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&GHKPKEKQPGU FG NQU VÃTOKPQU (WPEKQPGU FG OCPFQ EQPVTQNGU FGN GOKUQT UGÌCN FG GPVTCFC KPRWV ECPCNGU OG\ENCU KPVGTTWRVQTGU EQPVTQNGU EQOQ KPVGTTWRVQTGU 2CTC HCEKNKVCT NC WVKNK\CEKÎP FG NCU KPUVTWEEKQPGU FG NC OZ *Q66 UG GZRNKECP C EQPVKPWCEKÎP NC FGHKPKEKÎP FG FKHGTGPVGU GZRTGUKQPGU SWG UG WVKNK\CT¶P C NQ NCTIQ FG GNNCU (WPEKQPGU FG OCPFQ %CPCNGU 'PVGPFGOQU EQOQ HWPEKQPGU FG OCPFQ KPFGRGPFKGPVGOGPVG FGN VTCVCOKGPVQ FG NC UGÌCN GP GN GOKUQT NC UGÌCN GO
+PVGTTWRVQTGU (KLQU (:+ [ (:> 'UVG VKRQ FG KPVGTTWRVQTGU CEVKXC WPC HWPEKÎP RGTOCPGPVGOGPVG GP QP RQT GLGORNQ ETQPÎOGVTQU Q QHH Q RWGFG UWOKPKUVTCT WPC KPRWV FG UGÌCN HKLC RCTC WP EQPVTQN KPVGTTWRVQT RQT GLGORNQ (:+ [ (:> 2QT GLGORNQ GP NC RTQITCOCEKÎP FG NCU HCUGU FG XWGNQ GUVQU KPVGTTWRVQTGU HKLQU UG RWGFGP WUCT RCTC EQPOWVCT WP UGTXQ Q XCTKCFQT FG XGNQEKFCF GPVTG FQU CLWUVGU
#UKIPCEKÎP FG NQU EQPVTQNGU KPVGTTWRVQTGU [ EQPVTQNGU EQOQ KPVGTTWRVQT # FKHGTGPEKC UK SWGTGOQU CUKIPCT GN EQPVTQN GP GN OGPÕ ő%QPVTQN UYKVEJŒ R¶IKPC CRCTGEGT¶ GN OGPUCLG őCEVKXCVG FGUKTGF EQPVTQNŒ 2TQEGFKOKGPVQ IGPGTCN 'N OZ *Q66 PQU RGTOKVG NC O¶ZKOC HNGZKDKNKFCF EWCPFQ VGPGOQU NC PGEGUKFCF FG CUKIPCT NQU GNGOGPVQU FG EQPVTQN C HWPEKQPGU GURGEÈHKECU %QOQ NC CUKIPCEKÎP FG NQU KPVGTTWRVQTGU GU KFÃPVKEC GP VQFQU NQU OGPÕU EQPEGTPKGPVGU GU ÕVKN GZRNKECT ENCTCOGPVG CJQT
0QVCU x x .QU FQU KPVGTTWRVQTGU (: CEVKXCP WPC HWPEKÎP QP ő(:+Œ Q QHH ő(:>Œ RGTOCPGPVGOGPVG .
&GUETKREKÎP FG GUVC HWPEKÎP [ FGN VTKO FG EQTVG FGN %CPCN 6TKO FKIKVCN EQP XKUWCNK\CEKÎP FG NC RQUKEKÎP GP NC RCPVCNNC [ UGÌCN CEÕUVKEC .
/QFGNQU FG CXKQPGU 2CTC NQU OQFGNQU EN¶UKEQU FG CXKQPGU RQFGOQU OQPVCT UKP RTQDNGOCU JCUVC FQU UGTXQU RCTC NQU CNGTQPGU [ FQU UGTXQU FG HNCRU OQFGNQU EQP EQNC GP 8 [ OQFGNQU &GNVCU #NCU XQNCPVGU EQP FQU UGTXQU FG CNGTQPGU RTQHWPFKFCF [ FQU UGTXQU FG HNCRU 0Q QDUVCPVG NC OC[QT RCTVG FG NQU OQFGNQU FG CXKQPGU Q FG RNCPGCFQTGU VKGPGP EQNCU őEN¶UKECUŒ EQP WP UGTXQ RCTC NC RTQHWPFKFCF WP UGTXQ RCTC NC FKTGEEKÎP WP UGTXQ RCTC NQU CNGTQPGU [ WP UGTXQ RCTC GN OCPFQ FGN ICU Q FG
%QPUGLQU RCTC NC KPUVCNCEKÎP .QU UGTXQU &'$'0 UKGORTG EQNQECTUG GP GN QTFGP SWG UG OWGUVTC C EQPVKPWCEKÎP GP GN TGEGRVQT .CU UCNKFCU SWG PQ UG WVKNK\CP UKORNGOGPVG SWGFCP FGUQEWRCFCU #UGIWTCTUG FG UGIWKT NQU EQPUGLQU FG NCU UKIWKGPVGU R¶IKPCU [ VKRQ FG EQNC ő8 VCKN WPKVŒ &CFQ SWG JC[ OWEJCU RQUKDKNKFCFGU FG OQPVCLG FG NQU UGTXQU [ NQU TGGPXÈQU GU RQUKDNG SWG UGC PGEGUCTKQ KPXGTVKT GN UGPVKFQ FG TQVCEKÎP FG NQU UGTXQU .
/QFGNQU FG JGNKEÎRVGTQU .
0QVC RCTC NQU RQUGGFQTGU FG TCFKQU )4#720'4 O¶U CPVKIWCU %QORCTCPFQ NC UGEWGPEKC NCU UCNKFCU FGN TGEGRVQT EQP XGTUKQPGU CPVGTKQTGU NCU EQPGZKQPGU FGN 5GTXQ UGTXQ FGN OCPFQ FGN RCUQ [ GN FGN 5GTXQ UGTXQ FGN OCPFQ FGN ICU GUV¶P KPVGTECODKCFCU .QU UGTXQU &'$'0 GUVCT EQPGEVCFQU C NCU UCNKFCU FGN TGEGRVQT VCN EQOQ UG KPFKEC GP GN UKIWKGPVG GUSWGOC .
RTQITCOCU &GUETKREKÎP FGVCNNCFC FG NQU /GOQTK\CEKÎP FG WP PWGXQ OQFGNQ .
x CEVKXC GP GUVQU OQOGPVQU FGURWÃU FGN RTQEGFKOKGPVQ GUVC CRCTGEGT¶ EQOQ ÅÅÅHTGGÅÅÅ FGPVTQ FG ő/QFGN 5GNGEVŒ &GURWÃU FG NC KPKEKCNK\CEKÎP FG NC OGOQTKC UGNGEEKQPCFC EQP GN VKRQ FG OQFGNQ GUEQIKFQ NC PWGXC OGOQTKC UG OWGUVTC GP RCPVCNNC 'P NC OKUOC RCPVCNNC CRCTGEG FWTCPVG CNIWPQU UGIWPFQU GN UKIWKGPVG OGPUCLG RCTC TGEQTFCTPQU SWG PQ JC[ VQFCXÈC PKPIWPC TGNCEKÎP $KPFKPI EQP GN TGEGRVQT 2WNUCPFQ NC VGENC EGPVTCN 6(7 FG NC FGTGEJC CEEGFGTGOQU FKTGEVCOGPVG C
SWG GUV¶P EQPGEVCFQU *C[ O¶U KPHQTOCEKÎP UQDTG GUVQ GP GN RCT¶ITCHQ $KPFKPI FG NCU R¶IKPCU Q 2QFGOQU GPEQPVTCT WPC FGUETKREKÎP FG NQU RCUQU D¶UKEQU FG RTQITCOCEKÎP RCTC NQU OQFGNQU FG CXKQPGU GP NQU GLGORNQU FG RTQITCOCEKÎP SWG GORKG\CP GP NC R¶IKPC RCTC NQU OQFGNQU FG JGNKEÎRVGTQU NC UGEEKÎP GSWKXCNGPVG GORKG\C GP NC R¶IKPC .
5GNGEEKÎP FG WP OQFGNQ #EEGFGT CN OQFGNQ ;C JGOQU GZRNKECFQ GP NCU R¶IKPCU [ EQOQ WVKNK\CT NCU VGENCU [ GP NC FQDNG R¶IKPC CPVGTKQT EQOQ CEEGFGT C NC NKUVC /WNVKHWPEKÎP [ EQOQ OGOQTK\CT WP PWGXQ OQFGNQ 'ORG\CTGOQU RQT NC FGUETKREKÎP őPQTOCNŒ FG NQU FKHGTGPVGU RWPVQU FG NQU OGPÕU GP GN QTFGP FGHKPKFQ RQT GN GOKUQT 2QT GUVC TC\ÎP EQOGP\CTGOQU EQP GN OGPÕ %QP NCU VGENCU Ÿź FG NC K\SWKGTFC Q NC FGTGEJC UGNGEEKQPCOQU FG NC NKUVC NC
%QRKC $QTTCFQ [ RWNUCT 6(7 2QT TC\QPGU FG UGIWTKFCF GP NC RCPVCNNC CRCTGEG GN OGPUCLG UKIWKGPVG $QTTCFQ Q EQRKC FG WP OQFGNQ ¼ OQFGNQ %QRKC FG Q C VCTLGVC 5& %QRKC FG NCU HCUGU FG XWGNQ %QP NCU VGENCU Ÿź FG NC K\SWKGTFC Q FG NC FGTGEJC UGNGEEKQPCOQU GN UWDOGPÕ ő%QR[ 'TCUGŒ [ FGURWÃU RWNUCT NC VGENC 6(7 $QTTCFQ FG WP OQFGNQ 5GNGEEKQPCOQU GN UWDOGPÕ ő'TCUG OQFGNŒ EQP NCU HNGEJCU Ÿź FG NC FGTGEJC Q NC K\SWKGTFC [ RWNUCOQU DTGXGOGPVG NC VGENC 6(7 5GNGEEKQPCPFQ 01
&GURWÃU FG NC EQPHKTOCEKÎP EQP NC VGENC 6(7 CRCTGEG RQT TC\QPGU FG UGIWTKFCF GN UKIWKGPVG OGPUCLG 5K UGNGEEKQPCOQU 01 KPVGTTWORKTGOQU GN RTQEGFKOKGPVQ [ XQNXGTGOQU C NC RCPVCNNC CPVGTKQT 5K UGNGEEKQPCOQU ;'5 EQP NC VGENC FG NC FGTGEJC Q FG NC K\SWKGTFC [ EQPHKTOCOQU NC UGNGEEKÎP EQP NC VGENC 6(7 GN OQFGNQ UG EQRKCT¶ GP NC OGOQTKC GUEQIKFC 0QVCU 'ZRQTVCEKÎP C NC 5& %QP NCU VGENCU Ÿź FG NC K\SWKGTFC Q NC FGTGEJC UGNGEEKQPCOQU GN UWDOGPÕ ő'ZRQTV VQ 5&Œ [ FGURWÃU RWNUCOQ
/+5/1 GOKUQT UKP VGPGT SWG GHGEVWCT WP PWGXQ RTQEGFKOKGPVQ FG $KPFKPI +ORQTVCEKÎP FGUFG NC 5& %QP NCU VGENCU Ÿź FG NC K\SWKGTFC Q NC FGTGEJC UGNGEEKQPCOQU GP GN UWDOGPÕ ő+ORQTV HTQO 5&Œ [ RWNUCOQU NC VGENC 6(7 %QRKC FG WPC HCUG &GURWÃU FG JCDGT EQPHKTOCFQ NC UGNGEEKÎP RWNUCPFQ NC VGENC 6(7 CRCTGEG NC RCPVCNNC EQP NC RTGIWPVC FG UGIWTKFCF 5GNGEEKQPCOQU GN UWDOGPÕ ő%QR[ HTQO HCUGŒ EQP NCU HNGEJCU Ÿź FGN RCF FG NC K\SWKGTFC Q NC FGTGEJC [ RWNUCOQU NC VGENC 6
5WRTGUKÎP FG OGPÕU 5WRTGUKÎP FG OQFGNQU 5GNGEEKQPCOQU GN OGPÕ ő5WRRTGUU OGPWUŒ EQP NCU HNGEJCU Ÿź FGN RCF FG NC K\SWKGTFC Q NC FGTGEJC [ RWNUCOQU DTGXGOGPVG NC VGENC 6(7 5GNGEEKQPCOQU GN OGPÕ ő5WRRTGUU OQFGNUŒ EQP NCU HNGENCU Ÿź FGN RCF FG NC K\SWKGTFC Q NC FGTGEJC [ RWNUCOQU DTGXGOGPVG NC VGENC 6(7 'NKOKPCEKÎP FG OGPÕU GP NC NKUVC OWNVKHWPEKÎP 'NKOKPCEKÎP FG WDKECEKQPGU FG NCU OGOQTKCU 0QVC 5K SWGTGOQU TGPWPEKCT CN CEEGUQ DNQSWGQ FG NC NKUVC OWNVKHWPEKÎP EQORNGVC
#LWUVGU D¶UKEQU #LWUVGU D¶UKEQU RCTC OQFGNQU FG CXKQPGU #PVGU FG GORG\CT NC RTQITCOCEKÎP FG NQU RCT¶OGVTQU RTQRKCOGPVG FKEJQU JC[ CNIWPQU TGINCLGU FG DCUG EQPEGTPKGPVGU C NC OGOQTKC SWG CECDCOQU FG CEVKXCT SWG JC[ SWG GHGEVWCT %QP NCU HNGEJCU FG FKTGEEKÎP FG NC K\SWKGTFC Q NC FGTGEJC UGNGEEKQPCOQU GN OGPÕ ő$CUG UGVWR OQFGNŒ [ FGURWÃU RWNUCT 6(7 FG NC FGTGEJC 5GNGEEKQPCOQU GN ECT¶EVGT SWG SWGTCOQU EQP NCU VGENCU FG FKTGEEKÎP FG NC K\SWKGTFC 2WNUCPFQ NC VGENC Ź FGN RCF
FGVCNNGU O¶U CFGNCPVG GP GUVC UGEEKÎP 'N RTQEGFKOKGPVQ FG CUKIPCT NQU FQU TGEGRVQTGU UG KPKEKC JCEKGPFQ GN DKPFKPI KPFKXKFWCN VCN EQOQ FG GUETKDG C EQPVKPWCEKÎP &WTCPVG NC WVKNK\CEKÎP UQNCOGPVG WPQ FG NQU TGEGRVQTGU UGT¶ GN SWG GPXKCT¶ FCVQU FG VGNGOGVTÈC CN GOKUQT GU GN SWG GUV¶ CEVKXCFQ GP NC NÈPGC ő6GN 4%8Œ FGN OGPÕ ő6GNGOGVT[Œ 2QT GLGORNQ 5GT¶ UQDTG GUVG TGEGRVQT SWG VGPFTGOQU SWG EQPGEVCT NQU UGPUQTGU [ ECRVCFQTGU VGNGOÃVTKEQU FGN OQFGNQ FCFQ SWG UQNQ GN TGE
%CODKQ FGN OCRRKPI FGN TGEGRVQT 2CTCOQU GN OÎFWNQ *( VCN EQOQ UG FGUETKDG GP NC UGEEKÎP ő4( OQFWNGŒ &GURWÃU XQNXGOQU FG PWGXQ C NC NÈPGC ő4( $+0&Œ [ TGKPKEKCOQU GN RTQEGUQ RCTC FKUQNXGT GN DKPFKPI VCN EQOQ UG JC FGUETKVQ GP NC R¶IKPC CPVGTKQT #NVGTPCVKXCOGPVG RQFGOQU RCTCT DTGXGOGPVG GN GOKUQT [ FGURWÃU FG XQNXGT GP OCTEJC FG PWGXQ TGURQPFGT C NC XGPVCPC FG CXKUQ SWG CRCTGEG EQP ő1((Œ [ EQPHKTOCOQU NC UGNGEEKÎP RWNUCPFQ DTGXGOGPVG NC VGENC EGPVTCN 6(7 FGN RCF FG NC FGTGE
0QVC KORQTVCPVG 6CODKÃP RQFGOQU WUCT NC QREKÎP FG NC OZ *Q66 ő6Z QWVRWV UYCRŒ RCTC JCEGT GN OCRRKPI FG NQU EQPVTQNGU FGN GOKUQT NKDTGOGPVG FG OCPGTC UKOKNCT C NC CPVGTKQT RCTC UKIPCT NCU HWPEKQPGU FG NQU EQPVTQNGU 2CTC GXKVCT EQPHWUKQPGU TGEQOGPFCOQU GPECTGEKFCOGPVG SWG UQNCOGPVG UG WVKNKEG WPQ FG NQU FQU UKUVGOCU #UKIPCEKÎP FG ECPCNGU GP GN UGIWPFQ TGEGRVQT %QOQ [C UG JC OGPEKQPCFQ NC QREKÎP FGN ő4GEGKXGT EJCPPGN OCRRKPIŒ UG RWGFG WUCT RCTC FKUVTKDW
'N JGEJQ FG KPKEKCT NC RTWGDC FG FKUVCPEKC TGFWEG NC RQVGPEKC FG GOKUKÎP FGN GOKUQT FG OCPGTC UKIPKHKECVKXC [ GN .
RQT GPEKOC EQP WP OQXKOKGPVQ RQT GPEKOC FGN WODTCN FGN UGTXQ Q GN XCTKCFQT FG XGNQEKFCF EQP GN UVKEM &G QTKIGP NQU CLWUVGU UQP FG Ō GP NC EQNWOPC FG NC K\SWKGTFC RCTC NC RQUKEKÎP FG EWV QHH FGN UGTXQ FGN OQVQT [ RCTC NC RQUKEKÎP FGN UVKEM FGN OQVQT CLWUVCFC GP NC EQNWOPC FGN EGPVTQ 2TQITCOCEKÎP 2CTC ECODKCT NC RQUKEKÎP RTGUGNGEEKQPCFC FG NC RQUKEKÎP FGN őEWV QHHŒ FGN UGTXQ FGN OQVQT RWNUCOQU NC VGENC EGPVTCN 6(7 FGN RCF FG NC FGTGEJC 'N CLWU
#LWUVGU D¶UKEQU #LWUVGU D¶UKEQU RCTC OQFGNQU FG JGNKEÎRVGTQU #PVGU FG GORG\CT NC RTQITCOCEKÎP FG NQU RCT¶OGVTQU RTQRKCOGPVG FKEJQU JC[ CNIWPQU TGINCLGU FG DCUG EQPEGTPKGPVGU C NC OGOQTKC SWG CECDCOQU FG CEVKXCT SWG JC[ SWG GHGEVWCT %QP NCU HNGEJCU FG FKTGEEKÎP FG NC K\SWKGTFC Q NC FGTGEJC UGNGEEKQPCOQU GN OGPÕ ő$CUG UGVWR OQFGNŒ [ FGURWÃU RWNUCT 6(7 FG NC FGTGEJC 5GNGEEKQPCOQU GN ECT¶EVGT SWG SWGTCOQU EQP NCU VGENCU FG FKTGEEKÎP FG NC K\SWKGTFC 2WNUCPFQ NC VGENC Ź FGN
GPVTG GUVQU FQU TGEGRVQTGU 'PEQPVTCTGOQU O¶U FGVCNNGU O¶U CFGNCPVG GP GUVC UGEEKÎP 'N RTQEGFKOKGPVQ FG CUKIPCT NQU FQU TGEGRVQTGU UG KPKEKC JCEKGPFQ GN DKPFKPI KPFKXKFWCN VCN EQOQ FG GUETKDG C EQPVKPWCEKÎP &WTCPVG NC WVKNK\CEKÎP UQNCOGPVG WPQ FG NQU TGEGRVQTGU UGT¶ GN SWG GPXKCT¶ FCVQU FG VGNGOGVTÈC CN GOKUQT GU GN SWG GUV¶ CEVKXCFQ GP NC NÈPGC ő6GN 4%8Œ FGN OGPÕ ő6GNGOGVT[Œ 2QT GLGORNQ 5GT¶ UQDTG GUVG TGEGRVQT SWG VGPFTGOQU SWG EQPGEVCT NQU UGPUQTGU [ ECRVCFQTGU
%CODKQ FGN OCRRKPI FGN TGEGRVQT 2CTCOQU GN OÎFWNQ *( VCN EQOQ UG FGUETKDG GP NC UGEEKÎP ő4( OQFWNGŒ &GURWÃU XQNXGOQU FG PWGXQ C NC NÈPGC ő4( $+0&Œ [ TGKPKEKCOQU GN RTQEGUQ RCTC FKUQNXGT GN DKPFKPI VCN EQOQ UG JC FGUETKVQ GP NC R¶IKPC CPVGTKQT #NVGTPCVKXCOGPVG RQFGOQU RCTCT DTGXGOGPVG GN GOKUQT [ FGURWÃU FG XQNXGT GP OCTEJC FG PWGXQ TGURQPFGT C NC XGPVCPC FG CXKUQ SWG CRCTGEG EQP ő1((Œ [ EQPHKTOCOQU NC UGNGEEKÎP RWNUCPFQ DTGXGOGPVG NC VGENC EGPVTCN 6(7 FGN RCF FG NC FGTG
%QP NCU VGENCU Ÿź FG NC K\SWKGTFC Q NC FGTGEJC XCOQU C NC NÈPGC ő4( VTCPUOKVŒ [ CEVKXCOQU NC XGPVCPC RWNUCPFQ UQDTG NC VGENC 6(7 FG NC FGTGEJC &GURWÃU FG NC UGNGEEKÎP FG NC QWVRWV SWG SWGTCOQU EQP NCU HNGEJCU FGN RCF FG NC K\SWKGTFC Q NC FGTGEJC GN ECORQ EQTTGURQPFKGPVG SWGFC GPEWCFTCFQ 2WNUCT NC VGENC EGPVTCN 6(7 FGN RCF FG NC FGTGEJC 'N CLWUVG CEVWCN UG OWGUVTC GP UQODTGCFQ #JQTC UGNGEEKQPCOQU GN KPRWV FGN ECPCN SWG SWGTCOQU EQP NCU HNGEJCU FGN RCF FG NC FGTGEJC 2QFGOQ
'P GUVG RWPVQ GURGTCT C SWG CECDG GN VKGORQ FG RTWGDC UKGORTG EQP GN OQFGNQ NKUVQ 7PC XG\ GN VKGORQ JC CECDCFQ GN OQFGNQ FGDG QDGFGEGT FG PWGXQ PWGUVTCU QTFGPGU 5K PQ GU GN ECUQ GP GN JC[ SWG EQPVCEVCT EQP WP UGTXKEKQ FG CUKUVGPEKC )TCWRPGT #PVGU FG ECFC XWGNQ JCEGT GUVC RTWGDC FG FKUVCPEKC [ UKOWNCT VQFQU NQU FGURNC\COKGPVQU FG NQU UGTXQU UWUEGRVKDNGU FG KPVGTXGPKT GP XWGNQ 2CTC WPC GXQNWEKÎP UGIWTC FGN OQFGNQ NC RTWGDC FGDG JCEGTUG CN OGPQU C OGVTQU
x %WV QHH &GURWÃU FG JCEGT GUVQ WUCOQU NCU VGENCU RCTC OQXGTPQU C NC EQNWOPC SWG JC[ GPEKOC FGN UÈODQNQ FG KPVGTTWRVQT [ CUKIPCOQU GN KPVGTTWRVQT GP GUVG ECORQ VCN EQOQ UG JC FGUETKVQ GP NC R¶IKPC GP NC UGEEKÎP ő+PVGTTWRVQTGU EQPVTQNGU [ EQPVTQNGU EQOQ KPVGTTWRVQTŒ 2TGHGTKDNGOGPVG WVKNK\CTGOQU WPQ FG NQU KPVGTTWRVQTGU EQP CWVQ TGVQTPQ 59 Q &GPVTQ FG NQU CLWUVGU FG NC #WVQTTQVCEKÎP FGN RTQITCOC FG JGNKEÎRVGTQ FGN GOKUQT OZ *Q66 GZKUVG NC RQUKDKNKFCF FG RTQITCOCT
'N XCNQT GNGXCFQ RTGTTGIKUVTCFQ FG NC EQNWOPC FGN OGFKQ RGTOKVG CUGIWTCT SWG GN OQVQT GP NC ECTTGTC O¶ZKOC FGN UVKEM FG OCPFQ RWGFC RCTCTUG FG OCPGTC UGIWTC EQP WP KPVGTTWRVQT SWG VGPGOQU SWG CUKIPCT GP NC EQNWOPC FG NC FGTGEJC 0Q QDUVCPVG UK SWGTGOQU HKLCT WP XCNQT O¶U DCLQ EQP GN EWCN GN UGTXQ FGN OQVQT Q GN XCTKCFQT FG XGNQEKFCF EQP GN KPVGTTWRVQT EGTTCFQ ECODKG C NC RQUKEKÎP EWV QHH TGFWEKT GN TGEQTTKFQ FGN UGTXQ FG EQNQECPFQ GN UGTXQ FGN OQVQT Q XCTKCFQT FG XGNQEKFCF GP
/QFGN V[RG 5GNGEEKÎP FGN VKRQ FG OQFGNQ CXKÎP 'N OGPÕ ő/QFGN V[RGŒ UG WUC RCTC GUVCDNGEGT GN VKRQ FG OQFGNQ SWG SWGTGOQU RTQITCOCT 'UVQ CEVKXC VQFCU NCU ECTCEVGTÈUVKECU RTQRKCU FG NQU OG\ENCFQTGU HWPEKQPGU CEQRNCFCU GVE RCTC RQFGT RTQITCOCT GN VKRQ FG OQFGNQ SWG JGOQU GUEQIKFQ 2WNUCT DTGXGOGPVG NC VGENC EGPVTCN 6(7 FGN RCF FG NC FGTGEJC /QVQT GP GN % &GURWÃU FG UGNGEEKQPCT NC NÈPGC ő/QVQT QP % Œ EQP NCU VGENCU Ÿź FGN RCF FG NC FGTGEJC Q FG NC K\SWKGTFC GN ECORQ EQTTGURQPFKGP
SWGFC UKGORTG HWPEKQPCN UQNQ RCTC NQU UGTXQU CWPSWG JC[COQU GUEQIKFQ ő #+. (.
KPENWUQ UK GN EQPVTQN FG NQU HTGPQU PQ GUVà RQUKEKQPCFQ GN HKPCN FGN TGEQTTKFQ UG FGUCEVKXCT¶P VQFQU NQU CLWUVGU FG NQU HTGPQU GP GN őPGWVTQŒ #N OKUOQ VKGORQ GN TGEQTTKFQ FG EQPVTQN GHGEVKXQ UG WVKNK\C CWVQO¶VKECOGPVG CN 0QVC 2TGHGTKDNGOGPVG NQU UGTXQU WVKNK\CFQU RCTC JCEGT HWPEKQPCT NQU CGTQHTGPQU SWG RWGFC JCDGT GP WP OQFGNQ FGDGP EQPGEVCTUG C NCU UCNKFCU FGN TGEGRVQT CUKIPCFCU C NCU KPRWVU FG NQU HTGPQU RQT GLGORNQ EQPGEVCT GN UGTXQ FG NQU CGTQHTGPQU GP NC UCNKFC
6KRQ FG JGNKEÎRVGTQ 'UVCDNGEKGPFQ GN VKRQ FG OQFGNQ 'UVG OGPÕ ő/QFGN V[RGŒ UG WUC RCTC GUVCDNGEGT GN VKRQ FG OQFGNQ SWG RTQITCOCTGOQU 'UVQ VCODKÃP CEVKXC NQU OG\ENCFQTGU ECTCEVGTÈUVKEQU HWPEKQPGU CEQRNCFCU GVE RCTC RQFGT RTGRCTCT EQPXGPKGPVGOGPVG GN RTQITCOC GURGEÈHKEQ FG ECFC OQFGNQ ő UGTXQŒ 'N RNCVQ EÈENKEQ GUV¶ IQDGTPCFQ RQT WP UGTXQ FG TQNN NCVGTCN [ WP UGTXQ FG PKEM NQPIKVWFKPCN 'N OCPFQ FGN RCUQ UG JCEG RQT WP UGTXQ RQT UGRCTCFQ 5K WVKNK\COQU GUVC QREKÎP PQ VGPG
7LSR GH SODWR FtFOLFR VHUYRV UROO .
'P NC NÈPGC őRKVEJ OKPŒ GUEQIGOQU GN UGPVKFQ FG HWPEKQPCOKGPVQ FGN UVKEM FGN OCPFQ FGN OQVQT RCUQ UGIÕP PWGUVTCU RTGHGTGPEKCU RGTUQPCNGU &G GUVC GNGEEKÎP FGRGPFG GN HWPEKQPCOKGPVQ EQTTGEVQ FG VQFCU NCU QVTCU QREKQPGU FGN RTQITCOC FG JGNKEÎRVGTQ TGNCVKXCU C NCU HWPEKQPGU FG OQVQT [ RCUQ EQNGEVKXQ RQT GLGORNQ NC EWTXC FGN ICU GN VTKO FGN TGNGPVÈ NC OG\ENC FGN TQVQT FG EQNC GVE 2WNUCOQU NC VGENC EGPVTCN 6(7 FG NC FGTGEJC 'N UGPVKFQ FG HWPEKQPCOKGPVQ
4GINCLG FG NQU UGTXQU NÈOKVG 5GPVKFQ FG TQVCEKÎP PGWVTQ ECTTGTC [ 'P GUVG OGPÕ CLWUVCOQU NQU RCT¶OGVTQU SWG CHGEVCP C ECFC UGTXQ RQT UGRCTCFQ GU FGEKT GN UGPVKFQ FG TQVCEKÎP NC RQUKEKÎP PGWVTC [ NC ECTTGTC #LWUVCT GN XCNQT CRTQRKCFQ WUCPFQ NCU HNGEJCU FG NC FGTGEJC 2WNUCT FG PWGXQ NC VGENC EGPVTCN 6(7 FG NC FGTGEJC RCTC OGOQTK\CT GN CLWUVG 7PC RTGUKÎP UKOWNV¶PGC UQDTG NCU VGENCU Ÿź Q ŻŹ FGN RCF FG NC FGTGEJC %.
0QVC 2QUKDNGOGPVG RTKOGTQ UGC PGEGUCTKQ CUKIPCT CN UGTXQ WPQ FG NQU EQPVTQNGU FGN GOKUQT 5K GU PGEGUCTKQ NQ JCEGOQU GP GN OGPÕ ő% %QPVTQN CFLWUVŒ XGT NC R¶IKPC Q 2CTC GN CLWUVG FG WP CDCVKOKGPVQ CUKOÃVTKEQ GU PGEGUCTKQ FGURNC\CT GN EQPVTQN FGN GOKUQT EQTTGURQPFKGPVG UVKEM DQVÎP RTQRQTEKQPCN Q KPVGTTWRVQT GP GN NCFQ C CLWUVCT FG OCPGTC SWG GN ECORQ GPEWCFTG UQNQ GN XCNQT C OQFKHKECT 2WNUCPFQ NC VGENC EGPVTCN 6(7 FG NC FGTGEJC CEVKXCOQU GN CLWUVG FGN
%QNWOPC ő6TŒ #LWUVGU FG NQU UVKEMU 5GNGEEKÎP FGN OQFQ FG XWGNQ C #ODQU UVKEMU GUV¶P GSWKRCFQU EQP VTKOU FKIKVCNGU %QP ECFC DTGXG RWNUCEKÎP WP őENKEMŒ FGN VTKO EQTTGURQPFKGPVG NC RQUKEKÎP PGWVTC FGN UVKEM ECODKC GP WP KPETGOGPVQ 5K OCPVGPGOQU RWNUCFC NC RCNCPEC FGN VTKO NQU KPETGOGPVQU CWOGPVCP T¶RKFCOGPVG GP NC EQTTGURQPFKGPVG FKTGEEKÎP .
2QT GLGORNQ 2WNUCT DTGXGOGPVG NC VGENC EGPVTCN 6(7 FG NC FGTGEJC 'N CLWUVG CEVWCN UG OWGUVTC GP UQODTGCFQ #JQTC UGNGEEKQPCOQU GN XCNQT SWG SWGTCOQU GPVTG [ EQP NCU HNGEJCU FGN RCF FG NC FGTGEJC 2QT GLGORNQ GN EWCN FGDG OQFKHKECTUG GN XCNQT RWGFC RCUCT FG WPC FKTGEEKÎP C QVTC Ō RQT GLGORNQ RCTC RQFGT CEGNGTCT RTQITGUKXCOGPVG CWPSWG GN UVKEM FGN OQVQT UG FGURNCEG FG OCPGTC FGOCUKCFQ DTWUEC 2QT GN EQPVTCTKQ RQT TC\QPGU FG UGIWTKFCF GN EQTVG RCTQ
%QNWOPC ő6TŒ #LWUVGU FG NQU UVKEMU 5GNGEEKÎP FGN OQFQ FG XWGNQ C #ODQU UVKEMU GUV¶P GSWKRCFQU EQP VTKOU FKIKVCNGU %QP ECFC DTGXG RWNUCEKÎP WP őENKEMŒ FGN VTKO EQTTGURQPFKGPVG NC RQUKEKÎP PGWVTC FGN UVKEM ECODKC GP WP KPETGOGPVQ 5K OCPVGPGOQU RWNUCFC NC RCNCPEC FGN VTKO NQU KPETGOGPVQU CWOGPVCP T¶RKFCOGPVG GP NC EQTTGURQPFKGPVG FKTGEEKÎP .
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#LWUVG FG NQU EQPVTQNGU FGN KPVGTTWRVQT SWG KPFKEC GN UGPVKFQ FG HWPEKQPCOKGPVQ 2TQEGFKOKGPVQU D¶UKEQU RCTC NC CUKIPCEKÎP FG EQPVTQNGU G KPVGTTWRVQTGU %QPVTCTKCOGPVG C NQU FQU UVKEMU SWG GP GN ECUQ FG NC KPKEKCNK\CEKÎP FG WPC PWGXC OGOQTKC GP GN VKRQ FG OQFGNQ őCXKÎPŒ UQP CWVQO¶VKECOGPVG CUKIPCFQU C NQU ECPCNGU [ RQT VCPVQ C NQU UGTXQU EQPGEVCFQU C GUVCU UCNKFCU FGN TGEGRVQT VQFQU NQU QVTQU EQPVTQNGU GUV¶P KPKEKCNOGPVG KPCEVKXQU VCN EQOQ
%QNWOPC ő6[RGŒ &G OCPGTC UKOKNCT CN OGPÕ ő5VKEM OQFGŒ FGUETKVQ CPVGTKQTOGPVG RQFGOQU GUEQIGT GP GUVC EQNWOPC UK NQU QVTQU CLWUVGU FG ECFC GPVTCFC FGDGP JCEGTUG FG OCPGTC ő)N QDCN Œ Q ő2* GURGEÈHKEQU RCTC WPC HCUG G KPXGTUCOGPVG RQT GLGORNQ ő).Œ .QU CLWUVGU GHGEVWCFQU C NC GPVTCFC CEVWCT¶P FG OCPGTC őINQDCNŒ GP VQFCU NCU HCUGU FG XWGNQ [C RTQITCOCFCU FG NC OGOQTKC FGN OQFGNQ GP EWGUVKÎP ő2*Œ .
5K SWGTGOQU JCEGT CLWUVGU CUKOÃVTKEQU FGDGOQU OQXGT GN EQPVTQN FGN GOKUQT DQVÎP RTQRQTEKQPCN Q KPVGTTWRVQT JCEKC GN NCFQ SWG SWGTGOQU CLWUVCT FG OCPGTC SWG GN TGEWCFTCFQ GPINQDG UQNCOGPVG GN NCFQ C CLWUVCT 2WNUCT NC VGENC EGPVTCN 6(7 FG NC FGTGEJC RCTC CECDCT [ EQPHKTOCT NC OGOQTK\CEKÎP 5QP RQUKDNGU XCNQTGU FG NQU RCT¶OGVTQU PGICVKXQU [ RQUKVKXQU GUVQ PQU RGTOKVG CLWUVCT GN OQXKOKGPVQ FGN EQPVTQN FGN GOKUQT GP NC FKTGEEKÎP CFGEWCFC UGIÕP GN OQFGNQ 7PC RTGUKÎP U
GOKUQT #LWUVG FG NQU EQPVTQNGU FGN 2TQEGFKOKGPVQU D¶UKEQU RCTC NC CUKIPCEKÎP FG EQPVTQNGU G KPVGTTWRVQTGU 2WNUCT DTGXGOGPVG NC VGENC EGPVTCN 6(7 FGN RCF FG NC FGTGEJC #FGO¶U FG NQU UVKEMU RCTC NCU HWPEKQPGU FG OCPFQ C GN GOKUQT OZ *Q66 GUV¶ VCODKÃP GSWKRCFQ FG QTKIGP FG NQU UKIWKGPVGU GNGOGPVQU FG EQPVTQN x KPVGTTWRVQTGU FG RQUKEKQPGU 59 %64. [ 59 %64. 'P GUVG OGPÕ SWGFCP CUKIPCFQU CN %64. [ %64. x DQVQPGU FG TGINCLG RTQRQTEKQPCN %64.
ő).Œ .QU CLWUVGU GHGEVWCFQU C NC GPVTCFC CEVWCT¶P FG OCPGTC őINQDCNŒ GP VQFCU NCU HCUGU FG XWGNQ [C RTQITCOCFCU FG NC OGOQTKC FGN OQFGNQ GP EWGUVKÎP ő2*Œ .
OCPGTC SWG GN TGEWCFTQ GPINQDG UQNCOGPVG GN NCFQ C CLWUVCT +ORQTVCPVG %QPVTCTKCOGPVG C NQU CLWUVGU FG NQU UGTXQU GN TGINCLG FG NC ECTTGTC FG NQU EQPVTQNGU FGN GOKUQT CHGEVCT¶ C VQFCU NCU HWPEKQPGU FG OG\ENC SWG FGRGPFCP FG GNNQU GU FGEKT C VQFQU NQU UGTXQU SWG GUVÃP OCPFCFQU RQT GN EQPVTQN FGN GOKUQT GP EWGUVKÎP %QNWOPC ő6KOGŒ %QP NC VGENC EGPVTCN 6(7 FGN RCF FG NC FGTGEJC CEVKXCOQU NC OGOQTK\CEKÎP FG GUVQU XCNQTGU 'N ECORQ GP EWGUVKÎP UG UQODTGC GPVQPEGU %QP NCU V
ő6JTQVVNG Œ 6CODKÃP GP GN RTQITCOC FG JGNKEÎRVGTQ GP RTKPEKRKQ RQFGOQU CUKIPCT C ECFC ECPCN VQFQU NQU GNGOGPVQU FG OCPFQ FKURQPKDNGU DQVÎP FG TGINCLG RTQRQTEKQPCN G KPVGTTWRVQTGU 0Q QDUVCPVG GU PGEGUCTKQ VGPGT GP EWGPVC SWG GP GN OGPÕ ő6TCPUOKVVGT EQPVTQN UGVVKPIUŒ CNIWPQU ECPCNGU FKURQPKDNGU [C GUV¶P RTGUGNGEEKQPCFQU RCTC HWPEKQPGU GURGEÈHKECU FG JGNKEÎRVGTQ [ PQ RQFGOQU FKURQPGT FG GNNQU NKDTGOGPVG 2QT GLGORNQ EQOQ UG FGUETKDG GP NC R¶IKPC GP NC FGUETKREKÎP
(WPEKÎP 6JTQVVNG NKOKV .KOKVCEKÎP FGN OQVQT 0QVC 0CVWTCNOGPVG GU RQUKDNG CLWUVCT WPC EWTXC FG ICU FKHGTGPVG RCTC ECFC HCUG FG XWGNQ &G QTKIGP NC NÈPGC ő6JT N Œ GUV¶ CUKIPCFC CN DQVÎP RTQRQTEKQPCN %64. SWG GUV¶ CTTKDC C NC K\SWKGTFC FGN GOKUQT 'U EKGTVQ SWG GN OQVQT FG WP JGNKEÎRVGTQ PQ NNGIC PWPEC EGTEC FGN RWPVQ FG TGNGPVÈ FWTCPVG UW HWPEKQPCOKGPVQ őPQTOCNŒ GP XWGNQ RQT NQ SWG GU KORQUKDNG RCTCT Q CTTCPECT GN OQVQT H¶EKNOGPVG UKP KPVGTXGPEKÎP GZVGTKQT .
ő*GNKEQRVGT OKZGTUŒ R¶IKPC 5K FGURWÃU FG NC KPKEKCNK\CEKÎP FG NC OGOQTKC JGOQU OQFKHKECFQ NC EWTXC FG OQVQT GUV¶PFCT GPVQPEGU FGDGOQU EQOQ OÈPKOQ RQPGT NQU UKIWKGPVGU RWPVQU GP UWU XCNQTGU QTKIKPCNGU ő2QKPV Œ ő2QKPV Œ [ ő2QKPV Œ #JQTC EQP GN VJTQVVNG NKOKVGT EGTTCFQ CLWUVCT GN TGGPXÈQ OGE¶PKEQ JCUVC SWG GN ECTDWTCFQT GUVà EQORNGVCOGPVG EGTTCFQ *C[ SWG VGPGT GP EWGPVC SWG GN UGTXQ PQ VGPIC O¶U TGEQTTKFQ SWG GN ECTDWTCFQT GP
x x x 2QFGOQU WVKNK\CT NC RCPVCNNC ő5 5GTXQ FKURNC[Œ C NC SWG RQFGOQU CEEGFGT RT¶EVKECOGPVG FGUFG EWCNSWKGT RWPVQ FGN OGPÕ RWNUCPFQ UKOWNV¶PGCOGPVG NCU VGENCU ŻŹFGN RCF FG NC K\SWKGTFC RCTC RQFGT QDUGTXCT NC KPHNWGPEKC FGN GNGOGPVQ FG OCPFQ FGN NKOKVCFQT FGN ICU 0Q FGDGOQU QNXKFCT SWG GP NC OZ *Q66 NC UCNKFC OCPFC UQDTG GN UGTXQ FGN ICU 7P UGTXQ EQPGEVCFQ C NC UCNKFC RWGFG RQT VCPVQ UGT WVKNK\CFQ RQT QVTQ OCPFQ C VTCXÃU FG OG\ENCU UK GP GN OGPÕ ő/+: QPN[ EJCPPGNŒ GUVG
.KOKVCEKÎP FGN ICU GP EQODKPCEKÎP EQP GN OGPÕ ő/QFQ FG 8WGNQŒ %QOQ [C UG JC GZRNKECFQ GP NC R¶IKPC UGNGEEKQPCPFQ ő6JT #4Œ GP NC NÈPGC 6JT FGN OGPÕ 5VKEM OQFG R¶IKPC GN VTKO FKIKVCN FGN UVKEM FGN OCPFQ FGN ICU RCUQ UQNCOGPVG GUV¶ CEVKXQ GP NC HCUG FG XWGNQ ő#WVQTQVŒ 2QT NQ VCPVQ GP NCU HCUGU FG XWGNQ FGPQOKPCFCU EQOQ őPQTOCNGUŒ GN VTKO FGN GNGOGPVQ FG OCPFQ % PQ RWGFG WVKNK\CTUG RCTC CLWUVCT GN TGNGPVÈ FGN O
&WCN 4CVG 'ZRQ %CTCEVGTÈUVKEC FG OCPFQ RCTC #NGTQPGU 2TQHWPFKFCF [ &KTGEEKÎP %QP NCU HNGEJCU FG FKTGEEKÎP FGN RCF FG NC K\SWKGTFC Q FG NC FGTGEJC XCOQU C NC NÈPGC FGN OGPÕ ő&WCN 4CVG 'ZRQŒ FGN OGPÕ OWNVKHWPEKÎP 2WNUCPFQ NC VGENC EGPVTCN 6(7 FG NCU VGENCU FGTGEJCU CEEGFGOQU C NC UKIWKGPVG XGPVCPC .
R¶TTCHQ ő#UKIPCEKÎP FG EQPVTQNGU KPVGTTWRVQTGU [ EQPVTQNGU EQOQ KPVGTTWRVQTŒ R¶IKPC 'P NC RCPVCNNC GN KPVGTTWRVQT CUKIPCFQ UG OWGUVTC EQP GN UÈODQNQ FG KPVGTTWRVQT SWG CFGO¶U KPFKEC GN UGPVKFQ FG HWPEKQPCOKGPVQ FGN OKUOQ 'P GN ECUQ FG NQU KPVGTTWRVQTGU ő)Œ FGN OGPÕ őGZRCPFGF UYKVEJGUŒ GN UVKEM W QVTQ GNGOGPVQ FG OCPFQ RWGFGP JCEGT NC HWPEKÎP FG KPVGTTWRVQT 0Q QDUVCPVG WP KPVGTTWRVQT FG GUVG VKRQ FGDG FGHKPKTUG GP GN OGPÕ %QPVTQN UYKVEJGUŒ R¶IKPC ő% 5GC EW
5GNGEEKQPCOQU NC EQNWOPC 5'.
&WCN 4CVG 'ZRQ %CTCEVGTÈUVKEC FG OCPFQ RCTC 4QNN 0KEM [ TQVQT FG EQNC %QP NCU HNGEJCU FG FKTGEEKÎP FGN RCF FG NC K\SWKGTFC Q FG NC FGTGEJC XCOQU C NC NÈPGC FGN OGPÕ ő&WCN 4CVG 'ZRQŒ FGN OGPÕ OWNVKHWPEKÎP 2WNUCPFQ NC VGENC EGPVTCN 6(7 FG NCU VGENCU FGTGEJCU CEEGFGOQU C NC UKIWKGPVG XGPVCPC .
R¶TTCHQ ő#UKIPCEKÎP FG EQPVTQNGU KPVGTTWRVQTGU [ EQPVTQNGU EQOQ KPVGTTWRVQTŒ R¶IKPC 'P NC RCPVCNNC GN KPVGTTWRVQT CUKIPCFQ UG OWGUVTC EQP GN UÈODQNQ FG KPVGTTWRVQT SWG CFGO¶U KPFKEC GN UGPVKFQ FG HWPEKQPCOKGPVQ FGN OKUOQ 'P GN ECUQ FG NQU KPVGTTWRVQTGU ő)Œ FGN OGPÕ őGZRCPFGF UYKVEJGUŒ GN UVKEM W QVTQ GNGOGPVQ FG OCPFQ RWGFGP JCEGT NC HWPEKÎP FG KPVGTTWRVQT 0Q QDUVCPVG WP KPVGTTWRVQT FG GUVG VKRQ FGDG FGHKPKTUG GP GN OGPÕ %QPVTQN UYKVEJGUŒ R¶IKPC ő% 5GC EW
5GNGEEKQPCOQU NC EQNWOPC 5'.
%WTXC FGN ECPCN %CTCEVGTÈUVKEC FGN EQPVTQN FG NC EWTXC RCTC GN OQVQT CGTQHTGPQU %QP NCU HNGEJCU FG FKTGEEKÎP FGN RCF FG NC K\SWKGTFC Q NC FGTGEJC XCOQU CN OGPÕ ő%JCPPGN %WTXGŒ FGN OGPÕ /WNVKHWPEKÎP .
HNGEJCU Ÿź Q ŻŹ FGN RCF FG NC FGTGEJC %.'#4 7PC DTGXG RWNUCEKÎP UQDTG NC VGENC EGPVTCN (6& FG NC K\SWKGTFC EQORNGVC GN RTQEGUQ UG JC FGUETKVQ KPFGRGPFKGPVGOGPVG FG NC RQUKEKÎP FGN EQPVTQN (WPEKÎP FG VTKO FGN GLG : /QFKHKECEKÎP FG NQU XCNQTGU FG NQU RWPVQU FG TGHGTGPEKC /QXGT GN UVKEM JCUVC GN RWPVQ FG TGHGTGPEKC ő.
0QVC .
%WTXC FGN ECPCN %CTCEVGTÈUVKEC FGN EQPVTQN FG NC EWTXC RCTC GN OQVQT RCUQ EQNGEVKXQ %QP NCU HNGEJCU FG FKTGEEKÎP FGN RCF FG NC K\SWKGTFC Q NC FGTGEJC XCOQU CN OGPÕ ő%JCPPGN %WTXGŒ FGN OGPÕ /WNVKHWPEKÎP OWGUVTC GP NC RCTVG KPHGTKQT K\SWKGTFC FG NC RCPVCNNC RQT GLGORNQ őPQTOCNŒ .
'NKOKPCEKÎP FG RWPVQU FG TGHGTGPEKC (WPEKÎP FG VTKO FG NQU RWPVQU 2CTC UWRTKOKT WPQ FG NQU RWPVQU FG TGHGTGPEKC FG C FGDGOQU EQNQECT EQP GN UVKEM NC NÈPGC XGTVKECN NQ O¶U EGTEC RQUKDNG FGN RWPVQ SWG SWGTGOQU UWRTKOKT &GUFG GN OQOGPVQ GP SWG CRCTGEGP GN PÕOGTQ FGN RWPVQ [ UW XCNQT GP NC NÈPGC ő2WPVQŒ RQFTGOQU UWRTKOKTNQ FGURWÃU FG JCDGT CEVKXCFQ GN ECORQ FG GUVC NÈPGC EQP WPC RWNUCEKÎP UKOWNV¶PGC UQDTG NCU HNGEJCU Ÿź Q ŻŹ FGN RCF FG NC FGTGEJC %.
4GFQPFGQ FG NC EWTXC FGN ECPCN 'P GN UKIWKGPVG GLGORNQ NQU RWPVQU FG TGHGTGPEKC UG JCP OGOQTK\CFQ EQOQ UG GURGEKHKEC UGIÕP UG JC FGUETKVQ GP NC ÕNVKOC UGEEKÎP 2WPVQ FG TGHGTGPEKC C 2WPVQ FG TGHGTGPEKC C [ 2WPVQ FG TGHGTGPEKC C 0QVC .
2CPVCNNC FG KPVGTTWRVQTGU 8KUKÎP FG NQU CLWUVGU FG NQU KPVGTTWRVQTGU 0QVC .C PWOGTCEKÎP C FG NQU KPVGTTWRVQTGU GZVGTPQU OQUVTCFC CSWÈ GSWKXCNG C NC PWOGTCEKÎP KORTGUC GP NC ECLC FG NC GOKUQTC 0Q QDUVCPVG NQU PÕOGTQU FG NQU KPVGTTWRVQTGU PQ VKGPGP KORQTVCPEKC GP NC RTQITCOCEKÎP 7UCPFQ NCU HNGEJCU FGN RCF FG NC K\SWKGTFC Q NC FGTGEJC XCOQU C NC NÈPGC FGN OGPÕ ő5YKVEJ FKURNC[Œ FGN OGPÕ /WNVKHWPEKQPGU .
%QPVTQNGU EQOQ KPVGTTWRVQTGU #UKIPCEKÎP FG NQU EQPVTQNGU EQOQ KPVGTTWRVQT 7UCPFQ NCU HNGEJCU FGN RCF FG NC K\SWKGTFC Q NC FGTGEJC XCOQU C NC NÈPGC FGN OGPÕ ő%QPVTQN UYKVEJŒ FGN OGPÕ /WNVKHWPEKQPGU .
4GUGV FG WP KPVGTTWRVQT FG EQPVTQN C őHTGGŒ 5K SWGTGOQU SWG WP KPVGTTWRVQT FG EQPVTQN XWGNXC C őHTGGŒ FGDGOQU CUGIWTCTPQU SWG NC RCPVCNNC UG OWGUVTG FG NC UKIWKGPVG OCPGTC [ RWNUCT UKOWNV¶PGCOGPVG NCU HNGEJCU Ÿź Q ŻŹ FGN RCF FG NC FGTGEJC %.
KPVGTTWRVQTGU 59 EQOQ GUV¶ GZRNKECFQ GP NC UGEEKÎP ő#UKIPCEKÎP FG NQU KPVGTTWRVQTGU [ EQPVTQNGU FGN GOKUQTŒ GP NC R¶IKPC 'N PÕOGTQ FG GUVG KPVGTTWRVQT GZVGTPQ RQT GLGORNQ GN PÕOGTQ CRCTGEG GP NC RCPVCNNC CPVGU FG NC ÕNVKOC EQNWOPC FG NC FGTGEJC LWPVQ CN UÈODQNQ FG KPVGTTWRVQT SWG OWGUVTC GN GUVCFQ CEVWCN FGN KPVGTTWRVQT &WTCPVG GN VKGORQ GP SWG GUVG KPVGTTWRVQT GUV¶ CDKGTVQ GN KPVGTTWRVQT FG EQPVTQN ő) Œ GUV¶ CEVKXCFQ GU FGEKT EQPOWVC GP GN
%ÎOQ UG RTQITCOC WPC HCUG FG XWGNQ! 3WG UKIPKHKEC RTQITCOCT WPC HCUG FG XWGNQ 0QVCU IGPGTCNGU FG NC RTQITCOCEKÎP FG NCU HCUGU FG XWGNQ #NIWPCU XGEGU JC[ UKVWCEKQPGU EQPETGVCU GP XWGNQ GP NCU SWG UKGORTG PGEGUKVCOQU WPQU CLWUVGU RCTVKEWNCTGU SWK\¶U FKHGTGPVGU CLWUVGU FG HNCRU RCTC FGURGICT [ CVGTTK\CT OQFGNQU FG CXKQPGU Q FKHGTGPVGU CLWUVGU FG NQU RCUQU FGN EQNGEVKXQ [ OQVQT RCTC GUVCEKQPCTKQ [ CWVQTTQVCEKÎP GP WP JGNKEÎRVGTQ .
2JCUG UGVVKPI #LWUVG FG NCU HCUGU FG XWGNQ 7UCPFQ NCU HNGEJCU FGN RCF FG NC K\SWKGTFC Q NC FGTGEJC XCOQU C NC NÈPGC FGN OGPÕ ő2JCUG UGVVKPIUŒ FGN OGPÕ /WNVKHWPEKQPGU .
FG XWGNQ [ RWGFG RCTCTUG FGUFG EWCNSWKGT HCUG FG XWGNQ WUCPFQ NC VGENC (6& /KGPVTCU RQFGOQU OGOQTK\CT VKGORQU FG XWGNVC EQP ő.CRŒ WUCPFQ WP KPVGTTWRVQT 59 GN UKIPKHKECFQ FG NQU FQU VKOGTU ő6KOG Œ [ ő6KOG Œ GU GN UKIWKGPVG 6KOG 'UVG VKOGT UQNCOGPVG OGOQTK\C VKGORQU RCTC NQU EWCNGU WP KPVGTTWRVQT KPVGTTWRVQT FG EQPVTQN Q KPVGTTWRVQT NÎIKEQ CUKIPCFQ GP NC NÈPGC ő.
&GURWÃU FG WPC DTGXG RWNUCEKÎP UQDTG NC VGENC EGPVTCN 6(7 FGN RCF FG NC FGTGEJC RQFGOQU UGNGEEKQPCT WP VKGORQ FG VTCPUKEKÎP GPVTG C UGIWPFQU GP GN XCNQT FGN ECORQ UQODTGCFQ 'LGORNQ 'P GUVG GLGORNQ GN VKGORQ FG VTCPUKEKÎP CLWUVCFQ GPVTG EWCNSWKGT (CUG [ NC (CUG őPQTOCNŒ GU FG UGI 'N VKGORQ FG VTCPUKEKÎP FG NC (CUG C NC (CUG GU FG UGI [ GN RCUQ FG NC (CUG Q C NC (CUG ő5VCTVŒ GU FG UGI 'U KPVGTGUCPVG VGPGT VKGORQU FG RCUQ CUKOÃVTKEQU RQT GLGORNQ GP GN ECUQ FG W
2JCUG UGVVKPI #LWUVG FG NCU HCUGU FG XWGNQ 7UCPFQ NCU HNGEJCU FGN RCF FG NC K\SWKGTFC Q NC FGTGEJC XCOQU C NC NÈPGC FGN OGPÕ ő2JCUG UGVVKPIUŒ FGN OGPÕ /WNVKHWPEKQPGU .C CDTKOQU EQP WPC RWNUCEKÎP UQDTG NC VGENC EGPVTCN 6(7 FGN RCF FG NC FGTGEJC .
6KOG 'UVG VKOGT UQNCOGPVG OGOQTK\C VKGORQU RCTC NQU EWCNGU WP KPVGTTWRVQT KPVGTTWRVQT FG EQPVTQN Q KPVGTTWRVQT NÎIKEQ CUKIPCFQ GP NC NÈPGC ő.
#UKIPCEKÎP FG NCU HCUGU #LWUVG FG NCU HCUGU FG XWGNQ 7UCPFQ NCU HNGEJCU FGN RCF FG NC K\SWKGTFC Q NC FGTGEJC XCOQU C NC NÈPGC FGN OGPÕ ő2JCUG CUUKIPOGPVŒ FGN OGPÕ /WNVKHWPEKQPGU FCT PQODTG C NCU HCUGU 'P GUVG OGPÕ SWG GU KFÃPVKEQ RCTC NQU FQU VKRQU FG OQFGNQU VGPGOQU CJQTC SWG FGVGTOKPCT GN KPVGTTWRVQT Q EQODKPCEKQPGU FG KPVGTTWRVQTGU C VTCXÃU FG NQU EWCNGU CEVKXCTGOQU ECFC HCUG *C[ WPC GZEGREKÎP EWCPFQ PQU OQXGOQU GP GN OGPÕ FG *GN[ UKGORTG FGDGOQU UGN
FGURWÃU RWNUCOQU DTGXGOGPVG NC VGENC EGPVTCN 6(7 FGN RCF FG NC FGTGEJC 0QVCU x x #JQTC EGTTCOQU GN KPVGTTWRVQT Q NQU KPVGTTWRVQTGU CUKIPCFQ [ CUKIPCOQU C GUVC RQUKEKÎP WP PQODTG SWG UGNGEEKQPCTGOQU RTGXKCOGPVG GP GN OGPÕ ő2JCUG UGVVKPIUŒ #UKIPCOQU RQT GLGORNQ CN KPVGTTWRVQT EGTTCFQ ő+Œ GN KPVGTTWRVQT RTKQTKVCTKQ ő#Œ NC HCUG ő.
6TKO FG NCU HCUGU 6TKO GURGEÈHKEQ FG NCU HCUGU FG XWGNQ 7UCPFQ NCU HNGEJCU FGN RCF FG NC K\SWKGTFC Q NC FGTGEJC XCOQU C NC NÈPGC FGN OGPÕ ő2JCUG 6TKOŒ FGN OGPÕ /WNVKHWPEKQPGU NQU KPVGTTWRVQTGU FG NCU HCUGU SWG FGDG FGHKPKTUG GP GN OGPÕ ő2JCUG CUUKIPOGPVŒ FGVGTOKPC NC NÈPGC SWG FGDG UGNGEEKQPCTUG 7P CUVGTKUEQ OCTEC NC HCUG FG XWGNQ CEVWCNOGPVG CEVKXC #N OKUOQ VKGORQ GN PQODTG FG NC EQPHKIWTCEKÎP UG OWGUVTC GP NC RCTVG DCLC K\SWKGTFC FG NC RCPVCNNC 5QNCOGPVG RQFGOQU JCE
0QP FGNC[GF EJCPPGNU 6KGORQ FG RCUQ RCTC ECPCNGU GURGEÈHKEQU GP ECFC HCUG FG XWGNQ 7UCPFQ NCU HNGEJCU FGN RCF FG NC K\SWKGTFC Q NC FGTGEJC XCOQU C NC NÈPGC FGN OGPÕ ő0QP FGNC[GF EJCPPGNŒ FGN OGPÕ /WNVKHWPEKQPGU JGCFKPI NQEM FG NQU IKTÎUEQRQU FG NQU JGNKEÎRVGTQU GVE 8COQU C NC HCUG FG XWGNQ UGNGEEKQPCFC 'UVC UG OWGUVTC GP NC RCTVG DCLC K\SWKGTFC FG NC RCPVCNNC %QP NCU HNGEJCU FGN RCF FG NC K\SWKGTFC Q NC FGTGEJC JCUVC GN EQTTGURQPFKGPVG OQXGOQU GN UÈO
ő$CVV VKOGŒ %TQPÎOGVTQU )GPGTCN .QU ETQPÎOGVTQU GP NC RCPVCNNC KPKEKCN 'P NC RCPVCNNC KPKEKCN UG OWGUVTCP ETQPÎOGVTQU #FGO¶U FGN VKGORQ FG WVKNK\CEKÎP FGN GOKUQT OQUVTCFQ C NC K\SWKGTFC FG NC RCPVCNNC NQU QVTQU FQU UG GPEWGPVTCP GP NC RCTVG UWRGTKQT [ EGPVTCN FG NC FGTGEJC FG NC RCPVCNNC .
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x x TGKPKEKCNK\CFQ EQP WPC RWNUCEKÎP UKOWNV¶PGC FG NCU HNGEJCU Ÿź Q ŻŹ FG NC FGTGEJC &/($5 &WTCPVG NC RTQITCOCEKÎP JGOQU FG VGPGT GP EWGPVC SWG NQU KPVGTTWRVQTGU FG CTTCPSWG FG NQU ETQPÎOGVTQU GUVÃP UKGORTG CEVKXQU 'P NC RCPVCNNC KPKEKCN WPC KORWNUKÎP UKOWNV¶PGC UQDTG NCU HNGEJCU Ÿź Q ŻŹ FG NC FGTGEJC &/($5 RGTOKVG RQPGT GN ETQPÎOGVTQ RCTCFQ CPVGTKQTOGPVG CN XCNQT FG KPKEKQ OGOQTK\CFQ XGT GN CRCTVCFQ ő#NCTOCŒ [ ő6KOGTŒ
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6KOGT ő#NCTOŒ #N KIWCN SWG GP NQU VKOGTU GUV¶PFCT GZRNKECFQU CPVGTKQTOGPVG GUVG VGTEGT ETQPÎOGVTQ GURGEÈHKEQ C WPC HCUG FG XWGNQ RWGFG XQNXGT C RQPGTUG C UW XCNQT FG KPKEKQ GP VQFCU NCU HCUGU RWNUCPFQ UKOWNV¶PGCOGPVG NCU VGENCU Ÿź Q ŻŹ FG NC FGTGEJC %.
CUKIPCFQ GP GUVC NÈPGC .
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/G\ENCU GP OQFGNQU FG CXKQPGU /G\ENCU FG NCU CNCU .
E UQDTG NQU HNCRU FG NQU CNGTQPGU C VTCXÃU FGN XCNQT FGN RQTEGPVCLG CLWUVCFQ GP NC EQNWOPC ő#.Œ [ #. FG NC NÈPGC (.#25 FGN OGPÕ OWNVK HNCR 2CTC WP EQPVTQN O¶U HKPQ FG NC RQUKEKÎP FG NQU HNCRU TGEQOGPFCOQU TGFWEKT GN TGEQTTKFQ CRTQZKOCFCOGPVG CN GP NC NÈPGC ő' Œ FGN OGPÕ ő% %QPVTQN CFLWUV VCODKÃP GU RQUKDNG FGLCT GN CLWUVG RQT FGHGEVQ FG GP NC EQNWOPC #. [ #. FG NC NÈPGC (.
(WPEKQPGU FG NCU OG\ENCU # EQPVKPWCEKÎP VTCVCTGOQU NCU FKHGTGPVGU QREKQPGU FGN OGPÕ ő9KPI OKZGTUŒ KPFGRGPFKGPVGOGPVG UGIÕP NQU OQFGNQU VGPICP Q O¶U UWRGTHKEKGU FG OCPFQ RQT CNC #KNG FKHH FKHH 'P GUVG ECUQ GU PGEGUCTKQ WP UGTXQ RCTC ECFC CNGTÎP SWG RWGFC OQPVCTUG FKTGEVCOGPVG GP GN CNC %QOQ GN TGGPXÈQ GU OW[ EQTVQ GN OCPFQ FG CNGTQPGU UG JCEG RT¶EVKECOGPVG UKP LWGIQ &KHGTGPEKCN FG CNGTQPGU 'P CETQDCEKC UQP PGEGUCTKQ XCNQTGU CDUQNWVQU DCLQU RCTC SW
FKHH HNCRU FKHGTGPEKCN FG NQU HNCRU 6KRQ FG OQFGNQ ő #.Œ 5K GP NC NÈPGC ő#KNG HNCRUŒ FGN OGPÕ ő/QFGN V[RGŒ R¶IKPC UGNGEEKQPCOQU ő #.Œ GN OGPÕ FG NCU OG\ENCU FG NCU CNCU FG PWGUVTQ GOKUQT CRCTGEGT¶ FG NC UKIWKGPVG OCPGTC 'P NC NÈPGC őŸ#.
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QDUVCPVG GN EQPVTQN RQT UGRCTCFQ FG NC FKTGEEKÎP UKGORTG GUV¶ FKURQPKDNG 'N TCPIQ FG CLWUVG FG RGTOKVG CLWUVCT GN UGPVKFQ FG TQVCEKÎP FG NQU UGTXQU FGN OCPFQ FG FKTGEEKÎP *C[ NC RQUKDKNKFCF FG CUKIPCTNG WP KPVGTTWRVQT 59 Q WP UVKEM EQOQ KPVGTTWRVQT SWG PQU RGTOKVG CEVKXCT Q FGUCEVKXCT GUVC HWPEKÎP RCTC RQFGT RKNQVCT GN OQFGNQ ÕPKECOGPVG EQP CNGTQPGU [ NC FKTGEEKÎP RQT UGRCTCFQ %QOQ PQTOC IGPGTCN GUVC OG\ENC UG CLWUVC FG VCN OCPGTC SWG GN OCPFQ FG FKTGEEKÎ
6KRQ FG OQFGNQ ő #. Œ 5K GP NC NÈPGC ő#KNG HNCRUŒ FGN OGPÕ ő/ /QFGN V[RGŒ R¶IKPC UGNGEEKQPCOQU ő #.
FGUCEVKXCT GUVC HWPEKÎP RCTC RQFGT RKNQVCT GN OQFGNQ ÕPKECOGPVG EQP CNGTQPGU [ NC FKTGEEKÎP RQT UGRCTCFQ %QOQ PQTOC IGPGTCN GUVC OG\ENC UG CLWUVC FG VCN OCPGTC SWG GN OCPFQ FG FKTGEEKÎP UG FGURNC\C JCEKC GN NCFQ FGN CNGTÎP SWG UG GNGXC IGPGTCNOGPVG GU UWHKEKGPVG WP XCNQT FG CNTGFGFQT FGN 'N CLWUVG GU UKOÃVTKEQ TGURGEVQ CN RWPVQ PGWVTQ FGN UVKEM FGN OCPFQ FG CNGTQPGU 2WNUCPFQ UKOWNV¶PGCOGPVG NCU HNGEJCU Ÿź Q ŻŹ FG NC FGTGEJC &/($5 RGTOKVG XQNXGT C RQPGT
6KRQ FG OQFGNQ ő #. (.Œ 5K GP NC NÈPGC ő#KNG HNCRUŒ FGN OGPÕ ő/ /QFGN V[RGŒ R¶IKPC UGNGEEKQPCOQU ő #. (.Œ GN OGPÕ FG NCU OG\ENCU FG NCU CNCU FG PWGUVTQ GOKUQT CRCTGEGT¶ FG NC UKIWKGPVG OCPGTC OKUOQ UGPVKFQ [ EWCPFQ OQXGOQU NQU HNCRU UG OWGXGP GP UGPVKFQ EQPVTCTKQ #PVGU FG GPVTCT GP FGVCNNG GP GUVQU OGPÕU GU PGEGUCTKQ WPC RGSWGÌC GZRNKECEKÎP TGURGEVQ CN OGPÕ OWNVK HNCR 6KRQ FG OQFGNQ ő #. (.
&CFQ SWG EQP NC GNGEEKÎP FG ő #. (.Œ JGOQU GUEQIKFQ GN PÕOGTQ O¶ZKOQ FG UGTXQU CFGO¶U FG NCU EQNWOPCU ő#.Œ 6KRQ FG OQFGNQ ő #. (.Œ 5K JGOQU EQPGEVCFQ NQU UGTXQU GP GN TGEGRVQT VCN EQOQ UG KPFKEC GP NC R¶IKPC [ GP GN OGPÕ ő/QFGN V[RGŒ R¶IKPC JGOQU UGNGEEKQPCFQ EQTTGEVCOGPVG NCU UWRGTHKEKGU FG OCPFQ NCU CDTGXKCEKQPGU ő#.Œ ő#. Œ [ ő(.
/QFGNQU &GNVC #NC XQNCPVG EQP O¶U FG FQU UWRGTHKEKGU FG OCPFQ [ EQP GN ÕNVKOQ RCUQ JCEKC NC FGTGEJC CRCTGEGT¶P VQFCU NCU QREKQPGU RCTC NQU HNCRU 5K JGOQU UGNGEEKQPCFQ GN VKRQ FG EQNC ő&GNVC CNC XQNCPVGŒ [ OGOQTK\CFQ GN PÕOGTQ FG UWRGTHKEKGU EQTTGURQPFKGPVG GP NC NÈPGC ő#KNG HNCRUŒ FGN OGPÕ ő/QFGN V[RGŒ NQU CNGTQPGU [ NQU HNCRU [ NC UGIWPFC RCTGLC FG HNCRU UK GZKUVGP PQ UG OWGXGP CN OQXGT NC RTQHWPFKFCF .
/GPÕ /WNVK HNCR 0QVC KORQTVCPVG 'P HWPEKÎP FGN PÕOGTQ FG RCTGLCU FG UWRGTHKEKGU FG OCPFQ CLWUVCFCU GP GN OGPÕ ő/QFGN V[RGŒ CFGO¶U FGN CEEGUQ CN OGPÕ ő#.Œ UK XCOQU O¶U C NC FGTGEJC VGPFTGOQU CEEGUQ CN OGPÕ ő(.Œ Q C NQU OGPÕU ő(.Œ [ ő(. Œ %QOQ NCU RCPVCNNCU ő(.Œ [ ő(. Œ UQP KFÃPVKECU GZEGRVQ RQT GN PQODTG GP NC RCTVG KPHGTKQT FG NC RCPVCNNC NC RCPVCNNC ő#. Œ SWGFC QEWNVCFC RQT TC\QPGU FG GURCEKQ Ÿ#.
2WNUCPFQ UKOWNV¶PGCOGPVG NCU HNGEJCU Ÿź Q ŻŹ FG NC FGTGEJC &/($5 RGTOKVG XQNXGT C RQPGT GN XCNQT OQFKHKECFQ CN XCNQT KPKEKCN FG (N 2QU 2QUKEKÎP FG NQU HNCRU #SWÈ RQFGOQU CLWUVCT GP HWPEKÎP FG NC HCUG FG XWGNQ NC RQUKEKÎP FG VQFQU NQU HNCRU FKURQPKDNGU GP GN OQFGNQ &G GUVC OCPGTC RQFGOQU FGVGTOKPCT UGIÕP NC HCUG FG XWGNQ GP NC SWG PQU GPEQPVTGOQU NC RQUKEKÎP CFGEWCFC FG NQU OCPFQU 'N TCPIQ FG CLWUVG FG Ō C RGTOKVG TGIWNCT GN FK
0QVC IGPGTCN KORQTVCPVG 'P RCTVKEWNCT TGURGEVQ C NCU HWPEKQPGU FG OG\ENC őŸ#.źŒ [ őŸ(.
EQORGPUCEKÎP EQP NC RTQHWPFKFCF RCTC SWG NC XGNQEKFCF PQ UG OQFKHKSWG TGURGEVQ CN XWGNQ PQTOCN [ PQ UG VGPIC SWG VQECT GN VTKO 'U PGEGUCTKQ GXKVCT GN RGNKITQ FG SWG GN OQFGNQ UG FGUCEGNGTG GZEGUKXCOGPVG [C SWG UK JGOQU GORG\CFQ NC CRTQZKOCEKÎP RCTC GN CVGTTK\CLG FGOCUKCFQ RTQPVQ [ NC SWGTGOQU RTQNQPICT TGEQIKGPFQ FG PWGXQ NQU HTGPQU RWGFG UGT SWG PQ VGPICOQU VKGORQ FG FCT QVTC XWGNVC [ GUVTGNNGOQU GN OQFGNQ FKHH TGF
%WTXC FG NC RTQHWPFKFCF #GTQHTGPQU ¼ 2TQHWPFKFCF %WCPFQ UCECOQU NQU CGTQHTGPQU WVKNK\CPFQ GN EQPVTQN Ō SWG JGOQU FGHKPKFQ GP NC NÈPGC ő$TCMG QHHŒ FGN OGPÕ ő/QFGN V[RGŒ R¶IKPC RCTC NQU ECPCNGU Q EQOQ JGOQU FGUETKVQ GP GN CPVGTKQT OGPÕ ő#LWUVGU FG NQU CGTQHTGPQUŒ NC VTC[GEVQTKC FGN OQFGNQ RWGFG XGTUG KPHNWGPEKCFC PGICVKXCOGPVG OQXKGPFQ GN OQTTQ CTTKDC Q CDCLQ %QP GUVG VKRQ FG OG\ENC GUVQU GHGEVQU KPFGUGCFQU RWGFGP EQTTGIKTUG ITCEKCU C WPC EQORGPUCEKÎP EQP NC R
7P XCNQT FG CRTQZKOCFCOGPVG GN GU WP DWGP EQORTQOKUQ (NCRU ¼ 2TQHWPFKFCF %WCPFQ UG DCLCP NQU (NCRU UG RTQFWEG WP GHGEVQ UGEWPFCTKQ SWG CEVÕC UQDTG GN GLG VTCPUXGTUCN FGN OQFGNQ +IWCNOGPVG RQFGOQU PGEGUKVCT SWG GN OQFGNQ UGC WP RQEQ O¶U T¶RKFQ UWDKGPFQ NKIGTCOGPVG NQU HNCRU 'UVC OG\ENC RWGFG WUCTUG RCTC CODCU PGEGUKFCFGU )TCEKCU C GUVC OG\ENC EWCPFQ NQU HNCRU DCLCP GP HWPEKÎP FG NQU XCNQTGU CLWUVCFQU NC RQUKEKÎP FGN OCPFQ FG RTQHWPFKFCF UG EQTTKIG C
/G\ENCU FG JGNKEÎRVGTQU #LWUVG FGN RCUQ OQVQT [ TQVQT FG EQNC GP HWPEKÎP FG NCU HCUGU FG XWGNQ 'P GN OGPÕ UG FGUETKDKT¶P VQFCU NCU OG\ENCU FG JGNKEÎRVGTQ GURGEÈHKECU C NCU HCUGU FG XWGNQ C GZEGREKÎP FG NCU OG\ENCU FG NC #WVQTTQVCEKÎP SWG UGT¶ VTCVCFC C RCTVKT FG NC R¶IKPC 'UVCU OG\ENCU GUV¶P FGUVKPCFCU C NQU CLWUVGU FG DCUG FG WP JGNKEÎRVGTQ 2CTC NC RTQITCOCEKÎP FG NCU HCUGU FG XWGNQ XGT NQU OGPÕU x ő$CUG UGVWR OQFGNŒ R¶IKPC x ő2JCUG UGVVKPI
2CUQ EQNGEVKXQ RKVEJ %WTXC FGN RCUQ %J ¼ EQNNGEVKXG %QP NCU HNGEJCU Ÿź FGN RCF FG NC K\SWKGTFC Q NC FGTGEJC PQU EQNQECOQU GP NC NÈPGC ő%QNNGEVKXG RKVEJŒ [ RWNUCOQU NC VGENC EGPVTCN 6(7 FG NC FGTGEJC %QPVTCTKCOGPVG CN OGPÕ ő%JCPPGN EWTXGŒ GUVC RCPVCNNC OWGUVTC UQNCOGPVG NC EWTXC FG OCPFQ FG NQU UGTXQU FGN RCUQ OKGPVTCU SWG NC EWTXC FGN ECPCN OWGUVTC VQFQU NQU UGTXQU SWG UQP OCPFCFQU RQT GN UVKEM FGN OCPFQ FGN )CU RCUQ *GOQU FG VGPGT GP EWGPVC SWG NC UGÌCN
'P GUVG GLGORNQ GN RWPVQ FG TGHGTGPEKC ő Œ UG JC CLWUVCFQ C *C[ SWG VGPGT GP EWGPVC SWG NQU RWPVQU ő.
0QVCU x x 5K JGOQU TGRWGUVQ GN RWPVQ JQTK\QPVCN O¶U CNN¶ FG NC RQUKEKÎP FGN EQPVTQN GP CRTQZKOCFCOGPVG GN UKIPQ ő!Œ TGCRCTGEG GP NC NÈPGC 'UVG UKIPQ FG KPVGTTQICEKÎP PQ UG TGHKGTG CN RWPVQ TGRQUKEKQPCFQ NQ SWG UKIPKHKEC GU SWG GN UKIWKGPVG RWPVQ RWGFG CLWUVCTUG GP NC RQUKEKÎP CEVWCN FGN EQPVTQN *C[ SWG VGPGT GP EWGPVC SWG GN XCNQT FGN RQTEGPVCLG GP NC NÈPGC ő1WVRWVŒ UKGORTG UG TGHKGTG C NC RQUKEKÎP CEVWCN FGN UVKEM [ PQ C NC RQUKEKÎP FGN RWPVQ
EQNQECTUG C NC OKVCF FG NC ECTTGTC FGN OCPFQ C HKP FG RQFGT CFCRVCT NC EWTXC FGN OQVQT C NC FGN RCUQ *GNKEÎRVGTQU EQP OQVQT INQY Q GNÃEVTKEQ EQP TGIWNCFQT FG XGNQEKFCF 'UVG CLWUVG UQNCOGPVG EQPEKGTPG C NC EWTXC FG OCPFQ FGN UGTXQ FGN ICU Q GN TGIWNCFQT FG XGNQEKFCF 'N OÃVQFQ RCTC CLWUVCT NC EWTXC FG OQVQT RCTC WP OQFGNQ GSWKRCFQ EQP WP IQXGTPQT Q TGIWNCFQT UG GZRNKECT¶ O¶U CFGNCPVG &G NC OKUOC OCPGTC SWG NC EWTXC FGN RCUQ XGT R¶IKPC CPVGTKQT NC EWTXC FGN ICU RWGFG FGHKPKTUG RQT R
x FGN UVKEM FGN OCPFQ FG ICU RCUQ GN OQVQT IKTC CN TGNGPVÈ [ UQNCOGPVG UG RWGFG CEGNGTCT C VTCXÃU FGN VTKO FGN %J 'UVC RQUKDKNKFCF RGTOKVG CTTCPECT [ RCTCT GN OQVQT GN OQVQT GP EWCNSWKGTC FG NCU HCUGU FG XWGNQ &GURWÃU FG CTTCPECT GN OQVQT IKTCT FGURCEKQ GN VJTQVVNG NKOKVGT JCUVC GN GZVTGOQ QRWGUVQ RCTC SWG GN EQPVTQN VQVCN FGN UGTXQ FGN OQVQT XWGNXC CN UVKEM FGN OQVQT RCUQ EQNGEVKXQ 2CTC SWG GN UGTXQ FGN OCPFQ FGN ICU PQ SWGFG NKOKVCFQ RQT VJTQVVNG
2QT NQ VCPVQ NQU RWPVQU FG TGHGTGPEKC ő C Œ JCP FG UWRTKOKTUG UK [C GUV¶P EQNQECFQU [ EQNQECT NQU RWPVQU FG TGHGTGPEKC ő.
4QVQT FG EQNC ¼ /QVQT #NVGTPCVKXCOGPVG OCPVGPGT GN JGNKEÎRVGTQ GP GUVCEKQPCTKQ ETW\CFQ CN XKGPVQ GP WP FÈC HCXQTCDNG OCPVGPKGPFQ NC FGHNGZKÎP PGEGUCTKC FGN TQVQT FG EQNC 'N XCNQT FG NC OG\ENC FGDGOQU CLWUVCTNQ JCUVC SWG NC XGNQEKFCF TQVCEKQPCN PQ GORKGEG C DCLCT GP GUVC UKVWCEKÎP 4QNN TQVQT FG EQNC [ PKEM TQVQT FG EQNC 4QNN ¼ OQVQT [ 0KEM ¼ OQVQT 'N TQVQT FG EQNC PQTOCNOGPVG EQORGPUC GN GHGEVQ FGN VQTSWG FGN TQVQT RTKPEKRCN UQDTG GN HWUGNCLG RGTQ GU VCOD
5WRTGUKÎP FGN IKTÎUEQRQ 6CN EQOQ EQOGPV¶DCOQU CN RTKPEKRKQ GUVC HWPEKÎP PQ FGDG WUCTUG UK PWGUVTQ OQFGNQ GUV¶ GSWKRCFQ EQP WP IKTÎUEQRQ OQFGTPQ 0Q QDUVCPVG RQT HCXQT NGGT NCU KPUVTWEEKQPGU FG QRGTCEKÎP UWOKPKUVTCFCU EQP GN IKTÎUEQRQ [C SWG UK PQ PWGUVTQ OQFGNQ RWGFG XQNXGTUG KPEQPVTQNCDNG 'UVG OGPÕ UG JC OCPVGPKFQ RCTC SWG GN RTQITCOC RWGFC UWOKPKUVTCT VQFCU NCU RQUKDKNKFCFGU C NQU RKNQVQU [ UWU RTGHGTGPEKCU 'P GUVG RTQITCOC UGIOGPVCOQU GN GHGEVQ FGN UGPUQT FGN IKTÎUEQRQ őI[T
#LWUVG FGN IKTÎUEQRQ 2CTC QDVGPGT GN O¶ZKOQ FG GUVCDKNKFCF FGN JGNKEÎRVGTQ CNTGFGFQT FG UW GLG XGTVKECN JC[ SWG UGIWKT NQU UKIWKGPVGU EQPUGLQU x .QU UKUVGOCU FG EQPVTQN PQ FGDGP VGPGT LWGIQ [ PQ VGPGT PKPIÕP őRWPVQ FWTQŒ x .
'N FKDWLQ UKIWKGPVG OWGUVTC GN GHGEVQ FG WP CLWUVG FGN .
#LWUVG FG NCU EWTXCU FGN ICU [ FGN RCUQ 2TQEGFKOKGPVQ RT¶EVKEQ 'N OCPFQ FGN ICU [ FGN RCUQ EQNGEVKXQ UG GHGEVÕC RQT UGTXQU KPFGRGPFKGPVGU CWPSWG HWPEKQPCP GP RCTCNGNQ GZEGRVQ GP NC HCUG FG CWVQTTQVCEKÎP EQP GN UVKEM FGN ICU RCUQ 'UVC OG\ENC UG JCEG CWVQO¶VKECOGPVG FG NC HQTOC CFGEWCFC GP GN RTQITCOC FG JGNKEÎRVGTQ 'N VTKO FG NC HWPEKÎP FG OCPFQ GP GN RTQITCOC FGN GOKUQT OZ *Q66 GP RTKPEKRKQ UQNCOGPVG CEVÕC EQOQ VTKO FGN TGNGPVÈ FGN OCP
JGNKEÎRVGTQU [ UWU OQVQTGU CPVGU FG JCEGTNQ RQT RTKOGTC XG\ %QP GUVQU CLWUVGU D¶UKEQU [ UKIWKGPFQ NCU KPUVTWEEKQPGU FG RWGUVC GP OCTEJC FGN OQVQT GUVG FGDG RQFGT RQPGTUG GP OCTEJC [ RQFTGOQU CLWUVCT GN TGNGPVÈ EQP GN VTKO FGN OCPFQ FGN ICU RCUQ .
GN UVKEM RQT FGDCLQ FG NC RQUKEKÎP OGFKC FGN UVKEM UG FGDG TGFWEKT GN ¶PIWNQ FG NCU RCNCU 'P CNIWPCU EQPFKEKQPGU RWGFG UGT SWG PQU XGCOQU QDNKICFQU C EQTTGIKT NC CDGTVWTC FGN ECTDWTCFQT FGN RWPVQ FG XWGNQ GUVCEKQPCTKQ 2WPVQ ő Œ FGN OGPÕ ő%J ¼ 6JTQVVNGŒ 'UVC XKUVC UQNQ TGRTGUGPVC NC OQFKHKECEKÎP FGN RWPVQ FG XWGNQ GUVCEKQPCTKQ GU FGEKT SWG GN RCUQ OÈPKOQ [ GN RCUQ O¶ZKOQ UG JCP FGLCFQ C Ō [ %QPVKPWCOQU CLWUVCPFQ GUVQU TGINCLGU JCUVC QDVGPGT WP TÃIKOGP FG OQVQT
/G\ENCU FG JGNKEÎRVGTQU #LWUVGU FG NC CWVQTTQVCEKÎP 6CPVQ GP WP JGNKEÎRVGTQ TGCN EQOQ GP WP OQFGNQ NC CWVQTTQVCEKÎP RGTOKVG CVGTTK\CT GP ECUQ FG WTIGPEKC RQT GLGORNQ GP GN ECUQ FGN RCTQ FGN OQVQT +IWCNOGPVG GP ECUQ FG CXGTÈC FGN TQVQT FG EQNC GN JGEJQ FG RQFGT RCTCT GN OQVQT KPOGFKCVCOGPVG GXKVC WPC TQVCEKÎP KPEQPVTQNCFC CNTGFGFQT FGN GLG XGTVKECN 'N CVGTTK\CLG GP CWVQTTQVCEKÎP GU NC ÕPKEC RQUKDKNKFCF RCTC NNGXCT GN JGNKEÎRVGTQ KPVCEVQ CN UWGNQ [ GXKVCT
0QVC %QP NC QREKÎP ő/QVQT UVQRŒ FGN OGPÕ ő$ $CUG UGVWR OQFGNŒ VGPGOQU C PWGUVTC FKURQUKEKÎP WPC UQNWEKÎP FKHGTGPVG RCTC WPC HWPEKÎP FG ő2CTQ FG GOGTIGPEKCŒ 4QVQT FG EQNC #4 %QORGPUCEKÎP FGN TQVQT FG EQNC 'P XWGNQ PQTOCN GN TQVQT FG EQNC GUV¶ CLWUVCFQ FG VCN OCPGTC SWG RWGFC EQORGPUCT GN GHGEVQ IKTQUEÎRKEQ FGN TQVQT RTKPEKRCN GP GN GUVCEKQPCTKQ 'UVQ UKIPKHKEC SWG UG RTQFWEG WPC EKGTVC RQVGPEKC KPENWUQ GP GN RWPVQ PGWVTQ 'N PKXGN FG GUVC RQVGPEKC RWGFG XCTKCTUG ITCEKCU
0QVCU IGPGTCNGU TGNCVKXCU C NCU OG\ENCU NKDTGU 'P NCU R¶IKPCU RTGEGFGPVGU UG JCP FGUETKVQ PWOGTQUCU OG\ENCU RTGFGHKPKFCU TGNCVKXCU C NQU OGPÕU ő9KPI OKZGTUŒ [ ő*GNKEQRVGT OKZGTUŒ 'N UKIPKHKECFQ FG NCU OG\ENCU CUÈ EQOQ GN RTKPEKRKQ FG HWPEKQPCOKGPVQ UG JCP GZRNKECFQ GP NC R¶IKPC # RCTVKT FG CJQTC XGTGOQU NCU KPHQTOCEKQPGU TGNCVKXCU C NCU OG\ENCU FGPQOKPCFCU őNKDTGUŒ őHTGG OKZGTUŒ #FGO¶U FG NCU OG\ENCU RTGFGHKPKFCU [C EKVCFCU GN GOKUQT OZ *Q66 RGTOK
/G\ENCU NKDTGU /G\ENCU NKDTGU NKPGCNGU [ GP EWTXC +PFGRGPFKGPVGOGPVG FGN VKRQ FG OQFGNQ GUEQIKFQ JC[ RCTC ECFC WPC FG NCU OGOQTKCU NC RQUKDKNKFCF FG OGOQTK\CT OG\ENCFQTGU NKPGCNGU UWRNGOGPVCTKQU / / [ CDTKTNQ RWNUCPFQ NC VGENC EGPVTCN 6(7 FG NC FGTGEJC [ EWTXCU FG OG\ENC % % EQP NC QREKÎP UWRNGOGPVCTKC FG EQPXGTVKTNQU GP PQ NKPGCNGU #FGO¶U GP GN OGPÕ ő/+: CEVKXG RJCUGŒ R¶IKPC VGPGOQU NC RQUKDKNKFCF FG CEVKXCT Q FGUCEVKXCT
FG OCPFQ Q 5 GP GN ECORQ UQODTGCFQ FG NC NÈPGC FG OG\ENC UGNGEEKQPCFC 2CTC OC[QT ENCTKFCF NCU HWPEKQPGU FG OCPFQ GP GN RTQITCOC FG NQU OQFGNQU FG CXKQPGU UG CDTGXKCP FG NC UKIWKGPVG OCPGTC % #.
EQP NCU HNGEJCU FG NC FGTGEJC GN ECORQ UQODTGCFQ ő6TŒ 'N GHGEVQ FGN PKXGN FGN VTKO FGN %J GP GN QWVRWV FG NC OG\ENC FGRGPFGT¶ FG NC HWPEKÎP SWG NG JGOQU CUKIPCFQ GP GN OGPÕ ő/ /QFGN V[RGŒ R¶IKPC GP NC EQNWOPC ő/QVQT CV %J Œ RCTC NQU OQFGNQU FG CXKQPGU 6TKO 0KPIWPQ *CEKC CFGNCPVG *CEKC CVT¶U EQNWOPC ő6KRQŒ UGNGEEKQPCOQU NC HNGEJC ő Œ Q ő6T Œ UK GN VTKO FGDG CEVWCT CN OKUOQ VKGORQ GP NC UGÌCN FG GPVTCFC 'LGORNQ &QU OG\ENCU /+: ¼ [ ¼ C 5
KPVGTKQTGU FG WPC CNC FG UWRGTHKEKGU FG OCPFQ UQDTG NCU UCNKFCU [ FGN TGEGRVQT 1VTCU RCTVKEWNCTKFCFGU FG NCU OG\ENCU NKDTGU 'PVTCFC FG NC OG\ENC 5CNKFC FG NC OG\ENC .
/G\ENCU / #LWUVG FG NQU XCNQTGU FG OG\ENCU NKPGCNGU 'P WP OQFGNQ FG OQVQT PGEGUKVCOQU SWG NQU FQU UGTXQU RCTC NQU HNCRU EQPGEVCFQU C NCU UCNKFCU FGN TGEGRVQT [ SWG UG JCP RTQITCOCFQ EQOQ ő (.
2QTEGPVCLGU FG OG\ENCU UKOÃVTKECU 0QVC x 'N UKIWKGPVG RCUQ GU FGHKPKT NQU XCNQTGU FG NC OG\ENC RQT GPEKOC [ RQT FGDCLQ FGN RWPVQ PGWVTQ C RCTVKT FG NC RQUKEKÎP CEVWCN FG GUVG RWPVQ %QP NC HNGEJC Ÿ FG NC K\SWKGTFC Q NC FGTGEJC XCOQU C NC NÈPGC SWG JC[ FGDCLQ FG NC NÈPGC ő/KZ KPRWV %QP NCU HNGEJCU ŻŹ FG NC K\SWKGTFC Q NC FGTGEJC UGNGEEKQPCOQU GN ECORQ 6<0 RCTC FGHKPKT GN RQTEGPVCLG FG OG\ENC UKOÃVTKEC TGURGEVQ CN RWPVQ 1HHUGV SWG CECDCOQU FG CLWUVCT &GUR
.QU GLGORNQU OQUVTCFQU GP NC UKIWKGPVG UGEEKÎP UQP UQNCOGPVG RTQRWGUVCU FG FGOQUVTCEKÎP PQ TGRTGUGPVCP EWTXCU FG OG\ENCU TGCNGU 5K ECODKCOQU GN RWPVQ 1HHUGV FG NC ECTTGTC FGN OCPFQ FG Ō C UGNGEEKQPCPFQ EQP NC HNGEJC Ź FG NC K\SWKGTFC Q NC FGTGEJC GN ECORQ 6(7 [ RWNUCOQU UKOWNV¶PGCOGPVG NCU FQU HNGEJCU Ÿź Q ŻŹ FG NC FGTGEJC &/($5 QDVGPFTGOQU NC UKIWKGPVG EQPHKIWTCEKÎP 0QVC 'P GN ECUQ FG WUCT WP KPVGTTWRVQT FG ECPCN FGN VKRQ ő5 ¼ 00 Œ GU PGEGUCTKQ KPXGTVKT G
GUVQU UQP CWVQO¶VKECOGPVG TGPWOGTCFQU UGEWGPEKCNOGPVG FG K\SWKGTFC C FGTGEJC %WCPFQ RWNUCOQU NC VGENC EGPVTCN 5'6 FGN RCF FG NC FGTGEJC GN UÈODQNQ őŏŒ SWGFC TGGORNC\CFQ RQT GN PÕOGTQ FGN RWPVQ [ UG CEVKXC GN ECORQ SWG GUV¶ CN NCFQ %QP NCU HNGEJCU FGN RCF FG NC FGTGEJC CJQTC RQFGOQU OQFKHKECT GN XCNQT FGN RWPVQ GP WP TCPIQ FG RQT GLGORNQ 2TQEGFGOQU FG NC OKUOC OCPGTC RCTC NQU QVTQU RWPVQU GN QTFGP GP GN EWCN IGPGTGOQU NQU RWPVQU CFKEKQPCNGU GPVTG ő.
5CNKOQU FG GUVC HWPEKÎP FG VTKO FG NQU RWPVQU RWNUCPFQ NC VGENC EGPVTCN (6& FGN RCF FG NC K\SWKGTFC 4GFQPFGQ FG NC EWTXC 'LGORNQU 'UVC EWTXC EQP RGTHKN őRWPVKCIWFQŒ RWGFG TGFQPFGCTUG CWVQO¶VKECOGPVG UKORNGOGPVG RWNUCPFQ WPC VGENC &GURNC\COQU GN EWCFTCFQ JCEKC CTTKDC EQP NCU HNGEJCU FG NC K\SWKGTFC Q NC FGTGEJC JCUVC NC NÈPGC ő%WTXGŒ [ RWNUCOQU DTGXGOGPVG NC VGENC EGPVTCN 6(7 FG NC FGTGEJC RCTC CEVKXCT GN ECORQ FG GUVC NÈPGC ő%WTXGŒ 2CTC NC CDGTVWTC [ EKGTTG FGN ICPEJQ
CEVKXCT Q FGUCEVKXCT NC OG\ENC UGIÕP PWGUVTCU PGEGUKFCFGU %QP NC HNGEJC Ÿ FG NC K\SWKGTFC Q NC FGTGEJC PQU OQXGOQU C NC NÈPGC RQT FGDCLQ FG ő/KZ KPRWVNŒ [ RWNUCOQU NC VGENC EGPVTCN 6(7 FG NC FGTGEJC 'P NQU ECORQU UQODTGCFQU EQP NCU HNGEJCU FG NC FGTGEJC CLWUVCOQU GN RQTEGPVCLG FG OG\ENC UKOÃVTKEC PGEGUCTKQ FGURWÃU FG JCDGT RWGUVQ GN KPVGTTWRVQT FG NC OG\ENC GP RQUKEKÎP FG 10 5K GP WPC CNC EQP FKXGTUCU UWRGTHKEKGU FG OCPFQ VGPGOQU RTGXKUVQ WVKNK\CT WP
/+: CEVKXQU GP NCU HCUGU 5GNGEEKÎP FG OG\ENCFQTGU RCTC ECFC HCUG FG XWGNQ %QP NCU HNGEJCU FGN RCF FG NC K\SWKGTFC Q NC FGTGEJC PQU XCOQU CN RWPVQ FGN OGPÕ FGN OGPÕ /WNVKHWPEKQPGU 7PC DTGXG RWNUCEKÎP FG NC VGENC EGPVTCN 6(7 FGN RCF FG NC FGTGEJC PQU RGTOKVG CEEGFGT CN UKIWKGPVG OGPÕ #EVKXCT NC HCUG GP EWGUVKÎP [ OQXGTUG FGPVTQ FGN OGPÕ EQP NCU HNGEJCU .
/+: QPN[ EJCPPGN 5GRCTCEKÎP FG NC HWPEKÎP FGN EQPVTQN FG NQU ECPCNGU RCTC ECFC HCUG FG XWGNQ %QP NCU HNGEJCU FGN RCF FG NC K\SWKGTFC Q NC FGTGEJC PQU XCOQU CN RWPVQ FGN OGPÕ FGN OGPÕ /WNVKHWPEKQPGU 7PC DTGXG RWNUCEKÎP FG NC VGENC EGPVTCN 6(7 FGN RCF FG NC FGTGEJC PQU RGTOKVG CEEGFGT CN UKIWKGPVG OGPÕ NQU SWG JC UKFQ CUKIPCFQ Q SWG VQFCXÈC VGPGOQU SWG CUKIPCT GP GN OGPÕ ő%QPVTQN CFLWUVŒ GP HWPEKÎP FG NC HCUG WP GNGOGPVQ FG EQPVTQN Q WP KPVGTTWRVQT 2QT UWRWGUVQ NQ EQPVTCT
'LUH F 3U R I &DQDOHV 6DOLGDV UHFHSWRU 'LUH F F 'LUH I 3UR %QP NCU HNGEJCU FGN RCF FG NC K\SWKGTFC Q NC FGTGEJC PQU XCOQU CN RWPVQ FGN OGPÕ I 3U R /G\ENC FG FQU ECPCNGU GP GN OKUOQ Q FKHGTGPVG UGPVKFQ RCTC őWPC EQNC GP 8 EQP FKHGTGPEKCN GP NC FKTGEEKÎPŒ 6WLFN GH OD SURIXQGLGDG (QWUDGDV GH ODV IXQFLRQHV /G\ENCU FWCNGU 6WLFN GH OD GLUHFFLyQ WPC HWPEKÎP FG OCPFQ GP GN OKUOQ UGPVKFQ [ NC QVTC GP UGPVKFQ QRWGUVQ EQP WPC GNGEEKÎP NKDTG FGN ECPCN [ FGN
GN CLWUVG FGN QHHUGV [ GN TGEQTTKFQ RCTC QDVGPGT NQU TGUWNVCFQU SWG SWGTCOQU 0QVC 2QFGOQU WUCT GN OGPÕ ő5GTXQ FKURNC[Œ RCTC EQORTQDCT VQFQU NQU CLWUVGU SWG JGOQU NNGXCFQ C ECDQ 2QFGOQU CEEGFGT C GUVG OGPÕ RT¶EVKECOGPVG FGUFG EWCNSWKGT RCPVCNNC RWNUCPFQ NCU VGENCU ŻŹ FGN RCF FG NC K\SWKGTFC
/G\ENCU FGN RNCVQ EÈENKEQ /G\ENCU FG 2CUQ EQNGEVKXQ 4QNN [ 0KEM %QP NCU HNGEJCU FGN RCF FG NC K\SWKGTFC Q NC FGTGEJC PQU XCOQU CN RWPVQ FGN OGPÕ FGN OGPÕ /WNVKHWPEKQPGU 7PC DTGXG RWNUCEKÎP FG NC VGENC EGPVTCN 6(7 FGN RCF FG NC FGTGEJC PQU RGTOKVG CEEGFGT CN UKIWKGPVG OGPÕ 0QVC 'UVG PQ CRCTGEGT¶ GP GN OGPÕ OWNVKHWPEKQPGU UK GP NC NÈPGC ő5YCUJRNCVGŒ FGN OGPÕ ő*GNKEQRVGT V[RGŒ JGOQU UGNGEEKQPCFQ ő UGTXQŒ 'P NQU OQFGNQU FG JGNKEÎRVGTQ GP NQU SWG GN RCUQ GUV¶ OCPFCFQ
%WCPFQ GUVCU UGÌCNGU UQP TGCNOGPVG őKNGIKDNGUŒ RQT GLGORNQ RQT KPVGTHGTGPEKCU Q RGTVWTDCEKQPGU GZVGTKQTGU GN TGEGRVQT TGGORNC\C CWVQO¶VKECOGPVG GP HWPEKÎP FG NQU CLWUVGU FGUETKVQU C EQPVKPWCEKÎP Ō NCU UGÌCNGU GTTÎPGCU RQT NCU UGÌCNGU OGOQTK\CFCU EQTTGEVCOGPVG GP GN TGEGRVQT +IWCNOGPVG GN TGEGRVQT RWGFG őGPOCUECTCTŒ RGSWGÌCU RGTVWTDCEKQPGU Q KPVGTTWREKQPGU NQ SWG RTQFWEG NQU HCOQUQU VGODNQTGU GP NQU UGTXQU 'P GUVG ECUQ GN .
5KUVGOC 6TCKPGT %QPGZKÎP FG FQU GOKUQTGU C VTCXÃU FG ECDNG RCTC GN UKUVGOC FG GUEWGNC %QP NCU HNGEJCU FG NC FGTGEJC Q NC K\SWKGTFC UGNGEEKQPCOQU FGPVTQ FG NC NKUVC /WNVKHWPEKÎP GN OGPÕ ő6TCKPGTŒ 7PC RWNUCEKÎP UQDTG NC VGENC EGPVTCN 6(7 FG NC FGTGEJC PQU RGTOKVG CDTKT NC UKIWKGPVG XGPVCPC 0QVC .
%QOQ GUVCOQU CN RTKPEKRKQ FG NC RTQITCOCEKÎP FG WP UKUVGOC GUEWGNC GU RQEQ RTQDCDNG SWG WP GOKUQT CNWOPQ GUVÃ [C TGNCEKQPCFQ EQP WP GOKUQT RTQHGUQT GN GOKUQT TGCEEKQPCT¶ KPOGFKCVCOGPVG CN OQXKOKGPVQ FGN KPVGTTWRVQT C VTCXÃU FG WPC CNGTVC XKUWCN [ UQPQTC /QXGOQU GPVQPEGU FG PWGXQ GN KPVGTTWRVQT SWG CECDCOQU FG CUKIPCT '5%7'.# '0 .
x x EGUKÎP FGN OCPFQ FGN OQFGNQ CN GOKUQT CNWOPQ +PFGRGPFKGPVGOGPVG FGN VKRQ FG VTCPUOKUKÎP *( FGN GOKUQT RTQHGUQT TGURGEVQ CN OQFGNQ GN GOKUQT CNWOPQ FGDG GUVCT UKGORTG GP OQFQ 22/ 5K GP GN GOKUQT CNWOPQ NC EQPGZKÎP UG JCEG EQP WPC VQOC &5% FGLCT 5+'/24' GN KPVGTTWRVQT FGN GOKUQT CNWOPQ GP RQUKEKÎP ő1((Œ [C SWG UQNCOGPVG FG GUVC OCPGTC GUVCTGOQU UGIWTQU SWG FGURWÃU FG EQPGEVCT GN ECDNG &5% GN GOKUQT PQ GOKVKT¶ PKPIWPC UGÌCN FG *( 6TCKPGT Ō 7VKNK\CEKÎP .
6GPKGPFQ GP EWGPVC NC GXQNWEKÎP EQPUVCPVG FG PWGUVTQU RTQFWEVQU RQFGOQU GUVCT CN EQTTKGPVG FG VQFCU NCU PQXGFCFGU FG NQU RTQFWEVQU GP NC R¶IKPC YGD YYY ITCWRPGT FG 'OKUQT RTQHGUQT OZ *Q66 'OKUQT CNWOPQ OZ *Q66 &DEOH HVFXHOD 5HI 1~P &DEOH HVFXHOD 5HI 1~P &DEOH HVFXHOD 5HI 1~P &DEOH HVFXHOD 5HI 1~P 6 (PLVRU SURIHVRU FRQ WRPD '6& OZ U *Q66 OZ U K(5 *Q66 OZ K(5 OZ U [ UK GUV¶P GSWKRCFCU FG VQOC &5% TGH PÕO OE U K(5 OE
5KUVGOC *Q66 UKP ECDNGU #FGO¶U FGN UKUVGOC 6TCKPGT őEN¶UKEQŒ EQP WP ECDNG GUEWGNC SWG UG JC FGUETKVQ JCUVC CJQTC VGPGOQU VCODKÃP NC RQUKDKNKFCF FG EQODKPCT FQU GOKUQTGU *Q66 GP WP UKUVGOC 6TCKPGT UKP ECDNGU 2TGRCTCEKÎP .
2CTC RQFGT VTCPUOKVKT NQU OCPFQU UGT¶ PGEGUCTKQ CUKIPCT C NC FGTGEJC FG NC RCPVCNNC WP KPVGTTWRVQT TGUGTXCFQ CN UKUVGOC 6TCKPGT GP GN GOKUQT FGN RTQHGUQT %QP NCU HNGEJCU FG NC K\SWKGTFC Q NC FGTGEJC PQU EQNQECOQU GP GN ECORQ FG NC FGTGEJC FG ő59Œ [ CUKIPCOQU VCN EQOQ UG JC FGUETKVQ GP NC R¶IKPC WP KPVGTTWRVQT 2TGHGTGPVGOGPVG WVKNK\CT WPQ FG NQU FQU KPVGTTWRVQTGU OQOGPV¶PGQU 59 Q 59 C HKP FG RQFGT TGVQOCT GN EQPVTQN FGN OQFGNQ GP EWCNSWKGT OQOGPVQ ő64#+
&WTCPVG 'N HWPEKQPCOKGPVQ FGN OQFQ 6TCKPGT RTQHGUQT [ CNWOPQ RWGFGP CNGLCTUG WPQ FG QVTQ 0Q QDUVCPVG PQ FGDG UQDTGRCUCTUG WPC FKUVCPEKC FG O CN OGPQU RCTC SWG RWGFCP JCDNCTUG 'U OGLQT SWG JC[C PCFKG GPVTG GN RTQHGUQT [ GN CNWOPQ [C SWG RWGFG TGFWEKTUG NC UGÌCN JC[ SWG VGPGT VCODKÃP GP EWGPVC SWG FWTCPVG GN WUQ FGN UKUVGOC 6TCKPGT FG HQTOC YKTGNGUU UG WUC GN ECPCN FG TGVQTPQ RQT NQ SWG PQ JC[ PKPIWPC VTCPUOKUKÎP FG FCVQU FG NC VGNGOGVTÈC 'P GUVG OQFQ FG WVKNK\
#UKIPCEKÎP UCNKFCU 6: GOKUQTŒ RQT NQ VCPVQ PQ GU RQUKDNG WPC KPXGTUKÎP C PKXGN FG NCU UCNKFCU /CRKPI FG NCU UCNKFCU FGN GOKUQT %QP NCU HNGEJCU FG NC FGTGEJC Q NC K\SWKGTFC UGNGEEKQPCOQU FGPVTQ FG NC NKUVC /WNVKHWPEKÎP GN OGPÕ ő6: QWVRWV UYCRŒ %QP NCU HNGEJCU Ÿź FGN RCF FG NC K\SWKGTFC Q NC FGTGEJC UGNGEEKQPCOQU NC EQODKPCEKÎP %CPCN UCNKFC SWG SWGTGOQU OQFKHKECT [ FGURWÃU RWNUCOQU DTGXGOGPVG UQDTG NC VGENC EGPVTCN 6(7 FGN RCF FG NC FGTGEJC %QP NCU HNGEJCU FG NC FGTG
CUKIPCFQ RGTOKVKT¶ GN CEEGUQ CN OGPÕ FG VGNGOGVTÈC 'XGPVWCNOGPVG JCDT¶ SWG OQFKHKECT GN QTFGP ETQPQNÎIKEQ FG NQU RTQEGFKOKGPVQU FG $KPFKPI CPVGU FG RQFGT GHGEVWCT CLWUVGU RCTVKEWNCTGU GP WP TGEGRVQT 6GNGOGVTÈC %QP GN OGPÕ ő6GNGOGVT[Œ VGPGOQU CEEGUQ GP VKGORQ TGCN C NQU FCVQU FGN GOKUQT [ FGN TGEGRVQT CUÈ EQOQ C NQU FCVQU QREKQPCNGU VTCPUOKVKFQU RQT NQU UGPUQTGU [ NCU UQPFCU XGT GN CPGZQ GUVQU FCVQU UQP EQPUWNVCDNGU [ RTQITCOCDNGU .
6GNGOGVTÈC 2QFGOQU CEEGFGT CN OGPÕ ő6GNGOGVT[Œ C RCTVKT FG NC R¶IKPC KPKEKCN FG NC RCPVCNNC FGN GOKUQT OZ *Q66 RWNUCPFQ FWTCPVG O¶U FG UGIWPFQ NC VGENC EGPVTCN (6& FG NC K\SWKGTFC 2GTQ VCODKÃP RQFGOQU CEEGFGT C GUVà OGPÕ EQOQ GP GN ECUQ FG NQU QVTQU OGPÕU FGUFG NC NKUVC /WNVKHWPEKÎP RWNUCPFQ NC VGENC EGPVTCN 6(7 FG NC FGTGEJC Q NC FGTGEJC GN UKIPQ ő Œ RCUC FG NC NÈPGC RTGEGFGPVG C NC UKIWKGPVG .
5'0514 5'0514 /WGUVTC NQU XCNQTGU GP 8 [ u% FGN ECRVCFQT VGNGOÃVTKEQ GP QREKÎP /WGUVTC NQU XCNQTGU GP 8 [ u% FGN ECRVCFQT VGNGOÃVTKEQ GP QREKÎP %CNKFCF FG NC UGÌCN 5 37# .C ECNKFCF FG NC UGÌCN 5 37# UG VTCPUOKVG CN GOKUQT C VTCXÃU FGN ECPCN FG TGVQTPQ FGN TGEGRVQT GP VKGORQ TGCN G KPFKEC NC RQVGPEKC FG NC UGÌCN GP 2QVGPEKC FG TGEGREKÎP 5 F$O .
4: 5'481 5GNGEEKÎP FGN ECPCN 176276 %* %QP NCU HNGEJCU UGNGEEKQPCT NC NÈPGC ő%JCPPGNŒ 2WNUCT NC VGENC EGPVTCN 6(7 FG NC FGTGEJC 'N ECORQ GP EWGUVKÎP UG RQPG UQODTGCFQ %QP NCU HNGEJCU FG NC VGENC FGTGEJC CJQTC RQFGOQU GUEQIGT GN ECPCN SWG SWGTCOQU RQT GLGORNQ .
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#JQTC FGURNC\COQU GN UVKEM FGN OCPFQ FGN RCUQ JCEKC NC FKTGEEKÎP FGN RCUQ OÈPKOQ 5GIÕP PWGUVTCU ECRCEKFCFGU FG RKNQVCLG RQFGOQU RQPGT WP XCNQT FGN 2WPVQ FG OCPGTC SWG VGPICOQU WPC KPEKFGPEKC FG C Ō GP NCU RCNCU 'UVQ RTQFWEG SWG C PKXGN FGN RWPVQ FG GUVCEKQPCTKQ NC NÈPGC FGN RCUQ GUV¶ NKIGTCOGPVG őSWGDTCFCŒ NC EWTXC FGN RCUQ UG RCTGEGT¶ C NC UKIWKGPVG 5K SWGTGOQU RCTC HKPCNK\CT RQFGOQU FGURNC\CT GN TGEWCFTQ JCEKC CTTKDC EQP NCU HNGEJCU C NC NÈPGC ő%WTXCŒ [ FGU
QDUVCPVG EWCPFQ [C VGPICOQU WPC EKGTVC GZRGTKGPEKC [ SWGTCOQU GPVTGPCT NC CWVQTTQVCEKÎP RQFTGOQU CLWUVCT WP TGNGPVÈ EQTTGEVQ [ HKCDNG 0QVC RCTC GN 5GV WR FG NQU JGNKEÎRVGTQU GNÃEVTKEQU &CFQ SWG GN OQVQT JC FG RCTCTUG EQORNGVCOGPVG UK JC[ WPC GOGTIGPEKC CWPSWG GN JGNKEÎRVGTQ GUVG OQVQTK\CFQ GNÃEVTKECOGPVG NQU CLWUVGU FGDGP CFQRVCTUG UKP ECODKQU .
.QU QVTQU CLWUVGU őO¶U HKPQUŒ FGDGP FGVGTOKPCTUG GP XWGNQ .
VKRQ őPQTOCN GUVCEKQPCTKQ #ETQŒ RWGFG UGT KPVGTGUCPVG ő#UKIPCEKÎP FG NCU HCUGUŒ R¶IKPC #UKIPCOQU C ő%Œ [ ő&Œ RQT GLGORNQ GN KPVGTTWRVQT FG RQUKEKQPGU 59 %QP NCU HNGEJCU CJQTC UGNGEEKQPCOQU RCTC GUVC RQUKEKÎP FG KPVGTTWRVQT NC EQPHKIWTCEKÎP FG XWGNQ SWG SWGTCOQU RQT GLGORNQ ő 'UVCEKQPCTKQŒ 'P GN OGPÕ ő#LWUVG FG NCU HCUGU FG XWGNQŒ FGDGOQU CUKIPCT C ECFC RQUKEKÎP FGN KPVGTTWRVQT WPC EQPHKIWTCEKÎP FG XWGNQ %QOQ
2TQRWGUVC FG CORNKCEKÎP 5RGGF IQXGTPQT #NIWPCU XGEGU SWK\¶U PQU KPVGTGUG KPUVCNCT WP URGGF IQXGTPQT EQPVTQNCFQT FG TRO GP GN JGNKEÎRVGTQ RQT GLGORNQ GN OE *GNK %QPVTQN RCTC KPVGPVCT XQNCT EQP WP UKUVGOC SWG OCPVKGPG NC XGNQEKFCF TQVCEKQPCN CWVQO¶VKECOGPVG EQPUVCPVG GP GN OKUOQ XCNQT 'U NÎIKEQ CLWUVCT NC XGNQEKFCF FGN TQVQT EQP NCU HCUGU FG XWGNQ NQ SWG RGTOKVG JCEGT CLWUVGU O¶U HKPQU 'N TGSWGTKOKGPVQ D¶UKEQ EWCPFQ RTQITCOCOQU GN GOKUQT GU KPUVCNCT [ RTQITC
#PGZQ 24: 2QYGT HQT 4GEGKXGT 4GH 0ÕO #NKOGPVCEKÎP FGN TGEGRVQT GUVCDKNK\CFC KPVGNKIGPVG EQP 2QYGT /CPCIGOGPV 'UVG GNGOGPVQ ICTCPVK\C WPC CNKOGPVCEKÎP GUVCDKNK\CFC [ CLWUVCDNG FG NC CNKOGPVCEKÎP FGN TGEGRVQT NQ SWG CWOGPVC VQFCXÈC O¶U NC HKCDKNKFCF FG NC CNKOGPVCEKÎP 5G CFCRVC C FKHGTGPVGU VKRQU FG DCVGTÈC FG TGEGRVQT NQ SWG UKORNKHKEC NC RWGUVC GP OCTEJC [ CWOGPVC GN TCPIQ FG WUQ 5K FWTCPVG NC WVKNK\CEKÎP JC[ WPC ECÈFC FG VGPUKÎP KPENWUQ OQOGPV¶PGC GUVC SWGFC TG
/ÎFWNQ )GPGTCN 'PIKPG )TCWRPGT *Q66 4GH 0ÕO /ÎFWNQ )GPGTCN #KT )TCWRPGT *Q66 4GH 0ÕO /ÎFWNQ 'NGEVTKE #KT )TCWRPGT *Q66 4GH 0ÕO %CRVCFQT WPKXGTUCN RCTC TGEGRVQTGU )TCWRPGT *Q66 [ OQFGNQU FG OQVQTK\CEKÎP VÃTOKEC Q GNÃEVTKEC x Z OGFKEKQPGU FG VGPUKÎP [ VGORGTCVWTC EQP CXKUQU FG CNCTOC FG VGPUKÎP OÈPKOC O¶ZKOC [ VGORGTCVWTC OÈPKOC [ O¶ZKOC x /GFKFC FG NC VGPUKÎP FG ECFC GNGOGPVQ EQP CXKUQU FG VGPUKÎP OÈPKOC x /GFKFC FG NC VGPUKÎP FG NC KPVGPUKFCF [ NC E
%CRVCFQT OCIPÃVKEQ 42/ )TCWRPGT *Q66 4GH 0ÕO 5OCTV $QZ )TCWRPGT *Q66 4GH 0ÕO 2WGTVQ 75$ )TCWRPGT *Q66 %CRVCFQT ÎRVKEQ 42/ )TCWRPGT *Q66 4GH 0ÕO .
+PHQTOCEKÎP (%% )TCWRPGT OZ *Q66 (%% +& <-< /: # &GENCTCEKÎP (%% 'UVG FKURQUKVKXQ EWORNG EQP GN CRCTVCFQ % FG NCU PQTOCU (%% 'N HWPEKQPCOKGPVQ GUV¶ UWLGVQ C NCU FQU EQPFKEKQPGU UKIWKGPVGU 'UVG FKURQUKVKXQ PQ FGDG ECWUCT KPVGTHGTGPEKCU RGTLWFKEKCNGU 'UVG FKURQUKVKXQ FGDG CEGRVCT EWCNSWKGT KPVGTHGTGPEKC FGN TGEGRVQT KPENW[GPFQ KPVGTHGTGPEKCU SWG RWGFCP ECWUCT WPC QRGTCEKÎP FGUGCFC %WCNSWKGT ECODKQ Q OQFKHKECEKÎP SWG PQ GUV¶ GZRTGUCOGPVG CRTQDCFC RQT NC RC
&GENCTCEKÎP FG EQPHQTOKFCF
