#EVC2QGVKEC


24+/#8'4#161¤1


.GEVWTCFGNCOCPQ
NCOWGTVGGPNCUOCPQUFG(C\CN5JGKMJ

'FWCTFQ%CFCXC

.CRTGUGPVGNGEVWTCGPHQECT¶WPCUGTKGFGQDTCUFGNHQVÎITCHQRCMKUVCPÈPC
EKFQGP0WGXC;QTM(C\CN5JGKMJVQOCPFQGPEWGPVCNQSWGRQFTÈCUKI
PKſECT NGGT WPC KOCIGP JKUVÎTKECOGPVG C UCDGT NQ SWG SWKGTG FGEKT NGGT
WPCKOCIGPCVTCXÃUFGNCUOGFKVCEKQPGUFG9CNVGT$GPLCOKPUQDTGNCTG
NCEKÎPGPVTGHQVQITCHÈCGJKUVQTKC(C\CN5JGKMJRCUÎGNKPXKGTPQFGGP
NCHTQPVGTCGPVTG#HICPKUV¶P[2CMKUV¶PVQOCPFQHQVQITCHÈCUFGTGHWIKCFQU
CHICPQU GP UGETGVQ GP OGFKQ FG NC PQEJG [ DCLQ NC NW\ FG WPC RGSWGÌC
N¶ORCTC6QOÎKPPWOGTCDNGUKO¶IGPGUFGNQUTGHWIKCFQUFGNQURCKUCLGU
FGXCUVCFQUFGNQUEWGTRQUJGTKFQUGVE'PRCTVKEWNCTOGKPVGTGUCWPCUGTKG
FGKO¶IGPGUFGOCPQUUÎNQOCPQUSWGUQUVKGPGPRGSWGÌCUHQVQUFGJKLQU
JGTOCPQU [ RCFTGU OWGTVQU 3WKUKGTC NGGT GUVCU KO¶IGPGU GP VÃTOKPQU FG
NQ SWG RWGFGP FGEKTPQU CEGTEC FG NC TGNCEKÎP GPVTG XKFC [ OWGTVG OQXK
OKGPVQ[FGVGPEKÎPNCDQTTCFWTC[NCRTGUGTXCEKÎPFGJWGNNCUJWOCPCU[
GPVTGOGOQTKC[QNXKFQVQFQUGUVQUCURGEVQURGTVGPGEKGPVGUCNQUOQVKXQU
[CUWPVQUSWGCUQEKCOQUOW[COGPWFQEQPNCHQVQITCHÈCGPIGPGTCN'P
QVTCURCNCDTCUSWKUKGTCNGGTGUVCUKO¶IGPGUEQPGNſPFGRGPUCTGPVQTPQC
NQSWGRQFTÈCUKIPKſECTGPVÃTOKPQUDGPLCOKPKCPQUNGGTWPCHQVQITCHÈC[C
SWGUGVTCVCGPVTGQVTCUEQUCUFGHQVQITCHÈCUFGHQVQITCHÈCU

+P QTFGT VQ EQPUKFGT YJCV KV OKIJV OGCP VQ TGCF CP KOCIG JKUVQTKECNN[
YJCV KV OKIJV OGCP VJCV KU VQ TGCF CP KOCIG VJTQWIJ VJG NGPU QH 9CNVGT
$GPLCOKPŏUOGFKVCVKQPUQPVJGTGNCVKQPDGVYGGPRJQVQITCRJ[CPFJKUVQT[
VJKUNGEVWTGYKNNHQEWUQPCUGTKGUQHRJQVQITCRJUD[VJG0GY;QTMDQTP
2CMKUVCPK RJQVQITCRJGT (C\CN 5JGKMJ (C\CN 5JGKMJ URGPV VJG YKPVGT QH


 CNQPI VJG #HIJCPKUVCP2CMKUVCP DQTFGT RJQVQITCRJKPI #HIJCP TGHW
IGGUKPUGETGVKPVJGOKFFNG QH VJG PKIJV CPF WPFGT VJG NKIJV QH C UOCNN
NCOR*GTGEQTFGFKPPWOGTCDNGKOCIGUQHVJGTGHWIGGUQHVJGFGXCUVCVGF
NCPFUECRGUVJGYQWPFGFDQFKGUCPFUQQP+PRCTVKEWNCTVJQWIJ+COKP
VGTGUVGF KP C UGTKGU QH KOCIGU QH JCPFU LWUV JCPFU JQNFKPI UOCNN RJQVQ
ITCRJUQHFGCFUQPUDTQVJGTUCPFHCVJGTU+YKUJVQTGCFVJGUGKOCIGUKP
VGTOU QH YJCV VJG[ ECP VGNN WU CDQWV VJG TGNCVKQP DGVYGGP NKHG CPF FGCVJ
OQXGOGPV CPF UVCUKU VJG GTCUWTG CPF RTGUGTXCVKQP QH JWOCP VTCEGU CPF
OGOQT[CPFHQTIGVVKPIōCNNQHYJKEJDGNQPIVQVJGOQVKXGUCPFKUUWGUYG
OQUV IGPGTCNN[ CUUQEKCVG YKVJ VJG RJQVQITCRJ KP IGPGTCN +P QVJGT YQTFU
+ YKUJ VQ TGCF VJGUG KOCIGU KP QTFGT VQ VJKPM CDQWV YJCV KV OKIJV OGCP
KP $GPLCOKPKCP VGTOU VQ TGCF C RJQVQITCRJ CPF VJKU DGECWUG VJGUG CTG
COQPIQVJGTVJKPIURJQVQITCRJUQHRJQVQITCRJU


 #EVC2QGVKEC

24+/#8'4#161¤1


'FWCTFQ%CFCXC
7PKXGTUKFCFFG2TKPEGVQP0WGXC;QTM

6TCFWEEKÎP2CQNC%QTVÃU4QEEC

.GEVWTCFGNCOCPQ
NCOWGTVGGPNCUOCPQUFG(C\CN5JGKMJ

 #N VTCVCT FG KOCIKPCT SWÃ UKIPKſECTÈC NGGT ō[ GP RCTVKEWNCT NGGT WPC KOC
IGPō GP VÃTOKPQU DGPLCOKPKCPQU OG IWKCTQP FQU FGUGQU RTKOGTQ GN FGUGQ FG
4CNRJ9CNFQ'OGTUQPFGJCEGTPQUGPVGPFGTSWGNGGTGUEKVCT
GUFGEKTSWGEWCPFQ
NGGOQUTGXGNCOQUKPGXKVCDNGOGPVGGPVTGQVTCUEQUCUNCFGWFCEQPVQFQUNQUVGZVQU
SWGEQPſTOCPGUVGCEVQFGNGEVWTC[UGIWPFQGNFGUGQFG$GPLCOKPFGRTCEVKECT
őWPCTVGFGNCEKVCUKPEQOKNNCUŒ
CNIQSWGUKIWKGPFQC'OGTUQP[QNNCOCTÈCUKO
RNGOGPVG GN őCTVG FG NGGTŒ [ GP GUVG EQPVGZVQ SWK\¶U KPENWUQ GN CTVG FG NGGT EQP
9CNVGT$GPLCOKP


 ‹3WÃDGPGſEKQRWGFGQDVGPGTUGFGNFWGNQFGRTQ
NQPICT NC RGPC FG SWGFCT GZRWGUVQU C UW ECT¶EVGT
KPUQRQTVCDNG[PQVTCVCTFGTGUQNXGTNQRQTNCXÈCFG
NCXKQNGPEKC!‹3WÃDGPGſEKQRWGFGQDVGPGTUGGPGN
ECORQRQNÈVKEQCNKPENWKTNCRGPCFGPVTQFGNOCTEQ
GPGNSWGRGPUCOQUPWGUVTQUXÈPEWNQUKPVGTPCEKQPC
NGU!5KPQUSWGFCOQUEQPGNUGPVKFQFGNCRÃTFKFC
‹XCOQU C UGPVKTPQU FÃDKNGU [ RCUKXQU EQOQ CNIQ
SWG FGDCOQU VGOGT! ‹1 RQT GN EQPVTCTKQ XCOQU C
TGEWRGTCTGNUGPVKFQFGNCXWNPGTCDKNKFCFJWOCPC[
CCUWOKTWPCTGURQPUCDKNKFCFEQNGEVKXCRQTNCUXK
FCUHÈUKECUFGNQUQVTQU!

,7&+6*$76.'48KFCRTGECTKC

5ÈRGPUÎGPVTGNCRGPC[NCPCFCGNKLQNCRGPC

9+..+#/(#7.-0'4.CURCNOGTCUUCNXCLGU

6CN EQOQ PQU FKEG EQP HTGEWGPEKC 9CNVGT $GPLCOKP PQ JC[
KOCIGPSWGPQUGCWPCKOCIGPFGNCFGUVTWEEKÎP[NCUWRGTXK
XGPEKC[VCNXG\GUVQGUO¶UEKGTVQGPGNECUQFGNCUKO¶IGPGU
FGNQUOWGTVQU+PENWUQRQFTÈCOQUFGEKTSWGNCKOCIGPFGCN
IWKGPOWGTVQPQUFKEGNCXGTFCFFGVQFCKOCIGPNQSWGGUUGT
VGUVKIQFGNCGPKIO¶VKECTGNCEKÎPGPVTGOWGTVG[UWRGTXKXGPEKC
RÃTFKFC[XKFCFGUVTWEEKÎP[RTGUGTXCEKÎPFWGNQ[OGOQTKC
6CODKÃPPQUFKEGUKGUSWGRWGFGFGEKTPQUCNIQSWGNQSWG
OWGTGNQSWGGUV¶RGTFKFQ[RTQXQECGNFWGNQGPECFCKOCIGP
KPENWUQUKUQDTGXKXGEQPVKPÕCXKXKGPFQ[NWEJCRQTGZKUVKTGU
NC KOCIGP OKUOC 'U RQT GUQ SWG NC KOCIGP FG NQU OWGTVQU
ōJCDNCPFQPWGXCOGPVGRQTVQFCUNCUKO¶IGPGUōECUKUKGO
RTG JCDNC FG NC OWGTVG [ FG NC KORQUKDKNKFCF FG NC KOCIGP
#PWPEKC NC KPECRCEKFCF FG NC KOCIGP FG PCTTCT WPC JKUVQTKC
RQT GLGORNQ NC JKUVQTKC FG NC OWGTVG &GDKFQ C GUVG UKNGPEKQ


HTGPVGCNCRÃTFKFC[NCECV¶UVTQHGōKPENWUQEWCPFQNCOWGTVG
RGTOCPGEG XGNCFCō NC KOCIGP GU UKGORTG CN OKUOQ VKGORQ
WPCKOCIGPFGNCOWGTVGWPCKOCIGPFGNCOWGTVGFGNCKOC
IGPFGNCTWKPCFGNCECRCEKFCFFGNCKOCIGPFGOQUVTCTFG
TGRTGUGPVCTFGFKTKIKTUG[GXQECTCNCURGTUQPCUNQUCEQPVGEK
OKGPVQU NCU EQUCU NCU XGTFCFGU NCU JKUVQTKCU NCU XKFCU [ NCU
OWGTVGUCNCUSWGFGDGTÈCTGHGTKTUG
2QT GUQ RQFTÈCOQU FGEKT SWG NC NÎIKEC FGN OWPFQ RWGFG
UGTNGÈFCCSWÈ[RWGFGUGTNGÈFCEQOQNCNÎIKECFGNCKOCIGP
%QOQ GN OWPFQ NC KOCIGP RGTOKVG UGT GZRGTKOGPVCFC UQNC
OGPVGEQOQNQSWGUGTGVKTCFGNCGZRGTKGPEKC5WGZRGTKGPEKC
ō[UKHWGTCFKHGTGPVGPQNQUGTÈCōGUNCGZRGTKGPEKCFGNCKO
RQUKDKNKFCFFGNCGZRGTKGPEKC.CKOCIGPPQUFKEGSWGVGPGOQU
SWGXKXKTEQPNCGZRGTKGPEKCFGNCOWGTVG[FGNCRÃTFKFC5KP
GODCTIQNQSWGJCEGFGWPCKOCIGPWPCKOCIGPGUUWECRC
EKFCFFGRTGUGTXCTNQUVTC\QUFGNQSWGPQRWGFGOQUVTCTFG
UGIWKTCFGNCPVGHTGPVGCNCOWGTVG[HTGPVGCNCRÃTFKFC[FGGUVG
OQFQUWIGTKT[UGÌCNCTNCRQUKDKNKFCFFGJCDNCT'PQVTQUVÃT
OKPQUNCGZKUVGPEKCOKUOCFGNCKOCIGPō[CSWÈOGTGſGTQ
UÎNQCWPCKOCIGPSWGOGTG\ECTGEKDKTGNPQODTGFGőKOCIGPŒ
C WPC KOCIGP SWG RGTOCPG\EC ſGN C NQU UKNGPEKQU OQTVWQTKQU
SWG NC JCEGP UGT NQ SWG GUō UG UQDTGRQPG C NC OWGTVG FG NC
EWCNJCDNCPVQFCUNCUKO¶IGPGUōQCNOGPQUFGNCSWGKPVGP
VCPJCDNCTRCTCUWIGTKTNQSWGRGTOCPGEGXKXQNQSWGGUV¶VQ
FCXÈCEQPXKFC
'PVQPEGUNCKOCIGP
GUFGEKTFGCEWGTFQEQP$GPLCOKPNC
KOCIGP őFG NC OWGTVGŒ EQORWGUVC RQT OWGTVG RGTVGPGEKGPVG
C NC OWGTVG NC SWG VQOC EQOQ RWPVQ FG RCTVKFC NC OWGTVG [
DWUECJCDNCTFGNCOWGTVG[PQUÎNQFGNCRTQRKCOWGTVGUKPQ
VCODKÃP FG őNC OWGTVG FG NC OWGTVGŒ FG NC GOGTIGPEKC [ NC
UWRGTXKXGPEKCFGWPCKOCIGPSWGCNFGEKTPQUSWG[CPQRWGFG
OQUVTCTPCFCOWGUVTCUKPGODCTIQ[VGUVKOQPKCNQSWGNCJKU
VQTKCJCECNNCFQNQSWG[CPQGUV¶CSWÈ[GOGTIGFGNCQUEWTC
PQEJGFGNCOGOQTKCPQUCEGEJC[PQUCNKGPVCCTGEQTFCTNCU


OWGTVGU[NCURÃTFKFCURQTNCUSWGVQFCXÈCJQ[UQOQUTGURQP
UCDNGU

+

‹3WÃ UKIPKſEC NGGT WPC KOCIGP Q WPC HQVQITCHÈC! ‹3WÃ UKI

PKſECTÈC CUWOKT NC TGURQPUCDKNKFCF FG WPC KOCIGP Q FG WPC
JKUVQTKC NC TGURQPUCDKNKFCF FG WPC PCVWTCNG\C OWGTVC Q FG NC
PCVWTCNG\CFGNCOWGTVGEQPVGPKFCGPWPCKOCIGP!‹%ÎOQTGU
RQPFGTRQTGLGORNQCNCUKO¶IGPGU[NCUJKUVQTKCUKPUETKVCUGP
GUVCUFQUHQVQITCHÈCU!CNCXKFCKPVGTTWORKFCRQTNCE¶OCTCQ
RQTNCOWGTVGRGTQVCODKÃPCNCXKFCSWGUQDTGXKXKGPFQCNC
OWGTVGKPENWUQGPVCPVQRGTOCPGEGVQECFCRQTGNNCEQPVKPÕC
CNNÈFGURWÃUFGSWGJCEGUCFQGNOQXKOKGPVQ!‹%ÎOQGORG
\CTCNGGTNCUGURGEKCNOGPVGEWCPFQNQUNÈOKVGUNQUDQTFGU[NCU
FKUVKPEKQPGU SWG ICTCPVK\CTÈCP PWGUVTC EQORTGPUKÎP JCP UKFQ
FGURGFC\CFQURQTWPCJKUVQTKCFGXKQNGPEKC[OWGTVGSWGFGU
VTQ\C VQFC FGVGTOKPCEKÎP! #N GZJKDKT [ EQPUGTXCT NC KOCIGP
FGSWKGP[CPQGUV¶CSWÈ
GPWPECUQWPPKÌQOWGTVQFWTCPVG
GNDQODCTFGQUQXKÃVKEQC#HICPKUV¶P[GPGNQVTQWPJQODTG
CUGUKPCFQGPFWTCPVGNCDCVCNNCRQTEQPVTQNCTGNECOKPQ
FG /C\CT-CDWN RGTQ VCODKÃP NC OCPQ FG SWKGP UQUVKGPG [
QHTGEGNCKOCIGP
GNRCFTGFGNPKÌQ[GNJGTOCPQFGNJQODTG
SWKGPGUVCNXG\[CPQGUV¶PXKXQUGPGNOQOGPVQGPSWGXGOQU
NCKOCIGPÃUVCRGTOCPGEGNKICFCCNCUWRGTXKXGPEKCFGVTC\QU
FGNRCUCFQ[CPWGUVTCJCDKNKFCFFGNGGTGUQUVTC\QUEQOQVC
NGU%CFCFGVCNNGFGNCUKO¶IGPGUVKGPGUWHWGT\CUWNÎIKECUW

'UVGRTÎNQIQEQPUVKVW[GWPCXGTUKÎPNGXGOGPVGFKUVKPVCFGNRTÎNQIQSWGGUETKDÈ
RCTC RTGUGPVCT OK GPUC[Q ő.CRUWU +OCIKPKU 6JG +OCIG KP 4WKPUŒ RWDNKECFQ GP
1EVQDGT 
5RTKPI   'UV¶ CSWÈ RCTC UWIGTKT NC TGNCEKÎP GPVTG NCU TWKPCU
[NCOWGTVGSWGCEQUCGNRTGUGPVGGPUC[Q[VCODKÃPRCTCUWIGTKTSWGNGGTGUCNIQ
SWGUKGORTGGORKG\CGPQVTQNCFQ&GDGTÈCCITGICTSWGEKGTVQUHTCIOGPVQUFG.CR
UWU+OCIKPKUVCODKÃPTGCRCTGEGPCSWÈIGPGTCNOGPVGFGWPOQFQHTCIOGPVCFQ[GP
EQPVGZVQUFKHGTGPVGU


GZKUVGPEKC GURGEÈſEC 'P VCPVQ EQPFGPUCEKÎP FG XCTKCU JKUVQ
TKCUECFCHQVQITCHÈCRGTOCPGEGXKPEWNCFCCWPJGEJQRCTVKEW
NCT[RQTNQVCPVQCWPCHGEJCCWPCKPUETKREKÎPJKUVÎTKEC5KP
GODCTIQCNOKTCTJCEKCCVT¶U[JCEKCFGNCPVGGUVCUHQVQITCHÈCU
PQURKFGPSWGRGPUGOQUFGQVTQOQFQUQDTGGNőEQPVGZVQŒ5W
EQPVGZVQKPENWKT¶NCHGEJC[NCUEKTEWPUVCPEKCUFGNCUKO¶IGPGU
OKUOCU'NNCURGTVGPGEGPCWPCUGTKGFGKO¶IGPGUVQOCFCURQT
GNHQVÎITCHQPGQ[QTSWKPQ(C\CN5JGKMJGPGNXGTCPQFG
GPNQUECORQURCTCTGHWIKCFQUCHICPQUGPGNPQTGUVGFG2CMKU
V¶P [ GP XCTKCU EKWFCFGU GP #HICPKUV¶P KPENW[GPFQ -CDWN [
,CNCNCDCF 'P RCTVKEWNCT RGTVGPGEGP C NC UGTKG FG HQVQITCHÈCU
FGOCPQUUQUVGPKGPFQRGSWGÌCUHQVQUFGHCOKNKCTGUSWG[CPQ
GUV¶P RCFTGU JKLQU JGTOCPQU (QTOCP RCTVG FGN VTCDCLQ FG
(C\CN5JGKMJGPNQUÕNVKOQUCÌQU[FGUWGUHWGT\QRQTFQ
EWOGPVCT[TGIKUVTCTōFGURWÃUFGNCECÈFC[NCFKUQNWEKÎPFGN
GUVCFQ PCEKÎP [ UW UQDGTCPÈC [ FG NC GTQUKÎP IGPGTCN FG NCU
ECVGIQTÈCURQNÈVKEQLWTÈFKECUVTCFKEKQPCNGUōNQUTGUWNVCFQUFGN
HGPÎOGPQOCUKXQFGNQUTGHWIKCFQUGP#HICPKUV¶P[2CMKUV¶P
RGTQVCODKÃPGP5QOCNKC[-GPKCGPVTGQVTQUNWICTGU
&GGUVGOQFQNCUHQVQITCHÈCUFG(C\CN5JGKMJDWUECPGXQ
ECT NQ SWG $GPLCOKP NNCOÎ NC őVTCFKEKÎP FG NQU QRTKOKFQUŒ
WPCVTCFKEKÎPEQORWGUVCGPVTGQVTCUEQUCURQTGNUKNGPEKQFG
NQUFGURNC\CFQU[OCTIKPCFQU[RQTNQKPPQODTCDNGFGNVTCW
OCFGNQUFGURQUGÈFQU#NKIWCNSWG$GPLCOKP5JGKMJDWUEC
NGIKVKOCTCCSWGNNQUCNQUSWGNCXKQNGPEKCJCRTKXCFQFGGZRTG
UKÎP RCTC CTVKEWNCT WP RGFKFQ FG LWUVKEKC GP UKNGPEKQ VCN XG\

 'UVCU KO¶IGPGU CRCTGEGP GP (C\CN 5JGKMJ 6JG 8KEVQT 9GGRU #HIJCPKUVCP
<×TKEJ5ECNQ.CUFQUHQVQITCHÈCUGPNCUSWGGUVQ[RCTVKEWNCTOGPVGKPVGTGUC
FQRWGFGPGPEQPVTCTUGGPNCUR¶IKPCU[
 'UVQ[GPFGWFCCSWÈEQPNCTGƀGZKÎPUQDTGNCETKUKUFGNQUTGHWIKCFQUOQFGT
PQU FGUCTTQNNCFC RQT )KQTIKQ #ICODGP GP ő$G[QPF *WOCP 4KIJVUŒ GP /GCPU
9KVJQWV'PF0QVGUQP2QNKVKEUVTCF8KPEGP\Q$KPGVVK[%GUCTG%CUCTKPQ/KPPG
CRQNKU7PKXGTUKV[QH/KPPGUQVC2TGUURR
 8ÃCUG9CNVGT$GPLCOKPő5QDTGGNEQPEGRVQFGJKUVQTKCŒGP.CFKCNÃEVKECGP
UWURGPUQ (TCIOGPVQU UQDTG NC JKUVQTKC VTCF KPVTQF [ PQVCU FG 2CDNQ 1[CT\ÕP
4QDNGU5CPVKCIQFG%JKNG.1/#4%+5R


RGTQGPPQODTGFGNLWKEKQFGNC*KUVQTKCOKUOC%QOQUGÌCNC
5JQUJCPC(GNOCPÃUVQUUQPőNQUSWGECTGEGPFGGZRTGUKÎPŒFG
NCVTCFKEKÎPFGNQUQRTKOKFQUCSWGNNQUSWG

RQTWPNCFQJCPUKFQJKUVÎTKECOGPVGTGFWEKFQUCNUKNGPEKQ[RQT
QVTQ NCFQ JKUVÎTKECOGPVG RTKXCFQU FG WP TQUVTQ JWOCPQ RTK
XCFQUPQUÎNQFGNNGPIWCLG[FGNCXQ\UKPQKPENWUQFGNCGZ
RTGUKÎPOWFCSWGUKGORTGGUV¶RTGUGPVGGPWPTQUVTQJWOCPQ
#SWGNNQUCNQUSWGNCXKQNGPEKCJCRCTCNK\CFQDQTTCFQQTGFW
EKFQCSWGNNCUXKFCUSWGUWHTGPNCXKQNGPEKCEQOQUK[CGUVWXKG
TCPOWGTVQUCSWGNNQUSWGJCPXKXKFQ
GPXKFCUKPGZRTGUKÎP
UKPWPCXQ\[UKPWPTQUVTQ[SWGJKUVÎTKEC[ſNQUÎſECOGPVGUG
JCP EQPXGTVKFQ ōFGN OKUOQ OQFQ SWG NQU OWGTVQUō GP NQ
KPGZRTGUKXQ

%QOQUWIKGTG(GNOCPNCGUETKVWTCFG$GPLCOKPGUV¶QTIC
PK\CFC CNTGFGFQT FG GUVG GUHWGT\Q RQT KNWOKPCT NCU KPLWUVKEKCU
JKUVÎTKECU[NQUJGEJQUFGDCTDCTKGSWGEQPUVKVW[GPNC*KUVQTKC
[RQTCDQICTRQTGN,WKEKQ(KPCNGPVCPVQSWGÃUVGJCTÈCRQUKDNG
SWG őNQ SWG PQ VKGPG GZRTGUKÎP GP NC *KUVQTKC
GN UKNGPEKQ FG
NCUXÈEVKOCUNCKPCTVKEWNCEKÎPFGNVTCWOC=?GPEWGPVTGUWGZ
RTGUKÎPJKUVÎTKECŒ5KGUVG&ÈCFGN,WKEKQKORNKECWPőFGURGTVCT
FG NQU OWGTVQUΠGU RQTSWG NC LWUVKEKC GP $GPLCOKP UKGORTG
KPENW[GNCLWUVKEKCRQTNQUOWGTVQU

NCXKFCFGNQUOWGTVQUTGUKFGGPGNTGEWGTFQFGUWUJKUVQTKCU
FG
RCTVGFGNQUXKXQUNCLWUVKEKCRCTCNQUOWGTVQUTGUKFGGPGNTG
EWGTFQ
FGRCTVGFGNQUXKXQUFGNCUKPLWUVKEKCU[NQUCVTQRGNNQU
EQOGVKFQUEQPVTCGNNQU2QTNQVCPVQNC*KUVQTKCGURQTGPEKOC[
O¶UCNN¶FGVQFCPCTTCVKXCQſEKCNWPVGPC\TGENCOQFGNQUOWGT
VQU UQDTG NQU XKXQU EW[C TGURQPUCDKNKFCF PQ GU UÎNQ TGEQTFCT
UKPQRTQVGIGTCNQUOWGTVQUFGNCRQUKDKNKFCFFGUGTWUWTRCFQU
8ÃCUG5JQUJCPC(GNOCP6JG,WTKFKECN7PEQPUEKQWU6TKCNUCPF6TCWOCUKP
VJG6YGPVKGVJ%GPVWT[%CODTKFIG/CUUCEJWUGVVU*CTXCTF7PKXGTUKV[2TGUU
R
+DKFR


 'URQTGUQSWGGPVÃTOKPQUFG$GPLCOKPőUÎNQVKGPGGNFQP
FGGPEGPFGTGPGNRCUCFQNCEJKURCFGNCGURGTCP\CCSWGNJKU
VQTKCFQT SWG GUVÃ VTCURCUCFQ RQT NC KFGC FG SWG VCORQEQ NQU
OWGTVQUGUVCT¶PCUCNXQFGNGPGOKIQUKÃUVGXGPEGŒ
'PNCUR¶IKPCUSWGUKIWGPJGSWGTKFQCXKXCTGUVCEJKURCFG
GURGTCP\CGPGNRCUCFQCNTGHGTKTOGCGUVQUOWGTVQUUKPTQUVTQ[
UKPGZRTGUKÎPSWGLWPVQEQPNQUXKXQUSWGFGUGCPTGEQTFCTNQU
PQURKFGPSWGLW\IWGOQUNCXKQNGPEKCFGNCJKUVQTKCTGEKGPVG
GU FGEKT SWG TGEQTFGOQU NCU GPUGÌCP\CU FG $GPLCOKP CEGTEC
FGWPCÃVKEC[WPCRQNÈVKECFGNCOGOQTKC[GNFWGNQCEGTECFG
NCPGEGUKFCFFGECRVWTCTGNUGPVKFQFGEKGTVQUTGEWGTFQUGPGN
KPUVCPVGGPSWGTGNCORCIWGCPGPWPOQOGPVQFGRGNKITQCEGT
ECFGNCUTGNCEKQPGUGPVTGOWGTVGHQVQITCHÈC[OGFKQU[CEGTEC
FGNQUXÈPEWNQUGPVTGIWGTTCVTCWOC[NCKORQUKDKNKFCFFGRTQ
FWEKTWPTGNCVQ
#NCEGTECTOGCGUVCUFQUKO¶IGPGUCVTCXÃUFGNNGPVGFGGUVCU
GPUGÌCP\CUSWKUKGTCRNCPVGCTSWGFGCNIÕPOQFQCFGNCPV¶PFQ
UGCPQUQVTQU$GPLCOKP[CJCDTÈCNGÈFQGUVCUFQUKO¶IGPGUCWP
EWCPFQEQOQUCDGOQUUWUQLQULCO¶UNGUGEJCTQPWPXKUVC\Q
$GPLCOKP PQU GPUGÌCTÈC C NGGT GUVCU FQU KO¶IGPGU KPENWUQ UK
EQOQÃNOKUOQUWIKGTGRCTCRQFGTTGURQPFGTCNCJKUVQTKCKPU
ETKVCGPGNNCUFGDGOQUGZRQPGTPQUCNCUXKEKUKVWFGUFGWPCJKU
VQTKC GP NC SWG [C GUVCOQU KPUETKVQU [ HTGPVG C NC EWCN UQOQU
ōWTIGPVG [ RGNKITQUCOGPVGō TGURQPUCDNGU RQTSWG UQOQU NQ
SWGGUV¶GPLWGIQ$GPLCOKPPQUGPUGÌCCNGGTJKUVÎTKECOGPVG[
EQPWPQDLGVKXQSWGVQFCXÈCJQ[NNCOCTÈCOQUőTGXQNWEKQPCTKQŒ

++

'UVCU FQU HQVQITCHÈCU HWGTQP VQOCFCU FGURWÃU FG SWG NQU VC
NKDCPGU VQOCTCP -CDWN GP  [ NWGIQ FG WPC UGTKG FG RTQ
9CNVGT$GPLCOKPő5QDTGGNEQPEGRVQFGJKUVQTKCŒGP.CFKCNÃEVKECGPUWURGP
UQR


JKDKEKQPGU EQPVTC NCU KO¶IGPGU NCU HQVQITCHÈCU [ NQU TGVTCVQU
GPFKEKGODTGFGNOKUOQCÌQ(WGTQPVQOCFCUGPNQUECORQU
FGTGHWIKCFQUFGNC#NKCP\CFGN0QTVGDCLQNCNW\FGWPCRG
SWGÌC N¶ORCTC [ GP GN UGETGVQ FG NC PQEJG (WGTQP VQOCFCU
RCTCTGEQTFCT[JQPTCTNCUOWGTVGUFGNQUUGTGUSWGTKFQU[VCO
DKÃP RCTC TGEQTFCT [ JQPTCT QVTQU TKVWCNGU CPVGTKQTGU FG őOG
OQTKCNK\CEKÎPŒ [C SWG UQP GPVTG QVTCU EQUCU HQVQITCHÈCU FG
HQVQITCHÈCU 2TGVGPFGP JCEGTPQU TGEQTFCT NC XKQNGPVC JKUVQTKC
SWG RTQFWLQ GUVCU OWGTVGU NC KPXCUKÎP UQXKÃVKEC FG #HICPKU
V¶P GP  SWG RTGEKRKVÎ WPC NCTIC [ UCPITKGPVC JKUVQTKC FG
FGURNC\COKGPVQIWGTTCEKXKN[ NWEJCURQT GNEQPVTQNFGNRCÈU
NQUGUHWGT\QUFGNC%+#[FGNQU5GTXKEKQUFGKPVGNKIGPEKCRC
MKUVCPÈGURCTCCRQ[CTNCTGUKUVGPEKCCHICPCEQPVTCNCKPVGTXGP
EKÎPUQXKÃVKEC[CUÈGZRCPFKTNCIWGTTCUCPVCWPC,KJCFKUN¶OK
EC SWG GPHTGPVCTÈC C NQU RCÈUGU OWUWNOCPGU KPVGITCPVGU FG NC
7PKÎP 5QXKÃVKEC EQPVTC GN TÃIKOGP EQOWPKUVC RCTC GXGPVWCN
OGPVG FGUGUVCDKNK\CTNQ NC FGXCUVCEKÎP FG #HICPKUV¶P FWTCPVG
NQU FKG\ CÌQU CPVGTKQTGU C NC ECÈFC FG NC 7PKÎP 5QXKÃVKEC GP
GNJGEJQFGSWGGPECUKNCOKVCFFGNCRQDNCEKÎP
CHICPCōOKNNQPGUōJCDÈCFGLCFQGNRCÈUNCUIWGTTCUEK
XKNGU [ NC GXGPVWCN GOGTIGPEKC FGN TGKPQ FGN VGTTQT GP OCPQU
FGNQUVCNKDCPGUFGUFGGNEQOKGP\QFGNCFÃECFCFGN[RCTC
GN KPXKGTPQ FG  ōEQP  OKNNQPGU FG CHICPQU GZKNKCFQU
[ECUKFQUOKNNQPGUOWGTVQUGPGNRGTÈQFQRQUVGTKQTCNCKPXC
UKÎPUQXKÃVKECōNCTGFWEEKÎPFGWPRCÈUCWPRCKUCLGOCTECFQ
RQTNCFGURQUGUKÎPNCFGUVTWEEKÎP[NCOWGTVG.CUKO¶IGPGU
VCODKÃPGXQECPCWPSWGFGWPCOCPGTCEKHTCFCNCNCTICJKUVQ
TKCFGKPXCUKÎPEQNQPK\CEKÎP[XKQNGPEKCSWGJCFGſPKFQHQT
OCFQ[FKXKFKFQ#HICPKUV¶PRQTUKINQU[NCUOWGTVGUSWGGUVC
JKUVQTKCJCRTQFWEKFQGPGNRCUCFQ[EQOQDKGPUCDGOQUGP
GNRTGUGPVG[GPGNHWVWTQ'NNCUUWIKGTGPRTQDNGOCUEGPVTCNGU

5QDTGNCJKUVQTKCFG#HICPKUV¶PXÃCUGGPVTGQVTQU&KGIQ%QTFQXG\[5GNKI*C
TTKUQP1WVQH#HIJCPKUVCP6JG+PUKFG5VQT[QHVJG5QXKGV9KVJFTCYCN0GY;QTM
1ZHQTF7PKXGTUKV[2TGUU#DFWN)JCPK#$TKGH2QNKVKECN*KUVQT[QH#HIJCPKU


UQDTGNCTGNCEKÎPGPVTGGN+UNCO[NCHQVQITCHÈCGPVTGNCVGEPQ
NQIÈC[NCOQFGTPK\CEKÎPGPVTGNCRT¶EVKECFGNCSWKTQOCPEKC
NC ETGGPEKC KUN¶OKEC GP GN OCN FG QLQ [ NC KORQTVCPEKC FG NC
OCPQ [ UWU EKPEQ FGFQU GP GN %QT¶P [ VCODKÃP EQOQ RTQſ
NCZKUEQPVTCGNOCNFGQLQ&CPEWGPVCCFGO¶UFGNCHWGT\CFG
FGUEQPVGZVWCNK\CEKÎPSWGVKGPGNWICTGPECFCHQVQITCHÈC[SWG
RQTNQVCPVQPQURGTOKVGUWIGTKTCNIQUQDTGNCPCVWTCNG\CFGNC
HQVQITCHÈC GP IGPGTCN 'P QVTCU RCNCDTCU GUVCU HQVQITCHÈCU PQ
UÎNQPQUFKEGPCNIQUQDTGGNOQOGPVQGPSWGHWGTQPVQOCFCU
ōCNIQUQDTGNCUOÕNVKRNGUJKUVQTKCUSWGSWGFCTQPKPUETKVCUGP
GNNCUGPGUGOQOGPVQōUKPQVCODKÃPCNIQUQDTGNCGUVTWEVWTC
[GNECT¶EVGTFGNCHQVQITCHÈCOKUOC&GJGEJQGUVCHWGT\CFG
FGUEQPVGZVWCNK\CEKÎPRGTVGPGEGCNCXKQNGPEKCFGVQFCUNCUKO¶
IGPGU[SWK\¶UGPRCTVKEWNCTCNCXKQNGPEKCFGNCUKO¶IGPGUFG
NCXKQNGPEKCGPNCOGFKFCGPSWGNCXKQNGPEKCUKGORTGUGEQP
FGPUCGPWPCKOCIGP'UFGEKTSWGō[UKIQCSWÈC$GPLCOKP
GPUWETÈVKECFGNCXKQNGPEKCōNCXKQNGPEKCUGTGIKUVTCEWCPFQNC
RTQFWEEKÎPFGUWUGHGEVQUGUKPFKUQEKCDNGFGUWOCPKHGUVCEKÎP
.GGTGUVCUHQVQITCHÈCUUKIPKſECGPVQPEGUFCTEWGPVCFGNCU
OÕNVKRNGUJKUVQTKCU[EQPVGZVQUKPUETKVQUGPGNNCUTGURQPFGTC
NCU KPPWOGTCDNGU GZRGTKGPEKCU EQPOGOQTCFCU FGURNC\CFCU [
EKHTCFCUGPGNNCUUKIPKſEC KPVGPVCT TGEQPUVTWKT NCU EKTEWPUVCP
EKCUGPSWGHWGTQPRTQFWEKFCUQOGLQTCÕPNCUEKTEWPUVCPEKCU
FG CSWGNNQU SWG GUV¶P PQODTCFQU UWIGTKFQU FKUGOKPCFQU Q
HGEJCFQUGPNCUWRGTſEKGFGNCKOCIGPUKIPKſECRGPUCTUQDTG
SWÃ GU NC OGOQTKC EWCPFQ DWUEC TGEQTFCT NQ SWG RGTOCPGEG
XKXQEWCPFQEQOKGP\CEQPGNVTCWOCFGNCXKQNGPEKC[FGNC
RÃTFKFC2GTQ‹EÎOQRQFGOQUTGURQPFGTCNQSWGCEVWCNOGPVG
PQ GUV¶ C NC XKUVC C NQ SWG PWPEC RWGFG XGTUG GP GUVCU KO¶
IGPGU! ‹'P SWÃ OGFKFC NQ KPXKUKDNG NCU CVTCXKGUC EQOQ UK UG

VCP.CJQTG0CLCH2WDNKUJGTU1NKXKGT4Q[#HIJCPKUVCPHTQO*QN[9CTVQ
%KXKN9CT2TKPEGVQP2TKPEGVQP7PKXGTUKV[[#JOGF4CUJKF6CNKDCP/K
NKVCPV+UNCO1KN(WPFCOGPVCNKUOKP%GPVTCN#UKC0GY*CXGP;CNG7PKXGTUKV[
2TGUU


VTCVCTCFGWPGZRGTKGPEKCFGKPVGTTWREKÎP!'NJGEJQFGSWGGU
VCURTGIWPVCUUWTLCPEQOQTGUWNVCFQFGNCKPVGPEKÎPFGNGGTNCU
JKUVÎTKECOGPVGRWGFGEQPſTOCTUGGPWPRCUCLGVQOCFQFGWPQ
FGNQUDQTTCFQTGUFGNVGZVQFG$GPLCOKPő5QDTGNCPQEKÎPFG
*KUVQTKCŒ#JÈ$GPLCOKPPQUFKEGSWG

GNRCUCFQJCFGRQUKVCFQGPGNNQU=GPNQUVGZVQUNKVGTCTKQU?KO¶IG
PGUSWGUGRQFTÈCPEQORCTCTCNCUSWGUQPſLCFCURQTWPCRNCP
EJCHQVQUGPUKDNGŎ5ÎNQGNHWVWTQVKGPGTGXGNCFQTGUCUWFKURQUK
EKÎPSWGUQPNQDCUVCPVGHWGTVGUEQOQRCTCJCEGTSWGNCKOCIGP
UCNICCNCNW\EQPVQFQUUWUFGVCNNGU/¶UFGWPCR¶IKPCGP/C
TKXCWZQGP4QWUUGCWKPUKPÕCWPUGPVKFQUGETGVQSWGNQUNGEVQTGU
EQGV¶PGQUPWPECRWFKGTQPFGUEKHTCTEQORNGVCOGPVGŏ'NOÃVQFQ
JKUVÎTKEQGUWPOÃVQFQſNQNÎIKEQSWGVKGPGGPUWDCUGGNNKDTQFG
NCXKFCŎ.GGTNQSWGPWPECHWGGUETKVQŏFKEGGP*QHOCPPUVJCN'N
NGEVQTGPSWGJCFGRGPUCTUGCSWÈGUGNXGTFCFGTQJKUVQTKCFQT

5KNCGUVTWEVWTCFGWPCKOCIGPUGFGſPGEQOQNQSWGRGT
OCPGEG KPCEEGUKDNG C NC XKUWCNK\CEKÎP UK NQ SWG WPC KOCIGP
QHTGEGGUGNVGUVKOQPKQFGNQKPXKUKDNGōFGCSWGNNQSWGRGT
OCPGEKGPFQ KPXKUKDNG Q PQ GUETKVQ GP UW UWRGTſEKG GZKIG UGT
NGÈFQōGUVCGUVTWEVWTCFGNCTGVKTCFCPQUKORKFGGZRGTKOGPVCT
NCKOCIGPGPUWVQVCNKFCFQRCTCUGTO¶URTGEKUQUPQUCNKGPVC
CTGEQPQEGTSWGGPNCOGFKFCGPSWGWPCKOCIGPECTICEQPXC
TKQUTGEWGTFQUCNCXG\PWPECRWGFGEGTTCTUG

+++

5KGUVCUFQUHQVQITCHÈCUGXQECPWPCJKUVQTKCFGETKUKURÃTFKFC[
FGUVTWEEKÎPGPVQPEGURCTVGFGNQSWGGUV¶GPETKUKURCTVGFGNQ
SWGGUV¶RGTFKFQ[FGXCUVCFQGUGNEQPVGZVQCEQVCFQGPSWGGU
RQUKDNGNGGTNCU'URQTGUQSWGUKVTCVCOQUFGTGURQPFGTKPVGP
 9CNVGT$GPLCOKPő5QDTG GN EQPEGRVQ FG JKUVQTKCŒ GP .C FKCNÃEVKEC GP UWU
RGPUQR


VCPFQGUVCDNGEGTUÎNQNQUEQPVGZVQUJKUVÎTKEQUGPNQUEWCNGUHWG
TQPRTQFWEKFCUEQTTGOQUGNTKGUIQFGQNXKFCTNCFGUCRCTKEKÎP
FGN EQPVGZVQ ōNC GUGPEKCN FGUEQPVGZVWCNK\CEKÎPō SWG VKGPG
NWICTGPECFCHQVQITCHÈC6CNEQOQQEWTTGEQPNCUOCPQUSWG
UQUVKGPGPGUVQURGSWGÌQUOCWUQNGQUFGNCRÃTFKFC[NCOWGT
VGGNKPUVCPVGCRCTGEGUWURGPFKFQ[CTTCPECFQFGWPOQOGP
VQJKUVÎTKEQRCTVKEWNCTRCUCFQRTGUGPVGQHWVWTQ6CNEQOQNQ
GZRNKEC$GPLCOKPGPUWGPUC[QUQDTGGN6TCWGTURKGN
GNFTCOC
DCTTQEQCNGO¶PőGNVKGORQFGNCJKUVQTKCGUKPſPKVQGPEWCN
SWKGT FKTGEEKÎP [ UG JCNNC KPEWORNKFQ GP VQFQ KPUVCPVG 'UVQ
SWKGTGFGEKTSWGPQTGUWNVCRQUKDNGRGPUCTWPCEQPVGEKOKGPVQ
GORÈTKEQSWGOCPVGPICWPCTGNCEKÎPPGEGUCTKCEQPGNVKGORQ
GP SWG JC VGPKFQ NWICTΠ'N VKGORQ PQU FKEG SWG GN CEQPVG
EKOKGPVQ PWPEC RWGFG FGNKOKVCTUG RQT EQORNGVQ .C KOCIGP
RGTVGPGEGCNQTFGPFGNQOQPUVTWQUQ2QTGNNQGNGUHWGT\QRQT
KORQPGTWPUGPVKFQCNQUJGEJQUTGIKUVTCFQURQTGUVCUKO¶IG
PGU RQT GUVCDKNK\CT WP EQPVGZVQ GURGEÈſEQ ōWP CEVQ SWG KP
XQNWETCGPVTGQVTCUEQUCUNCNGEVWTCFGNQSWGPQGUXKUKDNGGP
GNNCUōUWRQPGXKQNGPEKC[TGRTGUKÎP'URQTGUQVCODKÃPSWG
EWCNSWKGTCSWGUGCNCXKQNGPEKCSWGUGFGURNKGICGPGNKPVGPVQ
RQTGUVCDNGEGTWPEQPVGZVQRCTCGUVCUKO¶IGPGURGTOCPGEGNK
ICFCFGDKFQCGUVCTGRTGUKÎPCWPCGUGPEKCNPQXKQNGPEKC
'U GP GUVC TGNCEKÎP CNVCOGPVG KPGUVCDNG [ RGNKITQUC GPVTG
XKQNGPEKC[PQXKQNGPEKCEQOQUGHQTOCEKGTVCTGURQPUCDKNKFCF
XKPEWNCFCCNCRTGIWPVCRQTEÎOQNGGTGUVCUFQUGZVTCQTFKPCTKCU
KO¶IGPGU$GPLCOKPUGTGſGTGCNCXKQNGPEKCQNCPQXKQNGPEKC
FGNCNGEVWTCEWCPFQUQUVKGPGSWGőNCKOCIGPSWGGUNGÈFCGU
FGEKT NC KOCIGP GP GN #JQTC FG UW ŎTGEQIPQEKDKNKFCFŏ NNGXC
JCUVCUWITCFQO¶UCNVQNCOCTECFGGUGRGNKITQUQÈORGVWETÈ
VKEQSWGGUV¶GPNCDCUGFGVQFCNGEVWTCŒ #NUWIGTKTSWGPQ

9CNVGT$GPLCOKP.COGVCHÈUKECFGNCLWXGPVWFVTCF.WKU/CTVÈPG\FG8GNCU
EQ$CTEGNQPC2CKFÎUR
 9CNVGT$GPLCOKP)GUCOOGNVG5EJTKHVGPXQNUGF4QNH6KGFGOCPP[*GT
OCPP5EJYGRRGPJ¼WUGT(TCPMHWTVCO/CKP5WJTMCOR8GTNCIXQNR


RWGFGJCDGTWPCNGEVWTCFGWPCKOCIGPSWGPQPQUGZRQPICCN
RGNKITQ$GPLCOKPPQUCFXKGTVGCEGTECFGNRGNKITQFGETGGTGP
NQSWGJCDKVWCNOGPVGUGGPVKGPFGEQOQKOCIGP2CTCÃNNCNGE
VWTCUGECTICEQPWPRQFGTGZRNQUKXQSWGCTTCPECCNCKOCIGP
FG UW EQPVGZVQ 'UVC HWGT\C FG TWRVWTC PQ GU WP GHGEVQ CEEK
FGPVCNFGNCNGEVWTCUKPQSWGRGTVGPGEGCUWGUVTWEVWTC'URQT
GUQSWGNCKOCIGPUKGORTGNNGXCEQPUKIQUWRTQRKCOWGTVGQUW
KPVGTTWREKÎP'URQTGUQSWGUKGORTGCRCTGEGEQOQUWRTQRKC
O¶UECTCOQTVWQTKC

+8

8QNXCOQUCGUVCUFQUOCPQU[CNCUKO¶IGPGUSWGPQUQHTGEGP
.QSWGGUVCUFQUHQVQITCHÈCUPQUFKEGPGPUWOWFG\GPVQFQ
UWUKNGPEKQGPUWUOÕNVKRNGUTGNCEKQPGUEQPNCOWGTVGNCOG
OQTKCGNFWGNQ[NCVTCPUOKUKÎPGUSWGUKJC[őWPRGPUCOKGP
VQFGNCOCPQQWPCOCPQFGNRGPUCOKGPVQŒPQRGTVGPGEGőCN
QTFGPFGNCCRTGJGPUKÎPEQPEGRVWCNŒ'UVCUHQVQITCHÈCUPQTG
RTGUGPVCPGNCEVQFGEQORTGPUKÎPSWGEQOKGP\CEQPFKURQPGT
FG CNIQ EQP VGPGTNQ CN CNECPEG FG NC OCPQ 2QT GN EQPVTCTKQ
NCUOCPQUSWGXGOQUGPGUVCUKO¶IGPGUCRGPCURCTGEGPUQUVG

 /CTVKP *GKFGIIGT CDQTFC GZRNÈEKVCOGPVG NC TGNCEKÎP GPVTG OWGTVG G KOCIGP
HQVQIT¶ſEC GP UW CP¶NKUKU FG NCU PQEKQPGU MCPVKCPCU FG KOCIGP [ FG GUSWGOC #N
UWIGTKTSWGNQSWGXKPEWNCCNCKOCIGPHQVQIT¶ſECEQPNCOWGTVGGUUWECRCEKFCFFG
TGXGNCTGNRTQEGUQIGPGTCNFGCRCTKEKÎPō[GPWPRCUCLGSWGVKGPGWPCITCPTGNGXCP
EKCRCTCNCUFQUHQVQITCHÈCUSWGPQUEQPEKGTPGPō*GKFGIIGTCſTOCőNCHQVQITCHÈC
FG WPC O¶UECTC OQTVWQTKC GP VCPVQ EQRKC FG WPC UGOGLCP\C GU GP UÈ OKUOC WPC
KOCIGPRGTQGUVQGUUÎNQRQTSWGFCNCŎKOCIGPŏFGNOWGTVQOWGUVTCEÎOQCRCTG
EGGNOWGTVQQOGLQTCÕPEÎOQFGUCRCTGEKÎŗ.CHQVQITCHÈCUKPGODCTIQRWGFG
VCODKÃPOQUVTCTEÎOQCNIQEQOQWPCO¶UECTCOQTVWQTKCCRCTGEGGPIGPGTCN#
UW XG\ NC O¶UECTC OQTVWQTKC RWGFG OQUVTCT GP IGPGTCN EÎOQ CRCTGEG CNIQ EQOQ
NCECTCFGWPUGTJWOCPQOWGTVQ5KPGODCTIQGNECF¶XGTOKUOQVCODKÃPRWGFG
OQUVTCTGUVQ;FGNOKUOQOQFQNCO¶UECTCOKUOCRWGFGOQUVTCTEÎOQCRCTGEG
GPIGPGTCNWPCO¶UECTCOQTVWQTKCFGNOKUOQOQFQSWGNCHQVQITCHÈCPQOWGUVTC
UÎNQEÎOQGUNQHQVQITCſCFQUKPQVCODKÃPEÎOQCRCTGEGGPIGPGTCNWPCHQVQITCHÈCŒ
8ÃCUG-CPVCPFVJG2TQDNGOQH/GVCRJ[UKEUVTCF4KEJCTF6CHV$NQQOKPIVQP+P
FKCPC7PKXGTUKV[2TGUUR


PGTNCURGSWGÌCUHQVQITCHÈCUSWGFGUECPUCPGPUWURCNOCU.C
KOCIGPFGNPKÌQOWGTVQRCTGEGECUKƀQVCTGUVCTUWURGPFKFCCN
KIWCNSWGNCOCPQSWGNCUQUVKGPGNGXGOGPVGCRGPCUTQ\¶PFQNC
EQPEKPEQFGFQUSWGCRWPVCPGPFKHGTGPVGUFKTGEEKQPGUEQOQUK
UWIKTKGTCPōCWPSWGFKUETGVCOGPVGōNCOQXKNKFCFTGHGTGPEKCN
SWG GUVTWEVWTC ECFC HQVQITCHÈC .C HQVQITCHÈC GUV¶ VQECFC RQT
WPC UWGTVG FG HTCIKNKFCF [ XWNPGTCDKNKFCF RQT WP UGPVKFQ FG
GPVTGIC[GXCPGUEGPEKCSWGVCODKÃPGUNGIKDNGGPNCHQVQITCHÈC
FGNCOCPQSWGUQUVKGPGNCKOCIGPFGNJGTOCPQOWGTVQ[GURG
EKCNOGPVGGPNQUFGFQUSWGUGTGVKTCP[UGGUHWOCP'PCODQU
ECUQUNCKFGCFGNCOCPQQHTGEKFCCSWÈGUNCFGWPCOCPQSWG
FCSWGQHTGEGSWGUQUVKGPGōUKGUVQGURQUKDNGōőUKPUQUVG
PGTPCFCŒ5KGUVCUFQUHQVQUUWIKGTGPNCHTCIKNKFCFNQKPEKGTVQ
[ NC KPFGVGTOKPCEKÎP FG FQPFG UWTIG EWCNSWKGT CEVQ FG GPVGP
FKOKGPVQVCODKÃPKPUETKDGPEQPNQUNÈOKVGU[NQUEQPVQTPQUFG
UWUOCTEQURGTOGCDNGUWPCCNGIQTÈCFGNCHQVQITCHÈCWPCCNG
IQTÈCSWGDWUECFGEKTPQUCNIQPQUÎNQUQDTGNCPCVWTCNG\CFGNC
HQVQITCHÈCUKPQVCODKÃPUQDTGNCRQUKDKNKFCFFGNGGTHQVQITCHÈCU
.CUOCPQUSWGUGGZVKGPFGPSWGDWUECPIWCTFCT[UQUVGPGT
NNGXCT[GPVTGICTJCEGTEKTEWNCTCNIQEQOQUKHWGTCWPCUWGTVG
FG NGICFQ Q FG JGTGPEKC GUVCU OCPQU SWG UQP WP HTCIOGPVQ
FGNRCUCFQPQUFKEGPSWGGNFGUGQFGNCHQVQITCHÈCGUQHTGEGT
EQPUGTXCTVTCPUOKVKT[GPVTGICTWPHTCIOGPVQFGPWGUVTCOG
OQTKC .C OCPQ UG PQU QHTGEG EQOQ WP OQFGNQ FG VTCPUOK
UKÎP RGTQ WP OQFGNQ SWG GZKIG SWG RGPUGOQU SWÃ UKIPKſEC
VTCPUOKVKTQEQOWPKECTNGICTFGLCTWPCJGTGPEKCQWPNGICFQ
SWG JCIC RQUKDNG WP HWVWTQ .CU HQVQITCHÈCU UG TGſGTGP GPVTG
QVTCUEQUCUCSWÃUKIPKſECVTCPUOKVKTGPVTGICTōWPTGEWGTFQ
WPC OWGTVG WP RCUCFQ RTGUGPVG Q HWVWTQō[ PQ UÎNQ RQTSWG
EQPſTOCPCWPSWGUGCFGWPOQFQKPVGTTWORKFQWPCJKUVQTKC
FG JGTGPEKC [ NKPCLG WPC JKUVQTKC FG TGNCEKQPGU GPVTG RCFTGU
.CUHTCUGUGPVTGEQOKNNCUFGGUVGR¶TTCHQGUV¶PVQOCFCUFGNGPUC[QFG,CESWGU
&GTTKFC ő)GUEJNGEJV ++ *GKFGIIGTŏU *CPFŒ GP &GEQPUVTWEVKQP CPF 2JKNQUQRJ[
6JGVGZVUQH,CESWGU&GTTKFCGF,QJP5CNNKUVTCF,QJP2.GCXG[%JKECIQ6JG
7PKXGTUKV[QH%JKECIQ2TGUUR


JKLQU[JGTOCPQU#NGPHCVK\CTNCUKPIWNCTKFCFFGWPCOWGTVG
RWPVWCNō[PQFGDGOQUQNXKFCTLCO¶USWGNQKPCOQXKDNGFG
NCOWGTVGGUSWGPQKORQTVCEW¶PVQUOWGTVQUJC[CPQKORQTVC
UKUGVTCVCFGEKGPVQUFGOKNGUQFGOKNNQPGUECFCWPQFGGNNQU
KORNKECWPCOWGTVGUKPIWNCTōGUVCUKO¶IGPGUUWIKGTGPSWGNC
JGTGPEKCGUEQOQNCHQVQITCHÈCOKUOCWPCEWGUVKÎPFGUKPIW
NCTKFCF[TGRGVKEKÎPFGNCUKPIWNCTKFCFFGWPTGEWGTFQ[FGNC
TGRGVKEKÎPUKPNCEWCNPQRWGFGJCDGTPKOGOQTKCPKJGTGPEKC
'UVC CUQEKCEKÎP GPVTG JGTGPEKC [ HQVQITCHÈC VCODKÃP UWIKGTG
SWGNQSWGGUVCUOCPQUPQUQHTGEGPGUNQSWGUGPQUGPVTGIC
EQPECFCHQVQITCHÈCWPCKOCIGP0WPECRQFGOQUTGEQTFCTUW
ſEKGPVGOGPVGSWGNCHQVQITCHÈCPQUFCUQNCOGPVGWPCKOCIGP[
PQNQSWGGNNCOWGUVTC+PENWUQRQFGOQUFGEKTSWGECFCHQVQ
ITCHÈCEQPXKGTVGNQSWGECRVWTCGPWPCUWGTVGFGTGHWIKCFQōCN
CTTCPECTNQFGUWEQPVGZVQ[EQNQECTNQGPQVTQNWICT[GPQVTQ
OQOGPVQ 'P GUVCU FQU HQVQITCHÈCU NQ SWG TGUWNVC CTTCPECFQ
FGN EQPVGZVQ PQ GU UKORNGOGPVG NC OCPQ SWG QHTGEG NC HQVQ
ITCHÈC FG WP JKLQ Q WP JGTOCPQ OWGTVQ GN CEVQ FG OGOQTKC
[FGőOGOQTKCNK\CEKÎPŒGPUÈUKPQVCODKÃPNCUKPPWOGTCDNGU
OWGTVGUSWGGUVCUOWGTVGURWPVWCNGUGXQECP'NJGEJQFGSWG
NCURGSWGÌCUHQVQITCHÈCUGXQSWGPNCCWUGPEKCFGWPJKLQQFG
WPJGTOCPQPQUFKEGSWGNCUHQVQITCHÈCUōNCUSWGGUV¶PHTGPVG
CPQUQVTQURGTQVCODKÃPNCUSWGGNRCFTG[GNJGTOCPQUQUVKG
PGPGPUWUOCPQUōPQUNNGICPEQOQVQFCHQVQITCHÈCDCLQNC
HQTOCFGWPFWGNQ
5CDGOQU SWG WPC XG\ SWG GN QVTQ OWGTG WPC XG\ SWG WP
COKIQQWPCOCPVGOWGTGNCTGNCEKÎPOWGTGVCODKÃP[GNQVTQ
UÎNQ UQDTGXKXG őGP PQUQVTQUŒ EQOQ WPC KOCIGP #N OKUOQ
VKGORQō[ÃUVCGURCTVGFGNCHWGT\CFGGUVCUFQUHQVQITCHÈCU
[GURGEKCNOGPVGFGNCSWGOWGUVTCCNPKÌQOWGTVQGPNCOGFK
FCGPSWGUGRWGFGFGEKTSWGCODCUőGZVGTKQTK\CPŒGNRTQEGUQ
FGWPTGEWGTFQKPVGTPQōEWCPFQOKTCOQUCNQUOWGTVQUSWG
JCPUKFQKPEQTRQTCFQUőGPPQUQVTQUŒEQOQWPCKOCIGPUQOQU
OKTCFQURQTGNNQUGKPENWUQVTCPUHQTOCFQUGPGNNQUGUFGEKTGP


KO¶IGPGU'UVQUKIPKſECGPRCNCDTCUFG&GTTKFCSWGőUGTÈCFGU
FGNCOWGTVGFGUFGNQSWGRQFTÈCOQUNNCOCTGNRWPVQFGXKUVC
FGNCOWGTVGQO¶UGZCEVCOGPVGFGNQUOWGTVQUQEQPOC[QT
RTGEKUKÎPCÕPFGUFGGNRWPVQFGXKUVCFGNTQUVTQFGNQUOWGTVQU
GPUWUTGVTCVQUSWGWPCKOCIGPRQFTÈCFCTUGCXGTGUFGEKTPQ
UÎNQ FCTUG C UÈ OKUOC RCTC UGT XKUVC RGTQ VCODKÃP FCTUG GP NC
OGFKFCGPSWGGUGNNCNCSWGOKTCEQOQUKGUVWXKGTCOKTCPFQ
VCPVQEQOQUKGPFQOKTCFCŒ1EQOQNQRTQRQPG$GPLCOKPGP
UW NKDTQ UQDTG GN FTCOC DCTTQEQ CNGO¶P GP WP HTCIOGPVQ SWG
TGÕPGTQUVTQ[OWGTVGő6QFQNQSWGGPNCJKUVQTKCFGUFGUWUEQ
OKGP\QUJCUKFQGVGTPCOGPVGNCOGPVCDNGHCNNKFQUGGZRTGUCGP
WPTQUVTQōQOGLQTCÕPGPNCECDG\CFGWPECF¶XGTŒ
5ÎNQPGEGUKVCOQUOKTCTQVTCXG\NCUFQUKO¶IGPGUSWGGUV¶P
HTGPVGCPQUQVTQUGNPKÌQOWGTVQPQUOKTCFKTGEVCOGPVGKPENW
UQGNJGTOCPQOWGTVQSWGGUV¶OGFKQEKGIQPQUOKTCEQPUW
QLQUCPQ'UVCKPXGTUKÎPFGNCUTGNCEKQPGUGPVTGUWLGVQ[QDLG
VQGXQECWPCFGNCUECTCEVGTÈUVKECUFGNCPCVWTCNG\COWGTVCFG
GUGIÃPGTQRKEVÎTKEQFQPFGNCUKO¶IGPGU[NCUEQUCUHTGEWGP
VGOGPVGCRCTGEGPFQVCFCUFGWPCXKFCSWGKORNKECCNIÕPVKRQ
FGCIGPEKC.CPCVWTCNG\COWGTVCEQOQGUVCUFQUHQVQITCHÈCU
SWGUGQHTGEGPCPWGUVTCOKTCFCFGXWGNXGNCOKTCFC[RQTNQ
VCPVQGPRCNCDTCUFG*CN(QUVGTPQUCOGPC\CEQPőFGURQLCT
PQU FG PWGUVTC ECRCEKFCF FG XGTŒ 'UVC ECTCEVGTÈUVKEC FG NC

 8ÃCUG GN QDKVWCTKQ FG .QWKU /CTKP RWDNKECFQ RQT &GTTKFC GP ő$[ (QTEG QH
/QWTPKPIŒGP6JG9QTMQH/QWTPKPIVTCF2CUECNG#PPG$TCWNV[/KEJCGN0CCU
%JKECIQ6JG7PKXGTUKV[QH%JKECIQ2TGUURR
 8ÃCUG'NQTKIGPFGNFTCOCDCTTQEQCNGO¶PVTCF,QUÃ/WÌQ\/KNNCPGU/C
FTKF6CWTWUR
 $GPLCOKPUWIKGTGSWGNCPKÌG\[CVKGPGWPCTGNCEKÎPRCTVKEWNCTEQPNCOWGTVG
EWCPFQGPő%TÎPKECFG$GTNÈPŒGUETKDGő2WGUNCPKÌG\SWGPQVKGPGPKPIWPCQRK
PKÎPRTGEQPEGDKFCVCORQEQVKGPGPKPIWPCUQDTGNCXKFC5GOWGUVTCCTVKſEKCNOGPVG
WPKFC
CWPSWGPQOGPQUTGUGTXCFCCNTGKPQFGNQUOWGTVQUCNNÈFQPFGÃUVGUWTIG
KPVTQFWEKFQGPGNFGNQUXKXQUSWGCNCRTQRKCXKFCŒ8ÃCUGő%TÎPKECFG$GTNÈPŒGP
'UETKVQUCWVQDKQIT¶ſEQUVTCF6GTGUC4QEJC$CTEQ/CFTKF#NKCP\CR
 *CN(QUVGTő6JG#TVQH(GVKUJKUO0QVGUQP&WVEJ5VKNN.KHGŒGP(GVKUJKUOCU
%WNVWTCN&KUEQWTUGGFU'OKN[#RVGT[9KNNKCO2KGV\+VJCEC0;%QTPGNN7PK
XGTUKV[2TGUUR


PCVWTCNG\COWGTVCōGNFGXGPKTCPKOCFQFGNQKPCPKOCFQVCN
EQOQQEWTTGRQTGLGORNQGPNCRKPVWTCJQNCPFGUCōHWPEKQPC
RCTCTGGXCNWCTGNCPVKIWQVÃTOKPQRCTCPCVWTCNG\COWGTVCTQ
RQITCHÈC NC TGRTGUGPVCEKÎP FG QDLGVQU KPUKIPKſECPVGU 5K GUVC
TGGXCNWCEKÎPUWIKGTGWPCUWGTVGFGEQPVTCFKEEKÎPGPGNEQTC\ÎP
OKUOQFGNCPCVWTCNG\COWGTVCGUVQVCODKÃPHQTOCRCTVGFGN
RQFGTFGNCUHQVQITCHÈCUFG(C\CN5JGKMJ%QOQNCPCVWTCNG\C
OWGTVCSWGOWGUVTCEQUCUOWPFCPCU[CNOKUOQVKGORQDWU
EC EWDTKTNCU FG UGPVKFQ GUVCU HQVQITCHÈCU SWKGTGP TGEQTFCTPQU
GNXCNQTFGGUCUXKFCU[GUCUOWGTVGUSWGJCPUKFQTGNGICFCU
Q EQPUKFGTCFCU OGPQU KORQTVCPVGU SWG QVTCU 0QU RKFGP SWG
RGPUGOQUCEGTECFGPWGUVTCTGNCEKÎPEQPNCUXKFCU[NCUOWGT
VGUSWGGXQECP[TGRTGUGPVCP[VCODKÃPCEGTECFGNCXKFC[NC
OWGTVGGPIGPGTCN0QUEQPHTQPVCPEQPWPCUGTKGFGRTGIWPVCU
ōSWG JQ[ UQP SWK\¶U O¶U WTIGPVGU SWG PWPECō CEGTEC FGN
XCNQT FG NC XKFC FG WP OWUWNO¶P EQORCTCFC EQP NC PWGUVTC
CEGTEC FG UK NQU TGHWIKCFQU FG #HICPKUV¶P UQP EQPUKFGTCFQU
OGPQU JWOCPQU GP GN EQPVGZVQ FG NC RQNÈVKEC KPVGTPCEKQPCN
PQTVGCOGTKECPCQFGUWEQDGTVWTCOGFK¶VKEC[VCODKÃPCEGTEC
FGNCUEQPUGEWGPEKCUSWGUWRQPGPQEQPUKFGTCTEQOQVCNGUNCU
XKFCU FG NQU ¶TCDGU [ FG NQU OWUWNOCPGU %QOQ NC PCVWTCNG
\COWGTVCSWGVCNEQOQUWIKGTG0QTOCP$T[UQPPQURTQRQPG
SWG OKTGOQU CSWGNNQ SWG JC UKFQ FGUCVGPFKFQ GUVCU HQVQITC
HÈCUPQURKFGPSWGEQPVGORNGOQUGUCUXKFCUFGUVTQ\CFCUGUQU
UWLGVQU FGXCUVCFQU SWG RCTC (C\CN 5JGKMJ JCP RGTOCPGEKFQ
KPCFXGTVKFQU G KPEWCPVKſECDNGU Q GP RCNCDTCU FG $GPLCOKP
őUKPGZRTGUKÎPŒ'UVCUHQVQITCHÈCUUQPEQOQWPCUWGTVGFGPC
VWTCNG\COWGTVCSWGPQUOKTC;UKPGODCTIQPQJC[UKOGVTÈC
GPGNLWGIQFGOKTCFCUSWGUGFCCSWÈ'URQTGUQSWGEWCPFQ
EQPVGORNCOQU GUVCU KO¶IGPGU NQ SWG GUV¶ GP LWGIQ GU PWGU
VTCTGURQPUCDKNKFCFEQPGNNCU.QUOWGTVQUSWGPQUFKTKIGPUW
8ÃCUGGURGEKCNOGPVGGNECRÈVWNQFG0QTOCP$T[UQPUQDTGTQRQITCHÈCGP.QQ
MKPICVVJG1XGTNQQMGF(QWT'UUC[UQP5VKNN.KHG2CKPVKPI%CODTKFIG/CUUCEJW
UGVVU*CTXCTF7PKXGTUKV[2TGUURR


OKTCFC GP GUVCU KO¶IGPGU TGENCOCP PWGUVTC TGURWGUVC TGENC
OCPSWGRGPUGOQUCEGTECFGNCTGNCEKÎPSWGOCPVGPGOQUEQP
CSWGNNQSWGNQUEQPFWLQCNCOWGTVGPQURKFGPSWGNQUUCNXG
OQUPQUÎNQFGNCXKQNGPEKCJKUVÎTKECSWGRTQFWLQUWUOWGTVGU
UKPQVCODKÃPFGNCJKUVQTKCSWGDWUECDQTTCTNQU[UWUVTCGTNQUFG
GNNC'NJGEJQFGSWGNCUHQVQITCHÈCUPQURKFGPSWGRGPUGOQU
UKOWNV¶PGCOGPVGGPNCUTGNCEKQPGUGPVTGRCUCFQRTGUGPVG[HW
VWTQUGEQPſTOCGPGNOQOGPVQGPSWGPQRQFGOQUXGTGUVCU
FQUKO¶IGPGUUKPRGPUCTGPNCOWGTVG[NCFGXCUVCEKÎPSWGGP
NQUÕNVKOQUECUKUGKUCÌQUUWHTG[UKPFWFCEQPVKPWCT¶UWHTKGP
FQGNRWGDNQFG#HICPKUV¶P2QTGUCTC\ÎPRQFTÈCOQUCſTOCT
SWG GUVCU HQVQITCHÈCU FG WPCU OCPQU SWG UQUVKGPGP NCU KO¶
IGPGUFGSWKGPGUJCPOWGTVQPQUQHTGEGPVTC\QUFGNRCUCFQC
RCTVKT FG NQU EWCNGU RQFTÈCOQU NGGT GN HWVWTQ 0QU FKEGP SWG
VQFC NGEVWTC GU SWK\¶U WPC UWGTVG FG SWKTQOCPEKC WP CEVQ FG
SWKTQOCPEKCSWGEQOQNCNGEVWTCFGGUVCUFQUOCPQU[FGNCU
RGSWGÌCUKO¶IGPGUSWGNCUEWDTGPō[UGEQPXKGTVGPGPRCTVG
FGGNNCUōTGXGNCWPGPEWGPVTQEQPNCOWGTVGSWGFGſPGGNJQ
TK\QPVGFGNHWVWTQ;PQUQNCOGPVGFGPWGUVTQHWVWTQ

%QOQQDUGTXC)GTUJQO5EJQNGOGPWPQFGNQUOWEJQUVGZVQU
SWGGUETKDKÎUQDTGSWKTQOCPEKCőNCFGVGTOKPCEKÎPFGNCRGTUQ
PCNKFCF[EQPHTGEWGPEKCFGNFGUVKPQ[HWVWTQFGNJQODTGCRCT
VKTFGNÈPGCU[QVTCUOCTECUGPNCRCNOC[FGFQUFGNCOCPQGTC
WPC FG NCU CTVGU O¶PVKECU SWG UG FGUCTTQNNCTQP GP GN %GTECPQ
1TKGPVGCRCTGPVGOGPVGFWTCPVGGNRGTÈQFQ*GNGPÈUVKEQŒő'P
NC'FCF/GFKC=EQPVKPÕC5EJQNGO?NQUSWKTQO¶PVKEQUETKUVKC
PQUJCNNCTQPWPCDCUGDÈDNKECRCTCNCSWKTQOCPEKCGPGN.KDTQ
FG,QD
ōŎœNRQPGWPUGNNQGPNCOCPQFGVQFQJQODTG
RCTC SWG VQFQ JQODTG OQTVCN EQPQ\EC UW QDTCŏō FQPFG RQ
FTÈC KPVGTRTGVCTUG SWG NCU OCTECU FG NC OCPQ UQP JGEJCU RQT


&KQU RCTC NC SWKTQOCPEKCŒ 'P GN ECUQ FG NCU TCÈEGU ¶TCDGU
FGNCNGEVWTCFGOCPQU5EJQNGOTGEWRGTCNCETGGPEKCFGSWG
NC OCPQ GU WPC UWGTVG FG NKDTQ WPC UWGTVG FG IWÈC Q OCPWCN
RCTCNCUIGPGTCEKQPGUHWVWTCUōFQPFGUGNGGNCHQTOCGPSWG
NQUCEQPVGEKOKGPVQUFGLCPUWUTCUVTQUJKUVÎTKEQUGPNQUEWGTRQU
NCHQTOCGPSWGGNRCUCFQKPHQTOC[UQDTGXKXGGPGNRTGUGPVG
[NCHQTOCGPSWGUGRWGFGNGGTGNHWVWTQCRCTVKTFGNCUNÈPGCU
GPNCRCNOCFGNCOCPQ&GPVTQFGGUVCJKUVQTKCUGEQPUKFGTC
NCRCNOCEQOQNCRCTVGO¶UGNGOGPVCNFGNCOCPQ[EQOQNC
HWGPVGCRCTVKTFGNCEWCNUGFGUCTTQNNCPNQUFGFQU.COCPQUG
TGNCEKQPCEQPNCGZRTGUKÎPFGNRGPUCOKGPVQ
NGPIWCLG[GUETK
VWTC[FGDKFQCSWGōEKVCPFQC%JCTNQVVG9QNHHōőNCHQT
OCNCVGZVWTCNCUNÈPGCU[NQUIGUVQUGLGEWVCFQUUWDEQPUEKGP
VGOGPVGRQTNCOCPQGUV¶PCFKHGTGPEKCFGNCUGZRTGUKQPGUFG
NCECTCŒO¶UCNN¶őFGPWGUVTQEQPVTQNŒUGETGGSWGRQUGGPNC
XKTVWFFGNCKORCTEKCNKFCF5GETGGSWGNCOCPQRQUGGWPCTG
NCEKÎPFGRTKXKNGIKQEQPNCNGEVWTC[NCTGFCEEKÎP[GPGNECUQ
FGNQUEKGIQUGNVCEVQGUGNÕPKEQOGFKQFGNGEVWTC+PENWUKXG
UGCſTOCSWGNCUOCPQUUQPNQUQLQUFGNSWGGUV¶EKGIQ
.C RT¶EVKEC FG NC NGEVWTC FG NC OCPQ EQPNNGXC RQT NQ VCP
VQQVTQRGPUCOKGPVQCEGTECFGNCOCPQWPRGPUCOKGPVQSWG
ōEQPUWÃPHCUKUGPNCUNÈPGCUFGNCXKFCFGNFGUVKPQFGNEQ
PQEKOKGPVQ[FGNCOWGTVGGPVTGQVTCUEQUCUōTGÕPGXCTKQUFG

 )GTUJQO 5EJQNGO ő3WKTQOCPEKCŒ GP 'PE[ENQRCGFKC ,WFCKEC %QTTGEVGF

'FKVKQP,GTWUCNGO-GVGT2WDNKUJKPI*QWUGR
 8ÃCUG%JCTNQVVG9QNHH6JG*CPFKP2U[EJQNQIKECN&KCIPQUKU.QPFQP/G
VJWGPCPF%QR8ÃCUGVCODKÃPUWUNKDTQU5VWFKGUKP*CPF4GCFKPI.QP
FQP%JCVVQ9KPFWU[6JG*WOCP*CPF.QPFQP/GVJWGP9QNHH
HWGOW[COKICFG&QTC[FG9CNVGT$GPLCOKPōUGEQPQEKGTQPCRTKPEKRKQUFGNQU
CÌQU XGKPVGō [ PQ GU KORQUKDNG SWG UW QDUGUKÎP EQP NC NGEVWTC FG NCU OCPQU NG
KPVGTGUCTC OWEJQ C $GPLCOKP GP RCTVKEWNCT FGDKFQ C UWU RTQRKCU TGHGTGPEKCU C NC
SWKTQOCPEKC2CTCOC[QTKPHQTOCEKÎPUQDTGGUVCCOKUVCFXÃCUGNCCWVQDKQITCHÈCFG
9QNHH*KPFUKIJV.QPFQP3WCTVGV$QQMURR
5QDTGNCTGNCEKÎPGPVTGNCUOCPQU[NCEGIWGTCXÃCUGFG,CESWGU&GTTKFC/G
OQKTUQHVJG$NKPF6JG5GNH2QTVTCKVCPF1VJGT4WKPUVTCF2CUECNG#PPG$TCWNV[
/KEJCGN0CCU%JKECIQ6JG7PKXGTUKV[QH%JKECIQ2TGUU


NQUVGOCUSWGJGCDQTFCFQGPGUVGGPUC[QNCGUVTGEJCTGNCEKÎP
GPVTGXKFC[OWGTVGNGEVWTC[JGTGPEKCOGOQTKCGKPUETKREKÎP
KPEGTVKFWODTG[VGUVKOQPKQXKUKÎP [ TGURQPUCDKNKFCF[ GPVTG
GNRCUCFQGNRTGUGPVG[GNHWVWTQ&KEJQUOQVKXQUUGCPCNK\CP
GP GNGZVTCÌQ[ FKHÈEKN GPUC[Q FG $GPLCOKP FG  ő&GUVK
PQ[%CT¶EVGTŒ#NNÈGPGNEQPVGZVQFGWPCTGEQPUKFGTCEKÎPFG
NCUTGNCEKQPGU[FKHGTGPEKCUGPVTGFGUVKPQ[ECT¶EVGT$GPLCOKP
DWUECRTQRQTEKQPCTWPCVGQTÈCIGPGTCNFGNCNGEVWTCő.CUEQP
EGREKQPGUCEVWCNGUPQRGTOKVGPWPEQPVCEVQVGÎTKEQFKTGEVQEQP
GNEQPEGRVQFGFGUVKPQŒGUETKDG$GPLCOKP

.QUJQODTGUOQFGTPQUCEGRVCPNCKFGCFGNGGTGNECT¶EVGTGPNQU
TCUIQU HÈUKEQU FG WP KPFKXKFWQ RQTSWG JCNNCP FG CNIWPC HQTOC
GPGNNQUOKUOQUNCPQEKÎPFGECT¶EVGTGPIGPGTCNRGTQNGURC
TGEGKPCEGRVCDNGNCKFGCFGFGUEKHTCTCP¶NQICOGPVGGNFGUVKPQFG
WPJQODTGUGIÕPNCUNÈPGCUFGUWOCPQ'NNQRCTGEGVCPKORQ
UKDNGEQOQŎRTGFGEKTGNHWVWTQŏECVGIQTÈCGPNCEWCNGUKPENWKFC
UKPO¶UNCRTGXKUKÎPFGNFGUVKPQOKGPVTCUSWGGNECT¶EVGTRQTGN
EQPVTCTKQCRCTGEGEQOQCNIQFCFQGPGNRTGUGPVG[GPGNRCUCFQ
[RQTNQVCPVQEQIPQUEKDNG2GTQLWUVCOGPVGSWKGPRTGVGPFGRTG
FGEKT C NQU JQODTGU UW FGUVKPQ UQDTG NC DCUG FG FGVGTOKPCFQU
UKIPQUUQUVKGPGNCVGUKUFGSWGGUGFGUVKPQRCTCSWKGPUGRCXGT

RCTCSWKGPVGPIC[CGPUÈWPCPQEKÎPKPOGFKCVCFGNFGUVKPQGP
IGPGTCNGUV¶[CFGCNIWPCHQTOCRTGUGPVGQFKEJQEQPO¶UECW
VGNCGUV¶[CGPUWNWICT.CJKRÎVGUKUFGSWGWPEKGTVQŎGUVCTGP
UWNWICTŏFGNFGUVKPQHWVWTQPQEQPVTCFKEGGNEQPEGRVQFGÃUVG[
NCFGSWGUWRTGFKEEKÎPPQEQPVTCFKEGNCUHWGT\CUEQIPQUEKVKXCU
FGNJQODTGPQGUEQOQUGRWGFGFGOQUVTCTCDUWTFC6CODKÃP
GNFGUVKPQEQOQGNECT¶EVGTRWGFGUGTQDUGTXCFQUÎNQCVTCXÃU
FGUKIPQUPQGPUÈOKUOQōRGUGCSWGGUVGQCSWGNTCUIQFGN
ECT¶EVGTGUVGQCSWGNGPECFGPCOKGPVQFGNFGUVKPQRWGFCPUGTKP
OGFKCVCOGPVGXKUKDNGUōRQTSWGNCEQPGZKÎPKPFKECFCRQTGUVQU
EQPEGRVQUPQGUV¶PWPECRTGUGPVGO¶USWGGPNQUUKIPQUFGDKFQ
CSWGUGJCNNCRQTGPEKOCFGNQKPOGFKCVCOGPVGXKUKDNG
 9CNVGT $GPLCOKP ő&GUVKPQ [ ECT¶EVGTŒ GP 'PUC[QU GUEQIKFQU VTCF *ÃEVQT
#/WTGPC/ÃZKEQ'FKEKQPGU%Q[QCE¶PR


 ő.C RNGPC KNWOKPCEKÎP FG GUVCU TGNCEKQPGUŒ CITGIC $GPLC
OKPJCEKCGNſPCNFGUWGPUC[QőFGRGPFGFGNCFGVGTOKPCEKÎP
FGNECT¶EVGTRCTVKEWNCTFGNVKGORQFGNFGUVKPQ'NECTVQO¶PVKEQ
[GNSWKTQOCPVGOWGUVTCPGPECFCECUQSWGGUVGVKGORQRWGFG
EQPXGTVKTUGGPVQFQOQOGPVQGPEQPVGORQT¶PGQFGQVTQ
SWG
PQGURTGUGPVGŒ
5GTÈC KORQUKDNG GP GUVG EQPVGZVQ GZVTCGT VQFCU NCU EQPUG
EWGPEKCUFGGUVQURCUCLGURCTCNCNGEVWTCFGNCUKO¶IGPGUSWGOG
KPVGTGUCPCSWÈRGTQOGIWUVCTÈCGPHCVK\CTNCUSWGRCTCOÈUQPNCU
O¶UKORQTVCPVGU'PRTKOGTNWICT$GPLCOKPUWIKGTGSWGCSWÃN
SWGFKEGRTGFGEKTGNFGUVKPQCRCTVKTFGUKIPQUō[GPGURGEKCN
NQUUKIPQUFGNEWGTRQōPWPECGPEWGPVTCGNFGUVKPQFKTGEVCOGP
VG [C SWG őCN KIWCN SWG GN ECT¶EVGT GN FGUVKPQ VCODKÃP RWGFG
RGTEKDKTUGUÎNQCVTCXÃUFGUKIPQUPQGPUÈOKUOQŒ#SWGNSWG
NGGUKIPQUō[CSWÈ$GPLCOKPCRWPVCCNQSWGECTCEVGTK\CVQFC
NGEVWTCōUCDGNGGTNQUEQOQUKIPQU'UVQUKIPKſECSWGVGPGTőKP
OGFKCVQEQPQEKOKGPVQFGNFGUVKPQEQOQVCNŒGUNGGTGNFGUVKPQGP
VÃTOKPQUFGNRTQEGUQOKUOQFGUKIPKſECEKÎP'NFGUVKPQōSWG
KPENW[GNCRQUKDKNKFCFFGRTGFGEKTGNHWVWTQōGUCSWGNNQSWGNGG
OQU[EQPQEGOQUEWCPFQCRTGPFGOQUCNGGT5GIWPFQCNGP
EQPVTCTWPOWPFQEQORWGUVQFGUKIPQUPWGUVTQFGUVKPQGURQT
NQVCPVQCRTGPFGTCNGGT.GGTEQORTGPFKGPFQSWGVQFCNGEVWTC
FGDG EQOQ őGN CFKXKPQ SWG WVKNK\C ECTVCU [ GN XKFGPVG SWG NGG
NCURCNOCUŒVGPGTNWICTōFGRQFGTNQITCTNQōGPCNIQCUÈEQOQ
WP GURCEKQ HQVQIT¶ſEQ ōRQT NQ OGPQU EQOQ JGOQU FGſPKFQ
CGUVGGURCEKQōGPWPGURCEKQFQPFGGNRCUCFQGNRTGUGPVG[
GN HWVWTQ [C PQ RWGFGP EQPUKFGTCTUG CRCTVCFQU NQU WPQU FG NQU
QVTQUFQPFGGNRCUCFQRWGFGCRCTGEGTGPNQSWGXGPFT¶[NQSWG
XGPFT¶GPGNRCUCFQ
CWPSWGPQGZKUVCUKOGVTÈCGPVTGRCUCFQ[
NQSWGXGPFT¶GPWPGURCEKQFQPFGRWGFGPGOGTIGTHCPVCUOCU
FGNRCUCFQCUÈEQOQFGNHWVWTQ6GTEGTQGPECFCKPUVCPEKCNGGT
UKIPKſECGUVCTGZRWGUVQCNVKGORQCNQUUKIPQUQCNCUKO¶IGPGU
2GTQEQPTGHGTGPEKCCNCUÕNVKOCUUKNCNGEVWTCFGKO¶IGPGUPQU
+DKFRR


NNGXCCNCPGEGUKFCFFGNCFGUCRCTKEKÎPFGUFGNCEWCNNCUKO¶IG
PGUGOGTIGP[JCEKCNCEWCNUGTGVKTCPōőNQSWGUCDGOQUSWG
RTQPVQPQGUVCT¶CPVGPQUQVTQUŒGUETKDG$GPLCOKPőGUNQSWGUG
XWGNXGKOCIGPŒōUGFGDGCSWGNCUKO¶IGPGUOKUOCUEQOQ
GNFGUVKPQUGTGſGTGPCNVKGORQ2GTQNQSWGNNCOCOQUVKGORQGU
RTGEKUCOGPVGNCKORQUKDKNKFCFFGSWGNCKOCIGPEQKPEKFCEQPUK
IQOKUOC'UVQTGSWKGTGSWGECFCKOCIGPUGCWPCKOCIGPFGUW
RTQRKCKPVGTTWREKÎPSWGECFCKOCIGPGUVÃTGIKFCRQTNCNG[SWG
KPVGTTWORGUWUWRGTſEKGSWGRTQJÈDGUWRTQRKCRTGUGPVCEKÎP5G
RTGUGPVCCUÈOKUOCEQOQNCTGRGVKEKÎPFGNCRTQJKDKEKÎPHTGPVG
CKO¶IGPGUWPCTGRGVKEKÎPSWGPQUUGÌCNCSWGNCJKUVQTKCUÎNQ
RWGFG GOGTIGT GP NC KPVGTTWREKÎP FGN EQPVKPWQ FG NC RTGUGPVC
EKÎP%QOQJWDKGTCUGÌCNCFQ$GPLCOKPUKPKPVGTTWORKTGNEQP
VKPWQUKPCVCECTNCUVÃEPKECUFGTGRTGUGPVCEKÎPPQJCDTÈCVKGORQ
JKUVÎTKEQ 0Q JC[ *KUVQTKC UKP KPVGTTWREKÎP FG NC *KUVQTKC 0Q
JC[VKGORQUKPKPVGTTWREKÎPFGNVKGORQ0QJC[KOCIGPUKPKP
VGTTWREKÎPFGNCKOCIGP5KPGODCTIQUKGUVCKOCIGPKPVGTTWO
RKFC GU VQFCXÈC WPC KOCIGP GPVQPEGU őKOCIGPŒ UKIPKſEC őNC
OWGTVGFGNCKOCIGPŒ5KIPKſECSWGECFCKOCIGPGUWPCKOCIGP
FGNCOWGTVGSWGNCÕPKECKOCIGPSWGRQFTÈCUGTTGCNOGPVGWPC
KOCIGPUGTÈCCSWGNNCSWGOWGUVTGUWKORQUKDKNKFCFUWTGVKTCFC
[ FGUVTWEEKÎP UW OWGTVG .C KOCIGP UÎNQ RWGFG UGT WPC KOC
IGPEWCPFQPQNQGUEWCPFQFKEGőPQJC[KOCIGPŒQőPQRWG
FGJCDGTKOCIGPŒPKPIWPCKOCIGPKPFKXKFWCNEGTTCFC.CUFQU
HQVQITCHÈCUSWGPQUEQPEKGTPGPPQUFGUVKPCPCGUVGGPVGPFKOKGP
VQPQUEWGPVCPUKGUSWGRWGFGPEQPVCTCNIQSWGNCKOCIGPPQ
FGOWGUVTCPCFC'UO¶UDKGPWPOQPUVTWQFGNVKGORQōFQPFG
GNVKGORQPQPQUFKEG NC JQTC CFGEWCFCOGPVG 'U GP RCNCDTCU
FG9GTPGT*COCEJGTWPőOQPUVTWWOUKPOQUVTCEKÎPŒ[GUVQ
 9CNVGT$GPLCOKPő'N2CTÈUFGNUGIWPFQKORGTKQGP$CWFGNCKTGŒGP2QGUÈC[
ECRKVCNKUOQ+NWOKPCEKQPGU++VTCF,GUÕU#IWKTTG/CFTKF6CWTWUR
 8ÃCUG FG 9GTPGT *COCEJGT ő6JG )GUVWTG KP VJG 0COG 1P $GPLCOKP CPF
-CHMCΠGP 2TGOKUGU 'UUC[U QP 2JKNQUQRJ[ CPF .KVGTCVWTG HTQO -CPV VQ %GNCP
VTCF2GVGT(GPXGU%CODTKFIG*CTXCTF7PKXGTUKV[2TGUUR*COCEJGT
PQWUCNCHTCUGRCTCFGUETKDKTNCKOCIGPUKPQEQOQWPőPQODTGŒRCTCWPPQODTG


CFGO¶UFGNQSWGUCDGOQUCEGTECFGNCTGNCEKÎPFGNCUOCPQU
EQPGNRQFGTOQUVTCEKÎPGPIGPGTCN&GJGEJQNCCODKI×GFCF
FGNCKOCIGP[GUVCXKQNGPEKCFGKPVGTTWREKÎPōNCXKQNGPEKCGP
LWGIQGPNCKOCIGP[NCKOCIGPCDTKÃPFQUGUKPXKQNGPEKCōGUNC
CODKI×GFCFFGRQFGTOQUVTCTUWOQPUVTWQUKFCF

8+

%QOQ$GPLCOKPUWIKGTGGPUWGPUC[QUQDTG-CHMCNCOQPU
VTWQUKFCFFGNCKOCIGPPWPECRWGFGUWRGTCTUG#WPSWGGNNGE
VQT KPVGPVG FGXGNCT NCU RCT¶DQNCU FG -CHMC RCTC GPEQPVTCT UW
UKIPKſECFQőGPNCRCNOCFGUWOCPQŒ$GPLCOKPUWIKGTGSWG
GZRGTKOGPVC GN RNCEGT PQ GP NC RCNOC FG NC OCPQ FQPFG NCU
FKHGTGPEKCU UG GPEWGPVTCP TGUWGNVCU [ VQFQ CRCTGEGTÈC RTGUWP
VCOGPVG ENCTQ [ VTCPURCTGPVG UKPQ GP NCU NÈPGCU [ CTTWICU FG
NCRCNOCEW[QUOKUVGTKQUGUV¶PTGUGTXCFQURCTCGNJ¶DKNSWKTQ
O¶PVKEQ #NNGGTNCRCNOCFGNCOCPQFKEG$GPLCOKPGUPG
EGUCTKQPQUÎNQTCUVTGCTNQUUWTEQUFGNCRCNOCUKPQō[SWK\¶U
GPGURGEKCNōUGIWKTNCGUETKVWTCUKNGPEKQUCōNQUOQXKOKGPVQU
IGUVWCNGUōFGNCUOKUOCUOCPQU'UVCGUETKVWTCUKNGPEKQUCUW
IKGTG$GPLCOKPKORKFGSWGGNNGEVQTTGFW\ECEQORNKECEKQPGU
FKNWEKFGGPKIOCUQKNWUVTGNCXGTFCFEQPWPCRCT¶DQNC+PENW
UKXGUGÌCNCSWGUÎNQNCCVGPEKÎPJCEKCGUVCGUETKVWTCUKNGPEKQUC
ōCSWGNNQSWGEQPVKPÕGKPXKUKDNGUQDTGGPVGPFKFQ[SWK\¶UPQ
NGÈFQōRWGFGEQPEGFGTPQUGNEQTCLGRCTCCEVWCTFGEKUKXC[XC
NKGPVGOGPVG
$GPLCOKPCſTOCGUVQÕNVKOQGPNCUGEEKÎPő/CFCOG#TKC
PGŒ FG &KTGEEKÎP ÕPKEC #NNÈ GP WP RCUCLG SWG TGÕPG NC CFK
XKPCEKÎP GN CEVQ FG NGGT GN HWVWTQ C VTCXÃU FG NQU UKIPQU NC
GZRGTKGPEKC FG NC OWGTVG NC RÃTFKFC GN FWGNQ [ NC OGOQTKC
UQUVKGPGSWGCSWGN
8ÃCUG9CNVGT$GPLCOKPő(TCP\-CHMC'PGNFÃEKOQCPKXGTUCTKQFGUWOWGT
VGŒGP'PUC[QUGUEQIKFQUR


SWGEQPUWNVCGNHWVWTQEQPWPCFKXKPCFQTRKGTFGUKPUGTEQPU
EKGPVG FG GNNQ GN CPWPEKQ ÈPVKOQ FG CEQPVGEKOKGPVQU HWVWTQU
SWGGUOKNXGEGUO¶UGZCEVQSWGEWCNSWKGTEQUCSWGGNNQUUG
ÌCNGP'UKORGNKFQRQTNCKPGTEKCO¶USWGRQTNCEWTKQUKFCF[
PCFCGUO¶UFKUVKPVQFGNCCRCVÈCUWOKUCEQPNCSWGGUEWEJCUW
FGUVKPQTGXGNCFQSWGNCJCDKNKFCFCVGPVCEQPNCSWGGNJQODTG
XCNKGPVGFCEQPGNHWVWTQ;CSWGGNRTGUGPVGGUWPHTCIOGPVQ
FGNHWVWTQ[GNEQPQEKOKGPVQRTGEKUQFGNOQOGPVQRTGUGPVGGU
O¶UFGEKUKXQSWGGNGUENCTGEKOKGPVQFGNQUJGEJQUO¶UFKUVCP
VGU.QUCWIWTKQURTGUGPVKOKGPVQU[UGÌCNGURCUCPFÈC[PQEJG
CVTCXÃUFGPWGUVTQQTICPKUOQEQOQKORWNUQUFGQPFCU+PVGT
RTGVCTNQUQWVKNK\CTNQUGUCGUNCEWGUVKÎP#ODQUUQPKTTGEQPEK
NKCDNGU.CEQDCTFÈC[NCCRCVÈCCEQPUGLCPNQRTKOGTQNCNWEKFG\
[NCNKDGTVCFNQÕNVKOQ#PVGUFGSWGFKEJCRTQHGEÈCQCFXGTVGP
EKC UG JC[C OGFKVCFQ OGFKCPVG RCNCDTC Q KOCIGP JC RGTFKFQ
UW XKVCNKFCF GN RQFGT FG IQNRGCT PWGUVTQ EGPVTQ [ HQT\CTPQU
CWPSWG CRGPCU UGRCOQU EÎOQ C CEVWCT GP EQPUGEWGPEKC &G
PQJCEGTNQ[UÎNQGPVQPEGUUGFGUEKHTCGNOGPUCLG.QNGGOQU
2GTQCJQTCGUFGOCUKCFQVCTFG2QTNQVCPVQEWCPFQWPQGUVQ
OCFQFGURTGXGPKFQRQTWPKPEGPFKQQNCPQVKEKCFGWPCOWGTVG
GZKUVGGPGNRTKOGTKORCEVQOWFQWPUGPVKOKGPVQFGEWNRCFG
TGRTQEJGKPFKUVKPVQ‹.QFGUEQPQEÈCOQUTGCNOGPVG!‹0QUQPÎ
FKHGTGPVGGPUWDQECGNPQODTGFGNCRGTUQPCHCNNGEKFCEWCPFQ
NCPQODTÎRQTÕNVKOCXG\!‹0QXGGPNCUNNCOCUWPCUGÌCNFG
CPQEJGGPWPNGPIWCLGSWGUÎNQCJQTCGPVKGPFG!;UKUGRGTFKÎ
WPQDLGVQCRTGEKCFQ‹PQJCDÈCōJQTCUQFÈCUCVT¶UōWPCWTC
FGHCTUCQNWVQCUWCNTGFGFQTSWGTGXGNCDCGNUGETGVQ!%QOQ
TC[QUWNVTCXKQNGVCNCOGOQTKCNGOWGUVTCCECFCJQODTGGPGN
NKDTQFGNCXKFCWPIWKÎPSWGINQUCGNVGZVQFGWPCOCPGTCKPXK
UKDNG[RTQHÃVKEC2GTQPQGURQTOGFKQFGNCKORWPKFCFEQOQ
GUVCU KPVGPEKQPGU UG KPVGTECODKCP EQOQ NC XKFC PQ XKXKFC UG
GPVTGICCNCUECTVCUGURÈTKVWUGUVTGNNCURCTCUGTGPWPKPUVCPVG
FGURGTFKEKCFC OCN GORNGCFC [ FGXWGNVC C PQUQVTQU FGUſIW
TCFCPQUCNKOQUKORWPGURQTGPICÌCTCNEWGTRQUQDTGUWRQ
FGT RCTC GPEQPVTCT UW FGUVKPQ GP UW RTQRKQ VGTTGPQ [ VTKWPHCT
'NOQOGPVQGUGN;WIQ%CWFKPQDCLQGNEWCNGNFGUVKPQFGDG
KPENKPCTUG CPVG GN EWGTRQ 2CTC ECODKCT GN COGPC\CPVG HWVWTQ


 GPWPőCJQTCŒTGCNK\CFQGNÕPKEQOKNCITQVGNGR¶VKEQFGUGCDNGGU
WPVTCDCLQFGRTGUGPEKCHÈUKECFGNCOGPVGœRQECURTKOKVKXCU
EWCPFQ VCN EQORQTVCOKGPVQ GTC RCTVG FG NC CITKEWNVWTC FKCTKC
FGNJQODTGNGGPVTGICDCPGNKPUVTWOGPVQO¶UEQPſCDNGFGCFK
XKPCEKÎPGNEWGTRQFGUPWFQŗ%CFCOCÌCPCGNFÈC[CEGEQOQ
WPCECOKUCNKORKCUQDTGNCECOCGUVCVGNCFGRTGFKEEKÎPRWTC
KPEQORCTCDNGOGPVGſPCKPEQORCTCDNGOGPVGVGLKFCPQUSWGFC
RGTHGEVC.CHGNKEKFCFFGPWGUVTCURTÎZKOCUXGKPVKEWCVTQJQTCU
FGRGPFGFGPWGUVTCJCDKNKFCFFGTGEQIGTNCCNFGURGTVCT

8++

'PNCVTCFKEKÎPOWUWNOCPCUKWPJQODTGRGNGCEQPUWJGTOC
PQPQFGDGVQECTUWECTC[CSWG&KQUETGÎCNJQODTGUGIÕP
UWUWTCōUWKOCIGPOQFGNQQHQTOC'UVCVTCFKEKÎPWPGGN
EQPEGRVQ FG UWTC EQP NC RTQJKDKEKÎP FG KO¶IGPGU SWG EQOQ
NCOC[QTÈCFGNCUKPUVKVWEKQPGUOWUWNOCPCURWGFGPTCUVTGCTUG
GPWPCKPVGTRTGVCEKÎPFGN%QT¶PCWPSWGGN%QT¶PPQOGPEKQ
PGGUVCRTQJKDKEKÎPGZRNÈEKVCOGPVG 'PGNWUQNKPI×ÈUVKEQFGN

 9CNVGT$GPLCOKP1PG9C[5VTGGVGP5GNGEVGF9TKVKPIU8QN
GF /CTEWU $WNNQEM [ /KEJCGN 9 ,GPPKPIU VTCF 'FOWPF ,GRJEQVV %CODTKFIG
/CUUCEJWUGVVU6JG$GNMPCR2TGUUQH*CTXCTF7PKXGTUKV[2TGUURR
%QOQJCCFXGTVKFQ1NGI)TCDCTőUGJCGUETKVQOWEJQUQDTGNCUCEVKVWFGUKUN¶
OKECUEQPTGURGEVQCNCTVG.CUGPEKENQRGFKCUQNQUVTCDCLQUIGPGTCNGUUQDTGJKUVQTKC
FGNCTVGUKORNGOGPVGCſTOCPSWGRQTOÕNVKRNGUTC\QPGUSWGTCTCOGPVGUGGZRNQTCP
GN+UNCOUGJCQRWGUVQVGQNÎIKECOGPVGCNCTGRTGUGPVCEKÎPFGUGTGUXKXKGPVGU/KGP
VTCU SWG GU DKGP UCDKFQ SWG GN %QT¶P PQ EQPVKGPG PKPIWPC RTQJKDKEKÎP CEGTEC FG
VCNGUTGRTGUGPVCEKQPGUNCUFGPWPEKCUKPPGICDNGUFGNQUCTVKUVCU[FGNCUTGRTGUGPVC
EKQPGUTGIKUVTCFCUGPNCUFKHGTGPVGUVTCFKEKQPGUUQDTGNCXKFCFGGN2TQHGVCJCPUKFQ
VQOCFCU EQOQ GZRTGUKQPGU IGPWKPCU FG WPC CEVKVWF OWUWNOCPC QTKIKPCNŒ 8ÃCUG
)TCDCT6JG(QTOCVKQPQH+UNCOKE#TV0GY*CXGP;CNG7PKXGTUKV[2TGUU
R)TCDCTEQPVKPÕCNWGIQUWIKTKGPFQSWGGN%QT¶PUGQRQPGCNCKFQNCVTÈCRGTQ
UKP TGEJC\CT GN CTVG Q NC TGRTGUGPVCEKÎP EQOQ VCNGU [ GHGEVKXCOGPVG UKP PKPIWPC
RTQJKDKEKÎPVCPFKTGEVCEQOQNCRTQJKDKEKÎPDÈDNKECő0QVGJCT¶UPKPIWPCKOCIGP
PKPKPIWPCUGOGLCP\CFGNQSWGGUVÃCTTKDCGPGNEKGNQPKCDCLQGPNCVKGTTCPKGPNCU
CIWCUFGDCLQFGNCVKGTTCŒ
œZQFQ2CTCWPOC[QTFGUCTTQNNQCEGTECFGNCRTQ
JKDKEKÎPFGNCUKO¶IGPGUXÃCUG,GCP.WE0CPE[ő.CTGRTÃUGPVCVKQPKPVGTFKVGŒGP
#WHQPFFGUKOCIGU2CTKU)CNKNÃGRR


%QT¶PGZKUVGWPCKFGPVKſECEKÎPGPVTGNQUEQPEGRVQUFGFKUGÌCT
[FCTHQTOC[NQUFGJCEGT[ETGCT'URQTGUVQSWGUKōUGIÕP
GN %QT¶Pō &KQU GU GN ITCP FKUGÌCFQT VQFQU NQU FKUGÌCFQTGU
JWOCPQU UQP KOKVCFQTGU FG &KQU [ EQOQ VCNGU OGTGEGFQTGU
FGECUVKIQő#CSWGNSWGJCICWPCKOCIGP&KQUNGFCT¶EQOQ
ECUVKIQNCVCTGCFGUQRNCTGNCNKGPVQFGXKFCFGPVTQFGÃNRGTQ
PQ RQFT¶ JCEGTNQŒ ő#SWGNNQU SWG JCICP GUVCU RKPVWTCU UGT¶P
ECUVKICFQUGN&ÈCFGN,WKEKQRKFKÃPFQNGU&GPNGXKFCCNQSWG
JCP ETGCFQŒ 5GIÕP NC 5JCTKŏC GUV¶ RTQJKDKFQ EQRKCT UGTGU
XKXQU RQT NQ SWG CNIWPQU LWTKUVCU OC[QTGU FKEGP SWG UÎNQ NQ
SWGVKGPGUQODTCGUV¶RTQJKDKFQ5GIÕPRCNCDTCUFG#N<WJTK
UKPGODCTIQVQFCUNCUKO¶IGPGUōUKPGZEGREKÎPōGUV¶PRTQ
JKDKFCU'URQTGUVQSWGRQTWPNCTIQVKGORQNCHQVQITCHÈCGU
VWXQRTQJKDKFC[CWPSWGGPCNIWPQUEÈTEWNQUGUVCRTQJKDKEKÎP
RCTGEGJCDGTUKFQUWRGTCFCGTCWPEQORQPGPVGGUGPEKCNFGNC
KEQPQHQDKCHWPFCOGPVCNKUVCVCNKDCPC
'U EQPVTC GN QTKIGP FG GUVC KEQPQHQDKC EQOQ RQFGOQU EQ
OGP\CT C TGIKUVTCT NC EQORNGLKFCF FG NC TGNCEKÎP GPVTG GUVCU
FQUHQVQITCHÈCU[NCRTQJKDKEKÎPOWUWNOCPCEQPVTCNCUKO¶IG
PGU6QOCFCUDCLQGNUKIPQFGNCRTQJKDKEKÎPFGNCUQNC
GZKUVGPEKCFGNCUKO¶IGPGUHWPEKQPCEQPVTCNCRTQJKDKEKÎPPQU
NNGICPEQOQWPCOCPGTCFGTGUKUVGPEKCWPCTGUKUVGPEKCCNCGNK
OKPCEKÎPFGNCOWGTVG[FGXCUVCEKÎPCNCTGRTGUKÎPFGNCUKPIW
NCTKFCFFGNCOWGTVGCNUKNGPEKQKORWGUVQRQTNCRTQJKDKEKÎP
[ C NC FQNQTQUC KPFKHGTGPEKC CN UWHTKOKGPVQ FG NQU QVTQU 0QU
XKGPGPEQOQWPNNCOCFQFGTGURQPUCDKNKFCF[RCTCTGFKOKTGN
RCUCFQ‹&GSWÃXCNFTÈCNCNKDGTVCFUKNQUOWGTVQUPQUGNKDGTC
TCPVCODKÃPCNOGPQUNQUOWGTVQUSWGEQPVKPÕCPXKXKGPFQGP
PQUQVTQUō[EQOQUWIKGTGPGUVCUHQVQITCHÈCUSWK\¶UPQJC[
QVTQU! #N OKUOQ VKGORQ CN GUVCT RTQFWEKFCU DCLQ NC UQODTC
FGNCRTQJKDKEKÎPōGPUGETGVQ[RQTNCPQEJGōNCUKO¶IGPGU
 'UVQUHTCIOGPVQURGTVGPGEGPCNCGPVTCFCEQTTGURQPFKGPVGCő5WTCŒGPNC'P
E[ENQRCGFKCQH+UNCO0GY'FKVKQP8QNGF%'$QUYQTVJ'8CP&QP\GN9
2*GKPTKEJU[).GEQOVG.GKFGP',$TKNNR


GZKUVGPEQOQWPCTGURWGUVCCNCRTQJKDKEKÎP2GTOCPGEGPEQP
TGNCEKÎPCGNNCCWPSWGDWUSWGPUWRGTCTNC'UVCEQPVTCFKEEKÎP
GPVTG NC TGUKUVGPEKC C NC RTQJKDKEKÎP [ UW EQPſTOCEKÎP GPVTG
WPC OCPQ SWG DWUEC OQUVTCT [ WPC OCPQ SWG TGPWPEKC C NC
OQUVTCEKÎPUGTGRKVGGPNCTGNCEKÎPGPVTGNCUOCPQUSWGVKGPGP
NCUKO¶IGPGUFGNPKÌQOWGTVQ[FGNJGTOCPQOWGTVQ[GNQLQ
FGNCE¶OCTCWPQLQSWGPQUGRWGFGGPVGPFGTCSWÈUKPTGHG
TGPEKCCNCETGGPEKCOWUWNOCPCGPGNOCNFGQLQ
'UVCETGGPEKCGUV¶DKGPGUVCDNGEKFCGPGN+UNCO[UGIÕP#DW
*WTC[TC GN 2TQHGVC FGENCTÎ SWG GN OCN FG QLQ GTC WP JGEJQ
&GPVTQ FG NC VTCFKEKÎP OWUWNOCPC NQU GHGEVQU OQTVCNGU FGN
OCNFGQLQGUV¶PIGPGTCNOGPVGKPUVKICFQURQTWPFGUGQFGFC
ÌCTSWGUGVTCPUOKVGRQTWPCOKTCFCQFKQUCQGPXKFKQUCRGTQ
VCODKÃP RWGFGP UGT KPXQNWPVCTKQU [ RWGFGP UGT RTQFWEVQ FGN
KPLWTKQUQ RQFGT FG WPC OKTCFC GZVTCÌC Q ſLC # XGEGU LWPVQ
EQPNCRCNCDTCJCDNCFCōGNOCNFGQLQHCUEKPWOQEWNQ[NC
OCNCNGPIWCHCUEKPWONGPIWCRQTNQIGPGTCNXCPLWPVQUōUG
FKEGSWGGNOCNFGQLQXCEÈCECUCU[NNGPCVWODCU[FGJGEJQ
GU TGURQPUCDNG FG NC OC[QTÈC FG NCU OWGTVGU FGN OWPFQ 5K
NCOCPQFGNSWGUQDTGXKXGCNCOWGTVGFGUWJKLQQFGUWJGT
OCPQUGXGGZRWGUVCCNQLQFGNCE¶OCTCōWPQLQSWGEQOQ
UCDGOQUSWGUGFKEGOWEJCUXGEGUOCVCRGVTKſECUCETKſEC[
CPKSWKNCVQFQNQSWGUWNGPVGECRVWTCōGUVCOCPQGUVCODKÃP
NCSWGTGUKUVGNQUGHGEVQUO¶UFGXCUVCFQTGUFGNOCNFGQLQ&G
JGEJQGNUÈODQNQRTQVGEVQTO¶UGHGEVKXQEQPVTCGNOCNFGQLQ
GUGNPÕOGTQEKPEQ
MJCOUC[NCTGRTGUGPVCEKÎPFGNQUEKPEQ
FGFQUFGNCOCPQRQUKEKQPCFQULWPVQEQPNCRCNOCGPFKTGE
EKÎPCNQLQ'PXCTKQURCÈUGUOWUWNOCPGUGNőEKPEQŒVQFCXÈC
RQUGGWPXCNQTO¶IKEQEQOQFGHGPUCEQPVTCGNOCNFGQLQ[
RQTGUVQWPRQRWNCTOÃVQFQRCTCNCFGHGPUCEQPVTCGNOCNFG

 2CTCWPFGUCTTQNNQFGNRTQDNGOCFGNőOCNFGQLQŒ[NCUFKHGTGPVGUOCPGTCUFG
RTQVGIGTUGFGÃNXÃCUGNCGPVTCFCEQTTGURQPFKGPVGCő#[PŒGPNC'PE[ENQRCGFKCQH
+UNCO0GY'FKVKQP8QNGF#4)KDD,*-TCOGPU'.ÃXK,5EJCEJV.GK
FGP',$TKNNR


QLQ EQPUKUVG GUGPEKCNOGPVG GP GZVGPFGT NC OCPQ [ NQU FGFQU
JCEKC NC RGTUQPC EW[C OKTCFC RWGFG FCÌCT [ RTQPWPEKCT WPC
HÎTOWNCSWGEQPVGPICNCRCNCDTCőMJCOUCŒ'URQTGUVQSWGNC
OCTECFGWPCOCPQRKPVCFCEQPJGPCō[RQTNQIGPGTCNWPC
OCPQEQPWPQLQRKPVCFQGPNCRCNOCōGUVCODKÃPWPOÃVQ
FQFGRTQVGEEKÎPRTGHGTKFQ
VCODKÃPRQFGOQUTGEQTFCTSWGGN
JGPCGUWPOCVGTKCNFGNCDWGPCUWGTVG[CSWGUGCTTQLCUQDTG
NQUEWGTRQUCPVGUFGGPVGTTCTNQU
%WCPFQ NCU HQVQITCHÈCU FG (C\CN 5JGKMJ OWGUVTCP NCU OC
PQU UGEEKQPCFCU GXQECP EQPſTOCP [ TGUKUVGP WPC EQPUVGNC
EKÎP FG ETGGPEKCU KUN¶OKECU FGPVTQ FG WP OGFKQ SWG VKGPG UW
RTQRKCJKUVQTKCEQPVTQXGTVKFCFGPVTQFGN+UNCO'UVCGPVTGICC
RCNOCUCDKGTVCUFGKO¶IGPGUFGNQUOWGTVQUFKEGUKOWNV¶PGC
OGPVGőUÈŒ[őPQŒCNQLQFGNCE¶OCTCOKTGPNQSWGNGUQHTG
EGOKOCPQGUVCRGSWGÌCKOCIGPFGWPPKÌQOWGTVQ[FGWP
JGTOCPQOWGTVQ[FGLGPSWGQVTQUUGRCPNQSWGWUVGFGUXGP
RGTQ VCODKÃP UKP OKTCT RWGFGP UCDGT UQDTG NQ SWG RTQFWLQ
GUVCOWGTVGEQOQNCE¶OCTCSWGTGIKUVTCGUVGCEVQFGOGOQ
TKC[JQOGPCLGUGCPVGUVKIQUFGNQSWGCSWÈUGTGEWGTFC[UG
QNXKFCPQOGOKTGPFGOCPGTCVCNSWGRTQPVQOGNNGXGCEQO
RCTVKTNCGZRGTKGPEKCFGOWGTVGFGOKJKLQQJGTOCPQXGCPNC
OCPQSWGJCPUGEEKQPCFQ[UGRCPSWGCWPHTGPVGCGUVCXKQ
NGPEKCUGIWKTÃOQUVTCPFQNQSWGRWGFCXGCPNCOCPGTCGPSWG
UWQLQ[COGJCFGUVKPCFQCNCOWGTVGCNCOQTVKſECEKÎPCNC
RGVTKſECEKÎP [ C NC EQUKſECEKÎP SWG VKGPG NWICT GP VQFCU NCU
HQVQITCHÈCU XGCP NC OCPGTC GP SWG LWPVCPFQ GN TGVTCVQ EQP
NC PCVWTCNG\C OWGTVC OG JCP VTCPUHQTOCFQ GP WPC EQUC WP
VKRQFGPCVWTCNG\COWGTVC[FGGUVCOCPGTCOCVCTQPNCXKFCSWG
FGUGQRTGUGTXCT


 8+++

'NJGEJQ FG SWG GUVCU FQU HQVQU TGRTGUGPVGP WPC CNGIQTÈC FGN
XÈPEWNQFGNCHQVQITCHÈCEQPNCXKUKÎP[NCKPFGVGTOKPCEKÎPFG
NCEWCNGOGTIGEQPNCEGIWGTC[NCGUGPEKCNTGPWPEKCQOWGTVG
FG NQ HQVQITCſCFQ UG EQPſTOC RQT FQU FGVCNNGU RTGUGPVGU GP
NCKOCIGPFG*CLK3KCOWFFKPUQUVGPKGPFQNCRGSWGÌCHQVQITC
HÈCFG#UCOWFFKPUWJGTOCPQ'NRTKOGTFGVCNNGUQDTGGNSWG
SWKGTQEGPVTCTOGGUGNQLQK\SWKGTFQJGTKFQFGNJGTOCPQOWGT
VQWPCJGTKFCSWGCPWPEKCCWPCPVGUFGUWOWGTVGUWTGNCEKÎP
EQPNCQUEWTKFCF[NCPQEJG5WR¶TRCFQ[CEGTTCFQUGÌCNCSWK
\¶UGNRTQEGUQFGNGPVKGTTQGNEKGTTGFGNCVCRCFGNCVCÕFSWG
RTQPVQGZRGTKOGPVCT¶5WQVTQQLQUKPGODCTIQGNCDKGTVQGN
FGTGEJQ OKTCPFQ ſLCOGPVG VCODKÃP RCTGEG GN QLQ FG WP EKG
IQSWK\¶UGNQLQFGNOWGTVQGPGNRTGEKUQOQOGPVQGPSWGGN
XGNCVQTKQEQOKGP\CVQFCXÈCGUV¶CDKGTVQRGTQRQFGOQUKOCIK
PCTPQUNCOCPQSWG RTQPVQXGPFT¶CEGTTCTNQ/GPEKQPQGUVQ
RQTSWGNCKOCIGPFGNJGTOCPQOGFKQEKGIQPQUÎNQUWIKGTGNC
CRGTVWTC[GNEKGTTGFGNQDVWTCFQTUKPQVCODKÃPNCCRGTVWTC[GN
EKGTTGFGNCXKUKÎPSWGUGTGRTGUGPVCGPVQFCHQVQITCHÈC5GVTCVC
UKGORTGFGWPCJKUVQTKCFGNQSWGGNQLQRWGFGXGT[FGNQSWGPQ
RWGFGXGTōFGNQSWGNCE¶OCTCRWGFGECRVWTCT[FGNQSWGGNW
FG&GEKTGUVQUKPGODCTIQGUUKORNGOGPVGFGEKTSWGPWGUVTC
GZRGTKGPEKCFGWPCHQVQITCHÈCGUUKGORTGWPCGZRGTKGPEKCFGN
QLQōFGWPQLQSWGDWUECXGTFQPFGPQXGFQPFG[CPQXGQ
FQPFGVQFCXÈCPQXG'PVQFQOQOGPVQPQURKFGPSWGTGURQP
FCOQUCWPUKORNGLWGIQFGNWEGU[UQODTCU[TGURQPFGOQUCN
OWVKUOQFGGUVGLWGIQKPXGPVCPFQJKUVQTKCUTGNCEKQPCPFQECFC
KOCIGPEQPOWEJQUTGNCVQURQUKDNGU
5KPGODCTIQPWPECUCDTGOQUUKNCUJKUVQTKCUSWGEQPVCOQU
ōUQDTG NQ SWG RGPUCOQU SWG XGOQU EWCPFQ OKTCOQUō VQ
ECT¶PQEQORTQOGVGT¶PNCUKO¶IGPGUSWGGUV¶PCPVGPQUQVTQU
‹3WÃ RCUC EWCPFQ WPC HQVQITCHÈC OWGUVTC NC GZRGTKGPEKC FGN
QLQUQDTGNCQUEWTKFCFEWCPFQNNGXCNCNÈPGCFGPWGUVTCXKUKÎP


JCEKCWPCNW\QUQODTCSWGPQPQUFGLCXGT!‹3WÃRCUCEWCP
FQ PWGUVTQU QLQU GPEWGPVTCP NQ SWG PQ RWGFGP XGT Q EWCPFQ
GPEWGPVTCPNQSWGPQRWGFGUGTGPEQPVTCFQ!‹%W¶NUGT¶NCTG
NCEKÎP GPVTG NC GZRGTKGPEKC FG NC EGIWGTC [ FG NCU UQODTCU [
NQSWGJCEGFGWPCHQVQITCHÈCWPCHQVQITCHÈC!‹&GSWÃOCPGTC
GUVCKOCIGPPQUFKEGSWGNCXKUKÎPUGGPEWGPVTCGUGPEKCNOGPVG
XKPEWNCFCCNCGZRGTKGPEKCFGNFWGNQWPCGZRGTKGPEKCFGNFWGNQ
SWGPQUÎNQXGNCNCGZRGTKGPEKCUKPQNCXKUKÎPOKUOC!
'UVC TGVKTCFC FG NC XKUKÎP UG XG TGHQT\CFC GP NC HQVQITCHÈC
CNFGUXCPGEGTUGNCUJWGNNCUFKIKVCNGUFGNCUOCPQUCNTGVKTCTUG
FGPVTQFGNCQUEWTKFCFFGNCSWGGOGTIGP.QSWGUGTGVKTCGU
NCECRCEKFCFFGNCOCPQFGUGÌCNCTKPFKECT[TGHGTKT'UVCTGVK
TCFCōEQOQNCTGVKTCFC[NCOWGTVGFGNJGTOCPQōRTQHWPFK\C
NCCNVGTPCPEKCGPVTGTGEQTFCT[QNXKFCTSWGFGLCUWUTCUVTQUGPNC
HQVQITCHÈC.CUJWGNNCUFKIKVCNGUSWGUGFGUXCPGEGPGXQECPWP
RTKPEKRKQFGKPFGVGTOKPCEKÎP'UGFGUXCPGEGTUGFGNCRQUKDKNK
FCFFGNCTGHGTGPEKCPQUKIPKſECUKPGODCTIQSWGNCTGHGTGPEKC
[C PQ UGC RQUKDNG 5KIPKſEC SWG GU EQOQ NC OGOQTKC FG NQU
OWGTVQU GP NCU KO¶IGPGU CPVGTKQTGU C PQUQVTQU GUV¶ UKGORTG
CRWPVQFGFGUCRCTGEGTUKPPWPECFGUCRCTGEGTGUV¶ UKGORTGC
RWPVQFGGUHWOCTUGUKPPWPECGUHWOCTUG.CUKO¶IGPGUGP
VQPEGUTGRTGUGPVCPWPCTVGFGRGTRGVWCTGVKTCFC[TGHGTGPEKC
WPCTVGSWGUKGORTGCPWPEKCNCTGVKTCFCFGNQSWGGUHQVQITC
ſCFQ

+:

&GDGTÈCOQU FGEKT SWG GU RQT GUQ SWG NC KOCIGP PQU RGTOKVG
JCDNCTFGNCOWGTVGCPVGUFGOQTKT%QOQJGUWIGTKFQGPQVTC
RCTVG őNC KOCIGP [C CPWPEKC PWGUVTC CWUGPEKC 5ÎNQ PGEGUK
VCOQU UCDGT SWG UQOQU OQTVCNGU .C HQVQITCHÈC PQU FKEG SWG
OQTKTGOQU WP FÈC PQ GUVCTGOQU O¶U CSWÈ Q OGLQT UÎNQ GU
VCTGOQUCSWÈGPGNOQFQGPSWGUKGORTGJGOQUGUVCFQEQOQ


KO¶IGPGU.CHQVQITCHÈCCPWPEKCNCOWGTVGFGNQHQVQITCſCFQ
2QTGUQNQSWGRGTUKUVGGPWPCKOCIGPGUCFGO¶UNCRGTUKU
VGPEKC FG NC OWGTVG NQ SWG RCTVG FGUKUVG [ UG TGVKTCΠ6CN
EQOQNQRTQRQPG$GPLCOKPGPUWVGZVQUQDTGNCQDTCFGCTVG
őGNJQODTGUGTGVKTCFGNCHQVQITCHÈCŒ 'UVQUKIPKſECSWGPQ
RWGFGJCDGTHQVQITCHÈCUKPNCTGVKTCFCFGNQSWGUGHQVQITCHÈC
.CUKO¶IGPGUHQVQIT¶ſECUVTCGPNCOWGTVGFGNQHQVQITCſCFQ[FG
DKFQ C SWG NC EQPLWPEKÎP FG NC OWGTVG [ FG NQ HQVQITCſCFQ GU
GNRTKPEKRKQOKUOQFGNCEGTVG\CHQVQIT¶ſECNCHQVQITCHÈCGUWPC
UWGTVG FG EGOGPVGTKQ WP RGSWGÌQ OQPWOGPVQ HWPGTCTKQ
WPCVWODCRCTCNQUOWGTVQUXKXQU%QOQGZRNKEC4QNCPF$CT
VJGUUKNCHQVQITCHÈCRTQFWEGEKGTVQJQTTQTGURQTSWGőEGTVKſEC
RQTFGEKTNQCUÈSWGGNECF¶XGTGUCNIQXKXKGPVGGPVCPVQSWG
ECF¶XGTGUNCKOCIGPXKXKGPVGFGWPCEQUCOWGTVCŒ+PENWUQ
UK WPC HQVQITCHÈC DWUEC EQPOGOQTCT TGEQTFCT OCPVGPGT EQP
XKFCCNQUOWGTVQUUKOWNV¶PGCOGPVGEQPſTOCNCRCTVKFC[NC
OWGTVGFGNSWG[CPQGUV¶'UNCGſIKGFGUWOWGTVG
'U RQT GUQ SWG NC HQVQITCHÈC GU WP OQFQ FGN FWGNQ FG WP
FWGNQ SWG TGEQPQEG NQ SWG VKGPG NWICT GP ECFC HQVQITCHÈC GN
TGVQTPQFGNQUSWGUGHWGTQPFGNQUSWG[CPQGUV¶P5KPGO
DCTIQCWPSWGNQSWGNCHQVQITCHÈCECRVC[CPQGUV¶XKXQQRTG
UGPVG UW JCDGTGUVCFQCSWÈ HQTOC RCTVG CJQTC FG NC GUVTWEVW
TC TGHGTGPEKCN SWG OCTEC PWGUVTC TGNCEKÎP EQP NC HQVQITCHÈC
'URQTGUQSWGGNTGITGUQFGNQSWGHWGVQOCNCHQTOCFGWP
CUGFKQ%QOQNQCſTOC$GPLCOKPGPUWGPUC[QFGUQDTG
GN 6TCWGTURKGN őNQU OWGTVQU UG EQPXKGTVGP GP HCPVCUOCUŒ
.C RQUKDKNKFCF FG NC KOCIGP HQVQIT¶ſEC TGSWKGTG FG NC GZKU
8ÃCUGFG'FWCTFQ%CFCXC6TC\QUFGNW\6GUKUUQDTGNCHQVQITCHÈCFGNC*KU
VQTKCVTCF2CQNC%QTVÃU4QEEC5CPVKCIQFG%JKNG2CNKPQFKCR
8ÃCUGFG9CNVGT$GPLCOKPő.CQDTCFGCTVGGPNCÃRQECFGUWTGRTQFWEVKDKNKFCF
VÃEPKECŒ GP &KUEWTUQU KPVGTTWORKFQU + VTCF ,GUÕU #IWKTTG $WGPQU #KTGU 6CWTWU
R
 4QNCPF $CTVJGU .C E¶OCTC NÕEKFC 0QVC UQDTG NC HQVQITCHÈC VTCF ,QCSWKO
5CNC5CPCJWLC$CTEGNQPC2CKFÎUR
9CNVGT$GPLCOKP.COGVCHÈUKECFGNCLWXGPVWFVTCF.WKU/CTVÈPG\FG8GNCU
EQ$CTEGNQPC2CKFÎUR


VGPEKCFGNQUGURGEVTQU[HCPVCUOCU2QTGUQPQGUECUWCNSWG
*CLK 3KCOWFFKP FKIC SWG EWCPFQ UWGÌC XG C UW JGTOCPQ
#UCOWFFKPECOKPCPFQGPUWRWGDNQPCVCNEQPUW-CNCUJPKMQX
EQNICFCFGNJQODTQőVCNEQOQJCEÈCEWCPFQGUVCDCXKXQŒ'U
RTGEKUCOGPVGGPNCOWGTVGFQPFGUGTGXGNCGNRQFGTFGNCHQVQ
ITCHÈC[UGTGXGNCJCUVCVCNRWPVQSWGEQPVKPÕCGXQECPFQNQSWG
[CPQGUV¶CJÈ#NHQVQITCſCTCCNIWKGPUCDGOQUSWGNCKOCIGP
RGTOCPGEGT¶EWCPFQÃNPQGUVÃKPENWUQGORKG\CCEKTEWNCTFW
TCPVGUWXKFCUKPGUCRGTUQPCCPVKEKRCPFQUWOWGTVGECFCXG\
SWGNCOKTCOQU0QUFKEGSWGPQJC[XKFCGZEGRVQőNCXKFCSWG
UKIPKſECNCOWGTVGŒ
2QTGUQRQFGOQUFGEKTSWGPQJC[HQVQITCHÈCPKJC[KOC
IGPSWGPQTGFW\ECNQHQVQITCſCFQCEGPK\CU%QOQRTQRWUQ
/CP4C[GPGPWPGPUC[QVKVWNCFQő6JG#IGQH.KIJVŒ
NCUKO¶IGPGUUQPőTGUKFWQUQZKFCFQUſLCFQURQTNCNW\[GNG
OGPVQU SWÈOKEQU FG QTICPKUOQU XKXQU 0KPIWPC GZRTGUKÎP
RN¶UVKECRWGFGCNIWPCXG\UGTO¶USWGWPTGUKFWQFGNCGZRG
TKGPEKC =? 'N TGEQPQEKOKGPVQ FG WPC KOCIGP SWG JC GVGTPK
\CFQ WPC GZRGTKGPEKC VT¶IKECOGPVG NNCOC CN CEQPVGEKOKGPVQ
O¶UQOGPQUENCTCOGPVGEQOQNCUKORGTVWTDCDNGUEGPK\CUFG
WPQDLGVQEQPUWOKFQRQTGNHWGIQΠ$GPLCOKPRTQRQPGCNIQ
UKOKNCT GP WP RCUCLG FG ő'N PCTTCFQTŒ GP GN SWG KFGPVKſEC CN
NGEVQTEQPGNHWGIQ5GFKEGSWGGNNGEVQTőCPWNCŒ[őVTCICŒGN
őOCVGTKCNŒQGNőVGOCŒFGWPCPQXGNCőEQOQGNHWGIQCNCNGÌC
GPNCEJKOGPGCŒ.QSWGUQUVKGPGCGUVGNGEVQTNNCOC[CPQGU
UÎNQNCOCFGTC[NCUEGPK\CUōKPENWUQUKCJQTCÃUVCUUGVTCPU
HQTOCPGPWPVGZVQōUKPQWPCRTGIWPVCSWGCXKXCUWKPVGTÃU
‹EÎOQCRTGPFGTSWGNCOWGTVGPQUCEGEJC!#NUGÌCNCTSWGGN
UGPVKFQFGNCXKFCFGWPRGTUQPCLGőUÎNQUGEQPſIWTCFGURWÃU
%KVCFQGP(C\CN5JGKMJ6JG8KEVQT9GGRU#HIJCPKUVCPR
 .CHTCUGGUFG$GPLCOKPFGő<GPVTCNRCTMŒGP%WCFTQUFGWPRGPUCOKGPVQ
VTCF5WUCPC/C[GT$WGPQU#KTGU+OCIQ/WPFKR
/CP4C[ő6JG#IGQH.KIJVŒGP2JQVQITCRJ[KPVJG/QFGTP'TC'WTQRGCP
&QEWOGPVUCPF%TKVKECN9TKVKPIUGF%JTKUVQRJGT2JKNNKRU0GY;QTM
/GVTQRQNKVCP/WUGWOQH#TV#RGTVWTGR


FG UW OWGTVGΠ$GPLCOKP FKEG SWG RCTC NGGT GN NGEVQT FGDG
őVGPGTNCEGTVG\CFGRQFGTGZRGTKOGPVCTNCOWGTVGFGNQURGT
UQPCLGULWPVQEQPGNNQUŒ #TFKGPFQUQDTGNQUNGÌQUFGNRCUC
FQ[UQDTGNCUEGPK\CUFGNCGZRGTKGPEKCRTGXKCGNNGEVQTNNCOC
CRTGPFGCNGGTCNCFXGTVKTUWRTQRKCOQTVCNKFCF.GGTUKIPKſEC
CRTGPFGTCOQTKT

0Q JC[ KOCIGP SWG PQ UWTLC FG NCU JGTKFCU FGN VKGORQ [ FG
NCJKUVQTKCSWGPQGUVÃGTQUKQPCFCRQTNCRÃTFKFC[NCſPKVWF
SWGVKGPGNWICTUKPVGPGTNWICTEQORNGVCOGPVG'UVQUKIPKſEC
SWGNCKOCIGPVGUVKOQPKCPQUÎNQUWRTQRKCKORQUKDKNKFCFUKPQ
VCODKÃPNCFGUCRCTKEKÎP[NCFGUVTWEEKÎPFGNVGUVKOQPKQ[FGNC
OGOQTKC 'U RQT GUQ SWG NC JKUVQTKC [ NQU JGEJQU ECRVWTCFQU
RQTGUVCUFQUHQVQITCHÈCUEQPXQECPCNCOGOQTKCōWPCOGOQ
TKCFGNCXKQNGPEKC[FGNVTCWOCSWGGNNCUGXQECPWPCOGOQTKC
SWGPWPECRWGFGUGTWPCOGOQTKCEW[QQDLGVKXQUGCTGUVCWTCT
Q EQPOGOQTCT 5K GN RCUCFQ UG GZRGTKOGPVC EQOQ RÃTFKFC [
EQOQTWKPCGURTGEKUCOGPVGRQTSWGPQRWGFGUGTTGEQDTCFQ
5KPGODCTIQGNJGEJQFGSWGGUVCXKQNGPEKC[GUVGVTCWOCGUVC
RÃTFKFC[GUVCTWKPCUQDTGXKXCPGPNCUFKXGTUCUHQTOCUōJKU
VÎTKECRQNÈVKECTGNKIKQUCQNKVGTCTKCōSWGJQ[JGTGFCPUWUNG
ICFQUUKIPKſECSWGNCGZRGTKGPEKCCNCSWGUGTGſGTGPPQJC
SWGFCFQCVT¶U%QOQDKGPUCDÈC$GPLCOKPPQJC[GPNCJKUVQ
TKCWPőFGURWÃUŒFGNVTCWOCFGNCRÃTFKFC[NCXKQNGPEKC#WP
SWG[CPQRQFCOQUETGGTSWGNCOGOQTKC[NCEQPOGOQTCEKÎP
PQUC[WFGCRTGXGPKTGNFGUCUVTGVQFCXÈCGUVCOQUQDNKICFQUC
KOCIKPCTOGFKQURCTCTGEQTFCTNQSWGRGTOCPGEGUKPUGTTGEQT
FCFQ NQ SWG FGUVTQ\¶PFQUG [ EQPUWOKÃPFQUG C UÈ OKUOQ VQ
FCXÈCFGOCPFCUGTRTGUGTXCFQKPENWUQUK[CEGGPWPCJKUVQTKC
 9CNVGT$GPLCOKPő'NPCTTCFQTŒGP5QDTGGNRTQITCOCFGNCſNQUQHÈCHWVWTC
VTCF4QDGTVQ8GTPGPIQ$CTEGNQPC2NCPGVCR


SWGPWPECRWGFGGPVTCTCNCJKUVQTKC5KPCFCRWGFGTGGORNC\CT
NQ SWG UG JC RGTFKFQ RCTC NC JKUVQTKC ‹GU RQUKDNG KPVGTTWORKT
GN EWTUQ FG NC JKUVQTKC [ UWU ECV¶UVTQHGU Q GUVCOQU EQPFGPC
FQUKTTGOGFKCDNGOGPVGCTGKVGTCT[TGCEVKXCTGUVCEQPFKEKÎPFG
RÃTFKFC[FGURNC\COKGPVQ!'UVCRTGIWPVCPQUÎNQPQUFKEGRQT
SWÃFGDGOQUCRTGPFGTCNGGTGNRCUCFQōCNGGTNCUKO¶IGPGU
KTTGEWRGTCDNGU FGN RCUCFQō UKPQ VCODKÃP EQOQ FKTÈC $GPLC
OKPSWGGUVCUKO¶IGPGUCOGPC\CPEQPFGUCRCTGEGTVCPRTQPVQ
EQOQ PQU UGPVKOQU PQTGEQPQEKFQU GP GNNCU 'U RQT GUQ SWG
VCNEQOQJCUWIGTKFQGNCTVKUVCKVCNKCPQ5CNXCVQTG2WINKCNQSWG
PQU SWGFC GU őCVGUQTCT GUCU KO¶IGPGU JWKFK\CU FG NQ SWG JC
FGUCRCTGEKFQTGEQNGEVCTNQUHTCIOGPVQUGXCPGUEGPVGUFGGUVCU
JKUVQTKCUFGNCFGUCRCTKEKÎP.QSWGSWGFCGUNCRQUKDKNKFCFFG
WPIGUVQGPVTGICTRTQVGIGTFGPVTQFGNQUTGEWGTFQUHTCIOGP
VCTKQUCNQUSWGGUVCOQUEQPFGPCFQUCNIWPQUXGUVKIKQUCNIW
PCUGZRTGUKQPGUFGWPCCPCOPGUKUOÕNVKRNGŒ .QSWGSWGFC
UQPNQUHTCIOGPVQUNCUTWKPCUFGWPCKOCIGPQWPCHQVQITCHÈC
VCNXG\WPCKOCIGPQWPCHQVQITCHÈCEQOQÃUVCU

2TKPEGVQP0GY;QTM
RTKOCXGTC

 'UVG RCUCLG RGTVGPGEG C WP OCPWUETKVQ KPÃFKVQ VKVWNCFQ ő#DUVTCEVU QH Ŏ#DU
VTCEVU
QH#PCOPGUKUŏŒ'UVGVGZVQHWGNGÈFQGPGN#NGZCPFGT51PCUUKU%GPVGTFG
0GY;QTM7PKXGTUKV[GPNCRTKOCXGTCFGLWPVQEQPNCGZJKDKEKÎPFG2WINKC
ő#DUVTCEVU
QH#PCOPGUKUŒ