYTJTUFODJB QVSP QSPZFDUP Z FO RVF T
UB FT VOB EF TVT EFUFSNJOBDJPOFT FTFODJBMFT MB EF FTUBS GVFSB %FTEF
MB FYJTUFODJB DPSSFDUBNFOUF QFOTBEB TF QVFEF QFOTBS MB FTFODJB EFM
IPNCSF FO DVZB BQFSUVSB <FO FM TFOUJEP EF MVHBS EF FTQBDJP BCJFSUP
EPOEF QVFEF BDPOUFDFS BMHP> FM QSPQJP TFS TF BOVODJB Z TF PDVMUB
*C
%B BRV BI
TFJO TFS
TFS BI P NFKPS BI EFM TFS &T FM QVOUP EF
QBSUJEB EFM USOTJUP MB OBEB
*C

"OMJTJT UFYUVBM
-VFHP FM MVHBS QBSB MB WFSEBE EFM TFS FT MB -JDIUVOH Z MB EFUFSNJOBDJO

GVOEBNFOUBM EFM %BTFJO FT MB BQFSUVSB FM YUBTJT
-B FYJTUFODJB FYUUJDB DPNP FTFODJB EFM TFS IVNBOP

BCBOEPOP EFM TVKFUP Z MB DPODJFODJB
&M SBTHP EFUFSNJOBOUF EF FTUB FYJTUFODJB FT QSFDJTBNFOUF RVF FMMB

NJTNB FT BQFSUVSB MVFHP MB FTFODJB EFM IPNCSF FT TV FYJTUFODJB FYU
UJDB Z MP QSPQJP EF TV WJEB FT TFS DPNP VO FTUBS GVFSB EF T NJTNP -B
FTFODJB EFM %BTFJO FT FDTJTUFODJB FYTUBTJT FT EFDJS SBEJDBM BQFSUVSB
DBSFODJB EF DPOUFOJEP EF OBUVSBMF[B
)FJEFHHFS MP BENJUF MB DPODJFODJB QSFTVQPOF MB FYJTUFODJB QFSP
TMP FT VO EFSJWBEP EF FMMB BT QPSRVF FM IPNCSF FT QVSB BQFSUVSB
DVBOEP BCEJDB EF TV DPOEJDJO EFSJWB JODMVTP DBCSB EFDJS EFHFOF
SB
FO DPODJFODJB 1FSP TUB QBSFDF TFS QSFDJTBNFOUF OVFTUSB TJUVB
DJO 4J RVFSFNPT TBMJS EF FMMB IFNPT RVF EBS VO QBTP NT SBEJDBM
TFQBSOEPOPT EFM JNQFSJP EFM FTQSJUV 1PSRVF QFOTBS FM IPNCSF DPNP
DPODJFODJB TVQPOF SFEVDJS TV FYJTUFODJB QSJWBSMF EF TV FTFODJBM EFUFS
NJOBDJO FM YUBTJT &O 4FS Z UJFNQP )FJEFHHFS MMFW B DBCP VOB BOB
MUJDB QSFQBSBUPSJB EFM %BTFJO QVFTUP RVF MP DPODJCJ DPNP DPNQSFOTPS
EFM TFS "IPSB DVBOEP SFMFF TV PCSB EFM WFJOUJTJFUF FT DPOTDJFOUF EF
RVF TVT FTGVFS[PT OP GVFSPO TVDJFOUFT B MB IPSB EF TVQFSBS FM DBSD
UFS USBTDFOEFOUBM EFM QMBOUFBNJFOUP NFUBGTJDP 1PS FTP FO 2V FT
NFUBGTJDB MB QSFHVOUB ZB OP TF WB B EJSJHJS BM TFS TJOP NT CJFO B TV
WFSEBE "IPSB FO MB WFSEBE ZB IB QBTBEP B TFS QMFOBNFOUF FO
UFOEJEB DPNP VO BDPOUFDFS Z FM IPNCSF DPNP VO NCJUP P MVHBS QBSB
FM KVFHP EF PDVMUBNJFOUPEFTPDVMUBNJFOUP EFM TFS ;FJU4QJFM3BVN

&TU DMBSP RVF MB WJFKB DPODFQDJO EFM %BTFJO DPNP TFS EFTDVCSJEPS
OP QVFEF TBUJTGBDFS BM QFOTBEPS EFM TFS "VORVF FO TV *OUSPEVDDJO
)FJEFHHFS SFUPNB MB OPDJO EF DVJEBEP 4PSHF
WJODVMOEPMB DPO
-B FTFODJB UBM Z DPNP MB FOUJFOEF )FJEFHHFS IB EF TFS DPNQSFOEJEB DPNP MB

EFUFSNJOBDJO GVOEBNFOUBM OP FO FM TFOUJEP USBEJDJPOBM EFM USNJOP
-B RVF UJFOF FO 4FS Z UJFNQP Z RVF MVFHP NPEJDBS FO TVT FTDSJUPT QPTUFSJPSFT

MB FTFODJB FTUUJDB EFM IPNCSF OP DBCF EVEB EF RVF SBEJDBMJ[B TV

JOUFSQSFUBDJO
"T FT FO 4FS UJFNQP FM TFSFOFMNVOEP JOEFS8FMUTFJO
OP FT
VO TFS UFSJDP FT VO TFS RVF DVJEB RVF SFTVFMWF Z DVZB FTFODJB FT FTUBS
PDVQBEP BCTPSCJEP QPS BMHP &M DVJEBEP FT MP RVF TPTUJFOF MB FTFODJB
FYUUJDB EFM IPNCSF 1SFDJTBNFOUF ZB RVF FM %BTFJO OP FT DPODJFODJB
IBZ RVF QFOTBS TV FTFODJB FM YUBTJT DPNP BMHP RVF TF BMFKB EF
DPODFQUPT DPNP TVCKFUJWJEBE )FHFM
Z TVTUBODJB "SJTUUFMFT
" MB
TVCKFUJWJEBE )FJEFHHFS PQPOF MB BQFSUVSB B MB TVTUBODJB FM &SFJHOJT
&O TV FNQFP QPS SFGPS[BS FM DBSDUFS BCJFSUP EF TUF )FJEFHHFS BDBCB
TPTUFOJFOEP RVF MB FYJTUFODJB FT VO FTUBS EFOUSP FO FM GVFSB
&M GVFSB IBZ RVF TFHVJSMP QFOTBOEP DPNP VO TFQB

SBSTF P EFTQMFHBSTF EF MB BQFSUVSB EFM QSPQJP TFS &M FTUBS
EF MP FYUUJDP SFTJEF QPS SBSP RVF QVFEF TPOBS FO FM FTUBS
EFOUSP FO FM GVFSB Z FO FM BRV EFM EFTPDVMUBNJFOUP
CBKP DVZP IPSJ[POUF WJFOF B MB QSFTFODJB FM QSPQJP TFS &TP
FTU QPS QFOTBS FO FM OPNCSF EF FYJTUFODJB DVBOEP TF
VUJMJ[B MB QBMBCSB EFOUSP EFM QFOTBS RVF QJFOTB FO EJSFD
DJO B MB WFSEBE EFM TFS Z B QBSUJS EF FMMB QPESB TFS EFTJH
OBEP EFM NPEP NT IFSNPTP NFEJBOUF MB QBMBCSB JOTUBO
DJB <*OTUOEJHLFJU> FTUBS EFOUSP 4MP RVF FOUPODFT OP
RVFEBSB NT SFNFEJP RVF QFOTBS DPNP VOB TPMB DPTB Z
DPO MB QMFOB FTFODJB EF MB FYJTUFODJB B FTF FTUBS EFOUSP EF
MB BQFSUVSB EFM TFS BM BHVBOUBS <"VTUSBHFO> EJDIP FTUBS
EFOUSP DVJEBEP
Z BM QFSEVSBS FO FTF FYUSFNP TFS QBS MB
NVFSUF

1BSB QPEFS FOUFOEFS FTUF DPNQMFKP UFYUP QVFEF TFSWJSOPT EF BZVEB

BDMBSB RVF MB QBMBCSB JOTUBODJB USBEVDF *OTUOEJHLFJU *OTUOEJH TJH
OJDB GFSWJFOUFNFOUF FODBSFDJEBNFOUF TF VUJMJ[B FO FYQSFTJPOFT

*C

"OMJTJT UFYUVBM
DPNP SPHBS FODBSFDJEBNFOUF JOTUBS B P JNQMPSBS 1FSP BEF

NT *OTUOEJHLFJU JNQMJDB FNQFP FTUP MUJNP FT JNQPSUBOUF QBSB
DPNQSFOEFS BEFDVBEBNFOUF FM TFOUJEP RVF )FJEFHHFS RVJFSF EBS BM
USNJOP
"T QVFT MB FYJTUFODJB TFSB FM FNQFP FO JOTUBMBSTF FO FM
GVFSB FO MB BQFSUVSB Z FO QFSNBOFDFS EFOUSP EFM GVFSB
1PS PUSB QBSUF BM OBM EFM NJTNP UFYUP RVF TF BDBCB EF DJUBS Z
FO FTUSFDIB SFMBDJO DPO MP RVF TF BDBCB EF EFDJS )FJEFHHFS TF SF
FSF BM BHVBOUBS Z QFSEVSBS FO FM TFS QBSB MB NVFSUF BMHP RVF TJO
EVEB UJFOF RVF WFS EF DFSDB DPO FM FNQFP &O DVBMRVJFS DBTP MB OB
EB WVFMWF B BTPNBS USBT MBT SFGFSFODJB B MB NVFSUF DPNP FYUSFNP
:B IFNPT WJTUP DNP MB BOHVTUJB FT FM OJDP NPEP FO RVF QVFEF DPN
QBSFDFS BRVFMMB : FT RVF MB OBEB OP TF QJFOTB TF FYQFSJNFOUB QSF
DJTBNFOUF DPNP BOHVTUJB %F FTUB GPSNB BM NFOPT FO BMHO NPEP
DBCSB FOUFOEFSMB DPNP FM SFGVHJP P FM DPCJKP EFM TFS &M TFS TF
FTDPOEF TF QSPUFHF EFM JOUFOUP EF BQSPQJBDJO BQSFIFOTJWB %F FTUB
GPSNB FT DPNP )FJEFHHFS WJODVMB MB OBEB MB BOHVTUJB MB NVFSUF Z FM
PDVMUBNJFOUPEFTPDVMUBNJFOUP EFM TFS &M TFS TF FTDBQB EF MB TVCKFUJ
WJEBE PDVMUOEPTF 1PS FTUB SB[O FM IPNCSF IB EF TFS DPNQSFOEJEP
FO Z EFTEF TV FTFODJB FYUUJDB
/P QBSFDF NVZ BSSJFTHBEP TPTUFOFS RVF )FJEFHHFS MMFHB B JEFOUJ

DB TFS Z UJFNQP -B WJODVMBDJO RVF M FTUBCMFDF OBEB UFOHB RVF WFS
DPO MB FTUBCMFDJEB QPS MB NFUBGTJDB USBEJDJPOBM $PNP SFQJUF OVFTUSP
QFOTBEPS EFTEF BOUJHVP MPT HSJFHPT FYQFSJNFOUBSPO FM TFS EF MP FOUF
DPNP QSFTFODJB EF MP QSFTFOUF &M HFSNFO EF FTB SBEJDBMNFOUF JO
TVDJFOUF JOUFSQSFUBDJO EFM UJFNQP TF FODVFOUSB FO RVF TUF TF QFOT
EFTEF MPT DPNJFO[PT DPNP FTUP FT DPNP UJFNQP GTJDP RVF OP
$G *C

&TUB FYQSFTJO JOUFOUB USBEVDJS FM WFSCP CFSHFO VUJMJ[BEP QPS )FJEFHHFS Z RVF
TJHOJDB DVTUPEJBS QSPUFHFS BMCFSHBS SFTHVBSEBS

FT FM BEFDVBEP QBSB MB DPNQSFOTJO EF MB FTFODJB EFM IPNCSF OJ UBN

QPDP EFM TFS *OUFOUBOEP TVQFSBS FTUB WJTJO FO 4FS Z UJFNQP TV BVUPS
EJS RVF FM UJFNQP FT FM IPSJ[POUF QBSB MB DPNQSFOTJO EFM TFS TUF
GVF FM QVOUP EF BSSBORVF EF TVT SFFYJPOFT
"IPSB USBOTDVSSJEBT NT EF EPT EDBEBT WVFMWF B UPNBS FO DPO
TJEFSBDJO FM TJHOJDBEP HSJFHP EF MB QBMBCSB TFS &O FTUF PSEFO EF
DPTBT BEWJFSUF RVF TJ OP OPT QMBOUFBNPT RV TJHOJDB SFBMNFOUF MB
QBMBCSB FT EFDJS TJ OP IBDFNPT FM FTGVFS[P EF FOUFOEFS RVF TJH
OJDBCB QBSB VO HSJFHP DBFNPT FO MB NBZPS BVTFODJB EF QFOTBNJFOUP
RVF IBZB IBCJEP KBNT EFOUSP EFM QFOTBS Z RVF IB TFHVJEP EPNJOBOEP
IBTUB MB BDUVBMJEBE BT FT DPNP TFS TF DPOWJFSUF FO VO DPODFQUP
WBDP QBSB OPTPUSPT 1BSB VO HSJFHP BSNB )FJEFHHFS TJHOJ
DBCB WFOJS B MB QSFTFODJB F JOEJDBCB QPS MP UBOUP VO QSPDFTP QPS
FM DVBM BMHP MMFHBCB B IBDFSTF QSFTFOUF IBCB VO PDVMUBNJFOUP QSFWJP
Z BT VO DBNCJP EFTEF MP PDVMUP B MP EFTPDVMUP -B JOTVDJFOUF DPN
QSFOTJO EFM UJFNQP TVSHF DVBOEP FM QFOTBS TF MJNJUB B MB QSFTFODJB
ZB EFWFOJEB TJO UPNBS FO DVFOUB TV EFWFOJS
B MB &OUPODFT TF
JHOPSB FM QSPDFTP EFM EFTPDVMUBNJFOUP
)BTUB TV NPNFOUP IVCP BT MP FOUFOEJ )FJEFHHFS EPT DPNQSFO
TJPOFT JHVBMNFOUF GBMMJEBT EFM UJFNQP $BEB VOB EF FMMBT NBSDB SFT
QFDUJWBNFOUF FM QSJODJQJP Z FM OBM EF MB NFUBGTJDB -B QSJNFSB ZB MP
IFNPT WJTUP FT MB EF "SJTUUFMFT FO MPT USNJOPT FO RVF ZB IB RVFEB
EP FYQSFTBEB -B TFHVOEB FT MB EF /JFU[TDIF FM MUJNP NFUBGTJDP RVF
DPODJCF FM UJFNQP DPNP FM FUFSOP SFUPSOP EF MP JHVBM &O OJOHVOP EF
MPT EPT DBTPT TF BEWJFSUF MP GVOEBNFOUBM RVF FM TFS OP DPNQBSFDF RVF
QPS FM DPOUSBSJP TF HVBSFDF TF QSPUFHF OP TF QSFTFOUB OJ TV QSFTFODJB
TF SFQJUF
-B POUPMPHB GVOEBNFOUBM EF 4FS Z UJFNQP "VUPDSUJDB
&OMB[BOEP DPO FTUB MUJNB DVFTUJO Z TJHVJFOEP B MB WF[ FM EJTDV

SSJS EFM UFYUP TF QVFEF QFSDJCJS VO DJFSUP FKFSDJDJP EF BVUPDSUJDB QPS
*C Q

"OMJTJT UFYUVBM
QBSUF EF )FJEFHHFS DPO SFMBDJO BM QFOTBS FOTBZBEP FO 4FS Z UJFN

QP QBSUJDVMBSNFOUF FO MP SFGFSFOUF B MB POUPMPHB GVOEBNFOUBM "IPSB
OVFTUSP QFOTBEPS EFDMBSB RVF VO QSPQTJUP DPNP FM RVF FOUPODFT MF
HVJ DPOUJOVBCB FODFSSBEP EFOUSP EF MPT MNJUFT EFM DVFTUJPOBS NFUB
GTJDP "ENJUF RVF DVBOEP FTDSJCJ 4FS Z UJFNQP UBM FNQFP SFTVMUBSB
OFDFTBSJP QFSP RVF SFTVMU GBMMJEP -B SB[O 2VF MP JNQPSUBOUF FT
FM USOTJUP EFTEF MB NFUBGTJDB BM QFOTBS FO MB WFSEBE EFM TFS 1B
SB MPHSBSMP IB EF BCBOEPOBS EFOJUJWBNFOUF FM QFOTBS SFQSFTFOUBUJWP
NFUBGTJDB
QBSB FOUSFHBSTF BM QFOTBS DPONFNPSBUJWP B MB QSFHVOUB
QPS MB WFSEBE EFM TFS

&O DVBMRVJFS DBTP TF IB EF BEWFSUJS RVF MB NFODJPOBEB BVUPDSUJDB
TF QFSDJCF FYQMDJUB P JNQMDJUBNFOUF B UPEP MP MBSHP EF MB *OUSPEVD
DJO
-B NFUBGTJDB DPNP POUPUFPMPHB Z MB OBEB DPNP TV

GVOEBNFOUP
&O MB QBSUF OBM EF TV *OUSPEVDDJO B MB DPOGFSFODJB EFM WFJOUJ

OVFWF )FJEFHHFS TF PDVQB EF MB NFUBGTJDB DPNP POUPUFPMPHB 1JFOTB
DPNP SFQJUF FO DVBOUJPTBT PDBTJPOFT
RVF ZB MB NFUBGTJDB BSJTUPUMJDB
MB FT POUPUFPMPHB RVF UJFOF VO EPCMF DBSDUFS UBOUP
UFPMHJDP DPNP POUPMHJDP RVF TF EFCF B RVF MP FOUF TF IB EFTDVCJFSUP
FO DVBOUP FOUF &T UFPMPHB QPSRVF FM FOUF TVQSFNP FM NT FYDFMFO
UF FT %JPT Z FT POUPMPHB ZB RVF FODJFSSB VO EFDJS
TPCSF MP
FOUF
5PEP FTUP FT EFTUJOP EF MB NFUBGTJDB FO DVBOUP RVF TF
FYQPOF FO MP BCJFSUP Z OP UJFOF FO DVFOUB FM PDVMUBNJFOUP 1BSB
SFGPS[BS TV BSHVNFOUBDJO Z UBNCJO QBSB RVF TF FOUJFOEB BEFDVBEB
NFOUF FO RV DPOTJTUF TV DSUJDB )FJEFHHFS EFDMBSB RVF MB SB[O QPS MB
RVF MB MPTPGB QSJNFSB FT UFPMPHB OP FT RVF MB MPTPGB HSJFHB GVFSB
BEPQUBEB Z BEBQUBEB QPS MB UFPMPHB DSJTUJBOB &T NT FM FTUVEJPTP
. )FJEFHHFS PQ DJU Q

*C Q
*C

EF MBT FQTUPMBT QBVMJOBT SFDVFSEB RVF B KVJDJP EF TBO 1BCMP MB MP

TPGB SFTVMUBCB JODPNQBUJCMF DPO MB TBCJEVSB EF MB SFWFMBDJO 4FHO
FM MUJNP BQTUPM MB TBCJEVSB IVNBOB FSB OFDFEBE QBSB MPT KVEPT Z
MPDVSB QBSB MPT HFOUJMFT %FTQVT TJO FNCBSHP "HVTUO EF )JQPOB
Z 5PNT EF "RVJOP TF BQSPQJBO EF MB MPTPGB EF 1MBUO Z EF "SJTUUF
MFT SFTQFDUJWBNFOUF BM FOUFOEFS RVF MB MPDVSB EF MB SFWFMBDJO Z EFM
NJTUFSJP TF QPEB FYQSFTBS BVORVF OP UPEPT TVT DPOUFOJEPT GVFSBO
EFNPTUSBCMFT FO USNJOPT SBDJPOBMFT
4FHO QBSFDF BQVOUBS )FJEFHHFS MB OJDB TBMWBDJO QBSB MB UFPMP
HB DSJTUJBOB FT WPMWFS B TV PSJHFO B MB MPDVSB B MBT DBSUBT EF 1BCMP Z B
MB TBCJEVSB EF MPT NTUJDPT "EFNT FT QPTJCMF JNBHJOBS RVF )FJEFH
HFS FTU BQFMBOEP DVBOEP IBDF TV SFGFSFODJB BM BQTUPM EF 5BSTP
B MB OFDFTJEBE EFM QFOTBS EF JS NT NBT BMM EF MPT MNJUFT QFSGFDUB
NFOUF FTUBCMFDJEPT Z EFOJEPT EF MB SB[O TUB QPS DSFFS RVF QVFEF
DPOPDFS DPOUSPMBS Z DPOTUSVJS MB FYQFSJFODJB IBCSB BDBCBEP EFHFOF
SBOEP FO UFDOPDJFODJB Z IBCSB QFSEJEP BT TV PSJHJOBM MPDVSB RVF
NT BMM EF MB GSPOUFSBT EF MP SFQSFTFOUBCMF IBSB QPTJCMF VOB FYQF
SJFODJB EFM TFS 1FSP UPEP QBSFDF JOEJDBS RVF MB NFUBGTJDB FT FM MVHBS
RVF TF IBCJUB Z FM IPSJ[POUF EFTEF FM RVF TF QJFOTB UPEP FO FM RVF TF
JOTDSJCF UPEP -PT DBSBDUFSFT VOJWFSTBMFT EFOFO VO TFS DPNO FO FM
TFOUJEP EFM UPEP EF MP FOUF Z UPEPT FTUPT SBTHPT DPNVOFT VOJEPT EBO
MVHBS B VO QFOTBS POUPUFPMHJDP
:B FO MPT MUJNPT DPNQBTFT EF TV *OUSPEVDDJO EF MB NBOP
EF MB WJFKB QSFHVOUB GPSNVMBEB QPS -FJCOJ[ QPS RV FM TFS Z OP NT
CJFO MB OBEB )FJEFHHFS SFUPNB FO BTVOUP RVF EF NBOFSB FYQMDJUB
FO NVDIPT MVHBSFT F JNQMDJUB B MP MBSHP EF UPEP TV SFDPSSJEP EF FTUF
UFYUP MP IB WFSUFCSBEP 4F USBUB EF MB OBEB
4VQPOJFOEP RVF ZB OP QFOTFNPT EFTEF EFOUSP EF MB NFUBGTJDB Z
QPS FOEF EFM NPEP NFUBGTJDP BDPTUVNCSBEP TJOP RVF B QBSUJS EF MB
$G 4BO 1BCMP * $PSJOUJPT

/P FTU EF NT SFDPSEBS RVF MB OBEB BQBSFDF DPNP UFNB Z DPNP QSPCMFNB
DPO FM TVSHJNJFOUP EFM $SJTUJBOJTNP Z EFOUSP EFM IPSJ[POUF EF MB DSFBDJO Z MB
DPOUJOHFODJB BCJFSUP QPS M

"OMJTJT UFYUVBM
FTFODJB Z MB WFSEBE EF MB NFUBGTJDB FTUFNPT QFOTBOEP FO MB WFSEBE

EFM TFS BRV UBNCJO DBCSB QSFHVOUBS DNP TF FYQMJDB RVF FO UPEBT
QBSUFT MP FOUF UFOHB MB QSJNBDB Z SFDMBNF QBSB T UPEP FT NJFOUSBT
RVF MP RVF OP FT VO FOUF FTUP FT MB OBEB FOUFOEJEB DPNP FM TFS NJTNP
QFSNBOFDF FO FM PMWJEP $NP FT QPTJCMF RVF FO SFBMJEBE OP QBTF OBEB
DPO FM TFS Z RVF MB OBEB OP WFOHB QSPQJBNFOUF B MB QSFTFODJB 5BM WF[
WJFOF EF BRV MB JOBMUFSBCMF JNQSFTJO QSFTFOUF FO UPEB NFUBGTJDB EF
RVF FM TFS TF FOUJFOEF EF TVZP Z RVF QPS FOEF MB OBEB FT NT GDJM
RVF MP FOUF "T FT DPNP EF IFDIP FTUO MBT DPTBT FO SFMBDJO DPO MB
OBEB Z FM TFS
)FJEFHHFS JOUFOUB QFOTBS GVFSB EF MB NFUBGTJDB "M IBDFSMP TV
QSFHVOUBS OP TF DBMNB QPS FM DPOUSBSJP BVNFOUB MB JORVJFUVE -B SB
[O FT RVF EFTEF MB MPTPGB QSJNFSB TVQVFTUBNFOUF BCBOEPOBEB MB
OBEB FT FOUFOEJEB DPNP FM TFS NJTNP &TUP FYQMJDB RVF QPS UBOUP Z
B MB WF[ QFSNBOF[DB FO FM PMWJEP -B OBEB OP WJFOF B MB QSFTFODJB
QPSRVF DPNP FM TFS DSFFNPT RVF TF FOUJFOEF EF TVZP .T BO TF
DSFF RVF MB OBEB DPNP EJKP -FJCOJ[ FT NT GDJM EF DPNQSFOEFS RVF
DVBMRVJFS PUSB DPTB
$G . )FJEFHHFS *OUSPEVDDJO B 2V FT NFUBGTJDB PQ DJU Q

*C

**
&M PSJHFO EF MB NFUBGTJDB

Z
$BQUVMP
&M DPNJFO[P EF MB IJTUPSJB EFM

TFS DPNP NFUBGTJDB
&YQPTJDJO UFSJDB
*OTVDJFODJB EF MB EFUFSNJOBDJO EFM TFS DPNP FGFDUJWJ

EBE &RVJQBSBDJO FOUSF TFS Z FYJTUFODJB
"OUFT EF DPNFO[BS TV FYQPTJDJO )FJEFHHFS BDMBSB DPO SPUVOEJ

EBE RVF TUB OP EFCF TFS UPNBEB FO TFOUJEP IJTUPSJPHSDP EF IBDFS
MP BT TF IBCSB QBTBEP QPS BMUP MP FTFODJBM .T CJFO QSFUFOEF USB[BS
B HSBOEFT SBTHPT MP RVF TF QPESB EFOPNJOBS MB IJTUPSJB EFM TFS DPNP
NFUBGTJDB &O FTUF TFOUJEP WBMESB UBNCJO EFDJS RVF TV QSPQTJUP FT
EF UJQP HFOFBMHJDP MB UFTJT EF GPOEP RVF BMJNFOUB FTUBT QHJOBT FT
RVF MB EFDJTJO EFM FOUF EF BM[BSTF DPOUSB MB OBEB JSSBEJB EFM TFS
EF NBOFSB RVF FO FM FOUF BQBSFDF FM TFS
$G . )FJEFHHFS -B NFUBGTJDB DPNP IJTUPSJB EFM TFS DBQ 7*** QQ
FO /JFU[TDIF ** %FTUJOP #BSDFMPOB j FE USBE + - 7FSNBM
Q
*C

5SBT SFBMJ[BS TV BEWFSUFODJB )FJEFHHFS GPSNVMB MB RVF QPESB

NPT EFOPNJOBS TV UFTJT EF GPOEP RVF FO NFUBGTJDB Z FO EFOJUJWB
DPNP FOUF WBMF MP SFBM FGFDUJWP EBT 8JSLMJDIF
&M FOUF FT SFBM
FGFDUJWP 2VF FTUP FT BT P RVF BM NFOPT IB MMFHBEP B TFS BT
MP WB B JS NPTUSBOEP B MP MBSHP EF FTUBT QHJOBT QFSP FT JNQPSUBO
UF UFOFS FO DVFOUB RVF TF USBUB EF VOB UFTJT RVF M EFFOEF EFTEF FM
QSJODJQJP Z RVF NBOUJFOF DPNP IJMP DPOEVDUPS IBTUB FM OBM
%BT 8JSLMJDIF TJHOJDB TFHO )FJEFHHFS EPT DPTBT RVF FM TFS
EFM FOUF SFTJEF FO MB SFBMJEBE FGFDUJWB Z RVF MP SFBM FGFDUJWP FT MP FGFD
UVBEP QPS VO FGFDUVBS $PO FMMP RVJFSF EFTUBDBS MP TJHVJFOUF RVF
MB FYJTUFODJB FT FOUFOEJEB DPNP SFBMJEBE FGFDUJWB Z RVF MB FDJFODJB
FT VO DBSDUFS EFUFSNJOBOUF EF MP FOUF %JDIP EF PUSP NPEP FM FOUF IB
TJEP FGFDUVBEP IFDIP QSPEVDJEP
QPS BMHP RVF UJFOF MB DBQBDJEBE EF
FGFDUVBS Z B MB WF[ FTF NJTNP FOUF QSPEVDJEP QVFEF UBNCJO QSPEVDJS
FT EFDJS UJFOF MB DBQBDJEBE EF FGFDUVBS

5PEP FTUP OPT QPOF TPCSF MB QJTUB EF MB QFSNBOFODJB VOBT WFDFT
WFMBEB Z PUSBT EFDMBSBEB EF GPSNB NBOJFTUB
EF BMHVOPT QMBOUFBNJFO
UPT LBOUJBOPT FO MB QFSDFQDJO IFJEFHHFSJBOB &O FM DBTP EFM UFYUP RVF
FTUBNPT DPNFOUBOEP IBZ VOB BMVTJO EJSFDUB Z RVF TUB BQBSF[DB ZB
FO FM NJTNP DPNJFO[P EFM UFYUP FT TVNBNFOUF SFWFMBEPS
%FTEF IBDF UJFNQP FO MB SFBMJEBE FGFDUJWB TF NVFT

USB MB FTFODJB QSPQJB EFM TFS -B SFBMJEBE FGFDUJWB FT MMB
NBEB DPO GSFDVFODJB FYJTUFODJB "T ,BOU IBCMB EF MBT
QSVFCBT EF MB FYJTUFODJB EF %JPT TUBT EFCFO NPTUSBS
RVF %JPT FT FGFDUJWBNFOUF SFBM FT EFDJS FYJTUF
-P SFMFWBOUF EF FTUB DJUB OP FT MP SFMBUJWP B MB EFNPTUSBDJO EF MB

FYJTUFODJB EF %JPT TJOP DPNP ZB TF IB JOEJDBEP MB FYQMDJUB SFGFSFODJB
B ,BOU
*C
*C
*C Q

&YQPTJDJO UFSJDB
"IPSB CJFO TJ )FJEFHHFS EB QPS TFOUBEP RVF FM FOUF TF FOUJFOEF

BT DPO MB NJTNB SPUVOEJEBE BSNB RVF OP UFOFNPT OJOHVOB DMBSJEBE
SFTQFDUP EF MP RVF TJHOJRVF FYJTUFODJB SFBMJEBE FGFDUJWB P USNJOPT
TJNJMBSFT &T NT
&O RV NFEJEB TJO FNCBSHP TFS TF EFUFSNJOB DPNP

SFBMJEBE FGFDUJWB 8JSLMJDILFJU
EFM FGFDUVBS XJSLFO
Z MB
PCSB 8FSL
QFSNBOFDF FO MB PTDVSJEBE 1PS PUSB QBSUF
FM TFS OP FTUBSB QMFOBNFOUF OPNCSBEP FO MB NFUBGTJDB TJ
FM EFDJS EFM TFS EFM FOUF TF DPOUFOUBSB DPO MB FRVJQBSBDJO
EF TFS Z FYJTUFODJB
1PS FM DPOUSBSJP FM TFS TF PDVMUB Z BT IBDF QPTJCMF FM DPNJFO[P

FTFODJBM EF MB NFUBGTJDB %F BDVFSEP DPO MBT QBMBCSBT RVF TF BDBCBO
EF DJUBS FO OJOHO DBTP TF QVFEFO FRVJQBSBS TFS Z FYJTUFODJB -P RVF
)FJEFHHFS FOUJFOEF FT RVF FM TFS TF EJGFSFODJB FO RV FT Z RVF FT $PO
FTUB EJTUJODJO Z DPO TV QSFQBSBDJO DPNJFO[B B TV KVJDJP MB IJTUPSJB
EFM TFS DPNP NFUBGTJDB
%FTEF NVZ BOUJHVP MB MPTPGB QSJNFSB FTUBCMFDF FTB EJTUJODJO
RVF DPNP WFSFNPT )FJEFHHFS BUSJCVZF B "SJTUUFMFT DPNP B TV QSP
HFOJUPS 1BSB JMVTUSBSMB OVFTUSP QFOTBEPS BMVEF UBNCJO B DNP MB
FTDPMTUJDB EJTUJOHVJSB NT UBSEF FOUSF MP RVF VO FOUF FT Z FM IFDIP EF
RVF TFB &M RV FT TFSB MB FTTFOUJB MB RVJEEJUBT FM HOFSP
MP
DPNO
5PEP FMMP TF QVFEF SFTVNJS FO PQJOJO EF )FJEFHHFS
FO MB QPTJCJMJEBE &TUB SFEVDDJO MF QFSNJUF BM BVUPS EFM /JFU[TDIF
** FTUBCMFDFS VOB EFMJNJUBDJO OUJEB FOUSF MB FYJTUFOUJB Z MB FTTFOUJB
FT MB NJTNB RVF FYJTUF FOUSF MB SFBMJEBE FGFDUJWB Z MB QPTJCJMJEBE
4JO FNCBSHP BENJUJEB QPS IJQUFTJT FTUB JOUFSQSFUBDJO )FJEFH
HFS FOUJFOEF RVF FT NFOFTUFS GPSNVMBS WBSJBT QSFHVOUBT DPO SFMBDJO
B FTUB EJTUJODJO RV FT MP DPNO B BNCBT QPS RV FTUB EJTUJODJO
Z FO EFOJUJWB RV FT FM TFS
*C
*C

2V FT FM TFS $NP SFTVMUB EF M FM WFOJS EF MB EJT

UJODJO TV QSPWFOJFODJB 0 FTUB EJTUJODJO FT TMP BUSJ
CVJEB BM TFS QPS FM QFOTBS 4J FT BT QPS RV UJQP EF QFO
TBS Z DPO RV EFSFDIP $NP MF FT EBEP FM TFS B FTUF
QFOTBS QBSB UBM BUSJCVJS
)FJEFHHFS RVJFSF FYQMJDBS RVF MB EJTUJODJO RVF TF NBOFKB IBCJ

UVBMNFOUF FO MPTPGB OP FT UBO PCWJB DPNP QPESB QBSFDFS QVFTUP RVF
MB NJTNB NFUBGTJDB TF GVOEBNFOUB B T NJTNB FO FMMB "IPSB CJFO
BENJUJEP FTUP Z QSFDJTBNFOUF QPS FMMP MB MPTPGB QSJNFSB OP TF QVFEF
DPOTUJUVJS DPNP VO TBCFS EF UBM EJTUJODJO &T NT FM PMWJEP EF MB QSP
WFOJFODJB EF MB EJTUJODJO FT MB DPOEJDJO EF QPTJCJMJEBE EF MB NJTNB
NFUBGTJDB FT FM TFS NJTNP FM RVF BM PDVMUBSTF Z QPS IBDFSMP QPTJCJMJUB
TV DPNJFO[P
&M TFS SFITB TJO FNCBSHP FTF DPODFSOJS Z TMP BT

QPTJCJMJUB B MB NFUBGTJDB TV DPNJFO[P FTFODJBM FO FM NP
EP EF MB QSFQBSBDJO Z EFTQMJFHVF EF FTUB EJTUJODJO -B
QSPWFOJFODJB EF MB EJTUJODJO EF FTTFOUJB Z FYJTUFOUJB Z
NT BO MB QSPWFOJFODJB EFM TFS RVF TF IB EJGFSFODJBEP EF
UBM NPEP QFSNBOFDFO PDVMUBT P EJDIP FO HSJFHP PMWJEB
EBT 0MWJEP EFM TFS RVJFSF EFDJS FOUPODFT PDVMUBSTF EF MB
QSPWFOJFODJB EFM TFS EJGFSFODJBEP FO RV FT Z RVF FT B GB
WPS EFM TFS RVF EFTQFKB MJDIUFU
FM FOUF FO DVBOUP FOUF Z
RVFEB FO DVBOUP TFS JNQFOTBEP
1SFDJTBNFOUF QPS FTUP MB UBSFB EFM QFOTBS OP FT PUSB RVF QFOTBS MP

JNQFOTBEP 1FSP QBSB MPHSBSMP OP CBTUB DPO BDVEJS B MBT EJTUJODJPOFT
EF MB FTDPMTUJDB OJ UBO TJRVJFSB B MB MPTPGB HSJFHB
*C Q

*C

&YQPTJDJO UFSJDB
"SJTUUFMFT DSFBEPS EF MB EJTUJODJO
" )FJEFHHFS OP MF DBCF EVEB EF RVF GVF "SJTUUFMFT RVJFO QSJNFSP

FTUBCMFDJ MB EJTUJODJO UFOJFOEP ZB BCPOBEP FM UFSSFOP QPS TV NBFTUSP
1MBUO
%F IFDIP FM FTUBHJSJUB EJGFSFODJB FOUSF FM RV
FT Z FM RVF FT 1PS UBOUP FO FM TFS
TF NVFTUSB VOB
EJGFSFODJB -P RVF TF QSFHVOUB )FJEFHHFS FT DNP QVFEF EJWJEJSTF BT
FM TFS 1BSB SFTQPOEFS QSPDFEF EF NBOFSB HFOFBMHJDB FYQPOJFOEP MPT
QSJNFSPT PSHFOFT EFM QFOTBNJFOUP HSJFHP IBTUB MMFHBS B "SJTUUFMFT
&O FM DPNJFO[P EF MB IJTUPSJB FM TFS SFDVFSEB OVFTUSP QFOTBEPS
TUF FT FOUFOEJEP DPNP TVSHJNJFOUP Z FO DPOTFDVFODJB DPNP
"IPSB CJFO FTUB DPODFQDJO BDBCBS QPS EFDBOUBSTF FO FM
EFNPSBSTF FO VO NBOUFOFSTF QSFTFOUF Z DPOTJTUFOUF FO FM TFS RVF
BT MMFHB B TFS FOUFOEJEP DPNP "RV DPNFO[BSB MB IJTUPSJB QSP
QJBNFOUF EJDIB EF MB MPTPGB QSJNFSB -B FT QVFT BT MP
FOUJFOEF )FJEFHHFS DPNP VO QSFTFODJBS RVF BDBCB QPS MMFHBS B MB
QSFTFODJB Z TF NBOUJFOF FO FMMB MB FOUJEBE FT DPNQSFOEJEB QPS FM FT
UBHJSJUB DPNP VO RVF BM IBCFS MPHSBEP FTUBS BI ZBDJFOEP EF
MBOUF
TF FODVFOUSB FO SFQPTP Z QSFDJTBNFOUF FO FTF
SFQPTP FT QSFTFODJB QSFTFOUF
&TP EF DVBMRVJFS NPEP FT EJTDVUJCMF -P QSPCMFNUJDP EF UBM BSNBDJO TF QP

ES WFS FO MB DPOGSPOUBDJO DPO FM QFOTBNJFOUP EF "SJTUUFMFT
$G . )FJEFHHFS -B NFUBGTJDB DPNP IJTUPSJB EFM TFS PQ DJU Q
FT VO USNJOP BM RVF )FJEFHHFS SFDVSSF DPO GSFDVFODJB DPNP UFO
ESFNPT PQPSUVOJEBE EF WFS -B EJDVMUBE RVF JNQMJDB FTUF SFDVSTP FT RVF OVFTUSP
QFOTBEPS OP TJFNQSF FTUBCMFDF MBT QSFDJTJPOFT OFDFTBSJBT QBSB FOUFOEFS B RV TF
FTU SFSJFOEP DPO FYBDUJUVE &O QPDBT QBMBCSBT FM QSPCMFNB TF QVFEF SFTVNJS
EFM TJHVJFOUF NPEP /P DBCF EVEB RVF MB FT TVKFUP QFSP UBNQPDP DBCF
EVEB RVF OP FT NFSBNFOUF TVKFUP TJOP QPS FM DPOUSBSJP TVKFUP EFUFSNJOBEP
FTUP FT BMHP JOEJWJEVBM DPNP TF SFDVFSEB FO FM UFYUP VO
RVF FT P FTU
FO BDUP 1VFT CJFO OP FO UPEBT MBT PDBTJPOFT )FJEFHHFS SFBMJ[B FTUB QSFDJTJO
P BM NFOPT OP EFKB DMBSB DPOTUBODJB EF FMMB &O OVNFSPTBT PDBTJPOFT MB SFGF
SFODJB HFOSJDB BM QBSFDF SFTVMUBSMF TVDJFOUF BMHP RVF EF OJOHO
NPEP SFTVMUB BDFQUBCMF -P RVF FT TMP FT MB EFOPNJOBEB NBUFSJB
QSJNB RVF FT QVSB QPUFODJB 1PS FM DPOUSBSJP FM NPEP EF TFS EF MB
FT PUSP CJFO EJTUJOUP &O DVBMRVJFS DBTP FO FM BQBSUBEP EFEJDBEP B MB DPO

B -PT DBSBDUFSFT GVOEBNFOUBMFT EFM TFS NPWJNJFOUP Z SFQPTP
&O MBT MOFBT TJHVJFOUFT )FJEFHHFS WB B NPTUSBS MB WJODVMBDJO

RVF FYJTUF FO FM QFOTBNJFOUP EF "SJTUUFMFT FOUSF Z
1BSB MPHSBS TV QSPQTJUP UJFOF RVF NPTUSBS MB WJODVMB
DJO FTFODJBM RVF FYJTUF FO FM QFOTBNJFOUP BSJTUPUMJDP FOUSF NPWJNJFO
UP Z SFQPTP EFTQVT UFOES FM DBNJOP FYQFEJUP QBSB RVF TF BEWJFSUB
MB DPOFYJO RVF TF BDBCB EF NFODJPOBS FM SFQPTP TF NVFTUSB DPNP
VO DBSDUFS EF MB QSFTFODJB 1FSP FM SFQPTP FT VO NPEP FNJOFOUF EF
MB NPWJMJEBE &O MB RVJFUVE FM NPWJNJFOUP IB MMFHBEP B TV BDBCBNJFO
UP
$PNP TF BQSFDJB FO FM UFYUP RVF TF BDBCB EF DJUBS NPWJNJFOUP Z
SFQPTP TPO DBSBDUFSFT GVOEBNFOUBMFT EFM TFS RVF TF OP TF QVFEFO DPO
TJEFSBS QPS TFQBSBEP FO MB NFEJEB FO RVF FM NPWJNJFOUP TF FODBNJOB
BM SFQPTP Z TUF FT FM O EF BRVM &O PQJOJO EF )FJEFHHFS FTUPT DB
SBDUFSFT FTUO WJODVMBEPT EF NPEP FTFODJBM DPO FM QSFTFODJBS QVFTUP
RVF FTF QSFTFODJBS FT VOP EF MPT NPEPT EF MB NPWJMJEBE Z FM SFQPTP
-P NPWJEP FT MMFWBEP BM FTUBEP Z TJUVBDJO EFM QSFTFODJBS #JFO DP
NP CJFO DPNP " MB WF[ TUB MUJNB QVFEF TFS FOUFOEJEB
FO EPT TFOUJEPT DPNP QSPEVDJS Z SFQSFTFOUBS EF FTUB MUJNB JOUFSQSF
UBDJO RVF TJO EVEB QVFEF SFTVMUBS JOTMJUB TF JS EBOEP DVFOUB B MP
MBSHP EF MBT QHJOBT TJHVJFOUFT

" )FJEFHHFS OP MF DBCF EVEB RVF FO MB 'TJDB EF "SJTUUFMFT TF
QVFEF BQSFDJBS FTUB DPODFQDJO 3FDPSEBOEP FM FKFNQMP EF MB DBTB TF
BEWJFSUFO EPT DPTBT -B QSJNFSB FT RVF BMHP FTU FO NPWJNJFOUP FT
U TJFOEP QSPEVDJEP -B TFHVOEB FT RVF FM SFQPTP USBT FM NPWJNJFOUP
GSPOUBDJO DPO "SJTUUFMFT UFOESFNPT PDBTJO EF FTUVEJBS UPEBT FTUBT DVFTUJPOFT

DPO NT EFUFOJNJFOUP Z BT EF MPHSBS VOB NBZPS DMBSJEBE
$G . )FJEFHHFS -B NFUBGTJDB DPNP IJTUPSJB EFM TFS PQ DJU QQ
-B TF QVFEF FOUFOEFS DPNP BDUJWJEBE DPNP TFS FOPCSB RVF FTU
PCSBOEP P BDUVBOEP -B TF QPESB USBEVDJS DPNP TFS FO FM O P
DPNP BDUVBMJEBE Z NT MJCSFNFOUF DPNP TFS RVF IB BMDBO[BEP MB OBMJEBE MB
QMFOJUVE
. )FJEFHHFS -B NFUBGTJDB DPNP IJTUPSJB EFM TFS PQ DJU Q

&YQPTJDJO UFSJDB
EF MB QSPEVDDJO EF MB PCSB
QSFTFSWB FM BDBCBNJFOUP -B DBTB
SFQPTB FO TV BDBCBNJFOUP Z BT TF NVFTUSB FO MP EFTPDVMUP EF TV BT
QFDUP &TU B MB WJTUB FYIJCJEB FYQVFTUB Z OPT NVFTUSB TV BTQFDUP
"VTTFIFO
&M MB PCSB FT BT MP RVF FTU FYQVFTUP FO MP
EFTPDVMUP EF TV BTQFDUP Z TF EFNPSB BI FT QPS UBOUP VOP EF MPT NP
EPT EFM QSFTFODJBS Z BT QBSBEJHNB EF MB 1PS FTP TUB MB
TF EFOPNJOB UBNCJO
"IPSB BM DPOUJOVBS TV FYQPTJDJO )FJEFHHFS WB B JEFOUJDBS BM
QBSFDFS TJO SFTJEVPT Z 4F USBUB EF BMHP TPSQSFO
EFOUF TPCSF UPEP TJ UFOFNPT FO DVFOUB RVF FO PUSPT MVHBSFT EF TV PCSB
NBOJGFTU VO HSBO FNQFP B MB IPSB EF EJGFSFODJBS VOB Z PUSB " FTUP FT
NFOFTUFS BBEJS RVF BEFNT OVFTUSP QFOTBEPS WJODVMB MB
BM OBM EFM NPWJNJFOUP EF MB QSPEVDDJO BMHP RVF TJ OP FT FSSOFP
SFTVMUB QPS MP NFOPT BMUBNFOUF SFTUSJDUJWP
4FB EF FMMP MP RVF GVFSF
MP RVF TPTUJFOF BRV FT RVF QBSB "SJTUUFMFT VUJMJ[B UBNCJO
MB QBMBCSB -B FYQMJDBDJO RVF BQPSUB )FJEFHHFS FT MB TJ
HVJFOUF TJHOJDB FO HSJFHP O QFSP OP DPNP MNJUF
TJOP
DPNP O MPHSBEP DPNP OBMJEBE Z FM FT BRV BM NFOPT FM OBM EF
MB PCSB
EFM NPWJNJFOUP EF QSPEVDJS "T FO MB BMHP
TF UJFOF B T NJTNP FO TV O VOB WF[ RVF TF IB EFUFOJEP QPSRVF TF IB
UFSNJOBEP UPEP FM NPWJNJFOUP EF MB QSPEVDDJO "IPSB MB
FT FM QVSP FTFODJBS FO MB QSFTFODJB
C -B OFDFTJEBE EF VOB EPCMF Z MB DPNP
-B UBSFB RVF )FJEFHHFS UJFOF BIPSB QPS EFMBOUF FT MB EF NPTUSBS

RVF EFTEF FTUB DBSBDUFSJ[BDJO EF MB B "SJTUUFMFT MF WB B SFTVMUBS
OFDFTBSJP EJTUJOHVJS FOUSF VOB FOUJEBE P TVTUBODJB
QSJNFSB Z VOB
FOUJEBE P TVTUBODJB
TFHVOEB -B QSFHVOUB RVF TFHO )FJEFHHFS TF
QMBOUFB "SJTUUFMFT FT MB TJHVJFOUF TJ FM TFS TF IB EFUFSNJOBEP DPNP
QPS RV TF EJTUJOHVF FO MB FOUSF FM RV FT Z FM RVF FT
P MP RVF FT MP NJTNP FOUSF MB FTFODJB Z MB FYJTUFODJB
$G *C Q

-B SFQVFTUB TF FODVFOUSB FO FM MJCSP EF MBT $BUFHPSBT 4J MB FOUJEBE

P TVTUBODJB FT BMHP TVCZBDFOUF Z EFUFSNJOBEP VO FTUP EFUFSNJOBEP
RVF FO DVBOUP UBM TF QSFTFODJB B T NJTNP FOUPODFT FT UBNCJO BMHP
FYUSFNP Z MUJNP
OP BMHP HFOFSBM P JOEFOJEP OJ OBEB
TFNFKBOUF &TDVDIFNPT B "SJTUUFMFT
&OUJEBE MB BT MMBNBEB DPO NT QSPQJFEBE NT QSJ

NBSJBNFOUF Z FO NT BMUP HSBEP FT BRVFMMB RVF OJ TF EJDF
EF VO TVKFUP OJ FTU FO VO TVKFUP DPNP FM IPNCSF JOEJWJ
EVBM P FM DBCBMMP JOEJWJEVBM
&O DPOTFDVFODJB FTUB FOUJEBE

OJ FT VO QSFEJDBEP QPSRVF
OP TF QVFEF EFDJS EF NVDIPT OJ EF BMHVOPT OJ FT BMHP RVF TF E FO
PUSP TJOP RVF FT FO T Z QPS T FYQSFTOEPMP EF NBOFSB NT USBEJ
DJPOBM RVF MB VUJMJ[BEB QPS )FJEFHHFS FO OVFTUSP UFYUP
-P RVF ZBDF
EFMBOUF EFTEF T Z TF EFNPSB FO DBEB DBTP FT BMHP TJOHVMBS Z OJDP 4JO
FNCBSHP "SJTUUFMFT IB EF DPODFEFS VO MVHBS QBSB MB DPOTJEFSBDJO EF
MP RVF M NJTNP Z MB USBEJDJO QPTUFSJPS EFOPNJOB FOUJEBEFT TFHVOEBT
P TFDVOEBSJBT &TP FT OFDFTBSJP B TV WF[ QBSB RVF TF QVFEB NBOUF
OFS MB EJTUJODJO FOUSF MB FTFODJB Z MB FYJTUFODJB 6OB EJTUJODJO RVF
QPS FKFNQMP IBDF QPTJCMF MB DJFODJB QVFT DPNP FM NJTNP FTUBHJSJUB
BSNB FO SFJUFSBEBT PDBTJPOFT OP QVFEF IBCFS DJFODJB EF MP TJOHVMBS
TJOP UBO TMP EF MP VOJWFSTBM 1POJFOEP VO FKFNQMP OP QVFEF IBCFS
DJFODJB EF 4DSBUFT QFSP T EFM TFS WJWP RVF UJFOF UBM TFSB
QPS FKFNQMP MB QTJDPMPHB P MB BOUSPQPMPHB FUD
1PS UBOUP MFZFOEP
EF OVFWP B "SJTUUFMFT TF MMBNBO FOUJEBEFT TFDVOEBSJBT MBT FTQFDJFT
B MBT RVF QFSUFOFDFO MBT FOUJEBEFT QSJNBSJBNFOUF BT MMBNBEBT UBOUP
FTBT FTQFDJFT DPNP TVT HOFSPT
"SJTUUFMFT $BUFHPSBT B FO 5SBUBEPT EF MHJDB 0SHBOPO *

j FE
(SFEPT .BESJE JNQ
JOUSPE USBE Z OPUBT .JHVFM
$BOEFM 4BONBSUO
*C

&YQPTJDJO UFSJDB
&M TFS PDVMUB TV PSJHFO Z MJNJUB TV EFTPDVMUBDJO B MB

FOUJEBE FOUFOEJEB DPNP Z
)FJEFHHFS DPODMVZF TVT SFFYJPOFT BOUFSJPSFT TPCSF MB EJTUJODJO

FOUSF FOUJEBE QSJNFSB Z TFHVOEB SFDBMDBOEP MB EJGFSFODJB
-B QSFTFODJB FO FM TFOUJEP QSJNBSJP FT FM TFS RVF TF

FOVODJB FO FM FM RVF FT MB FYJTUFOUJB -B QSFTFO
DJB FO TFOUJEP TFDVOEBSJP FT FM TFS BM RVF TF WVFMWF FO MB
QSFHVOUB FM RV FT MB FTTFOUJB
1FSP MB JOTJTUFODJB IFJEFHHFSJBOB FO EFTUBDBS VOB EJGFSFODJB RVF

OP FT MB POUPMHJDB FTU QSFDJTBNFOUF FODBNJOBEB B TPTUFOFS RVF FTB
EJTUJODJO FOUSF BNCPT USNJOPT FTFODJB Z FYJTUFODJB OP FT TV
DJFOUF RVF OP EB DVFOUB EF MB EJGFSFODJB POUPMHJDB 1PS FTP )FJ
EFHHFS BBEF RVF UBOUP BM RV FT FTFODJB
DPNP BM RVF FT FYJTUFODJB
MFT QFSUFOFDF VO NPEP EF QSFTFODJBS DVZP SBTHP GVOEBNFOUBM FT MB

-P RVF DPO FTUP RVJFSF TFBMBS OVFTUSP QFOTBEPS FT RVF
B BNCPT NPEPT EF QSFTFODJBS MFT FT DPNO BMHP Z RVF UBNCJO QPS
FTUF DBNJOP TF FWJUB FM QPEFS EBS DVFOUB EF MB PTDVSB QSPWFOJFODJB
FTFODJBM EF FTBT EJGFSFODJBT &T BT DPNP MB EJGFSFODJB POUPMHJDB
QFSNBOFDF JNQFOTBEB
-B JOUFSQSFUBDJO IFJEFHHFSJBOB EF MB Z MB

BSJTUPUMJDBT
1PS VOB QBSUF )FJEFHHFS SFDPOPDF MP RVF EF FTQFDDP UJFOF MB

DPNQSFOTJO BSJTUPUMJDB EF MB DPNP 1FSP B MB WF[
. )FJEFHHFS -B NFUBGTJDB DPNP IJTUPSJB EFM TFS PQ DJU Q &M TVCSB
ZBEP FT NP Z RVJFSF DFOUSBS MB BUFODJO FO MB OFDFTJEBE EF FTF NPWJNJFOUP EF
WVFMUB DPNP TJ GVFSB QSFDJTB VOB SFFYJO VMUFSJPS RVF FT MB RVF IBDF QPTJCMF
FM EFTDVCSJNJFOUP EF MB FTFODJB DPNO VO VOJWFSTBM 4PCSF FMMBT DBCF IBDFS
DJFODJB Z QVFEFO TFS UBOUP TVKFUP DPNP QSFEJDBEP FO VO KVJDJP
*C Q

BQVOUB RVF QSFDJTBNFOUF FTUB DPNQSFOTJO DPOUSJCVJS B RVF MB QSF

TFODJB EF MB QBTF B TFS FOUFOEJEB DPNP BDUVBMJUBT FO VO QSJ
NFS NPNFOUP Z DPNP SFBMJEBE FGFDUJWB 8JSLMJDILFJU
FO VOP QPTUF
SJPS "T QVFT RVFEB DMBSP RVF FO PQJOJO EF )FJEFHHFS MB DPNQSFO
TJO EFM TFS DPNP MP SFBM FGFDUJWP UJFOF TV PSJHFO FO EFOJUJWB FO FM
NJTNP "SJTUUFMFT
1PS PUSB QBSUF FM BVUPS EFM /JFU[TDIF ** EFDMBSB UBNCJO RVF FM
FTUBHJSJUB DPO TV FMBCPSBDJO EF MB OPDJO EF TF EFDBOUB B
GBWPS EF MB FYJTUFODJB GSFOUF B MB FTFODJB &O FTUP FM EJTDQVMP TF IB
CSB EJTUBODJBEP EF TV NBFTUSP &O FGFDUP 1MBUO FOUFOEB RVF MB OJDB
FOUJEBE
EF MP FOUF FSB MB QSFTFODJB FO FM NPEP EF MB

QPS MP UBOUP RVF MB FTFODJB EFM TFS TF DPOUJFOF FO FM RVF DPNP
DPNO SFOF FO MP VOP &T TJO EVEB DJFSUP RVF NJFOUSBT RVF QBSB
"SJTUUFMFT FM TFS FT EFM FTUP FT TFODJMMBNFOUF JODPNQSFOTJCMF
QBSB 1MBUO ZB RVF B TV KVJDJP OP QBTBSB EF TFS VO OP TFS
%F
DVBMRVJFS GPSNB OP EFKB EF SFTVMUBS TPSQSFOEFOUF RVF )FJEFHHFS TPT
UFOHB RVF "SJTUUFMFT TF EFDBOUB QPS MB FYJTUFODJB DVBOEP FM DPOKVOUP
EF MB USBEJDJO BDPTUVNCSB B FOUFOEFSMF DPNP VO QFOTBEPS NT CJFO
FTFODJBMJTUB RVJFO B QFTBS EF TV FTGVFS[P OP MPHS TFQBSBSTF EF MBT
SB[POFT BEVDJEBT QPS TV NBFTUSP B GBWPS EFM
'SFOUF B MB JOUFSQSFUBDJO USBEJDJPOBM EFM DBNCJP FTUBCMFDJEP QPS
"SJTUUFMFT DPO SFTQFDUP B 1MBUO )FJEFHHFS FOUJFOEF RVF FT UQJDB Z
FRVJWPDBEB &M FTUBHJSJUB OP QVEP CBKBS MBT JEFBT EF 1MBUO BM NVOEP
TFOTJCMF QPSRVF BOUFT IVCP EF FOUFOEFS RVF MP RVF QSPQJBNFOUF QVFEF
TFS QSFTFOUF FT FO DBEB DBTP MP JOEJWJEVBM Z RVF FTP JOEJWJEVBM FT FM
SFTVMUBEP EFM TVSHJS RVF FT QSPQJP EFM EFTPDVMUBNJFOUP
4FHO )FJEFHHFS "SJTUUFMFT QJFOTB EF NPEP NT HSJFHP FO
FM TFOUJEP EF NT DPOGPSNF B MB FTFODJB EFM TFS RVF TF EFDJEJ JOJDJBM
NFOUF 1FSP FTUP OP TJHOJDB RVF FM FTUBHJSJUB TF BDFSDBSB OJ NVDIP
NFOPT RVF WPMWJFSB BM QFOTBS JOJDJBM EFM TFS -B SB[O RVF QBSB FTUP
QSPQPSDJPOB )FJEFHHFS FT RVF FOUSF MB Z MB TF
FODVFOUSB MB &TUP TJHOJDB UBOUP DPNP RVF FM DBNCJP PQFSBEP QPS
$G *C Q

"OMJTJT UFYUVBM
1MBUO SFTQFDUP EFM QMBOUFBNJFOUP EF MPT QFOTBEPSFT QSFTPDSUJDPT

GVF EF UBM FOWFSHBEVSB RVF MB QSPQVFTUB BSJTUPUMJDB OP MMFH B TVQFSBS
MP RVF BRVM IBCB NPEJDBEP -P NT DFSDBOP BM PSJHFO GVF MP RVF
FOUFOEJFSPO Z EFTBSSPMMBSPO MPT QFOTBEPSFT QSFTPDSUJDPT )BCSB FO
FMMPT VOB DPNQSFOTJO EFM EFTQMFHBSTF Z EFM MMFHBS B MB QSFTFODJB BM
EFTPDVMUBNJFOUP OVODB QMFOP EF DPOUSBSJPT JOEJWJEVBMFT RVF MV
DIBO QPS FTB QSFTFODJB &TUB JOUFSQSFUBDJO EF MPT QSFTPDSUJDPT FT MB
RVF QFSNJUF FOUFOEFS B )FJEFHHFS RVF FOUSF FMMPT MB EJGFSFODJB FOUSF
FTFODJB Z FYJTUFODJB OP TF IBCB FTUBCMFDJEP UPEBWB Z RVF BT BVORVF
UPEBWB FO DJFSUP NPEP JHOPSBEB IBCB VOB SFNJUFODJB NT QSYJNB
B MB EJGFSFODJB POUPMHJDB RVF FT MB RVF OVFTUSP QFOTBEPS RVFSB SF
DVQFSBS BVORVF UBO TMP GVFSB FO FM NPEP EFM SFDPOPDJNJFOUP EF TV
PMWJEP

"OMJTJT UFYUVBM
*OTVDJFODJB EF MB EFUFSNJOBDJO EFM TFS DPNP FGFDUJWJ

EBE &RVJQBSBDJO FOUSF TFS Z FYJTUFODJB
6OB UFTJT IFJEFHHFSJBOB DBQJUBM FT RVF FM TFS QFSNBOFDF JNQFO

TBEP QPS MB NFUBGTJDB QPSRVF TUB TMP TF IB PDVQBEP EFM FOUF -B
IJTUPSJB EF MB NFUBGTJDB QVFEF QPS FMMP DPODFCJSTF DPNP MB IJTUPSJB
EFM PMWJEP EFM TFS 4JO FNCBSHP Z BVORVF SFTVMUF DPOUSBEJDUPSJP FT
QPTJCMF FMBCPSBS VOB IJTUPSJB EF MB NFUBGTJDB DPNP IJTUPSJB EFM TFS
EBEP RVF MB IJTUPSJB EF BRVMMB FT MB EF MBT EJTUJOUBT GPSNBT EF OP DPN
QBSFDFODJB EFM TUF 1VFT CJFO TJ TF DPOUFNQMB FTUB IJTUPSJB SFNFNP
SOEPMB FOUFOEFSFNPT DNP IB TJEP QPTJCMF RVF OP TF IBZB QFOTBEP
FM TFS DVBOEP FT MP OJDP RVF NFSFDF TFS QFOTBEP &O MPT UFYUPT EFM
/JFU[TDIF ** DPNP IFNPT DPNFO[BEP B WFS )FJEFHHFS WB B JOUFSQSF
UBS FM QFOTBNJFOUP HSJFHP NFEJFWBM Z NPEFSOP DPO FM O EF NPTUSBS
EF NBOFSB QPSNFOPSJ[BEB DNP IB UFOJEP MVHBS FM PMWJEP EFM TFS FO MB
USBEJDJO NFUBGTJDB

$PNP TF IB EJDIP BM DPNJFO[P EF MB FYQPTJDJO UFSJDB FO FM JOJDJP

EFM DBQUVMP 7*** )FJEFHHFS SFDVFSEB RVF OP QSFUFOEF IBDFS IJT
UPSJPHSBGB 5SBT FTUB BDMBSBDJO QBTB B SFGFSJSTF B MB SFMBDJO FOUSF
TFSFOUF
4FS TJHOJDB RVF FM FOUF FT Z OP OP FT 4FS OPNCSB

FTUF RVF DPNP MB EFDJTJO DPO RVF BDPOUFDF FM BM[BSTF
DPOUSB MB OBEB 5BM EFDJTJO RVF JSSBEJB EFM TFS BEWJFOF
BOUF UPEP Z UBNCJO EF NPEP TVDJFOUF FO FM FOUF &O FM
FOUF BQBSFDF FM TFS
&TUF QSSBGP OP RVJFSF EFDJS RVF FM TFS TFB FM GVOEBNFOUP EFM FOUF
TJOP RVF MB GPSNB EF FOUFOEFS BEFDVBEBNFOUF MB SFMBDJO EFM TFS DPO
FM FOUF FT WFS RVF FM TFS FT FM TFS EFM FOUF &TUP OP FT DPOUSBEJDUPSJP
DPO MB BSNBDJO EF )FJEFHHFS EF RVF FM TFS FT MB OBEB EFM FOUF QPS
MB EJGFSFODJB POUPMHJDB FOUSF TFS Z FOUF
TJOP RVF JOEJDB BVO DVBOEP
FTUB FYQSFTJO QVFEB SFTVMUBS BOBDSOJDB F JODMVTP EJTDVUJCMF
RVF FM
TFS FT DPOEJDJO EF QPTJCJMJEBE EFM FOUF QVFTUP RVF FM FOUF FT
" DPOUJOVBDJO BSNB )FJEFHHFS RVF FM FOUF FT SFBM FGFDUJWP
FT EFDJS RVF FGFDUJWBNFOUF FT VOB SFBMJEBE RVF FTU TJFOEP RVF FYJTUF
RVF FT BMHP FGFDUVBEP &O MB USBEJDJO NFUBGTJDB FTUB SFBMJEBE FGFD
UJWB TF DPOTJEFSB FRVJQBSBCMF B FYJTUFODJB -B UFTJT EF )FJEFHHFS
FT RVF FTUB FRVJQBSBDJO FT FRVWPDB Z RVF DPO FMMB MP RVF TF IBDF FT
QFSEFS FM TFS PMWJEBSMP FM TFS OP FTUBSB QMFOBNFOUF OPNCSBEP FO MB
NFUBGTJDB TJ FM EFDJS EFM TFS EFM FOUF TF DPOUFOUBSB DPO MB FRVJQBSBDJO
EF TFS Z FYJTUFODJB
1FSP MB QSFHVOUB QPS FM TFS FT BOUFSJPS B MB DPOUSBQPTJDJO FTFODJB
FYJTUFODJB FM TFS FT BOUFSJPS B FTB EJGFSFODJB -P RVF MPT NFUBGTJDPT
5JUVMBEP 2V FT Z RVF FT FO FM DPNJFO[P EF MB NFUBGTJDB Z

*C Q
*C
*C Q

"OMJTJT UFYUVBM
MMBNBO FOUF Z DPOGVOEFO DPO FM TFS FT MP SFBM FGFDUJWP MB FYJTUFODJB

QFSP OP FT FM TFS QPS FM RVF TF QSFHVOUB )FJEFHHFS 1BSB NPTUSBS DNP
TF IB QSPEVDJEP FTUB DPOGVTJO )FJEFHHFS TF WVFMWF IBDJB MB IJTUPSJB
EF MB NFUBGTJDB
&M DPNJFO[P EF MB NFUBGTJDB TF SFWFMB BT DPNP VO

BDBFDJNJFOUP RVF DPOTJTUF FO VOB EFDJTJO TPCSF FM TFS FO
FM TFOUJEP EFM TVSHJNJFOUP EF MB EJTUJODJO FOUSF RV FT Z
RVF FT
&T EFDJS ZB EFTEF TVT PSHFOFT FO MB USBEJDJO NFUBGTJDB TF IBDF

FYQMDJUB VOB EFDJTJO TFHO MB DVBM FO MP RVF FT TF EJTUJOHVF FM RV
FT Z FM RVF FT &M RV FT DPSSFTQPOEF BM DPOUFOJEP RVJEJUBUJWP B MP RVF
IBDF RVF BMHP VO SCPM VO IPNCSF
TFB FTP VO SCPM VO IPNCSF &M
RVF FT BMVEF B MB FYJTUFODJB DPODSFUB EF FTUF SCPM EF FTUF IPNCSF

" MB IPSB EF BOBMJ[BS FM PSJHFO EF FTB EJTUJODJO EFOUSP EFM TFS
RV FTRVF FT
TF BQSFDJB RVF OP FT EF OJOHVOB NBOFSB BMHP PCWJP
1PS VO MBEP FO FM QSSBGP RVF BDBCBNPT EF DJUBS )FJEFHHFS IBCMB EF
EFDJTJO FO FM PSJHFO EF FTB EJTUJODJO EFOUSP EFM TFS 4F USBUB EF
VOB EFDJTJO EFM TFS RVF TBMWBHVBSEB BRVFMMP RVF MF FT DPOTUJUVUJWP FM
PDVMUBNJFOUP
-B NFUBGTJDB UJFOF TV GVOEBNFOUP FO FTB EJTUJODJO FOUSF FM RV FT
Z FM RVF FT QFSP QSFDJTBNFOUF QPS FMMP OP QVFEF EBS DVFOUB EF FMMB OP
QVFEF IBDFS EF FMMB TV PCKFUP QPSRVF EF MPT QSJODJQJPT OP IBZ EFNPT
USBDJO FM GVOEBNFOUP OP QVFEF FTUBS FOUSF MP GVOEBNFOUBEP "T FM
%BT 8JSLMJDIF MP SFBM FGFDUJWP

Z EJF 8JSLMJDILFJU MB SFBMJEBE FGFDUJWB
HVBS
EBO SFMBDJO FUJNPMHJDB DPO XJSLFO QSPEVDJS
Z DPO EBT 8FSL MB PCSB
$PNP
TF WFS NT BEFMBOUF FTUB FUJNPMPHB DPCSB TJHOJDBDJO QPSRVF TFHO )FJEFH
HFS MB DPNQSFOTJO EFM TFS FTU MJNJUBEB FO "SJTUUFMFT QPS IBCFSTF DFJEP BM
NPEFMP EF MB QSPEVDDJO
)FJEFHHFS IBCMB EF EFDJTJO Z OP EF DPNQSFOTJO P EF JOUFSQSFUBDJO 2VJ[T
TF QVFEB WFS FO FMMP VO QMBOUFBNJFOUP WPMVOUBSJTUB EFDJTJPOJTUB DPO SFNJOJT
DFODJBT OJFU[TDIFBOBT QPSRVF QBSFDF RVF MB EFDJTJO FT GSVUP EF MB WPMVOUBE OP
EFM JOUFMFDUP

PMWJEP EFM PSJHFO EF TV EJTUJODJO FM PMWJEP EF TV GVOEBNFOUP FT DPO

EJDJO EF QPTJCJMJEBE EF MB NFUBGTJDB MB QSPWFOJFODJB EF MB EJTUJODJO
EF FTTFOUJB Z FYJTUFOUJB Z NT BO MB QSPWFOJFODJB EFM TFS RVF TF IB
EJGFSFODJBEP EF UBM NPEP QFSNBOFDFO PDVMUBT P EJDIP FO HSJFHP PMWJ
EBEBT
1PS PMWJEP EFM TFS FOUJFOEF )FJEFHHFS FM RVFEBS FM TFS JNQFO
TBEP DVBOEP FT FM RVF BCSF FM NCJUP EF NBOJGFTUBCJMJEBE FO FM RVF
QVFEFO DPNQBSFDFS MPT FOUFT -B NFUBGTJDB QBSUF ZB EFM TFS EJGFSFO
DJBEP FO FTFODJBFYJTUFODJB QFSP OP QJFOTB FM PSJHFO EF FTB EJGFSFODJB
FO FM TFS $POWJFOF BRV SFDPSEBS RVF FTUF PMWJEP OP FT VOB DVMQB
P OFHMJHFODJB QPS QBSUF EF MB NFUBGTJDB RVF IVCJFSB PNJUJEP BMHP
FO FM QFOTBS TJOP RVF FT VO PMWJEP OFDFTBSJP BM RVF MB NFUBGTJDB FTU
EFTUJOBEB QPS FM NJTNP TFS RVF FT BVTFODJB SFUSBFSTF OP DPNQBSF
DFS

-B UBSFB RVF QMBOUFB )FJEFHHFS FT QFOTBS FO FTB EJGFSFODJB RV
FTRVF FT
RVF OP FT VO NFSP UFNB FOUSF PUSPT EF MB NFUBGTJDB TJOP
RVF TF IB EF FOUFOEFS DPNP FM BDBFDJNJFOUP FO MB IJTUPSJB EFM TFS
&TF QFOTBS FT DPODFCJEP DPNP VO SFNFNPSBS "OEFOLFO
RVF
OBEB UJFOF RVF WFS DPO MB JOWFTUJHBDJO IJTUPSJPHSDB %F MP RVF TF
WB B USBUBS FT EF QFOTBS FTB EJGFSFODJB MB EJTUJODJO OPNCSB VO
EJTUJOUP "MM TF NBOJFTUB FM FO VOB EJGFSFODJB
2V FTFODJB
EFM TFS TF SFWFMB BM TBMJS B FTUB EJTUJODJO DPNP MP BCJFSUP EF BRVFMMB
FTFODJB
"DFSDB EFM SFDVFSEP TPO BDMBSBUPSJBT FTUBT QBMBCSBT EF 3 3PESHVF[ &M
QFOTBS %FOLFO
TF WVFMWF SFDVFSEP "OEFOLFO
EF MB IJTUPSJB EFM TFS RVF TMP
QVFEF MFFSTF FO MB IJTUPSJB EF MB NFUBGTJDB 3FQFUJS SFDPSEBS MB IJTUPSJB EF MB
NFUBGTJDB FO MB EJSFDDJO EF MP OP QFOTBEP QPS FMMB FT TV WFSEBEFSB TVQFSBDJO Z
B MB QBS FYQFSJFODJB EFM TFS NJTNP 1PS FMMP MB JOUFSQSFUBDJO EF MB IJTUPSJB EF
MB NFUBGTJDB OP FT VO BQOEJDF BM QSPZFDUP EF FMBCPSBS MB DVFTUJO EFM TFS FT TV
QSPQJP DFOUSP 3 3PESHVF[ (BSDB )FJEFHHFS Z MB DSJTJT EF MB QPDB NPEFSOB
PQ DJU Q

"OMJTJT UFYUVBM
-B SFTQVFTUB B MB QSFHVOUB FT RVF BM QSJODJQJP EF MB IJTUPSJB EFM

TFS TFS TF EFTQFKB DPNP TVSHJNJFOUP
Z EFTPDVMUBDJO
-B QSFTPDSUJDB FT FOUFOEJEB DPNP BVUPHFOFSBEPSB

DPNP RVF EB PSJHFO BM DBNCJP DPNP QSJODJQJP JONBOFOUF EF Z
FO BRVFMMP RVF HFOFSB /P FT VO QSJODJQJP VO NPUPS RVF FNQVKF B
BMHP EJTUJOUP B M TJOP RVF BDPNQBB B MP QSJODJQJBEP FT QPEF
SP EFTQMFHOEPTF DBNCJBOEP Z OP TPO DPODFQUPT
TFQBSBEPT TJOP RVF TF JNQMJDBO NVUVBNFOUF -B FT EFTWF
MBNJFOUP Z FM EJOBNJTNP QSPQJP EF MB FT FM EFM PDVMUBNJFOUP Z
EFTPDVMUBNJFOUP 1VFT CJFO MP RVF NBSDB FM DPNJFO[P EF MB NFUBGTJDB
FT RVF DPO "SJTUUFMFT EF FTUB BVUPHFOFSBEPSB TF WB B QBTBS B
MB %FTEF BMM BDDFEF B MB JNQSPOUB EF MB QSFTFODJB Z EF MB
DPOTJTUFODJB FO FM TFOUJEP EFM EFNPSBSTF
$PO FMMP DPNJFO[B MB
NFUBGTJDB QSPQJBNFOUF EJDIB
"SJTUUFMFT ZB OP EB QSJNBDB B MBT JEFBT DPNP 1MBUO TJOP B MB
RVF MP FT QPS TV QPS TV GPSNB FTQFDDB Z UJF
OFO FO DPNO MB OFDFTJEBE Z MB QFSNBOFODJB FT MP RVF TVCZBDF
B UPEP DBNCJP MP RVF QFSNBOFDF MP RVF EB JEFOUJEBE BM JOEJWJEVP &M
EFNPSBSTF WFSXFJMFO
B RVF BMVEF )FJEFHHFS BQVOUB B MB JEFB EF
RVFEBSTF QFSNBOFDFS FO FM TFS BT SFQPTBS Z FT MP PQVFTUP BM EFT
QMJFHVF EF MB $PO "SJTUUFMFT Z FTUB DPODFQDJO QSFTFODJBMJTUB
DPNJFO[B MB NFUBGTJDB
*C Q

$BCF SFDPSEBS MB BSNBDJO EF )FSDMJUP EF RVF MB BNB PDVMUBSTF P MB EF
"OBYJNBOESP BDFSDB EF RVF MB OP TF BHPUB FO OJOHVOB EF TVT NBOJGFTUB
DJPOFT TJOP RVF TF EFTQMJFHB FO VOB BMUFSOBODJB EF DPOUSBSJPT FO FM UJFNQP
3FBMNFOUF IBZ VO QBTP JOUFSNFEJP FOUSF MB Z MB RVF )FJEFHHFS
PCWJB FO FTUF UFYUP QFSP RVF T BQBSFDF FO PUSPT &T FM DPSSFTQPOEJFOUF BM
QMBUOJDP MP WJTUP QPS VO WFS FM BTQFDUP EF BMHP MP RVF TF NVFTUSB 4FHO )FJ
EFHHFS ZB DVBOEP 1MBUO IBDF EF MBT JEFBT MP BVUOUJDBNFOUF SFBM DBNCJB MB
DPODFQDJO EF MB WFSEBE EFKB EF TFS QBSB TFS DPSSFTQPOEFODJB BEFDVB
DJO FOUSF MBT DPTBT Z MBT JEFBT

"SJTUUFMFT DPNP FM QSJNFSP RVF MMFW B DPODFQUP MB EJGF

SFODJB
B -PT DBSBDUFSFT GVOEBNFOUBMFT EFM TFS NPWJMJEBE Z SFQPTP
" QBSUJS EF FTUF QVOUP EFM UFYUP DPNJFO[B MB JOUFSQSFUBDJO IFJ

EFHHFSJBOB EF MB NFUBGTJDB BSJTUPUMJDB OFDFTBSJB QPS TFS "SJTUUFMFT
FM QSJNFSP FO PQJOJO EF )FJEFHHFS RVF MMFWB B DPODFQUP MB EJGFSFO
DJB RV FTRVF FT 1BSB "SJTUUFMFT MMFHBS B TFS FT IBDFSTF QSFTFOUF
MMFHBS B VO FTUBEP EFTPDVMUBSTF FTUBS FO VOB DPOTJTUFODJB FO SFQP
TP &TUF SFQPTP OP FT TJFNQSF B KVJDJP EF )FJEFHHFS TJOP VO NPEP EF
MB NPWJMJEBE FM BDBCBNJFOUP EFM NPWJNJFOUP .PWJMJEBE Z SFQPTP TPO
DBSBDUFSFT FTFODJBMFT EFM TFS Z FO DVBOUP UBMFT NPEPT EFM QSFTFODJBS
&M TFBMBNJFOUP EF MB NPWJMJEBE Z FM SFQPTP DPNP MPT

DBSBDUFSFT EF MB QSFTFODJB Z MB JOUFSQSFUBDJO EF FTPT DB
SBDUFSFT EFTEF MB FTFODJB JOJDJBMNFOUF EFDJEJEB EFM TFS FM
TFOUJEP EFM QSFTFODJBS RVF TVSHF B MP EFTPDVMUP TPO MMFWB
EBT B DBCP QPS "SJTUUFMFT FO TV 'TJDB
&TUF QSSBGP FTUBCMFDF FYQMDJUBNFOUF MB WJODVMBDJO FOUSF MB FTFO

DJB EFM TFS Z FM TFS MMFWBEP B QSFTFODJB EFMBOUF TUB FT MB SB[O QPS MB
RVF )FJEFHHFS BDVTB EF QSFTFODJBMJTUB B "SJTUUFMFT
&M TFS MMFWBEP
EFMBOUF QVFEF PDVSSJS EF USFT NPEPT B
DPNP NPWJNJFOUP OB
UVSBM BVUPHFOFSBEPS C
DPNP NPWJNJFOUP QPS FM RVF QSPEV
DJNPT DPTBT BSUJDJBMFT Z D
DPNP SFQSFTFOUBDJO 7PSTUFMMVOH
1BSB
DPNQSFOEFS MB BSHVNFOUBDJO EF )FJEFHHFS JOUFSFTB FTQFDJBMNFOUF
MB EJGFSFODJB FOUSF MB RVF TJHVF QSFTFOUF DPNP QSJODJQJP FO MP
HFOFSBEP Z MB FO MB RVF MP QSPEVDJEP FT BKFOP BM QSPEVDUPS
FO FTUF DBTP FM QSPEVDUPS OP FTU FO FM QSPEVDUP OP MP BDPNQBB
)FJEFHHFS QPOF VO FKFNQMP EF MB DBTB FT DPOTUSVJEB
OP MMFHB B TFS QPS T NJTNB &TU BI FYQVFTUB B MB WJTUB TF NVFTUSB
*C Q

$G *C

"OMJTJT UFYUVBM
SFQPTB FO TV FTU BDBCBEB IB MMFHBEP B TV USNJOP TF IB BMDBO

[BEP TV MNJUF
Z MB OBMJEBE
"T DPODFCJEB FTB DBTB
FT PCSB
OP QPSRVF TFB GSVUP P SFTVMUBEP EF VO FTGVFS[P TJOP
QPS NPTUSBSTF FO TV DPNQMFUJUVE FO TV QFSGFDDJO EF NBOFSB RVF MB
QSPEVDDJO TF EFUJFOF QPSRVF OP GBMUB OBEB
1FOTBEB FO HSJFHP MB PCSB OP FT PCSB FO FM TFOUJEP

EF MB SFBMJ[BDJO EF VO FTGPS[BEP IBDFS OJ FT UBNQPDP VO
SFTVMUBEP P VO YJUP FT PCSB FO FM TFOUJEP EF MP RVF FTU
FYQVFTUP FO MP EFTPDVMUP EF TV BTQFDUP Z TF EFNPSB DPNP
MP RVF FTU EFUFOJEP P ZBDF %FNPSBSTF XFJMFO
RVJFSF
EFDJS BRV QSFTFODJBS SFQPTBEBNFOUF DPNP PCSB
" DPOUJOVBDJO WJODVMB )FJEFHHFS PCSB

DPO Z DPO
FM DBSBDUFSJ[B BIPSB FM NPEP EFM QSFTFODJBS -B QSF
TFODJB TF MMBNB QPS FTP FTFODJBDPNPPCSB FO MB
PCSB
&M NPEP EF RVF BMHP MMFHVF B QSFTFODJB FM QSFTFODJBS FT MB PCSB
QFSP TUB DPNP MP BDBCBEP FT MB RVF B TV WF[ FT FO
FM TFOUJEP EF FO PCSB FO BDUP &TUP OP TJHOJDB RVF "SJTUUFMFT
DPOTJEFSF TJOOJNPT Z FTUPT USNJOPT FTUO SFMBDJPOB
*C
*C
&T DPOWFOJFOUF SFDPSEBS MB EJTUJODJO RVF FTUBCMFDF "SJTUUFMFT FO .FUBGTJDB
C FOUSF RVF FT FM NPWJNJFOUP DPNP QBTP EF QPUFODJB B BDUP
Z RVF JNQMJDB QVSB BDUVBMJEBE TJO QPUFODJBMJEBE BMHVOB )FJEFHHFS
USBEVDF DPNP #FXFHVOH 1BSB MB USBEJDJO IB FNQMFBEP IBCJ
UVBMNFOUF BDUJWJEBE BDDJO )BOEMVOH
1PS PUSB QBSUF FT TJHOJDBUJWP BVORVF
BIPSB OP QPEBNPT BEFOUSBSOPT FO FTUB DVFTUJO
RVF )FJEFHHFS VUJMJDF FO EFUFS
NJOBEPT DPOUFYUPT TPCSF UPEP FO MPT RVF UJFOFO RVF WFS DPO MB BDDJO IVNBOB
FM USNJOP #FXFHIUIFJU "MHVOPT USBEVDUPSFT WJFSUFO FTUF USNJOP NFEJBOUF MB
QBMBCSB NPWJMJEBE B NJ KVJDJP EJONJDB SFTVMUB NT BKVTUBEP BM TFOUJEP RVF
MF RVJFSF PUPSHBS )FJEFHHFS $G $ 4FHVSB )FSNFOVUJDB EF MB WJEB IVNBOB
PQ DJU DBQ *** g QQ

EPT QFSP OP TF JEFOUJDBO TJO NT FT MP RVF TVCTJTUF FO T Z QPS

T Z RVF FT BMHP EFUFSNJOBEP
-B JEFB EF DPNP QVSB BDUVBMJEBE TVTUBODJB QFSGFDUB FT
SFTVMUBEP QBSB FM KPWFO )FJEFHHFS IBDJB
EF MB SBEJDBMJ[BDJO
POUPMHJDB EF MB JEFB EF NPWJNJFOUP
"SJTUUFMFT FODVFOUSB
FO FM NPWJNJFOUP MB JNQFSGFDDJO MB DBSFODJB RVF DPOEVDF BM QBTP EF
QPUFODJB B BDUP QFSP UBNCJO WF FO M VOB FYQSFTJO Z GPSNB EF WJ
EB /P PCTUBOUF SBEJDBMJ[BS FTB JEFB EF NPWJNJFOUP IBTUB MMFWBSMB BM
FYUSFNP FO RVF RVFEF TMP MP QFSGFDUP EFM NPWJNJFOUP RVF DVSJPTB
NFOUF FT TV BVTFODJB MB BVTFODJB EF USBOTJDJO EF MB QPUFODJB BM BDUP
&M FTUBHJSJUB FODVFOUSB MB QPTJCJMJEBE EF VOB BDUJWJEBE QVSB EF VO
QVSP BDUVBS TJO JNQFSGFDDJO
4J IBDJB )FJEFHHFS DPODFCB MB DPNP SBEJDBMJ[BDJO
EF MB JEFB EF NPWJNJFOUP FO MB QPDB B MB RVF QFSUFOFDF FM UFYUP RVF
DPNFOUBNPT MP RVF MF JOUFSFTB FT EFTUBDBS MB EJGFSFODJB FOUSF
NPWJNJFOUP OBUVSBM
Z NPWJNJFOUP QPS FM RVF QSPEVDJNPT
BSUFGBDUPT
Z QPOFS EF SFMJFWF DNP BVORVF "SJTUUFMFT UJFOF FO NFO
UF MB QSFTPDSUJDB ZB FTU FO VO IPSJ[POUF FO FM RVF EFTEF 4
DSBUFT Z 1MBUO FM NPEFMP ZB OP FT MB OBUVSBMF[B TJOP MB QSPEVDDJO
$VSJPTBNFOUF TF WB B JOUFSQSFUBS FM BVUPNPWJNJFOUP EF MB MP
OP UDOJDP
B QBSUJS EFM NPEFMP UDOJDP 1BSB "SJTUUFMFT MB
$PNP UFOESFNPT PQPSUVOJEBE EF FTUVEJBS FO MB DPOGSPOUBDJO DPO "SJTUUFMFT

UPEB FOUJEBE
QPS TFSMP FTU FO BDUP QFSP OP OFDFTBSJBNFOUF FT BDUP
4MP TPO BDUP MBT FOUJEBEFT RVF OP UJFOFO NF[DMB EF QPUFODJB MBT JONBUFSJBMFT
MPT NPUPSFT JONWJMFT RVF TPO QVSB GPSNB FUFSOBT JNQFSFDFEFSBT

1BSB FOUFOEFS MB BQBSFOUF DPOUSBEJDDJO EF VO NPWJNJFOUP TJO NPWJNJFOUP
IBZ RVF UPNBS FO DPOTJEFSBDJO RVF BM NFOPT FO PDBTJPOFT "SJTUUFMFT VUJMJ[B
FM USNJOP BDUJWJEBE
FO TFOUJEP BNQMJP BVORVF MVFHP EJTUJOHB FOUSF
BDUJWJEBEFT JNQFSGFDUBT Z QFSGFDUBT BRVFMMBT JOUFOTJWBT RVF DPOTJTUFO FO MB
QSPQJB BDUJWJEBE RVF OP FTUO DPOEJDJPOBEBT QPS OBEB BKFOP B MB NJTNB

$G "SJTUUFMFT .FUBGTJDB *9 B C

"OMJTJT UFYUVBM
FT QFSGFDUB TJO NPWJNJFOUP TJO QBTP EF

QPUFODJB B BDUP

&O MVHBS EF "SJTUUFMFT FNQMFB UBNCJO MB

QBMBCSB BDVBEB QPS M NJTNP FT FM
OBM FO FM RVF TF SFDPHF FM NPWJNJFOUP EFM QSPEVDJS Z
QPOFSBMM SFDPHJNJFOUP RVF FYQPOF FM QSFTFODJBS EF MP
OBMJ[BEP Z UFSNJOBEP FT EFDJS EF MP BDBCBEP EF MB PCSB

"EFNT EF MP RVF ZB TF IB DPNFOUBEP FO MB FYQPTJDJO UFSJDB TF

QVFEF BBEJS BRV RVF IBZ FOUSF MPT FTUVEJPTPT EJTDSFQBODJBT B MB IPSB
EF FTUBCMFDFS TJ BNCPT USNJOPT Z TPO SFBM
NFOUF JOUFSDBNCJBCMFT FO "SJTUUFMFT &UJNPMHJDBNFOUF UFOJFOEP FO
DVFOUB RVF TJHOJDB O OBMJEBE FT FTUBS FO FM O
IBCFS BMDBO[BEP FM O QFSP OP QPSRVF IBZB BMDBO[BEP MPT MNJUFT EF
VO UFSSFOP TJOP QPSRVF OP RVFEB QFSGFDDJO BMHVOB QPS QFSTFHVJS &M
TFS FTU FOUPODFT SFDPHJEP TPCSF T NJTNP QPSRVF OP IBZ OBEB GVFSB
RVF UFOHB RVF BMDBO[BS
-B FT FM UFOFS TF
FOFMOBM FM UFOFS FO
QPTFTJO FM QVSP QSFTFODJBS RVF IB EFKBEP USBT EF T UPEB
QSPEVDDJO Z FT QPS MP UBOUP JONFEJBUP FM FTFODJBS FO MB
QSFTFODJB
$PO FTUF FTFODJBS FO MB QSFTFODJB )FJEFHHFS BMVEF BM BDUP JOUFO

TJWP BM FTUBS TJFOEP MP RVF TF FT EF VO NPEP QMFOP TJO RVF IBZB NT
&TUB FYQSFTJO OP BQBSFDF BT GPSNVMBEB FO OVFTUSP UFY

UP EF MB .FUBGTJDB 4JO FNCBSHP HFOJUJWP TJOHVMBS EF

BQBSFDF FO PUSPT UFYUPT BSJTUPUMJDPT WJODVMBEPT BM BTVOUP RVF OPT PDVQB FT
EFDJS EF VOB QFSGFDUB .FODJPOP BRV EPT RVF NF QBSFDFO SFMFWBOUFT
.FUBGTJDB C UJDB B /JDNBDP C "HSBEF[DP B 1BCMP 3PES
HVF[ FTUB SFMFWBOUF PCTFSWBDJO
. )FJEFHHFS -B NFUBGTJDB DPNP IJTUPSJB EFM TFS PQ DJU QQ
*C Q

RVF BMDBO[BS FM WFSCP FTFODJBS JOEJDB BDUJWJEBE

IB EF
TFS FOUFOEJEB BT DPNP QVSB QSFTFODJB QVSB QPTFTJO EF T FO QSFTFO
UF EF VO TFS RVF OP TF BDBCB QPSRVF DPOTJTUF FO TFSTF "IPSB CJFO
TJ FT FTFODJBS FO MB QSFTFODJB TF QVFEF EFDJS RVF MP RVF FT
BI FT QVSB QSFTFODJB FTUBS BI EFMBOUF DPO TV BTQFDUP "VTTFIFO

TV "IPSB CJFO MP RVF JNQPSUB FO FM DBTP EF "SJTUUFMFT FT RVF
MP RVF TF QSFTFOUB FT VO FTUP VO )FJEFHHFS WJODVMB
DPO DPNP IBDF "SJTUUFMFT FO MBT $BUFHPSBT -B
FT MB QSFTFODJB
EFM EFM SFTQFDUJWP FTUP Z EFM SFTQFDUJWP
BRVFMMP
" FTUB MF MMBNB NPEP TVQSFNP EF MB QSFTFODJB MP NT
FYUSFNP TJOHVMBS DPODSFUP
FT MB QSFTFODJB EF VO
EF VO FTUP DPSSFTQPOEJFOUF B MB TVTUBODJB QSJNFSB
-B QSFHVO
UB RVF TF QMBOUFB BIPSB )FJEFHHFS FT MB EF DNP FT QPTJCMF RVF FTUB
EJWFSKB FO RV FT Z RVF FT Z RVF MP IBHB QSFDJTBNFOUF DPNP
DPOTFDVFODJB EFM QSFEPNJOJP EFM TFS DPNP
C -B OFDFTJEBE EF VOB EPCMF Z MB DPNP
1BSB EBS DVFOUB EF FTB EJWFSHFODJB Z TJFNQSF EFTEF MB JOUFSQSF

UBDJO EF )FJEFHHFS FT QPS MP RVF "SJTUUFMFT TF WF FO MB OFDFTJEBE
EF EJTUJOHVJS VOB EPCMF VOB TVTUBODJB QSJNFSB Z VOB TVTUBODJB
TFHVOEB &O FGFDUP QPS VO MBEP "SJTUUFMFT EJGFSFODJB FM RV FT RVF TF
TJUB EFM MBEP EF MB FTFODJB FM MB GPSNB
EFM RVF FT EFM MBEP EF MB
FYJTUFODJB
QPS PUSP MBEP DPNP IFNPT WJTUP )FJEFHHFS IB JOTJTUJEP
FO RVF MB FM BDUP MB BDUVBMJEBE
FT MB EF VO JOEJWJEVP
MP RVF IBDF RVF TFB FTUF RV EFUFSNJOBEP VOB FOUJEBE JOEJWJEVBM DPO
DSFUB 1FSP TJ B MB QSFHVOUB RV FT SFTQPOEP DPO MB Z RVF FT
FTU DMBSP QPS MB QPS RV OP FT MP NJTNP RV FT Z RVF FT TJ
1BSB )FJEFHHFS "SJTUUFMFT MMFHB B MB B USBWT EF MB &O NJ

PQJOJO FT NT CJFO BM SFWT EF MB B MB
Z BEFNT OP TF QVFEF
BSNBS TBMWP FO FM DBTP EF MB QVSB RVF IBZB VOB JEFOUJDBDJO QMFOB FO
"SJTUUFMFT FOUSF Z

"OMJTJT UFYUVBM
MB FT MB 1BSB FWJUBS VOB DPOUSBEJDDJO BM NFOPT T

UB FT MB PQJOJO EF OVFTUSP QFOTBEPS IBZ RVF EJTUJOHVJS VOB
QSJNFSB EF VOB TFHVOEB
-B QSFTFODJB FO FM TFOUJEP QSJNBSJP FT

FM RVF FT
MB FYJTUFOUJB -B QSFTFODJB FO TFOUJEP TFDVOEBSJP FT
FM RV FT MB FTTFOUJB
2VF FT Z RV FT TF EFTWFMBO
DPNP NPEPT EFM QSFTFODJBS DVZP SBTHP GVOEBNFOUBM FT MB

-B TVTUBODJB QSJNFSB MB FO TFOUJEP FNJOFOUF OP FT OJ FM QSF

EJDBEP RVF TF EJDF EF VO TVKFUP OJ MP RVF FTU FO VO TVKFUP TJOP FTUF
JOEJWJEVP DPODSFUP RVF FYJTUF FO T Z QPS T FTUF IPNCSF
MP TJOHVMBS
" MP RVF UJFOFO FO DPNO MPT JOEJWJEVPT EF VO NJTNP HOFSP FTP RVF
DPOTUJUVZF TV FTFODJB FM DPODFQUP VOJWFSTBM RVF QFSNJUF BHSVQBSMPT B
FTUP FT B MP RVF TF MMBNB TVTUBODJB FO TFOUJEP EFSJWBEP P TVTUBODJB TF
HVOEB &M FT FOUJEBE QPS MB QFSP QPS PUSP MBEP TFHO
"SJTUUFMFT TJ 4DSBUFT FT VO VOB TVTUBODJB JOEJWJEVBM OP MP
FT QPS MB NBUFSJB QSJNB OJ QPS FM DPNQVFTUP NBUFSJBGPSNB TJOP QPS
MB GPSNB FTQFDDB %F BI MB OFDFTJEBE EF FTUBCMFDFS MB EPCMF
1FSP DPNP UBNCJO TF IB BQVOUBEP ZB FTUP MB EJGFSFODJB FOUSF
FM RVF FT MB FYJTUFODJB
Z FM RV FT MB FTFODJB
OP FT TVDJFOUF QBSB
)FJEFHHFS UBO TMP MF WBMF QBSB NPTUSBS RVF UJFOF FO TV CBTF PUSB
EJTUJODJO RVF FT SBEJDBMNFOUF EJGFSFOUF Z NT PSJHJOBSJB MB EJGFSFODJB
POUPMHJDB RVF FT MB EJGFSFODJB FOUSF FM TFS Z FM FOUF JSSFEVDUJCMF B MB
QSJNFSB -B EJTUJODJO FOUSF RV FT Z RVF FT QSPWJFOF EFM TFS NJTNP OP
TPO TJOP NPEPT EJTUJOUPT EFM QSFTFODJBS &TUBT EPT EJGFSFODJBT TPO TMP
BQBSFOUFNFOUF PCWJBT Z MP QSPQJP EF MB NFUBGTJDB FT RVF TF MF FTDBQF
MP PTDVSP EF TV QSPDFEFODJB
*C Q

$G "SJTUUFMFT $BUFHPSBT B

&M TFS PDVMUB TV PSJHFO Z MJNJUB TV EFTPDVMUBDJO B MB

FOUJEBE FOUFOEJEB DPNP Z
-B FOUJEBE ZB TFB DPNP 1MBUO

P DPNP "SJTU
UFMFT
DPOTUJUVZF FM NPEP FO RVF QFSNBOFDJFOEP FO FM PDVMUBNJFOUP
FM TFS BOVODJB TV BVTFODJB : FT RVF MP QSPQJP EFM TFS FT SFUSBFS
TF OP IBDFSTF QMFOBNFOUF NBOJFTUP FO MPT FOUFT PDVMUBSTF EF BI
MB EJGFSFODJB POUPMHJDB TFSFOUF
&TUP FYQMJDB RVF MB NFUBGTJDB QFS
NBOF[DB BUBEB BM IPSJ[POUF EF MP QSFTFOUF EF MPT FOUFT Z RVF PMWJEF
RVF FM EFTPDVMUBNJFOUP QSPWJFOF EF VO PDVMUBNJFOUP PSJHJOBSJP EFM TFS
&TUB QSJNBDB EF MB QSFTFODJB UJFOF ZB MVHBS DPO FM QMBUOJDP TF
BBO[B DPO MB BSJTUPUMJDB Z QFSNBOFDFS BVORVF DPO EJTUJO
UBT NPEVMBDJPOFT B MP MBSHP EF UPEB MB USBEJDJO NFUBGTJDB PDDJEFOUBM
-B JOUFSQSFUBDJO IFJEFHHFSJBOB EF MB Z

BSJTUPUMJDBT
&O MB JOUFSQSFUBDJO RVF IBDF )FJEFHHFS "SJTUUFMFT QJFOTB MB

QSFTFODJB
FO QSJNFS MVHBS DPNP Z B MP MBSHP EF MB
USBEJDJO NFUBGTJDB TF FRVJQBSBS DPO MB BDUVBMJUBT FO MB FTDPMTUJDB
NFEJFWBM
Z DPO MB SFBMJEBE FGFDUJWB 8PMG ,BOU Z FM OFPLBOUJTNP

"VORVF "SJTUUFMFT OP JEFOUJDB OVODB DPO FYJT
UFODJB )FJEFHHFS JOUFSQSFUB RVF EFTEF FM QSJODJQJP BRVM QVTP MB
EFM MBEP EF MB FYJTUFODJB QPS TFS FM FTUBS FO PCSB FO BDUP Z
EFK EFM PUSP MBEP MP GPSNBM MP VOJWFSTBMJ[BCMF "T FM FTUBHJSJUB IBCSB
DPOTPMJEBEP MB EJGFSFODJB RV FTRVF FT QFSP QSJNBOEP MP RVF EFTQVT
TF EFOPNJOBS FYJTUFOUJB TPCSF MB FTTFOUJB 1BSB )FJEFHHFS MB JEFB

RVF FSB QBSB 1MBUO MB FTFODJB EFM TFS MB GPSNB NT DMBSB EF
QSFTFODJB FM BTQFDUP MP WJTUP
QBTBS FO "SJTUUFMFT B PDVQBS VOB MV
HBS TFDVOEBSJP EFOUSP EF TV DPNQSFOTJO EF MP RVF FT BVORVF DPNP
ZB TF IB WJTUP OP EFM NPEP DPNP MP IB FOUFOEJEP MB USBEJDJO
1BSB )FJEFHHFS MB FYQMJDBDJO DPOWFODJPOBM EF MBT SFMBDJPOFT FO
USF 1MBUO Z "SJTUUFMFT TFHO MB DVBM TUF IBCSB IFDIP EFTDFOEFS

"OMJTJT UFYUVBM
MBT JEFBT EFTEF FM NCJUP TVQSBDFMFTUF B MBT DPTBT SFBMFT EFM NVOEP
TFOTJCMF OP FT TBUJTGBDUPSJB
"SJTUUFMFT OP USBTQMBOUB MBT JEFBT DPNP TJ GVFSBO DP

TBT
B MBT DPTBT JOEJWJEVBMJ[BEBT TJOP RVF QJFOTB QPS WF[
QSJNFSB MP FO DBEB DBTP JOEJWJEVBMJ[BEP DPNP MP RVF NPSB
FO DBEB DBTP Z QJFOTB FTF NPSBS DPNP FM NPEP FNJOFO
UF EFM QSFTFODJBS Z QSFDJTBNFOUF EFM QSFTFODJBS EFM
NJTNP FO FM QSFTFOUF FYUSFNP EFM BTQFDUP JOEJWJTJCMF FT
EFDJS EF BRVFM RVF OP UJFOF PUSB QSPWFOJFODJB
&T EFDJS TJ "SJTUUFMFT CBKB MBT JEFBT BM NVOEP TFOTJCMF FT QPS

RVF TBCF BOUFT RVF MP WFSEBEFSBNFOUF SFBM TPO MPT EJTUJOUPT JOEJWJEVPT
OP MBT JEFBT 4J ZP TPZ FT QPSRVF FO N FTU PQFSBUJWP MP RVF TMP
FTUBOEP FO N QVFEF EBS MVHBS B BMHP TVTUBOUJWP -B GPSNB FTQFDDB FT
NJ GPSNB FTQFDDB OP MB QBSUJDJQBDJO P JNJUBDJO EF BMHP VOJWFSTBM
1BSB )FJEFHHFS "SJTUUFMFT QJFOTB EF NPEP NT HSJFHP RVF 1MBUO
FT EFDJS NT DPOGPSNF B MB FTFODJB EFM TFS QPSRVF 1MBUO OVODB
BENJUF B MPT FOUFT JOEJWJEVBMFT DPNP MP RVF QSPQJBNFOUF FT "T BE
NJUJS MB QMVSBMJEBE TFSB NT HSJFHP RVF MB QMBUOJDB QVFTUP RVF
MB TF NBOJFTUB TF QSFTFOUB FO DBEB DBTP EF VO NPEP 4JO FN
CBSHP DPNP FOUSF MB QSFTPDSUJDB Z MB BSJTUPUMJDB FTU
MB JEFB QMBUOJDB "SJTUUFMFT OP BDBCB EF BMDBO[BS FM QFOTBS PSJHJOBM
EFM TFS DPNP QVFTUP RVF BM QSJNBS MB SFBMJEBE FGFDUJWB
MB FYJTUFODJB TJHVF EFOUSP EF MB NFUBGTJDB EF MB QSFTFODJB
&TUBT QSJNFSBT EFUFSNJOBDJPOFT EF MB NFUBGTJDB EF MB QSFTFODJB
FO MB MPTPGB EF 1MBUO Z "SJTUUFMFT JOBVHVSBO FM BMFKBNJFOUP EFM
QFOTBS PSJHJOBSJP EFM TFS BMFKBNJFOUP RVF TF JS BDFOUVBOEP B MP MBSHP
EFM QSPHSFTP EF MB NFUBGTJDB
"OUFT EF TFHVJS DPO FM UFYUP EFM /JFU[TDIF ** Z QBTBS B MB TJHVJFOUF
FUBQB FO FTUB IJTUPSJB EF MB NFUBGTJDB QBSFDF OFDFTBSJP DPOGSPOUBS
*C Q

MB JOUFSQSFUBDJO IFJEFHHFSJBOB EF MB Z BSJTUPUMJDBT

DPO MP RVF TPTUJFOF FM QSPQJP "SJTUUFMFT FO UFYUPT TFMFDDJPOBEPT EF MB
.FUBGTJDB MBT $BUFHPSBT Z MB 'TJDB 4JO EVEB FTUF EJMPHP QFSNJUJS
WBMPSBS DPO NBZPS DBQBDJEBE DSUJDB FM QMBOUFBNJFOUP IFJEFHHFSJBOP Z
BT GBDJMJUBS FM SFDPSSJEP EFM DBNJOP RVF UPEBWB OPT RVFEB QPS BOEBS
$POGSPOUBDJO DPO MB UFPSB BSJTUPUMJDB EF MB

Z MB
-PT NMUJQMFT TFOUJEPT EF MP RVF FT
&M MJCSP *7 EF MB .FUBGTJDB EF "SJTUUFMFT DPNJFO[B DPO MBT TJ

HVJFOUFT QBMBCSBT
)BZ VOB DJFODJB RVF FTUVEJB MP RVF FT FO UBOUP RVF BM

HP RVF FT Z MPT BUSJCVUPT RVF QPS T NJTNP MF QFSUFOFDFO
&TUB DJFODJB QPS MP EFNT OP TF JEFOUJDB DPO OJOHVOB
EF MBT EFOPNJOBEBT QBSUJDVMBSFT
$PO FTUBT QBMBCSBT "SJTUUFMFT MFWBOUB BDUB EF OBDJNJFOUP EF MB

MPTPGB QSJNFSB VOB DJFODJB QFDVMJBS RVF GSFOUF B MBT MMBNBEBT QBS
UJDVMBSFT FT VOJWFSTBM Z DVZB OBMJEBE WB B TFS DPOPDFS MBT DBVTBT
QSJNFSBT EF MP RVF FT FO UBOUP RVF BMHP RVF FT &TF BMHP RVF
FT TF EJDF FO NVDIPT TFOUJEPT QFSP QVFTUP RVF UPEPT FMMPT HVBSEBO
SFMBDJO DPO BMHP VOP RVF FT MB FOUJEBE
RVFEB TPMWFOUBEB MB
FYJHFODJB RVF FM NJTNP "SJTUUFMFT IBCB JNQVFTUP QBSB RVF BMHP QV
EJFSB TFS DPOTJEFSBEP DJFODJB 4F USBUBCB EF RVF DBEB DJFODJB IBCB
EF PDVQBSTF EF VOP TMP EF MPT HOFSPT EF MP RVF FT "IPSB CJFO TF
KVTUJDB FM FTUBHJSJUB MF DPSSFTQPOEF B VOB OJDB DJFODJB MB POUPMPHB
PDVQBSTF EF MB FOUJEBE Z CVTDBS TVT QSJODJQJPT Z DBVTBT
"SJTUUFMFT .FUBGTJDB B

*C B

"M DPNJFO[P EFM MJCSP 7* EF MB .FUBGTJDB "SJTUUFMFT BCPSEB MB

DVFTUJO RVF TF BDBCB EF NFODJPOBS QMBOUFBOEP MBT EJGFSFODJBT FOUSF
MBT DJFODJBT QBSUJDVMBSFT Z MB MPTPGB QSJNFSB POUPMPHB
-BT QBSUJ
DVMBSFT TF EFEJDBO FYDMVTJWBNFOUF B NPTUSBS MPT BUSJCVUPT EF MPT EJGF
SFOUFT HOFSPT EF MP RVF FT QFSP OP EBO SB[O OJ EF TV FTFODJB RV FT
OJ EF TV FYJTUFODJB RVF FT
RVF EBO QPS TVQVFTUBT 1PS FM DPOUSBSJP
EF MP RVF TF PDVQB MB MPTPGB QSJNFSB FT EF MB FOUJEBE FO HFOFSBM IBZ
RVF QPOFS EF NBOJFTUP RV FT Z TV FYJTUFODJB
&TB MPTPGB QSJNFSB RVF CVTDB "SJTUUFMFT OP TF QVFEF JEFOUJDBS
DPO OJOHVOB EF MBT SFTUBOUFT DJFODJBT UFSJDBT GTJDB NBUFNUJDBT
UFPMPHB
-B GTJDB TF PDVQB EF MP RVF FT FO UBOUP RVF NWJM Z OP TFQB
SBEP EF MB NBUFSJB Z TFSB MB DJFODJB QSJNFSB TJ OP IVCJFSB FOUJEBEFT
GVFSB EF MBT GTJDBNFOUF DPOTUJUVJEBT 1FSP TJ IBZ FOUJEBEFT JONWJ
MFT TFQBSBEBT EF MB NBUFSJB TV FTUVEJP TFSB BOUFSJPS NT SBEJDBM
Z GVOEBNFOUBM Z EF M TF PDVQBSB OP MB GTJDB OJ MBT NBUFNUJDBT TJOP
MB MPTPGB QSJNFSB "RV QBSFDF RVF FM FTUBHJSJUB JODVSSF FO VOB
BQPSB MB MPTPGB QSJNFSB UJFOF RVF TFS VOJWFSTBM ZB RVF FTUVEJB MP
RVF FT FO UBOUP RVF FT QFSP QPS PUSP MBEP BSNB RVF TF PDVQB EF
VO UJQP EFUFSNJOBEP EF FOUJEBEFT JONWJMFT TFQBSBEBT EF MB NBUF
SJB
$NP IBDFS DPNQBUJCMF FTUB EPCMF WJTJO BM NFOPT FO BQBSJFODJB
EJWFSHFOUF -B SFTQVFTUB FT RVF FTB MPTPGB QSJNFSB TFS VOJWFSTBM
EF FTUF NPEP QPS TFS QSJNFSB -P RVF BM OBM DBCF DPODMVJS B QBS
UJS EF MP RVF TF IB FYQVFTUP EF GPSNB UBO TPNFSB FT RVF MB MPTPGB
QSJNFSB GVOEBEB QPS "SJTUUFMFT FT POUPMPHBUFPMPHB QPSRVF DP
NP UBNCJO BBEF FM FTUBHJSJUB MF DPSSFTQPOEFS FTUVEJBS MP RVF FT
$G *C C

&M NPWJNJFOUP FT DPNP BEWJSUJ )FJEFHHFS MB FYQFSJFODJB PSJHJOBSJB EF MB RVF
QBSUF "SJTUUFMFT EFTEF MB RVF EFOF MP EJWJOP DPNP MP JONWJM
$G "SJTUUFMFT .FUBGTJDB B Z
*C B
"DFSDB EF MB VOJEBE EF POUPMPHB Z UFPMPHB FO MB MPTPGB QSJNFSB BSJTUPUMJDB
Z EF MB FYQSFTJO VOJWFSTBM QPS TFS QSJNFSB TF QVFEF MFFS MB *OUSPEVDDJO
EF 5PNT $BMWP .BSUOF[ FO "SJTUUFMFT .FUBGTJDB PQ DJU QQ

FO UBOUP RVF BMHP RVF FT Z RV FT Z MPT BUSJCVUPT RVF MF QFSUFOFDFO

FO UBOUP RVF BMHP RVF FT
-B OPDJO EF FO "SJTUUFMFT
&O FM MJCSP 7** EF MB .FUBGTJDB BSNB "SJTUUFMFT
-B FYQSFTJO BMHP RVF FT TF EJDF FO NVDIPT TFOUJEPT

%F VOB QBSUF TJHOJDB FM RV FT Z BMHP EFUFSNJOBEP Z
EF PUSB QBSUF MB DBMJEBE MB DBOUJEBE P DVBMRVJFSB PUSB EF
MBT DPTBT RVF TF QSFEJDBO EF FTUF NPEP 1VFT CJFO TJ MP
RVF FT TF EJDF UBM FO UPEPT FTUPT TFOUJEPT FT FWJEFOUF RVF
MP RVF FT QSJNFSP EF FMMPT FT FM RV SFGFSJEP B MB FOUJEBE

-P RVF QSJNBSJBNFOUF FT MP RVF OP FT FO OJOHO
BTQFDUP TJOP TJNQMFNFOUF TFS MB FOUJEBE
&T EFDJS MP RVF QSJNBSJBNFOUF FT FT MB FOUJEBE JOEJWJEVBM

Z QPS PUSP MBEP FTUO MBT SFTUBOUFT DBUFHPSBT DBOUJEBE DVBMJEBE SF
MBDJO FUD
RVF TF QSFEJDBO EF FMMB Z RVF OP QVFEFO FYJTUJS TFQBSBEBT
EF MB FOUJEBE QPS TFS FMMB MB OJDB DBQB[ EF FYJTUFODJB TFQBSBEB %F
BMHVOB NBOFSB TF QPESB EFDJS RVF MB FT FM QSJODJQJP Z DPNP UBM
FM DSJUFSJP MB OPSNBUJWJEBE JOUFSOB P MFHBMJEBE RVF EFUFSNJOB
RV QVFEF TPQPSUBS Z RV OP RV BUSJCVUPT MF QFSUFOFDFO Z DVMFT OP
QVFTUP RVF TMP FMMB DPOTUJUVZF FM TVKFUP JOEJWJEVBM EFUFSNJOBEP RVF FT
DBEB VOP EF MPT JOEJWJEVPT RVF TVCTJTUFO FO T Z QPS T 1PS UBOUP OP
IBZ RVF FOUFOEFSMB DPNP VOB TVNB EF DBSBDUFSTUJDBT DPNP QBSFDF
PDVSSJS FO FM DBTP EF )VNF
TJOP DPNP VOB PSEFO FTP FT UBNCJO
GPSNB Z BT MB EFOPNJOB "SJTUUFMFT GPSNB FTQFDDB
RVF EFTEF T NJTNB TF BVUPDPOTUJUVZF Z BVUPHFTUJPOB &O DVBMRVJFS
DBTP MP RVF IBZ FT FM JOEJWJEVP DPOTUJUVJEP UBNCJO QPS FM SFTUP EF TVT
EFUFSNJOBDJPOFT DBUFHPSJBMFT MPT BDDJEFOUFT TF EBO OFDFTBSJBNFOUF

*C B

FO MB FOUJEBE OP QVFEFO EBSTF TFQBSBEPT EF FMMB QVFTUP RVF OP TPO

OJ FO T OJ QPS T
QFSP OP DPOTUJUVZFO TV RV FT OP MB EFUFSNJOBO
FTFODJBMNFOUF
" DPOUJOVBDJO "SJTUUFMFT JEFOUJDB MB QSFHVOUB RVF EFTEF TJFN
QSF TF IB QMBOUFBEP BDFSDB EF RV FT MP RVF FT DPO MB QSFHVOUB RV
FT MB FOUJEBE
&TUP FT MP RVF TJFNQSF TF IB CVTDBEP 1FSP BIPSB
FT QSFDJTP QFSMBS DPO DJFSUB QSFDJTJO RV FT FOUJEBE Z FO RV TFOUJEPT
TF QVFEF EFDJS
-B FOUJEBE TF EJDF TJ OP FO NT TFOUJEPT BM NFOPT

GVOEBNFOUBMNFOUF FO DVBUSP FO FGFDUP MB FOUJEBE EF DBEB
DPTB QBSFDF TFS MB FTFODJB FM VOJWFSTBM FM HOFSP Z FO
DVBSUP MVHBS FM TVKFUP
&O FTUF MUJNP UFYUP "SJTUUFMFT IB FOVNFSBEP MPT DBOEJEBUPT

RVF QVFEF BTQJSBS B TFS MB FTFODJB P GPSNB FTQFDDB FM VOJ
WFSTBM Z FM HOFSP RVF TPO QBSB "SJTUUFMFT TVTUBODJBT TFHVOEBT
Z FM
TVKFUP &TUP FT MP RVF TF EJDF MBT PQJOJPOFT FYJTUFOUFT BDFSDB EF MB
DVFTUJO RVF FM FTUBHJSJUB RVJFSF SFTPMWFS 1BSB SFTQPOEFS B MB QSFHVO
UB DPNFO[BS QPS BOBMJ[BS MP SFMBUJWP BM TVKFUP
&M TVKFUP QPS TV QBSUF FT BRVFMMP EF MP RVF TF QSFEJDB

FM SFTUP EF MBT DBUFHPSBT TJO RVF FMMP NJTNP TF EJHB B TV
WF[ EF OJOHVOB PUSB 1PS FTP EFCFNPT IBDFS FO QSJNFS
MVHBS MBT EJTUJODJPOFT PQPSUVOBT BDFSDB EF M QPSRVF QB
SFDF RVF FOUJEBE FT FO TVNP HSBEP FM TVKFUP QSJNFSP
%FDJS RVF MB FT TVKFUP BRVFMMP EF MP RVF TF BSNBO MPT QSF

EJDBEPT QFSP RVF OP TF EJDF B TV WF[ EF VO TVKFUP
FT JOTVDJFOUF -B
FT TVKFUP QFSP OP CBTUB TFS TVKFUP QBSB TFS TJOP RVF UJFOF
RVF SFVOJS QPS MP QSPOUP PUSPT EPT SFRVJTJUPT TFS DBQB[ EF FYJTUFODJB
*C C

*C C B

TFQBSBEB Z TFS BMHP EFUFSNJOBEP -B NBUFSJB FT TVKFUP FO DVBOUP RVF

SFDJCF MB GPSNB QFSP FT QVSB QPUFODJB JOEFUFSNJOBDJO Z FO UBOUP RVF
JOEFUFSNJOBEB UBO TMP DVNQMF VOP EF MPT SFRVJTJUPT RVF IB EF TBUJT
GBDFS BMHP QBSB QPEFS TFS DPOTJEFSBEP FOUJEBE FM TFS TVKFUP 1FSP FTUP
OP CBTUB QVFTUP RVF OP FT TJOP TVKFUP JOEFUFSNJOBEP "EFNT
FM TFS DBQB[ EF FYJTUFODJB TFQBSBEB Z FM TFS BMHP EFUFS

NJOBEP QBSFDFO QFSUFOFDFS FO HSBEP TVNP B MB FOUJEBE
QPS MP DVBM MB GPSNB FTQFDDB Z FM DPNQVFTUP EF BNCBT
IBCSB RVF DPOTJEFSBSMPT FOUJEBE FO NBZPS HSBEP RVF MB
NBUFSJB
6OB WF[ EFTDBSUBEB MB NBUFSJB DPNP DBOEJEBUB B TFS QPS OP

DVNQMJS FM SFRVJTJUP CTJDP EF TFS BMHP EFUFSNJOBEP IBZ RVF BOBMJ[BS
TJ MP QVFEFO TFS MB GPSNB FTQFDDB MB FTFODJB
ZP FM DPNQVFTUP EF
NBUFSJB Z GPSNB
&O FM DBQUVMP DVBSUP EFM MJCSP 7** EF MB .FUBGTJDB EJDF "SJTU
UFMFT RVF MB FTFODJB EF DBEB DPTB FT MP RVF EF DBEB DPTB TF EJDF RVF
FT QPS T NJTNB -B FTFODJB Z MB GPSNB FTQFDDB TPO MP NJTNP
QFSP DPOUFNQMBEBT EFTEF EPT QVOUPT EF WJTUB EJGFSFOUFT DVBOEP DPO
UFNQMP EFTEF GVFSB MP RVF BMHP FT Z MP EFOP MB EFOJDJO SFDPHF MB
FTFODJB MB EJNFOTJO MHJDB EF MB DPTB FO DVBOUP RVF TUB FT WJT
UB EFTEF FM BIPSB CJFO FTP NJTNP WJTUP EFTEF MB OBUVSBMF[B
FO DVBOUP RVF QSJODJQJP DPOTUJUVUJWP EF VO JOEJWJEVP EF VOB FT
EFOPNJOBEP QPS "SJTUUFMFT GPSNB FTQFDDB
&TUP TF QVFEF FY
QMJDBS UBNCJO EJDJFOEP RVF OBUVSBMF[B FT MB GPSNB FTQFDDB TFHO
MB Z RVF MB FTFODJB FT MB GPSNB FTQFDDB TFHO FM 1PS
FTP EJDF UBNCJO "SJTUUFMFT RVF FM FOVODJBEP EF MB FTFODJB EF DBEB
DPTB FT BRVFM FOVODJBEP RVF FYQSFTB MB DPTB NJTNB TJO RVF FMMB NJTNB
FTU JODMVJEB FO M
*C B

*C C
*C

6OB WF[ BDMBSBEBT FTUBT DVFTUJPOFT RVFEB UPEBWB PUSP BTVOUP QPS
SFTPMWFS )BZ RVF QSFHVOUBSTF FO FGFDUP TJ TMP IBZ FTFODJB EF MP RVF
FT FO T Z QPS T EF MBT FOUJEBEFT P UBNCJO EFM SFTUP EF MPT QSFEJ
DBEPT RVF FYQSFTBO DVBMJEBE DBOUJEBE SFMBDJO
RVF QPS T TPMPT
OP TPO QPSRVF TMP QVFEFO EBSTF FO VO TVKFUP "SJTUUFMFT EJDF RVF
IBZ FTFODJB EF UPEBT BRVFMMBT DPTBT DVZP FOVODJBEP FT EFOJDJO
QVFTUP RVF MB FTFODJB FT MP DPOUFOJEP FO MB EFOJDJO -B QSFHVOUB FT
FOUPODFT IBZ EFOJDJO EF MBT SFTUBOUFT DBUFHPSBT RVF OP TPO MB FO
UJEBE -B SFTQVFTUB EF "SJTUUFMFT WB B TFS RVF JHVBM RVF FM FT TF
EB FO MB EF NPEP QSJNBSJP Z FO MBT SFTUBOUFT DBUFHPSBT EF NP
EP EFSJWBEP FM RV FT MB FTFODJB UBNCJO TF EB EF GPSNB QSJNBSJB Z
BCTPMVUB FO MB FOUJEBE Z EF NPEP TFDVOEBSJP QPS FM TFS RVF MFT WJFOF
QPS MB
FO MBT EFNT DBUFHPSBT
-B EFOJDJO FO TFOUJEP QSJNBSJP Z BCTPMVUP BT DPNP

MB FTFODJB FT EF MBT FOUJEBEFT OP PCTUBOUF UBNCJO MB
IBZ JHVBMNFOUF EF MBT EFNT DBUFHPSBT TJ CJFO OP FO
TFOUJEP QSJNBSJP
5PEP FTUP QVFEF SFTVMUBS QSPCMFNUJDP QPSRVF QPS VO MBEP "SJT

UUFMFT JEFOUJDB DPO GPSNB FTQFDDB DPO FTFODJB QFSP QPS PUSP
MBEP DVBOEP TF QSFHVOUB TJ MP RVF OP FT MPT QSFEJDBEPT MPT DPN
QVFTUPT EF FOUJEBE Z BDDJEFOUF
UJFOF FTFODJB FT EFDJS UJFOF
TV
SFTQVFTUB FT NPEVMBEBNFOUF BSNBUJWB QVFTUP RVF TMP MP BENJUF
EF NPEP EFSJWBEP

&O FM DBQUVMP EFM MJCSP 7** EF MB .FUBGTJDB "SJTUUFMFT USBUB
EF MB FOUJEBE DPNP GPSNB Z EFTEF FM QVOUP EF WJTUB EF MB DBVTBMJEBE
NVFTUSB RVF MP RVF BMHP FT TF EFCF B MB GPSNB FTQFDDB &T MP RVF
TJFOEP BDUP IBDF RVF MP RVF TFB P CJFO TFB QVSP BDUP %JPT MBT TVT
UBODJBT JONBUFSJBMFT
P FTU FO BDUP OPTPUSPT QPS FKFNQMP BM JHVBM RVF
UPEPT MPT EFNT TFSFT DPSSVQUJCMFT QFSUFOFDJFOUFT BM NVOEP TVCMVOBS
*C B

*C C

RVF UFOFNPT NF[DMB EF QPUFODJBMJEBE EF NBUFSJBMJEBE

4FS QVSP BDUP
Z UFOFS BDUP TPO EPT GPSNBT EF TFS FO T Z QPS T
5PNBOEP PUSP QVOUP EF QBSUJEB EJHBNPT PUSB WF[ RV

FT MP RVF EFCF EFOPNJOBSTF FOUJEBE Z DVMFT TPO TVT DB
SBDUFSTUJDBT 1VFT TFHVSBNFOUF B QBSUJS EF FTUBT DPOTJEF
SBDJPOFT TF BSSPKBS MV[ UBNCJO BDFSDB EF BRVFMMB FOUJEBE
RVF TF EB TFQBSBEB EF MBT FOUJEBEFT TFOTJCMFT : QVFTUP
RVF MB FOUJEBE FT DJFSUP QSJODJQJP Z DBVTB IB EF DPNFO
[BSTF QPS BRV
&TUF QSSBGP NVFTUSB RVF MB PSJFOUBDJO EF "SJTUUFMFT FT UFPMHJ

DB OP GTJDB QPSRVF FM O EF TV JOWFTUJHBDJO FT %JPT DPNP FOUJEBE
TFQBSBEB EF MBT FOUJEBEFT TFOTJCMFT Z B MB WF[ NYJNB FOUJEBE &M FT
UBHJSJUB WB B EFTBSSPMMBS TVT QMBOUFBNJFOUPT EFTEF FM IJMFNPSTNP Z
MB QSFHVOUB QPS MBT DBVTBT BT MMFHBS B MB GPSNB FTQFDDB B MB
QSPQJBNFOUF EJDIB DPNP DBVTB &M QPSRV EF RVF BMHP TFB MP RVF FT
TFS MB GPSNB
&M QPS RV TF QSFHVOUB TJFNQSF EF FTUF NPEP QPS

RV VOB DPTB TF EB FO PUSB
$JFSUBNFOUF QSFHVOUBS
QPS RV VOB DPTB FT FMMB NJTNB OP FT QSFHVOUBS OBEB
&GFDUJWBNFOUF FM IFDIP Z MB FYJTUFODJB EF MB DPTB IBO EF
FTUBS DMBSPT

-B QSFHVOUB TMP QVFEF TFS QPS RV FTUPZ DVM FT MB DBVTB EF

RVF FTU QPSRVF EF MP RVF OP IBZ EVEBT FT EF RVF FTUPZ -B QSFHVOUB
*C B

*C $PO MBT MUJNBT QBMBCSBT EFM UFYUP DJUBEP "SJTUUFMFT EFKB DMBSP RVF
MB FYJTUFODJB TF IB EF EBS QPS TVQVFTUB FT EFDJS RVF OP QMBOUFB EJDVMUBEFT
QPSRVF IB EF FTUBS DMBSB EF BOUFNBOP ZB RVF EF MP DPOUSBSJP OP IBCSB OBEB
RVF JOWFTUJHBS &TUF QMBOUFBNJFOUP SFGPS[BSB MB UFTJT TFHO MB DVBM "SJTUUFMFT
OP UPNB FO DVFOUB EF NBOFSB FYQSFTB MB FYJTUFODJB MP RVF IB DPOEVDJEP B RVF
TV QFOTBNJFOUP IBZB TJEP DPOTJEFSBEP QPS BMHVOPT FTUVEJPTPT DPNP GPSNBMJTUB
P TVTUBODJBMJTUB

FT RV FT MP RVF IBDF RVF ZP TFB UBM DPNQVFTUP IJMFNSDP DVM FT
NJ DBVTB /P TF USBUB EF MB QSFHVOUB QPS %JPT DPNP DBVTB FYUSOTFDB
EFM TFS BMHP RVF "SJTUUFMFT OP TF QMBOUFB
TJOP EF MB DBVTB JOUSOTFDB
MP RVF FO N IBDF RVF ZP TFB MP RVF TPZ
&T EFTEF MVFHP FWJEFOUF RVF TF QSFHVOUB MB DBVTB

Z TUB IBCMBOEP MHJDBNFOUF FT MB FTFODJB &O BMHVOPT
DBTPT FT FM QBSB RV
QFSP FO PUSPT DBTPT FT RV GVF
MP RVF JOJDJ FM NPWJNJFOUP %FTEF MVFHP FTUP UBNCJO FT
DBVTB
" MB WF[ FTB QSFHVOUB QPS MB DBVTB FT MB QSFHVOUB QPS MP RVF IBDF
RVF MB NBUFSJB TFB BMHP EFUFSNJOBEP Z MB SFTQVFTUB FT RVF FT MB GPSNB
FTQFDDB &O BMHVOPT DBTPT MB DBVTB GPSNBM TF JEFOUJDB DPO MB DBVTB
OBM JOEJDB FM QBSB RV EF BMHP
Z PUSBT DPO MB FDJFOUF TFBMB MP RVF
HFOFSB FM NPWJNJFOUP
ZP DPO BNCBT B MB WF[ "T FT FO FM DBTP EF
MPT TFSFT WJWPT MB GPSNB FTQFDDB DPOTUJUVZF FM QSJODJQJP MB DBVTB F
DJFOUF EF TVT BDUJWJEBEFT EFM DPOKVOUP EF GVODJPOFT RVF MF DPSSFTQPOEF
EFTBSSPMMBS B VOBT FOUJEBEFT UBMFT "EFNT MP RVF TF FOUJFOEF NVZ
CJFO SFDPSEBOEP MB DPODFQDJO UFMFPMHJDB RVF DBSBDUFSJ[B B MB MPTPGB
BSJTUPUMJDB
FTB NJTNB GPSNB FTQFDDB RVF DPOTUJUVZF TV OBUVSBMF
[B FT DBVTB OBM QPSRVF FM O EF UPEP TFS WJWP FT FM DVNQMJNJFOUP Z
EFTQMJFHVF EF TV QSPQJB OBUVSBMF[B %FTEF FTUF QVOUP EF WJTUB MB GPSNB
FTQFDDB BEFNT EF TFS DBVTB FT UBNCJO DBVTB OBM
1BSB TJOUFUJ[BS MP RVF ZB MMFWBNPT WJTUP IBZ RVF DPODMVJS RVF "SJT
UUFMFT FOUJFOEF RVF TJ BMHP FT FT MB GPSNB FTQFDDB FM
Z BEFNT RVF TJ FM DPNQVFTUP FT MP FT QPS TV GPSNB FTQFDDB

1PS MP UBOUP FO "SJTUUFMFT UJFOF MVHBS VOB JEFOUJDBDJO TJO SFTJEVPT
FOUSF MB FOUJEBE Z MB GPSNB FTQFDDB FOUFOEJEB DPNP DBVTB "T
"SJTUUFMFT .FUBGTJDB B &O FTUF QSSBGP TF BMVEF B VOB JEFOUJ
DBDJO EF MB DBVTB GPSNBM DPO MB OBM Z MB FDJFOUF &M TVCSBZBEP FT NP
&O FM DBTP EF MPT TFSFT WJWPT MB DBVTB GPSNBM OP FT TMP PSJHFO TJOP UBNCJO
DBVTB FDJFOUF Z OBM MB GPSNB EFOF FM FT MB RVF IBDF RVF FM TFS WJWP
MMFHVF B TFS MP RVF IB FNQF[BEP B TFS Z OP PUSB DPTB

TJ QSFHVOUP QPS RV FTUP FT VO IPNCSF FTUPZ QSFHVOUBOEP QPS MB

DBVTB JONBOFOUF RVF IBDF RVF FTUPT FMFNFOUPT FTUO PSHBOJ[BEPT EF
NBOFSB RVF DPOTUJUVZBO VO IPNCSF -B SFTQVFTUB DPNP ZB TBCFNPT
FT MB GPSNB FTQFDDB RVF FT MB FOUJEBE Z FT O
Z QSJODJQJP EF
BDUJWJEBE
&O MPT EJWFSTPT UFYUPT EF MB .FUBGTJDB RVF IFNPT DPNFOUBEP MB
FOUJEBE IB TJEP DBSBDUFSJ[BEB DPNP MP RVF FT DBQB[ EF FYJTUFODJB TFQB
SBEB MP RVF FT TVKFUP EFM DBNCJP Z UBNCJO DPNP TVKFUP MHJDP EF MB
QSFEJDBDJO Z BMHP EFUFSNJOBEP &O MBT $BUFHPSBT TF QMBOUFB MB NJT
NB DVFTUJO EF MB EFTEF PUSB QFSTQFDUJWB RVF TJFOEP EJGFSFOUF
WJFOF B DPNQMFUBS OVFTUSB DPNQSFOTJO BDFSDB EF FMMB
&OUJEBE MB BT MMBNBEB DPO NT QSPQJFEBE NT QSJ

NBSJBNFOUF Z FO NT BMUP HSBEP FT BRVFMMB RVF OJ TF EJDF
EF VO TVKFUP OJ FTU FO VO TVKFUP WH FM IPNCSF JOEJWJ
EVBM P FM DBCBMMP JOEJWJEVBM
-B FOUJEBE P QSJNFSB DBUFHPSB OJ TF EJDF EF VO TVKFUP OJ FTU FO

VO TVKFUP QPSRVF FMMB FT TVKFUP UBOUP EF QSFEJDBDJO DPNP EF DPO
FYQSFTJO NFEJFWBM
JOIFTJO FO NJ TF EBO FM SFTUP EF BUSJCVUPT
EF FMMB CSPUBO TJO FMMB OP QPESBO TFS "T QVFT MB FOUJEBE FT UBOUP
TVKFUP MHJDP DPNP POUPMHJDP %F OP FYJTUJS MBT FOUJEBEFT QSJNBSJBT
OP QPESB FYJTUJS OBEB NT
4F MMBNBO FOUJEBEFT TFDVOEBSJBT MBT FTQFDJFT B MBT

RVF QFSUFOFDFO MBT FOUJEBEFT QSJNBSJBNFOUF BT MMBNBEBT
UBOUP FTBT FTQFDJFT DPNP TVT HOFSPT WH FM IPNCSF JO
EJWJEVBM QFSUFOFDF B MB FTQFDJF IPNCSF Z FM HOFSP EF EJ
DIBT FTQFDJF FT BOJNBM BT QVFT FTUBT FOUJEBEFT TF MMB
NBO TFDVOEBSJBT WH FM IPNCSF Z FM BOJNBM
"SJTUUFMFT $BUFHPSBT B

*C B

4MP MPT QSFEJDBEPT FTFODJBMFT MPT RVF DPOUJFOFO MB FTFODJB EF VO

JOEJWJEVP MB EFOJDJO EF MP RVF BMHP FT DPOTUJUVZFO FOUJEBEFT TF
DVOEBSJBT 1PS FKFNQMP FO 4DSBUFT FT IPNCSF FM QSFEJDBEP IPN
CSF FT VOB FOUJEBE TFDVOEBSJB OP QSJNBSJB QPSRVF OP FT VO FTUP
EFUFSNJOBEP FT VO DPODFQUP VOJWFSTBM RVF EFTJHOB VO DPOKVOUP EF
JOEJWJEVPT
7FSPTNJMNFOUF EFTQVT EF MBT FOUJEBEFT QSJNBSJBT

TMP MBT FTQFDJFT Z MPT HOFSPT EF FOUSF MBT EFNT DPTBT
TF MMBNBO FOUJEBEFT TFDVOEBSJBT QVFT TMP FMMBT FOUSF MPT
QSFEJDBEPT NVFTUSBO MB FOUJEBE QSJNBSJB
:B EFOUSP EF MBT FOUJEBEFT TFDVOEBSJBT FT NT FOUJEBE MB FTQF

DJF RVF FM HOFSP FO FGFDUP TF IBMMB NT QSYJNB B MB FOUJEBE QSJ
NBSJB "M SFGFSJSOPT B MB FOUJEBE TFHVOEB OP QPEFNPT EFKBS EF
BEWFSUJS VOB DJFSUB BNCJWBMFODJB BVORVF TF QSFEJDB EF VO TVKFUP FT
QPSRVF QSFEJDB QSFDJTBNFOUF MB FTFODJB EF MB FOUJEBE QSJNBSJB
MB EFOF &TUP FT QVFEF TFS QSFEJDBEP QFSP UBNCJO TVKFUP EFM RVF TF
QSFEJDBO PUSBT DBUFHPSBT QPS FKFNQMP QVFEP EFDJS 4DSBUFT FT IPN
CSF Z IPNCSF FT TVTUBODJB TFDVOEBSJB QFSP UBNCJO FM IPNCSF FT
MJCSF EPOEF IPNCSF FT FM TVKFUP EFM RVF TF QSFEJDB MJCSF
%F MBT EFNT DPTBT RVF OP TPO OJ TVTUBODJB FO TFOUJEP QSJNBSJP
OJ TFDVOEBSJP EJDF "SJTUUFMFT RVF P CJFO TF EJDFO EF MBT FOUJEBEFT
QSJNBSJBT DPNP EF TVT TVKFUPT P CJFO FTUO FO FMMBT DPNP FO TVT TV
KFUPT 4F SFFSF B MBT SFTUBOUFT DBUFHPSBT RVF OP TPO MB FOUJEBE
RVF DBFO EFM MBEP EF MP RVF TF QSFEJDB EFM TVKFUP EFUFSNJOBEP DPNP MB
DVBMJEBE MB DBOUJEBE MB SFMBDJO Z MBT SFTUBOUFT

5SBT SFTPMWFS MP SFMBUJWP B MB EJGFSFODJB Z SBOHP FOUSF FOUJEBE QSJ
NFSB Z FOUJEBE TFHVOEB "SJTUUFMFT FTU FO DPOEJDJPOFT EF FTUBCMFDFS
EF VO NPEP CBTUBOUF TJTUFNUJDP MBT DBSBDUFSTUJDBT RVF EFOFO B MB
QSJNFSB 4PO MBT TJHVJFOUFT
*C C

*C
*C B

-B FOUJEBE OP FTU FO VO TVKFUP OJ TF EJDF EF VO TVKFUP /J

FT FO UBOUP RVF JOEJWJEVP DPODSFUP QBSUJDJQBDJO EF MB FTFODJB
IPNCSF OJ UBNQPDP FM DPODFQUP VOJWFSTBM FTU FO OPTPUSPT
BVORVF TF QVFEB QSFEJDBS EF OPTPUSPT

&T DPNO B UPEB FOUJEBE FM IFDIP EF OP FTUBS FO

VO TVKFUP 1VFT MB FOUJEBE QSJNFSB OJ TF EJDF EF VO
TVKFUP OJ FTU FO VO TVKFUP : EF MBT FOUJEBEFT TF
DVOEBSJBT FT JHVBMNFOUF NBOJFTUP RVF OP FTUO FO
TVKFUP BMHVOP
-B FOUJEBE FT VO FTUP VO
5PEB FOUJEBE QBSFDF TJHOJDBS VO FTUP &O FM DB

TP QVFT EF MBT FOUJEBEFT QSJNBSJBT FT JOEJTDVUJCMF
Z WFSEBEFSP RVF TJHOJDBO VO FTUP FO FGFDUP MP
EFTJHOBEP FT JOEJWJEVBM Z OVNSJDBNFOUF VOP &O FM
DBTP EF MBT FOUJEBEFT TFDVOEBSJBT QBSFDF EFCJEP B MB
GPSNB EF TV EFOPNJOBDJO RVF TJHOJDBO UBNCJO
EF NBOFSB TFNFKBOUF VO FTUP
TJO FNCBSHP OP
FT EFM UPEP WFSEBE TJOP RVF TJHOJDBO NT CJFO VO
DVBM
&T EFDJS FTU DMBSP RVF VO SBTHP EF MBT FOUJEBEFT QSJNBSJBT FT

TFS VO FTUP EFUFSNJOBEP VO QPSRVF EFTJHOBO VO JOEJWJ
EVP DPODSFUP 4JO FNCBSHP FO FM DBTP EF MBT FOUJEBEFT TFDVO
EBSJBT TF SFFSFO B NVDIPT OP B VOP QPS FKFNQMP IPNCSF

Z QPS FTP TJHOJDBO NT CJFO VO DVBM VO QFSP OP FO FM
TFOUJEP DBUFHPSJBM EF DVBMJEBE DPNP CMBODP
TJOP FO TFOUJEP
FTFODJBM FOUJUBUJWBNFOUF ZB RVF MB FTQFDJF Z FM HOFSP EFUFSNJ
OBO MP DVBM QPS SFGFSFODJB B MB FOUJEBE FT EFDJS TJHOJDBO VOB
FOUJEBE UBM P DVBM
*C B

*C C

-B FOUJEBE OP BENJUF FM NT Z FM NFOPT /P TF USBUB EF RVF

VOB FOUJEBE OP QVFEB TFS NT RVF PUSB QPSRVF MPT NPUPSFT JO
NWJMFT TPO NT QFSGFDUPT RVF MPT TFSFT NWJMFT TJOP RVF BRVF
MMP RVF DBEB FOUJEBE FT OP TF EJDF RVF MP TFB NT P NFOPT
QPS FKFNQMP VO IPNCSF OP QVFEF TFS NT P NFOPT IPNCSF OJ
DPO SFTQFDUP B T NJTNP OJ FO DPNQBSBDJO DPO PUSPT IPNCSFT

-B FOUJEBE FT DBQB[ EF BENJUJS DPOUSBSJPT BVORVF TFB OV

NSJDBNFOUF VOB F JEOUJDB B T NJTNB FT EFDJS JOWBSJBCMF FO
TV FTFODJB
&T JNQPSUBOUF TFBMBS RVF FTB DBQBDJEBE EF BENJUJS
DPOUSBSJPT FTU TPNFUJEB BM QSJODJQJP EF OP DPOUSBEJDDJO FTUP
FT MB FOUJEBE BENJUF DPOUSBSJPT TJFNQSF RVF TUPT OP TF EFO FO
FMMB B MB WF[ OJ FO FM NJTNP TFOUJEP -B FOUJEBE FM TVKFUP EF
UFSNJOBEP TPQPSUB MPT DPOUSBSJPT VO JOEJWJEVP QVFEF TFS VOBT
WFDFT IPOFTUP Z PUSBT EFTIPOFTUP
NJFOUSBT RVF MBT DPTBT RVF
OP TPO FOUJEBE OP QPS FKFNQMP VO DPMPS OP QVFEF TFS CMBODP Z
OFHSP P FT MP VOP P FT MP PUSP

&M NPWJNJFOUP Z

&O FM MJCSP *9 EF MB .FUBGTJDB "SJTUUFMFT DPOUJOB TV USBUBNJFO

UP EF MB NT BO FT BI EOEF TF QVFEF EFDJS RVF OBMJ[B TV
FTUVEJP BDFSDB EF MB FOUJEBE -B OPUB EJGFSFODJBEPSB QFSP B MB WF[
JNQSFTDJOEJCMF FT RVF BIPSB WB B BCPSEBS MB EFTEF MB FTFODJBM
FTUSVDUVSB EF QPUFODJB Z BDUP " FTUF SFTQFDUP DPOWJFOF TFBMBS RVF
TJ SFTVMUB FWJEFOUF MB WJODVMBDJO EF FTUBT NFUBDBUFHPSBT DPO FM
NPWJNJFOUP "SJTUUFMFT BDMBSB RVF MB QPUFODJB Z FM BDUP WBO NT BMM
EF TVT TJHOJDBEPT WJODVMBEPT FYDMVTJWBNFOUF DPO FM NPWJNJFOUP
*C

*C
*C B

&TUP RVFEBS EF NBOJFTUP BM USBUBS EFM BDUP "DUP FT QVFT RVF MB

DPTB FYJTUB QFSP OP DPNP EFDJNPT RVF FYJTUF FO QPUFODJB
-B QPUFODJB
DBF EFM MBEP EF MP QPTJCMF P DBQB[ EF MB QPTJ
CJMJEBE OP TMP MHJDB TJOP POUPMHJDB TF USBUB EF BMHP RVF QVFEF MMFHBS
B TFS QFSP RVF OP TF IB SFBMJ[BEP UPEBWB EF NBOFSB UBM RVF UJFOF RVF
FYQFSJNFOUBS VO QSPDFTP EF &M BDUP OP FT FTUB QPTJCJMJEBE ZB
RVF JNQMJDB DVNQMJNJFOUP IBCFS MMFHBEP BM O /P PCTUBOUF FM FTUBHJ
SJUB FTQFDJDB RVF MBT DPTBT QVFEFO FTUBS FO BDUP EF EJTUJOUPT NPEPT
QPS BOBMPHB 6OBT TPO BDUP DPNP FM NPWJNJFOUP FO SFMBDJO DPO MB
QPUFODJB PUSBT DPTBT MP TPO B TV WF[ DPNP MB FOUJEBE FO SFMBDJO DPO
DJFSUP UJQP EF NBUFSJB
&T EFDJS QPS VO MBEP "SJTUUFMFT BSNB RVF FM NPWJNJFOUP FT BDUP
/P TF USBUB DPNP FO PDBTJPOFT TF NBMJOUFSQSFUB
EF RVF FM NPWJNJFOUP
TFB TJO NT FM QBTP EF MB QPUFODJB BM BDUP TJOP RVF QBSBGSBTFBOEP MB
EFOJDJO RVF TF FODVFOUSB FO MB 'TJDB FT MB BDUVBMJEBE EF MP QPUFO
DJBM FO DVBOUP RVF UBM NT BEFMBOUF IBCS RVF WPMWFS TPCSF FTUP
1PS
PUSP MBEP SFDVFSEB "SJTUUFMFT RVF UBNCJO FT BDUP MB GPSNB FTQFDDB
MB FOUJEBE
SFTQFDUP EF MB NBUFSJB
"T QVFT QPESBNPT EFDJS RVF UBNCJO FM BDUP TF EJDF NMUJQMFNFO
UF 1FSP MP RVF BIPSB JOUFSFTB EFTUBDBS FTQFDJBMNFOUF QPS MB SFMBDJO
RVF HVBSEB DPO MB JOUFSQSFUBDJO IFJEFHHFSJBOB
FT RVF FO WFSEBE
"SJTUUFMFT JEFOUJDB FM BDUP DPO FM NPWJNJFOUP UBM Z DPNP TF NBOJ
FTUB FO FM UFYUP TJHVJFOUF
-B QBMBCSB BDUP WJODVMBEB B MB SFBMJ[BDJO QMFOB TF

IB FYUFOEJEP UBNCJO B PUSBT DPTBT GVOEBNFOUBMNFOUF B
QBSUJS EF MPT NPWJNJFOUPT &O FGFDUP QBSFDF RVF FM BDUP
FT GVOEBNFOUBMNFOUF FM NPWJNJFOUP
*C B

*C
*C B

"IPSB CJFO BVORVF FM BDUP

TF WJODVMF BT QSJNPSEJBM
NFOUF DPO FM NPWJNJFOUP "SJTUUFMFT QBTB EF GPSNB JONFEJBUB B FT
UBCMFDFS VOB EJTUJODJO RVF WB B DPOEVDJS B VO VTP NT SFTUSJOHJEP EFM
USNJOP BDUP
1PS VO MBEP FTUO MBT BDDJPOFT RVF UJFOFO USNJOP
Z FO
MBT RVF FM NPWJNJFOUP DFTB VOB WF[ BMDBO[BEP FTF O QPS FKFNQMP MB
BDDJO EF BEFMHB[BS
FOUSF TUBT TF JODMVZF FO TFOUJEP BNQMJP UBN
CJO MB $PNP FTUBT BDDJPOFT OP UJFOFO FM O FO T NJTNBT
TJOP RVF FT BMHP FYUFSJPS B FMMBT OP TF MFT QVFEF EFOPNJOBS QSPQJBNFO
UF BDDJPOFT P BM NFOPT OP TPO BDDJPOFT QFSGFDUBT
1BSB SFGFSJSTF B
FMMBT "SJTUUFMFT QSPQPOF IBCMBS EF NPWJNJFOUPT
&M NP
WJNJFOUP FT QVFT FO FM TFOUJEP EF RVF FM O OP FTU
FO MB NJTNB BDDJO

1PS PUSP MBEP FTUO MBT BDDJPOFT QFSGFDUBT
BRVFMMBT RVF
UJFOFO FM O FO T NJTNBT FO MBT RVF TF EBO B MB WF[ FM O Z MB BDDJO
&O TUBT MB QMFOJUVE OP DPOTJTUF FO BMDBO[BS VO O RVF FTU GVFSB DP
NP FO FM DBTP EF MB TJOP RVF MB QMFOJUVE TF EB FO MB NJTNB
BDDJO $PNP FKFNQMPT QSPQPOF "SJTUUFMFT RVF VOP TJHVF WJWJFOEP
CJFO DVBOEP ZB TF IB WJWJEP CJFO Z TJHVF TJOUJOEPTF GFMJ[ DVBOEP ZB
TF IB TFOUJEP GFMJ[ 1VFT CJFO FT QBSB FTUBT BDDJPOFT QFSGFDUBT
QBSB MBT RVF "SJTUUFMFT QSPQPOF SFTFSWBS FM VTP EF MB QBMBCSB BDUP

&O SFTVNFO BVORVF FM NJTNP "SJTUUFMFT BSNB DPNP IFNPT WJT
UP NT BSSJCB
RVF FM BDUP TF WJODVMB B NPWJNJFOUP FO TFOUJEP QSP
QJP Z USBT FTUBCMFDFS MB EJTUJODJO FOUSF NPWJNJFOUP Z BDDJPOFT
TF IB EF DPODMVJS RVF EFCF EFOPNJOBSTF BDUP
B MBT BD
DJPOFT FO TFOUJEP FTUSJDUP "EFNT TF IB EF BBEJS RVF FTUF UJQP EF
BDUP OP FT GPSNBM
&O FM MJCSP *** EF MB 'TJDB "SJTUUFMFT USBUB UBNCJO EFM NPWJ
NJFOUP EF MB QPUFODJB Z FM BDUP
*C C

$PNFODFNPT QVFT DPNP IFNPT EJDIP QPS FM NPWJ

NJFOUP -BT DPTBT BMHVOBT TMP FO BDUP PUSBT FO QP
UFODJB Z FO BDUP TPO VO FTUP P VOB DBOUJEBE P VOB
DVBMJEBE Z EF MB NJTNB NBOFSB FO MBT PUSBT DBUFHPSBT
EF MP RVF FT &O DVBOUP B MBT RVF TPO SFMBUJWBT B BMHP TF
EJDFO TFHO FM FYDFTP P FM EFGFDUP P TFHO MB BDUJWJEBE P
MB QBTJWJEBE P FO HFOFSBM TFHO TV DBQBDJEBE EF NPWFS P
TFS NPWJEBT QPSRVF MP RVF QVFEF NPWFS FT UBM DPO SFTQFD
UP B MP RVF QVFEF TFS NPWJEP Z MP RVF QVFEF TFS NPWJEP
FT UBM SFTQFDUP B MP RVF QVFEF NPWFS
/P IBZ NPWJNJFOUP GVFSB EF MBT DPTBT QVFT MP RVF DBNCJB TJFNQSF

MP IBDF DVBOUJUBUJWB DVBMJUBUJWB P MPDBMNFOUF /P TF EB FM NPWJNJFOUP
FO BCTUSBDUP FT TJFNQSF NPWJNJFOUP EF BMHP &TUF NPWJNJFOUP TF EF
OF FO EJTUJOUPT NPNFOUPT EFM UFYUP DPNP BDUVBMJEBE EF MP QPUFODJBM
FO UBOUP RVF QPUFODJBM
: QVFTUP RVF EJTUJOHVJNPT FO DBEB HOFSP MP BDUVBM Z

MP QPUFODJBM FM NPWJNJFOUP FT MB BDUVBMJEBE EF MP QPUFODJBM
FO DVBOUP B UBM
&M NPWJNJFOUP FT QVFT MB BDUVBMJEBE EF MP QPUFODJBM
DVBOEP BM FTUBS BDUVBMJ[OEPTF PQFSB OP FO DVBOUP B MP
RVF FT FO T NJTNP TJOP FO UBOUP RVF FT NPWJCMF
&T FWJEFOUF RVF FM NPWJNJFOUP FT MB BDUVBMJEBE EF MP
QPUFODJBM FO UBOUP RVF QPUFODJBM
"IPSB CJFO FTUB JEFOUJDBDJO EFM NPWJNJFOUP DPO MB BDUVBMJEBE

QVFEF QBSFDFS DPOUSBEJDUPSJB DNP IBCMBS EF BDUVBMJEBE EF MP RVF
TF FTU NPWJFOEP TJ FM NPWJNJFOUP FT DBNCJP TJ IBZ VO USOTJUP EF MB
QPUFODJB BM BDUP "SJTUUFMFT MP BDMBSB BT
"SJTUUFMFT 'TJDB C

*C B
*C
*C C

2VF FTUP FT FM NPWJNJFOUP TF BDMBSB DPO MP RVF TJHVF

$VBOEP MP DPOTUSVJCMF FO UBOUP RVF EFDJNPT RVF FT UBM
FTU FO BDUVBMJEBE FOUPODFT FTU TJFOEP DPOTUSVJEP UBM
FT FM QSPDFTP EF DPOTUSVDDJO
-B FT QVFT VOB DJFSUB BDUVBMJEBE BVORVF OP UFOHB MB QFS

GFDDJO EF MB JOTJTUFODJB FO MB BDDJO TJO QFSTFHVJS VO O UPEBWB OP
BMDBO[BEP DBSBDUFSTUJDB EF MB QFSGFDUB
4F USBUB EF VOB BD
UVBMJEBE BDUJWB EJONJDB WJODVMBEB BM QSPDFTP EF BDUVBMJ[BDJO EF
FTUBS DBNCJBOEP BMHP QPS FKFNQMP DPOTUSVZOEPTF
&T FM UJQP EF BD
UVBMJEBE QSPQJB EF MP QPUFODJBM QFSP TMP FO UBOUP RVF TJHVF TJFOEP
QPUFODJBM QPSRVF VOB WF[ RVF EFKB EF TFSMP Z FT BDUP FM NPWJNJFOUP

DFTB )BZ RVF EJTUJOHVJS QVFT FOUSF
MB BDUP EF MP QPUFODJBM FO UBOUP RVF QPUFODJBM
FM BDUP QSPQJBNFOUF EJDIP FM BDUP EF MP BDUVBM RVF ZB OP FT NP

WJNJFOUP TJOP P
&T NVZ JNQPSUBOUF FOUFOEFS CJFO MB OPDJO EF NPWJNJFOUP
DPNP BDUVBMJEBE QPSRVF FMMP DPOEJDJPO UPEB MB POUPMPHB BSJTUPU

MJDB FT QBSB )FJEFHHFS MB FYQFSJFODJB PSJHJOBSJB FO FM QFOTBNJFOUP
EF "SJTUUFMFT
-B BDUVBMJEBE EFM NPWJNJFOUP DPOTJTUF FO FM QSPDF
TP EF BDUVBMJ[BDJO &O FM FKFNQMP EF MB FTUBUVB EF CSPODF RVF VUJMJ[B
"SJTUUFMFT FM CSPODF FT FTUBUVB FO QPUFODJB QFSP FM NPWJNJFOUP OP
FT MB BDUVBMJEBE EFM CSPODF FO UBOUP RVF CSPODF QVFT OP FT MP NJTNP
TFS CSPODF RVF TFS BMHP FO QPUFODJB
&T EFDJS MB BDUVBMJEBE EFM NPWJNJFOUP FO FTUF FKFNQMP OP FT MB
EFM CSPODF FO UBOUP RVF CSPODF CSPODF FO BDUP
TJOP MB EFM QSPDFTP
EF USBOTGPSNBDJO EF DBNCJP FM BDUP EFM CSPODF RVF FTU FO QPUFODJB
EF TFS FTUBUVB FO UBOUP RVF FT FTUB QPUFODJB .PWJNJFOUP FT FTB FTUB
UVB FO UBOUP RVF FTU TJFOEP FTDVMQJEB P FO PUSP FKFNQMP RVF VUJMJ[B
"SJTUUFMFT MB DBTB FO UBOUP RVF FTU TJFOEP DPOTUSVJEB

*C B

*C

-B DPNP Z
&O FM MJCSP *9 EF MB .FUBGTJDB "SJTUUFMFT BSNB MB QBMBCSB BD

UP WJODVMBEB B MB SFBMJ[BDJO QMFOB TF IB FYUFOEJEP UBNCJO B PUSBT
DPTBT GVOEBNFOUBMNFOUF B QBSUJS EF MPT NPWJNJFOUPT
&GFDUJWBNFOUF FO TV VTP NT IBCJUVBM BDUP
BQBSFDF
WJODVMBEP BM NPWJNJFOUP QPSRVF TJHOJDB BDUJWJEBE BDUVBMJ[BDJO 1F
SP "SJTUUFMFT UBNCJO MP BQMJDB QBSB SFGFSJSTF B MB GPSNB FTQFDDB
FOUFOEJEB DPNP BDUP SFTQFDUP B MB NBUFSJB -B NBUFSJB FT FO QP
UFODJB FO DVBOUP RVF QVFEF BMDBO[BS MB GPSNB FTQFDDB Z VOB WF[ RVF
FTU FO BDUP FTU ZB FO MB GPSNB FTQFDDB
-B GPSNB FT QVFT BDUP BDUVBMJ[BDJO
Z TUB UJFOEF B
TV QMFOJUVE QFSGFDDJO B MB QMFOB SFBMJ[BDJO
4J SFDPS
EBNPT MB EJTUJODJO FTUBCMFDJEB FOUSF Z BDUP FO FM DBTP EF MB
GPSNB MB BDUVBMJ[BDJO OP UJFOF VO O EJTUJOUP B FMMB NJTNB TJOP RVF
FMMB NJTNB TF JEFOUJDB DPO MB DBVTB OBM TUF FT FM TFOUJEP EF MB
UFMFPMPHB JONBOFOUF FO FM NCJUP EF MPT TFSFT OBUVSBMFT MB GPSNB FT
QFDDB BQBSFDF DPNP O
Z UJFOEF B TV QSPQJB SFBMJ[BDJO TV
QMFOB BDUVBMJ[BDJO
" QBSUJS EF MP DPOTJEFSBEP IBTUB
BRV BDFSDB EFM BDUP FO "SJTUUFMFT TF QVFEFO QMBOUFBS MBT TJHVJFOUFT
DVFTUJPOFT QBSB MB SFFYJO RVF HVBSEBO SFMBDJO DPO MB DSUJDB IFJ
EFHHFSJBOB BM QSFTFODJBMJTNP BSJTUPUMJDP EF MB RVF IFNPT IBCMBEP FO
BQBSUBEPT BOUFSJPSFT
4F QVFEFO JEFOUJDBS Z FYJTUFODJB DPNP IBDF "SJTU

UFMFT DVBOEP EJDF RVF BDUP FT QVFT RVF MB DPTB FYJTUB
4F QVFEFO JEFOUJDBS Z SFBMJ[BDJO QMF

OB

*C B
$G 5 $BMWP .BSUOF[ *OUSPEVDDJO B MB .FUBGTJDB PQ DJU QQ
$G "SJTUUFMFT .FUBGTJDB B

4F QVFEF EFDJS RVF FM BDUP QFSGFDUP JOUFOTJWP FT QVSP QSFTFOUF

RVF JNQMJDB MB QSFTFODJB UFNQPSBM 2V UJFOF RVF WFS FTF QSF
TFOUF DPO MBT DBUFHPSBT EF MB NPEBMJEBE QPTJCJMJEBE SFBMJEBE
Z OFDFTJEBE
%JPT DPNP TVTUBODJB Z BDUP QSJNFSP
&O FM MJCSP 9** EF MB .FUBGTJDB "SJTUUFMFT EJTUJOHVF EPT UJQPT

QSJODJQBMFT EF FOUJEBEFT
.BUFSJBMFT DPOTUJUVJEBT QPS NBUFSJB Z GPSNB -BT TVCEJWJEF FO
B
$PSSVQUJCMFT 4PO MBT EFM NVOEP TVCMVOBS
C
*ODPSSVQUJCMFT 4F SFFSF B MBT EFM NVOEP TVQSBMVOBS DPN
QVFTUBT EF UFS NBUFSJB TVUJMTJNB OP DPSSVQUJCMF

*ONBUFSJBMFT
&O FM DBQUVMP EF FTUF MJCSP 9** "SJTUUFMFT WB B DPNFO[BS FM

FTUVEJP EF FTUB FOUJEBE JONWJM JONBUFSJBM Z FO BDUP DPNP DBVTB EFM
NPWJNJFOUP &T JNQPTJCMF RVF TF HFOFSFO P EFTUSVZBO OJ FM NPWJNJFO
UP QVFT FYJTUF EF TJFNQSF
OJ FM UJFNQP ZB RVF OP QPESBO FYJTUJS FM
BOUFT Z FM EFTQVT TJ OP IVCJFSB UJFNQP
&M NPWJNJFOUP Z DPO FMMP FM UJFNQP RVF EB TV NFEJEB TPO FUFSOPT
1PS FMMP UJFOF RVF IBCFS VOB DBVTB FUFSOB EF FTF NPWJNJFOUP VOB
FOUJEBE EFUFSNJOBEB RVF OP FTU FO QPUFODJB TJOP RVF TFB BDUP OP
CBTUB RVF FTU FO BDUP UJFOF RVF TFS FO BDUP
Z FTUF BDUP FT BOUFSJPS B
MB QPUFODJB
$G *C B

*C C

1PS DPOTJHVJFOUF IB EF IBCFS VO QSJODJQJP UBM RVF TV

FOUJEBE TFB BDUP "EFNT FTUBT FOUJEBEFT IBO EF TFS JO
NBUFSJBMFT QVFTUP RVF TPO FUFSOBT TJ FT RVF UBNCJO IBZ
BMHVOB PUSB DPTB FUFSOB 4PO QVFT BDUP
&TB FOUJEBE QSJNFSB RVF CVTDBNPT FT QVFT JONBUFSJBM BDUP QVSP

TJO NF[DMB EF QPUFODJB 4F USBUB EF %JPT EF DVZB DBSBDUFSJ[BDJO TF
PDVQB FO FM DBQUVMP EFM MJCSP 9**
)BZ DJFSUBNFOUF BMHP RVF NVFWF TJO FTUBS FO NPWJ

NJFOUP Z RVF FT FUFSOP FOUJEBE Z BDUP "IPSB CJFO EF FT
UF NPEP NVFWFO MP EFTFBCMF Z MP JOUFMJHJCMF RVF NVFWFO
TJO NPWFSTF : MPT QSJNFSPT EF TUPT TF JEFOUJDBO
&T EFDJS FTB DBVTB QSJNFSB EFM NPWJNJFOUP FUFSOP RVF CVTDBNPT
FOUJEBE FUFSOB QVSP BDUP JONWJM FT DBMJDBEB DPNP MP EFTFBCMF Z
TF JEFOUJDB DPO MP JOUFMJHJCMF Z BEFNT DPO MP QFSGFDUP QPSRVF FO
UBOUP RVF FT FO BDUP JONWJM OP QVFEF DBNCJBS FO OJOHO TFOUJEP
"T TF EJGFSFODJB EF MPT SFTUBOUFT FOUFT TVQSBMVOBSFT %JPT BIPSB OP
QPEFNPT FOUSBS FO FM BTVOUP EFM TVQVFTUP NPOPUFTNP P QPMJUFTNP EFM
FTUBHJSJUB
DPNP NPUPS JONWJM FT MB DBVTB EF FTF NPWJNJFOUP DJSDVMBS
FUFSOP Z DPNP UBM UJFOF RVF FYJTUJS OFDFTBSJBNFOUF %JPT FT FM QSJODJQJP
QFSGFDUP OFDFTBSJP QPSRVF OP QVFEF TFS EF PUSP NPEP TJOP DPNP FT
%F VO QSJODJQJP UBM QFOEFO FM VOJWFSTP Z MB OBUVSBMF[B

: TV BDUJWJEBE FT DPNP MB NT QFSGFDUB RVF OPTPUSPT TP
NPT DBQBDFT EF SFBMJ[BS QPS VO CSFWF JOUFSWBMP EF UJFNQP
M FTU TJFNQSF FO UBM FTUBEP BMHP RVF QBSB OPTPUSPT FT
JNQPTJCMF
QVFT TV BDUJWJEBE FT QMBDFS
*C

&O PDBTJPOFT "SJTUUFMFT IBCMB FO QMVSBM EF FOUJEBEFT QSJNFSBT EJPTFT
DPNP FO .FUBGTJDB C QFSP TJ TFQBSOEPMP EFM SFTUP TF UPNB TPMBNFOUF
MP QSJNJUJWP RVF DSFBO RVF MBT FOUJEBEFT QSJNFSBT TPO EJPTFT IBCSB RVF QFOTBS
RVF TF FYQSFTBSPO EJWJOBNFOUF
*C C

%JPT FT QVSB DPOUFNQMBDJO JOUFMFDUVBM RVF FT MB BDUJWJEBE NT

QFSGFDUB Z DPNP UBM WB BDPNQBBEB EF QMBDFS "IPSB CJFO DPO SFT
QFDUP BM FOUFOEJNJFOUP TF QVFEFO TFBMBS BRV TJHVJFOEP BM NJTNP
"SJTUUFMFT WBSJBT BQPSBT TJ MB FOUJEBE QSJNFSB OP QJFOTB FO OBEB
TFSB DPNP TJ FTUVWJFSB EPSNJEB QFSP TJ QJFOTB FO BMHP QBSFDF RVF
EFQFOEF EF FTP RVF QJFOTB Z RVF UJFOF RVF QBTBS EF VOB QPUFODJB EF
QFOTBS BM BDUP EF QFOTBS FTF BMHP DPO MP RVF ZB OP TFSB MP NT QFS
GFDUP -P RVF BSNB "SJTUUFMFT FT RVF
%JPT FT BDUP EF QFOTBS Z OP QPUFODJB QPSRVF TJ GVFSB QPUFODJB

FT MHJDP RVF MF SFTVMUBTF GBUJHPTB MB DPOUJOVJEBE EF MB BDUJWJEBE
EF QFOTBS "EFNT UFOESB TVQFSJPSJEBE MP QFOTBEP TPCSF
FM QFOTBNJFOUP
%JPT TF QJFOTB B T NJTNP Z OP PUSB DPTB 1PSRVF FTB PUSB DPTB

TFSB JOGFSJPS B %JPT DPO MP DVBM TUF TF SFCBKBSB MP RVF OP
QVFEF PDVSSJS QPS TFS BDUVBMJEBE QFSGFDUB
-B DPODMVTJO BDFSDB EF %JPT FT RVF TJ FT MP NT FYDFMTP TF QJFOTB

B T NJTNP Z TV QFOTBNJFOUP FT QFOTBNJFOUP EF QFOTBNJFOUP
"M DBSBDUFSJ[BS B %JPT DPNP "SJTUUFMFT
TVQSJNF DVBMRVJFS QPUFODJBMJEBE FO %JPT SFTQFDUP BM QFOTBS FT QVSP
BDUP EF QFOTBS QFOTBNJFOUP Z FTUF QFOTBNJFOUP OP QSFTFOUB OJOHVOB
EJGFSFODJB DPO MP QFOTBEP $PNP EJDF "SJTUUFMFT BM OP TFS EJTUJOUPT
FM QFOTBNJFOUP Z MP QFOTBEP FO FM DBTP EF BRVFMMBT DPTBT RVF OP UJFOF
NBUFSJB TPO MP NJTNP Z FM QFOTBNJFOUP FT VOB NJTNB DPTB DPO MP
QFOTBEP
&O TOUFTJT %JPT FT DPODFCJEP DPNP QFSGFDUB RVF FT QVSP
BDUP BDUJWJEBE QVSB BDUJWJEBE TJO NPWJNJFOUP
*C C

$G *C C
$G *C B

$BQUVMP
-B USBOTGPSNBDJO EF MB
FO BDUVBMJUBT Z EF TUB FO
8JSLMJDILFJU
&YQPTJDJO UFSJDB
1BSB BCPSEBS FM BTVOUP RVF EB UUVMP B FTUF DBQUVMP BT DPNP QPEFS

DPNQSFOEFS TV FTUSVDUVSB JOUFSOB QVFEF SFTVMUBS DMBSJDBEPS UFOFS FO
DVFOUB MP RVF TJHVF
&O FTUF DBQUVMP TF WB B NPTUSBS MB JOUFSQSFUBDJO IFJEFHHFSJBOB

EF MB BDUVBMJUBT GSVUP EF MB USBOTGPSNBDJO NFEJFWBM Z TVBSF
DJBOB EF MB
EFTEF MBT JEFBT EF DBVTBMJUBT Z EF %JPT
FO FM SFDVFSEP EFM QMBUOJDP
DPNP TVNNVN CPOVN Z
TVNNVO FOT
"VORVF OPT WBZBNPT B DFOUSBS FO MP RVF TF BDBCB EF TFBMBS

IBZ RVF UFOFS FO DVFOUB QPS MBT SB[POFT RVF TF JSO FYQPOJFO
EP
RVF MB SFBMJEBE DPOTUJUVZF VOB EF MBT DBUFHPSBT EF MB NPEBMJ
EBE FO ,BOU TUBT TPO QPTJCJMJEBE SFBMJEBE Z OFDFTJEBE $PNP

-B USBOTGPSNBDJO EF MB FO BDUVBMJUBT Z EF TUB FO 8JSLMJDILFJU
UFOESFNPT PQPSUVOJEBE EF FTUVEJBS MP DBSBDUFSTUJDP EF MBT DB

UFHPSBT EF MB NPEBMJEBE FT TV WJODVMBDJO DPO FM QFOTBNJFOUP Z
MB UFNQPSBMJEBE
1PS PUSB QBSUF ZB TF IB TFBMBEP FO FM DBQUVMP BOUFSJPS RVF FYJT

UFO EVEBT SB[POBCMFT SFTQFDUP B MB QPTJCJMJEBE EF MB SFEVDDJO
QPS WB IJTUSJDB F IJTUPSJPHSDB EF MB B MB BDUVBMJUBT
Z EF MB BDUVBMJUBT B MB SFBMJEBE FGFDUJWB &O DVBMRVJFS DBTP TUF
FT FM QMBOUFBNJFOUP EF )FJEFHHFS
$PNP TF QPES PCTFSWBS B MP MBSHP EF FTUF DBQUVMP FO FM RVF TF

DPOGSPOUB FM QMBOUFBNJFOUP EF )FJEFHHFS DPO FM NFEJFWBM EF 5P
NT EF "RVJOP FM SFOBDFOUJTUB EF 4VSF[ Z FM NPEFSOP EF ,BOU
BMHVOBT EF MBT UFTJT P BSNBDJPOFT IFJEFHHFSJBOBT DBSFDFO EF
DJFSUB FYBDUJUVE BM NFOPT EFTEF FM QVOUP EF WJTUB IJTUPSJPHS
DP MP RVF OP EFKB EF UFOFS DPOTFDVFODJBT QBSB FM QVOUP EF WJTUB
HFOFBMHJDP
Z DPNP UBNCJO TF IB BEWFSUJEP ZB QBSFDF RVF
BMHVOBT EF TVT BSNBDJPOFT FTUO UFJEBT QPS MB DPNQSFOTJO
LBOUJBOB EFM TFS RVF )FJEFHHFS IBDF FO EFOJUJWB FYUFOTJWB B
MB UPUBMJEBE EF MB IJTUPSJB EF MB NFUBGTJDB
)FJEFHHFS DPNJFO[B SFDPSEBOEP RVF MB PQJOJO DPNO FOUSF MPT

MTPGPT FT RVF MB USBEJDJO NFUBGTJDB B QFTBS EF MPT DBNCJPT FO
MPT NPEPT Z FYQSFTJPOFT MJOHTUJDBT Z DPODFQUVBMFT DPOTFSWB FO MP
FTFODJBM FM BDFSWP GVOEBNFOUBM EF MB NFUBGTJDB 1FSP TF USBUB UBO TMP
EF VOB GBMTB BQBSJFODJB
1PS VOB QBSUF Z EF NBOFSB OBUVSBM FM TF USBOTGPSNB FO

JEFB Z TUB FO SFQSFTFOUBDJO
1PS PUSB MB TF DPOWJFSUF FO BDUVBMJUBT Z TUB FO SFBMJ

EBE FGFDUJWB 8JSLMJDILFJU

&YQPTJDJO UFSJDB
-P RVF FTU FO KVFHP FT MP RVF )FJEFHHFS IB QVFTUP EF NBOJFTUP

EFTEF FM QSJODJQJP MB EJGFSFODJB FOUSF FM RV FT BMHP RVF TVQPOF MB
DMBSB QSFWBMFODJB EFM FOUF
Z FM RVF FT RVF DVBOEP TF EB TMP QFSNJUF
VOB QSFWBMFODJB DPOWFODJPOBM FO MP GVOEBNFOUBM EFM FT
1FSP FO
DVBMRVJFSB EF MPT EPT DBTPT MB MPTPGB DPOUJOB TJO QSFHVOUBSTF QPS
MB FTFODJB EFM TFS RVF RVFEB JODVFTUJPOBEB
$PNP ZB TF IB BOVODJBEP )FJEFHHFS RVJFSF NPTUSBS FO FTUF FQ
HSBGF MB QBVMBUJOB JEFOUJDBDJO EF MB DPO MB BDUVBMJUBT Z DPO
MB SFBMJEBE FGFDUJWB 8JSLMJDILFJU
&TUP FT MP RVF B TV KVJDJP SFWFMB
MB IJTUPSJB EFM TFS "IPSB CJFO TF QSFHVOUB MB BDUVBMJUBT DPOTFSWB
SFBMNFOUF MP RVF FTUBCB FO MB FTFODJB EF MB Z MB FYJTUFOUJB
DPOTFSWB FM SBTHP EF QSFTFODJBMJEBE DPOUFOJEP FO MB DPNP
)BZ RVF UFOFS FO DVFOUB RVF FM TFOUJEP EF FTUB QSFHVOUB FT
SFMFWBOUF QVFT EF IFDIP MB EJGFSFODJB FOUSF FTUBT DPODFQDJPOFT EFM
TFS SFTUB NVDIP EF TFS JOUSBTDFOEFOUF
-P DJFSUP Z )FJEFHHFS MP TVCSBZB DPO UJOP FT RVF USBT (SF
DJB FYJTUFOUJB BDUVBMJUBT Z SFBMJEBE FGFDUJWB OP DPOTFSWBO FM NJTNP
DBSDUFS EFM RVF FT RVF IFNPT FTUVEJBEP FO FM DBQUVMP BOUFSJPS
%F (SFDJB B 3PNB IBZ VO QBTP EFM MFOHVBKF DPODFQUVBM HSJF

HP BM SPNBOP RVF DPOUSJCVZF B NPEJDBS EF GPSNB FTFODJBM FM
TFOUJEP EF MBT QBMBCSBT 3PNB MP SPNBOP FT MB TOUFTJT EFM
FMFNFOUP QPMUJDP JNQFSJBM EF MP DSJTUJBOP EF MB *HMFTJB SPNBOB
Z EF MP SPNOJDP RVF FT MP RVF DPOTUJUVZF MB DVMUVSB DPODFCJEB
DPNP VOB NPEJDBDJO EF MB HSJFHB

%FTEF 3PNB IBTUB MB NPEFSOJEBE MB EFUFSNJOBDJO EFM TFS DP

NP BDUVBMJUBT TF FYUJFOEF Z TVTUFOUB UPEB MB IJTUPSJB " KVJDJP
EF )FJEFHHFS EFTEF FTF NPNFOUP UPEB MB IJTUPSJB PDDJEFOUBM FT
SPNBOB Z DVBMRVJFS SFOBDJNJFOUP FT VOB SFOPWBDJO SPNBOB
EF MP HSJFHP
$PNP UFOESFNPT PDBTJO EF BOBMJ[BS QBSFDF RVF )FJEFHHFS MMFHB

B JEFOUJDBS TJO SFTJEVPT MB BDUVBMJUBT DPO MB SFBMJEBE FGFDUJWB "MHP

RVF IBCS RVF FTUVEJBS DPO NBZPS EFUBMMF FO MPT FQHSBGFT TJHVJFOUFT
&O DVBMRVJFS DBTP TF QVFEF BOUJDJQBS ZB RVF FO FTUB JEFOUJDBDJO
FTUO PQFSBUJWBT MBT DBUFHPSBT LBOUJBOBT EF MB NPEBMJEBE KVOUP DPO MPT
DPOTJHVJFOUFT QPTUVMBEPT EFM QFOTBNJFOUP FNQSJDP FO HFOFSBM %FTEF
MB USBOTGPSNBDJO EF MB FO BDUVBMJUBT MP SFBM FGFDUJWP FT FM
FOUF FO TFOUJEP QSPQJP Z QPS MP UBOUP FM RVF EB MB NFEJEB QBSB UPEP MP
QPTJCMF Z OFDFTBSJP
1SFQPOEFSBODJB EF MB JEFB EF CJFO FO 1MBUO Z TV WJO

DVMBDJO DPO MB JEFB DSJTUJBOB EF %JPT DSFBEPS
&T JODVFTUJPOBCMF RVF EVSBOUF MB &EBE .FEJB TF NBOUJFOF P NT

CJFO TF FTUBCMFDF DPO OJUJEF[
MB EJTUJODJO FOUSF MP RVF ZB QPEFNPT
EFOPNJOBS DPO QSFDJTJO FTFODJB Z FYJTUFODJB &O FTUF PSEFO EF DPTBT
B )FJEFHHFS MF JOUFSFTB QPOFS EF NBOJFTUP MP RVF TJHVF
-B BDUVBMJUBT FO DVBOUP FYJTUFOUJB BVORVF ZB OP DPOTFSWF OB

EB EF MB SFGFSFODJB B MB
TF EJGFSFODJB EF MB
QPUFOUJB FO DVBOUP QPTTJCJMJUBT P FTTFOUJB

"IPSB CJFO FO 1MBUO FM FT FM RVF FT

Z DVNQMF BT FM QBQFM EF MB : FT RVF FO FM DPNJFO[P EF
MB NFUBGTJDB MB TF DPOTPMJEB FO TV QSFFNJOFODJB IBTUB FM
QVOUP EF TVQMBOUBS MB P NFKPS EJDIP JOUSPEVDF MB USBOT
GPSNBDJO EFM DBSDUFS EF FO FM EF <> .VZ QSPOUP
FO QBSUF ZB FO "SJTUUFMFT MB FRVJQBSBDJO EF Z TF
WVFMWF PCWJB
" FTUF SFTQFDUP DPOWJFOF UFOFS FO DVFOUB RVF )FJEFHHFS EFDMBSB

RVF IBZ VO BCJTNP FOUSF Z BDUVBMJUBT QFSP UBNCJO IBZ RVF
TFBMBS RVF QBSFDF VTBS RVJ[ FO QSPWFDIP EF TV DBVTB MB UFOEFODJB
DPNO B JEFOUJDBSMBT
*C Q

&YQPTJDJO UFSJDB
%FTEF MB USBTGPSNBDJO EFM TFS FO BDUVBMJUBT QVFEF FY

QMJDBSTF MB DSFBDJO EJWJOB Z FM FGFDUVBS IVNBOP
4J FM TFS IB RVFEBEP EFUFSNJOBEP EF NPEP QSFQPOEFSBOUF DPNP

SFBMJEBE FGFDUJWB MB QBTB B FOUFOEFSTF EFTEF MB BDUVBMJUBT
DPO MP RVF TF EFTHVSB UPUBMNFOUF MB DPNQSFOTJO HSJFHB JOJDJBM FTUB
PCTFSWBDJO MF TJSWF B )FJEFHHFS QBSB KVTUJDBS MB OFDFTJEBE EF MB EFT
USVDDJO QSPQJDJBEB FO 4FS Z UJFNQP
)FJEFHHFS WB B DPOTJEFSBS
B %JPT DPNP MP SFBM FGFDUJWP QVSP QBSB FMMP JEFOUJDB FTTF BDUVBMJUBT
DBVTBMJUBT
" EJGFSFODJB EF MB FTTFOUJB FTTF FT FTTF BDUV Z UFOJFOEP FO DVFOUB
RVF MB BDUVBMJUBT FT DBVTBMJUBT EPOEF DPO NBZPS QVSF[B TF NBOJGFT
UBS MB DBVTBMJEBE FT FO BRVFM TFS RVF OP QVFEF OP TFS RVF OP DPOPDF
FM FTUBEP EF QPTJCJMJEBE %JPT 1PS FTP FT FM TVNNVN FOT " MB WF[ FM
CPOVN FT DBVTB Z DBVTB DBVTBSVN " FTUB PCTFSWBDJO IFJEFHHFSJBOB
BDFSUBEB TJO EVEB
IBCSB RVF BBEJS RVF UBNCJO FO FM NT FTUSJDUP
TFOUJEP EF MB DPNQSFOTJO UPNBTJBOB EF %JPT TUF FT UBNCJO *QTVN
FTTF TVCTJTUFOT QPS UBOUP QVSB 5PNBS FTUP FO DPOTJEFSBDJO
RVJ[ DPOUSJCVJSB B NBUJ[BS MBT BSNBDJPOFT RVF )FJEFHHFS IBDF DPO
SFMBDJO B %JPT Z B MPT FOUFT 4JO FNCBSHP UBNCJO FT QSFDJTP FOUFO
EFS RVF RVJ[ B TV KVJDJP FTUP ZB FTU SFDPHJEP FO TV QMBOUFBNJFOUP FO
MB NFEJEB FO RVF MB ZB IBCB RVFEBEP SFEVDJEB B BDUVBMJUBT
)FJEFHHFS RVJFSF BDMBSBS RVF FO MB JEFB EFM TVNNVN CPOVN OP
IBZ VOB DBSBDUFSJ[BDJO NPSBM TJOP MB FYQSFTJO NT QVSB EF MB DBVTB
MJEBE QSPQJB EF MP SFBM FGFDUJWP QVSP &TF TVNNVN CPOVN FWPDB FM
QMBUOJDP MP RVF WVFMWF BQUP FO BCTPMVUP
MB DPOEJDJO EF
QPTJCJMJEBE "T QVFT %JPT EJDIP LBOUJBOBNFOUF FT MB DPOEJDJO
EF QPTJCJMJEBE BCTPMVUB EJDIP QMBUOJDBNFOUF BVORVF EFTEF MB DPN
QSFTJO IFJEFHHFSJBOB FT MP QVSBNFOUF QPTJCJMJUBOUF 1FSP FT RVF
$G *C

$G *C Q
*C

BEFNT FO MB BDUVBMJUBT TF NBOUJFOF WJWP UPEBWB MP FTFODJBM EF MB

FOUJEBE MB QSFTFODJB %JPT FT PNOJQSFTFOUF Z VCJDVP
1PS MUJNP UBNCJO EFTEF FM DBSDUFS EF DBVTBMJEBE EF MB SFBMJEBE
FGFDUJWB TF FYQMJDB MB FYJTUFOUJB 8JSLMJDILFJU BDUVBMJUBT FYJTUFO
UJB MP RVF FTU GVFSB FYTJTUFOT %F FTUP NF PDVQP FO FM TJHVJFOUF
BQBSUBEP
&O MB .FUBGTJDB EF "SJTUUFMFT DVBOEP TUF TF FTU SFSJFOEP

BM TFS DPNP MP WFSEBEFSP Z BM OP TFS DPNP MP GBMTP DPNFOUB SFTQFDUJWB
NFOUF QBSB FYQMJDBS RVF OP TPO FOUFT SFBMFT TJOP BGFDDJPOFT P QSP
QJFEBEFT EFM QFOTBNJFOUP MP TJHVJFOUF RVF OP TF NBOJFTUB RVF
IBZB GVFSB OJOHVOB OBUVSBMF[B EFM FOUF Z RVF OP QFSUFOFDF BM FO
UF FYUFSJPS Z TFQBSBEP "T QVFT MB DMBWF QBSB MB FYQMJDBDJO EF MB
FYJTUFODJB B MB RVF TF FTU SFSJFOEP )FJEFHHFS FT FM RVF IBZB GVFSB
RVF IBZB VO FOUF FYUFSJPS Z TFQBSBEP &O EFOJUJWB MP RVF FTUB GVFSB
Z TFQBSBEP FYJTUF Z FTP FT MB
MP FYJTUFOUF OP FT PUSB DPTB RVF
MP RVF QSFTFODJB EFTEF T FO TV QSPEVDDJO MP
%F FTUF NPEP MB MP RVF TF QSFTFODJB EFTEF T SFDJ
CF VOB OVFWB DPOHVSBDJO Z BDFOUVBDJO EFTEF VOB UBNCJO OVFWB
DPODFQDJO EF MB TUB BRV ZB OP FT UBOUP FM NFSP EFTPDVM
UBNJFOUP EFM GFONFOP DVBOUP MB DPSSFDDJO EFM FOVODJBEP "MHP RVF
DPNP )FJEFHHFS TVCSBZ FO PUSPT MVHBSFT ZB TF JOJDJB FO 1MBUO
DVBOEP TUF IBDF QFOTBS MB WFSEBE DPNP SFDUJUVEP DPNP BEFDVBDJO B
MBT JEFBT &O DVBMRVJFS DBTP MP RVF BIPSB JOUFSFTB SFUFOFS FT RVF VOB
WF[ RVF FM FTUBHJSJUB BSNB RVF MB WFSEBE FT VOB BGFDDJO EFM QFO
TBNJFOUP FM TFS RVF "SJTUUFMFT IBCB DPODFCJEP JOJDJBMNFOUF DPNP
QBTB B TFS FOUFOEJEP DPNP MP RVF FTU GVFSB DPNP FYTJTUFOUJB
$G "SJTUUFMFT .FUBGTJDB C Z B

*C B
*C

&YQPTJDJO UFSJDB
)BZ RVF TVCSBZBS QPS UBOUP RVF FM QBTBKF EF MB .FUBGTJDB BM RVF

TF FTU BMVEJFOEP FT FM RVF MF QFSNJUF B )FJEFHHFS EFSJWBS FM USNJOP
MBUJOP EF FYTJTUFOUJB EF FTB DPOTJEFSBDJO BSJTUPUMJDB BDFSDB EFM FOUF
RVF FTU GVFSB "EFNT FTUP TJHOJDB B KVJDJP EF OVFTUSP JOUSQSFUF
RVF MB FYTJTUFOUJB SFDJCF TV JOUFSQSFUBDJO EPNJOBOUF EFTEF MB BD
UVBMJUBT FT EFDJS FO SFGFSFODJB B MB DBVTBMJUBT -B SB[O FT RVF
BIPSB MP EFUFSNJOBOUF Z MP RVF TF NVFTUSB B QSJNFSB WJTUB OP FT UBO
UP FM QSFTFODJBS EFTEF T DVBOUP FM FTUBS GVFSB FM FY RVF JNQMJDB B
MB BDUVBMJUBT Z DBTVBMJUBT BVORVF "SJTUUFMFT OP TF SFNJUB B OJOHVOB
DBVTB USBTDFOEFOUF EF MP RVF FTU GVFSB

4VSF[ MB BDUVBMJUBT DPNP DBVTBMJUBT
$PNP TF IB WJTUP B KVJDJP EF )FJEFHHFS BIPSB MB FYJTUFODJB FT FO

UFOEJEB DPNP FM NFSP GVFSB EF MB DBVTBDJO -P RVF FYJTUF FT EFTQF
EJEP EF FMMB DPNP BMHP FGFDUVBEP SFBM FGFDUJWP &M FYUSB OP FT DPNP
FO "SJTUUFMFT GVFSB EFM QFOTBNJFOUP RVF OP FT DBVTB EFM FTUBS
GVFSB
TJOP GVFSB EF MB DBVTB 4F USBUB BIPSB EF VO USBTMBEBS BMHP
GVFSB EF MB DBVTBDJO Z MB SFBMJ[BDJO QBSB TVQFSBS MB OBEB
&YJTUFODJB FT BRVFM TFS QPS NFEJP EFM DVBM TF JOTUBV

SB FO DBEB DBTP EF NPEP QSPQJP F JONFEJBUP VOB FOUJEBE
GVFSB EF MBT DBVTBT Z BT DFTB FM OPTFS Z DPNJFO[B B TFS
VO BMHP EFM DBTP
&M TFS FT QVFTUP FT FGFDUVBEP Z EF FTUF NPEP RVFEB TVQFSBEB MB

OBEB 1FSP MB FYJTUFODJB OP TVQPOF FM BCBOEPOP EF MB DBVTBMJEBE -B
BDUVBMJEBE FO DVBOUP DBVTBMJEBE IB EF EFUFSNJOBS MB FTFODJB QPSRVF
MB FYJTUFODJB RVFEB SFGFSJEB B MB DBVTBDJO -B FYJTUFODJB FT FM BDUVT
RVP SFT TJTUJUVS QPOJUVS FYUSB TUBUVN QPTTJCJMJUBUJT
*C
$G *C QQ
*C Q
$G *C

$PNP TF QVFEF BQSFDJBS )FJEFHHFS FTU USBUBOEP ZB BRV EF VO

NPEP EF TFS QVFT TF USBUB EF VO FTUBEP MB QPTJCJMJEBE )BZ QPS UBOUP
VOB SFGFSFODJB B MB QPTJCJMJEBE DPODFCJEB EFTEF MB QUJDB EF MBT DBUF
HPSBT LBOUJBOBT EF MB NPEBMJEBE Z TVT QPTUVMBEPT 1FSP FO VO TFOUJEP
RVF UPEBWB OP FT FM LBOUJBOP QPSRVF MB FYJTUFODJB QPOF GVFSB MB DPTB
DPNP DBVTBEB FT EFDJS FGFDUVBEB
&M TFS DPNP BDUVBMJUBT FT FOUFOEJEP DPNP SFBMJEBE FGFDUJWB Z FT
UB JEFB TFOUFODJB )FJEFHHFS TFS MB EPNJOBOUF FO BEFMBOUF MP SFBM
FGFDUJWP FT MP FYJTUFOUF "IPSB CJFO DPNP MB UPUBMJEBE EF MP FOUF FT
MP FGFDUVBEP QPS VO FGFDUVBOUF QSJNFSP UPEP EFQFOEF EF MB DPO
GPSNJEBE DPO FM FOUF TVQSFNP &M TFS TF USBTMBEB B MB FTFODJB EF MB
SFBMJEBE FGFDUJWB Z TUB EFUFSNJOB MB FYJTUFODJB EF MP FYJTUFOUF
4FS FTFODJB FT FM FOUF
0OUPUFPMPHB
4JO EVEB MP FGFDUVBEP SFNJUF B MP FGFDUVBOUF %JPT IBSB QBTBS MP

QPTJCMF B MP SFBM B MP FYJTUFOUF BNCPT NPEPT FOUFOEJEPT EFTEF MBT DB
UFHPSBT EF MB NPEBMJEBE Z MPT QPTUVMBEPT EFM QFOTBNJFOUP FNQSJDP

"T TFS FTFODJB FGFDUVBEBFDJFOUF FT MP RVF FT FM FOUF MP SFBM FGFDUJWP
)BZ RVF SFDPSEBS RVF TJHVJFOEP B ,BOU MB NPEBMJEBE OP BBEF
EFUFSNJOBDJO BMHVOB BM PCKFUP TJOP UBO TMP MB SFMBDJO DPO FM QFOTBS
&O OVFTUSP DBTP Z DFOUSOEPOPT FO MB WJTJO NFEJFWBM UBSEP NFEJFWBM
Z SFOBDFOUJTUB MB SFMBDJO TFSB DPO FM QFOTBNJFOUP EJWJOP RVF B
EJGFSFODJB EFM DPOPDJNJFOUP LBOUJBOP OP QPOF PCKFUPT TJOP FOUFT FO
FM TFS
&O TOUFTJT
-P SFBM FGFDUJWP QSPWJFOF EFM Z MP
*C Q

*C
$G *C

"OMJTJT UFYUVBM
&M TFS TF IB FOUSFHBEP B MB FTFODJB EF MB SFBMJEBE FGFDUJWB ZB OP

BM QSFTFODJBS DPO FM DBSDUFS EF MB PCSB Z EF MP WJTUP
-P RVF EF HSJFHP QFSNBOFDB FO FM SFDVFSEP NFEJFWBM FSB FM QP

TJCJMJUBS Z BOUFT MP VOP FO DVBOUP OJDP RVF VOF FM FO DVBOUP
EFTPDVMUBS RVF DPCJKB FM SFDPHJNJFOUP EF MB
4JHVF QMBOUFBEB MB DVFTUJO EF MB FYUSBB VOJDJEBE RVF QPTFF

JODMVTP FTUB FTFODJB EFM TFS
"OMJTJT UFYUVBM
" MP MBSHP EFM UFYUP )FJEFHHFS WB B TFHVJS NPTUSBOEP FM SFDPSSJEP

RVF B TV KVJDJP IB SFBMJ[BEP B USBWT EF MB IJTUPSJB EFM QFOTBNJFOUP
PDDJEFOUBM MB OPDJO EF BDVBEB QPS "SJTUUFMFT 4F IB WJTUP
FO FM DBQUVMP BOUFSJPS RV FOUFOEB FM FTUBHJSJUB DPO FTUB QBMBCSB Z
BEFNT IB RVFEBEP FTUBCMFDJEB TV QSPDFEFODJB EFTEF 1MBUO Z MPT M
TPGPT QSFTPDSUJDPT 4FHO )FJEFHHFS MB DMBWF EFM QFOTBS NFUBGTJDP
IB EF CVTDBSTF FO MB IJTUPSJB EF MB MPTPGB DPNP IJTUPSJB EF MP OP
QFOTBEP QBSB FTUP FT JNQPSUBOUF JOEBHBS FO FM TJHOJDBEP EF DJFSUPT
USNJOPT EFUFSNJOBOUFT QBSB FM EJTDVSSJS NFUBGTJDP B MP MBSHP EF MBT
EJTUJOUBT USBEVDDJPOFT RVF TF IBO IFDIP EF FMMPT MP RVF MMFWB DPOTJHP
VOB OVFWB JOUFSQSFUBDJO
&O FM DBTP EF MB TF UJFOF RVF EJ
MVDJEBS FM DBNCJP EF TJHOJDBEP RVF IB TVGSJEP QSJNFSP BM DPOWFSUJSTF
FO FM QFOTBNJFOUP NFEJFWBM FO BDUVBMJUBT Z FO TFHVOEP MVHBS FO MB
.PEFSOJEBE BM USBOTGPSNBSTF TUB FO 8JSLMJDILFJU
1BSFDF RVF MB NFUBGTJDB EFTEF TV DPNJFO[P TJFNQSF IB UFOJEP DMB
SP MP RVF FTUPT DPODFQUPT TJHOJDBCBO Z OVODB TF IB IFDIP DVFTUJO EF
FMMPT 1MBUO Z "SJTUUFMFT BCSJFSPO FM DBNJOP RVF MB NFUBGTJDB PDDJ
EFOUBM IB USBOTJUBEP
*C Q

&TUB BQBSJFODJB UJFOF TV BVUOUJDP BQPZP FO MB PQJOJO

DPOWFSUJEB ZB EFTEF IBDF UJFNQP FO CJFO DPNO EF RVF MPT
DPODFQUPT GVOEBNFOUBMFT EF MB NFUBGTJDB TJHVFO TJFOEP
FO UPEBT QBSUFT MPT NJTNPT
)FJEFHHFS RVJFSF NPTUSBS DNP MBT EJGFSFOUFT USBOTGPSNBDJPOFT

EF MPT USNJOPT VUJMJ[BEPT QBSB EFOPNJOBS FTP RVF FO VO QSJODJQJP TF
MMBN MMFWBO DPOTJHP B QFTBS EF RVF FO BQBSJFODJB TPO MP
NJTNP Z FTUP FT B DBVTB EF MB QSPUFDDJO NFUBGTJDB
VO DBN
CJP EF TJHOJDBEP RVF FT OFDFTBSJP QPOFS FO DMBSP 4FHO FM BVUPS EFM
/JFU[TDIF ** MB TF DPOWJFSUF FO JEFB Z TUB FO SFQSFTFOUBDJO EF
OVFWP UBNCJO BRV DPNQBSFDF JOEJSFDUBNFOUF MB DSUJDB IFJEFHHFSJB
OB BM QSFTFODJBMJTNP
-B TF DPOWJFSUF FO BDUVBMJUBT Z TUB FO
SFBMJEBE FGFDUJWB 5PEP FTUP TVDFEF TJO RVF TF QSFTUF BUFODJO BM
DBNCJP NJTNP RVF MMFWB DPOTJHP VO NBUJ[ FTFODJBM QBSB MB NFUBGTJDB
ZB RVF BMUFSB EF NBOFSB JSSFWPDBCMF TV SVNCP -B TFQBSBDJO FOUSF MB
FTFODJB Z MB FYJTUFODJB FOUSF FM RV FT
Z FM RVF FT

GBWPSFDFO FM PMWJEP EFM TFS &O QBMBCSBT EFM QSPQJP )FJEFHHFS BNCBT
DPTBT MB QSFFNJOFODJB EFM FOUF Z MB PCWJFEBE EFM TFS DBSBDUFSJ[BO B MB
NFUBGTJDB $PO FM FTUBCMFDJNJFOUP EF FTUB EJGFSFODJB ZB TF IBCB
QSPEVDJEP FM DBNCJP EF SVNCP RVF UVWP MVHBS BM OBM EFM QFOTBNJFOUP
EF MPT QSFTPDSUJDPT Z RVF TF DPOTVN FO FM QFOTBNJFOUP QMBUOJDP
BSJTUPUMJDP 5BOUP TJ TF QSFTUB BUFODJO B MB FTFODJB DPNP TJ TF QPOF
FM OGBTJT FO MB FYJTUFODJB MB QSFHVOUB GVOEBNFOUBM QPS MB FTFODJB EFM
TFS QFSNBOFDF FO FM PMWJEP &M QSPCMFNB FT RVF TF IB MMFHBEP BM TFS B
QBSUJS EF MP JODVFTUJPOBEP Z FM PMWJEP IB QFOFUSBEP FO MP NT QSPGVO
EP EF MB NFUBGTJDB 1PS FTUPT NPUJWPT FM TFS TF IB FTUBCMFDJEP DPNP
SFGFSFODJB B MP FOUF FT NT DPNP VO FOUF
*C Q

*C
*C
*C Q

"OMJTJT UFYUVBM
-P RVF TVDFEF FO MB IJTUPSJB EF MB NFUBGTJDB FT RVF MPT DPODFQ

UPT WBO FO TFOUJEP IFJEFHHFSJBOP BDVNVMBOEP PMWJEP FT EFDJS TF
EB QPS TVQVFTUB VOB USBEVDDJO RVF IB QFSEJEP TJHOJDBEP Z B QBS
UJS EF TUB TF FTUBCMFDFO MBT QPTUFSJPSFT &O FM DBTP EF MB
FT MP RVF TVDFEF ZB RVF QJFSEF TV TFOUJEP PSJHJOBM QPSRVF BIPSB FM
TF DPOWJFSUF FO FM PQVT EFM PQFSBSJ FO FM GBDUVN EFM GBDFSF FO
FM BDUVT EFM BHFSF &M ZB OP FT NT MP EFKBEP FO MJCFSUBE FO MP
BCJFSUP EFM QSFTFODJBS TJOP MP FGFDUVBEP FO FM FGFDUVBS <SFBMJEBE FGFD
UJWB> MP SFBMJ[BEP FO FM IBDFS 4F IB QFSEJEP FM DBSDUFS PSJHJOBM
EF EFTPDVMUBNJFOUP UPEBWB PQFSBUJWP FO MPT MTPGPT QSFTPDSUJDPT Z
TF IB DPOWFSUJEP FO VO NFSP QSFTFODJBS "IPSB QBTB B TFS NBOJGFTUB
DJO BOUF FT EFDJS TF PMWJEB RVF MB QPTFF FTF EPCMF DBSDUFS
RVF TF FWPDBCB FO MB MVDIB EF DPOUSBSJPT EF "OBYJNBOESP EF BQB
SFDFS Z PDVMUBSTF EPOEF MB HOFTJT NJTNB MB NJTNB BMUFSOBODJB FT MB
DBSBDUFSTUJDB GVOEBNFOUBM EF MB
&O EFOJUJWB FM TFS QSPHSFTBOEP EFTEF MB FTFODJB JOJDJBM EF MB
TF IB DPOWFSUJEP FO BDUVBMJUBT 4J TF IB QFSEJEP FM DB
SDUFS GVOEBNFOUBM EF MB FO MB USBOTGPSNBDJO RVF TVGSF BM
DPOWFSUJSTF FO UBNCJO TF PMWJEB EFM QBTP RVF MMFWB EF MB
B MB BDUVBMJUBT 1FSP Z FTUP FT MP RVF IB EF RVFEBS DMBSP MB
OP QVFEF TFS MP NJTNP RVF MB BDUVBMJUBT QPSRVF TF IB WBDJBEP
EF TJHOJDBEP
&TUB QSEJEB FT EFCJEB BM NFOPT FO CVFOB NFEJEB TFHO )FJEFH
HFS B VO DBNCJP HFOFSBM FO FM NPEP EF WFS FM NVOEP EFTEF MB WJTJO
HSJFHB IBTUB MB SPNBOB -P RVF )FJEFHHFS RVJFSF EBS B FOUFOEFS FT RVF
OP TF IB UFOJEP FO DVFOUB FO SFMBDJO B MB FWPMVDJO EFM QFOTBNJFOUP
MPTDP FTUF QBTP EF MP HSJFHP B MP SPNBOP "T DVBOEP DPNP FO FM
3FOBDJNJFOUP TF JOUFOU MMFHBS B MP PSJHJOBMNFOUF HSJFHP MB UFOUBUJWB
EF BDDFTP TJFNQSF FTUVWP DPOEJDJPOBEB QPS MP SPNBOP
*C
*C

5PEP SFTVSHJNJFOUP QPTUFSJPS EF MB BOUJHFEBE HSJFHB

FT VOB SFOPWBDJO SPNBOB EF VOB IFMFOJEBE RVF ZB IB TJEP
SFJOUFSQSFUBEB EF NPEP SPNBOP *ODMVTP MP HFSNOJDP EF
MB &EBE .FEJB FT FO TV FTFODJB NFUBGTJDB SPNBOP QPS
TFS DSJTUJBOP
&TUF FT VO QVOUP GVOEBNFOUBM ZB RVF MB JSSVQDJO EFM DSJTUJBOJT

NP FO MB IJTUPSJB EFUFSNJOBS EF NBOFSB FTFODJBM DPNP ZB TF IB WJTUP
FM QFOTBNJFOUP QPTUFSJPS UPEB &VSPQB Z 0DDJEFOUF FO DPOTFDVFODJB
FTU DPOEJDJPOBEB QPS FM NPEP EF QFOTBS DSJTUJBOP 1FSP MP GVOEB

NFOUBM MP RVF )FJEFHHFS RVJFSF IBDFS OPUBS FT RVF EFTEF MB USBOT
GPSNBDJO EF MB FO BDUVBMJUBT MP SFBM FGFDUJWP FT FM FOUF FO
TFOUJEP QSPQJP Z QPS MP UBOUP FM RVF EB MB NFEJEB QBSB UPEP MP QPTJCMF
Z OFDFTBSJP
-P SFMFWBOUF EF FTUB USBOTGPSNBDJO BEFNT EF MB QSEJEB EF
TJHOJDBEP RVF DPOMMFWB FT RVF FM FOUF TBMF GPSUBMFDJEP Z FM TFS TF
TVNF BO NT FO FM PMWJEP "IPSB FM FOUF QBTB B TFS MP SFBM FGFDUJWP
Z MB IB TJEP MMFWBEB BM FYUSFNP EFM QSFTFODJBMJTNP EF FTUB
GPSNB UPEP TV TFOUJEP PSJHJOBM IB EFTBQBSFDJEP
-B QSFQPOEFSBODJB EF MB JEFB EF CJFO FO 1MBUO Z TV

WJODVMBDJO DPO MB JEFB DSJTUJBOB EF %JPT DSFBEPS
-BT JOVFODJBT RVF FM QFOTBNJFOUP PDDJEFOUBM SFDJCF EFM NVOEP EF

MB BOUJHVB (SFDJB OP DFTBO Z )FJEFHHFS RVF TBCF EFM PMWJEP HFOFSB
EP B MP MBSHP EF FTUB FWPMVDJO FOUJFOEF RVF B QBSUJS EF TUBT QVFEF
BDPOUFDFS BMHP PSJHJOBSJP BMHP RVF FTU QPS WFOJS %FTEF FTUB QFSTQFD
UJWB TF IB EF FOUFOEFS MB JODVSTJO EF .BSUJO )FJEFHHFS FO MB MPTPGB
*C Q

TUB FT TJO EVEB VOB BSNBDJO RVF TFSB QSFDJTP NBUJ[BS QVFT OP TF QVFEF
JHOPSBS MB JOVFODJB Z QSFTFODJB RVF UBNCJO EVSBOUF MB &EBE .FEJB UVWJFSPO
FM QFOTBNJFOUP MB SFMJHJO Z MB DPTNPWJTJO NVTVMNBOB Z KVEB

"OMJTJT UFYUVBM
BOUJHVB Z NFEJFWBM 1BSB RVF MB USBOTGPSNBDJO EF MB FO BD

UVBMJUBT TFB FOUFOEJEB EF NBOFSB DPNQMFUB IBCJFOEP FYQMJDBEP FO FM
DBQUVMP BOUFSJPS MP DPODFSOJFOUF B MB MPTPGB BSJTUPUMJDB
IBZ RVF
IBDFS DJFSUBT SFGFSFODJBT B MB MPTPGB EF 1MBUO QBSB DPNQMFUBS BT MB
FYQPTJDJO EFM NPEP FO RVF TF QSPEVKP EJDIB USBOTGPSNBDJO
:B TF IB EJDIP RVF TFHO )FJEFHHFS FM PSJHFO EF MB EJTUJODJO
FOUSF FTFODJB Z FYJTUFODJB UJFOF TVT JOJDJPT FO MB &EBE .FEJB MB FY
TJTUFOUJB WJFOF B TFS JEFOUJDBEB DPO MB BDUVBMJUBT Z MB QPUFODJB QBTB
B TFS QPTTJCJMJUBT P FTTFOUJB
4FHO .BSUJO )FJEFHHFS MB EFWBMVBDJO EFM TFOUJEP EFM TFS FT DB
EB WF[ NBZPS FO MB NFEJEB FO RVF OPT WBNPT BMFKBOEP EFM QSJODJQJP
EF MPT PSHFOFT BVORVF ZB TUPT FTUVWJFSBO EFTEF TJFNQSF NBSDBEPT
QPS FM PMWJEP FTFODJBM
5PEP FM QFOTBNJFOUP PDDJEFOUBM FT SFTVMUBEP
UPNBOEP QSFTUBEB MB FYQSFTJO EF /JFU[TDIF EF MB IJTUPSJB EF VO
FSSPS RVF UJFOF DPNP CBTF MB FRVJQBSBDJO EF Z BDUVBMJUBT
&M DBNCJP EF QFSTQFDUJWB EF MP HSJFHP B MP SPNBOP Z MB BQBSJDJO EFM
DSJTUJBOJTNP TF DPOWJFSUFO FO GBDUPS GVOEBNFOUBM QBSB FOUFOEFS DNP
TF MMFWB B DBCP MB USBOTGPSNBDJO MB MPTPGB TF DPOWJFSUF FO TJFSWB EF
MB UFPMPHB Z TF WVFMWF DPNQMFKP EJMVDJEBS IBTUB EOEF MMFHB MB VOB Z
DPNJFO[B MB PUSB
-B QBTB B TFS FOUFOEJEB FO FM BUFNQFSBEP TFOUJEP EF BD
UVBMJUBT DPNP TJ TF USBUBSB EF MP NJTNP DPNP TJ TF IVCJFSB EBEP QPS
TVQVFTUP RVF TVT TFOUJEPT TPO JOUFSDBNCJBCMFT 4JO FNCBSHP MB BD
UVBMJUBT FO DVBOUP FYJTUFOUJB TF EJGFSFODJB EF MB QPUFOUJB QPTTJCJ
MJUBT
FO DVBOUP FTTFOUJB -B BDUVBMJUBT NT BMM EF VOB SFGFSFODJB
JOEFUFSNJOBEB B MB PCSB OP DPOTFSWB ZB OBEB EF MB FTFODJB EF MB
1FSP BM TFS MB MPTPGB QMBUOJDB FO TV WFSTJO OFPQMBUOJDB
MB CBTF EFM QSJNFS QFOTBNJFOUP DSJTUJBOP MB DPOTFSWB TV SFGFSFO

DJB BM RV FT DVZP SBTHP GVOEBNFOUBM FT FM QMBUOJDP RVF FT FM
CJFO &M DSJTUJBOJTNP TF DPNQSFOEF EFTEF MB JEFB EFM %JPT DSFBEPS M
FT BIPSB FM #JFO RVF DPNP FM TPM FO MB BMFHPSB EF MB DBWFSOB FOUFO
EJEB FO TFOUJEP IFJEFHHFSJBOP TF DPOWJFSUF FO MB DPOEJDJO MUJNB EF
*C

QPTJCJMJEBE )BTUB MB &EBE .FEJB OP IBCB EVBMJEBE $SFBEPSDSFBEP

ZB RVF TFHO MB DPODFQDJO HSJFHB UPEP FSB OFDFTBSJP Z MB DPOUJO
HFODJB TF QVFEF EFDJS UJFOF TV PSJHFO FO BRVFMMBT DPTNPWJTJPOFT RVF
QBSUFO EF MB GF FO VO %JPT DSFBEPS EFM VOJWFSTP
&M BTQFDUP RVF TF NVFTUSB IBDF BM FOUF BQUP QBSB QSF

TFODJBS DPNP UBM P DVBM -B FO DVBOUP RV FT UJFOF
FM DBSDUFS EF EF MB DPTB PSJHJOBSJB 6STBDIF
&O
UPEP MMFHBS B FTUBS &OUTUFIFO
EF VO FOUF SFJOB FM EFT
DFOEFS &OUTUBNNFO
EF TV RV FT TUF FT MB DPTFJEBE
EF DBEB DPTB FT EFDJS TV DBVTB PSJHJOBSJB 6STBDIF
%F
BDVFSEP DPO FMMP FM TFS FT FO T PSJHJOBSJBNFOUF DBVTBOUF
VSTDIMJDI

-P RVF BRV JOUFSFTB EFTUBDBS FT FM DBSDUFS QPTJCJMJUBOUF EFM TFS

QBSB FGFDUVBS GVFSB EF T NJTNP %F BDVFSEP DPO )FJEFHHFS ZB MB NJT
NB DPODFQDJO QMBUOJDB EF MB SFBMJEBE IBCJMJUB QBSB IBCMBS EF DBVTB
FDJFOUF QBSB RVF TF QVFEB FTUBCMFDFS MB TFQBSBDJO FOUSF MB DBVTB Z
MP DBVTBEP "T FO FM NVOEP DSJTUJBOP %JPT FT FM OJDP TFS OFDFTBSJP
FT MB OJDB DBVTB QSJNFSB RVF OP FT DBVTBEB -BT DSJBUVSBT DPOUJO
HFOUFT MPT TFSFT IVNBOPT TPO DBQBDFT EF FGFDUVBS QFSP TPO B TV WF[
FGFDUVBEBT $PNP ZB TF IB SFDPSEBEP )FJEFHHFS WJODVMB B %JPT DPO FM
QMBUOJDP Z EF FTF NPEP FM CJFO QBTB B TFS OP TMP VOB JEFB FO
SFBMJEBE UBNQPDP MP FSB QBSB 1MBUO RVJFO BSN FO FM MJCSP 7* EF MB
3FQCMJDB RVF FTU NT BMM EF DVBMRVJFS JEFB
TJOP MP BCTPMVUBNFOUF
QPTJCJMJUBOUF MB FO FM TFOUJEP QSFTPDSUJDP EF QPEFS GVFS[B Z
DBQBDJEBE
-P RVF )FJEFHHFS QSFUFOEF NPTUSBS EBOEP QPEFSPTBT SB[POFT FT
RVF FM CJFO QMBUOJDP FO FM TFOUJEP EF FT FM RVF DPO FM USBOT
DVSTP EFM UJFNQP Z MB SFWPMVDJO DSJTUJBOB FO FM NPEP EF WFS FM NVOEP
WB B QPTJCJMJUBS ZB EFOUSP EFM VOJWFSTP DSJTUJBOP MB SFGFSFODJB BM TVN
NVN FOT Z TVNNVN CPOVN FT EFDJS B %JPT &O FTUF &OUF TF EB
*C

"OMJTJT UFYUVBM
DPO NBZPS JOUFOTJEBE TFHO FM QBSFDFS EF )FJEFHHFS FM DBSDUFS EF

MB BDUVBMJUBT
&M DBSDUFS VTVBM EFM TFS DPNP SFBMJEBE FGFDUJWB TF

NVFTUSB FO UPEB TV QVSF[B FO BRVFM FOUF RVF TBUJTGBDF FO
TFOUJEP NYJNP MB FTFODJB EFM TFS ZB RVF FT FM FOUF RVF
OP QVFEF OVODB OP TFS 1FOTBEP UFPMHJDBNFOUF FTUF
FOUF TF MMBNB %JPT
5BNCJO HSBDJBT B FTUB JOOPWBDJO TF PCTFSWB BM QBSFDFS EF )FJ

EFHHFS DNP TF QVFEF FRVJQBSBS MB BDUVBMJUBT Z MB DBVTBMJUBT 4PCSF
FTUF BTVOUP IBCS EF WPMWFS DVBOEP BCPSEF MP RVF FT QFSUJOFOUF EFM
QFOTBNJFOUP EF 4VSF[
&M FOUF TVQSFNP FT SFBMJ[BDJO 7FSXJSLMJDIVOH

QVSB
TJFNQSF DVNQMJEB BDUVT QVSVT &M FGFDUVBS XJSLFO
FT
BRV FM WPMWFSTF DPOTJTUFOUF FTFODJBEP EFTEF T EF MP RVF
DPOTJTUF QPS T &TUF FOUF FOT
OP TMP FT MP RVF FT TVB
FTTFOUJB
TJOP RVF FO BRVFMMP RVF FT TJFNQSF UBNCJO TV
DPOTJTUFODJB FTU TVVN FTTF OPO QBSUJDJQBOT BMJP
1PS FTP
%JPT QFOTBEP NFUBGTJDBNFOUF TF MMBNB TVNNVN FOT
-P TVQSFNP EF TV TFS DPOTJTUF TJO FNCBSHP FT RVF FT FM
TVNNVO CPOVN 1VFT CPOVN FT DBVTB Z FO DVBOUP OJT
MB DBVTB DBVTBSVN 1PS FMMP QSFDJTBNFOUF SFTQFDUP EF MB
DBVTBMJUBT FT EFDJS BDUVBMJUBT
FM CPOVN FT MP RVF EB
FYJTUFODJB DPOTJTUFOUF B UPEP MP DPOTJTUFOUF Z QPS UBOUP
JODMVTP QSJVT RVBN FOT DBVTBF OBMJT FTU QSJNB
*C Q

4F USBUB FO TV DBTP EF VO QFOTBEPS RVF EJSFDUB P JOEJSFDUBNFOUF FKFSDF VOB
DMBSB JOVFODJB TPCSF .BSUJO )FJEFHHFS "T FT MB NFUBGTJDB BMFNBOB FM SB
DJPOBMJTNP EPHNUJDP EF 8PM EFM RVF TF OVUSJ ,BOU
FODVFOUSB TVT SBDFT
FO FM QFOTBNJFOUP EF 4VSF[ Z EF FTUF NPEP BMDBO[B B OVFTUSP QFOTBEPS

%F BMHO NPEP FO FM NVOEP NFEJFWBM FM BDUVT QVSVT TF QVFEF

JEFOUJDBS DPO MB EF "SJTUUFMFT FO FM NVOEP NFEJFWBM &O
FGFDUP TUF FT FTFODJBEP EFTEF T ZB RVF FT DPNQMFUBNFOUF OFDFTB
SJP OP EFQFOEF EF OBEB NT QBSB TFS DPOTJTUFOUF MB DPOTJTUFODJB EF
FTUF TVNNVN FOT WJFOF EBEB QPSRVF TV TFS OP QBSUJDJQB EF OJOHO
PUSP Z FT TVNNVO CPOVN QPSRVF FT MB DBVTB QSJNFSB F JODBVTBEB MP
OFDFTBSJP Z DPOTJTUFOUF RVF EB MB FYJTUFODJB B UPEP MP DSFBEP
1SFDJTBNFOUF QPS MP RVF TF BDBCB EF SFDPSEBS RVF %JPT FT BD
UP QVSP )FJEFHHFS FOUJFOEF RVF FTF FOUF TVQSFNP FT UBNCJO QVSP
QSFTFOUF Z RVF QPS UBOUP EFTEF FTB DPODFQDJO EFM FOUF NT QFSGFDUP
OP TF QVFEF QFOTBS PUSB DPTB RVF OP TFB QSFTFOUF %F FTUB NBOFSB
UBNCJO MB DPODFQDJO NFEJFWBM DSJTUJBOB DPOUSJCVZF B BBO[BS FM QSF
TFODJBMJTNP EF MB NFUBGTJDB ZB PQFSBUJWP FO MB MPTPGB QMBUOJDB Z
BSJTUPUMJDB &M TVNNVN FOT FTU DBSBDUFSJ[BEP QPS MB PNOJQSBFTFO
UJB
%FTEF MB USBTGPSNBDJO EFM TFS FO BDUVBMJUBT QVFEF FY

QMJDBSTF MB DSFBDJO EJWJOB Z FM FGFDUVBS IVNBOP
4J TF IB JOUFSQSFUBEP MB DPNP BDUVBMJUBT EF FTUB FRVJQB

SBDJO TF EFSJWBO DPOTFDVFODJBT EF OP QPDB JNQPSUBODJB Z RVJ[ VOB
EF MBT NT TJHOJDBUJWBT TFB MB EF FOUFOEFS BM FOUF UBM DPNP MP JOEJ
DB )FJEFHHFS DPNP MP SFBM FGFDUJWP &M NVOEP DSJTUJBOP JSSVNQF DPO
GVFS[B USBOTGPSNBEPSB FO MB IJTUPSJB Z CVTDB VOB GVOEBNFOUBDJO NF
UBGTJDB &M TFS USBOTGPSNBEP FO BDUVBMJUBT EB BM FOUF FO TV UPUBMJEBE
FTF SBTHP GVOEBNFOUBM EFM RVF QVFEF BQPEFSBSTF FM SFQSFTFOUBS EF MB
DSFFODJB CCMJDPDSJTUJBOB FO MB DSFBDJO QBSB BTFHVSBSTF MB KVTUJDB
DJO NFUBGTJDB
"RV TF QVFEF BQSFDJBS DNP )FJEFHHFS FOUJFOEF RVF FM QFOTBS
DSJTUJBOP TF BQSPQJB EF MB MPTPGB HSJFHB QBSB GVOEBNFOUBS TV NPEP
EF WFS FM NVOEP JODMVTP EF QPEFS EBS VOB FYQMJDBDJO BDPSEF DPO MB
*C
*C Q

"OMJTJT UFYUVBM
MPTPGB EF MP FTDSJUP FO MB #JCMJB 1PS PUSB QBSUF BM TFS DPNQSFOEJEP

FM TFS DPNP BDUVBMJUBT MP DJFSUP FT RVF ZB TFHO MB JOUFSQSFUBDJO IFJ
EFHHFSJBOB FO FM TFOUJEP EF MB SFBMJEBE FGFDUJWB
Z TFSWJS DPNP KVTUJ
DBDJO NFUBGTJDB UBNCJO FM FOUF FT FYQMJDBEP EF FTUB NBOFSB JODMVTP
GVFSB EF DVBMRVJFS JOUFSQSFUBDJO SFMJHJPTB
-B QSFQPOEFSBODJB EF MB EFUFSNJOBDJO EFM TFS DPNP

SFBMJEBE FGFDUJWB BIPSB JONFEJBUBNFOUF DPNQSFOEJEB QB
SB DVBMRVJFSB TF DPOTPMJEB EF NBOFSB UBM RVF NVZ QSPOUP
B MB JOWFSTB MB TF DPNQSFOEF EFTEF MB BDUVBMJ
UBT Z MB FTFODJBM BDVBDJO HSJFHB SFTVMUB EFOJUJWBNFOUF
EFTHVSBEB F JOBDDFTJCMF EFTEF MB JOUFSQSFUBDJO SPNBOB
EFM TFS
&T EFDJS B KVJDJP EF )FJEFHHFS OP TMP TF IB QFSEJEP FM TJHOJ

DBEP PSJHJOBM TJOP RVF TF FOUJFOEF MP PSJHJOBSJP B QBSUJS EF MP BDUVBM
EF MB BDUVBMJUBT NFEJFWBM EF FTUB GPSNB FT EJGDJM QPEFS BDDFEFS BM
QMBOUFBNJFOUP PSJHJOBM EF "SJTUUFMFT QVFT UBNCJO TUF IB DBEP FO
FM PMWJEP
$PO SFMBDJO B MP RVF FTUBNPT USBUBOEP IBZ RVF EFTUBDBS VOB DVFT
UJO GVOEBNFOUBM MB SFBMJEBE FGFDUJWB FTU WJODVMBEB B TV QSPQJB FGFDUJ
WJEBE QFSP OP UJFOF VO ODMFP TVCKFUVBM WJODVMBEP MP RVF CJFO NJSBEP
JNQJEF MB VOJEBE JOEJTPMVCMF EF MB BOUJHVB Z SFWJFSUF FO MB QPTJCJ
MJEBE EF VO EVBMJTNP RVF MMFHBS B IBDFSTF SFBMJEBE 1PS FM DPOUSBSJP
FTUB VOJEBE FSB FNJOFOUF FO FM DBTP EF MB EF "SJTUUFMFT RVJ[
QPSRVF FMMB NJTNB FSB TVKFUP BVORVF TVKFUP EFUFSNJOBEP 5PEP FTUP
SFBQBSFDFS NT UBSEF FO FM QFOTBNJFOUP EF %FTDBSUFT QFSP BOUF UP
EP FO FM EF ,BOU BVORVF EF VO NPEP JOTPTQFDIBEP $PNP QPESFNPT
WFS FO TV NPNFOUP QBSFDF IBCFS FO ,BOU VOB SFDVQFSBDJO USBOT
GPSNBEPSB Z EF DBSDUFS USBTDFOEFOUBM EFM BSJTUPUMJDP
*C
&O FM DVBSUP DBQUVMP EF FTUB TFHVOEB QBSUF EFEJDBEP B MB USBOTGPSNBDJO LBO
UJBOB EFM FO TVKFUP

-P RVF TF IBCB MMFWBEP B DBCP FO 4FS Z UJFNQP BVORVF UBNCJO

FO PQJOJO EF )FJEFHHFS OP EFM UPEP DPNQMFUP GVF MB EFTUSVDDJO EF
MB IJTUPSJB EF MB NFUBGTJDB FO MB GPSNB EF VOB EFDPOTUSVDDJO "IPSB
)FJEFHHFS WVFMWF B SFUPNBS FTUF BTVOUP
&O FMMP TF GVOEB MB OFDFTJEBE EF MB EFTUSVDDJO EF

FTF FODVCSJNJFOUP RVF TVSHJ BM WPMWFSTF OFDFTBSJP VO QFO
TBS EF MB WFSEBE EFM TFS 1FSP FTB EFTUSVDDJO MP NJTNP
RVF MB GFOPNFOPMPHB Z UPEP QSFHVOUBS IFSNFOVUJDP
USBTDFOEFOUBM OP FTU BO QFOTBEB FO FM TFOUJEP EF MB
IJTUPSJB EFM TFS
4JHVJFOEP FM QMBOUFBNJFOUP RVF TF FTUBCMFDF FO FM BQBSBUBEP DPSSFT

QPOEJFOUF BM EF FTUF DPNFOUBSJP )FJEFHHFS SFDVQFSB EPT QBTBKFT EF
MB .FUBGTJDB EF "SJTUUFMFT QBSB FYQMJDBS DNP BQBSFDF FO FM NVOEP
HSJFHP FM DPODFQUP EF MB FYJTUFODJB /P DBCF OJOHVOB FYQMJDBDJO BV
UOPNB EF MB FYJTUFODJB TJ OP TF QVFEF DPODFCJS VO BMHP RVF TF TJUF
GVFSB FT EFDJS GVFSB EFM QFSDJCJS IVNBOP TFHO JOUFSQSFUB )FJEFHHFS
B "SJTUUFMFT -P OJDP RVF DBCF FOUFOEFS BT EFOUSP EFM QMBOUFBNJFO
UP BSJTUPUMJDP FT MB MP RVF QSFTFODJB EFTEF T FO TV QSPEVDDJO
MP
&TUF QBTBKF DPNP JOEJDB FM QSPQJP )FJEFHHFS MF WB B QFSNJUJS EF
SJWBS FM USNJOP MBUJOP EF FYTJTUFOUJB EF MPTPGB EFM FTUBHJSJUB 1FSP
MP RVF MB DPODFQDJO JOJDJBM EF TJHOJDBCB DPNP ZB TF IB WJTUP
FO MB MPTPGB QSFTPDSUJDB DPO "OBYJNBOESP Z )FSDMJUP FOUSF PUSPT
TF WB B USBOTGPSNBS DPO 1MBUO FO VOB BEFDVBDJO EFM QFSDJCJS
FTUP RVJFSF EFDJS RVF ZB EFTEF FM QSPDFEFS QMBUOJDP TF QVFEF SFQBSBS
*C Q
*C

"OMJTJT UFYUVBM
FO MB BQBSJDJO EF MB WFSEBE DPNP BEBFRVBUJP VOB DPODFQDJO RVF WB

B QFSEVSBS B MP MBSHP EF MB IJTUPSJB EF MB MPTPGB
"IPSB CJFO VOB DPOTJEFSBDJO BVUOPNB EF MB FYJTUFODJB QBSFDF
OP UFOFS EFNBTJBEP TFOUJEP FO VO NVOEP OFDFTBSJP DPNP FT FM DBTP EFM
VOJWFSTP HSJFHP 4JO FNCBSHP TVDFEF RVF BM BQBSFDFS FM DSJTUJBOJTNP
DPO TV OFDFTJEBE EF EBS VOB FYQMJDBDJO B MB DSFBDJO EJWJOB TF IVCP
EF FTUBCMFDFS VO GVFSB BMHP RVF TF TJUF BM PUSP MBEP EFM $SFBEPS &T
BT DPNP BQBSFDF VO EVBMJTNP OVFWP FM EF MBT DSJBUVSBT Z FM $SFBEPS
5PEP FTUP MP QPOF EF NBOJFTUP )FJEFHHFS FO FM TJHVJFOUF QBTBKF
&M FYUSB OP TF SFFSF ZB DPNP FM BSJTUPUMJDP B MB

BM QFSDJCJS IVNBOP TJOP B MB DBVTBDJO FO DVSTP
SFBMJEBE FGFDUJWB
&YTJTUFOUJB FT BDUVBMJUBT FO FM TFOUJ
EP EF MB SFT FYUSB DBVTBT FU OJIJMVN TJTUFOUJB EF VO TFS
FDJFOUF RVF USBTMBEB BMHP BM BGVFSB EF MB DBVTBDJO Z
MB SFBMJ[BDJO BM TFS FGFDUVBEP Z EF FTUF NPEP TVQFSB MB
OBEB FT EFDJS MB GBMUB EF MP SFBM

4VSF[ EF OVFWP MB BDUVBMJUBT DPNP DBVTBMJUBT
"M JOEBHBS FO MBT GVFOUFT EF MB NFUBGTJDB NPEFSOB FT OFDFTBSJP

QSPDFEFS DPO DVJEBEP QBSB OP JHOPSBS MB QSFTFODJB EF JEFBT Z QFOTBEP
SFT RVF BVORVF IBO QPEJEP QBTBS JOBEWFSUJEBT FO BMHVOB NFEJEB
IBO
DPOHVSBEP EF NBOFSB EFDJTJWB TV QFSM 1VFT CJFO VOP EF MPT BVUP
SFT NT EFDJTJWPT IB TJEP 'SBODJTDP 4VSF[ RVF DPO TVT %JTQVUBUJPOFT
NFUBQIZTJDBF TJFOUB MBT CBTFT EFM QPTUFSJPS SBDJPOBMJTNP EPHNUJDP
BMFNO DVZPT QSJODJQBMFT SFQSFTFOUBOUFT TPO -FJCOJ[ Z 8PM "T
*C Q

&O &M TFS Z MPT MTPGPT TPTUJFOF (JMTPO MP RVF TJHVF -B JOVFODJB EF 4VSF[ FO
FM EFTBSSPMMP EF MB NFUBGTJDB NPEFSOB IB TJEP NVDIP NT QSPGVOEB Z FYUFOTB EF
MP RVF DPNONFOUF TF QJFOTB /BUVSBMNFOUF IB BMDBO[BEP FO QSJNFS MVHBS B MPT
MTPGPT FTDPMTUJDPT EFM TJHMP 97** RVF UBO FTDBTPT MFDUPSFT FODVFOUSBO IPZ FO
EB BVORVF IBO FKFSDJEP VOB JOVFODJB OPUBCMF FO FM EFTBSSPMMP EFM QFOTBNJFOUP
NFUBGTJDP " USBWT EF FMMPT 4VSF[ TF IB IFDIP SFTQPOTBCMF EF MB FYQBOTJO

MP SFDPOPDF )FJEFHHFS &O TVT %JTQVUBUJPOFT NFUBQIZTJDBF DVZP JO

VKP FO FM DPNJFO[P EF MB NFUBGTJDB NPEFSOB TF IB WVFMUP FOUSFUBOUP
NT FWJEFOUF EJDF 4VSF[ MP TJHVJFOUF TPCSF MB FYTJTUFODJB
/P DBCF EVEB FM QFOTBNJFOUP TVBSFDJBOP IB TJEP EFUFSNJOBOUF FO
MB IJTUPSJB EF MB NFUBGTJDB Z QPS FTUB SB[O TF UFOESO RVF IBDFS VOB
TFSJF EF BDMBSBDJPOFT &M UFNB RVF OPT PDVQB FO FTUF UFYUP OP TF EFCF
PMWJEBS FT MB EJGFSFODJB FTUBCMFDJEB FOUSF FM RV FT Z FM RVF FT FT EFDJS
FOUSF MB FTFODJB Z MB FYJTUFODJB 5PEPT MPT QFOTBEPSFT IBO EF TFS DPO
TJEFSBEPT FO SFMBDJO B PUSPT RVF IBCJUVBMNFOUF TVFMFO TFS SFGFSFOUFT
QPMNJDPT Z FO FTUF DBTP MB DPODFQDJO TVBSFDJBOB IB EF FOUFOEFSTF
FO SFMBDJO B MB JOUFSQSFUBDJO EF TBOUP 5PNT TUF DSFB VO NVOEP EF
FTFODJBT Z FYJTUFODJBT MB TVTUBODJB FTFODJB
UJFOF DPNP CBTF MB DPO
DFQDJO BSJTUPUMJDB RVF DPNP TF IB WJTUP OP BENJUF MB DPOUJOHFODJB
&M QFOTBEPS EF "RVJOP IB EF NPEJDBS FM VOJWFSTP BSJTUPUMJDP QBSB
EBS FOUSBEB B MB DPOUJOHFODJB Z MB DSFBDJO %F FTUF BTVOUP UFOESFNPT
PDBTJO EF PDVQBSOPT DPO NT EFUFOJNJFOUP FO FM FQHSBGF EF MB
DPOGSPOUBDJO RVF TJHVF B FTUF BOMJTJT UFYUVBM
0OUPUFPMPHB
&TUB FYQSFTJO IFJEFHHFSJBOB BQBSFDF B NFOVEP FO TVT UFYUPT :B

TBCFNPT RVF DPOTUJUVZF VO FMFNFOUP OVDMFBS EF TV DSUJDB B MB NF
UBGTJDB &O FTUF DBTP TF QVFEF BQSFDJBS DNP )FJEFHHFS IBDF MBT
DPSSFTQPOEJFOUFT BMVTJPOFT B MB POUPUFPMPHB FTUP FT BM EJTDVSTP TPCSF
FM FOUF TVQSFNP FT EFDJS %JPT "MHP RVF SFTVMUB UPUBMNFOUF DPIFSFOUF
DPO MP RVF IB JEP FYQPOJFOEP IBTUB FM NPNFOUP &M BVUPS EFM /JFU[TDIF
** TF FYQSFTB EF MB TJHVJFOUF NBOFSB
EF VOB NFUBGTJDB EF MBT FTFODJBT RVF QSPGFTB MB EFTBUFODJO EF MBT FYJTUFODJBT

DPNP JSSFMFWBOUFT QBSB TV QSPQJP PCKFUP & (JMTPO &M TFS Z MPT MTPGPT &VOTB
1BNQMPOB j FE USBE 4BOUJBHP 'FSOOEF[ #VSJMMP QQ
$G *C Q

$POGSPOUBDJO DPO MB UFPSB UPNBTJBOB Z TVBSFDJBOB BDFSDB EF MB EJTUJODJO SFBM
1FSP QVFTUP RVF MB UPUBMJEBE EFM FOUF FT MP FGFDUVBEP

FDJFOUF EF VO FGFDUVBOUF QSJNFSP MB UPUBMJEBE EFM FOUF SF
DJCF VOB FTUSVDUVSB QSPQJB RVF TF EFUFSNJOB DPNP DPSSFT
QPOEFODJB EF MP FGFDUVBEP EFM DBTP DPO FM FGFDUVBOUF FO
DVBOUP FOUF TVQSFNP
5PEP MP SFBM FGFDUJWP TF QPOF FO SFMBDJO DPO FM FOUF TVQSFNP Z FO

DPOTFDVFODJB OP UFOFNPT VOB IJTUPSJB EFM TFS TJOP MB IJTUPSJB EFM TFS
TJFNQSF SFGFSJEB BM FOUF QPS FYDFMFODJB B MB DBVTB QSJNFSB RVF FTU
GVFSB Z QFSNJUF MB TBMJEB EF MB OBEB
-P RVF ZB IB TVDFEJEP MB USBOTGPSNBDJO EF MB FO BDUVB
MJUBT OP UJFOF ZB WVFMUB BUST QFSP QJFOTB )FJEFHHFS QVFEF SFDPS
EBSTF &TUP FT FM PMWJEP T QVFEF FYQFSJNFOUBSTF BVORVF FM EFTUJOP
DVNQMJEP EF MB NFUBGTJDB IBZB MMFHBEP B TV O 1FSP QPS RV 1PS
RVF TF IB JEFOUJDBEP MP SFBM FGFDUJWP DPO MP FYJTUFOUF :B OP RVFEB
OBEB EF MP RVF MB TJHOJD FO TV NPNFOUP FT EFDJS FM EFT
PDVMUBNJFOUP RVF DPCJKB MB DPOTJEFSBDJO EFM FOUF DPNP SFBMJEBE
FGFDUJWB BOVMB UPEB QPTJCJMJEBE EF DPOUBDUP DPO FTF TFOUJEP PSJHJOBSJP
MB IJTUPSJB EFM TFS FNQSFOEF VOB OVFWB EFSJWB TJO SFUPSOP
$POGSPOUBDJO DPO MB UFPSB UPNBTJBOB Z TVB

SFDJBOB BDFSDB EF MB EJTUJODJO SFBM
5PNT EF "RVJOP Z MB EJTUJODJO SFBM
:B TF IB EFTUBDBEP FO FM BQBSUBEP BOUFSJPS DNP MB JSSVQDJO EFM

DSJTUJBOJTNP FO MB IJTUPSJB JNQMJDB MB OFDFTJEBE EF FYQMJDBS MB DSFBDJO
Z DPO FMMP EF EBS SB[O EF MB DPOUJOHFODJB EF MBT DSJBUVSBT FO SFMBDJO
DPO TV $SFBEPS &TUF UJQP EF QSFPDVQBDJO MB QPEFNPT WFS SFFKBEB FO
FM QFOTBNJFOUP EF "HVTUO EF )JQPOB RVJO ZB QSPQVTP VOB QSJNFSB
*C
*C

FYQMJDBDJO 5PNT EF "RVJOP IFSFEB FTUB DVFTUJO RVF IBCB TJEP

BCPSEBEB EF NBOFSB TPMWFOUF QPS TV HSBO QSFEFDFTPS
-P DJFSUP FT RVF MB QSPCMFNUJDB RVF HFOFSBCB MB SFFYJO BDFSDB
EF MB DSFBDJO FSB EF UBM FOWFSHBEVSB RVF OP TF QSFTUBCB B TPMVDJPOFT
PNOJBCBSDBOUFT &TUP FYQMJDB RVF VOB WF[ RVF 5PNT EF "RVJOP IB
DPOPDJEP F JODPSQPSBEP MB MPTPGB EF "SJTUUFMFT RVJFSB DPOUBOEP
DPO TVT WBMJPTBT BQPSUBDJPOFT BVORVF TJO SFOVODJBS B MP ZB FMBCPSB
EP QPS "HVTUO DPOUJOVBS QSPGVOEJ[BOEP FO MB NJTNB DVFTUJO -B
DSFBDJO DPNP UBM IBCB RVFEBEP FYQMJDBEB EF GPSNB QBSBEJHNUJDB
QPS "HVTUO DPNP DSFBUJP FY OJIJMP TVJ FU TVCKFDUJ -P RVF SFTUBCB QPS
DPNQSFOEFS FSB NT CJFO RV UJQP EF SFBMJEBE P RV HSBEP EF SFBMJEBE
DBCB SFDPOPDFS B MBT DSJBUVSBT -P RVF FSB QSFDJTP FOUFOEFS FSB DNP
TJFOEP %JPT MB QMFOJUVE EFM TFS FM *QTVN FTTF TVCTJTUFOT FSB B MB WF[
QSJODJQJP EF UPEP FM TFS EF UPEP MP RVF IBZ QSJODJQJVN UPUJVT FTTF

BENJUJFOEP ZB EF QBSUJEB RVF MP DSFBEP FT OP FO TFOUJEP HVSBEP P
BNJOPSBEP TJOP RVF FYJTUFOUF DPO VOB FOUJEBE Z DPOTJTUFODJB RVF MF
TPO QSPQJBT
5PNT BGSPOUB FM SFUP FTUBCMFDJFOEP VOB EJGFSFODJBDJO FOUSF FTFO
DJB Z FYJTUFODJB B MB RVF TF MMBNBS QPTUFSJPSNFOUF EJTUJODJO SFBM
1BSB FOUFOEFS FM DBNCJP EF DPTNPWJTJO FO TBOUP 5PNT SFTQFDUP EF
"SJTUUFMFT IBZ RVF SFDPSEBS RVF FO FM VOJWFSTP EFM FTUBHJSJUB MBT TVT
UBODJBT FYJTUBO QPS T NJTNBT TF USBUBCB EF VO NVOEP GTJDP EPO
EF MBT TVTUBODJBT P FOUJEBEFT EF BDVFSEP DPO FM NPEFMP EF MB
FSBO 4JO FNCBSHP TUB OP FT TFHO TF BDBCB EF NPTUSBS

MB WJTJO EF 5PNT 1BSB EBS DVFOUB EFM TFS EFM $SFBEPS RVF OP
NFSNB OJ TF DPNQBSUF DPO MP DSFBEP
Z EF MBT DSJBUVSBT RVF TPO WFS
EBEFSBNFOUF
FM QFOTBEPS MBUJOP WB B SFDVSSJS B MBT NFUBDBUFHPSBT
BSJTUPUMJDBT EF QPUFODJB Z BDUP BVORVF MBT IBHB PQFSBUJWBT FO VO DPO
UFYUP CJFO EJTUJOUP BM RVF IVCJFSB QPEJEP JNBHJOBS FM FTUBHJSJUB -P RVF
5PNT WB B EFGFOEFS FT RVF IBZ VOB EJGFSFODJB FOUSF FTFODJB Z FYJT
" KVJDJP EF (JMTPO MB NFUBGTJDB FNQJF[B FO FM NPNFOUP FO FM RVF MB FYJTUFODJB

OP TF EB QPS TVQVFTUB $G & (JMTPO PQ DJU QQ

UFODJB Z RVF BNCBT TPO DPQSJODJQJPT EFM TFS " DPOUJOVBDJO FYQPOHP
DPO NT EFUBMMF MP RVF BDBCP EF FOVODJBS
-PT DBQUVMPT -*** Z -*7 EF MB 4VNB DPOUSB MPT HFOUJMFT USBUBO EF
MB DPNQPTJDJO EF MBT TVTUBODJBT " FTUF SFTQFDUP IBZ RVF UFOFS FO
DVFOUB RVF TFHO 5PNT EF "RVJOP OP FT MP NJTNP MB DPNQPTJDJO
EF NBUFSJB Z GPSNB RVF MB EF FTFODJB MB BOUJHVB TVTUBODJB BSJTUPUMJ
DB
Z TFS BVORVF FO EFOJUJWB BNCBT TF QVFEBO SFDPOEVDJS BVORVF
OP EFM NJTNP NPEP B MB FTUSVDUVSB EF QPUFODJB Z BDUP &T DJFSUP RVF
QBSB FYQMJDBS TV QVOUP EF WJTUB FM EF "RVJOP TF BQPZB UBNCJO FO MB
UFPSB IJMFNSDB EF "SJTUUFMFT TUB MF CBTUB IBTUB VO QVOUP QFSP
OP BMDBO[B QBSB EBS SB[O EF MB DSFBDJO 1BSB MPHSBSMP SFDVSSF EF VO
NPEP OVFWP BM BDUP Z QPUFODJB MP RVF MF QFSNJUF FTUBCMFDFS MB EJGFSFO
DJB FOUSF FM FTTF DPNP BDUP Z MB FTFODJB DPNP QPUFODJB 1FSP FO RV
TF EJGFSFODJB FTUB DPNQPTJDJO RVF MB EFM FTUBHJSJUB TUBT TPO BMHVOBT
EF MBT SB[POFT
-B NBUFSJB OP FT MB TVTUBODJB EF MB DPTB ZB RVF FOUPODFT

MBT GPSNBT TFSBO BDDJEFOUFT Z FTP OP FT MP RVF M QSFUFOEF EBS
B FOUFOEFS
&M TFS OP FT FM BDUP QSPQJP EF MB NBUFSJB TJOP EF MB TVTUBODJB

EFM UPEP MP RVF BDUVBMJ[B MB NBUFSJB FT MB GPSNB ZB RVF MB
NBUFSJB FT QVSB QPUFODJB
5BNQPDP MB GPSNB FT FM TFS TJFNQSF IBZ VOB SFGFSFODJB

DPOTUBOUF QFSP OP TF IB EF FRVJQBSBS BNCBT DPTBT
&M TFS DPO SFTQFDUP B MB GPSNB FT DPNP FM BDUP SFTQFDUP EF

MB QPUFODJB &TUP FT FM TFS PQFSB DPNP FM BDUP
5PNT EF "RVJOP 4VNB DPOUSB MPT HFOUJMFT * MJCSPT Z #"$ .BESJE
DBQUVMP -*7 Q
*C
*C
*C

&O EFOJUJWB MP RVF IB PDVSSJEP FT RVF MB BOUJHVB EF "SJT

UUFMFT USBEVDJEB DPNP TVTUBODJB QPS MPT NFEJFWBMFT FT BIPSB MB
DBVTB GPSNBM Z FM TFS MB DBVTB FDJFOUF 1BSB RVF FYJTUB VO TFS DSFBEP
OFDFTJUBNPT EF BNCBT DPODBVTBT MB GPSNBM Z MB FDJFOUF Z QPS FTP
TF EJDF RVF TPO EPT DPQSJODJQJPT RVF DPNP UBMFT TPO JOTFQBSBCMFT
-B EJTUJODJO NT SBEJDBM FO MBT DSJBUVSBT FT MB RVF FYJTUF FOUSF MB
FTFODJB FTTFOUJB
RVF FT QPUFODJB Z FM BDUP EF TFS BDUVT FTTFOEJ
RVF FT BDUP &TUB SFMBDJO RVF MP FT EF DPQSJODJQJPT FT MB NJTNB

RVF EF EB FOUSF MB DBVTB GPSNBM GPSNB FTFODJB
Z MB DBVTB FDJFOUF
FYJTUFODJB BDUP EF TFS
Z MP FT EF UBM NBOFSB RVF
%PRVJFS TF IBMMBO EPT DPTBT EF MBT DVBMFT VOB FT DPN

QMFNFOUP EF MB PUSB MB SFMBDJO FOUSF BNCBT FT DPNP MB
SFMBDJO EF MB QPUFODJB Z FM BDUP QVFT OBEB TF DPNQMFUB
TJOP QPS FM QSPQJP BDUP
-P RVF 5PNT OPT NVFTUSB FO FTUF DBQUVMP FT RVF FM TFS FTU FO

MBT TVTUBODJBT DSFBEBT DPNP VO BDUP EF MBT NJTNBT EF UBM NBOFSB RVF
MP RVF SFDJCF FM BDUP FT MB QPUFODJB Z FO DPOTFDVFODJB FO DVBMRVJFS
TVTUBODJB DSFBEB IBZ BDUP Z QPUFODJB
1BSB QPEFS EBS DVFOUB EF MB DSFBDJO Z MB DPOUJOHFODJB 5PNT IB
EJTUJOHVJEP EFOUSP EF MP DSFBEP FOUSF MB DBVTB GPSNBM Z MB DBVTB F
DJFOUF MB DBVTB GPSNBM TF JEFOUJDB BIPSB DPO MB GPSNB DPO MB FTFODJB
FO EFOJUJWB DPO MB EF "SJTUUFMFT
Z MB DBVTB FDJFOUF DPO FM
BDUP DPO MP RVF 5PNT EFOPNJOB FM BDUP EF TFS P FTTF %JPT PUPSHB
MB FYJTUFODJB BM TFS IVNBOP Z B UPEBT MBT DSJBUVSBT QVFTUP RVF TUBT
TPO JODBQBDFT EF PUPSHSTFMB B T NJTNBT BVORVF CBTUB DPO VO BDUP
JOUFNQPSBM EF DSFBDJO QPS QBSUF EFM $SFBEPS QBSB DPOTFSWBSMBT FO
TV FYJTUFODJB RVF FT DPOWJFOF QSFDJTBSMP MB EF TFSFT OJUPT DPOUJO
HFOUFT

*C DBQUVMP -*** Q

*C QQ
$G & (JMTPO PQ DJU Q -P RVF 5PNT EF "RVJOP FOUJFOEF QPS DBVTB
GPSNBM Z DBVTB FDJFOUF FT FO QBMBCSBT EF (JMTPO MP TJHVJFOUF -B DBVTBMJEBE

-P DFOUSBM EF MB UFPSB BDFSDB EF MB FTFODJB Z MB FYJTUFODJB Z EF

TV EJTUJODJO FT RVF MB DBVTB GPSNBM Z MB FDJFOUF TPO SFDQSPDBT FO
FM QSFDJTP TFOUJEP EF TV DPQFSUFOFODJB MP RVF TF IB FYQMJDBEP FO TUF
Z PUSPT DPOUFYUPT BSNBOEP RVF TPO DPODBVTBT FT EFDJS RVF OP IBZ
EPT SFBMJEBEFT EJTUJOUBT RVF FM TFS OP FT VOB DPTB EJTUJOUB FO T NJT
NB EF MB FTFODJB DPNP TJ EF VO BBEJEP B TUB TF USBUBSB "VORVF
DPNP DPQSJODJQJPT TPO JOTFQBSBCMFT B MB WF[ FTFODJB Z FYJTUFODJB
TPO EJTUJOUBT 1VFTUP RVF SFQSFTFOUBO NPEPT EF DBVTBMJEBE JSSFEVD
UJCMFNFOUF EJTUJOUPT MB FTFODJB Z MB FYJTUFODJB TPO JSSFEVDUJCMFNFOUF
EJTUJOUBT QFSP MB SFBMJEBE EF TV EJTUJODJO QSFTVQPOF TV DPNQPTJDJO
FTUP FT QSFTVQPOF MB SFBMJEBE BDUVBM EF MB DPTB
-VFHP MB MMBNBEB EJTUJODJO SFBM EF 5PNT EF "RVJOP FT FO UPEPT
MPT TFOUJEPT SFBM ZB RVF QSPWJFOF EF MB EJTUJODJO EF TVT DBVTBT GPSNBM
Z FDJFOUF : UBNCJO MB DPNQPTJDJO EF FTFODJB Z FYJTUFODJB FT SFBM
ZB RVF FM BDUP EF FYJTUJS FT MP RVF QSFDJTBNFOUF IBDF RVF UBM DPTB TFB
4JO FNCBSHP FMMP OP JNQMJDB FO NPEP BMHVOP RVF FTFODJB Z FYJTUFODJB
TF IBZBO EF FOUFOEFS DPNP EPT DPTBT TFQBSBEBT
1BSB DPODMVJS FTUB FYQPTJDJO CBTUBS DPO VOB BDMBSBDJO NT 4F
HO 5PNT UPEBT MBT TVTUBODJBT BEFNT EF TFS DSFBEBT Z QPS TFSMP
TF NBOUJFOFO FO VOB JOJOUFSSVNQJEB SFMBDJO DPO FM $SFBEPS RVF FT MB
RVF MFT NBOUJFOF FO FM TFS 1PS UBOUP MP RVF TF IB EF FOUFOEFS FT RVF
TPMP %JPT FT FTFODJBMNFOUF TFS Z RVF UPEP MP EFNT QBSUJDJQB EF TV
TFS " EJGFSFODJB EF "SJTUUFMFT B RVJFO MF CBTUBCB DPO MB GPSNB
FTQFDDB
QBSB RVF BMHP RVFEBSB DPOTUJUVJEP DPNP TVTUBODJB
FT EFDJS DPNP VO TFS JOEJWJEVBM RVF FT FO T Z QPS T
FM QFOTBEPS
EF "RVJOP OFDFTJUBCB BMHP NT 1VFTUP RVF QBSUB EF RVF FM VOJWFSTP
GPSNBM FT MB RVF IBDF B MBT DPTBT TFS MP RVF TPO Z FO DJFSUP NPEP UBNCJO MFT
IBDF TFS QVFTUP RVF QBSB TFS UPEP TFS UJFOF RVF TFS VO RV 1FSP MB DBVTBMJEBE
GPSNBM EPNJOB FM SFJOP DPNQMFUP EF MB TVTUBODJB Z TV FGFDUP QSPQJP FT MB TVT
UBODJBMJEBE NJFOUSBT RVF MB DBVTBMJEBE FDJFOUF FT BMHP UPUBMNFOUF EJGFSFOUF
/P IBDF B MPT TFSFT TFS MP RVF TPO MFT IBDF TFS *C QQ
*C Q
*C
5PNT EF "RVJOP 4VNB DPOUSB MPT HFOUJMFT PQ DJU Q

OP FT OFDFTBSJP OJ UBNQPDP MPT TFSFT OJUPT FOUFOEB RVF UPEPT FMMPT

QSFDJTBCBO EF VOB DBVTB RVF MFT EJFSB FM TFS FTUP FT SFTVMUBCB JNQSFT
DJOEJCMF MB JOUFSWFODJO EF MB DBVTB DBVTBSVN EF %JPT BVUPS EF UPEP
MP DSFBEP RVF QPOF B TVT DSJBUVSBT FO FM TFS
" NJ KVJDJP )FJEFHHFS OP BDBCB EF IBDFSTF DBSHP EF FTUF QMBO

UFBNJFOUP OJ EF SFDPOPDFSMP FO TVT BVUOUJDBT EJNFOTJPOFT BM FTUBS
UBO EFDJTJWBNFOUF NBSDBEP QPS MB USBEJDJO MFJCOJ[JBOPXPMBOB RVF
SFDJCF TV GVOEBNFOUBDJO EF MB NFUBGTJDB EF 'SBODJTDP 4VSF[
5BO
FT BT RVF FM QFOTBEPS EF 'SJCVSHP JOUFSQSFUB MB BDUVBMJUBT RVF DP
NP TF BDBCB EF WFS FT FOUFOEJEB EF VOB NBOFSB EJGFSFOUF B DPNP M
MB FYQPOF FO FM /JFU[TDIF ** BM NPEP FO RVF MP IJ[P 4VSF[ 1FSP
TJ IFNPT EF BUFOFSOPT BM NFOPT FO MB NFEJEB FO RVF TFB QPTJCMF
B
MB SFBMJEBE IJTUSJDB RVF )FJEFHHFS BCPSEB DPO QSPQTJUP HFOFBM
HJDP QBSB EJMVDJEBS MB IJTUPSJB EF BMHP UBO EFDJTJWP DPNP FT MB IJTUPSJB
EFM PMWJEP EFM TFS DPNP NFUBGTJDB FOUPODFT MP RVF DPSSFTQPOEF IB
DFS FT CVTDBS MBT EJGFSFODJBT FOUSF BNCBT MPTPGBT MB EF 4VSF[ Z
MB EF TBOUP 5PNT QBSB FOUFOEFS RV EFDBO VOP Z PUSP BDFSDB EF
MB EJGFSFODJB FOUSF FTFODJB Z FYJTUFODJB 5BNCJO QPS FTUF NPUJWP B
DPOUJOVBDJO TF IB EF MMFWBS B DBCP MB DPOGSPOUBDJO DPO FM QFOTBEPS
SFOBDFOUJTUB
4VSF[ Z MB EJTUJODJO EF SB[O
%FTQVT RVF 5PNT EF "RVJOP FTUBCMFDJFSB MP RVF NT UBSEF MB

USBEJDJO FTDPMTUJDB EFOPNJO EJTUJODJO SFBM 4VSF[ MB SFEVKP B VOB
NFSB EJTUJODJO EF SB[O 4F USBUB EF BMHP RVF FTU FO MB MOFB BVORVF
FT NT SBEJDBM UBNCJO QPS TVT DPOTFDVFODJBT
DPO FM QBTP QSFWJP RVF
FO FTUB EJSFDDJO IBCB EBEP &TDPUP DPO TV EJTUJODJO NPEBM
&O SFBMJEBE UPEP QBSFDF JOEJDBS RVF 4VSF[ OP FODVFOUSB MB OF
DFTJEBE EF FTUBCMFDFS EJGFSFODJB BMHVOB FOUSF FTFODJB Z FYJTUFODJB &O
EFOJUJWB MP RVF IBZ FO TV PQJOJO TPO FTFODJBT RVF DVBOEP FYJTUFO
UJFOFO VO NPEP QBSUJDVMBS EF TFS MB FYJTUFODJB &TUP FT MB BDUVBMJ
UBT OP FT NT RVF VO DBTP QBSUJDVMBS EF FTB QPTJCJMJEBE EF TFS RVF FT

MB FTFODJB &O TVT %JTQVUBDJPOFT NFUBGTJDBT EFFOEF RVF OP QVF

EF QFOTBSTF DBSBDUFSTUJDB BMHVOB RVF DPOTUJUVZB BM TFS SFBM FO FM TFS
EF MB FYJTUFODJB Z RVF OP TF FODVFOUSF FO FM TFS EF MB FTFODJB BDUVBM
-VFHP TUF FT FM WFSEBEFSP TFS EF MB FYJTUFODJB &T EFDJS FM WFS
EBEFSP TFS EF MB FYJTUFODJB FT FM EF MB FTFODJB BDUVBM /P IBCSFNPT EF
DPODMVJS OBEB BBEJEP QPSRVF FTP NPEJDBSB B MB NJTNB FTFODJB BM
DPOUFOJEP RVJEJUBUJWP EF BMHP B TV 3FBMJUU
"T QBSFDF RVF MP FOUFO
EJFSPO TVT TVDFTPSFT SBDJPOBMJTUBT /P SFTVMUB EJGDJM DPODMVJS RVF DPO
FTUB DPODFQDJO EF MB FTFODJB FOUSBNPT EF MMFOP FO FM FTFODJBMJTNP RVF
DBSBDUFSJ[ FO CVFOB NFEJEB B MB NFUBGTJDB NPEFSOB
-PT TFSFT BDUVBMFT TPO TFHO 4VSF[ FTFODJBT QMFOBNFOUF SFBMJ
[BEBT Z OP IBZ OJOHO BBEJEP P TVQMFNFOUP BM FTUJMP EF MP RVF
MPT UPNJTUBT BM NFOPT FTP FSB MP RVF M FOUFOEB
QSFUFOEBO IBDFS
DPO MB FYJTUFODJB VOB FTFODJB OP QVFEF TFS TJOP BDUVBM P QPTJCMF Z MB
OJDB EJGFSFODJB FOUSF FTUBT EPT DPOEJDJPOFT FT RVF MP RVF FT BDUVBM FT
NJFOUSBT RVF MP RVF FT TMP QPTJCMF OP FT &O MBT %JTQVUBDJPOFT TV
BVUPS FYQPOF MB PQJOJO DPNO RVF M DPNQBSUF TFHO MB DVBM FTFODJB
Z FYJTUFODJB OP TF EJTUJOHVFO SFBMNFOUF
QPS NT RVF MB FTFODJB DPODFCJEB BCTUSBDUB Z QSFDJTJWB

NFOUF FO DVBOUP FTU FO QPUFODJB TF EJTUJOHB EF MB FYJT
UFODJB BDUVBM DPNP FM OP FOUF EFM FOUF +V[HP RVF FTU
TFOUFODJB BT FYQMJDBEB FT BCTPMVUBNFOUF WFSEBEFSB 4V
GVOEBNFOUP DPOTJTUF CSFWFNFOUF FO RVF VOB DPTB OP QVF
EF FTUBS DPOTUJUVJEB JOUSOTFDB Z GPSNBMNFOUF FO MB SB[O
EF FOUF SFBM Z BDUVBM QPS PUSB DPTB EJTUJOUB EF FMMB NJTNB
QPSRVF QPS FM IFDIP NJTNP EF EJTUJOHVJSTF VO FMFNFOUP
EF PUSP DPNP VO FOUF EF PUSP FOUF DBEB VOP QPTFF MB DPO
' 4VSF[ %JTQVUBDJPOFT NFUBGTJDBT WPMT (SFEPT #JCMJPUFDB )JTQOJDB EF

'JMPTPGB .BESJE FE 4 3CBEF 3PNFSP 4 $BCBMMFSP 4ODIF[ Z "
1VJHDFWFS ;BOO %JTQVUBDJO 999* 4FDDJO *7 Q
$G & (JMTPO PQ DJU QQ
*C Q

EJDJO EF FOUF DPNP EJTUJOUP EFM PUSP Z FO DPOTFDVFODJB

OP FT DPOTUJUVJEP GPSNBM F JOUSOTFDBNFOUF QPS M
&O FTUF UFYUP TF BQSFDJB DPO OJUJEF[ RVF FM QFOTBEPS HSBOBEJOP

FOUJFOEF RVF TFHO FM EF "RVJOP FTFODJB Z FYJTUFODJB TPO EPT DPTBT
EPT FOUFT DBEB VOP EF MPT DVBMFT QPTFF TV QSPQJB DPOEJDJO EF UBM
4J FTUP GVFSB BT UFOESB SB[O BM BSNBS RVF VO FOUF OP QVFEF FTUBS
DPOTUJUVJEP QPS FM PUSP 4JO FNCBSHP DPNP TF BDBCB EF NPTUSBS 5PNT
OP DPOTJEFSB FTFODJB Z FYJTUFODJB DPNP EPT FOUFT TJOP DPNP EPT DP
QSJODJQJPT NFUBGTJDPT
4VSF[ EFEJDB MB TFDDJO ** EF MB EJTQVUBDJO 999* B FYQPOFS TV
QMBOUFBNJFOUP B MB WF[ RVF DSJUJDB MBT EJDVMUBEFT RVF B TV KVJDJP TF
EFSJWBO EF MB EJTUJODJO SFBM $PNJFO[B QPS FTUBCMFDFS RVF MB FTFODJB EF
MB DSJBUVSB BOUFT EF TFS QSPEVDJEB QPS %JPT OP QPTFF TFS BMHVOP EF UBM
NBOFSB RVF BVO QSFTDJOEJFOEP EF MB FYJTUFODJB MB NJTNB FTFODJB OP
FT OBEB &TU DMBSP EFTEF MVFHP RVF FO FM VOJWFSTP DSJTUJBOP EF 4VSF[
MBT FTFODJBT DSFBEBT QPS %JPT OP QVFEFO DBSFDFS EF BMHP FO FTUF DBTP
EF MB FYJTUFODJB &TUP MF IBDF DPODMVJS BM QFOTBEPS SFOBDFOUJTUB RVF OP
QVFEF IBCFS EJTUJODJO SFBM
&M TFS QPS FM RVF MB FTFODJB TF DPOTUJUVZF FO MB BDUVBMJ

EBE EF MB FTFODJB OP QVFEF EJTUJOHVJSTF SFBMNFOUF EF FMMB
NJTNB TJ QVFT FTF PUSP TFS BM RVF PUSPT MMBNBO FYJTUFO
DJB FT SFBMNFOUF EJTUJOUP EF MB BDUVBMJEBE EF MB FTFODJB
OP QVFEF DPOTUJUVJSMB GPSNBMNFOUF FO UBM BDUVBMJEBE
" MP RVF FO MUJNP FYUSFNP WB B DPOEVDJS FTUB DPNQSFOTJO FT B

VOB OFUB EFWBMVBDJO EFM FTTF Z DPO FMMP FO EFOJUJWB EF MB FYJTUFODJB
$PNP WPZ B JOUFOUBS NPTUSBS B DPOUJOVBDJO MB QPTUVSB EF 4VSF[
SFJWJOEJDB FM TFS QBSB MB FTFODJB NJTNB
' 4VSF[ %JTQVUBDJPOFT NFUBGTJDBT PQ DJU 4FDDJO * Q &M TVCSBZBEP
FT NP
*C 4FDDJO *7 Q

&M TFS EF MB FYJTUFODJB OP FT NT RVF BRVFM TFS QPS FM

RVF GPSNBM F JONFEJBUBNFOUF RVFEB VOB FOUJEBE DPOTUJ
UVJEB GVFSB EF TVT DBVTBT EFKBOEP EF TFS OBEB Z DPNFO
[BOEP B TFS BMHP NBT FTUP NJTNP FT FM TFS QPS FM RVF VOB
DPTB TF DPOTUJUVZF GPSNBM F JONFEJBUBNFOUF FO MB BDUVBMJ
EBE EF MB FTFODJB MVFHP FT FM WFSEBEFSP TFS EF MB FYJTUFO
DJB
&TUP FT MB FYJTUFODJB OP DPOTJTUF TJOP FO FM TFS QVFTUP GVFSB FY

USB DBVTBT TVBT &M TFS QPS FM RVF VOB DPTB TF DPOTUJUVZF GPSNBMNFOUF
FT MB NJTNB FYJTUFODJB &M SFDVFSEP EF MB UFTJT EF ,BOU TFHO MB DVBM
FM TFS MB FYJTUFODJB OP FT TJOP QPTJDJO WJFOF JONFEJBUBNFOUF B MB
NFNPSJB
4VSF[ JOTJTUF QPSRVF RVJFSF FYQMJDBS DPO NT EFUBMMF MP RVF TPT
UJFOF FO FM UFYUP RVF TF BDBCB EF SFDPHFS MVFHP FM TFS QPS FM RVF
GPSNBMNFOUF TF DPOTUJUVZF VO FOUF BDUVBM FO T Z GVFSB EF TVT DBVTBT
FT UBNCJO FM TFS QPS FM RVF TF DPOTUJUVZF DPNP FYJTUFOUF &O FTUBT
QBMBCSBT DBCF PCTFSWBS BMHVOBT EJGFSFODJBT OPUBCMFT SFTQFDUP EF ,BOU
BVORVF FMMP OP WBZB FO EFTEPSP EFM QBSFOUFTDP FYJTUFOUF FOUSF BNCPT
QMBOUFBNJFOUPT $PO FTUB OVFWB QSFDJTJO OP DBCF EVEB 4VSF[ TJHVF
FTUBOEP NT QSYJNP B MPT SBDJPOBMJTUBT RVF BM GVOEBEPS EFM JEFBMJTNP
USBTDFOEFOUBM : FT RVF TFS FEVDJEP EF MB QPTJCJMJEBE QPS BT EFDJSMP
Z TFS DPOTUJUVJEP GVFSB EF MBT DBVTBT FT MP NJTNP &T NT
/J UJFOF RVF WFS FM RVF BMHVOP EJHB RVF FTUF TFS EF MB

FTFODJB BDUVBM EFQFOEF EF PUSP TFS EJTUJOUP BM RVF PUSPT
MMBNBO FYJTUFODJB BDUVBM CJFO QPSRVF BVORVF BENJUBNPT
FTB EFQFOEFODJB OP QVFEF USBUBSTF EF VOB EFQFOEFODJB FO
FM HOFSP EF MB DBVTB P USNJOP GPSNBM /PTPUSPT IFNPT
IBCMBEP EFM TFS RVF DPOTUJUVZF GPSNBM F JOUSOTFDBNFOUF

*C
*C Q

EF FTUF NPEP MB BDUVBMJEBE EF MB FTFODJB EFNPTUSBOEP

SFTQFDUP EF M RVF QPTFF MB WFSEBEFSB SB[O EF FYJTUFO
DJB
)BTUB BRV MB CSFWF FYQPTJDJO EF MB WJTJO TVBSFDJBOB "IPSB OPT

DPSSFTQPOEF JOUFOUBS VOB CSFWF TOUFTJT RVF B TV WF[ OPT QFSNJUB FY
USBFS MBT DPOTFDVFODJBT PQPSUVOBT 1VFT CJFO QBSB 5PNT EF "RVJOP
FOUSF MB FTFODJB MB `EF "SJTUUFMFT
Z FM BDUP EF TFS FT
TF
IBZ EJGFSFODJB QFSP OP EFTEF MVFHP DPNP MB RVF TF EB FOUSF EPT
DPTBT TJOP DPNP MB RVF FYJTUF FOUSF EPT DPQSJODJQJPT QPS UBOUP JO
TFQBSBCMFT BVORVF BNCPT SFBMFT Z EJTDFSOJCMFT JOUFMFDUVBMNFOUF &M
BDUP EF TFS FO FTUB DPNQSFOTJO PQFSB DPNP UBM DPNP VO BDUP RVF
ZB OP FT GPSNBM QVFT FT QVSP BDUP Z RVF FT SFDJCJEP QPS MB FTFODJB
4JO FNCBSHP 4VSF[ SFJOUFSQSFUB MB UFPSB UPNBTJBOB EF PUSP NPEP ZB
RVF FOUJFOEF RVF TV EFGFOTPS FTUBCMFDJ RVF FTFODJB Z FYJTUFODJB FSBO
EPT DPTBT EJTUJOUBT &TUP FT MP RVF SFDVSSJFOEP BIPSB BM MFOHVBKF
EF )FJEFHHFS MMFW B FOUFOEFS BM HSBOBEJOP RVF Z BDUVBMJ
UBT FSBO MP NJTNP 1PS FTP FT DJFSUP RVF DPNP TPTUVWP FM BVUPS EFM
/JFU[TDIF ** EF MB `EF "SJTUUFMFT B MB BDUVBMJUBT EF 4VSF[
IBZ VO BCJTNP
&O EFOJUJWB MP RVF )FJEFHHFS FOUFOEJ DPO 4VSF[ FT RVF TJ QBSB
5PNT EF "RVJOP MB EJTUJODJO SFBM FSB MB EJTUJODJO FOUSF FTFODJB Z
BDUP EF TFS FTUP TJHOJDBCB FM FTUBCMFDJNJFOUP EF VOB EJGFSFODJB FO
USF FTBT EPT DPODBVTBT FOUFOEJEBT BIPSB FTP T DPNP EPT DPTBT
&M BCTVSEP EF FTUF MUJNP QMBOUFBNJFOUP KVTUJDB FOUSF PUSPT NPUJ
WPT RVF MB DPNQSFOTJO TVBSFDJBOB BDBCBSB QPS JNQPOFSTF Z RVF FO
DPIFSFODJB DPO FMMB TF FOUFOEJFSB RVF MP OJDP SFBM FSB MB RVJEEJUBT
TUB FT MB JOUFSQSFUBDJO RVF )FJEFHHFS IFSFEB Z HFOFSBMJ[B 1VFT TJ
TF QVFEF TPTUFOFS RVF 4VSF[ FOUJFOEF FM TFS DPNP NFSB BDUVBMJUBT Z
FO EFOJUJWB DPNP 8JSLMJDILFJU OP DBCF EFDJS RVF TUB IBZB TJEP MB
DPNQSFOTJO RVF IB HPCFSOBOEP UPEP FM QFOTBNJFOUP PDDJEFOUBM /P
*C &M TVCSBZBEP FT NP

$POGSPOUBDJO DPO MB UFTJT EF ,BOU TFHO MB DVBM FM TFS OP FT VO QSFEJDBEP SFBM
EFTEF MVFHP FO FM DBTP EF "SJTUUFMFT QFSP B NJ QBSFDFS UBNQPDP FO

FM EF MB FTDPMTUJDB MBUJOB BM NFOPT IBTUB OBMFT EF MB &EBE .FEJB
&T FO FM 3FOBDJNJFOUP EF MB NBOP EFM MTPGP Z UFMPHP HSBOBEJOP
DVBOUP TF JNQPOF UBM JOUFSQSFUBDJO
$POGSPOUBDJO DPO MB UFTJT EF ,BOU TFHO MB

DVBM FM TFS OP FT VO QSFEJDBEP SFBM
1SJNFSB BQSPYJNBDJO
/PT FTUBNPT PDVQBOEP FO FTUF DBQUVMP EF MP RVF )FJEFHHFS DPO

TJEFSB MB USBOTGPSNBDJO EF MB FO BDUVBMJUBT Z EF TUB FO
8JSLMJDILFJU 4F USBUB EF BMHP RVF B TV KVJDJP UJFOF MVHBS QSJODJ
QBMNFOUF FO MB &EBE .FEJB Z FO FM 3FOBDJNJFOUP EF MB NBOP QPS
VOB QBSUF EF "HVTUO EF )JQPOB Z 5PNT EF "RVJOP Z QPS PUSB EF
4VSF[ &O PQJOJO EF OVFTUSP QFOTBEPS EJDIB USBOTGPSNBDJO OP FT
WMJEB FO FM TFOUJEP EF RVF TF QJFSEF TJHOJDBEP FOUSF VOB Z PUSB -P
RVF "SJTUUFMFT FOUFOEJ OP TF SFFKB FO MP RVF MPT QFOTBEPSFT MBUJOPT
EFGFOEJFSPO
1VFTUP RVF OPT FTUBNPT PDVQBOEP EF MPT NFEJFWBMFT QVFEF TPS
QSFOEFS RVF B DPOUJOVBDJO TF WBZB B MMFWBS B DBCP VOB DPOGSPOUBDJO
DPO ,BOU /P PCTUBOUF IBZ RVF UFOFS FO DVFOUB RVF UBNCJO TF IB
FYQVFTUP DPNP B KVJDJP EF .BSUJO )FJEFHHFS MB BDUVBMJUBT EF MPT NF
EJFWBMFT TF WB B DPOWFSUJS B QBSUJS EF MB NPEFSOJEBE FO 8JSLMJDILFJU
"IPSB CJFO DNP TF QBTB EF VOB OPDJO B MB PUSB " NJ QBSFDFS
BUFOEFS BM QMBOUFBNJFOUP LBOUJBOP QVFEF BQPSUBS NVDIP B MB IPSB EF
DPNQSFOEFS DNP Z QPS RV JOUFSQSFUB )FJEFHHFS DPNP MP IBDF FTF
DBNCJP TV NPNFOUP Z TV TFOUJEP &T EFDJS TJ TF SFDPSSF MB IJTUPSJB
EF FTUB USBOTGPSNBDJO UBM DPNP MB FOUFOEJ FM BVUPS EFM /JFU[TDIF
** UFOJFOEP FO DVFOUB FM QFOTBNJFOUP LBOUJBOP FO QBSUJDVMBS DPO
SFMBDJO B MB DVFTUJO EFM TFS FTUBSFNPT FO NFKPSFT DPOEJDJPOFT EF
WBMPSBS FM BOMJTJT Z MB DSUJDB EF )FJEFHHFS

%F IFDIP FT FM NJTNP )FJEFHHFS RVJFO FO FM UFYUP RVF OPT IB WF

OJEP PDVQBOEP B MP MBSHP EF FTUF DBQUVMP JEFOUJDB QSDUJDBNFOUF TJO
SFTRVJDJPT BDUVBMJUBT Z 8JSLMJDIFJU 4F USBUB EF BMHP RVF BM NFOPT
FO QSJODJQJP OP EFKB EF TPSQSFOEFS QVFT FT M NJTNP RVJFO EJTUJOHVF
DPO OJUJEF[ USFT FUBQBT FO MB DPNQSFOTJO EFM TFS QPS QBSUF EF MB NF
UBGTJDB -B FUBQB HSJFHB DBSBDUFSJ[BEB QPS FM EPNJOJP EF MB
MB NFEJFWBM RVF DPNQSFOEJ FM TFS EFTEF MB BDUVBMJUBT Z MB NPEFSOB
RVF MP IJ[P EFTEF MB 8JSLMJDILFJU 4JO FNCBSHP MP DJFSUP FT RVF FM
QFOTBEPS EF 'SJCVSHP BCPSEB FO MBT QHJOBT RVF OPT IBO FTUBEP PDV
QBOEP OP TMP MP SFMBUJWP B MB JOUFSQSFUBDJO NFEJFWBM TJOP UBNCJO MP
DPSSFTQPOEJFOUF B MB SFOBDFOUJTUB DPO FTQFDJBM BUFODJO B MB HVSB EF
4VSF[ DPNP ZB TF IB WJTUP

&TUP Z OP PUSB DPTB FT MP RVF FYQMJDB FTB JEFOUJDBDJO B MB RVF TF
BDBCB EF IBDFS SFGFSFODJB QPSRVF FT DJFSUP RVF FO MB BDUVBMJUBT TVBSF
DJBOB TF FODVFOUSB QSDUJDBNFOUF UPEP MP RVF DBSBDUFSJ[B MB 8JSLMJDI
LFJU LBOUJBOB &NQFSP TF IBO EF FWJUBS MBT WBMPSBDJPOFT HFOFSBMJTUBT
Z TJNQMJDBEPSBT RVF OP IBSBO KVTUJDJB B MB SFBMJEBE $PNP FT TBCJEP
IBZ BMHP RVF DBSBDUFSJ[B EF NBOFSB JODPOGVOEJCMF FM QMBOUFBNJFOUP EF
,BOU Z RVF B MB WF[ MP IBDF JSSFEVDUJCMF BM EF MB MPTPGB SBDJPOBMJTUB
EF MB RVF JOJDJBMNFOUF TF BMJNFOU 4F USBUB EF RVF B KVJDJP EFM QFO
TBEPS EF ,OJHTCFSH FT DPOEJDJO JSSFOVODJBCMF QBSB QPEFS IBCMBS EF
MB QPTJCJMJEBE MB FYJTUFODJB Z MB OFDFTJEBE DPOUBS DPO MP EBEP TFHO
EFUFSNJOBEBT DPOEJDJPOFT %F FTUF BTVOUP NF PDVQBS FOTFHVJEB
%F NPNFOUP MP RVF JOUFSFTB TVCSBZBS BVORVF RVJ[ SFTVMUF DPO
JDUJWP FT MP RVF ZB TF IB EJDIP RVF )FJEFHHFS QBSFDF MFFS MB BDUVB
MJUBT EFTEF MB 8JSLMJDILFJU LBOUJBOB TUB Z OP PUSB FT MB SB[O QPS MB
RVF FT NFOFTUFS QBSB MPHSBS VOB DPNQSFOTJO Z DSUJDB BDFSUBEBT
BEFMBOUBS BRV BMHVOBT EF MBT UFTJT LBOUJBOBT MBT QFSUJOFOUFT QBSB
FM QSPCMFNB RVF FTUBNPT BCPSEBOEP FO FTUF DBQUVMP &TUP OP FT CJDF
QBSB RVF FO TV NPNFOUP WVFMWB TPCSF FM QFOTBEPS EF ,OJHTCFSH
$POWJFOF BEWFSUJS RVF MP RVF TF FYQPOHB BRV IBCS EF TFS UFOJEP
FO DVFOUB EF OVFWP DVBOEP FO FM MUJNP DBQUVMP EF FTUF MJCSP TF BUJFO
EB B MB EJTDVTJO QPS QBSUF EF )FJEFHHFS EF EPT UFTJT LBOUJBOBT RVF FO

SFBMJEBE TPO DPNP MB DBSB Z MB DSV[ EF VOB NJTNB NPOFEB

MB SFMBUJWB
BM ZP QJFOTP Z B RVF FM TFS OP FT VO QSFEJDBEP SFBM )BTUB FTF NPNFO
UP TF QVFEF QPTQPOFS FM FTUVEJP EF MB EFEVDDJO USBTDFOEFOUBM EF MBT
DBUFHPSBT TFHO MB TFHVOEB FEJDJO EF MB $SUJDB EF MB SB[O QVSB
QFSP QPS MP ZB EJDIP OP QVFEF FTQFSBS NT FM USBUBNJFOUP EF MBT DBUF
HPSBT EF MB NPEBMJEBE Z EF MPT QPTUVMBEPT EFM QFOTBNJFOUP FNQSJDP
&O DVBMRVJFS DBTP OP EFKB EF TFS DJFSUP RVF MP RVF WBNPT B FYBNJOBS
B DPOUJOVBDJO TF EFTQSFOEF EJSFDUBNFOUF EF MB UFTJT LBOUJBOB TFHO
MB DVBM FM TFS OP FT VO QSFEJDBEP SFBM
1BSB GBDJMJUBS MB DPNQSFOTJO EFM QMBOUFBNJFOUP LBOUJBOP B DPOUJ
OVBDJO TF IBDF VOB NVZ TPNFSB DPOUFYUVBMJ[BDJO EFM BTVOUP RVF NF
WB B PDVQBS JONFEJBUBNFOUF
&O QSJNFS MVHBS DPOWJFOF DPNFO[BS FTUBCMFDJFOEP VOB EJGFSFODJB
RVF EF OP TFS UFOJEB FO DVFOUB QSPWPDB DPOGVTJPOFT P EJDVMUB MB DPN
QSFOTJO EF MP RVF BRV TF WB B BCPSEBS 4F USBUB EF MB EJGFSFODJB FOUSF
3FBMJUU Z 8JSLMJDILFJU
3FTQFDUP B MB DBUFHPSB EF 3FBMJUU P SFBMJUBT FT QSFDJTP BDMB
SBS MP RVF TJHVF &M BEKFUJWP MBUJOP SFBMF TJHOJDB BRVFMMP RVF UJFOF
VOB DPOTUJUVDJO VOBT DBSBDUFSTUJDBT VO RV FT VO RVJE BRVFMMP
RVF GPSNB QBSUF EF MB DPOTUJUVDJO EF VOB DPTB $POTJHVJFOUFNFOUF
SFBMJUBT 3FBMJUU TJHOJDB FM RV FT MB RVJEEJEBE
&O MPT DBTPT FO RVF ,BOU IBDF EF 3FBMJUU VO VTP UDOJDP SFTUSJO
HF EF BMHO NPEP TV TJHOJDBEP MB 3FBMJUU QBTB B TFS DPODSFUBNFOUF
BRVFMMB RVJEEJUBT RVF DPSSFTQPOEF BM DPOUFOJEP P NBUFSJB EF MB FYQF
SJFODJB OP B TV GPSNB FTUP FT MP RVF PDVSSF DPO 3FBMJUU DPNP VOB EF
MBT DBUFHPSBT EF DVBMJEBE "T QVFT FO FM TFOUJEP FTUSJDUP EF 3FBMJUU
OJOHVOB EF MBT DBUFHPSBT FT VO DPODFQUP SFBM QPSRVF MB 3FBMJUU FT MB
RVJEEJUBT EF DPOUFOJEP EF MB FYQFSJFODJB NJFOUSBT RVF MBT DBUFHPSBT
TPO MPT DPODFQUPT RVF DPOTUJUVZFO MB GPSNB EF MB FYQFSJFODJB &O DBN
CJP FO FM TFOUJEP BNQMJP EF 3FBMJUU TMP MBT DBUFHPSBT EF NPEBMJEBE
FTUO FYDMVJEBT EFM DBSDUFS EF DPODFQUPT SFBMFT
$G ' .BSUOF[ .BS[PB 3FMFFS B ,BOU "OUISPQPT #BSDFMPOB QQ

&TUP FYQMJDB RVF FO MB MPTPGB QPTULBOUJBOB MB QBMBCSB 3FBMJUU

BERVJFSB VOB SFGFSFODJB FTQFDJBM BM IFDIP EF MB TFOTBDJO Z QPS MP UBO
UP EF MB FYJTUFODJB MB FWPMVDJO QPTUFSJPS IBS RVF 3FBMJUU MMFHVF B
TFS FO MB NBZPS QBSUF EF MPT DPOUFYUPT TJOOJNP EF SFBMJEBE FGFDUJWB
8JSLMJDILFJU
RVF FT VOB EF MBT EPT QBMBCSBT LBOUJBOBT QBSB MB DBUF
HPSB EF FYJTUFODJB &O DVBMRVJFS DBTP FO ,BOU FM TFOUJEP RVF UJFOF
3FBMJUU FT DPNQMFUBNFOUF EJTUJOUP EFM RVF UJFOF 8JSLMJDILFJU
&O MB QSJNFSB DBUFHPSB EF DVBMJEBE SFBMJEBE USBEVDF 3FBMJ
UU &O MB TFHVOEB DBUFHPSB NPEBM SFBMJEBE RVF IFNPT USB
EVDJEP DPNP SFBMJEBE FGFDUJWB B O EF FWJUBS BNCJHFEBEFT USB
EVDF 8JSLMJDILFJU Z %BTFJO BNCPT USNJOPT BMFNBOFT TJHOJDBO MP
RVF OPTPUSPT DPNONFOUF FOUFOEFNPT QPS FYJTUFODJB 1FSP MP EFDJ
TJWP FT BDMBSBS FO RV TF EJGFSFODJBO BNCBT -B QSJNFSB TF PQPOF B
MB OFHBDJO MB TFHVOEB B MB QPTJCJMJEBE "EFNT IBZ RVF SFDPSEBS
RVF MB NPEBMJEBE SFQSFTFOUB FO FM QSPQJP QMBOUFBNJFOUP EF ,BOU VOB
SFFYJO QPTUFSJPS TPCSF FM DBNJOP SFDPSSJEP Z RVF QPS UBOUP FO FMMB
FTUO QSFTFOUFT MPT USFT QSJODJQJPT BOUFSJPSFT 3FBM DBUFHPSB EF MB
DVBMJEBE
FT BMHP RVF TF EB Z TJ GBMUB MB TFOTBDJO IBZ OFHBDJO EF
FTF BMHP QFSP OP OFDFTBSJBNFOUF OP FYJTUFODJB RVF TF JODMVZF EFOUSP
EF MBT DBUFHPSBT EF MB NPEBMJEBE
1PSRVF BMHP QVFEF OP FTUBS TJFOEP
QFSDJCJEP Z TJO FNCBSHP FYJTUJS FO PUSP MVHBS P FO PUSP UJFNQP &TP
MP QPEFNPT BSNBS FO WJSUVE EF MPT DPSSFTQPOEJFOUFT QSJODJQJPT B MBT
DBUFHPSBT EF MB NPEBMJEBE MPT QPTUVMBEPT EFM QFOTBNJFOUP FNQSJDP
/P TMP FM QSFTFOUF FT SFBM UBNCJO TF QVFEF IBCMBS EF VO QBTBEP SFBM
XJSLMJDI RVF IB FYJTUJEP
Z VO GVUVSP SFBM UBNCJO XJSLMJDI FO MB
NFEJEB FO RVF QPEFNPT QSFWFSMP FO GVODJO EF VO DPOPDJNJFOUP QSF
TFOUF
4JO FNCBSHP OJ FM QBTBEP UJFOF ZB SFBMJUBT OJ MB UJFOF UPEBWB
FM GVUVSP
$G + 3JWFSB EF 3PTBMFT * ,BOU FM DPOPDJNJFOUP PCKFUJWP EFM NVOEP (VB
EJEDUJDB 6/&% .BESJE FO FTQFDJBM -PT QPTUVMBEPT EFM QFOTBNJFOUP FN
QSJDP FO HFOFSBM QQ

/FDFTJEBE EF MPT KVJDJPT TJOUUJDPT B QSJPSJ
1BSB BMDBO[BS FM PCKFUJWP FTQFDDP EF FTUB DPOGSPOUBDJO RVF FT

FM EF BOBMJ[BS DPO DJFSUP EFUFOJNJFOUP MB DPNQSFOTJO LBOUJBOB EF MB
NPEBMJEBE FO TVT DBUFHPSBT Z QPTUVMBEPT
FT NFOFTUFS QSPDFEFS DPO
BMHP EF PSEFO EF UBM NBOFSB RVF TF WFB DNP VOPT BTVOUPT MMFWBO B
PUSPT 1VFT CJFO IBZ RVF SFDPSEBS BIPSB RVF FM QFOTBEPS EF ,OJHT
CFSH EFTFB QPOFS O BM DPOJDUP BCJFSUP FOUSF MBT EPT GPSNBT EF IBDFS
MPTPGB JNQFSBOUFT FO TV UJFNQP BNCBT OBDJEBT EF VO USPODP DPNO
SBDJPOBMJTNP Z FNQJSJTNP 1PS FTP BSNB
"VORVF UPEP OVFTUSP DPOPDJNJFOUP FNQJFDF DPO MB FY

QFSJFODJB OP QPS FTP QSPDFEF UPEP M EF MB FYQFSJFODJB
&O FGFDUP QPESB PDVSSJS RVF OVFTUSP NJTNP DPOPDJNJFOUP
FNQSJDP GVFSB VOB DPNQPTJDJO EF MP RVF SFDJCJNPT NF
EJBOUF MBT JNQSFTJPOFT <FNQJSJTNP> Z EF MP RVF OVFTUSB
QSPQJB GBDVMUBE EF DPOPDFS QSPEVDF TJNQMFNFOUF NPUJWB
EB QPS MBT JNQSFTJPOFT
B QBSUJS EF T NJTNB <SBDJPOBMJT
NP>
-P RVF WB B JOUFOUBS ,BOU FT VOB TOUFTJT OPDJO DMBWF FO FM

DPOKVOUP EF TV UFPSB
FOUSF MBT FYJHFODJBT EFM SBDJPOBMJTNP RVF SF
DMBNBO MP B QSJPSJ QPS TFS HBSBOUB EF VOJWFSTBMJEBE Z OFDFTJEBE
Z
MBT DSUJDBT EFM FNQJSJTNP EF %BWJE )VNF RVF ,BOU BDFQUB EF CVFO
HSBEP BENJUJFOEP MB OFDFTJEBE EFM FMFNFOUP TJOUUJDP QBSB RVF SFBM
NFOUF IBZB DPOPDJNJFOUP MP RVF TJHOJDB UBOUP DPNP BVNFOUP EF
DPOPDJNJFOUP
$PO TV OVFWP QMBOUFBNJFOUP FM QFOTBEPS EF ,OJHT
CFSH RVJFSF FWJUBS RVF FM FNQJSJTNP FTDQUJDP BDBCF DPO MB QPTJCJMJEBE
EF IBDFS DJFODJB Z BEFNT QSFUFOEF RVF MBT FYJHFODJBT BDFQUBCMFT EFM
SBDJPOBMJTNP UFOHBO TJO FNCBSHP VO QVOUP EF BODMBKF FO MP EBEP -B
TPMVDJO DPNP FT CJFO TBCJEP QBTBS QPS FM EFTDVCSJNJFOUP Z FTUBCMF
DJNJFOUP EF MPT KVJDJPT TJOUUJDPT B QSJPSJ -B SB[O FTUSJCB FO RVF FO
,BOU $SUJDB EF MB SB[O QVSB "MGBHVBSB .BESJE j FE QS
MPHP USBEVDDJO OPUBT F OEJDFT 1FESP 3JCBT FO BEFMBOUF ,S7
#

MPT KVJDJPT BOBMUJDPT OP TF MPHSB TBMJS EF MPT DPODFQUPT FO DBNCJP FO

MPT TJOUUJDPT TF BMDBO[B MB SFBMJEBE BVORVF TJO RVFEBS HBSBOUJ[BEB MB
VOJWFSTBMJEBE Z OFDFTJEBE DPOEJDJO JNQSFTDJOEJCMF QBSB MB DJFODJB
&O DPOTFDVFODJB EJDIPT KVJDJPT TJOUUJDPT B QSJPSJ TF

SFFSFO BVORVF TMP NFEJBUBNFOUF B MB FYQFSJFODJB QP
TJCMF P NT CJFO B MB NJTNB QPTJCJMJEBE EF MB FYQFSJFODJB
Z MB WBMJEF[ PCKFUJWB EF TV TOUFTJT TF CBTB OJDBNFOUF FO
UBM FYQFSJFODJB
-B JNQPSUBODJB EF MPT KVJDJPT TJOUUJDPT B QSJPSJ SFTJEF FO RVF TPO

MPT RVF FTUBCMFDFO Z IBDFO QPTJCMF FM DPOPDJNJFOUP FNQSJDP QBSB RVF
TUPT TF EFO IBDF GBMUB RVF FOUSFO FO KVFHP USFT GBDUPSFT EFUFSNJOBOUFT
RVF ,BOU FYQPOF FO MB %PDUSJOB USBTDFOEFOUBM EFM KVJDJP
-PT KVJDJPT TJOUUJDPT B QSJPSJ TPO BT QPTJCMFT DVBO

EP SFMBDJPOBNPT MBT DPOEJDJPOFT GPSNBMFT EF MB JOUVJDJO B
QSJPSJ MB TOUFTJT EF MB JNBHJOBDJO Z MB OFDFTBSJB VOJEBE
EF FTUB MUJNB TOUFTJT FO VOB BQFSDFQDJO USBTDFOEFOUBM
DPO VO QPTJCMF DPOPDJNJFOUP FNQSJDP FO HFOFSBM &OUPO
DFT BSNBNPT MBT DPOEJDJPOFT EF QPTJCJMJEBE EF MB FYQF
SJFODJB FO HFOFSBM DPOTUJUVZFO B MB WF[ MBT DPOEJDJPOFT
EF QPTJCJMJEBE EF MPT PCKFUPT EF MB FYQFSJFODJB Z QPS FMMP
QPTFFO WBMJEF[ PCKFUJWB FO VO KVJDJP TJOUUJDP B QSJPSJ
-PT SBDJPOBMJTUBT TFHO ,BOU OP UPNBO FO DPOTJEFSBDJO MB FYJT

UFODJB B TV QBSFDFS TUB OP TJHOJDB OBEB QPSRVF OP QPEFNPT CVTDBS
FO FMMB MP VOJWFSTBM Z OFDFTBSJP 1FSP OVFTUSP QFOTBEPS UVWP DMBSP RVF
OP DBCB BGFSSBSTF B MB QPTJCJMJEBE EF BMHP TJ OP TF DVFOUB DPO MP EBEP
FT FOUPODFT DVBOEP USBUB EF WJODVMBS MPT NPEPT FO RVF QVFEF EBSTF P
FODPOUSBSTF MB FTFODJB DPO MB FYQFSJFODJB "T QVFT FOUSF MB BDUVBMJUBT
,S7 " #

*C

EF MPT SBDJPOBMJTUBT
Z MB 8JSLMJDILFJU EFM BVUPS EF MB $SUJDB EF MB
SB[O QVSB
IBZ VOB EJTUJODJO FOUJFOEF )FJEFHHFS RVF BCJTNBM
QPSRVF MB TFHVOEB ZB FTU VOJEB B MB FYQFSJFODJB
,BOU JOTJTUF SFJUFSBEBNFOUF FO RVF MP QSPQJP EFM FOUFOEJNJFOUP FT
MB BDUJWJEBE EF KV[HBS QFSP DPNP FM DPOPDJNJFOUP FT FTDBMPOBEP MPT
KVJDJPT TJOUUJDPT B QSJPSJ TF SFFSFO NFEJBUBNFOUF B MB FYQFSJFODJB
QPTJCMF FT EFDJS B MB NJTNB QPTJCJMJEBE EF MB FYQFSJFODJB DPNP TF
IB NPTUSBEP &T FTUB SFGFSFODJB EF MPT KVJDJPT B MB FYQFSJFODJB MP RVF
PUPSHB MB WBMJEF[ PCKFUJWB QVOUP GVOEBNFOUBM FO FM QFOTBNJFOUP LBO
UJBOP
FT EFDJS MP RVF WBMJEB RVF QPEBNPT DPOTUSVJS VOB FYQFSJFODJB
QPTJCMF
&T QSFDJTP UFOFS FO DVFOUB RVF FM PCKFUP FT DPOPDJEP TFHO MPT
QSJODJQJPT EFM FOUFOEJNJFOUP RVF MPT PCKFUPT OP TF DPOTUSVZFO BJTMB
EPT TJOP EF BDVFSEP DPO MPT QSJODJQJPT Z TFHO FTRVFNBT TUPT PQFSBO
QSFDJTBNFOUF QBSB DPOTUSVJS BMHP FM PCKFUP EF MB FYQFSJFODJB QPTJCMF
%F MB GVODJO Z FM QBQFM EF MPT QSJODJQJPT OPT PDVQBSFNPT VO QPDP NT
BEFMBOUF
-BT DBUFHPSBT EF MB NPEBMJEBE
$PNP ZB TF IB EJDIP MBT DBUFHPSBT EF MB NPEBMJEBE BERVJFSFO

VOB JNQPSUBODJB GVOEBNFOUBM FO FM QMBOUFBNJFOUP LBOUJBOP "OUF UP
EP UJFOFO VOB FTQFDJBM JNQPSUBODJB FO FTUF DVSTP EPOEF MB DVFTUJO
EJSFDUJWB EF MB NBOP EF )FJEFHHFS IB TJEP EFTEF FM QSJNFS NPNFO
UP MB QSFHVOUB QPS FM TFS
5BNCJO DPO FM QSPQTJUP EF GBDJMJUBS MB DPNQSFOTJO BOUFT EF
BEFOUSBSOPT FO FM USBUBNJFOUP EF FTUBT DBUFHPSBT TF WB B QSPDFEFS
B VO NOJNB DPOUFYUVBMJ[BDJO
-B -HJDB USBTDFOEFOUBM FO MB RVF TF FODVFOUSB FM USBUBNJFO
UP EF MBT DBUFHPSBT Z MPT QPTUVMBEPT FT MHJDB DPNP FYQMJDB ,BOU
QPSRVF USBUB EF MBT MFZFT EFM FOUFOEJNJFOUP Z MB SB[O Z FT USBTDFO
EFOUBM QPSRVF FTUT MFZFT TPO SFGFSJEBT QPS FMMB B FMFNFOUPT B QSJPSJ
"T FT DPNP MB MHJDB USBTDFOEFOUBM TF EJTUJOHVF EF MB MHJDB GPSNBM

QPSRVF EFEVDF Z GVOEBNFOUB BM NJTNP FOUFOEJNJFOUP FO TVT GVODJP

OFT 1PS PUSB QBSUF MB MHJDB USBTDFOEFOUBM B EJGFSFODJB EF MB GPSNBM
OP IBDF BCTUSBDDJO EF MPT DPOUFOJEPT 1PS FM DPOUSBSJP FT MB DJFODJB
RVF EFUFSNJOB MB WBMJEF[ PCKFUJWB Z B QSJPSJ EFM DPOPDJNJFOUP JOUFMFD
UVBM 1PS UPEP FMMP FOUJFOEF ,BOU MB MHJDB USBTDFOEFOUBM FT VOB MHJDB
EF MB WFSEBE
" TV WF[ MB "OBMUJDB USBTDFOEFOUBM FT
BRVFMMB QBSUF EF MB MHJDB USBTDFOEFOUBM RVF FYQPOF MPT

FMFNFOUPT EFM DPOPDJNJFOUP QVSP EFM FOUFOEJNJFOUP B TB
CFS MPT DPODFQUPT QVSPT Z MPT QSJODJQJPT TJO MPT DVBMFT FO
BCTPMVUP OJOHO PCKFUP QVFEF TFS QFOTBEP
1VFT CJFO ZB EFOUSP EF MB "OBMUJDB USBTDFOEFOUBM FO MB "OB

MUJDB EF MPT DPODFQUPT ,BOU FYQMJDB RVF MBT DBUFHPSBT P DPODFQUPT
QVSPT QSPDFEFO EF MB FTQPOUBOFJEBE EFM FOUFOEJNJFOUP Z MP RVF FM BV
UPS EF MB $SUJDB QSFUFOEF FT WFSMPT CSPUBS FO TV NJTNB GVFOUF RVF
FT MB VOJEBE EFM FOUFOEJNJFOUP "T QPES IBDFS VO JOWFOUBSJP EF MPT
NJTNPT 1VFT CJFO MB KVTUJDBDJO EF IFDIP EF MBT DBUFHPSBT FT MP
RVF ,BOU BCPSEB FO MB EFEVDDJO NFUBGTJDB EF MBT NJTNBT Z TV IJMP
DPOEVDUPS FT MB GBDVMUBE EF KV[HBS "T FT QPSRVF B EJGFSFODJB EF MB
MHJDB USBEJDJPOBM QBSB ,BOU FM DPODFQUP TMP UJFOF MVHBS FO FM KVJDJP
FT EFDJS FM FOUFOEJNJFOUP OP QVFEF VUJMJ[BS DPODFQUPT TJOP QBSB KV[HBS
EF FTUB NBOFSB MBT DBUFHPSBT TPO TJFNQSF QSFEJDBEPT EF VO QPTJCMF
KVJDJP 1FSP TUBT TMP QVFEFO GVOEBSTF DPNP TF IB WJTUP MOFBT BUST
FO MB FTQPOUBOFJEBE EFM QFOTBS Z FT RVF EFTDBOTBO FO GVODJPOFT RVF
TPO MBT EF PSEFOBS EJWFSTBT SFQSFTFOUBDJPOFT CBKP VOB VOJEBE TVQFSJPS
MB RVF QFSNJUF SFGFSJS VO DPODFQUP B WBSJBT SFQSFTFOUBDJPOFT 1PS FTP
MPT KVJDJPT TPO GVODJPOFT EF VOJEBE EF OVFTUSBT SFQSFTFOUBDJPOFT Z FM
FOUFOEJNJFOUP FT SFQSFTFOUBEP DPNP MB GBDVMUBE EF KV[HBS
,S7 #

/P TF QVFEF PMWJEBS RVF FM DPODFQUP FT SFQSFTFOUBDJO NFEJBUB SFQSFTFOUB
DJO EF SFQSFTFOUBDJO SFQSFTFOUBDJO SFGFSJEB B PUSB SFQSFTFOUBDJO 1FSP MB
SFGFSFODJB EF VO DPODFQUP B PUSB SFQSFTFOUBDJO FT FM KVJDJP

" MB EFEVDDJO NFUBGTJDB EF MBT DBUFHPSBT TJHVF MB EFEVDDJO

USBTDFOEFOUBM EF MBT NJTNBT NFEJBOUF MB RVF ,BOU RVJFSF FTUBCMF
DFS TV KVTUJDBDJO EF EFSFDIP &TUP FT OFDFTBSJP QPSRVF QPOF EF
NBOJFTUP RVF TMP BT FT QPTJCMF FM DPOPDJNJFOUP FT EFDJS MB DPOTUJ
UVDJO EF MPT PCKFUPT Z QPS UBOUP MB FYQFSJFODJB $PNP FT TBCJEP EF MB
EFEVDDJO USBTDFOEFOUBM EF MBT DBUFHPSBT IBZ EPT WFSTJPOFT DPSSFT
QPOEJFOUFT B MB QSJNFSB Z B MB TFHVOEB FEJDJO EF MB $SUJDB EF MB SB[O
QVSB &O FM DBQUVMP DVBSUP EF FTUB TFHVOEB QBSUF UFOESFNPT PDBTJO
EF PDVQBSOPT DPO BMHP NT EF EFUBMMF EF MB EFEVDDJO USBTDFOEFOUBM
UBM DPNP ,BOU MB DPODJCJ FO MB TFHVOEB FEJDJO EF TV PCSB -B SB[O
FT RVF FT FO FTUB TFHVOEB FEJDJO EPOEF FM QFOTBEPS EF ,OJHTCFSH
TJO OFHBS MP TPTUFOJEP FO MB QSJNFSB DPODFOUSB UPEB TV BUFODJO
OP UBOUP FO MB JNBHJOBDJO DVBOUP FO FM ZP QJFOTP
1VFTUP RVF MB DVFTUJO EFM ZP QJFOTP NFSFDF VO USBUBNJFOUP NT
QPSNFOPSJ[BEP EFKBNPT MB FYQPTJDJO SFMBUJWB B M IBTUB FM DBQUVMP
DVBSUP " NJ KVJDJP FTUP OP JNQJEF MMFWBS B DBCP FM QSPQTJUP QFSTFHVJ
EP FO FTUF FQHSBGF -P RVF T JOUFSFTB BDMBSBS FT RVF EFOUSP EF MB UBCMB
EF MBT DBUFHPSBT ,BOU EJTUJOHVF FOUSF MBT NBUFNUJDBT Z MBT EJONJ
DBT &M DSJUFSJP EF EJTUJODJO FT RVF MBT QSJNFSBT TF SFFSFO B PCKFUPT
EF JOUVJDJO QVSB P FNQSJDB NJFOUSBT RVF MBT TFHVOEBT MP IBDFO B
MB FYJTUFODJB EF FTPT PCKFUPT 1VFT CJFO FT QSFDJTBNFOUF MP SFMBUJWP
B MB FYJTUFODJB Z NT FTQFDDBNFOUF B MB FYJTUFODJB DPNP NPEBMJEBE
8JSLMJDILFJU P %BTFJO
MP RVF B OPTPUSPT OPT JOUFSFTB FTUVEJBS BIPSB
-B MPTPGB SBDJPOBMJTUB DPNQSFOEJ MPT DPODFQUPT DPSSFTQPOEJFO
UFT B MBT DBUFHPSBT LBOUJBOBT EF MB NPEBMJEBE FO GVODJO EF MB SB[O
SBUJP
1PS QPTJCJMJEBE TF FOUFOEB MB QFOTBCJMJEBE P BVTFODJB EF DPO
USBEJDDJO QPS FYJTUFODJB FM DVNQMJNJFOUP EF MB QPTJCJMJEBE EFNPT
USBEP B QBSUJS EF TVT DBVTBT QPS OFDFTJEBE MB JNQFOTBCJMJEBE EF MB
OP FYJTUFODJB EF BMHP P TFB MB JNQPTJCJMJEBE EF OFHBS BMHP TJO DPO
USBEJDDJO 1PS UBOUP TFSB OFDFTBSJBNFOUF FYJTUFOUF BRVFMMB FTFODJB
DVZB OP FYJTUFODJB SFTVMUBSB DPOUSBEJDUPSJB FT EFDJS %JPT -P QFDV
MJBS EF FTUB DPODFQDJO SBDJPOBMJTUB FT RVF DPNQSFOEB MB QPTJCJMJEBE
MB FYJTUFODJB Z MB OFDFTJEBE FYDMVTJWBNFOUF DPNP EFUFSNJOBDJPOFT EF
MB FTFODJB

1BSB DPNQSFOEFS CJFO FO RV DPOTJTUF MB EJGFSFODJB EFM QMBOUF

BNJFOUP LBOUJBOP DPO FM SBDJPOBMJTUB DPOWJFOF UFOFS FO DVFOUB MP TJ
HVJFOUF $PNP TFBMB (JMTPO B QFTBS EF 8PM MB FOTFBO[B RVF ,BOU
SFDJCF EF )VNF FT RVF OJOHVOB FYJTUFODJB QVFEF EFEVDJSTF KBNT EF
VOB FTFODJB "T MB QSFHVOUB RVF TJHVF QVFTUP RVF ,BOU ZB IB
FOUFOEJEP RVF MB FYJTUFODJB OP FT VO NPEP EF MB FTFODJB P BMHP RVF TF
QVFEB BBEJS B MB FTFODJB FT DNP FT RVF QPOHP NT BM QPOFS
VOB FTFODJB FYJTUFOUF RVF QPOJFOEP UBO TMP FTFODJBT -B SFTQVFT
UB EFOJUJWB TMP MB QPES QSPQPSDJPOBS ,BOU FO MPT QPTUVMBEPT EFM
QFOTBNJFOUP FNQSJDP FO HFOFSBM RVF FTUVEJBSFNPT FO FM TJHVJFOUF
BQBSUBEP

&TU DMBSP RVF FM BVUPS EF MB $SUJDB EF MB SB[O QVSB OP EVEB EF
MB FYJTUFODJB EF MBT DPTBT MP RVF IBDF FT QPOFSMB FOUSF QBSOUFTJT Z
FT RVF EVEBS EF FMMB TFSB BDFSDBSTF B VO QMBOUFBNJFOUP JEFBMJTUB RVF
,BOU SFDIB[B EF NBOFSB FYQMDJUB &M EBSTF BDUVBM EF MB FYJTUFODJB
SFNJUF B MB DPTB Z TMP FTUF EBSTF QFSNJUF MB DPOTUSVDDJO EF MB FYQF
SJFODJB QPTJCMF QVFTUP RVF MPT PCKFUPT NF TPO EBEPT QPS MPT TFOUJEPT
Z QFOTBEPT QPS FM FOUFOEJNJFOUP &O FTUF TFOUJEP FT FO FM RVF (JM
TPO TPTUJFOF RVF BVORVF JEFBMJTNP DSUJDP MB MPTPGB EF ,BOU TJHVF
TJFOEP VO SFBMJTNP EFM NVOEP TFOTJCMF -P RVF PDVSSF FT RVF MB
JOUFMJHJCJMJEBE EF MBT DPTBT ZB OP FT QBUSJNPOJP EF TUF TJOP EFM FOUFO
EJNJFOUP IVNBOP %F IFDIP TFHO MP FOUJFOEF (JMTPO MB SFBMJEBE
EF MPT GFONFOPT NBUFSJBMFT FT UBO JONFEJBUBNFOUF QFSDJCJEB FO MB GPS
NB B QSJPSJ EF FTQBDJP DPNP MB SFBMJEBE FTQJSJUVBM EFM TVKFUP QFOTBOUF
FT JONFEJBUBNFOUF QFSDJCJEB FO MB GPSNB B QSJPSJ EFM UJFNQP
%FTQPKFNPT B MB SFBMJEBE EF MP RVF QFSUFOFDF B MBT

DBUFHPSBT EFM FOUFOEJNJFOUP Z B MBT GPSNBT EF MB TFOTJ
& (JMTPO &M TFS Z MPT MTPGPT PQ DJU Q
$G *C Q
$G * ,BOU ,S7 *OUSPEVDDJO #
& (JMTPO PQ DJU Q
$G *C Q
$G *C Q

CJMJEBE Z MP RVF SFTUF TFS VO OP TF RV OJ JOUFMJHJCMF OJ

TJRVJFSB QFSDFQUJCMF QVFTUP RVF FTUBS GVFSB EFM FTQBDJP
Z EFM UJFNQP &O SFTVNFO TFS VOB Y VOB JODHOJUB "T
FT MB FYJTUFODJB FO MB MPTPGB EFOJUJWB EF ,BOU
%F MP RVF ZB OP DBCF EVEB FT EF RVF EPOEF OP TF EB OBEB OP

IBZ DPOPDJNJFOUP "IPSB CJFO MB FYJTUFODJB EF MB DPTB RVF BQBSFDF OP
TF TVQSJNF DPNP TVDFEF FO FM JEFBMJTNP QVSP TJOP RVF TMP TF BSNB
RVF OPTPUSPT OP QPEFNPT DPOPDFS MB DPTB DPNP FT FO T NJTNB FM
OPNFOP
%FCF IBCFS FYJTUFODJB QBSB RVF IBZB DPOPDJNJFOUP QFSP
BVORVF FTUP FT DPOEJDJO OFDFTBSJB OP FOUSB FO OVFTUSP DPOPDJNJFOUP
DJFOUDP EF MB SFBMJEBE QPSRVF BEFNT MB DJFODJB OP OFDFTJUB EF MB
FYJTUFODJB
&O DVBMRVJFS DBTP TJHVJFOEP DPO FM QMBOUFBNJFOUP LBOUJBOP MB
SFBMJEBE UJFOF RVF TFS EBEB FO MB JOUVJDJO TFOTJCMF Z DPOPDJEB QPS
FM FOUFOEJNJFOUP FOUPODFT NFEJBOUF FM TFHVOEP QPTUVMBEP TF QVF
EF EFDJS Y FT 1PS MP UBOUP DPOUJOB TJFOEP DJFSUP RVF ,BOU OP QPOF
VO RV TJOP RVF TMP EJDF DNP MP QPOF &M DNP MP QPOF FTP FT MB
FYJTUFODJB 1PS UBOUP OP TF USBUB ZB DPNP FO FM DBTP EF QFOTBEPSFT
BOUFSJPSFT EF RVF MB FYJTUFODJB TFB VO NPEP EF MB FTFODJB P TFB BMHP
RVF MF QFSUFOFDF TJO BMUFSBS MP RVF FMMB FT %F MP RVF BIPSB TF USBUB
DPO ,BOU FT EF RVF DPNP MB FYJTUFODJB TMP QVFEF DBQUBSTF DPNP VOB
SFBMJEBE RVF FT GSVUP EF MB NFOUF FMMB OP QVFEF TFS ZB VO NPEP EF MB
FTFODJB NJTNB TJOP VOB NPEBMJEBE EFM KVJDJP
"M DPOUSBSJP RVF MPT SBDJPOBMJTUBT ,BOU BSNB EF FOUSBEB RVF MBT
DBUFHPSBT EF MB NPEBMJEBE TMP FYQSFTBO MB SFMBDJO DPO MB GBDVMUBE EF
DPOPDFS
$VBOEP FM DPODFQUP EF VOB DPTB FTU ZB DPNQMFUP QVF

EP TJO FNCBSHP QSFHVOUBS BO BDFSDB EF FTUF PCKFUP TJ FT
*C

$G *C
$G *C Q
*C Q

NFSBNFOUF QPTJCMF P UBNCJO SFBM Z FO FTUF MUJNP DBTP

TJ FT UBNCJO OFDFTBSJP
1PS UBOUP SFTQFDUP EF MBT DBUFHPSBT EF MB NPEBMJEBE BEFNT EF

MP ZB FYQVFTUP
DBCF EFTUBDBS EPT BTQFDUPT JHVBMNFOUF SFMFWBOUFT &M
QSJNFSP UJFOF RVF WFS DPO MP EJDIP QPS ,BOU FO MB DJUB RVF TF BDBCB
EF SFDPHFS &TUBT DBUFHPSBT OP FYQSFTBO EFUFSNJOBDJPOFT FTFODJBMFT
RVJEJUBUJWBT EFM PCKFUP TJOP RVF TMP EFUFSNJOBO BM PCKFUP FO SFMBDJO
DPO MB GBDVMUBE EF DPOPDJNJFOUP EFM TVKFUP 1PS UBOUP Z EF BDVFSEP
DPO MB UFTJT LBOUJBOB TFHO MB DVBM FM TFS OP FT VO QSFEJDBEP SFBM
OP TPO QSFEJDBEPT SFBMFT &T EFDJS NFEJBOUF FTBT DBUFHPSBT OP TF
QJFOTB OJOHVOB EFUFSNJOBDJO EFM PCKFUP TMP TF QSFDJTB FO RV SFMB
DJO FTU FM PCKFUP DPO FM FOUFOEJNJFOUP Z FM VTP FNQSJDP EFM NJTNP
EFOUSP EFM NCJUP EF MB FYQFSJFODJB QPTJCMF &O SFTVNFO MBT DBUF
HPSBT EF MB NPEBMJEBE OP BNQMBO FO MP NT NOJNP FM DPODFQUP BM
RVF TJSWFO EF QSFEJDBEP TJOP RVF FYQSFTBO TJNQMFNFOUF MB SFMBDJO EF
UBM DPODFQUP DPO MB GBDVMUBE DPHOPTDJUJWB Z TF MJNJUBO BEFNT BM
VTP FNQSJDP
1PS PUSB QBSUF Z FO DPOKVODJO DPO MP RVF TF BDBCB EF EFDJS IBZ
RVF EFTUBDBS FM TFHVOEP BTQFDUP DBSBDUFSTUJDP BM RVF TF IB BMVEJEP
&T FM TJHVJFOUF &TUBT DBUFHPSBT UJFOFO MB QFDVMJBSJEBE EF RVF OP FY
QSFTBO DPODFQUVBMNFOUF VO BTQFDUP V PUSP EF MB JOUVJDJO EFM UJFNQP
TJOP UBO TMP MPT USFT NPEPT FO RVF BMHP QVFEF FTUBS FO FM UJFNQP FO
BMHO UJFNQP JOEFUFSNJOBEP QPTJCJMJEBE
FO VO UJFNQP EFUFSNJOBEP
FYJTUFODJB
Z FO UPEP UJFNQP OFDFTJEBE

&O TOUFTJT Z DPNP ,BOU EJDF DMBSBNFOUF MBT DBUFHPSBT EF MB NP
EBMJEBE OP DPOUSJCVZFO QBSB OBEB BM DPOUFOJEP Z TF SFFSF TMP BM WBMPS
EF MB DQVMB FO SFMBDJO DPO FM QFOTBS FO HFOFSBM
,S7 " #

$G & $PMPNFS &M QFOTBNJFOUP BMFNO EF ,BOU B )FJEFHHFS * -B MPTPGB
USBTDFOEFOUBM EF ,BOU )FSEFS #BSDFMPOB
,S7 " #
$G ' .BSUOF[ .BS[PB PQ DJU Q

-PT QPTUVMBEPT EFM QFOTBNJFOUP FNQSJDP
&O MB "OBMUJDB EF MPT DPODFQUPT ,BOU EFKB CJFO DMBSP RVF QBSB
RVF TFB QPTJCMF MB FYQFSJFODJB FT OFDFTBSJP RVF MBT JOUVJDJPOFT EF MB
TFOTJCJMJEBE TFBO TVCTVNJEBT CBKP DBUFHPSBT &O MB "OBMUJDB EF MPT
QSJODJQJPT ,BOU USBUB EF EFNPTUSBS DNP TF IB EF IBDFS FTB TVCTVO
DJO FT EFDJS DNP TF IB EF SFBMJ[BS FM KVJDJP QVFTUP RVF FM KVJDJP OP
FT PUSB DPTB RVF MB GBDVMUBE EF TVCTVNJS CBKP DPODFQUPT MBT JOUVJDJPOFT
EF MB TFOTJCJMJEBE
&O MB &TUUJDB USBTDFOEFOUBM ,BOU IBCB EJDIP DVMFT FSBO MBT
GPSNBT B QSJPSJ EF MB JOUVJDJO Z FO MB "OBMUJDB EF MPT DPODFQUPT MBT
EFM FOUFOEJNJFOUP "IPSB FO MB "OBMUJDB EF MPT QSJODJQJPT TV BV
UPS USBUB EF WFSUFCSBS BNCPT FMFNFOUPT TFHO MPT KVJDJPT QBSB PCUFOFS
VOPT QSJODJQJPT RVF TJOUFUJDFO MBT GPSNBT EF MB JOUVJDJO Z MBT EFM QFO
TBNJFOUP Z DPOTUJUVZBO MBT MFZFT P SFHMBT B QSJPSJ RVF FM FOUFOEJNJFOUP
QSFTDSJCF B MB OBUVSBMF[B
-PT QSJODJQJPT EFM FOUFOEJNJFOUP QVSP VZFO EF MB BQMJDBDJO EF
MBT DBUFHPSBT B MBT JOUVJDJPOFT TFOTJCMFT QPS JOUFSNFEJP EF MPT FTRVF
NBT $POTUJUVZFO VO TJTUFNB EF QSJODJQJPT TJOUUJDPT B QSJPSJ WMJEPT
QBSB UPEP PCKFUP FO HFOFSBM Z FODJFSSBO FO T MBT CBTFT EF UPEPT MPT
EFNT KVJDJPT TJFNQSF EFOUSP EF MPT MNJUFT EF MB FYQFSJFODJB QPTJCMF
4F DPOHVSB BT VOB POUPMPHB QFSP ZB OP EFM FOUF FO DVBOUP DPTB FO
T TJOP DPNP BOBMUJDB EFM FOUF FO DVBOUP PCKFUP
&M QSJODJQJP TVQSFNP SFHVMBEPS TF FOVODJB BT
&M QSJODJQJP TVQSFNP EF UPEPT MPT KVJDJPT TJOUUJDPT

DPOTJTUF FO RVF UPEP PCKFUP TF IBMMB TPNFUJEP B MBT DPO
EJDJPOFT OFDFTBSJBT EF MB VOJEBE RVF TJOUFUJ[B FO VOB FY
QFSJFODJB QPTJCMF MP EJWFSTP EF MB JOUVJDJO
&OUPODFT
BSNBNPT MBT DPOEJDJPOFT EF QPTJCJMJEBE EF MB FYQFSJFO
$G & $PMPNFS PQ DJU QQ TT

$G ,S7 " # $G UBNCJO + 3JWFSB EF 3PTBMFT PQ DJU Q

DJB FO HFOFSBM DPOTUJUVZFO B MB WF[ MBT DPOEJDJPOFT EF

QPTJCJMJEBE EF MPT PCKFUPT EF FYQFSJFODJB
&T EFDJS MPT QSJODJQJPT GPSNBMFT EFM DPOPDJNJFOUP EF FYQFSJFODJB

TPO BM NJTNP UJFNQP MPT QSJODJQJPT DPOTUJUVUJWPT EF MPT PCKFUPT EF FY
QFSJFODJB "T QVFT MB FTFODJB EFM DPOPDJNJFOUP FT UBNCJO MB FTFODJB
EFM TFS FO DVBOUP B TV BQBSFDFS FTUP FT FO UBOUP RVF GFONFOP
$PO MPT QSJODJQJPT EFM FOUFOEJNJFOUP QVSP ,BOU QSFUFOEF TFOUBS
MBT CBTFT EF MB BSUJDVMBDJO FOUSF FOUFOEJNJFOUP Z FYQFSJFODJB SB[O
Z OBUVSBMF[B
QBSB TBMWBS FM IJBUP FOUSF BNCPT SEFOFT 1VFTUP RVF
UPEPT MPT QSJODJQJPT TF EFCFO BM FOUFOEJNJFOUP QVSP FM DSJUFSJP QBSB TV
TJTUFNBUJ[BDJO WJFOF EBEP QPS MB UBCMB EF MBT DBUFHPSBT SFTVMUBOEP
BT DVBUSP QSJODJQJPT &O FM TJTUFNB HMPCBM EF MPT QSJODJQJPT MPT EPT
QSJNFSPT QSJODJQJPT MPT NBUFNUJDPT TPO TVTDFQUJCMFT EF DFSUF[B
JOUVJUJWB Z GVOEBO MB WBMJEF[ PCKFUJWB EF MB NBUFNUJDB -PT EPT MUJNPT
MPT EJONJDPT TMP BMDBO[BO DFSUF[B EJTDVSTJWB Z TF SFFSFO B MB
FYJTUFODJB EF PCKFUPT Z GVOEBO MB WBMJEF[ PCKFUJWB EF MB GTJDB P EF
MB EJONJDB "T QVFT MPT QSJNFSPT TF SFFSFO B MB DPOHVSBDJO P
EFUFSNJOBDJO FTFODJBM EF MP EBEP MPT TFHVOEPT BM IFDIP FYJTUFODJBM
EF RVF BMHP TF EB
$PNP ZB TF IB EJDIP MPT QPTUVMBEPT EFM QFOTBNJFOUP FNQSJDP
DPSSFTQPOEFO B MBT DBUFHPSBT EF MB NPEBMJEBE 5JFOFO RVF WFS DPO
MPT USFT DPODFQUPT DMBWF EF MB NFUBGTJDB ZB NFODJPOBEPT QPTJCJMJEBE
FYJTUFODJB %BTFJO 8JSLMJDILFJU
Z OFDFTJEBE
-PT QPTUVMBEPT RVF ,BOU GPSNVMB QBSB FM QFOTBNJFOUP

FNQSJDP NVFTUSBO MBT DPOEJDJPOFT WMJEBT B QSJPSJ QBSB
RVF FM PCKFUP BSNBEP FO VO KVJDJP TFB QPTJCMF FNQSJDB
P SFBMNFOUF OP NFSBNFOUF FO FM QMBOP MHJDP MBT DPOEJ
,S7 " #

" 1IJMPOFOLP -VWSF EF ,BOU -B QIJMPTPQIJF DSJUJRVF WPM -B QIJMPTPQIJF
QSDSJUJRVF FU MB $SJUJRVF EF MB SBJTPO QVSF 7SJO 1BSJT Q

DJPOFT QBSB RVF TFB SFBM Z MBT DPOEJDJPOFT QBSB RVF TFB
OFDFTBSJP
4F USBUB QPS UBOUP EF RVF MPT QPTUVMBEPT QPOFO UPEP FO SFMBDJO

DPO FM TVKFUP DPHOPTDFOUF FO HFOFSBM FT EFDJS DPO FM TVKFUP USBTDFO
EFOUBM &MMPT TFBMBO MB BDDJO TVCKFUJWB RVF EB MVHBS Z GVOEBNFOUB
OVFTUSBT BSNBDJPOFT TPCSF VO DPODFQUP P VO PCKFUP 4PO USFT Z TF
CBTBO FO RVF MBT DPOEJDJPOFT GPSNBMFT EF MB JOUVJDJO Z EFM QFOTBNJFO
UP Z OP BMDBO[BO NT BMM EF MBT QPTJCJMJEBEFT SFBMFT P FNQSJDBT 4MP
MB TFOTBDJO QFOFUSB FO MB SFBMJEBE TMP MB TFOTBDJO QVFEF FOTFBSNF
RVF IBZ BMHP RVF DPSSFTQPOEF B NJT SFQSFTFOUBDJPOFT
1PTUVMBEP EF MB QPTJCJMJEBE BMHP QVFEF FTUBSTFS FO BMHO UJFNQP
JOEFUFSNJOBEP
-P RVF DPODVFSEB DPO MBT DPOEJDJPOFT GPSNBMFT EF MB
FYQFSJFODJB EFTEF FM QVOUP EF WJTUB EF MB JOUVJDJO Z EF MPT DPODFQUPT
FT QPTJCMF
-VFHP Z FTUP IB EF TFS UPNBEP FO DPOTJEFSBDJO MB FYQFSJFODJB
ZB FTU QSFTFOUF FO FTUF QPTUVMBEP Z FO TV DPSSFTQPOEJFOUF DBUFHPSB
"T FT FM QPTUVMBEP EF MB QPTJCJMJEBE EF MBT DPTBT FYJHF QVFT RVF
FM DPODFQUP EF TUBT DPODVFSEF DPO MBT DPOEJDJPOFT GPSNBMFT EF VOB
FYQFSJFODJB FO HFOFSBM
,BOU QSPQPOF FM FKFNQMP EF VO USJOHVMP EFM RVF OPT QSFHVOUBNPT
TJ UFOESBNPT MB QPTJCJMJEBE EF DPOPDFSMP QFSP TMP B USBWT EFM DPO
DFQUP FO T NJTNP &T DJFSUP RVF MP QPESBNPT DPOTUSVJS FOUFSBNFOUF
B QSJPSJ QFSP FOUPODFT UFOESBNPT MB GPSNB EFM PCKFUP Z TMP FTP FT
EFDJS TFHVJSB TJFOEP EVEPTB TV QPTJCJMJEBE QPSRVF TF SFRVJFSF BMHP
5 )F *ONBOVFM ,BOU )FSEFS #BSDFMPOB Q 2VJ[ SFTVMUF JO
UFSFTBOUF IBDFS OPUBS RVF BVORVF MB IJTUPSJB EF MB SFFYJO TPCSF MB NPEBMJEBE
RVF TF SFNPOUB IBTUB "SJTUUFMFT BVORVF TUF MB FOUJFOEB FO VO TFOUJEP CJFO
EJTUJOUP BM LBOUJBOP
TFB ZB NVZ MBSHB MB SFBMJEBE FO FM TFOUJEP NFODJPOB
EP EF 8JSLMJDILFJU TMP TFS JODMVJEB FO FM NCJUP EF MB NPEBMJEBE B QBSUJS EF
,BOU
$G ,S7 " #
,S7 " #
,S7 " #

NT B TBCFS RVF TFNFKBOUF HVSB TFB QFOTBEB CBKP MBT QVSBT DPOEJ
DJPOFT FO MBT RVF TF CBTBO UPEPT MPT PCKFUPT EF MB FYQFSJFODJB 4J
UPEP MP RVF TF BDBCB EF EFDJS OP TF UJFOF FO DVFOUB FTUBSBNPT IB
DJFOEP MP NJTNP RVF FM SBDJPOBMJTNP EPHNUJDP B KVJDJP EF ,BOU
QSFUFOEB TJO UPNBS EF MB FYQFSJFODJB NJTNB FM FKFNQMP EF TV DPOF
YJO DBFSBNPT FO QVSBT GBOUBTNBHPSBT DVZB QPTJCJMJEBE DBSFDF EF
UPEP DSJUFSJP
&M QPTUVMBEP EF MB QPTJCJMJEBE DPOTUJUVZF MB DPOEJDJO QSJNFSB EF
MB QFOTBCJMJEBE EF UPEP PCKFUP ,BOU OP TF DPOUFOUB DPO MB QPTJCJMJEBE
MHJDB RVF DPOTJTUF FO MB NFSB JODPOUSBEJDDJO QVFT EF FTUF NPEP TMP
PCUFOESBNPT MB GPSNB EFM PCKFUP RVF QBSB RVF TFB QPTJCMF SFRVJFSF
BEFNT TFS QFOTBEB CBKP MBT QVSBT DPOEJDJPOFT FO RVF TF CBTBO UP
EPT MPT PCKFUPT EFM FYQFSJFODJB FM FTQBDJP Z FM UJFNQP 4F USBUB QPS
UBOUP EF VOB QPTJCJMJEBE RVF UJFOF FO DVFOUB UBOUP FM BTQFDUP GPSNBM
P MHJDP DPNP FM BTQFDUP NBUFSJBM P SFBM RVF DPOTJTUF FO MB SFGFSFO
DJB B MBT DPOEJDJPOFT EF UPEB FYQFSJFODJB Z FYJHF QVFT VOB JOUVJDJO
FYUFSOB &TUP FT MP RVF ,BOU MMBNB QPTJCJMJEBE SFBM
%F EOEF TF RVJFSF EFSJWBS FM DBSDUFS EF MB QPTJCJ

MJEBE EF VO PCKFUP RVF IB TJEP QFOTBEP B USBWT EF VO
DPODFQUP TJOUUJDP B QSJPSJ TJ OP FT EF VOB TOUFTJT RVF
DPOTUJUVZF MB GPSNB EF DPOPDJNJFOUP FNQSJDP EF MPT PCKF
UPT
%F BDVFSEP DPO FTUBT QBMBCSBT MP RVF DPOWJFSUF B VO PCKFUP FO

QPTJCMF FT TV DPOGPSNJEBE DPO MBT GPSNBT B QSJPSJ EF MB FYQFSJFODJB QPS
FTP QPEFNPT DPOPDFSMP DPO JOEFQFOEFODJB EF FMMB QVFTUP RVF QPEFNPT
DPOPDFS EF BOUFNBOP MP QPTJCMF
1PS MP RVF ZB TF IB EJDIP SFTQFDUP B FTUF QPTUVMBEP DBCF QSF
HVOUBSTF TJ MB QPTJCJMJEBE OP BDBCBS DPOEVDJFOEP B MB SFBMJEBE 1BSB
$G ,S7 " #

,S7 " #
,S7 " #
,S7 " #

SFTQPOEFS B FTUB DVFTUJO IBZ RVF UFOFS FO DVFOUB RVF FM RVF MB QPTJ
CJMJEBE SFBM TFB GPSNBM OP TJHOJDB RVF TFB NFSBNFOUF GPSNBM 1PS FTP
TF QVFEF QFOTBS RVF MB QPTJCJMJEBE SFBM MMFWB EF NBOFSB JSSFNFEJBCMF B
MB SFBMJEBE %F IFDIP IBCS RVF DPODMVJS RVF OP IBZ OBEB QPTJCMF TJOP
MP RVF FO FM TFOUJEP EFM TFHVOEP QPTUVMBEP FT SFBM
1PTUVMBEP EF MB SFBMJEBE BMHP FYJTUF FO VO UJFNQP EFUFSNJOBEP

-P RVF TF IBMMB FO JOUFSEFQFOEFODJB DPO MBT DPOEJDJPOFT NBUFSJBMFT
EF MB FYQFSJFODJB EF MB TFOTBDJO
FT SFBM
&TUF QPTUVMBEP FTQFDJDB RVF TMP MP RVF ZP QVFEP QFSDJCJS DPNP
DPODPSEBOEP FT SFBM &NQFSP QBSB RVF IBZB VOB QFSDFQDJO BIPSB
UJFOF RVF IBCFS NBUFSJBMNFOUF VOB QFSDFQDJO
&M QPTUVMBEP TFHO FM DVBM DPOPDFNPT MB SFBMJEBE EF

MBT DPTBT OP FYJHF MB QFSDFQDJO Z DPOTJHVJFOUFNFOUF
MB TFOTBDJO EF MB DVBM TPNPT DPOTDJFOUFT
JONFEJBUB EFM
PCKFUP NJTNP DVZB FYJTUFODJB TF USBUB EF DPOPDFS QFSP
T FYJHF MB DPOFYJO EF UBM PCKFUP DPO BMHVOB QFSDFQDJO
FGFDUJWB EF BDVFSEP DPO MBT BOBMPHBT EF MB FYQFSJFODJB
MBT DVBMFT FTUBCMFDFO UPEP FOMBDF SFBM FO VOB FYQFSJFODJB
FO HFOFSBM
&T EFDJS QBSB RVF BMHP BEFNT EF QPTJCMF TFB SFBM UJFOF RVF IBCFS
MP EBEP Z BEFNT FTUP EBEP EFCF IBCFS QBTBEP QPS MPT QSJODJQJPT RVF
PCFEFDFO B MBT BOBMPHBT EF MB FYQFSJFODJB
&M QPTUVMBEP EF MB SFBMJEBE TVCSBZB EF OVFWP MB MJNJUBDJO EFM
BMDBODF EFM DPOPDJNJFOUP B MB FYQFSJFODJB QPTJCMF BT DPNP FM SFDIB[P
EF MB OPDJO SBDJPOBMJTUB EF FYJTUFODJB QVFTUP RVF TUB QBSB ,BOU OP
TF FODVFOUSB FO FM NFSP DPODFQUP EF VOB DPTB OJ TF BBEF B FMMB DPNP
VO DPOUFOJEP P EFUFSNJOBDJO NT 4JO FNCBSHP NFEJBOUF MB SFBMJEBE
P FYJTUFODJB TF QPOF BMHP NT RVF MB QPTJCJMJEBE
,S7 " #

,S7 " #

.JFOUSBT MB QPTJCJMJEBE FSB TJNQMFNFOUF VO QPOFS MB

DPTB FO SFMBDJO DPO FM FOUFOEJNJFOUP DPO TV VTP FNQSJ
DP
MB SFBMJEBE FT B MB WF[ VO QPOFSMB FO DPOFYJO DPO MB
QFSDFQDJO
%F OVFWP TVSHF MB NJTNB DVFTUJO RVF TF IBCB QMBOUFBEP BM OBM

EF MB TPNFSB FYQPTJDJO TPCSF FM QPTUVMBEP EF MB QPTJCJMJEBE DVM FT MB
EJGFSFODJB FOUSF MBT EPT QSJNFSBT DBUFHPSBT NPEBMFT 1BSB FYQMJDBSMB
IBZ RVF SFDPSEBS MP RVF TF FTUBCMFDF ZB FO &M OJDP GVOEBNFOUP
"MM ,BOU IBCB QSFDJTBEP GSFOUF BM SBDJPOBMJTNP VOB EJTUJODJO GVO
EBNFOUBM RVF TF NBOUJFOF FO MB $SUJDB EF MB SB[O QVSB MB FYJTUFODJB
OP FTU FO FM PSEFO EF MPT QSFEJDBEPT EF MB QPTJCJMJEBE QPS FM DPOUSBSJP
TJHOJDB MB QPTJDJO BCTPMVUB EF VOB DPTBT DPO UPEBT TVT EFUFSNJOB
DJPOFT QPTJCMFT %F FTUF NPEP VOP FT FM FT EF MB DQVMB FO VO KVJDJP
Z PUSP FT FM FT EFM TFS DPNP FYJTUFODJB "RV SBEJDB MB EJTUJODJO
CTJDB FOUSF QPTJCJMJEBE Z FYJTUFODJB DPOUFOHB MP RVF DPOUFOHB VO PC
KFUP UFOFNPT RVF TBMJS EF M QBSB BUSJCVJSMF FYJTUFODJB -P RVF FT MP
NJTNP NFEJBOUF FM QSFEJDBEP %BTFJO P 8JSLMJDILFJU OP BBEP OBEB
B MB DPTB TJOP MB DPTB NJTNB BM DPODFQUP &TUP FT MP RVF RVJFSF EFDJS
QPTJUJP BCTPMVUB 1POHP BMHP NT RVF MB QPTJCJMJEBE -P RVF TF BDB
CB EF SFDPSEBS WJFOF EF OVFWP B QPOFS EF NBOJFTUP MB EJGFSFODJB FOUSF
MBT EPT GPSNBT EF FOUFOEFS FM TFS FO ,BOU FO FM TFOUJEP QSFEJDBUJWP
FM FT EF MB DQVMB
Z FM TFOUJEP NPEBM RVF FT FM RVF TF NVFTUSB FO MB
FYJTUFODJB DPNP TFHVOEB DBUFHPSB EF MB NPEBMJEBE
,S7 " OPUB # OPUB

* ,BOU &M OJDP GVOEBNFOUP QPTJCMF EF VOB EFNPTUSBDJO EF MB FYJTUFODJB
EF %JPT
116 #BSDFMPOB JOUSPE Z USBE +PT .BSB 2VJOUBOB
$BCBOB
" FTUB DVFTUJO IBCSFNPT EF WPMWFS B SFGFSJSOPT EFTEF PUSB QFSTQFDUJWB FO FM
DBQUVMP
$G ,S7 " # $G UBNCJO + 3JWFSB EF 3PTBMFT PQ DJU QQ

$G ,S7 "
$G - 'MBNBSJRVF /FDFTJEBE Z DPOPDJNJFOUP &VOTB 1BNQMPOB Q

1PTUVMBEP EF MB OFDFTJEBE BMHP IB EF TFS FO UPEP UJFNQP

"RVFMMP
DVZB JOUFSEFQFOEFODJB DPO MP SFBM TF IBMMB EFUFSNJOBEP TFHO DPOEJ
DJPOFT VOJWFSTBMFT EF MB FYQFSJFODJB FT FYJTUF DPNP
OFDFTBSJP
3FDPSENPTMP TMP FT OFDFTBSJP MP RVF TF IBMMB EFUFSNJOBEP TF
HO MBT DPOEJDJPOFT EFM QFOTBNJFOUP FO HFOFSBM $PSSFTQPOEF BM QFO
TBNJFOUP Z TMP B M FM FTUBCMFDJNJFOUP EF MB VOJWFSTBMJEBE /BEB FO
MB FYQFSJFODJB FT OFDFTBSJP TJO RVF TF QSFTVNB MB BUFOFODJB B MBT MFZFT
Z QSJODJQJPT EFM QFOTBNJFOUP 'JOBMNFOUF FO MP RVF BM UFSDFS QPTUV
MBEP TF SFFSF BGFDUB B MB OFDFTJEBE NBUFSJBM FO MB FYJTUFODJB Z OP B
MB NFSB OFDFTJEBE GPSNBM Z MHJDB FO MB DPOFYJO EF MPT DPODFQUPT
1FSP OP TF QVFEF DPOPDFS MB OFDFTJEBE EF MB FYQFSJFODJB DPNP ZB
TF IB JOEJDBEP FO SFMBDJO B PUSPT QPTUVMBEPT EFM QFOTBS FNQSJDP FO
HFOFSBM TJ OP QBSUJNPT EF VO BODMBKF FO MB SFBMJEBE FT EFDJS B OP TFS
RVF FTUBCMF[DBNPT TV DPOFYJO NFEJBOUF MFZFT VOJWFSTBMFT EF MB FYQF
SJFODJB 2VFEB BT QBUFOUF RVF FT BM QFOTBNJFOUP BM RVF DPSSFTQPOEF
MB GVODJO EF MB VOJWFSTBMJEBE %JDIP EF PUSB NBOFSB RVF OBEB FO MB
FYQFSJFODJB FT OFDFTBSJP ZB RVF TV OFDFTJEBE EFQFOEF FTUSJDUBNFOUF
EFM QFOTBNJFOUP
$PNP OP QPESB TFS EF PUSP NPEP FM QPTUVMBEP EF MB OFDFTJEBE
DBSFDF EF WBMJEF[ QPS MP RVF TF SFFSF B MB FYJTUFODJB EF MBT DPTBT FO
DVBOUP TVTUBODJBT Z TF MJNJUB TMP BM FTUBEP EF FTUT FT EFDJS BM NPEP
TFHO FM DVBM TPO EBEBT B OVFTUSB GBDVMUBE DPHOPTDJUJWB -B OFDFTJ
EBE QPS UBOUP MP FT FYDMVTJWBNFOUF EFM DPOPDJNJFOUP EF PCKFUPT 1PS
PUSB QBSUF DPOWJFOF UBNCJO JOTJTUJS FO RVF FM DPODFQUP EF OFDFTJEBE
OP TF EJTUJOHVF EFM EF SFBMJEBE QPS VOB EFUFSNJOBDJO TFOTJCMF FO FM
PCKFUP MP RVF TJHOJDB RVF FYJTUFODJB TJNQMF Z FYJTUFODJB OFDFTBSJB OP
BGFDUBO JOUSOTFDBNFOUF BM PCKFUP
1VFTUP RVF MBT DPOEJDJPOFT EFM DPOPDJNJFOUP Z EFM PCKFUP TPO MBT
NJTNBT BRVM FT FM RVF TPNFUJFOEP BM PCKFUP B TVT QSPQJBT MFZFT
,S7 " #

,S7 " #
$G ,S7 " #
$G *C $G UBNCJO - 'MBNBSJRVF PQ DJU QQ

MF DPOFSF FO FM TFOP EF MB FYQFSJFODJB MBT DVBMJEBEFT EF OFDFTJEBE Z

VOJWFSTBMJEBE TJO MBT DVBMFT OP QVFEF DPOTUJUVJSTF DPNP DPOPDJNJFOUP
DJFOUDP 1PS UBOUP OP TF USBUB EF VOB SFBMJEBE FO T TJOP EF VOB
DPOEJDJPOBEB 5PEP MP RVF TVDFEF FT IJQPUUJDBNFOUF OFDFTBSJP
&M HJSP DPQFSOJDBOP EF ,BOU DPOTJTUF UBNCJO FO EBSTF DVFOUB EF RVF
UPEB OFDFTJEBE QBSB FM TVKFUP P QSPDFEF EF M P IB EF TFS FMBCPSBEB
QPS M OP TMP QBSB RVF M TF BQFSDJCB TJOP UBNCJO DPNP DPOEJDJO
EF QPTJCJMJEBE EF TV QSPQJB DPOTUSVDDJO DPNP TVCKFUJWJEBE &O FTUF
TFOUJEP FO FM GVOEBNFOUP EF UPEB OFDFTJEBE TF IBMMB TJFNQSF VOB
DPOEJDJO USBTDFOEFOUBM
%F FTUB NBOFSB OJDBNFOUF MB SFMBDJO EF DBVTBMJEBE FOUSF EPT
PCKFUPT QFSNJUF MB JOGFSFODJB EF MB OFDFTJEBE EF MB FYJTUFODJB EF VOP
EF FMMPT -B EFM FGFDUP 4MP MPT FGFDUPT QSPEVDJEPT QPS DBVTBT TFHO
FM QSJODJQJP EF DBVTBMJEBE TPO DPOPDJEPT B QSJPSJ DPNP OFDFTBSJBNFOUF
FYJTUFOUFT &M DSJUFSJP EF MB OFDFTJEBE SFTJEF FYDMVTJWBNFOUF FO MB MFZ
EF MB FYQFSJFODJB QPTJCMF &O DPOTFDVFODJB ,BOU QVFEF DPODMVJS RVF
UPEP MP RVF TVDFEF FT IJQPUUJDBNFOUF OFDFTBSJP
5PEP MP RVF TF IB JEP FYQPOJFOEP IBTUB BIPSB OPT JOEVDF B FOUFO
EFS RVF MB QPTJCJMJEBE EFM TFS EF VOB DPTB FT NT CJFO MB QPTJCJMJEBE
EFM DPOPDJNJFOUP EF MB DPTBT %F FTUF NPEP TF QPESB EFDJS RVF ,BOU
TVTUJUVZF FM %JPT DSFBEPS EF TFSFT QPS VO FOUFOEJNJFOUP DPOTUSVDUPS
EF PCKFUPT DPOPDJEPT "T FT DPNP IFNPT WJTUP MB NPEBMJEBE EF MBT
DPTBT UJFOF TV PSJHFO FO MB SFMBDJO DPO TV GVOEBNFOUP RVF OP FT PUSP
RVF FM TVKFUP FM ZP QJFOTP
&O EFOJUJWB MPT NPEPT EF MPT PCKFUPT EF
MB FYQFSJFODJB TF EJGFSFODJBO FO FM DNP EF TV TFS QPTUVMBEPT FT EFDJS
QVFTUPT QPS FM ZP USBTDFOEFOUBM FO FM BDUP EF BQFSDFQDJO
$PO FTUP RVFEB FYDMVJEB MB OFDFTJEBE BCTPMVUB 1BSB SFFNQMB[BS
MB OFDFTJEBE JODPOEJDJPOBEB EF MB MPTPGB EPHNUJDB ,BOU JOUSPEVDF
MB OFDFTJEBE GTJDB DPOEJDJPOBEB QPS UBOUP Z SFMBUJWB B MB FYQFSJFODJB
,S7 " #

,S7 "

QPTJCMF &O EFOJUJWB -B OFDFTJEBE RVF QPEFNPT DPOPDFS OP FT MB EF

MB FYJTUFODJB EF MBT DPTBT TVTUBODJBT
TJOP EF MB EF TV FTUBEP
&O FM QPOFS DPNP QFOTBEP P DPOPDJEP TPNFUJEP B MBT MFZFT EFM
FOUFOEJNJFOUP FT DPNP FM FOUFOEJNJFOUP BSNB NPEBMNFOUF MB FYJT
UFODJB EF VO PCKFUP TFHO MPT QSJODJQJPT TJOUUJDPT EF MB NPEBMJEBE
%F FTUB NBOFSB MB FYJTUFODJB EF UPEP PCKFUP FTU FO SFMBDJO EF EF
QFOEFODJB DPO MB FYJTUFODJB EF PUSPT PCKFUPT IBTUB FM QVOUP EF RVF
UPEB FYJTUFODJB BQBSFDF TJFNQSF DPNP DBVTBEB QPS PUSP PCKFUP EF MB
FYJTUFODJB : FT RVF MB OBUVSBMF[B FT FM DPOKVOUP EF TVDFTPT SFHJEPT
QPS FM QSJODJQJP EF DBVTBMJEBE TJO M OP QPESBNPT DPOPDFS B QSJPSJ
MB FYJTUFODJB EF MP DPOUJOHFOUF RVF TMP QPS EJDIP QSJODJQJP EFWJFOF
OFDFTBSJB 1PS FMMP FTUF QSJODJQJP FT NPTUSBEP DPNP QSJODJQJP EF MB
QPTJCJMJEBE EF MB FYQFSJFODJB "T
FM DBSDUFS EF FGFDUVBEP EF UPEP PCKFUP SFBM XJSLMJDI

IB
DF RVF FM PCKFUP TFB JONFEJBUBNFOUF QPS FM NJTNP BDUP
EF TV DPOTUJUVDJO OFDFTBSJP OPUXFOEJH
1PSRVF MB FY
QFSJFODJB TVQPOF VOB DPOFYJO OFDFTBSJB FOUSF UPEPT MPT
GFONFOPT FM DPOPDJNJFOUP FNQSJDP FT VO DPOPDJNJFOUP
EF PCKFUPT RVF TVDFEFO OFDFTBSJBNFOUF FO FM TJTUFNB EF MB
OBUVSBMF[B DVZB MFZ HFOFSBM FT FM QSJODJQJP EF DBVTBMJEBE
"T FM QSJODJQJP EF DBVTBMJEBE FT UBNCJO FM QSJODJQJP EF
QPTJCJMJEBE EF MB FYQFSJFODJB
1PS FM QSJODJQJP EF DBVTBMJEBE TF QVFEF EFDJS QVFTUB MB DBVTB

QVFTUP FM FGFDUP 1PS FTP FM FGFDUP BQBSFDF DPNP OFDFTBSJP &TUF FT
FM BTQFDUP TJOUUJDP RVF BQPSUB MB DBUFHPSB EF OFDFTJEBE 4F USBUB EF
MB OFDFTJEBE RVF SFDJCF MP FNQSJDP QPS TFS QFOTBEP UBM DPNP FM FOUFO
EJNJFOUP IVNBOP FT DBQB[ EF DPOPDFS PCKFUPT &O JOUFSEFQFOEFODJB B
QSJPSJ DPO FM DPOKVOUP EF MB FYQFSJFODJB
,S7 " # $G - 'MBNBSJRVF PQ DJU
- 'MBNBSJRVF PQ DJU Q

:B TF IB EJDIP FM UFSDFS QPTUVMBEP QPOF BM PCKFUP FO UBOUP RVF

TPNFUJEP B MBT MFZFT VOJWFSTBMFT EFM FOUFOEJNJFOUP &M TVKFUP QPTUVMB
FM PCKFUP DPNP TPNFUJEP BM QSJODJQJP HFOFSBM EF MB OBUVSBMF[B Z BM QSJO
DJQJP HFOFSBM EF MB QPTJCJMJEBE EF MB FYQFSJFODJB B TBCFS DPNP FGFDUP
BOUJDJQBEP QPS TV DBVTB RVF TJHVF B TUB DPO OFDFTJEBE
"OUFT EF OBMJ[BS MB FYQPTJDJO EF MP SFMBUJWP B MPT QPTUVMBEPT EFM
QFOTBNJFOUP FNQSJDP FO HFOFSBM FT OFDFTBSJP IBDFSTF DPOTDJFOUF EFM
NPEP FO RVF VOPT TF SFMBDJPOBO DPO PUSPT P NFKPS EJDIP EFM NPEP
FO RVF VOP MMFWB B PUSP -B EJGFSFODJB FOUSF MP QPTJCMF Z MP SFBM FT RVF
QBSB RVF BMHP TFB QPTJCMF CBTUB DPO RVF TF BEFDVF B MBT DPOEJDJPOFT
GPSNBMFT &TUP TJHOJDB RVF MBT DPOEJDJPOFT GPSNBMFT FTUO IJQPUUJ
DBNFOUF TBUJTGFDIBT .JFOUSBT MP SFBM FT MP RVF TBUJTGBDF SFBMNFOUF
MBT NFODJPOBEBT DPOEJDJPOFT 1PS MUJNP QBSB MP OFDFTBSJP TF SFRVJF
SF RVF FTU EFUFSNJOBEP TFHO MBT DPOEJDJPOFT VOJWFSTBMFT EFM FOUFO
EJNJFOUP "T QVFT DBCF DPODMVJS MP RVF (JMTPO BSNB B DPOUJOVBDJO
FO FM JEFBMJTNP DSUJDP MBT DBUFHPSBT EF MB NPEBMJEBE IFSFEBO MPT QSJ
WJMFHJP EF MPT NPEPT FTDPUJTUBT EFM TFS MP EFUFSNJOBO TJO DBNCJBSMP
4MP RVF MP RVF VOB WF[ GVFSB QSJWJMFHJP EFM TFS TF DPOWJFSUF BIPSB FO
VO QSJWJMFHJP EFM QFOTBNJFOUP
-P DJFSUP FO DVBMRVJFS DBTP FT RVF ,BOU OP JNBHJOB NT QPTJCJMJEBE
RVF MB EF MP RVF FTU FYJTUJFOEP Z QVFEF QFSDJCJS Z RVF B MB WF[ OP
FOUJFOEF RVF QVFEB EBSTF BMHP FO FM NCJUP EF MB FYQFSJFODJB QPTJCMF
RVF OP TFB FM FGFDUP EF VOB DBVTB Z QPS UBOUP OFDFTBSJP %F FTUF
NPEP MB FYQFSJFODJB QPTJCMF USB[BEB Z DPOTUSVJEB QPS ,BOU FT MB
EF VOB OBUVSBMF[B TPNFUJEB B MB MFZ EF MB OFDFTJEBE 1PS FTP FM MTPGP
EF ,OJHTCFSH TF WFS FO MB OFDFTJEBE EF EJTUJOHVJS FOUSF EPT SFJOPT
FM EF MB MJCFSUBE NPSBMJEBE
Z FM EF MB OFDFTJEBE OBUVSBMF[B
-PT
QSPCMFNBT RVF TF EFSJWBO B MB IPSB EF BSNPOJ[BS BNCPT EPNJOJPT FO
FM DBTP EFM TFS IVNBOP B MB WF[ OBUVSBM Z NPSBM FT VO BTVOUP RVF
OP DBCF BCPSEBS BIPSB 1PS FM NPNFOUP CBTUBS DPO SFDPSEBS MP RVF
)FJEFHHFS TJOUFUJ[B FO TV UFYUP EF -B UFTJT EF ,BOU TPCSF FM TFS
& (JMTPO PQ DJU

3FBMNFOUF FGFDUJWP FT FO DBEB DBTP MP SFBMNFOUF FGFD

UJWP EF BMHP QPTJCMF Z FM IFDIP EF RVF TFB SFBMNFOUF FGFD
UJWP OPT WVFMWF B SFNJUJS OBMNFOUF B BMHP OFDFTBSJP <"T
QVFT> MPT QPTUVMBEPT EFM QFOTBNJFOUP FNQSJDP FO HFOF
SBM TPO MPT QSJODJQJPT DPO MPT RVF TF FYQMJDBO FM TFS QP
TJCMF FM TFS FGFDUJWBNFOUF SFBM Z FM TFS OFDFTBSJP FO MB
NFEJEB FO RVF EF FTUF NPEP TF EFUFSNJOB FM FYJTUJS EFM
PCKFUP EF MB FYQFSJFODJB
$G . )FJEFHHFS -B UFTJT EF ,BOU TPCSF FM TFS

FO )JUPT "MJBO[B
.BESJE QQ USBE ) $PSUT Z " -FZUF Q

$BQUVMP
-B USBOTGPSNBDJO EF MB WFS
EBE FO DFSUF[B %FTDBSUFT
5SBOTJDJO 5SBOTGPSNBDJO EFM

FO FM DPODJFODJB
$PNP TF WB B QPEFS PCTFSWBS FO MPT FQHSBGFT EFM /JFU[TDIF ** RVF

TJHVFO EFEJDBEPT ZB B %FTDBSUFT FM QMBOUFBNJFOUP EF )FJEFHHFS
WB B FYQFSJNFOUBS VOB DMBSB JOFYJO 4J IBTUB FM NPNFOUP TF IBCB
DFOUSBEP FO MB EJTUJODJO FOUSF FM RV FT Z FM RVF FT EJGFSFODJBDJO
EFDJEJEB QPS FM TFS RVF FO DVBOUP UBM EBCB PSJHFO B MB NFUBGTJDB
Z BT QPS UBOUP UBNCJO B MBT PTDJMBDJPOFT RVF B MP MBSHP EF MB IJTUP
SJB FYQFSJNFOUB MB DPNQSFOTJO EFM TFS DPNP FTFODJB Z FYJTUFODJB
BIPSB TV QFOTBNJFOUP TF WB B DFOUSBS FO MB USBOTGPSNBDJO EFM
FO TVKFUP MHJDP TFB TUF FOUFOEJEP DPNP DPHJUP P ZP USBTDFO
EFOUBM "MHP RVF B TV KVJDJP FT DBSBDUFSTUJDP EF MB NPEFSOJEBE Z RVF
PCTFSWB FO %FTDBSUFT -FCJOJ[ Z ,BOU TJO QPEFS EFKBS EF NFODJPOBS B
)FHFM &O FTUB NPOPHSBGB IFNPT EF MJNJUBSOPT B FTUVEJBS DNP FO
UJFOEF )FJEFHHFS EJDIB USBOTGPSNBDJO FO EPT EF MPT QFOTBEPSFT RVF
QBSB M TPO EF SFGFSFODJB %FTDBSUFT Z ,BOU

3FTVMUB TPSQSFOEFOUF RVF BM IBDFS FTUB IJTUPSJB HFOFBMHJDB EF

MB NFUBGTJDB FO FM /JFU[TDIF **
)FJEFHHFS OP TF EFUFOHB FO ,BOU
)BZ NVDIBT SB[POFT RVF QVFEFO FYQMJDBSMP &O DVBMRVJFS DBTP FYJT
UF VO UFYUP QBSBEJHNUJDP B FTUF SFTQFDUP RVF BVORVF BOUFSJPS B MB
,FISF QVFEF TFSWJSOPT NVZ CJFO EF SFGFSFODJB NF FTUPZ SFSJFOEP BM
DBQUVMP *** EF MB QSJNFSB QBSUF EF -PT QSPCMFNBT GVOEBNFOUBMFT EF
MB GFOPNFOPMPHB UFYUP FO FM RVF )FJEFHHFS QMBOUFB EJSFDUBNFOUF FTP
NJTNP EF RVF FTUBNPT IBCMBOEP BRV &T EFDJS EF DNP FM ZP USBTDFO
EFOUBM LBOUJBOP OP FT PUSB DPTB RVF FO FM TFOUJEP QSFDJTP
EF TVKFUP MHJDP EF TVT QPTJCMFT EFUFSNJOBDJPOFT 1PS FTP B QFTBS
EF MB EJTUBODJB UFNQPSBM Z EF MBT WJDJTJUVEFT IBCJEBT FO FM DBNJOP EF
)FJEFHHFS IBTUB MB DPOHVSBDJO EFM /JFU[TDIF ** MP BMM FYQVFTUP OPT
IBCS EF TFSWJS EF SFGFSFODJB QBSB BOBMJ[BS FM NPEP FO RVF )FJEFHHFS
WF EFTQMFHBSTF MB IJTUPSJB EFM TFS RVF FT FM BTVOUP RVF EJSFDUBNFOUF
OPT PDVQB
4FB DPNP GVFSF IBZ BMHP RVF OP DPOWJFOF QBTBS QPS BMUP FTB JO
FYJO PQFSBEB QPS )FJEFHHFS OP FT BSCJUSBSJB OJ TF FODVFOUSB EFT
DPOFDUBEB EF UPEP MP RVF IBTUB FM NPNFOUP MMFWBNPT WJTUP 1PS PUSB
QBSUF IBCSB RVF EFDJS RVF OP FT BMHP RVF M TF QSPQPOHB TJOP RVF
NT CJFO TF FTU MJNJUBOEP B TFHVJS FM DVSTP EF MB IJTUPSJB EFM PMWJ
EP EFM TFS &O FTUF TFOUJEP DBCF BQVOUBS RVF FO SFBMJEBE OP IFNPT
EFKBEP EF IBCMBS FO OJOHO NPNFOUP EFM BT FT QPSRVF
FO MB DPNQSFOTJO EF "SJTUUFMFT UBO EFUFSNJOBOUF QBSB MB IJTUPSJB
QPTUFSJPS EF MB NFUBGTJDB
MB TVTUBODJB MB FOUJEBE OP FT PUSB DPTB RVF
VO TVKFUP EFUFSNJOBEP FT EFDJS
-B NBOFSB FO RVF WB B FWPMVDJPOBS FO PQJOJO EF )FJEFHHFS MB
DPNQSFOTJO P OPDPNQSFOTJO NFUBGTJDB EFM TFS UFOESFNPT PDBTJO
EF BOBMJ[BSMB FM MPT EPT DBQUVMPT SFTUBOUFT %F GPSNB FTQFDJBM FO FM
MUJNP EF FMMPT TF IBDF VO JOUFOUP EF WBMPSBDJO OBM RVF EF DVFOUB E
FTUF EFWFOJS

&YQPTJDJO UFSJDB
&YQPTJDJO UFSJDB
1PS SB[POFT FYQPTJUJWBT Z EF VOJEBE UFNUJDB MPT EPT BQBSUBEPT

RVF EFEJDB )FJEFHHFS B %FTDBSUFT FO FM /JFU[TDIF ** -B USBOTGPSNB
DJO EF MB WFSEBE FO DFSUF[B Z -B USBOTGPSNBDJO EFM
FO TVCKFDUVN
TF WBO B BCPSEBS EF NBOFSB DPOUJOVBEB &O DVBMRVJFS
DBTP MPT UUVMPT EF MPT EJGFSFOUFT FQHSBGFT RVF TJHVFO SFTVMUBO TV
DJFOUFNFOUF DMBSPT Z FYQMDJUPT EF NBOFSB RVF OP FT QPTJCMF RVF FTUF
NPEP EF QSPDFEFS JOEV[DB B DPOGVTJO
-B EFUFSNJOBDJO EF MB SFBMJEBE DPNP 8JSLMJDILFJU NV

UB MB FTFODJB EF MB WFSEBE
-B PDVMUB IJTUPSJB EFM TFS DPNP SFBMJEBE FGFDUJWB FT MP

RVF QPTJCJMJUB BT NJTNP MBT EJGFSFOUFT QPTJDJPOFT GVOEB
NFOUBMFT EF MB IVNBOJEBE PDDJEFOUBM FO NFEJP EFM FOUF
QPTJDJPOFT RVF GVOEBO FO DBEB DBTP MB WFSEBE BDFSDB EFM
FOUF TPCSF MP SFBM FGFDUJWP FSJHJOEPMB Z BTFHVSOEPMB QB
SB TUF
&TUF UFYUP DPO FM RVF )FJEFHHFS DPNJFO[B TV BOMJTJT DSUJDP EF MB

NPEFSOJEBE DFOUSBEP ZB FO %FTDBSUFT SFTVNF FO CVFOB NFEJEB
MBT SB[POFT RVF MMFWBO B )FJEFHHFS B SFBMJ[BS MB JOFYJO B MB RVF TF
IB IFDIP SFGFSFODJB 4F USBUB EF BMHP CJFO TFODJMMP DBEB EFUFSNJOBEB
DPNQSFOTJO EFM FOUF MMFWB BQBSFKBEB MB DPSSFTQPOEJFOUF DPNQSFOTJO
EF MB WFSEBE : FT RVF FM TFS P MP FOUF UPNB TV JNQSPOUB FTFODJBM FO
DBEB DBTP EF VO FOUF EFUFSNJOBOUF /P TF QVFEF PMWJEBS Z FT BMHP
RVF B )FJEFHHFS MF HVTUB SFDPSEBS RVF FO FM QSJODJQJP EF MB MPTPGB
ZB 1BSNOJEFT BSN RVF MP NJTNP FSBO QFOTBS Z TFS
)FJEFHHFS FTU DPOWFODJEP EF RVF FM TFS FT DPODFCJEP DPNP SFBMJ
EBE FGFDUJWB Z FOUJFOEF RVF FTUP FT EFUFSNJOBOUF 4JO FNCBSHP UBN
*C

CJO DSFF RVF FTUB DPNQSFOTJO QMBOUFB BMHP RVF UPEBWB FTU QPS EF
OJS DNP TF EFUFSNJOBSO FM FGFDUVBS Z MB SFBMJEBE FGFDUJWB
1VFT CJFO EFTEF RVF TVSHF MB JEFB EF %JPT DSFBEPS FOUFOEJEP DP
NP MB QSJNFSB DBVTB FDJFOUF FM FOUF RVF QVFEF UFOFS FM QBQFM QBSB
EJHNUJDP FT P CJFO %JPT NJTNP P MB OBUVSBMF[B P FM TFS IVNBOP
" MP MBSHP EF MB IJTUPSJB EF MB NFUBGTJDB MB WFSEBE QBT EF TFS FO
UFOEJEB DPNP FO DPSSFTQPOEFODJB DPO MB B TFSMP DPNP
BEBFRVBUJP DVBOEP TF MB DPODJCJ DPNP VOB EFUFSNJOBDJO EFM QFOTB
NJFOUP EFM JOUFMMFDUVT IVNBOP P EJWJOP
&O PQJOJO EF )FJEFHHFS EF
BI B MB DPNQSFOTJO DBSUFTJBOB EF MB WFSEBE DPNP DFSUF[B TMP IBCB
VO QBTP -B FTFODJB EF MB WFSEBE FT DPODFCJEB DPNP DFSUF[B Z FTUP TF
GVOEB FO VO SFQSFTFOUBS BOUF MB DPODJFODJB &O DPOTFDVFODJB FM TBCFS
TMP MP FT DVBOEP TF UJFOF DFSUF[B EF MP TBCJEP
'SFOUF B QMBOUFBNJFOUPT F JOUFSQSFUBDJPOFT RVF FOUJFOEFO FM 3F

OBDJNJFOUP Z MB .PEFSOJEBE DPNP VOB QBVMBUJOB MJCFSBDJO EF %JPT
QPS QBSUF EFM IPNCSF DPO FM DPOTJHVJFOUF BCBOEPOP EF UPEB UFPMPHB
P WJTJO UFPMHJDB )FJEFHHFS TPTUJFOF MP DPOUSBSJP MP SFBM JODPOEJDJP
OBEP FT QFOTBEP EF NPEP UFPMHJDP Z FTUP BGFDUB B UPEB MB WJTJO
EF MB SFBMJEBE 5BOUP RVF MB NFUBGTJDB NPEFSOB TF QVFEF FOUFOEFS
DPNP UFPMPHB ZP UFPEJDFB Z FMMP BVORVF FTU FO MB NJTNB OEPMF
EF MB DFSUF[B MB SFJWJOEJDBDJO EFM BTFHVSBNJFOUP JODPOEJDJPOBM EF TV
QSPQJP QPSUBEPS )FJEFHHFS BEWJFSUF FO DVBMRVJFS DBTP RVF IBZ VOB
FTQFDJF EF DPOGSPOUBDJO FOUSF MBT WJTJPOFT BOUSPQPDOUSJDBT Z UFPDO
USJDBT RVF FO PDBTJPOFT QBSFDFO FYDMVJSTF QFSP RVF FTUO VOJEBT FO TV
SB[
&O MPT QSSBGPT TJHVJFOUFT EF FTUF BQBSUBEP TV BVUPS SFBMJ[B VOB
TFSJF EF JOUFSFTBOUFT PCTFSWBDJPOFT RVF QPESBNPT DBMJDBS EF TP
DJPMHJDBT P DVMUVSBMFT TJ FM UFNPS B MB EFTDBMJDBDJO SPUVOEB EFM
*C
$G *C Q

&YQPTJDJO UFSJDB
QSPQJP )FJEFHHFS OP MP JNQJEJFSB &O FTUF TFOUJEP OVFTUSP QFOTBEPS

FYQMJDB RVF FO EFOJUJWB FM TFS IVNBOP FTU OFDFTJUBEP EF DFSUF[B
&O MB &EBE .FEJB Z UBNCJO FO MB .PEFSOB MB *HMFTJB DPNP TV HB
SBOUF MF PGSFDJ MB DFSUF[B EF MB GF RVF FM IPNCSF BDPHJ QPS DPOTUJUVJS
UBNCJO VOB GPSNB EF MJCFSUBE " MB WF[ FT DJFSUP RVF EFTEF FM 3F
OBDJNJFOUP TF EFTQMJFHB UPEP VO NPWJNJFOUP IVNBOJTUB RVF EFWJFOF
BOUSPQPDOUSJDP FO MB NFEJEB FO RVF FM IPNCSF TF WB DPOTJEFSBOEP
EVFP EF TV EFTUJOP Z EF MB OBUVSBMF[B EF VO FGFDUVBS RVF DVMUJWB UPEP
MP RVF UJFOF B TV BMDBODF
1FSP DVMUJWBS SFNJUF B DVMUVSB )FJEFHHFS NVFTUSB DNP FM
IVNBOJTNP TF WJODVMB DPO MB DVMUVSB Z DSJUJDB B MB *HMFTJB RVF WJOEPTF
NFSNBEB FO DVBOUP B MB GF EF MPT TFSFT IVNBOPT JOUFOUB FO PQJOJO
EFM QFOTBEPS EF 'SJCVSHP VUJMJ[BS MBT NJTNBT BSNBT RVF TV BEWFSTBSJP
MB DVMUVSB
DPO MP RVF UBNCJO B TV KVJDJP IBCSB QFSEJEP TV QSPQJB
FTQFDJDJEBE
4FB EF FMMP MP RVF GVFSF MP DJFSUP FT RVF MB DVMUVSB FT FMFWBEB B
MB DBUFHPSB EF O &TUP DPOUSJCVZF UBNCJO B RVF MB IVNBOJEBE
CVTRVF TV BTFHVSBNJFOUP BMHP RVF MF SFTVMUB TFODJMMP FO FM NPNFOUP
EF HSBO FTQMFOEPS Z EFTBSSPMMP EF MBT DJFODJBT FYQFSJNFOUBMFT DPO TV
QSPNFTB EF EPNJOBS MB OBUVSBMF[B
1FSP UPEP FTUP UJFOF RVF WFS DPO
RVF MB FTFODJB EF MB WFSEBE TFB FOUFOEJEB FO FM NBSDP EF FTF BTFHV
SBNJFOUP EF VO EPNJOJP JODPOEJDJPOBEP EFM IPNCSF
1FSP EF OVFWP DPNP TJ EF VO UJSB Z BPKB TF USBUBSB )FJEFH
HFS NVFTUSB MB QSFTFODJB EF %JPT RVF FOUFOEJEP DPNP BDUVT QVSVT
BDUVBMJUBT DBVTBMJUBT TF NBOJFTUB DPNP MP QSPQJBNFOUF DPOTJTUFOUF
FO T NJTNP
$G *C QQ Z UBNCJO Q FO MBT RVF TF SFQJUF FTUB NJTNB JEFB
$G *C Q
*C QQ

-B DFSUF[B EF MB GF QBSBEJHNB QBSB MB DFSUF[B EF MB

SB[O
&T QSFDJTBNFOUF FTUB UFOTJO MB RVF WB B QFSNJUJSMF B )FJEFHHFS

NPTUSBS DVM FT MB QPTJDJO FO DJFSUP NPEP BQPSUJDB EF %FTDBSUFT
-B MJCFSUBE EFM IPNCSF RVF SFJOB FO MB GF Z FO TV DFS

UF[B QSPQFOTJP JO CPNVO DG %FTDBSUFT .FEJUBUJPOFT EF
QSJNB QIJMPTPQIJB *7 %F WFSP FU GBMTP
TMP QVFEF EFT
QMFHBSTF DPNP FTUSVDUVSB FTFODJBM EFM IPNCSF DSFBEP TJ
UPEP DPNQPSUBNJFOUP IVNBOP FO DBEB DBTP TFHO TV
UJQP FO SFGFSFODJB B UPEP MP SFBM FO DBEB DBTP TFHO
TV FTQFDJF MMFWB FO T FTF SBTHP FTFODJBM RVF FO DVBOUP
DFSUF[B SFNJUF Z QPOF FO TFHVSP MP SFBM EFM DBTP QBSB FM
IPNCSF RVF PQFSB
&T OFDFTBSJP EFUFOFSTF FO FM DPOUFOJEP EF FTUF UFYUP DPO FM RVF

)FJEFHHFS RVJFSF DPNQSFOEFS Z EBS B FOUFOEFS MB NPUJWBDJO MUJNB
EFM NPEP EF IBDFS MPTPGB EF %FTDBSUFT Z EF TVT QMBOUFBNJFOUPT %F
BMHO NPEP BRV TF FODVFOUSB FM ODMFP EF UPEB MB DSUJDB IFJEFHHF
SJBOB "EFNT TJSWF QBSB NPTUSBS RVF FTBT SFGFSFODJBT B %JPT Z B MB
GF OP TPO EF TFHVOEP TJOP EF QSJNFS PSEFO
%FTDBSUFT QJFOTB MP RVF )FJEFHHFS IB SFTVNJEP FO FM UFYUP DJUBEP
4BCF BEFNT UFPMPHB Z QPS FTP QVFEF EFDJS RVF FM IPNCSF EJTQPOF EFM
MVNFO OBUVSBMF EF MB JOUFMJHFODJB RVF FM NJTNP %JPT MF IB DPODFEJEP
QBSB RVF QVFEB VTBSMB Z RVF OP UPEP DPOPDJNJFOUP IB EF TFS TPCSFOB
UVSBM "IPSB CJFO QBSFDF RVF %FTDBSUFT BOIFMB RVF MB NJTNB DFSUF[B
RVF MF QSPQPSDJPOB MB GF TF MB QVFEB QSPQPSDJPOBS B T NJTNP MB QSPQJB
MV[ OBUVSBM EF TV SB[O "T QVFT
FTUB FYJHFODJB EF BVUPBTFHVSBNJFOUP EF MB DPOTJTUFODJB

OBUVSBM EFM IPNCSF MMFWBEB B DBCP QPS M NJTNP OP TVSHF
*C Q

&YQPTJDJO UFSJDB
EF VO BM[BNJFOUP FO DPOUSB EF MB EPDUSJOB EF MB GF TJOP

RVF FT QPS FM DPOUSBSJP MB DPOTFDVFODJB OFDFTBSJB EF RVF
MB WFSEBE TVQSFNB UFOHB FM DBSDUFS EF DFSUF[B EF TBMWB
DJO
&TUB NJTNB DPOTUBUBDJO FT MB RVF MF IBDF BSNBS QPDP EFTQVT B

)FJEFHHFS RVF MB DVMUVSB NPEFSOB JODMVTP DVBOEP TF WVFMWF OP DSF
ZFOUF FT DSJTUJBOB &O EFOJUJWB TF QPESB EFDJS RVF FM IPNCSF
NPEFSOP BTQJSB B BMDBO[BS NFEJBOUF MB SB[O FM NJTNP HSBEP EF DFS
UF[B RVF TMP MB GF QVFEF QSPQPSDJPOBS &TUP B TV WF[ TJHOJDB RVF MB
IVNBOJEBE NPEFSOB TF EFK HVJBS FO TV EFTQMJFHVF QPS FM QBUSO EF MB
GF &O DPOTFDVFODJB UPEP FOUF WFSEBEFSP FOT WFSVN
UJFOF RVF TFS
VO FOT DFSUVN

RVF TF DPOT
UJUVZB DPNP GVOEBNFOUP BCTPMVUP
$PO FTUBT PCTFSWBDJPOFT FOUSBNPT FO FM USBNP OBM EFM BQBSUBEP

EFM /JFU[TDIF ** RVF OPT FTU PDVQBOEP
-P WFSEBEFSP TFS TMP BRVFMMP RVF FM TFS IVNBOP QVFEB MMFWBS

BOUF T SFQSFTFOUBS : MB DFSUF[B DPOTJTUJS FO MB TFHVSJEBE EF
FTF SFQSFTFOUBS
"IPSB TF IB QSPEVDJEP MB JOWFSTJO MP FGFDUJWBNFOUF SFBM MP

SFBM FGFDUJWP FT TMP MP RVF TF QSVFCB DPNP WFSEBEFSP FT EF
DJS DJFSUP -B FTFODJB EF MB SFBMJEBE EF FTUP SFBM SFTJEF FO MB
DPOTUBODJB Z DPOTJTUFODJB EF MP SFQSFTFOUBEP FO FM SFQSFTFOUBS
DPO DFSUF[B %JDIP EF PUSP NPEP MB SFBMJEBE FTUSJCB FO MB
SFQSFTFOUBUJWJEBE Z TMP FO FMMB
*C
*C
*C Q
*C

1FSP MB DFSUF[B OFDFTJUB EF VO TVKFUP DPOTUBOUF Z QFSNBOFOUF RVF

PQFSF DPNP GVOEBNFOUP QVFT FT FWJEFOUF RVF OP TF QVFEF EBS TJO M Z
TJOP FO M "T QVFT MP RVF FT NFOFTUFS BOUFT RVF OJOHVOB PUSB DPTB FT
QPOFS B CVFO TFHVSP FTP RVF WB B TFS GVOEBNFOUVN BCTPMVUVN FU JO
DPODVTTVN 4F IB EF CVTDBS VO DJNJFOUP MUJNP TVKFUP
RVF OP EFQFOEB EF BMHP PUSP TJOP RVF EFTDBOTF FO T NJTNP

&T DJFSUP DPNP )FJEFHHFS IB BTFHVSBEP BOUFT RVF FO FM DPNJFO[P
EF MB NPEFSOJEBE OP TF QVFEF IBCMBS EF VOB VOJWPDJEBE RVF TF FYQSF
TBSB FO FM DPHJUP FSHP TVN "M QSJODJQJP MB NVMUJWPDJEBE EF TFOUJEP
EF MB SFBMJEBE FT JODVFTUJPOBCMF 1SFDJTBNFOUF FTUP QPOF EF NBOJFTUP
RVF FO MB NPEFSOJEBE TF EB VOB USBOTJDJO Z OP DBCSB BBEJS VOB
SVQUVSB
)FJEFHHFS WB B FYQMJDBS B DPOUJOVBDJO Z DPO NBZPS EFUFOJNJFOUP

MP RVF ZB IB BEFMBOUBEP FO FM FQHSBGF BOUFSJPS FTUP FT RVF MB DFSUF[B
FYJHF VO DJNJFOUP JODPONPWJCMF FM DPNP TVCKFDUVN 1BSB
IBDFSMP SFDVFSEB RVF FO FM QSJODJQJP EF MB NFUBGTJDB FM TFS TF FTFODJB
DPNP DPO FM DBSDUFS EF PCSB Z RVF MB FT QFOTBEB
DPNP MP RVF NPSB FO DBEB DBTP Z ZBDF QPS T EFMBOUF EF NPEP RVF FT
FM BVUOUJDP 3FTQFDUP EF FTUF TVKFUP UPEP MP RVF TF
EB KVOUP Z NFSDFE B M MPT DPOTUJUVZFO EF BMHO NPEP
VO DJFSUP OP TFS QVFTUP RVF TMP DPQSFTFODJBO
1FSP DPNP ZB TF IB WJTUP FO MB &EBE .FEJB MB QBTB B TFS
FOUFOEJEB DPNP BDUVBMJUBT Z BT FM TFOUJEP PSJHJOBSJP EFM
TF FDMJQTB FO FM EF TVCKFDUVN "IPSB MP SFMFWBOUF OP FT FM ZBDFS QPS T
EFMBOUF TJOP NT CJFO FM TFS MP TVCZBDFOUF MP TVCQVFTUP -B TVTUBO
DJB FT MP TVCFTUBOUF Z QPS FMMP NJTNP MP RVF BOUF UPEP FT Z QFSNBOFDF
DPOTUBOUF 4VKFUP Z TVTUBODJB TVCTUBOT
TJHOJDBO MP NJTNP "IP
$G *C

$G *C Q
$G *C Q

&YQPTJDJO UFSJDB
SB MB TF QJFOTB DPNP MP TVTUBODJBM QFSP IBZ RVF UFOFS FO DVFOUB

RVF TVTUBODJB Z BDUVBMJUBT OP QFSUFOFDFO BM PSJHFO HSJFHP TJOP RVF TPO
DBUFHPSBT NFEJFWBMFT 6OBT OPDJPOFT RVF B QFTBS EF TFS QSFTFOUBEBT
DPNP MB USBEVDDJO EF MBT PSJHJOBSJBT OP TJHOJDBO ZB MP NJTNP FM
DPODFQUP EF TVTUBODJB OP FT HSJFHP QFSP KVOUP DPO MB BDUVBMJUBT EPNJ
OB MB DBSBDUFSJ[BDJO FTFODJBM EFM TFS FO MB NFUBGTJDB QPTUFSJPS
1BSB RVF TF QVFEB DPNQSFOEFS FO UPEBT TVT EJNFOTJPOFT MP RVF
FTUF DBNCJP TVQPOF FT QSFDJTP UFOFS FO DVFOUB UBOUP MB DPNQSFOTJO
EF MB WFSEBE DPNP DVBOUP MB SFJOUFSQSFUBDJO EFM
"OUF UPEP QPSRVF BNCBT DVFTUJPOFT TF JNQMJDBO NVUVBNFOUF Z
EF TV JOUFSSFMBDJO TVSHFO DPOTFDVFODJBT RVF TFHO )FJEFHHFS TF
SO EF HSBO DBMBEP "SJTUUFMFT IBCB DBSBDUFSJ[BEP MB FYJTUFODJB ZB
TF IB WJTUP
DPNP FM FTUBS GVFSB EFM QFOTBNJFOUP BMHP RVF IVCP EF
IBDFS BM FOUFOEFS MB WFSEBE DPNP TFNFKBO[B DPNP DPSSFTQPOEFO
DJB Z B MB MBSHB DPNP BEFDVBDJO %F FTUF NPEP MP RVF TVDFEJ FT
RVF ZB FO FM FTUBHJSJUB TF QVFEF SBTUSFBS MB SFEVDDJO EF MB
BM FOVODJBEP %FTEF BRVFMMB EFDJTJO MB WFSEBE QBT B TFS EFM Z
BT EFQFOEJFOUF EF MB BSNBDJO Z MB DPOTJHVJFOUF OFHBDJO
P MP RVF
FT MP NJTNP EF MB DPNQPTJDJO Z EJWJTJO SFBMJ[BEBT FO FM KVJDJP FO FM

&TUB NPEJDBDJO FO MB DPNQSFTJO EF MB FTFO
DJB EF MB WFSEBE UVWP DPNP DPOTFDVFODJB HSBWF MB SFJOUFSQSFUBDJO EF
FO VO TFOUJEP OVFWP VO TFOUJEP RVF FO EFOJUJWB BCSJ
MBT QVFSUBT B MB DPNQSFTJO NPEFSOB EF MB TVCKFUJWJEBE
&M FOVODJBEP

DBSBDUFSTUJDB EFUFSNJOBOUF EFM
TVKFUP
&O FGFDUP B QBSUJS EF BI TF QVFEF FOUFOEFS RVF MP RVF FT QSP

QJBNFOUF FT FM TVKFUP EF MB QSPQPTJDJO QPSRVF FM BIPSB
NFSDFE B MB QSFQPOEFSBODJB PUPSHBEB BM KVJDJP TF JEFOUJDB DPO MP
FT MP RVF FT JOUFSQFMBEP EFTEF BSSJCB EF NPEP JONFEJBUP Z
*C

EJSJHJOEPTF TMP B M Z EF FTUP NPEP FT BDDFTJCMF DPNP FOUF &M

FM FOVODJBEP DBSBDUFSJ[B BIPSB MP TVCZBDFOUF FO DVBOUP UBM
"T FM NBSDB MB FTFODJB EF MP TVCZBDFOUF Z MBT DBUFHPSBT
MBT EFUFSNJOBDJPOFT FTFODJBMFT EF MP RVF FT RVFEBO SFTUSJOHJEBT
BM NCJUP EFM EFDJS BSNBUJWP P OFHBUJWP &O EFOJUJWB FM TF
IB USBOTGPSNBEP ZB FO MB CBTF Z FM GVOEBNFOUP MUJNP &T DJFSUP RVF
FO FM TVCKFDUVN TF FTUBCMFDF UBOUP MB SFMBDJO EF VO TVKFUP B VO PCKFUP
DVBOUP MB SFMBDJO EF VO TVKFUP B VO QSFEJDBEP 1FSP MBT USBOTGPSNBDJP
OFT PQFSBEBT FO MB IJTUPSJB EF MB NFUBGTJDB IBSO RVF FO EFOJUJWB MB
SBUJP TF USBOTGPSNF FO VO OVFWP OPNCSF QBSB TVCKFDUVN "T FT DPO MB
DPNQSFOTJO NPEJDBEB EFM Z KVOUP B M EFM OP FT
EF FYUSBBS RVF FTUP TVDFEB $PO FTUB USBOTGPSNBDJO OPT IBMMBNPT
ZB TJUVBEPT FO MB &EBE .PEFSOB &O FM BQBSUBEP BOUFSJPS IBCBNPT
WJTUP RVF %FTDBSUFT FTUBCB QSFHVOUBOEP QPS VO GVOEBNFOUVN JODPO
DVTTVN EF MB WFSEBE FOUFOEJEB DPNP DFSUF[B 1VFT CJFO TUF OP FT
PUSP RVF VO TVCKFDUVN RVF FO DBEB DBTP ZB[HB EFMBOUF FO Z QBSB UPEP
SFQSFTFOUBS Z RVF FO MB FTGFSB EFM SFQSFTFOUBS JOEVCJUBCMF TFB MP
DPOTUBOUF Z FTUBCMF
%FTEF %FTDBSUFT UPEPT MPT DPNQPSUBNJFOUPT EFM TFS IVNBOP JO
DMVJEPT MPT OP DPHOPTDJUJWPT TPO DPHJUBUJPOFT SFQSFTFOUBDJPOFT : FT
RVF MP OJDP SFMFWBOUF FO FTUF NPNFOUP FT RVF FYJTUB VO TVKFUP BOUF
FM DVBM TFB UPEP MMFWBEP QPSRVF BT Z TMP BT FT DPNP UPEP TF UPSOB
QSFTFOUF "MHP EF GVOEBNFOUBM JNQPSUBODJB QVFTUP RVF FM DPHJUP TMP
FTU TFHVSP EF TV FYJTUFODJB FO MB NFEJEB FO RVF QJFOTB FT EFDJS FO
RVF UJFOF SFSFQSFTFOUBDJPOFT
*C
$G *C
*C Q

&YQPTJDJO UFSJDB
-B SFQSFTFOUBUJWJEBE EFUFSNJOB MB OVFWB DPNQSFTJO

EF MB FTFODJB EF MB FYJTUFODJB
-P RVF WBNPT B FTUVEJBS B DPOUJOVBDJO EF MB NBOP EF )FJEFH

HFS FT MP RVF TF BDBCB EF QMBOUFBS MB EFQFOEFODJB EFM FTTF EFM DPHJUP
EF TV QSPQJBT DPHJUBUJPOFT " USBWT EFM DBNJOP ZB SFDPSSJEP TF QVFEF
BQSFDJBS RVF IFNPT MMFHBEP B VOB OVFWB DPNQSFOTJO EF MB FTFODJB EF
MB FYJTUFODJB FM FTTF EFM FHP DPHJUP FTU EFUFSNJOBEP UPUBMNFOUF QPS MB
WFSEBE DPNP DFSUF[B EF MBT QSPQJBT SFQSFTFOUBDJPOFT %JDIP EF PUSP
NPEP TV FTTF MP FT BM NFOPT FO MB NFEJEB FO RVF UJFOF SFQSFTFOUBDJP
OFT DPHJUBUJPOFT %F FTUF NPEP MB SFBMJEBE FGFDUJWB EF UPEP FTUSJCB FO
MB SFQSFTFOUBUJWJEBE
&M FGFDUVBS FO MB OVFWB FTFODJB EF MB SFBMJEBE FGFDUJ

WB EF FTUF FOUF SFBM FNJOFOUF UJFOF FM SBTHP GVOEBNFOUBM
EFM SFQSFTFOUBS &O DPSSFTQPOEFODJB DPO FMMP MB SFBMJEBE
FGFDUJWB EF BRVFMMP RVF FT BQPSUBEP Z SFQSFTFOUBEP FO
UPEP SFQSFTFOUBS FTU DBSBDUFSJ[BEP QPS MB SFQSFTFOUBUJ
WJEBE
4MP DPO ,BOU MP BRV JOJDJBEP FT MMFWBEP IBTUB TVT MUJNBT DPOTF
DVFODJBT FO MB NFEJEB FO RVF TF FTUBCMFDF MB PCKFUJWJEBE EFM PCKFUP
DPNP TV QSPQJP TFS
&O DVBMRVJFS DBTP FT DJFSUP RVF ZB BRV FM PC
KFUP FT MP RVF FTU FOGSFOUBEP RVF MB SFBMJEBE FT SFQSFTFOUBUJWJEBE
5PEBWB RVFEB BMHO SBTUSP EF MB QSFTFODJB QFSP BIPSB QSFTFODJB
FRVJWBMF B SFQSFTFOUBDJO
5BNCJO FO PQJOJO EF )FJEFHHFS MBT .FEJUBDJPOFT NFUBGTJDBT
TPO FM WFSEBEFSP BSSBORVF EF MB NFUBGTJDB NPEFSOB BVORVF TV DVMNJ
OBDJO TMP MMFHVF DPO )FHFM %F IFDIP TF QVFEFO FODPOUSBS BMHVOPT
TJHOPT RVF NVFTUSBO RVF %FTDBSUFT OP MMFWB IBTUB TVT MUJNBT DPOTF
DVFODJBT MB FNQSFTB NPEFSOB
*C Q

$G *C

FM GVOEBNFOUVN JODPDVTTVN TJHVF TJFOEP VOB TVTUBODJB OJ

UB RVF QPS UBOUP DPOUJOB TJFOEP EFUFSNJOBEB EFTEF MB $BVTB
QSJNFSB %JPT
BM FTUBCMFDFS DNP DBEB BMNB IVNBOB MB NFOT

TF QVFEF EJGF
SFODJBS EF MBT SFTUBOUFT %FTDBSUFT BQFMB B MB DPSQPSBMJEBE 1B
SB RVF MB NPEFSOJEBE MMFHVF B TV DVMNJOBDJO TFS QSFDJTP RVF
FTB NFOT IVNBOB DBSUFTJBOB SFJWJOEJRVF QBSB T FO FYDMVTJWB FM
OPNCSF EF TVKFUP 4MP NT UBSEF TVCKFDUVN Z FHP TVCKFUJWJEBE
Z ZP TF WPMWFSO TJOOJNPT
MP EJDIP JNQMJDB FOUSF PUSBT DPTBT RVF UPEP FOUF OP IVNBOP

RVFEB BO FO VOB TJUVBDJO BNCJHVB SFTQFDUP EF MB FTFODJB EF
TV SFBMJEBE 1PS VOB QBSUF QVFEF TFS DPODFCJEP UPEBWB
TFHO FM FTRVFNB BOUFSJPS EFTEF MB BDUVBMJUBT QSPQJB EFM FOUF
DSFBEP QPS PUSB QVFEF TFS DPOTJEFSBEP UBNCJO EFTEF FM TV
KFUP SFQSFTFOUBOUF RVF FT FM RVF DPOFSF SFQSFTFOUBUJWJEBE Z
PCKFUJWJEBE BM FOUF BT SFQSFTFOUBOEP
"OMJTJT UFYUVBM
-B EFUFSNJOBDJO EF MB SFBMJEBE DPNP 8JSLMJDILFJU NV

UB MB FTFODJB EF MB WFSEBE
-B PDVMUB IJTUPSJB EFM TFS DPNP SFBMJEBE FGFDUJWB FT MP

RVF QPTJCJMJUB BTJNJTNP MBT EJGFSFOUFT QPTJDJPOFT GVOEB
NFOUBMFT EF MB IVNBOJEBE PDDJEFOUBM FO NFEJP EFM FOUF
QPTJDJPOFT RVF GVOEBO FO DBEB DBTP MB WFSEBE BDFSDB EFM
FOUF TPCSF MP SFBM FGFDUJWP FSJHJOEPMB Z BTFHVSOEPMB QB
SB FTUP
$G *C Q

*C
*C

"OMJTJT UFYUVBM
-B USBOTJDJO EFTEF MB BSJTUPUMJDB B MB SFBMJEBE FGFDUJWB

QBTBOEP QPS MB BDUVBMJUBT NFEJFWBM
FT QBSB )FJEFHHFS JSSFWPDBCMF
FO MB NFEJEB FO RVF DPNP TF IB NFODJPOBEP QSFWJBNFOUF MBT FUBQBT
EF MB IJTUPSJB EFM TFS OP TPO TJOP GSVUP EF VOB EFDJTJO EFM TFS NJT
NP "IPSB CJFO EFOUSP EFM NCJUP FTFODJBM BT EFDJEJEP RVFEB
VO NBSHFO BCJFSUP QBSB WFS DNP TF EFUFSNJOB FO DBEB QPDB FTB SFB
MJEBE FGFDUJWB 5PEBT MBT FUBQBT EF MB IJTUPSJB EF MB NFUBGTJDB UJFOFO FO
DPNO MB QSJNBDB EFM FOUF TPCSF FM TFS RVF OVODB DPNQBSFDF DPNP
UBM TJOP RVF FT SFQSFTFOUBEP DPNP MP VOJWFSTBM MP HFOFSBM EFM FOUF
4JO FNCBSHP FO MBT EJGFSFOUFT QPDBT EF FTB IJTUPSJB EF MB NFUBGTJ
DB FM TFS FT DPNQSFOEJEP TJFNQSF DPNP SFBMJEBE FGFDUJWB
EFTEF VO
FOUF QBSBEJHNUJDP EJGFSFOUF RVF QVFEF TFS B
%JPT DPNP DSFBEPS
DBVTB FDJFOUF QSJNFSB RVF FGFDUB FM NVOEP C
NVOEP OBUVSBMF
[B
DSFBEP QPS %JPT D
FM TFS IVNBOP RVF B TV WF[ FT FGFDUVBOUF FO
UBOUP RVF DBVTB TFHVOEB BM NFOPT IBTUB FM NPNFOUP EFM QFOTBNJFOUP
FO RVF OPT FODPOUSBNPT
%FOUSP EF FTUB USBEB EF QPTJCJMJEBEFT FM
RVF FM QBQFM EFUFSNJOBOUF MP EFTFNQFF VOB V PUSB OP EFQFOEF EF MPT
FOUFT TJOP EFM TFS NJTNP FT TUF BT MP FOUFOEJ )FJEFHHFS FM RVF
EFTUJOB B MB NFUBGTJDB B DPODFCJS MB SFBMJEBE EF VOB V PUSB NBOFSB
4VQPOJFOEP TJO FNCBSHP RVF MB EFUFSNJOBDJO EF MB

SFBMJEBE TFHO MP SFBM RVF FO DBEB DBTP TFB EFUFSNJOBO
UF OP WJFOF JOJDJBMNFOUF EFM FOUF TJOP RVF TVSHF EFM TFS
NJTNP FOUPODFT FM EFTQMJFHVF EF MB FTFODJB EF MB SFBMJEBE
FGFDUJWB EFOUSP EF MB NFUBGTJDB UBNCJO UJFOF RVF SFNJUJS
B FTB QSPWFOJFODJB
&M SFDPSSJEP QPS MB IJTUPSJB EFM TFS RVF DPNP ZB TBCFNPT FT MB

IJTUPSJB EF TV PDVMUBNJFOUP
NVFTUSB RVF B DBEB GPSNB EF DPNQSFO
EFS MB FTFODJB EFM TFS MF DPSSFTQPOEF VOB GPSNB QSPQJB EF DPODFCJS MB
WFSEBE DPO "SJTUUFMFT TFHO MB JOUFSQSFUBDJO EF )FJEFHHFS
MB DPO
DFQDJO EFM TFS DPNP FODVFOUSB TV DPSSFMBUP FO MB WFSEBE DPNP
*C
*C

EFTPDVMUBNJFOUP EFTWFMBNJFOUP
FO MB FTDPMTUJDB MB MMBNB
EB EJTUJODJO SFBM FTU BTPDJBEB EF NBOFSB EFOJUJWB B MB WFSEBE DPNP
BEBFRVBUJP Z DVBOEP MB FTFODJB EFM TFS QBTF B TFS WJTUB DPNP SFBMJEBE
FGFDUJWB 8JSLMJDILFJU
MB WFSEBE TF USBOTGPSNBS FO DFSUF[B
-B WFSEBE USBOTGPSNBEB NJFOUSBT UBOUP FO MB NFUBG

TJDB FO DBSBDUFSTUJDB EFM JOUFMMFDUVT IVNBOVT EJWJOVT

MMFHB B TV FTFODJB EFOJUJWB RVF FT MMBNBEB DFSUF[B <(F
XJIFJU> &M OPNCSF FYQSFTB RVF MB WFSEBE DPODJFSOF BM
UFOFS DPODJFODJB FO DVBOUP FT VO TBCFS <8JTTFO> RVF TF
GVOEB FO MB DPODJFODJB EF NBOFSB UBM RVF TMP WBMF DPNP
TBCFS BRVM RVF BM NJTNP UJFNQP TF TBCF Z TBCF MP RVF
TBCF DPNP UBM Z FO UBM TBCFS TF FODVFOUSB M NJTNP BTF
HVSBEP
&T EFDJS DPO FM QSPHSFTJWP EFTBSSPMMP EF MB NFUBGTJDB TF QJFSEF

MB OPDJO EF WFSEBE MJHBEB BM DPODFQUP EF DPNP VOB DBSBDUFST
UJDB EF MBT DPTBT RVF BQBSFDFO RVF TF EFTWFMBO DPNP GFONFOPT FO
FM EFTQMJFHVF EF MB Z TF QBTB B MB WFSEBE WJODVMBEB BM FOUFOEJ
NJFOUP B MB FMBCPSBDJO EF KVJDJPT P B %JPT DPNP MB 7FSEBE -B MUJNB
FUBQB DPOTJTUF FO MB SFEVDDJO EF WFSEBE B DFSUF[B 4MP TF DPOTJEFSB
WFSEBEFSP BRVFMMP EF MP RVF UFOFNPT DFSUF[B Z ZB OP FT TVDJFOUF FMB
CPSBS KVJDJPT TFHO FM NPEFMP USBEJDJPOBM EF MB DPNQPTJDJOEJWJTJO
DPO MPT DPSSFTQPOEJFOUFT CJOPNJPT BSNBDJOOFHBDJO Z WFSEBEF
SPGBMTP BMUFSOBUJWBNFOUF TJOP RVF QBSB RVF IBZB TBCFS IBZ RVF
UFOFS DPODJFODJB EF RVF TF TBCF SFQSFTFOUBSTF MP TBCJEP -B DFSUF
[B OP FT BMHP RVF TF BBEF BM DPOPDJNJFOUP VO QMVT RVF DPOTJTUF FO
BQSPQJBSTF EFM TBCFS EF MP RVF TF USBUB FT EF RVF OP IBZ DPOPDJNJFOUP
TJ OP WB BDPNQBBEP EF DFSUF[B DPOPDJNJFOUP WFSEBE Z DFSUF[B TPO
FRVJWBMFOUFT
*C Q

&TUP UJFOF VO DMBSP QBSBMFMJTNP DPO MB UFTJT LBOUJBOB EF RVF FM ZP QJFOTP UJFOF
RVF QPEFS BDPNQBBS B UPEBT NJT SFQSFTFOUBDJPOFT

"OMJTJT UFYUVBM
)FJEFHHFS BSNB RVF MB USBOTGPSNBDJO EF MB WFSEBE FO DFSUF[B

RVF DBSBDUFSJ[B BM 3FOBDJNJFOUP Z MB .PEFSOJEBE UJFOF MVHBS FO VO
DPOUFYUP EF IVNBOJTNP BOUSPQPDFOUSJTUB FO FM RVF IBZ VOB QFDVMJBS
QSFFNJOFODJB EF MB IVNBOJEBE EFOUSP EF MP SFBM 1FSP SFDVFSEB
)FJEFHHFS FMMP OP TJHOJDB RVF MB UFPMPHB RVFEF SFMFHBEB B VO TF
HVOEP QMBOP QPSRVF TJHVF UFOJFOEP TV QBQFM MP SFBM JODPOEJDJPOBEP
QFOTBEP EF NPEP UFPMHJDP
"NCBT SFBMJEBEFT %JPT Z IPNCSF FO DVBOUP TFSFT

DPHOPTDFOUFT TPO NFUBGTJDBNFOUF MBT QPSUBEPSBT EF MB
WFSEBE Z DPOTUJUVZFO QPS DPOTJHVJFOUF MB SFBMJEBE EFM TB
CFS Z EF MB DFSUF[B
$PNP FT QSPQJP EF MB DFSUF[B FM SFJWJOEJDBS QBSB T TV BVUPBTF

HVSBNJFOUP TF WB B QSPEVDJS VO DPOJDUP FOUSF MPT EPT DBOEJEBUPT B
QPSUBS MB FTFODJB EF MB DFSUF[B )BTUB BIPSB %JPT DSFBEPS Z MB *HMFTJB
FSBO MPT RVF PGSFDBO MB WFSEBE OJDB Z FUFSOB %JPT FSB MB DBVTB EF
UPEP MP FYJTUFOUF Z MB HBSBOUB EF MB WJEB FUFSOB Z FM DSFZFOUF QPEB
FODPOUSBS MB DFSUF[B EF TBMWBDJO QFSP OVODB FYDMVTJWBNFOUF QPS T
NJTNP TJOP B USBWT EF MB GF $PO FM 3FOBDJNJFOUP Z MB .PEFSOJEBE MB
TJUVBDJO DBNCJB QFSP OP QPSRVF MPT IPNCSFT EFKFO EF TFS DSFZFOUFT
BVORVF QBVMBUJOBNFOUF WBO B JS NPEJDBOEP TV GPSNB EF WFS B %JPT
BT DPNP FM DPOKVOUP EF TV DPTNPWJTJO -P RVF DBSBDUFSJ[B B FTUBT
FUBQBT FT RVF FM IPNCSF QBTB B FYUFOEFS TV EPNJOJP TPCSF MP SFBM FGFD
UJWP "IPSB MP DPOTUSVZF EFTEF T MP DVMUJWB Z FO FMMP FODVFOUSB TV
BVUPBTFHVSBNJFOUP RVF FT MB FTFODJB EF MB DFSUF[B
-P SFBM FGFDUJWP TF DPOWJFSUF FO MP FGFDUVBCMF EFOUSP EF

BRVFM FGFDUVBS IVNBOP RVF CBTOEPTF DPOTDJFOUFNFOUF
*C
*C

TPCSF T NJTNP UPEP MP USBUB Z MP DVMUJWB $PO FTUP DPNJFO

[B IJTUSJDBNFOUF MB DVMUVSB DPNP FTUSVDUVSB EF MB IV
NBOJEBE RVF UJFOF DFSUF[B EF T NJTNB Z FTU BUFOUB B TV
QSPQJP BTFHVSBNJFOUP
&O FTUB QPDB FM IPNCSF FNQJF[B B QFOTBS RVF QVFEF TFQBSBSTF EF

MB BVUPSJEBE EF MB *HMFTJB RVF IBTUB FOUPODFT BQBSFDB DPNP MB OJDB
HBSBOUF EF MB DFSUF[B EF TBMWBDJO Z MB DPOTFDVFODJB FT RVF MB *HMF
TJB TF QPOF B MB EFGFOTJWB BOUF MB QSEJEB EF QPEFS &O FTUB MVDIB
BNCPT DPOUSJODBOUFT TF JOVZFO SFDQSPDBNFOUF MB *HMFTJB TFHO )FJ
EFHHFS WB B QFSEFS TV JEFOUJEBE BM DPOWFSUJSTF FO DSJTUJBOJTNP DVMUV
SBM Z DVMUJWBS MBT NJTNBT BSNBT RVF TVT PQPOFOUFT QPS PUSB QBSUF MB
DVMUVSB BTQJSB B TFDVMBSJ[BS FM DSJTUJBOJTNP B JOUFHSBSMP FO TV NVOEP
EJTPMWJFOEP TV WFSEBE FO MB DFSUF[B EFM TBCFS EF MB IVNBOJEBE -B
DVMUVSB DPNP UBM FT FMFWBEB B MB DBUFHPSB EF O P MP RVF FO FTFODJB
TJHOJDB MP NJTNP QVFEF TFS JOTUBVSBEB DPNP NFEJP Z WBMPS QBSB MB
EPNJOBDJO EF MB IVNBOJEBE TPCSF MB UJFSSB
-P RVF WB B DBSBDUFSJ[BS B MB QPDB NPEFSOB /FV[FJU
FT TV DPOT
UBOUF QSFPDVQBDJO QPS CVTDBS OVFWPT YJUPT Z EFTDVCSJNJFOUPT QPS
BDSFDFOUBS DPOUJOVBNFOUF TV EPNJOJP EF MB SFBMJEBE Z TPCSF UPEP MBT
QPTJCJMJEBEFT EF BTFHVSBNJFOUP EF EJDIP EPNJOJP BMHP RVF FOGPDB DPO
PQUJNJTNP EBEP FM FTQMFOEPS EF MBT DJFODJBT FYQFSJNFOUBMFT &O MP RVF
WB B JOTJTUJS )FJEFHHFS FT FO RVF FTF QBQFM QSFFNJOFOUF RVF BERVJFSF
MB DVMUVSB FO MB .PEFSOJEBE DVMUVSB DPODFCJEB DPNP BVUPDFSUF[B EF
MB IVNBOJEBE RVF TF IB WVFMUP TFHVSB EF TV FGFDUVBS FTU MJHBEB
B MB OVFWB GPSNB EF FOUFOEFS MB WFSEBE DPNP DFSUF[B
&TUF MMFWBS B FGFDUP FM BTFHVSBNJFOUP Z FTUB JOTUBVSB

DJO EF MP SFBM FGFDUJWP FO MB TFHVSJEBE TMP QVFEFO EP
NJOBS MB NBSDIB IJTUSJDB EF MB IVNBOJEBE EF MPT TJHMPT
*C Q

*C
*C

"OMJTJT UFYUVBM
NPEFSOPT QPSRVF FO FM QSFNPOJUPSJP DPNJFO[P EF FTUB IJT

UPSJB TF USBOTGPSNB MB SFMBDJO EFM IPNCSF DPO UPEP MP SFBM
FO MB NFEJEB FO RVF MB WFSEBE TPCSF FM FOUF TF IB DPOWFS
UJEP FO DFSUF[B
1FSP USBT VOBT MOFBT FO MBT RVF )FJEFHHFS SFDVFSEB RVF FTB USBOT
GPSNBDJO EF MB WFSEBE FO DFSUF[B WJFOF QSFEFUFSNJOBEB QPS MB GPSNB
EF FOUFOEFS MB FTFODJB EFM TFS DPNP SFBMJEBE FGFDUJWB 8JSLMJDILFJU

WVFMWF B SFBQBSFDFS DPNP OFDFTBSJB MB SFGFSFODJB B %JPT
-P WFSEBEFSBNFOUF SFBM BDUVT QVSVT

FT %JPT 3FB
MJEBE FGFDUJWB BDUVBMJUBT
FT MB DBVTBMJEBE FDJFOUF

.FEJBOUF MB GF FM IPNCSF UJFOF MB DFSUF[B EF MP SFBM TVQSF
NP Z DPO FMMP BM NJTNP UJFNQP MB EFM FGFDUJWP WPMWFSTF
DPOTJTUFOUF EF T NJTNP FO MB CJFOBWFOUVSBO[B FUFSOB
$PO FTUB UFOTJO FOUSF DPTNPWJTJPOFT BOUSPQPDOUSJDBT Z MBT UFP

DOUSJDBT )FJEFHHFS RVJFSF NPTUSBS RVF EF OJOHO NPEP MB .PEFSOJ
EBE FT VO BCBOEPOP EF UPEB UFPMPHB VOB MJCFSBDJO EF %JPT QPS QBSUF
EFM IPNCSF .T CJFO MP RVF PDVSSF DPNP WFSFNPT FOTFHVJEB FT RVF MB
DFSUF[B FM BVUPBTFHVSBNJFOUP RVF CVTDB FM IPNCSF NPEFSOP MP SFBM
JODPOEJDJPOBEP TF WB B QFOTBS EFTEF FM QBSBEJHNB UFPMHJDP 1PS FTP
OP FT FYBHFSBEP EFDJS RVF MB NFUBGTJDB NPEFSOB TF QVFEF FOUFOEFS
DPNP UFPMPHB TFDVMBSJ[BEB ZP UFPEJDFB
%F MB DFSUF[B EF MB GF DPNP QBSBEJHNB B MB DFSUF[B EF

MB SB[O
6OB JEFB OVDMFBS EF )FJEFHHFS FO FM UFYUP FT RVF MP RVF QSFUFO

EF %FTDBSUFT FT DPOTFHVJS VOB DFSUF[B EF UJQP SBDJPOBM TFNFKBOUF B
MB DFSUF[B RVF MF DPOFSF MB GF BM DSFZFOUF TUF DSFF FO %JPT Z UJFOF
*C Q

*C

DFSUF[B EF MB TBMWBDJO UJFOF MB TFHVSJEBE EF RVF MBT DPTBT TPO DPNP

%JPT EJDF QFSP FTUB DFSUF[B OP TF CBTB FO TV DBQBDJEBE SBDJPOBM FO TV
FYQFSJFODJB TJOP RVF TF GVOEBNFOUB FO VOB DPOBO[B QMFOB FO %JPT
BDUVT QVSVT TVNNVN CPOVN
RVJO OP QVFEF FOHBBSTF OJ FOHB
BSOPT %JPT FT FTF BCTPMVUP WFSEBEFSP MB 7FSEBE RVF QSPQPSDJPOB BM
DSFZFOUF DFSUF[B RVF MP JOTUBMB FO FM NCJUP EF MB TFHVSJEBE Z DPO FMMP
MF PUPSHB VOB GPSNB EF MJCFSUBE
&O MB GF SFJOB MB DFSUF[B

&M IPNCSF TMP QVFEF
FTUBS FO FTF WODVMP EF MB GF TJ BM NJTNP UJFNQP EFTEF T
Z FO DVBOUP M NJTNP TF JODMJOB IBDJB MP WJODVMBOUF FO UBM
JODMJOBDJO TF MJCSB B MP DSFEP Z EF FTF NPEP FT MJCSF
+VOUP B FTUF NPEP DSFZFOUF EF SFMBDJPOBSTF DPO %JPT Z FM NVOEP

QBSB %FTDBSUFT IBZ PUSP &T FM RVF QSPDFEF EF MB MV[ OBUVSBM MVNFO
OBUVSBMF
%JPT DSFB BM IPNCSF JOUFMJHFOUF MF DPODFEF MB MV[ OBUVSBM
EF MB SB[O MB TPCSFOBUVSBM FT MB EF MB SFWFMBDJO RVF %JPT PUPSHB
Z RVF FM TFS IVNBOP QVFEF BDFQUBS P OP
$PNP ZB TF IB EJDIP FO
MB .PEFSOJEBE TJHVF IBCJFOEP FYJHFODJB EF BVUPBTFHVSBNJFOUP EFM
IPNCSF QPS M NJTNP QFSP B MP RVF BTQJSB %FTDBSUFT FT B RVF MB MV[
OBUVSBM EF MB SB[O MF QVFEB PGSFDFS VOB DFSUF[B UBO GVFSUF DPNP MB RVF
QSPQPSDJPOBCB MB GF
&TUB FYJHFODJB EF BVUPBTFHVSBNJFOUP EF MB DPOTJT

UFODJB OBUVSBM EFM IPNCSF MMFWBEP B DBCP QPS M NJTNP OP
TVSHF EF VO BM[BNJFOUP FO DPOUSB EF MB EPDUSJOB EF MB GF
TJOP RVF FT QPS FM DPOUSBSJP MB DPOTFDVFODJB OFDFTBSJB EF
RVF MB WFSEBE TVQSFNB UFOHB FM DBSDUFS EF MB DFSUF[B EF
TBMWBDJO
1PS FMMP JOTJTUF EF OVFWP )FJEFHHFS FO RVF FO MB QPDB NPEFSOB FM

DSJTUJBOJTNP DBEB WF[ NT BMFKBEP EF TVT PSHFOFT FO TV FTGVFS[P QPS
*C QQ

*C Q

"OMJTJT UFYUVBM
BQSPYJNBSTF B MB DVMUVSB
TJHVF TJFOEP VO SFGFSFOUF JNQPSUBOUF QBSB
MB DVMUVSB Z QBSB MB NFUBGTJDB

RVF TF DPOT
UJUVZB DPNP GVOEBNFOUP BCTPMVUP
"M OBM EFM BQBSUBEP BOUFSJPS IFNPT WJTUP DPNP B DPOTFDVFODJB

EF MB BEPQDJO EFM QBSBEJHNB EF MB GF MP WFSEBEFSP TF WB B JEFOUJDBS
DPO MP DJFSUP UPEP FOUF WFSEBEFSP FOT WFSVN
UJFOF RVF TFS VO FOT
DFSUVN 1FSP BEFNT FTP WFSEBEFSPDJFSUP TF WB B JEFOUJDBS DPO
MP SFQSFTFOUBEP QPS FM IPNCSF
"MHP WFSEBEFSP FT BMHP RVF FM IPNCSF MMFWB B DBCP FO

DBEB DBTP BOUF T EF NPEP DMBSP Z EJTUJOUP Z RVF FO DVBOUP
BT FT MMFWBEP BOUF T SFQSFTFOUBEP
TF MP SFNJUF B T
QBSB FO UBM SFNJTJO QPOFS FO TFHVSP MP SFQSFTFOUBEP
-B TFHVSJEBE EF UBM SFQSFTFOUBS FT MB DFSUF[B
&M NCJUP EF MB TFHVSJEBE RVF CVTDB %FTDBSUFT FT FM EF MB SFQSF

TFOUBUJWJEBE FM DPHJUP EF VO TVKFUP RVF UJFOF SFQSFTFOUBDJPOFT B MBT
RVF UPNB QPS DJFSUBT DVBOEP DVNQMFO MPT SFRVJTJUPT EF DMBSJEBE Z EJT
UJODJO -B DFSUF[B FT QVFT VO FTUBEP TVCKFUJWP EF TFHVSJEBE BOUF MBT
SFQSFTFOUBDJPOFT EFM QFOTBNJFOUP VO FTUBEP TVCKFUJWP EF SPUVOEJEBE
BOUF TV WFSEBE MJCSF EF UPEB EVEB 1FSP OP TMP EJDF %FTDBSUFT RVF
UPEP FOUF WFSEBEFSP FOT WFSVN
UJFOF RVF TFS VO FOT DFSUVN TJOP RVF
FTP SFQSFTFOUBEP BOUF T QPS FM TVKFUP DPNP DMBSP Z EJTUJOUP FT MP SFBM
-P WFSEBEFSP FO FM TFOUJEP EF FTUB MUJNB <EF MB DFSUF

[B> FT MP FGFDUJWBNFOUF SFBM -B FTFODJB EF MB SFBMJEBE EF
FTUP SFBM SFTJEF FO MB DPOTUBODJB Z DPOTJTUFODJB EF MP SFQSF
TFOUBEP FO FM SFQSFTFOUBS DPO DFSUF[B
&M SFQSFTFOUBS
&O %FTDBSUFT %JPT TFS FM HBSBOUF EF MB FYJTUFODJB EFM NVOEP SFBM
*C Q
*C

MJCSF EF EVEBT FT FM SFQSFTFOUBS DMBSP Z EJTUJOUP -P BT

SFQSFTFOUBEP ZB IB SFNJUJEP BM SFQSFTFOUBS MP DPOTUBOUF
FT EFDJS MP SFBM
$PO FTUP MP RVF FTU IBDJFOEP %FTDBSUFT FT EBS VO HJSP SBEJDBM B MB

FTFODJB EF MB SFBMJEBE USBOTGPSNBS DPNQMFUBNFOUF FM NPEP EF DPODF
CJSMB " QBSUJS EF %FTDBSUFT MP RVF EFUFSNJOB MP RVF FT FGFDUJWBNFOUF
SFBM FT MP WFSEBEFSP DPNP DJFSUP 3FBMJEBE FT MB SFQSFTFOUBUJWJEBE FO
FM TFOUJEP EF MB DPOTUBODJB EF MP DPOTJTUFOUF DPOTFHVJEB QPS Z QBSB FM
SFQSFTFOUBS DJFSUP
-B DPOTUBODJB Z DPOTJTUFODJB DBSBDUFSJ[BO B MP SFQSFTFOUBEP
DPO DFSUF[B "NCBT TF DPOUSBQPOFO B MB JODPOTJTUFODJB B MB WBSJBCJ
MJEBE RVF DPOMMFWB MB EVEB Z SFNJUFO B MB QSFTFODJB B FTB QSFTFODJB
SFQSFTFOUBEB QPS FM TVKFUP
4J FO MB QSJNFSB Z TFHVOEB EF TVT .FEJUBDJPOFT %FTDBSUFT TF DFO
USB FO MB EVEB FO MB UFSDFSB WB B EFNPTUSBS MB FYJTUFODJB EF %JPT Z QBSB
IBDFSMP UBNCJO TF WB B GVOEBS FO MB SFQSFTFOUBUJWJEBE &O FGFDUP ZP
TVKFUP OJUP UFOHP MB JEFB EF JOOJUP NF SFQSFTFOUP B VO TFS JOOJUP
QPS MP RVF TUF EFCF FYJTUJS -B SFQSFTFOUBUJWJEBE FT BT QSJODJQJP OF
DFTBSJP EFM RVF QBSUF MB QPTJCJMJEBE EF EFNPTUSBS MB FYJTUFODJB EF %JPT
Z DPOTJHVJFOUFNFOUF EF MB SFDPODJMJBDJO FOUSF MBT SFQSFTFOUBDJPOFT
EFM DPHJUP Z FM NVOEP FYUFSJPS
$PNP IF TFBMBEP ZB BM EFDJS RVF MB SFBMJEBE FT SFQSFTFOUBUJWJ
EBE %FTDBSUFT EB VO HJSP TJO QSFDFEFOUFT FO FM NPEP EF FOUFOEFS
MB FTFODJB EF MB SFBMJEBE -P RVF FO "SJTUUFMFT TF MMBNBCB MP RVF
FT TF EFDB NVMUWPDBNFOUF -B PQJOJO IBCJUVBM B KVJDJP EF )FJEFH
HFS FSB RVF FO MB .PEFSOJEBE TF IBCB EBEP VOB DPODFQDJO VOWPDB
*C
*C
&O ,BOU ZB OP TFS OFDFTBSJP SFDVSSJS B %JPT QBSB FTB DPODJMJBDJO QPSRVF FM ZP
USBTDFOEFOUBM FT FM RVF DPOTUSVZF MB FYQFSJFODJB QPTJCMF %JPT RVFEB SFMFHBEP
BM NCJUP EF MB NPSBMJEBE

"OMJTJT UFYUVBM
EFM TFS GSFOUF B MB NVMUJWPDJEBE BSJTUPUMJDPNFEJFWBM Z MPT RVF EFGFO

EJFSPO FTB VOJWPDJEBE EF TFOUJEPT TF BQPZBSPO FO FM DPHJUP FSHP TVN
DBSUFTJBOP 1FSP )FJEFHHFS EJTDSFQB DSFF RVF BM QSJODJQJP EF MB .P
EFSOJEBE UPEBWB OP TF QVFEF BSNBS RVF IBZ VO TFOUJEP VOWPDP EF
MB SFBMJEBE EF NBOFSB RVF UPEP TF SFEV[DB B VO ZP QJFOTP MP RVF ZP
QJFOTP
-B NVMUJWPDJEBE EF MB FTFODJB EF MB SFBMJEBE FO FM DPNJFO

[P EF MB NFUBGTJDB NPEFSOB FT FM TJHOP EF VOB BVUOUJDB
USBOTJDJO 1PS FM DPOUSBSJP MB QSFTVOUB VOJWPDJEBE EFM
DPNJFO[P EF MB MPTPGB NPEFSOB RVF TF FYQSFTBSB FO FM
DPHJUP FSHP TVN FT VOB BQBSJFODJB
$POUSB MB JOUFSQSFUBDJO VOJWPDJTUB FT JNQPSUBOUF SFDPSEBS RVF

FO %FTDBSUFT IBZ EPT NPEPT EF TFS TVTUBODJB FM EF MB FYUFOTJO Z FM
EFM QFOTBNJFOUP "VORVF FM OJDP TFS FO T Z QPS T QBSB %FTDBSUFT FT
%JPT FM OJDP RVF OP OFDFTJUB B OJOHO PUSP QBSB FYJTUJS Z FT QPS UBOUP
MB TVTUBODJB QSPQJBNFOUF EJDIB SFT DPHJUBOT Z SFT FYUFOTB TF QVFEFO
DPOTJEFSBS UBNCJO TVTUBODJBT &O FM JOJDJP EF MB .PEFSOJEBE QVFT
UPEBWB IBZ NVMUJWPDJEBE EF TFOUJEP EF MB SFBMJEBE QPS MP RVF IBZ RVF
FOUFOEFSMB DPNP VOB USBOTJDJO IBDJB MB VOJWPDJEBE RVF MMFHBS EFT
QVT Z OP DPNP VOB SVQUVSB SBEJDBM DPO MB POUPMPHB BSJTUPUMJDB &O
DVBMRVJFS DBTP IBZ RVF UFOFS FO DVFOUB RVF MPT TFOUJEPT BSJTUPUMJDPT
EF MP RVF FT OP TF QVFEFO TVQFSQPOFS DPO MPT NPEPT EF TFS EF MB NPEFS
OJEBE &T EFDJS NPEPT Z TFOUJEPT OP TPO USNJOPT FRVJQBSBCMFT
RVF TJSWBO BMFBUPSJBNFOUF QBSB EFTJHOBS MP NJTNP 4J FT OFDFTBSJP UP
NBS FTUP FO DPOTJEFSBDJO FT QPSRVF FO MB FMFDDJO NPEFSOB RVF TF
EFDBOUB QPS MPT NPEPT TF QVFEF PCTFSWBS ZB MB HSBO USBOTGPSNBDJO
EF MB RVF TF FTU JOUFOUBOEP EBS DVFOUB BRV
%F NBOFSB FRVJWBMFOUF B DNP %JPT FT FO FM NCJUP EF MB GF FM
GVOEBNFOUP RVF QPOF UPEP TV DSFBEPS Z TPTUFOFEPS %FTDBSUFT CVT
DB FO FM QMBOP SBDJPOBM VO GVOEBNFOUP MUJNP UBM RVF OP UFOHB TFOUJEP

JOUFSSPHBSTF QPS PUSP BOUFSJPS -P RVF CVTDB FT FM ZP BCTPMVUP Z MB DFS

UF[B BCTPMVUB FOUFOEJEB DPNP VO FTUBEP TVCKFUJWP EF SPUVOEJEBE BOUF
MB WFSEBE EF TVT SFQSFTFOUBDJPOFT &O MB QBSUF OBM EFM BQBSUBEP -B
USBOTGPSNBDJO EF MB WFSEBE FO DFSUF[B )FJEFHHFS TFBMB MPT SFRVJ
TJUPT FYJHJEPT QPS FTB DFSUF[B SBDJPOBM RVF CVTDB %FTDBSUFT
B
VO GVOEBNFOUP MUJNP VO DJNJFOUP TMJEP JOBNPWJCMF RVF MB
TPTUFOHB Z RVF JNQJEB UPEB EVEB
-B DFSUF[B OFDFTJUB VOB JOGSBFTUSVDUVSB RVF MB TB

UJTGBHB RVF FYQSFTBNFOUF ZB[DB BMM EFMBOUF EF NPEP
DPOTUBOUF QBSB FM SFQSFTFOUBS DPNP GVOEBNFOUP EF
UPEP DPOTUSVJS Z FGFDUVBS SFQSFTFOUBOUF EF MP SFBM
&TP RVF ZBDF EFMBOUF FT FM FM DPHJUP DBSUFTJBOP

$FSUF[B Z DPHJUP TF FYJHFO NVUVBNFOUF OP QVFEF IBCFS VOP TJO
PUSP
C
MB DPOTUSVDDJO EF MP RVF TF QVFEF TBCFS DPNP BRVFMMP RVF QVF
EF MMFWBSTF B FGFDUP DPO TFHVSJEBE &TUB FYJHFODJB TJHOJDB
RVF FO %FTDBSUFT FTP RVF TF QVFEF TBCFS FNQJF[B ZB B TFS BMHP
DPOTUJUVJEP QPS FM TVKFUP RVF DPOPDF &O FM DBTP EF %FTDBS
UFT FTB DPOTUJUVDJO EFM PCKFUP EF DPOPDJNJFOUP TF RVFEB FO TFS
SFQSFTFOUBEP QFSP DPO ,BOU TF EBS FM QBTP B RVF MP RVF QVF
EF TFS TBCJEP FT FM GSVUP EF MB TOUFTJT MMFWBEB B DBCP QPS FM ZP
QJFOTP
"T QVFT QBSB RVF TFB JNQPTJCMF MB EVEB Z TF QVFEB MMFHBS B
BMHP BDFSDB EF MP DVBM OP TF QVFEB ZB EVEBS FT OFDFTBSJP FM DP
HJUP FM TVKFUP DPO TVT DPHJUBUJPOFT P SFQSFTFOUBDJPOFT BVUOUJDP
GVOEBNFOUP
EF MB DFSUF[B
&T OFDFTBSJP QBSB RVF UPEP SFQSFTFOUBS TF QPO

HB FO TFHVSP QSFWJBNFOUF BMHP SFBM DVZB SFBMJEBE FT
*C QQ

*C

"OMJTJT UFYUVBM
EFDJS KF[B RVFEF TVTUSBEB B UPEB DPONPDJO EFM

SFQSFTFOUBS FO FM TFOUJEP EF VOB EVCJUBCJMJEBE -B
FYJHFODJB EF DFSUF[B BQVOUB B VO GVOEBNFOUVN BC
TPMVUVN FU JODPODVTTVN B VO DJNJFOUP RVF OP EF
QFOEB EF VOB SFGFSFODJB B PUSP TJOP RVF FTU EF BO
UFNBOP EFTMJHBEP EF FTUB SFGFSFODJB Z EFTDBOTF FO T
NJTNP
&T EFDJS QBSB RVF FM QFOTBNJFOUP BMDBODF VOB DFSUF[B TJNJMBS B MB

EF MB GF OP QPS MP RVF SFTQFDUB B TVT DPOUFOJEPT TJOP FO DVBOUP B TV
FTUSVDUVSB
FT QSFDJTP RVF FM ZP RVF SFQSFTFOUB UFOHB VOB FTUSVDUVSB
FRVJWBMFOUF B MB EF FTF TFS RVF OP TF QVFEF FOHBBS FT EFDJS RVF
TFB VOB CBTF TMJEB EFTQSPWJTUB EF UPEB EVCJUBCJMJEBE VO BVUOUJDP
GVOEBNFOUP BCTPMVUP RVF EFTDBOTF FO T NJTNP " FTUF GVOEBNFOUP
BM DPHJUP DBSUFTJBOP FT BM RVF TF EFEJDB )FJEFHHFS DPO NT EFUBMMF FO
FM FQHSBGF -B USBOTGPSNBDJO EFM FO TVCKFDUVN
"DBCBNPT EF WFS DNP MB DFSUF[B FT JNQPTJCMF TJO FTF GVOEBNFOUP

MUJNP RVF FT FM FOUFOEJEP DPNP TVKFUP FM DPHJUP DBSUF
TJBOP " DPOUJOVBDJO )FJEFHHFS WB B FYQMJDBS DNP TF IB MMFHBEP IBT
UB BRV QBSUJFOEP EFM BSJTUPUMJDP RVF FSB
&O FM DPNJFO[P EF MB NFUBGTJDB "SJTUUFMFT DPODJCF MB QSJ
NFSB DPNP DPNP FM EFNPSBSTF FM FTUBSBI QSFTFODJOEPTF
EF BMHP RVF FO EFOJUJWB FT OJDP JSSFQFUJCMF QPSRVF FT TVTUBODJB QSJ
NFSB Z BT TMP SFMBUJWP B DBEB JOEJWJEVP Z B DBEB VOB EF TVT DJSDVOT
UBODJBT EFT +FXFJMJHFO
&TB BSJTUPUMJDB FT FM BVUOUJDP TVKFUP
EFUFSNJOBEP FO BDUP FM JOEJWJEVP Z FT FM BVUOUJDP MP
RVF NPSB FO DBEB DBTP ZBDF QPS T EFMBOUF
*C
*C Q $POWJFOF SFDPSEBS RVF FO "SJTUUFMFT MB NBUFSJB FT
QFSP JOEFUFSNJOBEP MP RVF FT TVKFUP QSPQJBNFOUF EJDIP FT MB FOUJEBE

&O MB &EBE .FEJB QBSFDF RVF TF NBOUJFOF MB DPODFQDJO BSJTUPU

MJDB QFSP TFHO )FJEFHHFS OP FT BT QPSRVF DPO MB USBEVDDJO BM MBUO
TF QJFSEFO ZB NBUJDFT "T QBSBMFMBNFOUF B MB USBOTGPSNBDJO EF MB
FO BDUVBMJUBT EF MB RVF ZB TF IB IBCMBEP QSFWJBNFOUF
IBZ
VO QBTP EF B TVCKFDUVN &T DJFSUP RVF FTUB MUJNB USBEVD
DJO FT MJUFSBM QFSP FO FMMB TF IB QFSEJEP ZB MB JEFB EF
FM TVKFUP ZB OP TF FOUJFOEF DPNP ZBDFS QPS T EFMBOUF TJOP DPNP
VOB FTQFDJF EF CBTF RVF TPQPSUB BMHP TVCQVFTUP -P RVF QBTB B
TFS NT JNQPSUBOUF FO MB &EBE .FEJB FT MB BDUVBMJUBT MP SFBM FGFDUJWP
DPNP BDUP MP ZB FGFDUVBEP Z FTUP TF NBOUJFOF IBTUB MB &EBE .PEFS
OB &O FTF TVCKFDUVN QVFEFO SFDBFS BDDJEFOUFT USBEVDDJO BDFQUBCMF
EF MPT FO MB RVF UBNCJO TF IB QFSEJEP ZB MB BMVTJO BM
DPQSFTFODJBS RVF FSB MP QSPQJP EF FMMPT -B TF WB B USBEVDJS QPS
TVTUBODJB QFSP FO TUB OP RVFEB OJOHVOB SFGFSFODJB B MB BDUJWJEBE B
MB BM QSFTFODJBSTF TJOP RVF TF IB DPOWFSUJEP FO TFS TVKFUP
FO VO TPQPSUBS FO TFS BOUF UPEP DPOTUBOUF
4VCKFDUVN Z TVCTUBOT RVJFSFO EFDJS MP NJTNP MP QSP

QJBNFOUF DPOTUBOUF Z SFBM MP RVF TBUJTGBDF MB SFBMJEBE Z MB
DPOTUBODJB Z QPS FTP TF MMBNB TVCTUBOUJB -B FTFODJB EFM
EFUFSNJOBEB EF NPEP JOJDJBM EF MP RVF ZBDF
EFMBOUF QPS T FT NVZ QSPOUP JOUFSQSFUBEB EFTEF MB TVC
TUBOUJB -B QSFTFODJB FT QFOTBEB DPNP TVCTUBOUJB
&M DPODFQUP EF TVTUBODJB OP FT HSJFHP QFSP KVOUP DPO MB
BDUVBMJUBT EPNJOB MB DBSBDUFSJ[BDJO EFM TFS FO MB NFUBG
TJDB QPTUFSJPS
1BSB BDBCBS EF FOUFOEFS MB USBOTGPSNBDJO RVF TF QSPEVDF FO FM

TFOUJEP EF FO TV QBTP EF B TVCKFDUVN FT OFDFTBSJP
WJODVMBSMB B MB DPODFQDJO EF MB WFSEBE DPNP FO MVHBS EF
"SJTUUFMFT IBCB DBSBDUFSJ[BEP MB FYJTUFODJB DPNP FTUBS

GVFSB EFM QFOTBNJFOUP QSFDJTBNFOUF QPSRVF FOUFOEB ZB MB WFSEBE

"OMJTJT UFYUVBM
DPNP TFNFKBO[B DPSSFTQPOEFODJB BEFDVBDJO 1PS FTUP NJTNP ZB

DPO "SJTUPUUFMFT MB WFSEBE QJFSEF TV DBSDUFS EF TF USBTMBEB
BM FOVODJBEP
Z QBTB B FTUBS WJODVMBEB BM KVJDJP
B MB BSNBDJO Z B MB OFHBDJO &TPT KVJDJPT BQPGOUJDPT UJFOF MB

FTUSVDUVSB 4 FT 1 DPO MP DVBM FO "SJTUUFMFT MB OP FT TMP TVKF
UP EFUFSNJOBEP FO FM QMBOP POUPMHJDP TJOP UBNCJO TVKFUP
MHJDP TVKFUP EF MB QSFEJDBDJO
$PO FM DBNCJP FO FM NPEP EF DPO
DFCJS MB WFSEBE "SJTUUFMFT WB B BCSJS FM DBNJOP B MB SFJOUFSQSFUBDJO
EFM DPNP TVKFUP MHJDP Z DPO FMMP B MB MPTPGB NPEFSOB
USBTDFOEFOUBM
&M FOVODJBEP FM

DBSBDUFSTUJDB EFUFSNJOBOUF EFM
TVKFUP
&TF DBNCJP RVF BDBCBNPT EF FYQMJDBS FO FM NPEP EF DPODFCJS MB

WFSEBE BIPSB WJODVMBEB BM FOVODJBEP JNQMJDB VOB USBOTGPSNBDJO FO
FM TFOUJEP EFM RVF ZB OP WB B TFS TVKFUP BRVFMMP
RVF QSFTFODJB QPS T ZBDJFOEP EFMBOUF TJOP TVKFUP EF MB QSFEJDBDJO
BMHP EF MP RVF TF EJDF BMHP
TF DPOWJFSUF FO BRVFMMP
FO SFGFSFODJB B MP DVBM FO
DVBOUP TVCZBDFOUF BMHP TF EJDF EFTEF BSSJCB Z BUSJCVZO
EPTFMP BMHP RVF UJFOF FM DBSDUFS EF MP TFBMBEP Z EF MP
EJDIP "IPSB FM FT B TV WF[ MP

&TUP TVQPOF RVF FM FM FOVODJBEP DBSBDUFSJ[B BIPSB MP TVC

ZBDFOUF FO DVBOUP UBM BM TVCKFDUVN : MPT BDDJEFOUFT
QBTBO UBNCJO EF TFS EFUFSNJOBDJPOFT DPQSFTFOUFT FO
MB B TFS TJUVBEBT FO FM QMBOP MHJDP Z DPODFCJSTF DPNP DBUFHPSBT
QSFEJDBEPT SFTUSJOHJEPT BM QMBOP MHJDP EF MB BSNBDJOOFHBDJO
*C
*C

EFTEF FOUPODFT UPEBT MBT EFUFSNJOBDJPOFT FTFODJBMFT EF MP QSFTFO

UF FO DVBOUP UBM FT EFDJS MPT DBSBDUFSFT EFM FOUF TF NBOUJFOFO FO FM
NCJUP EF MB FT EFDJS
TPO DBUFHPSBT
4F IB QBTBEP QVFT EF MP RVF TPO PSJHJOBSJBNFOUF QSFTFODJB
Z DPQSFTFODJBT
BM TVKFUP EF QSFEJDBDJO Z B MBT DBUF
HPSBT SFTQFDUJWBNFOUF QPS FM QSFEPNJOJP EFM &T DJFSUP RVF ZB
"SJTUUFMFT EFDB RVF OP UFOFNPT VO BDDFTP EJSFDUP B MBT DPTBT TJOP
NFEJBEP QPS FM QPS FM EFDJS QFSP FO "SJTUUFMFT Z FO MB &EBE
.FEJB TF NBOUJFOF MB QSJNBDB EFM EFUFSNJOBEP DPTB
DPNP BMHP RVF FTU BI 4JO FNCBSHP DPO %FTDBSUFT FM QPEFSP JNQM
DJUP EF MB DPNQSFOTJO EF MB DPNP TVKFUP Z FM QPEFS EFM
DPOEVDFO B RVF FM TVKFUP ZB OP TFB QSJNBSJBNFOUF FM PO
UPMHJDP BSJTUPUMJDP TJOP FM TVKFUP MHJDP DPHJUP
%F FTUB NBOFSB FM
RVF DBSBDUFSJ[B BM TVCKFDUVN TF DPOWJFSUF FO QSJODJQJP Z DBVTB
FO GVOEBNFOUP &TF TVCKFDUVN WB B TFS UBOUP FM TVKFUP EF MB SFMBDJO
MHJDB TVKFUPQSFEJDBEP DPNP FM EF MB SFMBDJO TVKFUPPCKFUP QSPQJB EF
MB NPEFSOJEBE
5PEBWB FO MB &EBE .FEJB MBT USBOTGPSNBDJPOFT EF MB NFUBGTJDB
WBO B IBDFS RVF FM Z DPO M FM TVCKFDUVN QBTFO B JOUFSQSFUBSTF
DPNP SBUJP
3BUJP FT QPS MP UBOUP PUSP OPNCSF QBSB FM TVCKFDUVN

QBSB MP RVF TVCZBDF
&M GVOEBNFOUP DPNQSFOEJEP DP
NP MB FTFODJB EF MB FOUJEBE EFM FOUF SFDJCF FO MB NFUBGTJDB
QPTUFSJPS FM OPNCSF EF OJOHVOB NBOFSB PCWJP EF SBUJP
&M QBTP EF B SBUJP TF EB ZB FO MB &EBE .FEJB QFSP RVF MB

SBUJP QBTF B TFS MB FTFODJB FM GVOEBNFOUP EFM FOUF TMP PDVSSF DPO
%FTDBSUFT Z MB .PEFSOJEBE &MMP TVQPOF FM QBTP BM SBDJPOBMJTNP RVF
DPOTJTUF FO DPODFCJS MB SB[O DPNP GVOEBNFOUP 4F USBUB EF VO SBDJP
OBMJTNP FTFODJBMJTUB RVF TMP UJFOF RVF WFS DPO SFQSFTFOUBDJPOFT ZB
TF MMBNFO DPHJUBUJPOFT SFQSFTFOUBDJPOFT V PCKFUPT

*C
*C Q

"OMJTJT UFYUVBM
$VBOEP %FTDBSUFT FYJHF VO GVOEBNFOUP MUJNP Z BCTPMVUP EF MB

DFSUF[B SBDJPOBM FTU CVTDBOEP FM FOUFOEJEP DPNP TVC
KFDUVN RVF TFB DPOTUBOUF Z FTUBCMF FO MB FTGFSB EFM SFQSFTFOUBS QBSB
RVF TUF FTDBQF B MB EVEB -P RVF DBSBDUFSJ[B B FTUF TVCKFDUVN FT MB
BDUJWJEBE EF SFQSFTFOUBS FM SFQSFTFOUBS FT VO SBTHP GVOEBNFOUBM EF
UPEP DPNQPSUBNJFOUP EFM IPNCSF UBNCJO EFM OP DPHOPTDJUJWP 7JTUP
EFTEF BRV UPEPT MPT DPNQPSUBNJFOUPT TPO DPHJUBUJPOFT
$PO MB SFEVDDJO EF UPEB BDUJWJEBE EFM TVKFUP JODMVJEPT MPT TFO
UJNJFOUPT Z BGFDUPT
B SFQSFTFOUBDJPOFT FM TVKFUP FT VO QVSP DPHJUP
-B SFQSFTFOUBDJO DPOTJTUF FO RVF BMHP MP SFQSFTFOUBEP
FT MMFWBEP
BOUF FM SFQSFTFOUBOUF NJTNP FM TVKFUP
RVF ZBDF EFMBOUF Z FT FM
GVOEBNFOUP EF MB DFSUF[B "IPSB CJFO FM ZP QJFOTP RVF MMFWB B DBCP
MBT SFQSFTFOUBDJPOFT FT TVKFUP Z GVOEBNFOUP EF MB DFSUF[B TMP NJFO
USBT EVSB FM SFQSFTFOUBS FT EFDJS TMP FTU TFHVSP EF FYJTUJS NJFOUSBT
SFQSFTFOUB NFKPS EJDIP FTU TFHVSP EF FYJTUJS EVN DPHJUBU MP RVF
DPO DJFSUB MJCFSUBE TF QPESB USBEVDJS QPS FO MB NFEJEB FO RVF QJFOTB
Z QPSRVF QJFOTB &O SFBMJEBE OP DBCF FOUFOEFS FTUB BSNBDJO DPNP
TJ %FTDBSUFT TPTUVWJFSB RVF TMP JOUFSNJUFOUFNFOUF FTU DJFSUP EF TV
FYJTUFODJB P FO FM TFOUJEP EF RVF TMP FTUVWJFSB DJFSUP EF VOB FYJTUFO
DJB DPO JOUFSNJUFODJBT 6OB WF[ BDMBSBEP FTUP FT QSFDJTP BEFMBOUBS
RVF FM QBTP EF B TVCKFDUVN OP FT UBO EFOJUJWP UPEBWB FO
%FTDBSUFT DPNP MP TFS FO -FJCOJ[ P ,BOU
-B SFQSFTFOUBUJWJEBE EFUFSNJOBOUF EF MB OVFWB DPN

QSFOTJO EF MB FTFODJB EF MB FYJTUFODJB
"DBCBNPT EF WFS DNP FO %FTDBSUFT FM DPHJUP QBT B TFS FM TVKFUP

EF UPEBT MBT EFUFSNJOBDJPOFT RVF FO TV DBTP TPO MBT SFQSFTFOUBDJPOFT
MBT DPHJUBUJPOFT &M FHP MB SFT DPHJUBOT FT FM TVCKFDUVN FNJOFOUF DV
ZP FTTF FT EFDJS QSFTFODJBS TBUJTGBDF B MB FTFODJB EF MB WFSEBE FO FM
*C

TFOUJEP EF MB DFSUF[B &TUF FTTF EFOF VOB OVFWB FTFODJB EF MB FYJTUFO

DJB
&TB OVFWB FTFODJB EF MB FYJTUFODJB FT MB RVF FTUBCMFDF %FTDBSUFT BM
BSNBS RVF BRVFMMP RVF QJFOTB OP QVFEF OP FYJTUJS QVFTUP RVF QJFO
TB &T EFDJS RVF FM DPHJUP RVF IFNPT FTUBCMFDJEP DPNP GVOEBNFOUP
EF MB DFSUF[B OP QVFEF OP FYJTUJS NJFOUSBT QJFOTB ZB RVF NJFOUSBT
SFQSFTFOUB TV FTTF FTU UPUBMNFOUF EFUFSNJOBEP QPS TV BDUJWJEBE SF
QSFTFOUBUJWB
&M FGFDUVBS EF MB OVFWB FTFODJB EF MB SFBMJEBE FGFDUJ

WB EF FTUF FOUF SFBM FNJOFOUF UJFOF FM SBTHP GVOEBNFOUBM
EFM SFQSFTFOUBS &O DPSSFTQPOEFODJB DPO FMMP MB SFBMJ
EBE FGFDUJWB
FTU DBSBDUFSJ[BEB QPS MB SFQSFTFOUBUJWJ
EBE
%FTDBSUFT OP IBCMB EF SFBMJEBE FGFDUJWB TJOP EF BDUVBMJUBT QFSP

QBSB )FJEFHHFS FO FTUB QPDB ZB TF IBCB SFEVDJEP B 8JSLMJDILFJU Z
BIPSB FO VOB OVFWB USBOTGPSNBDJO QBTB B TFS SFQSFTFOUBUJWJEBE 4FS
FT SFQSFTFOUBEP Z FM DPHJUP FT FM SFQSFTFOUBS -P RVF IBZ TPO QPS VO
MBEP SFQSFTFOUBDJPOFT Z QPS PUSP FM DPHJUP DPNP GVOEBNFOUP EF FTBT
SFQSFTFOUBDJPOFT &M DPHJUP FT FM RVF IBDF RVF MB SFQSFTFOUBUJWJEBE
TFB FM DBSDUFS EF TFS EF MP SFQSFTFOUBEP "T FO MB NFEJEB FO RVF
FTUF DBSDUFS EF TFS EF MP SFQSFTFOUBEP TMP MP QVFEF PUPSHBS FM ZP
SFQSFTFOUBOUF EJDIP DBSDUFS EF TFS WB B QBTBS B FTUBS EFM MBEP EFM
TVKFUP ZB OP EF MBT DPTBT &TUP TFS MMFWBEP BM FYUSFNP QPS ,BOU
IBZ PCKFUPT QPSRVF IBZ VO ZP USBTDFOEFOUBM ZP VOP VOJEBE TJOUUJDB
EF MB BQFSDFQDJO
RVF MPT DPOTUJUVZF Z RVF QPS FMMP FT MB DPOEJDJO
EF QPTJCJMJEBE EF MB PCKFUJWJEBE EFM DBSDUFS EF TFS EF MPT PCKFUPT &M
SBDJPOBMJTNP EF %FTDBSUFT BCSF MBT QVFSUBT B MB MPTPGB USBTDFOEFOUBM
BVORVF M UPEBWB OP TF QVFEB JODMVJS FO FMMB DPNP VO NJFNCSP EF
QMFOP EFSFDIP /P PCTUBOUF FO %FTDBSUFT IBZ DPNP VO BOUJDJQP EF MB
*C Q

*C

"OMJTJT UFYUVBM
PCKFUJWJEBE LBOUJBOB QPSRVF FM SFQSFTFOUBS MMFWB B DBCP MB SFNJTJO

EFM FTUBS FOGSFOUBEP EFM PCKFUP
$PO UPEBT FTUBT USBOTGPSNBDJPOFT FO MB IJTUPSJB EF MB NFUBGTJDB MP
RVF OP TF QVFEF PMWJEBS FT RVF DPOUJOB TJFOEP QSFTFODJBMJTUB BVORVF
DBNCJF FM NPEP FO RVF MP TFB &O "SJTUUFMFT FSB MB QVSB QSFTFODJB
EF MP RVF FTU BI EFMBOUF DPO %FTDBSUFT WB B TFS MB QSFTFODJB DPNP
SFQSFTFODJB BOUF VO SFQSFTFOUBS QSFTFODJB EF MP RVF DPOTDJFOUFNFOUF
ZP NF SFQSFTFOUP QSFTFODJB FOUFOEJEB DPNP SFQSFTFOUBDJO
&M DBSDUFS EF QSFTFODJB RVF SFJOB FO MB FTFODJB NF

UBGTJDB EFM TFS RVF FO MB NVUBDJO EF MB FO BD
UVBMJUBT OP IB TJEP UPUBMNFOUF FMJNJOBEP TJOP TMP USBOT
GPSNBEP TBMF BIPSB B MB MV[ DPNP QSFTFODJB EFOUSP EFM
SFQSFTFOUBS EF MB SFQSFTFOUBUJP

)FJEFHHFS EFOVODJB FM PMWJEP EFM TFS B RVF IB DPOEVDJEP FM QSFTFO

DJBMJTNP EF MB NFUBGTJDB DVZP NYJNP FYQPOFOUF FT FTF SFQSFTFOUBS
EFOUSP EF VO DPHJUP DMBVTVSBEP DFSSBEP FO T NJTNP
1BSB )FJEFHHFS MBT .FEJUBDJPOFT EF %FTDBSUFT OP TPO VOB FY
QPTJDJO EF VOB UFPSB EFM DPOPDJNJFOUP TJOP EF POUPMPHB MPTPGB
QSJNFSB Z TPO FM WFSEBEFSP BSSBORVF EF MB NFUBGTJDB NPEFSOB RVF
DVMNJOBS DPO )FHFM &O %FTDBSUFT MB SFT DPHJUBOT FM GVOEBNFOUP BC
TPMVUP EF MB DFSUF[B TJHVF TJFOEP VOB TVTUBODJB OJUB FO UBOUP RVF
DSFBEB $BEB BMNB IVNBOB NFOT
TF QVFEF EJTUJOHVJS EF MBT EFNT
QPS MB DPSQPSBMJEBE 1FSP MB .PEFSOJEBE BMDBO[BS TV DVMNJOBDJO TMP
DVBOEP
MB NFOT IVNBOB EF BDVFSEP DPO FTUB EJTUJODJO EF TV ZB

DFS EFMBOUF DPNP TVCKFDUVN SFJWJOEJDBS FYDMVTJWBNFOUF
QBSB T FM OPNCSF EF TVKFUP EF NBOFSB UBM RVF TVCKFDUVN
Z FHP TVCKFUJWJEBE Z ZP TF WPMWFSO TJOOJNPT
*C
*C
*C Q

)BTUB BMDBO[BS FTB DVMNJOBDJO EF MB .PEFSOJEBE TF WB B QFSNB

OFDFS FO VOB FODSVDJKBEB 1PS VO MBEP TF QVFEFO FOUFOEFS MBT DPTBT
DPNP IBTUB 4VSF[ DPNP TFSFT DSFBEPT RVF BERVJFSFO MB BDUVBMJUBT
QPS MP RVF EJDIP DPO FYQSFTJO DPMPRVJBM QPESBNPT MMBNBS FM FN
QVKO EJWJOP QPS PUSP WB DPCSBOEP GVFS[B MB JEFB EF RVF MP RVF FT
FM PCKFUP Z FM DBSDUFS EF TFS MB SFQSFTFOUBUJWJEBE FO %FTDBSUFT MB
PCKFUJWJEBE FO ,BOU
MP PUPSHB FM TVKFUP SFQSFTFOUBOUF %FTDBSUFT
P
USBTDFOEFOUBM ,BOU
-P RVF FTU DMBSP FT RVF DPO %FTDBSUFT EFTBQB
SFDF MB DPNQSFOTJO VOJMBUFSBM EFM TFS DPNP BDUVBMJUBT WJODVMBEP B VO
%JPT DSFBEPS BM JOUSPEVDJS MB QPTJCJMJEBE EF EFUFSNJOBS FTFODJBMNFOUF
FM TFS DPNP SFQSFTFOUBUJWJEBE
:B TF IB EJDIP RVF FO PQJOJO EF )FJEFHHFS MBT .FEJUBDJPOFT NF

UBGTJDBT DPOTUJUVZFO FM WFSEBEFSP BSSBORVF EF MB NFUBGTJDB NPEFSOB
BVORVF TV DVMNJOBDJO TMP MMFHVF DPO )FHFM 1PS FTUF NPUJWP RVF FT
DPNQBSUJEP QPS NVDIPT FTUVEJPTPT MB DPOGSPOUBDJO EF MB DSUJDB IFJ
EFHHFSJBOB DPO FM QFOTBNJFOUP EF %FTDBSUFT TF WB B SFBMJ[BS TJHVJFOEP
FM IJMP DPOEVDUPS RVF QSPQPSDJPOBO FTUBT .FEJUBDJPOFT NFUBGTJDBT
"OUFT EF BEFOUSBSOPT FO FMMBT RVJ[ DPOWFOHB DPOUFYUVBMJ[BS N
OJNBNFOUF BM QFOTBEPS RVF BM NFOPT B KVJDJP EF MB NBZPSB EJP PSJ
HFO B MB NPEFSOJEBE 1BSB IBDFSMP CBTUBS DPO EFTUBDBS EPT DPTBT -B
QSJNFSB FT RVF BVORVF MBT PQJOJPOFT BM SFTQFDUP TPO NVZ EJGFSFOUFT
RVJFO FTUP TVCTDSJCF FOUJFOEF BIPSB EF BDVFSEP DPO )FJEFHHFS
RVF
%FTDBSUFT OP FT FM MTPGP RVF MMFWB B DBCP VOB UPUBM SVQUVSB DPO MB USB
EJDJO /P DBCF EVEB RVF TVT QMBOUFBNJFOUPT NBSDBSPO EF NBOFSB EF
OJUJWB FM QFOTBNJFOUP QPTUFSJPS QFSP FMMP OP TJHOJDB RVF DBSFDJFSBO EF
BSSBJHP FO FM QBTBEP %F IFDIP SFTVMUB DBTJ JOBENJTJCMF TPTUFOFS RVF
VO QFOTBEPS QPS SBEJDBMFT Z OPWFEPTPT RVF TFBO TVT QMBOUFBNJFOUPT
TVSKB DBTJ EF MB OBEB FO FM TFOUJEP EF RVF OP IBZB SFDJCJEP OJOHVOB
JOVFODJB EF RVJFOFT MF QSFDFEJFSPO (JMTPO SFDPSE RVF DPNP BMVNOP
EF MPT KFTVJUBT %FTDBSUFT IBCB BQSFOEJEP MB NFUBGTJDB EF 4VSF[ Z

FMMP IBTUB FM FYUSFNP EF RVF QBSB FM QFOTBEPS GSBODT MB FTDPMTUJDB

TF JEFOUJDBEB TJO SFTJEVPT DPO MBT MPTPGB TVBSJTUB .T BO FM
BVUPS EF &M TFS Z MPT MTPGPT TPTUVWP RVF B QFTBS EF TVT EJGFSFODJBT
4VSF[ %FTDBSUFT Z UBNCJO 4QJOP[B NBOUFOBO VOB BDUJUVE DPNO
DPO SFTQFDUP B MB FYJTUFODJB FT MB BDUVBMJEBE DPNQMFUB EF MB FTFODJB Z
OBEB NT &TUB MUJNB PCTFSWBDJO RVF TF QVFEF DPNQBSUJS P TFS
PCKFUP EF DSUJDB OP EFKB EF TFS SFMFWBOUF QBSB FM USBCBKP RVF TF WB B
EFTBSSPMMBS B DPOUJOVBDJO Z RVF QPS DPODFCJSTF DPNP VOB DPOGSPO
UBDJO DPO FM QSFDFEFOUF BOMJTJT EF )FJEFHHFS UJFOF FO MB DVFTUJO
EF FTFODJB Z FYJTUFODJB VOP EF TVT ODMFPT GVOEBNFOUBMFT
1PS PUSB QBSUF B MB IPSB EF WBMPSBS FO TV DPOKVOUP MB MPTPGB DBS
UFTJBOB UBNQPDP TF QVFEF PMWJEBS RVF TV QFOTBNJFOUP TVSHF FO VO
NPNFOUP EF DSJTJT 1BTBEP ZB FM FTQMFOEPS Z MBT HSBOEFT FYQFDUBUJ
WBT RVF TVQVTP FM QSJNFS 3FOBDJNJFOUP TV OBM OP GVF UBO QPTJUJWP OJ
FTQFSBO[BEPS 4F USBUB EF VOB TJUVBDJO EF MB RVF FM FTDFQUJDJTNP EP
NJOBOUF B OBMFT EFM TJHMP 97* EB CVFOB DVFOUB "M QFOTBEPS GSBODT
MF SFTVMUBCB JNQSFTDJOEJCMF CVTDBS DPNP B "SRVNFEFT UBM DPNP M
NJTNP SFDVFSEB FO TVT .FEJUBDJPOFT VO TMJEP QVOUP EF BQPZP
QBSB NPWFS FM NVOEP BVORVF FO OVFTUSP DBTP TF USBUBSB EFM NVOEP
EFM QFOTBNJFOUP 2VF FTF TMJEP QVOUP EF BQPZP MP FODPOUS FO FM DP
HJUP FT BMHP EF MP RVF OP DBCF EVEBS DPNP UBNQPDP QBSFDF SB[POBCMF
EVEBS EF RVF TF USBUBCB EFM GVOEBNFOUVN BCTPMVUVN FU JODPODVTTVN
BM RVF IBDF SFGFSFODJB )FJEFHHFS FO MBT QHJOBT EFM /JFU[TDIF ** RVF
OPT FTUO PDVQBOEP
&M FKFSDJDJP EF MB EVEB
/P FT QSFDJTP RVF OPT EFUFOHBNPT QPSNFOPSJ[BEBNFOUF FO BMHP

RVF FT CJFO DPOPDJEP %FTDBSUFT EFDJEF FKFSDJUBS MB EVEB QPS SB[POFT
$G & (JMTPO &M TFS Z MPT MTPGPT PQ DJU Q
$G *C Q
$G 3 %FTDBSUFT %JTDVSTP EFM NUPEP .FEJUBDJPOFT NFUBGTJDBT &TQBTB
$BMQF .BESJE j FE
FE Z USBE .BOVFM (BSDB .PSFOUF .FEJUBDJO
TFHVOEB Q

NFUEJDBT FT EFDJS QBSB MPHSBS TV UPUBM FSSBEJDBDJO P BM NFOPT

QBSB USBUBS EF FMJNJOBSMB EF BRVFMMPT NCJUPT FO EOEF GVFSB QPTJCMF
IBDFSMP .PUJWBEP QPS FTF QSPQTJUP FO MB .FEJUBDJO QSJNFSB FN
QSFOEF FM DBNJOP RVF MF MMFWB B EVEBS EF MPT TFOUJEPT B OFHBS RVF TFB
JNQPTJCMF EJTUJOHVJS UPUBMNFOUF FOUSF FM TVFP Z MB WJHJMJB Z B QPT
UVMBS DPNP IJQUFTJT SBEJDBM MB FYJTUFODJB EFM HFOJP NBMJHOP &T DJFSUP
RVF JOJDJBMNFOUF FM QFOTBEPS GSBODT TF QSFHVOUB QPS MB QPTJCJMJEBE EF
RVF TFB %JPT NJTNP RVJFO MF FOHBF $BCSB QFOTBS FO FGFDUP RVF
%JPT IVCJFSB DSFBEP B VOPT TFSFT RVF UVWJFSBO MB JNQSFTJO EF RVF
UPEBT MBT DPTBT RVF FTUVWJFSBO BDPTUVNCSBEPT B BENJUJS RVF FYJTUFO
FO SFBMJEBE OP FYJTUJFSBO 1FSP QVFTUP RVF %JPT FT MB TVNB CPOEBE
%FTDBSUFT BDBCB QPS SFOVODJBS B FTB QPTJCJMJEBE Z EFDJEF TVQPOFS OP
RVF %JPT RVF FT MB CPOEBE TVNB Z MB GVFOUF TVQSFNB EF MB WFSEBE NF
FOHBB TJOP RVF DJFSUP HFOJP P FTQSJUV NBMJHOP OP NFOPT BTUVUP Z
CVSMBEPS RVF QPEFSPTP IB QVFTUP TV JOEVTUSJB UPEB FO FOHBBSNF
&O SFBMJEBE FM OJDP QSPQTJUP RVF QFSTJHVF FM BVUPS EF MB .FEJUBDJO
QSJNFSB FT QPOFS UPEP FO DVFTUJO FO MB NFEJEB FO RVF FTUP TFB QPTJ
CMF : TMP FTUP CBTUB QBSB DPNQSFOEFS MB SB[O EF MPT USFT BSHVNFOUPT
RVF FTHSJNF QBSB QPEFS EVEBS EF UPEP QBSB BM NFOPT TVTQFOEFS FM
KVJDJP
"T QVFT FO SFBMJEBE MB QSJNFSB NFEJUBDJO TF DPOTUJUVZF DPNP VO
NPNFOUP OFHBUJWP P EF EFTUSVDDJO QFSP IBZ RVF JOTJTUJS FO FMMP VOB
WF[ NT EF DBSDUFS NBSDBEBNFOUF NFUPEPMHJDP 4MP FTUF FKFSDJDJP
MF WB B QFSNJUJS BM BVUPS EF MBT .FEJUBDJPOFT DPOTUSVJS VO TJTUFNB
FO FM RVF FM QVOUP SNF EF BQPZP FTU UBO TVDJFOUFNFOUF DPOTPMJEBEP
RVF CBTUF QBSB TPTUFOFS MB UPUBMJEBE EF TV QMBOUFBNJFOUP
$G *C .FEJUBDJO QSJNFSB QQ

*C Q

-B FYJTUFODJB EFM DPHJUP FT JOEVEBCMF
5BNCJO UFOES ZP EFSFDIP B DPODFCJS HSBOEFT FTQF

SBO[BT TJ UFOHP MB GPSUVOB EF IBMMBS TMP VOB DPTB RVF TFB
DJFSUB F JOEVEBCMF
*OJDJBMNFOUF USBT MB MBCPS EF EFTUSVDDJO MMFWBEB B DBCP QBSFDF

RVF MP OJDP RVF FM QFOTBEPS QVFEF UFOFS QPS TFHVSP FT RVF OP IBZ
OBEB DJFSUP FO FM NVOEP 4JO FNCBSHP FTUB NJTNB JEFB MF BDFSDB B TV
UBCMB EF TBMWBDJO
:B FTUPZ QFSTVBEJEP EF RVF OBEB IBZ FO FM NVOEP

FTUBS QVFT QFSTVBEJEP UBNCJO EF RVF ZP OP TPZ /J
NVDIP NFOPT TJ IF MMFHBEP B QFSTVBEJSNF EF BMHP P TP
MBNFOUF TJ IF QFOTBEP BMHVOB DPTB FT TJO EVEB QPSRVF ZP
FSB
4J NJT TFOUJEPT ZFSSBO TJ DPOGVOEP FM TVFP DPO MB WJHJMJB TJ FM FO

HBBEPS NF UJFOEF UPEBT MBT USBNQBT Z FO UPEBT FMMBT DBJHP FOUPODFT
B QFTBS EF FTUB HSBO DPOGVTJO T BMHP DPO UPEB DMBSJEBE Z EJTUJODJO
T RVF TPZ :P TPZ ZP FYJTUP FT <VOB QSPQPTJDJO> OFDFTBSJBNFOUF
WFSEBEFSB NJFOUSBT MB FTUPZ QSPOVODJBOEP P DPODJCJFOEP FO NJ FTQ
SJUV
&TUF DPOTUJUVZF FM QSJNFS HSBO IBMMB[HP EF %FTDBSUFT VO EFTDVCSJ
NJFOUP RVF TJO FNCBSHP TMP TF DPOTUJUVJS FO SNF QVOUP EF BQPZP
FTUP FT FO GVOEBNFOUP MUJNP DVBOEP FTF ZP TPZ MMFHVF B JEFOUJDBSTF
TJO SFTJEVPT DPO FM ZP QJFOTP TUB FT QSFDJTBNFOUF MB UBSFB RVF %FT
DBSUFT BGSPOUBS EF GPSNB JONFEJBUB 1BSB DVNQMJSMB IB EF QMBOUFBS
VOB QSJNFSB DVFTUJO RVF USBF B MB NFNPSJB JOFWJUBCMFNFOUF MB BS
NBDJO EF )FJEFHHFS TFHO MB DVBM MB NFUBGTJDB TF DPOTUJUVZF QPS Z
*C .FEJUBDJO TFHVOEB Q

*C Q
*C

FO FM FTUBCMFDJNJFOUP EF MB EJGFSFODJB FOUSF FM RV FT Z FM RVF FT "T

FT QPDBT MOFBT EFTQVT EF IBCFS BMDBO[BEP TV QSJNFSB DFSUF[B %FT
DBSUFT BSNB QFSP ZP RVF FTUPZ DJFSUP EF RVF TPZ OP DPOP[DP BO
DPO CBTUBOUF DMBSJEBE RVJO TPZ
1BSB SFTPMWFS FTUB DVFTUJO FM BVUPS EF MB .FEJUBDJPOFT SFDVSSF B
TV NUPEP IBCJUVBM EVEBS EF UPEP MP RVF BVORVF UBO BQBSFOUFNFO
UF DJFSUP OP TF BKVTUF B MBT FYJHFODJBT EF TV NUPEP %F FTUF NPEP
FO VO QSJNFS NPNFOUP FMJNJOBS TV BOJNBMJEBE TV DPSQPSBMJEBE B
DPOUJOVBDJO FYBNJOBS MPT BUSJCVUPT EFM BMNB OVUSJSTF DBNJOBS TFO
UJS RVF EFM NJTNP NPEP TFSO FYDMVJEPT 5PEPT FMMPT TBMWP VOP FM
QFOTBNJFOUP
&ODVFOUSP RVF FM QFOTBNJFOUP FT MP OJDP RVF OP QVF

EF TFQBSBSTF EF N :P TPZ FYJTUP FTUP FT DJFSUP QFSP
DVOUP UJFNQP 5PEP FM UJFNQP RVF EVSF NJ QFOTBS QVFT
BDBTP QPESB TVDFEFS RVF TJ DFTBTF QPS DPNQMFUP EF QFO
TBS DFTBSB BM QSPQJP UJFNQP QPS DPNQMFUP EF FYJTUJS
$PO SFMBDJO B MBT QBMBCSBT RVF TF BDBCBO EF DJUBS IBZ RVF EFDJS
RVF BVORVF %FTDBSUFT QBSF[DB WJODVMBS EF VOB NBOFSB DMBSB MB EVSB
DJO Z QFSNBOFODJB EF TV FYJTUFODJB DPO MBT EF TV QFOTBNJFOUP OP TF
USBUB UBOUP EF FOUFOEFS RVF FM TVKFUP EVEBOUF FYJTUF EF NBOFSB JO
UFSNJUFOUF TMP NJFOUSBT QJFOTB P DVBOEP MP IBDF
4J FM QFOTBEPS
GSBODT TF FYQSFTB BT FT NT CJFO B NJ KVJDJP QBSB NPTUSBS IBTUB
RV QVOUP TF FODVFOUSBO FTFODJBMNFOUF WJODVMBEPT FM TFS FM FYJTUJS Z
FM QFOTBS TPZ QVFT VOB DPTB WFSEBEFSB Z WFSEBEFSBNFOUF FYJTUFOUF
.T RV DPTB :B MP IF EJDIP VOB DPTB RVF QJFOTB TPTUJFOF TJO
UJUVCFPT
*C
$G *C QQ
*C Q
*C QQ

"IPSB QVFT ZB QPEFNPT WPMWFS B MB QSFHVOUB QPS MB FTFODJB Z MB

FYJTUFODJB &TB DVFTUJO RVF FM NJTNP %FTDBSUFT IBCB QMBOUFBEP M
OFBT BUST Z QSPQPSDJPOBS EF TV NBOP VOB SFTQVFTUB FYJTUP Z NJ
FTFODJB DPOTJTUF FO QFOTBS 6OB WF[ NT DPNP FO 1BSNOJEFT BVORVF
BIPSB FO PUSP TFOUJEP IFNPT EF DPODMVJS RVF MP NJTNP FT QFOTBS Z TFS
:P TPZ VO DPHJUP %F NPEP RVF MB QSFHVOUB QPS MB FTFODJB QPS FM RV
FT TF SFTVFMWF FO FTUB PDBTJO QPS NFEJP EF MB JEFOUJEBE DPHJUP TVN
$PNP UBNCJO TF BSNB FO MB .FEJUBDJO TFYUB NJ FTFODJB DPOTJT
UF TMP FO TFS BMHP RVF QJFOTB P FO TFS VOB TVTUBODJB DVZB FTFODJB P
OBUVSBMF[B UPEB FT TMP QFOTBS
&O DVBMRVJFS DBTP EF WVFMUB ZB B MB .FEJUBDJO TFHVOEB MB FY
QSFTJO EF %FTDBSUFT RVJFO SFQJUF JODBOTBCMFNFOUF FTUB UFTJT OP
QVFEF TFS NT SPUVOEB DVBOEP BM QSFHVOUBSTF VOB WF[ NT QPS TV OB
UVSBMF[B SFTQPOEF EF FTUF NPEP RV TPZ QVFT 6OB DPTB RVF QJFOTB
2V FT VOB DPTB RVF QJFOTB &T VOB DPTB RVF EVEB FOUJFOEF DPODJCF
BSNB OJFHB RVJFSF OP RVJFSF Z UBNCJO JNBHJOB Z TJFOUF
$PO FTUB BDMBSBDJO FTUF QFOTBEPS OPT IBDF SFDBQBDJUBS TPCSF FM
TJHVJFOUF BTQFDUP EF TV QMBOUFBNJFOUP RVF DPOWJFOF UPNBS FO DPOTJ
EFSBDJO TPCSF UPEP DPO MB WJTUB QVFTUB FO MB DPOGSPOUBDJO DPO MB
JOUFSQSFUBDJO IFJEFHHFSJBOB
&T TUF UPEBT MBT PQFSBDJPOFT EFM BM
NB OP TPO TJOP DPHJUBUJPOFT FTUP FT SFQSFTFOUBDJPOFT EFM DPHJUP 1VFT
IBZ BMHVOP EF FTUPT BUSJCVUPT RVF QVFEB EJTUJOHVJSTF EF NJ QFOTB
NJFOUP P EFDJSTF TFQBSBEP EF N 4PZ ZP EJDF %FTDBSUFT RVJFO
JNBHJOB RVJFO TJFOUF DBMPS P GSP FTDVDIB WF MB MV[ 1PSRVF FO EF
OJUJWB MP RVF FO N TF MMBNB TFOUJS Z BT QSFDJTBNFOUF DPOTJEFSBEP
OP FT PUSB DPTB RVF QFOTBS %JDIP EF PUSP NPEP ZP OP TPZ NT
RVF VO DPHJUP RVF UJFOF RVF QPTFF DPNP TVKFUP TVT QSPQJBT DPHJ
*C .FEJUBDJO TFYUB Q &M TVCSBZBEP FT NP

*C .FEJUBDJO TFHVOEB Q
*C Q
*C Q

UBUJPOFT Z UPEBT FMMBT BO MBT EF MB OEPMF NT EJWFSTB FO DVBOUP RVF

TPO EFM ZP TPO UBMFT DPHJUBUJPOFT
: FT RVF FO SFBMJEBE TMP MB JOTQFDDJO EF NJ FTQSJUV QVFEF IB
DFSNF TBCFS DPO DMBSJEBE Z EJTUJODJO %F MP DPOUSBSJP QPESB FSSBS
SFTQFDUP B MP RVF WFSEBEFSBNFOUF DPOTUJUVZF MB DFSB P DPOGVOEJSNF BM
DSFFS RVF VOPT NFSPT BVUNBUBT TPO VOPT IPNCSFT RVF QBTFBO QPS
MB DBMMF 1PS UPEP FTP QVFEF DPODMVJS %FTDBSUFT TV .FEJUBDJO TF
HVOEB BSNBOEP RVF OBEB MF FT NT GDJM EF DPOPDFS RVF TV QSPQJP
FTQSJUV FT EFDJS TV QSPQJB TVTUBODJBMJEBE FTQJSJUVBM
&O DVBMRVJFS DBTP RVF FM NJTNP %FTDBSUFT FOUJFOEF TV DPHJUBUJP
OFT DPNP SFQSFTFOUBDJPOFT FT BMHP TPCSF MP RVF OP FT OFDFTBSJP FMVDV
CSBS QVFT M NJTNP MP TPTUJFOF BM QSJODJQJP EF TV .FEJUBDJO UFSDFSB
2V FT MP RVF ZP DPODFCB FO FMMBT <FO MBT DPTBT PCKFUP

EF EVEB> DMBSB Z EJTUJOUBNFOUF /BEB NT DJFSUBNFOUF
TJOP RVF MBT JEFBT P QFOTBNJFOUPT TF QSFTFOUBCBO B NJ
FTQSJUV : BVO BIPSB NJTNP OP OJFHP RVF FTBT JEFBT TF
IBMMFO FO N 1FSP IBCB EFNT PUSB DPTB RVF ZP BSNBCB

Z FSB RVF IBCB GVFSB EF N BMHVOBT DPTBT EF EPOEF
QSPDFEBO UBMFT JEFBT
Z FO FTUP NF FOHBBCB
-B SB[O MUJNB EF FTF FOHBP OP FT PUSB RVF TUB TMP QVFEF TFS
DPOTJEFSBEP DPNP WFSEBEFSP MP RVF TF NBOJFTUB DPNP DJFSUP BOUF FM
FTQSJUV "RV TF FODVFOUSB MB SB[O RVF QFSNJUF BTFHVSBS RVF DPO
%FTDBSUFT MB WFSEBE TF USBOTGPSNB FO DFSUF[B
%FNPTUSBDJO EF MB FYJTUFODJB EF %JPT
$PNP FT TBCJEP FO MB .FEJUBDJO UFSDFSB TV BVUPS UJFOF DPNP

PCKFUJWP QSJODJQBM EFNPTUSBS MB FYJTUFODJB EF %JPT 1BSB IBDFSMP TF WF
$G *C

$G *C .FEJUBDJO TFHVOEB QQ
*C .FEJUBDJO UFSDFSB Q &M TVCSBZBEP FT NP

FO MB OFDFTJEBE EF EJTUJOHVJS FOUSF MPT DPOUFOJEPT NFOUBMFT MBT SFQSF

TFOUBDJPOFT Z MB FYJTUFODJB EF FTBT SFQSFTFOUBDJPOFT GVFSB EFM DPHJUP
*OEVEBCMFNFOUF TF USBUB EF EPT DPTBT EJTUJOUBT QFSP DPOWJFOF TVC
SBZBS RVF FO FM UFYUP RVF TF BDBCB EF DJUBS TV BVUPS BENJUF RVF FO
DVBOUP SFQSFTFOUBDJPOFT EF TV FTQSJUV QPTFFO DMBSJEBE Z EJTUJODJO
RVF MB DPOGVTJO Z FM FSSPS TMP QSPWJFOF EF BUSJCVJSMFT TJO GVOEBNFOUP
TVDJFOUF MB FYJTUFODJB NT BMM EFM NJTNP DPHJUP %F IFDIP M NJTNP
TPTUJFOF RVF FO MP DPODFSOJFOUF B MBT JEFBT TJ TF DPOTJEFSBO TPMBNFO
UF FO T NJTNBT TJO SFGFSJSMBT B PUSB DPTBT OP QVFEFO IBCMBOEP DPO
QSPQJFEBE TFS GBMTBT
%F UPEP FTUP TF QVFEF DPODMVJS RVF TMP MBT JNHFOFT MBT SFQSF
TFOUBDJPOFT TPO JEFBT RVF UPEP MP RVF NF SFQSFTFOUP QPS FM IFDIP Z
FO MB NFEJEB FO RVF NF MP SFQSFTFOUP ZB TF USBUF EF TFOUJNJFOUPT
BGFDDJPOFT WPMVOUBEFT P QFOTBNJFOUPT
FT WFSEBEFSP Z RVF FO EFOJ
UJWB DPNP DPODMVZF %FTDBSUFT Z QPS MB SB[POFT RVF WFSFNPT EFTQVT

EPOEF DBCF FSSBS FT FO MPT KVJDJPT : FT RVF DPNP EJS BMHVOBT Q
HJOBT NT BEFMBOUF BVORVF UPEBWB EFOUSP EF MB NJTNB NFEJUBDJO
MBT JEFBT TPO FO N DPNP DVBESPT P JNHFOFT FT EFDJS DPNP SF
QSFTFOUBDJPOFT EF MBT DPTBT
1FSP ZB TF IB EJDIP RVF FTUBT SFFYJPOFT QSFDFEFOUFT DPO MBT RVF
%FTDBSUFT BCSF MB .FEJUBDJO UFSDFSB OP TPO TJOP VOB QSFQBSBDJO
QBSB MB EFNPTUSBDJO EF MB FYJTUFODJB EF %JPT $PO FM QSPQTJUP EF
MPHSBS TV PCKFUJWP BEFNT EF MP RVF TF BDBCB EF TVCSBZBS FM BVUPS
EF MB .FEJUBDJPOFT UJFOF RVF FTUBCMFDFS EJGFSFODJBT FOUSF MBT JEFBT
UBOUP QPS TV QSPDFEFODJB BEWFOUJDJBT GBDUJDJBT F JOOBUBT
DVBOUP QPS
TV SFBMJEBE PCKFUJWB 4F USBUB FO FTUF MUJNP DBTP EF MB EJGFSFODJB EF
HSBEP TUB MUJNB WB B TFS EFUFSNJOBOUF QBSB MB EFNPTUSBDJO EF MB
FYJTUFODJB EF %JPT
%FTDBSUFT TVCSBZB RVF BM DPOTJEFSBSMBT DPNP SFQSFTFOUBDJPOFT DP
NP DJFSUBT NBOFSBT EF QFOTBS OP FODVFOUSB EJGFSFODJB BMHVOB FOUSF
*C Q

$G *C
*C Q

MBT JEFBT "IPSB CJFO TJ MBT DPOTJEFSP DPNP JNHFOFT RVF SFQSFTFOUBO
VOBT VOB DPTB Z PUSBT PUSB FT FWJEFOUF RVF TPO NVZ EJGFSFOUFT VOBT EF
PUSBT -BT JEFBT TF EJTUJOHVFO QPS UBOUP OP QPS FM IFDIP EF TFS SF
QSFTFOUBDJPOFT TJOP QPS FM EF TFS SFQSFTFOUBDJPOFT EF DPTBT EJWFSTBT
: FMMP BSHVZF %FTDBSUFT QPSRVF QPS FKFNQMP MB JEFB EF TVTUBODJB
UJFOF NT SFBMJEBE PCKFUJWB RVF MB EF BDDJEFOUF &T EFDJS BMHVOBT
QBSUJDJQBO QPS SFQSFTFOUBDJO EF NT HSBEP EF TFS P QFSGFDDJO
"OUFT EF DPOUJOVBS FTUB FYQPTJDJO FT QSFDJTP QBSB FWJUBS DPOGV
TJPOFT P NBMFOUFOEJEPT BDMBSBS MP RVF TJHVF MB EFNPTUSBDJO EF MB
FYJTUFODJB EF %JPT FO FTUB .FEJUBDJO UFSDFSB TF CBTB EF NBOFSB
QSJPSJUBSJB FO FM QSJODJQJP EF DBVTBMJEBE 1PS FM DPOUSBSJP MB SFBMJ[BEB
FO MB .FEJUBDJO RVJOUB FT MB RVF QSPQJBNFOUF DPOTUJUVZF VO BSHV
NFOUP POUPMHJDP 4JO FNCBSHP Z FTUP FT MP RVF TF EFTFB BDMBSBS IBZ
RVF EFDJS RVF FO FM DBTP RVF OPT PDVQB FM EF MB BSHVNFOUBDJO QPS MB
WB EF MB DBVTBMJEBE BMHVOBT EF MBT SB[POFT DBSBDUFSTUJDBT EFM USBEJ
DJPOBMNFOUF EFOPNJOBEP BSHVNFOUP POUPMHJDP OP FTUO BVTFOUFT
&TUP RVF TF BDBCB EF QSFDJTBS TFSWJS QBSB RVF TF FOUJFOEBO EF NBOFSB
NT BKVTUBEB MBT BSNBDJPOFT DPO MBT RVF TF DPOUJOB FTUB FYQPTJDJO
1VFT CJFO FO FM DBTP EF MB JEFB EF %JPT FT DMBSP RVF TUB QBSUJDJQB
QPS SFQSFTFOUBDJO EFM NBZPS HSBEP EF QFSGFDDJO QPTJCMF /P QVFEF
TFS EF PUSP NPEP QVFTUP RVF SFQSFTFOUB BM TFS TVQSFNP FUFSOP JOOJ
UP JONVUBCMF FUD TUB FT MB SB[O FTHSJNJEB EF IFDIP QPS FM NJTNP
%FTDBSUFT RVF OPT QFSNJUF BSNBS RVF FM GVOEBNFOUP EF TV EFNPT
USBDJO FTU FO EFOJUJWB OP FO MB NJTNB FTFODJB EJWJOB GVOEBNFOUP
EFM BSHVNFOUP BOTFMNJBOP
TJOP FO MB SFQSFTFOUBDJO %JDIP EF PUSP
NPEP %FTDBSUFT MMFHB B %JPT QPS MB SFQSFTFOUBDJO RVF M UJFOF EFM
TFS JOOJUP 5PEB MB GVFS[B EF MB BSHVNFOUBDJO DBSUFTJBOB SFQPTB FO
EFOJUJWB FO MB JEFB FO MB SFQSFTFOUBDJO RVF FM DPHJUP UJFOF EF %JPT
4V BSHVNFOUBDJO TF QPESB TJOUFUJ[BS EFM TJHVJFOUF NPEP QVFTUP RVF
NF SFQSFTFOUP VO TFS DVZB SFBMJEBE PCKFUJWB FT BCTPMVUBNFOUF QFSGFD
UB EJDIB SFQSFTFOUBDJO IB EF UFOFS TV DPSSFMBUP FYJTUFODJBM %JDIP EF
*C Q


PUSP NPEP %JPT FYJTUF QPSRVF ZP NF MP SFQSFTFOUP %F IFDIP FTUP FT

QSFDJTBNFOUF MP RVF TPTUJFOF %FTDBSUFT DVBOEP FO FM MUJNP USBNP EF
TV NFEJUBDJO TPTUJFOF MP RVF TJHVF 1VFTUP RVF MB JEFB EF VO TFS TV
NBNFOUF QFSGFDUP FTUP FT EF %JPT FTU FO N MB FYJTUFODJB EF %JPT
RVFEB NVZ FWJEFOUFNFOUF EFNPTUSBEB
&O TFHVJEB DBCSB PCKFUBS RVF TJFOEP FTUP DJFSUP QBSB TFS MFBMFT
B %FTDBSUFT IBCSB RVF BBEJS RVF TMP UFOHP MB SFQSFTFOUBDJO EF
%JPT QPSRVF M NJTNP DPNP DBVTB EF VOB JEFB JOOJUB RVF FM DPHJUP
OP QVFEF DPODFCJS QPS T NJTNP MB IB QVFTUP FO N &O FGFDUP MB
QSVFCB RVF EB %FTDBSUFT EF MB FYJTUFODJB EF %JPT FO TV .FEJUBDJO
UFSDFSB TF BQPZB FO FM QSJODJQJP EF DBVTBMJEBE &O FTUF TFOUJEP IBZ RVF
SFDPSEBS RVF FO FM SFTVNFO QSFWJP EF TVT .FEJUBDJPOFT TF QSFHVOUB
QPS BMHP RVF TJO FNCBSHP EB ZB QPS DJFSUP
$NP MB JEFB EF VO TFS TVNBNFOUF QFSGFDUP MB DVBM

FTU FO OPTPUSPT DPOUJFOF UBOUB SFBMJEBE PCKFUJWB FT EF
DJS QBSUJDJQB QPS SFQSFTFOUBDJO EF UBOUPT HSBEPT EF TFS Z
EF QFSGFDDJO RVF EFCB QSPWFOJS EF VOB DBVTB TVNBNFOUF
QFSGFDUB
)FNPT WJTUP DNP SFTQPOEF B FTUB DVFTUJO QFSP MP RVF FO DVBM

RVJFS DBTP TVDFEF FT RVF SFTVMUB NVZ EVEPTP RVF FTUP TF QVFEB NBO
UFOFS TJ OP TF DPNQBSUF DPNP FT CJFO QPTJCMF IBDFS RVF MB JEFB
EF JOOJUVE IBZB EF TFS OFDFTBSJBNFOUF QSFWJB B MB EF OJUVE " MB
WF[ DBCF UPNBS FO DPOTJEFSBDJO MBT PCKFDJPOFT VTVBMFT BM BSHVNFOUP
POUPMHJDP "NCBT DPTBT EFCJMJUBO TJ OP BOVMBO MB GVFS[B QSPCBUPSJB
EFM BSHVNFOUP DBSUFTJBOP
&O DVBMRVJFS DBTP TUF OP FT FM MVHBS JEOFP QBSB EJTDVUJS FO EF
UBMMF MB EFNPTUSBDJO RVF %FTDBSUFT IBDF EF MB FYJTUFODJB EF %JPT VOB
EFNPTUSBDJO RVF FO TV TFHVOEP USBNP JOUFOUB WJODVMBS MB SFBMJEBE
PCKFUJWB EF MB JEFB EF %JPT DPO TV NPEP GPSNBM aP BDUVBM
EF TFS -P
*C Q

*C 3FTVNFO EF MBT TFJT NFEJUBDJPOFT TJHVJFOUFT Q

RVF FO TOUFTJT TPTUJFOF %FTDBSUFT FT RVF MB JEFB EF %JPT OP QVFEF

QSPDFEFS EFM DPHJUP EF VO TFS OJUP EF UBM NBOFSB RVF IB EF TFS QVFTUB
FO M QPS FM NJTNP %JPT FT EFDJS FT FM TFS JOOJUP NJTNP RVJO IB
UFOJEP RVF QPOFS FO FM QFOTBNJFOUP TV SFQSFTFOUBDJO &O MUJNP DB
TP %FTDBSUFT DPODMVZF FO TV NT QVSP FTUJMP BVORVF BDBTP QVEJFSB
OHJSTF RVF VO TFS BT OP FYJTUF OP QVFEF TJO FNCBSHP OHJSTF RVF
TV JEFB OP NF SFQSFTFOUB OBEB SFBM "MHP RVF MF SFTVMUB TVDJFOUF
QBSB DPODMVJS RVF UBNCJO MB JEFB EF %JPT DPNP MB EF DPHJUP FT DMBSB
Z EJTUJOUB
"DFSDB EF MB DBVTB Z OBUVSBMF[B EFM FSSPS
&O MB CSFWF QSFTFOUBDJO EF TVT .FEJUBDJPOFT TV BVUPS BEFMBOUB

RVF FO MB DVBSUB EF FMMBT USBUBS EF MB OBUVSBMF[B EFM FSSPS Z BDMBSB
BEFNT
2VF OP USBUP FO FTF TJUJP EFM QFDBEP

TJOP TMP EFM
RVF PDVSSF FO FM KVJDJP Z EJTDFSOJNJFOUP EF MP WFSEBEFSP
Z MP GBMTP Z RVF OP NF QSPQPOHP IBCMBS EF MP RVF UPDB B
MB GF P B MB DPOEVDUB FO MB WJEB TJOP TMP EF MP RVF UPDB B
MBT WFSEBEFT FTQFDVMBUJWBT RVF QVFEFO TFS DPOPDJEBT QPS
NFEJP EF MB MV[ OBUVSBM
4J FTUP FT BT P TJ OP MP FT WBNPT B BOBMJ[BSMP CSFWFNFOUF B DPO

UJOVBDJO %FTDBSUFT QBSUF EF RVF FT JNQPTJCMF RVF %JPT NF FOHBF
OVODB " MP MBSHP EF UPEB FTUB NFEJUBDJO WB B TPTUFOFS RVF FM FSSPS
OP QVFEF UFOFS EF OJOHO NPEP TV DBVTB QSYJNB P SFNPUB FO %JPT
1FSP FM QFOTBEPS GSBODT UBNQPDP DPNQBSUF RVF MB OJUVE EFM FOUFO
EJNJFOUP TFB MB DBVTB EFM FSSPS BM NFOPT OP RVF TUB TFB MB OJDB
*C .FEJUBDJO UFSDFSB Q

*C 3FTVNFO EF MBT TFJT NFEJUBDJPOFT TJHVJFOUFT Q
$G *C .FEJUBDJO DVBSUB Q
$G *C Q

1PS FM DPOUSBSJP MP RVF FO EFOJUJWB FOUJFOEF FT RVF TUB TF FODVFOUSB

FO MB WPMVOUBE DVZB BNQMJUVE FT NBZPS RVF MB EF MB JOUFMJHFODJB QV
EJFOEP BT EFTFBS P BCPSSFDFS BMHP RVF BRVMMB UPEBWB OP IB MPHSBEP
BOBMJ[BS DPO MB DMBSJEBE Z EJTUJODJO SFRVFSJEBT QBSB RVF FM DPHJUP FTU
DJFSUP EF MB WFSEBE "IPSB CJFO DPNP B TV KVJDJP MB BSNBDJO Z MB
OFHBDJO EFQFOEFO EF MB WPMVOUBE TUB IBCSB EF TPNFUFSTF B MP RVF
FM FOUFOEJNJFOUP QSPQPOF MP RVF TJO FNCBSHP OP TVDFEF FO UPEPT
MPT DBTPT %F IFDIP MPT FSSPSFT OBDFO EF MB WPMVOUBE RVF
TJFOEP NVDIP NT BNQMJB Z FYUFOTB RVF FM FOUFOEJNJFOUP

OP TF DPOUJFOF EFOUSP EF MPT NJTNPT MNJUFT TJOP RVF TF
FYUJFOEF UBNCJO B MBT DPTBT RVF OP DPNQSFOEP Z DPNP
EF TVZP FT JOEJGFSFOUF TF FYUSBWB DPO NVDIB GBDJMJEBE Z
FMJHF MP GBMTP FO WF[ EF MP WFSEBEFSP FM NBM FO WF[ EFM CJFO
QPS UPEP MP DVBM TVDFEF RVF NF FOHBP Z QFDP
%FTDBSUFT TF SFBSNB FO FTUB JEFB DVBOEP JOTJTUF FO RVF FM FSSPS FT

DPOTFDVFODJB EF VO NBM VTP EF MB MJCFSUBE EF BSCJUSJP &O DVBMRVJFS
DBTP UJFOF VO MMBNBUJWP JOUFST FO NBOJGFTUBS RVF MPT TFSFT IVNBOPT
OP UFOFNPT EFSFDIP B RVFKBSOPT QPS TFS OJUPT Z GBMJCMFT &O EFOJUJWB
5PEB QFSDFQDJO DMBSB Z EJTUJOUB FT TJO EVEB BMHP Z

QPS MP UBOUP OP QVFEF QSPWFOJS EF MB OBEB Z EFCF OF
DFTBSJBNFOUF TFS PCSB EF %JPT RVJFO TJFOEP TVNBNFOUF
QFSGFDUP OP QVFEF TFS DBVTB EF FSSPS Z QPS DPOTJHVJFOUF
IBZ RVF DPODMVJS RVF FTB DPODFQDJO P FTF KVJDJP FT WFSEB
EFSP
&TUP TJHOJDB RVF %FTDBSUFT QPOF B %JPT DPNP DBVTB JONFEJBUB EF

NJT QFSDFQDJPOFT %F MP DPOUSBSJP OP UFOESB RVF WFSTF FO MB OFDFTJEBE
$G *C QQ

*C Q
$G *C Q
*C Q

EF IBDFS FTB EFGFOTB EF %JPT MP RVF ZB TVQPOF VO QSJNFS BUJTCP EF

UFPEJDFB
1PS PUSB QBSUF FM QFOTBEPS RVF IB IFDIP WFSEBEFSBNFOUF
EFM DPHJUP FM GVOEBNFOUP MUJNP EF MB WFSEBE OP QVFEF TJOP JOTJTUJS
FO RVF TUB FT TMP MP RVF DPOP[DP DPO DFSUF[B MP RVF TF NF NVFTUSB
DPO DMBSJEBE Z EJTUJODJO
1PS FTP FM BSUDF EF MB .FEJUBDJO DVBS
UB IB EF BDBCBS QPS DVMQBCJMJ[BS B MB WPMVOUBE EFM FSSPS Z DPNP M
NJTNP IB EJDIP DPOUSBEJDJFOEP MP TPTUFOJEP FO MB QSFTFOUBDJO EF TVT
.FEJUBDJPOFT
EFM QFDBEP
)BZ TJO EVEB VOB BDUJUVE BM NFOPT FO DJFSUP NPEP EFJTUB FO
%FTDBSUFT RVF SFTVMUB OP PCTUBOUF BMHP DPOUSBEJDUPSJB 1PS VOB QBS
UF CVTDB FO FM DPHJUP Z UBO TMP NFEJBOUF FM SFDVSTP B MB MV[ OBUVSBM EF
MB SB[O DPNP JOTJTUF UBOUBT WFDFT VUJMJ[BOEP UFSNJOPMPHB FTDPMTUJ
DB
FM GVOEBNFOUP EF UPEB WFSEBE 1PS PUSB QBSUF Z BM NJTNP UJFNQP
TPTUJFOF RVF %JPT FT WFSB[ FO FM TFOUJEP EF RVF TMP QVFEF DBVTBS FO
OPTPUSPT JEFBT DMBSBT Z EJTUJOUBT "EFNT DPNP ZB FT TBCJEP MB WFSB
DJEBE EJWJOB FT FM GVOEBNFOUP QBSB MB SFDVQFSBDJO EFM NVOEP FYUFSJPS
RVF TF IBCB QFSEJEP EFCJEP B MB EVEB NFUEJDB Z RVF OJ UBO TJRVJFSB
USBT MB BVUPGVOEBDJO EFM DPHJUP TF QPEB SFDVQFSBS
: BT DPOP[DP NVZ DMBSBNFOUF RVF MB DFSUF[B Z WFSEBE

EF UPEB DJFODJB EFQFOEFO OJDBNFOUF EFM DPOPDJNJFOUP EFM
WFSEBEFSP %JPT EF TVFSUF RVF BOUFT EF DPOPDFSMF OP QP
EB ZP TBCFS OBEB DPO QFSGFDDJO : BIPSB DPOPDJOEPMP
QPTFP FM NPEP EF BERVJSJS VOB DJFODJB QFSGFDUB TPCSF JO
OJEBE EF DPTBT OP TMP EF MBT RVF FTUO FO M TJOP UBN
CJO EF MBT RVF QFSUFOFDFO B MB OBUVSBMF[B DPSQPSBM
)BZ BT RVF BENJUJS RVF MB DSUJDB IFJEFHHFSJBOB NBUJ[BCMF TJO

EVEB FO BMHVOPT BTQFDUPT OP FT FO BCTPMVUP JOGVOEBEB 5BNCJO FO
*C .FEJUBDJO RVJOUB Q &M TVCSBZBEP FT NP 5BNCJO OP TJFOEP
%JPT DBQB[ EF FOHBBS
FT QSFDJTP DPOGFTBS BM NFOPT RVF UPEP MP RVF QFS
DJCJNPT DMBSB Z EJTUJOUBNFOUF FO MBT DPTBT DPSQPSBMFT FT EFDJS UPEBT MBT DPTBT
RVF FO HFOFSBM DPNQSFOEF FM PCKFUP EF MB HFPNFUSB FTQFDVMBUJWB FTUO WFSEB
EFSBNFOUF FO MPT DVFSQPT *C .FEJUBDJO TFYUB QQ

FM MUJNP QVOUP RVF IB TJEP BCPSEBEP FO FTUB DPOGSPOUBDJO 1PS UPEPT

FTUPT NPUJWPT DBCF BENJUJS RVF BM NFOPT FO DJFSUB NFEJEB FM NPEFMP
EF DFSUF[B EF MB GF TF DPOTUJUVZF FO QBSBEJHNB EF MB DFSUF[B EFM DPHJUP

$BQUVMP
,BOU &M DPNP TV

KFUP EF TVT EFUFSNJOBDJPOFT
&YQPTJDJO UFSJDB
&M DPNP TVKFUP EF UPEBT MBT EFUFSNJOBDJP

OFT
&O MBT TJHVJFOUFT QHJOBT TF WBO B FYUSBDUBS BMHVOBT JEFBT TPTUFOJ

EBT QPS )FJEFHHFS FO FM DVSTP EF -PT QSPCMFNBT GVOEBNFOUBMFT
EF MB GFOPNFOPMPHB /P TF USBUB EF IBDFS VO SFTVNFO FYIBVTUJWP OJ
UBO TJRVJFSB EF EBS DVFOUB EF UPEBT MBT UFTJT QSJODJQBMFT -P RVF NPUJ
WB FTUB TOUFTJT FT FM JOUFOUP EF BDMBSBS VOB DPNQSFOTJO RVF BVORVF
OP TJO BMHVOBT NPEVMBDJPOFT
)FJEFHHFS NBOUVWP B MP MBSHP EFM UJFN
QP 1PS FMMP BVORVF MBT JEFBT DPOUFOJEBT BRV TPO MBT EF TV BVUPS FMMP
OP FWJUBS MPT DPNFOUBSJPT P QSFDJTJPOFT RVF TF DPOTJEFSFO PQPSUVOPT
DPO FM O EF RVF RVFEFO DMBSBT MBT DVFTUJPOFT RVF TF IBO QMBOUFBEP
B MP MBSHP EF FTUF MJCSP Z QBSUJDVMBSNFOUF FO TV TFHVOEB QBSUF .T
$G )FJEFHHFS -PT QSPCMFNBT GVOEBNFOUBMFT EF MB GFOPNFOPMPHB PQ DJU DBQ
*** QQ

BEFMBOUF UFOESFNPT PQPSUVOJEBE EF FOGSFOUBS EPT QMBOUFBNJFOUPT

EF )FJEFHHFS SFMBUJWPT B MB DPNQSFOTJO LBOUJBOB EFM ZP USBTDFOEFO
UBM RVF JODMVTP QVFEFO QBSFDFS DPOUSBEJDUPSJBT FOUSF T BM NPTUSBS BM
NFOPT FO BQBSJFODJB BMHVOBT EJGFSFODJBT
)BZ RVF UFOFS FO DVFOUB RVF MB FYQPTJDJO RVF TF WB B SFBMJ[BS BRV
TF SFNPOUB B VO DVSTP JNQBSUJEP QPS )FJEFHHFS FO EPOEF MPT
QSFTVQVFTUPT QSJODJQBMFT EF BRVFMMB FUBQB DPO SFMBDJO BM %BTFJO DPO
UJOVBCBO WJHFOUFT /P PCTUBOUF MP SFGFSFOUF BM TVKFUP NPEFSOP DPNP
USBOTGPSNBDJO EFM MP RVF BRV OPT JOUFSFTB DPOUJOB
UFOJFOEP WBMJEF[ FO NPNFOUPT QPTUFSJPSFT EF MB FWPMVDJO EF )FJEFH
HFS &O DPODSFUP TF EFKB WJODVMBS TJO EJDVMUBE DPO MP FTUVEJBEP IBTUB
FTUF NPNFOUP FO SFMBDJO B %FTDBSUFT UBM DPNP )FJEFHHFS MP FYQP
OF FO TV /JFU[TDIF **
Z RVF UJFOF TV DPOUJOVBDJO OBUVSBM FO FM UFYUP
RVF BIPSB WBNPT B USBCBKBS .T BO FT FM QSPQJP )FJEFHHFS RVJO
BM OBMJ[BS TV FYQPTJDJO TPCSF %FTDBSUFT BSNB RVF MB DJNB EF FTB
USBOTGPSNBDJO EFM FO TVKFUP MHJDP TMP TF BMDBO[B DPO
,BOU
B -B UFTJT EF MB POUPMPHB NPEFSOB -PT NPEPT CTJDPT EFM TFS TPO

FM TFS EF MB OBUVSBMF[B SFT FYUFOTB
Z FM TFS EFM FTQSJUV SFT DP
HJUBOT
&M QBSHSBGP EFM DBQUVMP USFT EF -PT QSPCMFNBT GVOEBNFOUBMFT

EF MB GFOPNFOPMPHB MMFWB QPS UUVMP $BSBDUFSJ[BDJO EF MB EJTUJODJO
POUPMHJDB FOUSF SFT FYUFOTB Z SFT DPHJUBOT EF MB NBOP EF MB DPODFQDJO
LBOUJBOB EFM QSPCMFNB
&TUF QSPCMFNB OP FT PUSP RVF FM RVF UJFOF RVF WFS DPO MPT NPEPT C
TJDPT EFM TFS TFHO MPT DPODJCJ MB POUPMPHB NPEFSOB 1VFT CJFO BRV
)FJEFHHFS DPNJFO[B PCTFSWBOEP RVF FO ,BOU IBZ ZB VOB SFGFSFODJB
QSFGFSFOUF BM ZP RVF JOJDJBMNFOUF TF DPSSFTQPOEFSB DPO MB SFT DPHJ
UBOT BVORVF UFOESFNPT PQPSUVOJEBE EF FTUVEJBS MBT EJGFSFODJBT FOUSF
BNCBT
" TV KVJDJP FTUB PSJFOUBDJO FT GSVUP EF MB .PEFSOJEBE QPSRVF
EFTEF %FTDBSUFT MB MPTPGB TF PSJFOUB IBDJB FM TVKFUP TF QJFOTB RVF FM
ZP FT MP QSJNFSP RVF TF EB BM DPHOPTDFOUF Z RVF MPT PCKFUPT TMP TPO

&YQPTJDJO UFSJDB
BDDFTJCMFT QPS TV NFEJBDJO 6OB PQJOJO RVF B KVJDJP EF )FJEFHHFS

SFTVMUB JOTPTUFOJCMF
C -B PSJFOUBDJO NPEFSOB IBDJB FM TVKFUP -B DPODFQDJO EF MB

TVCKFUJWJEBE FO MB POUPMPHB NPEFSOB
&O FM BQBSUBEP BOUFSJPS EFM FQHSBGF RVF TF FTU BOBMJ[BOEP )FJ

EFHHFS TF EFUJFOF FO MP RVF EFOPNJOB MB PSJFOUBDJO NPEFSOB IBDJB
FM TVKFUP &M QFOTBEPS EF 'SJCVSHP DPNJFO[B BEWJSUJFOEP RVF MB DVFT
UJO RVF MF QSFPDVQB OP FT EFTEF MVFHP MB TVCKFUJWJEBE OJ TVT DBVTBT
1PS FM DPOUSBSJP FM QSPCMFNB RVF MF JOUFSFTB DPNP M NJTNP TVCSB
ZB FT QSJODJQJBM QPS RV FM TFS EFM TVKFUP OP TF DPOWJSUJ BOUFT FO
QSPCMFNB POUPMHJDP
$PNP ZB TF IB SFQFUJEP NVDIBT WFDFT B MP MBSHP EF FTUF MJCSP VOB
WF[ NT OPT IBMMBNPT BOUF MB BSNBDJO IFJEFHHFSJBOB TFHO MB DVBM
MB MPTPGB BOUJHVB DPODJCJ FM TFS DPNP MP RVF TJNQMFNFOUF FTU BI
EFMBOUF DPNP QSFTFODJB 7PSIBOEFOIFJU
: FMMP EFCJEP B RVF FM FOUF
POUPMHJDBNFOUF FKFNQMBS FSB MB OBUVSBMF[B Z MPT VUFOTJMJPT MP EJTQP
OJCMF EBT 7FSGHCBSF

1PS FM DPOUSBSJP MB MPTPGB NPEFSOB QBSUJ EFM TVKFUP FM SFGFSFO
UF FT %FTDBSUFT
Z FO DPOTFDVFODJB DBCSB FTQFSBS RVF MB POUPMPHB
DPSSFTQPOEJFOUF UPNBSB B FTF TVKFUP DPNP FOUF FKFNQMBS F JOUFSQSFUB
TF EFTEF M FM DPODFQUP EF TFS 4JO FNCBSHP FTUP OP PDVSSJ SFBMNFOUF
BT
" KVJDJP EF )FJEFHHFS %FTDBSUFT SFBMJ[ FM HJSP IBDJB FM TVKFUP QF
SP OP TMP OP QMBOUF MB DVFTUJO EFM TFS EFM TVKFUP TJOP RVF MP JOUFSQSFU
EFTEF FM DPODFQUP EF TFS FMBCPSBEP QPS MB POUPMPHB BOUJHVB NFEJFWBM Z
SFOBDFOUJTUB 5PNBT EF "RVJOP %VOT &TDPUP Z 4VSF[
1SFDJTBNFO
UF QPS FTUP TF QVFEF EFDJS RVF MPT OVFWPT QSPCMFNBT GVFSPO QMBOUFBEPT
Z USBUBEPT EFTEF FM GVOEBNFOUP EF MPT BOUJHVPT -B DPOTFDVFODJB RVF
FYUSBF )FJEFHHFS FT RVF MB MPTPGB NPEFSOB IBCSB DPOUJOVBEP PDV
QOEPTF EF MB QSPCMFNUJDB NFUBGTJDB BOUJHVB 2VF DPOUJOVBSB NBO

UFOJOEPTF QPS UBOUP EFOUSP EF MB USBEJDJO BOUJHVB Z NFEJFWBM FO

DPOUSBQPTJDJO B MP RVF BMHVOPT DSUJDPT Z FYQFSUPT QPESBO TPTUFOFS

&O TOUFTJT VOB EF MBT JEFBT DFOUSBMFT EF )FJEFHHFS FT RVF OP FYJT
UJ FM HJSP MPTDP EF MB NPEFSOJEBE -P RVF QPS FM DPOUSBSJP IBCSB
PDVSSJEP FT RVF MB NFUBGTJDB BOUJHVB TF DPOWJSUJ FO EPHNBUJTNP BM
JOUFOUBS VO DPOPDJNJFOUP OUJDP QPTJUJWP EF %JPT BMNB Z NVOEP MPT
USFT PCKFUPT EF MB NFUBGTJDB FTQFDJBM

&O DVBMRVJFS DBTP Z QBSB SFTQPOEFS B MB DVFTUJO QSJODJQJBM QPS
RV FM TFS EFM TVKFUP OP TF DPOWJSUJ FO QSPCMFNB POUPMHJDP IBZ
RVF BUFOEFS B BMHP QSFWJP &TUF BMHP QSFWJP FT QSFDJTBNFOUF MP RVF OPT
JOUFSFTB MP RVF TF DPOTUJUVZF FO OVFTUSP PCKFUP EF FTUVEJP $NP DPO
DJCF MB TVCKFUJWJEBE MB MPTPGB NPEFSOB DNP MB DBSBDUFSJ[B 1BSB
DPNFO[BS )FJEFHHFS SFDVSSF B MB EJTUJODJO IVTTFSMJBOB FOUSF TVKFUP
Z PCKFUP VOB EJTUJODJO RVF DPNP TF TBCF TF SFNPOUB B TV WF[ B MB
EJTUJODJO DBSUFTJBOB FOUSF SFT DPHJUBOT Z SFT FYUFOTB 6OB CSFWF DJUB
EF )VTTFSM CBTUBSO QBSB SFGSFOEBS FTUB WJODVMBDJO
-B UFPSB EF MBT DBUFHPSBT EFCF FNQF[BS BCTPMVUB

NFOUF B QBSUJS EF MB TJHVJFOUF EJTUJODJO RVF FT MB NT
SBEJDBM EF UPEBT MBT EJTUJODJPOFT EF TFS FM TFS DPNP DPO
DJFODJB SFT DPHJUBOT
Z FM TFS DPNP TFS RVF TF NBOJFT
UB B T NJTNP FO MB DPODJFODJB TFS USBTDFOEFOUF SFT
FYUFOTB

1PS TV QBSUF )FJEFHHFS TPTUJFOF SFSJOEPTF B MP NJTNP RVF FO

USF MB DPODJFODJB SFT DPHJUBOT
Z MB SFBMJEBE SFT FYUFOTB
TF BCSF VO
WFSEBEFSP BCJTNP EF TJHOJDBEP
" QBSUJS EF FTUPT EPT UFYUPT RVF TF BDBCBO EF DJUBS )FJEFHHFS FY
USBF MB DPODMVTJO EF RVF UBNCJO FO )VTTFSM MB SFBMJEBE FT FOUFOEJEB
& )VTTFSM *EFBT QBSB VO GFOPNFOPMPHB QVSB Z VOB MPTPGB GFOPNFOPMHJDB
' $ & .BESJE USBE +PT (BPT DBQ g Z DBQ g

&YQPTJDJO UFSJDB
DPNP SFBMJEBE FGFDUJWB 8JSLMJDILFJU

Z TVCTJTUFODJB FO FM TFOUJEP EF
MP RVF FTU BI EFMBOUF Z QSFTFOUF 7PSIBOEFO
&M EJTDQVMP EF )VT
TFSM JOTJTUF EF OVFWP FO RVF FM TVKFUP FT DPODFCJEP DPNP DPODJFODJB
QVSB SFT DPHJUBOT "IPSB CJFO FTUB EJTUJODJO DPOUJOB SFTVMUBOEP JO
TVDJFOUF QBSB RVF TF DPOP[DBO MPT EJTUJOUPT NPEPT EF TFS EFM TFS EFM
TVKFUP Z EFM TFS EFM PCKFUP 1VFT DVM FT FM DSJUFSJP EF EJTUJODJO DPO
SFMBDJO BM DVBM RVFQB FTUBCMFDFSMB 1BSB DPOUFTUBS B FTUB DVFTUJO FT
QBSB MP RVF )FJEFHHFS WB B SFDVSSJS B ,BOU "VORVF OVFTUSP QFOTB
EPS SFDPOPDF RVF %FTDBSUFT GVF FM QSJNFSP RVF MB FTUBCMFDJ FOUJFOEF
RVF ,BOU SFTVMU EFDJTJWP EF IFDIP TPTUJFOF RVF TV DPODFQDJO GVF
EFTQVT EFUFSNJOBOUF QBSB 'JDIUF 4DIFMMJOH Z OBMNFOUF )FHFM
1PS FTP TF QSFHVOUB )FJEFHHFS DNP DPODJCF ,BOU MB EJTUJODJO
FOUSF FM ZP Z MB OBUVSBMF[B DNP DBSBDUFSJ[B FM ZP FO RV DPOTJT
UF MB OEPMF EF MB ZPJEBE 1BSB SFTQPOEFS B FTUBT DVFTUJPOFT OVFTUSP
QFOTBEPS TF WB B EFUFOFS FO MB DPODFQDJO RVF UJFOF ,BOU EF MPT USFT
SFTQFDUPT EFTEF MPT RVF TF QVFEF BCPSEBS MB QFSTPOBMJEBE EFM TFS IV
NBOP MB QFSTPOBMJEBE USBTDFOEFOUBM MB FNQSJDB Z MB NPSBM &O FTUB
NPOPHSBGB NF IF EF MJNJUBS B DPOTJEFSBS MP SFMBUJWP B MB QFSTPOBMJEBE
USBTDFOEFOUBM BVORVF TUB OP TFB MB EFDJTJWB OJ QBSB )FJEFHHFS OJ FO
QSJNFS MVHBS QBSB FM QSPQJP ,BOU
D -B TVCKFUJWJEBE EFM TVKFUP &M ZP QJFOTP DPNP ZP BQPGOUJDP
4JFNQSF FO PQJOJO EF )FJEFHHFS ,BOU TF NBOUJFOF FO MB DBSBD

UFSJ[BDJO DBSUFTJBOB FM ZP FT SFT DPHJUBOT BMHP RVF QJFOTB RVF UJFOF
DPHJUBUJPOFT 1FSP DPHJUP FT TJFNQSF QBSB %FTDBSUFT DPHJUP NF DPHJUB
SF 4JO FNCBSHP ,BOU DPODJCF FTUB EFUFSNJOBDJO EF VO NPEP POUP
MHJDBNFOUF NT GVOEBNFOUBM MBT EFUFSNJOBDJPOFT MBT SFBMJEBEFT EFM
ZP TPO TVT SFQSFTFOUBDJPOFT FO FM TFOUJEP EF SFQSBFTFOUBUJP MB EFUFS
NJOBDJO OP FT VO DPODFQUP BSCJUSBSJP TJOP MB USBEVDDJO EFM USNJOP
EFUFSNJOBUJP P SFBMJUBT 1PS UBOUP FM ZP FT VOB DPTB DVZB SFBMJEBE
TPO MBT SFQSFTFOUBDJPOFT TVT DPHJUBUJPOFT 1FSP TUBT B TV WF[ TPO
TFHO MB NFUBGTJDB USBEJDJPOBM MPT QSFEJDBEPT EF MBT DPTBT : MP RVF
UJFOF QSFEJDBEPT TF MMBNB TVKFUP

&TUBNPT USBUBOEP QPS UBOUP TFHO )FJEFHHFS EF VOB SFDPOEVD

DJO EFM ZP LBOUJBOP B VO DJFSUP ZP BQPGOUJDP "T FT FM ZP FO DVBOUP
SFT DPHJUBOT FT TVKFUP UBNCJO FO TFOUJEP MHJDPHSBNBUJDBM QPS FTP
FT BQPGOUJDP &M ZP QJFOTP IB EF TFS FOUFOEJEP DPNP ZP BQPGOUJDP
&O DVBMRVJFS QSPQPTJDJO FOVODJBUJWB RVF EJDF BMHP EF BMHP BRVFMMP EF
MP RVF TF EJDF P TPCSF MP RVF TF EJDF BMHP FT FM TVKFUP 4VCKFDUVN FT MP
RVF TVCZBDF B MB QSPQPTJDJO FOVODJBUJWB
"IPSB CJFO TF QSFHVOUB )FJEFHHFS DNP UJFOF FTF TVKFUP TVT
QSFEJDBEPT $PHJUBU TF DPHJUBSF SFTQPOEF DPO %FTDBSUFT 1PS UBOUP
FM ZP DPNP TVKFUP QPESB TFS EFOJEP DPNP VO QPTFFEPS EF QSFEJDBEPT
EF NPEP DPOTDJFOUF "M DPOPDFS MPT QSFEJDBEPT RVF UFOHP NF DPOP[
DP B N NJTNB DPNP TVKFUP DPHOPTDFOUF &O SFTVNFO FM ZP FT TVKFUP
UBNCJO FO FM TFOUJEP EF TVKFUP QSPQPTJDJPOBM BQPGOUJDP QPS FYDF
MFODJB FO FM TFOUJEP EF BVUPDPODJFODJB QPSRVF UJFOF TVT QSFEJDBEPT
DPNP DPOPDJEPT FTUP FT DPNP PCKFUPT
E "VUPDPODJFODJB Z QFSTPOBMJEBE USBTDFOEFOUBM
"T QVFT ZB FTUBNPT FO DPOEJDJPOFT EF DPNFO[BS B FOUFOEFS UBN

CJO EFTEF MB QFSTQFDUJWB IFJEFHHFSJBOB RVF MB FTUSVDUVSB HFOFSBM EFM
ZP FT MB BVUPDPODJFODJB "EFNT MP RVF IB RVFEBEP FTUBCMFDJEP FT RVF
FM DPODFQUP EF TVKFUP DPNP TVCKFUJWJEBE ZPJEBE EFQFOEF OUJNBNFO
UF EFM DPODFQUP EF 4JO FNCBSHP IBZ RVF SFDPSEBS RVF
FO QSJODJQJP Z UBM DPNP MP DPODJCJ MB USBEJDJO EFTEF "SJTUUFMFT
FO FM TVKFUP OP IBZ OBEB EF MB ZPJEBE 1PS FM DPOUSBSJP MP
EFUFSNJOBEP FT EFDJS MB FT NT CJFO MP TVCTJTUFOUF MP QSFTFOUF
BI EFMBOUF 7PSIBOEFO
&O DPOTFDVFODJB DPODMVZF )FJEFHHFS TMP
QPSRVF BIPSB FM ZP FT TVCKFDUVN EFTEF %FTDBSUFT Z -FJCOJ[ BVORVF
EF NBOFSB UPEBWB NT SPUVOEB FO ,BOU
FT QPS MP RVF )FHFM QVFEF
EFDJS RVF MB WFSEBEFSB TVTUBODJB FT FM TVKFUP DPNP TVCKFUJWJEBE

&O DVBMRVJFS DBTP B QFTBS EF MP RVF ZB IB BQVOUBEP )FJEFHHFS
PQJOB RVF MB QSFHVOUB FO RV FTUSJCB MB FTUSVDUVSB NT HFOFSBM EFM
ZP DPOUJOB TJO FTUBS SFTVFMUB EF NBOFSB TVDJFOUF $PO ,BOU BQSFO
EJNPT RVF TUB DPOTJTUF FO MB BVUPDPODJFODJB RVF FM ZP FT TJFNQSF VO

&YQPTJDJO UFSJDB
ZP QJFOTP RVF OP FT VO TJNQMF QVOUP BJTMBEP -P RVF DBSBDUFSJ[B MB DPO

DFQDJO EFM ZP FO FM DPOKVOUP EF MB MPTPGB NPEFSOB FT RVF TF DPOPDF
DPNP GVOEBNFOUP EF TVT EFUFSNJOBDJPOFT EF TVT DPNQPSUBNJFOUPT
7FSIMUOJTTF
RVF TF SFQSFTFOUB DPNP FM GVOEBNFOUP EF TV QSPQJB
VOJEBE FO MB NVMUJQMJDJEBE DPNP FM GVOEBNFOUP EF MB JEFOUJEBE DPOTJ
HP NJTNP "T QVFT UPEBT MBT EFUFSNJOBDJPOFT Z DPNQPSUBNJFOUPT
EFM TVKFUP FTUO GVOEBEPT FO FM ZP ZP QFSDJCP ZP KV[HP ZP BDUP
1PS UPEP FTUP FT QPS MP RVF ,BOU TPTUJFOF RVF FM ZP QJFOTP EF
CF QPEFS BDPNQBBS B UPEBT NJT SFQSFTFOUBDJPOFT B UPEP DPHJUBSF
MPT DPHJUBUB B UPEP QFOTBS MPT QFOTBNJFOUPT P SFQSFTFOUBDJPOFT
1PS
UBOUP TMP TPCSF FM GVOEBNFOUP EFM ZP QJFOTP QVFEF ESTFNF DVBMRVJFS
NVMUJQMJDJEBE Z QPS FTP FT EFM UPEP DPOTFDVFOUF RVF ,BOU FOUJFOEB FM
ZP DPNP MB PSJHJOBSJB VOJEBE TJOUUJDB EF MB BQFSDFQDJO &TUP TJHOJDB
RVF FM ZP FT MB VOJEBE EF MB NVMUJQMJDJEBE TV VOJO TJHOJDB BEFNT
RVF FMMB NJTNB UJFOF RVF TFS TJFNQSF QFOTBEB KVOUP B MBT SFQSFTFO
UBDJPOFT BM QFOTBS ZP UBNCJO NF QJFOTP B N NJTNB FO UPEP QFO
TBNJFOUP NF QJFOTP B N NJTNB DPO MP QFOTBEP %F FTUF NPEP Z QPS
FTUP FM ZP OP FT VO PCKFUP RVF QFSDJCP TJOP RVF MP BQFSDJCP
5SBT SFDPSEBS BMHVOBT UFTJT CTJDBT SFTQFDUP EFM ZP QJFOTP LBO
UJBOP )FJEFHHFS DPODMVZF BIPSB JOTJTUJFOEP FO RVF
MB VOJEBE TJOUUJDB PSJHJOBM EF MB BQFSDFQDJO FT MB DBSBDUF

STUJDB POUPMHJDB EFM TVKFUP TFBMBEP %F FTUF NPEP DPO
FM DPODFQUP EF ZPJEBE UBM DPNP IB RVFEBEP QFSMBEP
TF IB BMDBO[BEP MB FTUSVDUVSB GPSNBM EF MB QFSTPOBMJEBE
USBTDFOEFOUBM
$BSBDUFSJ[BDJPOFT UPEBT FMMBT RVF DPNP TF QVFEF SFDPSEBS FWPDBO BMHVOBT EF
MBT OPUBT DBSBDUFSTUJDBT EF MB BSJTUPUMJDB FO DVBOUP RVF TUB FSB DPODF
CJEB FOUSF PUSBT DPTBT Z DPNP TF BDBCB EF SFDPSEBS DPNP VO TVKFUP DPNP
VO EFUFSNJOBEP
1BSB FOUFOEFS CJFO B MP RVF TF FTU SFSJFOEP )FJEFHHFS DBCF SFDPSEBS B
RV MMBNB ,BOU USBTDFOEFOUBM -MBNP USBTDFOEFOUBM B UPEP DPOPDJNJFOUP RVF
TF PDVQB OP UBOUP EF PCKFUPT DPNP EF OVFTUSP NPEP EF DPOPDFS PCKFUPT FO UBOUP
FO DVBOUP TF TVQPOF RVF TUF FT QPTJCMF B QSJPSJ * ,BOU ,S7 PQ DJU #

"IPSB CJFO QVFTUP RVF FM DPOPDJNJFOUP USBTDFOEFOUBM TF SFFSF B

MPT DPODFQUPT RVF EFUFSNJOBO FM TFS EFM FOUF B VO TJTUFNB TFNFKBO
UF EF DPODFQUPT TF MF EFCF EFOPNJOBS MPTPGB USBTDFOEFOUBM "T
QVFT QPEFNPT DPODMVJS DPO ,BOU Z UBNCJO DPO )FJEFHHFS RVF MP
TPGB USBTDFOEFOUBM OP TJHOJDB PUSB DPTB RVF POUPMPHB "SNBS FTUP
EJDF FM BVUPS EF -PT QSPCMFNBT GVOEBNFOUBMFT EF MB GFOPNFOPMPHB OP
FT IBDFS WJPMFODJB B ,BOU DPNP TF QVFEF NPTUSBS B DPOUJOVBDJO NF
EJBOUF BMHO UFYUP FTDPHJEP TFHO FM DVBM B MB POUPMPHB TF MB MMBNB
MPTPGB USBTDFOEFOUBM QPSRVF DPOUJFOF MBT DPOEJDJPOFT Z MPT QSJNFSPT
FMFNFOUPT EF UPEP OVFTUSP DPOPDJNJFOUP B QSJPSJ
4FHO ,BOU MB POUPMPHB DPNP MPTPGB USBTDFOEFOUBM UJFOF
RVF WFS DPO FM DPOPDJNJFOUP EF PCKFUPT Z FTUP OP TF QVFEF FOUFOEFS FO
OJOHO DBTP FO FM TFOUJEP EF RVF FTUFNPT USBUBOEP EF VOB FQJTUFNP
MPHB $PO UFSNJOPMPHB IFJEFHHFSJBOB Z FO NFNPSJB EF #FSLFMFZ

OVFTUSP BVUPS SFDVFSEB RVF TFHO ,BOU TFS FT TFS QFSDJCJEP 1PS UBO
UP MB POUPMPHB FO DVBOUP RVF FT MB DJFODJB RVF TF PDVQB EFM TFS UJFOF
RVF TFS MB DJFODJB RVF FTUVEJB FM DBSDUFS EF TFS EF FTPT PCKFUPT Z EF
TV NJTNB QPTJCJMJEBE 1PS FTP IBZ RVF BSNBS EFOJUJWBNFOUF RVF MB
POUPMPHB FT MPTPGB USBTDFOEFOUBM
&T CJFO TBCJEP RVF ,BOU FTUBCMFDF RVF MB DPOEJDJO GVOEBNFOUBM
EFM DPOPDJNJFOUP FT FM ZP QJFOTP &TUF ZP QJFOTP OP FT VO SFQSFTFOUB
DJO OP FT VO FOUF FO FM TFOUJEP EF PCKFUP &M ZP FT QPS FM DPOUSBSJP
MB DPOEJDJO EF QPTJCJMJEBE EF UPEP SFQSFTFOUBS EF UPEP TFS QFSDJCJEP
EFM FOUF QPS UBOUP EF UPEP TFS &O TOUFTJT FT MB DPOEJDJO POUPM
HJDB GVOEBNFOUBM EF UPEP TFS /P FT DPNP TVDFEF FO FM DBTP EF MBT
DBUFHPSBT VOB EFUFSNJOBDJO GVOEBNFOUBM OP FT VOB NT FOUSF MBT
DBUFHPSBT EFM FOUF &T MB DPOEJDJO EF QPTJCJMJEBE EF MBT DBUFHPSBT FO
HFOFSBM FT MP RVF IBDF QPTJCMF MPT DPODFQUPT POUPMHJDPT GVOEBNFOUB

* ,BOU $VMFT TPO MPT FGFDUJWPT QSPHSFTPT RVF MB NFUBGTJDB IB IFDIP FO "MF
NBOJB EFTEF MPT UJFNQPT EF -FJCOJ[ Z 8PM 5FDOPT .BESJE FTUVEJP
QSFMJNJOBS Z USBE 'MJY %VRVF Q

&YQPTJDJO UFSJDB
MFT B QSJPSJ Z FTP QPSRVF FM ZP QJFOTP FT TJFNQSF VO ZP VOP -B

DBQBDJEBE EF VOJO EF MBT DBUFHPSBT FTU GVOEBEB FO FTF ZP VOP
&O EFOJUJWB FM ZP FT MB DPOEJDJO POUPMHJDB GVOEBNFOUBM FT EFDJS
MP USBTDFOEFOUBM &M ZP QJFOTP FT MB FTUSVDUVSB GPSNBM EF MB QFSTPOBMJ
EBE DPNP QFSTPOBMJUBT USBTDFOEFOUBMJT
%FTQVT DVBOEP FO FM TJHVJFOUF BQBSUBEP EF TV UFYUP C
)FJ
EFHHFS QBTB B SFGFSJSTF B MB QFSTPOBMJUBT QTZDIPMPHJDB IBDF UPEBWB
BMHVOBT BDMBSBDJPOFT NT BDFSDB EFM ZP USBTDFOEFOUBM BM JOUFOUBS EJ
GFSFODJBSMP Z SFMBDJPOBSMP DPO FM ZP QTJDPMHJDP 4F TJOUFUJ[BO B DPOUJ
OVBDJO MBT RVF TPO SFMFWBOUFT QBSB OVFTUSP BTVOUP
)FJEFHHFS JOTJTUF FO RVF FM ZP MHJDP OP TJHOJDB PUSB DPTB TJOP
RVF FM ZP FT TVKFUP EFM EFM QFOTBS &T FM ZP FO UBOUP RVF ZP
VOP TVCZBDFOUF B UPEP QFOTBS VO ZP VOP RVF FT FTFODJBM EFTEF MVF
HP QBSB ,BOU Z RVF UBNCJO BQBSFDF EFTUBDBEP QPS )FJEFHHFS DPNP
WFSFNPT FO TV UFYUP -B UFTJT EF ,BOU TPCSF FM TFS EF
&T
BT MP RVF QFSNBOFDF
DVBOEP IF RVJUBEP UPEPT MPT
BDDJEFOUFT RVF JOIJFSFO FO M &O DVBMRVJFS DBTP UBNCJO QSFDJTB )FJ
EFHHFS RVJ[ GSFOUF B BMHVOBT JOUFSQSFUBDJPOFT OFPLBOUJBOBT
RVF FM
ZP QJFOTP FT FO DBEB DBTP NP %F IFDIP ,BOU TPTUVWP QPS FKFNQMP
FO -PT FGFDUJWPT QSPHSFTPT EF MB NFUBGTJDB
RVF FM ZP USBTDFOEFOUBM FT
BMHP BT DPNP MP TVTUBODJBM 6OB BSNBDJO RVF IB EF TFS FOUFOEJEB FO
TV DPOUFYUP Z EF NBOFSB BEFDVBEB B FMMB NF SFGFSJS NT BEFMBOUF

&O DVBMRVJFS DBTP FT QSFDJTP BDMBSBS RVF OBEB EF UPEP MP RVF TF IB
EJDIP QVFEF DPOEVDJS B QFOTBS RVF BNCPT ZP FM EF MB BQSFIFOTJO Z FM
EF MB BQFSDFQDJO TFBO EJGFSFOUFT QPS FM DPOUSBSJP TPO JEOUJDPT &T
EFDJS RVF FM ZP EF MB BQFSDFQDJO USBTDFOEFOUBM TFB MHJDP OP TJHOJDB
OJ RVF TFB PUSP ZP EJTUJOUP EFM FNQSJDP OJ UBNQPDP RVF OP TFB FOUF
FO BCTPMVUP -P RVF TF RVJFSF EFDJS FT RVF TV TFS FT QSPCMFNUJDP Z
RVF TV EFUFSNJOBDJO OP FT PCKFUP EF MB QTJDPMPHB RVF QPS MUJNP MB
QFSTPOBMJEBE QTJDPMHJDB QSFTVQPOF MB QFSTPOBMJEBE USBTDFOEFOUBM

-B UFTJT EF ,BOU TPCSF FM TFS

-P RVF TF WB B SFBMJ[BS BRV FT VOB TOUFTJT EFM UFYUP RVF QSFTUB TV

UUVMP B FTUF BQBSUBEP $PO FMMP OP TF QSFUFOEF PUSB DPTB RVF DPOUJOVBS
DPO MB FYQPTJDJO EF MB DPNQSFOTJO IFJEFHHFSJBOB EF ,BOU )BZ RVF
UFOFS FO DVFOUB TJO FNCBSHP RVF FOUSF FTUF FTUVEJP EF Z FM EF
NFEJBO USFJOUB Z DVBUSP BPT EF VO MBSHP Z QPS RV OP BENJUJSMP
UPSUVPTP DBNJOP 6O FYUFOTP SFDPSSJEP FO FM RVF OP PCTUBOUF FM QFO
TBEPS BMFNO KBNT QFSEJ EF WJTUB MB SB[O MUJNB EF TV DVFTUJPOBS
MPTDP
$PNP WBNPT B UFOFS PQPSUVOJEBE EF FTUVEJBS )FJEFHHFS SFUPNB
VOB WF[ NT MB UFTJT LBOUJBOB UBOUBT WFDFT DPOTJEFSBEB QPS M TFHO
MB DVBM FM TFS OP FT VO QSFEJDBEP SFBM 1BSFDFSB QPS UBOUP RVF OVFTUSP
FTUVEJP FYQFSJNFOUB VOB NPEVMBDJO &O FM FQHSBGF BOUFSJPS OVFTUSB
BUFODJO TF IB DFOUSBEP FO MB TJOHVMBS JOUFSQSFUBDJO IFJEFHHFSJBOB
TFHO MB DVBM FM EF SBJHBNCSF HSJFHB IB BDBCBEP QPS
JEFOUJDBSTF EF QMFOP DPO MB TVCKFUJWJEBE EF NBOFSB NT FTQFDDB
DPO FM ZP USBTDFOEFOUBM -P RVF ZB TF IB JOUFOUBEP NPTUSBS FT RVF FTUP
JNQMJDB EF NBOFSB OFDFTBSJB RVF FM TFS OP QVFEF RVFEBS DPOTUJUVJEP
TJOP DPNP MB PCKFUJWJEBE EF MPT PCKFUPT PCKFUJWJEBE RVF FT PUPSHBEB
QPS FM ZP VOP 1VFT CJFO B DPOUJOVBDJO WBNPT B TJUVBSOPT FO VOB
QFSTQFDUJWB EJGFSFOUF QFSP OP TF PMWJEF QBSB TFHVJS QFOTBOEP FO MB
NJTNB DVFTUJO MB RVF IB DPOTUJUVJEP FM IJMP DPOEVDUPS EF MBT SFF
YJPOFT SFBMJ[BEBT EF MB NBOP EF )FJEFHHFS
B MP MBSHP EF UPEP FTUF
MJCSP &TUP FT MBT DPOTJEFSBDJPOFT DPO MBT RVF OPT WBNPT B PDVQBS B
DPOUJOVBDJO TJHVFO HJSBOEP TPCSF MP NJTNP TPCSF FM TFS %F NBOFSB
NT FTQFDDB Z BUFOJOEPOPT BM BTVOUP EF FTUF DBQUVMP
TPCSF FM
NPEP FO RVF MB MPTPGB LBOUJBOB UPEB WF[ RVF IB USBOTGPSNBEP BM
ZP FO FM GVOEBNFOUP MUJNP FO FM RVF FT TVKFUP EF UPEBT
MBT EFUFSNJOBDJPOFT JOUFSQSFUB FTF TFS
. )FJEFHHFS -B UFTJT EF ,BOU TPCSF FM TFS

FO )JUPT PQ DJU QQ

&YQPTJDJO UFSJDB
B &M TFS OP FT VO QSFEJDBEP SFBM
)FJEFHHFS JOJDJB FM UFYUP RVF BIPSB OPT PDVQB BENJUJFOEP RVF ,BOU
EJP VO QBTP EFDJTJWP FO MB FYQMJDBDJO EFM TFS FOUJFOEF RVF EFTEF MB
EFMJEBE B MB USBEJDJO FTUBCMFDJ VO EFCBUF DPO FMMB RVF QFSNJUF BSSP
KBS BMHP EF MV[ TPCSF FM BTVOUP EFM TFS 1BSB RVF OPT QPEBNPT QFSDBUBS
EF FTUP BEWJFSUF )FJEFHHFS FT QSFDJTP FOUFOEFS RV RVJFSF EFDJS ,BOU
DPO FM USNJOP TFS
&WJEFOUFNFOUF TFS OP FT OJOHO QSFEJDBEP SFBM FT EF

DJS VO DPODFQUP EF BMHP RVF QVEJFSB BUSJCVSTFMF BM DPO
DFQUP EF VOB DPTB &T MB NFSB QPTJDJO EF VOB DPTB P EF
DJFSUBT EFUFSNJOBDJPOFT FO T NJTNBT
&O FTUB UFTJT TF QVFEFO EJGFSFODJBS EPT BSNBDJPOFT 6OB EF UJQP

OFHBUJWB Z PUSB QPTJUJWB
&M TFS OP FT VO QSFEJDBEP SFBM
4JO FNCBSHP MP BOUFSJPS OP DVFTUJPOB FM DBSDUFS EF QSFEJDBEP

FO HFOFSBM "T FM TFS FT DBSBDUFSJ[BEP DPNP NFSB QPTJDJO
)FJEFHHFS BEWJFSUF RVF IBZ RVF UFOFS FO DVFOUB RVF ,BOU IBDF
FTUB BSNBDJO DVBOEP SFBMJ[B TV DSUJDB BM BSHVNFOUP POUPMHJDP
1PS UBOUP RVF TV QMBOUFBNJFOUP TF TJUB FO FM UFSSFOP EF MB POUPUFP
MPHB "T FT B TV KVJDJP FM BVUPS EF &M OJDP BSHVNFOUP QPTJCMF TF
QSFHVOUB B MB WF[ QPS FM TFS FO HFOFSBM Z QPS FM TFS QPS BOUPOPNBTJB
BEFNT TUF BQBSFDF FOUFOEJEP DPNP GVOEBNFOUP BMHP RVF FO PQJ
OJO EF )FJEFHHFS UJFOF RVF WFS DPO QPTJUJP QPOFSF TVCZBDFS

"IPSB CJFO QBSB OPTPUSPT TFS OP FT FWJEFOUFNFOUF VO QSFEJDB
EP OP SFBM QVFT BM O Z BM DBCP TJHOJDB SFBMJEBE 1FSP QBSB ,BOU
*C Q

$G MB SFGFSFODJB RVF EB )FJEFHHFS B MB ,S7 FT " #
$G . )FJEFHHFS -B UFTJT EF ,BOU TPCSF FM TFS PQ DJU Q

SFBMJEBE FT MP RVF GPSNB QBSUF EF VOB SFT FT EFDJS TV RVJEEJUBT FM

DPOUFOJEP RVF FTU SFQSFTFOUBEP FO TV DPODFQUP &O DPOTFDVFODJB TFS
OP FT OBEB SFBM 1PS FTP IBZ RVF FOUFOEFS RVF MP RVF EJDF ,BOU FT RVF
FM FT EFM QSFEJDBEP OP EJDF OBEB EF MP RVF FT BMHP
2VF FM TFS FT MB NFSB QPTJDJO JOEJDB RVF FT QVSB QPTJDJO Z FMMP
QPSRVF OP FT BMHP PCKFUJWP 4FS DPNP QPTJDJO TJHOJDB FM FTUBS
QVFTUP EF BMHP FO FM SFQSFTFOUBS RVF QPOF
1FSP BEFNT EFM VTP MHJDP EFM TFS FO FM RVF EF MP RVF TF USBUB FT
EF MB QPTJDJO EF MB SFMBDJO FOUSF FM TVKFUP EF MB GSBTF Z FM QSFEJDBEP

RVF FT FM RVF TF IB FTUBEP DPOUFNQMBOEP IBTUB BIPSB IBZ PUSP VTP
VO VTP OUJDP PCKFUJWP DPNP FM RVF UJFOF FO MBT QSPQPTJDJPOFT FYJT
UFODJBMFT FK %JPT FYJTUF
&O FTUF DBTP EF MP RVF TF USBUB FT EF MB
QPTJDJO EF MB SFMBDJO FOUSF FM ZPTVKFUP Z FM PCKFUP "T ,BOU EJDF
RVF MB FYJTUFODJB FT MB QPTJDJO BCTPMVUB EF VOB DPTB

&O DVBMRVJFS DBTP MP RVF TVDFEF FT RVF QPS UPEP FMMP MB DQVMB
FM FT MMFHB B UFOFS FO FM FOVODJBEP EF VO DPOPDJNJFOUP PCKFUJWP PUSP
TFOUJEP EJTUJOUP Z NT SFDJP RVF FM NFSBNFOUF MHJDP
&O MB TFHVOEB FEJDJO EF MB $SUJDB QBSFDF RVF BMHVOPT QMBOUF
BNJFOUPT EF ,BOU TF IBO NPEJDBEP EF BMHO NPEP &O PQJOJO EF
)FJEFHHFS BMM ,BOU
BMDBO[B B DPNQSFOEFS RVF MB SFMBDJO EFM TFS Z MPT NPEPT

EFM TFS OJDBNFOUF DPO MB GBDVMUBE EF OVFTUSP FOUFOEJ
NJFOUP OP PGSFDF VO IPSJ[POUF TVDJFOUF QBSB QPEFS FY
QMJDBS FM TFS Z MPT NPEPT EFM TFS MP RVF BIPSB TJHOJDB
QBSB QPEFS QSPCBS TV TFOUJEP
$G *C Q

*C Q
$G *C Q
*C
*C Q

&YQPTJDJO UFSJDB
"T QVFT DPNP ZB TF IB JEP WJFOEP FO PUSPT MVHBSFT EF FTUF FTUV

EJP TMP B USBWT EF MB JOUVJDJO TFOTJCMF TF QVFEF FOUFOEFS MB QP
TJDJO FO DVBOUP BDDJO EFM FOUFOEJNJFOUP FT EFDJS TMP B USBWT EF
MB BGFDDJO EF MPT TFOUJEPT MF FT EBEB B MB QPTJDJO BMHP TVTDFQUJCMF
EF TFS QVFTUP : FT RVF FM QFOTBS FTU TVNJEP FO VOB TVCKFUJWJEBE
BGFDUBEB QPS MB TFOTJCJMJEBE "M ZP QJFOTP MF DPSSFTQPOEF MB UBSFB EF
WJODVMBS MB NVMUJQMJDJEBE EF MBT SFQSFTFOUBDJPOFT TFOTJCMFT EBEBT
C &M FO ,BOU DPNP DPQFSUFOFODJB EF TFS Z VOJEBE FT FM ZP

TVKFUP
)FJEFHHFS SFDVFSEB RVF EFTEF MF JOJDJP EFM QFOTBS DPO 1BSN

OJEFT
ZB FTUBCB QSFTFOUF MB NVUVB DPQFSUFOFODJB EFM TFS Z MB VOJEBE
&O FM DBTP EF ,BOU MB QPTJDJO UJFOF FM DBSDUFS EF VOB QSPQPTJDJO
QPSRVF VO QSFEJDBEP MF FT BUSJCVJEP B VO TVKFUP QPS NFEJP EFM FT
"T FM FT EF MB DQVMB IBDF BPSBS BIPSB MB SFMBDJO EFM FT DPO MB
VOJEBE EFM WJODVMBS SFVOJS

-P RVF IBZ RVF JOEBHBS FT DNP TF QSFTFOUB QBSB ,BOU FTB VOJEBE
&TUF PCKFUJWP RVF BIPSB TF QSPQPOF )FJEFHHFS Z RVF WB B QFSTFHVJS FO
MP RVF TJHVF WJODVMB EF NBOFSB EJSFDUB FM UFYUP RVF OPT FTU PDVQBOEP
DPO FM RVF TF IB USBCBKBEP FO FM BQBSUBEP BOUFSJPS MP RVF WFS UPEBWB
DPO NBZPS DMBSJEBE FO FM TJHVJFOUF FQHSBGF
&T EFDJS FM QFOTBEPS EF
'SJCVSHP SFMBDJPOB DPNP OP QVFEF TFS EF PUSP NPEP MP SFMBUJWP BM ZP
USBTDFOEFOUBM DPO MB UFTJT TFHO MB DVBM FM TFS OP FT VO QSFEJDBEP SFBM
1VFT CJFO ,BOU TBCF CJFO RVF MB WJODVMBDJO EFM TVKFUP DPO FM QSFEJ
DBEP FT JNQSFTDJOEJCMF Z UBNCJO RVF IBZ RVF CVTDBSMB NT BSSJCB
FO MB PSJHJOBSJB VOJEBE TJOUUJDB EF MB BQFSDFQDJO &MMB IBDF QPTJCMF MB
VOJEBE Z BT FMMB FT FM TMP RVF BIPSB USBTMBEBEP BM ZPTVKFUP
1PS FTP QVFEF BSNBS )FJEFHHFS FO -PT QSPCMFNBT GVOEBNFOUBMFT
*C
$G *C Q
*C Q
$G *C Q

EF MB GFOPNFOPMPHB P FO ,BOU Z FM QSPCMFNB EF MB NFUBGTJDB RVF MB

MPTPGB USBTDFOEFOUBM FT POUPMPHB
&MMB MB PSJHJOBSJB VOJEBE TJOUUJDB EF MB BQFSDFQDJO FT MB RVF
IBDF QPTJCMF MB PCKFUJWJEBE EFM PCKFUP P MP RVF FT MP NJTNP FM TFS EF
MP FOUF : QVFTUP RVF IBDF QPTJCMF FM PCKFUP DPNP UBM QPS FTP SFDJCF
FM OPNCSF EF BQFSDFQDJO USBTDFOEFOUBM "T QVFT FTU DMBSP RVF
FM TFS Z TVT NPEPT TF QVFEFO EFUFSNJOBS B QBSUJS EF TV SFMBDJO DPO
FM FOUFOEJNJFOUP
1FSP TFS FT BIPSB PCKFUJWJEBE OP TVTUBODJBMJEBE &TUP FT MP RVF
IBZ RVF DPNQSFOEFS RVF FO ,BOU FM TFS FT PCKFUJWJEBE BVORVF ZB
OP FO FM TFOUJEP USBEJDJPOBM EF MB TVTUBODJBMJEBE EF MB TVTUBODJB &O
FTUP BM QBSFDFS EF )FJEFHHFS ,BOU TF NBOUJFOF FO MB FTUFMB EF MB USB
EJDJO QFSP NJFOUSBT RVF FO BRVMMB FM TFS RVFEBCB PCTDVSFDJEP QPS
FOUFOEFSTF DPNP MB TVTUBODJBMJEBE EF MB TVTUBODJB BIPSB TF NVFTUSB
DPO UPUBM DMBSJEBE "EFNT RVFEB DMBSP RVF MB JOUFSQSFUBDJO TJTUF
NUJDB EFM TFS EF MP FOUF FT EFDJS MB PCKFUJWJEBE EFM PCKFUP EF MB FYQF
SJFODJB TMP QVFEF UFOFS MVHBS FO QSJODJQJPT $PODSFUBNFOUF FO
MPT QPTUVMBEPT EFM QFOTBNJFOUP FNQSJDP FO HFOFSBM RVF DPNP JOEJ
DB )FJEFHHFS TPO BM JHVBM RVF FO MB $SUJDB EF MB SB[O QSDUJDB
FYJHFODJBT -PT QPTUVMBEPT TPO SFDMBNBEPT QPS FM NJTNP QFOTBNJFO
UP EFTEF MB NJTNB GVFOUF EFM FOUFOEJNJFOUP B O EF IBDFS QPTJCMF FM
QPOFS EF MP RVF EB MB QFSDFQDJO TFOTJCMF Z QPS MP UBOUP FM IBDFS RVF
TFB QPTJCMF WJODVMBS MB FYJTUFODJB FTUP FT MB SFBMJEBE FGFDUJWB EF MB
NVMUJQMJDJEBE EF GFONFOPT
3FBMNFOUF FGFDUJWP FT FO DBEB DBTP MP SFBMNFOUF FGFD

UJWP EF BMHP QPTJCMF Z FM IFDIP EF RVF TFB SFBMNFOUF FGFDUJ
WP OPT WVFMWF B SFNJUJS OBMNFOUF B BMHP OFDFTBSJP <"T
QVFT> -PT QPTUVMBEPT EFM QFOTBNJFOUP FNQSJDP FO HF
OFSBM TPO MPT QSJODJQJPT DPO MPT RVF TF FYQMJDBO FM TFS
$G *C Q

*C QQ Z
*C Q

&YQPTJDJO UFSJDB
QPTJCMF FM TFS FGFDUJWBNFOUF SFBM Z FM TFS OFDFTBSJP FO MB

NFEJEB FO RVF EF FTUF NPEP TF EFUFSNJOB FM FYJTUJS EFM
PCKFUP EF MB FYQFSJFODJB
5SBT MP RVF TF IB TFBMBEP DPOUJOB TJFOEP DMBSP RVF TFS OP FT VO

QSFEJDBEP SFBM RVF OP EJDF OBEB BDFSDB EFM RV TJOP TMP BDFSDB EFM
DNP FT MB SFMBDJO EFM TVKFUP DPO FM PCKFUP 1PS FTP MPT NFODJPOBEPT
DPODFQUPT TF MMBNBO NPEBMJEBEFT &O UPEPT MPT DBTPT TF BSNB BMHP
SFGFSJEP B TV PCKFUJWJEBE B TV FTUBS FOGSFOUF B TV QSPQJP FYJTUJS QFSP
FO OJOHO DBTP BMHP SFGFSJEP B TV SFBMJEBE FTUP FT B TV DBSDUFS EF
DPTB "T QVFT DPODMVZF )FJEFHHFS WFNPT BIPSB RVF DJFSUBNFO
UF FM TFS OP FT OJOHO QSFEJDBEP SFBM OUJDP
QFSP T USBTDFOEFOUBM
POUPMHJDP

1PS UBOUP MBT DJFSUBT EFUFSNJOBDJPOFT B MBT RVF IBDF BMVTJO
,BOU UJFOFO RVF WFS DPO MBT EFUFSNJOBDJPOFT OP SFBMFT FT EFDJS DPO
MBT NPEBMJEBEFT EFM TFS RVF FO DVBOUP UBMFT TPO QPTJDJPOFT 6OB WF[
NT Z FO DPOTFDVFODJB NFSP UJFOF RVF WFS DPO MB QVSB SFMBDJO
EF MB PCKFUJWJEBE EFM PCKFUP DPO MB TVCKFUJWJEBE EFM DPOPDJNJFOUP IV
NBOP &O DPOTFDVFODJB FM TFS T FT VO QSFEJDBEP BVORVF NVZ
TJOHVMBS : FMMP QPSRVF UBMFT DJFSUBT EFUFSNJOBDJPOFT OP QSPDFEFO
EFM PCKFUP TJOP RVF UJFOFO TV PSJHFO FO MB TVCKFUJWJEBE QPSRVF TPO
EFUFSNJOBEBT EFTEF FM QFOTBS
D %F OVFWP FM TFS DPNP
"IPSB CJFO Z QBSB OBMJ[BS FTU ZB DMBSP RVF DPO ,BOU FM TFS IB
EF TFS EFUFSNJOBCMF EFTEF FM TVKFUP 4JO FNCBSHP QBSFDF RVF )FJEFH
HFS OP QVFEF PMWJEBS BRVFMMP RVF JOUFSQSFU BM FTUVEJBS FM QFOTBNJFOUP
FO TVT PSHFOFT RVF FM TFS IB EF TFS QFOTBEP EFTEF MP RVF EF BOUFNBOP
*C Q

*C Q
*C
*C Q

ZBDF BI QSFTFOUF FM &T NT BM OBM EFM MBSHP DBNJOP SF

DPSSJEP QBSFDF RVF )FJEFHHFS OP TF QVFEF TVTUSBFS B MB DPOWJDDJO EF
RVF TMP BRVFMMP GVF EF BMHO NPEP WFSEBE %JDIP EF NBOFSB NT NP
EFTUB Z IFJEFHHFSJBOB RVF TMP MB DPNQSFOTJO HSJFHB JOJDJBM QSPQJ
DJBEB QPS FM TFS GVF EF BMHO NPEP VO DJFSUP NCJUP VO JOTUBOUOFP
DBMWFSP FO FM RVF PDVMUOEPTF FM TFS MMFH B MB WF[ B VO GVHB[ Z TJFN
QSF WFMBEPWFMBEPS EFTPDVMUBNJFOUP 5BO TMP FTUP QVFEF FYQMJDBS RVF
FM QFOTBEPS RVF BDVT B MB NFUBGTJDB EF QSFTFODJBMJTNP BVORVF TUF
GVFSB EFTUJOBEP
TF QSFHVOUF BIPSB
1FSP RV PDVSSJSB TJ FOUFOEJSBNPT FM TFS FO FM TFOUJ

EP EFM QFOTBNJFOUP HSJFHP JOJDJBM FO DBMJEBE EF QSFTFODJB
RVF BDMBSB Z QFSEVSB EF MP RVF TF EFNPSB FO DBEB DBTP
Z OP TMP OJ FO QSJNFS MVHBS DPNP FM FTUBS QVFTUP FO MB
QPTJDJO NFEJBUJ[BEB QPS FM FOUFOEJNJFOUP 1VFEF DPOT
UJUVJS FM QFOTBS SFQSFTFOUBEPS FM IPSJ[POUF QBSB FTUF TFS
JOJDJBMNFOUF BDVBEP &T FWJEFOUF RVF OP BM NFOPT TJ FT
WFSEBE RVF MB QSFTFODJB RVF TF BDMBSB Z QFSEVSB FT EJTUJO
UB EFM FTUBS QVFTUP QPS NVDIP RVF EJDIP FTUBS QVFTUP TJHB
FTUBOEP NVZ QSYJNP B EJDIB QSFTFODJB QPSRVF MF EFCF
TV PSJHFO FTFODJBM
/P DBCF EVEB EFM SFDIB[P FYQMDJUP RVF QPS GVFS[B JODMVZF B ,BOU
EFM QSFTFODJBMJTNP Z NT BO EFM QSFTFODJBMJTNP SFQSFTFOUBDJPOJTUB
BM RVF QPESBNPT DBMJDBS EF EPCMFNFOUF QSFTFODJBMJTUB

)FNPT SFBMJ[BEP EFTEF FM DPNJFO[P EF FTUBT QHJOBT VO MBSHP Z
FO PDBTJPOFT EJGDJM Z UPSUVPTP SFDPSSJEP " MP MBSHP EF TV USBOTDVSTP
IFNPT JOUFOUBOEP DPNQSFOEFS DNP Z QPS RV BM NFOPT BT MP FO
UFOEJ )FJEFHHFS MB TF USBOTGPSN FO BDUVBMJUBT Z TUB FO
8JSLMJDILFJU 5BM USBCBKP BUFOEJFOEP B MB BEWFSUFODJB SFBMJ[BEB QPS
FM QFOTBEPS EFM TFS BM QSJODJQJP EF MBT QHJOBT EFM /JFU[TDIF ** RVF OPT

&YQPTJDJO UFSJDB
IBO PDVQBEP TF IB JOUFOUBEP EFTBSSPMMBS DPNP QFOTBNJFOUP HFOFB

MHJDP Z FO OJOHO DBTP DPNP IJTUPSJPHSBGB MPTDB &O DVBMRVJFS
DBTP MB DPODMVTJO RVF SFTQFDUP B ,BOU FYUSBF BM OBM )FJEFHHFS FT
BMHP EFTPMBEPSB -B SB[O FT RVF MB QSFTFODJB EFM FTUBS QVFTUP B
MB RVF TF SFFSF ,BOU Z FO FM DPOUFYUP EFM FTUVEJP EF MB UFTJT LBOUJBOB
TPCSF FM TFS TJHOJDB FO PQJOJO EF )FJEFHHFS BDUVBMJEBE BDUVBMJ
UBT
"T MB UFTJT EF ,BOU OP TFSB TJOP VOB WBSJBDJO NT TPCSF MB
QSFTFODJB : FO FTF DBTP
4J FM FTUBS QVFTUP P MB PCKFUJWJEBE TF NVFTUSBO DPNP

VOB WBSJBDJO EF MB QSFTFODJB FOUPODFT MB UFTJT EF ,BOU
TPCSF FM TFS GPSNB QBSUF EF BRVFMMP RVF FO UPEB MB NFUBG
TJDB QFSNBOFDF JNQFOTBEP
)FJEFHHFS OBMJ[B TV FOTBZP BSNBOEP RVF MB UFTJT EF ,BOU TPCSF

FM TFS FT MB DJNB EFTEF MB RVF MB NJSBEB QVFEF WPMWFSTF IBDJB BUST
IBDJB FM TFS DPNP MP TVCZBDFOUF P IBDJB EFMBOUF IBDJB VOB JOUFS
QSFUBDJO FTQFDVMBUJWB Z EJBMDUJDB EFM TFS DPNP DPODFQUP BCTPMVUP
%JDIP NT FYQMDJUBNFOUF FM QFOTBS QVFEF SFUSPUSBFSTF IBDJB MPT PS
HFOFT EPOEF FM TFS FSB FOUFOEJEP DPNP MP P IBDJB
EFMBOUF FT EFDJS IBDJB VO QMBOUFBNJFOUP RVF UBNQPDP TPMWFOUBS MPT
QSPCMFNBT EF MB NFUBGTJDB PDDJEFOUBM NT BO DVBOEP DPOTUJUVZF B
KVJDJP EF )FJEFHHFS MB DVMNJOBDJO EFM QSFTFODJBMJTNP Z EF MB NJTNB
NFUBGTJDB DPNP POUPUFPMPHB /PT FTUBNPT SFSJFOEP DMBSP FTU
B )FHFM FM QFOTBEPS RVF MMFW B USNJOP FM QSPDFTP EF JEFOUJDBDJO
EFM DPO FM TVKFUP MHJDP FTUB WF[ Z NFSDFE B TV FTQF
DVMBDJO USBOTGPSNBEP FO TVKFUP BCTPMVUP " MB WF[ RVF )FHFM SFBMJ[B
FTUB USBOTGPSNBDJO TF QSPEVDF OFDFTBSJBNFOUF Z EF TV NBOP PUSB FM

$G *C
$G . )FJEFHHFS -B DPOTUJUVDJO POUPUFPMHJDB EF MB NFUBGTJDB FO *EFO
UJEBE Z EJGFSFODJB
"OUISPQPT #BSDFMPOB USBE ) $PSUT Z
" -FZUF QQ

QFOTBNJFOUP RVF TF QJFOTB B T NJTNP RVF GVF FOUFOEJEP QPS "SJT

UUFMFT DPNP TVTUBODJB
QBTB B TFS JOUFSQSFUBEP QPS )FHFM
DPNP TVKFUP BVUPDPOTDJFOUF EF T NJTNP -B SFFYJO IB MMFHBEP QPS
UBOUP B TFS DPNQMFUB
&O OJOHVOP EF MPT EPT DBTPT RVF MB NJSBEB TF EJSJKB IBDJB EFMBOUF
P IBDJB BUST
DBCF DPODMVJS MB QSFHVOUB QPS FM TFS Z MB WFSEBE EFM TFS
FODVFOUSB SFTQVFTUB "T VOB WF[ NT OPT WFNPT PCMJHBEPT B BSNBS
DPO )FJEFHHFS FM TFS OP QVFEF TFS 4J GVFSB ZB OP TFSB TFS TJOP FOUF

4FS FO SFBMJEBE MP RVF QFSNJUF MB QSFTFODJB
"OMJTJT UFYUVBM
)BTUB FTUF NPNFOUP FO FM DBQUVMP FM MUJNP EF MB TFHVOEB QBSUF

Z UBNCJO EF FTUF FTUVEJP
IFNPT SFBMJ[BEP MBT TJHVJFOUFT UBSFBT &O
QSJNFS MVHBS Z DPO DBSDUFS QSJPSJUBSJP TF IB JOUFOUBOEP DFSSBS VO DJ
DMP FM RVF TF IBCB BOVODJBEP DPNP USBOTJDJO Z EFM RVF OPT IFNPT
PDVQBEP FO MPT DBQUVMPT UFSDFSP Z UBNCJO DVBSUP EF FTUF MJCSP -B
UFTJT EF )FJEFHHFS RVF IB HVJBEP FTUPT EPT DBQUVMPT FT RVF IBZ VOB
USBOTJDJO EF MB DPODFQDJO EF TVKFUP DPNP TVTUBODJB
B MB DPNQSFTJO EFM TVKFUP DPNP NFSP TVKFUP MHJDP

TVCKFDUVN
1BSB MPHSBS FTUF QSPQTJUP TF IB MMFWBEP B DBCP VOB
FYQPTJDJO BDFSDB EFM ZP QJFOTP DPNP ZP BQPGOUJDP EF BDVFSEP DPO MB
JOUFSQSFUBDJO IFJEFHHFSJBOB DPOUFOJEB BOUF UPEP FO -PT QSPCMFNBT
GVOEBNFOUBMFT EF MB GFOPNFOPMPHB " DPOUJOVBDJO IFNPT DFOUSBEP
OVFTUSB BUFODJO FO FM BOMJTJT DSUJDP QPS QBSUF EF )FJEFHHFS EF -B
UFTJT EF ,BOU TPCSF FM TFS -B SB[O QPS MB RVF TF IBO FMFHJEP EPT UFY
UPT UBO EJTUBOUFT UFNQPSBMNFOUF ZB TF IB FYQMJDBEP FO TV NPNFOUP
"IPSB OPT SFTUB QPS SFBMJ[BS FT VO BOMJTJT UFYUVBM TJHVJFOEP FM
FTRVFNB RVF IB HVJBEP MPT DBQUVMPT BOUFSJPSFT
4JO FNCBSHP FO FT
UB PDBTJO QPS USBUBSTF EF MPT MUJNPT DPNFOUBSJPT RVF TF SFBMJ[BSO
FO FTUF FTUVEJP UFOES VO GPSNBUP BMHP EJGFSFOUF FT EFDJS TF WB B
. )FJEFHHFS -B UFTJT EF ,BOU TPCSF FM TFS PQ DJU Q

"OMJTJT UFYUVBM
USBUBS NT EF IBDFS VO BOMJTJT UFYUVBM EF DBSDUFS HMPCBM RVF EF VO

JOUFOUP EF FTUVEJP QPSNFOPSJ[BEP EF MPT UFYUPT BMHP RVF B MB WJTUB EF
FTUF QSPQTJUP ZB TF IB JOUFOUBEP IBDFS EF NPEP RVF SFTVMUBSB TVDJFO
UF FO MB FYQPTJDJO UFSJDB EF FTUF DBQUVMP
%F FTUF NPEP TF QFSTJHVF
BMDBO[BS VOB DJFSUB WJTJO DSUJDB RVF QFSNJUB DFSSBS DPO TFOUJEP FM
USBCBKP SFBMJ[BEP B MP MBSHP EF UPEBT FTUBT QHJOBT
1VFT CJFO OP DBCF EVEB EF RVF BVORVF GPSNVMBEP EF VO NPEP OP
LBOUJBOP
SFTVMUB DPIFSFOUF BM NFOPT EFTEF MB QFSTQFDUJWB IFJEFHHF
SJBOB RVF FM ZP QJFOTP QVFEB TFS JOUFSQSFUBEP DPNP TVKFUP EF UP
EBT MBT EFUFSNJOBDJPOFT FTUP FT DPNP TVKFUP BQPGOUJDP 1PSRVF MP
DJFSUP FT RVF FTF ZP GVODJO USBTDFOEFOUBM FT TVKFUP MHJDP EF UPEBT
TVT EFUFSNJOBDJPOFT 6O TVKFUP EFM RVF BEFNT TF QPESB EFDJS RVF
VTVSQB BMHVOBT EF MBT QSFSSPHBUJWBT EFM TVKFUPTVTUBODJB &MMP FT BT
QPSRVF EFTEF M FNFSHFO Z FO M TF EBO MPT QSFEJDBEPT MBT DBUFHPSBT
RVF PUSPSB QFSUFOFDJFSBO B MB FOUJEBE
1FSP TJ )FJEFHHFS FOUSB FO MJ[B DPO ,BOU OP FT UBOUP QPS IBCFS
SFBMJ[BEP FTUB USBOTGPSNBDJO FO MB RVF DPNP TF WFS NT BEFMBOUF
QBSFDF SFDPOPDFS BMHO EFTUFMMP QPTJUJWP
TJOP QPS OP IBCFSMB MMFWBEP
B DBCP EFM NPEP BEFDVBEP
"T FT )FJEFHHFS PCTFSWB FO FM UFYUP RVF OPT IB PDVQBEP EF -PT
QSPCMFNBT GVOEBNFOUBMFT EF MB GFOPNFOPMPHB RVF FO ,BOU TF BEWJFSUF
VOB SFGFSFODJB JODPOGVOEJCMF Z QSJPSJUBSJB BM ZP /P PCTUBOUF FO FM
BQBSUBEP B EFM FQHSBGF )FJEFHHFS TF QSFHVOUB QPS BMHP RVF QBSB
M FSB TJO EVEB FO FTF NPNFOUP EF TV DBNJOP VO QSPCMFNB QSJODJQJBM
QPS RV FM TFS EFM TVKFUP OP TF DPOWJSUJ BOUFT FO QSPCMFNB POUPMHJDP
-P DJFSUP TFBMB FM BVUPS EF 4FS Z UJFNQP FT RVF MB MPTPGB NP
EFSOB QBSUJ EFM TVKFUP QFSP MP RVF FO DPOTFDVFODJB IBCSB DBCJEP FT
QFSBS FT RVF MB POUPMPHB DPSSFTQPOEJFOUF UPNBSB B FTF TVKFUP DPNP
FOUF FKFNQMBS F JOUFSQSFUBTF EFTEF M FM DPODFQUP EF TFS 4JO FNCBS
HP MP RVF MBNFOUB )FJEFHHFS FT RVF FTUP OP PDVSSJFSB SFBMNFOUF BT
-B SB[O EF FTB RVFKB RVF OP TMP PCFEFDF BVORVF UBNCJO B VOB

WJTJO UPEBWB USBTDFEFOUBMJTUB EFM %BTFJO TF WFS NT BEFMBOUF

DVBOEP IBMMBNPT QSPGVOEJ[BEP BMHP NT FO DVFTUJPOFT RVF FT QSFDJTP
QMBOUFBS QSJNFSP
1VFT CJFO MP RVF )FJEFHHFS PQJOBCB FO FT RVF MB POUPMPHB
DPFUOFB DPOUJOVBCB PDVQOEPTF DPO QSPCMFNBT IFSFEBEPT EF MB BO
UJHVB -P OJDP RVF PDVSSJ B TV KVJDJP FT RVF FM TVKFUP QBT B TFS
DPODFCJEP DPNP DPODJFODJB QVSB QSJNFSP DPNP SFT DPHJUBOT Z QPTUF
SJPSNFOUF DPNP ZP QJFOTP %FTEF MVFHP FTUP FT BMHP RVF FM QFOTBEPS
EF 'SJCVSHP WBMPS TJFNQSF EF VOB NBOFSB NVZ OFHBUJWB &OUSF PUSBT
DPTBT QPSRVF OPT TVNJ FO FM JOTVDJFOUF Z FSSOFP EVBMJTNP TVKF
UPPCKFUP Z QPSRVF QPS PUSB QBSUF OJ UBO TJRVJFSB TF MMFH B FTUBCMFDFS
FO RV SFTQFDUP TF EJTUJOHVBO FM TFS EFM TVKFUP Z FM EFM PCKFUP 5P
EP MP NT RVF TF MPHS DPNP ZB TF IB WJTUP FT MB JEFOUJDBDJO EFM
ZP LBOUJBOP DPO VO DJFSUP ZP BQPGOUJDP 6O ZP QJFOTP RVF OP FT
VO SFQSFTFOUBDJO RVF OP FT VO FOUF FO FM TFOUJEP EF PCKFUP &TF ZP
FT QPS FM DPOUSBSJP MB DPOEJDJO EF QPTJCJMJEBE EF UPEP SFQSFTFOUBS
EF UPEP TFS QFSDJCJEP EFM FOUF QPS UBOUP EF UPEP TFS "T FM ZP FT MB
DPOEJDJO POUPMHJDB GVOEBNFOUBM EF UPEP TFS 1PS FTP TJFNQSF B KVJ
DJP EF )FJEFHHFS ,BOU IVCP EF TPTUFOFS RVF FM ZP QJFOTP EFCB QPEFS
BDPNQBBS B UPEBT MBT SFQSFTFOUBDJPOFT B UPEP DPHJUBSF MPT DPHJUBUB
: FMMP FO EFOJUJWB QPSRVF QBSB ,BOU TFS FRVJWBMESB B TFS QFSDJCJEP
P MP RVF FT MP NJTNP QPS VOB QBSUF QVFTUP Z QPS PUSB DPOTUJUVJEP FO
PCKFUP Z BT EPUBEP EF PCKFUJWJEBE
7BMESB MB QFOB QSFTUBS VO NPNFOUP EF BUFODJO BM EPCMFUF RVF
TF BDBCB EF BQVOUBS QPSRVF OP DBSFDF EF JNQPSUBODJB "T FT B MP
MBSHP EF FTUB NPOPHSBGB TF IB JOUFOUBEP NPTUSBS RVF DPO SFMBDJO
B ,BOU RVFEBSB DMBSP MP TJHVJFOUF &O QSJNFS MVHBS MP RVF ZB TF IB
&TUP FT BMHP RVF GVF NVZ SFMFWBOUF QBSB FM )FJEFHHFS EF 4FJO VO ;FJU BVORVF
MVFHP DPNP FT ZB TBCJEP MB DFOUSBMJEBE EFUFOUBEB FO BRVFMMB PCSB QPS FM %BTFJO
EFTBQBSFDF QPS SFTVMUBS UBNCJO B KVJDJP EFM NJTNP QFOTBEPS USBTDFOEFOUBM
ZP NFUBGTJDB &O DVBMRVJFS DBTP FO FTUF NPNFOUP MP RVF M BSNB FT RVF OP
GVF BT RVF MPT NPUJWPT EF MB PSJFOUBDJO QSJNBSJB EF MB MPTPGB NPEFSOB OP TPO
MPT EF MB POUPMPHB GVOEBNFOUBM TFHO MB DVBM FM TFS NJTNP Z TVT FTUSVDUVSBT
QVFEFO TFS BDMBSBEBT B QBSUJS EFM %BTFJO

"OMJTJT UFYUVBM
JOUFOUBEP FTUBCMFDFS FO FM DBQUVMP TFHVOEP EF MB TFHVOEB QBSUF RVF

QBSB ,BOU MB QPTJDJO EF MPT EJTUJOUPT NPEPT EF TFS DPNP QPTJCMF
DPNP FYJTUFOUF P DPNP OFDFTBSJP TF SFBMJ[B NFEJBOUF MBT DBUFHPSBT
Z MPT DPOTJHVJFOUFT QPTUVMBEPT EFM QFOTBNJFOUP FNQSJDP FO HFOFSBM
TFHO FTRVFNBT :B IFNPT BOBMJ[BEP MP QFDVMJBS EF FTUBT DBUFHPSBT
Z QPTUVMBEPT RVF OP BBEFO OBEB B MB DPOTUJUVDJO EF VO PCKFUP TJOP
RVF TMP FTUBCMFDFO VOB SFMBDJO DPO FM QFOTBS FO HFOFSBM EF BDVFSEP
DPO MB DVM RVFEB EFUFSNJOBEP TV NPEP EF TFS 1PS FTUF DBNJOP IFNPT
BMDBO[BEP B DPNQSFOEFS RVF FM TFS FT DPODFCJEP QPS ,BOU QFTF B TV
WJDUPSJB GSFOUF BM SBDJPOBMJTNP DPNP NFSB SFBMJEBE FGFDUJWB 8JSL
MJDILFJU
1PS UBOUP Z FO EFOJUJWB RVF FM TFS FT NFSB QPTJDJO Z RVF
FTB QPTJDJO FT QVFTUB QPS FM QFOTBS FT EFDJS QPS FM ZP USBTDFOEFOUBM
&O TFHVOEP MVHBS B MP MBSHP EF UPEBT FTUBT QHJOBT TF IB SFDPS
EBEP VOB Z PUSB WF[ MB UFTJT EF ,BOU TFHO MB DVM FM TFS OP FT VO
QSFEJDBEP SFBM 6OB UFTJT QFSGFDUBNFOUF BDPSEF DPO MP RVF TF BDBCB
EF TVCSBZBS QFSP RVF UJFOF MB QFDVMJBSJEBE FO TV GPSNVMBDJO EF FT
UBS EJSFDUBNFOUF EJSJHJEB BM TFS "T QVFT QPESBNPT DPODMVJS RVF FM
TFS LBOUJBOP FT QPS EPCMF NPUJWP QPTJDJO QPS VOB QBSUF FT MB QP
TJDJO BCTPMVUB EF VOB DPTB DPO UPEBT TVT EFUFSNJOBDJPOFT 1PS PUSB
FTB QPTJDJO FT FGFDUVBEB QPS FM ZPTVKFUP BQPGOUJDP EF UPEBT MBT
EFUFSNJOBDJPOFT RVF FO DVBOUP RVF UBM EFUFSNJOB MB QPTJDJO EF PCKF
UJWJEBE EF VO PCKFUP Z FO TOUFTJT EFM DPOKVOUP EF UPEB MB FYQFSJFODJB
QPTJCMF &T EFDJS RVF EFUFSNJOB FM TFS DPNP UBM PCKFUJWJEBE
1VFT CJFO FO FM FOTBZP -B UFTJT EF ,BOU TPCSF FM TFS OPT FO
DPOUSBNPT EF OVFWP DPO FTF EPCMFUF NFKPS DPO MB DBSB Z MB DSV[ EF
FTB OJDB NPOFEB RVF FT FM TFS DPNP QPTJDJO )FJEFHHFS BCPSEB MB UF
TJT LBOUJBOB UFOJFOEP FO DPOTJEFSBDJO MPT EJGFSFOUFT QVOUPT EF WJTUB
RVF TF BDBCBO EF TFBMBS 1FSP FO FTUB PDBTJO VOB WF[ RVF ZB TF IB
BMDBO[BOEP MB JEFOUJDBDJO EFM TFS DPO MB PCKFUJWJEBE TF QMBOUFB VOB
QSFHVOUB RVF FT DPNP VOB OVFWB WVFMUB EF UVFSDB
2V TJHOJDB BIPSB USBT MP WJTUP RVF FM TFS OP FT VO QSFEJDBEP
SFBM &O QSJNFS MVHBS BMHP DBTJ SFEVOEBOUF TJ FT PCKFUJWJEBE FOUPO
DFT OP FT TVTUBODJBMJEBE 1PS FM DPOUSBSJP FT MP EFUFSNJOBCMF EFTEF FM

TVKFUP )VFMHB EFDJS RVF FO ,BOU FTUP FT FOUFOEJEP FO FM NT HFOVJOP

TFOUJEP EF MB NJTNB MPTPGB USBTDFOEFOUBM RVF M GVOE 4JO FNCBSHP
MP TPSQSFOEFOUF BM NFOPT IBTUB DJFSUP QVOUP
FT RVF )FJEFHHFS FO
UJFOEB DPNP TF NPTUSBS DPO BMHP NT EF EFUBMMF B DPOUJOVBDJO
RVF FTUB UFTJT LBOUJBOB OP FT TJOP VOB WBSJBDJO EFM QSFTFODJBMJTNP RVF
IB DBSBDUFSJ[BEP MB NFUBGTJDB PDDJEFOUBM &TUP FT RVF UBNCJO FO FM
DBTP EF ,BOU DPNP BOUFT FO FM EF %FTDBSUFT BM OBM MB OJDB NPEVMB
DJO BQSFDJBCMF FT RVF BIPSB FM QSFTFODJBMJTNP TF NBOUJFOF EFOUSP EF
MPT NSHFOFT FTUBCMFDJEPT QPS FM SFQSFTFOUBDJPOJTNP DBSBDUFSTUJDP EF
MB NPEFSOJEBE "T QBSFDF TFS QVFT TUB FT MB WBMPSBDJO RVF SFBMJ[B
)FJEFHHFS QSDUJDBNFOUF BM OBM EF TV FOTBZP
&M IBDFS ZBDFS EF BOUFNBOP BI EFMBOUF DPNP VO NPEP

EFM UFOEFS EFM QPOFSF <:> QVFTUP RVF FM TFS TF BCSF DPNP
QSFTFODJB MB SFMBDJO DPO MP FOUF FO DVBOUP FTP RVF ZB
DF EF BOUFNBOP BI EFMBOUF QVFEF DPOWFSUJSTF FO UFOEFS
EJTQPOFS SFQSFTFOUBS Z QPOFS &O MB UFTJT EF ,BOU TPCSF
FM TFS DPNP QPTJDJO
SFJOB FM TFS FO FM TFOUJEP EF VO
QFSNBOFOUF FTUBS QSFTFOUF
$PO FTUP Z FTF BM NFOPT QBSFDF TFS FM WFSFEJDUP OBM EF )FJEFH

HFS OP TF IBCSB EBEP VO QBTP IBDJB EFMBOUF NT CJFO BM DPOUSBSJP
DPOTUJUVJSB VO SFUSPDFTP NFKPS EJDIP VOB QSEJEB EF BRVFMMP RVF
TJO MPHSBS TBUJTGBDFS B VO QFOTBS RVF RVJFSF TFSMP EFM TFS TF BMDBO
[ B WJTMVNCSBS FO MPT PSHFOFT EFM MB MPTPGB &OUPODFT MB QSFTFODJB
GVF FOUFOEJEB DPNP TF IB SFJUFSBEP JOOVNFSBCMFT WFDFT B MP MBSHP EF
FTUBT QHJOBT
DPNP MP RVF TF BDMBSB Z QFSEVSB ZBDJFOEP BI EFMBO
UF DPNP MB 1FSP SFTVMUB DMBSP B UPEBT MVDFT RVF UBM
DPODFQDJO OP TF QVFEF JEFOUJDBS DPO FM NFSP FTUBS QVFTUP BVORVF
FTUB JOUFSQSFUBDJO B KVJDJP EF )FJEFHHFS EFSJWF EF BRVMMB DPNP EF
TV PSJHFO FTFODJBM
. )FJEFHHFS -B UFTJT EF ,BOU TPCSF FM TFS PQ DJU Q &M TVCSBZBEP
FT NP

"OMJTJT UFYUVBM
/P PCTUBOUF BVORVF Z UFOJFOEP FTUP NJTNP FO DVFOUB OPT JOUFSF

TB SFDVQFSBS QPS VO NPNFOUP MB BSNBDJO IFJEFHHFSJBOB TFHO MB
DVBM MB UFTJT EF ,BOU TPCSF FM TFS DPOTUJUVZF MB DJNB 1FSP DJNB FO
RV TFOUJEP 1BSFDF OP DBCFS EVEB RVF MP FT DPNP BUBMBZB QSJWJMFHJBEB
QFSP DBCF QFOTBS RVF IBZ BMHP NT FO FTUB WBMPSBDJO Z FMMP B QFTBS
EF RVF OPT WFBNPT PCMJHBEPT B BENJUJS DPO )FJEFHHFS FO VO QSJNFS
NPNFOUP RVF TJ CJFO ,BOU MMFH MFKPT OP GVF MP TVDJFOUF DPNP QB
SB QPEFS BCSJS FM DBNJOP B MB SFTQVFTUB QPS FM TFS OJ UBO TJRVJFSB BM
DPSSFDUP QMBOUFBNJFOUP EF MB QSFHVOUB QPS MB WFSEBE EFM TFS OJ EF MB
EJGFSFODJB
2V FT QPS UBOUP FTP QPTJUJWP RVF JNQMDJUBNFOUF BMFUFB FO MB
WBMPSBDJO EF )FJEFHHFS 1VFT CJFO B NJ KVJDJP Z EBOEP QPS TFOUB
EP RVF MB QSPQVFTUB SFTVMUB BSSJFTHBEB EF MP RVF TF USBUB FT EFM DB
SDUFS USBTDFOEFOUBM RVF ,BOU BUSJCVZF BM TFS B MB PCKFUJWJEBE DPNP
QPTJDJO EF VO PCKFUP DPO UPEBT TVT EFUFSNJOBDJPOFT 4J FTUB WBMPSB
DJO SFTVMUB UBO DPOJDUJWB FT QPS VOB SB[O DMBSB Z CJFO DPOPDJEB
&M DBNJOP EF )FJEFHHFS TF QVFEF FOUFOEFS DPNP MB MVDIB DPOUSB MB
USBTDFOEFOUBMJEBE TFB TUB FOUFOEJEB DPNP MP TFB 1FSP FO EJDIB OF
GBTUB USBTDFOEFOUBMJEBE IBZ BMHP RVF JOUFSFTB B OVFTUSP QFOTBEPS
"MHP RVF UBNCJO TF IB EFKBEP OPUBS FO FM QBSHSBGP FTUVEJBEP FO MB
TFDDJO BOUFSJPS 2VF QSFDJTBNFOUF BIPSB DVBOEP FTUBNPT BOBMJ
[BOEP Z WBMPSBOEP VO UFYUP USFJOUB Z DVBUSP BPT QPTUFSJPS TVSKBO
FMFNFOUPT DPNVOFT OP FT SB[O QBSB FTUBCMFDFS JODPNQBUJCJMJEBEFT P
BQFMBS TJO NT B VO DBNCJP EF SVUB 1PSRVF MP RVF FTU FO FM GPOEP EF
BNCPT UFYUPT FT BMHP RVF QFSNBOFDF DPOTUBOUF FO FM QFOTBS EF )FJ
EFHHFS 4F USBUB EF BMHP CJFO TFODJMMP TFS Z %BTFJO TF DPQFSUFOFDFO
-B ,FISF QSPICF DVBMRVJFS QMBOUFBNJFOUP EF DPSUF TVCKFUVBMJTUB ZP
USBTDFOEFOUBM QFSP OP FYDMVZF TJOP RVF USBOTGPSNB MB DPNQSFOTJO
EFM %BTFJO RVF QBTB B TFS FOUFOEJEP DPNP NCJUP FTQBDJP UFNQPSBM
QBSB FM PDVMUBNJFOUPEFTPDVMUBNJFOUP EFM TFS &O 4FS Z UJFNQP )FJ
-B PCKFDJO TFHO MB DVBM FM UFYUP EF TF FODVFOUSB UPEBWB EFOUSP EF MB

FTUFMB EF 4FJO VOE ;FJU Z RVF FT BOUFSJPS B MB ,FISF FT QBSB FM BTVOUP RVF TF
FTU QMBOUFBOEP BRV NFOPS TJ OP JSSFMFWBOUF &TQFSP RVF MP RVF TF FYQPOF B
DPOUJOVBDJO FO FM DVFSQP EFM UFYUP WBMHB QBSB TVTUFOUBS FTUB BSNBDJO

EFHHFS TPTUVWP RVF IBZ TFS Z WFSEBE FO MB NFEJEB FO RVF FM %BTFJO

FT VOB UFTJT RVF OP DBCF EVEB PUPSHBCB MB DFOUSBMJEBE EFCJEP B TV
QSFFNJOFODJB OUJDPPOUPMHJDB BM %BTFJO DPNP FYJTUFODJB &T DJFSUP
MP IFNPT QPEJEP BOBMJ[BS FO MB *OUSPEVDDJO B 2V FT NFUB
GTJDB RVF MB DPNQSFOTJO EFM %BTFJO DPNP FYJTUFODJB FYUUJDB
DPOTUJUVZF VO BVUOUJDP HJSP 1FSP BMHP DPOUJOVB FTUBOEP DMBSP &TF
%BTFJO FT MB -JDIUVOH &T FO FTUF TFOUJEP FO FM RVF BIPSB Z TJO UF
NPS B BOBDSPOJTNPT TF QVFEF EFDJS RVF TFS Z %BTFJO TF DPQFSUFOFDFO
FT EFDJS RVF OP IBZ TFS TJO %BTFJO OJ %BTFJO TJO TFS
%JDIP EF PUSP NPEP Z SFTDBUBOEP FM TJHOJDBEP EF MB EJGFSFODJB
POUPMHJDB RVF )FJEFHHFS IB SFDPSEBEP BM OBM EF -B UFTJT EF ,BOU
TPCSF FM TFS FM TFS OP FT OP QFSUFOFDF OP QVFEF QFSUFOFDFS BM NCJUP
EF MP FOUF OP QVFEF TFS QVFTUP OJ SFQSFTFOUBOEP OJ PCKFUJWBEP &M
TFS EJDIP DPO FM BFKP MFOHVBKF EFM 4FS Z UJFNQP FT MB OBEB EFM
FOUF "IPSB CJFO TJ TFS Z %BTFJO TF DPQFSUFOFDFO EFM NPEP FO RVF
TF IB JOUFOUBEP EFTDSJCJS DPNFO[BNPT B FOUFOEFS RVF FO MB UFTJT EF
,BOU TPCSF FM TFS )FJEFHHFS FODPOUSBSB BMHP QPTJUJWP OP UBOUP FO
MP RVF FM NJTNP ,BOU TPTUVWP DVBOUP FO FM EFTUFMMP EF MV[ RVF FTP
GVF QBSB )FJEFHHFS 6O EFTUFMMP QVFT FM TFS OP FT Z QPS MP UBOUP
OP QVFEF TFS BQSFTBEP DPODFQUVBMNFOUF 1PS FTUB SB[O RVJ[ WBMHB
MB QFOB SFDPSEBS VOB EF MBT GPSNVMBDJPOFT NT SPUVOEBT BDFSUBEBT
Z FYQSFTJWBT EF )FJEFHHFS DPO SFMBDJO BM UFNB RVF OPT IB FTUBEP
PDVQBOEP
&M MFOHVBKF FT MB DBTB EFM TFS &O TV NPSBEB IBCJUB

FM IPNCSF -PT QFOTBEPSFT Z MPT QPFUBT TPO MPT HVBSEJB
OFT EF FTB NPSBEB 4V HVBSEB DPOTJTUF FO MMFWBS B DBCP MB
NBOJGFTUBDJO EFM TFS FO MB NFEJEB FO RVF NFEJBOUF TV
EFDJS FMMPT MB MMFWBO BM MFOHVBKF Z BMM MB DVTUPEJBO
&M
QFOTBS TMP BDUB FO MB NFEJB FO RVF QJFOTB &TUF BDUVBS
FT TFHVSBNFOUF FM NT TJNQMF QFSP UBNCJO FM NT FMF
WBEP QPSRVF BUBF B MB SFMBDJO EFM TFS DPO FM IPNCSF
. )FJEFHHFS $BSUB TPCSF FM IVNBOJTNP

FO )JUPT PQ DJU Q

$POGSPOUBDJO EF MB JOUFSQSFUBDJO IFJEFHHFSJBOB EFM ZP QJFOTP DPO ,BOU
$POGSPOUBDJO EF MB JOUFSQSFUBDJO IFJEFHHF

SJBOB EFM ZP QJFOTP DPO ,BOU
1BSB MMFWBS B DBCP FTUB DPOGSPOUBDJO IBZ RVF SFDPSEBS BMHP ZB

TBCJEP "VORVF ,BOU UBNCJO TF SFFSF BM ZP USBTDFOEFOUBM FO PUSPT
MVHBSFT EF TV $SUJDB EF MB SB[O QVSB EPOEF WBNPT B IBMMBS VO USB
UBNJFOUP NT TJTUFNUJDP Z UJM QBSB EJMVDJEBS MBT DVFTUJPOFT RVF OPT
FTUO PDVQBOEP FO FM MUJNP DBQUVMP EF FTUF MJCSP FT FO MB %FEVDDJO
USBTDFOEFOUBM EF MBT DBUFHPSBT UBM DPNP TV BVUPS MB FTUBCMFDJ FO MB
TFHVOEB FEJDJO EF TV $SUJDB
1PS FTUF NPUJWP QBSB DPNFO[BS FTUB FYQPTJDJO Z BOUFT EF BEFO
USBSOPT EF MMFOP FO MB DPODFQDJO LBOUJBOB EFM ZP QJFOTP QVFEF TFS UJM
UPNBS FO DPOTJEFSBDJO MP RVF IB TFBMBEP .BSUOF[ .BS[PB DPO SF
MBDJO BM PCKFUJWP RVF ,BOU TF QSPQPOF DVBOEP SFBMJ[B MB %FEVDDJO
USBTDFOEFOUBM EF MBT DBUFHPSBT %F MP RVF TF USBUB FT EF EFNPTUSBS
MB WBMJEF[ PCKFUJWB EF MBT DBUFHPSBT FO HFOFSBM 1BSB RVF RVFEF EF
NPTUSBEP RVF MBT DBUFHPSBT FTUO TVQVFTUBT FO UPEP VTP EFM FOUFOEJ
NJFOUP FO UPEP KVJDJP CBTUB DPO MB EFEVDDJO NFUBGTJDB 4JO FNCBSHP
FTUF UJQP EF EFNPTUSBDJO OP FT TVDJFOUF QBSB MPT OFT EF MB -HJ
DB USBTDFOEFOUBM -B SB[O FT RVF OP NVFTUSB MB WJODVMBDJO FOUSF
MPT DPODFQUPT QVSPT EFM FOUFOEJNJFOUP RVF ZB TF IBO EFTDVCJFSUP Z FM
DPOPDJNJFOUP FO TV DPOKVOUP OP IBDF WFS FM TJTUFNB EF DPODFQUPT DPNP
VOB EF MBT EPT DBSBT EF MB OJDB GPSNB EF MB FYQFSJFODJB FT EFDJS OP
WJODVMB MPT DPODFQUPT QVSPT EFM FOUFOEJNJFOUP DPO MB JOUVJDJO QVSB
"T EF MP RVF TF USBUB FO MB EFEVDDJO USBTDFOEFOUBM FT EF NPTUSBS MB
WJODVMBDJO EF MBT DBUFHPSBT DPO FM DPOPDJNJFOUP FO TV DPOKVOUP EF
NPTUSBS RVF MBT DBUFHPSBT QFSUFOFDFO B MB OJDB DPTB RVF FT MB GPSNB
EF MB FYQFSJFODJB MB WJODVMBDJO EF FMMPT DPO MB JOUVJDJO QVSB
-P RVF MB EFEVDDJO USBTDFOEFOUBM EF MBT DBUFHPSBT NVFTUSB FT
RVF TUBT TPO DPODFQUPT WMJEPT QBSB UPEP QPTJCMF PCKFUP EF FYQFSJFO
&TUB QFRVFB JOUSPEVDDJO FTU CBTBEB FO MP RVF TPTUJFOF ' .BSUOF[ .BS[PB
FO 3FMFFS B ,BOU PQ DJU
$G *C Q

DJB -B EFNPTUSBDJO EF FTUP DPOTJTUJS FO IBDFS WFS RVF FM DPODFQUP

QVSP Z MB JOUVJDJO QVSB MBT DBUFHPSBT Z FM UJFNQP MB GPSNB EFM FO
UFOEJNJFOUP Z EF MB TFOTJCJMJEBE
OP DPOTUJUVZFO PUSP UJQP EF EVBMJEBE
TJOP MBT EPT DBSBT EF MP NJTNP %JDIP EF PUSP NPEP RVF IBZ VOB OJDB
GPSNB EF FYQFSJFODJB RVF FTUBS TPNFUJEP B MBT DPOEJDJPOFT EFM UJFNQP
Z B MBT DBUFHPSBT FT MP NJTNP %F IFDIP PDVSSF RVF FM TJTUFNB EF MBT
DBUFHPSBT FT DPODFQUVBMNFOUF BRVFMMP NJTNP RVF FM UJFNQP FT DPNP
JOUVJDJO
&M ZP QJFOTP PSJHJOBSJB VOJEBE TJOUUJDB EF BQFSDFQ

DJO USBTDFOEFOUBM
4FHO )F MB %FEVDDJO USBTDFOEFOUBM EF MBT DBUFHPSBT

DPOUJFOF VO QSJNFSB FTUSVDUVSBDJO ,BOU EJWJEF TV EJTDVSTP FO EPT
QBTPT EFNPTUSBUJWPT B MPT RVF QSFDFEF VOB SFFYJO QSFQBSBUPSJB
TUB FT MB RVF UJFOF MVHBS FO MPT QBSHSBGPT Z
/PTPUSPT OPT
WBNPT B DFOUSBS FYDMVTJWBNFOUF FO MPT QBSHSBGPT EF MB TFHVO
EB FEJDJO RVF TPO MPT RVF NT EJSFDUBNFOUF UJFOFO RVF WFS DPO MBT
DVFTUJPOFT BCPSEBEBT FO FTUF USBCBKP

&O FM QBSHSBGP ,BOU QMBOUFB MB QPTJCJMJEBE EF VOB DPNCJOB
DJO FO HFOFSBM 1PS DPNCJOBDJO FOUJFOEF
VO BDUP JOUFMFDUVBM BM RVF EBSFNPT FM OPNCSF HFOFSBM EF

TOUFTJT $PO FMMP IBSFNPT OPUBS B MB WF[ RVF OP QPEFNPT
SFQSFTFOUBSOPT OBEB MJHBEP FO FM PCKFUP TJ QSFWJBNFOUF
OP MP IFNPT MJHBEP OPTPUSPT NJTNPT Z RVF UBM DPNCJOB
DJO FT FOUSF UPEBT MBT SFQSFTFOUBDJPOFT MB OJDB RVF OP
WJFOF EBEB NFEJBOUF PCKFUPT TJOP RVF BM TFS VO BDUP EF
MB FTQPOUBOFJEBE EFM TVKFUP TMP QVFEF TFS SFBMJ[BEB QPS
$G *C QQ

$G 5 )F *ONBOVFM ,BOU )FSEFS #BSDFMPOB
$G * ,BOU ,S7 # TT Z #

FTUF 4F BEWJFSUF GDJMNFOUF RVF FTUF BDUP IB EF TFS PSJHJ

OBSJBNFOUF VOP JOEJTUJOUBNFOUF WMJEP QBSB UPEB DPNCJ
OBDJO Z RVF MB EJTPMVDJO FM BOMJTJT RVF QBSFDF TFS TV
PQVFTUP TJFNQSF MP QSFTVQPOF &O FGFDUP OBEB QVFEF EJ
TPMWFS FM FOUFOEJNJFOUP BMM EPOEF OBEB IB DPNCJOBEP ZB
RVF OJDBNFOUF QPS NFEJP EFM NJTNP FOUFOEJNJFOUP IB
QPEJEP EBSTF B MB GBDVMUBE EF SFQSFTFOUBS BMHP RVF BQB
SF[DB MJHBEP
%F FTUF FYUFOTP UFYUP RVF BDBCB EF DJUBSTF DPOWJFOF SFTDBUBS BM

HVOPT FMFNFOUPT RVF FT QSFDJTP FOUFOEFS QBSB DPNQSFOEFS MP RVF ,BOU
FOUJFOEF QPS ZP QJFOTP Z EF FTUF NPEP QPEFS DPOGSPOUBS TV FYQPTJ
DJO DPO MB JOUFSQSFUBDJO RVF EF M IBDF )FJEFHHFS
-B DPNCJOBDJO FT TOUFTJT 4F USBUB EF VOP EF MPT USNJOPT DMBWF
FO FM DPOKVOUP EF MB MPTPGB USBTDFOEFOUBM LBOUJBOB -P RVF FO FTUPT
NPNFOUPT MF JOUFSFTB TVCSBZBS B ,BOU FT RVF TPNPT OPTPUSPT FO EF
OJUJWB FM ZP QJFOTP RVJFOFT SFBMJ[BNPT MB TOUFTJT Z RVF QPS UBOUP
TUB FT VO BDUP EF MB FTQPOUBOFJEBE EFM TVKFUP
1PS PUSB QBSUF DPOWJFOF UBNCJO UFOFS FO DVFOUB RVF FTF BDUP EF
TOUFTJT FT MP QSJNFSP EF NBOFSB RVF FM BOMJTJT RVF TJO EVEB TF QVFEF
EBS TMP QVFEF UFOFS MVHBS EF NBOFSB TFDVOEBSJB FT EFDJS QPSRVF
ZB BOUFT Z QSJNFSP IB IBCJEP TOUFTJT "T QVFT UBM BDUP IB EF TFS
BEFNT PSJHJOBSJBNFOUF VOP DPO JOEFQFOEFODJB EF MB DPNCJOBDJO
RVF FO DBEB DBTP TF SFBMJDF
$PNCJOBS RVJFSF EFDJS SFQSFTFOUBSTF MB VOJEBE TJOUUJ

DB EF MP EJWFSTP -B SFQSFTFOUBDJO EF UBM VOJEBE OP QVFEF
TVSHJS QVFT EF MB DPNCJOBDJO TJOP RVF BM DPOUSBSJP FT
FTB SFQSFTFOUBDJO MB RVF BBEJOEPTF B MB SFQSFTFOUB
DJO EF MB EJWFSTJEBE IBDF QPTJCMF FM DPODFQUP EF DPNCJ
OBDJO
*C #

*C #

$PNP TF QVFEF BQSFDJBS FM DPOKVOUP EF MB SFFYJO LBOUJBOB HJSB

FOUPSOP B MB JEFB EF TOUFTJT EF DPNCJOBDJO RVF TJHOJDB VO SFQSF
TFOUBSTF MB VOJEBE EF MP EJWFSTP &TP EJWFSTP TF QVFEF EFDJS BM NFOPT
FO BMHVOB NFEJEB RVF MF FT EBEP BM TVKFUP 1FSP IBZ BMHP RVF FT BC
TPMVUBNFOUF FTQPOUOFP B MB SFQSFTFOUBDJO EF MB EJWFSTJEBE TF MF
IB EF BBEJS MB SFQSFTFOUBDJO EF MB VOJEBE Z TMP BT FT QPTJCMF MP
HSBS MB VOJEBE MUJNB Z EFOJUJWB RVF EBS MVHBS B MB DPOTUJUVDJO EF
MB FYQFSJFODJB QPTJCMF 1PS FMMP NJTNP ,BOU UJFOF VO HSBO FNQFP FT
FTUBCMFDFS MB EJGFSFODJB RVF IBZ FOUSF MB NFSB DBUFHPSB EF VOJEBE Z
MB TVQFSJPS Z EFOJUJWB VOJEBE TJOUUJDB RVF OP QFSUFOFDF ZB BM PSEFO
DBUFHPSJBM Z BM RVF TUF FTU TVQFEJUBEP
&TUB VOJEBE RVF QSFDFEF B QSJPSJ B UPEPT MPT DPODFQUPT

EF DPNCJOBDJO OP FT MB DBUFHPSB EF VOJEBE NFODJPOBEB
FO g ZB RVF UPEBT MBT DBUFHPSBT TF CBTBO FO GVODJPOFT
MHJDBT FO MPT KVJDJPT
-B DBUFHPSB QSFTVQPOF QVFT
MB DPNCJOBDJO &O DPOTFDVFODJB UFOFNPT RVF CVTDBS FTB
VOJEBE
NT BSSJCB UPEBWB FT EFDJS FO BRVFMMP NJTNP
RVF DPOUJFOF FM GVOEBNFOUP EF VOJEBE EF EJWFSTPT DPODFQ
UPT FO MPT KVJDJPT Z DPOTJHVJFOUFNFOUF FM GVOEBNFOUP EF
QPTJCJMJEBE EFM FOUFOEJNJFOUP JODMVTP FO TV VTP MHJDP
,BOU FTU RVFSJFOEP EFNPTUSBS Z BMHP NT BEFMBOUF MP IBS EF VO

NPEP UPEBWB NT SPUVOEP
RVF MB WBSJFEBE EF MBT SFQSFTFOUBDJPOFT
GPSNB VOB VOJEBE NFEJBOUF MB BVUPDPODJFODJB USBTDFOEFOUBM Z MVF
HP RVF MBT DBUFHPSBT QSFTUBO B MB VOJEBE TV DPODSFDJO OFDFTBSJB
&O FGFDUP DPNP FT TBCJEP UPEP DPOPDJNJFOUP DPOTJTUF FO MB DPOFYJO
EF VOB WBSJFEBE EF SFQSFTFOUBDJPOFT JOUVJDJPOFT P DPODFQUPT
FO VOB
VOJEBE &TUB DPOFYJO MB IBDF FM TVKFUP Z OP EFTEF MVFHP MB TFOTJCJ
MJEBE FO MB NFEJEB FO RVF FT NFSBNFOUF SFDFQUJWB -B FTQPOUBOFJEBE
EF MB BDDJO EFM FOUFOEJNJFOUP FT MB RVF FGFDUB UPEB TOUFTJT
*C
$G *C gg #
$G *C gg #

1PS UBOUP FT NFOFTUFS JOTJTUJS FO FMMP FM PSJHFO P QSJODJQJP TVQSF

NP EF UPEB TOUFTJT FT MB BDDJO JOUFMFDUJWB RVF TVCZBDF FO UPEBT MBT
GPSNBT EF TOUFTJT -B GVFOUF FT QPS UBOUP VOB TOUFTJT PSJHJOBSJB FO
VOB DPOFYJO VOJDBEPSB RVF TF EB QSFWJBNFOUF B UPEB DPOFYJO EF
UFSNJOBEB TJO EFQFOEFS ZB EF PUSB TVQFSJPS 5BM TOUFTJT IFNPT MFEP
FO FM UFYUP EF ,BOU RVF TF IB DJUBEP FO MUJNP MVHBS OP QVFEF JEFOUJ
DBSTF EF OJOHO NPEP DPO MB DBUFHPSB EF VOJEBE ZB RVF TF FODVFOUSB
FO VO OJWFM TVQFSJPS NT BO FO FM NT BMUP OJWFM /P TF USBUB ZB
EF RVF TFODJMMBNFOUF TFB WMJEB B QSJPSJ FT RVF PTUFOUB FM SBOHP EF
VOB VOJEBE USBTDFOEFOUBM EF MB DPODJFODJB RVF OP FGFDUB VOB TJNQMF
TOUFTJT EF MB WBSJFEBE EF SFQSFTFOUBDJPOFT FTUP TF IBDF NFEJBOUF DPO
DFQUPT FNQSJDPT P QVSPT
&MMB FT FM QSFTVQVFTUP RVF QPTJCJMJUB UPEB
TOUFTJT FNQSJDB P DBUFHPSJBM "T MB VOJEBE DSFBEB QPS MBT DBUFHPSBT
SFDJCF BO PUSB GPSNB MB VOJEBE USBTDFOEFOUBM EF MB BQFSDFQDJO P EF
MB BVUPDPODJFODJB
,BOU UJUVMB FM QBSHSBGP EF TV $SUJDB EF MB SB[O QVSB -B
PSJHJOBSJB VOJEBE TJOUUJDB EF MB BQFSDFQDJO &TUB VOJEBE FT UBN
CJO EFOPNJOBEB MB VOJEBE PCKFUJWB QVFTUP RVF FT MB DPOEJDJO EF
QPTJCJMJEBE EF MPT PCKFUPT Z EFCF EJTUJOHVJSTF EF MB VOJEBE TVCKFUJWB EF
MB DPODJFODJB RVF FT VOB EFUFSNJOBDJO EF MPT TFOUJEPT JOUFSOPT
" MB IPSB EF DFOUSBS FM BTVOUP RVF WB B NPTUSBS MB QSJNFSB Z
DBUFHSJDB BSNBDJO EF ,BOU FT RVF
FM ZP QJFOTP UJFOF RVF QPEFS BDPNQBBS UPEBT NJT SFQSF

TFOUBDJPOFT %F MP DPOUSBSJP TFSB SFQSFTFOUBEP FO N BM
HP RVF OP QPESB TFS QFOTBOEP MP RVF FRVJWBMF B EFDJS RVF
MB SFQSFTFOUBDJO P CJFO TFSB JNQPTJCMF P BM NFOPT OP
TFSB OBEB QBSB N
&T OFDFTBSJP QPS FYQSFTBSMP EF PUSP NPEP RVF UPEBT NJT SFQSF
TFOUBDJPOFT IBZBO EF QPEFS TFS JODMVJEBT FO MB VOJEBE EF VOB OJDB
$G 5 )F PQ DJU QQ

* ,BOU ,S7 #
*C #

FYQFSJFODJB 1FSP MP OJDP RVF UPEBT NJT SFQSFTFOUBDJPOFT UJFOFO FO

DPNO FT RVF TPO NBT 1PS FTP NJTNP EF MP RVF TF USBUB FT EF RVF
DVBMRVJFS SFQSFTFOUBDJO IBZB EF IBDFS DPOUFYUP DPO DVBMRVJFS PUSB
SFQSFTFOUBDJO DPHOPTDJUJWBNFOUF WMJEB :P FYQMJDB .BSUOF[ .BS
[PB FT FM FOVODJBOUF EF VO FOVODJBEP WMJEP DPNP UBM BT MB QPTJDJO
EF VOJEBE RVF FT FM DPODFQUP QVSP Z FO MB DVBM DPOTJTUF MB PCKFUJWJEBE
BDPOUFDF DPNP BVUPQPTJDJO EFM QSPQJP QPOFOUF &TUB FT MB SB[O
EF RVF FM ZP QJFOTP IBZB EF BDPNQBBS B UPEBT TVT SFQSFTFOUBDJPOFT
-P RVF TF BDBCB EF SFDPSEBS IBTUB BRV UBNCJO TF QPESB FYQMJDBS
EF MB TJHVJFOUF NBOFSB 1BSB RVF TFB QPTJCMF MB VOJEBE EF MP EJWFSTP
FTUP FT MP EBEP UJFOF RVF IBCFS VOB BSNPOB RVF FT UBSFB EFM ZP
QJFOTP FT EFDJS MB NVMUJQMJDJEBE OFDFTJUB EF VOB DPNCJOBDJO TFHO
VOBT MFZFT -BT GPSNBT QVSBT QPS T TPMBT OP VOFO P TMP MP IBDFO
TFDVOEBSJBNFOUF
FT QSFDJTP FM FKFSDJDJP EF MB NT BMUB GVODJO FM ZP
VOP ZP QJFOTP TJO MB DVBM FT JNQPTJCMF DPOTUJUVJS BMHP DPNP PCKFUP
FT EFDJS DPOTUJUVJS MB PCKFUJWJEBE Z BT MB FYQFSJFODJB QPTJCMF 4JO
FTUB GVODJO TFSB JNQPTJCMF IBTUB EBS GPSNB B FTP RVF TF IB MMBNBEP
FO BMHVOBT PDBTJPOFT FM DBPT EF JNQSFTJPOFT -VFHP QBSB ,BOU Z
DPNP ZB TF IB TFBMBEP KV[HBS FT TJOUFUJ[BS Z TJOUFUJ[BS OP FT PUSB DP
TB RVF VOJS " KVJDJP EFM BVUPS EF MB $SUJDB EF MB SB[O QVSB FM PCKFUP
DPOTUSVJEP B EJGFSFODJB EF "SJTUUFMFT RVF DPOTJEFSBCB FM DPODFQ
UP SFTVMUBEP EF VOB BCTUSBDDJO FT QSFDJTBNFOUF FTP FM SFTVMUBEP
EF VOB DPOTUSVDDJO EFM TVKFUPZP VOP RVF NFEJBOUF FTRVFNBT Z
QSJODJQJPT EF PSEFO USBTDFOEFOUBM IBDFO QPTJCMF MB PCKFUJWJEBE EF MB
FYQFSJFODJB
"T QVFT Z DPNP ZB IB EJDIP FM NJTNP ,BOU FO VOP EF MPT UFY
UPT DJUBEPT BM DPNJFO[P EF FTUF FQHSBGF MB TOUFTJT OP TF FYUSBF FO
BCTPMVUP EF MP EBEP &T FM ZP USBTDFOEFOUBM FM ZP VOP FM RVF QPTJ
CJMJUB MB TOUFTJT B UPEPT MPT OJWFMFT UBOUP RVF TF QVFEF EFDJS RVF TV
PQFSBUJWJEBE FTQPOUOFB BMDBO[B FO MB NFEJEB FO RVF BI UBNCJO TF
EB Z FT OFDFTBSJB MB TOUFTJT IBTUB FO FM OJWFM NT CBKP EF MB QVSB
SFDFQUJWJEBE
' .BSUOF[ .BS[PB )JTUPSJB EF MB MPTPGB ** PQ DJU Q

*HVBMNFOUF MMBNP B MB VOJEBE EF BQFSDFQDJO MB VOJ

EBE USBTDFOEFOUBM EF MB BVUPDPODJFODJB B O EF TFBMBS MB
QPTJCJMJEBE EF DPOPDFS B QSJPSJ QBSUJFOEP EF FMMB &O FGFD
UP MBT EJGFSFOUFT SFQSFTFOUBDJPOFT EBEBT FO VOB JOUVJDJO
OP MMFHBSBO B GPSNBS DPOKVOUBNFOUF NJT SFQSFTFOUBDJP
OFT TJ OP QFSUFOFDJFSBO UPEBT B VOB TPMB BVUPDPODJFODJB
&T EFDJS DPNP SFQSFTFOUBDJPOFT NBT BVORVF OP UFOHB
DPODJFODJB EF FMMBT FO DBMJEBE EF UBMFT
EFCFO DPOGPSNBS
TF GPS[PTBNFOUF B MB DPOEJDJO RVF MFT QFSNJUF IBMMBSTF
KVOUBT FO VOB BVUPDPODJFODJB HFOFSBM QPSRVF EF MP DPO
USBSJP OP NF QFSUFOFDFSBO DPNQMFUBNFOUF
$BEB WF[ TF NVFTUSB DPNP NT JOBQFMBCMF MB OFDFTJEBE EF FTF ZP

VOP RVF FT FM RVF FO MUJNB JOTUBODJB QFSNJUF FTUBCMFDFS UPEBT MBT
DPOFYJPOFT &O EFOJUJWB OP TF QVFEFO EBS BMHP BT DPNP SFQSFTFO
UBDJPOFT TJO VO TVKFUP EF MBT SFQSFTFOUBDJPOFT QPSRVF TJ BT GVFSB OP
FYJTUJSB TJO NT FTB QPTJCJMJEBE EF SFQSFTFOUBDJO 5PEB DPODJFODJB
JNQMJDB OP TMP VO PCKFUP TJOP MB QPTJCJMJEBE EF UFOFS MB DPODJFODJB EF
PCKFUP 5PEB DPODJFODJB JODMVZF BT VOB QPTJCMF BVUPDPODJFODJB " FMMB
TF SFFSF ,BOU FO MPT TJHVJFOUF USNJOPT
-B MMBNP BQFSDFQDJO QVSB QBSB EJTUJOHVJSMB EF MB FN

QSJDB P UBNCJO BQFSDFQDJO PSJHJOBSJB ZB RVF FT VOB
BVUPDPODJFODJB RVF BM EBS MVHBS B MB SFQSFTFOUBDJO ZP
QJFOTP
OP QVFEF FTUBS BDPNQBBEB QPS OJOHVOB PUSB
SFQSFTFOUBDJO
-P RVF DPO FTUB SFGFSFODJB B MB BQFSDFQDJO FTU EJDJFOEP ,BOU FT

BMHP RVF BUBF EF NBOFSB EJSFDUB BM QMBOUFBNJFOUP Z MB DSUJDB IFJEFH
HFSJBOBT 4F WF BMHP RVF ZB IFNPT WJTUP FO MPT FQHSBGFT BOUFSJPSFT
Z UBNCJO EF NPEP JOEJSFDUP FO FM DBQUVMP EFEJDBEP B %FTDBSUFT
* ,BOU ,S7 #

*C #

4F USBUB EF MP TJHVJFOUF 4J IBZ VO PCKFUP SFQSFTFOUBEP IB EF IBCFS

VO TVKFUP SFQSFTFOUBEPS B MB WF[ UBM TVKFUP SFQSFTFOUBEPS IB EF UF
OFS DPODJFODJB EF T QVFT EF MP DPOUSBSJP DPNP UBNCJO TF IB WJTUP
ZB TVT SFQSFTFOUBDJPOFT OP TFSBO OBEB QBSB M NJTNP &M ZP FT VOB
VOJEBE PSJHJOBSJBNFOUF B QSJPSJ Z TJO FNCBSHP TJOUUJDB QPS FTP MB
MMBNB ,BOU VOJEBE TJOUUJDB EF MB BQFSDFQDJO &O FMMB SFTJEF FM GVO
EBNFOUP MUJNP EF MB VOJEBE EFM PCKFUP Z EF MB JEFOUJEBE EFM TVKFUP
"NCPT GBDUPSFT TF SFMBDJPOBO FOUSF T 1FSP MP RVF FO EFOJUJWB FT
QSFDJTP SFUFOFS FT RVF UBM DPNP IB DPODFCJEP ,BOU FM DPOPDJNJFOUP Z
MB QPTJCJMJEBE EF DPOTUJUVDJO EF MB FYQFSJFODJB OP IBZ PCKFUP TJO TV
KFUP OJ TVKFUP TJO PCKFUP "T QVFT Z EJDIP UPEBWB EF PUSP NPEP FM ZP
QJFOTP FT VOB SFQSFTFOUBDJO JSSFEVDJCMF RVF QFSNBOFDF FO UPEBT MBT
SFQSFTFOUBDJPOFT KVOUP DPO TVT EJWFSTPT DPOUFOJEPT 1PS UBOUP Z B MB
WF[ QPS MP NJTNP FT EFOPNJOBEP MB VOJEBE PSJHJOBSJB Z TJOUUJDB EF
MB BQFSDFQDJO
/P PCTUBOUF MP ZB WJTUP BIPSB FT QSFDJTP EBS UPEBWB VO QBTP
NT &T FM TJHVJFOUF "VORVF MB TOUFTJT OP TF EB TJO FM TVKFUP Z TV
GVODJO FT QSFDJTBNFOUF SFBMJ[BS UPEB TOUFTJT TUF FT FO T NJTNP VO
BOBMUJDP
&M QSJODJQJP EF MB OFDFTBSJB VOJEBE EF BQFSDFQDJO FT

B TV WF[ JEOUJDP Z DPOTUJUVZF QPS UBOUP VOB QSPQPTJDJO
BOBMUJDB QFSP FYQSFTB MB OFDFTJEBE EF FGFDUVBS VOB TO
UFTJT
TJO MB DVBM FT JNQPTJCMF QFOTBS BRVFMMB DPNQMFUB
JEFOUJEBE EF MB BVUPDPODJFODJB
&TUB BSNBDJO LBOUJBOB QVFEF SFTVMUBS BM QSJODJQJP EJGDJM EF FO

UFOEFS /P PCTUBOUF FT BCTPMVUBNFOUF DPIFSFOUF DPO TV DPODFQDJO
EFM ZP QJFOTP 1BSB DPNQSFOEFSMP IBZ RVF UFOFS FO DVFOUB RVF FTUB
BVUPDPODJFODJB USBTDFOEFOUBM DPOUJFOF VO DPOPDJNJFOUP RVF FT WMJEP
DPNP QSFTVQVFTUP USBTDFOEFOUBM EF UPEP QFOTBNJFOUP Z DPO JOEFQFO
EFODJB EF UPEBT MBT JOUVJDJPOFT 1FSP MP DJFSUP FT RVF MB BVUPDPODJFODJB
$G *C g

,S7 #

USBTDFOEFOUBM FT TMP BVUPDPODJFODJB EF RVF ZP TPZ P FYJTUP QFSP OP

DPOTUJUVZF FO OJOHO DBTP VOB FTQFDJF EF BVUPDPOPDJNJFOUP EF MP RVF
ZP TPZ : FT RVF FM ZP QJFOTP FT BOUF UPEP MP RVF TF IB EJDIP EFTEF FM
QSJODJQJP MB TOUFTJT MB GVODJO EF TOUFTJT
TUB FT MB SB[O QPS MB RVF TF EFCF EJTUJOHVJS DPO UPUBM DMBSJEBE
MB DPODFQDJO DBSUFTJBOB EFM DPHJUP EF MB LBOUJBOB EFM ZP QJFOTP -B
QFSDFQDJO USBTDFOEFOUBM FT VO TVQVFTUP EF UPEP DPOPDFS QFSP RVF OP
FT VOB TVTUBODJB DPNP MP FSB MB SFT DPHJUBOT ,BOU TF SFFSF BM
ZP QJFOTP QSFDJTBNFOUF QBSB QSFWFOJS FM NBMFOUFOEJEP TVTUBODJBMJTUB
"EFNT FTUF ZP QJFOTP DPNP MBT JEFBT EF MB SB[O OP FT DPOPDJEP
TJOP TMP QFOTBEP &M ZP EF MB BQFSDFQDJO OP FT VO ZP QFSTPOBM EF
VO EFUFSNJOBEP JOEJWJEVP -B BQFSDFQDJO USBTDFOEFOUBM FT FM TVKFUP
EF MB DPODJFODJB FO HFOFSBM Z QPS FMMP FT FM NJTNP F JEOUJDP FO UPEB
DPODJFODJB Z BVUPDPODJFODJB &TUP FT QSFDJTBNFOUF MP RVF DPNP TF
IB BQVOUBEP FO FM FQHSBGF BOUFSJPS IBCB EF TFS FTDMBSFDJEP
1BSB UFSNJOBS FT QSFDJTP BQVOUBS BVORVF TFB CSFWFNFOUF B VOB
MUJNB DVFTUJO 4F USBUB EF SFDPSEBS MB MJNJUBDJO EF MB TOUFTJT EFM
ZP QJFOTP MMFWBEB B DBCP NFEJBOUF MBT DBUFHPSBT TFHO QSJODJQJPT
Z FTRVFNBT B MB FYQFSJFODJB TFOTJCMF
" DPOUJOVBDJO TF FYQPOFO B NPEP EF UFTJT BMHVOPT QVOUPT DFO
USBMFT RVF QSFUFOEFO EBS DVFOUB EF NBOFSB FTRVFNUJDB EF MP WJTUP
IBTUB FM NPNFOUP
&M ZP QJFOTP P MB VOJEBE EF MB BVUPDPODJFODJB

JODMVZF VOB TO
UFTJT EF SFQSFTFOUBDJPOFT Z OP FT QPTJCMF TJ OP FT QPS NFEJP EF
MB DPODJFODJB EF FTUB TOUFTJT 1PS FTP FT VOB VOJEBE PSJHJOB
SJBNFOUF B QSJPSJ Z TJO FNCBSHP TJOUUJDB ,BOU MB EFOPNJOB
VOJEBE TJOUUJDB EF MB BQFSDFQDJO
&TU DMBSP RVF QBSB RVF MBT EJWFSTBT SFQSFTFOUBDJPOFT EBEBT TF

DPOWJFSUBO FO PCKFUP EF FYQFSJFODJB FT OFDFTBSJP RVF TFBO SFV
OJEBT TJOUUJDBNFOUF FO VOB BVUPDPODJFODJB " MB WF[ FTB VOJEBE
$G 5 )F PQ DJU Q

TJOUUJDB EF MP NMUJQMF DPNP EBEB B QSJPSJ FT FM GVOEBNFOUP

EF MB JEFOUJEBE EF MB BVUPDPODJFODJB
-B DPODJFODJB EFM ZP DPNP JEOUJDP B T NJTNP FT EF TVZP FY

QSFTBCMF FO VOB QSPQPTJDJO BOBMUJDB ZP TPZ ZP QFSP TMP FT
QPTJCMF TPCSF MB CBTF EF MB VOJEBE TJOUUJDB EF MB BQFSDFQDJO
&O FGFDUP FM TJNQMF ZP OP PGSFDF OJOHVOB NVMUJQMJDJEBE EF SF
QSFTFOUBDJPOFT 1PS UBOUP MB VOJEBE BOBMUJDB EF MB BQFSDFQDJO
TMP FT QPTJCMF QSFTVQPOJFOEP BMHVOB VOJEBE TJOUUJDB
/P IBZ BVUPDPODJFODJB JEOUJDB B T NJTNB TJ FM TVKFUP OP FT

QVFTUP FO SFMBDJO DPO MP NMUJQMF EF MBT SFQSFTFOUBDJPOFT Z BM
SFWT MP NMUJQMF EF MBT SFQSFTFOUBDJPOFT OP TF DPOWJFSUF FO VO
PCKFUP TJ OP FT QVFTUP FO SFMBDJO DPO MB BVUPDPODJFODJB
1PS MUJNP IBZ RVF BBEJS RVF FT B QSJPSJ QPSRVF TJO DPOFYJO
OP IBZ FYQFSJFODJB : B TV WF[ MB DPOFYJO JNQMJDB MB VOJEBE EF
MB BQFSDFQDJO

TVTU DBVTB BDVTBDJO WJTUB WJTJO BTQFDUP NPEP

JNQVUBDJO NPUJWP GVOEB EF TFS OBUVSBMF[B
NFOUP
TFS FYJTUJS WJWJS IBCFS
TVTU WFSEBE EFTPDVMUB
JOOJUJWP QSFTFOUF BDUJWP EF
NJFOUP

TVTU NPTUSBDJO
FO PCSB BDUJWJEBE
TVTU OFHBDJPO
FO FM O BDUVBMJEBE
TVTU QPEFS EPNJOJP QSJO
QFSGFDDJO
DJQJP ]] QSJODJQJP
QSJNFSP TVTU TBCFS OP DJFODJB
BEK JODPNQMFUP JNQFS FO TFOUJEP NPEFSOP
GFDUP TJO O TVTU PCSB

TVTU EJWJTJO EJTUSJCV BEK EJWJOP EF PSJHFO EJ
DJO SFQBSUP WJOP
TVTU PQJOJO DSFFODJB NB TVTU NPNFOUP PQPSUVOP
OFSB EF WFS DPOWFODJO BQB PDBTJO DPZVOUVSB GBWPSBCMF
SJFODJB GBNB SFQVUBDJO
TVTU BSNBDJO
TVTU QPUFODJB GVFS[B
QPEFS DBQBDJEBE DFOTVSBS DSJUJDBS
SFQSPDIBS BDVTBS
P
TVTU HVSB GPSNB
JNBHFO JEFB SFQSFTFOUBDJO TVTU BDVTBDJO

QBSUJDJQJP QSF RVF FT FO DVBOUP RVF FT ]]

TFOUF NFEJPQBTJWP OFVUSP EF OP TFS FO TFOUJEP BC
TPMVUP
TVTU NPWJNJFOUP DBN MP RVF FT TFS

CJP MP RVF FSB TFS
BEK DPNO ]] TVTU IBDJFOEB FOUJEBE
BEW FO DPNO FO JOUFST TVTUBODJB
QCMJDP PDJBMNFOUF
TVTU GPSNBDJO
EFDJS IBCMBS ]]
TVTU NBOJGFTUBDJO
QBSUJDJQJP QSFTFOUF NFEJP
QBTJWB MP EJDIP TVTU MNJUF
TVTU EFDJS QBMBCSB BS TVTU QSPEVDDJO

NBDJO QFOTBNJFOUP EJTDVS DVBMJEBE
TP QSPQPTJDJO EFOJDJO TVTU BDDJO JONBOFOUF
BSHVNFOUP SB[POBNJFOUP ]] BDDJO TJO

OBSSBDJO GCVMB SFMBUP ]] NPWJNJFOUP
TFHO FM QFOTB
MPTPGB QSJNF
NJFOUP ]]
SB
EJTDVSTP NBOJGFTUBUJWP ]]
EJTDVSTP QMVSBM EF
TJHOJDBUJWP
JOOJUJWP QSFTFOUF EF QBSUJDJQJP QFSGFDUP
QFOTBS BDUJWP OFVUSP EF
BDDJEFOUF ]]
TVTU QFOTBNJFOUP ]]
QPS BDDJEFOUF DBTVBMJEBE
QFOTB
NJFOUP RVF TF QJFOTB B T NJT TVTU DPNQSFOTJO FO
NP UFOEJNJFOUP
TVTU QFOTBNJFOUP OP EJT TVTU TBCJEVSB
DVSTJWP
JOUFMFDDJO TVTU O
TVTU BTJNJMBDJO FTUP BMHP JOEJWJEVP
QBSUJDJQJP QSFTFOUF OFVUSP QBSUJDJQJP QSFTFOUF
EF MP RVF FT ]] MP OFVUSP EF TVKFUP ]]

FTUBS EFCBKP TVC TVTU OBUVSBMF[B ]]

ZBDFS FTUBS TVCPSEJOBEP TFHO MB OBUVSBMF[B
TVTU QSVEFODJB

#JCMJPHSBGB
'VFOUFT
"SJTUPUFMJT PQFSB FY SFDFOTJPOF * #FLLFSJ WPMT #FSMO

"EFNT 5IF 8PSLT PG "SJTUPUMF 8 % 3PTT FE
WPMT 0YGPSE
6OJWFSTJUZ 1SFTT 0YGPSE
"SJTUUFMFT .FUBGTJDB FE USJMJOHF (SFEPT .BESJE j FE

USBE Z OPUBT 7 (BSDB :FCSB
"SJTUUFMFT .FUBGTJDB (SFEPT .BESJE JOUSPE USBE Z OPUBT
5 $BMWP .BSUOF[
"SJTUUFMFT 5SBUBEPT EF MHJDB 0SHBOPO
(SFEPT .BESJE
JNQ
JOUSPE USBE Z OPUBT . $BOEFM 4BONBS
UO
"SJTUUFMFT 'TJDB (SFEPT .BESJE USBE JOUSPE Z OPUBT (
3 EF &DIBOEB
VWSFT EF %FTDBSUFT $I "EBN Z 1 5BOOFSZ FET
1BST
SFFEJDJO
%FTDBSUFT 3 %JTDVSTP EFM NUPEP .FEJUBDJPOFT NFUBGTJDBT &TQBTB
$BMQF .BESJE j FE
USBE : FE . (BSDB .PSFOUF
)FJEFHHFS . &TUVEJPT TPCSF NTUJDB NFEJFWBM 4JSVFMB .BESJE
USBE + .VP[ DPOUJFOF MB USBEVDDJO EF MPT EPT MUJNPT DVSTPT EF

#JCMJPHSBGB
MPT USFT RVF DPOUJFOF FM WPMVNFO PSJHJOBM

<1IOPNFOPMPHJF EFT SF
MJHJTFO -FCFOT (" ,MPTUFSNBOO ' B . $POUJFOF MPT
TJHVJFOUFT DVSTPT
&JOMFJUVOH JO EFS 1IOPNFOPMPHJF EFS 3FMJ
HJPO 84
. +VOH Z 5I 3FHFIMZ FET

"HVTUJ
OVT VOE EFS /FPQMBUPOJTNVT 44
. +VOH Z 5I 3FHFIMZ
FET

%JF QIJMPTPQIJTDIFO (SVOEMBHFO EFS NJUUFMBMUFSMJDIFO
.ZTUJL
"VTBSCFJUVOH VOE &JOMFJUVOH [V FJOFS OJDIU
HFIBMUFOFO 7PSMFTVOH
$ 4USVCF FE
>
)FJEFHHFS . *OUSPEVDDJO B MB GFOPNFOPMPHB EF MB WJEB SFMJHJPTB
4JSVFMB .BESJE USBE + 6TDBUFTDV <$PSSFTQPOEF BM QSJNFSP
EF MPT DVSTPT EF 1IOPNFOPMPHJF EFT SFMJHJTFO -FCFOT 84

(" ,MPTUFSNBOO ' B . . +VOH Z 5 3FHFMZ
FET
>
)FJEFHHFS . *OUFSQSFUBDJPOFT GFOPNFOPMHJDBT TPCSF "SJTUUFMFT *O
EJDBDJO EF MB TJUVBDJO IFSNFOVUJDB 5SPUUB .BESJE USBE
+ " &TDVEFSP <1IOPNFOPMPHJTDIF *OUFSQSFUBUJPOFO [V "SJ
TUPUFMFT "O[FJHF EFS IFSNFOFVUJTDIFO 4JUVBUJPO
%JMUIFZ
+BISCVDI /z QQ )BOT6MSJDI -FTTJOH FE
>
)FJEFHHFS . 1SPMFHNFOPT QBSB MB IJTUPSJB EFM DPODFQUP EF UJFN
QP "MJBO[B .BESJE USBE + "TQJVO[B <1SPMFHPNFOB [VS
(FTDIJDIUF EFT ;FJUCFHSJT 44
(" ,MPTUFSNBOO ' B
. 1 +BFHFS FE
>
)FJEFHHFS . -HJDB -B QSFHVOUB QPS MB WFSEBE "MJBO[B .BESJE
USBE + " $JSB <-PHJL %JF 'SBHF OBDI EFS 8BISIFJU 84

(" ,MPTUFSNBOO ' B . 8 #JFNFM FE
>
)FJEFHHFS . 4FS Z UJFNQP 5SPUUB .BESJE USBE + & 3JWFSB
$ <4FJO VOE ;FJU
/JFNFZFS 5CJOHFO j FE

%FTEF FEJUBEP UBNCJO FO (" ,MPTUFSNBOO ' B . '
8 WPO )FSSNBOO FE
>
)FJEFHHFS . -PT QSPCMFNBT GVOEBNFOUBMFT EF MB GFOPNFOPMPHB
5SPUUB .BESJE USBE QSMPHP Z HMPTBSJP + + (BSDB /PSSP
<%JF (SVOEQSPCMFNF EFS 1IOPNFOPMPHJF 44
(" ,MPT
UFSNBOO ' B . '8 WPO )FSSNBOO FE
>

'VFOUFT
)FJEFHHFS . ,BOU Z FM QSPCMFNB EF MB NFUBGTJDB '$& .YJDP

j FE
USBE ( * 3PUI 3FWJTJO & $ 'SPTU <,BOU
VOE EBT 1SPCMFN EFS .FUBQIZTJL
(" ,MPTUFSNBOO '
B . '8 WPO )FSSNBOO FE
>
)FJEFHHFS . #FJUSHF [VS 1IJMPTPQIJF
(" ,MPTUFS
NBOO ' B . '8 WPO )FSNBOO FE

)FJEFHHFS . -B QPDB EF MB JNBHFO EFM NVOEP FO $BNJOPT EFM
CPTRVF "MJBO[B .BESJE USBE ) $PSUT Z " -FZUF QQ
<%JF ;FJU EFT 8FMUCJMEFT
FO )PM[XFHF

(" ,MPTUFSNBOO ' B . '8 WPO )FSNBOO FE
QQ
>
)FJEFHHFS . /JFU[TDIF * Z /JFU[TDIF ** %FTUJOP #BSDFMPOB
USBE + - 7FSNBM </JFU[TDIF *
(" ,MPTUFSNBOO
' B . # 4DIJMMCBDI FE
/JFU[TDIF **
("
,MPTUFSNBOO ' B . # 4DIJMMCBDI FE
>
)FJEFHHFS . $BSUB TPCSF FM IVNBOJTNP FO )JUPT "MJBO[B .B
ESJE USBE ) $PSUT Z " -FZUF QQ <#SJFG CFS
EFO )VNBOJTNVT
FO )PM[XFHF
(" ,MPT
UFSNBOO ' B . '8 WPO )FSNBOO FE
QQ >
)FJEFHHFS . *OUSPEVDDJO B 2V FT NFUBGTJDB FO )JUPT "MJBO
[B .BESJE USBE ) $PSUT Z " -FZUF QQ <&JO
GISVOH [V 8BT JTU .FUBQIZTJL
FO 8FHNBSLFO

(" ,MPTUFSNBOO ' B . 1 +BFHFS FE
QQ
>
)FJEFHHFS . -B DPOTUJUVDJO POUPUFPMHJDB EF MB NFUBGTJDB FO
*EFOUJEBE Z EJGFSFODJB "OUISPQPT #BSDFMPOB USBE ) $PS
UT Z " -FZUF QQ <%JF POUPUIFPMPHJTDIF 7FSGBTTVOH
EFS .FUBQIZTJL FO *EFOUJUU VOE %JFSFO[ /FTLF 4UVUUHBSU
>
)FJEFHHFS . -B UFTJT EF ,BOU TPCSF FM TFS FO )JUPT "MJBO[B
.BESJE USBE ) $PSUT Z " -FZUF QQ <,BOUT

#JCMJPHSBGB
5IFTF CFS EBT 4FJO

FO 8FHNBSLFO
("
,MPTUFSNBOO ' B . 1 +BFHFS FE
QQ >
)FJEFHHFS . &M OBM EF MB MPTPGB Z MB UBSFB EFM QFOTBS FO 5JFN
QP Z TFS 5FDOPT .BESJE JOUSPE .BOVFM (BSSJEP USBET
.BOVFM (BSSJEP +PT -VT .PMJOVFMP Z 'MJY %VRVF QQ
<;VS 4BDIF EFT %FOLFOT /JFNFZFS 5CJOHFO >
,BOUT (FTBNNFMUF 4DISJGUFO ,OJHMJDI QSFVJTDIF "LBEFNJF EFS 8JT
TFOTDIBGUFO 8BMUFS EF (SVZUFS #FSMJO TT
,BOU * &M OJDP GVOEBNFOUP QPTJCMF EF VOB EFNPTUSBDJO EF MB FYJT
UFODJB EF %JPT
116 #BSDFMPOB JOUSPE Z USBE + .
2VJOUBOB $BCBOB
,BOU * $SUJDB EF MB SB[O QVSB "MGBHVBSB .BESJE j FE
QSMPHP USBE OPUBT F OEJDFT 1 3JCBT <,SJUJL EFS SFJOFO
7FSOVOGU 3FDMBN 4VUUHBSU ( .BSUJO * )FJEFNBOO +
,PQQFS Z ( -FINBOO FET
>
,BOU * $SUJDB EF MB SB[O QVSB .BESJE 5FDOPT USBE .
(BSDB .PSFOUF FE BCSFWJBEB JOUSPE OPUBT Z BOFYPT EF + +
(BSDB /PSSP Z 3 3PWJSB <,SJUJL EFS SFJOFO 7FSOVOGU 3FDMBN
4VUUHBSU ( .BSUJO * )FJEFNBOO + ,PQQFS Z ( -FINBOO
FET
>
,BOU * $VMFT TPO MPT FGFDUJWPT QSPHSFTPT RVF MB NFUBGTJDB IB IFDIP
FO "MFNBOJB EFTEF MPT UJFNQPT EF -FJCOJ[ Z 8PM
5FDOPT
.BESJE FTUVEJP QSFMJNJOBS Z USBE ' %VRVF
-FJCOJ[ (8 4NUMJDIF 4DISJGUFO VOE #SJFGF ,OJHMJDI QSFVJTDIF
"LBEFNJF EFS 8JTTFOTDIBGUFO #FSMJO TT
-FJCOJ[ (8 %JTDVSTP EF NFUBGTJDB "MJBO[B .BESJE JO
USPE USBE Z OPUBT + .BSBT <%JTDPVST EF NUBQIZTJRVF TVJWJ
EF .POBEPMPHJF FU BVUSFT UFYUFT FEJUJPO UBCMJF QSTFOUF FU BO
OPUF QBS . 'JDIBOU (BMMJNBSE 1BST>
4VSF[ ' 0QFSB 1BSJT WPMT

4VSF[ ' %JTQVUBDJPOFT NFUBGTJDBT WPMT #JCMJPUFDB )JTQOJDB

EF 'JMPTPGB .BESJE (SFEPT 4 3CBEF 3PNFSP 4 $B
CBMMFSP 4ODIF[ Z " 1VJHDFWFS ;BOO FET
<.FUBQIZTJDBSVN
%JTQVUBUJPOVN 5PNJ EVP 4BMBNBODB IBO TFHVJEP OVNF
SPTBT FEJDJPOFT IBTUB MB EF #BSDFMPOB >
EF "RVJOP 5 4VNB DPOUSB MPT HFOUJMFT * MJCSPT Z #"$ .BESJE
3PCMFT $ Z 3PCMFT 4 FET
<4VNNB DPOUSB (FOUJMFT .B
SJFUUJ 5BVSJOJ 1 .BSB $ 1FSB FU 1 $BSNFMMP FET
>
"VCFORVF 1 &M QSPCMFNB EFM TFS FO "SJTUUFMFT 5BVSVT #BSDFMPOB

USBE 7JEBM 1FB <-F QSPCMNF EF MUSF DIF[ "SJTUPUF 16'
1BSJT >
#SBHF 3 -B GFOPNFOPMPHB DPNP WB EF BDDFTP BM NVOEP HSJFHP
/PUBT TPCSF MB DSUJDB EF MB 7PSIBOEFOIFJU DPNP NPEFMP POUPMHJ
DP FO MB MFDUVSB IFJEFHHFSJBOB EF "SJTUUFMFT 3FWJTUB EF 'JMPTP
GB /z WPM USBE 3 (SF[ ,SBFNFS QQ <-B
QIOPNOPMPHJF DPNNF WPJF EBDDT BV NPOEF HSFD /PUF TVS MB
DSJUJRVF EF MB 7PSIBOEFOIFJU DPNNF NPEMF POUPMPHJRVF EBOT MB
MFDUVSF IFJEFHHSJFOOF E"SJTUPUF FO +- .BSJPO Z ( 1MBOUZ
#POKVPS FET
1IOPNOPMPHJF FU .UBQIZTJRVF 16' 1BSJT
QQ >
#SIJFS & )JTUPSJB EF MB MPTPGB 5FDOPT .BESJE WPMT * Z
** USBE + " 1SF[ .JMMO Z . % .PSO <)JTUPJSF EF MB 1IJMP
TPQIJF WPMT 1BSJT $PMMFDUJPO 2VBESJHF 1SFTTFT 6OJWFSTJUBJSFT
EF 'SBODF FU
>
$BMWP .BSUOF[ 5 *OUSPEVDDJO HFOFSBM B "SJTUUFMFT FO "SJTUUF
MFT "DFSDB EFM BMNB (SFEPT .BESJE
$BMWP .BSUOF[ 5 *OUSPEVDDJO B MB .FUBGTJDB (SFEPT .BESJE

#JCMJPHSBGB
$PMPNFS & &M QFOTBNJFOUP BMFNO EF ,BOU B )FJEFHHFS WPMT

)FSEFS #BSDFMPOB
'MBNBSJRVF - /FDFTJEBE Z DPOPDJNJFOUP 'VOEBNFOUPT EF MB UFPSB
DSUJDB EF ,BOU 1BNQMPOB &VOTB
(BCT 3 &M DPODFQUP EF MB FYJTUFODJB FO )FJEFHHFS "OBMFT EFM
4FNJOBSJP EF .FUBGTJDB /z FYUSBPSEJOBSJP QQ

(BEBNFS ) ( )FJEFHHFS Z FM MFOHVBKF EF MB NFUBGTJDB FO "OUP
MPHB 4HVFNF 4BMBNBODB QQ <"ONFSLVOHFO
[V EFN 5IFNB )FHFM VOE )FJEFHHFS FO ) 7PO #SBVO Z . 3JF
EFM FET
/BUVS VOE (FTDIJDIUF ,BSM -XJUI [VN (FCVST
UBH 4VUUHBSU QQ 5BNCJO FO (FTBNNFMUF 8FSLF
/FVFSF 1IJMPTPQIJF )FHFM )VTTFSM )FJEFHHFS .PIS 5
CJOHFO QQ >
(BEBNFS )( )FJEFHHFST UIFPMPHJTDIF +VHFOETDISJGU %JM
UIFZ +BISCVDI /z QQ
(BSDB .PSFOUF . -B MPTPGB EF ,BOU "VTUSBM .BESJE
(BSDB /PSSP ++ Z 3PWJSB 3 *OUSPEVDDJO B MB FEJDJO BCSFWJBEB
EF MB $SUJDB EF MB SB[O QVSB EF ,BOU 5FDOPT .BESJE
(JMTPO & &M TFS Z MB FTFODJB %FTDMFF EF #SPVXFS #VFOPT "JSFT
<-USF FU MFTTFODF 7SJO 1BSJT >
(JMTPO & &M TFS Z MPT MTPGPT &VOTB 1BNQMPOB j FE USBE
4 'FSOOEF[ #VSJMMP <#FJOH BOE 4PNF 1IJMPTPQIFST 1POUJDBM
*OTUJUVUF PG .FEJBFWBM 4UVEJFT 5PSPOUP j FE >
(NF[ $BBSFOB + .FUBGTJDB USBTDFOEFOUBM 3FWJTUB EF 0DDJEFOUF
.BESJE
(NF[ 1JO 7 %FTDBSUFT -B FYJHFODJB MPTDB "LBM .BESJE
)BNFMJO 0 &M TJTUFNB EF %FTDBSUFT -PTBEB #VFOPT "JSFT
<-F TZTUNF EF %FTDBSUFT 1BSJT >
)F 5 *ONBOVFM ,BOU )FSEFS #BSDFMPOB <*ONBOVFM ,BOU
$) #FDL .ODIFO >

-FZUF " )FJEFHHFS "MJBO[B .BESJE

.BSEPNJOHP + &TUVEJP QSFMJNJOBS B MB 'VOEBNFOUBDJO EF MB NFUB
GTJDB EF MBT DPTUVNCSFT "SJFM #BSDFMPOB
.BSBT + *OUSPEVDDJO BM %JTDVSTP EF NFUBGTJDB EF -FJCOJ[ "MJBO
[B .BESJE
.BSUOF[ .BS[PB ' 3FMFFS B ,BOU "OUISPQPT #BSDFMPOB
.BSUOF[ .BS[PB ' )FJEFHHFS Z MB MPTPGB HSJFHB FO 1FDFMMO Z
3FHVFSB FET
8JUUHFOTUFJO)FJEFHHFS %FQBSUBNFOUP EF 1VCMJ
DBDJPOFT %JQVUBDJO EF #BEBKP[ QQ
.BSUOF[ .BS[PB ' $MDVMP Z TFS 7JTPS .BESJE
.BSUOF[ .BS[PB ' )JTUPSJB EF MB MPTPGB ** *TUNP .BESJE
.BSUOF[ + " 3FO %FTDBSUFT %FM 0SUP .BESJE
/BWBSSP $PSEO + . .UPEP Z MPTPGB FO %FTDBSUFT "OBMFT EFM
TFNJOBSJP EF NFUBGTJDB QQ
/BWBSSP $PSEO + . Z 3PESHVF[ (BSDB 3 DPNQT
)FJEFHHFS P
FM OBM EF MB 'JMPTPGB &EJUPSJBM $PNQMVUFOTF .BESJE
0BUF ;VCB 5 &M DSJUJDJTNP BSJTUPUMJDP FO FM TJHMP 99 IBDJB VO
DBNCJP EF QBSBEJHNB FO -PHPT "OBMFT EFM 4FNJOBSJP EF .FUB
GTJDB /z QQ
1SF[ $BCBOB . - $ISJTUJBO 8PM &EJDJPOFT EFM 0SUP .BESJE

1HHFMFS 0 &M DBNJOP EFM QFOTBS EF .BSUJO )FJEFHHFS "MJBO[B
.BESJE USBE ' %VRVF 1BKVFMP <%FS %FOLXFH .BSUJO )FJ
EFHHFST /FTLF 1GVMMJOHFO >
1HHFMFS 0 /FVF 8FHF NJU .BSUJO )FJEFHHFS "MCFS 'SFJCVSH
.ODIFO
3CBEF 4 'SBODJTDP 4VSF[ &EJDJPOFT EFM 0SUP .BESJE
3JWFSB EF 3PTBMFT + ,BOU FM DPOPDJNJFOUP PCKFUJWP EFM NVOEP (VB
EF MFDUVSB EF MB $SUJDB EF MB SB[O QVSB (VB %JEDUJDB 6/&%
.BESJE

#JCMJPHSBGB
3PESHVF[ (BSDB 3 )FJEFHHFS Z MB DSJTJT EF MB QPDB NPEFSOB $JO

DFM .BESJE j SFJNQS
3PESHVF[ (BSDB 3 3FFYJO Z FWJEFODJB "TQFDUPT EF MB USBOT
GPSNBDJO IFSNFOVUJDB EF MB GFOPNFOPMPHB FO MB PCSB EF )FJ
EFHHFS "OBMFT EFM 4FNJOBSJP EF )JTUPSJB EF MB 'JMPTPGB .BESJE
/z QQ
3PESHVF[ (BSDB 3 -B USBOTGPSNBDJO IFSNFOVUJDB EF MB GFOPNF
OPMPHB 5FDOPT .BESJE
3PESHVF[ (BSDB 3 )FJEFHHFS Z MB DSJTJT EF MB QPDB NPEFSOB 4JO
UFTJT .BESJE
4BGSBOTLJ 3 6O NBFTUSP EF "MFNBOJB )FJEFHHFS Z TV UJFNQP 5VT
RVFUT #BSDFMPOB USBE 3 (BCT <&JO .FJTUFS BVT %FVUTDI
MBOE .BSUJO )FJEFHHFS VOE TFJOF ;FJU )BOTFS .ODIFO8JFO
>
4FHVSB $ *OGPSNF CJCMJPHSDP BDFSDB EF )FJEFHHFS

5IFNBUB /z QQ
4FHVSB $ -B WJEB GDUJDB FO )FJEFHHFS .T BD EF MB SFQSFTFOUB
DJO $PODFQDJPOFT Z /BSSBUJWBT EFM :P 5IFNBUB /z
QQ
4FHVSB $ 6OB JOUFSQSFUBDJO EF MB DPODFQDJO EF MB QIZTJT FOUSF MPT
QSFTPDSUJDPT "OUFT Z EFTQVT EF 1BSNOJEFT $POUSBTUFT WPM

4FHVSB $ 'SBDBTPT EF MB SB[O (BUPWFSEF .BESJE
4FHVSB $ )FSNFOVUJDB EF MB WJEB IVNBOB &O UPSOP BM *OGPSNF
/BUPSQ EF .BSUJO )FJEFHHFS 5SPUUB .BESJE
3FDJFOUFNFOUF MB FEJUPSJBM 4OUFTJT IB SFFEJUBEP FTUB PCSB )BTUB FM NPNFOUP MB

FEJDJO IBCB DPSSJEP B DBSHP EF $JODFM &M UFYUP QVCMJDBEP BIPSB QPS MB FEJUPSJBM
4OUFTJT SFFKB TJO DBNCJPT FM PSJHJOBM QFSP BEFNT JODPSQPSB EPT BOFYPT BM
OBM &TUB OVFWB QVCMJDBDJO IB BQBSFDJEP DVBOEP FTUB NPOPHSBGB ZB FTUBCB
SFEBDUBEB 1PS FTF NPUJWP MBT DJUBT SFFSFO TJFNQSF B MB FEJDJO EF $JODFM

4FHVSB $ -B DSUJDB EF )FJEFHHFS B MB OPDJO USBEJDJPOBM EF WFSEBE

%FTEF 4FJO VOE ;FJU IBTUB MPT #FJUSHF [VS 1IJMPTPQIJF 1FOTB
NJFOUP /z 7PM QQ
7BUUJNP ( *OUSPEVDDJO B )FJEFHHFS (FEJTB #BSDFMPOB USBE
EF " #F[ <*OUSPEV[JPOF B )FJEFHHFS -BUFS[B #BSJ >
7FSNBM + - -B DSUJDB EF MB NFUBGTJDB FO /JFU[TDIF "OUISPQPT
#BSDFMPOB
7JHP " ( 7FSEBE MPHPT Z QSBYJT -B USBOTGPSNBDJO IFJEFHHFSJB
OB EF MB DPODFQDJO BSJTUPUMJDB EF MB WFSEBE FO (BSDB .BSRVT
Z (BSDB )VJEPCSP FET
3B[O Z 1SBYJT QQ
7JHP " ( 5FNQPSBMJEBE Z USBTDFOEFODJB MB DPODFQDJO IFJEFH
HFSJBOB EF MB USBTDFOEFODJB JOUFODJPOBM FO 4FJO VOE ;FJU "DUB
1IJMPTPQIJDB /z WPM QQ
7PMQJ ' -B FYJTUFODJB DPNP QSBYJT -BT SBDFT BSJTUPUMJDBT EF MB
UFSNJOPMPHB EF 4FS Z UJFNQP FO 7BUUJNP ( FE
)FSNFOVUJDB
Z SBDJPOBMJEBE /PSNB #PHPU USBE EF 4 1FSFB -BUPSSF
QQ
;VCJSJ 9 $JODP MFDDJPOFT EF MPTPGB 4PDJFEBE EF &TUVEJPT Z 1VCMJ
DBDJPOFT .BESJE

&TUF USBCBKP IB TJEP DPNQVFTUP DPO
9-"5&9 FNQMFBOEP VOB WFSTJO
MJHFSBNFOUF NPEJDBEB EF 0ME 4UBOEBSE
IUUQXXXUIFTTBMPOJDBPSHSV
FOGPOUTIUNM

Documento9937 PDF

Uploaded by

Document Information

Original Title

Copyright

Available Formats

Share this document

Share or Embed Document

Sharing Options

Did you find this document useful?

Is this content inappropriate?

Copyright:

Available Formats

Documento9937 PDF

Uploaded by

Copyright:

Available Formats

)FJEFHHFS Z MB NFUBGTJDB

$BSNFO 4FHVSB 1FSBJUB

&EJUPS MJUFSBSJP 'FSOBOEP #PEFHB 2VJSPHB

%JTFP EF QPSUBEB +PSHF $PSSBM

-PT DPOUSBSJPT TF QBHBO

&TUF MJCSP UJFOF TV PSJHFO FO VO DVSTP EF .FUBGTJDB JNQBSUJEP FO MB

 -B GPSNBDJO EFM QFOTBNJFOUP IFJEFHHFSJBOP 

 1SJNFS BDFSDBNJFOUP BM QFOTBNJFOUP EF )FJEFHHFS 

* -B QSFHVOUB QPS FM TFS Z QPS MB WFSEBE EFM TFS 

 *OUSPEVDDJO B 4FS Z UJFNQP 

 *OUSPEVDDJO B 2V FT NFUBGTJDB 

** &M PSJHFO EF MB NFUBGTJDB Z 

 &M DPNJFO[P EF MB IJTUPSJB EFM TFS DPNP NFUBGTJDB 

 &M TFS PDVMUB TV PSJHFO Z MJNJUB TV EFTPDVMUBDJO

 -B USBOTGPSNBDJO EF MB FO BDUVBMJUBT Z EF TUB FO

 /FDFTJEBE EF MPT KVJDJPT TJOUUJDPT B QSJPSJ   

 -B USBOTGPSNBDJO EF MB WFSEBE FO DFSUF[B %FTDBSUFT 

 ,BOU &M DPNP TVKFUP EF TVT EFUFSNJOBDJPOFT 

 &M ZP QJFOTP PSJHJOBSJB VOJEBE TJOUUJDB EF BQFS

(MPTBSJP EF USNJOPT HSJFHPT 

.BSUJO )FJEFHHFS TF TJUB BOUF OPTPUSPT DPNP FM QFOTBEPS RVF

FT TV IJTUPSJB $PO FMMP OP TF QSFUFOEF JEFOUJDBS B MB NBOFSB IFHF

RVF TJSWB QBSB USBOTJUBS BMHVOP EF MPT QBSBKFT Z EF MPT NPNFOUPT NT

P NFOPS BDJFSUP QFSP TJFNQSF DPO NBHOBOJNJEBE JOUFMFDUVBM BRVFMMBT

NB JOUFODJO RVF FO FM DBTP BOUFSJPS DPOUSJCVJS B EFTFOUSBBS FM DNP

JNQSFTDJOEJCMF VO EJMPHP EJSFDUP DPO FM TFFSP QFOTBEPS HSJFHP .F

FO MP EFUFSNJOBOUF QBSB MB OVFWB DPNQSFOTJO EFM TFS P MP RVF FT MP

 .F IB QBSFDJEP NT HJM DJUBS EJSFDUBNFOUF FO DBTUFMMBOP &O FM DBTP EF )FJEFH

-B GPSNBDJO EFM QFOTBNJFOUP

5PEB MB PCSB MPTDB EF )FJEFHHFS HJSB FO UPSOP B MB DVFTUJO EFM

 ,BOU Z FM OFPLBOUJTNP

)FJEFHHFS FT LBOUJBOP EF GPSNBDJO Z BVORVF SFDIBDF FM TVCKFUJ

DJO LBOUJBOB EF MB WJODVMBDJO TVKFUPPCKFUP

 )VTTFSM Z MB GFOPNFOPMPHB

:B EFTEF TVT DPNJFO[PT DPNP FTUVEJBOUF )FJEFHHFS FNQJF[B B

 $G ( 7BUUJNP *OUSPEVDDJO B )FJEFHHFS (FEJTB #BSDFMPOB  QQ 

B MB EF TV NBFTUSP )VTTFSM OP TMP QPS QSBDUJDBS FM NPEP GFOPNFOPM

 *OEFQFOEFODJB EF MB MPTPGB SFTQFDUP EF MBT DJFODJBT PCKFUJWBT

 -B UBSFB EF MB MPTPGB OP FT QSPQPSDJPOBS VOB DPTNPWJTJO

 $G 3 3PESHVF[ (BSDB -B USBOTGPSNBDJO IFSNFOVUJDB EF MB GFOPNFOPMPHB

 -B DPODFQDJO EF MB MPTPGB DPNP VOB DJFODJB PSJHJOBSJB Z QSF

 -B JEFB EF JOUFODJPOBMJEBE RVF UPEBWB FO FM NFODJPOBEP DVS

&O DVBMRVJFS DBTP DPNP ZB TF IB BQVOUBEP MOFBT BUST FO FM EFTB

 1SJNFS )VTTFSM -B FUBQB DPSSFTQPOEJFOUF B MBT *OWFTUJHBDJP

 $G 3 3PESHVF[ (BSDB )FJEFHHFS Z MB DSJTJT EF MB QPDB NPEFSOB $JODFM .B

 4FHVOEP )VTTFSM $PSSFTQPOEF B MB FUBQB EF *EFBT QBSB VOB

)FJEFHHFS SFDPOPDF B MB FQPDI FM RVF QFSNJUB BDDFEFS BM TFS EFM

 . )FJEFHHFS 1SPMFHNFOPT QBSB MB IJTUPSJB EFM DPODFQUP EF UJFNQP 

MPTPGB IB EF TFS Z QBSUJS FYDMVTJWBNFOUF EF MB DFSUF[B DVZP GVOEB

 $G ( 7BUUJNP PQ DJU Q 

MBT FYJHFODJBT USBTDFOEFOUBMFT EFM OFPLBOUJTNP Z MB SFJWJOEJDBDJO EF

 &O MB WJWFODJB JONFEJBUB EFM NVOEP DJSDVOEBOUF 6NXFMUFSMFC

 5BNQPDP FM ZP EF MB WJWFODJB FT BMHP TJNJMBS BM TVKFUP USBT

 )BZ VOB BCTPMVUB JNCSJDBDJO FOUSF MP WJWJEP Z FM ZP RVF MP WJWF

 $G 3 3PESHVF[ (BSDB -B USBOTGPSNBDJO IFSNFOVUJDB EF MB GFOPNFOPMPHB

 %JMUIFZ MBT MPTPGBT EF MB WJEB Z MB IFSNFOV

)FJEFHHFS NPTUS EFTEF TVT DPNJFO[PT MPTDPT VOB HSBO TFOTJ

MB JOEFQFOEFODJB EF MBT DJFODJBT EFM FTQSJUV Z GSFOUF B )VTTFSM NBO

 $G ( 7BUUJNP PQ DJU Q 

MPHB OP QVFEF TFS FOUFOEJEB DPNP JOUVJDJO EF PCKFUPT QPSRVF FMMP

"DBCBNPT EF WFS DNP FO MB QSJNFSB FUBQB EF TV MBCPS MPT

 $G 3 3PESHVF[ (BSDB -B USBOTGPSNBDJO IFSNFOVUJDB EF MB GFOPNFOPMPHB

QPS TV DBSDUFS EF TFS &TUF %BTFJO GDUJDP Z DPO M MB MPTPGB FT

&EJUPS MJUFSBSJP 'FSOBOEP #PEFHB 2VJSPHB

%JTFP EF QPSUBEB +PSHF $PSSBM

-B GPSNBDJO EFM QFOTBNJFOUP IFJEFHHFSJBOP

1SJNFS BDFSDBNJFOUP BM QFOTBNJFOUP EF )FJEFHHFS

* -B QSFHVOUB QPS FM TFS Z QPS MB WFSEBE EFM TFS

*OUSPEVDDJO B 4FS Z UJFNQP

*OUSPEVDDJO B 2V FT NFUBGTJDB

** &M PSJHFO EF MB NFUBGTJDB Z

&M DPNJFO[P EF MB IJTUPSJB EFM TFS DPNP NFUBGTJDB

&M TFS PDVMUB TV PSJHFO Z MJNJUB TV EFTPDVMUBDJO

-B USBOTGPSNBDJO EF MB FO BDUVBMJUBT Z EF TUB FO

/FDFTJEBE EF MPT KVJDJPT TJOUUJDPT B QSJPSJ

-B USBOTGPSNBDJO EF MB WFSEBE FO DFSUF[B %FTDBSUFT

,BOU &M DPNP TVKFUP EF TVT EFUFSNJOBDJPOFT

&M ZP QJFOTP PSJHJOBSJB VOJEBE TJOUUJDB EF BQFS

(MPTBSJP EF USNJOPT HSJFHPT

FT TV IJTUPSJB $PO FMMP OP TF QSFUFOEF JEFOUJDBS B MB NBOFSB IFHF

NB JOUFODJO RVF FO FM DBTP BOUFSJPS DPOUSJCVJS B EFTFOUSBBS FM DNP

JNQSFTDJOEJCMF VO EJMPHP EJSFDUP DPO FM TFFSP QFOTBEPS HSJFHP .F

FO MP EFUFSNJOBOUF QBSB MB OVFWB DPNQSFOTJO EFM TFS P MP RVF FT MP

.F IB QBSFDJEP NT HJM DJUBS EJSFDUBNFOUF FO DBTUFMMBOP &O FM DBTP EF )FJEFH

,BOU Z FM OFPLBOUJTNP

)FJEFHHFS FT LBOUJBOP EF GPSNBDJO Z BVORVF SFDIBDF FM TVCKFUJ

DJO LBOUJBOB EF MB WJODVMBDJO TVKFUPPCKFUP

)VTTFSM Z MB GFOPNFOPMPHB

$G ( 7BUUJNP *OUSPEVDDJO B )FJEFHHFS (FEJTB #BSDFMPOB QQ

B MB EF TV NBFTUSP )VTTFSM OP TMP QPS QSBDUJDBS FM NPEP GFOPNFOPM

*OEFQFOEFODJB EF MB MPTPGB SFTQFDUP EF MBT DJFODJBT PCKFUJWBT

-B UBSFB EF MB MPTPGB OP FT QSPQPSDJPOBS VOB DPTNPWJTJO

$G 3 3PESHVF[ (BSDB -B USBOTGPSNBDJO IFSNFOVUJDB EF MB GFOPNFOPMPHB

-B DPODFQDJO EF MB MPTPGB DPNP VOB DJFODJB PSJHJOBSJB Z QSF

-B JEFB EF JOUFODJPOBMJEBE RVF UPEBWB FO FM NFODJPOBEP DVS

&O DVBMRVJFS DBTP DPNP ZB TF IB BQVOUBEP MOFBT BUST FO FM EFTB

1SJNFS )VTTFSM -B FUBQB DPSSFTQPOEJFOUF B MBT *OWFTUJHBDJP

$G 3 3PESHVF[ (BSDB )FJEFHHFS Z MB DSJTJT EF MB QPDB NPEFSOB $JODFM .B

4FHVOEP )VTTFSM $PSSFTQPOEF B MB FUBQB EF *EFBT QBSB VOB

. )FJEFHHFS 1SPMFHNFOPT QBSB MB IJTUPSJB EFM DPODFQUP EF UJFNQP

MPTPGB IB EF TFS Z QBSUJS FYDMVTJWBNFOUF EF MB DFSUF[B DVZP GVOEB

$G ( 7BUUJNP PQ DJU Q

&O MB WJWFODJB JONFEJBUB EFM NVOEP DJSDVOEBOUF 6NXFMUFSMFC

5BNQPDP FM ZP EF MB WJWFODJB FT BMHP TJNJMBS BM TVKFUP USBT

)BZ VOB BCTPMVUB JNCSJDBDJO FOUSF MP WJWJEP Z FM ZP RVF MP WJWF

$G 3 3PESHVF[ (BSDB -B USBOTGPSNBDJO IFSNFOVUJDB EF MB GFOPNFOPMPHB

%JMUIFZ MBT MPTPGBT EF MB WJEB Z MB IFSNFOV

)FJEFHHFS NPTUS EFTEF TVT DPNJFO[PT MPTDPT VOB HSBO TFOTJ

MB JOEFQFOEFODJB EF MBT DJFODJBT EFM FTQSJUV Z GSFOUF B )VTTFSM NBO

$G ( 7BUUJNP PQ DJU Q

"DBCBNPT EF WFS DNP FO MB QSJNFSB FUBQB EF TV MBCPS MPT

$G 3 3PESHVF[ (BSDB -B USBOTGPSNBDJO IFSNFOVUJDB EF MB GFOPNFOPMPHB

QPS TV DBSDUFS EF TFS &TUF %BTFJO GDUJDP Z DPO M MB MPTPGB FT

-B DPODFQDJO BSJTUPUMJDB EFM NPWJNJFOUP " KVJDJP EF )FJEFH

)( (BEBNFS )FJEFHHFST UIFPMPHJTDIF +VHFOETDISJGU %JMUIFZ +BISCVDI

4FHO )FJEFHHFS FO FM DPODFQUP EF TFS EF MPT HSJFHPT JOVZF UBNCJO FM NPEFMP

-B DVFTUJO EF MB QSJNBDB FOUSF Z $VBOEP

$G $ 4FHVSB )FSNFOVUJDB EF MB WJEB IVNBOB PQ DJU QQ

FUFSOPT -B QSVEFODJB TJO FNCBSHP BM UFOFS QPS PCKFUP MBT DP

-B TBCJEVSB TFS JOUFMFDUP Z DJFODJB VOB FTQF

*C B

-B DVFTUJO EF MPT TFOUJEPT EFM TFS 5BNCJO B USBWT EF MB UF

Z FO SFBMJEBE JHOPSBSMB 1PSRVF MB UFNQPSBMJEBE RVF JOUFSF

7FSEBE DPNP EFTPDVMUBNJFOUP

OP TMP DJFOUDP TJOP MPTDP "M SFMFHBS EF BMHO NPEP FM

$G )( (BEBNFS 2V FT MB WFSEBE FO 7FSEBE Z NUPEP ** 4HVFNF

&M DSJTUJBOJTNP 1BCMP EF 5BSTP "HVTUO EF

$G ( 7BUUJNP PQ DJU QQ

JOUFST QPS MB GBDUJDJEBE EF MB WJEB 5PNBS FTUP FO DPOTJEFSBDJO SF

)FJEFHHFS . 1IOPNFOPMPHJF EFT SFMJHJTFO -FCFOT

&O FM /VFWP 5FTUBNFOUP MB OPDJO EF FT SFDVSSFOUF )FJ

$G *C QQ

1SJNFS BDFSDBNJFOUP BM QFOTB

SFGFSFODJB 4FS Z UJFNQP /P SFTVMUB EJGDJM FOUFOEFS RVF BNCPT QVO

OJIJMJTNP "T FT DPNP IBDF TV FOUSBEB MB OBEB FO FM QFOTBNJFOUP PD

"OBMUJDB FYJTUFODJBM

6OP EF MPT QVOUPT DFOUSBMFT EF TV MPTPGB EF KVWFOUVE FT MB SF

"MHVOPT MTPGPT FYJTUFODJBMJTUBT RVF QSFUFOEJFSPO TFHVJS B )FJEFHHFS UBNCJO

OJ BEFDVBEBT QBSB EBS DVFOUB EF MB TJOHVMBSJEBE EFM %BTFJO "SJTU

$PNP FT TBCJEP FO MPT QMBOUFBNJFOUPT QPTUFSJPSFT B 4FS Z UJFNQP USBT MB ,FISF

QVFT FM NJTNP TFS EFM %BTFJO TV FTFODJB &O M TF FYQSFTB MB FTUSVD

1SFTFSTF BMVEF BM QSPZFDUP B MB FMFDDJO EF QPTJCJMJEBEFT

4FSZBFO BMVEF B MB GBDUJDJEBE BM IFDIP EF FTUBS BSSPKBEP ZB