ĽVEOKB [B NPÇJ

+BDRVFT &MMVM


 1SWP ġUP NPSBNP JNBUJ V WJEV KFTUF EB ľVEOKB [B NPÇJ OJKF OFġUP ÍJTUP TVCKFLUJWOP 5P OJKF OJ OF
ġUP ÍJTUP NPSBMOP QTJIPMPġLP JMJ TPDJPMPġLP ľVEOKB [B J[SBCMKJWBOKFN J EPNJOBDJKPN OBE ESVHJNB OJKF
TWPKTUWFOB TBNP KFEOPK LBUFHPSJKJ JMJ LMBTJ QPLWBSFOJNB CVSľPB[JKJ LBQJUBMJTUJNB JMJ JNQFSJKBMJTUJNB

5BLWP TIWBUBOKF KF QPUQVOP QPHSFġOP $FMP QJUBOKF ľVEOKF [B NPÇJ [BQSBWP TF PLSFÇF PLP TQSFHF J
TIWBUBOKB PCKFLUJWOJI TJTUFNB BLVNVMBDJKF TSFETUBWB ÍJKB KF TBNB TOBHB VKFEOP J OKJIPWB MPHJLB 5P
OBSBWOP VLMKVÍVKF J MKVETLB CJÇB LPKB TUWBSBKV TJTUFN J TUJÍV TVCKFLUJWOV JMJ LMBTOP PCMJLPWBOV ľVEOKV
[B NPÇJ LSP[ UBK TJTUFN JMJ QPNPÇV OKFHPWJI TSFETUBWB /B QSJNFS OFLB PTPCB JNB BVUPNPCJM 0CJÍOP
TF LBľF EB KF BVUPNPCJM TBNP JOTUSVNFOU "LP JEF QSFCS[P JMJ TF LSFÇF PQBTOP UP KF TBNP HSFġLB WP[B
ÍB PO KF TWBLBLP TMPCPEBO EB QPTUVQJ J ESVHBÍJKF 7P[BÍ JNB PTFÇBK NPÇJ LPKFN TF QSFQVġUB V LPSJTU
BVUPNPCJMB J CS[JOPNFUSB LPKF NPľF EB TLPÍJ OB  JMJ  LNI * UB PTPCB KF EFP ESVġUWB PQTFEOVUPH
SFLPSEJNB CS[JOPN J FLPOPNJKPN WSFNFOB ۗ V LPKFN TF HMFEBPDJ PEVġFWMKBWBKV BVUPNPCJMTLJN USLB
NB B NFEJKJ PCKBWMKVKV TWBLBLWF CS[JOTLF SFLPSEF 4BNJN UJN OBġ WP[BÍ OJKF UBLP QPUQVOP TMPCPEBO
EPL WP[J TWPK BVUPNPCJM
%SVHP NPHMP CJ TF SFÇJ EB KF NPÇ TBNB QP TFCJ SBWOPEVġOB NPľF TF LPSJTUJUJ [B EPCSP JMJ [B [MP
POB KF EFP ESVġUWFOF SFBMOPTUJ 5V KF POEB J BVUPSJUFU ۗ LBP QP[JUJWOB JEFKB [BUP ġUP TUWBSB VUJTBL
EB KF NPÇ V JTUJ NBI SFHVMJTBOB JOTUJUVDJKBNB J QSJIWBÇFOB LBP WMBTU PE TWJI MKVEJ " UV KF J TJMB
LPKB ÍFTUP JNB OFHBUJWOV LPOPUBDJKV ۗ LBP EPNJOBDJKB KFEOJI OB ESVHJNB V[ QPNPÇ OBTJMKB 7FSVKFN
NFÑVUJN EB TV UF EJTUJOLDJKF TVWJġF QPKFEOPTUBWMKFOF J OFQSFDJ[OF LBEB KF SFÍ P SFBMOPTUJ QPTNBUSBOJI
GFOPNFOB 7MBTU LBP J NPÇ QPESB[VNFWB TJMV EPNJOBDJKV J V OFLPK NFSJ
OBTJMKF /FNB WMBTUJ LPKB
CJ CJMB ÍJTUB PCKFLUJWOB NJSPMKVCJWB EPCSPWPMKOP QSJIWBÇFOB 4WBLB WMBTU ۗ QTJIJÍLB IBSJ[NBUJÍOB JMJ
GVOLDJPOBMOB ۗ OVľOP KF QPWF[BOB TB TJMPN UP KFTU T OFLJN PCMJLPN TQVUBWBOKB J UMBÍFOKB *TUP UBLP
OF NPľF TF HPWPSJUJ OJ P OFLPK PCKFLUJWOPK OFVUSBMOPK NPÇJ 4WBLJ PCMJL NPÇJ KF QPWF[BO T QSJNFOPN
TJMF QSFNB UPNF T OFLJN TUFHBNB B QPOFLBE J T OBTJMKFN /JLBLWB VTUBWOB QSPNFOB OF NPľF EB
QSFPCSB[J PSHBOJ[BDJKV TJMF V OFLJ ۢNPSBMOP ÍJTU۠ BVUPSJUFU 1SFNB UPNF ÍJOKFOJDF NPÇJ TJMF J WMBTUJ TV
V PESFÑFOPK NFSJ V[BKBNOP LPOUBNJOJSBOF
,BEB UP LBľFNP NPSBNP OBQPNFOVUJ J EB JNB SB[OJI TUSVLUVSB NPÇJ QPTUPKJ NPÇ OPWDB OB LPKV
TNP NPľEB OBKPTFUMKJWJKJ P ÍFNV TWFEPÍF J OKFOF PTVEF LPKF TUJľV PE MJCFSBMB TPDJKBMJTUB J IVNBOJTUB
"MJ QPMJUJÍLB NPÇ V OBġFN TWFUV OJKF OJġUB NBOKF [BTUVQMKFOB 6 TUWBSJ IUFMJ OF IUFMJ OBMB[JNP TF
J[NFÑV OBKNBOKF EWB TJTUFNB NPÇJ 1P KFEOJNB NPÇ OPWDB KF OBKTUSBġOJKB POB KF UB LPKB LWBSJ TWF
0OJ NJTMF EB TF NPSB TUWPSJUJ OBSPEOB ESľBWB TMPCPEOB PE NPÇJ OPWDB OF[BQSMKBOB OKPNF J TQPTPCOB
EB TWPKJN HSBÑBOJNB QSVľJ HBSBODJKF 1SFNB ESVHJNB OBKWFÇB PQBTOPTU MFľJ V QPMJUJÍLPN UPUBMJUBSJ[NV
V TWFNPÇJ ESľBWF 6 UPN TMVÍBKV QSWJ [BEBUBL KF CPSCB QSPUJW EJLUBUVSF [BMBHBOKF [B QPUSFCF MKVEJ [B
PÍVWBOKF TMPCPEB /BSBWOP [MPVQPUSFCB ÇF CJUJ VWFL J NPÇ OPWDB NPľF EB QSFWMBEB BMJ UP CJ CJMP NBOKF
[MP 1PSFE UB EWB PCKFLUJWOB PCMJLB NPÇJ QPTUPKJ NFÑVUJN J NPÇ OBVLF J UFIOJLF 5B NPÇ KF UBLPÑF
ÍJTUB EPNJOBDJKB 0OB QSFETUBWMKB PESFÑFOJ TJTUFN J UFIOJLB TF OBJNF QPWJOVKF WMBTUJUJN [BLPOJNB
5FIOJLB OVľOP QPESB[VNFWB EPNJOBDJKV TJMV UPUBMOV F੗LBTOPTU OF NPľF CJUJ ESVHBÍJKF
6 UB USJ TMVÍBKB WBľOP KF VQBNUJUJ EB KF OPWBD TBN QP TFCJ NPÇ LBP J ESľBWB J UFIOJLB 5P VPQġUF OJKF
TUWBS J[CPSB ۗ UP KF TUWBS MPHJLF TWPKTUWFOF UJN TJTUFNJNB 1PTUPKJ TBNP VUPQJKTLB NPHVÇOPTU EB QSPTUP
QSFÑFNP T KFEOPH TJTUFNB OB ESVHJ VCFÑVKVÇJ TBNJ TFCF LBLP TNP TMPCPEOJ "MJ V TWB USJ TMVÍBKB TV
PÍBWBNP TF T OF[BWJTOJN QSPDFTJNB LPKJ OVľOP QSPJ[WPEF JMJ BLVNVMBDJKV OPWDB JMJ QPWFÇBOKF ESľBWOF
EPNJOBDJKF JMJ HFPNFUSJKTLJ QPSBTU UFIOPMPġLF F੗LBTOPTUJ 4WJÑBMP TF UP OBNB JMJ OF UP TV [BLPOJ QP
LPKJNB UJ TJTUFNJ SBEF /BSBWOP UJ TJTUFNJ TF POEB TQBKBKV T HMBÑV [B NPÇJ TB ľFMKPN [B EPNJOBDJKPN
6QSBWP UV V UBÍLJ TVTSFUB UJI PSHBOTLJ OF[BWJTOJI J LWBMJUBUJWOP SB[MJÍJUJI GBLUPSB PULSJWBNP QSBWJ
QSPCMFN NPÇJ EBOBT


 ,BEB KF OFLJ ÍPWFL LPKJ KF IUFP EB WMBEB ESVHJNB OB SBTQPMBHBOKV JNBP TBNP HSVCB TSFETUWB TSFE
OKFH WFLB OKFHPW LBQBDJUFU [B EPNJOBDJKV CJP KF OVľOP PHSBOJÍFO 0O TF OJKF CBWJP NPHVÇOPTUJNB
TBWSFNFOJI TSFETUBWB [B EFMPWBOKF LPKB NJ PWEF SB[NBUSBNP QSPTUP [BUP ġUP TV OKFHPWB TSFETUWB
CJMB PHSBOJÍFOB "MJ LBLP TV UB PHSBOJÍFOKB QPÍFMB EB TF TNBOKVKV NFUPEJ NPÇJ TV TUFLMJ BVUPOPNJKV
LPKB KF TSB[NFSOP QPWFÇBMB ÍPWFLPW LBQBDJUFU [B EPNJOBDJKV OBE ESVHJN MKVEJNB ۗ UP TF EPHPEJMP B EB
ÍPWFL QSJ UPN OJKF TWFTOP OBQSBWJP KBTBO J[CPS V LPSJTU EPNJOBDJKF %BOBT NFÑVUJN PCKFLUJWOJ TUBW
UFIOJÍBSB JMJ ÍBL OFVUSBMOJ TUBW QPMJUJÍBSB LPKJ EPOPTJ PEMVLF V PEOPTV OB OBKSB[MJÍJUJKF [BEBUF DJMKFWF
V TUWBSJ TV TBNP WFMPWJ LPKJ QSJLSJWBKV QSBWV UFľOKV LB NPÇJ ĠUP TV NFUPEJ NPÇJ SB[WJKFOJKJ NBOKF KF
PC[JSB V BHSFTJKJ T LPKPN TF QSJNFOKVKV #PSCB QSTB V QSTB QPESB[VNFWB HSJNBTF LSJLF J QPLSFUF LPKJ
USFCB EB [BTUSBġF OFQSJKBUFMKB 1SJUJTLBOKF EVHNFUB [B MBOTJSBOKF BUPNTLPH QSPKFLUJMB NPľF TF PCBWJUJ
CF[ OBSVġBWBOKB MJÍOF TNJSFOPTUJ [BUP ġUP KF UP TBNP PEHPWPS OB UFIOJÍLJ QSPSBÍVO LPKJ OFNB OJLBLWF
WF[F TB TBWFġÇV 6 ÍJOV QSJUJTLBOKB EVHNFUB OFNB OJ BHSFTJKF OJUJ NSľOKF 5P KF HMBWOB LBSBLUFSJTUJLB
QSFPCSBľBKB TJMF V OBġFN ESVġUWV SBDJPOBMOB TUSBTUWFOB J ľJWPUOB TUWBSOPTU QSPTUP TF TWPEJ OB QVLV
QSJNFOV UFIOJLF
5P TF WJEJ LBP QSFEOPTU 0CFÇBWB OBN TF QSFMB[BL J[ QPMJUJÍLF TGFSF V POV BENJOJTUSBUJWOV ,SFÇFNP
TF PE QPMJUJÍLF ľVEOKF [B EPNJOBDJKPN J NBOJQVMBDJKPN LB IMBEOPN CF[MJÍOPN PCMJLV QPOBġBOKB LPKJ
EFMVKF LBP QSBWB HBSBODJKB OFEPNJOBDJKF )PÇFNP EB FMJNJOJġFNP MJÍOP PEMVÍJWBOKF QPKFEJODB TLMPOPH
EPNJOBDJKJ QPNPÇV QSPTUF VQPUSFCF NFIBOJÍLF F੗LBTOPTUJ 6 TUWBSOPTUJ UP KF WJġF J[SB[ EVIB NPÇJ
OFHP UFIOJÍLF PCKFLUJWOPTUJ "MJ POBK LP LPSJTUJ UFIOJLV OJKF QSPTUP SPCPU PO TBN KF QPTWFÇFO NPÇJ
J NPľF EB QSFQP[OB NPHVÇOPTUJ TWPKJI QPTUVQBLB 4BNJN UJN PO JEF EBMKF QPE J[HPWPSPN OBVÍOF
PCKFLUJWOPTUJ EB CJ EBP PEVġLB TWPKPK ľVEOKJ [B NPÇJ OB OPW OBÍJO PO OJKF UJSBOJO ۢWFÇ UFIOJÍBS LPKJ
QSJNFOKVKF NPÇ۠ ÍBL J CF[ OFLF UFIOJÍLF PSHBOJ[BDJKF V VľFN TNJTMV 5BLP EP SBTUB NPÇJ V OBġFN
ESVġUWV EPMB[J LSP[ TQSFHV TSFETUBWB [B QSJNFOV TJMF J OPWPH EVIB NPÇJ .BMP QP NBMP BQTPMVUOB
F੗LBTOPTU TF QPTUJľF OB PCKFLUJWBO J CF[MJÍBO OBÍJO CF[ TUSBTUJ CF[ PTFÇBOKB

1SFUIPEOB SB[NBUSBOKB TV OFPQIPEOB EB CJ TF QSPDFOJMP EFKTUWP NPÇJ V OBġFN TBWSFNFOPN ESVġUWV

OF TBNP J[WBO USBEJDJPOBMOJI LBUFHPSJKB EPCSB J [MB WFÇ J J[WBO ÍJTUP QTJIPMPġLF BOBMJ[F 1SWP QJUBOKF
LPKF TF OBNFÇF KFTUF EB MJ TF NPÇ NPľF VQPUSFCJUJ [B OFLP %PCSP 5P KF QP[JDJKB POJI LPKJ TF OB QSJ
NFS [BMBľV [B EJLUBUVSV LBP HBSBODJKV MKVETLPH CMBHPTUBOKB BLP CJ QSBWFEOJ NPSBMOJ J NVESJ MKVEJ
JNBMJ BQTPMVUOV NPÇ POF CJ NPHMJ EB ÍPWFÍBOTUWP QPWFEV QVUFN CMBHPTUBOKB J %PCSB 5V TF NFÑVUJN
TVPÍBWBNP T EWF QPUFġLPÇF 6WFL NPSBNP JNBUJ V WJEV EB NPÇ UFľJ EB TF PUNF LPOUSPMJ 0E USFOVULB
LBEB CJ TF CJMP LPKJ TJTUFN NPÇJ TUBWJP V QPHPO NPÇ TF OJLBEB OJKF [BEPWPMKBWBMB TBNPN TPCPN 4
KFEOF TUSBOF UP [OBÍJ EB TF NPÇ LPKPN TF V EBUPN USFOVULV SBTQPMBHBMP OJLBEB OJKF TNBUSBMB EPWPMK
OPN [B PTUWBSJWBOKF WFMJLJI DJMKFWB LPKF KF WMBTU JNBMB QSFE TPCPN .PÇ TF NPSBMB TUBMOP VWFÇBWBUJ
TB VWFSFOKFN EB ÇF CVEVÇOPTU LPOBÍOP EPOFUJ TSFETUWB [B PTUWBSFOKF QSWPCJUOF WJ[JKF ÍPWFL T UBLWJN
JEFKBNB OJLBEB TF OF NJSJ T OFEPTUBULPN NPÇJ 4 ESVHF TUSBOF NPÇ OBSBTMB V OFQPTSFEOPK QSPġMPTUJ OF
NPľF EB PCV[EB TPQTUWFOJ SBTU /BQSPUJW POB OVľOP OBTUBWMKB EB TF LSFÇF V JTUPN TNFSV 6 GB[J QSWP
CJUOF BLVNVMBDJKF NPÇ KF V JTUP WSFNF QSFEVTMPW J OVľOPTU EBMKFH TUJDBOKB NPÇJ /B QSJNFS PCKBġOKFOP
KF EB LBEB OFLJ FLPOPNTLJ TJTUFN JNB HPEJġOKV TUPQV SBTUB PE  V QFSJPEV PE EFTFU HPEJOB OF NPľF
EPÇJ EP TUPQF SBTUB PE OVMB QSPDFOBUB TJTUFN KF FLPOPNTLJ J UFIOPMPġLJ PTVÑFO EB TMFEJ TUPQV SBTUB
V EPWPMKOP EVHPN WSFNFOTLPN QFSJPEV 1SFNB UPNF QSJODJQ NPÇJ UFľJ CFTLPOBÍOPN /FNB HSBOJDF
NPÇJ PTJN POF LPKB TF GBLUJÍLJ NPľF EPTUJÇJ WSFNFOPN BMJ ġUP OF VLJEB ľFMKV [B QSFWB[JMBľFOKFN UF
HSBOJDF ۢÍJTUP UFNQPSBMOF OFNPÇJ۠ EB CJ TF LPOBÍOP PTUWBSJMP POP ġUP KF EP KVÍF J[HMFEBMP OFEPTUJľOP
1SJODJQ OFPHSBOJÍFOPH SBTUB QPTUBWMKB OBT NFÑVUJN QSFE PEMVÍVKVÇJ QSPCMFN EB MJ V ESVġUWV QP
ESFÑFOPN OFPHSBOJÍFOPN SBTUV VPQġUF NPľF CJUJ OFLJI WSFEOPTUJ 1P[JWBN TF OB ÍVWFOV 5BMFSBOPWV


J[SFLV ۢ4WBLB WMBTU LWBSJ B BQTPMVUOB WMBTU LWBSJ BQTPMVUOP۠ ,BP J OB EVCPLV +JOHFSPWV BOBMJ[V
J[ SPNBOB 4UBLMFOF QÍFMF V LPKPK KF QPLB[BP LBLP SBTU NPÇJ OVľOP J OFNJOPWOP WPEJ LB VOJġUFOKV
WSFEOPTUJ

"LP WSFEOPTUJ QPTUPKF UP [OBÍJ EB QPTUPKF J PCMBTUJ LPKF NPÇ OF NPľF EB EPTFHOF ۗ OF [BUP ġUP KF
ۢTMBCB۠ WFÇ [CPH TBNF QSJSPEF TUWBSOPTUJ 4IPEOP UPNF NPÇ KF VWFL J[MPľFOB TVEV [BUP ġUP QPTUPKJ
TUWBSOPTU LPKB OF QPEMFľF TVEV NPÇJ #F[ UB EWB VTMPWB OFNB WSFEOPTUJ "MJ UP TV VQSBWP POJ VTMPWJ
LPKF NPÇ OPWDB ESľBWF OBVLF JMJ UFIOJLF
OF NPľF EB USQJ ,BLP CJ NPHMP EB QPTUPKJ OFġUP ġUP KF
OFEPTUVQOP NPÇJ 5P CJ NPHMP EB CVEF TBNP POB PCMBTU LPKV NPÇ NPSB EB OBDJMKB J TUBWJ QPE LPOUSPMV
4WBLV NPÇ [BOJNBKV VQSBWP J[WPSJ WSFEOPTUJ J OKJIPW SB[WPK [BUP ġUP TF NPÇ OJLBEB OF [BEPWPMKBWB
QPTUPKBOKFN V OFLPK OFVUSBMOPK TJUVBDJKJ .PÇJ LBP UBLWPK QPUSFCOJ TV VWFL OPWJ EPLB[J EFLMBSBDJKF
J QSJ[OBOKB EB KF EPCSB JTQSBWOB J [BLPOJUB 6 TBNPK QSJSPEJ NPÇJ KF EB ľFMJ EB CVEF TWF UP .PÇ TF
OJLBEB OF [BEPWPMKBWB QVLJN JTQPMKBWBOKFN NPÇJ
,BLP CJ OFLF OF[BWJTOF WSFEOPTUJ JLBEB NPHMF EB TVEF P NPÇJ .PÇ OF NPľF EB UPMFSJġF TVEPWF
[BUP ġUP CJ UP [OBÍJMP EB QPTUPKJ OFLB ESVHB NPÇ LPKB KF V TUWBSJ WFÇB PE OKF TBNF .PÇ J POJ LPKJ KF
QSJNFOKVKV OF NPHV EB TIWBUF OJġUB PTJN V PLWJSJNB NPÇJ ;B POF LPKJ TV QPTWFÇFOJ QPUSB[J [B NPÇJ
TVEPWJ TV NPHVÇJ TBNP [CPH OBENPÇOF WMBTUJ TVEJKF .FIBOJ[BN SBTUB NPÇJ OFNJOPWOP VOJġUBWB
NPSBMOF J EVIPWOF WSFEOPTUJ CF[ PC[JSB P LPKPK KF HSVQJ JMJ ESVġUWV SFÍ 7JEFUJ [BEJWMKVKVÇV LOKJHV
)BKOSJIB #FMB #JMJKBS V QPMB EFTFU


1SPCMFN NPSBNP SB[NPUSJUJ T KPġ KFEOPH TUBOPWJġUB .PÇ OVľOP QPESB[VNFWB QPUÍJOKFOPTU ÍPWFLB
.PÇ VWFL SBEJ QSPUJW ÍPWFLB LBP J QSPUJW QSJSPEF J TUWBSJ ,BEB TF NPÇ LPSJTUJ POB TF OVľOP PLSFÇF
QSPUJW ESVHJI 5P EB MJ NBOKJOB QPEKBSNMKVKF WFÇJOV JMJ PCSOVUP OJKF NOPHP WBľOP 5PLWJM 5PDRVFWJM
MF
KF QPLB[BP EB EJLUBUVSB WFÇJOF OJKF NBOKF TUSBġOB PE EJLUBUVSF NBOKJOF 0O KF CJP V QSBWV B OF
.BSLT %JLUBUVSB QSPMFUBSJKBUB OF NPľF TUFÇJ MFHJUJNJUFU OB PTOPWV CSPKB TMFECFOJLB .BTF JMJ SVMKB LPKB
QSJNFOKVKF NPÇ KFTV SBEJLBMOP [MP LBP J OFLJ EJLUBUPS %FNPO TF [PWF ۢMFHJKB۠
1PSFE UPHB LBEB TF
NPÇ VTNFSBWB OB ÍPWFLB OFNJOPWOB QPTMFEJDB KF WSMP SBEJLBMOB ÍPWFL QPTUBKF TUWBS PO TF QPTUWB
SVKF ġUP KF OFġUP TBTWJN ESVHBÍJKF PE ۢPUVÑFOKB۠
 .PÇ TF PCSVġBWB OB ÍPWFLB LBP OB TWPKV QSBWFEOV
J QSBWV ľSUWV 1SFNB UPNF POB NPľF EB HB WPEJ EB NBOJQVMJġF OKJNF EB HB QSFPCSBľBWB NPľF HB
MJġJUJ OKFHPWF MKVETLPTUJ EB CJ HB TWFMB OB QVLV GVOLDJKV JMJ V OBKCPMKFN TMVÍBKV OB QPNPÇOJLB NPÇJ
5BLP QSFPCSBľFO ÍPWFL EPQVTUJÇF NPÇJ QVO SBTQPO EFMPWBOKB .PÇ OFNB OJLBLWP QPġUPWBOKF QSFNB
ÍPWFLV [BUP ġUP CJ UP CJMB LPOUSBEJLUPSOP .PÇ LPKB CJ OB TWBLPH ÍPWFLB HMFEBMB LBP OB QPKFEJODB
LPKB CJ VWBľBWBMB OKFHPWF WSFEOPTUJ J PTFÇBOKF ľJWPUB UBLWB NPÇ WJġF OF CJ CJMB NPÇ 0E LBEB TV V OKJI
QSPESMF QTJIPMPHJKB J QTJIPBOBMJ[B TVEOJDF TV V TUWBSJ PEVTUBMF PE EPOPġFOKB QSFTVEB ÍJN PQUVľFOJ
QPTUBOF QPKFEJOBD ÍJKF TF QPOBġBOKF NPľF PCKBTOJUJ J ÍJKF MJDF PEBKF OFLV TMPľFOV QSJÍV OFNPHVÇF
HB KF PTVEJUJ .PÇ HVCJ TWPKV SFBMOPTU [BUP ġUP KF SFBMOPTU NPÇJ OFHBDJKB MKVETLPTUJ V POJNB LPKJ KF
TQSPWPEF LBP J V POJNB OBE LPKJNB TF TQSPWPEJ 5P KF ESBNB )FHFMPWF QSJÍF P HPTQPEBSV J SPCV


$IBSMFT .BVSJDF EF 5BMMFZSBOE1©SJHPSE ۗ
ÍVWFOJ GSBODVTLJ EJQMPNBUB 7FSPWBUOP &MJMPWB HSFġLB UB J[SFLB
TF QSJQJTVKF -PSEV "LUPOV +PIO &NFSJDI &EXBSE %BMCFSH"DUPO ۗ


&SOTU +¼OHFS ۗ
(M¤TFSOF #JFOFO 

)FJOSJDI #¶MM #JMMBSE VN IBMC[FIO  6 UFLTUV QSFWPEJPDJ OB FOHMFTLJ TV OBQJTBMJ ۢय़F 4BDSBNFOU PG UIF #VMM۠
NPľEB TMFEFÇJ &MJMB J GSBODVTLJ QSFWPE OBTMPWB #FMPWPH SPNBOB BMJ UP KF NPUJW J[ SPNBOB #JMJKBS V QPMB EFTFU OB GSBODVTLPN
-FT %FVY 4BDSFNFOUT ۢ%WB TBLSBNFOUB۠ KFEOJ QSJNBKV ۢTBLSBNFOU KBHOKFUB۠ ESVHJ ۢTBLSBNFOU [WFSJ۠ JMJ CJLB



 6 UBLWJN VTMPWJNB QSBWJ QSPCMFN V PÍVWBOKV NPHVÇOPTUJ [B MKVETLJ ľJWPU V ESVġUWV KFTUF LBLP
PHSBOJÍJUJ NPÇ *[HMFEB EB JNBNP USJ NPHVÇOPTUJ 1SWB KF POP ġUP CJI OB[WBP LPOWFODJPOBMOJN PHSB
OJÍBWBOKFN NPÇJ OBJNF [BLPO J VTUBW ,P HPE EB JNB NPÇ QPWJOVKF TF [BLPOV J QSJTUBKF EB QPġUVKF
PESFÑFOB PHSBOJÍFOKB 5P KF DFMB UFPSJKB LPKB TUPKJ J[B EFNPLSBUTLF MJCFSBMOF ESľBWF QSJODJQ QPEFMF
WMBTUJ "MJ UP KF V QSBLTJ [BQSBWP OFF੗LBTOP UBK TJTUFN GVOLDJPOJġF TBNP V NFSJ V LPKPK HB POBK LP
JNB NPÇ QSJIWBUB J [BJTUB QPġUVKF ,SBKOKB TMBCPTU VTUBWOF UFPSJKF MFľJ V UPNF ġUP QPMJUJÍLB NPÇ TBNB
EPOPTJ VTUBW 5BLP NPÇ NPľF EB QP WPMKJ VQSLPT SFGFSFOEVNV
QSFÑF T KFEOPH VTUBWB LBEB QPTUBOF
QSPCMFNBUJÍBO
OB ESVHJ 5P TNP WJEFMJ V 'SBODVTLPK QPTMF 
%SVHP BLP [BLPO J[WJSF J[ ESľBWF
PÍJHMFEOP KF EB ESľBWB PHSBOJÍBWB NPÇ TBNP V NFSJ V LPKPK PWB UP EPQVġUB .PÇ USFCB TBNP EB QSPNF
OJ [BLPOTLB QSBWJMB EB CJ VLMPOJMB POP ġUP KF PHSBOJÍBWB %FMP )BOTB ,FMTFOB OF TBNP EB JEFOUJ੗LVKF
UF QSJODJQF OFHP OBWPEJ J OKJIPWF QPTMFEJDF
 "LP [BLPO QPÍJWB OB OFÍFNV ESVHPN B OF OB ESľBWJ
POEB TF ESľBWB OFÇF TNJSJUJ TWF EPL OKFOB NPÇ OF PTWPKJ UBK J[WPS [BLPOB J TWFEF HB OB QVLJ JOTUSVNFOU
TBNF ESľBWF 5SFÇF TMBCPTU .POUFTLKFPWF UFPSJKF ۢSBWOPUFľF WMBTUJ۠ [BLPOPEBWOJ BLUJ LBP QSPUJWUFľB
J[WSġOPN PHSBOLV WMBTUJ J TVETLJ BLUJ LBP QSPUJWUFľB J LPOUSPMB ESVHB EWB PHSBOLB "MJ BLP TF UB USJ
PHSBOLB WMBTUJ QPWFľV V KFEBO TLVQ ۗ ESľBWOJ QPSFEBL ۗ POJ OF NPHV EB TMVľF LBP QSPUJWUFľB KFEBO
ESVHPN 1SPTUB SFPSHBOJ[BDJKB ESľBWF NPľF EB OFVUSBMJ[VKF OFLJ JMJ TWB USJ PHSBOLB WMBTUJ ۗ J LP CJ TF
TVQSPUTUBWJP UBLWPK SFPSHBOJ[BDJKJ
5P OBT WPEJ EP ESVHF UBÍLF SBWOPUFľB [BLPO VTUBW JUE NPHV CJUJ [BġUJUB PE NPÇJ TBNP BLP TV
VUFNFMKFOJ V OFÍFNV ġUP OJKF PSHBOJ[BN NPÇJ "LP KF [BLPO J[HSBÑFO LBP PCJÍBK POEB KF OF[BWJTBO PE
ESľBWF J QSFETUBWMKB QSBWV QSFQSFLV NPÇJ "LP TF TVETLB WMBTU QSFOFTF V OFLV BVUPOPNOV ESVġUWFOV
HSVQV LBP V TMVÍBKV QBSMBNFOUB J CVSľPB[JKF V 'SBODVTLPK V 97*** WFLV
ESľBWB POEB OF NPľF EB
KF VOJġUJ /BQSPUJW UB ESVġUWFOB HSVQB ÇF V TUWBSJ JNBUJ JOHFSFODJKF ESľBWF %SVHJN SFÍJNB EB CJ
NPÇ CJMB PHSBOJÍFOB POB TF NPSB TVPÍJUJ T QSFQSFLBNB LPKF TWPK J[WPS J SFBMOPTU JNBKV V OF[BWJTOJN
BVUPOPNOJN ESVġUWFOJN HSVQBNB LPKF NPHV EB QSVľF PUQPS 5B QSFQSFLB NPSB CJUJ TQPMKBġOKB V
PEOPTV OB PSHBOJ[BN NPÇJ J OF NPľF CJUJ QSPTUP OFLP NPSBMOP QSBWJMP JEFBM JMJ VTUBW 3FBMOPTU UJI
QSFQSFLB NPSB CJUJ EVCPLP VLPSFOKFOB /B QSJNFS DSLWB KF TWF EP 97** WFLB CJMB QSBWB QSFQSFLB
BVUPLSBUTLJN TLMPOPTUJNB NPOBSIB J ESľBWF
%B CJ EFNPLSBUJKB ľJWFMB OJKF EPWPMKOP EB TF MFHBMJ[VKV TBNP OKFOB GPSNBMOB QSBWJMB .OPHP KF
WBľOJKF EB CVEF QSJTVUOB V ESVġUWFOPN UFMV OFLF HSVQF [BKFEOJDF JMJ PSHBOJ[BDJKF LPKB VQVÇVKF TWPKF
EFUJOKBTUF J[B[PWF WMBEBKVÇFN QPSFULV J QSFQP[OBKF J [BUJN OBQBEB TUSVLUVSF TBNF NPÇJ OKFOF DJMKFWF
CJSPLSBUTLF UFOEFODJKF UFIOPMPġLJ TJTUFN JUE 5P KF KFEJOB QSBWB LPOUSBNPÇ "MJ PWEF NPSBNP CJUJ
PQSF[OJ "LP KF DJMK OBġFH TVQSPUTUBWMKBOKB NPÇJ TBNP PTWBKBOKF WMBTUJ [BNFOB KFEOPH SFľJNB ESVHJN
POEB UP OF [OBÍJ OJġUB +Pġ HPSF UP OJKF OJġUB ESVHP OFHP OPWB JOLBSOBDJKB EVIB NPÇJ LBP ġUP TF OB
QSJNFS TWVEB EPHPEJMP T LPNVOJTUJÍLJN QBSUJKBNB 1SBWB QSPUJWUFľB NPÇJ OF UFľJ WMBTUJ OJUJ EB VOJġUJ
WMBEBKVÇJ TJTUFN 0OB QSF OBTUPKJ EB V ESVġUWV TUWPSJ [POV OFJ[WFTOPTUJ EB VWFEF OBTVNJÍOPTU EB
QPENFÇF LMJQPWF QPE UPÍLPWF KFEOF TVWJġF TBWSġFOF TVWJġF F੗LBTOF NBġJOF 4WBLP TVQSPUTUBWMKBOKF
NPÇJ OFNJOPWOP UFľJ EB TNBOKJ OKFOV F੗LBTOPTU VOPTFÇJ UFO[JKF QSPCMFNF OFJ[WFTOPTUJ ۢTMBCMKFOKF۠
JUE ۗ J UP OF J[ QBLPTUJ WFÇ QSPTUP OB PTOPWV TWFTUJ J VWFSFOKB EB TF NPÇ BLP TF OF PNFUB QPWJOVKF
TBNP WMBTUJUJN [BLPOJNB /BSBWOP JEFKB P QSPUJWMKFOKV NPÇJ OF QPESB[VNFWB ÍJTUV TQPOUBOPTU WFÇ
TWFTUBO PUQPS
1PTMF TWFHB SFÍFOPH PWB JEFKB P TVQSPUTUBWMKBOKV NPÇJ OJKF TBTWJN [BEPWPMKBWBKVÇB 0OB OFNJOPWOP
WPEJ V TVLPC 7MBEBKVÇJ QPSFEBL ÇF VWFL OBTUPKBUJ EB VOJġUJ BTJNJMVKF BQTPSCVKF JMJ QSFPUNF PUQPS NPÇJ
LPKJ OF NPľF WFÍOP EB UPMFSJġF 5P POEB JNB TBNP EWF QPTMFEJDF PUQPS NPÇJ TF JMJ QPKBÍBWB J UBLP VMB[J
V DJLMVT PTUBMJI SBTUVÇJI NPÇJ JMJ OBQVġUB TWPK USFOVUOJ PCMJL J USBľJ ESVHF PTOPWF ESVHF J[SB[F ESVHF
QSJODJQF SFPSHBOJ[VKF TF JUE 0O NFOKB TWPKF CPKOP CPMKF GSPOU J J[HMFE 5P KF KFEJOJ [BEPWPMKBWBKVÇJ


)BOT ,FMTFO ۗ
3FJOF 3FDIUTMFISF ÌJTUB UFPSJKB QSBWB
ۗ


PEHPWPS BMJ ۗ OFNB SB[MPHB EB TF UP LSJKF ۗ LPKJ KF LSBKOKF UFġLP PTUWBSJUJ 5B QJUBOKB TBN EFUBMKOJKF
SB[NPUSJP V TWPKPK LOKJ[J "VUPQTJKB SFWPMVDJKF


"MJ QPTUPKJ KFEOB KPġ SBEJLBMOJKB NPHVÇOPTU TWFTUBO J[CPS ۢOFNPÇJ۠ PECBDJWBOKF TWBLPH PCMJLB
NPÇJ OF[BWJTOP PE UPHB EB MJ KF J V LPKPK NFSJ MFHJUJNBO ۢ/FNPÇ۠ PÍJHMFEOP TFľF NOPHP EBMKF PE
OFOBTJMKB JMJ TVQSPUTUBWMKBOKB SBUV /FNPÇ KF SBEJLBMOP PECBDJWBOKF KFEOF ۢOPSNBMOF۠ ÍPWFLPWF TLMP
OPTUJ ۗ BHSFTJKF OBTJMOPH SFBHPWBOKB OB OBTJMKF QSBWJMB PLP [B PLP LBP J TWJI WSFEOPTUJ J JOTUJUVDJKB
OBġFH ESVġUWB OBSPÍJUP FLPOPNTLF PSHBOJ[BDJKF JEFKF P LPOLVSFODJKJ EB KF ľJWPU CPSCB V LPKPK OBK
CPMKJ QPCFÑVKF 4WF EPL TF ESľJNP UF JEFPMPHJKF OFNJOPWOP VUJSFNP QVU LPNVOJTUJÍLJN J GBġJTUJÍLJN
EJLUBUVSBNB J OKJIPWJN UFIOPTUSVLUVSBNB /F TNFNP OBSBWOP QBTUJ V [BNLV JEFBMJ[NB ۗ OBJNF OF
TNFNP TF V[EBUJ V OFLP CVEVÇF ESVġUWP LPKF CJ QPÍJWBMP OB FUJDJ UPUBMOF OFNPÇJ /FNB QPUSFCF EB
TF CBWJNP OFLPN BOBSIJTUJÍLPN VUPQJKPN
%BOBT V PWPN OBġFN ESVġUWV LPKF KF J[BCSBMP NPÇ NPSBNP JNBUJ OFQSFLJEOP J CFTLPNQSPNJTOP
PECBDJWBOKF NPÇJ .J NBMJ BMJ TVġUJOTLJ HMBTPWJ PUQPSB NPSBNP J[BCSBUJ OFNPÇ " OBġ PUQPS KF TVġUJO
TLJ [BUP ġUP BLP OF JTUSBKBWBNP V POPNF [B ġUB TF [BMBľFNP J BLP UP OF ľJWJNP POEB KF OBġF ESVġUWP
PTVÑFOP OB QSPQBTU 4MFECFOJDJ OFNPÇJ ۗ OFVTQFġOPTUJ OFF੗LBTOPTUJ ۢQSPNBġBKJ۠ JUE ۗ ľJWF V JTUJOJ
UBLP ġUP TUBMOP EPWPEF V QJUBOKF TWF ESVġUWFOF JEFPMPHJKF /J QSPJ[WPEOKB CPHBUTUWB OJ VTQFġOB TSFE
TUWB J TJTUFNJ [B QSPJ[WPEOKV EJTUSJCVDJKV J QPUSPġOKV OJUJ OFLJ QSBWFEOJ QPMJUJÍLJ QPSFEBL OF NPHV
EB PCF[CFEF ESVġUWV CVEVÇOPTU
#VEVÇOPTU OBġFH ESVġUWB QPÍJWB TBNP OB TMPCPEOJN PTPCBNB V OBġFN ESVġUWV 4MFECFOJDJ OFNPÇJ
TV KFEJOF TMPCPEOF PTPCF V OBġFN PLSVľFOKV [BUP ġUP TF POJ LPKJ OBHJOKV NPÇJ PQJSV TPDJPMPġLPK
QSPNFOJ OBSPÍJUP [CPH POPHB ÍJNF JN POB QSFUJ LBP QPKFEJODJNB

/FNB ESVHPH OBÍJOB 6 TUWBSJ PWBK OBÍJO JNB NOPHP WFÇF JNQMJLBDJKF J NPHVÇOPTUJ OFHP ġUP V QSWJ
NBI J[HMFEB UP TV TLSJWFOF J EVCPLF JNQMJLBDJKF [B TWBLPH PE OBT
`


+BDRVFT &MMVM "VUPQTJF EF MB S©WPMVUJPO 1BSJT $BMNBOO-©WZ DPMMFDUJPO -JCFSU© EF M‫&۝‬TQSJU  



 "OBSIJTUJÍLB CJCMJPUFLB
"OUJ$PQZSJHIU

+BDRVFT &MMVM
ĽVEOKB [B NPÇJ


+BDRVFT &MMVM ۢ-VTU GPS 1PXFS۠ ,BUBMMBHFUF 'BMM  TUS ۗ
I॒QXXXGSBXPSHVL੗MFTQPMJUJDTFMMVM@QEG
1SFWFP "MFLTB (PMJKBOJO  I॒QBOBSIJKBCMPLOFU[FODPN

BOBSIJTUJࠨBCJCMJPUFLBOFU