#EVC2QGVKEC


24+/#8'4#161¤1


9CNVGT$GPLCOKP[GNUWTTGCNKUOQ
JKUVQTKCFGWPGPECPVCOKGPVQTGXQNWEKQPCTKQ

/KEJCGN.ÑY[

'N GPEWGPVTQ EQP GN UWTTGCNKUOQ GP  FGURGTVÎ GP $GPLCOKP WP
őCTFKGPVGKPVGTÃUŒ'NGURÈTKVWFGWPOCTZKUOQIÎVKEQSWGEQPUKUVÈCGPWPC
OCIKCFGNRCUCFQWPCKNWOKPCEKÎPFGUICTTCPVG[GNÃPHCUKUGPNCTGXWGNVC
TGRTGUGPVCDCRCTC$GPLCOKPőNCÕNVKOCKPUVCPV¶PGCFGNCKPVGNKIGPEKCGWTQ
RGCŒ'PEQPVTCFGNőFKNGVCPVKUOQOQTCNK\CPVGŒFGNQUDWTIWGUGUFGUGPECP
VCFQUUGRQUVWNÎWPCRQNKVK\CEKÎPTGXQNWEKQPCTKCSWGEQPVCDCEQPNCUHWGT
\CUFGNCőGDTKGFCFŒ[NCECTICFGWPRGUKOKUOQCEVKXQ[QTICPK\CFQKFGC
NCP\CFCRQTWPQFGNQUOKGODTQUCEVKXQUFGNOQXKOKGPVQUWTTGCNKUVC2KGTTG
0CXKNNG'NEQORTQOKUQGPÃTIKEQEQPNCXÈCTGXQNWEKQPCTKCSWGPQGUQVTC
UKPQNCXÈCOCTZKUVCGPEWGPVTCUWHWGPVGGPGUVGRGUKOKUOQ%QPXGTIGPGP
GUVGRWPVQGNOCVGTKCNKUOQCPVTQRQNÎIKEQ[NCKOCIGPFKCNÃEVKECFGNUWGÌQ
SWG$GPLCOKPEQPVTCUVCEQPGNFGURGTVCTEQPEGDKFQGPGN.KDTQFGNQURCUC
LGUEQOQRWPVQFGQRQUKEKÎPCNOQXKOKGPVQUWTTGCNKUVC

6JG GPEQWPVGT YKVJ UWTTGCNKUO KP  TQWUGF C őRCUUKQPCVG KPVGTGUVŒ

KP $GPLCOKP 6JG URKTKV QH IQVJKE /CTZKUO VJCV EQPUKUVGF KP C OCIKE QH
VJGRCUVCTGPFKPIKNNWOKPCVKQPCPFVJGGORJCUKUQPTGXQNVTGRTGUGPVGFKP
$GPLCOKPőVJGNCUVKPUVCPVQHVJG'WTQRGCPKPVGNNKIGPEGŒ#ICKPUVVJGőOQ
TCNKUVFKNGVVCPVKUOŒQHVJGFKUKNNWUKQPGFDQWTIGQKUCTGXQNWVKQPCT[RQNKVKEU
YCUFGOCPFGFVJCVEQWPVGFQPVJGHQTEGUQHőKPGDTKCVKQPŒCPFVJGEJCTIG
QHCPCEVKXGCPFQTICPK\GFRGUUKOKUOōCPKFGCIKXGPD[CPCEVKXGOGODGT
QHVJGUWTTGCNKUVOQXGOGPV2KGTTG0CXKNNG6JGGPGTIGVKEEQORTQOKUGYKVJ
TGXQNWVKQPYJKEJKUPQQVJGTVJCP/CTZKUVJCFKVUUQWTEGKPVJCVRGUUKOKUO
+VKUCEQPXGTIGPEGRQKPVQHCPVJTQRQNQIKECNOCVGTKCNKUOCPFVJGFKCNGEVKE
KOCIGQHFTGCOEQPVTCUVGFD[$GPLCOKPŏUEQPEGRVQHCYCMGPKPIEQPEGK
XGFKPVJG#TECFGUŏ2TQLGEVCUCPQRRQUKVKQPVQUWTTGCNKUO


 #EVC2QGVKEC

24+/#8'4#161¤1


/KEJCGN.ÑY[
'*'552CTKU

9CNVGT$GPLCOKP[GNUWTTGCNKUOQ
JKUVQTKCFGWPGPECPVCOKGPVQTGXQNWEKQPCTKQ

(CUEKPCEKÎPGUGNVÃTOKPQGZCEVQSWGFCEWGPVCFGNCKPVGPUK
FCFFGNQUUGPVKOKGPVQUFG9CNVGT$GPLCOKPGPGNOQOGPVQFG
FGUEWDTKT GN UWTTGCNKUOQ GP  7PC HCUEKPCEKÎP SWG UG
VTCFWEG[EQORTGPFGGPUWUGUHWGT\QURQTGUECRCTCNJGEJK\Q
FGNOQXKOKGPVQHWPFCFQRQT#PFTÃ$TGVQP[UWUCOKIQU
%QOQGUUCDKFQCRCTVKTFGGUVGFGUEWDTKOKGPVQPCEGGNRTQ
[GEVQFGN.KDTQFGNQU2CUCLGURCTKUKPQU'PWPCECTVCC#FQT
PQ FG  $GPLCOKP FGUETKDG GP NQU VÃTOKPQU UKIWKGPVGU NC
IÃPGUKUFGGUVG2CUUCIGPYGTMCNSWGUGFGFKECT¶FWTCPVGNQU
VTGEG ÕNVKOQU CÌQU FG UW XKFC ő6QFQ EQOGP\Î EQP 'N ECO
RGUKPQFG2CTÈUFG#TCIQPFGNSWGRQTNCPQEJGGPNCECOC
PQ RQFÈC NGGT O¶U FG FQU Q VTGU R¶IKPCU UGIWKFCU RQTSWG OK
EQTC\ÎPNCVÈCVCPFGRTKUCSWGOGQDNKICDCCKPVGTTWORKTNCNGE
VWTCŒ
$GPLCOKPXKXKÎWPVKGORQGP2CTÈUGPGNXGTCPQFG[
FGPWGXQGPVCODKÃPGPXGTCPQFGURWÃUFGUWXKCLGC
/QUEÕ 2TQDCDNGOGPVG HWG GP GUG OQOGPVQ EWCPFQ EQPQEKÎ
 9CNVGT $GPLCOKP %QTTGURQPFCPEG VTCF )W[ 2GVKVFGOCPIG 2CTKU #WDKT
/QPVCKIPG++RR$GPLCOKPRWDNKECT¶GPGPNCTGXKUVC.KVGTC
TKUEJG9GNVNCVTCFWEEKÎPFGCNIWPQURCUCLGUFGNCQDTCFG#TCIQP


GNNKDTQFG#TCIQP
RWDNKECFQGP[QVTQUGUETKVQUUWTTGC
NKUVCU‹2QTSWÃGUVCCVTCEEKÎPKPOGFKCVC[GUVCEQPXWNUKÎPKP
VGTKQT! 'N RGTURKEC\ VGUVKOQPKQ FG )GTUJQO 5EJQNGO SWG NG
JCDÈC XKUKVCFQ GP 2CTÈU GP  CENCTC NCU OQVKXCEKQPGU FG
NQSWGÃNNNCOCGNőCTFKGPVGKPVGTÃUŒFG9CNVGT$GPLCOKPRQT
NQUUWTTGCNKUVCUJCDÈCTGEQPQEKFQGPGUVQUőWPEKGTVQPÕOGTQ
FGEQUCUSWGJCDÈCPKTTWORKFQGPÃNOKUOQGPGNEWTUQFGNQU
CÌQURTGEGFGPVGUŒ'PQVTCURCNCDTCUő$GPLCOKPNGÈCNCUTGXKU
VCUGPSWG#TCIQP[$TGVQPRTQENCOCDCPKFGCUSWGGPEKGTVQ
UGPVKFQUCNÈCPCNGPEWGPVTQFGUWRTQRKC[O¶URTQHWPFCGZRG
TKGPEKCŒ8GTGOQUO¶UCFGNCPVGEW¶NGUUQPGUVCUőKFGCUŒ
0QUCDGOQUUK$GPLCOKPEQPQEKÎC$TGVQPQCQVTQUUWTTGC
NKUVCUGPGUCQECUKÎPPCFCNQKPFKECGPUWEQTTGURQPFGPEKC'P
ECODKQRCTGEGUGIÕP#FQTPQ[5EJQNGO
GPUWRTGHCEKQCNCU
$TKGHGSWGJWDKGTCKPVGTECODKCFQWPCEQTTGURQPFGPEKCōJQ[
RGTFKFCQKPGPEQPVTCDNGōEQPGNCWVQTFGN/CPKſGUVQFGN5W
TTGCNKUOQ
.CJWGNNCFGGUVGFGUEWDTKOKGPVQRWGFGRGTEKDKTUGōJCUVC
EKGTVQRWPVQōGP&KTGEEKÎP­PKEC
=?SWG$GPLC
OKPRWDNKECGPCSWGNOQOGPVQ
FGVCNHQTOCSWG$NQEJ
ETG[ÎRQFGTJCDNCTFGGUVGNKDTQEQOQFGWPCQDTCőVÈRKECŒFGN
őRGPUCOKGPVQUWTTGCNKUVCŒōCſTOCEKÎPDCUVCPVGGZCIGTCFC[
DKGPCPCNK\CFCKPGZCEVC
&G JGEJQ $GPLCOKP KPVGPVC FGUXKPEWNCTUG FG WPC HCUEKPC
EKÎP SWG NG RCTGEG RGNKITQUC [ SWKGTG FGUVCECT NC FKHHGTGPVKC
URGEKſECFGUWRTQRKQRTQ[GEVQ'PWPCECTVCFKTKIKFCC5EJQ
NGOGPPQXKGODTGFGGUETKDGSWGUKGPVGNCPGEGUKFCFFG
őCTTCPECT GUVG VTCDCLQ FG WPC RTQZKOKFCF FGOCUKCFQ QUVGPUK

)GTUJQO5EJQNGO9CNVGT$GPLCOKPJKUVQKTGFŏWPGCOKVKÃ2CTKU%CNOCPP
.ÃX[RR
2TGHCEKQC9CNVGT$GPLCOKP%QTTGURQPFCPEG+R
'TPUV$NQEJ*ÃTKVCIGFGEGVGORUVTCF,GCP.CEQUVG2CTKU2C[QVR
8ÃCUGTGNCEKQPCFCEQPGUVGVGOCNCETÈVKECRGTVKPGPVGFG/KEJGN+\CTFő9CNVGT
$GPLCOKPGVNGUWTTÃCNKUOGŒ&QEUWTLWPKQR


DNGEQPGNOQXKOKGPVQUWTTGCNKUVCSWGRQTOW[EQORTGPUKDNG
[ HWPFCFQ SWG UGC RQFTÈC EQPXGTVKTUG RCTC OÈ GP CNIQ HCVCNŒ
ōCWPSWGPQTGPWPEKGRQTGNNQCTGEQIGTNCJGTGPEKCſNQUÎſEC
FGNUWTTGCNKUOQ
‹'PSWÃEQPUKUVGGUVCőRTQZKOKFCFŒőEQORTGPUKDNGŒGKPENW
UQőHWPFCFCŒ!7PCQDTCTGEKGPVGFG/CTICTGV%QJGP2TQHCPG
+NNWOKPCVKQPUWIKGTGWPCKPVGTGUCPVGJKRÎVGUKU.CCWVQTCUGTG
ſGTGCNCRT¶EVKECEQOÕPC$GPLCOKP[C$TGVQPSWGUKVÕCDCLQ
GNUKIPQFGWPőOCTZKUOQIÎVKEQŒCNGL¶PFQNCFGNCXGTUKÎPFQ
OKPCPVG FG VGPFGPEKC OCVGTKCNKUVC OGVCHÈUKEC [ EQPVCOKPCFC
RQTNCKFGQNQIÈCGXQNWEKQPKUVCFGNRTQITGUQ0QQDUVCPVGETGQ
SWG GUVC CWVQTC UKIWG WPC RKUVC HCNUC CN FGſPKT GN OCTZKUOQ
EQOÕPC$GPLCOKP[CNQUUWTTGCNKUVCUEQOQőWPCIGPGCNQIÈC
OCTZKUVC HCUEKPCFC RQT NQU CURGEVQU KTTCEKQPCNGU FGN RTQEGUQ
UQEKCNWPCIGPGCNQIÈCSWGKPVGPVCGUVWFKCTEÎOQNQKTTCEKQPCN
RGPGVTCNCUQEKGFCFGZKUVGPVGUQÌCPFQEQPWVKNK\CTNCRCTCGHGE
VWCT GN ECODKQ UQEKCNŒ 'N EQPEGRVQ FG őKTTCEKQPCNŒ PQ CRC
TGEGPKGPNQUGUETKVQUFG$GPLCOKPPKGPNQUFG$TGVQP'UVG
VÃTOKPQTGOKVGCWPCXKUKÎPTCEKQPCNKUVCFGNOWPFQJGTGFCFC
FGNCſNQUQHÈCFGNUKINQFGNCU.WEGUXKUKÎPSWGRTGEKUCOGPVG
CODQU CWVQTGU RTGVGPFGP UWRGTCT
GP GN UGPVKFQ FG NC #WHJG
DWPI JGIGNKCPC 'P EQPVTCRCTVKFC GN VÃTOKPQ FG OCTZKUOQ
IÎVKEQ GU GUENCTGEGFQT UKGORTG SWG GUVG CFLGVKXQ UG GPVKGP
FC GP UW CEGREKÎP TQO¶PVKEC GU FGEKT NC HCUEKPCEKÎP RQT GN
GPECPVCOKGPVQ [ NQ OCTCXKNNQUQ CUÈ EQOQ RQT NQU CURGEVQU
őGODTWLCFQUŒFGNCUUQEKGFCFGU[FGNCUEWNVWTCURTGOQFGT
PCU.CPQXGNCPGITCKPINGUCFGNUKINQ:8+++[CNIWPCUPQXGNCU
TQO¶PVKECU CNGOCPCU FGN UKINQ :+: UQP TGHGTGPEKCU őIÎVKECUŒ
SWGGPEQPVTCOQUGPGNOKUOQEQTC\ÎPFGNCQDTCFG$TGVQP[
FG$GPLCOKP
'NOCTZKUOQIÎVKEQEQOÕPCCODQUUGTÈCRWGUWPOCVGTKC
NKUOQJKUVÎTKEQUGPUKDNGCNCFKOGPUKÎPO¶IKECFGNCUEWNVWTCU
 /CTICTGV %QJGP 2TQHCPG +NNWOKPCVKQP 9CNVGT $GPLCOKP CPF VJG 2CTKU QH
5WTTGCNKUV4GXQNWVKQP$GTMGNG[7PKXGTUKV[QH%CNKHQTPKC2TGUURR


FGNRCUCFQCNOQOGPVQőPGITQŒFGNCTGXWGNVCCNCKNWOKPC
EKÎP SWG FGUICTTC EQOQ WP TGN¶ORCIQ GN EKGNQ FG NC CEEKÎP
TGXQNWEKQPCTKC'NVÃTOKPQőIÎVKEQŒVCODKÃPFGDGVQOCTUGGP
GN UGPVKFQ NKVGTCN EQOQ TGHGTGPEKC RQUKVKXC C EKGTVQU OQOGP
VQUENCXGFGNCEWNVWTCRTQHCPCOGFKGXCNPQGURQTECUWCNKFCF
SWG VCPVQ $TGVQP EQOQ $GPLCOKP CFOKTGP GN COQT EQTVÃU FG
NC'FCF/GFKCRTQXGP\CNSWGCNQUQLQUFGNUGIWPFQEQPUVK
VW[GWPCFGNCUO¶URWTCUOCPKHGUVCEKQPGUFGKNWOKPCEKÎP
;FKIQDKGPőRTQHCPQŒRQTSWGPCFCGUVCPCDQOKPCDNGRCTCNQU
UWTTGCNKUVCUEQOQNCTGNKIKÎPGPIGPGTCN[NCECVÎNKECCRQUVÎ
NKECTQOCPCGPRCTVKEWNCT$GPLCOKPPQUGGSWKXQECCNKPUKUVKT
GPőNCCOCTIC[CRCUKQPCFCTGXWGNVCEQPVTCGNECVQNKEKUOQRQT
NC SWG 4KODCWF .CWVTÃCOQPV #RQNNKPCKTG GPIGPFTCTQP GN UW
TTGCNKUOQŒ
2CTCEQORTGPFGTOGLQTGPSWÃEQPUKUVGNCCſPKFCFRTQHWP
FCFG$GPLCOKPEQPNCQDTCFG$TGVQP#TCIQP[UWUCOKIQU
FGDGOQUPQQDUVCPVGGZCOKPCTO¶UFGEGTECGNCTVÈEWNQő'N
UWTTGCNKUOQ.CÕNVKOCKPUVCPV¶PGCFGNCKPVGNKIGPEKCGWTQRGCŒ
SWG$GPLCOKPRWDNKECT¶GPHGDTGTQFGGPNCTGXKUVC.KVG
TCTKUEJG9GNV4GFCEVCFQFWTCPVGGNCÌQGUVGVGZVQFKHÈ
EKNCXGEGUKPLWUVQCOGPWFQGPKIO¶VKEQUKGORTGKPURKTCFQ
NNGPQFGKO¶IGPGU[FGCNGIQTÈCUGZVTCÌCUGUFGWPCGZVTCQT
FKPCTKCTKSWG\C0QUGVTCVCFGWPCTVÈEWNQFGőETÈVKECNKVGTCTKCŒ
GPGNUGPVKFQJCDKVWCNFGNVÃTOKPQUKPQFGWPGPUC[QRQÃVKEQ
ſNQUÎſEQ[RQNÈVKEQFGWPCITCPKORQTVCPEKCTGEQTTKFQRQTKP
VWKEKQPGUHWNIWTCPVGUGőKNWOKPCEKQPGURTQHCPCUŒUQTRTGPFGP
VGU+PVGPVCTGOQUTGEQPUVTWKTUKPNCRTGVGPUKÎPFGUGTGZJCWUVK
XQUCNIWPQUFGUWUOQOGPVQUGUGPEKCNGU

9CNVGT$GPLCOKPő.GUWTTÃCNKUOG.GFGTPKGTKPUVCPVCPÃFGNŏKPVGNNKIGPEGGWTQ
RÃGPPGŒ GP /[VJG GV 8KQNGPEG
/8 2CTKU /CWTKEG 0CFGCW  RR  
%Hő&GT5WTTGCNKUOWU&KGNGV\VG/QOGPVCWHPCJOGFGTGWTQR¼KUEJGP+PVGNNKIGPV\ŒGP
)GUCOOGNVG5EJTKHVGP
)5(TCPMHWTV5WJTMCOR8GTNCIXQN++RR
7PTGRTGUGPVCPVGVÈRKEQFGNOCTZKUOQőIÎVKEQŒGUUKPFWFC'TPUV$NQEJSWKGPPQ
QEWNVCUQDTGVQFQGPUWURTKOGTCUQDTCU
.Ŏ'URTKVFGNŎ7VQRKGUWCFOKTCEKÎP
RQTNCOCIKCOGFKGXCN[NCUECVGFTCNGUIÎVKECU


 # NQU QLQU FG $GPLCOKP GN UWTTGCNKUOQ GU VQFQ OGPQU WPC
ECOCTKNNCNKVGTCTKCōQRKPKÎPSWGÃNCVTKDW[GCNQUőGZRGTVQUŒ
ſNKUVGQUCNQUSWGKTÎPKECOGPVGFGPQOKPCőNQUPWGXGXGEGUUC
DKQUŒ0QUGVTCVCRWGUFGWPőOQXKOKGPVQCTVÈUVKEQŒUKPQFG
WPKPVGPVQFGőJCEGTGUVCNNCTFGUFGFGPVTQGNECORQFGNCNKVG
TCVWTCŒITCEKCUCWPEQPLWPVQFGGZRGTKGPEKCU
'THCJTWPIGP
O¶IKECU FG CNECPEG TGXQNWEKQPCTKQ O¶U GZCEVCOGPVG FG WP
OQXKOKGPVQőKNWOKPCFQŒRTQHWPFCOGPVGNKDGTVCTKQ[CNCXG\
GPDWUECFGWPCRQUKDNGEQPXGTIGPEKCEQPGNEQOWPKUOQ
5K GUVC RT¶EVKEC UWUEKVC GP ÃN WP őECPFGPVG KPVGTÃUŒ UGIÕP
5EJQNGO ‹PQ GU CECUQ RQTSWG GPEWGPVTC WPC ITCP UKOKNKVWF
EQPNCRT¶EVKECSWGÃNJCDÈCOCPVGPKFQCNQNCTIQFGNQUFKG\
CÌQURTGEGFGPVGU!/QXKFQRQTWPCUGPUKDKNKFCFCPCTSWKUVCōQ
őPKJKNKUVC TGXQNWEKQPCTKCŒ RCTC GORNGCT WPQ FG UWU VÃTOKPQU
HCXQTKVQUōOW[RTÎZKOCC5QTGN
XGTUWCTVÈEWNQő%TÈVKECFGNC
XKQNGPEKCŒFG$GPLCOKPFGUEWDTGGNEQOWPKUOQITCEKCU
CNQUJGTOQUQUQLQUFG#ULC.CEKU
%CRTK[NCſNQUQHÈC
OCTZKUVCRQTNCNGEVWTCFG*KUVQTKC[EQPQEKOKGPVQFGENCUGFG
.WMCEU 5K FGURWÃU FG OÕNVKRNGU FWFCU $GPLCOKP FGEKFG PQ
CſNKCTUGCNOQXKOKGPVQEQOWPKUVCPQFGLCRQTGNNQFGUGTWPC
GURGEKGFGUKORCVK\CPVGDCUVCPVGUWKIGPGTKUSWGUGCNGLCFGN
OQFGNQ JCDKVWCN RQT NC NWEKFG\ [ GN FKUVCPEKCOKGPVQ ETÈVKEQ
ōEQOQCVGUVKIWCENCTCOGPVGUW,QWTPCNFG/QUEQWFG
7PCETÈVKECSWGUGPWVTGUKPFWFCFGNCTGHTGUECPVGHWGPVG
NKDGTVCTKCSWGUKIWGTGEQTTKGPFQ
CXGEGUFGOCPGTCUWDVGTT¶
PGCGNUGPQFGUWQDTC
'UVG ÈPVKOQ RCTGPVGUEQ RQNÈVKEQEWNVWTCN EQP GN UWTTGCNKUOQ
GUCFGO¶UOGPEKQPCFQGZRNÈEKVCOGPVGGPNQURTKOGTQUR¶TTC
HQU FGN CTVÈEWNQ GP GN SWG $GPLCOKP UG FGUETKDG C UÈ OKUOQ
EQOQőGNQDUGTXCFQTCNGO¶PŒUKVWCFQGPWPCRQUKEKÎPőKPſPK
VCOGPVGRGNKITQUCGPVTGNCHTQPFCCPCTSWKUVC[NCFKUEKRNKPCTG
XQNWEKQPCTKCŒ0CFCVTCFWEGFGOCPGTCO¶UEQPETGVC[CEVKXC
NCEQPXGTIGPEKCVCPCTFKGPVGOGPVGFGUGCFCGPVTGGUVQUFQURQ
NQUEQOQNCOCPKHGUVCEKÎPQTICPK\CFCRQTEQOWPKUVCU[NKDGT


VCTKQUGPFGHGPUCFGNQUCPCTSWKUVCU5CEEQ[8CP\GVVKœUVCPQ
RCUÎ KPCFXGTVKFC RCTC NQU UWTTGCNKUVCU [ $GPLCOKP PQ FGLC FG
UGÌCNCTGNőGZEGNGPVGRCUCLGŒ
CWUIG\GKEJPGVG5VGNNGFG0CFLC
GPGNSWGUGJCDNCFGNQUőCRCUKQPCPVGUFÈCUFGTGXWGNVCŒSWG
EQPQEKÎ2CTÈUDCLQGNUKIPQFG5CEEQ[8CP\GVVKő$TGVQPCUG
IWTCSWGFWTCPVGGUQUFÈCUGNDQWNGXCTF$QPPG0QWXGNNGXKQ
EÎOQUGEWORNÈCNCGUVTCVÃIKECRTQOGUCFGTGXWGNVCSWGFGUFG
UKGORTGUGJCNNCDCKORNÈEKVCGPUWPQODTGŒ
'U EKGTVQ SWG $GPLCOKP RQUGG WPC KFGC GZVTGOCFCOGPVG
NCZCFGNCPCTSWKUOQ#NCJQTCFGFGUETKDKTGNNGLCPQRTÎZKOQ
QTKIGPFGNUWTTGCNKUOQGUETKDGő'PVTG[CNIWPQU
ITCPFGUCPCTSWKUVCUUKPPKPIWPCTGNCEKÎPGPVTGGNNQUVTCDCLC
TQPGPUWUO¶SWKPCUKPHGTPCNGU;NQUQTRTGPFGPVGGUSWGUKP
UCDGTNQETQPQOGVTCTCPUWUOGECPKUOQUFGTGNQLGTÈCLWUVQCNC
OKUOCJQTCEWCTGPVCCÌQUFGURWÃU[UKOWNV¶PGCOGPVGGUVC
NNCDCNCQDTCFG&QUVQÊGXUMKFG4KODCWF[FG.CWVTÃCOQPVŒ
'UGXKFGPVGSWGNCHGEJCEWCTGPVCCÌQUFGURWÃUFGJCEG
TGHGTGPEKCCNPCEKOKGPVQFGNUWTTGCNKUOQEQPNCRWDNKECEKÎPGP
FGNRTKOGT/CPKſGUVQ'NJGEJQFGSWG$GPLCOKPOGP
EKQPG C GUVQU VTGU CWVQTGU EQOQ őITCPFGU CPCTSWKUVCUŒ PQ GU
UÎNQRQTSWGNCQDTCFG.CWVTÃCOQPVőKPFWFCDNGDNQSWGGTT¶
VKEQŒRGTVGPG\ECCNCVTCFKEKÎPKPUWTTGEEKQPCNQRQTSWG4KO
DCWFGUVWXKGTCGPNC%QOWPCFG2CTÈU'UUQDTGVQFQRQTSWG
UWUQDTCUJCEGPUCNVCTRQTNQUCKTGUEQOQNCFKPCOKVCFG4C
XCEJQNQGPQVTQRNCPQFGNQUPKJKNKUVCUTWUQUGNQTFGPOQTCN
DWTIWÃUGNőFKNGVVCPVKUOQOQTCNK\CPVGŒFGNQU5RKG²GT[FGNQU
ſNKUVGQU

9CNVGT$GPLCOKPő.GUWTTÃCNKUOGŒRR.CVTCFWEEKÎPHTCPEGUC
FGNÕNVKOQRCUCLGGUDCUVCPVGFGHGEVWQUC%Hő&GT5WTTGCNKUOWUŒR
+DKFR0QGUPGEGUCTKQCENCTCTSWGGUVCIGPGCNQIÈCPQUGEQTTGURQPFGGP
PCFCEQPNCJGEJCRQTGNOKUOQUWTTGCNKUOQSWGPQTGEQPQEGC&QUVQ[GUXMKEQOQ
WPQFGUWURTGEWTUQTGU
'NVÃTOKPQőRGSWGÌQDWTIWÃUŒFGNCVTCFWEEKÎPHTCPEGUCPQTGƀGLCVQFCNCECTIC
EWNVWTCNFGNCRCNCDTCő5RKG²GTŒSWGFGUKIPCCNKPFKXKFWQEJCDCECPQEQTVQFGOKTCU[
RTQUCKEQFGNCUQEKGFCFDWTIWGUC%H9CNVGT$GPLCOKPő&GT5WTTGCNKUOWUŒR


 2GTQ NC FKOGPUKÎP NKDGTVCTKC FGN UWTTGCNKUOQ UG OCPKſGUVC
VCODKÃP FG WPC OCPGTC O¶U FKTGEVC ő&GUFG $CMWPKP C 'W
TQRCNGHCNVCDCWPCKFGCTCFKECNFGNCNKDGTVCF.QUUWTTGCNKUVCU
VKGPGP GUVC KFGCŒ 'U FKHÈEKN GPEQPVTCT TGDWUECPFQ GPVTG VQFC
NCNKVGTCVWTCSWGUQDTGGNUWTTGCNKUOQUGJCGUETKVQGPNQUÕNVK
OQUUGVGPVCCÌQUWPCHÎTOWNCVCPKORQPGPVGEQPNCECRCEK
FCF FG GZRTGUCT OGFKCPVG RCNCDTCU UGPEKNNCU [ EQPVWPFGPVGU
GN őKPSWGDTCPVCDNG PÕENGQ FG PQEJGŒ FGN OQXKOKGPVQ HWPFC
FQRQT#PFTÃ$TGVQP5GIÕP$GPLCOKPGUNCőJQUVKNKFCFFGNC
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UQDTGVQFQOQTCNOGPVGCUWUEQPVGORQT¶PGQUŒGNRGUKOKUOQ
SWGEQPUVKVW[GőNCHWGPVGFGNOÃVQFQTGXQNWEKQPCTKQFG/CTZŒ
UG RTGUGPVC CPVG UWU QLQU EQOQ GN ÕPKEQ OGFKQ FG őNKDTCTUG
FGNCUPWNKFCFGU[FGNCUEQPVTCTKGFCFGUFGWPCÃRQECFGEQO
RTQOKUQŒ 4GEJC\CPFQ GN őDWTFQ QRVKOKUOQŒ FG WP *GTDGTV
5RGPEGT ōCN SWG FGFKEC GN COCDNG ECNKſECVKXQ FG őEGTGDTQ
OQPUVTWQUCOGPVGNKOKVCFQŒōQFGWP#PCVQNG(TCPEGFGNSWG
FGVGUVCőNQUJCNCIQUKPHCOGUŒ0CXKNNGEQPENW[GőGUPGEGUCTKQ
QTICPK\CTGNRGUKOKUOQŒőNCQTICPK\CEKÎPFGNRGUKOKUOQŒGU
NCÕPKECEQPUKIPCSWGPQUKORKFGFGDKNKVCTPQU

2KGTTG0CXKNNG.C4ÃXQNWVKQPGVNGUKPVGNNGEVWGNU2CTKU)CNNKOCTFRR



 0Q GU PGEGUCTKQ CENCTCT SWG GUVC CRCUKQPCFC CRQNQIÈC FGN
RGUKOKUOQGTCOW[RQEQTGRTGUGPVCVKXCFGNCEWNVWTCRQNÈVKEC
FGN EQOWPKUOQ HTCPEÃU FG CSWGNNC ÃRQEC &G JGEJQ 0CXKNNG
RTQPVQUGTÈCGZENWKFQFGN2CTVKFQ.CNÎIKECFGUWCPVKQRVKOKU
OQNGNNGXCT¶CNCUſNCUFGNCQRQUKEKÎPEQOWPKUVCFGK\SWKGT
FCU
őVTQVUSWKUVCŒFGNCSWGRTQPVQUGT¶WPQFGNQURTKPEKRCNGU
FKTKIGPVGU.CTGHGTGPEKCRQUKVKXCC0CXKNNGCUÈEQOQCNOKUOQ
6TQVUM[ōCRTQRÎUKVQFGNCETÈVKECFGNEQPEGRVQFGőCTVGRTQ
NGVCTKQŒō GP GN CTVÈEWNQ FG $GPLCOKP GP WP OQOGPVQ GP GN
SWGGNHWPFCFQTFGNC#TOCFCTQLC[CJCDÈCUKFQGZRWNUCFQFGN
2CTVKFQEQOWPKUVCUQXKÃVKEQ[GZKNKCFQGP#NOC#VCTGƀGLCUW
KPFGRGPFGPEKCFGGURÈTKVW
5GIÕP9CNVGT$GPLCOKPGNRTKPEKRCNRTQDNGOCSWGRNCPVGC
GNNKDTQFG0CXKNNGGUUCDGTUKNCTGXQNWEKÎPGZKIGRTKOGTQGN
ECODKQ FG KPVGPEKQPGU Q GN ECODKQ FG NCU EKTEWPUVCPEKCU GZ
VGTKQTGU %QORTWGDC EQP UCVKUHCEEKÎP SWG őNQU UWTTGCNKUVCU UG
JCPCEGTECFQECFCXG\O¶UCNCTGURWGUVCEQOWPKUVCŒ‹'PSWÃ
EQPUKUVGGUVCTGURWGUVC!ő2GUKOKUOQGPIGPGTCNŒ5ÈUKPFWFC
[VQVCNő&GUEQPſCP\CCPVGGNFGUVKPQFGNCNKVGTCVWTCFGUEQP
ſCP\CCPVGGNFGUVKPQFGNCNKDGTVCFFGUEQPſCP\CCPVGGNFGU
VKPQ FGN JQODTG GWTQRGQ RGTQ UQDTG VQFQ FGUEQPſCP\C CPVG
VQFCCEQOQFCEKÎPFGENCUGFGNQURWGDNQUFGNQUKPFKXKFWQU
;VCPUÎNQEQPſCP\CKNKOKVCFCGPNC+)(CTDGP[GPGNRGT
HGEEKQPCOKGPVQRCEÈſEQFGNC.WHVYCHHGŒ
'PGUVGRCUCLGGLGORNQEQPVWPFGPVGFGKNWOKPCEKÎPRTQHC
PC$GPLCOKPXCOWEJQO¶UCNN¶SWG0CXKNNGōFGNSWGVQOC
PCFCOGPQUSWGGNGURÈTKVWFGFGUEQPſCP\C[GNTGEJC\QFGNQU
EQORTQOKUQUō[SWGNQUUWTTGCNKUVCU5WXKUKÎPRGUKOKUVCTG
XQNWEKQPCTKC NG RGTOKVG FCTUG EWGPVC ōKPVWKVKXCOGPVG RGTQ
EQPWPCUQTRTGPFGPVGGZCEVKVWFōFGNCUECV¶UVTQHGUSWGCIWCT

 9CNVGT $GPLCOKP ő.G UWTTÃCNKUOGŒ .C HTCUG EQP GN RTQDNGOC HWPFCOGPVCN
UG JC QOKVKFQ GP NC VTCFWEEKÎP HTCPEGUC 8ÃCUG ő&GT 5WTTGCNKUOWUŒ R  ő9Q
NKGIGPFKG8QTCWUUGV\WPIGPFGT4GXQNWVKQP!+PFGT•PFGTWPIFGT)GUKPPWPIQFGT
FGT¼WUUGTGP8GTJ¼NVPKUUG!Œ


FCDCP C 'WTQRC RGTHGEVCOGPVG TGUWOKFCU GP NC HTCUG KTÎPKEC
UQDTGNCőEQPſCP\CKNKOKVCFCŒ2QTUWRWGUVQSWGPKVCPUKSWKG
TCÃNGNO¶URGUKOKUVCFGVQFQURQFÈCRTGXGTNCUFGUVTWEEKQPGU
SWGNC.WHVYCHHGCECDCTÈCKPƀKIKGPFQCNCUEKWFCFGU[RQDNC
EKQPGUGWTQRGCU[PKVCPUKSWKGTCRQFÈCKOCIKPCTSWGCNC+)
(CTDGP UG NC EQPQEGTÈC CRGPCU FQEG CÌQU O¶U VCTFG RQT NC
HCDTKECEKÎP FGN ICU <[MNQP $ WVKNK\CFQ RCTC őTCEKQPCNK\CTŒ GN
IGPQEKFKQPKSWGUWUH¶DTKECUKDCPCWVKNK\CTCOKNGU[OKNGUFG
TGENWKFQUEQOQOCPQFGQDTC
5KP GODCTIQ $GPLCOKP HWG GN ÕPKEQ GPVTG VQFQU NQU RGP
UCFQTGU [ FKTKIGPVGU OCTZKUVCU FG CSWGNNQU CÌQU SWG VWXQ NC
RTGOQPKEKÎPFGNQUFGUCUVTGUOQPUVTWQUQUSWGNCEKXKNK\CEKÎP
KPFWUVTKCNDWTIWGUCGPETKUKURQFÈCGPIGPFTCT#WPSWGUÎNQUGC
RQTGUVGR¶TTCHQōSWGPQQDUVCPVGGUKPUGRCTCDNGFGNTGUVQō
GUVGGPUC[QFGQEWRCWPNWICTCRCTVGFGPVTQFGNCNKVGTC
VWTCETÈVKECQTGXQNWEKQPCTKCFGGPVTGIWGTTC
.CEQPENWUKÎPFGNCTVÈEWNQGUWPCEGNGDTCEKÎPōDCUVCPVGKP
EQPFKEKQPCNōFGNUWTTGCNKUOQGPVCPVQSWGJGTGFGTQFGNőOC
VGTKCNKUOQCPVTQRQNÎIKEQŒFG*GDDGN)GQTI$×EJPGT0KGV\U
EJG[4KODCWFb5QTRTGPFGPVGNKUVCFGRTGEWTUQTGU'UVGPWGXQ
OCVGTKCNKUOQGUFKUVKPVQUGIÕP$GPLCOKPFGNOCVGTKCNKUOQFG
8QIV[FG$WLCTKPōPQRQFGOQUGXKVCTRGPUCTSWG$GPLCOKP
JCNGÈFQNCETÈVKECFG.WMCEUEQPVTCGNOCVGTKCNKUOQFG$WLC
TKP CRCTGEKFC GP ō CN SWG ECNKſEC FG OGVCHÈUKEQ ‹3WÃ
UKIPKſEC GZCEVCOGPVG őOCVGTKCNKUOQ CPVTQRQNÎIKEQŒ! $GPLC
OKPPQNQGZRNKECRGTQUWIKGTGSWGUGVTCVCFGEQORTGPFGTSWG
őNCEQNGEVKXKFCFGUWPEWGTRQXKXQŒEWCPFQNCVGPUKÎPTGXQNW
EKQPCTKCFGGUGEWGTRQXKXQEQNGEVKXQUGEQPXKGTVCGPFGUECTIC
TGXQNWEKQPCTKCőUÎNQGPVQPEGUNCTGCNKFCFUGXGT¶NQUWſEKGP
VGOGPVGFGUDQTFCFCEQOQRCTCTGURQPFGTCNCUGZKIGPEKCUFGN
/CPKſGUVQEQOWPKUVCŒ
‹%W¶NGU UQP GUCU GZKIGPEKCU! $GPLCOKP PQ EQPVGUVC RGTQ
CÌCFGWPEQOGPVCTKQSWGRWGFGEQPUKFGTCTUGGNRWPVQſPCNFGN
GPUC[Qő*CUVCGNOQOGPVQNQUUWTTGCNKUVCUUQPNQUÕPKEQUSWG


JCP GPVGPFKFQ NC EQPUKIPC SWG JQ[ QHTGEG =GN /CPKſGUVQ EQ
OWPKUVC?7PQFGURWÃUFGQVTQECODKCPUWUCFGOCPGURQTNC
GUHGTC FG WP UWGÌQ SWG OCTEC NQU UGUGPVC UGIWPFQU FG ECFC
OKPWVQŒ'UVCCſTOCEKÎPGUUQTRTGPFGPVGRQTXCTKQUOQVKXQU
2QT WPC RCTVG RCTGEG C RGUCT FG NCU ETÈVKECU C UWU NKOKVCEKQ
PGU QVQTICT C NQU UWTTGCNKUVCU GN RTKXKNGIKQ FG UGT NQU ÕPKEQU
ECRCEGUFGUKVWCTUGCNCCNVWTCFGNCUGZKIGPEKCUFGNOCTZKUOQ
ōNQSWGUKVWCTÈCCWPPKXGNKPHGTKQTCNTGUVQFGNQUKPVGNGEVWC
NGUOCTZKUVCU
‹$WLCTKP!2QTQVTCRCTVGNGLQUFGKFGPVKſECTCN
OQXKOKGPVQUWTTGCNKUVCEQPNC8CIWGFGTÄXGUFG#TCIQPōC
SWKGPEKVCCNRTKPEKRKQFGGUVGGPUC[QEQOQGNVÈRKEQGLGORNQ
FGNőGUVCFQJGTQKEQŒFGNOQXKOKGPVQEWCPFQUWőPÕENGQFKC
NÃEVKEQŒ UG GPEQPVTCDC VQFCXÈC őGPEGTTCFQŒ GP WPC UWUVCPEKC
QRCECō$GPLCOKPNQCUQEKCFKTGEVCOGPVGCNCKOCIGPFKCNÃEVK
ECFGNUWGÌQ
‹3WÃ UKIPKſEC GUVC GPKIO¶VKEC CNGIQTÈC FG WP FGURGTVCFQT
SWGOCTECőECFCOKPWVQFWTCPVGUGUGPVCUGIWPFQUŒ!$GPLCOKP
UWIKGTG UKP PKPIWPC FWFC SWG GN XCNQT ÕPKEQ FGN UWTTGCNKUOQ
EQPUKUVGGPUWFKURQUKEKÎPCEQPUKFGTCTECFCUGIWPFQEQOQNC
RWGTVCGUVTGEJCRQTNCSWGRWGFGGPVTCTNCTGXQNWEKÎPōRCTC
HTCUGCPFQWPCHÎTOWNCSWG$GPLCOKPPQWVKNK\CT¶JCUVCOWEJQ
O¶UVCTFG2QTSWGGUFGNCTGXQNWEKÎPFGNQSWGUGGUV¶JCDNCP
FQFGUFGGNRTKPEKRKQJCUVCGNſPCNFGGUVGGPUC[Q[VQFCUNCU
KNWOKPCEKQPGURTQHCPCUUÎNQCFSWKGTGPUWUGPVKFQGPTGNCEKÎP
EQPGUVGÕNVKOQ[FGEKUKXQRWPVQFGHWIC

 ,CESWGU .GGPJCTFV UGÌCNC WPCU CRTGEKCEKQPGU OW[ KPVGTGUCPVGU UQDTG NC TG
NCEKÎP GPVTG FGURGTVCT [ UWGÌQ GP $GPLCOKP RGTQ ETGQ SWG UG GSWKXQEC CN XGT GP
NCſIWTCFGNFGURGTVCFQTFGNGPUC[QUQDTGGNUWTTGCNKUOQőNCKOCIGPFGWPCEKGTVC
EQPEGREKÎP FGN RGPUCOKGPVQ TCEKQPCNKUVCŒ
,CESWGU .GGPJCTFV ő.G RCUUCIG EQO
OGHQTOGFŏGZRÃTKGPEG$GPLCOKPHCEG´#TCIQPŒGP*GKP\9KUOCP
GF9CNVGT
$GPLCOKPGV2CTKU2CTKU%GTHR#$GPLCOKPPWPECUGNGJWDKGTCQEW
TTKFQFGſPKTCNUWTTGCNKUOQEQOQWPCHQTOCFGRGPUCOKGPVQőTCEKQPCNKUVCŒōEQP
EGRVQCWUGPVGGPGNCTVÈEWNQCNKIWCNSWGUWEQPVTCTKQőKTTCEKQPCNKUOQŒō.QSWG
ECTCEVGTK\CNCRT¶EVKECFGNQUUWTTGCNKUVCU[FGNOKUOQ$GPLCOKPGPGUVGGPUC[QGU
RTGEKUCOGPVG SWG ÃUVG PQ RWGFG TGFWEKTUG C NC FKEQVQOÈC őEN¶UKECŒ [ GUVCDNGEKFC
GPVTGőTCEKQPCNKFCFŒGőKTTCEKQPCNKFCFŒ


 7P CP¶NKUKU FGN NWICT SWG QEWRC GN UWTTGCNKUOQ GP 2CUUC
IGPYGTM PGEGUKVCTÈC QVTQ CTVÈEWNQ /G NKOKVCTÃ CSWÈ C NNCOCT
NC CVGPEKÎP UQDTG WP CURGEVQ FKTGEVCOGPVG WPKFQ C GUVC EQP
ENWUKÎPFGNCTVÈEWNQFG.KVGTCTKUEJG9GNV#OGPWFQUGUGÌC
NCNCFKHGTGPEKCōKPENWUQNCEQPVTCFKEEKÎPōGPVTGNCRT¶EVKEC
UWTTGCNKUVC [ NC TGƀGLCFC GP GN .KDTQ FG NQU RCUCLGU EQOQ NC
QRQUKEKÎPGPVTGGN UWGÌQ [ GNFGURGTVCT 'PGHGEVQFGUFGNQU
RTKOGTQU DQTTCFQTGU FGN RTQ[GEVQ UG GPEWGPVTC NC UKIWKGPVG
CſTOCEKÎP

&GNKOKVCEKÎP FG NC VGPFGPEKC FG GUVG VTCDCLQ EQPVTC #TCIQP

OKGPVTCUSWG#TCIQPRGTUGXGTCGPGNTGKPQFGNQUUWGÌQUCSWÈ
UGVTCVCFGGPEQPVTCTNCEQPUVGNCEKÎPFGNFGURGTVCT
'TYCEJGP
/KGPVTCUSWGGP#TCIQPRGTUKUVGWPGNGOGPVQKORTGUKQPKUVCNC
őOKVQNQIÈCŒōUKGPFQGUVGKORTGUKQPKUOQGNTGURQPUCDNGFGPW
OGTQUQUſNQUQſUOQUKPHQTOGU
IGUVCNVNQUGPFGNNKDTQōCSWÈ
UGVTCVCFGWPCFKUQNWEKÎPFGNCőOKVQNQIÈCŒGPGNGURCEKQFGNC
JKUVQTKC3WGFCPFQENCTQSWGGUVQPQRWGFGFCTUGO¶USWGRQT
GNFGURGTVCT
'TYGEMWPIFGWPEQPQEKOKGPVQSWGVQFCXÈCPQ
UGCEQPUEKGPVGFGNRCUCFQ

%QPUKFGTCPFQSWGGUVGVGZVQHWGTGFCEVCFQO¶UQOGPQUGP
NCOKUOCÃRQECSWGGNCTVÈEWNQFG‹EÎOQJCEGTNQEQO
RCVKDNG EQP NC KOCIGP FGN FGURGTVCT RGTOCPGPVG EQOQ SWKP
VCGUGPEKC FGN UWTTGCNKUOQ! # PQ UGT SWG EQPUKFGTGOQU ōNQ
SWGOGRCTGEGNCJKRÎVGUKUO¶URTQDCDNGōGUVCFGNKOKVCEKÎP
TGHGTKFC GZENWUKXCOGPVG C #TCIQP ō[ SWK\¶U C NC őGVCRC JG
TQKECŒFGNOQXKOKGPVQō[PQCNUWTTGCNKUOQVCN[EQOQÃUVG
UG FGUCTTQNNÎ FWTCPVG NQU CÌQU  5QDTG VQFQ VGPKGPFQ
GPEWGPVCSWGPKNCőOKVQNQIÈCŒPKGNőKORTGUKQPKUOQŒPKNQU
őſNQUQſUOQU KPHQTOGUŒ HQTOCP RCTVG FG NCU ōPWOGTQUCUō
ETÈVKECUSWG$GPLCOKPFKTKIGC$TGVQP[CUWUCOKIQUGPGNGP
UC[QFGNC.KVGTCTKUEJG9GNV
9CNVGT$GPLCOKP2CUUCIGPYGTM(TCPMHWTV5WJTMCOR8GTNCIXQN+
RR


 #FGO¶UPQRQFTÈCTGFWEKTUGNCRQUKEKÎPFGN.KDTQFGNQURC
UCLGUCWPCQRQUKEKÎPGUVGTGQVKRCFCGPVTGGNUWGÌQ[GNFGURGTVCT
‹0QGTCNCCURKTCEKÎPFG$GPLCOKPōCNKIWCNSWGNCFG$CWFG
NCKTG[NCFG#PFTÃ$TGVQPōNCETGCEKÎPFGWPOWPFQPWGXQGP
GNSWGNCCEEKÎPHWGTCſPCNOGPVGNCJGTOCPCFGNUWGÌQ!

$+$.+1)4#( #

$'0,#/+09CNVGTő&GT5WTTGCNKUOWU&KGNGV\VG/QOGPVCWHPCJOG
FGTGWTQR¼KUEJGP+PVGNNKIGPV\ŒGP)GUCOOGNVG5EJTKHVGP(TCPM
HWTV5WJTMCORXQN++
ō %QTTGURQPFCPEG VTCF )W[ 2GVKVFGOCPIG 2CTKU #WDKT/QPVCK
IPG
ō2CUUCIGPYGTM(TCPMHWTV5WJTMCORXQN8+
ō ő.G UWTTÃCNKUOG .G FGTPKGT KPUVCPVCPÃ FG NŏKPVGNNKIGPEG GWTQ
RÃGPPGŒGP/[VJGGV8KQNGPEG2CTKU/CWTKEG0CFGCW
$.1%*'TPUV*ÃTKVCIGFGEGVGORUVTCF,GCP.CEQUVG2CTKU2C[QV

%1*'0 /CTICTGV 2TQHCPG +NNWOKPCVKQP 9CNVGT $GPLCOKP CPF VJG
2CTKUQH5WTTGCNKUV4GXQNWVKQP$GTMGNG[7PKXGTUKV[QH%CNKHQT
PKC2TGUU
+<#4&/KEJGNő9CNVGT$GPLCOKPGVNGUWTTÃCNKUOGŒGP&QEUWT
LWPKQ
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LCOKPHCEG´#TCIQPŒGP9CNVGT$GPLCOKPGV2CTKUGF*GKP\
9KUOCP2CTKU%GTH
0#8+..'2KGTTG.C4ÃXQNWVKQPGVNGUKPVGNNGEVWGNU2CTKU)CNNKOCTF

41%*.+6<4CKPGT.G&ÃUGPEJCPVGOGPVFGNŏCTV2CTKU)CNNKOCTF
5#;4'4QDGTV[/KEJCGN.ÑY[4ÃXQNVGGVOÃNCPEQNKG.GTQOCPVKU
OG´EQPVTGEQWTCPVFGNCOQFGTPKVÃ2CTKU2C[QV
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%CNOCPP.ÃX[
91.+0 4KEJCTF 9CNVGT $GPLCOKP #P #GUVJGVKE QH 4GFGORVKQP
0GY;QTM%QNWODKC7PKXGTUKV[2TGUU