7SGMIHEHI&VEWMPIMVEHI1EXIQÅXMGE

3463&0)1%-14377±:)0
'ÅWWMS2IVM
-RWXMXYXSHI1EXIQÅXMGE9RMZIVWMHEHI*IHIVEPHS6MSHI.ERIMVS

2ÑZIP%ZERËEHS

-2863(9Ǥ3

3 4VSFPIQE -QTSWWÑZIP Í YQ PMRHS TVSFPIQE WSFVI RÞQIVSW MRXIMVSW 7YE JSVQE
SVMKMREPJSMHEHETSV*VIYHIRXLEP?AERXIW HIWIVTSTYPEVM^EHETSV1EVXMR+EVHRIV
?A%WHYEWZIVWÙIWRÇSWÇSI\EXEQIRXIMKYEMW%ZIVWÇSHI+EVHRIVÍEWIKYMRXI

(SMWRÞQIVSWMRXIMVSWRÇSRIGIWWEVMEQIRXIHMJIVIRXIW IRXVIIWÇSIWGSPLMHSW

%TIREWEWSQEHSWHSMWRÞQIVSWÍHEHEESQEXIQÅXMGS7ÍVKMS%TIREWSTVSHYXSHSW HSMW
RÞQIVSWÍHEHSESQEXIQÅXMGS4EYPS
4SV XIPIJSRI 7ÍVKMS HM^ E 4EYPS 2ÇS I\MWXIQ QIMSW TEVE UYI ZSGÎ HIXIVQMRI
QMRLE WSQE 9QE LSVE HITSMW 4EYPS XIPIJSRE HI ZSPXE TEVE HM^IV )Y WIM E WYE WSQE
1EMW XEVHI 7ÍVKMS XIPIJSRE RSZEQIRXI TEVE 4EYPS TEVE ERYRGMEV %KSVE IY WIM S WIY
TVSHYXS
5YEMWWÇSSWRÞQIVSW#

2S TVSFPIQE SVMKMREP *VIYHIRXLEP JM\SY YQE GSXE WYTIVMSV HI  RÇS TEVE SW
RÞQIVSW QEW TEVE E WSQE RÇS SFWXERXI ZEQSW GSRWMHIVEV ETIREW ZEVMEËÙIW HS
TVSFPIQE GSQ GSXEW TEVE SW RÞQIVSW IQFSVE E ZIVWÇS HI *VIYHIRXLEP TSWWE WIV
EREPMWEHE HI QSHS ERÅPSKS  4EVE WMQTPMJMGEV S TVSFPIQE +EVHRIV TVIJIVMY YWEV E
GSXE WYTIVMSV MKYEP E  *E^IRHS MWXS S 4VSFPIQE -QTSWWÑZIP WI XSVRSY
PMXIVEPQIRXI MQTSWWÑZIP GSQS HMWWI S TV×TVMS +EVHRIV ?A 2IWXI XI\XS ZEQSW
I\TPMGEVIWXITSRXS
­ WYVTVIIRHIRXI UYI S TVSFPIQE SVMKMREP WINE FIQ TSWXS NÅ UYI GSQS TSHIWI
TIRWEVETIUYIREGSRZIVWEXIPIJØRMGERÇSEGVIWGIRXERIRLYQEMRJSVQEËÇSVIPIZERXI
WSFVI SW RÞQIVSW 1EW GSQS ZIVIQSW IWXE GSRZIVWE Í VMGE HI MRJSVQEËÙIW
QEXIQÅXMGEW

34VSFPIQE-QTSWWÑZIPÍYQTVSFPIQEIQ3WTVSFPIQEWTVSTSWXSWE4EYPSIE
7ÍVKMS WÇS HMJIVIRXIW HS RSWWS I IRXVI WM 'EHE YQ HSW TIVWSREKIRW XIQ YQE
MRJSVQEËÇS EHMGMSREP S TVSHYXS TEVE 4EYPS I E WSQE TEVE 7ÍVKMS  UYI R×W RÇS
XIQSW-WXSJE^YQEKVERHIHMJIVIRËE


3EYXSVEPÍQHIXVEHY^MVSIRYRGMEHSXSQSYEPMFIVHEHIHIGLEQEVSWTIVWSREKIRWHI
4EYPSI7ÍVKMSIQZI^HI4I7GSQSREZIVWÇSIQMRKPÎW

)96)/%2”


 7SGMIHEHI&VEWMPIMVEHI1EXIQÅXMGE

2EWHYEWTVMQIMVEWWIËÙIWGSRWMHIVEVIQSWSTVSFPIQEGSQSRSWJSMTVSTSWXS
2EÞPXMQEWIËÇSGSRWMHIVEQSWSWTVSFPIQEWTVSTSWXSWE4EYPSIE7ÍVKMS

7309Ǥ3(3463&0)1%

4EVEVIWSPZIV S TVSFPIQE ZEQSW YWEV YQ TVSKVEQE HI GSQTYXEHSV NÅ UYI I\MWXIQ
QYMXSWGEWSWEGSRWMHIVEV9QTVSKVEQEIWGVMXSIQPMRKYEKIQ'IWXÅHMWTSRÑZIPIQ
?A 4SWXIVMSVQIRXI ZIVIQSW YQE WSPYËÇS WIQ E RIGIWWMHEHI HI ENYHE
GSQTYXEGMSREP

:INEQSWEIWXVEXÍKMEHEWSPYËÇS%TVS\MQEHEQIRXIJEPERHSGSQIËEVIQSWGSQHSMW
GSRNYRXSWKVERHIWSHSWTVSHYXSWEHQMWWÑZIMWI SHEW WSQEWEHQMWWÑZIMW (IGEHE
JVEWIHSHMÅPSKSI\XVEMVIQSWMRJSVQEËÇSUYIRSWTIVQMXMVÅVIHY^MVSXEQERLSHIWXIW
GSRNYRXSW %S JMREP XIVIQSW ETIREW YQ TVSHYXS I YQE WSQE EHQMWWÑZIP
6IWSPZIRHSYQEIUYEËÇSHIWIKYRHSKVEYHIXIVQMREVIQSWSWHSMWRÞQIVSW

*EVIQSW E WIKYMRXI LMT×XIWI JYRHEQIRXEP GEWS GSRXVÅVMS S TVSFPIQE RÇS XIQ

WIRXMHSQEXIQÅXMGS

,MT×XIWIJYRHEQIRXEP4EYPSI7ÍVKMSHM^IQEZIVHEHI
)WXE LMT×XIWI QIVIGI YQ GSQIRXÅVMS JMPSW×JMGS %PKYQ PIMXSV TSHI NYPKEV UYI XEP
LMT×XIWI WINE JEPWE NÅ UYI 7ÍVKMS EJMVQE UYI 4EYPS RÇS TSHI HIXIVQMREV E WSQE I
YQE LSVE HITSMW 4EYPS ERYRGME UYI S JI^ 9Q HIPIW IWXÅ QIRXMRHS# 2ÇS
RIGIWWEVMEQIRXI % LMT×XIWI GSRXMRYE WIRHS TPEYWÑZIP ES GSRWMHIVEVQSW S XIQTS
-RMGMEPQIRXI4EYPSRÇSTSHMEVIWSPZIVSTVSFPIQE4SVEPKYQEVE^ÇSUYIZIVIQSWE
WIKYMV7ÍVKMSWEFMEHMWXSIERYRGMSYSJEXS4EYPSTIRWSYIHIWGSFVMYUYEPIVEIWXE
VE^ÇS7×HITSMWHIHIWGSFVMPETSVXERXSRÇSERXIWHI7ÍVKMSWITVSRYRGMEV Í UYI
4EYPSJSMGETE^HIHIXIVQMREVEWSQE

'LEQEVIQSWHITESTVSHYXSI W ÄWSQEHSWHSMWRÞQIVSW7INE2 EGSXEWYTIVMSV

HEHETEVESWRÞQIVSW2IWXEWIËÇSGSRWMHIVEVIQSW2!7EFIQSWETVMSVMUYI
TRÇSÍTVMQSNÅUYIIPIÍYQTVSHYXSHIHSMWMRXIMVSWQEMSVIWUYI%PÍQHMWXST
RÇS TSHIXIV RIRLYQ HMZMWSVTVMQS QEMSVUYI2TSV I\IQTPS T RÇS TSHI WIV ›
  ,Å SYXVEW VIWXVMËÙIW TSV I\IQTPS T   IT     :INE UYI
WEFIQSWQYMXEGSMWEWSFVIT4SVSYXVSPEHSRÇSXIQSWRIRLYQEVIWXVMËÇSWSFVIW
I\GIXSUYI  W 

4EVEWMQTPMJMGEVEETVIWIRXEËÇSJEVIQSWEWWIKYMRXIWHIJMRMËÙIW

)96)/%2”


 7SGMIHEHI&VEWMPIMVEHI1EXIQÅXMGE

(IJMRMËÇS (EHSYQMRXIMVS Q  HM^IQSWUYISTEVM N ÍYQEJEXSVEËÇS HIQ

WIQ!MNGSQMINMRXIMVSWIRXVII2

(IJMRMËÇS(EHSYQMRXIMVS Q  HM^IQSWUYISTEVM N ÍYQEHIGSQTSWMËÇSHI

QWIQ!MNGSQMINMRXIMVSWIRXVII2
6ITEVIUYIIWXEWHIJMRMËÙIWHITIRHIQHI2%WWMQ ÍYQEJEXSVEËÇSHIWI
IWSQIRXIWI 2  )QWIXVEXERHS HI JEXSVEËÙIW I HIGSQTSWMËÙIW GSRWMHIVEQSW
M N !N M 
%W VIWXVMËÙIW WSFVI T GMXEHEW ERXIVMSVQIRXI WÇS GSRWIUàÎRGMEW HS WIKYMRXI JEXS
I\MWXI TIPS QIRSW YQE JEXSVEËÇS TEVE T 3W GSRNYRXSW HSW TVSHYXSW I HEW WSQEW
EHQMWWÑZIMWWÇSHEHSWVIWTIGXMZEQIRXITSV
4 _Q   Q 2  IQ XIQTIPSQIRSWYQEJEXSVEËÇSa
7  _Q   Q  2 a
3TVSKVEQEMRJSVQEUYI 4 XIQIPIQIRXSW-RJSVQEXEQFÍQUYI 7 XIQ
IRXVIXERXSMWXSÍXVMZMEPQIRXIGSRWXEXEHSWIQRIGIWWMHEHIHIGSQTYXEHSV
4EWWIQSW Ä ERÅPMWI HS HMÅPSKS -RMGMEPQIRXI 7ÍVKMS HM^ UYI 4EYPS RÇS TSHI
HIXIVQMREVEWSQE-WXSWMKRMJMGEUYITXIQTIPSQIRSWHYEWJEXSVEËÙIWHMWXMRXEW(I
JEXS NÅ WEFIQSW UYI T XIQ JEXSVEËÇS 7I M N  JSWWI E ÞRMGE JEXSVEËÇS HI T IRXÇS
4EYPS WEFIVME UYI W ! M N (IWXE JSVQE S GSRNYRXS HSW TVSHYXSW EHQMWWÑZIMW WI
VIHY^E
4 _Q 4  Q XIQTIPSQIRSWHYEWJEXSVEËÙIWa

8IQSW UYI T 4  I WIKYRHS S TVSKVEQE 4  XIQ  IPIQIRXSW 4IVGIFIWI

JEGMPQIRXI UYIWIM I NWÇSTVMQSWGSQ M N 2  IRXÇS MN 4 @ 4  4SVÍQ RÞQIVSW
HIWXE JSVQE GSRWXMXYIQ ETIREW YQE TIUYIRE TEVXI HI 4 @ 4  3YXVSW I\IQTPSW HI
IPIQIRXSWHI 4 @ 4 WÇS 2  I 2  2 n  
)\MWXI SYXVE GSRWIUàÎRGME HE TVMQIMVE JVEWI HI 7ÍVKMS UYEPUYIV UYI WINE E
HIGSQTSWMËÇS M N  HI W XIQSW UYI MN 4  GSQ IJIMXS WYTSRLEQSW UYI W XIRLE
HIGSQTSWMËÇS M N  XEP UYI MN
4   :EQSW QSWXVEV UYI RIWXI GEWS I\MWXI YQE
GMVGYRWXÆRGME RE UYEP 4EYPS TSHIVME HIXIVQMREV E WSQE HI QSHS UYI 7ÍVKMS RÇS
TSHIVMEJE^IVWYETVMQIMVEHIGPEVEËÇS-WXSSGSVVIUYERHST!MNTSMWXIVÑEQSW T
4
I TSVXERXS M N  WIVME E ÞRMGE JEXSVEËÇS HI T -WXS TIVQMXMVME E 4EYPS GSRGPYMV UYI
W ! M  N )QZMWXEHMWWSSGSRNYRXSHIWSQEWEHQMWWÑZIMWWIVIHY^E

7 _Q 7   TEVEXSHEHIGSQTSWMËÇSM N HIQXIQSWUYI MN 4a

)96)/%2”


 7SGMIHEHI&VEWMPIMVEHI1EXIQÅXMGE

8IQSWUYI W 7 IHIEGSVHSGSQSTVSKVEQE

7 ! _   a

)QWIKYMHE4EYPSERYRGMEWEFIVEWSQE7IKYIHEÑUYI I\MWXIYQEÞRMGEJEXSVEËÇS
M N HITXEPUYI M N 7 (IJEXS W 7 PSKSTXIQJEXSVEËÇSGYNEWSQEIWXÅIQ
7  7I I\MWXMWWI QEMW HI YQE JEXSVEËÇS RIWWE GSRHMËÇS IRXÇS 4EYPS RÇS TSHIVME
WEFIV UYEP HIPEW WIVME GSVVIXE %WWMQ S GSRNYRXS HSW TVSHYXSW EHQMWWÑZIMW Í
VIHY^MHSE

4 _Q 4  I\MWXIYQEÞRMGEJEXSVEËÇSM N HIQXEPUYI M N 7a

8IQSWUYI T 4  3TVSKVEQEHM^UYI 4 XIQIPIQIRXSW

*MREPQIRXI7ÍVKMSHM^UYIXEQFÍQWEFISTVSHYXS+VEËEWEYQEVKYQIRXSERÅPSKS
ESHSTEVÅKVEJSERXIVMSVGSRGPYÑQSWUYI I\MWXIYQEÞRMGEHIGSQTSWMËÇSM N HIW
XEPUYI MN 4  4SVXERXSSGSRNYRXSHEWWSQEWEHQMWWÑZIMWWIVIHY^E
7 _Q 7 I\MWXIYQEÞRMGEHIGSQTSWMËÇSM N HIQXEPUYI MN 4 a
8IQSWUYI W 7  3TVSKVEQEMRJSVQEUYI 7  ! _a 0SKSW!
2IWXIQSQIRXS7ÍVKMSNÅERYRGMSYXIVIRGSRXVEHSSTVSHYXS'SQSIWXÅHM^IRHSE
ZIVHEHIIRXÇS R×WXEQFÍQTSHIQSWIRGSRXVÅPS'SQIJIMXSWEFIQSWUYIEWSQE
ZEPIITSVXERXSTSHIQSWRSWGSPSGEVRSPYKEVHI7ÍVKMS
3YXVE QERIMVE HI TVSGIHIV Í VIMXIVEV S EVKYQIRXS UYI HIJMRI 4  E TEVXMV HI 7  I
EUYIPIUYIHIJMRI 7  ETEVXMVHI 4 TEVEEWWMQGSRWXVYMV 4R ETEVXMVHI 7 R n I 7 R E
TEVXMV HI 4R 6ITIXMQSW MWXS EXÍ IRGSRXVEV R  XEP UYI 4R  I 7 R  WINEQ YRMXÅVMSW
1EMWTVIGMWEQIRXITEVER!iHIJMRMQSW
4R _Q 4Rn  I\MWXIYQEÞRMGEJEXSVEËÇSM N HIQXEPUYI M N 7 Rna
7R _Q 7 Rn  I\MWXIYQEÞRMGEHIGSQTSWMËÇSMN HIQXEPUYI MN 4R a
3FXIQSWEWWMQ 4 ! _a I 7 ! _a PSKST!  I W! HISRHIWIKYI UYI SW
RÞQIVSWWÇSI

3)663(3+%6(2)6

'SRLIGIRHS E VIWTSWXE  I  E MRXYMËÇS HMVME UYI E QIWQE WSPYËÇS ZEPIVME WI

XVSGÅWWIQSW GSQS JI^ +EVHRIV E GSXE WYTIVMSV 2 HI  TEVE 

)96)/%2”


 7SGMIHEHI&VEWMPIMVEHI1EXIQÅXMGE

7YVTVIIRHIRXIQIRXIMWXSIWXÅIVVEHS:IVIQSWUYITEVE 2  SWRÞQIVSWI
RÇSVIWSPZIQSTVSFPIQE
3 UYI EGSRXIGI WI 2  # 2IWXI GEWS 
7   (I JEXS S TVSKVEQE QSWXVE UYI
7  !  SUYIWMKRMJMGEUYISTVSFPIQERÇSXIQWSPYËÇS4SHIWITIRWEVUYIIWXEÍ
YQEJEPLEHSQÍXSHS IUYI XEPZI^ TSVSYXVS EVKYQIRXS IRGSRXVÅWWIQSWEWSPYËÇS
QEW GSRGPYÑQSW S WIKYMRXI 7I W I T WÇS SW RÞQIVSW JSVRIGMHSW E 7ÍVKMS I 4EYPS
VIWTIGXMZEQIRXI I WI EQFSW HM^IQ E ZIVHEHI IRXÇS SFXIQSW WYGIWWMZEQIRXI SW
WIKYMRXIWJEXSW

ERXIWHSHMÅPSKS T 4 IW 7 
ET×WETVMQIMVEJVEWIHI7ÍVKMS T 4 IW 7 
ET×WETVMQIMVEJVEWIHI4EYPS T 4 
ET×WETVMQIMVEJVEWIHI7ÍVKMS W 7 

0SKSWISWRÞQIVSWWÇSIIRXÇS T  4 IW! 7   7YTSRLEQSWEKSVE

UYI 2   :EQSW QSWXVEV UYI 
4 SY
7   HI SRHI WIKYMVÅ UYI SW
RÞQIVSW RÇS TSHIQ WIV  I  4VSGIHIQSW TSV EFWYVHS WYTSRHS UYI
 4 I 7 
%JMVQEVIQSWUYI 
7 (IJEXSGSQSXIQETIREWEJEXSVEËÇS XIQSW
UYI 
4  I TSVXERXS    ! 
7   3FWIVZEQSW UYI  TSHI WIV IWGVMXS
GSQSTVSHYXSHIHSMWRÞQIVSWREXYVEMWETIREWHEWWIKYMRXIWJSVQEW
     I  'SQS 2  EÞRMGEJEXSVEËÇSHIÍ PSKS

4  7IKYIHEÑUYI!
7
%KSVE QSWXVEVIQSW UYI  4   4SHIQSW IWGVIZIV  GSQS      I
   'SQS NÅ ZMQSW  !   I !     RÇS IWXÇS IQ 7  TSVÍQ
 7 7  0SKS  4 
*MREPQIRXI IRXVI XSHEW EW HIGSQTSWMËÙIW HI  XIQSW    I    'SQS
 4 XIQSWUYI 
7 SUYIÍYQEGSRXVEHMËÇS
7EPMIRXEQSWSWWIKYMRXIWJEXSW

1SWXVEQSW ETIREW UYI    RÇS Í WSPYËÇS TEVE 2  8EPZI^ SYXVE WSPYËÇS
ETEVIËEUYERHS 2  )RXVIXERXSSTVSKVEQEIQ?AQSWXVEUYI 7  ! 
ITSVXERXSSTVSFPIQERÇSXIQWSPYËÇS

)96)/%2”


 7SGMIHEHI&VEWMPIMVEHI1EXIQÅXMGE

 1IWQS SW TYVMWXEW UYI RÇS EGIMXEQ HIQSRWXVEËÙIW EWWMWXMHEW TSV GSQTYXEHSV
HIZIVÇSEGIMXEVUYI RÇSÍWSPYËÇSHSTVSFPIQEUYERHS 2 

5YERHSHM^IQSWUYISTVSFPIQERÇSXIQWSPYËÇSWMKRMJMGEUYISRSWWSTVSFPIQE
RÇS XIQ WSPYËÇS 4SV SYXVS PEHS S TVSFPIQE TVSTSWXS E 4EYPS XIQ WSPYËÇS HIWHI
UYI E IPI WINE JSVRIGMHS YQ RÞQIVS EHIUYEHS % WMXYEËÇS HI 7ÍVKMS RÇS Í QYMXS
HMJIVIRXIHERSWWE%FSVHEVIQSWIWXEWUYIWXÙIWRETV×\MQEWIËÇS

3463&0)1%()4%903)3()7­6+-3

2IWXE WIËÇS GSRWMHIVEVIQSW SW SYXVSW TVSFPIQEW IWTIGMEPQIRXI S HEHS E 4EYPS

)Q ?A IWXÅ HMWTSRÑZIP YQ TVSKVEQE IQ PMRKYEKIQ ' UYI TSHIVME WIV YWEHS TSV
4EYPSSYTSVR×WIQWIYPYKEV ISYXVSTEVE7ÍVKMS4SVLSVEZSPXIQSWEGSRWMHIVEV
2!
4EYPS WEFIUYIT!  IUYIWYEWJEXSVEËÙIWWÇS  I  %WWMQ IPI WEFI
UYI W ZEPI  SY  %T×W 7ÍVKMS JEPEV TIPE TVMQIMVE ZI^ 4EYPS TVSGYVE EW
HIGSQTSWMËÙIW HI             i )PI TSHI TEVEV TSV EÑ I
GSRGPYMV UYI W   TSMW   Í E ÞRMGE JEXSVEËÇSHI  I  WÇS TVMQSW  I
TSVXERXS 
4 I
7  %KSVEIPITSHITVSGYVEVEWHIGSQTSWMËÙIWHIW×
TEVEXIVGIVXI^EUYIW !       I 
)WXEWHIGSQTSWMËÙIWWÇSJEXSVEËÙIWVIWTIGXMZEQIRXIHII
8SHSWIWXIWRÞQIVSWIWXÇSIQ 4 NÅUYIGEHEYQHIPIWXIQSYXVEJEXSVEËÇSHMJIVIRXI
HEUYIPEEUYMQSWXVEHE4EYPSGSRGPYMUYIW!
7ÍVKMSHIZIXVEFEPLEVQEMWUYI4EYPS4SVÍQIPIXEQFÍQTSHIEGLEVSTVSHYXSET×W
EPKYRWQMRYXSW
'SRWMHIVIQSW EKSVE SYXVSW ZEPSVIW TEVE 2 4EVE ZEPSVIW TIUYIRSW RÇS TSHIQSW
VIWSPZIVSTVSFPIQE(EQIWQEJSVQETEVE2KVERHITSVI\IQTPS2!RÇSÍ
TSWWÑZIP HIXIVQMREV SW RÞQIVSW TSMW 4R ! _aI7 R ! _a TEVE XSHS 2 
4EVE4EYPSSIJIMXSHIXVSGEV2ÍUYEWIRYPSWEFIRHSUYIT!IPIIRGSRXVEW!
TEVE XSHS 2  JEXS IQ EGSVHS GSQ E MRXYMËÇS  1IWQS E EQFMKàMHEHI UYI
ETEVIGITEVER×WUYERHS2!RÇSEXVETEPLE4EYPS2IWXIGEWSWIIPIVIGIFIWWI
T!IRXÇSEGLEVMEW!
5YERHS 2   RÇSÍ QEMWJEXSVEËÇSHI  %WWMQ4EYPS RÇS XIVME HÞZMHE
HI UYI W !  4SVXERXS 7ÍVKMS RÇS HMVME UYI 4EYPS RÇS TSHME HIXIVQMREV E WSQE
4EYPSEGLEVMEWQEW7ÍVKMSRÇSEGLEVMETGSQSZIVIQSWEFEM\S 


3EYXSVWITØWRSPYKEVHI7ÍVKMSIET×WETVS\MQEHEQIRXIQMRYXSWEGLSYSTVSHYXS
2SWWIYWGÅPGYPSWIPIGSRWMHIVSYIQ 4 @ 4 ETIREWSWRÞQIVSWUYIWÇSTVSHYXSWHIHSMW
TVMQSW

)96)/%2”


 7SGMIHEHI&VEWMPIMVEHI1EXIQÅXMGE

4EVE 2  EWMXYEËÇSHI7ÍVKMSÍWMQMPEVERSWWEIPIRÇSTSHIEGLEVT
%VE^ÇSÍEQIWQEHIERXIW  I    WÇS HYEW HIGSQTSWMËÙIW HI  GSQ
TVSHYXSW IQ 4   3YXVE QERIMVE HI ZIV IWXI JEXS Í E WIKYMRXI 8SQI 2 !  I
GSPSUYIQSRSWRSPYKEVHI4EYPSTVMQIMVSGSQT!IHITSMWGSQT!
)QEQFSWSWGEWSWET×WETVMQIMVEJVEWIHI7ÍVKMSIRGSRXVEVÑEQSWW!
0SKS7ÍVKMSRÇSTSHIVMEHIGMHMVWIT!SYT!2EZIVHEHII\MWXIEMRHEYQE
XIVGIMVE TSWWMFMPMHEHI T !  UYI ETEVIGI UYERHS 2 !  4EVE 2 !  7ÍVKMS
IRGSRXVET!UYERHSW!SYT!UYERHSW!

7309«§37)1%77-78®2'-%'31498%'-32%0

:INEQSWEKSVEYQEWSPYËÇSHSTVSFPIQESVMKMREPGSQ2!UYIRÇSRIGIWWMXE
HIEWWMWXÎRGMEGSQTYXEGMSREP
(IXIVQMREV 4 SY 4 QERYEPQIRXIWIVMEQYMXSXVEFEPLSWSPIQFVIWIUYIWIKYRHSS
TVSKVEQE IWWIW GSRNYRXSW XÎQ VIWTIGXMZEQIRXI  I  IPIQIRXSW  :EQSW
TVSGYVEV 7 WIQGSQTYXEHSVQEWGSQTEGMÎRGME
4EVEGSRGPYMVUYI 7
7 FEWXEI\MWXMVYQEHIGSQTSWMËÇSMN HI7UYIWINEEÞRMGE
JEXSVEËÇSHIMN:INEQSWEPKYRWGEWSWGYNEZIVMJMGEËÇSHIM\EQSWTEVESPIMXSV 4EVE
7!XIQSWEHIGSQTSWMËÇS 4EVE7!I7!XIQSW I
 VIWTIGXMZEQIRXI
7I  7 M N  7   VIWSPZI TSMW  7    I MN XIQ JEXSV
TVMQS  PSKS M HMKEQSW XIQ JEXSV  'SQS  "  WI M XMZIQSW SYXVS JEXSV
TVMQSIRXÇSXIVÑEQSWM "UYIÍEFWYVHS'SRGPYÑQSW UYIM ! I N ! 7z
4SVXERXS7 7z ÍEÞRMGEJEXSVEËÇSHIMN%REPSKEQIRXIWI  7  IRXÇS
 7 n  ÍEÞRMGEJEXSVEËÇSHI7z 
6IWYQMRHSEXÍEUYMQSWXVEVIQSWUYIWI 7  IRXÇS 7
7 %KSVEWI 7  I 7Í
TEV IRXÇS TSHIWI ZIVMJMGEV GEWSE GEWS UYI 7 XIQ HIGSQTSWMËÇS M N  GSQ M I N
TVMQSW S GEWS KIVEP MWXS Í WIQ GSXE WYTIVMSV TEVE 7 Í YQ TVSFPIQE IQ EFIVXS
GSRLIGMHSGSQS'SRNIGXYVEHI+SPHFEGL PSKS 7
7
%REPSKEQIRXISWÑQTEVIWIWÇSXSHSW
HEJSVQE4GSQ4TVMQSITSVXERXSRIRLYQHIPIWIWXÅIQ 7  *MREPQIRXI
  Í YQE HIGSQTSWMËÇS HI  UYI Í E ÞRMGE JEXSVEËÇS HI     TSMW
  "   SYWINE 
7
'SRGPYÑQSW UYI 7  7 ! _    a  5YIQ UYMWIV TSHI
QSWXVEV UYI ZEPI E MRGPYWÇS GSRXVÅVME QEW MWXS RÇS WIVÅ RIGIWWÅVMS Ä RSWWE
HIQSRWXVEËÇS

)96)/%2”


 7SGMIHEHI&VEWMPIMVEHI1EXIQÅXMGE

(IXIVQMREV 4 XEQFÍQI\MKMVMEQYMXSIWJSVËS4SVMWXSTEWWEVIQSWHMVIXEQIRXITEVE
7  3FWIVZEVIQSWUYIWI 7 7 IRXÇSI\MWXIYQEÞRMGEHIGSQTSWMËÇSM N HI7XEP
UYI MN 4 IIWXEÍEÞRMGEJEXSVEËÇSHIMNGSQWSQEIQ 7  7 
%WWMQ TEVE GSRGPYMV UYI 7 7 @ 7   FEWXE I\MFMV HYEW HIGSQTSWMËÙIW HMWXMRXEW
M  N I M  N HI7XEMWUYI M N I M N EHQMXEQRSQÅ\MQSIWXEWJEXSVEËÙIWGSQ
WSQEIQ 7  4SVI\IQTPS 
7   (IJEXSGSRWMHIVIEWHIGSQTSWMËÙIW I
  )PEW XÎQ TVSHYXSW  I  VIWTIGXMZEQIRXI %PÍQ HI    I    IWXIW
RÞQIVSWEHQMXIQEWWIKYMRXIWJEXSVEËÙIW  I GYNEWWSQEWI
IWXÇSJSVEHI 7 
%REPSKEQIRXI  QSWXVEWI  UYI  
7  GSRWMHIVERHS EW HIGSQTSWMËÙIW    I
 4EVEGSRWMHIVI I TEVEGSRWMHIVI I 
*MREPQIRXI TEVE 7 _a GSRWMHIVI  7 n  I  7 n  QSWXVI
GEWSEGEWS *MREPQIRXIGSRGPYÑQSWUYI 7  ! _a PSKSEWSQEÍ
%WJEXSVEËÙIWHIWÇS      I 
3W TVSHYXSW GSVVIWTSRHIRXIW WÇS       I  3VE S TVSHYXS
TVSGYVERHS IWXÅ IQ 4   PSKS IPI XIQ YQE ÞRMGE JEXSVEËÇS GYNE WSQE IWXÅ IQ
7  7   3 ÞRMGS HSW RÞQIVSW ERXIVMSVIW GSQ IWXE TVSTVMIHEHI Í  4SV I\IQTPS
    I   7 EPÍQ HMWXS Í GPEVS UYI    7   (I QSHS
ERÅPSKSGSRWMHIVEVIQSW
     !           I    
0SKSSTVSHYXSÍISWRÞQIVSWWÇSI

6IJIVÎRGMEW

?A,%27*6)9()28,%02MGY[%VGLMIJ:SSV;MWOYRHI7IV 

?A1%68-2+%6(2)61EXLIQEXMGEP+EQIW7GMIRXMJMG%QIVMGER(IG 
?A1%68-2+%6(2)61EXLIQEXMGEP+EQIW7GMIRXMJMG%QIVMGER1E]
?A0))7%003;78LI-QTSWWMFPI4VSFPIQ8LI1EXLIQEXMGEP-RXIPPMKIRGIV

?A -7%%'7 - 1 -7%%'7 8LI -QTSWWMFPI 4VSFPIQ 6IZMWMXIH %KEMR 8LE 1EXLIQEXMGEP
-RXIPPMKIRGIV 
?A960[[[PEFQEYJVNFVbGEWWMSJMQTSWWMZIPLXQP

)96)/%2”