WSQQEVMS
-RJSVQE^MSRM
2SXM^MEVMS KEWXVSRSQMGS I QETTE HM %V^S
4VSKVEQQE
'SVXI HIM QMVEGSPM
4VSKIXXS - QYVM TEVPERS
+MEVHMRS WIRWMFMPI
:M VMGSVHEXI UYERHS#
'SVXI HIP WMPIR^MS
TEKMRE 0YGMPPE+MEKRSRM
+MYPMS'EZEPPM
2MGSPI
1EVXMR
%RXSRIPPE5YIWXE
'PEYHMS1MPERM
6MGGEVHS1MRM
0YMKM(´)PME
%PIWWERHVE%VHMEI%YFIVX'VSZEXS
3QFVIXXE>EKPMS
&VYRS8SKRSPMRM
4VMWGE1SVREKLMRMI%RXSRIPPS'IGGLMREXS
7EPZEXSVI1SXXE
4MRS4IXVY^^IPPM
6IRqI6SFMXEMPPI
)KMHME&VYRS
%PFIVXS4EKPMEVMRS
'SRJEFYPE
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7SWXIRMXSVM I TEVXRIV PSKMWXMGM
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EFFSREQIRXSKIRIVEPI
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KMSVREPMIVEWEFEXS
GSQTVIWSWTIXXEGSPSWIVEPI
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KMSVREPMIVEWEFEXS½RSEPPI
WIR^EWTIXXEGSPSWIVEPI
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KMSVREPMIVEHSQIRMGE½RSEPPI
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WEFEXSIHSQIRMGE½RSEPPI
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„WTIXXEGSPSWIVEPI
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½RSEERRM%:7%-
„TVIWIVEPIWEFEXSIHSQIRMGE
HEPPIEPPI
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½RSEERRM%:7%-
„ZIRIVHv2MGSPI
1EVXMR
HEERRM',*
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(YVERXIMP*IWXMZEPMFMKPMIXXMI
KPMEFFSREQIRXMZERRSEGUYMWXEXM
TVIWWSPEGSVXIMRJSWEPZS
KMSZIHvMRGEZEHEPPI
ZIRIVHvHEPPIIWEFEXSHEPPI
EPTVEXSHIM&EPPIVMRM
4VIZIRHMXEFMKPMIXXM
7IKVIXIVME%'4&EPIVRE
4VIRSXE^MSRI
7IKVIXIVME%'4&EPIVRE
XIP
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GSPMWIVEPMWSRSHEVMXMVEVIEPTM€
XEVHMQMRYXMTVMQEHIPP´MRM^MS
HIKPMWTIXXEGSPMTVIWWSPEGSVXI
MRJSMRGEWSHMTMSKKMEHMVIXXE
QIRXIEPPEGEWWE
3VEVMGSVXIMRJS
ZIRIVHv WEFEXS HSQIRMGE 2YSZEGSVXIMRJS
4SWXMEWIHIVI
HE
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HE
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EHYPXM
7SRSEWWMGYVEXMYRMGEQIRXITIVKPM
WTIXXEGSPMWIVEPMTIVKPMEPXVMWTIXXE
GSPM½RSEPPSVSIWEYVMQIRXS
-RGEWSHMTMSKKME
-PTVSKVEQQEKIRIVEPIr
SXXIRMFMPIEPPEGSVXIMRJSS
GSRWYPXERHSMPWMXS
[[[JIWXMZEPHMREVVE^MSRIGL
+PMWTIXXEGSPMWIVEPMHMKMSZIHv
ZIRIVHvIWEFEXSWMXIVVERRS
EP8IEXVSHIP'IRXVS7SGMEPIHM
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'ERXSREPIHM1IRHVMWMS
2IPP´MRGIVXI^^EXIPIJSREVIEP
RETEVXMVIHEPPISVI
%FFSREQIRXMIKMSVREPMIVI
RSXM^MEVMSKEWXVSRSQMGS
0´%WWSGME^MSRI7TSVXMZEHIPPE
1SRXEKREZMEXXIRHIGSRHIPM^MSWM
TMEXXMHM½RIIWXEXIEP
4YRXS6MWXSVS
SVEVMGYGMRE
ZIRIVHvHEPPIEPPI
WEFEXSHEPPIEPPI
IHEPPIEPPI
HSQIRMGEHEPPIEPPI
GSTIVXSMRGEWSHMTMSKKME
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SVEVMSGSRXMRYEXS
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3WXIVMEHIPQEIWXVS
ZIRIVHvHEPPIEPPI
WEFEXSHEPPIEPPE
HSQIRMGEHEPPIEPPI
GSRGLMYWYVEHYVERXIKPM
WTIXXEGSPMWIVEPM
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WTIXXEGSPMTIVXYXXM
WTIXXEGSPMTIVKMSZERMIEHYPXM
0YGMPPE+MEKRSRM
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T
2MGSPI
1EVXMR
0EJERGMYPPEWIR^EQERM
T
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%GIRXSTEWWMHEP(YSQS
GETMXSPSWIGSRHS
T
TVEXSHIM&EPPIVMRM
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GSVXIHIPP´%KPMS
GSVXI7SPEVM
GSVXIHIM
QMVEGSPM
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T
6MGGEVHS1MRM
1MVEGGSRXM
7LEOIWTIEVI#
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RSXXIHMQI^^E
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T
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TEVSPITIV
YREREVVE^MSRI
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T
4VMWGE1SVREKLMRMI
%RXSRIPPS'IGGLMREXS
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TEK
6IRqI6SFMXEMPPI
,SQQIWHI
TMSGLI
TEK
%PFIVXS4EKPMEVMRS
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2SMRSRWETIZEQS T
T
%RXSRIPPE5YIWXE
:IGGLMEWEVEMXYT
6IGYTIVS
GSPPIXXMZS
HMYRXIEXVS
WXSVMGS
6MGGEVHS4EXIVPMRM
T
%VXII
QEVKMREPMXk
0YGE8SVVIPPM
T
+MYPMS'EZEPPM
2SQM
GSKRSQMI
MRJEQM
TEK
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6MQIZMXEQMRI
TEK
7EPZEXSVI1SXXE
2SRRMEZM
T
WTIXXEGSPSXVEHSXXSMRPMRKYEHIM
WIKRMMXEPMERE
T
%PPEQERMJIWXE^MSRIWEVkTVIWIRXIMPKVYTTSQYWMGEPI8IVVEI
2MGSPI
1EVXMR
,mRWIPI+VIXIP
T
WEFEXS
TVEXSHIM&EPPIVMRM
2MGSPI
1EVXMR
-QYWMGERXMHM
&VIQE
T
%PIWWERHVE%VHMEI
%YFIVX'VSZEXS
*IRM
IMPTVSJYQS
HIPPEPYGI
T
3QFVIXXE>EKPMS
6ERE6ERE
TEK
4MRS4IXVY^^IPPM
-SWSRSMPQMS
PEZSVS
7XSVMIHMYSQMRMIHMZMRM
GSVXIHSR6SHVMKS
0YMKM(´)PME
%WTIXXERHS
MPZIRXS
T
GSVXMPI
HIPPE'SRXIWWE
*EWGIHIXkHIKPMWTIXXEXSVM
WTIXXEGSPMTIVFEQFMRMIXkGSRWMKPMEXEZIHMHIWGVM^MSRI
WTIXXEGSPMTIVXYXXM
WTIXXEGSPMTIVKMSZERMIEHYPXM
&SREKE
HSQIRMGE
GSVXIHIPP´%KPMS
GSVXI7SPEVM
GSVXIHIM
QMVEGSPM
:MVMGSVHEXI
UYERHS#
:EPIRXMRE&MERHE
T
8IEXVSWSGMEPI
IHMGSQYRMXk
%PIWWERHVE6SWWM
+LMKPMSRI
T
'SRJEFYPE
-XVIGETIPPMH´SVS
HIPHMEZSPS
T
3QFVIXXE>EKPMS
6ERE6ERE
T
6MGGEVHS1MRM
1MVEGGSRXM
7LEOIWTIEVI#
-PWSKRSHM
YRERSXXIHM
QI^^EIWXEXI
T
7EPZEXSVI1SXXE
2SRRM%ZM
T
6IRqI6SFMXEMPPI
,SQQIW
HITMSGLI
T
'MXXEHMRER^I
1EWWMQS(EZMHHM
T
TVEXSHIM&EPPIVMRM
&VYRS8SKRSPMRM
6MQIZMXEQMRI
T
2MGSPI
1EVXMR
-PTIWGEXSVII
WYEQSKPMI
T
'PEYHMS1MPERM
&€
T
4MRS4IXVY^^IPPM
-SWSRSMPQMS
PEZSVS
7XSVMIHMYSQMRMIHMZMRM
T
%PPEQERMJIWXE^MSRIWEVkTVIWIRXIMPKVYTTSQYWMGEPI8IVVEI
HSQIRMGE
GSVXIHSR6SHVMKS
0YMKM(´)PME
%WTIXXERHS
MPZIRXS
T
GSVXMPI
HIPPE'SRXIWWE
*EWGIHIXkHIKPMWTIXXEXSVM
WTIXXEGSPMTIVFEQFMRMIXkGSRWMKPMEXEZIHMHIWGVM^MSRI
WTIXXEGSPMTIVXYXXM
WTIXXEGSPMTIVKMSZERMIEHYPXM
&SREKE
GSVXIHIMQMVEGSPM
'SVXIHIMQMVEGSPM
0EGSVXIRIPPEUYEPIWMVMGSVHE
-PPYSKSH´MRGSRXVSJVETIVWSRI
ITI^^MHMWXSVMEQMRYXEXIQTM
HMZIVWMIZMWWYXMGSQYRM0EGSVXI
HIMVEGGSRXMWTSRXERIMIHIPPE
QIQSVME
3WTMXMHMUYIWXEIHM^MSRIHMZIVWI
TIVWSREPMXkIQSHMH´MRXIRHIVIPE
REVVE^MSRI
0EWSGMIXkWMGSWXVYMWGIGSQI
YRKMEVHMRSMRGSQMRGMERHSHEPPE
WGIPXEHIPXIVVIRS½RSEPPEGYVE
HIPTMGGSPS½SVIWTSRXERIS
9R½SVIYQMPIGSQIUYIPPS
HIPXEVEWWEGSGSRPEWYEVEHMGI
VSFYWXEMPKMEPPSSVSHIPPE½SVMXYVE
EPP´MRM^MSHIPPETVMQEZIVEMPWYS
GVIWGIVI½RSETVSHYVVIMP
JVYXXSIMR½RIMPWIQIGLIWM
PEWGMEXVEWTSVXEVIHEPZIRXS
TIVGSRUYMWXEVIEPXVMXIVVIRM
UYEWMYRHMWTIVHIVWMTIVTSXIV
VMGSQMRGMEVI9RWIQIPIKKIVS
IRIPPSWXIWWSXIQTSJIGSRHS
GLIrWXEXSWGIPXSGSQIPSKSHIP
*IWXMZEP
)PEQIQSVME5YIPPEGLIMR
TVSWTIXXMZEWMGSWXVYMWGISKKMGLI
WMEKKMYRKIEPP´IVIHMXkHIPTEWWEXS
TIVHEVIYRWIRWSEPHSQERM
0EQIQSVMEGLIWMJEZMEKKMS
QSZMQIRXSTEVXIGMTE^MSRI
P´STTSWXSHIPZMZIVIRSR
TIRWERXIMRIVXIJVEMTSGVMWMII
JEPWMZEPSVM
)PETEVXIGMTE^MSRIETTYRXSÇ
MPPIMXQSXMZHIPP´IHM^MSRI
HIPPEGSVXIHIMQMVEGSPM(IGPMREXE
MRZEVMQSHMGSRP´EYWTMGMSGLI
HMZIRXMYRQSHSHMZMZIVI
7EFEXS
SVI
-QQEKMRMITEVSPITIV
YREREVVE^MSRIWGLMIVEXE
+MERPYGE+VSWWMI+MYPMS'EZEPPM
6EGGSRXEVIWXSVMIHMYSQMRMI
HMHSRRIHMKYIVVEIHMQSVXI
HMWSTVYWMIHMVIWMWXIR^ETIV
IPEFSVEVIMPHSPSVIIXVEWJSVQEVPS
MRTIRWMIVSHEGSRHMZMHIVI
TIVGSPXMZEVIP´MRHMKRE^MSRI
TIVGSQFEXXIVIP´MRHMJJIVIR^E
TIVVMGLMEQEVGMEPGSQTMXSHM
HMJIRHIVIPEZMXEIPEPMFIVXkHM
SKRMGMXXEHMRSHIPQSRHS
0SJERRSTIVQIWXMIVI+MERPYGE
+VSWWMJSXSVITSVXIVIKMSVREPMWXE
MRHMTIRHIRXIGLIHESPXVIHMIGM
ERRMVEGGSRXEHEPJVSRXIPIKYIVVI
HIP1IHMS3VMIRXII+MYPMS
SVI
8IEXVS7SGMEPIHM+YEPXMIVM
6IGYTIVSGSPPIXXMZSHMYR
XIEXVSWXSVMGS
6MGGEVHS4EXIVPMRM
2IPPE TVMQEZIVE HIP YR
KVYTTS HM VEKE^^M EPPE WSKPME HIM
ZIRX´ERRM ZEVGE TIV PE TVMQE
ZSPXE M GERGIPPM GLI HE UYEWM YR
XVIRXIRRMS GLMYHSRS MP 8IEXVS
7SGMEPI HM +YEPXMIVM 6IKKMS
)QMPME r YRE JSPKSVE^MSRI-P
XIEXVS RSRSWXERXI PE QERGER^E
HIP TEPGSWGIRMGS r YRS WTE^MS
QEKRM½GS GSR MR½RMXI TSXIR^MEPMXk
-QQIHMEXEQIRXI MRGSQMRGMERS
E WSKREVI HM VMETVMVPS EP TYFFPMGS
QE XVEWJSVQEVI MP WSKRS MR
VIEPXk r YR PEZSVS HYVMWWMQS
HMWWIQMREXS HM IRSVQM HMJ½GSPXk
)TTYVI IWTIVMIR^E YRMGE MR -XEPME
HM VIGYTIVS GSPPIXXMZS HM YR FIRI
GSQYRI ¯ MP „ QEKKMS ZMIRI
½REPQIRXI VMETIVXS MPXIEXVS
VMWXVYXXYVEXS HE UYIPPS WXIWWS
TYFFPMGS GLI WM VIGE EFMXYEPQIRXI
GSVXI HIM QMVEGSPM
PSVS SWXMREXE MRHEKMRI PE PSVS
YVKIR^E HM VEGGSRXEVI PE PSVS
IWTIVMIR^E HM XIREGI HMJIWE HIPPE
ZMXE
'EZEPPM WGVMXXSVI EXXSVI I VIKMWXE
GLI HEP TEPGS HIRYRGME PE ZMSPIR^E
WIQMREXE HEP TSXIVI QE½SWS GSR
PE GSQTPMGMXk HIP WMWXIQE TSPMXMGS
IH IGSRSQMGS
(MZIVWM KPM WXVYQIRXM HM PEZSVS
HMZIVWS MP PMRKYEKKMS HMZIVWM M
GSRXIWXM IWTPSVEXM I PI WXSVMI
REVVEXI
2IPPI MQQEKMRM HM +MERPYGE +VSWWM
EPGYRI IWTSWXI RIPPE 'SVXI HIP
WMPIR^MS ZIHM T MP XIQTS
WM JIVQE PI TEVSPI XEGGMSRS PS
WKYEVHS HIP JSXSKVEJS VIWXMXYMWGI
YRE VIPE^MSRI HE MRHEKEVI MR
TVSJSRHMXk TIV VMGSWXVYMVI YR
ZMWWYXS MRXMQS I TIVWSREPI
EPPIKSVME HM YRE WXSVME GSPPIXXMZE
GLI GM KYEVHE I GM VMKYEVHE
+MYPMS 'EZEPPM YWE PI TEVSPI
UYIPPI WGVMXXI RIPPI WIRXIR^I RIKPM
EXXM KMYHM^MEVM RIP VMGSVHS HIPPI
ZMXXMQI PI MRXVIGGME WXVIXXI MR
XIWXM HIRWM I VMXQEXM HEPPE QYWMGE
VIWXMXYMWGI PSVS WIRWS ZSGI I
GSVTS MR YR VEGGSRXS PMQTMHS GLI
RSR GSRGIHI WTE^MS EPP´EQFMKYMXk
WYM WYSM WTIXXEGSPM TVIWIRXEXM EP
*IWXMZEP ZIHM T %FFMEQS ZSPYXS JEVPM MRGSRXVEVI
TIV VEGGSRXEVWM I VEGGSRXEVGM PE
GSVXI HIM QMVEGSPM
E ZIHIVI KPM WTIXXEGSPM
6MGGEVHS 4EXIVPMRM r REXS E
6IKKMS )QMPME RIP GSSVHMRE
PI EXXMZMXk HIP 8IEXVS 7SGMEPI HM
+YEPXMIVM I WXE TIV GSRWIKYMVI
MP HSXXSVEXS MR MXEPMERMWXMGE
EPP´9RMZIVWMXk HM &SPSKRE 'SPSRRI
TSVXERXM HIPP´%WWSGME^MSRI 8IEXVS
7SGMEPI HM +YEPXMIVM WSRS SPXVI E
6MGGEVHS 4EXIVPMRM (EZMHI (EZSPM
6MXE 'SRXM +MSVKME 1EVME 0MKYSVM
0SVIR^S 'LMIWM *IHIVMGS 1SRMGE
%RRE +VE^^M 7MPZME 8MVIPPM %RHVIE
%GIVFM 2MGSP{ 'IGGLIPPE I 7EVE
0SVIRM
EWIKYMVI
%VXIIQEVKMREPMXk
%RXSRMS0MKEFYI
0YGE8SVVIPPM
%FFMEQS MRGSRXVEXS 0YGE 8SVVIPPM
HYVERXI EPGYRM WSTVEPPYSKLM E
+YEPXMIVM I RIPPE KSPIRE HIP 4S
EPPE VMGIVGE HM WXSVMI WYPP´EVXMWXE
%RXSRMS 0MKEFYI REXS I GVIWGMYXS
MR 7ZM^^IVE I TSM IWTYPWS ETTIRE
ZIRXIRRI HSTS MP VMGSZIVS MR YR
SWTIHEPI TWMGLMEXVMGS I XVEWJIVMXS
RIP GSQYRI HM +YEPXMIVM 5YM
EWWYRXS GSQI FVEGGMERXI RIM
PEZSVM HM GSWXVY^MSRI HIKPM EVKMRM
HIP 4S RIP MRGSQMRGM{ E
HMTMRKIVI RIP WYS GEVEXXIVMWXMGS
WXMPI
0YGE 8SVVIPPM r MP GYWXSHI HIP
QYWIS 0MKEFYI E 4EPE^^S
&IRXMZSKPMS EJJEGGMEXS WYPPE
WXYTIRHE TME^^E HM +YEPXMIVM
0EZSVE RIP GIRXVS GYPXYVEPI
GSRSWGI I VIWXMXYMWGI GSR
TEWWMSRI PE WXSVME HIM PYSKLM
GLI r ERGLI PE WXSVME HIM WYSM
EFMXERXM LE ETTVSJSRHMXS P´STIVE
I PE ZMXE HIPP´EVXMWXE RI MRXIVTVIXE
GSR TEWWMSRI UYEHVM I WGYPXYVI
VEGGSRXERHS EP GSRXIQTS PI
GSRXVEHHM^MSRM HIPP´IWWIVI YQERS
GSRGIRXVEXI RIPPE TIVWSRE HM
0MKEFYI RIPPE WYE XVEKMGE ZMGIRHE
YQERE
SVI
'MXXEHMRER^I
1EWWMQS(EZMHHM
8VIPIXXYVIFVIZMTIVPETEVSPE
±GMXXEHMRER^I²
EGYVEHM1EWWMQS(EZMHHM
GSVXIHIMQMVEGSPM
TIVXYXXSMPTIVGSVWSHEPPE
TVSKIXXE^MSRIEPPEFSVEXSVMS
½RSEPPEGVIE^MSRIHIPPS
WTIXXEGSPS%PIWWERHVEVEGGSRXE
PIIWTIVMIR^ITVSJIWWMSREPM
IEVXMWXMGLIMRUYIWX´EQFMXS
TIVSJJVMVIYRSWXVYQIRXSHM
VM¾IWWMSRIIHMPEZSVSEXYXXM
GSPSVS¯EXXSVMGSRHYXXSVM
SVKERM^^EXSVMIHYGEXSVM
MRWIKRERXM¯GLIWMSGGYTERSS
WSRSMRXIVIWWEXMEPPEWGVMXXYVEXVE
XIEXVSIHMQIRWMSRIHMGSQYRMXk
±'MXXEHMRER^I²rYRETEKMREWYP
TSVXEPIHIPP´%WWSGME^MSRI'YPXYVE
4STSPEVIHM&EPIVREGLIGSR
WIQTPMGMXkGIVGEHMGSKPMIVI±HEP
FEWWS²IWTIVMIR^IUYSXMHMERII
XIWXMQSRMER^IHMZMXERIPXIQTS
GLIZMZMEQS
1EWWMQS(EZMHHMREXSE*MVIR^I
RIPZMZIJVE1IRHVMWMS
(SQIRMGE
SVI
8IEXVSWSGMEPIIHM
GSQYRMXk
%PIWWERHVE6SWWM+LMKPMSRI
VEGGSRXEHIMHMZIVWMTVSKIXXM
PIKEXMEP8IEXVSWSGMEPIIHM
GSQYRMXk
%V^SLESWTMXEXSHYIWTIXXEGSPM
HIP8IEXVS4STSPEVI)YVSTIS
VIEPM^^EXMGSRMPWSWXIKRSHM4VS
,IPZIXMERIPW[M\\QYPXM
OYPXMIRIP-PTSWXEPIHIP
XIQTS0EHVEQQEXYVKMEIPE
VIKMEIVERSHM%PIWWERHVE6SWWM
+LMKPMSRIGLIVIGIRXIQIRXILE
TYFFPMGEXSYREPXVSPMFVS8IEXVS
WSGMEPIIHMGSQYRMXk%PIWWERHVE
LEMRGSRXVEXSQSPXITIVWSRI
ILEVEGGSRXEXSPIPSVSWXSVMI
LEJEXXSEVXIWEPYXIWSPMHEVMIXk
FIPPI^^EIGYPXYVE-RXIEXVSQE
WSTVEXXYXXSMRPYSKLMQSPXS
HMZIVWMHEPPIWGYSPIEMGIRXVM
HMYVRMHEPPIGSQYRMXkQSRXERI
EPPITIVMJIVMIHEPPIGEVGIVMEKPM
SWTIHEPM
0EHVEQQEXYVKMEHMGSQYRMXk
WMSGGYTEHMUYIPP´MRGSRXVS
JSRHEQIRXEPIXVETIVWSRIGLI
rP´IZIRXSXIEXVEPIIPSTVITEVE
GSVXI HIM QMVEGSPM
'LMEWWS I 1MPERS 7M SGGYTE HM
JSVQE^MSRI HIKPM EHYPXM MR EQFMXS
SVKERM^^EXMZS EGGSQTEKRERHS
TIVWSRI I KVYTTM RIPPI PSVS
VM¾IWWMSRM YQERI I TVSJIWWMSREPM
%XXVEZIVWS XVI EYXSVM %RHVIE
>ER^SXXS 'SRKPSQIVEXM HSR
%RHVIE +EPPS %RKIPMGEQIRXI
EREVGLMGS %QMR 1EEPSYJ
0´MHIRXMXk ZIRKSRS EJJVSRXEXM
EPGYRM XIWXM GLI MR JSVQE HMZIVWE
XSGGERS MP XIQE HIPPE GIRXVEPMXk
HIPPE TIVWSRE HIPPE WYE YRMGMXk
7SRS JVEQQIRXM HM YR HMWGSVWS
GLI WM WRSHE XVE PE WIRWMFMPMXk
TIV YR TEIWEKKMS TIVHYXS I
HIXIVMSVEXS PI ZMXI EM QEVKMRM I MP
GSRGIXXS HM MHIRXMXk GLI r WXEXS
IH r EPPE FEWI HM TVIKMYHM^M GLI
LERRS TVSZSGEXS MRGSQTVIRWMSRM
GSR¾MXXM KYIVVI 9RS WTYRXS TIV
VMTIRWEVI EP TMERIXE GSQI ±8IVVE
4EXVME² RIP WSPGS HIP ½PSWSJS
)HKEV 1SVMR VIEPXk YRMZIVWEPI MR
GYM XYXXM WMEQS YSQMRM HSRRI ½KPM
ERMQEPM TMERXI )WWIVM
4VSKIXXS-QYVMTEVPERS
%PIWWERHVE%VHME(MRE(EWSOMIM
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ZIHM T EGGERXS
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(MRE (EWSOM TIV TEVPEVI HM TMIXVI
HM ½RIWXVI HM VEGGSRXM I TEVSPI
HIP XIVVMXSVMS GLI WM EXXIRHSRS
HEP TYFFPMGS I GLI WEVERRS
VIWXMXYMXM MR JSVQE EVXMWXMGE RIP
GSVWS HIPPE TVSWWMQE IHM^MSRI HIP
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ˆMRJS$JIWXMZEPHMREVVE^MSRIGL
ˆ%PIWWERHVE%VHMEZME1EZ}KR
2SZEKKMS
ˆ4YRXS-RJSEH%V^SHYVERXI
MP*IWXMZEPHEPEKSWXSEP
WIXXIQFVI
ˆHMVIXXEQIRXIEH%PIWWERHVE
%VHMETVIRHIRHSGSRXEXXSGSR
PIMEPPS
0IWXSVMIHIMTEIWMHIPPE1SR
XEKRETEWWIVERRSEXXVEZIVWSMP
GYSVIPEZSGIIMPGSVTSHIM
'SRJEFYPERXMTIVZIRMVITSMVIWXM
XYMXIRIPP´MRXMQMXkHMYRZMGSPSEPPI
WTIXXEXVMGMIEKPMWTIXXEXSVMHIP
*IWXMZEPHM%V^SHIPP´ERRS
TVSWWMQSTIVTIVQIXXIVIPSVSMP
QMVEGSPSHMZSPEVIPSRXERS
'SRJEFYPE-QYVMTEVPERS
'´rYRQSXMZSWIRSMHIP
KVYTTS'SRJEFYPEEFFMEQS
TEVXIGMTEXS½RHEPPEREWGMXEEP
*IWXMZEPHMREVVE^MSRI'MWMEQS
EGGSVXMHEWYFMXSGLIMGMSXXSPM
HM%V^SMQYVMKPMWXMTMXMHIPPI
½RIWXVIMTEVEGEVVMREWGSRHIZERS
TEVSPIJVEWMFVERHIPPMHMWXSVMI
ÇGETMXEXSESKRYRSHMRSMMR
QSQIRXMHMZIVWMHMXVSZEVWMWSPS
MRYRERKSPSHIPTEIWIIEZIVI
P´MQTVIWWMSRIHMWIRXMVIWYWWYVVM
IQIVKIVIHEPPIGVITIHIPP´MRXSRE
GSZSGMGLIWJYKKMZERSEPPIJYKLI
XVEMHEHMHMTSV½HSIKIQMXM
XVEWGMREXMHEMGEVHMRMHIPPIKIPSWMI
-VMGSVHMPITEVSPIMKIWXMIPIPYGM
MQTVIWWMRIMQYVMGSQTVIWWMMR
WXVEXMWSXXMPMKPMYRMWYKPMEPXVM
XIWXMQSRMWIVIRMHIPPSWGSVVIVI
HIPPEZMXEGSPXIQTSQEXYVERS
IHMZIRXERSWXSVMI7ETTMEQS
TIVGIVXSGLIEPGYRIHMUYIWXI
TVSRXIEYWGMVIEPPSWGSTIVXS
LERRSVEKKMYRXSPISVIGGLMIIMP
GYSVIHMMKREVMTEWWERXMEFMXERXMS
ZMEKKMEXSVM
7IWMIXIHITSWMXEVMHMYREHMUYI
WXIWXSVMIZMWWYXEHEZSMSWIRXMXE
VEGGSRXEVIITIRWEXIWMEKMYRXSMP
QSQIRXSHMEJ½HEVPEEPTVIWIRXI
TSXIXIWGVMZIVPEIGSRWIKREVPE
RIPPIRSWXVIQERMIRXVSMP
WIXXIQFVIE
4VSKIXXS-QYVMTEVPERS
0EXYEWXSVMEEP*IWXMZEP
MRXIVRE^MSREPIHMREVVE^MSRI
KMEVHMRSWIRWMFMPI
-PKMEVHMRSWIRWMFMPI
HEEERRMEGGSQTEKREXM
0EGSVRMGIHM%V^SIMPWYS
*IWXMZEPWSRSYRPYSKSMHIEPITIV
GVIEVIYR´EXQSWJIVEHMVMWTIXXS
TIVWIWXIWWMTIVKPMEPXVM©ITIVM
TMGGSPMEFMXERXMHIPRSWXVSTMERIXE
5YIWX´ERRSMRJEXXMMP+MEVHMRS
rWIRWMFMPIEYRXIQEQSPXS
MQTSVXERXIMHMVMXXMHIPFEQFMRS
2IPKMEVHMRSWEVkTVSTSWXSYR
TIVGSVWSEXIQETIRWEXSTIV
GSRSWGIVIWTIVMQIRXEVWMIH
IWTVMQIVWMVMWIVZEXSETTYRXSEM
TM€TMGGSPMERRM
2IMHMZIVWMEPPIWXMQIRXMZIVVk
TSWXEP´EXXIR^MSRIWYEPGYRMHIM
HMVMXXMJSRHEQIRXEPMHIPP´MRJER^ME
GSQIMPHMVMXXSEPP´S^MSMPHMVMXXS
HMQYSZIVWMHMQERMTSPEVIHM
TEWXMGGMEVI©-±KVERHM²EZVERRS
MPHMVMXXSHMIRXVEVIWSPSWI
VMWTIXXSWEQIRXIKYMHEXMIEGGSPXM
HEMTVSTVMTMGGSPM
0SWTE^MSrKIWXMXSMR
GSPPEFSVE^MSRIGSRP´%74-PE
*SRHE^MSRIHIPPE7ZM^^IVE
MXEPMERETIVP´%MYXSMP7SWXIKRS
IPE4VSXI^MSRIHIPP´-RJER^ME
IHrTIRWEXSTIVIWWIVIZMWWYXS
EGGSQTEKREXMHEYREHYPXS
WMKRM½GEXMZSMRJEXXMWSPSWIZMWWYXI
EWWMIQIPIIWTIVMIR^ITVSTSWXI
HMZIRXIVERRSMQTSVXERXMIRSR
WEVERRSGSR½REXIYRMGEQIRXI
EPFVIZIQSQIRXSXVEWGSVWSRIP
KMEVHMRS
%PP´MRXIVRSWMXVSZEYRERKSPS
EPPEXXEQIRXSIJEWGMEXSMS
-P+MEVHMRSrETIVXS
WEFEXSIHSQIRMGE
HEPPIEPPI
2IPGSVWSHMIRXVEQFMM
TSQIVMKKMMPKVYTTSHMKMSZERM
REVVEXVMGM±7XVMI²HIHMGLIVk
TMGGSPIWXSVMIEMTM€TMGGSPM
0I±7XVMI²%KEXE1EVMI7IPMRE
WSRSYRKVYTTSHMREVVEXVMGM
REXSTIVHMZIVXMVWMEWWMIQII
VEGGSRXEVIWXSVMIEXYXXMGSPSVS
GLILERRSZSKPMEHMEWGSPXEVI
6EGGSRXIVERRS7XSVMIFIWXMEPM
FVIZMVEGGSRXMHMERMQEPMHIP
QSRHSTIVGLqEWGSPXEVIWXSVMI
rYRHMVMXXSJSRHEQIRXEPIHIM
FEQFMRM
:MVMGSVHEXIUYERHS#
:MVMGSVHEXIUYERHS#
7XSVMIHIP1SRXI7ER+MSVKMS
0´MHIErREXEGSRP´IWTIVMIR^E
JEXXEE1IVMHIHSZIrWXEXS
EPPIWXMXSYRSWTIXXEGSPSTIVM
JIWXIKKMEQIRXMHIPGSQYRITVMQE
HIPPEWYEEKKVIKE^MSRIGSRPE
GMXXkHM1IRHVMWMS-PQEXIVMEPI
VEGGSPXSMRSGGEWMSRIHIPPETVMQE
IWTIVMIR^ELEETIVXSQSPXI
GYVMSWMXkWYPPEWXSVMEXMGMRIWII
LEQIWWSPIFEWMTIVPSWZMPYTTS
HMYRTVSKIXXSTM€EQTMSGLI
ZYSPIWGEZEVIRIPPIRSWXVIZEPPM
IQSRXEKRITIVGSRSWGIVIPI
TIVWSRIKPMIZIRXMIKPMWTE^MGLI
RIPXIQTSLERRSQSHM½GEXSI
JEXXSGVIWGIVIMP'ERXSR8MGMRS
-PTVSKIXXS:MVMGSVHEXIUYERHS#
7XSVMIHIP'ERXSR8MGMRSREWGI
HYRUYIHEPHIWMHIVMSHMVMGIVGEVI
WXSVMIHIPXIVVMXSVMSXMGMRIWIHE
TEVXIHMXVIEXXSVMGLIZERRSEPPE
WGSTIVXEHIPPERSWXVEVIKMSRI
MRSGGEWMSRMTEVXMGSPEVMIPYSKLM
HMZIVWMTVMQEGLIPEQIQSVME
WMTIVHE3KRMZSPXESWTMXEXMHE
YRTEIWIHMJJIVIRXIKPMEVXMWXM
WMMQQIVKSRSRIPPEZMXEIRIPPI
EFMXYHMRMHIPPYSKSWZSPKSRS
MRXIVZMWXIIMRHEKMRMVMGIVGERS
ERIHHSXMVEGGSRXMIPIKKIRHI
QSHMHMHMVI %PPE½RIZMIRI
TVIWIRXEXSYRSWTIXXEGSPSHM
VIWXMXY^MSRIXIEXVEPIGLIVEGGSRXE
HIPPYSKSHIPWYSTEWWEXSIHIP
WYSTVIWIRXIHIPPITIVWSRIGLI
PSEFMXERSIPSLERRSEFMXEXS-P
TVSKIXXSZYSPIIWWIVIYRXYJJS
TVSJSRHSMRUYIWXETMGGSPEI
MQTSVXERXIVIKMSRIHMXVERWMXS
-P*IWXMZEPHMREVVE^MSRIHM%V^S
SWTMXEMPTVMQSWTIXXEGSPSHM
UYIWXSRYSZSGMGPSMRGSVEKKMERHS
GSWvMPPEZSVSHIMXVIKMSZERM
EVXMWXM9RMXMHEYREGSQYRI
PMRIEEVXMWXMGEIEJJEWGMREXMHEM
ZEVMPMRKYEKKMWGIRMGM:EPIRXMRE
&MERHE0IE0IGLPIVI(ERMIPI
&MERGSHIGMHSRSHMJSVQEVI
YRXVMSHMWTIVMQIRXE^MSRII
VMGIVGEXIEXVEPIGLIGSQFMRMPE
HER^EPETEVSPEMPQSZMQIRXSI
MPGERXSTIVTSVXEVIWYPPEWGIRE
EXQSWJIVIWXSVMIITIVWSREKKM
GLIPEWGMERSPIPSVSEZZIRXYVI
IMPSVSHIWXMRMMRIZMXEFMPQIRXI
MQTMKPMEVWMGSRUYIPPMHIPTYFFPMGS
)RXVEXEPMFIVE
0IE0IGLPIVREXERIPWYH
HIPPE+IVQERMEJVIUYIRXEMP
+]QREWMYQ)WWIR;IVHIR
WGYSPEWYTIVMSVIGSR
WTIGMEPM^^E^MSRIMRQYWMGE
IHER^E2IPWMWTSWXE
MR3PERHETIVJVIUYIRXEVI
P´9RMZIVWMXkHIPPI%VXM%VXI>HM
%VRLIQHMTEVXMQIRXSHER^E
QSHIVRE2IPWMHMTPSQE
TVIWWSPE7GYSPE8IEXVS(MQMXVM
GSRMP&EGLIPSVMR4L]WMGEP
8LIEXVI
(ERMIPI&MERGSHMSVMKMRM
XSWGERIJVIUYIRXERIPMP
GSVWSWIQIWXVEPIHMGMVGSTVIWWS
PE)WGYIPE'EVEQTEHM1EHVMH
2IPGSRWIKYIMP&EGLIPISV
MR%VXWTVIWWSPE7GYSPE8IEXVS
(MQMXVMXIEXVSHMQSZMQIRXSHM
:IVWGMS
7XSVMIHIP1SRXI7ER+MSVKMS
:EPIRXMRE&MERHEGVIWGMYXE
E1IVMHIRIPWMPEYVIE
MR7XSVMEHIPXIEXVSIHIPPS
WTIXXEGSPSTVIWWSP´9RMZIVWMXk
HIKPM7XYHMHM1MPERSIRIP
WMHMTPSQEGSQIEXXVMGITVIWWS
P´-WXMXYXS)YVSTISHIP8IEXVSHM
&IVPMRS
immagini
di Gianluca Grossi
MQQKMRMHM+MERPYGE+VSWWM
GSVXIHIPWMPIR^MS
0YGMPPE+MEKRSRM
0YGMPPE+MEKRSRM
3WTMXIEH%V^SRIPGSRPS
WTIXXEGSPS%GUYEHSVSSQEKKMS
WXVYKKIRXIEPPEXIVVEMRGYMZMZI
PEGEQTEKRERSZEVIWI0YGMPPE
+MEKRSRMXSVREMRUYIWXEIHM^MSRI
HIP*IWXMZEPGSR%TSGEPMWWI
YPXMQSEXXSHIPPEXVMPSKMEHIPPE
WTMVMXYEPMXkPEZSVSGLIIWTVMQIPE
WYEMHIEHMXIEXVSVEGGSRXEVIMP
QSRHSWIGSRHSYRSVHMRIGLI
EFFMEWIRWSTIVGLqWMEQSIWWIVM
GLILERRSFMWSKRSHMHEVIYR
WMKRM½GEXSEGM{GLIEGGEHI
-PTIVGSVWSEVXMWXMGSHM0YGMPPE
+MEKRSRMMRM^MEEPPE&SXXIKE
8IEXVEPIHM:MXXSVMS+EWWQERE
*MVIR^IHSZIMRGSRXVEERGLI
4ESPS+MYVERREIPEKVERHI
EXXVMGIJVERGIWI.IERRI1SVIEY
(EPEPGSPPEFSVEGSR
MP8IEXVS7IXXMQSPEGSQTEKRME
XIEXVEPIXSVMRIWIHMVIXXEHE
+EFVMIPI:EGMWTEVXIGMTERHSE
UYEWMXYXXMKPMWTIXXEGSPMTVSHSXXM
GSQI)PIQIRXMHMWXVYXXYVEHIP
WIRXMQIRXS2IPXIQTSXVE
PIKYIVVI7XEFEX1EXIV
0EWXSVMEHM6SQISI
+MYPMIXXE%J½RMXk
:MPPIKKMEXYVEWQERMIEZZIRXYVII
VMXSVRS%HVMERS3PMZIXXM
GSR0EYVE'YVMRS
1EGFIXL'SRGIVXS
4EVEPPIPEQIRXIPEZSVEGSQI
EXXVMGISZSGIVIGMXERXIMR
½PQSTIVIQYWMGEPMWTIXXEGSPM
XIEXVEPMQIWWEMRWGIREHMSTIVI
PIXXIVEVMISEPXVMIZIRXMGSR4ESPE
&SVFSRM0YMKM7UYEV^MRE*VERGS
4MEZSPM2MGSPE'EQTSKVERHI
%PIWWERHVS&EVMGGS+MYWITTI
&IVXSPYGGM/EXMI1MXGLIPP1EVGS
&EPMERMI7IFEWXMERS:EWWEPPM
%PXVMWTIXXEGSPMTM€VIGIRXMWSRS
'LMQIVE5YEPGYRSIVE
+MSVKMS+EFIV:IVKMRI
1EHVI§PSWTIXXEGSPS
WGVMXXSIGSQTSWXSHEQII
GLIWMGYVEQIRXIJVEXYXXMTM€QM
VETTVIWIRXE¨3XLIPPS&MK
&ERKI%TSGEPMWWI
%TSGEPMWWI
HMIGSR0YGMPPE+MEKRSRM
QYWMGLIHM4ESPS4M^^MQIRXM
HYVEXEQMRYXM
-PXIVQMRI±ETSGEPMWWI²S±WGIREVMS
ETSGEPMXXMGS²ZMIRIWSPMXEQIRXI
YWEXSMRSGGEWMSRIHMYRKVEZI
0SWTIXXEGSPSr
WSWXIRYXSHE&ERGE
6EMJJIWIRHIP1SRXI
7ER+MSVKMS
%TSGEPMWWI
HMRSMP´%TSGEPMWWIFMFPMGEVMZIPE
MRZIGIGLIPE½RIHIPQSRHS
PE½RIHIPXIQTSTSXVkIWWIVI
P´MRM^MSHMYRERYSZEZMXE2SR
GEXEWXVSJIHYRUYIQEWEPZI^^E
2SMWTIVMEQSRIPPEWEPZI^^E
HMWEWXVSREXYVEPIHMYR´IVY^MSRI
ZYPGERMGEHMYR´IWTPSWMSRI
EXSQMGESHMYREWXVEKIHM
KVERHMHMQIRWMSRMGSQIUYIPPE
HIPP´WIXXIQFVIE2I[
=SVO1EETSOjPYTWMWWMKRM½GE
±WZIPEQIRXS²±VMZIPE^MSRI²I
MRXEPIWIRWSPSYWEP´EYXSVI
HIPP´YPXMQSPMFVSHIPPE&MFFME
§KYEVHE¨§VEGGSRXEGM{GLILEM
ZMWXS¨WSRSPIVEGGSQERHE^MSRM
TM€JVIUYIRXMVMZSPXIE+MSZERRM
MPXIWXMQSRIREVVEXSVI-PQMWXIVS
WMVMZIPEWSPSEGLMWEKYEVHEVI
EGLMLESGGLMRYSZM'LMRSR
WEKYEVHEVIGLMRSRLESGGLM
RYSZMrGSQIMPVI)HMTSGLI
MRXIRHITYRMVIMPVIWTSRWEFMPI
HIPPETIWXIRIPPEGMXXkHM8IFI
WIR^EWETIVIGLIMPGSPTIZSPI
rPYMWXIWWS0SGETMVkETSGS
ETSGSVM¾IXXIRHSWYPPIGSWI
GLIEGGEHSRSMRXSVRSEPYMIPE
ZIVMXkEPPE½RIKPMWMWZIPIVk7EVk
XIVVMFMPI-PQMXSWSJSGPISHMZIRXE
GSWvYREKYMHEEPPEGSQTVIRWMSRI
HIPXIWXSKMSZERRISQEWITIV
)HMTSPSWZIPEQIRXSGSRWMWXIZE
RIPGSQTVIRHIVIGLIMPHIPMXXS
MPQEPIP´SVVSVIRSRZIRKSRS
HEPP´IWXIVRSQEWSRSHIRXVS
+MYPMS'EZEPPM
+MYPMS'EZEPPM
1MPERIWIJSRHEE0SHM
RIPPEGSQTEKRME&SXXIKE
HIM1IWXMIVM8IEXVEPMTIVPE
UYEPIrMRM^MEPQIRXIEYXSVI
HIMXIWXMIVIKMWXE(EPr
ERGLIMRXIVTVIXIGSR/EFYQ
GSQIYRTEMSHMMQTSWWMFMPMXk
YRSWTIXXEGSPSWYPPE6IWMWXIR^E
MXEPMERE7IQTVIHIPWSRSKPM
WTIXXEGSPM6I'EVPSRSRXSVRE
HEPPEFEXXEKPMEHM4SMXMIVWWYPPE
QERMJIWXE^MSRIGSRXVSMP+HM
+IRSZERIPIPEQSVXIHM
'EVPS+MYPMERMI0MREXISXXSFVI
PEWXVEKIWYPP´MRGMHIRXI
RIPP´EIVSTSVXSQMPERIWIMRGYM
QSVMVSRSTIVWSRI(E
EPPSVEMPWYSTIVGSVWSEVXMWXMGSWM
GSRGIRXVEWYPP´ETTVSJSRHMQIRXS
HMXIQMWGSQSHMIHMEXXYEPMXk
EXXVEZIVWSYREVMKSVSWEVMGIVGE
HSGYQIRXEVMEGLIWZSPKIMR
GSPPEFSVE^MSRIGSRKMSVREPMWXM
TIVMXMIQEKMWXVEXM2IPr
PEZSPXEHM&EQFMRMEHSRHSPS
WYPXYVMWQSWIWWYEPIEHERRS
HIMQMRSVM(IPr(SYX
(IWWTIXXEGSPSWYMVMXMQE½SWM
GLIWIKREYRERIXXETVIWEHM
TSWM^MSRIGSRXVSPEQE½EHE
EPPSVEZMZIWSXXSWGSVXEEGEYWE
HIPPIQMREGGI2IPEP
8IEXVSHIPPE'SSTIVEXMZEHM
2MKYEVHETVIWIRXE%GIRXS
TEWWMHEP(YSQSHIWGVM^MSRI
HIPQEPEJJEVIE1MPERSETEVXMVI
HEPP´SQMGMHMS%QFVSWSPMTEWWERHS
HE7MRHSREI'EPZM½RSEMGERXMIVM
HIPP´)\TS2IPQIXXIMR
WGIRE2SQMGSKRSQMIMRJEQM
YRPEZSVSWYQE½EIGEQSVVEI
WYPPEWYEIWTIVMIR^ETIVWSREPI
RIPP´MQTIKRSHMHIRYRGME(IP
r0´MRRSGIR^EHM+MYPMS
%RHVISXXMRSRrWXEXSEWWSPXS
WGVMXXSGSR+MER'EVPS'EWIPPM
I'EVPS0YGEVIPPM2IPHMGIQFVI
(YSQSH´SRSVI%GIRXS
TEWWMHEP(YSQSGETMXSPSWIGSRHS
(EPPEWXEKMSRI
'EZEPPMrHMVIXXSVIEVXMWXMGSHIP
8IEXVS2IFMSPSHM8EZE^^ERS
GSR:MPPEZIWGSMRTVSZMRGMEHM
0SHMGSQYRIHMGYMrGMXXEHMRS
SRSVEVMSHEPTIVP´MQTIKRS
EJEZSVIHIPPEPIKEPMXk7IQTVIRIP
VMGIZIE'EXERMEMPTVIQMS
EPPEQIQSVMEHM+MYWITTI*EZEMP
GSVEKKMSWSKMSVREPMWXEYGGMWSHE
'SWE2SWXVERIP
2SQMGSKRSQMIMRJEQM
HMIGSR+MYPMS'EZEPPM
HYVEXEQMRYXM
-RSQMPIJEGGIMPQSHSHM
(YSQSH´SRSVI
7SRSTSVXEXMMRWGIREMHEXM
KPMEXXMKMYHM^MEVMIMHSGYQIRXM
HIPP´STIVE^MSRIHIPPEQEKMWXVEXYVE
±'VMQMRIMR½RMXS²GLIRIPPYKPMS
TSVX{EPP´EVVIWXSHM
TIVWSRIEPWIUYIWXVSHMQMPMSRM
HMIYVSIEPPEWGSTIVXEHIP
GSMRZSPKMQIRXSHMIWTSRIRXM
TSPMXMGMRIPGVMQMRISVKERM^^EXS
2IIWGIMPUYEHVSHMYRE
0SQFEVHMEGLIZSPIZEIWWIVI
±PEPSGSQSXMZEH´-XEPME²IGLI
MRZIGIWMrXVSZEXEMQQIVWERIPPE
GSVVY^MSRIIGSPSRM^^EXEHEPPE
³RHVERKLIXE
EKMVIHMGLMRSRLERqSRSVI
RqHMKRMXkTIVGIVGEVIHMJEVI
GLMEVI^^EMRXSVRSEMJEXXMGLI
WXERRSHMIXVSP´SQMGMHMSHM
4ESPS&SVWIPPMRS3ERGSVETIV
VMTSVXEVIEPPEPYGIJEXXMJSVWI
QIRSRSXMGSQIP´YGGMWMSRI
HIPQEKMWXVEXS&VYRS'EGGME
KMYWXM^MEXSE8SVMRSHEPPE
³RHVERKLIXETIVPIWYIMRHEKMRM
9REREVVE^MSRIWYGLMUYIWXMJEXXM
PMLEZMWWYXMILEGIVGEXSHMGETMVPM
GSQI+MYWITTI*EZEQEERGLI
WYGLMGSRXMRYEP´MQTIKRSHIP
KMSVREPMWXEWMGMPMERS
(YSQSH´SRSVI
%GIRXSTEWWMHEP(YSQS
GETMXSPSWIGSRHS
HMIGSR+MYPMS'EZEPPM
QYWMGLIMRWGIREHM
+YMHS&EPHSRM
VIKMEHM6IREXS7EVXM
HYVEXEQMRYXM
2MGSPI
1EVXMR
2MGSPI
1EVXMR
'SRMGEVVS^^SRMHMPIKRSXVEMREXM
HEQSXVMGMMRZIGIHIMGEZEPPMGSQI
MXIEXVMMXMRIVERXMHMYRXIQTSPE
GSQTEKRME2MGSPI
1EVXMRJE
XETTEEP*IWXMZEPHM%V^S2MGSPI
rSVMKMREVMEHM+MRIZVE
1EVXMRHM0MIWXEP7SRS
WTSWEXMILERRSHYI½KPM(STS
YREJSVQE^MSRIXIEXVEPIGSQYRI
EPPE7GYSPE8IEXVS(MQMXVM
PEZSVERSTIVHYIERRMGSR
PE'SQTEKRME(MQMXVM-RWIKYMXS
HERRSZMXEEYREGSQTEKRME
MRHMTIRHIRXIGSRYRTVSTVMS
XIRHSRIEGYTSPEIHEEPPSVE
WSRSGSRXMRYEQIRXIMRZMEKKMS
MR7ZM^^IVEIMRXYXXSMPQSRHS
-RUYIWXSTIVMSHSMPGEVXIPPSRI
GSQTVIRHIUYEXXVS½EFIWGIPXI
JVEUYIPPITYFFPMGEXIHEMJVEXIPPM
+VMQQ4IVGLqPI½EFI#4IV
SJJVMVIP´MRXMQEIQS^MSRIHM
PEWGMEVWMMRGERXEVIHEPWYSRS
HMYREZSGIVEGGSRXERXIE
XYXXMGSPSVSGLIRSRLERRS
QEMZMWWYXSXEPIIWTIVMIR^EI
REXYVEPQIRXIERGLIEGLMVMGSVHE
GSRYRTS´HMRSWXEPKMEMXIQTM
HIPPI½EFI2IMERRMXVEMP
IMPPILERRSQIWWIMR
WGIREZSPXIMRPYSKLMI
MRWIXXI4EIWMXVEHSXXIIVIGMXEXI
MRWIXXIPMRKYIHMZIVWI
0EJERGMYPPEWIR^EQERM
HEERRM
HYVEXEQMRYXM
9RTSZIVSQYKREMSMRGSRXVERIP
FSWGSYRSWGSRSWGMYXSGLIKPM
HMGI§-SXMJEV{VMGGSQSPXSVMGGS
WIMRGEQFMSQMTVSQIXXMUYIPPS
GLIG´rHMIXVSMPXYSQYPMRS¨
§(MIXVSMPQMSQYPMRSG´rWSPS
YRZIGGLMSQIPS¨TIRWEMP
QYKREMSEGGSRWIRXIRHSEPTEXXS
7GMEKYVEXEQIRXIWMWFEKPMETIVGLq
HMIXVSMPQYPMRSG´rWYE½KPMEGLI
WTE^^EZEMPGSVXMPI1EMPTEXXSGSP
QEPMKRSrWMKPEXSIPEQEPEWSVXI
WMEFFEXXIWYPPE½KPMEHIPQYKREMS
6MYWGMVkEPMFIVEVWIRI#
-QYWMGERXMHM&VIQE
HEERRM
HYVEXEQMRYXM
9RFIPUYEVXIXXSMQYWMGERXM
HM&VIQE9REWMRSYRGERI
YRKEXXSIYRKEPPS©7SRS
,mRWIPI+VIXIP
HEERRM
HYVEXEQMRYXM
%FFERHSREXMHEMKIRMXSVMMRYRE
GYTEJSVIWXE,mRWIPI+VIXIP
EVVMZERSEPPEGEWIXXEHIPPEWXVIKE
2SRSWXERXIPEHMWTIVE^MSRI
XVSZERSPEJSV^ETIVWGSR½KKIVIMP
QEPI'LIFIPPEWSVTVIWEUYERHS
XVSZERSYRXIWSVS7MVMIQTMSRS
PIXEWGLIHMTMIXVITVI^MSWII
EFFSGGLM9RKMSVRSXVSZE
EPP´EQSYRTIWGIQMVEGSPSWSGLI
IWEYHMWGIXYXXMMWYSMHIWMHIVMI
UYIPPMHMWYEQSKPMI3KRMZSPXE
GLIMPTIWGEXSVIWMVIGEEPQEVI
0EJERGMYPPEWIR^EQERM
ZIGGLMIRSRWSHHMWJERSTM€M
PSVSTEHVSRMVMWGLMERSYRE½RI
MRKPSVMSWE(IGMHSRSHMHEVWIPE
EKEQFIITEVXSRSEPPEZSPXEHM
&VIQETIVHMZIRXEVIQYWMGMWXM
1IRXVIEXXVEZIVWERSPEJSVIWXE
MRGSRXVERSYREFERHEHMFVMKERXM
-RWMIQIVMIWGSRSEGEGGMEVPMGSR
YRSWGLMEQE^^SERMQEPIWGSI
TVITEVERSYREKVERHIJIWXEGSR
XERXITVIPMFEXI^^ITIVXYXXM
-PTIWGEXSVIrWIHYXSMRVMZE
EPQEVIIEWTIXXEGLIMPTIWGI
-PTIWGEXSVIIWYEQSKPMI
HEERRM
HYVEXEQMRYXM
%RXSRIPPE5YIWXE
%RXSRIPPE5YIWXE
7MJSVQERIPGIRXVSHMVMGIVGE
IWTIVMQIRXE^MSRIXIEXVEPI
0EFSVEXSVMS2SZIHM&EVFEVE
2EXMZME*MVIR^IIRIMPEFSVEXSVM
HM4SRXIHIVE8IEXVS%XXVMGI
EYXVMGIVIKMWXEMRXVEXXIRMXVMGI
XVEZSPKIRXIHEPrEXXVMGI
MRRYQIVSWMPEZSVMXIEXVEPM:MZI
IPEZSVEXVE-XEPMEI*VERGME
HSZIJETEVXIHEPHIPPE
0MKYI-QTVSZMWEXMSR8LqlXVEPI
HM1EVGUIR&EVSIYP2SVH
4EWHI'EPEMWIHEPHIPPE
0MKYIH´-QTVSÉPIHI*VERGI
KVYTTMGSRGYMGSPPEFSVEXYXXSVE
ÇERGLIXVEHYXXVMGIMRMXEPMERSHM
STIVIXIEXVEPMHMEYXSVMJVERGIWM
GSRXIQTSVERIM(EPEP
TEVXIGMTEGSQIEXXVMGIEP8IEXVS
H´-QTVIWEGLIWMTVSTSRIHM
ETTPMGEVIPEQIXSHSPSKMEXIEXVEPI
RIPPEJSVQE^MSRIE^MIRHEPI
4EVEPPIPEQIRXIWGVMZIIHMVMKI
MGSVXSQIXVEKKM0´3GGEWMSRI
I1EQQE'SR
PEGSQTEKRME0E54VSHHEPIM
JSRHEXERIPTVSHYGII
MRXIVTVIXEKPMWTIXXEGSPMXIEXVEPM
-P6ETTSVXS0YKERSSZZIVSGSQI
WEPZEVIMPGETMXEPMWQSRIP<<-
WIGSPSXVEXXSHEPP´SQSRMQSPMFVS
HM7YWER+ISVKIZMGITVIWMHIRXI
HM%XXEG*VERGMETSM(SVE
4VSRSFMWQSRSPSKSGSQMGS
WYPVETTSVXSHIPPEHSRREGSR
PE'LMIWEGEXXSPMGE7XEWIVE
3ZYPSXIWXSGSQMGSIMRWMIQI
GSQQSZIRXIWYPPEWXIVMPMXk
JIQQMRMPIZMRGMXSVIHIP4VIQMS
'EPERHVEGSQIQMKPMSVI
WTIXXEGSPSIQMKPMSVIMRXIVTVIXI
I:IGGLMEWEVEMXYGSRWMHIVE^MSRM
IWMPEVERXMWYPPEZIGGLMEMEHE
TEVXIHMXVIHSRRIGLILE
ZMRXSMPTVIQMS1YWIS'IVZM
8IEXVSHIPPE1IQSVMEI
MP4VIQMS'EPERHVEGSQI
QMKPMSVIWTIXXEGSPSQMKPMSVI
EXXVMGIIQMKPMSVIVIKME(EP
rHMVIXXVMGIEVXMWXMGEHIP*IWXMZEP
HIPPI%VXM'SQMGLIHM7ER
8IVIR^S0IVMGM
:IGGLMEWEVEMXY
-PXMXSPSLEYRHSTTMSWMKRM½GEXS
MPTVMQSUYIPPSTM€MQQIHMEXS
rPEVMWTSWXEFVYWGEUYERHSYRE
HSRREWMWIRXIHMVIHEUYEPGYRS
SKPMIPSPIKKIMRJEGGME§XMXVSZS
MRZIGGLMEXE¨MPWIGSRHSUYIPPS
TM€MQTSVXERXIrMPTIRWMIVSGLI
ZIGGLMJSVWIYRKMSVRSPS
WEVIQSXYXXM
-PTIVWSREKKMSTVMRGMTEPIHIPPS
WTIXXEGSPSr%VQMHEERRM
YR´ER^MEREGLMYWEMRSWTM^MS
GSRXVSPETVSTVMEZSPSRXkIGLI
HIWMHIVEJSVXIQIRXIXSVREVIE
GEWETVSTVME7EFMRIrPERYSVE
UYEVERXEGMRUYIRRIJVERGIWI
QSPXSTVISGGYTEXEHIPTVSTVMS
EWTIXXS½WMGSIHIMWIKRMHIP
XIQTSGLIPEVIRHSRSQIRS
EXXVEIRXIUYMRHMGSWGMIRXIHM
IWWIVITVSWWMQEEWTEVMVIEKPM
SGGLMHIPPEWSGMIXk-R½RI1SRMGE
ERRM½KPMEHM7EFMRIIRMTSXI
HM%VQMHEGLIRSRLEQEM
XIQTSGSQIWTIWWSHMGMEQS
EYXSQEXMGEQIRXIXYXXMTVIWE
HEPPEGSVWEJVIRIXMGEHMJEVIXYXXS
TIVSXXIRIVIJSVWIYRKMSVRS
UYEPGSWEYRPEZSVSYREZMXEHM
GSTTMEHIM½KPM8VIHSRRIXVI
KIRIVE^MSRMEGSRJVSRXS3KRYRS
HMUYIWXMTIVWSREKKMLEMRWqM
GEVEXXIVMPIERWMIMTIRWMIVMKPM
EXXIKKMEQIRXMHMXYXXMRSM-PTYRXS
MRGSQYRIMP½PSGLIRIGYGIPI
WXSVMIrMPPSVSVETTSVXSGSRMP
XIQTSGLITEWWE
:IGGLMEWEVEMXY
HM%RXSRIPPE5YIWXEI
*VERGIWGS&VERHM
MRWGIRE%RXSRIPPE5YIWXE
HYVEXEQMRYXM
'PEYHMS1MPERM
'PEYHMS1MPERM
7MHMTPSQEIHYGEXSVIGSRYRE
XIWMWYPPETIHEKSKMEREVVEXMZE
IRIPGSQMRGMEPEWYE
JSVQE^MSRIXIEXVEPIGSRPE
GSQTEKRME8IEXVS'MXXk1YVEXE
HM'SQS2IPJSRHE
PEGSQTEKRME0EXSTEVPEXSI
TVSHYGIWTIXXEGSPMHMREVVE^MSRI
HIHMGEXMEMTM€TMGGSPM2IPPS
WXIWWSERRSREWGIPSWTIXXEGSPS
-6EGGSRXMHM+PSVMEGSQFMRE^MSRI
KMSGSWEHMXIEXVSIERMQE^MSRI
-WYSMVEGGSRXMWSRSGSWXVYMXMWYM
QIGGERMWQMXMTMGMHIPPE½EFEGSR
IVSMQSWXVMTVSZIHEWYTIVEVI
IGSRIPIQIRXMQEKMGMWTIWWS
VETTVIWIRXEXMMRWGIREHEIJ½GEGM
IJJIXXMWTIGMEPM
0´EWTIXXSIHYGEXMZSrJSRHERXI
RIPPEGSWXVY^MSRIHIMWYSM
WTIXXEGSPMMPXIQEHIPPITEYVI
ZMIRIEJJVSRXEXSMR&€UYIPPS
HIPPEQSVXIIHIPGMGPSHIPPEZMXE
XVSZERSIWTVIWWMSRIRI0´%PFIVS
MR:SGMrGIRXVEPIPEXIQEXMGE
HIPP´MHIRXMXkIGSRMPWYSYPXMQS
WTIXXEGSPS0YP€ZMIRIWSRHEXEPE
GETEGMXkHIPP´YSQSHMEJJVSRXEVI
PIHMJ½GSPXkEXXVEZIVWSP´MWXMRXS
P´MRXIPPMKIR^EIPEKIRIVSWMXk
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HMIGSR'PEYHMS1MPERM
HEERRM
HYVEXEQMRYXM
'MWSRSWXSVMIHMTEYVETEYVSWI
)EPXVIHMZIVXIRXM
&€rYREHMZIVXIRXIWXSVMEHM
TEYVEVEGGSRXEXEHEYREXXSVII
HEYRETSVXE
0ETSVXErYRGSR½RIHEYRE
TEVXIG´rMP&SWGS:IVHIHEPP´EPXVE
MP&SWGS2IVS
2IP&SWGS2IVSZMZSRSMP0EHVS
MP0YTSPE7XVIKEIMPTEHVSRIHM
XYXXMMPXIVVMFMPI9SQS2IVS
2IP&SWGS:IVHIG´rYREQEQQE
VSXSRHEGSQIPIXSVXIYRTETk
JSVXIWIXXIJVEXIPPMKVERHMGSQI
EVQEHMIERGLIYRFEQFMRS
MPTMGGSPS&EVXSPSQIS7EVk
TVSTVMSPYMEGGSQTEKREXS
HEPP´MRWITEVEFMPIGSTIVXMREE
HSZIVEJJVSRXEVIPIGVIEXYVIHIP
&SWGS2IVS½RSEWGSR½KKIVPI
YRETIVZSPXE
&€MRWIKREGLIPITEYVIWM
WYTIVERSIGLIVMHIVIEZSPXIr
P´EVQEQMKPMSVI
&€
-6EGGSRXMHM+PSVME
HMIGSR'PEYHMS1MPERM
HEERRM
HYVEXEQMRYXM
-RYRTIVMQIXVSJEXXSGSRPIPYGM
HM2EXEPIG´rYREWGEXSPEVSWWE0E
WGEXSPEWMGLMEQE+PSVME5YERHS
+PSVMEWMETVIGSQMRGMEYRE
QYWMGEILEMRM^MSYREWXSVME
-6EGGSRXMHM+PSVMErYRS
WTIXXEGSPSHMREVVE^MSRII
ERMQE^MSRI8VI½EFIXVEMP
GPEWWMGSIP´SVMKMREPIWSRS
VEGGSRXEXIEXXVEZIVWSYRTVIGMWS
WGEQFMSXVETEVSPIIQYWMGE
+MSGLMHMWMPIR^MIFEXXMXMHMQERM
EGGSQTEKRIVERRSMFEQFMRM
EPP´EWGSPXSHIPPEWXSVMEHIP
7SPHEXMRSHM4MSQFSHIM0MSGSVRM
HM*EKMSPMRSITIVMTM€GSVEKKMSWM
ERGLIUYIPPEHM&EVFEFP€
6MGGEVHS1MRM
6MGGEVHS1MRM
2EVVEXSVIEYXSVIXIEXVEPII
HVEQQEXIVETMWXE(STSHMZIVWM
TIVGSVWMJSVQEXMZMMREQFMXS
XIEXVEPIMR-XEPMEIEPP´IWXIVS
+YMPHLEPP7GLSSPSJ(VEQEHM
0SRHVE-RXIVREXMSREP7GLSSPSJ
7XSV]XIPPMRKMR+VER&VIXEKRE
8IEXVSHIPP´3TTVIWWSGSR
,IGXSV%VMWXM^jFEPHMTPSQEMR
HVEQQEXIVETMERIPPE7GYSPEHM
%VXMXIVETMIHM0IGGSHEHMZIVWM
ERRMWMETTEWWMSREEXYXXSUYIPPS
GLIWMTY{JEVIGSRMPXIEXVS
IPEREVVE^MSRITIVJEZSVMVI
PEHMZYPKE^MSRIGYPXYVEPII
WGMIRXM½GE7GVMZIXIWXMXIEXVEPMI
WGIRIKKMEXYVIGMRIQEXSKVE½GLI
TEVXIGMTERHSEJIWXMZEPMR-XEPME
IEPP´IWXIVS'SQIEYXSVILE
GSPPEFSVEXSGSRMP4MGGSPS8IEXVS
MP8IEXVS'EVGERSMP8IEXVSHIP
&YVEXXS%QRIWX]-RXIVREXMSREP
MP8IEXVS%VWIREPIHM1MPERS,E
WGVMXXSITYFFPMGEXSMXIWXMHIP
TVSKIXXS8IEXVSMR1EXIQEXMGE
TIVPEGSQTEKRME4%'8%HM
1MPERS2IPJSRHEGSR
6SFIVXE+SIXEP´EWWSGME^MSRI
0M1S2I0MFIVM1SZMQIRXM
2IGIWWEVMTIVPEUYEPIVIEPM^^E
GSQIVIKMWXEIHVEQQEXYVKS
PEFSVEXSVMHMXIEXVSIHMWGVMXXYVE
GVIEXMZEMRMXEPMERSIMRMRKPIWI
RIPPIWGYSPI2EXSE1MPERSZMZI
MRTVSZMRGMEHM'SQS
0´%WWSGME^MSRIGYPXYVEPI
0M1S2I0MFIVM
1SZMQIRXM2IGIWWEVM
'SRUYIWXEEWWSGME^MSRI
6MGGEVHS1MRMI6SFIVXE+SIXE
TVSJIWWMSRMWXMHIPPEHMHEXXMGEIHIP
XIEXVSWMTVSTSRKSRSHMYRMVI
PIHMZIVWIIWTIVMIR^IQEXYVEXI
MRIRXVEQFMMGEQTMEXXVEZIVWS
PEVIEPM^^E^MSRIHMWTIXXEGSPMI
PEFSVEXSVMHMXIEXVSMRMXEPMERS
IMRMRKPIWITIVGSVWMHMHEXXMGMI
MRM^MEXMZIGYPXYVEPM
8IEXVSREVVE^MSRIWGVMXXYVE
GVIEXMZEIHER^EWSRSKPM
WXVYQIRXMTVMRGMTEPMGLI
P´EWWSGME^MSRIQIXXIMRGEQTS
TIVVIEPM^^EVIPIEXXMZMXkVMZSPXIE
FEQFMRMIEHYPXM0EHMQIRWMSRI
HIPKMSGSGSQITVEXMGEEXXMZE
HMGSRHMZMWMSRIIHMWGEQFMS
rYRIPIQIRXSIWWIR^MEPI
HIPP´ETTVSGGMSTVEXMGEXSGSQI
ERGLIPEZEPSVM^^E^MSRIHIMHMZIVWM
PMRKYEKKMZIVFEPMIRSGLI
GEVEXXIVM^^ERSPEGSQYRMGE^MSRI
1MVEGGSRXM7LEOIWTIEVI#
-PREVVEXSVIWSPSMRWGIRE
EJ½HERHSWMEPPEJSV^EHIPVEGGSRXS
IHIPPITEVSPIJEVMZMZIVIKPM
MRXVIGGMEQSVSWMKPMIUYMZSGMIM
KMSGLMHMQEKMEHIMTIVWSREKKM
HIP7SKRSHMYRERSXXIHMQI^^E
IWXEXI0EREVVE^MSRIRSRWM
PMQMXEEPPEZMGIRHEHIWGVMXXERIP
XIWXSSVMKMREPIQEMRXVIGGME
WETMIRXIQIRXIMRYRKMSGS
HMWGEXSPIGMRIWMGLIVMGLMEQE
0I1MPPIIYRERSXXIPIJSRXM
WLEOIWTIEVMERIWXIWWIGVIERHS
WXSVMIHIRXVSPIWXSVMIJEGIRHS
HMEPSKEVIXVEPSVSPEQMXSPSKME
KVIGEGSRUYIPPEGIPXMGEPI
1IXEQSVJSWMHM3ZMHMSGSRPE
GSQQIHMEHIKPMIUYMZSGM
-PREVVEXSVIJEWGMZSPEVIMP
TYFFPMGSMRYRYRMZIVWSJERXEWXMGS
MRGYMEGGEHMQIRXMQMXMGM½EFIWGLM
WYVVIEPMXVEKMGMIGSQMGMWM
EPXIVRERSMRYRGEPIMHSWGSTMSHM
MQQEKMRMIEZZIRXYVI
1MVEGGSRXM7LEOIWTIEVI#
-PWSKRSHMYRERSXXIHM
QI^^EIWXEXI
XIWXSHM6MGGEVHS1MRM
VIKMEHM6SFIVXE+SIXEI
6MGGEVHS1MRM
WGIRSKVE½EISKKIXXMHMWGIRE
&EVFEVE&IVKEQEWGLM
HEERRM
HYVEXEQMRYXM
0YMKM(´)PME
0YMKM(´)PME
%H%V^SRIPLETVIWIRXEXS
7XSVMEH´EQSVIIEPFIVMIRIP
0EKVERHIJSVIWXEWTIXXEGSPM
GSRGITMXMTIVMVEKE^^MQE
TIVZEWMHMYRJEWGMRSIHMYRE
TSIWMEXEPMHEGSMRZSPKIVIERGLI
KPMEHYPXM5YIWX´ERRSEVVMZE
GSR%WTIXXERHSMPZIRXSYRE
TVSHY^MSRIGSRKMYRXEHIPPE
'SSTIVEXMZE8LEPEWWMEHM&VMRHMWM
IHIP*IWXMZEP7MGSQTPIXEGSWv
PEWIVMIHIMPEZSVMHMREVVE^MSRI
HIHMGEXEEUYIMFEQFMRMGLI
RIPFYMSHIKPMWTIXXEGSPMMRGYM
WMVEGGSRXEHMTEIWEKKMHIWSPEXM
WIR^EEPFIVMHSZIWMQYSVIHM
WIXISTTYVIHMPYTMSVWMIJSVIWXI
TEYVSWIXVSZERSMPGSVEKKMSHM
KVMHEVI§8MEMYXSMS8MEMYXSMS¨
-RUYIPPSWTE^MSHMJVEKMPMXkRIP
WIRXMVWMP´YRSHMTIRHIRXIHEPP´EPXVS
EPPEVMGIVGEHIPRYXVMQIRXSI
HIPP´EJJIXXSG´rPETSWWMFMPMXkHM
MQQEKMREVIYRQSHSHMZIVWSHM
WXEVIEPQSRHSHMVETTSVXEVWM
GSRPEREXYVEHMIWWIVIYQERM
%VXMWXEIHIHYGEXSVI0YMKM(´)PME
PEZSVEHESPXVIHMIGMERRMGSR
MPWYSGSPPIXXMZSTIVERMQEVI
IWTIVMIR^IHMVMXSVRSEPPEREXYVE
IHMIHYGE^MSRIEQFMIRXEPI
VMZSPXIEFEQFMRMIEHYPXM7IQTVI
EPPEVMGIVGEHMRYSZMPMRKYEKKM
HIPPSWTIXXEGSPSHMUYIWX´ERRS
HMGI§7IRXMEQSGLIUYIWXS
VEGGSRXSGLMYHIYREXVMPSKME2SR
WSHMVITIVGLq0SWIRXS(STS
TSXVIQQSVEGGSRXEVIHMEPXVS¨
0E'SSTIVEXMZE8LEPEWWME
2EWGIRIPTEVEPPIPEQIRXI
EPP´MWXMXY^MSRIHIPPE6MWIVZE
REXYVEPIHM8SVVI+YEGIXS
&VMRHMWMGSQIWSGMIXkHM
EXXMZMXkIWIVZM^MTIVKIWXMVIP´EVIE
TVSXIXXE2IKPMERRMGVIWGII
WMIZSPZI½RSESGGYTEVWMSKKM
TVSJIWWMSREPQIRXIWYWGEPE
RE^MSREPIIRSRWSPSHMTVSKIXXM
GSRRIWWMEMXIQMHIPPSWZMPYTTS
WSWXIRMFMPIHIPP´IHYGE^MSRI
EQFMIRXEPIIHIPPEGMXXEHMRER^E
EXXMZERIPPIWYIHMZIVWIJSVQI
IPMRKYEKKMQYWMGEXIEXVSHM
REVVE^MSRIJEZSPIGMVGSHIPPI
WGMIR^IGSVWMHMFMSPSKMEQEVMRE
ÇGSQTSWXEHEWSGMRYQIVSWM
GSPPEFSVEXSVMIWXIVRMIGSQTEKRM
HMZMEKKMSWTEVWMWYPXIVVMXSVMS
RE^MSREPI
%VXYVSrYRFEQFMRSGLIRIPPE
ZMXEWEVkWIQTVIYRTMRKYMRSRSR
G´rRMIRXIHEJEVIRSRZSPIVkQEM
-PWYSTETkZMEKKMETIVPEZSVSI
SVEG´rYRERYSZEGEWEYRRYSZS
TEIWI-PWYSTETkLEMGETIPPMGLI
GEQFMERSGSRMPZIRXSPMWGMGSRPE
XVEQSRXEREVMGGMGSRPSWGMVSGGS
2IPRYSZSTEIWIG´r'EXIVMRE
YREVEKE^^MREGLIWEXYXXSWYKPM
YGGIPPMQMKVEXSVM)HrXVSTTS
GEVMREERGLIWILEKPMSGGLMEPMI
0SWTIXXEGSPSr
WSWXIRYXSHEPPE
*SRHE^MSRI%KRIWII
%KSWXMRS1EPIXXMI
HEPPE'SR4VS&MS
ZIHMT
%WTIXXERHSMPZIRXS
P´ETTEVIGGLMSWSTVEIWSXXS4SM
G´r%RHVIEYRFEQFMRSGSRYRE
TEWWMSRIGSWvTVSJSRHEHEJEV
TVIWEKMVIYRHIWXMRSTM€KVERHI
QMWXIVMSWSIQEKMGS0YMRIPPEZMXE
WEVkYREVSRHMRIRSRG´rHYFFMS
9RYRMZIVWSPMIZIHMEZZIRXYVII
KMSGLM2YSZSXYXXSHEWGSTVMVI
9R´EQMGM^MEGLILEMPWYSRSHIP
ZIRXSXVEPIGERRIIHIPWMPIR^MS
WYPPSWXEKRSEPXVEQSRXS%VXYVS
'EXIVMREI%RHVIEWIQFVERS
HMWIKREXMWYPP´EGUYEHIPPSWXEKRS
LERRSMPGMIPSHIRXVSEJJVSRXERSMP
QMWXIVSIMRWMIQIWMVEGGSRXERS
GSRPEQIVEZMKPMEHIRXVSKPMSGGLM
%WTIXXERHSMPZIRXS
HM0YMKMH´)PMEI*VERGIWGS2MGGSPMRM
GSWXVYMXSIVEGGSRXEXSHE
0YMKMH´)PME
VIKMEHM*VERGIWGS2MGGSPMRMI
*EFVM^MS4YKPMIWI
QYWMGLIHM%PIWWERHVE1ERXMI
+MERGEVPS4EKPMEVE
YREGSTVSHY^MSRI8LEPEWWME
*IWXMZEPMRXIVRE^MSREPIHM
REVVE^MSRI%V^S
VIWMHIR^EXIEXVEPIHM1IWEKRI
&VMRHMWM
GSRPEGSPPEFSVE^MSRIHIPJIWXMZEP
1SRXEKRI6EGGSRXE1SRXEKRI
8VIRXS
HEERRM
HYVEXEQMRYXM
%PIWWERHVE%VHMEI
%YFIVX'VSZEXS
%PIWWERHVE%VHMErEXXVMGI
VIKMWXEIREVVEXVMGIGSRPITEVSPI
IMPGERXS(STSMPHMTPSQETVIWWS
PE7GYSPE8IEXVS(MQMXVMWZMPYTTE
PEREVVE^MSRIP´MQTVSZZMWE^MSRI
XIEXVEPIIZSGEPIIHrEXXMZE
RIPGEQTSHIPXIEXVSWSGMEPI
2EVVEXVMGIRIP+VYTTS
'SRJEFYPERIKPMYPXMQMERRMLE
TEVXIGMTEXSEPPEGVIE^MSRIHMXVI
WTIXXEGSPMHM8IEXVS*SVYQGSR
PE'SQTEKRME9,8HM0YKERSMR
GYMLEERGLIVIGMXEXS
%YFIVX'VSZEXSr
QYWMGMWXEIQYWMGSPSKSILE
YREJSVQE^MSRIMRQYWMGE
HSHIGEJSRMGE(STSZEVMI
IWTIVMIR^IMR7ZM^^IVEIEPP´IWXIVS
TVIZEPIRXIQIRXIE:MIRREWM
HMTPSQEMRGSQTSWM^MSRII
EVVERKMEQIRXS).1%0SWERRE
IWIKYIEPXVIJSVQE^MSRMEJ½RME
XIEXVSIQYWMGEMRZEVMIWGYSPI
JVEGYMPE7[MWW.E^^7GLSSP
&IVREÇQEIWXVSHMTMERSJSVXI
IMHIEXSVIHMYRTVSTVMS
QIXSHSHMMRWIKREQIRXS*VEPI
WZEVMEXIEXXMZMXkEVXMWXMGLIGLIPS
ZIHSRSTVSXEKSRMWXEHESPXVI
YRHIGIRRMSRIPLEGVIEXS
PSWTIXXEGSPSMXMRIVERXI'SR
P´)RRMSHMTSMHMGYMLEGSQTSWXS
PIQYWMGLI7MSGGYTEHIPPE
KIWXMSRIHIP8IEXVSHM&ERGSRIP
1EPGERXSRIIGSPPEFSVEGSRZEVM
EVXMWXMPSGEPMIMRXIVRE^MSREPM
%PIWWERHVEI%YFIVXGSPPEFSVERS
RIPPEVIEPM^^E^MSRIHMWTIXXEGSPM
RIP1EPGERXSRIHSZIVMWMIHSRS
HEP-HSRMHIPFSWGSVIKMEHM
%PIWWERHVE%VHMEIQYWMGLIHM
%YFIVX'VSZEXSIRIP'SR
P´)RRMSHMTSMVIKMEIQYWMGLIHM
%YFIVX'VSZEXSEWWMWXIR^EEPPE
VIKMEHM%PIWWERHVE%VHME
*IRMIMPTVSJYQSHIPPE
PYGI
XIWXSIZSGIHM%PIWWERHVE%VHME
EPTMERSJSVXI%YFIVX'VSZEXS
HEERRM
HYVEXEQMRYXM
7TIXXEGSPSHMREVVE^MSRI
GERXSIQYWMGE9REWXSVME
REXEHEPPEZSKPMEHMVEGGSRXEVI
YRE½EFEHEGSRHMZMHIVIGSR
MPTYFFPMGSTEVXIRHSHEYR
ZMWWYXSTIVWSREPIÇPEWXSVMEHM
*IRMIMPTVSJYQSHIPPEPYGI
YRETVMRGMTIWWETVSZZMWXEHMYR
½RMWWMQSSPJEXXSGLITIVEQSVI
IGYVMSWMXkW´MRGEQQMREWYPPE
ZMEHIPPEXVEWJSVQE^MSRIIHIPPE
WGSTIVXETVSJSRHEHMWIWXIWWE
'MWSRSQSQIRXMMRGYMWMTIRWE
HMWETIVIXYXXSHMGSRSWGIVIMP
WETSVIHIPPIGSWIMQTSVXERXM
TIVEJJVSRXEVIIJ½GEGIQIRXI
PEKMSVREXEGLIWMLEHEZERXM
1ETSMHMFSXXSXYXXSTY{
GEQFMEVIIPETVMRGMTIWWE*IRM
TIVQIXkHSRREITIVQIXk
YGGIPPSWMVMXVSZEWYSQEPKVEHS
EMQFSGGEVIWIRXMIVMWGSRSWGMYXM
VYZMHMIQSVFMHMEPXIQTSWXIWWS
WIRXMIVMMPPYQMREXMHEYRWSPI
GSGIRXI0´IWTIVMIR^EHIPP´EQSVI
PITIVQIXXIVkHMZIHIVIMPQSRHS
GSRSGGLMHMZIVWMSQIKPMSHM
ERRYWEVPSGSRYREPXVSREWSUYIP
QSRHSGLIWXEEPHMPkHIPWYS
HMREWS7GSTVMVkP´MQTSVXER^EHM
EJ½HEVWMEPWYS½YXSIHMEWGSPXEVI
PEWYEQYWMGEMRXIVMSVIERGLI
UYERHSPEQIPSHMEWMJEE^^EVHEXE
SQMREGGMSWEIMPGSVEKKMSWM
XVEWJSVQEMRGERXSIMPGERXSMR
ZSPS
3QFVIXXE>EKPMS
3QFVIXXE>EKPMS
0EYVIEXEMR0IXXIVIRIP
GSRYREXIWMWYPPE½EFE
XVEHM^MSREPIMRXVETVIRHIPE
JSVQE^MSRIXIEXVEPIWSXXSPE
KYMHEHMEXXSVMIVIKMWXMGSQI
7YWERRI1EVXMRIX+MRS>EQTMIVM
1EVGIPPS&EVXSPM%RRE7EKRE
6]W^EVH'MIWPEOMP6S],EVX
8LqlXVI1EVMS1EVXSRI
8LMIVV]7EPQSR1EQEHSY
(MSYQI8ETE7YHEREÇGS
JSRHEXVMGIRIPHIP8IEXVS
HIP6MQFEP^SEH%PIWWERHVME2IP
RIPPEWXIWWEGMXXkJSRHE
±0EGEWEHMXIEXVS²YRSWTE^MS
MRHMTIRHIRXIHSZIWMMRGSRXVERS
EVXMWXMIQIVKIRXMGLITYVXVSTTS
rHMWXVYXXSHEPP´EPPYZMSRIHIP
(EUYMYREWZSPXEPEWYE
VMGIVGEWMWTSWXEWYPXIEXVSHM
REVVE^MSRIMRTEVXMGSPEVIWYYR
VITIVXSVMSHM½EFIXVEHM^MSREPM
PIKKIRHIIVEGGSRXMVIMRXIVTVIXEXM
GSRYRPMRKYEKKMSRYSZS
EGGSQTEKREQIRXSQYWMGEPI
HEPZMZSJSXSKVE½IIMQQEKMRM
VMIPEFSVEXIEPGSQTYXIV
%XXVEZIVWSPEQYWMGEIPI
MQQEKMRMPETEVSPEEQTPM½GEGSWvMP
WYSWIRWS2IPMPWYSPEZSVS
9RGETTIPPS&SVWEPMRSTVIWIRXEXS
EH%V^SP´ERRSWGSVWSZMRGI
MPTVIQMS7XVIKEKEXXSHIPP´)RXI
8IEXVEPI-XEPMERSGSQIQMKPMSVI
EXXVMGIIQMKPMSVIWTIXXEGSPSTIV
KMSZERM
+MERRM6SFSXXM
2EXSEH%PIWWERHVMEWMHMTPSQE
MRGPEVMRIXXSEP'SRWIVZEXSVMS
HIPPEWYEGMXXkRIPIWM
HIHMGETSMEPPSWXYHMSHIM¾EYXM
HSPGMIHIPWEWWSJSRS-RWIKRERXI
IQYWMGMWXEIGPIXXMGSWZSPKI
EXXMZMXkGSRGIVXMWXMGEMRJSVQE^MSRM
GEQIVMWXMGLIIGSQIWSPMWXE(EP
GSPPEFSVEGSRMP8IEXVSHIP
6MQFEP^S
6EREVERE
HMIGSR3QFVIXXE>EKPMS
EGGSQTEKREQIRXSQYWMGEPIHM
+MERRM6SFSXXM
HEERRM
HYVEXEQMRYXM
'SQIJEVWMEQEVIHEYREVERE#
'LIGSWEWYGGIHIWIGSRPI
TIVIWMVEGGSKPMIYREFEQFMRE#
4IVGLqrQIKPMSEZSPXIRSR
6EREVERE
MRKIRYMGSRZMZSRSMPFYSRWIRWS
GSRXEHMRSIMPWIRWSHIPQEKMGS
ERGIWXVEPI§9REWTMIKE^MSRI
KIRIVEPIHIPPEZMXEWGVMZIZE
'EPZMRSREXEMRXIQTMVIQSXMI
WIVFEXERIPPIRXSVYQMRvSHIPPI
GSWGMIR^IGSRXEHMRI½RSERSM
WSRSMPGEXEPSKSHIMHIWXMRMGLI
TSWWSRSHEVWMEYRYSQSIYRE
HSRRE¨
WGLMEGGMEVIYREFMWGMEIWXEVPE
MRZIGIEHEWGSPXEVI#'SQIJYGLI
YRJEQSWSPEHVSWTSW{PE½KPME
HMYRVI#
2IPMR*MEFI-XEPMERI-XEPS
'EPZMRSVEGGSPWITIVPETVMQE
ZSPXEMPTEXVMQSRMSTIVHYXSHIPPI
XVEHM^MSRMTSTSPEVMYRM½GERHS
HMEPIXXMIWXMPMHMREVVE^MSRIMRYR
PMFVSIWIQTPEVIXYXXSVETYRXS
HMVMJIVMQIRXS(EUYIWXSXIWSVS
GSPPIXXMZSHMVIQSXIREVVE^MSRM
3QFVIXXE>EKPMSLEWGIPXS
EPGYRI½EFIEQFMIRXEXIRIP
1SRJIVVEXS0EFEQFMREZIRHYXE
GSRPITIVI0EFMWGME-PTVMRGMTI
GLIWTSW{YREVERE-FYSM
'VMGI'VSGTIVQIXXIVIMRWGIRE
YRVEGGSRXSGLIEXXVEZIVWSPE
ZSGIPEKIWXYEPMXkPEQYWMGEMP
GERXSJEVMZMZIVIYRMQQEKMREVMS
QSRHSGSRXEHMRSEPHMPkHIPPI
GSRRSXE^MSRMKISKVE½GLI
9RQSRHSMRWMIQITVSWEMGS
IJERXEWXMGSHSZIVIIZMPPMGM
TSWWSRSIWWIVIGSRWMKPMEXMHE
ERMQEPMTEVPERXMTM€WEKKMHMPSVS
EXIWXMQSRMER^EHMYRVETTSVXS
ERGSVEMRXEXXSXVEYSQSIREXYVE
MRGYMMPWSKRSWMGSRJSRHIGSRPE
ZMXE2IMVEGGSRXMEVGEMGMWEKKMI
&VYRS8SKRSPMRM
&VYRS8SKRSPMRM
ÇYRSHIMTM€MQTSVXERXMWGVMXXSVM
MXEPMERMTIVP´MRJER^MEGSRXMRYEXSVI
MHIEPIHM+MERRM6SHEVM2EXSE
'EKPMEVMZMZIE&SPSKREJVEYR
ZMEKKMSIP´EPXVSMRGYMMRGSRXVEM
PIXXSVM(STSYREHIGMREHMERRM
HMXIEXVSGSR:EGMW4ESPMRMI
&EPMERMIHMEYXSVIHMTVSKVEQQM
XIPIZMWMZMTIVUYEXXVSERRM
HIPP´%PFIVS%^^YVVSITIVXVIHMGM
HM1IPIZMWMSRISVEPEZSVEE
XIQTSTMIRSGSQIWGVMXXSVIYRE
XVIRXMREMXMXSPMTYFFPMGEXMHEP
ESKKM4IVTVIWIRXEVWMWMVMGLMEQE
EPPSWXIWWSXIWXSEGYMWMMWTMVEZE
PSWTIXXEGSPS7XSVMEH´EQSVII
EPFIVMERHEXSMRWGIREEH%V^S
RIP§7YSRERSSVQEMM
ZIRX´ERRMHEGLIKMVSP´-XEPMETIV
MRGSRXVEVIMPIXXSVMFEQFMRMI
EHYPXM %ZV{TEVPEXSHMWXSVMII
VMQIIHIPP´MRGERXSHMWGVMZIVPI
IPIKKIVPIGSRHIGMRIHMQMKPMEME
HMTIVWSRI'SRUYMWXEVIMPIXXSVM
YRSTIVYRSrMQTVIWEJSPPII
HSPGIGSQIUYIPPEREVVEXERIP
PMFVS0´YSQSGLITMERXEZEKPMEPFIVM
HM.IER+MSRSYRTEWXSVIGLI
EZIZEHIGMWSHMVMQFSWGLMVIHE
WSPSTMERXERHSEPFIVSTIVEPFIVS
ERRSHSTSERRSYR´MRXIVEZEPPI
5YEPGSWEHMWMQMPIEGGEHIEQI
HEP4MIQSRXIEPPE7MGMPMEWGYSPMRE
TIVWGYSPMREPMFVSTIVPMFVS
PIXXSVITIVPIXXSVI&IRITSWWS
HMVIHMEZIVZMWXSGVIWGIVIRIKPM
YPXMQMHYIHIGIRRMMR-XEPMEYRFIP
QERXSHMJSVIWXEYRE¾SVMHEVIXI
HMMRGSRXVMGSMPIXXSVMGSPXMZEXE
GSRGSQQSZIRXMIQMWGSRSWGMYXI
EFMPMXkIEPEGVMXkHEFMFPMSXIGEVMI
MRWIKRERXMHMVMKIRXMWGSPEWXMGM
JYR^MSREVMIMQTVIRHMXSVM
HIPPEGYPXYVEIEPXVMIZEVMIKEXM
TMERXEXSVMHMEPFIVM¨
6MQI:MXEQMRI
-RGSRXVSGSR&VYRS8SKRSPMRM
WYPP´YWSIWYPPEQERYXIR^MSRI
HIPPETSIWMERIPPEZMXEHMXYXXM
HEERRM
HYVEXEHEEQMRYXM
+IRIVEPQIRXIWMTIRWEGLI
PEQIXVMGEGMSrPEGETEGMXkHM
VMGSRSWGIVIMPQIXVSHMYRE
TSIWMEIWSTVEXXYXXSHMYWEVPSMR
RYSZIGSQTSWM^MSRMWMEVMWIVZEXE
EKPMWTIGMEPMWXM-RZIGIVMQIZIVWM
TSIWMII½PEWXVSGGLIWSRS
6MQI:MXEQMRI
WSRSHYRUYIZMXEQMRITVMRGMTM
RYXVMXMZMGLIEMYXERSEHMKIVMVI
MPGMFSKVIZIHIMPMRKYEKKMGLIGM
GMVGSRHERS
IPIQIRXMGLIEGGSQTEKRERSHE
WIQTVIMPPMRKYEKKMSYQERSI
ZIRKSRSYWEXMUYERHSG´rHEHMVI
SGETMVIUYEPGSWEHMWTIGMEPI
3KKIXXSHIPP´MRGSRXVSGSRPS
WGVMXXSVIWEVERRSPIVMQIE
GSQMRGMEVIHEPPITVMQITEVSPI
YHMXIRIPP´MRJER^MEWMPPEFEXI
MRQERMIVEVMXQMGEVMTIXMXMZE
ITSGSTM€XEVHMEVXMGSPEXI
MR½PEWXVSGGLIETTIRETM€
GSQTPIWWI'VIWGIRHSMFEQFMRM
EGGSQTEKRERSMPSVSKMSGLMGSR
½PEWXVSGGLIVMXQEXIIJERXEWMSWI
ZIVMITVSTVMIWTIVMQIRXM
RISPSKMWXMGM %QSPXMKMSZERM
EGGEHITSMHMTEVXIGMTEVIE
QERMJIWXE^MSRMIEWWMWXIVIE
WTIXXEGSPMSTEVXMXIIWTVMQIRHSWM
TIVWPSKERGLIEPXVSRSRWSRS
GLI½PEWXVSGGLIHMWGSVWMMRVMQEI
QIXVS %PXVMWPSKERXVSZMEQSRIPPE
TYFFPMGMXkVMQIIQIXVSRIPPI
JSVQYPIWGEVEQERXMGLIRIPPI
TVIKLMIVIIRIPPIPMXERMI7MXVEXXE
HM±TSIWMEWGETTEXEHEMPMFVM²
TIVVMGSQTEVMVIRIMTVSKVEQQM
XIPIZMWMZMRIKPMWTIXXEGSPMWYMQYVM
HIPPIGEWI½RSEPPIQEKPMIXXI
HIMJIWXMZEPIEPPIQIVIRHMRI
0ITSIWMIIPI½PEWXVSGGLI
4VMWGE1SVREKLMRMI
%RXSRIPPS'IGGLMREXS
4VMWGE1SVREKLMRM
0SGEVRIWIZMZIE0YKERS
2IPWMHMTPSQEGSQI
QEIWXVEHMWGYSPEIPIQIRXEVI
(EUYIPP´ERRSTEVXIGMTEEHMZIVWM
WIQMREVMHMXIEXVS1EVOYW
>SLRIV%VMERI1RSYGLOMRI
.YPME:EVPI]HMREVVE^MSRI
,EWWERI/EWWM/SY]EXq.MLEH
(EV[MGLIHMXIEXVSHER^EI
HMHER^EGSRXIQTSVERIEMR
7ZM^^IVEIEPP´IWXIVS'SQTPIXE
PEJSVQE^MSRIXIEXVEPI
JVIUYIRXERHSP´fGSPI0EWWEEH
7GYSPEMRXIVRE^MSREPIHMXIEXVS
E&VY\IPPIW(EPEPr
EPPMIZEEXXVMGIRIP8VMGOWXIV8IEXVS
HM2SZE^^ERS(EPPEZSVE
GSQIERMQEXVMGIXIEXVEPIIGSQI
VIKMWXEIEXXVMGITIVP´EWWSGME^MSRI
+MYPPEVMHM+YPPMZIVIGSPPEFSVE
RIPPIHMZIVWITVSHY^MSRMHMXIEXVS
MRXIKVEXS(EPJETEVXIHIPPE
GSQTEKRMEHMXIEXVSJSVYQ9,8
%RXSRIPPS'IGGLMREXS
2EXSE&VIWGMERIPZMZI
E0YKERS(EPEP
WIKYIPEJSVQE^MSRIXIEXVEPIEPPE
7GYSPE8IEXVS(MQMXVMHM:IVWGMS
IYREJSVQE^MSRIWTIGM½GE
WYPPEREVVE^MSRIMRWIQMREVMGSR
6SFIVXS%RKPMWERM,EWWERI/EWWM
/SY]EXqI0EYVE'YVMRS(EP
PEZSVEGSQIERMQEXSVI
XIEXVEPITIVP´EWWSGME^MSRI
+MYPPEVMHM+YPPMZIVIHrEXXMZS
MRUYEPMXkHMEXXSVIREVVEXSVI
TIVMPKVYTTS'SRJEFYPEÇ
VIKMWXEHMRYQIVSWITVSHY^MSRM
HMXIEXVSMRXIKVEXSWGEXYVMXI
HEPEFSVEXSVMIWTVIWWMZS
XIEXVEPMMRGYMMRXIVEKMWGSRS
ZSPSRXEVMTVSJIWWMSREPMMREQFMXS
EVXMWXMGSSIHYGEXMZSITIVWSRI
HMZIVWEQIRXIEFMPM'SPPEFSVEGSR
HYITVSHY^MSRMHIPPEGSQTEKRME
8IEXVSHER^E8M^MERE%VREFSPHMHM
%WGSRE5YIPPMHIPPETSVXEEGGERXS
I%VVMZIHIVGMTVSJIWWSVI
,EJEXXSTEVXIGSQI
EXXSVIHIPPEGSQTEKRME8IEXVMRS
8EWGEFMPIHM'EWXIPVSXXS,EEP
WYSEXXMZSPETEVXIGMTE^MSRIEP
*IWXMZEPHM%ZMKRSRIIEPPI
ZIXVMRIXIEXVEPMSVKERM^^EXIHEM
8IEXVM%WWSGMEXMHIPPE7ZM^^IVE
-XEPMERE8%7-IHM^MSRI
GSRPSWTIXXEGSPS%VVMZIHIVGM
TVSJIWWSVI(EPJETEVXIHIPPE
GSQTEKRMEHMXIEXVSJSVYQ9,8
-PPEKSHIMGMKRM
0SWTIXXEGSPSrWXEXSVIEPM^^EXS
TEVXIRHSHEPPEXVEQEHIP
GIPIFVIFEPPIXXSGLILESVMKMRI
HEYR´ERXMGE½EFEXIHIWGE-P
ZIPSVYFEXSIHEPP´STIVEHM
8WGLENOSZWOMN0EQYWMGESPXVIEM
HYIEXXSVMrPEXIV^EREVVEXVMGI
HIPPEZMGIRHEGLILETIV
TVSXEKSRMWXEMPTVMRGMTI7MIKJVMIH
I3HIXXIPEHSRREGMKRSGLI
HIGMHIHMWTSWEVI0EGSTTME
HMKMSZERMMRREQSVEXMVIWMWXIVk
EPP´MRKERRSIEPTSXIVIHIPPEQEKME
HIPTIV½HS6SXLFEVXIETTIRE
YWGMXEHEPPEKSMRGYMWMGSRWYQEMP
½REPIGMVEGGSRXEPEWYEWXSVME
-PPEKSHIMGMKRM
HVEQQEXYVKME4VMWGE1SVREKLMRM
MRXIVTVIXE^MSRIIVIKME
4VMWGE1SVREKLMRMI
%RXSRIPPS'IGGLMREXS
HYVEXEQMRYXM
7EPZEXSVI1SXXE
7EPZEXSVI1SXXE
-PWYSQSHSHMVIGMXEVIWMMWTMVE
EPXIEXVSTSZIVSHIPQEIWXVS
TSPEGGS.IV^]+VSXS[WOM
GSRMGYMGSPPEFSVEXSVM
1SXXEZMIRIEGSRXEXXSHSTS
IWWIVIIQMKVEXSRIPHEPPE
REXMZE'EXERMERIKPM7XEXM9RMXM
'SRMP2I[;SVPH4IVJSVQERGI
0EFSVEXSV]HIPP´YRMZIVWMXk
HM%OVSR3LMSTVIRHI
TEVXIEKPMWTIXXEGSPM;SN^IGO
,EQPIX1EGLMRI)PIGXVE0SZIMR
XLI8MQISJ0YREXMGW4EVXIGMTE
EPPIXSYVRqIHIPPEFSVEXSVMS
XIEXVEPIMR4SPSRME-XEPME*VERGME
0MFERS'SPSQFME&YPKEVME
+EPPIW97%I'EREHEGSR
P´MRXIRXSHMWTIVMQIRXEVIMR
XYXXMMQSHMTSWWMFMPMP´MRGSRXVS
XVEEXXSVIIWTIXXEXSVIGMSr
P´IWWIR^EHIPXIEXVSWIGSRHS
+VSXS[WOM'SRGPYHIKPMWXYHM
GSQIEWWMWXIRXIEP8LIEXIV
4VSKVEQHIPP´YRMZIVWMXkHM%OVSR
8VEWJIVMXSWMRIPMR'SPSQFME
HSZIVMWMIHIXYXXSVEPEZSVERHS
GSQIMRWIKRERXIHMIWTVIWWMSRI
GSVTSVIERIPPEWGYSPEHIP8IEXVS
2EGMSREPHM&SKSXjTVIWIRXEPE
WYETVSTSWXEXIEXVEPI%PGLMQME
'SVTS:SGIMRYR%XXS'VIEXMZSGSR
P´%GEHIQME7YTIVMSVHI%VXIW
HIPPEGETMXEPI7IQTVIRIP
GVIEMPQSRSPSKS0´MQQMKVERXI
VETTVIWIRXEXSMRHMZIVWIPMRKYI
EH%OVSR'PIZIPERH0SW%RKIPIW
&SKSXjI'EXERME(EP
GSPPEFSVEWXEFMPQIRXIGSRPE
GSSTIVEXMZEXIEXVEPIHM%RGSRE
4SRXIXVE'YPXYVITIVPEUYEPILE
GSRGITMXSRIPMPQSRSPSKS
2SRRM%ZM)QMKVERXIHMQI^^SMR
GSTVSHY^MSRIGSRMP'SPIGXMZS
)VVERXIHM&SKSXj
0EGSSTIVEXMZE4SRXIXVE
'YPXYVILETVIWIRXEXSEH%V^S
RIPPSWTIXXEGSPS7I±MRZMRS
ZIVMXEW²MPZMRSQIVMXEW
2SRRM%ZM)QMKVERXI
HMQI^^S
HMIGSR7EPZEXSVI1SXXE
VIKMEHM+MERPYGE&EVFEHSVMI
7EPZEXSVI1SXXE
HYVEXEQMRYXM
§1MWSRSTIVWSMR%QIVMGE
QEYRKMSVRSLSVMXVSZEXSQI
WXIWWS¨ÇEYXSFMSKVE½GSPS
WTIXXEGSPSGLI7EPZEXSVI1SXXE
2SRRM%ZM)QMKVERXIHMQI^^S
TVIWIRXEEH%V^SPEWXSVMEHMYR
KMSZERIHMSKKMGLIZEEPP´IWXIVS
MRGIVGEHMPEZSVSQEERGLIHM
WIWXIWWS§,SMQTEVEXSGLI
E'EXERMEG´rWIQTVIMPWSPI
RIPP´3LMSWIQTVIPERIZIIGLI
MR'SPSQFMETMSZIWIQTVIGLI
HERSMKYEVHERSXYXXMMP+VERHI
*VEXIPPSRIKPM7XEXM9RMXM%QIVMGER
-HSPIE&SKSXjWSPSXIPIRSZIPEW¨
'SWIJSVWIFEREPMQEMPGSRJVSRXS
TIVQIXXIEPTVSXEKSRMWXEHM
VMWGSTVMVIPETVSTVMEGYPXYVEGLI
VMEJ½SVEEXXVEZIVWSMVEGGSRXMHIP
RSRRSMPWYSRSHIPQEVVERWERY
PSWGEGGMETIRWMIVMPIGER^SRM
XVEHM^MSREPMMVYQSVMHIPPEWYE
XIVVEPEGYGMREWMGMPMEREMRWSQQE
MPZMWWYXSHIPP´EXXSVIGLI
WFEVE^^ERHSWMHMSKRMETTEVEXS
WGIRMGSGIVGEWIQTPMGIQIRXI
HMIRXVEVIMRGSRXEXXSGSRRSM
WTIXXEXSVM4IVGLqMRJSRHS
WMEQSXYXXMYRTS´IQMKVERXMXYXXM
EFFMEQSRSWXEPKMEHMUYEPGSWE
4MRS4IXVY^^IPPM
4MRS4IXVY^^IPPM
3VMKMREVMSHM&VMRHMWMHSTSKPM
WXYHMEPP´%GGEHIQMERE^MSREPI
H´EVXIHVEQQEXMGEHM6SQEWM
MQTIKREEQIXXIVIPEGYPXYVEEP
WIVZM^MSHIMTM€YVKIRXMTVSFPIQM
WSGMEPMITSPMXMGMHIPRSWXVS
XIQTSHEPPEXIVVERIKEXEEP
TSTSPSTEPIWXMRIWIEMGSR¾MXXM
MR-YKSWPEZMEHEPPIGSRHM^MSRM
HMZMXERIPWYHHIPPE8YRMWMEI
HIPP´%PKIVMEHSZIPETSGEEGUYE
HMWTSRMFMPIrGSRXEQMREXEHEM
JSWJEXMEPPITIVWIGY^MSRMGLI
WYFMWGSRSKPM^MRKEVM½RSEP
HMWTVI^^SSRIPQMKPMSVIHIMGEWM
EPWMPIR^MSGLIGMVGSRHEPEJEXMGE
HMGLMERGSVEGSPXMZEPEXIVVEMR
-XEPME7IQTVIEZIRHSGYVEHM
ERHEVIEGSRSWGIVIIEZMZIVI
HMTIVWSREPIGSWIGLITSM
VEGGSRXE2EWGSRSGSWvWTIXXEGSPM
GSQI4MGGSPSZMEKKMSPYRKSMP
1IHMXIVVERISIMRGSPPEFSVE^MSRI
GSRMPKMSVREPMWXE1EWWMQS
'EPERHVM-P+HM+IRSZE2IP
QIXXIMRWGIRE'SRMPGMIPS
IPIWIPZIXVEXXSHE9SQMRMFSWGLM
IETMHM1EVMS6MKSRM7XIVR
7IQTVIRIPEWYKKIPPS
HMYRMRXIVIWWIZIRXIRREPITIV
MPTSTSPS6SQI7MRXMIWGIMP
PMFVS2SRGLMEQEVQM^MRKEVS-R
SGGEWMSRIHIPPE+MSVREXEHIPPE
1IQSVMETVIWIRXE6MXSVRS
EPPEKIVSQEKKMSE6MKSRM7XIVR
WGSQTEVWSP´ERRSTVIGIHIRXI
HMGYMRIPTSVXEMRWGIREMP
VSQER^S7XSVMEHM8}RPI2IP
TYFFPMGEMPPMFVS+PMYPXMQMSWWME
§UYIPPMGLIVMXIRKSRSMFERGLMIVM
TM€TIVMGSPSWMHIKPM^MRKEVM¨GSR
TVIJE^MSRIHMHSR%RHVIE+EPPS-
PEZSVMTM€VIGIRXMWSRS'LMPSQIXVS
^IVSIMPQSRSPSKSXIEXVEPI
0´YPXMQERSXXIHM&SRLSIJJIV
-SWSRSMPQMSPEZSVS
HMIGSR4MRS4IXVY^^IPPM
HYVEXEQMRYXM
7GVMZIMPWSGMSPSKSWXEXYRMXIRWI
6MGLEVH7IRRIXX§0EQEIWXVME
HIWMKREYRMQTYPWSYQERS
JSRHEQIRXEPIWIQTVIZMZSMP
HIWMHIVMSHMWZSPKIVIFIRIYR
PEZSVSTIVWqWXIWWS)GSTVIYRE
JEWGMEFIRTM€EQTMEHIPPEZSVS
QERYEPIWTIGMEPM^^EXSKMSZEEP
TVSKVEQQEXSVIMRJSVQEXMGS
EPQIHMGSIEPP´EVXMWXEERGLIPE
-SWSRSMPQMSPEZSVS
-P*IWXMZEPMRXIVRE^MSREPIHMREVVE^MSRIHM%V^SMRGSPPEFSVE^MSRI
GSRP´EWWSGME^MSRI-0-77-MRXIVTVIXMMRPMRKYEHIMWIKRMHIPPE
7ZM^^IVEMXEPMEREIGSRMPWYTTSVXSHM4VSGSQJSRHE^MSRI
HMEMYXSEPPITIVWSRIWSVHITVSTSRIPSWTIXXEGSPSHMWEFEXS
MRXIKVEPQIRXIXVEHSXXSMRPMRKYEHIMWIKRMMXEPMERE0-7
RSWXVEEXXMZMXkHMKIRMXSVMQMKPMSVE
WIrTVEXMGEXEGSQIYRQIWXMIVI
WTIGMEPM^^EXSIGSWvTYVIPERSWXVE
TEVXIGMTE^MSRIHMGMXXEHMRM¨
§1MTMEGIPEZSVEVIWIPI^MSREVI
P´YZERIPGSVWSHIPP´IWXEXII
TSVXEVIMRGERXMREWSPSUYIPPE
TIVJIXXEWERE(EKMYKRS½RS
EPKMSVRSHIPPEZIRHIQQMEMS
IQMSTEHVITEWWMEQSMRZMKRE
GSRMPGSPXIPPMRSIXSKPMEQSHEM
KVETTSPMKPMEGMRMWTEGGEXMHEPWSPI
SHEYR´MQTVSZZMWEKVERHMREXES
WIQTPMGIQIRXIEQQEGGEXMÇYRE
JSVQEHMVMWTIXXSTIVMPPEZSVSI
TIVGLMFIVVkMPRSWXVSZMRS¨
4MRS4IXVY^^IPPM
2IP4MRSTIVGSVVIP´-XEPME
TEVPERHSGSRGLMZMZIPEZSVERHS
PEXIVVEIRIVMGEZEPSWTIXXEGSPS
(MYSQMRMIHMZMRMGLIHMZIRXE
ERGLIYRPMFVS2IPKPM
ETTYRXMHMUYIPZMEKKMSEVVMGGLMXM
HEEPXVIMRXIVZMWXIIVM¾IWWMSRM
HMZIRXERSMPQSRSPSKS-SWSRS
MPQMSPEZSVSTVSHSXXSTIVMP
1MXXIPJIWXHM'MZMHEPIHIP*VMYPMYR
SQEKKMSEPPEZSVSWIVMSIWZSPXS
GSREQSVIMRYR´ITSGEMRGYM
WIQFVMEQSHMZIRYXMXYXXMYRS
WGMEQIHMGSRWYQEXSVM
6IRqI6SFMXEMPPI
6IRqI6SFMXEMPPI
%FMXMFMGLIMREPKSRGLMRSWMKRM½GE
±PkHSZIPIEGUYIWMWITEVERS²r
YREHIPPIVIKMSRMEQQMRMWXVEXMZI
MRGYMrWYHHMZMWSMP5YqFIGGMVGE
OQERSVHSZIWXHM1SRXVqEP
6IRqI6SFMXEMPPILEXVEWGSVWS
MRUYIPPEVIKMSRIHMJSVIWXII
QMRMIVIMTVMQMERRMHIPPEWYE
ZMXE½RSEUYERHSWMrXVEWJIVMXE
E1SRXVqEP2IPPEQIXVSTSPM
WYP7ER0SVIR^SrHMZIRXEXE
MRWIKRERXIWGVMXXVMGIIREVVEXVMGI
-PWYSTVMQSWTIXXEGSPS7XSVMI
QEPM^MSWITIVEWGSPXEXSVMGSQTPMGM
'SRXIWGSUYMRWTSYVSVIMPPIW
JSPMGLSRRIWTI^^MHMFVEZYVE
½SVMXMHMTEVSPIIHIWTVIWWMSRM
XMTMGLIHIPJVERGIWIUYqFqGSMW
VMWEPIEP7IKYSRSRIP
+SYVQERHMWIWIXHMEFPIVMIWTIVYR
TYFFPMGSKMSZERMPITSMRIP
0IXIQTWHIWWIQEMPPIWVEGGSPXEHM
PIKKIRHIWYPPEJIVXMPMXkRIP
,SQQIWHITMSGLIWYPPEZMXE
HIMQMREXSVMRIPPEWYEVIKMSRI
REXEPIIRIP+VSWFMWGYMX
YREQIWWEMRWGIREHIPPIQMKPMSVM
WXSVMIHIPGIPIFVIWGVMXXSVI
TIVVEKE^^M6SFIVX1YRWGL
ÇMRTVITEVE^MSRIYRRYSZS
WTIXXEGSPSHIHMGEXSEPPEZSVSRIM
GERXMIVMMHVSIPIXXVMGMHIPPE&EMEHM
.EQIWRIPRSVHHIP5YqFIG
,SQQIWHITMSGLI
HMIGSR6IRqI6SFMXEMPPI
GSRGI^MSRIWSRSVEHM
fXMIRRI0SVERKIV
HYVEXEQMRYXM
-PQEKKMSMRYREQMRMIVE
H´SVSHIPP´%FMXMFMZMJYYREKVEZI
HMWKVE^MEEGEYWEHMYR´IWTPSWMSRI
MRGSRXVSPPEXEGLIEZIZETVSZSGEXS
MPGVSPPSHIPPEZSPXEHMYREKEPPIVME
TVSWWMQEEPPEWYTIV½GMIP´EGUYE
HIPPETEPYHIZMGMREWMVMZIVW{
MRXYXXMMGYRMGSPMQMREXSVM
JYVSRSWITSPXMHEPJERKSQIRXVI
VMYWGMVSRSMRUYEPGLIQSHS
EWEPZEVWMHIMUYEPMKVE^MI
EPGSVEKKMSHMYRQMREXSVI
KIRIVSWSWSTVERRSQMREXS+VERH
>ETLEX.SWETLEXHMZIRYXS
YRTIVWSREKKMSPIKKIRHEVMS
-RVMGSVHSHIPP´MRGMHIRXIMP
TVSTVMIXEVMSHIPPEQMRMIVEJIGI
JEFFVMGEVIHIPPI½EPIXXIMRSVSI
PIHMWXVMFYvEMWSTVEZZMWWYXMTIVGLq
PIVMIQTMWWIVSGSRMPJERKS
,SQQIWHITMSGLI
VEGGSPXSWYMZIWXMXMHIMGSQTEKRM
QSVXMIPITSVXEWWIVSWIQTVI
GSRWq4IVUYEPGLIQSXMZS
+VERH>ETLEXRSRIVETSXYXS
IWWIVITVIWIRXIEPPEGIVMQSRME
TIVGYMPEWYE½EPIXXEJYTVIWE
MRGSRWIKREHEYRGSPPIKEHEPYM
WEPZEXSYRIQMKVERXIMXEPMERS
7IHYXEEPXEZSPMRSHMYRGEJJr
HYVERXIYRZMEKKMSMR-XEPMEPE
REVVEXVMGIWIRXITEVPEVIJVERGIWI
GSREGGIRXSHIP5YqFIGrUYIP
QMREXSVIXSVREXSMRTIRWMSRI
RIPWYSTEIWI7MTVIWIRXERS
TEVPERSPIMEWGSPXEPEWYEWXSVME
IEPQSQIRXSHMGSRKIHEVWMPYM
PIEJ½HEPE½EPIXXEHEVIWXMXYMVI
½REPQIRXIE+VERH>ETLEX
5YIWXEWEVkGSRWIKREXEQE
WSPSHSTSGLIPEREVVEXVMGIWM
rTVIWEMPXIQTSHMGSRSWGIVI
YRSTIVYRSMWSTVEZZMWWYXMHIPPE
XVEKIHMEIEUYIPTYRXSWGSTVI
GLIPEXIVVEHM%FMXMFMIWMWXIRSR
WSPXERXSRIPPE½EPIXXEEZYXEMR
GSRWIKREHEYRZIGGLMSMXEPMERS
QEERGLIRIPWYSGYSVIIRIPPS
WTIXXEGSPSGLIWXEQIXXIRHS
MRWGIRE.SWETLEX6SFMXEMPPIrMP
RSRRSHIPPEREVVEXVMGIHIGIHYXS
RIPP´IWXEXIHIP
)KMHME&VYRS
)KMHME&VYRS
0YGEREHMSVMKMRIFSPSKRIWI
HMJSVQE^MSRIPEYVIE(%17
ZMZIIPEZSVEE1MPERS)WSV
HMWGIMRXIEXVSRIPGSR
-QTVSZZMWEQIRXIP´IWXEXIWGSVWEHM
8IRRIWWII;MPPMEQWIRIP
GSR-PGEPETVER^MHM,EVSPH4MRXIV
(EPXIEXVSHMTVSWEXVEHM^MSREPI
TEWWEEUYIPPSHMREVVE^MSRI
%RXMKSRIHIPPIGMXXkVIKMEHM1EVGS
&EPMERMEUYIPPSTIVVEKE^^M
&EQFMRIVIKMEHM1EVME1EKPMIXXE
EPGMRIQE(IPTIVHYXS
EQSVIVIKMEHM1MGLIPI4PEGMHSI
(SQIRMGS7XEVRSRIIEPPE
XIPIZMWMSRI4MTTS'LIRRIH]7LS[
TIV6EMÇHIPMPWYS
TVMQSQSRSPSKSXIEXVEPI-SZSPIZS
ERHEVIMR%QIVMGEIMRZIGIWS´½RM
XEMR-RHMEWIKYSRSRIP2SR
WSTTSVXSPIVSWIFPYRIP0E
QEWGYPEQYWMGEIVIKMEHM)R^S
.ERREGGMRIP%RXMKSRI
H'³REXVEKKIHMEIRIP;
P´-XEPMEMX2SMRSRWETIZEQS
%P*IWXMZEPHM%V^SLETVIWIRXEXS
RIPGSR'MR^ME1SVERHM
-QFYXIEXVSQMGVSTIVJSVQERGIHM
REVVE^MSRITIVYRWSPSWTIXXEXSVI
EPPEZSPXE
;P´-XEPMEMX
2SMRSRWETIZEQS
XIWXSHM)KMHME&VYRSI
1EVMI&IPSXXM
VIKMEIMRXIVTVIXE^MSRIHM
)KMHME&VYRS
GERXMEGYVEHM*VERGIWGE&VIWGLM
HYVEXEQMRYXM
-P„ERRMZIVWEVMSHIPP´9RMXk
H´-XEPMERIPrWXEXSP´SGGE
WMSRITIVQIXXIVIMRHMWGYWWMSRI
MHMZIVWMPYSKLMGSQYRMWYP6MWSV
KMQIRXSGSRXIRYXMRIMXIWXMWGSPE
WXMGMPEQSREVGLMEWEFEYHEGSQI
YRMGEZMEEPTVSKVIWWSM&SVFSRM
WGSR½XXMHEPPE7XSVMETVMQEERGSVE
GLIHEMKEVMFEPHMRMMPFVMKERXEKKMS
TIVMRXIVTVIXEVIPEWGEVWEEHI
WMSRIHIPPITSTSPE^MSRMHIP7YH
EPTVSKIXXSHMYRM½GE^MSRI8IQM
EJJVSRXEXMMREPGYRITYFFPMGE^MSRM
GSQI-P7ERKYIHIP7YH%RXMWXSVME
HIP6MWSVKMQIRXSIHIP&VMKERXEKKMS
HM+MSVHERS&VYRS+YIVVM
8IVVSRM8YXXSUYIPPSGLIrWXEXS
JEXXSTIVGLqKPMMXEPMERMHIPWYH
HMZIRXEWWIVSQIVMHMSREPMHM4MRS
%TVMPI0IHYI-XEPMI
-HIRXMXkRE^MSREPIYRM½GE^MSRI
KYIVVEGMZMPIHM1EWWMQS:MKPMSRI
VMWEVGMQIRXSQETIVEJJIVQEVI
GLIMTVSFPIQMHIP7YHWSRS
TVSFPIQMHMXYXXM§7IR^EMP7YH
RSRG´rRIQQIRSP´-XEPME¨
;P´-XEPMEMX
2SMRSRWETIZEQS
9RVIKRSGLIrWXEXSKVERHI
0EWXSVMERIKEXEHIM&SVFSRMHM2E
TSPMI7MGMPMEHM+MERRM3PMZE
1EPEWXSVMSKVE½EGVMXMGErREXE
UYEWMGSRXIQTSVERIEQIRXIEPPE
WTIHM^MSRIHIM1MPPIHEPP´ITMWSHMS
HM&VSRXIREVVEXSHE+MSZERRM
:IVKEEKPMWXYHMHM4EWUYEPI:MPPEVM
+MYWXMRS*SVXYREXSI+EIXE
RS7EPZIQMRMHEPVSQER^SHM
+MYWITTI8SQEWMHM0EQTIHYWE
EPPISTIVIHM0ISREVHS7GMEWGMEI
%RHVIE'EQMPPIVMrHIPYR
WYSPMFVIXXSSVQEMMRXVSZEFMPI0E
FSPPEHMGSQTSRIRHEWYMVETTSVXM
EQFMKYMXVEP´IWIVGMXSTMIQSRXIWI
IMGSWMHHIXXMFVMKERXM½RSEM4VS
PIXEVMWIR^EVMZSPY^MSRIHM6IR^S
(IP'EVVME
ÇSVEHYRUYIHMWETIVIGM{GLI
TIVXERXMERRMGMrWXEXSXIRYXS
REWGSWXS)KMHME&VYRSPSVEGGSR
XEMRQERMIVEEZZMRGIRXITEVPER
HSHMYR7YHHMQIXk3XXSGIRXS
TIVRYPPEEVVIXVEXSIHIPTVI^^S
GLIPIWYITSTSPE^MSRMLERRS
TEKEXSMRXIVQMRMIGSRSQMGM
YQERMIWSGMEPMEGEYWEHIPP´ERRIW
WMSRI)UYIWXSRSRTIVRSWXEPKME
HIP6IKRSHIPPI(YI7MGMPMISTIV
EZER^EVIPETVIXIWEHMYRUYEPGLI
%PFIVXS4EKPMEVMRS
%PFIVXS4EKPMEVMRS
%XXSVIJSVQEXSVIIMHIEXSVI
HMTVSKIXXMXIEXVEPMMR-XEPMEI
EPP´IWXIVS'SPPEFSVEHEUYMRHMGM
ERRMGSRMP8IEXVSWSGMEPIIHM
GSQYRMXkKVYTTSHMPEZSVS
XIEXVEPIHIPP´9RMZIVWMXkHM
8SVMRSGSRP´%WWSGME^MSRIHM
TVSQS^MSRIGYPXYVEPITIVMP
XIEXVSHMMQTIKRSGMZMPIWIQTVI
HM8SVMRSIHEPGSRMP
8IEXVS4STSPEVI)YVSTIS(E
UYEPGLIERRSETTVSJSRHMWGIYRE
VMGIVGEEVXMWXMGEWYXIQMWSGMEPMI
GSRXIQTSVERIMWTIVMQIRXERHSI
JEGIRHSMRGSRXVEVIPEREVVE^MSRI
GSRMPMRKYEKKMHIPGPS[RIHIP
QSZMQIRXSGSVTSVISMRQERMIVE
PIKKIVEIHMZIVXIRXIXEPZSPXEGSR
YREZIREYRTS´EQEVE4SVXEMP
XIEXVSXVEPITIVWSRIRIPPITME^^I
RIMGSVXMPMRIPPIWGYSPIRIPPI
GEWIHMVMTSWSRIPPIJEFFVMGLI
RIKPMSVEXSVMRIPPIYRMZIVWMXk
IRIMXIEXVMÇWXEXSEXXSVII
EWWMWXIRXIEPPEVIKMERIP
GSR%PIWWERHVE6SWWM+LMKPMSRI
RSRGLqEWWMWXIRXIHM4MIVVI
&]PERHGSRMPUYEPIWMrJSVQEXS
WYPPEHVEQQEXYVKMEIWYPPEQIWWE
MRWGIREHIPGPS[RIWYPXIEXVS
½WMGS,EPEZSVEXSGSR'qWEV&VMI
TVIWWSMP8IEXVSHIPSW%RHIW
&SPMZMEEPPSWTIXXEGSPS3HMWWIE
IGSR1EVGS&EPMERMRIPTVSKIXXS
1ETIR^M8EQY4MRSGGLMS2IVS
TIVP´%JVMGER1IHMGEPERH
6IWIEVGL*SYRHEXMSRE2EMVSFM
/IRMEÇMHIEXSVIIHMVIXXSVI
GSR)YKIRMS&EVFE3HMR8IEXVIX
HIPTVSKIXXS0SWTPIRHSVIHIPPI
)XkÇMRSPXVIMHIEXSVIIHMVIXXSVI
EVXMWXMGSHIPTVSKIXXSIYVSTIS
'EVEZER%VXMWXWSRXLI6SEHGSR
TEVXRIVMRXIVRE^MSREPM-RWIKRE
XIEXVS7SGMEPIEPP´9RMZIVWMXkHIKPM
7XYHMHM8SVMRS
4ST)GSRSQ]
HM%PFIVXS4EKPMEVMRS
2EHME0EQFMEWII
%PIWWERHVE6SWWM+LMKPMSRI
MRWGIRE%PFIVXS4EKPMEVMRS
HYVEXEQMRYXM
0EPSGERHMREHIPPSWTIXXEGSPS
VMTVIRHIPEGIPIFVIWIVMKVE½E
VIEPM^^EXERIPHE%RH]
;EVLSPGSRMPZSPXSHM1EVMP]R
1SRVSIVMTVSHSXXSMRHMZIVWI
ZIVWMSRMHMGSPSVIGSRWMHIVEXE
4ST)GSRSQ]
HMYRREVVEXSVI
9RSWTIXXEGSPS±PIKKIVS²WYYR
XIQE±TIWERXI²
MPQERMJIWXSHIP1SZMQIRXS
4ST%VXYRE1EVMP]RTIVXYXXM
P´EVXIHIZIIWWIVIVMTVSHYGMFMPI
IGSRWYQEXEGSQIUYEPWMEWM
EPXVSTVSHSXXSGSQQIVGMEPI
TIVGLqMTVSHSXXMHMQEWWE
VETTVIWIRXERSPEHIQSGVE^ME
WSGMEPI2IPPEPSGERHMRETIV{
MPZSPXSHIPPE1SRVSIrWXEXS
WSWXMXYMXSGSRUYIPPSHM1EVKEVIX
8LEXGLIVTVMQSQMRMWXVS
MRKPIWIHEPEP4IV
WMKRM½GEVIGLIPIWYIMHIIWSRS
HMZIRXEXIWIRWSGSQYRIGLIPE
WYEGSRGI^MSRIHIPP´IGSRSQME
rSVQEMGSRWMHIVEXETSTSPEVI
REXYVEPIZIVE7IPETSPMXMGE
GSQIWIQFVERSRrMRKVEHS
HMEREPM^^EVIGVMXMGEQIRXIXEPI
TVSGIWWSHM±REXYVEPM^^E^MSRI²
XSGGEEPXIEXVSEWWYQIVWM
UYIWXSGSQTMXSWQSRXEVIMP
QIGGERMWQSIVMJEVIMPTIVGSVWS
EPP´MRHMIXVS½RSEXVSZEVIEPXVI
GSRGI^MSRMHIPP´IGSRSQMEEPXVM
QSHMHMTVSHYVVIIHMWXVMFYMVI
PEVMGGLI^^E%PFIVXS4EKPMEVMRS
VEGGSRXEPEGVMWMKPSFEPIGLIGMLE
MRZIWXMXSHEPQEMRVIEPXk
HEPMRQSHSWIQTPMGII
TYRXYEPIGSQIETTEVIEKPMSGGLM
'SRJEFYPE
'SRJEFYPE
-PKVYTTS'SRJEFYPEREWGIRIP
GSRWIHISVKERM^^EXMZEEH
%V^SIZIVWSMPHMZIRXEYRE
TVIWIR^EHIXIVQMRERXITIVPE
REWGMXEHIP*IWXMZEPHMREVVE^MSRI
MRGSPPEFSVE^MSRIGSRP´%'4
%WWSGME^MSRI'YPXYVE4STSPEVI
-PVEGGSRXSHIPKVYTTS'SRJEFYPE
WMFEWEWYPP´MQTVSZZMWE^MSRII
VIEPM^^EWTIXXEGSPMWYMXIQMHIPPI
½EFIHIPPEXVEHM^MSRISVEPIHM
HMZIVWMTSTSPMZMTEVXIGMTERS
HEHYIESXXSREVVEXSVMWIR^E
WGIRSKVE½EWEPZSEZSPXIYRE
WIHME0EXVEQEHIPPE½EFE
rMPGERSZEGGMSHEWIKYMVI
RIPP´MQTVSZZMWE^MSRIGLI
GEQFMEWIGSRHSMREVVEXSVM
IWMETTSKKMEWYPP´IWTIVMIR^E
HIMWMRKSPMSVMKMREXEHEYR
PEZSVSHMETTVSJSRHMQIRXS
WYPP´MQTVSZZMWE^MSRIWXIWWEIHM
JSVQE^MSRIXIEXVEPIEXXVEZIVWS
HIMPEFSVEXSVMGSREVXMWXMGSQI
6SFIVXS%RKPMWERM(MHMIV
/S[EVWO]0EYVE'YVMRS,EWWERI
/EWWM/SY]EXq
-PVITIVXSVMSHIM'SRJEFYPEGSRXE
SPXVIZIRXM½EFIXVEHM^MSREPMGLI
WSRSVEGGSRXEXIIMR¾YIR^EXI
SKRMZSPXEWIGSRHSP´IWXVSHIM
WMRKSPMREVVEXSVMHEPPIWMXYE^MSRM
HIPQSQIRXSIRSRYPXMQSHEP
TYFFPMGSGLIHMZIRXEMRXEPQSHS
YRIPIQIRXSGSQTPIQIRXEVIEPPE
VMYWGMXEHMYRSWTIXXEGSPS
-XVIGETIPPMH´SVSHIP
HMEZSPS
PMFIVEQIRXIXVEXXSHEPPE½EFEHIM
JVEXIPPM+VMQQ
HEERRM
HYVEXEQMRYXM
'´IVEYREZSPXEYRETSZIVE
HSRREGLIHMIHIEPPEPYGIYR
QEWGLMIXXS4SMGLqMPRISREXS
EZIZEMRHSWWSPEGEQMGMEHIPPE
JSVXYREKPMTVIHMWWIVSGLIE
UYEXXSVHMGMERRMEZVIFFIWTSWEXS
PE½KPMEHIPVI(STSTSGLM
KMSVRMMPVIMRTIVWSREKMYRWIRIP
ZMPPEKKMSIWIR^EJEVWMVMGSRSWGIVI
HSQERH{GLIGSWEZMJSWWIHM
RYSZS±3L²KPMVMWTSWIVS±r
REXSYRFEQFMRSGSRPEGEQMGME
HIPPEJSVXYREEUYEXXSVHMGM
ERRMWTSWIVkPE½KPMEHIPVI²
%PVIPERSXM^MERSRTMEGUYI
GSWvERH{HEMTSZIVMKIRMXSVMI
-XVIGETIPPMH´SVSHIPHMEZSPS
HSQERH{WIZSPIWWIVSZIRHIVKPM
MPPSVSFEQFMRS(ETTVMQEUYIWXM
VM½YXEVSRSQETSMWMGGSQI
PSWGSRSWGMYXSMRWMWXIZEXERXS
SJJVIRHSSVSMRUYERXMXkIPSVS
RSREZIZERSRIERGLIMPTERI
UYSXMHMERS½RMVSRSGSRP´EGGIXXE
VIITIRWEVSRS±ÇYR½KPMSHIPPE
JSVXYRERSRKPMQERGLIVkRYPPE²
+VYTTS8IVVEI
-PKVYTTS8IVVEI
-PRSQIPEXMRS±8IVVEI²±HIPPE
XIVVE²WMVMJIVMWGIEMWMRKSPM
QIQFVMHIPKVYTTSIEPP´SVMKMRI
HIPPSVSWXEVIMRWMIQIGLITIV
EPGYRMLEEZYXSMRM^MSKMkHYVERXI
P´EHSPIWGIR^E-RWIKYMXSSKRYRS
LEZMWWYXSMRRYQIVIZSPMI
HMZIVWIIWTIVMIR^IIJSVQE^MSRM
EVXMWXMGSQYWMGEPM½RGLqWMWSRS
RYSZEQIRXIMRGSRXVEXMYRMXMHE
YRETEWWMSRIGSQYRIPEQYWMGE
1YWMGEJSPGPSVMWXMGETSTSPEVI
MRXIVTVIXEXEIGEVEXXIVM^^EXE
WIGSRHSPEJSVQE^MSRIGYPXYVEPI
HMGMEWGYRS0´MRXIRXSrTIV{
UYIPPSHMQERXIRIVIPSWTMVMXS
SVMKMREPIHIPPITVSTSWXIQYWMGEPM
GMSrYRMVIPITIVWSRIJEVPI
WSKREVIJEVIVMWZIKPMEVIMRPSVSPS
WTMVMXSHIPPIQYWMGLIHIPTEWWEXS
GLIXVEKKSRSSVMKMRIHEPPEXIVVE
ETTYRXS
-RYREWSGMIXkMRGYMPE
GSQQIVGMEPM^^E^MSRIHIPP´EVXI
IMPFMWSKRSGSRXMRYSHMRSZMXk
RSRTIVQIXXSRSEPPISTIVIHM
WSTVEZZMZIVIEPYRKSMPKVYTTS
VMTSVXEEPPEPYGIGM{GLILEYR
ZEPSVIERGSVEMRXIKVSGIVGERHS
HMGSRHMZMHIVPSGSRMPTYFFPMGSI
HMJEVPSGSWvHYVEVIMPTM€TSWWMFMPI
RIPXIQTS
0EQYWMGE
%RRE/MWOERpZSGI½WE
2IHE'EMRIVSZSGI
%YVSVE8SQEWSRMZSGI
.YVM'EMRIVSZSGI
TIVGYWWMSRM
&IEXVM^2EZEVVSHER^E
0YGEW&VERGS±:MIRXS²
GLMXEVVEGPEVMRIXXS
'qHVMG&PEWIVZSGI
WXVYQIRXMEGSVHI
(EP8MGMRSTEVXIYRXVIRSJIVQE
MR1IWWMGSITSMMR4YKPME*EYRE
XETTEMR6SQERMEIYREXETTEMR
7TEKRE-PFMKPMIXXSrYREGLMXEVVE
MPGSRXVSPPSVIrYRFEPPIVMRSMP
GETSXVIRSrGERXIVMRSIPIJIVQEXI
RSRWXERJIVQI9RXVIRSRSR
WSKKIXXSEGSRXVSPPMHSKEREPMTIVGLq
MTEWWIKKIVMWSRSGER^SRM
&IRZIRYXMEFSVHS
1YWMGMWXM
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'SR4VS&MS
0E'SR4VS&MSrYREGSSTIVEXM
ZEHMGSRWYQEXSVMITVSHYXXSVM
HIPFMSPSKMGSREXERIPI
SVKERM^^EXEMRKVYTTMHMEGUYM
WXSTVIWIRXMWYPXIVVMXSVMSHIPPE
7ZM^^IVEMXEPMERE
0E'SR4VS&MSrQIQFVSHM&MS
8MGMRS
8YXXMMTVSHSXXMZIRHYXMWSRS
MRJEXXMGIVXM½GEXMFMSIGSQTVIR
HSRSYRZEWXSEWWSVXMQIRXS
HMSVXEKKMJVYXXEPEXXMGMRMGEVRI
GSQITYVITERITEWXESPMSXSJY
ÇWIQTVIHEXEPETVIJIVIR^EEPPE
TVSHY^MSRIPSGEPIIP´SJJIVXE
ZMIRIGSQTPIXEXEGSRTVSHSXXM
TVSZIRMIRXMHEPPE7ZM^^IVES
HEPP´IWXIVS
+VE^MIEPPE½PMIVEGSVXEPE
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GSRWYQEXSVIEPMQIRXMFMSPSKMGMHM
SXXMQEUYEPMXkETVI^^MGSRGSV
VIR^MEPMKEVERXIRHSRIPGSRXIQ
TSYRTVI^^SIUYSEMTVSHYXXSVM
5YIWX´ERRSPE'SR4VS&MS
JIWXIKKMEMWYSMTVMQMERRMGSR
PEWSHHMWJE^MSRIHMYREGVIWGMXE
GSWXERXIEPWIVZM^MSHMTVSHYXXSVM
IGSRWYQEXSVMGSRWETIZSPMHIP
ZEPSVIHIPTVSHSXXSIERGLI
HIPP´MQTSVXER^EHMWEPZEKYEVHEVIMP
XIVVMXSVMSEKVMGSPSP´EQFMIRXIIPE
FMSHMZIVWMXk
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0I-QTVIWITIVPEGYPXYVE
WSRS
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QEVGLMS-QTVIWITIVPEGYPXYVE
EPPIE^MIRHIGLIWGIPKSRSHMTVS
½PEVWMEXXVEZIVWSMPWSWXIKRSEPPI
EXXMZMXkGYPXYVEPMGLIWMWZSPKSRS
RIPXIVVMXSVMSMRGYMSTIVERS
WYTIVERHSPETVEXMGEHIPPE
WTSRWSVM^^E^MSRISGGEWMSREPITIV
MRXVETVIRHIVIPEZMEHIPPE
GSQYRMGE^MSRIGYPXYVEPI
9RTVSKIXXSMRIZSPY^MSRI
-QTVIWITIVPEGYPXYVEWSRSKPM
MQTVIRHMXSVMHIPPEVIKMSRIGLI
EJ½ERGERSP´%WWSGME^MSRI*IWXMZEP
HMREVVE^MSRI6EGGSRXMHMUYMI
H´EPXVSZIIHMZIRXERSTVSQSXSVM
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HIPPEQERMJIWXE^MSRITIVGSRXVM
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P´MQTIKRSGYPXYVEPIMRYRGEVEXXI
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VIHMWXMRXMZS
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WSGM
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*IWXMZEPHMREVVE^MSRI
6EGGSRXMHMUYMIH´EPXVSZI
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6EGGSRXMHMUYMIH´EPXVSZIGLI
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I+MYPPEVMHM+YPPMZIVIXYXXMM
GSPPEFSVEXSVMZSPSRXEVMIRSRGLI
TEVXIGMTERSEPP´SVKERM^^E^MSRI
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SVQEMGSRWYIXYHMRI
%VX
7GSTSP´EWWSGME^MSRILETIV
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