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KV
5GNGEV='ZGEWVG?YKVJVJGSTDWVVQPU
VJGPRTGUUVJG1-DWVVQP
„ 6QECPEGNFGNGVKQPUGNGEV=%CPEGN?
VJGPRTGUUVJG1-DWVVQP
'0
&GNGVKPI5GNGEVGF+OCIG
2TGUUVJG= ?DWVVQP
2TGUUVJGS DWVVQP
„ 6JGRNC[DCEMOGPWKUFKURNC[GF
5GNGEV=&GNGVG?YKVJVJGSTDWVVQPUVJGPRTGUUVJG1-DWVVQP
„ 6JGFGNGVKQPOGPWKUFKURNC[GF
5GNGEV=5GNGEV?YKVJVJGSTDWVVQPUVJGPRTGUUVJG1-DWVVQP
„ 6JGKOCIGUCTGFKURNC[GFKPVJGVJWODPCKNFKURNC[
5GNGEVVJGKOCIG[QWYCPVVQFGNGVGYKVJVJGSTWXDWVVQPUVJGPRTGUUVJG
1-DWVVQP
„ 6JGKOCIG[QWŏXGLWUVUGNGEVGFJCUDGGPFGNGVGF
„#UCUJQTVEWV[QWECPFGNGVGCP[KOCIGYJKNGKP2NC[DCEMOQFGD[RWUJKPIVJG
UJWVVGTDWVVQP6JKUYKNNFKURNC[VJG=&GNGVG6JKU2KEVWTG!?OGUUCIG
'0
3URWHFWLQJ,PDJHV9LGHR&OLSV
5GVVJGFCVCVQTGCFQPN[VQRTGXGPVKOCIGUHTQODGKPIGTCUGFD[OKUVCMG
2TQVGEVKPI+OCIGU
2TGUUVJG= ?DWVVQP
„ 6JG NCUV TGEQTFGF KOCIG CRRGCTU
QPVJG.%&OQPKVQT
5GNGEV VJG KOCIG VJCV [QW YCPV VQ
RTQVGEVYKVJVJGWXDWVVQPU
2TGUUVJGS DWVVQP
„ 6JGRNC[DCEMOGPWKUFKURNC[GF
5GNGEV=2TQVGEV?YKVJVJGSTDWVVQPU
VJGPRTGUUVJG1-DWVVQP
5GNGEV =5KPING? QT =#NN? YKVJ VJG S T
DWVVQPUVJGPRTGUUVJG1-DWVVQP
5GNGEV =5GV? YKVJ VJG S T DWVVQPU
VJGPRTGUUVJG1-DWVVQP
„ 2TGUUEQPVKPWQWUN[VJGWDWVVQPVQ
TGVWTPVQVJGRNC[DCEMOQFG
6JG RTQVGEV KEQP = ? KU FKURNC[GF
YKVJVJGRTQVGEVGFKOCIG
„ 9JGP =#NN? JCU DGGP UGNGEVGF = ?
KUFKURNC[GFYKVJCNNVJGKOCIGU
'0
6Q%CPEGNVJG2TQVGEVKQP
6QECPEGNRTQVGEVKQPHQTQPN[QPGKOCIGFKURNC[VJGKOCIGVJCV[QWYCPVVQTGOQXG
VJGKOCIGRTQVGEVKQP
5GNGEV=2TQVGEV?YKVJVJGSTDWVVQPUHTQOVJGRNC[DCEMOGPWVJGPRTGUUVJG1-
DWVVQP
5GNGEV=5KPING?QT=#NN?YKVJVJGSTDWVVQPUVJGPRTGUUVJG1-DWVVQP
5GNGEV=%CPEGN?YKVJVJGSTDWVVQPUVJGPRTGUUVJG1-DWVVQP
„ 2TGUUEQPVKPWQWUN[VJGWDWVVQPVQTGVWTPVQVJGRNC[DCEMOQFG6JGTGOQXCN
QHKOCIGRTQVGEVKQPJCUDGGPGZGEWVGF
2TQVGEVKPI5GNGEVGF+OCIGU
5GNGEV=2TQVGEV?YKVJVJGSTDWVVQPUHTQOVJGRNC[DCEMOGPWVJGPRTGUUVJG1-
DWVVQP
5GNGEV=5GNGEV?YKVJVJGSTDWVVQPUVJGPRTGUUVJG1-DWVVQP
„ 6JGKOCIGUCTGFKURNC[GFKPVJGVJWODPCKNFKURNC[
5GNGEVVJGKOCIG[QWYCPVVQRTQVGEVYKVJVJGSTWXDWVVQPUVJGPRTGUUVJG
1-DWVVQP
+H[QWYCPVVQECPEGNVJGRTQVGEVKQPQHUGNGEVGFKOCIGTGURGEVKXGN[HQNNQYVJGUVGRU
OGPVKQPGFKPő6Q%CPEGNVJG2TQVGEVKQPŒCDQXGVQUGV
„(QTOCVVKPI CP 5& OGOQT[ ECTF QXGTTKFGU RTQVGEVKQP CPF GTCUGU CNN KOCIGU
TGICTFNGUUQHVJGKTRTQVGEVGFUVCVWU
'0
6HWWLQJWKH'32)
&21(
&KIKVCN2TKPV1TFGT(QTOCVCNNQYU[QWVQGODGFRTKPVKPIKPHQTOCVKQPQP[QWT
OGOQT[ECTF$[WUKPI&21([QWECPUGNGEVCPKOCIGVQDGRTKPVGFCPFVJGPURGEKH[
JQYOCP[RTKPVUQTYJKEJKOCIG[QWYQWNFNKMG6CMG[QWTOGOQT[ECTFVQC&21(
GPCDNGF RTKPVGT VJCV CEEGRVU OGOQT[ ECTFU 6JG &21(ECTFEQORCVKDNG RTKPVGT
YKNN TGCF VJG GODGFFGF KPHQTOCVKQP QP VJG OGOQT[ ECTF CPF RTKPV [QWT KOCIGU CU
URGEKſGF
2TGUUVJG= ?DWVVQP
5GNGEV VJG KOCIG VJCV [QW YCPV VQ UGV
&21(YKVJVJGWXDWVVQPU
2TGUUVJGS DWVVQP
„ 6JGRNC[DCEMOGPWKUFKURNC[GF
5GNGEV=&21(?YKVJVJGSTDWVVQPU
CPFRTGUUVJG1-DWVVQP
„ 6JG &21( UGVVKPI UETGGP KU
FKURNC[GF
5GNGEV =5KPING? QT =#NN? YKVJ VJG S T
DWVVQPUCPFRTGUUVJG1-DWVVQP
„ 5KPING 5GVU &21( HQT GCEJ
KPFKXKFWCNKOCIG
„ #NN 5GVU &21( HQT CNN KOCIGU CV
QPEG
5GNGEV =2TKPV 0WO? YKVJ VJG S T
DWVVQPUCPFRTGUUVJG1-DWVVQP
„ 6JKU FKURNC[U VJG PWODGT QH RTKPVU
UGVVKPIUETGGP
5GVVJGPWODGTQHRTKPVUYKVJVJGST
DWVVQPUCPFRTGUUVJG1-DWVVQP
„ ;QWECPUGVWRVQRTKPVUHQTGCEJ
KOCIG
5GNGEV =&CVG 2TKPV? YKVJ VJGS T
DWVVQPUCPFRTGUUVJG1-DWVVQP
„ 6JGFCVGUGVVKPIUETGGPCRRGCTU
'0
5GNGEV=1P?QT=1HH?YKVJVJGSTDWVVQPUCPFRTGUUVJG1-DWVVQP
„ 1P6JGFCVGQHVJGRJQVQITCRJYKNNCNUQDGRTKPVGF
„ 1HH6JGFCVGQHVJGRJQVQITCRJYKNNPQVDGRTKPVGF
5GNGEV=2TKPV'PCDNG?YKVJVJGSTDWVVQPUCPFRTGUUVJG1-DWVVQP
5GNGEV='ZGEWVG?YKVJVJGSTDWVVQPUCPFRTGUUVJG1-DWVVQP
„ 6JKUETGCVGUCſNGEQPVCKPKPIVJG&21(KPHQTOCVKQPCPFYJGPVJGQRGTCVKQPKU
ſPKUJGFRTGUUVJGWDWVVQPEQPVKPWQWUN[VQTGVWTPVQVJGRNC[DCEMOQFG
„ 6JG &21( KEQP = ? KU FKURNC[GF
QP GCEJ KOCIG VJCV JCU &21(
UGVVKPIU
„6JGFCVGVJCVKURTKPVGFQPVJGRJQVQKUVJGFCVGUGVQPVJGECOGTC6QRTKPVVJG
EQTTGEVFCVGQPVJGRJQVQUGVVJGFCVGQPVJGECOGTCDGHQTG[QWRJQVQITCRJVJG
KOCIG4GHGTVQUGEVKQPKPVJKUOCPWCNVKVNGFő5GVVKPIVJG&CVGCPF6KOGŒHQTHWTVJGT
FGVCKNU
„$GHQTG[QWRGTHQTOVJG&21(UGVVKPIUQP[QWTECOGTCCNYC[UTGOGODGTVQEQR[
[QWTKOCIGUHTQOVJGKPVGTPCNOGOQT[VQCP5&OGOQT[ECTFſTUV
„;QWECPPQVRTKPVOQXKGU
'0
&RQQHFWLQJWRD3LFW%ULGJH&RPSOLDQW3ULQWHU
+HCRTKPVGTVJCVUWRRQTVU2KEV$TKFIGKUCXCKNCDNGKOCIGUECPDGRTKPVGFD[EQPPGEVKPIVJG
FKIKVCNUVKNNECOGTCFKTGEVN[VQVJG2KEV$TKFIGEQORCVKDNGRTKPVGTYKVJQWVWUKPICEQORWVGT
%QPPGEVKPIVJGECOGTCVQVJGRTKPVGT
%QPPGEV VJG 75$ RQTV QP VJG ECOGTC CPF VJG 75$ LCEM QP VJG RTKPVGT YKVJ VJG
UWRRNKGF75$ECDNGVJGPVWTPQP[QWTECOGTCCPFVJGRTKPVGT
„ 6JGUETGGPHQTUGNGEVKPIVJG75$OQFGKUFKURNC[GF
5GNGEV=2KEV$TKFIG?CPFRTGUUVJG1-DWVVQP
2TKPVKPIKOCIGU
9JGP VJG ECOGTC KU RTQRGTN[ EQPPGEVGF VQ C 2KEV$TKFIG EQORNKCPV RTKPVGT VJG
2KEV$TKFIGOGPWKUFKURNC[GFQPVJGOQPKVQT
5GNGEV VJG KVGO [QW YCPV VQ EQPſIWTG
YKVJVJGSTDWVVQPUCPFRTGUUVJG
1-DWVVQP
„ =+OCIGU?5GNGEVYJGVJGT[QWYCPV
VQRTKPVURGEKſEKOCIGQTCNNKOCIGU
;QW OC[ CNUQ UGNGEV RTKPVKPI
PWODGTHQTURGEKſEKOCIG
„ =&CVG2TKPV?#EEQTFKPIVQVJGRTKPVGT
V[RGUGNGEVYJGVJGT[QWYCPVVQRTKPV
VJGKOCIGYKVJFCVGKORTKPVQTPQV
„ =2CRGT5K\G?5GNGEVVJGFGUKTGFRCRGT
UK\GCEEQTFKPIVQVJGRTKPVGTV[RG
„ =.C[QWV?5GNGEVVJGFGUKTGFRTKPVKPI
NC[QWVCEEQTFKPIVQVJGRTKPVGTV[RG
„ =2TKPV? #HVGT CNN UGVVKPIU CTG
EQPſIWTGFUGNGEVVJKUKVGOVQUVCTV
RTKPVKPI
+H [QW UGNGEV =+OCIGU? KP VJG RTGXKQWU
UVGRVJGſIWTGUJQYPQPVJGTKIJVJCPF
UKFGYKNNCRRGCT5GNGEV=5GNGEV?QT=#NN?
YKVJVJGSTDWVVQPUCPFRTGUUVJG
1-DWVVQP
„ =5GNGEV?5GNGEVVQRTKPVOWNVKKOCIGU
UKOWNVCPGQWUN[
„ =#NN?5GNGEVVQRTKPVCNNKOCIGU
„ ='ZKV?'ZKVHTQO+OCIGUQRVKQP
'0
+H [QW UGNGEV =5GNGEV? KP VJG RTGXKQWU
UVGRVJGſIWTGUJQYPQPVJGTKIJVJCPF
UKFGYKNNCRRGCT
„ 5GNGEV VJG OWNVK KOCIGU VJCV [QW
YCPV VQ RTKPV UKOWNVCPGQWUN[ YKVJ
VJGWXDWVVQPU
„ 5GNGEV VJG =2TKPV 0WO? WR VQ YKVJVJGSTDWVVQPU
„ #HVGT UGNGEVKPI VJG FGUKTGF KOCIG
CPFRTKPVKPIPWODGTRTGUUVJG1-
DWVVQPVQEQPſTO
5GNGEV =2TKPV? YKVJ VJG S T
DWVVQPU CPF RTGUU VJG 1- DWVVQP
VQUVCTVRTKPVKPI
6JGRTKPVKPIUVCTVUCPFVJGſIWTGUJQYP
QPVJGTKIJVJCPFUKFGCRRGCTU
„ 6JG =%QORNGVG? YKNN DG FKURNC[GF
VGORQTCTKN[TGOKPFKPI[QWVJCVVJG
RTKPVKPIRTQEGFWTGKUſPKUJGF
„ +HCRTKPVGTTQTKUFGVGEVGFVJG=2TKPV
'TTQT?YKNNDGFKURNC[GF
„6JGKOCIGRTKPVKPIOC[HCKNKHVJGRQYGTVQVJGECOGTCKUEWVQHH
'0
7$.,1*81'(5:$7(53,&785(6
4GCFCPFWPFGTUVCPFVJGKPUVTWEVKQPUEQPVCKPGFKPVJKUOCPWCNDGHQTGWUKPIVJG
ECOGTCWPFGTYCVGT
&QPQVGZEGGFVJGFGRVJTCVKPIOCTMGFQPVJGECOGTCQTVJGECOGTCOC[NGCM
(QNNQY VJGUG KORQTVCPV 1TKPI ECTG KPUVTWEVKQPU QT VJG YCVGTRTQQH ECOGTC OC[
NGCM
„ +PURGEVCPFENGCP1TKPICPF1TKPIEQPVCEVUWTHCEGUHQTUCPFJCKTCPFQVJGT
FGDTKUDGHQTGGXGT[WUG
„ +PURGEV1TKPICPF1TKPIEQPVCEVUWTHCEGUHQTFCOCIG
EWVUUETCVEJGUVGCTU
ETCEMU FGPVU CPF CP[ QVJGT KORGTHGEVKQPU 4GRNCEG 1TKPI QT JCXG ECOGTC
UGTXKEGF KH VJG 1TKPI QT 1TKPI EQPVCEV UWTHCEGU CTG FCOCIGF &Q PQV WUG
ECOGTC KH 1TKPI QT 1TKPI EQPVCEV UWTHCEGU CTG FCOCIGF 4GRNCEGOGPV 1
TKPIUCTGCXCKNCDNGCV[QWTNQECNCWVJQTK\GF5GC.KHGFGCNGT
„ /CMG UWTG 1TKPI KU EQORNGVGN[ UGCVGF KPVQ 1TKPI ITQQXG DGHQTG UGCNKPI
DCVVGT[FQQT1TKPIOWUVPQVDGVYKUVGFYJGPUGCVGFKPVJG1TKPIITQQXG
%CTGHWNN[ HQNNQY 1TKPI TGOQXCN CPF KPUVCNNCVKQP KPUVTWEVKQPU EQPVCKPGF KP VJKU
OCPWCN
„ 4GRNCEG1TKPIGXGT[[GCTVQGPUWTGRTQRGTUGCN1PN[WUGCRRTQXGF5GC.KHG
1TKPIFGUKIPGFHQTVJGECOGTC
„ 5QCMCPFTKPUGECOGTCKPHTGUJYCVGTCHVGTGCEJWUG7UGENGCPUQHVENQVJVQ
FT[JQWUKPI5VQTGECOGTCQPN[CHVGTECTGHWNENGCPKPICPFYJGPVQVCNN[FT[
%CTGHWNN[ENQUGYCVGTRTQQHFQQTVQUGCNECOGTC
„ /CMGUWTG1TKPIFQGUPQVUNKRQWVQHVJGITQQXGYJGPUGCNKPI
„ /CMGUWTGVJGTGCTGPQQDUVTWEVKQPUVJCVRTGXGPVYCVGTRTQQHFQQTHTQOUGCNKPI
RTQRGTN[
0GXGTNGVCP[OQKUVWTGQTFKTVIGVKPUKFGECOGTCYJGPQRGPKPI
(QTITGCVWPFGTYCVGTRKEVWTGU[QWPGGF
„ %NGCT YCVGT EQPFKVKQPU EQPVTQN [QWT DWQ[CPE[ DGHQTG VCMKPI RKEVWTGU IGV CU
ENQUGCURQUUKDNGVQUWDLGEV
KFGCNFKUVCPEGKUŏVQŏ
„ 7UG5GC.KHG'ZVGTPCN(NCUJVQGPJCPEGEQNQTUCPFTGFWEGDCEMUECVVGT
5VQTGECOGTCCVTQQOVGORGTCVWTGKPCENGCPCPFFT[RNCEG
„ &QPQVGZRQUGECOGTCVQFKTGEVUWPNKIJVHQTRTQNQPIGFRGTKQFUQHVKOG
„ &QPQVUVQTGECOGTCKPGZVTGOGJKIJVGORGTCVWTGUUWEJCUVJGVTWPMQH[QWT
ECT
'0
0DLQWDLQLQJDZDWHUSURRIVHDO
+ORQTVCPV
„ &Q016NWDTKECVG1TKPI
„ %CTGHWNN[ KPURGEV CPF ENGCP 1TKPI CPF 1TKPI EQPVCEV UWTHCEGU DGHQTG GCEJ
WPFGTYCVGTWUG
„ +H 1TKPI PGGFU VQ DG TGRNCEGF EQPVCEV [QWT NQECN 5GC.KHG FGCNGT QT XKUKV YYY
UGCNKHGECOGTCUEQOVQNQECVGFCFGCNGTPGCT[QW
'0
0DLQWDLQLQJDZDWHUSURRIVHDO
'XGT[5GC.KHGECOGTCKUVGUVGFHQTSWCNKV[CPFCYCVGTRTQQHUGCN+VKU[QWTTGURQPUKDKNKV[
VQRTQRGTN[ECTGHQTVJG1TKPICPF1TKPIEQPVCEVUWTHCEGUVQOCKPVCKPCYCVGTRTQQH
UGCN%CTGHWNN[HQNNQYVJGUGKORQTVCPV1TKPIECTGKPUVTWEVKQPU0QVHQNNQYKPIVJGUGECTG
KPUVTWEVKQPUOC[ECWUGVJGECOGTCVQNGCMCPFXQKF[QWTYCTTCPV[
%CTGHWNN[ KPURGEV 1TKPI CPF 1TKPI EQPVCEV UWTHCEGU HQT FCOCIG EWVU
UETCVEJGUVGCTUETCEMUFGPVUCPFCP[QVJGTKORGTHGEVKQPUDGHQTGGXGT[WUG
4WD ſPIGT CNQPI 1TKPI CPF 1TKPI EQPVCEV UWTHCEGU VQ KPURGEV HQT FCOCIG
4GRNCEG1TKPIQTJCXGECOGTCUGTXKEGFKHVJG1TKPIQT1TKPIEQPVCEVUWTHCEGU
CTGFCOCIGF&QPQVWUGECOGTCKH1TKPIQT1TKPIEQPVCEVUWTHCEGUCTGFCOCIGF
4GRNCEGOGPV1TKPIUCTGCXCKNCDNGCV[QWTNQECNCWVJQTK\GF5GC.KHGFGCNGT
+PURGEVCPFTGRNCEG1TKPIKHFCOCIGF#%WV$6GCT%&GPV
%CTGHWNN[KPURGEVCPFENGCP1TKPICPF1TKPIEQPVCEVUWTHCEGUHQTUCPFJCKT
CPFQVJGTFGDTKUDGHQTGGXGT[WUG
+PURGEV CPF ENGCP 1TKPI CPF 1TKPI EQPVCEV UWTHCEG HQT JCKT QT ſDGTU CPF
5CPF5CNVQTFGDTKU
/CMGUWTG1TKPIKUEQORNGVGN[UGCVGFKPVQ1TKPIITQQXGDGHQTGUGCNKPIJQWUKPI
1TKPIOWUVPQVDGVYKUVGFYJGPUGCVGFKPVJGQTKPIITQQXG
'0
4GRNCEG1TKPIGXGT[[GCTVQGPUWTGRTQRGTUGCN1PN[WUGCRRTQXGF5GC.KHG1
TKPI
KVGO5.FGUKIPGFHQTVJKUECOGTC4GRNCEGOGPV1TKPIUCTGCXCKNCDNG
CV[QWTNQECNCWVJQTK\GF5GC.KHGFGCNGT
#HVGTGCEJWUGWPFGTYCVGT
C 5QCMUGCNGFECOGTCKPHTGUJYCVGTHQTCDQWVOKPWVGU/QUVFKXGDQCVUQHHGT
URGEKCNHTGUJYCVGTDWEMGVUURGEKſECNN[HQTWPFGTYCVGTRJQVQGSWKROGPV&1
016RWVECOGTCKPHTGUJYCVGTFGUKIPGFHQTQVJGTFKXGGSWKROGPVNKMGFKXG
OCUM DGECWUG VJCV YCVGT OC[ EQPVCKP FGVGTIGPVU YJKEJ CTG JCTOHWN VQ VJG
ECOGTC
D 2WUJCNNVJGEQPVTQNDWVVQPUUGXGTCNVKOGUYJKNGECOGTCKUUQCMKPIVQENGCPQWV
CP[UCNVYCVGTUCPFQTFKTVVJCVJCUCEEWOWNCVGFFWTKPIWUCIG
E 7UGENGCPUQHVENQVJVQFT[ECOGTC;QWCPFVJGECOGTCOWUVDGFT[DGHQTG
QRGPKPIYCVGTRTQQHFQQT
„6QRTQVGEV[QWT5GC.KHGECOGTCHTQOCDWKNF
WR QH OQKUVWTG KPUGTV C /QKUVWTG /WPEJGTs
KVGO 5. KPVQ VJG DCVVGT[ EQORCTVOGPV
FWTKPI UVQTCIG 4GRNCEG /QKUVWTG /WPEJGT
YJGP VJG ECRUWNG VWTPU RKPM 6Q QTFGT
OQTGEQPVCEVC5GC.KHG&GCNGT(QTCNKUVQH
FGCNGTUXKUKVYYYUGCNKHGECOGTCUEQO
'0
+RZWR,QVWDOODQG5HPRYH2ULQJ
6QTGOQXG1TKPIWUGCPPQPUJCTRQDLGEVNKMGCETGFKVECTFVQNKHVWR1TKPICVQPG
QHVJGEQTPGTU
6Q+PUVCNN1TKPIECTGHWNN[RWUJ1TKPIKPVQITQQXGOCMKPIUWTGVQCNKIPVJGUJCRGQH
VJGQTKPIYKVJVJGUJCRGQHVJGITQQXG$GECTGHWNPQVVQVYKUVVJG1TKPI
'0
+RZWR,QVWDOO'HIOHFWRU
6JGFGƀGEVQTKUQPN[WUGFKPEQODKPCVKQPYKVJVJGQRVKQPCNGZVGTPCNƀCUJCEEGUUQT[
KVGO5.&+VYKNNFGƀGEVVJGECOGTCŏUƀCUJVQVJGGZVGTPCNƀCUJNKIJVUGPUQT
YJKEJYKNNVJGPſTGVJGGZVGTPCNƀCUJ
+PUGTVFGƀGEVQTKPVQ'ZVGTPCN(NCUJDCUGCUUJQYP
„4GHGT VQ KPUVTWEVKQP OCPWCN RTQXKFGF YKVJ QRVKQPCN GZVGTPCN ƀCUJ HQT FGVCKNGF
KPUVTWEVKQPUCPFVTQWDNGUJQQVKPIVKRUQPWUKPIVJGQRVKQPCNGZVGTPCNƀCUJ
„5GG[QWTNQECN5GC.KHGFGCNGTQTXKUKVYYYUGCNKHGECOGTCUEQOVQNQECVGFGCNGT
PGCT[QW
'0
+RZWR,QVWDOO'HIOHFWRU
6JKU FGƀGEVQT ECP CFCRV VJG QRVKQPCN (NCUJ .KPM QRVKECN ECDNG KVGO 5. 6JG
QRVKECN ECDNG KU TGEQOOGPFGF VQ GPUWTG VJCV VJG GZVGTPCN ƀCUJ ſTGU KP CNN NKIJV
EQPFKVKQPU
+PUGTVQRVKECNECDNGVJTQWIJVJGJQNGUCUUJQYPDGNQY
9KVJGPFQHECDNGRQKPVKPICVVJGECOGTCŏUƀCUJNKIJVN[VKIJVGP#NNGPUETGYYKVJYTGPEJ
RTQXKFGFWPVKNECDNGKUUGEWTG
%CWVKQP&Q016QXGTVKIJVGPUETGY
'0
8VLQJDQGFOHDQLQJFDPHUDXQGHUZDWHU
'PVGTKPIVJGYCVGTYKVJECOGTC
&QPQVLWORKPVQVJGYCVGTYKVJECOGTCKP[QWTJCPF*CXGUQOGQPGJCPF[QWVJG
ECOGTCCHVGT[QWJCXGGPVGTGFVJGYCVGT
(QTVKRUQPVCMKPIRKEVWTGUUGGő)TGCV7PFGTYCVGT2KEVWTGU/CFG'CU[Œ
#HVGTWUKPIECOGTCWPFGTYCVGT
$GHQTGGPVGTKPIFKXGDQCVJCPFVJGECOGTCVQUQOGQPGQPVJGDQCV
/CMGUWTGVJGUGCNGFECOGTCKURNCEGFKPCHTGUJYCVGTVCPMCXCKNCDNGQPOQUVFKXG
DQCVU6JKUYKNNENGCPVJGUCNVYCVGTHTQOVJGECOGTCCPFRTGXGPVUVJGUCNVYCVGT
HTQOFT[KPIQPVJGECOGTCCPF1TKPI0GXGTNGVUCNVYCVGTFT[QPVJGECOGTC5CNV
ET[UVCNUECPFCOCIGVJG1TKPINGPUCPFCVVTCEVOQKUVWTG&T[ECOGTCYKVJENGCP
UQHVVQYGNCHVGTTGOQXKPIHTQOHTGUJYCVGTVCPM
&QPQVGZRQUGECOGTCVQFKTGEVUWPNKIJVŌMGGRKPCUJCFGFCTGCQTWPFGTCFT[
VQYGN
+VKUPQVTGEQOOGPFGFVQQRGPYCVGTRTQQHFQQTYJKNGQPVJGFKXGDQCV#NNQYKPI
JWOKFCKTVQGPVGTVJGECOGTCOC[ECWUGHQIIKPI
+H[QWOWUVQRGPVJGECOGTCYJKNGQPVJGFKXGDQCVOCMGUWTG[QWCPFVJGECOGTC
CTGRGTHGEVN[FT[DGHQTGQRGPKPIVJGYCVGTRTQQHFQQT&QPQVCNNQYVJGKPUKFGQHVJG
ECOGTCVQIGVYGV
%NGCPKPIECOGTCCHVGTWUG
6JGUGCNGFECOGTCOWUVDGVJQTQWIJN[ENGCPGFYKVJHTGUJYCVGTDGHQTGQRGPKPI
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CP'KPGIGPCWG2TQFWMVDGUEJTGKDWPIOKVFGOGPVJCNVGPGP<WDGJÑTGTJCNVGP5KG
XQP+JTGO(CEJJ¼PFNGT
„ &KG#DDKNFWPIGPKPFKGUGO$GPWV\GTJCPFDWEJFKGPGP\WO'TMN¼TGPFGT(WPMVKQPGP
WPFMÑPPGPXQOVCVU¼EJNKEJGP&GUKIP+JTGT-COGTCCDYGKEJGP
„ &GT*GTUVGNNGT×DGTPKOOVMGKPG*CHVWPIH×T(GJNGTQFGTYKFGTURT×EJNKEJG#PICDGP
KPFKGUGO$GPWV\GTJCPFDWEJ
„ &KG5GC.KHG&KIKVCNMCOGTCXGTH×IV×DGTGKP$GVTKGDUU[UVGOOKVFGT$G\GKEJPWPI
ő(KTOYCTGŒ FCU CNNG -COGTCHWPMVKQPGP UVGWGTV 9KG CWEJ FKG 2TQITCOOG DGK
%QORWVGTP XQP <GKV \W <GKV CMVWCNKUKGTV YGTFGP YKTF 5GC.KHGs W7 MQUVGPNQUG
(KTOYCTG#MVWCNKUKGTWPIGPDGTGKVUVGNNGPFKGFKG.GKUVWPIFGT-COGTCXGTDGUUGTP
5EJCWGP5KGIGNGIGPVNKEJCWHFGT9GDUKVGXQP5GC.KHGDGKO(KTOYCTG&QYPNQCF
%GPVGT XQTDGK WPF RT×HGP 5KG QD GU PGWG (KTOYCTG#MVWCNKUKGTWPIGP IKDV
YYYUGCNKHGECOGTCUEQOUGTXKEGſTOYCTGJVON
„ +PHQTOCVKQPGP \WO $GPWV\GTJCPFDWEJ WPF 6TGKDGT7RFCVGU GTJCNVGP 5KG CWH
WPUGTGT9GDUKVGYYYUGCNKHGECOGTCUEQOQFGTXQP+JTGO*¼PFNGT
&'
6,&+(5+(,76$1:(,681*(1
$GXQT5KGFKGUGU2TQFWMVXGTYGPFGPUQNNVGP5KGCNNG9CTPWPF8QTUKEJVUJKPYGKUG
UQTIH¼NVKIFWTEJNGUGPWPFXGTUVGJGP
:DUQKLQZHLVH
9GPP(TGOFMÑTRGTQFGT9CUUGTKPFKG-COGTCGKPIGFTWPIGPUKPF
UEJCNVGP5KGFKG-COGTC#75WPFPGJOGP5KGFKG$CVVGTKGP#MMWU
JGTCWU
#PFGTGPHCNNU DGUVGJV $TCPF WPF 5VTQOUEJNCIIGHCJT 9GPFGP 5KG UKEJ
CPFGP*¼PFNGTDGKFGO5KGFKG-COGTCGTYQTDGPJCDGP
9GPPFKG-COGTCJGTWPVGTIGHCNNGPKUVQFGTFCU)GJ¼WUGDGUEJ¼FKIV
YWTFGUEJCNVGP5KGFKG-COGTC#75WPFPGJOGP5KGFKG$CVVGTKGP
#MMWUJGTCWU
#PFGTGPHCNNU DGUVGJV $TCPF WPF 5VTQOUEJNCIIGHCJT 9GPFGP 5KG UKEJ
CPFGP*¼PFNGTDGKFGO5KGFKG-COGTCGTYQTDGPJCDGP
&KG-COGTCFCTHPKEJVXQP+JPGPCWUGKPCPFGTIGPQOOGPOQFKſ\KGTV
QFGTTGRCTKGTVYGTFGP
'U DGUVGJV $TCPF WPF 5VTQOUEJNCIIGHCJT 9GPFGP 5KG UKEJ DGK
GTHQTFGTNKEJGP4GRCTCVWTGPWPF+PURGMVKQPGPFGU+PPGTGPFGT-COGTCCP
FGP*¼PFNGTDGKFGO5KGFKG-COGTCGTYQTDGPJCDGP
.GIGP5KGFKG-COGTCPWTCWHUVCDKNG7PVGTNCIGP
#PFGTGPHCNNU MCPP FKG -COGTC JGTWPVGTHCNNGP QFGT ŌMKRRGP WPF UQ
8GTNGV\WPIGPXGTWTUCEJGP
$GYCJTGP 5KG FKG $CVVGTKGP#MMWU CW²GTJCND FGT 4GKEJYGKVG XQP
-KPFGTPCWH
'KP*GTWPVGTUEJNWEMGPFGT$CVVGTKGP#MMWUMCPP\WT8GTIKHVWPIH×JTGP
9GPPGKP#MMWQFGTGKPG$CVVGTKGXGTUGJGPVNKEJXGTUEJNWEMVYQTFGPKUV
O×UUGP5KGWOIGJGPFGKPGP#T\VCWHUWEJGP
8GTYGPFGP 5KG FKG -COGTC PKEJV DGKO .CWHGP QFGT DGKO (×JTGP
GKPGU(CJT\GWIU
5KGMÑPPVGPUVQNRGTPQFGTGKPGP8GTMGJTUWPHCNNXGTWTUCEJGP
&'
9RUVLFKWVKLQZHLVH
.GIGP5KGFKG$CVVGTKGP#MMWUTKEJVKIIGRQNV
WPFGKP
9GTFGP FKG $CVVGTKGP#MMWU HCNUEJ JGTWO GKPIGNGIV DGUVGJV $TCPF
WPF 8GTNGV\WPIUIGHCJT QFGT FCU )GT¼V MCPP FWTEJ GKP $GTUVGP QFGT
#WUNCWHGPFGU#MMWUDGUEJ¼FKIVYGTFGP
.ÑUGP5KGFGP$NKV\PKEJV\WPCJGCPFGP#WIGPCPFGTGT2GTUQPGPCWU
&CFWTEJMÑPPGPFKG#WIGPIGUEJ¼FKIVYGTFGP
#EJVGP5KGFCTCWHFCUUFGT.%&/QPKVQTMGKPGP5VѲGPCWUIGUGV\V
YKTF
&CFWTEJ MCPP FCU &KURNC[ FGU /QPKVQTU DGUEJ¼FKIV YGTFGP QFGT FKG
(N×UUKIMGKVKO+PPGTPCWUNCWHGP9GPPFKGUG(N×UUKIMGKVKPFKG#WIGPCWH
+JTG*CWVQFGTFKG-NGKFWPIIGNCPIGPUQNNVGOWUUUKGUQHQTVOKVMNCTGO
9CUUGT CDIGUR×NV YGTFGP +UV FKG (N×UUKIMGKV KP FKG #WIGP IGNCPIV
O×UUGP5KGUKEJWOIGJGPFKPOGFK\KPKUEJG$GJCPFNWPIDGIGDGP
'KPG -COGTC KUV GKP 2T¼\KUKQPUIGT¼V .CUUGP 5KG UKG PKEJV
JGTWPVGTHCNNGPWPFIGJGP5KGXQTUKEJVKIOKVFGT-COGTCWO
#PFGTGPHCNNUMCPPFKG-COGTCDGUEJ¼FKIVYGTFGP
'PVPGJOGP 5KG FKG $CVVGTKGP#MMWU PKEJV UQHQTV PCEJFGO 5KG FKG
-COGTC×DGTGKPGPN¼PIGTGP<GKVTCWOFCWGTPFXGTYGPFGVJCDGP
&KG $CVVGTKGP#MMWU YGTFGP DGK FGT $GPWV\WPI JGK² $GK $GT×JTWPI
MÑPPVGP5KGUKEJXGTDTGPPGP
9KEMGNP5KGFKG-COGTCPKEJVGKPWPFNGIGP5KGUKGPKEJVCWH6×EJGT
QFGT&GEMGP
&CFWTEJMÑPPVGGU\WGKPGO*KV\GUVCWKPFGT-COGTCMQOOGPYQFWTEJ
UKEJFCU)GJ¼WUGXGTHQTOGPMCPP&CT×DGTJKPCWUDGUVGJV$TCPFIGHCJT
8GTYGPFGP 5KG FKG -COGTC WPF FCU <WDGJÑT KOOGT KP IWV DGN×HVGVGP
7OIGDWPIGP
.CUUGP 5KG FKG -COGTC PKEJV CP 1TVGP NKGIGP CP FGPGP FKG
6GORGTCVWTGPUVCTMCPUVGKIGPMÑPPGP
\$KPGKPGO(CJT\GWI
&CFWTEJMÑPPVGPFCU)GJ¼WUGWPF6GKNGKO+PPGTGPDGUEJ¼FKIVYGTFGP
YCUYKGFGTWOGKPGP$TCPFXGTWTUCEJGPMCPP
6TGPPGP5KGXQTFGO6TCPURQTVFGT-COGTCCNNG-CDGNCD
#PFGTGPHCNNUMÑPPGPFKG-CDGNDGUEJ¼FKIVYGTFGPYQFWTEJ$TCPFWPF
5VTQOUEJNCIIGHCJTGPVUVGJV
&'
+LQZHLVH]XU9HUZHQGXQJGHV$NNXV
9GPP 5KG GKPGP #MMW XGTYGPFGP UQNNVGP 5KG FKG PCEJHQNIGPFGP *KPYGKUG WPF
5KEJGTJGKVUCPYGKUWPIGPUQTIH¼NVKIFWTEJNGUGPWPFFKGUGUVTGPIDGHQNIGP
„ 8GTYGPFGP5KGPWTFGPHQNIGPFGP##$CVVGTKGQFGT#MMWV[R
z 5GC.KHG 0KEMGN/GVCNNJ[DTKF#MMWU 0K/* $GHQNIGP 5KG IGPCW FKG
#PYGKUWPIGP \WO .CFGP FGU #MMWU &KG 8GTYGPFWPI XQP #MMWU KUV
MQUVGPGHſ\KGPVWPFWOYGNVUEJQPGPF
z .KVJKWO$CVVGTKGP .KVJKWODCVVGTKGP JCNVGP CO N¼PIUVGP UKPF CDGT UGJT VGWGT
WPFPKEJVYKGFGTCWƀCFDCT
z *KIJ'PGTI[#NMCNKDCVVGTKGP
„ $GPWV\GP5KG$CVVGTKGPWPF#MMWUPKEJVKPUGJTMCNVGP7OIGDWPIGPFCUKEJFKG
.GDGPUFCWGT FGT $CVVGTKGP WPF #MMWU DGK PKGFTKIGP 6GORGTCVWTGP XGTM×T\V WPF
FCOKVFKG.GKUVWPIUH¼JKIMGKVFGT-COGTCXGTTKPIGTVYKTF
„ 0CEJ GKPGT N¼PIGTGP <GKV WPWPVGTDTQEJGPGT $GPWV\WPI FGT -COGTC QFGT FGU
$NKV\GUMCPPUKEJFGT#MMWYCTOCPH×JNGP'UJCPFGNVUKEJJKGTDGKPKEJVWOGKPG
(GJNHWPMVKQP
„ 0CEJN¼PIGTGTWPWPVGTDTQEJGPGT$GPWV\WPIMCPPUKEJFKG-COGTCYCTOCPH×JNGP
'UJCPFGNVUKEJJKGTDGKPKEJVWOGKPG(GJNHWPMVKQP
„ 0GJOGP5KGFGP#MMWJGTCWUYGPPFKG-COGTC×DGTGKPGPN¼PIGTGP<GKVTCWO
PKEJVDGPWV\VYKTFWOGKP#WUNCWHGPQFGT-QTTQFKGTGPFGU#MMWUKPFGT-COGTC
\WXGTOGKFGP
„ #EJVGP5KGKOOGTFCTCWHFCUUFKG-QPVCMVGUCWDGTUKPF
„ 'PVUQTIGP5KG$CVVGTKGPWPF#MMWUGPVURTGEJGPFFGP#PYGKUWPIGP
&'
+LQZHLVH]XU:DVVHUIHVWLJNHLW
„ .GIGP5KGFKG-COGTCPKTIGPFYQFKTGMVKPFGP5CPF
„ &CFKG-COGTCKO9CUUGTPCEJWPVGPUKPMVUQNNVGP5KGUKGYGPPUKGKOQFGTKPFGT
0¼JGXQP9CUUGTDGPWV\VYKTFKOOGTCO*CPFIGNGPMDGHGUVKIVVTCIGP
„ &GT 14KPI CWU 5KNKMQP FGT UKEJ KO &GEMGN FGU YCUUGTHGUVGP )GJ¼WUGU
DGſPFGVOWUUKOOGTICP\UCWDGTUGKP.GUGP5KGUKEJWPDGFKPIVFKGYKEJVKIGP
2ƀGIGCPYGKUWPIGPH×TFKG14KPIGFWTEJ
„ 2T×HGP5KGKOOGTGTUVQDFCU)GJ¼WUGTKEJVKIIGUEJNQUUGPKUVDGXQT5KGOKVFKG
-COGTCCPGKPGP1TVOKVPGJOGPCPFGTUKGOKVITQ²GT9CJTUEJGKPNKEJMGKVHGWEJV
QFGTUEJOWV\KIYGTFGPMCPP
\$WPVGT9CUUGTQFGTCO5VTCPF9CUUGT5CPF
WPF5EJOWV\KPFGT-COGTCMCPP\W(GJNHWPMVKQPGPFGT-COGTCH×JTGP9KUEJGP
5KG8GTUEJOWV\WPIGPWPF9CUUGTUQUEJPGNNYKGOÑINKEJXQPFGT-COGTCCD
„ ©HHPGP5KGFCU$CVVGTKG5&-CTVGPHCEJOÑINKEJUVPKEJVCO5VTCPFQFGTCO/GGT
9GEJUGNP 5KG FKG $CVVGTKGP#MMWU QFGT FKG 5RGKEJGTMCTVG GTUV CWU YGPP FKG
-COGTCXQNNUV¼PFKIIGVTQEMPGVKUVWPFCEJVGP5KGFCTCWHFCUU+JTG*¼PFGVTQEMGP
UKPF9GEJUGNP5KGFKG$CVVGTKGP#MMWUQFGTFKG5RGKEJGTMCTVGPKEJVCWUYGPPFKG
-COGTCHGWEJVQFGTUEJOWV\KIYGTFGPMCPP
„ 9GPPFKG-COGTCUGJTUEJOWV\KIKUVQFGTKO/GGTDGPWV\VYWTFGUEJCNVGP5KG
UKGCWURT×HGP5KGQDFCU)GJ¼WUGFKEJVXGTUEJNQUUGPKUVWPFNCUUGP5KGDKU
/KPWVGPNCPI6TKPMYCUUGTFCT×DGTNCWHGPQFGTNGIGP5KGFKG-COGTCH×TFKGUGP
<GKVTCWOKPGKP$GJ¼NVGTOKVUCWDGTGO6TKPMYCUUGT
„ #EJVGP5KGFCTCWHFCUUMGKPG5QPPGPETGOGWPF5QPPGPÑNCWHFKG-COGTCIGNCPIGP
FC FCFWTEJ FKG 1DGTƀ¼EJG GPVH¼TDV YGTFGP MCPP 5QNNVG FQEJ ©N CWH FKG -COGTC
IGNCPIGPOWUUFKGUGUUQHQTVOKVYCTOGO9CUUGTCDIGYCUEJGPYGTFGP
„ &KGYCUUGTHGUVGP'KIGPUEJCHVGPDG\GKJGPUKEJPKEJVCWHFCU-COGTC\WDGJÑT
&'
,QKDOW
'+0(¯*470) ¯DGTUKEJV 2CEMWPIUKPJCNV &#5+56&+'-#/'4# #PUKEJVXQPXQTPG #PUKEJVXQPJKPVGP 5[ODQNGCWHFGO.%&/QPKVQT 814$'4'+6'0&'4-#/'4# 'KPUGV\GPFGT$CVVGTKGP#MMWU 'KPUGV\GPWPF*GTCWUPGJOGPFGT5&-CTVG
QRVKQPCNGU<WDGJÑT $GHGUVKIGPFGU-COGTCDCPFU '456'5%*4+66' 'KP#WUUEJCNVGPFGT-COGTC 'KPUVGNNGPFGT5RTCEJG 'KPUVGNNGPXQP&CVWOWPF7JT\GKV (QTOCVKGTGPFGUKPVGTPGP5RGKEJGTUWPFFGT5&5RGKEJGTMCTVG #7(0#*/'/1&75 (QVQITCſGTGP)TWPFNCIGP 'KPUVGNNGPFGT$KNFCWƀÑUWPIWPF$KNFSWCNKV¼V &KG<QQOHWPMVKQP 'KPUVGNNGPFGT5EJ¼THG 'KPUVGNNGPFGU$NKV\GU $GPWV\GPFGU$NKV\GUKOGZVGTPGP$NKV\OQFWU &GT5GNDUVCWUNÑUGT 'KPUVGNNGPFGT$GNKEJVWPI
'8 'KPUVGNNGPFGU9GK²CDINGKEJU 'KPUVGNNGPFGU9GK²CDINGKEJUKO/GGT/QFWU 'KPUVGNNGPFGUOCPWGNNGP9GK²CDINGKEJU #WUY¼JNGPFGU/QVKXOQFWU &GT5RKQP/QFWU &'
9+'&'4)#$'/1&75)470&.#)'0 9KGFGTIGDGPXQP$KNFGTP 8GTITѲGTPXQP$KNFGTP #P\GKIGPXQP/KPKCVWTDKNFGTP 9KGFGTIGDGPCNU&KCUEJCW 8+&'1/1&75 #WHPGJOGPXQP8KFGQENKRU 9KGFGTIGDGPXQP8KFGQENKRU 9+'&'4)#$'/1&75'49'+6'46'(70-6+10'0 .ÑUEJGPXQP$KNFGTP8KFGQENKRU 5EJ×V\GPXQP$KNFGTP8KFGQENKRU 'KPUVGNNGPFGT&21((WPMVKQP #PUEJNKGUUGPCPGKPGP2KEVDTKFIGMQORCVKDNGP&TWEMGT #7(0'*/'0810706'49#55'4$+.&'40 5KEJGTUVGNNGPFGT&KEJVJGKV 'KPUGV\GPWPF'PVHGTPGPFGU&KEJVTKPIU +PUVCNNKGTGPFGU&GƀGMVQTU $GPWV\GPWPF4GKPKIGPFGT-COGTCWPVGT9CUUGT )GNWPIGPG7PVGTYCUUGTHQVQUOCEJGP ¯$'464#)'0 810 &#6'+'0 810 &'4 &+)+6#.-#/'4# #7( &'0
%1/276'4 5EJTKVV5EJNKG²GP5KGFKG&KIKVCNMCOGTCCPFGP%QORWVGTCP 5EJTKVV.CFGP5KGFKG$KNFGTQFGT8KFGQENKRUJGTWPVGT +056#..+'4'0&'4$'#4$'+670)551(69#4' +PUVCNNKGTGPXQP2JQVQ'ZRNQTGT +PUVCNNKGTGPXQP2JQVQ'ZRTGUU 8'49'0&'0&'4&+)+6#.'0(161-#/'4##.52%-#/'4# 5EJTKVV+PUVCNNKGTGPFGU2%-COGTCVTGKDGTU 5EJTKVV5EJNKG²GP5KGFKG&KIKVCNMCOGTCCPFGP%QORWVGTCP &'
/'0¯126+10'0 /GP×ő-COGTCŒ /GP×ő8KFGQCWUICDGŒ /GP×ő9KGFGTICDGŒ /GP×ő5GVWRŒ 52'<+(+-#6+10'0 ('*.'4$'*'$70) &'
(,1)¶+581*
¶EHUVLFKW
/KV+JTGTPGWGPYCUUGTWPFUVQ²HGUVGP&KIKVCNMCOGTCMCPPFCU#DGPVGWGTCWHFGO
.CPFWPFWPVGT9CUUGTDGIKPPGP&KG-COGTCKUVOKVFGTPGWGUVGP&KIKVCNVGEJPQNQIKG
CWUIGUVCVVGV 5KG OCEJV XKGNGU CWVQOCVKUEJ WPF KUV GKPHCEJ \W DGPWV\GP 5KG DKGVGV
+JPGP GKPKIG GKP\KICTVKIG (WPMVKQPGP OKV FGPGP 5KG DGUVKOOV +JTG (TGWFG JCDGP
YGTFGP
„ .CPF5GCs$GNKEJVWPIUOQFK
5RG\KGNNG $GNKEJVWPIUOQFK H×T JGNNG
HCTDGPHTQJG7PVGTYCUUGTDKNFGTFKG5KG
OKV GKPGO GZVGTPGP $NKV\ 'ZV $NKV\
QFGTQJPG$NKV\
/GGTCWHPGJOGP
„ 52+10/QFWU
&KG -COGTC PKOOV CWVQOCVKUEJ
GKPG 5GTKG XQP $KNFGTP KP \WXQT
GKPIGUVGNNVGP+PVGTXCNNGPCWH
„ /GICRKZGN
&GT JQEJ CWƀÑUGPFG %%&5GPUQT
DKGVGV /GICRKZGN H×T GKPG
JGTCWUTCIGPFG$KNFSWCNKV¼V
„ #WVQOCVKUEJGT$NKV\
'KP CWVQOCVKUEJGT $NKV\UGPUQT
GTOKVVGNVCWVQOCVKUEJ
FKG
7OIGDWPIUNKEJVDGFKPIWPIGP WPF
NGIVHGUVQDFGT$NKV\FC\WIGUEJCNVGV
YKTF
„ Œ.625.%&(CTDOQPKVQT
„ &KIKVCN\QQOHCEJ
„ /$KPVGTPGT5RGKEJGT
/$\WO5RGKEJGTPXQP$KNFGTP
(×T FKG #WHPCJOG FGT $KNFGT YKTF
MGKPG5RGKEJGTMCTVGDGPÑVKIV
„ 7PVGTUV×V\V5&5RGKEJGTMCTVGPDKU
)$
'ORHQJNGP YGTFGP 5&-CTVGP FGT
/CTMGP 5CP&KUM 2CPCUQPKE WPF
6QUJKDC
&'
„ 75$#PUEJNWUU
75$MQORCVKDGN
5KG MÑPPGP (QVQU 8KFGQENKRU WPF
6QPCWHPCJOGP×DGTFCU75$-CDGN
CWHFGP%QORWVGT×DGTVTCIGP
„ &21((WPMVKQP
5KG MÑPPGP &TWEMKPHQTOCVKQPGP CWH
+JTGT 5RGKEJGTMCVG URGKEJGTP FKG
-CTVG KP GKPGP &21(MQORCVKDNGP
&TWEMGT GKPUGV\GP WPF FKG $KNFGT
CWUFTWEMGP
„ 2KEV$TKFIG(WPMVKQP
5KGMÑPPGPFKG-COGTCFKTGMVCPGKPGP
&TWEMGT CPUEJNKG²GP FGT 2KEV$TKFIG
WPVGTUV×V\V 5KG MÑPPGP FCPP FGP
&TWEMXQTICPI FKTGMV ×DGT FGP .%&
/QPKVQTFGT-COGTCUVGWGTP
„ /QVKXOQFK
5KG MÑPPGP H×T FKG HQNIGPFGP
#WHPCJOGDGFKPIWPIGP GKPGP FGT
XQTGKPIGUVGNNVGP
/QFK
Y¼JNGP
#WVQOCVKUEJ 5RQTV 0CEJV 2QTVTCKV
.CPFUEJCHV )GIGPNKEJV /GGT 'ZV
$NKV\WPF5RKQP
„ $KNFDGCTDGKVWPIUUQHVYCTG 2JQVQ
'ZRNQTGT2JQVQ'ZRTGUU
5KG MÑPPGP +JTG (QVQU OKV FGT
$KNFDGCTDGKVWPIUUQHVYCTG CWH FGO
%QORWVGTXGTDGUUGTPWPFTGVQWEJKGTGP
3DFNXQJVLQKDOW
2CEMGP5KGFKG6GKNGXQTUKEJVKICWUWPFRT×HGP5KGQDFKGHQNIGPFGP6GKNGGPVJCNVGP
UKPF(CNNUGVYCUHGJNGPPKEJVRCUUGPQFGTDGUEJ¼FKIVUGKPUQNNVGYGPFGP5KGUKEJ
WOIGJGPFCP+JTGP*¼PFNGT
#NNIGOGKPG2TQFWMVMQORQPGPVGP
„&KIKVCNMCOGTC
„6TCIGDCPF
„-COGTCVCUEJG
„###NMCNKDCVVGTKGP
„6TQEMGPOKVVGNMCRUGN
„$GPWV\GTJCPFDWEJ
„75$-CDGN
„5QHVYCTG%&41/
„&GƀGMVQT
H×TFCUQRVKQPCNG$NKV\\WDGJÑT
„'TUCV\FKEJVTKPI
6GKN5.
¯DNKEJGU<WDGJÑT
QRVKQPCN
„5&5RGKEJGTMCTVG
„###MMWU
„5GC.KHG/KPK9GKVYKPMGNQDLGMVKX
6GKN5.
„5GC.KHG&KIKVCNDNKV\
6GKN5.&
„/QKUVWTG/WPEJGTs6TQEMGPMCRUGNP
„'KPGXQNNUV¼PFKIG.KUVGFGUIGUCOVGPQRVKQPCNGP<WDGJÑTUGTJCNVGP5KGDGKGKPGO
CWVQTKUKGTVGP5GC.KHG*¼PFNGTQFGTCWHFGT9GDUKVGYYY5GC.KHGECOGTCUEQO
„&CU OKVIGNKGHGTVG <WDGJÑT WPF \WIGUKEJGTVG 2TQFWMVMQORQPGPVGP J¼PIGP XQO
*¼PFNGTCD
&'
'$6,67',(.$0(5$
$QVLFKWYRQYRUQH
#WUNÑUGT
1DLGMVKX
9CUUGTFKEJVGT&GEMGN
4KGIGN
4KGIGNURGTTG
2%75$#PUEJNWUU
$CVVGTKG#MMWHCEJ
$NKV\
5&5RGKEJGTMCTVGPUVGEMRNCV\
&'
$QVLFKWYRQKLQWHQ
W 2HGKNVCUVG
.KPMU
5GNDUVCWUNÑUGTVCUVG
S 2HGKNVCUVG
1DGP
/'076CUVG
1-6CUVG
'KP#WU6CUVG&KIKVCN\QQOVCUVG
9KGFGTICDGVCUVG
X 2HGKNVCUVG
4GEJVU
$NKV\VCUVG
T 2HGKNVCUVG
7PVGP
/1&'6CUVG
*CNVGTWPIH×T6TCIGDCPF
(CUUWPIH×T&TGKDGKPUVCVKX
.%&/QPKVQT
(QMWUUEJCNVGT
/CMTQOQFWU
0QTOCNOQFWU
5VCVWUCP\GKIG.'&
&'
6\PEROHDXIGHP/&'0RQLWRU
„ -COGTCOQFWU
#P\GKIG H×T KPVGTPGP 5RGKEJGT5&
5RGKEJGTMCTVG
=
? 5VCVWUFGUKPVGTPGP5RGKEJGTU
=
? 5VCVWUFGT5&5RGKEJGTMCTVG
.CFGUVCVWUFGT$CVVGTKGP#MMWU
=
? $CVVGTKGP#MMWUXQNN
=
? $CVVGTKGP#MMWUJCNDXQNN
=
? $CVVGTKGP#MMWUHCUVNGGT
=
? $CVVGTKGP#MMWUNGGT
$NKV\OQFWU
= .GGT ? #WVQOCVKUEJ
=
? 8QTDNKV\
=
? $NKV\#P
=
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&T×EMGP5KGUQNCPIGCWHFKG1-6CUVG
DKUFKG-COGTCCPKUV
„ &GT-COGTCOQFWU
5VCPFCTFXQTUEJCW
YKTFCPIG\GKIV
&T×EMGP5KGUQQHVCWHFKG6CUVGX DKU
FGT IGY×PUEJVG $NKV\OQFWU CWH FGO
.%&/QPKVQTCPIG\GKIVYKTF
#TTCPIKGTGP 5KG FKG #WHPCJOG WPF
FT×EMGP5KGCWHFGP#WUNÑUGT
&KGHQNIGPFG6CDGNNGYKTF+JPGPFCDGKJGNHGPGKPGIGGKIPGVG$NKV\HWPMVKQPCWU\WY¼JNGP
$NKV\OQFWU
$GUEJTGKDWPI
&GT $NKV\ YKTF CWVQOCVKUEJ GPVURTGEJGPF FGP
.KEJVXGTJ¼NVPKUUGPKPFGT7OIGDWPICWUIGNÑUV
#WVQOCVKUEJ
8QTDNKV\
&GT$NKV\\WT4GFW\KGTWPIFGU4QVG#WIGP'HHGMVUYKTF
H×T#WHPCJOGPXQP2GTUQPGPWPF6KGTGPDGKUEJNGEJVGP
.KEJVDGFKPIWPIGPXGTYGPFGV
#EJVGP 5KG FCTCWH FCUU FKG CWHIGPQOOGPG 2GTUQP
Y¼JTGPFFGT#WHPCJOGFKTGMVKPFKG-COGTCDNKEMVD\Y
UQPCJYKGOÑINKEJCPFGT&KIKVCNMCOGTCUVGJV
$NKV\#P
7PCDJ¼PIKIXQO7OIGDWPIUNKEJVYKTFFGT$NKV\KOOGT
CWUIGNÑUV 9¼JNGP 5KG FKGUGP /QFWU H×T (QVQU OKV
UVCTMGO-QPVTCUV
)GIGPNKEJVWPFVKGHGP5EJCVVGP
$NKV\#WU
8GTYGPFGP 5KG FKGUGP /QFWU CP 1TVGP CP FGPGP
$NKV\CWHPCJOGP PKEJV GTNCWDV UKPF QFGT YGPP UKEJ
FCU #WHPCJOGQDLGMV CW²GTJCND FGT $NKV\TGKEJYGKVG
DGſPFGV
&'
%HQXW]HQGHV%OLW]HVLPH[WHUQHQ%OLW]PRGXV
9GPP 5KG CNU /QVKXOQFWU FKG 1RVKQP 'ZV $NKV\ Y¼JNGP YKTF FGT $NKV\ CWVQOCVKUEJ
UQGKPIGUVGNNVFCUUGTKOOGTCWUIGNÑUVYKTF9GPPFGT$NKV\FGT-COGTCCWUIGNÑUV
YKTF YKTF CWVQOCVKUEJ CWEJ KOOGT FGT GZVGTPG $NKV\ CWUIGNÑUV 'KPG CWUH×JTNKEJG
$GFKGPCPNGKVWPIH×TFGPQRVKQPCNGPGZVGTPGP$NKV\ſPFGP5KGKO$GPWV\GTJCPFDWEJH×T
FGP5GC.KHG$NKV\9GKVGTG+PHQTOCVKQPGP×DGTFGP/QVKXOQFWU'ZV$NKV\ſPFGP5KGKP
FKGUGO$GPWV\GTJCPFDWEJKO#DUEJPKVVő#WUY¼JNGPFGU/QVKXOQFWUŒ
(×T GKPG IGGKIPGVG $GNKEJVWPI MÑPPGP 5KG GKPGP FGT FTGK HQNIGPFGP $NKV\HWPMVKQPGP
Y¼JNGP
=.GGT?
= ?0CJCWHPCJOGDNKV\
= ?(GTPCWHPCJOGDNKV\
&KGUG 5VCPFCTFGKPUVGNNWPI KUV KFGCN YGPP UKEJ FCU
#WHPCJOGQDLGMV\YKUEJGPWPFOXQPFGT-COGTC
GPVHGTPVDGſPFGV
&KGUG$NKV\GKPUVGNNWPIKUVKFGCNH×T0CJCWHPCJOGPDKU
\WO
O
9¼JNGP 5KG FKGUGP $NKV\OQFWU YGPP UKEJ FCU
#WHPCJOGQDLGMV YGKVGT CNU O XQP FGT -COGTC
GPVHGTPVDGſPFGV
„&KG QDGP IGPCPPVGP 'PVHGTPWPIGP J¼PIGP XQP FGT 5KEJV KO 9CUUGT WPF
FGT 4GƀGMVKXKV¼V FGU #WHPCJOGQDLGMVU CD 'ZRGTKOGPVKGTGP 5KG OKV FGP
WPVGTUEJKGFNKEJGP$NKV\HWPMVKQPGP
„&T×EMGP5KGCWHFKG$NKV\VCUVG WPFY¼JNGP5KGGKPGPIGGKIPGVGP$NKV\OQFWU
„7OFKG#WHPCJOGPFCPP\WU¼V\NKEJCWH\WJGNNGPQFGTFWPMNGTGKP\WUVGNNGPMÑPPGP
5KGFKG$GNKEJVWPIUMQTTGMVWTCPRCUUGP
&'
'HU6HOEVWDXVOÐVHU
&GT 5GNDUVCWUNÑUGT MCPP \$ H×T )TWRRGPHQVQU XGTYGPFGV YGTFGP +P FKGUGO (CNN
UQNNVGP 5KG FKG -COGTC CWH GKP &TGKDGKPUVCVKX UEJTCWDGP GORHQJNGP QFGT CWH GKPG
ƀCEJGGDGPGP7PVGTNCIGUVGNNGP
$GHGUVKIGP 5KG FKG -COGTC CWH GKPGO
-COGTCUVCVKX QFGT NGIGP 5KG UKG CWH
GKPGUVCDKNG7PVGTNCIG
&T×EMGP5KGUQNCPIGCWHFKG1-6CUVG
DKUFKG-COGTCCPKUV
„ &GT-COGTCOQFWU
5VCPFCTFXQTUEJCW
YKTFCPIG\GKIV
&T×EMGP5KGUQQHVCWHFKG6CUVGX DKU
FGT IGY×PUEJVG 5GNDUVCWUNÑUGTOQFWU
CWHFGO.%&/QPKVQTCPIG\GKIVYKTF
#75UUU
=-GKPG#P\GKIG?
#TTCPIKGTGP 5KG FKG #WHPCJOG WPF
FT×EMGP5KGCWHFGP#WUNÑUGT
„ &KG5GNDUVCWUNÑUGTHWPMVKQPKUVCMVKXKGTV
„ &CU(QVQYKTFFCPP\WOGKPIGUVGNNVGP
<GKVRWPMVCWHIGPQOOGP
„ &KG 5GNDUVCWUNÑUGTHWPMVKQP MCPP
LGFGT\GKV YKGFGT DGGPFGV YGTFGP
KPFGO 5KG CWH FKG 6CUVG W FT×EMGP
„0CEJFGT#WHPCJOGYKTFFGT5GNDUVCWUNÑUGTOQFWUFGCMVKXKGTV
„9GPP5KGGKPGYGKVGTG5GNDUVCWUNÑUGTCWHPCJOGOCEJGPOÑEJVGPYKGFGTJQNGP
5KGFKGQDGPDGUEJTKGDGPGP5EJTKVVG
&'
(LQVWHOOHQGHU%HOLFKWXQJ(9
5KG MÑPPGP DGK FGT &KIKVCNMCOGTC FKG $GNKEJVWPI OCPWGNN GKPUVGNNGP $GPWV\GP 5KG
FKGUGP /QFWU YGPP MGKPG IWVG $GNKEJVWPI GTTGKEJV YGTFGP MCPP \$ YGPP FGT
-QPVTCUV 7PVGTUEJKGF JGNN WPF FWPMGN \YKUEJGP FGO #WHPCJOGQDLGMV WPF FGO
*KPVGTITWPF GZVTGO ITQ² KUV (×T FKG $GNKEJVWPIUMQTTGMVWT MÑPPGP 5KG GKPGP 9GTV
\YKUEJGP'8WPF'8Y¼JNGP
&T×EMGP5KGUQNCPIGCWHFKG1-6CUVG
DKUFKG-COGTCCPKUV
&T×EMGP 5KG CWH FKG 6CUVG T /1&'
WO \WO -COGTCOQFWU QFGT = ? \W
YGEJUGNP
&T×EMGP5KGCWHFKG6CUVGS „ &CU /GP× =#WHPCJ? QFGT
=8KFGQCWUICDG?YKTFCPIG\GKIV
9¼JNGP5KGOKVFGP6CUVGPSTFKG
1RVKQP ='8? WPF FT×EMGP 5KG CWH FKG
1-6CUVG
5VGNNGP 5KG OKV FGP 6CUVGP S WPF T
FGP 9GTV H×T FKG $GNKEJVWPIUMQTTGMVWT
GKP 9¼JNGP 5KG GKPGP 9GTV \YKUEJGP
'8 WPF '8 WPF FT×EMGP 5KG
FCPPCWHFKG1-6CUVG
7O FCU /GP× \W DGGPFGP FT×EMGP
5KGCWHFKG6CUVGW
<$+O-COGTCOQFWU
&'
(LQVWHOOHQGHV:HL¹DEJOHLFKV
/KV FKGUGT (WPMVKQP MÑPPGP 5KG LG PCEJ #WHPCJOGDGFKPIWPIGP WPVGTUEJKGFNKEJG
.KEJVV[RGP MQORGPUKGTGP $GKO CWVQOCVKUEJGP 9GK²CDINGKEJ Y¼JNV FKG -COGTC
CWVQOCVKUEJFKGCODGUVGPIGGKIPGVG'KPUVGNNWPI9GPPFKG$KNFHCTDGPCWUIGUEJCNVGV
UKPFY¼JNGP5KGGPVURTGEJGPFFGU.KEJVV[RUGKPGPIGGKIPGVGP9GK²CDINGKEJYGTV
&T×EMGP5KGUQNCPIGCWHFKG1-6CUVG
DKUFKG-COGTCCPKUV
&T×EMGP 5KG CWH FKG 6CUVG T /1&'
WO\WO-COGTCOQFWUQFGT8KFGQOQFWU
= ?\WYGEJUGNP
&T×EMGP5KGCWHFKG6CUVGS „ &CU /GP× =#WHPCJ? QFGT
=8KFGQCWUICDG?YKTFCPIG\GKIV
9¼JNGP5KGOKVFGP6CUVGPSTFKG
1RVKQP =9GK²CDINGKEJ? WPF FT×EMGP
5KGFCPPCWHFKG1-6CUVG
9¼JNGP5KGOKVFGP6CUVGPSTGKPG
'KPUVGNNWPI CWU WPF FT×EMGP 5KG CWH
FKG1-6CUVG
7O FCU /GP× \W DGGPFGP FT×EMGP
5KGCWHFKG6CUVGW
<$+O-COGTCOQFWU
&'
(LQVWHOOHQGHV:HL¹DEJOHLFKVLP0HHU0RGXV
+O /GGT/QFWU UKPF FKG HQNIGPFGP 1RVKQPGP H×T FGP 9GK²CDINGKEJ OÑINKEJ
CWVQOCVKUEJHVO HVOOCPWGNN&KG5VCPFCTFGKPUVGNNWPIKO/GGT/QFWU
KUV HVO &KG &CTUVGNNWPI CWH FGO .%&/QPKVQT GTUEJGKPV ×DGT 9CUUGT GVYCU
TÑVNKEJ&CUKUVPQTOCNWPFXGTUEJYKPFGVYGPP5KGWPVGT9CUUGTUKPF
„$GKO GZVGTPGP $NKV\OQFWU YKTF FGT 9GK²CDINGKEJ GPVURTGEJGPF FGT
(CTDVGORGTCVWT FGU GZVGTPGP $NKV\GU QRVKQPCNGU <WDGJÑT GKPIGUVGNNV 0GJOGP
5KGMGKPGPOCPWGNNGP9GK²CDINGKEJXQTYGPPFKG-COGTCCWHFGP/QFWU'ZV
$NKV\GKPIGUVGNNVKUV
&'
(LQVWHOOHQGHVPDQXHOOHQ:HL¹DEJOHLFKV
9GPP FKG /GP×QRVKQPGP MGKPG IGGKIPGVGP 'KPUVGNNWPIGP DKGVGP MÑPPGP 5KG FGP
9GK²CDINGKEJOCPWGNNGKPUVGNNGPWPFURGKEJGTP
&T×EMGP5KGUQNCPIGCWHFKG1-6CUVG
DKUFKG-COGTCCPKUV
&T×EMGP5KGCWHFKG6CUVGS „ &CU/GP×=#WHPCJ?YKTFCPIG\GKIV
9¼JNGP5KGOKVFGP6CUVGPSTFKG
1RVKQP =9GK²CDINGKEJ? WPF FT×EMGP
5KGFCPPCWHFKG1-6CUVG
9¼JNGP5KGOKVFGP6CUVGPSTFKG
1RVKQP==/CPWGNN9$?WPFFT×EMGP5KG
FCPPCWHFKG1-6CUVG
4KEJVGP 5KG FKG -COGTC CWH GKP #
ITQ²GU$NCVVYGK²GU2CRKGT
QFGTGKPG
5EJKGHGTVCHGN *CNVGP 5KG FCU 2CRKGT
QFGT FGP 5EJKGHGT GKPG #TON¼PIG
GPVHGTPV XQT FKG -COGTC WPF FT×EMGP
5KGCWHFKG1-6CUVGWOFKG(WPMVKQP
=#WUH×JT? \W UVCTVGP &GT OCPWGNNG
9GK²CDINGKEJYKTFLGV\VKPFGT-COGTC
IGURGKEJGTV
7O FKGUG 'KPUVGNNWPI CD\WDTGEJGP
YKGFGTJQNGP
5KG
FKG
QDGP
DGUEJTKGDGPGP 5EJTKVVG WPF Y¼JNGP
5KGDGK5EJTKVVFKG1RVKQP=#DDTWEJ?
<$+O-COGTCOQFWU
„'U MCPP JKNHTGKEJ UGKP FCU 2CRKGT QFGT FGP 5EJKGHGT KP GKPGO 9KPMGN IGPCW
\YKUEJGP.KEJVSWGNNGWPF-COGTC\WJCNVGP
&'
$XVZ¾KOHQGHV0RWLYPRGXV
5KG MÑPPGP FGP /QVKXOQFWU GPVURTGEJGPF FGU #WHPCJOGOQVKXU Y¼JNGP 'U IKDV XQTGKPIGUVGNNVG/QVKXOQFK
= # ? #WVQOCVKUEJ 9¼JNGP 5KG FKGUGP /QFWU H×T #WHPCJOGP FKG 5KG UEJPGNN
WPFQJPGXKGNG8QTGKPUVGNNWPIGPOCEJGPOÑEJVGP
= ? 5RQTV
9¼JNGP5KGFKGUGP/QFWUH×T#WHPCJOGPXQP1DLGMVGPFKG
UKEJUEJPGNNDGYGIGP
=
? 0CEJV
9¼JNGP5KGFKGUGP/QFWUH×T#WHPCJOGPFKG5KGKO&WPMGNP
KO(TGKGPOCEJGPOÑEJVGP
= ? 2QTVTCKV
9¼JNGP5KGFKGUGP/QFWUH×TFKG#WHPCJOGXQP2GTUQPGPFKG
UKEJUEJCTHXQTGKPGOWPUEJCTHGP*KPVGTITWPFCD\GKEJPGPUQNNGP
=
? .CPFUEJCHV 9¼JNGP 5KG FKGUGP /QFWU H×T #WHPCJOGP OKV FGT
'PVHGTPWPIUGKPUVGNNWPI 7PGPFNKEJ H×T UEJCTHG -QPVWTGP WPF
GKPGJQJG(CTDU¼VVKIWPI
=
? $GNGWEJVWPI 9¼JNGP 5KG FKGUGP /QFWU H×T #WHPCJOGP DGK FGPGP FCU
#WHPCJOGQDLGMVKO)GIGPNKEJVUVGJV
=
? /GGT
9¼JNGP5KGFKGUGP/QFWUYGPP5KG7PVGTYCUUGTCWHPCJOGP
1*0'GKPGPGZVGTPGU$NKV\\WDGJÑTOCEJGPOÑEJVGP
=
? 'ZV$NKV\
9¼JNGP5KGFKGUGP/QFWUYGPP5KG7PVGTYCUUGTCWHPCJOGP
OKVGZVGTPGO$NKV\\WDGJÑTOCEJGPOÑEJVGP
=
? 5RKQP
9¼JNGP5KGFKGUGP/QFWUH×TGKPG5GTKGXQP#WHPCJOGPFKG
KPGKPGOHGUVIGNGIVGP+PVGTXCNNCWHIGPQOOGPYGTFGP
&T×EMGP5KGUQNCPIGCWHFKG1-6CUVG
DKUFKG-COGTCCPKUV
„ &GT-COGTCOQFWU
5VCPFCTFXQTUEJCW
YKTFCPIG\GKIV
&T×EMGP5KGCWHFKG6CUVGS „ &CU/GP×=#WHPCJ?YKTFCPIG\GKIV
9¼JNGP5KGOKVFGP6CUVGPSTFKG
1RVKQP=5\GPG/QFWU?WPFFT×EMGP5KG
FCPPCWHFKG1-6CUVG
9¼JNGP 5KG OKV FGP 6CUVGP S T
GKPGP /QVKXOQFWU CWU WPF FT×EMGP
5KGCWHFKG1-6CUVG
7O FCU /GP× \W DGGPFGP FT×EMGP
5KGCWHFKG6CUVGW
&'
'HU6SLRQ0RGXV
/KVFKGUGO/QFWUMÑPPGP5KGGKPG5GTKGXQP(QVQUKPGKPGO\WXQTGKPIGUVGNNVGP+PVGTXCNN
OCEJGP&KGUGT/QFWUKUVP×V\NKEJWO\$GKPGP5QPPGPCWHQFGT5QPPGPWPVGTICPI
\W HQVQITCſGTGP UQFCUU 5KG UKEJ UR¼VGT FCU DGUVG $KNF CWU FGT 5GTKG CWUY¼JNGP
MÑPPGP 'T KUV P×V\NKEJ WO DGKO (QVQITCſGTGP PKEJV XQO #WHPCJOGQDLGMV GPVFGEMV
\W YGTFGP \ $ XQP UEJGWGP 6KGTGP (×T UQNEJG #WHPCJOGP YKTF GORHQJNGP GKP
MQORCMVGU5VCVKX\WXGTYGPFGP
&T×EMGP5KGCWHFKG6CUVGT/1&'WO
\WO#WHPCJOGOQFWU\WYGEJUGNP
C &T×EMGP 5KG CWH FKG 6CUVG S DWVVQP
D 9¼JNGP5KGOKVFGP6CUVGPSTFKG
1RVKQP=5\GPG/QFWU?WPFFT×EMGP
5KGFCPPCWHFKG1-6CUVG
E 9¼JNGP5KGOKVFGP6CUVGPST
FKG1RVKQP=5RKQP?WPFFT×EMGP5KG
FCPPCWHFKG1-6CUVG
F 9¼JNGP5KGOKVFGP6CUVGPST
GKPGP +PVGTXCNN CWU WPF FT×EMGP
5KGCWHFKG1-6CUVG
G &T×EMGP 5KG CWH FKG 6CUVG W WO
FCU/GP×\WDGGPFGP
4KEJVGP 5KG FKG -COGTC CWH FCU
#WHPCJOGQDLGMV 'U YKTF GORHQJNGP
GKP MQORCMVGU 5VCVKX \W XGTYGPFGP
FCOKV FKG -COGTC HGUV CWH FCU
#WHPCJOGQDLGMVIGTKEJVGVDNGKDV
&T×EMGP 5KG CWH FGP #WUNÑUGT &KG
-COGTC \¼JNV 5GMWPFGP JGTWPVGT
WPFOCEJVFCPPFKGGTUVG#WHPCJOG
7O5VTQO\WURCTGPUEJCNVGVUKEJFGT
.%&/QPKVQT FCDGK CD &KG -COGTC
PKOOV FKG (QVQU KP FGP HGUVIGNGIVGP
<GKVKPVGTXCNNGPCWHDKU
C 5KG PQEJ GKPOCN CWH FGP #WUNÑUGT
FT×EMGP
D &GT5RGKEJGTXQNNKUV
E &KG$CVVGTKGP#MMWUNGGTUKPF
„9GPP5KGCNU+PVGTXCNN=#WU?Y¼JNGPYKTFFGT.%&/QPKVQTCWUIGUEJCNVGVWPFFKG
-COGTC PKOOV FKG (QVQU KP INGKEJO¼²KIGP +PVGTXCNNGP GVYC 5GMWPFGP QJPG
*GTWPVGT\¼JNGPCWH
&'
:,('(5*$%(02'86*581'/$*(1
:LHGHUJHEHQYRQ%LOGHUQ
5KGMÑPPGPUKEJGKP(QVQINGKEJPCEJFGT#WHPCJOGCPUGJGP
&T×EMGP5KGUQNCPIGCWHFKG1-6CUVG
DKUFKG-COGTCCPKUV
&T×EMGP5KGCWHFKG6CUVG= ?
„ &KG\WNGV\VIGOCEJVG#WHPCJOGYKTF
CWHFGO.%&/QPKVQTCPIG\GKIV
9¼JNGP5KGFKGIGY×PUEJVGP$KNFGTOKV
WQFGTXCWU
„ 7O FCU XQTJGTIGJGPFG $KNF
CP\WUGJGP FT×EMGP 5KG CWH FKG
6CUVGW
„ 7O FCU P¼EJUVG $KNF CP\WUGJGP
FT×EMGP5KGCWHFKG6CUVGX
7O FGP 9KGFGTICDGOQFWU \W
DGGPFGPFT×EMGP5KGCWH= ?QFGTFKG
/QFWUVCUVGT
„&KG 9KGFGTICDGKPHQTOCVKQPGP YGTFGP GKPKIG 5GMWPFGP NCPI CWH FGO .%&
/QPKVQTCPIG\GKIVWPFFCPPYKGFGTCWUIGDNGPFGV
„9GPP UKEJ KO KPVGTPGP 5RGKEJGT QFGT CWH FGT 5RGKEJGTMCTVG MGKPG #WHPCJOG
DGſPFGV&KG/GNFWPI=-'+0$+.&?GTUEJGKPVCWHFGO/QPKVQT
&'
9HUJUйHUQYRQ%LOGHUQ
9¼JTGPF FGT $KNFYKGFGTICDG MÑPPGP 5KG GKPGP CWUIGY¼JNVGP $GTGKEJ FGU $KNFU
XGTITѲGTP &CFWTEJ JCDGP 5KG FKG /ÑINKEJMGKV UKEJ FKG (QVQU CWEJ KO &GVCKN
CP\WUGJGP#WHFGO/QPKVQTYKTFFCUCMVWGNNG8GTITѲGTWPIUXGTJ¼NVPKUCPIG\GKIV
8
T
T
T
&T×EMGP5KGUQNCPIGCWHFKG1-6CUVG
DKUFKG-COGTCCPKUV
&T×EMGP5KGCWHFKG6CUVG= ?
„ &KG\WNGV\VIGOCEJVG#WHPCJOGYKTF
CWHFGO.%&/QPKVQTCPIG\GKIV
„ 7O FCU XQTJGTIGJGPFG $KNF
CP\WUGJGP FT×EMGP 5KG CWH FKG
6CUVGW
„ 7O FCU P¼EJUVG $KNF CP\WUGJGP
FT×EMGP5KGCWHFKG6CUVGX
&T×EMGP5KGMWT\CWHFKG1-6CUVGWO
FCU$KNF\WXGTITѲGTP
„ &GT 8GTITѲGTWPIUHCMVQT YKTF CWH
FGO.%&/QPKVQTCPIG\GKIV
/KVFGP6CUVGPSTWXMÑPPGP
5KGFGPCPIG\GKIVGP$GTGKEJFGU$KNFU
XGT¼PFGTP
T
„&GT8GTITѲGTWPIUHCMVQTTGKEJVXQPZDKUZ
KP5VWHGPZZZZ
ZZWPFZ
&'
$Q]HLJHQYRQ0LQLDWXUELOGHUQ
/KV FKGUGT (WPMVKQP JCDGP 5KG FKG /ÑINKEJMGKV UKEJ CWH FGO .%&/QPKVQT /KPKCVWTDKNFGTINGKEJ\GKVKICP\GKIGP\WNCUUGP
&T×EMGP5KGUQNCPIGCWHFKG1-6CUVG
DKUFKG-COGTCCPKUV
&T×EMGP5KGCWHFKG6CUVG= ?
„ &KG\WNGV\VIGOCEJVG#WHPCJOGYKTF
CWHFGO.%&/QPKVQTCPIG\GKIV
&T×EMGP 5KG OGJTOCNU MWT\ CWH FKG
1-6CUVG DKU FKG #WHPCJOGP CNU
/KPKCVWTDKNFGTCPIG\GKIVYGTFGP
„ $GK8KFGQENKRUYKTFFCU8KFGQU[ODQN
= ?CPIG\GKIV
8GTUEJKGDGP 5KG FGP %WTUQT OKV FGP
6CUVGPSTWXUQFCUUFCU$KNF
KP0QTOCNITѲGCPIG\GKIVYKTF
&T×EMGP5KGCWHFKG1-6CUVGWOFCU
OCTMKGTVG$KNFCNU8QNNDKNFCP\W\GKIGP
„9GPP FCU GTUVG CPIG\GKIVG $KNF GKP 8KFGQENKR KUV Y¼JNGP 5KG OKV FGP 6CUVGP
WXGKPG$KNFFCVGKCWUWPFFT×EMGP5KGOGJTOCNUCWHFKG1-6CUVGWOFKG
/KPKCVWTDKNFCP\GKIG\WCMVKXKGTGP
„#WEJKO9KGFGTICDGOQFWU= ?MÑPPGP5KGCWHFKGUG9GKUGFKG/KPKCVWTDKNFCP\GKIG
CMVKXKGTGP
&T×EMGP5KGCWHFKG6CUVGS WOFCU9KGFGTICDGOGP×CWH\WTWHGP
„&CU9KGFGTICDGOGP×YKTFCPIG\GKIV
9¼JNGP5KGOKVFGP6CUVGPSTFKG1RVKQP=/KPKCVWT?WPFFT×EMGP5KGFCPPCWH
FKG1-6CUVG
&'
:LHGHUJHEHQDOV'LDVFKDX
/KVFGT&KCUEJCWHWPMVKQPJCDGP5KGFKG/ÑINKEJMGKVUKEJFKG$KNFGTPCEJGKPCPFGTCNU
&KCUEJCWCP\GKIGP\WNCUUGP&KGUG(WPMVKQPKUVUGJTP×V\NKEJWPFWPVGTJCNVUCOH×T
FKG9KGFGTICDGFGTCWHIGPQOOGP$KNFGTWPFH×T2T¼UGPVCVKQPGP
&T×EMGP5KGCWHFKG6CUVG= ?
&T×EMGP5KGCWHFKG6CUVGS „ &CU9KGFGTICDGOGP×YKTFCPIG\GKIV
9¼JNGP5KGOKVFGP6CUVGPSTFKG
1RVKQP =&KCUEJCW? WPF FT×EMGP 5KG
FCPPCWHFKG1-6CUVG
9¼JNGP UKG OKV S T FCU
9KGFGTICDGKPVGTXCNN WPF FT×EMGP 5KG
FCPPCWHFKG1-6CUVG
„ &KG&KCUEJCWYKTFIGUVCTVGV
7O FKG &KCUEJCW Y¼JTGPF FGT
9KGFGTICDG \W UVQRRGP FT×EMGP 5KG
CWHFKG1-6CUVG
„&CU+PVGTXCNNH×TFKG&KCUEJCWMCPPCWHWPF5GMWPFGPGKPIGUVGNNVYGTFGP
„9¼JTGPFFGT&KCUEJCWKUVFKGCWVQOCVKUEJG#WUUEJCNVHWPMVKQPFGCMVKXKGTV
„'UYGTFGPCWVQOCVKUEJCNNG$KNFGTGKPGU1TFPGTUCPIG\GKIV
„$GK8KFGQENKRUYKTFPWTFCULGYGKNUGTUVG$KNFPKEJVFGTICP\G(KNOCPIG\GKIV
„&KG &KCUEJCWHWPMVKQP MCPP PWT FCPP CMVKXKGTV YGTFGP YGPP UKEJ CWH FGT 5&
5RGKEJGTMCTVGQFGTKOKPVGTPGP5RGKEJGTOKPFGUVGPU#WHPCJOGPDGſPFGP
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9,'(202'86
$XIQHKPHQYRQ9LGHRFOLSV
/KVFKGUGT(WPMVKQPJCDGP5KGFKG/ÑINKEJMGKV8KFGQENKRUOKV6QP
×DGTFCUGKPIGDCWVG
/KMTQHQPCWH\WPGJOGP
&T×EMGP5KGUQNCPIGCWHFKG1-6CUVG
DKUFKG-COGTCCPKUV
&T×EMGP 5KG CWH T /1&' WPF
YGEJUGNP5KGKPFGP/QFWU= ?
&T×EMGP5KGCWHFGP#WUNÑUGTWOFKG
#WHPCJOG\WUVCTVGP
7OFKG#WHPCJOG\WDGGPFGPFT×EMGP
5KGGKP\YGKVGU/CNCWHFGP#WUNÑUGT
„$GKFGT#WHPCJOGGKPGU8KFGQENKRUMCPPFGT$NKV\PKEJVDGPWV\VYGTFGP
„(×TGKPJQEJYGTVKIGU8KFGQDGPÑVKIGP5KGIWVG.KEJVDGFKPIWPIGP$GKUEJNGEJVGP
.KEJVDGFKPIWPIGPMÑPPGP5KGGKPG8KFGQNCORG
QRVKQPCNGU<WDGJÑTXGTYGPFGP
WOFCU#WHPCJOGQDLGMVCWU\WNGWEJVGP
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:LHGHUJHEHQYRQ9LGHRFOLSV
&KG 8KFGQENKRU MÑPPGP OKV FGT -COGTC CWEJ YKGFGTIGIGDGP YGTFGP 'KPG
$GFKGPWPIUCPNGKVWPI YKTF Y¼JTGPFG FGT 9KGFGTICDG FGU 8KFGQU CWH FGO .%&
/QPKVQTCPIG\GKIV
&T×EMGP5KGCWHFKG6CUVG= ?
9¼JNGP5KGOKVWWPFXCWUFGP$KNFGTP
FGP8KFGQENKRCWUFGTYKGFGTIGIGDGP
YGTFGPUQNN
„ 7O FCU XQTJGTIGJGPFG $KNF
CP\WUGJGP FT×EMGP 5KG CWH FKG
6CUVGW
„ 7O FCU P¼EJUVG $KNF CP\WUGJGP
FT×EMGP5KGCWHFKG6CUVGX
&T×EMGP5KGCWHFKG1-6CUVGWOFKG
9KGFGTICDGFGT8KFGQENKRU\WUVCTVGP
„ 7OFKG9KGFGTICDG\WWPVGTDTGEJGP
QFGT HQTV\WUGV\GP FT×EMGP 5KG GKP
\YGKVGU/CNCWHFKG1-6CUVG
„ &T×EMGP
5KG
Y¼JTGPF
FGT
7PVGTDTGEJWPICWHFKG/1&'6CUVG
WO \WO #PHCPI FGU 8KFGQENKRU
\WT×EM\WMGJTGP
„&KG 9KGFGTICDGKPHQTOCVKQPGP YGTFGP GKPKIG 5GMWPFGP NCPI CWH FGO .%&
/QPKVQTCPIG\GKIVWPFFCPPYKGFGTCWUIGDNGPFGV
„9¼JTGPFFGT9KGFGTICDGXQP8KFGQUKUVFKG<QQOHWPMVKQPFGCMVKXKGTV
„(×T FKG 9KGFGTICDG XQP 8KFGQENKRU CWH FGO %QORWVGT YKTF FCU 2TQITCOO
9KPFQYU/GFKC2NC[GT
9/2QFGTGKPGPGWGTG8GTUKQPGORHQJNGP&KGUG
MÑPPGP5KGCWHFGT9GDUKVGYYYOKETQUQHVEQOJGTWPVGTNCFGP9GPPFCU8KFGQ
9/2 PKEJV YKGFGTIGIGDGP YGTFGP MCPP O×UUGP 5KG GKPG PGWGTG 8GTUKQP
XQP9/2XQPFGT/KETQUQHV9GDUKVGJGTWPVGTNCFGP
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:,('(5*$%(02'86(5:(,7(57(
)81.7,21(1
/ÐVFKHQYRQ%LOGHUQ9LGHRFOLSV
/KVFKGUGT(WPMVKQPMÑPPGP5KG$KNFGTWPF8KFGQENKRUNÑUEJGPFKGKOKPVGTPGP5RGKEJGT
WPFCWHFGT5RGKEJGTMCTVGIGURGKEJGTVUKPF$GCEJVGP5KGFCUUIGNÑUEJVG$KNFGTWPF
8KFGQENKRU PKEJV YKGFGTJGTIGUVGNNV YGTFGP MÑPPGP 5GKGP 5KG CNUQ XQTUKEJVKI DGKO
.ÑUEJGP
.ÑUEJGPKO9KGFGTICDGOQFWU
&T×EMGP5KGCWHFKG6CUVG= ?
„ #WHFGO.%&/QPKVQTYKTFFKG\WNGV\V
IGOCEJVG#WHPCJOGCPIG\GKIV
9¼JNGP5KGOKVFGP6CUVGPWXFCU
$KNFCWUFCUIGNÑUEJVYGTFGPUQNN
&T×EMGP5KGCWHFKG6CUVGS „ &CU9KGFGTICDGOGP×YKTFCPIG\GKIV
9¼JNGP 5KG FKG 1RVKQP =.ÑUEJGP? OKV
FGP 6CUVGP S T CWU WPF FT×EMGP
5KGFCPPCWHFKG1-6CUVG
„ &CU.ÑUEJOGP×YKTFCPIG\GKIV
9¼JNGP 5KG OKV FGP 6CUVGP S T
FKG 1RVKQP ='KP\GNDKNF? QFGT =#NNG? WPF
FT×EMGP5KGFCPPCWHFKG1-6CUVG
„ 'KP\GNDKNF.ÑUEJVFCUCPIG\GKIVG$KNF
QFGTFKG\WNGV\VIGOCEJVG#WHPCJOG
„ #NNG.ÑUEJVCNNG#WHPCJOGPFKGUKEJ
CWH FGT 5&5RGKEJGTMCVG DGſPFGP
CW²GT FGPGP FKG OKV GKPGO
.ÑUEJUEJWV\XGTUGJGPUKPF
„ 5GKVG 9¼JNGP 5KG CWU FGT
/KPKCVWTDKNFCP\GKIG GKP $KNF CWU
WPFNÑUEJGP5KGGU
9¼JNGP 5KG FKG 1RVKQP =#WUH×JT? OKV
FGP 6CUVGP S T CWU WPF FT×EMGP
5KGFCPPCWHFKG1-6CUVG
„ 7O FGP 8QTICPI CD\WDTGEJGP
Y¼JNGP5KG=#DDTWEJ?WPFFT×EMGP
5KGFCPPCWHFKG1-6CUVG
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.ÑUEJGPGKPGUOCTMKGTVGP$KNFU
&T×EMGP5KGCWHFKG6CUVG= ?
&T×EMGP5KGCWHFKG6CUVGS „ &CU9KGFGTICDGOGP×YKTFCPIG\GKIV
9¼JNGP5KGFKG1RVKQP=.ÑUEJGP?OKVFGP6CUVGPSTCWUWPFFT×EMGP5KGFCPP
CWHFKG1-6CUVG
„ &CU.ÑUEJOGP×YKTFCPIG\GKIV
9¼JNGP5KGFKG1RVKQP=5GKVG?OKVFGP6CUVGPSTCWUWPFFT×EMGP5KGFCPPCWH
FKG1-6CUVG
„ &KG$KNFGTGTUEJGKPGPKPFGT/KPKCVWTDKNFCP\GKIG
9¼JNGP5KGOKVFGP6CUVGPSTWXFCU$KNFCWUFCUIGNÑUEJVYGTFGPUQNN
WPFFT×EMGP5KGFCPPCWHFKG1-6CUVG
„ &CUOCTMKGTVG$KNFYKTFIGNÑUEJV
„+O 9KGFGTICDGOQFWU MÑPPGP 5KG LGFGU DGNKGDKIG $KNF NÑUEJGP KPFGO 5KG CWH
FGP #WUNÑUGT FT×EMGP #WH FGO /QPKVQT GTUEJGKPV FKG /GNFWPI =&KGUGU (QVQ
NÑUEJGP!?
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6FKÖW]HQYRQ%LOGHUQ9LGHRFOLSV
&KG&CVGPYGTFGPOKVGKPGO5EJTGKDUEJWV\XGTUGJGPFCOKVFKGUG#WHPCJOGPPKEJV
XGTUGJGPVNKEJIGNÑUEJVYGTFGPMÑPPGP
5EJ×V\GPXQP$KNFGTP
&T×EMGP5KGCWHFKG6CUVG= ?
„ &KG\WNGV\VIGOCEJVG#WHPCJOGYKTF
CWHFGO.%&/QPKVQTCPIG\GKIV
9¼JNGP5KGOKVFGP6CUVGPWXFCU
$KNF CWU FCU OKV GKPGO .ÑUEJUEJWV\
XGTUGJGPYGTFGPUQNN
&T×EMGP5KGCWHFKG6CUVGS „ &CU9KGFGTICDGOGP×YKTFCPIG\GKIV
9¼JNGP5KGFKG1RVKQP=5EJWV\?OKVFGP
6CUVGP S T CWU WPF FT×EMGP 5KG
FCPPCWHFKG1-6CUVG
9¼JNGP 5KG OKV FGP 6CUVGP S T
FKG 1RVKQP ='KP\GNDKNF? QFGT =#NNG? WPF
FT×EMGP5KGFCPPCWHFKG1-6CUVG
9¼JNGP5KGFKG1RVKQP='KPUV?OKVFGP
6CUVGP S T CWU WPF FT×EMGP 5KG
FCPPCWHFKG1-6CUVG
„ &T×EMGP5KGYKGFGTJQNVCWHFKG6CUVG
W WO \WO 9KGFGTICDGOQFWU
\WT×EM\WMGJTGP
&KG IGUEJ×V\VGP $KNFGT YGTFGP OKV
FGO5[ODQN= ?IGMGPP\GKEJPGV
„ 9GPP 5KG =#NNG? IGY¼JNV JCDGP
GTUEJGKPGP CNNG $KNFGT OKV FGO
5[ODQN= ?
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#WHJGDGPFGU.ÑUEJUEJWV\GU
7OFGP.ÑUEJUEJWV\PWTH×TGKPGKP\GNPGU$KNFCWH\WJGDGPTWHGP5KGFKGUGU$KNFCWH
FGO.%&/QPKVQTCWH
9¼JNGP5KGKO9KGFGTICDGOGP×OKVFGP6CUVGPSTFKG1RVKQP=5EJWV\?WPF
FT×EMGP5KGFCPPCWHFKG1-6CUVG
9¼JNGP5KGOKVFGP6CUVGPSTFKG1RVKQP='KP\GNDKNF?QFGT=#NNG?WPFFT×EMGP
5KGFCPPCWHFKG1-6CUVG
9¼JNGP5KGOKVFGP6CUVGPSTFKG1RVKQP=#DDTWEJ?WPFFT×EMGP5KGFCPPCWH
FKG1-6CUVG
„ &T×EMGP 5KG YKGFGTJQNV CWH FKG 6CUVG W WO \WO 9KGFGTICDGOQFWU
\WT×EM\WMGJTGP &CU $KNF KUV LGV\V PKEJV OGJT OKV GKPGO .ÑUEJUEJWV\
XGTUGJGP
5EJ×V\GPXQPOCTMKGTVGP$KNFGTP
9¼JNGP5KGKO9KGFGTICDGOGP×OKVFGP6CUVGPSTFKG1RVKQP=5EJWV\?WPF
FT×EMGP5KGFCPPCWHFKG1-6CUVG
9¼JNGP5KGFKG1RVKQP=5GKVG?OKVFGP6CUVGPSTCWUWPFFT×EMGP5KGFCPPCWH
FKG1-6CUVG
„ &KG$KNFGTGTUEJGKPGPKPFGT/KPKCVWTDKNFCP\GKIG
9¼JNGP5KGOKVFGP6CUVGPSTWXFCU$KNFCWUFCUIGUEJ×V\VYGTFGPUQNN
WPFFT×EMGP5KGFCPPCWHFKG1-6CUVG
9GPP5KGFGP.ÑUEJUEJWV\FGUOCTMKGTVGP$KNFUCWHJGDGPOÑEJVGPH×JTGP5KG
FKGKO#DUEJPKVVő#WHJGDGPFGU.ÑUEJUEJWV\GUŒDGUEJTKGDGPGP5EJTKVVGCWU
„$GKO (QTOCVKGTGP GKPGT 5&5RGKEJGTMCTVG YKTF FGT .ÑUEJUEJWV\ CWHIGJQDGP
7PIGCEJVGVFGU.ÑUEJUEJWV\GUYGTFGPCNNG#WHPCJOGPIGNÑUEJV
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/KVFGT&21((WPMVKQP
&KIKVCNGU&TWEMCWHVTCIUHQTOCVMÑPPGP&TWEMKPHQTOCVKQPGPCWH
FGT5RGKEJGTMCTVGIGURGKEJGTVYGTFGP/KV&21(MÑPPGP5KGHGUVNGIGPYGNEJG$KNFGT
KPYGNEJGT#P\CJNIGFTWEMVYGTFGPUQNNGP5GV\GP5KGFCPPFKG5RGKEJGTMCTVGKPGKPGP
&21(H¼JKIGP&TWEMGTGKPFGT×DGTGKPGPGPVURTGEJGPFGP5RGKEJGTMCTVGPUVGEMRNCV\
XGTH×IV &GT &21(H¼JKIG &TWEMGT NKGUV FKG CWH FGT 5RGKEJGTMCTVG GPVJCNVGPGP
+PHQTOCVKQPGPWPFH×JTVFGP&TWEMGPVURTGEJGPFCWU
&T×EMGP5KGCWHFKG6CUVG= ?
9¼JNGP 5KG OKV FGP 6CUVGP W X
FKG $KNFGT CWU H×T FKG 5KG &21(
+PHQTOCVKQPGPHGUVNGIGPOÑEJVGP
&T×EMGP5KGCWHFKG6CUVGS „ &CU9KGFGTICDGOGP×YKTFCPIG\GKIV
9¼JNGP5KGOKVFGP6CUVGPSTFKG
1RVKQP =&21(? WPF FT×EMGP 5KG CWH
FKG1-6CUVG
„ #WH FGO /QPKVQT GTUEJGKPV FCU
&21('KPUVGNNWPIUHGPUVGT
9¼JNGP 5KG OKV FGP 6CUVGP S T
FKG 1RVKQP ='KP\GNDKNF? QFGT =#NNG? WPF
FT×EMGP5KGFCPPCWHFKG1-6CUVG
„ 'KP\GNDKNF.GIVFKG&21('KPUVGNNWPIGP
H×TLGFGU$KNFGKP\GNPHGUV
„ #NNG .GIV FKG &21('KPUVGNNWPIGP
H×TCNNG$KNFGTINGKEJ\GKVKIHGUV
9¼JNGP5KGOKVFGP6CUVGPSTFKG
1RVKQP=&TWEMCP\CJN?WPFFT×EMGP5KG
FCPPCWHFKG1-6CUVG
„ #WH FGO /QPKVQT YKTF FCU (GPUVGT
\WO 'KPUVGNNGP FGT &TWEMCP\CJN
CPIG\GKIV
.GIGP 5KG OKV FGP 6CUVGP S T FKG
&TWEMCP\CJN HGUV WPF FT×EMGP 5KG
FCPPCWHFKG1-6CUVG
„ (×TLGFGU$KNFMÑPPGP5KGDKU\W
#WUFTWEMGHGUVNGIGP
9¼JNGP5KGOKVFGP6CUVGPSTFKG
1RVKQP=&CVWO?WPFFT×EMGP5KGFCPP
CWHFKG1-6CUVG
„ &CU(GPUVGTH×TFKG&CVWOUGKPUVGNNWPI
GTUEJGKPV
&'
9¼JNGP5KGOKVFGP6CUVGPSTFKG1RVKQP='KP?QFGT=#WU?WPFFT×EMGP5KG
FCPPCWHFKG1-6CUVG
„ 'KP &CU&CVWOFGT#WHPCJOGYKTFIGFTWEMV
„ #WU &CU&CVWOFGT#WHPCJOGYKTFPKEJVIGFTWEMV
9¼JNGP 5KG OKV FGP 6CUVGP S T FKG 1RVKQP =&TWEMGP CMVKX? WPF FT×EMGP 5KG
FCPPCWHFKG1-6CUVG
9¼JNGP5KGOKVFGP6CUVGPSTFKG1RVKQP=#WUH×JT?WPFFT×EMGP5KGFCPPCWH
FKG1-6CUVG
„ &CDGKYKTFGKPG&CVGKOKVFGP&21(&CVGPGTUVGNNV&T×EMGP5KGCDUEJNKG²GPF
CWHFKG6CUVGWWO\WO9KGFGTICDGOQFWU\WT×EM\WMGJTGP
„ &KG$KNFGTOKV&21('KPUVGNNWPIGP
UKPF OKV FGO &21(5[ODQN = ?
XGTUGJGP
„#WHFGP(QVQUYKTFFCU&CVWOCWHIGFTWEMVFCUCWEJKPFGT-COGTCGKPIGUVGNNV
KUV &COKV CWH FGO (QVQ FCU TKEJVKIG &CVWO IGFTWEMV YKTF O×UUGP UKG XQT FGT
#WHPCJOGFCU&CVWOKPFGT-COGTCGKPUVGNNGP9GKVGTG+PHQTOCVKQPGPFC\WſPFGP
5KGKPFKGUGO$GPWV\GTJCPFDWEJWPVGTő'KPUVGNNGPXQP&CVWOWPF7JT\GKVŒ
„$GXQT 5KG OKV FGT -COGTC FKG &21('KPUVGNNWPIGP HGUVNGIGP O×UUGP 5KG FKG
$KNFGTCWUFGOKPVGTPGP5RGKEJGTCWHGKPG5&5RGKEJGTMCTVGNCFGP
„(KNOGMÑPPGPPKEJVIGFTWEMVYGTFGP
&'
$QVFKOLHVVHQDQHLQHQ3LFWEULGJHNRPSDWLEOHQ'UXFNHU
9GPP5KGGKPGP&TWEMGTJCDGPFGT2KEV$TKFIGWPVGTUV×V\VMÑPPGP5KGFKG-COGTCQJPG
FGP%QORWVGTFKTGMVCPFGP&TWEMGTCPUEJNKG²GP
#PUEJNKG²GPFGT-COGTCCPFGP&TWEMGT
5EJNKG²GP 5KG FCU OKVIGNKGHGTVG 75$-CDGN CP FGP 75$#PUEJNWUU FGT -COGTC
WPFCPFGP75$#PUEJNWUUFGU&TWEMGTUCP
„ &CU(GPUVGT\WO#WUY¼JNGPFGU75$/QFWUYKTFCPIG\GKIV
9¼JNGP5KG=2KEV$TKFIG?WPFFT×EMGP5KGFCPPCWHFKG1-6CUVG
&TWEMGPFGT$KNFGT
9GPP FKG -COGTC CP GKPGP OKV 2KEV$TKFIG MQORCVKDNGP &TWEMGT CPIGUEJNQUUGP KUV
GTUEJGKPVCWHFGO/QPKVQTFCU2KEV$TKFIG/GP×
9¼JNGP5KGOKVFGP6CUVGPSTFGP
'KPVTCI CWU FGT MQPſIWTKGTV YGTFGP
UQNNWPFFT×EMGP5KGCWHFKG1-6CUVG
„ =$KNFGT? .GIGP 5KG HGUV QD PWT
DGUVKOOVG$KNFGTQFGTQDCNNG$KNFGT
IGFTWEMVYGTFGPUQNNGP5KGMÑPPGP
CWEJ FKG #P\CJN FGT #WUFTWEMG
HGUVNGIGP
„ =&CVWO? ,G PCEJ &TWEMGTV[R
MÑPPGP5KGHGUVNGIGPQDFCU&CVWO
CWUIGFTWEMVYGTFGPUQNN
„ =2CRKGTHQTOCV?9¼JNGPUKGGKPH×TFGP
&TWEMGTV[RIGGKIPGVGU2CRKGTHQTOCV
„ =.C[QWV?9¼JNGP5KGGPVURTGEJGPF
FGU&TWEMGTV[RUGKP&TWEMNC[QWVCWU
„ =&TWEMGP?9GPPCNNG'KPUVGNNWPIGP
CDIGUEJNQUUGP UKPF MCPP FGT
&TWEMIGUVCTVGVYGTFGP
9GPP5KGDGKOXQTJGTIGJGPFGP5EJTKVV
=$KNFGT? CWUIGY¼JNV JCDGP GTUEJGKPV
FKG#DDKNFWPITGEJVUCWHFGO/QPKVQT
9¼JNGP5KGOKVFGP6CUVGPSTFKG
1RVKQP=5GKVG?QFGT=#NNG?WPFFT×EMGP
5KGFCPPCWHFKG1-6CUVG
„ =5GKVG? 9¼JNGP 5KG FKGUG 1RVKQP
WOGKP\GNPG$KNFGTCWU\WY¼JNGP
„ =#NNG? #NNG $KNFGT UQNNGP IGFTWEMV
YGTFGP
„ ='PFG?*KGTDGGPFGP5KGFCU/GP×
&'
9GPP5KGDGKOXQTJGTIGJGPFGP5EJTKVV
=9¼JNGP?CWUIGY¼JNVJCDGPGTUEJGKPV
FKG#DDKNFWPITGEJVUCWHFGO/QPKVQT
„ 9¼JNGP 5KG OKV FGP 6CUVGP W X
CNNG $KNFGT CWU FKG \WUCOOGP
CWUIGFTWEMVYGTFGPUQNNGP
„ 9¼JNGP5KGOKVFGP6CUVGPST
FKG 1RVKQP =&TWEMCP\CJN? DKU \W
„ 9GPP 5KG FKG $KNFGT WPF FKG
&TWEMCP\CJN HGUVIGNGIV JCDGP
FT×EMGP5KG\WO$GUV¼VKIGPCWHFKG
1-6CUVG
9¼JNGP5KGOKVFGP6CUVGPSTFKG
1RVKQP =&TWEMGP CMVKX? WPF FT×EMGP
5KGFCPPCWHFKG1-6CUVG
&GT &TWEM YKTF IGUVCTVGV WPF CWH
FGO /QPKVQT GTUEJGKPV FKG #DDKNFWPI
TGEJVU
„ #WH FGO /QPKVQT GTUEJGKPV
MWT\ FKG /GNFWPI =&TWEMG? WO
CP\W\GKIGPFCUUFGT&TWEMXQTICPI
CDIGUEJNQUUGPKUV
„ 9GPP GKP &TWEMHGJNGT CWHVTKVV
GTUEJGKPVFKG/GNFWPI=&TWEMHGJNGT?
„&GT&TWEMHGJNGTMCPPCWHVTGVGPYGPPFKG-COGTCPKEJVOGJTOKV5VTQOXGTUQTIV
YKTF
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$8)1(+0(1921817(5:$66(5%,/'(51
.GUGP5KGUKEJUQTIH¼NVKIFKG#PNGKVWPIFWTEJDGXQT5KGFKG7PVGTYCUUGTMCOGTC
DGPWV\GP
¯DGTUEJTGKVGP5KGPKEJVFKGCWHFGT-COGTCCPIGIGDGPG/CZKOCNVKGHGFCUQPUV
9CUUGTGKPFTKPIGPMCPP
(×JTGP5KGFKGUGYKEJVKIGP5EJTKVVG\WT&KEJVTKPIRƀGIGCWUFCUQPUVFKG-COGTC
WPFKEJVYGTFGPMCPP
„ 2T×HGPWPFTGKPKIGP5KGFGP&KEJVTKPIWPFFKG#WƀCIGƀ¼EJGPFGU&KEJVTKPIU
'PVHGTPGP5KGXQTLGFGT$GPWV\WPI5CPF*CCTGWPFCPFGTG(TGOFMÑTRGT
„ 2T×HGP5KGFGP&KEJVTKPIWPFFKG&KEJVTKPICWƀCIGƀ¼EJGPCWH5EJ¼FGP
5EJPKVVG
-TCV\GT4KUUG$T×EJGW•9GEJUGNP5KGFGP&KEJVTKPICWUQFGTNCUUGP5KG
FKG -COGTC TGRCTKGTGP YGPP FGT &KEJVTKPI QFGT FKG &KEJVTKPICWƀCIGƀ¼EJGP
DGUEJ¼FKIV UKPF 8GTYGPFGP 5KG FKG -COGTC PKEJV YGPP FGT &KEJVTKPI QFGT
FKG&KEJVTKPICWƀCIGƀ¼EJGPDGUEJ¼FKIVUKPF'TUCV\FKEJVTKPIGGTJCNVGP5KGDGK
CWVQTKUKGTVGP5GC.KHG*¼PFNGTP
„ 5VGNNGP 5KG UKEJGT FCUU FGT &KEJVTKPI HGUV KP FGT 4KNNG UKV\V DGXQT 5KG FKG
-COGTCXGTUEJNKG²GP$GKO'KPUGV\GPFGU&KEJVTKPIUFCTHFKGUGTPKEJVIGFTGJV
YGTFGP
$GHQNIGP5KGUQTIH¼NVKIFKG#PYGKUWPIGP\WO'KPUGV\GPWPF*GTCWUPGJOGP
FGU&KEJVTKPIU
„ 9GEJUGNP 5KG FGP &KEJVTKPI GKPOCN RTQ ,CJT CWU 8GTYGPFGP 5KG H×T FKG
-COGTCPWTXQO*GTUVGNNGTGORHQJNGPG5GC.KHG&KEJVTKPIG
„ 4GKPKIGP5KGFKG-COGTCPCEJLGFGO6CWEJICPIUQTIH¼NVKIOKV6TKPMYCUUGT
6TQEMPGP5KGFCU)GJ¼WUGOKVGKPGOUCWDGTGPYGKEJGP6WEJCD6TQEMPGP
5KGFKG-COGTCKOOGTXQNNUV¼PFKICD
5EJNKG²GP5KGUQTIH¼NVKIFGPYCUUGTFKEJVGP&GEMGNFGT-COGTC
„ 5VGNNGP5KGUKEJGTFCUUFGT&KEJVTKPIDGKO8GTUEJNKG²GPFGU&GEMGNUPKEJVCWU
FGT4KNNGJGTCWUTWVUEJV
„ 5VGNNGP 5KG UKEJGT FCUU MGKPG (TGOFMÑTRGT FGP YCUUGTFKEJVGP 8GTUEJNWUU
XGTJKPFGTP
#EJVGP5KGFCTCWHFCUUDGKO©HHPGPMGKP9CUUGTQFGT5EJOWV\KPFKG-COGTC
IGT¼V
(×TIGNWPIGPG7PVGTYCUUGTCWHPCJOGPDGPÑVKIGP5KG
„ -NCTGU9CUUGTGKPGTWJKIG*CPF
MQPVTQNNKGTGP5KG+JTGP#WHVTKGDWPFGKPGP
OÑINKEJUVIGTKPIGP#DUVCPF\WO#WHPCJOGQDLGMV
FGTKFGCNG#DUVCPFDGVT¼IV
DKUEO
„ 8GTYGPFGP 5KG FGP GZVGTPGP 5GC.KHG$NKV\ WO (CTDGP \W XGTDGUUGTP WPF
4×EMUVTGWWPI\WXGTOGKFGP
$GYCJTGP5KGFKG-COGTCDGK4CWOVGORGTCVWTCPGKPGOUCWDGTGPWPFVTQEMGPGP
1TVCWH
„ .GIGP5KGFKG-COGTCPKEJV×DGTGKPGPN¼PIGTGP<GKVTCWOKPFKTGMVGU5QPPGPNKEJV
„ $GYCJTGP 5KG FKG -COGTC PKEJV CP 1TVGP CWH DGK FGPGP FKG 6GORGTCVWTGP
UGJTJQEJCPUVGKIGPMÑPPGP
\$KO-QHHGTTCWOFGU#WVQU
&'
6LFKHUVWHOOHQGHU'LFKWKHLW
9KEJVKI
„ &GT&KEJVTKPIFCTH0+%*6GKPIGHGVVGVYGTFGP
„ 2T×HGP 5KG XQT LGFGO 6CWEJICPI UQTIH¼NVKI FGP &KEJVTKPI WPF FKG
&KEJVTKPICWƀCIGƀ¼EJGP
„ 9GPP FGT &KEJVTKPI CWUIGYGEJUGNV YGTFGP OWUU YGPFGP 5KG UKEJ CP GKPGP
5GC.KHG*¼PFNGT #WH FGT 9GDUKVG YYYUGCNKHGECOGTCUEQO \GKIGP YKT +JPGP
YGNEJGT*¼PFNGTKP+JTGT7OIGDWPIKUV
&'
6LFKHUVWHOOHQGHU'LFKWKHLW
,GFG5GC.KHG-COGTCYWTFGCWHKJTG3WCNKV¼VWPF9CUUGTFKEJVJGKVIGVGUVGV&COKVFKG
-COGTCYCUUGTFKEJVDNGKDVO×UUGP5KGKOOGTUQTIH¼NVKIFGP<WUVCPFFGU&KEJVTKPIU
RT×HGPWPFGTJCNVGP(×JTGP5KGFKGUGYKEJVKIGP2ƀGIGCPYGKUWPIGPH×TFGP&KEJVTKPI
CWU9GPP5KGFKGUG#PYGKUWPIGPPKEJVUQTIH¼NVKIDGHQNIGPMCPPFKG-COGTCWPFKEJV
YGTFGPWPF5KGXGTNKGTGPFCOKV+JTG)CTCPVKGCPURT×EJG
2T×HGP5KGXQTLGFGO6CWEJICPIFGP&KEJVTKPIWPFFKG#WƀCIGƀ¼EJGPFGU
&KEJVTKPIUUQTIH¼NVKICWH5EJ¼FGP
5EJPKVVG-TCV\GT4KUUG'KPMGTDWPIGPW•
4GKDGP 5KGFC\WOKVFGO(KPIGTCWHFGO&KEJVTKPIWPFCWHFGP#WƀCIGƀ¼EJGP
GPVNCPI WO OÑINKEJG 5EJ¼FGP \W GTH×JNGP 9GPP FGT &KEJVTKPI QFGT FKG
#WƀCIGƀ¼EJGP DGUEJ¼FKIV UKPF O×UUGP FKGUG CWUIGYGEJUGNV QFGT FKG -COGTC
IGYCTVGV YGTFGP 8GTYGPFGP 5KG FKG -COGTC PKEJV YGPP FGT &KEJVTKPI QFGT
FKG &KEJVTKPICWƀCIGƀ¼EJGP DGUEJ¼FKIV UKPF 'TUCV\FKEJVTKPIG GTJCNVGP 5KG DGK
CWVQTKUKGTVGP5GC.KHG*¼PFNGTP
2T×HGP 5KG FGP &KEJVTKPI WPF YGEJUGNP 5KG KJP DGK GKPGO 5EJCFGP CWU
#'KPUEJPKVV$4KUU%-GTDG
2T×HGPWPFTGKPKIGP5KGFGP&KEJVTKPIWPFFKG#WƀCIGƀ¼EJGPFGU&KEJVTKPIU
'PVHGTPGP5KGXQTLGFGT$GPWV\WPI5CPF*CCTGWPFCPFGTG(TGOFMÑTRGT
2T×HGP WPF TGKPKIGP 5KG FGP &KEJVTKPI WPF FKG #WƀCIGƀ¼EJGP FGU &KEJVTKPIU
'PVHGTPGP5KG*CCTGQFGT(CUGTP
WPF5CPF5CN\QFGTCPFGTG(TGOFMÑTRGT
5VGNNGP5KGUKEJGTFCUUFGT&KEJVTKPIHGUVKPFGT4KNNGUKV\VDGXQT5KGFCU)GJ¼WUG
XGTUEJNKG²GP$GKO'KPUGV\GPFGU&KEJVTKPIUFCTHFKGUGTPKEJVIGFTGJVYGTFGP
&'
9GEJUGNP5KGFGP&KEJVTKPIGKPOCNRTQ,CJTCWU8GTYGPFGP5KGH×TFKG-COGTCPWT
XQO*GTUVGNNGTGORHQJNGPG5GC.KHG&KEJVTKPIG
6GKN5.'TUCV\FKEJVTKPIG
GTJCNVGP5KGDGKCWVQTKUKGTVGP5GC.KHG*¼PFNGTP
0CEJLGFGO6CWEJICPI
C .GIGP 5KG FKG -COGTC EC /KPWVGP NCPI KP 6TKPMYCUUGT &KG OGKUVGP
6CWEJDQVG XGTH×IGP ×DGT URG\KGNNG 6TKPMYCUUGTIGH¼²G FKG H×T 7PVGTYCUUGTH
QVQCWUT×UVWPIGPXQTIGUGJGPUKPF.GIGP5KGFKG-COGTC0+%*6KP9CUUGT
FCUH×TFKGTGUVNKEJG6CWEJCWUT×UVWPIXQTIGUGJGPKUVFCJKGT4GKPKIWPIUOKVVGN
GPVJCNVGPUGKPMÑPPGPFKGUEJ¼FNKEJH×TFCU)GJ¼WUGUKPF
D &T×EMGP5KGY¼JTGPFFGU'KPYGKEJGPUOGJTOCNUCWHCNNG$GFKGPVCUVGPFCOKV
FCU5CN\YCUUGTWPFFGT5CPFWPF5EJOWV\FGTUKEJFQTVCPIGUCOOGNVJCV
XQNNUV¼PFKIJGTCWUIGNÑUVYGTFGP
E 6TQEMPGP5KGFKG-COGTCOKVGKPGOUCWDGTGPYGKEJGP6WEJCD6TQEMPGP5KG
+JTG*¼PFGWPFFKG-COGTCUQTIH¼NVKICDDGXQT5KGFGPYCUUGTFKEJVGP&GEMGN
ÑHHPGP
„&COKV UKEJ KP FGT 5GC.KHG-COGTC MGKPG
(GWEJVKIMGKV PKGFGTUEJNCIGP MCPP UQNNVGP
5KG DGKO #WHDGYCJTG GKPGP /QKUVWTG
/WPEJGTs6TQEMGPOKVVGN
6GKN5.KPFCU
$CVVGTKG#MMWHCEJNGIGP9GEJUGNPUKGFGP
/QKUVWTG /WPEJGT6TQEMGPOKVVGN CWU YGPP
FKG -CRUGN TQUCHCTDGP KUV 9GKVGTG -CRUGNP
MÑPPGP 5KG DGK GKPGO 5GC.KHG*¼PFNGT
DGUVGNNGP'KPG.KUVGFGT*¼PFNGTſPFGP5KG
WPVGTYYYUGCNKHGECOGTCUEQO
&'
(LQVHW]HQXQG(QWIHUQHQGHV'LFKWULQJV
7O FGP &KEJVTKPI \W GPVHGTPGP JGDGP 5KG KJP \WP¼EJUV CP GKPGT FGT 'EMGP OKV
GKPGOPKEJVUEJCTHGP)GIGPUVCPFJGTCWU
7O FGP &KEJVTKPI GKP\WUGV\GP FT×EMGP 5KG KJP XQTUKEJVKI KP FKG 4KNNG #EJVGP 5KG
FCTCWHFCUUFGT&KEJVTKPIIGPCWKPFKG(QTOFGT4KNNGGKPIGRCUUVYKTF&GT&KEJVTKPI
FCTHFCDGKPKEJVXGTFTGJVYGTFGP
&'
,QVWDOOLHUHQGHV'HIOHNWRUV
&GT&GƀGMVQTYKTFPWT\WUCOOGPOKVFGOGZVGTPGP$NKV\XGTYGPFGV
6GKN5.&
&KGUGTNGKVGVFGP$NKV\FGT-COGTC\WOGZVGTPGP$NKV\UGPUQTFGTFCPPFGPGZVGTPGP
$NKV\CWUNÑUV
5GV\GP5KGFGP&GƀGMVQTYKGCDIGDKNFGVKPFKG$CUKUFGUGZVGTPGP$NKV\GUGKP
„'KPGCWUH×JTNKEJG#PNGKVWPIWPF6KRRU\WT(GJNGTDGJGDWPIDGKFGT$GPWV\WPIFGU
GZVGTPGP$NKV\GUſPFGP5KGKOFC\WIGJÑTKIGP$GPWV\GTJCPFDWEJ
„&KGUG GTJCNVGP 5KG DGK GKPGO 5GC.KHG*¼PFNGT KP +JTGT 0¼JG 'KPG .KUVG FGT
*¼PFNGTſPFGP5KGCWHFGT9GDUKVGYYYUGCNKHGECOGTCUEQO
&'
,QVWDOOLHUHQGHV'HIOHNWRUV
&KGUGT&GƀGMVQTMCPPCNU#FCRVGTH×TFCUQRVKQPCNG(NCUJ.KPM-CDGN
6GKN5.
XGTYGPFGV YGTFGP 'U YKTF GORHQJNGP FCU QRVKUEJG -CDGN \W DGPWV\GP WO
UKEJGT\WUVGNNGPFCUUFGTGZVGTPG$NKV\DGKCNNGP.KEJVDGFKPIWPIGPCWUIGNÑUVYKTF
(×JTGP5KGFCUQRVKUEJG-CDGNYKGWPVGPCDIGDKNFGVFWTEJFKG©HHPWPIGP
5EJTCWDGP5KGFCU-CDGNFCUOKVFGOGKPGP'PFG\WO$NKV\FGT-COGTC\GKIVOKV
GKPGO5EJTCWDGPFTGJGTXQTUKEJVKIWPFUQTIH¼NVKIHGUV
#EJVWPI&KG5EJTCWDGFCTH0+%*6×DGTFTGJVYGTFGP
&'
%HQXW]HQXQG5HLQLJHQGHU.DPHUDXQWHU:DVVHU
'KPVCWEJGPOKVFGT-COGTC
5RTKPIGP5KGPKEJVOKVFGT-COGTCKPFGP*¼PFGPKPU9CUUGT)GJGP5KG\WGTUV
KPU9CUUGTWPFNCUUGP5KGUKEJFCPPFKG-COGTCTGKEJGP
6KRRU \WO (QVQITCſGTGP ſPFGP 5KG WPVGT ő)GNWPIGPG 7PVGTYCUUGTHQVQU
OCEJGPŒ
0CEJFGO6CWEJICPI
4GKEJGP 5KG GKPGT \YGKVGP 2GTUQP GTUV FKG -COGTC WPF UVGKIGP 5KG FCPP GTUV
UGNDUVCWUFGO9CUUGT
.GIGP 5KG FKG -COGTC KP GKP )GH¼² OKV 6TKPMYCUUGT FCU CWH FGP OGKUVGP
6CWEJDQQVGPFCH×TXQTIGUGJGPKUV&CFWTEJYKTFFCU5CN\YCUUGTGPVHGTPVDGXQT
GU CWH FGT -COGTC WPF FGO &KEJVTKPI CPVTQEMPGP MCPP .CUUGP 5KG PKGOCNU
5CN\YCUUGTCWHFGT-COGTCVTQEMPGP5CN\MTKUVCNNGMÑPPGPFGP&KEJVTKPIWPFFCU
1DLGMVKXDGUEJ¼FKIGPWPF(GWEJVKIMGKVCP\KGJGP6TQEMPGP5KGFCPPFKG-COGTC
OKVGKPGOUCWDGTGPYGKEJGP6WEJVTQEMGP
.GIGP5KGFKG-COGTCPKEJVKPFKTGMVGU5QPPGPNKEJVUQPFGTPDGYCJTGP5KGUKGCP
GKPGOUEJCVVKIGP1TVWPVGTGKPGOVTQEMGPGP*CPFVWEJCWH
'UYKTFPKEJVGORHQJNGPFKG-COGTCUEJQPCWHFGO$QQV\WÑHHPGP9GPPHGWEJVG
.WHVKPFKG-COGTCIGNCPIVMCPPUKEJFKG(GWEJVKIMGKVKO+PPGTPPKGFGTUEJNCIGP
9GPP5KGFKG-COGTCCWHFGO6CWEJDQQVÑHHPGPO×UUGPCEJVGP5KGFCTCWHFCUU
UKGXQTJGTUQTIH¼NVKICDIGVTQEMPGVYWTFG#EJVGP5KGFCTCWHFCUUMGKP9CUUGTKP
FKG-COGTCIGNCPIV
4GKPKIGPFGT-COGTC
$GXQT FKG -COGTC IGÑHHPGV YKTF OWUU UKG UQTIH¼NVKI OKV 6TKPMYCUUGT IGTGKPKIV
YGTFGP .CUUGP 5KG PKGOCNU 5CN\YCUUGT CWH FGT -COGTC VTQEMPGP 5CN\MTKUVCNNG
MÑPPGPFGP&KEJVTKPIWPFFCU1DLGMVKXDGUEJ¼FKIGPWPF(GWEJVKIMGKVCP\KGJGP
.CUUGP 5KG MGKPG 9CUUGTVTQRHGP CWH FGO 1DLGMVKX VTQEMPGP 6TQEMPGP 5KG FCU
1DLGMVKXOKVGKPGOUCWDGTGP$CWOYQNNVWEJCD
9GPP 5KG FKG -COGTC ÑHHPGP OWUU CNNGU GKPUEJNKG²NKEJ +JTGT *¼PFG XQNNUV¼PFKI
VTQEMGPUGKP.GIGP5KGUKEJGKPVTQEMGPGU6WEJDGTGKV
8QTDGTGKVGPFGT-COGTCH×TFKG#WHDGYCJTWPI
$GXQT 5KG FKG -COGTC YGINGIGP O×UUGP UKG FKG $CVVGTKGP#MMWU WPF FKG 5&
5RGKEJGTMCTVG JGTCWUPGJOGP &KG -COGTC WPF FCU IGUCOVG <WDGJÑT O×UUGP
XQNNMQOOGPVTQEMGPUGKP
.GIGP 5KG FKG -COGTC PKGOCNU KP FKTGMVGU 5QPPGPNKEJV QFGT KP GKPG FWPMNG
HGWEJVG 7OIGDWPI <WO 4GKUGP WPF H×T FKG #WHDGYCJTWPI YKTF FCU NWHVFKEJVG
WPFDTWEJHGUVG5GC.KHG4GGH/CUVGT&T[%CUG
6GKN5.\WUCOOGPOKVQ\
$GWVGNPFGU5GC.KHG/QKUVWTG/WPEJGT6TQEMGPOKVVGNU
6GKN/GORHQJNGP
&COKVUKEJKPFGT5GC.KHG-COGTCMGKPG(GWEJVKIMGKVPKGFGTUEJNCIGPMCPPUQNNVGP
5KGDGKO#WHDGYCJTGGKPGP/QKUVWTG/WPEJGTs6TQEMGPOKVVGN
6GKN5.KPFCU
$CVVGTKG#MMWHCEJNGIGP
UKGJG5GKVG
&'
*HOXQJHQH8QWHUZDVVHUIRWRVPDFKHQ
7PVGTYCUUGTHQVQUUKPFGVYCUICP\CPFGTGUCNU.CPFHQVQU*KGTGTJCNVGP5KGGKPKIGFGT
YKEJVKIUVGP6KRRUH×TVQNNG7PVGTYCUUGTHQVQU
-TKUVCNNMNCTGU9CUUGT
-TKUVCNNMNCTGU9CUUGTUKPFUGJTYKEJVKIWOIWVG7PVGTYCUUGTHQVQU\WOCEJGP&CU
OGPUEJNKEJG#WIGMCPPFGVCKNNKGTVGTUGJGPCNUGKPG-COGTC+JTG#WIGPUGJGPFCU
9CUUGTCNUQMNCTGTCNUGUVCVU¼EJNKEJKUV5EJYGDGRCTVKMGN\$XQP#NIGPMÑPPGP
FKG 5KEJV XGTUEJNGEJVGTP 4×JTGP 5KG OKV +JTGP (NQUUGP MGKPGP 5CPF CWH &KGUG
5EJYGDGMÑTRGTGTUEJGKPGPCNUMNGKPG2WPMVGCWHFGP(QVQUCWEJő4×EMUVTGWWPIŒ
IGPCPPV$GITGP\GP5KGFKG'PVHGTPWPIKOOGTCWHFGT5KEJVYGKVG9GPPFKG
5KEJVYGKVG\$ODGVT¼IVUQNNVGFKG'PVHGTPWPIPKEJVOGJTCNUODGVTCIGP
$GK GKPGT 5KEJVYGKVG XQP O UQNNVG FCU #WHPCJOGQDLGMV PKEJV YGKVGT CNU EO
GPVHGTPVUGKP
$NGKDGP5KGKPPGTJCNDFGTKFGCNGP'PVHGTPWPIXQPDKUEO
&KG KFGCNG 'PVHGTPWPI NKGIV \YKUEJGP WPF EO &CPP GTJCNVGP 5KG
FGVCKNTGKEJG HCTDGPRT¼EJVKIG (QVQU &GPMGP 5KG FCTCP FCUU FCU .KEJV WPVGT
9CUUGT PKEJV YGKV NGWEJVGV UQFCUU FKG $KNFGT HCTDGPHTQJGT YGTFGP LG P¼JGT
5KG UKEJ CO #WHPCJOGQDLGMV DGſPFGP $GUVG 'TIGDPKUUG GTJCNVGP 5KG OKV FGO
QRVKQPCNGP5GC.KHG'ZVGTPCN
5.QFGT&KIKVCN
5.&$NKV\
$GYGIGP 5KG UKEJ TWJKI WPF MQPVTQNNKGTGP 5KG +JTGP #WHVTKGD DGXQT 5KG
HQVQITCſGTGP
'UKUVUGJTUEJYGTIWVG(QVQU\WOCEJGPYGPPOCPUKEJDGYGIV5GJGP5KGUKEJ
PCEJ#WHPCJOGQDLGMVGPWO2QUKVKQPKGTGP5KGUKEJ\WP¼EJUVKPGKPGOI×PUVKIGP
9KPMGNWPFPGWVTCNKUKGTGP5KG+JTGP#WHVTKGD#TTCPIKGTGP5KGFCU#WHPCJOGQDLGMV
CWH FGO .%&/QPKVQT RT×HGP 5KG FKG 'PVHGTPWPI WPF JCNVGP 5KG FKG -COGTC
TWJKI$NGKDGP5KGTWJKIWPFIGFWNFKI/CPEJOCNOWUUOCPGVYCUYCTVGPDKUFKG
GTUEJTGEMVGP (KUEJG YKGFGT \WT×EMMQOOGP ,CIGP 5KG PKEJV JKPVGT FGP (KUEJGP
JGTUKGMQOOGP\W+JPGP
0GWVTCNKUKGTGP5KGKOOGTGTUV+JTGP#WHVTKGDDGXQT5KGHQVQITCſGTGPWPF
DGCEJVGP5KGCNNG6CWEJTGIGNP
&'
/CEJGP5KGOGJTGTG#WHPCJOGPFGUUGNDGP#WHPCJOGQDLGMVU7PDTCWEJDCTG
(QVQUMÑPPGP5KGUR¼VGTNÑUEJGP
&C5KGOKV&KIKVCNMCOGTCUFKG(QVQUUR¼VGTCPUGJGPWPFNÑUEJGPMÑPPGPKUVGU
UKPPXQNNOGJTGTG(QVQUGKPGU#WHPCJOGQDLGMVU\WOCEJGP&CUKUVFKGDGUVG#TV
\WNGTPGPIWVG7PVGTYCUUGTHQVQU\WOCEJGP
5VGNNGP5KGDGK$GFCTHFKG$GNKEJVWPIUMQTTGMVWTGKP
9GKVGTG +PHQTOCVKQPGP ſPFGP 5KG WPVGT ő$GNKEJVWPIUMQTTGMVWTŒ 9GPP 5KG OKV
FGO /QFWU 'ZV $NKV\ WPF GKPGO QRVKQPCNGP $NKV\ CTDGKVGP Y¼JNGP 5KG FGP
0CJCWHPCJOGDNKV\ = ? WO FCU $KNF GVYCU FWPMNGT \W OCEJGP 9¼JNGP 5KG
FGP (GTPCWHPCJOGDNKV\ = ? WO FCU $KNF CWH\WJGNNGP 5KG MÑPPGP CWEJ FKG
$NKV\KPVGPUKV¼V TGFW\KGTGP OKV FGO QRVKQPCNGP <WDGJÑT 5.& 5GC.KHG &KIKVCN
WOFCU$KNFCWH\WJGNNGPQFGTFWPMNGT\WOCEJGP
8GTYGPFGP5KGFCU/KPK9GKVYKPMGNQDLGMVKXH×TFTCOCVKUEJGTG$KNFGT
/KVFGO9GKVYKPMGNQDLGMVKX
6GKN5.MÑPPGP5KGPCJCPFCU#WHPCJOGQDLGMV
JGTCPIGJGPWPF5KGGTJCNVGPMT¼HVKIG(CTDGPWPFOGUUGTUEJCTHG&GVCKNU
8GTYGPFGP 5KG FCU 5GC.KHG$NKV\\WDGJÑT WO FKG (CTDGP WPF FCU .KEJV \W
XGTDGUUGTP
9CUUGT ſNVGTV FCU .KEJV WPF TQVG WPF IGNDG (CTDVÑPG JGTCWU UQFCUU FKG $KNFGT
FWPMNGT WPF DNCWGT YGTFGP &CU MÑPPGP 5KG XGTOGKFGP KPFGO 5KG PKEJV UQ VKGH
VCWEJGP
PKEJVOGJTCNUŏCPGKPGOUQPPKIGP6CIQFGTKPFGO5KG-WPUVNKEJV
XGTYGPFGP \$ 5GC.KHG 'ZVGTPCN 5. QFGT &KIKVCN 5.& (NCUJ &GT
$NKV\ N¼UUV UKEJ ICP\ GKPHCEJ CP FGT -COGTC DGHGUVKIGP /KV FGO ƀGZKDNGP #TO
MÑPPGP 5KG FGP $NKV\ FKTGMV CWH FCU #WHPCJOGQDLGMV TKEJVGP #WEJ \YGK $NKV\G
MÑPPGP CP FGT -COGTC KPUVCNNKGTV YGTFGP UQFCUU FKG #WHPCJOGP INGKEJO¼²KI
DGNGWEJVGVWPFUEJCVVGPHTGKUKPF&KGUGU5[UVGODNQEMKGTVFGPKPVGTPGP$NKV\WPF
XGTOGKFGV.KEJVUVTGWWPI&WTEJFKGƀGZKDNGP#TOGMCPPFGT$NKV\UEJPGNNGKPIGUVGNNV
YGTFGP#WHFGP$NKV\MQRHMCPPGKPQRVKQPCNGT$NKV\&KHHWUGTDGHGUVKIVYGTFGPFGT
H×T 0CJCWHPCJOGP XQP UGJT UVCTM TGƀGMVKGTGPFGP #WHPCJOGQDLGMVGP UGJT IWV
IGGKIPGVKUV
#MVWCNKUKGTVG6KRRUWPF*KPYGKUGſPFGP5KGCWHFGT9GDUKVGXQP5GC.KHG
#NNG #MVWCNKUKGTWPIGP FGU $GPWV\GTJCPFDWEJU WPF \WU¼V\NKEJG 6KRRU ſPFGP 5KG
CWH FGT 5GC.KHG9GDUKVG WPVGT YYYUGCNKHGECOGTCUEQO &QTV ſPFGP 5KG GKPG
JKNHTGKEJG1PNKPG#PNGKVWPIOKVYGKVGTGP*KPYGKUGP\WT7PVGTYCUUGTHQVQITCſG
&'
¶%(575$*(1 921 '$7(,(1 921 '(5
',*,7$/.$0(5$$8)'(1&20387(5
5[UVGOCPHQTFGTWPIGP
9KPFQYU
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2GPVKWONNN/*\QFGTJÑJGT
9KPFQYU/':2QFGTJÑJGT
/$4#/
/$(GUVRNCVVGPURGKEJGT
%&41/.CWHYGTM
(TGKGT75$#PUEJNWUU
5[UVGOCPHQTFGTWPIGP
/CEKPVQUJ
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15QFGTJÑJGT
/$4#/
/$(GUVRNCVVGPURGKEJGT
%&41/.CWHYGTM
(TGKGT75$#PUEJNWUU
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6FKULWW 6FKOLH¹HQ 6LH GLH 'LJLWDONDPHUD DQ GHQ
&RPSXWHUDQ
5EJNKG²GP 5KG GKP 'PFG FGU 75$
-CDGNU CP FGP 75$#PUEJNWUU FGT
-COGTCCP
5EJNKG²GP 5KG FCU CPFGTG 'PFG FGU
75$-CDGNU CP GKPGP HTGKGP 75$
#PUEJNWUUFGU%QORWVGTUCP
&T×EMGP5KGUQNCPIGCWHFKG1-6CUVG
FGT-COGTCDKUUKGGKPIGUEJCNVGVKUV
„ #WH FGO .%&/QPKVQT GTUEJGKPV
FCU75$(GPUVGT
9¼JNGP5KGOKVFGP6CUVGPSTFKG
1RVKQP=2%?WPFFT×EMGP5KGFCPPCWH
FKG1-6CUVG
-NKEMGP5KGCWHFGO9KPFQYU&GUMVQR
FQRRGNVCWHFCUő#TDGKVURNCV\Œ5[ODQN
&QTV YKTF FCU 5[ODQN GKPGU PGWGP
ő#WUVCWUEJDCTGP
&CVGPVT¼IGTUŒ
CPIG\GKIV &KGUGT ő#WUVCWUEJDCTG
&CVGPVT¼IGTŒ KUV FKG 5RGKEJGTMCTVG
FKG UKEJ KP FGT -COGTC DGſPFGV
0QTOCNGTYGKUG YKTF FGT -COGTC
FKG .CWHYGTMUDG\GKEJPWPI ő'Œ QFGT
PCEJHQNIGPFG
$WEJUVCDGP
FGU
#NRJCDGVU\WIGYKGUGP
-NKEMGP5KGFQRRGNVCWHFKGUGU.CWHYGTM
KPFGOUKEJFGT&%+/1TFPGTDGſPFGV
-NKEMGP 5KG FQRRGNV CWH FGP &%+/
1TFPGT &CTKP DGſPFGP UKEJ PQEJ
YGKVGTG1TFPGT
„ +PFKGUGP1TFPGTPDGſPFGPUKEJFKG
CWHIGPQOOGPGP$KNFGT
„ 5KG MÑPPGP FKG $KNF WPF
8KFGQFCVGKGP KP GKPGP 1TFPGT CWH
FGO %QORWVGT MQRKGTGP D\Y
FQTVJKPXGTUEJKGDGP
/CE -NKEMGP 5KG CWH FGO 5EJTGKDVKUEJ
FQRRGNV CWH FCU .CWHYGTM őWPDGPCPPVŒ
QFGT őQJPG $G\GKEJPWPIŒ K2JQVQ YKTF
CWVQOCVKUEJIGUVCTVGV
&'
6FKULWW/DGHQ6LHGLH%LOGHURGHU9LGHRFOLSVKHUXQWHU
9GPP FKG GKPIGUEJCNVGVG &KIKVCNMCOGTC CP FGP %QORWVGT CPIGUEJNQUUGP KUV YKTF
FKGUG YKG GKP &KUMGVVGP QFGT %&41/.CWHYGTM CNU YGKVGTGU .CWHYGTM DGVTCEJVGV
5KGMÑPPGPFKG(QVQUJGTWPVGTNCFGP
×DGTVTCIGPKPFGO5KGUKGXQOő#WUVCWUEJDCTGP
&CVGPVT¼IGTŒ
DGK/CEKPVQUJő7PDGPCPPVŒQFGTő1JPG$G\GKEJPWPIŒCWHFKG(GUVRNCVVG
FGU%QORWVGTUMQRKGTGP
„ 9KPFQYU
©HHPGP5KGFGPő#WUVCWUEJDCTGP&CVGPVT¼IGTŒWPFMNKEMGP5KGFQRRGNVCWHFGP1TFPGT
&%+/&5%+/ WO KJP \W ÑHHPGP +JTG $KNFGT DGſPFGP UKEJ KP FGP FCTKP DGſPFNKEJGP
1TFPGTP/CTMKGTGP5KGFKGIGY×PUEJVGP$KNFGTQFGT8KFGQENKRUWPFY¼JNGP5KGFCPP
CWU FGO /GP× ő$GCTDGKVGPŒ FKG 1RVKQP ő-QRKGTGPŒ ©HHPGP 5KG FCU <KGNXGT\GKEJPKU
1TFPGT WPF Y¼JNGP 5KG CWU FGO /GP× ő$GCTDGKVGPŒ FKG 1RVKQP ő'KPH×IGPŒ 5KG
MÑPPGP FKG $KNFFCVGKGP CWEJ XQP FGT &KIKVCNMCOGTC KP FCU IGY×PUEJVG 8GT\GKEJPKU
XGTUEJKGDGP
„ /CEKPVQUJ
©HHPGP 5KG FCU .CWHYGTM ő7PDGPCPPVŒ WPF FCU <KGNXGT\GKEJPKU CWH FGT (GUVRNCVVG
8GTUEJKGDGP5KGFKG$KNFFCVGKGPXQPFGT&KIKVCNMCOGTCKPFCU<KGNXGT\GKEJPKU
„$GK FGT 8GTYGPFWPI XQP 5RGKEJGTMCTVGP MÑPPGP 5KG CWEJ GKPGP -CTVGPNGUGT
DGPWV\GP
FTKPIGPFGORHQJNGP
„'UKUVMGKP2TQITCOOH×TFKG9KGFGTICDGXQP8KFGQUGPVJCNVGP5VGNNGP5KGUKEJGT
FCUUCWH+JTGO%QORWVGTGKP2TQITCOOH×TFKG9KGFGTICDGXQP8KFGQUKPUVCNNKGTV
KUV
„5VGNNGP5KGUKEJGTFCUUFKG$CVVGTKGP#MMWUXQNNUKPFDGXQT5KGFKG-COGTCCP
FGP%QORWVGTCPUEJNKG²GP
&'
,167$//,(5(1'(5
%($5%(,781*662)7:$5(
,QVWDOOLHUHQYRQ3KRWR([SORUHU
7NGCFs 2JQVQ 'ZRNQTGT DKGVGV +JPGP GKPG GKPHCEJG WPF GHſ\KGPVG /ÑINKEJMGKV +JTG
FKIKVCNGP/GFKGP\WFWTEJUWEJGP×DGTVTCIGP¼PFGTP.CFGP5KGUKEJ(QVQU8KFGQU
QFGT5QWPFENKRUXQPGKPGOFKIKVCNGP)GT¼VGPJGTWPVGT5WEJGP$GUEJTGKDWPIGPQFGT
H×IGP 5KG GKIGPG JKP\W PGJOGP 5KG •PFGTWPIGP XQT QFGT XGTÑHHGPVNKEJGP 5KG FKG
&CVGKGPOKVGKPGO/GFKWO+JTGT9CJN'/CKN&TWEMXGTUKQP&KCUEJCWRT¼UGPVCVKQP
&CU2TQITCOOKUVGKPWPXGT\KEJVDCTGUOWNVKHWPMVKQPCNGU9GTM\GWIH×T$GPWV\GTXQP
&KIKVCNMCOGTCU9GD%COU&8%COEQTFGTP5ECPPGTPWPFCNNGPCPFGTGPFKGGHHGMVKX
GKPGITQ²G5COONWPIFKIKVCNGT/GFKGPQTICPKUKGTGPOÑEJVGP
.GIGP5KGFKGOKVIGNKGHGTVG%&41/KPFCU%&41/.CWHYGTMGKP
9GPP FCU $GITײWPIUHGPUVGT GTUEJGKPV MNKEMGP 5KG CWH ő+056#.. 2*161
':2.14'4Œ $GHQNIGP 5KG H×T FKG +PUVCNNCVKQP FKG #PYGKUWPIGP CWH FGO
$KNFUEJKTO
„9GKVGTG +PHQTOCVKQPGP \WT 8GTYGPFWPI XQP 2JQVQ 'ZRNQTGT ſPFGP 5KG KP FGT
FC\WIGJÑTKIGP*KNHG&QMWOGPVCVKQP
„9GPP 5KG OKV 9KPFQYU :2 CTDGKVGP O×UUGP 5KG DGK FGT +PUVCNNCVKQP XQP
2JQVQ'ZRNQTGTCNUő#FOKPKUVTCVQTŒCPIGOGNFGVUGKP
„2JQVQ'ZRTGUUYKTFPKEJVXQP/CE%QORWVGTPWPVGTUV×V\V'UYGTFGPK2JQVQWPF
K2JQVQGORHQJNGP
&'
,QVWDOOLHUHQYRQ3KRWR([SUHVV
7NGCFs 2JQVQ 'ZRTGUU KUV GKPG WOHCUUGPFG (QVQRTQLGMV5QHVYCTG H×T FKIKVCNG $KNFGT
/KV FGO 5EJTKVVH×T5EJTKVV#DNCWH FGT XKUWGNNGP $GPWV\GTQDGTƀ¼EJG WPF FGO *KNHG
#UUKUVGPVGPKO2TQITCOOMÑPPGP5KGCWHTGIGPFG(QVQRTQLGMVGGTUVGNNGP.CFGP5KG
UKEJ FKIKVCNG (QVQU O×JGNQU XQP &KIKVCNMCOGTCU QFGT 5ECPPGTP JGTWPVGT 5QTVKGTGP
5KG UKG DGSWGO OKV FGO XKUWGNNGP $TQYUG/QFWU 8GTYGPFGP 5KG *WPFGTVG XQP
XQTIGHGTVKIVGP8QTNCIGPH×T#NDGP-CTVGP2QUVGTP&KCUEJCWGPWXO$GCTDGKVGPWPF
XGTDGUUGTP5KGFKG$KNFGTOKV(QVQDGCTDGKVWPIUYGTM\GWIGPHQVQITCſUEJGP(KNVGTPWPF
5RG\KCNGHHGMVGP8GTHGKPGTP5KG2TQLGMVGOKVMTGCVKXGP&GUKIPGNGOGPVGPYKG4CJOGP
WPF5VGORGNP8GTUGPFGP5KGFCPPFKG'TIGDPKUUGRGT'/CKNQFGTOKVXGTUEJKGFGPGP
CPFGTGP&TWEMQRVKQPGPCP+JTG(COKNKGWPF(TGWPFG
.GIGP5KGFKGOKVIGNKGHGTVG%&41/KPFCU%&41/.CWHYGTMGKP
9GPP FCU $GITײWPIUHGPUVGT GTUEJGKPV MNKEMGP 5KG CWH ő+056#.. 2*161
':24'55 Œ $GHQNIGP 5KG H×T FKG +PUVCNNCVKQP FKG #PYGKUWPIGP CWH FGO
$KNFUEJKTO
„9GKVGTG+PHQTOCVKQPGP\WT8GTYGPFWPIXQP2JQVQ'ZRTGUUH×TFKG$KNFDGCTDGKVWPI
ſPFGP5KGKPFGTFC\WIGJÑTKIGP1PNKPG*KNHG
„9GPP 5KG OKV 9KPFQYU :2 CTDGKVGP O×UUGP UKG DGK FGT +PUVCNNCVKQP XQP
2JQVQ'ZRTGUUCNUő#FOKPKUVTCVQTŒCPIGOGNFGVUGKP
„2JQVQ'ZRTGUUYKTFPKEJVXQP/CE%QORWVGTPWPVGTUV×V\V
„9GPP 5KG FCU 2TQITCOO 2JQVQ 'ZRTGUU XGTYGPFGP UQNNVGP FKG #P\GKIGHCTDGP
FGU%QORWVGTUCWHJÑEJUVG(CTDSWCNKV¼V
$KVGKPIGUVGNNVYGTFGP
&'
9(5:(1'(1'(5',*,7$/(1)272.$0(5$
$/63&.$0(5$
5KG MÑPPGP FKG -COGTC CWEJ CNU 2%-COGTC XGTYGPFGP &CFWTEJ KUV GU OÑINKEJ
OKV+JTGP)GUEJ¼HVURCTVPGTP8KFGQMQPHGTGP\GPCD\WJCNVGPQFGTOKV+JTGP(TGWPFGP
QFGT FGT (COKNKG KP 'EJV\GKV őIGIGP×DGT\WUVGJGPŒ 9GPP 5KG FKG &KIKVCNMCOGTC
H×T 8KFGQMQPHGTGP\GP XGTYGPFGP OÑEJVGP OWUU FCU %QORWVGTU[UVGO ×DGT FKG
HQNIGPFGP6GKNGXGTH×IGP
„
„
„
„
/KMTQHQP
5QWPFMCTVG
.CWVURTGEJGTQFGT-QRHJÑTGT
0GV\YGTMQFGT+PVGTPGVXGTDKPFWPI
„'KPG URG\KGNNG 8KFGQMQPHGTGP\UQHVYCTG QFGT 8KFGQDGCTDGKVWPIUUQHVYCTG KUV
PKEJVKO.KGHGTWOHCPIFGT-COGTCGPVJCNVGP
„&KGUGT/QFWUYKTFXQP/#%%QORWVGTPPKEJVWPVGTUV×V\V
6FKULWW,QVWDOOLHUHQGHV3&.DPHUDWUHLEHUV
&GT 2%-COGTCVTGKDGT FGT UKEJ CWH FGT OKVIGNKGHGTVGP %&41/ DGſPFGV KUV
CWUUEJNKG²NKEJ H×T 9KPFQYU XQTIGUGJGP &KG 2%-COGTCHWPMVKQP YKTF XQP /CE
%QORWVGTPPKEJVWPVGTUV×V\V
.GIGP5KGFKGOKVIGNKGHGTVG%&41/KPFCU%&41/.CWHYGTMGKP
9GPP FCU $GITײWPIUHGPUVGT GTUEJGKPV MNKEMGP 5KG CWH ő+056#.. 2%%#/
&4+8'4Œ$GHQNIGP5KGH×TFKG+PUVCNNCVKQPFKG#PYGKUWPIGPCWHFGO$KNFUEJKTO
9GPPFKG+PUVCNNCVKQPFGU6TGKDGTUCDIGUEJNQUUGPKUVUVCTVGP5KGFGP%QORWVGT
PGW
&'
6FKULWW 6FKOLH¹HQ 6LH GLH 'LJLWDONDPHUD DQ GHQ
&RPSXWHUDQ
5EJNKG²GP5KGGKP'PFGFGU75$-CDGNUCPFGP75$#PUEJNWUUFGT-COGTCCP
5EJNKG²GP5KGFCUCPFGTG'PFGFGU75$-CDGNUCPGKPGPHTGKGP75$#PUEJNWUU
FGU%QORWVGTUCP
&T×EMGP5KGUQNCPIGCWHFKG1-6CUVGFGT-COGTCDKUUKGGKPIGUEJCNVGVKUV
„ #WHFGO.%&/QPKVQTGTUEJGKPVFCU75$(GPUVGT
9¼JNGP5KGOKVFGP6CUVGPSTFKG1RVKQP=2%?WPFFT×EMGP5KGFCPPCWHFKG
1-6CUVG
5VGNNGP 5KG FKG &KIKVCNMCOGTC UVCDKN CWH +JTGP %QORWVGTOQPKVQT QFGT XGTYGPFGP
5KGGKP5VCVKX
„9GPP5KGFKGUG-COGTCCNU2%-COGTCDGPWV\GPOÑEJVGPOWUUUKEJGKP#MMW
KPFGT-COGTCDGſPFGP
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0(1¶237,21(1
0HQÖo.DPHUDp
+PFKGUGO/GP×YGTFGPFKG)TWPFGKPUVGNNWPIGPH×TFCU(QVQITCſGTGPGKPHCEJGT(QVQU
XQTIGPQOOGP
&T×EMGP5KGCWHFKG1-6CUVGWOFKG
-COGTCGKP\WUEJCNVGP
„ &GT-COGTCOQFWU
5VCPFCTFXQTUEJCW
YKTFCPIG\GKIV
&T×EMGP5KGCWHFKG6CUVGS „ &CU/GP×=#WHPCJ?YKTFCPIG\GKIV
9¼JNGP 5KG OKV FGP 6CUVGP S T
FKG IGY×PUEJVG 1RVKQP WPF FT×EMGP
5KG CWH FKG 1-6CUVG WO KP FCU
GPVURTGEJGPFG/GP×\WIGNCPIGP
9¼JNGP5KGOKVFGP6CUVGPSTGKPG
'KPUVGNNWPI CWU WPF FT×EMGP 5KG CWH
FKG1-6CUVG
7O FCU /GP× \W DGGPFGP FT×EMGP
5KGCWHFKG6CUVGW
#WƀÑUWPI
*KGTYKTFFKG#WƀÑUWPIH×TFKG#WHPCJOGPHGUVIGNGIV
=
? Z
=
? Z
=
? Z
=
? Z
3WCNKV¼V
*KGT YKTF FKG 3WCNKV¼V -QORTKOKGTWPIUTCVG HGUVIGNGIV OKV FGT FKG #WHPCJOGP
IGOCEJVYGTFGPUQNNGP
=
? (GKP
=
?5VCPFCTF
? 'EQ
=
&'
5\GPG/QFWU
9GKVGTG+PHQTOCVKQPGPFC\WſPFGP5KGKPFKGUGO$GPWV\GTJCPFDWEJWPVGTő#WUY¼JNGP
FGU/QVKXOQFWUŒ
'8
9GKVGTG +PHQTOCVKQPGP JKGT\W ſPFGP 5KG KP FKGUGO $GPWV\GTJCPFDWEJ KO #DUEJPKVV
ő'KPUVGNNGPFGT$GNKEJVWPI
'8Œ
9GK²CDINGKEJ
*KGT YKTF FGT 9GK²CDINGKEJ H×T FKG #WHPCJOG XQP (QVQU DGK XGTUEJKGFGPGP
.KEJVDGFKPIWPIGP HGUVIGNGIV &CDGK YKTF FCU .KEJV FGT 'ORſPFWPI FWTEJ FCU
OGPUEJNKEJG#WIGCPIGINKEJGP
=.GGT ? #WVQOCVKUEJ
=
? 5QPPG
=
? 9QNMGP
=
? )N×JNKEJV
=
? 0GQPNKEJV
=
? /CPWGNN9$
„+O/GGT/QFWUYGTFGPFKGHQNIGPFGP9GK²CDINGKEJQRVKQPGPCPIG\GKIV
#WVQOCVKUEJYGPKIGTCNUO
HVOOGJTCNUO
HVO/CPWGNN
9¼JNGP5KGFKGGPVURTGEJGPFG9CUUGTVKGHGH×TFGP9GK²CDINGKEJ
„&KG (CTDMQTTGMVWT WPVGT 9CUUGT KUV CO GHHGMVKXUVGP DGK CWUTGKEJGPFGO
7OIGDWPIUNKEJV 7PVGT O 6KGHG KUV FKG (CTDMQTTGMVWT KOOGT UEJYGTGT
FWTEJ\WH×JTGP
/CPWGNN 9$ *KGT MCPP FGT 9GK²CDINGKEJ OCPWGNN GKPIGUVGNNV WPF IGURGKEJGTV
YGTFGP&KGUG(WPMVKQPKUVP×V\NKEJYGPPMGKPIGGKIPGVGT9GK²CDINGKEJXQTJCPFGPKUV
9GKVGTG+PHQTOCVKQPGPFC\WſPFGP5KGKPFKGUGO$GPWV\GTJCPFDWEJWPVGTő'KPUVGNNGP
FGUOCPWGNNGP9GK²CDINGKEJUŒ
#DDTGEJGP#WUH×JT
„0GJOGP 5KG MGKPGP OCPWGNNGP 9GK²CDINGKEJ XQT YGPP FKG -COGTC CWH FGP
/QFWU 'ZV $NKV\ GKPIGUVGNNV KUV FC UQPUV FKG (CTDGP PKEJV TKEJVKI FCTIGUVGNNV
YGTFGP
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+51
*KGT YKTF FKG .KEJVGORſPFNKEJMGKV H×T FKG #WHPCJOGP HGUVIGNGIV $GK GKPGT JÑJGTGP
'ORſPFNKEJMGKV
WPFGKPGOJÑJGTGP+519GTVFGU$KNFUGPUQTUMCPPOCP#WHPCJOGP
UQICTCPFWPMNGTGP1TVGPOCEJGP&KGUGYGTFGPCNNGTFKPIUITQDMÑTPKIGT
#WVQ
(CTDG
*KGTYKTFFKG(CTDGH×TFKG#WHPCJOGPHGUVIGNGIV
5VCPFCTF-T¼HVKI5GRKC/QPQEJTQO
5¼VVKIWPI
&KG-COGTCDKGVGVFTGK(CTDITCFG\WT#WUYCJN,GPCEJ(CTDITCFGT\GWIGPFKG$KNFGT
GKPGPCPFGTGP'KPFTWEM&GT(CTDITCFYKTFCWEJő5¼VVKIWPIŒIGPCPPV
*QEJ0QTOCN)GTKPI
5EJ¼THG
*KGTYKTFFKG$KNFUEJ¼THGH×TFKG#WHPCJOGPHGUVIGNGIV
*CTV0QTOCN9GKEJ
8QTUEJCW
*KGT YKTF GKPIGUVGNNV QD GKP $KNF INGKEJ PCEJ FGT #WHPCJOG CWH FGO .%&/QPKVQT
CPIG\GKIVYGTFGPUQNN
'KP#WU
„9GPP FKG =8QTUEJCW? CWH ='KP? GKPIGUVGNNV KUV YKTF PCEJ LGFGT #WHPCJOG GKP
5QHQTVNÑUEJHGPUVGTCPIG\GKIV
„9¼JNGP5KG=#WUH×JT?WPFFT×EMGP5KGCWH1-WOFCU$KNF\WNÑUEJGP
„9¼JNGP5KG=#DDTWEJ?WPFFT×EMGP5KGCWH1-WOFCU$KNF\WURGKEJGTPWPF
\WO#WHPCJOGOQFWU\WT×EM\WMGJTGP
„9GPPMGKPG1RVKQPIGY¼JNVYKTFYKTFFCU5QHQTVNÑUEJHGPUVGTCWUIGDNGPFGVWPF
FCU$KNFYKTFIGURGKEJGTV
&CVWO
&CU &CVWO FGT #WHPCJOG MCPP FKTGMV CWH FKG $KNFGT CWHIGFTWEMV YGTFGP &KGUG
(WPMVKQPOWUUXQTFGT#WHPCJOGCMVKXKGTVYGTFGP
'KP#WU
&'
0HQÖo9LGHRDXVJDEHp
+PFKGUGO/GP×YGTFGPFKG)TWPFGKPUVGNNWPIGPH×TFCU#WHPGJOGPXQP8KFGQENKRU
XQTIGPQOOGP
&T×EMGP5KGUQNCPIGCWHFKG1-6CUVG
DKUFKG-COGTCCPKUV
&T×EMGP5KGCWHFKG6CUVGT/1&'
WPFYGEJUGNP5KGKPFGP= ?/QFWU
&T×EMGP5KGCWHFKG6CUVGS „ &CU /GP× =8KFGQCWUICDG? YKTF
CPIG\GKIV
9¼JNGP 5KG OKV FGP 6CUVGP S T
FKG IGY×PUEJVG 1RVKQP WPF FT×EMGP
5KG CWH FKG 1-6CUVG WO KP FCU
GPVURTGEJGPFG/GP×\WIGNCPIGP
9¼JNGP5KGOKVFGP6CUVGPSTGKPG
'KPUVGNNWPI CWU WPF FT×EMGP 5KG CWH
FKG1-6CUVG
7O FCU /GP× \W DGGPFGP FT×EMGP
5KGCWHFKG6CUVGW
'8
9GKVGTG +PHQTOCVKQPGP FC\W ſPFGP 5KG KP FKGUGO $GPWV\GTJCPFDWEJ WPVGT
ő$GNKEJVWPIUMQTTGMVWTŒKO/GP×ő-COGTCŒ
9GK²CDINGKEJ
9GKVGTG +PHQTOCVKQPGP FC\W ſPFGP 5KG KP FKGUGO $GPWV\GTJCPFDWEJ WPVGT
ő9GK²CDINGKEJŒKO/GP×ő-COGTCŒ
#WFKQ
*KGTYKTFGKPIGUVGNNVQDFGT8KFGQENKROKVQFGTQJPG6QPWPFOKVYGNEJGT.CWVUV¼TMG
GTCWHIGPQOOGPYGTFGPUQNN
*QEJ0KGFTKI#WU
&'
0HQÖo:LHGHUJDEHp
.GIGP 5KG KO = ?/QFWU HGUV YGNEJG 'KPUVGNNWPIGP H×T FKG 9KGFGTICDG XGTYGPFGV
YGTFGPUQNNGP
&T×EMGP5KGCWHFKG6CUVG= ?
&T×EMGP5KGCWHFKG6CUVGS „ &CU9KGFGTICDGOGP×YKTFCPIG\GKIV
9¼JNGP 5KG OKV FGP 6CUVGP S T
FKG IGY×PUEJVG 1RVKQP WPF FT×EMGP
5KG CWH FKG 1-6CUVG WO KP FCU
GPVURTGEJGPFG/GP×\WIGNCPIGP
9¼JNGP5KGOKVFGP6CUVGPSTGKPG
'KPUVGNNWPI CWU WPF FT×EMGP 5KG CWH
FKG1-6CUVG
7O FCU /GP× \W DGGPFGP FT×EMGP
5KGCWHFKG6CUVGW
.ÑUEJGP
9GKVGTG+PHQTOCVKQPGPJKGT\WſPFGP5KGKPFKGUGO$GPWV\GTJCPFDWEJWPVGTő.ÑUEJGP
XQP$KNFGTP8KFGQENKRUŒ
-QRKG -CTVG
/KV FKGUGT (WPMVKQP MÑPPGP 5KG FKG &CVGKGP XQO KPVGTPGP 5RGKEJGT FGT FKIKVCNGP
(QVQMCOGTC CWH GKPG 5RGKEJGTMCTVG MQRKGTGP &C\W O×UUGP &CVGKGP KO KPVGTPGP
5RGKEJGTFGT-COGTCIGURGKEJGTVUGKPWPFGUOWUUUKEJGKPG5RGKEJGTMCTVGKPFGT
-COGTCDGſPFGP
#DDTGEJGP#WUH×JT
&KCUEJCW
9GKVGTG +PHQTOCVKQPGP JKGT\W ſPFGP 5KG KP FKGUGO $GPWV\GTJCPFDWEJ WPVGT
ő9KGFGTIGDGPCNU&KCUEJCWŒ
&21(
9GKVGTG+PHQTOCVKQPGPFC\WſPFGP5KGKPFKGUGO$GPWV\GTJCPFDWEJWPVGTő'KPUVGNNGP
FGT&21((WPMVKQPŒ
5EJWV\
9GKVGTG+PHQTOCVKQPGPJKGT\WſPFGP5KGKPFKGUGO$GPWV\GTJCPFDWEJWPVGTő5EJ×V\GP
XQP$KNFGTP8KFGQENKRUŒ
/KPKCVWT
9GKVGTG+PHQTOCVKQPGPJKGT\WſPFGP5KGKPFKGUGO$GPWV\GTJCPFDWEJWPVGTő#P\GKIGP
XQP/KPKCVWTDKNFGTPŒ
&'
0HQÖo6HWXSp
*KGTUVGNNGP5KGFKG$GVTKGDUWOIGDWPIFGT-COGTCGKP
&T×EMGP5KGCWHFKG6CUVGT/1&'
WO\WO-COGTCQFGT8KFGQOQFWU= ?
\WYGEJUGNPQFGTFT×EMGP5KGCWHFKG
6CUVG= ?
&T×EMGP5KGCWHFKG6CUVGS WPF
TWHGP 5KG OKV FGT 6CUVGP X FCU /GP×
ő5GVWRŒCWH
„ &CU/GP×=5GVWR?YKTFCPIG\GKIV
9¼JNGP 5KG OKV FGP 6CUVGP S T
FKG IGY×PUEJVG 1RVKQP WPF FT×EMGP
5KG CWH FKG 1-6CUVG WO KP FCU
GPVURTGEJGPFG/GP×\WIGNCPIGP
9¼JNGP5KGOKVFGP6CUVGPSTGKPG
'KPUVGNNWPI CWU WPF FT×EMGP 5KG CWH
FKG1-6CUVG
7O FCU /GP× \W DGGPFGP FT×EMGP
5KGOGJTOCNUCWHFKG6CUVGW
&CVWO<GKV
&CFWTEJ YGTFGP FCU &CVWO WPF FKG
7JT\GKVGKPIGUVGNNV
9GKVGTG +PHQTOCVKQPGP FC\W ſPFGP 5KG
KP FKGUGO $GPWV\GTJCPFDWEJ WPVGT
ő'KPUVGNNGPXQP&CVWOWPF7JT\GKVŒ
(QTOCV
.ÑUEJV CNNG #WHPCJOGP WPF HQTOCVKGTV
FKG 5&5RGKEJGTMCTVG FKG UKEJ KP FGT
-COGTC DGſPFGV #WEJ IGUEJ×V\VG
#WHPCJOGP YGTFGP IGNÑUEJV 'KPG 5&
-CTVG MCPP PKEJV HQTOCVKGTV YGTFGP YGPP
UKGUEJTGKDIGUEJ×V\VKUV'KPGCWUH×JTNKEJG
$GUEJTGKDWPI ſPFGP 5KG KO #DUEJPKVV
ő(QTOCVKGTGPFGUKPVGTPGP5RGKEJGTUQFGT
GKPGT5&5RGKEJGTMCTVGŒ
2KGR
*KGT UVGNNGP 5KG GKP QD FKG -COGTC DGKO
'KPUEJCNVGPWPFDGKO$GV¼VKIGPFGT6CUVGP
LGYGKNUGKPGP2KGRVQPGT\GWIGPUQNN
'KP#WU
&'
5RTCEJG
9GKVGTG+PHQTOCVKQPGPFC\WſPFGP5KGKPFKGUGO$GPWV\GTJCPFDWEJWPVGTő'KPUVGNNGP
FGT5RTCEJGŒ
#WVQ#WU
9GPP×DGTGKPGPDGUVKOOVGP<GKVTCWOMGKPG6CUVGPDGV¼VKIVYGTFGPUEJCNVGVUKEJFKG
-COGTCCWVQOCVKUEJCWU/KVFKGUGT(WPMVKQPMCPPFKG.CWH\GKVFGU#MMWUXGTN¼PIGTV
YGTFGP
/KP/KP/KP#WU
9GTMUGKPUV
*KGTYGTFGPCNNG9GTVGFGT-COGTCCWHFKG5VCPFCTFGKPUVGNNWPI\WT×EMIGUGV\V0WT
FKG7JT\GKVYKTFPKEJV\WT×EMIGUGV\V
#DDTWEJ#WUH×JT
5[UVGOKPHQ
*KGTYKTFFKGCMVWGNNG(KTOYCTG8GTUKQPFGT-COGTCCPIG\GKIV
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'NGOGPV(WPMVKQP
$KNFUGPUQT
'HHGMVKXG2KZGN
#WƀÑUWPI
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5RGKEJGTOGFKWO
&CVGKHQTOCV
1DLGMVKX
(QMWUDGTGKEJ
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(QMWUDGTGKEJ
79
.%&/QPKVQT
5GNDUVCWUNÑUGT
$GNKEJVWPIUMQTTGMVWT
9GK²CDINGKEJ
+51
#PUEJN×UUG
5VTQOXGTUQTIWPI
#DOGUUWPIGP
)GYKEJV
6KGHGPIGGKIPGV
5VQ²HGUVKIMGKV
$GUEJTGKDWPI
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/GICRKZGN
(QVQZZZZ
8KFGQENKRZ
(QVQ(GKP5VCPFCTF'EQ
/$KPVGTPGT5RGKEJGT
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5&5RGKEJGTMCTVG
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#8+
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$TGPPYGKVGOO
GPVURTKEJVOODGKGKPGTOO-COGTC
/CMTQEO
V
0QTOCNWPGPFNKEJ
HVWPGPFNKEJ
/CMTQEO
HV
0QTOCNWPGPFNKEJ
HVWPGPFNKEJ
Œ.625(CTD.%&
*QEJCWƀÑUGPFGU&KURNC[OKV2KZGNP
5GMWPFGP5GMWPFGPWPF5GMWPFGP8GT\ÑIGTWPI
'8DKU'8
KP5EJTKVVGPXQP'8
#WVQOCVKUEJ5QPPG9QNMGP)N×JNKEJV0GQPNKEJV/CPWGNNHVO
HVO
#WVQOCVKUEJ
75$#PUEJNWUU
###NMCNKDCVVGTKGP
QRVKQPCN
ECZZOO
ZZ<QNN
ECI
QJPG$CVVGTKGPWPF5&5RGKEJGTMCTVG
'%1#WHPCJOGP<QNNO4GGHOCUVGT/KPKHVO
HVO
•PFGTWPIGPXQP&GUKIPWPFVGEJPKUEJGP&CVGPDNGKDGPXQTDGJCNVGP
„'KPG CWUH×JTNKEJG .KUVG FGT 5RG\KſMCVKQPGP ſPFGP 5KG CWH FGT 5GC.KHG9GDUKVG
WPVGTYYY5GC.KHGECOGTCUEQO
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)(+/(5%(+(%81*
$GXQT5KGFKG-COGTCH×TGKPG4GRCTCVWTGKPUEJKEMGPUQNNVGP5KGUKEJFKGHQNIGPFGP
2TQDNGOGWPF.ÑUWPIUXQTUEJN¼IGFWTEJNGUGP9GPP+JT2TQDNGOFGPPQEJPKEJVIGNÑUV
YGTFGPMCPPYGPFGP5KGUKEJCP+JTGP(CEJJ¼PFNGTQFGTCP5GC.KHG5GTXKEG%GPVGTKP
+JTGO.CPF'KPGXQNNUV¼PFKIG.KUVGFGT5GTXKEG%GPVGTKP+JTGO.CPFſPFGP5KGWPVGT
YYY5GC.KHGECOGTCUEQO
6WURPYHUVRUJXQJ
2TQDNGO
&KG-COGTCMCPP
PKEJVGKPIGUEJCNVGV
YGTFGP
9¼JTGPFFGU
$GVTKGDUUEJCNVGV
UKEJFKG-COGTC
CWU
&KG-COGTCMCPP
PKEJVCWUIGUEJCNVGV
YGTFGP
7TUCEJG
.ÑUWPIUOÑINKEJMGKV
'UUKPFMGKPG$CVVGTKGP#MMWU
GKPIGNGIV
.GIGP5KGFKG$CVVGTKGP#MMWU
TKEJVKIGKP
&KG$CVVGTKGP#MMWUUKPFNGGT
.CFGP5KGFKG#MMWUCWHQFGT
UGV\GP5KGPGWG$CVVGTKGPXQNNG
#MMWUGKP
&KG-COGTCYWTFG×DGTGKPGP
N¼PIGTGP<GKVTCWOPKEJVDGV¼VKIV
UQFCUUUKGUKEJCWVQOCVKUEJ
CWUIGUEJCNVGVJCV
5EJCNVGP5KGFKG-COGTCYKGFGT
GKP
&KG$CVVGTKGP#MMWUUKPFNGGT
.CFGP5KGFKG#MMWUCWHQFGT
UGV\GP5KGPGWG$CVVGTKGPXQNNG
#MMWUGKP
'UNKGIVGKP-COGTCHGJNGTXQT
.CFGP5KGFKG#MMWUYKGFGTCWH
&KG-COGTCYKTFDGKGZVTGO
PKGFTKIGT6GORGTCVWTXGTYGPFGV
&KG#MMWUYGTFGP
UGJTUEJPGNN
XGTDTCWEJV
&KG$CVVGTKGP#MMWU
WPFFKG-COGTC
H×JNGPUKEJYCTOCP
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'UYWTFGPXKGNG$NKV\CWHPCJOGP
IGOCEJV
&KG#MMWUUKPFPKEJVXQNNUV¼PFKI
IGNCFGP
&KG#MMWUYWTFGPPCEJFGO
#WƀCFGP×DGTGKPGPN¼PIGTGP
<GKVTCWOPKEJVDGPWV\V
&KG-COGTCWPFFGT$NKV\YWTFGP
×DGTOGJTOCNUJKPVGTGKPCPFGT
DGPWV\V
7OFKG.GKUVWPIUH¼JKIMGKVWPF
.GDGPUFCWGTFGT#MMWU\W
GTJÑJGPUQNNVGGTOKPFGUVGPU
GKPOCNXQNNUV¼PFKICWHIGNCFGPWPF
FCPPXQNNUV¼PFKIGPVNCFGPYGTFGP
$XIQDKPH
2TQDNGO
&KG-COGTCOCEJV
DGKO&T×EMGPFGU
#WUNÑUGTUMGKPG
#WHPCJOG
&KG#WHPCJOGP
GTUEJGKPGPPKEJVCWH
FGO.%&/QPKVQT
7TUCEJG
.ÑUWPIUOÑINKEJMGKV
&KG$CVVGTKGP#MMWUUKPFHCUVNGGT
.CFGP5KGFKG#MMWUCWHQFGT
UGV\GP5KGPGWG$CVVGTKGPXQNNG
#MMWUGKP
&KG-COGTCKUVPKEJV
GKPIGUEJCNVGV
5EJCNVGP5KGFKG-COGTCGKP
&KG-COGTCDGſPFGVUKEJPKEJVKO
#WHPCJOGOQFWU
&T×EMGP5KGCWHFKG
9KGFGTICDGVCUVG= ?WO\WO
(QVQOQFWU\WYGEJUGNP
&GT#WUNÑUGTYWTFGPKEJVICP\
JGTWPVGTIGFT×EMV
&T×EMGP5KGFGP#WUNÑUGTICP\
JGTWPVGT
&KG5RGKEJGTMCTVGKUVXQNN
5GV\GP5KGGKPGPGWG-CTVGGKP
QFGTNÑUEJGP5KG×DGTƀ×UUKIG
&CVGKGP
&KG.GDGPUFCWGTFGT
5RGKEJGTMCTVGKUVCDIGNCWHGP
5GV\GP5KGGKPGPGWG
5RGKEJGTMCTVGGKP
&GT$NKV\YKTFIGTCFGCWHIGNCFGP
9CTVGP5KGDKUFKG5VCVWU.'&
GTNQUEJGPKUV
&KG5RGKEJGTMCTVGYKTFXQPFGT
-COGTCPKEJVGTMCPPV
(QTOCVKGTGP5KGFKG5RGKEJGTMCTVG
DGKFGTGTUVGP$GPWV\WPIOKVFGT
-COGTC
&KGCWVQOCVKUEJG
#WUUEJCNVHWPMVKQPKUVCMVKXKGTV
5EJCNVGP5KGFKG-COGTCYKGFGT
GKP
&KG5RGKEJGTMCTVGKUV
UEJTGKDIGUEJ×V\V
'PVHGTPGP5KGFGP5EJTGKDUEJWV\
&KG-COGTCKUVPKEJV
GKPIGUEJCNVGV
5EJCNVGP5KGFKG-COGTCGKP
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2TQDNGO
7TUCEJG
.ÑUWPIUOÑINKEJMGKV
&GT$NKV\KUVCWUIGUEJCNVGV
5VGNNGP5KGGKPGPCPFGTGP
$NKV\OQFWUGKP
&GT$NKV\KUVPQEJPKEJVDGTGKV
QFGTPKEJVCWHIGNCFGP
'UFCWGTVEC5GMWPFGPDKU
FGT$NKV\FGT-COGTCYKGFGT
CWHIGNCFGPKUV9CTVGP5KGDKUFKG
.'&#P\GKIGIT×PNGWEJVGV
&GT$NKV\KUVCWH#WVQ
GKPIGUVGNNVWPFFKG7OIGDWPI
KUVJGNN
5EJCNVGP5KGFGP$NKV\#0FCOKV
FGT$NKV\CWEJDGKJGNNGO.KEJV
CWUIGNÑUVYKTF
&GT#DUVCPF\WO
#WHPCJOGQDLGMVKUVITѲGTCNU
FKGGHHGMVKXG$NKV\TGKEJYGKVG
)GJGP5KGP¼JGTCPFCU
#WHPCJOGQDLGMVJGTCP
&CU$KNFYWTFGDGK
CWUIGUEJCNVGVGO$NKV\CP
GKPGOFWPMNGP1TVIGOCEJV
5VGNNGP5KGGKPGPCPFGTGP
$NKV\OQFWUGKP
&KG#WHPCJOGKUV
WPVGTDGNKEJVGV
9¼JNGP5KGH×TFKG
$GNKEJVWPIUMQTTGMVWTGKPGP
JÑJGTGP9GTV
+O/QFWU'ZV$NKV\OWUUFKG
-COGTCCWHFGP(GTPCWHPCJOGDNKV\
GKPIGUVGNNVYGTFGPFCOKVFKG$KNFGT
JGNNGTYGTFGP
&CU$KNFKUV\WJGNN
'UKUV×DGTDGNKEJVGV
9¼JNGP5KGH×TFKG
$GNKEJVWPIUMQTTGMVWTGKPGP
PKGFTKIGTGP9GTV
+O/QFWU'ZV5VGNNGP5KGFKG
-COGTCKO/QFWU'ZV$NKV\CWH
/CMTQ$NKV\GKPFCOKVFKG$KNFGT
FWPMNGTYGTFGP
&KG(CTDGPUGJGP
WPPCV×TNKEJCWU
PWT.CPFUEJCHV
&CU$KNFYWTFGWPVGT
$GFKPIWPIGPIGOCEJVDGKFGPGP
FGTCWVQOCVKUEJG9GK²CDINGKEJ
UEJYGTCP\WRCUUGPKUV
9¼JNGP5KGFGP9GK²CDINGKEJ
OCPWGNN
&GT$NKV\YKTFPKEJV
CWUIGNÑUV
&KG#WHPCJOGKUVCWEJ
DGKCWUIGNÑUVGO$NKV\
\WFWPMGN
&CU$KNFKUV\WFWPMGN
&KG
7PVGTYCUUGTCWHPCJOGP
UKPFDNCWWPFHCTDNQU
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&CU9CUUGTſNVGTV4QVWPF
)GNDVÑPGJGTCWU
5EJCNVGP5KGFKG-COGTCKPFGP
/GGT/QFWUWPFY¼JNGP5KGFGP
IGGKIPGVGP9GK²CDINGKEJ
9GPP5KGFGPQRVKQPCNGPGZVGTPGP
$NKV\DGPWV\GPYGTFGPFKG(CTDGP
YKGFGTJGTIGUVGNNV
:LHGHUJDEH
2TQDNGO
7TUCEJG
.ÑUWPIUOÑINKEJMGKV
&GT+PJCNVYKTFPKEJV
YKGFGTIGIGDGP
&KG-COGTCKUVPKEJVKPFGP
9KGFGTICDGOQFWUIGUEJCNVGV
&T×EMGP5KGCWHFKG
9KGFGTICDGVCUVG= ?
&GT+PJCNVFGT
5RGKEJGTMCTVGMCPP
PKEJVYKGFGTIGIGDGP
YGTFGP
5KGXGTUWEJGPGKPG5RGKEJGTMCTVG
YKGFGT\WIGDGPFKGPKEJVOKV
FKGUGT-COGTCHQTOCVKGTVYWTFG
5GV\GP5KGGKPG-CTVGGKPFKGOKV
FKGUGT-COGTCHQTOCVKGTVYWTFG
&KG&CVGKGPUKPFOKVGKPGO
.ÑUEJUEJWV\XGTUGJGP
*GDGP5KGFGP.ÑUEJUEJWV\CWH
5KGXGTUWEJGPGKPG5RGKEJGTMCTVG
YKGFGT\WIGDGPFKGPKEJVOKV
FKGUGT-COGTCHQTOCVKGTVYWTFG
5GV\GP5KGGKPG-CTVGGKPFKGOKV
FKGUGT-COGTCHQTOCVKGTVYWTFG
&KG5RGKEJGTMCTVGKUV
UEJTGKDIGUEJ×V\V
'PVHGTPGP5KGFGP5EJTGKDUEJWV\
&KG.GDGPUFCWGTFGT
5RGKEJGTMCTVGKUVCDIGNCWHGP
5GV\GP5KGGKPGPGWG
5RGKEJGTMCTVGGKP
&CVGKGPMÑPPGP
PKEJVIGNÑUEJV
YGTFGP
&KG5RGKEJGTMCTVG
MCPPPKEJVHQTOCVKGTV
YGTFGP
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