&+' 07/+5/#6+5%*' $+$.+16*'- 810 241( &4 2'6'4 $'4)*#75 W C 2GVGT $GTIJCWU FGUUGP \YGKVG $KDNKQVJGM JKGT CWH IGNÌUV YKTF KUV GKP GDGPUQ GTHQNITGKEJGT YKG NGKFGP UEJCHVNKEJGT 5COONGT )GDQTGP CO 0QXGODGT KP *CODWTI DGICPP GT CNU 5EJÒNGT FGT )GNGJT VGPUEJWNG FGU ,QJCPPGWO OKVVGNCNVGTNKEJG /ÒP\GP \W UCOOGNP OKV 5EJYGTRWPMV CWH IGIGPIGUVGORGNVGP /ÒP\GP &CU KUV DG\GKEJPGPF 8QP #PHCPI CP DG IPÒIVG GT UKEJ PKEJV FCOKV FKG /ÒP\GP PWT \WUCO OGP\WVTCIGP ņ KJP KPVGTGUUKGTVG KJTG )GUEJKEJVG #EJV\GJPL·JTKI UEJNQ GT UKEJ FGP *CODWTIGT /ÒP\ HTGWPFGP CP FKG FGP LWPIGP 5COONGT UGJT HÌTFGTVGP WPF KJP FCU )NÒEM IGVGKNVGT 5COONGTHTGWFG NGJTVGP 0CEJ FGO #DKVWT \WP·EJUV GKPIG\QIGP WPVGTDTCEJ GT FGP &KGPUV KP FGT 9GJTOCEJV WO KP *CODWTI FCU 5VWFKWO FGT )GUEJKEJVG -WPUVIGUEJKEJVG WPF 8QNMUMWPFG CWH\WPGJOGP 0CEJ UEJYGTGT -TKGIUXGT YWPFWPI ņ CO #RTKN YWTFG GT KP FGT 0·JG XQP 9ÒT\DWTI FWTEJ 6KGHHNKGIGTDGUEJW UQ UEJYGT XGTYWPFGV FC GT FGP NKPMGP 7PVGTCTO XGTNQT ņ UGV\VG GT WPVGT #PNGKVWPI FWTEJ 2TQHGUUQT 9CNVGT *·XGTPKEM &KTGMVQT FGU /WUGWOU HÒT *CODWTIKUEJG )GUEJKEJVG ņ FCU 5VWFKWO HQTV 0WP UCOOGNVG GT +PHQTOCVKQPGP $ÒEJGT WPF PWOKUOCVKUEJG 0CEJUEJNCIGYGTMG #WU FGO 5CO OGNP UR·VOKVVGNCNVGTNKEJGT 7TMWPFGP OKV 9·JTWPIUCPICDGP KO 1DGTYGUGTTCWO GTYWEJU UGKPG &KUUGTVCVKQP FKG FKG JQEJCPIGUGJGPG 4GKJG FGT 0WOKUOCVKUEJGP 5VWFKGP GTÌHHPGVG (ÒT GKP 4GHGTCV DGK *GTOCPP #WDKP ÒDGT FGP *CPFGN FGT 9KMKPIGT\GKV KO 1UVUGGTCWO UCOOGNVG GT 0CEJTKEJVGP ÒDGT FKG PQTFKUEJGP 5EJCV\HWPFG FKGUGT <GKV CWH 8GTOKVVNWPI XQP 9KNN[ 5EJYCDCEJGT PCEJ 5VQEMJQNO GKPIGNCFGP YCT GT ÒDGT XKGNG ,CJT\GJPVG CP FGT $GCTDGKVWPI FGT YKMKPIGT\GKVNKEJGP /ÒP\HWPFG KP 5EJYGFGP YGUGPVNKEJ DGVGKNKIV UQ YKG GT UGKV DGK UGKPGP XKGNGP #WHGPVJCNVGP KP +PFKGP KPVGPUKX FKG FQTVKIGP 5EJCV\HWPFG TÌOKUEJGT /ÒP\GP TGEJGTEJKGTVG WPF FQMWOGPVKGTVG $GTIJCWU IGNCPI FGT 0CEJYGKU FC FKG /GJT\CJN FGT (WPFG OKV CWIWUVGKUEJGP &GPCTGP WPF #WTGK PKEJV XQT FGO a,CJTJWPFGTV #& PCEJ +PFKGP IGNCPIVG #WH UGKPG #PTGIWPI JKP GTHQTUEJVG UGKP 5EJÒNGT 4GKPJQNF 9CNDWTI FKG ō#PVKMGP /ÒP\GP CWH %G[NQPŋ &KUUGTVCVKQP /ÒP\UEJ·V\G YCTGP GKP ICP\ YGUGPVNKEJGT 6GKN UGKPGT PWOKUOCVKUEJGP (QTUEJWPIGP ņ CWEJ KP 0QTFYGUVFGWVUEJNCPF #WHITWPF FGT 2WDNKMCVKQP GKPGU 6WTPQUGPHWPFGU KO 5CWGTNCPF CNU GTUVGT JCWRVCOVNKEJGT 4GHGTGPV HÒT FKG /ÒP\UCOONWPI CP FCU 9GUVH·NKUEJG .CPFGUOWUGWO PCEJ /ÒPUVGT DGTWHGP DCWVG GT PKEJV PWT FCU /ÒP\MCDKPGVV \W UGKPGT JGWVKIGP $GFGWVWPI CWU UQPFGTP GTHCVG GTUVOCNU U[UVGOCVKUEJ FKG YGUVH·NKUEJGP /ÒP\HWPFG OKV VGKNU OÒJGXQNNGT 4GEJGTEJG KO .CPFG UGNDUV XGTHQNIVG CNNG (WPFPCEJTKEJVGP QTICPKUKGTVG GKPG ITÌGTG #WUUVGNNWPI FC\W CWEJ DGCTDGKVGVG GT PCEJ WPF PCEJ FKG /ÒP\UCOONWPIGP XKGNGT YGUVH·NKUEJGT /WUGGP #WH XKGNGP UGNDUVHKPCP\KGTVGP 4GKUGP CP FKG DGFGWVGPFGP /ÒP\UCOO NWPIGP 'WTQRCU FWTHVG GT FKG YGUVH·NKUEJGP /ÒP\TGKJGP HQVQITCHKGTGP WPF FQMWOGPVKGTGP FCT WPVGT KP 5VQEMJQNO $GTNKP 2CTKU WPF .GPKPITCF DCWVG GT GKPG DGFGWVGPFG UEJQP XQP XKGNGP (QTUEJGTP IGPWV\VG (QVQUCOONWPI CWH 5GKV NGJTVG GT CP FGT 7PKXGTUKV·V /ÒPUVGT YCT WPF )CUVFQ\GPV FGT #OGTKECP 0WOKUOCVKE 5QEKGV[ KP 0GY ;QTM WPF YWTFG \WO *QPQTCTRTQHGUUQT GTPCPPV 9GKV ÒDGT FKG 2GPUKQPUITGP\G JKPCWU JKGNV GT DKU PWOKUOCVKUEJG .GJTXGTCPUVCNVWPIGP 2GVGT $GTIJCWU UCOOGNVG PKEJV PWT $ÒEJGT GT UEJTKGD CWEJ ITWPFNGIGPFG /QPQITCRJKGP WPF \CJNNQUG #WHU·V\G WPF MNGKPGTG $GKVT·IG \W CNNGP 6JGOGP FGT 0WOKUOCVKM 8KGNG #WHU·V\G \W YGUVH·NKUEJGP /ÒP\UV·VVGP GTUEJKGPGP KP QTVUIGUEJKEJVNKEJGP 5COOGND·PFGP WPF TÒEMVGP FCOKV FKG 0WOKUOCVKM KP FGP *QTK\QPV DTGKVGT IGUEJKEJVUKPVGTGUUKGTVGT 5EJKEJVGP #NU GT HÒT UGKPG YCEJUGPFG (COKNKG GKP *CWU IGDCWV JCVVG XGTMCWHVG GT UGKPG $KDNKQVJGM CP FCU .CPFGUOWUGWO ņ FKG OGKUVGP WPF YGTVXQNNGTGP ·NVGTGP $·PFG GPVJCNVGP UGKP 'ZNKDTKU /KV UGKPGT (TCW HTGWV GT UKEJ ÒDGT XKGT -KPFGT WPF KP\YKUEJGP GNH 'PMGN #D UCOOGNVG GT FKG KP /ÒPUVGT WPF 7OIGDWPI CPU·UUKIGP /ÒP\UCOONGT FGU YGUVH·NKUEJGP 8GTGKPU FGT /ÒP\HTGWPFG \W OQPCVNKEJGP 6TGHHGP YWTFG GT CNU 0CEJHQNIGT XQP &T -CTN -GPPGRQJN 8QTUKV\GPFGT FGU 8GTGKPU FGT /ÒP\HTGWPFG HÒT 9GUVHCNGP 6
WPF 0CEJDCTIGDKGVG FGT WPVGT KJO UQ UGJT RTQURGTKGTVG FC FKG 4JGKPKUEJGP /ÒP\HTGWPFG UKEJ XGTUGNDUV·PFKIVGP WPF GKIGPG 8GTGKPG ITÒPFGP MQPPVGP 'TUV ICD GT UGKP #OV KP LÒPIGTG *·PFG WPF YWTFG \WO 'JTGPXQTUKV\GPFGP IGY·JNV 8QP DKU COVKGTVG GT CNU )GUEJ·HVUHÒJTGT FGU PGWIGITÒPFGVGP 8GTDCPFGU FGT YGUVFGWVUEJGP /ÒP\XGTGKPG WPF DGUQTIVG DKU FKG 4GFCMVKQP FGU 0WOKUOCVKUEJGP 0CEJTKEJVGPDNCVVGU 8QP DKU YKTMVG GT CNU 8K\GRT·UKFGPV FGU 8GTDCPFGU FGT FGWVUEJGP /ÒP\XGTGKPG UGKV ō&GWVUEJG 0WOKUOCVKUEJG )GUGNNUEJCHVŋ WPF KUV UGKV FGTGP 'JTGPRT·UKFGPV 8QP DKU YCT GT /KVINKGF FGT +PVGTPCVKQPCNGP 0WOKUOCVKUEJGP -QOOKUUKQP WPF UGKV FGTGP 8K\GRT·UKFGPV #O .CPFGUOWUGWO ÒDGTPCJO GT FKG 8GTCPVYQTVWPI HÒT FKG YKGFGTDGITÒPFGVG #DVGKNWPI .CPFGUIGUEJKEJVG WPF RHNGIVG PWP FKG 5COOGNIGDKGVG NCPFGUMWPFNKEJG )TCRJKM XQP .CPFMCTVGP DKU \W -CTKMCVWTGP 2QTVT·VU 2QUVUCEJGP 2QUVMCTVGP .KGDKICNDGP $ÒEJGT #WH CNNGP FKGUGP )GDKGVGP JCV GT GKPG /WUGWOUUCOONWPI CWHIGDCWV FKG GKP XQT\ÒINKEJGU #TDGKVUKPUVTWOGPV KUV $GUQPFGTU YGTVXQNN KUV GKPG 5COONWPI XQP PCEJ WPF PCEJ GTCTDGKVGVGP /QFGNNGP YGUVH·NKUEJGT 5V·FVG WPF 5EJNÌUUGT FKG QHV KP GKPGT <YGKVHCUUWPI HÒT ÌTVNKEJG /WUGGP IGHGTVKIV YWTFGP $GFGWVGPFG #WUUVGNNWPIGP YCTGP ō9GUVHCNGP ŋ
FKG PWOKUOCVKUEJGP 6GKNG FGT -CTNUCWUUVGNNWPI #CEJGP WPF ō-WPUV WPF -WNVWT KO 9GUGTTCWOŋ FKG NCPFGUIGUEJKEJVNKEJGP #WUUVGNNWPIGP ō$QOOGP$GTGPFŋ WPF ō)TKOOGNUJCWUGPŋ #WU UGKPGT <GKV CNU &KTGMVQT FGU .CPFGUOWUGWOU UKPF ō-ÌNP ņ 9GUVHCNGP ŋ \W PGPPGP WPF FKG #WUUVGNNWPIGP CWU FGO 2QTVT·VCTEJKX &KGRGPDTQKEM FCU FGT 5COONGT CWU HTGWPFUEJCHVNKEJGT 8GTDWPFGPJGKV FGO .CPFGUOWUGWO XGTOCEJVG WPF FCU OKV TWPF ITCRJKUEJGP $KNFPKUUGP FKG YQJN DGFGWVGPFUVG 'KP\GNGTYGTDWPI XQP 2GVGT $GTIJCWU HÒT FCU /WUGWO KUV 2GVGT $GTIJCWU UCOOGNVG CDGT PKEJV PWT /ÒP\GP (QVQU WPF +PHQTOCVKQPGP PKEJV PWT 1DLGMVG WPF 'ZRQPCVG UQPFGTP CWEJ /GPUEJGP FKG GT \W 5EJÒNGTP WPF (TGWPFGP OCEJVG 9GT KJP MGPPV YGK WO UGKPGP %JCTOG UGKPGP *WOQT WPF UGKPG $GIGKUVGTWPIUH·JKIMGKV FKG KJP UEJPGNN <WICPI \W UGKPGP /KVOGPUEJGP HKPFGP N·V 5GKPG *KNHUDGTGKVUEJCHV JCDGP )GPGTCVKQPGP XQP -QNNGIGP 5COONGTP WPF 5VWFGPVGP MGPPGPIGNGTPV UGKPG WPXGTINGKEJNKEJG WPF NGKFGT UQPUV UQ UGNVGPG )CDG CWU FGO TGKEJGP 5EJCV\ FGU 9KUUGPU XQT FGT GKIGPGP 2WDNKMCVKQP OKV\WVGKNGP 5GKPG -QPVCMVHTGWFG WPF UGKP 'PICIGOGPV KP FGT KPVGTPCVKQPCNGP 0WOKUOCVKM JCDGP KJO GKPG 8KGN\CJN XQP 'JTGPOKVINKGFUEJCHVGP GKPIGDTCEJV ņ UKEJGT ÒDGT ņ GKPG XGTKVCDNG 5COONWPI FKG KO $GTGKEJ FGT 0WOKUOCVKM \YGKHGNNQU WPÒDGTVTQHHGP KUV ņ GT KUV FGT KPVGTPCVKQPCN YQJN DGMCPPVGUVG FGWVUEJG 0WOKUOCVKMGT 5GKP (TGWPF &KG\ XQP &KGRGPDTQKEM )TÒVGT PCPPVG KJP KP FGT KJO GKIGPGP WPPCEJCJONKEJGP /KUEJWPI CWU +TQPKG WPF $GYWPFGTWPI FGP /ÒP\RCRUV XQP 'WTQRC 2GVGT $GTIJCWU UCOOGNVG CDGT PKEJV PWT CNVG /ÒP\GP UQPFGTP CWEJ )GNF KP CPFGTGT 9GKUG ņ HÒT FKG +PFKGPJKNHG GT UCOOGNVG (ÌTFGTGT ņ WPF IGTCFG FKGUG 5COOGNGK KUV ICP\ V[RKUEJ HÒT UGKP 9GUGP 'T UCOOGNV PKEJV HÒT UKEJ UQPFGTP UQ FC CNNG CPFGTGP FKG #NNIGOGKPJGKV WPF XKGNG MQPMTGVG /GPUEJGP FCXQP RTQHKVKGTGP /KV (TGWPFGP UGKPGU 4QVCT[ %NWDU /ÒPUVGT DTCEJVG GT OGJTGTG /KNNKQPGP /CTM D\Y 'WTQ HÒT *KNHURTQLGMVG PCEJ +PFKGP CWH WO 2WORGP WPF .CVTKPGP -KPFGTJGKOG WPF -TCPMGPJ·WUGT \W DCWGP WPF \W WPVGTJCNVGP 'KP NGV\VGU CWEJ PWOKUOCVKUEJGU $GKURKGN PCEJ UGKPGT 2GPUKQPKGTWPI GTHQTUEJVG GT FKG )GUEJKEJVG FGT 0WOKUOCVKM WPF \YCT ņ WPF CWEJ JKGT \GKIV UKEJ UGKP +PVGTGUUG CP /GPUEJGP ņ OKV GKPGO DKQITCRJKUEJGP #PUCV\ #WUIGJGPF XQP $KNFPKUUGP XQP 0WOKUOCVKMGTP FKG GT CWEJ TGCNKVGT UCOOGNVG TGEJGTEJKGTVG GT FGTGP $KQITCRJKGP WPF RWDNK\KGTVG GKPG (QNIGP WOHCUUGPFG 5GTKG XQP 0WOKUOCVKMGTRQTVT·VU ņ LGYGKNU UGEJU RTQ ,CJT ņ KP FGP )GNFIGUEJKEJVNKEJGP 0CEJTKEJVGP &CHÒT \GKEJPGVG KJP FKG &GWVUEJG 0WOKUOCVKUEJG )GUGNN UEJCHV OKV KJTGO 'NKIKWURTGKU CWU ņ IGOGKPUCO OKV UGKPGO (TGWPF %JTKUVKCP &GMGUGN CWU )GPV GKPGO JQEJXGTFKGPVGP $KDNKQITCRJGP 7PF FKGUG 2QTVT·VUCOONWPI YKTF YGKVGTDGUVGJGP PQEJ ÒDGTNKG GT UKG FGO $GTNKPGT /ÒP\MCDKPGVV 5COONGT UKPF INÒEMNKEJG /GPUEJGP ņ UQNN )QGVJG IGUCIV JCDGP 2GVGT $GTIJCWU KUV FCU DGUVG $GKURKGN FCHÒT #WH CNNGP UGKPGT XKGNGP 5COOGNIGDKGVG JCV GT $GYWPFGTPUYGTVGU IGNGKUVGV WPF YGKN GT FKG 5COONGTHTGWFG OKV CPFGTGP VGKNVG YGKN GT UVGVU UGKPG 5COONWPIGP +PVGTGUUGPVGP ÌHHPGVG YCT KJO DTGKVGT 'THQNI DGUEJKGFGP 'KP MNGKPGT #WUUEJPKVV KUV KP FKGUGO -CVCNQI FQMWOGPVKGTV ņ GKPG 5COONWPI FKG GT PWP YGJOÒVKI CDIKDV \WOCN UKEJ OKV LGFGO $CPF 'TKPPGTWPIGP XGTDKPFGP 0KEJV \WNGV\V KUV 2GVGT $GTIJCWU UGJT GTHQNITGKEJ KP FGO 5COOGNP XQP .GDGPULCJTGP 9KT YÒPUEJGP KJO XQP *GT\GP YGKVGT XKGNGP 'THQNI FCDGK /ÌIGP PQEJ XKGNG .GDGPULCJTG JKP\WMQOOGP )GTF &GVJNGHU #RTKN 7
*#$'06 (#6# 57# .+$'..+
$ÒEJGT JCDGP KJT GKIGPGU 5EJKEMUCN /ÒP\GPUCOONGT DKP KEJ IGYQTFGP 9GKJPCEJVGP DGMCO KEJ GKPGP /ÒP\GPUEJTCPM OKV GKPGO .QV XQP /KVVGNCNVGTOÒP\GP +EJ JCVVG DGTGKVU DGUEJNQUUGP /ÒP\GP PWT CWU FGT <GKV XQT \W UCOOGNP /GKP GTUVGU /ÒP\GPDWEJ GTJKGNV KEJ GDGPHCNNU 'U YCT GKP RTKOKVKXGT (QNKGPFTWEM OKV 9KGFGTICDG XQP /ÒP\GP XQTYKGIGPF FGU ,CJTJWPFGTVU KP /GVCNNHCTDGP /KEJ HCU\KPKGTVG FGT FCTKP CDIGDKNFGVG VJÒTKPIKUEJG 4GKVGTDTCMVGCV $CNF FCTCWH DGMCO KEJ FKG 'KPHÒJTWPIGP KP FKG OKVVGNCNVGTNKEJG 0WOKUOCVKM XQP &CPPGPDGTI WPF $WEJGPCW VTCH KEJ CWH GKPGT #WMVKQP DGK *CPU /GWUU 9KNJGNO $QPKP CWU .CWGPUVGKP FGT IGTCFG FGP &QRRGNVCNGT XQP 'OOC XQP 9CNFGEM HÒT &/ GTUVGKIGTV JCVVG 'T HÒJTVG OKEJ DGK )GQTI 2HCPPGDGTI
5COONGTJGKO 5COONGTHTGWFGP KP *CPPQXGT GKP #WH FGT #WMVKQP URTCEJ OKEJ CWEJ $TWPQ &QTHOCPP CP FGT OKEJ KP FGP *CODWTIGT /ÒP\XGTGKP GKPHÒJTVG +EJ YWTFG FQTV /KVINKGF WPF GTJKGNV FCFWTEJ OQPCVNKEJ FKG &GWVUEJGP /ÒP\DN·VVGT FKG YKG FKG OQPCVNKEJGP .KUVGP XQP /GWUU OGKP +PVGTGUUG YGEMVGP +EJ YWTFG FCFWTEJ CWH )CGVVGPU $GCTDGKVWPI FGU (WPFGU XQP .WFYKU\E\G CWHOGTMUCO FKG KEJ OKT PWP \WO P·EJUVGP )GDWTVUVCI YÒPUEJVG /GKPG YKEJVKIUVGP $ÒEJGT YCTGP ,GUUGU 9GPFKUEJGT /ÒP\XGTGKP CWU FGO KEJ UGJT XKGN IGNGTPV JCDG WPF *·XGTPKEMU &KUUGTVCVKQP ÒDGT FGP -ÌNPGT 2HGPPKI &KGUG DGKFGP $ÒEJGT JCDG KEJ CWEJ CNU 5QNFCV KOOGT KP OGKPGT -CTVGPVCUEJG DGK OKT IGJCDV CWEJ CNU KEJ XQP ō*GNFGPMNCWŋ KP 2QNGP CWU FGO <WI IGJQNV WPF FCPP KPHCPVGTKUVKUEJ KP XÌNNKI WP\WTGKEJGPFGT $GYCHHPWPI GKPIGUGV\V YWTFG 'KPGO ÒDGTNGIGPGP TWUUKUEJGP 2CP\GTCPITKHH DKP KEJ GPVMQOOGP +EJ OWUUVG KP FGO 6QJWYCDQJW FWTEJ GKPGP 0GDGPHNW FGT 9GKEJUGN UEJYKOOGP KP FGT -CTVGPVCUEJG FKG UQ MQUVDCTGP $ÒEJGT 5KG YGKUGP PQEJ JGWVG 5RWTGP FKGUGU $CFGU CWH 2HCPPGDGTI JCDG KEJ J·WHKIGT DGUWEJV 0CEJFGO UGKPG )GUEJ·HVUT·WOG CO )GQTIURNCV\ FWTEJ GKPGP $QODGPCPITKHH WPVGTIGICPIGP YCTGP JCVVG GT UKEJ ICP\ PCEJ -NGGHGNF \WTÒEMIG\QIGP YQ GT KPOKVVGP GKPGO TKGUKIGP *CWHGP XQP 5EJCEJVGNP WPF -CTVQPU NGDVG 8QP KJO JCDG KEJ OCPEJG PWOKUOCVKUEJG .KVGTCVWT GTYQTDGP W C ō&GU 6GWVUEJGP 4GKEJU /ÒP\ #TEJKXŋ XQP *KTUEJ PWT MQPPVG GT KP UGKPGT 7PQTFPWPI FGP $CPF PKEJV HKPFGP /GKP NGV\VGT $GUWEJ DGK KJO YCT KO &G\GODGT Y·JTGPF GKPGU $QODGPCPITKHHU 2HCPPGDGTI UVCTD +EJ JÌTVG FCUU GT UGKPGP 0CEJNC FGO -GUVPGT /WUGWO KP *CPPQXGT XGTOCEJV JCDG +EJ HTCIVG FQTV CP QD UKEJ KO 0CEJNC FGT $CPF XQP ō&GU 6GWVUEJGP 4GKEJU /ÒP\ #TEJKXŋ CPIGHWPFGP JCDG WPF GTJKGNV GKPG HTGWPFNKEJ RQUKVKXG #PVYQTV 5Q OCEJVG KEJ OKEJ PQEJOCNU PCEJ *CPPQXGT CWH WO FGP $CPF \W ÒDGTPGJOGP +EJ YWTFG ÒDGTCWU HTGWPFNKEJ XQP &T %CTN -ÒVJOCPP FGT PQEJOCNU CNU MQOOKUUCTKUEJGT &KTGMVQT GKPIGUGV\V YQTFGP YCT DGITÒV WPF GTJKGNV $CPF &T -ÒVJOCPP HÒJTVG OKEJ KP GKPGP 4CWO KP FGO FGT $ÒEJGTPCEJNC 2HCPPGDGTI NCI (CUV CNNG $ÒEJGT YCTGP DGTGKVU KO -GUVPGT /WUGWO XQTJCPFGP +EJ FWTHVG CWUUWEJGP YCU KEJ YQNNVG /KT YWTFGP ·WGTUV HTGWPFNKEJG 2TGKUG IGPCPPV FKG KEJ CNU 5VWFGPV CWEJ GTUEJYKPIGP MQPPVG 5Q GTYCTD KEJ FGP XQNNUV·PFKIGP &CPPGPDGTI CWEJ &CPPGPDGTI 2QOOGTP $CJTHGNFV $TCPFGPDWTI ,QUGRJ 9QTOU WPF )TQVGU /ÒP\UVWFKGP &GT -QHHGT YCT XQNN ņ WPF FCU DGK FGP 8GTMGJTUXGTJ·NVPKUUGP )NGKEJ\GKVKI JCDG KEJ ņ XQT FGT 9·JTWPIUTGHQTO ņ .KVGTCVWT CWU FGO .CIGT FGT (KTOC 4KGEJOCPP KP *CNNG GTYQTDGP ,CJTI·PIG FGT $N·VVGT HÒT /ÒP\HTGWPFG FCU IGUCOVG 0WOKUOCVKUEJG .KVGTCVWTDNCVV FCU 0KGFGTU·EJUKUEJG /ÒP\CTEJKX $CNF UVGNNVG UKEJ FCU 2TQDNGO FGT 7PVGTDTKPIWPI FGT XKGNGP $ÒEJGT (KPCP\KGTV JCDG KEJ FKG .KVGTCVWTCPM·WHG FWTEJ OGKPG -TKGIUKPXCNKFGPTGPVG WPF OGKPG $GUVKOOWPIUCTDGKV HÒT FKG *CODWTIGT /ÒP\GPJ·PFNGT 9CNVGT WPF )GQTI $KPFGT WPF (GNKZ %JTWU\E\ CWGTFGO JCDG KEJ GKP\GNPG /ÒP\GP OGKPGT KP\YKUEJGP DGVT·EJVNKEJGP 5COONWPI CP 5COONGT XGTMCWHV DGICPP OGKPG -QTTGURQPFGP\ OKV 2JKNKR )TKGTUQP KP %CODTKFIG XQP FGO KEJ OCPEJG YKEJVKIG GPINKUEJG PWOKUOCVKUEJG .KVGTCVWT YKG FGP $/% FGT TÌOKUEJGP -CKUGTOÒP\GP WPF $·PFG FGU 4+% GTJKGNV FC\W ,CJTI·PIG FGU $TKVKUEJ 0WOKUOCVKE ,QWPCN
8
/GKP #WHGPVJCNV KP 5VQEMJQNO 0QXGODGT ņ /·T\ DTCEJVG OKT FCPP PQEJ TGKEJNKEJ UMCPFKPCXKUEJG .KVGTCVWT GKP 5Q MQPPVG KEJ OGKP #OV CNU 0WOKUOCVKMGT FGU .CPFGUOWUGWOU KP /ÒPUVGT YQJN OKV .KVGTCVWT XGTUGJGP +EJ HCPF FQTV MCWO PWOKUOCVKUEJG .KVGTCVWT XQT #WEJ KP /ÒPUVGT JCDG KEJ OGKPGP $GUVCPF CP PWOKUOCVKUEJGT .KVGTCVWT XGTOGJTV UQ DGK 5EJWNOCP KP #OUVGTFCO FKG $·PFG XQP XCP FGT %JKLU *CTVG $TQEMGP YCTGP FG 9KVVG $TCDCPV WPF 2QG[ Fʼn #XCPV /QPPCKGU H¾QFCNGU #O 5GRVGODGT JCDGP YKT IGJGKTCVGV WPF WPU HÒT GKP 2TQLGMV GKPGT 4GKJGPJCWUUKGFNWPI CPIGOGNFGV +O /·T\ MQPPVGP YKT FCU *CWU DG\KGJGP MWT\ DGXQT KEJ HÒT 9QEJGP PCEJ 0GY ;QTM IKPI 7PUGT ITÌVGU 2TQDNGO YCT FKG 'KPTKEJVWPI FGU *CWUGU +EJ JCDG OKEJ GPVUEJNQUUGP OGKPG KP\YKUEJGP PKEJV WPDGFGWVGPFG PWOKUOCVKUEJG $KDNKQVJGM FGO .CPFGUOWUGWO \W XGTMCWHGP WO FGO /ÒP\MCDKPGVV GKPG FCWGTJCHVG 5VGNNWPI \W IGDGP (ÒT FKG \CJNTGKEJGP 5QPFGTFTWEMG JCDG KEJ PCEJ FGO 8QTDKNF FGT .KDTCT[ FGT #05 #OGTKECP 0WOKOCVKE 5QEKGV[ KP 0GY ;QTM GKPG *·PIGMCTVGK GKPIGTKEJVGV FKG UKEJ UGJT DGY·JTV JCV 'U KUV OKT PKEJV NGKEJV IGHCNNGP OKEJ XQP OGKPGP $ÒEJGTP \W VTGPPGP CDGT KEJ YCT LC V·INKEJ XQP KJPGP WOIGDGP $GUQPFGTU UEJYGT HKGN OKT FGT 8GTMCWH FGT CNVGP &TWEMG FGU WPF ,CJTJWPFGTVU +EJ JCVVG KOOGTJKP GKPGP &G 5VTCFC $GTIU ō/ÒP\DWEJŋ WPF .QEJPGTU $·PFG ICP\ \W UEJYGKIGP XQO GPFNKEJ XQNNUV·PFKIGP *KTUEJ ō&GU 6GWVUEJGP 4GKEJU /ÒP\ #TEJKXŋ ': .+$4+5 9GT $ÒEJGT UCOOGNV UQNNVG CWEJ GKP 'Z .KDTKU JCDGP /GKP GTUVGU 'Z .KDTKU FCU KEJ DKU DGPWV\V JCDG YCT \KGONKEJ RJCPVCUKGNQU XQP FGO 6KVGNMWRHGT GKPGT FGWVUEJGP ªDGTUGV\WPI XQP ,QDGTV ÒDGTPQOOGP FCU OKT FGT OKV FGO &TWEM DGCWHVTCIVG &TWEMGT FCPP CWEJ PQEJ FWTEJ GKPGP UEJGWNKEJGP 4CJOGP XGTJWP\V JCV VTCH KEJ FCPP KP -GTCNC +PFKGP FGP $KNFJCWGT / -WOCT CWU /CJCDCNKRWTCO FGT OKT UGKP 5MK\\GPDWEJ \GKIVG 8KGNG 8CTKCPVGP FGU 'NGHCPVGPIQVVGU )CPGUJ +EJ DCV KJP OKT GKPGP )CPGUJ DGK FGT $GVTCEJVWPI GKPGT /ÒP\G \W \GKEJPGP &KGUG <GKEJPWPI JCV FCPP OGKP (TGWPF 8KEVQT -TCUPQDCLGX \WO 8QTDKNF HÒT FKG 4CFKGTWPI IGPQOOGP FKG KEJ IGTPG KP OGKPG $ÒEJGT IGMNGDV JCDG 2GVGT $GTIJCWU #RTKN &CU DGFGWVGV FC (GNFRQNK\KUVGP CWU FGT 'KUGPDCJP YCJNNQU 5QNFCVGP JGTCWUJQNVGP FKG IGTCFG XQO 7TNCWD \WTÒEM MGJTVGP WO \W KJTGP 'KPJGKVGP \W IGNCPIGP #WU FKGUGP 1RHGTP FGU ō*GNFGPMNCWUŋ YWTFGP FCPP +PHCPVGTKG 'KPJGKVGP \WUCOOGPIGUVGNNV FKG XÌNNKI WP\WTGKEJGPF CWUIGDKNFGV WPF CWUIGTÒUVGV YCTGP 8QP OGKPGT ō*GNFGPMNCWŋ 'KPJGKV EC /CPP JCDGP PWT FTGK FGP TWUUKUEJGP #PITKHH ÒDGTNGDV
9
$+$.+1)4#2*+'0 $+$.+12*+.' 9'4-'
&+' 07/+5/#6+5%*' $+$.+16*'- 810 241( &4 2'6'4 $'4)*#75 W C $+$.+1)4#2*+'0
$#551.+ ( #PVKSWCTKCP $QQMU QP %QKPU CPF /GFCNU HTQO VJG (KHVGGPVJ VQ VJG 0KPGVGGPVJ %GPVWT[ 5VWFKGU KP VJG *KUVQT[ QH 0WOKUOCVKE .KVGTCVWTG %TGUVNKPG .QPFQP 5 .GKPGP OKV 5EJWV\WO UEJNCI + 5%#0&#.+#61 %+%+#0+ ( 2#08+0+ 415#6+ .C NGVVGTCVWTC PWOKUOCVKEC PGK UGEQNK :8+ :8+++ &CNNG TCEEQNVG FGNNC $KDNKQVGEC FK #TEJGQNQIKC G 5VQTKC FGNN #TVG 4QO :: 5 #DD CWH 6HP 1TKI $TQUEJWT
&GT $CPF XQP 5ECPFCNKCVQ %KEKCPK 2CPXKPK 4QUCVK OKV 9KFOWPI CP 4 )ÌDN WPF FGUUGP GZ NKDTKU
&'-'5'. % ' $KDNKQVJGEC 0WOKUOCVKEC 5KNKEKCPC 'FKVKQ 3WCTVQ #NVGTC 'OGPFCVKQT /CPWUMTKRV FTWEM )JGPV +: 5 .GKPGP
0T XQP 'ZGORNCTGP +O 8QTUCV\ GKPIGMNGDVG 8KUKVGPMCTVG FGU 8GTHCUUGTU
$KDNKQVJGECG 7PKXGTUKVCVKU )CPFCXGPUKU PWOKUOCVKEC UGNGEVC 0WOKUOCVKE $QQMU RTKPVGF DGHQTG KP VJG %GPVTCN .KDTCT[ QH VJG 7PKXGTUKV[ QH )JGPV /CPWUMTKRVFTWEM )JGPV 8++ 5 .GKPGP
0T XQP 'ZGORNCTGP +O 8QTUCV\ GKPIGMNGDVG 8KUKVGPMCTVG FGU 8GTHCUUGTU
$KDNKQVJGECG )WGNHGTD[VCPCG PWOKUOCVKEC UGNGEVC 6YGNXG JKIJNKIJVU HTQO VJG PWOKUOCVKE DQQM EQN NGEVKQP KP VJG *GT\QI #WIWUV $KDNKQVJGM #WIWUVGGT KP 9QNHGPDÒVVGN $4& /CPWUMTKRVFTWEM )GPH 5 FCXQP 6HP .GKPGP / 4+%*6'4 -GUVPGT /WUGWO $KDNKQVJGM %CVCNQIWU $KDNKQ VJGEC 0WOKUOCVKEC QFGT $GUVCPFUMCVCNQI FGT 0WOKUOCVKUEJGP $KDNKQVJGM XQO DKU ,CJTJWPFGTV /CPWUMTKRVFTWEM *CPPQXGT 5
0T XQP 'ZGORNCTGP
(1%- ) .GKR\KI #PVKSWCTKCVUMCVCNQI XQP /ÒP\GP WPF /GFCKNNGPMWPFG CNNGT 8ÌNMGT WPF <GKVGP GPVJCNVGPF W C FKG IGUCOVG $KDNKQVJGM FGU *GTCWUIGDGTU FGT $GTNKPGT /ÒP\DN·VVGT Ŏ&T 'OKN $CJTHGNFV $GTNKP OKV FGUUGP $KDNKQITCRJKG WPF 2QTVT·V -CVCNQI XQP 0WOKUOCVKUEJG $ÒEJGT FCTWPVGT FKG WOHCPITGKEJG )GUEJ·HVUDKDNKQVJGM FGT IGITÒPFGVGP WPF KPVGTPCVKQPCN DGMCPPVGP /ÒP\ JCPFNWPI $TÒFGT 'IIGT KP 9KGP #PVKSWCTKCVUMCVCNQI XQP 0WOKUOCVKM $ÒEJGT #DJCPFNWP IGP <GKVUEJTKHVGP CWU FGO $GUKV\ FGU Ŏ,WUVK\TCVU &T LWT ' + *CGDGTNKP (TCPMHWTV C / # 4+'%*/#00 %Q *GKFGNDGTI #WMVKQP XQO $KDNKQVJGM ,WNKWU 0WOKUOCVKM )G UEJKEJVG +P GKPGO $CPF KP .GKPGP IGDWPFGP / $#46* 'Z NKDTKU PWOKUOCVKEKU 'KPG #WUYCJN PW OKUOCVKUEJGT WPF JGTCNFKUEJGT $WEJGKIPGT\GKEJGP CWU HÒPH ,CJTJWPFGTVGP KP FGT $KDNKQVJGM FGT 5VCCVNK EJGP /ÒP\UCOONWPI /ÒPEJGP 5& CWU ,0) UQYKG GKP YGKVGTGT $GKVTCI \WO 6JGOC
/#08+..' * ' 41$'46510 6 , $TKVKUJ 0WOKUOCVKE #WEVKQP %CVCNQIWGU 'PE[ENQ RGFKC QH $TKVKUJ 0WOKUOCVKEU /CPWUMTKRVFTWEM .QPFQP 5 .GKPGP
5748'; 1( 07/+5/#6+% 4'5'#4%* -QORNGVVG 4GKJG XQP DKU KP $·PFGP KP $·PFGP KP $·PFGP KP $·PFGP 1TKI $TQUEJWT
8
$+$.+12*+.' 9'4-'
#)0'6*.'4 / ) 0WOQRJ[NCEKWO 5EJWN\KCPWO &KIGUUKV FGUETKRUKV GV RGTRGVWKU KPUKIPKQTWO TGK PWOCTKCG UETKRVQTWO EQOOGPVCTKKU KNNWUVTCVWO GFKFKV /KEJCGN )QVVNKGD #IPGVJNGT VTCPUKN XCPWU 2CTU RTKQT #EEGFWPV UGNGEVKQTGU ENCTQTWO XKTQTWO CF $ 5EJWN\KWO GRKUVQNCG .GKR\KI :++ 5 6HP 2CRRDCPF $KPFWPI NQUG 6KVGNDNCVV TGRCTKGTV .KRUKWU 5 -CVCNQI ITKGEJKUEJGT /ÒP\GP WPF 2T·IWPIGP FGT TÌOKUEJGP 4GRWDNKM
10
$+$.+12*+.' 9'4-'
9 10
#)156+0 # &KCNQIJK FK &QP #PVQPKQ #IQUVKPK #TEKXGUEQXQ FK 6CTTCIQPC +PVQTPQ CNNG /GFCINKG KPUETKVVKQPK GV CNVTG CPVKEJKVC 6TCFQVVK FK NKPIWC 5RCIPWQNC KP +VCNKCPC FC &KQPKIK 1VVCXKCPQ 5CFC FCN OGFGUKOQ CEETGUEKWVK EQP FKXGTU¾ CPPQVCVKQPK KNNWUVTCVK EQP FKUGIPK FK OQNVG /GFCINKG FÅ&#x2030;CNVTG HKIWT¾ 4QO )WNKGNOQ (QNKQ 5 OKV \CJNTGKEJGP /Ã&#x2019;P\CDDKNFWPIGP )CP\NGFGT GVYCU CPIGTKUUGP DGUVQÂGP 'KPDCPF DGUEJCDV 4QVUEJPKVV 4Ã&#x2019;EMGP IGRT·IV &GMGUGN #
'NH &KCNQIG Ã&#x2019;DGT CPVKMG /Ã&#x2019;P\GP
&KCNQIJK FK & #PVQPKQ #IQUVKPQ #TEKXGUEQXQ FK 6CTTCIQPC +PVQTPQ CNNG /GFCINKG +PUETKVVKQPK CNVTG #PVKEJKV¯ 6TCFQVVK FK NKPIWC 5RCIPWQNC KP +VCNKCPC FC &KQPKIK 1VVCXKCPQ 5CFC GV FK PWQXQ CEETGUEKWVK EQP FKXGTUG #PPQVCVKQPK KNNWUVTCVK EQP FKUGIPK FK OQNVG /GFCINKG FÅ&#x2030;CNVTG HKIWTG #NNÅ&#x2030;KNNWUVTKUU G TG XGTGPFKUU UKI %CTF .QFQXKEQ .QFQXKUKQ 8KEGECPEGNNKGTG FK 5 %JKGUC #WHNCIG 4QO #PFTGC (GK 2QORKNKQ 6QVVK #PFTGC /QPVCPQ (QNKQ 5 $NN \CJNTGKEJG /Ã&#x2019;P\CDD )CP\NGFGT IG RT·IVGT 4Ã&#x2019;EMGP TGUVCWTKGTV 9CUUGTHNGEM CWH FGP NGV\VGP 5 &GMGUGN #
0CEJVTCI CPIGDWPFGP 5
12 11
#-'4/#0 , ; # FGUETKRVKXG ECVCNQIWG QH TCTG CPF WPGFKVGF 4QOCP EQKPU HTQO VJG GCTNKGUV RGTKQF QH VJG 4QOCP EQKPCIG VQ VJG GZVKPEVKQP QH VJG GORKTG WPFGT %QPUVCPVKPWU 2CNGQNQIWU 9KVJ PWOGTQWU RNCVGU HTQO VJG QTKIKPCNU .QPFQP $F 5 $F 5 6GZVCDDKNFWPIGP )CP\NGKPGP .GKV\OCPP 5
#010;/ )GD·WFG FGT -C[UGTN #ECFGOKG FGT 9KUUGPUEJCHHVGP $KDNKQVJGE WPF -WPUV %COOGT KP 5V 2GVGTUDWTI PGDUV GKPGT MWTV\GP #P\GKIWPI CNNGT FCUGNDUV XQTJCPFGPGP -WPUV WPF 0CVWT 5CEJGP \WO )GDTCWEJ FGTLGPKIGP YGNEJG FKG #MCFGOKG DGUGJGP YQNNGP Q 1 Q , (TQPVKURK\ 5 6HP 2CRRDCPF 4QVUEJPKVV
11
$+$.+12*+.' 9'4-'
8
9
$+$.+12*+.' 9'4-'
#)0'6*.'4 / ) 0WOQRJ[NCEKWO 5EJWN\KCPWO &KIGUUKV FGUETKRUKV GV RGTRGVWKU KPUKIPKQTWO TGK PWOCTKCG UETKRVQTWO EQOOGPVCTKKU KNNWUVTCVWO GFKFKV /KEJCGN )QVVNKGD #IPGVJNGT VTCPUKN XCPWU 2CTU RTKQT #EEGFWPV UGNGEVKQTGU ENCTQTWO XKTQTWO CF $ 5EJWN\KWO GRKUVQNCG .GKR\KI :++ 5 6HP 2CRRDCPF $KPFWPI NQUG 6KVGNDNCVV TGRCTKGTV .KRUKWU 5
-CVCNQI ITKGEJKUEJGT /ÒP\GP WPF 2T·IWPIGP FGT TÌOKUEJGP 4GRWDNKM
#)156+0 # &KCNQIJK FK &QP #PVQPKQ #IQUVKPK #TEKXGUEQXQ FK 6CTTCIQPC +PVQTPQ CNNG /GFCINKG KPUETKVVKQPK GV CNVTG CPVKEJKVC 6TCFQVVK FK NKPIWC 5RCIPWQNC KP +VCNKCPC FC &KQPKIK 1VVCXKCPQ 5CFC FCN OGFGUKOQ CEETGUEKWVK EQP FKXGTU¾ CPPQVCVKQPK KNNWUVTCVK EQP FKUGIPK FK OQNVG /GFCINKG FʼnCNVTG HKIWT¾ 4QO )WNKGNOQ (QNKQ 5 OKV \CJNTGKEJGP /ÒP\CDDKNFWPIGP )CP\NGFGT GVYCU CPIGTKUUGP DGUVQGP 'KPDCPF DGUEJCDV 4QVUEJPKVV 4ÒEMGP IGRT·IV &GMGUGN #
'NH &KCNQIG ÒDGT CPVKMG /ÒP\GP
&KCNQIJK FK & #PVQPKQ #IQUVKPQ #TEKXGUEQXQ FK 6CTTCIQPC +PVQTPQ CNNG /GFCINKG +PUETKVVKQPK CNVTG #PVKEJKV¯ 6TCFQVVK FK NKPIWC 5RCIPWQNC KP +VCNKCPC FC &KQPKIK 1VVCXKCPQ 5CFC GV FK PWQXQ CEETGUEKWVK EQP FKXGTUG #PPQVCVKQPK KNNWUVTCVK EQP FKUGIPK FK OQNVG /GFCINKG FʼnCNVTG HKIWTG #NNʼnKNNWUVTKUU G TG XGTGPFKUU UKI %CTF .QFQXKEQ .QFQXKUKQ 8KEGECPEGNNKGTG FK 5 %JKGUC #WHNCIG 4QO #PFTGC (GK 2QORKNKQ 6QVVK #PFTGC /QPVCPQ (QNKQ 5 $NN \CJNTGKEJG /ÒP\CDD )CP\NGFGT IG RT·IVGT 4ÒEMGP TGUVCWTKGTV 9CUUGTHNGEM CWH FGP NGV\VGP 5 &GMGUGN #
0CEJVTCI CPIGDWPFGP 5
11
12
#-'4/#0 , ; # FGUETKRVKXG ECVCNQIWG QH TCTG CPF WPGFKVGF 4QOCP EQKPU HTQO VJG GCTNKGUV RGTKQF QH VJG 4QOCP EQKPCIG VQ VJG GZVKPEVKQP QH VJG GORKTG WPFGT %QPUVCPVKPWU 2CNGQNQIWU 9KVJ PWOGTQWU RNCVGU HTQO VJG QTKIKPCNU .QPFQP $F 5 $F 5 6GZVCDDKNFWPIGP )CP\NGKPGP .GKV\OCPP 5
#010;/ )GD·WFG FGT -C[UGTN #ECFGOKG FGT 9KUUGPUEJCHHVGP $KDNKQVJGE WPF -WPUV %COOGT KP 5V 2GVGTUDWTI PGDUV GKPGT MWTV\GP #P\GKIWPI CNNGT FCUGNDUV XQTJCPFGPGP -WPUV WPF 0CVWT 5CEJGP \WO )GDTCWEJ FGTLGPKIGP YGNEJG FKG #MCFGOKG DGUGJGP YQNNGP Q 1 Q , (TQPVKURK\ 5 6HP 2CRRDCPF 4QVUEJPKVV
11
$+$.+12*+.' 9'4-'
13
14
1TFQPPCPEG 2NCEECTV FGU #TEJKFWES\ PQ\ 2TKPEGU UQWXGTCKPU EQPVGPCPV NGU GURGEGU FG OQPPQ[GU FʼnQT FʼnCTIGPV SWG FQTGUGPCXCPV RQWTTQPV UGWNNGOGPV CXQKT EQWTU GU RC[U FG NGWT QDG[UUCPEG #PVYGTRGP * 8GTFWUUGP 7PRCIKPKGTV /ÒP\CDD KP *QN\UEJPKVV 2CRRGKPDCPF 4ÒEMGP NQEMGT &GMGUGN
-WTV\GT 'PVYWTH GKPGU /ÒPV\ .GZKEK 1FGT GKPG MWTV\ XGTHCVG $GUEJTGKDWPI FGT ICPIDCJTGUVGP /ÒPV\ 5QTVGP KP WPF CWUUGTJCND 'WTQRC 0CEJ FGO 9GTVJ &GT 5·EJUKUEJGP WPF 4GKEJU /ÒPV\G XGTINKEJGP <YG[VG #WHNCIG (TCPMHWTV 9QNHICPI %JTKUVQRJ /WNV\ 5 6CDGNNG 6KVGNMWRHGT 2CRRDCPF .KRUKWU 5
8QTDGUKV\GT 1 )TCH XQP 5EJNKGHHGP /CZ 7NTKEJ
15
16
17
8GT\GKEJPK FGT TCTGP WPF HÒTVTGHNKEJGP /ÒP\GP WPF /GFCKNNGP IGUCOOGNV XQP *TP #WI 2QN[ECTR 'FNGP XQP .G[UGT YGNEJG KP FGT .GKR\KIGT /KEJCGNKUOGUUG XQP ' .ÌDN %TGKUCOVG FCUGNDUV IG TKEJVNKEJ XGTCWEVKQPKGTV YGTFGP UQNNGP .GKR\KI 5 'KPDCPF FGU ,CJTJWPFGTVU .KRUKWU 5
'Z NKDTKU /CZ 7NTKEJ
$#7'4 ) )GQTIG $CWGTU #WUGTNGUGPG WPF PÒV\NKEJG 0GWKIMGKVGP HÒT CNNG /ÒP\NKGDJC DGT /KV -WRHGTP WPF GKPGO *CWRVTGIKUVGT ÒDGT CNNG \YCP\KI 5VÒEMG 0ÒTPDGTI 'DGTJCTF <GJ 5 FKG 5 UKPF \YKUEJGP FGP 5 GKPIGDWPFGP 6GZVCDD WPF 6HP .KRUKWU 5 # 9ª4('. $GUEJTGKDWPI GKPKIGT CNVGT $TCMVGCVGP WPF &KEMRHGPPKIG 5 6HN 2CRRDCPF 4QVUEJPKVV GVYCU DGUEJ·FKIV .KRUKWU
$'#78#+5 ) &GU *GTTP $GCWXCKU #DJCPFNWPI 9KG OCP ·EJVG CNVG /ÒP\GP XQP PCEJ IGOCEJVGP WPVGTUEJGKFGP MCPP #WU FGO (TCP\ÌUKUEJGP ÒDGTUGV\V PGDUV GKPGT 'KPNGKVWPI #POGTMWPIGP WPF GKPGO 8GT\GKEJPKU XQP FGO 9GTVJ WPF FGT 5GNVGPJGKV CNNGT CNVGP 4ÌOKUEJGP -CKUGTOÒP\GP &TGUFGP 5 'KPDCPF FGU ,CJTJWPFGTVU (GJNUVGNNG KP WPDGFTWEMVGT 2CTVKG FGU 6KVGNDNCVVU TGUVCW TKGTV CNVG $TQUEJWT OKV GKPIGDWPFGP .KRUKWU 5
8QTDGUKV\GT (TCP\ 5VGP\GN
12
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$'%-'4 9 ) <YGKJWPFGTV UGNVGPG /ÒP\GP FGU /KVVGNCNVGTU KP IGPCWGP #DDKNFWPIGP /KV JKUVQTKUEJGP 'TN·WVGTWPIGP JGTCWUIGIGDGP XQP 9KNJGNO )QVVNKGD $GEMGT &TGUFGP 5 6HP XQO 6GZV HGJNGP FKG 5 2CRRDCPF DGUVQGP 6KVGNUGKVG TGUVCWTKGTV 'VYCU UVQEMHNGEMKI GKPKIG 5GKVGP NGKEJV UEJCFJCHV .GKV\OCPP 5
$')'4 . 1DUGTXCVKQPGU GV EQPLGEVWTCG KP PWOKUOCVC SWCGFCO CPVKSWC PARERGON .CWTGPVKK $GIGTK CD #PVKSWKVCVKDWU $KDNKQVJGEC #EEGFWPV &WCG +NN '\ 5RCPJGOKK CF #WVJQTGO 'RKUVQNCG KKUSWG KPVGTLGEVC #WVJQTKU CF RTKQTGO 4GURQPUQTKC $GTNKP -ÌNP 7NTKEJ .KGDRGTVWU 5 /QFGTPGT 'KPDCPF GVYCU IGDT·WPV 'KPTKUUG CO 6KVGNDNCVV CO 4CPF IWV TGUVCWTKGTV JCPF UEJTKHVNKEJ RCIKPKGTV &GMGUGN $
$'4) # &CUUGNDG 4GRTKPV .CWVGTGEMGP /QFGTPGT .GKPGPGKPDCPF
0GY /ÒPV\DWGEJ FCTKPPGP CNNGTNG[ ITQ WPF MNGKPG 5KNDGTPG WPF )WNFGPG 5QTVGP WOD YKEJVKIGT 7TUCEJ YKNNGP CNUQ HÒTIGUVGNNV YGTFGP 7PF GTUVNKEJ FGT 4ÌOKUEJGP -C[UGTNKEJGP WPF -ÌPKIMNKEJGP /C[GUVCV KP FGTUGNDGP -ÌPKITGKEJGP 'TDNCPFGP WPF (ÒTUVGPVJWODGP &CPP CWEJ FGT %JWT WPF (ÒTUVGP (ÒTUVGP 2TGNCVGP )TCWGP (TG[JGTTGP UCORV CNNGP CPFGTP FG * 4ÌOKUEJGP 4GKEJU /ÒPV\ 5V·VVGP WPF 5V·PFGP FGTGP CWICPIPGP /ÒPV\GP &CTPGDGP CWEJ $·RUVNKEJGT *GKNKIMGKV WPF FGT -ÌPKI KP *KURC PKGP 2QTVWICN (TCPEMTGKEJ 0CXCTTC 'PIGNNCPFV 2QNNP 5EJYGFGP &GPPGOCTEM 5EJQVVNCPFG #WEJ FGT NÌDNKEJGP '[FIGPQUUGP KP 5EJYGKV\ &CPP CWEJ FGT +VCNKCPKUEJGP (ÒTUVGP UCORV CPFGTGP /ÒPV\ 5V·VV WPF 5V·PFG KP +VCNKGP 7PF FCPP YKTFV CWEJ GKP &KCNQIWU QFGT )GURT·EJ \YKUEJGP FGO )GNV WPF FGT #TOWV OKV CPIGJ·PIV UGJT MWTV\YGKNKI \WNGUGP 'U YKTFV CWEJ PGDGP FKUGO CNNGO GKP UQPFGTDCTGT 6TCEVCV OKV GKPDTCEJV FCTKPPGP FKG LGPKIGP /ÒPV\GP UQ KO #NVGP 6GUVCOGPV I·PI WPF IGD IGYGUV YGNEJG UQ QTFGPNKEJ DGTGEJPGV WPF DGUEJTKGDGP YQTFGP &CTCW \WUGJGP YKG OCP \WT UGNDGP <GKV OKV /ÒPV\ WPF )GYKEJV IGJCPFNGV JCV #NNGU OKV FGT 4ÌOKUEJGP -C[UGTNKEJGP /C[GUVCV IP·FKIUVGO 8QTYKU UGP WPF $GYKNNKIWPI #WEJ FGTUGNDKI CWICPIPGP KPU 4GKEJ RWDNKEKGTVGP 2TQENCOCVC IGOG KP &TWEM IGIGDGP /ÒPEJGP #FCO $GTI (QNKQ 5 OKV /ÒP\CDD *QN\UEJPKVVG \ 6 TGUVCWTKGTV #PJCPI 'KP MWTV\GT 'ZVTCEV FGT /ÒPV\UQTVGP WPRCIKPKGTV #NVGT 2GTICOGPVDCPF *CPFUEJTKHVNK EJG /CTIKPCNKGP FGU ,JFU CWH FKXGTUGP 6CHGNP FKG )QNFOÒP\GP MQNQTKGTV &GMGUGN $
$+<16 2 *KUVQKTG /¾VCNNKSWG FG NC 4GRWDNKSWG FG *QNNCPFG RCT / $K\QV 6QOG RTG OKGT WPF 6QOG UGEQPF 0QWXGNNG 'FKVKQP #OUVGTFCO 2KGTTG /QTVKGT (TQPVKURK\ 5 +PFGZ \CJNTGKEJG /ÒP\CDD WPF 6HP KO 6GZV )CP\NGFGT 4ÒEMGP OKV )QNFFTWEM &GMGUGN $
$4'00'4 ' 6JGUCWTWU 0WOOQTWO 5XGQ )QVJKEQTWO 6JGV ·T 'P 5MCVV CH 5YGPUMV /[PV 5VQEMJQNO .CTU 9CNN <CJNTGKEJG 6HP 4GRTKPV &GMGUGN $
$7& ) &G CUUG GV RCTVKDWU GKWU NKDTK 8 #D KRUQ CWVQTG PQXKKOG TGEQIPKVK NQEW RNGVCVK .[QP 5GDCUVKCP )T[RJKWU 5 WPF +PFGZ #NVGT 2GTICOGPVGKPDCPF &GMGUGN $
&'9'4&'%- ) 5KNGUKC PWOKUOCVKEC 1FGT 'KPNGKVWPI \W FGO 5EJNGUKUEJGP /ÒPV\ %CDKPGV +P YGNEJGO DK VJGKNU UGJT CNVG TCTG WPF UEJÌPG KO .CPFG XGTHGTVKIVG /ÒPV\GP FWTEJ CEEWTCVG -WRHHGT IGYKGUGP WODUV·PFNKEJ GTMN·TGV WPF FCDG[ XKGNG KP FGT 5EJNGUKUEJGP *KUVQTKG DGICP IGPG (GJNGT FGWVNKEJ GPVFGEMGV YGTFGP ,CWGT ,QJCPP )QVVHTKGF 9GDGT 5 OGJTGTG $NN
4GIKUVGT OKV \CJNTGKEJGP 6HP #NVGT 2CRRDCPF 2CRKGT UVGNNGPYGKUG IGDT·WPV GKPKIG YGPKIG OQFGTPG /CTIKPCNKGP OKV $NGKUVKHV CNVG JCPFUEJTKHVNKEJG $GUKV\GTUKIPCVWT KO 8QTUCV\
13
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&1'&'4.'+0 , # %QOOGPVCVKQ *KUVQTKEC FG 0WOKU )GTOCPKCG OGFKCG SWQU XWNIG $TCEVGCVQU GV %CXQU XGTPCEWNG $NGEJ WPF *QJN /ÒP\GP CFRGNNCPV PGE PQP .COKPCTKDWU SWKDWUFCO OGFKK CGXK DKNCVGTCNKDWU SWK OCZKOCO RCTVGO 9GKUUGPDWTIK KP 0QTKEKU KPSWG XKEKPKU CITKU JCWF KVC RTKFGO GTWVK UWPV CE TGRGTVK %WO (KIWTKU CGTK KPEKUKU #EEGUUKV &G 2GEWPKCG OGFKK #GXK 8CNQTG 0W OQTWOSWG PQUVTC CGVCVKU QTKIKPG FKUSWKUKVKQ 0ÒTPDGTI ,WN #TPQNF 'PIGNDTGEJV 5 6HP +PFGZ .KRUKWU 5 # 9ª4('. $GUEJTGKDWPI GKPKIGT $TCMVGCVGP &KEMRHGPPKIG WPF )GUEJOGKFG YGNEJG \W 1HHGPJCWUGP KP FGO 0ÒTPDGTIKUEJGP UKPF CWUIGITCDGP YQTFGP 0ÒTPDGTI 5 6HN .KRUKWU * ' *'+/ Ŏ #DJCPFNWPI ÒDGT FKG KO -WTOC[P\KUEJGP 1DGTGT\UVKHVG XQO ,CJTG DKU XQTIGHWPFGPGP CNVGP /ÒP\GP 'THWTV 5 .KRUKWU 5 /ÒP\GP CNNGT .·PFGT <YG[VG #WHNCIG &TGUFGP Q , 5 .KRUKWU ņ )CP\NGFGT OKV 4ÒEMGPRT·IWPI 4QVUEJPKVV GVYCU UVQEMHNGEMKI
&1012 ) - 9 XQP .GU /¾FCKNNGU )CNNQ )CÀNKSWGU &GUETKRVKQP FG NC VTQWXCKNNG FG Nʼn+NG Fʼn,GTUG[ RCT NG $CTQP FG &QPQR *CPPQXGT *CJP 5 6HP *CNDNGFGT 4ÒEMGP IG RNCV\V 5VQEMHNGEMKI .GKV\OCPP 5
29 29
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&7 %*17. ) &KUEQTUQ FGNNC 4GNKIKQPG #PVKEC FG 4QOCPK EQORQUVQ KP (TCP\GUG FCN 5 )WINKGNOQ %JQWN )GPVKNJWQOQ .KQPGUG $CIN[ FGNNG /QPVCIPG FGN &GNHKPCVQ +PUKGOG EQP WPʼnCNVTQ UKOKNG FKUEQTUQ FGNNC ECUVTCOGVCVKQPG DCIPK CPVKEJK FG 4QOCPK VTCFQVVK KP 6QUECPQ FC / )CDTKGN 5KOGQPK (KQTGPVKPQ .[QP )WKNNCWOG 4QWKNNKG 5 OKV \CJNTGKEJGP -WRHGTUVKEJGP \WO VGKN MQNQTKGTV &GMGUGN & &KUEQTUQ 5QRTC NC ECUVTCOGVCVKQPG GV FKUEKRNKPC OKNKVCTG FG 4QOCPK .[QP 5 OKV \CJNTGKEJGP -WRHGTUVKEJGP &GMGUGN & &G $CIPK GV 'UUGTEKVKK CPVKEJK FG )TGEK Q 1 Q , 5 OKV -WRHGTUVKEJGP (QNKQ )CP\NGFGT OKV IGRT·IVGO 4ÒEMGPVKVGN 4QVUEJPKVV 6KVGNDNCVV FGU &KUEQTUQ FGNNC 4GNKIKQPG CP GKPGT 'EMG WPF CO 4CPF UEJCFJCHV WPF TGRCTKGTV DGTKGDGP FWTEJIGJGPF IGDT·WPV
&7+5$74) % . &' *TUI % # 4WFQNRJK TGEGPVKQTKU CGXK PWOKUOCVC XKTQTWO FG TGDWU OGFKEKU GV RJ[UKEKU OGTKVQTWO OGOQTKCO UGTXCPVKC FGPWQ 2CTKU 5V 2GVGTUDWTI :+++ 5 *CNDNGKPGP 'KPDCPF GVYCU DGUEJ·FKIV
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'%-*'. , # -WT\IGHCVG #PHCPIUITÒPFG \WT CNVGP 0WOKUOCVKM 0GWG XGTOGJTVG #WHNCIG 9KGP 5 6HP KP (QVQMQRKG *CNDNGFGT 'VYCU UVQEMHNGEMKI .GKV\OCPP 5
':6'4 ( 8GTUWEJ GKPGT 5COONWPI XQP 2H·N\KUEJGP /ÒP\GP WPF /GFCKNNGP 6GKNG WPF 5WRRNGOGPV 0CEJFTWEM Q 1 WPF , FGT #WUICDG <YGKDTÒEMGP 8+ 5 5VCOOVC HGNP :::++ 5 5VCOOVCHGNP +P \YGK .GKPGPD·PFGP IGDWPFGP
33
39 37
(#$4+%+75 , # %QFGZ 2UGWFGRKITCRJWU 8GVGTKU 6GUVCOGPVK EQNNGEVWU ECUVKICVWU VGUVCOQPKKUSWG EGPUWTKU GV CPKOCFXGTUKQPKDWU KNNWUVTCVWU C ,QJCP #NDGTVQ (CDTKEKQ 55 VJGQN & GV 2TQHGUUQTG 2WDN KP )[OPCUKQ *CODWTIGPUK 'FKVKQ JWKE UGEWPFCG CEEGFKV XQNWOGP CNVGTWO UGRCTCVKO GZEWUWO $F *CODWTI 6JGQFQT %JTKUVQRJ (GNIKPIGT 5 WPF +PFGZ $F 8QNWOGP CNVGTWO #EEGFKV ,QUGRJK XGVGTKU %JTKUVKCPK UETKRVQTGU *[RQOPGUVKEQP KP NWEGO GFKVWO EWO XGTUKQPG CE PQVKU ,Q #NDGTVK (CDTKEKK 'FKVKQ CNVGTC *CODWTI 6JGQFQT %JTKUVQRJ (GNIKPIGT (TQPVKURK\ 5 /KV GKPKIGP /ÒP\CDD KO 6GZV /QFGTPGT *CNDNGFGTDCPF .KRUKWU
(+%1410+ ( FG .G OGOQTKG 2KWʼn 5KPIQNCTK FK 4QOC G UWG 8KEKPCP\G 0QVCVG KP WPC .GVVGTC FC (TCPEGUEQ FG (KEQTQPK FKTGVVC CNNʼn KNNWUVTKUUKOQ UKIPQT %CX $GTPCTF KPINGUG #IIKWPVCXK PGN HKPG NC 5RKGIC\KQPG FʼnWPC /GFCINKC Fʼn1OGTQ 4QO )KQXCPPK /CTKC 5CNXKQPK 5 6GZVCDD #NVGT 2CRRDCPF 4ÒEMGP DGUEJ·FKIV .KRUKWU 5
(4+'&. 0&'4 , 4GRGTVQTKWO \WT CPVKMGP 0WOKUOCVKM KO #PUEJNW CP /KQPPGV U &GUETKRVKQP FGU O¾FCKNNGU CPVKSWGU \WUCOOGPIGUVGNNV $GTNKP :+ 5 *CNDNGKPGP
)'8##465 % 47$'05 2 2 2QORC +PVTQKVWU (GTFKPCPFK #WUVTKCEK *KURCPKCTWO KPHCPVKU E KP WTDGO #PVXGTRKCO #PVYGTRGP ,QJCPPGU /GWTUKWU 5 OKV -WRHGTUVKEJGP XQP 6J XCP 6JWNFGP PCEJ 4WDGPU 4GRTKPV 7PVGT 5EJPGKFJGKO )TQ (QNKQ /QFGTPGT .GKPGPGKPDCPF
)14.#'75 # #DTCJCO )QTNCGK #PVXGTRKCPK 6JGUCWTWU 0WOKUOCVWO 4QOCPQTWO CWTGQTWO CTIGPVGQTWO CGTGQTWO CF HCOKNKCU GKWU WTDKU URGEVCPVKWO WUSWG QDKVWO #WIWUVK #EEGUUGTG GKWUFGO RCTCNKRQOGPC UGW V[RK PWOQTWO 4QOCPQTWO SWQU C (WNXKQ WTUKPQ RCTVKO PQP GFKVQU QOPKPQ RCTVKO PQP KVC GFKVQU KFGO RQUUKFGV EWO RTKXKNGIKKU &GNHV (QNKQ 5 GU HGJNGP FKG 5 6HP /QFGTPGT *CNDNGFGTDCPF 9CUUGTHNGEM CWH FGP 6CHGNP WPF \CJNTGKEJG #POGTMWPIGP CWH FGP NGGTGP 5GKVGP &GMGUGN )
)4 55' , ) 6 *CPFDWEJ FGT #NVGP 0WOKUOCVKM XQP FGP ·NVGUVGP <GKVGP DKU CWH %QP UVCPVKP F )T 0CEJ FGP DGUVGP 3WGNNGP DGCTDGKVGV WPF OKV XKGNGP #DDKNFWPIGP FGT UEJÌPUVGP CPVKMGP 1TKIKPCNOÒP\GP XGTUGJGP .GKR\KI 5 /QFGTPGT *CNDNGKPGPGKPDCPF
)4 8+75 , ) . #PPCGWU (NQTWU TGEGPUKVWU KNNWUVTCVWU C ,QCPPG )GQTIKQ )TCGXKQ 7VTGEJV ,QJCPPGU 4KDDKWU (QPVKURK\ 5 +PFGZ GKP\GNPG /ÒP\CDD 2GTICOGPVDCPF OKV 5WRTC .KDTQU 9CRRGP )QWFC 4ÒEMGP DGUEJ·FKIV &GMGUGN )
9KFOWPIUGZGORNCT FGU )[OPCUKWOU KP )QWFC HÒT &CXKF 4GKIGTUDGTIGT
)4¤0+0) , &CU IGÌHPGVG /ÒPV\ %CDKPGV 1FGT 'KPNGKVWPI YKG UQNEJG 9KUUGPUEJCHHV NGKEJVG \W GTNGTPGP YCU \W 'TM·PVPK FGT #PVKSWGP WPF /QFGTPGP /ÒPV\GP GTHQTFGTV YGTFG WPF YKG UQNEJG PÒV\NKEJ \W IGDTCWEJGP *CODWTI $GPLCOKP 5EJKNNGTP 5 *KUVQTKC PWOKUOCVKEQ ETK VKEC &CU KUV PGWGTÌHPGVG *KUVQTKG FGT /QFGTP /GFCKNNGP 9QTKP DGUQPFGTU XQP FGTQ 9ÒTFG WPF XKGNH·N VKIGP 0WV\GP YKG CWEJ XQP FGPGP /GFCKNNGWTU IGJCPFGNV YKTF *CODWTI 5 6GZVCDD 'KP DCPF ,CJTJWPFGTV .KRUKWU 5
15
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)41018+75 , ( ,QJ (TGFGTKEK )TQPQXKK FG 5GUVGTVKKU UGW UWDUGEKXQTWO RGEWPKCG XGVGTKU )TCGECG 4QOCPCG NKDTK +8 #EEGUUGTWPV . 8QNWUKWU /CGEKCPWU ,% $CNDWU /GPUQT FG #UUG 2CUECUKK )TQUKRRK 6CDWNCG 0WOOCTKCG /CPVKUUC VTGU ANTEXEGHSEIS FG HQGPQTG 7PEKCTKQ %GPVGUKOKU 7UWTKU KVGO FG *[RGTR[TQ 5CNOCUKK 'RKUVQNC CF GCO TGURQPUKQ LOGARIKH PALAIA KAI NEA )TCGEG .CVKPG .GKFGP ,QJCPPGU FW 8KXKG (TQPVKURK\ 5 WPF +PFGZ #NVGT 2GTICOGPVGKPDCPF &GMGUGN )
6KVGNMWRHGT OKV 0WOKUOCVKMGTP
&CUUGNDG CDGT CPIGDWPFGP ,CEQD 2GTKEQPKWU &KUUGTVCVKQPWO 6TKCU SWCTWO KP RTKOC FG EQPUVKVWVKQPG FKXKPC UWRGT FWEGPFC FGHWPEVK HTCVTKU WZQTG UGEWPFC FG NGIG 8QEQPKC HGOKPCTWOSWG CRWF XGVGTGU JGTGFKVCVKDWU VGTVKC FG XCTKKU CPVKSWQTWO PWOOKU CIKVWT JI XQP ,QJCPP )QVVNKGD *GKPGEEKWU
*CNNG 5 /ÒP\CDD 2GTICOGPVGKPDCPF 4QVUEJPKVV
*+0&'0$'4) # 0GYGTHWPFGPGT <GJN 6KUEJ )TQUUG 2QUVGP /ÒPV\ WPVGTUEJKGFNKEJGT 5QTVGP NGKEJV WPF QJPG CWHHOGTEMGP \W YGTHHGP WPF PCEJ XGTUEJQDGPGT 5QTVGP FKG SWQVCO UKEJ UGNDUV XQT\GKEJGPFG \WDGHKPFGP .KIPKV\ 5GDCUVKCP -QEJ 7PRCIKPKGTV (CMUKOKNGFTWEM
44
16
*1((/#00 . 9 Ŏ 0WV\NKEJ %WTKGWUGU /ÒPV\ )GURT·EJ 9GNEJGU FKG )ÒNV WPF 7PIÒNVKIMGKV FGT JGWV \W 6CIG XKGNGTNG[ IGRT·IVGP /ÒPV\GP WPF YCU FCTCWU XQT 0WV\GP WPF 5EJCFGP GPVUVG JGV 4GKEJU WPF /ÒPV\ 2TQDCVKQP #DUEJKGFU O·UUKI QJP RCTVKCNKUEJ XQT #WIGP UVGNNGV 0ÒTPDGTI %JTK UVKCP 5KGIOWPF (TQDGTIGT 5 6KVGNMWRHGT #NVGT 2CRKGTGKPDCPF $KDNKQVJGMUUVGORGN CWH 6KVGN DNCVV 9WTOI·PIG CWH FGP 5GKVGP CO 5EJNWUU FGU $·PFEJGPU 4ÒEMGP GVYCU DGUEJ·FKIV &GMGUGN *
*161/#0075 ( &G TG PWOCTKC RQRWNK 4QOCPK NKDGT 'KWUFGO FKURWVCVKQ FG CWTGQ ,WUVKPKCPKEQ *KU CEEGUUGTWPV 8QNWUKWU /CGVKCPWU +WTKUE 4JGOPKWU (CPPKWU 2TKUEKCPWU %CGUCTKGPUKU &G CUUG RQPFGTKDWU OGPUWTKU 2CTKU ,QJCPPGU &WTCPVKWU 5 WPF +PFGZ &GMGUGN * ) $7& &G CUUG Q 1 Q , 5 9 2*+.#0&'4 &G RQPFGTKDWU Q 1 Q , 5 , 5%#.+)'4
&G TG PWOOCTKC .GKFGP 5 &GMGUGN 5 9 50'..+75 &G TG PWOOCTKC .GKFGP 5 +P GKPGO $CPF KP 2GTICOGPV IGDWPFGP
$+$.+12*+.' 9'4-'
46
46 46
*766+%* , +ORGTCVQTWO GV %CGUCTWO XKVCG EWO KOCIKPKDWU CF XKXCO GHHKIKGO GZRTGU UKU .KDGNNWU CWEVWU EWO GNGPEJQ +EQPKLU %QPUWNWO CD #WVJQTG 5VTCDWTI 7PRCIKPKGTV \CJNTGK EJG /ÒP\CDD KO *QN\UEJPKVV WPF 6HP OKV *QN\UEJPKVVGP TÌOKUEJGT 4GRWDNKMFGPCTG #NVGT 'KPDCPF
2CRRG 4QVUEJPKVV &GMGUGN *
&KG ·NVGUVG 8GTÌHHGPVNKEJWPI ÒDGT /ÒP\GP FGT TÌOKUEJGP 4GRWDNKM <WT $KQITCRJKG *WVVKEJ XIN 9CNDWTI $QRRGTV ,QJCPP *WVVKEJ .GDGP WPF 9GTM /CKP\
49 47
47
,1#%*+/ , ( &CU PGW GTÌHPGVG /ÒP\ECDKPGV FCTKPPGP OGTMYÒTFKIG WPF XKGNG DKUJGTP PQEJ PKTIGPFU OKVIGVJGKNVG )QNF WPF 5KNDGTOÒP\GP \W HKPFGP FKG TKEJVKI KP -WRHGT CDIGDKNFGV DG UEJTKGDGP WPF GTN·WVGTV YGTFGP XQP & ,QJCPP (TKGFTKEJ ,QCEJKO $F 0ÒTPDGTI )GQTI $CWGT 5 6HP $F 0ÒTPDGTI )GQTI $CWGT 5 6HP $F 0ÒTPDGTI ,QJCPP 'DGT JCTF <GJ 5 6HP $F , 2 4'+0*#4& 0ÒTPDGTI ,QJCPP 'DGTJCTF <GJ 5 6HP 2CRRD·PFG GVYCU UVQEMHNGEMKI .KRUKWU 5
'KP YGKVGTGU 'ZGORNCT FGT $·PFG WPF )CP\NGFGT OKV IGRT·IVGO 4ÒEMGPVKVGN 4QVUEJPKVV 4ÒEMGP GVYCU DGUEJ·FKIV GVYCU DGUVQGP
/KV 5VGORGN $+$.+16*'%# 1'.4+%*5+#0#
-.16< % # %JTKUV #FQNRJK -NQV\KK 1RWUEWNC PWOOCTKC SWKDWU KWTKU CPVKSWK JKUVQTKCG SWG PQPPWNNC ECRKVC GZRNKECPVWT *CNNG ,QJCPP ,CEQD %WTVKWU 5 WPF +PFGZ -WRHGTUVKEJ FGU #WVQTU 2CRRDCPF FGU ,CJTJWPFGTVU .KRUKWU 5
=-1'*.'4 * - ' XQP? &GUETKRVKQP FʼnWP %CO¾G FW ECDKPGV FGU RKGTTGU ITCX¾GU FG UC /CLGUV¾ +OR¾TKCNG .ʼn'ORGTGWT FG VQWVGU NGU 4WUUKGU 5V 2GVGTUDWTI 5 6HP 2CRRDCPF 5VQEMHNGEMKI
-¤*.'4 , & )TÒPFNKEJG 0CEJTKEJV XQP FGO /ÒP\YGUGP KPUIGOGKP +PUDGUQPFGTG CDGT XQP FGO 6GWVUEJGP /ÒP\YGUGP ·NVGTGT WPF PGWGTGT <GKVGP 7PF FCPP CWEJ XQP FGO (TCP\ÌUK UEJGP 5RCPKUEJGP 0KGFGTN·PFUEJGP 'PINKUEJGP WPF &·PKUEJGP /ÒP\YGUGP <YG[VG WPF XGTOGJTVG #WHNCIG *GNOUVGFV 5 *CNDRGTICOGPV .KRUKWU 5
17
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5KNGUKC KP PWOOKU 1FGT $GTÒJOVG 5EJNGUKGT +P /ÒPV\GP 5Q FWTEJ )TQUUG *GNFGP 6JCVGP &WTEJ *QJG WPF YKEJVKIG #OVU 9ÒTFGP 1FGT FWTEJ )GNGJTUCOMGKV WPF 5EJTKHHVGP +JTGP 0CJOGP WPXGTIGNKEJ IGOCEJV $TGUNCW .GKR\KI /KEJCGN *WDGTV /GJTGTG $NN 5 6HP \CJNTGKEJG $NN
4GIKUVGT *CNDNGFGT FGT <GKV OKPKOCN DGUVQGP 8QTFGTFGEMGN WPF XQTFGTG 8QTUCV\DN·VVGT OKV (QVQMQ RKGP DGMNGDV
&KG *GKOUWEJWPIGP )166'5 KP <QTP WPF )PCFG ªDGT FCU *GTV\QIVJWO 5EJNGUKGP KP /ÒPV\GP 0GDUV GKPGT #DJCPFNWPI FGTGT /GFCKNNGP 9GNEJG CWH FGP 6QFGU (CNN +JTQ -C[UGTN /CLGUV·V %#4. 8+ 7PF FGP FCTCWH GTHQNIVGP -TKGI KP 5EJNGUKGP &GPP CDGT PCEJ $GJCWRVWPI 0KGFGT 5EJNGUKGPU 5T -ÌPKINK EJGP /CLGUV·V KP 2TGWUUGP IGNGKUVGVGP 'TD *WNFKIWPI WPF PGWGP .CPFGU 'KPTKEJVWPIGP \WO 8QTUEJGKP MQOOGP &GPGP DG[IGHÒIGV GKP 8GT\GKEJPK WPF 0CEJTKEJV 8QP GKPGT \W GFKGTGPFGP *KUVQTKG FGT )G NGJTVGP KP /ÒPV\GP .GKR\KI &CXKF 5KGIGTV Q , = ? 5 .GFGT OKV 4ÒEMGPRT·IWPI CNVG $GUKV\GTUVGORGN CWH 6KVGNDNCVV WPF $WEJDNQEM 6KVGNUGKVG JKPVGTNGIV GVYCU DGUVQGP
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=.'*/#00 2 # ? Ŏ &GT *KUVQTKUEJGP 4GOCTSWGU ÒDGT FKG PGWGUVGP 5CEJGP KP 'WTQRC /KV CNNGO (NGK \WUCOOGP IGVTCIGP WPF CWU FGT )GQITCRJKG )GPGCNQIKG *KUVQTKG GVE 'TN·WVGTV &CDG[ LGFGT\GKV FKG UQ YQJN KP (TCPEMTGKEJ 'PIGNNCPF +VCNKGP *QNNCPF CNU &GWVUEJNCPF KP &TWEM IGMQOOGPG $ÒEJGT CPIGHÒJTGV YQTFGP 5KGDGPFGT 6JGKN CWH FCU / & %%8 ,CJT *CODWTI 5 #EJVGT 6JGKN CWH FCU /&%%8+ ,CJT *CODWTI 5 0GWPFVGT 6JGKN CWH FCU /&%%8++ ,CJT *CO DWTI 5 #NVGT .GFGTDCPF DGTKGDGP DGUVQGP .KRUKWU 5
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'Z NKDTKU .CDQTWO FWNEG .GPKOGP *QTCV
.110 ) XCP *GFGPFCCIUEJG 2GPPKPIMWPFG \[PFG GGPG 8GTJCPFGNKPI XCP FGP 1QT URTQPM XCP ʼnV )GNF FG QRMQOUV GP ʼnV QPFGTUEJG[F FGT )GFGPMRGPPKPIGP FGP CCTFV GP FGP 4GGMGPY[\G FGT .GIRGPPKPIGP FG Y[\G XCP ʼnV U[HHGTGP FGT 1WFGP FGP QQTURTQPM FGT 5[HHGTNGVVGTGP 6QXGTRGPPKP IGP GP 0QQFOWPVGP /KFUICFGTU XCP FGT XCUVG )TQPFTGIGNP FKG KP ʼnV QPVYGTRGP XGTICFGTGP UEJKMMGP GP DGJCPFGNGP FGT 2GPPKPIGP OQGVGP YQTFGP KPCEJVIGPQOGP &GP *CCI 2KGVGT XCP 6JQN (QNKQ 5 WPF 4GIKUVGT OKV /ÒP\ WPF /GFCKNNGPCDD )CP\NGFGT 4ÒEMGPIQNFRT·IWPI DGUVQGP 4ÒEMGP GVYCU DGUEJ·FKIV
2 $GTIJCWU \WO 0QTFYGUVFGWVUEJGP /ÒP\UCOONGTVTGHHGP ÒDGTTGKEJV
&CUUGNDG 0GWFTWEM KP GPINKUEJGT ªDGTUGV\WPI .GKFGP
64
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19
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66
68
70
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ÒDGEM 5 6HP .KRUKWU 5 2GTICOGPVDCPF
/'45#0 6 &7 &KHGUC FGNNC NGVVGTC FK ) % CN UKIPQT &QOGPKEQ 5GUVKPK UQRTC FWG OGFCINKG ITGEJG FGN )CDKPGVVQ 4GCNG FK /KNCPQ /CKNCPF 5 6HP -CTVQPKGTV 'KPDCPF GVYCU CPIGUEJOWV\V
/';'4 , 4 , FG 6JGQTGVKUEJG 'KPNGKVWPI KP FKG RTCMVKUEJG /ÒP\YKUUGPUEJCHV WPF GKPG IGPCWG 2TÒHWPI WPF -GPPVPK FGU )QNFGU WPF 5KNDGTU PCEJ FGT FGWVUEJGP WPF HTCP\ÌUKUEJGP /CTM YKG CWEJ FKG $GTGEJPWPI FKGUGT /GVCNNGP UQYQN CNU FGU KPPGTNKEJ WPF ·WUUGTNKEJGP 9GTVJU FGT )QNF WPF 5KNDGTOÒP \GP FGT XQTPGJOUVGP 5VCCVGP WPF *CPFGNURN·V\GP 'WTQRGPU KP UGEJUGTNG[ 9·JTWPI 0GDUV GKPGO 8GT UV·PFKIWPIU 9ÌTVGTDWEJG FGTGT KP FGO /ÒP\YGUGP WPF FGT %J[OKG ÒDNKEJUVGP LGFQEJ PKEJV O·PPKINKEJ DGMCPPVGP 9ÌTVGT WPF 4GFGPUCTVGP UCOV KJTGT &GWVWPI /KV ÌMQPQOKUEJGP #POGTMWPIGP DGINGKVGV 'KPG FGO 5VCCVU WPF *CPFGNUOCPPG FGO )QNF WPF 5KNDGTCTDGKVGT WPF CNNGP .KGDJCDGTP FGT %J[OKG WPF $GTIYGTMUYKUUGPUEJCHV FKGPNKEJG #DJCPFNWPI /KV DGJÌTKIGP 6CDGNNGP WPF 4GIKUVGT XGTUGJGP 5QNQVJWTP 5 2CRRDCPF 4QVUEJPKVV DGUVQGP .KRUKWU 5
*CPFUEJTKHVNKEJG $GUKV\GTXGTOGTMG *GKPTKEJ .QVVGT KO 8QTUCV\ WPF CWH FGO 6KVGN
/1//5'0 6 ªDGT FCU 4ÌOKUEJG /ÒP\YGUGP 5 /QFGTPGT 2CRRGKPDCPF 'VYCU UVQEMHNGEMKI 9CUUGTHNGEM KP FGT QDGTGP 'EMG CWH FGP GTUVGP 5
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
/ÒP\GP FGT 4ÌO 4GRWDNKM WPF FGU HTÒJGP -CKUGTTGKEJGU
20
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1%%1 # +ORR 4QOCPQTWO 0WOKUOCVC C 2QORGKQ /CIPQ CF *GTCENKWO 3WKDWU KPUWRGT CFFKVCG UWPV KPUETKRVKQPGU SWCGFCO XGVGTGU CTEWU VTKWORJCNGU CNKC CF JCPE TGO PGEGUUCTKC 5WOOC FKNKIGPVKC OCIPQ NCDQTG EQNNGEVC CD #FQNRJQ 1EEQPG T R CWI OGFKEQ CPVKSWKVCVWO UVWFKQUQ #PVYGTRGP %JTKUVQRJ 2NCPVKP 5 )CP\NGFGT 4QVUEJPKVV NGKEJV DGUVQGP 4ÒEMGP GVYCU DG UEJ·FKIV UQPUV VCFGNNQUGT <WUVCPF &GMGUGN 1
+ORGTCVQTWO 4QOCPQTWO 0WOKUOCVC C 2QORGKQ /CIPQ CF *GTCENKWO CD #FQNHQ 1EEQPG QNKO EQPIG UVC PWPE #WIWUVQTWO KEQPKDWU RGTRGVWKU *KUVQTKEQ %JTQPQNQIKEKU PQVKU RNWTKDWUSWG CFFKVCOGPVKU CWEVC 5CE %CGUCTGCG GV TGIKCG OCKGUVCVK KPXKEVKUUKOK GV ENGOGPVKUUKOK .GQRQNFK 2TKOK QRVKOK OCZKOK CWIWUVQTWO CWIWUVK GZJKDKVC UVWFKQ GV EWTC (TCPEKUEK /GFKQDCTDK $KTCIK /CKNCPF .WFQXKEWU /QPVKC )TQ (QNKQ 5 OKV /ÒP\CDD )CP\NGFGTDCPF OKV XGTIQNFGVGT 4ÒEMGPRT·IWPI GVYCU DGUVQ GP &GMGUGN .KRUKWU 5
1'.4+%* , % % 'TN·WVGTVGU %JWT $TCPFGPDWTIKUEJGU /GFCKNNGPECDKPGV CWU TKEJVKI KP -WRHGT XQP NCWVGT 1TKIKPCNKGP CDIGDKNFGVGP DGUEJTKGDGPGP WPF KP EJTQPQNQIKUEJGT 1TFPWPI ITÌGUVGP 6JGKNU CWU CTEJKXKUEJGP 0CEJTKEJVGP JKUVQTKUEJ GTMN·TVGP )GF·EJVPKUOÒP\GP <WT )GUEJKEJVG (TKGFTKEJ 9KNJGNO FGU )TQGP $GTNKP 6HP OKV 'TMN·TWPIGP (CMUKOKNGFTWEM $GTNKP
1.'#4+75 , % #PCUVCUKU #IPGUCG #DDCVKUUCG 3WGFNKPDWTIGPUKU K G 'TPGWGTVGU &GPEMOCJN GKPGT WJTCNVGP #GDVKUUKP \W 3WGFNKPDWTI #IPGUCG %QPTCFU FGU )TQUUGP /CTIITCHGPU \W /GKGP 6QEJVGT 9GNEJGU FWTEJ 8GTCPNCUUWPI GVNKEJGT JKGTDG[IGHÒIVGP $TCEVGCVQTWO QFGT CNVGP FÒPPGP JQJNGP UKNDGTPGP /ÒPV\GP CWUUTKEJVGP CWEJ JKGTOKV \WINGKEJ CNU KP GKPGT 2TQDG FGP 0WV\GP FKGUGT WPF CPFGTP FGTINGKEJGP #TV /ÒPV\GP HÒTPGONKEJ KP FGT *KUVQTKG \GKIGP YQNVG / ,QJ %JTKUVQRJ 1NGCTKWU ,GPC ,QJ $KGNEMG 5 6HN /QFGTPGT 'KPDCPF &GMGUGN 1
75 75
2#6+0 % (COKNKCG 4QOCPCG KP CPVKSWKU PWOKUOCVKDWU CD WTDG EQPFKVC CF VGORQTC &KXK #WIWUVK 'Z DKDNKQVJGEC (WNXKK 7TUKPK %WO CFKWPEVKU #PVQPKK #WIWUVKPK 'RKUE +NGTFGPUKU 2CTKU ,GCP &W $TC[ 2KGTTG 8CTKSWV 4QDGTV FG 0KPXKNNG )TQUU (QNKQ (TQPVKURK\ 5 OKV XKGNGP /ÒP\CDD )CP\NGFGTDCPF OKV 5WRTC .KDTQU XQTFGTGT &GEMGN HCUV NQUG &GMGUGN 2
21
$+$.+12*+.' 9'4-'
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+PVTQFWEVKQP C NC EQPPQKUUCPEG FGU /¾FCKNNGU RCT / %JCTNGU 2CVKP 5GEQPFG 'FKVKQP 2CTKU ,GCP FW $TC[ (TQPVKURK\ 5 6GZVCDD )CP\NGFGT DGTKGDGP CO 4ÒEMGP CWHIGRNCV\V 9CUUGTHNGEM CWH FGP GTUVGP 5 &GMGUGN 2
'Z NKDTKU FG /QPVRGNNKGT
0WOKUOCVC KPXKEVCG 4QOCG 0WOKUOCVC +ORGTCVQTWO 4QOCPQTWO GZ CGTG OGFKCG GV OKPKOCG HQTOCG FGUETKRVC GPCTTCVC RGT %CTQNWO 2CVKP 5VTCDWTI 5KOQP 2CWNNK )TQ (QNKQ 6KVGNDNCVV HGJNV (TQPVKURK\ :::8+ 5 5 +PFGZ -CTVGP 9GUVGP WPF 1UVGP FGU 4ÌOKUEJGP 4GKEJGU \CJN TGKEJG -WRHGTUVKEJG WPF /ÒP\CDD 2GTICOGPVDCPF RTCEJVXQNNGU 'ZGORNCT &GMGUGN 2
78
22
78
=2'..'4+0 , ? 4GEWGKN FG /¾FCKNNGU SWK PʼnQPV RQKPV GPEQTG ¾V¾ RWDNK¾GU QW SWK UQPV RGW EQPPWGU $F /¾FCKNNGU FG TQKU 2CTKU 5 6HP $F /¾FCKNNGU FG RGWRNGU GV FG XKNNGU 6QOG RTGOKGT EQPVGPCPV NGU O¾FCKNNGU Fʼn'WTQRG 2CTKU 5 6HP $F /¾FCKNNGU FG RGWRNGU GV FG XKNNGU 6QOG UGEQPF EQPVGPCPV NGU O¾FCKNNGU Fʼn#UKG 2CTKU 5 6HP $F /¾FCKNNGU FG RGWRNGU GV FG XKNNGU 6QOG VTQKUKGOG EQPVGPCPV NGU O¾FCKNNGU Fʼn#HTKSWG FGU +UNGU O¾FCKNNGU KPEGTVCKPGU 2JQGPKEKGPPGU 2WPKSWGU GP ECTCEVGTGU KPEQPPWU CXGE WP UWRRN¾OGPV 2CTKU 5 6HP /¾NCPIG FG FKXGTUGU O¾FCKNNGU RQWT UGTXKT FG UWRRN¾OGPV CWZ TGEWGKNU FGU O¾FCKNNGU FG TQKU GV FG XKNNGU SWK QPV ¾V¾ KORTKO¾U GP /&%%.:++ /&%%.:+++ $F 6QOG RTG OKGT + /¾FCKNNGU F¾VCEJGU ++ /¾FCKNNGU +OR¾TKCNGU GP QT GP CTIGPV GP DTQP\G +++ /¾FCKNNGU FG EQNQPKGU SWK OCPSWGPV FCPU 8CKNNCPV CXGE FGU QDUGTXCVKQPU UWT EGNNGU SWʼnKN C RWDNK¾GU 2CTKU 5 6HP $F 6QOG UGEQPF /¾FCKNNGU KOR¾TKCNGU )TGESWGU SWK OCPSWGPV FCPU 8CKNNCPV CXGE FGU QDUGTXCVKQPU UWT EGNNGU SWʼnKN C RWDNK¾GU 2CTKU 5 6HP 5WRRN¾OGPV CWZ UKZ XQNWOGU FG TGEWGKNU FGU O¾FCKNNGU FG TQKU FG XKNNGU RWDNK¾U GP CXGE FGU EQTTGEVKQPU TGNCVKXGU CWZ O½OGU XQNWOGU $F 2CTKU 5 6HP *CNDNGFGTGKPDCPF RTCEJVXQNNG 'ZGORNCTG .KRUKWU 5
$+$.+12*+.' 9'4-'
79
80
80
2+)014+75 . /CIPG &GWO /CVTKU +FCGCG #VVKFKU KPKVKC 'Z XGVWUVKU OQPWOGPVKU PWRGT 6QTPCEK 0GTXKQTWO GTWVKU CWEVQTG .CWTGPVKQ 2KIPQTKQ ECPQPKEQ 6CTXKUKPQ #OUVGTFCO # (TKU 5 GKP\GNPG /ÒP\CDD )GJGHVGV 9CUUGTTCPF CD 5 &GMGUGN 2 2.#61 =2UGWFQP[O HÒT 9KNF? ) ) 5EJTGKDGP CP 2 6 *GTTP )GQTI (TKGFTKEJ XQP $GTDGTKEJ FKG KP FGUUGP /ÒP\ECDKPGV DGHKPFNKEJG *QH )GKOCTKUEJG /ÒP\G DGVTGHHGPF 0GDUV FTG[ -WRHGTVCHGNP 4G IGPUDWTI , . /QPVCI 5 6HP 0GWGT *CNDNGKPGPDCPF GVYCU UVQEMHNGEMKI .KRUKWU 5
81
84 83
4#5%*' , % &KG -GPPVPK CPVKMGT /ÒP\GP PCEJ FGP )TWPFU·V\GP FGU 2GTG . (QDGTV WPF FGU *GTTP FG NC $CUVKG OKV XKGNGP 8GTDGUUGTWPIGP JGTCWUIGIGDGP XQP / ,QJCPP %JTKUVQRJ 4CUEJG 'TUVGT 6JGKN OKV -WRHGTP 0ÒTPDGTI ) 2 /QPCVJ 5 6HP <YG[VGT 6JGKN OKV CPIG \GKIVGT 4CTKV·V FGT /ÒP\GP WPF XQNNUV·PFKIGP 4GIKUVGTP 0ÒTPDGTI ) 2 /QPCVJ 2CRRDCPF .KRUKWU 5
4';*'4 5 &KUUGTVCVKQ &G 6TKDWU CTIGPVGKU 0WOOKU KKUSWG 7PEKCNKDWU CPVKSWKUUKOKU -KGN , 4GWOCPP 5 6HN /QFGTPGT 'KPDCPF &GMGUGN 4
41%-1: 0 +ORGTCVQTWO 4QOCPQTWO C +WNKQ %CGUCTG CF *GTCENKWO WUSWG 0WOKUOCVC #WTGC #PVYGTRGP (QNKQ 6HP OKV #DD TÌOKUEJGT /ÒP\GP XQP ,CEQD FG $KG 2GTICOGPVGKPDCPF FGT <GKV OKV )QNFRT·IWPI GU HGJNGP FKG DGKFGP 6KVGNMWRHGT &GMGUGN $
'PVYWTH FGU 6KVGNDNCVVGU XQP 2 2 4WDGPU <W 4QEMQZ WPF 4WDGPU XIN 4 9 5EJGNNGT 0KEQNCCU 4QEMQZ CNU 1WFJGKFMWPFKIG #PVYGTRGP
&CUUGNDG $GTNKP 5 6HP 2CRRDCPF FGT <GKV *CNDRGTICOGPV .KRUKWU 5
8QTDGUKV\GT &T ,CEQD *KTUEJ
23
$+$.+12*+.' 9'4-'
88 85
87
5#816 . WO &KUEQWTU UWT NGU O¾FCKNNGU CPVKSWGU FKXKU¾ GP SWCVTG RCTVKGU 'USWGNNGU KN GUV VTCKEV¾ UK NGU O¾FCKNNGU CPVKSWGU GUVQKGPV OQPPQ[GU FG NGWT RQKU FG NGWT RTKZ FG NC XCNGWT SWʼnGNNGU RGWXGPV CXQKT CWLQWTFʼnJW[ UGNQP SWʼnGNNGU UQPV TCTGU QW EQOOWPGU CPVKSWGU XTC[GU QW DKGP OQFGT PGU EQPVTGHCKVGU QW OQWN¾GU 3WGNNGU UQPV EGNNGU SWK UQPV VGNNGU RCT SWGNU OQ[GPU OCTSWGU KN NGU HCWV TGEQIPQKUVTG GV FG RNWUKGWTU CWVTGU EJQUGU RGW EQIPGWÀU EQPEGTPCV NGU OQPPQ[GU NGU OGVCWZ NGU OKPGT CWZ NGU OGUWTGU RQKFU CPVKSWGU EQOOG QP NG RQWTTC XQKT RNWU CORNGOGPV RCT NC NGEVWTG FG NC VCDNG FGU EJCRKVTGU 2CTKU 5GDCUVKGP %TCOQKU[ 5 /QFGTPGT *CNDNGFGTDCPF CWH FGP 5GKVGP 9CUUGTT·PFGT &GMGUGN 5
5%*.#')'4 , % %QOOGPVCVKQ FG 0WOQ #NGZCPFTK /CIPK EWO UWOOC TCTKVCVG VWO V[RQ UKPIWNCTK EQPURKEWQ GV VJGUCWTK (TKFGTKEKCPK QTPCOGPVQ OCZKOQ CEEGFKV FG VJGUCWTQ UWRGNNGEVKNKU CPVKSWCTKCG UKXG EQNNGEVKQPG QRWUEWNQTWO TCTKQTWO SWKDWU XKTK GTWFKVK PWOQU IGOOCU NCRKFGUSWG XGVGTWO )TCGEQTWO GV 4QOCPQTWO KNNWUVTCTWPV RTQZKOG UK FGWU XQNGV GTGPFQ EQPUKNKWO *CODWTI , ) 2KUEC VQT 5 /QFGTPGT 2CRRDCPF TGUVCWTKGTV .KRUKWU 5
5%*.')'. % &G PWOOKU CPVKSWKU )QVJCPKU %[IPGKU %QDWTIGPUKDWU 8KPCTKGPUKDWU GV /GTUGDWTIGPUKDWU FKUUGTVCVKQ KP SWC UKOWN QDKVGT FG PWOOKU SWKDWUFCO RTKUEK CGXK #NVGPDWTIGPUK DWU #WIWUVCPKU *CNGPUKDWU (TCPEQHWTVGPUKDWU 0QTKDGTIGPUKDWU GV 7NOGUKDWU CIKVWT (TCPMHWTV , ) 5EJNGHHGN 5 6HP $TQUEJWT .KRUKWU 5
%JTKUVKCP 5EJNGIGNU YGKVGTG #WUHÒJTWPI FC FKG /ÒPV\G *GKPTKEJU )TCHGPU XQP $NCPEMGPDGTI OGJT FGO )TCHGP FKGUGU 4CJOGPU KP 6JÒTKPIGP CNU FGO KO *CT\G \W \WUEJTGKDGP UG[ )QVJC 5 6KVGNMWRHGT .KRUKWU 5 &G PWOOKU CDDCVWO *GTUHGNFGPUKWO CRQVGNGUOC )QVJC 5 6HP +PFGZ .KRUKWU 5 , % 1.'#4+75 +UCIQIG CF PWOQRJ[NCEKWO DTCEVGCVQTWO ,GPC 5 6HN +PFGZ &GMGUGN 1 , # 5%*/+& 0WOWU DTCEVGCVWU *GPTKEQ ++ *GNOUVGFV 5 6KVGNMWRHGT .KRUKWU 5 2CRRDCPF DGUVQGP WPF CO 4ÒEMGP NGKEJV DG UEJ·FKIV GKPKIG 5 GVYCU NQEMGT
5%*.+%*6')41.. # * ( #PPCNGP FGT IGUCOOVGP 0WOKUOCVKM *GTCWUIGIGDGP XQP (TKGFTKEJ 5EJNKEJVGITQNN 'TUVGT $CPF /KV -WRHGTP .GKR\KI 5 6HP 2CRRDCPF CWH FGT 6KVGNUGKVG IGVKNIVG $GUKV\GTUVGORGN .GKV\OCPP 5
5''. 0&'4 0 -WT\ XGTHCVG )GFCPEMGP ÒDGT GKPKIG #NVG /ÒPV\GP OKV FGO \YG[ MÌRHKIGP #FNGT WPF FGUUGNDGP 7TURTWPI YGNEJG PGDUV DGUQPFGTP #POGTMWPIGP CP 6CI IGIGDGP 0KEQNCWU 5GGN·PFGT Q 1 Q & 5GKVGP 6CHGN 2CRRDCPF .KRUKWU 5
+O 8QTUCV\ JCPFUEJTKHVNKEJGT $GUKV\GTXGTOGTM ' $CJTHGNFV $GUKV\GTUVGORGN 'OKN $CJTHGNFV WPF 'Z NKDTKU /CZ 7NTKEJ
<GJGP 5EJTKHVGP XQP 6GWVUEJGP /ÒPV\GP /KVNGTGT <GKVGP OKV GKPKIGP JKUVQTKUEJGP 'TN·WVGTWPIGP GTMN· TGV WPF KP FTG[\GJGP -WRHGT 2NCVVGP XQTIGUVGNNGV *CPPQXGT 5GKVGP 6CHGNP 'KPDCPF FGU ,CJTJWPFGTVU DGUVQGP .KRUKWU 5
+O 8QTUCV\ 'Z NKDTKU *GPEMGN
24
52#0*'+/ ' &KUUGTVCVKQPGU FG RTCGUVCPVKC GV WUW PWOKUOCVWO CPVKSWQTWO 'FKVKQ UGEWPFC RTKQTK NQPIG CWEVKQT XCTKQTWO 0WOKUOCVWO KEQPKDWU KNNWUVTCVC #OUVGTFCO &CPKGN 'NUGXKGT (TQPVKURK\ 5 OKV /ÒP\CDD /QFGTPGT *CNDNGFGTGKPDCPF &GMUGN 5
$+$.+12*+.' 9'4-'
93 95
95
IOULIANOU AUTOKRATOROS KAISARES. +WNKCPK +OR %CGUCTGU EWO KPVGITKU CFPQVCVKQPKDWU CKNSWQV &QEVQTWO XKTQTWO GV UGNGEVKU '\GEJ 5RCPJGOKK KPVGTRTGVCVKQPG KVGO NCVKPC GV ICNNKEC CFFKVKU KORGTCVQTWO PWOOKU GZ KPUVKVWVKQ GV DKDNKQVJGEC %JTKUVKCPK 5KIKUO .KGDG CEEGFKV 5RQPKK FKUUGTVCVKQ FG WUW PWOOQTWO KP RJ[UKQIPQOKC GV XKVC +WNKCPK *I X /KEJCGN *GWUKPIGT )QVJC 1HHKEKPC 4GIJGTKCPC (TQPVKURK\ 6CHGNP 2CRRDCPF FGT <GKV .KRUKWU 5
$GUKV\GTXGTOGTM + $GTVWEJ (TKGFTKEJ ,WUVKP $GTVWEJ 8GTNGIGT 9GKOCT 9GKOCT
52'4.+0) 1 0WOOQTWO GV $TCEVGCVQTWO GV %CXQTWO PQUVTCG CE UWRGTKQTKU CGVCVKU QTKIKPG RTQITGUUW CF 4GXGTGPF &P ,CEQDWO C /GNNGP GRKUVQNC .ร DGEM 2GVGT $ร EMOCPP 5 6HP KP (QVQMQRKG /QFGTPGT 'KPDCPF .KRUKWU 5
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ร P\CDD /QFGTPGT *CNDNGFGTDCPF OKV )QNFUEJPKVV \ 6 IGDTยทWPV &GMGUGN 5
56478' $ ) $KDNKQVJGEC PWOKUOCVWO CPVKSWKQTWO KP SWC EQPVKPGPVWT + CWEVQTGU SWK FGU PWOKUOCVKDWU UETKRUGTWPV ++ (COKNKCG KORR SWQTWO PWOKUOCVC CUUGTXCPVWT +++ 0QOKPC /CVGTKCG PWOKUOCVWO +8 (TGSWGPVKQTGU 0WOKUOCVWO EJCTCEVGTGU KPUETKRVKQPGU 8 0QVCG KP PW OKUOCVKDWU QEEWTGPVGU ,GPC , $KGNEMG 5 WPF +PFGZ *CNDNGKPGPGKPDCPF FGU ,CJTJWP FGTVU 8QTFGTFGEMGN NQEMGT &GMGUGN 5
+O 8QTUCV\ $GUKV\GTUVGORGN )4#( 5%*.+'(('0 5%*9#0&6 $+$.+16*'-
57*/ 2 ( $GUMTKXGNUG QXGT FCPUMG O[PVGT QI OGFCKNNGT K FGP MQPIGNKIG UCONKPI -Q RGPJCIGP :::8+ 5 KP NQUGP .CIGP 6HP HGJNGP
6'06<'. 9 ' 5CZQPKC 0WOKUOCVKEC #NDGTVKPKUEJG .KPKG )QVJC %JTKUVKCP 9GTOWVJ $CPF 6GKN 8QP *GTV\QI #NDTGEJVGP $Kยญ CWHH %JWT (ร TUV #WIWUVWO 5 6HP 0 5''.ย 0&'4 <GJGP 5EJTKHVGP XQP 6GWVUEJGP /ร PV\GP /KVNGTGT <GKVGP /KV GKPKIGP JKUVQTKUEJGP 'T NยทWVGTWPIGP GTMNยทTGV WPF KP FTG[\GJGP -WRHGT 2NCVVGP XQTIGUVGNNGV *CPPQXGT 5GGN 0KEQNCK (ร TUVGTU WPF 5QJPU 'TDGP 5 6KVGNDNCVV JKPVGTNGIV (CNVVCHGNP DGUEJยทFKIV 2 % *#06*#.'4 'ZGTEKVCVKQPGU HCEKNGU FG PWOKU XGVGTWO RTQ V[TQPKDWU +P SWKDWU NCEQPKEC SWKTKVWO UCRKGPVKC GV TGK PWOCTKยบ XGVGTKU TWFKOGPVC HCEKNK OGVJQFQ RGT GZGORNC RCPFWPVWT QRG PWOQTWO EQORNWTKWO RKEVQTWO GV RGT FKCNQIQU HCOKNKCTKVGT GZRQUKVQTWO 'ZGTEKVCVKQ RTQQGOKCNKU FG PWOKU CNKSWQV )TยบEKU SWK CF +ORR PQP RGTVKPGPV (COKNKCTKWO KVGO #E RQUVTGOQ WTDKU 4QOยบ UGPCVWU GV RQRWNK 0ร TPDGTI ,QJCPP #FCO 5EJOKF 5 (CNVVHP LGYGKNU OKV 5VGORGN .GV\VG 6H DGUEJPKVVGP ( % .'55'40 -WTV\G FQEJ \WXGTNยทUUKIG 0CEJTKEJV XQP FGPGP UKEJ PCEJ WPF PCEJ XGTNKGTGPFGP /ร PV\GP FGT CWUIGUVQTDGPGP )TCHGP XQP *QJPUVGKP 0QTFJCWUGP ,QJ #WIWUV %ร NGT 5 FCXQP TGUVCWTKGTV IGTKPIGT 6GZVXGTNWUV +P GKPGO $CPF KP 2GTICOGPV IGDWPFGP
25
$+$.+12*+.' 9'4-' $+1)4#2*+'0 70& ('565%*4+(6'0
103
104
105
5GNGWEKFCTWO KORGTKWO UKXG JKUVQTKC TGIWO 5[TKCG CF HKFGO PWOKUOCVWO CEEQOOQFCVC RCT , (Q[ 8CKNNCPV 'FKVKQ UGEWPFC PKVKFKQT GV GOGPFCVKQT *CICG EQOKVKWO 2 )QUUG , 0GCWNOG (QNKQ :8 5 OKV \CJNTGKEJGP /ÒP\CDD KO 6GZV 2GTICOGPVGKPDCPF .KRUKWU 5
9#)'05'+. , % &G TG OQPGVCNK XGVGTWO 4QOCPQTWO FKUUGTVCVKQ #NVQTH 5 .KRUKWU 5 , / )'50'4 %QOOGPVCVKQ FG QRKPCVKU UCGEWNCTKWO NWFQTWO PQVKU KP PWOKU 4QOCPQTWO IGPVKWO )ÌVVKPIGP 5 /ÒP\CDD CWH FGT 6KVGNUGKVG .KRUKWU 5 / (4'*'4 &G TG OQPGVCTKC XGVGTWO 4QOCPQTWO NKDTK FWQ .[QP 5 /ÒP\CDD KO 6GZV &GMGUGN ( 0 14'5/+75 ` &G QTKIKPG KWTG PGE PQP FG OWVCVKQPKDWU /QPGVCTWO *GNOUVGFV 5 &GMGUGN 1 ! .KRUKWU 5 * , $;6'/'+56'4 &GNKPGCVKQ TGK PWOKUOCVKECG *GNOUVGFV 5 WPF 4GIKUVGT .KRUKWU 2GTICOGPVDCPF
'Z NKDTKU % . 'KEJHGNF JCPFUEJTKHVNKEJG $GUKV\GTXGTOGTMG KO 8QTUCV\
9'562* .+5%*'5 /#)#<+0 <WT )GQITCRJKG *KUVQTKG WPF 5VCVKUVKM JGTCWUIGIGDGP XQP 2 ( 9GFFKIGP $ÒEMGDWTI 5 MGKPG #DD 2CRRDCPF .KRUKWU
'KP\GNPG PWOKUOCVKUEJG $GKVT·IG XQP ,WUVWU /ÌUGT CWGTFGO WOHCPITGKEJG JKUVQTKUEJ IGQITCRJKUEJG $GUEJTGKDWP IGP W C XQP /KPFGP RJ[UKMCNKUEJG $GUEJTGKDWPI WPF EJGOKUEJG 7PVGTUWEJWPI FGT DG[FGP )GUWPFDTWPPGP DG[ 8NQVJQ KP FGT )TCHUEJCHV 4CXGPUDGTI
$+1)4#2*+'0 70& ('565%*4+(6'0
#&'.510 * . 6JG #OGTKECP 0WOKUOCVKE 5QEKGV[ 0GY ;QTM : 5 .GKPGP
#)756+0 # / * %4#9(14& #PVQPKQ #IWUVKP DGVYGGP 4GPCKUUCPEG CPF %QWPVGT 4GHQTO 9CTDWTI +PUVKVWVG 5WTXG[U CPF 6GZVU .QPFQP 5 1TKI $TQUEJWT
#7$+0 * 1 $4700'4 W C *TUI (GUVUEJTKHV *GTOCPP #WDKP \WO )GDWTVUVCI $·PFG 9KGUDCFGP 5 1TKI $TQUEJWT , ) *'4&'4 (145%*70)54#6 G 8 'TKPPG TWPIGP CP *GTOCPP #WDKP /CTDWTI 5 1TKI $TQUEJWT
<W FGT (GUVUEJTKHV KJTGU CMCFGOKUEJGP .GJTGTU * #WDKP JCDGP 2 $'4)*#75 WPF 8 *#6< PWOKUOCVKUEJG #WH U·V\G DGKIGVTCIGP
$#*4('.&6 / *TUI &GWVUEJGT /ÒP\HQTUEJGTVCI \W *CNNG 5CCNG XQO 5GRVGODGT DKU 1MVQDGT (GUVICDG *CNNG 5 6HP
$'+64 )' <74 5ª&&'765%*'0 /ª0<)'5%*+%*6' 2 )1'55.'4 *TUI (GUVUEJTKHV \WO L·JTKIGP $GUVGJGP FGU 9ÒTVVGODGTIKUEJGP 8GTGKPU HÒT /ÒP\MWPFG 5VWVVICTV 5 6HP .GKPGP
0GWG $GKVT·IG \WT UÒFFGWVUEJGP /ÒP\IGUEJKEJVG 5VWVVICTV 5 6HP 1TKI $TQUEJWT
(GUVUEJTKHV \WO L·JTKIGP $GUVGJGP FGU 9ÒTVVGODGTIKUEJGP 8GTGKPU HÒT /ÒP\MWPFG G 8 5VWVVICTV 5 5VWVVICTV 5 6HP -CTVG (GUVUEJTKHV \WO L·JTKIGP $GUVGJGP FGU 9ÒTVVGODGTIKUEJGP 8GTGKPU HÒT /ÒP\MWPFG G 8 5VWVVICTV 5 -CTVQPKGTV Z 1TKI $TQUEJWT
Z
27
$+1)4#2*+'0 70& ('565%*4+(6'0
$'.. # 5 6JG 5EQVVKUJ #PVKSWCTKCP 6TCFKVKQP 'UUC[U VQ OCTM VJG DKEGPVGPCT[ QH VJG 5QEKGV[ QH #PVK SWCTKCPU QH 5EQVNCPF 'FKPDWTIJ : 5 .GKPGP
$+4%*'4 / ( XCP +0)'0 % ,74#0'- #TU GV #OKEKVKC $GKVT·IG \WO 6JGOC (TGWPFUEJCHV KP )GUEJKEJVG -WPUV WPF .KVGTCVWT %JNQG $GKJGHVG \WO &CRJPKU #OUVGTFCO #VNCPVC 5 -CTVQPKGTV
/KV GKPGO $GKVTCI XQP 2 $'4)*#75 5K XKU COCTK COC ,QJCPP )GQTI )TCGXKWU WPF ,CEQD FG 9KNFG
$1'4'0 2 % %CVCNQIWU XCP FG JCPFUEJTKHVGP XCP JGV 4KLMUOWUGWO /GGTOCPPQ 9GUVTGGPKCPWO U )TCXGPJCIG :: 5 .GKPGP
$7%*'0#7 * *GKPTKEJ $WEJGPCW CO #RTKN ,CJTG CNV )GYKFOGV XQP (TGWPFGP WPF -QNNGIGP /ÒPEJGP 5 1TKI $TQUEJWT
%#*0 * # (GUVUEJTKHV *GTDGTV # %CJP <WO )GDWTVUVCI IGYKFOGV WPF JGTCWUIG IGDGP XQO %KTEWNWU 0WOKUOCVKEWU $CUKNKGPUKU $CUGN :8 5 FCXQP 6HP .GKPGP GVYCU DGUVQGP
* % #%-'4/#00 W C *TUI *GTDGTV # %CJP -NGKPG 5EJTKHVGP \WT /ÒP\MWPFG WPF #TEJ·QNQ IKG $CUGN 5 OKV \CJNTGKEJGP #DD .GKPGP
%.#+0 56'(#0'..+ 8 Ŏ WPF ' ' +VCNKCO HCVQ RTQHWIK JGURGTKPCSWG XGPGTWPV NKVQTC 0WOKUOCVKE 5VWFKGU &GFKECVGF VQ 8NCFKOKT CPF 'NXKTC 'NK\C %NCKP 5VGHCPGNNK 0WOKUOCVKEC .QXC PKGPUKC (GUVUEJTKHV .ÌYGP ::+++ 5 .GKPGP
&CTKP $GKVTCI XQP 2 $GTIJCWU
%104+0) * *GTOCPP %QPTKPI 'KP )GNGJTVGT FGT 7PKXGTUKV·V *GNOUVGFV #WUUVGNNWPIUMCVCNQI FGT *GT\QI #WIWUV $KDNKQVJGM 9QNHGPDÒVVGN 5 1TKI $TQUEJWT
%4#9(14& / * .+)16# % 4 /GFCNU CPF %QKPU HTQO $WF¾ VQ /QOOUGP 9CTDWTI +PUVKVWVG 5WTXG[U CPF 6GZVU .QPFQP 5 OKV \CJNTGKEJGP #DD 1TKI $TQUEJWT
&¤40'4 ( -
5 m#*+0 W C *TUI 5VWFKGP \WT 4GNKIKQP WPF -WNVWT -NGKPCUKGPU (GUV UEJTKHV HÒT (TKGFTKEJ -CTN &ÌTPGT \WO )GDWTVUVCI $·PFG .GKFGP ::+++ 5 6HP .GKPGP
/KV GKPGO $GKVTCI XQP 2 $GTIJCWU
'*4'058 4& 7 ) $ 40*+'./ W C *TUI #EEWTCVC &GUETKRVKQ 5VWFKGT K -CTVQITCHK 0W OKUOCVKM 1TKGPVCNKUVKM QEJ $KDNKQVGMUX·UGP VKNN·IPCFG 7NNC 'JTGPUX·TF #EVC $KDNKQVJGEº 4GIKº 5VQEM JQNOKGPUKU 5VQEMJQNO 5 HCTDKIG 6HP 1TKI $TQUEJWT
&CTKP $GKVT·IG XQP 2 $GTIJCWU ) WPF 8 *CV\
'4056 &'4 (41//' '4056 ++ 'TPUV FGT (TQOOG $CWJGTT WPF 5COONGT -CVCNQI \WO )GDWTVUVCI *GT\QI 'TPUVU + XQP 5CEJUGP )QVJC WPF #NVGPDWTI )QVJC Q , = ? 5 OKV \CJNTGKEJGP OGKUV HCTDKIGP #DD =GPVJ·NV GKPGP $GKVTCI XQP 7 9#..'056'+0 /ÒP\GP WPF /GFCKNNGP 5 ? # 5%*76691.( *TUI &KG )QVJCGT 4GUKFGP\ \WT <GKV *GT \QI 'TPUVU ++ XQP 5CEJUGP )QVJC #NVGPDWTI )QVJC (TQPVKURK\ 5 (CTDVHP =GPVJ·NV GKPGP $GKVTCI XQP 7 9#..'056'+0 *GT\QI 'TPUV ++ CNU (ÌTFGTGT FGU (TKGFGPUVGKPKUEJGP /ÒP\MCDKPGVVU 5 ? 1TKI $TQUEJWT
(4#0-(746'4 07/+5/#6+5%*' )'5'..5%*#(6 ,CJTG (TCPMHWTVGT 0WOKUOCVKUEJG )GUGNNUEJCHV (TCPMHWTV 5 .GKPGP $#;'4+5%*' 07/+5/#6+5%*' )'5'..5%*#(6 *TUI &GWVUEJGT 0WOKUOCVKMGTVCI /ÒPEJGP 8QTVT·IG 5 6HP 1TKI $TQUEJWT &C\W -NGKPUEJTKHVGP \W XGTUEJKGFGPGP ,WDKN·GP WPF 5COONGTVTGHHGP KO XQTYKGIGPF UÒFFGWVUEJGP 4CWO
)'8#'465 , ) / *1% VWFG UWT ,GCP )CURCTF )GXCGTVU 2JKNQNQIWG GV RQ½VG $TÒUUGN (TQPVKURK\ 5 .GKPGP DGUVQGP
/KV 9KFOWPI XQP / *QE CP GKPGP 8QTDGUKV\GT UQYKG OKV 9KFOWPI XQP % ' &GMGUGN CP 2 $GTIJCWU
)+(('0 # ' 8#0 1WFJGKFMWPFKI $QFGOQPFGT\QGM KP 0GFGTNCPF /GRRGN (TQPVKURK\ 5 6HP .GKPGP GVYCU DGUVQGP
&CTKP $GKVTCI X 2 % , # $QGNGU /GTQXKPIKUEJG OWPVGP XCP JGV V[RG &TQPTKLR GP FG XQPFUV XCP 0KGVCR
)1'6*' , 9 810 , -.#755 &KG /GFCKNNGPUCOONWPI )QGVJGU $·PFG 9GKOCT 5 5 1TKI $TQUEJWT
, -.#755 )QGVJG CNU /GFCKNNGPUCOONGT 9GKOCT 5 -CTVQPKGTV &C\W #WUUVGNNWPIUMCVC NQIG CWU 4QO WPF <ÒTKEJ
28
$+1)4#2*+'0 70& ('565%*4+(6'0
)1.&5%*/+&6 # / 4115'0 470)' /1..91 *TUI #FQNRJ )QNFUEJOKFV .GDGPUGTKPPGTWPIGP $GTNKP 5 .GKPGP
)1.6<+75 * % ' &'-'5'. *WDGTVWU )QNV\KWU 6JG (CVJGT QH #PEKGPV 0WOKUOC VKEU )GPV 8+++ 5 9 .' .172 *WDGTVWU )QNV\KWU GP $TWIIG $TWIIG 5 1TKI $TQUEJWT
0T XQP IGFTWEMVGP 'ZGORNCTGP
)4+'4510 2 % 0 . $411-' W C *TUI 5VWFKGU KP 0WOKUOCVKE /GVJQF %CO DTKFIG ::: 5 .GKPGP #010;/ # 0WOKUOCVKE %CTGGT 5 IGJGHVGV
' # #45.#0 . 64#8#+0+ 5ETKVVK UVQTKEK G PWOKUOCVKEK 5RQNGVQ ::: 5 1TKI $TQ UEJWT #010;/ # 0WOKUOCVKE %CTGGT 5 IGJGHVGV
/KV 9KFOWPI XQP 2JKNKR )TKGTUQP 6Q 2GVGT $GTIJCWU YKVJ CNN IQQF YKUJGU CPF KP QH OCP[ [GCTU QH HTKGPFUJKR
)726# 2 . & 9 /#% &19'.. W C *TUI +PFKCP 0WOKUOCVKEU *KUVQT[ #TV CPF %WNVWTG $·PFG &GNJK .::8+++ 5 .::8+++ 5 .GKPGP
* 8'40+%- 9 2 $'4)*#75 ) *#6< *TUI &QPC 0WOKUOCVKEC *CODWTI :++ 5 6HP .GKPGP 9 * 8'40+%- 0WOKUOCVKM #WHICDG WPF 'TNGDPKU 'KP RGTUÌPNKEJGT #DUEJNWUUDGTKEJV *CODWTI 5 )GJGHVGV
*#6< ) W 8 2 $'4)*#75 , $4#%-'4 , 56''0 ,'05'0 . 1 .#)'438+56 *TUI %QOOGPVCVKQPGU 0WOKUOCVKECG *CODWTI 5 OKV \CJNTGKEJGP #DD .GKPGP
*#7%- - * -'..'4 0 56#7$#%* +EQPQNQIKC 5CETC /[VJQU $KNFMWPUV WPF &KEJVWPI KP FGT 4GNKIKQPU WPF 5Q\KCNIGUEJKEJVG #NVGWTQRCU #TDGKVGP \WT (TÒJOKVVGNCNVGTHQTUEJWPI $GTNKP 0GY ;QTM 5 6HP .GKPGP
*+.&'$4#0& $ ' 5VWFKGU KP .CVG #PINQ 5CZQP %QKPCIG +P OGOQT[ QH $TQT 'OKN *KNFGDTCPF 0WOKUOCVKUMC /GFFGNCPFGP 5VQEMJQNO 5 .GKPGP + 9+5 *0 'V UXGPUM DTGX QO -ÎDGPJCXP 5& IGJGHVGV
*1.56 * 5COOGNDCPF XQP 5QPFGTFTWEMGP *CNDNGKPGP 0 4;)) /KPPGVCNG QXGT &T 2JKNQU *CPU *QNUV 5& CWU &GV 0QTUMG 8KFGPUMCRU #MCFGOK K 1UNQ TDQM 5 )GJGHVGV
$GKIGHÒIV GZ NKDTKU
+/*11( $.7/'4 ( # '0)'.+ (TKGFTKEJ +OJQQH $NWOGT 0GW LCJTUDNCVV FGT 5VCFVDKDNKQVJGM 9KPVGTVJWT 9KPVGTVJWT 5 1TKI $TQUEJWT
+45+).'4 (
& '$'.+0) W C *TUI .CPFGUIGUEJKEJVG CNU OWNVKFKU\KRNKP·TG 9KUUPUEJCHV 6TKGT :+8 5 .GKPGP
/KV GKPGO $GKVTCI XQP - 2GVT[ ÒDGT GKPGP /ÒP\UEJCV\ FGU ,CJTJWPFGTVU
,'05'0 , 5
1TF OGF /GPKPI (GUVUMTKHV VKN ,ÎTIGP 5VGGP ,GPUGP PQXGODGT -QRGPJCIGP 5 -CTVQPKGTV
,1*#0'- 2
' 9+&&'4 W C /CPKRWNWU (NQTWO #WU /KVVGNCNVGT .CPFGUIGUEJKEJVG .KVGTCVWT WPF *KUVQTKQITCRJKG /ÒPUVGT W C 5 1TKI $TQUEJWT
,1*#05'0 2 * 9'%<'4-# *TUI 4QUUKEC 'ZVGTPC 5VWFKGP \WO ,CJT JWPFGTV /CTDWTI 8+++ 5 .GKPGP
&CTKP $GKVTCI XQP ) *CV\ &GPPKPIG
,10)*'.+0%- , . 5/1.&'4'0 ,CESWGU ,QPIJGNKPEM 5EWNRVGWT O¾FCKNNGWT GV ITCXGWT FG UEGCWZ .QWXCKP NC 0GWXG 8 5 6HP .GKPGP
-#4.)4'0 $ 5GRVGPVTKQPCNKC GV 1TKGPVCNKC -WPIN 8KVVGTJGVU *KUVQTKG QEJ #PVKMXKVGVU #MCFGOKGPU *CPFNKPICT 5VQEMJQNO 5 1TKI $TQUEJWT
&CTKP $GKVTCI XQP 0 . 4CUOWUUQP 2KCUVGTPU -NCPI ·T X¹T /WUKM )
-'560'4 # ,1405 / *45) #WIWUV -GUVPGT WPF UGKPG <GKV &CU INÒEMNKEJG .GDGP FGU &KRNQOCVGP -WPUVUCOONGTU WPF /·\GPU KP *CPPQXGT WPF 4QO *CPPQXGT :++ 5 .GKPGP
-+'450195-+ 4
-WE\[PUMK 5V - 5WEJQFQNUMK 5VCPKUNCY *TUI 0WOOWU GV *KUVQ TKC 2KGPKhF\ 'WTQR[ pTGFPKQYKGE\PGL 9CTUEJCW 5 6HP .GKPGP
-.ª55'0&14( 0 4 %70< *TUI (WPFCOGPVC *KUVQTKCG )GUEJKEJVG KO 5RKGIGN FGT 0WOKUOC VKM WPF KJTGT 0CEJDCTYKUUGPUEJCHVGP 8GTÌHHGPVNKEJWPIGP FGT WTIGUEJKEJVNKEJGP 5COONWPIGP FGU .CP FGUOWUGWOU \W *CPPQXGT *CPPQXGT 5 -CTVQPKGTV
29
$+1)4#2*+'0 70& ('565%*4+(6'0
-4ª)'4 0 *TUI 5WRGNNGZ GRKUVQNKEC 7HHGPDCEJKK GV 9QNHKQTWO -CVCNQI FGT 7HHGPDCEJ 9QNH UEJGP $TKGHUCOONWPI -CVCNQI FGT *CPFUEJTKHVGP FGT 5VCCVU WPF 7PKXGTUKV·VUDKDNKQVJGM *CODWTI $·PFG *CODWTI .::+: 5 .GKPGP NGKEJV DGUVQGP DGK $CPF 'KPDCPF XQTPG GVYCU NQEMGT WPF (NGEM CWGP
.#)'438+56 . 1
0WOKUOCVKUMC /GFFGNCPFGP $F 5VQEMJQNO ::+ 5 .GKPGP
.'.'9'. , &\KGlC /CVGTKCl[ CWVQDKQITCHKE\PG 9CTUEJCW 5 )GPGCNQIK UEJG ªDGTUKEJV .GKPGP $+$.+16* 37' 41;#.' &' $'.)+37' ,QCEJKO .GNGYGN .GU OGFCKN NGWTU 2QNQPCKU EQPVGORQTCKPU $TWZGNNGU 5 1TKI $TQUEJWT 6 9;51-+05-# ,QCEJKO .GNGYGN GP $GNIKSWG %QOOGOQTCVKQP 5 1TKI $TQUEJWT
.'55'4 ( % 5 4'+0 (TKGFTKEJ %JTKUVKCP .GUUGT 2CUVQT 2J[UKEQVJGQNQIG WPF 2QN[JK UVQT 5EJTKHVGPTGKJG FGT (TKGFTKEJ %JTKUVKCP .GUUGT 5VKHVWPI 'THWTV 5 1TKI $TQUEJWT
.+5'.166' 810 &'4 2(#.< - -1..0+0) .KUGNQVVG XQP FGT 2HCN\ *GT\QIKP XQP 1TN¾CPU 'KPG HÒTUVNKEJG /ÒP\UCOONGTKP /GNUWPIGP 5 -CTVQPKGTV * -+'5'. *TUI $TKGHG FGT .KUGNQVVG XQP FGT 2HCN\ 5
/#%&19#.. &
'Z OQPGVC 'UUC[U QP 0WOKUOCVKEU *KUVQT[ CPF #TEJGQNQI[ $·PFG 0GW &GNJK :8+ 5 .GKPGP
/#./'4 $
=(GUVUEJTKHV? *KMWKP *ÎLDLGTI 5 -CTVQPKGTV
/#./'4 / 2
) $74'0*7.6 *TUI 6JGQTGVKECN #RRTQCEJGU VQ #TVGHCEVU 5GVVNGOGPV CPF 5QEKGV[ 5VWFKGU KP JQPQWT QH /CVU 2 /CNOGT $·PFG 1ZHQTF :+8 5 1TKI $TQ UEJWT
/#46+0 % *QOOCIG ¯ %QNKP /CTVKP RQWT UQP G CPPKXGTUCKTG %CJKGTU TQOCPFU FG PWOKUOCVKSWG .CWUCPPG 5 1TKI $TQUEJWT
/'*. / *TUI &GNGEVCV GV &QEGV (GUVUEJTKHV \WO L·JTKIGP $GUVGJGP FGU 8GTGKPU FGT /ÒP\ HTGWPFG KP *CODWTI 0WOKUOCVKUEJG 5VWFKGP *CODWTI 5 -CTVQPKGTV
/+.&'0$'4) . (GUVUEJTKHV HÒT .GQ /KNFGPDGTI 0WOKUOCVKM -WPUVIGUEJKEJVG #TEJ·QNQIKG 9GVVGTGP :8+++ 5 6HP
/1.8£)+0 #
5VWFKC 0WOKUOCVKEC (GUVUEJTKHV 6CNNKPP 5 6HP 1TKI $TQ UEJWT
/1//5'0 6* # /1//5'0 /GKP 8CVGT 'TKPPGTWPIGP CP 6JGQFQT /QOOUGP /ÒPEJGP 5 4'$'0+%* 6JGQFQT /QOOUGP 'KPG $KQITCHKG /ÒPEJGP .GKPGP Z KP 1TKIKPCN XGTRCEMWPI
/7-*'4,'' $ 0
2T³EÄ 2TCDJ³ 2GTURGEVKXGU +P +PFQNQI[ (GUVUEJTKHV \WO )GDWTVU VCI 0GW &GJNK .::8+++ 5 6HP .GKPGP $WEJDNQEM IGDTQEJGP
&CTKP $GKVTCI XQP 2 $GTIJCWU #P +PFKCP +OKVCVKQP QH CP #WIWUVGCP FGPCTKWU
01*',.18 24 618 ' 0WOKUOCVKEMÓ UDQTPÃM :+++ (GUVUEJTKHV 2TCI 5 6HP 1TKI $TQUEJWT OKV 5EJWV\WOUEJNCI
014&/#0 % # %QTQNNC #TEJCGQNQIKEC (GUVUEJTKHV *GNUKPMK :+ 5 1TKI $TQUEJWT GVYCU CPIGUVQGP
07/+5/#6+5%*' )'5'..5%*#(6 <7 $'4.+0 $GNGJTWPI WPF 7PVGTJCNVWPI KO (CEJG FGT /ÒP\MWPFGő (GUVUEJTKHV \WO L·JTKIGP $GUVGJGP $GTNKP 5 .GKPGP ,CJTG 0W OKUOCVKUEJG )GUGNNUEJCHV \W $GTNKP 5 6HP )GJGHVGV
0;$'4) * 5 5 -#*.' * 5 0[DGTI 'P XGVGPUMCRUOCPU DKQITCHK 5VQEMJQNO 5 .GKPGP
1.5'0 $
8KTIG QI 8ºTMGT -QRGPJCIGP 5 1TKI $TQUEJWT
1.5'0 1 (GUVUMTKHV R¹ ¹TU FCIGP FGP LWPK -QRGPJCIGP ::8+++ 5 .GKPGP
146'.+75 # %CTVQITCRJG GV JWOCPKUVG 5COOGNDCPF 6WTPJQWV 5 .GKPGP
2'- 4; 6
* , &4':*#)' , 5ª05-'5 *TUI /KITCVKQ GV %QOOWVCVKQ 5VWFKGP \WT CNVGP )GUEJKEJVG WPF FGTGP 0CEJNGDGP (GUVUEJTKHV \WO )GDWTVUVCI 5V -CVJCTKPGP :+: 5 1TKI $TQUEJWT 6KVGNDNCVV NQUG CWEJ 5 W
+P FGT (GUVUEJTKHV \WO )GDWTVUVCI 1NUGPU KUV W C GKP $GKVTCI XQP % , $GEMGT ÒDGT &CPUMG OÎPVGT UQO JKUVQTKUM MKNFGOCVGTKCNG K VCNNGV GPVJCNVGP <WUCOOGPHCUUWPIGP KP 'PINKUEJ (TCP\ÌUKUEJ QFGT &GWVUEJ /KV PWOKUOCVKUEJGO $GKVTCI XQP % ' &GMGUGN
&CTKP $GKVTCI XQP 2 $GTIJCWU ÒDGT TÌOKUEJG (WPFOÒP\GP KP +PFKGP
30
$+1)4#2*+'0 70& ('565%*4+(6'0
216+0 $ /Í?ÌÈÇÌÀÒÈ×ÅÑÊÈÉ ÑÁÎÐÍÈÊ 5CPMV 2GVGTUDWTI 5 1TKI $TQ UEJWT
/KV 9KFOWPI XQP 5GXC 2QVKP
Øåñòàÿ Âñåðîññèéñêàÿ Íóìèçìàòè÷åñêàÿ Êîíôåðåíöèÿ 5CPMV 2GVGTUDWTI 5 1TKI $TQUEJWT
24'&# % 5VWFKK qK EGTEGVCTK FG PWOKUOCVKEC (GUVUEJTKHV $WEWTGqVK 5 1TKI $TQUEJWT
4 #.(¤.&+ / $WFCRGUV * % 01'5-' * 5%*7$'46 *TUI &KG /ÒP\G $KNF $QVUEJCHV $GFGWVWPI (GUVUEJTKHV HÒT /CTKC 4 #NHÌNFK (TCPMHWTV CO /CKP 5 6HP -CT VQPKGTV #010;/ (GUVICDG Q 1 5 )GJGHVGV
4#5/75510 0 . /[PV QEJ OGFCNLUCONCTG KPQO FGV 5XGPUMC MWPICJWUGV #PVKMXCTKUMV #TMKX
(CTDKIGU (TQPVKURK\ 5 OKV #DD - -8#56#& &QNV K MCDKPGVV .QXKUC 7NTKMCU O[PV QEJ OGFCNLUM¹R HT¹P &TQVVPKPIJQNO 5VQEMJQNO 5 OKV \CJNTGKEJGP VGKNU HCTDKIGP #DD * 1 $1564¤/ &GV WPFGTDCTC UM¹RGV 2JKNKRR *CKPJQHGT QEJ )WUVCX ++ #FQNHU MQPUVUM¹R 7RRUCNC 5 OKV \CJNTGKEJGP VGKNU HCTDKIGP #DD 1TKI $TQUEJWT .GKPGP OKV 5EJWV\WOUEJNCI MCTVQPKGTV
4#5/75510 0 . 0WOKUOCVKUMC /GFFGNCPFGP 5VQEMJQNO :+ 5 1TKI $TQUEJWT <CJNTGKEJG #DD
&CTKP $GKVT·IG XQP 2 $GTIJCWU WPF ) *CV\
4'&' 9 8#0 0 <'/'4+0) 9KNNGO XCP 4GFG 'GP XGT\COGNCCT WKV JCTVUVQEJV &GP *CCI 5 1TKI $TQUEJWT
5#*.+0 % 5VWFGTC QEJ 2TQDGTC (GUVUEJTKHV 5VQEMJQNO 5 -CTVQPKGTV
5%*9#4< & 9 'Z HQPVKDWU JCXTKCOWU #WUIGY·JNVG $GKVT·IG \WT -WNVWTIGUEJKEJVG 5COOGNDCPF FGT 5EJTKHVGP <ÒTKEJ 5 1TKI $TQUEJWT
5''. 0&'4 0 4 6*+'. &KG $TCMVGCVGPH·NUEJWPIGP FGU 0KEQNCWU 5GGN·PFGT WPF UGKPG <GJGP 5EJTKHVGP \WT OKVVGNCNVGTNKEJGP /ÒP\MWPFG *GKFGNDGTI .:+8 5 *CNDNGKPGP
5-##4' -
(GUVUEJTKHV 1UNQ 5 1TKI $TQUEJWT
5.1#0' * # /#% )4')14 *TUI 5KT *CPU 5NQCPG %QNNGEVQT 5EKGPVKUV #PVK SWCT[ (QWPFKPI (CVJGT QH VJG $TKVKUJ /WUGWO .QPFQP 5 .GKPGP
9KFOWPI XQP / #TEJKDCNF 8GTHCUUGT FGU -CRKVGNU %QKPU CPF /GFCNU 5
57%*1&1.5-+ 5 /QPGVC OGFKºXCNKU 5VWFKC PWOK\OCV[E\PG K JKUVQ[E\PG (GUVUEJTKHV \WO )GDWTVUVCI 9CTU\CYC 5 FCXQP 6HP -CTVQPKGTV
/KV $GKVT·IGP XQP ) *CV\ 2 +NKUEJ 2 #TPQNF 0 -NÒGPFQTH $ -NWIG 2 $GTIJCWU W C
576*'4.#0& *
4 # ) %#4510 % -4##; *TUI 5ETKRVC 0WOOCTKC 4QOCPC .QPFQP :+++ 5 6HP .GKPGP
58#*0564¤/ )
4 $1*0 *TUI )QVNCPFKC +TTGFGPVC (GUVUEJTKHV HÒT )WPPCT 5XCJP UVTÌO \W UGKPGO )GDWTVUVCI 5KIOCTKPIGP (TQPVKURK\ :8+ 5 .GKPGP
/KV GKPGO $GKVTCI XQP 2 $'4)*#75 +1*#00'5 4': KP )QVNCPFU (QTPUCN
6#.8+1 6 6WVMKLQKVC MGT·KNKLÌKV· LC NCJLQKVVCLKC 5WQOCNCKUKC PWOKUOCCVKMMQLC ='PIN <WUCOOGPHCUUWPI 5EJQNCTU EQNNGEVQTU CPF FQPQTU (KPPKUJ PWOKUOCVKUVU ? 5WQOGP 0W OKUOCCVVKUGP ;JFKUV[MUGP LWNMCKUWLC *GNUKPMK 5 OKV \CJNTGKEJGP #DD 6 % $'4)416*
4GF #DQC =6JGOGPJGHV \WT 0WOKUOCVKM KP 6WTMMW DQ ? 5 OKV \CJNTGKEJGP #DD 1TKI $TQUEJWT
6*1/5'0 % , $ *+.&'$4#0& % , 6JQOUGP QEJ JCPU N·TFC HÌTDKPFGNUGT K 5XG TKIG $·PFG 5VQEMJQNO 7 .70& *#05'0 4GF %JTKUVKCP ,ÒTIGPUGP 6JQOUGP FGEGODGT #CTDÎIGT HQT 0QTFKUM 1NFM[PFKIJGF QI *KUVQTKG (TQPVKURK\ 5 OKV \CJNTGKEJGP #DD - 5-##4' -QTTGURQPFCPUG OGNNQO % , 6JQOUQP QI % # *QNODQG 5 KP 00 , 564''6 ,'05'0 %JTKUVKCP ,ÒTIGPUGP 6JQOUQP WPF .WFYKI .KPFGP UEJOKFV , 5 ,'05'0 %JTKUVKCP ,ÒTIGPUGP 6JQOUQP QI ,CMQD 4GKEJGN GP PWOKUOCVKUM DTGXXGMUNKPI KP &CPUMG /CIC\KP WPF WPF YGKVGTG #WHU·V\G \W 6JQOUGP 7PVGTUEJKGFNKEJ IGDWPFGP
6*14&'/#00 $ =(GUVUEJTKHV? 0WOKUOCVKUMC /GFFGNCPFGP 5VQEMJQNO 5 .GKPGP
8'4'+0 &'4 /ª0<(145%*'4 70& /ª0<(4'70&' (ª4 9'56(#.'0 70& 0#%*$#4 )'$+'6' (GUVUEJTKHV \WT (GKGT FGU L·JTKIGP $GUVGJGPU FGU 8GTGKPU /KPFGP 5 6HP 1TKI $TQUEJWT 4ÒEMGP WPF QDGTG 'EMG DGUEJ·FKIV
31
$+1)4#2*+'0 70& ('565%*4+(6'0 /101)4#2*+'0
9')0'4 / 1 $4'*/ 5 -.+' *TUI MOUSIKOS ANHR (GUVUEJTKHV HÒT /CZ 9GIPGT \WO )GDWTVUVCI #PVKSWKVCU $QPP :8 5 6HP .GKPGP
/KV $GKVT·IGP XQP 2 $'4)*#75 ('.+%+6#5 5#'%8.+ KP +PFKGP WPF * /#7 #PVKMGPTG\GRVKQP QFGT 'THKP FWPI FGT KVCNKGPKUEJGP 4GPCKUUCPEEG! &KG /GFCKNNG FGU /CVVJGU )GDGN CWH FGP 6QF FGU )GQTI 2NQGF CWU FGO ,CJTG
& #*4'05 *TUI (GUVUEJTKHV /CZ 9GIPGT \WO )GDWTUVCI /ÒPUVGT 5 6HP .GKPGP
/KV GKPGO $GKVTCI XQP 2 $'4)*#75 <W FGP /ÒP\DKNFPKUUGP FGT ,CJTG
9'56'4/#4- 7 (NQTKNGIKWO 0WOKUOCVKEWO 5VWFKC KP JQPQTGO 7 9GUVGTOCTM GFKVC 5VQEMJQNO :8 5 .GKPGP
9*''.'4 / & *+.. / ,'5510 *TUI 6JG +TQP #IG CPF KVU *KNN (QTVU 5QWVJCORVQP :++ 5 6HP .GKPGP
9+5 *0 + 0WNNC FKGU UKPG NKPGC (GUVUMTKHV VKNN +CP 9KU¾JP 0WOKUOCVKUMC /GFFGNCPFGP 5VQEM JQNO 5 .GKPGP
<1')# ) ¦ #0&4'#5'0 )GQTI <QGIC $TKGHG WPF &QMWOGPVG /WPMUICCTF :: 5 ITÌVGPVGKNU PKEJV CWHIGUEJPKVVGP 1TKI $TQUEJWT (CTDKIGU (TQPVKURK\
-1081.76 $+1)4#2*+'0 810 07/+5/#6+-'40 5#//.'40 70& )'.'*46'0 = ,JFV ? 5EJTKHVGP W C ÒDGT , 5 $CEJ , %QTRWVKWU 4 %QVVQP * , FG &QORKGTTG FG %JCWHG RK¾ , * 'IIGNKPI , )TQNKGT , *WVVKEJ , & -ÌJNGT 0 4QEMQZ 1 5RGTNKPI 0 # 8QKIV
-1081.76 -NGKPUEJTKHVGP GKPKIG (GUVUEJTKHVGP $KQITCRJKGP 5EJTKHVGPXGT\GKEJPKUUG XQP )GNGJTVGP WPF 5COONGTP OGKUV ,CJTJWPFGTV
-QPXQNWV XQP $KQITCRJKGP XQP 0WOKUOCVKMGTP (QTUEJGTP 5COONGTP FGU ,CJTJWPFGTVU
9 -#+5'4 # 8¤.-'4 ,QJCPP *GKPTKEJ 5EJWN\G 5 1TKI $TQUEJWT *TUI ,QJCPP *GKP TKEJ 5EJWN\G WPF UGKPG <GKV (GTPGT XKGT YGKVGTG 2WDNKMCVKQPGP \WT 7PKXGTUKV·V *CNNG WPF KJTGP )GNGJTVGP
/101)4#2*+'0 #..)'/'+0' 07/+5/#6+-
#%6# 8+5$;'05+# -WNVWT WPF 2QNKVKM KO 1UVUGGTCWO WPF KO 0QTFGP 8KUD[ 5 1TKI $TQUEJWT 5QEKGV[ CPF VTCFG KP VJG $CNVKE FWTKPI VJG 8KMKPI #IG 8KUD[ 5 -CTVQPKGTV
#)4+%1.# ) )GQTIKWU #ITKEQNC 5EJTKHVGP ÒDGT /CG WPF )GYKEJVG /GVTQNQIKG ªDGTUGV\V XQP ) (4#756#&6 9 9'$'4 $GTNKP 8+++ 5 .GKPGP CWGP GVYCU CPIGUEJOWV\V
$'4)*#75 2 *TUI 0WOKUOCVKUEJG .KVGTCVWT &KG 'PVYKEMNWPI FGT /GVJQFGP GKPGT 9KUUGPUEJCHV 9QNHGPDÒVVGNGT (QTUEJWPIGP 9KGUDCFGP 5 OKV \CJNTGKEJGP #DD -CTVQ PKGTV
$'4)/#00 , &CTUVGNNWPI OGJTGTGT DKUJGTKIGT 5[UVGOG HÒT #PQTFPWPI XQP 5COONWPIGP OKVVGNCN VGTNKEJGT WPF OQFGTPGT /ÒP\GP WPF /GFCKNNGP WPF $GITÒPFWPI GKPGU YKUUGPUEJCHVNKEJGP 5[UVGOU XQP -CKUGT -CTN FGO )TQGP DKU CWH WPUGTG 6CIG 5& CWU -#&99 2JKN JKUV -N &GPMUEJTKHVGP 5 -CTVQPKGTV GKPKIG $N·VVGT QDGP NGKEJV GKPIGTKUUGP FC\W -QRKGP XQP YGKVGTGP $GKVT·IGP XQP $GTIOCPP GVYC \WT 2HNGIG FGT 0WOKUOCVKM KP ¤UVGTTGKEJ KO :8+++ ,CJTJWPFGTV OKV DGUQPFGTGO *KPDNKEM CWH FCU M M /ÒP\ WPF /GFCKNNGP %CDKPGV KP -#&99 2JKN JKUV -N 5KV\WPIUDGTKEJVG 5 5 2HNGIG FGT 0WOKUOCVKM KP ¤UVGTTGKEJ FWTEJ 2TKXCVG XQTPGJONKEJ KP 9KGP DKU \WO ,CJTG KP GDF 5 4KPIDKPFGT
$'46'. 6*148#.&5'0 . /ª..'4 &GUETKRVKQP FGU OQPPCKGU CPVKSWGU CW /WU¾G 6JQTXCNFUGP %QRGPJCIWG 5 6HP *CNDNGFGT 6JQTXCNFUGPU #PVKMMGT -ÎDGPJCXP 5 1TKI $TQUEJWT /GFFGNGNUGT HTC 6JQTXCNFUGPU /WUGWO 5 -ÒPUVGTNGDGP KP 4QO &GT F·PKUEJG $KNFJCWGT WPF UGKPG FGWVUEJGP (TGWPFG 0ÒTPDGTI 5
%.#+0 56'(#0'..+ ' ' 0WOKUOCVKEU CP #PEKGPV 5EKGPEG %QPVTKDWVKQP HTQO 6JG /WUGWO QH *KUVQT[ CPF 6GEJPQNQI[ 5 OKV \CJNTGKEJGP #DD *CNDNGKPGP / )+'4. &KG UKNDGTPG )GUEJKEJVG FGT FGWVUEJGP #WHMN·TWPI 0WOKUOCVKM WPF FKG 'PVUVGJWPI FGT )GUEJKEJVUYKUUGPUEJCHV 5 KP $ 9 1)+.8+' W C 5COOGNP KP FGT (TÒJGP 0GW\GKV /CZ 2NCPEM +PUVKVWV HÒT 9KUUGP UEJCHVUIGUEJKEJVG 2TGRTKPV 5 OKV #DD 4 %70< 0WOKUOCVKM \YKUEJGP *CWUJKUVQTKQ ITCRJKG WPF HÒTUVNKEJGT 5COOGNNWUV 05V 4GIGPUVCWH 5 OKV #DD =DGKNKGIGPF 4G\GPUKQP XQP 2 $'4)*#75 5& CWU 1UPCDTÒEMGT /KVVGKNWPIGP 5 ? 4 #.$'46 4 %70< *TUI 9KUUGPUEJCHVUIGUEJKEJVG FGT 0WOKUOCVKM $GKVT·IG \WO &GWVUEJGP 0WOKUOCVKMGT VCI /·T\ KP *CPPQXGT 5EJTKHVGPTGKJG FGT 0WOKUOCVKUEJGP )GUGNNUEJCHV 5RG[GT 5RG[GT 5 OKV \CJNTGKEJGP #DD -CTVQPKGTV Z 1TKI $TQUEJWT Z
32
/101)4#2*+'0
%700#..; , +OCIGU QH VJG +NNWUVTKQWU 6JG 0WOKUOCVKE 2TGUGPEG KP VJG 4GPCKUUCPEG 2TKPEGVQP :+ 5 OKV \CJNTGKEJGP #DD / &#.; &#8+5 #TEJ·QNQIKG FGT #PVKMG #WU FGP $GUV·PFGP FGT *GT\QI #WIWUV $KDNKQVJGM #WUUVGNNWPIUMCVCNQIG FGT *GT\QI #WIWUV $KDNKQVJGM 9KGUDCFGP 5 OKV \CJNTGKEJGP #DD .GKPGP OKV 5EJWV\WOUEJNCI WPF -CTVQPKGTV
&1/2+'44' &' %*#7('2+ * , FG 8#0 -'4-9+,- # 1 -GWT XCP /WPVGP GP 2GPPKPIGP WKV JGV -QPKPMNKLM -CDKPGV XCP /WPVGP 2GPPKPIGP GP IGUPGFGP 5VGGPGP VG U )TCXGPJCIG U )TCXGP JCIG +8 5 6HP 1TKI *CNDNGKPGPHCNVOCRRG
5GJT UGNVGPGU 9GTM
(144'4 . &GUETKRVKXG %CVCNQIWG QH VJG %QNNGEVKQP QH )TGGM %QKPU HQTOGF D[ 5KT *GTOCPP 9GDGT / & $CPF *KURCPKC )CNNKC $TKVCPPKC +VCN[ CPF 5KEKN[ $CPF /CEGFQP 6JTCEG 6JGUUCN[ 0QTVJ 9GUVGTP %GPVTCN CPF 5QWVJGTP )TGGEG $CPF #UKC #HTKEC 0CEJFTWEM 0GY ;QTM FGT #WUICDG .QPFQP 5 6HP 5 WPF \CJNTGKEJG 6HP 5 WPF \CJNTGK EJG 6HP .GKPGP 4ÒEMGP XQP $CPF VGKNYGKUG NQUG
)4+'4510 2 $KDNKQITCRJKG 0WOKUOCVKSWG $TÒUUGN 5 1TKI $TQUEJWT &C\W YGKVGTG $KDNKQITCRJKGP ¤UVGTTGKEJ 7PICTP 4WUUNCPF 6JÒTKPIGP
*#.. ' 6 /'6%#.( & / *TUI /GVJQFU QH %JGOKECN CPF /GVCNNWTIKECN +PXGUVKICVKQP QH #PEKGPV %QKPCIG 405 5RGEKCN 2WDNKECVKQP .QPFQP 5 6HP .GKPGP
*+.&'$4#0& , 6*'7'4-#7(( % 4GF &KG DTCPFGPDWTIKUEJ RTGWKUEJG -WPUVMCOOGT 'KPG #WUYCJN CWU CNVGP $GUV·PFGP $GTNKP (TQPVKURK\ 5 OKV \CJNTGKEJGP #DD $ -#2155; ' $ %#*0 *TUI &GU *GTTP )QVVNKGD 'OCPWGN XQP *CNNGTU GKFIGPÌUUKUEJGU /GFCKNNGP MCDKPGVV $GTP 5 OKV \CJNTGKEJGP #DD ' .#0&1.6 -CDKPGVVUVÒEMG FGT #OGT DCEJ KO *KUVQTKUEJGP /WUGWO $CUGN $CUGN 5 OKV \CJNTGKEJGP VGKNU HCTDKIGP #DD 1TKI $TQ UEJWT Z MCTVQPKGTV Z
*+.. ) ( $GEMGT VJG %QWPVGTHGKVGT $·PFG 0CEJFTWEM $TÒUUGN FGT #WUICDG .QPFQP (TQPVKURK\ 5 6HP 5 6HP +P GKPGO $CPF KP .GKPGP IGDWPFGP
,70)4#+6*/#;4 9 *TUI &CU JKUVQTKUEJG /WUGWO CNU #WHICDG (QTUEJWPIGP WPF $GTKEJVG CWU FGO /WUGWO HÒT *CODWTIKUEJG )GUEJKEJVG /KVVGKNWPIGP CWU FGO /WUGWO HÒT *CO DWTIKUEJG )GUEJKEJVG *CODWTI 5 6HP =GPVJ·NV $GKVT·IG XQP 9 * 8'40+%- ) *#6< 2 $'4)*#75 WPF 8 *#6<? ( $'4)'4 &KG 5COONWPI FGT /ÒP\GP /GFCKNNGP WPF )GOOGP 5 KP 7 )'*4+) *TUI ,CJTG -GUVPGT /WUGWO *CPPQXGT *CP PQXGT 5 OKV \CJNTGKEJGP #DD &CU 4JGKPKUEJG .CPFGUOWUGWO $QPP $GTKEJVG CWU FGT #TDGKV FGU /WUGWOU ,CJTG 'OUEJGTVCN /WUGWO DKU ) *'4'5 &KG &TGUFGPGT 5COONWP IGP KP -G[NGTU 0GWGUVGP 4GKUGP 5& CWU ,CJTDWEJ FGT 5VCCVNKEJGP -WPUVUCOONWPIGP &TGUFGP 5 $GKVT·IG \WT FGWVUEJGP 8QNMU WPF #NVGTVWOUMWPFG 7PVGTUEJKGFNKEJ IGDWPFGP
-10)4'55$'4+%*6' %QPIT½U +PVGTPCVKQPCN FG 0WOKUOCVKSWG 2CTKU LWKNNGV $CPF 4CRRQTV 2CTKU ::+ 5 , $#$'.10 , .#(#74+' *TUI %QPIT½U +PVGTPCVKQPCN FG 0WOKUOCVKSWG 2CTKU LWKNNGV $CPF #EVGU 2CTKU +: 5 +P GKPGO $CPF KP .GKPGP IGDWPFGP
, $#$'.10 , .#(#74+' *TUI %QPIT½U +PVGTPCVKQPCN FG PWOKUOCVKSWG 2CTKU ,WKNNGV 6QOG FGWZK½OG #EVGU 2CTKU +: 5 1TKI $TQUEJWT 4ÒEMGP DGUEJ·FKIV $KPFWPI NQEMGT 6GKNYGKUG WPCWHIGUEJPKVVGP
%QPITGUUQ +PVGTPC\KQPCNG FK 0WOKUOCVKEC $·PFG 4QO 5 :::++ 5 6HP 1TKI $TQUEJWT
(KPCPEGU GV EQORVCDKNKV¾ WTDCKPGU FW :+++G CW :8+G UK½ENG (KPCPEKÀGP GP DQGMJQWFKPI FGT UVGFGP XCP FG :+++G VQV FG :8+G GGWY %QNNQSWG +PVGTPCVKQPCN +PVGTPCVQPCCN %QNNQSWKWO $NCPMGPDGTIG +: #EVGU *CPFGNKPIGP 5 -CTVGP NQUG
&CTKP $GKVTCI XQP 2 $GTIJCWU &KG /ÒP\RQNKVKM FGT FGWVUEJGP 5V·FVG KO /KVVGNCNVGT
+ )'&#+ - $+4¡ 5'; *TUI 2TQEGGFKPIU QH VJG +PVGTPCVKQPCN 0WOKUOCVKE 5[ORQUKWO $WFCRGUV 5 6HP .GKPGP 1 +.+'5%7 *TUI .C PWOKUOCVKSWG UQWTEG FG N JKUVQKTG FG N CTV GV FG N JKUVQKTG FGU KF¾GU 6TCXCWZ RT¾UGPV¾U CW :8G %QPIT½U +PVGTPCVKQPCN FGU 5EKGPEGU *KUVQTKSWGU $WECTGUV CQÑV $WMCTGUV 5 6HP 1TKI $TQUEJWT :+G %QPIT½U +PVGTPCVKQPCN FG 0WOKUOC VKSWG 4GUWOGU FGU EQOOWPKECVKQPU =$TÒUUGN ? 5 1TKI $TQUEJWT $ -.7)' $ 9'+55'4 *TUI :++ +PVGTPCVKQPCNGT 0WOKUOCVKUEJGT -QPITGUU $GTNKP #MVGP 2TQEGGFKPIU #EVGU $·PFG $GTNKP 5 OKV \CJNTGKEJGP #DD WPF 6HP % /144+5510 $ -.7)' *TUI 5WTXG[ QH 0WOKUOCVKE 4GUGCTEJ +#20 5RGEKCN 2WDNKECVKQP $GTNKP :+ 5 :++ +PVGTPCVKQPCNGT 0WOKUOCVKUEJGT -QPITGUU 8QTVTCIU\WUCOOGPHCUUWPIGP $GTNKP 5 -WPUVNGKPGP Z WPF 1TKI $TQUEJWT Z
33
/101)4#2*+'0 #06+-' #..)'/'+0
.#*4-#/2 * *TUI .CODGTV (TKGFTKEJ %QTHG[ 4GKUGVCIGDWEJ 3WGNNGP WPF (QT UEJWPIGP \WT )GUEJKEJVG FGT 5VCFV /ÒPUVGT 0GWG (QNIG /ÒPUVGT 5 OKV #DD WPF -CTVGP *CNDNGKPGP OKV 5EJWV\WOUEJNCI ) &'6*.'(5 &KG /ÒP\KNNWUVTCVKQPGP KO %JTQPKEQP /QPCUVGTK GPUG FGU .CODGTV (TKGFTKEJ %QTHG[ 5 KP )GNFIGUEJKEJVNKEJG 0CEJTKEJVGP )GJGHVGV
.75%*+0 810 '$'0)4'76* # #NNIGOGKPG /ÒP\MWPFG WPF )GNFIGUEJKEJVG &CTOUVCFV 5 OKV \CJNTGKEJGP #DD .GKPGP , 4 5%*7')4#( #NVGU 2HGPPKI -CDKPGV QFGT 'TMN·TWPI FGU 9QTVGU 2HGPPKI PCEJ UGKPGP OCPPKIHCNKVKIGP $GFGWVWPIGP \WO 8GTUV·PFPKUUG FGT 7TMWPFGP WUY PGDUV FGO /CUVCDG FGT CNVGP 2HGPPKIG KO 8GTINGKEJG \W FGP KGV\KIGP /ÒP\ 5QTVGP 0& (TCPMHWTV FGT #WUICDG 5VCFVCOJQH 5 1TKI $TQUEJWT 1 ( &7$7+5 .G HCWZ OQPPC[CIG FCPU NG 2C[ FG 8CWF ETKOG GV T¾RTGUUKQP VWFGU F JKUVQKTG OQFGTPG .CWUCPPG 5 1TKI $TQUEJWT ) 5+//'. 2JKNQUQRJKG FGU )GNFGU (TCPMHWTV CO /CKP 5 1TKI $TQUEJWT * 81+)6.#'0&'4 (CNUEJOÒP\GT WPF /ÒP\H·NUEJGT /ÒPUVGT 9GUVH 5 .GKPGP OKV 5EJWV\WOUEJNCI * /#7 . 8'+6 4GF /ÒP\GP KP $TCWEJ WPF #DGTINCWDG 5EJOWEM WPF &GMQT 8QVKX WPF #OWNGVV 2QNKVKUEJG WPF TGNKIKÌUG 5GNDUVFCTUVGNNWPI <WT ,CJTHGKGT FGU 8GTGKPU HÒT /ÒP\MWPFG 0ÒTPDGTI /CKP\ 5 OKV \CJNTGKEJGP VGKNU HCTDKIGP #DD WPF 6HP 1TKI $TQUEJWT = YGKVGTG 5EJTKHVGP?
5%*7.6*'55 4'%*$'4) - ) XQP 6JCNGT %CDKPGV $GUEJTGKDWPI CNNGT DGMCPPV IGYQTFGPGP 6JCNGT $CPF $·PFG 9KGP ++ 5 + 5 *CNDNGKPGP
'Z NKDTKU &T OGF .QWKU 0CGIGNK
564#0&$'4) % 1 6JG 3WGGP .QXKUC 7NTKMC %QNNGEVKQP QH 0WOKUOCVKE .KVGTCVWTG #P KNNWUVTCVGF CPF #PPQVCVGF %CVCNQIWG 5VQEMJQNO (TQPVKURK\ 5 OKV \CJNTGKEJGP VGKNU HCTDKIGP #DD .GKPGP OKV 5EJWV\WOUEJNCI $ 1 *'55' 5XGPUM 0WOKUOCVKUM $KDNKQITCHK KPVKNN ¹T 0WOKUOC VKUMC OGFFGNCPFGP 5 OKV #DD .GKPGP OKV 5EJWV\WOUEJNCI ' 0#6*1456 $¤¤5 #PVGEM PKPICT MTKPI VKFKIC O[PVUCONKPICT QEJ FGTCU HÌTXCTKPI )ÌVGDQTI 7TXCNUDKDNKQITCHK ÌXGT QOT· MPKPIUDÌEMGT TÌTCPFG UXGPUMC O[PV )ÌVGDQTI )GJGHVGV Z
9+.$'4) / 4GIGPVGP 6CDGNNGP (TCPMHWTV CP FGT 1FGT 8++ 5 *CNDNGKPGP
-1081.76 (145%*70)5)'5%*+%*6.+%*' ª$'4$.+%-' 70& %*410+-'0 ¤(('06.+%*'4 07/+5/#6+5%*'4 5#//.70)'0 70& +056+676+10'0 W C # *K UVQT[ QH VJG 4Q[CN 0WOKUOCVKE 5QEKGV[ %QPEQTFKC FKVCV ,CJTG 0WOKUOCVKUEJG -QOOKUUKQP FGT .·PFGT KP FGT $WPFGUTGRWDNKM &GWVUEJNCPF 0WOKUOCVKUEJG 5VWFKGP *GHV *CODWTI &GP MQP IGNKIG /ÎPV QI /GFCKNNGUCONKPI 8QO -ÌPKINKEJGP %CDKPGV \WT 5VCCVUUCOONWPI <WT )GUEJKEJVG FGT 5VCCVNKEJGP /ÒP\UCOONWPI /ÒPEJGP &C\W YGKVGTG 5EJTKHVGP 7PVGTUEJKGFNKEJ IGDWPFGP
'Z NKDTKU #PFGTU 4KPIDGTI
#06+-' #..)'/'+0
$#$'.10 ' 6TCKV¾ FGU OQPPCKGU ITGESWGU GV TQOCKPGU 2CTVKG 6J¾QTKG GV FQEVTKPG 0CEJFTWEM $QNQIPC Q , FGT #WUICDG 2CTKU 8++ 5 5R 2CTVKG &GUETKRVKQP JKUVQTKSWG 0CEJFTWEM $QNQIPC Q , FGT #WUICDG 2CTKU +8 5 5R +++ 5 5R 8+ 5 5R +8 5 5R 2CTVKG 6CHGNP 0CEJFTWEM $QNQIPC Q , FGT #WUICDG 2CTKU +++ 5 6HP 5R 6HP 5R 6HP +++ 5 6HP .GKPGP
$176+0 5 %CVCNQIWG FG OQPPCKGU ITGESWGU CPVKSWGU FG NʼnCPEKGPPG EQNNGEVKQP 2Q\\K /QPPCKUGU HTCRR¾U GP 'WTQRG $·PFG /CCUVTKEJV :++ 5 6HP 1TKI $TQUEJWT
%74+'. 4 5%*.7/$'4)'4 & 6T¾UQTU OQP¾VCKTGU F #HIJCPKUVCP /¾OQKTGU FG NC &¾N¾ICVKQP #TEJ¾QNQIKSWG (TCP¼CKUG GP #HIJCPKUVCP 2CTKU 5 6HP *CNDNGKPGP
)¤$. 4 #PVKMG 0WOKUOCVKM $·PFG /ÒPEJGP 5 5 6HP 6CDGNNGP -CTVG .GKPGP
,'0-+05 ) - -ª6*/#00 * /ÒP\GP FGT )TKGEJGP &KG 9GNV FGT /ÒP\GP /ÒPEJGP (TKDQWTI 5 #DD CWH VGKNU HCTDKIGP 6HP .GKPGP % * 8 576*'4.#0& /ÒP\GP FGT 4ÌOGT &KG 9GNV FGT /ÒP\GP /ÒPEJGP (TKDQWTI 5GKVGP #DD CWH VGKNU HCTDKIGP 6HP .GKPGP 2 & 9*+66+0) /ÒP\GP XQP $[\CP\ &KG 9GNV FGT /ÒP\GP /ÒPEJGP (TKDQWTI 5GKVGP OKV #DD CWH VGKNU HCTDKIGP 6HP .GKPGP
.+0& . 4QOCP FGPCTKK HQWPF KP 5YGFGP $CPF %CVCNQIWG 6GZV #EVC 7PKXGTUKVCVKU 5VQEMJQNOKGPUKU 5VQEMJQNO 5 1TKI $TQUEJWT 4QOGTUMC FGPCTGT HWPPC K 5XGTKIG 5VQEMJQNO 5 6HP 1TKI $TQUEJWT 4ÒEMGP NGKEJV DGUEJ·FKIV
4 #.(¤.&+ / #PVKMG 0WOKUOCVKM $·PFG /CKP\ :.8+ 5 6HP -CTVGP ::: 5 6HP -CTVQPKGTV
#PVKMG 0WOKUOCVKM $·PFG #WHN :.8 5 -CTVGP ::+: 5 6HP -CTVQ PKGTV
34
#06+-' #..)'/'+0 )4+'%*'0
4 #.(¤.&+ / *TUI 5VWFKGP \W (WPFOÒP\GP FGT #PVKMG #WHU·V\G $GTNKP 5 FCXQP 6HP .GKPGP
/KV $GKVT·IGP XQP ' *7;5'%1/ * , 5%*7.<-+ WPF 4 9#.$74)
4').+0) - &KG CPVKMG /ÒP\G CNU -WPUVYGTM $GTNKP 5 6HP .GKPGP GVYCU DGUVQGP
-1081.76 #7556'..70)5-#6#.1)' 5%*9'+<'4+5%*'5 .#0&'5/75'7/ )QNF FGT *GNXGVKGT -GNVKUEJG -QUVDCTMGKVGP CWU FGT 5EJYGK\ <ÒTKEJ (CTDKIGU (TQPVKURK\ 5 24 *+5614+5%*' 56##655#//.70) /ª0%*'0 5R·VCPVKMG \YKUEJGP *GKFGPVWO WPF %JTK UVGPVWO /ÒPEJGP 5 $4+6+5* /75'7/ 9GCNVJ QH VJG 4QOCP 9QTNF )QNF CPF 5KNXGT # & .QPFQP 5 -#+5'4 (4+'&4+%* /75'7/ -WPUV FGT 5R·VCPVKMG KO /KVVGNOGGTTCWO $GTNKP 5 6HP 1TK G CTIGPVK FGNNʼn+VCNKC CPVKEC 6WTKP 5 5 /GKUV 1TKI $TQUEJWT
-1081.76 )4+'%*+5%*' 07/+5/#6+- * # %#*0 #PVKMGPOWUGWO $CUGN WPF 5COO NWPI .WFYKI )TKGEJKUEJG /ÒP\GP CWU )TQUUITKGEJGPNCPF WPF 5K\KNKGP 5 6HP 5 )470#7'4 810 *1'45%*'./#00 )TKGEJKUEJG /ÒP\GP *CPPQXGT 5 2 4 (4#0-' W C 5KFG /ÒP\RT·IWPI +PUEJTKHVGP WPF )GUEJKEJVG GKPGT CPVKMGP 5VCFV KP FGT 6ÒTMGK 5CCTDTÒEMGP 5 ) (¤45%*0'4 &KG /ÒP\GP FGT )TKGEJGP KP +VCNKGP WPF 5K\KNKGP &KG $GUV·PFG FGU /ÒP\MCDKPGVVU (TCPMHWTV CO /CKP 5 6 (+5%*'4 /QNQP WPF UGKPG /ÒP\GP
X %JT $QEJWO 5 / 5%*.ª6'4 )TKGEJKUEJG /ÒP\GP -CVCNQIG FGT /ÒP\ UCOONWPI FGU -GUVPGT /WUGWOU *CPPQXGT *CPPQXGT 5 WPF 6HP 5 5%*7.6< #PVKMG /ÒP\GP )TKGEJKUEJG 2T·IWPIGP $GTNKP 5 / 4 #.(¤.&+ &GT 5VCVGT FGU 6 3WKPEVKWU (NCOKPKWU 5& CWU 0< 5 6HN /GKUV 1TKI $TQUEJWT Z -CTVQPKGTV
-1081.76 - 9 *#4. %QKPCIG KP VJG 4QOCP 'EQPQO[ $ % VQ # & .QPFQP 2 4 (4#0-' -NGKPCUKGP \WT 4ÌOGT\GKV )TKGEJKUEJGU .GDGP KO 5RKGIGN FGT /ÒP\GP /ÒPEJGP 1 )1&9+0 W C 6TGCUWTGU QH VJG #UJOQNGCP /WUGWO 1ZHQTF * #4/'45&14(('4 W C #PVKMG /ÒP\GP $GTNKP / , 24+%' %QKPU CPF VJGKT EKVKGU .QPFQP - %*4+56 #PVKMG 0WOKUOCVKM &CTOUVCFV + )'&#+ /ÒP\GP WPF /GFCKNNGP $WFCRGUV .GKPGP 1TKI $TQUEJWT
)4+'%*'0
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&KG 'NGMVTQPOÒP\GP XQP 2JQMCKC WPF /[VKNGPG 6ÒDKPIGP : 5 6HP FCXQP KP (CTDG .GKPGP 5VWFKGP \WT 'NGMVTQPRT·IWPI XQP 2JQMCKC WPF /[VKNGPG 5& CWU 504 $GTP 5 6HP $TQUEJKGTV
&KG 'NGMVTQPOÒP\GP XQP 2JQMCKC WPF /[VKNGPG 6ÒDKPIGP : 5 6HP FCXQP KP (CTDG .GKPGP
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/KV 'ZNKDTKU 9GUVHKGNF %QNNGIG
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35
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%#44#&+%' + *TUI %QKPCIG CPF #FOKPKUVTCVKQP KP VJG #VJGPKCP CPF 2GTUKCP 'ORKTGU 6JG 0KPVJ 1ZHQTF 5[ORQUKWO QP %QKPCIG CPF /QPGVCT[ *KUVQT[ $#4 +PV 5GT 1ZHQTF 5 6HP 1TKI $TQUEJWT
(144'4 . 6JG 9GDGT %QNNGEVKQP )TGGM %QKPU $·PFG 0CEJFTWEM 0GY ;QTM FGT #WUICDG .QPFQP (TQPVKURK\ :8+ 5 6HP 5 6HP 5 6HP .GKPGP
(4#0-' 2 4 W C 5KFG /ÒP\RT·IWPI +PUEJTKHVGP WPF )GUEJKEJVG GKPGT CPVKMGP 5VCFV KP FGT 6ÒTMGK #WHNCIG 5CCTDTÒEMGP 5 OKV \CJNTGKEJGP #DD -CTVGP 1TKI $TQUEJWT 5KFG /ÒP\ RT·IWPI +PUEJTKHVGP WPF )GUEJKEJVG GKPGT CPVKMGP 5VCFV KP FGT 6ÒTMGK #WHNCIG 5CCTDTÒEMGP 5 OKV \CJNTGKEJGP #DD -CTVGP 1TKI $TQUEJWT 5KFG /ÒP\RT·IWPI +PUEJTKHVGP WPF )G UEJKEJVG GKPGT CPVKMGP 5VCFV KP FGT 6ÒTMGK -KGN 5 )GJGHVGV 5KFG /ÒP\RT·IWPI +PUEJTKH VGP WPF )GUEJKEJVG GKPGT CPVKMGP 5VCFV KP FGT 6ÒTMGK 9KGP 5 6HP )GJGHVGV
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.14$'4 % % #ORJKRQNKU 6JG %KXKE %QKPCIG KP 5KNXGT CPF )QNF .QU #PIGNGU 5 6HP .GKPGP
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6JG %QNNGEVKQP QH VJG #OGTKECP 0WOKUOCVKE 5QEKGV[ $·PFG 0GY ;QTM )TQHQNKQ $CPF )CP\NGKPGP $CPF KP GKPGO $CPF IGDWPFGP 7PVGTUEJKGFNKEJ IGDWPFGP
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38
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#.(¤.&+ # 5VWFKGP \WT )GUEJKEJVG FGT 9GNVMTKUG FGU ,CJTJWPFGTVU PCEJ %JTKUVWU &CTOUVCFV 5 6HP .GKPGP
#.4#/ / &KG /ÒP\RT·IWPI FGU -CKUGTU /CZKOKPWU + 6JTCZ /+4 9KGP 5 6HP 1TKI $TQUEJWT
$#$'.10 ' &GUETKRVKQP JKUVQTKSWG GV EJTQPQNQIKSWG FGU OQPPCKGU FG NC 4¾RWDNKSWG 4QOCKPG XWN ICKTGOGPV CRRGN¾GU OQPPCKGU EQPUWNCKTGU $·PFG 0& :8+++ .8+ 5 5 $GKFG $·PFG OKV \CJNTGKEJGP #DD *CNDNGFGT
$#*4('.&6 / XQP &KG 4ÌOKUEJG )QNFOÒP\GPRT·IWPI Y·JTGPF FGT 4GRWDNKM WPF WPVGT #W IWUVWU 'KPG EJTQPQNQIKUEJG WPF OGVTQNQIKUEJG 5VWFKG *CNNG CP FGT 5CCNG :8+ 5 6HP $TQUEJKGTV VGKNYGKUG NQUG .CIGP WPF 7OUEJNCI HGJNV &C\W / $#*4('.&6 / #PVQPKWU 1EVCXKC WPF #PV[NNWU 4ÌOKUEJG )QNFOÒP\GP OKV KJTGP $KNFPKUUGP 5& CWU ,+#0 5 6HP $TQUEJKGTV OKV 9KFOWPI FGU 8GTHCUUGTU CP &T ,CEQD *KTUEJ
$#.&75 * 4 7TCPKWU #PVQPKPWU /ÒP\RT·IWPI WPF )GUEJKEJVG #PVKSWKVCU $QPP 5 6HP .GKPGP
$#56+'0 2 /'6<)'4 % .G VT¾UQT FG $GCWTCKPU FKV F #TTCU 0WOKUOCVKSWG 4QOCKPG 9GVVGTGP 5 6GZVCDD 6HP (CTDVHP .GKPGP
$'4)'4 ( 7PVGTUWEJWPIGP \W TÌOGT\GKVNKEJGP /ÒP\HWPFGP KP 0QTFYGUVFGWVUEJNCPF 5VWFKGP \W (WPFOÒP\GP FGT #PVKMG 5(/# $GTNKP 5 OKV \CJNTGKEJGP -CTVGP 4ÌOKUEJGU )GNF IGHWPFGP KP 0KGFGTUCEJUGP *KNFGUJGKO 4 91.6'45 % 561'55 &KG TÌOKUEJGP /ÒP\UEJCV\ HWPFG KO 9GUVVGKN FGU (TGKGP )GTOCPKGPU 'KP $GKVTCI \WT $GWTVGKNWPI FGU )GNFWONCWHU KO )GDKGV \YKUEJGP 4JGKP &QPCW WPF 1FGT Y·JTGPF FGT GTUVGP DGKFGP ,CJTJWPFGTVG P %JT 5& CWU /ÒPUVGTUEJG $GKVT·IG \WT #PVKMGP *CPFGNUIGUEJKEJVG 5 OKV (CNVMCTVG 8 <'&'.+75 5R·VMCKUGT \GKVNKEJ XÌNMGTYCPFGTWPIU\GKVNKEJG -GTCOKM WPF TÌOKUEJG /ÒP\GP XQP .CCV\GP .FMT *CPPQXGT /CVG TKCNJGHVG \WT 7T WPF (TÒJIGUEJKEJVG 0KGFGTUCEJUGPU *KNFGUJGKO &GT ITQG TÌOKUEJG &GPCTUEJCV\ XQP ,GXGT 0KGFGTUCEJUGP 5& CWU 5VWFKGP \WT 5CEJUGPHQTUEJWPI 5 FCXQP 6HP 1TKI $TQUEJWT
$'40*#46 / *CPFDWEJ \WT /ÒP\MWPFG FGT TÌOKUEJGP -CKUGT\GKV $·PFG *CNNG CP FGT 5CCNG 5 5 6HP 1TKIKPCN .GKPGP
*CPFDWEJ \WT /ÒP\MWPFG FGT TÌOKUEJGP -CKUGT\GKV $·PFG *CNNG CP FGT 5CCNG 5 5 6HP .GKPGP GVYCU DGUVQGP
$1.+0 5 ([PFGP CX TQOGTUMC O[PV K FGV HTKC )GTOCPKGP 5VWFKGT K TQOGTUM QEJ ·NFTG IGTOCPUM JKUVQTKC .WPF 5 (CNVVCDGNNGP *CNDNGFGT OKV )QNFRT·IWPI NGKEJV DGTKGDGP
)TWPFNGIGPFGU UGJT UGNVGPGU 9GTM
39
#06+-' 4¤/'4
%#..')*'4 $ 4KVTQXCOGPVK OQPGVCNK FK GV¯ 4QOCPC PGN 8GPGVQ 2TQXKPEKC ++ 6TGXKUQ 2CFWC 5 6HP .GKPGP OKV 5EJWV\WOUEJNCI
%#4510 4 # ) 2 8 *+.. , 2 % -'06 .CVG 4QOCP $TQP\G %QKPCIG # & .QPFQP 5 6HP .GKPGP
%1*'0 * &GUETKRVKQP JKUVQTKSWG FGU OQPPCKGU HTCRR¾GU UQWU N 'ORKTG 4QOCKP EQOOWPGOGPV CR RGN¾GU O¾FCKNNGU KOR¾TKCNGU 0CEJFTWEM )TC\ FGT #WHNCIG 2CTKU &C\W ) 241$5<6 4 )#+&15%*+- &KEVKQPPCKTG UR¾EKCN /QPPCKGU UQWU N 'ORKTG 4QOCKP $CPF
5WRRNGOGPV )TC\ .GKPGP
%4#9(14& / * 4QOCP 4GRWDNKECP %QKPCIG $·PFG %CODTKFIG W C :+8 5 :+ 5 6HP .GKPGP
&'.$47'%- 4 &KG /ÒP\DKNFPKUUG XQP /CZKOKPWU DKU %CTKPWU &CU TÌOKUEJG *GTTUEJGTDKNF $GTNKP : 5 6HP 1TKIKPCN .GKPGP 4ÒEMGP GVYCU DGUEJ·FKIV GKPKIG 0QVK\GP CWH FGP 6CHGNP OKV $NGKUVKHV
(#)'4.+' , / .CVG 4QOCP CPF $[\CPVKPG UQNKFK HQWPF KP 5YGFGP CP &GPOCTM 0WOKUOCVKE PQVGU CPF OQPQITCRJU 0GY ;QTM 5 6HP 1TKI $TQUEJWT
(+6< , &GT )GNFWONCWH FGT TÌOKUEJGP 2TQXKP\GP KO &QPCWIGDKGV /KVVG FGU ,CJTJWPFGTVU $·PFG $WFCRGUV $QPP 5 5 FCXQP 6HP .GKPGP
(¤45%*0'4 ) &KG /ÒP\GP FGT 4ÌOKUEJGP -CKUGT KP #NGZCPFTKGP &KG $GUV·PFG FGU /ÒP\MCDK PGVVU (TCPMHWTV CO /CKP 5 -CTVQPKGTV & 1 # -.15' $ 18'4$'%- I[RVGP \WT 4ÌOGT\GKV #PVKMGU .GDGP CWHITWPF FGT PWOKUOCVKUEJGP 3WGNNGP /ÒPEJGP 5 1TKI $TQ UEJWT 9 9'+5'4 * / %16610 &KG )GNFY·JTWPIGP FGT )TKGEJGP ,WFGP 0CDCV·GT WPF 4ÌOGT KO U[TKUEJ PCDCV·KUEJGP 4CWO 5& CWU <GKVUEJTKHV HÒT 2CR[TQNQIKG WPF 'RKITCRJKM 5 6 2'- 4; -NGKPCUKGP WPVGT TÌOKUEJGT *GTTUEJCHV 5& CWU #WHUVKGI WPF 0KGFGTICPI FGT 4ÌOK UEJGP 9GNV 5 * 5%*4¤&'4 ,GUWU WPF FCU )GNF 9KTVUEJCHVUMQOOGPVCT \WO 0GWGP 6GUVCOGPV #WHN -CTNUTWJG 5 1TKI $TQUEJWT - /#66*+#' ' 5%*¤0'46 )'+55 /ÒP\GP CWU FGT WTEJTKUVNKEJGP 7OYGNV 5 -CTVQPKGTV
(WPFOÒP\GP FGT TÌOKUEJGP <GKV KP &GWVUEJNCPF * , -'..0'4 / 18'4$'%- &KG (WPFOÒP \GP FGT TÌOKUEJGP <GKV KP &GWVUEJNCPF #DVGKNWPI + $C[GTP $CPF 1DGTRHCN\ $CPF 1DGTHTCPMGP $GTNKP 5 (CNVMCTVGP .GKPGP
- 564+$40; &KG (WPFOÒP\GP FGT TÌOKUEJGP <GKV KP &GWVUEJNCPF #DVGKNWPI +8 4JGKPNCPF 2HCN\ $CPF /QPVCDCWT $GTNKP 5 -CTVG .GKPGP
' 07$'4 &KG (WPFOÒP\GP FGT TÌOKUEJGP <GKV KP &GWVUEJNCPF #DVGKNWPI 8+ 0QTFTJGKP 9GUVHCNGP $CPF 5VCFV -ÌNP $GTNKP 5 6H -CTVGPDGKNCIGP .GKPGP
( $'4)'4 % 561'55 &KG (WPFOÒP\GP FGT TÌOKUEJGP <GKV KP &GWVUEJNCPF #DVGKNWPI 8++ 0KGFGT UCEJUGP WPF $TGOGP $CPF 1UPCDTÒEM #WTKEJ 1NFGPDWTI $GTNKP 5 -CTVGP ( $'4)'4 &KG (WPFOÒP\GP FGT TÌOKUEJGP <GKV KP &GWVUEJNCPF #DVGKNWPI 8++ 0KGFGTUCEJUGP WPF $TGOGP $CPF *CPPQXGT .ÒPGDWTI $TCWPUEJYGKI *KNFGUJGKO 5VCFG $TGOGP $GTNKP 5 -CTVGP .GKPGP
$ -14<75 &KG (WPFOÒP\GP FGT TÌOKUEJGP <GKV KP &GWVUEJNCPF #DVGKNWPI 8+ 0QTFTJGKP 9GUVHCNGP $CPF /ÒPUVGT $GTNKP 5 FCXQP 6H -CTVG $CPF #TPUDGTI $GTNKP 5 -CTVG $CPF &GVOQNF $GTNKP 5 -CTVG .GKPGP OKV 5EJWV\WOUEJNCI
(WPFOÒP\GP FGT TÌOKUEJGP <GKV KP ¤UVGTTGKEJ ( &+%- &KG (WPFOÒP\GP FGT TÌOKUEJGP <GKV KP ¤UVGTTGKEJ #DVGKNWPI + $WTIGPNCPF 8GTÌHHGPVNKEJWPI FGT 0WOKUOCVKUEJGP -QOOKUUKQP 9KGP 5 6HP -CTVGPDGKNCIG ( 5%*/+&6 &+%- &KG (WPFOÒP\GP FGT TÌOKUEJGP <GKV KP ¤UVGTTGKEJ #DVGKNWPI ++ -·TPVGP 8GTÌHHGPVNKEJWPIGP FGT 0WOKUOCVKUEJGP -QOOKUUKQP 9KGP 5 6HP (CNVMCTVG .GKPGP
)4+'4510 2 /#;5 / %CVCNQIWG QH .CVG 4QOCP %QKPU KP VJG &WODCTVQP 1CMU %QNNGEVKQP CPF KP VJG 9JKVVGOQTG %QNNGEVKQP (TQO #TECFKWU CPF *QPQTKWU VQ VJG #EEGUUKQP QH #PCUVCUKWU 9CUJKPIVQP & % :8 5 FCXQP 6HP .GKPGP
*#*0 ( &GT (WPF XQP .GPIGTKEJ KO -ÌPKITGKEJ *CPPQXGT )QNFUEJOWEM WPF TÌOKUEJG /ÒP\GP *CPPQXGT 5 6HP *CNDNGKPGP /KPKOCN UVQEMHNGEMKI * *#46/#00 /KUEGNNGP &GT .CUJQTHVGT /ÒP\ (WPF 5& CWU /KVVGKNWPIGP FGU 8GTGKPU HÒT )GUEJKEJVG XQP 1UPCDTÒEM Q , 5 *CNDNGKPGP
*#*0 9 /QPGVC +ORGTKK $[\CPVKPK 4GMQPUVTWMVKQP FGU 2T·IGCWHDCWGU CWH U[PQRVKUEJ VCDGNNCTKUEJGT )TWPFNCIG &KG 1UVRT·IWPI FGU 4ÌOKUEJGP 4GKEJGU KO ,CJTJWPFGTV ¤#&9 2JKN JKUV -N &GPMUEJTKHVGP 9KGP 5 6HP 2T·IGVCDGNNGP .GKPGP
40
#06+-' 4¤/'4
-'06 , 2 % *+4/'4 / *+4/'4 # 4QOCP %QKPU .QPFQP 5 6HP
-'06 , 2 % 18'4$'%- $ 56;.19 # 7 &KG TÌOKUEJG /ÒP\G /ÒPEJGP 5 6HP (CTDVHP .GKPGP
&KG TÌOKUEJG /ÒP\G /ÒPEJGP 5 6HP (CTDVHP .GKPGP GVYCU UEJOWV\KI GKPKIG 0QVK\GP WPF *GTXQTJGDWPIGP OKV 6GZVOCTMGT KO 6GZV WPF CWH FGP 6CHGNP
-0#2' 9 #WTGK WPF 5QNKFK 8QTMQOOGP CP FGT 5ÒFMÒUVG FGT 1UVUGG WPF KJTG <WUCOOGPJ·PIG OKV FGT WONKGIGPFGP (WPFYGNV 5& CWU #EVC #TEJCGQNQIKEC 5 -CTVGP 6CDGNNGP #WTGK WPF 5QNKFK 8QTMQOOGP CO /CTG $CNVKMWO WPF FGTGPP YGUVNKEJG <WUCOOGPJ·PIG 5& CWU #EVC #TEJCGQNQIKEC 5 -CTVGP 6CDGNNGP 1TKI $TQUEJWT
-0#2-' 9 #WTGK WPF 5QNKFK 8QTMQOOGP CP FGT 5ÒFMÒUVG FGT 1UVUGG WPF KJTG <WUCOOGPJ·PIG OKV FGT WONKGIGPFGP (WPFYGNV 5& CWU #EVC #TEJCGQNQIKEC 5 -CTVGP 6CDGNNGP #WTGK WPF 5QNKFK 8QTMQOOGP CO /CTG $CNVKMWO WPF FGTGPP YGUVNKEJG <WUCOOGPJ·PIG 5& CWU #EVC #TEJCGQNQIKEC 5 -CTVGP 6CDGNNGP 1TKI $TQUEJWT
-70+5< # 4GEJGTEJGU UWT NG OQPPC[CIG GV NC EKTEWNCVKQP OQP¾VCKTG UQWU NG T½IPG Fʼn#WIWUVG 9CT UEJCW 5 6HP 6 (+5%*'4 +FGQNQIKG KP 5EJTKHV WPF $KNF #WIWUVWU CNU FGT 8CVGT UGKPGT 5ÌJPG WPF FGU 8CVGTNCPFGU $QEJWO 5 4 %#2'..+ &KG /ÒP\UV·VVG XQP 5GTFKEC WPVGT -CKUGT #WTGNKCPWU 5QHKC 5 / /#46+0 #NVGU WPF 0GWGU \WT (CNUEJOÒP\GTYGTMUV·VVG KO TÌOKUEJGP #WIUV 5& CWU #TEJ·QNQIKG FGT 5EJYGK\ 5 2 8 *+.. 6JG %QKPCIG QH 5GRVKOKWU 5GXGTWU CPF JKU (COKN[ QH VJG /KPV QH 4QOG # & .QPFQP 5 6HP ) / 56#((+'4+ .C /QPGVC\KQPG FK &KQECGUCTGC KP %KNKEKC 5 Z 1TKI $TQUEJWT UQPUV IGJGHVGV
.#%#/ ) .C HKP FG NʼnGORKTG TQOCKP GV NG OQPPC[CIG QT GP +VCNKG $·PFG .W\GTP (CTDKIGU (QPVKURK\ 5 FCXQP 6HP (TQPVKURK\ 5 FCXQP 6HP 6HP (QNKQ .GKPGP
.#5'4 4 &KG TÌOKUEJGP WPF HTÒJD[\CPVKPKUEJGP (WPFOÒP\GP CWH FGO )GDKGV FGT &&4 5EJTKHVGP \WT 7T WPF (TÒJIGUEJKEJVG $GTNKP 5 -CTVGPDGKNCIGP *CNDNGKPGP GVYCU DGUVQGP
/#66+0).; * %QKPU QH VJG 4QOCP 'ORKTG KP VJG $TKVKUJ /WUGWO 0CEJFTWEM .QPFQP FGT #WUICDG .QPFQP .GKPGP
%QKPU QH VJG 4QOCP 'ORKTG KP VJG $TKVKUJ /WUGWO $CPF #PVQPKPWU 2KWU VQ %QOOQFWU +PVTQ FWEVKQP +PFGZGU CPF 2NCVGU UQYKG %CVCNQIWG 0CEJFTWEM FGT #WUICDG .QPFQP $CPF 2GTVKPCZ VQ 'NCICDCNWU %CTVCNQIWG CPF #FFGPFC #WHN .QPFQP $CPF 5GXGTWU #NGZCPFGT VQ $CNDKPWU CPF 2WRKGPWU 0CEJFTWEM FGT #WUICDG .QPFQP
/#66+0).; * 5;&'0*#/ ' # W C *TUI 6JG 4QOCP +ORGTKCN %QKPCIG $·PFG $CPF 0CEJFTWEM .QPFQP $CPF .QPFQP $CPF .QPFQP .GKPGP
6JG 4QOCP +ORGTKCN %QKPCIG 8QNWOG ++ 8GURCUKCP VQ *CFTKCP 0CEJFTWEM FGT #WUICDG .QPFQP :8+ 5 6HP .GKPGP
6JG 4QOCP +ORGTKCN %QKPCIG 8QNWOG +++ #PVQPKPWU 2KWU VQ %QOOQFWU 0CEJFTWEM .QPFQP :8+++ 5 6HP
6JG 4QOCP +ORGTKCN %QKPCIG 8QNWOG +8 2CTV + 2GTVKPCZ VQ )GVC .QPFQP :8 5 6HP .GKPGP 1TKIKPCNCWUICDG 'KPDCPF GVYCU DGUEJ·FKIV 'EMG DGUVQGP
$4700 2 / 6JG 4QOCP +ORGTKCN %QKPCIG 8QNWOG 8++ %QPUVCPVKPG CPF .KEKPKWU # & .QPFQP 5 6HP .GKPGP
2'#4%' , 9 ' 6JG 4QOCP +ORGTKCN %QKPCIG 8QNWOG +: 8CNGPVKPKCP + 6JGQFQUKWU + 0CEJFTWEM .QPFQP :.+8 5 6HP
2'#4%' , 9 ' 6JG 4QOCP +ORGTKCN %QKPCIG 8QNWOG +: 8CNGPVKPKCP + 6JGQFQUKWU + 0CEJFTWEM .QPFQP
/1//5'0 6* )GUEJKEJVG FGU TÌOKUEJGP /ÒP\YGUGPU 0CEJFTWEM FGT #WUICDG $GTNKP )TC\ :::++ 5 6CDGNNG .GKPGP
41
#06+-' 4¤/'4
/14#9+'%-+ . 6JG 0CVKQPCN /WUGWO KP %TCEQY %CVCNQIWGU QH VJG %QNNGEVKQP 8QNWOG ++ #P EKGPV %QKPU 6JG %QKPU QH VJG 4QOCP 4GRWDNKE -TCMCW 5 6HP .GKPGP FC\W 9 -+5<# 6JG ,CIGNNQPKCP 7PKXGTUKV[ /WUGWO %CVCNQIWGU QH VJG %QNNGEVKQP 8QNWOG + #PEKGPV %QKPU 9CTUEJCW 5 6HP 1TKI $TQUEJWT ) 57-+'00+- %CVCNQIWG QH #PEKGPV %QKPU KP VJG 1UUQNKÇUMK 0CVKQPCN +PUVKVWVG .KDTCT[ 9TQElCY $·PFG = Z? 5 6HP 5 6HP 1TKI $TQUEJWT
¤56'4)4'0 / )QVN·PFUMC H[PF CX UQNKFK QEJ FGPCTGT 'P WPFGTUÌMPKPI CX H[PFRNCVUGTPC 4CIW #TMGQNQIKUMC UMTKHVGT 5VQEMJQNO 5 OKV \CJNTGKEJGP #DD 5KNXGTUMCVVGT QEJ DQPKPIUJWU 4CIW #TMGQNQIKUMC UMTKHVGT 5VQEMJQNO 5 OKV \CJNTGKEJGP #DD 1TKIKPCN $TQUEJWT Z
2'6'4 / 'KPG 9GTMUV·VVG \WT *GTUVGNNWPI UWDCGTCVGP &GPCTGP KP #WIWUVC 4CWTKEC 5VWFKGP \W (WPFOÒP\GP FGT #PVKMG $GTNKP 5 OKV \CJNTGKEJGP #DD WPF 6HP 1TKI $TQUEJWT 'KPDCPF NGKEJV DGUVQGP 'KP TÌOKUEJGT )GNFDGWVGN CWU #WIUV $N 5& CWU #TEJ·QNQIKG FGT 5EJYGK\ 5 6H
4 #.(¤.&+ / &KG %QPUVCPVKPKUEJG )QNFRT·IWPI 7PVGTUWEJWPIGP \W KJTGT $GFGWVWPI HÒT -CKUGT RQNKVKM WPF *QHMWPUV /CKP\ :+ 5 6HP .GKPGP
4').+0) - &GT &QTVOWPFGT (WPF TÌOKUEJGT )QNFOÒP\GP &QTVOWPF 5 6HP *CNDNGK PGP
5%*7.6' $ &KG )QNFRT·IWPI FGT ICNNKUEJGP -CKUGT XQP 2QUVWOWU DKU 6GVTKEWU 6[RQU #CTCW W C 5 6HP .GKPGP
/KV 9KFOWPI FGU 8GTHCUUGTU
576*'4.#0& % * 8 6JG 4QOCP +ORGTKCN %QKPCIG 8QNWOG + (TQO $% VQ #& #WHN :: 5 6HP .GKPGP
5;&'0*#/ ' # 6JG %QKPCIG QH VJG 4QOCP 4GRWDNKE 0CEJFTWEM 0GY ;QTM FGT #WUICDG .QPFQP .:+: 5 6HP -WPUVNGFGT
6*1/510 4 'CTN[ 4QOCP %QKPCIG 0CVKQPCNOWUGGVU 5MTKHVGT #TMºQNQIKUM *KUVQTKUM 4ºMMG $·PFG -QRGPJCIGP 5 5 5 LGYGKNU OKV 6GZVCDD 1TKI $TQUEJWT
-1081.76 #..)'/'+0 &KXGTUG 5EJTKHVGP FCTWPVGT 4 #.$'46 &CU $KNF FGU #WIWUVWU CWH FGP HTÒJGP 4GKEJURT·IWPIGP 5RG[GT 5 OKV 6HP * , $'4- 4QOCP )QNF %QKPU QH VJG /GFKGXCN 9QTNF # & ,QNKGV 5 OKV #DD $ 18'4$'%- 4QO WPF FKG )GTOC PGP &CU <GWIPKU FGT /ÒP\GP 5VWVVICTV 8+++ 5 OKV \CJNTGKEJGP #DD WPF -CTVGP % * 8 576*'4.#0& /ÒP\GP FGT 4ÌOGT &KG 9GNV FGT /ÒP\GP /ÒPEJGP (TKDQWTI 5 OKV VGKNU HCTDKIGP #DD %QKPCIG KP 4QOCP +ORGTKCN 2QNKE[ $ % # & .QPFQP :+ 5 6HP 7PVGTUEJKGFNKEJ IGDWPFGP
-1081.76 #06+-' 07/+5/#6+- / 4 #.(¤.&+ #PVKMG )QNFOÒP\GP KP FGT /ÒP\GP UCOONWPI FGT &GWVUEJGP $WPFGUDCPM (TCPMHWTV CO /CKP :::8+++ 5 HCTDKIG 6CHGNP .GK PGP ( $'4)'4 &KG CPVKMGP )QNFOÒP\GP KO -GUVPGT /WUGWO *CPPQXGT *CPPQXGT 5 FCXQP \CJNTGKEJG 6HP # -41/#00 4QOGTUM )WNF /ÎPVGT K &GP MIN /ÎPV QI /GFCKNNGUCONKPI -QRGPJCIGP 5 FCXQP \CJNTGKEJG HCTDKIG 6CHGNP / 5%*.ª6'4 )QNFOÒP\GP FGT TÌOK UEJGP -CKUGT\GKV *CPPQXGT 5 6HP $ 18'4$'%- 4QO WPF FKG )GTOCPGP &CU <GWIPKU FGT /ÒP\GP /ÒPEJGP 8+++ 5 2 , %#5'; 4QOCP %QKPCIG KP $TKVCKP 5 4 91.6'45 6CO FKW )GTOCPKC XKPEKVWT 4ÌOKUEJG )GTOCPGPUKGIG WPF )GTOCPGPUKGI 2TQRCICPFC DKU \WO 'PFG FGU ,CJTJWPFGTVU P %JT $QEJWO 5 (CNVMCTVG 6 $'%*'46 2CZ 4Q OCPC (TKGFGPURQNKVKM KP TÌOKUEJGT <GKV &WKUDWTI 5 & %.#7&' <WT $GITÒPFWPI HCOKNK· TGT $G\KGJWPIGP \YKUEJGP FGO -CKUGT WPF DCTDCTKUEJGP *GTTUEJGTP 5& CWU &CU 4GKEJ WPF FKG $CTCDC TGP 9KGP 5 2 4 (4#0-' 4ÌOKUEJG -CKUGTRQTVT·VU KO /ÒP\DKNF /ÒPEJGP 5 6HP 5 $#.$+ &' %#41 W C )GNF CWU FGO CPVKMGP 4QO (TCPMHWTV CO /CKP 5 # /.#5195-; &KG CPVKMGP 6GUUGTGP KO -GUVPGT /WUGWO *CPPQXGT *CPPQXGT 5 ( $'4)'4 &KG /ÒP\GP FGT 4ÌOKUEJGP 4GRWDNKM KO -GUVPGT /WUGWO *CPPQXGT *CPPQXGT 5 / -.'/-' &GT 7PVGTICPI FGU ,WNKUEJ %NCWFKUEJGP *GTTUEJGTJCWUGU /KPFGP 5 * 5%*7$'46 4ÌOKUEJG (WPFOÒP\GP CWU 0KFC *GFFGTPJGKO (TCPMHWTV CO /CKP 5 4 )¤$. )TCDWPIGP KO .GIKQPUNCIGT %CTPWPVWO 5 6HP ' %*+4+.# /ÒP\JQTVG WPF /ÒP\HWPFG CWU FGO -TGKUOWUGWO /WTGU 6ÄTIW /WTGU 5 6HP * 4 /'+'4 /ÒP\JQTVG FGU WPF ,CJTJWPFGTVU 5& CWU 504 5 6HP $+$.+16 37' 41;#.' &' $'.)+37' .GU VT¾UQTU OQP¾VCKTGU CPVKSWGU FW /WU¾G FG 0COWT $TÒUUGN 5 * , -'..0'4 4ÌOKUEJG (WPFOÒP\GP XQO /CTVKPUDÒJGN WPF FGT /ÒP\WONCWH KP 4CGVKGP KO ,CJTJWPFGTV +PPUDTWEM 5& CWU 8GTÌHHGPVNKEJWPIGP FGU 6KTQNGT .CPFGUOWUGWOU (GTFKPCPFGWO
5 /GKUV 1TKI $TQUEJWT
42
#06+-' -'.6'0 $;<#0<
-1081.76 5#//.70)5-#6#.1)' 9 5<#+8'46 %QTRWU 0WOOQTWO 4QOCPQTWO GV $[\CPVKPQTWO &KG /ÒP\UCOONWPI FGU $GPGFKMVKPGTUVKHVGU )ÌVVYGKI ¤#&9 2JKN *KUV -N &GPM UEJTKHVGP 9KGP 5 6HP 1TKI $TQUEJWT 2 4 (4#0-' + 2##4 &KG CPVKMGP /ÒP \GP FGT 5COONWPI *G[PGP -CVCNQI OKV JKUVQTKUEJGP 'TN·WVGTWPIGP $QPP 5 6HP 4 6*1/510 1NFVKFGPU RGPIG TJWU 5 OKV \CJNTGKEJGP /ÒP\CDD $ 18'4$'%- & 1 # -.15' #PVKMG KO /ÒP\DKNF 'KPG 'KPHÒJTWPI #WHN /ÒPEJGP +8 5 / 5+25+' '5%*$#%* )TKGEJKUEJG WPF 4ÌOKUEJG /ÒP\GP CWU FGT ,WUVWU .KGDKI 7PKXGTUKV·V )KGUUGP 5 * & 5%*7.6< #PVKMG /ÒP\GP $KNFJGHV \WT #WUUVGNNWPI FGU /ÒP\MCDKPGVVU KP FGT #PVKMGPUCOONWPI KO 2GTICOQPOWUGWO $GTNKP 5 * #/'45&14(('4 #PVKMG /ÒP\GP CWU FGT 5COONWPI #OGTUFQTHHGT $GTNKP 5 / %*+6'5%7 W C /QPGFGNG CPVKEG FG CWT UK CTIGPV FKP EQNGEVKC OW\GWNWK LWFGVGCP $TCUQX $TCUQX 5 6HP ) *1.56 #PVKMC TVCNUO[PV )ÌVGDQTI 5 &'765%*' *;216*'-'0$#0- ,CJTG 5 Z .GKPGP UQPUV OGKUV 1TKI $TQUEJWT
-'.6'0
$74-*#4&6 # 56'40 9 $ *'./+) ) -GNVKUEJG /ÒP\GP CWU $CUGN 0WOKUOCVKUEJG WPF OGVCNNCPCN[VKUEJG 7PVGTUWEJWPIGP #PVKSWC $CUGN 5 OKV \CJNTGKEJGP #DD (CNVVHN -CT VQPKGTV FC\W # $74-*#4&6 3WCPVKVCVKXG /GVJQFGP \WT MGNVKUEJGP 0WOKUOCVKM CO $GKURKGN FGT /ÒP\HWPFG CWU NCV½PG\GKVNKEJGP 5KGFNWPIGP FGT 1DGTTJGKPTGIKQP &KUUGTVCVKQP $CUGN 5 FCXQP \CJNTGKEJG #DD 1TKI $TQUEJWT / '))'4 -GNVKUEJG /ÒP\HWPFG CWU /CPEJKPI +++ 5& CWU ,CJT DWEJ HÒT 0WOKUOCVKM WPF )GNFIGUEJKEJVG 5 1TKI $TQUEJWT
/KV 9KFOWPI XQP # $WTMJCTFV
&'.'564 ' . 2 6#%*' / 0QWXGN #VNCU FGU /QPPCKGU )CWNQKUGU $CPF FG NC 5GKPG CW 4JKP $CPF FG NC 5GKPG ¯ NC .QKTG OQ[GPPG 5V )GTOCKP GP .C[G 5 6HP UQYKG \YGK WPRCIKPKGTVG 6HP 5 6HP -CTVQPKGTV KO 5EJWDGT
-156+#. / -GNVGP KO 1UVGP )QNF WPF 5KNDGT FGT -GNVGP KP /KVVGN WPF 1UVGWTQRC 5COONWPI .CP\ /ÒPEJGP 5 OKV \CJNTGKEJGP #DD -CTVQPKGTV
2+0- - 'KPHÒJTWPI KP FKG -GNVKUEJG /ÒP\MWPFG #TEJCGQNQIKC #WUVTKCEC $GKVT·IG \WT 2CN·CPVJTQ RQNQIKG 7T WPF (TÒJIGUEJKEJVG ¤UVGTTGKEJU 9KGP 5 OKV \CJNTGKEJGP #DD WPF 6HP 1TKI $TQUEJWT &GEMGN WPF 4ÒEMGP NQUG
/KV JCPFUEJTKHVN $GUKV\GTUKIPCVWT FGU PWOKUOCVKUEJGP 8GTHCUUGTU $ 7PIGT
&KG /ÒP\RT·IWPI FGT 1UVMGNVGP WPF KJTGT 0CEJDCTP #WHN $TCWPUEJYGKI :++ 5 6HP -CTVG .GKPGP FC\W 4 )¤$. &GT PQTKUEJG 6GVTCFTCEJOGPHWPF CWU *CKODWTI KP -·TPVGP 8GTUWEJ GKPGT )GUCOVTGMQPUVTWMVKQP ¤#&9 2JKN JKUV -N 5KV\WPIUDGTKEJVG $CPF 8GTÌHHGPVNKEJWPIGP FGT PWOKUOCVKUEJGP -QOOKUUKQP $CPF 5 6HP 1TKI $TQUEJWT
21.'0< * /ÒP\GP KP NCV½PG\GKVNKEJGP )T·DGTP /KVVGNGWTQRCU CWU FGT <GKV \YKUEJGP WPF X %JT )GDWTV 5& CWU $C[GTKUEJG 8QTIGUEJKEJVUDN·VVGT 5 6HP /KV \CJNTGKEJGP #DD 7 -.'+0 &GT MGNVKUEJG /ÒP\UEJCV\ XQP 5EJÌPCKEJ WPF FKG )GUEJKEJVG FGU (WPFGU 5VWVVICTV 5 OKV \CJNTGKEJGP #DD 1TKI $TQUEJWT
4'&+0) . .GU OQPPCKGU ICWNQKUGU FW 6GVGNDKGTI .WZGODQWTI 5 FCXQP 6HP .GKPGP
-1081.76 /QPQITCRJKGP WPF 5QPFGTFTWEMG FCTWPVGT - %#56'.+0 &KG UÒFFGWVUEJGP -TGW\OÒP\GP WPF FKG *GNXGVKGT 5& CWU 504 &GT DÌJOKUEJG 4QNNVKGTUVCVGT WPF FKG UÒFFGWVUEJGP 4GIGPDQIGPUEJÒUUGNEJGP 5& CWU ,0) / '))'4 -GNVKUEJG /ÒP\HWPFG CWU /CPEJKPI +++ 5& CWU ,0) ) (¤45%*0'4 &KG /ÒP\GP FGT -GNVGP #WUUVGNNWPI FGT $GUV·PFG FGU /ÒP\MCDKPGVVU -NGKPG 5EJTKHVGP FGU *KUVQTKUEJGP /WUGWOU (TCPMHWTV CO /CKP /GNU WPIGP 2 -15 -GNVUMK 0QXEK 5NQXGPLKG .LWDNLCPC & 0#5* 6JG %QKPU QH VJG CPEKGPV %GNVU 'FKPDWTIJ - 2+0- 'KPHÒJTWPI KP FKG MGNVKUEJG /ÒP\MWPFG #WHNCIG 9KGP 7PVGTUEJKGFNKEJ IGDWPFGP
$;<#0< 8¤.-'49#0&'470) (4ª*/+66'.#.6'4
#&'.510 * . .KIJV 9GKIJV 5QNKFK CPF $[\CPVKPG 6TCFG &WTKPI VJG 5KZVJ CPF 5GXGPVJ %GPVWTKGU 00/ 0GY ;QTM +: 5 6HP 1TKI $TQUEJWT
#45.#0 ' # .G OQPGVG FK 1UVTQIQVK .QPIQDCTFK G 8CPFCNK %CVCNQIQ FGNNG EKXKEJG 4CEEQNVG 0W OKUOCVKEJG FK /KNCPQ /KNCPQ 5 6HP -CTVQPKGTV 4ÒEMGP CPIGUVQGP 9 *#*0 # .7')/';'4 &GT NCPIQDCTFGP\GKVNKEJG /ÒP\UEJCV\HWPF XQP #NFTCPU KP 6KTQN 8GTÌHHGPVNKEJWPIGP FGU +PUVKVWVU HÒT 0WOKUOCVKM FGT 7PKXGTUKV·V 9KGP 9KGP 5 6HP 1TKI $TQUEJWT
$#4#. + #.6'6 : .C EKTEWNCVKQP FGU OQPPCKGU UW½XGU GV XKUKIQVKSWGU $GKJGHVG FGT (TCPEKC /ÒPEJGP 5 6HP .GKPGP
43
#06+-' $;<#0< 8¤.-'49#0&'470) (4ª*/+66'.#.6'4
$'.(146 # &' &GUETKRVKQP I¾P¾TCNG FGU OQPPCKGU O¾TQXKPIKGPPGU RCT QTFTG CNRJCD¾VKSWG FGU CVGNKGTU $·PFG 0CEJFTWEM 2CTKU FGT #WUICDG 2CTKU 8+++ 5 6HP 5 5 5 5 1TKI $TQUEJWT
$'..+0)'4 # 4 )4+'4510 2 *TUI %CVCNQIWG QH VJG $[\CPVKPG %QKPU KP VJG &WODCTVQP 1CMU %QNNGEVKQP CPF KP VJG 9JKVVGOQTG %QNNGEVKQP 8QN #PCUVCUKWU + VQ /CWTKEG 9CUJKPI VQP & % ::8+ 5 6HP 8QN 2JQECU VQ 6JGQFQUKWU +++ $·PFG 9CUJKPI VQP & % 8+++ 5 6HP 8QN .GQ +++ VQ 0KEGRJQTWU +++ $·PFG 9CUJKPIVQP & % +: 5 6HP .GKPGP
$'4)*#75 2 &KG OGTQYKPIKUEJGP 6TKGPVGP XQP #NVGPYCNFG 5& CWU &KG -WPFG 5 6HP -CTVGP *CNDNGKPGP =OKV 9KFOWPI FGU 8GTHCUUGTU? - 5%*0'+&'4 #PINQ HTKGUKUEJG 4WPGPUQNKFK KO .KEJVG FGU 0GWHWPFGU XQP 5EJYGKPFQTH 1UVHTKGUNCPF #TDGKVUIGOGKPUEJCHV HÒT (QT UEJWPI FGU .CPFGU 0QTFTJGKP 9GUVHCNGP )GKUVGUYKUUGPUEJCHVGP -ÌNP 1RNCFGP 5 FCXQP 6HP , .#(#74+' $ ,#05'0 # 0 <#&1-5 ,15'2*75 ,+66# .G VT¾UQT FG 9KGWYGTF 5& CWU 1WFJGKFMWPFKIG OGFGFGNKPIGP WKV JGV 4KLMUOWUGWO XCP 1WFJGFGP VG .GKFGP 5 6HP -CTVGP 1TKI $TQUEJWT Z
$'40#4'))+ ' /QPGVC .CPIQDCTFQTWO .WICPQ 5 OKV \CJNTGKEJGP #DD .GKPGP 9 *#*0 # .7')/';'4 &GT NCPIQDCTFGP\GKVNKEJG /ÒP\UEJCV\HWPF XQP #NFTCPU KP 6KTQN 8GTÌHHGPV NKEJWPIGP FGU +PUVKVWVU HÒT 0WOKUOCVKM FGT 7PKXGTUKV·V 9KGP 9KGP 5 6HP 1TKI $TQ UEJWT
&' .#)1; &GUETKRVKQP FG SWGNSWG OQPPCKGU O¾TQXKPIKGPPGU F¾EQWXGTVGU GP RTQXGPEG #KZ 5 6H 1TKI $TQUEJWT 4ÒEMGP DGUVQGP &GEMGN NQEMGT 'VYCU UVQEMHNGEMKI
WGTUV UGNVGPGU 9GTM KO 1TKIKPCN
&'2';416 ) .G PWO¾TCKTG /¾TQXKPIKGP .ʼn³IG FʼnQT %QNNGEVKQP /QPGVC $·PFG 9GVVGTGP 1TKI $TQUEJWT
.G PWO¾TCKTG %CTQNKPIKGP %QTRWU FGU OQPPCKGU /QPGVC #WHN 9GVVGTGP 5 6HP 1TKI $TQUEJWT
&1..'; 4 * / /144+510 - ( 6JG %CTQNKPIKCP %QKPU KP VJG $TKVKUJ /WUGWO .QPFQP +: 5 FCXQP 6HP .GKPGP / 2417 %CVCNQIWG FGU /QPPCKGU HTCPECKUGU FG NC $KDNKQVJ½SWG 0CVKQPCNG .GU /QPPCKGU ECTQNKPIKGPPGU 0CEJFTWEM )TC\ FGT #WUICDG 2CTKU .:::+: 5 6HP .GKPGP
('.&'4 ' &KG 2GTUQPGPPCOGP CWH FGP OGTQYKPIKUEJGP /ÒP\GP FGT $KDNKQVJ½SWG PCVKQPCNG FG (TCPEG $C[GTKUEJG #MCFGOKG FGT 9KUUGPUEJCHVGP 2JKN *KUV -N /ÒPEJGP 5 -CTVG -CTVQPKGTV $KPFWPI GVYCU NQEMGT 'KPDCPF DGUVQGP
(4 4' * .G FGPKGT %CTQNKPIKGP 5R¾EKCNGOGPV GP $GNIKSWG 0WOKUOCVKEC .QXCPKGPUC .QWXCKP NC 0GWXG :++ 5 6HP 1TKI $TQUEJWT
)4+'4510 2 %CVCNQIWG QH VJG $[\CPVKPG %QKPU KP VJG &WODCTVQP 1CMU %QNNGEVKQP CPF KP VJG 9JKV VGOQTG %QNNGEVKQP 8QNWOG (KXG /KEJCGN 8+++ VQ %QPUVCPVKPG +: $·PFG 9CUJKPIVQP & % :8+ 5 : 5 5 FCXQP 6HP .GKPGP
*#*0 9 /QPGVC +ORGTKK $[\CPVKPK 4GMQPUVTWMVKQP FGU 2T·IGCWHDCWGU CWH U[PQRVKUEJ VCDGNNCTKUEJGT )TWPFNCIG $CPF 8QP #PCUVCUKWU + DKU ,WUVKPKCPWU + GKPUEJNKGNKEJ FGT QUVIQVKUEJGP WPF XCPFCNKUEJGP 2T·IWPIGP ¤#&9 2JKN JKUV -N &GPMUEJTKHVGP 9KGP 5 6HP 2T·IGVCDGNNGP $CPF 8QP ,WUVKPWU ++ DKU 2JQECU GKPUEJNKGNKEJ FGT 2T·IWPIGP FGT *GT CENKWU 4GXQNVG WPF OKV 0CEJVT·IGP \WO $CPF ¤#&9 2JKN JKUV -N &GPMUEJTKHVGP 9KGP 5 6HP 2T·IGVCDGNNGP $CPF 8QP *GTCENKWU DKU .GQ +++ #NNGKPTGIKGTWPI ¤#&9 2JKN JKUV -N &GPMUEJTKHVGP 9KGP 5 6HP 2T·IGVCDGNNGP .GK PGP
5GJT UGNVGPGU 9GTM GU YWTFGP PWT 'Z IGFTWEMV
44
/QPGVC +ORGTKK $[\CPVKPK 4GMQPUVTWMVKQP FGU 2T·IGCWHDCWGU CWH U[PQRVKUEJ VCDGNNCTKUEJGT )TWPFNCIG $CPF 8QP #PCUVCUKWU + DKU ,WUVKPKCPWU + GKPUEJNKGNKEJ FGT QUVIQVKUEJGP WPF XCPFCNKUEJGP 2T·IWPIGP ¤#&9 2JKN JKUV -N &GPMUEJTKHVGP 9KGP 5 6HP 2T·IGVCDGNNGP $CPF 8QP ,WUVKPWU ++ DKU 2JQECU GKPUEJNKGNKEJ FGT 2T·IWPIGP FGT *GTCENKWU 4GXQNVG WPF OKV 0CEJVT·IGP \WO $CPF ¤#&9 2JKN JKUV -N &GPMUEJTKHVGP 9KGP 5 6HP 2T·IGVCDGNNGP $CPF 8QP *GTCENKWU DKU .GQ +++ #NNGKPTGIKGTWPI 9KGP 5 6HP 2T·IGVCDGNNGP .GKPGP
&KG 1UVRT·IWPI FGU 4ÌOKUEJGP 4GKEJGU KO ,CJTJWPFGTV ¤#&9 2JKN JKUV -N &GPM UEJTKHVGP 9KGP 5 6HP 2T·IGVCDGNNGP .GKPGP
#06+-' $;<#0< 8¤.-'49#0&'470) (4ª*/+66'.#.6'4
*#//#$'4) + /#./'4 $ <#%*4+5510 6 $[\CPVKPG %QKPU HQWPF KP 5YGFGP %QOOGPVC VKQPGU FG 0WOOKU 5CGEWNQTWO +: :+ +P 5WGEKC 4GRGTVKU 0QXC 5GTKGU 5VQEMJQNO W C 5 6HP .GKPGP OKV 5EJWV\WOUEJNCI
*#6< ) 2'40+%-# ' &GT /ÒP\HWPF XQO )QVKPI -NKHH (ÌJT 05V 4GIGPUVCWH 5 FCXQP 6HP , %#../'4 5EGCVVC RTQDNGOU KP VJG NKIJV QH VJG HKPFU HTQO JWU 5ETKRVC OKPQTC TGIKCG UQEKGVCVKU JWOCPKQTWO NKVVGTCTWO .WPFGPUKU .WPF 5 OKV \CJNTGKEJGP #DD WPF -CTVGP 9 12 &'0 8'.&' 9 , &' $110' # 21. # UWTXG[ QH UEGCVVC HKPFU HTQO VJG .QY %QWPVTKGU 5& CWU & *+.. & / /'6%#.( *TUI 5EGCVVCU KP 'PINCPF CPF QP VJG %QPVKPGPV 6JG 5GXGPVJ 1ZHQTF 5[ORQUKWO QP %QKPCIG CPF /QPGVCT[ *KUVQT[ $#4 $TKV 5GT 1ZHQTF 5 FCXQP -CTVGP WPF #DD -CTVQPKGTV 1TKI $TQUEJWT WPF IGJGHVGV
*#7%- - W C *TUI &KG )QNFDTCMVGCVGP FGT 8ÌNMGTYCPFGTWPIU\GKV /ÒPUVGTUEJG /KVVGNCNVGT 5EJTKHVGP $CPF $CPF KP 6GKNGP $F + 6N 'KPNGKVWPI XQP -CTN *CWEM OKV $GKVT·IGP XQP /QTVGP #ZDQG -NCWU &ÒYGN .WV\ XQP 2CFDGTI 7NTKMG 5O[TPC %CLWU 9[RKQT /ÒPUVGTUEJG /KVVGNCNVGT 5EJTKHVGP /ÒPEJGP $F + 6N +MQPQITCRJKUEJGT -CVCNQI 6GZV XQP /QTVGP #Z DQG 7TU %NCXCFGVUEJGT -NCWU &ÒYGN -CTN *CWEM .WV\ XQP 2CFDGTI /ÒPUVGTUEJG /KVVGNCNVGT 5EJTKHVGP /ÒPEJGP $F + 6N +MQPQITCRJKUEJGT -CVCNQI 6CHGNP JI XQP -CTN *CWEM KP 8GT DKPFWPI OKV *GTDGTV .CPIG .WV\ XQP 2CFDGTI /ÒPUVGTUEJG /KVVGNCNVGT 5EJTKHVGP /ÒPEJGP $CPF ++ KP 6GKNGP $F ++ 6N +MQPQITCRJKUEJGT -CVCNQI 6GZV XQP /QTVGP #ZDQG -NCWU &ÒYGN -CTN *CWEM .WV\ XQP 2CFDGTI %CLWU 9[RKQT /ÒPUVGTUEJG /KVVGNCNVGT 5EJTKHVGP /ÒP EJGP $CPF ++ 6N +MQPQITCRJKUEJGT -CVCNQI 6CHGNP JI XQP -CTN *CWEM KP 8GTDKPFWPI OKV *GTDGTV .CPIG .WV\ XQP 2CFDGTI /ÒPUVGTUEJG /KVVGNCNVGT 5EJTKHVGP /ÒPEJGP $CPF +++ KP 6GKNGP $F +++ 6N +MQPQITCRJKUEJGT -CVCNQI 6GZV XQP /QTVGP #ZDQG -NCWU &ÒYGN -CTN *CWEM .WV\ XQP 2CFDGTI *GKMG 4WNHHU /ÒPUVGTUEJG /KVVGNCNVGT 5EJTKHVGP /ÒPEJGP $F +++ 6N +MQPQITCRJKUEJGT -CVCNQI 6CHGNP JI XQP -CTN *CWEM KP 8GTDKPFWPI OKV /QTVGP #Z DQG *GTDGTV .CPIG .WV\ XQP 2CFDGTI /ÒPUVGTUEJG /KVVGNCNVGT 5EJTKHVGP /ÒPEJGP )CP\NGKPGP
*18'0 $ ' W C 'ZECXCVKQPU CV *GNIÌ 5VQEMJQNO 5 OKV \CJNTGKEJGP #DD WPF 6HP 1TKI $TQUEJWT OKV 5EJWV\WOUEJNCI
-19#.5-+ * &KG #WIWUVCNGP -CKUGT (TKGFTKEJU ++ XQP *QJGPUVCWHGP 5& CWU 504 5 (CNVVHP $TQUEJKGTV
-4#75 ( ( &KG /ÒP\GP 1FQXCECTU WPF FGU 1UVIQVGPTGKEJGU KP +VCNKGP /ÒP\UVWFKGP *CNNG CP FGT 5CCNG (TQPVKURK\ :8 5 6HP *CNDNGKPGP
.#%#/ ) %KXKNKUCVKQP GV OQPPCKGU D[\CPVKPGU 2CTKU 5 FCXQP \CJNTGKEJG VGKNU HCTDKIG 6HP -CTVQPKGTV
.#(#74+' , 2+.'6 .'/+ 4' , /QPPCKGU FW JCWV OQ[GP ³IG F¾EQWXGTVGU GP (TCPEG 8G 8+++G UK½ENG %CJKGTU 'TPGUV $CDGNQP 2CTKU 5 1TKI $TQUEJWT * 7 )'+)'4 &KG OGTQYKPIK UEJGP /ÒP\GP KP FGT 5EJYGK\ 5& CWU 504 5 6HP , .#(#74+' /QPPCKGU O¾TQXKP IKGPPGU FW OWU¾G FGU $GCWZ #TVU FG .[QP 5 6HP - , )+..'5 &KG 6TKGTGT /ÒP\RT·IWPI KO HTÒJGP /KVVGNCNVGT -QDNGP\ 5 2 $'4)*#75 - 5%*0'+&'4 #PINQ HTKGUKUEJG 4WPGPUQ NKFK KO .KEJVG FGU 0GWHWPFGU XQP 5EJYGKPFQTH 1UVHTKGUNCPF #TDGKVUIGOGKPUEJCHV HÒT (QTUEJWPI FGU .CPFGU 0QTFTJGKP 9GUVHCNGP *GHV -ÌNP 1RNCFGP 5 2 $'4)*#75 &KG OGTQYKPIK UEJGP 6TKGPVGP XQP #NVGPYCNFG KP &KG -WPFG /KVVGKNWPIGP FGU PKGFGTU·EJUKUEJGP .CPFGUXGTGKPU HÒT 7TIGUEJKEJVG 5 * 7 )'+)'4 - 9;24 %*6+)'4 &GT OGTQYKPIKUEJG /ÒP\HWPF CWU FGO )T·DGTHGNF XQP 5EJNGKVJGKO *GDUCEM 5* 5& CWU 504 5 6HN <WOGKUV DTQUEJKGTV
/144+510 - ( )4706*#. * %CTQNKPIKCP %QKPCIG 00/ 0GY ;QTM :++ 5 -CTVGP 6HP 1TKI $TQUEJWT
/144+5510 % %CVCNQIWG FGU OQPPCKGU D[\CPVKPGU FG NC $KDNKQVJ½SWG 0CVKQPCNG $·PFG 2CTKU 5 6HP .GKPGP $KPFWPI XQP $CPF GVYCU NQEMGT
2417 / %CVCNQIWG FGU OQPPCKGU HTCP¼CKUGU FG NC $KDNKQVJ½SWG 0CVKQPCNG .GU OQPPCKGU /¾TQXKP IKGPPGU 0CEJFTWEM FGT #WUICDG 2CTKU %:: 5 6HP -CTVG .GKPGP
4#661 4 /QPPCKGU $[\CPVKPGU GV F CWVTGU RC[U EQPVGORQTCKPGU C N ¾RQSWG $[\CPVKPG .C RNWU TKEJG GV NC RNWU XCUVG EQNNGEVKQP RTKX¾G 0CEJFTWEM #OUVGTFCO FGT #WUICDG .WICPQ 5 OKV 0TP 6HP 'TIGDPKUNKUVG .GKPGP - -4'56'8 $GYGTVWPIUVCDGNNG \WO -CVCNQI 4CVVQ /QP PCKGU $[\CPVKPGU $[\CPVKPKUEJG /ÒP\GP /KUEGNNCPGC 0WOKUOCVKEC %QNQPKGPUKU + -ÌNP 5 $TQUEJKGTV 5GKVGP NQUG 5 5%*7.6< $[\CPVKPKUEJG /ÒP\GP KP FGT (TÒJEJTKUVNKEJ $[\CPVKPKUEJGP 5COONWPI KO $QFG /WUGWO -NGKPG 5EJTKHVGP FGU /ÒP\MCDKPGVVU $GTNKP $GTNKP 5 OKV #DD )GJGHVGV & 5'#4 $[\CPVKPG %QKPU CPF VJGKT 8CNWGU .QPFQP 5 OKV #DD .GKPGP
45
$;<#0< 8¤.-'49#0&'470) (4ª*/+66'.#.6'4 0'7<'+6 #..)'/'+0
4'6195-+ 1 &KG /ÒP\GP FGT -QOPGPGP XQP 6TCRG\WPV #WHN $TCWPUEJYGKI 8+++ 5 6HP .GKPGP
5#$#6+'4 , &GUETKRVKQP I¾PGTCNG FGU OQPPCKGU $[\CPVKPGU $·PFG 0& )TC\ FGT #WUICDG 2CTKU 5 5 +P GKPGO $CPF KP .GKPGP IGDWPFGP
5%*9 4<'. & *CPFGN WPF 8GTMGJT FGU /GTQYKPIGTTGKEJGU PCEJ FGP UEJTKHVNKEJGP 3WGNNGP /CT DWTI 5 -CTVGP / /#46+0 'KP OÒP\FCVKGTVGU -KPFGTITCD CWU FGT HTÒJOKVVGNCNVGTNKEJGP GEENGUKC KP ECUVTQ 'ZUKGPVKG $WTI DGK 'UEJGP\ )GO 5VGKP CO 4JGKP 5* +P #TEJ·QNQIKG FGT 5EJYGK\ 5 2 $'4)*#75 'KP MCTQNKPIKUEJGT /ÒP\TKPI XQP *GDTWO +P &KG -WPFG 5 6HP 1TKI $TQUEJWT
56#*. # / 6JG /GTQXKPIKCP EQKPCIG QH VJG TGIKQP QH /GV\ 0WOKUOCVKEC .QXCPKGPUKC .QWXCKP NC 0GWXG 8++ 5 6HP .GKPGP
57%*1&1.5-+ 5 /QPGVC K QDTÉV RKGPK½ P[ Y 'WTQRKG \CEJQFPKGL 9CTUEJCW 5 OKV \CJNTGKEJGP #DD .GKPGP =/KV 9KFOWPI FGU 8GTHCUUGTU? ) &'2';416 .G PWOGTCKTG ECTQNKPIKGP %QTRWU FGU OQPPCKGU 2CTKU 5 OKV \CJNTGKEJGP 6HP 1TKI $TQUEJWT
8¤.%-'45 * * -CTQNKPIKUEJG /ÒP\HWPFG FGT (TÒJ\GKV 2KRRKP -CTNOCPP -CTN FGT )TQG #DJCPFNWPIGP FGT #MCFGOKG FGT 9KUUGPUEJCHVGP KP )ÌVVKPIGP 2JKN *KUV -N &TKVVG (QNIG )ÌVVKPIGP 5 6HP 1TKI $TQUEJWT
-CTQNKPIKUEJG /ÒP\HWPFG FGT (TÒJ\GKV 2KRRKP -CTNOCPP -CTN FGT )TQG + WPF ++ /ÒP\ RGTKQFG #DJCPFNWPIGP FGT #MCFGOKG FGT 9KUUGPUEJCHVGP KP )ÌVVKPIGP 2JKN JKUV -N )ÌVVKPIGP 5 6HP 1TKI $TQUEJWT
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47
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48
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)41..' , , &G /WPVUNCI XCP FG )TCXGP XCP *QNNCPF VQV FG $QWTIQPFKUEJG WPKHKECVKG KP $·PFG #OUVGTFCO 1JPG 2CIKPKGTWPI 1TKI $TQUEJWT &G OWPVUNCI XCP FG *GTGP XCP -WKPTG EC EC 1JPG 2CIKPKGTWPI &G OWPVUNCI XCP FG $WTIITCXGP GP *GTGP XCP -QGXQTFGP 'GP XQQTNQRKI 1XGT\KEJV 1JPG 2CIKPKGTWPI IGJGHVGV % XCP *'0)'. &G OWPVGP XCP *QNNCPF KP FG G GGWY #OUVGTFCO 5 6HP -CTVQPKGTV ' , # XCP $''- , (1467;0 &411).''8'4 )GUNCIGP VG <WVRJGP &G UVGFGNKLMG OWPVUNCI <WVRJGP 5 1TKI $TQUEJWT , % 5%*7.6< ,#%1$+ #CPVGGMGPKPIGP QOVTGPV FG <WVRJGPUG OWPV GP FG <WVRJGPUG OWPVGP 0CEJFTWEM &GXGPVGT 5 )GJGHVGV
&G /WPVUNCI XCP FG )TCXGP XCP *QNNCPF VQV FG $QWTIQPFKUEJG WPKHKECVKG KP $·PFG #OUVGTFCO :++ 5 5 5 .GKPGP
/WPVGPFG /KPKUVGTKCNGP KP 1XGT 5VKEJV GP *QNNCPF IGFWTGPFG FG G GP G GGWY #OUVGTFCO 5 1TKI $TQUEJWT
#&'45 ) *1456/#00 * *7.5*1(( # . W C &KG )TCHGP XQP .KODWTI 5VKTWO WPF KJTGT $GUKV\WPIGP 6GKN + +++ $FG #UUGO #OUVGTFCO /ÒPUVGT )CP\NGKPGP
&'765%*.#0&
&CTKP GPVJCNVGP $'4)*#75 2 52+')'. , &KG /ÒP\GP FGT )TCHGP XQP .KODWTI 5 OKV 6HP WPF -CTVG
#.$4'%*6 ) &CU /ÒP\YGUGP KO 0KGFGTNQVJTKPIKUEJGP WPF HTKGUKUEJGP 4CWO XQO DKU \WO DGIKPPGPFGP ,CJTJWPFGTV 0WOKUOCVKUEJG 5VWFKGP *CODWTI :8 5 -CTVGP 6CDGNNGP 1TKI $TQUEJWT
$#*4('.&6 ' &CU /ÒP\YGUGP FGT /CTM $TCPFGPDWTI WPVGT FGP *QJGP\QNNGTP DKU \WO )TQGP -WTHÒTUVGP XQP DKU $GTNKP 8+ 5 6HP *CNDNGFGT $KPFWPI GVYCU NQEMGT WPF 4ÒEMGP DGUVQGP UCWDGTG JCPFUEJTKHVNKEJG -QTTGMVWTGP GKPKIGT 0TP CWH FGP 6CHGNP
'Z NKDTKU $TWPQ )CPV\
&CU /ÒP\YGUGP FGT /CTM $TCPFGPDWTI WPVGT (TKGFTKEJ 9KNJGNO FGO )TQGP -WTHÒTUVGP WPF -WTHÒTUV (TKGFTKEJ *CNNG CP FGT 5CCNG :+ 5 6HP *CNDNGKPGP GVYCU DGUVQGP KO 8QTUCV\ GVYCU UVQEMHNGEMKI UQPUV VCFGNNQU
'Z NKDTKU 9GTPGT 2ÌNN
49
0'7<'+6 &'765%*.#0&
$TCPFGPDWTIKUEJ RTGWUUKUEJG /ÒP\UVWFKGP *GHVG $GTNKP WPF *CNNG CP FGT 5CCNG 5 5 LGYGKNU OKV \CJNTGKEJGP #DD *CNDNGKPGP $KPFWPI GVYCU NQUG
/KVVGNCNVGTOÒP\GP #WUIGY·JNVG 5EJTKHVGP .GKR\KI (TQPVKURK\ ::+ 5 6HP DGKIGNGIV WPF \CJNTGKEJG #DD .GKPGP
$#*4('.&6 ' 4'+0'%-' 9 &GT $CTFGYKMGT /ÒP\HWPF 5& CWU $GTNKPGT /ÒP\DN·VVGT 0( 5 6HP OKV \CJNTGKEJGP #DD 1TKI $TQUEJWT
$GUKV\UVGORGN ,WNKWU $CJNMG $GTNKP 5 5VCNNUEJTGKDGT 5VT
$#*4('.&6 / XQP ªDGT FKG ·NVGTGP *CODWTIGT 2QTVWICNÌUGT 5& CWU <GKVUEJTKHV FGU 8GTGKPU HÒT JCODWTIKUEJG )GUEJKEJVG *CODWTI 5 6H $TQUEJKGTV
0KGFGTU·EJUKUEJGU /ÒP\CTEJKX 8GTJCPFNWPIGP CWH FGP -TGKU WPF 2TQDCVKQPUVCIGP FGU 0KGFGTU·EJUK UEJGP -TGKUGU 8GTÌHHGPVNKEJWPIGP FGT *KUVQTKUEJGP -QOOKUUKQP HÒT *CPPQXGT 1NFGPDWTI $TCWPUEJYGKI 5EJCWODWTI .KRRG WPF $TGOGP $CPF *CNNG CP FGT 5CCNG 8+ 5 6HP .GKPGP
0KGFGTU·EJUKUEJGU /ÒP\CTEJKX 8GTJCPFNWPIGP CWH FGP -TGKU WPF 2TQDCVKQPUVCIGP FGU 0KGFGTU·EJUK UEJGP -TGKUGU 8GTÌHHGPVNKEJWPIGP FGT *KUVQTKUEJGP -QOOKUUKQP HÒT *CPPQXGT 1NFGPDWTI $TCWPUEJYGKI 5EJCWODWTI .KRRG WPF $TGOGP $CPF *CNNG CP FGT 5CCNG +8 5 6HP $TQUEJKGTV NQUG .CIGP
0KGFGTU·EJUKUEJGU /ÒP\CTEJKX 8GTJCPFNWPIGP CWH FGP -TGKU WPF 2TQDCVKQPUVCIGP FGU 0KGFGTU·EJUK UEJGP -TGKUGU $CPF *CNNG CP FGT 5CCNG 8++ 5 6HP .GKPGP GVYCU DGUEJ·FKIV
$GKVT·IG \WT /ÒP\IGUEJKEJVG FGT .ÒPGDWTIKUEJGP .CPFG KO GTUVGP &TKVVGN FGU ,CJTJWPFGTVU *GT\QI 9KNJGNO \W *CTDWTI %JTKUVKCP \W %GNNG ,WNKWU 'TPUV WPF #WIWUV F , \W &CPPGPDGTI *KV\CEMGT 5& CWU 0< 5 OKV #DD 1JPG 8QTUCV\ *CNDNGKPGP OKV -NGDGDKPFWPI
$#..; 1 $GUEJTGKDWPI XQP /ÒP\GP WPF /GFCKNNGP FGU (ÒTUVGPJCWUGU WPF .CPFGU $CFGP KP EJTQPQ NQIKUEJGT (QNIG CWU FGT 5COONWPI FGU ITQJGT\QINKEJ DCFKUEJGP -QOOGT\KGPTCVJU 1VVQ $CNN[ KP 5·EM KPIGP 6GKN #CTCW )TQHQNKQ ::: 5 HCTDKIG 9CRRGPVHP 6HP )GRT·IGT .GKPGPGKP DCPF OKV 4QVUEJPKVV .KGHGTWPIGP WPF XQP 6GKN #CTCW 1TKI $TQUEJWT
$#7/ 9 &KG /ÒP\GP WPF /GFCKNNGP FGT $KUEJÌHG XQP $TGUNCW 5& CWU #TEJKX HÒT UEJNGUKUEJG -KTEJGPIGUEJKEJVG $F 5 WPF $F 5 5 6HP $GKIGDWPFGP 9 $#7/ , )1665%*#.- /GFCKNNGP CWH -CTFKPCN #FQNH $GTVTCO WPF CWH UEJNGUKUEJG 2TKGUVGT 5& CWU #TEJKX HÒT UEJNGUKUEJG -KTEJGPIGUEJKEJVG $F 5 6HP +P GKPGO $CPF IGDWPFGP *CNDNGKPGP
$#;'40 -NGKPGU -QPXQNWV XQP 5& CWU ,CJTDWEJ HÒT 0WOKUOCVKM WPF )GNFIGUEJKEJVG & 56'+0*+.$'4 &KG 2HGPPKIG FGU 4GIGPUDWTIGT 5EJNCIGU 5 6HP &KG 2HGPPKIG FGU 9ÒT\DWTIGT 5EJNCIGU 5 6HP &C\W * '//'4+) &KG 4GIGPUDWTIGT /ÒP\GTJCWUIGPQUUGPUEJCHV KO WPF ,CJTJWPFGTV 5& CWU 8GTJCPFNWPIGP FGU *KUVQTKUEJGP 8GTGKPU HÒT 1DGTRHCN\ WPF 4GIGPUDWTI 5 1TKI $TQUEJWT
$'4)*#75 2 9·JTWPIUITGP\GP FGU 9GUVH·NKUEJGP 1DGTYGUGTIGDKGVGU KO 5R·VOKVVGNCNVGT *CODWTI 5 6HN
&KG UGNVGPG WPF JGWVG PQEJ ITWPFNGIGPFG &KUUGTVCVKQP XQP 2GVGT $GTIJCWU
50
/ÒP\HWPFG KO -TGKUG *CNNG 9GUVHCNGP +P ,CJTG -TGKUURCTMCUUG \W *CNNG KP 9GUVHCNGP 5 6HN /ÒP\RT·IWPI WPF )GNFWONCWH KO )GDKGV FGU -TGKUGU $ÒTGP (CNVDNCVV -4'+552#4-#55' $ª4'0 &CU )GNFYGUGP KO -TGKUG $ÒTGP KP CNVGT <GKV 5 6HN +P ,CJTG -TGKUURCTMCUUG $ÒTGP K 9 $ÒTGP 5 6HP 1TKI $TQUEJWT
&KG QUVHTKGUKUEJGP /ÒP\HWPFG 5& CWU (TKGUKUEJGU ,CJTDWEJ 5 FCXQP 6HP -CTVG &GT 6WTPQUGPHWPF XQP )TCDUVGFG 5 KP 1NFGPDWTIGT ,CJTDWEJ 5 &GT /ÒP\UEJCV\ XQP 3WGTGPDWTI KP FGT $QEJWOGT 7PKXGTUKV·V -NGKPG *GHVG FGT /ÒP\UCOONWPI CP FGT 4WJT 7PKXGTUKV·V $QEJWO $QEJWO 5 FCXQP 6HP (CNVMCTVG 1TKI $TQUEJWT
&GT OKVVGNCNVGTNKEJG )QNFUEJCV\HWPF CWU .KODWTI .CJP 5 WPF 6HP KP 0CUUCWKUEJG #PPCNGP 5 1TKI $TQUEJWT 4ÒEMGP NQUG - 2'64; #URGMVG FGU )GNFWONCWHU KP 6TKGT WPF 5V )QCT Y·JTGPF FGT NGV\VGP *·NHVG FGU ,CJTJWPFGTVU <YGK 5EJCV\HWPFG KO 8GTINGKEJ 5& CWU 6TKGTGT <GKVUEJTKHV 5 OKV \CJNTGKEJGP #DD WPF -CTVGP =OKV 9KFOWPI FGU 8GTHCUUGTU? &GT 9KVVNKEJGT )QNFOÒP\GPHWPF XQP 'KP <GWIPKU YGKVTGKEJGPFGT *CPFGNUXGTDKPFWPIGP IGIGP 'PFG FGU ,CJTJWPFGTVU 5 KP ,CJTDWEJ HÒT FGP -TGKU $GTPMCUVGN 9KVVNKEJ 5 -CTVQPKGTV GKPKIG 5 NQUG
0'7<'+6 &'765%*.#0&
&CU /ÒP\YGUGP +P -CTN FGT )TQG 9GTM WPF 9KTMWPI #CEJGP 5 :. 5 6HP 1TKI $TQUEJWT
&KG OKVVGNCNVGTNKEJG /ÒP\RT·IWPI FGT 'T\DKUEJÌHG XQP -ÌNP KP 5EJOCNNGPDGTI WPF CPFGTGP /ÒP\UV·VVGP FGU 5CWGTNCPFGU 5 KP $GKVT·IG \WT )GUEJKEJVG FGT 5VCFV 5EJOCNNGPDGTI 5EJOCNNGP DGTI 5 6HP .GKPGP
/ÒP\RT·IWPI WPF /ÒP\WONCWH KO 8GUV 4GEMNKPIJCWUGP +P ,CJTG 5VCFV 4GEMNKPIJCWUGP 4GEMNKPIJCWUGP 5 5 .GKPGP
$'40*#46 / &KG /ÒP\GP WPF /GFCKNNGP FGT 5VCFV -CWHDGWTGP PGDUV GKPGT OÒP\IGUEJKEJVNKEJGP 'KPNGKVWPI *CNNG CP FGT 5CCNG 5 6HP .GKPGP
&KG /ÒP\GP FGT 4GKEJUUVCFV -GORVGP *CNNG CP FGT 5CCNG 5 6HP $TQUEJKGTV
&KG /ÒP\GP FGT 4GKEJUUVCFV -GORVGP *CNNG CP FGT 5CCNG 5 6HP $TQUEJKGTV
$+0&'4 % 9ÒTVVGODGTIKUEJG /ÒP\ WPF /GFCKNNGP -WPFG + 0GW DGCTDGKVGV XQP ,WNKWU 'DPGT 5VWVV ICTV 5 6HP *CNDNGKPGP
$4#70 810 567// ) &KG /ÒP\GP FGT #DVGK *QTPDCEJ PGDUV $GKVT·IGP \WT /ÒP\MWPFG XQO 5RG[GTICW WPF 'NUC KO ,CJTJWPFGTV *CNNG CP FGT 5CCNG 5 6HP .GKPGP
$4'/'4 $'+64 )' <74 /ª0< 70& )'.&)'5%*+%*6' #NNIGOGKPG 0WOKUOCVKM #PVKMG /KVVGNCNVGT 0GW\GKV /GFCKNNGP $·PFG WPF $TGOGP 5 5 -CTVQPKGTV
$7%*'0#7 * &GT $TCEVGCVGPHWPF XQP 5GGIC 'KP $GKVTCI \WT 'THQTUEJWPI FGT FGWVUEJGP /ÒP\ FGPMO·NGT CWU FGO <GKVCNVGT FGT UVCWHKUEJGP -CKUGT 0CEJFTWEM .GKR\KI FGT #WUICDG /CTDWTI :8++ 5 6HP .GKPGP $ -.7)' 2TQDNGOG FGT $TCMVGCVGPHQTUEJWPI 5& CWU (QT UEJWPIGP WPF $GTKEJVG 5 )GJGHVGV ) 01.. * 1 21../#00 &GT 'THWTVGT $TCMVGCVGPUEJCV\ 'THWTV -CTVQPKGTV
$7%- * &CU )GNF WPF /ÒP\YGUGP FGT 5V·FVG KP FGP .CPFGP *CPPQXGT WPF $TCWPUEJYGKI (TCPM HWTV CO /CKP 5 *CND -WPUVNGFGT
$7%- * $#*4('.&6 / XQP &KG /ÒP\GP FGT 5VCFV *KNFGUJGKO &KG /ÒP\GP FGU $KUVWOU WPF FGT 5VCFV *KNFGUJGKO *KNFGUJGKO WPF .GKR\KI :+ 5 6HP .GKPGP 6HP WPF 6GZV CO 4CPF OKV NGKEJVGO 9CUUGTTCPF
&KG /ÒP\GP FGT 5VCFV *KNFGUJGKO 5 6HP *KNFGUJGKO 1TKI $TQUEJWT $KPFWPI NQUG
$7%- * $ª660'4 # -.7)' $ &KG /ÒP\GP FGT 4GKEJUUVCFV )QUNCT DKU /ÒP\IG UEJKEJVG WPF )GRT·IGMCVCNQI $GTNKPGT 0WOKUOCVKUEJG (QTUEJWPIGP 0GWG (QNIG $GTNKP 5 6HP .GKPGP
%#*0 , /ÒP\ WPF )GNFIGUEJKEJVG XQP -QPUVCP\ WPF FGU $QFGPUGGIGDKGVGU KO /KVVGNCNVGT DKU \WO 4GKEJUOÒP\IGUGV\ XQP /ÒP\ WPF )GNFIGUEJKEJVG FGT KO )TQJGT\QIVWO $CFGP XGTGKPKIVGP )GDKGVG *GKFGNDGTI : 5 6HP (CNVMCTVG /QFGTPGU .GKPGP GKP 4K CWH FGO 6KVGNDNCVV UCWDGT JKPVGTMNGDV UQPUV VCFGNNQUGU 'ZGORNCT
%#22' * 2 &KG /ÒP\GP FGT FGWVUEJGP -CKUGT WPF -ÌPKIG FGU /KVVGNCNVGTU 6GKNG &TGUFGP 8+++ :+8 8+++ 5 6HP 7PVGTUEJKGFNKEJ KP *CNDNGFGT IGDWPFGP 7O UEJN·IG DGUVQGP 2CRKGT GVYCU IGDT·WPV WPF NGKEJV UVQEMHNGEMKI
$CPF $GUKV\GT , 1 9GFDGTI $CPF 'Z NKDTKU &T %CTN %J 5KEM
%70< 4 9·JTWPIUWPKQPGP $GKVT·IG \WT )GUEJKEJVG ÒDGTTGIKQPCNGT /ÒP\ WPF )GNFRQNKVKM 0WOKU OCVKUEJG 5VWFKGP *CODWTI 5 OKV \CJNTGKEJGP #DD -CTVQPKGTV 4 # ) %#4510 %Q KPU #PEKGPV /GFKGXCN CPF /QFGTP .QPFQP 5 6HP .GKPGP * & -#*. *CWRVNKPKGP FGT FGWVUEJGP /ÒP\IGUEJKEJVG XQO 'PFG FGU ,CJTJWPFGTVU DKU (TCPMHWTV CO /CKP 5 OKV \CJNTGKEJGP #DD WPF 6HP =/KV 9KFOWPI FGU 8GTHCUUGTU? 0 -.ª55'0&14( 4GIKQPCNGT WPF ÒDGTTGIKQPCNGT )GNFWONCWH KP &GWVUEJNCPF 'KP )TWPFRTQDNGO FGT 0GW\GKV OKV 9WT\GNP KO /KVVGNCNVGT 5& CWU * 4 &'45%*-# W C *TUI %KTEWNCVKQP OQP¾VCKTG T¾IKQPCNG GV UWRTC T¾IKQPCNG #EVGU FW VTQKUK½OG EQNNQSWG KPVGTPCVKQPCN FW )TQWRG UWKUUG RQWT N ¾VWFG FGU VTQWXCKNNGU OQP¾VCKTGU .CWUCPPG 5 6HP )GJGHVGV =/KV 9KFOWPI FGU 8GTHCUUGTU /CN MGKP (WPF *GT\NKEJG )TÒG WPF &CPM HÒT 0KGPDWTI ? = YGKVGTG -NGKPUEJTKHVGP?
&#00'0$'4) * 8GT\GKEJPKU OGKPGT 5COONWPI FGWVUEJGT /ÒP\GP FGT U·EJUKUEJGP WPF HT·PMKUEJGP -CKUGT\GKV .GKR\KI 5 *CNDNGKPGP $WEJDNQEM NGKEJV IGNQEMGTV
5VWFKGP \WT /ÒP\MWPFG FGU /KVVGNCNVGTU .GKR\KI (TQPVKURK\ :::+: 5 6HP .GKPGP
51
0'7<'+6 &'765%*.#0&
&KG FGWVUEJGP /ÒP\GP FGT U·EJUKUEJGP WPF HT·PMKUEJGP -CKUGT\GKV $·PFG 0& $GTNKP FGT #WU ICDG $GTNKP 5 8 5 -CTVGP 6HP .GKPGP KP FTGK $·PFGP IGDWPFGP
&#8'02146 , 5 )GTOCP EJWTEJ CPF EKV[ 6CNGTU #WHN )CNGUDWTI 8+++ 5 .GKPGP
)GTOCP 5GEWNCT 6CNGTU (TCPMHWTV CO /CKP 5 -CTVQPKGTV
)GTOCP 6CNGTU (TCPMHWTV CO /CKP 5 -CTVQPKGTV
&#8'02146 , 5 5¦0&'4)##4& 6 .CTIG 5K\G 5KNXGT %QKPU QH VJG 9QTNF #WHNCIG )CNGU DWTI 8+++ 5 OKV \CJNTGKEJGP #DD .GKPGP
&'6*.'(5 ) &CU /CTUDGTIGT /ÒP\YGUGP KO /KVVGNCNVGT <WT 9KTVUEJCHVU WPF 5Q\KCNIGUEJKEJVG GKPGT UÒFYGUVH·NKUEJGP 5VCFV WO /CTUDGTI 5
&14(/#00 $ &CU /ÒP\ WPF )GNFYGUGP FGU *GT\QIVWOU .CWGPDWTI WPF FKG /GFCKNNGP FGU *CW UGU 5CEJUGP .CWGPDWTI .ÒDGEM 5 6HP .GKPGP OKPKOCN DGUVQGP
&7+5$74) 2 $'4)*#75 &WKUDWTIGT /ÒP\GP +P &WKUDWTI KO /KVVGNCNVGT &WKUDWTI 5 5 0CEJCJOWPIGP &WKUDWTIGT /ÒP\GP FGU ,CJTJWPFGTVU CWU 5MCPFKPCXKGP 5& CWU 0WOKUOCVKUMC /GFFGNCPFGP 5 #.6*1(( 4 -WNVWT WPF 5VCFVJKUVQTKUEJGU /WUGWO 'KPG CWGTIGYÌJPNKEJG /ÒP\ 0GWGTYGTDWPI +P &WKUDWTIGT ,QWTPCN 5 ) XQP 41&'0 &WKUDWTI KO ,CJTG &GT 5VCFVRNCP FGU ,QJCPPGU %QTRWVKWU 'KP 5EJCWDKNF &WKUDWTIGT )GUEJKEJVG &WKUDWTI 5 (CNVMCTVG , /+.< &WKUDWTI 4JGKPKUEJGT 5V·FVGCVNCU #WHN $QPP -CTVGP (QNKQ <WOGKUV 1TKI $TQUEJWT
&78' ) *KUVQT[ QH VJG TGFGGOCDNG OWNVKRNG CPF OKPKPI VCNGTU QH $TWPUYKEM .WPGDWTI 5 OKV \CJNTGKEJGP #DD ,QJCPPGUDWTI .GKPGP
/KV 5KIPCVWT FGU 8GTHCUUGTU 0T XQP PWOGTKGTVGP 'ZGORNCTGP
'*4'0& * 5RG[GTGT /ÒP\IGUEJKEJVG /ÒP\GP /GFCKNNGP /CTMGP WPF $CPMPQVGP 5RG[GT 5 OKV \CJNTGKEJGP #DD .GKPGP OKV 5EJWV\WOUEJNCI 5RG[GTGT /ÒP\IGUEJKEJVG 6GKN /GFCKN NGP 2NCMGPVVGP #D\GKEJGP 5RG[GT 5 OKV \CJNTGKEJGP #DD -CTVQPKGTV
'//'4+) * &GT 4GIGPUDWTIGT 2HGPPKI &KG /ÒP\RT·IWPI KP 4GIGPUDWTI XQO ,CJTJWPFGTV DKU $GTNKPGT 0WOKUOCVKUEJG (QTUEJWPIGP $GTNKP 5 -CTVGP 6CHGNP .GKPGP
'4$56'+0 , 4 WPF * # &KG 4KVVGT XQP 5EJWNVJGUU 4GEJDGTI UEJG /ÒP\ WPF /GFCKNNGP 5COO NWPI 6GKNG &TGUFGP :8+ 5 OKV 0TP 6HP 5 '. :+++ 5 6HP 5 '. *CNDNGKPGP DGKFG 'TIGDPKUNKUVGP KO 6GKN IGDWPFGP
'8'45 % ( /GEMNGPDWTIKUEJG /ÒP\XGTHCUUWPI DGUQPFGTU FKG )GUEJKEJVG FGTUGNDGP /KV GKPGT YKU UGPUEJCHVNKEJGP 'KPNGKVWPI XQP 0KMNQV -NÒGPFQTH $·PFG 0CEJFTWEM -ÌNP 9KGP ::8+ 5 ::++ 5 .GKPGP
':6'4 ( 2H·N\KUEJG /ÒP\GP WPF /GFCKNNGP (CMUKOKNG /ÒPEJGP +: 5 5VCOOVCHGNP
('.-' ) &KG )QNFRT·IWPIGP FGT TJGKPKUEJGP -WTHÒTUVGP /CKP\ 6TKGT -ÌNP 2HCN\ -ÌNP :8 5 \CJNTGKEJG HCTDKIG #DD .GKPGP
(4+'&'05$74) ( 5EJNGUKGPU /ÒP\GP WPF /ÒP\YGUGP XQT FGO ,CJT $GTNKP +8 5 6HP *CNDNGKPGP OKPKOCN UVQEMHNGEMKI
'Z NKDTK &T /CZ -KTOKU CWU (TCWUVCFV WPF &T (TKGFTKEJ $QPJQHH
5EJNGUKGPU 0GWGTG /ÒP\IGUEJKEJVG $TGUNCW 8+++ 5 *CNDNGFGT YGPKIG #POGTMWPIGP KO 6GZV
(4+'&'05$74) ( 5')'4 * 5EJNGUKGPU /ÒP\GP WPF /GFCKNNGP FGT PGWGTGP <GKV $TGUNCW 8++ 5 6HP (QNKQ *CNDNGKPGP GKPKIG 5GKVGP GVYCU YCUUGTHNGEMKI
5EJNGUKGPU /ÒP\GP WPF /GFCKNNGP FGT PGWGTGP <GKV 0CEJFTWEM (TCPMHWTV )+) 5EJTKHVGPTGKJG 0T Q , FGT #WUICDG $TGUNCW 8++ 5 6HP *CNDNGKPGP /KV \CJNTGKEJGP GKPIGMNGDVGP #DDKN FWPIGP WPF 0QVK\GP &C\W 8KGT #WMVKQPUMCVCNQIG OKV 5RG\KCNUCOONWPIGP 5EJNGUKGP 5NI .ÌHHNGT 5NI 5VTKGDQNN QJPG 6CHGNP 5NI 0 )TCDQY 5NI X %NCGT 6CHGNCWUUEJPKVVG *KTUEJ 01*',.18 24 618 ' &CU /ÒP\YGUGP #NDTGEJVU XQP 9CNNGPUVGKP )TC\ UQYKG YGKVGTG 5EJTKHVGP -QRKGP WPF #WUUEJPKVVG CWU <GKVWPIGP WPF -CVCNQIGP FCTWPVGT CWEJ ÒDGT UEJNGUKUEJGU 0QVIGNF 7PVGTUEJKGFNKEJ IGDWPFGP
)#'&'%*'05 1 % *CODWTIKUEJG /ÒP\GP WPF /GFCKNNGP $·PFG 0& .GKR\KI FGT #WUICDG *CODWTI 5 5 5 #NNG $·PFG OKV \CJNTGKEJGP #DD .GKPGP
52
0'7<'+6 &'765%*.#0&
)'$*#46 * &KG /ÒP\GP WPF /GFCKNNGP FGT 5VCFV &QPCWYÌTVJ /ÒP\UVWFKGP *CNNG CP FGT 5CCNG +8 5 6HP .GKPGP
)+'5'0 - &KG /ÒP\GP XQP &KGRJQN\ )GNF WPF /ÒP\IGUEJKEJVG )GRT·IGMCVCNQI 1UPCDTÒEM 5 OKV \CJNTGKEJGP #DD .GKPGP
)4#761(( ( * )GUEJKEJVG FGU NÒDGEMKUEJGP /ÒP\HWGU DKU \WO ,CJTG *KUVQTKUEJG 5EJTKHVGP CWU FGO 0CEJNCUUG $CPF .ÒDGEM 5 *CNDNGFGT DGUVQGP 9 ,'55' &GT 9GPFKUEJG /ÒP\XGTGKP 3WGNNGP WPF &CTUVGNNWPIGP \WT *CPUKUEJGP )GUEJKEJVG 0GWG (QNIG 0& $TCWPUEJYGKI FGT #WUICDG .ÒDGEM 5 6HP .GKPGP % %746+75 #WUIGY·JNVG /ÒP\GP WPF /GFCKNNGP FGT 5VCFV .ÒDGEM 5& CWU / *1(/#00 *TUI )GUEJKEJVG FGT HTGKGP WPF *CPUGUVCFV .ÒDGEM .ÒDGEM 5 6HP 1TKI $TQUEJWT &GEMGN NQUG * $'*4'05 &KG /ÒP\GP FGT 5VCFV WPF FGU $KUVWOU .ÒDGEM 0& *CODWTI FGT #WUICDG $GTNKP 5 6H 1TKI $TQ UEJWT /KV YGKVGTGP 5EJTKHVGP WPF -NGKPUEJTKHVGP
)416' * *TUI /ÒP\UVWFKGP $·PFG 0& )TC\ FGT #WUICDG .GKR\KI .GKPGP
* $'4.' # 7NOGT /ÒP\ WPF )GNFIGUEJKEJVG FGU /KVVGNCNVGTU 7NOGT 5EJTKHVGP \WT -WPUVIG UEJKEJVG 7NO 5 6HP 1TKI $TQUEJWT
* 8'40+%- 9 &GT -ÌNPGT 2HGPPKI KO WPF ,CJTJWPFGTV 2GTKQFG FGT VGTTKVQTKCNGP 2HGPPKI OÒP\G $GKJGHV \WT 8KGTVGNLCJTUEJTKHV HÒT 5Q\KCN WPF 9KTVUEJCHVUIGUEJKEJVG 5VWVVICTV 5 -CTVGP .GKPGP 'KPDCPF IGRNCV\V WPF DGUVQGP
&KG KPJCNVNKEJ WPF OGVJQFKUEJ ITWPFNGIGPFG &KUUGTVCVKQP XQP 9CNVGT *·XGTPKEM
&KG /ÒP\GP XQP -ÌNP &KG MÌPKINKEJGP WPF GT\DKUEJÌHNKEJGP 2T·IWPIGP FGT /ÒP\UV·VVG -ÌNP UQYKG FKG 2T·IWPIGP FGT /ÒP\UV·VVGP FGU 'T\UVKHVU -ÌNP XQO $GIKPP FGT 2T·IWPI DKU &KG /ÒP\GP WPF /GFCKNNGP XQP -ÌNP -ÌNP :+: 5 -CTVGP 6HP .GKPGP
*#*0 9 4 1 /QPGVC 4CFCURQPGPUKU $C[GTPU /ÒP\RT·IWPI KO WPF ,CJTJWPFGTV $TCWPUEJYGKI 5 6HP .GKPGP
/QPGVC 4CFCURQPGPUKU $C[GTPU /ÒP\RT·IWPI KO WPF ,CJTJWPFGTV $TCWPUEJYGKI 5 6HP .GKPGP
*#6< ) *CPFGN WPF 8GTMGJT \YKUEJGP FGO &GWVUEJGP 4GKEJ WPF 5EJYGFGP KP FGT UR·VGP 9KMKPIGT \GKV &KG FGWVUEJGP /ÒP\GP FGU WPF ,CJTJWPFGTVU KP 5EJYGFGP .WPF 5 FCXQP 6CDGNNGP -CTVGP &KCITCOOG WPF 6HP .GKPGP
&KG UGNVGPG WPF ITWPFNGIGPFG *CDKNKVCVKQPUUEJTKHV XQP )GTV *CV\
<WT /ÒP\IGUEJKEJVG $CTFQYKEMU 5& CWU 00 5 FCXQP 6HP )GJGHVGV
*CODWTIKUEJG /ÒP\UVGORGN KP 'OFGP 5& CWU *COOCDWTI 0( (GUVUEJTKHV HÒT *CPU &TGUEJGT \W UGKPGO )GDWTVUVCI 0GWOÒPUVGT 5 2 $'4)*#75 -NGKPG /KPFGPGT /ÒP\IG UEJKEJVG 5EJTKHVGPTGKJG FGT /ÒP\HTGWPFG /KPFGP /KPFGP / &;)1 &KG /ÒP\RQNKVKM FGU &GWVUEJGP 1TFGPU KP 2TGWGP KP FGT GTUVGP *·NHVG FGU ,CJTJWPFGTVU 9CTUEJCW =/KV 9KFOWPI *GTTP 2TQH &T 2GVGT $GTIJCWU OKV XQT\ÒINKEJGT *QEJCEJVWPI XQO 8GTHCUUGT 9CTUEJCW FGP /·T\ ? # $ª660'4 51$166# 9 )QUNCTGT /ÒP\GP )QUNCT = YGKVGTG -NGKP UEJTKHVGP? 1TKI $TQUEJWT
*#6< ) W C 1VVQ #FGNJGKF 2HGPPKIG 7PVGTUWEJWPIGP \W /ÒP\GP FGU ,CJTJWPFGTVU %QO OGPVCVKQPGU FG PWOOKU UCGEWNQTWO +: :+ KP 5WGEKC TGRGTVKU 0QXC 5GTKGU 5VQEMJQNO 5 OKV \CJNTGKEJGP 6HP .GKPGP
*#6< ) WPF 8 &KG FGWVUEJGP /ÒP\GP FGU (WPFGU XQP $WTIG + -UR .WOOGNWPFC )QVNCPF VRS 'KP $GKVTCI \WT QUVH·NKUEJGP /ÒP\IGUEJKEJVG %QOOGPVCVKQPGU FG PWOOKU UCGEWNQTWO +: :+ KP 5WGEKC TGRGTVKU 0QXC UGTKGU 5VQEMJQNO .QPFQP 5 FCXQP 6HP .GKPGP OKV 5EJWV\WO UEJNCI
/KV 9KFOWPI FGT 8GTHCUUGT 2GVGT KP 'TKPPGTWPI CP FKG WPXGTIGNKEJGP 5VWPFGP IGOGKPUCOGT #TDGKV KO -/-
*#726 9 6CDGNNGP \WT U·EJUKUEJGP /ÒP\MWPFG #TDGKVU WPF (QTUEJWPIUDGTKEJVG \WT U·EJUKUEJGP $QFGPFGPMOCNRHNGIG $GKJGHV $GTNKP 5 FCXQP 6HP -NGKPG U·EJUKUEJG /ÒP\MWPFG #TDGKVU WPF (QTUEJWPIUDGTKEJVG \WT U·EJUKUEJGP $QFGPFGPMOCNRHNGIG $GKJGHV $GTNKP 5 6HP #401.& 2 37'../#.< 9 5·EJUKUEJ VJÒTKPIKUEJG $GTIDCWIGRT·IG )GYKPPWPI WPF 8GTJÒVVWPI XQP )QNF 5KNDGT WPF -WRHGT KO 5RKGIGN XQP /ÒP\GP WPF /GFCKNNGP .GKR\KI (TQP VKURK\ 5 OKV \CJNTGKEJGP #DD ' 4#*0'0(ª*4'4 &KG MWTU·EJUKUEJGP -KRRGTOÒP\GP 8GTÌH HGPVNKEJWPIGP FGU .CPFGUOWUGWOU HÒT 8QTIGUEJKEJVG &TGUFGP #WHN $GTNKP 5 6HP ) -47) &KG MWTU·EJUKUEJGP -KRRGTOÒP\GP ++ 'TI·P\WPIGP \W ' 4CJPGPHÒJTGT 8GTÌHHGPVNKEJWP IGP FGU .#PFGUOWUGWOU HÒT 8QTIGUEJKEJVG &TGUFGP $GTNKP 5 6HP *CNDNGFGT Z .GKPGP OKV 5EJWV\WOUEJNCI Z 1TKI $TQUEJWT Z
53
0'7<'+6 &'765%*.#0&
*'%-. , &CU )GNFYGUGP #PJCNVU WPVGT $GTÒEMUKEJVKIWPI FGT 5VCCVUUEJWNFGP DKU 05V 4GIGPUVCWH 5 -CTVQPKGTV
*+.&+5%* , &KG /ÒP\GP FGT RQOOGTUEJGP *GT\ÌIG XQP DKU \WO 'TNÌUEJGP FGU )TGKHGPIG UEJNGEJVGU 8GTÌHHGPVNKEJWPIGP FGT *KUVQTKUEJGP -QOOKUUKQP HÒT 2QOOGTP -ÌNP 9KGP :+++ 5 .GKPGP
*1((/'+56'4 , % % *KUVQTKUEJ MTKVKUEJG $GUEJTGKDWPI CNNGT DKU LGV\V DGMCPPV IGYQTFGPGP JGUUK UEJGP /ÒP\GP /GFCKNNGP W /CTMGP KP IGPGCNQIKUEJ EJTQPQNQIKUEJGT (QNIG $·PFG 0CEJFTWEM .GKR \KI FGT #WUICDG %CUUGN 2CTKU D\Y *CPPQXGT 8 5 6HP 8 5 6HP ::+8 5 5 +P FTGK $·PFGP KP .GKPGP IGDWPFGP
+.+5%* 2 /ÒP\HWPFG WPF )GNFWONCWH KP 9GUVHCNGP KP /KVVGNCNVGT WPF 0GW\GKV 0WOKUOCVKUEJG 7P VGTUWEJWPIGP WPF 8GT\GKEJPKU FGT (WPFG KP FGP 4GIKGTWPIUDG\KTMGP #TPUDGTI WPF /ÒPUVGT 8GTÌHHGPV NKEJWPIGP FGU 2TQXKP\KCNKPUVKVWVU HÒT 9GUVH·NKUEJG .CPFGU WPF 8QNMUHQTUEJWPI FGU .CPFUEJCHVUXGTDCP FGU 9GUVHCNGP .KRRG /ÒPUVGT 8 5 *TUI /ÒP\HWPFG KP 1UVYGUVHCNGP /KVVGNCNVGT WPF 0GW\GKV 0WOKUOCVKUEJG 5EJTKHVGP FGU 9GUVH·NKUEJGP .CPFGUOWUGWOU HÒT -WPUV WPF -WNVWTIG UEJKEJVG /ÒPUVGT /ÒPUVGT 9 $4+0-/#00 7PPCGT )QNFUEJCV\ 'KPG &QMWOGPVCVKQP FGT 5RCTMCUUG 7PPC 7PPC 2 $'4)*#75 &GT /ÒP\UEJCV\HWPF XQP *GOGT 9GUVKI &KG (KDGN *GOGT =OKV 9KFOWPI FGU 8GTHCUUGTU? &GT /ÒP\UEJCV\ XQP 3WGTGPDWTI KP FGT $QEJWOGT 7PKXGTUKV·V -NGKPG *GHVG FGT 4WJT 7PKXGTUKV·V $QEJWO $QEJWO 9 $'4)/#00 #WU UVGNNWPI FGU 3WGTGPDWTIGT /ÒP\UEJCV\GU $QEJWO 6JQOCU (KUEJGT 2TGUUGUEJPKVVG \WT 0GWCWU UVGNNWPI FGU OKVVGNCNVGTNKEJGP /ÒP\UEJCV\GU XQP $QEJWO 3WGTGPDWTI KP FGT 4WJT 7PKXGTUKV·V $QEJWO =/KV 9KFOWPI FGU 8GTHCUUGTU? ) 4¤2'4 &GT /ÒP\UEJCV\ CWU 5GRRGPTCFG .ÒFKPIJCWUGP 7PVGTUEJKGFNKEJ IGDWPFGP OGKUV 1TKI $TQUEJWT
&KG &KUUGTVCVKQP XQP 2GVGT +NKUEJ OKV FGT 9KFOWPI XQO IGYKFOGV FGOLGPKIGP FGT FKGUG #TDGKV CPIGTGIV W FWTEJ DGFGWVGPFG 8QTCTDGKVGP CP KJTGO <WUVCPFGMQOOGP YGUGPVNKEJGP #PVGKN JCV
,'55' 9 &GT 9GPFKUEJG /ÒP\XGTGKP 3WGNNGP WPF &CTUVGNNWPIGP \WT JCPUKUEJGP )GUEJKEJVG 0GWG (QNIG .ÒDGEM 5 6HP -CTVQPKGTV
*CDKNKVCVKQPUUEJTKHV XQP 9KNJGNO ,GUUG
&KG FGWVUEJGP /ÒP\HWPFG 5 KP $N·VVGT HÒT FGWVUEJG .CPFGUIGUEJKEJVG *GHV 7 *#)'0 ,#*0-' 4 9#.$74) /ÒP\UEJCV\HWPFG &CU $GKURKGN 9CNNG (TCPMHWTV CO /CKP 5 OKV \CJNTGKEJGP #DD 9 * 8'40+%- &KG FGWVUEJGP /ÒP\HWPFG FGT <GKV XQP DKU &GT (WPFMCVCNQI /KVVGNCNVGT 0GW\GKV FGT 0WOKUOCVKUEJGP -QOOKUUKQP FGT .·PFGT KP FGT $WPFGUTGRW DNKM &GWVUEJNCPF #WHNCIG ÒDGTCTDGKVGV XQP - 5%*0'+&'4 *CNDNGKPGP MCTVQPKGTV IGJGHVGV
&KG /ÒP\GP FGT 5VCFV $TCWPUEJYGKI XQP DKU $TCWPUEJYGKIGT 9GTMUVÒEMG $TCWPUEJYGKI 5 1TKI $TQUEJWT
&KG /ÒP\GP FGT 5VCFV $TCWPUEJYGKI XQP DKU $TCWPUEJYGKIGT 9GTMUVÒEMG $TCWPUEJYGKI 5 OKV \CJNTGKEJGP #DD 1TKI $TQUEJWT
,70)- * &KG $TGOKUEJGP /ÒP\GP /ÒP\GP WPF /GFCKNNGP FGU 'T\DKUVJWOU WPF FGT 5VCFV $TGOGP OKV IGUEJKEJVNKEJGT 'KPNGKVWPI 0& $TCWPUEJYGKI FGT #WUICDG $TGOGP 5 6HP .GKPGP
-#.8'.#)' * 5%*41%- 7 ' ) /ÒP\GP FGT 5VCFV *COGNP *COGNP 5 .GKPGP 'TI·P\WPIGP \WT /ÒP\IGUEJKEJVG FGU 5VKHVGU WPF FGT 5VCFV *COGNP *COGNP 5 )GJGHVGV
-#22'.*1(( # &KG /ÒP\GP 1UVHTKGUNCPFU 8QO HTÒJGP ,CJTJWPFGTV DKU #DJCPFNWPIGP WPF 8QTVT·IG \WT )GUEJKEJVG 1UVHTKGUNCPF #WTKEJ 5 6HP .GKPGP )'5'..5%*#(6 (ª4 $+.&'0&' -7056 70& 8#6'4. 0&+5%*' #.6'46ª/'4 <7 '/&'0 ,CJTDWEJ 5 1TKI $TQUEJWT
-'..0'4 * , &KG /ÒP\GP FGT (TGKGP 4GKEJUUVCFV 0ÒTPDGTI $C[GTKUEJG /ÒP\MCVCNQIG /ÒP EJGP 5 &C\W 2WDNKMCVKQPGP \WT UÒFFGWVUEJGP /ÒP\IGUEJKEJVG
&KG /ÒP\IGUEJKEJVG FGU *QEJUVKHVU 2CUUCW 'KP -CVCNQI FGT /ÒP\GP WPF /GFCKNNGP 5ÒFFGWVUEJG /ÒP\MCVCNQIG 5VWVVICTV 5 -CTVQPKGTV
/KV 9KFOWPI FGU 8GTHCUUGTU
-'00'21*. - &KG /ÒP\GP XQP 1UPCDTÒEM &KG 2T·IWPIGP FGU $KUVWOU WPF FGU &QOMCRKVGNU 1UPCDTÒEM UQYKG FGU -QNNGIKCVUVKHVU WPF FGT 5VCFV 9KGFGPDTÒEM 8GTÌHHGPVNKEJWPIGP FGU /WUGWOU FGT 5VCFV 1UPCDTÒEM 0CEJFTWEM :8 5 6HP .GKPGP
-+.)'4 % 2HGPPKIO·TMVG WPF 9·JTWPIUNCPFUEJCHVGP /QPGVCTKUKGTWPI KO 5·EJUKUEJ 5NCYKUEJGP )TGP\NCPF EC %QOOGPVCVKQPGU FG PWOOKU UCGEWNQTWO +: :+ KP 5WGEKC TGRGTVKU 0QXC UGTKGU 5VQEMJQNO 5 .GKPGP
/KV 9KFOWPI FGU 8GTHCUUGTU
54
0'7<'+6 &'765%*.#0&
-.'+0 7 &KG 8KNNKPIGT /ÒP\RT·IWPI 5& CWU 8KNNKPIGP WPF 5EJYGPPKPIGP )GUEJKEJVG WPF -WNVWT 8KNNKPIGP 5EJYGPPKPIGP 5 .GKPGP &KG -QPUVCP\GT /ÒP\RT·IWPI XQO 'PFG FGU DKU \WT /KVVG FGU ,CJTJWPFGTVU 5& CWU (TGKDWTIGT &KÌ\GUCP #TEJKX 5 1TKI $TQUEJWT
-.'+0 7 4#(( # &KG 9ÒTVVGODGTIKUEJGP /ÒP\GP 'KP 6[RGP 8CTKCPVGP WPF 2TQDGPMCVCNQI 5ÒFFGWVUEJG /ÒP\MCVCNQIG $·PFG 5VWVVICTV 5 5 5 -CTVQPKGTV 7 -.'+0 &KG /ÌORGNICTFGT /ÒP\GP WPF /GFCKNNGP 5& CWU 9ÒTVVGODGTI WPF /ÌORGNICTF ,CJTG $GIGIPWPI .GKPHGNFGP 'EJVGTFKPIGP 5 1TKI $TQUEJWT
&KG /ÒP\GP WPF /GFCKNNGP XQP 'UUNKPIGP 5ÒFFGWVUEJG /ÒP\MCVCNQIG 5VWVVICTV 5 -CTVQ PKGTV
/KV 9KFOWPI FGU 8GTHCUUGTU
-.ª55'0&14( 0 5VWFKGP \W 9·JTWPI WPF 9KTVUEJCHV CO 0KGFGTTJGKP XQO #WUICPI FGT 2GTKQFG FGU TGIKQPCNGP 2HGPPKIU DKU \WO /ÒP\XGTVTCI XQP 4JGKPKUEJGU #TEJKX $QPP 5 -CTVG 1TKI $TQUEJWT
&KUUGTVCVKQP XQP 0KMNQV -NÒGPFQTH
2TQDNGOG FGU 7ONCWHU XQP -WRHGTOÒP\GP KO -WTHÒTUVGPVWO *GUUGP 5& CWU *GUUKUEJGU ,CJTDWEJ HÒT .CPFGUIGUEJKEJVG /CTDWTI 5 -QPVKPWKV·V WPF &KUMQPVKPWKV·V KO JGUUKUEJGP )GNFWONCWH FGU HTÒJGP ,CJTJWPFGTVU 5& CWU *GUUKUEJGU ,CJTDWEJ HÒT .CPFGUIGUEJKEJVG /CT DWTI 5 /ÒP\HWPFDGTKEJV FGU *GUUKUEJGP .CPFGUCOVGU HÒT IGUEJKEJVNKEJG .CPFGU MWPFG /CTDWTI 0T <YGKVG *·NHVG WPF 5& CWU (WPFDGTKEJVG CWU *GUUGP 5 &CU /ÒP\YGUGP FGU *QEJUVKHVU (WNFC WPVGT #FCNDGTV ++ XQP 9CNFGTFQTHH 5& CWU &KG XQP 9CNFGTFQTHH #EJV ,CJTJWPFGTVG 9GEJUGNDG\KGJWPIGP \YKUEJGP 4GIKQP 4GKEJ -KTEJG WPF GKPGO TJGKPKUEJGP #FGNUIGUEJNGEJV -ÌNP 5 &GT /ÒP\UEJCV\ XQP 0KGFGTJQPG WPF FKG *GUUGP -CUUGNUEJG &GPMOCNRHNGIGXGTQTFPWPI XQP 7PVGTUWEJWPIGP WPF /CVGTKCNKGP \WT 8GTHCUUWPIU WPF .CPFGUIGUEJKEJVG /CTDWTI 5 6HP )GNV UQ KP -NKPIGNUCEM IGHCNV &CU GXCPIGNKUEJG -KTEJGPQRHGT FGT (TÒJPGW\GKV KO .KEJVG FGU 1RHGTUVQEMU XQP 4QJT
6JÒTKPIGP /KVVGNFGWVUEJG (QTUEJWPIGP 9GKOCT -ÌNP 5 6HP (WNFC KP FGT MWTJGUUKUEJGP /ÒP\ WPF )GNFIGUEJKEJVG /CTDWTIGT 4GKJG /CTDWTI 5 9 *'55 ,CJTG /ÒP\GP WPF )GNF KP *GUUGP /CTDWTI 5 &C\W #TEJ·QNQIKUEJG &GPMO·NGT KP *GUUGP /GKUV IGJGHVGV QFGT 1TKI $TQUEJWT
2CRKGTIGNF WPF 5VCCVUUEJWNFGP KO (ÒTUVGPVWO 9CNFGEM 7PVGTUWEJWPIGP WPF /CVGTKCNKGP \WT 8GTHCUUWPIU WPF .CPFGUIGUEJKEJVG /CTDWTI 5 6HP 1TKI $TQUEJWT
-.7)' $ &GWVUEJG /ÒP\IGUEJKEJVG XQP FGT UR·VGP -CTQNKPIGT\GKV DKU \WO 'PFG FGT 5CNKGT EC DKU 4ÌOKUEJ )GTOCPKUEJGU <GPVTCNOWUGWO /QPQITCRJKGP 5KIOCTKPIGP 5 FCXQP 6HP *TUI (GTPJCPFGN WPF )GNFYKTVUEJCHV $GKVT·IG \WO FGWVUEJGP /ÒP\YGUGP KP U·EJUKUEJGT WPF UCNKUEJGT <GKV 'TIGDPKUUG FGU &CPPGPDGTI -QNNQSWKWOU $GTNKPGT 0WOKUOCVKUEJG (QTUEJWP IGP 0GWG (QNIG 5KIOCTKPIGP 5 .GKPGP
-0+))' 9 /ÒP\ W /GFCKNNGP -CDKPGV FGU (TGKJGTTP 9KNJ -PKIIG *CPPQXGT 8 5 .GKPGP
/KV $GUKV\GTXGTOGTM &T 9GTPGT -QEJ
-475; * )GIGPUVGORGN CWH /ÒP\GP FGU 5R·VOKVVGNCNVGTU (TCPMHWTV CO /CKP 5 6HP 5VCFV QFGT 5VKHV! 'KP JGTCNFKUEJGT $GKVTCI \WT )GIGPUVGORGNHTCIG 5& CWU $GTNKPGT 0WOKUOCVKUEJG <GKVWPI 5 9'56( .+5%*' #7-6+105)'5'..5%*#(6 #WMVKQP 5GRVGO DGT 5COONWPI )GIGPUVGORGN 5 * '*4'0& 7 5%*4'+'4 )GIGPUVGORGN CWH /ÒP\GP 5RG[GT 5 Z .GKPGP UQPUV IGJGHVGV
-70<'. / /GEMNGPDWTIKUEJG /ÒP\MWPFG /ÒP\IGUEJKEJVG WPF )GRT·IGMCVCNQI $GTNKP 5 6HP -CTVQPKGTV #WU VCWUGPF ,CJTGP OGEMNGPDWTIKUEJGT /ÒP\IGUEJKEJVG 0GWDTCP FGPDWTI 0 -.ª55'0&14( &KG 5EJCV\JGDWPI KO #TOGPJCWU 5V ,ÒTIGP \W 0GWDWMQY KO ,CJTG 5& CWU /GEMNGPDWTIKUEJG ,CJTDÒEJGT 56##6.+%*'5 /75'7/ 5%*9'4+0 &QMWOGPVCVKQP FGT MTKGIUDGFKPIV XGTOKVGP -WPUVYGTMG FGU /GEMNGPDWTIKUEJGP .CPFGU OWUGWOU KP 5EJYGTKP ++ 5EJYGTKP /GEMNGPDWTIKUEJG /ÒP\GP /GFCKNNGP 5EJYGTKP 4 /1*4 $GKVTCI \WT OGEMNGPDWTIKUEJGP /ÒP\IGUEJKEJVG
&CU /ÒP\YGUGP /GEMNGPDWTIU XQP DKU /ÒP\IGUEJKEJVG WPF )GRT·IGMCVCNQI $GTNKPGT 0W OKUOCVKUEJG (QTUEJWPIGP 0GWG (QNIG $GTNKP 5 6HP .GKPGP
&KG /ÒP\GP FGT *CPUGUVCFV 9KUOCT DKU /ÒP\IGUEJKEJVG WPF )GRT·IGMCVCNQI $GTNKPGT 0WOKUOCVKUEJG (QTUEJWPIGP 0GWG (QNIG $GTNKP 5 6HP .GKPGP
&KG /ÒP\GP FGT *CPUGUVCFV 4QUVQEM EC DKU /ÒP\IGUEJKEJVG WPF )GRT·IGMCVCNQI $GTNKPGT 0WOKUOCVKUEJG (QTUEJWPIGP 0GWG (QNIG $GTNKP 5 6HP .GKPGP
55
0'7<'+6 &'765%*.#0&
&KG /ÒP\GP FGT *CPUGUVCFV 4QUVQEM $GTNKPGT 0WOKUOCVKUEJG (QTUEJWPIGP 0( $GTNKP 5 6HP -WPUVNGKPGP 1 1'46<'0 *TUI &KG /GEMNGPDWTIKUEJGP /ÒP\GP FGU )TQUU JGT\QINKEJGP /ÒP\MCDKPGVU 6GKN &KG $TCEVGCVGP WPF &GPCTG 6GKN &KG 9KVVGPRHGPPKIG 0& *CO DWTI FGT #WUICDG 5EJYGTKP 5 6HP 1TKI $TQUEJWT
.#0)' % %JT .CPIG U 5COONWPI UEJNGUYKI JQNUVGKPKUEJGT /ÒP\GP WPF /GFCKNNGP $·PFG $GTNKP 8+++ 5 (CTDMCTVGP -NCRRVHP 6HP : 5 (CTDKIG 9CRRGPVH (CNVVHP 6HP *CNDNGFGT $CPF 4ÒEMGP NQUG WPF $CPF DGUVQGP
.'+20'4 - &KG /ÒP\HWPFG KP 5CEJUGP CWU FGT <GKV FGT TGIKQPCNGP 2HGPPKIOÒP\G WPF ,CJTJWPFGTV 05V *CODWTI :8 5 FCXQP -CTVG 1TKI $TQUEJWT 9 *#726 1DGT NCWUKV\GT /ÒP\HWPFG FGU DKU ,CJTJWPFGTVU #TDGKVU WPF (QTUEJWPIUDGTKEJVG \WT U·EJUKUEJGP $QFGPFGPMOCNRHNGIG $GKJGHV .GKR\KI 5 -CTVGP DGKIGNGIV 1TKI $TQUEJWT 4ÒEMGP NQUG WPF DGUEJ·FKIV
.+22' +*. * &KG /ÒP\RT·IWPI FGT 'FGNJGTTP \WT .KRRG /ÒP\UV·VVG .GOIQ .GOIQ 5 6HP Z &KG /ÒP\RT·IWPI FGT 'FGNJGTTP \WT .KRRG /ÒP\UV·VVG *QTP .GOIQ 5 6HP &KG 6CNGT FGT )TCHGP WPF (ÒTUVGP \W .KRRG .GOIQ 5 &C\W 5COONWPI 2CWN 9GYGNGT .KRRKC KP PWOOKU .KRRG 5EJCWODWTI .KRRG #WMVKQP .GW 5 '. 2 +.+5%* -NGKPG .KRRKUEJG /ÒP\IGUEJKEJVG &GVOQNF 5 , $4+0-5 )TCH WPF )T·HKP \WT .KRRG &KG NKRRKUEJGP 4GIGPVGP WPF KJTG #PIGJÌTKIGP KP FGT )TWHV WPVGT FGT -NQUVGTMKTEJG $NQODGTI $NQODGTI 5 2 810 /#)075 &KG 5VKHVUQTFGP XQP (KUEJDGEM WPF 1DGTPMKTEJGP 5& CWU FGP 5EJCWODWTI .KRRKUEJGP /KVVGKNWPIGP 5 /GKUV 1TKI $TQUEJWT
.+5%* ( /#5%* / - &GT 5KNDGTHWPF XQP 5EJYCP 5EJYGTKP 5 6HN 6KVGNUGKVG GVYCU UVQEMHNGEMKI 9CUUGTHNGEM KP FGT WPVGTGP 'EMG FGT 6CHGN -CTVQPKGTV
.¤0+0) ) # &CU /ÒP\TGEJV KO 'T\DKUVWO $TGOGP 3WGNNGP WPF 5VWFKGP \WT 8GTHCUUWPIUIGUEJKEJVG FGU &GWVUEJGP 4GKEJGU KP /KVVGNCNVGT WPF 0GW\GKV 9GKOCT 5 .GKPGP
/#00 , #PJCNVKUEJG /ÒP\GP WPF /GFCKNNGP XQO 'PFG FGU :8 ,CJTJWPFGTVU DKU *CPPQXGT 5 0CEJVTCI $GTNKP 5 6HP +P GKPGO $CPF KP .GKPGP IGDWPFGP GTUVG 6KVGN UGKVG CO +PPGPTCPF GKPIGTKUUGP $NGKUVKHVPQVK\
/'*. / &KG /ÒP\GP FGU $KUVWOU *KNFGUJGKO 6GKN 8QO $GIKPP FGT 2T·IWPI DKU \WO ,CJTG 3WGNNGP WPF &QMWOGPVCVKQPGP \WT 5VCFVIGUEJKEJVG *KNFGUJGKOU *KNFGUJGKO : 5 6HP -CTVQPKGTV
&KG /ÒP\GP FGT )TCHGP XQP $CTD[ WPF /ÒJNKPIGP *CODWTI 5 6HP -CTVQPKGTV &C\W 9 $7%**1.< W C <WT )GUEJKEJVG FGT /ÒP\UV·VVG $CTD[ /ÒJNKPIGP /CIFGDWTI 5 )GJGHVGV
&KG /ÒP\GP FGU $KUVWOU *KNFGUJGKO 6GKN &GT 2T·IG\GKVTCWO DKU 3WGNNGP WPF &QMW OGPVCVKQPGP \WT 5VCFVIGUEJKEJVG *KNFGUJGKOU $·PFG *CODWTI : 5 8+++ 5 -CTVQPKGTV
/GKGT 1 &GT $TCMVGCVGPHWPF XQP $QMGN DGK $GXGTP 'KP $GKVTCI \WT 'THQTUEJWPI FGT OKVVGNCNVGTNKEJGP DGUQPFGTU FGT PKGFGTU·EJUKUEJGP /ÒP\FGPMOCNG CWU FGT <GKV XQP GVYC DKU +P *CPPQXGTUEJG )GUEJKEJVUDN·VVGT 8GTÌHHGPVNKEJWPIGP CWU FGO 5VCFVCTEJKXG FGT 5VCFVDKDNKQVJGM = ? 0( *CP PQXGT 5 OKV \CJNTGKEJGP #DD 1TKI $TQUEJWT 4ÒEMGP GVYCU DGUEJ·FKIV
&GT $TCMVGCVGPHWPF XQP $QMGN DGK $GXGTP 'KP $GKVTCI \WT 'THQTUEJWPI FGT OKVVGNCNVGTNKEJGP DGUQPFGTU FGT PKGFGTU·EJUKUEJGP /ÒP\FGPMOCNG CWU FGT <GKV XQP GVYC DKU +P *CPPQXGTUEJG )G UEJKEJVUDN·VVGT 8GTÌHHGPVNKEJWPIGP CWU FGO 5VCFVCTEJKXG FGT 5VCFVDKDNKQVJGM = ? 0( *CPPQXGT 5 OKV \CJNTGKEJGP #DD 1TKI $TQUEJWT 4ÒEMGP GVYCU DGUEJ·FKIV
/'0#&+'4 , &KG /ÒP\GP FGT )TCHUEJCHV /CTM -QRKG CWU &KG )TCHUEJCHV /CTM (GUVUEJTKHV \WO )GF·EJVPKU FGT L·JTKIGP 8GTGKPKIWPI OKV $TCPFGPDWTI 2TGWGP $CPF &QTVOWPF 5 &TCJVJGHVWPI $ 2'75 #WMVKQP FCTWPVGT 5NI 'TPUV .GLGWPG 4 #.6*1(( &KG OKVVGNCN VGTNKEJGP /ÒP\GP FGT *GTTUEJCHV &KPUNCMGP &WKUDWTI 5 9 .'*0'/#00 /QPGVC /CT ECPC (CNVDNCVV FGU /WUGWOU FGT 5VCFV .ÒPGP .ÒPGP /GKUV 1TKI $TQUEJWT
/'45+195-; / &KG #PH·PIG VGTTKVQTKCNGT 4GEJPWPIUNGIWPI KO FGWVUEJGP 0QTFYGUVGP 5R·VOKVVGN CNVGTNKEJG 4GEJPWPIGP 8GTYCNVWPIURTCZKU *QH WPF 6GTTKVQTKWO 4GUKFGP\GPHQTUEJWPI 5VWVVICTV 5 .GKPGP
/'46'05 ' /ÒP\ WPF )GNFIGUEJKEJVG FGT 5VCFV 0QTVJGKO /ÒP\UVWFKGP *CNNG 5 6HP *CNDNGFGT
56
0'7<'+6 &'765%*.#0&
/'6< 4 )GNF 9·JTWPI WPF 2TGKUGPVYKEMNWPI &GT 0KGFGTTJGKPTCWO KO GWTQR·KUEJGP 8GTINGKEJ 5EJTKHVGPTGKJG FGU +PUVKVWVU HÒT DCPMJKUVQTKUEJG (QTUEJWPI G 8 (TCPMHWTV CO /CKP :::8++ 5 1TKI $TQUEJWT 5EJWV\WOUEJNCI NGKEJV GKPIGTKUUGP
/ª..'4 , * &GWVUEJG /ÒP\IGUEJKEJVG $CPF &GWVUEJG /ÒP\IGUEJKEJVG DKU \W FGT 1VVQPGP\GKV .GKR\KI 5 *CNDNGKPGP GVYCU UVQEMHNGEMKI
/ª.8'456'&6 ) # XQP /CIFGDWTIKUEJGU /ÒP\ %CDKPGV FGU PGWGTP <GKVCNVGTU GPVJCNVGPF FCU 8GT\GKEJPK CNNGT UQYQJN XQP FGO 'T\UVKHV WPF *GT\QIVJWO CNU CWEJ XQP WPF KP FGT 5VCFV /CIFGDWTI XQP CD DKU \WT )GIGPYCTV CWUIGICPIGPGP /ÒP\GP WPF /GFCKNNGP /CIFGDWTI 5 *CND NGKPGP
/ª056'4 56#&6/75'7/ /ª056'4 /ÒPUVGT ,CJTG )GUEJKEJVG FGT 5VCFV /ÒPUVGT 5 &GT 9GUVH·NKUEJG (TKGFGP &KG (TKGFGPUHTGWFG CWH /ÒP\GP WPF /GFCKNNGP 8QNNUV·PFKI DGUEJTGKDGPFGT -CVCNQI /ÒPUVGT 5 &GT 9GUVH·NKUEJG (TKGFGP -TKGI WPF (TKGFGP /ÒPUVGT 5 &KG 9KGFGTV·WHGT KP /ÒPUVGT /ÒP\GP WPF /GFCKNNGP CWH FKG 9KG FGTV·WHGT KP /ÒPUVGT #WHN /ÒPUVGT 5 /ÒPUVGTKUEJG /ÒP\GP WPF /GFCKNNGP /ÒPUVGT 5 5V 2CWNWU 2CVTQP XQP /ÒPUVGT /ÒPUVGT 5 -CTQNWU /CIPWU -CTN FGT )TQG WPF FKG OÒPUVGTKUEJG -CTNUVTCFKVKQP /ÒPUVGT 5 2 +.+5%* &KG OKVVGNCNVGTNKEJG /ÒP\RT·IWPI FGT $KUEJÌHG XQP /ÒPUVGT 0WOKUOCVKUEJG 5EJTKHVGP FGU 9GUVH·NKUEJGP .CPFGUOWUGWOU HÒT -WPUV WPF -WNVWTIGUEJKEJVG /ÒPUVGT /ÒPUVGT 5 * 9'+04+%* &KG -WRHGTOÒP\ RT·IWPI FGU &QOMCRKVGNU \W /ÒPUVGT )GUEJKEJVNKEJG #TDGKVGP \WT YGUVH·NKUEJGP .CPFGUHQTUEJWPI /ÒPUVGT 5 6HP ) &'6*.'(5 &KG 5VGTDGOÒP\GP FGU (ÒTUVDKUEJQHU %JTKUVQRJ $GTPJCTF XQP )CNGP $GKNCIG \W #TEJKXRHNGIG KP 9GUVHCNGP WPF .KRRG 0T Z -CTVQPKGTV UQPUV OGKUV IGJGHVGV
/ª5'.'4 - $GTIDCWIGRT·IG &CTIGUVGNNV CWH )TWPF FGT 5COONWPI FGT 2TGWUUCI #MVKGPIGUGNNUEJCHV $·PFG *CPPQXGT 1JPG 2CIKPKGTWPI .GKPGP KP 5EJWDGT
/75'7/ (ª4 *#/$74)+5%*' )'5%*+%*6' *TUI )GUEJKEJVG KP )QNF #WUUVGNNWPI GKPGT *CODWTIGT 2TKXCVUCOONWPI *CODWTI 5 -CTVQPKGTV
0#7 ' /ÒP\GP FGT 5VCWHGT\GKV +P &KG <GKV FGT 5VCWHGT )GUEJKEJVG -WPUV -WNVWT $·PFG 5VWVV ICTV 5 6HP :::++ 5 #DD 5 9 -ª*0 &KG $TCMVGCVGP FGT 5VCWHGT\GKV +P <WT 9KTVUEJCHVU WPF 5Q\KCNIGUEJKEJVG KP FGT 5VCWHGT\GKV 5EJTKHVGP \WT UVCWHKUEJGP )G UEJKEJVG WPF -WPUV )ÌRRKPIGP 5 5 ) 567/2( &GT -TGW\\WI -CKUGT $CTDCTQU UCU /ÒP\UEJ·V\G UGKPGT <GKV /ÒPEJGP 5 1TKI $TQUEJWT
0'7/#00 ' $TCPFGPDWTI RTGWKUEJG /ÒP\RT·IWPIGP WPVGT FGT *GTTUEJCHV FGT *QJGP\QNNGTP $·PFG -ÌNP 5 5 LGYGKNU OKV \CJNTGKEJGP #DD -CTVQPKGTV
0+%-.+5 * 9 )GNFIGUEJKEJVNKEJG 2TQDNGOG FGU WPF ,CJTJWPFGTVU KO 5RKGIGN \GKVIGPÌUUK EJGT )GUEJKEJVUUEJTGKDWPI 0WOKUOCVKUEJG 5VWFKGP $·PFG *CODWTI 5 5 1TKI $TQUEJWT
0155 # &KG /ÒP\GP FGT 'T\DKUEJÌHG XQP %ÌNP &KG /ÒP\GP WPF /GFCKNNGP XQP %ÌNP -ÌNP :8+++ 5 6HP 1TKI .GKPGP
&KG /ÒP\GP XQP 6TKGT 6GKN $GUEJTGKDWPI FGT /ÒP\GP 2WDNKMCVKQPGP FGT )GUGNNUEJCHV HÒT 4JGKPKUEJG )GUEJKEJVUMWPFG $QPP ::: 5 6HP /QFGTPGU .GKPGP
&KG /ÒP\GP FGT 'T\DKUEJÌHG XQP -ÌNP &KG /ÒP\GP WPF /GFCKNNGP XQP -ÌNP -ÌNP :8 5 6HP .GKPGP 'KPDCPF GVYCU DGUEJOWV\V
&KG /ÒP\GP FGT 5V·FVG -ÌNP WPF 0GWUU &KG /ÒP\GP WPF /GFCKNNGP XQP -ÌNP -ÌNP :+++ 5 6HP .GKPGP 'KPDCPF GVYCU DGUEJOWV\VWPF DGUVQGP
&KG /ÒP\GP XQP ,ÒNKEJ /ÌTU WPF #NRGP /ÒPEJGP :+8 5 6HP *CNDNGKPGP
&KG /ÒP\GP XQP $GTI WPF ,ÒNKEJ $GTI $·PFG /ÒPEJGP :8 5 6HP :8 5 6HP .GKPGP NGKEJV CPIGUEJOWV\V DGK $CPF 9WTOHTC WPVGP KPPGP CP FGP GTUVGP WPF NGV\VGP 5
&KG /ÒP\GP FGT )TCHGP WPF *GT\ÌIG XQP -NGXG /ÒPEJGP :8 5 6HP .GKPGP
1.&'0$74) * -#.8'.#)' * 64+22.'4 /ÒP\GP FGT )TCHGP *GT\ÌIG WPF )TQJGT\ÌIG XQP 1NFGPDWTI 1UPCDTÒEM 5 .GKPGP * $'0&+) &CU QNFGPDWTIKUEJG /ÒP\YGUGP \WT <GKV FGU )TCHGP #PVQP )ÒPVJGT /ÒPUVGT 5 6HP 1.&'0$74)'4 /ª0<(4'70&' (GUVUEJTKHV \WO L·JTKIGP $GUVGJGP FGU 8GTGKPU 1NFGPDWTIGT /ÒP\HTGWPFG 1NFGPDWTI 5 1NFGPDWTI /ÒP\GP /GFCKNNGP 0QVIGNF 1TFGP 1NFGPDWTI 5 1TKI $TQUEJWT
/KV 9KFOWPI FGU 8GTHCUUGTU
57
0'7<'+6 &'765%*.#0&
1.&+0) / &KG /ÒP\GP (TKGFTKEJU FGU )TQGP -CVCNQI FGT RTGWKUEJGP /ÒP\GP 1UPC DTÒEM 5 # 9';. &KG 2CWN *GPEMGNUEJG 5COONWPI $TCPFGPDWTI RTGWKUEJGT /ÒP\GP WPF /GFCKNNGP 0CEJFTWEM $GTNKP 5 . $¤40'4 (TKGFTKEJ ++ WPF FKG /GFCKNNGPMWPUV +P (TKGFTKEJ ++ WPF FKG -WPUV #WUUVGNNWPI \WO 6QFGUVCI $·PFG 2QVUFCO 5 5 5 #4$'+65-4'+5 $4#0&'0$74) 24'755'0 $GKVT·IG \WT $TCPFGPDWTIKUEJ 2TGWK UEJGP 0WOKUOCVKM 0WOKUOCVKUEJGU *GHV 5 Z .GKPGP UQPUV 1TKI $TQUEJWT
2'64; - /QPGV·TG 'PVYKEMNWPI *CPFGNUKPVGPUKV·V WPF YKTVUEJCHVNKEJG $G\KGJWPIGP FGU QDGTNQVJTKP IKUEJGP 4CWOGU XQO #PHCPI FGU DKU \WT /KVVG FGU ,CJTJWPFGTVU 6TKGTGT 2GVGTO·PPEJGP 9KUUGP UEJCHVNKEJG 4GKJG 6TKGT : 5 -CTVGP .GKPGP &GT /ÒP\UEJCV\ XQP 4GOCIGP -TGKU #JTYGKNGT 'KP $GKVTCI \W OKVVGNTJGKPKUEJGP 9·JTWPIUUVTWMVWTGP WPF \WT /ÒP\IGUEJKEJVG 4GOCIGPU KO ,CJTJWPFGTV 5& CWU * * 9')0'4 *TUI $GTKEJVG \WT #TEJ·QNQIKG CP /KVVGNTJGKP WPF /QUGN 6TKGT 5 1TKI $TQUEJWT
2+%- $ $7%*'0#7 * &GT $TCMVGCVGPHWPF XQP )QVJC /ÒPEJGP 8+++ 5 6HP *CNDNGKPGP 4ÒEMGP VGKNYGKUG NQUG
*CPFUEJTKHVNKEJGT $GUKV\XGTOGTM KO 8QTUCV\
241-+5%* $ W C 4GRGTVQTKWO \WT 0GW\GKVNKEJGP /ÒP\RT·IWPI 'WTQRCU ++ *GKNKIGU 4ÌOKUEJGU 4GKEJ &GWVUEJGT 0CVKQP WPF 0CEJHQNIGUVCCVGP &GT $C[GTKUEJG 4GKEJUMTGKU 8GTÌHHGPVNKEJWPIGP FGU +PUVKVWVGU HÒT 0WOKUOCVKM 9KGP 9KGP 5 \CJNTGKEJG #DD .GKPGP
4'+5614(( % &GT +UGPDGTIGT /ÒP\HWPF *CNNG 5 6HP *CNDNGKPGP
4'+6< * 9GNHKUEJG $TCMVGCVGP 2HGPPKIRT·IWPIGP PCEJ NÒDKUEJGO /ÒP\HW CWU FGT <GKV *GKPTKEJU FGU .ÌYGP WPF UGKPGT 5ÌJPG -NGKPG *GHVG FGT /ÒP\UCOONWPI CP FGT 4WJT 7PKXGTUKV·V $QEJWO $QEJWO # WPF ' $#%*/#00 $GXGTP DGK $TGOGTXÌTFG $TGOGTXÌTFG 9 -ª*0 &KG $TCMVGCVGP *GKPTKEJ FGU .ÌYGP <GWIPKUUG CWU OKVVGNCNVGTNKEJGT -WNVWT WPF 9KTVUEJCHV KO 4CWO WO $TCWPUEJYGKI WPF .ÒPGDWTI /KPFGP = YGKVGTG -NGKPUEJTKHV? 1TKI $TQUEJWT
4+66/#00 * &GWVUEJG )GNFIGUEJKEJVG UGKV /ÒPEJGP 5 .GKPGP OKV 5EJWV\WO UEJNCI
5#%*5'0 ' 4#*0'0(ª*4'4 &KG -WTU·EJUKUEJGP -KRRGTOÒP\GP 8GTÌHHGPVNKEJWPIGP FGU .CP FGUOWUGWOU HÒT 8QTIGUEJKEJVG &TGUFGP $GTNKP 5 6HP ) -47) &KG OGKPKUEJ U·EJUKUEJGP )TQUEJGP 8GTÌHHGPVNKEJWPIGP FGU .CPFGUOWUGWO HÒT 8QTIGUEJKEJVG &TGUFGP 5 6HP 2 0 5%*7.6'0 #WMVKQP 5COONWPI &T ) -TWI 5·EJUKUEJG /ÒP\GP (TCPM HWTV 5 WPF '. 9 *#726 5·EJUKUEJG /ÒP\MWPFG #TDGKVU WPF (QTUEJWPIUDGTKEJVG \WT 5·EJUKUEJGP $QFGPFGPMOCNRHNGIG $·PFG $GTNKP 5 6HP 2 7 #401.& *TUI /ÒP\UV·VVGPDGUKEJVKIWPIGP FGT U·EJUKUEJGP /ÒP\ WPF *ÒVVGPOGKUVGT )WUVCX ,WNKWU $WUEJKEM WPF 6JGQ FQT %JQWNCPV 0WOKUOCVKUEJG 5VWFKGP *CODWTI 5 6HP <5%*+'5%*' -¤&'4 5COONWPI 1VVQ /GTUGDWTIGT WOHCUUGPF /ÒP\GP WPF /GFCKNNGP XQP 5CEJUGP #NDGTVKPKUEJG WPF 'TPUVK PKUEJG .KPKG 0CEJFTWEM $GTNKP 8++ 5 07/+5/#6+5%*'4 8'4'+0 &4'5&'0 &TGU FGPGT 0WOKUOCVKUEJG *GHVG 5 Z .GKPGP UQPUV OGKUV 1TKI $TQUEJWT
5#./1 * &GWVUEJG /ÒP\GP KP 8QTIGUEJKEJVNKEJGP (WPFGP (KPPNCPFU 5WQOGP /WKPCKUOWKUVQ[JFK UV[MUGP #KMCMCWUMKTLC *GNUKPKMK 5 6HP 1TKI $TQUEJWT
5#74/# ,'.65%* * (TGKJGTT XQP 5EJNGUKUEJG /ÒP\GP WPF /GFCKNNGP $TGUNCW ++ 5 6HP *CNDNGKPGP <CJNTGKEJG JCPFUEJTKHVNKEJG /CTIKPCNKGP KO 6GZV WPF CWH FGP 6CHGNP 6HP TGRCTKGTV
5%*.')'. # &KG MWTOCKP\KUEJG /ÒP\UV·VVG *ÌEJUV DKU (TCPMHWTV CO /CKP 5 .GKPGP
5%*0'+&'4 - (140'%- ) / )GNF KO 9GUVGTYCNF /ÒP\RT·IWPI WPF )GNFWONCWH *CEJGP DWTI 5 1TKI $TQUEJWT 0 -.ª55'0&14( &GT /ÒP\UEJCV\ XQP *GTDQTP \WT -KRRGT\GKV KP FGT )TCHUEJCHV 0CUUCW &KNNGPDWTI 7PVGTUWEJWPIGP WPF /CVGTKCNKGP \WT 8GTHCUUWPIU WPF .CPFGUIG UEJKEJVG /CTDWTI 5 6HP &C\W -NGKPUEJTKHVGP ÒDGTYKGIGPF \WT /ÒP\MWPFG FGU RH·N\KUEJGP 4CWOGU 5RG[GT 9GKNDWTI 2JKNKRRUDWTI *GKFGNDGTI 7PVGTUEJKGFKEJ IGDWPFGP
5%*4#// 2 ' &KG FGWVUEJGP -CKUGT WPF -ÌPKIG KP $KNFGTP KJTGT <GKV /ÒPEJGP 5 FCXQP 6HP .GKPGP
&GT PWOKUOCVKUEJG 6GKN FGU $CPFGU YWTFG XQP 2GVGT $GTIJCWU XGTHCV 'T GPVJ·NV WPVGT CPFGTGO GKP 8GT\GKEJPKU XQP -TQPGPFCTUVGNNWPIGP FCU DGK FGT +FGPVKHK\KGTWPI UEJNGEJV CWUIGRT·IVGT WPF GTJCNVGPGT YKMKPIGT\GKVNKEJGT /ÒP\GP UGJT JKNHTGKEJ KUV
58
5%*4¤66'4 ( (TGKJGTT XQP &CU 2TGWKUEJG /ÒP\YGUGP KO ,CJTJWPFGTV $GUEJTGKDGPFGT 6JGKN *GHV &KG /ÒP\GP CWU FGT <GKV FGT -ÌPKIG (TKGFTKEJ + WPF (TKGFTKEJ 9KNJGNO + 0CEJFTWEM $KGNGHGNF FGT #WUICDG $GTNKP 8+++ 5 6HP .GKPGP / 1.&+0) &KG /ÒP\GP (TKGFTKEJU FGU )TQGP -CVCNQI FGT RTGWKUEJGP /ÒP\GP XQP 1UPCDTÒEM .GKPGP DGKNKGIGPF 0CEJVT·IG WPF $GTKEJVKIWPIGP
0'7<'+6 &'765%*.#0&
$TCPFGPDWTI (T·PMKUEJGU /ÒP\YGUGP 6GKNG *CNNG CP FGT 5CCNG :+++ 5 : 5 6HP +P GKPGO $CPF KP .GKPGP IGDWPFGP
#WHU·V\G \WT FGWVUEJGP /ÒP\ WPF )GNFIGUEJKEJVG FGU DKU ,CJTJWPFGTVU #WUYCJN WPF 'KPNGK VWPI XQP $GTPF -NWIG .GKR\KI ::+++ 5 .GKPGP
5%*7.6'0 2 0 &KG /ÒP\GP FGT )TCHGP XQP *QJPUVGKP XQP FGP GTUVGP #PH·PIGP KO /KVVGNCNVGT DKU \WO #WUUVGTDGP FGU IT·HNKEJGP *CWUGU 1UPCDTÒEM 5 1TKI $TQUEJWT
5%*9'&' # &CU /ÒP\YGUGP KO *QEJUVKHV 2CFGTDQTP 5VWFKGP WPF 3WGNNGP \WT YGUVH· NKUEJGP )GUEJKEJVG 8GTÌHHGPVNKEJWPIGP FGT *KUVQTKUEJGP -QOOKUUKQP HÒT 9GUVHCNGP 2CFGTDQTP :+++ 5 OKV \CJNTGKEJGP #DD -CTVQPKGTV
5%*9+0-195-+ 9 &KG 4GKEJUOÒP\TGHQTODGUVTGDWPIGP KP FGP ,CJTGP WPF FGT 8GTVTCI \W <KPPC /KV DGUQPFGTGT $GTÒEMUKEJVKIWPI FGT QDGTU·EJUKUEJGP /ÒP\ WPF )GNFIGUEJKEJVG 5VWVV ICTV 5 1TKI $TQUEJWT
5116*' , % XQP #WUGTNGUGPGU WPF JÌEJUV CPUGJPNKEJGU &WECVGPECDKPGV 0GWFTWEM $QPP FGT #WUICDG *CODWTI :+ 5 *CNDNGFGT 4ÒEMGP DGUVQGP
/KV 9KFOWPI XQP &T * /G[GT CP &T $WEJGPCW
52476* ( &KG 1DGTJCT\GT #WUDGWVGVCNGT XQP $TCWPUEJYGKI .ÒPGDWTI $QEJWO 5 -CTVG .GKPGP * * XQP 5%166+ #WUDGWVGVCNGT WPF /GFCKNNGP FGU *CT\GT $GTIDCWU $GKURKGNG HÒT FKG 2T·IGMWPUV HTÒJGTGT <GKV )QUNCT 5 * $7415' W C &KG <GNNGTHGNFGT /ÒP\G 8KGT $GKVT·IG \WT )GUEJKEJVG FGT CNVGP /ÒP\UV·VVG %NCWUVJCN <GNNGTHGNF 5 Z .GKPGP Z 1TKI $TQUEJWT
56')79'+6 9 )GUEJKEJVG FGT /ÒP\UV·VVG )QVJC XQO DKU \WO ,CJTJWPFGTV 9GKOCT 5 .GKPGP
/KV 9KFOWPI FGU 8GTHCUUGTU
5<%<74'- 6 5MCTD OQPGV \ :8 K :8+ YKGMW \ TQYW MQlQ O[pNKDQT\C 1 1 2 $'4)*#75 &GT /ÒP\UEJCV\ XQP 3WGTGPDWTI KP FGT $QEJWOGT 7PKXGTUKV·V -NGKPG *GHVG FGT /ÒP\UCOONWPI CP FGT 4WJT 7PKXGTUKV·V $QEJWO $QEJWO , *#/#00 &GT &QDGTCPGT /ÒP\HWPF XQP $CF &QDGTCP $ -.7)' ) 9'6<'. /ÒP\UEJCV\HWPFG KO $G\KTMUOWUGWO %QVVDWU %QVVDWU =/KV 9KFOWPI -NWIGU? * , -'..0'4 'KP /ÒP\UEJCV\ FGU ,CJTJWPFGTVU CWU 5EJQPICW /ÒPEJGP & 5%*/76< &GT /ÒP\UEJCV\HWPF XQO 5EJGNNGPDGTIGT 9CNF XGTITCDGP PCEJ 5& CWU FGO ,CJTDWEJ FGU *KUVQTKUEJGP 8GTGKPU HÒT FCU (ÒTUVGPVWO .KGEJVGPUVGKP .KGEJVGPUVGKP = YGKVGTG -NGKPUEJTKHVGP? 1TKI $TQUEJWT
6'06<'. 9 ' 5CZQPKC 0WOKUOCVKEC #NDGTVKPKUEJG .KPKG $·PFG 0& $GTNKP FGT #WUICDG &TGUFGP (TCPMHWTV )QVJC 5GKVGP 6HP 9 56ª4/'4 8GT\GKEJPKU WPF )GRT·IG FGT ITQDGP WPF MNGKPGTGP /ÒP\UQTVGP YGNEJG FKG -WTHÒTUVGP (ÒTUVGP WPF 5V·PFG FGU 1DGTGP 5·EJUKUEJGP -TGKUGU XGTOÌIG FGU *GKNKIGP 4GKEJGU /ÒP\QTFPWPI CWH FGP -TGKU WPF 2TQDCVKQPUVCIGP XGTINKEJGP JCDGP 0& $GTNKP FGT #WUICDG .GKR\KI / ( , /ª..'4 -NGKPG XGTOKUEJVG $GKVT·IG \WT -GPPVPK FGT 5EJKEMUCNG GKPJGKOKUEJGT WPF HTGOFGT /ÒP\GP KO *GT\QIVWO .WZGODWTI WPF KP FGT )TCHUEJCHV %JKPI KO /KVVGNCNVGT WPF KP FGT PGWGTGP <GKV (CMUKOKNGFTWEM .WZGODWTI FGT #WUICDG 6TKGT , , $1*. #DDKNFWPIGP FGT VTKGTKUEJGP /ÒP\GP 0& .WZGODWTI FGT #WUICDG *CP PQXGT % , )¤6< &GWVUEJNCPFU -C[UGT /ÒP\GP FGU /KVVGN #NVGTU 0& .GKR\KI FGT #WU ICDG &TGUFGP % 9'4/76* 5RGEKHKECVKQ FGTGT /GFCKNNGP QFGT 5EJCW 5VÒEMG = ? 0& .GKR\KI FGT #WUICDG )QVJC .GKPGP OKV 5EJWV\WOUEJNCI Z .GKPGP Z 1TKI $TQUEJWT
Z
6*14/#00 * &KG CPJCNVKUEJGP /ÒP\GP FGU /KVVGNCNVGTU /ÒPUVGT 5 \CJNTGKEJG -QP MQTFCP\VCDGNNGP 6HP .GKPGP
9'+0) 460'4 , &KG )QNF WPF 5KNDGT /ÒP\GP FGU $KUVJWOU 2CFGTDQTP PGDUV JKUVQTKUEJGP 0CEJ TKEJVGP 0CEJVT·IG \W FGP /ÒP\GP FGT 'FNGP XQP $ÒTGP WPF FGT #DVGK *GNOGTUJCWUGP 0CEJFTWEM *CODWTI 5 &KG )QNF WPF 5KNDGT /ÒP\GP FGT #DVGK %QTXG[ PGDUV JKUVQTKUEJGP 0CEJ TKEJVGP 0CEJFTWEM *CODWTI 5 6HP $GUEJTGKDWPI FGT -WRHGT /ÒP\GP PGDUV JKUVQTK UEJGP 0CEJTKEJVGP 0CEJFTWEM *CODWTI 5 2 +.+5%* -NGKPG %QTXG[GT /ÒP\IG UEJKEJVG 2CFGTDQTP 5 /GKUV 1TKI $TQUEJWT
9'..0'4 4 &KG /ÒP\GP XQP 6TKGT 'TUVGT 6GKN 'TUVGT #DUEJPKVV $GUEJTGKDWPI FGT /ÒP\GP ,CJTJWPFGTV 2WDNKMCVKQPGP FGT )GUGNNUEJCHV HÒT TJGKPKUEJG )GUEJKEJVUMWPFG &ÒUUGNFQTH 5 6HP .GKPGP
59
0'7<'+6 &'765%*.#0&
9'.6'4 ) &KG /ÒP\GP FGT 9GNHGP UGKV *GKPTKEJ FGO .ÌYGP $·PFG $TCWPUEJYGKI :+ 5 +: 5 6HP 8++ 5 OKV \CJNTGKEJGP #DD .GKPGP
&KG /ÒP\GP FGT 9GNHGP UGKV *GKPTKEJ FGO .ÌYGP $·PFG $TCWPUEJYGKI :+ 5 +: 5 6HP 8++ 5 OKV \CJNTGKEJGP #DD -WPUVNGFGT
9'56(#.+# 07/+5/#6+%# /ÒPUVGT /KPFGP /ÒPUVGT 5 6HP 5 5 1TKI $TQUEJWT
9';. # &KG 2CWN *GPEMGN UEJG 5COONWPI $TCPFGPDWTI 2TGWUUKUEJGT /ÒP\GP WPF /GFCKNNGP $GTNKP 5 6HP 0CEJVTCI $GTNKP 5 +P GKPGO $CPF KP *CNDNGFGT IGDWPFGP
9+'.#0&6 ( $CFKUEJG /ÒP\ WPF )GNFIGUEJKEJVG -CTNUTWJG 5 6HP .GKPGP 2QTVT·VUVWFKGP \WO 5VWPFGPDWEJ /CTMITCH %JTKUVQRJU + XQP $CFGP 5& CWU <GKVUEJTKHV HÒT FKG )G UEJKEJVG FGU 1DGTTJGKPU 5 )GJGHVGV
9+66'0$4+0- 5 )GNF /CTMGP WPF /GFCKNNGP XQP $GEMWO WPF 0GWDGEMWO 3WGNNGP WPF (QT UEJWPIGP \WT )GUEJKEJVG FGU -TGKUGU 9CTGPFQTH 9CTGPFQTH 5 .GKPGP
-1081.76 &'765%*' 07/+5/#6+- /QPQITCRJKGP W C XQP $ÒVVPGT 5QDQVVC %KDKU )KNNGU *CJP -GTPF N ,CGIGT .CWVGT /ÒUGNGT 0KEMNKU 2QJN XQP 5EJTÌVVGT 8GKV FCTWPVGT ' $ %#*0 &KG /ÒP\GP FGU *QEJUVKHVU 'KEJUV·VV )TÒPYCNF , 5 &#8'02146 )GTOCP 6CNGTU .QPFQP 9 (7%*5 (TCPMHWTVGT 4CTKV·VGP -ÌNP * , -'..0'4 &KG /ÒP\GP FGT (TGKGP 4GKEJUUVCFV 0ÒTPDGTI )TÒPYCNF 9 & /ª..'4 ,#*0-' ( ' 81.< &KG /ÒP\GP WPF /GFCKNNGP FGT IT·HNKEJGP *·WUGT 5C[P (TCPMHWTV CO /CKP 5%*0'+&'4 &CU /ÒP\YGUGP KP FGP )TCHUEJCHVGP 9KGF 0GWYKGF WPF 9KGF 4WPMGN (TCPMHWTV CO /CKP ( (4'+*'44 XQP 5%*4¤66'4 &CU 2TGWKUEJG /ÒP\YGUGP KO ,CJTJWPFGTV $GUEJTGKDGPFGT 6GKN *GHV &KG /ÒP\GP CWU FGT <GKV FGT -ÌPKIG (TKGFTKEJ + WPF (TKGFTKEJ 9KNJGNO + 0CEJFTWEM Q 1 WPF , FGT #WUICDG $GTNKP &CU 2TGWKUEJG /ÒP\YGUGP KO ,CJTJWPFGTV $GUEJTGKDGPFGT 6GKN *GHV &KG /ÒP\GP CWU FGT <GKV FGU -ÌPKIU (TKGFTKEJ ++ FGU )TQGP 0CEJFTWEM /ÒPUVGT #PIGNOQFFG FGT #WUICDG $GTNKP - 9'+5'056'+0 &KG -KRRGT WPF 9KRRGT\GKV KO -WTHÒTUVGPVWO 6TKGT -QDNGP\ 7PVGTUEJKGFNKEJ IGDWPFGP
-1081.76 *'445%*'4$+.&0+55' 4 )#'66'05 /ÒP\RQTVT·VU KO ,CJTJWPFGTV *GK FGNDGTI 5 6HP .GKPGP 4 #.$'46 *TUI *GTTUEJGTRQTVT·VU KP FGT 0WOKUOCVKM (GUV UEJTKHV \WO &GWVUEJGP 0WOKUOCVKMGT 6CI 5RG[GT 5 % # 9+..'/5'0 &KG $KNFPKUUG FGT 5VCWHGT 8GTUWEJ GKPGT $GUVCPFUCWHPCJOG )ÌRRKPIGP 5 6HP 1TKI $TQUEJWT
-1081.76 /+66'.#.6'4 5EJTKHVGP \WT OKVVGNCNVGTNKEJGP 0WOKUOCVKM FCTWPVGT 4 )#'66'05 /ÒP\RQTVT·VU KO ,CJTJWPFGTV *GKFGNDGTI % , )¤6< &GWVUEJNCPFU -C[UGT /ÒP\GP FGU /KVVGN #NVGTU 0CEJFTWEM .GKR\KI FGT #WUICDG &TGUFGP 2 )4+'4510 /ÒP\GP FGU /KVVGNCNVGTU &KG 9GNV FGT /ÒP\GP (TKDQWTI - .#0)' /ÒP\MWPUV FGU /KVVGNCNVGTU .GKR\KI # 57*.' /ÒP\DKNFGT FGT *QJGPUVCWHGP\GKV .GKR\KI 7PVGTUEJKGFNKEJ IGDWPFGP
-1081.76 /+66'.&'765%*.#0& -QPXQNWV XQP 2WDNKMCVKQPGP \W /KVVGNFGWVUEJNCPF DGUQPFGTU 6JÒTKPIGP W C ) 4¤$.+6< &KG $TCMVGCVGP FGT *GTTGP XQP .QDFGDWTI $GTNKP 9 56')79'+6 6JÒTKPIKUEJG $TCMVGCVGP FGU /ÒP\MCDKPGVVU )QVJC )QVJC 2 .#7'49#.& <WT /ÒP\ WPF )GNFIGUEJKEJVG FGU 'KEJUHGNFGU 9QTDKU *GKNKIGPUVCFV 7PVGTUEJKGFNKEJ IGDWPFGP
-1081.76 1661 &'4 )4155' / 27*.' 1VVQ FGT )TQG /CIFGDWTI WPF 'WTQRC $·PFG /CKP\ ::+8 5 8+++ 5 -CTVQPKGTV $ -.7)' 2HGTFG HÒT 2HWPF 5KNDGT /ÒP\G )GNF WPF 4GKEJVWO \WT <GKV 1VVQU FGU )TQGP /CIFGDWTI 5 1TKI $TQUEJWT
-1081.76 4*'+0+5%*' /ª0<)'5%*+%*6' / XCP 4'; 'KPHÒJTWPI KP FKG TJGKPKUEJG /ÒP\IGUEJKEJVG FGU /KVVGNCNVGTU /ÌPEJGPINCFDCEJ 5 -WTMÌNPKUEJG /ÒP\ WPF )GNFIG UEJKEJVG KO ªDGTDNKEM 5& CWU -WT -ÌNP .CPF WPVGT FGO -TWOOUVCD 5 9 *'55 &CU TJGKPKUEJG /ÒP\YGUGP KO ,CJTJWPFGTV WPF FKG 'PVUVGJWPI FGU -WTTJGKPKUEJGP /ÒP\XGTGKPU 5& CWU &GT &GWVUEJG 6GTTKVQTKCNUVCCV KO ,CJTJWPFGTV + 5KIOCTKPIGP 5 -CTVG ' .+0- &KG 'T\DKUEJÌHNKEJG /ÒP\G WPF KJTG 'T\GWIPKUUG 5& CWU $KPIGP )GUEJKEJVG GKPGT 5VCFV CO /KVVGNTJGKP 8QO HTÒJGP /KVVGNCNVGT DKU \WO ,CJTJWPFGTV $KPIGP 5 ) 2146/#00 &GT 4KZFCNNGT KUV 8++ 1TV ªDGT )GNF WPF 4GEJGPY·JTWPIGP KO /ÒJNJGKOGT 4CWO XQP FGT <GKV -CTNU FGU )TQGP DKU \WO $GIKPP FGU 'TUVGP 9GNVMTKGIGU /ÒJNJGKO 5 4*'+0+5%*' /ª0<(4'70&' ,CJTG (GUVUEJTKHV /ÌPEJGPINCFDCEJ 5 ,CJTG 'KHGNGT /ÒP\HTGWPFG 5EJNGKFGP 5 /GKUV 1TKI $TQUEJWT
60
0'7<'+6 &'765%*.#0& )4155$4+6#00+'0
-1081.76 5%*.'5+'0 -QPXQNWV XQP ÒDGTYKGIGPF IGDWPFGPGP -QRKGP XQP /QPQITCRJKGP WPF 5QPFGTFTWEMGP \WT UEJNGUKUEJGP 0WOKUOCVKM FCDGK (4+'&'05$74) 5EJNGUKGPU /ÒP\IGUEJKEJVG KO /KVVGNCNVGT 0CEJFTWEM .GKR\KI *CNDNGKPGP MCTVQPKGTV WPF DTQUEJKGTV
-1081.76 510&'4&47%-' 5%*.'5+'0 -QPXQNWV XQP 5QPFGTFTWEMGP W C XQP $#*4('.&6 ' /ÒP\ WPF )GNFYGUGP KP )NCV\ \W <GKV (TKGFTKEJ 9KNJGNOU +++ &KG )GF·EJVPKU OÒP\GP CWH FGP )GDWTVUVCI FGU UEJNGUKUEJGP /KPKUVGTU XQP *Q[O FGT /CTUEJYKV\GT $TCMVGCVGPHWPF &GT 5KNDGTHWPF XQP 9KP\KI -TGKU 9QJNCW $#*4('*.&6 / XQP &CU IGRT·IVG COVNKEJG 0QVIGNF FGT 2TQXKP\ 5EJNGUKGP (4+'&'05$74) 0GWG <WVJGKNWPIGP UEJNGUKUEJGT &GPCTG $GK VT·IG \WT UEJNGUKUEJGP /GFCKNNGPMWPFG )7/195-+ )NQICWKUEJG /ÒP\IGUEJKEJVG 5%*'70'4 'KP )TQUEJGP FGT 5VCFV )ÌTNKV\ &KG /ÒP\GP FGT 5VCFV )ÌTNKV\ *CNDNGKPGP
DTQUEJKGTV VGKNYGKUG OKV JCPFUEJTKHVNKEJGP 0QVK\GP
-1081.76 9'56(#.'0 8GTUEJKGFGPG 5EJTKHVGP FCTWPVGT 2 $'4)*#75 *CPUKUEJGU )GNF KP 9GUVHCNGP 5& CWU )GNFWONCWH 9·JTWPIUU[UVGOG WPF <CJNWPIUXGTMGJT KP 0QTFYGUVGWTQRC -ÌNP -NGKPG /KPFGPGT /ÒP\IGUEJKEJVG /KPFGP /ÒP\GP 9CRRGP 5KGIGN FGT 5VCFV #TPU DGTI #TPUDGTI 9GUVH·NKUEJG /ÒP\IGUEJKEJVG FGU /KVVGNCNVGTU /ÒPUVGT * -475; &KG /ÒP\GP FGT )TCHGP XQP 5EJYCNGPDGTI WPF KJTGT 5GKVGPNKPKGP 2[TOQPV 5VGTPDWTI WPF 9CNFGEM NGV\VGTG DKU GVYC FGT GPFIÒNVKIGP 'PVUVGJWPI FGT )TCHUEJCHV 9CNFGEM -ÌNP 7PVGTUEJKGFNKEJ IGDWP FGP
-1081.76 /QPQITCRJKGP WPF #WHU·V\G \WT FGWVUEJGP 0WOKUOCVKM W C XQP $7%- $ª660'4 51$166# . XQP '$'0)4'76* -70<'. 1.&+0) 1'46<'0 5%*9#.$#%* FCDGK CWEJ 0CEJFTWEMG 7PVGTUEJKGFNKEJ IGDWPFGP
#WMVKQPUMCVCNQIG OKV *CODWTIGT /ÒP\GP WPF /GFCKNNGP 5NI -KTUVGP = 0TP ? 5NI 1GVNKPI = 0TP ? 5NI 0CVJCP = 0TP ? #WMVKQP /GWUU XQP 5NI *KPVGTUVQKUUGT 5NI /ÒNXGTUVGFV =QJPG 6HP ? WPF *GNDKPI /GKUV DTQUEJKGTV
(4#0-4'+%*
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.GU OQPPCKGU (TCP¼CKUGU H¾QFCNGU 6QOG + 2CTKU 5 .GKPGP
(.10 & *KUVQKTG OQP¾VCKTG FG NC .QTTCKPG GV FGU 6TQKU X¾EJ¾U $·PFG 0CPE[ .:: 5 1TKI $TQUEJWT
/KV 9KFOWPI FGU 8GTHCUUGTU
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#4%*+$#.& / / %11- $ , 'PINKUJ /GFKGXCN %QKP *QCTFU 6GKN %TQUU CPF %TQUUNGVU 5JQTV %TQUU CPF .QPI %TQUU *QCTFU $TKVKUJ /WUGWO 1EECUKQPCN 2CRGTU .QPFQP 8 5 FCXQP 6HP 1TKI $TQUEJWT
$.#%-$740 / # 5 &7/8+..' & 0 *TUI -KPIU %WTTGPE[ CPF #NNKCPEGU *KUVQT[ CPF %QKPCIG QH 5QWVJGTP 'PINCPF KP VJG 0KPVJ %GPVWT[ 5VWFKGU KP #PINQ 5CZQP *KUVQT[ 9QQFDTKFIG : 5 .GKPGP * $ # 2'6'45510 #PINQ 5CZQP %WTTGPE[ -KPI 'FICTʼnU 4GHQTO VQ VJG 0QTOCP %QPSWGUV 5 6HN 1TKI $TQUEJWT 2 )4+'4510 .C HQPEVKQP UQEKCNG FG NC OQPPCKG GP #PINGVGTTG CWZ 8++G 8+++G UK½ENGU 5& CWU 5GVVKOCPG FK UVWFKQ FGN %GPVTQ KVCNKCPQ FK UVWFK UWNNʼnCNVQ OGFKQGXQ 5RQNGVQ 5 &C\W GKP YGKVGTGT 5& 1TKI $TQUEJWT
)4+'4510 2 (KV\YKNNKCO /WUGWO %CODTKFIG 2CTV #PEKGPV $TKVKUJ CPF #PINQ 5CZQP %QKPU 5%$+ .QPFQP ::++ 5 FCXQP 6HP $ -.7)' 5VCVG /WUGWO $GTNKP %QKP %CDKPGV #PINQ 5CZQP #PINQ 0QTOCP CPF *KDGTPQ 0QTUG %QKPU 5%$+ 8+++ 5 FCXQP 6HP ' , ' 2+4+' 2QUV 4QOCP %QKPU HTQO ;QTM 'ZECXCVKQPU 6JG #TEJGCQNQI[ QH ;QTM ;QTM 5 6HP FCXQP KP (CTDG .GKPGP Z WPF 1TKI $TQUEJWT Z
&GT UGNVGPG GTUVG $CPF FGT 5[NNQIG QH %QKPU QH VJG $TKVKUJ +UNGU OKV GKPGO 8QTYQTV XQP 5+4 ( 56'0610
/'6%#.( & / #P #VNCU QH #PINQ 5CZQP CPF #PINQ 0QTOCP %QKP (KPFU E 405 5RG EKCN 2WDNKECVKQP .QPFQP :8+ 5 FCXQP 6HP WPF \CJNTGKEJG -CTVGP .GKPGP OKV 5EJWV\WOUEJNCI
/'6%#.( & / *TUI %QKPCIG KP /GFKGXCN 5EQVNCPF 6JG 5GEQPF 1ZHQTF 5[ORQ UKWO QP %QKPCIG CPF /QPGVCT[ *KUVQT[ $TKVKUJ #TEJCGQNQIKECN 4GRQTVU 8+++ 5 1TKI $TQUEJWT + & $4190 / &1..'; # $KDNKQITCRJ[ QH %QKP *QCTFU QH )TGCV $TKVCKP CPF +TGNCPF 405 5RGEKCN 2WDNKECVKQP .QPFQP 5 .GKPGP
576*'4.#0& % * 8 #PINQ 5CZQP )QNF %QKPCIG KP VJG .KIJV QH VJG %TQPFCNN *QCTF .QPFQP 5 6HP .GKPGP
61
0'7<'+6 )4155$4+6#00+'0 +6#.+'0
-1081.76 #0)'.5#%*5'0 - ,105510 6JG 0GY 'TC 6JG 4GHQTOCVKQP QH VJG .CVG #PINQ 5CZQP %QKPCIG %QOOGPVCVKQPGU FG PWOOKU UCGEWNQTWO +: :+ KP UWGEKC TGRGTVKU 0QXC UGTKGU 5VQEMJQNO 5 .GKPGP 8KMKPI #IG *QCTFU CPF .CVG #PINQ 5CZQP %QKPU 5VQEMJQNO 5 5 *1./ 5VWFKGT ÌHXGT 7RRUCNC 7PKXGTUKVGVU #PINQUCZKUMC /[PVUCONKPI 7RRUCNC 8+++ 5 4 * / &1..'; 5QOG 4GHNGEVKQPU QP *KNFGDTCPF 6[RG # QH VJGNTºF ++ #PVKMXCTKUMV #TMKX 5VEQMJQNO 5 % ' $.706 #PINQ 5CZQP CPF *KDGTPQ 0QTUG 5& CWU # 5WTXG[ QH 0WOKUOCVKE 4GUGCTEJ ++ 0GY ;QTM 5 Z .GKPGP UQPUV OGKUV 1TKI $TQ UEJWT
*#$5$74+5%*' '4$.#0&' 70)#40 $¤*/'0
%#56'.+0 - )TQUUWU 2TCIGPUKU &GT 2TCIGT )TQUEJGP WPF UGKPG 6GKNUVÒEMG #WHN $TCWPUEJYGKI 5 6HP (CNVMCTVG .GKPGP
*#.#%-# + /KPEG <GOÃ -QTWP[ CGUM¾ $·PFG -TQOerÃĻ &C\W \YGK YGK VGTG 2WDNKMCVKQPGP .GKPGP
*75< 4 . /ÒP\MCVCNQI 7PICTP XQP DKU JGWVG /ÒPEJGP 5 21*. # 7PICTK UEJG )QNFIWNFGP FGU /KVVGNCNVGTU )TC\ 5 FQRRGNUGKVKIG 6CDGNNGP OKV \CJNTGK EJGP /ÒP\CDD .GKPGP
. 5<.¡ - # -QTC TR±F -QTK /CI[CT 2¾P\XGT¾UTËN TOGVCPK ¾U T¾I¾U\GVK VCPWNO±P[QM C -±TR±V OGFGPEG + 5\GPV +UVX±P ¾U ++ 8CM $¾NC WTCNMQF±UC MÌ\ÌVVK KFËU\CM±PCM ¾TO¾KTËN 8CTKC #TEJCGQNQIKEC *WPICTKEC $WFCRGUV 5 6HP &C\W YGKVGTG 5EJTKHVGP \WT 7PICTKUEJGP 0WOKUOCVKM /GKUV 1TKI $TQUEJWT
/+..'4 <7 #+%**1.< 8 ¤UVGTTGKEJKUEJG /ÒP\RT·IWPIGP #WHNCIG 9KGP (TQPVKURK\ :::++ 5 3WGTHQNKQ 1TKI *CNDNGKPGP
&GT 6CHGNDCPF YWTFG GTUV \WT \YGKVGP #WHNCIG GTUVGNNV
01*',.18 24 618 ' 0±NG\[ /KPEÃ X CGEJ±EJ PC OQTCXe C XG 5NG\UMW $·PFG 2TCI 5 (CNVMCTVGP 5 (CNVMCTVGP 5 (CNVMCTVGP 5 .GKPGP , *.+0-# W C 0±NG\[ 5VTGFQXGMÓEJ /KPEÃ PC 5NQXGPUMW ++ $TCVKUNCXC 5 .GKPGP 2 4CFQOeTUM[ 6JG &GCF 1DQNWU D[ VJG 5NCXU QH $QJGOKC GV /QTCXKC 6GZV CWH VUEJGEJKUEJ 2TCI 5 6HP 1TKI $TQUEJWT
07/+5/#6+%# /14#8+%# 5DQTPÃM + PWOKUOCVKEM¾JQ 5[ORQUKC , 21ĥ8 4 /Q TCXUM¾ /KPEQXP[ $TPQ 5DQTPÃM ++ PWOKUOCVKEM¾JQ 5[ORQUKC <WT 2TQDNGOCVKM FGU /·JTKUEJGP /ÒP\YGUGPU FGU ,CJTJWPFGTVU $GKVT·IG OGKUV KP VUEJGEJKUEJGT 5RTCEJG (1.+# 07/+5/#6+%# 5WRRNGOGPVWO CF CEVC OWUGK /QTCXKCG , 5',$#. &eLKP[ 2GPe\ PC /QTCXe $NQM 5 6HP /GKUV .GKPGP
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81).*7$'4 4 6CNGT WPF 5EJCWVCNGT FGU 'T\JCWUGU *CDUDWTI XQP 'T\JGT\QI 5KIKUOWPF XQP 6KTQN DKU -CKUGT (TCP\ ,QUGH + (TCPMHWTV CO /CKP 5 6HP .GKPGP OKV 5EJWV\WO UEJNCI
-1081.76 65%*'%*+5%*' 07/+5/#6+- 8GTÌHHGPVNKEJWPIGP KP VUEJGEJKUEJGT 5RTCEJG 7PVGTUEJKGFNKEJ IGDWPFGP
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2.#6$#4<&+5 # &KG -ÌPKINKEJ 5EJYGFKUEJG /ÒP\G KP .KXNCPF &CU /ÒP\YGUGP -WPIN 8KVVGTJGVU *KUVQTKG QEJ #PVKMXKVGVU #MCFGOKGPU *CPFNKPICT #PVKMXCTKUMC 5GTKGP .WPF 5 1TKI $TQUEJWT 5 PQEJ WPCWHIGUEJPKVVGP + .'+/75 &CU /ÒP\YGUGP .KXNCPFU KO ,CJT JWPFGTV 5VQEMJQNO 5VWFKGU KP 0WOKUOCVKEU 5VQEMJQNO 5 FCXQP 6HP -CTVQPKGTV
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6+0)564ยค/ $ 2NCVG /QPG[ 6JG 9QTNFล U .CTIGUV %WTTGPE[ 5VQEMJQNO 5 FCXQP 6HP -CTVQPKGTV , *'4$'46 0KEQDCT 6JG $KIIGUV 2NCVG /QPG[ (KPF KP VJG 9QTF 8ยทTNFGPU UVร TUVC H[PF CD RNยนVO[PV 5VQEMJQNO 5 -CTVQPKGTV =/KV 9KFOWPI FGU 8GTHCUUGTU? 2106'4+1 #551%+#6'5 2WDNKE CPF /CKN $KF #WEVKQP 5YGFKUJ 2NCVG /QPG[ HTQO VJG 9TGEM QH VJG 0KEQDCT 2CUCFGPC 0TP '. )GJGHVGV
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64
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5%*#'0&.+0)'4 # % 1UOCPKUEJG 0WOKUOCVKM 8QP FGP #PH·PIGP FGU 1UOCPKUEJGP 4GKEJGU DKU \W UGKPGT #WHNÌUWPI *CPFDÒEJGT FGT OKVVGNCUKCVKUEJGP 0WOKUOCVKM $TCWPUEJYGKI 5 6HP .GKPGP
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5%*1.6'0 % 6JG %QKPU QH VJG &WVEJ 1XGTUGCU 6GTTKVQTKGU 0CEJFTWEM 5 6HP $TQUEJKGTV # 21. 5EJGRGP OGV )GNF &G *CPFGNUOWPVGP XCP FG XGTGPKIFG QQUVKPFKUEJG %QORCIPKG ʼn5 )TCXGPJCIG 5 -CTVQPKGTV
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69
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'PVJ·NV FCU -CRKVGN &KG <CJNGP WPF FCU /ÒP\YGUGP KP FGT .GZ (TKUKQPWO
9#/'45 ' &KG HTÒJOKVVGNCNVGTNKEJGP .GUGHWPFG CWU FGT .ÌJTUVTCUUG $CWUVGNNG *KNVQP ++ KP /CKP\ /CKP\GT #TEJ·QNQIKUEJG 5EJTKHVGP /CKP\ 5 OKV \CJNTGKEJGP #DD .GKPGP =/KV $GKVT·IGP XQP 2 $'4)*#75 WPF % 561'55? * 416* *GUUGP KO (TÒJOKVVGNCNVGT #TEJ·QNQIKG WPF -WPUV 5KIOCTKPIGP 5 OKV \CJNTGKEJGP #DD -CTVQPKGTV 5EJOWEM FGU HTÒJGP /KVVGNCNVGTU #TEJ·QNQIKUEJG 4GKJG (TCPMHWTV CO /CKP 5 OKV \CJNTGKEJGP #DD 1TKI $TQUEJWT =/KV 9KFOWPI FGU 8GTHCUUGTU?
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07/+5/#6+5%* 52*4#)+56+5%*'4 #0<'+)'4 <GKVWPI HÒT /ÒP\ 5KGIGN W 9CRRGP MWPFG 1TICP FGU /ÒP\HQTUEJGT 8GTGKPU \W *CPP ,CJTICPI +P $·PFGP IGDWPFGP FCTWPVGT $·PFG OKV UVCTMGP 'KPDCPFUEJ·FGP VGKNU HGJNGPFG TÒEMGP QFGT $WEJFGE MGN ,CJTICPI FQRRGNV XQTJCPFGP HGJNGPFGU *GHV FGU ,CJTICPIU CNU -QRKG DGKIGHÒIV &C\W 0WOKUOCVKUEJGT #P\GKIGT ,CJTICPI WPXQNNUV·PFKI KP 'KP\GNJGHVGP
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#WMVKQP XQO 5NI (TKGFGPUDWTI /ÒP\GP FGU FGWVUEJGP /KVVGNCNVGTU 0TP 6HP $GKIGUEJTKGDGPG 2TGKUG *CNDNGKPGP GVYCU UVQEMHNGEMKI
#WMVKQP XQO 5NI XQP *=ÒVVGPDCEJ? /KVVGNCNVGT 0GW\GKV DGU 0KGFGTNCPFG &GWVUEJNCPF 5EJYGK\ =5NI 2KGRGT? 6GKN 9GUVHCNGP 5NI 0KGU #WUDGWVGOÒP\GP 5NI 5KOQP ,WFCKEC 0TP 6HP $GKIGUEJTKGDGPG 2TGKUG 1TKI $TQUEJWT
#WMVKQP XQO &KG JGT\QINKEJ CPJCNVKPKUEJG /ÒP\UCOONWPI \W &GUUCW 6GKN /KVVGNCNVGT W C (F XQP (TGEMNGDGP WPF 'WTQRC 9GUVHCNGP 0TP 6HP 5. CNU (QVQMQRKG 6GKNYGKUG DGKIGUEJTKGDGPG 2TGKUG $TQUEJWT GVYCU DGUVQGP
%+#0+ . 2CTKU #WMVKQP XQO 5NI (NQTCPIG .QVJTKPIGP 0TP 6HP 1TKI $TQUEJWT DGUVQGP 4ÒEMGP DGUEJ·FKIV
'))'4 )'$4ª&'4 9KGP #WMVKQP XQO )TKGEJGP DGU 5K\KNKGP 0TP 6HP /KV DGKIGUEJTKGDGPGP 2TGKUGP KO 6GZV WPF VGKNYGKUG CWH FGP 6CHGNP .GKPGP
#WMVKQP XQO 5NI (GPGTN[ $G[ #PVKMG 0TP 6HP *CNDNGKPGP
)4#$19 . 4QUVQEM #WMVKQP XQO 5NI 4QGRGT 6GKN 0TP 6HP VGKNYGKUG OKV DGKIGUEJTKGDGPGP 2TGKUGP 1TKI $TQUEJWT
'Z NKDTKU ( 5EJYCT\G 6KVGN OKV JCPFUEJTKHVNKEJGO $GUKV\GTGKPVTCI
*#/$74)'4 , (TCPMHWTV CO /CKP #WMVKQPGP CWU FGP ,CJTGP 5NI 4KVVGT XQP 9KNOGTUFÌTHHGT 6GKN /KVVGNCNVGT WPF 0GW\GKV DGU -WPUVOGFCKNNGP WPF &GWVUEJNCPF 0TP \WU 6HP FKG 6HP FGU 6GKNU PWT CNU (QVQMQRKG DGKIGNGIV 6GKN WPF OKV DGKIGUEJTKGDGPGP 2TGKUGP 6GKN OKV DGKIGDWPFGPGT '. -CVCNQIG KP GKPGO $CPF KP *CNDNGFGT IGDWPFGP
*#/$74)'4 . . (TCPMHWTV CO /CKP #WMVKQP XQO 5NI XQP 5EJGPPKU #PVKMG 5NI .KRRGTV 9ÒT\DWTI 5NI -ÌJNGT *GUUGP 0TP 6HP #WMVKQP XQO *GUUKUEJG &WDNGVVGP WPF CWUIGUEJKGFGPG 5VÒEMG FGU )TQUUJGT\QINKEJ *GUUKUEJGP /ÒP\MCDKPGVVU KP &CTOUVCFV 5NI 5WJO $CFGP 5EJYGK\ 'NUC 5NI 5GNVOCP #PVKMG 0TP 6H #WMVKQP XQO =5NI *G[OCPP? -ÌNP (TCPMHWTV 0TP #WMVQP XQO 7PKXGTUCN 0TP 6HP #WMVKQP XQO 5NI /CTZ #PVKMG /CKP\ $TCWPUEJYGKI 0TP '. GKPIGDWPFGP -CVCNQIG KP GKPGO $CPF IGDWPFGP *CNDNGFGT GVYCU DGUVQGP
#WMVKQP XQO 5NI 5CWTOC ,GNVUEJ $GIKPP FGT )TQUEJGPRGTKQFG DKU \WT -KRRGT\GKV 0TP 6HP 1TKI $TQUEJWT DGUVQGP $NGKUVKHVGKPIT·IG CWH 6KVGN WPF 8QTUCV\
#WMVKQP XQO 5EJYGK\ 5NI $ KP - 5EJYGK\ 0TP 6HP .GKPGP
#WMVKQP XQO 5NI $CEJQHGP $WTEMJCTFV $CUGN 6GKN 0TP 6HP .GKPGP DGKIG UEJTKGDGPG 2TGKUG
-CVCNQI GKPGT FGT ·NVGUVGP WPF DGFGWVGPFUVGP 5RG\KCNUCOONWPIGP 5EJYGK\GT /ÒP\GP WPF /GFCKNNGP #WH FGT GTUVGP 5GKVG GKPIGMNGDVG 0QVK\ 'VYCKIG FGWVUEJG .WZWUUVGWGT \W .CUVGP FGT -·WHGT
#WMVKQP CWU FGP ,CJTGP 5NI $CEJQHGP $WTEMJCTFV $CUGN 6GKN =XQP ? +P GKPGO $CPF KP .GKPGP IGDWPFGP
#WH FGT GTUVGP 5GKVG GKPIGMNGDVG 0QVK\ 'VYCKIG FGWVUEJG .WZWUUVGWGT \W .CUVGP FGT -·WHGT
73
#7-6+105-#6#.1)'
#WMVKQP XQO 5NI XQP 4 5EJNGUKGP 5NI XQP %NCGT /GFCKNNGP (TKGFTKEJU FGU )TQGP FGT $TCMVGCVGPHWPF XQP .KEJVGPDGTI 0TP 6HP .GKPGP
#WMVKQP XQO #NVG 5COONWPI R·RUVNKEJGT /ÒP\GP 0TP 6HP .GKPGP
#WMVKQP XQO 5NI 8QIGN #DV +8 0KGFGTU·EJUKUEJG 5V·FVG 9GUVHCNGP 0TP 6HP .GKPGP DGKIGDWPFGPG '.
*'.$+0) 1 /ÒPEJGP #WMVKQP XQO 5NI /G[GT 0GW\GKV 0TP *'.$+0) 0#%*( 1 /ÒPEJGP #WMVKQP XQO 5NI (TGKJGTT <W 4JGKP 9ÒT\DWTI (TCPMTGKEJ )QNFHWPF XQP 6JCNGKUEJYGKNGT 0TP 6HP 1TKI $TQUEJWT DGUEJ·FKIV $WEJDNQEM WPF 6H NQUG #WMVKQP XQO 7PKXGTUCN 0TP 6HP #WMVKQP XQO =5NI $TWPPGT? /ÒP\GP WPF /GFCKNNGP CNV WPF PGWHÒTUVNKEJGT *·WUGT 0TP 6HP VGKNYGKUG DGKIG UEJTKGDGPG 2TGKUG #WMVKQP XQO #PVKMG /ÒP\GP 0TP 6HP DGKIGDWPFGPG 5. #WMVKQP XQO 4CTKV·VGP GTUVGP 4CPIGU 0TP 6HP DGKIGDWPFGPG 5. #WMVKQP XQO 7PKXGTUCN DGU /KVVGNCNVGT 2HCN\ 0TP 6HP #WMVKQP XQO 5NI .CP\ 5EJYCDGP 0TP 6HP DGKIGDWPFGPG 5. .GKPGP Z
#WMVKQPGP CWU FGP ,CJTGP WPF =5NI 4CKPGT? 6GKN 7PKXGTUCN 0TP 6HP FKG 6HP FGU 6GKNU HGJNGP 6GKN OKV DGKIGUEJTKGDGPGP 2TGKUGP 6GKN WPF OKV GKPIGDWPFGPGT '. -CVCNQIG KP GKPGO $CPF IGDWPFGP *CNDNGFGT
*'.$+0) 1 0#%*( /ÒPEJGP #WMVKQP XQO 5NI $WEJGPCW /KVVGNCNVGT GVE 0TP 6HP /KV DGKIGUEJTKGDGPGP 2TGKUGP 1TKI $TQUEJWT
*'55 # (TCPMHWTV CO /CKP (GUVRTGKUNKUVG XQP 0TP *CNDNGKPGP &GEMGN NQEMGT #WMVKQP XQO 5NI / &QPGDCWGT $ÌJOGP 6GKN 0TP *'55 0#%*( # (TCPMHWTV CO /CKP #WMVKQP XQO 5NI 4QGFGT 9ÒT\DWTI 0TP 6HP DGKIGUEJTKG DGPG 2TGKUG #WMVKQP XQO 5V·FVKUEJG /ÒP\UCOONWPI (TCPMHWTV CO /CKP 0TP #WMVKQP XQO 5NI / *QN\OCPP )QNFOÒP\GP 6CNGT 0TP 6HP #WMVKQP XQO -NKRRGP 4GHQTOCVKQP .WHVUEJKHHCJTV 0TP 6HP .GKPGP Z WPF *CNDNGKPGP Z
#WMVKQP XQO 5NI (CTKPC 4JGKPKUEJG .·PFGT $TCPFGPDWTI 2TGWGP 9GUVHCNGP 0TP *CNDNGFGT OKV DGKIGUEJTKGDGPGP 2TGKUGP FKG 6HP HGJNGP
*'55 0#%*( # (TCPMHWTV CO /CKP #WMVKQPGP WPF 8GTMCWHUMCVCNQIG 6JÒTKPIGP #PVKMG 5NI 1VVQ 5EJYCDGP WPF -WPUVOGFCKNNGP 5NI 0KVUEJ )TKGEJKUEJG /ÒP\GP ,ÒNKEJ -NGXG $GTI CWU FGP ,CJTGP 6GKNYGKUG OKV 5. *CNDNGKPGP Z 1TKI $TQUEJWT Z
#WMVKQP XQO 5NI /G[GT )GFCPGPUKU 6GKN /ÒP\GP WPF /GFCKNNGP FGT -CKUGT WPF -ÌPKIG FGT )GKUVNKEJMGKV WPF FGT #NVHÒTUVNKEJGP *·WUGT 0TP 6HP #WMVKQP XQO 5NI /G[GT )GFCPGPUKU 6GKN 0GWHÒTUVGP +VCNKGP 5EJYGK\ 0KGFGTNCPFG GVE 0TP 6HP 6GKN OKV '. 6GKN OKV DGKIGUEJTKGDGPGP 2TGKUGP +P GKPGO $CPF KP *CNDNGKPGP IGDWPFGP 2CRKGT YKG ÒDNKEJ IGDT·WPV
#WMVKQP XQO 5NI *QTUM[ ¤UVGTTGKEJ 7PICTP 6GKN 0TP 6HP 5. *CNDNGKPGP
#WMVKQP XQO 5NI $CJTHGNFV 0TP 6HP 1TKI $TQUEJWT 5KVG H KP -QRKG 4ÒE MGP WPF &GEMDNCVV IGMNGDV WPF GKPIGTKUUGP ' $#*4('.&6 9 4'+0'%-' &GT $CTFGYKMGT /ÒP\ HWPF $GTNKP 5 6HP .GKPGP * &#00'0$'4) 'KP (WPF PKGFGTFGWVUEJGT $TCMVGCVGP
UQI (WPF XQP 5& CWU <GKVUEJTKHV HÒT /ÒP\ 5KGIGN WPF 9CRRGPMWPFG 0( 5 6HP *CNNG 1TKI $TQUEJWT * # '4$56'+0 &GT /ÒP\HWPF XQP 6TGDKV\ DGK 9KVVGPDGTI 'KP $GKVTCI \WT )GUEJKEJVG FGU FGWVUEJGP /ÒP\YGUGPU KO WPF ,CJTJWPFGTV 0ÒTPDGTI 5 6HP *CNDNGKPGP 6HP NGKEJV UVQEMHNGEMKI
#WMVKQP XQO 5NI # .ÌDDGEMG )TKGEJGP 4ÌOGT 0TP 6HP 1TKI $TQUEJWT 4ÒE MGP NGKEJV DGUEJ·FKIV
#WMVKQPGP XQO 5NI 8QIGN + +8 0TP 0TP OKV DGKIGNGIVGT '. 6CHGNDCPF 5NI 8QIGN 6HP 6HP 6HP 6HP .GKPGP
*'55 #) # .W\GTP #WMVKQP XQO 5NI 9CNVGTU WPF 5NI 9GDD 4ÌOKUEJG /ÒP\GP 0TP 6HP 5. -CTVQPKGTV
#WMVKQP XQO 5NI )TQHÒTUV /KEJCKNQXKVUEJ XQP 4WNCPF 4WUUKUEJG /ÒP\GP WPF /GFCKN NGP CWU )QNF WPF 2NCVKP 0TP 6HP 5. 1TKI $TQUEJWT
*+45%* , /ÒPEJGP #WMVKQP XQO #PVKMG ¤UVGTTGKEJ /GFCKNNGWT # 5EJCTHH 0TP 1TKI $TQUEJWT
74
#7-6+105-#6#.1)'
#WMVKQP XQO 5NI 9GDGT 6GKN 4ÌOKUEJG WPF D[\CPVKPKUEJG /ÒP\GP 0TP 6HP 6GZVCDD DGKIGUEJTKGDGPG 2TGKUG 1TKI $TQUEJWT 4ÒEMGP IGMNGDV GKPKIG 6HP NQUG
/'755 * *CODWTI #WMVKQP XQO 5NI &CP\KIGT $TGOGP $TGOGP 8GTFGP 5VCFG 0TP 6HP 5. 1TKI $TQUEJWT
/ª0<'0 70& /'&#+..'0 #) $CUGN 8GTMCWHUNKUVGP +P $·PFGP KP .GKPGP IGDWPFGP
/74+5'6 )+%16 % )GPH #WMVKQP XQO IGOGKPUCO OKV . (144'4 .QPFQP 5NI 5VTQGJNKP 6GKN 5EJYGK\ 0TP 6HP .GKPGP
4+'%*/#00 # *CNNG CP FGT 5CCNG #WMVKQP XQO 5NI $TCWUG /CPUHGNF 0CRQNG QPOGFCKNNGP 5NI 9GTPGDWTI )GKUVNKEJMGKV 2TGWGP 0TP 6HP DGKIGDWPFGPG 'N *CNDNGK PGP YGPKIG 6HP NGKEJV UVQEMHNGEMKI
#WMVKQP XQO 5NI .ÌDDGEMG &GWVUEJG $TCMVGCVGP 0TP 6HP DGKIGUEJTKGDGPG 2TGKUG *CNDNGKPGP $KPFWPI NQEMGT
#WMVKQP XQO 0CEJFTWEM /GGTDWUEJ $ÒFGTKEJ 5NI 8QIGNUCPI #WUDGWVG WPF $GTIYGTMUOÒP\GP WPF OGFCKNNGP (TQPVKURK\ 0TP 6HP '. .GKPGP
#WMVKQP XQO /KVVGNCNVGT $TCMVGCVGPHWPF XQP 0QTFJCWUGP 0TP 6HP 1TKI $TQUEJWT
415'0$'4) 5 (TCPMHWTV CO /CKP #WMVKQP XQO IGOGKPUCO OKV 5 5%*166 9#..'456'+0 (TCPMHWTV CO /CKP 5NI $GNNK 6GKN #NV WPF 0GWHÒTUVNKEJG *·WUGT 0TP 6HP &QRRGNVHP '. DGKIGUEJTKGDGPG 2TGKUG KO 6GZV WPF CWH FGP 6CHGNP 1TKI $TQUEJWT
#WMVKQPGP XQO 5NI 8KGNJCDGT /QGTU KP 0WOOKU XQO 5NI 8KGNJCDGT ++ ,ÒNKEJ %NGXG $GTI XQO 5NI XQP OKVVGNTJGKPKUEJGP /ÒP\GP WPF /GFCKNNGP FGWVUEJG 'JTGP\GKEJGP XQO 5NI 'NNOCP W C /KVVGNCNVGT WPF 0GW\GKV ,ÒNKEJ %NGXG $GTI 5EJYGK\ (TCPMTGKEJ +VCNKGP CPVKMG /ÒP\GP XQO 5NI *GGTFV /CKP\ 0GW\GKV 6GKN YGKUG OKV DGKIGUEJTKGDGPGP 2TGKUGP 7PVGTUEJKGFNKEJ IGDWPFGP
5#06#/#4+# 2 2 4QO 5NI /CIPCIWVK 'Z PWOOKU JKUVQTKC 6GKN XQP )QP\CIC 0TP 6HP KP $GKNCIG 1TKI $TQUEJWT
5%*.'55+0)'4 ( #OUVGTFCO #WMVKQP XQO 5NI 5 ' %TQPC 5EJYGFGP 0TP 6HP 5.
5%*.'55+0)'4 ( $GTNKP #WMVKQP XQO 5NI CWU CWUN·PFKUEJGO /WUGWOUDGUKV\ =&WDNGVVGP 'TGOKVCIG? )TKGEJKUEJG /ÒP\GP 0TP 6HP 5. .GKPGP
5'.+)/#00 # *CPPQXGT #WMVKQP XQO 5NI 2HNÒOGT *COGNP 0KGFGTUCEJUGP 0TP 6HP 1TKI $TQUEJWT 4ÒEMGP DGUEJ·FKIV
516*'$; %1 .QPFQP # ECVCNQIWG QH C EQNNGEVKQP QH CPEKGPV CP OQFGTP EQKPU CPF OGFCNU KP IQNF UKNXGT CPF EQRRGT %QPUKUVKPI QH )TGGM 4QOCP 5CZQP 'PINKUJ /CP[ QH VJGO TCTG CPF KP HKPG RTGUGTXCVKQP #OQPI VJGO KU VJG HCOQWU 2GVKVKQP ETQYP QH %JCTNGU ++ D[ 6 5KOQP CPF OCP[ QVJGTU HTQO VJG ECDKPGV QH VJG NCVG 4KEJCTF 5QWVJICVG .QPFQP 5 2CRRDCPF OGKUV DGKIG UEJTKGDGPG 2TGKUG /CPXKNNG 4QDGTVUQP 5
52+0- .QPFQP #WMVKQP WPF XQO 6JG 0QTYGD %QNNGEVKQP )TQDTKVCPPKGP 6GKNG $TQUEJKGTV
-1081.76 7PVGT FGP #WMVKQPUMCVCNQIGP HKPFGV UKEJ GVYC *#/$74)'4 . (TCPMHWTV CO /CKP #WMVKQP XQO 5NI (QTF 5EJYGK\ WPF 5NI ,QUGRJ 5EJYGK\ 0TP 6HP .GKPGP #WMVKQP XQO 5NI 2TKP\ 2JKNKRR XQP 5CEJUGP %QDWTI )QVJC 7PKXGTUCN 0TP 6HP DGKIGUEJTKGDGPG 2TGKUG *CNDNGFGT %#*0 # ' (TCPMHWTV CO /CKP #WMVKQP 0T XQO 7PKXGTUCN *CODWTI 0TP 6HP .GKPGP *CNDNGFGT Z .GKPGP Z 1TKI $TQUEJWT Z OGKUV GVYCU DGUEJ·FKIV
#WMVKQPUMCVCNQIG FGT (KTOGP 0#% 0T *GUU .GW 0T .GW 0T /ÒP\GP WPF /GFCKNNGP #) 0T 5VCEM U #WMVKQP XQO *GUU 0CEJH 0T 4QUGPDGTI 0T 4KGEJOCPP 0T /GWUU 0T )CGVVGPU 0T )TCDQY 0T $CNN 0T 5EJNGUUKPIGT Z 0T %CJP .KUVG *GNDKPI 0T &QTQVJGWO 5NI *QNNUEJGEM 5QVJGD[ -CVCNQIG FCTWPVGT $·PFG $[\CPVKPGT FGT *WPV %QNN )NGPFKPKPI Z %JTKUVKG U Z 5RKPM Z /GKUV $TQUEJKGTV
75