4GIWNCVQT[%QORNKCPEG+PHQTOCVKQP4GIWNCVQT[%QORNKCPEG+PHQTOCVKQP
%QORNKCPEG5VCVGOGPV
6JKUFGXKEGEQORNKGUYKVJRCTVQHVJG(%%TWNGU1RGTCVKQP
KUUWDLGEVVQVJGHQNNQYKPIVYQEQPFKVKQPU6JKUFGXKEGOC[
PQVECWUGJCTOHWNKPVGTHGTGPEGCPFVJKUFGXKEGOWUVCEEGRV
CP[KPVGTHGTGPEGTGEGKXGFKPENWFKPIKPVGTHGTGPEGVJCVOC[ECWUG
WPFGUKTGFQRGTCVKQP5GGKPUVTWEVKQPUKHKPVGTHGTGPEGVQTCFKQQT
VGNGXKUKQPTGEGRVKQPKUUWURGEVGF
.§WVKNKUCVKQPFGEGFKURQUKVKHGUVCWVQTKUoGUGWNGOGPVCWZ
EQPFKVKQPUUWKXCPVGUKNPGFQKVRCURTQFWKTGFGDTQWKNNCIGGV
N¨WVKNKUCVGWTFWFKURQUKVKHFQKVoVTGRTqViCEEGRVGTVQWVDTQWKNNCIG
TCFKQoNGEVTKSWGTGnWOqOGUKEGDTQWKNNCIGGUVUWUEGRVKDNGFG
EQORTQOGVVTGNGHQPEVKQPPGOGPVFWFKURQUKVKH
4CFKQCPF6GNGXKUKQP+PVGTHGTGPEG
6JKUEQORWVGTGSWKROGPVIGPGTCVGUWUGUCPFECPTCFKCVGTCFKQ
HTGSWGPE[GPGTI[+HKVKUPQVKPUVCNNGFCPFWUGFRTQRGTN[¤VJCV
KUKPUVTKEVCEEQTFCPEGYKVJ#RRNG¨UKPUVTWEVKQPU¤KVOC[ECWUG
KPVGTHGTGPEGYKVJTCFKQCPFVGNGXKUKQPTGEGRVKQP
6JKUGSWKROGPVJCUDGGPVGUVGFCPFHQWPFVQEQORN[YKVJ
VJGNKOKVUHQTC%NCUU$FKIKVCNFGXKEGKPCEEQTFCPEGYKVJVJG
URGEK°ECVKQPUKP2CTVQH(%%TWNGU6JGUGURGEK°ECVKQPU
CTGFGUKIPGFVQRTQXKFGTGCUQPCDNGRTQVGEVKQPCICKPUVUWEJ
KPVGTHGTGPEGKPCTGUKFGPVKCNKPUVCNNCVKQP*QYGXGTVJGTGKU
PQIWCTCPVGGVJCVKPVGTHGTGPEGYKNNPQVQEEWTKPCRCTVKEWNCT
KPUVCNNCVKQP
;QWECPFGVGTOKPGYJGVJGT[QWTEQORWVGTU[UVGOKUECWUKPI
KPVGTHGTGPEGD[VWTPKPIKVQÒ+HVJGKPVGTHGTGPEGUVQRUKVYCU
RTQDCDN[ECWUGFD[VJGEQORWVGTQTQPGQHVJGRGTKRJGTCNFGXKEGU
+H[QWTEQORWVGTU[UVGOFQGUECWUGKPVGTHGTGPEGVQTCFKQQT
VGNGXKUKQPTGEGRVKQPVT[VQEQTTGEVVJGKPVGTHGTGPEGD[WUKPIQPGQT
OQTGQHVJGHQNNQYKPIOGCUWTGU
6WTPVJGVGNGXKUKQPQTTCFKQCPVGPPCWPVKNVJGKPVGTHGTGPEGUVQRU
/QXGVJGEQORWVGTVQQPGUKFGQTVJGQVJGTQHVJGVGNGXKUKQP
QTTCFKQ
/QXGVJGEQORWVGTHCTVJGTCYC[HTQOVJGVGNGXKUKQPQTTCFKQ
2NWIVJGEQORWVGTKPVQCPQWVNGVVJCVKUQPCFKÒGTGPVEKTEWKV
HTQOVJGVGNGXKUKQPQTTCFKQ6JCVKUOCMGEGTVCKPVJGEQORWVGT
CPFVJGVGNGXKUKQPQTTCFKQCTGQPEKTEWKVUEQPVTQNNGFD[FKÒGTGPV
EKTEWKVDTGCMGTUQTHWUGU
+HPGEGUUCT[EQPUWNVCP#RRNG#WVJQTK\GF5GTXKEG2TQXKFGTQT
#RRNG5GGVJGUGTXKEGCPFUWRRQTVKPHQTOCVKQPVJCVECOGYKVJ
[QWT#RRNGRTQFWEV1TEQPUWNVCPGZRGTKGPEGFTCFKQVGNGXKUKQP
VGEJPKEKCPHQTCFFKVKQPCNUWIIGUVKQPU
+ORQTVCPV %JCPIGUQTOQFK°ECVKQPUVQVJKURTQFWEVPQV
CWVJQTK\GFD[#RRNG+PEEQWNFXQKFVJG'/%EQORNKCPEGCPF
PGICVG[QWTCWVJQTKV[VQQRGTCVGVJGRTQFWEV
6JKURTQFWEVJCUFGOQPUVTCVGF'/%EQORNKCPEGWPFGTEQPFKVKQPU
VJCVKPENWFGFVJGWUGQHEQORNKCPVRGTKRJGTCNFGXKEGUCPFUJKGNFGF
ECDNGUKPENWFKPI'VJGTPGVPGVYQTMECDNGUDGVYGGPU[UVGO
EQORQPGPVU+VKUKORQTVCPVVJCV[QWWUGEQORNKCPVRGTKRJGTCN
FGXKEGUCPFUJKGNFGFECDNGUDGVYGGPU[UVGOEQORQPGPVUVQ
TGFWEGVJGRQUUKDKNKV[QHECWUKPIKPVGTHGTGPEGVQTCFKQUVGNGXKUKQP
UGVUCPFQVJGTGNGEVTQPKEFGXKEGU
4GURQPUKDNGRCTV[EQPVCEVHQT(%%OCVVGTUQPN[
#RRNG+PE%QTRQTCVG%QORNKCPEG
+P°PKVG.QQR/5#
%WRGTVKPQ%#
9KTGNGUU4CFKQ7UG
6JKUFGXKEGKUTGUVTKEVGFVQKPFQQTWUGYJGPQRGTCVKPIKPVJGVQ
)*\HTGSWGPE[DCPF
%GVCRRCTGKNFQKVqVTGWVKNKUoiN¨KPVoTKGWT
'ZRQUWTGVQ4CFKQ(TGSWGPE['PGTI[
6JGTCFKCVGFQWVRWVRQYGTQHVJG#KT2QTV'ZVTGOGVGEJPQNQI[KU
DGNQYVJG(%%TCFKQHTGSWGPE[GZRQUWTGNKOKVU0GXGTVJGNGUUKVKU
CFXKUGFVQWUGVJGYKTGNGUUGSWKROGPVKPUWEJCOCPPGTVJCVVJG
RQVGPVKCNHQTJWOCPEQPVCEVFWTKPIPQTOCNQRGTCVKQPKUOKPKOK\GF
(%%$NWGVQQVJ9KTGNGUU%QORNKCPEG
6JGCPVGPPCWUGFYKVJVJKUVTCPUOKVVGTOWUVPQVDGEQNQECVGFQT
QRGTCVGFKPEQPLWPEVKQPYKVJCP[QVJGTCPVGPPCQTVTCPUOKVVGT
UWDLGEVVQVJGEQPFKVKQPUQHVJG(%%)TCPV
$NWGVQQVJ+PFWUVT[%CPCFC5VCVGOGPV
6JKU%NCUU$FGXKEGOGGVUCNNTGSWKTGOGPVUQHVJG%CPCFKCP
KPVGTHGTGPEGECWUKPIGSWKROGPVTGIWNCVKQPU
%GVCRRCTGKNPWOoTKSWGFGNC%NCUU$TGURGEVGVQWVGUNGUGZKIGPEGU
FW4pINGOGPVUWTNGOCVoTKGNDTQWKNNGWTFW%CPCFC