Professional Documents
Culture Documents
$"5&%3"(&3&.*"
(3610
*/5&(3"/5&4
%PXOFT"OHFMFT
'BMBQQB"MFYJT
'SBLJDI4PmB
+PEPS0TWBMEP
1FMBZP/JDPMBT
130'&403%BNJBO7JMMBS
1BCFMMPOEF$IJMF&YQP.JMBO
"VUPSFT6OEVSSBHB%FWFT"SRVJUFDUPT
6CJDBDJPO5FNVDP
"SBVDBOJB
$IJMF
"×P
"SFBN
&TUSVDUVSBSFUJDVMBEB
.BUFSJBMNBEFSB
BDFSP
&M
&MQBCFMMØODIJMFOPTFQMBOUFBDPNPVOFTRVFMFUPSFUJDVMB
EPRVFFOWVFMWFVOBDBKBEFNBEFSBFODVZPJOUFSJPSTFEFTB
SSPMMBOEJTUJOUBTBDUJWJEBEFTSFMBDJPOBEBTDPOMBFYQPTJDJØO
&TUBDBKBTFBQPZB
BNPEPEFQVFOUF
TPCSFTFJTUSÓQPEFT
JOWFSUJEPTEFBDFSP%FFTUBNBOFSBTFMJCFSBFMTVFMP
$PNQPOFOUFTFTUSVDUVSBMFT
q1_k
B>"BQ=ǤǤNBQ\>>YQǤ=ǤBN8Ǥ>B>"BQ=Ǥ
TYQ\Y\QǤ>QgǤǤnN*QǤ=*T
QǤ8*sǤǤB>=ǤQǤN*>B
Ǝ
¥Ik_GO
>YQǤ=ǤB>"BQ=ǤQY*\8ǤB
QǤ8*sǤBB>=ǤQǤN*>B
qI1OIcIk_GO
T\Y*8*sǤqI1OIc_OTB>*ǤT>8
*>YQ*BQǤǤT*B>=ǤQǤƎ
OAqGIck_1[Oc
T\Y*8*sǤŖNQ"*8TǤQB*NǤ8=ǤB
8B>
Q"\QsBT8ǤYQǤ8TƎ
c
sǤNǤYǤN\>Y\Ǥ8B>>Ǥ>ǤBTB=B8=>YBT\>*B>>YQ8ǤT
=*T=ǤTƎ
1MBOUBUFDIP
7JTUB4VS
1MBOUBUFSDFSQJTP
"
$PSUF""
1MBOUBCBKB
%*4&º0%&&4536$563"4 &RVJQP 51/
$BUFESB*OH"SR(FSFNJB *OUFHSBOUFT%PXOFT"OHFMFT
'BMBQB"MFYJT
'SBLJDI4PmB
+PEPS0TWBMEP
1FMBZP '&$)"
%PDFOUF%BNJBO7JMMBS /JDPMBT
"OBMJTJTFTUSVDUVSBM1BCFMMPO$IJMF
&TUFSFPFTUSVDUVSB
&TVOBFTUSVDUVSBFTQBDJBMSFUJDVMBEBDPNQVFTUBQPSCBSSBTZOVEPTRVFVOJEPT
FOUSFTÓGPSNBOVOUFKJEPFYUSFNBEBNFOUFSFTJTUFOUFZMJWJBOP
$6#*&35"
1*3".*%&4
5&$)01-"/0
4&(6/%0/*7&-
"/*--0&4536$563"-
*/5&3*03
"/*--0&4536$563"-
&95&3*03
13*.&3/*7&-
1-"/5"#"+"
%*"(3".".0.&/50
%*"(3"."$035&
&MQSPZFDUPSFTQFUBMBWPDBDJØOEFFTQBDJPDBOBMEFDJ
&MQSPZFDUPSFTQFUBMBWPDBDJØOEFFTQBDJPDBOBMEFDJSDVMBDJØO
&MSFTVMUBEPGVFVOQBCFMMØOTVTQFOEJEPFOGPSNBEFQVFOUF
VCJDBEPFOGPSNBUSBOTWFSTBMBMDBOBMZBQPZBEPFOBNCBTPSJ
MMBTTPCSFEPTNVSPTEFIPSNJHØO
&MFTQBDJPQVFOUFTFSFTVFMWFNFEJBOUFVOBWJHBNFUÈMJDBWJF
SFOEFFM
"OBMJTJTFTUSVDUVSBM
&MSFTVMUBEPGVFVOQBCFMMØOTVTQFOEJEPFOGPSNBEFQVFOUFVCJDBEPFO
GPSNBUSBOTWFSTBMBMDBOBMZBQPZBEPFOBNCBTPSJMMBTTPCSFEPTNVSPT
EFIPSNJHØORVFEFmOFOOPTPMPTVBDDFTPTJOPUBNCJÏOMBFTDBMBBMB
JOUFSWFODJØO &TUPT NVSPT TF FKFDVUBO FO IPSNJHØO QJHNFOUBEP FO
CVTDBEFMPHSBSVOBUFYUVSBZDPMPSFOTJOUPOÓBDPOFMMVHBS
$035&
&MFTQBDJPQVFOUFTFSFTVFMWFNFEJBOUFVOBWJHBNFUÈMJDBWJFSFO
EFFMRVFUPNBMBUPUBMJEBEEFMBBMUVSBEFMWPMVNFOZRVFBQPZBFOMPT
EPTFYUSFNPTEFMDBOBM
WJODVMBEBDPOMPTNVSPTEFIPSNJHØO
NJFOUSBTRVFFOTVTMBUFSBMFT
FMDFSSBNJFOUPFTEFWJESJPFOUFZMJWJBOP
-BWJHBFTUÈGPSNBEBQPSVOBTFSJFEFDPSEPOFTIPSJ[POUBMFTZ
CBSSBTWFSUJDBMFTSÓHJEBT
BNPEPEFDFMPTÓBPSUPHPOBM
RVFDPOFD
UBMPTDPSEPOFTTVQFSJPSFTDPOMPTJOGFSJPSFTTJOCBSSBTEJBHPOBMFT
FT
EFDJS
VOBWJHBDPOFTUSVDUVSBJOUFSOBEFDFMPTÓBFOGPSNBEF
SFDUÈOHVMP
7*("7*&3&%&&-
%*"(3".".0.&/50
%*"(3"."$035& 1-"/5"
%*4&º0%&&4536$563"4 &RVJQP 51/
$BUFESB*OH"SR(FSFNJB *OUFHSBOUFT%PXOFT"OHFMFT
'BMBQB"MFYJT
'SBLJDI4PmB
+PEPS0TWBMEP
'&$)"
%PDFOUF%BNJBO7JMMBS 1FMBZP/JDPMBT
$PMFHJPEF"SRVJUFDUPT
&TUSVDUVSB-PTBQSFUFOTBEBZBDFSP
.BUFSJBMIPSNJHØOZBDFSP
6CJDBDJPO3PTBSJP
4BOUB'F
"SHFOUJOB
"SFBN
"×P
-BPCSBTFSFBMJ[BFOTFDPEFCJEPBMBOFDFTJEBEEFQSFTF
-BPCSBTFSFBMJ[BFOTFDPEFCJEPBMBOFDFTJEBEEFQSFTFSWBSFM
BOUJHVPFEJmDJPFYJTUFOUF
TFOFDFTJUBCBRVFMBPCSBTFBMJNQJB
QPDPJOWBTJWBZQFSNJUBnFYJCJMJEBEEFFUBQBCJMJEBE
"OBMJTJTFTUSVDUVSBM
$POTJTUFFOVOBFTUSVDUVSBNFUÈMJDBEFQFSmMFT8FKFDVUBEBFOUBMMFSZNPO
UBEBFOPCSBDPNQMFNFOUBEBDPOMPTBTQSFNPMEFBEBTIVFDBTZDFSSBNJFOUPT
MJWJBOPT
1PSMBBDPUBEBBMUVSBUPUBMEJTQPOJCMFTFVUJMJ[BOMPTBTIVFDBTQSFNPMEFBEBTQSF
UFOTBEBTEFDNEFFTQFTPSRVFQFSNJUFOSFTPMWFSMBMV[EFM46.ZEFMBVEJ
UPSJP
$035&
%*"(3".".0.&/50
%*"(3"."$035&
&TUBTMPTBTTFBQPZBOFOMBTBMBTEFMPTQFSmMFTQBSBSFEVDJSFMBMUP
UPUBM-BDBQBEFDPNQSFTJØOEFMBTMPTBTIVFDBTFTMMBOFBEBDPNPUFSNJOBDJØO
ZDPOFMmOEFSFEVDJSFMFTQFTPSmOBM 1-"/5""6%*503*0
-04"413&5&/4"%"4
1&3'*-&48
-BWJHBMBUFSBMEFMTFDUPSTPDJPDVMUVSBMTFQFOTØEFMBMUPUPUBMEFMPTOJ
WFMFTDPNPVOHSBOSFUJDVMBEPQBSBSFEVDJSMPTBQPZPTWFSUJDBMFT
%*"(3".".0.&/50
-04"413&5&/4"%"4
3&5*$6-"%0
%*"(3"."$035&
%*4&º0%&&4536$563"4 &RVJQP 51/
$BUFESB*OH"SR(FSFNJB *OUFHSBOUFT%PXOFT"OHFMFT
'BMBQQB"MFYJT
'SBLJDI4PmB
+PEPS0TWBMEP
'&$)"
%PDFOUF%BNJBO7JMMBS 1FMBZP/JDPMBT
/VFWB(BMFSÓB/BDJPOBMEF#FSMÓO
&TUSVDUVSB&OUSBNBEPEFWJHBTFOBDFSP
.BUFSJBMBDFSP
6CJDBDJØO#FSMÓO
"MFNBOJB $VCJFSUB
«SFB4VCTVFMPN$VCJFSUBN
"×P 7JHBTQFSJNFUSBMFT
"SRVJUFDUP-VEXJH.JFTWBOEFS3PIF
5SBNBEFWJHBT
EFBDFSP
4FUSBUBEFVOBHSBODVCJFSUBDVBESBEBEFNEFMPOHJUVE
$PMVNOBT
TPTUFOJEBQPSBQPZPTFOTVQFSÓNFUSP
FODBEBMBEP
DPO
MBTFTRVJOBTFOWPMBEJ[P-BDVCJFSUBFTUÈGPSNBEBQPSVOB .VSPWJESJBEP
USBNBEFWJHBTEFBDFSP
$FOUSPFEVDBUJWP&DP.PZP
&TUSVDUVSB7JHBTSFUJDVMBEBT
.BUFSJBM.BEFSBZIPSNJHPOBSNBEP
$PMVNOBT)¡"¡
6CJDBDJØO,JMJm%JTUSJDU
,FOJB
"GSJDB
«SFBN¤
"×P 7JHBT
SFUJDVMBEBT
"SRVJUFDUPT
"SRVJUFDUPT5IF4DBSDJUZBOE$SFBUJWJUZ4UVEJP5IF4DBSDJUZ
BOE$SFBUJWJUZ4UVEJP
$FSSBNJFOUP
NBNQPTUFSJB
4FDPNQPOFEFVOBDVCJFSUBMJWJBOBEFDIBQB
BQPZBEBFO
WJHBTSFUVDVMBEBTRVFEFTDBOTBOTPCSFDPMVNOBTEFIPS
NJHPOBSNBEPFOMBQBSUFFYUFSJPSZFOMBQBSUFJOUFSJPSTPCSF $VCJFSUB
NVSPEFNBNQPTUFSJBQPSUBOUF EFDIBQB
$FOUSP$VMUVSBM3PCFSUP'POUBOBSSPTB
&TUSVDUVSB-PTBDBTFUPOBEBEFIPSNJHPO
.BUFSJBM)PSNJHPOBSNBEP
6CJDBDJØO3PTBSJP
"SHFOUJOB
«SFBN¤
"×P
"SRVJUFDUPTTUVEJPT"TPDJBEPT
+VBOZ.BSJP4PMBSJ7JHMJF
"SRVJUFDUPT
OP
"OESÏT'BDDIJOJZ3VCÏO(JNÏOF[3BGVMT
4FIBDFIJODBQJFFOMBMPTBDBTFUPOBEBVUJMJ[BEBQBSBBCBSDBS
HSBOEFTMVDFT
MBTWJHBTGPSNBOQBSUFEFMBNJTNBFT
USVDUVSBEFMBMPTB-BMPTBEFTDBOTBTPCSFDPMVNOBTEF
IPSNJHPOBSNBEP
-PTBDBTFUPOBEB
$PMVNOBTEF
)¡"¡
&M
&M7FMFTF7FOUTEFTUBDBQSJODJQBMNFOUFQPSMBFT
USVDUVSB$VBUSPTPQPSUFTEFIPSNJHØOBSNBEP
TPQPSUBO FM QFTP EF GPSKBEPT EF HSBOEFT EJ
NFOTJPOFT DPO HSBOEFT MVDFT Z WPMBEJ[PT JNQPS
UBOUFT
(&0.&53"-&4
N8>YƬNQ*=Q N8>YƬYQQ
BQYƬƚ BQYƬ ƚ
Å¿¯Ü¯ÜƬ8BTTƬƬ
¿ÊÜƬ ¯ÛëÅ Ûï ¥ï÷Ô ÛÔï÷¹÷ý¹ Ûï çÛë ÌÛïï ̹±¥ë ïƆƬ §¯Å¯ÅÊƬ
åÅÜƬÖÜƬƬÊÄÖÙܯËÅƬÜåÖÙ¯ÊÙƬƬ¯Å§Ù¯ÊÙƬĆƬåÅƬë¥÷»ýÌ ¥Ô¥ëĈ¹ÛïƅƬ
ÄÜƆƬÅƬ¿ƬÖÙÊÖ¯Ƭ¿ÊÜƬ說ÛëÒ̹ĔÔýÔïĈ¹±ïçÌÔïƆƬØåƬÅÅƬ
¿ƬÙâŨå¿ÊƬÅÿÊ¿ÿÅâƬƬƬÖÙƬƬÅæ¿ÊÜƬĆÅâÜƆƬĆƬÜƬ
ÖÙÊ¿ÊŨÅƬ¬¯Ƭ¿ƬąâÙ¯ÊÙƆƬ¬ÜâƬ¿ÅċÙƬ¿ÊÜƬ¿±Ä¯âÜƬƬ¿ƬÖ¿ƅ
T
T¿ÿÊƬÅƬ¿ƬÜÊƬƬ¿ƬܨåÅƬÖ¿ÅâƆƬØåƬÖÊÙƬâÅÙƬåÅÜƬ¯ÄÅܯÊÅÜƬ
ÄÜƬÙå¯ÜƬĆƬÙÙƬÖÙâ¯ÄÅâƬƬÿÊ¿¯ċÊÜƬ¬ƬÙÜå¿âÊƬÖÊƚ
ܯ¿Ƭ ÙÜÊ¿ÿÙ¿Ƭ ±Åâ¨ÙÄÅâƬ ÊÅƬ ¬ÊÙį¨ËÅƬ ÙÄÊƆƬ ÅƬ ¿ÜƬ ÊâÙÜƬ
÷ë¥ï略¶¥¶ÛýïÛ ¥ÌçÛï÷¥ï ÛƆƬįÅâƬ¨ÙÅÜƬâÅÊÅÜƬ¨Ùåƚ
ÖÊÜƬÄĆÊÙ¯âÙ¯ÄÅâƬÅƬ¿ÜƬÄůÊÅÜƬċÊÅÜƬįċÜƅ
Å¿¯Ü¯ÜƬ>\8BTƬNBQY>YTƬnƬ*=>Y*B>
Ƭ ¿ÊÜƬ ý÷ëÛ ±ëÔ ¥ï ÔþÌ¥Ûï ¥ ¶ÛëÒ¹±ÜÔ [O_kIků ÜƬ¿ÜƬÙâÙ±Üâ¯ÜƬ¿ƬâÙÙÅÊƆƬܱƬÊÄÊƬ¿ƬĨůâåƬƬ
ÊÜƬ TB>Ƭ ÿÙ⯿ÜƈƬ ĆƬ ¿ÊÜƬ ÊâÙÊÜƬ ÊÜƆƬ ÜƬ ¬ÅƬ ÜÖ¿ċÊƬ ¿ÜƬ Ù¨ÜƬ âÙÅÜįâ¯ÜƬ ¿Ƭ įÜÄÊƆƬ ¿Ƭ æůƬ â¯Öʿʨ±Ƭ §â¯¿Ƭ
¯¨ÊÅ¿ÄÅâƅ ÙƬ¿Ƭ¯ÄÅâ¯ËÅƬÖÙʧåÅƅ
NBQƬ8BƬP\ƬNQƬ8Ƭ¹Ò¥Ô÷¹ÜÔƬ¿Ƭ¯§¯¯ÊƬTƬÙ¿¯ċƬç¹ÌÛ÷¥ïƬnƬ
TƬ\>*"*>ƬB>Ƭý÷ëÛĔç÷ïÛëë¹ ïï¹÷ý ï ýÔ¥Ô¥Ì
ç¥ë»Ò¥÷ëÛ ¥ ýÔÛ ¥ÌÛïý÷ëÛÔþÌ¥Ûï ¥¶ÛëÒ¹±ÜÔůØåƬ
ÜÊÖÊÙâÅƬ¿ÊÜƬ§ÊÙºÊÜƬ¿Ƭ¯§¯¯Êƅ
TBNBQYTƬgQY*8T
¯¨ÙÄÜƬ
4F
4FPSEFOBTFHÞOVOBNPEVMBDJØODVBESBEBEF
9NZTFSFTVFMWFDPOVOBFTUSVDUVSBBUJSBOUBEB
ZVOBTGBDIBEBTDPOTUJUVJEBTQPSQBOFMFTFOBDFSP
NPOUBEPTTPCSFVOBFTUSVDUVSBDPOUSBWJFOUP
"/"-*4*4&4536$563"-
-B FTUSVDUVSB BUJSBOUBEB FT FYUSFNBEBNFOUF DPNQMFKB
ZB
RVFDSFBVOUSJQMFTJTUFNBEFUJSBOUFTFTQBDJBMFT 5JS
BOUF
%JWJEFMBDVCJFSUBEF9FODVBESBOUFTEF9
T
FODVZPTWÏSUJDFTMFWBOUBQJMBSFTWFSUJDBMFTEFTEFMBDVCJFSUB
1JMBSFT
&MQSJNFSTJTUFNB
RVFTPQPSUBMBDBSHBWFSUJDBM
WBEFTEFMBT
UPSSFTFYUFSJPSFTBMBQBSUFTVQFSJPSEFMPTQJMBSDJUPT N
&M
&MTFHVOEPTJTUFNBRVFTPQPSUBMBTVDDJØOBTDFOEFOUFEFM
WJFOUP
WBEFTEFMBQBSUFTVQFSJPSEFMPTQJMBSDJUPTBMBCBTFEF
MBTUPSSFTFOMBDVCJFSUB
&M
&MUFSDFSTJTUFNBUJFOFDPNPNJTJØOIBDFSGSFOUFBMBTDBSHBT N $VCJFSUB
OPTJNÏUSJDBTFOMBDVCJFSUBZTFSFTVFMWFDSV[BOEPMPTDBCMFT
QPSUBOUFTQSJODJQBMFTEFNBOFSBRVFMBTDPNQPOFOUFTIPSJ[PO
UBMFTEFTFRVJMJCSBEBTFODBCF[BEFUPSSFOPTFSFTVFMWFOFOnF
YJØOTPCSFMBUPSSF
TJOPRVFTFBUJSBOUBBQVOUPTmKPTEFMBDV
CJFSUB
1-"/5" $035&
7*45"-"5&3"-
%*"(3".".0.&/50 %*"(3"."$035&
"/"-*4*4&4536$563"-
-PTUSBNPTTPCSFFMBHVBTPOWJHBTIFYBHPOBMFTSFUJ
DVMBEBTFOEPCMFWPMBEJ[P FTUSVDUVSBUJQPQVFOUFNFO
TVMB
EFNÈTEFNDBEBVOB
-PTBQPZPTEFMQVFOUFNFOTVMBFTUÈOGPSNBEPTQPSEPT
QBSUFT
QJMBSFTEFNBNQPTUFSÓBZ
TPCSFÏTUPT
VOBFTUSVDUVSB
SFUJDVMBEB NFUBMJDB RVF GVODJPOB DPNP VOB HSBO DP
MVNOB
-BFTUSVDUVSBFTUÈGPSNBEBQPSQJF[BTEFGPSNBUVCVMBS
ZWJHBTSFUJDVMBEBT
&TUSVDUVSBNFOTVMB &TUSVDUVSBNFOTVMB
&TUSVDUVSBHFSCFS
-BNJTNBDPNQMFUBDPOWJHBTHFSCFS
FOMBTTFDDJPOFT
EFNBZPSFTGVFS[PEFNPNFOUPQBSBDPOUSBSFTUBSMP
Z
TF SFBMJ[B TV VOJPO DPO MB FTUSVDUVSB UJQP NFOTVMB B
USBWFTEFBSUJDVMBDJPOFT
EFKBOEPVOBMV[EFVOPT
N
1PTFFEPTHSBOEFTDPOUSBQFTPTFOTVTFYUSFNPTQBSB
BTFHVSBSMBFTUBCJMJEBEEFMQVFOUF
$POUSBQFTP
%*"(3".".0.&/50
%*"(3"."$035&
)FBUISPX"JSQPSUUFSNJOBM
"SRVJUFDUPT3JDIBSE3PHFST
.JLF%BWJFT $VCJFSUB
"×P $PNQSFTJPO
6CJDBDJØO)FBUISPX
-POESFT 7JHB
&TUSVDUVSBQØSUJDP 5SBDDJPO
5FOTPSFT
.BUFSJBMWJESJP
BDFSP$VCJFSUBNFUÈMJDB
«SFBN $PMVNOBT
-B
-BDVCJFSUBFTDPOUJOVBZEFCJEPBTVHSBODBOUPUSBCBKBQSJODJQBMNFOUF
BnFYJØOFOUPEBTVMV[
BDPNQSFTJØOFOMBQBSUFDFOUSBMZBUSBDDJØOEF
MPTQVOUPT9BMPTFYUSFNPT 7JHBT
$BEBVOBEFMBTWJHBTEFMBDVCJFSUBUJFOFNFUSPTEFBODIPZ
NFUSPTEFDBOUPNÈYJNP
UFOTBEBTQPSEPTDBCMFTQBSBBCTPSCFS $PMVNOBT
MPTFNQVKFTEFCJEPBTVGPSNBBSRVFBEB BSCPMBEBT 5FOTPSFT
4F
4FEFTDBSHBOMBTGVFS[BTIBDJBMPTDJNJFOUPTBUSBWFTEFDPMVNOBTBS
CPMBEBT
"FSPQVFSUPEF4UBOTUFE
"SRVJUFDUPT&TUVEJP'PTUFSZ1BSUOFST
0WF"SVQ1BSUOFST
"×P
6CJDBDJØO4UBOTUFE.PVOUmUDIFU
&TTFY
3FJOP6OJEP
&TUSVDUVSBSFUJDVMBNFUÈMJDBDVBESBEB $BCMFT
.BUFSJBMWJESJP
BDFSP
«SFBN $PMVNOBT
-B
-BFTUSVDUVSBQSJODJQBMTFDPNQPOFEFVOBSFUÓDVMBDVB
ESBEBEFNØEVMPT
DBEBVOPEFNFUSPTEFMBEP
RVFGPSNBMBDVCJFSUB
ZMBDVBMTFTPQPSUBHSBDJBTB
DPOKVOUPTEFTPQPSUFTTJUVBEPTFOUSFTÓDBEBNFUSPT
.PEVMP
-PTNØEVMPTEFDVCJFSUBFTUÈOGPSNBEPTQPSFMFNFO
UPTUSJBOHVMBSFTQMBOPTZVOBDMBSBCPZBDFOUSBM&TFMDPO
7JHBT1FSJNFUSBMFT .PEVMP
KVOUPEFMPTTPQPSUFTUSVODBEPTFOMBQBSUFTVQFSJPS
DPO
GPSNB EF QJSÈNJEF JOWFSUJEB
MP RVF TPTUJFOF MB SFUÓDVMB 5FOTPSFT
QBSBUSBOTNJUJSTVTDBSHBTBMBDJNFOUBDJØO&TUBTDPMVN $PMVNOBT
OBTFTUÈOGPSNBEBTQPSDPMVNOBTUVCVMBSFTRVFUSB
CBKBOBDPNQSFTJØOZDBCMFTRVFUSBCBKBOBUSBDDJØO
$PMVNOBT
TPQPSUBOEPMPTFNQVKFTRVFQSPWPDBMBDVCJFSUB
&TUSVDUVSBBSDPTUSJBSUJDVMBEPT
DPODVCJFSUBEFWJESJP
"SUJDVMBDJPO
$PSSFBT
7JHB
"SUJDVMBDJPO
$FSDIBTNFUBMJDBT
.BZPSTFDDJPOFOBSDPEFCJEP
"SUJDVMBDJPOFT BRVFEFCFTPQPSUBSFMFNQVKF
MBUFSBMEFMBDVCJFSUB
.NBY .NBY
5NBY 5NBY
%*"(3".".0.&/50 %*"(3"."/03."-
%*4&º0%&&4536$563"4 &RVJQP 51/
$BUFESB*OH"SR(FSFNJB *OUFHSBOUFT%PXOFT"OHFMFT
'BMBQQB"MFYJT
'SBLJDI4PmB
+PEPS0TWBMEP
'&$)"
%PDFOUF%BNJBO7JMMBS 1FMBZP/JDPMBT
1VFOUFEFBSDPEF)VMNF
"SRVJUFDUPT$ISJT8JMLJOTPO"SDIJUFDUT
JOHFOJFSPFTUSVDUVSBM0WF"SVQ1BSUOFST
"×PEF$POTUSVDDJØO
6CJDBDJØO)VMNF
.BODIFTUFS
*OHMBUFSSB
&TUSVDUVSB"SDPZDBCMFT
.BUFSJBM"DFSPZIPSNJHPOBSNBEP
-B
-BFTUSVDUVSBDPOTJTUFFOVOBSDPCJBSUJDVMBEP&MDVBMFTTPTUFOJEPQPS
DBCMFTEFBDFSPRVFTFPSJHJOBOFOBNCPTMBEPTEFVOBSDPQBSBCPMJ
DPEFNFUSPTEFBMUVSB
&MBSDPQBSBCØMJDPFTUÈIFDIPEFTFJTTFDDJPOFTEFBDFSPUSBQF[PJEB
MFTQSFGBCSJDBEBT&MNJTNPWBSÓBFOUSF
NFUSPTEFBODIPQPS
NFUSPT EF QSPGVOEJEBE FO MBT CBTFT IBTUB NFUSPT EF BODIP Z
NFUSPTEFQSPGVOEJEBEFOMBQBSUFTVQFSJPS "SDP "QPZPT
&TUÈTPTUFOJEPQPSCMPRVFTEFIPSNJHØO
RVFTPQPSUBOMBNBZPSQBSUF
EFMQFTPEFMQVFOUF
$BCMFT
$BTB(VBOBKBM
"SRVJUFDUPT$VCP3PKP"SRVJUFDUVSB #PWFEBEFDB×PO
«SFBN¤ DPSSJEP
"×P
6CJDBDJØO&TUBDJØO1FESJUP
+BMJTDP
.ÏYJDP
&TUSVDUVSB#ØWFEBEFDB×PODPSSJEP
.BUFSJBM)PSNJHØOBSNBEPZMBESJMMP .VSP
QPSUBOUF
-B
-BDBTBFTUBDPNQVFTUBQPSUSFTDVFSQPTEFMJNJUB
EPTQPSCØWFEBTEFDB×PODPSSJEP
RVFBQPZBO
FOUBCJRVFTEFIPSNJHPOBSNBEPDPOGPSNBO
EPBTJMPTFTQBDJPTQSJODJQBMFTEFMBWJWJFOEB
;FOUSVN1BVM,MFF
"SRVJUFDUPT3FO[P1JBOP 7JHBTQBSUFTVQFSJPS
$JNJFOUPT
«SFBN¤
"×P
6CJDBDJØO#FSOB
4VJ[B
&TUSVDUVSB#ØWFEBEFDB×PODPSSJEP
.BUFSJBM"DFSP
&M
&MEJTF×PFTUÈDBSBDUFSJ[BEPQPSMBFTUSVDUVSBEF
BDFSP EF MB DVCJFSUB POEVMBEB
DPSGPSNBEB QPS $JNJFOUPT 3FGVFS[PT
BSDPTEFEJTUJOUPTUBNB×PT&TUPTBSDPTTFSFB
MJ[BSPOBUSBWFTEFWJHBTDVSWBT
3FGVFS[PT
7JHBT
$JNJFOUPT
-PTBSDPTTPOSFGPS[BEPTDPOQVOUBMFTBDPN
QSFTJØOFOMBQBSUFTVQFSJPSQBSBJNQFEJSRVFMPT
BSDPTTFJODMJOFOIBDJBBUSÈT-BTFYUSFNJEBEFT
EF MPT BSDPT FTUÈO DPOFDUBEBT DPO MB DJNFOUB
DJPOZMBTMPTBTEFMTVFMP
QBSBFWJUBSRVFTFEFT
MJDFOEFTVCBTF
"/"-*4*4&4536$563"-
-BFTUSVDUVSBEFMBDVCJFSUBTFDPNQPOFQPSVOB &ODVFOUSPDBCMFTBSDPTMBUFSBMFT &ODVFOUSPDBCMFTBSDPTVQFSJPS
TFSJFEFDBCMFTRVFGVODJPOBOBUSBDDJPOZRVFTF
DPOFDUBOBVOBSDPTVQFSJPSZBVOPTBSDPTMB
UFSBMFT
DPOGPSNBEPTDPOIPSNJHPOBSNBEP
-BGPSNBEFMDBCMFTJFNQSFSFTQPOEFBMBTDBSHBT
QVOUVBMFT RVF SFTJTUF &O FTUF DBTP MB GPSNB EFM
DBCMFTFEFUFSNJOBQPSTVQSPQJPQFTP
GVODJPOBO
EPDPNPVOBDBUFOBSJB
$VCJFSUBDIBQB
3FWFTUJNJFOUP
NBEFSB
"SDPTMBUFSBMFT
"SDPTVQFSJPS
$BCMFMPOHJUVEJOBM
$BCMFUSBOTWFSTBM
7JHBSFUJDVMBEB
) )
3 3
%*"(3"."/03."-
%*4&º0%&&4536$563"4 &RVJQP 51/
$BUFESB*OH"SR(FSFNJB *OUFHSBOUFT%PXOFT"OHFMFT
'BMBQB"MFYJT
'SBLJDI4PmB
+PEPS0TWBMEP
'&$)"
%PDFOUF%BNJBO7JMMBS 1FMBZP/JDPMBT
30.1*&/%0&-4*5*0
"VUPSFT(BCJOFUF"SRVJUFDUVSB
6CJDBDJPO7FOFDJB
"×P
&TUSVDUVSBBSDPTEFIJFSSPDVCJFSUPEFMBESJMMP
.BUFSJBMBDFSPZMBESJMMP
"/"-*4*4&4536$563"-
&MBSNBEPEFMBFTUSVDUVSBDPNJFO[BDPOVOFODPGSBEPEFNBEFSBRVFQFSNJUFDPOUFOFSBMPT
IJFSSPTFTUSVDUVSBMFT
RVFTPQPSUBOMPTFTGVFS[PTBUSBDDJØO
ZBMPTMBESJMMPTNPEVMBSFT
RVF
GVODJPOBODPNPDPOUFOFEPSEFMIPSNJHØOBSNBEPTPQPSUBOEP
BEFNÈT
MPTFTGVFS[PTEFDPN
QSFTJØO
&TUBFTUSVDUVSBEFFOUSBNBEPDPOOFSWBEVSBT
TFQVFEFDBUBMPHBSDPNPVOBFTUSVDUVSBFTQBDJBM
TJNQMFEFGPSNBSPNCPJEBMTJNQMFQPSRVFTØMPQPTFFVOBDVSWBUVSBTPCSFVOTFOUJEPZBRVF
FOFMPUSPFTVOBHFOFSBUSJ[SFDUB
4PCSFMBCBTFQPEFNPTFODPOUSBSEPTBQPZPTmKPTRVFQFSNJUFODPOUSBSSFTUBSMBTDBSHBTIPSJ &ODPGSBEP
[POUBMFTZWFSUJDBMFT
)JFSSPT
&TUSVDUVSBFTQBDJBMSPNCPJEBM
UB
(FOFSBUSJ[SFD
"SDP
4JNQMFDVSWBUVSB
%*"(3"."/03."-
4V
4VFTUSVDUVSBDPOTJTUFFOVOBFTUFSPFTUSVDUV 3FWFTUJNJFOUPJOUFSJPS 3FWFTUJNJFOUPFYUFSJPS
SBDPOGPSNBEBQPSUVCPTEFBMVNJOJP
WJO 1MBDBEFEVSMPDL 5FMHPQPS EF DN Z SFWPRVF
EFDN
DVMBEBTFOUSFTJBUSBWFTEFOVEPT-BTNJTNBT
USBCBKBOUBOUPBUSBDDJPODPNPBDPNQSFTJPO
&MTJTUFNBFTUSVDUVSBMTFMMBNBNPMÏDVMF
SF
TJTUF TJTNPT Z WJFOUPT GVFSUFT 5BNCJÏO MPHSB /VEPT
VOBCVFOBSFTJTUFODJBBMGVFHP4JOFNCBSHP
MP
NÈTEFTUBDBEPEFFTUBDBTBFTTVMJHFSPQFTP
&M NJTNP TJTUFNB UBNCJÏO QVFEF VTBSTF QBSB $0.13&4*0/
JOUFSJPSFT Z FYUFSJPSFT EF QBSFEFT
DPMVNOBT
5VCPT
FOUSFQJTPT
ZNVFCMFT
53"$$*0/
(BSEFOCZUIFCBZ
"VUPS(SBOU"TTPDJBUFT
"×P
6CJDBDJØO#BZTIPSF3E
4JOHBQVS
&TUSVDUVSBFTUFSFPFTUSVDUVSBEFTJNQMFDBQBDPOBSDPT 5FOTPSFT
«SFBIB
.BUFSJBM"DFSP
WJESJP
"SDPT
&TUF
&TUFQSPZFDUPTJNVMBVOHSBOJOWFSOBEFSP
OFDF
TJUBOEPVOBDVCJFSUBWJESJBEBRVFQFSNJUBJOHSF
TBSMBTSBEJBDJPOFTTPMBSFTZHFOFSBSMBTDPOEJ
DJPOFTJEFBMFTEFUFNQFSBUVSB
1PSÏTUFNPUJWPMBFTUSVDUVSBFTUÈGPSNBEBDPNP
VOFOUSBNBEPEFBDFSPRVFTPQPSUBOMPTWJ &OUSBNBEP
ESJPTZEJTUSJCVZFOTVTDBSHBT6OBTFHVOEBDBQB 6OJPOFOUSBNBEP SPNCPJEBM
DPOBSDP
FYUFSJPSGPSNBEBQPSBSDPTEFBDFSP
TFFODBS
HBEFSFGPS[BSFMFOUSBNBEPJOUFSJPS
BZVEBOEPB
NBOUFOFSMBGPSNBEFMBDVCJFSUBZBMJWJBOBOEPMBT
DBSHBTBTPQPSUBS
1BCFMMØOEF$IJMF&YQP.JMBO
"VUPSFT6OEVSSBHB%FWFT"SRVJUFDUPT q1_k ¥Ik_GO
6CJDBDJPO5FNVDP
"SBVDBOJB
$IJMF
"×P Ǝ
"SFBN
&TUSVDUVSBFTUFSFPFTUSVDUVSB
.BUFSJBMNBEFSB
BDFSP
&M
&MQBCFMMØOTFQMBOUFBDPNPVOTJTUFNBEFFN
QBSSJMMBEPGPSNBEPQPSFMFNFOUPTMJOFBMFTIPSJ
[POUBMFTRVFTFNBUFSJBMJ[BOFOEPTDBQBTJOEF
QFOEJFOUFT
VOBTVQFSJPSZPUSBJOGFSJPS
MBTDVBMFT
TPO SFTQPOTBCMFT EF TPQPSUBS MPT FTGVFS[PT EF
DPNQSFTJPOZUSBDDJPO
-BTDBQBTFTUBOWJODVMBEBTQPSVOSFUJDVMBEPEF
CBSSBT EJBHPOBMFT RVF BNPSUJHVBO MPT FTGVFS[PT $0.13&4*0/
EFDPSUFZPUSBTIPSJ[POUBMFTRVFEJTUSJCVZFOMBT
DBSHBTEFNBOFSBVOJGPSNFZBZVEBOBEBSSJHJEF[
BMBFTUSVDUVSB
53"$$*0/
"/"-*4*4&4536$563"-
-BFTUSVDUVSBVUJMJ[BVOBNFNCSBOBQBSBCPMJDBFOGPSNBEFDBT
DBSBRVFUSBCBKBDPNPVOBFTUSVDUVSBUJQPDBUFOBSJB-PTFTGVFS[PT
EFUSBDDJPOTFBCTPSCFOFOQBSUFQPSMBNBUFSJBMJ[BDJPOEFMBDVCJFSUB
FO
DPOKVOUPDPOMPTNVSPTRVFGVODJPOBODPNPUJNQBOPT
&TUBFTUSVDUVSBFTUBDPOGPSNBEBQPSVODPOKVOUPEFOBWFTEFIPSNJ
HPOBSNBEPRVFUSBOTNJUFOMBTDBSHBTBMTVFMPBUSBWFTEFTVTMBUFSB
MFT $0.13&4*0/
53"$$*0/ 53"$$*0/
%*"(3"."/03."- 5*.1"/0
53"4.*4*0/%&$"3("4 53"4.*4*0/%&$"3("4
%*4&º0%&&4536$563"4 &RVJQP 51/
$BUFESB*OH"SR(FSFNJB *OUFHSBOUFT%PXOFT"OHFMFT
'BMBQB"MFYJT
'SBLJDI4PmB
+PEPS0TWBMEP
'&$)"
%PDFOUF%BNJBO7JMMBS 1FMBZP/JDPMBT
*HMFTJBEF"UMÈOUJEB$SJTUP0CSFSPZ/VFTUSB4F×PSBEF-PVSEFT
"VUPS&MBEJP%JFTUFZ.BSDFMP4BTTPO
"×P
6CJDBDJØO&TUBDJØO"UMÈOUJEB
$BOFMPOFT
6SVHVBZ
&TUSVDUVSBMBNJOBEFTJNQMFDVSWBUVSB
«SFB
IB
.BUFSJBMMBESJMMPDFSÈNJDPZBDFSP
&TUSVDUVSBMNFOUFMBJHMFTJBTFSFTVFMWFFODVCJFSUBDPOVOBMBNJOBEFTJNQMFDVS
WBUVSBZMPTNVSPTQPSUBOUFTDPOTJTUFOFOMBNJOBTEFTJNQMFDVSWBUVSB
FOGPSNB
EFDPOPJEFT
RVFDPNJFO[BOFOMJOFBFOTVCBTFZBNFEJEBRVFTVBMUVSBBVNFOUB
TFBNPMEBOBMBTQBSBCPMBTEFMBDVCJFSUB
&OQBSUFCBKBEFMBDVCJFSUBTFVCJDBOUFOTPSFTQPSMPRVFMBCØWFEBGVODJPOBDPNP
CØWFEBHBVTBZVOBWF[UFSNJOBEBTFUFOTBOMPTUFOTPSFTDSFBOEPVOBDVCJFSUB
BVUPQPSUBOUF
-BGPSNBEFMBCØWFEBHBVTBQPTJCJMJUBBVNFOUBSMBSJHJEF[EFMBMÈNJOBBMJOUSP
EVDJS FO FMMB VOB DJFSUB Z DBNCJBOUF POEVMBDJØO MPOHJUVEJOBM
DPO MP RVF DSFDF
NVDIPNÈTSÈQJEBNFOUFTVSJHJEF[RVFTVTVQFSmDJFZTVQFTPZ
QPSUBOUP
RVF
TVTUFOTJPOFTDPNQSFTJWBTEFCJEBTBMQFTPQSPQJP
JFSUB
FODVC
PSFT
5FOT
&TDVFMBTEFMB4BHSBEB'BNJMJB
"VUPS"OUPOJP(BVEJ
"×P
6CJDBDJØO#BSDFMPOB
&TQB×B
&TUSVDUVSBMBESJMMPBSNBEP
«SFBN
.BUFSJBMMBESJMMPDPNVOZNBEFSB
&TUSVDUVSBMNFOUF
&TUSVDUVSBMNFOUFMBFTDVFMBDPOTJTUFFOVOBMBNJOBEFTJNQMFDVS
WBUVSBFOGPSNBEFDPOPJEF
-BFTUSVDUVSBTFCBTBFOUSFTWJHBTEJTQVFTUBTEFGPSNBWFSUJDBMFOFM
JOUFSJPS
RVF TPTUJFOFO PUSB WJHB EF USB[BEP IPSJ[POUBM TJUVBEB FO FM
DFOUSP
GPSNBOEPVOPTQFSmMFTFOGPSNBEF*RVFTPTUJFOFOVOBTUBCMBT
EFNBEFSBTPCSFMBTRVFTFFMFWBMBDVCJFSUBEFMBESJMMP-PTNVSPTEF
DBSHB TPO EF QMBOUB DVSWJMÓOFB
DPO VOB QSPHSFTJWB JODMJOBDJØO EFM
UFDIPBMTVFMP
FMBCPSBEPTDPOMBESJMMPT
$VCJFSUBEF$PDJOBTEFMB6OJWFSTJEBE-BCPSBMEF5BSSBHPOB
"VUPS&EVBSEP5PSSPKB
"×P
6CJDBDJØO5BSSBHPOB
&TQB×B
&TUSVDUVSBMBNJOBTQMFHBEBT
«SFBN
.BUFSJBMIPSNJHPOBSNBEP
-B
-BDVCJFSUBEFMBDPDJOBTFSFTVFMWFFOTVUPUBMJEBEQPSNFEJPEFVOB
FTUSVDUVSBEFMBNJOBTQMFHBEBTJODMJOBEBT
&TUBTMBNJOBTFTUBODPNQVFTUBTQPSQMBDBTEFIPSNJHPOEFDN
EFFTQFTPS
RVFQPTFFODBCMFTQPTUFTBEPTRVFQFSNJUFOBVNFOUBSTV
DBQBDJEBEBVUPQPSUBOUF
MPRVFFWJUBEFGPSNBDJPOFTQPSnFYJØO 3FDPSSJEPDBSHBT -BNJOBTUSJBOHVMBSFT
-BMBNJOBEFTDBSHBFOWJHBTMBUFSBMFTJODMJOBEBTZFTUBT
BTVWF[
EFT
DBSHBOTPCSFMPTQPSUJDPT 7JHBT
&TUSVDUVSBTJOQPTUFTBEP &TUSVDUVSBDPOQPTUFTBEP MBUFSBMFT
UJFOEFBMBEFGPSNBDJPO
1PSUJDP
.VSPQPSUBOUF
%*4&º0%&&4536$563"4 &RVJQP 51/
$BUFESB*OH"SR(FSFNJB *OUFHSBOUFT%PXOFT"OHFMFT
'BMBQB"MFYJT
'SBLJDI4PmB
+PEPS0TWBMEP
'&$)"
%PDFOUF%BNJBO7JMMBS 1FMBZP/JDPMBT
)*10%30.0%&;"3;6&-"
"VUPS&EVBSEP5PSSPKB
$BSMPT.PMUØZ.BSUÓO%PNÓOHVF[
"×P
6CJDBDJØO.BESJE
#BSDFMPOB
.BUFSJBM)PSNJHØOBSNBEPZBDFSP
«SFBN QPSNØEVMP
&TUSVDUVSB)JQFSCPMPJEF
.»%6-04
.»%6-04
6-04
.»%
"/"-*4*4&4536$563"-
&M)JQØESPNPEF;BS[VFMBFTUÈDPNQVFTUPEFHSBEBTEPTMBUFSBMFTZVOB
DFOUSBM%JDIBTHSBEBTQPTFFODVCJFSUBTDPNQVFTUBTQPSNØEVMPTFOMBTMBUF
SBMFTTFWJTVBMJ[BMBSFQFUJDJØOEFNØEVMPT
NJFOUSBTRVFFOMBDFOUSBM $637"563"%&
-BDVCJFSUBFTVOBFTUSVDUVSBBVUPQPSUBOUF
ZBRVFTVGPSNBDPSSFTQPOEFBVO
.%&3"%*0
NFEJP IJQFSCPMPJEF 4J MB BOBMJ[BNPT FO EPT TFDDJPOFT QPEFNPT PCTFSWBS #
RVF
&O MB TFDDJØO USBOTWFSTBM
MPT BSDPT RVF MB DPNQPOFO QPTFFO EJGFSFOUFT
"
SBEJPTEFDVSWBUVSBFMWPMBEJ[PUJFOFVOBDVSWBUVSBEF
N
NJFOUSBTRVFFM
BSDPRVFBQPZBTPCSFMPTQJMBSFTFTEF
N "
&OMBTFDDJØOMPOHJUVEJOBM
MBDVCJFSUBQPTFFIBDJBVOMBEPEFMBQPZP
VO
HSBOWPMBEJ[PEFNEFMV[ZVOFTQFTPSEFDN TJFOEPFOFMQJMBSEF #
DN
Z
IBDJBFMPUSP
WFNPTVOBWJODVMBDJØOBUSBWÏTEFVOUJSBOUFRVFTFBSUJ
DVMBDPOMBFTUSVDUVSBEFMBHSBEB $637"563"%&
.%&3"%*0
&TUBDVSWBUVSBBDUÞBDPNPBSDPRVF
EJTUSJCVZFMBDBSHBEFMBDVCJFSUB
&TUBDVSWBUVSBBDUÞBDPNPDBCMFTRVF
SFGVFS[BOMPTBSDPTEFMPUSPTFOUJEP
%JBHSBNBEFFTGVFS[PT/PSNBMFT
4FDDJØO""
5&/403
%JBHSBNBEFFTGVFS[PT/PSNBMFT
4FDDJØO##
16&/5&$"4$"3"."5"%&30
"SRVJUFDUPT8FTU.3JP
"SFBN
"×P
6CJDBDJØO.BESJE
&TQB×B
&TUSVDUVSBQBSBCPMPJEFFMJQUJDPSFDUBOHVMBS
.BUFSJBMFTIPSNJHØOBSNBEP
-BDVCJFSUBEFMQVFOUFQFBUPOBMDPOTJTUFFOVOBFTUSVDUVSB
UJQPQBSBCPMPJEFFMJQUJDPDPOQMBOUBSFDUBOHVMBS4VTEJSFD
UJDFTZHFOFSBUSJDFTHFOFSBOCPSEFTMBUFSBMFT
MPTDVBMFT
EFTDBSHBOMBTDBSHBTIBDJBMPTBQPZPT
VCJDBEPTFODBEB
VOBEFTVTQVOUBT
#PSEFTRVFUSBOTNJUFODBSHBTBMPTBQPZPT
"QPZPT
.&3$"%0$3*450#"-$0-0/
"SRVJUFDUPT'FMJY$BOEFMB
"×P
6CJDBDJØO$BMJ
$PMPNCJB )JQFSCPMB
&TUSVDUVSBQBSBCPMPJEFIJQFSCPMJDP
.BUFSJBMFTIPSNJHØOBSNBEP
-BHFPNFUSÓBEFDBEBDBTDBSØOTFMPHSBNFEJBOUFMBJOUFSTFDDJØOEFQBSBCPMPJEFTIJQFSCØMJDPTJHVBMFT
-B
EFUBMNBOFSBRVFMPTCPSEFTDVSWPT
BMBWJTUB
BEPQUBOMBGPSNBEFVOBIJQÏSCPMB
-BTÈSFBTSFTJEVBMFTFOUSFMPTDVBUSPDBTDBSPOFTTFFNQMFBOQBSBTVNJOJTUSBSMV[ZBJSFBMFTQBDJPJOUF
SJPS
%PCMFDVSWBUVSB
"QPZPT
%*4&º0%&&4536$563"4 &RVJQP 51/
$BUFESB*OH"SR(FSFNJB *OUFHSBOUFT%PXOFT"OHFMFT
'BMBQQB"MFYJT
'SBLJDI4PmB
+PEPS0TWBMEP
'&$)"
%PDFOUF%BNJBO7JMMBS 1FMBZP/JDPMBT