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HIYQKVERHIFVEWMPIMVSNYWXEQIRXIETVIGMEHSTIPSWGSRXIQTSVÆRISW

% WYE MRJPYÎRGME QSVEP LSNI MVVEHME XVMYRJEPQIRXI TIPS &VEWMP

MRXIMVSx



5YERXS E+IXÞPMS:EVKEW KSWXEVME HI GMXEV HYEW TEWWEKIRW HI

WIY (MÅVMS UYIQITEVIGIQIWTIGMEPQIRXIVIPIZERXIW)QHIEFVMP

HI:EVKEWVIKMWXVEZEHIWIRXIRHMQIRXSUYIXMZIVEGSQ3W[EPHS

%VERLE WSFVI E VIEPM^EËÇS HE 'SRJIVÎRGME TEVE E 4E^ HS 'LEGS 3

'LERGIPIVFVEWMPIMVSGSRXVEVMERHSEZSRXEHIHIRSWWSWZM^MRLSWMRWMWXME

IQWIHMEVEGSRJIVÎRGMERS6MSHI.ERIMVSWSFTVIWMHÎRGMEFVEWMPIMVE



+IXÞPMSSFWIVZEZEUYIESJE^ÎPSEJEWXÅZEQSRSWwHEXVEHMËÇSWIKYMHE

KIVEPQIRXITIPERSWWEHMTPSQEGMETVMRGMTEPQIRXIHIWHI6MS&VERGS

HIRYRGERSWSJIVIGIVQSWTEVEEJYRËÇSHINYÑ^IWWIQTVIHIWEKVEHÅZIP

I RSW RMZIPEVQSW GSQ YQE HMTPSQEGME HI IWTMSREKIQ WIKYMHE TSV

SYXVSW TEÑWIWx



2SHMEHIJIZIVIMVSHI+IXÞPMSERSXEZEIQWIYHMÅVMS

w1SVVIY S 4ETE *SM HIGVIXEHS PYXS SJMGMEP I LSRVEW HI 'LIJI HI

)WXEHS7IRHSXEQFÍQERMZIVWÅVMSHEQSVXIHI6MS&VERGSTIVQMXM

TSV YQ HIGVIXS IWTIGMEP E RSQIEËÇS HI WIYW HSMW RIXSW TEVE S

-XEQEVEX] MRHITIRHIRXI HI GSRGYVWSx



,Å EÑ ZÅVMEW GSMWEW MRXIVIWWERXIW % ERSXEËÇS HI  TEVIGI

WMRXIXM^EVIQWIYQSZMQIRXSGSRXVEHMX×VMSSTV×TVMSJE^IVTSPÑXMGS

HI +IXÞPMS :EVKEW GSRWYFWXERGMEHS RE HIGMWÇS HI LSQIREKIEV S

&EVÇSGSQERSQIEËÇSTEVEGEVKSTÞFPMGSRS-XEQEVEX]GSRXSVRERHS

EWI\MKÎRGMEWPIKEMWHSWHSMWRIXSWHI6MS&VERGS-WWSTEVES4VIWMHIRXI

UYIGVMSYS(%74IXVEFEPLSYTEVEMQTPERXEVSGSRGYVWSTÞFPMGSI

S WMWXIQE HI QÍVMXS RE %HQMRMWXVEËÇS 4ÞFPMGE FVEWMPIMVE RÇS IVE

GIVXEQIRXI HIGMWÇS HI TSYGE QSRXE % VIJIVÎRGME Ä QSVXI HI 4MS

<- TSV WYE ZI^ WIKYMHE MQIHMEXEQIRXI TIPE IZSGEËÇS HE JMKYVE HS

&EVÇSGEVVIKEGSRWMKSXEQFÍQQYMXS HS WMQFSPMWQSUYIGIVGE IQ

RSWWSTEÑWSRSQIHI6MS&VERGS

%MRHE QEMW WMKRMJMGEXMZE RS IRXERXS Í E VIJIVÎRGME ES &EVÇS

RSITMW×HMSHE'SRJIVÎRGMEHS'LEGS%PM+IXÞPMSQSWXVEUYI6MS

&VERGS TIVQERIGME GSQS TEVEHMKQE HS RSWWS JE^IV HMTPSQÅXMGS I

UYI WIY RSQI QEMW HS UYI IZSGEV S TEWWEHS GSRWXMXYÑE HMVIXVM^ I

SVMIRXEËÇS TEVEEW HIGMWÙIW QEMWMQTSVXERXIWHI TSPÑXMGE I\XIVREHS

TEÑW

'SQS SFWIVZSY ¥PZEVS 0MRW 6MS &VERGS IVE S UYI LSNI

GLEQEQSW HI LSQIQ HI EËÇS w(S IWXMPS HI 6MS &VERGS RÇS WI

TSHME HM^IV UYI JSWWI PMXIVÅVMS SY EVXÑWXMGS QEW YQ IWXMPS HI EËÇS

 %W SFVEW IWGVMXEW HI 6MS &VERGS RÇS WÇS TVSTVMEQIRXI PMZVSW

QEWEXSW%XSWJSVEQEWWYEWQIQ×VMEWEWWYEWI\TSWMËÙIWHIQSXMZSW

SWWIYWHMWGYVWSWSWWIYWEVXMKSWSWWIYWHSGYQIRXSWHMTPSQÅXMGSW

9Q IWXMPS HE EËÇSE I\TVMQMVYQE JMKYVEHILSQIQHI)WXEHSx



4EVIGIQISTSVXYRSGMXEVRSZEQIRXIEIWWIVIWTIMXSSXEQFÍQ

HYEW ZI^IW 'LERGIPIV %JSRWS %VMRSW UYI IQ HMWGYVWS TVSJIVMHS RE



'ÆQEVE HSW (ITYXEHSW IQ NERIMVS HI  RE UYEPMHEHI HI PÑHIV

HESTSWMËÇSGSQSUYEPLSQIREKIEZE%PI\ERHVIHI+YWQÇSzEUYIPI

UYIÍGSRWMHIVEHSSEZØHEHMTPSQEGMEFVEWMPIMVEIUYIJSMSKVERHI

EVXÑJMGIHS8VEXEHSHI1EHVMzRSFMGIRXIRÅVMSHIWYEQSVXIVIWWEPXSY

EEXYEËÇSHS-XEQEVEX]REHIJIWEHSXIVVMX×VMSFVEWMPIMVSRE UYIWXÇS

HSWPMQMXIWGSQE%VKIRXMREEJMVQERHSUYIIWWETSHIVMEWIVWMRXIXM^EHE

IWMQFSPM^EHEwREKVERHIQIQ×VMEIR\YXERSWIYIWXMPSGSTMSWE

IWYFWXERGMSWERSWIYGSRXIÞHSEHQMVÅZIPRSWIYIUYMPÑFVMSTIVJIMXE

RE WYE TSPMHI^ HMTPSQÅXMGE MVVITVSGLÅZIP RE WYE XÍGRMGE GMIRXÑJMGE

WINE NYVÑHMGE WINE LMWX×VMGE WINE KISKVÅJMGE MWXS Í E 1IQ×VME HS

&EVÇSHS6MS&VERGSREHIJIWEHSHMVIMXSFVEWMPIMVSWSFVISXIVVMX×VMS

HEW4EPQEWIQUYISJYRHEHSVHEHMTPSQEGMEVITYFPMGERETIPE

TVMQIMVE ZI^ WI VIZIPSY HMERXI HS &VEWMP GSQ S TSVXI KMKERXIWGS

GSQ UYI EXÍ LSNI HSQMRE EW RSWWEW XVEHMËÙIW HMTPSQÅXMGEWx



4EVE6MS&VERGSSHMTPSQEXEISWSPHEHSWÇSEQFSWI\TVIWWÇS

HEWSFIVERMEIIPIQIRXSWHIGMWMZSWREHIJIWEHSXIVVMX×VMSREGMSREP



)WWE TIVGITËÇS UYI Í E HE ZMWÇS HI YQ WMWXIQE MRXIVREGMSREP HI

REXYVI^EMRXIVKSZIVREQIRXEPIMRXIVIWXEXEPUYIIVEFEWMGEQIRXIEUYIPI

RSUYEP6MS&VERGSEXYSYRÇSI\GPYÑEYQEERXIGMTEHSVETVISGYTEËÇS

GSQEUYMPSUYILSNIGLEQEQSWHIWSJXTS[IVTEVEJEPEVGSQS.SWITL

2]I



3&EVÇSXMRLETIVJIMXERSËÇSHEMQTSVXÆRGMEHEMQTVIRWE

HETYFPMGMHEHIIHEEKIRHEHESTMRMÇSTÞFPMGEHIGYNSWQIMSWWSYFI

WI ZEPIV TEVE GSRWSPMHEV I PIKMXMQEV E TVIWIRËE HS -XEQEVEX] GSQS

MRWXMXYMËÇS HS )WXEHS

%SFVEHI6MS&VERGSzIESHM^IVSFVETIRWSRÇSTVSTVMEQIRXI

IQSFVEPMXIVÅVMEQEWWIKYMRHSSI\IQTPSHI¥PZEVS0MRWRESFVE

GSQS MRWXVYQIRXS HE EËÇS z GSRWXMXYM TSV MWWS XEQFÍQ TEVE

GSRXMRYEVQSW GSQ S TEVEHMKQE IWXEFIPIGMHS TSV 4MIVVI 2SVE YQE

QÍQSMVIH)XEX'SQSEWSFVEWHI0YÑW<-:2ETSPIÇSSY(I+EYPPI

ESFVEHI6MS&VERGSÍI\TVIWWÇSHI4SHIVzGSQw4xQEMÞWGYPSz

I IRGEVREËÇS HI YQ QSQIRXS HS )WXEHS 7IRHS WYE SFVE IPE Í

XEQFÍQ JVEKQIRXS HE RSWWE TV×TVME LMWX×VME

3W HITSMQIRXSW HI WIYW WYGIWWSVIW EW TEPEZVEW HI WIYW

GSRXIQTSVÆRISW IETV×TVME VIJPI\ÇS LMWX×VMGEIQXSVRSHS TIVÑSHS

IQUYI6MS&VERGSIWXIZIÄJVIRXIHS-XEQEVEX]HIQSRWXVEQSTVIWXÑKMS

YRÆRMQI HI UYI HIWJVYXE S &EVÇS IQ RSWWS TEÑW 1IWQS EUYIPIW



UYISGSRXIWXEVEQzIIWWIWWSFVIXYHSÄWYEÍTSGERÇSJSVEQTSYGSW

VIGSVHIWI TSV I\IQTPS EW JEVTEW UYI PLI PERËSY 0MQE &EVVIXS





z VIGSRLIGIQ E KVERHI^E HS TIVWSREKIQ 3PMZIMVE 0MQE UYI XIZI

WYEWI\TVIWWMZEWHIWEZIRËEWGSQ6MS&VERGSGSQTØWRSIPSKMSJÞRIFVI

HS &EVÇS YQE HI WYEW QEMW FIPEW TÅKMREW w%W UYEPMHEHIW HS&EVÇS

HS 6MS &VERGS IVEQ QYMXEW I RSXÅZIMW 7YE MRXIPMKÎRGMEIVE HMVIXE

PÞGMHEZMKSVSWE7IEWYEEPQEXMRLEVIJSPLSWEWYEMRXIPMKÎRGME

IVEXSHEFERLEHEHIPY^%ERÅPMWIHIWYEQIRXEPMHEHIVIJPIXMHEIQ

UYISWMQTYPWSWSWKIRIVSWSWISWRÇSKIRIVSWSWIVEQGYMHEHSWEQIRXI

WSTMXEHSWESWEFSVHEWGSRZIRMÎRGMEWTÞFPMGEWzTSVUYIRIPISMRXIVIWWI

TIWWSEPWIGSRJYRHMEGSQSTÞFPMGSEWWMQGSQSEWYETIVWSREPMHEHI

QIVKYPLEZEXSHEREREGMSREPMHEHIzMRGMHMEWSFVIXSHSWSWEWTIGXSW

HI YQE UYIWXÇS HS QIWQS QSHS UYI S WIY XMRS TVSZME XSHEW EW

WSPYËÙIWHIYQTVSFPIQE)WKSXEZETSVEWWMQHM^IVUYEPUYIVEWWYRXS

I MWXS PLI IVE XERXS QEMW JÅGMP  UYERXS S WIY IWTÑVMXS IVE S UYI

LEZME HI QIRSW HMWTIVWMZSx



3TVIWXÑKMSHS&EVÇSRÇSGSRLIGIYTSMWYQEGSRXVEQIQ×VME

'SQS VIGSVHE 6YFIRW 6MGYTIVS



 S TV×TVMS )WXERMWPES >IFEPPSW

EHZSKEHS EVKIRXMRS RE HMWTYXE HEW 1MWWÙIW RÇS HIM\SY HI

GYQTVMQIRXEVJMHEPKEQIRXI6MS&VERGSET×WEZMX×VMEFVEWMPIMVEREUYIPI

TPIMXS E HIWTIMXS HE VIGSRLIGMHE EGVMQØRME UYI GEVEGXIVM^EZE

RSVQEPQIRXI WYE EXMXYHI GSQ VIPEËÇS ES 'LERGIPIV FVEWMPIMVS

3GSRWIRWSIQXSVRSHSTIVWSREKIQHI6MS&VERGSÍTSHI

WI HM^IV TVEXMGEQIRXI ÞRMGS IQ RSWWE LMWX×VME 6YM &EVFSWE TSV

I\IQTPS RSXÅZIP GSRXIQTSVÆRIS HS &EVÇS RÇS JSM EGSPLMHS TIPE

TSWXIVMHEHIGSQEQIWQEKIRIVSWEYRERMQMHEHI%I\TPMGEËÇSTEVE

XEPÍGIVXEQIRXIGSQTPI\E%VVMWGEVMEHM^IVUYIIPEXEPZI^WIIRGSRXVI

RS JEXS HI UYI S RSQI HI 6MS &VERGS VIQIXI MRIZMXEZIPQIRXI ES

WMQFSPMWQS UYI GIVGE S -XEQEVEX] IQ GYNE GSRWSPMHEËÇS GSQS

MRWXMXYMËÇS HS )WXEHS FVEWMPIMVS I PMIYHI QÍQSMVI TVMZMPIKMEHS HI

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

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

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

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

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

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

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



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IQ GSRWIUàÎRGME HS IWTERXSWS TVSKVIWWS XIGRSP×KMGS UYI EPXIVSY

JYRHEQIRXEPQIRXI S VMXQS HS XIQTS I SW IWTEËSW HS YRMZIVWS

EFEPERHSGSRGIMXSWIJSVQEWHIZMZIVIGSRZMZIVRYQQYRHSRSZS

TPEWQEHSWSFVIXYHSTIPSMRIZMXÅZIPJIRØQIRSHEKPSFEPM^EËÇS1EW

MWWSRÇSSGSVVIVEERXIWRIQQIWQSREWKIVEËÙIWUYIMQIHMEXEQIRXI

WYGIHIVEQEHI6MS&VERGSEUYIPEWUYITVIWIRGMEVEQEWHYEWMRHM^ÑZIMW

LIGEXSQFIWUYIJSVEQE4VMQIMVEIE7IKYRHE+VERHI+YIVVE,SNI

YQ GSRJPMXS QYRHMEP REUYIPEW TVSTSVËÙIW TVSZEZIPQIRXI VIWYPXEVME

RS ERMUYMPEQIRXS  HE ZMHE IQ RSWWS TPERIXE HEHE E QSRWXVYSWE

GETEGMHEHI HI HIWXVYMËÇS GVMEHE TIPE QSHIVRE XIGRSPSKME ,SNI S

TSHIVHIM\SYHIXIVGSQSFEWITVMRGMTEPETSWWIHIYQXIVVMX×VMSHI

EQTPEWHMQIRWÙIWITEWWSYEETSMEVWIXEQFÍQIQSYXVSWIHMZIVWSW

JEXSVIW GSQS MRWXVYQIRXSW HI HSQMREËÇS

1EWRÇSIVEEWWMQRSXIQTSHS&EVÇSXIQTSIQUYIVITMXS

EI\XIRWÇSISWVIGYVWSWHI YQXIVVMX×VMSGSRHMGMSREZEQHIJSVQE

TVITSRHIVERXIEMQTSVXÆRGMEHIYQTEÑWREGSQYRMHEHIHEWREËÙIW

3WKVERHIWMQTÍVMSWGSRWXVYÑVEQWIESPSRKSHELMWX×VMEGSQFEWI

RIWXIJEXSVHIMQTSVXÆRGMETVIGÑTYESXIVVMX×VMS3TEÑWUYIRÇSS

TSWWYÑEIQTVSTSVËÙIWWEXMWJEX×VMEWRÇSLIWMXEZEIQVIGSVVIVÄKYIVVE

TEVEEHUYMVMPS'SQSRSGEWSTSVI\IQTPSHS.ETÇSNÅRSWÍGYPS

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GSRUYMWXEV YQE FEWI XIVVMXSVMEP UYI PLI TEVIGME IRXÇS MRHMWTIRWÅZIP

TEVEPMFIVXEVWIHEWPMQMXEËÙIWHIWYEMRWYPEVMHEHI)VEEXIVVEIVEE

I\TERWÇS HS XIVVMX×VMS UYI TVSTSVGMSREZE E FEWI HS TSHIV HIWHI

+ÎRKMW /LER EXÍ S -QTÍVMS VSQERS I S -QTÍVMS FVMXÆRMGS GSQ EW

XIVVEW HI EPÍQQEV UYI GSRWXMXYÑVEQ WIY HSQÑRMS GSPSRMEP IVE S

I\TERWMSRMWQSHI &MWQEVGOEEKVIWWÇS HI 1YWWSPMRM RE¥JVMGEI HI

,MXPIV RE )YVSTE

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HS8I\EWTIPSW)WXEHSW9RMHSWEWWMQGSQSEEUYMWMËÇSHE0YMWMERE

IEWKYIVVEWERMUYMPEHSVEWHEWTSTYPEËÙIWMRHÑKIREWREGSVVMHETEVE

S3IWXI2E%QÍVMGEHS7YPHIWHISWXIQTSWGSPSRMEMWS-QTÍVMS

TSVXYKYÎW I S IWTERLSP WI EKVIHMEQ JVIUàIRXIQIRXI IQ FYWGE HE

I\TERWÇSHIWYEWVIWTIGXMZEWJVSRXIMVEWSYWMQTPIWQIRXITEVEGSRWIVZEV

SWIWTEËSWNÅEHUYMVMHSW 3&VEWMPIE%VKIRXMREJSVEQHIWHIERXIW

HE MRHITIRHÎRGME SW TIVWSREKIRW TVMRGMTEMW HIWWI GSRJPMXS PEXIRXI

UYI WI EPEWXVSY RS 4VEXE I HIWFSVHSY RE QEMSV HEW KYIVVEW HS

GSRXMRIRXI E XIVVÑZIP I WERKVIRXE +YIVVE HS 4EVEKYEM

34VEXEJSMTEVER×WRSWWETVMQIMVEJVSRXIMVEZMZEREEJMVQEËÇS

HIRSWWSIWTEËSXIVVMXSVMEP)EWWYQIYQEVHITVIHIWXMREËÇSSJEXS

HIUYISJYXYVS&EVÇSHS6MS&VERGSXIRLEJIMXSES4VEXEWYETVMQIMVE

ZMEKIQESI\XIVMSVGSQWIXIERSWHIMHEHIETIREWTEVEEGSQTERLEV

WIYTEMSJYXYVS:MWGSRHIHS6MS&VERGSIRXÇSEMRHE'SRWIPLIMVS

4EVERLSWIQWYELMWX×VMGEQMWWÇSRS9VYKYEMYQEHEWTIVQERIRXIW

JSRXIWHIGSRJPMXSREUYIPEVIKMÇSSRHITVMQIMVSWIXSVRSYIZMHIRXI

E RIGIWWMHEHI HI VIWMWXMV ÄW XIRXEXMZEW HI MRZEWÇS HI RSWWS IWTEËS

JÑWMGSz SGSPSWWEPIWTEËSJÑWMGS UYIRSWPIKSY 4SVXYKEPIGYNE TEVXI

QEMWI\TSWXEÄ EQIEËEIWXVERKIMVEIVES I\XVIQSWYPS4VEXE

3XEPIRXSELEFMPMHEHIIEIRIVKMEHI4EVERLSWTEMJSVQEVEQ

E TIVWSREPMHEHI HI 4EVERLSW JMPLS GYNE JMIP I MVVIWXVMXE EHQMVEËÇS

JE^ME GSQ UYI IPI QYMXS QEMW XEVHI NÅ IQ TPIRE KP×VME EGPEQEHS

GSQSSwHIYWXIVQMREPHIRSWWEWJVSRXIMVEWxVIGYWEWWIGSQZIIQÎRGME

SXVMFYXSUYIPLITVIWXEZEQESGLEQÅPSHIwSQEMSVHSWFVEWMPIMVSWx

HM^IRHS wS QEMSV HSW FVEWMPIMVSW JSM ( 4IHVS -- I HITSMW QIY

TEMx4SHIWIHMWTYXEVUYIQJSMSQEMSVIWXEHMWXEHS-QTÍVMS1EW

GIVXEQIRXI S :MWGSRHI HS 6MS &VERGS Í JSVXI GERHMHEXS ES XÑXYPS

)EEHQMVEËÇSHSJMPLSTIPSTEMEWWMQGSQSSTVMZMPÍKMSHIGSRZMZIV

GSQEUYIPETIVWSREPMHEHIÑQTEVHIRSWWELMWX×VMEGSRWXMXYÑVEIPIQIRXS

JYRHEQIRXEPREJSVQEËÇSHEUYIPIEUYIQSHIWXMRSVIWIVZEVMEEKP×VME

HI XVEËEV HIJMRMXMZEQIRXI RSWWS TIVJMP JÑWMGS IQ RIKSGMEËÙIW

HMTPSQÅXMGEWIQUYIWYEEZEWWEPEHSVEGYPXYVEKISKVÅJMGEILMWX×VMGE

EPMEHE E WYE I\XVIQE LEFMPMHEHI I E YQE TEGMÎRGME E XSHE TVSZE

EWWIKYVEVERSWEKVERHI^EHSXIVVMX×VMSUYIÍLSNIRSWWSTEXVMQØRMS

2ÇSLIVHSYHSTEMTSVÍQSKSWXSTIPSI\IVGÑGMSHSTSHIVRETSPÑXMGE



MRXIVRE )Q WYEW TV×TVMEW TEPEZVEW GSRJIWWSY wGSRXMRYIM GSQS

HITYXEHSINSVREPMWXEESGYTEVQIQEMWHIMRZIWXMKEËÙIWIXVEFEPLSW

LMWX×VMGSWHSUYIHETSPÑXMGEMRXIVRETEVEEUYEPRYRGEWIRXMKVERHIW

EXVEËÙIWx)VEETSPÑXMGEI\XIVRESUYIVIEPQIRXISEXVEÑEWIQIWUYIGIV

EW TEPEZVEW HS TEM UYERHS IWXI EHZIVXME wWIQTVI TVSJIWWIM I EMRHE

LSNITVSJIWWSUYIETSPÑXMGEI\XIVRERÇSHIZIIWXEVWYNIMXEÄWZMGMWWMXYHIW

HE TSPÑXMGE MRXIVREx %HZIVXÎRGME UYI HIZI EGSQTERLEV WIQTVI S

HMTPSQEXE IQ UYEPUYIV ÍTSGE SY QSQIRXS IQ UYI Í GLEQEHS E

I\IVGIVWIYSJÑGMS)EUYMGEFIRSXEVUYIXSHSWSWKVERHIWIWXEHMWXEW

HS-QTÍVMSGSQSWUYEMW4EVERLSWJMPLSGSRZMZIYJSVEQHMTPSQEXEW

REXSW UYI RIKSGMEZEQ SW MRXIVIWWIW HS TEÑW EGMQE HEW JVMGËÙIW I

HMWTYXEWTEVXMHÅVMEWHETSPÑXMGEMRXIVRE3UYII\TPMGESJEXSHIUYI

S&EVÇSHS6MS&VERGSYQQSREVUYMWXEXIRLEWMHSSQEMSV'LERGIPIV

HE 6ITÞFPMGE

3&EVÇSHS6MS&VERGSJSMWIVTVMZMPIKMEHSEUYIQSHIWXMRS

TVSTSVGMSRSY E TSWWMFMPMHEHI HI QEXIVMEPM^EV E WIVZMËS HS &VEWMP

WIY ZEWXS GEFIHEP HI GSRLIGMQIRXS HI RSWWE KISKVEJME I HI RSWWE

LMWX×VMEEHUYMVMHSIQPSRKSWERSWHITEGMIRXIWIWXYHSWITIWUYMWEW

GSQSIQERXIGMTEËÇSZMWMSRÅVMEHSTETIPUYIPLIGEFIVMEHIWIQTIRLEV

REHIJIWEIJM\EËÇSHIRSWWSWPMQMXIWXIVVMXSVMEMW.ÅHYVERXIE+YIVVE

HS 4EVEKYEM S NSZIQ 4EVERLSW GSPIGMSREZE QETEW HIWGVMËÙIW HI

FEXEPLEW MRJSVQIW IXG

2SW PSRKSW ERSW IQ UYI ZMZIY RS I\XIVMSVIRXVI 0MZIVTSSP I

4EVMWHIHMGSYWI6MS&VERGSÄTVSGYVEHIQETEWIVIPEX×VMSWUYEWI

WIQTVI VEVSWWSFVI RSWWEWJVSRXIMVEW GSQS WI ERXIGMTEWWIUYI WIVME

GLEQEHS YQ HME E GYQTVMV E QMWWÇS LMWX×VMGE UYI S GSRWEKVSY

2ÇS TSHIVME IPI TVIZIV UYI ZMIWWI MWWS E EGSRXIGIV 4SV UYI S JI^

IRXÇS#4SV TYVSKSWXSTSVTETÍMWERXMKSW#8IVMEXMHSEMRXYMËÇSHI

UYI PLI WIVME I\MKMHS IQ JYXYVS EMRHE RÇS HIWGSVXMREHS UYI WI

IQTIRLEWWI IQ WYGIWWMZSW TPIMXSW UYI HM^MEQ VIWTIMXS Ä HIJIWE HI

RSWWSW HMVIMXSW RE TVIWIVZEËÇS HI RSWWE KVERHI^E XIVVMXSVMEP# ) WI

MWWSRÇSLSYZIWWISGSVVMHSWIRÇSSXMZIWWIQGLEQEHSWIRÇSJSWWI

IPI S IWGSPLMHS S TVSZMHIRGMEPQIRXI IWGSPLMHS I SYXVS LSYZIWWI

VIGIFMHS E LSRVSWE I GETMXEP MRGYQFÎRGME# 7ÇS TIVKYRXEW UYI

TIVQERIGIVÇS WIQ VIWTSWXE

%WWMQGSQSTIVQERIGIVÅWIQWSPYËÇSEMRIZMXÅZIPIWTIGYPEËÇS

WSFVIGSQSGSRHY^MVMELSNI6MS &VERGSRSWWETSPÑXMGEI\XIVREGSQ



XERXSWHIWEJMSWEGSRJVSRXÅPE5YEPWIVMEWYETSWMËÇSTSVI\IQTPS

IQ VIPEËÇS ES 1IVGSWYP# 'SQS IRGEVEVME S TVSFPIQE HE %0'%#

'SQS EXYEVME TEVETVSXIKIV RSWWE JVSRXIMVE EQE^ØRMGE WYNIMXE IQ

WYEZEWXÑWWMQEI\XIRWÇSEEQIEËEWHIXSHEIWTÍGMIGYNETVIWIVZEËÇS

WIEJMKYVEXÇSMRHMWTIRWÅZIPUYERXSHMJÑGMP#5YITVSTSWXEWETVIWIRXEVME

TEVE GSQFEXIV S XIVVSVMWQS I TEVE I\XIVQMREV S XVÅJMGS HI HVSKEW

IXG#

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2ÇS WÇS MRÞXIMW 7IVZIQ TEVE SVMIRXEVRSW TSMW IQFSVE JSVE HS

XIQTSIQUYIEXYSYS&EVÇSTSHIQKYMEVRSWRETVSGYVEHIWSPYËÙIW

TEVE SW JEXSW TVIWIRXIWWIQ GSQIXIVQSW S TIGEHS HS EREGVSRMWQS

LMWX×VMGSREFYWGEHEMRWTMVEËÇSÄPY^HSUYITSHIQSW GLEQEVHI

wIWXMPS HI RIKSGMEVx HS &EVÇS HS 6MS &VERGS GIVXEQIRXI S QIPLSV

TEHVÇSHIGSQTSVXEQIRXSUYITSHIQSWEHSXEV4SMWRIKSGMEVRIKSGMEV

WIQTVIÍEXEVIJEHSHMTPSQEXETVSJMWWMSREPWIQIWUYIGIVEEHZIVXÎRGME

HI+EPFVEMXLUYERHSHMWWIUYIwREWRIKSGMEËÙIWMRXIVREGMSREMWHIZI

WI WIQTVI TVSGYVEV TVSXIKIV E MHIRXMHEHI REGMSREPx ) JSM MWWS UYI

6MS&VERGSWIQTVIJI^3WHSMW6MS&VERGSWIQTVIJM^IVEQSJMPLS

ISTEM

2SERSIQUYIGIPIFVEQSWSGIRXIRÅVMSHETSWWIHS&EVÇSHS

6MS &VERGSRS 1MRMWXÍVMSHEW6IPEËÙIW)\XIVMSVIW VIEPM^SYWIIRXVI

SYXVEWQERMJIWXEËÙIWYQWIQMRÅVMSIQUYIJSVEQEFSVHEHSWZÅVMSW

XIQEW HI GETMXEP MQTSVXÆRGME TEVE S QIPLSV GSRLIGMQIRXS HE

I\XVESVHMRÅVMESFVEHEUYIPIUYIÍSTEXVSRSHEHMTPSQEGMEFVEWMPIMVE

9QWIQMRÅVMSHIWXMREHSEJE^IVWYVKMVYQEERÅPMWIMRXIVTVIXEXMZEHE

EXYEËÇSIHEVMGETIVWSREPMHEHIHS&EVÇSTVSGYVERHSXSVRÅPSZMZS

GSQS JSRXI MRWTMVEHSVE HI RSWWE EXYEP GSRHYXE HMTPSQÅXMGE RYQ

QYRHSXÇSHMJIVIRXIHEUYIPIIQUYIIPIZMZIYQEWWYFWXERGMEPQIRXI

SQIWQSIQXIVQSWHEFYWGEIHSI\IVGÑGMSHSTSHIV

(IZIQSWETIVJIMXESVKERM^EËÇSIEI\ÑQMEI\IGYËÇSHSWIQMRÅVMS

Ä HIHMGEËÇS HE )QFEM\EHSVE 8LIVI^E 1EVME 1EGLEHS 5YMRXIPPE

4VIWMHIRXI HE *YRHEËÇS %PI\ERHVI HI +YWQÇS *92%+

FVMPLERXIQIRXI EWWMWXMHE TIPS 1MRMWXVS 'EVPSW ,IRVMUYI 'EVHMQ

(MVIXSV HS -RWXMXYXS HI 4IWUYMWE HI 6IPEËÙIW -RXIVREGMSREMW -46-

I TIPS 1MRMWXVS .SÇS %PQMRS HI 7SY^E *MPLS  GSQTIXIRXI (MVIXSV

HS -RWXMXYXS 6MS &VERGS



7SF S WYKIWXMZS XÑXYPS w6MS &VERGS %QÍVMGE HS 7YP I E

QSHIVRM^EËÇSHS&VEWMPxSWIQMRÅVMSHIWIRVSPSYWIIQGMRGSWIWWÙIW

XIQÅXMGEW GSQ HMWGYVWS HI EFIVXYVE HS 1MRMWXVS 'IPWS 0EJIV

MRXIVZIRËÇSMRXVSHYX×VMEHS)QFEM\EHSV6YFIRW6MGYTIVSHMWWIVXEËÇS

JMREPHS4VSJIWWSV:MGIRXI1EVSXXE6ERKIPITEPEZVEWHIIRGIVVEQIRXS

HS)QFEM\EHSV%PZEVSHE'SWXE*VERGS

2IWXI PMZVS IRGSRXVEQWI VIYRMHSW SW XI\XSW MRXIKVEMW HS

HMWGYVWSHIEFIVXYVEHS'LERGIPIVIHSWXVEFEPLSWETVIWIRXEHSWTIPSW

GSRJIVIRGMWXEW IWTIGMEPQIRXI GSRZMHEHSW GYNSW RSQIW IWXÇS

VIPEGMSREHSW NYRXEQIRXI GSQ S TVSKVEQE HS IZIRXS

2ÇS GEFIVME XIRXEV VIWYQMV EW HMZIVWEW MRXIVZIRËÙIW HSW

GSRJIVIRGMWXEW EXÍ QIWQS TSVUYI GSQ MWWS S PIMXSV WIVME TVMZEHS

HI ETVIGMEV HIZMHEQIRXI S ZEPSV HSW XVEFEPLSW ETVIWIRXEHSW RSW

UYEMWSWGSRGIMXSWI\TSWXSWVIWYPXEQHEHIWGVMËÇSIHEMRXIVTVIXEËÇS

HETSPMQ×VJMGEEXYEËÇSHS&EVÇSHS6MS&VERGSRSWHMZIVWSWGEQTSW

IQUYIJSMGLEQEHSEHIJIRHIVSWHMVIMXSWISWMRXIVIWWIWHS&VEWMP

%WWMQSTVST×WMXSHEWTEPEZVEWUYIWIWIKYIQÍSHITVSGYVEVI\XVEMV

HEW GSRXVMFYMËÙIW UYI GSQTÙIQ IWXI PMZVS EUYMPS UYI WIYW EYXSVIW

ETVIWIRXEVEQGSQSIWWIRGMEP3FZMEQIRXILEZIVÅJEPLEWREI\IGYËÇS

HIWWEXEVIJEQEWIWTIVSUYIHIQSHSKIVEPWINEVIEPM^EHSSZIVHEHIMVS

SFNIXMZS HIWXE wETVIWIRXEËÇSx UYI Í S HI GSRZMHEV Ä PIMXYVE MRXIKVEP

HSW XI\XSW UYI GSQTÙIQ E GSPIXÆRIE

3)QFEM\EHSV6YFIRW6MGYTIVSUYIJEPSYREWIWWÇSHIEFIVXYVE

HIYEWIYXVEFEPLSSXÑXYPSw6MS&VERGSHIJMRMHSVHIZEPSVIWREGMSREMWx

MRWTMVEHS TSV YQE JVEWI HI +MPFIVXS *VI]VI w7SF E HMVIËÇS HI 6MS

&VERGS S -XEQEVEX]  XIVME HIM\EHS HI WIV MRWXMXYMËÇS TYVEQIRXI

HMTPSQÅXMGETEVEXVERWJSVQEVWIIQWMWXIQEHISVKERM^EËÇSIHIJMRMËÇS

HI ZEPSVIWWYTIVMSVQIRXI REGMSREMWx6MGYTIVS GSQIËE HMWGYXMRHS E

QSHIVRMHEHIHS&EVÇSIJE^RSXEVUYI6MS&VERGSIVEYQLSQIQHI

ZEPSVIW UYI NÅ RE ÍTSGE HI GIVXE JSVQE IWXEZEQ WYTIVEHSW I GMXE

GSQS I\IQTPS S JEXS HI UYI IPI WIQTVI JSM GSRXVE SJIHIVEPMWQS I

UYIRÇSXIZIHEIWGVEZMHÇSEQIWQETIVGITËÇSSVKÆRMGEHI.SEUYMQ

2EFYGS IQFSVE XMZIWWI WMHS XEQFÍQ E IPE GSRXVÅVMS ) EGVIWGIRXE

UYIwW×WITSHIVMEJEPEVHI6MS&VERGSGSQSQSHIVRM^EHSVIQXIVQSW

HE wQSHIVRM^EËÇS GSRWIVZEHSVEx MWXS Í  wQYHERËEW ETEVIRXIQIRXI

TVSJYRHEW RE IWXVYXYVE HS 4SHIV QEW WIQ XSGEV SY EPXIVEV



JYRHEQIRXEPQIRXI  E SVKERM^EËÇS IGSRØQMGSWSGMEPx%TIWEV HMWWS

IPI EGEFEVÅ WIRHS YQ KVERHI QSHIVRM^EHSV XERXS HS -XEQEVEX]

wUYIXVERWJSVQETSVGSQTPIXSxGSQSHSGSRXIÞHSHETSPÑXMGEI\XIVRE

)PIPIQFVEUYIEGSRXVMFYMËÇSHS&EVÇSIWXIRHIYWIÄQSHIVRM^EËÇS

HE%VQEHEIXEQFÍQHS)\ÍVGMXS)HM^QEMWw7SFEPKYRWEWTIGXSW

E SFVE QSHIVRM^EHSVE JSM S WYFWXVEXS E JYRHEËÇS HE GSRXVMFYMËÇS

QEMW HYVEHSYVE UYI 6MS &VERGS HEVME E IWWI TVSGIWWS KVEHYEP I

TVSKVIWWMZSTSVREXYVI^ENEQEMWMRXIMVEQIRXIXIVQMREHSHIJSVQEËÇS

I EJMVQEËÇS HE MHIRXMHEHI FVEWMPIMVEx  9Q TVSGIWWS UYI RÇS JMGE

GSRJMREHSESWIPIQIRXSWMRXIVRSWQEWUYIXIQXEQFÍQYQEHMQIRWÇS

I\XIVRE8EPZI^EMHISPSKMEFÅWMGEHI6MS&VERGSJSWWIEMHISPSKMEHI

XSHSW SW LSQIRW HI )WXEHS HS 7IKYRHS 6IMREHS UYI IVE E HS

PMFIVEPMWQSNYVÑHMGSUYIIPIETVIRHIVERSGYVWSHI(MVIMXS3GYPXS

ES (MVIMXS GSQS S ZEPSV JYRHEQIRXEP HE HMTPSQEGME I HE TSPÑXMGE

I\XIVRE )WWI EWTIGXS WIVME XEQFÍQ HIWIRZSPZMHS RE WIWWÇS JMREP

HSWIQMRÅVMSTIPS4VSJIWWSV:MGIRXI1EVSXXE6ERKIPGYNEGSRXVMFYMËÇS

EREPMWEVIQSW RS PSGEP ETVSTVMEHS

%HMERXIRSXE6MGYTIVSETVIJIVÎRGMEUYIS&EVÇSHS6MS&VERGS

XMRLE TIPEW WSPYËÙIW RIKSGMEHEW QYMXS QEMW HS UYI TIPEWHI

EVFMXVEKIQTVIJIVMRHSEXVERWEËÇSESQIWQSXIQTSIQUYIVINIMXEZE

wS YWS MRHMWGVMQMREHS I HIWMRMFMHS HS TSHIV HE JSVËE QMPMXEV JSVE

HS GSRXI\XS HE PIKMXMQMHEHIx

3FWIVZEXEQFÍQ6MGYTIVS UYIGSYFIES&EVÇSwJE^IVEGIMXEV

IQHIJMRMXMZSIQQEXÍVMEHIHMVIMXSYQEWMXYEËÇSUYINÅI\MWXMERS

XIVVIRSx I PIKMXMQEV E I\TERWÇS XIVVMXSVMEP HS TEWWEHS JE^IRHS YWS

HSWwMRWXVYQIRXSWQEMWZERXENSWSWTEVEYQTEÑWGSQSS&VEWMPUYI

HIXMRLE E TSWWI IJIXMZE QEW RÇS SW XÑXYPSW HE XIVVEx )PI GSQIRXE

UYIJSMS&EVÇSUYIQWMWXIQEXM^SYIEVXMGYPSYSWTVMRGÑTMSWFÅWMGSW

HS HMWGYVWS HMTPSQÅXMGS FVEWMPIMVS RÇS MRKIVÎRGMEWSPYËÇS TEGÑJMGE

HSWGSRJPMXSWVIGYVWSÄRIKSGMEËÇSXIRHSWIIWJSVËEHSwQIXSHMGEQIRXI

MRGERWEZIPQIRXI TEVE TVSQSZIV IWWEW MHÍMEW TIPE MQTVIRWE I TIPSW

SYXVSW PMQMXEHSW QIMSW HI HMZYPKEËÇS HE ÍTSGEx

) EGVIWGIRXE E IWWI VIWTIMXS w% IPI WI HIZI IWWIRGMEPQIRXI S

QÍVMXS HI LEZIV GSQTPIQIRXEHS SW GSQTSRIRXIW MRXIVRSW HE uMHÍME

HI&VEWMPvHEMHIRXMHEHIREGMSREPGSQEHMQIRWÇSI\XIVREIWWIRGMEP

UYIPLIJEPXEZESYWYFWXMXYMRHSEMRGMTMIRXIHMQIRWÇSHIERXEKSRMWQS



LIVHEHE HE 'SPØRME TSV GSRXIÞHS GSRWXVYXMZS HI GSPEFSVEËÇS RÇS

HI GSRJPMXSx

(ITSMW HI GSQIRXEV UYI E ÅVIE HE TSPÑXMGE I\XIVRE Í EUYIPE

IQUYIS&VEWMPXIZIÎ\MXS LMWX×VMGSGSRXMRYEHSIMRMRXIVVYTXSUYI

GSRXVEWXEGSQSWJVEGEWWSWHITSPÑXMGEMRXIVRE6MGYTIVSJE^ESFWIVZEËÇS

HIUYIJSM6MS&VERGSUYIQPIKMXMQSYE6ITÞFPMGEGSQWIYWÎ\MXSW

)PI XEQFÍQXVEXE HSWHSMWHIWEJMSWMRÍHMXSWUYI S &EVÇSXIZI

HIIRJVIRXEVIUYILSNIRSZEQIRXIRSWMRXIVTIPEQYQEXVERWJSVQEËÇS

TVSJYRHE HS WMWXIQE MRXIVREGMSREP HI TSHIV GEVEGXIVM^EHS REUYIPE

ÍTSGETIPSMQTIVMEPMWQSIYVSTIYIEIQIVKÎRGMEHSW)WXEHSW9RMHSW

GSQS TSXÎRGME HI EPGERGI KPSFEP w'SRJVSRXEHS WMQYPXERIEQIRXI

GSQIWWIWHSMWTVSFPIQEWS&EVÇSZEMYXMPM^EVSTVMQIMVSJIRØQIRS

TEVERIYXVEPM^EVSWIKYRHSx)GSQIRXEUYIwTSVXVÅWHSUYITSHIVME

TEVIGIVYQEEHIWÇSMRGSRHMGMSREPÄWTSWMËÙIWHI;EWLMRKXSRIWGSRHME

WI S MRXYMXS HI QYPXMPEXIVEPM^EV S UYI HI SYXVE QERIMVE GSRWMWXMVME

RYQ TSHIV TYVEQIRXI YRMPEXIVEPx

%SVIJIVMVWIÄ(SYXVMRE1SRVSIPIQFVE6MGYTIVSUYINÅHIWHI

S -QTÍVMS S &VEWMP E XMRLE ETSMEHS QEW RYQE ZMWÇS HMJIVIRXI HE

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ZIIQIRXIQIRXISUYIGLEQEZEHITEREQIVMGERMWQSHSRSVXIFIQ

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HMZIVKÎRGMEW IRXVI 6MS &VERGS I 2EFYGS RE GSRHYËÇS HE TSPÑXMGE

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I\GPYWMZE HI WYE SFVE HI )QFEM\EHSV IRUYERXS TEVE 6MS &VERGS

GSQS1MRMWXVSIVEETIREWYQEMHÍMEEQEMWxTSMWWYEGSRHMËÇSHI

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3XVEFEPLSHS1MRMWXVS'EVPSW,IRVMUYI'EVHMQUYIIWXYHE

S VIPEGMSREQIRXS IRXVI 6MS &VERGS I 6YM &EVFSWE WYFPMRLE PSKS

RS MRÑGMS YQE ZMVXYHI HS &EVÇS  TSYGS EREPMWEHE IQ WIY TIVJMP wI

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HI KIVQMREHSV HI GETEGMHEHIWx 'EVHMQ JE^ GSRXVEWXEV E EXMXYHI HS

&EVÇS GSQ E HE QEMSVME HSW KSZIVRERXIW UYI wTVSGYVEQ WI GIVGEV

HIGSPEFSVEHSVIWMRJIVMSVIWUYIGSRJMVQIQWYEWZMWÙIWUYIRÇSXVEKEQ

STMRMÙIW HMWWSRERXIW I UYII\TVIWWIQ GSRGSVHÆRGME I IPSKMSW E WYEW

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PMHEVIQTVSPHEWKVERHIWGEYWEWMRXIVREGMSREMWHSTEÑWGSQXEPIRXSW

GSQS .SEUYMQ 2EFYGS I 6YM &EVFSWE HIWTIVXERHS RIPIW S KSWXS

TIPETSPÑXMGEI\XIVMSV(SXEHSHIIRSVQITEGMÎRGMERÇSWIMQTSVXEZE

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QEVGERXIWGSRGPEZIWGSQSE---'SRJIVÎRGME4ER%QIVMGEREVIEPM^EHE

RS6MSHI.ERIMVSIE7IKYRHE'SRJIVÎRGME-RXIVREGMSREPHE



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FIQ SW GETVMGLSW I ZEMHEHIW HSW MRXIPIGXYEMW UYI TSV I\IQTPS

XERXS 2EFYGS UYERXS 6YM TSWWYÑEQx

5YERXS E 6YM &EVFSWE GMXERHS +MPFIVXS %QEHS TEVE UYIQ

6YM IVE wYQE IWXVERLE TIWWSEx S EYXSV SFWIVZE UYI IPI XMRLE wYQ

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UYI RYRGE TIVHIY YQE STSVXYRMHEHI HI TVSGPEQÅPEx GSRJSVQI

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SFVEUYI6MS&VERGSIWXEZEIQTVIIRHIRHSISGLEQSYHIuTEGMJMGEHSVv

I HI uVIMRXIKVEHSV HS XIVVMX×VMS REGMSREPv

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S XIVVIRS NÅ LEFMXEHS TSV FVEWMPIMVSW GSRWMHIVERHS E WMXYEËÇS HI

JEXS I E MQTSWWMFMPMHEHI HI PSKVEV PEYHS JEZSVÅZIP IQ EVFMXVEKIQx

'SRJSVQI%VEÞNS.SVKIGMXEHSTSV'EVHMQwIQHISYXYFVS

HIYQQÎWERXIWHEEWWMREXYVEHSXVEXEHSS7IREHSV6YM

&EVFSWEUYIHIWHINYPLSHIWWIERSZMRLEGSPEFSVERHSGSQSTVIWXÑKMS

I EYXSVMHEHI HI WIY RSQI REW RIKSGMEËÙIW GSQS YQ HSW

4PIRMTSXIRGMÅVMSWFVEWMPIMVSWGSRNYRXEQIRXIGSQ6MS&VERGSI%WWMW

&VEWMPNYPKSYHIZIVWSPMGMXEVHMWTIRWEHIWWEGSQMWWÇSxTSVRÇSGSRGSVHEV

GSQ EW GSRGIWWÙIW HS &VEWMP Ä &SPÑZME 'EVXEW XVSGEHEW IRXVI 6MS

&VERGSI6YM&EVFSWEHEWUYEMWS1MRMWXVS'EVHMQJSVRIGISWXI\XSW

REÑRXIKVEGSQSERI\SWEWIYXVEFEPLSI\TPMGEQIWWIITMW×HMS(M^

'EVHMQ w3 HIWIRPEGI HE UYIWXÇS EGVIERE HIQSRWXVSY S EGIVXS HE

IWXVEXÍKMEHI6MS&VERGSIERÇSVIEPM^EËÇSHEWLMT×XIWIWTIWWMQMWXEW

HI6YM&EVFSWEx(IQSRWXVSYXEQFÍQEWHMJIVIRËEWHITIVWSREPMHEHI



HSW HSMW EXSVIW w6MS &VERGS QERMJIWXE   WIY IWXMPS HI JE^IV E

SYXVE TEVXI XEQFÍQ TEVXI HE WSPYËÇS HE TIRHÎRGME  GSQS

GÞQTPMGI HE WSPYËÇS EPGERËEHE 6YM WI GSQTSVXE HIRXVS HI VÑKMHS

TEVEHMKQE VIEPMWXEx

6IPEXE S 1MRMWXVS  S TETIP HIXIVQMRERXI HI 6MS &VERGS RS

KVERHI XVMYRJS HI 6YM RE 'SRJIVÎRGME HE ,EME IQ  WEFIRHS

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(IPIKEHS FVEWMPIMVS I I\EPXERHSPLI E EXYEËÇS

*MREPQIRXI ZSPXERHS ES XIQE MRMGMEP 'EVHMQ QIRGMSRE S

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w1YMXS HI WM JMEVÅ UYIQ WI XIRLE TSV EWWE^ JSVXI TEVE WI EGEWXIPEV

GSRXVEE TIVWYEWÇS MRWMRYEXMZEHS &EVÇSHS 6MS &VERGSx

3 %GEHÎQMGS %PFIVXS :IRERGMS *MPLS HMWWIVXERHS WSFVI w3

&EVÇSHS6MS&VERGSI)YGPMHIWHE'YRLExzXIQEWSFVISUYEPWIY

TEM *VERGMWGS :IRERGMS *MPLS XEQFÍQ IWGVIZIY  TSV SGEWMÇS HS

GIRXIRÅVMS HI REWGMQIRXS HS &EVÇS z VIZIPE S TETIP JYRHEQIRXEP

HI )YGPMHIW HE 'YRLE RE TSPÑXMGE HI GSRKVEËEQIRXS GSQ SW TEÑWIW

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HE 'YRLE  XIVIQ EW QIWQEW GSRZMGËÙIW TIPS MRXIVIWWI TÞFPMGS I

TIPERSËÇSHSWIVZMËSÄTÅXVMEIETSWXYVEHS&EVÇSHIWIQTVITVSGYVEV

WIWIVZMVHSWQIPLSVIWXEPIRXSWxGSQSVIWTSWXEÄMRHEKEËÇSUYIJSVQYPE

WSFVI  GSQS 6MS &VERGS I )YGPMHIW HE 'YRLE TIWWSEW HI TSWMËÙIW

WSGMEMW XÇS HMZIVWEW HI JSVQEËÙIW IWGSPEVIW MRXIMVEQIRXI HMJIVIRXIW

I HI LÅFMXSW HI ZMHE I HI GSWXYQIW XEQFÍQ HMZIVKIRXIW TYHIVEQ

ESPSRKSHIGMRGSERSWTEVXMGMTEVGSQSGSPEFSVEHSVIGSPEFSVEHSI

GSQS GSQ XIQTIVEQIRXSW XÇS HMJIVIRXIW  IQ XSQ GIVMQSRMSWS

WI ETVS\MQEVEQ WI VIWTIMXEVEQ I WI XSVREVEQ EQMKSWx 6IWWEPXES

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IWXI WI GSPSGEZE WIQTVI RE TSWMËÇS HI EHQMVEHSV LSRVEHS GSQ E

EXIRËÇS I E MRXMQMHEHI UYI PLI GSRGIHME 6MS &VERGS )WXI TSVWYE

TEVXI RYRGE WYFIWXMQSY S KVERHI ZEPSV HS EYXSV HI 3W 7IVXÙIW

SFVE TYFPMGEHEIQ HI^IQFVS HI  I\EXEQIRXI UYERHSS&EVÇS

GLIKSYES&VEWMPIJSMIQTSWWEHS%ETVIWIRXEËÇSHI)YGPMHIWE6MS

&VERGS JSM JIMXE TSV (SQÑGMS HE +EQE I S EYXSV XVERWGVIZI GEVXE

IQ UYI (SQÑGMS REVVE IWWI IRGSRXVS I HÅ XIWXIQYRLS HS VIWTIMXS

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UYIHIWHISTVMQIMVSQSQIRXSMRWTMVSYE)YGPMHIWS&EVÇSwEUYIPI

KVERHI LSQIQ TÞFPMGS XÇS FSRHSWS I WMQTPIW QEW XÇS TSYGS

JEQMPMEVx )YGPMHIW  TPIMXIEZE YQE JYRËÇS HI EY\MPMEV HE 'SQMWWÇS

HI 6IGSRLIGMQIRXS HS 4YVYW QEW S &EVÇS UYI S wETVSZEVE GSQ

HMWXMRËÇSx RSQISYS 'LIJI HE QIWQE

(ITSMWHIIWXIRHIVWIWSFVISWXVEFEPLSWHIWWE'SQMWWÇSVIPEXE

%PFIVXS:IRERGMS*MPLS UYI wXIVQMREHSS VIPEX×VMSWSFVIE QMWWÇS

ES 4YVYW )YGPMHIW TIRWE  XSQEV SYXVS VYQS QEW 6MS &VERGS RÇS

HMWTIRWE WIYW WIVZMËSW I S HIWMKRE  EY\MPMEV XÍGRMGS HS +EFMRIXI

HERHSPLI MQTSVXERXIW XEVIJEWx

)YGPMHIWWIRXMEWIHIWPSGEHSIYQIWXVERLSRS-XEQEVEX]GSQ

EW IXMUYIXEW HS TVSXSGSPS HMTPSQÅXMGS VIJYKMERHSWI RE FMFPMSXIGE

'EVXE HI )YGPMHIW E (SQÑGMS HE +EQE VITVSHY^MHETSV :IRERGMS

VIXVEXE FIQ S XMTS HI VIPEGMSREQIRXS UYI QERXMRLE GSQ S &EVÇS

w'SRXMRYS E ETVS\MQEVQI HIPI WIQTVI XSPLMHS I GSRXVEJIMXS TIPS

QIWQS GYPXS VIWTIMXSWS 'SRZIVWEQSW HMWGYXMQSW I IPI JVERUYIME

QIEQÅ\MQEMRXMQMHEHIzIRÇSLÅQIMSHIIYTSHIVGSRWMHIVÅPS

WIQ EW TVSTSVËÙIW ERSVQEMW HI LSQIQ WYTIVMSV Ä WYE ÍTSGEx

)RZSPZMHSTSV)WXERMWPES>IFEPPSWzEUYIQUYEPMJMGEHIwEPQE

HEREHExzRSGÍPIFVIGEWSHSXIPIKVEQER

TIPEMRWMRYEËÇSHIUYI

JSVE IPI E JSVRIGIVPLIHSGYQIRXSW )YGPMHIW IWGVIZIY ES 'LERGIPIV

EVKIRXMRSYQEGEVXEMRHMKREHEXEQFÍQXVERWGVMXERSXI\XSHI:IRERGMS

*MPLS

7IKYRHS IWXI w)YGPMHIW TVIWXSY KVERHI GSPEFSVEËÇS RE

TVITEVEËÇS HS8VEXEHS HI 'SRHSQÑRMS HE 0EKSE 1MVMQ I HS 6MS

.EKYEVÇSx)PIEGVIWGIRXEUYIEI\TSWMËÇSHIQSXMZSWHS8VEXEHSHI

0MQMXIWGSQE6ITÞFPMGE3VMIRXEPHS9VYKYEMEWWMREHSIQSYXYFVS

HI  UYERHS )YGPMHIW NÅ IVE HIWETEVIGMHS Í EGSQTERLEHE HI

YQQETEHIWYEEYXSVME8EQFÍQRSGEWSHSXVEXEHSUYIIRGIVVSY

E UYIWXÇS HI PMQMXIW GSQ S 4IVY EWWMREHS IQ  HI WIXIQFVS HI

HITSMWHEQSVXIHI)YGPMHIWwRÇSW×REI\TSWMËÇSHIQSXMZSW

GSQS RSW ERI\SW ?LÅA VIJIVÎRGMEW I\TVIWWMZEWE )YGPMHIW HE 'YRLE

EPÍQHI QETE HIWYE TIREx

)GSRGPYM:IRERGMSw:ÎWIEWWMQUYIRESFVEHI6MS&VERGS

JSM ZEPMSWE I TVIWXMQSWE E GSPEFSVEËÇS HI )YGPMHIW HE 'YRLEx 3

&EVÇSSVIGSRLIGIYIQHMWGYVWSTVSRYRGMEHSRS-RWXMXYXS,MWX×VMGS



IQ  IQ UYI EWWMQ WI VIJIVMY E )YGPMHIW w LSQIQ 

GYNE TYVI^E HI WIRXMQIRXSW I EPXS ZEPSV MRXIPIGXYEP TYHI GSRLIGIV

HITIVXSRSWFVIZIWERSWHIGSRZMZÎRGMEIQUYIQIGSYFIEJSVXYRE

HI S XIV TSV GSQTERLIMVS HI IWXYHSW HI XVEFEPLSW I HI IWTIVERËEW

TEXVM×XMGEWx

31MRMWXVS4EYPS6SFIVXSHI%PQIMHEETVIWIRXSYSXVEFEPLS

w3&EVÇSHS6MS&VERGSI3PMZIMVE0MQEzZMHEWTEVEPIPEWMXMRIVÅVMSW

HMZIVKIRXIWx -RMGMEPQIRXI GSQIRXE UYI IRXVI SW GSRXIQTSVÆRISW

HS&EVÇSHIWMKRMJMGEËÇSMRXIPIGXYEPRIRLYQXIVÅWMHSXÇSEGIVFEQIRXI

WIY GVÑXMGS  UYERXS 3PMZIMVE 0MQE  ERSW QEMW QSËS I UYI HIPI

HM^ME w(E WYE EPQE RÇS NSVVEZE S PIMXI HE REXYVI^E LYQEREx %XÍ

QIWQSRSFIPSIPSKMSJÞRIFVIUYIJI^HI6MS&VERGSHIWTSRXEYQE

TEPEZVE WYE HI GVÑXMGE ES HM^IV wWYE EPQE XMRLE VIJSPLSWx

%ZEMHEHITEVIGIXIVWMHSEQEVGEUYIQYMXEWZI^IWHMZMHMYSW

XVÎW KVERHIW TIVWSREKIRW HE ÍTSGE 6MS &VERGS 2EFYGS 3PMZIMVE

0MQE TVIHSQMRERHS YQE GIVXE wMRGSRXMRÎRGME HE TIREx REUYIPI

UYI+MPFIVXS*VI]VIKVERHIEHQMVEHSVIHIZIHSVHI3PMZIMVE0MQE

GLEQSYGSQIWTÑVMXSHIw(SQ5YM\SXIKSVHSx'SRXYHSGSRJSVQI

ETSRXE 4EYPS 6SFIVXS HI %PQIMHE wLÅ WIQ HÞZMHE YQ GIVXS

TEVEPIPMWQS REW GEVVIMVEW VIWTIGXMZEW HI 4EVERLSW I 3PMZIMVE 0MQEx

'SQEHMJIVIRËETSHIVÑEQSWEGVIWGIRXEVHIUYISTVMQIMVSGLIJMSY

SWIKYRHSGSQS'LERGIPIVIRYRGES TVIQMSYGSQSIPITVIXIRHME

IIWTIVEZEGSQTSWXSWÄEPXYVEHIWIYZEPSVMRXIPIGXYEP%HIWMKREËÇS

TEVEE0IKEËÇSRS4IVYTSVI\IQTPSJSMVIWMWXMHETSV3PMZIMVE0MQE

E TSRXS HE VYTXYVE HE HMWGMTPMRE HE GEVVIMVE HMTPSQÅXMGE

'SRJSVQIPIQFVESEYXSVwTVSGPEQEHEEVITÞFPMGESUYIHIM\SY

ZÅVMSW QSREVUYMWXEW ETVIIRWMZSW IRXVI IPIW 2EFYGS I 4EVERLSW S

VITYFPMGERS3PMZIMVE0MQEZIQES6MSHIGMHMHSEMRKVIWWEVREGEVVIMVE

HMTPSQÅXMGEx3UYISFXIZIQEWWIQNEQEMWGSRWIKYMVSWYGIWWSES

UYEP WI NYPKEZE GSQ HMVIMXS TIPE GYPXYVE I TIPSW MRIKÅZIMW HSXIW

MRXIPIGXYEMW 'LIKSY E EWTMVEV Ä )QFEM\EHE IQ ;EWLMRKXSR I E

RSQIEËÇS HI 2EFYGS HIM\SYS TVSJYRHEQIRXI HIGITGMSREHS

4EYPS 6SFIVXS HI %PQIMHE REVVE EW VIPEËÙIW IRXVI WIYW HSMW

LIV×MW ETSRXE GSRZIVKÎRGMEW I HMZIVKÎRGMEW I HM^ w3W TSRXSW HI

EXVEËÇS RYQ TVMQIMVS QSQIRXS I HI VINIMËÇS YQE HÍGEHE HITSMW

 WI GVY^EQ RS XIQTS PIRXS HEW QIRWEKIRW XVERWTSVXEHEW IQ



TEUYIXIW UYEWI WIQ GSRZMZÎRGME JÑWMGE IRXVI EQFSW TVEXMGEQIRXI

TSV GSVVIWTSRHÎRGME TSWXEP SY XIPIKVÅJMGEx  -RMGMEPQIRXI SW HSMW

QERMJIWXEVEQ EHQMVEËÇS QÞXYE %TVS\MQEZESW S QIWQS MRXIVIWWI

TIPE TIWUYMWE LMWX×VMGE

7IKYRHSS1MRMWXVSSTVMQIMVSQSXMZSHIMVVMXEËÇSIRXVIEQFSW

XIVMEWMHSwSMXMRIVÅVMSHMJIVIRGMEHSIQVIPEËÇSÄEGEHIQMEPMXIVÅVMEx

)wSIQFEXIQEMSV RS TPERS HEWZEMHEHIW PMXIVÅVMEWWIHEVME RE

TSWWISJMGMEPHI3PMZIMVE0MQEGSQSQIQFVSHE%GEHIQME&VEWMPIMVE

HI 0IXVEW WIMW ERSW HITSMW HI IPIMXS GIVMQØRME Ä UYEP 6MS &VERGS

SWXIRWMZEQIRXI RÇS GSQTEVIGIYx %S HMWGSVVIV WSFVI WIY TEXVSRS

RE %GEHIQME :EVRLEKIR RÇS HIM\SY 3PMZIMVE 0MQE HI TVSGIHIV E

YQEGIVXSHIGSRXEWHIRXVSHE HMTPSQEGMEwMRWIVMRHSXSHEWEWWYEW

GVÑXMGEW HMVIXEW I MRHMVIXEW Ä WMXYEËÇS HE GEVVIMVE Ä SVMIRXEËÇS HEHE

ES VIPEGMSREQIRXS HMTPSQÅXMGS ES TV×TVMS IWXMPS HI XVEFEPLS IQ

ZMKSV RE 7IGVIXEVME HI )WXEHS RS UYI JSM MRXIVTVIXEHS GSQ VE^ÇS

GSQS GIRWYVE ES TV×TVMS &EVÇS HS 6MS &VERGSx % VIWTIMXS HM^ S

EYXSV w.SÇS 6MFIMVS LMWXSVMEHSV VIGSRLIGMHEQIRXI PMKEHS E 6MS

&VERGS XSQSY E WM S IRGEVKS HI VIWTSRHIV E EPKYQEW MPEËÙIW HI

3PMZIMVE0MQEIQEVXMKSRS'SVVIMSHE1ERLÇIQESEJMVQEV

GSQ GIVXE TIVZIVWMHEHI wE LMWX×VME RE %GEHIQME W× XIQ LSNI HSMW

GYPXSVIW6MS&VERGSUYIEPMÅWIWXEVMEHMWTIRWEHSHIIWGVIZIVTSVUYI

QEMW HS UYI E IWGVIZIY JÎPE ZMZE I .SEUYMQ 2EFYGS UYI Í S

QEMW IPSUàIRXI FVEWMPIMVS  % IWXIW EKSVE ZIQNYRXEVWI 3PMZIMVE

0MQEGSQWIYWHSXIWTV×TVMSWHIMRZIWXMKEHSVGSRXIRGMSWSIHMPMKIRXI

WIQKVERHIWQÍVMXSWPMXIVÅVMSWIEVXÑWXMGSWÍZIVHEHIQEWGSQKVERHI

WSPMHI^ JYRHEQIRXS I WIKYVERËE HI GVÑXMGEx

6IWWEPXES EYXSV HEQSRSKVEJMESWZÅVMSWEVXMKSWUYI 3PMZIMVE

0MQETYFPMGSYRS'SVVIMSHE1ERLÇIRXVIIMRXMXYPEHSW

6IJSVQE(MTPSQÅXMGE FIQGSQSEPMFIVHEHIUYIIPIWIEVVSKSYES

HIGPEVEVw'SWXYQS IWGVIZIV HIWEWWSQFVEHEQIRXIWSFVI EWWYRXSWHI

TSPÑXMGE REGMSREP I MRXIVREGMSREP TSVUYI E UYEPMHEHI HI HMTPSQEXE

RÇSHIZIETEKEVSHMWGIVRMQIRXSRIQVIHY^MVSGMHEHÇSEYQIYRYGS

HEMRXIPMKÎRGMEUYERHSETSWWYMx'IVXEQIRXIS&EVÇSRÇSETVSZEVME

XEPwMRHITIRHÎRGMExTSVTEVXIHIWIYWWYFSVHMREHSWIPIUYIIRXIRHME

UYI  wS GMHEHÇS TSHI STMREV GSQS IRXIRHIV S HMTPSQEXE W× XIQ

YQESTMRMÇSUYIÍEHSKSZIVRSx2ÇSSFWXERXIPIQFVES1MRMWXVS



UYIwEKIWXÇSHS&EVÇSJSMQEVGEHETSVYQGPMQEHIVIPEXMZEXSPIVÆRGME

IQ VIPEËÇSEHMWWMHÎRGMEW GSQS E HI 3PMZIMVE0MQEx

3YXVEW HIWEZIRËEW HMTPSQÅXMGEW WYVKMVMEQ E TEVXMV HEÑ IQ

QEXÍVMEWHIWYFWXÆRGMEWIRHSwSTVMRGMTEPTSRXSHIGSRXIRËÇSIRXVI

6MS &VERGS I 3PMZIMVE 0MQE  E EXMXYHI E EHSXEV IQ VIPEËÇS Ä

TSPÑXMGE HSW )WXEHSW 9RMHSW TEVE E %QÍVMGE 0EXMREx

3 XIVGIMVS FPSGS HS WIQMRÅVMS XIZI S XÑXYPS HI w3 &EVÇS HS

6MS&VERGSIE1SHIVRM^EËÇSHS&VEWMPx4EVEHVEQEXM^EVSTVSGIWWS

HI QSHIVRM^EËÇS UYI TIVQISY S &VEWMP RE ZMVEHE HS WÍGYPS HM^ S

)QFEM\EHSVI%GEHÎQMGS%PFIVXSHE'SWXEI7MPZEw5YERHSHIWGIY

RS 6MSHI .ERIMVS IQ HI^IQFVS HI  S &EVÇS HS 6MS &VERGS

JSMPIZEHSTSVYQEGEVVYEKIQTY\EHETSVGEZEPSWEXÍE6YEHS3YZMHSV

'MRGSERSWQEMWXEVHI)YGPMHIWHE'YRLE IWGVIZIVMEE(SQÑGMSHE

+EQELEZIVREGMHEHIwYQHIPÑVMSHIEYXSQ×ZIMWx'IVXEQIRXIYQ

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

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SVIGYVWS ÄW EVQEWx

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

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HIJIRHIV S &VEWMP HE SRHE I\TERWMSRMWXE HEÍTSGE

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

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3'LERGIPIVFVEWMPIMVSUYIRÇSXIVMEPMHSSWKISTSPÑXMGSWHEÍTSGE

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TVSNIXS REZEP FVEWMPIMVS IVE YQ HIWEJMS6MS &VERGS TVSGYVSY

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EJVSRXEWESEQSVTV×TVMSREGMSREPxFIQGSQSHEwTVISGYTEËÇSIQ

RÇS TIVQMXMV S QÑRMQS EVVERLÇS RS TVIWXÑKMS REGMSREPx

8EQFÍQTVISGYTSYÄ%VKIRXMRESETVSJYRHEQIRXSHEEQM^EHI

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

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TSHIVME GLEQEV HI QYPXMPEXIVEPMWQS GSRXIQTSVÆRIS 6MS &VERGS

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EQIVMGERMWQSZMWEVMEEIWXEFIPIGIVYQEPMKEËÇSIRXVIIPIWIEwEQTPMEV

S IWTEËS HI QERSFVE HE HMTPSQEGME FVEWMPIMVEx 3FWIVZE IRXÇS S

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RÇS Í YQE YRERMQMHEHI 6MS &VERGS Í YQ HIJIRWSV HS TER

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TIPSEYXSVw&IPEIPIZERXEHEGSRGITËÇSIWXE1EWUYIW×TSHIEWTMVEV

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GSQS Í HI HMVIMXS HI ETERÅKMS HI YQE W× REËÇS TEVES HSQÑRMS

GSQYQ HS GSRXMRIRXI UYI HM^ TVSXIKIV  UYERHS RÇS QEMW JSV

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9RMHSWx

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WIVZIÄLIKIQSRMEISUYIWIVZIÄMKYEPHEHIx4EVEIPII\IQTPSWHS

QSHIPSUYIWIVZIÄLIKIQSRMEWÇSSW'SRKVIWWSWHE4E^wIQUYISW

ZIRGIHSVIW HMXEZEQ E PIM ESW ZIRGMHSWx 3  I\IQTPS HS QSHIPS HE

MKYEPHEHI WÇS wSW 'SRKVIWWSW GSRZSGEHSW  IQ TPIRE TE^ I WIQ



GSRWXVERKMQIRXS EPKYQx 3 QSHIPS TVIJIVMHS TSV 6MS &VERGS Í S

HE MKYEPHEHI

(ITSMW HI GSQIRXEV E 'SRJIVÎRGME 4ER%QIVMGERE XERXS IQ

WIYW EWTIGXSW JSVQEMW GSQS IQ WYE HMRÆQMGE MRXIVRE IPI TEWWE E

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PMFIVHEHIHIEËÇSIIWGSPLEWx'SQIRXES)QFEM\EHSVEIWWIVIWTIMXS

UYI 6MS &VERGS HITSMW HE WSPYËÇS HE 5YIWXÇS HE +YMERE -RKPIWE

JMGSYREXYVEPQIRXIGSQYQEGIVXEVIWIVZEIQVIPEËÇSESEVFMXVEQIRXS

I WSFVIXYHS YQ EVFMXVEQIRXS UYI TYHIWWI WIV SFVMKEX×VMS

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HMVIMXS HI MRXIVZMV TVIZIRXMZEQIRXI IQ TEÑWIW wHIWIWXEFMPM^EHSWx HS

GSRXMRIRXI TEVE IZMXEV YQE MRXIVZIRËÇS IYVSTÍME (I GIVXS QSHS

SFWIVZES)QFEM\EHSVS'SVSPÅVMS6SSWIZIPXÍEGIMXSTSV6MS&VERGS

UYIHIGPEVEREGEVXEE2EFYGSw9QEGSVHSKIVEPHIXSHEWEWREËÙIW

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GSRGIVXSIYVSTIYÍJSVQEHSETIREWTIPEWGLEQEHEWKVERHIWTSXÎRGMEW

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WYTPERXEHSW TIPS RÞQIVSx

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z w'SQS TIVWSREKIQ HI XVERWMËÇS I HI XVERWEËÇS IRXVI E

QSREVUYMEIEVITÞFPMGES&EVÇSHS6MS&VERGSXIVÅXMHSWYEZMWÇS

HS&VEWMPQSPHEHETIPETVSNIËÇSHETIVWSREPMHEHIIHEEËÇSTEXIVREWx

z 0SRKI HE MRWXEFMPMHEHI UYI GEVEGXIVM^SY S JMREP HE

QSREVUYMEISGSQIËSHEVITÞFPMGE6MS&VERGSIRGSRXVSYRSI\XIVMSV

SVIGSPLMQIRXSRIGIWWÅVMSTEVEIQTVIIRHIVTIWUYMWEWIQTEVXMGYPEV

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JEQMPMEVIW EGEFEVME XSVRERHSWI TVSJYRHS GSRLIGIHSV HEW UYIWXÙIW

HS 4VEXE  'SQ S EHZIRXS HE 6ITÞFPMGE S XIQE HEW JVSRXIMVEW

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&EVÇSHI%KYMEVHI%RHVEHE3PEYHSHS4VIWMHIRXI'PIZIPERHIQ

 VIGSRLIGIY IQ XSHE WYE TPIRMXYHI S HMVIMXS HS &VEWMP

'SRWEKVEHSTSVIWWEZMX×VMEITIPEWYFWIUàIRXIREUYIWXÇSHIPMQMXIW

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EWWYQMV S 1MRMWXÍVMS HEW 6IPEËÙIW )\XIVMSVIW

z 3 EGSVHS GSQ S 9VYKYEM JSM S ÞPXMQS HSW KVERHIW

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z )QSITMW×HMSHSXIPIKVEQERUYIIRZSPZIYS

'LERGIPIV EVKIRXMRS>IFEPPSW wVITVIWIRXSY SEYKI HEW XIRWÙIW 6MS

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

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z w)Q  6MS &VERGS GLIKSY E VIHMKMV TIWWSEPQIRXI

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IWJSVËSWTEVEEGSRWSPMHEËÇSHSGLEQEHS %&'x

'SRGPYM S )QFEM\EHSV 7IM\EW 'SVVÎE WIY XVEFEPLS EGMQE

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TSHI WIV MRXIVTVIXEHE GSQS E VIWYPXERXI LMWX×VMGE HS GSRXVEWXI GSQ

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VITYFPMGEREWx

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HSKMKERXIWGS3GIERS4EGÑJMGS4EVE4SVXYKEPEQEVGLEEJSVXYREHE

HSFVERHS S 'EFS HE &SE )WTIVERËE VYQS Ä ±RHME   HIWIRLSY

YQE TVIWIRËE UYEWI EGMHIRXEP RS I\XVIQS SVMIRXEP HE %QÍVMGE HS

7YPx(STSRXSHIZMWXEHSWIWTERL×MWwEGSWXEEXPÆRXMGEHE%QÍVMGE

HS7YPIVEWSQIRXIYQETSVXETEVEEVMGEGMZMPM^EËÇSMRHÑKIREUYIWI

GSRWXVYÑEESVIHSVHSQMRIVEPHITVEXETIVYERS%JSVËEHIWWIQERHEXS

QERMJIWXSYWI HIJMRMXMZEQIRXI RS RSQI HS KVERHI VMS S 6MS HE

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EI\TPSVEËÇSIESGYTEËÇSHEWGSWXEWWYPEQIVMGEREWWSFWYEWSFIVERME

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HS-QTÍVMS ERHERXIPYWMXERSUYIWIIWXIRHIVME GSQ YQEEHQMVÅZIP

JSVËE ÍTMGE WIQTVI TEVE S 3VMIRXI EXÍ HIWIQFEVGEV RS .ETÇSx )

PIQFVE w)Q  EW QYHERËEW RE TSPÑXMGE IYVSTÍME XIVÇS YQIGS

MRMQEKMRÅZIPRIWXEPSRKEGSWXEHS%XPÆRXMGS7YPGSQETVSGPEQEËÇS

HI*IPMTI--HE)WTERLEGSQS*IPMTI-HI4SVXYKEPSUYIHÅSVMKIQ

Ä QSREVUYME HYEP % PMRLE HI8SVHIWMPLEW HIWETEVIGIYx



4VSWWIKYISEYXSVw2SWERSWUYIHYVEVÅEQSREVUYMEHYEP

 E ^SRE HI GSRJPMXS GVMEHE TIPE PMRLE HI8SVHIWMPLEW

GSRZIVXIWIRYQIWTEËSHIGSRZIVKÎRGME3VSQTMQIRXSHEQSREVUYME

HYEPIQTØWXÍVQMRSÄGSRZIVKÎRGMETEGÑJMGEIEFVMYYQTIVÑSHS

HIGSRJPMXSWUYIWIIWXIRHIVÅTSVHSMWWÍGYPSWIQIMSTVMQIMVSIRXVI

EW 'SVSEW HI 4SVXYKEP I )WTERLE I ET×W E MRHITIRHÎRGME IRXVI S

-QTÍVMS HS &VEWMP I EW 6ITÞFPMGEW LIVHIMVEW HS :MGI6IMREHS HS

6MSHE4VEXEHMJIVIRËEWNYVMWHMGMSREMWIPMQÑXVSJIWIRXVIE)WTERLE

I4SVXYKEPRIWWEVIKMÇSEXPÆRXMGEHE%QÍVMGEHS7YPIWXEVÇSTVIWIRXIW

IQ XSHEW EW QIWEW HI RIKSGMEËÇS HE TSPÑXMGE IYVSTÍME   RIWWI

GIRÅVMS UYI GVIWGIVÇS EW JMKYVEW HS :MWGSRHI HS 6MS &VERGS

TVMQIMVEQIRXI I HITSMW HS &EVÇS HS 6MS &VERGSx

3FWIVZE S 4VSJIWWSV 0EVVMUYIXE UYI S EHZIVWÅVMS LMWX×VMGS HE

%VKIRXMRE RS SIWXI Í S 'LMPI UYI IQ TPIRE +YIVVE HS 4EVEKYEM

VIGPEQEVE TEVE WM I\XIRWEW VIKMÙIW HE 4EXEKØRME

3FWIVZEXEQFÍQUYIwETIVÑGMEHI6MS&VERGSIEMRWYJMGMÎRGME

HE HSGYQIRXEËÇSEVKIRXMRE PIZEVEQ S4VIWMHIRXI 'PIZIPERH EHEVS

PEYHS E JEZSV HS &VEWMP 1EW S WMKRS HI TE^ I TVSWTIVMHEHI WSF S

UYEPIWWIITMW×HMSSGSVVIYIEEPXYVEMRXIPIGXYEPIQSVEPHSWIWXEHMWXEW

PMXMKERXIW GSRWSPMHEVEQ E ZEPMHEHI HS PEYHS I WYE TEGÑJMGE EGIMXEËÇS

TIPEW HYEW TEVXIW 8YHS MWWS IWXÅ WMRXIXM^EHS RE JVEWI GSQ UYI S

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HI 'EWIVSW I HS 4EVEKYEMv 1EW RE I\TSWMËÇS HI QSXMZSW UYI 6MS

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TVIXIRWÇS FVEWMPIMVE LÅ YQE IWTÍGMI HI EVKYQIRXS E VIWTIMXS HI

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IWTIGMEP HIWWI XIVVMX×VMS UYI Í MRHMWTIRWÅZIP TEVE E WYE WIKYVERËE I

HIJIWE I TEVE E QERYXIRËÇS HEW GSQYRMGEËÙIW IRXVI S 6MS +VERHI

HS 7YPI SW SYXVSW IWXEHSW HE9RMÇS FVEWMPIMVEvx

2IWWE TEVXI HIWYE GSRXVMFYMËÇSS 4VSJIWWSV 0EVVMUYIXE XVEËE

YQ TIVJMP HI )WXERMWPES >IFEPPSW WYVTVIIRHIRXI TEVE SW FVEWMPIMVSW

LEFMXYEHSW E YQE TINSVEXMZE ETVIGMEËÇS HS 'LERGIPIV EVKIRXMRS

WSFVIXYHSIQGSRWIUàÎRGMEHIWIYGSQTSVXEQIRXSRSJEQSWSITMW×HMS

HS XIPIKVEQE R  ES UYEP S 4VSJIWWSV RÇS WI VIJIVI  TVIGMWS

WIKYRHS IPI IRXIRHIV EW VE^ÙIW TVSJYRHEW HSW HIWIRGSRXVSW IRXVI



6MS &VERGS I   >IFEPPSW UYI JSM XVÎW ZI^IW 1MRMWXVS HEW 6IPEËÙIW

)\XIVMSVIW4VSWWIKYISEYXSV

w7IRHS >IFEPPSW YQ LSQIQ HI ZMZE MRXIPMKÎRGME I ZEWXE GYPXYVE

UYI GLIKSY Ä 'LERGIPEVME RE MHEHI HI  ERSW XIZI YQ PYKEV

HIWXEGEHÑWWMQS RE ZMHE EVKIRXMRE EXÍ S QSQIRXS HIWYE QSVXI IQ

  RÇS WI TSHI IRXIRHIV E TPIRMXYHI HI WYE TIVWSREPMHEHI

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HE %VKIRXMRE GSQ VIPEËÇS ESW GSRJPMXSW HEW UYIWXÙIW PMQÑXVSJIW GSQ

S 'LMPIx

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QSHIVRE )WXÇS WIKYVSW HI WYEW JVSRXIMVEW I XÎQ GSQS HMVME 6MS

&VERGS uXIVVMX×VMS HI WSFVEv8EQFÍQ SW HSMWWEFIQ UYI KS^EQ HS

TVMZMPÍKMSHIIRGEFIËEVEQSHIVRMHEHIWYPEQIVMGEREEWWIRXEHEWSFVI

SKVERHIIM\SHS%XPÆRXMGSUYIÍWIQHÞZMHEYQPIKEHSQEMSVHS

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HS 6MS &VERGSx

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TMRGIPEHEW YQ UYEHVS HEW KYIVVEW UYI IRZSPZIVEQ S 6MS HE 4VEXE

IRXVI  I  SW EVKIRXMRSW STSWMXSVIW HI 6SWEW PMFIVEMW I

MRXIPIGXYEMW MRHITIRHIRXIW VIJYKMEVEQWI IQ 1SRXIZMHÍY 4SV WIY

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GSQS+IRIVEP3VMFIÄJVIRXI3+SZIVRSHE(IJIWEHI1SRXIZMHÍY

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HS&VEWMPIS+SZIVRSHE(IJIWEUYIZIMSEGEYWEVEUYIHEHI6SWEW

REGLEQEHE&EXEPLEHI'EWIVSW4EVEPSKVEVUYIS&VEWMPMRKVIWWEWWI

RIWWE EPMERËE S +SZIVRS HE (IJIWE EWWMRSY GMRGS XVEXEHSW IRXVI SW

UYEMWSHIPMQMXIWUYIMQTPMGEZEEVIRÞRGMETIPS9VYKYEMHIERXMKEW

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KVERHIEGSVHSRSUYEP4EVERLSWSJYXYVS:MWGSRHIHS6MS&VERGS

ZMWYEPM^SY E WMKRMJMGEËÇS HI TVSQSZIV E HIVVYFEHE HI 6SWEW GYNEW

EQFMËÙIW WSFVI S XIVVMX×VMS YVYKYEMS I S GSRXVSPI HS 6MS HE 4VEXE

IVEQ RSX×VMEW 

)WWIW ERXIGIHIRXIW LMWX×VMGSW VIJIVMHSW TIPS 4VIWMHIRXI

7ERKYMRIXXM GSRWXMXYIQ S TERS HI JYRHS TEVE VIWWEPXEV S TETIP HI

6MS &VERGS RS 9VYKYEMWSF S XIQE wTSPÑXMGE FVEWMPIMVE RS 4VEXEx

6IGSVHESI\4VIWMHIRXIUYIHIWHIIRXÇSSWKSZIVRSWYVYKYEMSW

wXIRXEVEQVIMXIVEHEQIRXIQSHMJMGEVSWXVEXEHSWHIIQEWTIGXSW

IWTIGMJMGEQIRXI PIWMZSW GSQS IVEQ S HE REZIKEËÇS HEW ÅKYEW HS

.EKYEVÇSI HE 0EKSE 1MVMQx IWJSVËSWIWWIW UYI ES PSRKS HIXSHSS

WÍGYPS<-<JEPLEVEQIWTIGMEPQIRXIRSUYIWIVIJIVMEÄREZIKEËÇSS

UYIS9VYKYEMGSRWMHIVEZEYQEJIVMHETVSJYRHEREWSFIVERMEREGMSREP

6IPEXE 7ERKYMRIXXM UYI E 'LERGIPEVME I EW *SVËEW %VQEHEW

EVKIRXMREWTEWWEVEQEETPMGEVYQEXISVMEUYIMKRSVEZEXSHSSHMVIMXS

YVYKYEMSWSFVISVMSIWYEREZIKEËÇS(IWWIQSHSS9VYKYEMTEWWEVME

EXIVTVEXMGEQIRXIYQEGSWXEWIGEWSFVIS6MSHE4VEXEIQGSRWIUàÎRGME

HE I\XVEZEKERXIXISVME HS 'LERGIPIV>IFEPPSW2IWWEW GMVGYRWXÆRGMEW

EHMTPSQEGMEFVEWMPIMVEWSFEGLIJMEHS&EVÇSHS6MS&VERGSETVS\MQE

WIHS9VYKYEMGYNSEQFMIRXIPLIIVEJEZSVÅZIP%T×WZÅVMEWRIKSGMEËÙIW

S&EVÇSHS6MS&VERGSERYRGMSYUYIwSKSZIVRSFVEWMPIMVSIWXÅHMWTSWXS

EJE^IVYQEHIGPEVEËÇSIWTSRXÆRIEIQJEZSVHSGSRHSQÑRMSHEWÅKYEW

JVSRXIMVMËEW QEW WSQIRXI YQE ZI^ UYI XIVQMREV E GSRWXVYËÇS HSW

KVERHIW REZMSW HI KYIVVE UYI LEZME IRGSQIRHEHS RE )YVSTEx

0IQFVEIRXÇS S EYXSV UYI S 4VIWMHIRXI %JSRWS 4IRE WIRHS

6MS&VERGS'LERGIPIVHIGPEVSYREEFIVXYVEHS4EVPEQIRXSIQ

w(IWHI  WSQSW HSRSW HE REZIKEËÇS I\GPYWMZE HS 6MS.EKYEVÇS

I HE 0EKSE 1MVMQ 3W XVEXEHSW WSPIRIW IWXEFIPIGIVEQ GSQS PMQMXIW

IRXVIEQFSWSWTEÑWIWEQEVKIQHMVIMXEHS6MS.EKYEVÇSIESGMHIRXEP



HE 0EKSE 1MVMQ RE GSRJPYÎRGME HS .EKYEVÇS )WTSRXERIEQIRXI I

WIQ WSPMGMXEËÙIW JE^IQSW S UYI WI IWTIVEZEHI R×W I WIQHIWINS HI

GSQTIRWEËÇSx %WWMQ SFWIVZE wES VIRYRGMEV S &VEWMP ES HMVIMXS HI

REZIKEËÇS I\GPYWMZE HIWQSRXEZE E TVIXIRWÇS EVKIRXMRE I S JE^ME

IWGPEVIGIRHS UYI MWWS RÇS IVE VIWYPXERXI HI YQE VIGPEQEËÇS QEW

WMQHIYQVIGSRLIGMQIRXSPMZVIIIWTSRXÆRIS2IWWIGPMQES&EVÇS

HS6MS&VERGSRIKSGMEGSQS1MRMWXVSYVYKYEMS6YJMRS(SQMRKYI^

YQRSZSXVEXEHSUYIVIGSRLIGIEREZIKEËÇSGSQYQIQEMWMQTSVXERXI

EMRHE GSQTEVXMPLE E NYVMWHMËÇSx

6IWWEPXES4VIWMHIRXI7ERKYMRIXXMUYIEQIRWEKIQES4EVPEQIRXS

YVYKYEMS WSPMGMXERHS E ETVSZEËÇS HS XVEXEHS TIVXMRIRXI HM^ UYI wS

&EVÇSHS 6MS&VERGSIRGEVSY I VIWSPZIY RSWWEWEWTMVEËÙIWHIXSHSW

SW XIQTSW GSQ YQ GVMXÍVMS UYI WYTIVE TSV EQTPMXYHI I IPIZEËÇS

IWWIW PIKÑXMQSW ERLIPSW  E 'LERGIPEVME FVEWMPIMVE  GSRGIHIY

ES 9VYKYEM QYMXS QEMW HS UYI E RSWWE HMTPSQEGME HIQERHSY IQ

XSHEWEWÍTSGEWIEGIMXSYQYMXSQIRSWHSUYIIWWEQIWQEHMTPSQEGME

SJIVIGIY GSQS GSQTIRWEËÇS IQ WYEW GSRWXERXIW KIWXÙIWx 

)PI JMREPM^E WYEW GSRWMHIVEËÙIWGSQ IWXI GSRGIMXS wSXVEXEHS

GSQ S &VEWMP EPÍQ HI WYE MRXVÑRWIGE WMKRMJMGEËÇS TVSHY^MY YQE

TEGMJMGEËÇS RSW EWWYRXSW HS 6MS HE 4VEXE % TEVXMV HI IRXÇS RÇS

QEMW WI VIMZMRHMGEZE E XIWI HE uJVSRXIMVE WIGEvx ) XVEËE S WIKYMRXI

VIXVEXS HI6MS &VERGS w7IY TVEKQEXMWQS TSPÑXMGS PLI MRHMGEZE SW

LSVM^SRXIWWIYTVMRGMTMWQSSQSZMEEFYWGEVTSVQIMSWZÅPMHSWWIYW

SFNIXMZSW WYE RSXÅZIP TIVWTMGÅGME TSPÑXMGE LIVHEHE HI WIY TEM S

PIZEZE E XSQEV GEQMRLSW UYI VIEPËEVEQ E KVERHI^E HI WIY TEÑW I

GSRWXVYÑVEQYQ TVIWXÑKMSFEWIEHSIQZEPSVIWQEMWW×PMHSWHSUYIE

JSVËE I E MQTSWMËÇS IGSRØQMGEx  (M^ XEQFÍQ w)PI VIWTIMXEZE

TVSJYRHEQIRXI S TEWWEHS QEW LEZMEIRXIRHMHS E QYHERËE HSW

XIQTSW I EW I\MKÎRGMEW HI YQE VIRSZEËÇS TVSJYRHEx

)RGIVVERHS S WIQMRÅVMS ETVIWIRXEVEQ WYEW GSRWMHIVEËÙIW S

4VSJIWWSV :MGIRXI1EVSXXE6ERKIPIS)QFEM\EHSV%PZEVSHE'SWXE

*VERGS

34VSJIWWSV1EVSXXE6ERKIPMRXMXYPSYWIYXVEFEPLSw%EXYEPMHEHI

HS&EVÇSHS6MS&VERGSx%T×WYQEHMWWIVXEËÇSWSFVISGMGPSLMWX×VMGS

IQGYNSÆQFMXSWIHIWHSFVSYSMXMRIVÅVMSHEZMHEHI6MS&VERGSzS

HS WMWXIQE HS GSRGIVXS IYVSTIY z UYI XIZI MRÑGMS HITSMW HE

HIWEKVIKEËÇSHE7ERXE%PMERËEMRWXMXYÑHETIPS8VEXEHSHIxS



EYXSV XVEËE S TIVJMP FMSKVÅJMGS HS &EVÇS JE^IRHS RSXEV  wUYI RIQ

WIQTVI XÎQ WMHS VIWWEPXEHSW EHIUYEHEQIRXI SW GSRLIGMQIRXSW TSV

IPIEHUYMVMHSW  REÅVIENYVÑHMGE HYVERXISWGYVWSW IQ7ÇS 4EYPS I

RS 6IGMJI I TVEXMGEHSW I HIWIRZSPZMHSW RE TVSQSXSVME TÞFPMGE RE

VITVIWIRXEËÇS TSTYPEV RE EWWIWWSVME E WIY TEM IQ EXMZMHEHIW

KSZIVREQIRXEMW I IWTIGMJMGEQIRXI HMTPSQÅXMGEWx  ) EGVIWGIRXE

wYRKMHSW RE QIWQE GEHIMVE HMVIMXS HEW KIRXIW I HMTPSQEGME RÇS

TSHIVMEQHIM\EVHIQERXIVWITIPEZMHEEJSVERSGIRXVSHSWMRXIVIWWIW

IEXMZMHEHIWHI6MS&VERGSx3EYXSVGSRGPYMSTIVJMPHS&EVÇSGSQ

E WIKYMRXI SFWIVZEËÇS w0MËÇS EXYEP IWXÅ IPI E RSW QMRMWXVEV E HE

RIGIWWÅVMETVITEVEËÇSTEVETSWWÑZIMWJYRËÙIWQEMWVIPIZERXIWIQJEGI

HIGMVGYRWXÆRGMEWIZIRXYEMWEMRHEUYIIWWEWJYRËÙIWSYGMVGYRWXÆRGMEW

NEQEMW ZIRLEQ E SGSVVIVx

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IQ UYI WIRXMHS WI TSHI EJMVQEV UYI S &EVÇS XIZI YQ TETIP HI

QSHIVRM^EHSV IQ WIKYRHS PYKEV HM^IV EPKYQE GSMWE WSFVI WYE

GSRXVMFYMËÇS JYRHEQIRXEP TEVE GSQTPIXEV S TVSGIWWS HI HIJMRMËÇS

HEMHIRXMHEHIFVEWMPIMVEJSVRIGIRHSPLIEHMQIRWÇSI\XIVREUYIJEPXEZE

SYWYFWXMXYMRHSETVII\MWXIRXI*MREPQIRXI GSRGPYMVIMGSQEPKYQEW

GSRWMHIVEËÙIWWSFVIGSQS6MS&VERGSJSMXEPZI^STVMQIMVSIWXEHMWXE

E EVXMGYPEV YQ TEVEHMKQE KIVEP I EFVERKIRXI HI TSPÑXMGE I\XIVRE

FVEWMPIMVEMRGPYMRHSRÇSW×SWTVSFPIQEWXVEHMGMSREMWHIZM^MRLERËE

IGSRZMZÎRGMELIVHEHSWHSTEWWEHSQEWXEQFÍQSWHSTVIWIRXII



IQ IWFSËS SW HS JYXYVS 2IWXI ÞPXMQS WIRXMHS GSQS WI QSWXVSY

GETE^ HI  PMHEV GSQ HYEW UYIWXÙIW UYI ZSPXEQ LSNI E RSW HIWEJMEV

YQEXVERWJSVQEËÇSWÞFMXEITVSJYRHERSWMWXIQEQYRHMEPHITSHIV

I S WYVKMQIRXS HS JIRØQIRS HE KPSFEPM^EËÇS IQ WYE TVMQIMVE

IRGEVREËÇSEHE)VE:MXSVMEREISWHIWPSGEQIRXSWUYIIPETVSHY^MY

EXÍRE%QÍVMGEHS7YP

:SPXERHSÄJVEWIHI+MPFIVXS*VI]VIGSQSQYMXEWHIWYEWGSMWEW

Í YQE HIWWEW TIVGITËÙIW EKYHEW TIRIXVERXIW UYI HIWETEVIGIQ

ZIPS^QIRXI RE MQTIXYSWMHEHI HE IR\YVVEHE WIQ HIM\EV XVEËSW 7ÇS

TMRGIPEHEW MQTVIWWMSRMWXEW E UYI IPI RÇS XIRXE MQTVMQMV HI JSVQE

P×KMGE I QIX×HMGE GEVÅXIV HI WMWXIQE

'SQSHM^RSTVIJÅGMSw2MRKYÍQIWTIVIHSIRWEMSUYIWIWIKYI

UYI WINE LMWX×VME GSRZIRGMSREP  (I QSHS EPKYQ Í IWXI S WIY

TVST×WMXSIWMQSHIXIRXEXMZEHIMRXIVTVIXEËÇSTEVEEGSQTVIIRWÇS

HSUYIWINESÍXLSWFVEWMPIMVSx



3TIVÑSHSUYIEFVERKIHEZMHEFVEWMPIMVE

Í RS IWWIRGMEP S QIWQS HE KIWXÇS HI 6MS &VERGS S GSMRGMHIRXI

GSQSHSWYFXÑXYPSHI3VHIQI4VSKVIWWSSw4VSGIWWSHI(IWMRXIKVEËÇS

HEW 7SGMIHEHIW 4EXVMEVGEP I 7IQMTEXVMEVGEP RS &VEWMP WSF S 6IKMQI

HI8VEFEPLS 0MZVI EWTIGXSW HI YQ UYEWI QIMS WÍGYPS HI XVERWMËÇS

HS XVEFEPLS IWGVEZS TEVE S XVEFEPLS PMZVI I HE QSREVUYME TEVE E

VITÞFPMGEx

8IQMWWSQYMXSEZIVGSQEMRWTMVEËÇSQEMSVHIWXIWIQMRÅVMS

SUYINYPKEQSWXIVWMHSEQSHIVRM^EËÇSHS&VEWMPREUYIPIQSQIRXS

IUYI+MPFIVXS*VI]VITVIJIVIHIWGVIZIVGSQSWIYWwEWTIGXSWHMRÆQMGSW

SYRSWIRXMHSETIREWWSGMSP×KMGSHETEPEZVETVSKVIWWMZSWx)EHZIVXI

w6IPEXMZEQIRXI TVSKVIWWMZSW 7IQ UYI WI EXVMFYEE XEMW EWTIGXSW E

VIEPM^EËÇS SY WIUYIV E QERMJIWXEËÇS HI YQ TVSGIWWS  HI

HIWIRZSPZMQIRXS REGMSREPx



2ÇSHIM\EHIWIVGSRXVEHMX×VMSEXÍTEVEHS\EPUYIWIGSRWMHIVI

S &EVÇS QSHIVRM^EHSV %JMREP IPI JSM IQ QYMXSW EWTIGXSW YQ

IWXEHMWXEXÑTMGSHSWÍGYPS<-<SÞPXMQSKVERHIIWXEHMWXEHEWIKYRHE

QIXEHI I HS JMQ HS WÍGYPS <-< FVEWMPIMVS YQE ZI^ UYI WYE QSVXI

GSMRGMHI TVEXMGEQIRXI GSQ S HIWETEVIGMQIRXS HEUYIPI WÍGYPS RE

ZÍWTIVE HE 4VMQIMVE +YIVVE 1YRHMEP

4IWWSEPQIRXI IVE LSQIQ HI ZEPSVIW NÅ WYTIVEHSW RE

TV×TVMEÍTSGE1SREVUYMWXEGSRZMGXSEXÍSJMQHEZMHEIQEPKYQEW



GEVEGXIVÑWXMGEW GLIKEZE E WIV UYEWI YQ WEUYEVIQE RE XVEHMËÇS HS

4EVXMHS 'SRWIVZEHSV HE JEWI HS VIKVIWWS HE VIEËÇS Ä 6IKÎRGME HE

GIRXVEPM^EËÇSHSTSHIVSUYIWIZÎTSVI\IQTPSHIWYEVINIMËÇSÄ

JIHIVEËÇSwÄEQIVMGERExGSQKSZIVREHSVIWIPIMXSWIUYERHSEJMVQE

UYIEUYMPSHIUYITVIGMWÅZEQSWwHITSMWHIXERXEWVIJSVQEWTVIGMTMXEHEW

I MRGSRWMHIVEHEWx IVE  wJSVXEPIGIV I HIWIRZSPZIV SW IPIQIRXSW

GSRWIVZEHSVIWTØVXIVQSÄWEKMXEËÙIWIÄEREVUYMEIEWWIKYVEVEGMQE

HI XYHS E YRMHEHI REGMSREPx



)QGSRXVEWXIGSQ.SEUYMQ2EFYGSUYEWIRÇSWITIVGIFIRIPI

YQE TVISGYTEËÇS QEMSV GSQ S UYI IVE TEVE WIY EQMKS S GEVÅXIV

SVKÆRMGSHEIWGVEZMHÇSTIVQIERHSXSHEEWSGMIHEHIIEWMRWXMXYMËÙIW

)QFSVEXIRLEWMHSGSRXVEEIWGVEZMHÇSIGSRWMHIVEHSE0IMHS:IRXVI

0MZVISFVEHIWIYTEMwEQEMWMQTSVXERXIVIJSVQEUYIWIXIQVIEPM^EHS

RS -QTÍVMSx



ET×WEMRHITIRHÎRGMEUYIWXÙIWGSQSELIVERËEHE

IWGVEZEXYVEEQMWÍVMETVIHSQMRERXIEIWGERHEPSWEHIWMKYEPHEHIWSGMEP

I VEGMEP IWXEZEQ IQ KVERHI TEVXI EYWIRXIW HI WIY IWTÑVMXS

2ÇS Í Ä XSE UYI 0MQE &EVVIXS EKYHEQIRXI GSRWGMIRXI HS

TVIGSRGIMXSzVIGSVHIWIHSJMREPHI'PEVEHSW%RNSWUYERHSENSZIQ

QYPEXEWIHY^MHEIEFERHSREHEHM^w1ÇIR×WRÇSWSQSWREHERIWXI

QYRHSxzJSMGVÑXMGSEGIVFSHS&EVÇS2ÇSW×SERIHSXÅVMSHEÍTSGE

QEWS TV×TVMS+MPFIVXS *VI]VI PIQFVE GSQSS 'LERGIPIVWIGIVGEZE

HIwLSQIRWRÇSW×MRXIPMKIRXIWGYPXSWITSPMHSWGSQSEPXSWFIPSWI

IYKÎRMGSWERMQEMWHIFIPEIWXEQTELSQIRWUYIGSQTPIXEHSW

TSVIWTSWEWJSVQSWEWIPIKERXIWIFIQZIWXMHEWHIWWIQESIWXVERKIMVS

E MHÍME HI WIV S &VEWMP z TIPS QIRSW WYE IPMXI z TEÑW HI KIRXI WÇ I

FIQGSRJSVQEHEx



)YGPMHIWHE'YRLEWIYEY\MPMEVHMVIXSRÇSPLI

GSRWIKYMY TEWWEV E HIWGSFIVXE UYI JM^IVE IQ 'ERYHSW E VIWTIMXS HE

JSVËE HS WIVXERINS TVSHYXS HE QIWXMËEKIQ 4VSZEZIPQIRXI NEQEMW

XIRXSYJE^ÎPSHEHS SXIQSVVIZIVIRGMEPUYIPLI MRWTMVEZESKVERHI

LSQIQ *VI]VI SFWIVZE EPMÅW UYI IWWE TVISGYTEËÇS TIPE JMKYVE I

ETVIWIRXEËÇSHSWLSQIRWI\TPMGEVMEwSJEXSHIRYRGEXIVETVSZIMXEHS

)YGPMHIW HE 'YRLE z IQ GIVXE ÍTSGE XÇS HIWINSWS HI MV Ä )YVSTE

UYI TIRWSY MRKIRYEQIRXI IQ WIV TVSJIWWSV IQ 4EVMW  z WIRÇS

IQ QMWWÙIW WYPEQIVMGEREWx



-RHSYQTSYGSQEMWPSRKIIJE^IRHS

GSRGIWWÇSQEMSVÄJVERUYI^ETVSWWIKYI SQIWXVIHI%TMGYGSWw7YE

EZIVWÇSESWGEGSKÎRMGSWIWXIRHMEWIHIEPKYQQSHS?KVMJEHSTSVQMQA



E FVEWMPIMVSW HI GSV 7× UYERHS HI ZEPSV I\GITGMSREP z S GEWS HS

GEGSKÎRMGS7ERXSW(YQSRXzTEVIGMEQPLISWMRHMZÑHYSWJIMSWTÅPMHSW

JVER^MRSW YXMPM^ÅZIMW SY XSPIVÅZIMW x



 2SXIWIEGSQTPMGEHE

EGVSFEGMEZSGEFYPEVwGEGSKÎRMGSxRIQETEVIGIRS%YVÍPMSTEVEXIRXEV

IWGEQSXIEV S ×FZMS XSHSW SW EHNIXMZSW IQFSVE TSWWEQ WMKRMJMGEV

GSMWEW HMZIVWEW GSRWXMXYIQ TEVXI HE PMRKYEKIQ FVEWMPIMVE GSHMJMGEHE

TEVE WMKRMJMGEVSUYIXSHSWIRXIRHIQSWzEVIJIVÎRGMEETIWWSEWwHI

GSVx 'SQS S VIUYMWMXS HI wFSE ETEVÎRGMEx HI RSWWSW ERÞRGMSW HI

IQTVIKS  GPEVS UYI EHQMXMPS IQ XSHE E GVYI^E EFEPEVME

GSRWMHIVEZIPQIRXIEXIWIHEwHIQSGVEGMEVEGMEPxXÇSGEVEESEHQMVÅZIP

TIVREQFYGERS  3YXVS QSREVUYMWXE 'EVPSW HI 0EIX SFWIVZSY

FIQUYIE6IZSPXEHE'LMFEXEHSQEVYNSRIKVS.SÇS'ÆRHMHSwJSM

TEVE6MS&VERGSYQEFEPSXVIQIRHS7SRLEVEIPIYQ&VEWMPJSVXII

 GMVGYRZEKERHS SW SPLSW TIPE FEÑE EQIEËEHE  XIVME XEPZI^

GSQTVIIRHMHS UYÇS PSRKI RSW EGLÅZEQSW HS WIY MHIEP x

)WWIW XI\XSW EPKYRW FIQ TSWXIVMSVIW GSQS SW HI +MPFIVXS

WÇSMRXIVIWWERXIWTSVQSWXVEVGSQSTEVES&EVÇSIEQEMSVMEHIWIYW

GSRXIQTSVÆRISW EWWMQ GSQS TEVE QYMXSW HSW UYI ZMIVEQ HITSMW

EXÍ LSNI EW EYWÎRGMEW SW WMPÎRGMSWEW SQMWWÙIW WÇS QEMW IPSUàIRXIW

HS UYI EW VIJIVÎRGMEW I\TPÑGMXEW ,Å XSHS YQ MQIRWS &VEWMP S HEW

QEMSVMEWUYIJMGEHIJSVES&VEWMPHSWGEGSKÎRMGSWHSWHIWHIRXEHSW

HSWwLSQIRWHIGSVxWIQZEPSVI\GITGMSREPIWGSRHMHSWSYQIPLSV

VIZIPEHSW TIPEW IPMTWIW I EGVSFEGMEW ZIVFEMW HI IWGVMXSVIW IPIKERXIW

3 UYI IWXVEKE XYHS Í UYI HI ZI^ IQ UYERHS LSQIRW RÇS GYPXSW

RIQ TSPMHSW QEW GIVXEQIRXI HI FIPE IWXEQTE GSQS S RIKVS.SÇS

'ÆRHMHSXÎQSQEYKSWXSHIMRZEHMVEJIWXETEVEEUYEPRÇSJSVEQ

GSRZMHEHSW%RÇSWIVGSQSEGSRXIGIVMEQYMXSWERSWQEMWXEVHIRS

WEQFE HI 'EVXSPE wTEVE WI I\MFMV TEVE E (YUYIWE HI /IRX RS

-XEQEVEX]x

7I EWWMQ Íz I RÇS ZINS GSQS RIKEV z W× WI TSHIVME JEPEV HI

6MS &VERGS GSQS QSHIVRM^EHSV IQ XIVQSW HE  wQSHIVRM^EËÇS

GSRWIVZEHSVEx GSRGIMXS LEFMXYEPQIRXI YXMPM^EHS HI JSVQE VIWXVMXE

ETPMGEHSÄWVIZSPYËÙIWFYVKYIWEWXEVHMEWRE4VÞWWMEIRE-XÅPME'SQ

GIVXEPEXMXYHIE MHÍMEXIQ WIVZMHS TEVE HIWGVIZIV RS &VEWMPXERXS E

6IZSPYËÇS HI  GSQS E 4VMQIMVE 6ITÞFPMGE MWXS Í QYHERËEW

ETEVIRXIQIRXI TVSJYRHEW RE IWXVYXYVE HS 4SHIV QEW WIQ XSGEV SY



EPXIVEV JYRHEQIRXEPQIRXI E SVKERM^EËÇS IGSRØQMGSWSGMEP GSQ

JVIUàIRXI GSSTXEËÇS HI TIPS QIRSW TEVGIPE HE GPEWWI HSQMRERXI

ERXIVMSV

2ÇSLÅHÞZMHEHIUYIHIWWETIVWTIGXMZETEVXMGYPEV6MS&VERGS

Í YQE TIVJIMXE QERMJIWXEËÇS HE QSHIVRM^EËÇS GSRWIVZEHSVE NÅ UYI

TEVXMGMTEHIHSMWKSZIVRSWUYIVITVIWIRXEQTSWWMZIPQIRXISWI\IQTPSW

QEMW EGEFEHSW HI QSHIVRM^EËÇS GSRWIVZEHSVE RE LMWX×VME HS &VEWMP

SW +SZIVRSW 6SHVMKYIW %PZIW I %JSRWS 4IRE E w)VE HI 3YVSx HE

4VMQIMVE 6ITÞFPMGE

%QFSWSW 4VIWMHIRXIW XMRLEQ WMHS 'SRWIPLIMVSWHS-QTÍVMS

I 6SHVMKYIW %PZIW GSQS PIQFVEZE6MS&VERGS LEZMEJMKYVEHSwRS

QIWQSTEVXMHSGSRWIVZEHSVIQUYIXMZITVEËExGSRJSVQIEVKYQIRXE

TEVEXIRXEVIWUYMZEVWIHSGSRZMXITEVEETEWXEHEW6IPEËÙIW)\XIVMSVIW

EPIKERHS UYI TSHIVMEQ wSW ZMIMPPIW FEVFIW HS &VEWMP VITYFPMGERS

IRXIRHIVUYISWERXMKSWQSREVUYMWXEWPLIWIWXÇSEXSQEVSWTVMRGMTEMW

PYKEVIWIS KSZIVRSHEREY HS)WXEHSx

2YQEHEWGEVXEWUYIIWGVIZIE6SHVMKYIW%PZIWEPYHIESTVSFPIQE

VITVIWIRXEHS TIPS:MWGSRHI HI 'EFS *VMS I WYETVSZÅZIP VIWMWXÎRGME

EYQERIGIWWÅVMEIVEHMGEPVIJSVQEMRXIVRETEVEEUYEPRÇSWIWIRXME

UYEPMJMGEHS -RHMGE.SEUYMQ 2EFYGSwTIPEGSVEKIQHI VIJSVQEHSVx

I GSQS IWGVIZI ES 4VIWMHIRXI IPIMXS TSV TSWWYMV RÇS W× wXSHEW EW

LEFMPMHEHIW TEVE S GEVKS QEW XEQFÍQ UYEPMHEHIW FVMPLERXIW UYI

RÇS TSWWYS x

WMKRMJMGEXMZSTSVXERXSUYISTV×TVMS&EVÇSXMZIWWIGSRWGMÎRGME

HIWYEWPMQMXEËÙIWTEVEWIVZMVHIEKIRXIHEQSHIVRM^EËÇS2ÇSSFWXERXI

IWWETIVGITËÇSVIEPMWXEEZIVHEHIÍUYIIPIEGEFEVÅWIRHSYQKVERHI

QSHIVRM^EHSV % GSQIËEV TIPS -XEQEVEX] UYI XVERWJSVQE TSV

GSQTPIXS GSRZIVXIRHS YQE EREGVØRMGE I HMQMRYXE VITEVXMËÇS GSQ

 IQTVIKEHSW zXMRLEQ WMHS IQ  z IQ YQE 'LERGIPEVME

GSRXIQTSVÆRIEHIRÑZIPGSQTEVÅZIPÄWIUYMZEPIRXIWIYVSTÍMEWHSXERHS

E HI MRWXMXYMËÙIW wQSHIVREWx GSQS QETSXIGE EVUYMZSW FMFPMSXIGE

GSRWYPXSVNYVÑHMGS'P×ZMW&IZMPÅUYEHMVIXSVIWHIWIËÇSYQWIVZMËS

KISKVÅJMGS RE HMVIËÇS HS %VUYMZS 6IGVME S +EFMRIXI HS 1MRMWXVS

TIVQMXMRHS UYI IPI WINE JSVQEHS TSV JYRGMSRÅVMSW HS WIVZMËS

HMTPSQÅXMGSSYGSRWYPEVIRÇSW×TIPSWUYIWIVZMEQRS6MSHI.ERIMVS

RE ÍTSGE EW GEVVIMVEW IVEQ WITEVEHEW



%PÍQ HI KVERHI QSHIVRM^EHSV HS MRWXVYQIRXS IPI WIVÅ

MKYEPQIRXIYQQSHIVRM^EHSVRSXÅZIPHSGSRXIÞHSHETSPÑXMGEI\XIVRE

4EVERLSW JSM ES QIWQS XIQTS QSHIVRM^EHSV IQ SYXVS WIRXMHS

QIRGMSREHSTSV+MPFIVXS *VI]VIES JEPEV EVIWTIMXS HE wMHIEPM^EËÇS

HS-XEQEVEX]HMVMKMHSTIPS&EVÇSHS6MS&VERGSGSQS×VKÇSWYTVIQS

HIMVVEHMEËÇSSYEJMVQEËÇSHSTVIWXÑKMSHS&VEWMPRSGSRXMRIRXIIQ

TEVXMGYPEVIRSI\XIVMSVIQKIVEPxHIYQw-XEQEVEX]UYIJSMXEQFÍQ

RS &VEWMP HSWHMEW HS &EVÇS YQE IWTÍGMI HI 1MRMWXÍVMSGSQS S HE

)HYGEËÇSI'YPXYVEGSRGSVVIRHSTEVEUYIZMIWWIQES6MSHI.ERIMVS

MRXIPIGXYEMW IYVSTIYW IQMRIRXIW EVXMWXEW QÍHMGSW HI VIRSQI I

1MRMWXÍVMS XEQFÍQ HI -RJSVQEËÇS SY 4VSTEKERHE HI GIVXS QSHS

VIWTSRWÅZIPx



TIPSUYILSNIGLEQEVÑEQSWHIFSEMQEKIQHS&VEWMP

)QGSQTPIQIRXEËÇSESXVEFEPLSREÅVIEHEWVIPEËÙIWI\XIVMSVIWWYE

GSRXVMFYMËÇS IWXIRHIYWI Ä QSHIVRM^EËÇS HE %VQEHE I XEQFÍQ HS

)\ÍVGMXS%XÍEGSMWEWQMÞHEWGLIKSYWYEIRIVKME7IQTVIHIEGSVHS

GSQ *VI]VI S &EVÇS XIVME XMHS MRJPYÎRGME RE MRWXEPEËÇS HI GSPÍKMSW

IPIKERXIW TEVE QSËEW WSF E HMVIËÇSHIVIPMKMSWEW JVERGIWEW IFIPKEW

(IPIW WEMVMEQ JEPERHS JPYIRXIQIRXI JVERGÎW ZIVHEHIMVEW EY\MPMEVIW

HS -XEQEVEX] wWIRLSVMRLEW GETE^IW HI WI XSVREVIQ IWTSWEW I

GSPEFSVEHSVEW HI LSQIRW TÞFPMGSW WSFVIXYHS HI HMTPSQEXEWx



8SHE IWWE QYPXMJSVQI EXYEËÇS XIZI GEVÅXIV IQMRIRXIQIRXI

TVÅXMGS I EHQMRMWXVEXMZS EËÇS ZSPXEHE E JSVNEV SW MRWXVYQIRXSW HE

TSPÑXMGEI\XIVRE.ÅIQVIPEËÇS ÄTSPÑXMGEMRXIVRE TVSTVMEQIRXIHMXE

4EVERLSW RYRGE VIXVSGIHIY HE VIRÞRGME HIJMRMXMZE E UYI GIHS JSVE

PIZEHS ET×W WYEW HYEW I\TIVMÎRGMEW JVYWXVERXIW RS -QTÍVMS GSQS

(ITYXEHSTIPETVSZÑRGMEHI1EXS+VSWWS%WI\TPMGEËÙIWUYIJSVRIGIY

TEVEMWWSJSVEQZEVMEHEWITVSZEZIPQIRXIGSRXMRLEQXSHEWYQETEVGIPE

HE ZIVHEHI MRXIMVE

3VEEPIKEZERÇSXIVJSVXYRETIWWSEPSVEWIRXMEUYIPLIJEPXEZEQ

HSXIW HI SVEHSV SY EW UYEPMHEHIW MRHMWTIRWÅZIMW ESW wGSQFEXIRXIW

HSW TEVXMHSW TSPÑXMGSWx



%VE^ÇSQEMWGSQTPIXEIWEXMWJEX×VMEJSME

UYIHIYE6EQ×R'EVGERSEJMQHINYWXMJMGEVTSVUYIRÇSUYMWWIV

GERHMHEXS E 4VIWMHIRXI HMWTYXERHS E MRHMGEËÇSGSQ S 1EVIGLEP

,IVQIW w'ERHMHEXS SY 4VIWMHIRXI  WIVME HMWGYXMHS EXEGEHS

HMQMRYÑHS HIWEYXSVM^EHS  I RÇS XIVME GSQS 4VIWMHIRXI E JSVËE

UYI LSNI XIRLS GSQS 1MRMWXVS TEVE HMVMKMV EW 6IPEËÙIW )\XIVMSVIW



x



'SQSEJMVQEIQSYXVSXI\XSUYIVMELEFMPMXEVWIwEQIVIGIV

SGSRGYVWSHEWERMQEËÙIWHIXSHSWSWQIYWGSRGMHEHÇSWxSUYIW×

WIVMETSWWÑZIPSGYTERHSWIGSQwEWWYRXSWSYGEYWEWMRGSRXIWXEZIPQIRXI

REGMSREMWx



4SHIVÑEQSW EWWMQ HM^IV UYI IPI IWGSPLIY E QIPLSV TEVXI E

UYIRÇSPLIWIVMEXMVEHENÅUYIIWWEZMVXYEPYRERMQMHEHISEGSQTERLSY

EXÍ S JMQ GSRJSVQI EWWMREPSY S HMTPSQEXE EVKIRXMRS .SWÍ 1EVME

'ERXMPS w6MS &VERGS XIRMEYRETSTYPEVMHEH I\XVESVHMRÅVME)VE

IP &VEWMPQMWQSx



 7YESFVEHIQSHIVRM^EHSVHIZIWIVZMWXEEXVEZÍW

HIWWITVMWQEHEEËÇSGSRGVIXEEHQMRMWXVEXMZEXEPGSQSEWHIEPKYRW

SYXVSWHIWIYWGSRXIQTSVÆRISWIGSQTERLIMVSWHIKSZIVRSS4VIJIMXS

4IVIMVE 4EWWSW I SWERMXEVMWXE 3W[EPHS 'VY^TSVI\IQTPS XSHSYQ

GSRNYRXS HI IWJSVËSW HI QSHIVRM^EËÇS  HI QÍXSHSW XÍGRMGEW I

MRMGMEXMZEWTVÅXMGEWUYIXERXSGEVEGXIVM^EVEQEUYIPIMRÑGMSHIWÍGYPS

RS &VEWMP

7SF EPKYRW EWTIGXSWE SFVE QSHIVRM^EHSVE JSM S WYFWXVEXS E

JYRHEËÇS HE GSRXVMFYMËÇS QEMW HYVEHSYVE UYI 6MS &VERGS HEVME  E

IWWITVSGIWWSKVEHYEPITVSKVIWWMZSTSVREXYVI^ENEQEMWMRXIMVEQIRXI

XIVQMREHS  HI JSVQEËÇS I EJMVQEËÇS HE MHIRXMHEHI FVEWMPIMVE HI

HIJMRMËÇSHEUYMPSUYIJE^HS&VEWMPYQEVIEPMHEHIHMJIVIRXIRSQYRHS

HEWREËÙIWII\TPMGETSVUYISWFVEWMPIMVSWRÇSWÇSTSVXYKYIWIWRIQ

IYVSTIYW

)WWEXEVIJEHIJMRMHSVELEZMEWMHSMRMGMEHETIPEKIVEËÇSVSQÆRXMGE

HITSMW HE MRHITIRHÎRGME E TEVXMV HI +SRËEPZIW HI 1EKEPLÇIW I

QEMWEMRHEHI.SWÍHI%PIRGEVI+SRËEPZIW(MEWIRXVII

QEMW SY QIRSW 3 HIWIRLS HI YQE MHIRXMHEHI FVEWMPIMVE TV×TVME I

MRGSRJYRHÑZIPWILEZMEIWFSËEHSIQXSVRSHIEPKYQEWMHÍMEWQIWXVEW

E HMJIVIRËE HE REXYVI^E  E IWTIGMJMGMHEHI HSW XV×TMGSW E TVIWIRËE

HS ÑRHMS GSQS S GSRLIGIHSV HSW WIKVIHSW HE XIVVE E GVIRËE RYQE

IWTÍGMI HI TVIHIWXMREËÇSTEVE E YRMHEHI REGMSREPÍXRMGE I GYPXYVEP

1EMW MQTSVXERXI HS UYI XYHS E MHÍME UYI ETEVIGI QYMXS GIHS HI

UYI E SVMKMREPMHEHI FVEWMPIMVE ZIQ HEW XVÎW VEËEW IQ TVIWIRËE I IQ

QMWXYVE7IQQYMXEÎRJEWIRSMRÑGMSESWTSYGSWEQIWXMËEKIQKERLE

MQTSVXÆRGME I SGYTE GVIWGIRXI IWTEËS RE GSRJMKYVEËÇS MHIRXMXÅVME

)YGPMHIW HE 'YRLE IRGEVRE XEPZI^ S QSQIRXS HIGMWMZS E TEVXMV HS

UYEPEQIWXMËEKIQHIM\EHIWIVWMRØRMQSHIHIKIRIVIWGÎRGME+MPFIVXS



*VI]VI HEVÅ YQ TEWWS EHMERXI GSRZIVXIRHS E QIWXMËEKIQUYEWI IQ

MHISPSKMEREGMSREP%PMRLEHIMRXIVTVIXEËÇSMRMGMEHETIPSWVSQÆRXMGSW

GYPQMREIQ1EVMSHI%RHVEHIUYIZEMMRZIVXIVSWXIVQSWHEIUYEËÇS

STV×TVMSTSZSFVEWMPIMVSKIVEHSVHEGYPXYVETSTYPEVÍUYI TEWWEE

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

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

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

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

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I HIXIVQMRERXIW SGSVVMEQ GSMRGMHIRXIQIRXI REUYIPIW ERSW

(IYQPEHSSWMWXIQEMRXIVREGMSREPHITSHIVWSJVMEYQEHIWWEW

XVERWJSVQEËÙIW TVSJYRHEW UYI W× WYGIHIQ ÄW ZI^IW IQ YQ WÍGYPS

GSQEIQIVKÎRGMEHSW)WXEHSW9RMHSWESRÑZIPHITSXÎRGMEHIEPGERGI

KPSFEP (EXEQ HSWTVMQIMVSW ERSW HE KIWXÇS HI 6MS &VERGS SW HSMW

EGSRXIGMQIRXSW UYI SW LMWXSVMEHSVIW HMTPSQÅXMGSW EQIVMGERSW

GSWXYQEQ GSRWMHIVEV SW XYVRMRK TSMRXW SW QSQIRXSW HIGMWMZSW IQ

UYI SW )WXEHSW 9RMHSW TEWWEQ TIPE TVMQIMVE ZI^ E TEVXMGMTEV HI

QSHS GVYGMEP IQ TVSFPIQEW UYI RÇS WÇS TYVEQIRXI LIQMWJÍVMGSW

8VEXEWI HE QIHMEËÇS HS 4VIWMHIRXI8LISHSVI 6SSWIZIPX TEVE TØV

JMQ Ä +YIVVE 6YWWS.ETSRIWE IQ  I RS ERS WIKYMRXI HE

TEVXMGMTEËÇS RSVXIEQIVMGERE RE 'SRJIVÎRGME HI %PKIGMVEW HIZMHE

ESMRGMHIRXIHI %KEHMVRS 1EVVSGSWIRXVIE %PIQERLE I E*VERËE

4IVGIFIRHSQIPLSVHSUYIQYMXSWGSRXIQTSVÆRISWEIQIVKÎRGME

HSW )WXEHSW 9RMHSW  4EVERLSW HMVÅ IQ  RYQ HIWTEGLS E

;EWLMRKXSRw%ZIVHEHIÍUYIW×LEZMEKVERHIWTSXÎRGMEWRE)YVSTE

I LSNI IPEW WÇS EW TVMQIMVEW E VIGSRLIGIV UYI LÅ RS 2SZS 1YRHS

YQE KVERHI I TSHIVSWE REËÇS GSQ UYI HIZIQ GSRXEV x



 2ÇS

IVEQW×EWTSXÎRGMEWIYVSTÍMEWUYIXMRLEQHIGSRXEVGSQJIRØQIRS

RSZS 2S TEWWEHS EW KVERHIW TSXÎRGMEW UYI JSVQEZEQ S GSRGIVXS

IYVSTIYIWXEZEQHMWXERXIWHIRSWWSYRMZIVWSMQIHMEXS4EVEIPEWS

&VEWMPRÇSTEWWEZEHITEÑWTIVMJÍVMGSGSQSUYEPTSHIVMEQXIVYQSY

SYXVSIRZSPZMQIRXSQEWHIJSVQEIWTSVÅHMGEIWIGYRHÅVME'SQSW

)WXEHSW 9RMHSW EW GSMWEW QYHEQ HI JMKYVE IWXÅZEQSW WMXYEHSW Ä

WSQFVE EZEWWEPEHSVE HE RSZE TSXÎRGME RS MRXIVMSV HI WYE IWJIVE HI



MQIHMEXE MRJPYÎRGME 7I HIGMHÑWWIQSW MKRSVÅPE SYXVSW XIRXEVMEQ

GIVXEQIRXI YXMPM^EV S TSHIVMS RSVXIEQIVMGERS IQ TSWWÑZIP TVINYÑ^S

RSWWS 'SRJSVQI IWGVIZIY S 'LERGIPIV WSF TWIYHØRMQS .4IRR

RS .SVREPHS'SQQIVGMSw;EWLMRKXSRJSMWIQTVISTVMRGMTEPGIRXVS

HEW MRXVMKEW I HSW TIHMHSW HI MRXIVZIRËÇS GSRXVE S &VEWMP TSV TEVXI

HIEPKYRWHSWRSWWSWZM^MRLSWVMZEMWTIVQERIRXIWSYEHZIVWÅVMSWHI

SGEWMÇSx



2ÇSWITSHIIWUYIGIVHIUYISWERSWUYITVIGIHIQE4VMQIMVE

+YIVVE 1YRHMEP WÇS ERSW HI I\EGIVFEHS REGMSREPMWQS E ÍTSGE TSV

I\GIPÎRGME HS MQTIVMEPMWQS IYVSTIY UYI LEZME VIXEPLEHS E ¥JVMGE

RS'SRKVIWWSHI&IVPMQTVSQSZMHSMRXIVZIRËÙIWEVQEHEWRE'LMRE

EJMQHIEVVERGEVGSRGIWWÙIWEGIPIVEHSSHIWQERXIPEQIRXSHS-QTÍVMS

SXSQERS MRWXEPEHS S GSPSRMEPMWQS RE -RHSGLMRE  E JEWI HE

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FSQFEVHIMSW REZEMW TEVE GSFVEV HÑZMHEW HE +YIVVE HSW &SIVW HS

YWS HS TSHIV GSQ HIWJEËEXI^ I XSXEP HIWMRMFMËÇS

2SWWSTEÑWRÇSLEZMEIWGETEHSMRG×PYQIHE)VEHS-QTIVMEPMWQS

IQFSVE XMZIWWI TEKS TVIËS VIPEXMZEQIRXIFEM\S XMZIQSW TSV EPKYQ

XIQTS E -PLE HE8VMRHEHI SGYTEHE TIPSW MRKPIWIW VIKMWXVEQSW

MRGMHIRXIEVQEHSGSQQSVXIWGSRXVESWJVERGIWIWHYVERXIEGSVVMHE

HSSYVSHI'EPËSIRIRS%QETÅIWSJVIQSWEXIRXEHSERSWWEWSFIVERME

TIVTIXVEHSTIPSIRGSYVEËEHS4ERXLIVHE%PIQERLE,EZMETSVXERXS

FSEWVE^ÙIWTEVEUYIRÇSRSWWIRXÑWWIQSWXVERUàMPSWNÅUYIXÑRLEQSW

JVSRXIMVEW GSQ XVÎW TSXÎRGMEW IYVSTÍMEW

'SRJVSRXEHS WMQYPXÆRIEQIRXI GSQ IWXIW HSMW TVSFPIQEW z E

EWGIRWÇS HSW )WXEHSW 9RMHSW I E EQIEËE PEXIRXI HS MQTIVMEPMWQS

IYVSTIYzS&EVÇSZEMYXMPM^EVSTVMQIMVSJIRØQIRSTEVERIYXVEPM^EV

S WIKYRHS E wEPMERËE RÇS IWGVMXEx GSQ SW EQIVMGERSW E wSTËÇS

TVIJIVIRGMEPx TIPSW )9% S ETSMS Ä (SYXVMRE 1SRVSI ES TER

EQIVMGERMWQS GSQS QIMS HI VIJSVËEVWYE TSWMËÇS IQVIPEËÇSXERXS

ESW IYVSTIYWUYERXS ESW PEXMRSEQIVMGERSW GSQ SW UYEMW XÑRLEQSW

TVSFPIQEW TSXIRGMEMW SY EXYEMW HI JVSRXIMVE SY HI SYXVE REXYVI^E

MRXIVIWWERXIRSXEVRSIRXERXSUYIQIWQSESETSMEVETSPÑXMGE

MRXIVEQIVMGEREHSW)WXEHSW9RMHSW6MS&VERGSTVSGYVEZEHIQSHS

MRHMVIXSWYFQIXIVSMRGSRXVEWXÅZIPTSHIVEQIVMGERSEGIVXSWPMQMXIW

NYVÑHMGSW 2IQ WIQTVI WI TIVGIFIY UYI TSV XVÅW HS UYI TSHIVME



TEVIGIVYQEEHIWÇSMRGSRHMGMSREPÄWTSWMËÙIWHI;EWLMRKXSRIWGSRHME

WI S MRXYMXS HI QYPXMPEXIVEPM^EV S UYI HI SYXVE JSVQE GSRWMWXMVME

RYQ TSHIV TYVEQIRXI YRMPEXIVEP 4SV I\IQTPSRE-:'SRJIVÎRGME

4ER%QIVMGEREIQ&YIRSW %MVIWIQ E HMTPSQEGMEFVEWMPIMVE

RÇS PSKVSY TIVWYEHMV EPKYRW SYXVSW TEÑWIW PEXMRSEQIVMGERSW HI UYI

WIHIZIVMEMRGSVTSVEVE(SYXVMRE1SRVSIESTEXVMQØRMSHS(MVIMXS

-RXIVREGMSREP HEW %QÍVMGEW TVSQSZIRHSWI EWWMQ WYE

QYPXMPEXIVEPM^EËÇS )WWE TSWMËÇS ZMRLE HS -QTÍVMS UYERHS S &VEWMP

XMRLE ETSMEHS E (SYXVMRE 1SRVSI QEW HMJIVIRXIQIRXI HSW

EQIVMGERSWUYIEIRGEVEZEQGSQSYQETSPÑXMGEYRMPEXIVEPEHMTPSQEGME

MQTIVMEPEGSRWMHIVEZEYQETSPÑXMGEHIHIJIWEHSGSRXMRIRXIHIÑRHSPI

QYPXMPEXIVEP  (IWWE QERIMVE KERLEZEWI ES QIRSW EPKYQE

TSWWMFMPMHEHI HI TEVXMGMTEV HI WIY HIWIRZSPZMQIRXS I HI MRJPYMV IQ

WYE ETPMGEËÇS

4EVXMEWI RÇS LÅ HÞZMHE HI YQE TSWMËÇS HI JVEUYI^E QEW

XIRXEZEWI HSQIWXMGEV RSVQEXM^EV YQ TSHIV HI SYXVS QSHS

MRGSRXVSPÅZIP XIQE UYI RÇS HIM\E HI ETVIWIRXEV EPKYQE EXYEPMHEHI

RSW HMEW UYIGSVVIQ

%PÍQHEQYHERËEREGSRJMKYVEËÇSHSTSHIVQYRHMEPS&EVÇS

XIZI HI PMHEV GSQ EW GSRWIUàÎRGMEW HS UYI QYMXSW LMWXSVMEHSVIW

HIRSQMREQ E TVMQIMVE JEWI HE KPSFEPM^EËÇS )RXIRHMHE IWWE GSQS

YQEI\GITGMSREPMRXIRWMJMGEËÇSHSGSQÍVGMSHSWJPY\SWHIMRZIWXMQIRXS

I HI JMRERGMEQIRXS E )VE :MXSVMERE VMZEPM^E IQ QYMXSW EWTIGXSW

GSQEEXYEP2IWWETVMQIMVEKPSFEPM^EËÇSSTEÑWUYIRE%QÍVMGEHS

7YPWEMQEMWJEZSVIGMHSTIPERSZEHMZMWÇSMRXIVREGMSREPHSXVEFEPLSÍ

E%VKIRXMRE'SQTPIXEQIRXIWIGYRHÅVMSWRSTIVÑSHSGSPSRMEPWÍGYPSW

<:- E<:---IQUYIS &VEWMPESGSRXVÅVMSXIZI QYMXETVIWIRËE

TIPE I\TSVXEËÇS HI EËÞGEV HI SYXVSW TVSHYXSW XVSTMGEMW HI SYVSE

%VKIRXMRE I S 9VYKYEM WSFVIXYHS E TVMQIMVE TEWWEQ E ZMZIV ERSW

HI JEWXÑKMS UYI SW EVKIRXMRSW GLEQEQ HI w% )VE HEW :EGEW I HS

8VMKSx +VEËEW Ä MRZIRËÇS HSW REZMSW JVMKSVÑJMGSW ZÇS XSVREVWI SW

KVERHIW JSVRIGIHSVIW HI GEVRIW QEW XEQFÍQ HI XVMKS I GIVIEMW HI

PÇEYQE)YVSTEIQUYIEYVFERM^EËÇSVÅTMHEIE6IZSPYËÇS-RHYWXVMEP

XMRLEQ GVMEHS HIQERHE HIWWIW TVSHYXSW UYI E EKVMGYPXYVE IYVSTÍME

HIM\EVE HI WIV GETE^ HI WEXMWJE^IV  % GSQTPIQIRXEËÇS IVE TIVJIMXE

HIYQPEHSTEÑWIWGSQEFYRHERXISJIVXEHIXIVVEWJÍVXIMWIEPMQIRXSW



FEVEXSWQEWGEVIRXIWHIGETMXEPIXVEFEPLSHSSYXVSQIVGEHSWÅZMHSW

JEVXYVE HI GETMXEMW MRKPIWIW MQMKVERXIW WSFVERHS

3 &VEWMP KERLSY EPKS RIWWE I\TERWÇS QEW ETIREW HI QSHS

QEVKMREPRÇSXIRHSWMHSKVERHIFIRIJMGMÅVMSHIWWEHMZMWÇSMRXIVREGMSREP

HSXVEFEPLSHEHEEGSQTSWMËÇSHIWYEWI\TSVXEËÙIW3GEJÍGSQIËE

E WSJVIV IRXÇS S TVSFPIQE HE WYTIVTVSHYËÇS Í UYERHS WI MRMGME E

TSPÑXMGE HI ZEPSVM^EËÇS GSQ S 'SRZÎRMS HI8EYFEXÍ % FSVVEGLE

JEZSVIGMHETIPEHIQERHEMRHYWXVMEPMVÅPSKSIRJVIRXEVEGSRGSVVÎRGME

EWMÅXMGE)WWEÍEVE^ÇSJYRHEQIRXEPHEMRZIVWÇSHITSWMËÙIWIRXVIS

&VEWMPIE%VKIRXMREIQFSVEXIRLEQTIWEHSXEQFÍQSYXVSWJEXSVIW

%TVSWTIVMHEHIHSGSQÍVGMSSEJPY\SHSWGETMXEMWMRKPIWIWE%VKIRXMRE

HE ÍTSGE Í YQE wMRZIRËÇSx HE -RKPEXIVVE TSWWMFMPMXEQ S TIVÑSHS

HSWKVERHIWKSZIVRSWPMFIVEPGSRWIVZEHSVIWGSQSSHI6SUYI7ÅIR^

4IÕE GVMERHS GSRHMËÙIW TEVE S JSVXEPIGMQIRXS HS )\ÍVGMXS I HE

1EVMRLE

6MS&VERGSXIQGSRWGMÎRGMEHIWWEMRZIVWÇSHITSWMËÙIWIFYWGEVÅ

MRWIVMVWIRSQSZMQIRXSHIKPSFEPM^EËÇSTSVMRXIVQÍHMSHSW)WXEHSW

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HEKVERHITSPÑXMGEHIWHISWÍGYPS<:-EVE^ÇSHI)WXEHSGYNEHSYXVMRE

1IMRIGOI IWXYHSY IQ WYE SFVE JYRHEQIRXEP



 5YERXSESTETIPHS

LSQIQHI)WXEHSRIWWIGSRXI\XSIPIJSMTIVGIFMHSRYQPEVKSIWTIGXVS

UYIZEMHSMRHMZMHYEPMWQSVSQÆRXMGSHI'EVP]PIzSLIV×MGSRHY^E

LMWX×VMEzESQEMWVEHMGEPHIXIVQMRMWQSWSGMSP×KMGSETSRXSHIEPKYRW

LMWXSVMEHSVIW QEV\MWXEW WMQTPIWQIRXI RIKEVIQ UYEPUYIV ZEPSV

MRXIPIGXYEP Ä FMSKVEJME

2S IRXERXS UYIV RE TIVWTIGXMZE HE QIXEJÑWMGE GPÅWWMGE UYIV

RETIVWTIGXMZEIQTMVMWXEQSHIVRESTVSFPIQEGSPSGEHSÍSQIWQS

UYEPEVIPEËÇSIRXVISLSQIQHI)WXEHSIEWJSVËEWTVSJYRHEW#

)RXVI EW ZÅVMEW VIWTSWXEW TSWWÑZIMW E TIWUYMWE LMWX×VMGE XIQ

HIQSRWXVEHS RS IWXYHS HE EXYEËÇS HI LSQIRW GSQS 'VSQ[IPP

2ETSPIÇSSY&MWQEVGOUYISWYGIWWSHSLSQIQHI)WXEHSIWXÅRE

GSVVIXE TIVGITËÇS HEW JSVËEW TVSJYRHEW I\XIVREW I MRXIVREW E WYE



WSGMIHEHI I IQ WYE GETEGMHEHI HI RIPEW MRXIVZMV 3  HMEKR×WXMGS

TSHIWIVQEMWMRXYMXMZSSYQEMWVEGMSREPRÇSMQTSVXEQEWSWSFNIXMZSW

HIJMRMHSWISWTVSGIHMQIRXSWXVEËEHSWTEVEEXMRKMPSWTVIGMWEQHIWWE

EHIUYEËÇS WSGMEP

% JEPXE HI WMRXSRME IRXVI S LSQIQ HI )WXEHS I IWWEW JSVËEW

TVSHY^ HYEW STËÙIW UYI S ERYPEQ IRUYERXS XEP % STSWMËÇS E IPEW

XSVRESEREGVØRMGSGSQSWIJSVESVITVIWIRXERXIHIYQwERXMKSVIKMQIx

)PI WMQTPIWQIRXI I\IVGI YQ TSHIV IRJVEUYIGMHS GSRXIWXEHS

JVIUàIRXIQIRXIIJÎQIVS8EPZI^JSWWISTETIPHI6MS&VERGSWIXMZIWWI

GSRXMRYEHS RE ZMHE TEVPEQIRXEV z I WYE WSFVERGIMVE HMWXÆRGME HE

TSPÑXMGEMRXIVREHYVERXISGSRWYPEHSRS-XEQEVEX]TEVIGIWIVMRHÑGMS

TPEYWÑZIP HS EGIVXS HIWWE LMT×XIWI

4SVSYXVSPEHSEWMQTPIWEHIWÇSÄWJSVËEWTVSJYRHEWSXVERWJSVQE

IQQIVSKIWXSVHEWTSWWMFMPMHEHIWUYIIRWINEQWIQWSFVIIPEWEXYEV

HI QSHS HIGMWMZS 7IVÅ YQ wWSGMÅXMGS QIRSVx QEW RYRGE YQ 6MS

&VERGS

%WWMQ ETIWEV HI XIV XMHS WYE SFVE HMTPSQÅXMGE z IQ KIVEPI

TEVXMGYPEVQIRXIRS1MRMWXÍVMSIRXVIIzFIQIWXYHEHE

VIWXEQEPKYQEWUYIWXÙIWUYITSHIVMEQWIVGSRWMHIVEHEWWSFSÆRKYPS

HE VIPEËÇS LSQIQ HI )WXEHSJSVËEW TVSJYRHEW

3W LMWXSVMEHSVIW UYI XVEXEVEQ HE FMSKVEJME HS &EVÇS HS 6MS

&VERGS SY HEW UYIWXÙIW HMTPSQÅXMGEW IQ UYI EXYSY IRGSRXVEVEQ

EPKYRWKVERHIWXIQEWHIQSHSUYEWIGSRWIRWYEP7IQHIWINEVVIEPM^EV

YQEMRGYVWÇSLMWXSVMSKVÅJMGEÍMQTSVXERXIQIRGMSRÅPSWTEVEETEVXMV

HEMHIRXMJMGEËÇSHISFNIXMZSWITVSGIHMQIRXSWHS&EVÇSHS6MS&VERGS

TVSGYVEV JM\EV SW JYRHEQIRXSW HI WYE TSPÑXMGE

% HIPMQMXEËÇS HI JVSRXIMVEW GSQ SY WIQ E MRGSVTSVEËÇS HI

XIVVMX×VMSW GYNE WSFIVERME WI IRGSRXVEZE MRGIVXE Í S EWTIGXS QEMW

VIPIZERXIHE EXYEËÇS HI 4EVERLSW .ÞRMSV UYIVRS TIVÑSHS wXÍGRMGS

HMTPSQÅXMGSxUYITVIGIHIYETEVXMGMTEËÇSRSKSZIVRSUYIVRSTIVÑSHS

HI WIY I\IVGÑGMS RS 1MRMWXÍVMS

'EVEGXIVM^EVEQIWWIEWTIGXSHEEXYEËÇSHI6MS&VERGSGSRJSVQI

PÎWI RSW IWTIGMEPMWXEW S I\ÑQMS YWS HI GSRLIGMQIRXSW NYVÑHMGSW

KISKVÅJMGSW I LMWX×VMGSW TEVE E HIJIWE HSW MRXIVIWWIW FVEWMPIMVSW S

VIGYVWS I\EYWXMZS Ä RIKSGMEËÇS I QIWQS UYERHS GSRWMHIVEHS

RIGIWWÅVMS SIQTVIKS HE JSVËE QMPMXEVGSQSSGSVVIY RS %GVI





% ETVS\MQEËÇS GSQ SW )WXEHSW 9RMHSW GSRWXMXYMYWI SYXVS

TSRXSVIPIZERXIHIZMHEQIRXIEWWMREPEHSTIPELMWXSVMSKVEJME%wEPMERËE

RÇSIWGVMXExGSQSEGLEQSYS FVE^MPMERMWXE&VEHJSVH&YVRW



 XIZI

ETIWEVHMWWSMRÞQIVSWXI\XSWIWGVMXSWIKIWXSWWMQF×PMGSWEI\TPMGMXÅ

PE)WWIJSMSGEWSHEHIRSQMREËÇSHSTEZMPLÇSFVEWMPIMVSREI\TSWMËÇS

HI7ÇS0YÑWGSQS4EPÅGMS1SRVSIKIWXSVITIXMHSUYERHSHEIHMJMGEËÇS

HI WIY LSQ×PSKS RS 6MS HI .ERIMVS IQ  TEVE WIHMEV E ---

'SRJIVÎRGME-RXIVREGMSREP4ER%QIVMGERE



'SRWXMXYÑEWIEWWMQYQ

HEUYIPIW wPYKEVIW HI QIQ×VMEx IWXYHEHSW TIPSW IWTIGMEPMWXEW IQ

QIQ×VME WSGMEP



3GYPXMZS HI FSEWVIPEËÙIW FMPEXIVEMWGSQ SWIWXEHSWLMWTERS

EQIVMGERSWIQIWQSEXIRXEXMZEHIEGSVHSQEMWEQTPSGSQSSGSVVIY

GSQ S %&' GSRGSQMXERXIW Ä TVISGYTEËÇS GSQ S JSVXEPIGMQIRXS

QMPMXEV HS TEÑW JSVEQ SYXVSW EWTIGXSW NÅ FIQ GSRLIGMHSW IQFSVE

HI MRXIVTVIXEËÇS QEMW GSRXVSZIVXMHE TSMW IWXE ÞPXMQE TSPÑXMGE NÅ JSM

ZMWXE TSV YQ FM×KVEJS HS &EVÇS GSQS wE VIGSRUYMWXE HE ERXMKE

LIKIQSRMETSPÑXMGEIQMPMXEVHS&VEWMPxRE%QÍVMGEHS7YP



IRUYERXS

SYXVSWRÇSZÎIQGSRXVEHMËÇSIRXVIEWQERMJIWXEËÙIWHIFSEZM^MRLERËE

I S JSVXEPIGMQIRXS QMPMXEV GSQS JMEHSV HEWSFIVERME

5YEMWWIVMEQEWWMQSWJYRHEQIRXSWHETSPÑXMGEHI6MS&VERGS

GSRWMHIVEHSWSW HMJIVIRXIWQSQIRXSWHIWYEEXYEËÇSRS1MRMWXÍVMS#

9QE wGIVXE MHÍMEHS &VEWMPx 'SQS S +IRIVEP (I +EYPPIEFVI

WIY PMZVS HI QIQ×VMEW JEPERHS HI wYQE GIVXE MHÍME HE *VERËEx UYI

WIQTVI S TIVWIKYMY XEQFÍQ S &EVÇS HS 6MS &VERGS QERMJIWXEZE

YQE wGIVXE MHÍME HS &VEWMPx )PI E I\XIVRSY IQ HMZIVWEW SGEWMÙIW

FIQ GSQS RS HMWGYVWS TVSRYRGMEHS RS 'PYFI 2EZEP IQ 

 HI

HI^IQFVSHIHMEHIWYEGLIKEHEES6MSHI.ERIMVSTEVEEWWYQMV

S1MRMWXÍVMSUYERHSEJMVQSYUYIwGLIKEZETEVE WIVZMVESTEÑWUYI

XSHSW HIWINEQSW ZIV YRMHS ÑRXIKVS JSVXI I VIWTIMXEHSx



%GPEVEGSRGITËÇSHE VE^ÇSHI)WXEHS(IWHISWIWXYHSWHI6EROI

WSFVISW)WXEHSWVIREWGIRXMWXEWIEWSVMKIRWHETSPÑXMGEMRXIVREGMSREP

IYVSTÍME I HITSMW HIPI E ERÅPMWI GPÅWWMGE HI *VMIHVMGL 1IMRIGOI

WSFVIEIZSPYËÇSHEVE^ÇSHI)WXEHSRELMWX×VMEQSHIVREIWWIGSRGIMXS

TEWWSYEGSRWXMXYMVGLEZIJYRHEQIRXEPTEVEEGSQTVIIRWÇSHEWEËÙIW

IWXEXEMWRSTPERSI\XIVRS8ERXSRSTPERSHESVKERM^EËÇSMRWXMXYGMSREP

HSW)WXEHSWGSQSRSHIWYETSPÑXMGEI\XIVMSVEMHÍMEHIYQEwVE^ÇS



HI )WXEHSx MQTPIQIRXEHSVE HE WSFIVERME XSVRSYWI PEVKEQIRXI

HMJYRHMHE RYQE ÍTSGE IQ UYI S TPYVEPMWQS HEW MRWXMXYMËÙIW I HEW

JSVQEW TSPÑXMGEW EMRHE ETVIWIRXEZE VIWMWXÎRGMEW ES TPIRS

HIWIRZSPZMQIRXS HEW JSVËEW GIRXVÑTIHEW HSW )WXEHSW

4VIWIRXIREJSVQYPEËÇSHSWPÑHIVIWTSPÑXMGSWHS-QTÍVMSXERXS

IQWIYWIWJSVËSWHIMRXIKVEËÇSREGMSREPGSQSIQWYETSPÑXMGEI\XIVRE

EVE^ÇSHI)WXEHSRIWXIÞPXMQSTPERSXIZITPIREETPMGEËÇSREKIWXÇS

HI6MS &VERGSRS -XEQEVEX]-HIRXMJMGEVSWSFNIXMZSWIMRXIVIWWIW HS

)WXEHS FVEWMPIMVS UYI I\TVIWWEZEEW WYTIVMSVIW JMREPMHEHIW REGMSREMW

WSFVI SW EWTIGXSW GMVGYRWXERGMEMW I IZIRXYEMW HI KSZIVRSW KVYTSW

TEVXMHÅVMSW I LSQIRW TÞFPMGSW IVE  WIY RSVXI TSPÑXMGS GPEVEQIRXI

I\TVIWWS IQ HMJIVIRXIW QSQIRXSW HI WYE TVIWIRËE RS-XEQEVEX]

)WWE RÑXMHE TIVGITËÇS HE VE^ÇS HI )WXEHS GLIKSY E PIZÅPS

IQ GIVXEW GMVGYRWXÆRGMEW FIQ HIXIVQMREHEW I EZEPMEHEW E WIY TEWWS

QEMW VEHMGEP E 6IEPTSPMXMO

%EHQMWWÇSHE6IEPTSPMXMO6MS&VERGSIVEMRXIPIGXYEPUYITSWWYÑE

ZEWXSGSRLIGMQIRXSWSFVIXYHSHILMWX×VMEIKISKVEJME1EWRÇSIVE

YQXI×VMGSRSWIRXMHSHIUYIWYETIVWTIGXMZERÇSIVEFEWIEHERYQE

TIVGITËÇS HSYXVMRÅVME HS VIEP QEW REW GSRHMËÙIW SFNIXMZEW HI GEHE

WMXYEËÇS

2IWWITSRXSRÇSLÅGSQSHIM\EVHIEWWSGMEVWYETSWMËÇSÄHI

&MWQEVGOUYIZMEwETSPÑXMGEGSQSYQEGMÎRGMEHEWTSWWMFMPMHEHIWE

GSRWMHIVEVx



3WIRWS HISTSVXYRMHEHIHI 6MS&VERGSJSMEWWMQ

QEVGEHIYQEGSRGITËÇSHE6IEPTSPMXMOUYIIRXVIXERXSESGSRXVÅVMS

HI SYXVSW I\IQTPSW IYVSTIYW WI TEYXSY TSV EPKYRW GVMXÍVMSW ÍXMGSW

I NYVÑHMGSW QYMXS I\TPÑGMXSW

5YERHSTVSQSZIYEMRXIVZIRËÇSQMPMXEVRS%GVITSVI\IQTPS

E HIWTIMXS HE HSYXVMRE TEGMJMWXE I EVFMXVMWXE UYI HIJIRHME TEVE E

VIWSPYËÇS HSW TVSFPIQEW MRXIVREGMSREMW Ä QIHMHE UYI EZEPMSY SW

VMWGSW HI YQE RIKSGMEËÇS GMVGYRWGVMXE ESW QIMSW HMTPSQÅXMGSW

5YERHSSTXSYTIPEETVS\MQEËÇSGSQSW)WXEHSW9RMHSWRYQE

GSRNYRXYVE HI GPEVE TVITSRHIVÆRGME IYVSTÍME TEVXMGYPEVQIRXI

FVMXÆRMGE RE %QÍVMGE HS 7YP )WWE TVITSRHIVÆRGME UYI RS GEWS

FVEWMPIMVS WMKRMJMGSY E GSRXMRYEËÇS HE MQTPIQIRXEËÇS HS JYRHMRK

PSER HI 'EQTSW 7EPIW.SEUYMQ 1YVXMRLS XVEHY^MYWI RS GEWS HE

:IRI^YIPE RS TV×TVMS QÎW HE TSWWI HI 6MS &VERGS RS 1MRMWXÍVMS



REMRXIVZIRËÇSQMPMXEVHE-RKPEXIVVE%PIQERLEI-XÅPMEGSQSFPSUYIMS

HS PMXSVEP HEUYIPI TEÑW



%EËÇSHSW)WXEHSW9RMHSWQIHMERXISW

4VSXSGSPSW HI ;EWLMRKXSR HI JIZIVIMVS HS ERS WIKYMRXI GSRWIKYMY

WYWTIRHIVSFPSUYIMSIXVERWJIVMVTEVE S8VMFYREPHE,EMEEHIGMWÇS

WSFVI SW HMVIMXSW GVIHMXÑGMSW IWTIGMEMW HSW XVÎW TEÑWIW MRXIVZIRXSVIW

3MRXIVIWWIHSW)WXEHSW9RMHSWIQTEWWEVHIEXSVGSEHNYZERXI

ETVMRGMTEPRE%QÍVMGEHS7YPRÇSTEWWSYHIWTIVGIFMHSÄ 6IEPTSPMXMO

HI6MS&VERGSUYIRIPEZMYI\GIPIRXISTSVXYRMHEHITEVEHMQMRYMV

EHITIRHÎRGMEMRKPIWE3EWWYRXSEPMÅWNÅJSMXVEXEHSRELMWXSVMSKVEJME

FVEWMPIMVEGSQSEEHIWÇSWIQGEVÅXIVGEYHEXÅVMSESWYFWMWXIQERSVXI

EQIVMGERS HI TSHIV



2IWWIQIWQSWIRXMHS6MS&VERGSXEQFÍQ

JSMETSRXEHSGSQSSEYXSVHIYQRSZSTEVEHMKQEIQJEGIHETSWMËÇS

EWWMQÍXVMGEHS&VEWMPRSUYEHVSHEWVIPEËÙIWMRXIVREGMSREMWUYIXIZI

E EFIVXYVE TEVE SW )WXEHSW 9RMHSW GSQS PERGI QEMW WMKRMJMGEXMZS



8IRHS GSQS EËÇS QEMW MQTSVXERXI S IWXEFIPIGMQIRXS IQ

;EWLMRKXSR HE TVMQIMVE )QFEM\EHE FVEWMPIMVE E ETVS\MQEËÇS GSQ

SW)WXEHSW9RMHSWJSMHIJIRHMHEREMQTVIRWETIPSTV×TVMS'LERGIPIV

'SQSWEFIQSWWSFSTWIYHØRMQSHI.4IRR6MS&VERGSTYFPMGSY

IQHIQEMSHISEVXMKSw3&VEWMPSW)WXEHSW9RMHSWIS

QSRVSÑWQSx RS UYEP HIJIRHIRHSWI HSW GVÑXMGSW MRXIVRSW GSQS

)HYEVHS4VEHS TVSGYVEZE EWWMREPEV E JSVËEHE XVEHMËÇSHEW VIPEËÙIW

FVEWMPIMVSRSVXIEQIVMGEREW HIWHI E MRHITIRHÎRGME



2ÇSHIM\SYHIGMXEVEÑETSWMËÇSHI8EZEVIW&EWXSWREHÍGEHE

HIEIWWIVIWTIMXSRIQHIPIQFVEVSWVMWGSWVITVIWIRXEHSWTIPE

TVIWWÇS HI TEÑWIW WYPEQIVMGERSW IQ;EWLMRKXSR HIWHI  EXÍ

 GSQ S MRXYMXS HI EJEWXEV SW HSMW TEÑWIW



7IQHIWINEVQIPMRHVEVEWGLERGIPEVMEWIYVSTÍMEWIZMWERHSESW

EVKYQIRXSW HI WIYW EHZIVWÅVMSW MRXIVRSW NYWXMJMGSY E ETVS\MQEËÇS

GSQ XEMW HEHSW LMWX×VMGSW EXÍ GIVXS TSRXS IWZE^MERHS HMTPSQÅXMGE

SY QEUYMEZIPMGEQIRXI WIY GEVÅXIV MRSZEHSV 'LIKSY E GSRWMHIVEV

RS HMWGYVWS HI VIGITËÇS E ;MPPMEQ &V]ER IQ   wREXYVEPx E

TSPÑXMGEHIETVS\MQEËÇSIWTIGMEPQIRXIHITSMWHEVITÞFPMGEUYERHS

STEÑWHMVMEwSVKERM^SYWIGSQYQE'SRWXMXYMËÇSUYEWIMRXIMVEQIRXI

GSTMEHE HEW ZSWWEW PIMW GSRWXMXYGMSREMWx



9QE TSPÑXMGE HI TSHIV I HI TVIWXÑKMS 4SHIV I TVIWXÑKMS IVEQ

GEXIKSVMEWMRXMQEQIRXIEWWSGMEHEWHIWHIUYIEHMTPSQEGMEIYVSTÍME



QEXVM^ HIWWIW GSRGIMXSW IQ QEXÍVME HI VIPEËÙIW MRXIVREGMSREMW WI

GSRWXMXYMYGSQSYQHSWFVEËSWHEFYVSGVEGMEIWXEXEP,MWXSVMEHSVI

HMTPSQEXE6MS&VERGSTVSJYRHSGSRLIGIHSVHIIZSPYËÇSHSW)WXEHSW

IYVSTIYW ET×W S 6IREWGMQIRXS RÇS EW TSHIVME MKRSVEV UYERHS HI

WYE EWGIRWÇS ES 1MRMWXÍVMS HEW6IPEËÙIW )\XIVMSVIW

¤GSQTIXIRXIRIKSGMEËÇSHMTPSQÅXMGESW)WXEHSWFIQWYGIHMHSW

HIZIVMEQEKVIKEVTSPÑXMGSWHITSHIVITVIWXÑKMS)WWEPMËÇSUYIZMRLE

HEHMTPSQEGMEHS%RXMKS6IKMQIIUYIWIGVMWXEPM^SYREwTSPÑXMGEHI

TSHIVx HS WÍGYPS <-< 6MS &VERGS E ETPMGSY Ä RIGIWWMHEHI HI

JSVXEPIGMQIRXS HS TEÑW 7YE HIGMWMZE EËÇS RS WIRXMHS HI GSRWSPMHEV

)\ÍVGMXSI1EVMRLEGSVVIWTSRHIYRETVMQIMVEHÍGEHEHSWÍGYPS<<

ÄIJIXMZEIRXVEHEHS&VEWMPRSI\GPYWMZSVSPHITEÑWIWUYIWITEYXEZEQ

TSVYQETSPÑXMGEHITSHIVITVIWXÑKMSUYIYPXVETEWWEZEEQIVEVIX×VMGE

REGMSREPMWXE

'SRXVEIWWIWEJMVQEZE6MS &VERGS

w% TE^ RÇS HITIRHI WSQIRXI HE RSWWE ZSRXEHI HSW RSWWSW

WIRXMQIRXSWHIGSRG×VHMEGSRWXERXIQIRXIHIQSRWXVEHSW(ITIRHI

XEQFÍQ I TVMRGMTEPQIRXI HE ZSRXEHI HI RYQIVSWSW ZM^MRLSW UYI

RSW GIVGEQ  4EVE UYI EPKYQ SY EPKYRW HI RSWWSW ZM^MRLSW WI

RÇSERMQIEHMVMKMVRSW EJVSRXEWE JIVMV SWRSWWSWFVMSWISW RSWWSW

HMVIMXSWÍTVIGMWSUYIIWXINEQSWTVITEVEHSWTEVEEMQIHMEXEIIJMGE^

VITYPWEITEVEMWWSÍRIGIWWÅVMSUYIIWXINEQSWETEVIPLEHSWGSQXSHSW

SW IPIQIRXSW RIGIWWÅVMSW Ä HIJIWE REGMSREP RÇS W× GSQ S QEXIVMEP

QEW GSQ YQE JSVËE TIVJIMXEQIRXI MRWXVYÑHE I I\IVGMXEHE GSRXERHS

GSQ VIWIVZEW RYQIVSWEW UYI TSWWEQ HI TVSRXS EGYHMV ÄW JMPIMVEW

VIJSVËERHSSWIJIXMZSWHITE^IEGYHMRHSVETMHEQIRXIESWTSRXSW

EQIEËEHSWREW RSWWEW JVSRXIMVEW SY RS RSWWS ZEWXÑWWMQSPMXSVEPx



-RWGVMXERSÆQFMXSHETSPÑXMGEHITSHIVITVIWXÑKMSGSQJSVXIW

VIJPI\SWRESTMRMÇSTÞFPMGEIRGSRXVEWIXEQFÍQEGVMEËÇSHSTVMQIMVS

GEVHMREPEXS WYPEQIVMGERS JVYXS HI KIWXÙIW HMTPSQÅXMGEW FIQ

IRGEQMRLEHEW NYRXS Ä 7ERXE 7Í



%GSRWGMÎRGMEHSPMQMXIHEWEQFMËÙIWTSPÑXMGEWHSTEÑW 6MS&VERGS

QYMXSGSRWGMIRXIQIRXIHIJMRMYSWPMQMXIWHEWEQFMËÙIW TSPÑXMGEWHS

&VEWMPIQQEXÍVMEHIVIPEËÙIWI\XIVREW)QFSVESUYIHIRSQMREQSW

wTSPÑXMGE HITSHIVI TVIWXÑKMSxHS&EVÇS NÅ XIRLE WMHSZMWXS GSQS E

QIRGMSREHE wVIGSRUYMWXEHE ERXMKE LIKIQSRME TSPÑXMGE IQMPMXEV HS



&VEWMPx



 TEVIGIRSW UYI ERXIWHI YQE LIKIQSRME E TSPÑXMGE HS

'LERGIPIV ZMWSY z I GSRWIKYMY z E YQE TVIIQMRÎRGME TVSTSVGMSREP

ÄW HMQIRWÙIW KISKVÅJMGEW HIQSKVÅJMGEW TSPÑXMGEW I IGSRØQMGEW HS

TEÑW Ä ÍTSGE

3 LSQIQ HI )WXEHS FIQWYGIHMHS GSWXYQE VIGSRLIGIV WIYW

PMQMXIW4SVMWWSzIZEPIYQEZI^QEMWSTEVEPIPSz&MWQEVGOVIGYWSY

ESW REGMSREPMWXEW I\XVIQEHSW UYEPUYIV IWJSVËS TERKIVQERMWXE HS

%RWGLPYWW HE ¥YWXVME I QERXIZI E GSRXVEKSWXS E %PWÅGME I E 0SVIRE

GIHIRHS ÄW TVIWWÙIW HS )WXEHS 1EMSV



%GIVXSYRSTVMQIMVSGEWS

TSMWVIWTIMXSYSIUYMPÑFVMSIYVSTIYIIZMXSYEWVIEËÙIWHE-RKPEXIVVE

6ÞWWME*VERËEI-XÅPME)VVSY QEPKVÍPYMRSWIKYRHSGEWSITVSZSGSY

SIWTÑVMXS UYIXIQMEHEVIZERGLI TSYV 7IHER

2E TVÅXMGE HI 6MS &VERGS E GSRWGMÎRGME HIWWIW PMQMXIW I E

RIGIWWMHEHI HI HMZYPKÅPE ESW TVMRGMTEMW MRXIVIWWEHSW z SW TEÑWIW

PMQÑXVSJIW RSXEHEQIRXI TSV WYEW GEVEGXIVÑWXMGEW I TIPSW GSRJPMXSW

ERXIVMSVIWIRXVISWHSMWIWXEHSWE%VKIRXMREzJM^IVEQGSQUYIVITIXMWWI

EWMRXIRËÙIWHITE^HIVIWTIMXSES(MVIMXS-RXIVREGMSREPIWYFPMRLEWWI

E MHIRXMHEHI HI MRXIVIWWIW 2E ZMWMXE HI 6SUYI 7ÅIR^ 4IÕE IRXÇS

4VIWMHIRXI IPIMXS HE %VKIRXMRE IQ  VIMXIVSY

w2ESVHIQTSPÑXMGEXEQFÍQRÇSTSHIQSWVE^SEZIPQIRXIIRXVEV

IQ GSRJPMXS TSVUYISWRSWWSW MHIEMW WÇS SW QIWQSW I Í MHÎRXMGS S

TVSKVEQEMRXIVREGMSREPHIGSRG×VHMEITE^TSVUYIEQFSWSWKSZIVRSW

TVSGYVEQ GSQ IQTIRLS VIKYPEVWI  7IQ EQFMËÇS EPKYQE HI

TVITSRHIVÆRGMETSPÑXMGEUYIEPKYRW EHZIVWÅVMSWRSWWSWMRNYWXEQIRXI

RSWXÎQTSVZI^IWEXVMFYÑHSW×ERIPEQSWZIVGSVVIWTSRHMHSWJVEXIVRSW

IHIWMRXIVIWWEHSWWIRXMQIRXSWUYIRSWERMQEQTEVEGSQXSHSWIWWIW

TSZSW x



3HIWKSWXSTIPSJEREXMWQS REGMSREPMWXE 7I 6MS&VERGSIVE YQ

LSQIQ HE 6IEPTSPMXMO JE^IRHS YWS HI WIYW EXVMFYXSW MRXIPIGXYEMW

TEVEEXMRKMVSFNIXMZSWTSPÑXMGSWGPEVEQIRXIMHIRXMJMGEHSWXMRLEXEQFÍQ

YQTIVJMPTWMGSP×KMGSGPÅWWMGSHMWXERXIHIEVVSYFSWIQSGMSREMW%QFSW

SW EWTIGXSW ESW UYEMW WI EGVIWGME E GSRGITËÇS HE TSPÑXMGE I\XIVRE

GSQS VITVIWIRXEXMZE HIWXE REËÇS GSQS YQ XSHS JE^MEQ GSQ UYI

FYWGEWWI MHIRXMJMGEV SFNIXMZSW QIMSW I PMQMXIW HE EËÇS REGMSREP I

IWXEXEP

)QFSVETVISGYTEHSGSQEEJMVQEËÇSFVEWMPIMVEIWXEZEHMWXERXI

EWWMQHIUYEPUYIVREGMSREPMWQSVEHMGEPIHIWIYWEVVSYFSWVIX×VMGSW



2YQE ÍTSGE HI EGIRHVEHS REGMSREPMWQS RE )YVSTE GYNSW VIJPI\SW

WIJE^MEQWIRXMVRE%QÍVMGEHS7YPEHIQEMWHSWJEXSVIWPSGEMWWSYFI

QERXIVWIRYQEPMRLEHIIWXVMXESFWIVZÆRGMEHSWMRXIVIWWIWREGMSREMW

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REQÇSMQIHMEXEQIRXIXYHSSUYIEGEHEYQEWIVIJIVMEx

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MRNYWXEQIRXI EXVMFYÑHS

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6MS&VERGSRÇSJSMFIQWIVZMHSTIPEWPIQFVERËEWFMSKVÅJMGEW

I\GIWWMZEQIRXI PEYHEX×VMEW REW TVMQIMVEW HÍGEHEW ET×W WYE QSVXI

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HS )WXEHS

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GSQS'LERGIPIVEPIQÇS&MWQEVGOGSQSTSVI\IQTPS.SWÍ1EVME

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WIQVIXSUYIWw4EXVMSXEIREGMSREPMWXEWMRGIVS6MS&VERGSIVEGSQS

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JEXSWEFWSVZIRXIIEYXSVMXÅVMSWSFETEVÎRGMEWTSPMHEWWEFIRHSWIVZMV

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ETIREW MQTSVXEQ UYERHS WIVZMHEW TIPS HMRLIMVS SY TIPE JSVËEx



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GSRXIQTSVÆRISWWIYWGSQS&MWQEVGO(MWVEIPMSYSWI\TERWMSRMWXEW

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GSVVIPEËÇS HI JSVËEWx



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wPEEGGM×RHIRSFPINYWXMGMEUYIXYZSIPZEPSVHIVIEPM^EV6MS&VERGSx



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TVMRGMTMS HI YXM TSWWMHIXMW HI x



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JSMEJM\EËÇSHSWPMQMXIWHSMQIRWSTEÑWUYIÍS&VEWMP

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

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HI XVEFEPLS

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.ÞRMSV GSQS wXÑXYPS TEVE WYE EHQMWWÇSx RS -RWXMXYXS ,MWX×VMGS I

+ISKVÅJMGS &VEWMPIMVS

'IPIFVEZEIWWEMRWXMXYMËÇSWYEHÍGMQEUYMRXEWIWWÇSIQHI

RSZIQFVSHIwLSRVEHEGSQEEYKYWXETVIWIRËEHI7YE1ENIWXEHI

S -QTIVEHSVx I TVIWMHMHE TIPS IRXÇS :MWGSRHI HI 7ETYGEÑ )Q WYE

w3VHIQ HS HMEx SW GSRW×GMSW (SYXSV .SEUYMQ 1ERYIP HI 1EGIHS

I1ERYIP*IVVIMVE0EKSWTVSTYWIVEQTEVEQIQFVSGSVVIWTSRHIRXI

S (SYXSV .SWÍ 1EVME HE 7MPZE  4EVERLSW .ÞRMSV TVSTSWXE IWWE wRE

JSVQEHSWIWXEXYXSWVIQIXMHEÄGSQMWWÇSHIEHQMWWÇSHIW×GMSWx

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3W HSMW TVSTSRIRXIW IVEQ JMKYVEW HI HIWXEUYI RS -RWXMXYXS

.SEUYMQ1ERYIPHI1EGIHSI\IVGMERESGEWMÇSEWJYRËÙIWHI:MGI

4VIWMHIRXI I SVEHSV SJMGMEP %TPEYHMHS VSQERGMWXE  WYEW SFVEW IQ

IWTIGMEP %1SVIRMRLE31SËS0SYVSI 3W(SMW%QSVIWHIWTIVXEZEQ

IRXÇSEEHQMVEËÇSKIVEP1ERYIP*IVVIMVE0EKSWSGYTEVESGEVKSHI

7IGVIXÅVMSTIVTÍXYSHS-RWXMXYXSIGSQEVIJSVQEHSWIWXEXYXSWUYI

EFSPMYETIVTIXYMHEHIHSWGEVKSWJSVEIPIMXS8IVGIMVS:MGI4VIWMHIRXI

*SM TVMQIMVS SJMGMEP I RE ÍTSGE IVE (MVIXSV MRXIVMRS HE 4VMQIMVE

7IËÇSHE7IGVIXEVMEHI)WXEHSHSW2IK×GMSW)WXVERKIMVSW*YRGMSRÅVMS

GEXIKSVM^EHSHEVIJIVMHE7IGVIXEVMEHI)WXEHSIVEREXYVEPQIRXIPMKEHS

ES:MWGSRHIHS6MS&VERGSUYIIQNÅTSVXVÎWZI^IWSGYTEVE

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HI 4EVERLSW .ÞRMSV GSQ S WSHEPÑGMS E UYI TVIXIRHME EWWSGMEVWI 

ZIVHEHIXEQFÍQUYISw)WFSËS&MSKVÅJMGSHS&EVÇSHS7IVVS0EVKSx

JSVE SJIVIGMHS ES -RWXMXYXS RE QIWQE WIWWÇS TSV .SEUYMQ 1ERYIP

HI1EGIHSSUYITSHIVMEMRHMGEVTVÍZMSGSRLIGMQIRXSWIRÇSEQM^EHI

IRXVISVIRSQEHSVSQERGMWXEISNSZIQLMWXSVMEHSVUYITVSZEZIPQIRXI

JSVEWIYEPYRSRS'SPÍKMS4IHVS--

%TVSTSWXEHIEHQMWWÇSJSMI\EQMREHETIPEGSQMWWÇSGSQTIXIRXI

UYI IQ WYE WIWWÇS HI  HI SYXYFVS HI 

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 QERMJIWXSY WIV HI

TEVIGIV UYI S 7IRLSV (SYXSV .SWÍ 1EVME HE 7MPZE 4EVERLSW .ÞRMSV

IWXÅ RS GEWS HI WIV EHQMXMHS ES KVÎQMS HS -RWXMXYXS ,MWX×VMGS I

+ISKVÅJMGS &VEWMPIMVS GSQS W×GMS GSVVIWTSRHIRXI

8EP HIGMWÇS FEWISYWI RS TEVIGIV SY wRSXÑGMEx HE QIWQE HEXE

HSVIPEXSV%KSWXMRLS1EVUYIWHI4IVHMKÇS1EPLIMVSUYIET×WVÅTMHEW

VIJIVÎRGMEW FMSKVÅJMGEW VIGSVHSY SW XI\XSW LMWX×VMGSW HS TVSTSWXS I

JI^I\TVIWWMZSWGSQIRXÅVMSWÄFMSKVEJMEHS&EVÇSHS7IVVS0EVKS

w3XVEFEPLSSVESJIVIGMHSMRÍHMXSES-RWXMXYXSIUYIÍ

HMKRS HI WIV MQTVIWWS RE 6IZMWXE Í YQE TVSZE FVMPLERXIETIWEV HI

WYE QSHIWXE MRHMGEËÇS HEW LEFMPMXEËÙIW MRXIPIGXYEMW I PMXIVÅVMEW HS

RSWWSNSZIQGSQTEXVMSXEEÑRÇSWIPÎETIREWYQEFMSKVEJMEIQIRSW

YQ IWFSËS I WMQ E PSRKSW XVEËSW ITMW×HMSW MRXIVIWWERXÑWWMQSW HI

RSWWEW KYIVVEW RS 6MS HE 4VEXE  RIQ Í YQE WMQTPIW REVVEËÇS

RIQEVITVSHYËÇSMVVIJPIXMHEHSUYIEXEPVIWTIMXSWIEGLETYFPMGEHS

EMRZIWXMKEËÇSLMWX×VMGEIEGVÑXMGETVIWMHMVEQEIWWIXVEFEPLSSRHIWI

XMVEQ E PMQTS EPKYRW TSRXSW HYZMHSWSW I SYXVSW QEP ETVIGMEHSW SY

RÇS MRZIWXMKEHSWx

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4EVIGIV RIWWIW XIVQSW HI YQE TIVWSREPMHEHI GSQS 4IVHMKÇS

1EPLIMVS KVERHI EHZSKEHS I NYVMWGSRWYPXS EPXEQIRXI GSRGIMXYEHS

XEQFÍQRS-RWXMXYXSHIZIXIVWIRWMFMPM^EHSEZEMHEHIWIQTVIHMWGVIXE

HSTVSTSWXS8EPTVSRYRGMEQIRXSGEYWSYMQTVIWWÇSJEZSVÅZIPXERXS

RE'SQMWWÇSHI)WXEXYXSWI6IHEËÇSHEVIZMWXEUYIQERHSYTYFPMGEV

RSRÞQIVS

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EFMSKVEJMEHS&EVÇSHS 7IVVS0EVKSUYERXSIRXVI

SW W×GMSW SW UYEMW RE WIWWÇS HI  HI RSZIQFVS



 ZSXEVEQ TSV

YRERMQMHEHIEJEZSVHSTEVIGIVHI4IVHMKÇS1EPLIMVSITVSGPEQEVEQ

GSQ HSMW  SYXVSW TVSTSWXSW W×GMS GSVVIWTSRHIRXI HS -RWXMXYXS  S

(SYXSV .SWÍ 1EVMEHE 7MPZE 4EVERLSW .ÞRMSV

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4SHIVMETEVIGIVIWXVERLSUYIYQVIWMHIRXIRE'SVXIJSWWIIPIMXS

W×GMS GSVVIWTSRHIRXI YQE ZI^ UYI TIPSW IWXEXYXSW EXYEMW E

GEVEGXIVÑWXMGEHSW×GMSGSVVIWTSRHIRXIÍRÇSVIWMHMVRS6MSHI.ERIMVS

SYRS+VERHI 6MS2EUYIPEÍTSGETSVÍQW×LEZMEXVÎWGEXIKSVMEW

HIW×GMSWIJIXMZSWIQRÞQIVSHIGSVVIWTSRHIRXIWILSRSVÅVMSW

IQ RÞQIVS MPMQMXEHS 8ERXS TEVE SW W×GMSW IJIXMZSW GSQS TEVE SW

GSVVIWTSRHIRXIWI\MKMES)WXEXYXSEETVIWIRXEËÇSHIXVEFEPLSTV×TVMS

MQTVIWWS SY MRÍHMXS WSFVI XIQE HI MRXIVIWWI HS -RWXMXYXS 4EVE WIV

IPIMXS W×GMS LSRSVÅVMS IVE QMWXIV  XIV wMHEHI TVSZIGXE GSRWYQEHS

WEFIV  I  HMWXMRXE VITVIWIRXEËÇSx

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8EZEVIW HI 0]VE

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I\TPMGE S EWWYRXS

w)PI GSRXEZE IRXÇS  ERSW RÇS TVIIRGLIRHS TSVXERXS S

TVMQIMVS HIWWIWVIUYMWMXSWTEVE W×GMS LSRSVÅVMS )GSQS RÇSLEZME

ZEKE HI IJIXMZS S VIGYVWS JSM EHQMXMPS GSQS GSVVIWTSRHIRXI HI

EGSVHS GSQ YQE HMWTSWMËÇS IWXEXYXÅVME EWWMQ VIHMKMHE uIWXERHS

GSQTPIXSSRÞQIVSHIW×GMSWIJIXMZSWWIVÅSGERHMHEXSEHQMXMHSRE

UYEPMHEHI HI W×GMS GSVVIWTSRHIRXIvx

3'ØRIKS*IVRERHIW4MRLIMVS4VMQIMVS7IGVIXÅVMSHS-RWXMXYXS

IQWIY6IPEX×VMSERYEPVIJIVIWIESRSZSW×GMSGSQSwIWTIVERËSWSI

QYM JIWXINEHS XEPIRXS UYI EMRHE RSW FERGSW GSPIKMEMW VIZIPEZEWI

TIPSWIYEQSVESWIWXYHSWLMWX×VMGSWITSVQYMEYWTMGMSWEWIWXVÍMEWx

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-RJSVQE8EZEVIW HI 0]VE

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w4EVERLSWW×XSQSYTSWWIIQHINYRLSHSERSWIKYMRXI

 *ÎPS WIQ RIRLYQE WSPIRMHEHI GSQTEVIGIY Ä 7IGVIXEVME

TVIWXSYSNYVEQIRXSHITVE\IEWWMRSYGSQS4VIWMHIRXIIS4VMQIMVS

7IGVIXÅVMS S XIVQS PEZVEHS RS PMZVS TV×TVMS I HITSMW JSM SGYTEV

WYEGEHIMVERSVIGMRXSTIHMRHSETEPEZVEITVSGIHIRHSÄPIMXYVEHI

YQGETÑXYPSHEFMSKVEJMEUYIIWGVIZIVEHS&EVÇSHS7IVVS 0EVKSx

%WMRXÍXMGEEXEHIWWEWIWWÇSVIWXVMRKIWIGSQSIVEHILÅFMXSE

NÅ JE^IV GSRWXEV IRXVI SW W×GMSW TVIWIRXI 4EVERLSW .ÞRMSV

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)VEGSWXYQIREÍTSGEEPIMXYVEHIXVIGLSWHIXVEFEPLSWTV×TVMSW

SYEPLIMSW.ÅREWIWWÇSHIHIQEMSS4VMQIMVS7IGVIXÅVMS'ØRIKS

*IVRERHIW 4MRLIMVS MRMGMEVE E PIMXYVE HE VIJIVMHE SFVE HI4EVERLSW

UYI TIPS TV×TVMS WIVME GSRXMRYEHE REW WIWWÙIW HI  I  HI

WIXIQFVS



(IWHIIRXÇSSJYXYVS&EVÇSHS6MS&VERGSEXÍWYERSQIEËÇS

TEVES'SRWYPEHS+IVEPIQ0MZIVTSSPIQTEVXMGMTSYEXMZEQIRXI

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HEZMHEHS-RWXMXYXSXERXSGSQTEVIGIRHSÄWWIWWÙIWGSQSSJIVIGIRHS

ÄFMFPMSXIGEIESEVUYMZSXI\XSWHIMRXIVIWWI%WWMQIQHIQEMS

HIHSSYMQTSVXERXIWZSPYQIWHIRXVISWUYEMWWIHIWXEGEQ)P

7IRXMRIPE zTIVM×HMGSWÍVMSNSGSWS MQTVIWWS IQ%WWYRËÇSIQI

4VSXIGXSV 2SQMREP HIPSWTYIFPSW PMFVIWH.SWÍ%VXMKEWGPEWWMJMGEHS TSV

IP EQMKS HI PvSVHIR &YIRSW %MVIW  )Q NYPLS HS QIWQS ERS

SJIVIGIY GYVMSWS QERYWGVMXS VIJIVIRXI ES EPHIEQIRXS HSW ÑRHMSW

9RMGYVY I +YERÅ



2EWIPIMËÙIWHIHIHI^IQFVSHIIVEIPIIPIMXSTEVEE

'SQMWWÇS 7YFWMHMÅVME HI8VEFEPLSW ,MWX×VMGSW WIRHS VIIPIMXS IQ

ITEWWERHSIQIEMRXIKVEVE'SQMWWÇSHI8VEFEPLSW

,MWX×VMGSW

:MIMVE *E^IRHE RS IWXYHS TYFPMGEHS RE 6IZMWXE HS -RWXMXYXS

RSERSHSJEPIGMQIRXSHS&EVÇSHS6MS&VERGSMRJSVQEUYIIQ

HI QEMS HI  JSVE IPI IPIZEHS E W×GMS LSRSVÅVMS



8EZEVIW HI

0]VE ES XVERWGVIZIV PSRKEQIRXI:MIMVE *E^IRHEEWWMREPE



 XVEXEVWI

RIWWI TSRXSHI YQ IUYÑZSGSYQEZI^ UYI RE ÍTSGE 6MS&VERGS

ESW  ERSW RÇS TVIIRGLME S VIUYMWMXS HI wMHEHI TVSZIGXEx IRXÇS

I\MKMHS TIPSW )WXEXYXSW TEVE E EHQMWWÇS GSQS   W×GMS LSRSVÅVMS %

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1E\ *PIMYWW TIHI  E TEPEZVE I ETVIWIRXE  E TVSTSWXE TEVE UYI HI

EGSVHSGSQSEVXHSW)WXEXYXSWETVSZEHSWTIPEEWWIQFPÍMEKIVEP

HIIHIEFVMPHEUYIPIERSWINEQIPIZEHSWEFIRIQÍVMXSWEPKYRW

W×GMSW LSRSVÅVMSW UYI LÅ QYMXS LEZMEQ MRKVIWWEHS RS  -RWXMXYXS

IRXVIIPIWS&EVÇSHS6MS&VERGS



)WXEXYÑE S VIJIVMHS EVX  wW× TSHIVÇS WIV IPIZEHSW Ä  GPEWWI

HI W×GMSW FIRIQÍVMXSW SW LSRSVÅVMSW UYI XIRLEQ RS QÑRMQS 



ERSW HI RSXÅZIMW WIVZMËSW ES -RWXMXYXS I SW LENEQ TVIWXEHS IQ KVEY

RSXÅZIPx

8IRHSJEPIGMHSS:MWGSRHIHI'EFS*VMSUYITSVXERXSWERSW

JSVE(MVIXSV+IVEPHE7IGVIXEVMEHI)WXEHSHSW2IK×GMSW)WXVERKIMVSW

I ET×W E VITÞFPMGE HEW 6IPEËÙIW )\XIVMSVIW S -RWXMXYXS VIWSPZIY

TVIWXEVPLIYQELSQIREKIQREWIWWÇSGSQIQSVEXMZEHIHISYXYFVS

HIÄUYEPGSQTEVIGIVEQS4VIWMHIRXI%JSRWS4IREI6MS&VERGS

XIRHSJIMXSSIPSKMSLMWX×VMGSHS:MWGSRHIS'SRHIHI%JSRWS'IPWS



2IWWE QIWQE WIWWÇS ES ZIRIVERHS 4VIWMHIRXI 1EVUYÎW HI

4EVEREKYÅ JEPXEVEQ JSVËEW TEVE XIVQMREV WIY HMWGYVWS 3 7IGVIXÅVMS

HS -RWXMXYXS 1E\ *PIMYWW EWWMQ VIPEXE GSQ IWTSRXERIMHEHI I KVEËE

SW EGSRXIGMQIRXSW UYI WI WIKYMVEQ

w ZIVMJMGEQSW UYI IPI RÇS EGIMXEVME E VIIPIMËÇS I PSKS

GSKMXEQSW HI UYIQ S HIZIVME WYFWXMXYMV 3 RSQI YRERMQIQIRXI

PIQFVEHSIGSQEQEMSVNYWXMËEJSMSHS:MWGSRHIHI3YVS4VIXS

IRXÇS4VMQIMVS:MGI4VIWMHIRXI*YMTSVXEHSVHSHIWINSHIXSHSWSW

W×GMSW QEW S :MWGSRHI MREFEPEZIPQIRXI VIGYWSY E MRZIWXMHYVE

7YKIVMVEQWISYXVSWRSQIWWSFXSHSWSWEWTIGXSWVIWTIMXÅZIMW

QEWTVIZEPIGIYS HS&EVÇSHS 6MS&VERGS5YIQS GSRWYPXEVME#

%MRHE YQE ZI^ TVSRXMJMUYIMQI E HIWIQTIRLEV E GSQMWWÇS

TSMWIQWIXVEXERHSHS-RWXMXYXSRÇSVIGIMSXSVREVQIMQTIVXMRIRXI

 (MVMKMQI TSVXERXS ES &EVÇS HS 6MS &VERGS W×GMS HS

-RWXMXYXS HIWHI 

2IWWIHMES&EVÇSIWXEZESGYTEHÑWWMQSIRÇSSFWXERXIVIGIFIY

QI RS WIY KEFMRIXI HS -XEQEVEX] TEPIWXVERHS QYMXS EQEZIPQIRXI

5YERHS PLI HMWWI S JMQ HI QMRLE ZMWMXE PIZERXSYWI I RYQ

ÑQTIXSTVSJIVMYIWXEWTEPEZVEWuSWIRLSVIWXÅHSMHSWIRLSV*PIMYWW#

4SMWIYXIRLSXIQTSTEVEHMVMKMVS-RWXMXYXS#%TSWMËÇSSGYTEHETSV

XERXSW FVEWMPIMVSW IQMRIRXIW WSFVIPIZERHSSW S -QTIVEHSV 5YEP S

WIRLSV IRPSYUYIGIY SY RÇS ÍQIYEQMKSv

(IM\IM TEWWEV E XVSZSEHE I MRWMWXM RS EWWYRXS QSWXVERHS UYI

W× IPITSHIVME EWWYQMVS GEVKS

6IGYWSY HI RSZS

5YIMQIM IRXÇS QIY ÞPXMQS REZMS

7IRLSV &EVÇS SFWIVZIM ZIRLS HS IWGVMX×VMS HS :MWGSRHI HI

3YVS 4VIXS UYI ETPEYHI GEPSVSWEQIRXI S RSQI HI : )\GME



EGVIWGIRXERHS u(MKE E 4EVERLSW UYI W× GSQ IPI RE 4VIWMHÎRGME

TIVQERIGIVIM GSQS :MGI4VIWMHIRXI

3 &EVÇS IQYHIGIY TSV EPKYRW QSQIRXSW I HITSMW HMWWIQI

33YVS4VIXSXIZIIWWEWTEPEZVEWEQIYVIWTIMXS#

 *EGÑPMQE E ZIVMJMGEËÇS VIWTSRHM S :MWGSRHI GSRXMRYE RS

IWGVMX×VMS: )\GME TSHI XIPIJSREV

2ÇSRÇSÍTVIGMWSSFIHIËS3NYÑ^SHI3YVS4VIXSÍTEVE

QMQYQESVHIQ1EW:WIRLSV*PIMYWWJMGEVIWTSRWÅZIPWIIYJSV

HIVVSXEHS

7SVVMQI ) RE EWWIQFPÍME KIVEP HIHI RSZIQFVS HI

JSMIPIMXSTSVYRERMQMHEHIS&EVÇSSLIV×MSQEKRSWEFIHSVHEW

GSMWEW TÅXVMEW S WIVZMHSV MRGSQTEVÅZIP HS &VEWMPx

 

)Q  HI NERIMVS HS ERS WIKYMRXI VIEPM^EZEWI E wWIWWÇS HI

TSWWIHEHMVIXSVMEIHEWGSQMWWÙIWTIVQERIRXIWxIPIMXEWIQRSZIQFVS

HSERSERXIVMSV4VIWMHMRHSEMRMGMEPQIRXIS1EVUYÎWHI4EVEREKYÅ

ESGSRZMHEVSWRSZSWHMVIXSVIWEXSQEVIQ TSWWI XIQ IQVIPEËÇS E

WIY WYFWXMXYXS EW QEMW WMQTÅXMGEW I\TVIWWÙIW



w2SZMKSVHEMHEHIIHSXEPIRXSGSQSTVIWXÑKMSHIYQRSQI

MPYWXVI EYVISPEHS TIPSW KVERHIW WIVZMËSW TVIWXEHSW IQ TVSP HE

MRXIKVMHEHI HE TÅXVME RMRKYÍQ TSHI QIPLSV WIVZMV ES -RWXMXYXS

,MWX×VMGSx

6MS&VERGSRSIWXMPSW×FVMSUYIPLIÍTV×TVMSJE^YQETIUYIRE

QEWWYFWXERGMSWESVEËÇSIQUYIHITSMWHIVIGSVHEVWYETIVQERÎRGME

HIQEMWHIERSWRS-RWXMXYXSEKVEHIGIELSRVEUYIPLIÍGSRJIVMHE

IWIVIJIVIQYMXSSFNIXMZEQIRXIÄI\IGYËÇSHSTVSKVEQETVMQMXMZS

HE MRWXMXYMËÇS wUYI GSRWMWXI TVMRGMTEPQIRXIIQGSPMKMV ITYFPMGEVE

HSGYQIRXEËÇS I SW IWXYHSW TEVGMEMW UYI HIZEQ WIVZMV YQ HME TEVE

KVERHIWIWIKYVSWXVEFEPLSWHIGSRNYRXSWSFVIELMWX×VMEIEKISKVEJME

HS&VEWMPx%WWMREPESUYINÅWIXIQJIMXSwGSQSEXIWXEQSWNÅRYQIVSWSW

RÞQIVSW HE VIZMWXEx QEW VIGSRLIGI UYI wRS UYI HM^ VIWTIMXS ESW

XVÎW TVMQIMVSW WÍGYPSW  WSFVI UYI TSWWYÑQSW EPÍQ HI SYXVSW

IPIQIRXSW TVIGMSWSW EW FIQ IPEFSVEHEW SFVEW HI 7SYXLI] I HI

:EVRLEKIQISWIVYHMXSWXVEFEPLSWHI'ETMWXVERSHI%FVIYLÅKVERHIW

PEGYREW I QYMXS E TIWUYMWEV EMRHE x 6IJIVIWI IQ WIKYMHE Ä

EXMZMHEHIIÄGVMEËÇSHIwMRWXMXYMËÙIWWMQMPEVIWxRSWIWXEHSW%KVEHIGI

JMREPQIRXI EW TEPEZVEW HI WIY wZIRIVERHS TVIHIGIWWSVx I E XSHSW SW



GSPIKEW E HMWXMRËÇS UYI PLI GSRJIVMVEQ TIHMRHS E (IYWUYI PLI HÎ

JSVËEW wTEVE GSVVIWTSRHIV Ä ZSWWE GSRJMERËEx

'LSGERXIIWYQEQIRXITIRSWSTEVE6MS&VERGSHIZIXIVWMHS

SHMWGYVWSHSSVEHSVSJMGMEP'SRHIHI%JSRWS'IPWS%T×WVIGSVHEV

UYI IQ WIYW  ERSW HI I\MWXÎRGME S -RWXMXYXS XMZIVE ETIREW WIMW

TVIWMHIRXIWHIPIWJI^WMRXÍXMGSWQEWWMQTÅXMGSWIPSKMSW3WVIJIVIRXIW

ES &EVÇS HS 6MS &VERGS IRXVIXERXS TVIGIHIYSW HSW WIKYMRXIW I

MRJIPM^IW TEVÅKVEJSW

w2SX×VMSÍUYIMRWYTIVÅZIMWFEVVIMVEWHILSQFVMHEHIIGSRZMGËÇS

QIEVVIHEQHSWMWXIQETSPÑXMGSEUYIS&EVÇSHS6MS&VERGSIQTVIWXSY

S W×PMHS WYWXIRXÅGYPS HS WIY RSQI I HE WYE GSQTIXÎRGME

1EWRÇSIWXSYJEPERHSIQGEVÅXIVMRHMZMHYEPVITVIWIRXSYQE

GSPIXMZMHEHI EPLIME Ä TSPÑXMGE

*EPEWWI IRXVIXERXS MRHMZMHYEPQIRXI I REHE MQTSVXEZE

4VI^SQIHIWIVEGMQEHIXYHSFSQFVEWMPIMVSMWXSÍTEXVMSXE

IRIRLYQFSQFVEWMPIMVSRIRLYQ TEXVMSXEHIM\EVÅHIVIGSRLIGIVE

WIKYMRXIZIVHEHIFEREPHIXÇSVITIXMHEUYIVSHM^IVHIXÇSMRGVYWXEHE

REGSRWGMÎRGMETÞFPMGES&EVÇSHS6MS&VERGSÍYQHSWTEHVÙIWHI

NYWXS SVKYPLS REGMSREP

) WI EPKYÍQ S GEPEWWI GLEQÅPSMEQ EW TIHVEW HI QMPLEVIW

HI UYMPØQIXVSW TSV IPI EHMGMSREHEW ES &VEWMP

:MPERMEJSVE ETVIKSÅPSW× TSVUYI7)\GMEÍSTSHIVZMPERME

QEMSVRIKÅPSSYSQMXMPSWSFTVIXI\XSHISTSWMËÇSEIWXI4SHIVHS

UYEP GSMWE EPKYQE TVIXIRHS I UYI REHE QI TSHIVÅ GSRGIHIV TSMW

VITMXS PLI WSY EHZIVWÅVMS PIEP QEW VEHMGEP I MVVIHYXÑZIPx

)WWEWTEPEZVEWWYVTVIIRHIRXIWIQYQHMWGYVWSUYIWIWYTYRLE

HI IPSKMS I UYI GLIKEVEQ TSV MRGVÑZIP UYI TEVIËE Ä VIJIVÎRGME Ä

wLSQFVMHEHIx HIZIQ XIV GLSGEHS TVSJYRHEQIRXI S LSQIREKIEHS

JE^IRHSS VIGSVHEV LSVEW ERKYWXMSWEW TSV UYI TEWWEVE UYERHS HE

4VSGPEQEËÇSHE6ITÞFPMGE0MKEHSEXÍQIWQSTSVXVEHMËÇSTEXIVRE

ES WMWXIQE MQTIVMEP I HIHMGEHS TVSJYRHEQIRXI ES QSREVGE JMGEVE

REUYIPIQSQIRXSWIQWEFIVSUYIJE^IVW×WIEUYMIXERHSESVIGIFIV

SVIGEHSKIRIVSWSIERMQEHSVHI(4IHVS--XVERWQMXMHSTIPS'SRHI

HI 2MSEUYI w7IM XYHS UYIVSPLI QYMXS HMKE UYI JMUYI TIËS UYI

JMUYIÍWIYHIZIVWMVZEWIYTEÑWx

3YXVS XVIGLS HS HMWGYVWS EPMÅW GSRLIGMHE E ZIRIVEËÇS UYI

HIHMGEZE Ä QIQ×VME TEXIVRE RÇS HIZI XIV EKVEHEHS E 6MS &VERGS



TSMW GSQTEVERHSS E WIY TEM I VIJIVMRHSWI Ä 0IM HS :IRXVI 0MZVI

EJMVQSY S SVEHSV w QYMXS 4SMW 6MS &VERGS -- YPXVETEWWSYS

IRKVERHIGIRHS E KVERHI^E HS &VEWMPx

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

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

(IQSRWXVERHSSETVIËSTIPEW)JIQÍVMHIWS-RWXMXYXSVIWSPZIY

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HS HME



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

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

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

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

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

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%JSRWS4IRE

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 6IZMWXE1IRWEPHS-RWXMXYXS'MIRXÑJMGS×VKÇSHE*EGYPHEHIHI(MVIMXSHI7ÇS

4EYPSWÍVMIERNYRWÍVMIEREKSI6MS&VERGS&EVÇS

HS )WXYHSW,MWX×VMGSW6MSHI.ERIMVS16)3FVEW'SQTPIXEWZ

 6-,+&XTX

 -HT

 6-,+&XTX

 6-,+&XTX

 -HMF

 6-,+&XTX

 6-,+&XTX

 6-,+& MH

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 6-,+&XTX

0]VE%YKYWXS8EZEVIWHIEVXGMX

 6-,+&XTX

 MH 

*E^IRHE.SWÍ:MIMVE6MS&VERGSIS-,+&6-,+& XTX

 -HMF

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*PIMYWW1EVME'EVSPMRE1E\3WW×GMSWHS-RWXMXYXS.SWÍ1EVMEHE7MPZE

4EVERLSW&EVÇSHS6MS&VERGS6-,+&ZNERQEV

 6-,+&X

 6-,+&X



 6-,+&X

 6-,+&X

 6-,+&X

 6-,+&X

 6-,+&X

 6-,+&X

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 6-,+&X

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6MS &VERGS IWXI WIQTVI QSREVUYMWXE I EMRHE SYXVSW GSQS TSV

I\IQTPS )HYEVHS 4VEHS 6SHSPJS (ERXEW S &EVÇS HI 4IRIHS S

ETSMEVEQ%4VMRGIWE-WEFIPXEQFÍQQERMJIWXSYWYEETVSZEËÇS3YXVSW

GSQTERLIMVSWHSQSREVUYMWQSGSRXYHSSGIRWYVEZEQZMSPIRXEQIRXI

EGYWERHSS HI VIRIKEHS XVÆRWJYKE ET×WXEXE SY EQFMGMSWS

4EVEI\IGYXEVWYETVMQIMVEXEVIJE2EFYGSTEVXMYTEVEE)YVSTE

IQ QEMS HI  (YVERXI GMRGS ERSW HIHMGSYWI ES XVEFEPLS

IWXYHERHS QMRYGMSWEQIRXI S TVSFPIQE PIRHS XYHS S UYI WI LEZME

IWGVMXSWSFVIEÅVIE)WGVIZIYXVÎWQIQ×VMEWRSXSXEPHIZSPYQIW

3ÅVFMXVS:MGXSV)QQERYIP---6IMHE-XÅPMEERXIEWHMJMGYPHEHIW

TVIJIVMY RÇS HIWEKVEHEV RMRKYÍQ TVSTSRHS IQ  HI NYPLS HI

EHMZMWÇSHEÅVIEIQPMXÑKMSIQHYEWTEVXIW%WIRXIRËEHIM\SY

S TVSJYRHEQIRXI EFEXMHS 1EW EMRHE IQ 6SQE ERXIW HI VIXSVREV

E0SRHVIWJSMWYVTVIIRHMHSGSQSGSRZMXIHS&EVÇSHS6MS&VERGS

TEVEEWWYQMVGSQS1MRMWXVSE0IKEËÇSRSW)WXEHSW9RMHSW5YERHS

WIGSRJMVQEERSQIEËÇSTEVESGEVKSIQ;EWLMRKXSRHIM\E0SRHVIW

WIKYMRHS TEVE 2SZE=SVO IQ QEMS HI  1EW NÅ EKSVE GSQS

)QFEM\EHSV )QHINERIMVS HEUYIPIERSE 0IKEËÇSJSVEIPIZEHE



E )QFEM\EHE E TVMQIMVE HS &VEWMP GSVSERHS YQ KVERHI QSQIRXS

HETVIWIRËEHS &EVÇSHS6MS&VERGSÄJVIRXIHETEWXEHEW6IPEËÙIW

)\XIVMSVIW



1YMXSWIWXYHMSWSWXIRHIQEHEXEVHIUYERHS6MS&VERGS

XSQSYTSWWIGSQS1MRMWXVSHEW6IPEËÙIW)\XIVMSVIWRSKSZIVRSHI

6SHVMKYIW %PZIW  S MRÑGMS HEW FSEW VIPEËÙIW IRXVI S

&VEWMP I SW )WXEHSW 9RMHSW 1EW RE ZIVHEHI IWWEW ZÎQ HIWHI SW

XIQTSW HI ( .SÇS:- VIEJMVQEHEW GSQ ( 4IHVS - I XMZIVEQ IQ

( 4IHVS -- YQ KVERHI QIRXSV EXMRKMRHS WIY ÅTMGI UYERHS S

-QTIVEHSV ES PEHS HS 4VIWMHIRXI +VERX MREYKYVSY E *IMVE

-RXIVREGMSREP HI *MPEHÍPJME IQ  GSQIQSVEXMZE HS GIRXIRÅVMS

HE MRHITIRHÎRGME HSW )WXEHSW 9RMHSW



3&EVÇSHS6MS&VERGSHIYQEMSVERMQEËÇSEIWWETSPÑXMGES

UYI WMKRMJMGSY YQ EJEWXEQIRXS HE ×VFMXE IYVSTÍME XVEHMGMSREP MWXS

Í FYWGSY YQE HIWZMRGYPEËÇS VIPEXMZE HS &VEWMP HSW ZIPLSW EPMEHSW

IYVSTIYWVITVIWIRXERHSIQVIWYQSSVIHMVIGMSREQIRXSHSTÎRHYPS

HE HMTPSQEGME HS TEÑW WYE EQIVMGERM^EËÇS )RXIRHIRHSWI TSV

EQIVMGERM^EËÇS RS GEWS YQ TVSGIWWS HI VISVMIRXEËÇS RE HMVIËÇS

LIQMWJÍVMGEHETSPÑXMGEI\XIVREFVEWMPIMVEPIZEHSEIJIMXSWSFVMXQSW

IJYRHEQIRXEËÙIWZEVMEHSWHIWHISWTVMQIMVSWXIQTSWVITYFPMGERSW

EXÍ S MRÑGMS HE 4VMQIMVE +YIVVE 1YRHMEP IQ  I EKMRHS RS

WIRXMHSHIYQEETVS\MQEËÇSIQZEVMEHSWWIXSVIWHSW)WXEHSW9RMHSW

I YQE VIHIJMRMËÇS HEW VIPEËÙIW GSQ EW REËÙIW PEXMRSEQIVMGEREW



% TEVXMV HI  RE UYIWXÇS GSQ E &SPÑZME IQ VIPEËÇS ES

XIVVMX×VMSHS%GVIWSPYGMSREHETIPS8VEXEHSHI4IXV×TSPMWHI

IQ UYI IWXEZEQ IRZSPZMHEW KVERHIW IQTVIWEW RSVXIEQIVMGEREW TSV

MRXIVQÍHMS HS &SPMZMER 7]RHMGEXI SW HSMW KSZIVRSW XVEXEVEQ

EFIVXEQIRXI IRXVI WM %JMVQERHS UYI RÇS MRXIVZMVME REW HMWTYXEW

JVSRXIMVMËEW E RÇS WIV UYI EW TEVXIW IRZSPZMHEW WSPMGMXEWWIQ WYE

QIHMEËÇS S KSZIVRS RSVXIEQIVMGERS EKVEHSY E 6MS &VERGS UYI

SVMIRXSY S1MRMWXVS FVEWMPIMVSIQ;EWLMRKXSR%WWMW &VEWMP ESYZMV

GYMHEHSWEQIRXI UYEPUYIV GSRWIPLS UYI EUYIPI KSZIVRS TYHIWWI HEV

WSFVIEHMWTYXE HS %GVI 5YERHSE WÑRHVSQI HSWMERUYIW TVIWIRXI

RSWTVMQIMVSWQIWIWHI6MS&VERGSRS-XEQEVEX]TEWWSYIGSQIPE

EWWYWTIMXEWHEWMRXIRËÙIWRSVXIEQIVMGEREWRE%QE^ØRMEEWVIPEËÙIW

HMTPSQÅXMGEW IRXVI EW HYEW REËÙIW QIPLSVEVEQ HI QERIMVE WIRWÑZIP

XIRHS6MS&VERGSXVEFEPLEHSEXMZEQIRXITEVEUYIXEPJEXSSGSVVIWWI





9QEFSESTSVXYRMHEHIHIS&VEWMPEKMVIQGSRWSRÆRGMEGSQ

SW)WXEHSW9RMHSWETVIWIRXSYWIIQUYERHSS4EREQÅVIFIPSY

WIGSRXVEE'SPØQFMEIWITVSGPEQSYMRHITIRHIRXI%EXIRËÇSQYRHMEP

ZSPXSYWITEVESMWXQS%TEVXMGMTEËÇSHSW)WXEHSW9RMHSWRSIZIRXS

IVE FIQ GSRLIGMHE % %QÍVMGE 0EXMRE STØWWI EVIGSRLIGIV S RSZS

TEÑW%VIEËÇSFVEWMPIMVERSIRXERXSJSMJEZSVÅZIP1EWSVIGSRLIGMQIRXS

JSVQEPW×SGSVVIYRSHME HIQEVËSWIKYMRXIET×WSHS'LMPIIS

HS1Í\MGSRS HMETVMQIMVS2SHMEXVÎW JSM EZI^HE%VKIRXMRE



1EWMRHYFMXEZIPQIRXIYQHSWQSQIRXSWHIQEMSVWMKRMJMGEHS

REWVIPEËÙIWIRXVISWHSMWTEÑWIWREKIWXÇSHS&EVÇSHS6MS&VERGS

RS-XEQEVEX]SGSVVIYIQHINERIMVSHIUYERHSHEIPIZEËÇS

HE 0IKEËÇS FVEWMPIMVE IQ ;EWLMRKXSR Ä GSRHMËÇS HI )QFEM\EHE

'SRZIRGMHS HEW ZERXEKIRW HIGSVVIRXIW TEVE SW HSMW TEÑWIW GEWS

XVSGEWWIQ )QFEM\EHSVIW 6MS &VERGS XVEFEPLSY MRKIRXIQIRXI RIWWI

WIRXMHSIZMYGSVSEHSWWIYWIWJSVËSWESMREYKYVEVREGETMXEPRSVXI

EQIVMGEREE TVMQIMVE)QFEM\EHEFVEWMPIMVE'SRZMHSYTEVEEWWYQMV

S EPXS TSWXS HI )QFEM\EHSV GSQS ZMQSW EGMQE EUYIPI UYI E WIY

PEHSHIWXEGEVWIMEREETVS\MQEËÇSHMTPSQÅXMGEIRXVISWHSMWTEÑWIW

.SEUYMQ 2EFYGS

%IPIZEËÇSHI0IKEËÇSESRÑZIPHI)QFEM\EHEGSVSEZEETSPÑXMGE

EQIVMGERMWXEHI6MS&VERGS7YEEXYEËÇSJSMHIGMWMZETEVEEETVS\MQEËÇS

IRXVIS&VEWMPISW)WXEHSW9RMHSWTEÑWGSQSUYEPTVSGYVSYWIQTVI

QERXIVVIPEËÙIWHMTPSQÅXMGEWGSQEYXSRSQMEGSQwRSFVIIQYPEËÇSx

8MRLETSVTVMRGÑTMSQEVGLEVWIQTVIHIEGSVHSGSQIPIWWITSWWÑZIP



.SEUYMQ2EFYGSTSVWYEZI^IVEEKSVEYQIRXYWMEWXEHEREËÇS

EQIVMGERE WYEW MQTVIWWÙIW WSFVI IPE IVEQ GSQTPIXEQIRXI HMZIVWEW

HEUYIPEW SFWIVZEËÙIW RIKEXMZEW UYI JM^IVE EPM IQ  I UYI

IQMXMVEIQ1MRLEJSVQEËÇSIQ7IHIMRÑGMSXIVKMZIVWSYIQ

EWWYQMV S GEVKS WI E IPI E GVMEËÇS HE )QFEM\EHE Ä TVMQIMVE ZMWXE

TEVIGIYTVIQEXYVEPSKSEWIKYMVVIGSRLIGMEEMQTSVXÆRGMEHEQIHMHE

XIRHS IWGVMXS E 6MS &VERGS IQ  HI NERIMVS HI  UYI wHSW

WIYWEXSWRIRLYQXIVÅEVITIVGYWWÇSHIWWIUYIEXVEZIWWSYEWJVSRXIMVEW

HS RSWWS TEÑW )WXÇS WI GSRWXVYMRHSWSFVI IPI XSHEW EW LMT×XIWIW



)QGEVXEE+VEËE%VERLEVIWWEPXSYEMQTSVXÆRGMEHIWYEQMWWÇS

VIGSRLIGIRHSUYISXÑXYPSHI)QFEM\EHSVTSVWMW×ÍYQQERMJIWXS

I YQ QERMJIWXS UYI XIQ KVERHI ZERXEKIQ HI HM^IV XYHS WIQ REHE



TVIGMWEV 6IGSRLIËS UYI Í YQE MRMGMEXMZE )WXEQSW ZMWMZIPQIRXI RS

GSQIËSHI YQE RSZEIVE

%HSYXVMREHI1SRVSIMQTÙIESW)WXEHSW9RMHSWYQETSPÑXMGE

I\XIVREUYIWIGSQIËEEHIWIRLEVITSVXERXSER×WXSHSWXEQFÍQ

ERSWWE)QXEMWGSRHMËÙIWERSWWEHMTPSQEGMEHIZIWIVTVMRGMTEPQIRXI

JIMXEIQ;EWLMRKXSR9QETSPÑXMGEEWWMQZEPIVMESQEMSVHSWI\ÍVGMXSW

IEQEMSVHEWQEVMRLEWx)IRJEXM^EwTEVEQMQE(SYXVMRE1SRVSI

 WMKRMJMGE UYI TSPMXMGEQIRXI R×W RSW HIWTVIRHIQSW HE )YVSTE

XÇS GSQTPIXEQIRXI I HIJMRMXMZEQIRXI GSQS E PYE HE XIVVE 2IWWI

WIRXMHS Í UYI WSY QSRVSÑWXEx



2EFYGS RS ERS WIKYMRXI  TVIWMHMVME E --- 'SRJIVÎRGME

4ER%QIVMGEREVIEPM^EHERS6MSHI.ERIMVSUYIGSRXSYGSQETVIWIRËE

HI)PMLY6SSXSTVMQIMVS 7IGVIXÅVMSHI)WXEHSEHIM\EVSJMGMEPQIRXI

SW)WXEHSW9RMHSW4EVESWSVKERM^EHSVIWETVIWIRËEHI6SSXIRJEXM^EVME

EPMHIVERËEHS&VEWMPIRXVISWTEÑWIWWYPEQIVMGERSW2EFYGSQSWXVEZE

WI I\XVIQEQIRXI GMSWS RE QERYXIRËÇS HE TSPÑXMGE HI  GSVHMEPMHEHI

GSQSW)WXEHSW9RMHSW%TSPÑXMGEHI6MS&VERGSTSVWYEZI^QEMW

VIEPMWXE IVE RS WIRXMHS HEW ZERXEKIRW UYI HEÑ TSHIVMEQ EHZMV ES

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SW EQIVMGERSW )RXÇS ZSGÎ TSHIVME QERHEVQI TEVE EPKYQ TSWXS

SRHI IY RÇS XVEFEPLEWWI IQ ZÇSx



'SQS VIWWEPXE *VERGMWGS -KPÍWMEW 2EFYGS EHSXSY E TSPÑXMGE

HI6MS&VERGSSVMIRXEHEQEMWTEVESW)WXEHSW9RMHSWGSQI\GIWWMZS

IRXYWMEWQS XSVRSYWI YQ HIJIRWSV ETEM\SREHS HEUYIPI TEÑW 2ÇS

TIVGIFIY S UYI E TSPÑXMGE I\XIVMSV HSW )WXEHSW 9RMHSW XIQ HI

HSQMREHSVEIEXÍHITIVZIVWE%QMKSTIWWSEPHS7IGVIXÅVMSHI)WXEHS

)PMLY6SSXIHS4VIWMHIRXI8LISHSV6SSWIZIPXIWXISEKIRXIQEMW

EKVIWWMZS HS MQTIVMEPMWQS RSVXIEQIVMGERS I\TSIRXI HE XISVME HS

HIWXMRSQERMJIWXSIHETSPÑXMGEHSFMKWXMGOUYIWIEVVSKEZEEXYXIPE

HSQYRHSEQIVMGERS'SQSWYGIWWSVHI6SSWIZIPXXIQSWS4VIWMHIRXI



8EJXIWYEGÍPIFVIHMTPSQEGMEHSH×PEV VIEPM^ERHSMRXIVZIRËÙIWEVQEHEW

RE %QÍVMGE 'IRXVEPIRS 'EVMFI



.SEUYMQ2EFYGSMKRSVEZEIWWEEKVIWWMZMHEHIHETSPÑXMGEI\XIVRE

RSVXIEQIVMGERE%HITXSHSQSRVSÑWQSW×XIQZMWXEWTEVEEMRXIKVEËÇS

HS GSRXMRIRXI 3PMZIMVE 0MQE RYQE TSWMËÇS GSQTPIXEQIRXI

ERXEKØRMGE HIRYRGMEZE ZIIQIRXIQIRXI S UYI GLEQEZE HI TER

EQIVMGERMWQSHSRSVXI)STYRLEWIESwVSSWIZIPXMWQSxHI2EFYGS

6MS &VERGS IWTÍGMI HI ÅVFMXVS RÇS IRHSWWEZE S I\EKIVEHS TER

EQIVMGERMWQS HS )QFEM\EHSV QEW XEQFÍQ RÇS GSRGSVHEZE GSQ E

TVSTSWXEHI3PMZIMVE0MQEHIQEMSVETVS\MQEËÇSHS&VEWMPGSQ E

%VKIRXMRE I HIQEMW TEÑWIW PEXMRSEQIVMGERSW



'SQ WYE TV×TVME GSRGITËÇS HI TEREQIVMGERMWQS 3PMZIMVE

0MQEYQ HSWGVÑXMGSWQEMW GSRXYRHIRXIWHS&EVÇSHS 6MS &VERGS

JSMMQTMIHSWSREGVÑXMGEÄWEXMZMHEHIWHMTPSQÅXMGEWHI.SEUYMQ2EFYGS

%W HMZIVKÎRGMEWWSFVI EWUYIWXÙIWEQIVMGEREW GLIKEVEQE XEP TSRXS

UYI PIZEVEQ ES VSQTMQIRXS HI YQ PSRKE EQM^EHI I\MWXIRXI HIWHI

S XIQTS HI NSVREPMWXEW IQ 6IGMJI 3 )QFEM\EHSV MVVMXEVEWI GSQ

YQE GEVXE UYI 3PMZIMVE 0MQE IRZMEVE ES .SVREP HS 6IGMJI WSFVI YQ

IHMXSVMEPUYIHIWXEGEZE EWMHÍMEWHMZIVKIRXIW HIEQFSW WSFVISTER

EQIVMGERMWQS GLIKERHS ES I\XVIQS HI WSPMGMXEV ES &EVÇS WYE

HMWTSRMFMPMHEHI



3 EYXSV HI ( .SÇS:- RS &VEWMP EWWMQ VIPEXE WYEW HMJIVIRËEW

GSQ .SEUYMQ 2EFYGS

w5YERHS 2EFYGS IRXVSY E I\EKIVEV S WIY EQIVMGERMWQS IY

HE :IRI^YIPE PLI IWGVIZME TEVE ;EWLMRKXSR I\XIVRERHS QMRLE

HMWGSVHÆRGME HIWWI WIRXMQIRXS XÇS EGIRXYEHS I UYI RÇS QITEVIGME

TEVXMPLEHS TIPE STMRMÇS GSQYQ RS &VEWMP 7IM FIQ UYI LÅ GEWSW

ERÅPSKSW RE LMWX×VMEHEW VIPEËÙIW HMTPSQÅXMGEW IQUYI S IRZMEHS WI

XSVRE QEMW TETMWXE HS UYI S 4ETE 3 4VIWMHIRXI ;MPWSR UYI HI

HYEWGSMWEWUYIHM^MEEGIVXEZERYQEIHIWEGIVXEZERESYXVEUYEPMJMGSY

YQ HME S )QFEM\EHSV EQIVMGERS IQ 0SRHVIW 4EKI HI XSS )RKPMWL

2EFYGSWIVMEMRGETE^HIYQEHIWPIEPHEHIGSQSEHI4EKIQEW

JMGEVE XSS%QIVMGERGSQSIQ0SRHVIWJSVEXSS&VMXMWLRE -XÅPMEXSS

6SQER I RE *VERËE WIVME XSS *VIRGL  )WWE IRXIRXIYPXVEGSVHMEPI

WIVMEWIYXVMYRJSTIWWSEPIQWYEEËÇSHMTPSQÅXMGE)PETSVÍQNÅI\MWXME

GSQS S VIWYPXEHS HI YQE PSRKE XVEHMËÇS ETIREW WIQ EUYIPI YPXVE

UYI RYQ GEWS HI TERIPE HI JIVVS I HI TERIPE HI FEVVS WIQTVI



WMKRMJMGEVME TIPE JVEKMPMHEHI HE ÞPXMQE YQE WMXYEËÇS RÇS HMVIM HI

HITIRHÎRGME QEW XEQFÍQ RÇS HI IUYMZEPÎRGMEx



.SEUYMQ2EFYGSEPÍQHIWYEKIRMEPMHEHIIQZÅVMEWEXMZMHEHIW

IRXVI SYXVEW GSQS LMWXSVMEHSV IWGVMXSV PMXIVÅVMS MRXIVREGMSREPMWXE

IGSQSMRXIVREGMSREPMWXENYVMWXEITIRWEHSVTSPÑXMGS



 IVEXEQFÍQ

GÍPIFVI TSV WYE FIPI^E JÑWMGE TSV WYE JMKYVE ETSPÑRIE  4SWWYÑE IQ

EPXSKVEY SGYPXSHETV×TVMETIWWSEESFWIWWÇSTIPEIPIKÆRGME8YHS

RIPI IVE GYMHEHS TEVE S LSQIQ HI FIPE ETEVÎRGME TYFPMGEQIRXI

EMRHEVIGSRLIGMHERSWERSWHIQEXYVMHEHIGSQSRENYZIRXYHIUYERHS

IVE GSRLIGMHS GSQS 5YMRGEWS &IPS



-RHYFMXEZIPQIRXIIWWIWHSXIWI\TPMGEQYQGIVXSGMÞQIYQE

GIVXEVMZEPMHEHIHS&EVÇSHS6MS&VERGSIQVIPEËÇSE.SEUYMQ2EFYGS

HI UYI RSW JEPE 3PMZIMVE 0MQE )Q WYEW 1ÍQ×VMEW IWGVIZI UYI

XIWXIQYRLEVE E WEXMWJEËÇS ÑRXMQE HI 6MS &VERGS UYERHS HE HIVVSXE

HI 2EFYGS RE UYIWXÇS HE +YMERE -RKPIWE



4SWXIVMSVQIRXIHIWIY

TSWXS IQ ;EWLMRKXSR S )QFEM\EHSV VIGPEQEZE GSRWXERXIQIRXI E

3PMZIMVE 0MQE HE JEPXE HI MRWXVYËÙIW HS MPYWXVI 'LERGIPIV w3 6MS

&VERGSIWWIRÇSQIIWGVIZIRIQHM^REHEHIQSHSUYIRÇSTSWWS

GSRNIXYVEV GSMWE EPKYQE UYERXS ESW TPERSW I TIRWEQIRXSW HIPIx )

WIKYME VIGPEQERHS HE JEPXE HI XIPIKVEQEW HS 'LERGIPIV



7SFVIEZMEKIQHS7IGVIXÅVMSHI)WXEHS)PMLY6SSXES&VEWMP

IQ  TEVE E --- 'SRJIVÎRGME 4ER%QIVMGERE 2EFYGS IWGVIZME

EJMVQERHS UYI RÇS WEFME HI REHE HS UYI WI TEWWEZE RS 6MS UYI

IWXEZE ETIREW IQ wQIME GSVVIWTSRHÎRGMEx GSQ S 'LERGIPIV UYIVME

HM^IV UYI RÇS VIGIFME VIWTSWXEW HI WIYW SJÑGMSW SY XIPIKVEQEW )

IRJEXM^EZE wIRXVI QMQI IPI RÇS LÅ IQYPEËÇSx



(IZIQSWPIZEV IQ GSRXE RS IRXERXS UYI LEZME HMZIVKÎRGMEW

IRXVIIPIW RE GSRHYËÇS HE TSPÑXMGE I\XIVRE FVEWMPIMVE IQ VIPEËÇS ESW

)WXEHSW 9RMHSW 'SQS WEPMIRXE ¥PZEVS 0MRW E GSQTEVEËÇS IRXVI S

EQIVMGERMWQS HI6MS &VERGSIS HI2EFYGS

wW×TSHIWIVGSPSGEHERYQTPERSEGMHIRXEP4SMWEWHMJIVIRËEW

IWXEZEQ REW RYERGIW RSW TSVQIRSVIW XEPZI^ REW TEPEZVEW XYHS WI

I\TPMGERHS EPMÅW TIPS UYI LEZME HI HMZIVWS REW TIVWSREPMHEHIW HS

1MRMWXVS I HS )QFEM\EHSV % I\YFIVÆRGME  I S IRXYWMEWQSHSTER

EQIVMGERMWQS HI 2EFYGS ZMRLEQ HS WIY XIQTIVEQIRXS MHIEPMWXE

HEWYEGETEGMHEHIHIIRXVIKEVWIXSHSEYQEGEYWEIEIPEHIHMGEVWI

EXÍ EW ÞPXMQEW GSRWIUàÎRGMEW % WSFVMIHEHI HS TEREQIVMGERMWQS



HI 6MS &VERGS TSV SYXVS PEHS VITVIWIRXEZE YQE I\TVIWWÇS HS WIY

XIQTIVEQIRXS VIEPMWXE HE WYE XIRHÎRGME E RÇS JM\EV SW TVSFPIQEW

GSQSZEPSVIWEFWSPYXSWHSWIYTVSGIWWSMRXIVMSVHIHEVYQEQIHMHE

ÄW GSMWEW TEVE HSQMRÅPEW GSQ QEMW WIKYVERËEx



3 FM×KVEJS HI 6MS &VERGS VIWWEPXE UYI TEVE 2EFYGS S TER

EQIVMGERMWQS IVE E MHÍME TVMRGMTEP I\GPYWMZE HI WYE SFVE HI

)QFEM\EHSVIRÇSETIREWTSPÑXMGEQEWXEQFÍQWIRXMQIRXEPIGYPXYVEP

IRUYERXS TEVE 6MS &VERGS GSQS 1MRMWXVS IVE ETIREW YQE MHÍME E

QEMW



7YEGSRHMËÇSHI'LERGIPIVI\MKMEUYIWIJM\EWWIRSGSRNYRXS

HE TSPÑXMGE I\XIVRE SGYTERHSWI HE ZEVMIHEHI I GSQTPI\MHEHI HSW

TVSFPIQEWIWMXYEËÙIW(EÑRÇSÍHIIWXVERLEVUYI.SEUYMQ2EFYGS

RIQ WIQTVI IRGSRXVEWWI wRS WIY EQMKS 6MS &VERGS QYMXEW ZI^IW

SGYTEHS GSQ SYXVEW GSMWEW IRXYWMEWQS MKYEP ES WIY TIPS TER

EQIVMGERMWQSx



(I JEXS GSQS WEPMIRXE 6YFIRW 6MGYTIVS 6MS &VERGS EHSXEV

IWWETSPÑXMGETV×EQIVMGERERÇSIVEETIREWTSVwUYIWXÇSHIGSRZIVKÎRGME

MHISP×KMGEx LEZME EÑ XEQFÍQ YQ JSVXI IPIQIRXS TVEKQÅXMGS )PI

GSRGSVHEGSQ&VEHJSVH&YVRWwSTVMQIMVSEVIEPËEVUYIS'LERGIPIV

RÇS IVE SFWIUYMSWS SY PEGEMS HE TSPÑXMGE RSVXIEQIVMGEREx E UYEP

GSMRGMHME UYEWI WIQTVI GSQ SW MRXIVIWWIW FVEWMPIMVSW RE STMRMÇS

HI &YVRW UYI VIWWEPXE

w)PI JSM FEWXERXI LÅFMP TEVE YWEV E TSPÑXMGE I E HMTPSQEGME

RSVXIEQIVMGEREW TEVE WIYW TV×TVMSW JMRW I SFNIXMZSW 6EVEQIRXI

GSRGSVHSYGIQTSVGIRXSGSQEHMTPSQEGMEEQIVMGEREUYIGSRXIWXSY

SY HE UYEP HMWGSVHSY UYERHS WIRXMY RÇS E TSHIV ETSMEVx



1EWRÇSWITSHIHIM\EVHIZIVGIVXEVIGMTVSGMHEHIHEHMTPSQEGME

RSVXIEQIVMGERE IQ VIPEËÇS Ä TSPÑXMGE TEREQIVMGERMWXE HS &EVÇS I

HI2EFYGS3TV×TVMS)QFEM\EHSVRSVXIEQIVMGERS0PS]H+VMWGSQ

KVERHI EHQMVEHSV HS &VEWMP HIM\ERHS S TEÑW RS MRÑGMS HS KSZIVRS

HI%JSRWS4IREGSQSVIWWEPXE%PYÑ^MS2ETSPIÇSRÇSJSWWIWYEGYVXE

TIVQERÎRGME RE )QFEM\EHE HS 6MS HI .ERIMVS ETIREW WIXI QIWIW

wIWXEZEHIWXMREHSEVITVIWIRXEVIQVIPEËÇSES&VEWMPSQIWQSTETIP

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

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

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

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

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

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

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

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

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

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

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HS&VEWMP7ÇS4EYPS'SQTERLME)HMXSVE2EGMSREP6SHVMKYIW0ÎHE

&SIGLEXSVK9QELMWX×VMEHMTPSQÅXMGEHS&VEWMP6MSHI.ERIMVS)HMXSVE

'MZMPM^EËÇS&VEWMPIMVE7MPZE+IVEPHS)YPÅPMS2EWGMQIRXSI3&EVÇS

HS6MS&VERGSIEWUYIWXÙIWHIPMQMXIW-R 6IZMWXEHS-,+&ENERQEVI

EFVNYR

:IV0MRW¥PZEVS 3TGMXIRSXE



 -FMHIQ 

*VERGMWGS-KPÍWMEW-R2EFYGS.SEUYMQ3TGMX0<:--

2EFYGS'EVSPMRE3TGMX 

+YMQEVÇIW%VKIY(4IHVS--RSW)WXEHSW9RMHSW6MSHI.ERIMVS)HMXSVE

'MZMPM^EËÇS&VEWMPIMVE

7MPZIMVE,IPHIV+SVHMQHE%UYIWXÇSRIKVEIEMQMKVEËÇSIYVSTÍMERSW

)WXEHSW9RMHSWGSQSQSHIPSWTEVESFVERUYIEQIRXSFVEWMPIMVSzYQEMHISPSKMEHE

EQIVMGERM^EËÇS MR 2EFYGS I 3PMZIMVE 0MQE )WXYHSW-FIVS%QIVMGERSW 49'67 Z

<<:---RNYRLS7SFVIETSPÑXMGEI\XIVRERSMRÑGMSHEVITÞFPMGE

ZIV&ERHIMVE1SRM^4VIWIRËEHSW)WXEHSW9RMHSWRS&VEWMP(SMWWÍGYPSWHILMWX×VME

6MSHI.ERIMVS)HMXSVE'MZMPM^EËÇS&VEWMPIMVE7IKYRHETEVXIz&VEWMP6ITÞFPMGE

&YIRS'PSHSEPHS%6ITÞFPMGE IWYETSPÑXMGEI\XIVMSVE7ÇS

4EYPS92)74&VEWÑPME*YRHEËÇS%PI\ERHVIHI+YWQÇS&YIRS'PSHSEPHS

'IVZS%QEHS,MWX×VMEHETSPÑXMGEI\XIVMSVHS&VEWMP&VEWÑPME9R&

7QMXL.SWITL9RIUYEPKMERXWHMTPSQEXMGVIPEXMSRWFIX[IIRXLI9RMXIH7XEXIWERH&VE^MP

4MXXWFYVKL4E9RMZIVWMX]SJ4MXXWFYVKL4VIWW6SHVMKYIW

.SWÍ,SR×VMS-RXIVWWIREGMSREPITSPÑXMGEI\XIVRE6MSHI.ERIMVS)HMXSVE'MZMPM^EËÇS

&VEWMPIMVE:MRLSWE*VERGMWGS0YM^8IM\IMVE3&VEWMPIE4VMQIMVE+YIVVE

1YRHMEPEHMTPSQEGMEFVEWMPIMVEIEWKVERHIWTSXÎRGMEW6MSHI.ERIMVS-,+&

-HIQ %W VIPEËÙIW &VEWMP)WXEHSW 9RMHSW HYVERXI E 4VMQIMVE 6ITÞFPMGE 6IZMWXE HS

-,+&6MSHI.ERIMVSENERQEVIEFVNYR

&YVRW ) &VEHJSVH8LI 9R[VMXXIR %PPMERGI 6MS&VERGS ERH &VE^MPMER

%QIVMGERVIPEXMSRW2I[=SVO0SRHSR'SPYQFME9RMZIVWMX]4VIWW

 -FMHIQ

:INEWI6SHVMKYIW.SWÍ,SR×VMS3TGMX

 %TYH2EFYGS'EVSPMRE3TGMX

 -FMHIQ

 -FMHIQ

 -FMHIQ

:INEWI&YVRW&VEHJSVH3TGMX

 -FMHIQ 

 -FMHIQ 

 %TYH.SÇS*VEROHE'SWXE3TGMX

2EFYGS.SEUYMQ%ETVS\MQEËÇSHEWHYEWEQÍVMGEW-R (MWGYVWSWIGSRJIVÎRGMEW

RSW)WXEHSW9RMHSW6MSHI.ERIMVS&IRNEQMR%KYMPE?A

0MQE3PMZIMVE1IQ×VMEW IWXEWQMRLEWVIQMRMWGÎRGMEW6MSHI.ERIMVS

0MZVEVME.SWÍ3P]QTMS)HMXSVE

 %TYH'SWXE.SÇS*VERO3TGMX

*VERGMWGS-KPÍWMEW4V×PSKS-R2EFYGS.SEUYMQ9R)WXEHMWXEHIP-QTIVMS

]SXVSWXI\XSW0<<7SFVIEWMRXIVZIRËÙIWRSVXIEQIVMGEREWRE%QÍVMGE'IRXVEPIRS

'EVMFIZINEWITSVI\IQTPS0EJIFIV;EPXIV-RIZMXEFPI6IZSPYXMSRW8LI9RMXIH7XEXIW



MR 'IRXVEP %QIVMGE 2I[ =SVO0SRHSR;)2SVXSR  'SQTER]  0ERKPI]

0IWXIV(8LI&ERERE;EVW9RMXIH7XEXIWMRXIZIRXMSRMRXLI'EVMFFIER

'LMGEKS8LI(SVWI]4VIWW&IVQERR/EVP9RHIVXLI&MK7XMGO2MGEVEKYEERH

XLI9RMXIH7XEXIWWMRGI&SWXSR7SYXL)RH4VIWW

:INEWI0MQE3PMZIMVE4ER%QIVMGERMWQS&VEWÑPME7IREHS*IHIVEP6MS

HI.ERIMVS*'6&

0MQE3PMZIMVE1IQ×VMEW 

 -FMHIQ 

:INEWI*VI]VI+MPFIVXS1IRSWIWTIGMEPMWXEUYIKIRIVEPMWXE3TGMX

:INEWI-KPÍWMEW*VERGMWGS.SEUYMQ2EFYGS&IPS,SVM^SRXI/VMXIVMSR



0MQE3PMZIMVE3TGMX 

'SWXE.SÇS*VEROHE3TGMX

 -FMHIQ

0MRW¥PZEVS3TGMX&YVRW)&VEHJSVH3TGMX

 -FMHIQ

2EFYGS'EVSPMRE3TGMX

 %TYH6MGYTIVS6YFIRW6MS&VERGS3&VEWMPRSQYRHS6MSHI.ERIMVS

'SRXVETSRXS

2ETSPIÇS%PYÑ^MS6MS&VERGSIEWVIPEËÙIWIRXVIS&VEWMPISW)WXEHSW9RMHSW

6MSHI.ERIMVS-QTVIRWE2EGMSREP

 -FMHIQ:IVXEQFÍQ'SWXE.SÇS*VEROHE3TGMX

 %TYH'SWXE.SÇS*VEROHE3TGMX

:INEWI'IVZS%QEHS0YM^I&YIRS'PSHSEPHS,MWX×VMEHETSPÑXMGEI\XIVMSV

HS&VEWMP

7SFVIE(SYXVMRE(VEKSZIV0MRW¥PZEVS3TGMX&YVRW&VEHJSVH

3TGMX

0MRW¥PZEVS3TGMX

2EFYGS'EVSPMRE3TGMX

0MRW¥PZEVS3TGMX

7SFVIIWWEVIZSPXEZIV1SVIP)HQEV%VIZSPXEHEGLMFEXE6MSHI.ERIMVS

+VEEP1EVXMRW,ÍPMS0IØRGMS%VIZSPXEHSWQEVMRLIMVSW7ÇS4EYPS'SQTERLME

)HMXSVE2EGMSREP7IVZMËS(SGYQIRXEËÇS+IVEPHE1EVMRLE

0MRW ¥PZEVS3T GMX  6MGYTIVS 6YFIRW6MS&VERGS3&VEWMP RS

QYRHS6MSHI.ERIMVS'SRXVETSRXS4IXVSFVEW

0MRW¥PZEVS3TGMX

2ETSPIÇS%PYÑ^MS3TGMX

 %TYH'EVZEPLS%JJSRWSHI6MS&VERGSWYEZMHEWYESFVE6MSHI.ERIMVS

&MFPMSXIGEHS)\ÍVGMXS





3&%6§3 (36-3&6%2'3 )69-&%6&37%

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%GIMXEHIFSEZSRXEHI EUYMPSUYIÍKVERHI

I VIKS^MNEWI HI UYI XEP TSWWE I\MWXMV

,IKIP

%1%-36:-689()()6-3&6%2'3

6MS &VERGS JSM YQ KVERHIRIKSGMEHSV YQ RSXÅZIP IWXYHMSWS

HE LMWX×VME I HEKISKVEJME HS &VEWMPYQHMTPSQEXEMRSZEHSV8SHSW

IWWIW XÑXYPSW PLI GEFIQ GSQ NYWXMËE %PÍQ HMWWS 6MS &VERGS Í

QIVIGMHEQIRXISWÑQFSPSQEMSVHEHMTPSQEGMEFVEWMPIMVE2SIRXERXS

LÅ YQE ZMVXYHI TSYGS WYFPMRLEHE IQ WIY TIVJMP I UYI WYTIVE EW

HIQEMW

*SM EGMQE HI XYHS YQ KVERHI PÑHIV TSPÑXMGS EKVIKEHSV RS

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0IZM 'EVRIMVS

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HS 'SRKVIWWS HE MQTVIRWE z GSQ IPI WIVZMVEQ XSHSW SW LSQIRW

QEMW IQMRIRXIW HEUYIPIW HMEW 'SQS UYI TVIGMWEZE HE GSSTIVEËÇS

HI XSHSW 2YRGE VIGISY UYI E GSPEFSVEËÇS HI UYEPUYIV HIPIW

EQIWUYMRLEWWIETEVXIUYIPLIGEFIVME8SHSWSWFVEWMPIMVSWMPYWXVIW

WEFMEQ UYI TSHIVMEQ WIV UYI WIVMEQ TVSZEZIPQIRXI GSRZSGEHSW

TEVESHIWIQTIRLSHIEPKYQIRGEVKSVIPIZERXI7IYTVST×WMXSWIVME

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MREXMRKMHSEZMHEMRXIPIGXYEPHSTEÑW(MVWIMEUYIXSHEYQEKIVEËÇS

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VITVIWIRXEXMZEW HIWWI WMRKYPEV QSQIRXS LMWX×VMGSx

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S WIKYMRXI HITSMQIRXS HI 0IZM 'EVRIMVS

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TVMQSVSWSHIETYVEHSFSQKSWXSYQGSRZIVWEHSVUYIEXVEMVMEWIQTVI

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HSËYVEESWTVMQSVIWHEWIRWMFMPMHEHIUYITSVZI^IWSJE^MEQTEVIGIV

YQXÑQMHSYQEIRIVKMEHIGMHMHEIHIWXIQIVSWEUYITSVZI^IWPLI

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UYEMWIVEQwSWEXVMFYXSWQEMWRSFVIWHSIRXILYQERSxEGVIWGIRXERHS

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TSPÑXMGS

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UYI LENE GEREMW EFIVXSW IRXVI SW TIRWEHSVIW I EW EPXEW EYXSVMHEHIW

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3 VIGSRLIGMQIRXS HE RIGIWWMHEHI HS GSRWIPLS TSPÑXMGS RÇS

VIWSPZI E UYIWXÇS  YQ FSQ TSRXS HI TEVXMHE QEW TVIGMWE WIV

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HMJMGYPHEHIW

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S MVVEGMSREP

2STVSGIWWSLMWX×VMGSGSRGVIXSXVEZEWIRSGSVEËÇSHSWWMWXIQEW

TSPÑXMGSWYQEZIVHEHIMVEPYXETEVEWISFXIVQEMSVVEGMSREPMHEHIREW

HIGMWÙIW KSZIVREQIRXEMW RS EQFMIRXI HS RÞGPIS HYVS HS TSHIV

SRHI XIRHIQ E TVIHSQMREV IPIQIRXSW EPIEX×VMSW I  KVERHI HSWI HI

MVVEGMSREPMHEHI

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TPIRS WIRXMHS



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6YWWIPP MRHMGE RIWWE SFVE

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HS&VEWMPJEXSUYIXIVMEGSRWIUàÎRGMEWKVEZÑWWMQEWTEVESTVIWIRXII

SJYXYVSHEWTSWWMFMPMHEHIWHISTIVEËÇSHMTPSQÅXMGEHSTEÑWNYRXSE

WIYWZM^MRLSW%KVIKYIWIXEQFÍQE×FZMEHIJIWEHESGYTEËÇSLMWX×VMGE

I TEGÑJMGEHSW FVEWMPIMVSW REVIKMÇSIQHMWTYXE6YM EJIVVEWIE YQE

ZMWÇS HI TSPÑXMGE I\XIVMSV QYMXS GSRHMGMSREHE TSV YQE GSRNYRXYVE

MRXIVRETVIWIRXIITSVYQETIVGITËÇSHSXIVVMX×VMSGSQSZEPSVWEKVEHS

6MS &VERGS QERMJIWXE RIWWE HMJÑGMP RIKSGMEËÇS WIY IWXMPS HI JE^IV E

SYXVE TEVXI XEQFÍQ TEVXI HE WSPYËÇS HE TIRHÎRGME E MHÍME HI ZIV

RESYXVETEVXIRÇSYQMRMQMKSSYEHZIVWÅVMSQEWIRXIRHÎPEGSQS

GÞQTPMGI HE WSPYËÇS EPGERËEHE 6YM GSQTSVXEWI HIRXVS HI VÑKMHS

TEVEHMKQEVIEPMWXEIGLIKEQIWQSEEJMVQEVIQGEVXEE6MS&VERGS

HI  HI WIXIQFVS HI  UYI wWI E MRWMWXÎRGME HE &SPÑZME JSWWI

MVVIHYXÑZIP EFVMVQSW QÇS HEW RIKSGMEËÙIW HIM\ERHSE IRXVIKYI Ä

WYEJVEUYI^EGSRXVESWMRWYVKIRXIWHS%GVIQEMWGETE^IWHIVIWSPZIV

EUYIWXÇS HSUYISKSZIVRSFVEWMPIMVSx



6IKMWXVIWI EMRHE RSZEQIRXI E TEGMÎRGME HI 6MS &VERGS IQ

QERXIV GSQ WIVIRMHEHI I JMVQI^E WYE PMRLE HI RIKSGMEËÇS GSQ E

&SPÑZMEIQQIMSEEXEUYIWTÞFPMGSWGSQSSHI1MKYIP0IQSWTEVE

UYIQ WIEWWMWXMERS ITMW×HMS Äw6SGLE8EVTÍME HS %GVIHITSMWHS

'ETMX×PMS HE +YMERE I HEW 1MWWÙIWx

3---'32+6)7734%2%1)6-'%23

% VIEPM^EËÇS RS 6MS HI .ERIMVS IQ  HS --- 'SRKVIWWS

4ER%QIVMGERS Í YQ HSW TSRXSW EPXSW HE KIWXÇS 6MS &VERGS RS

-XEQEVEX]  S TVMQIMVS KVERHI IZIRXS MRXIVREGMSREP UYI S &VEWMP

WIHMSYIQWYELMWX×VMEHMTPSQÅXMGEYQEGSRJIVÎRGMEHIÆQFMXSVIKMSREP

HEW%QÍVMGEWUYIXVSY\ITSVTVMQIMVEZI^ESTEÑWYQ 7IGVIXÅVMSHI

)WXEHS RSVXIEQIVMGERS RS GEWS ) 6SSX

6MS&VERGSQYMXSWIIQTIRLSYTEVEHEVEEHIUYEHELMIVEVUYME

Ä VIYRMÇS UYI XIZI E QEVGERXI EXYEËÇS HI .SEUYMQ 2EFYGS QEW

UYIVMEXEQFÍQEIPEEWWSGMEVSRSQIHI6YM&EVFSWE%WWMQWIRHS

KIWXMSRSY GSRZMXI IQ RSQI HS 4VIWMHIRXI HE 6ITÞFPMGE TEVE UYI

6YMMRXIKVEWWIEVITVIWIRXEËÇSHS&VEWMPESGSRGPEZI2IWWETVMQIMVE

XIRXEXMZE6YMEPIKSYVE^ÙIWHIWEÞHIIHII\GIWWSWHIXVEFEPLSTEVE

RÇSEWWYQMV RSZSWIRGEVKSWTVMRGMTEPQIRXIHIWWEIRZIVKEHYVE6MS

&VERGSRÇSWIHÅTSVZIRGMHSIJE^RSZSGSRZMXIHIWWEZI^TEVEUYI

6YM TEVXMGMTEWWI HS NERXEV IQ LSQIREKIQ ES 7IGVIXÅVMS HI )WXEHS

6SSX RIPI MRGPYMRHS E XEVIJE HI WEYHEV S ZMWMXERXI IWXEHSYRMHIRWI

'SQS RÇS XMZIWWI VIGIFMHS VIWTSWXEEXÍ E ZÍWTIVE HS FERUYIXI6MS

&VERGSGSQSMRJSVQE%QÍVMGS.EGSFMRE0EGSQFIwMRWMWXMYIVIGSVVIY

EJMREPEYQQIMSUYIWEFMEWIKYVSXVEXERHSWIHIYQXIQTIVEQIRXS

IWWIRGMEPQIRXIGSVXÎWGSQSSHI6YMGSPSGSYSRSFERUYIXIIRXVI

HYEW GSRZMHEHEWMRGYQFMHEWHI ZIRGIVEWWYEWÞPXMQEWVIWMWXÎRGMEWx

2S GSQIËS HI WIY HMWGYVWS IQ MRKPÎW RS UYEP GSQTEVE E

JSVQEËÇSTSPÑXMGEHS&VEWMPGSQEHSW)WXEHSW9RMHSW6YMEWWMQWI

I\TVIWWEWSFVI IWWE QERSFVE HI 6MS &VERGS

w-HS RSXORS[XS VIWMWXXLI [MWLIWSJSYVEQMEFPIEQTLMXV]SR

SYVIQMQIRX7IGVIXEV]SJ*SVIMKR%JJEMVWEW[IPPEWXLSWISJXLIKVEXMSYW

RIMKLFSYVW[LSWYVVSYRHQILIVI8LMWMWUYMXIERYRI\TIGXIHWYVTVMWI



JSV QI &YX MX GSQIW JVSQ WS LMKL ERH MR WS MQTIVMSYW E [E] XLEX -

GERRSXFYXWYFQMXLSTMRK]SY[MPPFIMRHYPKIRXx

6IKMWXVIWI RIWWI ITMW×HMS E EXMXYHI WIQTVI TVIWIRXI HI 6MS

&VERGSHIXVE^IVEGYPXYVETEVEEWQIWEWHEHMTPSQEGMERIWWIGEWSE

WSGMEP6YMNÅIVEÄÍTSGESWÑQFSPSTSVI\GIPÎRGMEHEGYPXYVENYVÑHMGE

REGMSREP %KVIKYIWI E IPI S TIUYIRS QEW MQTSVXERXI HIXEPLI HI

UYISJVERGÎWIVEEPÑRKYEHSQMRERXIRSEQFMIRXIGYPXSHSTIVÑSHS

WIRHSUYI6YMRS&VEWMPHIIRXÇSIVEYQHSWTSYGSWMRXIPIGXYEMWE

XIVJPYÎRGMEIWGVMXEISVEPRSMRKPÎW EPÍQ HI SQIPLSV GSRLIGIHSV

RSTEÑWHEWMRWXMXYMËÙIWTSPÑXMGEWHSW)WXEHSW9RMHSWWSFVIEWUYEMW

LEZMEPMHSRSSVMKMREPSWPMZVSWJYRHEQIRXEMW6MS&VERGSWEFMEHMWWS

HEÑWIYIWJSVËSTEVEXÎPSRIWWELSQIREKIQESGLIJIHEHMTPSQEGME

RSVXIEQIVMGERE IQ WIY TVMQIMVS GSRXEXS HMVIXS GSQ E WSGMIHEHI

FVEWMPIMVE

%'32*)6®2'-%(%,%-% 0):-'%62)-63

%TEVXMVHEEGIMXEËÇSMRMGMEWI MRXIRWSPEFSVGSRNYRXSHI6YM

GSQ6MS&VERGSGSEHNYZEHSTIPEGSPEFSVEËÇSHI.SEUYMQ2EFYGS

3'LERGIPIVGSQSHIWXEGE%QÍVMGS.EGSFMRE0EGSQFIRESFVEGMXEHE

wTVITEVESQEXIVMEPTEVEE(IPIKEËÇSFVEWMPIMVEXI\XSWHEWVIWSPYËÙIW

HE4VMQIMVE'SRJIVÎRGMEG×TMEWHSWHIWTEGLSWHMTPSQÅXMGSWVIPEXMZSW

ESW WIYW TSRXSW TVMRGMTEMW IQ HIFEXI PIKMWPEËÇS GSRGIVRIRXIW ESW

XIQEWHSTVSKVEQEVIGSVXIWHIMQTVIRWEIWXVERKIMVEGSQSTIRWEQIRXS

HIEPKYQEWTIVWSREPMHEHIWEGIVGEHIUYIWXÙIWGSRWXERXIWHSXIQÅVMS

HEGSRJIVÎRGMEXYHSQMRYGMSWEQIRXIEVVSPEHSIERSXEHSGSQETV×TVME

PIXVEHS'LERGIPIVx4SVWIYXYVRS2EFYGSZMENEÄ)YVSTEEJMQHI

wTVITEVEVSEQFMIRXITEVEEGLIKEHEIEXYEËÇSHI6YM&EVFSWEI\TPMGE

ESW WIYW EQMKSW IYVSTIYW I EQIVMGERSW S ZEPSV E WMKRMJMGEËÇS HE

TIVWSREPMHEHI HS (IPIKEHS FVEWMPIMVS MRXIVIWWEWI TIPE QMWWÇS HS

GSQTERLIMVS GSQS WI JSVE WYEx

-RXIVIWWERXI XEQFÍQ Í E JEPE HS TV×TVMS 6YM &EVFSWE RE

LSQIREKIQUYIPLITVIWXSYEGSPØRMEFVEWMPIMVEIQ4EVMWGSRGPYÑHE

E 'SRJIVÎRGME RS HME  HI SYXYFVS HI  )Q HIXIVQMREHS

XVIGLS HIWWI HMWGYVWS 6YM HM^ HI WYE TIVGITËÇS RS GIRÅVMS

MQTVIWWMSRERXIHE7IKYRHE'SRJIVÎRGMEHE,EMEIHEPMRLEHIGSRHYXE



UYI HIZIVME WIKYMV w'SQ E GSRWGMÎRGME UYI RYRGE QI EFERHSRSY

HE QMRLE MRJIVMSVMHEHI IY QI EGLEZE EWWSFIVFEHS TIPE XEVIJE UYI

WI MQTYRLE Ä VITVIWIRXEËÇS HS &VEWMP GSQTVIIRHMHE GSQS IY E

GSQTVIIRHME)RXVISWUYIMQTIVEZEQREQENIWXEHIHEWYEKVERHI^E

ISWUYIWIIRGSPLMEQRSVIGIMSHEWYETIUYIRI^GEFMEMRIKEZIPQIRXI

Ä KVERHI VITÞFPMGE HE %QÍVMGE HS 7YP YQ PYKEV MRXIVQIHMÅVMS XÇS

HMWXERXI HE WSFIVERME HI YRW GSQS HE LYQMPHEHI HSW SYXVSW )VE

IWWETSWMËÇSHIQIMSXIVQSUYIRSWGYQTVMEQERXIVGSQHMWGVMËÇS

GSQ HIPMGEHI^E I GSQ HMKRMHEHIx

4VIGMWEZE EMRHE 6YM S TIVJMP FVEWMPIMVS RSW WIKYMRXIW XIVQSW

w%FEM\SHEWSMXSKVERHIWTSXÎRGMEWUYIIRXVIWMVITEVXIQSHSQÑRMS

HE JSVËE RIRLYQ )WXEHS WI EHMERXE ES &VEWMP RS GSRNYRXS HSW

IPIQIRXSW GYNE VIYRMÇS EWWMREPE WYTIVMSVMHEHI IRXVI EW REËÙIW

'SRWMHIVEHSW IPIW RS WIY XSHS RIRLYQE HIRXVI EW TSXÎRGMEW HI

WIKYRHE SVHIQ WI RSW EZERXENE 'VIMS QIWQS UYI RIRLYQE RSW

MKYEPE2SWWEWXVEHMËÙIWHMTPSQÅXMGEWRSWGSPSGEVEQEGIVXSWVIWTIMXSW

RYQEKVERHIEPXYVEPEHSEPEHSGSQSWKSZIVRSWUYILEZMEQI\IVGMHS

EQEKMWXVEXYVEEVFMXVEPIQKVERHIWPMXÑKMSWIRXVIEWQEMSVIWTSXÎRGMEW

HS KPSFS 2SWWE JVEUYI^E QMPMXEV RSW TYRLE E YQE HMWXÆRGME QYM

PSRKE HIWWEW TSXIWXEHIW EVQEHEWx

w)WXE WMXYEËÇS RE WYE I\XVIQE HIPMGEHI^Ex TVSWWIKYI 6YM

HIZMEXIVYQEPMRKYEKIQWYEQSHIVEHEIGMVGYRWTIGXEQEWJMVQII

EPXMZE UYERHS RIGIWWÅVMS 8VEXEZEWI HI EGLÅPE I HI E JEPEV

REXYVEPQIRXI GSQ WIKYVERËE GSQ GEPQE GSQ HIWEWWSQFVS GSQ

XIREGMHEHI2ÇSIVEJÅGMPQEWRÇSWIVMEMQTSWWÑZIPw9QWIRXMQIRXS

MRWXMRXMZS HIWWI HIZIV WI ETSHIVEVE HI QMQ HIWHI UYI XVERWTYW SW

WIZIVSW YQFVEMWHS 6MHHIV^EPP %SWTVMQIMVSW TEWWSW IPI QIIRGLIY

HI XIVVSV 2SW HMEW HE IWXVÍME UYERHS IRXVIM HE QMRLE GEHIMVE E

IRGEVEVSGÑVGYPSHIKVERHI^EWUYIQIGIVGEZERÇSZSWWIMI\TVMQMV

SHIWEPIRXSEWIRWEËÇSHIMQTSXÎRGMEHITEZSVHI EFERHSRSXSXEP

HIQMQQIWQSUYIQIIRXVSYRSÆRMQSISERMUYMPSY1EPWIQI

SJIVIGIYTSVÍQ E SGEWMÇS HI EGYHMV TIPE LSRVE HS RSWWSTSWXS EW

JSVËEWEGSVEKIQEVIWSPYËÇSQIZMIVEQRÇSWIMHSRHIZMQIHITÍ

GSQ E TEPEZVE RSW PÅFMS I HIWHI IRXÇS QI XVEGIM E QMQ QIWQS E

PMRLE QIHMERE I VIXE HE RSWWEEXMXYHI SFWIVZEHE EXÍ ES JMQ QIVGÎ

HI (IYW GSQ MRZEVMÅZIP TIVWIZIVERËEx



3 EQFMIRXI HMTPSQÅXMGS HE 'SRJIVÎRGME HI  HE ,EME

RSUYEPHIZIVMEWIQSZIV6YM&EVFSWEIWXEZEMKYEPQIRXIGSRXEQMREHS

TIPEVMKMHI^HEWTSWMËÙIWHEWKVERHIWTSXÎRGMEWUYIRSIRXIRHIVHI

4MIVVI 6IRSYZMR XSVREZEQ wMQTSWWÑZIP WI SFXIV YQ EGSVHS TEVE E

UYIWXÇSHSHIWEVQEQIRXSEW HIPIKEËÙIWES GSRWXEXEV UYISWuGEWSW

TEVXMGYPEVIWvWÇSQYMXSHMJIVIRXIW TEVETSHIVWIVVIKYPEHSW TSV YQE

J×VQYPE KIVEP -QTSWWÑZIP E EHIWÇS HSW KSZIVRSW Ä MHÍME HI YQE

EVFMXVEKIQ SFVMKEX×VME UYI WI I\IVGIVME QIWQS REW UYIWXÙIW SRHI

IWXÇS MQTPMGEHEW E LSRVE I SW uMRXIVIWWIW ZMXEMWv 3 KSZIVRS EPIQÇS

XIQYQEZI^QEMWYQEPEVKETEVXIHEVIWTSRWEFMPMHEHIRIWWIJVEGEWWS

QEW SW SYXVSW KSZIVRSW RÇS JE^IQ REHE TEVE IZMXEV %WWMQ WIRHS E

'SRJIVÎRGMEWIPMQMXEEJE^IV YQ IWJSVËS TEVE uLYQERM^EVEKYIVVEv

IPEIWXEFIPIGIYQGSRNYRXSHIVIKVEWHIWXMREHEWETVSXIKIVSWHMVIMXSW

HSWRIYXVSWHSWRÇSGSQFEXIRXIWIHSWTVMWMSRIMVSW)WWIWTSVGIVXS

RÇSWÇSVIWYPXEHSWHIWTVI^ÑZIMWQEWHSTSRXSHIZMWXEHESVKERM^EËÇS

HE TE^ E GEVÎRGME ÍUYEWI UYI GSQTPIXEx

6IKMWXVIWI UYI WIQ S WEFIV 6YM &EVFSWE XMRLE E WIY JEZSV

RIWWIQENIWXSWSIVÑKMHSEQFMIRXIHE'SRJIVÎRGMEHE,EMEHI

WYEEQTPEI\TIVMÎRGMEHIQEMWHIHYEWHÍGEHEWREWXVMFYREWHE'ÆQEVE

IHS7IREHS

'SQSFIQSFWIVZSY0IZM'EVRIMVSIQGSRJIVÎRGMETVSRYRGMEHE

RS 1YWIY -QTIVMEP IQ  HI QEVËS HI 

w8EPZI^ TIPE TVMQIMVE ZI^ 6YM &EVFSWE XIVME XMHS YQ

GSPEFSVEHSV 6MS &VERGS WSYFI WÎPS %Ñ VITSRXE YQE HMJIVIRËE

QEVGERXI RE TWMGSPSKME HIWWIW HSMW LSQIRW I\GITGMSREMW 6ITMXS

QIHM^IRHSZSWUYI6MS&VERGSXMRLEGSQSUYIEJEGIMVMGIHIZEPIV

WIHEGSPEFSVEËÇSHIXSHSWSWLSQIRWMPYWXVIWHIWIYXIQTS%TVST×WMXS

HE 'SRJIVÎRGME HE ,EME 6SHVMKS 3GXÅZMS VIJIVMY UYI 6MS &VERGS

PLIGSRXEVEUYIUYEWIXSHSWSWHMEWMEÄ+ÅZIESYZMVSWIRWMREQIRXSW

I GSRWIPLSW TVIGMSWSW HS WÅFMS 0EJE]IXXI  7IY TVST×WMXS WIVME

TVIGMWEQIRXIGVMEVIWWIIWXEHSHIIWTÑVMXSHMJYRHMRHSETVISGYTEËÇS

TIPE GSMWE TÞFPMGE IRXVI SW UYI QIPLSV TSHIVMEQ WIVZMPE

2S IRXERXS 6YM &EVFSWE S KVERHI PMFIVEP RÇS E XIVME )PI

QI TEVIGI MRGETE^ HI GSPEFSVEËÇS 'SRXSY WIQTVI I W× GSRWMKS

QIWQS*SM'PIQIRGIEYUYIQHMWWIuGvIWXYRIKVERHIJSVGIUYIHIRI

GSQTXIV UYvEZIG WSM QÎQIv 6YM &EVFSWE XMRLE IWWE KVERHI JSVËE IQ



QEMSV KVEY XEPZI^ UYI UYEPUYIV HSW RSWWSW LSQIRW TÞFPMGSW QEMW

HIWXEGEHSW)PIRÇSHIWINEVMEEGSPEFSVEËÇSRÇSTVIGMWEZEHMWWSRÇS

WIWEFMEZEPIVHIGSPEFSVEHSVIW3GEWSHI6MS&VERGSRE'SRJIVÎRGME

HE ,EME TEVIGIQI TSV MWWS QIWQS I\GITGMSREPÑWWMQS I QSWXVE

GSQSIPIWEFMEGSPEFSVEVETSRXSHIZIRGIVSXIVVÑZIPVIXVEMQIRXSHS

RSWWS)QFEM\EHSV2EQIWQESGEWMÇSSGSQTERLIMVS HI(IPIKEËÇS

HI6YM&EVFSWERE'SRJIVÎRGMEHE,EMES1MRMWXVS6SWXEMRK0MWFSE

RÇSXMRLEIRWINSHITVSJIVMVYQEW×TEPEZVE'SRXESRSWWSMRIWUYIGÑZIP

QSVXS HIWXIW HMEW 6SHVMKS 3GXÅZMS UYI 6YM &EVFSWE HIGMHMVE

EGSQTERLEV TIWWSEPQIRXI XSHSW SW XVEFEPLSW HEW UYEXVS GSQMWWÙIW

HE'SRJIVÎRGMEIW×HIM\EZEESW7IGVIXÅVMSWSIRGEVKSHIHIGMJVEVSW

XIPIKVEQEW 'LIKSY E TSRXS HI VIGYWEV E EWWMWXÎRGME HI YQ NSZIQ

7IGVIXÅVMS JVERGÎW UYI 6MS &VERGS WI IQTIRLEVE IQ TVSTSVGMSREV

PLI z I UYI ZMVME E WIV S LSNI VITYXEHS MRXIVREGMSREPMWXE +ISVKIW

7GIPPI

4SVIWWEJEPXEHIIWTÑVMXSHIGSPEFSVEËÇSÍUYI6YM&EVFSWEIVE

TSYGS EHZSKEHS ES GSRXVÅVMS HS UYI KIVEPQIRXI WI WYTÙI  3

EHZSKEHSTVIGMWEHIGSPEFSVEVGSQSGPMIRXIGSQSNYM^EXÍGSQS

TEXVSRSEHZIVWS6YM&EVFSWEIVEERXIWSNYVMWXETSPÑXMGSSHSYXVMREHSV

MRGSQTEVÅZIPSIHYGEHSVGÑZMGSTSVI\GIPÎRGME-RXIVIWWEHSQEMW

TIPS GEWS NYVÑHMGS TIPS HMVIMXS IQ GEYWE z UYI TIPS XMXYPEV HIWWI

HMVIMXS

%MRHELÅTSYGSZSWVIGSVHEZEEWTEPEZVEWGSQUYIETVST×WMXS

HS8VEXEHS HS%GVI WI GSRJIWWEZE TVIWSES GEWS NYVÑHMGS z EPLIMS I

MRHMJIVIRXI E UYEPUYIV TVST×WMXS HI GSRGMPMEËÇSSY HI XVERWEËÇS

*SM XSHE E WYE ZMHE S XVEFEPLEHSV WSPMXÅVMS 2S 'SRKVIWWS

RYRGEEVXMGYPSYWIYWIWJSVËSWGSQSWHIQEMWQIQFVSWHEWGSQMWWÙIW

HIUYIJE^METEVXILENEZMWXESI\IQTPSHEVIZMWÇSHS'×HMKS'MZMP

S UYI JE^ME IVE SFVE WYE I\GPYWMZE TIVWSREPÑWWMQE 2E MQTVIRWE

RSWNSVREMWUYIHMVMKMEW×JE^MESWIYEVXMKSMRHMJIVIRXIESVIWXSHS

NSVREP ) TSV MWWS QIWQS SW TEVXMHSW TSPÑXMGSW UYI XIRXSY JYRHEV

ITEVEUYIXVEËSYEPKYRWTVSKVEQEWEHQMVÅZIMWRYRGETYHIVEQZMRKEV

6MS&VERGSXIZISTVMZMPÍKMSHIWEFIVWIVSGSPEFSVEHSVUYIIPITVI^SY

HI UYI ETVSZIMXSY PEVKEQIRXI HI UYI WIRXMVME E JEPXEx

,MPHIFVERHS %GGMSP] WYFPMRLE ES GSQIRXEV E HIHMGEËÇS HI

6MS&VERGSÄTVITEVEËÇSIESEGSQTERLEQIRXSHEQMWWÇSFVEWMPIMVE



Ä7IKYRHE'SRJIVÎRGMEHE,EMEUYISGLIJIHEHMTPSQEGMEREGMSREP

GYMHEZE HEW MRWXVYËÙIW GSQS HSW QÑRMQSW HIXEPLIW wTSVUYI

GSQTVIIRHME E MQTSVXÆRGME HS GIVXEQI UYI ME WI VIEPM^EV I UYIVME

UYI XYHS IWXMZIWWI HMWTSWXS TEVE S FSQ Î\MXS I S FVMPLS HERSWWE

(IPIKEËÇSx 0IQFVEUYI wTEVESVMIRXEVE (IPIKEËÇS IJEGMPMXEVPLIE

EËÇS6MS&VERGSIRXVIKSYE6YMERXIWHITEVXMVSYPLIIRZMSYTIPS

GSVVIMS XSHSW SW IPIQIRXSW HI MRJSVQEËÇS ES WIY EPGERGI

EGSQTERLERHSSW HI MRWXVYËÙIW UYI WI MVMEQ EQTPMERHS Ä QIHMHE

HS EZERËS HSW XVEFEPLSW HE 'SRJIVÎRGME  MRXIVIWWERXI EWWMREPEV

UYI XYHS MWWS IVE QMRYXEHS TIPE TV×TVME QÇS HS &EVÇS  )WWE

GSPEFSVEËÇS TEXVM×XMGE IWWE EWWMWXÎRGME MRGERWÅZIP MVME QERMJIWXEVWI

EMRHEGSQQEMWEWWMHYMHEHIHYVERXI E'SRJIVÎRGMERSWRYQIVSWSW

XIPIKVEQEWQEMWHIXSHSWVIHMKMHSWMRXIKVEPQIRXITIPS&EVÇS

IRÇSVEVSTSVIPITV×TVMSGMJVEHSWQERHEHSWHEUYMHMEVMEQIRXI

EXÍ ESW HSQMRKSW I QYMXE ZI^ IQ EZERËEHEW LSVEW HE RSMXI 5YEWI

WIQTVI IVE S TV×TVMS &EVÇS UYI VIKMWXVEZE EW QMRYXEW RS PMZVS HI

I\TIHMËÇSHE7IGVIXEVMEHI)WXEHSETSRHSREWQIWQEWSGEVMQFSI

S RÞQIVS GSQTIXIRXI ¤W ZI^IW UYERHS RÇS IRGSRXVEZE Ä QÇS S

GEVMQFSS&EVÇSHIWIRLEZEEVIWTIGXMZEQEVGEREQMRYXE8SHSW

SW HMEW IWXEZE 6MS &VERGS E GSQYRMGEVWI XIPIKVEJMGEQIRXI GSQ

6YM I IWXI NÅ WI LEFMXYEVE ÄUYMPS HI XEP JSVQE UYI GIVXE SGEWMÇS

UYERHSTEWWSYHSMWHMEWWIQVIGIFIVXIPIKVEQEWHSKVERHIGLIJIHE

RSWWE 'LERGIPEVME XIPIKVEJSY ES 7IREHSV %^IVIHS RIWXIW XIVQSW

w6IGIMS &EVÇS EHSIGIWWI TSVUYI HIWHI ERXISRXIQ RÇS XIPIKVEJEx

%(-*±'-04)6732%0-(%()()69 -&%6&37%)7)986%834366-3&6%2'3

%VIPEËÇSIRXVIS(IPIKEHSFVEWMPIMVSIS'LERGIPIVRÇSIWXEZE

MWIRXE HI QSQIRXSW HI XIRWÇS I QIWQS HI HMWGSVHÆRGME

GSQTVIIRWÑZIMW IQ JEGI HE REXYVI^E HE XIQÅXMGE IQ HMWGYWWÇS HS

ZSPYQI HS XVEFEPLS TEVE E TVITEVEËÇS HEW TSWMËÙIW I HE TV×TVME

HMWXÆRGME )\IQTPS HIWWE XIRWÇS JSM S GEWS HEW MRWXVYËÙIW HI 6MS

&VERGS WSFVI E UYIWXÇS HE GSQTSWMËÇS HS8VMFYREP HI 4VIWEW RS

UYEPS1MRMWXVSHEW6IPEËÙIW)\XIVMSVIWIWXEFIPIGIYJMVQISVMIRXEËÇS

HI VIGLEËS ES TVSNIXS HEWKVERHIW TSXÎRGMEW UYI IWXEFIPIGME GPEWWIW

HI TEÑWIW WIKYRHS E XSRIPEKIQ HE 1EVMRLE QIVGERXI I GVMXÍVMSW HI



TVSXIËÇS E REËÙIW UYI QIWQS GSQ XSRIPEKIQ MRJIVMSV Ä FVEWMPIMVE

IVEQ GPEWWMJMGEHEW EGMQE 6MS &VERGS MRWMWXME GSQ 6YM I\TVIWWERHS

UYI wIWTIVEQSW UYI :SGÎRGME WI IWJSVËEVÅ TEVE UYI RS8VMFYREP HI

4VIWEW S &VEWMP JMUYI RE GPEWWI UYI PLI GSQTIXIx 'SQS EWWMREPE

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EWWIKYVERHSUYIHIEGSVHSGSQSTSRXSHIZMWXEHS&EVÇSGSQFEXIVME

S TVSNIXS RS HME WIKYMRXIÄ XEVHI

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HIRSWWEWMXYEËÇSEÑIUYIIQEWWIQFPÍMEWMRXIVREGMSREMWFIQGSQS

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RS TVSNIXS WSFVI S8VMFYREP HI 4VIWEW WIQ MQEKMREV UYI MWWS JSWWI

JÅGMPSY TVSZÅZIP %GVIWGIRXEZEw4EVEEKIRXI WIRWEXEIMQTEVGMEPE

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TEÑWQSZMQIRXSKIVEPHIWEXMWJEËÇSIIRXYWMEWQSTIPSFVMPLS:SGÎRGME

XIQHEHSERSWWEXIVVERIWWE'SRJIVÎRGME8SHSWWIYWEQMKSWIRIWWI

RÞQIVS :SGÎRGME WEFI UYI QI HIZI GSRXEV IWXÇS SVKYPLSWSW HMWWS

4VITEVEQ JIWXEW TEVE E GLIKEHE HI :SGÎRGME 1EW :SGÎRGME GSQS

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TSWWÑZIPHIZIQSW EJEWXEV TVIXI\XSW TEVEGVÑXMGEW % HS MRIHMXSVMEP HI

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7I TIHMQSW TVSGYVEWWI SFXIV WYTPIRXI JSM TSV RSW TEVIGIV UYI E

3VKERM^EËÇS HS8VMFYREP HI 4VIWEW JSVE EGIMXE IQ TVMQIMVE PIMXYVE

QEWEMRHERÇSIQZSXEËÇSJMREP)WXEQSWMRXIMVEQIRXIMHIRXMJMGEHSW

GSQ :SGÎRGME I HIWINEQSW XIRLE IQ R×W E QIWQE GSRJMERËE UYI

XIQSW IQ :SGÎRGMEx

6MS&VERGSPSKVSYPIZERXEVSÆRMQSHI6YMUYIEKVEHIGIYSW

IPSKMSWGSRXMHSWRSXIPIKVEQEIEFERHSRSYEMRXIRËÇSHIVIRYRGMEV

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ITMW×HMSW HI WYE ZMHE GSQS TEVPEQIRXEV NSVREPMWXE I GERHMHEXS

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2EVIPEËÇSHIEQM^EHIIVIGÑTVSGEEHQMVEËÇSIRXVI6MS&VERGS

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%VEÞNS .SVKI

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TVSTSWXS8VMFYREP HI 4VIWEW VIZIPE UYI 6MS &VERGS XMRLE TSWXYVE

TVMRGMTMWXE RIWWI EWWYRXS IRUYERXS 6YM WI QSWXVEZE QEMW JPI\ÑZIP



'SRJSVQI EWWMREPE ,MPHIFVERHS %GGMSP] wETIWEV HI XYHS REHE

GSRWIKYÑEQSWRIWWIEWWYRXSx(EUYMS&EVÇSXIPIKVEJEZEE6YMUYI

IRXVI R×W WI wPIZEVME QYMXS E QEPxEWWMRÅWWIQSW E GSRZIRËÇS UYI

IWXEZEWIRHSIPEFSVEHE6YMIQFSVERÇSHIM\EWWIHIHIJIRHIVWIQTVI

GSQ TIVJIMXE PIEPHEHI SW TSRXSW HI ZMWXE WYWXIRXEHSW TIPE RSWWE

'LERGIPEVME RÇS IVE HIGIVXS XÇS MRWXVERWMKIRXI RIWWE QEXÍVME GSQS

S&EVÇSQEWIQJEGIHEWMRWXVYËÙIWTSWMXMZEWUYIIWXIPLIQERHEVE

RÇSTØHILIWMXEV)QWIWWÇSHIHIWIXIQFVSHE4VMQIMVE'SQMWWÇS

ERXIWHIWITØVEZSXSWSGSRNYRXS HSTVSNIXSVIJIVIRXIES8VMFYREP

HI4VIWEWI\TØWGSQGPEVI^ESWQSXMZSWTIPSWUYEMWS&VEWMPRÇSPLI

TSHMEHEVSWIYZSXS

2E ZSXEËÇSLSYZITEÑWIW GSRXVEHSMWUYIJSVEQS&VEWMP

I E8YVUYME  WI EFWXMZIVEQ 'SQIRXERHS IWWI VIWYPXEHS HM^ME

6YMw*MGEQSWGSQEQÅGSQTERLMESXSQEREx%SUYIS&EVÇSVIXVYGEZE

w%MRHEUYIXMZÍWWIQSWJMGEHSMRXIMVEQIRXIMWSPEHSWXIVÑEQSWJMGEHS

FIQTSVUYIESTMRMÇSEUYMRÇSEHQMXMVMEUYIS&VEWMPHIIQFEVEËEV

E SFVE HIGSRG×VHME UYI E 'SRJIVÎRGME TVSGYVE JE^IV2ÇS JSQSW E

,EMETEVE WYFWGVIZIVSUYIEQEMSVMEUYMWIVIHMWGSVHERHSHSUYI

IPE VIWSPZIV S &VEWMP RÇS MQTIHI UYI SW HIQEMW TEÑWIW IWXEFIPIËEQ

GSQS IRXIRHEQ S WIY8VMFYREP HI %TIPEËÇS HI 4VIWEWx

:IVMJMGEWI TIPS XVIGLSHI6MS&VERGSEGMQEGMXEHSSTIWS HE

STMRMÇSTÞFPMGEGSQVIPEËÇSÄWHIPMFIVEËÙIWHEHMTPSQEGMEFVEWMPIMVE

4SHIWIEJMVQEVUYIXERXS6YM&EVFSWEGSQSS&EVÇSTSWWYIQYQE

JMRETIVGITËÇSHIEWTMVEËÙIWFÅWMGEWHEWSGMIHEHIREGMSREPMRXYMRHS

QIWQS WIQ EW TIWUYMWEW HI STMRMÇS ÄÍTSGE MRI\MWXIRXIW S HIWINS

HI EYXSEJMVQEËÇS I E RIGIWWMHEHI HI WI QSWXVEV E WM QIWQE I ES

QYRHS GSQS YQ TEÑW VIWTIMXÅZIP

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SGSRGPEZIMRXIVREGMSREPIQHISYXYFVSHI6YMWYFPMRLSY

UYIwETVMQIMVEEWWIQFPÍMEYRMZIVWEPHSW)WXEHSWWSFIVERSWWEXMWJI^

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RS TVSKVEQE IVE E QMXMKEËÇS HEW PIMW I GSWXYQIW HE KYIVVE )PE S



JI^)VE EGSHMJMGEËÇS HS HMVIMXS HE RIYXVEPMHEHI)PE E VIEPM^SY IQ

KVERHI TEVXI )VE E VIJSVQE HE GSVXI EXYEP HI EVFMXVEQIRXS WYEW

KEVERXMEW WIY TVSGIWWS )PE SW HIM\SY RSXEZIPQIRXI QIPLSVEHSW

)VEEIWXMTYPEËÇSHSEVFMXVEQIRXSSFVMKEX×VMS)IPEWIRÇSGSRWIKYMY

HIJMRMV EWWIRXEV GSRZIRGMSREV SW GEWSW EHSXSYPLI JMVQSYPLI

TVSGPEQSYPLI WSPIRIQIRXI S TVMRGÑTMS TEWWS UYEWI KMKERXIWGS

WI VIJPIXMVQSW RE XVENIX×VME HEW WYEW GSRWIUàÎRGMEW JYXYVEW REW

HMJMGYPHEHIW TSYGSQIRSWUYIMRZIRGÑZIMWSTSWXEWÄ WYEHIGPEVEËÇS

REI\ÑKYEQMRSVMESFWXERXIÄWYEGSRWMKREËÇSRYQXVEXEHSYRMZIVWEP

7I RÇS GVMSY E 'SVXI HI .YWXMËE -RXIVREGMSREP RMRKYÍQ E TSHIVÅ

GYPTEV VE^SEZIPQIRXI HI RÇS XIV GSRWIRXMHS IQ I\SVFMXEV HS WIY

TVSKVEQE RYQ TSRXS JYRHEQIRXEP TEVE MQTVSZMWEV EVVEWXEHE TSV

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

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

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

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

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

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6IRHIRHSPLEW ETIREW QI HIWIQTIRLIM HI QMRLEW SFVMKEËÙIW HI

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I YQE KVERHILSRVEEZIVQITSVMRMGMEXMZE HI : )\EE WIYPEHS

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QIIWUYIGMETSMWIWWIEWTIGXSHEQMRLEWMXYEËÇSUYERHSSFVMKEHS

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GSRWMHIVEHEW EW QMRLEW ERXIGIHÎRGMEW RS EWWYRXS HIZME WIV

IWTIGMEPQIRXI WIRWÑZIP E QMQ HIWHI UYI QI WYFQIXME E XVEXEV RS

XIVVIRS HI YQE XVERWEËÇS YQ PMXÑKMS IQ UYI IY JSVE S EHZSKEHS

QEMW GEPSVSWS HE MRHMWTYXEFMPMHEHI EFWSPYXE HS RSWWS HMVIMXS 2ÇS

LIWMXIM TSVÍQ ERXI EW GSRWIUàÎRGMEW HIWWEEXMXYHI IRUYERXS QI

TEVIGIWWI HIJIRWÅZIP I ZERXENSWE ES TEÑW *SM RIWXI UYI XMZI WIQTVI

SWSPLSWRSWWIYWWIRXMQIRXSWIRSWWIYWMRXIVIWWIWWIQQIMQTSVXEV

NEQEMWUYIGSQSWFIRIJÑGMSWEIPIKVERNIEHSWWIwEFEPEWWIHIUYEPUYIV

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JSVXI2IRLYQLSQIQTÞFPMGSRS&VEWMPEXIQQEMWTVIGÅVMEQEMW

GSQFEPMHE QEMW EFEPEHE ) MWWS NYWXEQIRXI TSVUYI HEW WYEW

GSRZIRMÎRGMEW RYRGE JM^ GEWS TSVUYI RYRGE EPMQIRXIM TVIXIRWÙIW

TSPÑXMGEW6ITYKREQIESQIYXIQTIVEQIRXSGSVXINEVETSTYPEVMHEHI

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REGMSREP TSVXERXSUYI SW LSQIRWHI)WXEHS XÎQHIVIWSPZÎPEW WI

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RIWXIKÎRIVSHIGSRGIWWÙIWHIZIVÑEQSWGEQMRLEVWIQTVIGSQSEXVEZÍW

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TEVGEQIRXIIVEVE^SÅZIPWIJM^IWWIRIWWIWIRXMHSZMWXSUYIE&SPÑZME

TEVIGMENYPKEVWIJIVMHEIMRXVERWMKIRXIESGSRXEXSHSRSWWSHMRLIMVS

EPIKERHS UYI S XIVVMX×VMS GSQS E LSRVE RÇS XIQ TVIËS I RÇS IVE

NYWXSUYIGSQSQMPLÇSIWXIVPMRSMRWMRYEHSIRXVIEWRSWWEWSJIVXEW

E LSYZÍWWIQSW TSV GSQTIRWEHEMRXIMVEQIRXI HE I\XIRWÇS XIVVMXSVMEP

UYI RSW GIHME 1EW HIWHI UYI SW RIKSGMEHSVIW FSPMZMERSW TYWIVEQ

HI TEVXI IWWIW IWGVÞTYPSW I IRXVEVEQ JVERGEQIRXI RS XIVVIRS HSW

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GVIMS UYI PLI RÇS XIVÑEQSW QIHMHS IWGEWWEQIRXI S ZEPSV HS %GVI

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KIRIVSWMHEHI GYNE PEVKYI^E I\GIHI E QIY ZIV S PMQMXI HSW RSWWSW

TSHIVIW 2ÇS UYIVS HM^IV UYI S &VEWMP TIVHIWWI RE XVSGE -WWS RÇS

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HIWXEREXYVI^E)QRSWWEWQÇSWS%GVITIWEFEWXERXI2EWHERSWWE

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YQE UYERXMHEHI VIPEXMZE UYI TVEXMGEQIRXI W× EHUYMVME VIEPMHEHI

GSQERSWWEEUYMWMËÇSHIPIGSQEWYEXVERWJIVÎRGMEESRSWWSWIRLSVMS

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EZMEJÍVVIEERXMKEEWTMVEËÇSHEUYIPITEÑWISWHSMWQMPLÙIWIWXIVPMRSW

UYI TEVE IPIW VITVIWIRXEQ UYEWI UYEXVS ERSW HI WYE VIGIMXE 2ÇS

IWXEVME IPI TSV MWWS# )RXÇS IVE EGIMXEVQSWPLI E SYXVE EPXIVREXMZE

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VIGSVHEVUYIIWXEÍXEQFÍQESTMRMÇSMRWYWTIMXEHS(V%WWMW&VEWMP

%MRHE RE ÞPXMQE GSRJIVÎRGME RSWWE IPI WI QERMJIWXSY EWWMQ

GSRJMVQERHS S EWWIRXS UYI RIWXI WIRXMHS IY EGEFEZE HI JE^IV 3W

FSPMZMERSWRÇSUYIVIQSEVFMXVEQIRXSRYRGESUYMWIVEQERÇSWIV

UYIIPIXMZIWWITSVSFNIXSEXVSGEHIXIVVMX×VMSWMRSZEËÇSGSQFEXMHE

TSV QMQ RE QMRLE TIRÞPXMQE GEVXE 2IQ S TSHMEQ UYIVIV ZMWXS

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2SXI : )\E UYI RS QIQSVERHYQ VIGIRXIQIRXI IRHIVIËEHS ESW

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XSHSW IWWIW VIGYVWSW .Å I\TIVMQIRXEHSW REW HMJMGYPHEHIW HE PYXE S

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HIZSPXEVWIZIRGIWWIQRSEVFMXVEQIRXS0SKSRÇSIVETSWWÑZIPUYI

S HIWINEWWIQ 'SQS TSVÍQ TVIWWIRXMWWIQ UYI R×W GSRXVE S UYI

IVE HI GYMHEV XEQFÍQ S XIQÑEQSW QERSFVEVEQ LEFMPQIRXI

WMQYPERHS EQFMGMSRÅPS TEVE Ä WSQFVE HSW RSWWSW MRNYWXMJMGEHSW

VIGIMSW I\MKMVIQ SUYI I\MKIQUYERHS Í QMRLE GSRZMGËÇS UYI WI

IRGEVÅWWIQSW HIWEWWSQFVEHSW S IWTERXEPLS IPIW Í UYI VIGYEVMEQ

WYFQIXIRHSWI ÄW RSWWEW GSRHMËÙIW )WXI ES QIRSW S QIY NYÑ^S

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

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

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

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TSYV GEYWI TEWWERHS E HEV TVMSVMHEHI ESW TVSFPIQEW TVÅXMGSW HI

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TEVEGSRXMRYEVWYESFVEEGEHÎQMGE)QEPKYQEIXETEHIWWIWGSRJPMXSW

IPIEVKYQIRXSYUYITVIXIRHMEJE^IVSUYISTV×TVMS4EVERLSWXMRLE

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2E GSRNYRXYVE TSPÑXMGE HE JSVQEËÇS HE %GEHIQME &VEWMPIMVE

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

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QERXMHE EXÍ  TSYGS XIQTS ERXIW HE QSVXI HS IWGVMXSV



3PMZIMVE0MQEXMRLEYQGIVXSWIRXMHSHSVIPEGMSREQIRXSTSPÑXMGS

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TIVWSREKIRW HE 6ÍTYFPMUYI HIW PIXXVIW GSQS S TV×TVMS 6MS &VERGS

3PMZIMVE 0MQE JYRHSY E GEHIMVE  XIRHS IWGSPLMHS TEVE TEXVSRS

SYXVSLMWXSVMEHSVHMTPSQEXE:EVRLEKIRS:MWGSRHIHI4SVXS7IKYVS

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RE GSRJSVQEËÇS HI GIVXE ERMQSWMHEHI TWMGSP×KMGE XEPZI^ MRGMTMIRXI

RSGSQIËSQEWGIVXEQIRXIVIJSVËEHETSVSYXVSWI\IQTPSWTSWXIVMSVIW

HI GSQTIXMËÇS MRHMVIXE TIPS TVIWXÑKMS RSW GIRÅGYPSW IQ UYI EQFSW

WI QSZMQIRXEZEQ

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SYXVE SFVE HI 3PMZIMVE 0MQE WIY TVMQIMVS XVEFEPLS HI LMWX×VME

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.ERIMVS +EVRMIV  RE UYEP IPI GVMXMGEZE E wGSQTVEx HE

MRHITIRHÎRGMETSV HSMW QMPLÙIWHIPMFVEWWIKYRHS IPI YQwIWXMKQE

HIUYIEQSREVUYMENYWXESYMRNYWXEQIRXIRYRGETSHIPMZVEVWIRS

&VEWMP I GYNE VIGSVHEËÇS TEMVSY WSFVI S XVSRS EXÍ SW WIYW ÞPXMQSW

HMEWx

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0MQE UYIVME HM^IV SFZMEQIRXI S XVEXEHS HI VIGSRLIGMQIRXS HE

MRHITIRHÎRGMETSV4SVXYKEPMRXIVQIHMEHSTIPE-RKPEXIVVEA)QRSXE

E3PMZIMVE0MQEi?6MS&VERGSASFWIVZEZEUYIuRÇSLSYZIGSQTVE

HE MRHITIRHÎRGME 5YERHS WI WITEVE YQ XIVVMX×VMSSUYI WI WITEVE

XSQESIRGEVKSHI TEVXIHEHÑZMHETÞFPMGEvxEVKYQIRXSIQVIPEËÇS

ES UYEP 'EP×KIVEW HIQSRWXVSY VIWIVZEW



w%ERSXEËÇSHS&EVÇSHS

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HI UYI IVE VIEPQIRXI NYWXE RYQE TVMQIMVE PIMXYVE 1EW UYIQ WI

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WSFVIXYHS UYERHS WI XVEXEWWI HI HÑZMHEW REGMSREMW WIQ UYEPUYIV

TEVXMGMTEËÇS SY EWWIRXMQIRXS HEW GSPØRMEW SY JIMXEW IQ TVSZIMXS

I\GPYWMZSHEW QIXV×TSPIW4EVE HIQSRWXVEVIEGIMXEV EI\TPMGEËÇSHS

&EVÇSHS6MS&VERGSWIVMERIGIWWÅVMSGSQTVSZEVUYIEWWMQWIJM^IVE

IQ XSHSW SW XVEXEHSW HI IQERGMTEËÇS HEW GSPØRMEW EXÍ IRXÇS

PMFIVXEHEWx

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HEVMERETSWWISJMGMEPHI3PMZIMVE0MQEGSQSQIQFVSHE%GEHIQME

&VEWMPIMVEHI0IXVEWWIMWERSWHITSMWHIIPIMXSGIVMQØRMEÄUYEP6MS

&VERGS SWXIRWMZEQIRXI RÇS GSQTEVIGIY 3 GLSUYI NÅ WI HIY IQ

QIMS Ä HMWTYXE IQ XSVRS HE VIQSËÇS HS IRXÇS 1MRMWXVS RS .ETÇS

TEVE E 0IKEËÇS IQ 0MQE SRHI IPI HIZIVME WIVZMV GSQS IRZMEHS

I\XVESVHMRÅVMS I 1MRMWXVS 4PIRMTSXIRGMÅVMS WSFVI E UYEP JEPEVIQSW

EHMERXI 1IWQS XVEFEPLERHS GSRXVE IWWE HIWMKREËÇS 3PMZIMVE 0MQE



TEVIGME EPKS VIWMKREHS GSQS VIZIPEHS IQ GEVXE IWGVMXE E 2EFYGS

PSKS ET×W IRGSRXVEVWI IQ  HI NYPLS HI  GSQ S 'LERGIPIV

6MS&VERGSRSKEFMRIXIQMRMWXIVMEPHSZIPLS-XEQEVEX]w36MS&VERGS

VIGIFIYQIQYMXSFIQ(M^MEQQIEUYMQIWQSERXIWHIJEPEVGSQ

IPIUYIIWXEZEEPKSWSFVERGIMVS QEWIRGSRXVIMSSQIWQSLSQIQ

WMQTPIW I EJÅZIP 'SRZIVWEQSW HI SQRM VI WGMFMPM QIRSW HS 4IVY S

UYIRÇSUYIVHM^IVUYIRÇSZÅPÅTSVUYIÍEWWYRXSHIPMGEHSEXVEXEV

QEWGSRXSUYIEHIQSVERÇSWIVÅQYMXS KVERHIRS4EGÑJMGSx



3ITMW×HMSVIZIPEGIVXEMRKIRYMHEHISYQÅEZEPMEËÇSHI3PMZIMVE

0MQE TSMW E IWWE EPXYVE 6MS &VERGS XSXEPQIRXI IRZSPZMHS REW

RIKSGMEËÙIWGSQE&SPÑZMEIS4IVYNÅWIHIWMRXIVIWWEVETSVIRZMÅPS

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WIYGÑVGYPSHIEQM^EHIWPMXIVÅVMEWTEVEHIXIVWIREUYIWXÇS2EQIWQE

GEVXEE2EFYGSIPIGSRXMRYEEMRJSVQEVw3-RWXMXYXS,MWX×VMGSVIGIFIY

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6IPEËÇSHSW1ERYWGVMXSWHS1YWIY&VMXÆRMGS?UYIIPIXMRLEGSQTSWXS

HYVERXI WYE TIVQERÎRGME RE 0IKEËÇS IQ 0SRHVIW IQ A

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WIY ( .SÇS:- RS &VEWMP GSQSEHMERXIZIVIQSW

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WYE HIWMKREËÇS TEVE E 0IKEËÇS IQ 0MWFSE IQ  VIGYWEHE TIPS

7IREHSJMGERHSIPIWIQHMVIMXSWIWIQZIRGMQIRXSWHYVERXIQYMXSW

ERSW

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

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

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

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ZEWSW HS QEMWTYVS GVMWXEPTSV IPIQIWQSJEGIXEHSx



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

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

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

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

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

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

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HEHIXIVMSVEËÇSHEWMXYEËÇSRS%GVI34VIWMHIRXIGSQSVIPEXE¥PZEVS

0MRWwRÇSZEMTIHMVE6MS&VERGSYQEKIRXMPI^EHIEQMKSIWMQUYI

ZIRLE TVIWXEV ES WIY TEÑW YQ WIVZMËS HI LSQIQ HI )WXEHSx



6MS

&VERGSTSVWYEZI^LIWMXSYQYMXSIQEGIMXEVGSQSWIWEFIIWXERHS

QIWQS HMWTSWXS E VIGYWEV S GEVKS 7YEW VE^ÙIW JSVEQ GPEVEQIRXI

I\TSWXEW E EQMKSW I ESW TV×TVMSW QERHEXÅVMSW 'EQTSW 7EPPIW I

6SHVMKYIW%PZIWWEÞHIJEQÑPMEHMRLIMVSJEPXEHIKSWXSTIPEEXMZMHEHI

TSPÑXMGEIRJMQWIYHIWINSHIGSRXMRYEVRSI\XIVMSVTEVEVIYRMVWIYW

QEXIVMEMWIIWGVIZIVwEPKYRWXVEFEPLSWLMWX×VMGSWx'LIKSYEGSRJIWWEV

IQGEVXE ESTV×TVMS6SHVMKYIW %PZIWw(ITSMWHIXÇSPSRKE ZMHEHI

VIXVEMQIRXS JIGLEHS GSQ SW QIYW PMZVSW QETEW I TETÍMW ZIPLSW

VIGIMSQSWXVEVQIHIWENIMXEHSREZMHEMRXIMVEQIRXIHMZIVWEUYIHIZIVME

XIV RE TSWMËÇS HI 1MRMWXVS HI )WXEHSx



4IRWSYEXÍIQSJIVIGIVWI

TEVEVIWSPZIVYRMGEQIRXISGEWSHS%GVIMRHMGERHS.SEUYMQ2EFYGS

TEVE E JYRËÇS HI 1MRMWXVS UYI PLI VIXVYGE IQ XIPIKVEQE w:SGÎ NÅ

IWGVIZIY ZÅ EKSVE JE^IV LMWX×VMEx



34VIWMHIRXIW×XSQSYTSWWIIQHIRSZIQFVSI6MS&VERGS

W×ZIMSEEWWYQMVS1MRMWXÍVMSRSGSQIËSHI HI^IQFVSXIRHS WMHS

VIGITGMSREHSXVMYRJEPQIRXITIPSWUYISEKYEVHEZEQRSGEMWHSTSVXS

1EWHIWHIEFVMPHIWWIERSETEVIRXIQIRXIRÇSTSVWYKIWXÇSHS&EVÇS

GSKMXEZEWIHSRSQIHI3PMZIMVE0MQETEVEE0IKEËÇSRS4IVYSUYI

HIM\SY S IRXÇS )RGEVVIKEHS HI 2IK×GMSW RS .ETÇS ZMWMZIPQIRXI



TVISGYTEHS )Q GEVXE HI NYRLS HIWWI ERS E WIY EQMKS .SWÍ 'EVPSW

6SHVMKYIW IPI MRHMGEZE NÅ IWXEV IQ GSRLIGMQIRXS HIWWEW MRXIRËÙIW

HIWHIEFVMPTEWWEHSQIHMERXISUYIEMRHEWIVZIHIFSPIXMQSJMGMSWS

HEW VIQSËÙIW HSW HMTPSQEXEW EW GSPYREW HI TSXMRW HSW NSVREMW HE

GETMXEP RIWWI GEWS 3 4EÑW 1ERMJIWXERHS HI MQIHMEXS WYE

GSRXVEVMIHEHI IPI WI TIVQMXI EGMHI^ I FVMRGEHIMVEW GSQ S TEÑW

HIWMKREHS

w2ÇS QI EGYWE E GSRWGMÎRGME HI LEZIV JIMXS XERXS QEP UYI

HIZEHINYWXMËEWIVIWGSPLMHSTEVEGSVVIVXSHEWEW0IKEËÙIWHMWXERXIW

II\×XMGEW?S UYI IVE YQQERMJIWXS I\EKIVSWIYYQEZI^ UYIXMRLE

WMHSGSRXIQTPEHSEXÍIRXÇSGSQ0IKEËÙIWMQTSVXERXIWIHITVIWXÑKMS

GSQS0MWFSE&IVPMQ;EWLMRKXSRI0SRHVIWA4EVES.ETÇSZMQGSQ

TVE^IVIRS.ETÇSIWXSYGSQKVERHITVE^IV?UYIVIRHSXEPZI^WMREPM^EV

UYITVIJIVMEJMGEVEPMHSUYIWIKYMVTEVESSYXVSPEHSHSw4EGÑJMGSxA

 YQ TEÑW IRGERXEHSV GSQS REXYVI^E YQ GIRXVS MQTSVXERXI HE

TSPÑXMGEHSQYRHSYQXIEXVSHII\TIVMÎRGMEW MRXIVIWWERXIW34IVY

ÍTSVÍQYQTEÑWQSVXSYQQIMSTSVEWWMQHM^IVRSGMZSÄEXMZMHEHI

MRXIPIGXYEP(IZITIWEVWSFVIR×WGSQSTIWSHSWIYTEWWEHSRÇSW×

GSPSRMEP GSQS MRGÅWMGSx ) IPI XIVQMREZE PIQFVERHS YQ JVEWI HI

EPKYRW ERSW HS ZIRIVERHS (MVIXSV+IVEP w3 'EFS *VMS HMWWIQI

IQ  UYERHS JYM TVSQSZMHS E 4VMQIMVS 7IGVIXÅVMS TEVE

;EWLMRKXSRUYIu4IVYW×REQIWEEWWEHSITEVEUYIQKSWXEv)IY

RÇS KSWXSx



8IQ MRÑGMS IRXÇS YQ PSRKS XIVËEV HIEVQEW HI HIQERHEWE

IQTMWXSPEHSWEQMKSWGSQSSTV×TVMS2EFYGSHIQIRWEKIRWMRHMVIXEW

IVIGEHSWQEMWSYQIRSWHMVIXSWIRJMQYQFEPÍHMTPSQÅXMGSUYIWI

TVSPSRKEVME TSV TVEXMGEQIRXI HSMW ERSW 3PMZIMVE 0MQE TSVXERXS

QYMXS ERXIW HE IWGSPE HSW %RREPIW I HI UYEPUYIV QÍXSHS LMWX×VMGS

FVEYHIPMERSIVEYQGEQTIÇSHEPSRKYIHYVÍIYXMPM^ERHSWIHIXSHSW

SWVIGYVWSWTSWWÑZIMWTEVEIJIXYEVXVENIXSWPSRKYÑWWMQSWRSWMXMRIVÅVMSW

HI VIQSËÇS I VIGSVVIRHS Ä PIKMWPEËÇS TEVE S KS^S HI PMGIRËEW %S

GSRGPYMV WIY TIVÑSHS HI XVÎW ERSW RE %PIQERLE TSV I\IQTPS IPI

IWXIZI IQ PMGIRËE HI EFVMP HI  EXÍ S JMREP HI JIZIVIMVS HS ERS

WIKYMRXI UYERHS EWWYQMY IQ ;EWLMRKXSR 3 EXS HI WYE VIQSËÇS

TEVEWIVZMVGSQSIRZMEHSI\XVESVHMRÅVMSI1MRMWXVS4PIRMTSXIRGMÅVMS

RS 4IVY XIQ E HEXE HI  HI RSZIQFVS HI  SY WINE YQ HME

ERXIW HI EWWYQMV S RSZS +SZIVRS 6SHVMKYIW %PZIW





)Q  HI NERIMVS WIKYMRXI S TV×TVMS 6MS &VERGS HMVMKI YQ

XIPIKVEQEE3PMZIMVE0MQEEJMVQERHSUYIRSMRXIVIWWIHS&VEWMPGSRZMRLE

UYIZMIWWIGSQEQÅ\MQEYVKÎRGMEEWWYQMVWIYRSZSGEVKSRS4IVY

3 VIPYXERXI HMTPSQEXE TEVXI HS .ETÇS ETIREW IQ  HI QEVËS

IQFEVGERHS RS ,EQFYVK RS4SVXSHI /SFI RSHME WIKYMRXI8IQ

MRÑGMSIRXÇSSUYITSHIVÑEQSWHIWGVIZIVGSQSEQEMWPSRKEHYVEËÇS

HI YQ HIWPSGEQIRXS IQ XVÆRWMXSIRXVI HSMW TSWXSW GSRLIGMHS RE

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QIRSWRÇSWIXMRLERSXÑGMEHIYQTVE^SXÇSPSRKSHIVIQSËÇS)Q

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IQ+ÎRSZEGSQ.SEUYMQ2EFYGSUYIWIXMRLEHIWPSGEHSHI6SQE

IWTIGMEPQIRXITEVEZÎPSET×WSUYIWIYGSRXIVVÆRISTIVREQFYGERS

VIWSPZIIWGVIZIVES&EVÇS

w:IQ ?3PMZIMVE 0MQEA QYMXS GERWEHS HE XVEZIWWME XIQ UYI

JE^IV RSZE TEVE MV VIGIFIV WYEW SVHIRW I IWXÅ GSQ KVERHI QIHS HI

WIV JSVËEHS HITSMW HS .ETÇS E MV TEVE S 4IVY )Y TVSQIXMPLI UYI

IWGVIZIVMEE:TEVEXIPIKVEJEVPLIYQETEPEZVETEVE1EHVM?TEVESRHI

TVIXIRHME ETIWEV HI XYHS HIWPSGEVWI 3PMZIMVE 0MQEA WSFVI WYEW

ZIVHEHIMVEWMRXIRËÙIW UYERXSEIPI 7YTSRLSGSQ IJIMXS UYI:W×

S JEVÅ IQTVIIRHIV IWWE RSZE ZMEKIQ ESW ERXÑTSHEW WI TVIGMWEV

EFWSPYXEQIRXI HIPI IQ 0MQE TSV GEYWE HEW GSQTPMGEËÙIW HS %GVI

'SQSWIMSGSRGIMXSUYI:JE^HIPITIRWSUYI:RÇSQERHEVÅTEVE

XÇSPSRKIWIRÇSTSVQSXMZSHIJSVËEQEMSVYQHSWQEMWLÅFIMWEY\MPMEVIW

HI UYI: TSHI HMWTSV IQ RSWWS 'SVTS (MTPSQÅXMGSx



6MS &VERGS TVIXIRHME IJIXMZEQIRXI YWEV HS GSRLIGMQIRXS I

LEFMPMHEHI HI 3PMZIMVE 0MQE RE 0IKEËÇS IQ 0MQE YQE ZI^ UYI S

4IVY VITVIWIRXEZE YQ JEXSV EHMGMSREP HI GSQTPMGEËÇS RE VIWSPYËÇS

HEHMJÑGMP5YIWXÇSHS%GVII\MKMRHSTEVXMGMTEËÇSTPIREREWRIKSGMEËÙIW

GSQ E &SPÑZME IHITSMW UYIVIRHSWYFQIXIVEEVFMXVEKIQ S IZIRXYEP

VIWYPXEHS HI YQ EGSVHS XVMTEVXMXI 3PMZIMVE 0MQE TSV WYE ZI^ IQ

GEVXEE 2EFYGSHEXEHE HI  HI EFVMP EMRHE E FSVHS HS ,EQFYVK

RÇSIWGSRHMEUYIHIWINEZEYQEQMWWÇSIQXIVVEWIYVSTÍMEWWITSWWÑZIP

RSWQSPHIWHEUYIXMRLEIRXÇSSIRGEVVIKEHSHEHIJIWEHS&VEWMPRE

UYIWXÇSEVFMXVEPGSQE+VÇ&VIXERLEIQXSVRSHSXIVVMX×VMSIQHMWTYXE

RE +YMERE w&IQ UYMWIVE XIV TEVE EGSQTERLEVQI YQ XVEFEPLS



ERÅPSKS)WTIVSUYIEPKYQHMEXEQFÍQQIWIVÅHEHSIWGVIZIVLMWX×VME

GSQ YQ JMQ TVÅXMGSx



3PMZIMVE 0MQE GSRXMRYEZE QEMW EHMERXI w1YMXS I QYMXS PLI

EKVEHIËSSWIYEQEFMPÑWWMQSSJIVIGMQIRXSHIIWGVIZIVES6MS&VERGS

6IEPQIRXI WI NÅ RÇS LÅ TVIWWE EKSVE KSWXEVME HI HIQSVEVQI YQ

TSYGSQEMWIQ1EHVM?SRHIIWXEZEQWIYGYRLEHSIMVQÇAIWSFVIXYHS

IQ 4IVREQFYGS ET×W WIXI I QIMS ERSW HI EYWÎRGME 'SRXS UYI E

QMRLE MHE ES 4IVY RÇS XIVÅ PYKEV EKSVE UYI E 5YIWXÇS HE &SPÑZME

TEVIGIUYEWIVIWSPZMHE?RE ZIVHEHI S8VEXEHS HI 4IXV×TSPMW W× WIVME

EWWMREHSIQRSZIQFVSHIWWIERSISWEGIVXSWGSQS4IVYHIQSVEVMEQ

YQTSYGSQEMWAIUYIWIVIMERXIWIQTVIKEHSRSEVFMXVEQIRXSWIS

LSYZIV ?RS UYI IPI IWXEZE QEP MRJSVQEHS EGIVGE HEW MRXIRËÙIW HS

&EVÇSA4EVEI\ÑPMSFEWXESHS.ETÇSHYVERXIHSMWERSW7IEKSVEHI

RSZS QI TYWIV JSVE HE GMZMPM^EËÇS TIVHIVIM GVIMS S LÅFMXS HIPE

5YERHS ZIVIM I XVEFEPLEVIM GSQ QIYW PMZVSW# 1MRLE EQFMËÇS WIVME

YQE 0IKEËÇS IQ:MIRE 4IXIVWFYVKS &IVRE SY UYIMNERHEW IQ UYI

TYHIWWI MRWXEPEV QMRLE FMFPMSXIGE I IWGVIZIV E LMWX×VME HMTPSQÅXMGE

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

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

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

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HI :EVRLEKIRx

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

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

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

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HSUYIIY QIY GSRWSPSx



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PMQMXIW GSQ E &SPÑZME I S 4IVY GSQ FEWI REW GSRZIVWEËÙIW IQ UYI

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SGSRXEXSGSQS&EVÇSTEVEJEPEVQEPHIWIYERXMKSWYFSVHMREHS3

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RSW QIWIW I ERSW WIKYMRXIW

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

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.ERIMVS EGIMXSYYQGSRZMXITEVEwIWGVIZIVRS 'SVVIMSHE1ERLÇYQ

WÍVMI HI EVXMKSW WSFVI E VIJSVQYPEËÇS HE GEVVIMVE HMTPSQÅXMGE XIQE

IRXÇSQYMXSIQZSKERSWGÑVGYPSWJIHIVEMWTSMWREUYIPIWHMEWGSVVME

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-XEQEVEX]x



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+SYZÎEwYQEJSPLEMQTPEGEZIPQIRXISTSWMGMSRMWXExGSQSUYI3PMZIMVE

0MQEXIVQMREVME HI GSRJMVQEV RE 'EWE WYE GSRHMËÇS HI HMWWMHIRXI

)Q WIYW EVXMKSW XVERWTEVIRXIQIRXI MRXMXYPEHSW w6IJSVQE

(MTPSQÅXMGEx3PMZIMVE0MQEGSQIËEZETSVEJMVQEVUYIwEWMHÍMEWHS

7IRLSV &EVÇS HS 6MS &VERGS WSFVI S EWWYRXS RÇS WI XSVREVEQ EXÍ

EKSVEGSRLIGMHEWSUYIEPMÅWQITIVQMXIEETVIWIRXEËÇSHIWXEWPMKIMVEW

GSRWMHIVEËÙIW?GIVXEQIRXIYQIYJIQMWQSTSMWUYIWYEWGSRWMHIVEËÙIW

IVEQTVSJYRHEWHIXEPLEHEWIXYHSQIRSWHMWGVIXEWAWSFVIEQEXÍVME

WIQUYIXSQIQIPEWEVIWHIGVÑXMGEIGSRWXMXYEQEXSHIMRHMWGMTPMREx



(ITSMWHIPIQFVEVUYIE6ITÞFPMGENÅXMRLEJIMXSHYEWVIJSVQEWIQ

 TSV5YMRXMRS &SGEMÞZEI IQ  TSV 'EVPSW HI'EVZEPLS

z wYQE I SYXVE XVEXERHS QYMXS QEMW HI GPEWWMJMGEËÇS HI PIKEËÙIW I

XEFIPEWHIZIRGMQIRXSWHSUYITVSTVMEQIRXIHIWIVZMËSWxz3PMZIMVE

0MQEZEMHMVIXSESEWWYRXSIQTVSTSWXEVIPEXMZEQIRXIVIZSPYGMSRÅVME

TEVE E ÍTSGE I GIVXEQIRXI TEVE SW TEHVÙIW EMRHE EJIXEHSW HI YQE

GPEWWIHMTPSQÅXMGEXEPZI^WEYHSWEHSWXIQTSWEVMWXSGVÅXMGSWHS-QTÍVMS

EYRMJMGEËÇS HEW GEVVIMVEWHS WIVZMËSWI\XIVMSV

w% GEVVIMVE HMTPSQÅXMGEx IWGVIZME IPI wIRGSRXVEWIi QMREHE

TSVYQQEPHIUYITMSVSYGSQEQYHERËEHIVIKMQIIUYIÍQMWXIV



PMZVÅPE Í YQE GEVVIMVE TVMZMPIKMEHE GSQS XEP WYWGMXERHS MRZINEW I

ERXMTEXMEW ?HI GIVXE JSVQE EMRHE WYWGMXE LSNI IQ HME WIQ WIV QEMW

TVMZMPIKMEHEA %SW WIYW PEHSW ZIKIXEQ HYEW HIWTVSXIKMHEW E GEVVIMVE

GSRWYPEV I E LMIVEVUYME HE 7IGVIXEVME ?HI )WXEHSA E TVMQIMVE WIQ

QMVEKIRW HIKVERHI^EEWIKYRHE WIQE VIEPMHEHI WIUYIVHE JSVXYRE

i)RUYERXSEWXVÎWGEVVIMVEWWIRÇSJYRHMVIQIRUYERXSWYFWMWXMV

EEXYEPWITEVEËÇSTVSZSGEHSVEHIGMÞQIWIHIWXVYMHSVEHEIJMGMÎRGME

HS WIVZMËS XIVIQSW YQE WMXYEËÇS JEPWE I HERMRLEx



3PMZIMVE 0MQEUYI RÇSTVSZMRLEHI FIVËS HI SYVS WIRHSES

GSRXVÅVMS JMPLS HI YQ LSRIWXS GSQIVGMERXI TSVXYKYÎW I UYI XMRLE

IQ EPXE GSRXE WYE TV×TVME HIHMGEËÇS ÄW GSMWEW FVEWMPIMVEW QIWQS

ET×WYQPEVKSTIVÑSHSTEWWEHSIQ4SVXYKEPTIVQMXMEWIEXEGEVYQE

TVSWEMGEVIEPMHEHIHIWWEÍTSGEw(ÅWIiSGEWSiHIYQVIFIRXS

HIHMTPSQEXEWUYIIQGIVXSWGEWSWMKRSVEWYEPÑRKYEWIYWGSQTEXVMSXEW

ISWTV×TVMSWGSWXYQIWIMHÍMEWHIWYEXIVVEKEWXEVEZMHETIPEWGETMXEMW

HS:IPLS1YRHSzTSMWUYIEWHS2SZS1YRHSRÇSQIVIGIQIWWIW

JMKYVMRSW HS GSWQSTSPMXMWQS z WIQ RYRGE ETVIRHIV EVIWTMVEV RS

WIYEQFMIRXIQSVEPESTEWWSUYIYQJYRGMSRÅVMSHE7IGVIXEVMEJMGE

XSHE E ZMHE GSQ EW GÇW TVIWEW ES TSRXS Ä MQTPEGÅZIP HMWGMTPMRE

FYVSGVÅXMGE ESW GEPSVIW HS IWXMS ESWZIRGMQIRXSW TEVGSW WIQ YQE

HMWXVEËÇS YQ TVE^IV HE MRXIPMKÎRGME YQ HIWZIRHEV HI RSZSW

LSVM^SRXIW W× TSVUYI REWGIY TEKÇS I RYRGE EGLSY TEHVMRLSx



)PIHIWGVIZMESHMTPSQEXEMHIEPEWIYZIVw31MRMWXVS?REUYIPE

ÍTSGES&VEWMPRÇSXMRLE)QFEM\EHSVIWÍSGEWSHIPIQFVEVAVIEPQIRXI

TVITEVEHS TEVE S WIY GEVKS WIVME EUYIPI UYI XIRHS GSQIËEHS TSV

WIV EQERYIRWI HE 7IGVIXEVME XVERWMXEWWI GSQS 'LERGIPIV TSV YQ

'SRWYPEHSIGSQS7IGVIXÅVMSTSVYQE0IKEËÇSTEVEHITSMWSGYTEV

YQ TSWXS GSRWYPEV HI VIWTSRWEFMPMHEHI IWXEGMSREV GSQS GLIJI HI

WIËÇSRS1MRMWXÍVMSIJMREPQIRXIWYFMVEGLIJIHIQMWWÇSHMTPSQÅXMGEx

)QEMWEHMERXIEHIRSXEVWIYWIRWSHIJE^IVHMTPSQEGMEw3HMTPSQEXE

MHIEPHSWRSWWSWHMEWiÍSUYIWSYFIVVIHMKMVYQERSXERYQJVERGÎW

WIQEWRIMVEWJSVQYPEVYQEMRJSVQEËÇSGSRGMWEIPYQMRSWEÄGSRWYPXE

YVKIRXIHIYQ1MRMWXVSHI)WXEHSII\TPSVEVSQIVGEHSQEMWTVSQMWWSV

I QEMW ZERXENSWS TEVE SW RSWWSW KÎRIVSW HI I\TSVXEËÇS 2ÇS WI

ETVIRHIQ TSVÍQ PÑRKYEW IWXVERKIMVEW GSQ E WMQTPIW PIMXYVE HI

TEWWETSVXIW RIQ WI HMWWIQMREQ FSVVEGLE EËÞGEV EPKSHÇS I GEJÍ



IRJMERHS QIMEW HI WIHE TEVE MV E GSRGIVXSW HI &YGOMRKLEQ 4EPEGI

SYIRZIVKERHSYQEGEWEGEMVVITVIIRWÑZIPRSWGSXMPPSRWHI2I[TSVXx

GSQTPIXERHSWYESTMRMÇSESEJMVQEVUYIEWWMQGSQSS'ØRWYPGEVIGME

HIwQSZIVWIREEPXEWSGMIHEHIxXEQFÍQSHMTPSQEXEHIZIVMEwETVIRHIV

S GEQMRLS HEW FSPWEW HI GSQÍVGMSx



3PMZIMVE0MQEJE^MEIWWEWTVSTSWXEWUYEWIIQXSQHIGSFVERËE

S UYI RÇS HIZIVME GEMV FIQ ES XMXYPEV HS WIVZMËS GSQS VIZIPEHS

RIWXIMRÑGMSHSWIKYRHSEVXMKSHEWÍVMITYFPMGEHSIQHIEKSWXS

w7ÇS XÇS MRXYMXMZEW EW ZERXEKIRW E HIVMZEV HE JYWÇS HEW GEVVIMVEW

HMTPSQÅXMGE I GSRWYPEV GSQ S WIVZMËS HE 7IGVIXEVME UYI GYWXE

GSQTVIIRHIVUYIRÇSXIRLEQEXÍEUYMSGSVVMHSQEMWJVIUàIRXIQIRXI

ESWRYQIVSWSWHIZERIEHSVIWIJIPM^QIRXIQIRSWRYQIVSWSWI\IGYXSVIW

HI VIJSVQEW HMTPSQÅXMGEWx



%STVSRYRGMEVWIIRJEXMGEQIRXITIPE

SVMIRXEËÇSIGSRØQMGEREHMTPSQEGMEIPIRÇSHIM\EZEQEPEHVSMXGSQS

IVEHIJE^IVYQEGVÑXMGEMRHMVIXEE6MS&VERGSUYIIRXÇSWIIQTIRLEZE

IQ VIWSPZIV S TVSFPIQE HS %GVI TSV WYE MRGSVTSVEËÇS ES XIVVMX×VMS

REGMSREP w9Q TEÑW GSQS S &VEWMP UYI RÇS HIZI XIV EQFMËÙIW

XIVVMXSVMEMW TSVUYI S XIVVMX×VMS UYI EFVERKI Í IRSVQI TEVE E WYE

TSTYPEËÇS I TEVE EW TIVWTIGXMZEW TV×\MQEW HE WYE MQMKVEËÇS RIQ

TSHI EWTMVEV E VITVIWIRXEV EKSVE YQ KVERHI TETIP RS GIRÅVMS HS

QYRHSTSVUYITEVEMWXSPLIIWGEWWIMEQTSVIRUYERXSVMUYI^EJSVËE

ISYXVEWGSRHMËÙIWXIRHSTSMWUYIWIGSRXIRXEVGSQHIJIRHIVEWYE

PMRLE HI JVSRXIMVEW HEW EKVIWWÙIW HSW ZM^MRLSW I GSQ WYWXIRXEV E

HMKRMHEHIHEWYETSWMËÇSRSGSRXMRIRXIITIVERXISIWXVERKIMVSRÇS

TVIGMWE XERXS HI YQE HMTPSQEGME TSPÑXMGE GSQS HI YQE HMTPSQEGME

IGSRØQMGEx



'SQSWIZÎXSHSYQTVSKVEQEHI'LERGIPIVSYHI

TPERINEQIRXSIWXVEXÍKMGSHIYQESVMIRXEËÇSHMTPSQÅXMGEWIQJEPXEV

EXÍ QIWQS YQE GVÑXMGE E UYIQ WI ETPMGEZE REUYIPI QSQIRXS IQ

EQTPMEV S GSVTS HE TÅXVME GSQS WSPYËÇS HI GSQTVSQMWWS E YQ

GSQTPMGEHSTVSFPIQEHIJVSRXIMVEWXVE^MHSTSVYQESGYTEËÇSLYQERE

HIWSVHIREHE RSW GSRJMRW HE %QE^ØRME

%T×WHIWGVIZIVEJSVQEËÇSXIVVMXSVMEPHS&VEWMP3PMZIMVE0MQE

NYWXMJMGEZEWYETSPÑXMGEHIGEYXIPEIQRSQIHSMRXIVIWWIIGSRØQMGS

w'SRWIVZEVi NÅ Í QIPLSVEV I S JYRHEQIRXS HEW FSEW VIPEËÙIW

MRXIVREGMSREMW Í LSNI QEMW UYI XYHS QIVGERXMPi .Å ZEM HMWXERXI S

XIQTS IQ UYI QYMXEW HEW KYIVVEW XMRLEQ TSV GEYWEW VMZEPMHEHIW



HMRÅWXMGEW3MQTIVMEPMWQSGSRXIQTSVÆRISEWWIRXEWSFVISRIK×GMSx

)PIGSRGPYÑE WIYWIKYRHS EVXMKSWSFVI EwVIJSVQE HMTPSQÅXMGExGSQ

YQGSRWIPLSESWHMVMKIRXIWw3HIZIVTVMQSVHMEPHSWRSWWSKSZIVRERXIW

ÍXVEXEVHIGSPSGEVIXSVREVEWWMQVIQYRIVEHSVEETVSHYËÇSREGMSREP

TSMWUYIWIQJSVXYRERÇSLÅZMKSVIWIQZMKSVRÇSWITSHIMRJYRHMV

VIWTIMXSx



%SEFSVHEVRSXIVGIMVSEVXMKSHEWÍVMIEIWXVYXYVEHEGEVVIMVE

3PMZIMVE0MQEXIGIGSRWMHIVEËÙIWUYIW×TSHIVMEQGLSGEVWIYERXMKS

GSPIKE HI TIWUYMWEW LMWX×VMGEW I EXYEP GLIJI LMIVÅVUYMGS GSQS WI

HITVIIRHI HIWXI XVIGLS w3W GSRWYPEHSW IVEQ ?RS -QTÍVMSA GEVKSW

RÇSHIXVEFEPLSQEWHIVITSYWS(MWXVMFYÑEQWITSVLSQIRWTSPÑXMGSW

SY HI PIXVEW ?IWXEZE IPI TIRWERHS RS NSZIQ 4EVERLSW HITYXEHS I

TVSJIWWSV#AHSIRXIWGERWEHSWSYWMQTPIWQIRXIERWMSWSWTSVZMZIVIQ

RSYXVSW QIMSW ?'IVXEQIRXI S GEWS HI 4EVERLSW UYI RS IRXERXS

RÇSÍGMXEHSREGSRXMRYMHEHIHSEVXMKSA4SVXS%PIKVI*IPM\4IM\SXS

HI &VMXS 4EIW HI %RHVEHI JSVEQ EWWMQ KEPEVHSEHSW 4IVXIRGIRHS

GSQSTIVXIRGMEQSXSXEPHSWIQSPYQIRXSWESWXMXYPEVIWHSWTSWXSW

EPKYRW'SRWYPEHSWSWHI0MZIVTSSPI0MWFSETSVI\IQTPSGSRWXMXYÑEQ

TMRKYIWTVIFIRHEWx )ET×WHMWGSVVIVWSFVISWQIQFVSW HEGEVVIMVE

HMTPSQÅXMGEIPIGSQTPIXEZESVEGMSGÑRMSw3RSWWS'ØRWYPTSVWIY

PEHSIVEYQJYRGMSRÅVMSGYNEEXMZMHEHIWIGMJVEZEIQVYFVMGEVQERMJIWXSW

?HI IQFEVUYIA I VITEXVMEV FVEWMPIMVSW HIWZEPMHSW ?4EVERLSW QEMW HI

YQE ZI^ IQ 0MZIVTSSP



XIZIHIVITEXVMEV QEVMRLIMVSWFVEWMPIMVSW

EFERHSREHSWTSVGETMXÇIWMRIWGVYTYPSWSWAEJSVETMPSXEVTIPSWQYWIYW

I PSNEWSWGSQTEXVMSXEWEQMKSW I GSRLIGMHSWUYI STVSGYVEZEQ 3W

RSWWSWEVXMKSWHEZEQQYMXSHMRLIMVSSGEJÍIVEYQEVMUYI^ESEËÞGEV

ZIRHMEWIEEPXSWTVIËSWSEPKSHÇSEFSVVEGLESJYQSXYHSVIRHMEx



2ÇS SFWXERXI IWWEW EJMVQEËÙIW QYMXS TSYGS wHMTPSQÅXMGEWx

GSRWMHIVERHSWI WYE TV×TVME WMXYEËÇS 3PMZIMVE 0MQE JSVQYPEZE IQ

WIY EVXMKS VIGSQIRHEËÙIW EFWSPYXEQIRXI MRHMWTIRWÅZIMW HS TSRXS

HIZMWXEHSETIVJIMËSEQIRXSHSWIVZMËSI\XIVMSVw%JYRËÇSHSWRSWWSW

HMTPSQEXEW I GØRWYPIW GSQ S WIV TVÅXMGE TEWWSY E IWWIRGMEP

GSQTIXMRHSPLIW IWJSVËEVIQWI TEVE VIQSZIV IQFEVEËSW EHYERIMVSW

EPGERËEV VIHYËÙIW HI XE\EW HI MQTSVXEËÇS I ES QIWQS XIQTS EFVMV

RSZSW QIVGEHSW I KVERNIEV RSW ERXMKSW QEMW PEVKE EGIMXEËÇS TEVE

MWXS TVSGPEQERHS E TVSGIHÎRGME I JE^IRHS ZEPIV E WYTIVMSVMHEHI HS



KÎRIVSx ?XEVIJEUYI GIVXEQIRXI VITYKREZEE QEMW HI YQ HMTPSQEXE

IHYGEHS RE ZIVXIRXI FVMXÆRMGE HE HMTPSQEGME GSQS LMKL TSPMXMGWA

(IWINERHS UYI S HMTPSQEXE RÇS XMZIWWI wZMZMHS WIQTVI REW VIKMÙIW

SPÑQTMGEW UYI LENE TVIWIRGMEHS GSQS 'ØRWYP EW TIUYIREW QMWÍVMEW

XIVVIREW I ZIKIXEHS GSQS IQTVIKEHS HI 7IGVIXEVME RS PMQFS

FYVSGVÅXMGSxGSRGPYÑEEWWMQ3PMZIMVE0MQEEWYEWÍVMIw2IQHIZIQ

IRZIVKSRLEVWISWHMTPSQEXEWTSVHIWGIVIQHIGSVXIWÇSWEGEM\IMVSW

ZMENERXIWHSWWIYWTEÑWIWUYERHSSWQSREVGEWQIWQSRÇSVITYKREQ

XVEXEV HI MKYEP TEVE MKYEP GSQ SW HMXEHSVIW HI XVYWXW 5YIMVEQ SY

RÇS E ÍTSGE Í HS QIVGERXMPMWQS % WSFVERGIVME HMTPSQÅXMGE RÇS

TSHI QEMW JVER^MV S WSFVIGIRLS WI PLI IRJMEV S FVEËS E FSRSQME

GSRWYPEV %W HYEW XÎQ HI ENYHEVIQWI TEVE IQTYVVEV S GEVVSËÇS HS

GSQÍVGMS TÅXVMSx



6IZMWERHS SW EVXMKSW RS QSQIRXS HI GSQTMPÅPSW RS PMZVS

UYIZEMEUYMVIJIVMHSzHIHMGEHSETVSTVMEHEQIRXIESIRXÇS4VIWMHIRXI

%JSRWS4IRE



z3PMZIMVE0MQEGSRWXEXEZEUYIwRÇSWIHIYTVSTVMEQIRXI

VIJSVQE HMTPSQÅXMGE RSW ÞPXMQSW ERSW ETIREW JSVEQ ZSXEHEW REW

HYEW GEWEW HS 'SRKVIWWS EPKYQEW HMWTSWMËÙIW WIQ WIKYMQIRXS SY

PMKEËÇSix EHIQEMW HE IPIZEËÇS HSW ZIRGMQIRXSW HSW WEPÅVMSW HSW

WIGVIXÅVMSW UYEWI IUYMTEVERHSSW ESW HSW QMRMWXVSW VIWMHIRXIW



%

JYWÇSHEWXVÎWGEVVIMVEWRÇSXMRLESGSVVMHSGSQSIPITVIXIRHMEQEW

IQ GSQTIRWEËÇS w3 KEFMRIXI QIWQS HS 1MRMWXVS XIQ WIVZMHS HI

GEQTS HIXVERWMËÇS SYTIPSQIRSW HI IZSPYËÇSS7IRLSV (SQÑGMS

HE +EQE EÑ IRXVSY 7IKYRHS 7IGVIXÅVMS TEVE WEMV 1MRMWXVS

4PIRMTSXIRGMÅVMSxIw%XÍEWuQEGLMREWHIIWGVIZIVvJM^IVEQEWYEETEVMËÇS

RE ZIPLE 7IGVIXEVME VIRSZEHEi 3 UYI VIWXE Í GYMHEV HS TVSFPIQE

IGSRØQMGS S RSWWSTVSFPIQEZMXEPEWSPYËÇS HS UYEPGEFI IQ FSE

TEVXI Ä HMTPSQEGME XVERWJSVQERHSWI S QEMW TSWWÑZIP EW VIPEËÙIW

I\XIVMSVIW IQ VIPEËÙIW GSQIVGMEMWx



&IPSTVSKVEQEUYIHIQSVEVME

TIPSQIRSWQEMWQIMSWÍGYPSTEVEWIVZIVHEHIMVEQIRXIMQTPIQIRXEHS

6IPMHSW LSNI UYEWI ERSW HITSMWHI IWGVMXSW IWWIW EVXMKSW

HI3PMZIMVE0MQEGEYWEQGIVXSEWWSQFVSTIPESYWEHMEHSWYFSVHMREHS

ES TVSGPEQEV EFIVXEQIRXI TIPE MQTVIRWE WYEW MHÍMEW TIWWSEMWTEVE E

VIJSVQEHEGEVVIMVEGSQJVEWIWJIVMREWMVSRMEWQEPHMWJEVËEHEWGVÑXMGEW

MRHMVIXEW I TVSTSWXEW HMVIXEW QYMXEW HIPEW IQ GSRXVEHMËÇS UYERHS

RÇSIQXSXEPSTSWMËÇSESTV×TVMSTIRWEQIRXSHS1MRMWXVSWIYGLIJI



RSXSVMEQIRXI ZSPXEHS TEVE YQE HMTPSQEGMEIWWIRGMEPQIRXI TSPÑXMGE

HIWXMREHEWIRÇSIQEQTPMEVwTIGEHSxHIUYISwEGYWEZEx3PMZIMVE

0MQE TIPS QIRSW IQ KEVERXMV E EQTPMXYHI HS XIVVMX×VMS TÅXVMS

0SYZIWIIQXSHSGEWSSIWTÑVMXSHIEFIVXYVEIEXSPIVÆRGMEHIQSGVÅXMGE

HS&EVÇSIPIQIWQSZSPXEHSTEVEEWPMHIWNSVREPÑWXMGEWRÇSLIWMXERHS

TSV ZI^IW IQ EWWMREV EVXMKSW IQ HIJIWE HI WYE TV×TVME EËÇS SY IQ

JE^ÎPSWSFGSFIVXYVEHITWIYHØRMQSW2IQSJSMYQHSWYXMPM^EHSW

)WWI XMTS HI HIFEXI TÞFPMGS TSV ZI^IW IRXVI WYFSVHMREHSW I

WYTIVMSVIW z GSQS RS GEWS HI QMPMXEVIW E I\IQTPS HI )YGPMHIW HE

'YRLE z I IQ EPKYQEW WMXYEËÙIW QIHMERXI TWIYHØRMQSW RÇS IVE

VEVS RE MQTVIRWE FVEWMPIMVE HS JMREP HS -QTÍVMS I HS GSQIËS HE

6ITÞFPMGEISTV×TVMS-XEQEVEX]IWXMZIVEIRZSPZMHSTSVHMZIVWEWZI^IW

RIWWI XMTS HI WMXYEËÇS EPMÅW EXÍ YQE JEWI EMRHE VIGIRXI HS VIKMQI

VITYFPMGERS6MS &VERGSTSV GIVXSVIWTIMXEZE SHMVIMXS HI3PMZIMVE

0MQEQERXIVWYEWSTMRMÙIWTIWWSEMWWSFVISUYIUYIVUYIJSWWIQEW

XMRLE STMRMÇS JSVQEHE WSFVI EW HMJIVIRËEW IRXVI WMXYEËÇS TIWWSEP I

GSRHMËÇS JYRGMSREP HS HMTPSQEXE wS GMHEHÇS TSHI STMREV GSQS

IRXIRHIV S HMTPSQEXE W× XIQ YQE STMRMÇS UYI Í E HS KSZIVRSx



%HIWTIMXSHMWWSEKIWXÇSHS&EVÇSJSMQEVGEHETSVGPMQEHIVIPEXMZE

XSPIVÆRGME IQ VIPEËÇS E HMWWMHÎRGMEW GSQSEHI 3PMZIMVE 0MQE

'SQ EW QEXÍVMEW HI MQTVIRWE 3PMZIMVE 0MQE TVIXIRHME TSV

GIVXS VIZIVXIV WYE WMXYEËÇS HI wHIWENYWXIx RE GEVVIMVE JE^IRHS ETIPS

ÄWMRJPYÎRGMEWI\XIVREWSYÄWQEMWEPXEWEYXSVMHEHIWRSGEWSSWWYTVIQSW

QERHEXÅVMSW 7IY NIMXS MREFMPMHSWS TSVÍQ GSRWIKYMY XÇSWSQIRXI

EKVEZEV WIY GEWS XVERWJSVQERHSS RYQ HSW T×PSW HE STSWMËÇS ES

&EVÇSHS6MS&VERGS7IKYRHS&EVFSWE0MQE7SFVMRLSESWEVXMKSW

w2ÇS LEZIVME GSQS XSQÅPSW GSQS HI STSWMËÇS E 6MS &VERGS QEW

XÇSWSQIRXI GSQS HIQSRWXVEËÇS HE PMFIVHEHI HI TIRWEQIRXS HI

YQLSQIQUYIHIWINEZEUYIEWYEI\TIVMÎRGMETIWWSEPTYHIWWIWIVZMV

ESWIYTEÑW 1EWHEZEQVIEPQIRXIYQKVERHI TEWXSÄ MRXVMKEIESW

QEPHM^IRXIW I\TPSVERHS HIGIVXSS EYXSVMXEVMWQS HS &EVÇS HS 6MS

&VERGSUYIRÇSTSHIVMEKSWXEVUYIYQHIWIYWWYFSVHMREHSWXMZIWWI

XEP EXVIZMQIRXS RYQ EWWYRXS IQ UYI E IPI I W× E IPI HIZIVMEQ

GEFIV EW MRMGMEXMZEW I EW TVSTSWXEW HI VIJSVQEx



(YVERXIYQGIVXSQSQIRXSET×WIWWIXIVËEVHIEVQEWMRHMVIXS

3PMZIMVE 0MQE EMRHE EGVIHMXSY UYI TYHIWWI SY XMZIWWI HI MV TEVE

0MQEQEWXEPRÇSIVEQEMWEMRXIRËÇSHI6MS&VERGSw%0IKEËÇSRS



4IVYEXVMFYMVMEQEMSVWMKRMJMGEËÇSÄEËÇSHSRSWWSHMTPSQEXE3GEWXMKS

RÇS IWXEVME IQ QERHÅPS TEVE S 4IVY QEW I\EXEQIRXI IQ HIWMWXMV

HI YQE HIWMKREËÇS UYI IRZSPZME YQE HIQSRWXVEËÇS QEMSV HI

GSRJMERËE)VEWIQHÞZMHERSMRÑGMSHE5YIWXÇSHS%GVIYQTSWXS

HI VIPIZS ) S TMSV HI XYHS Í UYI WI IWXEFIPIGIY IRXVI S &EVÇS HS

6MS&VERGSI3PMZIMVE0MQEYQEWMXYEËÇSHIQEPIWXEVIHITVIZIRËÇS

UYI RYRGE QEMW WI HIWJEVMEx



)PIJMGSYTSVXERXSPEVKSWQIWIWÄ

IWTIVEHIMRWXVYËÙIWTEVES4IVYETVSZIMXERHSESQIRSWIWWEWwJÍVMEW

JSVËEHEWx TEVEEZERËEV REWTIWUYMWEWTEVES WIYPMZVS WSFVI( .SÇS

:-)QGEVXEWESWEQMKSWIIQGSRZIVWEWGSQGSRJVEHIWEGEHÎQMGSW

QIQFVSW HS 'SRKVIWWS SY GSPIKEW HI NSVREPMWQS IPI GSRXMRYEZE E

UYIM\EVWIHS&EVÇSIWTIVERHSUYIE WMXYEËÇSTYHIWWIQYHEVEWIY

JEZSV IQ EPKYQE RSZE GSRNYRXYVE TSPÑXMGE



2ÇSFEWXEWWIQIWWIWEVXMKSWTSVQIMSHIGSRJIVÎRGMEWITEPIWXVEW

3PMZIMVE0MQEGSRXMRYSYEHIWJIVMVTIUYIRSWHEVHSWGSRXVEWIYGLIJI

IERXMKSGSQTERLIMVSHITIWUYMWEWLMWX×VMGEW 'SQSIWGVIZIY EMRHE

&EVFSWE0MQE7SFVMRLSwRÇSLEZIVMEQEMWSUYIIZMXEVRIQHIYQ

PEHSRIQHSSYXVS3&EVÇSHS6MS&VERGSRÇSIVEHSWUYIYWEQ

HI WYE EYXSVMHEHI TEVE WEREV EKVEZSW HI HITIRHIRXIW SY HI

WYFSVHMREHSW 2IQ 3PMZIMVE 0MQE WI MRXMQMHEVME HMERXI HI UYIQ

UYIV UYI JSWWI 3 HIWIRXIRHMQIRXS I SW EKVEZSW EYQIRXEVMEQ HEÑ

TSVHMERXIXEQFÍQTEVESWHSMWPEHSW9QEWMXYEËÇSHIKYIVVEJVME

GSQS WI HMVME LSNI %XÍ UYI E QSVXI SW WITEVEWWIx



2IQXYHSS

UYI IPI HM^ME TSV GIVXS WI HIWXMREZE E EXMRKMV WIY GLIJI QEW IPI

MRWMWXME IQ GIVXSW XVEËSW HE EXMZMHEHI HMTPSQÅXMGE UYI WEFME RÇS

GSRHM^IVIQ GSQ E TSPÑXMGEHSQSQIRXS *EPERHS TSV I\IQTPS RS

-RWXMXYXS %VUYISP×KMGS HS 6IGMJI IQ HI^IQFVS HI  ZSPXEZE E

MRWMWXMVRSGEVÅXIVWSFVIXYHSIGSRØQMGSHEHMTPSQEGMEEGVIWGIRXERHS

JMKYVEVGSQS SFVEKVERHMSWES wMRGSVTSVEVHIJMRMXMZEQIRXIRS XSHS

REGMSREP Ä JSVËE HI EVKYQIRXSW LMWX×VMGSW I KISKVÅJMGSW I\XIRWSW

XVIGLSW HI XIVVMX×VMS KVERHIW TVSZÑRGMEW WIGYPEVQIRXI SFNIXSW HI

PMXÑKMS GSQSIRXVI R×W JSVEQx zGMXERHS IRXÇS I\TVIWWEQIRXI zwEW

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MQTIVMEPMWQSTSVGIVXSHMJIVIRXIHSIYVSTIYWIQSWEWTIGXSWFVYXEMW

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EMRHEXIRXEHMWWYEHMV.SEUYMQ2EFYGSHIEGIMXEVSLSRVSWSIRGEVKS

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E GEYWE EQIVMGERE GSQ IRXYWMEWQS JSVE HS GSQYQ ES TEWWS UYI

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S RSQHITPYQI.4IRRWIXSVREWWIPSKSGSRLIGMHSzHIQSRWXVEWWI

KVERHIWMQTEXMETIPSIWXVIMXEQIRXSHEWVIPEËÙIWIRXVISWHSMWKVERHIW

TEÑWIW HS RSVXI I HS WYP HSLIQMWJÍVMS



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(IPIKEËÇS FVEWMPIMVE Ä --- 'SRJIVÎRGME 4ER%QIVMGERE E VIEPM^EVWI

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IQ VIPEËÇS Ä TIWWSE HI 6MS &VERGS z EMRHE UYI ETVSZERHS

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WSFVI EW VIPEËÙIW FMPEXIVEMW I WSFVI S TETIP HSW )WXEHSW 9RMHSW RE

%QÍVMGE 0EXMRE %GIMXERHS S QSRVSÑWQS ETIREW IRUYERXS IPI JSWWI

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HETSPÑXMGEHI6SSWIZIPX3PMZIMVE0MQERÇSHIM\EZEHII\XIVREVWYEW

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HMTPSQÅXMGSW IRXVI EQFSW RYQ HMWWIRWS QYMXS TSYGS GSRWXVYXMZS

GSQS HIQSRWXVEHS TSV QYMXSW HIWWIW EVXMKSW I\TIHMHSW HI 'EVEGEW

TIPS wHMTPSQEXENSVREPMWXEx

3PMZVS4ER%QIVMGERMWQSGSRHIRWEEQEMSVTEVXIHIWWIWIWGVMXSW

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WSFVI WYE MRXIVTVIXEËÇS HE (SYXVMRE 1SRVSI WYE ZMWÇS VIEPMWXE HEW

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ZMWGIVEP HE TSPÑXMGE HSW )WXEHSW 9RMHSW IQ HMVIËÇS HS VIWXS HS



GSRXMRIRXI



'SQSIWGVIZIY&EVFSWE0MQE7SFVMRLS3PMZIMVE0MQE

wGSQFEXI8LISHSVI 6SSWIZIPX I E JEQSWE HSYXVMRE HS FMKWXMGO ES

TSRXS HI WIV GSRWMHIVEHS RS &VEWMP MRMQMKS HI 6SSWIZIPX I HI

EZIVFEVIQHIMRGSRZIRMIRXIWSWWIYWEVXMKSWHI3)WXEHSHI7ÇS4EYPS

TIPEZS^HSIRXÇS7IREHSV*VERGMWGS+PMGÍVMSGSQEPKYQEUYMIWGÎRGME

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YQTSRXSQEWWIQGLIKEV6MS&VERGSEETSMEVXSXEPQIRXISNYVMWXE

EVKIRXMRSAGYNEMQTSVXÆRGMEWIRXMVERE:IRI^YIPEIWEFMEGSQSTSHME

WIV WMKRMJMGEXMZE RE HIJIWE HE WSFIVERME HI REËÙIW JMRERGIMVEQIRXI

HITIRHIRXIWx



XEQFÍQSQSQIRXSHIWIYEJEWXEQIRXSHI2EFYGSEUYIQ

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HIWTVIRHIQSWHE)YVSTEXÇSGSQTPIXEQIRXIIHIJMRMXMZEQIRXIGSQS

E PYE HE XIVVE 2IWWIWIRXMHSÍUYI WSY QSRVSÑWXEx



3PMZIMVE0MQE

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ES&EVÇSHSUYISwEHIWMWQSxzEI\TVIWWÇSRÇSÍHIPIzHI2EFYGS

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HSGLIJIHS-XEQEVEX]IQTVSPHIYQVIPEGMSREQIRXSQEMWIUàMXEXMZS

GSQ SW )WXEHSW 9RMHSWWI XEPJSWWI TSWWÑZIP

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TSPÑXMGE HS &EVÇS I E GSRHIREV E EXMXYHI HI 2EFYGS GSQS VIZIPE

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HI  HYVERXI E GSRJIVÎRGME HS 6MS HI .ERIMVS TSVXERXS w3

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MWXS ÍEEFHMGEËÇSHERSWWETIVWSREPMHEHI MRXIVREGMSREP QIHMERXI E

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

TVIJIVÎRGMEW2ÇSHIWINSIYTV×TVMSGSMWEHMZIVWEISUYIXIRLSIWGVMXS

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PSKVEV WIVEFWSPYXE IQ XSHEW EW WYEW JEGIWx



4SWMËÇS HI WIRWÑZIP VIEPMWQS TSVXERXS RÇS ETIREW WSFVI S

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XMRSHMTPSQÅXMGSIEMRHITIRHÎRGMEHI3PMZIMVE0MQEQIWQSUYERHS

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TV×TVMEREHIJIWEHSWWIYWMRXIVIWWIWi(ITSMWHIWYETEWWEKIQTIPE

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HEWXVÎW%QÍVMGEWGSQSUYITYHIWWILEZIVRIPEWHIGEVEGXIVÑWXMGSI

HI IWWIRGMEPx



4IPS VIWXS HS TIVÑSHS EUYM I\EQMREHS 3PMZIMVE 0MQE I 6MS

&VERGS QERXMZIVEQ VIPEGMSREQIRXS HMWXERXI JIMXS HI JVMI^E I HI

ETEVIRXI VIWTIMXS QÞXYS QEW WIQ EW IVYTËÙIW ZYPGÆRMGEW HSW ERSW

 E  S TVMQIMVS IWTIVERHS UYI S WIKYRHS WI EJEWXEWWI HE

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z XEPZI^ STSVXYRMWXE E WIYW SPLSW z (SQÑGMS HE +EQE TVMQIMVS

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TEVE EW TIWUYMWEW SW PMZVSW I TEVE EW TEPIWXVEW WSFVI E LMWX×VME I E

GYPXYVEHS&VEWMPTYFPMGERHSWIYQSRYQIRXEP(.SÇS:-RS&VEWMP



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GSVVIWTSRHÎRGMEGSQWIYWGSPIKEWHE6ÍTYFPMUYIHIWPIXXVIWzQIWQS

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

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

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

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GEMTMVE HI %QEHIY %QEVEP I 4STYPEËÙIW QIVMHMSREMW HS &VEWMP HI

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

TIVWSREKIQ HI WIY XIQTS UYI QEMW GSRXVMFYMY TEVE S WIRXMQIRXS

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REMRGSVTSVEËÇSHS%GVIESXIVVMX×VMSFVEWMPIMVSIRSEGIVXSHSWPMQMXIW

GSQS4IVYIS9VYKYEMGSQSUYIIRXVIKEZEYQRSZSTEÑWESTEÑW

9Q RSZS TEÑW GSQ JVSRXIMVEW EQTPMEHEW I HIJMRMHEW E YQ TEÑW UYI

EMRHEWITIVKYRXEZEGSQSPLIWIVMETSWWÑZIPEPGERËEVSQIWQSRÑZIP

HE)YVSTEUYERHSRSWGSRHIREZEQESEXVEWSUYERHSRÇSÄFEVFÅVMI

EW XISVMEW IRXÇS XMHEW TSV GMIRXÑJMGEW HI UYI WI IRGLEVGEVE S WÍGYPS

<-<WSFVIVEËEIQIWXMËEKIQFIQGSQSWSFVIEEËÇSHIKIRIVIWGIRXI

HSW XV×TMGSW WSFVI S WIV LYQERS

3 6MS HI .ERIMVS GSPSRMEP GSQ WYEW VYEW IWXVIMXEW I TVÍHMSW

IWKYMSW GSQIËEZE E MVWI IQFSVE PIZEHS TIPS wFSXEEFEM\Sx GSQ

UYI 4IVIMVE 4EWWSW UYI EWWYQMVE E TVIJIMXYVE HE GMHEHI RS QIWQS

ERSHSVIXSVRSHI6MS&VERGSHIPEUYIVMEJE^IVYQEYVFIQSHIVRE

EWIKYMVEWPMËÙIWHS&EVÇS,EYWWQER4EVEPIPEQIRXI3WZEPHS'VY^

E PMFIVXEZE HE JIFVI EQEVIPE 3YXVEW GMHEHIW EGSQTERLEVEQ S 6MS

RSVIRSZEVYVFERÑWXMGSIREEHSËÇSHITSPÑXMGEWWERMXÅVMEW&IPÍQHS

4EVÅ TSV I\IQTPS I 7ÇS 4EYPS SRHI E %ZIRMHE 4EYPMWXE WI JE^ME

WÑQFSPSHEVMUYI^EHSGEJÍ)SYXVEEPKYRWERSWERXIWIQNÅ

WYKMVEQSHIVRE&IPS,SVM^SRXI2IQXYHS IVETSVÍQ TSWMXMZS I

JSVE HEW YVFIW TIVWMWXMEQ XSHEW EW QE^IPEW TEVIGIRHS EGIRXYEVWI E

GEHE HME E HMWXÆRGME IRXVI E GMHEHI I S GEQTS SY QIPLSV IRXVI E

GMHEHIISWIVXÇS'SQSPMZVSHI)YGPMHIWHE'YRLETEWWEVEWIRS

IRXERXS E XIV GSRWGMÎRGME HI UYI RSWWSW TMSRIMVSW SW UYI LEZMEQ

SGYTEHS SW IRSVQIW IWTEËSW GYNSW PMQMXIW S &EVÇS HS 6MS &VERGS

HIJMRMXMZEQIRXIHIJMRMVEXMRLEQWMHSQEPWIIWKSXEVEQSSYVSIEW

TIHVEWTVIGMSWEWIWITIVHIVEQSWQIVGEHSWHMWXERXIWTEVESWKVERHIW

VIFERLSW EFERHSREHSW I IWUYIGMHSW

2ÇSIVETVIGMWSMVESWIVXÇSTEVEZIVSIRGEVHMHSHETSFVI^E

)PEIWXEZEEPMQIWQSREGETMXEPJIHIVEPIFIQHIWGVMXERSWVSQERGIW

HI 0MQE &EVVIXS 4SMW E &IPPI )TSUYI FVEWMPIMVE RÇS JSM HMWXMRXE HE

JVERGIWE %XVÅWHI WIY FMSQFSHSYVEHSIWGSRHMEQWIEWGSRHMËÙIW

QMWIVÅZIMW HE ZMHE HE QEMSV TEVXI HE TSTYPEËÇS E QEVKMREPM^EËÇS

IGSRØQMGE HSW ERXMKSW IWGVEZSW SW GSVXMËSW MRWEPYFVIW E EYWÎRGME

HI WSGSVVS QÍHMGS E ZMSPÎRGME RSW FEMVVSW TSTYPEVIW 2S GEWS HS



6MS HI .ERIMVS S wFSXEEFEM\Sx I\TYPWEVE FSE TEVXI HSW TSFVIW HS

'IRXVSHEGMHEHIISWVIGSPSGEVEIQEVVEFEPHIWHMWXERXIWIREWJVEPHEW

HSW QSVVSW

3W GSRXVEWXIW I HMWWSRÆRGMEW RS TVSGIWWS HI TØV S &VEWMP IQ

HMEGSQWIYQSHIPSIYVSTIYRÇSTEVEZEQEÑ%SGSRXVÅVMSHSUYI

WYGIHMEGSQSWIRHMRLIMVEHSWRSVXIEQIVMGERSWIVYWWSWUYIGLIKEZEQ

E4EVMWIEPMGSQTVEZEQUYEHVSWMQTVIWWMSRMWXEWT×WMQTVIWWMSRMWXEW

REFMWIEXÍJEYZMWXEWSWFVEWMPIMVSWVMGSWEGSQTERLEZEQEEPXEFYVKYIWME

JVERGIWE I WEÑEQ EXVÅW HEW SFVEW HI TMRXSVIW EGEHÎQMGSW TVIQMEHSW

RSW WEPÙIW (EWRSZEW GSVVIRXIWIWXÍXMGEW YQE HIPEW S EVX RSYZIEY

RÇS HIQSVSY RS IRXERXS IQ EJMVQEVWI RS &VEWMP WSFVIXYHS REW

EVXIW HIGSVEXMZEW I REW EVXIW KVÅJMGEW ,EZME YQ QSXMZS TEVE E FSE

VIGITËÇS HS EVX RSYZIEY XVEHY^ME IQ KIVEP JIPMGMHEHI I SXMQMWQS

4SV SYXVS PEHSTEVIGME RÇS LEZIVPYKEVRS IWTÑVMXS TVIZEPIGIRXI RS

&VEWMPHEÍTSGEz%YKYWXSHSW%RNSWIVEI\GIËÇSEFIVVERXIzTEVEE

IWXÍXMGEHSHIWIRGSRXVSHEWSPMHÇSIHEERKÞWXMEUYITEVEPIPEQIRXI

IIQGSRXVETSWMËÇSÄEXQSWJIVEHE&IPPI)TSUYITVIRYRGMEZERE)YVSTE

E KVERHI GVMWI HI ZEPSVIW UYI WI XSVREVME GPEVE HYVERXI E +VERHI

+YIVVEESVIZIPEVXVEKMGEQIRXIUYÇSJVÅKIMWIVEQEWMHÍMEWHSTVSKVIWWS

MRXIVVYTXS I HE VEGMSREPMHEHI HEW EËÙIW LYQEREW

2ÇSXIRLS HÞZMHE HI UYI 6MS &VERGS WI XMZIWWI ZMZMHS QEMW

EPKYRW ERSW WI XIVME IRGERXEHS GSQ SW PMZVSW VIUYMRXEHSW UYI E

TEVXMVHIWEMVMEQHSWTVIPSWHE)HMXSVE%TSPSHSGEVMGEXYVMWXE

:MIMVE HE 'YRLE I HS KVERHI EVXMWXE KVÅJMGS UYI JSM 'SVVIME (MEW

'YWXEQIEGVIHMXEVRSIRXERXSUYIS&EVÇSTIRHYVEWWIIQWYEWEPE

YQ UYEHVS HI 'Í^ERRI +EYKYMR SY (IVEMR 4EVE E TMRXYVE XMRLE

SPLSW ERXMKSW GSQS E QEMSVME HI WIYW GSRXIQTSVÆRISW GYPXSW RE

)YVSTE SY RS &VEWMP ) WYE WIRWMFMPMHEHI IWXÍXMGE GSRXMRYEZE E WIV

TSWWMZIPQIRXI E HI WIYW TVMQIMVSW HMEW IYVSTIYW 'SQS XEQFÍQ

QYMXEW HEW WYEW TIVGITËÙIW WSGMEMW I TSPÑXMGEW %WWMQ GSRXMRYSY

QSREVUYMWXEIÍTVSZÅZIPUYIRÇSTYWIWWIQEMSVEXIRËÇSRSWVIGPEQSW

TIPSZSXSJIQMRMRSITIPSZSXSWIGVIXSIYRMZIVWEP7IXMZIWWITSHMHS

PIVSWZIVWSWHI+MPOE1EGLEHSGYNSTVMQIMVSPMZVS'VMWXEMWTEVXMHSW

W× WEMVMEIQXEPZI^ RÇSIWGSRHIWWI YQETEPEZVE HIIWGÆRHEPS

'SQS UYEWI XSHSW R×W HMZMHMEWI TSV QYMXSW XIQTSW I KYEVHEZE

KIWXSW QSHSW HI WIV I ZEPSVIW HE MRJÆRGME HE EHSPIWGÎRGME HE



NYZIRXYHI HE QEXYVMHEHI I HS GVITÞWGYPS 1IXEHI HI WYE EPQE E

QEMWÑRXMQEJMGEVERSTEWWEHS%SYXVEIVEMRXIRWEQIRXIQSHIVREI

QSHIVRM^EHSVE

(MWWS HÇS TVSZE EW QIQ×VMEW WSFVI EW JVSRXIMVEW FVEWMPIMVEW

GSQ E %VKIRXMRE  I EW KYMEREWJVERGIWE IMRKPIWE(EXEQHI

IVIWTIGXMZEQIRXIQEWWIIWGVMXEWLSNIEMRHEEWXIVÑEQSW

GSQS QSHIPSW HI QSRSKVEJMEW QSHIVREW TIPE PMQTMHI^ HS XI\XS I

TIPSVMKSVTVIGMWÇSIVMUYI^EHIJSRXIW)EUYIQUYMWIVETVIRHIVE

GSRUYMWXEV E EXIRËÇS HS PIMXSV GYPXS HI NSVREMW VIGSQIRHS UYI WI

HIFVYGI WSFVI EW )JIQÍVMHIW &VEWMPIMVEW TYFPMGEHEW SVMKMREPQIRXI

REW TÅKMREW HS .SVREP HS &VEWMP ESPSRKS HI 

3&EVÇSIVEEPMÅWI\GIPIRXINSVREPMWXEEERXIGMTEVREGPEVI^E

IGSRGMWÇSHSIWXMPSEPMRKYEKIQUYIW×WIMQTSVMEHÍGEHEWHITSMW

) WEFME GSQS TSYGSW PMHEV GSQ E MQTVIRWE I YXMPM^ÅPE GSQS EVQE

TSPÑXMGE8ERXS TEVE EGYEV EHZIVWÅVMSW I\XIVRSW UYERXS TEVE VIHY^MV

STSWMËÙIW I VIWMWXÎRGMEW MRXIVREW I MQSFMPM^EV HIWEJIXSW (M^MEQ EW

QÅWPÑRKYEWUYIRÇSW×WSPMGMXEZEZIPEHEQIRXIEIWXIIEUYIPINSVREP

UYIPLISTYWIWWIVITEVSWGSQSGLIKEZEEXÍQIWQSEVIHMKMVITYFPMGEV

WSF TWIYHØRMQS SY GSQS IHMXSVMEMW QEXÍVMEW GSRXVE TSWMËÙIW UYI

EHSXEVESYMRMGMEXMZEWUYIXSQEVEEJMQHIREVÍTPMGEQEMWFIQEW

I\TPMGEVIWIRIGIWWÅVMSEVVIKMQIRXEVESTMRMÇSTÞFPMGEIQWIYJEZSV

6MS &VERGS MRMGMEVE WYE I\TIVMÎRGME RS IWXVERKIMVS RS GSVTS

GSRWYPEV HS -QTÍVMS *SVQEVEWI RYQ WIVZMËS I\XIVMSV UYI IQFSVE

TIUYIRS IVE EZERËEHS TEVE SW TEHVÙIW HE ÍTSGE I IWXEZE QYMXS Ä

JVIRXIHSTEÑWIWGVEZSGVEXEUYIVITVIWIRXEZE(YVERXIEKYIVVEGSRXVE

S 4EVEKYEM IWWI KVYTS HI VIFIRXSW GYPXSW I VIJMREHSW HE GPEWWI

WIRLSVMEP IWGSPLMHSW TEVE HMTPSQEXEW I GØRWYPIW TSV VIGSQIRHEËÇS

SY IQTIRLS JEQMPMEVIW LEZME EXYEHS GSQ KVERHI GSQTIXÎRGME )

TVSZEZE UYI I\IVGMXEZEQ YQE HMTPSQEGME LEFMPMHSWE I IJMGMIRXI E

JSVQE UYI XSQSY E WSPYËÇS HSW TVSFPIQEW HI PMQMXIW GSQ S &VEWMP

HEW TSWWIWWÙIW FVMXÆRMGEW I JVERGIWEW RS GSRXMRIRXI WYPEQIVMGERS

RYQEÍTSGEIQUYIE*VERËEIS6IMRS9RMHSHMXEZEQWYEZSRXEHI

ES1IHMXIVVÆRISÄ¥JVMGEIÄ¥WME6MS&VERGSRÇSMKRSVEZEGSRXYHS

UYI S RÞQIVS HIWWIW WIVZMHSVIW IVE MRWYJMGMIRXI I UYI XERXS E WIHI

RS 6MS HI .ERIMVS UYERXS EW QMWWÙIW HMTPSQÅXMGEW I SW GSRWYPEHSW

IWXEZEQQEPETEVIPLEHSWTEVESWRSZSWHIWEJMSWHIYQETSPÑXMGEI\XIVRE



GYNS PIUYI HI TVISGYTEËÙIW RÇS QEMW WI VIWXVMRKMVME ÄW UYIWXÙIW HS

4VEXE IESXVÅJMGSRIKVIMVS

2ETVITEVEËÇSHIWYEWQIQ×VMEWWSFVIEWUYIWXÙIWHIPMQMXIW

6MS&VERGSTSYGSGSRXEVEGSQE7IGVIXEVMEHI)WXEHS3VMXQSHIWXE

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'EQTSW7EPIWHMWTYRLEWIEGSRJIVMVES4VIWMHIRXIHE6ITÞFPMGE

STETIPHIIWXEHMWXE)QFSVE IPIMXSTSVYQTEVXMHS RÇS LEZIVMEHI

WIV S 4VIWMHIRXI HI YQ TEVXMHSIWMQ HIWXE REËÇS7IVZMVMEEMHÍMEW

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E9RMÇSISWIWXEHSWRSGSRGIMXSHI'EQTSW7EPIWWIVMEHIXIVQMREHE

TIPEHIWXMREËÇSUYI S  GLIJI HI )WXEHS HEVMEESI\IVGÑGMS HS TSHIV

UYI SW MRXIVIWWIW REGMSREMW VIUYIVIQ 3W JIHIVEPMWXEW KEÞGLSW HI

MRGPMREËÇS TEVPEQIRXEVMWXE RÇS IVEQ GSRXIQTPEHSW TSV WIY QSHIPS

TSPÑXMGS XEQTSYGS E GSVVIRXI HI TIRWEQIRXS HS )WXEHS YRMXÅVMS



2IWWIWIRXMHSRÇSTVSQSZIYRIRLYQEVIJSVQETSPÑXMGETSVUYERXS

IWWIW HMWTSWMXMZSW HS TVIWMHIRGMEPMWQS JMKYVEZEQ RE PIM QEKRE UYI

JYRHSY E 6ITÞFPMGE QEW EHETXSY S KSZIVRS E XEMW HMWTSWMXMZSW S

UYIEMRHERÇSWIJM^IVE

6IWSPZMHE E UYIWXÇS TSPÑXMGE QIHMERXI E ETPMGEËÇS HI XEMW

TVMRGÑTMSWISEVVERNSTVÅXMGSHEGLEQEHEwTSPÑXMGEHSWKSZIVREHSVIWx

zS4VIWMHIRXIET×MESWIWXEHSWUYIIPIKIQHITYXEHSWTEVEETSMÅPS

z'EQTSW7EPIWVIEPM^EYQwKSZIVRSHIEHQMRMWXVEËÇSx%PËETSVXERXS

E IJMGMÎRGMEHEKIWXÇSTÞFPMGEEGMQEHETSPÑXMGEWIQTVSTSWXEWGSRGVIXEW

3TVMQIMVSHIWEJMS GSRWMWXME IQVIQIHMEVS HIWGEPEFVSHEWJMRERËEW

UYI LIVHEVE HI WIYW TVIHIGIWWSVIW IQ VE^ÇS HE MRJPYÎRGME UYI IWWI

TIWEHS JEVHS I\IVGME WSFVI E ZMHE REGMSREP I EW VIPEËÙIW I\XIVMSVIW

6IWKEXSY S TETIPQSIHE JMWGEPM^SY E EVVIGEHEËÇS GSRXVSPSY KEWXSW

TÞFPMGSW IPMQMRSY S HÍJMGMX I E XYHS HIY WSPYËÇS QIHMERXI S

IQTVÍWXMQS HI  S JYRHMRK PSER YQ GSRXVEXS UYI EJYRHSY S

TEÑW RE HITIRHÎRGME HMERXI HS GETMXEPMWQS JMRERGIMVS 4SV QYMXS

XIQTS IWWE GSRXVEHMËÇS HE ÍTSGE HS &EVÇS QEVGSY S HIWIQTIRLS

HSW KSZIVRSW FVEWMPIMVSW QSHIVRM^EV S TEÑW TIPSW QIGERMWQSW HE

HITIRHÎRGME IWXVYXYVEP ES I\XIVMSV

2EÅVIEI\XIVRE'EQTSW7EPIWQIWGPEHSQIWQSQSHSSEVGEMGS

ESQSHIVRS)QFSVEEWWMREPIJYRËÙIWIGSRØQMGEWÄHMTPSQEGMEGSQS

E TVSQSËÇS HS GSQÍVGMS I\XIVMSV I E MQTSVXEËÇS HI FVEËSW TEVE E

PEZSYVE MRWTMVE E KIWXÇS HI 6MS &VERGS UYI IPI QIWQS GSRZMHSY

TEVEETEWXEHSW2IK×GMSW)WXVERKIMVSWIQRSQIHI6SHVMKYIW%PZIW

WIYWYGIWWSVw-RXVERWMKÎRGMEEFWSPYXEEPXMZEIHMKREIQXYHSUYERXS

TSWWE EJIXEV E WSFIVERME REGMSREP  SY E MRXIKVMHEHI XIVVMXSVMEPx WÇS

TEPEZVEWHI'EQTSW7EPIWUYIFIQTSHIVMEQHIJMRMVEJMPSWSJMETSPÑXMGE

HS&EVÇS

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ETSPSKMWXEW HE EËÇS HI 6MS &VERGS GSRWSPMHEV E MRHITIRHÎRGME I E

WSFIVERMESFVEHEHMTPSQEGMEMQTIVMEPGSRJMKYVEVSXIVVMX×VMSSFVE

HS &EVÇS I HIWIRZSPZÎPS SFVE HI +IXÞPMS (SVRIPIW :EVKEW I WIYW

WYGIWWSVIW % LMWX×VME HI HSMW WÍGYPSW HEW TSPÑXMGEW I\XIVMSVIW HSW

)WXEHSWHIWIRZSPZMHSWVIZIPEGPEVEQIRXIUYIIWWEWXVÎWJYRËÙIWJSVEQ



I\IVGMHEWGSQ SQIWQSGYMHEHSTIPS XIQTS XSHS I HIWHIE KÎRIWI

HIWXEREËÇS3W)WXEHSW9RMHSWJSVRIGIQSI\IQTPSQEMWTV×\MQS

1EW'EQTSW7EPIWRÇSXMRLEIWWEZMWÇSIGSRØQMGETVSWTIGXMZEGETE^

HIGSRZIVXIVETSPÑXMGEI\XIVMSVIQMRWXVYQIRXSHIHIWIRZSPZMQIRXS

GSQSLEZMEGSKMXEHSIRXVISYXVSW&IVREVHS4IVIMVEHI:EWGSRGIPSW

REHÍGEHEHI4EVE'EQTSW7EPIWEPIMXYVEHSMRXIVIWWIREGMSREP

GMVGYRWGVIZMEWIRSWSFNIXMZSWHII\IVGMXEVEWSFIVERMEIGSRWSPMHEVS

XIVVMX×VMS 5YERXS Ä  HMQIRWÇS IGSRØQMGE HE TSPÑXMGE I\XIVMSV

VIWXVMRKMEWIEWEXMWJE^IVMRXIVIWWIWHSKVYTSWSGMEPQIRXILIKIQØRMGS

UYI WI ETVSTVMEVE HS )WXEHS S KVYTS wGEJÍGSQPIMXIx GSQS JSM

GLEQEHS 4SV MWWS JI^TEWWEVEPIM EHYERIMVE HI UYI TIVQMXME

ES)\IGYXMZSIPIZEVIFEM\EVEWXEVMJEWGSQFEWIRSÞRMGSGVMXÍVMSHEW

HMJMGYPHEHIW SY JEGMPMHEHIW GVMEHEW TIPSW SYXVSW TEÑWIW ES GSRWYQS

HSGEJÍ)WWEPIMWIVÅEEVQEHIRIKSGMEËÇSI\XIVREHEHMTPSQEGMEHE

EKVSI\TSVXEËÇS RE I\TVIWWÇS HI 'PSHSEPHS &YIRS



(I XSHS QSHS 'EQTSW 7EPIW WERISY EW JMRERËEW I E

EHQMRMWXVEËÇS TÞFPMGEW TVITEVERHS S GEQTS TEVE E VISVKERM^EËÇS

REGMSREP I SFVEW HI KVERHI IRZIVKEHYVE UYI WIVMEQ IQTVIIRHMHEW

TSV WIY WYGIWWSV *VERGMWGS HI 4EYPE 6SHVMKYIW %PZIW 

2E 'LERGIPEVME S &EVÇS GSQTVE^MEWI IQ SFWIVZEV IWWE

QSHIVRMHEHITSWXEIQQEVGLETSV6SHVMKYIW%PZIWSRSZSHIWIRLS

YVFERÑWXMGSHEGETMXEPSVIETEVIPLEQIRXSHSTSVXSHS6MSEI\TERWÇS

HEW GSQYRMGEËÙIW SW KVERHIW TVSKVEQEW RE ÅVIE HE WEÞHI TÞFPMGE

E VISVKERM^EËÇS HS )\ÍVGMXS E EUYMWMËÇS HI IRGSYVEËEHSW TEVE E

1EVMRLE SW TVMQIMVSW ZØSW HI 7ERXSW (YQSRX )WWEW VIEPM^EËÙIW

HIWPM^EZEQHSXEPIRXSHIYQEIUYMTIHMRÆQMGEIGSQTIXIRXIIWGSPLMHE

TIPS4VIWMHIRXITEVESGSQERHSHEEHQMRMWXVEËÇSTÞFPMGEIQQIMS

Ä UYEP 6MS &VERGS XVEFEPLEZE 3WZEPHS 'VY^ 4IVIMVE 4EWWSW 0EYVS

1àPPIV 4EYPS HI *VSRXMR )WXEZEQ XSHSW MQFYÑHSW HI TEXVMSXMWQS

EKMEQ GSQS TVSJMWWMSREMW TSVÍQ SFWXMREHSW IQ EPËEV SW ZEPSVIW

FVEWMPIMVSW IWTMVMXYEMW I QEXIVMEMW  ) STIVEV IQ GSRHMËÙIW HI FSQ

HIWIQTIRLS 4SV MWWS YQE HEW TVMQIMVEW TVSZMHÎRGMEW HS &EVÇS JSM

EHIQSHIVRM^EVSWIVZMËSHE'LERGIPEVME%I\TERWÇS HSWRIK×GMSW

HS GEJÍ I HE FSVVEGLE IRXVI  I  WYWXIRXEZE EW KVERHIW

VIEPM^EËÙIWREGMSREMW%XÍEUYIHEHSTVIËSHSGEJÍHIZMHEÄGVMWIHS

GETMXEPMWQSHIXIZIWSPYËÇSGVMEXMZERS%GSVHSHI8EYFEXÍHI

 HIWXMREHS E WYE ZEPSVM^EËÇS



%JSRWS %YKYWXS 1SVIMVE 4IRE I ET×W WYE QSVXI IQ 

WIY ZMGI 2MPS 4VSG×TMS 4IËERLEI\IVGIVEQ S QERHEXSTVIWMHIRGMEP

IRXVI  I  'SPLIVEQ JVYXSW HE VIEFMPMXEËÇS IGSRØQMGE HI

'EQTSW7EPIWIXSQEVEQSIQFEPSHEWKVERHIWVIEPM^EËÙIWHSWYGIWWSV

6SHVMKYIW %PZIW 3 HIWIRZSPZMQIRXS REZEP I E QSHIVRM^EËÇS HE

EHQMRMWXVEËÇS TÞFPMGE GSRGIRXVEVEQ S QIPLSV HI WIYW IWJSVËSW %W

IPIMËÙIW TEVE S QERHEXS WIKYMRXI PIZEVEQ ES TÞFPMGS E GEQTERLE

GMZMPMWXEHI6YM&EVFSWEUYITIVHIYGSRXYHSTEVES1EVIGLEP,IVQIW

6SHVMKYIW HE*SRWIGE  3GMGPS HEWKVERHIW VIEPM^EËÙIW

HIGPMREZE E TSPÑXMGE HEW WEPZEËÙIW TVSQSZIVÅ ZMSPIRXEW MRXIVZIRËÙIW

RSW IWXEHSW SW NEKYRËSW HS 4EHVI 'ÑGIVS WI VIZSPXEZEQ RS 'IEVÅ

SYXVSWRS'SRXIWXEHSHI7ERXE'EXEVMREGEMYEVIGIMXEHEI\TSVXEËÇS

I S IRHMZMHEQIRXS I\XIVRS GVIWGIY GSQS XEQFÍQ S HÍJMGMX HS

SVËEQIRXSEYQIRXSYEIQMWWÇSHSTETIPQSIHEIETEVIGIYERSXE

MRGSRZIVWÑZIP3HIGPÑRMSGEVVIKSYGSRWMKSSIRXYWMEWQSHI6MS&VERGS

TIPE GSMWE TÞFPMGE



(IWGVMXS S EQFMIRXI LMWX×VMGS IQ UYI WI MRWIVMY E KIWXÇS HI

6MS &VERGSRE 'LERGIPEVME EZERËEQSW RSWWEERÅPMWI GSQ SMRXYMXS

HIXVEËEVSTIVJMPHSHMVMKIRXIFIQWYGIHMHSGSQFEWIRSTIRWEQIRXS

IREEËÇS HIWWI LSQIQHI)WXEHS

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3FVEWHS &EVÇS HS 6MS &VERGS VIÞRI IQ RSZI ZSPYQIW WIYW

IWGVMXSW % ERÅPMWI HIWWIW XI\XSW TEVXMGYPEVQIRXI HI w(MWGYVWSWx

TIVQMXI MHIRXMJMGEV IPIQIRXSW GSRGIMXYEMW HE EHQMRMWXVEËÇS TÞFPMGE

4SVSYXVSPEHSETVÅXMGEKIVIRGMEPJSVRIGIIPIQIRXSWGSQTVSFEX×VMSW

TEVESWGSRGIMXSWJSVQYPEHSW)QSYXVSWXIVQSWTVIXIRHIQSWQSWXVEV

UYI LSYZI GSIVÎRGME IRXVI S QSHS GSQS 6MS &VERGS GSRGIFIY E

JYRËÇSTÞFPMGEISQSHSGSQSMQTPIQIRXSYWYEXISVMEEHQMRMWXVEXMZE

)\TIVMÎRGMEIGSRLIGMQIRXSVITVIWIRXEQHYEWGSRHMËÙIWTVÍZMEW

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GSRGMHEHÇSW 2ÇS QI EVVITIRHS HE VIWSPYËÇS UYI XSQIM RE

QSGMHEHIx



6MS &VERGS JSVQYPSYTSVXERXS YQE MHÍME TV×TVME EGIVGE HS

I\IVGÑGMS HEJYRËÇSTÞFPMGE% EHQMRMWXVEËÇSÍ TIWWSEPGEHE UYEPÍ

VIWTSRWÅZIP TSV YQE XEVIJE RÇS GSRZÍQ EWWYQMV VIWTSRWEFMPMHEHI

GSPIXMZE QYMXS QIRSW IRZSPZIVWI GSQ WIXSVIW HI VIWTSRWEFMPMHEHI

EPLIMEwXIRLSSFWIVZEHSWIQTVISQIYERXMKSTVST×WMXSHIQI



RÇS IRZSPZIV HI QSHS EPKYQ IQ EWWYRXSW HI TSPÑXMGE MRZEHMRHS

MRGSQTIXIRXIQIRXI EPLIMEW IWJIVEW HI EËÇSx VIMXIVSY TSYGSW QIWIW

ERXIW HI QSVVIV



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HI )WXEHS IWTEPLEZEQWI TIPS QSHS GSQS XVEXEZE HEW UYIWXÙIW

TIVXMRIRXIW E WYE VIWTSRWEFMPMHEHI

%S TVSGYVEV YQE WSPYËÇS TEVE S GEWS HS %GVI TSV I\IQTPS

VSQTIY GSQ S IRGEQMRLEQIRXS UYI ZMRLE WIRHS HEHS Ä UYIWXÇS

TIPSWKSZIVRSWERXIVMSVIWEJEWXSYSEVFMXVEQIRXSIXEQFÍQEGSRUYMWXE

HS XIVVMX×VMS TIPE JSVËE )Q ZI^ HMWWS IWXEFIPIGIY S XVEXEQIRXS

MRHMZMHYEPM^EHS HSW EKIRXIW IRZSPZMHSW GSQ E UYIWXÇS SY WINE E

RIKSGMEËÇS YQ E YQ &SPÑZME 4IVY &SPMZMER 7]RHMGEXI KSZIVRSW

UYISETSMEZEQSTMRMÇSTÞFPMGENSVREPMWXEW)WWEIWXVEXÍKMEJSMIPIMXE

TSVUYI NYPKEHE EHIUYEHE Ä VIEPM^EËÇS HS MRXIVIWWI WYTIVMSV HE

TSTYPEËÇSFVEWMPIMVEUYILEFMXEZESXIVVMX×VMS2SGEWSHEWJVSRXIMVEW

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HSKIVIRXIQSHIVRSFIQWYGIHMHSWIKYVERËEREWEXMXYHIWFIRIJÑGMS

TEVESTSZSTVSQSËÇSHETE^IHEGSSTIVEËÇSIRXVISWTSZSW



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STSVXYRMWXE GSQ VIEPM^EËÇS GSQTEVXMPLEHE HI MRXIVIWWIW TSVXERXS

YQE VIPEËÇS UYI REHE XMRLE HI TEWWMZE 3W )WXEHSW 9RMHSW GSQS

TSXÎRGMEIQIVKIRXIQYRHMEPLEZIVMEQHIQERXIVSGSRXMRIRXIPSRKI

HEW KYIVVEW I GSRWSPMHEV YQ WMWXIQE TSPÑXMGS HMWXMRXS HS WMWXIQE

MQTIVMEPMWXE HSW IYVSTIYW 7IY QIVGEHS EFIVXS ESW TVSHYXSW HE

EKVSI\TSVXEËÇSWEXMWJE^MEÄWIPMXIWFVEWMPIMVEWUYIWILEZMEQEWWIRLSVIEHS

HE 6ITÞFPMGE 3 IRXIRHMQIRXS TSPÑXMGS HI EPXS RÑZIP IRXVI &VEWMP I

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IRXVI %VKIRXMRE I -RKPEXIVVE 'VMEVME EHIQEMW JEGMPMHEHIW TEVE S

&VEWMPGLIKEVÄWSPYËÇSHIWIYWTVSFPIQEWHIJVSRXIMVEQSVQIRXIE

I\TPSWMZE WMXYEËÇS EGVIERE )RJMQ YQE VIPEËÇS HI IRXIRHMQIRXS

IRXVI &VEWMP I )WXEHSW 9RMHSW EFVME TSWWMFMPMHEHIW TEVE E STIVEËÇS

HI IQTYVVI TEVE JSVE HE %QÍVMGE HS 7YP HI IZIRXYEMW MRXIVZIRËÙIW

RSVXIEQIVMGEREW



'SQS S HMVMKIRXI IRJVIRXE GSRXVEVMIHEHIW E WIY TVSNIXS HI

KIWXÇS# )Q XVÎW SGEWMÙIW IRXVI SYXVEW 6MS &VERGS IRWMRE S



EHQMRMWXVEHSVE GSQTSVXEVWIHMERXIHI WYVTVIWEW HIWEKVEHÅZIMWUYI

SI\IVGÑGMSHEJYRËÇSTSVZI^IWGSQTSVXE

 )WXERMWPES >IFEPPSW E JEPXE HI ÍXMGE EHQMRMWXVEXMZE XIZI

XVEXEQIRXS QIHMERXI ETPMGEËÇS HI YQE FSE XÍGRMGE EHQMRMWXVEXMZE

UYIHIWQEWGEVSY E XVEQE HS JEQSWS XIPIKVEQEWIQ GSQTVSQIXIV E

ÅVIE TSPÑXMGE HEW VIPEËÙIW GSQ E %VKIRXMRE TSWXEW EGMQE HI YQE

HIWEZIRËE TIWWSEP

 (YVERXI E 7IKYRHE 'SRJIVÎRGME HE ,EME HI  E

(IPIKEËÇSHSW)WXEHSW9RMHSWTØWIQVMWGSSTEVEHMKQEHEEPMERËE

RÇSIWGVMXEGSQS&VEWMPSVMIRXERHSWITIPSNSKSHSTSHIVREWVIPEËÙIW

MRXIVREGMSREMW QEVGLERHS GSQ E )YVSTE EXÍ QIWQS GSQ WYEW

TIUYIREWTSXÎRGMEWIVIPIKERHSEWIKYRHSTPERSSTEREQIVMGERMWQS

E %QÍVMGE 0EXMRE I S &VEWMP

 

EVIWTSWXEJSMTSPÑXMGE6MS&VERGS

TIVGIFIYUYISTEVEHMKQESTIVEZEHSPEHSRSVXIEQIVMGERSGSQSW

PMQMXIW UYI MQTYRLEQ SW MRXIVIWWIW RSVXIEQIVMGERSW WSFVITSWXSW

ÄGSPEFSVEËÇSGSQE%QÍVMGE0EXMRE4SVMWWSTVSQSZIYEVISVKERM^EËÇS

REZEP HS &VEWMP GYNS TVSNIXS JSVE ETVSZEHS IQ  I QSHMJMGEHS

IQIFYWGSYSVIJSVËSIWXVEXÍKMGSHE%QÍVMGEHS7YPRE%PMERËE

%&' VIZIRHS WYE TVMQIMVE EGITËÇS GSPIXMZEHI EPGERGI GSRXMRIRXEP

MRIVIRXI Ä (SYXVMRE 1SRVSI )PE WIVME XIQTIVEHE TIPE YRMHEHI

IWXVEXÍKMGEHE%QÍVMGEHS7YPZMWXSUYIWIYTVSNIXSHIEPMERËEVIKMSREP

GSQTVIIRHMESIRXIRHMQIRXSHIEPXSRÑZIPIRXVISWXVÎWTEÑWIWGSQ

MQTEGXSW TSWMXMZSW WSFVI SW ZM^MRLSW

 3 MRÑGMS HS KSZIVRS HI ,IVQIW HE *SRWIGE TEVIGME

VITVSHY^MV SWTVMQIMVSW XIQTSW WSQFVMSW HE 6ITÞFPMGE VIZSPXE HSW

QEVMRLIMVSW MRXIVZIRËÇS IQ 4IVREQFYGS FSQFEVHIMS HE &ELME

TSPÑXMGE HI MRXIVZIRËÙIW ZMSPIRXEW UYI GSRHY^MVEQ Ä WYWTIRWÇS HI

KEVERXMEWMRHMZMHYEMW6MS&VERGSVIWTSRHIGSQSTIHMHSHIVIRÞRGME

VIGYWERHSWI E XVEFEPLEV GSQ YQ GLIJI HI )WXEHS IQ HIWEGSVHS

GSQSWGÆRSRIWHEMPYWXVEËÇSPMFIVEPIHEGMHEHERME2ÇSWIRHSEGIMXE

WYE VIRÞRGME QSVVIY EQEVKYVEHS HIWETEVIGIRHS HS QYRHS HSW

ZMZSWTEVEIRXVEVRELMWX×VMEGSQSYQLSQIQHIWYGIWWSMRGSRJSVQEHS

IQXIVUYIGSRZMZIVGSQEPKYÍQHMWTSWXSEHIWVIWTIMXEVSWEXVMFYXSW

UYIEWIYZIVHIJMRMEQSTIVJMPHSKIVIRXI



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'SRWIVZEHSVVIEPMWXEITVEKQÅXMGS 6MS&VERGSHIWIQTIRLSY

EWJYRËÙIWHI'LERGIPIVETPMGERHSWIYGSRGIMXSHIKIWXÇSHSWRIK×GMSW

I\XIVRSW GSQ GSIVÎRGME I EFVERKÎRGME HI IWGSTS WSF SW EWTIGXSW

STIVEGMSREP QSVEP TWMGSP×KMGS I HI WIKYVERËE

6MS &VERGS RÇS PMHEZE GSQ S GSRGIMXS HI )WXEHS

HIWIRZSPZMQIRXMWXE UYI :EVKEW /YFMXWGLIO I +IMWIP IRXVI SYXVSW

IWXEHMWXEW HS WÍGYPS << GSRZIVXIVEQ IQ TEVEHMKQE HI KIVÎRGME

TÞFPMGE 'SQS WI SFWIVZSY RS MRÑGMS HIWXIXI\XS S&EVÇSIVEJVYXS

HIWIYXIQTSIRIPIQSZIYWIWIQZMWÇSTVSWTIGXMZEHEWRIGIWWMHEHIW

HS HIWIRZSPZMQIRXS REGMSREP -RXIKVEHS ES KVYTS HI TSPÑXMGSW HE

QSREVUYMEUYIVIQIHMEVEQSWQEPIWHENSZIQ6ITÞFPMGEGSRJIVMRHS

PLIIWXEFMPMHEHITSVQIMSHIWEHMEEHQMRMWXVEËÇSGEVVIKEZEEWQIWQEW

GSRZMGËÙIW PMFIVEMW UYI JSVRIGMEQ FEWI MHISP×KMGE Ä EËÇS HE IUYMTI

HI KSZIVRS (MJIVIRXI TSVÍQ HEW IPMXIW PMFIVEMW UYI TEWWEVEQ E

GSQERHEV SW HIWXMRSW HS TEÑW HIWHI  6MS &VERGS RÇS IVE

TEVXMHÅVMS HS w)WXEHS ERÎQMGSx RE I\TVIWWÇS HI &IPQMVS 'EWXSV

UYIWYFWXMXYMYS)WXEHSHIWIRZSPZMQIRXMWXEESXIVQSHSWÍGYPS<<



3&EVÇSMQTPIQIRXSYTSVXERXSYQETSPÑXMGEI\XIVMSVHIEPGERGI

VIWXVMXS7YEGSRXVMFYMËÇSÄQSHIVRM^EËÇSHEEKIRHEREGMSREPWMXYE

WI HS PEHS HSQÍXSHSHIEËÇSHI JSVQE TPIREI HEWYFWXÆRGME HI

JSVQE VIWXVMXE 3Y WINE IPIZSY E EVXI HI JE^IV TSPÑXMGE I\XIVMSV ES

RÑZIPHETIVJIMËÇSTVEKQÅXMGEQEWETPMGSYEEEPKYQEWKVERHIWGEYWEW

GSQSEWSPYËÇSHEWUYIWXÙIWHIJVSRXIMVEEVIPEËÇSÞXMPGSQSW)WXEHSW

9RMHSWETE^ISIRXIRHMQIRXSTSPÑXMGSGSQSWZM^MRLSWETVIZEPÎRGME

HSHMVIMXSWSFVIEJSVËEIEETVSTVMEËÇSHIQIMSWEHIUYEHSWHIHIJIWE

I WIKYVERËETEVE STEÑW

3 PMQMXI HE GSRXVMFYMËÇS HI 6MS &VERGS Ä QSHIVRM^EËÇS HE

EKIRHE FVEWMPIMVE GSRWMWXMY RE EYWÎRGME HI VIPEËÇS IRXVI E TSPÑXMGE

I\XIVMSV UYI KIVIRGMEZE GSQ EW RIGIWWMHEHIW HS HIWIRZSPZMQIRXS

REGMSREP)QSYXVSWXIVQSWRÇSJSMGETE^HIEKVIKEVÄTSPÑXMGEI\XIVMSV

EJYRËÇSHI TVIIRGLIVVIUYMWMXSWHIHIWIRZSPZMQIRXS)WWEJVEUYI^E

QERMJIWXEZEWI RS QSHS GSQS GSRGIFME I MQTPIQIRXEZE QIHMHEW

HSPEHSHSGSQÍVGMSI\XIVMSVIRSHIWGEWSUYIXVMFYXEZEESTIRWEQIRXS

MRHYWXVMEPMWXE TVSQSZMHS TSV GSRXIQTSVÆRISW WIYW )PI IWXIZI



TSVXERXS IRGPEYWYVEHS IQ WIY XIQTS WIQ TIVGIFIV SW WMREMW HI

SYXVSW XIQTSW

'SQ IJIMXS RÇS JMKYVEZEQ RS GÑVGYPS WSGMEP IQMRIRXIQIRXI

GSRWIVZEHSVUYIVSHIEZESHMEEHMEHS4EPÅGMS-XEQEVEX]E'EWEHI

6MS&VERGSTIRWEHSVIWHISYXVEQSHIVRMHEHITEVES&VEWMPGSRGIFMHE

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TEÑW

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XSRIPEHEWx

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%UYMHEFÇ TSV SGEWMÇS HE 6IZSPXE HE %VQEHE

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TEVEWIVIQTVIKEHSHITSMWWIJSVMRHMWTIRWÅZIPx

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%VKIRXMRE QERHEVE GSRWXVYMV RSW IWXEPIMVSW MXEPMERSW YQ GVY^EHSV



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TVSKVEQEREZEP

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HMWGYXMV GSQ S &VEWMP WIYW PMQMXIW VIGPEQERHS TEVE WM EXÍ QIWQS

FSE TEVXI HS %QE^SREW I NÅ MRZEHMVE SYXYFVS HI  S %PXS

.YVYÅI IQNYRLSHSERS WIKYMRXI S%PXS4YVYW

2SHMEMQIHMEXSZIMSEVIWTSWXEHS%PQMVERXI.ÞPMSHI2SVSRLE

UYIVMEIPIwGSQYVKÎRGMEEHUYMVMVREZMSWRSZSWIGSYVEËEHSWGETE^IW

HIGSPSGEVIQERSWWEJSVËEREZEPIQWMXYEËÇSHIRÇSVIGIEVHSWRSWWSW

ZM^MRLSWSYHIFIQHIJIRHIVEMRXIKVMHEHIHETÅXVMEx



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EGIMXEZEEWVE^ÙIWHS&EVÇSHIUYIRSMRXYMXSHIwIZMXEVGSRJPMXSSY

KYIVVEGSQS4IVYxWIVMETSWWÑZIPEEUYMWMËÇSHSGVY^EHSV'LEGEFYGS

wUYI Í HI VIGIRXI GSRWXVYËÇS  E  TSV   SY

QIWQS  x FYWGERHSWI WEFIV TVMQIMVS EW GSRHMËÙIW IQ

UYIWIEGLEZE6INIMXEZERSIRXERXSEGSQTVEHS 4VEX GSRWXVYÑHS

IQIHIM\ERHSwQYMXSEHIWINEVGSQSREZMSGSYVEËEHSx



3TMREZE

S XÍGRMGS I HMKEWIGSQ MRXIMVE VE^ÇS

1EW 6MS &VERGS GSQ WIY HMREQMWQS I WYE XIREGMHEHI

MRGSQTEVÅZIMW RÇS HIWMWXMYIQHIQEMSZSPXSYIPIÄGEVKENYRXS

ES 1MRMWXVS HE 1EVMRLE w3RXIQ GSRZIVWIM GSQ S 4VIWMHIRXI

?6SHVMKYIW %PZIWA WSFVI E RIGIWWMHEHI HI IRGSQIRHEVQSW NÅ I NÅ

HSMW FSRW IRGSYVEËEHSW TSVUYI S 4IVY TSHI VSQTIV GSRSWGS PSKS

UYILENEJIMXSEWWYEWIRGSQIRHEWzWIÍUYINÅEWRÇSJI^zIRIWWI

GEWS JMGEVIQSW MQTSWWMFMPMXEHSW HI JE^IV EW RSWWEW TSMW RIRLYQ

IWXEPIMVS EW TSHIVÅ EGIMXEV



3 4VIWMHIRXI HMWWIQI UYI TIHMVÅ ES 'SRKVIWWS S RIGIWWÅVMS

GVÍHMXS GSQ YVKÎRGME 5YIQ WEFI TSVÍQ WI TVIZIRMHS TIPS

XIPÍKVEJSS 4IVYWIEHMERXEVÅ IQVSQTIV#

'VIMSTSMWUYIRSWHIZIQSWGSRWMHIVEVzGSQSHIJEXSIWXEQSW

zIQGMVGYRWXÆRGMEWI\XVESVHMRÅVMEWIUYIÍQEMWWIKYVSJE^IVNÅINÅ

EW IRGSQIRHEW IQ WIKVIHS WIQ IWTIVEV TIPE ETVSZEËÇS HS GVÍHMXS

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ETVSZEVÇSXSHSWSWEXSWHITVIZMHÎRGMETVEXMGEHSWGSQSJMQHIIZMXEV

EKYIVVESYHIEEGIMXEVGSQEWYTIVMSVMHEHIHIJSVËEWUYITSHIQSW

I HIZIQSW XIVx



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ETVIWIRXSY ES %PQMVERXI.ÞPMSHI 2SVSRLE TIWWSEW MRXIVIWWEHEW IQ

SJIVIGIV REZMSW SY MRHMGEV IWXEPIMVSW TEVE GSRWXVYËÇS HEUYIPIW UYI

JEVMEQTEVXI HS4VSKVEQE2EZEP UYI.ÞPMS HI2SVSRLETVITEVEZE

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QMRSVEV RSWWE GVÑXMGE WMXYEËÇS 2SVSRLE I E 1EVMRLE WIKYMEQ E

HSYXVMREGVMEHEIHMJYRHMHETIPS%PQMVERXI%PJVIH1ELERHE1EVMRLE

EQIVMGERE UYI TVIGSRM^EZE E RIGIWWMHEHI HI JSVËEW REZEMW HI YQ

TEÑWXIVIQIWUYEHVEGETE^HIEXYERHSVIYRMHEHMWTYXEVESMRMQMKS

IQ FEXEPLE HIGMWMZE S HSQÑRMS HS QEV E ZMX×VME RIWXE HIJMRMVME S

JMQ HE GEQTERLE

3 4VSKVEQE 2EZEP IRXÇS IPEFSVEHS 5YEHVS JSM WÅFME I

EVHSVSWEQIRXI HIJIRHMHS RS 'SRKVIWWS IQ NYPLS HI  TIPS

(ITYXEHS 0EYVMRHS 4MXXE S (IGVIXS  HI  HI HI^IQFVS HI

 EYXSVM^SY SW VIGYVWSW WSPMGMXEHSW

59%(63z463+6%1%()

 IRGSYVEËEHSW HI  XSRIPEHEW

 GERLÙIW HI QQGEP

 GERLÙIW HI QQ

 XYFSW XSVTÍHMGSW

:IPSGMHEHI  R×W



 GVY^EHSVIWIRGSYVEËEHSW HI  XSRIPEHEW

 GERLÙIW HI QQGEP

 GERLÙIW HI QQ

 XYFSW XSVTÍHMGSW

:IPSGMHEHI  R×W

 GEËEXSVTIHIMVSW HI  XSRIPEHEW

 GERLÙIW HI QQ

 XYFSW XSVTÍHMGSW

:IPSGMHEHI  R×W

 XSVTIHIMVEW HI  XSRIPEHEW

 GERLÙIW HI QQ

 XYFSW XSVTÍHMGSW

:IPSGMHEHI  R×W

 XSVTIHIMVEW HI  XSRIPEHEW

 GERLÇS HI QQ

 XYFS XSVTÍHMGS

:IPSGMHEHI  R×W

 WYFQEVMRSW 'EVEGXIVÑWXMGEWMRHIJMRMHEW

 REZMSGEVZSIMVS HI  XSRIPEHEW

GETEGMHEHI HI XVERWTSVXI  XSRIPEHEW HI GEVZÇS

IUYMTEHS  TEVE EFEWXIGMQIRXS RS QEV

:IPSGMHEHI  R×W

3 VIPEX×VMS QMRMWXIVMEP VIPEXMZS E  TYFPMGEHS IQ EFVMP

HI  I\TPMGSY HIXEPLEHEQIRXI S TVSKVEQE TVSTSWXS HIXIRHS

WIIWTIGMEPQIRXIRSVIPEXMZSESEVQEQIRXSUYIKYEVRIGIVMESWREZMSW

IÄIWTIWWYVEHEWGSYVEËEW2SVXIEVEQEIWGSPLESWVIGIRXIWIRWMREQIRXSW

HE+YIVVE6YWWS.ETSRIWERSQIEHEQIRXIEWFEXEPLEWHI4SVX%VXLYV

I8WYWLMQEIEWGEVEGXIVÑWXMGEWHSWIRGSYVEËEHSW1MOEWE I'^EVÍZMXGLI

FIQ GSQS EW HSW /EWLMQE I /EXSVM NETSRIWIW UYI IWXEZEQ WIRHS

GSRWXVYÑHSW

% I\IGYËÇS HS TVSKVEQE WIVME TEVGIPEHE WIRHS MRMGMEHE TIPE

TVSTSWXETEVEEGSRWXVYËÇSHSWXVÎWIRGSYVEËEHSW7×IQNERIMVSHI

 JSM WIPIGMSREHE E %VQWXVSRK ;LMX[SVXL  'S 0MQMXIH UYI

ETVIWIRXSYSQIRSVTVIËSIXEQFÍQWISFVMKSYEGSRWXVYMV SRSZS

EVWIREP TIPSUYIS1MRMWXVSTVIWYQMEUYIwHIRXVSIQTSYGSxXIVME

MRÑGMS S w4VSKVEQE 2EZEP HI  HI HI^IQFVS HI x





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EMRHEIQJYRËÇSHEUYIWXÇSGSQS4IVYUYIWIEVQEZEGSRWXVYMRHS

REZMSWRE-XÅPMEEHUYMVMRHSGERLÙIWIEVQEQIRXSTSVXÅXMPRE%PIQERLE

I%ÞWXVMEHIWPSGERHSREZMSWTEVES(ITEVXEQIRXSHI0SVIXSIGERLÙIW

TEVE-UYMXSWIIRZMERHSGIVXS%PQMVERXI'EVZENEPTEVEJMWGEPM^EVREZMS

IQGSRWXVYËÇSRSWwIWXEPIMVSWHI;MGOIVWx



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JSVEQ WIKYVEQIRXI ZÇSW GSRXMRYEQIRXIEFEWXIGMEIPIS RSWWS.ÞPMS

HI 2SVSRLE GSQ MQTSVXERXIW EVXMKSW TYFPMGEHSW RS I\XIVMSV

IWTIGMEPQIRXI RS 'LMPI TSMW E1EVMRLE GSRXMRYEZE E wIWXYHEVx S

4VSKVEQE HI  I RÇS HIQSVEVMEQ EW HMWGYWWÙIW IQ XSVRS HS

QIWQSHIGSVVIRXIWHEWPMËÙIWHE+YIVVE6YWWS.ETSRIWEIHEZMWÇS

HS%PQMVERXI.SLR*MWLIV4VMQIMVS0SVHIHS%PQMVERXEHSFVMXÆRMGS

&EWIERHSWI REW GSRGITËÙIW HS IRKIRLIMVS REZEP MXEPMERS

'YRMFIVXMUYIGSRGIFIY TPERSWTEVEYQREZMSGETMXEPHIWXMREHSÄW

PMRLEWHIFEXEPLE*MWLIVHIGMHMYEHSXÅPEW TEVE QSHIVRM^EV E 6S]EP

2EZ] IQERHSYGSRWXVYMVS(VIEHRSYKLXXÇSVIZSPYGMSRÅVMSJSMIPI

UYIWIYRSQIWIXVERWJSVQSYIQWYFWXERXMZSTEVEHIWMKREVSWREZMSW

GETMXEMW HEW RSZEW IWUYEHVEW

*SMS(VIEHRSYKLXIWXSTMQTEVESWHIFEXIWIQXSVRSHSGLEQEHS

4VSKVEQE HI  E TEVXMV HI NYPLS HI  XERXS RS 'SRKVIWWS

UYERXS RE MQTVIRWE TEPEHMRSW HE QSHMJMGEËÇS HS TVSKVEQE JSVEQ

S(ITYXEHS.SWÍ'EVPSWHI 'EVZEPLSIS%PQMVERXI %PI\ERHVMRSHI

%PIRGEV IRXÇS 7IREHSV I HITSMW 1MRMWXVS HE 1EVMRLE HI %JSRWS

4IRE

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UYI ET×W ZMWMXEV HMZIVWSW TSVXSW FVEWMPIMVSW MRGPYMRHSS HS6MS HI

.ERIMVS WIXIQFVSSYXYFVS HI  TVSZSGSY YQ GEWS RS WYP

3GVY^EHSVEPIQÇSTEVIGMEJEHEHSEGVMEVGVMWIWMRXIVREGMSREMW



IRÇSJSMHMJIVIRXIIQWYETEWWEKIQTIPS&VEWMPEUYMZMWMXEVMEQÞPXMTPSW

TSVXSW HIWHI E 4EVEÑFE RS MRÑGMS HI EKSWXS HI  EXÍ S 6MS

+VERHI IQ HI^IQFVS HS QIWQS ERS



%HQMVEHSV HE %PIQERLE 6MS &VERGS TVSGYVSY PSKSJEGMPMXEV

NYRXS Ä 1EVMRLE E ZMWMXE HS GVY^EHSV EXÍ SFXIRHS TIVQMWWÇS TEVE

UYI RE&EÑEHE -PLE +VERHIIJIXYEWWI I\IVGÑGMSWHIEVXMPLEVME



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UYIPSKSRE4EVEÑFELSYZIVEHIWGSVXIWMEHS'SQERHERXIHS4ERXLIV

GSQ S 'ETMXÇSHSTSVXS HEUYIPIIWXEHS



-QIHMEXEQIRXI S 'LERGIPIVHIXIVQMRSY E RSWWE 0IKEËÇS IQ

&IVPMQUYIPIZEWWI SJEXSESGSRLIGMQIRXS HSKSZIVRS EPIQÇS



1EW RÇS TEVEVME EÑ S TVSFPIQE HS 4ERXLIV RE TEWWEKIQ TSV

-XENEÑYQQEVYNSHSREZMSHIWIVXEVEIGLIKSY ES6MSHI.ERIMVSE

RSXÑGMEHIUYI SJMGMEMW I QEVMRLIMVSW EPIQÇIWLEZMEQHIWIQFEVGEHS

RS TSVXS GEXEVMRIRWI TEVE GETXYVEV S GVMQMRSWS E HIWIVËÇS HIWHI

XIQTSWVIQSXSWWIQTVIJSMGSRWMHIVEHEGVMQI)\TPSHMVEQRS6MS

HI.ERIMVSQERMJIWXEËÙIWI\EPXEHEWII\MKMVEQWIVITVIWÅPMEWIRUYERXS

EPKYRW NSVREMW GVMXMGEZEQ E PIRXMHÇSI ETEXME HS -XEQEVEX]

¤WZSPXEWGSQSTVSFPIQETIVYERSHIQYMXSQEMSVVIPIZÆRGME

RIQTSVMWWSHIM\SY6MS&VERGSHIXSQEVEWTVSZMHÎRGMEWUYISGEWS

I\MKMEEXYERHSHIJSVQEHYVEGSQS1MRMWXVSEPIQÇSZSR8VIYXPIV

¥PZEVS0MRWVIPEXEQMRYGMSWEQIRXIETSWMËÇSHS&EVÇSIQVIPEËÇSES

1MRMWXVSIVIKMWXVEIWXIHMÅPSKSSGSVVMHSIQ4IXV×TSPMWRE;IWXTLEPME

RE QERLÇ HI  HI HI^IQFVS

w :SR8VIYXPIV (IZS HIGPEVEV UYI ?RS GEWS HI S 4ERXLIV WIV

GETXYVEHSTIPE HMZMWÇSREZEPFVEWMPIMVEUYIWIKYMVE TEVES7YPAWIVME

QYMXS KVEZIYQE TVSZSGEËÇSHIWWE IWTÍGMI ES-QTÍVMS EPIQÇS

6MS &VERGS 1EMW KVEZI EMRHE Í ZMSPEV EWSFIVERME XIVVMXSVMEP

FVEWMPIMVE

:SR8VIYXPIV 1EW )\GIPÎRGME MWXS TSHIVME WIV QSXMZS TEVE

YQE KYIVVE

6MS &VERGS MRGMWMZS 4SMW UYI WINE YQE KYIVVE )\GIPÎRGME

WI MWXS HIWKVEËEHEQIRXIZMIV EGSRXIGIVx

)Q  HI NERIMVS HI  I\TPMGEHS GSVVIXEQIRXI S GEWS E

0IKEËÇSEPIQÇIQRSQIHS/EMWIVETVIWIRXSYESKSZIVRSFVEWMPIMVS

wSWQEMWZMZSW TVSXIWXSW HI EQM^EHI I GSRWMHIVEËÇS ES &VEWMPx





'328-29%3463&0)1%'3134)69

1EW EVIEP TVISGYTEËÇS HS &EVÇS GSRXMRYEZE E WIV E UYIWXÇS

TIVYERE )Q  HI SYXYFVS HI  TEVXMGMTSY IPI ES 1MRMWXVS HE

*E^IRHE 0ISTSPHS HI &YPLÙIW I ESW 1MRMWXVSW HE 1EVMRLE I HE

+YIVVEUYIS7IREHSTIVYERSETVSZEVESTVSNIXSSVMYRHSHE'ÆQEVE

HSW(ITYXEHSWUYIEYXSVM^EZESKSZIVRSEPIZERXEVRSZSIQTVÍWXMQS

HI   TEVE EUYMWMËÇS HI REZMSW I EVQEQIRXS HERHS GSQS

KEVERXMES MQTSWXS WSFVI S WEP



)Q  HI QEVËS HI  6MS &VERGS TEVXMGMTSY E .ÞPMS HI

2SVSRLE E ZMEKIQ HE PERGLE TIVYERE %QÍVMGE E -UYMXSW



 QEMW

TVISGYTERXI JSM S PERËEQIRXS ES QEV IQ &EVVS[ HS GVY^EHSV

%PQMVERXI +VEY IQ GSRWXVYËÇS RS IWXEPIMVS HE :MGOIVW IVE NÅ S

VIWYPXEHSHSXEPIQTVÍWXMQSHIIHSTVSHYXSHIWYFWGVMËÇS

TÞFPMGE 1EMW YQE ZI^ XIZI VE^ÇS S &EVÇS UYERHS TIHMY EËÇS TEVE

HITSMWGSRWIKYMVSWQIMSWI\EXEQIRXIGSQSEGEFEVEHIJE^IVS4IVY



)WXEZERSJMREPEKIWXÇSHI.ÞPMSHI2SVSRLERETEWXEHE1EVMRLE

QEWS&EVÇSMRGERWÅZIPEMRHEPLIGSQYRMGSYIQ

HIRSZIQFVS

UYI E :MGOIVW GSQ XSHS WIKVIHS IWXEVME GSRWXVYMRHS TEVE S 4IVY

EPÍQ HSW XVÎW GVY^EHSVIW YQ WYFQEVMRS



6-3&6%2'3%0)<%2(6-23)%13(-*-'%«§3(3

 463+6%1%2%:%0()

)Q  HI RSZIQFVS HI  EWWYQMVEQ E TVIWMHÎRGME S

'SRWIPLIMVS%JSRWS4IREIGSQIPISRSZS1MRMWXÍVMS6MS&VERGS

GSRXMRYSYRETEWXEHEW6IPEËÙIW)\XIVMSVIWEHE1EVMRLEJSMSGYTEHE

TIPS%PQMVERXI%PI\ERHVMRSHI%PIRGEVIEHE+YIVVETIPS+IRIVEP

,IVQIW HE *SRWIGE

2ÇS HIQSVSY %PI\ERHVMRS E SFXIV HS 'SRKVIWWS IQ  HI

RSZIQFVSEERYPEËÇSHS(IGVIXSUYIIWXEFIPIGIVESGVÍHMXS

TEVE S TVSKVEQEHI .ÞPMS HI 2SVSRLE S RSZS HIGVIXS VIGIFIY S

RÞQIVS  I ETVSZSY SYXVS TVSKVEQE QSWXVEHS RS 5YEHVS 



59%(63z463+6%1%()

 IRGSYVEËEHSW HI  XSRIPEHEW

GSQTVMQIRXS QIXVSW

FSGE  QIXVSW

TSRXEP  QIXVSW

 GERLÙIW HI QQGEP

 GERLÙIW HI QQ

 GERLÙIW HI QQ

:IPSGMHEHI  R×W

 WGSYXW HI  XSRIPEHEW

GSQTVMQIRXS  QIXVSW

FSGE  QIXVSW

GEPEHS  QIXVSW

 GERLÙIW HI QQ

 GERLÙIW HI QQ

 XYFSW XSVTÍHMGSW TVSTYPWÇS HI XYVFMREW

:IPSGMHEHI  R×W

 HIWXVS]IVW HI  XSRIPEHEW

GSQTVMQIRXS  QIXVSW

FSGE  QIXVSW

GEPEHS  QIXVSW

 GERLÙIW HI QQ

 GERLÙIW HI QQ

 XYFSW XSVTÍHMGSW

:IPSGMHEHI  R×W

 WYFQEVMRSW 'EVEGXIVÑWXMGEW MRHIJMRMHEW

 REZMSLMHV×KVEJS HI  XSRIPEHEW

 REZMSQMRIMVS HI  XSRIPEHEW

%PI\ERHVMRS IEUYIPIW UYI GSQS IPI TIRWEZEQ I EY\MPMEZEQ

RE EGIMXEËÇS HS 4VSKVEQE HI  EWWMQ S NYWXMJMGEVEQ E +YIVVE

6YWWS.ETSRIWE XVSY\IVE PMËÙIW MRI\MWXIRXIW IQ  UYERHS HE

IPEFSVEËÇSHSTVSKVEQEHI.ÞPMSHI2SVSRLESWVIGYVWSWHMWTSRÑZIMW

HIZIVMEQWIVIQTVIKEHSWREEUYMWMËÇSHSUYIQIPLSVIQEMWQSHIVRS

LEZME RE GSRWXVYËÇS REZEP RÇS WIRHS GEFÑZIP UYI JSWWIQ SW RSZSW

REZMSWMRJIVMSVIWESWUYITSVZIRXYVEIRJVIRXEWWIQXIRHSEHMWXÆRGME



HSWGSQFEXIWTEWWEHSHIXVÎWUYMPØQIXVSWTEVESMXSIEEVXMPLEVME

HIZIVMEXIVWIYGEPMFVIEYQIRXEHSTEVEWIVIJIXMZESUYII\MKMEREZMSW

HIQEMSVXSRIPEKIQTEVEWYTSVXÅPEGSQSWGSQFEXIWWIRHSXVEZEHSW

IQ HMWXÆRGMEW QYMXS QEMSVIW SW XYFSW XSVTÍHMGSW XSVREZEQWI

HIWRIGIWWÅVMSWRSWREZMSWGETMXEMWEEVXMPLEVMEWIGYRHÅVMETEVEIRJVIRXEV

EW JSVËEW PMKIMVEW EHZIVWÅVMEW XEQFÍQ HI QEMSV TSVXI HIZIVME XIV

WIY GEPMFVI EQTPMEHS E FPMRHEKIQ HSW REZMSW GETMXEMW HIZIVME WIV

EYQIRXEHEHIQSPHIETVSXIKIVEWQÅUYMREWEXSVVIHIGSQERHSI

EIWXEËÇS VEHMSXIPIKVÅJMGE S REZMSGETMXEPMHIEPTEVEEW RSZEW PMRLEW

HIFEXEPLEHIZIVMEXIVGSQSQSHIPSSMRKPÎW(VIEHRSYKLX SWGVY^EHSVIW

GSYVEËEHSW HIZIVMEQ WIV WYFWXMXYÑHSW TSV GVY^EHSVIW PIZIW

IWGPEVIGIHSVIW WGSYXW QEMW VÅTMHSW I QEMW FEVEXSW EVQEHSW GSQ

GERLÙIWHIQÍHMSGEPMFVISWHIWXVS]IVW WYFWXMXYMVMEQSWGEËEXSVTIHIMVSW

I HIZIVMEQ WIV IQ RÞQIVS FIQ QEMSV HS UYI SW HS 4VSKVEQE HI

 TSMW GMRGS HIPIW QEMW YQ WGSYX EGSQTERLEVMEQ GEHE

IRGSYVEËEHS YQ REZMSQMRIMVS WIVME MRHMWTIRWÅZIP TSMW EW QMREW

WYFQEVMREWLEZMEQHIQSRWXVEHSWYEIJMGÅGMERE+YIVVE6YWWS.ETSRIWE

UYIIVE GSRJSVQIWIEJMVQEZESRSZS TEVEHMKQE



*MRHEVEWI EWWMQ S ERS HIWIQ UYILSYZIWWI UYEPUYIV

QSHMJMGEËÇSTEVEQIPLSVREIWUYEHVEFVEWMPIMVEGYNSIWXEHSEJMVQEVE

.ÞPMS HI 2SVSRLE ES EWWYQMV E TEWXE UYEXVSERSW ERXIWIWXEZE XÇS

IQTSFVIGMHSUYIRIQWIUYIVGSRXEZEGSQYQEZIVHEHIMVEYRMHEHI

HI GSQFEXI RE QSHIVRE EGITËÇS HS XIVQS *SVE ZÇ E MRWMWXÎRGME

UYEWIHIWIWTIVEHEHI6MS&VERGSTEVEVETMHEQIRXIHSXÅPEHIQIPLSVIW

QIMSWGSRJSVQI NÅ QSWXVIM

8EP HIWGYMHS SY E FYWGE HS MHIEP IRIVZEZE S &EVÇS UYI

RIGIWWMXEZE HI VIWTEPHS QMPMXEV MQIHMEXS TEVE WSPYGMSREV RSWWSW

TVSFPIQEW HI JVSRXIMVEW GSQ SW ZÅVMSW ZM^MRLSW

2SJMREPHIGSRXMRYERHSIPIRETEWXERSZSWTVSFPIQEW

WYVKMVMEQ HIWWE ZI^ RE SYXVE QEVKIQ HS 6MS HE 4VEXE XVERUàMPE

HIWHIE ETSXI×XMGEZMWMXE HI 6SGE ES 6MS HI .ERIMVS I E VIXVMFYMËÇS

HI 'EQTSW7EPIW RE JEQSWE (MZMWÇS &VERGE 6MEGLYIPS &EVVSWS I

8EQSMSUYI JSM E &YIRSW %MVIW IQ 



0SKSRSMRÑGMSHEUYIPIERSJEPIGIY&EVXSPSQIY1MXVIWMRGIVS

EQMKS HS &VEWMP TSYGS HITSMW HIWETEVIGIY S 4VIWMHIRXI 1ERYIP

5YMRXEREIMKYEPHIWXMRSXIZI'EVPSW4IPPIKVMRM%SEWWYQMVETVIWMHÎRGME



S:MGI4VIWMHIRXI%PGSVXESTEÑWTEVIGMEEWWYWXEHSGSQETIVWTIGXMZE

HS EYQIRXSHS TSHIVMS HE IWUYEHVE FVEWMPIMVE )WXERMWPES >IFEPPSW

S4PIRMTSXIRGMÅVMSUYITIVHIVETEVE6MS&VERGSE5YIWXÇSHI4EPQEW

IVE IRXÇS S UYI QEMW TYKREZE TIPE EQTPMEËÇS HS TSHIVMS QMPMXEV

EVKIRXMRS TEVE wGSRXIV TIPE JSVËE SW EVVIQIWWSW GSRUYMWXEHSVIW HS

&VEWMPx



 )\EXEQIRXI IPI WIVME S 1MRMWXVS HEW 6IPEËÙIW )\XIVMSVIW

HI%PGSVXEITSVMEEFEM\SGSQSGEWXIPSHIGEVXEWXSHEEETVS\MQEËÇS

GSRWIKYMHETSV6SGEI'EQTSW7EPIWUYIIZMXEVEEGSVVMHEEVQEQIRXMWXE

IRXVI SW HSMW TEÑWIW

)QEFVMPHINÅ6MS&VERGSHIVERSXÑGMEE.ÞPMSHI2SVSRLE

HEGVMEËÇSHIYQEGSQMWWÇSREZEPEVKIRXMRETVIWMHMHETIPS'SRXVE

%PQMVERXI1ERYIP+EVGMETEVERE )YVSTEIWXYHEVE GSRWXVYËÇSHI

REZMSW HI KYIVVE TEVEE %VQEHE TSVXIRLE



%PEVQEZEWI HIWRIGIWWEVMEQIRXI S TEÑW TPEXMRS TSMW GSQ IPI

MRI\MWXMEQTSVTEVXIHS&VEWMPUYEMWUYIVTIRHÎRGMEWRSWWSWTVSFPIQEW

GSRGIRXVEZEQWIRS 4IVY NÅ TVIWXIW E VIGIFIV WIYW HSMW GVY^EHSVIW

%PQMVERXI +VEY I &SPSKRIWM JIZIVIMVS HI  2S IRXERXS WSF E

MRJPYÎRGME HI >IFEPPSW I TSV IPI MRWYJPEHE E MQTVIRWE HI &YIRSW

%MVIWUYEWIHMEVMEQIRXIGYMHEZEHSEYQIRXSHIPEIWGYEHVEFVEWMPIÕE

I6MS&VERGSHMWWSQERXMRLEMRJSVQEHSWIYGSPIKE%PI\ERHVMRS



S

QIWQSJE^ME%PI\ERHVMRSVITEWWERHSES&EVÇSEWMRJSVQEËÙIWUYI

HI0SRHVIWPLIIRZMEZES'ETMXÇS8IRIRXI%VQERHS&YVPEQEUYME

%VKIRXMRENÅMRMGMEVEWYEWIRGSQIRHEWXIRHSEWIYWIVZMËSSGSRWXVYXSV

REZEP 7MV ;MPPMEQ ;LMXI 4EVE S &EVÇS IRXVIXERXS S TVSFPIQE IVE

EMRHESTIVYERSTIPSUYIMRWMWXMEGSQ%PI\ERHVMRSTEVEUYIGSPSGEWWI

GERLSRIMVEW RS %QE^SREW 6MS 7SPMQÙIW I 1EXS +VSWWS 6MS

4EVEKYEMIWGVIZIYIPIE%PI\ERHVMRSUYIwHIWHIXIRLSTIHMHS

UYIGYMHIQSWVETMHEQIRXIHIXIVRS%QE^SREWYQEJPSXMPLERYQIVSWE

IIJMGE^IQGEWSHIRIGIWWMHEHIHIGSRXIVSWRSWWSWZM^MRLSWTIVYERSW

SW UYEMWQYMXS QIXSHMGEQIRXI I GSQ XSHEWEWTSWWÑZIMW VIWIVZEW WI

ZÇSEVQERHSxRSIRXERXSETVS\MQERHSWISTIVÑSHSHIRIKSGMEËÙIW

HIGMWMZEW WSFVI E RSWWE UYIWXÇS HI PMQMXIW wIWXEQSW RE %QE^ØRME

IQGSRHMËÙIWHIMRJIVMSVMHEHIUYILÇSHIXSVREVQEMWMRXVERWMKIRXIW

SW RSWWSWGSRXIRHSVIWx



)QFSVE RE -RKPEXIVVE JSWWI FSQ S ERHEQIRXS HSW REZMSW HS

4VSKVEQE HI  I HI WIY TSWWERXI EVQEQIRXS E 6MS &VERGS S

UYIMRXIVIWWEZE HI MQIHMEXSIVEQ SWREZMSWJPYZMEMW E UYIQIVIJIVM



RS MRÑGMS HIWXI XVEFEPLS I LEZMEQ WMHS SFNIXS HE GSVVIWTSRHÎRGME

HIPI GSQ %PI\ERHVMRS RS MRÑGMS HI  ,EZME UYI WSPYGMSREV E

TIRHÎRGME GSQ S 4IVY S UYI W× ZMVME E WIV GSRWIKYMHS IQ  HI

WIXIQFVS HI   %XÍ EUYIPE HEXE TEWWSY 6MS &VERGS E FEXIVWI

IQ HYEW JVIRXIW TSMW>IFEPPSW RÇS HIWGERWEZE HIWIYW TVST×WMXSW I

FYWGEZE E XSHS GYWXS EVQEV E %VKIRXMRE I MRWMWXME IQ GVMXMGEV

WIZIVEQIRXI S 4VSKVEQE 2EZEP HI 

-WWSPIZSY%VQERHS&YVPEQEUYMHI0SRHVIWÄ-XÅPMETEVEZMWMXEV

E JMVQE 3VPERHS HI 0MZSVRS HEUYEP E %VKIRXMRE XIRXEZE EHUYMVMV

SWGVY^EHSVIW4MWEI%QEPJMUYIIWXEZEQIQGSRWXVYËÇSTIPE3VPERHS

TEVEE1EVMRLEMXEPMERELEZMEEMRHEYQXIVGIMVSGVY^EHSVREGEVVIMVE

UYITVSZEZIPQIRXIWIVMEPERËEHSESQEVIQHSMWQIWIWIWXEZEIPIÄ

ZIRHE I &YVPEQEUYM EGLSY UYI GSQS RÇS XMRLE EMRHE TEZMPLÇS

wFIQ TSHIGEMV WSFSEVKIRXMRSWIUYEMWUYIVGMVGYRWXÆRGMEWHIWYE

TSPÑXMGE SFVMKEVIQRS E XSQEV TVIGEYËÙIW HI HIJIWE MQIHMEXEx



3 KÎRMS HI 6MS &VERGS MQIHMEXEQIRXI EXMREVE GSQ EW HSVIW

HI GEFIËE UYI >IFEPPSW GIVXEQIRXI PLI XVEVME TIPS UYI HIWPSGSY

(SQÑGMS HE +EQE HI WYE MRXIMVE GSRJMERËE HI 0MQE TEVE &YIRSW

%MVIWISYXVSHSWWIYW+EWXÇSHE'YRLETEVE%WWYRËÇS

)RUYERXS MWWS SGSVVME TVITEVEZEWI E %VQEHE FVEWMPIMVE TEVE

VIGIFIV WIYW RSZSW I TSHIVSWSW REZMSW RS MRÑGMS HI  S :MGI

%PQMVERXI.SÇS.YWXMRSHI4VSIRËEWSPMGMXSYERSWWE0IKEËÇSIQ0SRHVIW

UYISFXMZIWWIZME*SVIMKR3JJMGIwSWVIKYPEQIRXSW?HE6S]EP2EZ]A

UYI VIKIQ EW I\TIVMÎRGMEW E UYIWÇS WYFQIXMHSW SW HIWXVS]IVW ERXIW

HI EGIMXSW TIPEW EYXSVMHEHIW REZEMWx %RXIWHI EXIRHIVES TIHMHS S

%PQMVERXEHS FVMXÆRMGS HIWINEZE WEFIV UYEP S RÞQIVS HI REZMSW IQ

GSRWXVYËÇSWISEVQEQIRXSTVMRGMTEPIVEHIxSYxEZIPSGMHEHI

REW I\TIVMÎRGMEW I S XMTS HEWQÅUYMREW



0SKSIQHIQEMSZIMSEVIWTSWXEHI%PI\ERHVMRSSWGSYVEËEHSW

WIVMEQ XVÎW HSMW NÅ IQ GSRWXVYËÇS I S XIVGIMVS E WIV MRMGMEHS IQ

 SW GERLÙIW WIVMEQ HI x E ZIPSGMHEHI R×W EW QÅUYMREW

HSW HSMW TVMQIMVSWWIVMEQ VIGMTVSGEXMZEW I E HS XIVGIMVS XYVFMRE



'SQIËEVEQ RE SGEWMÇS E GSVVIV FSEXSW HI UYI S KSZIVRS

FVEWMPIMVSZIRHIVMESWIRGSYVEËEHSWIRXÇSIQGSRWXVYËÇSIQ&EVVS[

MR*YVRIWWTIPE:MGOIVWIIQ2I[GEWXPISR8]RITIPE;'%VQWXVSRK

;LMX[SVXL FSEXSW UYI JSVEQ PSKS HIWQIRXMHSW TSV RSWWE 0IKEËÇS



IQ0SRHVIWIQRSXEESGSRGIMXYEHS8MQIW6MS&VERGSQERXMHSE

TEV HSUYIME SGSVVIRHSEVIWTIMXSHEWGSRWXVYËÙIWIQ ERHEQIRXS

WIQTVI XVERWJIVME EW MRJSVQEËÙIW E%PI\ERHVMRS S QIWQS SGSVVME

GSQVIPEËÇSEFSEXSWIMRXVMKEWUYIWIJE^MEQRE%QÍVMGEHS2SVXI

WSFVISQIWQSEWWYRXSRS%VUYMZSHS-XEQEVEX]IRGSRXVEQWIG×TMEW

HSW QÞPXMTPSW SJÑGMSW WSFVI S XIQE MRGPYMRHS VIGSVXIW HI NSVREMW

UYI TYFPMGEZEQ EUYIPIW FSEXSW I MRXVMKEW

8ERXEWJI^>IFEPPSWTEVEE^IHEVEWVIPEËÙIWEVKIRXMRSFVEWMPIMVEW

UYI %PGSVXE EGEFSY TSV HMWTIRWÅPS HS GEVKS RSQIERHS IQ WIY

PYKEV :MXSVMRS 0E 4PE^E 5YERHS (SQÑGMS HE +EQE ETVIWIRXSY

GVIHIRGMEMW >IFEPPSW NÅ HIM\EVE S 1MRMWXÍVMS QEW RÇS IWQSVIGIVE

WYEJÞVMETERJPIXÅVMETSVMWWS(SQÑGMSEGSRWIPLSYS&EVÇSEQERXIV

S WMPÎRGMS GSQS E QIPLSV QERIMVE HI RIYXVEPM^ÅPS



1EP VIGIFIVE IWWE GEVXE IWXSYVSY GSQS YQE FSQFE S GEWS

GÍPIFVIHSXIPIKVEQER

FEWXERXIGSRLIGMHSTEVEWIVEUYMXVEXEHS

% EËÇS TVSRXE LSRIWXE I MRXIPMKIRXÑWWMQE HI 6MS &VERGS

HIJMRMXMZEQIRXI EVVEWSY >IFEPPSW

)QFSVE HIWJIMXE E JEPWMJMGEËÇS JMGEVEQ GMGEXVM^IW TIPS UYI

(SQÑGMS HE +EQE WIQTVI EXIRXS ETVIWWSYWI IQ TEVXMGMTEV E 6MS

&VERGSUYIEIWUYEHVEEVKIRXMREGVY^EVMEEWGSWXEWHS&VEWMPITIHMY

PLI UYIRÇSGSRWMHIVEWWI EW QERSFVEWGSQSTVSZSGEËÇS

(MWWSHIYGMÎRGMES&EVÇSES%PQMVERXI%PI\ERHVMRSIQSJÑGMS

UYIGSRGPYMYGSQWIRWEXSWISTSVXYRSWGSRWIPLSWHITSMWHIEJMVQEV

UYIwRSWWEWVIPEËÙIWGSQEUYIPIKSZIVRSIWXÇSIQFSQTÍHITSMWHE

VIXMVEHE HS 7V >IFEPPSW I SRXIQ JSM ETVSZEHS YRERMQIQIRXI RE

'ÆQEVEHSW(ITYXEHSWSXVEXEHSHIEVFMXVEQIRXSKIVEPIRXVIS&VEWMP

I E %VKIRXMRE)RXVIXERXS ETIWEV HI RÇS LEZIVIQ QMRLESTMRMÇS

QSXMZSEPKYQTEVEVIGIEVQERMJIWXEËÙIWMRGSRZIRMIRXIWIHIWEKVEHÅZIMW

ÍXEPZI^TVYHIRXIUYIQYMHMWGVIXEQIRXIWIQUYISWVIT×VXIVIWHI

NSVREMW WINEQ MRJSVQEHSW ETVSZIMXIQSW S IRWINS TEVE I\IVGÑGMSW

QMPMXEVIWHI HIJIWEXIRHSFIQTVITEVEHEWEWJSVXEPI^EW HS4SVXSHS

6MSHI.ERIMVSEWXSVTIHIMVEWISWIPIQIRXSWHIUYIHMWTSQSWQEW

WIQRIRLYQE SWXIRXEËÇS IWIQ MRJSVQEËÇSESWNSVREMW

(IWWEW QIHMHEW TSHIVÑEQSW XVEXEV LSNI RS HIWTEGLS GSQ S

4VIWMHIRXIx



%ZM^MRLEZEWISERSHIUYERHSWIVMEWSPYGMSREHSRSWWS

ÞPXMQS TVSFPIQE HI JVSRXIMVEW SW GVÍHMXSW TEVE S VIEVQEQIRXS



EVKIRXMRS WIVMEQ ETVSZEHSW XVERUàMPM^ERHS EPKS E STMRMÇS TÞFPMGE

TSVXIRLE6SUYI7ÅIRW4IÕEWIVMEIPIMXS4VIWMHIRXIIJEVMEETSXI×XMGE

ZMWMXE ES &VEWMP wXYHS RSW YRI REHE RSW WITEVEx GSQIËEVMEQ E

GLIKEV SW TVMQIMVSW REZMSW HS 4VSKVEQE 2EZEP HI  EPKYRW

GSRXVEXSVTIHIMVSW HSW  GSRWXVYÑHSW HE GPEWWI 4EVÅ

6MS&VERGSET×WMRWEREPYXEUYIPLIPIZEVEEWEÞHITIPSFIQ

HETÅXVMEIWGVIZIYPSRKEGEVXEEWIYFSQEQMKS(SQÑGMSHE+EQE

UYIXERXSSXMRLEEY\MPMEHSRSXEHEQIRXIIQ0MQEI&YIRSW%MVIW

RE WSPYËÇS HI HMJMGÑPMQSW TVSFPIQEW HMTPSQÅXMGSW TEVE SW UYEMW

RIGIWWMXEZEJSVXIVIWTEPHSQMPMXEVQEWRÇSSSFXMZIVEXIQTIWXMZEQIRXI

ETIWEVHSETSMSUYIGSQWIYKMKERXIWGSVIRSQIIGSRGIMXSHIVEESW

1MRMWXVSW QMPMXEVIW QIWQS EWWMQ RÇS JSVE GSRWYPXEHS REW HYEW

MRZIWXMHEWHE1EVMRLETEVEVIRSZEVWYEJSVËEREZEP

%GEVXEUYIEUYMXVERWGVIZSREÑRXIKVEÍEQEMWGEFEPTVSZEHS

MRXIVIWWIHS&EVÇSHS6MS&VERGSzSQEMSVFVEWMPIMVSHSWÍGYPS<<

RÇSXIQSEJMVQEVzTSVRSWWEHIJIWEIHIWYEMRGSQTEVÅZIPZMWÇSHI

GSQS HIZIVMEQ WIV IWXVYXYVEHEW EUYIPEW JSVËEW QMPMXEVIW

2ÇSHIQSVEVMEGSQE4VMQIMVE+YIVVE1YRHMEPJMGEVTVSZEHS

UYIS 4VSKVEQE2EZEP HI RÇS IVESQIPLSV TEVES TEÑW TSMW

PSKSWIXSVRSYWYTIVEHSISWKMKERXIWGSWIRGSYVEËEHSW1MREW+IVEMW

I7ÇS4EYPSNEQEMWWIVMEQYXMPM^EHSWGSQSZEWSWHIKYIVVERSWGSRJPMXSW

I\XIVRSW IQ UYI S &VEWMP WI IRZSPZIY )MW S HIWEFEJS HS &EVÇS I

EXIRXIQ SW PIMXSVIW TEVE WYE GSVVIXÑWWMQE ZMWÇS

w%S7V(SQÑGMSHE+EQE

6MS  HI (I^IQFVS HI 

'EVSEQMKSI7V+EQE

8IRLSETVIGMEHSQYMXSEWWYEWGEVXEWIIWTIVSEUYIQIERYRGME

RS WIY XIPIKVEQQE  I HIZIGLIKEV EQERLÇTIPS %ZSR

)WXEQSW HI EGSVHS IQ XYHS QEW IYRÇS XIRLS RIWXI RSWWS

QIMS I RE WMXYEËÇS IQ UYI RSW EGLEQSW E PMFIVHEHI HI TVSGIHIV

UYIS7IRLSVTEVIGIWYTSV

5YERXS ES R 

34EM^%2SXÑGMEI%+E^IXEWIQTVÍZMEGSRWYPXEHIVEQPSKS

EVXMKSWHM^IRHSUYIFEWXEZEETYFPMGEËÇSJIMXERS(MÅVMS3JMGMEPTEVE

UYI JMGÅWWIQSW HIWEJVSRXEHSW RÇS LEZIRHS QSXMZS TEVE UYI

IWTIVÅWWIQSWSYTIHÑWWIQSWI\TPMGEËÙIW2SQIWQSWIRXMHSQIJEPSY



(EZMH 'EQTMWXE S TVSZÅZIP JYXYVS 4VIWMHIRXI 3 EXYEP JEPSYQI

QYMXSEQMKEZIPQIRXIRSMRGMHIRXIWIYGSQ0E4PE^EHS.SGOI]'PYF

EGLERHSUYIS7IRLSVWII\EPXEVEIUYITEVXMGYPEVQIRXIIYPLIJM^IWWI

RSXEV E GSRZIRMÎRGME HI QSWXVEVWI WIQTVI GEPQS IQFSVE JIVMRS

4IRWS XEQFÍQ UYI S JSVXMXIV MR VI WYEZMXIV MR QSHS Í E VIKVE UYI

HIZIQSWSFWIVZEV

3RXIQXEQFÍQQYMXSEQEZIPQIRXIS4VIWMHIRXIEGLSYJSVXIW

HIQEMW EW HYEW ÞPXMQEW w:ÅVMEWx HI 3 .SVREP E HI SRXIQ GSRXVE E

IUYMZEPÎRGMEIEERXIVMSVGSRXVE0E4PE^EGVIMSUYIRSHMEWSFVI

E TYFPMGEËÇS HE MRXIVZMI[ 6IKMW

5YERXSES RSWWSIWXEHS HI HIJIWE

 S QEMW PEWXMQÅZIP TSWWÑZIP

,ÅHMEWZIVMJMGSYWIUYIERSWWEJVEUYÑWWMQEIWUYEHVEIWXÅUYEWI

WIQQYRMËÙIWTEVEGSQFEXI8IPIKVEJSYWITIHMRHSÄ-RKPEXIVVEGSQ

YVKÎRGME IWWI IPIQIRXS MRHMWTIRWÅZIP TEVE EPKYQE LSRVSWE EMRHE

UYIMRÞXMPVIWMWXÎRGME4VIZIRHSUYIRSTIVÑSHSHEWRSZEWGSRWXVYËÙIW

TSHIVME S XVIWPSYGEHS +SZIVRS %PGSVXE TIRWEV IQEPKYQE EKVIWWÇS

ES &VEWMP z MHÍME IWWE HMWGYXMHE IQ &YIRSW %MVIW LÅ HSMW ERSW z

TIHMES4VIWMHIRXI6SHVMKYIW%PZIWGSQSIRXÇS1MRMWXVSHE1EVMRLE

2SVSRLE E GSQTVE HI YRW REZMSW HI KYIVVE MRKPIWIW GSQTVE UYI

RSW HEVME PSKS IWUYEHVE WYTIVMSV Ä EVKIRXMRE TSRHSRSW ES EFVMKS

HIUYEPUYIVTVIQIHMXEHSMRWYPXS2EHEGSRWIKYM,ÅQIWIWVIKYPERHS

QITSVMRHMGEËÙIWHIYQFIQMRJSVQEHSSJMGMEPHE1EVMRLETVSTYW

EGSQTVEMQIHMEXEHI HSMW REZMSWHE %VQEHE MRKPIWE 34VIWMHIRXI

%JSRWS 4IRE IWXEZE MRGPMREHS E IWWE TVSTSWXE QEW S QIY GSPIKE

%PI\ERHVMRS HI %PIRGEV QSWXVSYWI HIGMHMHEQIRXI GSRXVÅVMS E IPE

VIGIERHS UYI ZMIWWI TVINYHMGEV E MRXIMVE I\IGYËÇS HS WIY TVSKVEQE

HI REZMSW QEMW QSHIVRSW ITIVJIMXSW

4SVXIVVERÇSIWXEQSWIQQIRSWHITPSVÅZIMWGSRHMËÙIW0MRLEW

XIPIKVÅJMGEWIQGSRWXVYËÇSIWXVEHEWHIVSHEKIQGEQMRLSWHIJIVVS

QMWIVÅZIMWTMGEHEWXYHSÍIWXVEXÍKMGS%WFVMKEHEWRERSZESVKERM^EËÇS

HS )\ÍVGMXS XEQFIQ WÇSGLEQEHEW EKSVEIWXVEXÍKMGEW )GSQXYHS

MWWSREHEXIQSW)QEVXMPLEVMETSVUYIMRWMWXMQYMXSIQUYERHS

S 4IVY IRGSQIRHSY WIMW FEXIVMEW HI WIMW GERLÙIW HI XMVS VÅTMHS

JM^IQSW MKYEP IRGSQIRHE 8IQSW TSVXERXS ETIREW  GERLÙIW

QSHIVRSW HI GEQTERLE I IRGSQIRHEQSW EKSVE  SY  FEXIVMEW



HI UYEXVS *MGEVIQSW GSQ  GERLÙIW 3W EVKIRXMRSW NÅ XÎQ JSM

HMXSREHMWGYWWÇSISTVSNIXSQEMWQSHIVEHSUYIÍHS7IREHS

EVKIRXMRS QERHEZE IRGSQIRHEV QEMW  FEXIVMEW HI WIMW MWXS Í

QEMW  GERLÙIW

4SV QEMW UYI IY TIËE ESW 1MRMWXÍVMSW QMPMXEVIW UYI KYEVHIQ

VIWIVZE WSFVI SW QIPLSVEQIRXSW IQTVIIRHMHSW XYHS Í PSKS HEHS E

TÞFPMGS TIPSW VIT×VXIVIW UYI TEWWEQ S HME RIWWEW 6ITEVXMËÙIW  S

WMWXIQE HS FSQFS GSQ UYI EPEVQEQSW SW ZM^MRLSW TVSHY^MRHS E

MQTVIWWÇS HI UYIRSW EVQEQSW EXÍ SW HIRXIW UYERHS E ZIVHEHI Í

UYIQYMXSTSYGSJE^IQSWIGSQKVERHIPIRXMHÇSIIRSVQIHIWTIWE

2EWZM^MRLERËEWHI-UYMXSWSWTIVYERSWXÎQGERLÙIWHIXMVSVÅTMHS

UYI TSHIQ JEGMPQIRXI WIKYMV TIPS 9GE]EPI TEVE SW ZEVEHSYVSW HS

.YVYÅIHS4YVYW2×WRÇSXIQSWYQW×RS%QE^SREW

)QXEMWGSRHMËÙIWGSQTVIIRHIS7IRLSVSEFSVVIGMQIRXSUYI

WMRXS I EW TVISGYTEËÙIW UYI XIRLS 7× RSW EQTEVEQ EMRHE E JSVËE

QSVEPISERXMKSTVIWXÑKMSUYIRSWVIWXEQHSWXIQTSWNÅVIQSXSWIQ

UYI LEZME TVIZMHÎRGMERIWXE XIVVE

8IRLSIWXEHSIQGSVVIWTSRHÎRGMEGSQ.SEUYMQ2EFYGSUYI

W×RIWXIWÞPXMQSWHMEWJMGSYGSQTVIIRHIRHSEKVEZMHEHIHEWMXYEËÇS

IGSRZIVWSYGSQ6SSX4VITEVIMQITEVESTMSVTEVESGEWSHIXIVQSW

HI VIXMVEV E RSWWE 0IKEËÇS HEÑ QERMJIWXERHSRSW UYIM\SWSW HEW

QERMJIWXEËÙIW MREQMWXSWEW UYI XIQSW VIGIFMHS

% VIWTSWXE JSM IWXE  HI (I^IQFVS

w-FIK]SYWE]&EVSR6MS&VERGS+SZIVRQIRX97WMRGIVIP]

LSTIW XLIVI [MPP FI RS SGGEWMSR JSV [MXLHVE[EP SJ &VE^MPMER

VITVIWIRXEXMSRJVSQ%VKIRXMREFYXMJHITPSVEFPIIZIRXWLSYPHSGGYV

97[SYPHGSRWMHIVERLSRSVTIVJSVQSJJMGIJVMIRHWLMTMRHMVIGXMRK

MXW VITVIWIRXEXMZI XS XEOI GLEVKI SJ FVE^MPMER EVGLMZIW ERH FVE^MPMER

MRXIVIWXW MR %VKIRXMREx

'SRZÍQIWXVIMXEVVIPEËÙIWGSQS1MRMWXVSEQIVMGERSIKERLEV

EWYEGSRJMERËETEVEUYIIPIRÇSWIHIM\IMRJPYIRGMEVTIPEEXQSWJIVE

HI×HMSITVIZIRËÙIWGSRXVES&VEWMPIQUYI ZMZI(IZSMRJSVQÅPS

HIUYIHMEWERXIW6SSXWISJIVIGIVEE2EFYGSTEVEXVEXEVHEIUYMZEPÎRGME

REZEP

2ÇSWII\EPXIRYRGEEÑ%JIXIEQEMSVGEPQE-WWSRÇSJMGEQEP

E RMRKYÍQ



%KSVEQIWQSWEMHEUYMYQSJMGMEPHE1EVMRLEUYIQIXVSY\I

HIWEKVEHÅZIP RSXÑGME MKRSVEHE TSV %PI\ERHVMRS HI %PIRGEV I TSV

QMQ3'EQTMWXEHMWWIPLIUYIXVEFEPLETEVEUYIWIZIRHEÄ-RKPEXIVVE

SWIKYRHS(VIEHRSYKLX3XIVGIMVSEMRHERÇSIWXÅGSQIËEHSETIWEV

HI SIWXEPIMVS WI SJIVIGIV TEVE GSQIËÅPS HIWHI NÅ WIQ HIWIQFSPWS

TEVESKSZIVRSERXIWHEHEXETVMQMXMZEQIRXIMRHMGEHETEVESGSQIËS

HS XVEFEPLS

7I GIHIQSW Ä -RKPEXIVVE S WIKYRHS IRGSYVEËEHS JMGEVIQSW

HIWQSVEPM^EHSW8SHS S QYRHS HMVÅ I E %VKIRXMRE IWTEPLEVÅ UYI

GIHIQSW ÄTVIWWÇS HSKSZIVRSHI&YIRSW%MVIW

,SNIMVIMJEPEV RMWWS ES 4VIWMHIRXI

7EFI GSQS EW GSMWEW WI TEWWEQ EUYM 2S HIWTEGLS GSPIXMZS

GEHE 1MRMWXVS XVEXE GSQ S 4VIWMHIRXI 3W SYXVSW GSRZIVWEQ 4SV

MWWS W× GLIKS RS JMQ HS HIWTEGLS 3W EWWYRXSW QEMW MQTSVXERXIW

WÇSXVEXEHSWGSQS4VIWMHIRXIJSVEHS HIWTEGLS

2ÇS JYM SYZMHSWSFVIS TVMQIMVS TPERSREZEPRIQ XEQTSYGS

WSFVI S WIKYRHS 4IPS TVMQIMVS XIVÑEQSW WIMW IRGSYVEËEHSW TIPS

WIKYRHS HIZIVÑEQSWXIV XVÎW QYMXS QEMSVIW 'SQ MWWS I S FEVYPLS

UYIWIJI^REMQTVIRWEEWWYWXEQSWE%VKIRXMRE'SQWIMWIRGSYVEËEHSW

QIRSVIW IWXEVÑEQSW QIPLSV 4SHIVMEQ STIVEV RS 6MS HE 4VEXE 7I

TIVHÎWWIQSWYQSYHSMWIQGSQFEXIJMGEVMEQUYEXVSSYGMRGSTEVE

GSQFEXIV)GSQSWXVÎWQSRWXVSW#(IWEVVERNEHSWSYHIWXVYÑHSWHSMW

JMGEVIQSW ETIREW GSQ YQ

2ÇS GSRGSVVMTEVEE EHSËÇSHIWWIWTPERSW1EWEHSXEHSYQ

I HITSMW HI XSHS S VYÑHS JIMXS HS RSWWS PEHS I HEW EQIEËEW HSW

×VKÇSWHSEXYEPKSZIVRSEVKIRXMRSIRXIRHSUYIVIGYWEVQSHMJMGERHS

S TPERS Í YQ ZIVKSRLSWS HIWEWXVI I YQ KSPTI QSVXEP RS RSWWS

TVIWXÑKMS

:SYZIVWI TSWWSGSRNYVEV IWWITIVMKS QEWRÇS XIRLS KVERHI

IWTIVERËE HI WIV FIQWYGIHMHS % TVISGYTEËÇS HS 4VIWMHIRXI I HS

'EQTMWXE Í E WMXYEËÇS JMRERGIMVE +EWXEVEQWI QMPLEVIW HI GSRXSW

GSQ E HIWRIGIWWÅVME )\TSWMËÇS 2EGMSREP I SYXVEW GSMWEW % VIRHE

EHYERIMVEHIGVIWGIY7×WITIRWELSNIIQIGSRSQMEWIIQEYQIRXEV

SW NÅ LSVVSVSWSW MQTSWXSW WIQ VIJPIXMV UYI E VIRHE EYQIRXEVME WI

VIHY^ÑWWIQSW SW HMVIMXSW EHYERIMVSW WSFVI QYMXSW TVSHYXSW UYI S

TSZS RÇS TSHIGSQTVEVEKSVEIGSQTVEVME EQERLÇWIIWWIWHMVIMXSW

JSWWIQVIHY^MHSW



2ÇS LÅXIQTS TEVEQEMWLSNI

3WXIPIKVEQEWGMJVEHSWHIQEMWMQTSVXÆRGMEIJVERUYI^EÍQIPLSV

UYI SWQERHI TEVE UYI S'YRLE SW XVERWQMXE HI 1SRXIZMHÍY 9Q

IWXVERKIMVSUYIEUYMIWXIZISRXIQQSWXVSYQIEJEGMPMHEHIGSQUYI

SWTSHI HIGMJVEV

:SYTIRWEVIQEPKYQEGSQFMREËÇSUYIHMJMGYPXIEHIGMJVEËÇS

6IGIFM GEVXEHI 0EVVIXEIQ UYIEKVEHIGISUYISFXMZITEVES

GEWSHS&ERGS)WTEÕSPIJEPERS7IRLSVGSQQYMXSIPSKMS

7IQTVI WIY

6MS &VERGSx



'32'097¹)7

5YERHS S &EVÇS HS 6MS &VERGS EWWYQMY S 1MRMWXÍVMS HEW

6IPEËÙIW)\XIVMSVIWRSMRÑGMSHIHI^IQFVSHIERXIZMES+SZIVRS

6SHVMKYIW%PZIWWÍVMSWTVSFPIQEWHIJVSRXIMVEWGSQHYEW6ITÞFPMGEW

UYIGSRJMREZEQGSQS&VEWMPE&SPÑZMEIS4IVY

3&EVÇSUYIGSQXERXSFVMPLSIWEFIVHIJIRHIVESTEÑWREW

EVFMXVEKIRW HI 4EPQEW %VKIRXMRE I +YMERE *VERGIWE *VERËE RÇS

HIWINEZEREWRSZEWRIKSGMEËÙIWVIGSVVIVESEVFMXVEQIRXSTVIJIVMRHS

ERIKSGMEËÇS HMVIXE GSQEW HYEW6ITÞFPMGEWXEPZI^ REWYTSWMËÇSHI

UYIEEVFMXVEKIQWIVMEHIQSVEHEISWEVKYQIRXSWLMWX×VMGSKISKVÅJMGSW

RÇSJSWWIQFEWXERXIWIKYVSWTEVE PIZEVS&VEWMP WIQHMJMGYPHEHIWE

WSPYËÙIW MRWSJMWQEZIPQIRXI ERSWWSJEZSV

(IWGEVXEHEEEVFMXVEKIQILEZIRHSXERXSE &SPÑZME UYERXSS

4IVYTVIXIRHMHSVIGSVVIVÄWEVQEW E&SPÑZMETEVE I\TYPWEV 4PÅGMHS

HI 'EWXVS I WIYW GSQTERLIMVSWHSW XIVVMX×VMSW EGVIERSW UYILEZMEQ

SGYTEHSMKYEPQIRXITIPEJSVËEHEWEVQEWS4IVYRÇSEGIMXERHSS

8VEXEHS HI 4IXV×TSPMW EJMVQEZE UYI RIPI LEZMEQ WMHS RIKSGMEHEW

XIVVEW UYI TSV HMVIMXS PLI TIVXIRGMEQ

2IGIWWMXEZEEWWMQ6MS&VERGSHIWHISMRÑGMSHIWYEKIWXÇSRS

1MRMWXÍVMSHSVIWTEPHSHEWRSWWEW*SVËEW%VQEHEW1EVMRLEI)\ÍVGMXS

TSVXERXS

-RJIPM^QIRXI E %VQEHE TIPE ZS^ HI WIY TV×TVMS 1MRMWXVS

%PQMVERXI .ÞPMS 'Í^EV HI 2SVSRLE IWXEZE ET×W EW XYVFYPÎRGMEW HE

6IZSPXE HE %VQEHE IQ TVIGEVÑWWMQS IWXEHS UYIV IQ WIY QEXIVMEP



JPYXYERXIUYIVRSEHIWXVEQIRXSIQSVEPHIWYESJMGMEPMHEHI%WTSYGEW

EUYMWMËÙIW HI REZMSW UYI WI LEZMEQ JIMXS RÇS XMRLEQ SFIHIGMHS E

YQTPERSEHIUYEHSIWXERHSPSRKIHIVIWXEFIPIGIVSTVIWXÑKMSUYIE

1EVMRLE MQTIVMEP WIQTVI KS^EVE

2ÇS QYMXSHMJIVIRXI IVEEWMXYEËÇSHIRSWWS)\ÍVGMXS

'SQWYEPEVKEZMWÇSIEI\TIVMÎRGMEEHUYMVMHERSWPSRKSWERSW

IQ UYI WIVZMVE RE -RKPEXIVVE TIVGIFIY 6MS &VERGS UYI UYEPUYIV

TPERSREZEPTSVQIPLSVUYIJSWWIPIZEVMEERSWTEVEWIVIPEFSVEHSI

EMRHESYXVSWTEVEUYIJSWWIQGSRWXVYÑHSWSWREZMSWHIPIHIGSVVIRXIW

)QJEGIHMWWSMRMGMSYS&EVÇSZIVHEHIMVEGEXIUYIWINYRXSE2SVSRLE

IÄSJMGMEPMHEHIREZEPTEVEUYIS&VEWMPPSKSEHUYMVMWWISWQIPLSVIW

REZMSW IRXÇS RS QIVGEHS MRHMGERHSSW WIKYMHEQIRXI ES 1MRMWXVS

HE 1EVMRLE -RJIPM^QIRXI 6MS &VERGS RÇS GSRWIKYMY GSRZIRGIV

2SVSRLEIUYERHSIWXIUYEXVSERSWHITSMWXVERWJIVMYS1MRMWXÍVMS

ES %PQMVERXI %PI\ERHVMRS *EVME HI %PIRGEV RIRLYQE IRGSQIRHE

JSVE JIMXE I NÅ WI HMWGYXMEQ E ZEPMHEHI HS 4VSKVEQE HI  I E

RIGIWWMHEHI HI QSHMJMGÅPS IQ JEGI HM^MEWI HSW IRWMREQIRXSW

GSPLMHSW RE +YIVVE 6YWWS.ETSRIWE 

2SZSWIWXYHSWSFZMEQIRXIGSQEWGSVVIWTSRHIRXIWHIPSRKEW

GSRHY^MVEQE1EVMRLEESEQFMGMSWS4VSKVEQEHISY4VSKVEQE

%PI\ERHVMRS GSQ MWWS HSW XVÎW REZMSW GETMXEMW XMTS HVIEHRSYKLX

HI UYI HIZIVME GSRWXEV  S TVSKVEQE HSMW PIZEVEQ UYEXVS ERSW EXÍ

ETSVXEVIQES6MSHI.ERIMVSISXIVGIMVSHIPIWJSMZIRHMHSUYERHS

EMRHE IWXEZE RE -RKPEXIVVE

2SQIMSXIQTSS&EVÇSHS6MS&VERGSIWXIZIÄWZSPXEWGSQE

UYIWXÇSTIVYEREIEEKVIWWMZMHEHIHSEVKIRXMRS)WXERMWPES>IFEPPSW

WIQUYIHMWTYWIWWIHI*SVËEW%VQEHEWEHIUYEHEWTEVEVIWTEPHEVWYE

EËÇSIQFSVEGSRWXERXIQIRXIVIGPEQEWWINYRXSESW1MRMWXVSWQMPMXEVIW

E VIWTIMXS HI RSWWEW IRSVQIW HIJMGMÎRGMEW I SW TIVMKSW UYI GSVVMEQ

EWKIWXÙIWUYIIJIXYEZEWMQYPXERIEQIRXIGSRXMRYSYEETSRXEVREZMSW

HMWTSRÑZIMWTEVEEUYMWMËÙIW IEQERIMVEQEMWVÅTMHE I IJMGMIRXITEVE

JE^ÎPEWEZIRXERHSQIWQSELMT×XIWIHIEUYMWMËÇSERXIWHEETVSZEËÇS

HS GVÍHMXSTIPS'SRKVIWWSTSMWIWXEZEWIKYVS HI UYIESFXIVME XÇS

JSVXIW IVEQ WIYW EVKYQIRXSW

*IPM^QIRXI TEVE S &VEWMP KVEËEW ESW KMKERXIWGSW HSXIW

HMTPSQÅXMGSW HS&EVÇS HS6MS &VERGSXERXSSWPMQMXIWGSQS4IVY



UYERXSEEKVIWWMZMHEHIHI>IFEPPSWJSVEQVIWSPZMHSWQIWQSGSQSW

TVIGÅVMSWQIMSWQMPMXEVIWUYITSWWYÑEQSWWIQUYILSYZIWWISVIGYVWS

ÄW EVQEW

3 4VSKVEQE HI  z HMKEWI UYI E TIVWTIGXMZE HS XIQTS

RSW QSWXVE UYI S HI  IVE FIQ QEMW GSQTEXÑZIP GSQ RSWWEW

RIGIWWMHEHIWHEÍTSGEzJSMXÇSEQFMGMSWSUYIHYVERXIEPKYQXIQTS

XMZIQSW SW QEMSVIW IRGSYVEËEHSW HS QYRHS 1MREW +IVEMW I 7ÇS

4EYPS(IPIVIWXSYEPMËÇSUYIJIPM^QIRXIXIQRSVXIEHSE1EVMRLE

HSRSWWSXIQTSWIYWQIMSWJPYXYERXIWHIZIQWIVWIQTVIGSQTEXÑZIMW

GSQEWQMWWÙIWTVIZMWÑZIMWIWIYWREZMSW HMQIRWMSREHSWHIJSVQEE

QERXIVIQWIGSRWXERXIQIRXISTIVEXMZSWIWYEWXVMTYPEËÙIWEPXEQIRXI

EHIWXVEHEW GSQ SW VIGYVWSW HMWTSRÑZIMW IQ WIY SVËEQIRXS 4SV XEP

VE^ÇSXIQTETIPJYRHEQIRXEPSTVIWXÑKMSHS1MRMWXÍVMSHEW6IPEËÙIW

)\XIVMSVIWESXVEFEPLEVWIQTVIIQGSQYQEGSVHSGSQS1MRMWXÍVMS

HE (IJIWE TSMW XYHS S UYI GSRGIVRI Ä 1EVMRLE XEQFÍQ HIZI WIV

IWXIRHMHSES)\ÍVGMXSÄ*SVËE%ÍVIEI ERSWWETSPÑXMGEI\XIVMSV

4EVE UYI MWWS TSWWE EGSRXIGIV E STMRMÇS TÞFPMGE I WIYW

VITVIWIRXERXIW PIKÑXMQSWSW GSRKVIWWMWXEWHIZIQ WIVGSRXMRYEQIRXI

MRJSVQEHSWWSFVIEUYIPEWQMWWÙIWITSWXSWETEVHEWJSVËEWRIGIWWÅVMEW

E FIQ HIWIQTIRLÅPEW 'SRGPYS EWWMQ IWXI XVEFEPLS ZSPXERHS E

PIQFVEVSEJSVMWQSYWEHSTIPS&EVÇSHS6MS&VERGIWGVIZIRHSEWIY

GSPIKE %PQMVERXI %PI\ERHVMRS  7M ZMW TEGIQ

238%7

 3JÑGMS GSRJMHIRGMEP QMRYXE 4IXV×TSPMW HI QEVËS HI  HS

+EFMRIXIHS1MRMWXVS1MRMWXÍVMS6IPEËÙIW)\XIVMSVIW7IËÇS%VUYMZSHS-XEQEVEX]



 6MS&VERGSE7SYWE'SVVIMEHINERIMVSHI-R0MRW¥PZEVS6MS

&VERGSIH7ÇS4EYPS'SQTERLME)HMXSVE2EGMSREPZ%VUYMZS

HS-XEQEVEX]

 6MS&VERGS.SWÍ1EVMEHE7MPZE4EVERLSW&EVÇSHS3FVEWHS&EVÇSHS

6MS&VERGS(MWGYVWSW6MSHI.ERIMVS-QTVIRWE2EGMSREP

8VEXEWIHSÞPXMQSZSPYQIHEW3FVEWTVITEVEHEWTIPSLSNI)QFEM\EHSV6SFIVXS

%WWYQTËÇSHI%VEÞNS

 2IPEWTIVHIVMEEZMHESQEMWFVMPLERXISJMGMEPHE1EVMRLEHIWYEKIVEËÇS

S%PQMVERXI0YMW*MPMTIHI7EPHERLEHE+EQEQSVXSIQ'EQTSWHSW3W×VMSWRSW

I\XIVXSVIWHE6IZSPYËÇS*IHIVEPMWXEHINYRLSHI



 6IPEX×VMS1MRMWXÍVMSHI)WXEHSHSW2IK×GMSWHE1EVMRLE6MS

HI.ERIMVS-QTVIRWE2EGMSREP

 -HIQ

 -HIQ

 6MS&VERGSÄ0IKEËÇSHS&VEWMPIQ0E4E^IQVIWTSWXEÄWYKIWXÇSHS

1MRMWXVSHS)\XIVMSVFSPMZMERS)PMSHSVS:MPPE^×RUYILEZMETVSTSWXSEVFMXVEKIQTIPS

8VMFYREPHE,EME%VUYMZSHS-XEQEVEX]

 3JÑGMSVIWIVZEHSRHIHIEKSWXSHI1MRMWXÍVMS6IPEËÙIW

)\XIVMSVIW7IËÇS %VUYMZSHS-XEQEVEX]

 3JÑGMSGSRJMHIRGMEPHIHIQEVËSHIHI.ÞPMSHI2SVSRLEES

&EVÇSHS6MS&VERGS1MRMWXÍVMSHI)WXEHSHSW2IK×GMSWHE1EVMRLE%VUYMZSHS

-XEQEVEX]

 -HIQMFMHIQ

 3JÑGMS HIHIQEMSHIHS&EVÇSHS6MS&VERGSE.ÞPMSHI

2SVSRLE1MRMWXÍVMSHEW6IPEËÙIW)\XIVMSVIW%VUYMZSHS-XEQEVEX]

 6IPEX×VMSETVIWIRXEHSES4VIWMHIRXIHE6ITÞFPMGEHSW)WXEHSW9RMHSWHS

&VE^MPTIPS:MGI%PQMVERXI.ÞPMS'IWEVHI2SVSRLE1MRMWXVSHI)WXEHSHSW2IK×GMSWHE

1EVMRLEIQEFVMPHI1MRMWXÍVMSHI)WXEHSHSW2IK×GMSWHE1EVMRLE6MSHI

.ERIMVS-QTVIRWE2EGMSREP

 0MRW¥PZEVSSTGMXRERSXE

 3JÑGMSRHIHIWIXIQFVSHIHS1MRMWXVSHEW6IPEËÙIW

)\XIVMSVIW%VUYMZSHS-XEQEVEX]

 3JÑGMSRHIHIWIXIQFVSHIHS1MRMWXVSHI)WXEHS

HSW2IK×GMSWHE1EVMRLEES1MRMWXVSHEW6IPEËÙIW)\XIVMSVIW1MRMWXÍVMSHI)WXEHS

HSW2IK×GMSWHE1EVMRLE%VUYMZSHS-XEQEVEX]

 3JÑGMSVIWIVZEHS HS &EVÇS HS 6MS &VERGS E .ÞPMS  HI 2SVSRLE HI

SYXYFVSHI1MRMWXÍVMSHEW6IPEËÙIW)\XIVMSVIW%VUYMZSHS-XEQEVEX]

 0MRW¥PZEVSSTGMXRERSXE

 3JÑGMSVIWIVZEHSRHIHISYXYFVSHIHS&EVÇSHS6MS

&VERGSE.ÞPMSHI2SVSRLE1MRMWXÍVMSHEW6IPEËÙIW)\XIVMSVIW%VUYMZSHS-XEQEVEX]

 -HIQ

WIËÇS3JÑGMSR%VUYMZSHS-XEQEVEX]

 1MRMWXÍVMSHEW6IPEËÙIW)\XIVMSVIW3JÑGMSHIHIQEMSHIHS

&EVÇSHS6MS&VERGSE.ÞPMSHI2SVSRLE%VUYMZSHS-XEQEVEX]

 -HIQ3JÑGMSVIWIVZEHSHI



HIRSZIQFVSHIHS&EVÇSHS6MS

&VERGSE.ÞPMSHI2SVSRLE

 ,MWX×VME2EZEP&VEWMPIMVE6MSHI.ERIMVS7IVZMËSHI(SGYQIRXEËÇS

+IVEPHE1EVMRLEZX&

 4EVEEZMWMXEHS+IRIVEP6SGEES6MSHI.ERIMVSQYMXSGSRXVMFYMYWYE

IWXVIMXE EQM^EHI GSQ RSWWS 1MRMWXVS HE1EVMRLE %PQMVERXI 'EVPSW &EPXLE^EV HE

7MPZIMVE%STEVXMV6SGESJIVIGIYE&EPXLE^EVWYEFIPÑWWMQEIWTEHEGVEZINEHEHITIHVEVMEW

LSNIYQEHEWVIPÑUYMEWHS1YWIY2EZEP



 :MERE*MPLS0YM^%ZMHEHS&EVÇSHS6MS&VERGSIH7ÇS4EYPS

0MZVEVME1EVXMRW)HMXSVE

 3JÑGMSR

HIHIEFVMPHIHS&EVÇSHS6MS&VERGSE.ÞPMSHI

2SVSRLE1MRMWXÍVMSHEW6IPEËÙIW)\XIVMSVIW

7IËÇS%VUYMZSHS-XEQEVEX]

 -HIQ3JÑGMSR

HIHIQEMSHIHS&EVÇSHS6MS&VERGSE

%PI\ERHVMRSHI%PIRGEV%VUYMZSHS-XEQEVEX]

 -HIQ3JÑGMSVIWIVZEHSR

HIHISYXYFVSHIHS&EVÇSHS

6MS&VERGSE%PI\ERHVMRSHI%PIRGEV%VUYMZSHS-XEQEVEX]

 &YVPEQEUYM%VQERHS'EVXEE%PI\ERHVMRSHI%PIRGEVHIHIEFVMP

HI6SQE'×TMERS%VUYMZSHS-XEQEVEX]

 CCCC

7IËÇS3JÑGMSVIWIVZEHSR

 HIHIQEMSHIHS&EVÇS

HS6MS&VERGSE%PI\ERHVMRSHI%PIRGEV%VUYMZSHS-XEQEVEX]

 3JÑGMSR

HIHIQEMSHIHI%PI\ERHVMRSHI%PIRGEV

1MRMWXÍVMSHI)WXEHSHSW2IK×GMSWHE1EVMRLE%VUYMZSHS-XEQEVEX]

 +EQE(SQÑGMSHE'EVXEES&EVÇSHS6MS&VERGSHIHIWIXIQFVS

HI%VUYMZSHS-XEQEVEX]

 3JÑGMSGSRJMHIRGMEPWRHIHIRSZIQFVSHIHS&EVÇSHS6MS

&VERGSE%PI\ERHVMRSHI%PIRGEV1MRMWXÍVMS6IPEËÙIW)\XIVMSVIW%VUYMZSHS-XEQEVEX]

 6MS&VERGS.SWÍ1EVMEHE7MPZE4EVERLSW&EVÇSHS'EVXEE(SQÑGMS

HE+EQEHIHIHI^IQFVSHI

'×TMERS%VUYMZSHS-XEQEVEX]*SMTEVGMEPQIRXITYFPMGEHETSV0YM^:MERE

*MPLS STGMXRERSXE



6-3&6%2'3) % )1)6+®2'-% (3 %1&-)28)'-)28±*-'3

23 &6%7-0

632%0( 3 138% 7%6()2&)6+

3XIQEUYIQIJSMHMWXVMFYÑHSTIPSWSVKERM^EHSVIWÍWIQHÞZMHE

RSZSIMQTSVXERXITSVWIYZEPSVLMWX×VMGSITSPÑXMGS2IWXEGSRXVMFYMËÇS

RÇS IZSGEVIM ETIREW S --- 'SRKVIWWS 'MIRXÑJMGS 0EXMRS%QIVMGERS

VIEPM^EHSRS6MSHI.ERIMVSIQWSFEÍKMHIHS&EVÇSHS6MS

&VERGS6IJIVMVIMXEQFÍQGIVXSWMRXIVIWWIWIUYEPMHEHIWTIWWSEMWWYEW

UYIENYHEVEQEJSVQEVKIVEËÙIWRS-XEQEVEX]IEMRHEXÎQMQTPMGEËÙIW

TEVE E EXYEPMHEHI *EVIM EMRHE FVIZIW GSQIRXÅVMSW WSFVI E IZSPYËÇS

GMIRXÑJMGE I XIGRSP×KMGE RS &VEWMP I EGIVGE HE I\TIVMÎRGME EYJIVMHE

TIPS-XEQEVEX]zRSUYIXIQWMHSGLEQEHSwIWTÑVMXSHI6MS&VERGSx

z UYERXS E EWTIGXSW MRXIVREGMSREMW HI GMÎRGME I XIGRSPSKME

3TERSHIJYRHSHIQMRLEWTEPEZVEWWIVÅSHETVIQÎRGMEHE

ETVS\MQEËÇS HE '8 GSQ E HMTPSQEGME I E TSPÑXMGE I\XIVRE )WWE

TVIQÎRGME HIGSVVI HEW MRWEXMWJEX×VMEW GSRHMËÙIW UYI GSRWXVERKIQ E

TVIWIRXI VIEPMHEHI MRXIVREGMSREP IQ WIRXMHS PEXS I HE RIGIWWMHEHI

HIFIQVIWTSRHIVQSWÄWEWTMVEËÙIWWSGMSIGSRØQMGEWHIRSWWSTSZS

)WXEWTEPEZVEWXÎQGEVÅXIVTVIPMQMREVUYISJYXYVSETVSJYRHEQIRXS

HSXIQEHILSNITSHIVÅZMVEGSRJMVQEVSYUYEPMJMGEV)RWINEQXEQFÍQ

VIJPI\ÙIWUYERXSÄWTIVWTIGXMZEWREGMSREMWIQ'82IWWIGSRXI\XS

UYIVSHMVMKMVPLIWYQGSRZMXIÄTIWUYMWEIESHIFEXI2ÇSWIVÅIWXE

TSVÍQESTSVXYRMHEHITEVEJE^IVQSWEVIWIRLEHEIZSPYËÇSHE'8

FVEWMPIMVEW E UYEP GIVXEQIRXI TSHI WIV IRGSRXVEHE RE PMXIVEXYVE

IWTIGMEPM^EHE



%RXIWHIQEMWREHEPLIWTEWWEVIMEPKYRWHEHSWWSFVIS'SRKVIWWS

'MIRXÑJMGSUYIVIZIPEQMRIWTIVEHSWEWTIGXSWHIQSHIVRMHEHI%T×W

XIVWMHSMRJSVQEHSTIPS)QFEM\EHSV&IVREVHS4IVMGÅWWSFVIIWXIIZIRXS

WSPMGMXIM ES (SYXSV )ZERHVS 1MVVE HI 4EYPE I 7MPZE VIGSRLIGMHS

GMIRXMWXEIMRXIPIGXYEPUYITVIWMHIRSWWS'IRXVSHI+IWXÇSHI)WXYHSW

)WXVEXÍKMGSW UYI GSQ E GSPEFSVEËÇS HE GSQYRMHEHI EGEHÎQMGE

PIZERXEWWIEQIQ×VMEHS'SRKVIWWS%TIWUYMWEMRMGMEHEWSFVISXIQE

PSKSVIZIPSYUYIETEVXMGMTEËÇSHI6MS&VERGSJSMWSFVIXYHSJYRËÇS

HE ZSRXEHIHIPI TV×TVMSIRÇSHITVE\IWI GMVGYRWXÆRGMEW



%TVMQIMVETEVXIHSPIZERXEQIRXSGSRWMWXMYREPSGEPM^EËÇSHSW

ZSPYQIWHI6IPEX×VMSW*MREMWHS'SRKVIWWSUYIIWXEZEQHMWTIVWSW

:ÅVMSWHIPIWWIIRGSRXVEQIQWSJVÑZIPIWXEHSHIGSRWIVZEËÇSHEHEE

UYEPMHEHI HS TETIP HI WYE MQTVIWWÇS 2E &MFPMSXIGE I RS %VUYMZS

,MWX×VMGSHS-XEQEVEX]JSVEQPSGEPM^EHSWGMRGSZSPYQIWIIQSYXVEW

I QYMXS ZEVMEHEW MRWXMXYMËÙIW IRGSRXVEVEQWI SW HIQEMW 6IJMVSQI

ES 1YWIY 2EGMSREP -RWXMXYXS ,MWX×VMGS I +ISKVÅJMGS &VEWMPIMVS z

-,+&6IEP +EFMRIXI4SVXYKYÎWHI0IMXYVE %GEHIQME&VEWMPIMVEHI

'MÎRGMEW1MRMWXÍVMSHE*E^IRHE3FWIVZEX×VMS2EGMSREPI&MFPMSXIGE

2EGMSREP

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WIV QMGVSJMPQEHEW EW UYEWI WIMW QMP TÅKMREW HI HSGYQIRXSW I

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EGIVXEHSUYIS 'SRKVIWWSWIKYMRXIWIVMERS6MSHI .ERIMVS

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HI^IQFVS HI  E GSQMWWÇS

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MHÍMEWx IRXVEQSWIQXIRWÇSHIGSRUYMWXEIEZEWWEPEQIRXSx

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MQTVIWWÇS QEW IWWE Í ERMQEHSVE

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HIMRZIWXMKEËÇSGMIRXÑJMGEEPÍQHIYQETSWWÑZIPVIPIMXYVEHELMWX×VME

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*EGMPMXEVÇS EMRHE S VII\EQI HE KÎRIWI HS MRXIVIWWI HS -XEQEVEX]

UYERXS Ä XIQÅXMGE MRXIVREGMSREP HE '8

3 --- 'SRKVIWWS Í VIEPM^EHS IQ YQ &VEWMP IQ TVSGIWWS HI

VÅTMHEMRWXMXYGMSREPM^EËÇSHEGMÎRGME2ÇSUYIMRI\MWXMWWIYQEXVEHMËÇS

GMIRXÑJMGE RS TEÑW ZMRHE HI WÍGYPSW ERXIVMSVIW

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MRWXMXYMËÙIWHITIWUYMWE

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UYIWIHMVMKMVEQQSVQIRXIETVSFPIQEW

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GSQSXERXEWZI^IWEGSRXIGIz HI YQEIVEHIPIXEVKME%SQIRSWRS

UYI HM^ VIWTIMXS Ä GMÎRGME ETPMGEHE XÑRLEQSW IQ  I\GIPIRXIW

GSRHMËÙIWTEVELSWTIHEVS'SRKVIWWSIRIWWIWIRXMHSRÇSRSWHIZIQ

WYVTVIIRHIV S Î\MXSI E QSHIVRMHEHI HI WIYW XVEFEPLSW

3W  GSRKVIWWMWXEW HSW UYEMW  IWXVERKIMVSW IQ

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MRHMGEQWIYW6IPEX×VMS*MREMWXIZIGEVÅXIVUYEWIIRGMGPSTÍHMGS7YEW

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4PEXE

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HIVVYFEHEWIHEWUYIMQEHEWHEWJPSVIWXEWGSQEVIWYPXERXIHMQMRYMËÇS

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XSHSW HI WIHI#

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I MQYRM^EËÇS IJIMXSW KIVEMW HEW FEGXÍVMEW MQYRMHEHI REXYVEP I

EHUYMVMHE

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&ELME GSRWXVYËÇS REZEP MRHÑKIRE HS &VEWMP

 0EMVVMKEGM×R

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EWXLQI

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+YEVERM

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EYWTÑGMSW HS 1'8 WIVÅ ETVIWIRXEHS YQ TERSVEQE EFVERKIRXI HS

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HSIZIRXSGSQMWWÙIWSVKERM^EHSVEWEXYEËÇSHI6MS&VERGSIXGS



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GSQTPIQIRXEQ SW XVEFEPLSW GMIRXÑJMGSW

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&VERGSZIQEI\TVIWWEVYQGSQTVSQMWWSFÅWMGSGSQSTEÑWIGSQE

GVMEËÇSHIYQETPEXEJSVQEXIVVMXSVMEPJMVQIIHIJMRMHEGSQMQTEGXS

JEZSVÅZIP RS TVSGIWWS HI QSHIVRM^EËÇS HE WSGMIHEHI FVEWMPIMVEI HI

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EZERËSQSHIVRM^EHSV'SQIWTÑVMXSTVÅXMGS6MS&VERGSGSRGIRXVSY

WI RS EPXS HIWEJMS KISTSPÑXMGS HI MQYRM^EV S TEÑW GSQ VIPEËÇS ÄW

GSRXVSZÍVWMEWPSGEMWHISVHIQXIVVMXSVMEPIWYFWMHMEVMEQIRXIXEQFÍQ

ÄGSFMËEGEVEGXIVÑWXMGEHESRHEI\TERWMSRMWXEHSWMQTÍVMSWGSPSRMEMW

UYIGLIKEZEES^ÎRMXIESJMREPHSWÍGYPS<-<IZMVEHEHSWIKYMRXI)

EI\TIVMÎRGMEIRWMREWIVRSX×VMEIQYMXEWZI^IWMVVIWMWXÑZIPEEXVEËÇS

WIRXMHETIPEWTSXÎRGMEWQEMWJSVXIWTEVEEWWMXYEËÙIWHIMRWXEFMPMHEHI

XIVVMXSVMEP

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XIZIGSRWIUàÎRGMEWHYVEHSYVEW2EHEUYIJM^IVQSWTEVEGIPIFVEVRSWWS

'LERGIPIV I TEXVSRS WIVÅ WYJMGMIRXI TEVE VIRHIVPLI XSXEP NYWXMËE

4EVEIPIGSPSGEZEWIREHEQIRSWHSUYIEJM\EËÇSzHIJMRMXMZEzHSW

PMQMXIWXIVVMXSVMEMWFVEWMPIMVSWSWUYEMWRSWTVMQIMVSWERSWHE6ITÞFPMGE

IWXEZEQGSRWSPMHEHSWNYRXSEETIREWHSMWTEÑWIWZM^MRLSWS4EVEKYEM

IE:IRI^YIPEXÇSWIZIVSIVESKVEYHIMRWIKYVERËENYVÑHMGEHEFEWI

JÑWMGE HS TEÑW

3W VIWYPXEHSW HE EËÇS HI 6MS &VERGS GSRXMRYEQ E WIV YQE

ZERXEKIQ GSQTEVEXMZE IQ JEZSV HI RSWWE HMTPSQEGME 1EMW

EQTPEQIRXI XEQFÍQ KIVEVEQ FIRIJÑGMSW TEVE EW REËÙIW ZM^MRLEW

ESGSRXVMFYMVTEVESJSVXEPIGMQIRXSHEWIKYVERËEVIKMSREP2S&VEWMP

WYEWZMX×VMEWQSPHEVEQYQGPMQEHISTMRMÇSUYIJEGMPMXSYEXVERWMËÇS

HE QSREVUYME TEVE E VITÞFPMGE I QSXMZSY YQE QYHERËE E PSRKS

TVE^S HEW QIRXEPMHEHIW TSV EYQIRXEV E GSRJMERËE RE WSPMHI^ HS

TEÑW GSQS WYNIMXS HS (MVIMXS -RXIVREGMSREP )WWE GSRJMERËE EMRHE

TIVHYVERSUYEHVSHSTVIWIRXIWMWXIQEQYRHMEPUYERHSXIQSWWSJVMHS

MQIRWEWTVIWWÙIWIWXVEXÍKMGEWWYWXIRXEHEWTSVZEVMEHSWHIWIUYMPÑFVMSW



MRXIVREGMSREMW I TSV WIKYMHEW GVMWIW IGSRØQMGEW I JMRERGIMVEW RS

ÆQFMXS HE KPSFEPM^EËÇS

%QEKRMXYHIHIWWEXEVIJEIWYEWVIZIVFIVEËÙIWRELMWX×VMETÅXVME

TSHIQ WIV QIHMHEW TSV YQE WMQTPIW GSKMXEËÇS &EWXEVME UYI Ä PY^

HE I\TIVMÎRGME QYRHMEP I VIKMSREP MQEKMRÅWWIQSW XYHS HI

GSRXVETVSHYGIRXIUYIRSWTSHIVMEXIVSGSVVMHSRSTPERSI\XIVRS WI

XMZÍWWIQSWWMHSGSQTIPMHSWEGSRGIRXVEVRSWWEEËÇSHMTPSQÅXMGERS

HIGSVVIVHSWÍGYPSTEWWEHSRSXVEXEQIRXSHIYQIRSVQIZEVMEHSI

TSXIRGMEPQIRXI MRGSRXVSPÅZIPTEWWMZS XIVVMXSVMEP

2ÇSWITIRWIWIVIWWEYQEZMWÇSMQTVIWWMSRMWXE6IGIRXIQIRXI

S 4VSJIWWSV .SLR % :EWUYI^ IWTIGMEPMWXE RE QÍXVMGE HS GSRJPMXS

MRXIVREGMSREPHIYGSRXEHIWYEWTIWUYMWEWETVST×WMXSHIGEWSW

IRXVIIHIIRZSPZMQIRXSHIHSMW)WXEHSWIQKYIVVESY

GSRJVSRXEËÙIW QMPMXEVIW VIWSPZMHEW WIQ GSRJPMXS (IWWIW GEWSW 

PIZEVEQ Ä KYIVVE I Ä GSRJVSRXEËÇS zI WEFIWIGSQIRXS UYÇS

VYMRSWE QIWQE IWWE TSHI WIV RSW TPERSW TSPÑXMGSW IGSRØQMGSW I

WSGMEMW %W GSRGPYWÙIW GSQ FEWI RIWWE WMKRMJMGEXMZE EQSWXVEKIQ PLI

TIVQMXIQEJMVQEVUYIHIXSHEWEWHMWTYXEWIRXVI)WXEHSWEWwUYIWXÙIW

XIVVMXSVMEMW WÇS EW UYI ETVIWIRXEQ E QEMSV TVSFEFMPMHEHI HI PIZEVÄ

KYIVVE  % KYIVVE XÑTMGE RS WMWXIQE Í EUYIPE UYI WI SVMKMRE HI

YQHIWEGSVHSXIVVMXSVMEPIRXVIZM^MRLSW7IRHSSXIVVMX×VMS?YQE

UYIWXÇSAXÇS WEPMIRXI Í QEMW UYI TVSZÅZIP UYI E EQIEËE SY YWS HE

JSVËE ?EKYIVVEA RÇS SGEWMSRIGSRGIWWÙIW I\TVIWWMZEWx



2ÇSXIVÅWMHSXEQFÍQGSMRGMHÎRGMEUYIESPEHSHIWWEXIQÅXMGE

6MS &VERGS  GSRWMWXIRXI GSQS IWTÑVMXSHIWIY XIQTS WI LSYZIWWI

MRXIVIWWEHSTIPSJSVXEPIGMQIRXSHETSWXYVEREZEPIQMPMXEVFVEWMPIMVE

GSQSIPIQIRXSHMWWYEW×VMSWIJSVTIVQMXMHSSEREGVSRMWQSMRXIKVEHS

Ä TSPÑXMGE TVSTVMEQIRXI HMTPSQÅXMGE

% HIWTIMXS HI WIY VIGSRLIGMHS XVEHMGMSREPMWQS 6MS &VERGS

JSM TSVXEHSVHI UYEPMHEHIW QSHIVREW % TVMQIMVE HIPEW Í EHIZSËÇS

ES GSRLIGMQIRXS TIWUYMWE GSQS ZEPSV IQ WM I HITSMW GSQS

MRWXVYQIRXSHITSPÑXMGE(IWHIGIHS6MS&VERGSEHSXEYQIRJSUYI

HI TIWUYMWE LMWX×VMGE I KISKVÅJMGE GIRXVEHS RS &VEWMPZEMIQFYWGE

HIJSRXIWTVMQÅVMEWIRIPEWFEWIMEWIYPEFSVMRXIPIGXYEPQYMXSNSZIQ

zWYEW TVMQIMVEWTYFPMGEËÙIWREÅVIEHE LMWX×VMEHEXEQHSWI

ERSWHIMHEHIzGSQIËSYIWWIXVEFEPLSHIwTIWUYMWEFÅWMGExRS&VEWMP

ISTVSWWIKYMYIQQEMWHIERSWHIZMHERSI\XIVMSV



'SQSVIPEXE¥PZEVS0MRWRSWIWXIVXSVIWHSWÍGYPS<-<ELMWX×VME

IEKISKVEJMEVIZIWXIQWIHEQSHIVREEGITËÇSHIwIPIQIRXSWLYQERSW

IGMIRXÑJMGSWTEVEEGSQTVIIRWÇSISKSZIVRSHSWTSZSWGSQSQEXÍVMEW

HSW IWXEHMWXEWx ) 6MS &VERGS IQ WIYW IWXYHSW wWIQ MQEKMREV ES

GIVXS S HIWXMRS UYI MVME XIV WYE IVYHMËÇSx EHUYMVI W×PMHE JSVQEËÇS

HI IWXEHMWXE I HI MRXIPIGXYEP HMWXERGMERHSWI HS HMPIXERXMWQS TIPS

wTEXVMSXMWQS HIWINS HI GSQTVIIRHIV I GETEGMHEHI HI EQEV S&VEWMP

RE WYEXIVVE I RE WYE KIRXIx UYI SVMIRXEZEQ WIYW IWXYHSW ) QEMW

EHMERXIGSRGPYMw ELMWX×VMEI EKISKVEJME zTEVEIPI UYI RYRGE

JI^ PMXIVEXYVE TYVE z GSRWXMXYIQ VIEPQIRXI E WYE TSIWME S WIY

MRWXVYQIRXS HI GVMEËÇSx



2IWWI WIRXMHS GSQS TIWUYMWEHSV RÇS ZSPXEZE WIY XVEFEPLS

TEVEESFXIRËÇSHIVIWYPXEHSWTVÅXMGSW:MZMEIQVIPEXMZESFWGYVMHEHI

7×QIWQSUYERHSGSRZSGEHSTEVEEWSPYËÇSHE5YIWXÇSHI4EPQEW

GSQE%VKIRXMREINÅIQFEVGEHSREXVENIX×VMEUYISPIZEVMEÄGLIJME

HE 'LERGIPEVME Í UYI EXVMFYMY WIRXMHS TSPÑXMGS ES TEXVMQØRMS HI

MRJSVQEËÇS I GSRLIGMQIRXS UYI EGYQYPEVE I S ETPMGSY Ä WSPYËÇS

HEW QEMSVIW UYIWXÙIW HE TSPÑXMGE I\XIVRE HI WIY XIQTS



 7IY

GSRLIGMQIRXS LMWX×VMGSKISKVÅJMGS I WIY MRXIVIWWI IWTIGÑJMGS TIPE

GEVXSKVEJME XSVREVEQWI JIVVEQIRXEW IWWIRGMEMW RS HIWIRZSPZMQIRXS

HEW TSWMËÙIW HMTPSQÅXMGEW VIUYIVMHEWTIPSW TVMRGMTEMW MRXIVIWWIW HS

&VEWMP

7SFVIWYEHIHMGEËÇS¥PZEVS0MRWVIGSPLITVIGMSWSGSQIRXÅVMS

HI)HYEVHS4VEHSwSUYIS&EVÇSHS6MS&VERGSWEFIHS&VEWMP

Í YQEGSMWE ZIVXMKMRSWE0IY XYHSUYERXS LÅ MQTVIWWS GSTMSY

SY JI^ GSTMEV XSHSW SW QERYWGVMXSW JI^ HIPIW I\XVEXSW HMWXVMFYMY

IWWIW I\XVEXSW IQ JSVQEWHIRSXEW TIPEW TÅKMREWHI XSHSW SWPMZVSW

UYIXVEXEQHS&VEWMPVIXMJMGSYIWGPEVIGIYGSVVMKMYI\TPMGSYIQIRHSY

IEQTPMSYXSHSWIWWIWPMZVSWIGSQSQYRHSHEWWYEWRSXEWTSHIVÅ

IPI YQ HME TYFPMGEV YQE LMWX×VME I YQE HIWGVMËÇS KIVEP HS &VEWMP

UYI WIVÅ YQ QSRYQIRXSx %S GSRXVÅVMS HS UYI EYKYVEZE )HYEVHS

4VEHS S GSVSEQIRXSHE SFVE HI6MS &VERGSRÇS JSMEGEHÎQMGS I

WMQ HMVIXEQIRXI TSPÑXMGSHMTPSQÅXMGS

JIPM^IIWGPEVIGIHSVEEGSQTEVEËÇSHI¥PZEVS0MRWIRXVI6MS

&VERGS I .SWÍ &SRMJÅGMS z RSXÅZIP TMSRIMVS HE GMÎRGME FVEWMPIMVE I

TEXVSRSHERSWWE3VHIQ2EGMSREPHS1ÍVMXS'MIRXÑJMGSzESETSRXEV



TEVE HYEW GEVEGXIVÑWXMGEW FÅWMGEW HI WYEW XVENIX×VMEW E JSVQEËÇS RS

IWXVERKIMVS I E VIEPM^EËÇS HI YQE SFVE TVSJYRHEQIRXI FVEWMPIMVE

w %QFSW LSQIRW HI GMÎRGME I HI KEFMRIXI IRZIPLIGMHSW

RE )YVSTE VIKVIWWERHS Ä TÅXVME TEVE E EËÇS TSPÑXMGE UYEWI ESW 

ERSW2YQIRSYXVSEHMWXÆRGMEWIVZMVETEVEUYIQEMWMRXIRWEQIRXI

WIETVS\MQEWWIQHETÅXVMEIWIMHIRXMJMGEWWIQGSQSWWIYWTVSFPIQEW

8YHSSUYIETVIRHIVEQISFWIVZEVEQRSI\XIVMSVGSRZIVKMETEVEYQ

WIRXMQIRXS HE XIVVE I HE LMWX×VME HS &VEWMP .SWÍ &SRMJÅGMS WIVME S

PÑHIV HE -RHITIRHÎRGME 6MS &VERGS WIVME S GSRWXVYXSV HS QETE

KISKVÅJMGS I HE MRXIKVMHEHI XIVVMXSVMEPx



% WIKYRHE KVERHI UYEPMHEHI UYI 6MS &VERGS RSW XVERWQMXI Í

SIRJSUYIXSXEPM^ERXIHIWYEKIWXÇSUYIzWIQTIVHIVJSGSzXIQ

TSVSFNIXSRÇSW×SGSRNYRXSHEWJVSRXIMVEWQEWXEQFÍQEWVIPEËÙIW

GSQGEHEZM^MRLSIGSQXSHEEVIKMÇSWYPEQIVMGEREEWWMQGSQSEW

MRXIVEËÙIWHE'LERGIPEVMEGSQTEVGIMVSWQEMWTSHIVSWSWUYEMWWINEQ

EWTVMRGMTEMWTSXÎRGMEWIYVSTÍMEWISW)WXEHSW9RMHSWEPÍQHSMRXIVIWWI

MRGMTMIRXI QEW WMKRMJMGEXMZS RE IZSPYËÇS HE wGSRJVEXIVRMHEHIx



MRXIVREGMSREP

%HMTPSQEGMEHS'LERGIPIVÍXEQFÍQEUYIJE^GSQSWGSIXÆRISW

EGSQIËEVTSVWIYWGLIJIWSW4VIWMHIRXIWEUYIQWIVZMYQEWXEQFÍQ

GSQESTMRMÇSTÞFPMGEMRXIVREII\XIVREIGSQSYXVEWTIVWSREPMHEHIW

FVEWMPIMVEW HI KVERHI QÍVMXS TIWWSEP I JSVXI GETEGMHEHI HI EXYEËÇS

EXÍQIWQSUYERHSWYEWVIPEËÙIWGSQIPEWTYHIWWIQWIVTIVXYVFEHEW

TSV MRIZMXÅZIMW ZEMHEHIW SY XMWREHEWTSV HMZIVKÎRGMEW 7YE EXYEËÇS

JSM IRVMUYIGMHE TIPE GSRZMZÎRGME WSF S XIXS HE QIWQE HMTPSQEGME

GSQ .SEUYMQ 2EFYGS I 6YM &EVFSWE I GSQ S GSRGYVWS HI IRXVI

SYXVSW'P×ZMWI)YGPMHIWEWWMQGSQSGSQEGSPEFSVEËÇSHI)QÑPMS

+SIPHMUYERHSHE5YIWXÇSHS%QETÅEMRHEERXIWUYIEWWYQMWWIE

'LERGIPEVME



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

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HMTPSQÅXMGSW

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&VERGS RÇS WI HIM\E TIWWSEPQIRXI IQFEVEËEV TSV HÞZMHEW TIPS

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TEVEVIWYPXEHSWHMTPSQÅXMGSWGSRGVIXSW)\TPMGMXEEEJMVQEËÇSREGMSREP

I E GVIRËE RE KVERHI^E HS TEÑW  MRUYIFVERXÅZIP WYE GSRJMERËE RE

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TIPS GEQMRLS HE GSQTIXÎRGME HMTPSQÅXMGE (IM\E XVERWTEVIGIV YQ

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TIWUYMWEW UYI TIVQIMEQ XSHE E WYE TSWXYVE HMTPSQÅXMGE 2ÑXMHE

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HEUYIPE ÍTSGE

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HS WÍGYPS<< IQ XIVQSWHI GMÎRGME RS &VEWMP IXEPZI^ RS QYRHS

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HIRSWWEMRXIVEËÇSGSQSVIWXSHSQYRHSWÇSUYEWII\GPYWMZEQIRXI

EJSVQEËÇSIUYEPMJMGEËÇSHIVIGYVWSWLYQERSWRSI\XIVMSVEEXVEËÇS

HI TVSJIWWSVIW I EXÍ GIVXS TSRXS TIWUYMWEHSVIW IWXVERKIMVSW I E

GSPEFSVEËÇSMRXIVREGMSREPHMVIXEIRXVISWTSYGSWGMIRXMWXEWFVEWMPIMVSW

I WIYW GSPIKEW HI TEÑWIW QEMW EZERËEHSW QYMXEW ZI^IW VIWYPXERXI HE

GSRZMZÎRGMEEMRHERSWFERGSWYRMZIVWMXÅVMSW%GSSTIVEËÇSREWEÞHI

YQ TSYGS QEMW IWXVYXYVEHE HS UYI RSW HIQEMW GEQTSW TSHI XIV

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'SQS VIKVE E JEGI FVEWMPIMVE HIWWE GSPEFSVEËÇS ETEVIGI

TYPZIVM^EHE SY RS QÑRMQS WI GSRJMRE E MRWXMXYMËÙIW IWTIGÑJMGEW

WMXYEËÇS YPXVEVIWMWXIRXI UYI ETVIWIRXE MRGØQSHEW WSFVIZMZÎRGMEW

)\MWXME TSMW TSYGS IWTEËS WI EPKYQ TEVE E TSPÑXMGE GMIRXÑJMGE HI



IWGSTSREGMSREPSYQIWQSTEVEEEËÇSQEMWVIWXVMXEHIEVXMGYPEËÇS

MRXIVREGMSREP UYI MRXIVIWWE HI TIVXS Ä HMTPSQEGME

2IWWE GSRXYHS SYXVS QSZMQIRXS HI PSRKS TVE^S IWXEZE IQ

GYVWSHIWHIUYERHS6MS&VERGSHIJSVQETVIWGMIRXIMRMGMSY

SHIWPSGEQIRXSHSIM\SHETSPÑXMGEI\XIVREFVEWMPIMVEHE)YVSTETEVE

SW )WXEHSW 9RMHSW GSQ E GVMEËÇS I MRWXEPEËÇS IQ;EWLMRKXSR HE

TVMQIMVE)QFEM\EHERELMWX×VMEHIRSWWEHMTPSQEGME)WWIQSZMQIRXS

TSPÑXMGSIIWXVEXÍKMGSUYIW×ZEMJPSVIWGIVTPIREQIRXIHYVERXIE7IKYRHE

+YIVVE I\TVIWWEWI RS JSVXEPIGMQIRXS HE ZIVXIRXI LIQMWJÍVMGE HE

TSPÑXMGEFVEWMPIMVEHSUYEPJE^TEVXIHIGIVXEJSVQES---'SRKVIWWS

'MIRXÑJMGSHIÆQFMXSPEXMRSEQIVMGERSIÍWEPMIRXIE---'SRJIVÎRGME

-RXIVEQIVMGERE RS 6MS IQ 

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'SRJIVÎRGME )Q XVIGLS HI TEVXMGYPEV MRXIVIWWI S 'LERGIPIV YXMPM^E

TEPEZVEWVIZIPEHSVEWHIWYE EKYHEGSRWGMÎRGMEHE VIEPMHEHI(M^IPI

w)PE ?E )YVSTEA RSW GVMSY IPE RSW IRWMRSY HIPE VIGIFIQSW

MRGIWWERXIQIRXI ETSMS I I\IQTPS E GPEVMHEHI HE GMÎRGME I HE EVXI

EWGSQSHMHEHIWHIWYEMRHÞWXVMEEPMËÇSQEMWTVSZIMXSWEHSTVSKVIWWSx

2ÇSWÇSXEMWGSQIRXÅVMSWETIREWTEVXIHIYQVIX×VMGSEKVEHIGMQIRXS

Ä )YVSTE QEW YQE XSQEHE HI TSWMËÇS VIEPMWXE TIVERXI EPXSW

VITVIWIRXERXIW HIWXI LIQMWJÍVMS SW HSW )WXEHSW 9RMHSW MRGPYÑHSW

6IGETMXYPEQGSQTVIGMWÇSEZMWÇSHEIPMXIFVEWMPIMVEIHEGPEWWIQÍHME

IRXÇS IQIVKIRXI UYERXS ES TETIP EFVERKIRXI HE )YVSTE RE ZMHE

REGMSREP

)RXIRHIWI HIPIW UYI SW IYVSTIYW RÇS ETIREW HIWGSFVMVEQ S

&VEWMPQEWTVSTMGMEVEQSWQSHIPSWHIRSWWEZIVXIFVEËÇSGSQSTEÑW

I HE SVKERM^EËÇS HS )WXEHS REGMSREP IWXMQYPEVEQRSW E XVMPLEV SW

GEQMRLSW GMIRXÑJMGSW I EVXÑWXMGSW z GEQMRLSW GYPXYVEMW IRJMQ z  I

XSVREVEQ HMWTSRÑZIMW SW FIRW HI UYI RIGIWWMXÅZEQSW TEVE S FIQ

IWXEVIEZERËSIGSRØQMGS8IRLEWITVIWIRXIUYIREHÍGEHEHS&EVÇS

Ä JVIRXI HE 'LERGIPEVME RSWWEW I\TSVXEËÙIW GSQTSWXEW UYEWI

MRXIMVEQIRXI HI TVSHYXSW TVMQÅVMSW HMZMHMEQWI IRXVI SW )WXEHSW

9RMHSW I E )YVSTE UYI EW MQTSVXEËÙIW TVSZIRMIRXIW HE )YVSTE

GVIWGIVEQ HI E HETEYXE FVEWMPIMVE



IUYISTVMQIMVS

IQTVÍWXMQS IWXVMXEQIRXI RSVXIEQIVMGERS ES &VEWMP JSM GSRGIHMHS

ETIREW RSW ERSW 





4VSPSRKSYWIVIEPQIRXIETVITSRHIVÆRGMEIYVSTÍMEREGYPXYVE

IREIGSRSQMEFVEWMPIMVEW)XEQFÍQREÅVIEGMIRXÑJMGE(IWHIQIEHSW

HEHÍGEHEHIYQEPSRKEJMIMVEHITVSJIWWSVIWREQEMSVTEVXI

EPIQÇIWIMXEPMERSWWIHMVMKMYIWTSRXERIEQIRXIES&VEWMPIQIWTIGMEP

E 7ÇS 4EYPS SY JSM SFNIXS HI GSRXVEXSW I RE HÍGEHE HI  E

%GEHIQME&VEWMPIMVEHI'MÎRGMEW%&'TVSQSZMEEZMWMXEES6MSHI

TIWUYMWEHSVIW JVERGIWIW I HI SYXVEW REGMSREPMHEHIW YQ HSW UYEMW

JSM%PFIVX)MRWXIMR7×ESWTSYGSWETVIWIRËEGMIRXÑJMGERSVXIEQIVMGERE

WIJE^WIRXMVzTVMRGMTEPQIRXIGSQEWEËÙIWHE*YRHEËÇS6SGOIJIPPIV

UYI GSRGIHI FSPWEW HIWHI  I UYI RE HÍGEHE HI  PERËE

GEQTERLEW HI WERIEQIRXS IQ QYMXSW IWXEHSW HE JIHIVEËÇS GSQ

YQ QSHIPS QEMW MRWXMXYGMSREPM^EHS HI GSSTIVEËÇS MRXIVREGMSREP

MRGPYMRHS E TEVXMGMTEËÇS KSZIVREQIRXEP z TEVE ZMV E HIWEFVSGLEV

IQTPIRMXYHIRSWERSWERXIGMTERHSEXIRHÎRGMEUYI HSQMREVME

SWIKYRHS T×WKYIVVE

%GSRWXMXYMËÇSHE%GEHIQME&VEWMPIMVEHI'MÎRGMEWIRXVI

I  JSM YQ TVMQIMVS WMRXSQE HI QYHERËE RS QSHS HI JE^IV

GMÎRGMERSTEÑWUYIZIMSEWIVGSRJMVQEHSIQHIJMRMXMZSGSQEJYRHEËÇS

HE9RMZIVWMHEHIHI7ÇS4EYPSIQzGSQSMRWXÆRGMEMPYWXVEXMZE

HS TVSGIWWS QEMW EFVERKIRXI HI YVFERM^EËÇS z  I UYI ES QIWQS

XIQTS VIRSZSY XIRHÎRGMEW ERXIVMSVIW I EFVMY YQE ZMWEHE TEVE S

JYXYVS

3TIWSTSPÑXMGSIGYPXYVEPFIQGSQSEMQTSVXÆRGMEIGSRØQMGE

HI RSWWE LIVERËE VYVEPz MPYWXVEHSW TIPS SRMTVIWIRXI PIQE S w&VEWMP

Í YQ TEÑW IWWIRGMEPQIRXI EKVÑGSPEx UYI RE IWGSPE GLIKSY E QYMXSW

HIR×WzEMRHEXSPHEZEETIVGITËÇSHIUYIEMRHYWXVMEPM^EËÇSGSQIËEZE

E TVSZSGEV XVERWJSVQEËÙIW MVVIZIVWÑZIMW HIWHI E 4VMQIMVE +YIVVE I

QIWQS YQ TSYGS ERXIW

0SKSE974MVMEEHUYMVMVWMKRMJMGEËÇSREGMSREPIQXIVQSWHI

IRWMRSITIWUYMWEETIWEVHILEZIVREWGMHSIWXEHYEPIIWXEVQSXMZEHE

GSQS WI TIRWEZE Ä ÍTSGE TEVE VIGYTIVEV TSV QIMS HE GMÎRGME E

wLIKIQSRMExTEYPMWXETIVHMHEREJIHIVEËÇSGSQSWWYGIWWSWHI



(ITSMQIRXSWMRHMGEQGSRXYHSUYIHYVERXIQYMXSXIQTSETV×TVME

MHÍMEHITIWUYMWEGSRXMRYSYEIRGSRXVEVVIWMWXÎRGMEWREIWJIVEEGEHÎQMGE

W×QMXMKEHEWGSQEZIPS^I\TERWÇSHET×WKVEHYEËÇSRSTEÑWUYIWI

MRWXEYVSY RSW ERSW





2E HÍGEHE HI  S TEÑW ZMZIY E GSRZIVKÎRGME HI ZEVMEHEW

XIRHÎRGMEWXVERWJSVQEHSVEWHISVHIRWHMTPSQÅXMGEGMIRXÑJMGEIQMPMXEV

WIQJEPEV RS GEQTS GYPXYVEPTVSTVMEQIRXI HMXS 6IHSFVEWIGSQ E

7IKYRHE +YIVVE E ÎRJEWI RE GMÎRGME TSV TEVXI HSW TVMRGMTEMW

GSRXIRHSVIW 2S TPERS MRXIVRS EGIPIVEWI S TVSGIWWS HI

MRHYWXVMEPM^EËÇSHIUYIÍWÑQFSPSEYWMREWMHIVÞVKMGEHI:SPXE6IHSRHE

EMRHE GSRWXVYÑHE Ä FEWI HE MQTSVXEËÇS HI XIGRSPSKMEW )WWI TEHVÇS

MVÅ WYFWMWXMV TSV HÍGEHEW 4SV SYXVS PEHS VIKMWXVEWI QEMSV EFIVXYVE

FVEWMPIMVE ÄW UYIWXÙIW MRXIVREGMSREMW UYI WI EKYËE GSQ RSWWE

TEVXMGMTEËÇSQMPMXEVRSGSRJPMXSQYRHMEPIGSQEHIVVYFEHEHS)WXEHS

2SZS 5YEWI WMQYPXERIEQIRXI S &VEWMP XSVREWI wEPMEHSx I

wHIQSGVÅXMGSxIGSQIËEEGSKMXEV HI QSHSIWXVYXYVEHS HSJYXYVS

HI WYE GMÎRGME

%W TVMRGMTEMW TSXÎRGMEW FIPMKIVERXIW HIWIRZSPZIVEQ HI QSHS

SVKERM^EHS I JSGEHS IUYMTEQIRXSW GSQS WSREVIW I VEHEVIW RSZSW

QIMSW GVMTXSKVÅJMGSW EIVSREZIW HI GSQFEXI I HI XVERWTSVXI QMPMXEV

QEMW IJMGMIRXIW I WSFVIXYHS EVXIJEXSW RYGPIEVIW S UYI PIZSY IQ

WIY GSRNYRXS E YQE VIZSPYËÇS RE TIVGITËÇS HS TETIP QMPMXEV HE

GMÎRGME I HI WYEW ETPMGEËÙIW XIGRSP×KMGEW 4SV I\XIRWÇS XEQFÍQ WI

VIEZEPMEVEQ EW TSXIRGMEPMHEHIW GMZMW HE TIWUYMWE IHIWIRZSPZMQIRXS

0SKS JMGSY GPEVS UYI GSRXVSPIW QYMXS IWXVMXSW TVIWMHMVMEQ E RSZE

WMXYEËÇS

)Q ITMW×HMSVIPEXMZEQIRXI TSYGS GSRLIGMHS E 1EVMRLE I S

)\ÍVGMXSQSFMPM^EVEQSGSRGYVWSHIJÑWMGSWFVEWMPIMVSWWSFEPMHIVERËE

HSW 4VSJIWWSVIW 1EVGIPS (EQ] I 4EYPYW 4SQTÍME TEVE S

HIWIRZSPZMQIRXS IRH×KIRS HI IUYMTEQIRXSW HI YWS FÍPMGS UYI

TIVQMXMWWIQSYZMVLÍPMGIWHIWYFQEVMRSWMRMQMKSWIHITSMWSWSREV

HSWUYEMWGLIKEVEQEWIVJEFVMGEHEWYRMHEHIWIQIHMVEZIPSGMHEHI

MRMGMEP HI TVSNIXMW HI EVXMPLEVME HI XIVVE8EP QSFMPM^EËÇS XIZI IQ

ZMWXE E HMJMGYPHEHI HI EGIWWS E WIKVIHSW XIGRSP×KMGSW IQ QÇSW HI

TEÑWIWEPMEHSWQIWQSUYERHSSWRIGIWWMXÅWWIQSWTEVEEHIJIWEREGMSREP

8VEFEPLEVEQ TEVE XERXS  MRHÞWXVMEW QEW XIVQMREHS S GSRJPMXS

GIWWSY IWWETVSQMWWSVEGSSTIVEËÇSIZSPXSYWIÄWMXYEËÇSERXIVMSV



*SM GYVXE IWWE I\TIVMÎRGME HI GSSTIVEËÇSGMZMPQMPMXEV

2EWIKYRHEQIXEHIHSWÍGYPSEGIRXYSYWIEIZSPYËÇSHE'8

2EWREËÙIWQEMWEZERËEHEWSHIWIRZSPZMQIRXSMRWXMXYGMSREPEGIPIVSY

WI JSVXIQIRXI 3W QIMSW TSPÑXMGSW I IGSRØQMGSW SW 1MRMWXÍVMSW



QMPMXEVIW EW EKÎRGMEW HI MRJSVQEËÇS I MRXIPMKÎRGME I z GPEVS RÇS

QIRSWMQTSVXERXIzEW'LERGIPEVMEWTEWWEVEQEMRXIVIWWEVWIZMZEQIRXI

TIPE TSPÑXMGE GMIRXÑJMGE I XIGRSP×KMGE 2S &VEWMP RYQIVSWSW XIQEW

HI '8KERLEVEQGSQSXIQTS ZMZSW GSRXSVRSWHMTPSQÅXMGSWS

TV×TVMSIWJSVËSFVEWMPIMVSHITIWUYMWEIHIWIRZSPZMQIRXSEWTSPÑXMGEW

RYGPIEV I IWTEGMEP S HIWEVQEQIRXS I EW XIGRSPSKMEW WIRWÑZIMW HI

YWSHYTPSGMZMPIQMPMXEV EMRXIVEËÇSHE XIGRSPSKMEIHS GSQÍVGMS

MRXIVREGMSREP S VIKMQI MRXIVREGMSREP HE TVSTVMIHEHI MRXIPIGXYEP I

HEFMSWWIKYVERËEETVSXIËÇSESQIMSEQFMIRXIIYXMPM^EËÇSHIIRIVKMEW

VIRSZÅZIMW SW XIQEW EQE^ØRMGSW EW QYHERËEW KPSFEMW IQ IWTIGMEP

EWVIJIVIRXIWESGPMQEEWUYIWXÙIWHSQEVIHE%RXÅVXMGEETV×TVME

TSPÑXMGE HI GSSTIVEËÇS MRXIVREGMSREP IQ '8 I QYMXEW SYXVEW

2ÇSXVEXEVIMLSNIHIXSHEWIWWEWUYIWXÙIWXÇSHMJIVIRGMEHEWI

SYXVEWUYIIWXÇSIQIVKMRHS3FWIVZIWIRSIRXERXSUYIIWWETEYXE

ES QIRSW MRMGMEPQIRXI IVE IQ FSETEVXI MRHY^MHE HS I\XIVMSV 3

-XEQEVEX]EIPEVIWTSRHIGSQYQTIVGITXÑZIPIWJSVËSHIVIWXVYXYVEËÇS

QEWSVIWXSHSKSZIVRSW×SJE^HIQERIMVEHMWTIVWE



)WWEWMXYEËÇS

XIQIZSPYÑHSQEWEMRHEEGSRWIPLEEGSRGIRXVEVRSWTV×\MQSWERSW

EXIRËÇSIIWJSVËSW RETVSTSWMËÇSHIYQEEKIRHEUYIVIWTSRHEGSQ

QEMWJMVQI^EÄWTVMSVMHEHIWQIXEWIHMVIXVM^IWTEVESEZERËSGMIRXÑJMGS

I XIGRSP×KMGS HS TEÑW



4VSGYVEVIM ETIREW MPYWXVEV E XVENIX×VME TIVGSVVMHE TIPE '8

FVEWMPIMVEIEQEKRMXYHIHSWHIWEJMSW+VEHEXMZEQIRXIE'8XSQE

E XVENIX×VME HI YQE KVERHI UYIWXÇS REGMSREP I EW RIGIWWMHEHIW HE

KIVEËÇS HS GSRLIGMQIRXS I HS EGIWWS ETVS\MQEQWI HS TVMQIMVS

TPERS HE GIRE TSPÑXMGE ES PEHS HS GVIWGIRXI MRXIVIWWI HS )WXEHS I

HEW IQTVIWEW RS TVSKVIWWS GMIRXÑJMGS I XIGRSP×KMGS )WWI TVSGIWWS

VIJPIXI TVISGYTEËÙIW MRXIVREGMSREMW I JSM MRMGMEPQIRXI XIQEXM^EHS

RS HIFEXIHIGSRSXEËÙIWRYGPIEVIW UYIESJMREP HEWLSWXMPMHEHIWWI

EFVMY RSW)9% WSF MRWTMVEËÇS HS GMIRXMWXE :ERRIZEV &YWL 0IZSY

IQ ÞPXMQE MRWXÆRGME ES IWXEFIPIGMQIRXS HE 2EXMSREP 7GMIRGI

*SYRHEXMSR IQ  WIKYMRHS EWWMQS GEQMRLS UYI LEZME WMHS

HIWFVEZEHSGSQEJYRHEËÇSRE*VERËEIQHS'IRXVI2EXMSREP

HI PE 6IGLIVGLI 7GMIRXMJMUYI



(IWHI EUYIPE ÍTSGE SFWIVZEWI RS &VEWMP YQ GSQTPI\S NSKS

XVMERKYPEV IRXVI TIWUYMWEHSVIW HMTPSQEXEW I QMPMXEVIW FVEWMPIMVSW E



XÑXYPS MRHMZMHYEP SY IQ VITVIWIRXEËÇS HI WYEW MRWXMXYMËÙIW EGIVGE

HI MQTSVXERXIW UYIWXÙIW HI JYRHS GMIRXÑJMGS I XIGRSP×KMGS 3

IRZSPZMQIRXS HIWWIW TEVGIMVSW ZEVME IQ MRXIRWMHEHI HI EGSVHS GSQ

EÍTSGEIEUYIWXÇSGSRWMHIVEHEIWSFVIXYHSTSVSWXIRWMZEWSYZIPEHEW

VIPEËÙIW HI TSHIV IRXVI IPIW )WWI NSKS I WIYW QEXM^IW QIVIGIQ

IRUYERXS XEMW E VIEPM^EËÇS HI IWXYHSW ETVSJYRHEHSW

%SWITVISGYTEVGSQEI\TVIWWÇSI\XIVREHSWMRXIVIWWIWREGMSREMW

EHMTPSQEGMEIWXÅEXIRXEWINEESWTVSFPIQEWQMPMXEVIWWINEÄWTVSKVIWWMZEW

VITIVGYWWÙIW HEW UYIWXÙIW GMIRXÑJMGEW SVE XÇS IZMHIRXIQIRXI

MRXIVREGMSREPM^EHEW)WWIWWÇSSWIPIQIRXSWGIRXVEMWEWGSPYREWQIWXVEW

HE QSHIVRE IWXVEXÍKME 1IWQS UYERHS SW XIQEW GMIRXÑJMGSW RIQ

VIQSXEQIRXI WI GSPSGEZEQ HE JSVQE TIPE UYEP SW IRXIRHIQSW 6MS

&VERGS GSQS ZMQSW WI MRXIVIWWEZEITVSJYRHEQIRXI TIPS SYXVS

TMPEVLMWX×VMGSHIWWINSKSSHE HIJIWEREZEP I QMPMXEV

'SQS VIKVE IRXVIXERXS E 'LERGIPEVME 1MRMWXÍVMSW QMPMXEVIW

I×VKÇSWUYIWIHMVMKIQÄWUYIWXÙIWGMIRXÑJMGEWTVIJIVIQQERXIVMRXVE

QYVSWWEPZSIQSGEWMÙIWI\GITGMSREMWSYHIRIGIWWMHEHIEGSRWMHIVEËÇS

HEWUYIWXÙIWIWXVEXÍKMGEWUYIEJMREPTSHIQWIVXÇSHIPMGEHEWUYERXS

E GLEQEHE wHMTPSQEGME QMPMXEVx I E TIWUYMWE I HIWIRZSPZMQIRXS

XIGRSP×KMGSTEVEJMRWFÍPMGSWSYHIWIKYVERËE)IWWEWMXYEËÇSRSXI

WI RÇS Í ETERÅKMS HS &VEWMP QEW WI VITIXI IQ HMJIVIRXIW REËÙIW

2SW ÞPXMQSW ERSW QYHERËEW XSVREQWI TIVGITXÑZIMW z S UYI HIZI

WIV IWXMQYPEHS z IQ JYRËÇS HS JSVXEPIGMQIRXS HEW EXMZMHEHIW I HS

TIVJMP TÞFPMGS HE GMÎRGMEIXIGRSPSKME EUYMGSQSRS I\XIVMSV IHEW

MRJPYÎRGMEWHIQSGVÅXMGEWUYIJIPM^QIRXIWIGSRWSPMHEVEQRSTEÑW EW

UYEMWWIQHÞZMHEJEGMPMXEQEEKVIKEËÇSHIIWJSVËSWIEXVERWTEVÎRGME

)RXVI SYXVEW WÇS TEVEHMKQÅXMGEW HYEW JMKYVEW %QFSW

GYVMSWEQIRXI TEVXIQ HI JEQÑPMEW HI TIWUYMWEHSVIW GSRLIGMHSW 3

TVMQIMVS¥PZEVS%PFIVXSSJMGMEPHE1EVMRLEGMIRXMWXEIIQTVIWÅVMS

GSQ EQTPEEXYEËÇS HMTPSQÅXMGE



IMRWXMXYGMSREPRESVKERM^EËÇSI

JMRERGMEQIRXS HE TIWUYMWE RSW ERSW  I  (ÍGEHEW ERXIW 6MS

&VERGS TIVGIFIVE E UYIWXÇS XIVVMXSVMEP GSQS GIRXVEP HIWWE ZI^ IQ

QIEHSW HS WÍGYPS ¥PZEVS %PFIVXS z Ä JVIRXI HI YQ KVYTS HI

TIVWSREPMHEHIW z MRWGVIZIY E TIWUYMWE FÅWMGE RE EKIRHE REGMSREP Ä

PY^ IQ TEVXMGYPEV HS IRXIRHMQIRXS HEW STSVXYRMHEHIW IGSRØQMGEW

IIWXVEXÍKMGEWUYIWIEFVMEQGSQEI\TPSVEËÇSGMZMPIQMPMXEVHEIRIVKME

RYGPIEV RS T×WKYIVVE



'SQSTSYGSWGETXE¥PZEVS%PFIVXSSIWWIRGMEPHIWWERSZESVHIQ

IRYQUYEHVSI\XIVRSEHZIVWSzTEVEYQTEÑWVIXEVHEXÅVMSIQXIVQSW

GMIRXÑJMGSWISYXVSWzFYWGSYEHIJIWEEXMZEHSWMRXIVIWWIWFVEWMPIMVSW

IQRSZSWIWTEËSWHIMRXIVPSGYËÇSHMTPSQÅXMGE2STPERSMRWXMXYGMSREP

WÇS QEVGSW IQ WYE XVENIX×VME IRXVI SYXVSW S IWXEFIPIGMQIRXS IQ

HS'IRXVS&VEWMPIMVSHI 4IWUYMWEW *ÑWMGEWz '&*4 HSIRXÇS

'SRWIPLS 2EGMSREP HI 4IWUYMWEW LSNI 'SRWIPLS 2EGMSREP HI

(IWIRZSPZMQIRXS 'MIRXÑJMGS I 8IGRSP×KMGS z '24U IQ  HS

-RWXMXYXS HI 1EXIQÅXMGE 4YVE I %TPMGEHE z -14% I HS  -RWXMXYXS

2EGMSREPHI4IWUYMWEW%QE^ØRMGEWz-24%IQIQHS

-RWXMXYXS &VEWMPIMVS HI &MFPMSKVEJME I (SGYQIRXEËÇS z -&&( LSNI

-RWXMXYXS&VEWMPIMVSHI-RJSVQEËÇSIQ'MÎRGMEI8IGRSPSKMEz-&-'8

I EJMREP HE 'SQMWWÇS 2EGMSREP HI )RIVKME 2YGPIEV z '2)2 IQ



HI¥PZEVS%PFIVXSNÅIQIREZÑZMHEPMRKYEKIQHEUYIPI

XIQTS SEPIVXE HI UYIwRIWXE IRGVY^MPLEHE HE IZSPYËÇSHS QYRHS

RÇSLÅ?GSQSAJYKMVESHMPIQEGVYGMEPSYWIVJSVXITIPESVKERM^EËÇS

IWTMVMXYEPITIPE'MÎRGMEIWYEWETPMGEËÙIWSYGIHIVSPYKEVESWQEMW

GETE^IWx



)Q GSRNYRXS WYE RSXÅZIP EXYEËÇS EPGERËE TSV EWWMQ HM^IV

YQ TEGXS HYVEHSYVS HS &VEWMP GSQ E QSHIVRMHEHI GSQ EW QEMW

ZMWÑZIMWXIRHÎRGMEWEZERËEHEWREÅVIEHSGSRLIGMQIRXS)QFSVEEMRHE

GSQ IWGEWWE SY RIRLYQE TSPÑXMGE HI HIWIRZSPZMQIRXS GMIRXÑJMGS S

&VEWMPKVEËEW Ä TIVWTMGÅGME HI ¥PZEVS%PFIVXS I SYXVSW GMIRXMWXEW HI

WYE KIVEËÇSWSYFIHIWGSVXMREV EW TSXIRGMEPMHEHIW HS QYRHS UYI WI

EFVME I EHMERXSYWI RE MRWXMXYGMSREPM^EËÇS HEW TIWUYMWE )Q

GSRWIUàÎRGMEHMJIVIRXIQIRXIHEQEMSVMEHEWREËÙIWGSRXELÅQEMW

HI  ERSW GSQ YQ WMWXIQE MRXIKVEHS HI JSQIRXS I FSPWEW

GSQTSRIRXIWIQHÞZMHEIWWIRGMEPHEWVIEPM^EËÙIWREGMSREMWRSÆQFMXS

HS GSRLIGMQIRXSIMRSZEËÇS

3IRZSPZMQIRXSHS-XEQEVEX]JSMWIRWÑZIPÄGVMEËÇSHS'24U

I Ä XIQÅXMGE RYGPIEV 7YGIWWMZSW 'LERGIPIVIW EWWMQ GSQS E

VITVIWIRXEËÇSNYRXSÄW2EËÙIW9RMHEWIQTIRLEVEQWIRIWWITVSGIWWS

4EVXMYIQ HS'LERGIPIV.SÇS2IZIWHE *SRXSYVE S TVMQIMVS

TVSNIXSGSQ ZMWXEW ÄGVMEËÇSHIYQw'SRWIPLS2EGMSREPHI )RIVKME

%XØQMGExUYIRSIRXERXSRÇSTVSWTIVSY8VÎWGLIJIWHE(IPIKEËÇS



IQ 2SZE =SVO QERMJIWXEVEQWI STSVXYREQIRXI TIPE JYRHEËÇS HS

'24U z 0IÇS:IPPSWS IQ  3W[EPHS %VERLE IQ  I .SÇS

'EVPSW 1YRM^ IQ 



3QSZMQIRXSIQJEZSVHESVKERM^EËÇSI

HS JMRERGMEQIRXS HE TIWUYMWE FVEWMPIMVE PMKEZEWI YQFMPMGEPQIRXI Ä

TIVGITËÇSHIUYIEIRIVKMERYGPIEVGSRWXMXYÑEYQEVIZSPYËÇSGMIRXÑJMGE

IXIGRSP×KMGEIRIGIWWEVMEQIRXIGSPSGEZEIQHMWGYWWÇSSTETIPUYIS

&VEWMP HIZIVME GSRUYMWXEV RE RSZE I TSPMQSVJE VIEPMHEHI

%UYIWXÇSRYGPIEVEWGIRHIYTVSRXEQIRXIEYQPSGYW TVMZMPIKMEHS

REEKIRHEI\XIVRE(IYQEVKIQTSVQEMWHIYQEHÍGEHEEMRGSRXÅZIMW

GSRXVSZÍVWMEW MRXIVREW EWWMQ GSQS E EGSVHSW I HIWEGSVHSW GSQ SW

)9% E TVST×WMXS HEW ZIRHEW SY JSVRIGMQIRXSW HI YVÆRMS X×VMS I

wQEXIVMEMW IWXVEXÍKMGSWx FVEWMPIMVSW wGSQTIRWEËÙIW IWTIGÑJMGEWx TSV

IWWEW ZIRHEW MRWTMVEHEW TSV ¥PZEVS%PFIVXS I HIWINEHEW TIPE TEVXI

FVEWMPIMVEIEMRHEHSZIXSRSVXIEQIVMGERSÄI\TSVXEËÇSHIGIRXVÑJYKEW

EPIQÇWEHUYMVMHEWTIPS&VEWMP'SQEEWWMREXYVEHSEGSVHSHIGSSTIVEËÇS

RYGPIEV GSQ E %PIQERLE IQ  ZSPXSY S XIQE E QSXMZEV YQE

TSPÎQMGEI\EGIVFEHERSTEÑWIHMJMGYPHEHIWMRXIVREGMSREMWREWUYEMW

XMZIVEQ TETIP TVSXEKØRMGS S 'LERGIPIV %^IVIHS HE 7MPZIMVE I S

)QFEM\EHSV 4EYPS 2SKYIMVE &EXMWXE IRXVI SYXVSW HMTPSQEXEW

'SRGSQMXERXIQIRXI GSQ S -- 42(  E TVIWIRËE QMPMXEV

XSVRSYWI QYMXS WIRXMHE RS GEQTS GMIRXÑJMGS I XIGRSP×KMGS

% MRXIVEËÇS HSW TEVGIMVSW RS NSKS XVMERKYPEV ERXIW VIJIVMHS

RÇSWIGMRKIGSRXYHSESHSQÑRMSRYGPIEV¤WZI^IWRIQWÇSXVÎWSW

EXSVIWGSQSSGSVVIREÅVIEHEWQYHERËEWGPMQÅXMGEWREUYEPEMRXIVEËÇS

ÍQYMXEWZI^IWQEWRÇSIQXSHEWVIHY^MHEEGMIRXMWXEWIHMTPSQEXEW

)QSYXVSWIWJIVEWETVIWIRËEHIXSHSWIPIWWIJE^TIVQERIRXIQIRXI

RIGIWWÅVME Í S GEWS HEW EXMZMHEHIW HI TIWUYMWE I HIWIRZSPZMQIRXS

XIGRSP×KMGS EIVSRÅYXMGS I IWTEGMEP UYI EFVERKIQ HIWHI S

HIWIRZSPZMQIRXS HI EIVSREZIW EXÍ UYIWXÙIW HMVIXEQIRXI IWTEGMEMW

ZIÑGYPSWPERËEHSVIWGIRXVSWHIPERËEQIRXSIWEXÍPMXIWGSQEGSSTIVEËÇS

HE 'LMRE I EMRHE YQGETÑXYPSGLEZI UYIHM^ VIWTIMXS ÄKIWXÇS HEW

XIGRSPSKMEW WIRWÑZIMW



(SWXIQEWQEMWVIGIRXIWSHEQYHERËEHSGPMQE



ÍXEPZI^S

QIPLSV I\IQTPS HI HIWEJMSW I\XIVRSW GYNS XVEXEQIRXS GSRNYKE S

GSRLIGMQIRXSWYFWXERXMZSGSQSMRHMWTIRWÅZIPI\IVGÑGMSHEHMTPSQEGME

¤ QIHMHEUYI FIQ SY QEP TVSWWIKYIQ SW IWJSVËSWHI RIKSGMEËÇS



QYPXMPEXIVEPIQEMWI\TIVMÎRGMEÍEHUYMVMHEXSVREQWIGPEVEWHMQIRWÙIW

UYI XEPZI^ TSWWEQ ETVS\MQEV IQ MQTSVXÆRGME IWWI GEQTS GSQ E

TVSFPIQÅXMGE Ä ÍTSGE HI 6MS &VERGS RS GSRXI\XS HE IWXEFMPM^EËÇS

HI RSWWEWJVSRXIMVEW

%WSPYËÇSHIWWITVSFPIQEI\MKIEETPMGEËÇSHSQÍXSHSGMIRXÑJMGS

% GSQTVIIRWÇS HEW VIPEËÙIW IRXVI GEYWE z EW EËÙIW LYQEREWGSQ E

IQMWWÇSHIKEWIWHIIJIMXSIWXYJE TIPEWUYEMWSW)WXEHSWIWXÇSWIRHS

GLEQEHSWEVIWTSRWEFMPM^EVWIzIIJIMXSzEQYHERËEHSGPMQEISW

WIYWMQTEGXSWWSFVIEWKIVEËÙIWJYXYVEW34VSXSGSPSHI5YMSXSXIQ

TSXIRGMEPVIZSPYGMSRÅVMSTSMWSUYIIWXÅIQGYVWSRSTPERSKPSFEP

ÍYQHIWPSGEQIRXSHEWJVSRXIMVEWGSKRMXMZEWRSXIQEHSEUYIGMQIRXS

HE EXQSWJIVE GSQ MRGEPGYPÅZIMW VITIVGYWWÙIW TEVE S JYXYVS

%W MQTPMGEËÙIW XIGRSP×KMGEW I IGSRØQMGEW HSW IWJSVËSW HI

QMXMKEËÇS KPSFEP HE QYHERËE HS GPMQE TSHIVÇS EJIXEV E IZSPYËÇS

IGSRØQMGEIWSGMEPRSQYRHSIRS&VEWMP%WRIKSGMEËÙIWMRXIVREGMSREMW

WSFVIEEXVMFYMËÇSHIVIWTSRWEFMPMHEHIESW)WXEHSWIWSFVIEHMZMWÇS

HS ØRYW HS GSQFEXI Ä QYHERËE HS GPMQE MRGSVTSVEQE EHSËÇS HI

TVMRGÑTMSW MRSZEHSVIW 7ÇS IWWEW XEVIJEW HMTPSQÅXMGEW HI TVMQIMVE

KVERHI^EzIIQXIVVIRSEMRHERÇSXVMPLEHS7IVÅTSVXERXSRIGIWWÅVMS

SXVEFEPLSGSRNYRXSHSWIWXEQIRXSWHMTPSQÅXMGSGMIRXÑJMGSXIGRSP×KMGS

IRIWWIGEWSXEQFÍQIGSRØQMGSIEQFMIRXEPIQMRXIRWMHEHIWIQ

TVIGIHIRXIW 4SV WM RIRLYQ HIWWIW WIXSVIW WIVÅ GETE^ HI JE^IV JEGI

ESW HIWEJMSW GSPSGEHSW TIPE QYHERËE HS GPMQE

%S PEHS HE JMKYVE IQFPIQÅXMGE HI ¥PZEVS %PFIVXS RS NSKS

XVMERKYPEVVIPIQFVIWIEEXYEËÇSQYPXMJSVQIHI1MKYIP¥PZEVS3^×VMS

HI %PQIMHE ,SNI YQ TSYGS IWUYIGMHS JSM IPI YQ HSW TVMRGMTEMW

VIWTSRWÅZIMWTIPEGSRWXVYËÇSHI YQ-XEQEVEX] UYIEXYEPM^EHSKIVE

GSRLIGMQIRXSWWSFVIEVIEPMHEHIMRXIVREGMSREPISWETPMGEÄHMTPSQEGME

IUYIHMVMKIWYEEËÇSESGSRNYRXSHESVHIQQYRHMEPIRÇSETIREW

ESEGSQTERLEQIRXSITVIWIRËERIWXISYREUYIPIWIXSVHIEXMZMHEHIW

SY ÅVIE KISKVÅJMGE 4VSGYVEZE IPI IRXIRHIV S QYRHS I  GSQ WYE

TIVWSREPMHEHIHMRÆQMGEIHIWEWWSQFVEHEPIZEVS&VEWMPÄWJVSRXIMVEW

HE RIKSGMEËÇS MRXIVREGMSREP

)QVE^ÇSHIWIYIRJSUYITVSJMWWMSREPIMRXIVIWWIWMRXIPIGXYEMW

1MKYIP3^×VMSzUYIETSWXEZEQEMWREVEGMSREPMHEHIHSUYIREMRXYMËÇS

z GSRXVMFYMY HI JSVQE FVMPLERXI TEVE EFVMV RYQIVSWEW I MRSZEHSVEW

JVIRXIWHIXVEFEPLSTEVEE'EWEIRXVIEWUYEMWSWIWXYHSWTVSWTIGXMZSW



WSFVIXIQEWGERHIRXIWHETSPÑXMGEIIGSRSQMEMRXIVREGMSREMWSWIWJSVËSW

HI TPERINEQIRXS TSPÑXMGS I IWXVEXÍKME HMTPSQÅXMGE E EKMXEËÇS HSW

MRXIVIWWIWHSWTEÑWIWIQHIWIRZSPZMQIRXSREUYIWXÇSHETVSTVMIHEHI

MRXIPIGXYEP E GVMEËÇS HE 3VKERM^EËÇS 1YRHMEP HE 4VSTVMIHEHI

-RXIPIGXYEP z 314- Ä UYEP TVIWXSY WIRWÑZIP GSRXVMFYMËÇS IQ WIYW

TVMQIMVSWERSWHIZMHEEIRXÇSIQIVKIRXIUYIWXÇSHSQIMSEQFMIRXI



5YERHS PSXEHS RE 7IGVIXEVME HI )WXEHS I IQ ,SRK /SRK



1MKYIP3^×VMSVIEPM^SYMRSZEHSVIWIWXYHSW TVSWTIGXMZSWS WIKYRHS

HSW UYEMW zEZMHEQIRXI PMHS RE 'EWE z JSM MQTSVXERXI RS TVSGIWWS

HIGMW×VMSUYIPIZSYÄRSVQEPM^EËÇSHEWVIPEËÙIW&VEWMP'LMRE3LSNI

)QFEM\EHSV ¥PZEVS %PIRGEV E UYIQ EKVEHIËS IWXEW I SYXVEW

MRJSVQEËÙIW TEVXMGMTSY HI WYE IPEFSVEËÇS

6IWWEPXIWI EMRHE WYE MRGERWÅZIP HIJIWE RS MRÑGMS HSW ERSW

 HE YXMPM^EËÇS MRXIRWE TIPS &VEWMP HI GSQFYWXÑZIMW VIRSZÅZIMW

7IYTVSNIXSRSTEVXMGYPEVIRZSPZMERÇSW×ETVSHYËÇSTEVESQIVGEHS

MRXIVRS QEW XEQFÍQ E I\TSVXEËÇS IQ PEVKE IWGEPE XERXS HSW

GSQFYWXÑZIMWUYERXSHIXIGRSPSKMEWFVEWMPIMVEW1EWIWWIWIVEQXIQTSW

HMJÑGIMWRS&VEWMPIRIPIWSHIFEXIRÇSIVEZMWXSGSQFSRWSPLSW

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MRYWMXEHEWGSQSREHMWGYWWÇSTVITEVEX×VMEHIYQEHIXVÎWGSRJIVÎRGMEW

HMTPSQÅXMGEW WYGIWWMZEW E WIVIQ GSRZSGEHEW TIPE 314- IQ :MIRE

IQ GEHE UYEP ZSPXEHE TEVE ETVSZEVYQ TVSNIXS HIXVEXEHS%

TVMQIMVE HIPEW ZMWEZE E GSRJIVMV TVSXIËÇS MRXIPIGXYEP E GEVEGXIVIW

XMTSKVÅJMGSW % HMWGYWWÇS IRGIVVSYWI ET×W HMWGYVWS IQ UYI 1MKYIP

3^×VMSGSQSTVMQIMVSSVEHSVHIQSRWXVSYUYISTVSNIXSSFWXEGYPM^EVME

SY MQTIHMVME UYEPUYIV TEÑW IQ HIWIRZSPZMQIRXS HI MQTVMQMV QEMW

YQ PMZVS UYI JSWWI QIWQS WIRHS S EYXSV REGMSREP HEUYIPI TEÑW

*IPM^QIRXI LEZME EMRHE HSMW SYXVSW TVSNIXSW HI XVEXEHS E WIVIQ

HMWGYXMHSW

7YE QEMW TSPÎQMGE GSRXVMFYMËÇS IWXÅ RE ÅVIE EQFMIRXEP 3W

XIQTSW I S GSRGIMXSW QYHEVEQ I LSNI E UYIWXÇS FÅWMGE Í HE

MQTPIQIRXEËÇS HE %KIRHE  I HS TVMRGÑTMS HS HIWIRZSPZMQIRXS

WYWXIRXÅZIP SVMKMRÅVMS HE 'SQMWWÇS &VYRHXPERH HI  %KSVE

UYI IWXEQSW IQ TPIRE 'SRJIVÎRGME HI .SLERRIWFYVKS IQ UYI EW

2EËÙIW 9RMHEW  ERSW HITSMW VIXSQEQ E FERHIMVE HE 6MS 

HIZIWIVIGSVHEVETEVXMGMTEËÇSHI1MKYIP3^×VMSGYNETVISGYTEËÇS

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HS HIFEXI WSFVI IWWE XIQÅXMGE

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RÑZIPMRXIVREGMSREPEXIWIHITSMWGSRWEKVEHEHIGSVVIPEËÇSIRXVIEW

JSVQEW HI HIKVEHEËÇS HS QIMS EQFMIRXI I S WYFHIWIRZSPZMQIRXS

IGSRØQMGS 4EVE XERXS IWXEFIPIGIY E HMWXMRËÇS GPEVE IRXVI TSPYMËÇS

HSW VMGSW UYIMQE HI GSQFYWXÑZIMW J×WWIMW PMFIVEËÇS HI VIWÑHYSW

MRHYWXVMEMW I HIXIVMSVEËÇS EQFMIRXEP GEYWEHE TIPSW TSFVIW JEPXE HI

WERIEQIRXSFÅWMGSPM\ÙIWEXMZMHEHIWI\XVEXMZEWTVIHEX×VMEWIZSPYËÇS

GSRGIMXYEPJYRHEQIRXEPTEVEUYIQEMWXEVHIWIGLIKEWWIESTVMRGÑTMS

HEW VIWTSRWEFMPMHEHIW GSQYRW QEW HMJIVIRGMEHEW

%MRHE IQ  EW 2EËÙIW 9RMHEW JSVEQ TEPGS HI GÍPIFVI

TSPÎQMGEIQ ZÅVMEW WIWWÙIW IRXVI1MKYIP 3^×VMSI S VITVIWIRXERXI

HSW )WXEHSW 9RMHSW 7IREHSV 4EXVMGO 1S]RMLER YQ ÅWTIVS

MRXIVPSGYXSV'VIHMXIWIÄGETEGMHEHIHITIVWYEWÇSIÄGSRXYRHÎRGME

HSHMTPSQEXEFVEWMPIMVSSJEXSHISWXIVQSWHIVIJIVÎRGMEHE'SRJIVÎRGME

HI )WXSGSPQS HI E TVMQIMVE WSFVI QIMS EQFMIRXI VIJPIXMVIQ

HI TIVXSEWTSWMËÙIW UYI IRXÇS EHSXÅZEQSW

2YRGE JYKMY Ä GSRXVSZÍVWME 7YE ZMWÇS GSQ JVIUàÎRGME

ERXIGMTEX×VME RIQ WIQTVI JSM HI XSHS EFWSVZMHE 2E ÍTSGE QEMW

HYVE HE TSPÑXMGE MRXIVRE 1MKYIP 3^×VMS HIHMGSYWI E ÅVIEW

TEVXMGYPEVQIRXIHMJÑGIMW7IYÎ\MXSJSMZEVMÅZIPQEWQERXIZIMRHIRI

S GSQTVSQMWWS GSQ S &VEWMP 7YE IRSVQI I GSRXÑRYE HIHMGEËÇS

MRXIPIGXYEP EWWMQ GSQS E GETEGMHEHI HI QSFMPM^EV S ETSMS HSW

HMTPSQEXEWQEMWNSZIRWTIVQERIGIGSQSI\IQTPSHIZMVXYHIWTV×TVMEW

I HE 'EWE 7IY XIQTS Í S HS HIWTSRXEV HS MRXIVIWWI HS -XEQEVEX]

UYI TIVHYVE EXÍ LSNI TSV XIQEW wIWTIGMEMWx

2ÇS WIVME GEFÑZIP XVEËEV TEVEPIPSW SY GSRXVEWXIW IRXVI 6MS

&VERGS¥PZEVS%PFIVXSI1MKYIP3^×VMSTIVWSREPMHEHIWQYMXSHMWXMRXEW

IHIÍTSGEWHMJIVIRXIWGSQMQTEGXSIVEMSWHIEËÇSHIQEWMEHEQIRXI

HMJIVIRGMEHSW'EFIXSHEZMEVIGSVHEVRIWXIIZIRXSEGPEVEHIHMGEËÇS

HI 6MS &VERGS Ä HIJIWE REGMSREP I VIEPËEV WIY IRZSPZMQIRXS GSQ E

GMÎRGMEHIWIYXIQTSIQXVÎWTPERSWSMRXIVIWWITIPETIWUYMWELMWX×VMGE

IKISKVÅJMGEWYEETPMGEËÇSÄHMTPSQEGMEISJEXSHILEZIVTVIWMHMHS

S'SRKVIWWS'MIRXÑJMGSIPERËEHSWIQIRXIWRS-XEQEVEX]GSQSYQE

IWTÍGMI HI GSRWIUàÎRGME HI WYE XVENIX×VME HMTPSQÅXMGE UYI WIQTVI

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TVSHYXMZEQIRXI ETIREW RS MQIHMEXS T×W7IKYRHE +YIVVE WSF S

IWXÑQYPSHERSZESVHIQQYRHMEPUYIWIMREYKYVEZEIWIKYVEQIRXI

HI YQE QIPLSV XSQEHE HI GSRWGMÎRGME GSPIXMZE WSFVI SW VYQSW HI

RSWWS TV×TVMS TEÑW

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RSWWS TV×TVMS XIQTS I IWXEQSW WYNIMXSW E IQFEXIW HI XIRHÎRGMEW

SWXIRWMZEW SY SFWGYVEW %W XVÎW TIVWSREPMHEHIW UYI QEMW GMXIM

TVSGYVEVEQVIWSPZIVSYTIPSQIRSWIRGEQMRLEVGSQEPXEGVMEXMZMHEHI

I IRIVKME SW XIQEW MQIHMEXSW HI WYEW EKIRHEW 1EW E VMKSV SW

TVSFPIQEWHSWÞPXMQSWERSWzSTSHIVMRXIVREGMSREPEMRXIKVMHEHI

HEW JVSRXIMVEW E UYIWXÇS RYGPIEV E VIWTSWXE HS &VEWMP ESW KVERHIW

HIWEJMSW GMIRXÑJMGSWI XIGRSP×KMGSW EW UYIWXÙIW EQFMIRXEMW z RÇS WI

XSVREVEQVIEPQIRXISFWSPIXSWQEWWYEGSRGIMXYEËÇSIQSHEPMHEHIW

GPEVS IZSPYÑVEQ RS GSVVIV HEW HÍGEHEW

%KSVE RSZSW XIQEW GMIRXÑJMGSW I XIGRSP×KMGSW UYI PSKS

QIRGMSREVIM IWXÇS JSVGINERHS E TEYXE HMTPSQÅXMGE QEW EMRHE RÇS

VIGIFIQ S XVEXEQIRXS UYI VIUYIVIQ 7ÇS IPIW SFNIXS HE wRSZE

HMTPSQEGMEx I GSQ JVIUàÎRGME WYE RIKSGMEËÇS KPSFEP TIVQERIGI

JVEKQIRXÅVMEHIWTSPMXM^EHEIGSQ TEVGEMRWXMXYGMSREPM^EËÇSZMGMEHE

TSVXERXSTIPEWEWWMQIXVMEWMRXIVREGMSREMWUYIIQXIWITVSGYVEGSVVMKMV

4SV SYXVS PEHS Í WIKYVS UYI  RIWXI QSQIRXS RS UYEP WSQSW

GSQTIPMHSW E GSRGIRXVEV E EXIRËÇS RE HSKQÅXMGE HS YRMPEXIVEPMWQS

IREWEQFMKàMHEHIWHEKPSFEPM^EËÇSLEZIVÅXIRHÎRGMEWMRXIVREGMSREMW

E TSRXS HI IQIVKMV I EXÍ HI I\TPSHMV HEW UYEMW EMRHE RÇS RSW

HIQSW MRXIMVE GSRXE SY IQ UYI RÇS TVIWXEQSW WYJMGMIRXI EXIRËÇS

% TVIWIRXI IXETE RÇS W× MRHMGE E GMÎRGME I IQ TEVXMGYPEV E

XIGRSPSKMEGSQSZEVMÅZIMWGLEZIREHIJMRMËÇSHSWVYQSWIGSRØQMGSW

TSV LEZIVIQ IWXEFIPIGMHS RSZSW TEXEQEVIW HI EKVIKEËÇS HI ZEPSV E

TVSHYXSW I WIVZMËSW QEW XEQFÍQ HIM\E GPEVS S JSVXEPIGMQIRXS HI

WIYMQTEGXSRE IZSPYËÇSHS WMWXIQEMRXIVREGMSREP HEHEEQYHERËE

RE FEPERËE XIGRSP×KMGE  I IQ GSRWIUàÎRGME IWXVEXÍKMGE  IRXVI EW

REËÙIW

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HI MRXIVREGMSREPM^EËÇS HE '8TEWWSW JYRHEQIRXEMW TVIGMWEVÇS WIV

HEHSW RS &VEWMP IQ XIVQSW HE I\TERWÇS HI RSWWE GSSTIVEËÇS

MRXIVREGMSREP RE HIJIWE SY TVSQSËÇS HIRSWWSW MRXIVIWWIW RE '8

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GSQMQTPMGEËÙIWFMPEXIVEMWIQYPXMPEXIVEMWEWWMQGSQSREGSPEFSVEËÇS

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NÅ IWXÅ IQ MQTPIQIRXEËÇS FEWXERHS MRJSVQEV UYI RSW ÞPXMQSW 

QIWIW GSRGPYÑQSW  MRWXVYQIRXSW GSQ ZMWXEW ES SVHIREQIRXS

HMZIVWMJMGEËÇS I I\TERWÇS HI RSWWEGSSTIVEËÇS MRXIVREGMSREP

6MS &VERGS QEW XEQFÍQ ¥PZEVS %PFIVXS I 1MKYIP 3^×VMS

GEHEUYEPEWYEQERIMVEIRWMREQUYIRÇSRSWTSHIQSWIWUYMZEVHS

UYITIVGIFIQSWGSQSHIWEJMSWFÅWMGSWÄXVENIX×VMEHSTEÑW(IQMRLE

TEVXITIRWSUYIRIWXEHÍGEHEWIVÇSRIGIWWÅVMSWIRXVISYXVSWTEWWSW

VIEVXMGYPEVIIWXVIMXEVEVIPEËÇSIRXVIGMÎRGMEIHMTPSQEGMEIRXVITSPÑXMGE

GMIRXÑJMGEITSPÑXMGEI\XIVREIQIRSWEFWXVEXEQIRXIIRXVIGMIRXMWXEW

I HMTPSQEXEW WIQ IWUYIGIV REXYVEPQIRXI E VIZMWÇS HEW MRXIVEËÙIW

HEW HMQIRWÙIW QMPMXEVI GMIRXÑJMGE

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MRWXMXYGMSREPQEMWWMRIVKMEIWWIHIZIWIVSRSWWSGEQMRLS%EVKEQEWWE

E EWWIKYVEV E MRXIKVEËÇS HI IWJSVËSW IRGSRXVEWI RYQE TVMQIMVE

ETVS\MQEËÇS RE GSQYREPMHEHI HI RSWWE TVISGYTEËÇS IWXVEXÍKMGE

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TIPSW wWÞHMXSW HI +YWQÙIW &PERGSW I 4SVJÑVMSW (MEWx

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2EGSRGITËÇSHI6MS&VERGSEQIPLSVQERIMVEHIWITVSXIKIV

GSRXVE EXIRXEHSW Ä WSFIVERME IVE KEVERXMV E IWXEFMPMHEHI TSPÑXMGE HE

VIKMÇS  MPYWXVEXMZE E XVSGE HI MHÍMEW IQ  GSQ S 1MRMWXVS

4PIRMTSXIRGMÅVMS EVKIRXMRS RS 6MS HI .ERIMVS +SVSWXMEKE wWSFVI E

GSRZIRMÎRGMEHIYQXVEXEHSHIEVFMXVEQIRXSKIVEPIRXVIS&VEWMPIE



6ITÞFPMGE %VKIRXMRE I WSFVI E YXMPMHEHI HI EPKYQ EGSVHS IRXVI EW

HYEW6ITÞFPMGEWIEHS'LMPIxXIRHSIQZMWXESJMQHEWVIZSPYËÙIW

RS'SRI7YP%WEKMXEËÙIWWIKYRHSS'LERGIPIVHIWEGVIHMXEZEQSW

PEXMRSEQIVMGERSW I TYRLEQ IQ VMWGS TEVXI HS GSRXMRIRXI %WWMQ

SW WMKREXÅVMSW HS IZIRXYEP XVEXEHS HIZIVMEQ RE LMT×XIWI HI KYIVVE

GMZMPwGSRGSVVIVUYERXSTSWWÑZIPTEVESVIWXEFIPIGMQIRXSHESVHIQ

SYTEGMJMGEËÇSWIQHIWTVIWXÑKMSHSKSZIVRSPIKEPIMQTIHMVUYIHS

XIVVMX×VMS HEW XVÎW 6ITÞFPMGEW WINEQ TVIWXEHSW EY\ÑPMSW ESW

VIZSPYGMSRÅVMSWx3WJYRHEQIRXSWUYIHIYEWYETVSTSWXEWÇSEGLEZI

TEVE E GSQTVIIRWÇS HI EXMXYHIW EWWYQMHEW ES PSRKS HE KIWXÇS

wHSMRXIVIWWIHIXSHSWR×WGSRGSVVIVTEVEUYIWIIRGIVVI

EIVE HEW VIZSPYËÙIW RIWXE TEVXI HE %QÍVMGEHS 7YP8ÇSJVIUàIRXIW

EKMXEËÙIWIHIWSVHIRWHIWEGVIHMXEQRE)YVSTEIRSW)WXEHSW9RMHSW

XSHSWSWPEXMRSWSYPEXMRM^EHSWHE%QÍVMGEVIXEVHEQSYTEVEPMWEQS

TVSKVIWWS HI TEÑWIW UYI TIPEW SFVEW HE TE^ TSHIVMEQ IQ TSYGS

XIQTS WIV VMGSW I JSVXIW I GSRWXMXYIQ YQ ZIVHEHIMVS TIVMKS TEVE

KVERHI TEVXI HS RSWWS GSRXMRIRXI IQ JYXYVS RÇS QYMXS VIQSXS

5YERHS EW KVERHIW TSXÎRGMEW HE )YVSTE RÇS XMZIVIQ QEMW XIVVEW E

SGYTEVIGSPSRM^EVRE¥JVMGEIRE%YWXVEPÅWMELÇSHIZSPXEVSWSPLSW

TEVE SW TEÑWIW HE %QÍVMGE 0EXMRE HIZEWXEHSW TIPEWKYIVVEW GMZMW WI

EMRHEEWWMQSIWXMZIVIQIRÇSÍTVSZÅZIPUYISWEQTEVIEGLEQEHE

HSYXVMRE HI 1SRVSI TSVUYI RE %QÍVMGE HS 2SVXI XEQFÍQ LEZIVÅ

I\GIWWSHITSTYPEËÇSTSPÑXMGEMQTIVMEPMWXEINÅEPMWIWYWXIRXESHMVIMXS

HI HIWETVSTVMEËÇS TIPSW QEMW JSVXIW HSW TSZSW MRGSQTIXIRXIW %S

QIWQSXIQTSHIZIQSWTIRWEVUYIRÇSÍW×RSWTEÑWIWZM^MRLSWUYI

PEZVESIWTÑVMXSVIZSPYGMSRÅVMSQEWXEQFÍQRS&VEWMPHIWHIEPKYRW

ERSWIRE6ITÞFPMGE%VKIRXMREEXÍGIVXSTSRXSTSVXERXSTVYHIRXI

UYI SW HSMW KSZIVRSW RE TVIZMWÇS HI TSWWÑZIMW MRWYVVIMËÙIW RS WIY

XIVVMX×VMSTIRWIQIQ EHSXEV VIWSPYËÙIWUYI XSVRIQMQTSWWÑZIMWSY

HMJMGYPXIQUYEPUYIVTVSXIËÇSSYETSMSEVIZSPYGMSRÅVMSWRSXIVVMX×VMS

HI SYXVSx

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%S TEWWEV IWWEW MQTVIWWÙIW TEVE S 1MRMWXVS

4PIRMTSXIRGMÅVMS HS &VEWMP IQ &YIRSW %MVIW 6MS &VERGS MRJSVQE

UYIIQFSVERÇSXMZIWWIEMRHEJSVQYPEHSYQEGSRZIRËÇSRSWIRXMHS

ETSRXEHSVIQIXIVEE+SVSWXMEKESTVSNIXSHSXVEXEHSHIEVFMXVEQIRXS



7IQTVIUYITSWWÑZIP6MS&VERGSTVSGYVEZEHMJIVIRGMEVS&VEWMP

HS KVYTS PEXMRSEQIVMGERS HI REËÙIW IQ KIVEP MHIRXMJMGEHS GSQ

GVMWIWTSPÑXMGEWIMRWSPZÎRGMEJMRERGIMVE(MJIVIRGMÅPSQEWRÇSMWSPÅ

PS %WWMQ FYWGSY EGSRWSPMHEËÇSI EQTPMEËÇS HEEQM^EHI FVEWMPIMVE

GSQ SW TEÑWIW HE %QÍVMGE IWTERLSPE EXÍ QIWQS GSQ EUYIPIW UYI

RÇSXMRLEQZÑRGYPSWGSQS&VEWMPGSQSSWHE%QÍVMGE'IRXVEP)Q

SKSZIVRSEGVIHMXSYS1MRMWXVSHS&VEWMPRS1Í\MGSXEQFÍQ

NYRXS ES KSZIVRS HE +YEXIQEPE 2E STSVXYRMHEHI JSM GVMEHE YQE

0IKEËÇSGSQ1MRMWXVSEGVIHMXEHSNYRXSESWKSZIVRSWHI'SWXE6MGE

2MGEVÅKYE )P 7EPZEHSV ,SRHYVEW 4EREQÅ I 'YFE XIRHS WMHS

RSQIEHS*SRXSYVE<EZMIVTEVESRSZSTSWXS)QVE^ÇSHEMRI\MWXÎRGME

HIMRXIVIWWIWMQIHMEXSWEQIHMHEW×TSHIXIVWMHSHMXEHETIPSHIWINS

HI EGIRXYEV E TVIWIRËE FVEWMPIMVE RS IWTEËS PEXMRSEQIVMGERS



6MS &VERGS ES TVEXMGEV YQETSPÑXMGE HI TVIWXÑKMS IRGSRXVSY

WÍVMSW GSQTIXMHSVIW RE %VKIRXMRE 3 VIEVQEQIRXS HE IWUYEHVE

FVEWMPIMVE SW WYGIWWSW HS 'LERGIPIV RS VIQEXI HI ZIPLEW UYIWXÙIW

PMRHIMVEWIEÑRXMQEETVS\MQEËÇSGSQSW)WXEHSW9RMHSWHIWTIVXEVEQ

GMÞQI RE 6ITÞFPMGE ZM^MRLE HS 4VEXE QERMJIWXEHS RE MQTVIRWE

WSFVIXYHS RS 0E4VIRWE IQQEXÍVMEW MRWTMVEHEW TIPS VMZEP HI 6MS

&VERGSRE 5YIWXÇS HEW 1MWWÙIW >IFEPPSW

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RSÆQFMXSHEGSQTIXMËÇSTIPSTVIWXÑKMSUYIWIHIZIWMXYEVE

TSPÎQMGE UYI S VIEVQEQIRXS REZEP FVEWMPIMVS WYWGMXSY IQ &YIRSW

%MVIW (E QIWQE JSVQE HIZI WIV ZMWXE E IPIZEËÇS HE6ITVIWIRXEËÇS

HS &VEWMP IQ ;EWLMRKXSR Ä GEXIKSVME HI )QFEM\EHE EGSQTERLEHE

HI EXS VIGÑTVSGS I WMQYPXÆRIS HS KSZIVRS RSVXIEQIVMGERS IQ 

HI NERIMVS HI 

% GSRGITËÇS HI YQ &VEWMP HMJIVIRGMEHS RS IWTEËS PEXMRS

EQIVMGERSGSQTSVXEZESIRXIRHMQIRXSHIUYIPLIGEFMEI\IVGIVYQ

TETIP HI PMHIVERËE 7IKYRHS 6MS &VERGS S &VEWMP HIZIVME TVSGYVEV

MQMXEVRSWIKQIRXSWYPHSGSRXMRIRXISW)WXEHSW9RMHSW4EVEMWWS

IVERIGIWWÅVMSSIWXVIMXEQIRXSHEEQM^EHIGSQE%VKIRXMREIS'LMPI

TSMWwWSQIRXITIPEWZMX×VMEWJIGYRHEWHETE^UYITSHIVIQSWYQHME

MQMXEVERSWWETSHIVSWEMVQÇIEPMEHEHS2SVXIIEPGERËEVYQHMEE

WIYPEHSEMRJPYÎRGMEEUYIIPENÅXIQWEFMHSGSRUYMWXEVRSQYRHSx



%MRXIRËÇSHS'LERGIPIVIVEEPEVKEVSLSVM^SRXIMRXIVREGMSREP

HS&VEWMPIMRKVIWWÅPSREKVERHITSPMXMUYITSMWTSWWYÑESWIPIQIRXSW



UYISLEFMPMXEZEQEVIMZMRHMGEVSWXEXYWHITSXÎRGME)WGVIZIRHSRS

.SVREP HS 'SQQIVGMS WIQ EWWMREV E QEXÍVME EJMVQSY UYI S &VEWMP

RSXIQTSIQUYIE%QÍVMGEHS7YPIWXIZIIRXVIKYIEWMQIWQERS

TIVÑSHS IQFVMSRÅVMS HI WYE JSVQEËÇS GSRZYPWMSREHE

w MRXIVZIMS RS 4VEXE  TEVE HMVMQMV TIPEW EVQEW I TIPE

HMTPSQEGME HIWEZIRËEW WERKàMRÅVMEW  JSM S EKIRXI HI TE^ I HI

PMFIVHEHI I Ä WSQFVE HE EPMERËE GSQ S &VEWMP VIEPM^SY 1MXVI WIY

KVERHI WSRLS TSPÑXMGS UYI Í E YRMHEHI REGMSREP HE 6ITÞFPMGE

%VKIRXMRE 5YERHS WI EGEFSY E WYE QMWWÇS LMWX×VMGE RS 4VEXE S

&VEWMP HIM\SY EPM REËÙIW SVKERM^EHEW I S RSWWS XIVVMX×VMS RÇS JSM

EYQIRXEHSTIPEJÅGMPMRGSVTSVEËÇSHITVSZÑRGMEWHIWKSZIVREHEW

,Å QYMXS E RSWWE MRXIVZIRËÇS RS 4VEXE IWXÅ XIVQMREHE 3 &VEWMP

REHEQEMWXIQUYIJE^IVREZMHEMRXIVREHEWREËÙIWZM^MRLEW3

WIY MRXIVIWWI TSPÑXMGS IWXÅ IQ SYXVE TEVXI  TEVE  YQ GMGPS QEMSV

UYI IPI Í EXVEÑHS (IWMRXIVIWWERHSWI HEW VMZEPMHEHIW IWXÍVIMW HSW

TEÑWIW WYPEQIVMGERSW IRXVIXIRHS GSQ IWWIW )WXEHSW YQE GSVHMEP

WMQTEXMES&VEWMPIRXVSYVIWSPYXEQIRXIREIWJIVEHEWKVERHIWEQM^EHIW

MRXIVREGMSREMWEUYIXIQHMVIMXSTIPEEWTMVEËÇSHIWYEGYPXYVETIPS

TVIWXÑKMSHIWYEKVERHI^EXIVVMXSVMEPITIPEJSVËEHIWYETSTYPEËÇSx



7EFME6MS&VERGSUYIS&VEWMPIRGSRXVEZEVIWMWXÎRGMEWRSIWTEËS

PEXMRSEQIVMGERS

w4SV RÇS WIVQSW TEÑW HI PÑRKYE IWTERLSPE LSYZI WIQTVI RE

%QÍVMGEIWTERLSPEKVERHIWTVIGSRGIMXSWIHIWGSRJMERËEWIUYITIPE

RSWWE TEVXI TVSGYVEQSW MV QSHMJMGERHS TIPE GSVHYVE I TIPE

PSRKERMQMHEHI GSQ UYI WYTSVXEQSW EPKYRW HSW RSWWSW ZM^MRLSW

JE^IRHSXYHSTEVEGSRUYMWXEVSWIYEJIXSIGSRJMERËE'SQIWWETSPÑXMGE

XIQEYQIRXEHSERSWWEMRJPYÎRGMEGSQSGSQETSPÑXMGETEREQIVMGERE

HI 6SSWIZIPX I 6SSX EYQIRXSY E MRJPYÎRGME EQIVMGERE 7IVME YQE

TIRETIVHIVSJVYXSHSXVEFEPLSHIXERXSWERSW%WSJIRWEWESEQSV

TV×TVMSREGMSREPHIYQTSZSHMJMGMPQIRXITSHIQWIVIWUYIGMHEWx



0SKS ET×W EWWYQMV S 1MRMWXÍVMS S&EVÇS MQTVMQMY YQ RSZS

IWXMPSÄHMTPSQEGMEVITYFPMGERE)Q&YIRSW%MVIWEGETMXEPLMWTERS

EQIVMGERE IQ UYI QEMW WI SFWIVZEZEQ SW EXSW HE 'LERGIPEVME HS

6MSHI.ERIMVSWYEEËÇSWIKYRHS.SEUYMQ*VERGMWGSHI%WWMW&VEWMP

JSMZMWXEGSQSYQVIXSVRSÄwSVMIRXEËÇSHS-QTÍVMSEHI'SXIKMTI

UYI WMQFSPM^E EUYM S IPIQIRXS FVEWMPIMVS MRZEWSV IEWXYXSx





3VIEPMWQSIEGSRGITËÇSHIUYIYQEREËÇSRIGIWWMXEHITSHIV

QMPMXEVTEVEMQTSVVIWTIMXSI\TPMGEQSJEXSHI6MS&VERGSXIVMRWMWXMHS

RSEYQIRXSHEIWUYEHVEFVEWMPIMVE2ÇSLÅGSRWIRWSIRXVISWIWXYHMSWSW

EVIWTIMXSHIYQEIZIRXYEPMRJPYÎRGMEHIPIMXYVEWHMVIXEWHISFVEWHI

KISTSPÑXMGSW HE ÍTSGE IQ IWTIGMEP HI 6EX^IP 1ELER 1EGOMRHIV I

/NIPPÍR



3'LERGIPIVFVEWMPIMVSTIRWSYIEKMYGSQSYQKISTSPÑXMGS

QEW RYRGE GMXSY EYXSVIW HE QSHE SY XIRXSY EHETXEV E VIEPMHEHI Ä

XISVME*SMERXIWHIXYHSYQTVEKQÅXMGS



IEXI×VMGSIEKMYKYMEHS

TIPSFSQ WIRWSMRWXMRXSJEVSTSPÑXMGS ITSVWYE TV×TVME PIMXYVE HS

GSRXI\XSMRXIVREGMSREP,MWXSVMEHSVIKI×KVEJS6MS&VERGSJE^MEWYEW

ERÅPMWIWETEVXMVHEWJSRXIWIETIKEZEWIÄGSRGVIXMXYHIHSWJEXSWIES

HIZMV LMWX×VMGS 2ÇS TVSGYVSY XVEHY^MV TEVE WIYW EXSW HI TSPÑXMGE

I\XIVRE MHÍMEW IRXÇS IQ GMVGYPEËÇS RS 3GMHIRXI GSQS E HIJIWE HI

YQ(IWXMRS1ERMJIWXSEWYTIVMSVMHEHIHEVEËESYEMQTSVXÆRGMEHE

KYIVVEGSQSIPIQIRXSHIGSIWÇSREGMSREP2IWWIEWTIGXSS'LERGIPIV

HMJIVMEHSEVKIRXMRS)WXERMWPES>IFEPPSWIHIWIYWGSRXIVVÆRISW.SEUYMQ

2EFYGS I 6YM &EVFSWE LSQIRW HI TIRWEQIRXS ÅZMHSW PIMXSVIW HI

EYXSVIW HE ÍTSGE

%JMREHSGSQ WIY XIQTS6MS&VERGSXMRLEMHÍMEWTV×TVMEW HI

GSQS QERXIV E TE^ HIJIRHIV I I\TERHMV S XIVVMX×VMS REGMSREP I

TVIWIVZEVPLI E WSFIVERME 6IEPMWXE EGMQE HI XYHS IRXIRHME UYI E

MRJPYÎRGME HS &VEWMP RS 'SRI 7YP HIZIWWI WIV GSQTEVXMPLEHE GSQ E

%VKIRXMREIS'LMPI%TIWEVHSWIYTVIWXÑKMSIMRJPYÎRGMERÇSPIZSY

EIJIMXSYQETSPÑXMGEI\XIVREEKVIWWMZEIEVVSKERXIIWGYHEHEIQMHIEMW

HI TVSNIËÇS REGMSREP

%6+)28-2%0·+-'%'31)6'-%0:) 6 797 0·+-'%430±8-'%

% %VKIRXMRE NÅ IVE YQ HSW TVMRGMTEMW TEÑWIW ZIRHIHSVIW HI

KÎRIVSWEPMQIRXÑGMSWTEVES&VEWMPWSFVIXYHSXVMKSIQKVÇSIJEVMRLE

%WVIPEËÙIWGSQIVGMEMWIRXVISWHSMWWIKYMEQYQJPY\STVEXMGEQIRXI

MRZEVMÅZIPGSQWEPHSWEQTPEQIRXIJEZSVÅZIMWESTEÑWHSWYP7ITSYGE

GSMWEQYHEZEREUYIPEWVIPEËÙIWSQIWQSRÇSSGSVVMEREWHIREXYVI^E

TSPÑXMGEGSQSUYIEGSRXVEVMEVEP×KMGEIGSRØQMGE,SYZIRSTIVÑSHS

IQ XIPE QSQIRXSW HI EKYHE VMZEPMHEHI IRXVIQIEHSW TSV EUYIPIW

HI GSVHMEPMHEHI



2S MRÑGMS HE KIWXÇS 6MS &VERGS EW VIPEËÙIW HS &VEWMP GSQ E

%VKIRXMRE JSVEQ GSVHMEMW 3 +IRIVEP .YPMS 6SGE ES GSRGPYMV WYE

WIKYRHEKIWXÇSTVIWMHIRGMEPIQSYXYFVSHIHIM\SYEWVIPEËÙIW

HE %VKIRXMRE RYQ IPIZEHS RÑZIP HI GSRG×VHME GSQ S ZM^MRLS HS

RSVXI



 % XVSGE HI ZMWMXEW  IRXVI IPI I S 4VIWMHIRXI

'EQTSW7EPIWPIKEVEYQWEPHSHIWMQTEXMEREWVIPEËÙIWIRXVISWHSMW

TEÑWIW

%VMZEPMHEHIXSHEZMETIVQERIGMEPEXIRXIIEJPSVSYUYERHSHE

HMWGYWWÇS I ETVSZEËÇS HS TVSNIXS FVEWMPIMVS HI VIEVQEQIRXS REZEP

IQIHEIPIZEËÇSHEW0IKEËÙIWHSW)WXEHSW9RMHSWIHS&VEWMP

RS 6MS HI .ERIMVS I ;EWLMRKXSR Ä GEXIKSVME HI )QFEM\EHE 3YXVS

JSGSHIVMZEPMHEHIVIWMHMEREWVIPEËÙIWHSWHSMWTEÑWIWGSQSWHIQEMW

HE&EGMEHS4VEXE%WETVS\MQEËÙIWSWEJEWXEQIRXSWIVIETVS\MQEËÙIW

HS 4EVEKYEM I 9VYKYEM IQ VIPEËÇS ES &VEWMP I Ä %VKIRXMRE IVEQ

EGSQTERLEHSW RIWWIW HSMW TEÑWIW WIQTVI GSQ YQE TVISGYTEËÇS HI

JYRHSE IZIRXYEP EWTMVEËÇS HILIKIQSRME HS VMZEP

3 IWTÑVMXS HI VMZEPMHEHI VIGVYHIWGIY RE %VKIRXMRE UYERHS S

:MGI4VIWMHIRXI *MKYIVSE %PGSVXE EWWYQMY ETVIWMHÎRGME RS MRÑGMS

HI  IQ ZMVXYHI HS JEPIGMQIRXS HS XMXYPEV 1ERYIP 5YMRXERE

I HIWMKRSY )WXERMWPES >IFEPPSW TEVE TIPE XIVGIMVE ZI^ GLIJMEV S

1MRMWXÍVMSHEW6IPEËÙIW)\XIVMSVIWSRHIJMGEVMEEXÍNYRLSHI



% XIRWÇS GLIKEVME E XEP TSRXS UYI E TE^ IRXVI SW HSMW TEÑWIW JMGSY

EQIEËEHE

'SQ E UYIHE HI >IFEPPSW EW VIPEËÙIW IRXVI SW HSMW TEÑWIW

QIPLSVEVEQ WIRWMZIPQIRXI 6SUYI 7ÅIR^ 4IÕE RE GSRHMËÇS HI

4VIWMHIRXIIPIMXSZMWMXSYS&VEWMPIQTSVXERXSEMRHEHYVERXI

EKIWXÇS6MS&VERGS0EYVS1àPPIVWIYWYGIWWSVJSME&YIRSW%MVIW

IQIRIKSGMSYSTEGXSHS%&'%VKIRXMRE&VEWMPI'LMPIRE

IWXIMVE HE EXYEËÇS GSRNYRXE HIWWIW XVÎW TEÑWIW RE GVMWI HEW VIPEËÙIW

QI\MGERSRSVXIEQIVMGEREW QEXIVMEPM^ERHS EWWMQ YQE ERXMKE

EWTMVEËÇSXERXSHI6MS &VERGSUYERXSHI7ÅIR^4IÕE



%59)78§3%0*%2()+¥6-%

3 QIVGEHS FVEWMPIMVS HIWHI PSRKE HEXE HIWIQTIRLE TETIP

I\TVIWWMZSRSJYRGMSREQIRXSHEIGSRSQMEEVKIRXMRE7IKYRHSHM^ME



WIS+IRIVEP1MXVIEJMVQEZEUYIwIP&VEWMPIWYREREGM×RUYI(MSWLE

TYIWXS HSRHI IWXÅ TEVE IRVMUYIGIV PE %VKIRXMREx



1IWQSEWWMQI

ETIWEV HI SW TVSHYXSW TVSGIHIRXIW HE %VKIRXMRE JMKYVEVIQ REW

TVMQIMVEW TSWMËÙIWRSVSP HEWMQTSVXEËÙIWFVEWMPIMVEWRSGSQIËSHS

WÍGYPS<<SWZM^MRLSWHS4VEXEWIQTVIPYXEVEQEJEZSVHSMRGVIQIRXS

HEW WYEW ZIRHEW RS &VEWMP 7MKRMJMGEXMZS JSM S HIFEXI UYI WI XVEZSY

IQREMQTVIRWE TSVXIRLEEVIWTIMXSHEWVIPEËÙIWGSQIVGMEMW

WYWGMXEHS TIPE QERYXIRËÇS IQ NYRLS HE VIHYËÇS EPJERHIKÅVME

FVEWMPIMVEUYIFIRIJMGMEZEEJEVMRLEHI XVMKSMQTSVXEHEHSW)WXEHSW

9RMHSW3XVEXEHSHIVIGMTVSGMHEHIGSQIVGMEPHIWINEHSTIPEMQTVIRWE

IKSZIVRSEVKIRXMRSWHIJIRHMHSEXÍTSVVE^ÙIWHIREXYVI^ETSPÑXMGE

TSV%WWMW&VEWMP1MRMWXVS4PIRMTSXIRGMÅVMSHS&VEWMPIQ&YIRSW%MVIW

RÇS XIZI EGSPLMHE RS KSZIVRS FVEWMPIMVS SY QEMW TVIGMWEQIRXI IQ

6MS &VERGS



(ITSMW HI XERXEW QERMJIWXEËÙIW RE MQTVIRWE I QIWQS WIQ

GPMQETSPÑXMGSTVSTÑGMSIQVE^ÇSHETVIWIRËEHI>IFEPPSWRSTVMQIMVS

IWGEPÇS HS KSZIVRS E %VKIRXMRE WYKIVMY IQ  E EWWMREXYVE HI

YQ XVEXEHS HI GSQÍVGMS GSQ S &VEWMP GSQS NÅ S JM^IVE IQ 

GSQEJMREPMHEHIHISFXIVEVIHYËÇSHIREXE\EHIMQTSVXEËÇS

HIEPKYRWTVSHYXSWMRZSGERHSJEZSVIWMHÎRXMGSWGSRGIHMHSWESW)WXEHSW

9RMHSWI EHMWTSWMËÇSHIMWIRXEV HIHMVIMXSW EPJERHIKÅVMSW EIRXVEHE

HI GEJÍ



6MS &VERGS RÇS WI HIM\EZE MQTVIWWMSREV TIPE QEVÍ QSRXERXI

HSWNSVREMWTSVXIRLSW3EVVE^SEHSUYIWIKYRHSXSHEWEWMRHMGEËÙIW

JSMTYFPMGEHSRS.SVREPHS'SQQIVGMSWIQWIYRSQIVITIXMEEPKYRW

HSWEVKYQIRXSWI\TSWXSWIQHIWTEGLSTEVE&YIRSW%MVIWIIVEEWWMQ

YQE VIWTSWXE ÄW TVIXIRWÙIW EVKIRXMREW

3'LERGIPIVEPÍQHIVIZIPEVWMQIXVMEHIEXMXYHIWRSUYIHM^ME

VIWTIMXSÄWVIPEËÙIWGSQIVGMEMWHIWIYTEÑWGSQE%VKIRXMREI)WXEHSW

9RMHSWHIQSRWXVEZEUYIRÇSLEZMETSVUYIXIVYQVIPEGMSREQIRXS

TVIJIVIRGMEPGSQE%VKIRXMREUYIIQVE^ÇSHIWIYPMQMXEHSQIVGEHS

GSRWYQMHSVRÇSXMRLEGSRHMËÙIWHIEXIRHIVÄWRIGIWWMHEHIWFVEWMPIMVEW

HIGSVVIRXIW HS GSRXÑRYS GVIWGMQIRXS HE TVSHYËÇS GEJIIMVE

%T×WUYEPMJMGEVGSQSMQEKMREËÇSHIVIT×VXIVIWSIZIRXYEPEGSVHS

EHYERIMVSRSXMGMEHSTSV%8VMFYREHS6MS.ERIMVSUYIIWXEVMEWIRHS

RIKSGMEHSTSV%WWMW&VEWMPI>IFEPPSW6MS&VERGSHIJMRMYIWWEWRSXÑGMEW



GSQSQÅTSPÑXMGETSMWEI\TIGXEXMZEKIVEVMEJVYWXVEËÙIWUYIIRWINEVMEQ

QEMWYQEGEQTERLEHIEXEUYIWES&VEWMPTSVTEVXIHIGIVXEMQTVIRWE

TSVXIRLE NÅ LEFMXYEHE E JE^ÎPSW



7IKYRHS S &EVÇS S TIRWEQIRXSHS 1MRMWXÍVMS HEW 6IPEËÙIW

)\XIVMSVIW JSVE XSVGMHS UYERHS WI RSXMGMSY UYI E VIHYËÇS HI 

RSW HMVIMXSW HI MQTSVXEËÇS E GIVXSW TVSHYXSW RSVXIEQIVMGERSW



WI

HIZIY Ä PMZVI IRXVEHE HS GEJÍ FVEWMPIMVS RSW )WXEHSW 9RMHSW 3Y

QIPLSVIWWERÇSXIVMEWMHSEVE^ÇSTVMRGMTEP7IEWWMQJSWWIS&VEWMP

HIZIVMEIWXIRHIV MKYEMW ZERXEKIRW Ä ,SPERHEIÄ &ÍPKMGE TEÑWIWUYI

XEQFÍQ HEZEQ PMZVI IRXVEHE ES TVSHYXS FVEWMPIMVS 3 JYRHEQIRXS

HEVIHYËÇSHIGSVVMEHSJEXSHISW)WXEHSW9RMHSWGSQTVEVIQEQIXEHI

HETVSHYËÇSERYEPHSTEÑW2ÇSFEWXEZEEUYEPUYIVTEÑWWYTVMQMVSW

HMVIMXSW HI MQTSVXEËÇS UYI MRGMHMWWIQ WSFVI S GEJÍ TEVE TPIMXIEV S

QIWQSXVEXEQIRXSTVIJIVIRGMEP WIVMERIGIWWÅVMSUYIGSQTVEWWIGEJÍ

IQ TVSTSVËÙIW UYI ES QIRSW WI ETVS\MQEWWIQ HEUYIPEW UYI IVEQ

EHUYMVMHEWTIPSW )WXEHSW9RMHSW2ÇSIVESGEWS HE%VKIRXMREUYI

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9RMHSW  HE %PIQERLE  HE *VERËE  HE

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HSW)WXEHSW9RMHSWKS^EZEHEVIHYËÇSHIREXE\EEPJERHIKÅVME

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MRXVSHYËÇSIRXVIXERXSXIQYPXMQEQIRXITVSGYVEHSIQFEVEËEVEPKYQ

GEJÍ I QYMXEW FEREREWx#



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FVEWMPIMVSWIQVE^ÇSHETSYGETSTYPEËÇSIHEJEPXEHIYQEMRHÞWXVME

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FVEWMPIMVS TEVE E TVSHYËÇS EVKIRXMRE

w% %VKIRXMRE TIPS GSRXVÅVMS XIQ RS &VEWMP S TVMRGMTEP SY

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XIVVIRS XSHSW SW HMEW E TSRXS HI LEZIV WYTPERXEHS GSQTPIXEQIRXI

EW JEVMRLEW EQIVMGEREW 'EFI TSVXERXS Ä %VKIRXMRE UYI RSW ZIRHI

QYMXS I GSQTVE TSYGS JE^IV GSRGIWWÙIW EHYERIMVEW ES &VEWMP WIQ

RSW TIHMV JEZSVIWIQ XVSGEx





6IQEXERHSSEVKYQIRXSEHY^MYUYIRSQSQIRXSIQUYIE

%VKIRXMRE WYTVMQMWWI SW HMVIMXSW UYI IRXÇS GSFVEZE WSFVI S GEJÍ S

QEXI S EËÞGEV I S GEGEY HS &VEWMP I S GSRWYQS HIWWIW TVSHYXSW

EXMRKMWWI RÑZIMW GSQTEVÅZIMW ESW HSW )WXEHSW 9RMHSW I HI EPKYRW

TEÑWIWIYVSTIYWTSHIVMEQSWEVKIRXMRSWTPIMXIEVEPKYQJEZSVGSQIVGMEP

8EMW EGSVHSW HM^ME EMRHE S HSGYQIRXS wWÇS WIQTVI SFNIXS HI

HIQSVEHSWIVIJPIXMHSWI\EQIWxIwRIRLYQTEÑWWIHIM\EPIZEVRIWXIW

EWWYRXSWTIPSWIRXMQIRXEPMWQSSYTSVIWTÑVMXSHIGEQEVEHEKIQ8SHSW

TVSGYVEQEXIRHIVESWWIYWMRXIVIWWIWx3JEXSHIS&VEWMPWIVIHIWINEV

WIV WIQTVI FSQ EQMKS HE %VKIRXMRE RÇS TSHIVME WIV PIZEHS IQ

GSRWMHIVEËÇS % EQM^EHI RÇS IRXVEVME IQ GSRXE IQ UYIWXÙIW HI

MRXIVGÆQFMS GSQIVGMEP *MREPM^SY HI QERIMVE GPEVE I IRJÅXMGE w2ÇS

Í S &VEWMP UYIXIQ HI HEV GSQTIRWEËÙIW ESJVEGS GSQTVEHSV UYI Í

TEVER×WE6ITÞFPMGE%VKIRXMREÍIPEUYIHIZIHEVGSQTIRWEËÙIWES

KVERHI GSQTVEHSV HI TVSHYXSW EVKIRXMRSW UYIÍ S &VEWMPx



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UYIVIVEGSQTERLEVSEVHEÍTSGEIEXVERWTSVTEVES'SRI7YPTVMRGÑTMSW

IGSRHYXEWZMKIRXIWIQSYXVEWTEVXIWHSQYRHS%QFSWSWTEÑWIWNÅ

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I\TVIWWMZEWIQHIGSVVÎRGMEHEGSQTPIQIRXEVMHEHIHIWYEWIGSRSQMEW

%PÍQHMWWSELMWX×VMEHSWHSMWTEÑWIWETIWEVHEVMZEPMHEHIIVEXIRHIRXI

TEVEEYRMÇS3&VEWMPMRXIVZIMSRE%VKIRXMREGSRXVE6SWEWQEWJSVE

WIYEPMEHSREHIWKEWXERXI+YIVVEHE8VÑTPMGI%PMERËE%ÞRMGEUYIWXÇS

WÍVME HI PMQMXIW IRXVI SW HSMW TEÑWIW JSVE WSPYGMSREHE TSV QIMS HI

EVFMXVEQIRXSIQ2SIRXERXSGSRXVEVMERHSXYHSMWWSSWHSMW

TEÑWIWIRXVIKEVEQWIEYQEGSVVMHETIPSWEVQEQIRXSWGSRJMVQERHS

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MQTIVMEPMWXEW XMZIVEQ WYE ZIVWÇS WYPEQIVMGERE

)RUYERXS.YPMS6SGESGYTSYETVIWMHÎRGMERÇSLSYZIHMWTYXE

REZEP IRXVI &VEWMP I %VKIRXMRE 7IKYRHS 6MS &VERGS S TV×TVMS

4VIWMHIRXI EVKIRXMRSTSV MRXIVQÍHMS HS 1MRMWXVS 4PIRMTSXIRGMÅVMS

HS&VEWMPIQ&YIRSW%MVIWGLIKSYEMRHMGEVESKSZIVRSFVEWMPIMVSwE



FSE STSVXYRMHEHIx TEVE E EUYMWMËÇS HI wHSMW I\GIPIRXIW GSYVEËEHSW

IQ GSRWXVYËÇSx UYI WIVMEQ ZIRHMHSW TIPS 'LMPI TEVE GYQTVMV SW

8VEXEHSW HI 1E]S 3 KSZIVRS FVEWMPIMVS EKVEHIGIY QEW TVIJIVMY

EKYEVHEV S ZSXS HS 'SRKVIWWS WSFVI S TPERS REZEP UYI E 1EVMRLE

XMRLE IQ IWXYHS



5YERHS 6MS &VERGS EWWYQMY S 1MRMWXÍVMS HEW 6IPEËÙIW

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S WÍGYPS <-< RE %QÍVMGE HS 7YP IWXEZE VIHY^MHE XERXS IQ WIYW

IJIXMZSWUYERXSRSRÞQIVSHIREZMSWIQVE^ÇSHEWGSRZYPWÙIWTSPÑXMGEW

HS MRÑGMS HE 6ITÞFPMGE WSFVIXYHSHE 6IZSPXE HE %VQEHE 

GSRXVE*PSVMERS4IM\SXS



)RXVISWFVEWMPIMVSWIVEIRXÇSKIRIVEPM^EHE

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RSSGIERSTSVVE^ÙIWHITVIWXÑKMSITSVTVIGEYËÇSGSRXVEIZIRXYEMW

EKVIWWÙIW I\XVEGSRXMRIRXEMW SY QIWQS GSRXVE TSWWÑZIMW EJVSRXEW ES

EQSVTV×TVMS REGMSREP SVMYRHEW HS GSRXI\XS WYPEQIVMGERS

7IXIHMEWET×WETSWWIHS%PQMVERXI%PI\ERHVMRS*EVMEHI%PIRGEV

GSQS1MRMWXVSHE 1EVMRLERE MREYKYVEËÇSHE KIWXÇS%JSRWS4IRE

RSZ S 4VSKVEQE 2EZEP HI  JSM WYFWXMXYÑHS TIPS

GSRWXERXI HS (IGVIXS 



3'SRKVIWWS2EGMSREPEYXSVM^EVES

4VIWMHIRXIHE6ITÞFPMGEIQHIRSZIQFVSHIEQSHMJMGEV

SGSRXVEXSHIGSRWXVYËÇSHIREZMSWHI KYIVVE4IPSRSZSTVSKVEQE

EYQIRXEZEWISHIWPSGEQIRXSHSWGSYVEËEHSWHITEVE

XSRIPEHEWIGEËEXSVTIHIMVSWHIWXVS]IVWWYFWXMXYÑEQWISWGVY^EHSVIW

GSYVEËEHSWTSVI\TPSVEHSVIWVÅTMHSWISREZMSGEVZSIMVSISREZMS

IWGSPETSVYQREZMSQMRIMVSIYQTIUYIRSREZMSTEVESWIVZMËSHI

LMHVSKVEJMEIHI I\TPSVEËÇSHEGSWXE



3WGSYVEËEHSWIWXEVMEQIRXVI

SWQEMWTSWWERXIWIQSHIVRSWHSQYRHS



3TPERSREZEPFVEWMPIMVS

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LYQERS EHIUYEHS TEVE KYEVRIGIV SW QSHIVRSW REZMSW HI KYIVVE

9QEHIGSVVÎRGMEHEWHIJMGMÎRGMEWIQXIVQSWHITIWWSEPJSME6IZSPXE

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I\EXEQIRXIREWXVÎWQEMWTSHIVSWEWFIPSREZIWMRGSVTSVEHEWÄ1EVMRLE

REGMSREPREUYIPIERSSWHVIEHRSYKLXW 1MREW +IVEMWI7ÇS4EYPSI S

WGSYX &ELME



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VISVKERM^EËÇSHS)\ÍVGMXS8ERXSIWXEUYERXSSTVSKVEQEREZEPJSVEQ

GSRWMHIVEHSW EFEM\S HEW RIGIWWMHEHIW HS TEÑW XIRHSWI IQ GSRXE S

RÞQIVSHITSVXSWEI\XIRWÇSHSWIYPMXSVEPIEZEWXMHÇSHSXIVVMX×VMS

%PÍQ HMWWS SW HVIEHRSYKLXW IWXEZEQ MQTSWWMFMPMXEHSW HI EXYEV RS

6MSHE4VEXETSVGEYWEHIWYEWHMQIRWÙIW



(IUYEPUYIVJSVQERS

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HETSWMËÇSHS&VEWMP RS GSRGIVXS QYRHMEP % -RKPEXIVVEXVEHMGMSREP

TSXÎRGMEREZEPW×XMRLEIQIRGSQIRHEHSYQHVIEHRSYKLX



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UYI WI ZME GSQS E TVMQIMVE TSXÎRGME HE VIKMÇS 7IY HIWINS HI WI

VIEVQEVEXIRHMEEVE^ÙIWHIJIRWMZEWIQJEGIHSWEVQEQIRXSWFVEWMPIMVSW

I SFIHIGME E HIWÑKRMSW MQTIVMEPMWXEW HI YQE REËÇS SVKYPLSWE HI WM

ES GSQTPIXEV  ERSW HI ZMHE MRHITIRHIRXI



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WI TIPE GSQTVE HI HSMW HVIEHREYKLXW



ET×WMRXIRWSHIFEXIMRXIVRS

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HIWIRZSPZIY JSVXI GEQTERLE E JEZSV HS VIEVQEQIRXS REZEP XIRHS

GSQSGSRXVETSRXSSTVSNIXSFVEWMPIMVS3MRJPYIRXI)WXERMWPES>IFEPPSW

TIHMY E HIRÞRGME HS TEGXS HI IUYMZEPÎRGME REZEP JMVQEHS IRXVI

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HIIRGSQIRHEVWIEGSRWXVYËÇSHIHSMWHVIEHRSYKLXWEPÍQHIFEVGSW

QIRSVIW

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%WQERMJIWXEËÙIWHI6MS&VERGSIHS7IREHSWSFVIEREXYVI^E

TEGÑJMGE HE VISVKERM^EËÇS HE IWUYEHVE RÇS JSVEQ WYJMGMIRXIW TEVE

ETPEGEVEVIEËÇSHITEVXIHEMQTVIRWETSVXIRLE9WEZEWIS TVSNIXS

FVEWMPIMVSGSQSEVKYQIRXSTEVEHIJIRHIVSTVSNIXSREZEPEVKIRXMRS

4EVEEMQTVIRWEEPMRLEHEE>IFEPPSWSKSZIVRSFVEWMPIMVSESTVIXIRHIV

IPIZEVEIWUYEHVEHSWIYTEÑWESRÑZIPHEWQEMSVIWGSRKÎRIVIWIYVSTÍMEW

SFIHIGME E GVMXÍVMSW MQTIVMEPMWXEW I Ä EWTMVEËÇS HI EHUYMVMV E

TVITSRHIVÆRGME REZEP RS GSRXMRIRXI

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%WTSWMËÙIWHS0E4VIRWEXMZIVEQVIWTSWXEHSTV×TVMS6MS&VERGS

TSV QIMS HI IHMXSVMEP HI 3 4EM^ TYFPMGEHS XEQFÍQ RE WIËÇS w%

TIHMHSx HS .SVREP HS 'SQQIVGMS EQFSW HS 6MS HI.ERIMVS 1IVIGI

VIEPGISJEXSHIS'LERGIPIVXIVHIWIRZSPZMHSEMHÍME HILIKIQSRME

GSQTEVXMPLEHE RS %XPÆRXMGS WYPEQIVMGERS

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w2S4EGÑJMGSIPETIVXIRGIMRUYIWXMSREZIPQIRXIESWRSWWSW

EQMKSW HS 'LMPI GYNE IWUYEHVE RYRGE WI LÅ HI YRMV E SYXVE TEVE

GSQFEXIVEHS&VEWMPGSQSMQEKMRSYLÅHMEWGIVXSNSVREPHI&YIRSW

%MVIW 2E TEVXIHS %XPÆRXMGS XIVIQSWWIQTVI TVE^IV IQ HMZMHMVGSQ E

6ITÞFPMGE%VKIRXMREWI EWWMQ WI TSHIHM^IVETEVXIHILIKIQSRMEUYI

RSW GEFIx

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 KVMJSRSWWS

2SUYIWIVIJIVMEÄTSWMËÇSHS&VEWMP6MS&VERGSEVVSPSYHEHSW

KISKVÅJMGSWMRZSGSYEWSFIVERMEFVEWMPIMVEIGPEWWMJMGSYEQEXÍVMEHS

0E 4VIRWE HI MQTIVXMRIRXI

w 2ÇS WEFIQSW WI E EXMXYHI HS 0E 4VIRWE GSVVIWTSRHI E

EPKYQEGSVVIRXIHISTMRMÇSRSWIYTEÑWQEWÍTVIGMWSVIGSRLIGIV

HI QSHS GEXIK×VMGS UYI IWWE EXMXYHI Í TSWMXMZEQIRXI MQTIVXMRIRXI

2ÇSEKMQSWWIRÇSIWXVMXEQIRXIHIRXVSHEWRSWWEWJEGYPHEHIWHIREËÇS

WSFIVEREIUYEPUYIVUYIWINEETVIIQMRÎRGMEUYI0E4VIRWEVIMZMRHMUYI

TEVEE6ITÞFPMGE%VKIRXMREJSVËSWSPLIWIVÅVIGSRLIGIVUYIIPEEMRHE

RÇSGLIKEESI\XVIQSHIRSWHMXEVE PIMHIRXVSHI RSWWEGEWEx

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3 0E 4VIRWE IVE VIMXIVEXMZS RE EJMVQEËÇS HI UYI 6MS &VERGS

IVEMQTIVMEPMWXE GSRXMRYEHSVHE TSPÑXMGEI\XIVMSV HS-QTÍVMSIUYI

XIVMEMQTSWXSWSPYËÙIWJEZSVÅZIMWREWUYIWXÙIWHIPMQMXIWGSQE&SPÑZME

IS4IVY%IPIZEËÇSHE0IKEËÇSFVEWMPIMVEIQ;EWLMRKXSRÄGEXIKSVME

HI)QFEM\EHENYRXEQIRXIGSQSTPERSHIEUYMWMËÇSHIREZMSWJEVME

TEVXI HI YQ TVSNIXS HMTPSQÅXMGSGYNS SFNIXMZS WIVMEXVERWJSVQEV S

&VEWMP RE TVMQIMVE TSXÎRGME HE %QÍVMGE QIVMHMSREP

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7IKYRHS 6MS&VERGS E EQM^EHI UYI S &VEWMPHIZIVME GYPXMZEV

GSQXSHEWEWREËÙIWHSGSRXMRIRXIIQIWTIGMEPGSQE%VKIRXMREIS

'LMPIRÇSI\GPYÑEERIGIWWMHEHIHISTEÑWXIVYQQÑRMQSHIVIWTEPHS

QMPMXEV TEVE RYQE IZIRXYEPMHEHI WYWXIRXEV TSWMËÙIW EHSXEHEW RS

TPERS MRXIVREGMSREP 6MS &VERGS RÇS IWGETEZE HI WIY XIQTS I WI

MHIRXMJMGEZE GSQ S WIXSV HE STMRMÇS REGMSREP UYI HIJIRHME S

VIEVQEQIRXS EXÍ QIWQS TSV VE^ÙIW HI TVIWXÑKMS

)WXYHMSWS HE LMWX×VME HMTPSQÅXMGE I QMPMXEV FVEWMPIMVE IWXEZE

GSRZMGXSHERIGIWWMHEHIHSVIETEVIPLEQIRXSHS)\ÍVGMXSIWSFVIXYHS

HE1EVMRLEIQVE^ÇSHSPYKEV UYISTEÑWSGYTERS GSRXMRIRXI 3

IUYMTEQIRXSHEW*SVËEW%VQEHEWNYRXEQIRXIGSQEIHYGEËÇSGÑZMGE

I QMPMXEV HS TSZS IVE RIGIWWÅVMS TEVE E KEVERXME HE WSFIVERME I HE

TE^REGMSREMWREQIHMHEIQUYIIZMXEZEIZIRXYEMWEJVSRXEWESEQSV

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TV×TVMSREGMSREPIGEQTERLEWHIWEWXVSWEW3VIEVQEQIRXSzMRWMWXME

zVIGSPSGEVMEE1EVMRLERETSWMËÇSHITVIIQMRÎRGMERE%QÍVMGEHS

7YPUYISGYTEVERS-QTÍVMSTIVHMHERE6ITÞFPMGEHIZMHSÄWHMWG×VHMEW

GMZMWIÄEKMXEËÇSTSPÑXMGEMRXIVRE)QFSVEEREËÇSRÇSXMZIWWIUYEPUYIV

MRXYMXSFÍPMGSIW×EPMQIRXEWWIWIRXMQIRXSWHIGSRG×VHMEMRXIVREGMSREP

ETE^HITIRHMEwXEQFÍQITVMRGMTEPQIRXIHEZSRXEHIHIRYQIVSWSW

ZM^MRLSWUYIRSWGIVGEQx%WWMQTEVEIZMXEVUYIIWWIWWIERMQEWWIQ

wE HMVMKMVRSWEJVSRXEW E JIVMV SW RSWWSW FVMSW I SW RSWWSW HMVIMXSWx

IVE TVIGMWS UYI IWXMZÍWWIQSW wTVITEVEHSW TEVE MQIHMEXE I IJMGE^

VITYPWEx S UYI PIZEZE Ä RIGIWWMHEHI HI IWXEVQSW wETEVIPLEHSW GSQ

XSHSW SW IPIQIRXSW RIGIWWÅVMSW Ä HIJIWE REGMSREPx

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(IQSHS

GSRXYRHIRXI EVKYQIRXEZE UYI S HMTPSQEXE HIZIVME XIV S ETSMS HS

WSPHEHSTSMWEQFSWWÇSW×GMSWwGSPEFSVEHSVIWUYIWITVIWXEQQÞXYS

EY\ÑPMS 9Q I\TÙI S HMVIMXS I EVKYQIRXE GSQ IPI IQ TVSP HE

GSQYRMHEHI S SYXVS FEXIWI TEVE ZMRKEV S HMVIMXS EKVIHMHS

VIWTSRHIRHSÄZMSPÎRGMEGSQEZMSPÎRGMEx

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4EVES'LERGIPIVEKYIVVE

IVE E GSRXMRYEËÇS HE HMTPSQEGME

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%EPXMZI^IETVISGYTEËÇSIQRÇSTIVQMXMVSQÑRMQSEVVERLÇS

RS TVIWXÑKMS REGMSREP JSVEQ GSRWXERXIW IQ 6MS &VERGS HYVERXI E

EHQMRMWXVEËÇS HE TEWXE 2ÇS WIVME HMJIVIRXI RS VIPEXMZS ESW

EVQEQIRXSW

3UYIS'LERGIPIVHIWINEZEHIUYEPUYIVJSVQEIVESEYQIRXS

VÅTMHSHE%VQEHEFVEWMPIMVEEXÍEXMRKMVRÑZIPWYTIVMSVESHEEVKIRXMRE

TEVE VIWKYEVHEV WIY TEÑW HI IZIRXYEP I TVIQIHMXEHS MRWYPXS 6MS

&VERGS JSM VIMXIVEXMZS RE EJMVQEËÇS HI UYI S ERWIMS TIPE TE^ RÇS

MQTPMGEZEHIM\EVSTEÑWHIWEVQEHSYQEZI^UYISWQIMSWHIHIJIWE

IVEQERXITEVSEEJVSRXEWILYQMPLEËÙIW1IWQSIWXEHSWRIYXVEPM^EHSW

GSQS E 7YÑËE I E &ÍPKMGE HM^ME RÇS HIWGYMHEZEQ HE HIJIWE TEVE

JE^IV JEGI E IZIRXYEMW GSQTPMGEËÙIW MRXIVREGMSREMW 3 &VEWMP GSQ

WIYI\XIRWS PMXSVEP VIUYIVME YQE IWUYEHVE VISVKERM^EHE TEVEGYMHEV

HE WIKYVERËE I HE HMKRMHEHI REGMSREMW

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1EWSHMWGYVWSHI6MS

&VERGSWEPZSTSYGEWI\GIËÙIWRSVQEPQIRXIIVEEJEZSVHEHMPYMËÇS

HI VIGIMSW I TVIZIRËÙIW UYI S VIEVQEQIRXS HIWTIVXEZE IQ TEÑWIW

ZM^MRLSWESWUYEMWPIQFVEZEUYIEWYTIVMSVMHEHIHIJSVËEWHS&VEWMP

RYRGEPLIWJSVEYQTIVMKS3&VEWMPRYRGEJM^IVEKYIVVEHIGSRUYMWXE

IQYMXSQIRSWJEVMEIRXÇSTSMWE'SRWXMXYMËÇSHE6ITÞFPMGEETVSMFME

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HI QERIMVE I\TVIWWE %W UYIWXÙIW HI PMQMXIW IVEQ WIQTVI VIWSPZMHEW

HI QSHS EQMKÅZIP WIQ UYI WI PIZEWWI wXÇS PSRKI UYERXS E RSWWE

ERXMKE QÇITÅXVME EW TVIXIRWÙIW HS &VEWMPx

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)QFSVE RÇS XMZIWWI GSRGSVVMHS TEVE E JSVQYPEËÇS HS TPERS

REZEPIQI\IGYËÇS6MS&VERGSIVEHITEVIGIVUYIYQEZI^EHSXEHS

HIZIVMEWIVWIKYMHSEXÍSJMQ(ITSMWHIwXERXEFEVYPLIMVExREMQTVIRWE

FVEWMPIMVE I HEW EQIEËEW EVKIRXMREW VIGYEV SY QSHMJMGEV SW TPERSW

IQ ERHEQIRXS WMKRMJMGEVME HIWEWXVI MVVITEVÅZIP TEVE S TVIWXÑKMS

FVEWMPIMVS 4SV IWWE VE^ÇSIRXIRHIVWIME GSQ S 4VIWMHIRXI E JMQ HI

GSRNYVEV S UYI WI PLI EJMKYVEZE ZIVHEHIMVS TIVMKS TEVE E WSFIVERME

FVEWMPIMVE

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6MS&VERGSNEQEMWEHQMXMYHMWGYXMVUYEPUYIVWYKIWXÇS

VIPEXMZE Ä IUYMZEPÎRGME REZEP

7¥)2>4)µ%)%( -78)27§3(%76)0%«¹)7

7IKYRHS0MRWRETVIWMHÎRGMEHI7ÅIR^4IÕEEWVIPEËÙIW

IRXVI S &VEWMP I E %VKIRXMRE IRXVEVEQ IQ RSZE JEWI



%TSWWIHS

RSZS4VIWMHIRXIEVKIRXMRSJSMEKYEVHEHEERWMSWEQIRXIXERXSRS WIY

TEÑW UYERXS RS 9VYKYEM I RS &VEWMP



2EGSRHMËÇSHIQERHEXÅVMS

IPIMXS 7ÅIR^ 4IÕE HIXIZIWI RS 6MS HI .ERIMVS IQ WIY VIXSVRS HE

)YVSTE TEVE &YIRSW %MVIW E JMQ HI EJVSY\EV E XIRWÇS UYI I\MWXMY

IRXVISWHSMWTEÑWIWRSTIVÑSHS%PGSVXE>IFEPPSWIEWWMREPEVEMRXIRËÇS

HI QIPLSVEVEW VIPEËÙIW -WWS ME ES IRGSRXVS HS HIWINS HS KSZIVRS

FVEWMPIMVS



6SUYI7ÅIR^4IÕEGLIKSYES6MSHI.ERIMVSIQHI

EKSWXSHISGEWMÇSIQUYISIRXÇSJYXYVS4VIWMHIRXIEVKIRXMRS

YWSYEJVEWIw8YHSRSWYRIREHERSWWITEVExGSQSQSXIHSHMWGYVWS

TVSRYRGMEHS IQWIKYMHE ES HI 6MS &VERGS RS FERUYIXI UYI IWXI

PLI SJIVIGIY RS -XEQEVEX] RS HME  ZÍWTIVE HI WYE TEVXMHE



3

'LERGIPIVFVEWMPIMVSXIZIVE^ÙIWTEVEEGVIHMXEVUYIWIYTEÑWXIVMEYQ

EQMKSRETVIWMHÎRGMEHSTEÑWZM^MRLSGSRJSVQIIPIQIWQSHMWWIES

VITVIWIRXERXI RSVXIEQIVMGERS RS &VEWMP (YHPI]

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30IKMWPEXMZSFVEWMPIMVSJI^WYETEVXI%'ÆQEVEHSW(ITYXEHSW

MRGYQFMYE'SQMWWÇSHI(MTPSQEGMEI8VEXEHSWHIPIZEVEWEYHEËÇS

ISWZSXSWHIFSEWZMRHEWES4VIWMHIRXIIPIMXSHE%VKIRXMRE%TVSTSWXE

JIMXE TIPS (ITYXEHS 7IEFVE PÑHIV HE QEMSVME JSM ETVSZEHE TSV

YRERMQMHEHI &EVFSWE 0MQE UYIIVE HE QMRSVME EPÍQ HI ETSMEV



SFWIVZSY UYI6MS &VERGS REUYIPI QSQIRXS XMRLE E YRERMQMHEHI

HE 'ÆQEVE



%MQTVIRWETSVXIRLEHIYEQTPEGSFIVXYVEÄZMWMXE%'ÆQEVE

HSW (ITYXEHSW HE %VKIRXMRE ETVSZSY TSV YRERMQMHEHI TVSNIXS HI

VIWSPYËÇSTIPEUYEPWIEYXSVM^EZEWIY4VIWMHIRXIEXIPIKVEJEVES4VIWMHIRXI

HE 'ÆQEVE FVEWMPIMVE TEVE EKVEHIGIV EW HIQSRWXVEËÙIW EQMWXSWEW

XVMFYXEHEWTIPSKSZIVRSHS&VEWMPES4VIWMHIRXIIPIMXS



2ESGEWMÇS

S (ITYXEHS 1YKMGE JI^ PSRKS HMWGYVWS EJMVQERHS NÅRS TVMQIMVS

TEVÅKVEJS UYI EW HIQSRWXVEËÙIW EQMWXSWEW E 7ÅIR^ 4IÕE XMRLEQ

wI\GITGMSREPQEKRMXYHIIMQTSVXÆRGMETSVUYIGSRXVMFYIQRYQE

JSVQELSRVSWEIIJMGMIRXITEVEHMWWMTEVTSVGSQTPIXSEWHIWGSRJMERËEW

SY VIGIMSW UYI IQ YQ I SYXVS TEÑW HIWTIVXSY YQE TVÍHMGETSYGS

WIRWEXE HIWTVSZMHE TSV JSVXYRE HI XSHS JYRHEQIRXS I HI XSHE

I\TPMGEËÇS VEGMSREP x



37IREHSEVKIRXMRSTSVWYEZI^RE

WIWWÇS HIHIEKSWXSHIZSXSY QSËÇSHIEKVEHIGMQIRXS ES

GSRKÎRIVI FVEWMPIMVS TIPE VIGITËÇS E 7ÅIR^ 4IÕE



4EVEETSWWIHI7ÅIR^4IÕE6MS&VERGSIRGEVVIKSYIQHI

WIXIQFVSHI%PFIVXS*MEPLSIRXÇS1MRMWXVSHS&VEWMPRE-XÅPME

QEW UYI IWXEZE RS 6MS HI .ERIMVS IQ KS^S HI PMGIRËE TEVE GSQS

)QFEM\EHSV )WTIGMEP ETVIWIRXEV  wEW GSRKVEXYPEËÙIW I SW ZSXSW HS

KSZIVRSITSZSHS&VEWMPx%PÍQHS)QFEM\EHSV)WTIGMEPSKSZIVRS

FVEWMPIMVSIRZMSYYQEHMZMWÇSHIGVY^EHSVIW&ELME 8]QFMVEI8EQS]S

WSF S GSQERHS HS 'ETMXÇSHIQEVIKYIVVE 1ERSIP -RÅGMS &IPJSVX

:MIMVE



)QRSZIQFVSHISKSZIVRSEVKIRXMRSVIXVMFYMYIRZMERHS

1SRXIW HI3GEGSQS)QFEM\EHSV)WTIGMEPTEVETVIWXMKMEVETSWWI

HSRSZS4VIWMHIRXIFVEWMPIMVS%)QFEM\EHE)WTIGMEPGLIKSYÄFSVHS

HIYQEHMZMWÇSREZEPGSQTSWXETIPSWREZMSW&YIRSW%MVIWI4ÅXVMEI

IQ  HIRSZIQFVS JSM LSQIREKIEHE TIPS KSZIVRS FVEWMPIMVS GSQ

YQ FERUYIXI RS4EPÅGMS HS 'EXIXI



%KIWXÇSHI7ÅIR^4IÕEXIZIMRÑGMSIQHISYXYFVSHI

ERS IQ UYI S &VEWMP VIGIFIY SW HSMW HVIEHRSYKLXW 1MREW +IVEMW I

7ÇS 4EYPS



5YERHSS&VEWMPIRGSQIRHSYSXIVGIMVSHVIEHRSYKLX

S UYI MVME VSQTIV HI RSZS S IUYMPÑFVMS REZEP RS %XPÆRXMGS7YP E

%VKIRXMREIRGSQIRHSYXEQFÍQYQXIVGIMVS2IWWIGSRXI\XS7ÅIR^

4IÕEWIKYRHS*VEKETVSGYVSYWYWXEVEGSVVMHEEVQEQIRXMWXE



IEWWMQIQTVSQSZIYGSQÎ\MXSYQEMRMGMEXMZEHMTPSQÅXMGE

IQ HYEW JVIRXIW YQE SJMGMEP E GEVKS HI 1SRXIW HI 3GE I SYXVE

TEVXMGYPEVTEVEEUYEPJSMIRGEVVIKEHS6EQ×R.'ÅVGERSWIYEQMKS



)QFSVE 6MS &VERGS VIGYWEWWI E TVSTSWXE HI IUYMZEPÎRGME REZEP

GSRGSVHSY IQ HIWMWXMV HS XIVGIMVS HVIEHRSYKLX S 6MS HI .ERIMVS

GEWSE%VKIRXMREJM^IWWISQIWQS



%GSVVMHEEVQEQIRXMWXEJSMWYWTIRWE

TSV EGSVHS HI GEZEPLIMVSW E JMQ HI UYI E HIWMWXÎRGME HS XIVGIMVS

IRGSYVEËEHS ETEVIGIWWI GSQS YQ EXS MRHITIRHIRXI I IWTSRXÆRIS

HI EQFSW SW KSZIVRSW RÇS WI JIVMRHS E WSFIVERME HSW TEÑWIW

GSRGSVVIRXIW



(IUYEPUYIVJSVQERÇSWITSHITIVHIVHIZMWXEE

MRXIVTVIXEËÇS MRXIVRE WIKYRHS E UYEP S KSZIVRS FVEWMPIMVS HIWMWXMVE

HS 6MS HI .ERIMVS ZIRHIRHSS Ä8YVUYMETSV VE^ÙIWJMRERGIMVEW



3XÍVQMRSIJIXMZSHEGSVVMHEEVQEQIRXMWXEIRXVISWHSMWTEÑWIW

HIYWI IQ  )Q  E %VKIRXMRE MRGSVTSVSY E WYE JVSXE S

1SVIRS I S 6MZEHÅZME IRGSYVEËEHSW HIXSRIPEHEW GEHE YQ

VIWXEFIPIGIRHSWI EWWMQ S IUYMPÑFVMS REZEP RS %XPÆRXMGS 7YP



386-¦2+903%&')%23«§3()-2*09®2'-%'314%68-0,%(%

3ETVSJYRHEQIRXSHEEQM^EHIIRXVI&VEWMPI)WXEHSW9RMHSW

RÇS HIGSVVME WSQIRXI HEW HIQERHEWHS WIXSV EKVSI\TSVXEHSV 6MS

&VERGSZME RE TSXÎRGME QYRHMEP HS LIQMWJÍVMS YQ RIYXVEPM^EHSV

GSRXVE IZIRXYEMW MRXIVZIRËÙIW I YQ VIJSVËS HE TSWMËÇS HS TEÑW REW

RIKSGMEËÙIW HIWXMREHEW E WSPYGMSREV SW EMRHE TIRHIRXIW TVSFPIQEW

HI JVSRXIMVE



8ERXSÍEWWMQUYIGSRZMHEVE2EFYGSTEVESGYTEVS

RSZSGEVKSHI)QFEM\EHSVIQ;EWLMRKXSRTSVUYIWIKYRHSSFWIVZSY

IQ GEVXE TIWWSEP E +VEËE %VERLE wRIGIWWMXEZEx HIPI RS TSWXS wTSV

GEYWEHEUYIWXÇSHS4IVYFSRWSJÑGMSWQÇSJSVXIES&VEWMPx



% ETVS\MQEËÇS HS QEMSV TEÑW HE %QÍVMGE HS 7YP Ä TSXÎRGME

LIKIQØRMGEHS2SZS1YRHSTVSZSGEZEMRUYMIXEËÇS3HMÅVMSEVKIRXMRS

0E 2EGM×R VIKMWXVSY UYI RE MQTVIRWE HE )YVSTE WI TVIZME UYI E

VISVKERM^EËÇSREZEPHS&VEWMPIWYEETVS\MQEËÇSESW)WXEHSW9RMHSW

HEVMEQMRÑGMSEwYQEHMTPSQEGMEMQTIVMEPMWXEYQELIKIQSRMEEWIV

TEVXMPLEHEIRXVIS&VEWMPIE2SVXI%QÍVMGETVIWXERHSWISTVMQIMVS

EWIVEKIRXIHSWIKYRHSIQWYEWEQFMËÙIWHIHSQÑRMSGSRXMRIRXEPx



4EVXI HE MQTVIRWE HS 4VEXE ZME S &VEWMP GSQS GSKEVERXI HS

QSRVSÑWQS RE %QÍVMGEHS 7YP



4EVES0E 2EGM×RSVIEVQEQIRXS



REZEPFVEWMPIMVSMRWIVMEWIRYQUYEHVSTSVHIQEMWRÑXMHSEETVS\MQEËÇS

FVEWMPIMVSRSVXIEQIVMGEREJE^MEWIIQZMVXYHIHIYQTEGXSWIKYRHS

SUYEP

w S &VEWMP I\IVGIVME E LIKIQSRME WYPEQIVMGERE TSV

HI (IPIKEËÇSRSVXIEQIVMGEREEWWMQGSQSIWXEEI\IVGMEWSFVIXSHS

SGSRXMRIRXIETIHMHSII\SVXEËÇSHEWKVERHIWTSXÎRGMEWIQGSRJPMXS

GSQ EPKYQEW VITYFPMUYIXEWx



6MS &VERGS XERXS UYERXS S 7IGVIXÅVMS HI )WXEHS 6SSX

TVSGYVEVEQ HIWJE^IV IWWI UYEHVS E JMQ HI EJEWXEV TVIZIRËÙIW



3

'LERGIPIV FVEWMPIMVS QEMW TIPS UYI TVSNIXSY HS UYI IJIXMZEQIRXI

VIEPM^SY IVE JEZSVÅZIP EYQ GSRHSQÑRMS SPMKÅVUYMGS E WIV I\IVGMHS

TIPEW REËÙIW QEMW I\TVIWWMZEW HE %QÍVMGE HS 7YP GSQ S VIWTEPHS

HSW)WXEHSW9RMHSW%SETVS\MQEVS&VEWMPHEWTVMRGMTEMWREËÙIWHS

WIKQIRXSWYPHSGSRXMRIRXIFYWGEZEXEQFÍQMWSPEVJSVËEWIMQTIHMV

UYIUYEPUYIVYQEHIPEWZMIWWIEI\IVGIVPMHIVERËESYNSKEVWYEMRJPYÎRGME

EJEZSVHISYXVEWVITÞFPMGEWHIJEPEIWTERLSPEUYIXMRLEQTIRHÎRGMEW

GSQ S&VEWMP

3 'LERGIPIV IWXEZE GSRZIRGMHS HI UYI GSRXVE S &VEWMP HS

QIWQS QSHS HS UYI GSQ VIWTIMXS ESW)WXEHSW 9RMHSW LEZME wRE

%QÍVMGEIWTERLSPEERXMKEWTVIZIRËÙIWUYIW×SXIQTSTSHIVÅXEPZI^

QSHMJMGEVx



 4SV MWWS QIWQS WIQTVI UYI TSWWÑZIP TVSGYVEZE

HIQSRWXVEV UYI E TSPÑXMGE I\XIVMSV HS &VEWMP RÇS MRGPYÑE UYEPUYIV

ZIPIMHEHI HI LIKIQSRME GSQS PLI IVE JVIUàIRXIQIRXI MQTYXEHS

TIPEW'LERGIPEVMEWLMWTERSEQIVMGEREW



*SMSUYIJI^TSVI\IQTPS

UYERHSHSIRGIVVEQIRXSHE---'SRJIVÎRGME4ER%QIVMGEREVIEPM^EHE

RS 6MS HI .ERIMVS IQ

¥PZEVS 0MRW  HIJMRI GSQ TSYGEW TEPEZVEW E PMRLE KIVEP

HETSPÑXMGE I\XIVREFVEWMPIMVEHI 6MS&VERGS IQVIPEËÇS Ä%VKIRXMRE

IES4VEXEEFYWGEHSwIUYMPÑFVMSHE%QÍVMGEHS7YPGSRXVEUYEMWUYIV

WSRLSWMQTIVMEPMWXEWSYTVSNIXSWHILIKIQSRMExISHIWINSHIQERXIV

GSQ E%VKIRXMRE IS 'LMPI wYQE TSPÑXMGEHI GSVHMEPMRXIPMKÎRGMEx



(IJEXSSUYI6MS&VERGSTVIXIRHMEIVESI\IVGÑGMSHIYQEMRJPYÎRGME

GSQTEVXMPLEHE )Q SVMKMREP HI WIY TV×TVMS TYRLS HS SJÑGMS ES

1MRMWXVS4PIRMTSXIRGMÅVMSHS&VEWMPIQ&YIRSW%MVIWHEXEHSHI

HI RSZIQFVS HI  S 'LERGIPIV JSVQYPSY GPEVEQIRXI WIY

TIRWEQIRXSEVIWTIMXSIWYKIVMYEGVMEËÇSTIPSWXVÎWTVMRGMTEMWTEÑWIW



HE %QÍVMGEHS 7YP HI YQMRWXVYQIRXS PIKEP UYI PIZEWWI E EXMXYHIW

ZSPXEHEWTEVEE TE^IESVHIQREVIKMÇS



% ETVS\MQEËÇS HEWXVÎW QEMSVIWVITÞFPMGEWWYPEQIVMGEREWIVE

EWTMVEËÇS ERXMKE HI 6MS &VERGS QERMJIWXEHE NÅ RSW TVMQIMVSW ERSW

HI WYE KIWXÇS)QVEWGYRLS HIGSVVIWTSRHÎRGME E.SEUYMQ 2EFYGS

VIKMWXVSY TVSZEZIPQIRXI IQ  w*EËS ZSXSW TEVE UYI WINE

IXIVREIGEHEZI^QEMWIWXVIMXEEEQM^EHIIRXVIE%VKIRXMRES&VEWMP

I S'LMPIx



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HEEXYEËÇSGSRNYRXEHEWXVÎWQEMSVIWVITÞFPMGEWHE%QÍVMGEHS7YP

SUYIWIGLEQEZEREÍTSGEHIwXVMÆRKYPS%&'x)QIPIIWIY

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TEVESVIGSRLIGMQIRXSHSRSZS)WXEHSHS4EREQÅUYISEXSJSWWI

GSRNYRXS VIEPM^ERHSWI EWWMQ GSRJSVQI EJMVQSY *VEKE  E

TVMQIMVE EËÇS GSRGVIXE HS %&'



2SERSWIKYMRXIIQGEVXEE1ERYIP+SVSWXMEKEIRXÇS1MRMWXVS

HE%VKIRXMRERS6MSHI.ERIMVSS'LERGIPIVFVEWMPIMVSEJMVQSYUYI

IWXEZE wGEHE ZI^ QEMW GSRZIRGMHS HI UYI YQE GSVHMEP MRXIPMKÎRGME

IRXVIE%VKIRXMRES&VEWMPIS'LMPIWIVMEHIKVERHIZERXEKIQTEVE

GEHE YQE HEW XVÎW REËÙIW I XIVME MRJPYÎRGME FIRÍJMGE HIRXVS I JSVE

HSWRSWWSWTEÑWIWx)WWEQERIMVEHIZIVEWVIPEËÙIWIRXVISWXVÎWTEÑWIW

WIVMEYQETSWMËÇSNÅXVEHMGMSREPHEHMTPSQEGMEFVEWMPIMVETSMWEJMVQSY

IQ WIKYMHE UYI EUYIPIW IVEQ wXEQFÍQ SW WIRXMQIRXSW HS RSWWS

EXYEP4VIWMHIRXIGSQSJSVEQSWHSWWIYWTVIHIGIWWSVIWIHSWIWXEHMWXEW

HS 7IKYRHS6IMREHSx



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WSFVIXYHSGSQTVEKQEXMWQS%EQM^EHIIRXVIEWXVÎWREËÙIWQERXIVME

S IUYMPÑFVMS MQTIHMVME MRXIVZIRËÙIW HIYQE HIPEW IQ 6ITÞFPMGEHI

QIRSVI\TVIWWÇSFIQGSQSHIM\EZES&VEWMPQEMWÄZSRXEHIRSGSRXI\XS

WYFVIKMSREP)QHIWTEGLSTEVE;EWLMRKXSREJMVQSYwEIWXVIMXE

EQM^EHIIRXVIS&VEWMPIS'LMPIXIQWIVZMHSTEVEGSRXIVEWWYEW?HSW

EVKIRXMRSWAZIPIMHEHIWHIMRXIVZIRËÇSJVERGERSPMXÑKMSGLMPIRSTIVYERS

RSUYIXMZIQSWGSQE&SPÑZMEIRSUYIEMRHEXIQSWTIRHIRXIGSQS

4IVYx



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HI IRXIRXIHS7YPITVSZSGEZEVIGIMSWWSFVIXYHSRSWTIVYERSWGSRJSVQI

MRJSVQSY HI ;EWLMRKXSR .SEUYMQ 2EFYGS





)QHISYXYFVSHIIQ7ERXMEKS4YKE&SVRI1MRMWXVS

HEW 6IPEËÙIW)\XIVMSVIW HS'LMPII0SVIR^S%REH×R VITVIWIRXERXI

HE%VKIRXMREREUYIPEGETMXEPVIHMKMVEQYQTVSNIXSHIXVEXEHSTEVE

VIKYPEVEWVIPEËÙIWIRXVISWTEÑWIWHS%&'3IWFSËSJIMXSTSV4YKE

&SVRII%REH×RIQFSVEGSRXIQTPEWWIEVIKYPEQIRXEËÇSHEMQMKVEËÇS

I E EHIWÇS HI SYXVSW TEÑWIW XMRLE GEVÅXIV HI EPMERËE QMPMXEV I EXÍ

TVIZMEYQEwHMWGVIXEIUYMZEPÎRGMExREWJSVËEWREZEMWHSWXVÎW3EWWYRXS

RÇS TVSWTIVSY WSFVIXYHS IQ VE^ÇS HE XIRWÇS IRXÇS I\MWXIRXI REW

VIPEËÙIW &VEWMP%VKIRXMRE



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HEUYIPE UYI WI SFWIVZEVE ES XIQTS HI 6SGE 6MS &VERGS RÇS ZME

TSWWMFMPMHEHIHIGSVHMEPMHEHIIRXVI&VEWMP'LMPII%VKIRXMREIRUYERXS

>IFEPPSWUYIXIVMEwZIPIMHEHIWHILIKIQSRMEIMRXIVZIRËÇSIQRIK×GMSW

EPLIMSWx JSWWI 1MRMWXVS 2IWWIW XIVQSW MRJSVQSY E 2EFYGS IQ

;EWLMRKXSR IQ NERIMVS HI 

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,Å XVEFEPLS HI >IFEPPSW RIWWI WIRXMHS QEW GSQ E MRXIRËÇS HI RSW

PIZEV E VIHY^MV EWIRGSQIRHEWREZEMW GSYWE UYI RÇS EHQMXMVÑEQSW

7IWIGLIKEVEGSRGPYMVEPKYQEGSVHSIWXEVIQSWIQQEMSVMES&VEWMP

IS'LMPIIMWWSW×WIVZMVMETEVEGSRXIVTSVGSRWIPLSEWGSRXMRYEHEW

MQTVYHÎRGMEW EVKIRXMREW I ZIPIMHEHIW HI LIKIQSRME I MRXIVZIRËÇS

IQRIK×GMSWEPLIMSW2ÇSLÅGSVHMEPMHEHITSWWÑZIPIRXVIS&VEWMPIS

'LMPI HI YQ PEHS I E %VKIRXMRE HI SYXVS IRUYERXS >IFEPPSW JSV

1MRMWXVS MRJPYIRXI 'SRLIGIQSW WIRXMQIRXS HIPI TEVE GSRSWGS I

WIYW TVSNIXSW I XIQSW EXÍ TVSZEW IWGVMXEW x



1IWQS UYERHS >IFEPPSW IWXEZE TVIWXIW EGEMV HS TSHIV 6MS

&VERGSTVSQIXMEI\EQMREVQEMWEHMERXISEWWYRXSVIPEXMZSÄIRXIRXI

wGSQXIQTSIGEPQExIHIQSHSERÇSTVINYHMGEVwERSWWEMRXMQMHEHI

GSQSKSZIVRSEQIVMGERSxUYIIVEKVERHI2ESTSVXYRMHEHIVIMXIVSY

SHIWINSHIIWXVIMXEVwGEHEZI^QEMWEGMQEHIXYHSERSWWEEQM^EHI

GSQS'LMPIISW)WXEHSW9RMHSWx



)QHIJIZIVIMVSHI6MS&VERGSVIGIFIYEQMRYXEHI

YQTVSNIXSHITEGXSHIGSVHMEPMRXIPMKÎRGMEHI4YKE&SVRII\1MRMWXVS

HEW 6IPEËÙIW )\XIVMSVIW HS 'LMPI UYERHS HI TEWWEKIQ TIPS &VEWMP

IQ HMVIËÇS Ä )YVSTE E JMQ HI SGYTEV E 6ITVIWIRXEËÇS HI WIY TEÑW

IQ 4EVMW



6MS&VERGSJSVQYPSYSYXVSISIRXVIKSYRSHMEHS



QIWQSQÎWESVIJIVMHSHMTPSQEXEQEWTVIJIVMEUYIETVSTSWXEJSWWI

ETVIWIRXEHE Ä %VKIRXMRE TIPS 'LMPI



7IKYRHS'SRHYVYS

TVSNIXSHI6MS&VERGSTVIWIVZSYRSEVXMKSEJ×VQYPE HSTVSNIXS

4YKE&SVRIESHIGPEVEVUYILEZMEIRXVISWXVÎWTEÑWIWwEQEMWTIVJIMXE

LEVQSRMEx I UYI HIWINEZEQ wQERXÎPE I VSFYWXIGÎPE TVSGYVERHS

TVSGIHIV WIQTVI HI EGSVHS IRXVI WM IQ XSHEW EW UYIWXÙIW UYI WI

VIPEGMSRIQ GSQ SW MRXIVIWWIW I EWTMVEËÙIW GSQYRW I REW UYI WI

IRGEQMRLIQ E EWWIKYVEV E TE^ I IWXMQYPEV S TVSKVIWWS HE %QÍVMGE

HS 7YPx



6MGYTIVSEJMVQEUYISwJSGSHSEGSVHSIWXEZERS

WIY EVXMKS x



4IPSEVXMKSHSTVSNIXSEWTEVXIWSFVMKEZEQWIE

wWYFQIXIV E EVFMXVEQIRXS SW HIWEGSVHSW HI UYEPUYIV REXYVI^E UYI

SGSVVIVIQ IRXVI IPEW I UYI RÇS XIRLEQ TSHMHS VIWSPZIVWI TSV ZME

HMTPSQÅXMGEGSRXERXSUYIXEMWUYIWXÙIWREHEIRZSPZEQUYIIRXIRHE

GSQ SW MRXIVIWWIW ZMXEMW E MRHITIRHÎRGME E WSFIVERME SY E LSRVE

HSW)WXEHSWGSRXVEXERXIWx3EVXMKSTVIZMEVIKVEWEWIVIQSFWIVZEHEW

TIPSW GSRXVEXERXIW RE LMT×XIWI HI HIWMRXIPMKÎRGME KVEZI IRXVI IPIW

UYI RÇS GSQTSVXEWWIQ VIGYVWS E NYÑ^S EVFMXVEP % TVISGYTEËÇS HI

6MS&VERGSGSQESVHIQIEIWXEFMPMHEHIHEVIKMÇSIWXÅVIJPIXMHERSW

EVXMKSWXVERWGVMXSWEWIKYMVUYIHÇSJSVQEETIRWEQIRXSWIYI\TSWXS

IQ GSVVIWTSRHÎRGME HI 

w%68-+3 

'EHEYQEHEWXVÎW%PXEW4EVXIW'SRXVEXERXIWSFVMKEWIEMQTIHMV

TSV XSHSW SW QIMSW E WIY EPGERGI UYI RS WIY XIVVMX×VMS WI EVQIQ I

VIÞREQMQMKVEHSWTSPÑXMGSWSYWISVKERM^IQI\TIHMËÙIWTEVETVSQSZIV

SY EY\MPMEV HIWSVHIRW SY KYIVVEW GMZMW RS XIVVMX×VMS HI EPKYQE HEW

SYXVEW HYEW SY RS HI UYEPUYIV )WXEHS RÇS WMKREXÅVMS HS TVIWIRXI

EGSVHS

%68-+3 

2S GEWS HI MRWYVVIMËÇS GSRXVE S +SZIVRS HI YQE HEW XVÎW

6ITÞFPMGEW'SRXVEXERXIWEWSYXVEWRÇSGSRWIRXMVÇSRIRLYQEIWTÍGMI

HI GSQÍVGMS GSQ SW MRWYVKIRXIW I WIQ JEPXEV ESW HIZIVIW HI

LYQERMHEHI I ESW UYI PLIW HMXIQ XERXS EW WYEW MRWXMXYMËÙIW PMZVIW

GSQS E WYE TV×TVME HMKRMHEHI XVEXEVÇS HI GSPSGEV SW MRWYVKIRXIW

UYI IRXVEVIQ SY WI EWMPEVIQ RS XIVVMX×VMS HI GEHE YQE HIPEW IQ

TSWMËÇSMRXIMVEQIRXIMRSJIRWMZEHIWEVQERHSSWWIIWXMZIVIQEVQEHSW

IIRXVIKERHSEWEVQEWIUYEMWUYIVIPIQIRXSW HIKYIVVEES+SZIVRS

PIKEP UYI IPIW IWXINEQ GSQFEXIRHS SY XIRLEQ GSQFEXMHS



%68-+3 

7IQTVI UYI WI HÎ UYEPUYIV TIVXYVFEËÇS HE SVHIQ TÞFPMGE

MRWYVVIMËÇSTSPÑXMGESYPIZERXIQMPMXEVIQTEÑWUYIGSRJMRIGSQEPKYQE

HEW XVÎW 6ITÞFPMGEW 'SRXVEXERXIW XVEXEVÇS IPEW MQIHMEXEQIRXI HI

EWWIRXEVIRXVIWMREWTVSZMHÎRGMEWEXSQEVHIEGSVHSGSQSWTVMRGÑTMSW

HI(MVIMXS-RXIVREGMSREPGSQFMRERHSWSFVIEWMRWXVYËÙIWUYIHIZEQ

QERHEVÄWWYEWEYXSVMHEHIWGMZMWIQMPMXEVIWREJVSRXIMVEEWWMQGSQS

ESW WIYW VITVIWIRXERXIW HMTPSQÅXMGSW 'ØRWYPIW I 'SQERHERXIW HI

REZMSW HI KYIVVE RS TEÑW IQ UYI XEMW TIVXYVFEËÙIW WI TVSHY^MVIQ

HI QSHS E UYI WI IZMXIQ EXVMXSW SY HIWMRXIPMKÎRGMEW IRXVI SW WIYW

VIWTIGXMZSW EKIRXIW RS XIEXVS HSW EGSRXIGMQIRXSWx



2EGSVVIWTSRHÎRGMEHI6MS&VERGSE(SQÑGMSHE+EQEHEXEHE

HIHIJIZIVIMVSHITSVXERXSHMEWET×WVIGIFIVEQMRYXEHI

4YKE &SVRI HIWZIRHEWI HI QERIMVE GVMWXEPMRE GSQS S 'LERGIPIV

ZMEEWVIPEËÙIWHS&VEWMPGSQSWSYXVSWHSMWQEMWMQTSVXERXIWTEÑWIW

HE%QÍVMGEHS7YP(ITSMWHIVIGSVHEVUYIwEMHÍMEHIYQETSWWÑZIP

IVE^SÅZIPMRXIPMKÎRGMETSPÑXMGExIRXVISWXVÎWTEÑWIWIVETSVIPIwEJEKEHEx

LÅ QYMXSW ERSWIUYI JEXS I\MWXMVEwWIQGSRZIRËÇS EPKYQE IWGVMXEx

UYERHSIVE4VIWMHIRXIHE%VKIRXMRES+IRIVEP.YPMS6SGEwUYIPSRKI

HIXIVTVIZIRËÙIWIHIWGSRJMERËEWGSRXVES&VEWMPHIWINEZEZÎPSQEMW

JSVXI I IQ  EGSRWIPLSYRSW EXÍ E EHUYMVMV HSMW TSHIVSWSW

IRGSYVEËEHSWIQGSRWXVYËÇSHIUYIS'LMPIMEHMWTSVx6MS&VERGS

I\TYRLE WIY TIRWEQIRXS

w7ITYHÍWWIQSWGSRXEVGSQSREUYIPIXIQTSGSQEGSRJMERËE

IEWMRGIVEEQM^EHIHSKSZIVRSEVKIRXMRSYQEGSVHSHIWWEREXYVI^E

HEVME SW QIPLSVIW JVYXSW EWWIKYVERHS RIWXE TEVXI HS QYRHS YQE

TSPÑXMGE HI ZIVHEHIMVE GSRG×VHME WYQEQIRXI ZERXENSWE TEVE EW XVÎW

6ITÞFPMGEW-RJIPM^QIRXIEWMXYEËÇSRE%VKIRXMRERSUYIHM^VIWTIMXS

ES&VEWMPIWXÅQYMXSQSHMJMGEHEHITSMWHEEXMZEIZMSPIRXETVSTEKERHE

EPMJIMXEGSRXVER×WTIPSQEPIRXIRHMHSTEXVMSXMWQSHIEPKYRWITIPE

EYVM WEGVE JEQIW HI SYXVSW MRXIVIWWEHSW REW KVERHIW GSQTVEW HI

EVQEQIRXSW

(ITSMWHEJEPXEHIVIWTIMXSGSQUYIREMQTVIRWEJSQSWXVEXEHSW

I MQTYHIRXIQIRXI GEPYRMEHSW TSV ZÅVMSW HIJIRWSVIW HS 4VIWMHIRXI

*MKYIVSE%PGSVXERÇSRSWJMGEFIQHEVTEWWSWTEVEYQEETVS\MQEËÇS

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EUYITEVIGIMRJIRWETEVXIHESTMRMÇSRIWWITEÑWJSVXIQIRXIEFEPEHE

TSV IWWIW EKMXEHSVIW HI QÅ JÍ 1EW IWWI QIWQS 4VIWMHIRXI

MQTVIWWMSRÅZIP I ZSPÞZIP UYI WI HIM\EVE WIHY^MV TIPS 7V >IFEPPSW

IQGSRJMERHSPLIGSQIWTERXSHIXSHSWSWLSQIRWWIRWEXSW

E TEWXE HEW 6IPEËÙIW )\XIVMSVIW EGEFSY TSV GSRLIGÎPS WYWXIRXSY

GSRXVEIPISI\7IREHSV%REH×R1MRMWXVSRS'LMPIIHIWIQFEVEËSY

WI HI XÇSTIVMKSWSEY\MPMEVIQNYRLS HS ERS TEWWEHS(IXIVQMREHS

UYIQ IQ 7ERXMEKS TVSWWIKYMWWI E RIKSGMEËÇS TEVE YQE EPMERËE HE

%VKIRXMRE GSQ S 'LMPI I S &VEWMP GSQS IRXIRHME S 7V %REH×R I

RÇSWSQIRXIHE%VKIRXMREGSQS'LMPIGSQSUYIVMES7V>IFEPPSW

EUYIPI 4VIWMHIRXI QSWXVSY GPEVEQIRXI UYIVIV HIWZMEVWI HS VYQS

TEVE UYI S ME PIZERHS S WIY 1MRMWXVS )WXSY MRJSVQEHS HI UYI IPI

HMVMKMYYQE GEVXE HS WIY TYRLS ES 4VIWMHIRXI1SRXXMRXIVIWWERHS

WI TIPS Î\MXS HE RIKSGMEËÇS HI YQ EGSVHS HIWWE REXYVI^E GSQ S

'LMPIIS&VEWMP

 IZMHIRXI UYI IWXERHS EMRHE XÇS VIGIRXI E IWGERHEPSWE

GEQTERLEHS7V>IFEPPSWRÇSGSRXVEVMEHEHIJVIRXISYTYFPMGEQIRXI

TIPSEXYEPKSZIVRSEVKIRXMRSHIZIQSWGSRXMRYEVEQERXIVEEXMXYHI

VIWIVZEHEIHMKREUYIXIQSWKYEVHEHS)WWIKSZIVRSNÅXIVÅTIVGIFMHS

TIPEJMVQI^EGSQUYITVSGIHIQSWRSGEWSHETVIXIRHMHEIUYMZEPÎRGME

REZEPUYIRÇSTIVHIQSWEGEPQERIQRSWMRXMQMHEQSWGSQEWEQIEËEW

HSWWIYWTEVXMHÅVMSWIWYWXIRXEHSVIWREMQTVIRWE8EPEXMXYHITSVÍQ

RÇS RSW MQTIHI HI EGSPLIV WIQ TVIGMTMXEËÇS QEW XEQFÍQ WIQ

IWUYIGMQIRXSHSWKVERHIWMRXIVIWWIWHSWXVÎWTEÑWIWSWXIQTIVEQIRXSW

SYWSPYËÙIWUYIRSWWINEQEQMKEZIPQIRXITVSTSWXSWIWIGSRJSVQEQ

GSQ YQ TPERS SY TIRWEQIRXS TSPÑXMGS UYI XSHSW WEFIQ Í QYMXS

RSWWS QERMJIWXEHS TSV IWGVMXS I TYFPMGEQIRXI HIWHI  QYMXS

ERXIW HE XIQTIWXEHI HIMRWYPXSW QIRXMVEW I JEPWMJMGEËÙIW PIZERXEHE

IQ &YIRSW %MVIW TSV HIWEJIXSW RSWWSW I TSV YQE GLYWQE HI ZMW

KERLEHSVIW

4SMW FIQ S UYI RSW RSWWSW EQMKSW HS 'LMPI RSW TVSTÙIQ

RIWXIQSQIRXSRÇSÍSXVEXEHSUYIS7V>IFEPPSWMQEKMREVETIRWEV

EVVERGEVRSW E GLEQEHE IUYMZEPÎRGME REZEP SY WITEVEV S 'LMPI HS

&VEWMP3UYIIPIWRSWTVSTÙIQIÄ%VKIRXMREÍEIRXIRXIGSVHMEPISY

TEGXS HI GSVHMEP MRXIPMKÎRGME UYI LEZÑEQSW GSRGIFMHS I MRWMRYEHS

TEVEEWWIKYVEVETE^IEWFSEWVIPEËÙIWIRXVISWXVÎWTEÑWIWIZMXERHS

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TSWWÑZIMWHIWMRXIPMKÎRGMEWIGSRJPMXSWSVMYRHSWHIMRXIVIWWIWSYMRXVMKEW

HI SYXVSW ZM^MRLSW

7ISEXYEPKSZIVRSEVKIRXMRSUYMWIVEGIMXEVSTVSNIXSFVEWMPIMVS

ETVIWIRXERHSGSQSTVSTSWXEGLMPIREXIVIQSWXSHSWEKERLEVIQYMXS

IWTIGMEPQIRXI S 'LMPI I S &VEWMP TSVUYI EWWMQ MQTIHMQSW UYI

HIWTIMXEHEE%VKIRXMREFYWUYIHIRSZSEEPMERËEHS4IVYTEÑWGSQ

UYI S &VEWMP I S 'LMPI XÎQ HI VIWSPZIV TVS\MQEQIRXI UYIWXÙIW HE

QÅ\MQE MQTSVXÆRGME

QIPLSVUYIQEMWSYQIRSWPMKEHETIPSTVSNIXEHSEGSVHSE

%VKIRXMREWIGSRWIVZIRIYXVEIRÇSTVSGYVIIQFEVEËEVRSWREUYIWXÇS

HS8IVVMX×VMSHS%GVIRIQES'LMPIREHI8EGREI%VMGE

7YTSRLEQSWUYISEXYEPKSZIVRSEVKIRXMRSRÇSHIWINISEGSVHS

SY UYI EGIMXERHSS S RÇS I\IGYXI PIEPQIRXI 2IWWI GSRGIVXS HEW

XVÎW TSXÎRGMEW IWXEVIQSW WIQTVI IQ QEMSVME S &VEWMP I S 'LMPI

4VSGIHIRHS GSQ XEXS TSHIVIQSW XEPZI^ TIPS GSRWIPLS EQMKÅZIP

GSRXIVWIQTVISYUYEWIWIQTVISWHIWZMSWMREQMWXSWSWUYITVIQIHMXI

S KSZIVRS EVKIRXMRS 2E TMSV HEW LMT×XIWIW GSQ E RIKSGMEËÇS HS

XVEXEHS z TVSQSZMHE TIPS 'LMPI I RÇS TSV R×W z SY GSQ E HIWPIEP

I\IGYËÇS HSQIWQSTIPE%VKIRXMRE XIVIQSWEZERXEKIQVIPEXMZEHI

MVKERLERHSXIQTSTEVEVIGSRWXMXYMVEWRSWWEWJSVËEWHIXIVVEIQEV

I GSPSGEVRSW IQYQ TÍVIWTIMXÅZIP HE HIJIWE

3RSWWSEQSVTV×TVMSREGMSREPHIZIIWXEVIWIRXIWISJIRHMHS

GSQ SW MRWYPXSW I TVSZSGEËÙIW HI XERXSW EVKIRXMRSW RIWXIW ÞPXMQSW

XIQTSW QEW GYQTVI EXIRHIV E UYI S KSZIVRS EVKIRXMRS RSW RÇS

HMVMKMYEXÍEUYMSJIRWESYTVSZSGEËÇSEPKYQEREWWYEWVIPEËÙIWSJMGMEMW

GSRSWGS SY IQ HSGYQIRXSW WIYW TÞFPMGSW (S TV×TVMS 1MRMWXVS

>IFEPPSW RÇS XIQSW QSXMZS HI UYIM\E RS XVEXS SJMGMEP UYI GSRSWGS

QERXIZI TSMW ETIWEVHEW WYEW JERJEVVSREHEWT×WXYQEW REMQTVIRWE

zWIEWWMQTSWWSHM^IVzQSWXVSYWIWIQTVIQYMXSEGSQSHEHSUYERHS

1MRMWXVSWIQJE^IVVIGPEQEËÇSEPKYQEIWIQXMVEVTEVXMHSHIMRGMHIRXIW

GSQS S HS ZETSV 7ER 0SVIR^S ETIWEV HI MRWXMKEHS E MRXIVZMV TSV

EPKYRWNSVREMWMRGPYWMZISTV×TVMS)P(MEVMSUYISEGYWSYHIMRHMJIVIRËE

I JVEUYI^E

7IQTVILSYZIRE%VKIRXMREJSVXIWGSVVIRXIWHISTMRMÇSGSRXVÅVMEW

ES &VEWMPIÄTSPÑXMGEFVEWMPIMVEJEPWMJMGEHEIQIWGVMXSW XIRHIRGMSWSW

QIWQS RS XIQTS IQ UYI ÍVEQSW IJIXMZEQIRXI EPMEHSW TVSXIKIRHS



I HIJIRHIRHS S RSWWS I\ÍVGMXS I E RSWWE IWUYEHVE SWIY XIVVMX×VMS

IRXÇS QEPTSZSEHSIHIQYMIWGEWWSWVIGYVWSW2IWWIXIQTSGSQS

EKSVE WI EPM XÑRLEQSW EHZIVWÅVMSW VERGSVSWSW XEQFÍQ GSRXÅZEQSW

EQMKSW HIHMGEHSW I HIJIRWSVIW GSRZIRGMHSW HE EPMERËE FVEWMPIMVS

EVKIRXMRE2ÇSHIZIQSWGSRJYRHMVSWRSWWSWMRMQMKSWHILSNIRIQ

QIWQS S WIY KSZIVRS EXYEP GSQ E REËÇS EVKIRXMRE HE UYEP JE^IQ

TEVXIXERXSWLSQIRWIWGPEVIGMHSWIHIFSEZSRXEHIUYIREMQTVIRWE

I RS 'SRKVIWWS IWTSRXERIEQIRXI WI FEXIVEQ GSRXVE SW RSWWSW

HIXVEXSVIWTIPEGEYWEHEWFSEWVIPEËÙIWIRXVISWHSMWTEÑWIW8VEXIQSW

HI GSRXVMFYMVTEVE UYIWIETEKYIQTSYGSE TSYGS EWQEPUYIVIRËEW

HIWTIVXEHEW TIPS VIGIRXI IWJSVËS HSW TVSQSXSVIW HI HMWG×VHMEW

MRXIVREGMSREMWIWIQUYIFVEHERSWWEHMKRMHEHITVSGYVIQSWXVEFEPLEV

WIVIRE I JMVQIQIRXI TEVE UYI IWXIW HSMW TEÑWIW TSWWEQ WEMV HE

HIWEKVEHÅZIP I TIVMKSWE WMXYEËÇS IQ UYI WI EGLEQ GSPSGEHSW

)WXSY GIVXS HI UYI RIWWI WIRXMHS WI HMVMKIQ XEQFÍQ

GSVHMEPQIRXISWZSXSWHI:)\EUYIQVIMXIVSSWTVSXIWXSWHEQMRLE

IWXMQE I HMWXMRXE GSRWMHIVEËÇSx



'SRZÍQVIMXIVEVUYISTVSNIXSHS%&'REGSRGITËÇSHI6MS

&VERGS RÇSMRGPYÑEIUYMZEPÎRGMEREZEP EUYEPZIIQIRXIHIWGEVXEZE

I UYI E ETVS\MQEËÇS %VKIRXMRE&VEWMP'LMPI RÇS WI HIWXMREZE E

GSRXVEFEPERËEV E MRJPYÎRGME RSVXIEQIVMGERE 6MGYTIVS 

MRXIVTVIXSY GSQ TVSTVMIHEHI UYI S %&' WIVME YQE TVSNIXS

GSQTPIQIRXEVÄEPMERËE RÇS IWGVMXE GSQ SW )WXEHSW9RMHSW



3JEXSHISIZIRXYEPXVEXEHSHS%&'JVIUàIRXIQIRXIETEVIGIV

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4EVMW+EVRMIV

6-3&6%2'3&EVÇSHS3FVEWGSQTPIXEWHS&EVÇSHS6MS&VERGS6MSHI

.ERIMVS 1MRMWXÍVMS HEW 6IPEËÙIW)\XIVMSVIW  :---  )WXYHSW,MWX×VMGSW -<

(MWGYVWSW

&-&0-3+6%*-%

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

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'MZMPM^EËÇS&VEWMPIMVE

&IWSYGLIX0MHME6MS&VERGSIEWVIPEËÙIWIRXVIS&VEWMPIE6ITÞFPMGE%VKIRXMRE

6MSHI.ERIMVS1MRMWXÍVMSHEW6IPEËÙIW)\XIVMSVIW

&YIRS'PSHSEPHS%6ITÞFPMGEIWYETSPÑXMGEI\XIVMSV7ÇS4EYPS)HMXSVEHE

92)74&VEWÑPME-46-

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VIPEXMSRW2SZE=SVO0SRHVIW'SPYQFME9RMZIVWMX]4VIWW

CCCCCCCCw%WVIPEËÙIWMRXIVREGMSREMWHS&VEWMPHYVERXIETVMQIMVE6ITÞFPMGEx

-R*EYWXS&SVMWHMV,MWX×VMEKIVEPHEGMZMPM^EËÇSFVEWMPIMVE6MSHI.ERIMVS7ÇS4EYPS

(MJIPXZ

'EVZEPLS .1 HI w%W *SVËEW %VQEHEW RE 4VMQIMVE 6ITÞFPMGE  S TSHIV

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(MJIPZXSQS---

'SRHYVY+YMPLIVQI*VE^ÇS%TSPÑXMGEI\XIVREHI6MS&VERGSSWXVEXEHSWHS

%&'&VEWÑPME9RMZIVWMHEHIHI&VEWÑPMEHMWWIVXEËÇSQIWXVEHS

'SWXE.SÇS*VEROHE.SEUYMQ2EFYGSIETSPÑXMGEI\XIVMSVHS&VEWMP6MSHI

.ERIMVS6IGSVH

)XGLITEVISFSVHE6SFIVXS,MWXSVMEHIPEWVIPEGMSRIWMRXIVREGMSREPIWEVKIRXMREW

&YIRSW%MVIW4PIEQEV

*EYWXS&×VMWw)\TERWÇSHSGEJÍITSPÑXMGEGEJIIMVEx-R*EYWXS&×VMWHMV

,MWX×VMEKIVEPHEGMZMPM^EËÇSFVEWMPIMVE7ÇS4EYPS(MJIPXZ



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GSQTMPEHSVIW 0E %VKIRXMRE HIP 3GLIRXE EP 'IRXIREVMS &YIRSW %MVIW )HMXSVMEP

7YHEQIVMGERE

CCCCCCCC )WUYIQEHIPETSPÑXMGEI\XIVMSVEVKIRXMRE&YIRSW%MVIW)HMXSVMEP

9RMZIVWMXÅVMEHI&YIRSW%MVIW

CCCCCCCC  +EPPS )^IUYMIP GSQTMPEHSVIW 0E %VKIRXMRE HIP 3GLIRXE EP

'IRXIREVMS&YIRSW%MVIW)HMXSVMEP7YHEQIVMGERE

*VEKE6SWIRHS6SGE]IP&VEWMP&YIRSW%MVIW)HMXSVMEP'IRXVSHI)WXYHMSW

9RM×RTEVEPE2YIZE1E]SVME

CCCCCCCC'SVVÎE0YM^ *IPMTI HI 7IM\EW%VKIRXMRE&VEWMP'IRXIRÅVMSHI

HYEWZMWMXEW?&YIRSW%MVIWA)HMXSVMEP'IRXVSHI)WXYHMSW9RM×RTEVEPE2YIZE1E]SVÑE



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RE%VKIRXMRE4SVXS%PIKVI4SRXMJÑGME9RMZIVWMHEHI'EX×PMGEHS6MS+VERHIHS7YP

 XIWIHSYXSVEHS

0EJIV'IPWS4IÕE*IPM\%VKIRXMREI&VEWMPRSWMWXIQEHEWVIPEËÙIWMRXIVREGMSREMW

7ÇS4EYPS(YEW'MHEHIW

0MRW¥PZEVS6MS&VERGS6MSHI.ERIMVS7ÇS4EYPS.SWÍ3P]QTMSZ

CCCCCCCC 6MS&VERGSIH7ÇS4EYPS2EGMSREP

CCCCCCCC 6MS&VERGSISEVFMXVEQIRXSGSQE%VKIRXMREEUYIWXÇSHS8IVVMX×VMS

HI4EPQEWXEQFÍQGLEQEHSHEW1MWWÙIW6MSHI.ERIMVS.SWÍ3P]QTMS

1EKRSPM (IQÍXVMS 3 GSVTS HE 4ÅXVME z MQEKMREËÇS KISKVÅJMGE I TSPÑXMGE

I\XIVRERS&VEWMP7ÇS4EYPS974XIWIHSYXSVEHS

1EVXMRW,ÍPMS0IØRGMSw%6IZSPXEHSW1EVMRLIMVSWx-R&6%7-0,MWX×VME

REZEPFVEWMPIMVE6MSHI.ERIMVS1MRMWXÍVMSHE1EVMRLEz7IVZMËSHI(SGYQIRXEËÇSHE

1EVMRLEZXSQS -&

CCCCCCCCC'S^^E(MRS;MPP]w4SHIVIWGSQFEXIRXIWx-R&6%7-0,MWX×VME

REZEPFVEWMPIMVE6MSHI.ERIMVS1MRMWXÍVMSHE1EVMRLEz7IVZMËSHI(SGYQIRXEËÇSHE

1EVMRLEZXSQS-&

1M]EQSXS7LMKYIRSPM+ISTSPÑXMGEITSHIVRS&VEWMP'EQTMREW4ETMVYW

1SMXVIP1ØRMGE,EVX^3PMZIMVEw'SQMWWÙIWHIHIWXEUYIzWMRMWXVSWQEVÑXMQSWx

-R&6%7-0,MWX×VMEREZEPFVEWMPIMVE6MSHI.ERIMVS1MRMWXÍVMSHE1EVMRLEz7IVZMËS

HI(SGYQIRXEËÇSHE1EVMRLEZXSQS-&

1SVIP)HQEV%6IZSPXEHE'LMFEXE6MSHI.ERIMVS-VQÇSW4SRKIXXM)HMXSVIW



3RYOM .ERMREw1IVGSWYP GVMWI I JYXYVSx 'EVXE MRXIVREGMSREP R  JIZ



3XIVS(IPME (IP 4MPEV w0E TSPÑXMGE %&' YR JIR×QIRS VIGYVVIRXI IR PSW

TVS]IGXSWHIGSRGIVXEGM×RVIKMSREPHIPGSRSWYVPEXMRSEQIVMGERSx 6IW+IWXER



6MGYTIVS6YFIRWw9QTIVWSREKIQHE6ITÞFPMGEx-R6MGYTIVS6%VEÞNS

.,4GSQEGSPEFSVEËÇSHI.STTIVX6.SWÍ1EVMEHE7MPZE4EVERLSW&EVÇSHS6MS



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CCCCCCCC 6MS&VERGSS&VEWMPRSQYRHS6MSHI.ERIMVS'SRXVETSRXS4IXVSFVEW



6SQIVS0YMW%PFIVXS&VIZILMWXSVMEGSRXIQTSVÅRIEHIPE%VKIRXMRE&YIRSW

%MVIW*SRHSHI'YPXYVE)GSR×QMGE

6YM^ 1SVIRS -WMHSVS ,MWXSVMEHI PEW VIPEGMSRIW I\XIVMSVIW EVKIRXMREW 

&YIRSW%MVIW)HMXSVMEP4IVVSX

7QMXL.SWITL9RIUYEPKMERXWHMTPSQEXMGVIPEXMSRWFIX[IIRXLI9RMXIH7XEXIW

ERH&VE^MP9RMZIVWMX]SJ4MXXWFYVKL4VIWW

8YPGLMR.SWITL70E%VKIRXMRE]PSW)WXEHSW9RMHSWLMWXSVMEHIYREHIWGSRJMER^E

&YIRSW%MVIW4PERIXE

:MERE*MPLS0YM^%ZMHEHS&EVÇSHS6MS&VERGS6MSHI.ERIMVS.3P]QTMS



238%7

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 &YVRW0SFS)QREQMRYXEHIGEVXEE

7SYWE'SVVIME6MS&VERGSEJMVQSYw)YTVIJMVSUYIS&VEWMPIWXVIMXIEWWYEWVIPEËÙIW

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UYIEMRHEMRJSVQEUYIEJVEWIJSMVMWGEHE

 .SEUYMQ2EFYGSPSKSET×WSEHZIRXSHE6ITÞFPMGEHIWEFEJSYw

)WXEQSWWSFYQKSZIVRSZIVHEHIMVEQIRXITEVEKYEMS2YRGEIYTIRWIMZIVS&VEWMP

VIFEM\EHSEYQ4EVEKYEM9VYKYEM)UYEHSV%VKIRXMRESYS UYIUYMWIVIQx%,-

-QEËSTEWXE2EFYGSE6MS&VERGS4EUYIXÅNYP

 w'IRWYVEWTPEXMREWx34EM^6MSHI.ERIMVSNER)HMXSVMEP

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XEQFÍQRS.SVREPHS'SQQIVGMS6MSHI.ERIMVSNERwETIHMHSx:INEWI

XEQFÍQ'SRHYVY

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 %,-(IWTEGLSTEVE&YIRSW%MVIWRSZ

 %,-(IWTEGLSTEVE;EWLMRKXSRHI^

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 %,-6EWGYRLSHIGEVXEHI6MS&VERGSE2EFYGSNYP#

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

 %,-'EVXEHI.*HI%WWMW&VEWMPE6MS&VERGS&YIRSW%MVIWNYP

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TVSPSRKEQIRXSHS-QTÍVMSIQTPIRE6ITÞFPMGE:INEWI*IVVEVM

 ,IMRWJIPHEJMVQEUYIw(IJEXSIQQSQIRXSEPKYQ6MS&VERGSWINE

IQWIYWIWGVMXSWSYIQTVSRYRGMEQIRXSWZIVFEMWJI^UYEPUYIVVIJIVÎRGMEESWTIRWEHSVIW



KISTSPÑXMGSW2S IRXERXS  HSW UYEXVS TV×GIVIW HS TIRWEQIRXS +ISTSPÑXMGS z

6EX^IP1ELER1EGOMRHIVI/NIPPÍRzWSQIRXIHIWXIÞPXMQSRÇSXIQSWJSVXIWMRHMGEXMZSW

HIUYI6MS&VERGSXIRLEIRXVEHSIQGSRXEXSHMVIXSGSQWIYWIWGVMXSWSYWYEWMHÍMEWx

:INEQWIEMRHETI1M]EQSXSWYWXIRXEUYI

RÇSWIIRGSRXVEVEQRSWIWGVMXSWHI6MS&VERGSwVIJIVÎRGMEWI\TPÑGMXEWWSFVISTETIPHE

KISTSPÑXMGE3YXVSQSXMZSUYITSHIGSVVSFSVEVIWWEEJMVQEËÇSÍUYIWIRHSEKISTSPÑXMGE

EMRHEXÇSVIGIRXIS&EVÇSHS6MS&VERGSGIVXEQIRXIQEPXMZIVEXIQTSHIGSRLIGÎPE

GSRGIFMHEGSQSXEPTSMWIRGIVVSYWYEWEXMZMHEHIWRS1MRMWXÍVMSHEW6IPEËÙIW)\XIVMSVIW

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QEMSVHSW KISTSPÑXMGSW FVEWMPIMVSWTSMWUYIQEMWHS ?UYIA UYEPUYIVSYXVSGMHEHÇS

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 1EKRSPMEJMVQEUYISTEREQIVMGERMWQSHI6MS&VERGS

wHIGSVVMEHIGSRWMHIVEËÙIWTVEKQÅXMGEWx

 *VEKE

 *VEKE

 &YVRW

 -RJSVQEËÇSHEHETIPS)P(MEVMSHI&YIRSW%MVIWUYIEGVIWGIRXEZE

w=PYIKSEKVIKEFE?SKIRIVEP1MXVIAIWGPEVSIP&VEWMPRIGIWMXE]GSRWYQIXSHSUYERXS

TVSHYGIPE%VKIRXMRE]PETVSZIIETVIGMSWQSHMGSWHIPSUYIRSTYIHITVSHYGMV)P

JSRHS HI ZIVHEH WERE ] VIEP HI XEPIW GSRGITXSW TIVXIRIGI LS] EP HSQMRMS TYFPMGS

xw0EFYIRETSPÑXMGExEKS6IGIRXIQIRXISEREPMWXEEVKIRXMRS

HEWVIPEËÙIWMRXIVREGMSREMW'EVPSW)WGYHÍEJMVQSYwIP&VEWMPIWRYIWXVEKEPPMREHI

PSWLYIZSWHISVSx'PEVÑRNYPETYH3RYOM

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 0MRW

 %,-%+1:INEQWITSVI\IQTPS)P(MEVMS&YIRSW

%MVIWNER0E4VIRWE&YIRSW%MVIWHI^

 %VIHYËÇSHIJSMVIRSZEHEIQHINYRLSHI%FVERKIY

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HIZIRXS(IGVIXSHINYR'SPIËÇSHI0IMWHSW)WXEHSW9RMHSW&VEWMP

Z

 %,-%+1

 %,-%+1

 -HIQ

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IQUYIEQSHMJMGEËÇSHSTPERSREZEPJSVEJIMXETIPS4VIWMHIRXI4IREISQMRMWXVS



%PQMVERXI%PI\ERHVMRSHI%PIRGEVWIQTEVXMGMTEËÇSHISYXVSW1MRMWXVSW6MS&VERGS

EWWMQRÇSMRJPYÑVEREEUYMWMËÇSHSWHVIEHRSYKLXWGMXEHSWEWIKYMV'EP×KIVEW



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QEMWHIXEPLEHEWTSHIQWIVSFXMHEWIQ1EVXMRW'S^^EUYISJIVIGIQ

YQUYEHVSGSQTEVEXMZSHSWTVSKVEQEWREZEMWHII

 8ERXS IVE EWWMQ UYI RE TV×TVME -RKPEXIVVE SRHI WI GSRWXVYÑEQEW

FIPSREZIWLSYZIUYIQWITVISGYTEWWIRÇSW× TSVVE^ÙIWHI MRXIVIWWIXÍGRMGS QEW

XEQFÍQTIPSHIWXMRSYPXIVMSVHEWQIWQEW3VITVIWIRXERXIJVERGÎWIQ0SRHVIWUYI

TEWWEZEIWWEWMRJSVQEËÙIWSFWIVZSYEMRHEUYISWwNMRKSIWxMRWMRYEZEQUYIS&VEWMP

TSHIVMEWIVZMVHIMRXIVQIHMÅVMSHE%PIQERLE8EPSTMRMÇSRÇSXMRLEJYRHEQIRXSIRÇS

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GIHIVWIYWGSYVEËEHSWIQGSRWXVYËÇSWIVIGIFIWWISJIVXEWZERXENSWEWx(STSRXSHI

ZMWXEPIKEPSKSZIVRSMRKPÎWXMRLEHMWTSWMXMZSWUYIKEVERXMEQSWMRXIVIWWIWHEHIJIWE

REGMSREP%1%)4EVMW'STMEHI SJÑGMSHI1ERRIZMPPI ES1%)0SRHVIWNYP

%XVEHYËÇSÍRSWWE

 1EVXMRW'S^^E

 'J0MRW

 1EVXMRW

 )XGLITEVIFSVHE

 8YPGLMR

 'J)XGLITEVIFSVHE

 w0ETVITSXIRGMEREZEPx0E2EGM×R&YIRSW %MVIWWIX w0SW

EVQEQIRXSWREZEPIWx-HIQWIX%,-3JÑGMSHI&YIRSW%MVIWQEV

 w'IRWYVEWTPEXMREWx34EM^NER .SVREPHS'SQQIVGMS

NER

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 6MS&VERGS<:-<:--

 6MS&VERGS

 %TYH'EP×KIVEW

 %,-'EVXEHI6MS&VERGSE(SQÑGMSHE+EQEHI^(MWGYVWS

TVSJIVMHSRS'PYFI1MPMXEVIQSYX-R6MS&VERGS

 6MS&VERGSHMWGYVWSW

 -HIQ

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 2EVE(YHPI]ES7IGVIXÅVMSHI)WXEHS4IXV×TSPMWIEKS

 *VEWITEVIGMHETVSRYRGMEVE.YPMS%6SGEREWYEZMWMXEE7ÇS4EYPSIQ

 w2EHE RSWHMZMHI] XSHS RSWETVS\MQEx 6YM^ 1SVIRS T *VEKE



 2EVE(YHPI]ES7IGVIXÅVMSHI)WXEHS4IXV×TSPMWEKS7QMXL





 %REMWHE'ÆQEVEHSW(ITYXEHSW7IWWÙIWHIIEKS%

'SQMWWÇSHI(MTPSQEGMEI8VEXEHSWHIWMRGYQFMYWIHEQMWWÇSRSHME

 6ITÞFPMGE%VKIRXMRE(MEVMSHI7IWMSRIWz'ÅQEVEHI(ITYXEHSW

EKS

 -HIQ%XVEHYËÇSÍRSWWE

 %,-3JÑGMSHI&YIRSW%MVIWWIX7SY^E(ERXEWE6MS&VERGS

 %,-3JÑGMSHI&YIRSW%MVIWSYX(SQÑGMSE6MS&VERGS

1SMXVIP%RXIWHIGSQTEVIGIVÄTSWWIEHMZMWÇSHIGVY^EHSVIWVITVIWIRXEVE

STEÑWRSGIRXIRÅVMSHEMRHITIRHÎRGMEHS'LMPI

 w'SQIPHSGXSV1SRXIWHI3GEx8VMFYRE&YIRSW%MVIWRSZ

w0EXVERWQMWM×RHIPQERHSIRIP&VEWMPx0E+EGIXEHI&YIRSW%MVIWRSZ%,-

G×TME HI RSXE HI 1EVMS6 HIPSW 0PERSW 7YFWIGVIXEVMS HI 6IPEËÙIW )\XIVMSVIW E

7SY^E(ERXEWERI\EESSJÑGMSHI&YIRSW%MVIWRSZ7SY^E(ERXEWE6MS

&VERGS

 *VEKE

 *VEKE

 'J)XGLITEVIFSVHE0MRW

 *VEKE

 1EVXMRW'S^^E

 )XGLITEVIFSVHE*IVVEVM*VEKE

 :INEWIETVST×WMXS0MRW

 'EVXEHI+VEËE%VERLEE2EFYGSETYH:MERRE*MPLS

 w4VS]IGXSWREZEPIWFVEWMPIÕSWx0E2EGM×RNER

 w)P'SRKVIWS4EREQIVMGERSx0E4VIRWE&YIRSW%MVIWIQEV

w)R6ÑSHI.ERIMVSx0E2EGM×R&YIRSW%MVIWNYP

 w0EHMTPSQEGMEFVEWMPIÕEx0E2EGM×R&YIRSW%MVIWRSZ

 7SFVIEQMWWÇSHI6SSXRE%QÍVMGE0EXMREZINEWI34EM^6MSHI

.ERIMVSHI^

 %TYH0MRW

 %,-(IWTEGLSTEVE;EWLMRKXSRSYX

 0MRW)WXIXVIGLSIRGSRXVEWIÄTHEIHMËÇSHI

 %,-3JÑGMSHI&YIRSW%MVIWRSZ

 %,--%+1:INEWIXEQFÍQ'SRHYVY

 *VEKE7EPZEHSVHI1IRHSRËEGVMXMGSYSEXSHI6MS&VERGS

w 4SMWS WV 6MS &VERGS RÇS  VIGSRLIGIY GSQ EËSHEQIRXSE MRHITIRHÎRGME HE

6ITÞFPMGEHS4EREQÅUYIIPIWEFMEXÇSFIQGSQSS7V6SSWIZIPXLEZIVWMHSVSYFEHE

Ä'SPØQFME#x1IRHSRËE

 %TYH0MRW)Q0MRWGSRWXEUYIEGEVXEÍHI8VEXEWI

IZMHIRXIQIRXIHIYQPETWSGSQYQIQSFVEWHIWWITSVXI)P(MEVMSHI&YIRSW%MVIW

SYXXVERWGVIZIY EGMXEHEGEVXE HI6MS&VERGSE +SVSWXMEKEHEXEHEHI

4IXV×TSPMWIQWIX



 %,-(IWTEGLSVIWIVZEHSTEVE;EWLMRKXSRQEV4EVXIHIWWI

HIWTEGLSJSMXVERWGVMXETSV'SWXE

 %,-(IWTEGLSVIWIVZEHSTEVE;EWLMRKXSRHI^XVERWGVMËÇS

HSXIPIKVEQE

 'J'SRHYVY

 %TYH'SRHYVY

 8IPIKVEQETEVEE0IKEËÇSHS&VEWMPIQ7ERXMEKSNYRETYH

'SRHYVY

 4EVE QEMW IWGPEVIGMQIRXSW WSFVI S TVSNIXS HI 4YKE &SVRI ZINEWI

'SRHYVY

 'J'SRHYVY&ERHIMVE0MRWZ



 'SRHYVY3XI\XSGSQTPIXSHSTVSNIXSHS8VEXEHSHS%&'

IRGSRXVEWIIQ0MRW

 6MGYTIVS

 0MRW

 %,-(IWTEGLSVIWIVZEHSTEVE&YIRSW%MVIWJIZ6MS&VERGS

E(SQÑGMSHE+EQE

 6MGÞTIVS:INEWIXEQFÍQ'SRHYVY

 0E2EGM×R&YIRSW%MVIWNYPIEKS%,-(IWTEGLSTEVE

;EWLMRKXSRQEVETYH0MRW

 %,-'EVXEHI.SEUYMQ2EFYGSES(V'EVHSWS6SQEQEV

 %,-3JÑGMSHI&YIRSW%MVIWEFV%WWMW&VEWMPE6MS&VERGS

 %TYH0MRW:INEWIXEQFÍQ*VEKE

 %,-3JÑGMSGSRJMHIRGMEPHI*VERGMWGS<EZMIVHE'YRLEE6MS&VERGS

1SRXIZMHÍYHI^

 %,-(IWTEGLSTEVE;EWLMRKXSRHI^



6-3&6%2'3 ) 34%2%1)6-'%2-713%238%«¹)7 73&6) %

--- '32*)6®2'-% -28)62%'-32%0 %1)6-'%2%

+)0732  *327)'% .92-36

2ÇS WIVMEI\EKIVSHM^IVUYIGSQSVIKVE E VIJIVÎRGME REXYVEP

TEVEEWSPYËÇSHEWUYIWXÙIWHMTPSQÅXMGEWÍSERXIGIHIRXIEXIRXEXMZE

HIIRUYEHVEVSTVSFPIQETVIWIRXIIQEPKYQEWMXYEËÇSWMQMPEVERXIVMSV

*VIUàIRXIQIRXIRÇSI\MWXISYXVSTEHVÇSTEVEQIHMVEWIRWMFMPMHEHI

HI YQ TEVGIMVS E YQE EXMXYHI HMTPSQÅXMGE WEPZS E HI GSQS XIVÅ

VIEKMHSRSTEWWEHSHMERXIHIYQEUYIWXÇSTEVIGMHE'EHEQSZMQIRXS

HMTPSQÅXMGSÍ ÞRMGS QEW WIVÅ XERXSQEMWWIKYVS UYERXS QEMWGPEVS

IQEMW TV×\MQS JSV SLMWXSVMGEQIRXI WMQMPEV  )\EXEQIRXI TSVXEMW

VE^ÙIWYQHSWHIWEJMSWQEMWGSQTPI\SWTEVEEJSVQYPEËÇSHETSPÑXMGE

I\XIVREÍGSQSPMHEVGSQTVSGIWWSWHIXVERWJSVQEËÇSGSQSUYIÍ

RSZS

3WMWXIQEMRXIVREGMSREPHITSMWUYIWIHIWIRGEHIMEE6IZSPYËÇS

-RHYWXVMEPSJIVIGIGSRWXERXIQIRXIRSZMHEHIWESJSVQYPEHSVSVEPMKEHEW

ÄWQYXEËÙIWREWGSRWXIPEËÙIWHITSHIVIESGSQTSVXEQIRXSHSWUYI

IWXÇS IQ TSWMËÙIW HI LIKIQSRME SVE PMKEHEW ESW QIGERMWQSW

MRWXMXYGMSREMW UYI VIKYPEQ GSQ QEMW SY QIRSW WYGIWWS E SVHIQ

MRXIVREGMSREP  2S PMQMEV HS WÍGYPS << S WMWXIQE MRXIVREGMSREP

SJIVIGIES&VEWMPHSMWRSZSW HIWEJMSW3TVMQIMVS ÍEEWGIRWÇS HSW

)WXEHSW9RMHSWGSQSTSXÎRGMEVIKMSREPUYIGSQIËEEXIVTVIWIRËE

QYRHMEP



(SPEHSHEWMRWXMXYMËÙIWGSQIËEEWIGSRJMKYVEVYQERSZE

QSHEPMHEHIHIMRXIVEËÇSIRXVI)WXEHSWUYIÍSUYIWITSHIVMEGLEQEV

HI QYPXMPEXIVEPMWQS GSRXIQTSVÆRIS



6MS&VERGSTIVGIFIGSQGPEVI^ESWHSMWQSZMQIRXSWIGSQE

HIJIWE HS TEREQIVMGERMWQS GSRWIKYI PMKÅPSW GSQ E TVISGYTEËÇS

HI EQTPMEV S IWTEËS HI QERSFVE HE HMTPSQEGME FVEWMPIMVE

% VIPEËÇS HS &VEWMP GSQ SW )WXEHSW 9RMHSW IWXÅ EQTPEQIRXI

IWXYHEHE IESFVE HI &VEHJSVH&YVRW 8LI 9R[VMXXIR %PPMERGIEMRHE

Í GVIMS E MRXIVTVIXEËÇS QEMW EGEFEHE I GSQTPIXE HS wQSHIPS HS

&EVÇSx TEVE EW VIPEËÙIW XERXS FMPEXIVEMW UYERXS QYPXMPEXIVEMW IRXVI



SW HSMW TEÑWIW

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ZI^S HI UYIQ WIVZMY IQ YQE SVKERM^EËÇS QYPXMPEXIVEP YRW TSYGSW

EWTIGXSW HI YQE LMWX×VME GSRLIGMHE

3JSGSHIERÅPMWIWIVÅS'SRKVIWWS4ER%QIVMGERSHII

TVIXIRHSHIWIRZSPZÎPSIQXVÎWIXETEWSGSRGIMXSHITEREQIVMGERMWQS

E HMRÆQMGE HE GSRJIVÎRGME I E TSPÑXMGE HS QYPXMPEXIVEPMWQS

3'32')-83()4%2%1)6-'%2-713

6MS&VERGSÍYQHIJIRWSVHIVIPEËÙIWIWXVIMXEWGSQSW)9%I

STEREQIVMGERMWQSGYNSGIVRIWIVMESQSRVSÑWQSEGIMXSTIPEWREËÙIW

HSGSRXMRIRXIÍIQTVMQIMVSTPERSEJEGIMHISP×KMGEHEETVS\MQEËÇS

HSW HSMW TEÑWIW

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 1EWEMHÍMERÇSXIQETSMSYRÆRMQIQIWQSRS

&VEWMP SRHI IRGSRXVSY EYHMÎRGME QYMXS QEMW VIGITXMZE HS UYI IQ

SYXVSWTEÑWIW HE %QÍVMGEHS7YP

MRXIVIWWERXIVIXSQEVSWXIVQSWIQUYISTEREQIVMGERMWQS

Í HMWGYXMHS TSVUYI RSW HÅ IPIQIRXSW TEVE GSQTVIIRHIV EW STËÙIW

HI6MS&VERGS3HIFEXITSHIWIVMPYWXVEHSTSVYQXVIGLSHSPMZVS

HI3PMZIMVE0MQETYFPMGEHSNYWXEQIRXIIQIUYIWIMRXMXYPEZE

4EREQIVMGERMWQS 1SRVSI &SPÑZEV I 6SSWIZIPX GSQ EVXMKSW IWGVMXSW

ERXIWI HITSMW HE GSRJIVÎRGME

)Q YQ TEVÅKVEJS 3PMZIMVE 0MQE GMXE %VXYV 3VPERHS TEVE

UYIQ S TEREQIVMGERMWQS Íw E EVXMGYPEËÇS HEW XVÎW %QÍVMGEW

IQ YQE ZEWXE *IHIVEËÇS SY GSQYRLÇS MRXIVREGMSREP HIMRXIVIWWIW

TSPÑXMGSWIGSRØQMGSW I QSVEMW GSQ SJMQHIKEVERXMV ÄGMZMPM^EËÇS

JYXYVE WIY TPIRS HIWIRZSPZMQIRXS 0IZEV E I\TERWÇS WMQYPXÆRIE HE

IGSRSQMEIHE.YWXMËEESGSVEËÇSHSQYRHSMRXIMVSx

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GSRGITËÇS I\EPXEHE HS TEREQIVMGERMWQS UYI Í GPEVS RÇS Í E HI

6MS &VERGS QEW HÅ YQE MHÍME HEW TVSTSWMËÙIW UYEWI YX×TMGEW z I

HS TSXIRGMEPHI XVERWJSVQEËÇS z UYI E MHISPSKME IRWINEZE  XÑTMGS

HS QYPXMPEXIVEPMWQS EPMÅW E TVSHYËÇS HI YXSTMEW

2STEVÅKVEJSUYI HÅ GSRXMRYMHEHIESERXIVMSV 3PMZIMVE0MQE

JE^IRXÇSSFWIVZEËÙIWGVÑXMGEWESQYPXMPEXIVEPMWQSUYIHIYQGIVXE

QERIMVEIWXÇSQEMWTV×\MQEWÄTIVWTIGXMZEHI6MS&VERGS1EWZINEQSW

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IWXE 1EW UYI W× TSHIVÅ EWTMVEV E WIV YQE I\TVIWWÇS HSXEHE HI

VIEPMHEHI I ZMV E TIVHIV XSHE E EGITËÇS EQIEËEHSVE I TIVMKSWE UYI

EXYEPQIRXI EMRHE GSRWIVZE UYERHS HIM\EV HI XIV YQE FEWI IKSÑWXE

UYERHSEJEQSWE(SYXVMREHI1SRVSI#TEWWEVGSQSÍHIHMVIMXS

HIETERÅKMSHIYQEW×REËÇSTEVESHSQÑRMSGSQYQHSGSRXMRIRXI

UYIHM^ TVSXIKIV 5YERHSTSVXERXS TIVXIRGIVS QSRVSÑWQS #ES

TEXVMQØRMS HI XSHEW EW REËÙIW EQIVMGEREW I RÇS QEMW JSV RE WYE

IHMËÇSGSVVIRXIYQEEVQEÞRMGEHIEWGIRHÎRGMEHSW)WXEHSW9RMHSW

%SQIWQSXIQTSIQUYIYQEJSVXEPI^EIVMKMHEGSRXVEEMRXIVZIRËÇS

IYVSTÍME UYI WSF S TVIXI\XS HIQERXIV SIUYMPÑFVMS HITSHIVIW RS

2SZS 1YRHS TSHIVME UYIVIV PMQMXEV E QEVGLE YMZERXI HE +VERHI

6ITÞFPMGE GYNS TVIWXÑKMS WI IWXIRHI WSFVI XSHS IPIx

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FÅWMGE UYI JVIUàIRXE TVEXMGEQIRXI XSHS IRGSRXVS QYPXMPEXIVEP



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MKYEPHEHIJSVQEPHSWUYIHIPETEVXMGMTEQGVMEGSRHMËÙIWTEVEEI\XIRWÇS

HEW HIQERHEW E GSQIËEV TIPE TV×TVME GSRWEKVEËÇS MRWXMXYGMSREP HE

MKYEPHEHI I RS I\XVIQS HEW ZMWÙIW HE YXSTME NÅ UYI RIWWI TPERS

RÇSLÅPMQMXIWTEVETVSTSVQSHIPSWRSZSWHIGSI\MWXÎRGMEIGSSTIVEËÇS

HIRXVS HI QEVGSWHS UYI ÍEGIMXÅZIP GSQSPIKÑXMQSHI SYXVS PEHS

EW HMJIVIRËEW HI TSHIV RS QYRHS wI\XIVRSx ES JSVS QYPXMPEXIVEP WI

TVSNIXEQRSWTVSGIWWSWRIKSGMEHSVIWHIXEPJSVQEUYIEWGSRWXIPEËÙIW

HITSHIVIEWLIKIQSRMEWWIVIJPIXIQGSQQEMSVSYQIRSVGPEVI^E

RSW VIWYPXEHSW HEW HIPMFIVEËÙIW

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)QXIWIWITVIZEPIGISTSHIVS

QYPXMPEXIVEPMWQSWIVZITSVXERXSGSQSMRWXVYQIRXSHILIKIQSRME

UYIFIRIJMGMEEWTSXÎRGMEWUYIHIPITEVXMGMTEQSYRSSYXVSI\XVIQS

WITVIZEPIGIQEWVIKVEWHEMKYEPHEHIGSQSQIGERMWQSTEVEGSRXIV

SYEXIRYEVEWTVIXIRWÙIWHSWUYIXÎQTSHIVGPEVSUYISUYISGSVVI

wRSVQEPQIRXIxÍYQEGSQFMREËÇSHSWHSMWIPIQIRXSWIESHIWIRGEHIEV

S QSZMQIRXS TEREQIVMGERS IQ JMRW HS WÍGYPS <-< SW )WXEHSW

9RMHSW IWXEZEQ GSRWGMIRXI SY MRGSRWGMIRXIQIRXI EGIMXERHS

wRIKSGMEVx WIY QSHIPS HI LIKIQSRME SY TIPS QIRSW YQEHI WYEW

HMQIRWÙIW

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:EPI E TIRE PIQFVEV GSQS 6MS &VERGS TIVGIFI IWWE XIRWÇS

2S HMWGYVWS GSQ UYI MREYKYVE E --- 'SRJIVÎRGME -RXIVREGMSREP

%QIVMGEREIQRS6MSHI.ERIMVSIPIGSRXVETÙIGSQTVIGMWÇS

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HSMWQSHIPSWHIQYPXMPEXIVEPMWQSSUYIWIVZIÄLIKIQSRMEISUYI

WIVZIÄMKYEPHEHI4EVESTVMQIMVSSWI\IQTPSWWÇSSWGSRKVIWWSWHI

TE^wIQUYISWZIRGIHSVIWHMXEZEQEPIMESWZIRGMHSWIQRSQI

HEJYXYVEEQM^EHIFEWIEHE RS VIWTIMXS ESQEMWJSVXIx 3QSHIPS

HE MKYEPHEHI Í S HSW GSRKVIWWSW GSRZSGEHSW wIQ TPIRE TE^ I WIQ

GSRWXVERKMQIRXS EPKYQ FIQ IRXIRHMHE E TVSZMHÎRGME TEVE

VIKYPEQIRXEVEEXMZMHEHITEGÑJMGEHEWREËÙIW)RIPIWWIEXIRHITSV

MKYEPESHMVIMXS HSQEMW JVEGSGSQSHSQEMWTSHIVSWSx

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QSHIPSTVIJIVMHSUYIHÅGSVTSIJSVQEIEYXSVMHEHIÄPIMMRXIVREGMSREP

w GEHE ZI^ QEMW EGEXEHEW RSW RSWWSW HMEW S UYI GSRWXMXYM YQ

KVERHI TEWWS HE GMZMPM^EËÇSx  %S PEHS HE GSRWXMXYMËÇS HE RSVQE

MRHMGEUYIESVMKIQHSQSHIPSwWÇSSWQSZMQIRXSWHISTMRMÇS

TVSHY^MHSWTIPEQEMSVHMJYWÇSGYPXYVEPTIPEMQTSVXÆRGMETVSKVIWWMZE

HSWMRXIVIWWIWIGSRØQMGSWITIPETVSTEKERHEEWWÑHYEHSWWIRXMQIRXSW

LYQERMXÅVMSW I HI GSRG×VHMEx

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GSQFMREMKYEPHEHIRETEVXMGMTEËÇSSFNIXMZSHIPERËEVJYRHEQIRXSW

PIKEMWTEVEESVHIQMRXIVREGMSREPKIVERHSHMWGMTPMREWUYIGSRWXVERNEQ

EXSHSWSW)WXEHSWIJMREPQIRXIGSQSFEWIWSGMSP×KMGEIE\MSP×KMGE

SWMRXIVIWWIWIGSRØQMGSWISWZEPSVIWLYQERMXÅVMSWEHIJMRMVSWIRXMHS

I EW GMVGYRWXÆRGMEW HEW HIGMWÙIW

%TVMQIMVEGSRGPYWÇSÍHIUYI6MS&VERGSZÎSTEREQIVMGERMWQS

GSQS YQE TSWWMFMPMHEHI HI PMHEV GSQ UYIWXÙIW LIQMWJÍVMGEW IQ

YQ TPERS HI MKYEPHEHI EXIRHIRHS ES HMVIMXS HS QEMW JVEGS ES HS

QEMWTSHIVSWS%WWMQHIGIVXE QERIMVE ETVS\MQEWIHETSWMËÇSHI

3PMZIMVE0MQEXSVREVSQSRVSÑWQSwHSQÑRMSGSQYQHSGSRXMRIRXIx

IHEVPLIWIRXMHSTVÅXMGSMVEPÍQHSWXIQEWHIHIJIWEHSGSRXMRIRXI

GSRXVEMRGYVWÙIWIWXVERKIMVEWUYIIWXÇSRESVMKIQHSQSRVSÑWQSI

GSRXMRYEV RE XVMPLE HEW wGSMWEW TVÅXMGEWx UYI S TEREQIVMGERMWQS

MRWXEPEHSGSQEGSRJIVÎRGMEHI;EWLMRKXSRHI  QEMWZSPXEHS

TEVESWXIQEWGSQIVGMEMWMREYKYVE2STVMQIMVSTEWWSHSEVKYQIRXS

6MS&VERGSÍTSVXERXSJVERGEQIRXIKVSXMERS3IM\SHIGSRWXVYËÇS

Í E GSSTIVEËÇS WSFVI wEXMZMHEHIW TEGÑJMGEWx I E TVIQMWWE Í E HE

MKYEPHEHI

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9QI\EQIVÅTMHSHSWEWTIGXSWJSVQEMWHEGSRJIVÎRGMEEKIRHE

HIGMWÙIW GSQTEVIGMQIRXS TSHI WIV WMKRMJMGEXMZS TEVE GLIKEVQSW Ä

GSQTVIIRWÇS UYI 6MS &VERGS XIQ HS QYPXMPEXIVEPMWQS % EKIRHE Í

GIRXVEHERSWXIQEWUYIVIKYPEQEwEXMZMHEHITEGÑJMGExIRXVIEWREËÙIW

EVFMXVEQIRXS VIGPEQEËÙIW TIGYRMÅVMEW GSRHMËÙIW HI GMHEHÇSW

REXYVEPM^EHSWQEVGEWITEXIRXIWHÑZMHEWTÞFPMGEWTSPÑXMGEWERMXÅVME

LEVQSRM^EËÇS TEVE S GVMXÍVMS HI I\IVGÑGMS HI TVSJMWWÙIW PMFIVEMW

GSRWXVYËÇSHIYQEJIVVSZMETEREQIVMGEREIQIWQSYQEVIWSPYËÇS

WSFVI E RIGIWWMHEHI HI UYI WI XVSUYIQ MRJSVQEËÙIW WSFVI TSPÑXMGE

GEQFMEP HSW TEÑWIW HE%QÍVMGE %EKIRHE Í XEQFÍQ QSHIVRE GSQ

TIWSJSVXITEVESWXIQEWIGSRØQMGSWZMWXSWXEPZI^QEMWHIYQÆRKYPS

NYVÑHMGSHSUYITVSTVMEQIRXIQEXIVMEPNÅUYIEWVIPEËÙIWIGSRØQMGEW

IRXVI SW TEÑWIW HE %QÍVMGE HS 7YP I SW )WXEHSW 9RMHSW ETIREW

GSQIËEZEQ E KERLEV TIWS 1EW XEPZI^ WINE YQE HEW TSWWMFMPMHEHIW

TIVQERIRXIWHSQYPXMPEXIVEPMWQSEHIVIKYPEVSUYIEMRHERÇSI\MWXI

SYVIKYPEVTEVEUYIYQEHIXIVQMREHEVIPEËÇSWIHIWIRZSPZEHIQERIMVE

QEMW HMWGMTPMREHE

% EKIRHE VIJPIXI MQTPMGMXEQIRXI YQE wTVIJIVÎRGME RSVXI

EQIVMGEREx (IZIQSW PIQFVEV UYI E GSRJIVÎRGME Í ERXIGIHMHE TSV

QSZMQIRXSWMQTIVMEMWHSW )9%SIWXEFIPIGMQIRXSHI TVSXIXSVEHSW

IQ'YFEIRS4EREQÅEEYXSRSQIEËÇSTEVESI\IVGÑGMSHITSHIVHI

TSPÑGMERS'EVMFISGSRXVSPIHEWVIRHEW EPJERHIKÅVMEWHE6ITÞFPMGE

(SQMRMGEREUYIPIZEZEQEUYIEQEMSVMEHSWTEÑWIWPEXMRSEQIVMGERSW

XMZIWWIVE^SÅZIPHSWIHIHIWGSRJMERËEIQVIPEËÇSESW)WXEHSW9RMHSW



4SV MWWS SW RSVXIEQIVMGERSW IZMXEVEQ UYI E EKIRHE MRGSVTSVEWWI

XIQEWI\TPMGMXEQIRXITSPÑXMGSWIXMZIWWISWGSRXSVRSWQEMWIGSRØQMGSW

UYI XIZI



7ISPLEVQSWTEVESWVIWYPXEHSWSJEXSÍUYIWISWHIFEXIWWÇS

EGEPSVEHSWEWHIGMWÙIWWÇSQSHIWXEW2EHEEZERËEWMKRMJMGEXMZEQIRXI

GSQSÍREXYVEPRSWTVSGIWWSWQYPXMPEXIVEMWRSVQEPUYIRÇSEZERGIQ

NÅUYIHIYQEQERIMVEKIVEPSQSZMQIRXSPIRXSVIZIPEMRHMVIXEQIRXI

E TVSNIËÇS HE MKYEPHEHI



 )Q YQ XIQE TSVÍQ UYI IWXEZE RS

IRXVSRGEQIRXS HS IGSRØQMGS I HS TSPÑXMGS S HE VIGPEQEËÇS

TIGYRMÅVME E GSRJIVÎRGME GLIKE E YQ VIWYPXEHS UYI TEVE EPKYRW



WIVZIEEXIRYEVQSHIWXEQIRXISIWTÑVMXSHIHIWGSRJMERËEUYIVIMREZE

IRXVI SW LMWTERSEQIVMGERSW IQ VIPEËÇS ESW )9% 2ÇS Í S GEWS

EUYMHIVIGSVHEVSTVSFPIQEHEGSFVERËEJSVËEHEHIHÑZMHEWWSFIVEREW

IHE (SYXVMRE(VEKSIEW SVMKIRW HS'SVSPÅVMS 6SSWIZIPXUYI HI

YQEGIVXEQERIMVEEWWYQMETEVESW)9%EGSVVIËÇSHSWTVSFPIQEW

HI z HMVWIME LSNI z UYIFVE HEW GSRHMËÙIW HIKSZIVREFMPMHEHI IQ

TEÑWIW HS LIQMWJÍVMS



3VEEVIWSPYËÇSEUYIGLIKEEGSRJIVÎRGME

IQFSVE RÇS EHSXI E TSWMËÇS HI (VEKS XEQFÍQ RÇS IRHSWWE S

'SVSPÅVMS QEW TIHI UYI SW KSZIVRSW PIZIQ S EWWYRXS Ä 7IKYRHE

'SRJIVÎRGMEHE4E^RE,EMEGSQZMWXEWEUYIWII\EQMRIQEGSFVERËE

GSQTYPW×VME HEW HÑZMHEW TÞFPMGEW I SWQIMSW XIRHIRHIW E HMQMRYMV

SWGSRJPMXSWHISVMKIQI\GPYWMZEQIRXITIGYRMÅVMEIRXVIEWREËÙIW%

GSRUYMWXEÍQSHIWXEQEWEFVIIWTEËSTEVEUYIRE,EMEWIGLIKYI

EYQTVMQIMVSGSQTVSQMWWSEGLEQEHE(SYXVMRE4SVXIVUYIMQTIHI

E GSFVERËEGSQTYPW×VME HIWHI UYI SW TEÑWIW IRHMZMHEHSW EGIMXIQ S

EVFMXVEQIRXS )RJMQ SXIQEEZERËSY IHI GIVXEJSVQE HIQSRWXVE

HI UYI QERIMVE E TV×TVME EGIMXEËÇS HE HMWGYWWÇS HI YQ XIQE

GSRXVSZIVXMHSIQJSVSQYPXMPEXIVEPPIZEEWTSXÎRGMEWEGSQTVSQMWWSW

QSHIWXSWÄWZI^IWQEWUYIJSVQEQFEWITEVESYXVSWWYFWIUàIRXIW

IQVIKVEQEMWTV×\MQSWESWMRXIVIWWIWHEQEMSVME0IQFVEQSWUYI

SXIQEHEMRXIVZIRËÇSVINIMXEHSIQW×ZIMSEWIVTPIREQIRXI

EGIMXSRSWERSW TIPEW GSRJIVÎRGMEWEQIVMGEREW

% TVSTSWXE HI GSRWXVYMV TEYPEXMREQIRXI YQE JIVVSZME TER

EQIVMGERE Í HSW QSQIRXSW HI YXSTME 'VMEWI YQE GSQMWWÇS

TIVQERIRXIHEJIVVSZMEGSRXMRIRXEPTIHIWIUYIGEHE)WXEHSGSRZSUYI

GSVTSHIIRKIRLIMVSWTEVEHIJMRMVXVEËEHSWIGYWXSWIUYIWIHIJMREQ

wS UYERXS ERXIW EW GSRGIWWÙIW HI XIVVIRSW E MWIRËÇS HI MQTSWXSW

EHYERIMVSW TEVE S QEXIVMEP HI GSRWXVYËÇS I I\TPSVEËÇS I UYEMWUYIV

SYXVSWEY\ÑPMSWUYIIWXMQIQGSRZIRMIRXISYXSVKEVx8EPZI^REHEQEMW

XÑTMGSHIVIYRMÙIWQYPXMPEXIVEMWHSUYIXVERWJSVQEVWSRLSWKIRIVSWSW

IQGSQMWWÙIWTIVQERIRXIWQEWWIQHÞZMHEEÑIWXÅGPEVEEGSRWGMÎRGME

HI UYI WIQ MRJVEIWXVYXYVE RÇS WI EZERËEIQ GSSTIVEËÇS



9Q WIKYRHS EWTIGXS MRXIVIWWERXI UYI GSQTVSZE S UYI 6MS

&VERGS HM^ME WSFVI E WSGMSPSKME HS QYPXMPEXIVEPMWQS Í S MRXIVIWWI

UYIEGSRJIVÎRGMEHIWTIVXERESTMRMÇSTÞFPMGE%WMHÍMEWUYIHITSMW

KERLEQ JSVËE GSQ S 4VIWMHIRXI ;MPWSR HSW STIR GSZIRERXW STIRP]



EVVMZIHEX VIEPM^EQWI GSQ TIVJIMËÇS RS QYPXMPEXIVEPMWQS NÅ UYI

TIPE TV×TVME REXYVI^E E GSRJIVÎRGME WI VIEPM^E IQ PSGEP GSRLIGMHS

GSQ LSVE QEVGEHE GSQ EKIRHE TÞFPMGE %WWMQ Í GYVMSWS UYI WI

QYPXMTPMUYIQ QERMJIWXEËÙIW HI KVYTSW ZEVMEHSW I EXÍ QSËÙIW HI

GSVTSW PIKMWPEXMZSW QYRMGMTEMW I IWXEHYEMW ES 4VIWMHIRXI HE

'SRJIVÎRGME%IWWIVIWTIMXSRSWTETÍMWUYIS%VUYMZSHS-XEQEVEX]

KYEVHELÅYQHSGYQIRXSGYVMSWSYQEGEVXEHS4EVXMHS3TIVÅVMS

-RHITIRHIRXI E 2EFYGS IQ XSQ I\XVIQEQIRXI VIWTIMXSWS  UYI

HIJIRHI E ETVSZEËÇS HI YQE GPÅYWYPE WSGMEP TIPE GSRJIVÎRGME

%GEVXEGSQIËETSVTIHMVÄGSRJIVÎRGMEUYIZSPXEWWIwXEQFÍQ

EWYEEXIRËÇSTEVESXIQEHSWXVEFEPLEHSVIWIGSKMXEWWIHEIPEFSVEËÇS

HEW PIMW WSFVI EGMHIRXIW I WSFVI E VIJSVQE HSW STIVÅVMSW IQ KIVEP

ZIPLSWIMRZÅPMHSWWIKYRHSSUYINÅI\MWXIRE*VERËERE-RKPEXIVVEI

IQSYXVSWTEÑWIWIJMVQEWWIEHSYXVMREHEEVFMXVEKIQTEVEEWSPYËÇS

TEGÑJMGEx



 %WWMQRSTVMRGÑTMSHSWÍGYPS<<YQwTEVXMHSxFVEWMPIMVS

TIVGIFIEGSRJIVÎRGMEGSQSYQIWTEËSEFIVXSHITVSTSWMËÇSQIWQS

TEVE XIWIW UYI EXÍ LSNI WÇS GSRXVSZIVWEW



%GEVXEIWXÅGIVXEQIRXI

REPMRLEHSTEREQIVMGERMWQSHI%VXYV3VPERHSIQUYIETIVWTIGXMZE

Í EPGERËEV RS GSRXMRIRXI S QIPLSV HE PIKMWPEËÇS WSGMEP

,ÅSYXVSWEWTIGXSWUYIGLEQEQEXIRËÇSNÅUYIWÇSTVSFPIQEW

UYI WI VITIXIQ EXÍ LSNI GSQS S HS XIQTS HEW MRXIVZIRËÙIW HSW

(IPIKEHSW%GPÅYWYPEHSEVXMKSHSVIKYPEQIRXSÍIWXVMXERIRLYQE

(IPIKEËÇS TSHIVÅ JEPEV QEMW HI HYEW ZI^IWWSFVI SQIWQS EWWYRXS

RIQ I\GIHIV HI  QMRYXSW IQ GEHE MRXIVZIRËÇS



2SEVXMKS

NÅ WI TVIZME YQE RSXE Ä MQTVIRWE UYI VIWYQMVME SW HIFEXIW %WWMQ

IQWIYWTVMQIMVSWTEWWSWSQYPXMPEXIVEPMWQSERYRGMETVSFPIQEWJSVQEMW

HIUYIEXÍLSNIHIWIRLEQEHMRÆQMGEHEWVIYRMÙIWIUYIFEWMGEQIRXI

HIVMZEQHEMKYEPHEHIHITSWWMFMPMHEHIWHITVSTSVMRXIVZMVEVKYQIRXEV

IXG

)QGSRGPYWÇSSVIPEXMZSGSRXVSPIHEEKIRHETIPSW)9%ITIPS

&VEWMP UYIXEQFÍQRÇSÍ HIJIRWSV HE(SYXVMRE (VEKSRÇS

MQTIHIUYIEPKYRWXIQEWGSRXVSZIVWSWWINEQHIFEXMHSWIWIEZERGI

RSWIRXMHSUYIMRXIVIWWEESWPEXMRSEQIVMGERSW%HMRÆQMGEHEMKYEPHEHI

QSHIPE SW HMWGYVWSW I SW VIWYPXEHSW I XEPZI^ ZEPIWWI XIVQMREV GSQ

YQXVIGLSGSRLIGMHSHSHMWGYVWSHI6SSXESTPIRÅVMSHEGSRJIVÎRGME

w;I [MWL RS ZMGXSVMIW FYX XLSWI SJ TIEGI JSV RS WSZIVMKRX] I\GITX SZIV



SYVWIPZIW;I HIIQ XLI MRHITIRHIRGI ERH IUYEP VMKLXW SJ XLI WQEPPIWX

ERH XLI [IEOIWX QIQFIV SJ XLI JEQMP] SJ REXMSRW IRXMXPIH XS EW QYGL

VIWTIGXEWXLSWISJXLIKVIEXIWXIQTMVIERH[IHIIQXLISFWIVZERGIERH

KYEVERX] SJ XLI [IEO EKEMRWX XLI STTVIWWMSR SJ XLI WXVSRK;I RIMXLIV

GPEMQRSVHIWMVIER]VMKLXWSVTVMZMPIKIWSVTS[IVWXLEX[IHSRSXJVIIP]

GSRGIHIXSIZIV]%QIVMGER6ITYFPMG;I[MWLXSMRGVIEWISYVTVSWTIVMX]

XS I\TERH SYV XVEHI XS KVS[ MR [IEPXL MR [MWHSQ MR WTMVMX FYX SYV

GSRGITXMSRSJXLIXVYI[E]XSEGGSQTPMWLXLMWMWRSXXSTYPPHS[RSXLIV

ERHTVSJMXF]XLIMVVYMRFYXXSLIPTEPPJVMIRHWXSEGSQQSRTVSWTIVMX]

ERH E GSQQSR KVS[XL XLEX [I QE] EPP FIGSQI KVIEXIV ERH WXVSRKIV

XSKIXLIVx



8EPZI^ S HMWGYVWS XIRLE WMHS S MRZIVWS HE TVÅXMGE 1EW ES

JE^ÎPSPIZEETSXÎRGMEEYQEEXMXYHIRIGIWWEVMEQIRXIHIJIRWMZEUYERHS

ZMSPE WIY TV×TVMS GSQTVSQMWWS  IWWI EJMREP S GEQMRLS TEVE

XVERWJSVQEV TEHVÙIW HI PIKMXMQMHEHI

%(-1)27§3430±8-'%

%XÍ EUYM PMHEQSW GSQ E HMRÆQMGE MRXIVRE HE GSRJIVÎRGME %

TV×\MQEUYIWXÇSÍ GSQSIRXIRHIVTSPMXMGEQIRXI WIYWQSZMQIRXSW

% MKYEPHEHI JSVQEP  GSQFMREWI IQ GEHE XIQE GSQ EW HMRÆQMGEW

HI TSHIV GSQ TIVGITËÙIW I MRXIVIWWIW UYI REWGIQ RS wQYRHSHEW

VIEPMHEHIWx I Í JMPXVEHE I VIXVEFEPLEHE TIPS JSVSQYPXMPEXIVEP %WWMQ

HS ÆRKYPS TVSTVMEQIRXI TSPÑXMGS EW TVISGYTEËÙIW HI 6MS &VERGS

WÇSZÅVMEWITEVXIQWIQTVIHSJEXSHIUYISTEREQIVMGERMWQSÍYQ

IWTEËS HI GSRJPYÎRGME IRXVI EW RSWWEW VIPEËÙIW HI ZM^MRLERËE I EW

RSWWEWVIPEËÙIWGSQSW)9%%ZMWÇSTEREQIVMGEREREWGIHETIVGITËÇS

HIWWEVIEPMHEHIISWSFNIXMZSWESFXIVIWIYWPMQMXIWIWXÇSGSRHMGMSREHSW

TSV IWWE QIWQE VIEPMHEHI 4EVE IRXIRHIV S UYI TIRWE 6MS &VERGS

ZEQSWRSWGSRGIRXVEVRSHIWTEGLSUYIQERHEE2EFYGSEMRHEIQ

QEVËSHIIUYIWIVMESIUYMZEPIRXIÄWMRWXVYËÙIWTEVEE(IPIKEËÇS

FVEWMPIMVE

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2SHIWTEGLSSXIQEGIRXVEPÍSHEEVFMXVEKIQUYIXIQGSQS

TERS HI JYRHS YQE HIXIVQMREHE QERIMVE HI IRXIRHIV SW PMQMXIW

HE RSVQEMRXIVREGMSREPIEW VIPEËÙIWGSQSWZM^MRLSW2STVMQIMVS

GEWSETVISGYTEËÇSHI6MS&VERGSÍIZMXEVHMWGMTPMREWUYIGSRWXVERNEQ

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E QEVKIQ HI QERSFVE FVEWMPIMVE 3 EVFMXVEQIRXS IQ XIWI TSHI WIV

TSWMXMZSEJMREPIPIXMRLEWMHSZMXSVMSWSIQHSMWGEWSWTSVÍQRYRGE

SwEVFMXVEQIRXSMRGSRHMGMSREPxTSMWGSQSIWGVIZIw5YIVIQSWHIM\EV

ESWKSZIVRSWJYXYVSWEMRXIMVEPMFIVHEHIHIEËÇSIIWGSPLEWx8EPZI^E

VIWMWXÎRGME XIRLE REWGMHS HS ITMW×HMS HE +YMERE -RKPIWE QEW

XISVMGEQIRXI HIJMRI YQE EXMXYHI HI UYIQ IWXÅ I\EQMRERHS YQE

WIKYRHE XIRWÇS TIVQERIRXI HS QYPXMPEXIVEPMWQS S UYI WI KERLE

UYERHSWIEGIMXEERSVQEWSFVIXYHSUYERHSXIQJIMXMSSFVMKEX×VMS

6MS&VERGSWEFIzIIWXÅIQWYEHIJMRMËÇSzUYISHMVIMXSWIEJMVQEVME

TVSKVIWWMZEQIRXI GSQ EW GSRJIVÎRGMEW QYPXMPEXIVEMW GYNS SFNIXMZS

ÍEJMREPKIVEVHMWGMTPMREW3TVSFPIQEÍWEFIVUYEMWEWUYIMRXIVIWWEQ

I UYEMW EW UYI RÇS MRXIVIWWEQ 4EVE YQ TEÑW GSQ XERXSWZM^MRLSW I

GSQ ZERXEKIRW HMTPSQÅXMGEW YQE HIPEW WIRHS IRXÇS GSRWXVYÑHE

GSQEWVIPEËÙIWwIWTIGMEMWxGSQSW)9%EWEQEVVEWHEWSFVMKEËÙIW

HI EVFMXVEV GSRXVSZÍVWMEW IVEQ MRGSRZIRMIRXIW

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%I\TPMGEËÇSHEEXMXYHIGSQTPIXEWIUYERHS6MS&VERGSVIJPIXI

WSFVIEWTSWWMFMPMHEHIWHIQIGERMWQSWHIEVFMXVEQIRXSUYITYHIWWIQ

XIV PMQMXIW VIKMSREMW UYI TEVE IPI WIVMEQ RMXMHEQIRXI TVINYHMGMEMW

ES &VEWMP (M^ME RS HIWTEGLSE 2EFYGS w4IVERXI ÅVFMXVSWLMWTERS

EQIVMGERSW IWXEVÑEQSW WIQTVI QEP 3 &VEWMP S 'LMPI I SW )WXEHSW

9RMHSW.ÅUYIGSQSS&VEWMPXMRLEUYIWXÙIWTIRHIRXIWGSQSWZM^MRLSW

WIVME REXYVEP UYI NYPKEWWIQ GSQ TSYGE MRHITIRHÎRGME UYEPUYIV

TIRHÎRGMEWYFQIXMHExMQTSVXERXIWYFPMRLEVTSVXERXSUYIEZMWÇS

UYIXIQ6MS&VERGSHEWVIPEËÙIWHIZM^MRLERËEGSRHMGMSREWYEZMWÇS

HSW PMQMXIW HS QYPXMPEXIVEPMWQS

-RWXMXYMËÙIWIRSVQEWHIZIQSYRÇSWIVEZERËEHEWREQIHMHE

IQUYIGVMIQGSRWXVERKMQIRXSWSYJEGMPMXIQEVIEPM^EËÇSHISFNIXMZSW

HMTPSQÅXMGSW MRGPYÑHSW z I REUYIPI QSQIRXS WSFVIXYHS z SW HI

IWGSTS FMPEXIVEP % ZMWÇS HI 6MS &VERGS Í TSVXERXS E HI YQ

QYPXMPEXIVEPMWQS WSJXQEMWZSPXEHSTEVESIWTÑVMXSHEGSSTIVEËÇSHS

UYITEVE EHIJMRMËÇSHI GSRWXVERKMQIRXSW 1SWXVE UYI RÇS WIXVEXE

HISTXEVTSVYQVIEPMWQSFMPEXIVEPGSRXVEYQQYPXMPEXIVEPMWQSKVSXMERS

QEWUYISWIKVIHSWIVMEGSQFMREVEWHYEWZIVXIRXIWHIQSHSEWIVZMV

ESWSFNIXMZSWREGMSREMW'SPSGEEWWMQYQTVMQIMVSMRKVIHMIRXIVIEPMWXE

IQ WYE ZMWÇS KVSXMERE 2ÇS WIVÅ S ÞRMGS ) WEFIQSW S HMPIQE HE

IUYEËÇS EHIUYEHE FMPEXIVEPQYPXMPEXIVEP ZEM EGSQTERLEV E XVENIX×VME



HETSPÑXMGEI\XIVREEXÍLSNIGSQQSHIPSWHIWSPYËÇSUYIZEVMEQRS

XIQTS QEW IQ UYI EW ZERXEKIRW HS QYPXMPEXIVEPMWQS TSV VE^ÙIW

QÞPXMTPEW WI EJMVQEQ TEYPEXMREQIRXI

3 WIKYRHS TVSFPIQE GSQ UYI PMHE 6MS &VERGS RE GEVXE E

2EFYGS HM^ VIWTIMXS ÄW VIPEËÙIW GSQ SW )WXEHSW 9RMHSW GSQ S

QSRVSÑWQS

2IWWIXIQEETVMQIMVESFWIVZEËÇSEJE^IVÍEHIUYIWII\MWXI

MKYEPHEHI JSVQEP E EXMXYHI HI 6MS&VERGS Í HI XVERWJSVQÅPE GSQ

SW)9%IQMKYEPHEHIVIEP2ÇSUYIRIKEWWIEWHMJIVIRËEWIZMHIRXIW

HS EPGERGI HS TSHIV QEW RS TPERS TEREQIVMGERS IVEQ TEÑWIW

MKYEMWEWISJIVIGIVGSQTVSQMWWSWIUYMPMFVEHSW'VIMSUYIIWWEEXMXYHI

REWGIMRMGMEPQIRXIHIUYIQZÎYQTEÑWEYXSGSRJMERXIJYRHEQIRXS

TEVEKIVEVYQWIRXMHSHIMKYEPHEHIUYIZEMEPÍQHSJSVQEPQSHIPERHS

E MKYEPHEHI HMTPSQÅXMGE I UYI TIVQMXI EJMREP RIKSGMEËÙIW GSQ

VIWYPXEHSW UYI WMVZEQ E XSHSW

4SVIWWEWVE^ÙIW6MS&VERGSEGVIHMXEUYIÍTSWWÑZIPHMVWIME

QYPXMPEXIVEPM^EVSQSRVSÑWQSYQXERXSREPMRLEHSUYITVIGSRM^EZE

3PMZIMVE0MQE2EZIVHEHIEZMWÇSHS'LERGIPIVÍYQXERXSEQFÑKYE

:Î E QYPXMPEXIVEPM^EËÇS IQ HSMW TEWWSW

2S TVMQIMVS LÅ YQE QYPXMPEXIVEPM^EËÇS HS QSRVSÑWQS

XVEHMGMSREP UYI WMKRMJMGE FEWMGEQIRXI E HMWTSWMËÇS EQIVMGERE HI

HIJIRHIVSWTEÑWIWHSGSRXMRIRXIHIMRGYVWÙIWIYVSTÍMEWHITSXÎRGMEW

IWXVERKIMVEW3TEREQIVMGERMWQSVITVIWIRXEVMEYQQSHIPSTVIPMQMREV

HSUYILSNIWIVMEYQQIGERMWQSHIWIKYVERËEGSPIXMZEGSQEHMJIVIRËE

HI UYI LEZIVME TIPEW ZERXEKIRW HI TSHIV YQ KEVERXI TVMZMPIKMEHS

HEHIJIWESQIGERMWQSUYIWIVIEPM^EHITSMWHE7IKYRHE+YIVVE

1YRHMEP RS8-%6

,Å TSVÍQ YQE WIKYRHE HMQIRWÇS HS QSRVSÑWQS UYI Í E

HS'SVSPÅVMS6SSWIZIPX2SEVKYQIRXSRSVXIEQIVMGERSTEVEIZMXEV

E TSWWMFMPMHEHI HEW MRXIVZIRËÙIW IWXVERKIMVEW SW )WXEHSW 9RMHSW WI

EVVSKEZEQ S HMVIMXS HI MRXIVZMV IQ TEÑWIW wHIWIWXEFMPM^EHSWx I GSQ

MWWS IZMXEV S TVIXI\XS HI YQE MRXIVZIRËÇS TSWWÑZIP %UYM NÅ RÇS

WIVME QEMW WIKYVERËE GSPIXMZE HI UYI WIIWXEVME JEPERHS QEW TEVE

YWEVYQEWÑQMPIGSRXIQTSVÆRIEIWXEVÑEQSWTV×\MQSWHSWQIGERMWQSW

TEVEwWEPZEVHIQSGVEGMEWxSYwMRXIVZIRËÙIWLYQERMXÅVMEWx6MS&VERGS

ÍHSWTSYGSWUYIEGIMXESGSVSPÅVMSESHIM\EVHIGVMXMGEVTSVI\IQTPS

EMRXIVZIRËÇSRS4EREQÅ



% VIWTIMXS RE QIWQE GEVXE E 2EFYGS LÅ YQ TEVÅKVEHS

VIZIPEHSV w9QEGSVHSKIVEPHIXSHEW EW REËÙIWEQIVMGEREW Í QEMW

MQTSWWÑZIPEMRHEUYIIRXVIEWIYVSTÍMEW3GSRGIVXSIYVSTIYÍJSVQEHS

ETIREWTIPEWGLEQEHEWKVERHIWTSXÎRGMEW4IRWEQSWUYIYQEGSVHS

RSMRXIVIWWIKIVEPTEVEWIVZMÅZIPW×HIZIWIVXIRXEHSIRXVISW)WXEHSW

9RMHSWHE%QÍVMGES1Í\MGSS&VEWMPS'LMPIIE%VKIRXMRE%WWMQ

IWXEVÑEQSW FIQ SW )WXEHSW 9RMHSW I S &VEWMP )RXVERHS QYMXSW

WIVÑEQSWWYTPERXEHSWTIPSRÞQIVSWIQTVIUYIWIXVEXEWWIHIXSQEV

UYEPUYIV VIWSPYËÇSx

 HMJÑGMP MRXIVTVIXEV HI YQE JSVQE EGEFEHE S UYI TVIXIRHI

6MS&VERGSQEWWIRSWPIQFVEQSWHISYXVSXVIGLSHEQIWQEGEVXE

IQUYIHM^UYISW)WXEHSW9RMHSWGSQXSHSSWIYTSHIVRÇSTSHIVMEQ

I\IVGIV TSPÑGME EQMKÅZIP SY TEXIVREP IQ XSHS S GSRXMRIRXI WEPZS

XEPZI^ RS 1EV HEW %RXMPLEW E GSRGPYWÇS TSWWÑZIP E XMVEV Í E HI UYI

6MS &VERGS IWXEVME MQEKMRERHS YQ TEREQIVMGERMWQS IQ HYEW

HMQIRWÙIW S TVMQIMVS HI EQTPE TEVXMGMTEËÇS UYI PMHEVME GSQ SW

XIQEW HE GSSTIVEËÇS I ZSPXEHS TEVE E HIJIWE GSRXVE MRGYVWÙIW

IWXVERKIMVEW IS WIKYRHSUYI PMHEVME GSQ EWUYIWXÙIW QEMW HMJÑGIMW

UYI IRZSPZIWWIQ MRXIVZIRËÙIW RE ZMHE MRXIVRE HEW REËÙIW RSW

QSQIRXSWHIMRWXEFMPMHEHIIUYIFVEHESVHIQTEVESUYEPSQSHIPS

WIVMESGSRGIVXSIYVSTIYSYWITVIJIVMVQSWYQEIWTÍGMIHIGSRWIPLS

HI WIKYVERËE VIKMSREP

 WMRXSQÅXMGS UYI XIRLE RE -: 'SRJIVÎRGME XIRXEHS

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GSQ S QYPXMPEXIVEPMWQS RÇS EGIMXEV HMWGMTPMREW UYI JSWWIQ

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XVERUàMPMHEHI IQ VIPEËÇS E XVYRJSW8EPZI^E QIPLSV PMËÇS 4EVE YQ

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UYEPUYIVTVSGIWWSRIKSGMEHSV QYPXMPEXIVEP % MKYEPHEHIJSVQEPHIZI

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STSWXEWGSQSRSGEWSHEWVIGPEQEËÙIWTIGYRMÅVMEWIWITEVEPMWEQ3SYXVSPEHSHE

QSIHESGSVVIUYERHSHMERXIHSFPSUYIMSUYISQYPXMPEXIVEPMWQSSJIVIGIEWTSXÎRGMEW

TVIJIVIQSWGEQMRLSWYRMPEXIVEMWSYYWEQHIYQEQERIMVEEVXMJMGMEPSJSVSQYPXMPEXIVEP

3GSVSPÅVMSERYRGMEHSTSV6SSWIZIPXIQHI^IQFVSHIHM^MEw'LVSRMG

[VSRKHSMRKSVERMQTSXIRGI[LMGLVIWYPXWMREKIRIVEPPSSWIRMRKSJXLIXMIWSJGMZMPM^IH

WSGMIX]QE]MR%QIVMGEEWIPWI[LIVIYPXMQEXIP]VIUYMVIMRXIVZIRXMSRF]WSQIGMZMPM^IH

REXMSRWERHMRXLI;IWXIVR,IQMWTLIVI XLIEHLIVIRGISJXLI 9RMXIW7XEXIWXSXLI

1SRVSI(SGXVMRIQE]JSVGIXLI9RMXIH7XEXIWLS[IZIVVIPYGXERXP]MRJPEKVERXGEWIW

SWWYGL[VSRKHSMRKSVMQTSXIRGIXSXLII\IVGMWISJMRXIVREXMSREPTSPMGITS[IVx

%TYH1IGLERSTGMX6MS&VERGSGSRWMHIVEZEUYIEXIWIRÇSWIETPMGEVMEETEÑWIW

GSQSS&VEWMP%VKIRXMRESY'LMPIUYIXMRLEQIWXEFMPMHEHIIRÇSIVEQSSFNIXSHS

GSVSPÅVMS

GYVMSWSUYISXIQEHEMRJVEIWXVYXYVEXIRLEWMHSYQHSWHSQMRERXIWRE

TVMQIMVEGÞTYPEWYPEQIVMGEREUYIWIVIEPM^SYIQ&VEWÑPMEIQ

3HSGYQIRXSIRGSRXVEWIRSQEXIVMEPHMWTIVWSVIPEXMZSÄGSRJIVÎRGMEUYI

IWXÅHITSWMXEHSRS%VUYMZS,MWX×VMGSHS-XEQEVEX]

2ÇSTYHIEZIVMKYEVEMQTSVXÆRGMEHSTEVXMHS

,SNIREWGÞTYPEWQYRHMEMWSW'LIJIWHI)WXEHSXÎQHMVIMXSEMRXIVZIRËÙIW

HIGMRGSQMRYXSW

3HMWGYVWS JSM TVSRYRGMEHS RE WIWWÇSWSPIRI HS HME HI NYPLSI IWXÅ

MRXIKVEPQIRXIXVERWGVMXSRE%XEHEWIWWÇS

3HIWTEGLSHEXEHSHIHIQEVËSHIIWXÅXVERWGVMXSIQ¥PZEVS

0MRW STGMX

6MGYTIVSVIWYQIEZMWÇSUYI6MS&VERGSXMRLEHSEVFMXVEQIRXSIQUYEXVS

TSRXSWRYRGEEGIMXSYS8VMFYREP4IVQERIRXIHE,EMEGSQSNYÑ^SEVFMXVEPI\GPYWMZS

QERXIZISHMVIMXSHIPMZVIIWGSPLEHSWÅVFMXVSWVIGYWSYESFVMKEËÇSHIWYFQIXIV

UYEPUYIVUYIWXÇSEÅVFMXVSTIVQERIRXIIWGSPLMHSII\GPYÑEHSEVFMXVEQIRXSUYIWXÙIW

PMKEHEWÄLSRVEMRHITIRHÎRGMEIMRXIKVMEHEHIXIVVMXSVMEPUYIHIZIVMEQIQWYESTMRMÇS

WIVVIWSPZMHEWHMVIXEQIRXITIPEWTEVXIWMRXIVIWWEHEW



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6-3 &6%2'3

78):)2 ' 834-/

-2863(9«§3

% )VE -QTIVMEP ETVS\MQEHEQIRXI IRXVI  I 

XIWXIQYRLSYYQMQTSVXERXIEYQIRXSREGSQTIXMËÇSIREGSSTIVEËÇS

IRXVIEWREËÙIW)RUYERXSRE¥JVMGEIRE¥WMEXIVVMX×VMSWMRHITIRHIRXIW

WI XSVREZEQ GSPØRMEW HEW TSXÎRGMEW IYVSTÍMEW SW TEÑWIW PEXMRS

EQIVMGERSW TEVXMGYPEVQIRXI RE %QÍVMGE HS 7YP GSRWSPMHEZEQWI

GSQS)WXEHSWREGMSREMWIGSRJMVQEZEQWYEWJVSRXIMVEW9QMQTYPWS

WIQ TVIGIHIRXIW RS GEQTS HS GSQÍVGMS MRXIVREGMSREP I HSW

MRZIWXMQIRXSWI\XIVRSWTVSQSZME VÅTMHS GVIWGMQIRXS HSW XVEXEHSW I

GSRZIRËÙIWFMPEXIVEMWIQYPXMPEXIVEMWÄQIHMHEUYIWITEHVSRM^EZEQ

EW VIKVEW HSMRXIVGÆQFMSHMTPSQÅXMGS I IGSRØQMGS



)VESTVMQIMVS

ITMW×HMS HS JIRØQIRS HE KPSFEPM^EËÇS LSNI XÇS GSQIRXEHS

2IWWEÍTSGEQSQIRXSWES&VEWMPHIWXEGSYWIGSQSYQEERXMKE

GSPØRME UYI I\MKME QEMSV VIGSRLIGMQIRXS I VIWTIMXS RE WSGMIHEHI

HEW REËÙIW )WTIGMEPQIRXI HYVERXI SW ERSW HI 6MS &VERGS GSQS

'LERGIPIVÄTVSTSVËÇSUYIEWJVSRXIMVEWHSTEÑWWIEPEVKEZEQ

WYE TVIIQMRÎRGME JI^WI WIRXMV RE IGSRSQME QYRHMEP I RS QYRHS

HMTPSQÅXMGS IQ TEVXMGYPEV IRXVI SW TEÑWIW HE %QÍVMGE HS 7YP 3W

IWXYHMSWSWHIWWITIVÑSHSIWXÇSHIEGSVHSUYERXSESJEXSHIUYIWSF

ESVMIRXEËÇSHI6MS&VERGSS&VEWMPHIWZMSYWYEEXIRËÇSHE)YVSTE

TEVE EW%QÍVMGEW EQTPMERHS E TSWMËÇS HI PMHIVERËE RE%QÍVMGE HS

7YP(IIWTIGMEPMQTSVXÆRGMEJSMEGLEQEHEYR[VMXXIREPPMERGIEPMERËE

RÇSIWGVMXEGSQSW)WXEHSW9RMHSWHE%QÍVMGE



2SIRXERXSIQFSVE

S &EVÇS HS 6MS &VERGS XIRLE GSRWSPMHEHS IWWE EPMERËE RÇS JSM IPI

UYI E MRZIRXSY 2IWXI XVEFEPLS I\EQMREVIQSW SW TVIGIHIRXIW WSFVI

SWUYEMWEMRWXMXYMYSGSRXI\XSKPSFEPUYIETVS\MQSYSWHSMWTEÑWIW

IETSPÑXMGEMRXIVRETSVXVÅWHIWWEETVS\MQEËÇS)SUYIÍMKYEPQIRXI

MQTSVXERXI HIQSRWXVEVIQSW UYI E HIWTIMXS HEUYIPE ETVS\MQEËÇS



6MS&VERGSGSRXMRYSYWIRWÑZIPESREGMSREPMWQSFVEWMPIMVSQERXIRHS

E PMFIVHEHI HI EËÇS HS &VEWMPRS GIRÅVMS MRXIVREGMSREP

3 TETIP HIWIQTIRLEHS TIPSW )WXEHSW 9RMHSW RS QYRHS Í

XEQFÍQJYRHEQIRXEPTEVEI\TPMGEVEREXYVI^EIESTSVXYRMHEHIHIWWE

IRXIRXI 2E ÍTSGE SW )WXEHSW 9RMHSW GSQIËEZEQ E HIWZMEVWI HE

TSPÑXMGE XVEHMGMSREP HI GSRXMRIRXEPMWQS S GSQÍVGMS GSQ EW ÅVIEW

EHNEGIRXIWIWYEMRGSVTSVEËÇSVYQSEYQKPSFEPMWQSQEMWEQTPS

GSQSIWJSVËS HE I\GSPØRME TEVE EJMVQEVWI RS TEPGS MRXIVREGMSREP

% TEVXMV HE HÍGEHE HI  SW )WXEHSW 9RMHSW KERLEVEQ QEMW HI

UYMPØQIXVSWUYEHVEHSWHIXIVVMX×VMSWYPXVEQEVMRSWFYWGERHS

GSPØRMEWSYTVSXIXSVEHSWIQ'YFE+YEQ,EZEÑ4EREQÅ*MPMTMREW

4SVXS6MGSEW-PLEW:MVKIRWIRSTVMRGÑTMSHSWÍGYPSTEWWEVEQE

WIVS4SPMGIQERSJXLI'EVMFFIER3WTIWUYMWEHSVIWHSI\TERWMSRMWQS

RSVXIEQIVMGERS GSWXYQEQ EXVMFYMV IWWI MQTYPWS TEVE JSVE HS TEÑW

ESGVIWGMQIRXSHEIGSRSQMEUYIHITSMWHEWKVERHIWHITVIWWÙIWHSW

ERSWIFYWGEZEQIVGEHSWISTSVXYRMHEHIWHIMRZIWXMQIRXSRS

I\XIVMSV )QFSVE EXÍ GIVXS TSRXS IWWE MRXIVTVIXEËÇS WINE GSVVIXE RS

UYIWIVIJIVIESWTEÑWIWZM^MRLSWRSGEWSHEWVIPEËÙIWIRXVIS&VEWMP

ISW)WXEHSW9RMHSWE I\TPMGEËÇS IGSRØQMGERÇS ÍWYJMGMIRXI'SQ

IJIMXSS&VEWMPRÇSTVIGMWSYIRJVIRXEVRIQS&MK7XMGOMERUYIRIQE

+YRFSEX (MTPSQEG] 2E ZIVHEHI RE QIHMHE IQ UYI GERLSRIMVEW

XMZIVEQYQTETIPRIWWEWVIPEËÙIWIPEWENYHEVEQSKSZIVRSHI*PSVMERS

4IM\SXS REPYXEGSRXVESWQEVMRLIMVSWVIFIPHIWETSMEHSWTIPS6IMRS

9RMHS JMVQERHS EWWMQ YQ TVIGIHIRXI TEVE E (SYXVMRE 3PRI] I S

'SVSPÅVMS 6SSWIZIPX I JEGMPMXERHS E ZMHE HS TVMQIMVS KSZIVRS GMZMP

HE 6ITÞFPMGE FVEWMPIMVE (I WIY PEHS S &VEWMP ZIRHIY GERLSRIMVEW

ESW )WXEHSW 9RMHSW UYI EW YWSY RE KYIVVE GSRXVE E )WTERLE



2S

&VEWMP SW VITYFPMGERSW VEHMGEMW GSRWMHIVEZEQ SW )WXEHSW 9RMHSW E

EPXIVREXMZE ERXMMQTIVMEPMWXE )QFSVE SYXVSW PEXMRSEQIVMGERSW

HIRYRGMEWWIQ SW )WXEHSW 9RMHSW IWTIGMEPQIRXI HITSMW HE KYIVVE

GSQE)WTERLESWFVEWMPIMVSWXIRHMEQEEGIMXEVE(SYXVMRE1SRVSI

TSVUYI EGLEZEQ UYI IPE TVSXIKME S &VEWMP HEW TSXÎRGMEW GSPSRMEMW I

RISGSPSRMEMW IYVSTÍMEW EWWMQ GSQS HI WIY VMZEP RS GSRXMRIRXI E

%VKIRXMRE



'SQS SW )WXEHSW 9RMHSW S &VEWMP XEQFÍQ I\TERHME  WIY

XIVVMX×VMS I JSVXEPIGME  WYE TSWMËÇS MRXIVREGMSREP ¤ QIHMHE UYI S

KSZIVRSHI;EWLMRKXSRWIIRZSPZMEREWHMWTYXEWXIVVMXSVMEMWFVEWMPIMVEW



IPI ENYHSYS&VEWMPEGSRWSPMHEVWIYXIVVMX×VMSRERIKSGMEËÇSHEW1MWWÙIW

I EGIMXSYE MRGSVTSVEËÇS HS %GVI )Q WYE XIRXEXMZE HI HSQMREV E

TSPÑXMGETEREQIVMGERESKSZIVRSHI;EWLMRKXSRGSRWMHIVEZES&VEWMP

YQ EPMEHS JSVXEPIGIRHS XERXS S TETIP HS &VEWMP REW VIPEËÙIW

MRXIVEQIVMGEREW GSQS JMGSY GPEVS RE 'SRJIVÎRGME 4ER%QIVMGERE

HS6MSHI.ERIMVSHIGSQSZEPSVM^ERHSWYETSWMËÇSIQJSVSW

MRXIVREGMSREMW z TSV I\IQTPS RE GSRJIVÎRGME HE ,EME HI 



)QFSVESWHSMWTEÑWIWIWXMZIWWIQI\TERHMRHSXIVVMX×VMSIGSRWSPMHERHS

JVSRXIMVEW LEZME IRXVI IPIW QEMW GSSTIVEËÇS HS UYI GSQTIXMËÇS

'SRXYHS E ETVS\MQEËÇS HMTPSQÅXMGE EMRHE RÇS WMREPM^EZE  WYE

MRXIKVEËÇSIGSRØQMGE)QZI^HIWIVZÑXMQEHSwMQTIVMEPMWQSMERUYIx

S &VEWMP RE ZIVHEHI WI FIRIJMGMEZE HE REXYVI^E YRMPEXIVEP HI WIY

VIPEGMSREQIRXS)QFSVETSWWEQXIVWMHSuKMKERXIWHIWMKYEMWvGSRJSVQI

.SWITL 7QMXL GSQ uVIPEËÙIW HI TSHIV EWWMQÍXVMGEWv REW TEPEZVEW HI

6YFIRW6MGYTIVSS&VEWMPTSHMEwNSKEVGSQETSWMËÇSGSQTIXMXMZE

HEW KVERHIW TSXÎRGMEW ?S UYIA TIVQMXMY ES &EVÇS HS 6MS &VERGS

EJMVQEV WYFWXERGMEPQIRXI E MRHITIRHÎRGME HMTPSQÅXMGE FVEWMPIMVEx

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6)86374)'8-:%

%XÍ (.SÇS :-EFVMV SWTSVXSW HEGSPØRME TSVXYKYIWETEVE S

GSQÍVGMS MRXIVREGMSREP IQ  IVE TIUYIRS S VIPEGMSREQIRXS

HS &VEWMP GSQ SW )WXEHSW 9RMHSW 2S IRXERXS EPKYRW FVEWMPIMVSW

LEZMEQ RSXEHS EW WIQIPLERËEW I\MWXIRXIW IRXVI SW HSMW TEÑWIW (E

QIWQEJSVQEUYIS&VEWMPSW)WXEHSW9RMHSWIVEQYQEERXMKEGSPØRME

IYVSTÍME YQE KVERHI GSPØRME GSRXMRIRXEP FEWIEHE RE MQMKVEËÇS

IYVSTÍMEIRSWIWGVEZSWEJVMGERSWIQPYKEVHIWYETSTYPEËÇSMRHÑKIRE

QEVKMREPM^EHE 3 GEVÅXIV HSW HSMW TEÑWIWJSM QSPHEHS IQ FSE TEVXI

TSV WYEWwJVSRXIMVEWx UYI SW HSMW EPEVKEVEQ GSRXMRYEQIRXIÄ GYWXE

HSWTSZSWMRHÑKIREWIHEWTSXÎRGMEWGSPSRMEMWIYVSTÍMEWGSQTIXMHSVEW

RIWWI TVSGIWWS -WWSPIZSYE YQ KVEY GSRWMHIVÅZIP HI GSRXVSPI PSGEP

HI JEGXS 7× GSQ E TEWWEKIQ HS XIQTS SW HSMW KSZIVRSW GIRXVEMW

TYHIVEQGSRWSPMHEVSWVIWTIGXMZSWXIVVMX×VMSWREGMSREMWTEVEGSQIËEV

ESPLEVTEVEJSVEGSRGIRXVERHSWIREJM\EËÇSHSWPMQMXIWXIVVMXSVMEMW

I RE I\TERWÇS HS GSQÍVGMS ) RSW HSMW TEÑWIW S GSQÍVGMS I\XIVMSV

XMRLE KVERHI MQTSVXÆRGME TEVE WYEW VIKMÙIW HMRÆQMGEW



2S GSQIËS EW VIPEËÙIW TSPÑXMGEW IRXVI S &VEWMP I SW )WXEHSW

9RMHSWIVEQEQMKÅZIMWITSYGSJVIUàIRXIWHITSMWHSVIGSRLIGMQIRXS

HEMRHITIRHÎRGMEFVEWMPIMVETIPSW)WXEHSW9RMHSWETVMQIMVETSXÎRGME

EXSQEVIWWEHIGMWÇS)QWIKYMHEEHIGPEVEËÇSHE(SYXVMRE1SRVSI

TVSZSGSYRS&VEWMPEIWTIVERËEHIUYISW)WXEHSW9RMHSWZMIWWIQE

JMVQEV YQ XVEXEHS HI HIJIWE QÞXYE UYI TVSXIKIWWI S TEÑW HE

VIGSPSRM^EËÇS EQIEËEHE TSV 4SVXYKEP 2S IRXERXS IQ;EWLMRKXSR

S 'SRKVIWWS VIGYWSYWI E EWWYQMV S GSQTVSQMWWS HI YQ

IQTVIIRHMQIRXSHIWWEQEKRMXYHI2EZMSWRSVXIEQIVMGERSWTYHIVEQ

ENYHEVEIWGVEZSGVEGMEFVEWMPIMVETEVXMGMTERHSHSGSQÍVGMSIQKIVEP

I HS XVÅJMGS RIKVIMVS EJVMGERS



-WWSVIJPIXMEEIWXVYXYVEQEMWEQTPE

HI VMZEPMHEHI ERKPSEQIVMGERE HIWIRZSPZMHE RE %QÍVMGE HS 7YP RS

TVMRGÑTMS HS WÍGYPS <-< I UYI ZSPXEVME E HIWIQTIRLEV TETIP

JYRHEQIRXEPREHMTPSQEGMEEXÍSTVMRGÑTMSHSWÍGYPS<<



%WHÍGEHEW

HIIQEVGEVEQSTSRXSQEMWFEM\SHEEQM^EHIFVEWMPIMVS

EQIVMGERE RS WÍGYPS <-< HIZMHS ES QIHS HS I\TERWMSRMWQS HSW

)WXEHSW9RMHSWTVSZSGEHSTIPEWKYIVVEWHS8I\EWIGSRXVES1Í\MGS

ITIPEEËÇSHIEZIRXYVIMVSWGSQS;MPPMEQ;EPOIVRE2MGEVÅKYE3W

FVEWMPIMVSW EGSQTERLEZEQ IWWIW EGSRXIGMQIRXSWGSQ MRXIVIWWI QEMW

HSUYITEWWEKIMVSTSVUYIEQSXMZEËÇSTSVXVÅWHIWWEWMRGYVWÙIWIVE

E I\TERWÇS TEVE S 7YP HE IWGVEZMHÇS RSVXIEQIVMGERE ) S &VEWMP

IWGVEZEKMWXEFIQEHETXEHSÄWTVMRGMTEMWGSPLIMXEWHSW)WXEHSW9RMHSW

GSQS EPKSHÇS EVVS^ XEFEGS I GEREHIEËÞGEV IVE TEVXMGYPEVQIRXI

GSFMËEHS TSV EPKYRW JE^IRHIMVSW RSVXIEQIVMGERSW 4VISGYTEËÇS

IWTIGMEPXMRLEQSWFVEWMPIMVSWGSQEVIKMÇSEQE^ØRMGETSXIRGMEPQIRXI

VMGE TSVÍQ WYFTSZSEHE I HIWTVSXIKMHE 4EVE TVSXIKÎPE S &VEWMP

JIGLSYE ES GSQÍVGMS I ÄW ZMEKIRW MRXIVREGMSREMW I EPKYRW XIQMEQ

UYIE1EVMRLERSVXIEQIVMGEREUYIIQJSVËEVEEEFIVXYVEHS

.ETÇSESGSQÍVGMSMRXIVREGMSREPXIRXEWWIYQESTIVEËÇSWIQIPLERXI

RE %QE^ØRME S UYI RÇS EGSRXIGIY RIQ REUYIPI QSQIRXS RIQ

UYERHS6MS&VERGSVIGSQIRHSYRSZSJIGLEQIRXSHSEGIWWSESKVERHI

VMSHYVERXI E HMWTYXEIQXSVRSHS %GVI

%WXIRWÙIWIRXVISWHSMWTEÑWIWJMREPQIRXIWIHMWXIRHIVEQGSQ

SMRÑGMSHE+YIVVE'MZMPIEEFSPMËÇSHEIWGVEZMHÇSRSW)WXEHSW9RMHSW

3W JE^IRHIMVSW WYPMWXEW RÇS TSHIVMEQ QEMW XVERWJIVMV WIYW IWGVEZSW

TEVE S 7YP 1EMW MQTSVXERXI EMRHE E HIWXVYMËÇS GEYWEHE TIPEW

LSWXMPMHEHIWHIWZMSYE EXIRËÇS HSW EQIVMGERSWTEVE E  VIGSRWXVYËÇS



HS TEÑW (ITSMW HE KYIVVE XVÎW QMP I\GSRJIHIVEHSW IWXEFIPIGIVEQ

WIRSWIWXEHSWHS4EVÅ)WTÑVMXS7ERXSI7ÇS4EYPS{RÇSQEMWGSQS

E KYEVHE EZERËEHE HI YQE GMZMPM^EËÇS GSRUYMWXEHSVE QEW GSQS E

HMWTIVWÇS HSW ZIRGMHSW VITVIWIRXERXIW HI YQ QSHS HI ZMHEUYI WI

IWKSXEVE 2IRLYQE HIWWEW GSPØRMEW XIZI KVERHI WYGIWWS



'SRZIRGMHSWHIUYIEEQIEËEHSW)WXEHSW9RMHSWHIWETEVIGIVE

IQSWFVEWMPIMVSWVIEFVMVEQS6MS%QE^SREWÄREZIKEËÇSIES

GSQÍVGMS MRXIVREGMSREP %W VIPEËÙIW IRXVI SW HSMW TEÑWIW ZSPXEVEQ E

WIVGSVHMEMW'SQIJIMXSGIWWSYTIVQERIRXIQIRXISXIQSVFVEWMPIMVS

HI YQE GSRUYMWXE XIVVMXSVMEP TIPSW )WXEHSW 9RMHSW SY HI MRGYVWÙIW

TSVEZIRXYVIMVSW RSVXIEQIVMGERSW IQFSVE HYVERXISW ERSW HI 6MS

&VERGS GSQS 'LERGIPIV E EËÇS HI EPKYQEW IQTVIWEW GEYWEWWI

TVISGYTEËÇS GSQ S TSWWÑZIP GSRXVSPI MQTIVMEPMWXE TEVXMGYPEVQIRXI

REUYIWXÇSHS7MRHMGEXS&SPMZMERSRS%GVIIREJIVVSZMEHI4IVGMZEP

*EVUYELEVUYIPIZSYÄGSRUYMWXEHS%GVIIHS'SRXIWXEHS

%WVIPEËÙIWIRXVISWHSMWKMKERXIWGSRGIRXVEVEQWIRSGSQÍVGMS

)RXVISERSHE-RHITIRHÎRGMEIEWI\TSVXEËÙIWFVEWMPIMVEW

HI GEJÍ GVIWGIVEQ  ZI^IW I S GSRWYQS QYRHMEP EYQIRXSY QEMW

HI  ZI^IW RSWÍGYPS <-<



 2IRLYQE GSPØRME TSHMEGSQTIXMVIQ

TVIËS GSQ S &VEWMP SY EXIRHIV Ä RSZE MQTSVXERXI HIQERHE HEW

TSXÎRGMEW GSPSRMEMW )Q  S &VEWMP IWXEZE TVSHY^MRHS QEMW HI

QIXEHIHE TVSHYËÇSQYRHMEPIQ  TVSHY^MEUYEWI GMRGS ZI^IW

ETVSHYËÇSHSVIWXSHSQYRHSGSQFMREHS'SQIJIMXSGIVGEHI

TSVGIRXSHEI\TERWÇSHETVSHYËÇSQYRHMEPHIGEJÍRSWÍGYPS<-<

HIZIYWI ES&VEWMP



 ) RÇS WI XVEXEZE HI YQ QIVGEHS QEVKMREP RS

GSQIËS HS WÍGYPS<< S ZEPSV HEW XVERWEËÙIW MRXIVREGMSREMW GSQ S

GEJÍW×IVEWYTIVEHSTIPSHSWGIVIEMWIHSEËÞGEV



%WWMQETVSHYËÇS

FVEWMPIMVE ENYHSY E VIHIJMRMV E REXYVI^E HS QIVGEHS HI GSRWYQS

FEM\ERHS SW TVIËSW HS TVSHYXS WYJMGMIRXIQIRXI TEVE UYI IPI



EPGERËEWWI YQ QIVGEHS HI QEWWE

(ITSMW UYI S TVSHYXS JMGSY MWIRXS HI HMVIMXSW EPJERHIKÅVMSW

IQ  SW )WXEHSW 9RMHSW TEWWEVEQ E WIVS QEMSVQIVGEHS TEVE

SGEJÍFVEWMPIMVSIQGSRXVEWXIE+VÇ&VIXERLEXMRLEMQTSWXSXEVMJEW

TVSMFMXMZEW WSFVI E MQTSVXEËÇS HS TVSHYXS YQ JEXS MQTSVXERXI

TSVUYISQIVGEHSRSVXIEQIVMGERSIVESQEMSVHSQYRHS)QQIEHSW

HS WÍGYPS <-< SW EQIVMGERSW IWXEZEQ GSRWYQMRHS QEMW HI GMRGS

PMFVEWHIGEJÍTSVERSTIVGETMXEYQEHEWXE\EWQEMWEPXEWIQXSHSS



QYRHS



)QSGSRWYQSTIVGETMXEGLIKEZEERSZIPMFVEWIRS

JMQHSWÍGYPS<-<EPGERËEZEPMFVEWSW)WXEHSW9RMHSWTEVXMGMTEZEQ

EWWMQGSQQEMWHITSVGIRXSHSXSXEPHEWMQTSVXEËÙIWQYRHMEMW

TVSTSVËÇSUYIHITSMWHE7IKYRHE+YIVVE1YRHMEPI\GIHIVMESW

TSVGIRXS



%I\TPSWÇSHIQSKVÅJMGELEZMHERSW)WXEHSW9RMHSWRS

TVMQIMVS WÍGYPS HITSMW HE MRHITIRHÎRGME UYERHS E TSTYPEËÇS WI

QYPXMTPMGSY TSV  JI^ GSQ UYI EW MQTSVXEËÙIW XSXEMW HI GEJÍ

GVIWGIWWIQTSVGIRXS2SWÍGYPS<-<QIXEHIHSGVIWGMQIRXS

HSGSRWYQSQYRHMEPJSMHIZMHEÄUYIPITEÑW+VEËEWESWTRIYQÅXMGSW

MRMGMEPQIRXI TEVE FMGMGPIXEW I HITSMW TEVE EYXSQ×ZIMW SW )WXEHSW

9RMHSWXSVREVEQWIXEQFÍQSQEMSVMQTSVXEHSVQYRHMEPHIFSVVEGLE

%WWMQ EW I\TSVXEËÙIW XSXEMW HS &VEWMP TEVE SW )WXEHSW 9RMHSW UYI

XMRLEQ WMHS HI ETIREW SMXS QMPLÙIW HI H×PEVIW IQ  UYEWI

XVMTPMGEVEQIQGSPSGERHSS&VEWMPRSWIKYRHSPYKEVIRXVISW

I\TSVXEHSVIWPEXMRSEQIVMGERSWTEVESQIVGEHSEQIVMGERSTIVHIRHS

ETIREWTEVE'YFE)QEWI\TSVXEËÙIWFVEWMPIMVEWIWTIGMEPQIRXI

HIGEJÍIFSVVEGLEQEMWHSUYIHSFVEVEQSYXVEZI^GLIKERHSE

QMPLÙIWHIH×PEVIW



(YVERXISTIVÑSHSHI6MS&VERGSGSQS'LERGIPIV

IWWEI\TSVXEËÇSGVIWGIYHIQMPLÙIWHIH×PEVIWTEVEQMPLÙIW

8VEXEZEWITSVÍQHIYQEVIPEËÇSEWWMQÍXVMGEEJEZSVHS&VEWMPUYI

W× MQTSVXSY HSW )WXEHSW 9RMHSW QMPLÙIW HIH×PEVIW IQ  I

QMPLÙIWIQSY WINEQMPLÙIWQIRSWHSUYIS ZEPSVHI

WYE I\TSVXEËÇS

3 VIPEGMSREQIRXS HMTPSQÅXMGS GSRXYHS WI HIWIRZSPZME HI

JSVQE MRHITIRHIRXI HEW VIPEËÙIW IGSRØQMGEW % EQM^EHI IRXVI SW

HSMW TEÑWIW QEMW TSTYPSWSW HS LIQMWJÍVMS SGMHIRXEP JSM GMQIRXEHE

GSQEZMEKIQHS-QTIVEHSV(4IHVS--Ä*MPEHÍPJMEIQTEVE

ZMWMXEV E I\TSWMËÇS HS GIRXIRÅVMSHEMRHITIRHÎRGME EQIVMGEREYQE

HEWTVMQIMVEWI\TSWMËÙIWMRXIVREGMSREMWIQUYIS&VEWMPGSQTEVIGIY

GSQYQTEZMPLÇS



(4IHVSJMGSYQYMXSMQTVIWWMSREHSGSQEGYPXYVE

I S IRKIRLS HSW MERUYIW I TSVSYXVS PEHS GEXMZSY SW EQIVMGERSW

GSQWIYIRXYWMEWQS)QEPKYQEWÅVIEWSW)WXEHSW9RMHSWGSQIËEZEQ

E WIV VIGSRLIGMHSW RS &VEWMP TSV WYE WSJMWXMGEËÇS XIGRSP×KMGE %PÍQ

HS XIPIJSRI S TVMQIMVS WMWXIQE HI FSRHIW RS 6MS HI .ERIMVS RS

.EVHMQ&SXÆRMGSJSMGSRWXVYÑHSTSVYQEIQTVIWE RSVXIEQIVMGERE

IQ)EPSGSQSXMZEJIVVSZMÅVMEQEMWTVSGYVEHEIVEE&EPH[MR

JEFVMGEHERSW )WXEHSW9RMHSW



2EWÞPXMQEWHÍGEHEWHS-QTÍVMS SW



)WXEHSW 9RMHSW JM^IVEQ XEQFÍQ EPKYRW EZERËSW RE IWJIVE GYPXYVEP

EW HERËEW HI WEPÇS EQIVMGEREW IWXEZEQ WYFWXMXYMRHS EW JVERGIWEW I

RE PMXIVEXYVE .EQIW *IRMQSVI 'SSTIV WYTIVEZE 7MV ;EPXIV 7GSXX 3

TMERMWXE 0SYMW +SXXWGLEPO GEYWSY XEQFÍQ  I\GIPIRXI MQTVIWWÇS



2ÇS SFWXERXIS QIVGEHSFVEWMPIMVSGSRXMRYEZEE WIVYQETVSZÑRGME

HSW GSQIVGMERXIW MRKPIWIW TSVXYKYIWIW I JVERGIWIW

% ETVS\MQEËÇS IRXVI SW HSMW TEÑWIW QERMJIWXSYWI RS GEQTS

HMTPSQÅXMGSIQUYERHSS4VIWMHIRXI+VSZIV'PIZIPERHTVSTØW

ES &VEWMP YQE YRMÇS EHYERIMVE 7YVTVIIRHIRXIQIRXI E HIWTIMXS HE

MQTSVXÆRGME HS GSQÍVGMS FMPEXIVEP EXÍ IRXÇS RIRLYQ EGSVHS HI

GSQÍVGMS XMRLE WMHS XIRXEHS 5YERHS S 7IGVIXÅVMS HI )WXEHS

*VIPMRKLYWIRRIKSGMSYWIMWXVEXEHSWGSQ)WXEHSWIGSPØRMEWHE%QÍVMGE

0EXMRERSTVMRGÑTMSHEHÍGEHEHIS&VEWMPRÇSJSMMRGPYÑHS



5YERHS IQ  S 'SRKVIWWS IRZMSY YQE (IPIKEËÇS GSQIVGMEP Ä

%QÍVMGE 0EXMRE IPE IWXIZI IQ XSHSW SW QEMW MQTSVXERXIW TEÑWIW HE

GSWXETEGÑJMGEQEWMKRSVSYS&VEWMPIQFSVEWIYREZMSXMZIWWIJIMXS

YQE IWGEPE RS 6MS HI .ERIMVS



 3VMKMREPQIRXI E GSQMWWÇS HIZIVME

ZMWMXEV S &VEWMP QEW UYERHS IQ;EWLMRKXSR +VSZIV 'PIZIPERH

WYFWXMXYMY 'LIWXIV %VXLYV GSQS 4VIWMHIRXI E EHQMRMWXVEËÇS

HIQSGVÅXMGE SVHIRSY WIY VÅTMHS VIXSVRS ESW )WXEHSW 9RMHSW TSMW

'PIZIPERHIWXEZEERWMSWSTSVGSVXEVHIWTIWEWXVE^IRHSSWGSQMWWÅVMSW

HI ZSPXE ÄW TVIWWEW 3W NSVREMW HS 6MS HI .ERIMVS RÇSHIM\EVEQ HI

GVMXMGEV IWWE HIWJIMXE

)QESUYITEVIGISMRXIVIWWIHI'PIZIPERHTIPS&VEWMP

XMRLEEYQIRXEHS I IPI WYKIVMY UYI SW HSMW TEÑWIWVIHY^MWWIQ WIYW

HMVIMXSW EPJERHIKÅVMSW VIYRMWWIQ E VIGIMXE GSQ IPIW SFXMHE I E

HMZMHMWWIQ TSV MKYEP ( 4IHVS ETVSZSY S TPERS QEW WIY 1MRMWXVS

HE*E^IRHSWISTØW34EVPEQIRXSFVEWMPIMVSLÅQYMXSZMRLEVIPYXERHS

IQEWWMREVXVEXEHSWHIZMHSÄWIWXMTYPEËÙIWSRIVSWEWHSÞPXMQSHIWWIW

MRWXVYQIRXSW EWWMREHSTIPS &VEWMPIQ  'SQ IJIMXS S XVEXEHS

GSQIVGMEPGSQE+VÇ&VIXERLEETPMGEZEÄWMQTSVXEËÙIWHEUYIPITEÑW

YQHMVIMXSMRJIVMSVEXÍQIWQSESKS^EHSTSV4SVXYKEPIEMRHE{S

UYI IVEFIQ QEMW WÍVMS { KEVERXME ESW MRKPIWIW RS &VEWMP HMVIMXSW

IWTIGMEMWHIWYGIWWÇSII\XVEXIVVMXSVMEPMHEHI(ITSMWUYIIWWIXVEXEHS

TIVHIY WYE ZMKÎRGME IQ S &VEWMP RÇS EWWMRSY RIRLYQ SYXVS

EGSVHSGSQIVGMEPEXÍSJMQHS-QTÍVMSEHIWTIMXSHSWIWJSVËSWJIMXSW



TIPEW TSXÎRGMEW IYVSTÍMEW %WWMQ E MRI\MWXÎRGME HI EGSVHSW IRXVI S

&VEWMP I SW )WXEHSW 9RMHSW HYVERXI S -QTÍVMS IVE TEVXI HI YQE

TSPÑXMGE KIVEP HIWXMREHE E TVSXIKIV E WSFIVERME FVEWMPIMVE I RÇS

QERMJIWXEËÇS HI MERUYIJSFME



2E ZIVHEHI ( 4IHVS IWXEZE ERWMSWS TSV EUYIGIV EW VIPEËÙIW

GSQSW)WXEHSW9RMHSW2SÞPXMQSERSHS-QTÍVMSIRZMSY(IPIKEËÇS

ES'SRKVIWWS4ER%QIVMGERSHI;EWLMRKXSRIQTEVXITEVERIKSGMEV

YQ XVEXEHS HI GSQÍVGMS GSQ SW )WXEHSW 9RMHSW



 )QFSVE EPKYRW

LMWXSVMEHSVIWXIRLEQWYWXIRXEHSUYIRÇSLEZMEVIPEGMSREQIRXSQEMW

MRXIRWS IRXVI SW HSMW TEÑWIW HYVERXI S -QTÍVMS HIZMHS Ä

MRGSQTEXMFMPMHEHIIRXVIYQEQSREVUYMEIYQEVITÞFPMGEREZIVHEHI

IWWEW HMJIVIRËEW TSPÑXMGEW RÇS MQTIHMVEQ ( 4IHVS HI TVSGYVEV

IWXEFIPIGIVVIPEËÙIWFMPEXIVEMWQEMWIWXVIMXEW%TVMRGMTEPVE^ÇSUYIS

MRHY^MY E IWWE TSWMËÇS FYWGERHS JMVQEV YQ EGSVHS GSQIVGMEP GSQ

S KSZIVRS HI ;EWLMRKXSR IVE S TVSKVEQE KIVEP HI HMZIVWMJMGEËÇS

IGSRØQMGE I MRHYWXVMEPM^EËÇS IRGIXEHS RS TVMRGÑTMS HSW ERSW 

4VSQSZMHS MRMGMEPQIRXITIPE MQMRÎRGME HE EFSPMËÇS HE IWGVEZMHÇS I

TSV YQE FEM\E RSW QIVGEHSW MRXIVREGMSREMW HI TVSHYXSW FÅWMGSW

EGIPIVSYWIRS JMREPHE HÍGEHE Ä QIHMHEUYI S QIVGEHS JMRERGIMVS

QYRHMEPWIXSVREZEQEMWEXMZS3IWJSVËSHIHMZIVWMJMGEËÇSVITVIWIRXEZE

YQE XIRXEXMZEHI EGEFEV GSQ E  IWQEKEHSVE WYTIVMSVMHEHI I\IVGMHE

TIPSWMRKPIWIW)QQIEHSWHSWERSWSWMRKPIWIWGSRXVSPEZEQGIVGE

HIQIXEHIHIXSHSSGSQÍVGMSGSQS&VEWMPWYTVMRHSTVSZEZIPQIRXI

TSVGIRXSHIXSHSWSWMRZIWXMQIRXSWIWXVERKIMVSW,ÅXVÎWHÍGEHEW

XSHSWSWIQTVÍWXMQSWI\XIVRSWZMRLEQWIRHSJIMXSWGSQEJMVQE2

6SXLWGLMPHHI0SRHVIWIEQEMSVTEVXIHEHÑZMHEMRXIVREIWXEZEIQ

QÇSWHIMRKPIWIW



3WFERGSWEWIWXVEHEWHIJIVVSIEWJMVQEWGSQIVGMEMW

QEMW MQTSVXERXIW IVEQ XEQFÍQ MRKPIWEW



% WMXYEËÇS GSQIËSY E QYHEV IQ  UYERHS GETMXEMW HI

TEÑWIW HSGSRXMRIRXIIYVSTIYGSQIËEVEQEWIVMRZIWXMHSWRS &VEWMP

IQ ZSPYQIW WIQ TVIGIHIRXIW 2S JMREP HIWWE HÍGEHE S GETMXEP IVE

EFYRHERXI RS QYRHS IE %QÍVMGE 0EXMRETEWWSY E WIVYQ HIWXMRS

MQTSVXERXI TEVE S MRZIWXMQIRXS I\XIVRS



 3WGETMXEPMWXEW JVERGIWIW

EPIQÇIW LSPERHIWIW EYWXVÑEGSW I TSVXYKYIWIW XSVREVEQWI QEMW

EKVIWWMZSWI QEMW MRXIVIWWEHSW IQ MRZIVWÙIWRE %QÍVMGE 0EXMRE )Q

TIUYIRE IWGEPE MRZIWXMHSVIW RSVXIEQIVMGERSW TEWWEVEQ E TEVXMGMTEV

HSQIVGEHSFVEWMPIMVSIQFSVESW)WXEHSW9RMHSWGSQSREËÇSHIZIHSVE



WI GSRGIRXVEWWIRSTV×TVMSHIWIRZSPZMQIRXSIGSRØQMGSIIQTEÑWIW

ZM^MRLSWGSQSS'EREHÅIS1Í\MGS



4EVXIHSIWJSVËSTEVEJSVNEVYQHIWIRZSPZMQIRXSQEMWEYXØRSQS

QERMJIWXEZEWI RE HMZIVWMJMGEËÇS HSW IQTVÍWXMQSW (IWHI E

MRHITIRHÎRGMES&VEWMPXMRLEWMHSZMVXYEPQIRXIYQEGSPØRMEJMRERGIMVE

I GSQIVGMEP HE +VÇ&VIXERLE 2S IRXERXS IQ SYXYFVS HI  S

*MRERGMEP 2I[W TYFPMGEZE

w*SRXIWWSFVIS&VEWMPI\TPMGEQUYIIQ4SVXYKEPEUYIWXÇSHI

YQIQTVÍWXMQSTEVEGSRWXVYMVYQERSZE&SPWERS6MSHI.ERIMVSÍ

TEVXI HI TSPÑXMGE UYI TVSGYVE XSVREV S &VEWMP MRHITIRHIRXI HSW

GETMXEPMWXEW MRKPIWIW GSQ S IWXEFIPIGMQIRXS HI VIPEËÙIW GSQ SW

QIVGEHSW HI GETMXEP TSVXYKYÎW JVERGÎW I EPIQÇSx



2SÞPXMQSERSHS-QTÍVMSETSPÑXMGEKSZIVREQIRXEPTVSGYVSY

I\TPSVEVSGSRXI\XSMRXIVREGMSREPZERXENSWSXSVRERHSS &VEWMPQEMW

EYXSGSRJMERXI I SVMIRXERHSWI TEVE SW )WXEHSW 9RMHSW )RUYERXS

IQ  QYMXSW XIVMEQ GSRGSVHEHS GSQ S FERUYIMVS *VERGMWGS

1E]VMROEVIWTIMXSHIUYIwEEKVMGYPXYVEÍSJYRHEQIRXSUYEWII\GPYWMZS

HEIGSRSQMEHSTEÑWxIQEZMWÇSUYIWIXMRLEHSHIWIRZSPZMQIRXS

IVE QEMW EQTPE



 *SVEQ IWWIW JMRERGMWXEWSWTVMRGMTEMW TPERINEHSVIW

I TEVXMGMTERXIW HS )RGMPLEQIRXS I JSVEQ XEQFÍQ SW TVMRGMTEMW

MRXIVQIHMÅVMSWHSWMRZIWXMHSVIWHE)YVSTEGSRXMRIRXEPWYEEWGIRWÇS

TVSZSGSYYQEQYHERËERETSPÑXMGEI\XIVMSVFVEWMPIMVE%SGSRXVÅVMS

HE IPMXI HI JE^IRHIMVSW UYI WI GSRXIRXEZE GSQ S ETSMS HS GVÍHMXS

GSQIVGMEPFVMXÆRMGSSWJMRERGMWXEWFVEWMPIMVSWTVSGYVEZEQMRZIWXMHSVIW

JVERGIWIWEPIQÇIWTSVXYKYIWIWIEXÍQIWQSEPKYRWRSVXIEQIVMGERSW

FYWGERHS QEMSV EYXSRSQME I IWTEËS TEVE QERSFVE

3WIWXEHMWXEWHS-QTÍVMSTVSGYVEVEQETVSZIMXEVESTSVXYRMHEHI

TEVE EJVSY\EV S GSRXVSPI HE IGSRSQME FVEWMPIMVE I\IVGMHS TIPE +VÇ

&VIXERLE 3W QIVGEHSW HE )YVSTE GSRXMRIRXEP JSVRIGMEQ GEHE ZI^

QEMWGETMXEPESWIQTVIWÅVMSWFVEWMPIMVSWIRUYERXSSW)WXEHSW9RMHSW

EFWSVZMEQEWI\TSVXEËÙIWHSTEÑW%MHÍMEHS-QTIVEHSVHIYQXVEXEHS

GSQIVGMEPGSQ SW)WXEHSW9RMHSW IVETEVXIHI YQEIWXVEXÍKMEQEMW

EQTPEZMWERHS E EYQIRXEVE WSFIVERME I E EYXSRSQME HSTEÑW UYI

IQIVKMEIQYQQSQIRXSHIJSVËE3-QTIVEHSVFVEWMPIMVSRÇSIWXEZE

JSVËEHS E IRXVEV IQ RIKSGMEËÙIW GSQIVGMEMW 3 UYI IWXSY XIRXERHS

QSWXVEV EUYMÍUYIEMRHEREQSREVUYME QEMWHIYQE HÍGEHE ERXIW

HIS&EVÇSHS6MS&VERGSEGIMXEVWYERSQIEËÇSGSQS1MRMWXVSHEW



6IPEËÙIW)\XIVMSVIWS)WXEHSIEWSGMIHEHIXMRLEQFSEWVE^ÙIWTEVE

WI EJEWXEV HE IWJIVE HI MRJPYÎRGME FVMXÆRMGE S UYI WMKRMJMGEZE IQ

TEVXI VIPEËÙIW QEMW IWXVIMXEW GSQ SW )WXEHSW 9RMHSW 2ÇS HIZI

WYVTVIIRHIVUYIQSREVUYMWXEWFVEWMPIMVSWXIRLEQTVSGYVEHSQERXIV

YQVIPEGMSREQIRXSQEMWIWXVIMXSGSQSW)WXEHSW9RMHSWVITYFPMGERSW

NÅUYIUYERHSEVITÞFPMGEJSMTVSGPEQEHESWHSMWTVMRGMTEMWEVUYMXIXSW

HE IRXIRXIGSVHMEPIIRXVISWHSMWTEÑWIWIVEQQSREVUYMWXEWJIVZSVSWSW

%463'0%1%«§3(%6)4¾&0-'%

% MRWXMXYMËÇS HE VITÞFPMGE IQ  HI RSZIQFVS HI 

IWXVIMXSY SW PEËSW HI EQM^EHI IRXVI S &VEWMP I SW )WXEHSW 9RMHSW

MRMGMEHSW TIPS -QTIVEHSV 1EMW XEVHI S HMTPSQEXE 1ERYIP 3PMZIMVE

0MQE PIQFVEVME w5YERHS E VITÞFPMGE JSM TVSGPEQEHE SW )WXEHSW

9RMHSW KS^EZEQ HE TSTYPEVMHEHI QEMW MRZINÅZIPx



2S&VEWMPSWVITYFPMGERSWMRXIVIWWEZEQWITIPSW)WXEHSW9RMHSW

TSVUYIIRXVISWTEÑWIWHIWIRZSPZMHSWIVEQEÞRMGEVITÞFPMGEEPÍQ

HE*VERËE4EVEEFSPMVWYEQSREVUYMESWJVERGIWIWXMRLEQTVIGMWEHS

WSJVIVSWQEWZMSPIRXSWHMWXÞVFMSW WSGMEMW GSQYQE VIZSPYËÇS 4EVE

SWFVEWMPIMVSWHIXIRHÎRGMEGSRWIVZEHSVEIVEQYMXSQEMWEXVEIRXIS

VITYFPMGERMWQS FYVKYÎW RSVXIEQIVMGERS EWWMQ GSQS S TVSKVIWWS

IGSRØQMGSHSW)WXEHSW9RMHSWUYIXMRLEQGSRWIKYMHSEXVEMVQEMW

MRZIWXMQIRXSW IWXVERKIMVSW HS UYI UYEPUYIV SYXVS TEÑW YXMPM^ERHS

IWWIW VIGYVWSWES PEHSHI YQ JPSVIWGIRXI WIXSV HI I\TSVXEËÇS TEVE

HIWIRZSPZIV YQE FEWI MRHYWXVMEP WSJMWXMGEHE

2S IRXERXS EW VIPEËÙIW QEMW IWXVIMXEW IRXVI SW HSMW KMKERXIW

HS GSRXMRIRXI EQIVMGERS RÇS IVEQ YQ VIWYPXEHS XIPISP×KMGS HS

EQEHYVIGMQIRXS HEW GSRHMËÙIW QEXIVMEMW HS TEÑW GSQS WYKIVMEQ

SW VITYFPMGERSW FVEWMPIMVSW 7EPZEHSV HI 1IRHSRËE S 'ØRWYP HS

-QTÍVMS IQ 2SZE =SVO 1MRMWXVS 4PIRMTSXIRGMÅVMS RS 'SRKVIWWS

4ER%QIVMGERSIGSSYEZIVWÇSVITYFPMGEREHSREWGMQIRXSHE6ITÞFPMGE

UYI XIQ WMHS IRHSWWEHE TIPE QEMSV TEVXI HSW LMWXSVMEHSVIW

w% XVERWJSVQEËÇS HS -QTÍVMS &VEWMPIMVS RSW )WXEHSW 9RMHSW

HS &VEWMPRÇSÍYQQIVSEGMHIRXIRE ZMHEHSWTEVXMHSWTSPÑXMGSWS

VIWYPXEHS MQTVIZMWXS HI YQ TVSRYRGMEQIRXS Í S VIWYPXEHS P×KMGS

HS TVSKVIWWS I HE IZSPYËÇS LMWX×VMGE HS QIY TEÑW RS GEQMRLS

EWGIRHIRXI HE PMFIVHEHI I HE GMZMPM^EËÇSx





)WWETVSWEJPSVMHERÇS VIWMWXIEYQEERÅPMWI¤PY^HSUYEHVS

IGSRØQMGSTSWMXMZSIQIHEWMRMGMEXMZEWSYWEHEWXSQEHEWTIPE

QSREVUYME YQE I\TPMGEËÇS IGSRØQMGE XIPISP×KMGE TEVE S GSPETWS

HS-QTÍVMSISWYVKMQIRXSHE6ITÞFPMGERÇSÍGSRZMRGIRXI3-QTÍVMS

JSMHIVVYFEHS TSVYQ KSPTIQMPMXEVIEETEXME HSW ERXMKSW WIRLSVIW

HIIWGVEZSWRÇSTIPEWHIQERHEWHSHIWIRZSPZMQIRXSIGSRØQMGSSY

HEwGMZMPM^EËÇSx'SQIJIMXSSGSPETWSHS-QTÍVMSJSMQEPZMWXSTIPE

QEMSV TEVXI HE REËÙIW wGMZMPM^EHEWx I RS TV×TVMS TEÑW RÇS JSM

TEVXMGYPEVQIRXIFIQVIGIFMHS)WWEZYPRIVEFMPMHEHII\XIVREIMRXIVRE

QYMXS QEMW HS UYI E WIQIPLERËE HEW MRWXMXYMËÙIWTSPÑXMGEW SY YQE

WÞFMXE MPYQMREËÇS XSVREZE E EQM^EHI HSW )WXEHSW 9RMHSW QEMW

MQTSVXERXI HS UYI RYRGE TEVE E REWGIRXI 6ITÞFPMGE FVEWMPIMVE %

ETVS\MQEËÇS GSQ SW )WXEHSW 9RMHSW JSM YQE HIGMWÇS TSPÑXMGE I

HMTPSQÅXMGE RÇSYQE RIGIWWMHEHI IGSRØQMGE % 6ITÞFPMGE XVEXSY

GSQ SW )WXEHSW 9RMHSW E TEVXMVHI YQETSWMËÇS HI JVEUYI^E 9QE

IZMHÎRGME HMWWS Í S JEXS HI UYI YQE ZI^ IWKSXEHS S FSSQ HS

)RGMPLEQIRXSS&VEWMP ZSPXSYWITEVESWMRKPIWIWUYIGSRXMRYEVEQ

EHSQMREVSQIVGEHSEXÍUYIEIGSRSQMEQYRHMEPZSPXEWWIETVSWTIVEV

RETEWWEKIQHSWÍGYPSISYXVSWMRZIWXMHSVIWIYVSTIYWMRXVSHY^MWWIQ

YQEGYRLERELIKIQSRMEFVMXÆRMGETIVQMXMRHSE6MS&VERGSEJMVQEV

YQE TSPÑXMGE I\XIVMSV QEMW MRHITIRHIRXI

3W MRZIWXMHSVIW IWXVERKIMVSW VIEKMVEQ RS JMREP HE QSREVUYME

GSQ LSWXMPMHEHI SW GETMXEPMWXEW IYVSTIYW QSREVUYMWXEW SY

VITYFPMGERSWGSRWMHIVEZEQS-QTÍVMSKEVERXIHIWIYWMRZIWXMQIRXSW

4EVE IPIW E GIRXVEPM^EËÇS HE EYXSVMHEHI E TE^ WSGMEP I YQE QSIHE

IWXÅZIPIVEQIPIQIRXSWXVERUàMPM^EHSVIW%HIVVYFEHEHEQSREVUYME

TVSZSGSY EPEVQII YQEUYIHE QYMXS KVERHI RS ZEPSV HSQMPVÍMW I

HSWXÑXYPSWFVEWMPIMVSW4EVEIWWIWMRZIWXMHSVIWEHMXEHYVEQMPMXEVUYI

WYFWXMXYÑVE S KSZIVRS MQTIVMEP ETEVIGME RÇS GSQS E wFYVKYIWME RS

TEPGSx TEVE YWEV E I\TVIWWÇS HI 2IPWSR ;IVRIGO7SHVÍ QEWGSQS

YQVIKMQIGEYHMPLIWGSLMWTERSEQIVMGERS8VÎWHMEWHITSMWHSKSPTI

S 8MQIWHI0SRHVIWGSQIRXEZE

w9QEVIZSPYËÇSHSXMTSLEFMXYEPLMWTERSEQIVMGERSSYWINE

LÑFVMHE HI TSPÑXMGE VEHMGEP I MRWYFSVHMREËÇS QMPMXEV I\TPSHMY RS

6MSHI.ERIMVSGSQGSQTPIXSWYGIWWSTIPSQIRSWQSQIRXERIEQIRXI

3VIWYPXEHSQEMWTVSZÅZIPÍEJVEKQIRXEËÇSHSUYIJSMEXÍEUYM

E QSREVUYME FVEWMPIMVE IQ YQ GIVXS RÞQIVS HI IWXEHSW WITEVEHSW



YRMHSW TSV YQ ZÑRGYPS JIHIVEP SY WMQTPIWQIRXI TSV XVEXEHSW HI

EPMERËEx



3YXVSWMRZIWXMHSVIWIWXVERKIMVSWGSQIËEVEQXEQFÍQEWIEJEWXEV

HS &VEWMP TEVE W× VIXSVREV RS GSQIËS HS WÍGYPS << RE ÍTSGE HI

6MS &VERGS



3W)WXEHSWIYVSTIYWVIJPIXMVEQSGLSUYIIEHIWGSRJMERËEHI

WIYWMRZIWXMHSVIWIRIRLYQHIPIWWIHMWTYRLEEVIGSRLIGIVS+SZIVRS

4VSZMW×VMSHE6ITÞFPMGE%WWYWXEZEQRSWIWTIGMEPQIRXIEWMQTPMGEËÙIW

UYI XMRLE TEVE E )YVSTE E HIVVYFEHE HI YQE QSREVUYME HMVMKMHE

TSV YQE JEQÑPME VIEP IYVSTÍME

(ISYXVSPEHSS1MRMWXVSHSW)WXEHSW9RMHSWRS6MSHI.ERIMVS

6SFIVX %HEQW .V MRMGMEPQIRXI JMGSY ERMQEHS GSQ E UYIHE HE

QSREVUYMEEGVIHMXERHSUYIEMRWXMXYMËÇSHIYQVIKMQIVITYFPMGERS

ETVS\MQEVME SW HSMW TEÑWIW HMWXERGMERHS S &VEWMP HEW QSREVUYMEW

IYVSTÍMEW4VSTØWSVIGSRLIGMQIRXSMQIHMEXSHS&VEWMPTEVEUYISW

)WXEHSW9RMHSWTYHIWWIQWIVETVMQIMVETSXÎRGMEEJE^ÎPS2EÍTSGE

LEZME EPM  JSVXI WIRXMQIRXS ERXMFVMXÆRMGS NÅ UYI XERXS S 4EVXMHS

(IQSGVÅXMGS GSQS S 6ITYFPMGERS ETIPEZEQ TEVE S ZSXS MVPERHÎW



2SIRXERXSRSW)WXEHSW9RMHSWLSYZIQYMXELIWMXEËÇSEVIWTIMXS

HERSZE6ITÞFPMGE(4IHVSIVEQYMXSTSTYPEV WIRHSGSRWMHIVEHS

YQ JEXSV HI YRMJMGEËÇS HS &VEWMP8IQMEWI UYIWIQS -QTIVEHSVS

TEÑWJSWWI TVIWEHIKYIVVEGMZMPIHIWTSXMWQS



)WWIWXIQSVIW JSVEQ

WYTIVEHSWUYERHSEJEQÑPMEMQTIVMEPWIVIGYWSYESVKERM^EVESTSWMËÇS

Ä 6ITÞFPMGE I UYEWI XSHSW SW TSPÑXMGSW MRJPYIRXIW ETSMEVEQ WIQ

XEVHEV S RSZS VIKMQI



 3 VIGSRLIGMQIRXS HE RSZE WMXYEËÇS JSM

I\TPMGEHSGSQIPSUàÎRGMETIPSI\QSREVUYMWXE&EVÇSHS6MS&VERGS

RÇSLEZME YQEIWGSPLEwIRXVI EQSREVUYMEIEVITÞFPMGEQEWIRXVI

EVITÞFPMGEIEEREVUYMEx



)WWIQIWQSWIRXMQIRXSTVEKQÅXMGSUYI

JI^ GSQ UYI 6MS &VERGS I SYXVSW QIQFVSW HE IPMXI HS -QTÍVMS

EGIMXEWWIQE6ITÞFPMGEXEQFÍQSWGSRZIRGIYHIUYIEKSVEEEQM^EHI

GSQ SW )WXEHSW 9RMHSW VITVIWIRXEZE YQ QIMS EHIUYEHS TEVE

HMZIVWMJMGEV E HITIRHÎRGME HS TEÑW EJEWXERHSS HE +VÇ&VIXERLE I

EHUYMVMRHS EQMKSWHSVIKMQI GSPSGEHS EKSVERE HIJIRWMZE

%JMREPHIGSRXEWSWVITYFPMGERSWIVEQGPEVEQIRXIYQEQMRSVME

UYIXMRLE GSRUYMWXEHS S TSHIV KVEËEW ES)\ÍVGMXS RÇS TIPE JSVËEI

TIPSW ZSXSW HS TSZS (YVERXI S -QTÍVMS IQ 1MREW +IVEMW SW

VITYFPMGERSW VITVIWIRXEZEQ ETIREW  TSV GIRXS HS IPIMXSVEHS IQ



7ÇS 4EYPS  TSV GIRXS RS 6MS +VERHI HS 7YP EMRHE IVEQ W× S

WIKYRHS TEVXMHS IQ MQTSVXÆRGME



 *SVE HS 'IRXVS7YP S

VITYFPMGERMWQSIVEYQEJSVËETSPÑXMGEEMRHEQEMWJVEGETVEXMGEQIRXI

MRI\MWXIRXI RS 2SVHIWXI UYI GSRGIRXVEZE QEMW HI  TSV GIRXSHE

TSTYPEËÇSFVEWMPIMVE



 1YMXSW SFWIVZEHSVIW EGLEZEQ UYIS TEÑWWI

HMZMHMVMEGSQS2SVHIWXISTXERHSTIPEQSREVUYMEIS7YHIWXITIPE

VITÞFPMGE

%W *SVËEW %VQEHEW VIWTSRWÅZIMW TIPE HIVVYFEHE HS -QTÍVMS

IVEQ XEQFÍQ TSV HIQEMW JVEGEWI HMZMHMHEW TEVE TSHIV MQTPERXEV

YQ KSZIVRS TVIXSVMERS WIQ E GSSTIVEËÇS HSW GMZMW 3 )\ÍVGMXS W×

GSRXEZEGSQGIVGEHIQMPWSPHEHSWIQXSHSS&VEWMP



-KYEPQIRXI

MQTSVXERXIIVESJEXSHIUYISGSVTSHISJMGMEMWIWXEZEHMZMHMHSIRXVI

SWQEMWNSZIRWTSPMXM^EHSWISWQEMWERXMKSWSTSWXSWÄQYHERËE%

EQIEËE QMPMXEV JSM WEPMIRXEHE TIPEW VIZSPXEW HIWXMREHEW E VIWXEYVEV E

QSREVUYMEIQHIRSZIQFVSHIIHINERIMVSHI



4SV SYXVS PEHS S GMÞQI TVSJMWWMSREP IRXVI S )\ÍVGMXS I E 1EVMRLE

GVMSYYQEHMWG×VHMEXÇSWÍVMEUYIIQ TVSZSGEVMEYQEVIZSPXE

HIWXEÞPXMQE6IZSPXEUYIIWUYIGMHETSVFSETEVXIHELMWXSVMSKVEJME

FVEWMPIMVE HIQSRWXVSY ES IRXÇS 4VIWMHIRXI *PSVMERS 4IM\SXS E

MQTSVXÆRGME UYI XMRLE E EQM^EHI HSW )WXEHSW 9RMHSW 'SQ IJIMXS

JSMTVMQIMVSE1EVMRLERSVXIEQIVMGEREWSFSGSQERHSHS%PQMVERXI

&IRLEQIHITSMWEQIVGIRÅVME*PMRXvW*PIIXUYITYWIVEQJMQÄVIZSPXE



% JEPXE HI ETSMS MRXIVRS ES RSZS VIKMQI JE^ME GSQ UYI WI

WYWTIMXEWWIIWTIGMEPQIRXIHEWMRXIRËÙIWHEWTSXÎRGMEWIYVSTÍMEW8IQME

WIUYISWTSVXYKYIWIWENYHEWWIQEVIWXEYVEËÇSHEQSREVUYMEHIZMHS

ESWPEËSWHIWERKYIIRXVISWQIQFVSWHE'EWEHI&VEKERËEIXEQFÍQ

TSVUYI XERXSW GSQIVGMERXIW I GETMXEPMWXEW TSVXYKYIWIW XMRLEQ

TVSWTIVEHS WSF E QSREVUYME 3W FSEXSW UYI GMVGYPEZEQ RE )YVSTE

HI UYI S -QTIVEHSV IWXEZEWIRHS ENYHEHS UYI TEVIGMEQ JYRHEHSW

GSRXVMFYÑEQ TEVE QERXIV ZMZEW EW TVISGYTEËÙIW HSW VITYFPMGERSW

RS&VEWMP%JMREPEPÍQHSWZÅVMSWZÑRGYPSWWERKàÑRISWHI(4IHVS--

GSQGEWEWVIEMWIYVSTÍMEWWIYKIRVSS'SRHIHv)YIVERIXSHSI\

6IM0YÑW*MPMTIHE*VERËE5YERXSÄ+VÇ&VIXERLEXIQIVSWEHIUYI

E VITÞFPMGE VITVIWIRXEWWI YQE EFIVXYVE TEVE WIY VMZEP SW )WXEHSW

9RMHSW HE %QÍVMGE XMRLE XEQFÍQ FSEW VE^ÙIW HMTPSQÅXMGEW I

IGSRØQMGEWTEVE EIPEWISTSV



(E %VKIRXMRE S &VEWMP IRJVIRXEZE SYXVS XMTS HI TVIWWÇS

MRXIVREGMSREP%WHYEWREËÙIWLÅQYMXSXMRLEQYQEHMWTYXEXIVVMXSVMEP

RE VIKMÇS GSRLIGMHE GSQS 1MWWÙIW SY 1MWWMSRIW )QFSVE TSYGS

LEFMXEHE E ÅVIE EFVERKME GIVGE HI OQ



 HI XIVVEW JÍVXIMW  z

YQXIVËSHEWYTIVJÑGMIHI4SVXYKEPzITEVESWFVEWMPIMVSWWYETSWWI

IVEYQEUYIWXÇSHILSRVE%HIWTIMXSHIWYEEPMERËEQEMWVIGIRXIRE

WERKàMRÅVME +YIVVE HS 4EVEKYEM  QYMXEW ZI^IW &VEWMP I

%VKIRXMRE XMRLEQWMHS MRMQMKSW I EW VIPEËÙIW IRXVI SW HSMW TEÑWIW

GSRXMRYEZEQ HIPMGEHEW8IRXEXMZEW ERXIVMSVIW HI VIWSPZIV E 5YIWXÇS

HI1MWWÙIWIQILEZMEQJVEGEWWEHS4SVJMQIQ

 SW HSMW TEÑWIW GSRGSVHEVEQ IQ RSQIEV YQE IUYMTI GSRNYRXE

TEVE VIWSPZÎPE )Q WIXIQFVS HI  HITSMW UYI E ÅVIE JSM

GEVXSKVEJEHE E%VKIRXMREIS&VEWMPEWWMREVEQYQEGSVHSTIPSUYEP

WIHIZIVMEGLIKEVEYQEWSPYËÇSHIRXVSHIHMEWSYIRXÇSSGEWS

WIVME WYFQIXMHS Ä EVFMXVEKIQ HS 4VIWMHIRXI HSW )WXEHSW 9RMHSW

%RXIWHIIWKSXEHSSTIVÑSHSLSYZIEVIZSPYËÇSVITYFPMGEREIUYERHS

7EPZEHSV HI 1IRHSRËE GSQIËSY E GEQTERLE TIPS VIGSRLIGMQIRXS

TIPS KSZIVRS HI;EWLMRKXSR EGVIHMXEZE JMVQIQIRXI UYI E EQM^EHI

GSQ SW )WXEHSW 9RMHSW TSHIVME MRJPYIRGMEV S HIWJIGLS HE HMWTYXE

WSFVI1MWWÙIW3EWWYRXSTEVIGIYTIVHIVVIPIZÆRGMETSVÍQUYERHS

S1MRMWXVSHEW6IPEËÙIW)\XIVMSVIW5YMRXMRS&SGEMÞZEERWMSWSTSV

XIVE 6ITÞFPMGE VIGSRLIGMHE TSV YQ TEÑW IWXVERKIMVS I TVISGYTEHS

IQ VIHY^MV EW XIRWÙIW JVSRXIMVMËEW NÅ UYI LEZME S XIQSV HI YQE

VIZSPXERS6MS+VERHIHS7YPSUYIREZIVHEHIEGSRXIGIYYQERS

HITSMW IQ  HI NERIMVS HI  EWWMRSY IQ 1SRXIZMHÍY YQ

EGSVHS GSQ S 'LERGIPIV EVKIRXMRS )Q XVSGE E %VKIRXMRE  z VMZEP

XVEHMGMSREP HS &VEWMP z XSVRSYWI S TVMQIMVS TEÑW E VIGSRLIGIV E

6ITÞFPMGE%GSRXVSZÍVWMEWSFVI1MWWÙIWRÇSIWXEZEVIWSPZMHETSVÍQ

I VIWWYVKMVME QEMW XEVHI UYERHS S &VEWMP VIRYRGMSY ES EGSVHS HI

1SRXIZMHÍYEFVMRHSE6MS&VERGSESTSVXYRMHEHITEVEWYETVMQIMVE

KVERHI ZMX×VME HMTPSQÅXMGE



 3 &VEWMP TVIGMWEZE HI YQ EQMKS

IWXVERKIMVSMQTSVXERXIHIZMHSÄWHMWTYXEWXIVVMXSVMEMWGSQE*VERËE

-RKPEXIVVE'SPØQFME4IVYI&SPÑZMEUYI6MS&VERGSVIWSPZIVMEHITSMW

3 JMREP HS WÍGYPS <-< JSM S TIVÑSHS IQ UYI WI VIEPM^SY S

QEMSV RÞQIVS HI RIKSGMEËÙIW HI PMQMXIW IRZSPZIRHS HI QERIMVE

IWTIGMEP EW TSXÎRGMEW GSPSRMEMW IYVSTÍMEW I EW XIVVEW VIGIRXIQIRXI

GSPSRM^EHEWGSQSREGSQTIXMËÇSTIPE¥JVMGE3GEWSFVEWMPIMVSTSVÍQ



IVEHMJIVIRXIHEHEEI\XIRWÇSGSRXMRIRXEPHSTEÑWHIJVSRXIMVEGSQ

XSHSW SW TEÑWIW WYPEQIVMGERSW I\GIËÇS JIMXE ES 'LMPI EWWMQ GSQS

TSVMRXIVQÍHMSHEW+YMEREWGSQEQEMSVMEHEWTVMRGMTEMWTSXÎRGMEW

IYVSTÍMEW+VÇ&VIXERLE*VERËEI,SPERHE4SVSYXVSPEHSS&VEWMP

RÇS IWXEZE TV×\MQS HI UYEPUYIV XIVVMX×VMS RSVXIEQIVMGERS SY HEW

VSXEWQEVÑXMQEWUYIMRXIVIWWEZEQHITIVXSSW)WXEHSW9RMHSW2IWWEW

GMVGYRWXÆRGMEW RÇS WYVTVIIRHI UYI S 1MRMWXVS HSW 2IK×GMSW

)WXVERKIMVSW HS +SZIVRS 4VSZMW×VMS 5YMRXMRS &SGEMÞZE XMZIWWI

TVIWWMSREHSSWVITVIWIRXERXIWFVEWMPIMVSWRSW)WXEHSW9RMHSWESFXIV

SVÅTMHSVIGSRLIGMQIRXS HE6ITÞFPMGEGSQEMHÍMEHIUYISWHSMW

TEÑWIWEWWMREWWIQYQwXVEXEHSÑRXMQSxHIGEVÅXIVWIGVIXS5YMRXMRS

&SGEMÞZE IWXEZE IQTIRLEHS IQ EWWMREV TEGXSW WIGVIXSW GSQ E

%VKIRXMRE S 9VYKYEM S 4IVY I E &SPÑZME SJIVIGIRHSWIEMRHE TEVE

VIWSPZIV E UYIWXÇS HE JVSRXIMVE WIXIRXVMSREP HS TEÑW GSQ E *VERËE

QIHMERXIEVFMXVEKIQTEVETVSXIKIVS&VEWMPGSRXVEYQEXEUYII\XIVRS

7IYW IWJSVËSW GSQ VIPEËÇS ESW )WXEHSW 9RMHSW JSVEQ GSVSEHSW HI

Î\MXS UYERHS IQ  HI NERIMVS HI  ,EVVMWSR EGIMXSY EW

GVIHIRGMEMW HS 1MRMWXVS HS &VEWMP IQ ;EWLMRKXSR . + %QEVEP

:EPIRXI3KSZIVRSFVEWMPIMVSIEMQTVIRWEEQIVMGEREMRXIVTVIXEVEQ

S VIGIFMQIRXS HS 1MRMWXVS VITYFPMGERS GSQS EXS IUYMZEPIRXI ES

VIGSRLIGMQIRXS HMTPSQÅXMGS

2IWWI VIGSRLIGMQIRXS EW TVISGYTEËÙIW HMTPSQÅXMGEW I EW

GSRWMHIVEËÙIW TSPÑXMGEW MRXIVREW XMZIVEQ TVSZEZIPQIRXI KVERHI

MQTSVXÆRGME (I MRÑGMS IQ  E - 'SRJIVÎRGME 4ER%QIVMGERE

IWXEZEIQTPIRSERHEQIRXSIS7IGVIXÅVMSHI)WXEHS.EQIW+&PEMRI

EVUYMXIXSHSTEREQIVMGERMWQSIRGSRXVEZEHMJMGYPHEHIWIQGSRZIRGIV

SW(IPIKEHSWPEXMRSEQIVMGERSW IWTIGMEPQIRXI SW VITVIWIRXERXIW HE

%VKIRXMREIHS'LMPIEEGIMXEVIQEYRMÇSEHYERIMVEUYIIPIHIWINEZE

GVMEV .YRXEQIRXI GSQ YQE WÍVMI HI XVEXEHSW GSQIVGMEMW E YRMÇS

EHYERIMVEIVETEVXIHIYQEIWXVEXÍKMETSPÑXMGETSVIPIWYWXIRXEHE HI

GSPSGEVS4EVXMHS6ITYFPMGERSGSQSHIJIRWSVHSTVSXIGMSRMWQSUYI

LÅ QYMXS ZMRLE WIRHS QEW XEQFÍQ GSQS GEQTIÇS HE I\TERWÇS

GSQIVGMEP'SQSSIRHSWWSPEXMRSEQIVMGERSEIWWIIWUYIQEGSQIVGMEP

HIZIVMEWIVYQIPIQIRXSGIRXVEPHEGEQTERLEHITYFPMGMHEHIHIWINEHE

TSV&PEMRITEVETVSQSZIVNYRXSES'SRKVIWWSYQEHIWYEWTSPÑXMGEW

QEMWMQTSVXERXIWEVIGMTVSGMHEHIGSQIVGMEPEMRXVERWMKÎRGMEHEUYIPIW



VITVIWIRXERXIW GSRWXMXYÑE YQE EQIEËE Ä MRMGMEXMZE HS 7IGVIXÅVMS HI

)WXEHS IIPIJSMFYWGEVETSMSRS&VEWMP

'SQ IJIMXS S &VEWMP IVE S TEÑW QEMW VIGITXMZS Ä TSWMËÇS

HIJIRHMHETSV&PEMRI)PIQIRXSHIMQTSVXÆRGMEIWTIGMEPIVES(IPIKEHS

FVEWMPIMVS 7EPZEHSV HI 1IRHSRËE JYXYVS 'ØRWYP+IVEP UYI XMRLE

VIPEËÙIWIWTIGMEPQIRXIEQMKÅZIMWGSQS7IGVIXÅVMSRSVXIEQIVMGERS

1YMXEWZI^IWSWHSMWGSRZIVWEZEQHYVERXIGEQMRLEHEWQEXMREMWET×W

S UYI RE GSRJIVÎRGME S FVEWMPIMVS ETVIWIRXEZE EW MHÍMEW HI &PEMRI

ESW WIYW GSPIKEW PEXMRSEQIVMGERSW



 7EPZEHSV HI 1IRHSRËE FIQ

GSQS S &VEWMP QERXIVME REGSRJIVÎRGME E TSWMËÇSHI EPMEHS PIEP HSW

)WXEHSW9RMHSWIHITSMWRSXVEXEQIRXSHSWEWWYRXSWTEREQIVMGERSW

EXYERHSGSQSJSVXIEHZSKEHSHEVIGMTVSGMHEHIGSQIVGMEPISTVSKVEQE

GSRXMRYEVME RE KIWXÇS 6MS &VERGS

3ETSMSFVEWMPIMVSÄQEMSVMEHEWTSWMËÙIWHSW)WXEHSW9RMHSW

RE 'SRJIVÎRGME 4ER%QIVMGERE EWWMQ GSQSS WYFWIUàIRXIXVEXEHS

GSQIVGMEP HI  IWXEZE VIPEGMSREHS GSQ S VIGSRLIGMQIRXS

HMTPSQÅXMGS HE VITÞFPMGE ,Å XEQFÍQ EPKYQE IZMHÎRGME HI UYI SW

ZMZSW VYQSVIW HI GSRWTMVEËÙIW QSREVUYMWXEW GSVVIRXIW RE )YVSTE

EYQIRXEZEQSWXIQSVIWHI&PEMRIIHS4VIWMHIRXI ,EVVMWSRHIUYI

EWTSXÎRGMEWIYVSTÍMEWMRXIVZMIWWIQRS&VEWMPTEVEVIWXEYVEVEQSREVUYME

2SW)WXEHSW9RMHSWSWVITYFPMGERSWIWXEZEQQEMWTVISGYTEHSWGSQ

EW TSWWÑZIMW GSRWIUàÎRGMEW TSPÑXMGEW RSW)WXEHSW 9RMHSW HI YQE XEP

MRXIVZIRËÇSHSUYIGSQSIJIMXSHEWEËÙIWIYVSTÍMEWWSFVISHIWXMRS

HE NSZIQ 6ITÞFPMGE FVEWMPIMVE 'SQS S 4EVXMHS (IQSGVÅXMGS RÇS

XEVHEVEEEWWYQMVEGEYWEHE6ITÞFPMGEFVEWMPIMVESVIXSVRSESVIKMQI

QSRÅVUYMGS I E GSRGSQMXERXI ZMX×VME HE HMTPSQEGME FVMXÆRMGE

TVINYHMGEVMEQE TSWMËÇSHS4EVXMHS6ITYFPMGERSREWIPIMËÙIWTEVES

'SRKVIWWSUYIWI ETVS\MQEZEQ

)WWEWZÅVMEWTVIWWÙIWWIGSQFMREVEQTEVEGLIKEVEYQEGSVHS

UYI IVE QYMXS QEMW HS UYI YQE WMQTPIW XVSGE HI 6ITVIWIRXERXIW

HMTPSQÅXMGSW3EGSVHSTVIZMESVÅTMHSVIGSRLIGMQIRXSTIPSW)WXEHSW

9RMHSW I YQE HIJMRMËÇS EQTPE HE EQM^EHI RSVXIEQIVMGERE GSQ

VIPEËÇS ES &VEWMP 7YTSWXEQIRXI &PEMRI TVSQIXIY E 7EPZEHSV HI

1IRHSRËERELMT×XIWIHIYQEMRXIVZIRËÇSIYVSTÍMESQIWQSXMTS

HI ETSMS UYI SW )WXEHSW 9RMHSW XMRLEQ HEHS ES 1Í\MGS GSRXVE

1E\MQMPMERS %PÍQ HMWWS GSRJSVQI S 1MRMWXVS HS 1Í\MGS IQ

;EWLMRKXSR &PEMRI IRZMEVE ES 1EVIGLEP (ISHSVS HSMW QMPLÙIW HI



H×PEVIW TEVE wGSRWIKYMV S ETSMS HI ZÅVMSW 'SQERHERXIW QMPMXEVIW

4VIWMHIRXIW HI TVSZÑRGMEW I NSVREPMWXEWx 1EMW XEVHI WYTSWXEQIRXI

&PEMRIJSVRIGIYQEMWUYEXVSQMPLÙIWHIH×PEVIW



&PEMRIXIVMEXEQFÍQ

MRWMRYEHSUYIREHMWTYXEHI1MWWÙIWIVEEJEZSVHS&VEWMP)QXVSGE

S 7IGVIXÅVMS HI )WXEHS HIWINEZE S ETSMS HS &VEWMP RE 'SRJIVÎRGME

4ER%QIVMGEREIYQXVEXEHSGSQIVGMEP2ÇSWYVTVIIRHIEWWMQUYI

YQ ERS HITSMW S &VEWMP XIRLE WMHS S TVMQIMVS TEÑW E EWWMREV YQ

TEGXS GSQIVGMEP HIRXVS HEW TVSZMWÙIW HI VIGMTVSGMHEHI HE8EVMJE

1G/MRPI]



0SKSHITSMWHIEKYEVHEMQTIVMEPVIRHIVWIÄWXVSTEWVIFIPHIW

HS1EVIGLEP(ISHSVSHE*SRWIGERS'EQTSHI7ERXEREHS6MSHI

.ERIMVS RS HME  HI RSZIQFVS HI  YQE RSZE FERHIMVE

WYFWXMXYMYSTEZMPLÇSHEQSREVUYME%TVMQIMVEFERHIMVEVITYFPMGERE

XMRLE PMWXVEW I IWXVIPEW ZIVHIW I EQEVIPEW YQE MQMXEËÇS GSRWGMIRXI

HE wWXEVERH WXVMTIWxRSVXIEQIVMGERE)QFSVEE6ITÞFPMGE REWGIRXI

EHSXEWWI IQ WIKYMHE SYXVE FERHIMVE GSRXMRYSY MQMXERHS E KVERHI

6ITÞFPMGEHS2SVXI%WWMQSRSQIHSTEÑWJSMQYHEHSTEVE)WXEHSW

9RMHSW HS &VEWMP I E RSZE 'SRWXMXYMËÇS TVSQYPKEHE IQ JIZIVIMVS

HIMRWTMVEZEWIGPEVEQIRXIREHSW)WXEHSW9RMHSW2E%WWIQFPÍME

'SRWXMXYMRXI YQ (IPIKEHS TIVKYRXEZE VIXSVMGEQIRXI w5YEP Í S

RSWWSHIZIVEUYM#xIVIWTSRHMEw2ÇSGSRWMWXIWMQTPIWQIRXIIQZSPXEV

SWSPLSWTEVEEWREËÙIWQEMWEZERËEHEWIXVERWTPERXEVSWWIYWWMWXIQEW

HIKSZIVRSTEVESRSWWSTEÑWWIQVIQSZIVSWuJJ vIuVVvI\TVIWWSWTIPS

WMWXIQETSPÑXMGS HSW)WXEHSW 9RMHSW#x



3W LMWXSVMEHSVIW FVEWMPIMVSW XÎQ VIGSRLIGMHS E KVERHI

MQTSVXÆRGMEHMTPSQÅXMGEUYIXIZIEQYHERËEHIVIKMQIQEWNYRXEV

WIÄMVQERHEHIHIVITÞFPMGEWETIREWJSVQEPM^SYRSRÑZIPMRWXMXYGMSREP

EVISVMIRXEËÇSFVEWMPIMVETEVESW)WXEHSW9RMHSWUYINÅSGSVVMEWSFE

QSREVUYME 4VMQIMVEQIRXI EW TSWWMFMPMHEHIW SJIVIGMHEW TEVE S

HIWIRZSPZMQIRXS IGSRØQMGS I E HMZIVWMJMGEËÇS WSF S -QTÍVMS UYI

ZMZME YQE JEWI HI TVSWTIVMHEHI I HITSMW EW EQIEËEW TSPÑXMGEW

HMTPSQÅXMGEWIMRXIVREWIRJVIRXEHEWWYFMXEQIRXITIPSMRWIKYVSVIKMQI

VITYFPMGERS GSRZIRGIVEQ SW IWXEHMWXEW FVEWMPIMVSW HE WEFIHSVME HI

QERXIV VIPEËÙIW QEMW IWXVIMXEW GSQ SW )WXEHSW 9RMHSW

-VSRMGEQIRXISWFVEWMPIMVSWJEZSVÅZIMWESXVEXEHSHIGSQÍVGMS

VIGÑTVSGSGSQSW)WXEHSW9RMHSWRÇSIVEQVITVIWIRXERXIWHESPMKEVUYME

VYVEPMRXIVIWWEHSWIQEYQIRXEVEWI\TSVXEËÙIW{GSQSWIXIQWYTSWXS



HI QSHSKIVEP z RE ZIVHEHI IVEQ HIJIRWSVIW HE MRHYWXVMEPM^EËÇS I

HE wQSHIVRM^EËÇSx EPKYRW HIPIW HIWGSRJMEHSW HSW IWXVERKIMVSW

)WTIVEZEQUYISW)WXEHSW9RMHSWSWENYHEWWIQEVIHY^MVEMRJPYÎRGME

MRKPIWE RS &VEWMP I IWXEZEQ TVSRXSW E HIJIRHIV E VITÞFPMGE GSRXVE

UYEMWUYIVXIRXEXMZEWHIVIWXEYVEËÇSHEQSREVUYME3W)WXEHSW9RMHSW

ETEVIGMEQEKSVEQEMWGSQSYQEQMKSSYYQQSHIPSEWIVWIKYMHS

VITVIWIRXERHSEEPXIVREXMZEERXMMQTIVMEPMWXE4EVES1EVIGLEP(ISHSVS

SJIVIGMEQ E WYWXIRXEËÇS HI WIY VIKMQI MQTSTYPEV UYI RÇS XMRLE

ETSMS RIQ HSW QSREVUYMWXEW RIQ HSW VITYFPMGERSW %PÍQ HMWWSS

XVEXEHS RÇS IWXEZE HMVMKMHS ESW GEJIMGYPXSVIW TEYPMWXEW QEW ESW

TVSHYXSVIWHIEËÞGEVHS2SVHIWXI



%TSYGEHYVEËÇSHIWIYKSZIVRS

HIQSRWXVSYSWPMQMXIWHEMRJPYÎRGMEHSW)WXEHSW9RMHSWRSWEWWYRXSW

MRXIVRSW HS &VEWMP

%XIRWÇS IRXVISWSFNIXMZSWHSHIWIRZSPZMQIRXSFVEWMPIMVSIE

EQM^EHIGSQSW)WXEHSW9RMHSWGVMWXEPM^SYWIHYVERXIETVIWMHÎRGME

HI WIY WYGIWWSV 1EVIGLEP *PSVMERS 4IM\SXS  (I QSHS

KIVEPSw1EVIGLEPHI*IVVSxXIQWMHSGSRWMHIVEHSYQHSW4VIWMHIRXIW

FVEWMPIMVSWQEMWHIWIRZSPZMQIRXMWXEWIREGMSREPMWXEW7IVMEHIIWTIVEV

UYIMWWSTVINYHMGEWWIEWVIPEËÙIWGSQSW)WXEHSW9RMHSWIWTIGMEPQIRXI

TSVUYI SW GEJIMGYPXSVIW WÇS ZMWXSWGSQS SW TVMRGMTEMW EVUYMXIXSW HE

ETVS\MQEËÇS GSQ S KSZIVRS HI ;EWLMRKXSR %S QIWQS XIQTS

*PSVMERS 4IM\SXS IVE LSWXMP Ä QEMSVME HEW TSXÎRGMEW IYVSTÍMEW IQ

TEVXMGYPEVE+VÇ&VIXERLEI4SVXYKEPUYIWYWTIMXEZEHI XVEQEVIQE

VIWXEYVEËÇSHEQSREVUYME7YVTVIIRHIRXIQIRXIIPIIWIYWWIKYMHSVIW

QEMW VEHMGEMW SW NEGSFMRSW IVEQ JEZSVÅZIMW ESW )WXEHSW 9RMHSW Ä

(SYXVMRE 1SRVSI I ES TEREQIVMGERMWQS 6MS &VERGS I .SEUYMQ

2EFYGS UYI XMRLEQ WMHS MRMQMKSW HIGMHMHSW HI *PSVMERS HYVERXI

WIY KSZIVRS I QYMXS JEZSVÅZIMW Ä +VÇ&VIXERLE TSWMGMSRERHSWI

GSQSMRMQMKSWHSWNEGSFMRSW6MS &VERGSJSM'ØRWYPIQ0MZIVTSSP

HYVERXIERSWI2EFYGSUYIEHQMXMEEWYEEHQMVEËÇSTIPSWMRKPIWIW

XMRLE TYFPMGEHS YQ PMZVS HIRYRGMERHS *PSVMERS I E TEVXMGMTEËÇS

RSVXIEQIVMGERE RE VIZSPXE REZEP HI  JEZSVIGMEQ XEQFÍQ

IWWEQYHERËEHISVMIRXEËÇSIQJEZSVHSW)WXEHSW9RMHSWETSMERHS

RÇS W× E (SYXVMRE 1SRVSI QEW E (SYXVMRE 3PRI] I S 'SVSPÅVMS

6SSWIZIPXHYVERXISTIVÑSHSHI6MS&VERGSGSQS'LERGIPIV



4EVE

IPIW GSQS TEVE 1IRHSRËE SW )WXEHSW 9RMHSW VITVIWIRXEZEQ E

EPXIVREXMZE ERXMMQTIVMEPMWXE IQFSVE HITSMW HE ERI\EËÇS HS ,EZEÑI



HEKYIVVEGSQ E)WTERLE IWWITEÑW WIXMZIWWIXVERWJSVQEHSIQ YQE

TSXÎRGME GSPSRMEP

% VIEPM^EËÇS IGSRØQMGE QEMW RSXÅZIP JSM S %GSVHS &PEMRI

1IRHSRËEVIWYPXEHSHSIWJSVËSRSVXIEQIVMGERSHIGVMEVQIGERMWQSW

TEVES MQTIVMEPMWQS HSPMZVIGSQÍVGMS)WWI EGSVHS GSQIVGMEPJSM S

TVMQIMVS EWWMREHS WSF EW GSRHMËÙIW HE8EVMJE 1G/MRPI] HI  E

TVMQIMVEXEVMJEGSQIVGMEPVIGÑTVSGEHSW)WXEHSW9RMHSWIGSRWMHIVEHS

SQEMWMQTSVXERXI(SPEHSFVEWMPIMVSSHIWINSHIEWWMREVIWWIXVEXEHS

RÇS IVE IRXYWMÅWXMGS RIQ GPEVS 2SW ÞPXMQSW  ERSW RÇS XMRLEQ

WMHSEWWMREHSWXVEXEHSWTIPS&VEWMPERÇSWIVGSQSWTEÑWIWZM^MRLSW

E8YVUYME  I E &ÍPKMGE 



 3  ÞPXMQS E WIV GSRXVEXEHS

IVESHE+VÇ&VIXERLEHIGSRWMHIVEHSHIQSHSKIVEPSRIVSWS

I TVINYHMGMEP ESW MRXIVIWWIW FVEWMPIMVSW

1EW E WMXYEËÇS HSW )WXEHSW 9RMHSW IVE HMJIVIRXI I RÇS

VITVIWIRXEZE  EQIEËE ES &VEWMP 3 FEPERËS GSQIVGMEP IRXVI EQFSW

IVEIWQEKEHSVEQIRXIJEZSVÅZIPES&VEWMPUYEWIRÇSLEZMEMRZIWXMQIRXSW

SYMQMKVERXIWRSVXIEQIVMGERSWIQXIVVMX×VMSFVEWMPIMVSIMRI\MWXMEQ

GSRXVSZÍVWMEW HMTPSQÅXMGEW IRXVI SW HSMW TEÑWIW (S TSRXS HI ZMWXE

FVEWMPIMVS XEPZI^ S QEMW MQTSVXERXI JSWWI S JEXS HI UYI E WMXYEËÇS

TVIGÅVME HE JVSXE QIVGERXI RSVXIEQIVMGERE E JEPXE HI RIKSGMERXIW

RSVEQSHSGSQÍVGMSI\XIVMSVEIWGEWWI^HIJEGMPMHEHIWHIJMRERGMEQIRXS

I S GYWXS IPIZEHS HE QÇSHISFVE WMKRMJMGEZEQ UYI SW TVSHYXSVIW

RSVXIEQIVMGERSW RÇS TSHIVMEQ GSQTIXMV GSQ SW IYVSTIYW %WWMQ

EW GSRGIWWÙIW XEVMJÅVMEW RÇS QYHEVMEQ S FEPERËS GSQIVGMEP IRXVI S

&VEWMPISW)WXEHSW9RMHSW2EZIVHEHIS%GSVHS&PEMRI1IRHSRËE

EYQIRXSYSWEPHSGSQIVGMEPFVEWMPIMVSIJSMSKSZIVRSHI;EWLMRKXSR

UYIHIGMHMYHIRYRGMEVSEGSVHSIQUYERHSSHIQSGVEXE+VSZIV

'PIZIPERH JSM IPIMXS 4VIWMHIRXI

-WWS RÇS TØW JMQ ESW IWJSVËSW RSVXIEQIVMGERSW TEVE EFVMV S

QIVGEHSFVEWMPIMVS3WVITYFPMGERSWZSPXEVEQESGYTEVE4VIWMHÎRGME

IQ TIVQERIGIRHS RSTSHIV EXÍ  HYVERXIXSHE EKIWXÇS

HI 6MS &VERGS RE 'LERGIPEVME :ÅVMSW )QFEM\EHSVIW I 7IGVIXÅVMSW

HI )WXEHS TVIWWMSREVEQ IQ JEZSV HI GSRGIWWÙIW GSQIVGMEMW QEW S

&VEWMPRÇSGIHIYTEWWMZEQIRXIEIWWEWTVIWWÙIW)QS'SRKVIWWS

VIGYWSYWIEVIRSZEVSEGSVHSHIGSQÍVGMSVIGÑTVSGSGSQSW)WXEHSW

9RMHSW EWWMQ GSQS E GSRGSVHEV GSQ VIHYËÙIW XEVMJÅVMEW IQ 

W× GSRGSVHERHS GSQ MWWS HITSMW HI GSRGIHIV Ä *VERËE TVMZMPÍKMS



WIQIPLERXI



 )RXVIIS&VEWMPGSRGSVHSYGSQGSRGIWWÙIW

VIPEXMZEQIRXI TIUYIREW E HIWTIMXS HI GSRWMHIVÅZIP VIPYXÆRGME HS

'SRKVIWWS 'SRGIWWÙIW UYI RÇS JM^IVEQ HMJIVIRËE RS FEPERËS HI

GSQÍVGMSUYIGSRXMRYSYVEHMGEPQIRXIJEZSVÅZIPES&VEWMPGSQWEPHS

UYIGVIWGIY HI97QMPLÙIWIQ TEVE97 QMPLÙIW IQ

2EQIHMHEIQUYIS&VEWMPJMKYVEZEGSQSMQTSVXEHSVGSRXMRYSY

RE ÅVIE HE MRJPYÎRGME GSQIVGMEP HE )YVSTE )QFSVE E TEVXMGMTEËÇS

HE+VÇ&VIXERLEXIRLEGEÑHSHITSVGIRXSHSXSXEPHEWMQTSVXEËÙIW

FVEWMPIMVEWIQTEVETSVGIRXSIQEWMQTSVXEËÙIW

XSXEMW HE )YVSTE EYQIRXEVEQ RIWWIW ERSW HI  TSV GIRXS TEVE

TSVGIRXS



'SQIJIMXSJSMIWWEHMZIVWMJMGEËÇSHEHITIRHÎRGME

HSWTEÑWIWIYVSTIYWEMRHEQEMWQEVGERXIUYERXSESWMRZIWXMQIRXSW

IWXVERKIMVSW UYI TIVQMXMY ES &EVÇS HS 6MS &VERGS MRGPMREVWI RE

HMVIËÇS HSW )WXEHSW 9RMHSW WEFIRHS UYI RE %QÍVMGE 0EXMRE SW

GSQIVGMERXIW MERUYIW WI GSRGIRXVEZEQ RSW TEÑWIW ZM^MRLSW

IWTIGMEPQIRXIS1Í\MGS'YFEIS'EVMFIHIQSHSKIVEP3WQMPMXEVIW

I S )WXEHS FVEWMPIMVS IVEQ WMQTPIWQIRXI JSVXIW HIQEMW TEVE UYI SW

RSVXIEQIVMGERSWTYHIWWIQXIRXEV SVIGYVWS Ä +YRFSEX(MTPSQEG]

I S &VEWMP XMRLE HMZIVWMJMGEHS  WYE HITIRHÎRGME ZSPXERHSWI TEVE SW

IYVSTIYWHIJSVQEUYIXMRLEQVIPEXMZEQIRXITSYGEJSVËEIGSRØQMGE

-WWS JMGEZE IZMHIRXI GSQ SJEXS HI UYI SJYRHMRK PSER HI  IVE

JMRERGMEHS TVMRGMTEPQIRXI TSV FERGSW IYVSTIYW GSRXMRIRXEMW I

FVMXÆRMGSW (YVERXI E JEWI 6MS &VERGS IWWI JMRERGMEQIRXS IVE JIMXS

GSQEWQIWQEWJSRXIW7×IQMRWXEPSYWIRS&VEWMPSTVMQIMVS

FERGSHSW)WXEHSW9RMHSWISTVMQIMVSIQTVÍWXMQSI\GPYWMZEQIRXI

RSVXIEQIVMGERS HEXE HSW ERSW 

3 MRWYGIWWS HSW TSPÑXMGSW I HMTPSQEXEW EQIVMGERSW HI EFVMV

TPIREQIRXI S &VEWMP ES GSQÍVGMS I ESW MRZIWXMQIRXSW HS WIY TEÑW

HIZIYWI ÄW XIRHÎRGMEW GSRXVEHMX×VMEW HIRXVS HSW )WXEHSW 9RMHSW

EWWMQGSQSÄEXMXYHIFVEWMPIMVEHIHIJIWEHEWSFIVERMEHSTEÑW2SW

)WXEHSW9RMHSW QYMXSWTSPÑXMGSW IIPIMXSVIWXIQMEQ SW QSRST×PMSW

I STYRLEQWI ES ETSMS JMRERGIMVS KSZIVREQIRXEP E IPIW HEHS RS

I\XIVMSV



)WXÅZEQSWRSEYKIHEPYXEGSRXVESWXVYWXWIS'SRKVIWWS

WI VIGYWSY E ETVSZEV PIKMWPEËÇS IRHSWWERHS S IWXEFIPIGMQIRXS HI

FERGSWEQIVMGERSWRSI\XIVMSVFIQGSQSRIKSYSTIHMHSHIWYFWÑHMSW

Ä1EVMRLEQIVGERXIMRXIVREGMSREPIÄGSRWXVYËÇSREZEPGSRGIRXVERHS

WI TVIJIVIRGMEPQIRXI RS HIWIRZSPZMQIRXS HE IGSRSQME MRXIVRE %



1EVMRLE HI KYIVVE I QIVGERXI MRXIVREGMSREP HSW )WXEHSW 9RMHSW

GSRXMRYEZEVIHY^MHEIQFSVEEJVSXEHIWXMREHEESWXVERWTSVXIWHIRXVS

HS TEÑW XMZIWWI GLIKEHS E WIV E QEMSV HS QYRHS %JMREP WIRHS S

QEMSVHIZIHSVHSQYRHSIYQHSWQEMSVIWMQTSVXEHSVIWSW)WXEHSW

9RMHSW VITVIWIRXEVEQ YQ HSW TVMQIMVSW GEWSW FIQWYGIHMHSW HI

MRHYWXVMEPM^EËÇS QIHMERXI E WYFWXMXYMËÇS HI MQTSVXEËÙIW 3W

EQIVMGERSWEMRHERÇSWILEZMEQGSQTVSQIXMHSMRXIMVEQIRXIGSQS

KPSFEPMWQSIW×TEÑWIWZM^MRLSWJSVEQEFVERKMHSWTIPSMQTIVMEPMWQS

MERUYIGSQSI\XIRWÇSHSGSRXMRIRXEPMWQS3&EVÇSHS6MS&VERGS

WI KYMEZE TIPE GSQTVIIRWÇS HSW PMQMXIW UYI LEZME Ä EKVIWWMZMHEHI

RSVXIEQIVMGEREIXIZIXEQFÍQEWSVXIHIIRXVIITIVÑSHS

HI KP×VME HI WYE HMTPSQEGME S 7IGVIXÅVMS HI )WXEHS XIV WMHS S

TVSKVIWWMWXE)PMLY6SSX%TSWMËÇSHI6SSXJSMYQJEXSVMQTSVXERXI

REIWGSPLEHS6MSHI.ERIMVSGSQSWIHIHE'SRJIVÎRGME4ER%QIVMGERE

HI)QXVSGE6MS&VERGSFEXM^SYSIHMJMGMSSRHIWIIRGSRXVEVEQ

UYIXMRLEWMHSSTEZMPLÇSHS&VEWMPREJIMVEHI7X0SYMWHI4EPÅGMS

1SRVSIWEYHERHSSGSQIWXEWTEPEZVEWw2EWQIRXIWIRSWGSVEËÙIW

HIKIVEËÙIWWYGIWWMZEWHIFVEWMPIMVSWSXIQTSW×JI^EYQIRXEVEWMQTEXME

I E EHQMVEËÇS UYI SW JYRHEHSVIW HI RSWWE REGMSREPMHEHI WIRXMEQ

TIPSW )WXEHSW 9RMHSW HE %QÍVMGEx



2SIRXERXSEMRGPMREËÇSHI6MS&VERGSIQJEZSVHSW)WXEHSW

9RMHSWREHMTPSQEGMEFVEWMPIMVERÇSIVEXSXEPIREHEXMRLEHIWIVZMP

)QFSVE WIY TVIHIGIWWSV 7EPZEHSV HI 1IRHSRËE S XMZIWWI EGYWEHS

HI WIV YQ PEGEMS HSW EQIVMGERSW MWXS IWXEZE PSRKI HI WIV ZIVHEHI

2ÇS JSM YQE WMQTPIW GSMRGMHÎRGME S JEXS HI UYI E TVMQIMVE QMWWÇS

HMTPSQÅXMGEMQTSVXERXIHS&EVÇSzSGSRJPMXSHI1MWWÙIWzPLIJSM

EXVMFYÑHE TSV *PSVMERS 4IM\SXS YQ REGMSREPMWXE VEHMGEP 5YERHS

6MS &VERGS IVE 1MRMWXVS YQ VITVIWIRXERXI HE %QIVMGER )PIGXVMG

&SEX 'SQTER] XIRXSY ETPMGEV TVIWWÇS HMTPSQÅXMGE TEVE SFVMKEV S

&VEWMP E EHUYMVMV WIYW TVSHYXSW 6MS &VERGS VIWMWXMY I EJMVQSY

GSVENSWEQIRXI w'SQVIWTIMXSÄEUYMWMËÇS HIQEXIVMEPTEVE EHIJIWE

REGMSREPIRXIRHIQSWUYIXIQSWTIVJIMXEQIRXISHMVIMXSHIEKMVWIQTVI

GSQEQIWQEPMFIVHEHIHIEËÇSIWIPIËÇSUYIXIQSWXMHSEXÍSTVIWIRXI

HIWHI SW TVMQIMVSW HMEW HE MRHITIRHÎRGMEx



3 I\IQTPS QEMW JEQSWS HS GEVÅXIV HIGMHMHS HI 6MS &VERGS

JSME5YIWXÇSHS%GVIZMWXEGSQSYQTVSFPIQEUYIEJIXEZEEWSFIVERME

REGMSREPQEMWHSUYISGSQÍVGMSSYSMRZIWXMQIRXSIWXVERKIMVS3



7MRHMGEXS&SPMZMERSIRZSPZMERÇSW×YQTVMQSHI8LISHSVI6SSWIZIPX

QEW XEQFÍQ S SVKERM^EHSV HE 97 6YFFIV 'SQTER] UYI IVE RE

ÍTSGE S QEMW MQTSVXERXI JEFVMGERXI HI FSVVEGLE HS QYRHS

6IEWWYQMRHSEWYWTIMXEERXIVMSVHSWFVEWMPIMVSWGSQVIWTIMXSÄTVIWIRËE

IWXVERKIMVE RE %QE^ØRME S 'LERGIPIV VIGSQIRHSY Ä 1EVMRLE UYI

FPSUYIEWWIEIRXVEHERS6MS%QE^SREW3UYINYRXSGSQYQEMRZEWÇS

SVKERM^EHE TSV WIVMRKYIMVSW HI 1EREYW I QEMW XEVHI S8VEXEHS HI

4IXV×TSPMWPIZSYÄMRGSVTSVEËÇSHS%GVIÄREËÇSFVEWMPIMVE%EGYMHEHI

PIKEPIVEMQTSVXERXIQEWSTIWSHEKISKVEJMEIHELMWX×VMEJSMEMRHE

QEMW MQTSVXERXI TEVE S XVMYRJS FVEWMPIMVS

1IWQS RSGEQTSHSGSQÍVGMS 6MS&VERGSRÇS GIHME QYMXS

'SQS NÅ QIRGMSREQSW S &VEWMP GSRXMRYSY E VIKMWXVEV IRSVQIW

WYTIVÅZMXWRSFEPERËSGSQIVGMEPGSQSW)WXEHSW9RMHSW%HIWTIMXS

HEW EQIEËEW EQIVMGEREW HI JIGLEVS QEMW MQTSVXERXI QIVGEHS TEVE

SGEJÍFVEWMPIMVSXVMFYXERHSSTVSHYXSS&VEWMPW×GSRGIHIYTIUYIREW

VIHYËÙIW XEVMJÅVMEW WIQ GSRWIUàÎRGMEW 4SV SYXVS PEHS S &VEWMP z

TVMQIMVSS)WXEHSHI7ÇS4EYPSHITSMWSKSZIVRSJIHIVEPzQSRXSY

IQ  YQ HSW TVMQIMVSW IWJSVËSW JIMXSW TSV YQ TEÑW TVSHYXSV

TEVE TVSXIKIV S QIVGEHS MRXIVREGMSREP HI YQ MQTSVXERXI TVSHYXS

HIFEWIGSQSIWUYIQEHIZEPSVM^EËÇSHSGEJÍZIVHEHIUYI4LMPERHIV

/RS\ S WYGIWWSV HI 6SSX GSQS 7IGVIXÅVMS HI )WXEHS HIVVYFSY E

TVMQIMVE ZEPSVM^EËÇS JSVËERHSEZIRHE HI IWXSUYIW HI GEJÍ QEW W×

HITSMWUYISTPERSIPIZSYSWTVIËSW6MS&VERGSGSQTVIIRHIYUYI

SKSZIVRSHSW)WXEHSW9RMHSWRÇSXMRLEGSRHMËÇSHIXVMFYXEVQYMXS

S GEJÍ TSVUYI WI XVEXEZE HI YQE FIFMHE TSTYPEV 3W VITYFPMGERSW

UYI NÅ ZMRLEQ WIRHS EXEGEHSW GSQS S TEVXMHS HS TVSXIGMSRMWQS

RÇS XMRLEQ GSRHMËÙIW HI EYQIRXEV STVIËS HS GEJÍ HE QERLÇ HEW

JEQÑPMEW HSWXVEFEPLEHSVIW EQIVMGERSW

-WWSRÇSWMKRMJMGEUYIS&EVÇSHS6MS&VERGSJSWWI\IR×JSFS

8IRHSTEWWEHSFSETEVXIHIWYEZMHERE-RKPEXIVVE*VERËEI%PIQERLE

I GSRLIGIRHS SW )WXEHSW 9RMHSW IVE XEPZI^ S FVEWMPIMVS QEMW

GSWQSTSPMXEHIWYEÍTSGE7IYWÎ\MXSWHMTPSQÅXMGSWXMRLEQTSVFEWI

E IWXEFMPMHEHI TSPÑXMGE XVE^MHE TSVWYE JEQMPMEVMHEHI GSQEW KVERHIW

TSXÎRGMEWEWWMQGSQSTIPSTVIWMHIRGMEPMWQSMRWXMXYÑHSTSV'EQTSW

7EPIWIETIVJIMËSEHSTSV6SHVMKYIW%PZIW%JSRWS4IREI2MPS4IËERLE

%NYHEZES XEQFÍQ S MRJPY\S QEGMËS HI GETMXEP IWXVERKIMVS HITSMW

UYISJYRHMRKPSERJSVXEPIGIYSQMPVÍMWISGVÍHMXSI\XIVRSHS&VEWMP



3TVIWXÑKMSMRXIVREGMSREPHS&VEWMP IVEXÇSKVERHIUYI STEÑWTØHI

PERËEV S TVMQIMVS GSRXVSPI HI YQ QIVGEHS MQTSVXERXI HI TVSHYXS

FÅWMGSNÅXIRXEHSTSVYQTEÑWRÇSIYVSTIYEZEPSVM^EËÇSHSGEJÍI

TVSQSZIV YQE VIJSVQE YVFERE RS 6MS HI .ERIMVS GYNE TVMRGMTEP

EZIRMHE JSM IZIRXYEPQIRXI FEXM^EHE GSQ S RSQI HI 6MS &VERGS

)QFSVES&EVÇSEPIKEWWIW×IWXEVMRXIVIWWEHSREHMTPSQEGMEIRÇSRE

TSPÑXMGE JSMFIRIJMGMEHS TIPE IWXEFMPMHEHITSPÑXMGE UYI PLI TIVQMXMY

EHQMRMWXVEVETSPÑXMGEI\XIVREFVEWMPIMVETSVXSHEYQEHÍGEHEIRUYERXS

RS QIWQS TIVÑSHS SW )WXEHSW 9RMHSW XMZIVEQ UYEXVS 7IGVIXÅVMSW

HI )WXEHS

)QGSRGPYWÇS6MS&VERGSTVIGMWSYIUYMPMFVEVSREGMSREPMWQS

GSQSMRXIVREGMSREPMWQSSPEMWWI^JEMVIGSQEIGSRSQMETVEKQÅXMGE

)PI EQTPMSY S XIVVMX×VMS REGMSREP I IPIZSY E TSWMËÇS HS &VEWMP RE

GSQYRMHEHI QYRHMEP

59%(63)78%8±78-'%(3'316'-3

C C C

*SRXIW-&+)7ÍVMIW)WXEXÑWXMGEW6IXVSWTIGXMZEWZP6MS-&+)

97(ITEVXQIRXSJ'SQQIVGI,MWXSVMGEWP7XEXMWXMGWSJXLI9RMXIH7XEXIW'SPSRMEP

8MQIWXS;EWLMRKXSR('+SZIVRQIRX4VMRXMRK3JJMGI



238%7

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I<<IQ4EYPS6SFIVXSHI%PQIMHE*SVQEËÇSHE(MTPSQEGME)GSRØQMGERS&VEWMP

&VEWÑPME

:MHITSVI\IQTPS)&VEHJSVH&YVRW8LI9R[VMXXIR%PPMERGI6MS&VERGS

ERH&VE^MPMER%QIVMGER 6IPEXMSRW2=SVO'SPYQFME9RMZ4VIWW:MHIXEQFÍQ

EFSEEXYEPM^EËÇSHI%QEHS0YM^'IVZSI'PSHSEPHS&YIRS,MWX×VMEHE4SPÑXMGE)\XIVMSV

HS&VEWMP7ÇS4EYPS¥XMGE2IWXIXVEFEPLSYWEVIMw)WXEHSW9RMHSWxTEVEQI

VIJIVMVESW)9%IQFSVEREÍTSGES&VEWMPJSWWISJMGMEPQIRXISW)WXEHSW9RMHSWHS

&VEWMPIS1Í\MGSSW)WXEHSW9RMHSWHS1Í\MGS

7XIZIR8STMO8VEHIERH+YRFSEXW8LI9RMXIH7XEXIWERH&VE^MPMRXLI%KISJ

)QTMVI7XERJSVH7XERJSVH9RMZ4VIWW

 7EQYIP +Y] -RQER 4VSFPIQW MR 4ER %QIVMGERMWQ 2 =SVO +ISVKI ,

(SVER'S%PSRWS%KYMPEV4ER%QIVMGERMWQ*VSQ1SRVSIXSXLI4VIWIRX

2=SVO1SRXLP]6IZMI[&YVRW9R[VMXXIR%PPMERGI

:MHI.SLR)H[MR*EKK4ER%QIVMGERMWQ1EPEFEV*PSVMHE6SFIVX)/VMIKIV

'S3EYXSVVIKMWXVEUYIREÍTSGEHEGSRJIVÎRGMEHS6MSHI.ERIMVSwIWXEZE

WIXSVRERHSXVEHMGMSREPEEPMERËEIWTSRXÆRIEIRXVIS&VEWMPISW)WXEHSW9RMHSWHMERXI

HSWIWXEHSWHIPÑRKYEIWTERLSPEx:MHIXEQFÍQ7-RQER-RXIV%QIVMGER'SRJIVIRGI

,MWXSV]ERH4VSFPIQW;EWLMRKXSR('9RMZ4VIWWSJ;EWLMRKXSR



.SWITL7QMXL9RIUYEP+MERXW(MTPSQEXMG6IPEXMSRW&IX[IIRXLI9RMXIH7XEXIW

ERH&VE^MP4MXXWFYVKL 9RMZ SJ4MXXWFYVKL 4VIWW :MHIXEQFÍQ

6YFIQ6MGYTIVS6MS&VERGS3&VEWMPRS1YRHS6MSHI.ERIMVS4IXVSFVEW2YWIK



7IGVIXEVMEHI4PERINEQIRXSHE4VIWMHÎRGMEHE6ITÞFPMGE*YRHEËÇS-&+)

w7EPÅVMSW)WXEXÑWXMGEW6IXVSWTIGXMZEWxZSP6ITIVX×VMS)WXEXÑWXMGSHS&VEWMP5YEHVSW

6IXVSWTIGXMZSW6MSHI.ERIMVS-&+)

:MHI.6MTT]6MZEPV]SJ8LI9RMXIH7XEXIWERH+VIEX&VMXEMRSZIV0EXMR%QIVMGE

&EPXMQSVI.SLRW,STOMRW9RMZ4VIWW

0E[VIRGI),MPP(MTPSQEXMG6IPEXMSRW&IX[IIRXLI9RMXIH7XEXIWERH&VE^MP

(YVLEQ2'(YOI9RMZ4VIWW2ÑGME:MPIPE0Y^%%QE^ØRMETEVESW

2IKVSW %QIVMGERSW 6MS HI .ERIMVS 7EKE   0YM^ %PFIVXS 1SRM^ &ERHIMVE %

4VIWIRËEHSW)WXEHSW9RMHSWRS&VEWMP6MSHI.ERIMVS)HMXSVE'MZMPM^EËÇS&VEWMPIMVE



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GEJÍxIQ1EVGIPMRS1EVXMRWI).SLRWXSR%RSWHI'EJÍ6MSHI.ERIMVS1EVGIPMRS

1EVXMRWI).SLRWXSR-&+)7ÍVMIW)WXEXÑWXMGEW6IXVSWTIGXMZEWZSP-

6MSHI.ERIMVS.SWÍ%RXSRMS3GEQTS'SPSQFME]PE)GSRSQME1YRHMEP

&SKSXÅ7MKPS:IMRXMYRS



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7SRW

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 'EPGYPEHS GSQ FEWI IQ+VIIRLMPP w).SLRWXSRx  I %;EOIQER

w6IQMRMWGIRGIWSJ0S[IV;EPP7Xx7TMGI1MPPQEVËSHI

97(ITEVXQIRXSJ'SQQIVGI&YVIEYSJXLI'IRWYW,MWXSVMGEP7XEXMWXMGWSJ

XLI9RMXIH7XEXIW'SPSRMEP8MQIWXS;EWLMRKXSR+SZIVRQIRX4VMRXMRK3JJMGI



%PQIMHE*SVQEËÇSHE(MTPSQEGME

'LEVPIW*PMRX1IQSVMIWSJER%GXMZI0MJI2=SVO+44YXREQvW7SRW

&ERHIMVE4VIWIRËEHSW)WXEHSW9RMHSW

+MPFIVXS*VI]VI3VHIVERHTVSKVIWW&VE^MPJVSQ1SREVGL]XS6ITYFPMGXVEH

HI6SH;,SVXSR2=SVO%PJVIH/RSTJ

;EPXIV0E*IFIV8LI2I[)QTMVI%R-RXIVTVIXEXMSRSJ%QIVMGER)\TERWMSR

-XLEGE2='SVRIPP9RMZ4VIWW

 .SWITL 7QMXL w8LI 0EXMR %QIVMGER8VEHI 'SQQMWWMSR SJ x

-RXIVEQIVMGER)GSRSQMG%JJEMVWRTVMQEZIVEHI

7EPZEHSVHI1IRHSRËE%NYWXIHI'SRXEW6MSHI.ERIMVS.SVREPHS'SQQIVGMS

%PER/1ERGLIWXIV&VMXMWL4VIIQMRIRGIMR&VE^MP-XW6MWIERH

(IGPMRI'LETIP,MPP9RMZSJ2SVXL'EVSPMRE'EVPSW7YWWIOMRHHI1IRHSRËE

7EPZEHSVHI1IRHSRËE(IQSGVEXEHS-QTÍVMSIHE6ITÞFPMGE6MSHI.ERIMVS-RWXMXYXS

2EGMSREPHS0MZVS

0EJE]IXXI6SHVMKYIW4IVIMVE.+HS%QEVEP:EPIRXII7EPZEHSVHI1IRHSRËE

TEVE&,EVVMWSR;EWLMRKXSREFVMPHIw2SXIWJVSQXLI&VE^MPMER0IKEXMSRXS

XLI7XEXI(ITEVXQIRXx2EXMSREP%VGLMZIWQMGVSJMPQZ1IRHSRËE%NYWXIHI'SRXEW



101YPLEPPw&VE^MP4EWXERH*YXYVIx0MZMRK%KIZ

 8LI7SYXL%QIVMGER.SYVREPHI'SYRGMPSJ*SVIMKR&SRH,SPHIVW

WIVZMËS HI VIGSVXIW ZSP  IWXMQEZE IQ  QMPLÙIW HI H×PEVIW IQ MRZIWXMQIRXSW

HMVIXSWSYIQGEVXIMVEEPÍQHIQMPLÙIWIQGVÍHMXSGSQIVGMEPSGETMXEPFVMXÆRMGS

MRZIWXMHSRS&VEWMPIQ

1ERGLIWXIV&VMXMWL 4VIIQMRIRGI 6MGLEVH+VELEQ &VMXEMR ERH XLI

3RWIXSJ1SHIVRM^EXMSRMR &VE^MP'EQFVMHKI'EQFVMHKI9RMZ4VIWW

%VXLYV0I[MW+VS[XLERH*PYGXYEXMSRW0SRHVIW+ISVKI%PPIR

ERH9R[MR

 6IZYIHIW(IY\1SRHIW'EVPSW1EVIGLEP%'IRXYV]SJ

(IFX'VMWIW4VMRGIXSR4VMRGIXSR9RMZ4VIWW&PSRHIPEY1MR%JJEMVIW

)XVERKÌVIW6MSHI.ERIMVS'SVVIWTSRHERGI'SQQIVGMEPIZ%VGLMZIW

HY1MRMWXÌVIHIW%JJEMVIW)XVERKÌVIW5YEMHv3VWE]4EVMW8LI2I[=SVO8MQIW



 *MRERGMEP2I[WIQ'*&,w'*x



*VERGMWGSHI4EYPE1E]VMRO3'ÆQFMS.SVREPHS'SQQIVGMS

7LERX^(EW,IYXMKI&VIWMPMIR,EQFYVKS;1EYOIWÚLRI.SWÍ

1YVMPSHI 'EVZEPLS w)PMXIERH 7XEXI&YMPHMRKMR-QTIVMEP &VE^MPx HMWWIVXEËÇS HI

HSYXSVEHS7XERJSVH9RMZ

'MXEHSIQ7TERMWL%QIVMGER'SQQIVGMEP9RMSRw&ERUYIXMR,SRSVSJ

(IPIKEXIWSJXLI-RXIVREXMSREP%QIVMGER'SRJIVIRGIx2=SVO4VIWWSJ)P%ZMWEHSV

,MWTERS%QIVMGERS

 8LI8MQIWIRGSRXVEHSRS%VUYMZS,MWX×VMGSHS-XEQEVEX]

'ØRWYP+IVEPHS&VEWMPIQ0SRHVIW

216SXLWGLMPHTEVES1MRMWXVSHEW*MRERËEW0SRHVIWHIRSZIQFVS

HI0MZVSHI'EVXEWHI%KÎRGMEW%VUYMZS6SXLWGLMPH.4;MPI]QER&VE^MPMER

'YVVIRG]8LI7XYH]SJER-RGSRZIVXMFPI'YVVIRG]VIIHMX2=SVO+VIIR[SSH

4VIWW  00 %VHMR EY1MR Hv%JJEMVIW )XVERKÌVIW IQ

1MR Hv%JJEMVIW )XVERKÌVIW &VÍWMP 'SVVIWTSRHERGI 'SQQIVGMEPI Z  %VGLMZI

,MWXSVMUYI5YEMHv3VWE]4EVMW6IZYIHIW(IY\1SRHIWHI^

 )H[EVH ) 'VETSPI %QIVMGE JSV %QIVMGERW)GSRSQMG 2EXMSREPMWQ ERH

%RKPSTLSFMEMRXLI0EXI2MRIXIIRXL'IRXYV];IWXTSVX'8+VIIR[SSH4VIWW

4YFPMG3TMRMSR

%QEVEP:EPIRXITEVE.+&PEMRI;EWLMRKXSR('w&VE^MPMER

0IKEXMSRXSXLI(ITEVXQIRXSJ7XEXIx

'MXEHSIQ+MPFIVXS*VI]VI3VHIVERH4VSKVIWWXVEH

+ISVKI'%&SILVIV(E1SREVUYMEÄ6ITÞFPMGE,MWX×VMEHS4EVXMHS6ITYFPMGERS

HS&VEWMPXVEHTSV&IVIRMGI<EZMIV6MSHI.ERIMVS1)'7IVZMËSHI

(SGYQIRXEËÇS,MHMPFIVXS6EQSW'EZEPGERXM%.YRMSV w3W

VITYFPMGERSWJPYQMRIRWIWREPIKMWPEXYVEHIxIQ6MGLEVH+VELEQIH)RWEMSW

7SFVIE4SPÑXMGEIE)GSRSQMEHE4VSZÑRGME*PYQMRIRWIRS7ÍGYPS<-<6MSHI.ERIMVS

%VUYMZS2EGMSREP6MGLEVH+VELEQw0ERHS[RIVWERHXLI3ZIVXLVS[

SJXLI)QTMVIx0YWS&VE^MPMER6IZMI[%PI\ERHVI.SWÍ&EVFSWE0MQE

7SFVMRLS4VIWIRËEHI %PFIVXS8SVVIW7YE:MHEI4IRWEQIRXS6MSHI.ERIMVS)HMXSVE

'MZMPM^EËÇS&VEWMPIMVE

(&YVOIXS97(ITEVXEQIRXSJ7XEXI7EPZEHSV(MTPSQEXMG

(MWTEXGLIW&ELME&VEWMP

4IXIV1&IEXXMI8LI8VMFYXISJ&PSSH%VQ],SRSV6EGIERH2EXMSRMR

&VE^MP(YVLEQ2'(YOI9RMZ4VIWW

1IHIMVSWI%PFYUYIVUYI2I[=SVO8MQIW

:MHI8STMO8VEHIERH+YRFSEXW'ETWI

7EPZEHSVHI 1IRHSRËE TEVE &IRNEQMR ,EVVMWSR;EWLMRKXSR (' 

IQw&VE^MPMER0IKEXMSRMRXLI97XS(ITEVXEQIRXSJ7XEXI2%xGSRXÍQE

LMWX×VMEHEHMWTYXEIGSRWMHIVÅZIPGSVVIWTSRHÎRGME:MHIXEQFÍQ&IPIRTEVES1MR

Hv%JJEMVIW)XVERKÌVIW6MSHI.ERIMVSIQ'SVVIWTSRHERGI'SQQIVGMEPI

&VÍWMPZSP*MRERGIW1EV];;MPPMEQWw8LI8VIEX]SJ8SVHIWMPPEWERHXLI%VKIRXMRI

&VE^MPMER&SYRHEV]7IXXPIQIRXx,MWTERMG%QIVMGER,MWXSVMGEP6IZMI[1MKYIP



%RKIP7GIRRE%VKIRXMRE&VEWMP 'YEXVS7MKPSW HI6MZEPMHEH&YIRSW%MVIW 6IH0E

&EWXMPPE

.+%QEVEP:EPIRXITEVE&PEMRI;EWLMRKXSR('I7EPZEHSVHI

1IRHSRËETEVE&PEMRI;EWLMRKXSR('IQw&VE^MPMER0IKEXMSRXS(ITEVXQIRX

SJ7XEXIxZSP

(ERMIP'SWMS:MPPIKEW,MWXSVME1SHIVREHI1Í\MGSZSP

1IRHSRËE%NYWXIHI'SRXEW*PMRX1IQSVMIWSJER%GXMZI0MJITÅK

.SLR;*SWXIV(MTPSQEXMG1IQSMVWZSP&SWXSR,SYKLXSR1MJJPMR'S

'2&PMWWTEVE;MPPMEQ6(E]7XEXI(ITEVXQIRX1MWGIPPERISYW0IXXIVW

 2% 6+ 7YWWIOMRH HI 1IRHSRËE 7EPZEHSVHI 1IRHSRËE  ,MPP

(MTPSQEXMG6IPEXMSRW

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.ERIMVS-QTVIRWE2EGMSREP

8STMO8VEHIERH+YRFSEXW

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(YVERXIE6IZSPXE HI 74EYPS'SQT)HMXSVE2EGMSREP6MGLEVH+VELEQ

w7ITS]WERH-QTIVMEPMWXW8IGLRMUYIWSJ&VMXMWL4S[IVMR2MRIXIIRXL'IRXYV]&VE^MPx

-RXIV%QIVMGER)GSRSQMG%JJEMVW

%PQIMHE*SVQEËÇSHE(MTPSQEGME)GSRØQMGERS&VEWMP

.SWITL7QMXL 9RIUYEP+MERXW (MTPSQEXMG6IPEXMSRW&IX[IIR XLI 9RMXIH

7XEXIWERH&VE^MP4MXXWFYVKL9RMZSJ4MXXWFYVKL4VIWW



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

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7XEXIW 4SPMG] XS[EVH 7SYXL %QIVMGE x HMWWIVXEËÇSHI 4L ( 'SVRIPP

9RMZ

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6SSXXS7SYXL%QIVMGE.YP]XS7ITXIQFIV+SZIVRQIRX4VMRXMRK3JJMGI

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3KVERHILSQIQWIKYRHS2MIX^WGLIGSRGIRXVEIQWMQIWQS

YQE JSVËE IRSVQI ETVSTVMEWI HI WYE ÍTSGE TIPE WMQTPIW VE^ÇS HI

UYI EGYQYPSY IRIVKMEW TSV QEMW XIQTS I Í QEMW JSVXI HS UYI SW

HIQEMW )RXVI S KÎRMS I WYE ÍTSGE I\MWXI YQE VIPEËÇS HI JSVXI E

HÍFMPHIZIPLSENSZIQEÍTSGEÍWIQTVIVIPEXMZEQIRXIQEMWNSZIQ

QEMWMRWIKYVE3KVERHILSQIQÍYQEGYPQMREËÇSYQJMQ7SFE

IWQEKEHSVE TVIWWÇS HEW JSVËEW UYI SW MQTIPIQ SW KVERHIW LSQIRW

EWWYQIQGSQMRHMJIVIRËEWIYTV×TVMSMRXIVIWWIIIRXVIKEQWIGSQ

JEXEPMWQSEYQEMHÍMEEEPKSKVERHI3TIVMKSUYIXVE^IQGSRWMKSÍ

SHSIWKSXEQIRXSHEIWXIVMPMHEHIUYIWIWIKYIEWIYHIWETEVIGMQIRXS

.SWÍ1EVMEHE7MPZE4EVERLSW.ÞRMSVJSMYQKVERHILSQIQRS

WIRXMHS RMIX^GLIERS (I JSVQE MRXIMVEQIRXI SVMKMREP QEW GSIVIRXI

GSQ E XVEHMËÇS LMWX×VMGE EHMERXSYWI E WIY XIQTS HSQMRSY  WYE

ÍTSGE IRGEVRSY E ZMWÇS HS TEWWEHS I TVSNIXSY S JYXYVSHS &VEWMP

)WXEFIPIGIY QEXVM^IW HI EËÇS I HI TIRWEQIRXS UYI WI XSVREVEQ

E\MSQÅXMGEW*SMEFWSPYXEQIRXIVIEPZMZIYMRXIRWEQIRXIWIYXIQTS

I WYEW GMVGYRWXÆRGMEW 1EW EGEFSY  XVERWJSVQERHSWI RYQ QMXS

QIHMERXI WYE MQEKIQ VIMRZIRXSYWI IJSVXEPIGIYWI YQ &VEWMP UYI

HMERXI HE VYTXYVE JSVQEP IRXVI E QSREVUYME I E VITÞFPMGE ERHEZE

MRWIKYVSWSFVIWIYTEWWEHSHIWGSRJMEHSHIWIYTVIWIRXIIXIQIVSWS

HS JYXYVS

7ÇSQYMXEWEWPIMXYVEWUYIWITSHIQJE^IVHEZMHEIHESFVEHS

&EVÇS HS 6MS &VERGS YQE IWWIRGMEP I MRHMWWSPYZIPQIRXI PMKEHE Ä

SYXVE .Å WI IWGVIZIY QYMXS WSFVI S &EVÇS 4SYGSW ÆRKYPSW HI WYEW

EXMZMHEHIWXIVÇSHIM\EHSHIWIVIWUYEHVMRLEHSW5YISYXVSWKVERHIW

FVEWMPIMVSWXIVÇSXMHSXERXSWPMZVSWHIHMGEHSWEWIYPIKEHS#8YHSTEVIGI

WIVGSRLIGMHS IRSIRXERXS UYERXSQEMWWIIWXYHESTIVWSREKIQ

QEMW WI MQEKMRE UYI TSHI IWXEV JEPXERHS EPKYQE GSMWE TEVE E I\EXE

GSQTVIIRWÇS HI XSHEW EW WYEW HMQIRWÙIW 9Q RÇSWIMUYÎ HI



MRWYJMGMÎRGMEUYIWIETSWWEHIUYIQVIFYWGEEWFMSKVEJMEWSWIWGVMXSW

EW ERÅPMWIW I\MWXIRXIW WSFVI S &EVÇS 'SQS WI EPKS EMRHE IWXMZIWWI

IWGSRHMHS 'SQS WI JEPXEWWI YQE TIËE YQ HEHS EPKYQ IPIQIRXS

JYKMHMSUYIHIWGSFIVXSTYHIWWIXVE^IVRSZEWISVMKMREMWVIZMWÙIWHS

TIVWSREKIQ%WWMQWÇSSWKVERHIWLSQIRW(IM\EQTEVEETSWXIVMHEHI

SHSQHIWYEWTV×TVMEWGSRXVEHMËÙIWHIWYEWTV×TVMEWEQFMKàMHEHIW

HS UYI JSVEQ HS UYI RÇS JSVEQ I HS UYI TSHIVMEQ XIV WMHS 7ÇS

QMWXÍVMSWIQGPEVSIRMKQEWEHIWGSFIVXSQSRYQIRXSWEWYEWTV×TVMEW

KVERHI^EW

8EPZI^ETVMRGMTEPHEWKVERHI^EWHS&EVÇSHS6MS&VERGSXIRLE

WMHSEHIIRGEVREVEGSRXMRYMHEHIHIRXVSHEXVERWJSVQEËÇSHIEXIRYEV

E VYTXYVE IRXVI E SVHIQ QSRÅVUYMGEI E VITYFPMGERE 7YE MQEKIQ

WSF IWWI EWTIGXS Í E MQEKIQ HEW IPMXIW FVEWMPIMVEW UYI GSRWIKYIQ

XVERWJSVQEVWI ES PSRKS HS XIQTS I EHETXEVWI ESW EGSRXIGMQIRXSW

WIQTIVHIVSGSRXVSPIHIWIYWTV×TVMSWMRXIVIWWIWISIWTEËSHI WYE

TVIIQMRÎRGME 6MS &VERGS VIGSRGMPME E VITÞFPMGE GSQ E QSREVUYME

I QIHMERXI TSPÑXMGEW HI EJMVQEËÇS REGMSREPMWXE PSKVE MHIRXMJMGEV S

TEXVMGMEHS FVEWMPIMVS GSQ SW ZEPSVIW TIVQERIRXIW HE WSGMIHEHI

4VSPSRKE RS XIQTS E JIMËÇS XVERWMXMZE HE SVHIQ WSGMEP FVEWMPIMVE I

VIWXEFIPIGIREGSRWGMÎRGMEGSPIXMZESVIWTIMXSXÇSTV×TVMSHSTIVÑSHS

QSRÅVUYMGS TIPEHMKRMHEHI EYWXIVE I WÅFME HS KSZIVRERXI 4SV WIY

MRXIVQÍHMS IWXIRHIWI TIPS WÍGYPS << E WSQFVE TSHIVSWE HS QMXS

HS -QTIVEHSV HE FIRÍZSPE TEXIVREP I IVYHMXE JMKYVE HI ( 4IHVS

-- ZMZEEXÍ LSNIEMRHERSMRGSRWGMIRXIFVEWMPIMVSGSQSIZSGEËÇSHI

YQ TEWWEHS WYTSWXEQIRXI SVHIMVS I E TVIQSRMËÇS HI YQ JYXYVS

KVERHMSWS UYI XIMQEIQ RÇS WIVIEPM^EV

6IZMWMXEV6MS&VERGSHIWTIVXEYQGIVXSTVE^IVVYQMRERXI7YE

JMKYVE IZSGE S &VEWMP UYI IPI ENYHSY E MQEKMREV GLIMS HI WM

EYXSGSQTPEGIRXI RS IWTPIRHSV HI WYEW TVSQMWWSVE NYZIRXYHI

I\YFIVERXI RS SVKYPLS HI WYE KVERHI^E I HI WYE YRMHEHI

IWTPIRHMHEQIRXI GSRJMERXIRS JYXYVS

3RHIERHELSNIIWWI&VEWMP#3UYIHMVMEHIR×WSZIPLS&EVÇS

WIETEVIGIWWIIQTIWWSETEVETEVXMGMTEVHSWEXSWGSQUYIGSQIQSVEQSW

S GIRXIRÅVMS HIWYE TSWWI RS -XEQEVEX]#

'IVXEQIRXI WI SVKYPLEVME HI ZIV UYI WIY PIKEHS TVMRGMTEP

TIVQERIGIMRXSGEHSUYIS&VEWMPRÇSHIM\SYIWGETEVYQGIRXÑQIXVS



WIUYIVHIWYEW JVSRXIMVEWÄ HIQEVGEËÇSTVIGMWEIMRGSRXIWXÅZIP 2ÇS

HIM\EVMEHIWIIRGERXEVGSQESGYTEËÇSEQTPEITVSJYRHEHSXIVVMX×VMS

REGMSREPTSVYQEKIRXITIVWIZIVERXIETIWEVHIXSHEWEWHMJMGYPHEHIW

HMZIVWE ÞRMGE IQ WYE PMRKYEKIQ I TPÅWXMGE IQ WYE EHETXEËÇS ES

QIMS8EPZI^ WI TVISGYTEWWI GSQ YQE GIVXE TIVHE HI EYXSIWXMQE

UYISWERSWIERSWHIMVVIEPM^EËÙIWJSVEQMRGYXMRHSREWWIRWMFMPMHEHIW

HIGEHEYQ*MGEVMEWYVTVIWSGSQEWHMJMGYPHEHIWEMRHEIRGSRXVEHEW

TIPSTEÑWTEVEWIHIJMRMVQEMWEJMVQEXMZEQIRXIRSTPERSMRXIVREGMSREP

:IVMEUYIWYETVIQSRMËÇSUYERXSÄLIKIQSRMERSVXIEQIVMGEREXMRLE

WMHSEGIVXEHE7IKYVEQIRXIRSWGLEQEVMEEEXIRËÇSTSVIWXESYEUYIPE

MRWYJMGMÎRGME1EWWIWIRXMVMESVKYPLSWSHIWYE'EWEHETIVTIXYEËÇS

HIWIYRSQIIHIWIYIWXMPSRYQ-XEQEVEX]VIWTIMXEHSRS&VEWMPIRS

I\XIVMSV

) R×W S UYI PLI HMVÑEQSW# 'SQS S ZIPLS HS 6IWXIPS ESW

REZIKERXIWTSVXYKYIWIWUYIJEQEWPLITVSQIXIVÑEQSW#5YILMWX×VMEW#

5YIXVMYRJSW#5YITEPQEW#5YIZMX×VMEW#)QUYIVIWYPXSYIWWEKIRXI

VIQSXEIQUYIWIIHMJMGSYSRSZS6IMRS#

4EVEEHMTPSQEGMEFVEWMPIMVEÍMQTSVXERXIHIFVYËEVWIHIXIQTSW

IQ XIQTSW WSFVI 6MS &VERGS I TSV QIMS HE IZSGEËÇS HS KVERHI

LSQIQIHEEZEPMEËÇSHIWYESFVEWSFSWSPLSWHSTVIWIRXIHMEPSKEV

GSRWMKSQIWQSMRHEKEVETV×TVMEQIQ×VMEQIHMVWIGSRXVEETVSQIWWE

HS TEWWEHS I E TIVQERIRXI I\TIGXEXMZE HS JYXYVS

¥VIEPMQÑXVSJITSVI\GIPÎRGMEHS&VEWMPHIWHISTIVÑSHSGSPSRMEP

EXÍSWQIEHSWHSWÍGYPS<-<EVIKMÇSHS6MSHE4VEXEVITVIWIRXSY

S IM\STVMRGMTEP HI MRXIVEËÇS HS &VEWMP GSQ S QYRHS I\XIVMSV 2S

XIEXVSTPEXMRSHIWIRZSPZIYWIYQEMRXIRWEITIGYPMEVQMWXYVEHIZMWÙIW

IWXVEXÍKMGEW HIHMTPSQEGME IHI KYIVVEW IQ XSVRS HE HIJMRMËÇS HE

I\XIRWÇSIHSWPMQMXIWHEWYRMHEHIWREGMSREMWUYIZMVMEQEWIXSVREV

SW )WXEHSWUYI LSNI GSRJSVQEQ S 1IVGSWYP 3 TVIWIRXI XVEFEPLS

FYWGEIWXEFIPIGIVYQEETVS\MQEËÇSESXIQEHETSPÑXMGEHS&EVÇSRS

4VEXE QIHMERXI E VIJIVÎRGME E XVÎW IPIQIRXSW IWWIRGMEMW TEVE WYE

GSQTVIIRWÇS S GSRXI\XS LMWX×VMGS HE JSVQEËÇS HS &VEWMP I HE

REGMSREPMHEHIFVEWMPIMVEEJMKYVETEXIVREHS:MWGSRHIWIYTEMGSQ

UYIQS&EVÇSGSQTÙIYQEHYEPMHEHIMRWITEVÅZIPIJMREPQIRXISW

TVMRGMTEMWJEXSW I JIMXSWHIWYETSPÑXMGEREVIKMÇS

8VEXEWI TSVXERXS HI YQE XIRXEXMZE HI EREPMWEV E SFVE I S

TIVWSREKIQ IQ JYRËÇS HI YQ PEHS HS GSRXI\XS LMWX×VMGS UYI



MRJPYIRGMSYWYEWTIVGITËÙIWHEWVIPEËÙIWHS&VEWMPGSQWIYWZM^MRLSW

MQIHMEXSW IHISYXVS HSGSRXI\XSJEQMPMEVUYIGSRHMGMSRSY TIPS

GSRHYXSHE ZMHEI\XVESVHMRÅVMEHI WIYTEM WYEWZMWÙIWHE TSPÑXMGE I

HE HMTPSQEGMEVIKMSREMW

3'328)<83,-78·6-'3

3WTEÑWIWUYIWIJSVQEVEQRE%QÍVMGEHS7YPRSWÍGYPS<-<

MRGSVTSVEVEQ IQ WIYWVIWTIGXMZSW TVSGIWWSW HI GSRWXVYËÇS REGMSREP

XSHEEGEVKEHIERXEKSRMWQSWTVIZEPIGIRXIRE4IRÑRWYPE-FÍVMGEIRXVI

EW HYEW KVERHIWTSXÎRGMEW)WTERLEI4SVXYKEP UYILEZMEQHIWHI S

JMREPHSWÍGYPS<:GETMXERIEHSEI\TERWÇSIYVSTÍME)WWIJIRØQIRS

JMGSY TEVXMGYPEVQIRXI IQ IZMHÎRGME RE TSVËÇS QEMW QIVMHMSREP HS

GSRXMRIRXISYWINEREVIKMÇSHE&EGMEHS4VEXE(MJIVIRXIQIRXIHS

VIWXERXI HE %QÍVMGE HS 7YP SRHI MQIRWSW ZE^MSW WITEVEZEQ EW

TSTYPEËÙIWHISVMKIQGEWXIPLEREIPYWMXEREREWJÍVXIMWXIVVEWFERLEHEW

TIPSW6MSW4EVERÅI4EVEKYEMITSVWIYWEJPYIRXIWEWJVIRXIWHII\TPSVEËÇS

IEWWIRXEQIRXSGSPSRMEPTYWIVEQWIIQGSRXEXSHMVIXSIHMWTYXEVEQ

SWPMQMXIWHIGEHE-QTÍVMSRYQTVSGIWWSGSRJPMXMZSUYIWIXVERWJIVMY

TSWXIVMSVQIRXI ÄW IRXMHEHIW REGMSREMW HE VIKMÇS

)QZMVXYHIHS8VEXEHSHI8SVHIWMPLEWEKÎRIWIHS&VEWMPIWXIZI

GSRHMGMSREHE E YQE HMRÆQMGE HI WITEVEËÇS 3 ZE^MS HIQSKVÅJMGS

I\MWXIRXI IRXÇS RE %QÍVMGE HS 7YP I E RÇS HIWGSFIVXE HI VMUYI^EW

QMRIVEMW RS &VEWMP EWWMQ GSQS E JM\EËÇS HEW EXIRËÙIW IWTERLSPEW

QEMW RE GSWXE HS 4EGÑJMGS GSRXVMFYÑVEQ TEVE IZMXEV S WYVKMQIRXS

RSWTVMQIMVSWWÍGYPSWHISGYTEËÇSGSPSRMEPHIJVMGËÙIWIRXVIEWHYEW

JVIRXIWGSPSRM^EHSVEW1EMWXEVHIE9RMÇS-FÍVMGEXSVREVMEMVVIPIZERXI

SXVEËEHSHSQIVMHMERSHI8SVHIWMPLEW.ÅUYIXSHEWEWXIVVEWIWXEZEQ

WSFE'SVSEIWTERLSPESWGSPSRM^EHSVIWPYWMXERSWTYHIVEQIWXIRHIV

WI WIQ GSRWXVERKMQIRXSW TIPS MRXIVMSV HS GSRXMRIRXI IQ FYWGE HEW

JYVXMZEW VMUYI^EW QMRIVEMW I TSWXIVMSVQIRXI FEWIEHSW RS TVMRGÑTMS

HS YXMTSWWMHIXMWRIKSGMEVSVIGSRLIGMQIRXSGEWXIPLERSHEWJVSRXIMVEW

EQTPMEHEW HS &VEWMP (IZMHS E IWWEW GMVGYRWXÆRGMEW S REWGMQIRXS

LMWX×VMGSHS &VEWMP IWXIZI WIQTVI EWWSGMEHS E MQTYPWSW HI I\TERWÇS

XIVVMXSVMEPEPKSUYIRÇSHIM\SYHIMRJPYIRGMEVEZMWÇSUYISWZM^MRLSW

JSVQEVEQHSTEÑW%PKSUYII\TPMGEXEQFÍQEXIRHÎRGMETVIHSQMRERXI



REW WSGMIHEHIWLMWTÆRMGEW HE %QÍVMGE HS 7YP HI EWWSGMEV E LMWX×VME

HS&VEWMPEYQEZSGEËÇSMQTIVMEPMWXEUYIWII\TVIWWEVMEEXÍRETV×TVME

JSVQEUYIEWWYQMYS)WXEHSFVEWMPIMVSIQJYRËÇSHEWTIGYPMEVMHEHIW

HS TVSGIWWS HI MRHITIRHÎRGME

2SWÍGYPS<-<IWWEWFVIGLEWWIEZSPYQEVEQGSRWMHIVEZIPQIRXI

ÄPY^HEWHMJIVIRXIWQERIMVEWGSQS)WTERLEI4SVXYKEPVIEKMVEQESW

IZIRXSWRETSPIØRMGSWIHEWJIMËÙIWHMZIVKIRXIWEWWYQMHEWTIPSWTVSGIWWSW

HIIQERGMTEËÇSRYQIRSYXVSPEHSHE%QÍVMGE%WHMZMWÙIWREWGMHEW

IQ8SVHIWMPLEW I EGIRXYEHEW TIPEW GEVEGXIVÑWXMGEW HMWWIQIPLERXIW HE

GSPSRM^EËÇSXSVREVEQWIEMRHEQEMWEKYHEWRSWÍGYPS<-<GLIKERHS

E GSRHY^MV E  TVSPSRKEHSW GSRJPMXSW RE VIKMÇS WYP HS GSRXMRIRXI

SRHI WI TVSHY^MY S IRGSRXVS HEW JVIRXIW GSPSRM^EHSVEW IWTERLSPEI

PYWMXERE I WI QERMJIWXSY E GSRXVETSWMËÇS HI MRXIVIWWIW IWXVEXÍKMGSW

HIYQE IHISYXVE TEVXI

'SQ E MRHITIRHÎRGME E FVIGLE HI TIVGITËÙIW I TVSNIXSW

REGMSREMW IRXVI S &VEWMP ISW TEÑWIW LMWTÆRMGSW GSRWSPMHSYWI EMRHE

QEMW (I YQ PEHS SWHIWGIRHIRXIW HE QSREVUYME TSVXYKYIWE UYI

WINYPKEZEQ VITVIWIRXERXIW HS TVSGIWWS HIVIWXEYVEËÇS IQ GYVWSRE

)YVSTE (S SYXVS SW TEÑWIW LMWTÆRMGSW MQFYÑHSW HI JIVZSVIW

VITYFPMGERSW I PMFIVEMW UYI PSKS WI HIWZMVXYEVMEQ IQ JYRËÇS HSW

HIWQERHSW I HE ZMSPÎRGME HS GEYHMPLMWQS QEW UYI RSQMREPQIRXI

SWMRWTMVEZEQIQHMVIËÇS STSWXEÄHS&VEWMP

%GSRWIUàÎRGMEQEMW TEPTÅZIPTEVES&VEWMPHEMRHITIRHÎRGME

WSFEJSVQEQSRÅVUYMGEJSMEYRMHEHIXIVVMXSVMEP)RUYERXSE%QÍVMGE

IWTERLSPEWIJVEKQIRXSYS&VEWMPQERXIZIWIYRMHSWSFSGIRXVEPMWQS

FVEKERXMRS8EPZI^TIPSVIGIMSHEHIWSVHIQIQUYIZMZMEQEWZM^MRLEW

VITÞFPMGEW WYPEQIVMGEREW EW IPMXIW FVEWMPIMVEW EWWSGMEVEQ E MQEKIQ

HEVITÞFPMGEEWMXYEËÙIWHITIVHEHIYRMHEHIEGSRJPMXSWIEMRWXEFMPMHEHI

TSPÑXMGE ZEPSVIW IWWIW GSRWMHIVEHSW RS &VEWMP EFWSPYXSW

)WWI GSRXI\XS LMWX×VMGS I GYPXYVEP I\TPMGE EW WYGIWWMZEW

MRXIVZIRËÙIW HS &VEWMP RS 4VEXE HI SRHI TVSZMRLEQ RE TIVGITËÇS

FVEWMPIMVE TSWWÑZIMW EQIEËEW Ä MRXIKVMHEHI XIVVMXSVMEP HS TEÑW 2E

VIEPMHEHI E TVISGYTEËÇS GSQ S GSRXVSPI HE QEVKIQ IWUYIVHE HS

4VEXE ZIQ HEW TVSJYRHI^EW HE LMWX×VME HS &VEWMP 2YQ TVMQIMVS

QSQIRXS E JSVËE TVIHSQMRERXI RE VIPEËÇS Í VITVIWIRXEHE TIPE

HIXIVQMREËÇS PYWMXERE HI IWXEFIPIGIVTVIWIRËE RE QEVKIQ IWUYIVHE



HS4VEXEXEPGSQSWMQFSPM^EHETIPEJYRHEËÇSHE'SPØRMEHI7EGVEQIRXS

IQ  I TIPEW QYMXEW HÍGEHEW HI GSRJPMXSW GSQ E )WTERLE IQ

XSVRS HEUYIPE TVEËE ) XEP GSQS TSWXIVMSVQIRXI QEXIVMEPM^EHE RE

SGYTEËÇSHE&ERHE3VMIRXEPIQIREWYFWIUàIRXIMRGSVTSVEËÇS

IQHE4VSZÑRGME'MWTPEXMREES6IMRS9RMHSHI4SVXYKEP&VEWMP

I%PKEVZIW*SMESTSWMËÇSGEWXIPLEREEIWWEWTSPÑXMGEWUYITSWWMFMPMXSY

EEJMVQEËÇSHI&YIRSW%MVIWRSGSRXI\XSHS:MGI6IMREHSHS4VEXE

GSQSGIRXVSHSTEÑWUYIZMVMEEWIVE%VKIRXMRE%T×WEMRHITIRHÎRGME

HS&VEWMPETVIWWÇSMRZIVXIVMESWIRXMHSTEVXMVMEHS4VEXEIEXMRKMVME

WIY ÅTMGI GSQ E KYIVVE HI PMFIVXEËÇS HE 4VSZÑRGME 'MWTPEXMRE IRXVI

 I  UYI MRGSRGPYWE RS GEQTS HI FEXEPLE GYPQMRSY

HMTPSQEXMGEQIRXIWSFQIHMEËÇS FVMXÆRMGEGSQEMRHITIRHÎRGMEHS

9VYKYEM

% TEVXMV HI IRXÇS S NSKS HI JSVËEW WI GEVEGXIVM^EVME HI YQ

PEHSTIPEWTIVM×HMGEW EQFMËÙIW TSVXIRLEWHI VIGSRWXMXYMV SWPMQMXIW

HS:MGI6IMREHSHS4VEXEHIUYIJSMI\TVIWWÇSQÅ\MQEEJMKYVEHI

.YER 1ERYIP HI 6SWEW I HI SYXVS TIPE HIXIVQMREËÇS HS 6MS HI

.ERIMVS HI QERXIV E UYEPUYIV GYWXS YQ WXEXYW UYS UYI MQTIHMWWI E

JSVQEËÇS HIYQE JSVQMHÅZIP TSXÎRGME VMZEP RSW PMQMXIW QIVMHMSREMW

HS TEÑW UYIIRXVI SYXVEW EQIEËEW TSHIVME IWXMQYPEV WITEVEXMWQSW

REWTVSZÑRGMEWHS 7YP(EÑE TEVXMGMTEËÇS HMTPSQÅXMGE IQMPMXEVHS

&VEWMPREEPMERËEUYIGSRHY^MYÄUYIHEHI6SWEWIQJEXSUYI

QEVGSYTVSJYRHEQIRXIEVIPEËÇSHS&VEWMPGSQSWZM^MRLSWTPEXMRSW

7× GSQ E EFSPMËÇS HE IWGVEZEXYVE IQ  I E GSRWIUàIRXI

TVSGPEQEËÇS HE VITÞFPMGE IQ  Í UYI WI GVMEVMEQ EW GSRHMËÙIW

TEVE E ETVS\MQEËÇS IRXVI EW HYEW %QÍVMGEW HI SVMKIQ MFÍVMGE

*SVQEPQIRXI S &VEWMP TEWWEZE E SWXIRXEV MRWXMXYMËÙIW UYI S

EWWIQIPLEZEQ E WIYW ZM^MRLSW 2S QERMJIWXS VITYFPMGERS HI 

S XIQE HE MHIRXMHEHI EQIVMGERE ETEVIGI GSQS YQE HEW VE^ÙIW

PIZERXEHEWTEVESJMQHEQSREVUYME(M^MESXI\XSw7SQSWHE%QÍVMGE

IUYIVIQSWWIVEQIVMGERSW%QSREVUYMEÍREWYEIWWÎRGMEIREWYE

TVÅXMGELSWXMPESHMVIMXSIESWMRXIVIWWIWHSW)WXEHSWEQIVMGERSW%

TIVQERÎRGME HE QSREVUYME Í JSRXI TIVTÍXYE HI LSWXMPMHEHI I

HIKYIVVEW GSQSWTSZSWUYIRSWVSHIMEQx

)RXVI  I  RIKSGMEVEQWI TEGMJMGEQIRXI XSHEW EW

UYIWXÙIW TIRHIRXIW IRXVI S &VEWMP I WIYW ZM^MRLSW XIVVMXSVMEMW



%WWIKYVSYWI S &VEWMP HI YQ TEXVMQØRMS HMTPSQÅXMGS MRIWXMQÅZIP

UYITIVQMXMYESTEÑWIPMQMREVUYEPUYIVLMT×XIWIHIGSRJPMXSFEWIEHS

IQ HMWTYXEW XIVVMXSVMEMW 5YERHS WI XIQ TVIWIRXI E UYERXMHEHI HI

HMWTYXEWUYIXSHEZMEI\MWXIQZMZEWSYPEXIRXIWIRXVISWHIQEMWTEÑWIW

HE%QÍVMGEHS7YPVIZIPEWIETVIWGMÎRGMEHSTIRWEQIRXSIWXVEXÍKMGS

HEW PMHIVERËEW FVEWMPIMVEWIRGEVREHEWGEHE UYEPEWIYXIQTS I GEHE

UYEPEWIYQSHSTIPS:MWGSRHIHS6MS&VERGSITIPS&EVÇSHS6MS

&VERGS S :MWGSRHI TVSJYRHEQIRXI QEVGEHS TIPS TEVEHMKQE HE

MRXIVZIRËÇS S &EVÇS TIPS UYI TSHIVME WIV HIRSQMREHS wWITEVEËÇS

EQMWXSWEx

34%-

%GEVVIMVETÞFPMGEHSTVMQIMVS6MS&VERGSMRMGMSYWITIPEQÇS

HI YQ HSW QEMSVIW TIVWSREKIRW HS VIKMQI QSRÅVUYMGS ,SR×VMS

,IVQIXS'EVRIMVS0IÇSS1EVUYÎWHS4EVERÅ*SMHSJYXYVSGLIJI

HS+EFMRIXIHE'SRGMPMEËÇSEMRMGMEXMZEHIGSRZMHEVSNSZIQNSVREPMWXE

.SWÍ 1EVME HE 7MPZE 4EVERLSW E EGSQTERLÅPS GSQS 7IGVIXÅVMS IQ

WYE 1MWWÇS )WTIGMEP ES 4VEXE IQ  %S PEHS HI 'EVRIMVS

0IÇS 4EVERLSW XSVRSYWI XIWXIQYRLE TVMZMPIKMEHE I EKIRXI HI YQ

HSWQSQIRXSWHIGMWMZSWHELMWX×VMEHMTPSQÅXMGEHS&VEWMPEHITSWMËÇS

HI6SWEW%SZMEFMPM^EVGSQWYEWEVQEWIGSQWIYWTEXEGÙIWEZMX×VME

HI .YWXS .SWÍ 9VUYM^E WSFVI S HMXEHSV HI &YIRSW %MVIW S -QTÍVMS

EFVMY S GEQMRLS TEVE E GVMEËÇS HE QSHIVRE %VKIRXMRE I EWWIKYVSY

EWFEWIWHIJMRMXMZEWWSFEWUYEMWZMVMEQKVEHYEPQIRXIEWIGSRWSPMHEV

SW)WXEHSW HEVIKMÇSIQ WYE GSRJSVQEËÇSEXYEP

4EVERLSWETVIRHIYGSQ'EVRIMVS0IÇSEHMTPSQEGMEHITSHIV

:MYS XIGIV HI 1SRXIZMHÍY E )RXVI 6MSW E XVEQE HI EPMERËEW UYI

KEVERXMVMEEZMX×VMEJMREPIQ'EWIVSW%GSQTERLSYSIQ&YIRSW%MVIW

RS XVMYRJERXI HIWJMPI HEW XVSTEW FVEWMPIMVEW 4VIWIRGMSY SW ÅWTIVSW

HMÅPSKSW HI 4EPIVQS IQ UYI 9VUYM^E FYWGERHS QMRMQM^EV E

MQTSVXÆRGME HIGMWMZE HE HMTPSQEGME HEW EVQEW I HEW JMRERËEW HS

-QTÍVMSTEVEEUYIHEHI6SWEWXIZIHIHSFVEVWIERXIEHMKREJMVQI^E

HI'EVRIMVS0IÇSTIVWSREKIQJSVXÑWWMQSUYIWIKYRHSSQMRYGMSWS

VIPEXSV HIWYE QMWWÇS ES4VEXE.SWÍ %RXØRMS 7SEVIW HI 7SY^EwRÇS

HIM\EZETEWWEVGSMWEEPKYQEWIQSWTMRKSWRSWMWx



4EVERLSWXIVÅWMHSSVIHEXSVHIQYMXSWHSWHIWTEGLSWIRZMEHSW

TSV,SR×VMSESPSRKSHIWYEQMWWÇSRS4VEXEXEPGSQSVIGÍQGSPMKMHSW

MRZIRXEVMEHSWISVKERM^EHSWTIPS'IRXVSHI,MWX×VMEI(SGYQIRXEËÇS

(MTPSQÅXMGEHS-XEQEVEX]IQGSQSTEVXIHEWGSQIQSVEËÙIW

HS WIKYRHSGIRXIRÅVMSHSREWGMQIRXS HS1EVUYÎWHS4EVERÅ (IPI

JSVEQ XEQFÍQ EW GÍPIFVIW w'EVXEW ES %QMKS %YWIRXIx TYFPMGEHEW

RS .SVREP HS 'SQQIVGMS IRXVI  I  IQ EPKYQEW HEW UYEMW

XVEËSY TEVE E WIRWMFMPMHEHI FVEWMPIMVE YQ UYEHVS JMHIHMKRS HE

MRWXEFMPMHEHITVIZEPIGIRXIREWVITÞFPMGEWTPEXMREW8IRHSTIVQERIGMHS

GSQSEKIRXIHMTPSQÅXMGSIQ1SRXIZMHÍYET×WSVIKVIWWSHI'EVRIMVS

0IÇS ES 6MS HI .ERIMVS 4EVERLSW HIYWI EQTPEQIRXI GSRXE HEW

MRWYJMGMÎRGMEWHSWVIKMQIWGEYHMPLIWGSWIXIVÅWMHSYQHSWVIWTSRWÅZIMW

TIPEJM\EËÇSREWTIVGITËÙIWFVEWMPIMVEWHIYQTEVEHMKQEUYIMRJPYIRGMSY

PSRKEQIRXIEWVIPEËÙIWHSTEÑWGSQWIYWZM^MRLSWEEWWSGMEËÇSIRXVI

E JSVQE VITYFPMGERE I E EREVUYME TSV STSWMËÇS Ä IWXEFMPMHEHI I E

YRMHEHI HE QSREVUYME

%MQTYPWMZEIRÍVKMGEIEYXSVMXÅVMEZSRXEHIHI'EVRIMVS0IÇS

XIVÅ GIVXEQIRXI QEVGEHS E WYXMP QEW TIRIXVERXI I TIVWMWXIRXI

WIRWMFMPMHEHIHI4EVERLSW%TEVXMVHIWWETEVGIVMEIHIWWEWYETVMQIMVE

MQIVWÇS RSW RIK×GMSWHE HMTPSQEGME TPEXMRE 4EVERLSW XSVRSYWI S

QEMW GSQTPIXS GSRLIGIHSV HSW EWWYRXSW HE VIKMÇS )Q WIY IWXYHS

WSFVIS'SRWIPLIMVS8SPIRXMRSUYISJYXYVS:MWGSRHIPIZEVMEGSQS

WIY 7IGVIXÅVMS E 1SRXIZMHÍY %RXØRMS 'ÆRHMHS VIJIVIWI QYMXS

ETVSTVMEHEQIRXI Ä GMVGYRWXÆRGME HI UYI JSM IQ 1SRXIZMHÍY UYI

4EVERLSW JSVQSY E VIHI HI GSRI\ÙIWUYI GSEHNYZEVME WYE EWGIRWÇS

%PÍQHI'EVRIMVS0IÇSUYIHIWETEVIGIVMETVIQEXYVEQIRXIIQ

4EVERLSW XSVRSYWI ÑRXMQS HI 'E\MEW WIQTVI TVIWIRXI RS XIEXVS

TPEXMRS I HI 1EYÅ S EVXÑJMGI HE ZMEFMPM^EËÇS IGSRØQMGSJMRERGIMVE

HS9VYKYEM)WWIMQEKMRÅVMSwKVYTSHI1SRXIZMHÍYxGSQSSHIRSQMRE

%RXØRMS'ÆRHMHSHEVMEWYWXIRXEËÇSÄZMHETÞFPMGEHI4EVERLSWUYI

HI WIY TVMQIMVS TSWXS GSQS 7IGVIXÅVMS HI 'EVRIMVS 0IÇS I

4PIRMTSXIRGMÅVMSRS4VEXEWIGEVEGXIVM^EVMETIPEMRXIVEËÇSTIVQERIRXI

HE HMTPSQEGME GSQ E TSPÑXMGE

*IMXS1MRMWXVSHE1EVMRLETIPSNÅ:MWGSRHIIHITSMW1EVUYÎW

HS4EVERÅ4EVERLSWEGSQTERLSY'EVRIMVS0IÇSEXÍWYEQSVXIXIRHS

TEVXMGMTEHS EXMZEQIRXI HS TVSGIWWS TSPÑXMGS HE 'SRGMPMEËÇS UYI



VITVIWIRXSY S EYKI HS VIKMQI QSRÅVUYMGS (I  E  JSM

ZÅVMEWZI^IW1MRMWXVS'LIJMSYS+EFMRIXIHIQEMWPSRKEHYVEËÇSHI

XSHS S TIVÑSHS QSRÅVUYMGS *I^ GMRGS SYXVEW QMWWÙIW HMTPSQÅXMGEW

ES 4VEXE IQ  TEVE GSRXSVREV SW TVMQIMVSWMQTIHMQIRXSW UYI

E TSPÑXMGE WIKYMHE TIPS 4EVEKYEM HI 7SPERS 0×TI^ ERXITYRLE Ä

REZIKEËÇSJPYZMEPITSVGSRWIKYMRXIÄGSQYRMGEËÇSGSQE4VSZÑRGME

HI1EXS+VSWWSIQTEVEENYWXEVGSQ4PIRMTSXIRGMÅVMSWYVYKYEMSW

I EVKIRXMRSW YQ XVEXEHS HIJMRMXMZS GETE^ HI WYFWXMXYMV S %GSVHS

4VIPMQMREV HI  QIHMERXI S UYEP WI EGIVXEVE E MRHITIRHÎRGME

HS 9VYKYEM IQ  TEVE GSSVHIREV SW TVMQIMVSW

IRXIRHMQIRXSW HMTPSQÅXMGSW UYI PIZEVMEQ Ä JSVQEËÇS HE8VÑTPMGI

%PMERËE GSRXVE S 4EVEKYEM SGEWMÇS IQUYI HMVMEVIJPIXMRHS S IWXMPS

HI 'EVRIMVS 0IÇS WIYQIRXSV RÇS TSHIRIQHIZIS&VEWMPwHEVWI

TSVWEXMWJIMXSIRUYERXS RÇSPLIJSVIQEXIRHMHSWXSHSWSWMRXIVIWWIW

HS -QTÍVMSx IRXVI I TEVERIKSGMEVIQ&YIRSW%MVIWI

IQ1SRXIZMHÍYEJSVQEËÇSHIYQKSZIVRSTVSZMW×VMSTEVEKYEMSTEVE

I\IVGIV E NYVMWHMËÇS GMZMP RE ^SRE NÅ PMFIVEHE HS NYKS PSTMWXE I TEVE

TVITEVEVRIKSGMEVEWGSRHMËÙIW HS)WXEHS KYEVERM RST×WKYIVVEI

EMRHEIQXIVQMREHEEKYIVVETEVEYPXMQEVSWXIVQSWHSXVEXEHS

HIJMRMXMZSHITE^IRXVIE8VÑTPMGI %PMERËEI S 4EVEKYEM

'SQS 'LERGIPIV TIPE TVMQIMVE ZI^ EMRHE RS +EFMRIXI HE

'SRGMPMEËÇS JSM S VIWTSRWÅZIP TIPE GIPIFVEËÇS IQ QEVËS HI

HSXVEXEHSUYIEWWIRXSYEWFEWIWIWXÅZIMWHEVIPEËÇSIRXVIS&VEWMPI

E6ITÞFPMGE%VKIRXMRE)QWMRXIXM^EVMEIQHMWGYVWSRE'ÆQEVE

WYE ZMWÇSHE HMTPSQEGMEUYIS&VEWMPHIZIVMEWIKYMV RS4VEXE

w:INSEWRSWWEWVIPEËÙIWGSQSW)WXEHSWHS4VEXEWSFYQEWTIGXS

QYMXS HIWEKVEHÅZIP  )WTIVS UYI S +SZIVRS -QTIVMEP TVSGIHIVÅ

RÇSW×GSQSXMRSIEIRIVKMEUYI?WIAPLIVIGSQIRHEQEWXEQFÍQ

GSQEWEFIHSVMEIETVYHÎRGMEHIUYIXIQHEHSTVSZEW2ÇSÍS

&VEWMPUYIQ QEMWHIZI XIQIVYQEKYIVVEGSQSW )WXEHSW HS4VEXE

QEW TSV MWWS QIWQS TSVUYI XIQSW GSRWGMÎRGME HI RSWWE JSVËE

TSHIQSW WIV QSHIVEHSW FIRÍZSPSW I EXÍ KIRIVSWSW XERXS UYERXS

IWXIW WIRXMQIRXSW JSVIQ GSQTEXÑZIMW GSQ E HMKRMHEHI REGMSREP I

GSQ SW HMVIMXSW I KVERHIW MRXIVIWWIW HS-QTÍVMSx

4SYGEW TEPEZVEW TSHIVMEQ VIWYQMV HI JSVQE XÇS ETVSTVMEHE E

IWWÎRGME HE TSPÑXMGE TPEXMRE HS &VEWMP EW HMGSXSQMEW UYI UYEPMJMGEQ

I JVIUàIRXIQIRXI MRMFIQ EXÍ LSNI E HMTPSQEGME FVEWMPIMVE8VEXEWI



HIYQEZMWÇSQEXVMGMEPUYIGSPSGE4EVERLSWGSQSJYRHEHSVHIYQ

IWXMPSHIHMTPSQEGMEUYIWIYJMPLSS&EVÇSHS6MS&VERGSEHETXEVME

I IWXEFIPIGIVME HIJMRMXMZEQIRXI

4EVERLSW XIVME HIGIVXS HMWWEFSVIWES PSRKS HI WYE JYPKYVERXI

XVENIX×VME5YIQRÇSSWXIQ#3TVMRGMTEPHIPIWVIWYPXSYHIWYEQMWWÇS

ES 4VEXE IQ 8EQERHEVÍ HMWGSVHSY TYFPMGEQIRXI HS EGSVHS

EWWMREHSTSV4EVERLSWITIHMYHIQMWWÇSERXISUYIGSRWMHIVSYYQE

JVEUYI^E HI RSWWE HMTPSQEGME ES MQTIHMV YQ EXEUYI TVIZIRXMZS ÄW

JSVËEW PSTMWXEW 4EVERLSW JSM HIQMXMHS I S (MÅVMS 3JMGMEP VIKMWXVSY

I\TPMGMXEQIRXI

w3+SZIVRS-QTIVMEPVIWSPZIYHMWTIRWEVHE1MWWÇS(MTPSQÅXMGE

UYIPLIIWXEZEGSRJMEHES'SRWIPLIMVS4EVERLSW3EGSVHSGIPIFVEHS

RÇS EXIRHIY XERXS UYERXS HIZME ÄW GSRWMHIVEËÙIW UYI JM^IQSW

ERXIVMSVQIRXI'SRXYHSS+SZIVRS-QTIVMEPVITYXEHIWYEPIEPHEHI

QERXIVSUYIJSMENYWXEHSx

4EVERLSW NYWXMJMGSYWI IQ XI\XS TSWXIVMSVQIRXI TYFPMGEHS

EXVMFYMRHS WYE I\SRIVEËÇS Ä I\TPSVEËÇS TSPÑXMGE JIMXE TIPS 4EVXMHS

0MFIVEP  HEWEXMXYHIW HI8EQERHEVÍ

w% +YIVVE UYI LSNI GSRXE GSQXERXSW TERIKMVMWXEW RÇS W× RS

6MS HE 4VEXE QEW XEQFÍQ IRXVI R×W  SJIVIGI PEVKE QEVKIQ E

QMWXMJMGEËÙIW  % RIKPMKÎRGME GYPTSWE MRGYPGEWI GSQS WEFIHSVME

I TVIZMHÎRGME I S MRXIVIWWI TEVXMGYPEV ÅZMHS I MRJVIRI GSVVSQTI E

WSGMIHEHI I QEPFEVEXE WIQ GSQTEM\ÇSE JSVXYRE TÞFPMGEx

2SPMZVSUYIHIHMGSYEWIYTEMS&EVÇSHS6MS&VERGSYXMPM^EVME

QYMXE XMRXE TEVE REVVEV IWWI ITMW×HMS UYI QEVGSY TVSJYRHEQIRXI

WYE WIRWMFMPMHEHI TEVE EW MRNYWXMËEW E UYI S NSKS TSPÑXMGS ZSPXE I

QIMEWYFQIXI SW LSQIRWHI)WXEHS )Q ERSXEËÇSUYI JI^ Ä ÍTSGE

XEPGSQSGMXEHETSV¥PZEVS0MRWS&EVÇSHÅEQIHMHEHEMQTSVXÆRGME

HS ITMW×HMSTEVE WYE JSVQEËÇS wZM QEMW HS UYI RYRGE UYERXS

LEZMEGSPSGEHSEQMRLEI\MWXÎRGMEREHS QIYTEMx

% ZMHE TÞFPMGE HI 4EVERLSW TSVÍQ RÇS GLIKSY E WIV

GSQTVSQIXMHE TSV IWWE SGEWMSREP MRNYWXMËE %PËEHS Ä KVERHI^E HI

:MWGSRHI HS6MS &VERGS IQ SYXYFVS HI  WIVME GSRZMHEHS RS

ERS WIKYMRXI TIPS -QTIVEHSV TEVE JSVQEV KSZIVRS (I  HI QEVËS

HIEHINYRLSHIEWWSGMEVMEWYEMQEKIQHIIWXEHMWXE

Ä0IMHS:IRXVI0MZVIIMRXVSHY^MVMEEZERËSWRSWWIXSVIWHIMQMKVEËÇS



XIPÍKVEJSWITSVXSW2ÇSHIM\SYMKYEPQIRXIHIGYMHEVHSETEVIPLEQIRXS

HEW*SVËEW%VQEHEWWSFVISUYIS&EVÇSREFMSKVEJMETEXIVREJEVME

GSQIRXÅVMSW z E GMXEËÇS Í ZEPMSWETEVE GSQTVIIRHIV  E TSPÑXMGE UYI

QEMW XEVHI WIKYMVME GSQS 'LERGIPIV

w%EXMZMHEHIGSQUYIRSWETEVIPLEQSWXSVRSYQEMWGSVXÎW

IQSHIVEHSIQWYEWTVIXIRWÙIWS+SZIVRSHI&YIRSW%MVIW4SHIWI

GSRHIREVIWXEHIWTIWEUYIRSWIZMXSYLYQMPLEËÙIWHIWEWXVIWIQYMXS

QEMSVIW KEWXSW GSQS WIVMEQ SW HI YQE KYIVVE#x

9QEGVMWI JMRERGIMVEIEFERGEVVSXEHS&ERGS1EYÅPIZEVMEQ

S:MWGSRHIEHIM\EVSKSZIVRS6IXSVREVMEÄ'ÆQEVEIES'SRWIPLS

HI )WXEHS QEKSEHS TIPEW EPIKEËÙIW QEPÍZSPEW JIMXE TIPE STSWMËÇS

PMFIVEPEWYEGSRHYXEREGVMWI)QJEVMEWYETVMQIMVEIÞRMGE

ZMEKIQÄ)YVSTESRHIIRGSRXVEVMESJMPLSIRXÇSI\IVGIRHSHIWHIE

UYIHEHS+EFMRIXIEJYRËÇSHI'ØRWYPIQ0MZIVTSSP%SVIKVIWWEV

ES &VEWMP IQ  VIGIFIVME WIKYRHS S HITSMQIRXS HS &EVÇS

wI\TVIWWÙIW HI EJIXS TSTYPEV XÇS IRXYWMÅWXMGEW UYI  PIQFVEZEQ

EW QEKRÑJMGEW EGPEQEËÙIW HSW XVMYRJEHSVIW VSQERSWx

)Q  HI RSZIQFVS HI  HME HI JMREHSW QSVVIVME IQ

JYRËÇS HEW GSQTPMGEËÙIW HI YQ GÆRGIV KIRIVEPM^EHS

2EW TEPEZVEW TVIGMWEW I GSRXYRHIRXIW HI .SEUYMQ 2EFYGS S

:MWGSRHIHS6MS&VERGSJSMwEQEMWPÞGMHEGSRWGMÎRGMEQSRÅVUYMGE

UYIXIZIS6IMREHSSQEMWGETE^HMVIXSVHIRSWWETSPÑXMGEI\XIVRE

IQYQE ÍTSGEIQUYIEMRHEHITIRHMEHIPE EYRMÇSHS&VEWMPx

)WWISKVERHILSQIQÄWSQFVEHSUYEPGVIWGIVMESYXVSKVERHI

LSQIQ 'SQS TIVWSREKIQ HI XVERWMËÇS I HI XVERWEËÇS IRXVI E

QSREVUYMEIEVITÞFPMGES&EVÇSHS6MS&VERGSXIVÅXMHSWYEZMWÇS

HS&VEWMPQSPHEHETIPETVSNIËÇSHETIVWSREPMHEHIIHEEËÇSTEXIVREW

)PI TV×TVMS HM^ME WIQTVI E UYEPUYIV MRXIVPSGYXSV w3 QEMSV HSW

FVEWMPIMVSW JSM ( 4IHVS -- I HITSMW QIY TEMx (E GEVVIMVEI HEW

I\TIVMÎRGMEWHIWIYTEMS&EVÇSXIVÅEFWSVZMHSXEQFÍQETIVGITËÇS

HEIWXVIMXEZMRGYPEËÇSIRXVIEIWXEFMPMHEHIMRXIVREHS&VEWMPIETVÅXMGE

HIYQETSPÑXMGEI\XIVREEJMVQEXMZEGETE^HIWIEHMERXEVÄWGMVGYRWXÆRGMEW

I EXYEV GSQ GSRWMWXÎRGME GSIVÎRGME I GSRXYRHÎRGME IQ HIJIWE HSW

MRXIVIWWIWREGMSREMW8IVÅMKYEPQIRXIHIVMZEHSHEI\TIVMÎRGMETEXIVRE

ERIGIWWMHEHIHITØVXIVQSESTVSGIWWSGSRJPMXMZSUYIHIWHISTIVÑSHS

GSPSRMEP ZMRLE GSRXVETSRHS S &VEWMP E WIYW ZM^MRLSW TPEXMRSW 2ÇS



QEMW QIHMERXI TSPÑXMGEW HI MRXIVZIRËÇS QEW WMQ TIPE NYHMGMSWE I

EQMWXSWEWITEVEËÇSEWWIKYVEVEIWXEFMPMHEHIVIKMSREPQIHMERXIEJM\EËÇS

HIJMRMXMZE I MRGSRXIWXI HSW PMQMXIW XIVVMXSVMEMW HS &VEWMP GSQ WIYW

ZM^MRLSW

3*-0,3

4EVERLSW.ÞRMSVREWGIYIQERSIQUYIWIYTEMMRMGMEZE

E GEVVIMVE TSPÑXMGE GSQ E IPIMËÇS TEVE E %WWIQFPÍME 0IKMWPEXMZE HS

6MSHI.ERIMVS(IWHIQIRMRSSJYXYVS&EVÇSGSQSVIGSVHE¥PZEVS

0MRW wTØHI ZIV HI TIVXSSWKVERHIWHS -QTÍVMS EWGIPIFVMHEHIW HS

QSQIRXS EW KP×VMEW HE ÍTSGEx

%SWWIXIERSWHIMHEHIMVMEXIVIQ1SRXIZMHÍYGSQSTEMUYI

PÅ LEZME WYGIHMHS 'EVRIMVS 0IÇS GSQS VITVIWIRXERXI HS -QTÍVMS

5YI MQTVIWWÇSXIVÅ HIM\EHSREUYIPE WIRWÑZIPIMRXIPMKIRXI GVMERËEE

ZMWÇSHSTEMIQWIYIWTPIRHSVHIEKIRXIHMTPSQÅXMGSRS4VEXE#5YÇS

MQTSVXERXIW XIVÇS WMHS TEVE E JSVQEËÇS HI WYE ZMWÇS HS &VEWMP EW

WIRWEËÙIWGSPLMHEW RE GSRZMZÎRGME GSQ YQ HSW TVMRGMTEMW EXSVIW HI

YQ TIVÑSHS HI MRXIRWE EXMZMHEHI HMTPSQÅXMGE HI MRXIVZIRËÙIW HI

XVEQEW WIGVIXEW HI KYIVVEW HYVERXI EW UYEMW S &VEWMP TEVXMGMTSY

EXMZEQIRXIHSTVSGIWWSHIGSRJSVQEËÇSIIWXEFIPIGMQIRXSHEWREËÙIW

TPEXMREWESQIWQSXIQTSUYIVIWKYEVHSYWYEJVSRXIMVEQIVMHMSREP#

(YVERXIXSHEEWYEZMHEHIGVMERËEIWYEQSGMHEHI4EVERLSW

.ÞRMSV ZMZIY S GMGPS HI EXMZMHEHIW HI WIY TEM SVE ZSPXEHS TEVE SW

RIK×GMSWMRXIVRSWHSTEÑWSVEzUYEWITIVQERIRXIQIRXIzTVIWIRXI

RS XIEXVS TSPÑXMGS HMTPSQÅXMGS I QMPMXEV HS 4VEXE 4SV SGEWMÇS HE

WIKYRHEQMWWÇS HI 4EVERLSW ES4VEXE S NSZIQ 4EVERLSW GSRXEZE NÅ

 ERSW ,EZMEMRKVIWWEHSGSQSWIQMMRXIVRS RS'SPÍKMS 4IHVS --

7IYWIWXYHSWWIGYRHÅVMSWJSVEQQEVGEHSWTIPEGSRWXERXIEXYEËÇSHI

WIY TEM RE JVIRXI TPEXMRE IREW PMHIW HE TSPÑXMGE

4SVSGEWMÇSHEUYEVXEQMWWÇSHI4EVERLSWES4VEXEIQ

SJYXYVS&EVÇSNÅLEZMEXIVQMREHSSWIWXYHSW WIGYRHÅVMSWITEVXMHS

TEVE7ÇS4EYPSSRHIGYVWEVMEE*EGYPHEHIHI(MVIMXS0ÅSEPGERËEE

XYVFYPÎRGMEHE+YIVVEHS4EVEKYEM 7SJVIGSQEW HIWEZIRËEWHIWIY

TEMGSQ8EQERHEVÍIGSQSW0MFIVEMW:MZIGSQEMRXIRWMHEHIUYI

WIYW IWGVMXSW TSWXIVMSVIW VIZIPEVMEQ S MRJSVXÞRMS QSQIRXÆRIS HE



I\SRIVEËÇS HI 4EVERLSW HS TSWXS HIVITVIWIRXERXI HMTPSQÅXMGS HS

-QTÍVMS RS4VEXE

3NSZIQIWXYHERXIWIHIM\EVMEJEWGMREVIQSFMPM^EVTIPEKYIVVE

GSPIGMSREQETEWIWXYHEEWFEXEPLEWIJE^ ERSXEËÙIW WSFVIELMWX×VME

QMPMXEVIHMTPSQÅXMGEHS&VEWMP4EVXMGMTEIQ7ÇS4EYPSHIQERMJIWXEËÙIW

HIETSMSESWLIV×MWHEKYIVVEIGIPIFVEËÙIWHIZMX×VMEW(E*EGYPHEHI

TEWWEESNSVREPMWQS)RXVIIIWGVIZIVMETEVE0v-PPYWXVEXMSR

TVIWXMKMSWEVIZMWXETEVMWMIRWI6IHMKIJVIUàIRXIWQEXÍVMEWWSFVIE+YIVVE

HS 4EVEKYEM )Q  IQTVIIRHI WYE TVMQIMVE ZMEKIQ Ä )YVSTE

8MRLEERSW,EZMEGSRGPYÑHSWIYWIWXYHSWIFYWGEZEEHIJMRMËÇS

HIWYEZMHE:MWMXSY4SVXYKEP*VERËE%PIQERLEI¥YWXVME7IYVIKVIWWS

ES6MSHI.ERIMVSIQGSMRGMHMVMEGSQSVIXSVRSHIWIYTEMES

TSHIV GSQS 1MRMWXVS RS +EFMRIXI -XEFSVEÑ ,EZIRHSWI XSVREHS

W×GMS HS -RWXMXYXS ,MWX×VMGS I +ISKVÅJMGS &VEWMPIMVS EWWYQI

FVIZIQIRXIEGEHIMVEHI,MWX×VMEI 'SVSKVEJMEHS 4IHVS --

) IWWI TIVÑSHS Í XEQFÍQ SHE RSZE I TVSPSRKEHE QMWWÇS HS

JYXYVS:MWGSRHIES4VEXE'SQSTEVEGSQTIRWEVEEYWÎRGMETEXIVRE

I QERXIV E JEQÑPME RS GIRXVS HEW EXMZMHEHIW TSPÑXMGEW JE^WI IPIKIV

TEVE YQE GEHIMVE HI (IPIKEHS IQ QEMS HI  6IZIPE TSVÍQ

GSRJIWWEHEQIRXI IWGEWWS TIRHSV TEVE S HIFEXI TSPÑXMGS

)QWIQTVITIPEQÇSHIWIYTEMI\IVGIVMEWYETVMQIMVE

QMWWÇSHMTPSQÅXMGE%I\IQTPSHSUYI'EVRIMVS0IÇSGSQIPIJM^IVE

IQ4EVERLSWRSQIMESJMPLSTEVEEGSQTERLÅPSGSQS7IGVIXÅVMS

IQWYEUYMRXEQMWWÇSES4VEXE*MRHEE+YIVVEHS4EVEKYEMXEPGSQS

SFWIVZE¥PZEVS0MRWEQMWWÇSHSWHSMW4EVERLSWTEMIJMPLSVITVIWIRXEZE

wSEXSJMREPHEUYIPETSPÑXMGEI\XIVMSVHS-QTÍVMSGSQIËEHEGSQ

EQMWWÇSHS1EVUYÎWHS4EVERÅIQx'SQS7IGVIXÅVMSHEQMWWÇS

4EVERLSW TEVXMGMTEVME HE GSRJVSRXEËÇS UYI IRZSPZIY WIY TEM GSQ S

IRXÇS 'LERGIPIV HE %VKIRXMRE 'EVPSW8INIHSV E TVST×WMXS HE

GSRJSVQEËÇS XIVVMXSVMEP HS 4EVEKYEM 'SRJVSRXEËÇS IWWE HI VIWXS

UYIRÇSHIM\EVMEHIKYEVHEVGIVXEEREPSKMEGSQEUYIERXIWGSRXVETYWIVE

'EVRIMVS0IÇSI9VUYM^EET×WEUYIHEHI6SWEWIUYIWIVITVSHY^MVME

QEMW EHMERXI RS XIQTS IRXVI S &EVÇS I )WXERMWPES >IFEPPSW8VÎW

QSQIRXSWLMWX×VMGSWIQUYIEGSRXVETSWMËÇSHITIVGITËÙIWVIGÑTVSGEW

I HI MRXIVIWWIW IRXVI S &VEWMP I E %VKIRXMRE WI ERXVSTSQSVJM^EVMEQ

IQ HVEQÅXMGEWMRXIVEËÙIW IRXVI SW TIVWSREKIRW UYI EW IRGEVREZEQ



3 &EVÇS VITVIWIRXE RIWWE WIUàÎRGME S JMS GSRHYXSV IRXVI S VIPEXS

TEXIVRSI WYETV×TVME ZMWÇS TIWWSEP

(YVERXISTIVÑSHSIQUYISZIPLS6MS&VERGSGLIJMSYS+EFMRIXI

 4EVERLSW .ÞRMSV RS QIPLSV IWXMPS HS TEXVMEVGEPMWQS

FVEWMPIMVSHIWIQTIRLSYWIGSQSPMRLEEY\MPMEVHIWIYTEM1ERXIZI

EGEHIMVERE'ÆQEVEIQIXIYWIREMQTVIRWEGSQSVIHEXSVHSNSVREP

%2EËÇSGVMEHSTEVEHEVWYWXIRXEËÇSTSPÑXMGEES+EFMRIXI)WGVIZIY

WSFVIXYHSWSFVIEWUYIWXÙIWHS4VEXE3TIVÑSHSIWXIZIWIQTVIQEVGEHS

TSVTIVXMRE^IWVIMZMRHMGEËÙIWEVKIRXMREWWSFVISXIVVMX×VMSTEVEKYEMS

9QE HIWEWXVEHE ZMWMXE HI8INIHSVÄ 'SVXI IQ  GSPSGEVME

4EVERLSWI>IFEPPSWEQFSWNSZIRWNSVREPMWXEWTIPETVMQIMVEZI^IQ

STSWMËÇS ¥PZEVS 0MRW GSRXE UYI VIJIVMRHSWI Ä TEVXMHE TVIGMTMXEHE

HS 'LERGIPIV EVKIRXMRS UYI RIQ WIUYIVWI HIWTIHMVE HI ( 4IHVS

--SNSZIQ4EVERLSWEWWMQIWGVIZIYw2SJEXSUYIXERXSWGSQIRXÅVMSW

XIQ WYWGMXEHS RÇS LSYZI E RSWWS ZIV RIRLYQE SJIRWE MRXIRGMSREP

ES &VEWMP ,SYZI ETIREW KEYGLIVMIx >IFEPPSW XVEHY^MRHS

IUYMZSGEHEQIRXISXIVQSJVERGÎWIQTVIKEHSTSV4EVERLSWIVIZIPERHS

SWTVIGSRGIMXSWVEGMEMWUYITSVQYMXSXIQTSQEVGEVEQEWTIVGITËÙIW

EVKIRXMREW WSFVI S &VEWMP VIXVYGEVME RE MQTVIRWE TSVXIRLE w9Q

HSWNSVREMWQEMWMQTSVXERXIWHS&VEWMPUYEPMJMGSYHIKEYGLIVMEEVIXMVEHE

HS 7V8INIHSV )WXI QSHS HI I\TVMQMVWI RÇS Í QEMW HS UYI YQE

QEGEGEHEHIQÅPIMQIPLSVWIVKEÞGLSHSUYIQEGEGSx)4EVERLSW

TSVMEIPIKERXIJMQESQEPIRXIRHMHSw7ISIWGVMXSVUYIXVEËSYIWXEW

PMRLEWXMZIWWIETVIRHMHSSJVERGÎWGSRLIGIVMEEWMKRMJMGEËÇSHETEPEZVE

KEYGLIVMIIRÇSEGVIHMXEVMEMRKIRYEQIRXIUYIIPEXIQVIPEËÇSGSQS

UYIR×W HMVÑEQSW IQ TSVXYKYÎW KEYGLEHEx

%MRHE RIWWI TIVÑSHS 4EVERLSW .ÞRMSV HIHMGEWI E IWXYHEV I

ERSXEV E SFVE IWGVMXE TIPS EPIQÇS 0 7GLRIMHIV WSFVI E +YIVVE HS

4EVEKYEM*E^RSXI\XSYQESFWIVZEËÇSWSFVIETSPÑXMGEHS&VEWMPRS

4VEXEUYIGSQTPIQIRXEEUYILEZMEWMHSJIMXETSVWIYTEMRE'ÆQEVE

IQ  XEP GSQS ERXIVMSVQIRXI GMXEHE I RE UYEP WMRXIXM^E  WYE

ZMWÇSTIWWSEP

w3 &VEWMPXIQHEHSQEMWHIYQETVSZE HIUYIRÇSEFVMKESW

TPERSW HI GSRUYMWXE UYI PLI XÎQ WMHS EXVMFYÑHSW 3 HIWMRXIVIWWI

GSQUYITVSGIHIYIQHITSMWHEZMX×VMEHI'EWIVSWIQ

HITSMW HI XIVQMREV E WERKYMRSPIRXE +YIVVE HS 4EVEKYEM HIZI XIV



HIWMPYHMHSEXSHSWSWUYIIQFSEJÍPLIMQTYXEZEQXEMWTPERSW2S

4VMQIMVS6IMREHSS-QTÍVMSSFIHIGMEEMRHEÄWXIRHÎRGMEWIÄZIPLE

TSPÑXMGEHEQIXV×TSPIQEWGSQSXIQTSQSHMJMGSYWIIWWETSPÑXMGE

MHIRXMJMGERHSWIGSQTPIXEQIRXI S KSZIVRS GSQ E STMRMÇSREGMSREP

:MZIQSWÄPEVKEIQRSWWEWJVSRXIMVEWIWEFIQSWFIQUYISUYIRSW

GYQTVIJE^IVÍGSRUYMWXEVTEVEEGMZMPM^EËÇSEWRSWWEWZEWXEWIJIVXMPÑWWMQEW

JPSVIWXEW 3 UYI HIWINEQSW WMRGIVEQIRXI Í UYI SW RSWWSW ZM^MRLSW

RSWHIM\IQ IQ TE^8IVVMX×VMS XÎQSPS HIWSFVEx

1EMW TVIGMWE I\TSWMËÇS RÇS WIVME TSWWÑZIP JE^IV HS WIRXMHS

TVSJYRHSHETSPÑXMGEHIwWITEVEËÇSEQMWXSWExUYI4EVERLSWZMVMEQEMW

XEVHI IQTVIKEVÄ JVIRXI HS1MRMWXÍVMSHEW 6IPEËÙIW )\XIVMSVIW

3ERSHIEGEFEVMEWIRHSYQHMZMWSVHIÅKYEWREZMHEHI

4EVERLSW 3 :MWGSRHI HIM\EVME S 1MRMWXÍVMS IQ NYRLS % 2EËÇS NÅ

RÇSPLIMRXIVIWWEVMEQEMWIETSPÑXMGEWIIRGEQMRLEZETEVEEEPXIVRÆRGME

GSQ SW PMFIVEMW 3JYXYVS &EVÇSXIRHS HIIRJVIRXEV S TVIGSRGIMXS

HSTV×TVMS-QTIVEHSVIHE4VMRGIWE-WEFIPGSRXVEEYRMÇSUYIGSRXVEÑVE

GSQ E EVXMWXE FIPKE 1EVMI 7XIZIRW TPIMXIEVME YQTSWXS HMTPSQÅXMGS

RE)YVSTE1IWIWWITEWWEVMEQEXÍUYIQIHMERXIJSVXÑWWMQSIQTIRLS

TSPÑXMGS HI 'E\MEW I HI'SXIKMTI JMREPQIRXI IQ QEMS HI  E

4VMRGIWE 6IKIRXI HIGMHMWWI RSQIÅPS 'ØRWYP IQ 0MZIVTSSP

'SQUYIIQSËÇSXIVÅ4EVERLSWEGSQTERLEHSWIYTEMREZMWMXE

UYIJI^Ä)YVSTEIQ#2ÇSSZIVMEQEMWERÇSWIVRSPIMXSHI

QSVXI RS ERS WIKYMRXI RS 6MS HI .ERIMVS TEVE SRHI ZMENEVE ÄW

TVIWWEW'SQSHIWETEVIGMQIRXSHSTEM4EVERLSW.ÞRMSVZMYWITVMZEHS

HIWIYQIRXSVHIWIYQSHIPSHEMRJPYÎRGMEQEMWQEVGERXIIQXSHE

EWYE ZMHE )WXEZETVSRXS TEVEIQTVIIRHIVWIYZØSWSPMXÅVMS

'SRLIGIVIEZEPMEVHIZMHEQIRXIEI\XIRWÇSHEMRJPYÎRGMEI\IVGMHE

TIPEJMKYVEHS:MWGSRHIWSFVIS&EVÇSEZMWÇSVIGSPLMHEIXVERWQMXMHE

HI TEM TEVE JMPLS EW I\TIVMÎRGMEW ZMZMHEW I GSQTEVXMPLEHEW XSVREWI

JYRHEQIRXEPTEVEGSQTVIIRHIVIEREPMWEVESFVEUYITSYGSETSYGS

HI4EVMWSRHIZMZIYXSHSSXIQTSUYIIWXIZIÄJVIRXIHS'SRWYPEHS

IQ0MZIVTSSPTEWWERHSTIPSWÎ\MXSWSFXMHSWREWUYIWXÙIWHIPMQMXIW

GSQE%VKIRXMREIE*VERËEGSRHY^MVME4EVERLSWÄKP×VMEHS1MRMWXÍVMS

IQ 



3&%6§3(36-3&6%2'3)36-3(346%8%

(IWHI WYE RSQIEËÇS TEVE 0MZIVTSSP IQ  6MS &VERGS

MRMGMEVME PSRKE TIVQERÎRGME RS I\XIVMSV HI QEMW HI  ERSW

%TVSZIMXEVME S EJEWXEQIRXSTEVE ETVSJYRHEV WIYWGSRLIGMQIRXSW HI

LMWX×VME 3 HMWXERGMEQIRXS JÑWMGS HE TÅXVME TIVQMXMY UYI HIPE WI

ETVS\MQEWWITIPSIWXYHSITIPEVIJPI\ÇS0SRKIHEMRWXEFMPMHEHIUYI

GEVEGXIVM^SYSJMREPHEQSREVUYMEISMRÑGMSHEVITÞFPMGEIRGSRXVSY

RS I\XIVMSV S VIGSPLMQIRXS RIGIWWÅVMS TEVE IQTVIIRHIV TIWUYMWEW

IQJSRXIWTVMQÅVMEWIQTEVXMGYPEVRSWEVUYMZSWLMWX×VMGSWHEWTSXÎRGMEW

GSPSRMEMWUYIZMVMEQEWIVJYRHEQIRXEMWTEVEI\TPMGEVWIYÎ\MXSTSWXIVMSV

REWRIKSGMEËÙIW TEVE E HIJMRMËÇS HEW JVSRXIMVEW REGMSREMW

4SV WIY TV×TVMS TIRHSV I TSV WIYW ERXIGIHIRXIW JEQMPMEVIW

6MS&VERGSEGEFEVMEXSVRERHSWITVSJYRHSGSRLIGIHSVHEWUYIWXÙIW

HS 4VEXE )Q  EGIMXSY GSRZMXI HI 6SHSPJS (ERXEW JYRHEHSV

HS .SVREP HS &VEWMP TEVE IWGVIZIV wYQ TIUYIRS EVXMKS HMÅVMS

GSQIQSVERHS SY MRHMGERHS SW RSWWSW TVMRGMTEMW EGSRXIGMQIRXSW

LMWX×VMGSWMWXSÍYQEIWTÍGMIHI)JIQÍVMHIWx%GSPIËÇSHIWWIWEVXMKSW

TSWXIVMSVQIRXIJSMIHMXEHEIQPMZVSUYIPMHSREEFIVXYVEHEWWIËÙIW

ZMVMEEWIGSRWXMXYMVRYQEIWTÍGMIHIwFVIZMÅVMSxHS-RWXMXYXS,MWX×VMGS

I +ISKVÅJMGS &VEWMPIMVSx %W )JIQÍVMHIW HIM\EQ TEVXMGYPEVQIRXI

IZMHIRXIWSMRXIVIWWIISGSRLIGMQIRXSHI6MS&VERGSWSFVIELMWX×VME

QMPMXEV I WSFVI EW HEXEW QEMW VIPIZERXIW TEVE EW VIPEËÙIW HS &VEWMP

GSQ SW ZM^MRLSW HS WYP  JYRHEËÇS HE 'SPØRME HS

7EGVEQIRXS  &EXEPLE HI 4EWWS HS 6SWÅVMS-XY^EMRK×

XVEXEHS TVSZMW×VMSIRXVIS&VEWMP IEW4VSZÑRGMEW 9RMHEW

HS6MSHE4VEXEUYITÙIJMQÄWHMWTYXEWWSFVIE4VSZÑRGME'MWTPEXMRE

I VIGSRLIGI E MRHITIRHÎRGME HE 6ITÞFPMGE 3VMIRXEP HS 9VYKYEM

EGSVHS HIEPMERËEIRXVI S&VEWMP 9VYKYEM I )RXVI6MSW

TEVE JE^IV JVIRXI E 6SWEW I 3VMFI  HIVVSXE HI 6SWEW RE

FEXEPLEHI 1SRXI 'EWIVSW  GSRZÎRMS HI TE^ IRXVI S

&VEWMP I S 9VYKYEM ET×W MRXIVZIRËÇS HS -QTÍVMS IQ JEZSV HSW

wGSPSVEHSWxHI:IRÆRGMS*PSVIW8VEXEHSHE8VÑTPMGI%PMERËE

&VEWMP%VKIRXMRE9VYKYEM

'SQSEHZIRXSHEVITÞFPMGESXIQEHEWJVSRXIMVEWSGYTEVMES

GIRXVSHEWEXIRËÙIWHETSPÑXMGEI\XIVREHS&VEWMP2SEJÇHIWYTIVEV

EW HIWGSRJMERËEWUYI TSVXERXS XIQTS LEZMEQ QERXMHS EJEWXEHSW S



-QTÍVMSFVEWMPIMVSIEWZM^MRLEW6ITÞFPMGEWWYPEQIVMGEREWEWPMHIVERËEW

VITYFPMGEREW FYWGEVMEQ WYTIVEV EW WYTSWXEW GEYWEW HEW JVIUàIRXIW

MRXIVZIRËÙIWPYWSFVEWMPIMVEWREVIKMÇS'SQETIREWHSMWTEÑWIW{S

4EVEKYEM  I E:IRI^YIPE  z XMRLE S &VEWMP JVSRXIMVEW

JM\EHEWHIJMRMXMZEQIRXIRSTIVÑSHSQSRÅVUYMGS,EZMEQWMHSEWWMREHSW

XVEXEHSW  XEQFÍQ GSQ S 4IVY I GSQ E &SPÑZME  UYI

WI VIZIPEVMEQ TSWXIVMSVQIRXI MRWYFWMWXIRXIW

 % TVMQIMVE HEW UYIWXÙIW XIVVMXSVMEMW E WIVIQ IRGEQMRLEHEW

IRZSPZME S XIVVMX×VMS HI 4EPQEW RS SIWXI HS EXYEP )WXEHS HI 7ERXE

'EXEVMREHITSYGSQEMWHIOQ4VIRYRGMERHSSwTEVEHMKQE

HE MRXIKVEËÇSx UYIW× QYMXEW HÍGEHEW QEMW XEVHI ZMVMEETVIZEPIGIV

S+SZIVRS4VSZMW×VMSERWMSWSTSVHEVTVSZEHIJVEXIVRMHEHIEQIVMGERE

EWWMREVEIQNERIMVSHIIQ1SRXIZMHÍYXVEXEHSUYIHMZMHMEE

ÅVIE IRXVI S &VEWMP I E %VKIRXMRE 7IKYMYWI GSRXYHS MRXIRWE

QSFMPM^EËÇS TSTYPEV I HEW IPMXIW HMVMKIRXIW FVEWMPIMVEW GSRXVE S UYI

WITIVGIFMEGSQSYQEGIWWÇSXIVVMXSVMEPMRHIZMHE)QEKSWXSHI

S'SRKVIWWS2EGMSREPXIVQMRSYTSVVINIMXEVS8VEXEHSHI1SRXIZMHÍY

6IGSVVIYWIIRXÇSESEVFMXVEQIRXSHS4VIWMHIRXIHSW)WXEHSW9RMHSW

+VSZIV 'PIZIPERH

 )Q EFVMP HI  6MS &VERGS JSM MRHMGEHS TEVE HIJIRHIV E

TSWMËÇSFVEWMPIMVEIQ;EWLMRKXSRIQWYFWXMXYMËÇSESVIGÍQJEPIGMHS

&EVÇSHI%KYMEVHI%RHVEHE8VÎWHMEWET×WHMVMKMYE%*HI4EYPE

I7SYWEIRXÇS1MRMWXVSHEW6IPEËÙIW)\XIVMSVIWGEVXEHEUYEPZEPIE

TIRE VITVSHY^MV XVIGLS TIPS UYI GSRXÍQ HI VIZIPEHSV WSFVI E

TIVWSREPMHEHI HI 6MS &VERGS

w(IWHI  XIRLS PIZEHS YQE ZMHE HI VIXVEMQIRXS UYI Í E

UYIQIPLSVUYEHVEGSQEWHMWTSWMËÙIWHIQIYIWTÑVMXSIQITIVQMXI

GSRWEKVEVFSETEVXIHIQIYXIQTSESWIWXYHSWIXVEFEPLSWHIQMRLE

TVIHMPIËÇS1YMXSZSPYRXEVMEQIRXIUYERHSEMRHEIVEQSËSITSHME

XIV EQFMËÙIW TSMW GSRXEZE GSQ EQMKSW I TVSXIXSVIW MRJPYIRXIW

VIRYRGMIMEXYHSTEVEPIZEVEZMHESFWGYVEUYIXIRLSZMZMHSIEUYI

HIWINSTVSRXEQIRXIZSPXEV%KSVEEGYHMRHSESETIPSHS7V1EVIGLEP

4VIWMHIRXI I HI :)\E ZSY WEMV TSV EPKYRW QIWIW HI QIY VIXMVS

ZSPXEV TSV EWWMQ HM^IV ES QYRHS 8VEXEWI HE HIJIWE HI YQ

XIVVMX×VMSFVEWMPIMVSHI UYISWRSWWSWZM^MRLSW RSWUYIVIQIWFYPLEV

HI YQE UYIWXÇS HI LMWX×VME I KISKVEJME UYI WYTSRLS GSRLIGIV I



TSVXERXSHIYQEQMWWÇSIQUYIEGVIHMXSTSHIVWIVHIEPKYQTVÍWXMQS

)YRÇSXIRLSTSVXERXSSHMVIMXSHIIWGYWEVQIRSGEWSTVIWIRXI

EPIKERHSQSXMZSWHIGSQSHMHEHITIWWSEPSYHISVHIQTVMZEHEUYERHS

SWEGVMJÑGMSUYIJEËSESVSQTIVGSQQIYWLÅFMXSWÍETIREWXIQTSVÅVMS

IPIZSEIWTIVERËEHITSHIVIWXEVHIZSPXEHIRXVSHITSYGSWQIWIWx

)QSYXVEWGEVXEWHSQIWQSTIVÑSHSVITIXIwTVIJIVMVMEJMGEV

WSWWIKEHSRSQIY GERXSxIEJMVQEUYIwXIVQMREHEEQMWWÇSZSPXEVIM

TEVESQIYGERXSITEVESWQIYWPMZVSWITETÍMWZIPLSWTSVUYIRÇS

UYIVS WEFIV HI IQMRÎRGMEW I KVERHI^EW x

3Î\MXSTSVÍQZMVMEFEPHEVEWI\TIGXEXMZEWHS&EVÇSISPIZEVME

E MRMGMEV E XVENIX×VME HI VIKVIWWS ES &VEWMP I ÄW GYPQMRÆRGMEW HI WYE

SFVE 3 PEYHS HS 4VIWMHIRXI 'PIZIPERH  HI  VIGSRLIGIVME IQ

XSHE E WYE TPIRMXYHI S HMVIMXS HS &VEWMP 3 'ØRWYP IQ 0MZIVTSSP

TIVWSREKIQ PMKEHS TIPS FIVËS I TIPEW GMVGYRWXÆRGMEW HI WYEZMHE Ä

QSREVUYMEXSVRSYWIMQIHMEXEQIRXIYQLIV×MVITYFPMGERS.SEUYMQ

2EFYGSMRGMXSYSEwHIM\EVHIWIVTSPMXMGEQIRXIMRHSPIRXIxIEVIXSVREV

ES &VEWMP 4SV XIQTIVEQIRXS I TSV HIWINS HI RÇS SJIRHIV EW

WIRWMFMPMHEHIW HE %VKIRXMRE GSQ GSQIQSVEËÙIW TSTYPEVIW RS 6MS

HI .ERIMVS STXSY RS IRXERXS TSV ZSPXEV HMVIXEQIRXI HSW )WXEHSW

9RMHSW TEVE0MZIVTSSP

)QNYPLSHI6MS&VERGSTEWWSYETVITEVEVIQ4EVMWE

HIJIWE HE TSWMËÇS FVEWMPIMVE RE UYIWXÇS HI PMQMXIW GSQ E +YMERE

*VERGIWE WSFVI E UYEP S &VEWMP I E *VERËE ZMVMEQ E EWWMREV YQ

GSQTVSQMWWS EVFMXVEP IQ  % UYIWXÇS IRZSPZME GIVGE HI

OQ3KSZIVRSWYÑËSJSMMRHMGEHS GSQSÅVFMXVS3PEYHS

HEHS ES GSRLIGMQIRXS HEW TEVXIW IQ HI^IQFVS HI  EXIRHIY

TPIREQIRXI EWTVIXIRWÙIW FVEWMPIMVEW 4VEXMGEQIRXI XSHSSXIVVMX×VMS

IQPMXÑKMSJMGSYGSQS&VEWMPEJVSRXIMVEJSMJM\EHERSGYVWSHIÅKYE

UYIMHIRXMJMGÅZEQSWGSQSWIRHSS3METSUYIIZIHSYWIÄ*VERËES

EGIWWSÄQEVKIQIWUYIVHEHS6MS%QE^SREW3&VEWMPTIPEQÇSHI

6MS&VERGSLEZMESFXMHSEPKSMQTIRWÅZIPTEVEEÍTSGEPSKVEVEKERLEV

YQEGEYWE GSRXVE YQE KVERHI TSXÎRGME

6MS&VERGSWIVMEEMRHESVIWTSRWÅZIPTIPEVIHEËÇSHEwQIQ×VMEx

FVEWMPIMVE RE UYIWXÇS HI PMQMXIW HE +YMERE -RKPIWE WYFQIXMHE ES

EVFMXVEQIRXSHS6IMHE-XÅPMETSVXVEXEHSEWWMREHSIQ%VEÞNS

.SVKI VIJIVIWI ÄW UYEXVS wQIQ×VMEWx VIHMKMHEW TSV 6MS &VERGS {



4EPQEW+YMERE*VERGIWEHYEWI+YMERE-RKPIWE{GSQSwQSHIPSW

HI IVYHMËÇS LMWX×VMGE NYVÑHMGE IKISKVÅJMGEx IQ UYIWSFVIWWEÑEQ E

wGPEVI^ExIEwSVHIQxHSXI\XSFIQGSQSEwTYVI^ExEwIPIKÆRGMExI

EwTVIGMWÇSxHEPÑRKYE3PEYHSHS6IMHE-XÅPMEHMZYPKEHSIQ

JSMQEMWJEZSVÅZIPESWMRXIVIWWIWMRKPIWIWHSUYIESWHMVIMXSWFVEWMPIMVSW

EHNYHMGERHS ES &VEWMP OQ HI YQE ÅVIE IQ HMWTYXE HI

OQ2IWWIQIMSXIQTS6MS&VERGSXSVREVEWI1MRMWXVSHEW

6IPEËÙIW)\XIVMSVIWIEHIJIWEFVEWMPIMVERE5YIWXÇSHE+YMERE-RKPIWE

JMGEVEEGEVKSHI.SEUYMQ2EFYGS3WEPSQØRMGSPEYHSMXEPMERSWSFVI

E+YMERESHIGITGMSREVME(EÑTEVEEJVIRXIS&VEWMPNEQEMWZSPXEVME

E YXMPM^EV S VIGYVWS HS EVFMXVEQIRXS

%T×WGYVXETIVQERÎRGMEGSQS1MRMWXVSIQ&IVPMQIQ

 6MS &VERGS JSM GSRZMHEHS IQ  TSV 6SHVMKYIW %PZIW E

EWWYQMVS1MRMWXÍVMSHEW6IPEËÙIW)\XIVMSVIW%GIMXSYSGEVKSET×W

QYMXEVIPYXÆRGME 7IVZMVMEEUYEXVS TVIWMHIRXIW 6SHVMKYIW %PZIW EXÍ

%JSRWS4IREI2MPS4IËERLEIRXVIII,IVQIWHE

*SRWIGE EXÍ WYE QSVXI IQ  3 QSREVUYMWXE GSRZMGXS z XEPZI^

QIRSWTSV VE^ÙIW MHISP×KMGEW I QEMW TIPE TVSJYRHE EHQMVEËÇS UYI

HIZSXEZE E ( 4IHVS -- I E WIY TEM z ZMVME XIV RE VITÞFPMGE S WIY

KVERHIQSQIRXSHITVSNIËÇSTIWWSEP0SKSESEWWYQMVSGEVKS6MS

&VERGSHIJVSRXSYWIGSQERIGIWWMHEHIHIYQEWSPYËÇSYVKIRXITEVE

E5YIWXÇSHS%GVI2ELMWX×VMEHMTPSQÅXMGEHS&VEWMPTSYGSWEWWYRXSW

XMZIVEQXERXEVITIVGYWWÇSMRXIVREIXERXEGEVKEIQSXMZE,EZMEVMWGS

MQMRIRXI HI GSRJPMXSW EVQEHSW IRXVI SW GIVGE HI  QMP GSPSRSW

FVEWMPIMVSWIWXEFIPIGMHSWIQXIVVMX×VMSFSPMZMERSRS%GVIISKSZIVRS

HI 0E 4E^ 2ÇS WI XVEXEZE RIWWI GEWS HMJIVIRXIQIRXI HEW UYIWXÙIW

ERXIVMSVIWHIIWKVMQMVEVKYQIRXSWLMWX×VMGSWIKISKVÅJMGSWTEVEHIJIRHIV

EWSFIVERMEFVEWMPIMVEWSFVIHIXIVQMREHSXIVVMX×VMSQEWWMQHITVSGYVEV

YQEWSPYËÇSTSPÑXMGEIHMTPSQÅXMGETEVEYQTVSFPIQEHIJEXSGVMEHS

TIPE TVIWIRËE IQ XIVVMX×VMS FSPMZMERS HI YQE TSTYPEËÇS FVEWMPIMVE

UYIRÇSEGIMXEZEWYEWYFQMWWÇSE0E4E^6MS&VERGSIRXIRHIYUYI

RÇSIVEEGSRWIPLÅZIPEZMEHSEVFMXVEQIRXSIIQTIRLSYWIIQTVSQSZIV

IRXIRHMQIRXSW HMVIXSW GSQ E &SPÑZME

3 &EVÇS HIJMRMY GSQS SFNIXMZS E EUYMWMËÇS HS XIVVMX×VMS S

UYI WI GSRGVIXM^SY GSQ E EWWMREXYVE HS8VEXEHS HI 4IXV×TSPMW IQ

RSZIQFVS HI  1IHMERXI E MRHIRM^EËÇS HI HSMW QMPLÙIW HI

PMFVEW IWXIVPMREW GSQTIRWEËÙIW XIVVMXSVMEMW HI GIVGE HI OQ



IQSYXVSWTSRXSWHEJVSRXIMVEGSQYQISYXVSWFIRIJÑGMSWGSRGIHMHSW

Ä &SPÑZME EXVMFYMYWI ES &VEWMP E WSFIVERME WSFVI YQ XIVVMX×VMS HI

GIVGEHIOQ(SWIRXIRHMQIRXSWTVSQSZMHSWTSV6MS&VERGS

IWWIJSMSÞRMGSIQUYILSYZII\TERWÇSXIVVMXSVMEPTSMWIQXSHSWSW

SYXVSWS&VEWMPIQTIRLEVEWIETIREWTIPSVIGSRLIGMQIRXSHIHMVIMXSW

PIKÑXMQSW HIGSVVIRXIW HI QSXMZSW LMWX×VMGSW I NYVÑHMGSW )WWE JSM

XEQFÍQ E ÞRMGE EUYMWMËÇS XIVVMXSVMEP HS &VEWMP GSQS REËÇS

MRHITIRHIRXI 3 YWS GSRGSQMXERXI HE HMTPSQEGME I HS VIGYVWS Ä

JSVËE E QERMTYPEËÇS HSW QIMSW HI GSQYRMGEËÇS E GSRXVEXEËÇS HI

EKIRXIW IWXVERKIMVSW JSVEQ EPKYRW HSW I\TIHMIRXIW YXMPM^EHSW TSV

6MS&VERGSTEVEEXYEVREWHMZIVWEWJVIRXIWKSZIVREQIRXEMWITVMZEHEW

IQUYIWIHIWHSFVSYWMQYPXERIEQIRXIEUYIWXÇSRS&VEWMPRSW)9%

I RE &SPÑZME 3 IWXYHS HE STIVEËÇS HMTPSQÅXMGE IQTVIIRHMHE TIPS

&EVÇSTEVEVIWSPZIVE5YIWXÇSHS%GVIVIZIPEEQSHIVRMHEHIHIWIYW

QÍXSHSWI HI WIYIWXMPS HI KIWXÇS

%VEÞNS.SVKIJI^SWIKYMRXIGSQIRXÅVMSWSFVISXVEXEHSGSQE

&SPÑZME w4SPÑXMGE I\XIVRE QIRSW IWGVYTYPSWE XIVME EHSXEHS TEVE S

GEWSEGVIERSYQI\TIHMIRXIHIUYIRÇSWIVMEHMJÑGMPVEWXVIEVTVIGIHIRXIW

IQ SYXVSW TEÑWIW JSQIRXEV E VIZSPXE VIGSRLIGIV E MRHITIRHÎRGME

HSW EGVIERSW HI GSRJSVQMHEHI GSQ SW WIYW HIWINSW TVSGIHIV Ä

MRGSVTSVEËÇSHS%GVIES&VEWMPHIM\ERHSÄ&SPÑZMESVIGYVWSI\XVIQS

HI YQE KYIVVE HIWMKYEPx

3YXVE MQTSVXERXI UYIWXÇS WSPYGMSREHE TSV 6MS &VERGS JSM E

HSW PMQMXIW GSQ S 4IVY % ÅVIE IQ PMXÑKMS IVE HI OQ RE

UYEPWIMRGPYÑEQSWOQMRGSVTSVEHSWES&VEWMPTIPS8VEXEHS

HI 4IXV×TSPMW %T×W GMRGS ERSW HI RIKSGMEËÙIW JSM EWWMREHS IQ

WIXIQFVS HI  S XVEXEHS HI PMQMXIW UYI EXVMFYMY ES &VEWMP

OQ I ES 4IVY GIVGE HI OQJMGERHSS %GVI EWWMQ

VIHY^MHS E OQ 2E KIWXÇS HI 6MS &VERGS JSVEQ EMRHE

EWWMREHSW XVEXEHSW HI PMQMXIW GSQ E ,SPERHE +YMERE ,SPERHIWE

IQ  GSQ E 'SPØQFMEIQ SUYEPVIEJMVQSY E WSFIVERME

FVEWMPIMVEWSFVIYQEÅVIEHIOQIGSQS9VYKYEMIQ

3 EGSVHS GSQ S 9VYKYEM VITVIWIRXE YQ HSW QEMW QEVGERXIW

I\IQTPSW HS IWTÑVMXS HI IUàMHEHI HI 6MS &VERGS 4EVE VITEVEV S

I\GIWWSHIVMKSVGSQIXMHSGSRXVESWYVYKYEMSWTIPSXVEXEHSHI

UYIPLIWXMRLERIKEHSSHMVIMXSHIREZIKEËÇSRE0EKSE1MVMQIRS



6MS.EKYEVÇS6MS&VERGSGSRGIHIYPLIWTIPSXVEXEHSHIHISYXYFVS

HIQEMWHSUYILEZMEQHIQERHEHSRÇSW×EPMZVIREZIKEËÇS

QEW XEQFÍQ S GSRHSQÑRMS HE 0EKSE 1MVMQ I HS .EKYEVÇS I E

TVSTVMIHEHI HIEPKYQEW MPLEW 6IJPIXME EWWMQ IQ KIWXSW I EXMXYHIW

GSRGVIXEWSWTIRWEQIRXSWHIWIYTEMISWUYIHIJIRHIVEIPI QIWQS

TIPEMQTVIRWE HSXEHSHIEQTPSXIVVMX×VMSGSRWGMIRXI HI WYEJSVËE

S &VEWMP WIVME QSHIVEHS FIRÍZSPS I KIRIVSWS GSQ WIYW ZM^MRLSW

)QQIRWEKIQES'SRKVIWWSS4VIWMHIRXIIS'LERGIPIVHS9VYKYEM

VIGSRLIGIVMEQ UYI wE 'LERGIPEVME FVEWMPIMVE GSRGIHIY ES 9VYKYEM

QYMXSQEMWHSUYIERSWWEHMTPSQEGMETIHMYIQXSHSWSWXIQTSWI

EGIMXSYQYMXSQIRSWHSUYIIWWEQIWQEHMTPSQEGMESJIVIGIYGSQS

GSQTIRWEËÇS IQ WYEW TVMQIMVEW KIWXÙIWx

3EGIVXSGSQS9VYKYEMJSMSÞPXMQSHSWKVERHIWIRXIRHMQIRXSW

HIPMQMXIWTVSQSZMHSTIPS&EVÇSHS6MS&VERGS)RXVIUYERHS

JSM HMZYPKEHS S PEYHS HS 4VIWMHIRXI 'PIZIPERH WSFVI E VIKMÇS HI

4EPQEWI6MS&VERGSIWXIZIÄJVIRXIHIRIKSGMEËÙIWUYIPIZEVEQ

ESVIGSRLIGMQIRXSHIJMRMXMZSHEWSFIVERMEFVEWMPIMVEWSFVIXIVVMX×VMSW

HIGIVGEHIOQSYWINEQEMWHIYQHÍGMQSHEÅVIEEXYEP

HS &VEWMP

)RGIVVEHEIWWEIXETEHIWIYXVEFEPLS6MS&VERGSGSQIRXEVME

NÅXIVwGSRWXVYÑHSSQETExHS&VEWMPIUYITEWWEVMEIRXÇSEwGSRXVMFYMV

TEVE E YRMÇS I E EQM^EHI IRXVI SW TEÑWIW WYPEQIVMGERSWx  )WXEZE

GSRWSPMHEHE E wWITEVEËÇS EQMWXSWEx HSW ZM^MRLSW

)UYEGMSREHE E VIPEËÇS VIKMSREP6MS &VERGS TØHI HIHMGEVWI

ÄUYIPE UYI WI GSRWXMXYMVME RE TIËE GSQTPIQIRXEV HI WYE TSPÑXMGE

I\XIVMSVEVIPEËÇSGSQSW)9%.ÅÄUYIPIXIQTSSW)9%LEZMEQWI

XSVREHSSTVMRGMTEPQIVGEHSTEVEEWI\TSVXEËÙIWFVEWMPIMVEWHIGEJÍ

FSVVEGLEIGEGEY(ERHSWIKYMQIRXSEERXIVMSVIWMRMGMEXMZEWGSQSE

TVSMFMËÇSTIPEWEYXSVMHEHIWFVEWMPIMVEWHI-PYWÇS%QIVMGEREHI)HYEVHS

4VEHS IQ  HE GSRWXVYËÇS HI YQ QSRYQIRXS ES 4VIWMHIRXI

1SRVSI IQ HE GSSTIVEËÇS GSQ SW )9% RE KYIVVE LMWTERS

EQIVMGERE IQ  S &EVÇS PMHIVEVME IQ  SW IWJSVËSW HI

VIGSRLIGMQIRXS HE MRHITIRHÎRGME HS4EREQÅIPSKVEVMEIQ E

IPIZEËÇS HEW 6ITVIWIRXEËÙIW HMTPSQÅXMGEW IQ;EWLMRKXSR I RS 6MS

HI .ERIMVSES RÑZIP HI )QFEM\EHEW )Q  )PMLY 6SSX JEVME ES

&VEWMP TSV SGEWMÇS HE --- 'SRJIVÎRGME 4ER%QIVMGERE E TVMQIMVE

ZMEKIQSJMGMEPESI\XIVMSVHIYQ7IGVIXÅVMSHI)WXEHSRSVXIEQIVMGERS



%S QIWQS XIQTS TSVÍQ UYI WI GSRJMKYVEZE IWWE YR[VMXXIR

EPPMERGIIRXVIS&VEWMPISW)9%XÇSFIQEREPMWEHETIPSLMWXSVMEHSV

RSVXIEQIVMGERS ) &VEHJSVH &YVRW EFVMEWI YQ TVSGIWWS HI

HMWXERGMEQIRXS IRXVI S  &VEWMP I WIY QEMW TSHIVSWS I Ä ÍTSGE NÅ

STYPIRXS ZM^MRLS XIVVMXSVMEP E %VKIRXMRE 6MS &VERGS TVISGYTEHS

GSQ S HIWIUYMPÑFVMS I\MWXIRXI IRXVIEW *SVËEW %VQEHEW FVEWMPIMVEW I

EVKIRXMREWIWXEFIPIGIERIGIWWMHEHIHIYQETSPÑXMGEHIVIEVQEQIRXS

(MVME XEP GSQS GMXEHS TSV 'EP×KIVEW

wMRHMWTIRWÅZIPUYIERXIWHIQIMSWÍGYPSTIPSQIRSWUYEXVS

SYGMRGSHEWQEMSVIWREËÙIWHE%QÍVMGE0EXMRETSVRSFVIIQYPEËÇS

GLIKYIQIQVIGYVWSWHIJIRWMZSWGSQSERSWWEKVERHIMVQÇHS2SVXI

EGSQTIXMVGSQ SW QEMWTSHIVSWSW )WXEHSW HS QYRHSx

)Q HMWGYVWS TVSRYRGMEHS RE 'ÆQEVE HSW (ITYXEHSW IQ

SYXYFVSHI(YRWLIIHI%FVERGLIWYQHSWTVMRGMTEMWEPMEHSW

HS&EVÇSRSWQIMSWTSPÑXMGSWVIZIPEEI\XIRWÇSHEWTIVGITËÙIWFVEWMPIMVEW

WSFVI E WMXYEËÇS VIKMSREP

w(IWHIUYI IQ  GSYFI ES6MSHI.ERIMVS EHMWXMRËÇS HI

WIV E WIHI HE --- 'SRJIVÎRGME -RXIVEQIVMGERE EW JSPLEW KSZIVRMWXEW

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TSPÑXMGEUYIÍEZMHEHI.SWÍ1EVMEHE7MPZE4EVERLSWS&EVÇSHS6MS

&VERGS ETEVIGI GSQS YQE GSRXVMFYMËÇS HIGMWMZE TEVE E JM\EËÇS HS

IM\SHS%XPÆRXMGSEPMRLEIWXVEXÍKMGEHEQSHIVRMHEHITEVEE%QÍVMGE

HS7YPHSWRSWWSWHMEW)WWETIVWTIGXMZEMPYQMREHIYQQSHSHMJIVIRXI

WIYW XVEFEPLSW I TIVQMXI GSQTVIIRHIV XSHE E HMQIRWÇS HI WYE

TIVWSREPMHEHI I HI WYE SFVE

'SQS IQ XSHEW EW VIKMÙIW HMRÆQMGEW HS QYRHS E ÅVIE HS

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ESGSRJPMXSIÄGSRZIVKÎRGME)RÇSÍHIIWXVERLEVUYIIWWEHYEPMHEHI

GSRJPMXSGSRZIVKÎRGME XIRLE WMHS E GLEZI HS TIRWEQIRXS HS&EVÇS

HS6MS&VERGS

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VIEPMHEHIWKISKVÅJMGEW GVMEZE ÅVIEW HI WSFIVERMEGYNSVIWYPXEHSJMREP

JMGEVME WYNIMXS Ä EËÇS HSW LSQIRW RS PSRKS TVSGIWWS HI GSRWXVYËÇS

LMWX×VMGE

)VEQXÇSKVERHIWSWXIVVMX×VMSWHMWXVMFYÑHSWTIPEHIGMWÇSTETEP

I XÇS IWGEWWSW SW QIMSW UYI EW 'SVSEW HE )WTERLE I HI 4SVXYKEP

TSHMEQ QSFMPM^EV IQ XIVQSW VIPEXMZSW UYI S JPY\S HE GSPSRM^EËÇS

WIHMZMHMYHIQSHSHIWMKYEPGVMERHSTSRXSWJSVXIWIJVEGSWGSRJSVQI

EW GSRHMËÙIWUYIWI MEQETVIWIRXERHS IQ GEHEGEWS

4EVEE)WTERLEEWHIWGSFIVXEWIGSRUYMWXEWHSWKVERHIW-QTÍVMSW

TVÍGSPSQFMERSW RS 1Í\MGS I RS 4IVY HIJMRMVEQ YQE ÎRJEWI RE

SGYTEËÇSHIXSHEETSVËÇSSGMHIRXEPHS2SZS1YRHSIEXÍQIWQS

HSKMKERXIWGS3GIERS4EGÑJMGSUYIXIRHSREW*MPMTMREWWYEI\XVIQMHEHI

EWMÅXMGE WI GSRZIVXIVMEEWWMQ RS QEVI GPEYWYQ IWTERLSP

4EVE 4SVXYKEP S JIPM^ MXMRIVÅVMS UYI HSFVEZE S 'EFS HE &SE

)WTIVERËE RS VYQS HE±RHME ETIVJIMËSEHSTSV :EWGS HE +EQE RS

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ERSHIHIWIRLSYUYEWIEGMHIRXEPQIRXIWYETVIWIRËERSI\XVIQS

SVMIRXEP HE%QÍVMGEHS 7YP

%W HYEW TSXÎRGMEW XMRLEQ XSQEHS VYQSW HMZIVKIRXIW I SW

JVYXSW I\XVESVHMRÅVMSW HEW WYEW GSRUYMWXEW XVERWJSVQEZEQ S KVERHI

IWTEËSMRXIVQIHMÅVMSIQYQEVIKMÇSUYEWIZE^ME(STSRXSHIZMWXE

IWTERLSPEGSWXEEXPÆRXMGEHE%QÍVMGEHS7YPETEVIGMEW×GSQSYQE

TSVXE EFIVXE TEVE E VMGE GMZMPM^EËÇS MRHÑKIRE GSRWXVYÑHE IQ XSVRS

HE TVEXE TIVYERE % JSVËE HIWWI QERHEXS TIVQERIGI JM\EHE

HIJMRMXMZEQIRXIRSRSQIHSKVERHI VMS 6MSHE4VEXEI HETV×TVME

6ITÞFPMGE %VKIRXMRE

(S TSRXS HI ZMWXE TSVXYKYÎW E I\TPSVEËÇS I SGYTEËÇS HEW

GSWXEW WYPEQIVMGEREW WSF WYE WSFIVERME WIVMEQ JEXSW QEVKMREMW

GSQTEVEHSW ES IRSVQI IWJSVËS HI GSRWXVYËÇS HS MQTÍVMS PYWMXERS

IQQSZMQIRXSUYIWIIWXIRHIVMEGSQEHQMVÅZIPJSVËEÍTMGEWIQTVI

RE HMVIËÇS HS 3VMIRXI EXÍ HIWIQFEVGEV RS .ETÇS

3MXIRXE ERSWHITSMWHEWHIWGSFIVXEWS TSZSEQIRXSIWTERLSP

HS%XPÆRXMGS7YPWIVIHY^MEUYEWII\GPYWMZEQIRXIESQMRÞWGYPS4SVXS

HI&YIRSW%MVIWUYIRÇSIQZÇSIVEGLEQEHSHIwEWTSVXEWHEXIVVEx

I UYI W× WI LEZME GSRWSPMHEHS IQ WYE WIKYRHE JYRHEËÇS IQ 

{JYRHEËÇSHIGSVVIRXIHEGSPSRM^EËÇSHS4IVYHITSMWHIJVEGEWWEHE

EJYRHEËÇSHI VEM^TYVEQIRXIEXPÆRXMGEXIRXEHETSV(SQ4IHVS HI

1IRHSRËE IQ 

3 TSZSEQIRXS TSVXYKYÎW HE GSWXE EQIVMGERE  JMVQSYWI RS

I\XVIQS 2SVXI EWWSGMEHS ES TV×WTIVS QIVGEHS QYRHMEP HS EËÞGEV

3PMXSVEPUYIWIIWXIRHMEREHMVIËÇSHEPMRLEHI8SVHIWMPLEWJSMSFNIXS

QEMWHIEXIRËÇSQMPMXEVHSUYIEPZSHIYQKVERHIIWJSVËSGSPSRM^EHSV

%WWMQ REWGIYE IQFPIQÅXMGE 6MSHI .ERIMVS GSQS VIWTSWXE QMPMXEV

ÄWEQFMËÙIWJVERGIWEWJMGERHSGSRHIREHEEWSFVIZMZÎRGMEUYEWIPEXIRXI

HS TSRXS HI ZMWXE HIQSKVÅJMGS IGSRØQMGS I GYPXYVEP )Q  S

6MS HI .ERIMVS I &YIRSW %MVIW IVEQ HSMW TSRXSW MRWMKRMJMGERXIW RE

KISKVEJMEHEGMZMPM^EËÇSSGMHIRXEPISIWTEËSUYIEWWITEVEZEQEMSV

HSUYIUYEPUYIVTEÑWIYVSTIYIVEYQHIWIVXSZIVHIMQTVSHYXMZSI

HIWSGYTEHS

1EW REUYIPI ERS HI  EW QYHERËEW LEZMHEW RE TSPÑXMGE

IYVSTÍMEXIVÇSIGSMRMQEKMRÅZIPRIWXIPSRKSPMXSVEPHS%XPÆRXMGS7YP

GSQETVSGPEQEËÇSHI*IPMTI--HE)WTERLEGSQS*IPMTI-HI4SVXYKEP

HERHSSVMKIQÄQSREVUYMEHYEP%PMRLEHI8SVHIWMPLEWHIWETEVIGI

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HEWHYEW'SVSEWXIVMEQMRJPYÎRGMEJYRHEGMSREPRSHIWXMRSHS6MSHI

.ERIMVSIHI&YIRSW%MVIW'SQTVSQIXMHSSQSREVGEEJEGMPMXEVESW

GSQIVGMERXIW TSVXYKYIWIW WIYW RSZSW WÞHMXSW S EGIWWS Ä TVEXE HS

2SZS 1YRHS z GSRJSVQI HIQSRWXVSY VIGIRXIQIRXI S IQMRIRXI

LMWXSVMEHSV TSVXYKYÎW :MXSVMRS 1EKEPLÇIW +SHMRLS z E VSXE HS

%XPÆRXMGS7YPTEWWSYEWIVYQEZMEREXYVEPTEVESRSZSGSQÍVGMS

)Q XVSGE HE TVEXE TIVYERE YQ XVÅJMGS GVIWGIRXI HI IWGVEZSW

RIKVSW EJVMGERSW HIWPSGSYWI TEVE S IM\S 6MS HI.ERIMVS z &YIRSW

%MVIW TVSZSGERHS S WÞFMXS GVIWGMQIRXS HEW HYEW GMHEHIW % RSZE

VMUYI^EHS6MSHI.ERIMVSWYWXIRXSYSTSZSEQIRXSHI7ÇS4EYPSHI

4MVEXMRMRKE I E I\TERWÇS HSW FERHIMVERXIW TIPEW XIVVEW HS MRXIVMSV

HERHSREWGMQIRXSIJIXMZSEXSHEEVIKMÇSGIRXVSQIVMHMSREPHS&VEWMP

HI LSNI % RSZE TVSWTIVMHEHI HI &YIRSW %MVIWJI^ HIPE YQE GMHEHI

HIGYRLSTSVXYKYÎWGSQXERXSTSHIVTSPÑXMGSUYITVSZSGEZEUYIM\EW

HSWKSZIVREHSVIWSFVMKERHS E 'SVSE E GVMEVIQ  YQE EHYERE

WIGE RE GMHEHI HI '×VHSFE  UYMPØQIXVSW E 2SVSIWXI

2SWERSWHEQSREVUYMEHYEPE^SREHIGSRJPMXS

XVEËEHE TIPE PMRLE HI8SVHIWMPLEW  GSRZIVXIWI IQ YQ IWTEËS HI

GSRZIVKÎRGME 'SQS WI JSWWI E ERXIGMTEËÇS HI YQ HIWXMRS IWWE

GSRZIVKÎRGMETEGÑJMGEGVMEXMZEJIGYRHERXIÍHIKVERHIZEPMETEVEEW

HYEWGMHEHIWGIRXVEMWIWYEW^SREWHIMRJPYÎRGMEzUYITEVES6MSHI

.ERIMVS ZEM IWXIRHIVWI EXÍ SW PMQMXIW HS 4EVEKYEM I TEVE &YIRSW

%MVIWEXÍEWWIVVEWHI'×VHSFE1EWIWWETVSWTIVMHEHIXIVÅXEQFÍQ

JSVXII\TVIWWÇSGYPXYVEPITSPÑXMGE3GEWXIPLERSISTSVXYKYÎWWIVÇS

JEPEHSW MKYEPQIRXI REW HYEW GMHEHIW I S TEVXMHS IWTERLSP XIVÅ RS

&VEWMPJMKYVEWXÇSIQMRIRXIWGSQS7EPZEHSV'SVVIMEHI7ÅSW'EQEVKS

I %QEHSV &YIRS HE 6MFIMVE I S TEVXMHS TSVXYKYÎW EPGERËEVÅ IQ

&YIRSW %MVIW IRSVQI TSHIV GSQ (MIKS HI :IKE YQ FERUYIMVS

GSQ EKIRXIWRS6MSHI.ERIMVS7IZMPLEI0MWFSE

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% HMWWSPYËÇS HE QSREVUYME HYEP IQ  TSVÅ JMQ Ä

GSRZIVKÎRGMETEGÑJMGEUYIXERXSWJVYXSWXMRLEHEHSEFVMRHSYQTIVÑSHS

HI GSRJPMXSW UYI WI TVSPSRKEVÅ TSV HSMW WÍGYPSW I QIMS TVMQIMVS

IRXVI EW 'SVSEW HI 4SVXYKEP I )WTERLE ET×W EW VIWTIGXMZEW



MRHITIRHÎRGMEWIQEMWXEVHIIRXVIS-QTÍVMSHS&VEWMPIEW6ITÞFPMGEW

LIVHIMVEW HS :MGI6IMREHS HS 6MS HE 4VEXE

1EWWISGSRJPMXSTSPÑXMGSIQMPMXEVÍJEXSRSZSÍMRXIVIWWERXI

SFWIVZEVUYISWPEËSWIGSRØQMGSWIGYPXYVEMWUYIXMRLEQWMHSXVEËEHSW

WSF E QSREVUYME HYEP GSRXMRYEVÇS MRGMXERHS Ä FYWGE HI JSVQEW HI

MRXIVGSRI\ÇS UYI TVSPSRKYIQ SW FIRIJÑGMSW PSKVEHSW

2SWTVMQIMVSWERSWSWMRXIVIWWIWPYWMXERSWTVSGYVEVÇSQERXIV

EFIVXEETSVXETEVEETVEXETIVYEREGSQKEWXSWQMPMXEVIWIHIJYRHEËÇS

UYIEXMRKIQWIYTSRXSGYPQMRERXIGSQE MRWXEPEËÇSHE'SPØRMEHS

7EGVEQIRXS IQ  % TEVXMV HI  UYERHS GSQIËE E JPYMV S

SYVSHIWGSFIVXSIQ3YVS4VIXSEWVIKMÙIWVMSTPEXIRWIWHIWSFIVERME

IWTERLSPETVSGYVEVÇSTEVXMGMTEVHIWWERSZETVSWTIVMHEHIEFEWXIGIRHS

S QIVGEHS FVEWMPIMVSIQ I\TERWÇS

3VIWYPXEHSHIWWIHMREQMWQSUYEWIMRKSZIVRÅZIPTEVESWTSHIVIW

TSPÑXMGSWHEWHYEW'SVSEWWIVÅJE^IVGSQUYIEWHMJIVIRËEWNYVMWHMGMSREMW

IHIPMQMXIWIRXVI)WTERLEI4SVXYKEPRIWWEVIKMÇSEXPÆRXMGEHE%QÍVMGE

HS7YPIWXINEQTVIWIRXIWIQXSHEWEWQIWEWHIRIKSGMEËÇSHETSPÑXMGE

IYVSTÍME

%VIKMÇSEJMVQEWIYHMREQMWQSII\MKIEEXIRËÇSHSWTSHIVIW

QIXVSTSPMXERSWQEWXEQFÍQSFVMKEEXVERWJIVMVTEVEIPESWQIPLSVIW

VIGYVWSW HI 0MWFSE IHI1EHVM )WWI Í S WIRXMHS ÞPXMQS UYI XIQ E

GVMEËÇS UYEWI WMQYPXÆRIE HSW HSMW :MGI6IMREHSW S HS&VEWMPGSQ

WIHIRS6MSHI.ERIMVSIQISHS6MSHE4VEXEGSQGETMXEP

IQ &YIRSW %MVIW IQ 

%W I\MKÎRGMEW IGSRØQMGEW I QMPMXEVIW HIWWE VIKMÇS UYI HSMW

WÍGYPSW ERXIW IVE ZMVXYEPQIRXI YQ HIWIVXS PIZEVEQ E HYEW HIGMWÙIW

TSPÑXMGEW HE QEMSV MQTSVXÆRGME UYI PIKEPM^EQ HIJMRMXMZEQIRXI E

I\MWXÎRGMEIEVIPIZÆRGMEHIWWIIM\SHS%XPÆRXMGS%WWMQESXIVQMREV

SWÍGYPS<:---EWHYEWTIUYIREWEPHIMEWSVMKMREMW6MSHI.ERIMVSI

&YIRSW %MVIW WÇS TV×WTIVEW GMHEHIW HI  LEFMXERXIW

)Q PYKEV HI VIWSPZIV SW GSRJPMXSW E MRHITIRHÎRGME TSPÑXMGE

HEW RSZEW REËÙIW EGVIWGIRXSY GSRJYWÇS I HVEQEXMGMHEHI ÄW PYXEW

VIKMSREMWIWWISGIRÅVMSIQUYIWITVSNIXEVÇSEWJMKYVEWMRXIVREGMSREMW

HS:MWGSRHIHS6MS&VERGSIQTVMQIMVSPYKEVIHITSMWHS&EVÇS

HS6MS&VERGS

7EFIQSWLSNIUYISGIRÅVMSI\MKMEMRXIVTVIXEËÇSTSPÑXMGEQYMXS

MRXIPMKIRXI TSVUYIIVESQEMSVRÞGPISHIQSHIVRMHEHIHE%QÍVMGE



HS 7YP S IWTEËS HI QEMSV TSXÎRGME IGSRØQMGE I XEQFÍQ E VIKMÇS

HEWQEMSVIWHMWG×VHMEW(SXVEXEQIRXSTSPÑXMGSUYIXMRLEWMHSHEHS

E IWWIW IPIQIRXSW XÇS GSRXVEHMX×VMSW HITIRHMES JYXYVS HEW QEMSVIW

REËÙIWWYPEQIVMGEREWITSVMWWSEVIKMÇSIEÍTSGERSWTEVIGIQXÇS

JEWGMRERXIW7IVÅXEPZI^SQIWQS JEWGÑRMSUYIMQTYPWMSRSYSNSZIQ

.YGE4EVERLSWEGIRXVEPM^EVWYEWTVMQIMVEWGYVMSWMHEHIWKISKVÅJMGEWI

LMWX×VMGEWREVIKMÇSHS6MSHE4VEXE

7EFIQSW LSNIUYIS GEQMRLS LMWX×VMGS TSWMXMZSHIZME PIZEV S

GSRJPMXSHIZSPXEÄGSRZIVKÎRGMEVIXVSGIHIRHSXERXSUYERHSTSWWÑZIP

VYQS Ä YRMHEHI HI  1EW IWWE GIVXI^E MRXYÑHE TVSZEZIPQIRXI

TIPSW TVSXEKSRMWXEW IVE HI HMJÑGMP VIEPM^EËÇS IRUYERXS RÇS

EQEHYVIGIWWIQ EW VIWTIGXMZEW WSGMIHEHIW REGMSREMW

MRXIVIWWERXIPIQFVEVEWHMJIVIRËEWUYERXMXEXMZEWIRXVISWTEÑWIW

2EÍTSGEHEMRHITIRHÎRGMES-QTÍVMSHS&VEWMPXMRLEGMRGSQMPLÙIW

HI LEFMXERXIW S UYI Í LSNI E 6ITÞFPMGE %VKIRXMRE  QMP 3

9VYKYEM XMRLE TSYGS QEMWHSUYIE TSTYPEËÇSHI 1SRXIZMHÍYIS

4EVEKYEMZMZMEIRGIVVEHSRSWMWXIQEEYXSGVÅXMGSI\IR×JSFSHSHMXEHSV

*VERGME

2SGEWSHE %VKIRXMRESIWJSVËSTVMRGMTEPIVEHMVMKMHSGSRXVE

SWI\ÍVGMXSWIWTERL×MW REHYVÑWWMQE+YIVVEHE -RHITIRHÎRGME I WI

IWXIRHIVMETSVQEMWHIERSWHIWHIS2SVXIHSTEÑWEXÍ0MQEIE

FEXEPLE JMREP HI %]EGYGLS IQ 

4EVE GSQTVIIRHIV E HMJÑGMP GSRWXVYËÇS XIVVMXSVMEP TSPÑXMGE I

MRWXMXYGMSREPHE%VKIRXMREÍMRHMWTIRWÅZIPXIVTVIWIRXIIWWEGSRHMËÇS

HIREËÇSFMJVSRXIUYITIVWMWXMVÅHIWHIEVIZSPYËÇSHIQEMSHI

EXÍ SW 4EGXSW HI 1EMS GSQ S 'LMPI IQ  (YVERXI XSHS IWWI

WÍGYPS SW HMVMKIRXIW EVKIRXMRSW TVIGMWEVÇS IRJVIRXEV GSQ IWJSVËSW

WIQIPLERXIW SW GSRJPMXSW RE JVIRXI SVMIRXEP GYNSW TVSXEKSRMWXEW

TVMRGMTEMW WÇS S &VEWMP I S 4EVEKYEM I EUYIPIW RE JVIRXI SGMHIRXEP

XIRHSS'LMPIGSQSEXSVIE&SPÑZMEIQTSWMËÇSWIGYRHÅVME%WHYEW

JVIRXIWWIQTVIEXMZEWITEPTMXERXIWWIQIWGPEVÇSGSQEWHYVEWKYIVVEW

MRXIVMSVIWUYIEXÍE'SRWXMXYMËÇSHIWIVÇSUYEWITIVQERIRXIW

QEWUYIGSRXMRYEVÇSGSQI\TPSWÙIWIWTSVÅHMGEWEXÍSERSHI

S UYI HÅ Ä WSGMIHEHI EVKIRXMRE HS WÍGYPS <-< S GEVÅXIV HI YQE

REËÇS KYIVVIMVE I I\TPMGEVÅ TVSZEZIPQIRXI E HIWTVSTSVËÇS IRXVI S

XEQERLSHIWYETSTYPEËÇSIIGSRSQMEIHISYXVSPEHSEMQTSVXÆRGME

HI WIYW IQTVIIRHMQIRXSW QMPMXEVIW



2S IRXERXS Ä QIHMHE UYI S WÍGYPS EZERËE SW HMVMKIRXIW

EVKIRXMRSWIWXEVÇSGEHEZI^QEMWGSRWGMIRXIWHIUYIXERXSEWKYIVVEW

VMSTPEXIRWIW GSQS E +YIVVE HE -RHITIRHÎRGME I EW KYIVVEW GMZMW

HIWXVYÑVEQ IRSVQIW VIGYVWSW RIGIWWÅVMSW TEVE  WIY TVSKVIWWS )Q

SYXVEW TEPEZVEW Ä QIHMHE UYI WI JSVQE I GSRWSPMHE S XIVVMX×VMS E

WSGMIHEHI EVKIRXMREZEM EWWYQMRHS ERIGIWWMHEHI HI XIV TSPÑXMGEW HI

GSRZMZÎRGMETEGÑJMGERSMRXIVMSVHSTEÑWIREWJVSRXIMVEWGSQSGSRHMËÇS

TEVEYQTVSKVIWWSWYWXIRXEHS8IQSWSHMVIMXSHIWYTSVUYISWIWXEHMWXEW

FVEWMPIMVSW QEMW IWGPEVIGMHSW HIWWE ÍTSGE SFWIVZEZEQ XEP TVSGIWWS

JEZSVIGMHSWTIPSGVIWGIRXIHMÅPSKSIIRXIRHMQIRXSWGSQEPKYRWHSW

IWXEHMWXEWEVKIRXMRSWUYIJMGEVEQGSRWEKVEHSWGSQSTV×GIVIWREGMSREMW

2IWWIHMÅPSKSETEVIGIQHSPEHSFVEWMPIMVSHYEWJMKYVEWIWXVIPEVIWS

:MWGSRHIIS&EVÇSHS6MS&VERGS

% QYHERËE LEZMHE RE HMRÆQMGE TSPÑXMGE RE JVIRXI SVMIRXEP

EVKIRXMREIRGSRXVEWIGSQQYHERËEHIMKYEPREXYVI^EREGSRGITËÇS

TSPÑXMGE FVEWMPIMVE ) RMRKYÍQ E HIWGVIZI QIPLSV HS UYI S TV×TVMS

&EVÇSHS6MS&VERGS UYERHS ESERSXEVESFVE HI07GLRIMHIV %

+YIVVEHE8VÑTPMGI%PMERËE'SRXVES+SZIVRSHE6ITÞFPMGEHS 4EVEKYEM

EJMVQEw3&VEWMPXIQHEHSQEMWHIYQETVSZEHIUYIRÇSEFVMKESW

TVSNIXSW HIGSRUYMWXE UYI PLI XÎQWMHS EXVMFYÑHSW 3 HIWMRXIVIWWI

GSQ UYI TVSGIHIY IQ  HITSMW HE ZMX×VME HI 'EWIVSW I IQ

XIVQMREHEEWERKVIRXE+YIVVEHS4EVEKYEMHIZIXIVHIWIRKEREHS

XSHSW SW UYI HI FSE JÍ PLI MQTYXEZEQ XEMW TVSNIXSW 2S 4VMQIMVS

6IMREHS S -QTÍVMS EMRHE WIKYME EWXIRHÎRGMEW I E ZIPLE TSPÑXMGE HE

1IXV×TSPIQEWGSQSXIQTSQSHMJMGSYWIIWWETSPÑXMGEMHIRXMJMGERHS

WI GSQTPIXEQIRXI S KSZIVRS GSQ E STMRMÇS REGMSREP   3 UYI

HIWINEQSW WMRGIVEQIRXI Í UYIRSWWSW ZM^MRLSW RSW HIM\IQ IQ TE^

8IVVMX×VMS XIQSW HI WSFVEx

3WQEVGSWEUYIWIVIJIVIS&EVÇSHS6MS&VERGSWÇSMKYEPQIRXI

HE TIVWTIGXMZEEVKIRXMRE HSMW TSRXSW HI MRJPI\ÇS REW VIPEËÙIW IRXVI

S -QTÍVMS I E 6ITÞFPMGE 5YIVS TSVÍQ VIWKEXEV YQ WIRXMHS

JYRHEQIRXEP HIWWEW HYEW EPMERËEW UYI XEPZI^ RÇS JSWWI XÇS IZMHIRXI

TEVE SW GSRXIQTSVÆRISW QEW UYI UYEPMJMGSY HI JSVQE TSWMXMZE EW

VIPEËÙIW HI GSRZIVKÎRGME IRXVI S &VEWMP I E %VKIRXMRE 2E EPMERËE

GSQSKSZIVREHSV9VUYM^EUYIGYPQMRERE&EXEPLEHI'EWIVSWGSQ

EUYIHEHS XMVERS6SWEWS-QTÍVMSETEVIGIGSQSEPMEHSHEWJSVËEW



QEMWQSHIVREWHEREËÇSEVKIRXMREUYIMVÇSGSRHY^MVÄSVKERM^EËÇS

MRWXMXYGMSREP HIJMRMXMZE HS TEÑW 2E EPMERËE GSQ E %VKIRXMRE I S

9VYKYEMGSRXVEEHMXEHYVETEVEKYEMES-QTÍVMSIWXÅEWWSGMEHSSYXVE

ZI^ÄWJSVËEWQEMWQSHIVREWHE%VKIRXMREUYIRÇSTSHIQTVSKVIHMV

REGSRWSPMHEËÇSHETE^MRXIVMSVIRUYERXSTVSWWIKYMVIQEWMRXVMKEWI

MRGMXEËÙIW HS KSZIVRS TEVEKYEMS 4EVIGIQI MQTSVXERXI S JEXS HI

UYI SW TSRXSW HI IRGSRXVS HS &VEWMP I HE %VKIRXMRE IQ  I

IWXINEQREPMRLEHEGSRWSPMHEËÇSHSTVSGIWWSHIQSHIVRM^EËÇS

) GSQS ÄW EPMERËEW TSPÑXMGEW I QMPMXEVIW RYRGE JEPXE  GSRXIÞHS

MHISP×KMGSGSRWMHIVSGVYGMEPVIWKEXEVSJEXSHIUYIHIWHISTVMQIMVS

MRWXERXI EW RSZEW EPMERËEW IRXVI S &VEWMP I E %VKIRXMRE IWXEZEQ E

WIVZMËS HEQSHIVRMHEHI )WWE Í E LIVERËE LMWX×VMGE I E IWWÎRGME HS

IM\SHS%XPÆRXMGSUYIGSQIËEEWEMVHSPSRKSTIVÑSHSHEWGSRJVSRXEËÙIW

ZSPXERHSWI TEVEE GSRZIVKÎRGME 3 &EVÇS HS 6MS &VERGS WIVÅ YQ

HSW WIYW LIVHIMVSWI GSRWXVYXSVIW

'SQ S JMQ HE +YIVVE HS 4EVEKYEM IQ  SW HSMW TEÑWIW

IWXÇS IQ GSRHMËÙIW HI HMVMKMV WYEW IRIVKMEW TEVE S IWJSVËSMRXIVMSV

GSQS WI GEQMRLEWWIQ TEVEPIPEQIRXI RS WIRXMHS HE QEXYVMHEHI

MRWXMXYGMSREPRE%VKIRXMREIWWEEXMXYHIWIETVIWIRXEGSQEGLEQEHE

wUYIWXÇS GETMXEPx HIJMRMHE IQ  RS &VEWMP QERMJIWXEWI GSQ S

XVMYRJS HEW MHÍMEW EFSPMGMSRMWXEW I EI\XMRËÇSHE QSREVUYME %W XVÎW

REËÙIWHE8VÑTPMGI%PMERËEXIVQMREVEQEKYIVVEGSQEPKYRWEWWYRXSW

TIRHIRXIW IRXVI WM QEW GSQ E QEMSV GSVVIRXI HE STMRMÇS TÞFPMGE

JEZSVÅZIPÄWSTËÙIWTEGÑJMGEWIESHIWIRZSPZMQIRXSQEXIVMEPIGYPXYVEP

2EUYIPIQSQIRXSS&VEWMPXIQQMPLÙIWHILEFMXERXIWE%VKIRXMRE

 QMPLÇS 3 EHZIVWÅVMS LMWX×VMGS HE %VKIRXMRE E 3IWXI S 'LMPI

UYIIQTPIRE +YIVVEHS 4EVEKYEM VIGPEQSY TEVE WM I\XIRWEWVIKMÙIW

HE 4EXEKØRME XMRLE YQE TSTYPEËÇS HI  QMPLÇS

2SW  ERSW UYI WI WIKYMVEQ Ä KYIVVE NYRXEQIRXI GSQ EW

QYHERËEW MRWXMXYGMSREMW RS WIRXMHS HE QSHIVRMHEHI UYI NÅ

VIKMWXVEQSW SW HSMWTEÑWIW I\TIVMQIRXEQ SW FIRIJÑGMSW HE TE^ GSQ

GVIWGMQIRXS HIQSKVÅJMGS IGSRØQMGS I LYQERS UYEWI IWTIXEGYPEV

'SQIËEQEWKVERHIWGSVVIRXIWQMKVEX×VMEWUYIXVEVÇSES&VEWMPQEMW

HI HSMW QMPLÙIW HI RSZSW LEFMXERXIW I Ä %VKIRXMRE QEMW HI XVÎW

QMPLÙIW % XE\E HI GVIWGMQIRXS HIQSKVÅJMGS TEVE STIVÑSHS 

 EYQIRXE RS &VEWMP E  TSV QMP TSV ERS I RE %VKIRXMRE



GLIKEE  TSV QMP % XIRHÎRGMEGVIWGIRXI HIWWI TVSGIWWS VIJPIXIWI

RS JEXS HI UYIE XE\EHIGVIWGMQIRXSZIKIXEXMZSHS&VEWMPRSWERSW

TSWXIVMSVIWEGLIKEVÅETSVQMPIEHE%VKIRXMREETSV

QMP

)WWIW JVYXSW RSX×VMSW HE TE^ I\XIVRE I HS GVIWGMQIRXS TEVE

HIRXVSEPMQIRXEVÇSGSQJSVËEGEHEZI^QEMSVEWGSVVIRXIWTEGMJMWXEW

GSPSGERHSIQWMXYEËÇSHITVIIQMRÎRGMESWTSPÑXMGSWHSWHSMWTEÑWIW

UYI YWEQ WIY XEPIRXS I IRIVKME TEVE MRZIRXEV TSPÑXMGEW HI WSPYËÇS

TEGÑJMGE HSWHMJIVIRHSW 7ÇS SW TSPÑXMGSW UYI WEFIQ UYIS GEQMRLS

HETE^ÍQEMWTVSZIMXSWSIUYII\XVEÑVEQHSWWERKVIRXSWGEQTSWHI

FEXEPLEHE+YIVVEHS4EVEKYEMEPMËÇSHEHSVWÇSIPIWUYIIHMJMGEVÇS

YQE RSZEÍTSGEEÍTSGE HI.SWÍ 1EVME HE 7MPZE 4EVERLSW S&EVÇS

HS6MS&VERGS

37)2'328637

7ÑPZMS 6SQIVS HM^ UYI wS HIGÎRMS HI  E  JSM XEPZI^

YQHSWHIQEMSVIJIVZIWGÎRGMEPMXIVÅVMELEZMHSWRS&VEWMPxI¥PZEVS

0MRW EJMVQE wYQE KVERHI KIVEËÇS HI IWXEHMWXEW GSQIËE E ETEVIGIV

RE ÍTSGE HI x

)WWI QSZMQIRXS HI VIRSZEËÇS UYI WI SFWIVZE RS &VEWMP XIQ

TEVEPIPEQIRXI YQE GSRXVETEVXMHE RE %VKIRXMRE %RXIW I HITSMW HE

&EXEPLE HI 'EWIVSW  E ZMHE TÞFPMGE WIVÅ GSRZYPWMSREHE TIPE

QEXYVMHEHIIEEXMZMHEHIHSWI\MPEHSWWIYVIKVIWWSET×WEUYIPEFEXEPLE

I S WYVKMQIRXS HI RSZEW TIVWSREPMHEHIW RS TERSVEQE TSPÑXMGS

EVKIRXMRS4EVIGMEUYINÅIRXÇSEXVITMHEËÇSHEWQYHERËEWSGSVVMEQ

WMQYPXERIEQIRXI ES PSRKS HI XSHS S IM\S HS %XPÆRXMGS MRGPYMRHS

GIVXEQIRXIE6ITÞFPMGE3VMIRXEPHS9VYKYEM3&VEWMPUYIGSRZSGEVÅ

S&EVÇSHS6MS&VERGSTEVEJYRËÙIWHEQEMSVVIPIZÆRGMEÍ YQTEÑW

HILSQIRWRSZSW)E%VKIRXMREGSQUYI6MS&VERGSHMEPSKEVÅIQ

WYEQEXYVMHEHIÍXEQFÍQYQTEÑWHILSQIRWRSZSWGSQEGYVMSWE

GSMRGMHÎRGMEHIUYIS TVSGIWWSHIQYXEËÇSSGSVVIRIWWEQIXEHI HS

WÍGYPS<-<UYERHSS&VEWMPTEWWEHS4VMQIMVSES7IKYRHS6IMREHS

ESQIWQSXIQTSIQUYIE%VKIRXMREVIGIFIWYE'SRWXMXYMËÇSHIJMRMXMZE

IWIY TVMQIMVS KSZIVRS JIHIVEP %KIVEËÇS HS&EVÇS HS6MS &VERGS

Í E QIWQE UYI RE%VKIRXMREHÅ REWGMQIRXS E 6SUYI 7ÅIR^

4IÕE  I )WXERMWPES >IFEPPSW 



% IWWI IRGSRXVS HI KIVEËÙIW ZMRGYPEWI XEQFÍQ S IRGSRXVS

GSQ S KVERHIXIQE E GSRWXVYËÇS HI YQ RSZS IWTEËS TSPÑXMGS RS

%XPÆRXMGS7YP3JEWGÑRMSUYISWTVSFPIQEWHS6MSHE4VEXEI\IVGIQ

LÅ WÍGYPSW WSFVI SW FVEWMPIMVSW WI MRGSVTSVEVÅ ES IWTÑVMXS HS NSZIQ

6MS&VERGS UYERHSEGSQTERLESTEMREWQMWWÙIWVIPEGMSREHEWGSQ

EWEPMERËEWQMPMXEVIWIEVIGSRWXVYËÇSHS4EVEKYEM2SVMGSIGSQTPI\S

TVSGIWWSHIEVXMGYPEËÇSHS&VEWMPQSHIVRSUYIGSQIËEWSFS7IKYRHS

6IMREHSIWIEGIPIVEGSQE6ITÞFPMGEYQLSQIQGSQEWUYEPMHEHIW

MRXIPIGXYEMWITIWWSEMWHS&EVÇSTSHIVMEXIVWMHSPIZEHSETIVQERIGIV

IQ SYXVEW JYRËÙIW GSQS HI JEXS EGSRXIGIY IQ WIY PSRKS I\IVGÑGMS

GSRWYPEV IQ 0MZIVTSSP EXÍ 1EW S 6MS HE 4VEXE I EWYE ^SRE

HI MRJPYÎRGME EWWMQ GSQS E QSHIVRMHEHI HS KVERHI IM\S 6MS HI

.ERIMVS z &YIRSW %MVIW EXVEÑVEQ HIWHI S TVMRGÑTMS E EXIRËÇS HS

NSZIQ 4EVERLSW GSQS XIWXIQYRLE E FMSKVEJME HS &EVÇS HS 7IVVS

0EVKS UYI IWGVIZIY EMRHE QYMXS NSZIQ )WXI Í SYXVS IRGSRXVS

JYRHEGMSREPEJEQÑPME6MS&VERGSIS6MSHE4VEXE

6IJIVMRHSWI ES LSQIQ S )QFEM\EHSV ¥PZEVS 0MRW IRJEXM^E

SYXVEW GMVGYRWXÆRGMEW HI WIY HIWXMRS WMRKYPEV wLSYZI RS WIY GEWS

YQIRGSRXVSTVSZMHIRGMEPYQETIVJIMXEGSQTIXÎRGMEIQGIVXEWXEVIJEW

UYI TVIGMWEZEQHE WYEETPMGEËÇS8YHS S UYI6MS &VERGSETVIRHIY

WIHIWXMREZEEYQESFVEHMJIVIRXIHEUYIVIEPM^EZEEWMRGYQFÎRGMEW

UYI ZMRLEQ E WIY IRGSRXVS GSQ EW UYEMW RYRGE WSRLEVE I\MKMEQ

NYWXEQIRXISUYIIPIETVIRHIVEIWEFMEIRGSRXVSMRIWTIVEHSI

QMWXIVMSWSHIWWEWHYEWGSVVIRXIWEHETIVWSREPMHEHIHSIWXEHMWXEIE

HE STSVXYRMHEHIHEW UYIWXÙIWx

2ÇSWITSHIHIM\EVHIGSQTEVXMPLEVIWWEGSQTVSZEËÇSHI¥PZEVS

0MRW UYEWI GSQS YQE WYVTVIWE UYERHS RSW HIXIQSW RSW ERSW HI

IWXYHSIQIHMXEËÇSHS&EVÇSHS6MS&VERGSNSZIQIXEQFÍQQEHYVS

WSFVI SW TVSFPIQEW KISKVÅJMGSW I LMWX×VMGSW HS XIVVMX×VMS IRUYERXS

WYEW XEVIJEW GSXMHMEREW TEVIGMEQ MRGPMRÅPS QEMW TEVE SW EWWYRXSW

GSQIVGMEMW SY HI TYVE VITVIWIRXEËÇS HMTPSQÅXMGE

3wIRGSRXVSTVSZMHIRGMEPxEUYIWIVIJIVI¥PZEVS0MRWGSRGVIXM^E

WIGSQEUYIWXÇSHIPMQMXIWHEW1MWWÙIWSÞPXMQSHMJIVIRHSXIVVMXSVMEP

UYITSHIVMEXIVPIZEHSS&VEWMPIE%VKIRXMREEYQGSRJVSRXSQMPMXEV

% JVSRXIMVE HEW 1MWWÙIW IWXEZE IQ EFIVXS HITSMW HSW ENYWXIW

HIPMQMXIWHST×WKYIVVEQEWXERXSRS&VEWMPGSQSRE%VKIRXMRENÅ

LEZMEJSVXITVITSRHIVÆRGMEHEWXIRHÎRGMEWTEGMJMWXEWIGPEVSWTVSKVIWWSW



RE IGSRSQME I RE GYPXYVE )WWE ZSGEËÇS TEGMJMWXE JSM GSRJMVQEHE

I\TVIWWEQIRXI TIPS TVMQIMVS 'LERGIPIV VITYFPMGERS 5YMRXMRS

&SGEMÞZEUYERHSEWWMRSYIQ1SRXIZMHÍYGSQS'LERGIPIVEVKIRXMRS

>IFEPPSW S XVEXEHS HI TEVXMËÇS HS XIVVMX×VMS IQ PMXÑKMS 3 XVEXEHS

RÇS TVSWTIVSY QEW IWWI TVMQIMVS KIWXS HE RSZE 6ITÞFPMGE GVMSY

YQGPMQEHITE^UYIEMRHEÍPIQFVEHSIQ&YIRSW%MVIWGSQEVYE

UYIXIQ S RSQI HS IQMRIRXI TSPÑXMGS FVEWMPIMVS

6IGYWEHS S XVEXEHS >IFEPPSW&SGEMÞZE E UYIWXÇS JMGSY

WYFQIXMHEEYXSQEXMGEQIRXIÄEVFMXVEKIQHS4VIWMHIRXIHSW)WXEHSW

9RMHSW9QGYVWSGYVMSWEQIRXIGETVMGLSWSHSHIWXMRSUYIRÇSGIWWE

HI WYVTVIIRHIV SW LMWXSVMEHSVIWFVEWMPIMVSW XVERWJSVQSY S HMWGVIXS

'ØRWYP+IVEP IQ 0MZIVTSSP RS VITVIWIRXERXI HS &VEWMP NYRXS ES

4VIWMHIRXI+VSZIV'PIZIPERHTEVEEWSPYËÇSHSTPIMXS3UYIXMVEZE

6MS&VERGSHIWYEWMPIRGMSWEKIWXEËÇSIYVSTÍMETEVEGSRZIVXÎPSIQ

TVSXEKSRMWXE HIJMRMXMZS HE TSPÑXMGE VMSTPEXIRWI I FVEWMPIMVE IVE YQ

ITMW×HMS HS 6MS HE 4VEXE GSQ S UYEP LEZME XVSTIËEHS S TVMQIMVS

KSZIVRS VITYFPMGERSI UYI QERXMRLE IQ WYWTIRWS SW IWXEHMWXEW HEW

HYEW QEMSVIW REËÙIW HE VIKMÇS3 LSQIQ IRGSRXVEZEWIGSQ XSHEW

EW WYEWGETEGMHEHIWIRGSRXVEZEWI GSQ WIYGEQMRLSHIKVERHI^E I

TSV QIMS HS 6MS HE 4VEXE GSQ S ZIPLS TSRXS HI IRGSRXVS I

HIWIRGSRXVSHEWJVSRXIMVEWIHSWMRXIVIWWIWTSVXYKYIWIWIIWTERL×MW

)VESIRGSRXVS HI XSHSWSWIRGSRXVSW %HIJMRMËÇSSVMKMREPI

ÞRMGEHEZMHEHS&EVÇSHS6MS&VERGSWIVLSQIQHSWIRGSRXVSWI

TEVE SW IRGSRXVSW

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IQ JEZSV HS &VEWMP 1EW E QSPHYVE HI TE^ I TVSWTIVMHEHI IQ UYI

XSHSWIWWIWITMW×HMSWWIHIWIRVSPEZEQIEEPXYVEMRXIPIGXYEPIQSVEP

HSW IWXEHMWXEWHSW HSMW TEÑWIW PMXMKERXIW GSRWSPMHEVEQ E ZEPMHEHI HS

PEYHS I E WYE EGIMXEËÇS TEGÑJMGE TIPEW HYEW TEVXIW8YHS WMRXIXM^EHS

RE JVEWI GSQ UYI S &EVÇS HS 6MS &VERGS EKVEHIGI EW QIVIGMHEW

JIPMGMXEËÙIWwRSWWSWEPMEHSWHI'EWIVSW IHS4EVEKYEMx

1EW RE I\TSWMËÇS HI QSXMZSW UYI 6MS &VERGS ETVIWIRXSY ES

4VIWMHIRXIHSW)WXEHSW9RMHSWTEVENYWXMJMGEVETVIXIRWÇSFVEWMPIMVE

LÅYQEIWTÍGMIHIEVKYQIRXSHIwJVSRXIMVEWVE^SÅZIMWxUYIHIZIXIV

XMHSTIWSWMKRMJMGEXMZSREHIGMWÇSIUYIGYVMSWEQIRXIWIQTVIMPYWXVSY

ETSPÑXMGEHE%VKIRXMRE IQXSHSW SW WIYWGSRJPMXSW JVSRXIMVMËSW(M^

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S4PIRMTSXIRGMÅVMSFVEWMPIMVSwJYRHEQIRXEEHIQEMWSWIYHMVIMXSRE

TSWMËÇSIWTIGMEPHIWWIXIVVMX×VMSUYIÍMRHMWTIRWÅZIPTEVEEWIKYVERËE

I HIJIWE I TEVE E GSRWIVZEËÇS HEW GSQYRMGEËÙIW MRXIVMSVIW IRXVI S

6MS+VERHIHS 7YPISWSYXVSW IWXEHSWHE9RMÇSFVEWMPIMVEx

3WERSWXVERWGSVVMHSWHIWHISPEYHSTIVQMXIQGSRJMVQEV

EVE^SEFMPMHEHIHSEGSVHEHSUYERHSWISFWIVZEEGSRZMZÎRGMEJYRGMSREP

I LEVQSRMSWE HE JVSRXIMVE EVKIRXMRSFVEWMPIMVE GYNS XVEËEHS RÇS

TIVXYVFESGVIWGMQIRXSRSWHSMWPEHSWITVSHY^MYYQWÍGYPSHIZMHE

WIQ XIRWÙIW

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3 IWXEHMWXE I TIRWEHSV EVKIRXMRS )WXERMWPES 7IZIVS >IFEPPSW

UYIHIWHISPEYHSEVFMXVEPVIPEXMZSESXIVVMX×VMSHEW1MWWÙIWETEVIGI

IQGSRXVEWXIGSQS&EVÇSHS6MS&VERGSXIQMQEKIQQYMXSRIKEXMZE

IRXVISWLMWXSVMEHSVIWIGSQIRXEVMWXEWFVEWMPIMVSW1EWRÇSÍTSWWÑZIP

MQEKMREV 6MS &VERGS GSRWXVYMRHS S IM\S HS %XPÆRXMGS E TEVXMV HS

&VEWMPWIQIRXIRHIVEWVE^ÙIWTVSJYRHEWHSWIRGSRXVSWIHIWIRGSRXVSW

GSQ S EVKIRXMRS>IFEPPSW UYI JSM XVÎW ZI^IW 1MRMWXVS HEW6IPEËÙIW

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7IRHS >IFEPPSW LSQIQ HI ZMZE MRXIPMKÎRGME I ZEWXE GYPXYVE

UYI GLIKSY Ä 'LERGIPEVME GSQ ETIREW  ERSW XIZI PYKEV QYMXS

HIWXEGEHSREZMHEEVKIRXMREEXÍEWYEQSVXIIQ2SIRXERXS

IQFSVE QYMXS GSRLIGMHS TSV WYE EXMZMHEHI I TIPEW TSWMËÙIW

GSRXYRHIRXIW EWWYQMHEW RS GEQTSHEW VIPEËÙIW MRXIVREGMSREMW RÇS

WI TSHI GSQTVIIRHIV TPIREQIRXI WYE TIVWSREPMHEHI WIQ PIZEV IQ

GSRXEUYIREZMHEMRXIVREHE%VKIRXMREJSMYQMRJEXMKÅZIPTVSTYPWSV

HSTVSKVIWWSHITVIJIVÎRGMETIPSHIWIRZSPZMQIRXSNYVÑHMGSGMIRXÑJMGS

I IHYGEXMZS

%GSRGITËÇSHI>IFEPPSWHEKVERHI^EHE%VKIRXMREIHSPYKEV

UYIIPEHIZIVMESGYTEV RSQYRHS IVEGSQTEVÅZIPÄZMWÇSUYI XMRLE

6MS &VERGS HE KVERHI^E HS &VEWMP  ) QSZMHS TSV IWWI WSRLS IPI

IRGEVRSYXEPZI^GSQSRIRLYQSYXVSHMTPSQEXEEVKIRXMRSEÞPXMQE

JEWIHETSPÑXMGEFMJVSRXIEUYINÅRSWVIJIVMQSW)VEYQTIVÑSHSHI

VIPEËÙIWVÑWTMHEWGSQS'LMPI IWXERHSIQ HIFEXI EWSFIVERMEWSFVI

EW I\XIRWEW VIKMÙIW  EYWXVEMW I S GYQTVMQIRXS IWXVMXS HS TVMRGÑTMS

HI w%VKIRXMRE RS %XPÆRXMGS 'LMPI RS 4EGÑJMGSx % EXMXYHI

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XVEHMGMSREPQIRXI FIPMGMWXE HS 'LMPI UYI LEZME GEYWEHS XERXS

WSJVMQIRXS Ä &SPÑZME I ES 4IVY RE VIGIRXI +YIVVE HS 4EGÑJMGS IVE

YQEWSQFVETVSNIXEHEWSFVIETSPÑXMGEI\XIVMSVEVKIRXMRE-WWSSFVMKEZE

RSWWSWIWXEHMWXEWEKYEVHEV^IPSWEQIRXISIUYMPÑFVMSTSPÑXMGSIQMPMXEV

GSQSWZM^MRLSWREWLMWX×VMGEWJVIRXIWSGMHIRXEPISVMIRXEP>IFEPPSW

JSMYQHSWQEMWI\EPXEHSWTVSXEKSRMWXEWHIWWITVSGIWWSIEWWMQHIZIQ

WIV EREPMWEHEW WYEW TSWMËÙIW IQ VIPEËÇS ES &VEWMP HIWHI SW JMRW HS

WÍGYPS<-<EXÍSGSQIËSHE4VMQIMVE+YIVVE1YRHMEP'SQXSHEE

ZMZEGMHEHI HS WIYGEVÅXIV IPI EWWYQMYERIGIWWMHEHIHI IZMXEV UYI S

VIEVQEQIRXS HS &VEWMP RE JVIRXI SVMIRXEP HIFMPMXEWWI E TSWMËÇS HE

%VKIRXMRE IQ VIPEËÇS ESW GSRJPMXSW REW UYIWXÙIW PMQÑXVSJIW GSQ S

'LMPI

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HEWSFIVERMEGSQETE^3YXVSQYMXSHIWXEGEHSÍWIYEQMKSÑRXMQS

XEQFÍQ 'LERGIPIV I JYXYVS 4VIWMHIRXI HE REËÇS (V 6SUYI 7ÅIR^

4IÕE4EVEIRXIRHIVEGSQTPI\MHEHIHSTIVÑSHSIHEWTIVWSREPMHEHIW

IQNSKSZEPIVIGSVHEVUYIERXIWHIEWGIRHIV EWIYWIPIZEHSWGEVKSW

TÞFPMGSW7ÅIR^4IÕEWIEPMWXSYGSQSZSPYRXÅVMSRS)\ÍVGMXSTIVYERS

TEVEPYXEVGSRXVES'LMPIIUYIWIYWQÍVMXSWRIWWEKYIVVEPLIZEPIVEQ

ETEXIRXIHI+IRIVEPHS)\ÍVGMXS HS4IVY

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S&EVÇSHS6MS&VERGSNÅXMRLEWIMWERSWGSQS'LERGIPIV%%VKIRXMRE

GSQQEMWHIWIMWQMPLÙIWHILEFMXERXIWXE\EHIGVIWGMQIRXSIGSRØQMGS

HIESERSIZMKSVSWSJPSVIWGMQIRXSHEIHYGEËÇSHEGMÎRGMEIHE

GYPXYVETEVIGIXIVGSQTPIXEHSWYEHIJMRMËÇSREGMSREPTSHIRHSIRGIVVEV

TEGMJMGEQIRXI XSHS S WÍGYPS HE TSPÑXMGE FMJVSRXI

9Q HSW LSQIRW UYI QIPLSV GSQTVIIRHI IWWE QYHERËE HE

WMXYEËÇSIUYIIWXÅHMWTSWXSEETVSZIMXÅPEÍS&EVÇSHS6MS&VERGS

UYI E ETIVJIMËSE  IQ  GSQ E TVSTSWXE HS8VEXEHS HE 'SVHMEP

-RXIPMKÎRGMEIRXVI&VEWMP'LMPII%VKIRXMREUYIHIZIHEVREWGMQIRXS

ÄMHÍMEHS%&'3UYILÅHITSWMXMZSIQXYHSMWWSÍUYINÅIWXÅIQ

GIRESIWXEHMWXEEVKIRXMRSGETE^HIETIVXEVEQÇSUYIPLIIWXIRHIS

&VEWMP 6SUYI 7ÅIR^ 4IÕE S GSQTERLIMVSHIPYXEW I EQMKS ÑRXMQS

HI )WXERMWPES >IFEPPSW

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VIGIFISGSRZMXIHI6MS&VERGSTEVEZMENEVES&VEWMPERXIWHIEWWYQMV

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SGEVKS9QI\IQTPSHSSPLEVTIRIXVERXIIÅKMPHSKVERHIIWXEHMWXE

FVEWMPIMVS UYI VIGSPLME MRXIKVEPQIRXI S PIKEHS HE GSRZIVKÎRGME RS

6MSHI4VEXETEVEVIWXEYVEVITVSNIXEVTEVESJYXYVSSKVERHIIM\SHS

%XPÆRXMGS 6SUYI 7ÅIR^ 4IÕE HIZSPZI IWWI MRXIVIWWI GSQ E QIWQE

KVERHI^E I RSHMWGYVWS UYI TVSRYRGME RS FERUYIXI HS -XEQEVEX]

PERËEE WYE GÍPIFVIJ×VQYPE w8YHS RSWYRI REHERSWWITEVEx

6MS&VERGSI7ÅIR^4IÕEIRGEVREQRIWWITSRXSGYPQMRERXIz

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EI\GIPÎRGMEHIYQEIWTÍGMIHIQEXYVMHEHIIWGPEVIGMHEETVMQSVERHS

SQSZMQIRXSUYIERSWERXIWXMRLEWMHSMRMGMEHSTIPSWTVIWMHIRXIW

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GSQS YQ WÑQFSPS HE GSRZIVKÎRGME GVMEHSVE UYI XERXS TVSQIXI ÄW

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EXÍ SYXVE ÍTSGE GSQ SYXVSW HSMW KVERHIW IWXEHMWXEW SW TVIWMHIRXIW

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RÇSHIM\EHIWIVJEXSGYVMSWSEWMQYPXERIMHEHIGSQUYIWITEWWEQSW

IZIRXSW RSW HSMW TEÑWIW

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IRXVMWXIGMHSTIPEWVIZIVFIVEËÙIWHSFSQFEVHIMSHE&ELME2IWWIQIWQS

ERS S 'SRKVIWWS EVKIRXMRS WERGMSREVÅ E PIM HS WYJVÅKMS YRMZIVWEP

UYIPIZESRSQIHS4VIWMHIRXI7ÅIR^4IÕE2SW HSMWTEÑWIW JMRHEZE

YQE ÍTSGE

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JEPIGMQIRXS HS &EVÇS HS 6MS &VERGS XIVQMRE E w6ITÞFPMGE HSW

'SRWIPLIMVSW  E ÍTSGE QEMW JIPM^ HE 6ITÞFPMGEx 'SQ E WERËÇS

HE0IM7ÅIR^4IÕEIWYEIRXVEHEIQZMKSVXIVQMREQRE%VKIRXMRESW

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TSTYPEV

3 &VEWMP HI 6MS &VERGS IE %VKIRXMRE HI 7ÅIR^ 4IÕE IRXVEQ

IQYQEÍTSGEVMGEIQEGSRXIGMQIRXSWMRXIVRSWQYHERËEWWSGMEMWI

TSPÑXMGEW GSRWXVYËÇS HE WSGMIHEHI QSHIVRE )WXÇS GIVXSW HI WYEW

JVSRXIMVEW I XÎQ GSQS HMVME 6MS &VERGS wXIVVMX×VMS HI WSFVEx 3W

HSMWWEFIQXEQFÍQUYIKS^EQSTVMZMPÍKMSHIPMHIVEVEQSHIVRMHEHI



WYPEQIVMGERE UYI WI EWWIRXE WSFVI S KVERHI IM\S HS %XPÆRXMGS z S

UYEP Í WIQHÞZMHEPIKEHS QEMSVHSTIRWEQIRXSIHE SFVEHI .SWÍ

1EVMEHE7MPZE4EVERLSWS&EVÇSHS6MS&VERGS

&-&0-3+6%*-%

*IVVEVM+YWXEZS)WXERMWPES7>IFEPPSW'SRWINS%VKIRXMRSTEVEPEW6IPEGMSRIW

-RXIVREGMSREPIW

,EPTIVÑR(SRKLM8YPMS,MWXSVMEHI%QÍVMGE0EXMRE6IJSVQE] (MWSPYGM×RHI

PSW-QTIVMSW-FÍVMGSW1EHVMH%PMER^E)HMXSVMEP

0EVVMUYIXE(ERMIP0E%VKIRXMRE-QTIVMEP&YIRSW%MVIW)HMX7YHEQIVMGERE



0EVVMUYIXE(ERMIPw%ÕSW6YQFSEP1IVGSWYVx6IZMWXE8SHS IW,MWXSVME

&YIRSW%MVIWRSZIQFVSHI

0MQE3PMZIMVE3-QTÍVMS&VEWMPIMVS&VEWÑPME)HMXSVE9RMZIVWMHEHIHI&VEWÑPME



0MRW¥PZEVS6MS&VERGS7ÇS4EYPS)HMX%PJE3QIKE

0YRE*IPM\7S]6SGE&YIRSW%MVIW)HMXSVMEP7YHEQIVMGERE

6MS&VERGS.1HE7MPZE4EVERLSW&EVÇSHS3FVEWHS&EVÇSHS 6MS&VERGS

1MRMWXÍVMSHEW6IPEËÙIW)\XIVMSVIW-QTVIRWE2EGMSREP

6MS &VERGS 6EYP HS 6IQMRMWGÎRGMEW HS &EVÇS HS 6MS &VERGS  6MS HI

.ERIMVS0MZVEVME.SWÍ3P]QTMS)HMXSVE



3&%6§3 (36-3&6%2'3 ) 3969+9%-

.90-3 1%6±% 7%2+9-2)88-

%UYM RÇS GERXEQSWZMX×VME I REHEQEMWVMHÑGYPSI

MRGSRZIRMIRXI HS UYI YQ HMTPSQEXE ETVIKSERHSF ZMX×VMEW

&EVÇSHS6MS&VERGS

)Q1SRXIZMHÍYEGETMXEPHS9VYKYEMYQFIPÑWWMQSQSRYQIRXS

HI QÅVQSVI HI 'EVVEVE SFVE HS IWGYPXSV 4EFPS 1EÕÍ PIQFVE S

&EVÇS HS 6MS &VERGS RE TVEËE UYI XIQ  WIY RSQI WMXYEHE RE

GSRJPYÎRGME HEW %ZIRMHEW &VEWMP I (V *VERGMWGS 7SGE GSQ E 6YE

0MFIVXEH 3 QSRYQIRXS QSWXVE RE TEVXI WYTIVMSV UYEXVS JMKYVEW

WMQF×PMGEWUYIVSHIMEQYQE:MX×VMEEPEHEREFEWILÅYQQIHEPLÇS

GSQ E IJÑKMI HS &EVÇS HS 6MS &VERGS I E MRWGVMËÇS w% 6ITÞFPMGE

3VMIRXEP HS 9VYKYEM ES 'LERGIPIV .SWÍ 1EVME HE 7MPZE 4EVERLSW

&EVÇS HS 6MS &VERGS x  *SM IVMKMHS IQ  HITSMW

HI JEPIGMHS S MPYWXVI FVEWMPIMVS GYPQMRERHS EWWMQ YQE WÍVMI HI

LSQIREKIRW UYI S TEÑW PLI ZMRLE XVMFYXERHS HIWHI 



:EPIPIQFVEVUYIE%ZIRMHE&VEWMPÍYQEHEWQEMWIPIKERXIWI

IWTEËSWEWHSFEMVVSVIWMHIRGMEPHI4SGMXSWIJSMIQUYIVIGIFIY

IWWI RSQI TVIGMWEQIRXI TEVE LSRVEV S QSHS GSQS S &VEWMP XMRLE

VIWSPZMHSWYEW UYIWXÙIWJVSRXIMVMËEW GSQ S 9VYKYEM

'SQS WI RÇS FEWXEWWI YQE VYE GIRXVEP MQTSVXERXI HI

1SRXIZMHÍY UYI GVY^E E TVMRGMTEP EZIRMHE  HI .YPLS GLEQEWI

XEQFÍQ 6MS &VERGS ) YQE GMHEHI HMRÆQMGE HE JVSRXIMVE GSQ S

&VEWMP ERXMKEQIRXI 4YIFPS %VXMKEW VIGIFIY XEQFÍQ S RSQI HI

6MS &VERGS

8SHEW IWWEW LSQIREKIRW MRGSQYRW IQ UYEPUYIV GETMXEP

XVEXERHSWIHS'LERGIPIVHISYXVSTEÑWI\TPMGEQGSRXYHSSWIRXMHS

TVSJYRHSVIEPIWMQF×PMGSTSPÑXMGSIIQSGMSREPHSUYIJSMEHMTPSQEGME

FVEWMPIMVE RS TVMRGÑTMS HI YQ WÍGYPS IWTIVERËSWS I GSRZYPWS IQ

UYIS9VYKYEMGSQIËEZEYQEKVERHIXVERWJSVQEËÇSWSGMEPIRUYERXS

GYVEZE EW JIVMHEW HE ÞPXMQE KYIVVE JVEXVMGMHE E HI  XIVQMREHE



GSQEQSVXIHSÞPXMQSKVERHIGEYHMPLSVYVEP%TEVMGMS7EVEZMEMVQÇS

HS GÍPIFVI +YQIVWMRHS E UYIQ XMRLE EGSQTERLEHS RE WYE KIWXE

VMSKVERHIRWI EÑ TSV 

3786%8%(37()

3JIRSQIREPITMW×HMSFÍPMGSUYIIRZSPZIYXSHSS6MSHE4VEXE

IRXVIIGSPSGSYHIYQPEHSSKSZIVRSHI&YIRSW%MVIW

XIRHS Ä JVIRXI S HMXEHSV .YER 1ERYIP HI 6SWEW I HI SYXVS S HS

9VYKYEMTVIWMHMHSTSV.SEUYÑR7YÅVI^3WSTSWMXSVIWEVKIRXMRSWHI

6SWEW PMFIVEMW I MRXIPIGXYEMW MRHITIRHIRXIW VIJYKMEVEQWI IQ

1SRXIZMHÍYUYITIVQERIGIYWMXMEHEHYVERXIRSZIERSWIJSMGSRWEKVEHE

GSQS wE RSZE8V×MEx TSV %PI\ERHVI (YQEW IQ STÞWGYPS RS UYEP

HIJIRHMEEGEYWEHSKSZIVRSHEHIJIWE(IWIYPEHSS4EVXMHS2EGMSREP

YVYKYEMS ETSMEZE 6SWEW I WMXMEZE 1SRXIZMHÍY XIRHS Ä JVIRXI S I\

4VIWMHIRXI+IRIVEP1ERYIP3VMFIUYIMRWXEPEVEYQKSZIVRSTVSZMW×VMS

RS 'IVVMXSYQEIPIZEËÇSTIVXSHS'IRXVSHEGETMXEP

8VERWJSVQEHEEWMXYEËÇSIQGSRJPMXSMRXIVREGMSREPTEVXMGMTEZEQ

HEHIJIWEIQ1SRXIZMHÍYYQEPIKMÇSMXEPMEREGSQERHEHETSVREHE

QIRSW HS UYI +MYWITTI +EVMFEPHM YQE JVERGIWE WSF S GSQERHS

HS'SVSRIP8L]IFEYXISYXVEIWTERLSPEWSFSGSQERHSHS'SVSRIP

2IMVEMRZSGERHSSWZEPSVIWHEJMPSWSJMEPMFIVEPHEwGMZMPM^EËÇSxTSV

GSRXVEWXIGSQEwFEVFÅVMIxHEHMXEHYVEVSWMWXEUYITSVWYEZI^PIZERXEZE

EFERHIMVEHSEQIVMGERMWQSHMERXIHSUYIGSRWMHIVEZEEQERMTYPEËÇS

HEW KVERHIWTSXÎRGMEW IYVSTÍMEW

*SMYQEKYIVVEPSRKEGSQQSQIRXSWHIMRXIRWMHEHIFÍPMGEI

SYXVSW HI WSWWIKS QEW EPMQIRXEHE WIQTVI TSV HIWQIHMHE TEM\ÇS

TSPÑXMGE UYI TYRLE IQ GLSUYI ZMWÙIW HVEWXMGEQIRXI GSRXVEWXERXIW

3 KSZIVRS HE HIJIWE HI 1SRXIZMHÍY HIWIRZSPZIY  MRXIRWE

EVXMGYPEËÇSHMTPSQÅXMGEPMHIVEHETSVHSMWIWXEHMWXEWHIIRSVQIXEPIRXS

I GYPXYVE S 'LERGIPIV 1ERYIP ,IVVIVE] 3FIW I S)QFEM\EHSV RS

&VEWMP %RHVÍW 0EQEW 7YE MHÍME IVE GSRWIKYMV YQE EPMERËE IRXVI S

GEYHMPLS +IRIVEP .YWXS .SWÍ HI 9VUYM^E HI )RXVI 6MSW S -QTÍVMS

FVEWMPIMVSISKSZIVRSHEHIJIWEUYITIVQMXMWWIEHIVVYFEHEHI6SWEW

)WWEIWXVEXÍKMEHIYVIWYPXEHSIIQJIZIVIMVSHIGEÑE6SWEWRE

GLEQEHE&EXEPLEHI'EWIVSWIQUYIHMERXIHEHIJIGËÇSHI9VUYM^E



S HMXEHSV HI &YIRSW %MVIW TVEXMGEQIRXI RÇS GSQFEXIY XIRHS

IRGSRXVEHS ÄW TSVXEW HE GMHEHI YQE JSVQMHÅZIP JSVËE XVMTEVXMXI

4EVEGSRWIKYMVUYIS-QTÍVMSFVEWMPIMVSIRXVEWWIRIWWEEPMERËE

SKSZIVRSHEHIJIWEXIZIUYIGSRGIHIVPLIGMRGSXVEXEHSWHITSMWHI

MRXIRWEWRIKSGMEËÙIW3HIPMQMXIWMQTPMGEZETEVES9VYKYEMVIRYRGMEV

SUYIEXÍIWWIQSQIRXSIVEQVIMZMRHMGEËÙIWGSQJMVQIWYWXIRXEËÇS

NYVÑHMGE HIWHI E 'SRZIRËÇS4VIPMQMREV HI 4E^ HI  REUYEP

ESVIGSRLIGIVWIEMRHITIRHÎRGMEHSTEÑWWILEZMEQJM\EHSSWPMQMXIW

HE RSZE 6ITÞFPMGE )WWIW MRWXVYQIRXSW PIKEMW JSVEQ TIËEGLEZI HS

KVERHI EGSVHS IQ UYI S 'LERGIPIV .SWÍ 1EVME HE 7MPZE 4EVERLSW

QEMW XEVHI :MWGSRHI HS 6MS &VERGS GSRGIFIY E MQTSVXÆRGME I S

WMKRMJMGEHSHITVSZSGEVEHIVVYFEHE HI 6SWEWGYNEWEQFMËÙIWWSFVI

SXIVVMX×VMSYVYKYEMSISGSRXVSPIHS6MSHE4VEXEIVEQMRHMWJEVËÅZIMW

3 EVXMKS TVMQIMVS HS XVEXEHS HMWTYRLE WSFVI E VIRÞRGME HS

9VYKYEMÄVIWIVZEHS8VEXEHS HI7ERXS-PHIJSRWS UYI WIVIJIVMEESW

XIVVMX×VMSW SGYTEHSW TIPS &VEWMP RE KYIVVE GSQ E )WTERLE 2IWWI

WIRXMHS LEZME RYQIVSWEW GSRGIWWÙIW QEW E UYI TEVIGME QEMW PIWMZE

IVE E GSRXMHE RS EVXMKS XIVGIMVS WIKYRHS S UYEP wE PMRLE HMZMW×VME

GMVGYPEVÅEQEVKIQSGMHIRXEPHE0EKSE1MVMQEXÍEFSGEHS.EKYEVÇS

WIKYMRHS HEPM TIPE QEVKIQ HMVIMXE HS VMSx )Q SYXVEW TEPEZVEW

MQTYRLEWI ES 9VYKYEM E wGSWXE WIGEx RS 6MS .EKYEVÇS IRE 0EKSE

1MVMQ GSQHMVIMXS I\GPYWMZS HI REZIKEËÇS TEVE S &VEWMP JM\EHS RS

EVXMKSUYEVXS)WWERSVQEHEZEEMRHEES&VEWMPEJEGYPHEHIHIGSRWXVYMV

MRWXEPEËÙIWEXÍJSVXMJMGEHEWIQHYEWÅVIEWWMXYEHEWREHIWIQFSGEHYVE

HS'IFSPPEXMIREQEVKIQHS8EUYEVM(IWWIQSHSS&VEWMPEHUYMVME

IRGPEZIW XIVVMXSVMEMW RS 9VYKYEM TIUYIRSW QEW IWXVEXÍKMGSW I

WSFVIXYHS S GSRXVSPI EFWSPYXS WSFVI EW ÅKYEW JVSRXIMVMËEW UYI RÇS

W× IVEQ VIGSRLIGMHEW GSQS HI WYE NYVMWHMËÇS WSFIVERE GSQS RÇS

TSHMEQ WIV REZIKEHEW TSV IQFEVGEËÙIW YVYKYEMEW

)Q GMVGYRWXÆRGMEW RSVQEMW RIRLYQ KSZIVRS YVYKYEMS XIVME

EGIMXS XEQERLEW GSRGIWWÙIW MQTSWXEW TIPE RIGIWWMHEHI HE KYIVVE I

S HIWINS ZIIQIRXI HI IRZSPZIV S -QTÍVMS RS GSRJPMXS GSQ 6SWEW

w)RXVI S -QTÍVMS I6SWEWYQHMPIQE JEXEP 0EQEW I SWIWXEHMWXEWI

TSPÑXMGSW HI 1SRXIZMHÍY STXEVEQ TIPS -QTÍVMS 'SRWMHIVEZEQ UYI

GSQ IWXI TSHIVÑEQSW WIQTVI ENYWXEVRSW I SFXIV E VITEVEËÇS HEW

MRNYWXMËEWGSQ6SWEWEWSFVIZMZÎRGMEHE6ITÞFPMGEIVEMQTSWWÑZIPx



'SQS Í REXYVEP S XVEXEHS TVSZSGSY IRSVQIW VIWMWXÎRGMEW I NÅ RS



TVMQIMVSERSHEWYEVEXMJMGEËÇSJSVEQXVSGEHEWRSXEWVIZIVWEMWTEVEE

WYE MRXIVTVIXEËÇS IWXEFIPIGIRHS UYI IQ GEWS HI KYIVVE EW XIVVEW

GIHMHEWES&VEWMPRS'IFSPPEXMIRS8EUYEVMRÇSTSHIVMEQWIVYXMPM^EHEW

GSQSTSRXSW IWXVEXÍKMGSW SJIRWMZSW

*IMXEETE^RS9VYKYEMEYQIRXEVEQEWGVÑXMGEWESWGMRGSXVEXEHSW

UYIWXMSRERHSWIEXÍQIWQSEZEPMHEHIHIWYEVEXMJMGEËÇS3TV×TVMS

%RHVÍW 0EQEW EYXSV HSW EGSVHSW GLIJMSY HMTPSQEXMGEQIRXI EW

XIRXEXMZEWHIQSHMJMGEËÇS-WWSHIYPYKEVÄWRIKSGMEËÙIWUYIIQ

PIZEVEQ Ä VIRÞRGME TIPS &VEWMP HSW XIVVMX×VMSW RS 'IFSPPEXM I RS

8EUYEVMHITSMWHIQIHMEËÇSEVKIRXMREUYIGYPQMRSYGSQEEWWMREXYVE

HS8VEXEHS HI  HI QEMS HI 



(IWHI IRXÇS SW KSZIVRSWYVYKYEMSWXIRXEZEQ VIMXIVEHEQIRXI

QSHMJMGEV S 8VEXEHS HI  IWTIGMEPQIRXI IQ EWTIGXSW XÇS

TVINYHMGMEMW GSQS IVE S HE REZIKEËÇS REW ÅKYEW HS .EKYEVÇS I HE

0EKSE1MVMQ)QS+IRIVEP*PSVIWMRWXVYMY0EQEWEKIWXMSREV

QSHMJMGEËÙIWTVSTSRHSWIEEFSPMËÇSVIGÑTVSGEHIXSHSWSWMQTSWXSW

UYI EJIXEWWIQ SW TVSHYXSW EKVÑGSPEW HSW HSMW TEÑWIW I E REZIKEËÇS

IQ GSQYQ RE 0EKSE 1MVMQ % KIWXÇS JVEGEWWSY QEW IQ  S

KSZIVRSHI+EFVMIP%RXSRMS4IVIMVEZSPXSYEMRWXVYMV0EQEWEGSRWIKYMV

EPXIVEËÙIWRS8VEXEHSHI'SQÍVGMS%KIWXÇSJIMXETSV0EQEWJSMXÇS

HYVE UYI TVSZSGSY YQE GSRZIVWE EQEVKE GLIME HI VIGVMQMREËÙIW

GSQWIYVIWTIMXEHSEQMKSS'LERGIPIV.SWÍHE7MPZE4EVERLSWTVSJYRHS

GSRLIGIHSVHSWEWWYRXSWHS6MSHE4VEXEUYIMRGPYWMZIXMRLEEWWMWXMHS

Ä EWWMREXYVE HS GSRZÎRMS HE EPMERËE GSRXVE 6SWEW I VIGIFIVME WIY

XÑXYPSRSFMPMÅVUYMGSIRUYERXSWIIRGSRXVEZEIQ1SRXIZMHÍY%JEWXEHS

S:MWGSRHIHS6MS&VERGSHE'LERGIPEVMEVIRSZEQWIEWRIKSGMEËÙIW

UYI XIVQMREVEQIQ  HI WIXIQFVSHI  GSQ YQ RSZS8VEXEHS

HI'SQÍVGMSI2EZIKEËÇSFEWIEHSIQHIWKVEZEËÙIWWSFVISMRXIVGÆQFMS

GSQIVGMEP

5YERHSS+IRIVEP*PSVIWWIWYFPIZSYGSRXVES4VIWMHIRXI&IVVS

IQHERHSMRÑGMSÄVIZSPYËÇSUYIJMGSYGSRLIGMHEGSQS'VY^EHE

0MFIVXEHSVESXIQEGLIKSYEWIVQSXMZSHIVIMZMRHMGEËÇSTEWWMSREP

5YERHSS&VEWMPMRXIVZIMSIQETSMSE*PSVIWGSRXVESKSZIVRSIWXI

HIGPEVSYw6SQTMHSWRYPSWIGERGIPEHSWSWXVEXEHSWHIHISYXYFVS

HIIWYEWQSHMJMGEËÙIWEVVERGEHEWZMSPIRXEQIRXIHE6ITÞFPMGE

TIPS -QTÍVMS HS &VEWMPx % IWUYEHVE FVEWMPIMVE WMXMEZE 4EMWWERHY

NYRXEQIRXIGSQEWJSVËEWHI*PSVIWISHIGVIXSHIERYPEËÇSJSMYQE



VÍTPMGEETEM\SREHEHIXEPJSVQEWSPIRM^EHEUYIFEXEPLÙIWWIJSVQEVEQ

RE 4VEËE HE -RHITIRHÎRGME I SW XVEXEHSW JSVEQ MRGMRIVEHSW 2E

HIJMRMËÇSHIWWEKYIVVEMRXIVZÍQHIGMWMZEQIRXIS:MWGSRHIUYIGSRWIKYI

ETSMEVEZMX×VMEHI*PSVIWWIQUYIWIHIVVEQEWWIWERKYIIQ1SRXIZMHÍY

GSQSESGSRXVÅVMSXMRLEEGSRXIGMHSHVEQEXMGEQIRXIIQ4EMWWERHY

-WWSUYIJSMWIQHÞZMHEYQXVMYRJSHMTPSQÅXMGSUYEWIPLIGYWXES

GEVKS ES WIV UYEPMJMGEHS RS 6MS HI .ERIMVS TSV WIYW STSWMXSVIW HS

QSQIRXS GSQS YQ EXS HI HIFMPMHEHI 2S IRXERXS S :MWGSRHI

GSRWIKYMYHIQSRWXVEVSÎ\MXSHIWYEMRXIVZIRËÇSIQQIQSVÅZIPNSVREHE

TEVPEQIRXEVREUYEPJEPERHSHYVERXISMXSLSVEWQSWXVSYEJEPWMHEHI

HEGSPSGEËÇSFIPMGMWXEUYIGPEQEZETSVYQEZMRKERËEWERKVIRXETIPE

UYIMQEHSWXVEXEHSW)WWITVSGIWWSJSMZMZMHSMRXIRWEQIRXITSVWIY

JMPLSSJYXYVS&EVÇSHS6MS&VERGSUYIEGSQTERLEZESTEMGSQS

HMTPSQEXEJSVQERHSWIEWWMQREGSVEKIQHEWEXMZMHEHIWQEKRÆRMQEW

I GMZMPM^EHEW



'SQ SXVMYRJS HI *PSVIW IPI GERGIPE EERYPEËÇS TVSGPEQEHE

IQGPMQEHIGVÑXMGEWIEGYWEËÙIW

%WXIRXEXMZEWHIVIJSVQEGSRXMRYEVEQESPSRKSHIXSHSSWÍGYPS

<-< IQFSVE TVEXMGEQIRXI XSHEW XIRLEQ JVEGEWWEHS IQ TEVXMGYPEV

RSUYIWIVIJIVIESXIQEHEREZIKEËÇS(IUYEPUYIVJSVQEIVEZSRXEHI

MRWMWXIRXIHS9VYKYEMWEREVSUYIWIRXMEGSQSYQEJIVMHETVSJYRHE

RE WSFIVERME REGMSREP

8)27¹)7236-3(%46%8%

)QSREYJVÅKMSRS6MSHE4VEXEHS'SRWXMXYGM×REETIREW

HSMWUYMPØQIXVSWIQIMSHEGSWXEYVYKYEMEREEPXYVE HI 'SPØRMEI

EYRWUYMPØQIXVSWHEQEVKIQEVKIRXMREKIVEYQGSRJPMXSIRXVI

SW HSMW TEÑWIW %WEYXSVMHEHIW YVYKYEMEW  SVKERM^EQ S WEPZEQIRXS

QEW EW EVKIRXMREW S MQTIHIQ MRZSGERHS HMVIMXSW WSFIVERSW WSFVI

IWWI GEREP PSGEPM^EHS TVEXMGEQIRXI RE QEVKIQSTSWXE 3 MRGMHIRXI

TVSZSGETVSXIWXSWIWXYHERXMWIQ1SRXIZMHÍYEVIRÞRGMEHS1MRMWXVS

HEW 6IPEËÙIW )\XIVMSVIW UYI TVSTYRLE EXMXYHI QEMW HYVE GSRXVE E

%VKIRXMRE I EXÍ QIWQS WYKIWXÙIW HI QMPMXEVM^EËÇS HS TEÑW

3 MRGMHIRXI GYPQMRSY GSQ YQE XVSGE HI RSXEW IRXVI S

)QFEM\EHSVYVYKYEMS(SYXSV%GIZIHS(ME^GIPIFVEHSVSQERGMWXE

KVERHIJMKYVETSPÑXMGEIMRXIPIGXYEPIS'LERGIPIVEVKIRXMRS(SYXSV



)WXERMWPES>IFEPPSWIQUYISWHSMWTEÑWIWEJMVQEZEQWYEWVIWTIGXMZEW

TSWMËÙIW

(IWWIQSHSE'LERGIPEVMEIEW*SVËEW%VQEHEWHE%VKIRXMRE

GSQIËEZEQHIJEXSEETPMGEVYQEXISVMEUYIMKRSVEZEXSXEPQIRXISW

HMVIMXSWHS9VYKYEMWSFVISVMSIWYEREZIKEËÇS)WWEXIWIzUYIRS

TEWWEHSNÅXMZIVEHIJIRWSVIWzIVEVIZMZMHEETVST×WMXSHIYQGSRJPMXS

GSQ S &VEWMPUYERHS >IFEPPSW I\MKMY MVVMXEHEQIRXI UYI S ZM^MRLS

HS 2SVXIMRXIVVSQTIWWI WIY TVSKVEQE HI GSRWXVYËÇS HI REZMSW HI

KYIVVE4SVGEYWEHEXIRWÇSTVSZSGEHETSVIWWEGSVVMHEEVQEQIRXMWXE

S 4VIWMHIRXI EVKIRXMRS *MKYIVSE %PGSVXE GSRZSGE YQE .YRXE HI

2SXÅZIMWTEVEI\EQMREVSXIQEHIEGSVHSGSQEWRSVQEWHSHMVIMXS

MRXIVREGMSREP STSVXYRMHEHI IQUYI >IFEPPSW HIWIRZSPZI I I\TPMGMXE

WIYW EVKYQIRXSW UYIGSRXYHS RÇSWÇS VIZIPEHSWHI MQIHMEXS2S

ERSWIKYMRXIS1MRMWXVSYVYKYEMSIQ&YIRSW%MVIW%GIZIHS

(ME^ SFXÍQ YQE ZIVWÇS HIWWI HMWGYVWS IS TYFPMGETEVE IWGÆRHEPS

KIVEP

)WWE TYFPMGEËÇSGSMRGMHIGSQ ETVIWIRËEHI YQE IWUYEHVMPLE

REZEP EVKIRXMRE IQ JVIRXI E 1SRXIZMHÍY VIEPM^ERHS IZSPYËÙIW I

WMQYPEËÙIWHIGSQFEXIIRXVIE-PLEHEW*PSVIWHINYVMWHMËÇSYVYKYEME

IS&ERGS-RKPÎWGSQHMWTEVSWHIGERLÇSEXVÎWQMPLEWHIWWEMPLEI

TSYGSQEMWHIGMRGSQMPLEWHEGSWXEHEUYEPWITSHMESFWIVZEVXYHS

)Q QIMS E GPMQE HI VIEËÇS MVVMXEHE S 9VYKYEM JE^ YQ TVSXIWXS

HMTPSQÅXMGSIIQWYE VIWTSWXEE %VKIRXMRE TVEXMGEQIRXIVIMZMRHMGE

WSFIVERME WSFVIXSHSWSWGEREMWHS4VEXE I WIYIWTIPLS HvÅKYE

%WWMQ S 9VYKYEM TEWWEVME E XIV RE TVÅXMGE YQE wGSWXE WIGEx

WSFVI S 6MS HE 4VEXE LIVIWME NYVÑHMGE UYI JIPM^QIRXI RÇS XMRLE

YRERMQMHEHIRE%VKIRXMREVIGYWEHETSVZS^IWTVIWXMKMSWEWGSQSS

NSVREP 0E 2EGM×R UYI UYEPMJMGEZE E XIWI HI wEPÍQ HI MQTSPÑXMGE

IUYMZSGEHEx34VIWMHIRXIHS9VYKYEM(SYXSV'PEYHMS;MPPMQER

GSRZSGSYYQE.YRXEHI2SXÅZIMWGSQTSWXETSVMRXIVREGMSREPMWXEW

GSRWYPXERHSSW WSFVI S XIQE I S VIWYPXEHS JSM YQE VEVÑWWMQE

YRERMQMHEHIHI STMRMÇS E VIWTIMXS HS JYRHS HE UYIWXÇS IQFSVE E

QEMSVME WI MRGPMREWWI TIPE FYWGE HI WSPYËÙIW EQMWXSWEW

'SRXMRYEVEQEWTVSZSGEËÙIWHE%VKIRXMRERÇSW×HS'LERGIPIV

GSQS HSW QMPMXEVIW I S 1MRMWXVS %PQMVERXI &IXLIHIV ETPMGEZE IQ

XSHEWEWSTSVXYRMHEHIW TSWWÑZIMWEXIWII\XVEZEKERXIHI>IFEPPSW 3

KSZIVRS YVYKYEMSIRZMSY IRXÇS E &YIRSW %MVIW S FVMPLERXI NYVMWXE



(SYXSV+SR^EPS6EQÑVI^EJMQHIXIRXEVYQEWSPYËÇSTEVEEWJVMGËÙIW

WYGIWWMZEW TVSHY^MHEW TSV IWWEW EËÙIW HMTPSQÅXMGEW I QMPMXEVIW 1EW

WYEEVKYQIRXEËÇSGPEVEIGSRGMPMEX×VMEIQFSVEJMVQIRÇSGSRWIKYMY

EZERËEV QYMXS

2IWWEW GMVGYRWXÆRGMEW E HMTPSQEGME FVEWMPIMVE XEQFÍQ IQ

JVMGËÇS TIVQERIRXI GSQ S 'LERGIPIV >IFEPPSW ETVS\MQEWI HI YQ

9VYKYEMGYNSEQFMIRXIPLIIVEQYMXSJEZSVÅZIPTSMWLEZMEQSZMQIRXSW

HI WMQTEXME GSQ VIPEËÇS ES ZM^MRLSHS 2SVXI 3W GPYFIW GSPSVEHSW

6MZIVETVIWMHMHSTIPS(SYXSV'EVPSW8VEZMIWSI:MHE2YIZETVIWMHMHS

TIPS MPYWXVI IWGVMXSV .SWÍ )RVMUYI 6SH× E QEMSV JMKYVE MRXIPIGXYEP

HEÍTSGESVKERM^EVEQYQEKVERHIVIYRMÇSIQLSQIREKIQES&VEWMP

TSVQSXMZSHEWGSQIQSVEËÙIWHEMRWXEYVEËÇSVITYFPMGERE)WWIWGPYFIW

IVEQJYRHEQIRXEMWRESVKERM^EËÇSTSPÑXMGSTEVXMHÅVMEHSTEÑWEXYERHS

XEQFÍQ GSQS MRJPYIRXIW KIVEHSVIW HISTMRMÇS 4EVE VITVIWIRXEV S

9VYKYEM RIWWEW JIWXMZMHEHIW SKSZIVRS HS (SYXSV ;MPPMQER IRZMSY

ES6MSHI.ERIMVSYQEKVERHI(IPIKEËÇSGLIJMEHETIPS1MRMWXVSHE

+YIVVE +IRIVEP )HYEVHS :Å^UYI^ ISW HSYXSVIW 'EVPSW 1EVÑE HI

4IREI .SWÍ )WTEPXIV



%PÍQHIWYEJYRËÇSVITVIWIRXEXMZES(SYXSV'EVPSW1EVÑEHI

4IREXMRLEEQMWWÇSHIXVSGEVMHÍMEWGSQSKSZIVRSFVEWMPIMVSEVIWTIMXS

HEREZIKEËÇSHEWÅKYEWJVSRXIMVMËEWISENYWXIHEHÑZMHEMRXIVREGMSREP

VIPEXMZEESWIQTVÍWXMQSWHII)RXVIZMWXSYWIZÅVMEWZI^IW

GSQS&EVÇSHS6MS&VERGSIIWWIJMREPQIRXIPLIGSQYRMGSYUYIS

KSZIVRSFVEWMPIMVSIWXEZEHMWTSWXSEJE^IVYQEHIGPEVEËÇSIWTSRXÆRIE

IQ JEZSV HS GSRHSQÑRMS HEW ÅKYEW JVSRXIMVMËEW QEW wPSKS UYI

XIVQMREWWI E GSRWXVYËÇS HSW KVERHIW REZMSW HI KYIVVE UYI XMRLE

GSRXVEXEHSRSWIWXEPIMVSWIYVSTIYWx'SQSÍRSX×VMSS&EVÇSFYWGEZE

YQE WSPYËÇS LSRVSWE GSQS WIQTVI LEZME WMHS E WYE TSPÑXMGE QEW

TSVWYEZI^HIWINEZEJE^ÎPSHMERXIHE%VKIRXMREETEVXMVHETSWMËÇS

HI JSVËEHIYQE IWUYEHVEIUYMTEHE GSQREZMSWQSHIVRSW

MRXIVIWWERXISFWIVZEVUYIEPÍQHIWWEWGSMRGMHÎRGMEWFVEWMPIMVS

YVYKYEMEWLEZMESYXVEQYMXSMQTSVXERXIIRXVIS&EVÇSHS6MS&VERGS

'LERGIPIV FVEWMPIMVS HIWHI  I S I\4VIWMHIRXI .SWÍ &EXXPI ]

3VHSÕI^ S IWXEHMWXE QEMW MQTSVXERXI HS 9VYKYEM RS WÍGYPS <<

UYIXMRLETVIWMHMHSSTEÑWHIHIQEVËSHIEHIQEVËSHI

%SHIM\EVETVIWMHÎRGMEIPIIQFEVGETEVEE)YVSTEIRSHME

 HI QEVËS JE^ IWGEPE HI ZÅVMSW HMEW RS 6MS HI .ERIMVS SRHI Í



LSQIREKIEHS TSV 6MS &VERGS GSQ YQ KVERHI NERXEV RS 4EPÅGMS

-XEQEVEX]HYVERXISUYEPS&EVÇSPIQFVEXIVQERXMHSEQM^EHIGSQ

S+IRIVEP0SVIR^S&EXXPITEMHI(SQ.SWÍRSWERSWI

UYERHS S +IRIVEP I\IVGME E TVIWMHÎRGME HS 9VYKYEM I 6MS &VERGS

EGSQTERLEZE S TEM :MWGSRHI HS 6MS &VERGS GSQS 7IGVIXÅVMS

HMTPSQÅXMGS 3 MRXIVIWWERXI Í UYI &EXXPI ] 3VHSÕI^ TVITEVEZEWI

TEVETEVXMGMTEVHE7IKYRHE'SRJIVÎRGMEHE4E^HE,EMESRHITVSTSVME

IQ EHQMVÅZIP HMWGYVWS WYE J×VQYPE TEVE S IWXEFIPIGMQIRXS HE

EVFMXVEKIQ SFVMKEX×VME TEVE E WSPYËÇS TEGÑJMGE HEW GSRXVSZÍVWMEW

MRXIVREGMSREMW(IWIYPEHS6MS&VERGSIVEJEZSVÅZIPÄQIWQEXIWI

UYIWIVMEHIWIRZSPZMHETSV6YM&EVFSWERIWWE'SRJIVÎRGMEXÇSPIQFVEHE

3)28)2(-1)283'313&6%7-0

%S EFVMVWI E WIWWÇS HS GSRKVIWWS FVEWMPIMVS IQ  S

4VIWMHIRXI HE 6ITÞFPMGE (SYXSV %JSRWS 4IRE ERYRGMSY TSV YQE

QIRWEKIQUYIXMRLEQ WMHSMRMGMEHEW RIKSGMEËÙIWHMTPSQÅXMGEWGSQ

S 9VYKYEM

w(IWHI  WSQSW HSRSW HE REZIKEËÇS I\GPYWMZE HS 6MS

.EKYEVÇS I HE 0EKSE 1MVMQ 3W XVEXEHSW WSPIRIW IWXEFIPIGIQ GSQS

PMQMXIW IRXVI SW HSMW TEÑWIW E QEVKIQ HMVIMXE HS 6MS .EKYEVÇS I E

QEVKIQ SGMHIRXEP HE 0EKSE 1MVMQ EXÍ S GSRJPYIRXI .EKYEVÇS

)WTSRXERIEQIRXI I WIQ WSPMGMXEËÙIW JE^IQSW S UYI WI IWTIVEZE HI

R×WIMWWSWIQHIWINSHIGSQTIRWEËÇSEUYISYXVSWTSHIVMEQTVIXIRHIV

XIRHSIQZMWEETIVJIMXEWMXYEËÇSNYVÑHMGEIQUYIRSWIRGSRXVEQSWx

)Q 1SRXIZMHÍY IWWE HIGPEVEËÇS JSM JIWXINEHE GSQ KVERHI

QERMJIWXEËÇSTSTYPEVIQJEZSVHS&VEWMPUYIVIYRMYYQEQYPXMHÇS

IGYPQMRSYRS,SXIP3VMIRXEPIQUYIWILSWTIHEZES1MRMWXVSHS

&VEWMP8SQSY E TEPEZVE S (SYXSV 'EVPSW8VEZMIWS 4VIWMHIRXI HS

'PYFI 6MZIVE IQ GPMQE HI I\EPXEËÇS Ä JMKYVE HI 6MS &VERGSIQ

UYIQWITIVWSRMJMGEZEEHMTPSQEGMETEGMJMWXEUYIVIWSPZMEYQEWMXYEËÇS

NYVMHMGEQIRXI MRUYIWXMSRÅZIP IQ WIY JEZSV QEW EFYWMZE IQ WYEW

GSRWIUàÎRGMEW TSPÑXMGEW

'SQIWWIVIGSRLIGMQIRXSS&VEWMPETEVIGMEGSQEXMXYHIKIRIVSWE

IESQIWQSXIQTSHIWEGVIHMXEZEHIJMRMXMZEQIRXIEXIWIHI>IFEPPSW

WSFVIENYVMWHMËÇSI\GPYWMZEHE%VKIRXMRERS6MSHE4VEXEUYITVIXIRHME



NYWXMJMGEVWI JEPWEQIRXI QEW GSQ IJIMXS GSQ TVIWYQÑZIP LIVERËE

GSPSRMEP GSVVIPEXE Ä QIWQE WSPYËÇS IRXVI S  9VYKYEM I S &VEWMP

%WWMQ ES VIRYRGMEV E WIY HMVIMXS HI REZIKEËÇS I\GPYWMZE S &VEWMP

TVINYHMGEZE WYFWXERXMZEQIRXI ETVIXIRWÇSEVKIRXMRE(I SYXVS PEHS

JE^ME UYIWXÇS HI MRWMWXMV RS JEXS HI UYI IWWE VIRÞRGME RÇS VIWYPXEZE

HI YQE VIGPEQEËÇS QEW HI VIGSRLIGMQIRXS PMZVI I IWTSRXÆRIS

2IWWI GPMQE S &EVÇS HS 6MS &VERGS RIKSGME GSQ 6YJMRS8

(SQÑRKYI^ S 1MRMWXVS HS 9VYKYEM RS 6MS HI .ERIMVS YQ RSZS

XVEXEHSUYIVIGSRLIGIEREZIKEËÇSGSQYQIEMRHEQEMWMQTSVXERXI

GSQTEVXMPLEENYVMWHMËÇSWSFVIIWWEWÅKYEW2EQIRWEKIQHSKSZIVRS

YVYKYEMSIRZMEHEES4EVPEQIRXSWSPMGMXERHSWYEETVSZEËÇSVIGSRLIGI

WI I\TVIWWEQIRXI IWWE GMVGYRWXÆRGME TEVXMGYPEV  w3 )\QS 7IRLSV

&EVÇSHS6MS&VERGSIRGEVSYIVIWSPZIYRSWWEWEWTMVEËÙIWHIXSHSW

SWXIQTSWGSQYQGVMXÍVMSUYIWYTIVETIPEWYEEQTPMXYHIIIPIZEËÇS

IWWIWERWIMSWPIKÑXMQSWE'LERGIPEVMEFVEWMPIMVEGSRGIHIYES

9VYKYEM QYMXS QEMW HSUYI E RSWWEHMTPSQEGME VIGPEQSY IQ XSHEW

EW ÍTSGEWIEGIMXSYQIRSWHSUYIIWWEQIWQE HMTPSQEGMESJIVIGIY

GSQSGSQTIRWEËÇS REW WYEW GSRWXERXIWKIWXÙIWx

3TVIÆQFYPSHSRSZSXVEXEHSVIMXIVEUYIEVIZMWÇSHS8VEXEHS

HI  WI HIZME E YQE MRMGMEXMZE FVEWMPIMVE S UYI GIVXEQIRXI RÇS

IVEI\EXSTSMWEXIRHMEEYQETIVWMWXIRXIVIGPEQEËÇSYVYKYEMEFEWIEHE

RÇSW×REWGSRHMËÙIWHIJSVËEQEMSVIQUYIWIJM^IVEEUYIPEGSRGIWWÇS

QEW XEQFÍQ IQTVSJYRHS WIRXMQIRXS HI EQTYXEËÇS XIVVMXSVMEPHI

PIWÇSHEHMKRMHEHIUYIQERXMRLEZMZEIWWEEXMXYHI3TV×TVMS%RHVÍW

0EQEW EVXÑJMGI HS ZIPLS XVEXEHS REW GSRHMËÙIW TSPÑXMGEW IWTIGMEMW

IQUYIJSM TVITEVEHSQERXIZIIWWEEXMXYHI GSQTIVWMWXÎRGME%PÍQ

HIWWE GSQTVSZEËÇS  JEXS Í UYI S &VEWMP HIWINEZE GSQ XSHS HMVIMXS

WMXYEVWI IQ TSWMËÇS HI VIEP KIRIVSWMHEHI I EQTPMXYHI TSMW IWXEZE

VIGSRLIGIRHS QYMXS QEMW HS UYI E PMZVI REZIKEËÇS HEW ÅKYEW 4SV

MWWS S &EVÇS WYTVMQMYHS TVSNIXS HS XVEXEHS S EVXMKS UYI HEZE ES

&VEWMPHMVIMXSÄREZIKEËÇSHS8EUYEVMIHS'IFSPPEXMSUYII\TPMGSY

GPEVEQIRXI IQ WIY HMWGYVWS TVSRYRGMEHS RS -RWXMXYXS ,MWX×VMGS

w7IHIWINEQSWEFERHSREVEI\GIËÇSUYIRÇSÍHMKREHSRSWWS

XIQTS RIQ HS RSWWS GSRXMRIRXI RÇS Í GSQ E MHÍME HI QIVIGIV

EKVEHIGMQIRXSWIGSRUYMWXEVEKVEXMHÇSHSWRSWWSWEQMKSWHS9VYKYEM

3 WIRXMQIRXS HI KVEXMHÇS S XÎQ TSYGSW LSQIRW I Í EMRHE QEMW

VEVS SY QIRSW HYVEHSYVS REW GSPIXMZMHEHIW LYQEREW UYI WÇS EW



REËÙIW7ILSNIUYIVIQSWGSVVMKMVTEVXIHERSWWEJVSRXIMVEQIVMHMSREP

GSQ ZERXEKIQ TEVE YQ TSZS ZM^MRLS I EQMKS Í TVMRGMTEPQIRXI

TSVUYI IWWI XIWXIQYRLS HS RSWWS EQSV ES HMVIMXS JMGE FIQ TEVE S

&VEWMPIÍYQEEËÇSHMKRE HSTSZS FVEWMPIMVSx



 3 EVXMKS TVMQIMVS HS XVEXEHS HMWTÙI UYI S &VEWMP GIHI ES

9VYKYEM E TEVXI HE 0EKSE 1MVMQ GSQTVIIRHMHE IRXVI WYE QEVKIQ

SGMHIRXEPIERSZEJVSRXIMVEJM\EHERSEVXMKSXIVGIMVS)GIHIXEQFÍQ

E TEVXI HS XIVVMX×VMS JPYZMEP GSQTVIIRHMHE IRXVI E QEVKIQ HMVIMXE

QIVMHMSREP HS .EKYEVÇS I E PMRLE HMZMW×VME HIXIVQMREHE TIPS EVXMKS

UYEVXS (I EGSVHS GSQ IWWEW HMWTSWMËÙIW RE 0EKSE 1MVMQ JM\EWI

GSQS PMRLE HMZMW×VME TVMRGMTEP E PMRLE QÍHME SY IUàMHMWXERXI IRXVI

SWTSRXSWQEMWMQTSVXERXIWHEWHYEWQEVKIRW7EPZSEGSVHSTSWXIVMSV

W×TSHIVÇS REZIKEVIWWEW ÅKYEW IQFEVGEËÙIW FVEWMPIMVEW I YVYKYEMEW

3 9VYKYEM GSQTVSQIXIWI E VIWTIMXEV EW TVSTVMIHEHIW EHUYMVMHEW

TSVFVEWMPIMVSWREWMPLEWSYMPLSXEWUYITEWWEQEKSVEEWYENYVMWHMËÇS

9QE GSQMWWÇSQMWXE RSQIEHE TIPSW HSMWKSZIVRSW JEVÅ SW IWXYHSW

RIGIWWÅVMSWTEVEEHIXIVQMREËÇSHERSZEJVSRXIMVEHIEGSVHSGSQSW

GVMXÍVMSWIWXEFIPIGMHSW'SQVIWTIMXSES9VYKYEMVIGSRLIGIWIUYIÍ

PMZVIXEQFÍQSXVÆRWMXSIRXVISSGIERSIE0EKSE1MVMQTIPEWÅKYEW

FVEWMPIMVEW HS 6MS 7ÇS +SRËEPS 0EKYRE HSW 4EXSW I &EVVE HS 6MS

+VERHI MRGPYÑHS S HSWREZMSW HI KYIVVE

%7')0)&6%«¹)7

3 XVEXEHS  ENYWXEHS RS JMREP HI  I VEXMJMGEHS TIPSW HSMW

4EVPEQIRXSW IQ  JSM WSPIRM^EHS TIPE XVSGE HIWWEW VEXMJMGEËÙIW

2SWHSMWTEÑWIWS ITMW×HMSJSMGSQIQSVEHSRSW4EVPEQIRXSW

REMQTVIRWEIQIWQSREWVYEWGSQMRGSQYQTEVXMGMTEËÇSTSTYPEV

2S 9VYKYEM S HME HE GIVMQØRME HI XVSGE HEW VEXMJMGEËÙIW JSM

HIGPEVEHS JIVMEHS 6IYRMHE IQ LSRVE HS &VEWMP YQE QYPXMHÇS

IRXYWMÅWXMGE EKVEHIGIY E EXMXYHIFVEWMPIMVE RE STSVXYRMHEHIJEPEVEQ

S (SYXSV 4EFPS HI 1EVÑE S (SYXSV 4IHVS 1ERMRM 6MSW S TSIXE

.YER>SVVMPPEHI7ER1EVXÑRIS1MRMWXVSHS&VEWMP(SYXSV0MWFSE

9QE JIWXE LÑTMGE RS ,MT×HVSQS HI 1EVSÕEW YQ HIWJMPI QMPMXEV

YQGSRGIVXSHIKEPERS8IEXVS7SPÑWIYQEKVERHIVIGITËÇSTVIWMHIRGMEP

HIVEQFVMPLSWSGMEPÄJIWXMZMHEHIUYIGSQSZMEXSHSSTSZSRIWWI

QSQIRXS UYI E 'LERGIPEVME YVYKYEME TVSTÙI Ä 4VIJIMXYVE HI



1SRXIZMHÍYSRSQIHI6MS&VERGSTEVEYQEVYEGIRXVEPHEGMHEHI

GSQ IWXEW TEPEZVEW IPSKMSWEW

w YQ IWTÑVMXS EQTPS EFIVXS ÄW KVERHIW MHÍMEW HE ZIVHEHI I

HENYWXMËEMRXIVREGMSREPIRSWIYTIMXSIQUYIZMZIQSWWIRXMQIRXSW

QEMWKIRIVSWSWUYITSHIXIVYQLSQIQTÞFPMGSWYVKMYEMRMGMEXMZE

HS XVEXEHS HIGSRHSQÑRMSHS6MS.EKYEVÇS IHE0EKSE 1MVMQx

2S &VEWMP XEQFÍQ LSYZI LSQIREKIRW ES 9VYKYEM I HM^MEWI

RS 6MS HI .ERIMVS UYI YQE QERMJIWXEËÇS VIYRMY  QMP TIWWSEW

9QE(IPIKEËÇS HE NYZIRXYHI FVEWMPIMVE ZMENSY E 1SRXIZMHÍY TEVE

TVIWIRXIEVEWEYXSVMHEHIWYVYKYEMEWGSQYQFYWXSHS&EVÇSHS6MS

&VERGS UYI EXYEPQIRXI TVIWMHI E WEPE HS %VUYMZS ,MWX×VMGS HS

1MRMWXÍVMS HEW 6IPEËÙIW )\XIVMSVIW

%4%'-*-'%«§3(%6)+-§3(346%8%

3 ENYWXI HMTPSQÅXMGS IRXVI S &VEWMP I S 9VYKYEM HIM\SY E

%VKIRXMREIQTSWMËÇSQYMXSMRGØQSHEJVIRXIEWIYZM^MRLSTPEXIRWI

)Q SYXYFVS HI  XIVQMREZE WIY QERHEXS S 4VIWMHIRXI

*MKYIVSE%PGSVXEIIQGSRWIUàÎRGMEHIM\EZEQSKSZIVRSSW1MRMWXVSW

>IFEPPSWI&IXLIHIVUYIWYWXIRXEZEQEXIWIHEwJVSRXIMVEWIGEx2IWWEW

GMVGYRWXÆRGMEW S (SYXSV 6SUYI 7ÅIR^ 4IÕE NYVMWXE IQMRIRXI UYI

WIQTVI XIZI WIRXMQIRXSW EQMWXSWSW GSQ VIPEËÇS ES 9VYKYEM TIHI

TEVE WIV RSQIEHS 1MRMWXVS 4PIRMTSXIRGMÅVMS HE %VKIRXMRE E JMQ HI

TEGXYEV GSQ S  (SYXSV +SR^EPS 6EQÑVI^ YQE WSPYËÇS HIJMRMXMZE

TEVESHMJIVIRHSWIRXVISWHSMWTEÑWIW)QNERIMVSHIEWWMREZE

WIEWWMQYQTVSXSGSPSUYIIRXIVVEHIJMRMXMZEQIRXIEXIWIHI>IFEPPSW

w3W WIRXMQIRXSW I EW EWTMVEËÙIW HI YQ I SYXVS TSZS WÇS

VIGÑTVSGSWRSTVST×WMXSHIGYPXMZEVIQERXIVSWERXMKSWZÑRGYPSWHI

EQM^EHIJSVXEPIGMHSWTIPESVMKIQGSQYQHEWHYEWREËÙIW'SQ

SSFNIXMZSHIHEVQEMSVIJMGÅGMEÄHIGPEVEËÇSTVIGIHIRXIIHIIPMQMREV

UYEPUYIV VIWWIRXMQIRXSUYI TSWWE XIV JMGEHS HIZMHS E HMZIVKÎRGMEW

TEWWEHEWGSRGSVHEQIQUYIGSQSIPEWRÇSXMZIVEQTSVQ×ZIPUYEPUYIV

SJIRWEWÇSGSRWMHIVEHEWMRWYFWMWXIRXIWITSVXERXSIQREHEHMQMRYIQ

S IWTÑVMXS HI LEVQSRME UYI EW ERMQE SY EW GSRWMHIVEËÙIW UYI

QYXYEQIRXI WI HMWTIRWEQ  E  REZIKEËÇS I S YWS HEW ÅKYEW HS

6MSHE4VEXEGSRXMRYEVÇSWIQEPXIVEËÇSGSQSEXÍSTVIWIRXIIUYEPUYIV

HMJIVIRËEUYI GSQ IWWI QSXMZS TYHIWWI WYVKMVWIVÅ VIWSPZMHE GSQ S



QIWQSIWTÑVMXSHIGSVHMEPMHEHIILEVQSRMEUYIWIQTVII\MWXMYIRXVI

SWHSMWTEÑWIWx

)WWE XVERWGIRHIRXIGSRWIUàÎRGMEHMTPSQÅXMGEVIEPËEZE S ZEPSV

EXVMFYÑHS ES XVEXEHS GSQ S &VEWMP TSMW EPÍQ HI WIY WMKRMJMGEHS

MRXVÑRWIGSTVSZSGEZEYQETEGMJMGEËÇSRSWEWWYRXSWHS6MSHE4VEXE

4EVE S 9VYKYEM S VIKMQI HS 6MS HE 4VEXE XIQ I\MWXÎRGME LMWX×VMGE

2ÇSW×EWEÑHEQEVÑXMQEJSMEVE^ÇSHIXIVQMRERXIHIWYEEYXSRSQME

HIWHISWXIQTSWGSPSRMEMWUYERHSS4SVXSHI1SRXIZMHÍYVMZEPM^SY

GSQ S HI &YIRSW %MVIW GSQS YQE ZI^ HIWIRZSPZMHS S TEÑW IVE

JYRHEQIRXEPTEVEWYEZMHEIGSRØQMGE%WMXYEËÇSZMZMHERIWWIWERSW

GSQ E %VKIRXMRE KIVEZE XIRWÙIW TIVQERIRXIW XERXS TIPSW QSXMZSW

PIKÑXMQSWHEHMKRMHEHIREGMSREP GSQSQEMWTVSJYRHEQIRXI TEVEE

ZMHEIGSRØQMGEIGSQIVGMEPHSTEÑWEJIXEHETIPEMRWIKYVERËEHIGSVVIRXI

HIWWIW MRGMHIRXIW VIMXIVEHSW

(IWHIIRXÇSEXIWIHEwJVSRXIMVEWIGExHIM\SYHIWIVVIMZMRHMGEHE

QEWRIQ EWWMQ JSM JÅGMP VIWSPZIV S TVSFPIQE WIQTVI IWTMRLSWS HS

IWXEXYXS NYVÑHMGS HS 6MS HE 4VEXE % %VKIRXMRE HIJIRHIYTEVE WYE

HIPMQMXEËÇSSGVMXÍVMSHEPMRLEHIQEMSVTVSJYRHMHEHIIRUYERXSS

9VYKYEMWIIRXVMRGLIMVEZERSGVMXÍVMSHEPMRLEQÍHMETSMWSWGEREMW

HI REZIKEËÇS IWXÇS QYMXS TV×\MQSW HE GSWXE YVYKYEME (I SYXVS

PEHS IWXEHSW RÇS VMFIMVMRLSW GSQS E +VÇ&VIXERLE GSRXVEVMEZEQ

EW HYEW XIWIW EPIKERHS UYI S 6MS HE 4VEXE RÇS IVE VIEPQIRXI YQ

VMS QEW YQ IWXYÅVMS SY WINE QEV PMZVI S UYI QSHMJMGEZE

WYFWXERXMZEQIRXI WYEW NYVMWHMËÙIW

7×IQS9VYKYEMIE%VKIRXMREHIGPEVEVEQGSRWMHIVEVS

6MSHE4VEXENYVMWHMËÇSGSQYQJM\ERHSWIYPMQMXII\XIVMSVIQYQE

PMRLEMQEKMRÅVMEIRXVI4YRXEHIP)WXIIE4YRXE6EWEHS'EFS7ERXS

%RXSRMS RE %VKIRXMRE 7IVMEQ RIGIWWÅVMEW HYEW HÍGEHEW QEMW TEVE

UYI IQ  WI TYHIWWI GLIKEV E YQ XVEXEHS WSFVI S w)WXEXYXS

.YVÑHMGS HS 6MS HE 4VEXE I WYE *VIRXI 1EVÑXMQEx S UYEP TVSZSGSY

TSPÎQMGEWETEM\SREHEWTSMWRE%VKIRXMRESWWIRXMQIRXSWREGMSREPMWXEW

WI STYWIVEQ XIRE^QIRXI E IPI I QIWQS RS 9VYKYEM LSYZI UYIQ

XEQFÍQSUYIWXMSREWWITSV VIGSRLIGIVEWSFIVERME EVKIRXMRE WSFVI

E -PLE 1EVXÑR +EVGÑE 2ÇS SFWXERXI IWWI MRWXVYQIRXS XVEXSY GSQ

QYMXSIUYMPÑFVMSINYWXMËEEWHYEWTEVXIWIVITVIWIRXSYTEVES9VYKYEM

S VIGSRLIGMQIRXS IQ XIVQSW KIVEMW HI WYE XIWI GPÅWWMGE HE PMRLE



QÍHME%VIEPMHEHITSPÑXMGEÍUYIW×SZIPLSQEWTSHIVSWS+IRIVEP

4IV×R VIGÍQVIXSVREHS Ä TVIWMHÎRGME HE %VKIRXMRE HITSMW HS WIY

I\ÑPMSIHIWINSWSHIEGIVXEVERXMKEWHMJIVIRËEWGSQSWTEÑWIWZM^MRLSW

TØHIZMEFMPM^EVIWWIIRXIRHMQIRXS3YXVSWQERHEXÅVMSWUYIXIRXEVEQ

TVSKVIHMVRSXIQEREYJVEKEVEQRESTSWMËÇSGIVVEHEHIQSZMQIRXSW

REGMSREPMWXEWQYMXSEKVIWWMZSWIQXIVQSWHIVIMZMRHMGEËÇSJVSRXIMVMËE

I IQ WIXSVIW QMPMXEVIW I REZEMW MRWTMVEHSW IQ ZIPLSW EXEZMWQSW I

VIGIMSW LMWX×VMGSW

7-+2-*-'%(3,-78·6-'3()6-3&6%2'3

2S9VYKYEMSVIGSRLIGMQIRXS E6MS&VERGSQERXIZIWIZMZS

EXÍWYEQSVXIUYITVSZSGSYSYXVEZI^QERMJIWXEËÙIWHITIWEVIKVERHIW

LSRVEWQSRYQIRXEMWGSQSNÅGSQIRXIM2SHMEHIJIZIVIMVSHI

(SQ.SWÍ&EXXPI]3VHSÕI^UYIZSPXEVEESGYTEVE4VIWMHÎRGME

HE 6ITÞFPMGETSV SGEWMÇS HS JEPIGMQIRXSHS &EVÇS TVSTØW YQE PIM

HIGPEVERHSPYXSREGMSREPITVIWXERHSPLILSRVEWHI1MRMWXVSHI)WXEHS

GSMWEUYIWII\IGYXSYRSHMEWIKYMRXIGSQEWGSVVIWTSRHIRXIWLSRVEW

QMPMXEVIW z GSQS RÇS EGSRXIGIY GSQ RIRLYQ SYXVS 1MRMWXVS HI

UYEPUYIV TEÑW IWXVERKIMVS )WWE QIWQE PIM EYXSVM^SY SW JYRHSW

HIWXMREHSWEIVMKMVSNÅQIRGMSREHSQSRYQIRXSwTEVEUYITIVTIXYI

SRSQIHS1MRMWXVS6MS&VERGSIWMQFSPM^IENYWXMËEMRXIVREGMSREPx

2ÇSÍ SGMSWS HIWXEGEV UYI IWWE PIM JSMETVSZEHE RS 4EVPEQIRXS TSV

YRERMQMHEHI WIQ UYI RIRLYQE ZS^ PIZERXEWWI E QIRSV VIWIVZE

%QIRWEKIQ UYIEGSQTERLESTVSNIXS HI PIM HELSQIREKIQ

E6MS&VERGSIWXEZEEWWMREHETIPS4VIWMHIRXIUYIRYRGEIPSKMEZEEW

TIVWSREPMHEHIWGSQUYIRÇSGSRGSVHEZETSVSGEWMÇSHIWIYJEPIGMQIRXS

IJE^MEQIWQSUYIWXÇSHIQEVGEVWYEHMWGVITÆRGMEITIPSW1MRMWXVSW

.SWÍ6SQIY'LERGIPIVI4IHVS1ERMRM6MSWHS-RXIVMSV%QIRWEKIQ

HM^ME

w3W QÍVMXSW UYI JE^MEQ HIPI YQE KP×VME TEVE E WYE TÅXVME I

YQELSRVETEVESQYRHSEQIVMGERSWIVMEQWIQHÞZMHEWYJMGMIRXIW

TEVEQSXMZEVRSWWEEHIWÇSESMQIRWSPYXSHSTEÑWMVQÇSXIQSWTSVÍQ

KVERHIW I IWTIGMEMW VE^ÙIW TEVE GSRWMHIVEV E WYE QSVXI GSQS PYXS

REGMSREPTSVUYIJSMEQMKSWMRGIVSIGSVHMEPHS9VYKYEMTSVUYIRE

WYE QIRXI TVMZMPIKMEHE WYVKMY E MHÍME HE QIQSVÅZIP I VITEVEHSVE

VIXMJMGEËÇS HSW PMQMXIW IRXVI SW HSMW TEÑWIW GSRWEKVEHE RS XVEXEHS



HIHISYXYFVSHIITSVUYIÄWYESFVEHINYWXMËEII\IQTPEV

KIRIVSWMHEHI HIHMGSY QIHMXEËÇS I ZMKÑPMEW EXÍ SW ÞPXMQSW HMEW HE

WYEEXYEËÇSHIM\ERHSEMRHEWSFVIWYEQIWEHIXVEFEPLSEWJ×VQYPEW

HEWGSRZIRËÙIWGSQTPIQIRXEVIWHEUYIPIXVEXEHSRSVIPEXMZSES%VVSMS

7ÇS1MKYIPÄYXMPM^EËÇSHIÅKYEWJVSRXIMVMËEWIÄPMKEËÇSHEWJIVVSZMEW

HSW HSMW TEÑWIWx

%MRHELSNISWUYIXÎQFSEQIQ×VMEGSRXMRYEQEIZSGEVWYE

KIRIVSWMHEHIIQFSVEEJVÅKMPGSRWGMÎRGMELMWX×VMGEHSWTSZSWXIRLE

ETEKEHSWYEZMZÎRGMEGSQSGSWXYQEEGSRXIGIVIQXSHEWEWKVERHIW

GMHEHIWGYNERSQIRGPEXYVETVSTÙIEPIQFVERËEHIJMKYVEWMQTSVXERXIW

UYI TSYGS HM^IQ ESW GSRXIQTSVÆRISW HIWTVIZIRMHSW 2S IRXERXS

EQIQ×VMEGSPIXMZEZEMWIRHSJSVNEHEREXVEQEHIWWIWJEXSWUYIIQFSVE

RÇSZMKIRXIWREIZSGEËÇSIHMJMGEQVIPEGMSREQIRXSXIGMHSGSQEGSVHSW

ITMW×HMSW IXEQFÍQ WIRXMQIRXSW % MRHMWJEVËÅZIP WMQTEXME HS TSZS

YVYKYEMS TIPS &VEWMP RÇS JSM YQ TVSHYXS IWTSRXÆRIS TSMW LSYZI

GLSUYIWRSGSQIËSHEJYRHEËÇSHE6ITÞFPMGEIPEJSMWIRHSKIVEHE

GSQ SXIQTS I GSQ EUYIPIW EGSRXIGMQIRXSW ZMRGYPEHSW Ä ZMHE HI

6MS&VERGSTEWWEVEQEWIVIPIQIRXSWMQTSVXERXIWRIWWIPSRKSHIZIRMV

UYI ZEM HITSWMXERHS WIHMQIRXSW MQSVXEMW

:MWXE HE TIVWTIGXMZE HS 9VYKYEM E EËÇS HMTPSQÅXMGE HI 6MS

&VERGS JSM JYRHEQIRXEP GSQSHMWWI RÇS W× IQ VIPEËÇS ES &VEWMP

QEWXEQFÍQRSUYIWIVIJIVIÄ%VKIRXMRE2ÇSWITSHIMKRSVEVUYI

S9VYKYEMIWXÅGIVGEHSXIVVMXSVMEPQIRXITSVHSMWKVERHIWZM^MRLSWI

UYI E WYE GSRJMKYVEËÇS REGMSREP JSM S VIWYPXEHS HIWWE KISKVEJME

TEVXMGYPEV 5YERHS SW -QTÍVMSW IWTERLSP I TSVXYKYÎW I\IVGMEQWIY

HSQÑRMSWSFVIE%QÍVMGESUYILSNIÍS9VYKYEMIVEYQXIVVMX×VMS

QMPMXEVM^EHSUYEWIHIWTSZSEHSUYISWHSMWHMWTYXEZEQGSQSJVSRXIMVE

2EXYVEPQIRXIEHIWGSFIVXEHS6MSHE4VEXEIWYENYVMWHMËÇSSVMKMREP

JSVEQ IWTERLSPEWQEWS8VEXEHSHI8SVHIWMPLEWIXSHSWSWXVEXEHSW

UYI S WIKYMVEQ JM\EVEQ PMRLEW RÇS QYMXS TVIGMWEW WITEVERHS EW

TSXÎRGMEWMFÍVMGEWUYIWIQERXMZIVEQWIQTVIIQHMWTYXE4SVMWWSE

GMHEHI HI 'SPØRME IQ JVIRXI E &YIRSW %MVIW WIXI ZI^IW QYHSY HI

QÇSWIIQ4SVXYKEPSGYTSYE4VSZÑRGME3VMIRXEPUYIGSQS

RSQI HI 4VSZÑRGME 'MWTPEXMRE JSM MRXIKVEHE ES WIY -QTÍVMS XIRHS

MRGPYWMZI(ITYXEHSWIQ0MWFSE(IGPEVEHEE-RHITIRHÎRGMEHS&VEWMP

E4VSZÑRGME'MWTPEXMREGSRXMRYSYPMKEHEESWIYZM^MRLSWIXIRXVMSREP



NYVERHS EXÍ  WYE 'SRWXMXYMËÇS I RSQIERHS XEQFÍQ VITVIWIRXERXIW

TEVPEQIRXEVIW7×IQ WI WITEVSYHS&VEWMP IXVÎWERSWHITSMW

WYEMRHITIRHÎRGMEEFWSPYXEWIVÅVIGSRLIGMHEWSFKEVERXMEFVMXÆRMGE

XERXS TIPE 'SRJIHIVEËÇS %VKIRXMRE GSQS TIPS -QTÍVMS HS &VEWMP

2SIRXERXSXERXSS&VEWMPGSQSE%VKIRXMREMRXIVJIVMVÇSHIJEXSIQ

WYEWPYXEWMRXIVREWEXÍQIWQSQMPMXEVQIRXI3ERSHIQEVGEVÅ

E ÞPXMQE HIWWEW MRXIVZIRËÙIW FVEWMPIMVEW I E GSRWSPMHEËÇS HIJMRMXMZE

HE MRHITIRHÎRGME YVYKYEMEGSRUYMWXEHE XÇSEVHYEQIRXI 'SQ IWWE

ZMWÇS QEMW TERSVÆQMGE IWWI IRXIRHMQIRXS WMXYEWI IQ  XIVVMX×VMS

JYRHEQIRXEPRSÆQFMXSHEWSFIVERMEREGMSREPMRZSGERHSEWWMQRÇS

W× VE^ÙIW QEW XEQFÍQ WIRXMQIRXSW EVVEMKEHSW

% MRXIVZIRËÇS HI 6MS &VERGS RS8VEXEHS HI  Í TEVXI HI

YQEFIQWYGIHMHETSPÑXMGEHIJVSRXIMVEWUYIVIWSPZIYTEGMJMGEQIRXI

WMXYEËÙIW HI GSRXVSZÍVWMEGSQZM^MRLSW(IWWIQSHSS&VEWMPWI

WMXYEZERSGSRXMRIRXIWYPEQIVMGERSGSQSYQETSXÎRGMEQEKRÆRMQE

IGSRJMÅZIPJSVXEPIGIRHSWIEWWMQTEVESUYIIVEESYXVEKVERHIPMRLE

HIWYETSPÑXMGEMRXIVREGMSREPEQYHERËEHIIM\SHE-RKPEXIVVETEVE

SW)WXEHSW9RMHSWUYINÅIQIVKMEQGSQSEJYXYVEREËÇSLIKIQØRMGE

(IWWIQSHS6MS&VERGSHIQEVGEZETEVES&VEWMPWYEHYTPEXVENIX×VME

GSQSTSXÎRGMEWYPEQIVMGEREIW×GMSIWXVEXÍKMGSHSW)WXEHSW9RMHSW

7IYTVEKQEXMWQSTSPÑXMGSMRHMGEZEPLISWLSVM^SRXIWWIYTVMRGMTMWQS

SPIZEZEEFYWGEVEPGERËEVWIYWSFNIXMZSWTSVQIMSWZÅPMHSWWYERSXÅZIP

TIVWTMGÅGMETSPÑXMGELIVHEHEHS:MWGSRHIHS6MS&VERGSETVSGYVEV

GEQMRLSWUYITYWIWWIQIQVIPIZSEKVERHI^EHIWIYTEÑWIGSRWXVYÑWWIQ

YQTVIWXÑKMSEWWIRXEHSIQZEPSVIWQEMWW×PMHSWHSUYIEJSVËESYE

MQTSWMËÇSIGSRØQMGE2EXYVEPQIRXIYQEZMWÇSXÇSEQFMGMSWEIEYHE^

HIWTIVXSY GMÞQIW I XIQSVIW RE %VKIRXMRE UYI IQ QEMW HI YQ

QSQIRXS UYIWXMSRSY E TSWWÑZIP GSRJMKYVEËÇS HI YQ wMQTÍVMSxSY

wWYFMQTÍVMSxUYIGSQERHEVMEE%QÍVMGEHS7YPHMVIXEQIRXISYIQ

VITVIWIRXEËÇS ZMGÅVME HSW TSHIVSWSW )WXEHSW 9RMHSW 3 XIQTS JSM

EVINERHS IWWIW TVIGSRGIMXSW I E QSHIVRE GSRWXVYËÇS HS 1IVGSWYP

XIWXIQYRLEIWTÑVMXS HIGSSTIVEËÇS QYMXS HMJIVIRXI 1EW Í XEQFÍQ

S XIQTS UYI HIWXEGE GSQ VIPIZS TV×TVMS E ZMWMSRÅVME GSRGITËÇS

HMTPSQÅXMGE HI 6MS &VERGS I WSFVIXYHS S ZEPSV HSW WIYW QÍXSHSW

TEGÑJMGSW JYRHEQIRXS HS GPMQE HI GSVHMEPMHEHI I GSRJMERËE UYI Í

LSNIYQKVERHITEXVMQØRMSHEVIKMÇS(IWWETIVWTIGXMZEÍUYI'IPWS



0EJIVWYWXIRXEGSQVE^ÇSUYI6MS&VERGSwÍSMRWTMVEHSVHSIWXMPS

HI GSRHYXE HMTPSQÅXMGE UYI GEVEGXIVM^E S &VEWMP Ä PY^ HEW WYEW

GMVGYRWXÆRGMEW I HE WYE LMWX×VMEx IWXMPS VITVIWIRXEHS TSV YQE

wQSHIVEËÇS GSRWXVYXMZE  EXVEZIWWEHE TSV YQE PIMXYVE KVSGMERE

HEVIEPMHEHIMRXIVREGMSREPREUYEPWITSHIMHIRXMJMGEVYQMRKVIHMIRXI

TSWMXMZSHIWSGMEFMPMHEHIUYITIVQMXIXVEXEVSGSRJPMXSIEGSSTIVEËÇS

QIHMERXIEHMTPSQEGMEISHMVIMXSIHIWWEQERIMVEVIHY^MVSÑQTIXS

HE uTSPÑXMGE HI TSHIVvx



2ÇS LÅ HÞZMHE HI UYI E TSPÑXMGE MRXIVREGMSREP FVEWMPIMVE XIQ

YQERXIWIYQHITSMWHI6MS&VERGS)PIVIWTIMXEZETVSJYRHEQIRXI

S TEWWEHS IXVEFEPLSY NYRXS GSQ S TEM QEW XMRLE GSQTVIIRHMHS E

QYHERËE HSW XIQTSW I EW I\MKÎRGMEW HI YQE VIRSZEËÇS TVSJYRHE

%WWMQSQERMJIWXEGSQVIWTIMXSÄUYIWXÇSYVYKYEMEESHIGPEVEVRE

)\TSWMËÇS HI 1SXMZSW HS8VEXEHS UYI E LIVERËE HS TEWWEHS LEZME

WMHSQERXMHEwETIWEVHSTVSKVIWWSHSWXIQTSWHIZMHSÄVIWMWXÎRGME

?HSA IWTÑVMXS TSYGS MRSZEHSV HI YQ ERXMKS I ZIRIVEHS JYRGMSRÅVMS

?'EFS *VMSAx 6MS &VERGS XIZI REXYVEPQIRXI WYEW LIWMXEËÙIW ERXIW

HI EWWYQMV E 'LERGIPEVME IQ  TVIGMWEQIRXI TIPE MRJPYÎRGME

HIWWIW ZIPLSW JYRGMSRÅVMSW HS -XEQEVEX] VITVIWIRXEXMZSW HI YQE

XVEHMËÇSMQTIVMEPUYI6MS&VERGSVIZIVIRGMEZEQEWUYIWEFMEWYTIVEHE

'LIKSY EXÍEIWGVIZIVUYI  WIYW ERXIGIHIRXIW JEQMPMEVIWEREXYVI^E

HI WYE IHYGEËÇS I E GMVGYRWXÆRGME HI LEZIV GSRLIGMHS 'EFS *VMS

EMRHEGSQSQIRMRSSMRMFMEQHIEKMVGSRXVEIWWILSQIQUYIEHQMVEZE

TIPSW WIVZMËSW TVIWXEHSW Ä TÅXVME IQFSVE IWXMZIWWI GSRZIRGMHS HI

UYI E WYE LIKIQSRME GSQS (MVIXSV+IVEP HS 1MRMWXÍVMS NÅ IVE

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4VÞWWME I 6ÞWWME WI GSQTVSQIXMEQ E EKMV wHERW YR TEVJEMX GSRGIVXx

8IRHS E IWWE XIXVEVUYME WI MRGSVTSVEHS KVEHYEPQIRXI E *VERËE S

RÞGPIS HIGMW×VMS GSQS XEPGSRZIVXMHS IQ wTIRXEVUYMEx WYTIVEHE E

7ERXE %PMERËE PSKVSY MRJPYMV HIGMWMZEQIRXI WSFVIXYHS RS ZIPLS

GSRXMRIRXI S QEMW HEWZI^IW HI JSVQE IQTÑVMGE WIQ IQFEWEQIRXS

HSYXVMRÅVMSTSVZMEHIGSRKVIWWSRSÆQFMXSHEWVIPEËÙIWMRXIVREGMSREMW



,SYZITSVZI^IWVYTXYVERETIRXEVUYMEGSQSSGSVVIYRE+YIVVEHE

'VMQÍME QEW E 'SRJIVÎRGME HI 4EVMW HI  GSRGSVVIY TEVE

VIWXEFIPIGIVETE^IRXVISWKVERHIWEWWMQGSQSEEHQMXMVE8YVUYME

wÄ TEVXMGMTIV EY\ EZERXEKIW HY HVSMX TYFPMG IX HY GSRGIVX IYVSTÍIRx

*SVEQIRXÇSEWWMREHSWS8VEXEHSHI4EVMWHIHIQEVËSHI

IE(IGPEVEËÇSHI(MVIMXS1EVÑXMQSHIHIEFVMPHSQIWQSERS

EUYEPEFSPMYSGSVWSQEVÑXMQS3'SRKVIWWSHI&IVPMQIQ

UYIXVÎWRSZSWQIQFVSWWIEHQMXMVEQ6SQÎRME7ÍVZMEI1SRXIRIKVS

E'SRJIVÎRGMEHI1EHVM WSFVIS1EVVSGSWIE'SRJIVÎRGME

HI&IVPMQWSFVIS'SRKSWÇSXEQFÍQVIJPI\SWHSGSRGIVXS

IYVSTIY



GIVXSUYIE'SRJIVÎRGMEHI+IRIFVEHIXIZISYXVE

JSRXI MRWTMVEHSVE E LYQERM^EËÇS HS GSRJPMXS EVQEHS 1EW Í GIVXS

MKYEPQIRXIUYIEMHÍMEJYRHEQIRXEPHEGSRZSGEËÇSHEW'SRJIVÎRGMEW

HE ,EME WSFVI E TE^ TVSQSZMHEWTIPS '^EV 2MGSPEY -- IQ  I

IQzGSQSEWWMREPE2YWWFEYQzVIGSRWXMXYÑEwRETIVWTIGXMZE

VYWWE HIGIVXSQSHSE7ERXE%PMERËEHI%PI\ERHVI-x



2E'SRJIVÎRGMEHI1EHVMHILSYZIGSQTEVIGMQIRXS

HI)WXEHSWRÇSIYVSTIYW1EVVSGSWI)WXEHSW9RMHSWUYITEWWEVEQ

E MRXIKVEV SJMGMEPQIRXI VIYRMÙIW MRXIVREGMSREMW 3 1Í\MGS IWXIZI

TVIWIRXIREWGSRJIVÎRGMEWHI4E^XERXSEHIGSQSEHI

)QFSVEGSRZMHEHSTEVEEQFEWS&VEWMPETIREWÄWIKYRHEGSQTEVIGIY

SGEWMÇSIQ UYI6MS&VERGSNÅIVES XMXYPEV HEW6IPEËÙIW )\XIVMSVIW

(IWHIIRXÇSTEWWSYETEVXMGMTEVIQQEMSVSYQIRSVKVEYHIVIYRMÙIW

TSPÑXMGEWIQRÑZIPKPSFEPHIGIVXEVIWWSRÆRGMEET×WXIVGSQTEVIGMHS

E EPKYQEW HI GYRLS VIKMSREP

5YERXSÄTSPÑXMGEHIWWEWVIPEËÙIWIQIWGEPEVIKMSREPS&EVÇS

EGSRHY^MYRSÆQFMXSHIYQWMWXIQEHMWXMRXSIQIWQSSTSRIRXIES

GSRGIVXSIYVSTIYIQGSRWSRÆRGMEEPMÅWGSQRSWWETV×TVMEXVEHMËÇS

'IVGEHIXVÎWUYEVXSWHIWÍGYPSERXIWHIRSWWEMRHITIRHÎRGMEGSYFIVE

TSV WMREP E %PI\ERHVI HI +YWQÇS MRJPYMV RE GSRGPYWÇSHS8VEXEHS

HI1EHVMHIHINERIMVSHIGYNSEVXMKSIWXMTYPEZEUYI

WIEKYIVVEWITVSHY^MWWIIRXVIEW'SVSEWHE)WTERLEIHI4SVXYKEP

wSWZEWWEPSWIWXEFIPIGMHSWIQXSHEE%QÍVMGE1IVMHMSREPWIQERXIVMEQ

IQ TE^ ZMZIRHS YRW I SYXVSW GSQSWIE KYIVVERÇS I\MWXMWWIIRXVI

SWWSFIVERSWWIQWIIRXVIKEVÄQIRSVLSWXMPMHEHIIRXVIIPIWSYGSQ

WIYW EPMEHSWx 4VSGPEQEHE E MRHITIRHÎRGME TVSTYWIVE S &VEWMP ESW



)WXEHSW 9RMHSW HSMW ERSW ET×W E QIRWEKIQ HI 1SRVSI EPMERËE

GSQ S JMQ HI EWWIKYVEV UYI wTEVE S JYXYVS RE %QÍVMGE E TSPÑXMGE

IYVSTÍME RÇSTVIZEPIGME WSFVI ETSPÑXMGEEQIVMGEREx



 'IVXS TIVÑSHS

HI HIGPÑRMS SGSVVIY E WIKYMV REW VIPEËÙIW IRXVI )WXEHSW 9RMHSW I

TEÑWIWPEXMRSEQIVMGERSWSUYEPJSMWYTIVEHSET×WE+YIVVEHE7IGIWWÇS

HI  E 



 %T×W XIV TEVXMGMTEHS HEW HYEW TVMQIMVEW

GSRJIVÎRGMEW MRXIVEQIVMGEREW E HI ;EWLMRKXSR  I E HS

1Í\MGS  ES &VEWMP GSYFI WIHMEV E XIVGIMVE RS 6MS HI

.ERIMVS  UYI ETVIWMHMY 2IWWE ÍTSGE S WMWXIQE HS GSRGIVXS

IYVSTIY IWXEZE GPEVEQIRXI IQ HIGPÑRMS 7YFWMWXME UYERHS QYMXS

RSQMREPQIRXI

'SQEHIJPEKVEËÇSHE4VMQIMVE+YIVVE1YRHMEPHSMWERSW

ET×WSJEPIGMQIRXSHI6MS&VERGSIWYFWIUàIRXIQIRXIHE7IKYRHE

+YIVVE1YRHMEPGMGPSWLMWX×VMGSWXÎQWIWYGIHMHS%QFSWSWGSRJPMXSW

GSRGSVVIVEQTSVEGIPIVEVSWGYVWSWHIXVERWJSVQEËÙIWUYIGEVVIKEQ

SWMKRSGSRXVEHMX×VMSHIGSRWIUàÎRGMEWRIKEXMZEWITSWMXMZEW%WVIPEËÙIW

MRXIVREGMSREMW QYMXS QYHEVEQ 3 QYRHS XVERWJSVQSYWI )WXEHSW

XÎQWIQERXMHSSWQIWQSWSYWMHSEGVIWGMHSWHIRSZSWSYQSHMJMGEHSW

RS NSKS HI TSHIV HIWWEW VIPEËÙIW 7ÇS IPIWEGSQTERLEHSW HI RSZSW

EXSVIW SVKERMWQSW MRXIVREGMSREMW IQ IWGEPE YRMZIVWEP SY VIKMSREP

HIGSQTIXÎRGMEVEXMSRIQEXIVMEIEQTPESYIWTIGMEPM^EHEHIIQTVIWEW

QYPXMREGMSREMWTSVZI^IWQEMWTSHIVSWEWHSUYISWTV×TVMSWIWXEHSW

HI SVKERMWQSW JMRERGIMVSW HI IRXMHEHIW RÇS KSZIVREQIRXEMW I HS

TV×TVMS WIV LYQERS IPIZEHS Ä HMKRMHEHI HI WYNIMXS HS HMVIMXS HEW

KIRXIW:EPSVIWXVEHMGMSREMWXÎQWIGSRWIVZEHSSYEPXIVEHSEGVIWGMHSW

VIHY^MHSWSYWYFWXMXYÑHSWTSVRSZSWZEPSVIW2ÇSLÅHÞZMHEHIUYI

6MS &VERGS JSM TIVWSREPMHEHI VIPIZERXI HI WIY TIVÑSHS LMWX×VMGS E

GYNEW I\MKÎRGMEW HIY VIWTSWXEW IQ FIRIJÑGMS HI WIY TSZS I HI WIY

TEÑW

%TVMQIMVEPMËÇSEGSPLIVHIWWEWVIWTSWXEWÍEHIUYITVSGYVIQSW

WIV GSQS IPI TEVXMGMTERXIW EXMZSW HS GMGPS LMWX×VMGS UYI RSW GEFI

ZMZIV

46)4%6%«§3)(-7432-&-0-(%()

2EWGMHSESWHIEFVMPHI4EVERLSW.ÞRMSVEHUYMVMVE

IHYGEËÇSHMJIVIRGMEHE



 RS WIMS HI YQEJEQÑPME WIHMEHE RS 6MS HI



.ERIMVS GYNS GLIJI WI IRGSRXVEZE IQ JEWI EWGIRHIRXI IQ GEVVIMVE

EHQMRMWXVEXMZE I GSQIËEZE E VIGIFIV EXVMFYMËÙIW HI GIVXS GEVÅXIV

HMTPSQÅXMGS %SW WIXI ERSW XMZIVE I\TIVMÎRGME WMRKYPEV ES ZMWMXEV S

TEM IQ  1SRXIZMHÍY SRHI I\IVGME E 7IGVIXEVME HI QMWWÇS IWTIGMEP

GLIJMEHE TIPS 1EVUYÎW HI 4EVERÅ 1EW GSQS WI WEFI RÇS FEWXEQ

IWWEWGSRHMËÙIWTVIPMQMREVIWHIJSVQEËÇSHITIVWSREPMHEHITEVEUYI

IWXEWIVIZIPITVSJÑGYEIQSHIPEV%IPEWWIHIZIQEHMXEVEXVMFYXSWHI

TIVWIZIVERËE MRXIPMKÎRGME GSRWXÆRGME HMPMKÎRGME TVST×WMXSW

GSRWXVYXMZSW UYEPMHEHIW IWWEW UYI S NSZIQ 4EVERLSW VIZIPSY

TVSKVIWWMZEQIRXIHMWTSV*SVEQIPEWQERMJIWXEHEWRS'SPÍKMS4IHVS

-- HI  E  RS GLEQEHS w'YVWS %RI\Sx Ä *EGYPHEHI HI

(MVIMXS HI 7ÇS 4EYPS



 I E WIKYMV XERXS RE TV×TVME *EGYPHEHI IQ

UYIMRKVIWWEVEIQESWERSWGSQSRE*EGYPHEHIGSRKÎRIVI

HS6IGMJITEVEEUYEPWIXVERWJIVMVEIQIREUYEPVIGIFIVERS

ERS WYFWIUàIRXI S HMTPSQE HI FEGLEVIP IQ (MVIMXS



(IWHIGIHSHIHMGEWIÄTIWUYMWEIVIHEËÇSHIXIQEWLMWX×VMGSW

%MRHE IQ  ERXIW QIWQS HI MRKVIWWEV RS GYVWS WYTIVMSV HI

(MVIMXSLEZMEVIHMKMHSEFMSKVEJMEHI0YMW&EVVSWS4IVIMVETYFPMGEHE

RSERSWIKYMRXIRSZSPYQI<---HE6IZMWXE4STYPEVIQUYIVIKMWXVEVE

FVEZYVE HS 'SQERHERXI HE REZI -QTIVEXVM^ S UYEP WYGYQFMVE RS

TSWXS HI PYXE RE RSMXI HI  TEVE  HI EFVMP HI  REW ÅKYEW

HS 4VEXE



 6IHMKMVE E WIKYMV w)TMW×HMSW HE +YIVVE HS 4VEXE z

%TSRXEQIRXSW,MWX×VMGSWxXVEFEPLSTYFPMGEHSRE6IZMWXE

1IRWEP×VKÇSHS-RWXMXYXS'MIRXÑJMGSKVÎQMSIWXYHERXMPHIUYIJSVE

YQHSWJYRHEHSVIWWÍVMINYRLSHIERS---R3EYXSV

ETVIWIRXEZEWIREUYEPMHEHIHIIWXYHERXIHSXIVIGMVSERSHE*EGYPHEHI

HI (MVIMXS HI 7ÇS 4EYPS



 6IHMKMY E WIKYMV  w)WFSËS  &MSKVÅJMGS

HS+IRIVEP.SWÍHI%FVIY&EVÇSHS7IVVS0EVKSxTYFPMGEHSRE6IZMWXE

8VMQIRWEPHS-RWXMXYXS,MWX×VMGS+ISKVÅJMGSI)XRSKVÅJMGSHS&VEWMP

HI  TT  E 



8VEXEWI RS HM^IV HI 0YÑW :MERRE *MPLS

HI wTIUYIRS IRWEMS EMRHE LSNI IWXMQEHS TIPSW LMWXSVMEHSVIWx



 %W

TYFPMGEËÙIWHIGEVÅXIVLMWX×VMGSIFMSKVÅJMGSGIWWEQTSVEPKYQXIQTS

QEW RÇS GIWWEQ EW MRZIWXMKEËÙIW WSFVI S TVIXÍVMXS FVEWMPIMVS

 (IZSXSYWI XEQFÍQ HIWHI GIHS ES NSVREPMWQS I EMRHE

IWXYHERXIRS6IGMJIGSPEFSVSYRSNSVREP3:MRXII'MRGSHI1EVËS

8SVRSYWI ESW  ERSW GSVVIWTSRHIRXI HE VIZMWXE TEVMWMIRWI

0v-PPYWXVEXMSR



*MRHS S GYVWS NYVÑHMGS IWXIZI E ZMWMXEV TSV EPKYRW QIWIW S

:IPLS1YRHSTEVESRHITEVXMVEIQQEVËSHIERSIQUYIJSM

IPIMXSQIQFVSIJIXMZSHS-RWXMXYXS,MWX×VMGSI+ISKVÅJMGS&VEWMPIMVS

(IVIKVIWWSSWGMPSYTSVGIVGEHIYQHIGÎRMSIRXVIHMZIVWEWEXMZMHEHIW

0IGMSRSYTSVYQXVMQIWXVI,MWX×VMEI'SVSKVEJMEHS&VEWMPRS'SPÍKMS

4IHVS--)\IVGIYTVSQSXSVMETÞFPMGETSVTSYGSXIQTSIQ*VMFYVKS

7IGVIXEVMSYHISYXYFVSHIEQEVËSHIw1MWWÇS)WTIGMEP

HS&VEWMPRS6MSHE4VEXEI4EVEKYEMxGSRJMEHEESTEMIRXÇS'SRWIPLIMVS

4EVERLSWUYIVIGIFIVEEMRGYQFÎRGMEHISVKERM^EVSKSZIVRSTVSZMW×VMS

HS 4EVEKYEM (YVERXI EPKYQ XIQTS JSM (ITYXEHS TIPE TVSZÑRGME

HI1EXS+VSWWS2ETSPÑXMGEEWWIWWSVSYXEQFÍQSKIRMXSVIRUYERXS

'LIJIHI +EFMRIXI WSFVIXYHSRE TSVJME IQ TVSPHE0IM HS:IRXVI

IQ GYNE HIJIWE IWGVIZIVE REW TÅKMREW HI % %ËÇS TIVM×HMGS HI  UYI

JSVEJYRHEHSV*SMRIPEWXEQFÍQUYIVIPEXEVESWTVMQIMVSWGSQIRXÅVMSW

WSFVISPMZVS%+YIVVEHE8VÑTPMGI%PMERËEVIHMKMHSTSV07GLIRIMHIV

IWGVMXSVHE'SVXIHS6IM+YMPLIVQI-HE4VÞWWMEIGYNSWIUYÑZSGSW

SYIVVSRMEWHIQERHEZEQVIXMJMGEËÙIW-RMGMEHSSXVEFEPLSIQJIZIVIMVS

HIRSERSWIKYMRXIHSMWZSPYQIWLEZMEQWMHSMQTVIWWSWVIWXERHS

ETIREWSXIVGIMVSEMRHEIQQÇSWHSXVEHYXSVS'ETMXÇS&SVQERR



%EWWIWWSVMEI\IVGMHERE1MWWÇSHS6MSHE4VEXEI4EVEKYEM

VSFYWXIGIYPLI STVST×WMXSHI WIVTVSZMHSIQGEVKSZEKSIQ

S HI 'ØRWYP+IVEP IQ 0MZIVTSSP TEVE S UYEP JSM IRJMQ RSQIEHS

TSVHIGVIXSHIHIQEMSHIEWWMREHSTIPE4VMRGIWE6IKIRXI

% STËÇSTIPE HMTPSQEGME XEQFÍQ WI HIVE TSV IRXIRHIV UYI IPE PLI

JEZSVIGMEETIWUYMWEwWSFSJEWGÑRMSHSGSRLIGMQIRXSHSWJEXSWUYI

VITSYWEQWSFSQERXSMRGSRWÞXMPHSTEWWEHSx



4EVXMVEIRXÇSRIWWI

ERS z GSQS SFWIVZE 6YFIRW 6MGYTIVS z  wHI YQTEÑW RMXMHEQIRXI

TIVMJÍVMGSXERXSIQVIPEËÇSESWMWXIQEQYRHMEPHITSHIVGSQSRSW

ZÑRGYPSW WYFSVHMREHSW UYI QERXMRLE GSQS JSVRIGIHSV HI TVSHYXSW

XVSTMGEMW ES ZMKSVSWS GETMXEPMWQS HE 4VMQIMVE 6IZSPYËÇS -RHYWXVMEP

IRXÇS IQ TPIRS JPSVIWGMQIRXSx



%WWYQMYS'SRWYPEHSEHIHI^IQFVSHIIRIPIS

XVEFEPLSPLIIVEEJERSWSIHIQYMXEVIWTSRWEFMPMHEHIXIRHSIQZMWXE

WIV0MZIVTSSPYQHSWTVMRGMTEMWTSVXSWIYVSTIYWETSRXSHIVIGIFIV

QEMWHIIQFEVGEËÙIW TSV ERS



 7IQTVI UYITSWWÑZIPGSQS

LEZMETVIZMWXSIHIWINEHSHIHMGEWIETIWUYMWEWHIMRXIVIWWIHSTEÑW



VIEPM^EHEW IQ EVUYMZSW PMZVEVMEW FMFPMSXIGEW I WI IWXIRHI E 4EVMW

SRHI TSV QSXMZS HIGPMQE MRWXEPEVE E JEQÑPME (EHS  WIY RSX×VMS

GSRLIGMQIRXSIWTIGMEPM^EHSJSMGSRZMHEHSTSV)QMPI0IZEWWIYVIQ

EIWGVIZIVWSFVIS&VEWMPRE+VERHI)RG]GPSTÍHMI2IWWIQIWQS

ERSJEPIGIYPLISTEM5YEXVSERSWHITSMWJSMHIWMKREHSGSQMWWÅVMS

Ä)\TSWMËÇS-RXIVREGMSREPHI7ÇS4IXIVWFYVKSIÄ*IMVE-RXIVREGMSREP

HI 2MHNM 2SZKSVSH *SM IRXÇS VIGIFMHS TIPS '^EV %PI\ERHVI --- I

ZIMSEGSRLIGIVS'^EVÍZMGLI2MGSPEY--UYIEPKYRWERSWQEMWXEVHI

GSRZSGEVMEEWGSRJIVÎRGMEWHITE^HE,EMEHEWUYEMWEWIKYRHEEGEFEVME

TSV XIV (IPIKEËÇS MRHMGEHE TSV IPI TV×TVMS IRUYERXS 1MRMWXVS HI

)WXEHS

  % VITIVGYWWÇS HI WYE TVIWIRËE TSV UYEWI YQ QÎW RE

6ÞWWMERÇSQIVIGIVMEWIVHIWTIVGIFMHE)QJSMEKVEGMEHSGSQ

SXÑXYPSHI&EVÇSHS6MS&VERGSREIWXIMVEHEWGSQIQSVEËÙIWWSFVI

E EFSPMËÇS HE IWGVEZEXYVE I GSQS LSQIREKIQ I\XIRWMZE E WIY TEM

7EMTYFPMGEHSIRJMQ0I&VÍWMPIQRSQIWQSERSHE4VSGPEQEËÇS

HE 6ITÞFPMGE WSF S TEXVSGÑRMS HS 'SQMXÎ *VERGS&VEWMPIMVS TEVE E

)\TSWMËÇS9RMZIVWEPHI4EVMW 3UYMRXSGETÑXYPSHSPMZVSz)WUYMWWI

HIPv,MWXSMVIHY&VÍWMP zJSMVIHMKMHSTSV6MS&VERGSw3GYTEIWWI

)WFSËSzGSQSWYFPMRLE.SWÍ,SR×VMS6SHVMKYIWIQTVIJÅGMSÄIHMËÇS

EZYPWE TYFPMGEHE TIPS 1MRMWXÍVMS HEW 6IPEËÙIW )\XIVMSVIW IQ 

z YQE TSWMËÇS WMRKYPEV I QIVMX×VME TSV WIV HMJÑGMP wIRGSRXVEV RE

LMWXSVMSKVEJMEFVEWMPIMVEYQIWXYHSXÇSGSRHIRWEHSIYQEI\TSWMËÇS

XÇS WIKYVE HSW IZIRXSW HI RSWWE LMWX×VMEx



 )Q TVIJÅGMS Ä IHMËÇS

WYFWIUàIRXI XEQFÍQHS QIWQS IHMXSV 'IPWS0EJIV ET×W VITSVXEV

WIESwQEKRÑJMGSx)WFSËSTVSGYVEGSRXVETØPSESUYIGSQTIVXMRÎRGME

UYEPMJMGEIRXÇSHIwVIWYQSWWYTIVJMGMEMWHIGPEQEX×VMSWMRJERXMPQIRXI

TEXVM×XMGSWx



 2E QIWQE  STSVXYRMHEHI HE )\TSWMËÇS HI 4EVMW

TYFPMGEWIEFMSKVEJMEHI(4IHVS--w)QTÍVIYVHY&VÍWMPxwEWWMREHE

JSVQEPQIRXI TIPS 6EFMRS 1SWÍx QEW IQ VIEPMHEHI  HE EYXSVME HI

6MS &VERGS



(IWMKREHSTEVEEWWYQMVSGEVKSHI7YTIVMRXIRHIRXI+IVEP

HS7IVZMËSHI)QMKVEËÇSRE)YVSTEGSQWIHIIQ4EVMW6MS&VERGS

HIM\SY0MZIVTSSPHIJMRMXMZEQIRXIIQERSIQUYIS'SRWIPLIMVS

6SHSPJS (ERXEW JYRHSY S .SVREP HS &VEWMP HS UYEP 6MS &VERGS JSM

YQHSWTVMRGMTEMWGSPEFSVEHSVIW(IWHISTVMQIMVSRÞQIVSSNSVREP



IWXEQTSY EW )JIQÍVMHIW&VEWMPIMVEW TYFPMGEHEW QEMW XEVHI GSQS S

ZSPYQI:-HEW3FVEWHS&EVÇSHS6MS&VERGSIHMXEHSIQTIPS

1MRMWXÍVMSHEW6IPEËÙIW)\XIVMSVIWGSQI\TPMGEËÇSTVÍZMEHI6SHSPJS

+EVGME5YERXSESGEVKSHI7YTIVMRXIRHIRXIIPISI\IVGIEXÍ

%SW EXVMFYXSW HI LMWXSVMEHSV WI EHMGMSREZEQ XEQFÍQ SW HI

KI×KVEJSHIUYIHIYXIWXIQYRLSWSFVIXYHSIQUYIWXÙIWHIPMQMXIW

I TSVXERXS RÇS WIQ QSXMZS JSM RSQIEHS QIQFVS HE 7SGMIHEHI

&VEWMPIMVEHI+ISKVEJMEHI4EVMWIQIRSERSWIKYMRXIQIQFVS

GSVVIWTSRHIRXI HE 7SGMIHEHI +ISKVÅJMGE HI 0SRHVIW

 2ÇS WI TSHI XSHEZME SPZMHEV S UYI RIQ WIQTVI XIQ

WMHSVIWWEPXEHSEHIUYEHEQIRXISWGSRLIGMQIRXSWEHUYMVMHSWREÅVIE

NYVÑHMGEHYVERXISWGYVWSWIQ7ÇS4EYPSIRS6IGMJIITVEXMGEHSWI

HIWIRZSPZMHSW RE TVSQSXSVME TÞFPMGE RE VITVIWIRXEËÇS TSTYPEV RE

EWWIWWSVME EWIYTEMIQEXMZMHEHIWKSZIVREQIRXEMW IIWTIGMJMGEQIRXI

HMTPSQÅXMGEW)WWIWGSRLIGMQIRXSWXMRLEQWMHSEXIWXEHSWZIVFMKVEXME

REWWIMWHMWWIVXEËÙIWUYIJSVEQVIWKYEVHEHEWRE*EGYPHEHIHI(MVIMXS

HI 7ÇS 4EYPS



 HEW UYEMW E QEMW VIGIRXI  HI  HI RSZIQFVS HI

 ZIVWE XIQE UYI HI GIVXS QSHS WI VIPEGMSRE GSQ JYRËÙIW

GSRWYPEVIW E HE GSRHMËÇS NYVÑHMGE HI IWXVERKIMVS %WWMQ WI IRYRGME

IWWI XIQE w3WIWXVERKIMVSWGSQIVGMERXIWVIWMHIRXIW RS -QTÍVMSx %

HMWWIVXEËÇSETVIWIRXEHEEHIRSZIQFVSHIVIJIVIWIGSQIRXE

,SR×VMS1SRXIMVSÄwUYIWXÇSHI(MVIMXS-RXIVREGMSREP4VMZEHSQEXÍVME

XEPZI^VIZIPEHSVEHEWXIRHÎRGMEWHSZEVÇSHIVSFYWXSIMRGSQTEVÅZIP

QIVIGMQIRXSUYIHIQSHIWXS'ØRWYPIQ0MZIVTSSPWIEPËSY

ÄW  GYPQMRÆRGMEW HE HMTPSQEGME XSVRERHSWI E PY^IVRE KPSVMSWE HE

TSPÑXMGE I\XIVRE HS &VEWMP HYVERXI ERSW



 2ÇS LÅ HYZMHE HI UYI

HYVERXI S GYVWS NYVÑHMGS IQ 7ÇS 4EYPS E MRJPYÎRGME QEMW JSVXI TSV

IPI VIGIFMHE JSM E HI .SWÍ &SRMJÅGMS HI %RHVEHE I 7MPZE S 1SËS

WSFVMRLS HS 4EXVMEVGE S UYEP JSVE RSQIEHS IQ  0IRXI

'EXIHVÅXMGSHI(MVIMXS'VMQMREPMRJPYÎRGMEXIWXIQYRLEHETSVGSPIKEW

HIKIVEËÇSIEXIWXEHETSV6YM&EVFSWEI.SEUYMQ2EFYGS



1EWS

IWXYHSHIXIQEWNYVÑHMGSWMRXIVREGMSREMWIVEQJYRHEQIRXEMWRSWGYVWSW

HI(MVIMXSHSTEÑW%PIMHIHIEKSWXSHIUYISWIWXEFIPIGIVE

MRWXMXYÑEYQEGEHIMVEÞRMGEEWEFIVw(MVIMXSREXYVEPTÞFPMGSERÅPMWI

HE'SRWXMXYMËÇSHS-QTÍVMS(MVIMXSHEWKIRXIWI(MTPSQEGMEx)WXEW

HYEW ÞPXMQEW HMWGMTPMREW RSW XIVQSW HE VIJSVQE HI  HI EFVMP HI



TEWWEVEQEGSRWXMXYMVGEHIMVEEYXØRSQEEWIVQMRMWXVEHEWRS

WIKYRHSERS HSGYVWS4EVESIWXYHSHS(MVIMXSHEWKIRXIWRSQI

ERXMKS HS (MVIMXS -RXIVREGMSREP 4ÞFPMGS E *EGYPHEHI HI (MVIMXS

HI 3PMRHE HITSMW XVEWPEHEHE TEVE 6IGMJI GSQIËSY TSV EGSRWIPLEV

E GSRWYPXE HI XVÎW EYXSVIW 6E]RIZEP ,IMRÍGMS I :EXXIP 3 8VEXEHS

HI (MVIMXS HEW +IRXIW HIWXI ÞPXMQS JSM S GSQTÎRHMS EHSXEHS RE

*EGYPHEHIHI(MVIMXSHI7ÇS4EYPS*SM.SWÍ1EVMEHI%ZIPEV&VSXIVS

PIRXI HE TVMQIMVE GEHIMVE HIWWE )WGSPE UYIQ TYFPMGSY IQ 

w5YIWXÙIW WSFVI 4VIWEW 1EVÑXMQEWx E TVMQIMVE QSRSKVEJME IWGVMXE I

TYFPMGEHE IRXVI R×W WSFVI (MVIMXS HEW KIRXIW 2EWGMHS IQ 0MWFSE

FEGLEVIPTSV'SMQFVEIHSYXSVTSV7ÇS4EYPSPIGMSRSYTSV

I\XIRWS TIVÑSHS *SM XSHEZME HI 4VSJIWWSVHE %GEHIQME HI 3PMRHE

UYI WI SVMKMRSY S TVMQIMVS GSQTÎRHMS FVEWMPIMVS WSFVI S (MVIMXS

-RXIVREGMSREP 4ÞFPMGS8VEXEWI HI )PIQIRXSW HS (MVIMXSHEW +IRXIW

WIKYRHSEHSYXVMREHSWEYXSVIWQSHIVRSW HEPEZVEHI4IHVS%YXVERHE

1EXXEI %PFYUYIVUYI UYIWIHSYXSVEVEIQ  RE 9RMZIVWMHEHI

HI %M\IR4VSZIRGIIUYIXERXSUYERXS %ZIPEV&VSXIVSPIGMSREVEE

HMWGMTPMRE TSV PSRKS TIVÑSHS

'SQSEGMQE WI HMWWIYRKMHSWREQIWQEGEHIMVE(MVIMXS

HEW KIRXIW I (MTPSQEGME RÇS TSHIVMEQ HIM\EV HI QERXIVWI TIPE

ZMHEEJSVERSGIRXVSHSWMRXIVIWWIWIEXMZMHEHIWHI6MS&VERGS%QFEW

EW HMWGMTPMREW IRGSRXVEQWI HI XEP QSHS IRXVIPEËEHEW UYI RÇS Í

HMJÑGMP WYVTVIIRHIV E EGITËÇS HI 'SHSVKER VIGSPLMHE TSV 6YFIRW

*IVVIMVEHI1IPPSIQWIY8VEXEHS-WIKYRHSEUYEPE(MTPSQEGME

wÍS(MVIMXSHEWKIRXIWETPMGEHSx'SQSEWWMREPSY:EYKLER;MPPMEQW

RSWIKYRHSGYVWSSVKERM^EHSTIPE%GEHIQMEHI(MVIMXS-RXIVREGMSREP

HE ,EME SY WINE IQ  WSFVI w0IW QÍXLSHIW HI XVEZEMP HI PE

HMTPSQEXMIx IWXE WI IRGSRXVEZE GSQS TSV GIVXS EMRHE WI IRGSRXVE

IQ GSRWXERXI GSRXEXS GSQ S (MVIMXS -RXIVREGMSREP GYNSWTVMRGÑTMSW

XMQFVEZEGSQSTSVGIVXSEMRHELSNIXMQFVEIQVIGSRLIGIVEWWIKYVEV

I ETPMGEV

 2ÇS LÅ HÞZMHE TSVÍQ E VIWTIMXS HS MRHMWTIRWÅZIP

ETVMQSVEQIRXSWYTIVMSVEHUYMVMHSTSV4EVERLSWGSQVIPEËÇSÄTVÅXMGE

GSRWYPEVIHMTPSQÅXMGERSEQFMIRXIZMZMHSHMYXYVREQIRXIRE)YVSTE

w1EWGSQSWYGIHIYGSQEWYETEWWEKIQRE%GEHIQMEHI(MVIMXSx

IWGVIZI ¥PZEVS 0MRW wE TIVQERÎRGME IQ 0MZIVTSSP WIVZMYPLI HI



ETVIRHM^EHSITVITEVEËÇSx2ÇSETIREWRIWWEGMHEHIQEWIQXSHEE

)YVSTE UYI GSRLIGIY TIWWSEPQIRXI SY TIPEW QIPLSVIW JSRXIW HI

MRJSVQEËÇSHMWTSRÑZIMWw3WHMTPSQEXEWTVSGYVEZEQEMRHEXEXIERHS

REWWSQFVEWEPMERËEWIGSRXVEEPMERËEWTEVEJM\EVSHIWINEHSIUYMPÑFVMS

IYVSTIY8VEXEHSWVYMHSWSWIXVEXEHSWWIGVIXSWMEQWITEVERHSSWTSZSW

IQ HSMW KVERHIWKVYTSW SW HSMW KVERHIW KVYTSWUYI WIEVXMGYPEZEQ

TEVE E KYIVVE HI x



 %TVIRHM^EHS I ETIVJIMËSEQIRXS PSRKS S HI 6MS &VERGS

S UYEP JSM TSV ZI^IW GSRWMHIVEHS SFWGYVS JYRGMSRÅVMS 0MËÇS EXYEP

IWXÅ IPI E RSW QMRMWXVEV E HE RIGIWWÅVME TVITEVEËÇS TEVE TSWWÑZIMW

JYRËÙIWQEMWVIPIZERXIWIQJEGIHIGMVGYRWXÆRGMEWEXYEMWEMRHEUYI

IWWEWJYRËÙIWSY GMVGYRWXÆRGMEW NEQEMW ZIRLEQ E SGSVVIV

4%01%798-437 7- ()8 -7%1%4¥

 2S GEWS HI 6MS &VERGS GMVGYRWXÆRGME MQTVIZMWXE GSQS

WI WEFI ZIMS E SGSVVIV E HS WÞFMXS JEPIGMQIRXS IQ;EWLMRKXSR E

HIQEVËSHIHS&EVÇSHI%KYMEVHI%RHVEHEEUYIQJSVE

GSRJMEHEEHIJIWEHS&VEWMPREGSRXVSZÍVWMEHIPMQMXIWGSQE%VKIRXMRE

I UYI GLIJMEZE TEVE IWWI JMQ QMWWÇS RSW )WXEHSW 9RMHSW &EWXERXI

GSRGIMXYEHS%KYMEVHI%RHVEHEIQEMW*IPMTI0STIW2IXSI0EJEMIXI

6SHVMKYIW4IVIMVEJSVEQSWÅVFMXVSWHIRSWWSTEÑWRSQIEHSWTSV(

4IHVS -- TSV WSPMGMXEËÇS I\TVIWWEHSW MRXIVIWWEHSW ET×W EW KYIVVEW

HS4EGÑJMGSIRXVIS'LMPIHIYQPEHSIS4IVYIE&SPÑZMEHISYXVS

TEVE TVIWMHMV SW XVMFYREMW EVFMXVEMW MRXIVREGMSREMW GSRWXMXYÑHSW IQ

 TEVEETVIGMEV INYPKEVEWVIGPEQEËÙIWHI WÞHMXSWHE -RKPEXIVVE

%PIQERLE *VERËE -XÅPME ¥YWXVME,YRKVME &ÍPKMGE I 7YÑËE



 % VIWTIMXS HSW PMQMXIW GSQ E %VKIRXMRE S :MWGSRHI HS

6MS&VERGSLEZMEWMHSTSVWMREPSTVMQIMVSRIKSGMEHSVUYITYHIVE

GSRHY^MVEFSQXIVQSSXVEXEHSHIHIHI^IQFVSHI7IKYRHS

IWWIXVEXEHSEwJVSRXIMVEIRXVISWHSMWTEÑWIWGSQIËEZEESRSVXIRS

6MS4EVERÅIQJVIRXIÄGSRJPYÎRGMEHS6MS-KYEËYTEVEEHS9VYKYEM

WIKYMRHSTIPSQEMWEPXSHSXIVVIRSEXÍEREWGIRXIHS6MS4IVMKYEËY

IGSRXMRYEZEREHMVIËÇS WYPHSGYVWSHIWXIÞPXMQSVMS EXÍE WYEJS^

REQEVKIQHMVIMXEHS9VYKYEMIHITSMWTSVIWXIÅKYEWEFEM\SEXÍ

E IQFSGEHYVE HS 6MS 5YEVEMQx 3 EVXMKS WIKYRHS HIXIVQMREZE



wTEVEIZMXEVUYEPUYIVHÞZMHExUYISW6MSW4ITIVMKYEËYI7ERXS%RXØRMS

IVEQ SWVMSW VIGSRLIGMHSWIQTIPSWGSQMWWÅVMSWHIQEVGEHSVIW

HS XVEXEHS HI PMQMXIW HI x (MZIVWSW IZIRXSW IRXÇS SGSVVIVEQ

UYIMQTIHMVEQEZMKÎRGMEHIWWIEGSVHSHIWSVXIUYIJSMS&EVÇSHI

%KYMEV HI %RHVEHE IRZMEHS IQ  E &YIRSW %MVIW IQ QMWWÇS

IWTIGMEPwGSQSJMQHISFXIVEVEXMJMGEËÇSHSXVEXEHSHISYE

GIPIFVEËÇSHIYQRSZSENYWXIHIPMQMXIWx*SMIRXÇSUYIwTIPETVMQIMVE

ZI^xGSQSHIGPEVE%VEÞNS.SVKI



SKSZIVRSEVKIRXMRSPIZERXSYHÞZMHEW

WSFVI wE PSGEPM^EËÇS HSW 6MSW 4ITIVMKYEËY I 7ERXS %RXØRMS UYI

GSQTPIXEZEQ E PMRLE HMZMW×VME IRXVI SW 6MSW -KYEËY I 9VYKYEMx

)RXIRHIQSYXVSW TSVÍQ WIVIQQEMW ERXMKEW EW HÞZMHEWE VIWTIMXS

w2EWGIVE E HIQERHEx z HM^ 0YÑW :MERE *MPLS



 z  wUYERHS %ZIPEV

GSQMWWÅVMSIWTERLSPSJMGMSYIQESWIYGSRGSVVIRXITSVXYKYÎW

6×WGMS GSQYRMGERHSPLI E HIWGSFIVXE RS ERSERXIVMSV HIYQ VMS

WMXYEHSQEMW ES SVMIRXI UYI HM^ME WIV S 4ITIVM VIJIVMHS RS XVEXEHS

HI  (IVVEQSYWI IRXÇS YQ QEV HI HÞZMHEW WSFVI S XVEFEPLS

HSWHIQEVGEHSVIW HI 5YEPSZIVHEHIMVSVMSUYIGSQSS WIY

GSRXVEZIVXIRXI QEVGEZE E JVSRXIMVE HIJMRMHE REUYIPI XVEXEHS#x



 ,EZME TSMW RS ÆQEKS HIWWE GSRXVSZÍVWME IRXVI SYXVSW

TSRXSWEEGPEVEVUYIWXÙIWJYRHEQIRXEMWHIGEVÅXIVTVSFEX×VMS(M^MEQ

IPEWVIWTIMXSEXIVVMX×VMSPMXMKMSWSwUYIJSVQEZEEQEMSVTEVXIHEGSQEVGE

HI4EPQEWRS)WXEHSHS4EVERÅGSRJMREHSESSIWXIGSQSXIVVMX×VMS

EVKIRXMRS HI 1MWMSRIW I ES WYP GSQ S )WXEHS HS 6MS +VERHI HS

7YPx1IHMEIPIwGIVGEHIUYMPØQIXVSWUYEHVEHSWGSQYQE

TSTYPEËÇS WIKYRHS S VIGIRWIEQIRXS HI  HI HI^IQFVS HI 

HILEFMXERXIWx



6MS&VERGSWIRXMEWIGETEGMXEHSTEVEEHIJIWE

HIWWI XIVVMX×VMS GYNE ,MWX×VME I +ISKVEJME GSRLIGME I RS ÆQFMXS HI

YQEGSRXVSZÍVWMEEUYIWIYKIRMXSVLEZMESYXVSVEWIHIHMGEHS%RXIW

QIWQSHIXIVWMHSHIWMKREHSHM^MEIPIwWIQQSHÍWXMExLEZIVJIMXS

GSPIXEWEVIWTIMXSHYVERXIERSWHIXVEFEPLSWEWTIWUYMWEWRS&VEWMP

IRE)YVSTEIWIKYMHSEXIRXEQIRXISWGEXÅPSKSWTIVM×HMGSWHIPMZVIMVSW

EQIVMGERMWXEW I SW PIMPÙIW SGEWMSREMW HI GSPIËÙIW TEVXMGYPEVIWx



%IWGSPLEHI6MS&VERGSTEVEEHMJÑGMPQMWWÇSJSMRSHM^IV

HI:MERE*MPLSwVIZMVEZSPXEHSHIWXMRSx



QEWHMVÑEQSWTIVJIMXEQIRXI

GSQTVIIRWÑZIPREIWJIVEHEGSRXMRKÎRGMELYQERE7IQIWQSREIWJIVE

FMSP×KMGERIQXYHSWYGIHIHIQSHSTVIHIXIVQMREHSQEWWSFVIZÎQ

MRGMHÎRGMEW MQTVIZMWXEW



 TSHIVWIME HM^IV UYI GSQ QEMW VE^ÇS

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IPEWXEQFÍQSGSVVIQREXVENIX×VMEI\MWXIRGMEPHSWIVLYQERS%GIMXE

ELSRVSWEQMWWÇS6MS&VERGSTEWWSYEHIHMGEVWIEIPEMRXIKVEPQIRXI

2SQIEHS IRZMEHS I\XVESVHMRÅVMS I 1MRMWXVS 4PIRMTSXIRGMÅVMS IQ

QMWWÇS IWTIGMEP NYRXS HS KSZIVRS HSW )WXEHSW 9RMHSW HE %QÍVMGE

TSVHIGVIXSHIHIEFVMPHIPÅGLIKSYEHIQEMSHI

XIRHSETVIWIRXEHSEHINYRLSWIKYMRXIGVIHIRGMEMWES4VIWMHIRXI

+VSZIV'PIZIPERH UYIJSVEIWGSPLMHS TSVÅVFMXVS

 2ÇSLEZMEIQVIPEËÇSÄGSRXVSZÍVWMEWSFVISXIVVMX×VMSHI

4EPQEW ETIREW X×TMGSW JEGXYEMW WIRÇS XEQFÍQ VIPIZERXIW UYIWXÙIW

HI QÍVMXS E IRJVIRXEV :IRGMHEW WYGIWWMZEW LIWMXEËÙIW HS KSZIVRS

RSVQEKIVEPHEHMTPSQEGMEMQTIVMEPTEWWEZEEWIVETEVXMVHI

STVMRGÑTMSHIYXMTSWWMHIXMW2IRLYQXVEXEHSIWXEZEEVIKIVHIPMQMXEËÇS

HIJVSRXIMVEWIRXVI)WTERLEI4SVXYKEPEWWMQGSQSIRXVIEWVIWTIGXMZEW

GSPØRMEW RS GSRXMRIRXI EQIVMGERS 38VEXEHS HI 7ERXS -HIPJSRWS

HI  HISYXYFVSHI  XMRLE WMHSwVSXS IERYPEHSx TIPE KYIVVE

HIWYTIVZIRMIRXIIRXVI SWHSMW)WXEHSWIRÇSJSVEVIWXEYVEHS

TIPS8VEXEHSHI&EHEN×WHIHINYRLSHSQIWQSERS



)WWERSVQE

KIVEP JSVQYPEHE IQ  IQ QIQSVERHS ETVIWIRXEHS ES KSZIVRS

EVKIRXMRS TIPS :MWGSRHIHS 6MS &VERGS XMRLE W×PMHS JYRHEQIRXS

%VYTXYVEHSXVEXEHSMRXIVREGMSREPIQGSRWIUàÎRGMEHIKYIVVEIRXVI

GSRXVEXERXIW GSRXEZE GSQ VIWTEPHS XERXS HS GSWXYQI MRXIVREGMSREP

UYERXSHEHSYXVMREEMRHEUYIEVIKVEKIVEPHIWWEVYTXYVEGSQTSVXEWWI

EPKYQEW I\GIËÙIW EWUYEMWEPMÅWRÇSSGSVVMEQ RS GEWSZIVXIRXI

 -RZSUYIQSWEIWWITVST×WMXSE EYXSVMHEHIHI)QIVMGHI

:EXXIP GYNE SFVE VIJPIXME IQ KVERHI TEVXI IRWMREQIRXSW HI

MRXIVREGMSREPMWXEW XERXS TVIHIGIWWSVIW GSQS GSRXIQTSVÆRISW SFVE

IWWEEHSXEHEGSQSWIHMWWIREW*EGYPHEHIWHI(MVIMXSIQUYI4EVERLSW

.ÞRMSVLEZMEIWXYHEHSEWWMQGSQSIVEEGSPLMHEREWHIQEMW*EGYPHEHIW

IWXVERKIMVEWIQVE^ÇSXERXSHEEYXSVMHEHIHSNYVMWXEWYÑËSGSQSHS

JEXSHIXIVWMHSIWWESFVEETVMQIMVEWSFVI(MVIMXSHEWKIRXIWEWIV

VIHMKMHE I TYFPMGEHE IQ MHMSQE RISPEXMRS

%SI\EQMREVwUYEMWWÇSSWXVEXEHSWESFWIVZEVIRXVIEWREËÙIWx

VIKMWXVSY :EXXIP E WIKYMRXI VIKVE KIVEP w%W GSRZIRËÙIW SW XVEXEHSW

JIMXSW GSQ YQE REËÇS WÇS VSQTMHSW SY ERYPEHSW TIPE KYIVVE UYI

WYVKIIRXVISWGSRXVEXERXIWWINETSVUYIIPIWTVIWWYTÙIQXEGMXEQIRXI

SXVEXEHSHITE^WINETSVUYIGEHEUYEPESTSHIVHIWTSNEVSMRMQMKS

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HS UYI PLI TIVXIRGI PLI WYFXVEM SW HMVIMXSW UYI PLI XMRLEQ WMHS

HEHSWTIPSWXVEXEHSWx



*MRHEEKYIVVEQMWXIVWIJE^METSMWVIZEPMHEV

IWWIW QIWQSW XVEXEHSW SY QSHMJMGÅPSW WI RIGIWWÅVMS SY HIWINÅZIP

SUYIRÇSJSVEJIMXS

 % XIWI FVEWMPIMVE E WYWXIRXEVWI TIVERXI S 4VIWMHIRXI

'PIZIPERHXMRLEJYRHEQIRXSW×PMHSIGSIVIRXIEPMGIVËEHSSYXVSWWMQ

RYQE WMXYEËÇS HI JEXS E HI S XIVVMX×VMS UYIWXMSREHS IWXEV WIRHS

LEFMXEHSTSVJEQÑPMEWFVEWMPIMVEWQIHMERXISGYTEËÇSKVEHYEPERXMKE

QERWE I TEGÑJMGE 5YEPMJMGS HI QSHIPEV E I\TSWMËÇS VIHMKMHE TSV

6MS&VERGSTSVIPIETVIWIRXEHETIPS&VEWMPESÅVFMXVSIQ3

TVMQIMVS TIVÑSHS Í MRXVSHYËÇS TVIGMWE HE GSRXVSZÍVWME w3 PMXÑKMS

WYFQIXMHSTIPSW)WXEHSW9RMHSWHS&VEWMPIHE6ITÞFPMGE%VKIRXMRE

ÄHIGMWÇSEVFMXVEPHS4VIWMHIRXIHSW)WXEHSW9RMHSWHE%QÍVMGEZIVWE

WSFVI S HSQÑRMS HI YQ  XIVVMX×VMS HI UYI S &VEWMP IWXÅHI TSWWI

IRXVI SW 6MSW -KYEËY I 9VYKYEM

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 )WXÅ HMXS EÑ UYEP Í S XIVVMX×VMS

UYIWXMSREHSQEWEÑXEQFÍQIWXÅI\TPMGMXEHSXVEXEVWIHIYQXIVVMX×VMS

HSUYEPSw&VEWMPIWXÅHI TSWWIx 3VEWIIPIIWXÅHITSWWIIGSRXVE

IWWETSWWIRÇSÍWYWGITXÑZIPHIGSQTVSZEVWIRIRLYQZÑGMSIQIWQS

RIRLYQ XVEXEHS IRXÇS ZMKIRXI UYI ZMRGYPEWWI HI QSHS HMZIVWS EW

TEVXIW PMXMKERXIW E GSRGPYWÇS P×KMGE Í E HI XIV TVSGIHÎRGME E XIWI

FVEWMPIMVE8ERXSQEMWRÑXMHEEMRHEWIVIZIPEIWWETVSGIHÎRGMEUYERHS

WIWEFIXIVIPEVIWTEPHSIQJEXSWTVIXÍVMXSWEHEMRWIVËÇSTSVI\IQTPS

HE GPÅYWYPE YXM TSWWMHIXMW RS XVEXEHS HI 1EHVM HI  HI NERIMVS HI

 GIPIFVEHS IRXVI EW 'SVSEW HI )WTERLE I 4SVXYKEP 7IKYRHS

IWWE GPÅYWYPE GEHE YQE HEW 4EVXIW 'SRXVEXERXIW JMGEVME GSQ S UYI

TSWWYMEREHEXEHIGIPIFVEËÇSHSXVEXEHSXIRHSE)WTERLEGSRGSVHEHS

wIQ VIGSRLIGIV XSHEWEWTSWWIW TSVXYKYIWEW RE%QÍVMGEI IQ GIHIV

SXIVVMX×VMSHEQEVKIQIWUYIVHEHS9VYKYEMESRSVXIHS-FMGYÑIQ

XVSGEHE'SPØRMEHS7EGVEQIRXSIHSXIVVMX×VMSGSRXIWXEHSREQEVKIQ

IWUYIVHE HS 6MS HE 4VEXEx



4IPEWVE^ÙIWI\TSWXEWSTVMRGÑTMSHSYXMTSWWMHIXMWXIQWMHS

GSRWXERXIQIRXI MRZSGEHS TIPS RSWWS TEÑW REW UYIWXÙIWJVSRXIMVMËEW

9XM TSWWMHIXMW MXE TSWWIHIEXMW SY WINE wGSQS TSWWYMW GSRXMRYEM

TSWWYMRHSx%J×VQYPEGSQTPIXEWIIRGSRXVEJSVQYPEHEREW-RWXMXYXEW

HI +EMS E WEFIV w9XM RYRG TSWWMHIXMW UYSQMRYW MXE TSWWMHIEXMW ZMQ

JMIVMZIXSx'SRWMWXMESYXMTSWWMHIXMWRS(MVIMXSVSQERSIQMRXIVHMXS



TIPSUYEPSTVIXSVTVSMFMEMRXIVJIVÎRGMEIQTSWWIHIMQ×ZIPEXÍHIGMWÇS

JMREP WSFVI HMVIMXSW UYIWXMSREHSWIQ VIPEËÇS E  IWWI QIWQS MQ×ZIP

*SM IWWI MRWXMXYXS MRGSVTSVEHS HI MRÑGMS ES (MVIMXS HEWKIRXIW RSW

UYEHVERXIWHSNYWFIPPMIWYFWIUàIRXIQIRXIRSÆQFMXSHIGSRXVSZÍVWMEW

TV×TVMEWHS(MVIMXSHETE^IQTEVXMGYPEVGSQVIJIVÎRGMEETVSFPIQEW

HI JVSRXIMVE



,MPHIFVERHS%GGMSP]EHZIVXIWSFVIHMZIVKÎRGMEWREETPMGEËÇS

HSTVMRGÑTMSHSYXMTSWWMHIXMWRE%QÍVMGE0EXMRESUYILSNIXEQFÍQ

SGSVVIIQSYXVSWGSRXMRIRXIWw1EWIRUYERXSRS&VEWMPHM^SMPYWXVI

NYVMWXE WI HEZE ES YXM TSWWMHIXMW S ÞRMGS WIRXMHS UYI IPI  TSHIVME

VE^SEZIPQIRXI XIV MWXS Í S HI TSWWI VIEP I IJIXMZE LIVHEHE TIPSW

TEÑWIW EQIVMGERSW ES XIQTS HI WYE MRHITIRHÎRGME ZÅVMSW EYXSVIW I

KSZIVRSW LMWTERSEQIVMGERSW WYWXIRXEVEQ GSRGIMXSW HMJIVIRXIW ES

EHSXEVSUYIHIRSQMREVEQSYXMTSWWMHIXMWNYVMWSYSHMVIMXSÄTSWWI

MRHITIRHIRXI HE SGYTEËÇS IJIXMZEx -RZSGE %GGMSP] E WIKYMV GSQ

VE^ÇSSIRXIRHMQIRXSHI4EYPHI0E4VEHIPPIWIKYRHSSUYEPwSYXM

TSWWMHIXMWNYVMWVITSYWERYQEEJMVQEËÇSGSRXVEHMX×VMEFEWIMEWIRYQ

XÑXYPSIRÇSREJEPXEHITSWWIxw3VExTVSWWIKYI%GGMSP]GSQVE^ÇS

wSYXMTSWWMHIXMWREWYEZIVHEHIMVEEGITËÇSWMKRMJMGEETSWWIGSRXÑRYE

I TVSPSRKEHE QERWE I TEGÑJMGE MRHITIRHIRXI HI UYEPUYIV SYXVS

XÑXYPSx



 3 PEYHS JEZSVÅZIP HI  HI JIZIVIMVS HI  WYFWGVMXS

TIPS4VIWMHIRXI'PIZIPERHIQFSVEHIIJIMXSWVIWXVMXSWETIREWÄWTEVXIW

HEGSRXVSZÍVWMERÇSHIM\EVMEHIXIVGSRWIUàÎRGMEWESQIRSWMRHMVIXEW

IQVIPEËÇSEHIQEMWPMXÑKMSWJVSRXIMVMËSWGSQ)WXEHSWWYPEQIVMGERSW

2ÇS TSVÍQ IQ VIPEËÇS E XSHSW IPIW GSQS FIQ IWXIZI GMIRXI 6MS

&VERGSUYERHSEMRHEIRZSPXSTIPSIGSJEZSVÅZIPHEWIRXIRËEEPGERËEHE

XSQSYGSRLIGMQIRXSHSGSQTVSQMWWSHIHIEFVMPHITIPS

UYEP *VERËE I &VEWMP IRXVIKEZEQ E WSPYËÇS HS PMXÑKMS GSRGIVRIRXI Ä

HIPMQMXEËÇSREÅVIEHS%QETÅESEVFMXVEQIRXSHS'SRWIPLS*IHIVEP

HE'SRJIHIVEËÇSWYÑËE4SVEXSSJMGMEPHIHIRSZIQFVSHI

6MS&VERGSJSMTIPEWIKYRHEZI^RSQIEHSIRZMEHSI\XVESVHMRÅVMSI

1MRMWXVS4PIRMTSXIRGMÅVMSIQQMWWÇSIWTIGMEPHIHIJIRHIVSWMRXIVIWWIW

HS TEÑWREGSRXVSZÍVWMEGSQE*VERËETIVERXIIWWI×VKÇSEVFMXVEP

6IQSRXEZEIWWEGSRXVSZÍVWMEÄGSRGIWWÇSHIGEVXEWHIJIVMHEW

IQ  TSV ,IRVMUYI -: E 0E 6EZEVHMÌVI I HITIRHME IQ KVERHI

TEVXI HE MRXIVTVIXEËÇS HS EVXMKS SMXEZS HS8VEXEHS HI 9XVIGLX RSW



XIVQSW HS UYEP E *VERËE HIWMWXME wTEVE WIQTVIx wHE TVSTVMIHEHI

HEW XIVVEW GLEQEHEW HS 'EFS HS 2SVXI I WMXYEHEW IRXVI S 6MS HEW

%QE^SREW I S HI .ETSG SY HI :MRGIRX 4MRWSRx *SVE IWWI EVXMKS

XSHEZME VIZEPMHEHS TIPE 'SRZIRËÇS HI :MIRE HI  HI QEMS HI

 EVXMKS  TIPE %XE *MREP HS 'SRKVIWWS HI:MIRE HI  HI

NYRLSHIEVXMKSEWWMQGSQSTIPE'SRZIRËÇSHI4EVMWHI

 HI EKSWXS HI  EVXMKS  (I XSHSW IWWIW HMTPSQEW IVEQ

TEVXIW *VERËE I 4SVXYKEP IWXI ÞPXMQS VITVIWIRXEHS EPMÅW RSW HSMW

TVMQIMVSWMRWXVYQIRXSWTIPSw4VÑRGMTI6IKIRXIHS6IMRSHI4SVXYKEP

I HS &VEWMPx



%ÅVIEPMXMKMSWEIVEFEWXERXIZEWXEWMXYEHEIRXVIEQEVKIQ

HMVIMXEHS6MS3METSUYIIEQEVKIQIWUYIVHEHS%VEKYEVMEJPYIRXI

HS %QE^SREW 'SRJPMXSW EVQEHSW SGSVVMEQ RE VIKMÇS HSW UYEMW S

QEMW ZMSPIRXS SGSVVIVE IQ  GIVGE HI HSMW ERSW ERXIW HS

GSQTVSQMWWS EVFMXVEP 'YQTVME ES ÅVFMXVS RSW XIVQSW HIWWI

GSQTVSQMWWS HIJMRMV HYEW PMRLEW JVSRXIMVMËEW IRXVI SW PMXMKERXIW E

WEFIVSPMQMXIQEVÑXMQSEJVSRXIMVEHETEVXIQEVÑXMQEHSXIVVMX×VMS

GSRXIWXEHSSYWINEEPMRLEUYIWEMRHSHSPMXSVEPWIKYISwGYVWSHS

6MS.ETSGSY:MRGIRX4MRËSRHIXIVQMREHETIPSEVXMKSHSXVEXEHS

GSRGPYÑHSIQ9XVIGLXEHIEFVMPHIIRXVI4SVXYKEPI*VERËEx

wSPMQMXIMRXIVMSVUYIWIRHSHS.ETSGSY:MRGIRX4MRËSRHIZI

HMVMKMVWIESSIWXITEVEGSQTPIXEVEJVSRXIMVEIRXVIS&VEWMPIEGSPØRME

JVERGIWEx

 %  HI EFVMP HI  6MS &VERGS IRXVIKSY ES 'SRWIPLS

*IHIVEPWYÑËSETVMQIMVEQIQ×VMENYWXMJMGEXMZEHSWHMVIMXSWFVEWMPIMVSW

EGSQTERLEHE TSV  GEVXEW KISKVÅJMGEW XSQS  % IWWI XSQS WI

EHMGMSREVEQ UYEXVS SYXVSW HSW UYEMW SW HSMW ÞPXMQSW EFVERKIQ S

IWXYHSHI.'EIXERSHE7MPZEIHMXEHSIQ4EVMWIHMËÇS0v3]ETSG

IXPv%QE^SRMI%IWWIWGMRGSXSQSWHSMW%XPEWJSVEQEMRHEEGVIWGIRXEHSW

2SGSRGIVRIRXIESPMQMXIQEVÑXMQSHMWGVITEZEQEWTEVXIW

UYERXSÄMHIRXMJMGEËÇSHS6MS.ETSGSY:MRGIRX4MRËSRQIRGMSREHS

RSEVXMKSSMXEZSHS8VEXEHSHI9XVIGLX4EVES&VEWMPIWWIVMSIVEIÍ

S 3METSUYI wUYIHIWÅKYE RS SGIERS ESIWXIHS 'EFS HI 3VERKI I

TIPSWIYXEPZIKYIHIZIWIVXVEËEHEEPMRLEHIPMQMXIWx4EVEE*VERËE

IWWIVMSIVES%VEKYEVMwUYIHIWÅKYERS SGIERSESWYPHS'EFSHS

2SVXI I UYI TIPS WIY XEPZIKYI HIZI WIV XVEËEHE E PMRLE HI PMQMXIWx



5YERXS E IWWI PMQMXI QEVÑXMQS S ÅVFMXVS HIZIVME TVSRYRGMEVWI

HIJMRMXMZEQIRXIWSFVIEWTVIXIRWÙIW HEW HYEW TEVXIWwEHSXERHSIQ

WYE WIRXIRËEx UYI WIVME SFVMKEX×VME I WIQ ETIPEËÇS wYQ HSW HSMW

VMSW TVIXIRHMHSWxI WI EWWMQ IRXIRHIWWI wEPKYQ HSW VMSW IRXVI IPIW

GSQTVIIRHMHSx



'SQ VIJIVÎRGME ES PMQMXI MRXIVMSV IRXIRHMES &VEWMP GSRWMWXMV

IPIwRSTEVEPIPSvUYITEVXMRHSHS3METSUYIxXIVQMREVMEwRE

JVSRXIMVE HE +YMERE ,SPERHIWEx 7YWXIRXEZE E*VERËE ES GSRXVÅVMS

GSRWMWXMV IPI RYQE PMRLE UYI wTEVXMRHS HE GEFIGIMVE TVMRGMTEP HS

FVEËS TVMRGMTEP HS %VEKYEVMxWIKYMVME wTEVE SIWXI TEVEPIPEQIRXI ES

6MS%QE^SREWEXÍIRGSRXVEVEQEVKIQIWUYIVHEHS6MS&VERGSx)

GSRXMRYEVME wTSV IWXE QEVKIQ EXÍ IRGSRXVEV S TEVEPIPS UYI TEWWI

TIPS TSRXS I\XVIQS HE 7IVVE HI %GEVEÑx 5YERXS E IWWI PMQMXI S

GSQTVSQMWWSEVFMXVEPIWXMTYPEZEUYISÅVFMXVSHIGMHMVMEHIJMRMXMZEQIRXI

WSFVI YQE HIWWEW TVIXIRWÙIW HEW TEVXIW TSHIRHS IWGSPLIV wGSQS

WSPYËÇSMRXIVQIHMÅVMEETEVXMVHEGEFIGIMVETVMRGMTEPHSVMSEHSXEHS

GSQS WIRHS S .ETSG SY :MRGIRX 4MRËSR EXÍ E JVSRXIMVE HE +YMERE

*VERGIWEEHMZMWÇSHIÅKYEWHE&EGMEHS%QE^SREWUYIRIWXEVIKMÇS

Í GSRWXMXYÑHE IQ UYEWI WYE XSXEPMHEHI TIPEW GYQMEHEW HE 7IVVE HI

8YGYQEUYIx

 5YIWXÇS TVSGIWWYEP WSFVI GSQTIXÎRGME JSMWYWGMXEHE TIPS

KSZIVRS JVERGÎW RS GYVWS HE HIQERHE ES TPIMXIEV UYI S ÅVFMXVS z

wQIWQS RSW XIVQSW HS GSQTVSQMWWSx z  TSHIVME HIGMHMV EIUYS IX

FSRSRSUYI6MS&VERGSHMWGVITSYGSQTVIGMWÇSNYVÑHMGERE7IKYRHE

1IQ×VME UYI ETVIWIRXSY I RE UYEP VIJYXE MKYEPQIRXI EPIKEËÙIW

VIJIVIRXIWESQÍVMXSHEGSRXVSZÍVWME)WWEQIQ×VMEGSQTVIIRHIWIMW

XSQSWRSWUYEMWWIMRGPYIQHSGYQIRXSWMPYWXVEXMZSWIGSQTVSFEX×VMSW

HE XIWI FVEWMPIMVE EPÍQ HI YQ %XPEW GSRWXMXYÑHS HI  GEVXEW HI

UYI  WÇS TVIGIHIRXIWES8VEXEHS HI 9XVIGLX



6IHMKMHESVMKMREPQIRXIIQEPIQÇSTIPSIRXÇS'SRWIPLIMVS

JIHIVEP)HYEVHS1àPPIVUYIIQ  TVIWMHMVES×VKÇSEVFMXVEPE

WIRXIRËETVSJIVMHE RSHMEHIHI^IQFVSHIHIWHSFVEHEIQ

 TÅKMREW VIGSRLIGIY E TVSGIHÎRGME HE XIWI FVEWMPIMVE EGIVGE HS

XIVVMX×VMSQEVÑXMQS5YERXSESPMQMXIMRXIVMSVJSMEHSXEHERSWXIVQSW

HSGSQTVSQMWWSEVFMXVEPWSPYËÇSHMWXMRXEHETVIGSRM^EHETIPEWTEVXIW

SYWINEEHEPMRLEHSHMZMWSVHEWÅKYEWHSWQSRXIW8YGYQEUYIw%



WIRXIRËE EVFMXVEPx GSQS FIQ WMRXIXM^E %VEÞNS .SVKI wRÇS W× RSW

VIWXMXYÑVE ÑRXIKVS S XIVVMX×VMS GSRXIWXEHS IRXVI SW VMSW 3METSUYI I

%VEKYEVMGSQSXVERGEVEÄ*VERËESEQFMGMSREHSEGIWWSES%QE^SREW

MQTIHMRHSE HI IWXIRHIVWI TSV IWWI VMS EHIRXVS TEVEPIPEQIRXI Ä

WYEQEVKIQIWUYIVHE EXÍ S 6MS &VERGSx



1-2-7863))78%(-78%

 %T×W S Î\MXS EPGERËEHS IQ HIJIWE HSW MRXIVIWWIW HS TEÑW

REWGSRXVSZÍVWMEWHI4EPQEW IHE +YMERE*VERGIWE6MS &VERGS JSVE

RSQIEHS TEVE E GLIJME HI TSWXSHMTPSQÅXMGS RE %PIQERLE I GSQ

IWWIJMQGLIKSYE&IVPMQEHIEFVMPHISRHITSYGSQEMW

HI YQ QÎW E  HI QEMS ETVIWIRXSY GVIHIRGMEMW ES -QTIVEHSV

+YMPLIVQI -- %T×W E +YIVVE HE 'VMQÍME E -XÅPME I E %PIQERLE

LEZMEQMRKVIWWEHSRSKVYTSHEW+VERHIW4SXÎRGMEWXIRHSIWXEÞPXMQE

WSFEPMHIVERËEHI&MWQEVGOSGYTEHSSPYKEVHE4VÞWWMEITEWWEHSE

I\IVGIVTVSJYRHEMRJPYÎRGMEREWVIPEËÙIWMRXIVREGMSREMW%I\TIVMÎRGME

HMTPSQÅXMGEITSPÑXMGEHI 6MS&VERGS VIRSZEZEWI IGVIWGME

4SYGSQEMWHIYQERSHITSMWXSHEZMEVIGIFIVEHI6SHVMKYIW

%PZIW IRXÇS VIGIRXIQIRXI IPIMXS TEVE E 4VIWMHÎRGME HE 6ITÞFPMGE

GSRZMXITEVE EWWYQMVE TEWXEHS 1MRMWXÍVMSHEW6IPEËÙIW)\XIVMSVIW

(IWWI GSRZMXI JSVE RSXMJMGEHS TVIZMEQIRXI E  HI NYPLS HI 

TSV XIPIKVEQE HI 'EQTSW 7EPIW GYNS QERHEXS TVIWMHIRGMEP IWXEZE

TSVJMRHEV%QFSWzVIQIXIRXIIGSRWYPIRXIHELSRVSWEGSRWYPXEz

WI GSRLIGMEQ HIWHI E ÍTSGE IQ UYI XMRLEQ WMHS GSRXIQTSVÆRISW

RE *EGYPHEHI HI (MVIMXS HI 7ÇS 4EYPS 3 QIWQS RÇS SGSVVME GSQ

6SHVMKYIW%PZIWUYIRIPEMRKVIWWEVEPSKSHITSMWHEXVERWJIVÎRGMEHI

6MS&VERGS TEVES 6IGMJI'SQTVIIRHIWITSMWSGEVÅXIV MRJSVQEP

HEGSRWYPXEEUYISHIWXMREXÅVMSHIVEWIUàÎRGMEHIQERIMVEIZEWMZE

7×EHINYPLS6MS&VERGSWIIRHIVIËSYHMVIXEQIRXIE6SHVMKYIW

%PZIW TEVE HM^IVPLI wHE LSRVE I TVE^IV HI WIVZMPSx I ES TEÑW QEW

UYI IRXIRHME QIPLSV TVIWXEV IWWIW WIVZMËSW RS I\XIVMSV SRHI ZMZME

HIWHI%PÍQHIHIHY^MVSYXVEWVE^ÙIWWYKIVMERSQIUYIIRXIRHME

QEMWEHIUYEHSTEVESTSWXSSHI.SEUYMQ2EFYGS2ÇSLÅHÞZMHE

HI UYI SW QSXMZSW HI LIWMXEËÇS z SY QIWQS HI VIGYWE z IVEQ

NYWXMJMGÅZIMW



7EÞHIGSQFEPMHETIPSI\GIWWSHIXVEFEPLSREWQMWWÙIW



HI;EWLMRKXSR I&IVRE E UYIWI EHMXEVE E TVITEVEËÇS HIQIQSVMEP

WSFVIE+YMERE-RKPIWE7MXYEËÇSJMRERGIMVETVIGÅVME)RGEVKSWJEQMPMEVIW

SRIVSWSW)ZIRXYEPMRGSIVÎRGMEREEWGIRWÇSHIQSREVUYMWXEXVEHMGMSREP

ES UYI WITSHIVMEUYEPMJMGEV HI wVSQÆRXMGEJMHIPMHEHIÄ QIQ×VMEHI

( 4IHVS --x



 (IWRIGIWWÅVMSHM^IV UYI IWXI HIVVEHIMVS QSXMZS RÇS

GLIKEVME E WIV  I\TPMGMXEHS

%HIEKSWXSHIVIGIFIY6MS&VERGSXIPIKVEQEHS

4VIWMHIRXIIPIMXSIQUYIPLIHM^MEwTIWEHEWXSHEWI\GYWEWxRÇSTSHIV

SHIWXMREXÅVMSwRIKEVESTEÑWSWEGVMJÑGMSTIHMHSx%RXIIWWIWXIVQSW

RÇSVIWXEZEE6MS &VERGSWIRÇSEGIMXEVSGSRZMXIVIGIFMHS



SUYI

JI^EMRHEGSQWSFVIWWEPXSIHÞZMHEWEWIKYMVEPMZMEHSWERXIEGEPSVSWE

VIGITËÇSGSQUYIJSMVIGIFMHSREGLIKEHEES6MSHI.ERIMVSEHI

HI^IQFVS HI  wET×W  ERSW HI EYWÎRGME I HYEW VIXYQFERXIW

ZMX×VMEW HI TIVQIMSx



2ÇSWIVMETSWWÑZIPzFVIZMXEXMWGEYWEzIRXVEVIQTSVQIRSVIW

WSFVIEWRIKSGMEËÙIWTVSQSZMHEWTIPSRSZSXMXYPEVHETEWXEHEW6IPEËÙIW

)\XIVMSVIW GSQ GEHE YQ HI RSWWSW )WXEHSW ZM^MRLSW IQ XSVRS HI

UYIWXÙIW XÇS HIPMGEHEW I GSQTPI\EW GSQS S XVEËEHS HI JVSRXIMVEW

1IRGMSRIQWI IRXVI SW VIWYPXEHSW HIWWEW RIKSGMEËÙIW S XVEXEHS HI

HIEFVMPHIGSQE'SPØQFMESHIHIWIXIQFVSHI

GSQ S 4IVY I S HI  HI SYXYFVS HI  GSQ S 9VYKYEM )WXI

ÞPXMQSESQSHMJMGEVEPMRLEISVIKMQIHIJVSRXIMVERE0EKSE1MVMQ

IRS 6MS.EKYEVÇSGSRWMWXMYRS HM^IVHI%VEÞNS.SVKI wSJPSVÇS HI

VIQEXIxHESFVEFIRIQÍVMXEHIVIXMJMGEËÇSHITIVÑQIXVSHSXIVVMX×VMS

REGMSREP



2YRGEÍHIQEMWPSYZEVIWWESFVEUYITIVQMXMYWIQGSRJPMXS

EVQEHS WIQ HMWTEVS HI YQ W× XMVS HIJMRMV S VIXVEXS KISKVÅJMGS HI

RSWWSTEÑW2ÇSETIREWKISKVÅJMGSWIRÇSXEQFÍQWSFHMZIVWSWTVMWQEW

TSPÑXMGS NYVÑHMGS I MKYEPQIRXI GYPXYVEP % QERIMVE TIPE UYEP SW

IRXIRHMQIRXSWJSVEQSVMIRXEHSWI PIZEHSWEFSQXIVQSGSRWXMXYMY

TSVWM W× XIWXIQYRLS HITVSKVIWWS IGMZMPM^EËÇS

 (EW RIKSGMEËÙIW E QEMW HMJÑGMP JSM GSQS WI WEFI E UYI

GSRHY^MY ES8VEXEHS HI 4IXV×TSPMW HI  HI RSZIQFVS HI 

TSMWwWIHIHMVIMXSS%GVITIVXIRGMEÄ&SPÑZMExzIWGVIZI%VEÞNS.SVKI

z wHI JEXS S WIY XIVVMX×VMS HITIRHÎRGME KISKVÅJMGE HS &VEWMP I W×

JEGMPQIRXI EGIWWÑZIP TIPEW ZMEW JPYZMEMW HS WMWXIQE EQE^ØRMGS HIZME



WIV FVEWMPIMVS TSMW TSV FVEWMPIMVSW JSVE HI PSRKE HEXE HIWGSFIVXS

TSZSEHS GSPSRM^EHS WIQ E MRXIVZIRËÇS HI REGMSREMW HI UYEPUYIV

TEÑWx % TSTYPEËÇS FVEWMPIMVE PÅ HSQMGMPMEHE PIZERXEVEWI IQ EVQEW

,EZME MRXIVIWWIW HI IQTVIWEW QYPXMREGMSREMW HMVÑEQSW LSNI HI

EVVIRHEQIRXS JIMXS HS %GVI E wWMRHMGEXS HI GETMXEPMWXEW MRKPIWIW I

RSVXIEQIVMGERSWQIHMERXIGSRXVEXSEWWMREHSIQ0SRHVIWIQNYRLS

HIxESUYEPS'SRKVIWWSFSPMZMERSNÅHIVEETVSZEËÇS



)\MWXMEQ

MKYEPQIRXITVIXIRWÙIWHS4IVYREVIKMÇS,EZMEIQWYQEUYIWXÙIW

HI EPXE GSQTPI\MHEHI UYI RÇSTSHIVMEQ WIV IUYEGMSREHEW TSV ZME

EVFMXVEP I HIQERHEZEQ J×VQYPEWHIIWXVEXÍKME TSPÑXMGETEVE EW UYEMW

TSYGEWTIWWSEW IRXÇSRS &VEWMPIWXEVMEQ UYEPMJMGEHEW TEVE GSRHY^MV

 7IKYRHS PIQFVE 'IPWS 0EJIV wE JM\EËÇS HI JVSRXIMVEW Í

WIQTVIYQTVSFPIQEGLEZITEVEETSPÑXMGEI\XIVMSVHIUYEPUYIVTEÑWx

WSFVIXYHS IQ TEÑWIW HIIWGEPEGSRXMRIRXEP IREUYIPI GSQ S RSWWS

GSQ )WXEHSWZM^MRLSW



 6MS&VERGS IWXEZE UYEPMJMGEHSTEVE IWWE

QMWWÇS%HIWXVEVEWITEVEIWWIJMQIQXVEFEPLSERXIVMSVHIJSVQEËÇS

TIVXMRIRXI TEVE XEVIJE IWTIGÑJMGE UYI HIQERHE XEXS WYXMPI^E XVEXS

TIWWSEPZMWÇSHIGSRNYRXSEPÍQHIETIVJIMËSEQIRXSXVE^MHSIQJYRËÙIW

HIUYIJSVEMRGYQFMHSIQ)WXEHSWHEQEMSVVIPIZÆRGMEIQWYEÍTSGE

8MRLEXEQFÍQGSRWGMÎRGMEHIWWIwHIWIRZSPZMQIRXSHSIWTEËSREGMSREPx

VIJIVMHSTSV0YM^*IPMTIHI7IM\EW'SVVÎE



IJSVESFWIUYMEHSTIPEW

GMVGYRWXÆRGMEW TVSTÑGMEW HS XIQTS IQ UYI ZMZIY I HYVERXI S UYEP

XIZI XEQFÍQ VIWTSRWEFMPMHEHIW TVIGMWEW RE GSRHYËÇS HE TSPÑXMGE

I\XIVMSVXERXSUYIzGSQSPIQFVE6YFIRW6MGYTIVSzwYQERIKSGMEËÇS

GSQSEHEWJVSRXIMVEWGSQS4IVYREVIKMÇSHS%GVIxJSVETSV4EVERLSW

MRMGMEHEIQEHMEHEGSQIPIIQITSVIPIGSRGPYÑHEIQ

w2IWWIQIWQSTIVÑSHSWYGIHMEQWI HSSYXVSPEHSHE QIWE

SWKSZIVRSWSWQMRMWXVSWSWRIKSGMEHSVIWIÄWZI^IWEW TSPÑXMGEWI

SVMIRXEËÙIWx



%RXIWHIWIVRSQIEHSTEVEVITVIWIRXEVS&VEWMPRETIRHÎRGME

GSQE*VERËEWSFVIS%QETÅ6MS&VERGSJSVEMRGYQFMHSHIIWXYHEV

EGSRXVSZÍVWMEEVIWTIMXSHE+YMERE-RKPIWE%QIQ×VMEUYIIWGVIZIY

EGIVGEHIWWIPMXÑKMS



HEXEHEHIHIQEVËSHIIUYIZMWEZEE

MRHY^MV 0SRHVIW E EGEXEV TVSTSWXEFVEWMPIMVE HI EGSVHS EGEFSY TSV

GSRWXMXYMV WYFWÑHMS MRIWXMQÅZIP TEVE SW IRGEVKSW YPXIVMSVQIRXI

EWWYQMHSW TSV .SEUYMQ 2EFYGS % HI QEMS HI  XVEXEHS HI



PMQMXI GSRGPYMYWI GSQ E ,SPERHE 5YERXS Ä GSRXVSZÍVWME GSQ E

-RKPEXIVVE E WIRXIRËE TVSJIVMHE TIPS ÅVFMXVS 6IM :ÑXSV 1ERYIP HE

-XÅPME EPGERËSY WIZIVEW I QIVIGMHEW GVÑXMGEW HI NYVMWXEW HS TSVXI HI

4EYP *EYGLMPPI 2 4SPMXMW I 0E4VEHIPPI 7IQ IQFEVKS HIWWEW NYWXEW

VIWIVZEW S &VEWMP RÇS HIM\SY HI EGEXEV E HIGMWÇS TVSJIVMHE IQ

GSRWSRÆRGMEEPMÅWGSQEHMVIXVM^HI6MS&VERGSEHITPIRSEGEXEQIRXS

ÄW WSPYËÙIW TEGÑJMGEW HI PMXÑKMS 2ÇS WIQ VE^ÇS SFWIVZEZE +EWXSR

1SGLIQWIYPMZVS,MWXSMVI7SQQEMVIHIPv%VFMXVEKI4IVQERIRXUYI

S&VEWMPLEZMEIQWYFWGVMXSXVEXEHSWHIEVFMXVEKIQwSUYI

SGSPSGEZERIWWITEVXMGYPEVMQIHMEXEQIRXIHITSMWHSW)WXEHSW9RMHSW

I HE )WTERLE I Ä JVIRXIHSWSYXVSW )WXEHSWx



 % XIQÅXMGE HE WSPYËÇS TEGÑJMGE HI GSRXVSZÍVWMEW IWXEZE

GSQSWIWEFIMRGPYÑHEREEKIRHEHE7IKYRHE'SRJIVÎRGMEHE4E^HE

,EME HI  )WWE EKIRHE IVE QEMW EQTPE IQFSVE RÇS LSYZIWWI

GSRXIQTPEHSEUYIWXÇSHEPMQMXEËÇSHSWEVQEQIRXSWHIWINEHETIPS

'^EV2MGSPEY--%PKYRWHSWMXIRWHEEKIRHELEZMEQWMHSJSGEPM^EHSW

RE --- 'SRJIVÎRGME 4ER%QIVMGERE VIEPM^EHE RS 6MS HI .ERIMVSRS

ERS ERXIVMSV

2S GSRXI\XS HE 'SRJIVÎRGME 4ER%QIVMGERE LEZMELEVQSRME

EQTPEIRXVIXIWIWHS&VEWMPIHSW)WXEHSW9RMHSWGYNSGSRKVEËEQIRXS

GVIWGIRXIGSRWXMXYÑEEPMÅWYQHSWTSRXSWFEWMPEVIWHETSPÑXMGEI\XIVMSV

HI 6MS &VERGS )WWI GSRKVEËEQIRXS FMPEXIVEP LEZME WMHS VIJSVËEHS

RÇS ETIREW RE PSGEPM^EËÇS HE WIHI HE 'SRJIVÎRGME I RE ZMWMXE HS

7IGVIXÅVMSHI)WXEHS6SSXTEVEEQIWQEVIYRMÇSWIRÇSXEQFÍQGSQ

E IPIZEËÇS IQ HEW 6ITVIWIRXEËÙIW HSW HSMW )WXEHSW ESRÑZIP

HI )QFEM\EHE8SHEZME GSQS EWWMREPE 6YFIRW 6MGYTIVS



 ETIWEV

HI HMVIXVM^ KIVEP HS KSZIVRS FVEWMPIMVSSY WINE HI 6MS &VERGS IQ

wIWXEVWIQTVIHIEGSVHSGSQSW)WXEHSW9RMHSWxRSWIMSHE'SRJIVÎRGME

HE,EMEE(IPIKEËÇSHS&VEWMPGSRHY^MHETSV6YM&EVFSWEGIVXEQIRXI

GSQETSMSHI6MS&VERGSEGEFSYHMWGVITERHSHEUYIPITEÑWIQVIPEËÇS

ES8VMFYREPHI4VIWEWÄ'SVXI-RXIVREGMSREPHI.YWXMËEIESEVFMXVEQIRXS

GSQTYPW×VMS

2ÇS IWXEZE IQ GEYWE S TVMRGÑTMS HE WSPYËÇS TEGÑJMGE HI

GSRXVSZÍVWMEW QEW WMQ I WSFVIXYHS E UYIWXÇS HE GSQTSWMËÇS I

IWXVYXYVEMRNYWXEWHSWXVMFYREMWTVSTSWXSWw%WYVTVIWEQEMSVTSVÍQ

ZMVMEGSQEHIWGSFIVXEWÞFMXEHIUYIWIQUYEPUYIVMRJSVQEËÇSTVÍZME

Ä HMTPSQEGME FVEWMPIMVE SW )WXEHSW 9RMHSW TVSTSVMEQ NYRXEQIRXI



GSQE+VÇ&VIXERLEIE%PIQERLEYQE'SVXI-RXIVREGMSREPGSQTSWXE

TSV  QIQFVSW HSW UYEMW RSZI WIVMEQ TIVQERIRXIW 3W HIQEMW

TEÑWIW TEVXMGMTEVMEQ HE 'SVXI RYQE FEWI VSXEXMZE TSV YQ TIVÑSHS

HI XIQTS GSVVIWTSRHIRXI Ä GEXIKSVME IQ UYI JSWWIQ GPEWWMJMGEHSW

3 WIKYRHS GLSUYI JSM HIWGSFVMV UYI S &VEWMP XMRLE WMHS HIM\EHS

TEVE E XIVGIMVE GEXIKSVME EFEM\S HI TEÑWIW IYVSTIYW QYMXS QIRSVIW

I QIRSWTSTYPSWSWx



w6MS &VERGSLMW WIRWMXMZI REXMSREPMWQ MRNYVIH

XLSYKLX XLI TPER XS FI LYQMPMEXMRK ERH FIRIEXL &VE^MPvW HMKRMX]x

 

2IWWEQIWQE'SRJIVÎRGMEHE4E^zEWWIZIVE'IPWS0EJIVzwS&VEWMP

VITYFPMGERSTIPEZS^ HI6YM&EVFSWE GSQ SETSMSHI6MS&VERGS

VIMZMRHMGSY JYRHEQIRXEPQIRXI RE MKYEPHEHI NYVÑHMGE HSW )WXEHSW

YQ TETIP RE IPEFSVEËÇS I ETPMGEËÇSHEW RSVQEWUYIHIZIVMEQ VIKIV

SWKVERHIWTVSFPIQEWMRXIVREGMSREMWHEÍTSGEUYIWXMSRERHSEWWMQ

E P×KMGE HEW KVERHIW TSXÎRGMEWx



 % P×KMGE HEW KVERHIW TSXÎRGMEW IRGSRXVSY I\TVIWWÇS RE

TEPEZVE HINYVMWXEW RIPEW REWGMHSW % TSWMËÇS FVEWMPIMVE XVEËEHE TSV

6MS&VERGSHIJIRHMHEIEFVMPLERXEHERE'SRJIVÎRGMETSV6YM&EVFSWE

GEYWEZE IWTÍGMI QEW JSM WYJMGMIRXIQIRXI ZMKSVSWE TEVE MQTIHMV E

MRWXMXYMËÇSIQ  HI XVMFYREMWNYHMGMEMWTIVQERIRXIW RSW QSPHIW

TVSTSWXSW 7SQIRXI RS ÆQFMXS HE 7SGMIHEHI HEW 2EËÙIW GIVGE HI

YQ HIGÎRMS QEMW XEVHI WIVME TSWWÑZIP MRWXMXYMV E 'SVXI 4IVQERIRXI

HI.YWXMËE -RXIVREGMSREP IQ QSPHIW XEMWUYI RSHM^IV HI%PFIVXHI

0E4VEHIPPIJSMwTSWWMFPIHvIGLETTIVÄPvEVKYQIRXEXMSRHI6YM&EVFSWE

ÄWSRWSTLMWQIHIPvIKEPMXÍTSVXÍIHIWHVSMXWEY\GSQTÍXIRGIWx



7MQ

HMVWIME SW )WXEHSW XÎQ HMVIMXSW MKYEMW QEW XÎQ GSQTIXÎRGMEW

HIWMKYEMW%XIWIHI6YMUYIIVEEHI6MS&VERGSJSVEUYEPMJMGEHE

HI WSJMWQE )MW EÑ I\TPMGMXEHE GVYEQIRXI E P×KMGE HEW KVERHIW

TSXÎRGMEW

'327-()6%«¹)7*-2%-7

8VERWGSVVIY YQ WÍGYPS HIWHI UYI 6MS &VERGS EWWYQMY E

TEWXE QMRMWXIVMEP HEW 6IPEËÙIW )\XIVMSVIW %S XÍVQMRS HE 7IKYRHE

+YIVVE 1YRHMEPLSYZI GSQIQSVEËÙIWIQ XSVRS HI WIY GIRXIRÅVMS

4IVXIRGIYIPIEGMGPSLMWX×VMGSHMJIVIRXI)RXVISWIYGMGPSISRSWWS

SYXVSWWIMRXIVTYWIVEQ%XIGRSPSKMEXIQQYMXSWIRWMZIPQIRXIMRJPYÑHS



REWVIPEËÙIWIIWXVYXYVEWWSGMEMWGSQVIWWSRÆRGMEWEMRHEQEMWTVSJYRHEW

RSÆQFMXSHEWVIPEËÙIWMRXIVREGMSREMW7SJVIQSWEGEHEHMESMQTEGXS

HIJEXSVIWIGSRØQMGSWIJMRERGIMVSW3TEÑWWIIWQIVEHMEET×WHME

IQ IRJVIRXEV TVSFPIQEW UYI SEWWSFIVFEQ8IVME EMRHE 6MS &VERGS

EXYEPMHEHI#

6IWTSRHIQSW UYI WMQ

'SRWMHIVIQSPSHIMRÑGMSIQWMQIWQSIRSQIMSWSGMEP

I TSPÑXMGS IQ UYI ZMZIY )PI Í I\IQTPS I\TVIWWMZS HI EPKYÍQ IQ

FYWGE HI GSRXÑRYS ETIVJIMËSEQIRXS HI WM  TV×TVMS RÇS IQ WIRXMHS

IKSÑWXMGS QEW E WIVZMËS HI WIY TSZS I HI WIY TEÑW 2ÇS GIWWSY HI

FYWGEVGSRLIGMQIRXSHITIVUYMVMVHITIWUYMWEV%QIQ×VMEHETÅXVME

S EGSQTERLEZE *VIUàIRXSY FMFPMSXIGEW EVUYMZSW PIMPÙIW8MRLE

SFNIXMZSW TVIGMWSW Í GIVXS FYWGSY HSGYQIRXEVWI TEVE JMGEV ETXS E

IZIRXYEPXEVIJEEGYQTVMV*SMJEZSVIGMHSRÇSLÅHÞZMHETIPSQIMS

JEQMPMEV WSGMEP I YRMZIVWMXÅVMS JVIUàIRXEHS TIPEW STSVXYRMHEHIW

SJIVIGMHEWREGEVVIMVEUYIIQFSELSVETIVJMPLSY2ÇSJMGSYXSHEZME

Ä QEVKIQ HIPE QEW TVSGYVSY ZMZÎPE IQ TPIRMXYHI RS TVST×WMXS

HMÅVMSHSGYQTVMQIRXSHSHIZIVTVSJMWWMSREP*MGSYHMWTSRÑZIPTEVE

S QSQIRXS IZIRXYEP HI WIV GLEQEHS E GSRXVMFYMV GSQ WIYW

GSRLIGMQIRXSW LMWX×VMGSW KISKVÅJMGSW NYVÑHMGSW % STSVXYRMHEHI

GLIKSY 4SHIVME RYRGE XIV SGSVVMHS 1EW GLIKSY HIWHSFVSYWI

TVSHY^MY IJIMXSW TVSPSRKSYWI TVSJÑGYE RS GYVWS HS IWTEËS I HS

XIQTS I VIQERIWGI EXÍ LSNI

7IRWÑZIPÄGSVVIPEËÇSHIHMVIMXSWIHIZIVIWIRXVIEWSGMIHEHI

I WIYWQIQFVSW GYPXS TSPMKPSXE TVSZMHS HI GSRLIGMQIRXS HMVIXS

HSW QIMSW GYPXYVEMW I TSPÑXMGSW QEMWMQTSVXERXIW HI WYE ÍTSGE 6MS

&VERGSIWXÅTVIWIRXIREQIPLSVMEHEGEVVIMVEHMTPSQÅXMGEUYIEFVEËSY

IREGSRXMRYMHEHIIRSETIVJIMËSEQIRXSGSRWXERXIHETSPÑXMGEI\XIVMSV

HI WIYTEÑW3VMIRXSYIWWE TSPÑXMGERÇSETIREWIQ RÑZIPMRXIVIWXEXEP

QEWXEQFÍQIQVIPEËÇSESVKERMWQSWMRXIVREGMSREMWUYIIQGSRXI\XS

YRMZIVWEP I VIKMSREP IQIVKMEQ IQ WYE ÍTSGE

(MVIXVM^IWEVIWTIMXSWYFWMWXIQEXÍLSNI)WTIPLEQZEPSVIW

TIVQERIRXIWRSWUYEMWWIEWWIRXEQ2ÇSRSWGSQTIXMVMEJSGEPM^ÅPSW

GEHEUYEPHITIVWM&EWXEQIRGMSREVHITEWWEKIQSWZEPSVIWHETE^

I HENYWXMËE UYIIWXEZEQIRXVERLEHSW IQ WYE EPQEIWI IRGSRXVEQ

VIJPIXMHSW IRXVI SYXVEW REW HMVIXVM^IW XVEËEHEW TEVE E 'SRJIVÎRGME



4ER%QIVMGERE HS 6MS HI .ERIMVSI RE HE,EME HI2S GYVWS

HIWXE ÞPXMQE VIEKMY ES VIFEM\EQIRXS UYI WI RSW HIWINEZEQ MQTSV

GSQS REËÇS RS GSRXI\XS HSW XVMFYREMW TVSTSWXSW 'SRGMPMEËÇS

EPGERËSYWIHIGIVXEJSVQEREIWXVYXYVEWYFWIUàIRXIQIRXIEHSXEHE

TEVEE'SVXI4IVQERIRXIHI.YWXMËE-RXIVREGMSREPIQERXMHEREEXYEP

'SVXI -RXIVREGMSREP HI .YWXMËE WIKYRHS E UYEP GSRGSVVIQ TEVE E

IPIMËÇSHSWNYÑ^IWXERXSHE%WWIQFPÍME+IVEPUYERXSS'SRWIPLSHI

7IKYVERËE 1EW EW HMVIXVM^IW HI 6MS &VERGS EGEFEVEQ IRJMQ TSV

WIVIQ EXIRHMHEWRS ÆQFMXSHIHMZIVWSW XVMFYREMW MRXIVREGMSREMW UYI

ZÎQ WIRHS YPXMQEQIRXI MRWXMXYÑHSW ZIVFM KVEXME S 8VMFYREP

-RXIVREGMSREPHS(MVIMXSHS1EVE'SVXI-RXIVEQIVMGEREHI(MVIMXSW

,YQERSW S8VMFYREP 4IREP -RXIVREGMSREP

 %S EXIRXEVQSW TEVE EHIPMQMXEËÇS HEW JVSRXIMVEW HS TEÑW

TSHIVÑEQSWIRXIRHIVUYIXIRHS6MS&VERGSGYQTVMHSTIWWSEPQIRXI

EXEVIJEMRKIRXIHIHIJMRMPEWIWWEHIPMQMXEËÇSTIVQERIGIVMEEHWXVMXE

ES TVIXÍVMXSIRIPI VIQERIWGIVMEETIREW GSQSSFNIXS HI GYPXS IHI

QIQ×VME % ZIVHEHI TSVÍQ ÍUYI E TVIWIVZEËÇS HIWWEW JVSRXIMVEW

UYIWITVSPSRKEQETIVHIVHIZMWXEHIQERHEQTIVQERIRXIZMKMPÆRGME

2ÇSTSHIQVIQERIWGIVIRXVIKYIWÄTV×TVMEWSVXI(IZIQTIVQERIGIV

ZMZEW 2ÇS ETIREW E WITEVEV WIRÇS E  ETVS\MQEV SW TSZSW ZM^MRLSW

'EFI WSFVIXYHS XIV IQ GSRXE UYI LSNI EW JVSRXIMVEW HIM\EVEQ HI

WIV ETIREW KISKVÅJMGEW HIJMRMHEW TSV QEVGEW TPERXEHEW RS WSPS

WYGIWWMZEQIRXI*VSRXIMVEWHSTEÑWLSNIWÇSXEQFÍQEWXIGRSP×KMGEW

EWJMRERGIMVEWEWIGSRØQMGEW)QMRWXERXIWHIWIKYRHSWWÇSXVERWTSWXEW

% RIGIWWMHEHI I YVKÎRGME IQ HIJMRMPEW HMEVMEQIRXI I VITIRWEV S

WMKRMJMGEHSIEPGERGIHIWWEWRSZEWJVSRXIMVEWIMWXEQFÍQQSXMZSTIPS

UYEPEZMHESTIRWEQIRXSIESFVEHI6MS&VERGSVIQERIWGIQEXYEMW

I GSQS XEP HIZIQ VIQERIWGIV

 (I WYE HMPMKÎRGME I GETEGMHEHI IQ HIJIRHIV MRXIVIWWIW

PIKÑXMQSW HS TEÑW GEPGYPEWI XIV IWXI WI FIRIJMGMEHS GSQ GIVGE HI

QMPUYMPØQIXVSWUYEHVEHSWESWUYEMWXSHEZMEGEFIEGVIWGIRXEV

SW HSW IWTEËSW QEVÑXMQSW EHUYMVMHSW IQ ZMVXYHI HE WIRXIRËE RE

GSRXVSZÍVWME WSFVI E +YMERE *VERGIWE WIQ IZMHIRXIQIRXI PIZEV IQ

GSRXEEÅVIEEHMGMSREPHSIWTEËSEÍVISWYTIVNEGIRXIERSWWSWXIVVMX×VMSW

XIVVIWXVI I QEVÑXMQS



238%7

 :MHI7%2',)>%44)0%2->w7SFVIIPWIRXMHSLMWX×VMGSHIP

HIVIGLSMRXIVREGMSREPx8IQMW7]QFSPEI+EVGME%VMEW

 *SMHIWWIQSHSUYIS&EVÇSHS6MS&VERGSTVIJIVMEWIVJSVQEPQIRXI

HIWMKREHSwESXSHSGMRGSRSQIWxGSQSPIQFVEVERSwTVSXIWXSEQÅZIPxIRGEQMRLEHS

IQ Ä 7IGVIXEVME HI )WXEHS ETVST×WMXS HI WYE RSQIEËÇS GSQS )QFEM\EHSV

I\XVESVHMRÅVMSIQQMWWÇSIWTIGMEPIQ&IVRE%+HI%VEÞNS.SVKI6MS&VERGSIEW

*VSRXIMVEWHS&VEWMPIHMËÇS&VEWÑPME7IREHS*IHIVEPT.SWÍ1EVMEHE

7MPZE4EVERLSW.ÞRMSVMRGSVTSVEVEESRSQISXÑXYPSRSFMPMÅVUYMGS

:MHI.SWÍ1EVMEHE7MPZE4EVERLSW&EVÇSHS6MS&VERGS)WFSËSHE,MWX×VME

HS&VEWMP*92%+-46-

2IWWIWIRXMHSS'SRKVIWWSHI:MIREJSVQEPM^EVEIQRÑZIPMRXIVREGMSREPS

HIGVIXSHIHIHI^IQFVSHITIPSUYEPGSQSEWWMREPESTV×TVMS6MS&VERGS

S4VÑRGMTI6IKIRXI(.SÇSwGSRGIHIYES&VEWMPSXÑXYPSHI6IMRSÄQSREVUYMETSVXYKYIWE

EWWYQMRHS S HI 6IMRS 9RMHS HI 4SVXYKEP HS &VEWMP I HSW %PKEVZIWx )WFSËS HE

,MWX×VMEHS&VEWMPXVEHYËÇSHI7ÍVKMS*+&EXL&VEWÑPME*92%+-46-

4SWXIVMSVQIRXINÅTSVMRJPYÎRGMEHIWWI'SRKVIWWSSQIWQS4VÑRGMTI6IKIRXIEHI

HI^IQFVSHIEWWMRSYGEVXEHIPIMIPIZERHSSw)WXEHSHS&VEWMPÄGEXIKSVMEI

KVEHYEËÇSHS6IMRSxYRMHSESHI4SVXYKEPI%PKEVZIWwHIQERIMVEEJEZSVIGIVYQW×

GSVTSTSPÑXMGSx,ÍPMS:MERRE,MWX×VMEHS&VEWMPZSP--7ÇS4EYPS1IPLSVEQIRXSW

TT:MHIMKYEPQIRXI.SÇS,IVQIW 4IVIMVEHI %EVEÞNS8VÎW)RWEMSW

WSFVI(MTPSQEGME&VEWMPIMVE1MRMWXÍVMSHEW6IPEËÙIW)\XIVMSVIW&VEWÑPMETT



1EVGIP7MFIVX8VEMXÍHI(VSMX-RXIVREXMSREP4YFPMG-4EVMW(EPPS^

%VXLYV 2YWWFEYQ%'SRGMWI,MWXSV] SJ0E[SJ0E[SJ 2EXMSRW6IZMWIH

IHMXMSR2I[=SVO1EGQMPPER&VÅWHS%QEVEPw3&VEWMPRS'SRKVIWWS

HI:MIREHIx6IZMWXEHS-RWXMXYXS,MWX×VMGSI+ISKVÅJMGS&VEWMPIMVSZSP

6MSHI.ERIMVS

,IMRVEVHX7XIMKIVw*VSQXLIMRXIVREXMSREPPE[SJGLVMWXMERMX]XSXLIMRXIVREXMSREP

PE[SJXLI[SVPHGMXM^IRx.SYVREPSJ,MWXSV]SJ-RXIVREXMSREP0E[ZSPR

2YWWFEYQSTGMX'ETÑXYPS:-w*VSQXLI'SRKVIWWSJ:MIRREXS;SVPH

;EV-x

 -FMHIQ

:MHI6SHVMKS3XÅZMS%PI\ERHVIHI+YWQÇSIXPIWIRXMQIRXEQÍVMGEMRHERWPE

TSPMXMUYIMRXIVREXMSREPI4EVMW7MVI]TT%+HI%VEÞNS.SVKI)RWEMSWHI

,MWX×VMEI'VÑXMGE6MSHI.ERIMVS1MRMWXÍVMSHEW6IPEËÙIW)\XIVMSVIWTT

IWW.SÇS+YEPFIVXSHI3PMZIMVE+YWQÇS&SPMZEVIS4VMRGÑTMSHS9XM4SWWMHIXMW7ÇS

4EYPSIWW

(IYWHÅ1EKEPLÇIW1SXXEw6IPEËÙIWIRXVISW)WXEHSW9RMHSWIE%QÍVMGE

0EXMREHYVERXIEKYIVVEHEWIGIWWÇSx6IZMWXEHI,MWX×VMERSYXYFVSHI^IQFVS



  5YERXS Ä TVMQIMVE QIXEHI HS WÍGYPS <-< ZMHI %RXØRME *IVRERHE

4EGGEHI%PQIMHE;VMKLX(IWEJMS%QIVMGERSÄ4VITSRHIVÆRGME&VMXÆRMGERS&VEWMP

6MSHI.ERIMVS(ITEVXEQIRXSHI-QTVIRWE2EGMSREP6SREPHHI'EVZEPLS

)WXYHSW&VEWMPIMVSW6MSHI.ERIMVSWÍVMI*&VMKYMIX)&VEHJSVH&YVRW8LI

9R[VMXXIR%PPMERGI2I[=SVO0SRHSR'SPYQFME9RMZIVWMX]4VIWWGET---

IWW

7SFVIEMRJPYÎRGMEHIwPvEQFMERGIxREJSVQEËÇSHSLSQIQHI)WXEHSGJ

.IER&ETXMWXI (YVSWIPPI I 4MIVVI 6IRSYZMR -RXVSHYGXMSR Ä P,MWXSMVI HIW 6IPEXMSRW

-RXIVREXMSREPIW4EVMW%'SPMR

 )VE IRXÇS S JEQSWS wGYVVEP HSW FMGLSWx GSQS WI GLEQEZE IWWI GYVWS

TVSTIHÎYXMGSHIRÑZIPWIGYRHÅVMS7TIRGIV:EQTÍw%KPSVMSWEZMHEHS&EVÇSHS6MS

&VERGSx6IZMWXEHE*EGYPHEHIHI(MVIMXS9RMZIVWMHEHIHI7ÇS4EYPSZSP<0--



-RWXMXYÑHENYRXEQIRXIGSQEHI7ÇS4EYPSHIMRÑGMSIQ3PMRHEE*EGYPHEHI

HI(MVIMXSNÅWIIRGSRXVEZEESQYHEVWISNSZIQ4EVERLSWPSGEPM^EHERS6IGMJITEVE

SRHIWIXVERWJIVMVEHIJMRMXMZEQIRXIIQ2MPS4IVIMVE *EGYPHEHIHI(MVIMXSHS

6IGMJI-9RMZIVWMHEHI*IHIVEPHI4IVREQFYGS6IGMJI)HMXSVE9RMZIVWMXÅVME



8VEFEPLSVITYFPMGEHSREW3FVEWHS&EVÇSHS6MS&VERGS:--1MRMWXÍVMS

HEW6IPEËÙIW)\XIVMSVIW

3Ww)TMW×HMSWHE+YIVVEHS4VEXExIWXÇSVITYFPMGEHSWREW3FVEW'SQTPIXEW

HS&EVÇSHS6MS&VERGS:---1MRMWXÍVMSHEW6IPEËÙIW)\XIVMSVIW

3w)WFSËS&MSKVÅJMGSxWIIRGSRXVEVITVSHY^MHSRSZSPYQI:--HEW3FVEW

'SQTPIXEW HS&EVÇSHS6MS&VERGSSTGMX

%:MHEHS&EVÇSHS6MS&VERGS7IREHS*IHIVEP*YRHEËÇS%PI\ERHVIHI

+YWQÇS&VEWÑPME

 -FMHIQ

,IVQIW:MIVE%:MHEIETSGEHS:MWGSRHIHS6MS&VERGS7ÇS4EYPS8

5YIMVS^)HMXSV

.SWÍ1EVMEHE7MPZE4EVERLSW&EVÇSHS6MS6MS&VERGS&VEWÑPME*92%+



 -FMHIQ

 3W GSQIRXÅVMSW HI.SWÍ ,SR×VMS 6SHVMKYIW IWXÇS VITVSHY^MHSW IRXVI

SYXVSWRSEVXMKSWSFVIw:YPXSWHE,MWXSVMSKVEJME&VEWMPIMVExMRWIVMHSMR2SXÑGME&MFPMSKVÅJMGE

I,MWX×VMGE4SRXMJÑGME9RMZIVWMHEHI'EX×PMGEHI'EQTMREWRSYXMFVSHI^IQFVS

HI

1MRMWXÍVMSHEW6IPEËÙIW)\XIVMSVIW*92%+-46-&VEWÑPMEI

6YFIRW6MGYTIVSSTGMX

 %WUYIWXÙIWTVSTSWXEW WIIRYRGMEQ RE 6IZMWXE HE *EGYPHEHIHI(MVIMXS

9RMZIVWMHEHIHI7ÇS4EYPSQEMSEKSWXSHIZSP*EWG--

w&EVÇSHS6MS&VERGSx6IZMWXEHE*EGYPHEHIHI(MVIMXSMFMHIQ%HMWWIVXEËÇS

HI4EVERLSW.ÞRMSVJSMVITYFPMGEHEEWIKYMVREQIWQE6IZMWXE



7TIRGIV:EQTVÍSTGMX

¥PZEVS0MRW6MS&VERGS&VEWÑPME*92%+

%+HI%VEÞNS.SVKI6MS&VERGSIEWJVSRXIMVEWHS&VEWMP STGMX

-FMHIQE

0YÑW:MERE*MPLSSTGMX

%+HI%EVEÞNS.SVKISTGMX7ÇSHEHSWXVERGVMXSWHE1IQ×VMEHI6MS

&VERGSWSFVIEHIPMQMXEËÇSEVKIRXMRE

0YMW:MERE*MPLSSTGMX

-HIQ

 :MHI.EGUYIW 1SRSH 0I,EWEVHIX PE 2ÍGIWWMXÍ )WWEM WYVPE TLMPSWSTLMI

REXYVIPPIHIPEFMSPSKMIQSHIVRI4EVMW)HMXMSRWHY7IYMP

3WTVIGIHIRXIWISGSRXIÞHSHEwRSVQEKIVEPHEHMTPSQEGMEMQTIVMEPxWI

IRGSRXVEQFIQI\TSWXSWIGSQIRXEHSWMR 7]RIWMS7EQTEMS+SIW2EZIKERXIW&ERHIMVERXIW

(MTPSQEXEW&VEWÑPME*92%+-46-

0I(VSMXHIW+IRW--2SYZIPPIÍHMXMSR4EVMW.4%MPPEYH0MZVS

---GET<

&EVÇSHS6MS&VERGS3FVEW-5YIWXÙIWHI0MQMXIW6ITÞFPMGE%VKIRXMRE

1MRMWXÍVMSHEW6IPEËÙIW)\XIVMSVIW

 -FMHIQ

*VERO;SSPHVMHKIx9XMTSWWMHIXMWHSGXVMRIx)4-0

 8VEXEHSHI(MVIMXS-RXIVREGMSREP4ÞFPMGS--IH6MSHI.ERIMVS

:MHIMKYEPQIRXI.YPMS%&EVFIVMWw0EGSRGITGM×RFVEWMPIÕEHIPYXMTSWWMHIXMWx

)WXYHSWIQ,SQIREKIQE+)HS2EWGMQIRXSI7MPZE7ÇS4EYPS086

MRGPYWSXEQFÍQMR0MFIV%QMGSVYQ1SLEQQIH&IHNESYM0YMW-KRÅGMS7ERGLIW

6SHVMKYI^w4VSFPIQEWHIJVSRXIVEWIR%QÍVMGExMR0E)WGYIPEHI7EPEQERGEx



8I\XSW VITVSHY^MHSW RE 4VMQIMVE 1IQ×VME WSFVI 5YIWXÙIW HI 0MQMXIW

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HS6MS&VERGSMFMHIQ

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+PSFS

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:MERE*MPLSSTGMX

 3TGMX



-FMHIQ

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4IVTIGXMZE

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R

 3TGMX

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IGEVXEWKISKVÅJMGEW

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 3TGMX

-FMHIQ

 8LI9R[VMXXIR%PPMERGI STGMX

 %-HIRXMHEHI-RXIVREGMSREPHS&VEWMP STGMX

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-RXIVREXMSREPIW





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HI IRGIVVEQIRXS HIWXI WIQMRÅVMS (YVERXI HSMW HMEW TVSTMGMSY IWXI

IRGSRXVS ESTSVXYRMHEHI HI VIGSRWMHIVEV E JMKYVE HI .SWÍ1EVME HE

7MPZE4EVERLSW.ÞRMSVS.YGE4EVERLSWSJMPLSILIVHIMVSHIYQHSW

QEMSVIWRSQIWHS7IKYRHS-QTÍVMSSNSZIQNSVREPMWXEI(ITYXEHS

SNSZIQMRXIVIWWEHSRELMWX×VMETÅXVMEUYIRIPEIRXVEVMEQIRSWGSQS

LMWXSVMEHSVHSUYIGSQSSIWXEHMWXEVIWTSRWÅZIPTIPSXVEËEHSIWXÅZIP

I HIJMRMXMZS HI RSWWEW JVSRXIMVEW GSQS S HMTPSQEXE UYI TVSGYVEVME

HIWIRLEV YQ RSZS TIVJMP TEVE S UYI LSNI WI GLEQE E MRWIVËÇS

MRXIVREGMSREP HS &VEWMP FEWIEHS IQ ZMWÇS GSQTVIIRWMZE HS TEÑW I

IQ MRXYMËÇS TIRIXVERXI HEW XIRHÎRGMEW IZSPYXMZEW HS GSRXI\XS

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3'IRXVSHI,MWX×VMEI(SGYQIRXEËÇS(MTPSQÅXMGEEGEFEHI

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 IQ WIY TVMQIMVS RÞQIVS HITSMW HE QSVXI HI 6MS &VERGS

WSFVIWYEZMHEIWYESFVE4EVIGIYRSWMRXIVIWWERXIVIPIQFVEVEZMWÇS

UYIHIPIXMRLEQWIYWGSRXIQTSVÆRISWRIWWETVMQIMVEEZEPMEËÇSGSPIXMZE

HS KVERHI LSQIQTÞFPMGS %W GSRXVMFYMËÙIWHI RÑZIPHIWMKYEP WÇS

MRXIVIWWERXIW IQ WIY GSRNYRXS TSVUYI VIZIPEQ E STMRMÇS HI YQE

ÍTSGE QEVGEHE Í GIVXS TSV WIRXMQIRXS HI ZÅGYS GVMEHS TIPS WIY

EMRHEVIGIRXIJEPIGMQIRXS(IRXVSHEXVEHMËÇSHE6IZMWXE%QIVMGERE

IWXÇS TVIWIRXIW GSQS RIWXI WIQMRÅVMS EYXSVIW PEXMRSEQIVMGERSW

+SVSWXMEKE .YERWMPZERS +SHS] 1ERYIP &IVRÅVHI^ I .SWÍ )RVMUYI

6SH×

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IWXYHEHEW)QREWIUàÎRGMEHEWGSQIQSVEËÙIWHSGIRXIRÅVMS



HI WIY REWGMQIRXS TYFPMGSY S -XEQEVEX] YQE FMFPMSKVEJME WSFVI

6MS&VERGSSVKERM^EHETSV'PÅYHMS+ERRW8IQ TÅKMREW(IWHI

IRXÇSQYMXSWIMQTSVXERXIWXVEFEPLSWJSVEQTYFPMGEHSW%WI\TSWMËÙIW

JIMXEW RIWXI WIQMRÅVMS MRWGVIZIQWI TSVXERXS RYQE VIJPI\ÇS

GSRXMRYEHE HI ZÅVMEW KIVEËÙIWWSFVI S IWXEHMWXE I WYE GSRXVMFYMËÇS

TEVEEGSRWXVYËÇSHS&VEWMP)WWEGSRXVMFYMËÇSTEVIGIEXÍLSNIXÇS

WMKRMJMGEXMZEUYINYWXMJMGEEVIZMWÇSRSWIRXMHSPMXIVEPHIRSZSSPLEV

RSZEEZEPMEËÇSHIWYEJMKYVEIHIWIYTETIPTEVEETVSNIËÇSREGMSREP

IRSWWETSPÑXMGEI\XIVMSV*SMGSQIWWISFNIXMZSUYIEUYMRSWVIYRMQSW

TEVE SYZMV E TEPEZVE MPYWXVI HI LMWXSVMEHSVIW HMTPSQEXEW I LSQIRW

TÞFPMGSW UYI VIGSRWXVYÑVEQ E JMKYVE HI 6MS &VERGS XEP GSQS RSW

ETEVIGI RIWXI MRÑGMS HS WÍGYPS <<-

 RSXÅZIPUYI 6MS&VERGSUYI GLIKSY EYVISPEHS TIPEJEQE

 ERSWLÅ TEVE EWWYQMV S 1MRMWXÍVMS HEW 6IPEËÙIW )\XIVMSVIW I

JEPIGIYERSWHITSMWMRXEGXSSYIRKVERHIGMHSWIYRSQIEHIWTIMXS

HSMRMRXIVVYTXSI\IVGÑGMSHSTSHIVQERXIRLEEMRHELSNIEEYVEUYI

SGIVGE1YHSYSTEÑWQYHEVEQSWSFWIVZEHSVIWQYHSYETIVWTIGXMZE

QEW 6MS &VERGS RÇS Í YQE IWXÅXYE HI GIVE RS TERXISR HSW LIV×MW

REGMSREMW 4IVQERIGIZMZSIQ WIYW MHIEMWIQ TEVÆQIXVSWHI RSWWE

TSPÑXMGEI\XIVMSVTSVIPIXVEËEHSWIEXÍLSNIZMKIRXIWRSMRWXVYQIRXS

HI EËÇS HMTPSQÅXMGE UYI JSVNSY RS -XEQEVEX] RSTETIP WMQF×PMGS

UYI HIWIQTIRLE TEVE E HMTPSQEGME FVEWMPIMVE

)WWEGETEGMHEHIHIWSFVIZMZÎRGMEQIVIGIWIVIWXYHEHEI\TPMGEHE

IEGSQTERLEHEIQWYEIZSPYËÇSGIVXSUYI6MS&VERGSNÅRÇSXIQ

RS MQEKMRÅVMS TSTYPEVSTETIPUYI XMRLEIQ ZMHESYRSWERSWUYI

WYGIHIVEQ WYE QSVXI 7ÇS QEMW HI  EW GEVMGEXYVEW I EPIKSVMEW

WSFVI WYE TIWWSE RE GSPIËÇS HIVIGSVXIW HINSVREMWHSW ERSWIQUYI

JSM1MRMWXVS7YEJMKYVEIVEIRXÇSYXMPM^EHERETYFPMGMHEHIHITVSHYXSW

GSQIVGMEMWS1YWIYHI%VEGEXMXIQYQGYVMSWSFYWXSHIGIVÆQMGE

TSTYPEVHSERSHIWYEQSVXI%MRHEEWWMQLÅYQERSS'PYFIHS

+EVSXS YQE EWWSGMEËÇS TSTYPEV HS 6MS EGLSY HI LSQIREKIÅPS

IQ TPIRE EZIRMHEHIWIY RSQI ES QIMSHMEGSQ FEXIVMEHI IWGSPE

HIWEQFEIHMWGYVWSW,ÅUYIFYWGEVYQEI\TPMGEËÇSTEVESRSXÅZIP

IHYVEHSYVSTVIWXÑKMSUYIGIVGSYWIYRSQIRYQTEÑWTSYGSMRGPMREHS

E GYPXYEV LIV×MW I E VIZIVIRGMEV UYEPMHEHIW MRXIPIGXYEMW I IQ UYI

JVIUàIRXIQIRXISI\IVGÑGMSHIYQEEPXEJYRËÇS TÞFPMGEXIQIJIMXSW

HIPIXÍVMSW WSFVI EW QEMW W×PMHEW MQEKIRW I VITYXEËÙIW



1MRLEW JYRËÙIW RS 'IRXVS HI ,MWX×VME I (SGYQIRXEËÇS

(MTPSQÅXMGEHE*YRHEËÇS%PI\ERHVIHI+YWQÇSHÇSQISTVMZMPÍKMS

HEZM^MRLERËEIGSRZMZÎRGMEGSQEFMFPMSXIGEIGSQSWEVUYMZSWTIWWSEMW

HS&EVÇSHITSWMXEHSWRSZIPLS4EPÅGMS-XEQEVEX]RS6MSHI.ERIMVS

3'IRXVSHIWIRZSPZIYYQETIWUYMWEWSFVIEWGEVMGEXYVEWIEPIKSVMEW

HI6MS&VERGSGSQFEWIREMQIRWEGSPIËÇSHIVIGSVXIWHINSVREMWHI

WIYTIVÑSHSHI1MRMWXVS)WWIPIZERXEQIRXSUYINÅWIVZMYHIFEWIE

YQE TIUYIRE I\TSWMËÇS MXMRIVERXI TSHIVÅ IRWINEV YQ IWXYHS WSFVI

EGSRWXVYËÇSHEMQEKIQHS&EVÇSQEWÍXVEFEPLSUYII\MKMVÅXIQTS

I QIXSHSPSKME EHIUYEHE )WXEQSWMKYEPQIRXI PIZERXERHS SWEVXMKSW

HI EYXSVME HI 6MS &VERGS TYFPMGEHSW WSF TWIYHØRMQS SY

ERSRMQEQIRXIQEWTSVIPIMHIRXMJMGEHSWTSVWYEWMRMGMEMWÄQEVKIQ

HSWVIGSVXIW)WWEZM^MRLERËEHÅQIETSWWMFMPMHEHIHIGSRWYPXEVIKYPEV

ESWHMÅVMSWEWWMQMQTVSTVMEQIRXIGLEQEHSWSWRYQIVSWSWGEHIVRSW

HIERSXEËÙIWJSRXIMRIWXMQÅZIPHIMRJSVQEËÙIWWSFVIEWTVISGYTEËÙIW

HS GSXMHMERS HI6MS&VERGS

1MRLEWSFWIVZEËÙIWRÇSWIVÇSSVMKMREMWQEWRIQWIQTVIEHIVIQ

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HI GYPXS ES &EVÇS %S GSRXVÅVMSHE QEMSVME HSW MRXIPIGXYEMW HI WYE

ÍTSGE 6MS &VERGS ETEVIGIQI GSQS YQ IWTIGMEPMWXE IWTIGMEPMWXE

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SY HSYXVMREW %TVSZIMXEVE WYE PSRKE TIVQERÎRGME RE )YVSTE TEVE

JVIUàIRXEV EVUYMZSW I FMFPMSXIGEW 'SRGIRXVEVE WYE EXIRËÇS I WIYW

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VIEËÇSJVIUàIRXIIRXVIHMTPSQEXEWUYIIRGSRXVEQRSIWXYHSSWSPE^

TEVEEWEYHEHISwFER^SxTVSJMWWMSREPUYIJVIUàIRXIQIRXISWEJIXE

(MVWIÅ UYI 6MS &VERGS IVE TIVJIMXEQIRXI IRXVSWEHS RS QYRHS

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EQMKSW FVEWMPIMVSW 7I EWWMQMPSY KSWXSW TEHVÙIW HI ZMHE I

TSWWMZIPQIRXI YQE HMWGMTPMRE HI XVEFEPLS IYVSTIYW QERXIZI TSV

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3 I\EQI HI WYE FMFPMSXIGE XEP GSQS EHUYMVMHE TIPS KSZIVRS

FVEWMPIMVSPSKSET×WWYEQSVXIIMRGSVTSVEHEÄ&MFPMSXIGEHS-XEQEVEX]

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KISKVÅJMGSWUYISEFWSVZMEQ2ÇSWEFIQSWWIEPKYQEWSFVEWHIM\EVEQ

HI WIV MRGPYÑHEW RS PSXI HI PMZVSW EHUYMVMHSW QEW EW VIJIVÎRGMEW

FMFPMSKVÅJMGEW HI WIYW wGEHIVRMRLSWx ETSRXEQ RE QIWQE HMVIËÇS

7ÇS RYQIVSWEW QEW ZSPXEHEW WIQTVI TEVE SW XIQEW FVEWMPIMVSW HI

WYE TVIJIVÎRGME 3W PMZVSW HI HMVIMXS TEVIGIQ GSRWXMXYMV YQ JYRHS

QÑRMQSMRHMWTIRWÅZIPEYQHMTPSQEXERSXÅZIPEEYWÎRGMEHISFVEW

HI FIPEW PIXVEW XERXS IQ WYE FMFPMSXIGEUYERXS IQWYEW ERSXEËÙIW

,SQIQ HSWÍGYPS<-< S &EVÇSQSVVIYIQHSMWERSW

ERXIWHSMRÑGMSHE4VMQIMVE+YIVVE1YRHMEPZIVHEHIMVSXÍVQMRSHS

WÍGYPS6MS&VERGSSJSMRSWIRXMHSQEMWGSRWIVZEHSV2ÇSWIVIKMWXVE

RIRLYQ MRXIVIWWISYQIWQS WMQTPIW GYVMSWMHEHI TIPEWRSZEW MHÍMEW

TSPÑXMGEWSY WSGMEMW XIRHÎRGMEW EVXÑWXMGEW SY PMXIVÅVMEW %MRHE EUYM S

I\EQIHIWYEPMZVEVMEGSRJMVQESUYINÅWIWEFMETIPEPIMXYVEHIWIYW

XVEFEPLSW8EQTSYGS VIZIPE WYE FMFPMSXIGE UYEPUYIV MRXIVIWWI TIPE

KISTSPÑXMGE2ÇS WIIRGSRXVEQ EPMEWSFVEWÄWZI^IWEWWSGMEHEWE WYE

TSPÑXMGE RIQ 6EX^IP RIQ 1ELER RIQ /NIPPIR (IWWEW I\MWXIQ RE

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MRGSVTSVEHSW ES EGIVZS ERSW HITSMW HE QSVXI HS &EVÇS I SVMYRHEW

HE 'SPIËÇS &YVPEQEUYM

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VIX×VMGSWXÇSHSKSWXSHEÍTSGEFIQVIJPIXIESFNIXMZMHEHIISWIRXMHS

TVÅXMGS UYI SVMIRXEQ WYE EXMZMHEHI MRXIPIGXYEP I TVSJMWWMSREP

3UYIVIEPQIRXIGEVEGXIVM^E6MS&VERGSÍWYEGETEGMHEHIHI

GSRGIRXVEËÇSRSUYIXIVÅWMHSWYEÞRMGETEM\ÇSS&VEWMP4IWUYMWEHSV

TVSJYRHS HI YQ GEQTS HI GSRLIGMQIRXS TØW WYE I\TIVMÎRGME E

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GETE^HIGSRGIRXVEVWYEEËÇSRSUYIPLITEVIGMEIWWIRGMEPFYWGERHS

RE GYMHEHE I QMRYGMSWE I\IGYËÇS HEW XEVIJEW EWWYQMHEW IWKSXEV S

EWWYRXSGSRWMHIVÅPSWSF XSHSWSWÆRKYPSWI\TPSVEVXSHEW EW PMRLEW

HI EVKYQIRXEËÇS )WWEW UYEPMHEHIW HIQSRWXVSYEW Ä I\EYWXÇS RE

HIJIWEHSWHMVIMXSWHS&VEWMPREW5YIWXÙIWHI4EPQEWIHS3METSUYI

2ÇSTIVHMEXIQTSGSQSUYIRÇSPLITEVIGMEVIPIZERXI5YIQ

JSV FYWGEV RE GSVVIWTSRHÎRGME HI WYE QMWWÇS IQ &IVPMQ ERÅPMWIW

WSFVIS-QTÍVMSEPIQÇSIWYETSPÑXMGEIYVSTÍMEWEMVÅTVSJYRHEQIRXI

HIGITGMSREHS6MS&VERGSTEVIGITEVXMVHSTVMRGÑTMSHIUYIEWMRJPI\ÙIW



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ÞRMGSWI\TIHMIRXIWWYFWXERXMZSWHM^IQVIWTIMXSESIZIRXYEPMRXIVIWWI

HI GETMXEMW IYVSTIYW RS %GVI

5YEPESVMKIQIGSQSWIGSRWXMXYMEMQIRWETSTYPEVMHEHIHS

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IWYEMQEKIQTÞFPMGEJSVEQGSRWXVYÑHEWWSFVISXVMYRJSREWUYIWXÙIW

HIPMQMXIWRSVIGSRLIGMQIRXSHIRSWWSWHMVIMXSWEGIRXIREWHIQMPLEVIW

HI UYMPØQIXVSW UYEHVEHSW HI XIVVMX×VMS XVMYRJS UYI WI HIZIY

WIKYVEQIRXIÄWUYEPMHEHIWEGMQEETSRXEHEW'VIMSIRXVIXERXSUYI

EWSPMHI^HIWIYTVIWXÑKMSWIHIZIYÄTIVGITËÇSHIUYITSWWYÑEUYEPMHEHIW

I\GITGMSREMWVEVEWIRXVIR×WTVSJYRHMHEHIIGSRGIRXVEËÇSRSIWXYHS

HEWUYIWXÙIWREGMSREMWWMQTPMGMHEHIISFNIXMZMHEHI,EZIVMEXEQFÍQ

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MHIRXMJMGEËÇS GSQ S MRXIVIWWI HS&VEWMP )WWI IWTÑVMXSTÞFPMGS XEPZI^

XIRLE WMHS QEP GSQTVIIRHMHS TIPSW UYI QEMW HIZIVMEQ ETVIGMÅPS

XIRLS TEVE QMQ UYI QYMXEW HEW EPYWÙIW Ä HMWXÆRGME I Ä JVMI^E HS

&EVÇS ES RÇS XIV EQMKSW JVIUàIRXIQIRXI GMXEHEW VIZIPEQ  E

MRGSQTVIIRWÇS HSW UYI S ZMEQ WSFVITSV S MRXIVIWWI HS )WXEHS ESW

PEËSW HI WMQTEXME I EQM^EHI 2ÇS WIVME S GEWS HI +VEËE %VERLE I

3PMZIMVE 0MQE HIWEXIRHMHSW IQ WYEW TVIXIRWÙIW RE GEVVIMVE#

'VIMS UYI S GEVÅXIV GSQTVIIRWMZS GSQ UYI JSM SVKERM^EHS S

XIQÅVMS HIWXI WMQT×WMS E UYEPMHEHI I TVSJYRHMHEHI HEW I\TSWMËÙIW

RÇS RSW HIM\EQ QEVKIQ TEVE GSRWMHIVEËÙIW EHMGMSREMW WSFVI 6MS

&VERGS I E WYE RSXÅZIP GSRXVMFYMËÇSTEVE E GSRWSPMHEËÇS HI RSWWEW

JVSRXIMVEWTEVEEGVMEËÇSHIRSZSWTEVÆQIXVSWHIRSWWEHMTPSQEGME

+SWXEVME ETIREW TEVE GSRGPYMV HI PIQFVEV UYI IWXEQSW RE

VIEPMHEHIGSQIQSVERHSSGIRXIRÅVMSHS-XEQEVEX]2ÇSHS1MRMWXÍVMS

HSW2IK×GMSW)WXVERKIMVSWGVMEHSGSQEMRHITIRHÎRGMEIVIFEXM^EHS

TIPE 6ITÞFPMGE GSQS 1MRMWXÍVMS HEW 6IPEËÙIW )\XIVMSVIW QEW HS

-XEQEVEX]MRWXVYQIRXSHIEËÇSHMTPSQÅXMGEQSPHEHSTSV6MS&VERGS

XIRHS TVIWIRXIW EW XVEHMËÙIW HE HMTPSQEGME HS -QTÍVMS XÇS FIQ

VITVIWIRXEHEW TIPE MQEKIQ TEXIVRE QEW EXYEPM^EHS TEVE YQ &VEWMP

RSZSUYIWIJSVQEZEITEVES&VEWMPGSQUYIS&EVÇSWSRLEZE6MS

&VERGS UYI  TVI^EZE E MRXIPMKÎRGME I S GSRLIGMQIRXS TVSGYVSY

XERXS UYERXS TSWWÑZIP EHSXEV GVMXÍVMSW HI WIPIËÇS HI TIWWSEP UYI



IQFSVE XEPZI^ EVFMXVÅVMSW VIWTSRHMEQ ÄW RIGIWWMHEHIW HI RSWWE

HMTPSQEGME SVKERM^SY E QIQ×VME HI RSWWE 'LERGIPEVME GSQ E

SVKERM^EËÇSHSWEVUYMZSWEHIWXMREËÇSHIYQTVÍHMSTEVEEFMFPMSXIGE

IRVMUYIGIRHSPLIEWGSPIËÙIWGSQEEUYMWMËÇSHEVMUYÑWWMQEPMZVEVME

HI:EVRLEKIRUYIWIIRGSRXVEZERS'LMPIGYMHERHSHIJE^IVGSTMEV

RS I\XIVMSV QETEW IWWIRGMEMW Ä HIJIWE HI RSWWSW MRXIVIWWIW 'VMSY

YQEXVEHMËÇSHIETVIËSIVIWTIMXSTIPEMRXIPMKÎRGMEITIPEWUYEPMHEHIW

MRXIPIGXYEMWUYIEMRHEJE^IQHIWXI1MRMWXÍVMSYQGIPIMVSHIWIVZMHSVIW

HS )WXEHS 'VMWXEPM^SY TVMRGÑTMSW UYI EMRHE LSNI MRWTMVEQ RSWWE

GSRHYXEMRXIVREGMSREP*M\SYYQIWXMPSTEVERSWWEHMTPSQEGME1EW

WSFVIXYHSHSXSYS1MRMWXÍVMSHIYQIWTÑVMXSIQUYITEXVMSXMWQS

LSQFVMHEHILSRIWXMHEHIMRXIPIGXYEP TVSJMWWMSREPMWQS WÇSEXVMFYXSW

XÇSMQTSVXERXIWUYERXSMRXIPMKÎRGMEGSQTIXÎRGMEIMRJSVQEËÇS0IKSY

RSWXEQFÍQ YQ PIKÑXMQS SVKYPLS HI RSWWE GSVTSVEËÇS UYI GVIMS

IYJE^GSQUYISNSZIQUYIGVY^ESWYQFVEMWHIWXI-RWXMXYXSXIRLE

E MQIHMEXE GSRWGMÎRGME HI UYI ES  MRKVIWWEV RYQ GSVTS HI IPMXI

XSQSY SVHIRWTEVE FIQ WIVZMVS&VEWMP

5YIVS GSRKVEXYPEVQIGSQ SWSVKERM^EHSVIWHIWXIWIQMRÅVMS

FIQGSQSGSQXSHSWIGEHEYQHSWTEVXMGMTERXIWTIPSÎ\MXSEPGERËEHS

'VIMSUYIEXMRKMYTPIREQIRXISSFNIXMZSHIVIRSZEVRSWWEZMWÇSWSFVI

EJMKYVEHI6MS&VERGSIHIEFVMVYQERSZEIXETETEVESWIWXYHSWI

TIWUYMWEWSFVIS LIV×M ITØRMQSHIWXE'EWE

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