5VZBV"¾OE´BDDnMnSFSMFQSPDFTTVTEFDVJSFhM´nUVWnFNFUUSFEFQFUJUFTRVBOUJUnTEF
NBSJOBEFMPSTEFTGSVJUTEFNFSPVE´FBVMPSTEFMnHVNFTTVSMFTQSPEVJUThHSJMMFSBWBOU
EFQMBDFSMFDBQPUQPVSDVJSFhM´nUVWnF
-FSBDMPJSDJKPJOUQFVUpUSFBVTTJVUJMJTnQPVSOFUUPZFSM´BQQBSFJMBVDPVSTEVQSPDFTTVTEF
HSJMMBHFEFDFUUFGBmPOWPVTnWJUF[VOFGPSNBUJPOEFGVNnF
5VZBV.FUUSFEFKVTEFDJUSPOGSBJTTVSMBQMBRVFEFHSJMMBHFBWBOUE´VUJMJTFSMFSBDMPJS
$FMVJDJnNVMTJPOOFSBMFTSnTJEVTEFHSBJTTFFUGBDJMJUFSBMFOFUUPZBHF
&OQMVTWPVTQPVWF[UPVSOFSMFTBMJNFOUTBWFDBVDPVSTEVQSPDFTTVTEFHSJMMBHF
$PNNFBMUFSOBUJWFJMFTUQPTTJCMFE´VUJMJTFSEFTCiUPOOFUThNBOHFSEFTQJODFTFONBUJoSF
QMBTUJRVFPVBVUSFTVTUFOTJMFTFOCPJTPVFONBUJoSFQMBTUJRVF/nBONPJOTGBJSFBUUFOUJPO
hDFRVFDFVYDJO´BJFOUQBTEFDPOUBDUQSPMPOHnBWFDMBQMBRVFEFHSJMMBHF
/´VUJMJTFSFOBVDVODBTEFTDPVWFSUTEFDVJTJOFFONnUBMnUBOUEPOOnRVFDFMBQPVSSBJU
FOEPNNBHFSMBDPVDIFBOUJBEInTJWFEFQMBRVFEFHSJMMBHF
"QSoTVUJMJTBUJPOUPVSOFSMFSnHVMBUFVSEFUFNQnSBUVSFFOQPTJUJPO´´FUSFUJSFSMB¾DIFEF
MBQSJTFEFDPVSBOU
/FUUPZBHFFUFOUSFUJFO
"WBOUMFOFUUPZBHFEnDPOOFDUFSM´BQQBSFJMSFUJSFSMB¾DIFEFDPOUBDUFUGBJSFSFGSPJEJS
M´BQQBSFJM&OMFWFSMFSnHVMBUFVSEFUFNQnSBUVSFEFMBEPVJMMFFOFOGPOmBOUMBHSJGGFEF
EnDMFODIFNFOUhNBOJFNFOUGBDJMFEVDyUnEVSnHVMBUFVS
/FKBNBJTJNNFSHFSMFSnHVMBUFVSEFUFNQnSBUVSFFUMFDiCMFEBOTM´FBV
/FUUPZFSBMPSTMBQMBRVFEFHSJMMBHFFUMFDBSUFSBWFDVODIJGGPOIVNJEFPV°TJCFTPJO
FTUEBOTM´FBVUJoEFPVMFMBWFWBJTTFMMF5SFNQFSE´BCPSEEFHSBWFTFODSBTTFNFOUTBWFD
VOQFVE´IVJMF
1PVSEnUBDIFSMBQMBRVFEFHSJMMBHF¾YnFEFTTFSSF[MBWJTEFMµnRVFSSFEF¾YBUJPOBVEFTTPVT
EVDBSUFSFUUJSF[MµnRVFSSFWFSTMµFYUnSJFVS
"QSFTMFOFUUPZBHFSFWJTTF[MBQMBRVFEFHSJMMBHFToDIFBWFDMµnRVFSSFEF¾YBUJPO
"WBOUMµVTBHFQSPDIBJOMBQMBRVFEFHSJMMBHFFUMFTDPOOFYJPOTnMFDUSJRVFTEPJWFOUpUSF
DPNQMoUFNFOUToDIF
-BQMBRVFEFHSJMMBHFEJTQPTFE´VOFDPVDIFBOUJBEInTJWF&WJUFSEPODE´VUJMJTFSEFTPCKFUT
QPJOUVTEFMBQPVESFhSnDVSFSEFMBMBJOFEFCPJTPVEFTTQSBZTEFGPVST
2VFMRVFTUVZBVYHnOnSBVY
-BQMBRVFEFHSJMMBHFEJTQPTFE´VOFDPVDIFBOUJBEInTJWF$´FTUQPVSRVPJJMTVG¾UEFMB
HSBJTTFSMnHoSFNFOUMPSTEFMBQSFNJoSFVUJMJTBUJPO*MO´FTUQMVTOnDFTTBJSFEFMBHSBJTTFSBQSoT
"TTBJTPOOFSMBWJBOEFBWBOUEFMBHSJMMFSNBJTMBTBMFSTFVMFNFOUBQSoTDBSBVUSFNFOUFMMF
QFSESBJUUSPQEFTVD
%FTTBVDJTTFThHSJMMFSTPOUEnKhQJRVnTBWBOUMFHSJMMBHFB¾ORV´JMTOFDSoWFOUQBT
-BWJBOEFBVOHP~UQBSUJDVMJoSFNFOUCPOMPSTRV´FMMFFTUNBSJOnFQPVSRVFMRVFUFNQT
4JQPTTJCMFJMGBVESBJUTPSUJSMFTQSPEVJUThHSJMMFSIFVSFBWBOUEVSnGSJHnSBUFVS
*MTSyUJTTFOUCJFOQMVTSBQJEFNFOUFUWPVTnWJUF[RVFMBWJBOEFQMVTnQBJTTFSFTUFGSPJEF
EBOT
M´JOUnSJFVS$IPJTJSMFTHBSOJUVSFTTFMPOWPUSFHP~UQFSTPOOFMFUMBJTTFSMJCSFDPVST
hWPUSFJNBHJOBUJPO"VCBSCFDVFMFTTBVDFTEnMJDBUFTMFCFVSSFBVYIFSCFTMFTMnHVNFT
GSJUFTEFTTBMBEFTGSBtDIFTEFTQPNNFTEFUFSSFFOGFVJMMFPVEVQBJOhM´BJMPOUVOHP~U
QBSUJDVMJoSFNFOUCPO