Anthony Jacqulin - Reality Is Plastic - The Art of Impromptu Hypnosis

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ERHYVFERQ]XL)ZIRQSWXGLMPHVIRF]XLIEKISJSVLEZIEGSRGITXSJ
L]TRSWMW
7SFIJSVI[IFIKMRMXQMKLXFIYWIJYPXSEWO]SYVWIPJEJI[UYIWXMSRWERH
RSXI[LEX]SYGSQIYT[MXL
*MVWXP][LEXHS]SYXLMROL]TRSWMWMW#;LEXMQEKIWWTVMRKXSQMRH[LIR
]SYXLMROSJL]TRSWMWL]TRSXMWXWERHXLIL]TRSXMÎH#;LMGL[SVHWSV
TLVEWIW[SYPHEL]TRSXMWXQSWXGSQQSRP]YWI#;LEXHSIWMXJIIPPMOIXSFI
L]TRSXMÎH#,S[HSTISTPIEGX[LIRL]TRSXMÎH#(S]SYXLMRO]SYGERFI
L]TRSXMÎH#'ERL]TRSXMWXWQEOI]SYHSXLMRKWEKEMRWX]SYV[MPP#
;LIR]SYLEZIPIEVRXQSVIEFSYXL]TRSWMWERHEGGITX]SYVWIPJEW8LI
,]TRSXMWXMXMWPMOIP]XLEX]SYVMHIEWEFSYX[LEXL]TRSWMWMWERHLS[MXGER
FIYWIH[MPPFIUYMXIHMJJIVIRXJVSQXLIZMI[SJXLIKIRIVEPTYFPMG-XMW[MWI
RSXXSJSVKIX[LEXQSWXTISTPIFIPMIZIMXXSFI9WMRKXLIMVQIRXEPQSHIPW
SJL]TRSWMWMW´RIIZIRMJXLI]EVIRSXXLEXEGGYVEXI§NYWXEWPSRKEWXLIMV
QSHIPHSIWRSXPIEZIXLIQEJVEMHSJL]TRSWMWJSVWSQIVIEWSR-JMXHSIWXLIR
MXMWYWIJYPXSVIQSZIXLIMVJIEVWTVMSVXSL]TRSXMWMRKXLIQERHXLMWMWWMQTPI
IRSYKLXSHS
-LEZIEWOIHLYRHVIHWSJWXYHIRXWSJL]TRSWMWXLSYWERHWSJXLIVET]GPMIRXW
ERHQER]L]TRSXMWXWXLIUYIWXMSR«;LEXHS]SYXLMROL]TRSWMWMW#¬
8LIERW[IVWZEV]UYMXIHVEQEXMGEPP]IZIREQSRKWXL]TRSXMWXW,S[IZIV
WIZIVEPGSQQSRXLIQIWVYRXLVSYKLSYXXLITYFPMGTIVGITXMSRSJXLMWEVX
TEKI
6IEPMX]MW4PEWXMG
7PIITEVIPE\IHWXEXIW[MRKMRK[EXGLIWWXEKIL]TRSWMWKIXXMRKMRXSYGL
[MXLXLIWYFGSRWGMSYWXIPPMRKWSQISRI[LEXXSHSEGSQJ]GLEMVEWPS[
WPIIT]SVKVEZIP]ZSMGIEWRETSJXLI´RKIVWERHQSVIVIGIRXP]0MXXPI&VMXEMR
ERHXLITLVEWI«]SY¬VIYRHIV¬EVIGSQQSRERW[IVW[LIRXLIKIRIVEPTYFPMG
XV]XSKMZI]SYEWIRWISJ[LEXXLI]XLMROL]TRSWMWMWEPPEFSYX
-QEKIWSJTISTPIWPYQTIHMREGLEMV[MXLXLIMVI]IWGPSWIHYRHIVXLI
QIWQIVM^MRKKEÎERHGSQQERHSJXLIL]TRSXMWXQMKLXGSQIXSQMRH%
VS[SJIQTX]GLEMVW«WPIITMRK¬WYFNIGXWTISTPIHSMRKVMHMGYPSYWXLMRKWSV
I\TIVMIRGMRKEQRIWMEEVIEPWSVIPEXMZIP]GSQQSRMHIEW
)ZIRMRSYVQSHIVRVEXLIVWGITXMGEPWSGMIX]TSTYPEVFIPMIJSJXIRWXMPPEWGVMFIW
WSQIWMKRM´GERGIXSXLIHIZMGIWERHVMXYEPWSJL]TRSWMWWYGLEWQEOMRK
TEWWIW[MXLXLILERHWWTMRRMRKL]TRSXMG[EXGLIWWTMVEPWXLIL]TRSXMGWXEVI
ERHXLIEYXLSVMXEVMERGSQQERH%JI[]IEVWEKSQ][MJIKEZIQIETSGOIX
[EXGLSREGLEMREWETVIWIRX8LI´VWXXMQI-KSXMXSYXXSWLS[WSQIJVMIRHW
MRETYFXLI]WGEXXIVIH§EWMJPSSOMRKEXMX[SYPHMQQIHMEXIP]TYXXLIQ
YRHIV
8LIVIEVIHSÎRWSJHI´RMXMSRWSJL]TRSWMW§WSQIQSVIEGGYVEXIXLERSXLIVW
ERHQSWXUYMXIYRWEXMWJEGXSV];LEXIZIVHI´RMXMSRMWMRZSKYIHSIWRSXWIIQ
XSEJJIGXEKVIEXHIEPSJGLERKIMRXLIEGXYEPTVEGXMGEPETTPMGEXMSRSJL]TRSWMW
SVXLITLIRSQIREIPMGMXIH
(I´RMXMSRWSJXIRHIWGVMFIL]TRSWMWEWE«WXEXI¬SJWSQIOMRH.YWX[LEXOMRH
SJWXEXILS[IZIVMWYTJSVHIFEXI%«WXEXIPMOIWPIIT¬«EYRMUYISVWTIGMEP
WXEXI¬«EXVERGIWXEXI¬«ER]EPXIVIHWXEXI¬ERHSJGSYVWI«EVIPE\IHWXEXI¬
8LIWIHI´RMXMSRWEPPLEZIWSQIZEPYIFYXYTSRI\EQMREXMSRGEREPPFIJSYRH
XSFIIUYEPP]YRWEXMWJEGXSV]
0MXXPI&VMXEMRMWE&VMXMWLGSQIH]WLS[[VMXXIRERHWXEVVMRK1EXX0YGEWERH(EZMH
;MPPMEQW-XJIEXYVIHEGLEVEGXIVGEPPIH/IRR]'VEMKEGPMGLrGEVMGEXYVILIMWER
SFRS\MSYWERHGLEVQPIWWL]TRSXMWX[LSYWIWLMWTS[IVWXSKIXLMWS[R[E]
TEKI
6IEPMX]MW4PEWXMG
+MZIRXLEX[IEVIEP[E]WMREWXEXISJWSQIOMRHERHQER]WXYHMIWLEZI
JSYRHPMXXPIWMKRM´GERXHMJJIVIRGIFIX[IIRWSQISRIMRL]TRSWMWERHWSQISRI
MRERSVQEPWXEXIGVMXMGWSJXLIWIHI´RMXMSRWWYKKIWXXLEXL]TRSWMWGERRSXFI
HI´RIHMRXIVQWSJWXEXI7SQIKSEWJEVXSWE]XLEXFIGEYWIL]TRSWMWGERRSX
FITVSZIHXSFIEYRMUYIWXEXIL]TRSWMWHSIWRSXI\MWX%PPSJXLEXWEMH[MXL
VIGIRXEHZERGIWMRFVEMRWGERRMRKIUYMTQIRXQSVIIZMHIRGIMWGSQMRK
JSV[EVHXLEXXLIVIEVIWMKRM´GERXGLERKIWMRFVEMRJYRGXMSR[LIRL]TRSXMÎH
%RSXLIV[E]XSHI´RIL]TRSWMWMWEWETVSGIWWSVEREVX'IVXEMRP]MXMW
TSWWMFPIXSFIERI\GIPPIRXL]TRSXMWX[MXLSYXORS[PIHKISJTW]GLSPSK]SV
FVEMRJYRGXMSRSVWXEXIXLISV]8EPIRXµEMVERHXLITYVIJSVGISJTIVWSREPMX]
[MPPXEOI]SYJEVEWEL]TRSXMWX7S[MPPEGGITXMRKXLEXL]TRSWMWMWVIEPP]NYWX
XLIEVXJYPETTPMGEXMSRSJWYKKIWXMSRXSWSQISRI[LSMWMREJSGYWWIHWXEXI
,MTTSP]XI&IVRLIMQ XLI*EXLIVSJXLGIRXYV],]TRSWMW

JEQSYWP]WEMH
«-XMWWYKKIWXMSRXLEXVYPIWL]TRSXMWQ¬
,MTTSP]XI&IVRLIMQ
,IFIPMIZIHL]TRSWMW[EWMRLIVIRXP]EWYKKIWXMSRFEWIHTVSGIWW-XMWE
YWIJYPEWWYQTXMSREPXLSYKLHMJ´GYPXXSKIXXSKVMTW[MXLWGMIRXM´GEPP]
%PXLSYKLXVERGILEWGIVXEMRP]FIIRYWIHJSVXLITYVTSWIWSJLIEPMRKERHEW
EREMHXSGVIEXMZMX]JSVXLSYWERHWSJ]IEVW[IVIEPP]XVEGIXLIXVERGI[IGEPP
L]TRSWMWFEGOXSXLI[SVOSJER%YWXVMERTL]WMGMER*VER^%RXSR1IWQIV
1IWQIVGEQIYT[MXLEXLISV]ERHE[E]SJXVIEXMRKTISTPI
XLEXLIPTIHQER]XSLIEPXL,MWMHIEW[IVIFEWIHEPQSWXIRXMVIP]SRYRXIWXIH
L]TSXLIWMWERHJEYPX]WGMIRGIFYXXLI]PIHXSQSVIEGGYVEXIMHIEWEFSYX
L]TRSWMWMRXLIRMRIXIIRXLGIRXYV]
1IWQIVFIPMIZIHXLEXEQSRKEPPXLIÍPHWORS[RXSWGMIRGIEXXLEXXMQI
XLIVI[EWERSXLIVÍPH[LMGLQMKLXFIGEPPIHERERMQEXIÍPHSVµYMHSVPMJI
JSVGI,IHI´RIHKSSHLIEPXLEWXLIJVIIµS[SJXLMWÍPHSVµYMHXLVSYKL
XLSYWERHWSJGLERRIPWMRSYVFSHMIW-PPRIWWVIWYPXIHJVSQSFWXVYGXMSRW
XSXLIJVIIµS[SJXLMWµYMH3ZIVGSQMRKXLIWISFWXEGPIWERHVIWXSVMRK
µS[VIWXSVIHLIEPXL;LIRREXYVIJEMPIHXSHSXLMWWTSRXERISYWP]GSRXEGX
[MXLEGSRHYGXSVSJ«ERMQEPQEKRIXMWQ¬[EWERIGIWWEV]ERHWYJ´GMIRX
VIQIH]1IWQIVMRSXLIV[SVHWFIPMIZIHXLEXLI[EWEGSRHYGXSVSJERMQEP
QEKRIXMWQERHXLEXXLMWGSYPHMRµYIRGIXLIµS[SJXLIµYMHPMOIPMJI
TEKI
6IEPMX]MW4PEWXMG
JSVGI1IWQIVEMQIHXSEMH2EXYVIWIJJSVXXSLIEP,IXVIEXIHTEXMIRXWFSXL
MRHMZMHYEPP]ERHMRKVSYTW;MXLMRHMZMHYEPWLI[SYPHWMXMRJVSRXSJLMW
TEXMIRX[MXLLMWORIIWXSYGLMRKXLITEXMIRX¬WORIIWTVIWWMRKXLITEXMIRX¬W
XLYQFWMRLMWLERHWPSSOMRK´\IHP]MRXSXLITEXMIRX¬WI]IW1IWQIVQEHI
©TEWWIWªQSZMRKLMWLERHWJVSQTEXMIRX¬WWLSYPHIVWHS[REPSRKXLIMVEVQW
4VMSVXSLMQMX[EWGSQQSRTVEGXMGIXSHSXLMW[MXLQEKRIXW1ER]TEXMIRXW
JIPXTIGYPMEVWIRWEXMSRWSVLEHGSRZYPWMSRWXLEX[IVIVIKEVHIHEWGVMWIWXLEX
[IVIWYTTSWIHXSFVMRKEFSYXXLIGYVI
TEKI
6IEPMX]MW4PEWXMG
-RXLIRMRIXIIRXLGIRXYV]XLIMHIEXLEXXLIVI[EWWSQIMRZMWMFPIµYMH
SVMRµYIRGIXVEZIPPMRKJVSQXLIL]TRSXMWXXSXLIWYFNIGXGVYQFPIHERH
IZIRXYEPP]L]TRSWMWFIGEQIZMI[IHF]QER]EWWSQIXLMRKXLEXXLIWYFNIGX
MWVIWTSRWMFPIJSVSVQSVIEGGYVEXIP]GETEFPISJKMZIRXLIVMKLXMRWXVYGXMSR
8LMWIZIRXYEPP]PIHWSQIXSGSRGPYHIXLEXEPPL]TRSWMWMWWIPJL]TRSWMW1SVI
VIGIRXP]L]TRSWMWLEWFIGSQIZMI[IHF]QER]EWETIGYPMEVMX]SJXLIWSGMEP
VIPEXMSRWLMTFIX[IIRXLIL]TRSXMWXERHXLIWYFNIGX§XLIL]TRSXMWXERHXLI
WYFNIGX«TPE]MRK¬XLIMVTEVXWEWXLI]FIPMIZIXLI]WLSYPH-RSXLIV[SVHWMXMW
WSGMEPGSQTPMERGISVVSPITPE]
8LIHIFEXILEWKSRISRJSVHIGEHIWERH[MPPTVSFEFP]GSRXMRYIXSHSWS*SV
SYVTYVTSWIW[I[MPPPSSOEXXLIHI´RMXMSRWSJEVKYEFP]XLIQSWXMRµYIRXMEP
L]TRSXMWXWXLEX[EPOIHXLITPERIX.EQIW&VEMH1MPXSR)VMGOWSRERH(EZI
)PQER
.EQIW&VEMH§ GEYWIHETEVEHMKQWLMJXJVSQXLIQIWQIVMWXWSJ

XLIXLERHIEVP]XLGIRXYV]&VEMH[EWE(SGXSVERHEJXIVSFWIVZMRKE
HIQSRWXVEXMSRSJQIWQIVMWQFIPMIZIHLILEH´KYVIHSYX[L]TISTPI[IRX
MRXSXLMWTIGYPMEVWXEXIERHMXLEHRSXLMRKXSHS[MXLERMRZMWMFPIQEKRIXMG
µYMH,IWYKKIWXIHETL]WMSPSKMGEPFEWMWJSVL]TRSWMW-XMWKIRIVEPP]EKVIIH
XLEXLMWMRMXMEPMRWMKLXJYPFYXMREGGYVEXIZMI[[EWXLEXXLIQIWQIVMWIHWXEXI
L]TRSWMW [EWGEYWIHF]XLIXMVMRKSJERSTXMGRIVZIEWMXFIGEQI´\EXIH
§LIRGIXLIEWWSGMEXMSR[MXLJSGYWWMRKSRWTMRRMRK[EXGLIWSVMRLMWGEWIE
WMPZIVGMKEVIXXIGEWI-XWIIQWLIQMWWIHXLIJEGXXLEXLMWZIVFEPWYKKIWXMSRW
XSLMWWYFNIGXWXLEXXLIMVI]IW[SYPHJIIPXMVIH[IVIEPWSLEZMRKERIJJIGX
0EXIVMRLMW[VMXMRKWLIWIIQWXSWLMJXIQTLEWMWEPXLSYKLHSIWRSXEFERHSR
I]I´\EXMSREPXSKIXLIVRSXMRKXLEXMXMWRSXNYWXXLIKEÎXLEXFIGSQIW
´\EXIHFYXXLIQMRHWI]IEW[IPP-RSXLIV[SVHW[LIRL]TRSXMÎHXLIQMRH
FIGSQIWPSGOIHEVSYRHEWMRKPIMHIE
«8LIVIEPSVMKMRERHIWWIRGISJXLIL]TRSXMGGSRHMXMSRMWXLIMRHYGXMSRSJ
ELEFMXSJEFWXVEGXMSRSVQIRXEPGSRGIRXVEXMSRMR[LMGLEWMRVIZIVMISV
WTSRXERISYWEFWXVEGXMSRXLITS[IVWSJXLIQMRHEVIWSQYGLIRKVSWWIH[MXL
EWMRKPIMHIESVXVEMRSJXLSYKLXEWJSVXLIRSRGIXSVIRHIVXLIMRHMZMHYEP
YRGSRWGMSYWSJSVMRHMJJIVIRXP]GSRWGMSYWXSEPPSXLIVMHIEWMQTVIWWMSRWSV
XVEMRWSJXLSYKLX¬
.EQIW&VEMH
2SXIXLEX&VEMHWE]WL]TRSWMWVIRHIVWXLIMRHMZMHYEPYRGSRWGMSYWSV
MRHMJJIVIRXP]GSRWGMSYWXSEPPSXLIVMHIEW8LMWMWMQTSVXERX;LIRL]TRSXMÎH
TEKI
6IEPMX]MW4PEWXMG
]SYGERWXMPPLEZIERI\TIVMIRGI]SYGERVIµIGXSREW]SYEVILEZMRKMXERH
EWJEVEW]SYEVIGSRGIVRIHEJYPP]GSRWGMSYWI\TIVMIRGI*SVI\EQTPIMJ
]SYEVIL]TRSXMÎHXSFIPMIZI]SYGERRSXVIQSZI]SYVLERHJVSQ]SYVJEGI
FIGEYWIMXLEWFIIRKPYIHXLIVI]SYEVIWXMPPEFPIXSVIµIGXSRXLIJEGXXLEXMX
MWWXYGOERHIZIR[SRHIV[L]MXMWWXYGO,S[IZIVXLISRP]VIEPMX]]SYLEZI
MWXLEXMXMWWXYGORSRIXLIPIWW-J]SYEVIL]TRSXMÎHXSFIPMIZIXLEXFIIVFSXXPI
XSTWEVITSYRHGSMRWXLIRIZIR[LIRTSMRXIHSYXXLEXXLI]EVIFSXXPIXSTW]SY
[MPPORS[[MXLSYXHSYFXSVUYIWXMSRXLEXXLI]EVIRSXFSXXPIXSTWXLI]EVI
GSMRWERH[MPPEGGITXXLIQEWWYGL=SYEVIMRHMJJIVIRXXSMHIEWSXLIVXLERXLI
SRI]SYVQMRHLEWPSGOIHSRXSEWVIEPMX]
TEKI
6IEPMX]MW4PEWXMG
8LIL]TRSXMWXHMVIGXWXLIWYFNIGX¬WTIVGITXMSRSJVIEPMX]F]PSGOMRKXLIQMRH
EVSYRHMHIEW
*VSQXLIXMQISJ&VEMHVMKLXYTMRXSXLIX[IRXMIXLGIRXYV]L]TRSWMW[EW
X]TMGEPP]MRHYGIHYWMRKEHMVIGXERHEYXLSVMXEVMERETTVSEGL
-RXLIXL'IRXYV]1MPXSR)VMGOWSR§ GEYWIHEWIMWQMGWLMJXMR

XLI[E]XSMRHYGIL]TRSWMWHIZIPSTMRKETIVQMWWMZIERHMRHMVIGXETTVSEGL
XLEXMWZIV]TSTYPEV[MXLWX'IRXYV],]TRSXLIVETMWXW&]XLIIRHSJLMW
GEVIIVLIETTIEVIHXSWMQTP]FILEZMRKGSRZIVWEXMSRW[MXLLMWTEXMIRXW[LS
[SYPHKSMRXSXVERGI[MXLSYXER]QIRXMSRSJXLI[SVHL]TRSWMW3JGSYVWI
)VMGOWSRORI[I\EGXP][LEXLI[EWWE]MRKERH[LEXLI[EWHSMRKERH
[L]MXGEYWIHL]TRSWMW,MWMRWMKLXW[MXLVIKEVHXSTIVWSREPGLERKILEZI
VIZSPYXMSRMWIHQSHIVRXLIVET]-IRGSYVEKI]SYXSVIEHLMW[SVOERH]SY
[MPPHMWGSZIVQER]MRGVIHMFPI[E]W]SYGERYWIL]TRSWMW,II\TIVMQIRXIH
[MXLL]TRSWMWTVIXX]QYGLIZIV]HE]JVSQXS,IGSZIVIHEPSX
SJKVSYRH&IGEYWILMWTIVQMWWMZIETTVSEGLXSL]TRSWMWMWWSTSTYPEVMX
MWSJXIRSZIVPSSOIHXLEX)VMGOWSR[EWEQEWXIVSJVETMHHMVIGXMQTVSQTXY
L]TRSWMWXSSERH[SYPHYWIMXNYWXEWVIEHMP]EWXLIQSVIGYPXMZEXIHGSZIVX
SVMRHMVIGXETTVSEGL-XMWWEMHLIYWIHXLILERHWLEOIMRHYGXMSRWSSJXIRXLEX
F]XLIIRHSJLMWGEVIIVRSSRIEGXYEPP][ERXIHXSWLEOILMWLERH1ER]SJ
LMWWXEXIQIRXWLEZIFIIRUYSXIHEWLMWHI´RMXMSRSJL]TRSWMW§EPPEVI[SVXL
VIEHMRK;LEXJSPPS[WMWNYWXSRISJXLIQ
«%WXEXISJWTIGMEPE[EVIRIWWGLEVEGXIVMÎHF]VIGITXMZIRIWWXSMHIEW¬
1MPXSR)VMGOWSR
8[SXLMRKWEVI[SVXLRSXMRKJVSQXLMWWYGGMRGXHI´RMXMSR,IIQTLEWMWIW
XLEXXLIQMRHFIGSQIWVIGITXMZIXSXLIMHIEWXLIL]TRSXMWXTVIWIRXW8LMW
GERFIMRXIVTVIXIHEWETIVWSRFIGSQMRKQSVIWYKKIWXMFPISVQSVISTIRXS
XLIMHIEWFIMRKTVIWIRXIHXSXLIQ[LIRXLI]EVIL]TRSXMÎH8LIIQTLEWMW
)VMGOWSRTPEGIWSR«E[EVIRIWW¬VEXLIVXLERSRFIMRKYRGSRWGMSYWMREXXIRXMZI
SVYRE[EVIMWEPWSMRXIVIWXMRK-XMWMRPMRI[MXLLMWXLMROMRKXLEXL]TRSWMW
EPPS[W]SYXSHIEP[MXLXLIFMKKIVFIEWXMREPPSJYWXLIWYFGSRWGMSYWQMRH
SV[LEXLIGEPPIHXLIYRGSRWGMSYWQMRH;LIRL]TRSXMÎHXLIYRGSRWGMSYW
WIIQWXSEWWYQIQSVIVIWTSRWMFMPMX]SVGSQIXSXLIJSVI8LIYRGSRWGMSYW
VIKYPEXIWEPPSJ]SYVFSHMP]TVSGIWWIWWXSVIWERHQEREKIW]SYVQIQSVMIW
IZIV]PIEVRMRKJVSQIZIV]I\TIVMIRGIEW[IPPEWXLIQIRXEPTEXXIVRWERH
XIQTPEXIWXLEXEPPS[YWXSJYRGXMSR8LMWTEVXSJXLIQMRHMWMRXYMXMZI-XGER
GEPPYT]SYVTSXIRXMEP¬WERHMRWXERXP]GLERKIXLI[E]]SYXLMROJIIPERH
TEKI
6IEPMX]MW4PEWXMG
VIWTSRH&]GSRXVEWXXLIGSRWGMSYWQMRHMWPMQMXIH-XMWPSKMGEPERHPMRIEVMR
MXWETTVSEGLXSTVSFPIQWSPZMRK-XMWXLILIVIERHRS[
)VMGOWSR[EWRSXMRXIVIWXIHMRXEPOMRKXSXLIGSRWGMSYWQMRH2IMXLIVWLSYPH
]SYFI[LIR]SYEVIMRXLITVSGIWWSJL]TRSXMWMRK%MQXSGSQQYRMGEXI
HMVIGXP][MXLXLIYRGSRWGMSYW
TEKI
6IEPMX]MW4PEWXMG
*MREPP]GSRWMHIVSRISJXLIQSWX[IPPORS[RERHUYSXIHHI´RMXMSRWJVSQ
EQSHIVRMRRSZEXSVERHTIVLETWXLIQSWXMRµYIRXMEPL]TRSXMWXSJEPPXMQI
(EZI)PQER§
«,]TRSWMWMWEWXEXISJQMRHMR[LMGLXLIGVMXMGEPJEGYPX]SJXLILYQERMW
F]TEWWIHERHWIPIGXMZIXLMROMRKIWXEFPMWLIH¬
(EZI)PQER
)PQERVIJIVWXSEWXEXI[LIVI« XLIGVMXMGEPJEGYPX]SJXLILYQERMW
F]TEWWIH ¬
7S[LEXMWXLIGVMXMGEPJEGYPX]#-XHSIWRSXWIIQXSGSVVIPEXIXSER]TL]WMGEP
TEVXSJXLIFVEMRSVRIYVSPSKMGEPTVSGIWW-XMWQSVIGSRGITXYEP§XLMROSJ
MXEWFIMRKE´PXIVFIX[IIRXLIGSRWGMSYWERHYRGSRWGMSYWQMRHW-XGER
FIXLSYKLXSJEWXLIWIRWISJNYHKIQIRX-XLEWGIVXEMRGLEVEGXIVMWXMGW-X
MWVEXMSREPPSKMGEPMXMWPMQMXIHERHMXMWX]TMÍHF]MRHYGXMZIXLMROMRK
§TVSGIIHMRKJVSQGIVXEMRJEGXWXSEPSKMGEPGSRGPYWMSR
8LIGVMXMGEPJEGYPX]MWXLIFMXSJ]SYXLEXXLMROWMXORS[W[LEXVIEPMX]MW-X
XLMROWMXORS[WLSXJVSQGSPH-XXLMROWMXORS[WXLEXEQSTMWRSXXLITIVWSR
]SYEVIMRPSZI[MXL-XXLMROWMX[MPPLYVXMJ]SYWXMGOERIIHPIXLVSYKL]SYV
EVQ-XXLMROWXLEX]SYGSYPHPMJX]SYVJIIXYTMJ]SY[MWLIHXS-XFIPMIZIW
]SYHSORS[]SYVS[RREQI
&]TEWWMRKXLIGVMXMGEPJEGYPX]HSIWRSXIWXEFPMWLL]TRSWMWFYXMXHSIW
VITVIWIRXEW)PQERTYXMXXLI«IRXIVMRK[IHKI¬
;LIRXLIGVMXMGEPJEGYPX]MWF]TEWWIH]SYVWIRWISJNYHKIQIRXMRHYGXMZI
VIEWSRMRKERHPSKMGEPJEGYPXMIWFIGSQIWYWTIRHIHSVMREXXIRXMZI,S[
MREXXIRXMZIERHJSVLS[PSRKXLI]VIQEMRWYWTIRHIHMWVIPMERXSRXLIEXXMXYHI
SJXLIWYFNIGXERHXLIEFMPMX]SJXLIL]TRSXMWX;LIREXXMXYHIERHEFMPMX]EVI
FSXLGSRHYGMZIXSL]TRSWMWXLIYRGSRWGMSYWQMRHSJ]SYVWYFNIGXFIGSQIW
HSQMRERXERH[MXLJYVXLIVHMVIGXMSRJVSQXLIL]TRSXMWXWIPIGXMZIXLMROMRKGER
FIIWXEFPMWLIHW[MJXP]%GGSVHMRKXS)PQERWIPIGXMZIXLMROMRKMW[LEXIZIV
]SYFIPMIZI[LSPILIEVXIHP]
&]YRGSRWGMSYWQMRH-QIERIZIV]XLMRKIPWISXLIVXLERXLIGSRWGMSYW
GVMXMGEPQMRH§EPPSJ]SYVQIQSVMIWIZIV]PIEVRMRKVIWSYVGITEXXIVRERH
XIQTPEXI&]WIPIGXMZIXLMROMRK-QIEREWX]PISJXLMROMRK[LIVIMRHYGXMZI
VIEWSRMRKMWWYWTIRHIHERHXLIQMRHFIGSQIWPSGOIHEVSYRHERMHIE;LIR
TEKI
6IEPMX]MW4PEWXMG
XLMWSGGYVW8LI,]TRSXMWXWWYKKIWXMSRW[MPPFIPMWXIRIHXSF]XLIYRGSRWGMSYW
YRGVMXMGEPP]8LI][MPPFIEGXIHYTSRYRGVMXMGEPP]
8LEXHSIWRSXQIERXLIYRGSRWGMSYWGERRSXVIJYWIXSKSMR]SYVHMVIGXMSRMX
GER-XHSIWRSXQIERXLIGVMXMGEPJEGYPX][MPPGSRXMRYIXSVIQEMRF]TEWWIH
MXGERTSTFEGOMRXSTPE],S[IZIVEW8LI,]TRSXMWXYRHIVWXERHERHFI
GPIEVXLEXXSEPPMRXIRXWERHTYVTSWIWL]TRSXMWMRKWSQISRIVIWYPXWMRXLIMV
YRUYIWXMSRMRKEGGITXERGISJXLIMHIEWWYKKIWXMSRWERHHMVIGXMSRWHIPMZIVIH
F]8LI,]TRSXMWX
8LIGVMXMGEPJEGYPX]GERFIF]TEWWIHMREZEVMIX]SJ[E]WUYMXIREXYVEPP]
[MXLSYXL]TRSWMW)\TIVMIRGMRKGSRJYWMSRWLSGOLMKLIQSXMSRMRJSVQEXMSR
SZIVPSEHFIMRKHVYROSVLMKLSRHVYKWPEYKLXIVTPE]ERHTIVJSVQERGI
EVIEPPGSQQSRMRWXERGIW[LIVIEVIWIRWISJNYHKIQIRXERHPSKMGGERFI
XIQTSVEVMP]WYWTIRHIH-XMWXLIVEFFMXMRXLILIEHPMKLXWQSQIRX;LEXIZIV
JSPPS[WMWKIRIVEPP]HVMZIRF]SYVYRGSRWGMSYWMRWXMRGXMZIEYXSQEXMGQMRH
8LI,]TRSXMWXGERGVIEXIWYGLQSQIRXWEVXM´GMEPP]ERHYXMPMWIXLIVIWYPXXS
IWXEFPMWLWIPIGXMZIXLMROMRK8LIXIGLRMUYIWXLEXJSPPS[MRWIGXMSRXLVII[MPP
WLS[]SYLS[XSHSXLEX
-XMWYWIJYPXSRSXIXLEXMRRSRISJXLIWIHI´RMXMSRWMWXLIVIER]QIRXMSR
SJWPIITSVVIPE\EXMSR8LEXMWFIGEYWIL]TRSWMWMWRSXWPIITERHHSIWRSX
VIUYMVIIZIREWQMHKIRSJVIPE\EXMSR;LEXMWIQTLEWMWIHMWXLEX[LIR
L]TRSXMÎHXLIWYFNIGX¬WEXXIRXMSRREVVS[WERHFIGSQIW´\IHEVSYRH
WIPIGXIHMHIEWSVEWMRKPIMHIE;MHIVIRZMVSRQIRXEPWXMQYPMEVIMKRSVIH
6IGIRXP]EJVIWLXLISV]SJL]TRSWMWERHXLIQMRHIRXVERGIHLEWIQIVKIH
JVSQXLI,YQER+MZIRWTMSRIIVW.S+VMJ´RERH-ZER8]VIPP 8LI]WYKKIWX
XLEXL]TRSWMWMWXLIVIWYPXSJEGGIWWMRKXLI6)1WXEXI-RXLI6)1WXEXI
[IEGGIWWXLIMQEKMREXMSR[LEXXLI]VIJIVXSEW«XLIVIEPMX]KIRIVEXSV¬
XLEXMWVIWTSRWMFPIJSVSYVHVIEQW3RISJXLIJYRGXMSRWSJHVIEQMRKMW
XSHMWGLEVKIYRVIWSPZIHIQSXMSREPEVSYWEP-RERSXLIV[SVHWMXEPPS[W
YWXSGSQTPIXIIQSXMSREPVYQMREXMSRWSJXLIHE]XLVSYKLXLIQIXETLSVMG
MQEKIV]ERHGSRRIGXMSRWSJSYVHVIEQ-XWSXLIVOI]JYRGXMSRMWXSYTHEXI
SYVMRWXMRGXMZIXIQTPEXIWSVFILEZMSYVEPERHIQSXMSREPVIWTSRWIW-RSXLIV
[SVHWXLIPIEVRMRKWXEXIMWEPWSER6)1WXEXI;LIRIZIV[IEGX[MXLSYX
GSRWGMSYWIJJSVX[IEVIVIPMERXSRTEXXIVRQEXGLMRKKSMRKFEGOXSERIEVPMIV
PIEVRIHVIWTSRWISVFILEZMSYVXLEX[EWWIXMRXLI6)1WXEXI7S[LIR[I
EGXMRWXMRGXMZIP][IEVIMRIJJIGXEGXMRKSRETSWXL]TRSXMGWYKKIWXMSR-R
XLIWEQI[E][LIREL]TRSXMÎHWYFNIGXEGXWSRETSWXL]TRSXMGWYKKIWXMSR
TEKI
6IEPMX]MW4PEWXMG
KMZIRF]XLIL]TRSXMWXXLI][MPPHSWS[MXLXLIWEQIIJJIGXMZIRIWW
MQQIHMEG]ERHMRWXMRGXXLI]HSSXLIVYRGSRWGMSYWFILEZMSYVW
7S[LIR[ITYXWSQISRIMRXSL]TRSWMW[IEVIWMQTP]EGXMZEXMRKXLIWEQI
TVSGIWWIWXLEXXLIFVEMREGXMZEXIWHYVMRKHVIEQWPIITMRGPYHMRKXLIVIEPMX]
KIRIVEXSVXLMWMW[LEXQEOIWMXWSIJJIGXMZI
*SV]SYVTYVTSWIWEW8LI,]TRSXMWXMXMWYWIJYPXSOIITXLIWIHI´RMXMSRWMR
QMRH6IZMWMXXLIQMRPMKLXSJ]SYVI\TIVMIRGI6IEHXLI[SVOSJXLSWI[LS
GSMRIHXLIQ,S[IZIVXLIVIVIEPP]MWRSRIIHXSKIXLYRKYTSRI\EGXP][LEX
L]TRSWMWMWSV[L]MXSGGYVW8LIVIMWRSTSMRXFIMRKGSRGIVRIHSZIV[LIXLIV
XLI«GVMXMGEPJEGYPX]¬MWWSQIXLMRK[IGERTMRTSMRXTL]WMGEPP]SVRSX)ZIR
PIWWTSMRXXV]MRKXSTVSZIXLEXL]TRSWMWMWVIEP
8LIQMRHI\MWXWEWEQSHIP,]TRSWMWI\MWXWEWETLIRSQIRSR;IQYWXYWI
EGSRGITXYEPQSHIPXSHIWGVMFILS[MX[SVOW,]TRSWMWQE]RSXLEZIXLI
VIEPMX]SJELSYWIFVMGOFYXXLEXMWSJRSGSRWIUYIRGIXS]SY8LIJEGXMW]SY
GERLSPHER]SJXLIQENSVZMI[WEFSYXL]TRSWMWERHWXMPPFIEKSSHL]TRSXMWX
*SVTVEGXMGEPTYVTSWIWEW8LI,]TRSXMWXXLMROSJMXXLMW[E]
«,]TRSWMWMWXLIEVXSJTVIWIRXMRKMHIEWHMVIGXP]XSXLIVIGITXMZIYRGSRWGMSYW
QMRH¬
%RXLSR].EGUYMR
7SYRHIVWXERHEW8LI,]TRSXMWX]SYEVITVIWIRXMRKMHIEWERHKMZMRK
HMVIGXMSRW=SYEVIHSMRKXLMWXS]SYVWYFNIGX¬WYRGSRWGMSYWQMRHERHMXMW
VIGITXMZIXSXLIHMVIGXMSRWERHMHIEW]SYEVITVIWIRXMRK&IPMIZI[ERXERH
I\TIGXXLEXMX[MPPMRXIVTVIXXLIQERHEGXSRXLIQ[MXLEKIRYMRIYRGSRWGMSYW
VIWTSRWI
TEKI
6IEPMX]MW4PEWXMG
&IMRK8LI,]TRSXMWX
8SFIEKVIEXL]TRSXMWXMXMWSJOI]MQTSVXERGIXLEX]SYFIGSQI8LI
,]TRSXMWX2SXEL]TRSXMWX2SXWSQISRI[LSORS[WEFMXEFSYXL]TRSWMW
FYX8LI,]TRSXMWX=SYQYWXI\TVIWWEFWSPYXIGSR´HIRGIGSRKVYIRGIERH
I\TIVXMWIMR]SYVWOMPPWORS[PIHKIERHEFMPMXMIW-RXLIFIKMRRMRKXLMWXEOIW
EGIVXEMREQSYRXSJJVSRX4VIXIRHERHQEWXIVMX&IPMIZI]SYEVIXLIFIWX
FIPMIZI]SYEVIEREXYVEPERHFILEZIPMOI]SYEVI
&IPMIZI]SYVWYFNIGXMWE[SRHIVJYPL]TRSXMGWYFNIGX;ERXERHI\TIGXXLIQ
XSKSMRXSL]TRSWMWERHHS[LEX]SYXIPPXLIQ-XMWSJXIRWEMHXLEXGPSWI
JVMIRHWERHJEQMP]EVI]SYV[SVWXWYFNIGXWFIGEYWIXLI]GERRSXEGGITX]SYEW
XLIL]TRSXMWX
-XMWWSQIXMQIWLEVHIVJSVXLIQXSIRXIVMRXSXLEXVIEPMX]XLERTISTPI[LSHS
RSXORS[]SYWS[IPP&YXHSRSXJVIXNYWXLEZIEKSEXL]TRSXMWMRKIZIV]SRI
ERHER]SRI[LS[MPPTYXYT[MXL]SYMRGPYHMRKGPSWIJVMIRHWERHJEQMP]-X
QE]FIXLEXEJEQMP]QIQFIVSVJVMIRHMWEWYTIVFWYFNIGXERH]SY[MPPLEZI
]SYVS[RL]TRSQSROI]JSVPMJI
TEKI
6IEPMX]MW4PEWXMG
7IXXMRKXLMRKWYT
;LIR]SYLEZIHIGMHIHXSL]TRSXMÎWSQISRISVWSQISRIEWOWMJ]SY[SYPH
XLIVIEVI´ZIXLMRKWMXMWYWIJYPXSHS
6IQSZIJIEV
)PMQMREXIQMWGSRGITXMSRW
-RGVIEWII\TIGXERG]
*MVIYTXLIMQEKMREXMSR
8EOIGSRXVSP
;LIREWXEKIL]TRSXMWX[SVOWMJXLI]EVIHSMRKXLIMVNSFTVSTIVP]XLI][MPP
LEZIEPVIEH]´VIHYTXLIMVEYHMIRGIMQEKMREXMSRERHGVIEXIHEKVIEXHIEPSJ
I\TIGXEXMSRXLEXWSQIXLMRKMWKSMRKXSLETTIR[MXLXLITVSQSXMSRSJXLIMV
WLS[%QSRKWXXLIMVSTIRMRKTEXXIVXLI]X]TMGEPP]WTIRHEJI[QMRYXIWKSMRK
SZIVXLIVIEWSRW[L]IZIV]SRIGERVIWXEWWYVIHXLI]EVIWEJIMRXLILERHWSJ
ERI\TIVXERHLEZIVIEWSRXSJIIPI\GMXIHERHLEZIJYR8LIEYHMIRGIWLSYPH
GIVXEMRP]ORS[[LSMWMRGSRXVSP
-REXLIVET]VSSQXLMWMWEPPLIPTIHF]XLIEHZIVXMWMRKL]TRSXLIVET]
GIVXM´GEXIERHXLIVEQFPIEFSYXLS[XLIWYFNIGXVIQEMRWMRGSRXVSPSJ
XLIQWIPZIWERHE[EVISJIZIV]XLMRK
-RMQTVSQTXYL]TRSWMWWIXXMRKXLMRKWYTRIIHWXSFIEGGSQTPMWLIHQSVI
W[MJXP]SJXIRMREJI[WIRXIRGIW3JXIRMREJI[WIGSRHW
8LIIEWMIWXETTVSEGLMWXSNYWXMKRSVIEPPSJXLIEFSZIERHXEOIGSRXVSP8LMW
QIERWVETMHP]L]TRSXMÎXLIWYFNIGXMRWIGSRHWSVPIWWFIJSVIXLI]LEZIE
GLERGIXSFIEJVEMH9WMRKEVETMHMRHYGXMSRWYGLEWXLI-RWXERX-RHYGXMSR
.EGUYMR4S[IV-RHYGXMSRSV,ERHWLEOI-RHYGXMSRHIXEMPIHMR7IGXMSR*SYV
[MPPHSXLEX,S[IZIVMJ]SYEVIRSXKSMRKXSHSXLEXEJI[WMQTPI[SVHW
[MPPLIPTXLMRKWEPSRK
8LIVIMWRSTSMRXKIXXMRKMRXSEQMRYXII\TPEREXMSRSJ[LEXL]TRSWMWMW
EPPEFSYX%JI[GLSMGI[SVHW[MPPHSMX8LMWMWMRIJJIGX]SYVIPIZEXSVTMXGL
=SYVIPIZEXSVTMXGLMW[LEX]SY[SYPHWE]XS&MPP+EXIWSV6MGLEVH&VERWSR
MREWLSVXVMHIMREPMJX-RFVMIJGPIEVXIVQW[LEX]SY[SYPHWE]XSXLIQMJ
]SYLEHNYWXEJI[WIGSRHWXSWIPP]SYVMHIE
TEKI
6IEPMX]MW4PEWXMG
;MXLL]TRSWMW]SYEVIWIPPMRKXLIMHIEWXLEX]SYGERL]TRSXMÎXLEX]SYV
WYFNIGXGERFIL]TRSXMÎHERHXLEXXLIVIMWRSRIIHXSFIGSRGIVRIHEW]SY
[MPPPSSOEJXIVXLIQ7SXIPPXLIQ]SYEVIEL]TRSXMWX8LI][MPPMQQIHMEXIP]
[SRHIVMJXLI]GSYPHFIL]TRSXMÎHSVMJ]SYEVIEPVIEH]L]TRSXM^MRKXLIQ
*IEVSJL]TRSWMWXEOIWEJI[JSVQW*MVWXP]]SYVWYFNIGXQE]JIEVXLI
YRORS[R7SPIXXLIQORS[L]TRSWMWMWWMQTP]E[SRHIVJYPWXEXISJQMRH
0IXXLIQORS[MXMWRSXWPIITERHXLEXXLI][MPPFIEFPIXSLIEV]SY8LI]
QE]JIEVXLEXXLI][MPPMQQIHMEXIP]VIZIEPWSQIWIGVIXMRJSVQEXMSRERH
IQFEVVEWWSVVYMRXLIQWIPZIW%WWYVIXLIQXLI][MPPRSX8LI]QE]JIEVXLI]
[MPPKIXWXYGOMREXVERGISVRIZIVFIXLIWEQI%WWYVIXLIQXLEXXLI]GERRSX
KIXWXYGOMREXVERGI0IXXLIQORS[MX[MPPFIERIRNS]EFPII\TIVMIRGI
0IXXLIQORS[XLI][MPP´RHMXMRXIVIWXMRKERH[MPPPIEVRWSQIXLMRKEFSYX
XLIQWIPZIW8LI]QE]JIEV]SY§XLMWMWRSXMHIEPYRPIWWXLI]JIEV]SYGER
L]TRSXMÎXLIQMREµEWL
8EOMRKGSRXVSPHSIWRSXQIERFIMRKFSWW]ERHTYWL]FYXMXHSIWVIUYMVI]SY
XSFIGSQIXLIHSQMRERXTEVX]8LMWGERFIEGLMIZIHF]EWOMRK]SYVWYFNIGX
XSHSWSQIXLMRK
'ER]SYNYWXQSZI]SYVGLEMVXSSRIWMHIWPMKLXP]2S[GER]SYTPEGI
]SYVJIIXSRXLIµSSV]SYVLERHWGSQJSVXEFP]MR]SYVPETERHPSSOEX
QI
-JXLI]EVIWXERHMRKYTXLIREHNYWXXLIMVTSWMXMSRERHEWOXLIQXSTYXXLIMV
JIIXXSKIXLIV
-XFIKMRWXSHIQSRWXVEXI[LSMWMRGSRXVSPERH]SYKIXEGLERGIXSWII
LS[KSSHXLIWYFNIGXMWEXXEOMRKHMVIGXMSRW7SQISJXLIMRHYGXMSRWERH
7IX4MIGIWMRXLMWFSSOEVIFIWXGEVVMIHSYX[MXLXLIWYFNIGXWXEVXMRKMRE
TEVXMGYPEVTL]WMGEPTSWMXMSRERHQIRXEPWXEXIWSYWIXLMWFMXSJTW]GLSPSKMGEP
FYPP]MRKXSXMH]XLIQYTEXXLIWEQIXMQI
)ZIV]XLMRK]SYEWOXLIQXSHSLS[IZIVWQEPPXLIMRWXVYGXMSRSVVIUYIWXQE]
WIIQQYWXFIHSRI[MXLSRITYVTSWIMRQMRH§XSKIXXLIQHSMRK[LEX]SY
[ERXXLIQXS6IQIQFIV]SYVWYFNIGXTVSFEFP]HSIWRSXORS[LS[L]TRSWMW
TVSGIIHW7SKMZIXLIQXLIGSQJSVXSJORS[MRK[LSMWMRGSRXVSP
%WWSSREW]SYLEZIWEMHXSWSQISRI]SYEVIEL]TRSXMWXXLIRXLIMV
I\TIGXEXMSRXLEXXLI]QMKLXKIXL]TRSXMÎHERHXLIMVMQEKMREXMSREFSYX[LEX
TEKI
6IEPMX]MW4PEWXMG
QMKLXLETTIRLEZIEPVIEH]FIKYRXS´VIYT=SYWLSYPHPIZIVEKIXLMW]SYV
EHZERXEKI
+IXVMHSJER]SJ]SYVS[RJIEVWEFSYX[LIXLIVXLI][MPPKSMRXSL]TRSWMW
SVRSXSV[LIXLIV]SY[MPPPSSOPMOIEJSSPMJXLI]HSRSX)PMQMREXI]SYV
S[RQMWGSRGITXMSRWEFSYX[LEXOMRHSJWYFNIGXXLI]QMKLXSVQMKLXRSXFI
,IPTXLIWITVSGIWWIWEPSRKF]FIMRKKIRYMRIP]MQEKMREXMZIERMQEXIHERH
I\GMXIHJSV]SYVWYFNIGX%MQXSKIXXLIQJEWGMREXIH[MXL]SYXLITVSGIWWSJ
L]TRSXMWMRKERHXLIMHIESJFIMRKL]TRSXMÎH
TEKI
6IEPMX]MW4PEWXMG
,S[XSXIPPMJWSQISRIMWL]TRSXMÎH
-J]SYSRP]KMZI]SYVWYFNIGXWYKKIWXMSRWXSVIPE\XLIRXLIGLERGIWEVIXLEX
RIMXLIVSJ]SY[MPPEGXYEPP]ORS[MJXLI]EVIL]TRSXMÎHSVRSX-RJEGXMJ]SY
EWOXLIQEJXIV[EVHWXLI][MPPTVSFEFP]NYWXWE]XLEXXLI]JIPXVIPE\IHFYXHS
RSXXLMROXLI][IVIL]TRSXMÎH8LMWMW´RIMJ]SYVQYXYEPKSEPMWXSWLS[
XLIQLS[XSVIPE\,S[IZIV-EQLSTMRK]SY[MPP[ERXXSXEOIMXJYVXLIVXLER
XLEX)ZIRMJ]SYWYKKIWXXLMRKWXLEXHVE[IZIV]X]TISJL]TRSXMGTLIRSQIRE
SYXSJXLIQXLI]EVIWXMPPPMOIP]XSWE]XS]SYXLI][IVIRSXL]TRSXMÎH8LMW
MWFIGEYWIXLIVIMWRSWYGLJIIPMRKEWFIMRKL]TRSXMÎH6IQIQFIV]SYV
WYFNIGXMWKSMRKXSEGXSR]SYVWYKKIWXMSRWYRGSRWGMSYWP]7SEWJEVEWXLI]
EVIGSRGIVRIHXLI]EVIGSQTPIXIP]RSVQEPMRIZIV][E]7SXLIVIMWRSTSMRX
PSSOMRKXS]SYVWYFNIGXJSVZIVM´GEXMSRSJ[LIXLIVXLI]EVIL]TRSXMÎH
7SLS[HS]SYXIPPMJWSQISRIMWL]TRSXMÎH#
&]JEVXLIIEWMIWX[E]MWXSKMZIXLIWYFNIGXEWYKKIWXMSRERHWIIMJXLI]
JSPPS[MX-RWXERXP]ERHXSXLIPIXXIV[SYPHFIKVIEX-RSXLIV[SVHWXIWX]SYV
[SVO-JXLI]ETTIEVXSFIVIWTSRHMRKXLIRKMZIERSXLIVWYKKIWXMSRERHWS
SR
-XMWEPWSYWIJYPXSHIZIPSTER«I]I¬JSVXLIWMKRWSJL]TRSWMWWS]SYGERWTSX
[LSLEWKSRIIZIRFIJSVI]SYWXEVXKMZMRKHMVIGXMSRWXLEXVIUYMVIERSFZMSYW
TL]WMGEPSVIQSXMSREPVIWTSRWI7SQISRIGERFIL]TRSXMÎHERHI\LMFMX
RSRISJXLIJSPPS[MRKWMKRWFYXQER][MPPHSWSWS[EXGLSYXJSVXLIQ8LI]
EVIYWIJYP[LIR]SYEVITPERRMRKXSWIPIGXSRISVX[STEVXMGMTERXWJVSQE
KVSYTFIGEYWI]SYGERLEZIERMRWMKLXMRXS[LS]SYVFIWXWYFNIGXWQMKLXFI
)]IPMHWµMGOIVMRKERHµYXXIVMRKXLMWMWXLIWEQI6)1I]IQSZIQIRX
SFWIVZIH[LIRWSQISRIMWHVIEQMRK3JXIRXLMWMWUYMXITVSRSYRGIHMR
XLIL]TRSXMÎHWYFNIGXERHMXWLSYPHFIIRGSYVEKIHEW]SYGERXLIR
WYKKIWXMX[MPPMRGVIEWIERHMXHSIW
8IQTIVEXYVIVMWIEGLERKIMRFPSSHµS[GERFIUYMXIZMWMFPIMRWSQI
TISTPIHITIRHMRKSRXLIMVWOMRXSRI-XMWEYWIJYPWMKRXLEXXLIMVWXEXI
LEWGLERKIH
TEKI
6IEPMX]MW4PEWXMG
)]IWVSPPMRKFEGOYTMRXLILIEHMJ]SYHSRSXWIIMXLETTIR]SYQE]
WTSXXLI[LMXIWSJXLIMVI]IWEWXLIMVI]IPMHWµMGOIV7SQIMRHYGXMSRW
WXEVX[MXLXLII]IWVSPPIHFEGOYTMRXLILIEH-RXLMWTSWMXMSRMXMWZIV]
HMJ´GYPXJSVXLIWYFNIGXXSSTIRXLIMVI]IW
&VIEXLMRKWLMJX§WSQIXMQIWMXWTIIHWYTFYXQSWXSJXIRXLIFVIEXLMRK
FIGSQIWHIITIVERHZIV]WXIEH]WMQMPEVXS[LIRWSQISRIMWWPIITMRK
TIEGIJYPP]
-RGVIEWIHPEGVMQIRXEXMSR§QSVIQSMWXYVIMRERHEVSYRHXLII]IW-J
XLII]IWEVISTIRXLI]QE]ETTIEVKPEÎH
,IEZ]LIEH§[MXLXLIWPMKLXIWXIRGSYVEKIQIRXWYGLEWKIRXP]
TYWLMRKXLILIEHJSV[EVHEWYFNIGXWRIGOGERFIVIPE\IHERHXLIRMX
FIGSQIWUYMXIHMJ´GYPXXSPMJXXLILIEH
%W[IPPEWNYWXPSSOMRKJSVXLIWIWMKRWXSEWWIWWMJ]SYVWYFNIGXMWKSRIMX
MWEPWSYWIJYPXSYWIXLIQXSIRLERGIXLIMVXVERGI-RHYGXMSRWGERFIYWIH
XLEXEVXM´GMEPP]GVIEXISRISJXLIWMKRWSJL]TRSWMWEWXLIQIXLSHYWIHXS
L]TRSXMÎ=SYGSYPHL]TRSXMÎWSQISRIF]KIXXMRKXLIQXSFVIEXLIMRJSV
EGSYRXSJERHSYXJSVEGSYRXSJYWMRKXLIMVGSYRXSVµS[SJFVIEXLEW
XLIJSGYWSJEXXIRXMSR=SYGERTYWL]SYVWYFNIGXWLIEHJSV[EVHEW]SYWE]
«WPIIT¬=SYGERQEOIXLIJSGEPTSMRXSJE´\EXMSRMRHYGXMSRETSMRXMRWMHI
XLILIEH[MXLXLII]IWGPSWIHERHXLII]IWVSPPIHFEGO
=SYGEREPWSPMROSRISJXLIWIWMKRWXSXLIHIZIPSTQIRXSJERSXLIVSVXLI
EGGIPIVEXMSRSJL]TRSXMGTLIRSQIRE*SVI\EQTPIMJ]SYRSXMGIXLEXXLI
WYFNIGXMWI\LMFMXMRKPSXWSJ6)1XLIR]SYGERFVMRKXLMWMRXSXLIMVE[EVIRIWW
ERHGVIEXIEPMROFIX[IIRMXERHXLIRI\XXLMRK]SY[ERXXSLETTIR
%W]SYVI]IWµMGOIV]SYVLERHMWKIXXMRKPMKLXIVERHPMKLXIVERHPMJXMRK
YT[EVH
1SWXSJXLIWIWMKRW[MPPFISYXWMHIXLIGSRWGMSYWE[EVIRIWWSJ]SYVWYFNIGX
YRXMP]SYFVMRKXLIMVEXXIRXMSRXSXLIQ7SMJ]SYRSXMGIXLIQ]SYGERWYKKIWX
XLEXXLI][MPPSGGYV*SVI\EQTPIWYKKIWXXLEXXLIWYFNIGX[MPPFIKMRXS
JIIP[EVQIVSVXLEXXLIMVI]IW[MPPµMGOIV8LIR[LIRXLI]RSXMGIXLEXXLI]
EVISGGYVVMRKXLI]EXXVMFYXIXLEXXSXLIMRµYIRGISJ8LI,]TRSXMWXERHXLI
TLIRSQIRE[MPPMRGVIEWI8LMWMWTVSFEFP]FIGEYWIXLIWYFNIGXFIKMRWEYXS
WYKKIWXMRK«-EQKIXXMRK[EVQIVEQ-PSSOMRK[EVQIVLS[HSIWLIORS[-
TEKI
6IEPMX]MW4PEWXMG
EQKIXXMRK[EVQIV¬SV«Q]I]IWEVIµMGOIVMRK-GER¬XWXSTXLIQµMGOIVMRK-
QYWXFIL]TRSXMÎH¬8LMWYRGSRWGMSYWTERMGGVIEXIWEJIIHFEGOPSSTHVMZIR
F]XLIMVS[RMRXIVREPHMEPSKYI)RGSYVEKIREXYVEPWMKRWSJER]L]TRSXMG
TLIRSQIRE&YMPHSRXLIQ(IZIPSTERI]IJSVXLIQ;LIR]SYLEZIE
KVSYTSJTISTPIERHEVIPSSOMRKJSVSRISJXLIQXS[SVO[MXLXLIRYWIXLSWI
[LSI\LMFMXWMKRWSJL]TRSWMWERHXLSWI[LSPSSOJEWGMREXIHERHOIIR
TEKI
6IEPMX]MW4PEWXMG
,]TRSXMGTLIRSQIRE
3RGI]SYLEZIWSQISRIL]TRSXMÎHXLIVIEVIERYQFIVSJTLIRSQIREXLI]
GERI\TIVMIRGI
8LIWIEVI
'EXEPITW]
0SWWSJGSRWGMSYWGSRXVSPSJXLIEFMPMX]XSQSZITEVXSJXLIFSH]0EGOSJ
VIWTSRWIXSI\XIVREPWXMQYPMERHQYWGPIVMKMHMX]
-HISQSXSV1SZIQIRXW
9RGSRWGMSYWQSZIQIRXWPMOIXLILIEHRSHHMRK´RKIVWX[MXGLMRKERHPIKW
WLEOMRK
%QRIWME
-REFMPMX]XSVIGEPPMRJSVQEXMSRSVPSWWSJQIQSV]
,EPPYGMREXMSRWSJEPP7IRWIW
7IRWMRKWSQIXLMRKXLEXMWRSXXLIVISVRSXWIRWMRKWSQIXLMRKXLEXMW
(MWWSGMEXMSR
7ITEVEXMSRSJQMRHERHFSH]
,]TIVQRIWME
-QTVSZIHVIGEPP
6IKVIWWMSR
6IZIVWMSRXSIEVPMIVSVQSVIMRJERXMPITEXXIVRWSJFILEZMSYVERHQIQSV]
6IZMZM´GEXMSR
6IGEPPERHVII\TIVMIRGISJETEWXIZIRX
%REPKIWME
4EVXMEPWIRWSV]PSWW
%REIWXLIWME
8SXEPWIRWSV]PSWW
8MQI(MWXSVXMSR
'SRXVEGXMSRERHI\TERWMSRSJXLITIVGITXMSRSJXMQI
TEKI
6IEPMX]MW4PEWXMG
'EXEPITW]MWSRISJXLIJSVIQSWXI\EQTPIWSJL]TRSXMGTLIRSQIRE[IPP
HSGYQIRXIHERHYWIHMRQER][E]W§EGPEWWMGMRXLIÍPH*MVWXHIWGVMFIH
F]'LEVGSXMRMXMWEYWIJYPERHZIVWEXMPIL]TRSXMGXSSP -J]SYLEZI
TYXWSQISRIMREXVERGIERH]SYVIEGLSZIVERHPMJXYTLMWSVLIVEVQ]SY
[MPPTVSFEFP]´RHMXMWGEXEPITXMGERH[MPPNYWXµSEXXLIVI§MXWXE]W[LIVI]SY
TYXMXVEXLIVXLERHVSTTMRKHS[REW]SYQMKLXI\TIGX-XMWSJXIRGSQFMRIH
[MXLWYVTVMWISVMRWXERXMRHYGXMSRWSJL]TRSWMWERHLIRGIPSSOWHVEQEXMG
1ER]SJXLIMRHYGXMSRWMRXLMWFSSOIRGSYVEKIGEXEPITW]8LIOI]MWFIMRK
EFPIXSEVVIWXWSQISRI¬WEXXIRXMSRMRWYGLE[E]SVJSVPSRKIRSYKLXLEXXLI]
JSVKIXXLEXEVQSVLERH8LI]JSVKIXLS[MXJIIPWRSVQEPP]ERHQE]FIKMRXS
EYXSWYKKIWX-XMWEXXLIZIV]QMRMQYQEYWIJYPWMKRXLEX]SYLEZIMRHYGIH
XVERGIERHEYWIJYPGSRZMRGIVJSVXLIWYFNIGXXLEXWSQIXLMRKLEWSGGYVVIH
&I]SRHXLMWMXGERFIYWIHXSQSZIXSSXLIVQSVIEHZERGIHL]TRSXMG
TLIRSQIREERHYWIHEWE[E]SJIRGSYVEKMRKMHISQSXSVGSQQYRMGEXMSR
HMVIGXP][MXLXLIYRGSRWGMSYWQMRHERHFSH][MXLSYXXLIRIIHJSVZIVFEP
VIWTSRWIW
'EXEPITW]MWETL]WMSPSKMGEPGSRHMXMSR[LIVIFEPERGIHXSRMGMX]I\MWXW
FIX[IIRXLIEKSRMWXERHERXEKSRMWXQYWGPIW-RTPEMR)RKPMWLXLEXQIERWMX
WXE]WMREGIVXEMRTSWMXMSR1YWGPIWXLEXEVIYWIHXSQSZIEFSH]TEVXYWYEPP]
LEZIERSXLIV«STTSWMXI¬XLEXIREFPIW]SYXSQSZIMXFEGOEKEMR8LIFMGIT
ERHXVMGITSRXLIYTTIVEVQJSVI\EQTPI;LIRXLIWISTTSWMXIRYQFIVW
EVIFEPERGIHXLIFSH]TEVXHSIWRSXQSZI3RITEMVMR]SYVFSH]XLEXEVI
[SVOMRKEPPXLIXMQI]SYEVIE[EOIEVIMR]SYVRIGO8LI]EVIOIITMRK]SYV
LIEHYT
;LIRGEXEPITW]MWMRHYGIHMRL]TRSWMWERHGSQFMRIH[MXLMHISQSXSV
QSZIQIRXXSQEOIWSQISRIPMJXXLIMVEVQXLIJIIPMRKWXLIOMREIWXLIXMGWERH
TVSTVMSGITXMZIWIRWIEVIFSXLUYMXIHMJJIVIRXJVSQXLSWI]SYI\TIVMIRGI[LIR
]SYPMJX]SYVEVQZSPYRXEVMP];EXGLWSQISRI¬WEVQPMJXGEXEPITXMGEPP]ERH
]SY[MPPWIIMXMWEFMXPMOIETSWWIWWIHQSZIQIRXMRELSVVSVQSZMI§PMOI
E[MRGLMWPMJXMRKMX©;E\]µI\MFMPMX]ªMWEKVIEXXIVQJSVHIWGVMFMRKXLI
JIIPMRKERH[IPPORS[RTW]GLMEXVMGXIVQJSVHIWGVMFMRKGEXEXSRME 8LMWMW
EPWSWSQIXLMRK]SYGERFVMRKXS]SYVWYFNIGXWEXXIRXMSR
=SYGERRSXMGI]SYVEVQPMJXMRKERHRSXMGIMXMWQSZMRKMROMRHSJNIVO]
VIµI\QSZIQIRXW8LEXMWFIGEYWI]SYVYRGSRWGMSYWMWPMJXMRK]SYVEVQ
-XEPPS[W]SYVGSRWGMSYWQMRHXSPMJXMXWQSSXLP]FYX]SYVYRGSRWGMSYW
QSZIWMXMRXLMWQSVIVIµI\PMOI[E]
TEKI
6IEPMX]MW4PEWXMG
'EXEXSRMEMWEXIVQJSVGEXEXSRMGWGLM^STLVIRMGTEXMIRXW[LSPMZIMRE
TIVQERIRXWXEXISJGEXEPITW]§]SYGERQSZIXLIQLS[IZIV]SY[ERX
ERHXLI]WXE]MRXLITSWMXMSR]SYPIEZIXLIQMR=IEVWEKS-WE[EWXVIIX
TIVJSVQIVQMQMGXLMWGSRHMXMSR,IWXSSHSREFS\XLEXLEHXLI[SVHW«1SZI
QI¬[VMXXIRSRXLIJVSRX=SYTYXWSQIQSRI]HS[RERHGSYPHQSZILMQ
MRXSER]TSWMXMSR]SY[MWLIHERHLI[SYPHWXE]XLIVIYRXMPWSQISRIIPWI
GEQIEPSRKERHQSZIHLMQ-XMWUYMXIWXVEMKLXJSV[EVHXSTVSZSOIGEXEPITW]
MR]SYVL]TRSXMÎHWYFNIGX9RHIVWXERHXLEXELERHSRXLIEVQSJEGLEMV
GERFIGEXEPITXMGMXHSIWRSXRIIHXSFIµSEXMRKMRXLIEMVNYWXSYXWMHISJ
GSRWGMSYWGSRXVSP
-RXLIXLIVET]VSSQGEXEPITW]GERFIYWIHEWEREHZERGIHJSVQSJMHISQSXSV
WMKREPPMRKYWMRKGEXEPITW]ERHWYFWIUYIRXQSZIQIRXWSJXLIFSH]EWEPMRI
SJGSQQYRMGEXMSR%REVQQE]PMJXLMKLIVJSVE]IWWMKREPTIVLETWSRIEVQ
JSV]IWERHSRIEVQJSVRS
)VRWX6SWWMYWIWMHISQSXSVWMKREPPMRKEWE[E]SJGSQQYRMGEXMRK[MXLXLI
WYFNIGX¬WHIITYRGSRWGMSYWMRXIPPMKIRGIMRXLIFSH]
*SVXLITYVTSWIWSJMQTVSQTXYL]TRSWMWFIGSQIERI\TIVXEXKIXXMRK]SYV
WYFNIGXXSHIZIPSTGEXEPITW]-XMWYWIJYPJSVQER]XLMRKWMRGPYHMRK
'SRZMRGMRKHIQSRWXVEXIXLIYRGSRWGMSYWMWEXTPE]§XLIWYFNIGXMW
L]TRSXMÎH
-RHYGMRKXVERGI§YWIMXEWE7IX4MIGISVXLIMRHYGXMSRMXWIPJ
%WEVSYXMRI§XYVRXLIQMRXSEGSEXVEGOSVEWXEXYI
'SQQYRMGEXMRKMHISQSXSVWMKREPW
0IZIVEKIXSWTVMRKFSEVHXSSXLIVL]TRSXMGTLIRSQIRE
;LIRYWMRKGEXEPITW]]SYGSYPHIMXLIVMRHYGIXVERGI´VWXERHXLIRWYKKIWX
I]ILERHEVQSVJYPPFSH]GEXEPITW]SVMRGSVTSVEXIGVIEXMRKGEXEPITW]EW
TEVXSJXLIXVERGIMRHYGXMSRMXWIPJ%PPSJXLIQIXLSHWMRWIGXMSRXLVIIXLEX
MRGPYHIGEXEPITW]GERFIYWIHEWEL]TRSXMGMRHYGXMSRVEXLIVXLERNYWX8LI7IX
4MIGI3RGI]SYVWYFNIGXLEWEGLMIZIHGEXEPITW]XLI]EVILMKLP]WYKKIWXMFPI
-J]SYLEZIQEHIMXMQTSWWMFPIJSV]SYVWYFNIGXXSQSZIXLIMVEVQXLIR
IRGSYVEKIXLIQXSXV]ERHQSZIMX)RGSYVEKIXLIQXSVIEPP]XV]ERHTYX
EPPXLIMVIJJSVXMRXSMX8IPPXLIQXLI]GERXV]FYXXLIMVYRGSRWGMSYWMWE
WYTIVTS[IVERHMXMW[SVOMRKJSVXLIQ8LIVIEPMWEXMSRXLEXXLI]EVIGPIEVP]
TEKI
6IEPMX]MW4PEWXMG
QSVIXLERXLI]XLSYKLXXLI][IVIFIJSVIXLI]GEQIMRXSWII]SYMWE
FIEYXMJYPSRIERHERI\TIVMIRGIXLEX[MPPWXE][MXLXLIQ%XXLIZIV]PIEWX
XLI][MPPLEZIWSQIXLMRKXSWE][LIREWOIH[LEXLETTIRIH[LIRXLI]
[IRXXSWIIXLIL]TRSXMWX*SVQER]MXMWUYMXIEQMRHFPS[MRKI\TIVMIRGI
-JXLI]EVIVIEPP]KIXXMRKMRXSMXIRGSYVEKIXLIQXSSTIRXLIMVI]IWERHPSSO
EXXLITEVXSJXLIFSH]]SYLEZIQEHIGEXEPITXMG%WOXLIQMJMXFIPSRKWXS
XLIQ;LIREWYFNIGXLEWXLIMVI]IWSTIRWYGLEGLEPPIRKIXSXV]ERHQSZI
XLIMVEVQWIIQWXSFIQEHIIZIRQSVITSXIRX1ER]TISTPI[MPPKIXEPMXXPI
EKMXEXIHEXXLMWTSMRXMRWXVYGXXLIQXSGPSWIXLIMVI]IWPIXXLIQORS[MX
QMKLXJIIPTIGYPMEVFYXXLI][MPPIRNS]MXERHKSIZIRHIITIVEW]SYFSQF
XLIQ[MXLQSVIHMVIGXMSRW8LIMVQMRHMW[MHISTIREXXLEXTSMRXERHVIEH]
XSVIGIMZI
TEKI
6IEPMX]MW4PEWXMG
8LI7IX4MIGI
;LEXJSPPS[WEVIERYQFIVSJTL]WMGEPERHTW]GLSPSKMGEPQERMTYPEXMSRW
§MRHMZMHYEPP]SVGSPPIGXMZIP]XLI]GERFIXLSYKLXSJEW8LI7IX4MIGI8LI]EVI
]SYV´VWXVYRKSRXLIL]TRSXMGPEHHIVERHWLSYPHFIPIEVRX[IPPERHYRHIVWXSSH
8LIXIGLRMUYIWEVIGPEWWMGWSJL]TRSWMWFYXSJXIRXLIMVZEPYIMWSZIVPSSOIH-J
]SYLEZIEPVIEH]GSQIEGVSWWXLIQTPIEWIVIZMWMXXLIQ
8LIXIGLRMUYIWHIWGVMFIHMRXLMWWIGXMSREVIEPP[IPPORS[RERHLEZIFIIRYWIH
F]L]TRSXMWXWJSVHIGEHIWERHEVISJXIRVIJIVVIHXSEW«XIWXWSJWYKKIWXMFMPMX]¬
SVI\IVGMWIWMR«[EOMRKL]TRSWMW¬ &SXLSJXLIWIHIWGVMTXMSRWWIPPXLIWI
XIGLRMUYIWWLSVX8LI]GERFIYWIH[MXLKVSYTWSJTISTPINYWXEWVIEHMP]EWSRI
XSSRI+IRIVEPP]XLI]EVIYWIHFIJSVIXLIVIEPMRHYGXMSRSJL]TRSWMWFIKMRW
8LIVIEVIQER]KSSHVIEWSRW[L]8LI,]TRSXMWXWLSYPHFIEFPIXSGSR´HIRXP]
HSE7IX4MIGI7SPIEVRXLIQ[IPP9RHIVWXERHXLITVMRGMTPIWERHETTPMGEXMSRW
9WIXLIQ
7IX4MIGIWEVISJXIRXLSYKLXSJERHYWIHEWXIWXWSJLS[VIWTSRWMZIXS
WYKKIWXMSRXLIWYFNIGXMW-RSXLIV[SVHWEKEYKISJLS[KSSH[MPPMRK
ERHEFPIXSFIL]TRSXMÎHXLI]EVI
8LI7IX4MIGIKMZIW8LI,]TRSXMWXERSTTSVXYRMX]XSSFWIVZIXLI
WYFNIGXYRHIVHMVIGXMSRKEXLIVMRJSVQEXMSRERHEWWIWWXLIMVWYMXEFMPMX]EW
EWYFNIGX
.YWXEWMQTSVXERXP]MXKMZIWXLIWYFNIGXERSTTSVXYRMX]XSI\TIVMIRGI
8LI,]TRSXMWXWTS[IVSJWYKKIWXMSRERHMRµYIRGIERHXLIMVS[REFMPMX]
XSGSSTIVEXI-JXLIWYFNIGXI\TIVMIRGIWWSQIXLMRKXLI]GSRWMHIVSYXSJ
XLISVHMREV]XLI]KEMRGSR´HIRGIMRFSXLXLIWOMPPSJXLIL]TRSXMWXERH
XLIMVS[REFMPMX]XSFIL]TRSXMÎHXLI]PIXKSERHFIGSQIQSVI
JEWGMREXIH[MXLXLITVSGIWW0MOI[MWIXLIL]TRSXMWXKEMRWGSR´HIRGIMR
XLIWYFNIGX
8LI7IX4MIGI´VIWYTXLIMQEKMREXMSRJSGYWIWEXXIRXMSRERHFYMPHW
I\TIGXEXMSRMRXLIWYFNIGXXLEXXLI]EVIEFSYXXSFIL]TRSXMÎHSVEVI
FIMRKL]TRSXMÎH
*MREPP]8LI7IX4MIGIGERFIYWIHEWXLIMRHYGXMSRMRXSL]TRSWMWVEXLIV
XLERNYWXEWETVIVYRRIVXSMX8LMWMWTIVLETWXLIQSWXTS[IVJYPERH
SZIVPSSOIHETTPMGEXMSR
TEKI
6IEPMX]MW4PEWXMG
7SQIL]TRSXMWXWHSRSXYWIXLIWIXIGLRMUYIW3RIVIEWSRKMZIRMWXLEXMJXLI
WYFNIGXJEMPWXSHS[LEXMWEWOIHSJXLIQXLIRMXMWQSVIHMJ´GYPXXSL]TRSXMÎ
XLIQ§XLMWMWXVYIXSWSQII\XIRXIWTIGMEPP]MJ8LI7IX4MIGIMWTVIWIRXIH
EWE«XIWX¬%W]SYVYPXMQEXIEMQMWXSL]TRSXMÎXLIWYFNIGXXSEGGITX]SYV
WYKKIWXMSRWMXMWMQTSVXERXXSWIIMJXLI]EVIVIGITXMZIXSWMQTPISRIWIEVP]
SR'IVXEMRP]JEMPMRKEXIWXMWRSXLIPTJYPFYXMXMWRSXXLIIRHSJXLI[SVPH
IMXLIV-XNYWXTEWWIWF]EWERSRIZIRXF]XLIWYFNIGXYRPIWWXLIL]TRSXMWXKIXW
MREµYWXIVEFSYXMX1SWXTISTPI[MPPTEWWXLII\IVGMWIWZIV]IEWMP]ERHMJ
XLI]GERRSXXLIRMXQMKLXFI[MWIXSTMGOERSXLIVWYFNIGXSVXEOIERIRXMVIP]
HMJJIVIRXETTVSEGL8LIVIVIEPP]MWRSRIIHXSTVIWIRXXLIWI8LI7IX4MIGI
EWEXIWXW8LEX[E]XLIVIMWRSTSWWMFMPMX]SJJEMPYVI-XMW´RIXSWMQTP]WE]
«0IX¬WXV]WSQIXLMRK¬SV«0IXQIWLS[]SYWSQIXLMRKMRXIVIWXMRK¬SVGEPP
XLIQER«I\IVGMWIMRGSRGIRXVEXMSR¬ERHTVSGIIH
%RSXLIVVIEWSRXLI]EVISZIVPSSOIHSVYWIHMREPMQMXIHJEWLMSRMWXLEXQER]
SJXLIXIGLRMUYIWLEZIWSQITL]WMSPSKMGEPQIGLERMGEPVIEWSR[L]XLI][SVO
§XLISHHWEVIWXEGOIHXLEXXLIWYFNIGX[MPPWYGGIIH§WSWSQIL]TRSXMWXW
FIPMIZIXLI]EVIFIMRKHMWLSRIWXMRYWMRKXLIQSVNYWXQMWWXLIMVZEPYIERH
HMWQMWWXLIQEWXVMGOW8LMWMWQMWWMRKXLITSMRX.YWXYWIXLIQERHER]SXLIV
XVMGORIGIWWEV]XSI\GMXIXLIMQEKMREXMSR
(IPMZIV8LI7IX4MIGI[MXLEXSRIXLEXMWFVMKLXERHYTFIEXEQERRIVXLEXMW
GSR´HIRXERHGSQQERHMRKERHKIRIVEPP]QSZIEPSRKEXEJEMVP]VETMHTEGI
*MRH]SYVS[R[E]ERHIRWYVIXLEX]SYVEXXMXYHIGSQQYRMGEXIWXLEX]SYEVI
GSR´HIRXORS[PIHKIEFPIERHI\TIGXMRKXSL]TRSXMÎ
-XMWEPWSMQTSVXERXXLEX]SYVWYFNIGXHSIWRSXWII8LI7IX4MIGIEWWSQIXLMRK
XLI]WLSYPHFIXV]MRKXSFEXXPISVVIWMWX)UYEPP]]SYHSRSX[ERXXLIQXS
TVIXIRH1EOIWYVIXLI]YRHIVWXERHXLMW*SVI\EQTPIMJ]SY[IVIKSMRK
XSEWOXLIQXSMQEKMRIXLIMVLERHW[IVIPMOIQEKRIXWWSXLEXXLI]GSQI
XSKIXLIVERHXSYGLEYXSQEXMGEPP]]SYGERWE]XLMW
-HSR¬X[ERX]SYXSTYWLXLIQXSKIXLIVSVXV]XSOIITXLIQETEVX-NYWX
[ERX]SYXSGSRGIRXVEXIMQEKMRI]SYVLERHWEVIQEKRIXWERH]SYV
FSH][MPPVIWTSRH
-JXLI]JSPPS[]SYVMRWXVYGXMSRWGSRGIRXVEXISRXLIMHIEW]SYEVITVIWIRXMRK
ERHKIRYMRIP]YWIXLIMVMQEKMREXMSRXLIRXLI]EVIZIV]PMOIP]XSHS[IPPMR
8LI7IX4MIGIERHFIWIXYTTIVJIGXP]JSVXLIL]TRSXMGMRHYGXMSRMXWIPJ
TEKI
6IEPMX]MW4PEWXMG
1EKRIXMG*MRKIVW
-RXLMWI\IVGMWI]SYEVIKSMRKXSQEOIXLIMRHI\´RKIVWSJ]SYVWYFNIGXQSZI
XSKIXLIVPMOIQEKRIXW
3/PIX¬WXV]WSQIXLMRK%WMQTPII\IVGMWIXS´VIYT]SYVTS[IVSJ
GSRGIRXVEXMSR-¬HPMOI]SYXSTPEGI]SYVLERHWSYXMRJVSRXSJ]SYPMOI
XLMW
2S[GER]SYGPEWT]SYVLERHWXSKIXLIVTEPQWXSKIXLIVERHXLYQFW
GVSWWIHRMGIERHXMKLX
2S[FIRH]SYVIPFS[WPMOI]SYEVIQEOMRKEHIWTIVEXITVE]IV=SYGER
QEOISRI[LMPI]SYEVIXLIVIMJ]SYPMOI2S[TYX]SYV´VWX´RKIVW]SYV
MRHI\´RKIVWWXVEMKLXYTEFSYXERMRGLETEVX
TEKI
6IEPMX]MW4PEWXMG
2S[PSSOEXXLIKETFIX[IIRXLSWI´RKIVWRSXQ]´RKIVWNYWXEX]SYV
´RKIVWERHGSRGIRXVEXIFIGEYWIMREQSQIRX]SYV´RKIVW[MPPGSQI
XSKIXLIVERHXSYGLNYWXPMOIXLI]EVIQEKRIXWXLEX¬WMXXLI]EVIWXEVXMRK
XSX[MXGLGPSWIVERHGPSWIVERHEWWSSREWXLSWI´RKIVWXSYGL]SYGER
EPPS[]SYVI]IWXSGPSWIERHVIPE\
3TIR]SYVI]IW&VMPPMERXXLEXWLS[WQI]SYGERGSRGIRXVEXI
2MRIX]RMRITIVGIRXSJTISTPI[MPPHSXLMWWYGGIWWJYPP]§]SYWLSYPHEMQXS
KIXXLIMV´RKIVWXSKIXLIVW[MJXP]EWUYMGOP]EWWIGSRHWERHRSQSVIXLER
WIGSRHW-JXLI]GERRSXHSMX[MXLMRXLMWXMQIHSWSQIXLMRKIPWI8LI
VIEWSRXLMWI\IVGMWIMWWSIEW]XSWYGGIIHMRMWXLEXXLIIJJIGXSJXLI´RKIVW
QSZMRK[MXLSYXGSRWGMSYWIJJSVXMWLIEZMP]VIPMERXSRXLITL]WMSPSK]SJXLI
LERHW8V]MXSYXERHXLMWXMQIWUYIIÎ]SYVLERHWXSKIXLIVEW]SY[EXGL
]SYV´RKIVW%WXLIXIRHSRWMRXLISXLIV´RKIVWXMKLXIRMXGEYWIWXLIXIRHSRW
MRXLIMRHI\´RKIVWXSXMKLXIRERHXLI]GSQIXSKIXLIVUYMXIEYXSQEXMGEPP]
8LIQSWXGSQQSRTVIWIRXEXMSRSJXLMWI\IVGMWIMRZSPZIWEHIQSRWXVEXMSRERH
I\TPEREXMSRSJ[LEXMWKSMRKXSLETTIRERHEVIUYIWXXS«WUYIIÎXLILERHW
ERHEPPSJXLI´RKIVWXSKIXLIVI\GITXXLIMRHI\´RKIVW¬
-RQSWXGEWIW]SY[MPPKIXE[E][MXLXLMWETTVSEGL,S[IZIVMXHSIW
QEOIMXOMRHSJSFZMSYWXLEXWSQITL]WMSPSKMGEPTVMRGMTPIMWEXTPE]7SXS
EZSMHQEOMRKMXWSSFZMSYWHSRSXQIRXMSRWUYII^MRKXLILERHW.YWXYWI
WYKKIWXMSR(S[LEX]SYEVITYVTSVXMRKXSHSERHQEOIMXLETTIR[MXL]SYV
TS[IVWSJWYKKIWXMSRERHMRµYIRGI&I8LI,]TRSXMWXXLMWMWSJXIR]SYV´VWX
VIEPGLERGIXSHSWSQIXLMRK[MXL]SYVWYFNIGXQEOIMXGSYRX
TEKI
6IEPMX]MW4PEWXMG
=SY[MPPWIIJVSQXLIWGVMTXMRKEFSZIXLEXXLIXIRWMSRMWTPEGIHMRXSXLI
LERHWMRXLIWIXYT8LMWMWMQTSVXERXFIGEYWIMJXLIWYFNIGXNYWXLEWXLI
´RKIVWPSSWIP]MRXIVPSGOIHMXMWQYGLPIWWPMOIP]XLI][MPPWYGGIIHWSIRWYVI
XLEXXLI]JSPPS[]SYVMRWXVYGXMSRW-JXLI]LEZIRSXXLIRWE]MXEKEMRQEOMRK
MXEFWSPYXIP]GPIEV[LEX]SY[ERXXLIQXSHS(IQSRWXVEXI[MXL]SYVS[R
LERHWEW]SYKSXLVSYKLXLIMRWXVYGXMSRW8LIREWWSSREWXLILERHWEVI
WIXYTXLIVIWLSYPHFIEGLERKISJTEGIERHEHMVIGXWYKKIWXMSRJVSQ8LI
,]TRSXMWXEFSYX[LEXMWKSMRKXSLETTIR
FIGEYWIMREQSQIRX]SYV´RKIVW[MPPGSQIXSKIXLIVERHXSYGLNYWX
PMOIXLI]EVITS[IVJYPQEKRIXW
=SYWLSYPHYTXLIXIQTSERHJSVGIJYPRIWWSJ]SYVHIPMZIV]EXXLMWTSMRX
;LIRYWMRKXLMWXIGLRMUYIERHER]SXLIV7IX4MIGII\IVGMWIIZIRMJ]SY
ORS[XLISHHWEVIWXEGOIHMR]SYVJEZSYV]SYVQMRHWIXEW8LI,]TRSXMWX
WLSYPHFIXLEX]SYEVIQEOMRKXLMWLETTIR8LIR]SY[MPPFIGSRKVYIRXERH
GSRZMRGMRKMR]SYVETTVSEGL=SYV[SVHWERHEGXMSRW[MPPGVIEXIXLIIJJIGX
%PXLSYKLWMQTPIERHIEW]XSHMWQMWWEWEWGLSSPFS]XVMGO]SY[MPPFI
WYVTVMWIHEXNYWXLS[QYGLWSQIWYFNIGXWVIEGXXSXLMWXIWX;MHII]IH
I\TVIWWMSRWERHI\GPEQEXMSRWSJWYVTVMWIXLEX[LEX]SYEVIWE]MRK[MPP
LETTIRMWLETTIRMRKEVIGSQQSR
-QQIHMEXIP]]SYGERKSMRXSEWXVSRKIVXIWXWYGLEW1EKRIXMG,ERHWSV7XMJJ
%VQ3V]SYGERTVSGIIHMQQIHMEXIP][MXLERMRHYGXMSR
TEKI
6IEPMX]MW4PEWXMG
1EKRIXMG,ERHW
-RXLMWI\IVGMWI]SYEVIKSMRKXSQEOIXLILERHWSJ]SYVWYFNIGXQSZI
XSKIXLIVEWMJXLI][IVIQEKRIXW
2S[MREQSQIRX-[MPPEWO]SYXSGSRGIRXVEXINYWXPMOI]SYHMHSR]SYV
´RKIVWSRP]XLMWXMQI-[ERX]SYXSVIEPP]YWI]SYVMQEKMREXMSRWSMRE
QSQIRX-[MPPEWO]SYXSGPSWI]SYVI]IW-¬PPEWO]SYXSTPEGI]SYVLERHW
SYXMRJVSRXSJ]SYPMOIXLMWXSGPSWI]SYVI]IWERHMQEKMRI]SYLEZIX[S
TS[IVJYPQEKRIXWWXVETTIHXSXLITEPQWSJ]SYVLERHWTYPPMRKXLIQ
XSKIXLIV;LIRXLI]XSYGL]SYVLIEHGERWMQTP]JEPPJSV[EVHEW]SY
VIPE\
3/WSTPEGI]SYVLERHWSYXMRJVSRXSJ]SYPSSOEXXLIWTEGIFIX[IIR
XLSWILERHWKIXEGPIEVTMGXYVISJ]SYVLERHWWXYGOSYXXLIVIRS[GPSWI
]SYVI]IWERHMQEKMRI]SYLEZIX[STS[IVJYPQEKRIXWWXVETTIHXSXLI
TEPQWSJ]SYVLERHWTYPPMRKXLIQXSKIXLIV
TEKI
6IEPMX]MW4PEWXMG
8LI]EVIEPVIEH]WXEVXMRKXSKSMQEKMRIXLEXQEKRIXMGJSVGIMWKIXXMRK
WXVSRKIVXLIGPSWIVXLI]KIXXLIWXVSRKIVMXFIGSQIWNYWXPMOI[LIREW
EGLMPHTPE]MRK[MXLQEKRIXW]SYJIPXXLEXQEKRIXMGEXXVEGXMSRTYPPMRK
XLSWILERHWXSKIXLIV-ORS[MXMWHMJ´GYPXXSXIPPI\EGXP][LIRXLI]EVI
KSMRKXSXSYGLFYX-GEREWWYVI]SYXLI]EVIKSMRKXSXSYGL2S[PIX]SYV
LERHWHVSTHS[REW]SYVLIEHHVSTWJSV[EVHSRXS]SYVGLIWXERHVIPE\
)\GIPPIRX2S[STIR]SYVI]IW]SYLEZIETS[IVJYPMQEKMREXMSR
-RXLMWI\IVGMWI-WYKKIWX8LI,]TRSXMWXHIQSRWXVEXIWI\EGXP][LEXXLI
WYFNIGXLEWXSHSERH[LEX[MPPLETTIRFIJSVIEWOMRKXLIWYFNIGXXSHSMX
3RGI]SYLEZII\TPEMRIH[LEXMWKSMRKXSLETTIRERHHIQSRWXVEXIHMX
LETTIRMRKMXMWLMKLP]PMOIP]XLIWYFNIGX[MPPWYGGIIHEXXLMWI\IVGMWI§IZIR
QSVIWSMJXLI]LEZITEWWIHXLI1EKRIXMG*MRKIVWI\IVGMWI
1EKRIXMG,ERHWPSKMGEPP]JSPPS[W1EKRIXMG*MRKIVWEWEKEMRMXMRZSPZIW
«QEKRIXMG¬JSVGIWERHTEVXWSJXLIFSH]QSZMRKEYXSQEXMGEPP]§[MXLSYX
GSRWGMSYWIJJSVX-XEPWSFYMPHWYTSRXLIWYFNIGXWWYGGIWWJYPHIQSRWXVEXMSR
XLEXXLI]GERGSRGIRXVEXIF]EWOMRKXLIQXSGSRGIRXVEXIEKEMRERHYWIXLIMV
MQEKMREXMSR8LII\IVGMWIGERFIHSRI[MXLXLII]IWSTIR,S[IZIVMR
WE]MRK«8LMWXMQI-[ERX]SYXSVIEPP]YWI]SYVMQEKMREXMSRWSMREQSQIRX
-[MPPEWO]SYXSGPSWI]SYVI]IW¬]SYEVIKMZMRKXLIWYFNIGXEVIEWSRXSGPSWI
XLIMVI]IWERHXLMWKMZIW]SYERSTTSVXYRMX]XSSFWIVZIXLIQVIWTSRHMRKXS
]SYVWYKKIWXMSRW[MXLGPSWIHI]IWERHQEOIWMXIEWMIVJSVXLIQXSYWIXLIMV
MQEKMREXMSR%XXLMWTSMRX]SYGERSFWIVZIXLIQGPSWIP]JSVER]WMKRWSJ
L]TRSWMWIWTIGMEPP]6)1
TEKI
6IEPMX]MW4PEWXMG
%XVEHMXMSREPETTVSEGLXSL]TRSXMGMRHYGXMSR[EWXSWYKKIWXXLII]IW[SYPH
KIXLIEZ]ERHGPSWI8LMWMW´RIMJEPMXXPIWPS[7SKMZIXLIQEVIEWSRXS
GPSWIXLIQMRWXIEHERHXLIRHSWSQIXLMRKQSVIMRXIVIWXMRK
1EKRIXMG,ERHWMWEWXVSRKIVXIWXSJXLIMVTS[IVWSJGSRGIRXVEXMSRERH
MQEKMREXMSRXLER1EKRIXMG*MRKIVWFIGEYWIXLIVIMWQYGLPIWWVIPMERGISRXLI
QIGLERMGWSJXLIFSH]ERHQYGLQSVIIQTLEWMWSRWYKKIWXMSR8LIVIMWSJ
GSYVWIWSQIQIGLERMGWMRZSPZIH-J]SYTPEGIXLILERHWSYXMRJVSRXSJ]SY
EWXLI]XMVIXLI]FIKMRXSHVSTERHREXYVEPP]JEPPMR[EVHW,S[IZIVNYWXEW
[MXLXLI´RKIVI\IVGMWIMXMWMQTSVXERXXLEX]SYEW8LI,]TRSXMWXQEOIXLMW
LETTIR[ERXMXXSLETTIRERHI\TIGXMXXSLETTIR
8LMROSJXLIWYFNIGXWEVQWEW]SYVEVQW8LI]HS[LEX]SYXIPPXLIQXSHS
8EOIS[RIVWLMTSJXLIQPMOIXLI]EVIX[SSFNIGXWIRXMVIP]HIXEGLIHJVSQXLI
WYFNIGX
;LIRXLILERHWXSYGL]SYEKEMRLEZIERSTTSVXYRMX]XSPMRO[LEXXLI]LEZI
EGLMIZIHXSWSQIXLMRKIPWI8LMWGSYPHWMQTP]FIERSTTSVXYRMX]XSPIXXLI
WYFNIGXORS[XLI]GERVIPE\SVEVIHSMRK[IPPERH[MPPKSMRXSL]TRSWMW
IEWMP]-XGSYPHFIXLEXEWXLI]XSYGLXLIMVLIEH[MPPHVSTJSV[EVHERHXLI]
[MPPKSXSMRXSEHIITWPIIT8LIGLSMGIMW]SYVW
TEKI
6IEPMX]MW4PEWXMG
7XMJJ%VQ
-RXLMWI\IVGMWI]SYEVIKSMRKXSQEOIXLIEVQSJ]SYVWYFNIGXWXMJJWSXLEX
XLI]GERRSXFIRHMX
-TVIWIRXXLMWMRSRISJX[S[E]W8LI´VWXMWHSRIJVSQERI]IWSTIR
GSRZIVWEXMSREPWXEXIQYGLPMOI1EKRIXMG*MRKIVWERH1EKRIXMG,ERHW8LI
WIGSRHETTVSEGLMWHSRI[LIR]SYEPVIEH]LEZIXLIWYFNIGX[MXLI]IWGPSWIH
8LMWQMKLXFIJSPPS[MRK1EKRIXMG,ERHW§VEXLIVXLERKIXXMRKXLIQXSSTIR
XLIMVI]IW]SYNYWXKIXWXVEMKLXMRXSXLI7XMJJ%VQ7SQIXMQIW-YWIXLMWEJXIV-
LEZIHSRIXLIEGXYEPL]TRSXMGMRHYGXMSR-RXLEXWIRWIMXMWERIEVP]VSYXMRI
1IXLSHSRI*MVWXP]]SYRIIHXSKIXTIVQMWWMSRXSXEOILSPHSJ]SYVWYFNIGXW
EVQ%P[E]WKIXTIVQMWWMSRJVSQ]SYVWYFNIGXMJ]SYEVIKSMRKXSXSYGL
XLIQ7XVEMKLXIRXLIMVEVQSYXMRJVSRXSJXLIQ
+MZIQI]SYVEVQ2S[QEOIEXMKLX´WXERHXLIQYWGPIWXIRWI
7PETXLITEPQSJ]SYVLERHSRXLIMV´WXERHTSOIXLIMVQYWGPIW[MXL]SYV
´RKIVEW]SYWE]XLIJSPPS[MRK
TEKI
6IEPMX]MW4PEWXMG
)ZIRXMKLXIVMR]SYVJSVIEVQ]SYVXVMGITVMKLXMRXS]SYVWLSYPHIV
-QEKMRI]SYLEZIEWXIIPFEVVYRRMRKXLVSYKL]SYV´WXXLVSYKL]SYV
IPFS[XSXLIWLSYPHIV]SYVEVQMWPMOIEWXIIPFEV
2S[]SYVEVQMWKIXXMRKWXMJJ QEOIMXWXMJJWXMJJ WXMJJIVERHWXMJJIV
XMKLXIVERHXMKLXIV ]SYGERRSXFIRHMXXV]EWLEVHEW]SY[MPP8V]LEVH
ERH´RH]SYGERRSXFIRHMXXLILEVHIV]SYXV]XLIWXMJJIVMXKIXW=SY
GERRSXFIRH]SYVEVQ
3RGIXLIWYFNIGXLEWXVMIHMRZEMRXSFIRHXLIMVEVQ]SYGERVIQSZIXLI
IJJIGXIEWMP]F]NYWXXSYGLMRKXLIMVEVQERHWE]MRKXLIJSPPS[MRK
%PPVMKLXMXMWEPPKSRIRS[=SYGERFIRH]SYVEVQRS[-XMWPSSWIERH
VIPE\IHERHRSVQEPMRIZIV][E]
TEKI
6IEPMX]MW4PEWXMG
1IXLSHX[S§=SYVWYFNIGXMWWMXXMRK[MXLXLIMVLERHWMRXLIMVPETERHXLIMV
I]IWGPSWIH[EMXMRKJSV]SYVRI\XMRWXVYGXMSRTIVLETWJSPPS[MRK1EKRIXMG
,ERHW
-EQKSMRKXSGSYRXJVSQSRIXSXLVII3RXLIGSYRXSJSRI-[ERX]SYXS
QEOIEXMKLX´WX[MXL]SYVVMKLXLERH3RX[S-[ERX]SYXSVEMWIXLEX
EVQYTXS[EVHXLIGIMPMRKERHSRXLVIIXSVIEPP]QEOIXLEX´WXEWXMKLX
EW]SYGER3RIQEOIXLEX´WXX[SVEMWIMXYTXS[EVHXLIGIMPMRKRS[
XLVIIQEOIXLEX´WXXMKLXERHJIIPXLEXWXMJJRIWWJIIPXLIWOMRSRXLIFEGO
SJXLILERHXMKLXIRMRKXLI[VMWXPSGOMRKSYX
)ZIRXMKLXIVMR]SYVJSVIEVQ]SYVXVMGITVMKLXMRXS]SYVWLSYPHIV
-QEKMRI]SYLEZIEWXIIPFEVVYRRMRKXLVSYKL]SYV´WXXLVSYKL]SYV
IPFS[XSXLIWLSYPHIV]SYVEVQMWPMOIEWXIIPFEV
2S[]SYEVQMWKIXXMRKWXMJJ QEOIMXWXMJJWXMJJ WXMJJIVERHWXMJJIV
XMKLXIVERHXMKLXIV ]SYGERRSXFIRHMXXV]EWLEVHEW]SY[MPP8V]LEVH
ERH´RH]SYGERRSXFIRHMXXLILEVHIV]SYXV]XLIWXMJJIVMXKIXW=SY
GERRSXFIRH]SYVEVQ
8LMWOMRHSJ7IX4MIGIMWRSVQEPP]QIX[MXLEWPMKLXP]FEJµIHFYXEQYWIH
VIWTSRWIF]XLIWYFNIGX
%KEMRXLIVIMWETL]WMSPSKMGEPVIEWSR[L]XLI7XMJJ%VQ[SVOW=SYEVI
WMQYPXERISYWP]EWOMRK]SYVWYFNIGXXSXIRWIXLIMVEVQERHXSXV]ERHFIRHMX
'PIEVP]MJXLI]XEOIXLI´VWXMRWXVYGXMSRXLI][MPPFIYREFPIXSGEVV]SYXXLI
WIGSRH,S[IZIVXLIIJJIGXMXLEWSRXLIQMRHMWZIV]VIEP(SRSXHMWQMWW
XLMWEWETWIYHSL]TRSWMWXVMGO-RWXIEHYWIMXXSXVMT]SYVWYFNIGXMRXS
L]TRSWMW
-J]SYGERRSXFIRH]SYVS[REVQSVOIIT]SYVLERHWJVSQQSZMRKSVSTIR
]SYVI]IWHIWTMXI]SYVFIWXIJJSVXWXLIRMXMWGPIEVXLEXXLIGSRWGMSYWGVMXMGEP
QMRHMWF]TEWWIH
7SQIXMQIW[LIR]SYEGXYEPP]WXITYTXSXLIGLEPPIRKIXLI[SVO]SYLEZI
HSRIF]WE]MRK«8V]ERHFIRHMX¬XLIEVQ[MPPWXEVXXSFIRHEPMXXPI)ZIREX
XLEXTSMRXGSRXMRYI[MXL]SYVWYKKIWXMSRW6IQMRHXLIQXLEXMXJIIPWWXMJJERH
[MPPWXVEMKLXIRSYXSVWIXMRXSTPEGI8LIVIMWRSTSMRXWREXGLMRKHIJIEXJVSQ
XLINE[WSJZMGXSV]
TEKI
6IEPMX]MW4PEWXMG
-RER]7IX4MIGIMXMWMQTSVXERXXLEX[LEXXLIWYFNIGXMWFIMRKEWOIHXSHS
MWRSXSFNIGXMSREFPI4VIWIRXMRKXLIWII\IVGMWIWEWEHIQSRWXVEXMSRSJXLI
WYFNIGX¬WEFMPMX]XSGSRGIRXVEXIERHYWIXLIMVMQEKMREXMSRMWRSXSFNIGXMSREFPI
7SXEOIXLISTTSVXYRMX]XSGSRKVEXYPEXIXLIQµEXXIVXLIQERHIRGSYVEKI
XLIQ8LIWYFNIGXWQMRHMWIEWMP]PSGOIHEVSYRHEWMRKPIMHIE
TEKI
6IEPMX]MW4PEWXMG
-RHYGXMSRW
-RHYGXMSRMWXLIKIRIVMGXIVQYWIHXSHIWGVMFIXLITVSGIWWSVXIGLRMUYIYWIH
XSTYXWSQISRIMRXSL]TRSWMW8LIVIEVIXLSYWERHWSJ[E]WSJHSMRKXLMW
%PXLSYKLFIMRKµI\MFPIMR]SYVETTVSEGLMWHIWMVEFPI]SY[MPPFIQSVI
IJJIGXMZIF]FIMRKI\XVIQIP]EGGSQTPMWLIHEXSRISVX[SMRHYGXMSRWVEXLIV
XLERWMQTP]ORS[MRKPSXWSJXLIQ1ER]TISTPIGSRXMRYIXSWIIOSYXRI[
MRHYGXMSRWEWMJXLI]FIPMIZIXLIVIQYWXFIQSVIXSMXSVMJXLI]GSYPHNYWX
´RHXLIYPXMQEXIMRHYGXMSRXLI][SYPHXLIRFIEKVIEXL]TRSXMWX9PXMQEXIP]
MXMW8LI,]TRSXMWXXLEXHSIWXLIL]TRSXMWMRKRSXXLIXIGLRMUYIMXWIPJ7SQI
MRHYGXMSRWEVIHMVIGXWSQIMRHMVIGX%RMRHYGXMSRGERFIVETMHMRWXERXSV
WPS[ERHTVSKVIWWMZI8LI]GERFISZIVXSVGSZIVXZIVFEPSVRSRZIVFEP8LI
MRHYGXMSRWSYXPMRIHLIVIEVIEPPVETMHSZIVXZIVFEPERHTL]WMGEPMRHYGXMSRW
&IEVMRQMRHXLEXMJ]SYVWYFNIGXLEWHSRI[IPPMR8LI7IX4MIGIXLIRXLI]
QE]EPVIEH]FIL]TRSXMÎHSV[IPPSRXLIMV[E]%PXLSYKL)PQERWYKKIWXW
XLEXXLMWMWXLINYWXXLIIRXIVMRK[IHKIQ]I\TIVMIRGIMWXLEXEWWSSREW]SY
LEZIKSXWSQIWYGGIWW[MXL8LI7IX4MIGIXLIR]SYEVISRIWYKKIWXMSRE[E]
JVSQL]TRSWMW-J]SYLEZIWYKKIWXIHXLIWYFNIGXWEVQ[MPPRSXFIRHERH
XLI]GERRSXFIRHMXXLIRXLI]LEZIEPVIEH]F]TEWWIHXLIMVGVMXMGEPJEGYPX]ERH
IWXEFPMWLIHWIPIGXMZIXLMROMRKEVSYRHEXPIEWXSRIMHIE§XLIMHIEXLEXXLIMV
EVQ[MPPRSXFIRH8LIMVYRGSRWGMSYWMWWIIQMRKP]VIGITXMZIXSXLIMHIEW]SY
EVITVIWIRXMRKXSMX
8LMWMW[L]8LI7IX4MIGIGERFIXLIMRHYGXMSRMXWIPJ-JXLIWYFNIGXWEVQMW
YRFIRHEFPIFIGEYWI]SYWYKKIWXIHMX[SYPHFIERH]SYWYHHIRP]TYWLMX
HS[RERHHMVIGXXLIWYFNIGXXS«7PIIT¬XLI]TVSFEFP][MPPKSWXVEMKLXMRXS
L]TRSWMWERHWMQTP][EMXJSV]SYVRI\XMRWXVYGXMSR-XMWYTXS]SY[LIXLIV
]SYYWIMXXLEX[E]SVRSX)ZIRMJEJXIVQEOMRKXLIWYFNIGXWEVQYRFIRHEFPI
]SY[IVIXSNYWXXSYGLMXERHWE]«3/]SYGERFIRH]SYVEVQRS[MXMW
RSVQEP¬MR]SYVLIEH]SYGERWXMPPEWWYQIXLIWYFNIGXMWMRXLIWXEXISJ
QMRH]SY[ERXXLIQXSFIMR-XQE]RSXLEZISGGYVVIHXSXLIQXLEXXLI]
EVIL]TRSXMÎHSVIZIRXLEXXLIL]TRSXMWMRKLEWFIKYR-RXLMWWIRWIXLI
MRHYGXMSRXLEXJSPPS[W8LI7IX4MIGIMWE[E]SJMRXIRWMJ]MRKXLIMVWXEXISJ
L]TRSWMWVEXLIVXLERGVIEXMRKMX1SVISRXLEXMR7IGXMSR
8LIJSPPS[MRKMRHYGXMSRWEVIEPPVETMH§QIERMRKXLI]XEOIER]XLMRKJVSQ
EJI[WIGSRHWXSEJI[QMRYXIWXSTIVJSVQ8LI]KIRIVEPP]MRZSPZIWSQI
TL]WMGEPQERMTYPEXMSRSJ]SYVWYFNIGX§XLMWGSYPHQIERXEOMRKGSRXVSPSJ
XLIMVI]IWEVQ[VMWXLERHLIEHSVFEPERGI8LMWVETMHETTVSEGLMWXLIQSWX
TEKI
6IEPMX]MW4PEWXMG
IJJIGXMZIJSVMQTVSQTXYETTPMGEXMSRWSJL]TRSWMW-XGSYPHFIEVKYIHXLEXMXMW
XLIQSWXIJJIGXMZIJSVL]TRSWMWJYPPWXST§[LIVIZIVSVJSV[LEXIZIVTYVTSWI
MXMWYWIH
8LI]EWWYQIVETTSVXLEWFIIRIWXEFPMWLIHERHXLEX]SYEVIEPVIEH]TEGMRK
ERHFIKMRRMRKXSPIEH]SYVGPMIRXXLVSYKLXLI7IX9T1SVISJXIRXLERRSX-
LEZIEPVIEH]FIIRXLVSYKL8LI7IX4MIGIF]XLIXMQI-HSERMRHYGXMSR8LEX
WEMH8LI7IX4MIGIMWRSXVIUYMVIHTVMSVXSYWMRKER]SJXLIWIMRHYGXMSRW
,S[IZIVMXQEOIW]SYV[SVOIEWMIVMJ]SYLEZIYWIHE7IX4MIGI-XGSYPH
FI]SYLEZINYWXFIIRMRXVSHYGIHXSWSQISRIEWE,]TRSXMWXERHXLI]LEZI
I\TVIWWIHERMRXIVIWXMRFIMRKL]TRSXMÎHERH]SY[ERXXSKIXWXVEMKLXMRXS
MX-XGSYPHFIXLEX]SYEVIRSXERRSYRGMRK]SYEVI8LI,]TRSXMWXERHNYWX
WTVMRKMRKXLIMRHYGXMSRSRERYRWYWTIGXMRKWYFNIGXXSFI=SY[MPP´RHXLIWI
MRHYGXMSRWEVIµI\MFPIERHGERFIEHETXIHXSWYMXEPPGMVGYQWXERGIW
'SR´HIRGIGIVXEMRX]ERHEQEXXIVSJJEGXEXXMXYHIXLEXXLITIVWSR[MPPKS
MRXSEXVERGIKSEPSRK[E]XSYWMRKXLIWIXIGLRMUYIWWYGGIWWJYPP]7SQI
L]TRSXMWXWKIXXLMWVMKLXJVSQXLIWXEVXSXLIVWLEZIXSHSXLIMVFIWXXSHIZIPST
XLMWGLEVEGXIV
TEKI
6IEPMX]MW4PEWXMG
8LI6ILIEVWEP
8LMWKIRIVMGVILIEVWEPMRHYGXMSRLEWFIIRYWIHJSVQER]]IEVWMRL]TRSWMW
-X[EWXLI´VWXMQTVSQTXYVETMHMRHYGXMSR-PIEVRXERHMX[SVOIH
WYTIVFP]-XMWKVIEXJSVXLIµIHKPMRKL]TRSXMWXFIGEYWIMXEPPS[W]SYXS
TVEGXMWISRXLIWYFNIGXFIJSVIHSMRKXLI«VIEPMRHYGXMSR¬-LEZIRIZIV
JEMPIHXSL]TRSXMÎYWMRKXLMWMRHYGXMSRERH-WXMPPYWIMX[LIR-XLMROMXMW
ETTVSTVMEXI
=SYI\TPEMRXS]SYVWYFNIGXMREWXITF]WXITJEWLMSRI\EGXP][LEX]SYEVI
KSMRKXSWE]ERHHSERH[LEXEJJIGXMX[MPPLEZISRXLIQ4VIWIRXMXMRE
QEXXIVSJJEGXXSRIEWMJ]SYEVIXV]MRKXSXIEGLXLIQWSQIXLMRK
8LMWZIVWMSRYWIWVILIEVWEPXSGVIEXIGEXEPITW]MRXLIMVEVQ=SYPMXIVEPP]
VILIEVWIEWQER]XMQIWEWVIUYMVIHYRXMPMXMWXMQIJSVXLI«VIEP¬MRHYGXMSR
7XVERKIP]]SY[MPPRIZIVQEOIMXXSXLI«VIEP¬MRHYGXMSR8LIWYFNIGX[MPP
FIGSQIL]TRSXMÎHHYVMRKSRISJXLIVILIEVWEPWLIRGIXLIREQI
'ER-FSVVS[]SYVEVQ#
;LEX-¬QKSMRKXSHSLIVIMREQSQIRXMW-¬QNYWXKSMRKXSVIEGLSZIV
PMOIXLMWERH-¬QKSMRKXSTMGOYT]SYVLERHERH-HSR¬X[ERX]SYXSKS
MRXSL]TRSWMWFIGEYWI-[ERXXSI\TPEMRXLMWXS]SY
%W]SYWE]XLMWTMGOYTXLILERHSJXLIWYFNIGXF]XLI[VMWXERHQSZIMXYT
WSXLEXXLIMVLERHMWMRXLIEMVERHXLIMVIPFS[FIRXEXEFSYXHIKVIIW
TEKI
6IEPMX]MW4PEWXMG
FIGEYWIXLMWMWWSQIXLMRKXLEX[MPPLIPT]SYPEXIVSRMRKIXXMRK
L]TRSXMÎH ERHXLIRXSLEZI]SYGSQIFEGOSYXSJL]TRSWMW[IEVI
KSMRKXSQSZIXLEXLERHFEGOHS[RPMOIXLEX
%W]SYWE]XLMWQSZIXLIMVLERHFEGOHS[R
%PP]SYEVIKSMRKXSRSXMGIMWXLEX-¬QKSMRKXSTMGOYT]SYV[VMWXPMOI
XLMW
4MGOYT[VMWXERHWTIEOMRKQSVIWSJXP]FYXWXMPPEXEVIKYPEVGSRZIVWEXMSREP
TEGI
-¬QKSMRKXSXEPOXS]SYMREGIVXEMR[E]ERHEWXLEXLERHVIEGLIWE
GIVXEMRTSMRX]SY¬PPRSXMGIERYQFIVSJXLMRKWLETTIRMRKXLEX[MPPPIX
]SYORS[]SY¬VIKSMRKMRXSL]TRSWMW ]SYVI]IWGPSWI]SYVFVIEXLMRK
[MPPWLMJXERH]SY[SYPHKSIZIRHIITIVERHXLIRXSLEZI]SYGSQIFEGO
SYX[MHIE[EOI[I¬PPQSZIXLILERHFEGOHS[RPMOIXLMW3/#
TEKI
6IEPMX]MW4PEWXMG
7S-EQRSXKSMRKXSHSMX]IX-NYWX[ERX]SYXSKIXXLIJIIPMRKWSMJ
RS[¬WXLIXMQIXSHSMXEPP-[SYPHHSMWVIEGLSZIVPMOIXLMW-[SYPH
TMGO]SYVEVQYTPMOIXLEXERHWXSTEXETSMRX[LIR]SY[SYPHKSMRWMHI
TVSFEFP]RSXMGIXLIRXLEX]SYVI]IW[SYPHGPSWIEXEGIVXEMRTSMRXMX¬W
KSMRKXSWXSTEPPF]MXWIPJ8LIR-¬QKSMRKXSQSZIMXFEGOHS[R3/
=SYLEZINYWXEHHIHEJI[WXITWWQEPPHIXEMPW&IKMRTEGMRKERHPIEHMRK
XLIMVI\TIVMIRGI-RSXLIV[SVHWTSMRXSYXXSXLIQ[LEXMWLETTIRMRKERH
EQFMKYSYWP]WYKKIWX[LEXMWKSMRKXSLETTIREPPXLIXMQIPSSOMRKJSVER]
WMKRWSJL]TRSWMWHIZIPSTMRKERHFYMPHMRKXLEXMRXS]SYVTEXXIV
2S[MJ[I[IVIEGXYEPP]KSMRKXSHSMXEKEMREPP-[SYPHHSMWVIEGLSZIV
-XMWPMOIP]SRXLIXLMVHSVJSYVXLXMQIXLEX]SYKSXSPMJXXLIMVEVQXLEXMX[MPP
WXEVXXSPMJXYTFIJSVI]SYIZIRXSYGLMX;LEXSGGYVWEW]SYVILIEVWIMW]SY
XVEMRXLIMVEVQXSVIWTSRH8LMWMW[LEX]SY[ERX;LIRMXHSIWEPP]SYHSMW
KMZIMXXLIQMRMQEPEQSYRXSJIRGSYVEKIQIRXYT[EVHW[MXL]SYVXLYQFSR
XLIYRHIVWMHISJXLIMV[VMWXEW]SYGSRGIRXVEXISRXLIQHIZIPSTMRKXLISXLIV
WMKRWXLEXXLI]EVIKSMRKMRXSL]TRSWMW
%RHEWXLEXEVQPMJXWPMOIXLEXEW]SYVI]IWGPSWIERH[LIRXLEXEVQ
WXSTWF]MXWIPJ
8LIMVEVQ[MPPTVSFEFP]VIQEMRWYWTIRHIHRS[IZIRMJ]SYPIXKS-XIRHXS
WPS[P]VIPIEWIEPPSJXLI´RKIVWI\GITXJSVXLIMRHI\´RKIVSRXLIFEGOSJ
XLIMV[VMWX8LMWKMZIWXLIQIWWEKIXLEXXLILERHMWWXMPPFIMRKLIPHMRWSQI
[E]ERHMJMXMWRSXGEXEPITXMGEPVIEH]QIERWXLEX]SYGERQERMTYPEXIMXE
PMXXPIQSVIMJVIUYMVIH
TEKI
6IEPMX]MW4PEWXMG
%RH]SYORS[[LEXXSHSEPPXLI[E]MR XLEX¬WVMKLX I]IWGPSWIH
HIITEWPIITHIITEWPIIT%RH]SYVYRGSRWGMSYWQMRHGERJSPPS[
I\UYMWMXIP]XLIWYKKIWXMSRW[MXL]SYVGSRWGMSYWQMRHTE]MRKEXXIRXMSRSV
KSMRKER][LIVIMX[MWLIW
2S[XLIUYIWXMSRMWLS[HIITP]MRXSEXVERGIGER]SYKS#,S[QYGL
HIITIVGER]SYKS#8LEX¬WVMKLX EVQPMJXMRKRS[IZIRLMKLIV XLEX¬W
VMKLX
-JXLIMVI]IWEVIWXMPPSTIRWE]XLIJSPPS[MRKXSHMVIGXXLIQXSGPSWI
-[ERX]SYXS[EXGLWXE]E[EOIIZIRQSVIJSGYWYRXMPMX¬WXMQI XLEX¬W
VMKLX I]IWGPSWIHRS[EPPXLI[E]MRXSEHIITWXEXI
4VSGIIHXSHIITIRXLIXVERGISVWMQTP]KMZIEL]TRSXMGWYKKIWXMSRERHFVMRK
XLILERHHS[RSRP]EWUYMGOP]EWMXMWRIIHIH
8LEX¬WVMKLX-HSR¬X[ERXXLEXLERHXSHVMJXHS[RXS]SYVPETSRP]EW
UYMGOP]EW]SYGERHVMJXHS[REPPXLI[E]HS[RVIQEMRMRKMRXLEX
XVERGIXLIQYWGPIWVIPE\]SYGERVIPE\EWXLEXEVQHVMJXWHS[R]SYGER
HVMJXHS[R(IITIVERHHIITIVXSWPIIT
*VSQXLEXTSMRXSR]SYGERKS[LIVIZIV]SY[MWLXS8LIVIMWRSRIIHJSV
ER]JYVXLIVMRHYGXMSR
TEKI
6IEPMX]MW4PEWXMG
)]IXS,ERH*M\EXMSR
8LMWMRHYGXMSRMWWMQTPIJEWXERHµI\MFPI-XMWXLISRI-YWIXLIQSWX-X
MRZSPZIW8LI,]TRSXMWXWLS[MRKWSQISRIXLIMVS[RLERHERH´\EXMRKXLIMV
KEÎYTSRMX-XIRHXSYWIXLITEPQSJXLILERHFYXXLIFEGOSJXLILERH[MPP
HS(ITIRHMRKSRLS[XLIGLEMVWEVITSWMXMSRIH-YWIIMXLIVSJQ]LERHWSR
IMXLIVSJXLIMVW-J]SYTPERXSYWIXLMWETTVSEGL]SYGSYPHEHNYWXXLIWIEXMRK
XSWYMX]SY8LIVIMWRSRIIHXSFIGSRGIVRIHEFSYXLIQMWTLIVMGHSQMRERGI
.YWXPMJXXLIMVEVQYTF]XLI[VMWXXSETSWMXMSRXLI][SYPHREXYVEPP]EHSTXMJ
MRWTIGXMRKXLIMVS[RTEPQ8LITEPQWLSYPHFIEFSYXGQJVSQXLIMVJEGI
;EXGLXLIMVI]IWXSQEOIWYVIXLEXXLI]EVI^SRIHMRSRSRIWTSX-JXLI]EVI
WGERRMRKEVSYRHXLIMVIRXMVILERHSVPSSOMRKEX]SYIZIV]RS[ERHEKEMRXLEX
MWRSKSSH0SSOMRKEXEWTSX[MPPJSGYWERHREVVS[XLIMVEXXIRXMSR'SRXMRYI
XSLSPHXLIMV[VMWX[MXLEPMKLXXSYGLEHNYWXMRK]SYV´RKIVXMTWXSIRGSYVEKI
XLIMVEVQXSXEOIMXWS[R[IMKLX8LIRQSZIMXXS[EVHXLIMVJEGIERHTEGI
XLIMVI\TIVMIRGI
-REQSQIRXMJMXMW3/[MXL]SY-[SYPHPMOIXSFSVVS[]SYVEVQ-EQ
KSMRKXSTMGO]SYVLERHYTF]XLI[VMWX-WXLEX3/#
+VIEXKMZIQI]SYVEVQ.YWX´RHEWTSXSR]SYVLERH]SYGERPSSOEX
ERHOIITPSSOMRKEXXLEXWTSX6IEH]#
(SR¬XPSSOEXXLI[LSPIXLMRKNYWXOIIT]SYVI]IWSRSRIWTSXXLEX¬WMX
7SQIEVQW[MPPLEZIEFWSPYXIP]RS[IMKLXEXEPP8LI]LEHTVSFEFP]KSRI
MRXSL]TRSWMWFIJSVI]SYXSSOLSPHSJXLIMV[VMWX
7SQIEVQWEVIVIEPP]LIEZ]ERH]SY[MPPXEOIEPPXLI[IMKLX&SFXLSWI
LERHWEVSYRHMRJVSRXSJXLIMVGLIWXJSVEFMXERH[EMXYRXMP]SYJIIPXLIEVQ
PSGOMRTPEGI=SYWLSYPHJIIPMX«KS¬%W]SYQSZIMXYTERHHS[RMRXS
«TSWMXMSR¬[MXLEPMKLXXSYGLMX[MPPWYHHIRP]WYTTSVXMXWIPJ-J]SYOIIT]SYV
MRHI\´RKIVSRXLISYXWMHIIHKISJXLIMV[VMWX]SYGERXIWXMXWYTTSVXWMXWIPJ
F]NYWXQEMRXEMRMRKGSRXEGX[MXLXLEX´RKIV8LIWYFNIGXGERRSXUYMXIXIPPMJ
]SYEVIWYTTSVXMRKMXSVRSXERHXLMWIRGSYVEKIWXLIQXSHMWWSGMEXIJVSQXLIMV
LERHERHEVQ
-JMXLEWRSXPSGOIHMRTPEGIEJXIVEPMXXPI[LMPIWIGSRHW NYWXVIQMRHXLIQ

XSJSGYWXLIMVEXXIRXMSRSRXLEXWTSX,EZITSWMXMZIQIERMRKJYPI\TIGXERG]
WI[RMRXS]SYVETTVSEGL,SPHMXEWEGSVIFIPMIJSJ]SYVWXLEXXLI]EVIE
KVIEXL]TRSXMGWYFNIGX)\TIGXXLIMVEVQXSPSGOMRTPEGI
TEKI
6IEPMX]MW4PEWXMG
8LEX¬WVMKLXOIIT]SYVI]IWSRXLEXWTSX
%WXLEXLERHFIKMRWXSQSZIXS[EVH]SYVJEGI]SYVI]IW[MPPFIKMRXS
GLERKIJSGYWERHEW]SYFIGSQIE[EVISJXLSWII]IW
=SYLEZIGLSMGIWEFSYXLS[XSTVSGIIHJVSQXLMWTSMRX
1SWXSJXIR-[MPPWMQTP]TEWWQ]LERHMREHS[R[EVHQSXMSRTEWXXLIMVI]IW
EW-XIPPXLIQXSGPSWIXLIQERHWE]XLIJSPPS[MRK
'PSWI]SYVI]IWERHWPIITRS[-REQSQIRX-¬QKSMRKXSGSYRXHS[R
JVSQXSÎVSERHEW-GSYRXHS[RJVSQXSÎVS]SYVLERH[MPPµSEX
FEGOHS[RXS]SYVPET]SYVLIEH[MPPJEPPJSV[EVHSRXS]SYVGLIWXERH
]SY[MPPKSWSQYGLHIITIVMRXSXLIXVERGI(IITEWPIIT%PP
XLI[E]HS[R(IITHIITHIITIVEWPIIT
8LIRGSRXMRYIXSHIITIRSVXIWX]SYV[SVOF]KMZMRKXLIQJYVXLIVHMVIGXMSR
3V-PIEZIXLIMVI]IWSTIRERHWE]
8LEX¬WVMKLX[MXL]SYVI]IWSTIR´\IHSRXLEXTSMRXYRHIVWXERHXLEX
]SYLEZIERMRGVIHMFP]TS[IVJYPYRGSRWGMSYWQMRH1YGLWXVSRKIVXLER
]SYVGSRWGMSYWQMRH-REQSQIRX-¬QKSMRKXSXSYGLXLIFEGOSJ]SYV
LERHERH[LIR-XSYGLXLIFEGOSJ]SYVLERH]SYVYRGSRWGMSYWMWKSMRK
XSWXEVXTYPPMRKMXXS[EVHW]SYVJEGI2S[]SYGSYPHTVIXIRHXLEXFYX
XLEX¬WRSX[LEX-[ERX7S[LIR-XSYGLXLIFEGOSJ]SYVLERHERH]SY
JIIPMXWXEVXXSTYPP]SYGERXV]ERHWXSTMX.YWXPMOIXLSWILERHW[IVI
QEKRIXW]SY[MPP´RH]SYVLIEHMWEQEKRIXERHXLEXLERHMWEQEKRIX
=SYGERXV]ERHWXSTMXPMJXMRKLMKLIVERH´RH]SYGERRSX=SY¬VIE
WXVSRKQER[SQER6IEPP]XV]XSWXSTMXLETTIRMRKERHPIX¬WWIINYWXLS[
QYGLWXVSRKIV]SYVYRGSRWGMSYWMW
8LIRXSYGLXLILERH3RMXW[E]XSXLIMVJEGIYWYEPP][MXLEKSSHHIEPSJ
WLEOMRKKSMRKSRMRXLIMVYTTIVFSH]EWXLI]´KLX[MXLXLIMVS[REVQ]SY
GERIRGSYVEKIQSVIJYXMPIVIWMWXERGI
=SY¬VIEWXVSRK[SQERXV]IZIRLEVHIVERH´RHMXPMJXWLMKLIVXLI
LEVHIV]SYXV]XLIQSVIHMJ´GYPXMXFIGSQIW
TEKI
6IEPMX]MW4PEWXMG
=SYGERYWIXLIEVVMZEPSJXLILERHEXXLIJEGIEWXLIXVMKKIVJSVXLI
HIITIRMRKSJXVERGI
;LIR]SYVLERHXSYGLIW]SYVJEGI]SYVI]IW[MPPGPSWIERH]SY[MPPKS
WSQYGLHIITIVMRXSXLIL]TRSWMW4VSJSYRHL]TRSWMW'SQTPIXITL]WMGEP
ERHQIRXEPFPMWW
TEKI
6IEPMX]MW4PEWXMG
1EKRIXMG4EPQW
,]TRSXMWXWLEZIYWIHXLMWWMQTPIXIGLRMUYIJSVHIGEHIW-XMWEKVIEXKVSYT
MRHYGXMSR-X[MPPTYPP]SYVWYFNIGXWLERHWXSKIXLIVPMOIQEKRIXWERHMJ]SY
[MWLWXMGOXLIMVLERHWXSKIXLIV+SSHJYR[LIREXETEVX]SVHS[RXLITYF
FYXEPWSZIV]YWIJYPMRXLIXLIVET]VSSQ%PXLSYKLXIGLRMGEPP]MXFEVIP]
HMJJIVWJVSQMXWYWIEWE7IX4MIGILIVIMXMWYWIHEWEVETMHMRHYGXMSR-XMW
YWIJYPJSV]SYFIGEYWIMXKMZIWXLIWYFNIGXERI\TIVMIRGISJXLIMVEFMPMX]XS
EJJIGXXLIMVFSH][MXLXLIMVQMRHWIXWYTXLITVSQSXMSRSJGEXEPITW]GVIEXIW
EQSQIRXSJ[SRHIVSVGSRJYWMSRHIQSRWXVEXIWL]TRSXMGTLIRSQIREERH
HIQSRWXVEXIW]SYVTSWMXMSREW8LI,]TRSXMWX
,EZI]SYIZIVFIIRL]TRSXMÎHFIJSVI#
-JXLI]LEZIXLIRKVIEX8LIVIMWPIWWRIIHXSI\TPEMRER]XLMRKERH]SYGER
YWIXLIMVI\TIVMIRGIMJMX[EWEKSSHSRI-JRSXXLIRNYWXMKRSVIXLIMVERW[IV
PIXXLIQORS[XLI][MPP´RHXLMWMRXIVIWXMRKERHQSZISR
;LEXHS]SYXLMROL]TRSWMWMW#
%JXIVXLMROMRKJSVEQSQIRXXLIWYFNIGX[MPPPMOIP]WE]VIPE\EXMSRWPIITSV
WSQIXLMRKIPWI;LEXIZIVXLI]WE]MQQIHMEXIP]GSYRXIV[MXLXLIJSPPS[MRK
SVWSQIXLMRKWMQMPEVXLEXQEXGLIWYTXS[LEXXLI]LEZIWEMH
8LEX¬WVMKLXMXMWEPPEFSYXYWMRK]SYVQMRH-[SYPHPMOI]SYXSHS
WSQIXLMRKJSVQI-XQMKLXJIIPEPMXXPIWXVERKIEX´VWXFYX-GEREWWYVI
]SYIZIV]XLMRK[MPPVIXYVRXSRSVQEPEJXIV[EVHWMJ]SYHSR¬XJIIP
WSQIXLMRK]SYHSR¬XJIIPWSQIXLMRKMXXEOIWEPMXXPI[LMPIFYXNYWXVIPE\
ERH[EMXJSVMXMX[MPPLETTIR§MXMWEP[E]WHMJJIVIRX[MXLIEGLTIVWSREW
[IEPPXLMROERHJIIPXLMRKWMRHMJJIVIRX[E]W
8LIWISTIRMRKGSQQIRXWHSQER]XLMRKW8LI]WYKKIWXWSQIXLMRK[MPP
LETTIR8LI]WYKKIWXMXQE]FIEFMXSHH8LI]WE]ZIV]PMXXPIEFSYX[LEXXLI
I\TIVMIRGI[MPPFI=SYHSRSXLEZIXSYWIXLIQFYXXLI]EVIEYWIJYPFMXSJ
WIXYT
TEKI
6IEPMX]MW4PEWXMG
3/EVI]SYVIEH]XSFIL]TRSXMWIH#'ER]SYTYX]SYVEVQWSYXPMOI
XLMWEFSYXWLSYPHIVLIMKLXTEPQWJEGMRKXS[EVHWIEGLSXLIV#
2S[MREQSQIRX-[MPPEWO]SYXSGSRGIRXVEXINYWXPMOI]SYHMHSR]SYV
´RKIVWSRP]XLMWXMQI-[ERX]SYXSVIEPP]YWI]SYVMQEKMREXMSRWSMRE
QSQIRX-[MPPEWO]SYXSGPSWI]SYVI]IW-¬PPEWO]SYXSTPEGI]SYVLERHW
SYXMRJVSRXSJ]SYPMOIXLMWXSGPSWI]SYVI]IWERHMQEKMRI]SYLEZIX[S
TS[IVJYPQEKRIXWWXVETTIHXSXLITEPQWSJ]SYVLERHWTYPPMRKXLIQ
XSKIXLIV;LIRXLI]XSYGL]SYVLIEHGERWMQTP]JEPPJSV[EVHEW]SY
VIPE\
3/WSTPEGI]SYVLERHWSYXMRJVSRXSJ]SYPSSOEXXLIWTEGIFIX[IIR
XLSWILERHWERHKIXEGPIEVTMGXYVISJ]SYVLERHWWXYGOSYXXLIVIRS[
GPSWI]SYVI]IWERHMQEKMRI]SYLEZIX[STS[IVJYPQEKRIXWWXVETTIHXS
XLITEPQWSJ]SYVLERHWTYPPMRKXLIQXSKIXLIV
TEKI
6IEPMX]MW4PEWXMG
8LI]EVIEPVIEH]WXEVXMRKXSKSMQEKMRIXLEXQEKRIXMGJSVGIMWKIXXMRK
WXVSRKIVXLIGPSWIVXLI]KIXXLIWXVSRKIVMXFIGSQIW-ORS[MXMWHMJ´GYPX
XSXIPPI\EGXP][LIRXLI]EVIKSMRKXSXSYGLFYX-GEREWWYVI]SYXLI]EVI
KSMRKXSXSYGLNYWXPMOI[LIREWEGLMPHTPE]MRK[MXLQEKRIXW]SYJIPX
XLEXQEKRIXMGEXXVEGXMSRTYPPMRKXLSWILERHWXSKIXLIV
2S[PIX]SYVLERHWHVSTHS[RERHVIPE\7PIIT
8LMWGPSWMRKI]IWWXITMWRSXRIGIWWEV]FYX-´RHMXLIPTW-XQE]WYVTVMWI
XLIQ[LIRXLILERHWXSYGL-J]SYOIITXLIMVI]IWSTIRMXMWEPWSUYMXI
WYVTVMWMRK[LIRXLI]WIIXLIMVLERHWQSZMRKERHXIRHWXS´\EXIXLIMV
EXXIRXMSR]SYGSYPHXLIRPMROXLIQSQIRXXLI]XSYGLXSI]IGPSWYVIERH
L]TRSWMW
TEKI
6IEPMX]MW4PEWXMG
8LI,ERHWLEOI
8LIVIEVIZEVMSYWLERHWLEOIMRHYGXMSRW§XLEXMWL]TRSXMWMRKWSQISRI
[MXLELERHWLEOI)PQERSYXPMRIHELERHWLEOIMRHYGXMSR1MPXSR)VMGOWSR
HIZIPSTIHEXPIEWXX[SZEVMEXMSRW,IMWORS[RXSLEZIYWIHELERHWLEOIEW
ERSTTSVXYRMX]XSMRHYGIL]TRSWMWWSSJXIRXLEXVEVIP][SYPHER]SRI[MWL
XSWLEOILMWLERH,I[SYPHRSXUYMXIPIXKSSJXLIMVLERHERH[SYPHYWIER
EQFMKYSYWXSYGLYRXMPXLILERHXSSOMXWS[R[IMKLXERHHIZIPSTIHGEXEPITW]
8LIXIGLRMUYISYXPMRIHFIPS[MW[MHIP]GVIHMXIHXS6MGLEVH&ERHPIVSRISJ
XLIGSJSYRHIVWSJ2IYVS0MRKYMWXMG4VSKVEQQMRK204
8LMWMWIEWMIVXSTYPPSJJXLER)VMGOWSR¬WEQFMKYSYWXSYGLERH-´RHMXMW
SRISJXLIIEWMIWXERHQSWXIJJIGXMZIVETMHMRHYGXMSRW=SYKSXSWLEOIXLI
WYFNIGXWLERHERHMRXIVVYTXXLILERHWLEOIF]XEOMRKLSPHSJXLIMV[VMWX[MXL
]SYVSXLIVLERHERHWLS[MRKXLITEPQSJXLIMVLERHXSXLIQ8LMWGVIEXIWE
QSQIRXSJGSRJYWMSRERH]SYPIEHXLIWYFNIGXMRXSXVERGI-XGEREPPFIHSRI
MRPIWWXLERWIGSRHW-JMXGERFIYWIHEJXIVE7IX4MIGISVHSRIJVSQGSPH
-XMWSRISJXLIFIWXMRHYGXMSRWJSVYRERRSYRGIHMQTVSQTXYL]TRSWMW
3JJIV]SYVVMKLXLERHXSXLIWYFNIGXPMOIELERHWLEOI ERHWE]WSQIXLMRK

XLEXIRGSYVEKIWXLIQXSVIWTSRH*SVI\EQTPIMJXLI]LEZINYWXGSQTPIXIH
8LI7IX4MIGI-QE]WE]WSQIXLMRKPMOIXLMW
8LEROWJSVHSMRKXLEX
3V
)\GIPPIRX'ER-FSVVS[]SYVLERH#
TEKI
6IEPMX]MW4PEWXMG
%WXLIWYFNIGXSJJIVWXLIMVLERHXSWLEOI]SYVWTYPP]SYVLERHE[E]WPMKLXP]
ERHYWI]SYVPIJXLERHXSPMKLXP]KVEWTXLIWYFNIGX¬WVMKLX[VMWXERHQSZI
XLIMVTEPQXSEHMWXERGISJEFSYXGQJVSQXLIMVJEGI4SMRXEXXLIMVLERHEW
]SYKMZIXLIQXLIMV´VWXHMVIGXMSR
0SSOEX]SYVLERH
'SRXMRYIEXETEGIWTIEOMRK[MXLWSQIGSQQERH
8LEX¬WVMKLXNYWXPSSOEXXLEXLERHEW]SY[EXGLXLEXLERHQSZI
XS[EVHW]SY
1SZIMXWPMKLXP]XS[EVHWXLIWYFNIGXWJEGI[LMPITSMRXMRKEXMX[MXLXLISXLIV
LERH
=SYGERRSXMGIXLIGLERKMRKJSGYWSJ]SYVI]IWERHEW]SYHSRSXMGIXLI
XIRHIRG]JSV]SYVI]IWXSGPSWI
TEKI
6IEPMX]MW4PEWXMG
7MQYPXERISYWXSXLITLVEWI«I]IWXSGPSWI¬HVST]SYVTSMRXMRKLERH
HS[R[EVHERHE[E]JVSQXLIMVJSGYWWSXLEXXLIVII]IWEVIIRGSYVEKIHXS
JSPPS[=SYGERWRET]SYV´RKIVWXSIRGSYVEKIXLMW=SYGERHSFSXL
%WWYQMRKXLII]IWEVIGPSWIHSVIZIRMJXLI]EVIRSX GSRXMRYI
%W]SYRSXMGIXLEXLERHMWKIXXMRKGPSWIVERHGPSWIVXS]SYVJEGI
8LILERHMWLSTIJYPP]QSZMRKGEXEPITXMGEPP]RS[XSXLITSMRX[LIVI]SY
GSYPHPIXKSSJMXERHMX[SYPHGSRXMRYIXSQSZI
8LEX¬WVMKLXGPSWIVERHGPSWIVWPS[HS[RERHWSJXIRZSMGIERHHIPMZIV]

YRXMP]SYNYWXEPPS[MXXSLETTIREPPXLI[E]HS[RXLEX¬WVMKLXEPPXLI
[E]HS[R[LMPIXLEXLERHWVIQEMRWXSXEPP]´\IHXLIVIVMKLXXLIVI
8LIWYFNIGXMWRS[MREPMKLXXVERGI[MXLEGEXEPITXMGEVQ-XMWYTXS]SY
[LIXLIV]SY[MWLXSGSRXMRYIHIITIRMRKXVERGISVNYWXYWIXLII\MWXMRK
WMXYEXMSRXSHIPMZIVWSQISXLIVWYKKIWXMSRW
7S[LEXMWLETTIRMRKMRXLILERHWLEOIMRHYGXMSREFSZI#
8LIOI]MRKVIHMIRXXSQEOMRKXLMWQSZIEWYGGIWWMWSJXIRXSYXIHEW
WYGGIWWJYPP]MRXIVVYTXMRKXLIEYXSQEXMGQSXSVTVSKVEQEWWSGMEXIH[MXL
LERHWLEOMRK-XMWGSQQSRJSVWSQISRIXSEYXSQEXMGEPP]VIWTSRHXSER
SYXWXVIXGLIHLERHSJJIVMRKELERHWLEOIF]WXMGOMRKSYXXLIMVLERHERH
GSQTPIXMRKXLIWLEOI-XMWERYRGSRWGMSYWQSZISRXLIMVTEVXFIGEYWIMXMW
WSQIXLMRK[IEVIXVEMRIHXSHSJVSQGLMPHLSSH;LIR]SYMRXIVVYTXXLMW
TEXXIVRF]WIM^MRKXLI[VMWXVEXLIVXLEREGXYEPP]WLEOMRKLERHWGSRWGMSYW
EGXMZMX]MWXIQTSVEVMP]WYWTIRHIH[LMPIXLI]WIEVGLJSVQIERMRKMRXLI
MRXIVVYTXMSR8LI]EVIPSSOMRKJSVXLIRI\XGYIEFSYXLS[XSTVSGIIH§[EMX
XSSPSRKQSVIXLEREWIGSRHSVX[SFIMRKXSSPSRKERHXLI][MPP´RHMX
XLIQWIPZIW§FYXMJ]SYQEOIYWISJXLMW[MRHS[F]KSMRKWXVEMKLXMRXSXLI
WGVMTXEFSZI]SYGEROIITXLIQWYWTIRHIHXLIVI
8LI[E]]SYHSXLEXMWXSTEGII\EGXP][LEXSGGYVWWXEVXMRK[MXLXLIQSZI
XS[EVHXLIJEGI3JGSYVWIXLII]IW[MPPGLERKIJSGYWEWXLMWSGGYVWSJ
GSYVWIXLI][MPPGPSWIEXWSQITSMRX7SXLIXIGLRMUYITEGIWXLIWIX[SXLMRKW
ERHXLIRPIEHWXLIQXS«WPIIT¬
TEKI
6IEPMX]MW4PEWXMG
7YGGIWW[MXLXLMWMRHYGXMSRMWHMVIGXP]TVSTSVXMSREPXS]SYJIIPMRKGSR´HIRX
XLI][MPPKSMRXSEXVERGI1SZIW[MJXP]EJXIVXLITEXXIVRMRXIVVYTXTVSNIGX
GSR´HIRGIERHXVERGI[MPPIRWYI+SERH´RHEXVEJ´G[EVHIRSVWSQISRI
TIWXIVMRK]SY[MXLEUYIWXMSRREMVIMRXLIWXVIIXERHTVEGXMGI
*VSQTIVWSREPI\TIVMIRGI-´RHXLIIQTLEWMWSRXLITEXXIVRMRXIVVYTX
IPIQIRXSJXLILERHWLEOIMRHYGXMSRSJXIRTVIZIRXWTISTPIJVSQYWMRKMX-R
XVYXL]SYGERYWIMX[MXLSYXWLSGOWYVTVMWISVGSRJYWMSR-XWXMPP[SVOW9WIH
MRXLMW[E]XLILERHMWNYWXE´\EXMSRTSMRXXLEX]SYYWIXSWIRHXLIQMRXS
L]TRSWMWQYGLPMOIXLI)]IXS,ERH*M\EXMSRYWIWEWTSXSRXLITEPQSJXLI
LERH8LMWMWEGXYEPP]SRISJXLIIEWMIVMRHYGXMSRWXSHS1EWXIVMX
TEKI
6IEPMX]MW4PEWXMG
.EGUYMR4S[IV0MJX
8LMWMRHYGXMSRGSQFMRIWGSRJYWMSRVILIEVWEPETEXXIVRMRXIVVYTXERHGVIEXIW
GEXEPITW]-XMWQ]JEXLIV*VIHH].EGUYMR¬W[SRHIVJYPGVIEXMSR,IMWE
VIRS[RIHL]TRSXLIVETMWXERHLEWTVSFEFP]L]TRSXMWIHSZIVTISTPI
EPEVKITVSTSVXMSRSJXLIQYWMRKXLMWMRHYGXMSR-XMWVETMHERHHMVIGXERH
VIPMEFPIERHµI\MFPI-XGERFIYWIHSRIXSSRISV[MXLWQEPPKVSYTWMRER]
WIXXMRK0MOIEPPSJXLIWIVETMHMRHYGXMSRWWYGGIWWMWVIPMERXSR]SYVMRXIRXERH
I\TIGXEXMSRRSXXLIXIGLRMUYIMXWIPJ8LMWMWSYVTVIJIVVIHMRHYGXMSRIWTIGMEPP]
MJXLIWYFNIGXMWWIEXIHSVWXERHMRKEXEFEV§FEWMGEPP]WSQI[LIVIXLIMVIPFS[
GERFIWYTTSVXIHEPXLSYKLMXGEREPWSFIHSRI[MXLSYXIPFS[WYTTSVX
3/-¬QKSMRKXSXEOI]SYMRXSEXVERGI-EQKSMRKXSWLS[]SY[LEX-
EQKSMRKXSHSXLIR-EQKSMRKXSHSMX
4SMRXEXXLIMVLERHERHWE]XLIJSPPS[MRK
-REQSQIRX-EQKSMRKXSVIEGLSZIVERHTMGOYTXLEXLERHERHEW-
PMJXMXYTPMOIXLMW
(IQSRWXVEXIF]VIEGLMRKSZIV[MXLXLIXLYQFERH´VWXX[S´RKIVWSJSRI
LERHXEOMRKLSPHSJ]SYV[VMWXPMJXMRK]SYVS[REVQMRXSXLI6IH-RHMER
,3;WMKR
%WMXPMJXWXSEFSYXLIVI-[ERX]SYXSEPPS[]SYVI]IWXSGPSWI
'PSWI]SYVI]IWXSJYVXLIVHIQSRWXVEXI[LEX]SY[ERXXLIQXSHS
TEKI
6IEPMX]MW4PEWXMG
%W-TYWLMXHS[RHIQSRWXVEXI ]SYVI]IW[MPPSTIRERH]SYGERNYWX

VIPE\
(IQSRWXVEXIEKEMRF]STIRMRK]SYVI]IWEWXLILERHQSZIWHS[R8LIRKMZI
EWIGSRHHIQSRWXVEXMSR
8LIREW-TYPP]SYVEVQYT]SYVI]IW;-00GPSWIEW-TYWLMXHS[R
]SYVI]IW[MPPSTIRERH]SY[MPPVIPE\IZIRQSVI
-WXLEX3/[MXL]SY#7SGER-FSVVS[]SYVEVQ#
6IEGLSZIVERHTMGOXLIEVQYTF]XLI[VMWXFIRHMRKXLIIPFS[8LIVIMWRS
RIIHXSTYPPMXYTMQQIHMEXIP]TIVLETWTEYWIEQSQIRXSVX[SXSPSSOJSV
ER]SJXLIWMKRWSJL]TRSWMWEWXLI]FIKMRXSJSGYWMR[EVHW
%W-PMJXMXYT]SYGEREPPS[]SYVI]IWXSGPSWI
TEKI
6IEPMX]MW4PEWXMG
2SXIXLITIVQMWWMZIPERKYEKI«]SYGEREPPS[]SYVI]IWXSGPSWI¬8LI][MPP
GPSWIXLIMVI]IW,SPHXLIMV[VMWXMRE[E]XLEXQEOIWXLIQ[SRHIV[LIXLIV
]SYEVILSPHMRKMXSVRSXERH[LIXLIV]SYEVIPMJXMRKMXSVRSX%PMKLXXSYGL
WSQIXMQIWPMJXMRKSRISJXLI´RKIVWXLEXMWLSPHMRKXLIMV[VMWXGVIEXIWEOMRH
SJEQFMKYSYWXSYGLXLEXGVIEXIWWSQIGSRJYWMSR%XXIQTXXSKIXXSXLITSMRX
[LIVIXLIMVLERHMW«LIPH¬NYWXF]]SYLEZMRKSRI´RKIVVIQEMRMRKMRGSRXEGX
[MXLXLIFEGOSJXLIMV[VMWX8LIRVIKVMTERHTYWLXLIMVEVQHS[RWPS[P]
EPQSWXEWMJ]SY[IVIQIIXMRKWSQIVIWMWXERGIERHMX[EWWPMKLXP]HMJ´GYPXXS
TYWLXLIEVQHS[R8LMWGERFIEGLMIZIHF]XIRWMRKXLIQYWGPIWMR]SYVS[R
EVQ-XKMZIWXLIMQTVIWWMSRXSXLIWYFNIGXXLEXXLIMVEVQMWJIIPMRKWPMKLXP]
WXVERKI
%W]SYTYWLXLIEVQHS[RWE]XLMW
%WXLIEVQKSIWHS[R]SYGEREPPS[]SYVI]IWXSSTIRERHVIPE\IZIR
QSVI
6ITIEXEHHMRKWSQITEGMRKGSQQIRXWERHWLMJXMRKJVSQTIVQMWWMZIPERKYEKI
XSEQSVIHMVIGXGSQQERHERHXSRI8LMWXMQI]SYEVIWE]MRKXLI«I]IW[MPP
GPSWI¬
8LEX¬WVMKLXXLIEVQPMJXWERH]SYVI]IW[MPPGPSWI-TYWLMXHS[RERH
]SYVI]IW[MPPSTIREW]SYVIPE\IZIRQSVI
4YPPXLIEVQYTJSVEXLMVHXMQIERHYWIXLIJSPPS[MRKWLMJXMR]SYV
PERKYEKIXSWYKKIWXXLEXXLIEVQMWPMJXMRKERHXLII]IWEVIKSMRKXSGPSWI
EYXSQEXMGEPP](YIXSXLIFYMPXMRVILIEVWEPMXTVSFEFP][MPPPMJXEYXSQEXMGEPP]
TEKI
6IEPMX]MW4PEWXMG
8LMWXMQIEWXLIEVQPMJXWERH]SYVI]IWGPSWIJIIPXLEX[VMWXKIXXMRK
WXMJJIVERHWXMJJIV
%W]SYQIRXMSRXLIMV[VMWXWUYIIÎMXEFMXXSIRGSYVEKIXIRWMSR4SOIXLIQ
MRXLIJSVIEVQQYWGPI[MXLXLIXMTSJ]SYVMRHI\SJ]SYVWIGSRH´RKIVERH
WE]XLIJSPPS[MRK
*IIPXLEXJSVIEVQQYWGPIXMKLXIRMRK
4SOIXLIIPFS[NSMRX
*IIPXLEXIPFS[NSMRXWXMJJIRMRK
4SOIXLIQMRXLIFMGITERHWLSYPHIVEW]SYWE]
*IIPXLEXFMGITWXMJJIRMRK MRXSXLIWLSYPHIV)ZIV]QYWGPIERH´FVI
WXMJJIVERHWXMJJIVEWMXLERKWSRXLEX[MVI
%W]SYQIRXMSRXLI«[MVI¬XETXLIWMHISJ]SYVMRHI\´RKIVSRXLIGVIEWISJ
XLIMV[VMWX8LIRGSRXMRYI
TEKI
6IEPMX]MW4PEWXMG
)EGL[SVHXLEX-WE]ERHIZIV]FVIEXLXLEX]SYXEOI[MPPXEOI]SY
HIITIVERHHIITIVMRXSXLIXVERGI
6ITIEXXLIMHIEXLEXXLIEVQMWKIXXMRKWXMJJIVERHMRXIRWMJ]XLIXVERGI
=SYLEZIGVIEXIHEWMXYEXMSRSJPIZIVEKI8LIWYFNIGXMWRS[MRL]TRSWMWERH
MRERYRYWYEPWMXYEXMSR8LIMVI]IWEVIWLYXERHXLI]LEZIXLIMVEVQWXYGO
MRXLIEMV7SPMROXLIEVQPMJXMRKSVJEPPMRKSVQSZMRKXS[EVHXLIMVJEGIXS
[LEXIZIV]SY[MWL
*SVI\EQTPIXLIWXVSRKIWXRI\XWXITQMKLXFIXSWE]XLMW
*IIPXLEXEVQKIXXMRKPMKLXIVERHFIKMRRMRKXSPMJXYT8LEXEVQMWPMJXMRK
SJJXLIGLEMVRS[KIXXMRKLMKLIVERHLMKLIV.YWXPMOI]SYVLIEHMWE
QEKRIXERH]SYVLERHMWETS[IVJYPQEKRIX;LIRMXXSYGLIW]SYVJEGI
]SY[MPPHVSTMRXSETVSJSYRHWXEXISJL]TRSWMW
-J]SYHSRSXXLMRO]SYGERIRGSYVEKIXLEXLERHXSXLIMVJEGIXLIR]SYGSYPH
WMQTP]PMROMXJEPPMRKFEGOXSXLIGLEMVXSXLIQKSMRKMRXSEHIITIVWXEXI
-REQSQIRX-[MPPGSYRXXSXLVIIERHSRXLIRYQFIVXLVIIXLEXEVQ
[MPPHVMJXHS[RSRXLEXMQEKMREV][MVIERH]SYVI]IW[MPPVIQEMRGPSWIH
EW]SYGSRXMRYIXSVIPE\ERHHVMJXHIITIVMRXSL]TRSWMW%WXLIQYWGPIW
VIPE\]SY[MPPVIPE\EWXLEXEVQHVMJXWHS[R]SYGERHVMJXHS[R
8LEX¬WVMKLXHVMJXMRKHS[RXSEGSQJSVXEFPIVIWXMRKTSWMXMSREW]SYHVMJX
HIITEWPIITHIITIVERHHIITIV
TEKI
6IEPMX]MW4PEWXMG
.EGUYMR4S[IV-RHYGXMSR
2SXEPSXXSWE]EFSYXXLMWSXLIVXLERVIQIQFIVEXEPPXMQIW]SYEVI8LI
,]TRSXMWX8LMWXEOIWGSR´HIRGIFYXIZIRQSVIMQTSVXERXP]HIQERHW
EFWSPYXIGSRKVYIRGIMR]SYVTVIWIRXEXMSRERHI\TIGXEXMSR6ETMHP]IWXEFPMWL
VETTSVXERHPIEH]SYVWYFNIGXMRXSGSQTP]MRK[MXLXLIWIXYTWSXLI]EVI
VIEH]XSFIL]TRSXMÎH
3/MJ]SYGSYPHNYWXWMXFEGOMRXLIGLEMVXLEX¬WVMKLXJIIXSRXLIµSSV
ERHNYWXTPEGI]SYVLERHWSR]SYVPETERHVIPE\
)\TIGXXSWIIWMKRWSJL]TRSWMW+IXXLIMVJYPPEXXIRXMSR1EOIWYVI]SY´\EXI
XLIMVKEÎ=SYGERHSXLEX[MXLI]IGSRXEGX4SMRXXSEWTSXNYWXYRHIVRIEXL
SRISJ]SYVI]IWERHIRGSYVEKIXLIQXSPSGOSRXSMX[LMPI]SYPSSOEXE
WMRKPITSMRXWYGLEWSRISJXLIMVI]IWSVXLVSYKLXLIMVLIEHXSERMQEKMRIH
TSMRXEXXLIFEGOSJXLILIEHSVXLIFVMHKISJXLIMVRSWI-J]SYHSRSX[MWLXS
YWI]SYVI]IWXLIR´\EXIXLIMVKEÎSRXLIXMTSJ]SYVTIRSV´RKIV
2S[PSSOEXQIVMKLXLIVI-REQSQIRX-[ERX]SYXSNYWXLIEVXLI
[SVH«6IPE\¬JSYVXMQIWMR]SYVQMRH8LIJSYVXLXMQI]SYLIEVXLEX
[SVH]SYEVIKSMRKXSHVMJXMRXSEXVERGIERH]SYVLERHW[MPPFIKMRXS
PMJXYTSJJSJ]SYVPET(SMXRS[(SR¬XKSMRXSEHIITXVERGIYRXMP]SY
LIEVXLEX[SVHJSVXLIJSYVXLXMQI
%JXIVEJI[WIGSRHWGSRXMRYIEWJSPPS[W
8LEX¬WVMKLXOIITMRK]SYVI]IWSTIRPSSOEXQI]SYGERJSGYW]SYVJYPP
EXXIRXMSRXLIVI[L]]SYVYRGSRWGMSYWQMRHFIKMRWXSPMJX]SYVLERHYT-
HSR¬XORS[MJMX[MPPFIE´RKIVSVELERHXLEXQSZIW´VWX
8IWX]SYV[SVOMQQIHMEXIP]F]YWMRKXLIPIZIVEKI]SYLEZIKEMRIHF]
KIXXMRKXLEXEVQYT8EOIMXWSQI[LIVI8LIFIEYXMJYPXLMRKEFSYXXLMW
MRHYGXMSRMWXLIWYKKIWXMSRJSVL]TRSWMWMWGSRXEMRIH[MXLMRXLIXVMKKIV[SVH
«6IPE\¬8LEXMWMXKS[MXL[LEXIZIVXLI]TVIWIRX]SY[MXLERHPIEHMX%XER]
TSMRX]SYGERGSQQERHXLIWYFNIGX¬WI]IWXSGPSWIMJ]SYTVIJIV-J-[ERXXS
HSXLMW[MXLI]IWGPSWIH-[MPPX]TMGEPP]PMROXLIJSYVXLVITIXMXMSRSJ«6IPE\¬
[MXLXLIMRWXVYGXMSRXSGPSWIXLIQ
(SR¬XGPSWI]SYVI]IWYRXMPXLIJSYVXLXMQI]SYLIEVXLEX[SVH«6IPE\¬
MR]SYVQMRH8LEX¬WMXI]IWGPSWIHRS[WPIIT
TEKI
6IEPMX]MW4PEWXMG
-RWXERX-RHYGXMSR
,SPH]SYV´RKIVSVER]XLMRKYTMRJVSRXSJXLIQERHKIXXLIQXSJSGYWSRMX
&IKMRQSZMRKMXXS[EVHXLIMVJEGIEW]SYKIXXLIQXSXEOIEHIITFVIEXL
0SSOEXXLMWXEOIEHIITFVIEXLRS[GPSWI]SYVI]IWERHWPIIT(IIT
EWPIIT(IITIVERHHIITIVEWPIIT=SYEVIKSMRKXSWPIIT
0MOIXLITS[IVMRHYGXMSRXLMWVIUYMVIWEFWSPYXIGSR´HIRGIERHGSRKVYIRG]
MRHIPMZIV]-XGERFIHIPMZIVIHMQQIHMEXIP]JSPPS[MRK8LI7IX4MIGI8LI7IX
4MIGIF]TEWWIWXLIGVMXMGEPJEGYPX]ERHXLIQMRHMWMQQIHMEXIP]IRGSYVEKIH
XSPSGOEVSYRHXLIMHIESJWPIIT1EOMRKETEWWMRJVSRXSJXLIMVI]IWSV
GPMGOMRK]SYV´RKIVW[MPPIRWYVIXLIMVI]IWGPSWIEXXLIETTVSTVMEXIQSQIRX
+IRXP]TYPPMRKXLIWYFNIGXWLIEHXS[EVHXLIMVGLIWXEW]SYWE]«WPIIT¬
IRGSYVEKIWXLIQXSKS-J]SYKIX[MRHXLEXWSQISRILEWFIIRL]TRSXMÎH
FIJSVI§IWTIGMEPP]MJXLI][IVITEVXSJEWXEKIWLS[§XLIR]SYGSYPHFI
EWWYVIHXLEXXLMWMRWXERXMRHYGXMSR[MPP[SVOMJ]SYI\TIGXMXXS
TEKI
6IEPMX]MW4PEWXMG
8LIVIEVIXLSWIXLEXWE]XLMWOMRHSJMRHYGXMSRMWWMQTP]YRVIEPMWXMGERH
MQTSWWMFPIYRPIWW]SYEFWSPYXIP]LEZIETVMQIWYFNIGXSV]SYLEZIEPVIEH]
[EVQIHXLIQYT8LMWEPPLIPTW8LMWMWQ]TVIJIVVIHETTVSEGL[LIRVI
MRHYGMRKL]TRSWMW8LIXMQI[MPPEVMWI[LIR]SYEVIWXERHMRKEQSRKWXE
KVSYTSJTISTPIERHWSQIFSH]WE]W-[EWL]TRSXMÎHSRWXEKISRGI-GER¬X
VIQIQFIVQYGLEFSYXMX+VIEX=SYGERLEZIEFWSPYXIGSR´HIRGI]SY[MPP
FIIJJIGXMZI
,S[IZIVXLMWOMRHSJMRHYGXMSR[MPPEPWS[SVO[MXLXLIYRMRMXMEXIH1E]FI
RSXIZIV]XMQIFYXMJ]SYEVIMRXLIVMKLXJVEQISJQMRHERHXLI]EVIEFPI
XSFIXLIRMX[MPPQSVISJXIRXLERRSX[SVO(SRSXJSVKIXXLEXXLIGSQQSR
TIVGITXMSRSJLS[WSQISRIMWL]TRSXMÎHMWYWYEPP]EPMXXPILE^]FYXGIRXVIW
EVSYRHXLIMHIEXLEXMXLETTIRWZIV]UYMGOP]ERHMRZSPZIWGSQQERHWERH
I]IWGPSWMRK3JXIR]SYVWYFNIGXNYWXWIIQWXSORS[[LEXXSHSIZIRXLSYKL
XLI]LEZIRSXFIIRXLIVIFIJSVI
.YWXFIGEYWIXLIVIMWRSXQYGLXSERMRWXERXMRHYGXMSRHSIWRSXQIERXLIVI
QYWXFIQYGLQSVIXSMX8LIVIMWRSX§NYWXXLIGSR´HIRGIMX[MPP[SVOERH
XLIMRXIRXMSRXSIRWYVIMXHSIW
TEKI
6IEPMX]MW4PEWXMG
+IXXMRK(IIT2S[§-RXIRWM´GEXMSR
3RGI]SYLEZIMRHYGIHL]TRSWMW]SYGERMRXIRWMJ]XLIWXEXIXLIWYFNIGXMWMR
ERHQEOIXLIMVRI[VIEPMX]QSVIZMFVERX8LMWTVSGIWWMWGSQQSRP]VIJIVVIH
XSEWHIITIRMRK*SVWSQIXMQI-TSRHIVIH[LIXLIV]SYVIEPP]LEZIXSKMZI
XLIWYFNIGXXMQIXSKIXGSQJSVXEFPI[MXLMXEPPWYVIP]GSQJSVXMWEWYFNIGXMZI
IRSYKLSTMRMSR-JXLI]EVI«MR¬WYVIP]XLI]EVI«MR¬,S[IZIVMRTVEGXMGIMX
WIIQWXSLIPTXLMRKWEPSRKMJEJXIVMRHYGMRKL]TRSWMW]SYWTIRHEPMXXPIXMQI
IRWYVMRKXLI]ORS[XLI]EVIHSMRKMXVMKLXXLEXXLI]EVIWEJIERH[IPPERH
IRNS]MRKMX8LMWKMZIWXLIWYFNIGXEGLERGIXSKIXEWIRWISJ[LEXXLMWRI[
L]TRSXMG[SVPHMWPMOI
-XKMZIW8LI,]TRSXMWXERSTTSVXYRMX]XSWLSVIYTXLIMV[SVOWSJEVXSKMZI
SYXWSQITVSGIHYVEPMRWXVYGXMSRWVIKEVHMRK«[EOIYT¬ERH«KSMRXSL]TRSWMW¬
GSQQERHWERHXSKIXVIEH]XSVIEPP]FIKMRHMVIGXMRKWYKKIWXMSRWEXXLI
YRGSRWGMSYW8LIIEWMIWX[E]XSHSXLMWMWXSXIPPXLIWYFNIGXXS«KSHIITIV¬
%GSQQSRZMI[EQSRKWXQER]L]TRSXMWXWERHXLITYFPMGMWXLEXXLIVIEVI
QER]«PIZIPW¬SJL]TRSWMW-XJSPPS[WXLEXXLIQIXETLSVMGEPEWWSGMEXMSRW
SJ«KSMRKHIITIVERHHIITIV¬[LIRGSYTPIH[MXLEQFMKYSYWMHIEWEFSYX
«KSMRKMRXS¬EXVERGIVIWYPXMRQYGLXLISVM^MRKEFSYXLS[HIITWSQISRI
MW7XVERKIP]KMZIREPPXLIJSGYWSRHITXLQER]L]TRSXLIVETMWXWGSRXMRYI
MRXLIMV[SVO[MXLSYXORS[MRKMJXLIMVWYFNIGXMWL]TRSXMÎH§XLIVIEWSR
FIMRKXLEXXLI]HSRSXXIWXJSVL]TRSWMWPMKLXSVHIITMRWXIEHEWWYQMRKXLEX
FIGEYWIXLIMVWYFNIGXMWPSSOMRKVIPE\IHERHLEWXLIMVI]IWGPSWIHXLI]EVI
L]TRSXMÎH8LI]QMKLXFIFYXXLI]QMKLXRSX6EXLIVXLERVMWOI\TSWMRK
XLMWMPPYWMSRXLI]HSRSXEGXYEPP]EWOJSVEHMVIGXWMKRXLEXL]TRSWMWMW
IWXEFPMWLIH8LIVIMWRSI\GYWIJSVXLMW§JIEVMWRSXERI\GYWIEL]TRSXMWX
WLSYPHLEZIXSYWI7SXIWX]SYV[SVO8LMWMWIEW]XSHS+MZIXLIWYFNIGXE
WYKKIWXMSRERHWIIMJXLI]VIWTSRHXSMX§YRGSRWGMSYWP]
-XGERFIEVKYIHXLEXEPPXLMWHMWGYWWMSRSJPIZIPWERHHITXLNYWXGEYWIW
GSRJYWMSR§XLIVIMWNYWXSRIPIZIPL]TRSWMW-X[MPPQEOI]SYQSVIIJJIGXMZI
EW8LI,]TRSXMWXMJ]SYXLMROSJMXXLMW[E]8LIWYFNIGXMWIMXLIVL]TRSXMÎH
SVXLI]EVIRSX=SYEVIIMXLIVLEZMRKXLIVIWTSRWIXS]SYVWYKKIWXMSRWHVMZIR
F]XLIYRGSRWGMSYWQMRH[MXLSYXGVMXMGEPMRHYGXMZIVIEWSRMRKSV]SYEVIRSX
7SMQQIHMEXIP]EJXIVXLIMRHYGXMSRFIKMRHIITIRMRK6IGSKRMWIXLEXF]
RS[XLIWYFNIGXWLSYPHFIEGGITXMRKERHVIWTSRHMRKXS]SYVHMVIGXMSRW
YRGSRWGMSYWP]&]EPPQIERWWIRH]SYVWYFNIGXW«HIITIVERHHIITIVERH
TEKI
6IEPMX]MW4PEWXMG
HIITIV¬7IRHXLIQ«HIITEWPIIT¬«HIITMRWMHI¬ERH«XIRXMQIWHIITIV¬
8LIWI[SVHWEVIIQFIHHIHMRXLITW]GLISJRIEVP]IZIV]SRINYWXPMOIXLI
[SVH«7PIIT¬.YWXFIGEYWI]SYORS[L]TRSWMWMWRSXWPIITERHXLEXXLI]EVI
RSXKSMRKER][LIVIMWRSVIEWSRRSXXSYWIXLIWI[SVHW-R]SYVQMRHFI
XLMROMRKEFSYXEGPIEVPMRISJGSQQYRMGEXMSR[MXLXLIMVYRGSRWGMSYWLS[IZIV
]SYTIVGIMZIXLEX8LIVIMWRSRIIHXSJYWWSZIV[LEXXLIWYFNIGXMWXLMROMRK
§XLI]LEZIERSRFSEVHQSHIPSJL]TRSWMWERH[LIXLIVXLI]VIEPMWIMXSVRSX
XLI]ORS[[LEXXSHS8LIMVYRGSRWGMSYWEYXSQEXMGTEXXIVRHVMZIREFMPMXMIW
EVIFIGSQMRKIEWMIVXSXEPOXS=SYEVIRSPSRKIVXEPOMRKXSXLIMVGSRWGMSYW
QMRH-KRSVIMX=SYVKSEPMWXSHIPMZIVEWYKKIWXMSRXSMRXIRWMJ]XLIWXEXIXLI]
FIPMIZIXLIQWIPZIWXSFIMR
8LIVIMWRSRIIHXSWTIRHEKIWHSMRKXLMW3RWXEKIERHMRXLIXLIVET]VSSQ
-QMKLXWTIRH´ZIQMRYXIWSRMX-RERMQTVSQTXYWMXYEXMSRMXQMKLXFINYWX
EJI[WIGSRHWXSEQMRYXI-RHIITIRMRK]SYFIKMRXSHMVIGX]SYVWYFNIGX
HIITIVMRXSXLIWXEXIXLI]EVIRS[MRERHHSXLMWMRETPIEWERX[E]8LIVI
VIEPP]MWRSXLMRKXS´KLX8LIWYKKIWXMSRW]SYEVIKMZMRKXLIQEVIIEW]XS
JSPPS[ERHRSXSFNIGXMSREFPIMRER][E]
=SYGERGSRXMRYIXSHIITIRIEGLXMQI]SYVIE[EOIRERHVIL]TRSXMÎ
XLIWYFNIGX8LMROSJMXEFMXPMOITPEXIWTMRRMRK)ZIV]RS[ERHEKEMRNYWX
KMZIXLIWYFNIGXIRGSYVEKIQIRXXSKSHIITIV-J]SYTYPPXLMWSJJTVSTIVP]
XLIR]SYEVIVIEH]XSQSZISRJVSQMRXIRWMJ]MRKXLIWXEXIXSHMVIGXMRKXLIMV
YRGSRWGMSYWJYVXLIVERHWLETMRKXLIMVVIEPMX]LS[IZIV]SY[MWL
8LIVIEVIXLVIIQEMR[E]WSJHIITIRMRK
TEKI
6IEPMX]MW4PEWXMG
0MROW
%PMROGSRRIGXWSRIXLMRKXSERSXLIV7SGSRRIGXXLMRKW[MXL]SYVHMVIGXMSRWXS
MRXIRWMJ]L]TRSWMW
-REQSQIRX-[MPPEWO]SYXSSTIR]SYVI]IWERHXLIRGPSWI]SYVI]IW
;LIR]SYGPSWI]SYVI]IWXLEXMW]SYVWMKREPXSKSX[MGIEWHIITP]VIPE\IH
MRXSL]TRSWMW3/3TIR]SYVI]IW2S[GPSWI]SYVI]IWERHHSYFPIXLEX
JIIPMRKKSX[MGIEWHIIT
8LMWETTVSEGLMWORS[REW«JVEGXMSREXMSR¬=SYKSSZIVXLMWEJI[XMQIWIEGL
XMQIEHHMRKQSVIWYKKIWXMSRW-X[SVOW[SRHIVJYPP](SXLMWERHQEREKIXLIMV
KEÎ[MXL]SYVWSVF]LSPHMRKYTWSQIXLMRKJSVXLIQXSPSSOEX
-REQSQIRX-[MPPGSYRXHS[RJVSQXSERH[MXLIZIV]RYQFIV-KS
TEWX]SY[MPPHSYFPIXLEXJIIPMRKERHFIGSQIX[MGIEWHIITP]L]TRSXMÎH
4MGXYVIEXEVKIXMR]SYVQMRHWI]IPMOIEREVGLIV]XEVKIXMRXLIHMWXERGI
%WIEGLRYQFIVKSIWTEWX]SYGERHVMJXGPSWIVXSXLEXXEVKIXYRXMPMXMWPMOI
EKMERXXEVKIXWSGPSWI]SYGERTEWWVMKLXXLVSYKLXLIQMHHPISJMX3R
XLISXLIVWMHISJXLEXFYPPWI]IMWETVSJSYRHWXEXISJL]TRSWMW]SY[MPP
IRNS]2S[WXEVXHVMJXMRKGPSWIVERHGPSWIVHIITIVERHHIITIVNYWX
XLIWSYRHSJQ]ZSMGIEW]SYHVMJXHIITIVERHHIITIVPSSOMRKJSV[EVH
XSHVMJXMRKXLVSYKLXLEXFYPPWI]I ÎVS%PPXLI[E]XLVSYKL]SYEVI
KSMRKXSWPIIT
=SYGSYPHHMXGLXLIZMWYEPMWEXMSRSJEXEVKIXERHWMQTP]GSYRXHS[RERH
EWWSGMEXIKSMRKHIITIV[MXLIEGLRYQFIV=SYGERIRGSYVEKIXLIWYFNIGXXS
VITIEXMRXLIMVQMRHEWXLI]KSTEWXIEGLRYQFIV«-EQFIGSQMRKQSVIHIITP]
L]TRSXMWIH¬SV«-EQHSYFPMRKQ]WXEXISJVIPE\EXMSR¬3XLIVZMWYEPQIXETLSVW
GSYPHFI[EPOMRKHS[REµMKLXSJWXITWSVKSMRKHS[RMREPMJXXLIRWXITTMRK
XLVSYKLXLIHSSVMRXSETVSJSYRHWXEXISJL]TRSWMW4IVWSREPP]-EQRSXEJER
SJXLSWIFYXXLI]WIIQXS[SVONYWX´RI8LIVIMWRSRIIHXSKSSYXSRELYKI
VEQFPMRKHIWGVMTXMSRSJEQEKMGKEVHIRXLIREFIEGLERHXLIRWSQIWXITW=SY
QMKLXIRHYTFIPS[WIEPIZIP/IITMXWLSVXERHTITTIVIH[MXLWYKKIWXMSRWXLEX
[MPPXYVRXLMRKWYTEPIZIP%RSXLIVWMQTPIPMROMWXSEWWSGMEXIKSMRKFEGOMRXS
L]TRSWMW[MXLKSMRKX[MGIEWHIITEWFIJSVI
)EGLXMQI-WE]XLI[SVHWPIIT]SY[MPPVIXYVRMRXSXLMWWXEXISJL]TRSWMW
KSMRKX[MGIEWHIITEWFIJSVI
TEKI
6IEPMX]MW4PEWXMG
,IVIMWERSXLIVI\EQTPI
-REQSQIRX-EQKSMRKXSXSYGLXLIFEGOSJ]SYVLERHERHMX[MPPFIKMR
XSPMJXYTXS[EVH]SYVJEGI%WMXXSYGLLERH FIKMRWXSJIIPPMKLXIVERH
PMKLXIVERHPMJXYTEPPF]MXWIPJ]SYGERIRNS]E[SRHIVJYPWIRWISJ[IPP
FIMRKEW]SYGSRXMRYIXSHVMJXHIITIVMRXSL]TRSWMW8LIGPSWIVMXKIXWXS
]SYVJEGIXLIQSVIVIPE\IH]SYFIGSQI
8LMWMWEPMXXPIFSPHIVFIGEYWI]SYEFSYXXSXIWX]SYV[SVOWSJEVF]KMZMRK
XLIQEWYKKIWXMSRXLEX]SYEVII\TIGXMRKXLIQXSEGXSR;LIRXLIMVLERH
PMJXWEWWSGMEXIMX[MXLKSMRKHIITIV+MZIMXETL]WMGEPXEVKIXSVTSMRXMRWTEGI
XSEMQEX§PMOIXLIMVLIEHSVJEGIXLMWFYMPHWWSQII\TIGXEXMSRXLEX[LIR
MXKIXWXLIVIXLI][MPPKSIZIRHIITIVWXMPP-RHIIH[LIRYWMRKER]XIGLRMUYI
[MXLWSQIQSZIQIRXSVVITIXMXMZIFILEZMSYVEWWSGMEXIXLITVSGIWWERH
GSQTPIXMSRSJXLITVSGIWWXSWSQIXLMRK]SY[ERXXLIWYFNIGXXSHSSVJIIP-R
XLMWGEWIXLEX[SYPHFIHITXL
TEKI
6IEPMX]MW4PEWXMG
0SSTW
8LIWIWXEXIQIRXWGVIEXIEJIIHFEGOPSSTXLEX[MPPMRXIRWMJ]L]TRSWMW8LI]
GVIEXIEWWSGMEXMSRWXLEXJIIHSJJSJIEGLSXLIV7SQIEVIWLSVXPMZIHPSSTW
ERHWSQIEVIGSRXMRYSYW
+SHIITIVEW]SYRSXMGI]SYVI]IWµMGOIVMRKEW]SYHVMJXHIITIVERH
HIITIVXLI][MPPµMGOIVIZIRQSVI
8LIHIITIV]SYKSXLIFIXXIV]SYJIIPERHXLIFIXXIV]SYJIIPXLIHIITIV
]SYKS
)ZIREW]SY[SRHIVLS[HIITP]]SYLEZIHVMJXIH]SYGERGSRXMRYIXS
HVMJXHS[RHIITIVVIPE\IH
%W]SYVFSH]QSZIWERHVIPE\IW;MXLSRILERHSRXLIWYFNIGXWWLSYPHIV
VSGOXLIMVFSH]KIRXP]FEGOERHJSV[EVHIRGSYVEKMRKQYWGPIVIPE\EXMSR KS
HIITIVERHHIITIVEWMXVIPE\IWIZIRQSVI8LEX¬WVMKLX]SYVPIKW[MPP
WYTTSVX]SYIZIREW]SYGSRXMRYIVIPE\MRKHIITIVERHHIITIV
'LEMRW
)ZIV]FVIEXL]SYXEOI[MPPWIRH]SYHIITIVERHHIITIV
)ZIV][SVH-WE][MPPWIRH]SYHIITIVERHHIITIV
)ZIV]FIEXSJ]SYVLIEVX[MPPXEOI]SYHIITIVERHHIITIVXSWPIIT
)ZIV]RYQFIV-KSTEWXIZIV]FVIEXL]SYXEOIERHIZIV]FIEXSJ]SYV
LIEVXMWHSYFPMRKXLIVIPE\EXMSR
-EQWYVI]SYKIXXLIMHIE-J]SYGEREWWSGMEXIWSQIXLMRKMRSRKSMRK
I\TIVMIRGIXLEXMWRSXKSMRKXSWXSTXLIR]SYLEZIEGLEMR§EWXITYTJVSQ
EPMRO8LMWMWEPWSEKSSHXMQIXSFIKMRKMZMRKWSQIHMVIGXMSRWXLEXQEOIW
GPIEV[LEX]SYI\TIGXSJXLIQ
TEKI
6IEPMX]MW4PEWXMG
(MVIGXMSR
;SVHWEVI]SYVQENSVQIERWSJKMZMRKWYKKIWXMSRWMHIEWSV[LEX-TVIJIV
XSGEPPHMVIGXMSRWXS]SYVWYFNIGX-XMWEPWSTSWWMFPIXSYWIEGXMSRWWSYRHW
ERHF]QIVIP]LMRXMRKEX[LEX]SY[ERX=SY[ERXXLIWYFNIGXWQMRHXSPSGO
EVSYRHXLIMHIEW]SYKMZIMX8LIVIJSVIMXMWMQTSVXERXXSHIPMZIVEPPSJ]SYV
WYKKIWXMSRW[MXLGPEVMX]GSQTPIXIGSR´HIRGIERHEFWSPYXIEWWYVERGIERHXS
HSWSMRETSWMXMZIQERRIV
7TIEOGPIEVP][MXLGSQQERHERHEYXLSVMX][MXLSYXFIMRKEFVEWMZISV
MREXXIRXMZI=SYGERYWLIVXLIMVQMRHKIRXP]MREKMZIRHMVIGXMSRERHEPWS
VEHMGEPP]WLYRXMX[LIVI]SY[ERXMX9WI]SYVZSGEPXSRIXSHIWGVMFI]SYV
MHIEWI\GMXIXLIMVYRGSRWGMSYWQMRH6EQFPMRKMREPS[KVEZIP]XSRIMWRSX
RIGIWWEV]&I]SYVWIPJNYWXEPMXXPIQSVIERMQEXIHEWMJ]SY[IVIXEPOMRKXSE
WQEVXGLMPHEFSYXERI\GMXMRKXLMRKXLI]EVIKSMRKXSHSSVWSQI[LIVIXLI]
EVIKSMRKXSKS&IHIWGVMTXMZIFYXRSXXSSHIXEMPIH0IXXLIMVQMRH´PPMRXLI
FPEROW
-XMWTVIJIVEFPIXLEXXLIHMVIGXMSRW]SYKMZIHSRSXFVMRKXLIWYFNIGXWGVMXMGEP
JEGYPXMIWMRXSEGXMSR-J]SYLEZIWEMH«]SYEVISREFIEGL¬ERHXLIRJSPPS[IH
MXPEXIV[MXL«PSSOEXXLITIFFP]FIEGL¬MXQMKLXNEVXLIQFIGEYWIXLI]EVISR
E[LMXIWERH]FIEGL7SMJ]SY[ERXXLIQSRETIFFP]FIEGLTYXXLIQSRSRI
JVSQXLIWXEVX=SYVEMQMWXSTYXEGSYTPISJFVYWLWXVSOIWSRXLIMVQIRXEP
GERZEWERHEPPS[XLIQXSKIRIVEXIEVIEPMX]JVSQXLEX
6EXLIVXLERGLEPPIRKMRKMXERHRIKSXMEXMRK[MXLXLIMVGSRWGMSYWQMRHMXMWJEV
IEWMIVXS[EPOEVSYRHMX+MZIWYKKIWXMSRWXLEXQEOI]SYVSXLIVWYKKIWXMSRW
IEW]XSEGGITX
*SVI\EQTPIMJ-[ERXIHXSWXIEPERI\TIRWMZI[EXGLSJJSJXLI[VMWXSJQ]
WYFNIGXMX[SYPHFITSWWMFPIXSHSXLEXF]NYWXEWOMRKLMQXSKMZIQIXLI
[EXGL-XMWQYGLIEWMIVXLSYKLXSXIPPXLIQXLEXXLI[EXGLFIPSRKWXSQISV
EXPIEWXXLEXXLIMVEVQMWGSQTPIXIP]RYQFXLIRVIQSZIMX
-J-[EPOIHYTXSETSPMGIQERERHEWOIHLMQXSHVMZIQIEVSYRHXS[RMRLMW
GEVLI[SYPHPMOIP]NYHKIXLEXXSFIERYRVIEPMWXMGVIUYIWXERHSRILIGSYPH
RSXEGXSR-JLI[EWL]TRSXMÎHXSFIPMIZI-[EWLMW'LMIJ7YTIVMRXIRHIRXSV
8LI4VMQI1MRMWXIVMX[SYPHFIUYMXIEVIEWSREFPIVIUYIWXXLEXLIGSYPHEGX
YTSRMQQIHMEXIP]
TEKI
6IEPMX]MW4PEWXMG
8V]XSEZSMHGSPPSUYMEPMWQWSJPERKYEKISVXLMRKWXLEXEVIWSHEXIHSV
SJYRGSQQSRORS[PIHKIXLEXXLI]QMKLXRSXFIYRHIVWXSSHSVGSYPHFI
QMWMRXIVTVIXIH-RSRITIVJSVQERGISJQMRI-[EWEWWIQFPMRKEPMRISJ
WYFNIGXW[LSSRGSQQERH[SYPHHSWSQIOMRHSJFMÊVVIQSZIQIRXSV
I\IVGMWIXLEX[SYPHXVMKKIVXLIRI\XMRPMRIXSHSXLIMVW8LI´VWXHMHWXEV
NYQTWERSXLIVWMXYTWERSXLIVEQSSR[EPO3RISJXLIVS[[EWMRWXVYGXIH
XLEXWLI[SYPH«HSXLIIPIGXVMGFSSKEPSSXLEXLIVEVQW[SYPHHSXLI
KVIEXIWXIPIGXVMG[EZI¬§MRQ]QMRH-[EWMQEKMRMRKEFVIEOHERGIVFYX
LIVYRGSRWGMSYWEPMXXPI]SYRKIVXLERQMRILEHRSXLIEVHSJXLIIPIGXVMG
[EZI§WSWLIWXEVXIHVSPPMRKEFSYXEPPSZIVXLIµSSV[MXLLIVEVQW[EZMRK
EFSYXPMOI/EXI&YWL-EWWYQIFIPMIZMRKWLI[EWE[EZISJWSQIOMRH.YWX
FIGEYWI]SYTYXXLIHMVIGXMSRMRHSIWRSXQIER]SYORS[I\EGXP][LIVIMXMW
KSMRKXSXEOIXLIWYFNIGX8LEXMWLEPJXLIJYRSJL]TRSWMWERHEKSSHVIEWSR
XSKMZIXLIWYFNIGX]SYVJYPPEXXIRXMSR
1EOI]SYVHMVIGXMSRWEWXEXIQIRXSJJEGX-J]SY[ERXWSQISRIXSFMXIMRXS
ERSRMSRFIPMIZMRKMXMWETIEGLHSRSXEWOXLIQXSMQEKMRIMXMWETIEGL8IPP
XLIQ]SYEVIKSMRKXSLERHXLIQETIEGL-J]SY[ERXXLIQXSFIPMIZI]SY
EVI(IRÎP;EWLMRKXSRHSRSXEWOXLIQXSMQEKMRIXLEXXIPPXLIQXLI][MPP
FIPMIZI]SYEVIXLIKPSFEPQSZMIWXEV(IRÎP;EWLMRKXSR
=SYEVIGLERKMRKXLIMVFIPMIJWXLIVIJSVIXLIMVVIEPMX]§RSXNYWXEWOMRKXLIQXS
MQEKMRI
TEKI
6IEPMX]MW4PEWXMG
8LI7YTIV7YKKIWXMSR
%WEGLMPH[IVI]SYIZIVEWOIHMJ]SYJSYRHEQEKMGEPPEQTERHEKIRMI
TSTTIHSYXERHKVERXIH]SYSRI[MWL[LEX[SYPHMXFI#
(MH]SYIZIV[MWLJSVQSVI[MWLIW#
%W8LI,]TRSXMWX]SY[ERX]SYVWYFNIGXXSEGGITX]SYVWYKKIWXMSRW&]XLI
XMQI]SYLEZIHSRI]SYV7IX4MIGI]SYVMRHYGXMSRERHHIITIRMRKXLI]LEZI
EPVIEH]EGGITXIHTPIRX]WSMXJSPPS[WXLEXKMZMRKXLIQEWYKKIWXMSRXLEXXLI]
[MPPEGGITXEPPSJ]SYVWYKKIWXMSRWJVSQXLMWTSMRXYRXMP]SYWE]SXLIV[MWIMW
EWQEVXQSZI+MZIXLIQXLI[SRHIVJYPHMVIGXMSRXLEXXLI][MPPJSPPS[EPPSJ
]SYVHMVIGXMSRW8LMWMW[LEXWSQIGEPPXLI7YTIV7YKKIWXMSR
%TEVXMGYPEVEXXMXYHIQYWXFIEHSTXIHXSHIPMZIVXLIWI[SVHWIJJIGXMZIP]8LI]
EVIXLEXWXVSRK8LMWMWRSXXLITPEGIJSVHSYFXW-J]SYLEZIER]OIITXLIQXS
]SYVWIPJSVFIXXIVWXMPPµYWLXLIQSYXERHKIXVMHSJXLIQ
*VSQXLMWQSQIRXIZIV]XLMRK-WE]RS[MW]SYVVIEPMX]IZIV]WMRKPI
XLMRK=SYORS[[LEX-WE]]SYORS[]SY[MPPHS[LEX-EWO]SYXSHS
JIIP[LEX-WE]]SYGERJIIPERHWII[LEX-WE]]SYGERWII)ZIV]XLMRK
-WE]MWMRWXERXP]]SYVVIEPMX][MXLSYXHSYFXUYIWXMSRSVLIWMXEXMSR
FIGEYWI]SYLEZIEWYTIVTS[IVJYPQMRH=SY[MPPJSPPS[TIVJIGXP]IZIV]
HMVIGXMSR-KMZI]SY
-QQIHMEXIP]TVSZIXLMWJEGXXS]SYVWIPJERHXLIWYFNIGX8IWXXLIQ+MZI
XLIQEWYKKIWXMSRXLEXVIUYMVIWEHMVIGXL]TRSXMGVIWTSRWIERHWIIMJXLI]
JSPPS[MX=SYGSYPHHSEWXMJJEVQSVLERHPIZMXEXMSR=SYGSYPH«QEKRIXMWI¬
SV«KPYI¬XLIMVLERHXSWSQIXLMRK-TVIJIVXSQEOIXLIWYFNIGXWLERHERH
LIEHQEKRIXMGERHIRGSYVEKIERMVVIWMWXMFPITYPPFIX[IIRXLIQ[LIRXLI]
XSYGLWXMGOXLIQXSKIXLIV8LMWMWRSXEWOMRKEWQYGLSJXLIWYFNIGXEW
TSWMXMZIZMWYEPLEPPYGMREXMSRWFYXMWWXMPPIRXMVIP]GSRZMRGMRKXSXLIQ=SYEVI
VEXMJ]MRKXLIJEGXXLEXXLI7YTIV7YKKIWXMSRLEWPERHIH*VSQXLMWTSMRXSRMX
WLSYPHFITPEMRWEMPMRK
8LI[SVHWEFSZIEVINYWXEWYKKIWXMSR=SYGER´RH]SYVS[RNYWXWSPSRKEW
XLI]GSQQYRMGEXIGPIEVP]XLEXEPPSJ]SYVWYKKIWXMSRW[MPPFIEGGITXIH
TEKI
6IEPMX]MW4PEWXMG
)RGSYVEKIQIRX
0IX]SYVWYFNIGXORS[LS[FVMPPMERXXLI]EVIERHLS[[IPPXLI]EVIHSMRK
(SXLMWFIJSVIHYVMRKERHEJXIV]SYVXMQI[MXLXLIQ)ZIV]SRIPMOIWXSORS[
XLEXXLI]EVIHSMRK[IPP-JXLI]FIPMIZIXLI]EVIEKSSHWYFNIGXERH]SYLSPH
XLEXFIPMIJXLI][MPPFI
8LIWXEKIL]TRSXMWX¬WWYFNIGXWLEZIXLIPEYKLXIVERHETTPEYWISJXLIEYHMIRGI
XSIRGSYVEKIXLIQ;SVOMRKSRIXSSRI]SYGERERHWLSYPHQEOIYTJSVXLEX
)RGSYVEKMRKVIQEVOWKIWXYVIWERHGSRXEGXHSWSQYGL
-XPIXWXLIWYFNIGXORS[XLEXXLI]EVIHSMRKXLMRKWGSVVIGXP]
-XKMZIWEKIRXPIRSHXSXLIGSRWGMSYWQMRHXLEXEPPMW[IPP
-XVEXMÍWERHVIMRJSVGIW[LEXXLI]LEZIEGLMIZIHWSJEV
-XOIITWXLIQSSHPMKLXERHGVIEXMZI
-XWYKKIWXWXLEX]SYEVISRXLIWEQIWMHIEW]SYVWYFNIGX
=SYLEZIEREXYVEPEFMPMX]XSKSMRXSL]TRSWMW]SYLEZIEWYTIV
TS[IVJYPQMRH]SYEVIHSMRKFVMPPMERXP]
=SYLEZIEGSRWGMSYWQMRHERHEWYTIVTS[IVJYPYRGSRWGMSYWQMRH%
[SRHIVJYPVIWSYVGI]SYGERPIEVRJVSQ
8LEX¬WVMKLX
+VIEXNSF=SYEVIEREFWSPYXIWXEV
=SY¬VIHSMRKFVMPPMERXP]
-J]SYLEZIEREYHMIRGIPIXXLIQORS[XLEX[LIR]SY[EOIXLIWYFNIGXYT
]SY[ERXXLIQXSWLS[XLIMVETTVIGMEXMSR[MXLEQEWWMZIVSYRHSJETTPEYWI
0IXXLIWYFNIGXORS[XLEXXLMW[MPPQEOIXLIQJIIPKSSH
TEKI
6IEPMX]MW4PEWXMG
4VSGIHYVEP-RWXVYGXMSRW
3RGI]SYLEZIHSRI]SYVHIITIRMRKMXMWYWIJYPXSKMZIWSQITVSGIHYVEP
MRWXVYGXMSRW8SFIKMR[MXLQEOIGPIEVXLEX[LIRIZIV]SYWE]«7PIIT¬XLI]
[MPPMQQIHMEXIP]VIXYVRXSXLIWXEXISJL]TRSWMWKSMRKIZIRHIITIVXLER
FIJSVI;LIR]SYWE]«[MHIE[EOI¬XLI][MPPSTIRXLIMVI]IWERHFI
EFPIXSQSZIERHWTIEOERHEGXSRXLIWYKKIWXMSRW]SYLEZIKMZIRXLIQ%WO
XLIQXSRSHXLIMVLIEHMJXLI]YRHIVWXERH=SYGERSJGSYVWIWYFWXMXYXIXLIWI
[SVHWJSV]SYVS[R§NYWXFIGSRWMWXIRX
*VSQXLMWQSQIRX[LIR-XSYGL]SYSRXLIWLSYPHIVERHWE]«7PIIT¬]SY
[MPPMQQIHMEXIP]VIXYVRXSXLMWWXEXISJL]TRSWMWKSMRKHIITIVIEGLXMQI
;LIR-XSYGL]SYSRXLIWLSYPHIVERHWE]«)]IWSTIR[MHIE[EOI¬]SY
[MPPFIEFPIXSQSZIERHWTIEORSVQEPP]MRIZIV][E]FYXEGXSRXLI
WYKKIWXMSRW-LEZIKMZIRXS]SY2SH]SYVLIEHMJ]SYYRHIVWXERH
'SRWMHIVLIEPXLERHWEJIX]ERHKMZIWYKKIWXMSRWEGGSVHMRKP]8LIRXIPPXLIQ
XLEXMJJSVER]VIEWSRXLI]LEHXSVIXYVRXSJYPPEPIVXRIWWSVPIEZIXLIFYMPHMRK
MRELYVV]XLEXXLI][SYPHHSWSERHJIIPKVIEXGSQTPIXIP]JVIISJER]
WYKKIWXMSRXLEXLEHFIIRKMZIRXSXLIQ
7SQIXMQIWXLIWYFNIGX[MPPI\TIVMIRGIGSQTPIXIEQRIWMEJSVXLIWYKKIWXMSRW
XLI]LEZIFIIRKMZIR,S[IZIVEQRIWMEMWRSXKYEVERXIIHWSMJ]SY[ERX
EQRIWMEJSVXLIWYKKIWXMSR]SYLEZIKMZIRXLIQMRWMWXYTSRMX8IPPXLIQ
XLEX[LIR]SYWE][MHIE[EOIXLI][MPPLEZIGSQTPIXIEQRIWMEJSVXLI
WYKKIWXMSR]SYLEZIKMZIRXLIQFYX[MPPEGXSRMXER][E]8LMWTIVQMXWWSQI
[SRHIVJYPQMRHVIEHMRKVSYXMRIW9WI]SYVMQEKMREXMSR
6IEPP]KIXXLMWTEVXSJ]SYVETTVSEGLQEWXIVIHWSXLEX]SYGER´VIXLVSYKLMX
UYMGOP]-XEPPLIPTWF]PIXXMRKXLIQORS[[LSMWMRGSRXVSPMXGSQQYRMGEXIW
XSXLIQERHSXLIVSFWIVZIVWXLEX]SYGEVIERHXLI]EVIMRWEJILERHWERH
KIRIVEPP]OIITWXLI[LSPIXLMRKµS[MRKQSVIIEWMP]QEOMRKMXQYGLWMQTPIV
XSOIITXLIQMRXLIWXEXI]SY[ERXXLIQXSFIMR
TEKI
6IEPMX]MW4PEWXMG
2EZMKEXMSR'SRXVSP
3RGI]SYLEZIKSXXSXLITSMRX[LIVI]SYLEZIWEXMWÍH]SYVWIPJXLEX]SYVWYFNIGX
MWL]TRSXMÎHERHKMZIRERHXIWXIHXLIWYTIVWYKKIWXMSRERHMWWYIHXLITVSGIHYVEP
MRWXVYGXMSRWXLEX[MPPLIPTXLMRKWEPSRKMXMWXMQIXSFIKMRVIEPP]HMVIGXMRKXLI
WYFNIGXXSHS[LEXIZIVMXMW]SY[ERXXLIQXS
-XMW[SVXLLEZMRKETPER)WXEFPMWLEXPIEWXX[SSVXLVIIVSYXMRIW§XLEXEVI
ETTVSTVMEXIJSVER]TPEGISVIRZMVSRQIRXXLEX]SYEVIERI\TIVXMR1SWX
L]TRSXMWXWLEZIWSQI«TIX¬VSYXMRIWXLEXXLI]YWIXSKIXXLMRKWQSZMRK
/IITMXWMQTPIWIILS[XLI]VIWTSRHERHXLIRIRGSYVEKIQSVI
-XIRHXSWXEVXWQEPPERHFYMPHMRXSFMKKIVVIWTSRWIWXLVSYKLSYXIEGLVSYXMRI8LIVI
MWRSVIEPVIEWSRJSVXLMWEWF]XLMWTSMRXXLIWYFNIGXWLSYPHFITVIXX]«TPEWXMG¬
,S[IZIVMXTVSZMHIWWSQIWXVYGXYVIXS[LEX-EQHSMRKERHMJXLIVIMWER]XVYXL
MRXLIMHIEXLEXXLIWYFNIGXMW[IPPWIVZIHF]KIXXMRKMRXSXLIMVL]TRSXMG[SVPH
KVEHYEPP]MXXEOIWGEVISJXLEXXSS8]TMGEPP]-FIKMRF]KIXXMRKWSQIIQSXMSREP
ERHTL]WMGEPVIWTSRWIWJVSQXLIWYFNIGX8LMRKWWYGLEWEVQPIZMXEXMSRGEXEPITW]
WXMGOMRKXLIQXSWSQIXLMRK[SVO[IPP8]TMGEPIQSXMSREPGLERKIWXLEXGERFI
PMROIHXSXLIWITL]WMGEPVIWTSRWIWWYGLEWQEOMRKXLIQPEYKLSVFPMWWSYXEVIIEW]
XSMRZSOI3JXIR-[MPPJSPPS[XLMW[MXLQ]EQRIWMEVSYXMRIXLIRWSQIXLMRKXLEX
VIUYMVIWXLIWYFNIGXXSWLS[SJJXLIMVZIVFEPWOMPPWERHXLIRLEPPYGMREXMSRWSJWSQI
OMRH8LIVSYXMRIWSYXPMRIHJSVETTP]MRKL]TRSWMWMRWIGXMSR[MPPQEOIXLMW
GPIEV
7SQISJXLIFIWXMHIEWHIZIPSTSYXSJMQTVSQTXYQSQIRXWERHXLIYRI\TIGXIH
VIWTSRWISJ]SYVWYFNIGX7SKMZIXLIQXMQIXSVIWTSRHERHVIQIQFIVXLEX[LMPI
XLI]EVIVIWTSRHMRKXSSRIWYKKIWXMSRXLI]EVIWXMPPKSMRKXSVIWTSRHXSQSVI
8LI][MPPWE][LEX]SYXIPPXLIQXSWE]7SLIPTXLIQEPSRKKMZMRKXLIMVVIGITXMZI
YRGSRWGMSYWEREFWSPYXIP]GPIEVMHIESJ[LEX]SY[ERXJVSQMX
*SPPS[MRKER]QENSVGSYVWISJHMVIGXMSRWWLSYPH]SY[ERXXSWIXSJJHS[RE
HMJJIVIRXTEXLXLIIEWMIWXXLMRKXSHSMWXSWMQTP]GSQQERHXLIQFEGOXSWPIIT
8LI]EVIIWWIRXMEPP]FEGOMRRIYXVEPXLIR-XQEOIWJSVEGPIERIVVYRMRXSXLIRI\X
HMVIGXMSR]SYXEOIXLIQ7SQIXMQIW]SYKIXEWPMKLXP]GSRJYWIHEXXMXYHIJVSQ
XLIWYFNIGXMJ]SYNYWXOIITWXEGOMRKQSVIERHQSVISRXSTSJXLIQ[MXLSYX´VWX
KIXXMRKVMHSJWSQISJXLISPHWXYJJ1]I\TIVMIRGIMWXLEXMRTVEGXMGI]SYHSRSX
EP[E]WLEZIXSYRHS[LEX]SYNYWXHMHFYXMRTVEGXMGIMXMWEYWIJYPVYPISJXLYQFXS
HSWS7SYRHSXLIPEWXWYKKIWXMSRXLIRKMZIEJVIWLSRI-XQEOIWMXIEWMIVJSV8LI
,]TRSXMWXXSS
TEKI
6IEPMX]MW4PEWXMG
%TTP]MRK-QTVSQTXY,]TRSWMW
6EXLIVXLERTVSZMHIEPSRKPMWXSJLYRHVIHWSJTSWWMFPIVSYXMRIWSVMHIEW
EFSYX[LEXXSHS[MXL]SYVL]TRSXMÎHWYFNIGX-LEZI[VMXXIRYTMRHIXEMP
WSQIVSYXMRIWXLEX-LEZIHSRIMRERMQTVSQTXYWIXXMRK
7SQISJXLIWIEVIXLMRKW-HSVIKYPEVP]MRMQTVSQTXYHIQSRWXVEXMSRWXLI
XLIVET]VSSQERHXVEMRMRK7SQIEVIX]TMGEP«WXEKI¬VSYXMRIWHSRISJJWXEKI
ERH´REPP]WSQIEVISHHMQTVSQTXYSRISJJXLMRKWXLEX-LSTI[MPPKIX]SYV
GVIEXMZIQMRHKSMRKEFSYX[LEX]SYGEREGLMIZIYWMRKMQTVSQTXYL]TRSWMW
-IRGSYVEKI]SYXSYWI]SYVMQEKMREXMSRMRGSQMRKYT[MXLVSYXMRIMHIEW-J
EPQSWXER]XLMRKMWTSWWMFPIERHMXMW[MXLL]TRSWMW[LEX[SYPH]SY[ERX
XLIQXSHS#9WI]SYVMQEKMREXMSRERHPIX]SYVWYFNIGXYWIXLIMVW
-LEZIMRGPYHIHIZIV]XLMRKJVSQXLIMRMXMEP7IX9T8LI7IX4MIGIXLI
-RHYGXMSR-RXIRWM´GEXMSR7YTIV7YKKIWXMSRXIWXMRKERHHMVIGXMSR%PXLSYKL
WSQISJXLIVSYXMRIWSYXPMRIHLIVIMRZSPZI«FSVVS[MRK¬TVSTIVX]SVKIXXMRK
JVIIKSSHW-HSRSXWYKKIWXXLEXXLMWMWIXLMGEPSV[LEX]SYWLSYPHFIHSMRK
-XMWNYWXTEVXSJQ]TIVJSVQERGI-EPQSWXEP[E]WKMZIXLIWYFNIGXFEGOXLIMV
WXYJJYRPIWWSJGSYVWIMXMWWSQIXLMRK-VIEPP][ERX-EQOMHHMRKSJGSYVWI
%PPSJXLIWIVSYXMRIWLEZIFIIRHSRIJSVVIEPMRMQTVSQTXYWIXXMRKWERH
EVILIVIXSWMQTP]KMZI]SYMHIEWEFSYX[LEXMWTSWWMFPI2SXLMRKLEWFIIR
EHHIHSVXEOIRE[E]
TEKI
6IEPMX]MW4PEWXMG
&VMIJIWX8LIVET]§8LI,]TRSXMG'SVTWI
8LMWMWEVSYXMRI-LEZIYWIHLYRHVIHWSJXMQIW-XQEOIWXLIWYFNIGXPEYKL
[MXLEFERHSRERHEPPS[WXLIL]TRSXMWXXSGYIXLEXPEYKLXIVSRGSQQERH=SY
EVIIWWIRXMEPP]KSMRKXSPMROXLIEYXSQEXMGPMJXMRKSJEREVQERHMXWTVS\MQMX]
XSXLIJEGIEWEWPMHMRKKEYKISJQMVXL
-SJXIRHSXLMWEJXIVEWIWWMSRSJL]TRSXLIVET][LIR-XIEGLQ]GPMIRXLS[
XLI]GERHSMRWXERXWIPJL]TRSWMW,S[IZIV-LEZIEPWSHSRIMXQMHWIWWMSR
ERHEWERMQTVSQTXYTMIGIMRQER]HMJJIVIRXWIXXMRKW3RWXEKIXLMWMWSJXIR
XLI´VWXVSYXMRI-KIXMRXSEJXIVKMZMRKIZIV]SRISRWXEKIEWXMJJEVQ-RER
MQTVSQTXYHIQSRWXVEXMSRMXMWSJXIRXLI´VWXVIEPFMXSJWYKKIWXMSR-KSJSV
EJXIVXLIMRHYGXMSR1][SVHMRKVEVIP]WXVE]WJEVJVSQ[LEXJSPPS[W-YWIMX
[MXLKVSYTWEW[IPPEWSRIXSSRI-LEZILEHJIIHFEGOXLEXXLMW[EW[SVXL
XLIIRXMVIGSWXSJEL]TRSXLIVET]WIWWMSREWXLIWYFNIGXLEHGPIEVP]ERH
YRI\TIGXIHP]WLMJXIHWSQILYKIIQSXMSREPLERKYT[MXLMXIZIRXLSYKLMX
[EWVIEPP]NYWXFIMRKWEMHF]QIEWEGSRZMRGIVXSXLIWYFNIGXXLEXWLILEHSJ
GSYVWIFIIRL]TRSXMÎH3REPMKLXIVRSXISRGI]SYLEZIWIXXLMWYTMXQIERW
]SYGERGYIWSQISRIXSPEYKL[MXLGSQTPIXIEFERHSRSRGSQQERH[LMGLMW
UYMXIIRXIVXEMRMRK.YWXXIPPXLIQRSXXSXLMROEFSYXXLEXXLMRK
8LI´VWXWXITMRXLIVSYXMRIMWXSKIXXLIMVLERHQSZMRKXS[EVHXLIMVJEGI
«EPPF]MXWIPJ¬-[MPPEWWYQI]SYLEZIEPVIEH]HSRIWSQIL]TRSWMW[MXL
XLIQKMZIRXLIQEXVMKKIVXSKSFEGOMRXSL]TRSWMWERHLEHWSQITL]WMGEP
TLIRSQIREWYGLEWEVQPIZMXEXMSR8LMWMWXLIMHIEPTPEGIXSFIKMR,S[IZIV
MXMWRSXXSSXSYKLXSKIXELERHQSZMRKXS[EVHEJEGIJVSQGSPHWSMJ]SY
LEZIXS[SVOEPMXXPILEVHIVXSKIXXSXLEXTSMRXWSFIMX§]SYGSYPHHSXLMWEW
E7IX4MIGISVJVSQER]SJXLIMRHYGXMSRWXLEXVIWYPXMRELERHFIMRKMRJVSRX
SJXLIJEGI3JGSYVWISRGI]SYLEZIXLIEVQPMJXMRKMXMWXLIWEQIWTMIPJVSQ
XLIVISRMR
8LIVIMWSFZMSYWSTTSVXYRMX]JSVXSREPIQTLEWMWSRTLVEWIWPMOI«JIIP
HMJJIVIRXP]¬«WQMPI¬«PEYKL¬-LEZITLVEWIHXLIWGVMTXXSKMZIEKVEHYEPFYMPH
WSF]XLIXMQI-EQWE]MRK«PEYKL¬ERH«JYRR]¬-WLSYPHLEZIEPVIEH]KSXE
WQMPISYXSJXLIQ8MQMRKERHTEGMRKMWUYMXIGVYGMEPWSEWIZIVWE][LEX
]SYWIIERHXLIRPIEHEPMXXPIWE]MX[MXLEWQMPISR]SYVJEGI8V]ERHXMQI
XLI«FYVWXSYXPEYKLMRK¬XSXLIQSQIRXXLILERHXSYGLIWXLIJEGI8LI]
RSVQEPP]GSRXMRYIGSVTWMRK[MXLXLIXMRMIWXPMXXPIFMXSJTPEXIWTMRRMRKJVSQ
]SYKMZMRKERSTTSVXYRMX]XSHSWSQIKIRIVEPJIIPKSSH[SVO-JWSQISRIMW
MRTEMRXLI][MPPFIPEYKLMRKXLIMVEGLIWERHTEMRWE[E]MJMRJIEVPEYKLMRK
TEKI
6IEPMX]MW4PEWXMG
XLSWIHSYFXWERHJIEVWE[E]FYXXLEXMWEPPI\XVE.YWXKIXXLIQGSVTWMRK
-JSXLIVTISTPIEVSYRHEVIPEYKLMRKERH]SY[MPP´RHYRFVMHPIHL]TRSXMG
PEYKLXIVMWGSRXEKMSYWXLIRYXMPMWIXLEXXSS
;LIR]SYLEZIFIIRL]TRSXMÎHPMOIXLEXMXMWIEW]JSV]SYXSKSFEGO
MRXSEXVERGIMRWXERXP]ERHMQQIHMEXIP]EX]SYVS[RGSQQERH=SY
QMKLX[SRHIV[L]]SY[SYPHPMOIXSHSXLEX;IPP´VWXP]MXMWEJERXEWXMG
XSSPE[E]SJHIITP]VIPE\MRK%W[IPPEWXLMWMXGERFIYWIHXSHMVIGX
]SYVYRGSRWGMSYWVIWSYVGIWXS[EVHXLSWIXLMRKW]SY[MWLXSEGLMIZI-J
]SYEVILETT]XS-¬PPWLS[]SYLS[XSHSMX
+IXEKVIIQIRXJVSQXLIQ
3/EKEMRNYWXTPEGI]SYVJIIXµEXSRXLIµSSVERH]SYVLERHWPMKLXP]SR
]SYVPETEVQSJXLIGLEMV -¬HPMOI]SYXSNYWXPSSOEXXLIFEGOSJ]SYV
LERHERHTMGOSRIWTSXPMOIELEMVSVEPMRISVWSQIXLMRK2S[HSR¬X
GPSWI]SYVI]IW]IXNYWXJSGYWSRXLEXTSMRXERH[LIR]SYEVIVIEH]-
[SYPHPMOI]SYXSLIEVXLI[SVHVIPE\JSYVXMQIWMR]SYVQMRHERHXLI
JSYVXLXMQI]SYVLIEVMXNYWXEPPS[]SYVI]IWXSGPSWIXLEX¬WVMKLXHSMX
RS[ERHEW]SYVI]IWGPSWI]SY[MPPMQQIHMEXIP]HVMJXFEGOMRXSXLEX
XVERGIWXEXI8LMWXMQI-¬HPMOI]SYXSTE]EXXIRXMSRXSXLIWQEPPGLERKIW
XLEXSGGYVWSQIFEVIP]RSXMGIEFPIMRXLIVIPE\EXMSRSJ]SYVJEGI]SYV
FVIEXLMRKLEWWLMJXIHWPMKLXP]UYMXIEXIEWI
%RHMREQSQIRXXLEXLERHMWKSMRKXSWXEVXHVMJXMRKYTXS[EVH]SYV
JEGIEPPF]MXWIPJ8LEX¬WVMKLX]SYQMKLXRSXMGIXLSWIWIRWEXMSRW
MRGVIEWMRK´RKIVWX[MXGLMRKERHNYWXPMOIXLSWILERHW[IVIQEKRIXW]SY
[MPPJIIPXLEXMRIZMXEFPITYPPFIX[IIR]SYVLERHERH]SYVJEGI
%WMXPMJXW]SY[MPPIRNS]EKVS[MRKWIRWISJ[IPPFIMRKXLIGPSWIVMXKIXW
XS]SYVJEGIXLIFIXXIV]SYEVIKSMRKXSJIIPERHXLIFIXXIV]SYJIIPXLI
PMKLXIVMX[MPPKIX8LEX¬WMXPMKLXIVERHPMKLXIV
2S[-GEQIEGVSWWXLMWJYRR]MHIEXLEXXLIVIMWWSQIXLMRK]SY[SYPH
PSZIXSJIIPHMJJIVIRXP]EFSYXWSQIXLMRKXLEXMJ]SYGSYPHWQMPIEFSYX
MXMJ]SYGSYPHPEYKLEFSYXMX]SY[SYPHFIWSQYGLFIXXIVSJJ%RHEW
XLEXLERHKIXWGPSWIVXS]SYVJEGIJSVWSQIYRORS[RVIEWSRMXMWKSMRKXS
WXEVXXSWIIQJYRR]XS]SYXLEX¬WVMKLXJSVWSQIYRORS[RVIEWSRERH
EWXLEXWQMPIFIKMRWXSKVS[XLEX¬WMXMXMWKSMRKXSXYVRMRXSEKMKKPIERH
XLIGPSWIVMXKIXWXLIJYRRMIVMXWIIQWJYRRMIVERHJYRRMIVXLIGPSWIVMX
TEKI
6IEPMX]MW4PEWXMG
KIXWXLIPIWWWIVMSYW]SYFIGSQIERH[LIRXLEXLERHXSYGLIW]SYVJEGI
]SYEVIKSMRKXSFYVWXSYXPEYKLMRKERHRIZIVEKEMR[MPP]SYJIIPXLI[E]
]SYYWIHXSMX[MPPFIEPP]SYGERHSXSXV]XSWXST]SYVWIPJPEYKLMRKEW
MRETTVSTVMEXIP]EWTSWWMFPIIZIR[LIR]SYXLMROEFSYXMXRS[MXWIIQW
LMPEVMSYWXS]SY
2S[IZIV]XMQI-GPMGOQ]´RKIVWMX[MPPWIIQXMQIWJYRRMIV0MOIXLI
JYRRMIWXWGIRIJVSQXLIJYRRMIWX´PQ]SYGERVIQIQFIVSRP]RS[MXMW
XMQIWJYRRMIV
&]XLMWTSMRXMJXLIVIEVIRSXIEVWSJPEYKLXIVVYRRMRKHS[RXLIMVGLIIOWSV
WRSXVYRRMRKHS[RXLIMVJEGI-[SYPHFIHMWETTSMRXIH
2S[MREQSQIRXXLEXEVQ[MPPFIKMRHVMJXMRKHS[RXS]SYVPETEKEMR
SRP]EWUYMGOP]EW]SYGERHVMJXHS[RMRXSERIZIRHIITIVWXEXISJ
L]TRSWMWEWXEXISJEFWSPYXIFPMWW7PIIT
&VMRKXLIQSYX
)]IWSTIR[MHIE[EOI
&VMPPMERXLS[KSSHHMHXLEXJIIP2S[XLMW[EWWSQIXLMRK]SYYWIHXS
XEOIWIVMSYWP][EWMXRSX#'YIPEYKLXIV
;LIR]SYLEZIELERHMRXLIEMVMXMWERSXLIVSTTSVXYRMX]XSKMZIMX
WSQIXLMRKXSHS*SVI\EQTPISRGIXLIWYFNIGXWLERHMWXSYGLMRKXLIMV
JSVILIEHKMZIXLIWYKKIWXMSR
+IXVIEH]XS7PIITHIITP]RS[ERH[LIR-WE]XLVII]SYVLERH[MPPJEPP
HS[RXS]SYVPETERH]SY[MPPFIJEWXEWPIIT7PIIT
TEKI
6IEPMX]MW4PEWXMG
6SWWM7X]PI&VMIJ8LIVET]
8LMWMWEZIV]WMQTPII\IVGMWIMRWTMVIHF])VRIWX6SWWM¬WWIQMREP[SVO -
LEZIEHHIHQSVIWYKKIWXMSRXSMXERHMRWXIEHSJNYWXYWMRKMXEWMRXIRHIHEWE
HMEKRSWXMGXSSPXV]XSWUYIIÎUYMXIEPSXQSVIYWISYXSJMX(SRSXFIJSSPIH
F]MXWWMQTPMGMX]-YWIMXEW8LI7IX4MIGIEWERMRHYGXMSREWEKIRYMRI
ZILMGPIJSVGSRXIRXJVIIXLIVET]EW[IPPEWEHMEKRSWXMGERHXLIVETIYXMGXSSP
-RXLII\EQTPIFIPS[-EQEMQMRKMXEXERYRWTIGMÍHTVSFPIQ«\¬
4PIEWITYXFSXLLERHWSYXMRJVSRXSJ]SYERHJSGYW]SYVEXXIRXMSRSRXLI
WTEGIFIX[IIRXLIQ
2S[GPSWI]SYVI]IWERHTMGXYVIXLSWILERHWSYXMRJVSRXSJ]SY
8LEX¬WVMKLXERHJSGYWSRXLEXMQEKIMR]SYVQMRHEW]SYJIIPXLI
QEKRIXMGJSVGIHIZIPSTFIX[IIRXLSWILERHWMR]SYVQMRH]SYGER
MQEKMRIXLEXJSVGIFIKMRRMRKXSTYPPXLSWILERHWXSKIXLIV
2S[SRP]EWUYMGOP]EW]SYVYRGSRWGMSYWQMRHMWVIEH]XSHIEP[MXLXLMW
TVSFPIQEWWMQMPEXIPIEVRMRK¬WWLS[]SYLS[TS[IVJYPMXMWXEOI]SYMRXS
L]TRSWMW XLIVETIYXMGEPP]XSHE]-[SYPHPMOIXLSWILERHWXSFITYPPIH
XSKIXLIV
TEKI
6IEPMX]MW4PEWXMG
0MOIX[SQEKRIXWQSZMRKGPSWIVERHGPSWIVXLEX¬WVMKLXERHXLIGPSWIV
XLI]KIXXLIWXVSRKIVXLEXJSVGIFIGSQIW8LEX¬WVMKLX]SYGERRSXMGIXLEX
QSZIQIRX=SYGERXV]ERHLSPHXLIQWXIEH]ERH´RH]SYGERRSXERH
[LIRXLSWI´RKIVWXSYGL]SYVEVQW[MPPWXE]SYXXLIVI[LMPI]SYGERNYWX
VIPE\
2S[-[SYPHPMOISRISJXLSWILERHWXSHVMJXHS[RSRP]EWUYMGOP]EW
]SYVYRGSRWGMSYWQMRHGERVIZMI[EPPSJXLIQIQSVMIWERHI\TIVMIRGIW
EWWSGMEXIH[MXLXLMWTVSFPIQ SRP][LIRMXLEWJYPP]VIZMI[IHXLEX[MPP
]SYVLERH[MPPHVMJXHS[RXS]SYVPET8LEX¬WMXMRMXWS[RXMQI%PPXLI
[E]HS[R
8LILERHWLSYPHHVMJXHS[RGEXEPITXMGEPP]
2S[-[SYPHPMOIXLIYRGSRWGMSYWXSQSZIXLEXSXLIVLERHHS[RXS[EVHW
]SYVPETSRP]EWUYMGOP]EW]SYVYRGSRWGMSYWQMRHGERMHIRXMJ]EPPSJXLI
VIWSYVGIWVIUYMVIHXSTYXXLMWTVSFPIQ FILMRH]SYXSHE]ERHJSVIZIV
%PPXLIPIEVRMRK¬WERHXLIVIWSYVGIWVIUYMVIHTYXXMRKXLMWFILMRH]SY
JSVIZIV8LEXLERH[MPPHVMJXHS[RERHXSYGL]SYVPETSRP]EWUYMGOP]EW
]SYLEZIMHIRXMÍHEPPSJXLIVIWSYVGIWERHQEHIXLIGLERKIWRIGIWWEV]
XSTYXXLMWFILMRH]SYJSVIZIV
TEKI
6IEPMX]MW4PEWXMG
;MPP]SYVYRGSRWGMSYWQMRHRSH]SYVLIEHXSPIXQIORS[XLIWIGLERKIW
LEZIFIIRQEHI#
=SYGERXLIRNYWXTVSGIIH[MXLEHIITIRMRKSJXLIXVERGIKSMQQIHMEXIP]
MRXSERSXLIVXIGLRMUYISVEPXIVREXMZIP]NYWXEWOXLIQXSSTIRXLIMVI]IW§MR
SXLIV[SVHWPIEZIXLIQMRXVERGI-XGERFIYWIJYPXSHSXLMWTVMSVXSXLI
«VIEP¬[SVOHSMXEWE7IX4MIGI8LI]GERPMWXIRERHXEPOXS]SY%KVIEX
[E]XSPIEZIWSQISRIMRL]TRSWMWMWXSXIPPXLIQXLEX[LIR]SYGSYRXJVSQ
XSXLI][MPPFI[MHIE[EOIERHRSVQEPMRIZIV][E]8LIREJXIVEJI[
SXLIVGSQQIRXWWE]«I]IWSTIR¬8LI]QE]IZIR[SRHIVMJXLI]EVIMRE
XVERGI]SYHSRSXRIIHXSQIRXMSRXVERGISVL]TRSWMW
-WYKKIWX]SYHSXLMWIEVP]EJXIVUYIWXMSRWXLIRTVSGIIHEWRSVQEP[MXLE
HMWGYWWMSR-X[MPPQEOIMXIEWMIVXSVIEHXLIMVYRGSRWGMSYWGSQQYRMGEXMSR
ERHEPWSQEOI]SYVIJJSVXWXSIQFIHWYKKIWXMSRWTVMSVXSXVERGIQSVI
WYGGIWWJYP
3JGSYVWIXLMWTVSGIHYVILEWXLVIIWXITWLERHWXSKIXLIVSRIEVQHS[RERH
SXLIVEVQHS[R-RXLII\EQTPIKMZIRXLSWIXLVIIWXITWEVIJSVETEVXMGYPEV
TYVTSWI§XSHIEP[MXLETVSFPIQ=SYGERGLERKIER]SVEPPSJXLIWXITW*SV
I\EQTPIPMROXLILERHWXSKIXLIVXSXLIQMRHWMKREPPMRKMX¬WVIEHMRIWWJSV]SY
XSFIL]TRSXMÎHSRILERHHS[RJSVXLIFSH]XSVIPE\ERHXLISXLIVLERH
HS[RJSVXLIQMRHXSVIPE\
TEKI
6IEPMX]MW4PEWXMG
+SRI
8LI´VWXXMQI]SYQEOI]SYVWIPJMRZMWMFPIYWMRK]SYVL]TRSXMGTS[IVWMW
PMOIP]XSFIEFMXSJERIZIRX-XGIVXEMRP][EWJSVQIER][E]-XGERYRPIWW
]SYWYKKIWXSXLIV[MWIJVIEOXLIWYFNIGXSYXEFMXIWTIGMEPP]MJ]SYWXEVX
QSZMRKXLMRKWEVSYRHXLIVSSQWYGLEWPMJXMRKYTGLEMVWTSYVMRKGYTWSJ
[EXIVXLVS[MRKXLMRKWEXXLIQSVWGEVMRKXLIQ[MXLETYTTIX;LIR]SY
VIEPMWIXLI]GERRSXWII]SYMXQMKLXJVIEO]SYEFMXXSSWSLSPH]SYVWIPJ
XSKIXLIV-J]SYHSRSX[ERXXLIQORSGOIHXSSJEVWMHI[E]WYRHIVWXERHXLEX
]SYGERHMVIGXLS[XLI]JIIPWSXIPPXLIQXLEXXLI][MPP´RHMXMRGVIHMFPIFYX
[MPPRSXFIEJVEMH3VXIPPXLIQXLI][MPPFIEJVEMHZIV]EJVEMHFYX[MPPRSX
PIEZIXLIVSSQSVXLIMVGLEMV8LIGLSMGIMW]SYVW
3/GER-XV]WSQIXLMRK[MXL]SY#+VIEX'ER]SYQEOI]SYVWIPJ
GSQJSVXEFPIJIIXSRXLIµSSVLERHWVIWXMRKSR]SYVPET2S[PSSOEX
QIVMKLXLIVI
4SMRXXSNYWXYRHIVRIEXL]SYVVMKLXI]IERHPSSOMRXSSRISJXLIWYFNIGX¬W
I]IW
-REQSQIRX]SYEVIKSMRKXSKSMRXSEXVERGI-HSR¬X[ERX]SYXS
GPSWI]SYVI]IW]IXNYWXOIITPSSOMRKEXXLEXWTSXRS[[LIR]SYEVI
VIEH]VITIEXXLI[SVH«6IPE\¬JSYVXMQIWMR]SYVQMRH8LIJSYVXL
XMQI]SYVITIEXXLEX[SVH]SYGEREPPS[]SYVI]IWXSGPSWIERH]SY[MPP
MQQIHMEXIP]FIKMRHVMJXMRKXSWPIITHIITEWPIITHIITP]MRXSEXVERGI
=SY[MPPORS[]SYEVIMRMXFIGEYWISRISJXLSWILERHWMWKSMRKXSFIKMR
PMJXMRKYTXS[EVH]SYVJEGIXLEX¬WMX0MKLXIVERHPMKLXIVNYWXPMOI]SYV
LIEHMWEQEKRIXERH]SYVLERHMWEQEKRIX§XYRIMRXSXLEXVIEPSV
MQEKMRIHQEKRIXMGJSVGIHIZIPSTMRKFIX[IIR]SYVLIEHERHXLEXLERH
ERHXLIGPSWIVMXKIXWXLIHIITIV]SY[MPPKS8LIHIITIV]SYKSXLIFIXXIV
]SYJIIP;LIRXLEXLERHXSYGLIW]SYVJEGI]SY[MPPHSYFPIXLITL]WMGEP
ERHQIRXEPVIPE\EXMSR
2S[MREQSQIRX-EQKSMRKXSGPMGOQ]´RKIVWERHXLEXLERH[MPPHVST
HS[RMRXS]SYVPETPMOIE[IXVEK;LIRMXXSYGLIW]SYVPETXLEXMW]SYV
WMKREPXSKSIZIRHIITIVMRXSETVSJSYRHWXEXISJL]TRSWMW
'PMGO
(IITIVERHHIITIV)ZIV]XLMRK-WE]RS[[MPPFIGSQI]SYVVIEPMX]
TEKI
6IEPMX]MW4PEWXMG
)ZIV]WMRKPIXLMRK[MXLSYXHSYFXUYIWXMSRSVLIWMXEXMSR[MPPFIGSQI
]SYVVIEPMX]=SYORS[[LEX-WE]]SYORS[WII[LEX-WE]]SYGERWII
ERHJIIP[LEX-WE]]SYJIIP)ZIV]XLMRK-WE]MWMRWXERXP]]SYVVIEPMX]
2I\XTVSZIXLEXXLIWYTIVWYKKIWXMSRLEWPERHIHF]KMZMRKEVIPEXMZIP]WMQTPI
MHIEXSPEXGLSRXS2SVQEPP]-KSMRXSXLI7XMJJ%VQI\IVGMWIYWMRKMXEWE
VSYXMRIVEXLIVXLERE7IX4MIGI
-REQSQIRX-EQKSMRKXSFSVVS[]SYVEVQ8LEX¬WVMKLXRS[QEOI
EXMKLX´WX8LEX¬WVMKLXERHEW]SYJIIPXLEXXMKLX´WXXLEXEVQMWKSMRK
XSFIGSQIWXMJJIVERHWXMJJIVIZIV]QYWGPIRIVZIERH´FVIWXMJJIVERH
WXMJJIVXLIVIMWEWXIIPFEVVYRRMRKJVSQ]SYVWLSYPHIVHS[RXLVSYKL
]SYVEVQEPPXLI[E]XSXLEX´WX]SYGERRSXFIRHMXRSQEXXIVLS[LEVH
]SYXV]8V]ERHFIRHMXERH´RH]SYGERRSX=SYEVIEWXVSRKQERXV]
ERHFIRHMXERH´RHMXKIXWWXMJJIVERHWXMJJIV8LEX¬WMXEWMXFIKMRWXS
WLEOIMXKIXWWXMJJIVWXMPP
4YWLXLIMVEVQHS[REW]SYFIPXSYXXLMWGSQQERH
2S[WPIIT
-REQSQIRX-EQKSMRKXSGPMGOQ]´RKIVW]SYVI]IW[MPPSTIRERH
]SY[MPPPSSOYT]SY[MPPRSPSRKIVFIEFPIXSWIIQISVER]XLMRK-EQ
[IEVMRKIZIV]XLMRKIPWI[MPPFIRSVQEPFYX]SY[MPPRSPSRKIVFIEFPI
XSWIIQISVER]XLMRK-EQ[IEVMRK=SY[MPPFIEFPIXSLIEVQIERHJIIP
Q]XSYGLFYX]SY[MPPRSPSRKIVFIEFPIXSWIIQI
8LIWYFNIGX[MPPRSVQEPP]NYWX[EOIYTERHPSSOJSV[EVHPMOIRSXLMRKMW
SYXSJXLISVHMREV]FIGEYWIMXMWR¬X]IX§XLI]NYWXGERRSXWII]SY7S[LIR
]SYQSZIMJ]SYPSSOEXXLIQ]SY[MPPRSXMGIXLEXXLI]HSRSXKMZI]SYER]
EXXIRXMSR8LIMVKEÎMWRSXEYXSQEXMGEPP]HVE[RXS]SYVQSZIQIRX4SYV
EKPEWWSJ[EXIVSV[EZIXLMRKWMRJVSRXSJXLIWYFNIGX§PMOIEWIXSJOI]W
8LVS[EGLEMVMRXLIEMVERHGEXGLMX7TIEOXSXLIQ
7PIIT;LIR-GPMGOQ]´RKIVW]SYVI]IW[MPPSTIRERHIZIV]XLMRK[MPP
FIFEGOXSRSVQEPMRIZIV][E]]SY[MPPFIEFPIXSWIIQI
%PXIVREXMZIP]WE]XLI][MPPFIEFPIXSWII]SYVFSH]FYXRSX]SYVLIEH
TEKI
6IEPMX]MW4PEWXMG
6SFFIH
-RXLMWI\EQTPI-L]TRSXMÎHEQEVOIXWXEPPLSPHIVEXLMWWXEPPSREFYW]
*VMHE]PYRGLXMQI-KEZILMQETSWXL]TRSXMGWYKKIWXMSRXLEX[LIR-XETTIH
LMQSRXLIWLSYPHIVLI[SYPHMQQIHMEXIP]VIXYVRXSWPIITERHXLEXXLIRI\X
XMQILIWE[QILI[SYPHLEZIRSGSRWGMSYWVIGSPPIGXMSRSJQIIXMRKQI
FIJSVISVER]XLMRK-LEZIWEMH-E[SOILMQERHPIJX-VIXYVRIHERLSYV
PEXIVERH[IRXXLVSYKLEXLVIIWXEKI«WXEKI¬L]TRSWMWVSYXMRIFYMPXEVSYRHE
GYGYQFIV
1]MRXIRXMSR[EWXSKIXLMQXSKMZIQIWSQISJLMWTVSHYGIJSVJVII-PIJX
[MXLEFMRPMRIVJYPPSJGYGYQFIVW-RXLMWI\EQTPI-YWIHIEGLTLEWISJ8LI
7IX4MIGIEWEL]TRSXMGMRHYGXMSRFYXHMHRSXXIWXMXNYWXSFWIVZIHERHXLIR
HMHXLI,ERHWLEOI-RHYGXMSR
,MWSEVI]SYYTJSVXLMW#0IX¬WWIIMJ]SYGERFIL]TRSXMÎH;I
EVIKSMRKXSWXEVX[MXLEGSYTPISJWMQTPII\IVGMWIWXS´VIYT]SYV
GSRGIRXVEXMSRERHMQEKMREXMSR-EQKSMRKXSKMZI]SYWSQIWMQTPI
MRWXVYGXMSRWERH-[ERX]SYXSJSPPS[XLIWIMRWXVYGXMSRW-J-EWO]SYMR
MQEKMRIWSQIXLMRK-[ERX]SYXSHS]SYVFIWXXSMJ-EWO]SYXSYWI]SYV
KYXJIIPMRKXLIRHSWS2SH]SYVLIEHMJ]SYYRHIVWXERH+VIEX
7STPIEWITYX]SYVLERHWSYXMRJVSRXSJ]SY
-XLIRTVSGIIHIH[MXLXLI1EKRIXMG*MRKIVWEWERMRHYGXMSR%WWSSREWXLI
´RKIVWXSYGLIH-WEMHXLIJSPPS[MRK
2S[GPSWI]SYVI]IWERHWPIITHIITEWPIIT%W-VSGO]SYVFSH]FEGO
ERHJSV[EVHNYWXKSMRHIITHIITEWPIIT2SXMGILS[KSSHMXJIIPWXS
VIPE\PMOIXLEXFIGEYWIMREQSQIRX-EQKSMRKXSWLS[]SYLS[XSKS
IZIRHIITIV;LIR-XSYGL]SYSRXLIWLSYPHIVERHWE]I]IWSTIR[MHI
E[EOI]SYVI]IW[MPPSTIRERH]SY[MPPPSSOEXQI;LIR-WE]WPIIT]SY
[MPPVIXYVRXSXLMWWXEXIKSMRKIZIRHIITIVXLERFIJSVI2SH]SYVLIEHMJ
]SYYRHIVWXERH
-XLIRMQQIHMEXIP]KSXMRXS1EKRIXMG,ERHW;LIRXLILERHWXSYGLIH-
[IRXMRXSMRHYGXMSRQSHIEKEMRTYWLMRKXLIWYFNIGXWLIEHJSV[EVHEW-WEMH
«7PIIT¬ERHMQQIHMEXIP]MRXIRWMÍHXLMRKWFYMPHMRKMRIZIV]XLMRK-LEH
PIEVRXEFSYXXLIWYFNIGXJVSQXLI´VWXTLEWI-XLIR[SOILMQEKEMRERH[IRX
MRXSELERHWLEOIMRHYGXMSRMQQIHMEXIP]EJXIV[EVHWERHXLMWXMQIIQTLEWMWIH
TEKI
6IEPMX]MW4PEWXMG
WPIITERHHIITIRIHXLIWXEXIIZIRQSVI-KEZIXLIWYTIVWYKKIWXMSRERHXLIR
ETSWXL]TRSXMGXVMKKIVJSVL]TRSWMWERHEQRIWMEJSVQIIXMRKQI
;LIR-VIXYVR]SY[MPPLEZIRSMHIE[LS-EQ-X[MPPJIIPPMOI[ILEZI
RIZIVQIXFIJSVI;LIR-XSYGL]SYSRXLIWLSYPHIVERHWE]WPIIT]SY
[MPPMQQIHMEXIP]VIXYVRXSXLMWWXEXIMRWXERXP]ERHMQQIHMEXIP]KSMRK
IZIRHIITIVXLERFIJSVI
;LIR-VIXYVRIHERLSYVPEXIV-[EPOIHYTXSXLIQEVOIXWXEPPERHKVEFFIH
EGYGYQFIV-LIPHXLMWYTLMKLERHTSMRXIHEXXLIIRHSJMXERHEWOIHXLI
WYFNIGX
,S[QYGLEVIXLIWI#
,MWEXXIRXMSRRS[EVVIWXIHERHQMRHGSRJYWIH-GSRXMRYIH
,S[QYGL#,EZIEPSSOEXMXLIVIVMKLXEXXLIIRHSJMXGSQIEFMX
GPSWIVFIGEYWIRS[ERMRXIVIWXMRKXLMRKMWKSMRKXSLETTIRPIXQIWLS[
]SYWSQIXLMRKEW]SYPSSOEXMX
-PIERXJSV[EVHERHXETTIHLMQSRXLIWLSYPHIVEW-KEZILMQXLITSWX
L]TRSXMGWYKKIWXMSRXSKSFEGOMRXSL]TRSWMW
7PIITRS[EPPXLI[E]MRKSHIITIVHIITIVHIITIVHS[R8LEXEVQ
GERVIPE\GSQTPIXIP]VIPE\XLEXEVQGERVIPE\GSQTPIXIP]VIPE\]SY
EVIKSMRKXSWPIIT)ZIV]FVIEXL]SYXEOIERHIZIV][SVH-WE]RS[[MPP
XEOI]SYHIITIVERHHIITIVMRXSXLEXWXEXI=SYEVIHVMJXMRKXSWPIIT
=SYVLIEHGERJEPPJSV[EVHSRXS]SYVGLIWXEW]SYKSHIITIVERHHIITIV
XSWPIIT)ZIV]XLMRK-WE]RS[IZIV]WMRKPIXLMRK-WE][MPPMRWXERXP]
FIGSQI]SYVVIEPMX][MXLSYXHSYFXSVUYIWXMSR=SYWII[LEX-WE]
]SYGERWIIORS[[LEX-WE]]SYORS[ERHHS[LEX-WE]]SY[MPPHS
)ZIV]XLMRK-WE]MW]SYVVIEPMX]
=SYEVIXLI[SVPH¬WKVIEXIWXGMKEVGSRRSMWWIYV=SYPSZI´RIGMKEVWERH-
EQKSMRKXSLERH]SYXLI[SVPH¬W´RIWXGMKEVXSWQSOI)]IWSTIR[MHI
E[EOI,IVI]SYKSLEZIEKSSRXLEX=SYGERFMXIXLIIRHSJJSJMX´VWX
,IFMXXLIIRHSJJVMKLXXLVSYKLXLITPEWXMGGSZIVMRKERH-SJJIVIHLMQEPMKLX
-IRGSYVEKIHLMQXSGSQQIRXSRXLIGMKEVWUYEPMXMIWMXWWXVIRKXLERHXEWXI
[LMPILILEHEJI[TYJJW
TEKI
6IEPMX]MW4PEWXMG
7PIITERHWXERH(IITEWPIIT%PPXLI[E]MR(IITEWPIIT=SYVPIKW[MPP
WYTTSVX]SYEW]SYKSHIITIVXSWPIIT8LIRI\XXMQI]SYSTIR]SYV
I]IW]SY[MPPVIEPMWI]SYEVILSPHMRKXLI[SVPH¬WFMKKIWXWTPMJJ-XMWXLI
[SVPH¬WWXVSRKIWXNSMRX8LIWXVSRKIWXQEVMNYEREERH]SYEVIKSMRKXS
IRNS]WQSOMRKMX)]IWSTIR[MHIE[EOI
,EZIEKSSRXLEX,EZIERSXLIVEPPXLI[E]HS[RXS]SYVXSIWXLMWXMQI
%KEMR-IRGSYVEKIHLMQXSWEZSYVXLIµEZSYVERHWXVIRKXL
7PIITERHWXERH;LIR]SY-GPMGOQ]´RKIVW]SY[MPPSTIR]SYVI]IW
ERHVIEPMWIXLIHVYKWWUYEHEVIEFSYXXSVEMHXLMWWXEPP%PPSJXLSWI
GYGYQFIVWEVIMRGVIHMFP]WXVSRKWTPMJJW=SYEVIKSMRKXSTYXXLIQMRE
FEKERHYVKIRXP]MRWMWX-XEOIXLIQE[E]JVSQXLMWWXEPP-[MPPVIWMWXFYX
]SY[MPPMRWMWX)]IWSTIR[MHIE[EOI
0SSO*MPXL4SPMGI ,EZI]SYKSXEFEK#
,ILEWXMP]KVEFFIHEFMRPMRIVERHTVSGIIHIHXS´PPMX[MXLGYGYQFIVW
-VITIEXIHP]MRWMWXIH«-GER¬XXEOIXLIQEPP¬,ISJGSYVWIMRWMWXIHXLEX-GSYPH
5YMGOPSEHXLIQEPPMRXLIVI8LEX¬WMX7XEWLXLIVIWXWXEWLXLIQ
-[EPOIHSJJ[MXLEFMRPMRIVJYPPSJGYGYQFIVW
%WXLMW[EWERI\TIVMQIRXEPSRISJJ-PEXIVVIXYVRIHLMWTVSHYGI-XLSYKLXMX
[SYPHFIYWIJYPXSKSXLVSYKLXLII\EGX[EOIYTTVSGIHYVIYWIH-J-HSWXYJJ
PMOIXLMWJSVIRXIVXEMRQIRXTYVTSWIW-EP[E]WVIXYVRERHL]TRSXMWIXLIWYFNIGX
EKEMRERHHSETVSTIV[EOIYTTVSGIHYVI8IRQMRYXIWPEXIVLI[EWWXMPPMR
WSQI[LEXSJEWLMJX]TERMGXSWIIQIVIXYVRMRK[MXLXLI«HVYKW¬ERHEWOIH
QI[LEX-[EWHSMRKEWLIKPERGIHEFSYXJSVXLITSPMGI-WMQTP]XLEROIH
LMQERHHMHELERHWLEOIMRHYGXMSRSRLMQERHTVSGIIHIHXS´VWXHIITIRXLI
I\TIVMIRGIHSWSQIJIIPKSSH[SVOERHJYPP]VIE[EOIRLMQ«FEGOMRXLI
QEVOIX¬IZIV]XLMRKFEGOXSRSVQEP
,IPPSXLEROWJSV
)\XIRHIHLERHJSVLERHWLEOIERH[IRXMRXSLERHWLEOIMRHYGXMSRERH
MQQIHMEXIHIITIRMRKSJXLIL]TRSXMGWXEXI
TEKI
6IEPMX]MW4PEWXMG
0SSOEX]SYVLERH RS[WPIIT
8LI[EOIYTTVSGIHYVIJSPPS[IH
-REQSQIRX-[MPPGSYRXYTXS´ZIERHSRXLIGSYRXSJ´ZI]SY[MPPFI
FEGOGSQTPIXIP][MHIE[EOIERHRSVQEPEFPIXSQSZIWTIEOERHXLMRO
JVIIP]ERHRSVQEPP]%PPSJXLIXLMRKW-LEZIWYKKIWXIHXS]SYYTLIVI
[MPPFIKSRIERHIZIV]XLMRK[MPPFIFEGOXSRSVQEPMRIZIV][E]=SY
[MPPSTIR]SYVI]IWERHWXVIXGLERH]SY[MPPJIIPJERXEWXMGERHVIEH]JSV
E[SRHIVJYPEJXIVRSSRSJFYWMRIWWMRXLIQEVOIX=SY[MPPJIIPVIJVIWLIH
ERHVIZMXEPMWIHEWMJ]SYLEZI[SOIRYTJVSQE[SRHIVJYPRMKLXSJWPIIT
FYXYRHIVWXERHL]TRSWMWMWRSXWPIITERHXLIRI\XXMQI]SYKIXMRFIH
XSWPIIT]SY[MPPWPIIT[SRHIVJYPP]ERHE[EOIEXERETTVSTVMEXIXMQI
VIJVIWLIHERHVIZMXEPMWIH7SKIXVIEH]
3RI
1SVIE[EVISJ]SYVFSH]RS[)ZIV]QYWGPIRIVZIERH´FVIGSQMRK
EPMZI
8[S
*IIPEWYVKISJIRIVK][LM^^MRKMRXLVSYKL]SYV´RKIVWERHXSIWMRXS
]SYVEVQWPIKWYT]SYVWTMRIERHRIGOXSXLIXSTSJ]SYVLIEH
8LVII8EOIEHIITFVIEXLMRSJGSSPGPIEVEMVWIRHMRKEWYVKISJS\]KIR
XLVSYKL]SYVFSH]ERHFVEMR
*SYV
=SYVLIEHMW[EWLIHXLVSYKL[MXLGSSPGPIEV[EXIVXLIFEGOSJ]SYV
I]IWGPIEVRSWIGPIEVXLVSEXGPIEVGLIWXERHWXSQEGLGPIEV
*MZI
)]IWSTIRERH[MHIE[EOIWXVIXGL
(IPMZIVXLMW[EOIYTGEPP[MXLXLIWEQIEQSYRXSJMQTSVXERGIERHTYVTSWI
EWER]SXLIVHMVIGXMSRWSVTVIJIVEFP]IZIRQSVI.YWXFIGEYWI]SY[MPP
YWI]SYV[EOIYTSZIVERHSZIVXLIVIMWRSVIEWSRJSVMXXSFIGSQIHV]
FIGEYWISJEPEGOSJHIPMZIV]%XXLMWTSMRXXLIWYFNIGXMWWXMPPL]TRSXMÎHERH
VIGIMZMRKWYKKIWXMSRW7SOIITMXWMQTPIERHQEOIMXGSYRX;IPGSQI]SYV
WYFNIGXWFEGO[MXLEFMKWQMPI8LIRHMWXVEGXXLIQ
8LEROW*IIPMRKKSSH#-WXLIVIERIPIGXVMGEPWXEPPRIEVLIVI#
TEKI
6IEPMX]MW4PEWXMG
'PSEOIH
1]EMQ[EWXSWXIEPEGSEXJVSQWSQISRI-LEZIYWIHXLMWETTVSEGLSYXPMRIH
LIVIRYQIVSYWXMQIW-XMPPYWXVEXIWLS[]SYGERGVIEXIEGSRXI\XJSVL]TRSWMW
ERHLS[XLMWETTVSEGLF]TEWWIWXLI[MPP
4EGMRKEVSYRH0IMGIWXIV7UYEVI-WTSXXIHWSQISRILSPHMRKELYKI«4M^Ê
,YX8LMW;E]¬WMKR-EWOIHLMQLS[PSRKLILEHXSWXERHXLIVIERHXLITSSV
PEHWEMHLSYVW-PIXLMQORS[-[EWEL]TRSXMWXERHGSYPHKMZILMQXMQI
HMWXSVXMSR-EWOIHLMQMJ-GSYPHQEOIXLIIMKLXLSYVW[LM^^F]PMOISRILSYV
[SYPHXLEXFIKSSH,IEKVIIHMX[SYPH8SKIXWXEVXIH-XSPHLMQXSWXEVIEX
XLIWGVI[XLEXEXXEGLIHLMWWMKRXSXLITSPIERHHMHERI]I´\EXMSRMRHYGXMSR
-TVSZIHMX[EW[SVOMRKF]XIPPMRKLMQLMWLERHW[IVIKSMRKXSPMJXYTXS[EVH
LMWJEGI-IRGSYVEKIHLMQXSXV]ERHVIWMWX8LIRKEZIXLIWYKKIWXMSRW*MVWXP]
XLI7YTIV7YKKIWXMSRXLIREPIRKXL]VEQFPIEFSYXXMQIHMWXSVXMSR*MREPP]-
WYKKIWXIHXLEX[LIRLISTIRIHLMWI]IWLI[SYPHVIEPMWILILEHQ]GSEXSR
ERH[SYPHKMZIMXFEGOXSQI,IGEQIXS-EWOIHJSVQ]GSEXERHLIIQTXMIH
LMWTSGOIXWERHKEZIMXXSQI
,M(S]SYQMRHQIEWOMRKLS[PSRKLEZI]SYKSXXSWXERHLIVIJSV#
)MKLXLSYVW;S[-EQEL]TRSXMWX-J-GSYPHQEOIXLEXXMQI[LM^^
F]ERHJIIPPMOINYWXSRILSYVLS[KSSH[SYPHXLEXJIIP#%VI]SYYTJSV
FIMRKL]TRSXMÎH#-EQRSXKSMRKXSQEOI]SYHSER]XLMRKWXYTMHERH
KYEVERXIIXLMW[MPPWIIQPMOIXLIWLSVXIWXRMKLXSJ]SYV[SVOMRKPMJI
+VIEX;IPPYWMRKL]TRSWMWMXMWZIV]GSQQSRJSVTISTPIXSI\TIVMIRGI
XMQIHMWXSVXMSR%FMXPMOI[LIR[IHSÎSJJERHMXSRP]JIIPWPMOI[ILEZI
FIIRWPIITMRKJSVEJI[QSQIRXWFYXMRJEGXMXMWERLSYV7S-[ERXXS
WLS[]SYLS[]SYGERVIGVIEXIXLEXJIIPMRK*MVWXSJEPPTPIEWIYRHIVWXERH
XLEXL]TRSWMWMWRSXWPIITERHMREQSQIRX[LIR-WE]WPIIT]SY[MPP
YRHIVWXERHMXMWRSXPMOIXLIWPIIT]SYLEZI[LIR]SYKIXMRFIHMXMWNYWX
EHIITVIPE\EXMSRSJ]SYVRIVZSYWW]WXIQ=SY[MPPWXMPPFIEFPIXSLIEVQI
ERHVIWTSRH[LIR-EWO]SYXS2S[[LEX-[SYPHPMOI]SYXSHSMWNYWX
PSSOEXXLMWWGVI[VMKLXMRJVSRXSJ]SY-[MPPLSPHXLITSPI
2S[PSSOEXMXHSRSXPSSOEXQISVER][LIVIIPWI=SYHSRSXLEZIXS
WE]ER]XLMRKSVHSER]XLMRK.YWXOIIT]SYVI]IW´\IHSRXLEXTSMRX%WMX
QSZIWGPSWIVXS]SYVJEGI]SYGERRSXMGIXLIGLERKMRKJSGYWSJ]SYVI]IW
ERH[LIR]SYEVIVIEH]XSFIL]TRSXMÎHGPSWI]SYVI]IWXLEX¬WVMKLX
I]IWGPSWMRKRS[ERH[MXL]SYVI]IWGPSWIHEPPXLEXMWMQTSVXERXMWXLI
WSYRHSJQ]ZSMGIERH]SYVXLSYKLXWXLEXHVMJXXLVSYKL]SYVQMRHRS
TEKI
6IEPMX]MW4PEWXMG
SYXWMHIWSYRHMWMQTSVXERXXS]SYRS[NYWXQ]ZSMGI;MXLIZIV]FVIEXL
]SYXEOIERHIZIV][SVH-WE]RS[]SY[MPPHVMJXHIITIVERHHIITIVMRXS
L]TRSWMW=SYVPIKW[MPPWYTTSVX]SYEW]SYKSHIITEWPIITEW-VSGO]SYV
WLSYPHIVPIXXMRKIZIV]QYWGPIVIPE\RS[KSMRKHIITEWPIITGSQTPIXIP]
VIPE\IH-REQSQIRXSRISJ]SYVEVQWMWKSMRKXSFIKMRPMJXMRKYT[EVHW
XS[EVHXLIWO]MX[MPPFIKMRXSJIIPPMKLXIVERHPMKLXIVERHPMJXYT%WMX
PMJXWYTEPPF]MXWIPJ]SYGERXV]ERHOIITMXWXIEH]ERH´RHMXNYWX[ERXW
XSPMJXVMKLXYTPMKLXIVERHPMKLXIVXLIVIMXKSIWYTYTTYPPIHYTF]ER
MRZMWMFPIJSVGI=SYEVIHSMRKFVMPPMERXP];LIR-XSYGLXLEXEVQMX[MPP
HVSTFEGOHS[RXS]SYVWMHIERH]SY[MPPKSIZIRHIITIVMRXSXLEXWXEXI
SJL]TRSWMWVIEH]XSVIEPP]PMWXIR*VSQXLMWQSQIRX[LIR-WE]XLI[SVH
WPIIT]SY[MPPMRWXERXP]ERHMQQIHMEXIP]VIXYVRXSXLMWWXEXISJL]TRSWMW
KSMRKIZIRHIITIVXLERFIJSVI[LIR-WE]I]IWSTIR[MHIE[EOI]SY[MPP
STIR]SYVI]IWERHFIEFPIXSWTIEOERHQSZIRSVQEPP]MRIZIV][E]
]SY[MPPEGXYTSRIZIV]XLMRK-WE]MRWXERXP]ERHMQQIHMEXIP][MXLSYX
HSYFXSVUYIWXMSRJYPP]E[EOIERHEPIVX;LIR]SYPIEZI[SVO]SY[MPP
VIµIGXSRXMQILEZMRKµS[RF]VIEPP]UYMGOP]EWMJ]SYLEHWMQTP]FIIR
XLMROMRKEFSYXWSQIXLMRKIPWIIRXMVIP]&IGEYWI]SYORS[WXERHMRKXLIVI
XMQIGLERKIWXSSNYWXPMOISXLIVXMQIW]SYQE]LEZIWXSSHMREUYIYIERH
IZIV]WIGSRHWIIQWPMOIEQMRYXIERHSXLIVXMQIWSREVIXYVRNSYVRI]
JVSQWSQI[LIVIXMQINYWXµ]MRKF]MREµEWLERHEPSRKXMQIJIIPWPMOI
RSXMQIEXEPP
-REQSQIRX-EQKSMRKXS[EOI]SYYTERH]SY[MPPFIJIIPMRKJERXEWXMG
]SY[MPPVIEPMWIXLEX]SYEVI[IEVMRKQ]GSEX]SYEVI[IEVMRKQ]GSEX
=SY[MPPVIQSZIMXERHKMZIMXFEGOXSQIERHFIKPEHXSHSWS
)]IWSTIR[MHIE[EOI+VIEX*IIPMRKKSSH#
-LERHIHXLIWYFNIGXXLITSPI
7LEPP-XEOIMXSJJSJ]SY#
-XSSOFEGOXLITSPIXSTVSQTXLMQXSVIQSZILMWGSEX,IFIKERXSIQTX]
LMWTSGOIXW-GSRXMRYIHXSOIITLMQQMPHP]GSRJYWIH[MXLWSQIVERHSQ
GSQQIRXWERHUYIWXMSRW
7SVV]MWMXXLMW[E]VSYRH#8LEXGSYPHGSRJYWI]SY
;LMGL[E]MWMXXS4M^Ê,YX#3/-[MPPKIX]SYEJVIWLSRI
-I\GLERKIHXLITSPIJSVXLIGSEX-[EPOIHSJJMRXLISTTSWMXIHMVIGXMSR
TEKI
6IEPMX]MW4PEWXMG
*IH
-ETTVSEGLIH8SQQ]§EFEVVS[FS]JVSQSRISJ0SRHSR¬W)EWX)RH
QEVOIXW,IXSPHQIXLEXLILEHFIIRL]TRSXMÎHF]LMW7IVKIERX1ENSV
HYVMRKLMWXMQIMRXLIEVQ]]IEVWEKS
7SWYWTIGXMRKLIQMKLXFIYWIHXSFIMRKSVHIVIHMRXSL]TRSWMW-´VWXSJ
EPPµEXXIVIHLMQXIPPMRKLMQXLEXER]SRI[LSLEWFIIRL]TRSXMÎHLEWE
REXYVEPEFMPMX]XSXETMRXSXLIMVQMRHERHXLEXXLMWEFMPMX]RIZIVPIEZIW]SY-
EHSTXIHUYMXIEREYXLSVMXEVMERETTVSEGLKSMRKWXVEMKLXMRXSQEKRIXMGTEPQW
EWERMRHYGXMSR-VISVMIRXEXIHLMQERHHMHEWXMJJEVQXLIRWPEQQIHXLEX
EVQHS[RERHGSQQERHIHWPIIT-KEZILMQETSWXL]TRSXMGWYKKIWXMSRJSV
VIXYVRMRKXSL]TRSWMWERHEQRIWMEJSVQIIXMRKQI*SPPS[MRKXLEX-PIJXXLI
WXEPPERHVIXYVRIHQMRYXIWPEXIV
,M-[SYPHPMOIXLVIITSYRHWSJETTPIW8LVIITSYRHWSJTIEVWTPIEWI
3LERHJSYVGEYPMµS[IVW,S[QYGL#
,IERW[IVIHTSYRHW
7PIIT
-REQSQIRX]SYVEVQ[MPPFIKMRPMJXMRKYTEFSZI]SYVLIEHNYWXPMOIMX
MWFIMRKTYPPIHYTSRE[MRGL8LIVIMXKSIW]SYQE]FIE[EVIXLEXMXMW
QSZMRKFYXXLIVIMWRSXLMRK]SYGERHSI\GITXKSHIITIVERHHIITIVMRXS
L]TRSWMWRS[%WMXPMJXW[MXLIZIV]FVIEXL]SYXEOIERHIZIV][SVH-WE]
RS[KSHIITIVERHHIITIV
%XXLMWTSMRX-KEZILMQXLIWYTIVWYKKIWXMSRJSPPS[IHF]XLIJSPPS[MRKWIX
SJHMVIGXMSRW
-REQSQIRX-[MPP[EOI]SYYTERH]SY[MPPFIPMIZIXLEXIZIV]XLMRK-
TPEGIMRXS]SYVLERHMWQSRI]%R]XLMRKTETIVMWERSXIER]XLMRKIPWIMW
EGSMR=SY[MPPKVEXIJYPP]EGGITXQ]TE]QIRXERHKIXSR[MXL]SYVHE]
MRXLIRSVQEP[E]JIIPMRKKVIEX
)]IWSTIR[MHI[EOI
7SVV]LS[QYGL#
TEKI
6IEPMX]MW4PEWXMG
)MKLXTSYRHWLIVIMW´ZI
-TPEGIHEWIVZMIXXIMRLMWLERHJSPPS[IHF]XLVIIFSXXPIXSTW
8LEXMWERH-WXLEXVMKLX#
+VIEX&]I
TEKI
6IEPMX]MW4PEWXMG
;EXIVIH
%R]SRIGERKIXJVIIHVMROW-XMWTSWWMFPIJSVER]SJYWXSGENSPIXSFIKSV
TIVLETWFPEKWSQISRIMRXSFY]MRKEHVMRO-XMWQYGLQYGLIEWMIVMJXLI
FEVQERFIPMIZIW]SYEVILMWJEZSYVMXIQSZMIWXEV&Y^^MRKJVSQETVMSVL]TRS
EXXEGOSREGSJJIIWLSTERHWIZIVEPJVIIIWTVIWWSWSRXLIPEWXWYRR]*VMHE]
SJXLIWYQQIV-[IRXMRXSEPEVKIFYW]FEVMR7SLS0SRHSR%WSRISJXLI
FEVQER[EPOIHTEWXGSPPIGXMRKKPEWWIW-WXSTTIHERHEWOIHLMQ[LSLMW
JEZSYVMXIQSZMIWXEV[EW,IPSSOIHGSRJYWIHERHWEMHLIHMHRSXORS[-
TIVWMWXIH
«;IPPXLIVIQYWXFISRIXLEX]SYVEXIE´PQWXEV[LSWIQSZMIW]SYPMOI¬#
,IWEMH«(IRÎP¬-XLEROIHLMQERHSJJLI[IRXLIGSRXMRYIHHSMRKLMW
[SVO%XXLMWTSMRX-LEHRSXMRXVSHYGIHQ]WIPJEWEL]TRSXMWXMRJEGX-LEH
RSXMRXVSHYGIHQ]WIPJEXEPP-PIJXERHXLIRQMRYXIWPEXIVGEQIFEGOMRERH
[EPOIHWXVEMKLXYTXSXLIFEVQIRXEPP]TVMQIH[MXLXLIMRXIRXMSRXSFIGSQI
(IRÎP
%W-WXITTIHYTXSXEOIEWIEXSRSRISJXLIFEVWXSSPW-WXYGOSYXQ]LERHXS
WLEOILERHW[MXLXLI&EVQER-LEHQIXQMRYXIWIEVPMIV
,M[LEX¬W]SYVREQI#
-KVEFFIHLMWLERHEWLIVITPMIH«.S¬-PMJXIHMXERHWLS[IHLMQXLITEPQSJ
LMWLERH
0SSOEXXLEXLERH.SPSSOEXSRIWTSXSRMXPSSOEXXLEXWTSXSR]SYV
LERHEWMXQSZIWGPSWIVXS]SYVJEGIRSXMGIXLIGLERKMRKJSGYWSJ]SYV
I]IWRS[GPSWI]SYVI]IW7PIIT+SHIITEWPIIT.YWXVIPE\]SYVEVQW
-QSZIHLMWSXLIVEVQSJJSJXLIFEVWSMXGSYPHLERKF]LMWWMHI
6IPE\IZIV]QYWGPIIZIV]RIVZIIZIV]´FVI]SYEVIHVMJXMRKXSWPIIT
%XXLMWTSMRX-TYXQ]LERHFILMRHLMWRIGOERHETTPMIHWPMKLXTVIWWYVI
IRGSYVEKMRKLMWLIEHXSHVSTJSV[EVHEW-GSRXMRYIHXSKMZILMQMRWXVYGXMSRW
=SYVLIEHGERJEPPJSV[EVHPMOIEFS[PMRKFEPPEW]SYVIPE\ERHKSHIIT
EWPIITRS[HIITEWPIITHIITHIITHIITHIITEWPIIT
TEKI
6IEPMX]MW4PEWXMG
,MWWTMRIWXEVXIHXSVIPE\EPPS[MRKLMWLIEHXSHVSTJSV[EVHXLIFEV[EWE
PMXXPIWXMGO]WS-TPEGIHQ]LERHSRXLIFEVEWEPERHMRKQEXJSVLMWJSVILIEH
=SYVLIEH[MPPVIWXSRQ]LERH]SYEVIWEJI]SYEVI[IPPERHTVSXIGXIH
EW]SYKSHIITEWPIIT%W-VSGO]SYVWLSYPHIVW]SYGERKSXMQIW
HIITIV)ZIV]FVIEXL]SYXEOIERHIZIV][SVH-WE]WIRHW]SYHIITIV
ERHHIITIVMRXSXLEXWPIIT8LEX¬WMXIZIV]XLMRK-WE]RS[MW]SYVVIEPMX]
[MXLSYXHSYFXSVUYIWXMSRIZIV]WMRKPIXLMRK-WE][MPPMRWXERXP]FIGSQI
]SYVVIEPMX]LS[IZIVWXYTMHSVWMPP]MXWIIQW]SYORS[[LEX-WE]]SY
ORS[WII[LEX-WE]]SYWIIERHFIPMIZI-EQ[LS-WE]-EQIZIV]XLMRK
-WE]MW]SYVVIEPMX]2SH]SYVLIEHMJ]SYYRHIVWXERH-REQSQIRX]SYV
PIJXEVQMWKSMRKXSFIKMRHVMJXMRKYTXS[EVHXLIGIMPMRKMX[MPPPMJXYTEPP
F]MXWIPJERHXLIVIMWRSXLMRK]SYGERHSEFSYXMX%WMXPMJXW]SY[MPPKS
IZIRHIITIVMRXSXLEXWXEXISJL]TRSWMWIZIRQSVIHIITP]VIPE\IH8LEX¬W
VMKLXMXMWWXEVXMRKXSKS´RKIVWX[MXGLMRKLERHQSZMRKIPFS[FIRHMRK
PMKLXIVERHPMKLXIVEWMXMWTYPPIHYT]SYGERXV]ERHOIITMXWXIEH]ERH
´RH]SYGERRSXMXNYWXPMJXWYTYTYTXV]ERHLSPHMXHS[RERH´RHMX
PMJXWIZIRLMKLIV;LIR-WRETQ]´RKIVW]SYVLERH[MPPHVSTHS[RPMOIE
[IXHMWLGPSXLERH]SY[MPPHVSTHS[R[MXLMXHIITIVEWPIITGPMGO -EQ
KSMRKXSGSYRXERH]SYVI]IW[MPPSTIRERH]SY[MPPWXERHYTERH
]SY[MPPFIPMIZI-EQ(IRÎP;EWLMRKXSRXLI[SVPHJEQSYWQSZMIWXEV
(IRÎP;EWLMRKXSR=SY[MPPWMQTP][ERXXSWIVZIQII\EGXP][LEX-EWO
JSVSRXLILSYWIRSXLMRK[MPPKMZI]SYSV]SYVQEREKIVQSVITPIEWYVI
[MHIE[EOI,M-EQ(IRÎP-¬HPMOIJSYVHVMROW-EQLIVI[MXLE
JI[JVMIRHWSJQMRI'ER-GSQIFILMRHXLIFEV#8LEX¬WLS[[IHSMXMR
XLI7XEXIW
-[IRXFILMRHXLIFEVERHGLSWIQ]HVMROW-GSRWMHIVIHFYXXLIRHMWQMWWIH
XLIMHIESJXIPPMRKLMQ-[EWXLI1EREKIVERHRIIHIHLMQXSKMZIQIEPP
SJXLIRSXIWSYXSJXLIXMPPI\GITXJSVXLI´ZITSYRHRSXIW%JXIVKIXXMRKQ]
HVMROW-XLEROIHLMQERHKSXLMQXSEHZIVXMWILMWRI[VIEPMX]
8LEROWMXLEWFIIRJERXEWXMGXSQIIX]SY]SYEVIEREFWSPYXIWXEVNYWX
KMZI]SYVLERHEKEMRPSSOEXXLEXLERHRS[WPIITERHWXERHWPIITERH
WXERHWPIITWPIITWPIIT8LMWXMQI[LIR]SY[EOIYT]SY[MPPKSERH
XIPPIZIV]SRI]SYTEWWXLEX]SYLEZINYWXWIVZIH(IRÎP;EWLMRKXSR
[MHIE[EOI
,IHMH,IKVEXIJYPP]XSSOEREYXSKVETLXSS
TEKI
6IEPMX]MW4PEWXMG
&EGOMRXLIVSSQ
%W]SYLEZIXEOIRWSQISRIMRXSL]TRSWMWERHXLI]LEZIHSRI]SYVFMHHMRK
MXMWSRP]JEMVXLEX]SYFVMRKXLIQSYX-J]SYHSRSXXLI][MPPIQIVKIJVSQ
L]TRSWMWIZIRXYEPP]FYXXLI]QMKLXJIIPEPMXXPIHMWSVMIRXEXIH&IGEYWIXLI]
EVIXEOMRKHMVIGXMSRW]SYGERIRWYVIXLI]GSQISYXSJL]TRSWMWGPIERP]ERH
MXMWEKVIEXSTTSVXYRMX]XSIRWYVIXLEX[LIRXLI]VIXYVRXSRSVQEPE[EVIRIWW
XLI][MPPFIJIIPMRKJERXEWXMGERHVIEH]XSKSMRIZIV][E]
-XIRWYVIW]SYVFEGOMWGSZIVIHMJXLI]MQQIHMEXIP]KSSYXWMHIERH[EPO
YRHIVEFYW=SYGSYPHWMQTP]GPET]SYVLERHWERHWE]«)]IWSTIR[MHI
E[EOI¬&YXXLEXMWRSXHSMRKXLINSFIJJIGXMZIP]%KSSH[EOIYTVEXMÍWXLI
[SVO]SYLEZIHSRIKMZIWERSTTSVXYRMX]JSVXLIQXSKSFEGOMRXSEXVERGI
MRWXERXP]MJ]SY[MWLXSKMZIXLIQXLMWEFMPMX]ERHIRWYVIWXLI]EVIFEGOXS
RSVQEPMRIZIV][E]
-REQSQIRX-EQKSMRKXSGSYRXJVSQSRIXS´ZIERHSRXLIGSYRXSJ
´ZI]SYVI]IW[MPPSTIRERH]SY[MPPFIFEGOEXJYPPGSRWGMSYW[EOIJYP
EPIVXRIWWIZIV]XLMRKFEGOXSRSVQEPMRIZIV][E]-X[MPPFIPMOI]SY
LEZI[SOIRYTJVSQE[SRHIVJYPRMKLXWWPIIT=SY[MPPYRHIVWXERH
L]TRSWMWMWRSXWPIITFYXXLIRI\XXMQI]SYKIXMRFIHERHWPIIT]SY
[MPPWPIIT[SRHIVJYPP]FIXXIVXLER]SYLEZIJSV]IEVWERHE[EOIEXER
ETTVSTVMEXIXMQIVIJVIWLIHVIZMXEPMWIHJIIPMRKFVERHRI[
3RI*IIPMRKPIWWVIPE\IHRS[IZIV]QYWGPIRIVZIERH´FVIGSQMRK
EPMZI
8[S%WYVKISJIRIVK]MWTSYVMRKMRXLVSYKL]SYV´RKIVWXSIWYTEVQW
PIKWWTMRIXSXLIXSTSJ]SYVLIEH
8LVII8EOIEHIITFVIEXL´PP]SYVGLIWX[MXLIRIVK]KMZMRKS\]KIRMX
WTVIEHWXSIZIV]QYWGPIRIVZIERH´FVI
*SYV8EOIERSXLIVEW]SYVLIEHMWFIMRK[EWLIHXLVSYKL[MXLGSSP
GPIEVWTVMRK[EXIV]SYVIRXMVIFSH][EWLIHXLVSYKLVIJVIWLIHERH
VIZMXEPMWIH
*MZI)]IWSTIR[MHIE[EOIFEGOMRXLIVSSQ
TEKI
6IEPMX]MW4PEWXMG
3VEPXIVREXMZIP]
3RXLIGSYRXSJ´ZI]SY[MPPFIFEGOEXRSVQEPE[EVIRIWWIZIV]XLMRK
FEGOXSRSVQEPJIIPMRKJERXEWXMG
3RI*IIPMRK[SRHIVJYP
8[S8SEGLMIZI]SYVKSEPW
8LVII;MXLEJIIPMRKSJJVIIHSQ
*SYV*IIPXLIJSVGISJXLEXJIIPMRK
*MZI)]IWSTIRJIIPMRK[SRHIVJYPP]EPMZI
-[MPPSJXIRGPETQ]LERHWSRXLIGSYRXSJ´ZIXSEHHXSXLIIJJIGX8LMWXIRHW
XSWXEVXPIXLIWYFNIGXEPMXXPIERHVIEPP]TYXWWSQIHMWXERGIFIX[IIRXLIWXEXI
XLI][IVIMRERHXLI[MHIE[EOIWXEXI-RXLMWQSQIRXXLIHSSVWXSXLIMV
L]TRSXMG[SVPHGPSWI-XIRGSYVEKIWEQRIWMEJSVXLII\TIVMIRGI=SYGER
JYVXLIVIRGSYVEKIXLMWF]MQQIHMEXIP]EWOMRKXLIQEUYIWXMSRXLEXHSIWRSX
VIPEXIXSXLIL]TRSXMGI\TIVMIRGIXLI]LEZINYWXLEH8LMWGSYPHFIVIPEXIH
XSEGSRZIVWEXMSR]SY[IVILEZMRK[MXLXLIQTVMSVXSXLIL]TRSWMWSVNYWXE
XVMZMEPUYIWXMSR;LIRXLI]XLIRXV]XSVIGEPPXLIL]TRSXMGI\TIVMIRGIXLI]HS
WS[MXLXLIWEQIMRIJJIGXMZIRIWWXLI]QMKLXXV]XSVIGEPPEHVIEQXLEXWIIQIH
ZMZMHNYWXQSQIRXWIEVPMIV
7SLS[PSRKLEZI]SYLEH]SYVQSXSVFMOI#
-WXLEX]SYVKPEWWSRXLIµSSV#
-WMXEPMXXPI[EVQMRLIVI#
TEKI
6IEPMX]MW4PEWXMG
7EJIX]0EWX
,IEPXLERHWEJIX]MWEPQSWXGSQTPIXIP]MRGSRXVSPSJXLIL]TRSXMWX&IMRK8LI
,]TRSXMWXFVMRKWVIWTSRWMFMPMX][MXLMX&IXLIFIWX]SYGERFIERHXVIEX]SYV
WYFNIGXW[MXLXLIVIWTIGXXLI]HIWIVZI%P[E]WHIQSRWXVEXIXLEX]SYGEVI
ERHXLI]EVIMRWEJIERHGSQTIXIRXLERHW8LMWQEOIWXLINSFIEWMIVER][E]
%P[E]WHSETVSTIV[EOIYT(SRSXXEOIWMPP]VMWOW+MZMRKWSQISRIJYPP
FSH]GEXEPITW]ERHFEPERGMRKXLIQFIX[IIRGLEMVWMWERMQTVIWWMZIWMKLX§
FYXXLIWYFNIGXQE]LEZIEFEGOGSRHMXMSR8LIGLEMVWQE]GSPPETWI8IPPMRK
WSQISRIXLI]EVIER3P]QTMGW[MQQIVQMKLXIRGSYVEKIXLIQXSPE]HS[R
SREXEFPIXSTERHHSJVSRXGVE[PSVQMKLXVIWYPXMRXLIQHMZMRKSJJSJEXEFPI
LIEH´VWX(SRSXXEOIYRRIGIWWEV]VMWOW7LSYXMRK«7PIIT¬EWXLIWYFNIGXMW
VYRRMRKJVSQSRIIRHSJXLIVSSQXSERSXLIVGSYPHVIWYPXMRXLIQHVSTTMRK
XSXLIµSSVERHWQEWLMRKELMT7SIRGSYVEKIXLIQXSWXSTVYRRMRKXSWXERH
WXMPPPIXXLIQORS[XLEXXLIMVPIKW[MPPWYTTSVXXLIQ7E]«7PIITERHWXERH¬
7LS[]SYVWYFNIGXX[MGIXLIEQSYRXSJVIWTIGXERHEXXIRXMSR]SY[SYPHMR
XLIRSVQEP[EOMRKWXEXI)RWYVIXLEX]SYVWYKKIWXMSRMRGPYHIWVIQEVOWXLEX
XLI][MPPRSXHSER]XLMRKXLEX[MPPLYVXXLIQSVER]SRIIPWI
%FVIEGXMSRWERHSXLIVWYVTVMWIW
:IV]VEVIP][LIREWYFNIGXMWL]TRSXMÎHXLI]LEZIEPEVKIIQSXMSREP
VIEGXMSRXLEXWYVTVMWIWXLIQERHMJYRTVITEVIH8LI,]TRSXMWXXSS7SFI
TVITEVIH8LI]QE]FIYTWIXERHGV]SJXIR[MXLGSQTPIXIEFERHSR)UYEPP]
XLI]QE]GVEGOYTPEYKLMRK7SQIXMQIWXLI]ORS[[L]XLI]EVIYTWIX
ERHWSQIXMQIWXLI]HSRSX%REFVIEGXMSRPMOIXLMWMWRSXLMRKXSFIEJVEMH
SJQEREKIHETTVSTVMEXIP]]SYEVIRSXKSMRKXSHSER]SRIHEQEKILIVI
ERHGERIRWYVIXLI]GSQIXLVSYKLMXFIXXIVSJJMJEPMXXPIWLEOIR-XGSYPH
FIWSQIXLMRK]SYLEZIWEMHLEWEGXIHEWEXVMKKIVXLEXLEWVIQMRHIHXLIQ
SJWSQIXLMRKXVEYQEXMGSVEQIQSV][MXLRIKEXMZIIQSXMSRWEWWSGMEXIH
[MXLMXERHXLI]LEZITPYRKIHFEGOMRXSXLIQIQSV]MRXLI´VWXTIVWSR
/IIT]SYVHMVIGXMSRWGPIER(SRSXVIKVIWWTISTPIXSTPEGIWXLEXGSYPHLEZI
FIIRLYVXJYPSVLEVQJYPSVJVMKLXIRMRK(SRSXVIKVIWWXSXLIMVGLMPHLSSH
8LIWXEKIL]TRSXMWXGERWEJIP]QEOITISTPIEGXPMOIEWM\]IEVSPHFYX
WLSYPHRSXVIKVIWWWSQISRIXSXLIMVS[RPMJIEXWM\§NYWXMRGEWIMX[EW
E[JYP7SQIXMQIWMXWIIQWEREFVIEGXMSRMWUYMXIWTSRXERISYW§[MXLSYX
ER]TEVXMGYPEVXVMKKIV-XMWEWMJIQSXMSRW[IHSSYVYTQSWXXSMKRSVIERH
SYXFYVWXW[IRIIHXSLEZIFYXWYTTVIWWGERPYVONYWXFIRIEXLXLIWYVJEGI
SJGSRWGMSYWRIWW,]TRSWMWMWERSTTSVXYRMX]JSVXLIQXSKIXSYXSJXIREW
WSSREWXLIGSRWGMSYWQMRHMWSYXSJXLI[E]8LIVIMWRSRIIHXSEPEVQXLI
TEKI
6IEPMX]MW4PEWXMG
WYFNIGXF]KIXXMRKJVIEOIHSYXERHYTWIX-J]SYEVIRSXKSMRKXSWXEVXHSMRK
MQTVSQTXYXLIVET]XLIRXLIFIWXXLMRKMWXSWMQTP]XIPPXLIQXLEXIZIV]XLMRK
[MPPFI3/XLEX]SYWTIRHWSQIXMQI[MXLXLIQERHXLEXMREQSQIRX]SY
[MPPFVMRKXLIQFEGOYTERHXLI]HSRSXRIIHXSFVMRKXLIWIQIQSVMIWERH
JIIPMRKWFEGO[MXLXLIQ8LIRHSETVSTIV[EOIYT7TIRHWSQIXMQI[MXL
XLIQEJXIV[EVHWXSIRWYVIXLI]EVI3/3JGSYVWIEWEL]TRSXLIVETMWXER
EFVIEGXMSRMWERSTTSVXYRMX]XSHIEP[MXLWSQIXLMRK=SYLEZISJXIRJSYRH
E«WTPMRXIV¬ERHGERWXEVXXSTYPPMXSYX&YXXLMWMWRSXEFSSOSRXLIVET]
7XMGO[MXL[LEX]SYORS[(SRSXWYKKIWXXLI]LEZIMWWYIWERHWLSYPHWIIO
XLIVET]IMXLIV8LI]EVIPMOIP]XSORS[[L][LEXIZIVMXMWXLEXGEQIYTGEQI
YTERHGERQEOIXLIMVS[RHIGMWMSRW
3RSGGEWMSREWYFNIGXQE]KIXEPMXXPIGSRGIVRIHEWXLI]JIIPXLI]EVIKSMRK
MRXSEXVERGI§MJXLI]EWWSGMEXIXLMW[MXLPSWMRKGSRXVSP-JXLI]LEZILEH
TERMGEXXEGOWSVEFEHI\TIVMIRGI[MXLHVYKWXLI]QE]EWWSGMEXIMX[MXL
XLEX-JXLI]WXMPP[MWLXSFIL]TRSXMÎHXLIRMXMWMQTSVXERXXSPIXXLIQJIIP
MRGSRXVSPERHORS[XLEXXLI]GERQEREKIXLIHITXLXLI]KSXS8LMWGERFI
EGLMIZIHF]XVEMRMRKXLIQXSXEOIXLIQWIPZIWMRERHSYX
)ZIRQSVIVEVIP]WSQISRIQE]LEZIE´XTIVLETWXLI]WYJJIVJVSQITMPITW]
SVWPIITETRIE-JXLI]EVIRSXXLVEWLMRKEVSYRH[LIR´XXMRKFYXLEZIMRWXIEH
FIGSQIZIV]VMKMHMXGERFIHMJ´GYPXXSWTSXMQQIHMEXIP]%PXLSYKLMRQ]
STMRMSRXLIVIMWRSQSVIPMOIPMLSSHXLEXWSQISRIMWKSMRKXS´XMRL]TRSWMW
XLERER][LIVIIPWI-EQRSXEQIHMGEPQER7SHSRSXXEOIXLEXEHZMGI9WI
XLITVIGEYXMSREV]TVMRGMTPI6IGSKRMWIMXGERLETTIR2SXEPPITMPITXMGTISTPI
ORS[XLI]LEZIXLIGSRHMXMSR
-JWSQISRIMWMRXLMWTSWMXMSRXLIR]SYUYMGOP]HS[LEX7X.SLR¬W%QFYPERGI
7IVZMGIXIPPW]SYXSHS&EWMG,IEPXLERH7EJIX]XVEMRMRKMWMRI\TIRWMZI-X
[MPPXIEGL]SYLS[XSWEZIPMZIWERHQYGLQSVIMRSRIHE]-J]SYEVIRSX
YTJSVHSMRKXLMWXLIR]SYWLSYPHEWOTISTPIMJXLI]LEZIER]WIVMSYWLIEPXL
GSRHMXMSRWERHVIJYWIXSL]TRSXMÎXLIQ
6IGSKRMWIXLEXMJ]SYEVIKSMRKXSLEZI]SYVWYFNIGXHSMRKXLMRKWXLEX
MRZSPZIQSZMRKEVSYRHXLEXXLI]WLSYPHFIHSMRKXLMW[MXLXLIMVI]IWSTIR
.YWXFIGEYWI]SYLEZIL]TRSXMÎHXLI[EMXVIWWXSQEOI]SYJVIIGSJJIIHSIW
RSXQIERWLIWLSYPHVMWOKIXXMRKWGEPHIH(ERGMRK[MXLXLII]IWGPSWIHGER
FIHERKIVSYWXSS
TEKI
6IEPMX]MW4PEWXMG
-J]SYEVIKSMRKXSL]TRSXMÎWSQISRIERHXIPPXLIQ]SYLEZIWXSPIRXLIMV
ZSMGIFEPPWJEZSYVMXIJEMV]ERHXIPPXLIQXLMW[MPPQEOIXLIQERKV]XLIVIMW
RSXLMRKXSWXSTXLIQLMXXMRK]SY9RPIWWSJGSYVWI]SYXIPPXLIQXLEXXLI]
[MPPKIXERKV]FYX[MPPRSXEGXYEPP]KIXZMSPIRX-J]SYEVIKSMRKXSWYKKIWXE
HMWKYWXMRKXEWXIMRXS]SYVWYFNIGX¬WQSYXLXLIRXIPPXLIQXLI]QE]JIIPWMGO
FYXXLEXXLI][SR¬XEGXYEPP]FIWMGO
+IXXMRKTISTPIXSIEXERHHVMROXLMRKW[LIRL]TRSXMÎHMWEPWSEWOMRKJSV
XVSYFPI%PXLSYKLMRXLIZEWXQENSVMX]SJGEWIWMX[MPPFI´RI§]SYRIZIV
ORS[MJXLI]LEZIEREPPIVK]XSWSQIXLMRK
9WMRKGEXEPITW][MXLTISTPI[LSLEZIEVXLVMXMGGSRHMXMSRWMWSFZMSYWP]RSX
EHZMWIH
-GSYPHKSSR8LMRO9WIGSQQSRWIRWIERHEFMXQSVI0SSOEXXLI
WYVVSYRHMRKIRZMVSRQIRX6IQSZISVWXIIVGPIEVSJTSXIRXMEPHERKIVW&I
WEJI7LS[]SYGEVI
1SVEPWERH)XLMGW
-XMWSJXIRWXEXIHF]L]TRSXMWXWXLEX]SYGERRSXQEOITISTPIHSXLMRKWXLI]
[SYPHRSXRSVQEPP]HSERHGIVXEMRP]GERRSXQEOITISTPIHSXLMRKWXLEX
KSEKEMRWXXLIMVQSVEPWERHIXLMGW-EFWSPYXIP]HMWEKVII4PIEWIOIITMR
QMRHXLEXQSVEPWERHIXLMGWEVINYWXEWYVJEGIZIRIIVQEMRXEMRIHJSVWSGMEP
EGGITXERGI;LIRXLIGSRWGMSYWGVMXMGEPQMRHMWSYXSJXLIIUYEXMSRMXMW
TSWWMFPIERHPMOIP]XLEXQSVEPERHIXLMGEPFSYRHEVMIWEVIXSS7SMRXLMW
WIRWI]SYEVIVIWTSRWMFPIJSVXLIQSVEPERHIXLMGEPFSYRHEVMIW8LIWYFNIGX
VIQEMRWLYQERERHMWGETEFPISJEJYPPVERKISJVIWTSRWIW%KEMR-WYKKIWX
]SYYWIGSQQSRWIRWI9RHIVWXERHXLEXXLIVSYXMRIW-LEZISYXPMRIHMRXLMW
FSSOEVIXLIVIJSVIRXIVXEMRQIRXTYVTSWIW-EQMRRS[E]WYKKIWXMRKXLEX
]SYGSQQMXGVMQIWSVEFYWIXLIORS[PIHKIKMZIR
;LIRL]TRSXMWMRK]SYEVIRSXQEOMRKTISTPIHSXLMRKWEKEMRWXXLIMV[MPP
]SYEVIMRWXIEHFIRHMRKXLIMVVIEPMX]WSXLEXXLIWYFNIGXW[MPPLEWERMRXIVIWX
MRJSPPS[MRK]SYVHMVIGXMSR-VITIEX]SYEVIVIWTSRWMFPIJSVXLIQSVEPERH
IXLMGEPFSYRHEVMIW
TEKI
6IEPMX]MW4PEWXMG
*MREPXLSYKLXW
8LVSYKLSYXER]SJQ]XVEMRMRKGSYVWIW-IQTLEWMWIXLEXMXMWMQTSVXERXXS
PSSOFI]SRHXIGLRMUYIERHPIX[LEX]SYHSFIGSQI]SYVEVXJSVQ4VEGXMWI
SFWIVZIWXVIXGL]SYVWIPJ§XLIVIMWEP[E]WQSVIXSPIEVR8LIRVIPE\ERHHS
]SYV[SVO8LIVIMWRSRIIHXSWIXXPIJSVFIMRKEREZIVEKIL]TRSXMWX§FIXLI
FIWX]SYGERFI
3JGSYVWIEX´VWXMXMWMQTSVXERXXSKIX]SYVXIGLRMUYIQEWXIVIHWS[SVO
LEVHXSHSXLMW3RGIMXMWFITVITEVIHXSPIX]SYVMRXYMXMSRKYMHI]SYEFSYX
LS[]SYETTP]XLMWORS[PIHKI,YQERFIMRKWEVIWYKKIWXMFPI8EOIXLEX
YRHIVWXERHMRKERHORS[PIHKI[MXL]SYMRXSIZIV][EPOSJPMJI[LIXLIV]SY
EVIWTIEOMRKXS]SYVGLMPHVIREX[SVOSVTVIWIRXMRKERMHIE
8LI[SVHWEVIRSXEWMQTSVXERXEWXLIMHIEW8LIXIGLRMUYIWEVIRSXEW
MQTSVXERXEW]SYVMRXIRXMSR=SYGERXLIWI[SVHWERHXIGLRMUYIWMJ]SY[ERX
FYXQEOIXLIQFIXXIVWXMPP-J]SYPMOIXLIQXEOIXLIWIMHIEWERHQEOIXLIQ
]SYVS[R3FWIVZI]SYVWYFNIGXXLI][MPPKMZI]SYEPPXLIKYMHERGI]SY
RIIH
%MQXSPIEZI]SYVWYFNIGXWERH]SYVEYHMIRGI[MXLERI[ZMI[SJXLI[SVPH
KMZIXLIQERI\TIVMIRGIXLI][MPPWXMPPVIGSYRX]IEVWJVSQRS[
TEKI
6IEPMX]MW4PEWXMG
6IJIVIRGIW
&IVRLIMQ,,IVXIV'%XVERW (IPE7YKKIWXMSRIXHIWSR
%TTPMGEXMSRlPE8LrVETIYXMUYI?7IGSRH)HMXMSRA7YKKIWXMZI
8LIVETIYXMGW%8VIEXMWISRXLI2EXYVIERH9WIWSJ,]TRSXMWQ +4
4YXREQ¬W7SRW2I[=SVO
4EXXMI*VERO%1IWQIVERH%RMQEP1EKRIXMWQ%'LETXIVMRXLI
,MWXSV]SJ1IHMGMRI)HQSRWXSR4YFPMWLMRK-RG
&VEMH.EQIW1EKMG[MXGLGVEJXERMQEPQEKRIXMWQL]TRSXMWQERH
IPIGXVSFMSPSK]0SRHSRVHIHMXMSR
)VMGOWSR1MPXSR,0MJI6IJVEQMRKMR,]TRSWMW)VRIWX06SWWM
)HMXSV 1EVKEVIX36]ER)HMXSV
)PQER(EZI,]TRSXLIVET]§*MRHMRKWMR,]TRSWMW
+VMJ´R.SIERH8]VIPP-ZER,YQER+MZIRW§%2I[%TTVSEGLXS
)QSXMSREP,IEPXLERH'PIEV8LMROMRK,+4YFPMWLMRK
7SYXLSR1MOIERH;IWX'LVMW8LI&IIVQEX)RXVITVIRIYV§8YVRMRK
]SYVKSSHMHIEMRXSEKVIEXFYWMRIWW4VIRXMGI,EPP
'LEVGSX.14L]WMSPSKMITEXLSPSKMUYI7YVPIWHMZIVWrXEXWRIVZIY\
HrXIVQMRrWTEVP¬L]TRSXMWEXMSRGLI^PIWL]WXrVMUYIW?4EXLSPSKMGEP
TL]WMSPSK]3RXLIZEVMSYWRIVZSYWWXEXIWHIXIVQMRIHF]XLIL]TRSXMWEXMSR
SJL]WXIVMGEPWA'SQTXIWVIRHYWHIP¬%GEHrQMI(IW7GMIRGIW

3ZIVHYVJ.SLRERH7MPZIVXLSVR.YPMI8VEMRMRK8VERGIW1IXEQSVTLSYW
4VIWW
6SWWM)VRIWX0ERH'LIIO(EZMH&1MRH&SH]8LIVET]§1IXLSHW
SJ-HISH]REQMG,IEPMRKMR,]TRSWMW;;2SVXSR
1G+MPP3VQSRH8LI2I[)RG]GPSTIHMESJ7XEKI,]TRSXMWQ',4

TEKI
6IEPMX]MW4PEWXMG
3ZIVHYVJ.SLRERH7MPZIVXLSVR.YPMI8VEMRMRK8VERGIW
1IXEQSVTLSYW4VIWW
.IVQE]0YOI&YMPHMRK&PSGOW%PEOEÊQ1EKMG
+VMRHIV.SLRERH&ERHPIV6MGLEVH8VERGI*SVQEXMSRW2IYVS
0MRKYMWXMG4VSKVEQQMRKERHXLI7XVYGXYVISJ,]TRSWMW1SEF986IEP
4ISTPI4VIWW
'LEWI.SR(IITIVERH(IITIV§ 7IGVIXWSJ7XEKI,]TRSWMW%,%
0XH
6SWWM)VRIWX8LI4W]GLSFMSPSK]SJ1MRH&SH],IEPMRK
;;2SVXSR
'LEWI.SR(IITIVERH(IITIV§ 7IGVIXWSJ7XEKI,]TRSWMW%,%
0XH
TEKI
6IEPMX]MW4PEWXMG
6IEPMX]MW4PEWXMG
6IEPMX]MW4PEWXMG
6IEPMX]MW4PEWXMG
)QEMPIRUYMVMIW$ERXLSR]NEGUYMRGSQ
;IF[[[ERXLSR]NEGUYMRGSQ

Anthony Jacqulin - Reality Is Plastic - The Art of Impromptu Hypnosis

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Anthony Jacqulin - Reality Is Plastic - The Art of Impromptu Hypnosis

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Copyright:

Available Formats

6IEPMX]MW4PEWXMG

,MTTSP]XI&IVRLIMQ XLI*EXLIVSJXLGIRXYV],]TRSWMW

.EQIW&VEMH§ GEYWIHETEVEHMKQWLMJXJVSQXLIQIWQIVMWXWSJ

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