LA SICUREZZA
NELL’AUTOTRASPORTO
DI MERCI
SAFETY
IN TRANSPORTATION
OF GOODS
LA SÉCURITÉ
DANS LE TRANSPORT
ROUTIER DES MARCHANDISE
SIGURANŢA
ÎN AUTOTRANSPORTUL
DE MĂRFURI
EBAP - CPRA
IN COLLABORAZIONE CON LA
DIREZIONE REGIONALE INAIL PIEMONTE
Questa pubblicazione è stata realizzata grazie al contributo dell’INAIL Regione Piemonte,
da E.B.A.P. Formazione e dal C.P.R.A. (Comitato Paritetico Regionale dell’Artigianato)
che ha costituito un gruppo di esperti composto da Graziella Silipo, Beppe Baffert, Ezio
Benetello, Giorgio Delsignore, Carlo Fontana, Carlo Torretta, Guido Travers, Guido Zolfino;
con la supervisione delle Parti Sociali dell’Artigianato.
© EBAP - Formazione. Tutti i diritti sono riservati. L’utilizzo del presente manuale da parte di
terzi per finalità commerciali o promozionali, la sua riproduzione in tutto o in parte, sono
espressamente vietati.
Stampa
Litografia Geda di Geda Antonio & C. Snc
Via Fratelli Bandiera 15
10042 Nichelino (TO)
Tel. 011/6279785
Fax 011/6279794
e-mail: [email protected]
www.geda.to.it
Finito di stampare nel mese di maggio 2007
Illustrazioni:
Marco Lago
e-mail: [email protected]
Traduzioni:
Società Cooperativa Sociale Senza Frontiere
Corso Brescia 14/c
10152 TORINO
Tel 011/856589 – Fax 011/7732029
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NVODœFTUFGPBSUFNBSFÔOUSBEFWœSTUBUJTUJDJMFTQVODœDFJDBSF
EFTGœſPBSœBDFTUUJQEFBDUJWJUBUFBVVOSJTDEFNPSUBMJUBUFNFEJV
EF
%FſJBDFTUFEBUFFTUFVOGFOPNFOTVCFTUJNBUÔODFFBDFQSJWFſUF
BDDJEFOUFMF EF NVODœ DBSF TF ÔOUÉNQMœ ÔO BMUF TFDUPBSF EF
FYFNQMVQFſBOUJFSFMFEFDPOTUSVDƄJQPBUFQFOUSVDœWJOFEFTFPSJ
DBUBMPHBUÔODBUFHPSJBHFOFSJDœBiBDDJEFOUFMPSTUSBEBMFw
"DFTU NBOVBM BSF JOUFOƄJB EF B EB JOGPSNBƄJJ EF CB[œ BTVQSB
TJHVSBOƄFJ ſJ BTVQSB PDSPUJSJJ TœOœUœƄJJ NVODJUPSJMPS DF BV DB MPD
EFNVODœDBCJOBVOVJNJKMPDBVUPſJDBSFEFTGœſPBSœNBKPSJUBUFB
UJNQVMVJBDUJWJUœƄJJMPSÔOBGBSBJOUSFQSJOEFSJJ
.BOVBMVM JB ÔO DPOTJEFSBƄJF SJTDVSJMF TQFDJmDF ÔO DPOFYJVOF MB
DJSDVMBƄJB TUSBEBMœ MB FmDJFOƄB NJKMPDVMVJ EF USBOTQPSU ſJ BMF
BDUJWJUœƄJMPS MFHBUF MB PQFSBƄJJMF EF ÔODœSDBSF ſJ EFTDœSDBSF B
NœSGVSJMPS
0EFPTFCJUœBUFOƄJFFTUFEFEJDBUœMBÔNCVOœUœƄJSFBPCJDFJVSJMPSſJ
BDPNQPSUBNFOUFMPSDBSFQPUmDBV[BEFBDDJEFOUFHSBWFTBVEF
CPMJEFNVODœ
$POƄJOVUVMBDFTUFJQVCMJDBƄJJOVÔOEFQMJOFſUFUPBUFPCMJHBƄJJMFEF
QSFHœUJSFſJJOGPSNBƄJFDBSFTVOUÔOTBSDJOBQBUSPOVMVJEFNVODœ
4QFDJmDVMmFDœSFJJOUSFQSJOEFSJBJOTUSVNFOUFMPSſJBNJKMPBDFMPS
TBMF QSFDVN B NœSGVSJMPS USBOTQPSUBUF ſJ B MPDVSJMPS EF QSFEBSF
WB DFSF BNœOVOUF JOGPSNBUJWF ſJ EF QSFHœUJSF DBSF WPS USFCVJ Tœ
mFBMPDBUFEJSFDUNVODJUPSJMPSEFDœUSFUJUVMBSVMmSNFJſJEFDœUSF
DPMBCPSBUPSJJTœJ
ΪϴϬϤΗ
ϊ΋ΎπΒϟ΍ ϞϘϧ ˯ΎϨΛ΍ Δϣϼδϟ΍
ϞϤόϠϟ ΔϠϴγϮϛϞϘϨϟ΍ ϲϠϤόΘδϤϟ ΔΒδϨϟΎΑ ϞϤόϟ΍ έΎτΧ΍
΍άϬΑ ϡϮϘϳ Ϧϣ ϥ΍ ϰϠϋ ϝΪΗ ΕΎϴ΋ΎμΣϻ΍΍ΪΟ ϊϔΗήϣ
ϰϟ΍ Ϟμϳ ΕϮϤϟ΍ ςγϮΘϣ ϞϤόϟ΍
ϑήΘόϣ ήϴϏ ΓήϫΎψϟ΍ ϩάϬϓ ΕΎϴτόϤϟ΍ ϩάϫ Ϧϣ ϢϏήϟΎΑ
ε΍έϭϻ΍ ϲϓ ϼΜϣ ϊϘΗ ϲΘϟ΍ Ϟϐθϟ΍ ΙΩ΍ϮΣ ϲϗΎΑ ϊϣ ΔϧέΎϘϤϟΎΑ ΎϬΑ
ήϴδϟ΍ ΙΩ΍ϮΣ ϒϨλ ϲϓ ΝέΪΗ ΎϬϧϻ ϦϜϤϣ
ϭ ΔϣϼδϠϟ ΔϴγΎγϻ΍ ΕΎϣϮϠόϤϟ΍ ϢϳΪϘΗ ϰϟ΍ ϑΪϬϧ ϞϴϟΪϟ΍ ΍άϫ ΕΎϳϮΘΤϤΑ
Ϧϳάϟ΍ ϭ ΓΩΎϴϘϟ΍ ήϘϣ ϢϬϠϤϋ ήϘϤϛ ϢϬϳΪϟ Ϧϳάϟ΍ ϝΎϤόϠϟ ΔϴΤμϟ΍ ΔϟΎϔϜϟ΍
Δϛήθϟ΍ ΝέΎΧ ϢϬϠϤϋ Ζϗϭ ϥϮπϘϳ
ήϴδϟ΍ ˯ΎϨΛ΍ ΙΪΤΗ ϲΘϟ΍ έΎτΧϻ΍ έΎΒΘϋϻ΍ ϦϴόΑ άΧΎϳ ϞϴϟΪϟ΍
ϊϠδϟ΍ ώϳήϔΗ ϭ ϦΤθΑ ΔϘϠόΘϤϟ΍ Δτθϧϻ΍ ϞϘϨϟ΍ ΔϠϴγϭ ΔϴΣϼλ
ϥϮϜΗ ϲΘϟ΍ ΕΎϴϛϮϠδϟ΍ ϭ Ε΍ΩΎόϟ΍ ϦϴδΤΘΑ ϖϠόΘϣ ϢϬϤϟ΍ ΐϧΎΠϟ΍
ϞϤόϟ΍ ν΍ήϣ΍ ϭ΍ ήϴδϟ΍ ΙΩ΍ϮΣ ϲϓ ΎΒΒγ
ϭ Δϴϣϼϋϻ΍ ΕΎϳέΎΒΟϻ΍ Ϟϛ ΝέΪϧ Ϣϟ ΩΪόϟ΍ ΕΎϳϮΘΤϣ ϲϓ
Ϟϐθϟ΍ ΐΣΎλ ΎϬϣΪϘϳ ϲΘϟ΍ ΔϳέΎΒΧϻ΍
ϭ ΔϟϮϤΤϤϟ΍ ϦΤθϟ΍ Ϧϋϭ ΎϬΗΎϴϟ΍ Ε΍ϭΩ΍ ϭ ΕΎϛήθϟ΍ ΕΎλΎμΘΧ΍
ϝΎϤόϠϟ ΔϳέΎΒΧ΍ ϭ Δϴϣϼϋ΍ αϭέΩ ΐϠτΘϳ ϢϴϠδΘϟ΍ ϦϛΎϣ΍
ϪϳΪϋΎδϣ ϭ ϞϤόϟ΍ ΐΣΎλ Ϧϣ ΓήηΎΒϣ
1&3*0%*%&--"(*03/"5"46%%*7*4*1&31&3$&/56"-*
%*3*4$)*0%*/'0356/*0
1"3540'5)&%":41-*55&%0/*/+63:3*4,1&3$&/5"(&
1063$&/5"(&%63*426&%"$$*%&/5&/'0/$5*0/
%&4%*''²3&/54.0.&/54%&-"+063/²&
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ΔΒδϨϟ΍ ΐδΣ ΔϤδϘϣ ΔϴϣϮϴϟ΍ Ε΍ήΘϔϟ΍
ϞϤόϟ΍ ΙΩ΍ϮΣ ήτΧ ϝϮΣ ΔϳϮΌϤϟ΍
QN
BN
BN
BN
QN
QN
QN
QN
1"35*%&-$03101*6"3*4$)*0%*-&4*0/**/$"40%*/'0356
/*0UPSBDFNBOPDPMPOOBWFSUFCSBMFDBQP
WPMUPCSBDDJP
#0%: 1"354 .03& 46#+&$5&%50 */+63: 3*4, DIFTU IBOE
WFSUFCSBMDPMVNOIFBEGBDFBSN
-&41"35*&4%6$031426*40/5%"7"/5"(&&9104²&4"63*
426&%"$$*%&/5UIPSBYNBJODPMPOOFWFSUÏCSBMF
UÐUFWJTBHFCSBT
1Ē3Ń*"-&$0316-6*&9164&."*.6-5-"3*4$63*%&"$$*%&/
5& UPSBDF NÉJOJ DPMPBOB WFSUFCSBMœ DBQVM GBƄBCSBƄF
έΪμϟ΍ϞϤόϟ΍ Ι΍ϮΣ ήτΨϟ ΔοήόϤϟ΍ ϢδΠϟ΍ ΕΎϬΟ ήΜϛ΍
ω΍έΫϪΟϭα΃έ ϱήϘϓ ΩϮϤϋΪϴϟ΍
*/'0356/*1*63*$033&/5*/&-4&5503&%&--"65053"410350
NPWJNFOUJTDPSSFUUJTDJWPMBNFOUJVSUJDBVTBUJEBMMBWPSB
UPSFVSUJDBVTBUJEBBMUSJDBEVUF
.045 '3&26&/5 +0# */+63*&4 */ 5)& )"6-"(& */%6453:
XSPOH NPWFT TMJQQJOH IJUUJOH DBVTFE CZ UIF XPSLFS
IJUUJOHDBVTFECZPUIFSQFSTPOTEPXOGBMM
3*426&4 %"$$*%&/54 13²10/%²3"/54 %"/4 -& 4&$5&63 %6
53"/410353065*&3GBVYNPVWFNFOUTHMJTTFNFOUT
DIPDTQSPWPRVÏTQBSMFTBMBSJÏDIPDTQSPWPRVÏTQBSEBVUSFT
QFSTPOOFTDIVUFT
"$$*%&/5&-& $"3& 3&7*/ 1&3*0%*$ ·/ 4&$5036- %& "650
53"/41035 NJſDœSJ HSFſJUF BMVOFDœSJ DJPDOJSJ DBV[BUF
EFNVODJUPSJDJPDOJSJDBV[BUFEFBMƄJJDœEFSJ
ΕΎϛήΤΗϞϘϨϟ΍ Ϟ΋Ύγϭ ϝΎΠϣ ϲϓ έήϜΘϤϟ΍ ϞϤόϟ΍ ΙΩ΍ϮΣ
ϝΎϤόϟ΍ ΐΒδΑ ΕΎϣ΍Ϊτλ΍ ϖϠΣΰΗ ΔΌσΎΧ
ρϮϘγϦϳήΧ΁ ΐΒδΑ ΕΎϣ΍Ϊτλ΍
-"44*$63";*0/& $0/530 (-* */'0356/* & -& ."-"55*& 130
'&44*0/"-*ÒPCCMJHBUPSJBFEËEJSJUUPBMMFTFHVFOUJQSFTUB[JPOJ
*/+63*&4 "/% 0$$61"5*0/"- %*4&"4&4 */463"/$& JU JT DPN
QVMTPSZBOEZPVIBWFUIFSJHIUUPUIFGPMMPXJOHTFSWJDFT
-"4463"/$&$0/53&-&4"$$*%&/54&5-&4."-"%*&4130'&4
4*0//&--&4FMMFFTUPCMJHBUPJSFFUEPOOFMFESPJUBVYQSFTUBUJPOT
TVJWBOUFT
"4*(63"3&" ·.1053*7" "$$*%&/5&-03 ľ* #0-*-03 130'&4*0
/"-&FTUFPCMJHBUPSJFſJEœESFQUVMMBVSNœUPBSFMFQSFTUBƄJJ
ΔϴϨϬϤϟ΍ ν΍ήϣϻ΍ ϭ ϞϤόϟ΍ ΙΩ΍ϮΣ Ϊο Ϧϴϣ΄Θϟ΍
ΔϴΗϻ΍ ΕΎπϳϮόΘϟ΍ ϲϓ ϖΤϟ΍ ϲτόϳϭ ϱέΎΒΟ΍ Ϯϫϭ
FDPOPNJDIF
NPOFUBSZBJE
ÏDPOPNJRVFT
FDPOPNJDF
SJBCJMJUBUJWF
SFIBCJMJUBUJPOTFSWJDFT
EFSÏIBCJMJUBUJPO
EFSFBCJMJUBSF
ΔϳΩΎμΘϗ΍ ˰
Ϟϴϫ΄Θϟ΍ ΓΩΎϋ΍ ˰
DVSBUJWF
IFBMUITFSWJDFT
DVSBUJWFT
EFUSBUBNFOU
QSPUFTJDIF
QSPTUIFUJDTFSWJDFT
QSPUIÏTJRVFT
BQMJDœSJEFQSPUF[F
ΔϴΟϼϋ ˰
ϲϋΎϨμϟ΍ ϞϳΪΒϟ΍ ˰
13&7&/*3&-&-&4*0/*7&35&#3"-*HMJFõFUUJEBOOPTJEFMMFWJCSB
[JPOJQPTTPOPFTTFSFBUUFOVBUJSFHPMBOEPMFTPTQFOTJPOJEFMTFEJ
MFJOQPTJ[JPOFJOUFSNFEJBFQPTJ[JPOBOEPMPJONPEPEBBSSJWBSF
TFO[BTGPS[PBJQFEBMJ
13&7&/5*0/0'7&35&#3"-$0-6./*/+63*&4UIFIBSNGVMDPO
TFRVFODFTPGWJCSBUJPOTNBZCFSFEVDFESFHVMBUJOHTFBUTVTQFO
TJPOTBUBOJOUFSNFEJBUFQPTJUJPOBOENPWJOHUIFTFBUJOPSEFSUP
SFBDIQFEBMTFBTJMZ
13²7&/5*0/ %&4 -²4*0/47&35²#3"-&4 QPVS BUUÏOVFS MFT FG
GFUTEBOHFSFVYEFTWJCSBUJPOTSÏHMFSMFTTVTQFOTJPOTEVTJÒHFFO
QPTJUJPOJOUFSNÏEJBJSFFUEÏQMBDFSMFTJÒHFEFGBÎPOEBSSJWFSBVY
QÏEBMFTTBOTFõPSU
13&7&/*3&" -&;*6/*-03 7&35&#3"-& FGFDUFMF EœVOœUPBSF B
WJCSBƄJJMPSQPUmBUFOVBUFSFHMÉOETVTQFOTJJMFTDBVOVMVJÔOQP[JƄJF
JOUFSNFEJBSœſJNVUÉOEVMÔOBſBGFMÔODÉUTœBKVOHFƄJGœSœFGPSUVSJ
MBQFEBMF
ΝΎΠΗέϻ΍ Ϟϣ΍Ϯϋ ϱήϘϔϟ΍ ΩϮϤόϟ΍ ωΪμΗ Ϧϣ ΔϳΎϗϮϟ΍
ϭ ςγϮϟ΍ Δϴόοϭ ϲϓ ΪόϘϤϟ΍ ΔϳϮδΘΑ ΎϬϔϴϔΨΗ ϦϜϤϳ ΓήπϤϟ΍
Δγ΍ϭΪϠϟ ˯ΎϨϋ ϥϭΪΑ ϝϮλϮϟ΍ ϢϜϨϜϤϳ ϰΘΣ ϪϠϳϮΤΗ
%PQP VO MVOHP QFSJPEP EJ HVJEB EJTUFOEFSF J NVTDPMJ QSJNB EJ
TDFOEFSFEBMWFJDPMPFOPOTBMUBSFHJáEBMMBDBCJOB
"GUFSBMPOHUJNFHVJEJOHTUSFUDIZPVSNVTDMFTCFGPSFHFUUJOHPõ
UIFWFIJDMFBOEEPOPUKVNQPõUIFDBC
"QSÒTVOMPOHUSBKFUEÏUFOESFMFTNVTDMFTBWBOUEFTPSUJSEVWÏIJ
DVMFBVMJFVEFOTPSUJSUSPQSBQJEFNFOU
%VQœPMVOHœQFSJPBEœEFDPOEVTEFTUJOEFƄJNVſDIJJÔOBJOUFEFB
DPCPSÉEJOWFIJDVMſJOVTœSJƄJKPTEJODBCJOœ
ϞΒϗ Εϼψόϟ΍ ˯ΎΧήΘγ΍ ΔϗΎϴδϟ΍ Ϧϣ ΔϠϳϮσ ΓήΘϓ ΪόΑ
ΔϗΎϴδϟ΍ Ϧϛέ Ϧϣ ΰϔϘϟ΍ ϡΪϋ ϭ ϞϘϨϟ΍ ΔϠϴγϭ Ϧϣ ϝϭΰϨϟ΍
/POTPMMFWBSFNBOVBMNFOUFDBSJDIJDIFTVQFSBOPJLHQFSHMJ
VPNJOJFJLHQFSMFEPOOFJMDBSJDPBODIFTFEJQFTPJOGFSJPSF
EFWFFTTFSFTPMMFWBUPJOQPTJ[JPOFDPSSFUUB
%POPUNBOVBMMZMJGUXFJHIUTIFBWJFSUIBOLHNFO
BOE,H
XPNFO
BXFJHIUFWFOJGMJHIUNVTUCFMJGUFEXJUIZPVSCPEZJO
BQSPQFSQPTJUJPO
-FQPJETNBYJNBMEFTDIBSHFTNBOVUFOUJPOOÏFTFTUEF,HQPVS
MFTIPNNFTFU,HQPVSMFTGFNNFT1PVSTPVMFWFSVOQPJET
NÐNFTJQMVTMÏHFSBEPQUFSVOFQPTJUJPODPSSFDUF
/VSJEJDBƄJNBOVBMHSFVUœƄJDBSFEFQœſFTDEFLHQFOUSVCœSCBƄJ
ſJ LH QFOUSV GFNFJ ÔODœSDœUVSB DIJBS EBDœ HSFVUBUFB FTUF
JOGFSJPBSœUSFCVJFSJEJDBUœÔOQP[JƄJFDPSFDUœ
ϝΎΟήϠϟ ΔΒδϨϟΎΑ ϢϠϛ ϕϮϔΗ ΪϴϟΎΑ ϝΎϘΛ΍ ϊϓέ ϡΪϋ
Ϟϗ΍ ϥΎϛ ΍Ϋ΍ ϰΘΣ ϦΤθϟ ΍ ˯ΎδϨϠϟ ΔΒδϨϟΎΑ ϢϠϛ ϭ
ΔϤϴϠγ ΔϘϳήτΑ ϊϓήϳ ϥ΍ ΐΠϳ
3JEVSSFMBWFMPDJUËEJNBSDJBTVTUSBEFDIFUSBTNFUUPOPBMNF[[P
GPSUJWJCSB[JPOJ4PUUPQPSTJBJDPOUSPMMJTBOJUBSJ3JDPSSFSFJNNFEJB
UBNFOUFBMNFEJDPDPNQFUFOUFTFTJBDDVTBNBMEJTDIJFOB
%FDSFBTFZPVSTQFFEPOSPBETXIJDIDPOWFZIFBWZWJCSBUJPOTUP
UIFWFIJDMF4VCKFDUUPNFEJDBMFYBNJOBUJPOTBUSFHVMBSJOUFSWBMT
5VSOUPBEPDUPSJGZPVGFFMCBDLBDIF
*MGBVUSBMFOUJSTVSMFTSPVUFTRVJUSBOTNFUUFOUEFGPSUFTWJCSBUJPOT
BVY WÏIJDVMFT 4F TPVNFUUSF BVY DPOUSÙMFT NÏEJDBVY &O DBT EF
NBMEFEPTTBESFTTFSUPVUEFTVJUFBVNÏEFDJODPNQÏUFOU
3FEVDFƄJWJUF[BEFNFSTQFTUSBEFDBSFUSBOTNJUNJKMPDVMVJWJCSBƄJ
NBSJ4VQVOFƄJWœMBDPOUSPBMFNFEJDBMF"ESFTBƄJWœJNFEJBUNF
EJDVMVJDPNQFUFOUEBDœBDV[BƄJEVSFSJEFTQBUF
ϰϟ΍ ϞϘϨϟ΍ ΔϠϴγϮΑ ϱΩΆΗ ϲΘϟ΍ Δϋήδϟ΍ Ϧϣ ξϴϔΨΘϟ΍
˯ϮΠϠϟ΍ΔϴΤμϟ΍ ΔΒϗ΍ήϤϟΎΑ ϡΎϴϘϟ΍ ϱϮϗ ΝΎΠΗέ΍
ήϬψϟ΍ ϡϻ΂Α αΎδΣϻ΍ ΪϨϋ ΞϟΎόϤϟ΍ ΐϴΒτϠϟ ϱέϮϔϟ΍
13&7&/*3&-"1&3%*5"%*6%*50DIJVEFSFJmOFTUSJOJFTQFHOFSF
MBSBEJPJOQSFTFO[BEJGPSUFSVNPSPTJUËFTUFSOB3JEVSSFMBWFMPDJUË
EJNBSDJBTVTUSBEFDIFQFSJMMPSPTUBUPSJTVMUBOPSVNPSPTF
)&"3*/(-04413&7&/5*0/DMPTFUIFXJOEPXBOEUVSOPõUIF
SBEJP PO OPJTZ SPBET %FDSFBTF TQFFE PO SPBET XIJDI BSF OPJTZ
EVFUPUIFJSDPOEJUJPO
13²7&/5*0/%&-"1&35&%&-06¸&GFSNFSMFTGFOÐUSFTFUÏUFJO
ESFMBSBEJPFOQSÏTFODFEVOGPSUCSVJUFYUÏSJFVS3ÏEVJSFMBWJUFT
TFTVSMFTSPVUFTRVJTPOUCSVZBOUFTËDBVTFEFMFVSÏUBU
13&7&/*3&" 1*&3%&3** "6;6-6* ·ODIJEFƄJ HFBNVSJMF ſJ TUJOHFƄJ
SBEJPVMÔOQSF[FOƄBEF[HPNPUNBSFFYUFSJPS3FEVDFƄJWJUF[BEF
NFSTQFTUSBEFDBSFQFOUSVTUBEJVMMPSSF[VMUœ[HPNPUPBTF
άϓ΍ϮϨϟ΍ ϕϼϏ΍ ϊϤδϟ΍ ΔγΎΣ ϥ΍ΪϘϓ Ϧϣ ΔϳΎϗϮϟ΍
ϲΟέΎΧ ΞϴΠο ΩϮΟϭ ΪϨϋ ωΎϳάϤϟ΍ ˯Ύϔσ΍
ΖϧΎϛ ΍Ϋ΍ ϕήτϟ΍ ϲϓ Δϋήδϟ΍ ξϴϔΨΗ
ΞϴΠπϟ΍ ϱΩΆΗ ΎϫέϭΪΑ ϢϬΘϟΎΣ
13&7&/*3& -& ."-"55*& 3&41*3"503*& $IJVEFSF J mOFTUSJOJ JO
DBTPEJGPSUJDPODFOUSB[JPOJEJCJPTTJEPEJDBSCPOJP$0
FQPMWFSJ
/POTPTUBSFOFJQSFTTJEFHMJTDBSJDIJEFJGVNJEJDPNCVTUJPOFOPO
GVNBSFJODBCJOB
3&41*3"503: %*4&"&4 13&7&/5*0/ DMPTF UIF XJOEPX JO DBTF
PGIJHIDPODFOUSBUJPOPGDBSCPONPOPYJEFPSEVTU$0
%POPU
TUBOEOFBSDPNCVTUJPOGVNFTFYIBVTUEPOPUTNPLFJOUIFDBC
13²7&/5*0/ %&4 ."-"%*&4 3&41*3"50*3&4 GFSNFS MFT WJUSFT
RVBOEJMZBVOFHSBOEFDPODFOUSBUJPOEPYZEFEFDBSCPOF$0
FUEFQPVTTJÒSF/FQBTTBSSÐUFSQSÒTEFTHB[EÏDIBQQFNFOU/F
QBTGVNFSEBOTMBDBCJOF
13&7&/*3&"#0-*-033&41*3"503*·ODIJEFƄJHFBNVSJMPSÔODB[EF
NBSFDPODFOUSBƄJFEFPYJEEFDBSCPO$0
ſJQSBG/VTUBƄJPOBƄJ
ÔO BQSPQJFSFB EFTDœSDœSJMPS EF GVN EF DPNCVTUJF OV GVNBƄJ ÔO
DBCJOœ
ϲϓ άϓ΍ϮϨϟ΍ ϕϼϏ΍ ΔϴδϔϨΘϟ΍ ν΍ήϣϻ΍ Ϧϣ ΔϳΎϗϮϟ΍
ϡΪϋέΎΒϐϟ΍ ϭ &2 ϥϮΑήϜϟ΍ Ϊϴδϛϻ ϱϮϗ ΰϛήΗ ΔϟΎΣ
ϝΎόΘηϼϟ ϞΑΎϘϟ΍ ϥΎΧΪϟ΍ ώϳήϔΗ ϦϛΎϣΎΑ ϒϗϮΘϟ΍
ΔϗΎϴδϟ΍ Ϧϛέ ϞΧ΍Ω ϦϴΧΪΘϟ΍ ϡΪϋ
13&7&/*3& ."-"55*& $"3%*07"4$0-"3* %" 453&44 MJNJUBSF JM
MBWPSP OPUUVSOP SJEVSSF MB RVBOUJUË HJPSOBMJFSB EJ PSF QBTTBUF BM
WPMBOUFSFHPMBSFMBMJNFOUB[JPOFFHMJPSBSJEJBTTVO[JPOFEFJDJCJ
453&44 $"3%*07"4$6-"3 %*4&"4&4 13&7&/5*0/ MJNJU OJHIU
XPSLSFEVDFHVJEJOHUJNFEVSJOHUIFEBZGFFEZPVSTFMGDPSSFDUMZ
BOEXJUISFHVMBSJUZ
13²7&/5*0/%&4."-"%*&4$"3%*07"4$6-"*3&41307026²&4
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UJEJFOOFEIFVSFTQBTTÏFTBVWPMBOU3ÏHVMBSJTFSMBMJNFOUBUJPOFU
MFTIPSBJSFTEFTSFQBT
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3JEVSSFJMUFNQPEJHVJEBJOQSFTFO[BEJGBUUPSJDMJNBUJDJBWWFSTJP
QSPJCJUJWJRVBMJOFWFQJPHHJBOFCCJB
3FEVDFHVJEJOHUJNFXIFOXFBUIFSDPOEJUJPOTBSFVOGBWPVSBCMF
PSBEWFSTFMJLFXJUITOPXSBJOGPH
3ÏEVJSF MF UFNQT EF DPOEVJUF FO QSÏTFODF EF NBVWBJT GBDUFVST
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SBCJMJQSFDVN[œQBEBQMPBJBDFBƄB
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MFTWJCSBUJPOTMFTJODFOEJFTMFEÏQMBDFNFOUEFTDIBSHFTFUD-FN
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BMFHÉOEVONVODJUPSEJOBGBSBJOUSFQSJOEFSJJEFTFNOBUEFDœUSF
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ΔϛήθϟΎΑ Δϣϼδϟ΍ ϡΎψϧ
ϰϠϋ κϨΗ ΔϴΑϭέϭϻ΍ Ε΍ΩΎηέϻ΍ Ϧϣ ΪϳΪόϟ΍ άΨΗ΍ ϲϟΎτϳϻ΍ ϥϮϧΎϘϟ΍
ϝΎϤόϟ΍ Δϣϼγ ϭ ΔΤλ ϰϠϋ ιήΤϳ ϥ΍ ΐΠϳ ϞϤόϟ΍ ΐΣΎλ ϥ΍
Εϻϻ΍ϞϤόϟ΍ ϥΎϜϣΔϴϟΎΘϟ΍ έΎτΧϻ΍ ϢϴϴϘΘΑ ϰϟϭϻ΍ ΔΟέΪϟΎΑ
ϖϳήΣΝΎΠΗέ΍ΞϴΠοΔϴ΋ΎϴϤϴϜϟ΍ ϞϴϟΎΤϤϟ΍Ε΍ΪόϤϟ΍ϭ
ΓΰϬΟ΍ Γέϭήπϟ΍ ΖϋΩ΍ ΍Ϋ΍ ήϴϓϮΘΑ Φϟ΍ϦΤθϟ΍ ΕΎϛήΣ
Φϟ΍ Ε΍ΫϮΧΕ΍ίΎϔϗΔϣϼδϟ΍ ΔϳάΣ΍ϼΜϣ ΔϳΩήϔϟ΍ ΔϳΎϗϮϟ΍
Ϯϫ ϲΘϟ΍ έΎτΧϻ΍ Ϧϣ ΔϳΎϗϮϟ΍ ϭ ΔϳΎϤΤϟ΍ ΕΎϣάΧ ϢϴψϨΗ Ύπϳ΍ ΐΠϳ
Ϧϋ ϦϴϟϭΆδϤϟ΍ ϭ ϖϳήΤϟ΍ Ϧϋ ϦϴϟϭΆδϤϟ΍ ϦϴϴόΗΎϬϨϋ ϝϭΆδϣ
ΔΒγΎϨϤϟ΍ ΕΎϣϮϠόϤϟ΍ Ϟϛ ΍ϭήϓϮϳ ϥ΍ ΐΠϳ Ϧϳάϟ΍Δϴϟϭϻ΍ ΕΎϓΎόγϻ΍
˯΍ήΟϻ ˯ϒϛ ΐϴΒσ ϦϴϴόΗ ΐΠϳ ϝΎϤόϠϟ ΔϴΤμϟ΍ ΔϳΎϋήϟ΍ ήϴϓϮΘϟ
ΔϳέϭΪϟ΍ ΕΎλϮΤϔϟ΍ ϭ ΩΪΠϟ΍ ϝΎϤόϠϟ Δϴ΋ΎϗϮϟ΍ ΕΎλϮΤϔϟ΍
ϩέΎϴΘΧ΍ ϢΘϳ Ύϣ΍ϢϬΘϣϼδϟ ϢϬϟ ϞΜϤϣ ΏΎΨΘϧ΍ ϖΣ ϢϬϟ ϝΎϤόϟ΍
ϲϟΎϤόϟ΍ ϲΑΎϘϨϟ΍ ϢϴψϨΘϟ΍ ϰϠϋ ϊϠτϣΔϛήθϟ΍ ΝέΎΧ Ϧϣ ϭ΍ ϢϬϨϴΑ Ϧϣ
ϞΤϟ΍ ϼϣΎϋ ϯΪόΘΗ ϲΘϟ΍ ϯήΒϜϟ΍ ΕΎϛήθϠϟ ϪΑ ΢μϨϳ ϝϭϻ΍ ϞΤϟ΍
ήϛάϟ΍ ϒϟΎδϟ΍ ΪΤϟ΍ ϯΪόΘΗ ϻ ϲΘϟ΍ ϯήϐμϟ΍ ΕΎϛήθϠϟ ΔΒδϨϟΎΑ ϲϧΎΜϟ΍
ϲλΎμΘΧ΍ ϦϳϮϜΗ ϲϓ ϖΤϟ΍ Ϫϟ ϝΎϤόϟ΍ ϞΜϤϣ
ΐΣΎλ ϑήσ Ϧϣ ϦϳϮϜΗ ϭ ϢϠϋ ϰϠϋ ΍ϮϧϮϜϳ ϥ΍ ΐΠϳ ϝΎϤόϟ΍ Ϟϛ
ϝΎϤόΘγ΍ Δϴϔϴϛ ϝϮΣ ϭ ϢϬϠϤϋ ϝϮΣ ΔλΎΨϟ΍ ϭ ΔϣΎόϟ΍ έΎτΧϻΎΑ ϞϤόϟ΍
ΔϳΩήϔϟ΍ ΔϳΎϗϮϟ΍ Ε΍ϭΩ΍
ϝΎϤόΘγ΍ϢϬΗίϮΣ ϲϓ ϲΘϟ΍ Δϣϼδϟ΍ Ε΍ϭΩ΍ ΔΒϗ΍ήϣ ϝΎϤόϟ΍ ΐΟ΍ϭ Ϧϣ
ϡΎϴϘϟ΍ ϡΪϋΎϬϋΰϧ ϡΪϋ ϭ ΎϬϴϠϋ ΔψϓΎΤϤϟ΍ ϭ ΔϳΩήϔϟ΍ ΔϳΎϗϮϟ΍ Ε΍ϭΩ΍
ΔϴΤμϟ΍ ΔΒϗ΍ήϤϠϟ ωϮπΨϟ΍ΎϬΑ ΡϮϤδϣ ήϴϏ ΕΎϴϠϤόΑ
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ΔΣ΍ήϟ΍ ϭ ΔϗΎϴδϟ΍ ΕΎϗϭ΍ Ϊϋ΍Ϯϗ
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VOFMFJOGSBDƄJVOJEFDBSFTFGBDSœTQVO[œUPSJſPGFSJJMPSBUVODJDÉOE
BDFſUJBOVBVGPTUQVſJÔODPOEJƄJJMFEFBQVUFBSFTQFDUBOPSNFMF
ΔΑΎΟϼϟ Ϣϫ΅ΎϋΪΘγ΍ ϦϜϤϳ ϞϘϨϟ΍ ΕϻϭΎϘϣ
ϦϴϘ΋Ύδϟ΍ ϑήσ Ϧϣ ΎϬϴϠϋ ωίΎϨΘϤϟ΍ ΕΎϗϭήΨϟ΍ ϰϠϋ
Ϊϋ΍ϮϘϟ΍ ϡήΘΤϳ ϥ΍ ϥϭΩ ΖϤΗ ΍Ϋ΍
0##-*()*%&-$0/%6$&/5&SJTQFUUBSFJM$PEJDFEFMMB4USBEBSJ
TQFUUBSFUFNQJEJHVJEBFEJSJQPTPOPOTWPMHFSFMBWPSJEJWFSTJEB
RVFMMJQFSDVJTJÒSJDFWVUPMJODBSJDPFMBGPSNB[JPOFJOEPTTBSFJ
EJTQPTJUJWJEJQSPUF[JPOFJOEJWJEVBMJOPOCFSFBMDPPMEVSBOUFMPSB
SJPEJMBWPSP
%3*7&3 0#-*("5*0/4 SFTQFDU 3PBE $PEF SFTQFDU HVJEJOH BOE
SFTUUJNFEPOPUDBSSZPVUBDUJWJUJFTGPSXIPNZPVIBWFOPUCFFO
BTTJHOFEBOEUSBJOFEXFBSQFSTPOBMTBGFUZEFWJDFTEPOPUESJOL
BMDPIPMEVSJOHXPSLUJNF
-&4 0#-*("5*0/4 %6 $)"6''&63 JM EPJU SFTQFDUFS MF $PEF EF
MB3PVUF*MEPJUSFTQFDUFSMFTUFNQTEFDPOEVJUFFUEFSFQPT*MOF
EPJUQBTGBJSFEFUSBWBVYEJõÏSFOUTEFDFVYQPVSMFTRVFMTJMBÏUÏ
DIBSHÏFUGPSNÏ*MEPJUQPSUFSMFTEJTQPTJUJGTEFQSPUFDUJPOJOEJWJ
EVFMMF*MOFEPJUQBTCPJSFQFOEBOUMFUSBWBJM
0#-*("Ń**-& $0/%6$Ē5036-6* "650 B SFTQFDUB $PEVM 4USB
EBMBSFTQFDUBUJNQVMEFDPOEVTſJEFPEJIOœTœOVEFTGœſPBSF
NVODJEJWFSTFEFDFMFQFOUSVDBSFBQSJNJUTBSDJOBſJQSFHœUJSFBB
ÔNCSœDBEJTQP[JUJWFMFEFQSPUFDƄJFJOEJWJEVBMJBOVCFBÔOUJNQVM
PSBSVMVJEFNVODœ
ϡ΍ήΘΣ΍ ήϴδϟ΍ ϥϮϧΎϗ ϡ΍ήΘΣ΍ ϖ΋Ύδϟ΍ ΕΎΒΟ΍ϭ
ϝΎϤϋΎΑ ϡΎϴϘϟ΍ ϡΪϋ ΔΣ΍ήϟ΍ ϭ ΔϗΎϴδϟ΍ ΕΎϗϭ΍
ΔϳΎϗϮϟ΍ Ε΍ϭΩ΍ ˯΍ΪΗέ΍ ϪϨϳϮϜΗ ϭ ϪϠϤϋ Ϧϋ ΔϔϠΘΨϣ
ϞϤόϟ΍ ΕΎϋΎγ ϝϼΧ ϝϮΤϛ Ώήη ϡΪϋ ΔϳΩήϔϟ΍
*MDPOEVDFOUFEFWFQPUFSEJNPTUSBSFJMNPUJWPQFSDVJTJUSPWBBMMB
HVJEBEFMNF[[PUSBNJUFVOEPDVNFOUPDIFBUUFTUJSBQQPSUPEJ
MBWPSPDIFJOUFSDPSSFUSBMVJFMJNQSFTBBDVJÒJOUFTUBUPJMWFJDPMP
EJQFOEFOUFUJUPMBSFTPDJPFDD
%SJWFSNVTUCFBCMFUPEFNPOTUSBUFXIZIFJTESJWJOHUIBUWFIJDMF
CZNFBOTPGBEPDVNFOUUIBUDFSUJmFTUIFSFMBUJPOTIJQCFUXFFO
IJN BOE UIF DPNQBOZ PXOFS PG UIF WFIJDMF FNQMPZFF PXOFS
QBSUOFSFUD
-F DIBVõFVS EPJU QPVWPJS EÏNPOUSFS QPVSRVPJ JM TF USPVWF Ë MB
DPOEVJUFEVWÏIJDVMFQBSVOEPDVNFOURVJTUJQVMFMFSBQQPSUEF
USBWBJM FYJTUBOU FOUSF MVJ FU MFOUSFQSJTF QSPQSJÏUBJSF EV WÏIJDVMF
NÐNFTBMBSJÏUJUVMBJSFBTTPDJÏFUD
$POEVDœUPSVM BVUP USFCVJF Tœ QPBUœ EFNPOTUSB NPUJWVM QFOUSV
DBSFTFBnœMBWPMBOVMNJKMPDVMVJEFUSBOTQPSUQSJOUSVOEPDVNFOU
DBSFTœEFNPOTUSF[FSBQPSUVMEFNVODœDBSFFYJTUœÔOUSFFMſJmS
NBDœSFJBFTUFÔOSFHJTUSBUœWFIJDVMVMBOHBKBUEFQFOEFOUUJUVMBS
BTPDJBUFUD
ϞϘϨϟ΍ ΔϠϴγϮϟ ϪΗΩΎϴϗ ΐΒγ ήϬψϳ ϥ΍ ΐΠϳ ϖ΋Ύδϟ΍
ϲϤΘϨϳ ϲΘϟ΍ ΔϟϭΎϘϤϟ΍ ϦϴΑ ϭ ϪϨϴΑ ϞϤόϟ΍ ϖ΋ΎΛϭ Δτγ΍ϮΑ
ϞϘϨϟ΍ ΔϠϴγϭ ΎϬϴϟ΍ ϲϤΘϨΗ ϲΘϟ΍ ϭ ΎϬϴϟ΍
Φϟ΍ ϚϳήηϚϟΎϣϞϣΎϋ
"55&45"50$0.6/*5"3*0QFSFõFUUVBSFUSBTQPSUJJOUFSOB[JPOBMJ
JMDPOEVDFOUFEFWFFTTFSOFJOQPTTFTTP
&6301&"/$&35*'*$"5*0/UPDBSSZPVUJOUFSOBUJPOBMUSBOTQPSUB
UJPOESJWFSNVTUPXOUIJTDFSUJmDBUJPO
"55&45"5*0/ $0..6/"65"*3& MF DIBVõFVS EPJU MBWPJS QPVS
QPVWPJSGBJSFEFTUSBOTQPSUTJOUFSOBUJPOBVY
"5&45"5$0.6/*5"3QFOUSVBFGFDUVBUSBOTQPSUVSJJOUFSOBƄJPOBMF
DPOEVDœUPSVMBVUPUSFCVJFTœmFJOQPTFTVMBDFTUVJB
ΎϬϜϠΘϤϳ ϥ΍ ΐΠϳ ϙ΍ήΘη΍ ΓΩΎϬη
ϲϟϭΪϟ΍ ϞϘϨϟΎΑ ϡΎϴϘϠϟ ϖ΋Ύδϟ΍
104*;*0/&%*(6*%"MPTDIJFOBMFJMQPHHJBUFTUBJMTFEJMFEFWPOP
FTTFSFSFHPMBUJQFSDPOTFOUJSFVOBDPSSFUUBQPTJ[JPOFEFMMFNBOJ
EFMMFHBNCFEFMMFCSBDDJB"MMBDDJBSFTFNQSFMFDJOUVSFEJTJDVSF[
[B
%3*7*/(104*5*0/DIBJSCBDLIFBESFTUBOETFBUNVTUCFSFHVMB
UFEJOPSEFSUPBTTVNFBQSPQFSQPTJUJPOPGIBOETMFHTBOEBSNT
"MXBZTGBTUFOTFBUCFMUT
104563&%&$0/%6*5&MFEPTTJFSMBQQVJFUÐUFMFTJÒHFEPJWFOU
ÐUSF SÏHMÏT QPVS QFSNFUUSF VOF QPTJUJPO DPOWFOBCMF EFT NBJOT
EFTKBNCFTEFTCSBT5PVKPVSTCPVDMFSMBDFJOUVSFEFTÏDVSJUÏ
10;*Ń*" %& $0/%6$&3& TQœUBSVM TVQPSUVM QF DBSF TF TQJKJOœ
DBQVMTDBVOVMUSFCVJFTœmFSFHMBUFÔOBſBGFMÔODÉUTœQFSNJUœP
DPSFDUœQP[JƄJFBNÉJOJMPSQJDJPBSFMPSCSBƄFMPS1VOFƄJUPUEFBVOB
DFOUVSJMFEFTJHVSBOƄœ
ΪόϘϤϟ΍α΍ήϟ΍ ΪϨδϣϲγήϜϟ΍ ήϬχ ΓΩΎϴϘϟ΍ Δϴόοϭ
ϦϴϠΟήϠϟϦϳΪϴϠϟ ΔϤϴϠγ Δϴόοϭ ϥΎϤπϟ ϢϬτΒο ϢΘϳ
Δϣϼδϟ΍ ϡ΍ΰΣ ςΑέ ΎϤ΋΍ΩωέΫϼϟ
'3&/"3&*/4*$63&;;"
NPEVMBSFMBGSFOBUBFTDBMBSFMFNBSDF
/FMMFGSFOBUFEJFNFSHFO[BTPMPDPO"#4
QSFNFSFEFDJTBNFOUFBGPOEPGSFOPFGSJ[JPOF
#3",*/(4"'&-:BEKVTUCSBLJOHBOEHFBSEPXO
%VSJOHFNFSHFODZCSBLJOHPOMZXJUI"#4
QSFTTEPXOmSNMZ
POCSBLFBOEUSBOTNJTTJPOQFEBMT
'3&*/"(&&/4²$63*5²ÏWBMVFSMFGSFJOBHFFUSÏUSPHSBEFS
&ODBTEBSSÐUEVSHFODFTFVMFNFOUBWFD"#4
BQQVZFS
GFSNFNFOUTVSMFGSFJOFUMFNCSBZBHF
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NPEVMBƄJGSÉOBSFBſJTDIJNCBƄJHSBEBUWJUF[B
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BQœTBƄJIPUœSÉUQÉOœ
ÔOGVOEGSÉOBſJBNCSFJBKVM
ΞϳέΪΗΔϠϣήϔϟ΍ ϞϳΪόΗ Δϣϼδϟ΍ Ϟϣ΍ήϓ
ΪϨϋ Ϟϣ΍ήϔϟ΍ ΢Βϛ ˯ΎϨΛ΍ ήϴδϟ΍
ΩΩήΗ ϼΑ ςϐπϟ΍DEVϊϣ ςϘϓ Ήέ΍Ϯτϟ΍
ΝΎϳήΑΪϟ΍ ϭ Ϟϣ΍ήϔϟ΍ ϖϤϋ ϰΘΣ
%*45"/;"%*4*$63&;;",NINEJEJTUBO[BEBMWFJDPMP
DIFQSFDFEFDPNFBVUPCVTJOmMB
,NIN
#3",*/( %*45"/$& ,NI N GBS GSPN UIF WFIJDMF BIFBE
TBNFMFOHIUPGUXPCVTFTJOMJOF
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%*45"/$&%&4²$63*5²,NINEVWÏIJDVMFRVJWPVTQSÏ
DÒEFDPNNFBVUPCVTMVOEFSSJÒSFMBVUSF
,NIN
%*45"/Ń"%&4*(63"/ŃĒLNINEFEJTUBOƄœEFMBWFIJ
DVMVMBOUFSJPSDBſJBVUPCV[FJOſJS
LNIN
ϦϴΑ ΔϓΎδϤϟ΍ Ϧϣ ϡ αϢϠϛΔϣϼδϟ΍ ΔϓΎδϣ
ςΨϟ΍ βϔϧ ϲϓ ϦϴΘϠϓΎΣ ϞΜϣ ϡΎϣϻΎΑ ϲΘϟ΍ ΓέΎϴδϟ΍
ϡ αϢϠϛ
(6*%"/&--"/&##*"TFTJEJTUJOHVFVOPHHFUUPOPOMVNJOPTP
BTPMJNTJEFWFWJBHHJBSFBMNBTTJNPBLNIBN
,NIBNLNI
%3*7*/(*/5)&'0(JGZPVDBOEJTUJOHVJTIPOMZPCKFDUTOPUMJHIU
POFT
NUGBSBXBZESJWFBUBNBYJNVNTQFFEPG,NINU
,NINU,NI
$0/%6*5&%"/4-&#306*--"3%FODBTEFWJTJCJMJUÏEPCKFUOPO
MVNJOFVYËTFVMFNFOUNWPZBHFSË,NIBVNBYJNVNË
N,NIËN,NI
$0/%6$&3&"1&$&"ŃĒEBDœTFEJTUJOHFVOPCJFDUOFMVNJOPTMB
OVNBJNEFQMBTBSFBUSFCVJFTœTFGBDœMBNBYJNLNIMB
NLNIMBNLNI
ϯϮγ ˯ϲπϣ ήϴϏ ˯ϲη ΰϴϴϤΗ ϢΗ ΍Ϋ΍ΏΎΒπϟ΍ ˯ΎϨΛ΍ ΓΩΎϴϘϟ΍
ϰϟ΍αϢϠϛ ΔϳΎϏ ήϔδϟ΍ ΐΠϳϡ ΪόΑ ϰϠϋ
αϢϠϛ ϡαϢϠϛ ϡ
(6*%"40550-"1*0((*"WFMPDJUËNPEFSBUBFWJUBSFCSVTDIFBD
DFMFSB[JPOJEFDFMFSB[JPOJTUFS[BUF
1FSJDPMPEJBRVBQMBOJOHJOQSFTFO[BEJQP[[BOHIFSF
%3*7*/( */5)& 3"*/ NPEFSBUF TQFFE BWPJE TVEEFO BDDFMFSB
UJPOTEFDFMFSBUJPOTTXFSWFT"RVBQMBOJOHEBOHFSJODBTFPGQVE
EMFTPOUIFSPBE
$0/%6*5&4064-"1-6*&NPEÏSFSMBWJUFTTFÏWJUFSEBDDÏMÏSFS
EFSBMFOUJSFUEFCSBRVFSCSVTRVFNFOU*MZBVOEBOHFSEBRVB
QMBOJOHFOQSÏTFODFEFnBRVFT
$0/%6$&3&" 1& 1-0"*& WJUF[œ NPEFSBUœ FWJUBSFB BDDFMFSœSJJ
CSVſUFÔODFUJOJSJJWJSœSJJ
1FSJDPMEFBRVBQMBOJOHÔOQSF[FOƄBEFCœMUPBDF
ΔϟΪΘόϣ ΔϋήγήτϤϟ΍ ΖΤΗ ΓΩΎϴϘϟ΍
Γέ΍Ω΍ΔΌΟΎϔϤϟ΍ Δϋήδϟ΍ ΐϨΠΗ
Δϴ΋ΎϤϟ΍ ϙήΒϟ΍ ΩϮΟϮϟ ϕϻΰϧϻ΍ ήτΧΩϮϘϤϟ΍
4045"%*&.&3(&/;"TFQPTTJCJMFGVPSJEBMMBDBSSFHHJBUB
%JHJPSOPQPTJ[JPOBSFJMUSJBOHPMPBEBMNFOPNEBMWFJDPMP
EJOPUUFBDDFOEFSFBODIFMFMVDJEJQPTJ[JPOFPEFNFSHFO[B
&.&3(&/$:)"-5JGJUJTQPTTJCMFTUPQPVUTJEFPGUIFDBSSJBHFXBZ
%BZUJNFQMBDFXBSOJOHUSJBOHMFBUMFBTUNUGBSGSPNUIFWFIJ
DMFOJHIUUJNFBMTPUVSOPOQBSLJOHMJHIUTPSFNFSHFODZMJHIUT
45"5*0//&.&/5%63(&/$&TJQPTTJCMFTBSSÐUFSËMFYUÏSJFVSEF
MBDIBVTTÏF1FOEBOUMBKPVSOÏFQMBDFSMFUSJBOHMFBVNPJOTËN
EVWÏIJDVMFMBOVJUBMMVNFSÏHBMFNFOUMFTGFVYEFQPTJUJPOPVEF
EÏUSFTTF
013*3&"%&63(&/ŃĒEBDœFTUFQPTJCJMÔOBGBSBDBSPTBCJMVMVJ
1F[JQP[JƄJPOBƄJUSJVOHIJVMMBDFMQVƄJONEFWFIJDVM
QFOPBQUFBQSJOEFƄJſJMVNJOJMFEFQP[JƄJFTBVEFVSHFOƄœ
ΔϋέΎϗ ΝέΎΧ ΎϨϜϤϣ ϥΎϛ ΍Ϋ΍ Ήέ΍Ϯτϟ΍ ΪϨϋ ϑϮϗϮϟ΍
ΪόΑ ϰϠϋ ΐτόϟ΍ ΚϠΜϣ ϊοϭ έΎϬϨϟ΍ ϲϓ ϖϳήτϟ΍
Ήέ΍Ϯτϟ΍ Δϴόοϭ ϝΎόη΍ ϞϴϠϟ΍ ϲϓ Ϟϗϻ΍ ϰϠϋ ϡ
(6*%"/05563/"EFWJBSFMPTHVBSEPEBPHHFUUJMVNJOPTJPJMMV
NJOBUJWFSTPMF[POFTFNJCVJF4FBCCBHMJBUJHVBSEBSFJMNBSHJOF
EFTUSPEFMMBTUSBEB
%3*7*/( "5 /*()5 EP OPU MPPL EJSFDUMZ BU MJHIU PS FOMJHIUFOFE
PCKFDUTMPPLUPXBSETFNJEBSLFOBSFBT*GEB[[MFEMPPLBUUIFSJ
HIUTJEFPGUIFSPBE
$0/%6*5&%&/6*5EÏUPVSOFSMFSFHBSEEFTPCKFUTMVNJOFVYPV
ÏDMBJSÏTWFSTEFT[POFTQMVTTPNCSFT&ODBTEÏCMPVJTTFNFOUSF
HBSEFSMFCPSEESPJUEFMBSPVUF
$0/%6$&3&"1&/0"15&EFWJBƄJQSJWJSFBEFQFPCJFDUFMFMVNJ
OPBTFTBVJMVNJOBUFÔOTQSFP[POœEFTFNJÉOUVOFSJD%BDœTVOUFƄJ
PSCJƄJQSJWJƄJNBSHJOFBESFBQUœBTUSœ[JJ
ϭ ΔΌϴπϤϟ΍ ˯Ύϴηϻ΍ Ϧϋ ήψϨϟ΍ ϞϳϮΤΗϼϴϟ ΓΩΎϴϘϟ΍
ήΛ΄Θϟ΍ ΪϨϋ ΔϤϠψϣ ϒμϧ ϦϛΎϣϻ΍ ϮΤϧΓέΎϧϻ΍ ΓήϴΜϜϟ΍
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(6*%"46--"/&7&NBOUFOFSFVOBWFMPDJUËNPEFSBUBFDPTUBO
UFGSFOBUFEPMDJSBMMFOUBSFQSJNBEJFOUSBSFJODVSWB
*OQBSUFO[BBDDFMFSBSFDPOQSPHSFTTJWJUË
%3*7*/(0/4/08LFFQBNPEFSBUFBOEDPOTUBOUTQFFECSBLF
HFOUMZ EFDFMFSBUF CFGPSF UBLJOH B CFOE "DDFMFSBUF HSBEVBMMZ
XIFOTUBSUJOHPõ
$0/%6*5&1"35&.14%&/&*(&HBSEFSVOFWJUFTTFNPEÏSÏFFU
DPOTUBOUFGSFJOFSEPVDFNFOUSBMFOUJSBWBOUEFOHBHFSVOWJSBHF
&OQBSUBOUBDDÏMÏSFSQSPHSFTTJWFNFOU
$0/%6$&3&" 1& ;Ē1"%Ē NFOƄJOFƄJ P WJUF[œ NPEFSBUœ ſJ
DPOTUBOUœGSÉOBƄJVſPSÔODFUJOJƄJÔOBJOUFEFBJOUSBÔODVSCœ
-BQMFDBSFBDDFMFSBƄJDVQSPHSFTJWJUBUF
ΔϠϣήϓ ΔΘΑΎΛ ϭ ΔϟΪΘόϣ ΔϋήδΑ υΎϔΘΣϻ΍ΞϠΜϟ΍ ϕϮϓ ΓΩΎϴϘϟ΍
ϒτόϨϣ ϲϓ ϝϮΧΪϟ΍ ϞΒϗ Δϋήδϟ΍ κϴϠϘΗΔϔϴϔΧ
ΞϳέΪΘϟΎΑ Δϋήδϟ΍ ΓΩΎϳί ϕϼτϧϻ΍ ΪϨϋ
$"5&/&%"/&7&WFSJmDBSOFMJOUFHSJUËFDBSJDBSMFBCPSEPmOEBM
MJOJ[JP EFMMJOWFSOP P QSJNB EJ QFSDPSSFSF WBMJDIJ F TUSBEF JO BMUB
RVPUB/POBTQFUUBSFEJFTTFSFCMPDDBUJEBMMBOFWFQFSNPOUBSFMF
DBUFOF
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UIFN PO CPBSE TJODF UIF CFHJOOJOH PG XJOUFS PS CFGPSF ESJWJOH
UISPVHIBNPVOUBJOQBTTPSIJHIBMUJUVEFSPBET%POPUXBJUUPCF
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WÏIJDVMFEÒTMFEÏCVUEFMIJWFSPVBWBOUEFQBSDPVSJSVODPMFU
EFTSPVUFTFOIBVUFBMUJUVEF/FQBTBUUFOESFEÐUSFCMPRVÏQBSMB
OFJHFQPVSNPOUFSMFTDIBÔOFTËOFJHF
-"/Ń63*%&;Ē1"%ĒDPOUSPMBƄJJOUFHSJUBUFBſJMVBƄJMFMBCPSEEF
MBÔODFQVUVMJFSOJJTBVÔOBJOUFEFBQBSDVSHFUSFDœUPBSFſJTUSœ[JMB
DPUFÔOBMUF/VBſUFQUBƄJTœmƄCMPDBƄJEF[œQBEœQFOUSVBNPOUB
MBOƄVSJMF
΃ΪΑ ΪϨϋ ΎϬϠϤΣ ϭ ΔϴΣϼμϟ΍ Ϧϣ Ϊϛ΄Θϟ΍ΞϠΜϟ΍ Ϟγϼγ
ωΎϔΗέ΍ ϲϓ ϖϳήσ ϭ ϲϠΒΟ ίΎΠϣ ϊτϗ ϞΒϗ ϭ΍ ˯ΎΘθϟ΍
Ϟγϼδϟ΍ ΐϴϛήΘϟ ϲΠϠΜϟ΍ έΎμΤϟ΍έΎψΘϧ΍ ϡΪϋ ΐΠϳ
#*-"/$*".&/50%&-$"3*$0JMDBSJDPEFWFFTTFSFVOJGPSNFNFO
UFSJQBSUJUPTUBCJMFFWJODPMBUP
7FSJmDBSOFJMCJMBODJBNFOUPQSJNBEFMMBQBSUFO[B
413&"%*/(5)&-0"%&7&/-:UIFMPBENVTUCFFWFOMZEJTUSJCV
UFETUBCMFBOEUJFE$IFDLJUCFGPSFTUBSUJOHPõ
²26*-*#3"(&%&-"$"3("*40/MBDBSHBJTPOEPJUÐUSFVOJGPSNÏ
NFOUSFQBSUJFTUBCMFFUMJÏF*MGBVUWÏSJmFSTPOÏRVJMJCSBHFBWBOU
MFEÏQBSU
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7FSJmDBƄJFDIJMJCSBSFBÔOBJOUFBQMFDœSJJ
ϥϮϜϳ ϥ΍ ΐΠϳ ϦΤθϟ΍ϦΤθϟ΍ ϥί΍ϮΗ
Ϊϛ΄Θϟ΍ ΍ΪϴϘϣ ϭ ΎΘΑΎΛΎϋίϮϣ ϭ ΎϤψΘϨϣ
ϕϼτϧϻ΍ ϞΒϗ ϥί΍ϮΘϟ΍ Ϧϣ
$"3*$)*4103(&/5**MDBSJDPOPOQVÛTQPSHFSFBOUFSJPSNFOUFBM
WFJDPMP QVÛ TQPSHFSF QPTUFSJPSNFOUF TPMP TF DPTUJUVJUP EB PH
HFUUJJOEJWJTJCJMJmOPBJEFMMBMVOHIF[[BEFMWFJDPMPQVSDIÏ
OFJMJNJUJTUBCJMJUJQFSDJBTDVOUJQPEJWFJDPMP
130536%*/(-0"%MPBEDBOOPUQSPUSVEFGPSXBSEPGUIFGSPOU
PGUIFWFIJDMFJUDBOQSPUSVEFPOMZPOUIFCFIJOEJGJUJTNBEFPG
UIJOHTXIJDINBZOPUCFTFQBSBUFEVQUJMMPGUIFWFIJDMFMFO
HIUBTMPOHBTJOUIFMJNJUFTUBCMJTFEGPSFBDIWFIJDMF
$"3("*40/ &/ 4"*--*& MB DBSHBJTPO OF QFVU QBT EÏQBTTFS Ë
MBWBOUEVWÏIJDVMFFMMFQFVUEÏQBTTFSËMBSSJÒSFKVTRVBVEF
MBMPOHVFVSEVWÏIJDVMFTFMMFFTUDPNQPTÏFQBSEFTDIPTFTJOEJ
WJTJCMFT%BOTDFDBTFMMFOFEPJUQBTEÏQBTTFSMFTMJNJUFTQSÏWVFT
QPVSDIBRVFNPEÒMFEFWÏIJDVMF
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EFQœſFBTDœBOUFSJPSWFIJDVMVMQPBUFEFQœſJQPTUFSJPSOVNBJEBDœ
FTUFDPOTUJUVJUœEJOMVDSVSJJOEJWJ[JCJMFQÉOœMBEJOMVOHJNFB
WFIJDVMVMVJDVDPOEJƄJBTœmFÔOMJNJUFMFTUBCJMJUFQFOUSVmFDBSFUJQ
EFWFIJDVM
ΔϬΠϟ΍ Ϧϣ ίϭήΒϟ΍ ϪϨϜϤϳ ϻ ϦΤθϟ΍ΓίέΎΒϟ΍ ϦΤθϟ΍
ΔϬΠϟ΍ Ϧϣ ίϭήΒϟ΍ ϦϜϤϳϞϘϨϟ΍ ΔϠϴγϮϟ ΔϴϣΎϣϻ΍
ϦϣϰΘΣ˯ϱΰΠΘϠϟ ΔϠϴϠϗ ήϴϏ ΖϧΎϛ ΍Ϋ΍ ΔϴϔϠΨϟ΍
ΐδΣ ΓέήϘϤϟ΍ ΩϭΪΤϟ΍ ϲϓ ϞϘϨϟ΍ ΔϠϴγϭ ϝϮσ
ϞϘϨϟ΍ Ϟ΋Ύγϭ Ϧϣ ωϮϧ Ϟϛ
-BTQPSHFO[BEFWFFTTFSFTFHOBMBUBNFEJBOUFVOPPEVFQBOOFMMJ
SJnFUUFOUJQPTUJBMMFFTUSFNJUËEFMMBTQPSHFO[B
1SPUSVTJPO NVTU CF TJHOBMFE CZ NFBOT PG POF PS UXP SFnFDUJWF
QBOFMUPQVUBUUIFQSPUSVTJPOFEHF
-BTBJMMJFEFMBDBSHBJTPOEPJUÐUSFTJHOBMÏFQBSVOPVEFVYQBO
OFBVYSÏnÏDIJTTBOUTRVJTPOUQMBDÏTËMFYUSÏNJUÏEFMBTBJMMJF
%FQœſJSFB HBCBSJUVMVJ USFCVJF Tœ mF TFNOBMBUœ QSJO JOUFSNFEJVM
VOVJB TBV B EPVœ QBOPVSJ SFnFDUPSJ[BOUF QVTF MB FYUSFNJUBUFB
ÔODœSDœUVSJJ
ΐΠϳ ΔϨΣΎθϟ΍ Ϧϣ ΓήϫΎψϟ΍ ϦΤθϟ΍
Ε΍έΎη΍ ΔΣϮϟ Δτγ΍ϮΑ ΎϬϴϟ΍ έΎθϳ ϥ΍
ίϭήΒϟ΍ ΔϳΎϬϧ ϦϛΎϣϻ ΔδϛΎϋ
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ΓέάΨϣ Ω΍Ϯϣ ϲσΎόΗ ϭ
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MBmEVDJBOFMMBQSPQSJBBCJMJUËBMUFSBMBQFSDF[JPOFEFMMFEJTUBO[F
FEFMMBWFMPDJUËBMMVOHBJUFNQJEJSFB[JPOFSFTUSJOHFJMDBNQPWJ
TJWP
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JUFYBHHFSBUFTUIFDPOmEFODFJOZPVSPXOTLJMMJUEJTUPSUTTQFFE
BOEEJTUBODFQFSDFQUJPOJUFYUFOETSFTQPOTFUJNFJUOBSSPXTUIF
WJTVBMmFME
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QMVTJNQPSUBOUF-BMDPPMQSPWPRVFVOFTVSFTUJNBUJPOEFTFTDB
QBDJUÏT-BMDPPMBMUÒSFMBQQSÏDJBUJPOEFTEJTUBODFTFUEFMBWJUFTTF
JMEJNJOVFMFTSÏnFYFTJMSÏUSÏDJUMFDIBNQWJTVFM
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FYBHFSFB[œÔODSFEFSFBÔOQSPQSJBBCJMJUBUFBMUFSFB[œQFSDFQƄJVOFB
EJTUBOƄFMPSſJBWJUF[FJMVOHFſUFUJNQVMEFSFBDƄJFSFTUSÉOHFDÉN
QVMWJ[VBM
΢ΒμΗ ϭ ρΎθϨϟ΍ϭ ΔϔΨϟΎΑ έϮόθϟ΍ ϰϟ΍ ϱΩΆϳ ϝϮΤϜϟ΍
Δϋήδϟ΍ ϭ ΔϓΎδϤϟ΍ ΎϤϬϴϓ ώϟΎΒϣ Δϋ΍ήΑ ϭ ΔϘΛΓέϮϬΘϣ ΓΩΎϴϘϟ΍
ϱήμΒϟ΍ ϞϘΤϟ΍ ϖϴπϳϞόϔϟ΍ Ωέ ΓήΘϓ ϝϮσ
%*7*&50 %* "446/;*0/& %* #&7"/%& "-$0-*$)& DPO QSPWWF
EJNFOUPEFMBQSJMFBHMJBEEFUUJBMMBHVJEBQSPGFTTJPOBMF
EJWFJDPMJÒBTTPMVUBNFOUFWJFUBUPBTTVNFSFCFWBOEFBMDPMJDIFJO
RVBOUJUËBODIFNJOJNFEVSBOUFJMMBWPSP
"-$0)0- %3*/,*/( 130)*#*5*0/ XJUI B NFBTVSF PG "QSJM UIF
QSPGFTTJPOBMESJWFSTDBOOPUESJOLBMDPIPMBUBMMFWFOJO
TNBMMRVBOUJUJFTEVSJOHXPSLUJNF
%²'&/4&%*/(&3&3%&4#0*440/4"-$00-*4²&4TFMPOVOBS
SÐUÏ EV BWSJM JM FTU BCTPMVNFOU JOUFSEJU BVY QFSTPOOFT
QSÏQPTÏFT Ë MB DPOEVJUF QSPGFTTJPOOFMMF EFT WÏIJDVMF EJOHÏSFS
NÐNFVOFUSÒTQFUJUFRVBOUJUÏEFCPJTTPOTBMDPPMJTÏFTQFOEBOU
MFUSBWBJM
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MFHJTMBUJWœEJOBQSJMJFQFSTPBOFMPSEFTFNOBUFTQSFBDPO
EVDFBVUPWFIJDVMFMFFTUFBCTPMVUJOUFS[JTGPMPTJSFBEFCœVUVSJBM
DPPMJDFÔODBOUJUBUFDIJBSſJNJOJNœÔOUJNQVMNVODJJ
ήϴΑ΍ΪΗ ϊϣ ΔϴϟϮΤϛ ΕΎΑϭήθϣ ϲσΎόΗ ωϮϨϤϣ
ϰϠϋ ϕϼσϻ΍ ϰϠϋ ωϮϨϤϣ ϞϳήΑ΍
ΕΎΑϭήθϣ ϲσΎόΗ ϦϴϓήΘΤϤϟ΍ ϦϴϘ΋Ύδϟ΍
ϞϤόϟ΍ ΓήΘϓ ˯ΎϨΛ΍ ΔϠϴϠϗ ΔϴϤϜΑ Ϯϟϭ ΔϴϟϮΤϛ
*M EJWJFUP EJ BTTVO[JPOF EJ BMDPPM WJHF BODIF QFS HMJ BEEFUUJ BHMJ
BQQBSFDDIJEJTPMMFWBNFOUPFEBMMBHVJEBEJNBDDIJOFEJNPWJ
NFOUB[JPOF UFSSB F NFSDJ FTDBWBUPSJ QBMF NFDDBOJDIF DBSSFMMJ
FMFWBUPSJFDD
"MDPIPM ESJOLJOH QSPIJCJUJPO JT JO GPSDF BT XFMM GPS MJGUJOH EFWJDF
PQFSBUPST BOE ESJWFST PG HSPVOE BOE MPBET NPWFNFOU WFIJDMFT
EJHHFSTGSPOUMPBEFSFMFWBUPSDBSSJBHFTFUD
-B EÏGFOTF EJOHÏSFS EFT CPJTTPOT BMDPPMJTÏFT FYJTUF BVTTJ QPVS
MFTQFSTPOOFTQSÏQPTÏFTBVYBQQBSFJMTEFMFWBHFFUËMBDPOEVJUF
EFOHJOTNPCJMFTQFMMFTNÏDBOJRVFTFYDBWBUFVSTUSBOTQBMFUUFT
ÏMÏWBUFVSTFUD
*OUFS[JDFSFB GPMPTJSJJ BMDPPMVMVJ FTUF ÔO WJHPBSF DIJBS ſJ QFOUSV
DPOEVDœUPSJJBQBSBUFMPSEFSJEJDBUſJBNBſJOJMPSEFNJſDBSFEFUF
SFOſJNœSGVSJFYDBWBUPBSFMPQBUœNFDBOJDœDœSVDJPBSFFMFWBUPB
SFFUD
ϦϴϟϭΆδϤϟ΍ ϰϠϋ Ύπϳ΍ ϖΒτϳ ϝϮΤϜϟ΍ ϲσ ΎόΗ ωϮϨϤϣ
ϭ ϚϳήΤΘϟ΍ Εϻ΁ ΓΩΎϴϗ ΪϨϋ ϰΘΣϭ ϊϓήϟ΍ Εϻ΍ ϰϠϋ
Φϟ΍Δόϓ΍έΔϳϭΪϳ ΔΑήϋΔϴϜϴϧΎϜϴϣ ΓΪϤϋ΍ΓέΎϔΣ ϦΤθϟ΍
5&.1*%*(6*%"&%*3*1040*MQFSJPEPEJHVJEBHJPSOBMJFSPEJ
SFHPMBOPOEFWFTVQFSBSFPSF
(6*%*/( "/% 3&455*.&4 ZPV DBO OPU HVJEF GPS NPSF UIBO IPVSTBEBZ
-&45&.14%&$0/%6*5&&5%&3&104MBEVSÏFRVPUJEJFOOFEF
DPOEVJUFOFEPJUQBTÐUSFTVQÏSJFVSFOPSNBMFNFOUËIFVSFT
5*.16-%&$0/%64ľ*%&0%*)/Ē1FSJPBEBEFDPOEVDFSF[JMOJDœ
EFSFHVMœOVUSFCVJFTœEFQœſFBTDœPSF
ΔϴϣϮϴϟ΍ ΓΩΎϴϘϟ΍ ΓήΘϓ ΔΣ΍ήϟ΍ ϭ ΓΩΎϴϘϟ΍ ΕΎϗϭ΍
ΕΎϋΎγ ϯΪόΘΗ ϥ΍ ΐΠϳ ϻ ΎϴϧϮϧΎϗ
%PQPRVBUUSPPSFFNF[[BEJHVJEBJMDPOEVDFOUFEFWFFõFUUVBSF
VOJOUFSSV[JPOFEJBMNFOPNJOVUJJODVJOPOEFWFTWPMHFSFBMUSJ
MBWPSJ
"GUFSIPVSTBOEBIBMGESJWJOHZPVNVTUIBWFBCSFBLPGBUMFBTU
NJOVUFTEVSJOHXIJDIZPVDBOOPUDBSSZPVUBOZPUIFSXPSL
$POEVJUF DPOUJOVF BQSÒT I EF DPOEVJUF MF DIBVõFVS EPJU
TBSSÐUFSBVNPJOTNJOVUFTQFOEBOUMFTRVFMMFTJMOFEPJUQBT
USBWBJMMFS
%VQœ PSF ſJ KVNœUBUF MB WPMBO DPOEVDœUPSVM BVUP USFCVJF Tœ
FGFDUVF[FPÔOUSFSVQFSFEFDFMQVƄJOEFNJOVUFÔODBSFOVUSF
CVJFTœEFTGœſPBSFBMUFNVODJ
ϖ΋Ύδϟ΍ ϰϠϋ ΐΠϳ ΓΩΎϴϘϟ΍ Ϧϣ ϒμϧ ϭΕΎϋΎγ ΪόΑ
ϯήΧ΍ ϝΎϤϋ΍ ΔϳԿΑ ϡϮϘϳ ϥ΍ ΐΠϳ ϻΩ ΓΪϤϟ ϒϗϮΘϳ ϥ΍
/POTJEFWFHVJEBSFQFSQJáEJPSFBMHJPSOPTJQPTTPOPSBHHJVO
HFSF MF PSF EJ HVJEB QFS TPMJ HJPSOJ OFMMB TUFTTB TFUUJNBOB
QVSDIÏSFDVQFSBUFOFMMBTFUUJNBOBTVDDFTTJWB
:PV DBO OPU ESJWF NPSF UIBO IPVST QFS EBZ JU JT QPTTJCMF UP
ESJWFVQUPIPVSTPOMZEBZTBXFFLQSPWJEFEUIBUUIFZBSF
SFDPWFSFEJOUIFGPMMPXJOHXFFL
*MOFGBVUQBTDPOEVJSFQMVTRVFIFVSFTQBSKPVSPOQFVUBUUFJO
ESFMFTEJYIFVSFTEFDPOEVJUFEFVYKPVSTQBSTFNBJOFNBJTJM
GBVUMFTSÏDVQÏSFSMBTFNBJOFTVJWBOUF
/VUSFCVJFTœTFDPOEVDœNBJNVMUEFPSFQF[JTFQPBUFBKVOHF
MBPSFEFDPOEVTEPBSQFOUSV[JMFÔOBDFFBſJTœQUœNÉOœDV
DPOEJƄJBEFBmSFDVQFSBUFÔOTœQUœNÉOBVSNœUPBSF
ΔϴϧΎϜϣ΍ ϊϣ ήΜϛϻ΍ ϰϠϋ ΓΩΎϴϘϟ΍ Ϧϣ ΕΎϋΎγ
βϔϧ ϲϓ ϦϴϣϮϳ ϯϮγ ΕΎϋΎγ ϰϟ΍ ΪϳΪϤΘϟ΍
ϞΒϘϤϟ΍ ωϮΒγϻ΍ ϲϓ ΎϬπϳϮόΗ ϊϣ ωϮΒγϻ΍
PSFEJHVJEBBMNBTTJNPJOVOQFSJPEPEJEVFTFUUJNBOFDPOTF
DVUJWF/POQJáEJHJPSOJEJHVJEBDPOTFDVUJWJBMUFSNJOFEFJRVBMJ
EFWFFTTFSFFõFUUVBUPVOBHJPSOBUBEJSJQPTPTFUUJNBOBMF
:PVDBOOPUESJWFNPSFUIBOIPVSTJOBXFFLTUFSN:PVDBO
OPUESJWFNPSFUIBOEBZTJOBSBXBGUFSXIJDIZPVNVTUIBWF
ZPVSEBZPGXFFLMZSFTU
$POEVJUFQBSQÏSJPEFEFEFVYTFNBJOFTIFVSFTEFDPOEVJUF
NBYJNVN1BTQMVTEFTJYKPVSTEFDPOEVJUFDPOTÏDVUJGTBVUFSNF
EFTRVFMTVOSFQPTIFCEPNBEBJSFEPJUPCMJHBUPJSFNFOUÐUSFQSJT
.BYJNEFPSFEFDPOEVTÔOUSPQFSJPBEœEFEPVœTœQUœNÉOJ
DPOTFDVUJW/VNBJNVMUEF[JMFEFDPOEVTDPOTFDVUJWMBTGÉSſJUVM
DœSPSBUSFCVJFFGFDUVBUP[JMJCFSœEFPEJIOœTœQUœNÉOBMœ
ϦϴϋϮΒγ΍ ΓήΘϓ ϲϓ ήΜϛϻ΍ ϰϠϋ ΔϗΎϴδϟ΍ Ϧϣ ΔϋΎγ ΐΠϳ ΎϫΪόΑΔϴϟΎΘΘϤϟ΍ ΓΩΎϴϘϟ΍ Ϧϣ ϡΎϳ΍ ϯΪόΘϳ ϻ ϦϴόΑΎΘΘϣ
ΔϴϋϮΒγϻ΍ ΔΣ΍ήϠϟ ϡϮϳ άΧԾ
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DIFTVQFSBOPMFUPOOFMMBUFDIFSFHJTUSBTVEJTDPJUFNQJEJHVJ
EBFEJSJQPTPEFJDPOEVDFOUJFEJEBUJSFMBUJWJBWFMPDJUËFEJTUBO[F
QFSDPSTF
$30/05"$0(3"1)JUJTBEFWJDFDPNQVMTPSZGPSWFIJDMFTIFB
WJFSUIBOUPOTXIJDISFDPSETPOBEJTLESJWFSTHVJEJOHBOE
SFTUUJNFTBTXFMMBTTQFFEBOEEJTUBODFEBUB
-&$)30/05"$):(3"1)&FTUVOBQQBSFJMFOSFHJTUSFVSEFUFNQT
EFDPOEVJUFFUEFSFQPTEFMBWJUFTTFFUEFTEJTUBODFTQBSDPVSVFT
*MEPJUÐUSFJOTUBMMÏTVSUPVTMFTWÏIJDVMFTEFUSBOTQPSUSPVUJFSEF
QMVTEFUPOOFT
5")0(3"'6-FTUFVOBQBSBUPCMJHBUPSJVMBBVUPWFIJDVMFMFDBSF
EFQœſFTD UPOF DBSF SFHJTUSFB[œ QF EJTD UJNQVM EF DPOEVT ſJ
EFPEJIOœBDPOEVDœUPSJMPSBVUPſJEBUFMFSFGFSJUPBSFMBWJUF[BſJ
EJTUBOƄBQBSDVSTœ
ΔϠϴγϮϟ ϱέϭήο ίΎϬΟ ϮϫϭϮϓ΍ήϜϴϜΗϮϧϭήϛϭ΍ ιήϘϟ΍
ιήϘϟ΍ ϰϠϋ ϞΠδϳ Ϧσ ϯΪόΘΗ ϲΘϟ΍ ϞϘϨϟ΍
ΕΎϴτόϣ ϭ ϦϴϘ΋ΎδϠϟ ΔΒδϨϟΎΑ ΔΣ΍ήϟ΍ ϭ ΔϗΎϴδϟ΍ ΕΎϗϭ΍
ΔϋϮτϘϤϟ΍ ΔϓΎδϤϟ΍ ϭ ΔϋήδϟΎΑ ΔλΎΧ
-BWBMJEJUËEFMEJTDPÒEJPSFBMMBmOFEFMTFSWJ[JPJMDPOEVDFOUF
MPUPHMJFFTDSJWFEBUBFMVPHPJODVJTJUSPWBJORVFMNPNFOUP-P
TUFTTPTJEFWFGBSFBMMBTDBEFO[BEFMMBTVBWBMJEJUË
5IFEJTLIBTBWBMJEJUZPGIPVSTBUUIFFOEPGEVUZESJWFSNVTU
UBLFJUPõBOEXSJUFEPXOEBUFBOEQMBDFXIFSFIFJTBUUIFNP
NFOU)FNVTUEPUIFTBNFBUUIFFYQJSBUJPOPGEJTLWBMJEJUZ
-FEJTRVFFTUWBMBCMFIFVSFTËMBmOEVUSBWBJMPVËMBmOEF
MB EVSÏF QSÏWVF EV EJTRVF MF DPOEVDUFVS FOMÒWF MF EJTRVF FU Z
JOTDSJUMBEBUFFUMFMJFVPáJMTFUSPVWFFODFNPNFOU
7BMBCJMJUBUFB EJTDVMVJ FTUF EF EF PSF MB TGÉSſJUVM TFSWJDJVMVJ
DPOEVDœUPSVMBVUPÔMTDPBUFſJTDSJFEBUBſJMPDVMÔODBSFTFHœTFſUFÔO
BDFMNPNFOU·OBDFMBſJGFMUSFCVJFGœDVUſJMBFYQJSBSFBWBMBCJMJUœƄJJ
TBMF
ΔϳΎϬϧ ϲϓ ΔϋΎγ ϲϫϭ ιήϘϟ΍ ΔϴΣϼλ
ϥΎϜϤϟ΍ ϭ ΦϳέΎΘϟ΍ ΐΘϜϳ ϭ ϪϠϳΰϳ ϖ΋Ύδϟ΍ ϞϤόϟ΍
˯ϲθϟ΍ βϔϧ ΖϗϮϟ΍ ϚϟΫ ϲϓ ΎϤϬΑ ΪΟ΍ϮΘϳ ϱάϟ΍
ΔϴΣϼμϟ΍ ΔϳΎϬϧ ΪϨϋ ϪϠϤϋ ΐΠϳ
4VJ WFJDPMJ DIF TVQFSBOP MF UPOOFMMBUF JM EJTDP EFM
DSPOPUBDIJHSBGP Ò PCCMJHBUPSJP TJB QFS J USBTQPSUJ OB[JPOBMJ DIF
JOUFSOB[JPOBMJQFSJMBWPSBUPSJJUBMJBOJFTUSBOJFSJQFSJUSBTQPSUJJO
DPOUPQSPQSJPFQFSDPOUPEJUFS[J
5IFDSPOPUBDPHSBQIEJTLJTDPNQVMTPSZPOFWFSZWFIJDMFIFBWJFS
UIBOUPOTGPSOBUJPOBMBOEJOUFSOBUJPOBMUSBOTQPSUGPSJUBMJBO
BOEGPSFJHOFSESJWFSTGPSUSBOTQPSUPOPOFTPXOPSPOCFIBMGPG
BUIJSEQBSU
4VS UPVU WÏIJDVMF EF QMVT EF UPOOFT MF DISPOPUBDIZHSBQIF
OVNÏSJRVF FTU PCMJHBUPJSF QPVS MFT USBOTQPSUT OBUJPOBVY FU
JOUFSOBUJPOBVY QPVS MFT DIBVõFVST JUBMJFOT PV ÏUSBOHFST QPVS
DFVYRVJUSBWBJMMFOUËMFVSDPNQUFPVQPVSMFDPNQUFEBVUSVJ
"TVQSB BVUPWFIJDVMFMPS DBSF EFQœſFTD UPOF EJTDVM
UBIPHSBGVMVJ FTUF PCMJHBUPSJV BUÉU QFOUSV USBOTQPSUVSJ OBƄJPOBMF
DÉU ſJ JOUFSOBƄJPOBMF QFOUSV NVODJUPSJJ JUBMJFOJ ſJ TUSœJOJ QFOUSV
USBOTQPSUVSJQFDPOUQSPQSJVſJÔODPOUVMUFSƄJMPS
ιήϘϟ΍Ϧσ ϯΪόΘΗ ϲΘϟ΍ ϞϘϨϟ΍ Ϟ΋Ύγϭ ϰϠϋ
ϦϴϴϟΎτϳϻ΍ ϝΎϤόϠϟ ϲϟϭΪϟ΍ ϭ ϲϨσϮϟ΍ ϞϘϨϠϟ ϱέϭήο
ΚϟΎΛ ΏΎδΤϟ ϭ΍ ιΎΨϟ΍ ϞϘϨϠϟ ΐϧΎΟϻ΍ ϭ΍
$30/05"$)*(3"'0%*(*5"-&EBM¡NBHHJPJWFJDPMJOVP
WJEFWPOPFTTFSFEPUBUJEJRVFTUPNPEFSOPEJTQPTJUJWPHMJBVUJTUJ
EFWPOPBWFSFVOBUFTTFSBNBHOFUJDBQFSTPOBMFQFSVUJMJ[[BSMP
%*(*5"-$30/05"$0(3"1)TJODFNBZUIFOFXWFIJDMFT
NVTUCFFRVJQQFEXJUIUIJTEFWJDFUPVTFJUESJWFSTNVTUCFQSP
WJEFEXJUIBOJOEJWJEVBMNBHOFUJDDBSE
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ÐUSFÏRVJQÏEFDFUBQQBSFJMEFQVJTMFFSNBJMFTDIBVõFVST
EPJWFOUBWPJSVOFDBSUFNBHOÏUJRVFQFSTPOOFMMFQPVSMVUJMJTFS
5")0(3"'6- %*(*5"- EF MB NBJ BVUPWFIJDVMFMF OPJ USF
CVJF Tœ mF EPUBUF EF BDFTU EJTQP[JUJW NPEFSO ſPGFSJJ USFCVJF Tœ
BJCFPMFHJUJNBƄJFNBHOFUJDœQFSTPOBMœQFOUSVBPVUJMJ[B
ϞϘϨϟ΍ Ϟ΋ΎγϭϱΎϣ Ϧϣ ΍˯΍ΪΘΑ΍ ϲϤϗήϟ΍ ιήϘϟ΍
ΐΠϳ ϦϴϘ΋Ύδϟ΍ έϮτΘϤϟ΍ ίΎϬΠϟ΍ ΍άϬΑ ΓΩϭΰϣ ϥϮϜΗ ϥ΍ ΐΠϳ ΓΪϳΪΠϟ΍
ϝΎϤόΘγϼϟ ΔϴμΨη ΔϴδϴσΎϨϐϣ ΔϗΎτΑ ϰϠϋ ΍ϭήϓϮΘϳ ϥ΍
&4&3$*;*%*3*-"44".&/50.64$0-"3&RVJEJTFHVJUPTPOPJO
EJDBUJBMDVOJFTFSDJ[JBEBUUJBEFTTFSFTWPMUJBODIFBMMJOUFSOPEFMMB
DBCJOBEFMDBNJPOEVSBOUFVOBQBVTBFDIFSJDIJFEPOPQPDIJNJ
OVUJ
.64$-&3&-"9"5*0/&9&3$*4&4IFSFJOTVDDFTTJPOZPVDBOmOE
TPNFFYFSDJTFTTVJUBCMFUPCFDBSSJFEPVUJOUIFDBCEVSJOHBCSFBL
5IFZUBLFBGFXNJOVUFT
&9&3$*$&4%&3&-"9"5*0/DJEFTTPVTWPVTUSPVWFSF[EFTFYFS
DJDFTJOEJRVÏTQPVSÐUSFSÏBMJTÏTNÐNFËMJOUÏSJFVSEFMBDBCJOF
QFOEBOUVOFQBVTFFURVJQSFOOFOURVFMRVFTNJOVUFT
&9&3$*Ń**%&3&-"9"3&.64$6-"3ĒBJDJDBVSNBSFBVGPTUBSœUBUF
VOFMFFYFSDJƄJJQPUSJWJUFQFOUSVBmGœDVUFſJÔOJOUFSJPSVMDBCJOFJEF
DBNJPOÔOUJNQVMVOFJQBV[FſJDBSFDFSQVƄJOFNJOVUF
ξόΑ έΎϴΘΧ΍ ϢΗ ϲϠπόϟ΍ ˯ΎΧήΘγϻ΍ ϦϳέΎϤΗ
ΓΩΎϴϘϟ΍ Ϧϛέ ΝέΎΧ ΎϬΑ ϡΎϴϘϟ΍ ϦϜϤϳ ΔϤ΋ϼϤϟ΍ ϦϳέΎϤΘϟ΍
ΓΩϭΪόϣ ϖ΋ΎϗΩ ϥϮΒϠτΘϳ ϭ ΔΣ΍ήϟ΍ ΓήΘϓ ϝϼΧ ΔϨΣΎθϟΎΑ
TPMMFWBSFMFTQBMMFDPOUBSFmOPBFSJMBTTBSMF
BCCBTTBSFMFTQBMMFDPOUBSFmOPBFSJMBTTBSMF
SJQFUFSFMFTFSDJ[JPQJáWPMUF
SBJTFZPVSTIPVMEFSTDPVOUUPUFOBOESFMBY
CSJOHEPXOZPVSTIPVMEFSTDPVOUUPUFOBOESFMBY
SFQFBUFYFSDJTFTFWFSBMUJNFT
TPVMFWFSMFTÏQBVMFTDPNQUFSKVTRVËFUSFMÉDIFS
CBJTTFSMFTÏQBVMFTDPNQUFSKVTRVËFUSFMÉDIFS
SÏQÏUFSMFYFSDJDFQMVTJFVSTGPJT
SJEJDBƄJVNFSJJOVNœSBƄJQÉOœMBſJSFMBYBƄJMF
MœTBƄJÔOKPTVNFSJJOVNœSBƄJQÉOœMBſJSFMBYBƄJMF
SFQFUBƄJFYFSDJƄJVMEFNBJNVMUFPSJ
˯ΎΧήΘγ΍ ϢΛ ϰΘΣ Ϊόϟ΍ ϭ ϦϴϔΘϜϟ΍ ϊϓέ ˯ΎΧήΘγ΍ ϢΛ ϰΘΣ Ϊόϟ΍ ϭ ϦϴϔΘϜϟ΍ ξϔΧ Γήϣ Ϧϣ ήΜϛ΍ ϦϳήϤΘϟ΍ ΓΩΎϋ΍
NBOPUSBMFTDBQPMFDPOJMHPNJUPCFOJOBMUP
BVNFOUBSFQSPHSFTTJWBNFOUFMPTUJSBNFOUP
DPOUBSFmOPB
SJQFUFSFQJáWPMUFBMUFSOBOEPJMCSBDDJP
QVUBIBOECFUXFFOZPVSCMBEFTXJUIUIFFMCPXVQ
HSBEVBMMZJODSFBTFTUSFUDI
DPVOUUP
SFQFBUTFWFSBMUJNFTBMUFSOJOHBSNT
NFUUSFVOFNBJOFOUSFMFTPNPQMBUFTFOHBSEBOU
MFDPVEFMFWÏ
BVHNFOUFSQSPHSFTTJWFNFOUMÏUJSFNFOU
DPNQUFSKVTRVË
SÏQÏUFSMFYFSDJDFQMVTJFVSTGPJTGBJSFBMUFSOFSMFTCSBT
NÉOBÔOUSFVNFSJMBTQBUFDVCSBƄVMCJOFSJEJDBU
NœSJƄJQSPHSFTJWÔOUJOEFSFB
OVNœSBƄJQÉOœMB
SFQFUBƄJEFNBJNVMUFPSJBMUFSOÉOECSBƄVM
΍ΪϴΟ ϰϠϋϼϟ ωϮϓήϣ ϖϓήϣ ϊϣ ϒΘϜϟ΍ ΡϮϟ ϦϴΑ Ϊϴϟ΍ ΩΪϤΘϟ΍ ϲϓ ΞϳέΪΘϟΎΑ ΓΩΎϳΰϟ΍ ϰΘΣ Ϊόϟ΍ ωέΫϻ΍ ΐϗΎόΘΑ ΓΩΪόΘϣ Ε΍ήϣ ΓΩΎϋ΍
TQJOHFSFNFOUPFDPMMPJOEJFUSP
SJUPSOBSFJOQPTJ[JPOFOPSNBMF
TQJOHFSFNFOUPFDPMMPJOBWBOUJ
SJUPSOBSFJOQPTJ[JPOFOPSNBMF
SJQFUFSFQJáWPMUF
QVMMZPVSDIJOBOEOFDLCBDLXBSET
SFUVSOUPTUBOEBSEQPTJUJPO
QVMMZPVSDIJOBOEOFDLGPSXBSET
SFUVSOUPTUBOEBSEQPTJUJPO
SFQFBUTFWFSBMUJNFT
QPVTTFSMFNFOUPOFUMFDPVFOBSSJÒSF
SFUPVSOFSEBOTMBQPTJUJPOOPSNBMF
QPVTTFSMFNFOUPOFUMFDPVFOBWBOU
SFUPVSOFSEBOTMBQPTJUJPOOPSNBMF
SÏQÏUFSMFYFSDJDFQMVTJFVSTGPJT
ÔNQJOHFƄJCœSCJBſJHÉUVMÔOTQBUF
ÔOUPBSDFƄJWœÔOQP[JƄJBOPSNBMœ
ÔNQJOHFƄJCœSCJBſJHÉUVMÔOGBƄœ
ÔOUPBSDFƄJWœÔOQP[JƄJBOPSNBMœ
SFQFUBƄJEFNBJNVMUFPSJ
˯΍έϮϠϟ ϖϨόϟ΍ ϭ Ϧϗάϟ΍ ϊϓΩ
ΔϳΩΎόϟ΍ ΔϴόοϮϠϟ ωϮΟήϟ΍
ϡΎϣϻ΍ ϰϟ΍ ϖϨόϟ΍ ϭ Ϧϗάϟ΍ ϊϓΩ
ΔϳΩΎόϟ΍ ΔϴόοϮϠϟ ωϮΟήϟ΍
Γήϣ Ϧϣ ήΜϛ΍ ϦϳήϤΘϟ΍ ΓΩΎϋ΍
%BTFEVUJCVTUPFTQBMMFGFSNFFDPSQPFSFUUPTHVBSEPJOBWBOUJ
SFDMJOBSFMFOUBNFOUFJMDBQPBTJOJTUSBFEBEFTUSB
SJQFUFSFMFTFSDJ[JPQJáWPMUF
4JUUJOHXJUIZPVSUSVOLBOETIPVMEFSTTUJMMBOEZPVSCPEZVQSJHIU
MPPLJOGSPOUPGZPVSFDMJOFZPVSIFBETMPXMZUPUIFMFGUBOEUPUP
SJHIUSFQFBUUIFFYFSDJTFTFWFSBMUJNFT
"TTJT HBSEFS MF CVTUF FU MFT ÏQBVMFT JNNPCJMFT FU MF DPSQT CJFO
ESPJUSFHBSEFSFOBWBOUQFODIFSMFOUFNFOUMBUÐUFËHBVDIFFUË
ESPJUFSÏQÏUFSMFYFSDJDFQMVTJFVSTGPJT
%JOſF[VUCVTUVMſJVNFSJJGFSNJſJDPSQVMESFQUQSJWJSFBÔOBJOUF
BQMFDBƄJÔODFUDBQVMMBTUÉOHBſJMBESFBQUBSFQFUBƄJFYFSDJƄJVMEF
NBJNVMUFPSJ
ΐμΘϨϣ ϢδΠϟ΍ ϭ ϦϴΘΑΎΛ ϦϴϔΘϛ αϮϠΠϟ΍ Δϴόοϭ ϲϓ
ϦϴϤϴϟ΍ ϭ έΎδϴϟ΍ ϰϟ΍ α΍ήϟ΍ ΎϴΠϳέΪΗ ˯ΎϨΤϧϻ΍ ϡΎϣϻ΍ ϰϟ΍ ήψϨϟ΍
Γήϣ Ϧϣ ήΜϛ΍ ϦϳήϤΘϟ΍ ΓΩΎϋ΍
%BTFEVUJCVTUPFTQBMMFGFSNFFDPSQPFSFUUPSVPUBSFMFOUBNFOUF
JMDBQPBTJOJTUSBFEBEFTUSBSJQFUFSFMFTFSDJ[JPQJáWPMUF
4JUUJOHXJUIZPVSUSVOLBOETIPVMEFSTTUJMMBOEZPVSCPEZVQSJHIU
UVSOTMPXMZZPVSIFBEUPUIFMFGUBOEUPUIFSJHIUSFQFBUUIFFYFS
DJTFTFWFSBMUJNFT
"TTJT HBSEFS MF CVTUF FU MFT ÏQBVMFT JNNPCJMFT FU MF DPSQT CJFO
ESPJU UPVSOFS MFOUFNFOU MB UÐUF Ë HBVDIF FU Ë ESPJUF SÏQÏUFS
MFYFSDJDFQMVTJFVSTGPJT
%JOſF[VUCVTUVMſJVNFSJJGFSNJſJDPSQVMESFQUSPUJƄJÔODFUDBQVMMB
TUÉOHBſJMBESFBQUBSFQFUBƄJFYFSDJƄJVMEFNBJNVMUFPSJ
ΐμΘϨϣ ϢδΠϟ΍ ϭ ϦϴΘΑΎΛ ϦϴϔΘϛ αϮϠΠϟ΍ Δϴόοϭ ϲϓ
ϦϴϤϴϟ΍ ϰϟ΍ έΎδϴϟ΍ Ϧϣ ΎϴΠϳέΪΗ α΍ήϟ΍ Γέ΍Ω΍
Γήϣ Ϧϣ ήΜϛ΍ ϦϳήϤΘϟ΍ ΓΩΎϋ΍
&WJFUBUPNPWJNFOUBSFEBTPMJDBSJDIJOPOGSB[JPOBCJMJTVQFSJPSJB
,H3JDIJFEFSFMBJVUPEJVOBMUSPMBWPSBUPSFPVUJMJ[[BSFBUUSF[
[BUVSFBQQPTJUF
*U JT GPSCJEEFO UP NPWF BMPOF MPBET IFBWJFS UIBO LH "TL GPS
IFMQPSVTFBQQSPQSJBUFFRVJQNFOU
*MFTUJOUFSEJUEFNBOJQVMFSUPVUTFVMEFTDIBSHFTOPOEJWJTJCMFTEF
QMVTEF,H*MGBVUTFGBJSFBJEFSQBSVOBVUSFTBMBSJÏPVVUJMJTFS
MPVUJMMBHFBQQSPQSJÏ
&TUF JOUFS[JT Tœ NJſDBƄJ TJOHVSJ ÔODœSDœUVSB OFGSBDƄJPOBCJMœ TVQF
SJPSMBLH$FSFƄJBKVUPSVMVOVJBMUNVODJUPSTBVVUJMJ[BƄJVOFMUFMF
DVWFOJUF
ϲΘϟ΍ ϢϛΩήϔϤΑ Γ΃ΰΠϤϟ΍ ήϴϏ ϦΤθϟ΍ ϚϳήΤΗ ωϮϨϤϣ
ϝΎϤόΘγ΍ ϭ΍ ϝΎϤόϟ΍ ΪΣ΍ ΓΪϋΎδϣ ΍ϮΒϠσ΍ ώϠϛ ϯΪόΘΗ ϻ
ΔλΎΨϟ΍ Ε΍ϭΩϻ΍
.07*.&/5";*0/& ."/6"-& %&* $"3*$)* JOEPTTBSF MF TDBSQF
DPOQVOUBMFSJOGPS[BUPJHVBOUJFNVPWFSTJDPSSFUUBNFOUF
."/6"-.07&.&/50'-0"%4XFBSTUFFMDBQQFEXPSLCPPUT
TBGFZHMPWFTBOENPWFQSPQFSMZ
%²1-"$&.&/5."/6&-%&4$)"3(&4JMGBVUNFUUSFEFTDIBVT
TVSFTËQPJOUFSFOGPSDÏFFUEFTHBOUT#PVHFSDPSSFDUFNFOU
.*ľ$"3&" ."/6"-Ē " ·/$Ē3$Ē563*-03 QVOFƄJ ÔODœMƄœNJOUFB
DVWÉSGVMÔOUœSJUſJNœOVſJMFſJNJſDBƄJWœDPSFDU
ϲϧΪόϤϟ΍ ϑήτϟ΍ ΍Ϋ ˯΍άΤϟ΍ βΒϟ ϦΤθϠϟ ϱϭΪϴϟ΍ ϞϘϨϟ΍
ΔϤϴϠγ ΔϔμΑ ϙήΤΘϟ΍ϭ Ε΍ίΎϔϘϟ΍ ϭ ΐΑΪϤϟ΍
7FSJmDBSFMBTUBCJMJUËEFJQBWJNFOUJFMBTTFO[BEJJOHPNCSJQSJNB
EJNPWJNFOUBSFNBOVBMNFOUFVODBSJDP
#FGPSFNBOVBMNPWFNFOUDIFDLnPPSmSNOFTTBOEUIFBCTFODF
PGPCTUBDMFT
"WBOUEFNBOJQVMFSVOFDIBSHFWÏSJmFSMBTUBCJMJUÏEVTPMFUMBC
TFODFEFODPNCSBOU
7FSJmDBƄJ TUBCJMJUBUFB QBSEPTFMFJ ſJ MJQTB EF QJFEJDJ ÔOBJOUF EF B
NJſDBNBOVBMPÔODœSDœUVSœ
Δϴοέϻ΍ ΕΎΒΛ Ϧϣ ΪϛΎΘϟ΍
ϦΤθϠϟ ϱϭΪϴϟ΍ ϊϓήϟ΍ ϞΒϗ ΰΟ΍ϮΣ ΏΎϴϏ ϭ
.07*.&/5";*0/& $"3*$)* $0/ .&;;* .&$$"/*$* QSJNB EJ
B[JPOBSFMBHSVSFUSPDBCJOBFTUSBSSFJTPTUFOUBUPSJMBUFSBMJFEJO
EPTTBSFJMDBTDPFMFTDBSQFDPOQVOUBMFSJOGPS[BUP"UUFO[JPOFBM
SBHHJPEB[JPOFEFMMBHSV
.&$)"/*$"-.07&.&/50'-0"%4QVMMPVUTUBCJMJ[FSMFHTXFBS
TBGFUZIFMNFUBOETUFFMDBQQFEXPSLCPPUTCFGPSFBDUJWBUJOHSFBS
DBCDSBOF1BZBUUFOUJPOUPUIFNPWFNFOUSBOHFPGUIFDSBOF
%²1-"$&.&/5%&4$)"3(&4"7&$.0:&/4.&$"/*26&4BWBOU
EVUJMJTFSMBHSVFBSSJÒSFDBCJOFTPSUJSMFTTUBCJMJTBUFVSTMBUÏSBVYFU
NFUUSFMFDBTRVFFUMFTDIBVTTVSFTËQPJOUFSFOGPSDÏF
.*ľ$"3&"·/$Ē3$Ē563*-03$6.*+-0"$&.&$"/*$&ÔOBJOUFEF
BBDƄJPOBNBDBSBVBEJOTQBUFMFDBCJOFJFYUSBHFƄJTVTƄJOFSJMFMBUF
SBMFſJQVOFƄJDBTDBſJÔODœMƄœNJOUFBDVWÉSGVMÔOUœSJU"UFOƄJFMBSB[B
EFBDƄJVOFBNBDBSBMFJ
˯΍έϭ Δόϓ΍ήϟ΍ ϚϳήΤΗ ϞΒϗ ΔϴϜϴϧΎϜϴϣ Ϟ΋ΎγϮΑ ϦΤθϟ΍ ϞϘϧ
ϭ ΓΫϮΨϟ΍ ˯΍ΪΗέ΍ ϭ ΔϴΒϧΎΠϟ΍ ΓΪϤϋϻ΍ ΐΤγ Ϧϛήϟ΍
Δόϓ΍ήϟ ΍ ΔϛήΣ ωΎόη Ϧϣ έάΤϟ΍ ΐΑΪϤϟ΍ ϲϧΪόϤϟ΍ ϑήτϟ΍ ΍Ϋ ˯΍άΤϟ΍
$"33&--0&-&7"503&WFSJmDBSFDIFOPOWJTJBOPQFSTPOFOFMMF
WJDJOBO[FEVSBOUFMVTP"MMBDDJBSFTFNQSFMBDJOUVSBEJTJDVSF[[B
'03,-*'5536$,DIFDLUIFSFJTOPCPEZBSPVOEEVSJOHUIFKPC
"MXBZTGBTUFOTFBUCFMU
-&-&7"5&63WÏSJmFSRVJMOZBJUQFSTPOOFËQSPYJNJUÏQFOEBOUMF
USBWBJM#PVDMFSUPVKPVSTMBDFJOUVSFEFTÏDVSJUÏ
$Ē36$*03&-&7"503WFSJmDBƄJTœOVmFQFSTPBOFÔOBQSPQJFSFÔO
UJNQVMGPMPTJSJ1VOFƄJUPUEFBVOBDFOUVSBEFTJHVSBOƄœ
ιΎΨη΍ ΩϮΟϭ ϡΪϋ Ϧϣ ΪϛΎΘϟ΍Δόϓ΍έ ΔϳϭΪϳ ΔΑήϋ
ΎϤ΋΍Ω Δϣϼδϟ΍ ϡ΍ΰΣ ςΑέ ϞϤόϟ΍ ˯ΎϨΛ΍ ΏήϘϟΎΑ
*DBSJDIJEFWPOPFTTFSFTUBCJMJFOPOEFWPOPJNQFEJSFMBWJTVBMFBM
DPOEVDFOUF&WJUBSFJTPWSBDDBSJDIJ%VSBOUFJMUSBTQPSUPMFGPSDIF
EFWPOPFTTFSFJODMJOBUFBMMJOEJFUSPFTPMMFWBUFBOPOQJáEJDN
EBMQBWJNFOUP
-PBETNVTUCFTUBCMFBOEDBOOPUCMPDLESJWFSTWJFX%POPUPWFS
MPBE%VSJOHUSBOTQPSUGPSLTNVTUCFJODMJOFECBDLXBSETBOEOPU
NPSFUIBODNMJGUFEGSPNnPPS
-BDBSHBJTPOEPJUUPVKPVSTÐUSFTUBCMFFUOFQBTCPVDIFSMBWVFBV
DIBVõFVS&WJUFSMBTVSDIBSHF1FOEBOUMFUSBOTQPSUMFTGPVSDIFT
EPJWFOUÐUSFSBCBUUVFTËMBSSJÒSFFUTPVMFWÏFTËDNNBYJNVN
EVTPM
·ODœSDœUVSJMFUSFCVJFTœmFTUBCJMFſJTœOVÔNQJFEJDFSB[BWJ[VBMœB
DPOEVDœUPSVMVJBVUP&WJUBƄJTVQSBÉODœSDBSFB·OUJNQVMUSBOTQPS
UVMVJGVSDJMFUSFCVJFTœmFÔODMJOBUFÔOTQSFTQBUFſJSJEJDBUFOVNBJ
NVMUEFDNEFMBQBSEPTFBMœ
ϖ΋Ύδϟ΍ ϰϠϋ Ύϳ΅ήϟ΍ ΐΠΤϳ ϻ ϭ ΎΘΑΎΛ ϥϮϜϳ ϥ΍ ΐΠϳ ϦΤθϟ΍
ΔϠ΋Ύϣ ϥϮϜΗ ϥ΍ ΐΠϳ Ύϳ΍ϭΰϟ΍ ϞϘϨϟ΍ ˯ΎϨΛ΍ Ϊ΋΍ΰϟ΍ ϥίϮϟ΍ ΐϨΠΗ
νέϻ΍ ϰϠϋ Ϣγ ϰϠϋ Ϊϳΰϳ ϻ ϊϓήϟ΍ ϭ ˯΍έϮϟ΍ ϰϟ΍
53"/41"--&5JMDBSJDPEFWFFTTFSFEJTQPTUPJONPEPDIFOPOTDJ
WPMJFTTPWBQPTJ[JPOBUPJOGPOEPBMMFGPSDIF
53"/41"--&5MPBENVTUCFBSSBOHFEJOBXBZUIBUDBOOPUTMJQ
PõJUNVTUCFQMBDFEBUUIFCPUUPNPGUIFGPSLT
53"/41"--&5MBDIBSHFEPJUÐUSFQMBDÏEFTPSUFRVFMMFOFHMJT
TFQBTFMMFEPJUÐUSFQPTJUJPOOÏFTVSUPVUFMBMPOHVFVSEFTGPVS
DIFT
53"/41"-&5ÔODœSDœUVSBUSFCVJFTœmFEJTQVTœÔOBſBGFMÔODÉUTœ
OVBMVOFDFBDFTUBTFQP[JƄJPOFB[œÔOGVOEVMGVSDJMPS
ήϴϏ ϭ ΎΘΑΎΛ ϥϮϜϳ ϥ΍ ΐΠϳ ϦΤθϟ΍ ΔϳϭΪϳ Δόϓ΍έ
Ύϳ΍ϭΰϟ΍ ήΧ΁ ϲϓ ϊοϮϳ ϥ΍ ΐΠϳϭ ϕϻΰϧϼϟ ϞΑΎϗ
/POBTTVNFSFQPTJ[JPOJJOTUBCJMJPQFSJDPMPTFEVSBOUFMFPQFSB[JP
OJEJDBSJDPFTDBSJDP
%P OPU BTTVNF BO VOTUBCMF PS EBOHFSPVT QPTJUJPO EVSJOH MPBE
BOEPõMPBEPQFSBUJPOT
/FQBTQSFOESFEFQPTUVSFTJOTUBCMFTPVQÏSJMMFVTFTQFOEBOUMFT
PQÏSBUJPOTEFDIBSHFNFOUFUEFEÏDIBSHFNFOUEVWÏIJDVMF
/VPDVQBƄJQP[JƄJJJOTUBCJMFTBVQFSJDVMPBTFÔOUJNQVMPQFSBƄJJMPS
EFÔODœSDBSFſJEFTDœSDBSF
ΓήϴτΧ ϭ ΔΘΑΎΛ ήϴϏ Δϴόοϭ ΫΎΨΗ΍ ϡΪϋ
ώϳήϔΘϟ΍ ϭ ϦΤθϟ΍ ΔϴϠϤϋ ˯ΎϨΛ΍
3*4$)*(&/&3"-*%&*.&;;*%*53"410350
1SJNBEJVUJMJ[[BSFVONF[[PEJUSBTQPSUPWFSJmDBSFMFö
DJFO[BEFJ
DPNBOEJEFJGSFOJEFMMPTUFS[PFEJUVUUJHMJBMUSJEJTQPTJUJWJ
(&/&3"- 3*4,4 0' .&"/4 0' 53"/41035"5*0/ CFGPSF VTJOH
BOZ NFBOT PG USBOTQPSUBUJPO DIFDL BMM DPOUSPMT CSBLFT TUFFSJOH
XIFFMBOEBMMPUIFSEFWJDFT
-&43*426&4(&/&3"69-*&4"69.0:&/4%&53"/41035BWBOU
EVUJMJTFSVONPZFOEFUSBOTQPSUWÏSJmFSMFö
DBDJUÏEFTDPNNBO
EFTEFTGSFJOTEFMBEJSFDUJPOFUEFUPVTMFTBVUSFTEJTQPTJUJGT
3*4$63*-& (&/&3"-& " .*+-0"$&-03 %&53"/41035 ·OBJOUFB
GPMPTJSJJ VOVJ NJKMPD EF USBOTQPSU WFSJmDBƄJ FmDJFOƄB DPNFO[JMPS
GSÉOFMPSEJSFDƄJFJſJBUVUVSPSDFMPSMBMUFEJTQP[JUJWF
ϝΎϤόΘγ΍ ϞΒϗ ϞϘϨϟ΍ ΔϠϴγϮϟ ΔϣΎϋ έΎτΧ΍
Ϟϣ΍ήϔϟ΍ ϢϜΤΘϟ΍ έ΍έί΍ Ϧϣ Ϊϛ΄Θϟ΍ ϞϘϨϟ΍ ΔϠϴγϭ
Ε΍ϭΩϻ΍ Ϟϛ ϭ ΩϮϘϤϟ΍
4VMQBWJNFOUPEFMMBDBCJOBEJHVJEBOPOEFWPOPFTTFSFBCCBO
EPOBUJBUUSF[[JPEBMUSJPHHFUUJBEFTCPUUJHMJF
DIFQPTTPOPmOJSF
TPUUPJQFEBMJEVSBOUFMBHVJEB
%POPUMFBWFBOZUPPMPSBOZPUIFSPCKFDUTMJLFCPUUMFTFUD
PO
UIFDBCnPPSCFDBVTFUIFZNBZFOEVQVOEFSUIFQFEBMTEVSJOH
ESJWJOH
*MOFGBVUQBTPVCMJFSEPVUJMTPVEBVUSFTPCKFUTQBSFYEFTCPV
UFJMMFT
TVS MF TPM EF MB DBCJOF QBSDF RVJMT QFVWFOU TF QMBDFS FO
EFTTPVTEFTQÏEBMFTQFOEBOUMBDPOEVJUF
1FQBSEPTFBMBDBCJOFJEFDPOEVDFSFOVUSFCVJFTœmFBCBOEPOBUF
VOFMUFTBVBMUFPCJFDUFEFFYFNQMVTUJDMF
DBSFQPUTœBKVOHœTVC
QFEBMFÔOUJNQVMDPOEVDFSJJ
ϥΎϴδϧ ϡΪϋ ΐΠϳ ΓΩΎϴϘϟ΍ Ϧϛέ Δϴοέ΍ ϰϠϋ
ΎϬϨϜϤϳ ϲΘϟ΍ΕΎϨϴϨϗ ϞΜϣϯήΧ΍ ν΍ήϏ΍
ΓΩΎϴϘϟ΍ ˯ΎϨΛ΍ Δγ΍ϭΪϟ΍ ΖΤΗ ϲϬΘϨΗ ϥ΍
/FMTBMJSFFTDFOEFSFEBMNF[[POPOWPMHFSFMFTQBMMFBMMBDBCJOB
QSFTUBSFBUUFO[JPOFBMSJTDIJPEJTDJWPMBSFBDBVTBEJTDBMJOJVTVSBUJ
VNJEJ P JOGBOHBUJ JOEPTTBSF TDBSQF DIJVTF DPO TVPMF BOUJTESVD
DJPMP
8IJMFHFUUJOHPOBOEPõPGUIFWFIJDMFEPOPUUVSOZPVSCBDLBU
UIFDBCQBZBUUFOUJPOUPTMJQSJTLPOXFBSFEXFUPSNVEEFETUF
QTXFBSDMPTFETIPFTXJUIOPOTMJQTPMF
&ONPOUBOUFUFOEFTDFOEBOUEVWÏIJDVMFOFQBTUPVSOFSMFEPT
ËMBDBCJOFGBJSFBUUFOUJPOEFOFQBTHMJTTFSËDBVTFEFTNBSDIFT
VTÏFTNPVJMMÏFTPVDPVWFSUFTEFCPVFQPSUFSEFTDIBVTTVSFTË
TFNFMMFBOUJEÏSBQBOUFT
·OUJNQVMVSDœSJJſJDPCPSÉSJJEJODBNJPOOVÔOUPBSDFƄJTQBUFMFTQSF
DBCJOœ mƄJ BUFOƄJ MB SJTDVM EF BMVOFDBSF EJO DBV[B TDœSJMPS V[B
UF VNFEF TBV DV OPSPJ QVOFƄJWœ ÔODœMƄœNJOUF ÔODIJTœ DV UBMQœ
BOUJEFSBQBOUœ
ωϮϨϤϣ ϞϘϨϟ΍ ΔϠϴγϭ Ϧϣ ϝϭΰϨϟ΍ ϭ ΩϮόμϟ΍ ΪϨϋ
ϥϮϜϳ Ϊϗ ϢϠδϟ΍ ΐΒδΑ ϕϻΰϧϻ΍ Ϧϣ έάΤϟ΍ ΓΩΎϴϘϟ΍ Ϧϛήϟ ϦϴϔΘϜϟ΍ Γέ΍Ω΍
ϕϻΰϧϻ΍ Ϊο ΔϴϠϔγ ΓΪϠΠΑ ϒϠϐϣ ˯΍άΣ ˯΍ΪΗέ΍ ϼϠΒϣ ϭ΍ ΍έϮδϜϣ
13*/$*1"-*$0/530--*1&3*0%*$*
GSFOJMJWFMMPEFMMPMJPQBTUJHMJFEJTDIJPUBNCVSJ
NPUPSFMJWFMMPEFMMJRVJEPEJSBõSFEEBNFOUPMJWFMMP
EFMMPMJPMJRVJEPTFSWPTUFS[P
1&3*0%*$."*/$)&$,
CSBLFTnVJEMFWFMCSBLFMJOJOHEJTLTPSESVNT
FOHJOFDPPMJOHnVJEMFWFMMVCSJDBUJOHPJMMFWFM
QPXFSTUFFSJOHnVJE
13*/$*1"69$0/53¼-&41²3*0%*26&4
MFTGSFJOTDPOUSÙMFSMFOJWFBVEIVJMFEFTGSFJOTMFTQMBRVFUUFT
MFTEJTRVFTPVMFUBNCPVS
NPUFVSDPOUSÙMFSMFOJWFBVEVMJRVJEFEFSFGSPJEJTTFNFOUMFOJ
WFBVEFMFBVEFMIVJMFNPUFVSFUEVMJRVJEFEFMBEJSFDUJPOBTTJ
TUÏF
13*/$*1"-&-&$0/530"-&1&3*0%*$&
GSÉOFMFOJWFMVMEFVMFJQMœDVƄFMFEJTDVSJMFſJUBNCVSJ
NPUPSVM OJWFMVM MJDIJEVMVJ EF SœDJSF OJWFMVM EF VMFJ MJDIJEVM EF
EJSFDƄJF
ΔϳέϭΪϟ΍ ΔϴγΎγϻ΍ ΕΎΒϗ΍ήϤϟ΍
ϞΒτϟ΍ ϭ΍ ΕΎϧ΍Ϯτγϻ΍ι΍ήϗϻ΍Ζϳΰϟ΍ ϯϮΘδϣϞϣ΍ήϔϟ΍ ˰
Ζϳΰϟ΍ ϯϮΘδϣΪϳήΒΘϟ΍ Ϟ΋Ύγ ϯϮΘδϣϙήΤϤϟ΍ ˰
ΩϮϘϤϟ΍ ΪϋΎδϣ Ζϳί ϯϮΘδϣ
1OFVNBUJDJ QSFTTJPOF VTVSB EFM CBUUJTUSBEB DPOWFSHFO[B FE
FRVJMJCSBUVSB GBSJ GVO[JPOBNFOUP FE BMMJOFBNFOUP BNNPSUJ[
[BUPSJTPTUJUV[JPOFJODBTPDIFTJBOPTDBSJDIJ
CBMFTUSFDPOUSPMMP
WJTJWPEFMMJOUFHSJUË
5:3&4QSFTTVSFXFBSPGUIFUZSFUPFJOCBMBODJOHIFBEMBNQT
DIFDL UIFZ BSF XPSLJOH SJHIU BOE UIFJS BMJHONFOU TIPDL BCTPS
CFSSFQMBDFUIFNJGUIFZXFBSPVU
MFBGTQSJOHDIFDLGPSQPTTJCMF
EBNBHF
-FTQOFVTDPOUSÙMFSMBQSFTTJPOMVTVSFEFMBCBOEFEFSPVMFNFOU
MFQJODFNFOUFUMÏRVJMJCSBHFEFTSPVFT-FTGFVYDPOUSÙMFSMFVS
GPODUJPOOFNFOUFUMBMJHOFNFOU-FTBNPSUJTTFVSTMFTSFNQMBDFS
FODBTEVTVSF
-FTSFTTPSUTËMBNFTSFHBSEFSTJMTTPOUJOUBDUT
1OFVSJMF QSFTJVOF V[VSB QœSƄJJ FYUFSJPBSF B DBVDJVDVMVJ
DPOWFSHFOƄBſJFDIJMJCSBSFBGBSVSJGVODƄJPOBSFBſJBMJOJFSFBBNPS
UJ[BUPSJ ÔOMPDVJSFB ÔO DB[ Dœ TVOU EFTDœSDBƄJ
BSDVSJMF DPOUSPMVM
WJ[VBMBMJOUFHSJUœƄJJ
ϥί΍ϮΘϟ΍έϮΤϣΔϠΠόϟ΍ βϣϼϣ ϝΎϤόΘγ΍ ϭ ςϐπϟ΍ ΕϼΠόϟ΍
ύ΍ήϓϻ΍ ΔϟΎΣ ϲϓ ξϳϮόΘϟ΍ ΝΎΠΗέϻ΍ Γ΍ΫΎΤϤϟ΍ΔϴϟΎόϔϟ΍ΕΎϓΎθϜϟ΍
ΔϴΣϼμϠϟ ΔϳήμΑ ΔΒϗ΍ήϣωϼϘϣ
5FSHJDSJTUBMMJ TPTUJUV[JPOF TQB[[PMF
MJWFMMP EFM MJRVJEP MBWBWFUSJ
WFSJmDBSFDIFOPODJTJBOPNBDDIJFTVMUFSSFOPTPUUPJMNF[[PQFS
QFSEJUFEJMJRVJEJMVCSJmDBOUJPQFHHJPEJDBSCVSBOUF
8JOETDSFFO XJQFS SFQMBDF CSVTIFT
DIFDL UIF MFWFM PG XJOEPX
DMFBOFSnVJEDIFDLUIFSFBSFOPTUBJOTDBVTFECZMVCSJDBOUPSGVFM
MFBLPOUIFHSPVOEVOEFSUIFWFIJDMF
-FTFTTVJFHMBDFSFNQMBDFSMFTCBMBJTTJMTTPOUVTÏT
MFOJWFBVEV
MJRVJEFEVMBWFWJUSFT
7ÏSJmFSRVJMOZBJUQBTEFUBDIFTFOEFTTPVTEVWÏIJDVMFËDBVTF
EFMBGVJUFEFTMVCSJmBOUTPVFODPSFQJTEVDBSCVSBOU
ľUFSHœUPBSFMFÔOMPDVJSFBQFSJJMPS
OJWFMVMEFMJDIJEQFOUSVTQœMBSFB
HFBNVSJMPSWFSJmDBƄJTœOVmFQFUFQFUFSFOEFEFTVQUVMNBſJOJJ
EFQJFSEFSJEFMJDIJEMVCSJmDBOUTBVNBJSœVEFDBSCVSBOU
ϞδϏ Ϟ΋Ύγ ϯϮΘδϣΓΎηήϔϟ΍ ξϳϮόΗ ΝΎΟΰϟ΍ ΔΣΎδϣ
ΔϠϴγϭ ΖΤΗ νέϻ΍ ϰϠϋ ϊϘΑ ΩϮΟϭ ϡΪϋ Ϧϣ ΪϛΎΘϟ΍ ΝΎΟΰϟ΍
ΩϮϗϮϟ΍ ϭ΍ ϢϴΤθΘϟ΍ Ζϳί Ϧϣ ϊϘΑ ϥϮϜϳ Ϊϗ ϞϘϨϟ΍
%VSBOUFJMSJGPSOJNFOUPEFMDBSCVSBOUFTQFHOFSFJMNPUPSFOPO
GVNBSFFOPOVTBSFmBNNFWFSJmDBSFDIFOFMMBSFBDJSDPTUBOUF
OPODJTJBOPQFSTPOFDIFGVNBOPPVTBOPmBNNF
8IJMFSFGVFMMJOHUVSOPõUIFFOHJOFEPOPUTNPLFBOEEPOPUVTF
nBNFT DIFDL UIFSF JT OPCPEZ TNPLJOH PS VTJOH nBNFT BSPVOE
ZPV
1FOEBOUMFSBWJUBJMMFNFOUBSSÐUFSMFNPUFVSOFQBTGVNFSFUOF
QBTVUJMJTFSEFnBNNFTWÏSJmFSRVFEBOTMB[POFFOWJSPOOBOUFJM
OZBJUQBTEFQFSTPOOFTRVJGVNFOUPVRVJVUJMJTFOUEFTnBNNFT
·OUJNQVMBQSPWJ[JPOœSJJDVDBSCVSBOUPQSJƄJNPUPSVMOVGVNBƄJſJ
OVGPMPTJƄJnœDœSJWFSJmDBƄJDBÔOTQBƄJVMÔODPOKVSœUPSTœOVmFQFS
TPBOFDBSFGVNFB[œTBVGPMPTFTDnœDœSJ
ϦϴΧΪΘϟ΍ ωϮϨϤϣ ϙήΤϤϟ΍ ˯Ύϔσ΍ ΩϮϗϮϟΎΑ ΩϭΰΘϟ΍ ˯ΎϨΛ΍
ιΎΨη΍ ΩϮΟϭ ϡΪϋ Ϧϣ ΪϛΎΘϟ΍ ΩϮϗϮϟ΍ Ω΍Ϯϋ΍ ΩΎϘϳ΍ ωϮϨϤϣ
έΎϨϟ΍ ϥϮϠόθϳ ϭ΍ ϥϮϨΧΪϳ ϥΎϜϤϟΎΑ
/FMMFPQFSB[JPOJEJBHHJVTUBNFOUPEFMUFMPOFEJSJNP[JPOFEFMMF
DFOUJOFWFSJmDBMJWFMMJDBSJDPFDDÒWJFUBUBRVBMTJBTJPQFSB[JPOF
BEBMUF[[BTVQFSJPSFBJNFUSJTFO[BMVUJMJ[[PEJEJTQPTJUJWJEJTJ
DVSF[[B
*UJTGPSCJEEFOBOZBDUJWJUZBUBOFMFWBUJPOPGNUPSNPSFXJUIPVU
VTJOH TBGFUZ EFWJDFT XIJMF TFUUJOH UIF UBSQBVMJO UBSQBVMJO GSB
NFXPSLSFQMBDFNFOUnVJEMFWFMDIFDLJOHMPBEJOHFUD
2VBOE PO NFU MFT BSDFBVY FU MFT QPUFMFUT RVF MPO BUUBDIF MB
CÉDIFRVFMPOWÏSJmFMFTOJWFBVYPVRVFMPODIBSHFFUDJMFTU
JOUFSEJUEFUSBWBJMMFSËQMVTEFNÒUSFTEFIBVUTBOTVUJMJTFSEFT
EJTQPTJUJGTEFTÏDVSJUÏ
·OPQFSBƄJJMFEFBSBOKBSFBQSFMBUFJBÔOMœUVSœSJJTUSVDUVSFJNFUBMJDF
WFSJmDœSJJOJWFMVMVJEFÔOœMƄJNFÔODœSDœUVSBFUDFTUFJOUFS[JTœPSJ
DFPQFSBƄJFMBÔOœMƄJNFTVQFSJPBSœEFNFUSJGœSœGPMPTJSFBEJTQP
[JUJWFMPSEFTJHVSBOƄœ
Ϧϣ ΪϛΎΘϟ΍ ˯Ύτϐϟ΍ Δϟ΍ί΍ ή΋ΎΘδϟ΍ ΔϳϮδΗ ΔϴϠϤϋ ˯ΎϨΛ΍
ήΜϛ΍ ωΎϔΗέ΍ ϰϠϋ ΔϴϠϤϋ Δϳ΍ ΔϋϮϨϤϣΦϟ΍ϦΤθϟ΍ ϯϮΘδϣ
Δϣϼδϟ΍ Ε΍ϭΩ΍ ϝΎϤόΘγ΍ ϥϭΩ ϦϳήΘϣ Ϧϣ
"650#&50/*&3" OPO NFUUFSF OFTTVOB QBSUF EFM DPSQP OFMMB
[POBUSBHMJPSHBOJJONPWJNFOUPFEJMUFMBJPEFMMBVUPDBSSPTFOPO
ÒTUBUPJOTFSJUPJMGFSNPEJTJDVSF[[BEJCMPDDBHHJP
$0/$3&5&.*9&3536$,EPOPUQVUBOZQBSUPGZPVSCPEZJOUIF
BSFBCFUXFFONPWJOHQBSUTBOEDIBTTJTJGUIFTBGFUZMPDLDBUDIIBT
OPUCFFOJOTFSUFE
$".*0/."-"9&63"#&50/OFNFUUSFBVDVOFQBSUJFEVDPSQT
EBOTMB[POFFOUSFMFNBMBYFVSFONPVWFNFOUFUMFDIÉTTJTEV
DBNJPOTJMBSSÐUEFTÏDVSJUÏEFCMPDBHFOBQBTÏUÏJOTÏSÏ
"650#&50/*&3"OVQVOFƄJOJDJPQBSUFEJODPSQÔO[POBEJOUSF
PSHBOFMFÔONJſDBSFſJſBTJVMBVUPDBNJPOVMVJEBDœOVBGPTUJOUSP
EVTTJTUFNVMEFCMPDBKEFTJHVSBOƄœ
ΔϬΟ Δϳ΍ ϊοϭ ωϮϨϤϣ΢ϠδϤϟ΍ ΖϨϤγϻ΍ ΔϠϣΎΣ
ϭ ΔϛήΤΘϤϟ΍ ˯Ύπϋϻ΍ ϦϴΑ ΔϴΣΎϨϟ΍ ϲϓ ϢδΠϟ΍ Ϧϣ
Δϣϼδϟ΍ Ϟϔϗ ϝΎϤόΘγ΍ ϢΘϳ Ϣϟ ΍Ϋ΍ ΔΑήόϟ΍ ή΋ΎΘγ
$POUSPMMBSFMBQSFTFO[BFMFö
DJFO[BEFMMBQSPUF[JPOFEFMMBDBUFOB
EJUSBTNJTTJPOFFEFMMFSVPUFEFOUBUF
$IFDL QSFTFODF BOE Fö
DJFODZ PG USBOTNJTTJPO DIBJO BOE HFBS
XIFFMTQSPUFDUJWFDPWFSJOH
$POUSÙMFSMBQSÏTFODFFUMFö
DBDJUÏEFMBQSPUFDUJPOEFMBDIBÔOF
EFUSBOTNJTTJPOFUEFTSPVFTEFOUÏFT
$POUSPMBƄJQSF[FOƄBſJFmDJFOƄBQSPUFDƄJFJBDVSFMFJEFUSBOTNJTJF
ſJBSPƄJMPSEJOƄBUF
ΔϠδϠδϟ΍ ΔϳΎϗϭ ΔϴΣϼλ ΩϮΟϭ Ϧϣ ΪϛΎΘϟ΍
ΔϨϨδϤϟ΍ ΕϼΠόϠϟ ΔϠλϮϤϟ΍
3BNNFOUBSFDIFMBVUPCFUPOJFSBÒVONF[[PDPOJMCBSJDFOUSPBMUP
FDIFJMDFNFOUPBMMJOUFSOPEFMCJDDIJFSFJODBTPEJDVSWFBTUSFUUP
SBHHJPPWBSJB[JPOJSFQFOUJOFEJWFMPDJUËÒTPHHFUUPBTDJBDRVJP
3FNFNCFS UIBU UIF DPODSFUF NJYFS USVDL IBT B IJHI DFOUSF PG
NBTTBOEDPODSFUFJOTJEFUIFESVNNBZNPWFFOEBOHFSJOHCB
MBODFCFDBVTFPGTIPSUSBOHFCFOETPSTVEEFOTQFFEDIBOHF
/PVCMJFSQBTRVFMFDBNJPONBMBYFVSFTUVOWÏIJDVMFRVJBMFDFO
USFEFHSBWJUÏIBVUFURVFMFDJNFOUËMJOUÏSJFVSEFMBDVWFFTUTVKFU
BVSFOWFSTFNFOUTJMBWJUFTTFFTUFYDFTTJWF
"NJOUJƄJWœ Dœ BVUPCFUPOJFSB FTUF VO NJKMPD DV DFOUSV EF HSBWJ
UBUF ÔOBMU ſJ Dœ DJNFOUVM EJO JOUFSJPSVM DVQFJ ÔO DB[ EF DVSCF DV
SB[œ TUSÉNUœ TBV WBSJBƄJJ CSVſUF EF WJUF[œ FTUF FYQVT MB SFWœSTœSJ
DPOUJOVF
ϝΎϋ ϞϘΛ ΔϠγϭ Ε΍Ϋ ΔϠϴγϭ ΖϨϤγϻ΍ ΔϠϣΎΣ ϥΎΑ ήϛάΘϟ΍
Ε΍Ϋ ΕΎΟ΍ήόϧ΍ ΔϟΎΣ ϲϓ α΄Ϝϟ΍ ϞΧ΍Ω ΖϨϤγϻ΍
ΔϋήδϠϟ ΊΟΎϔϣ ήϴϴϐΗ ϭ΍ ϖϴο ωΎόη
"650$"330$0/$"440/&3*#"-5"#*-&4FMBVUPDBSSPEFWFFT
TFSFQPTJ[JPOBUPJOQSPTTJNJUËEJTDBWJFWJUBSFEJBWWJDJOBSTJUSPQ
QPBMDJHMJPEFMEJSVQP
536$,8*5)%6.1#0%:JGZPVIBWFUPQMBDFUIFUSVDLOFBSBO
FYDBWBUJPOEPOPUHPUPPDMPTFUPUIFFEHF
10*%4-063%"7&$#&//&#"4$6-"/5&TJMFDBNJPOEPJUÐUSF
QMBDÏQSÒTEVODBOJWFBVJMGBVUWÏSJmFSRVFMBDDPUFNFOUTPJUTUB
CMFBWBOUEBDUJPOOFSMBCFOOF
"650$".*0/ $6 #&/Ē 3"#"5"#*-Ē %BDœ BVUPDBNJPOVM USF
CVJFTœmFQP[JƄJPOBUÔOBQSPQJFSFB[POFMPSFYDBWBUFFWJUBƄJTœWœ
BQSPQJBƄJQSFBNVMUEFNBSHJOFBBDFTUFJB
ΔϨΣΎθϟ΍ ΖϧΎϛ ΍Ϋ΍ ΐϠϘϠϟ ϞΑΎϗ ϕϭΪϨλ Ε΍Ϋ ΔϨΣΎη
΍ήϴΜϛ ΏήϘΘϟ΍ ΐϨΠΗ ήϔΤϟ΍ Ώήϗ ϊοϮϳ ϥ΍ ΐΠϳ
έ΍άΤϧϻ΍ ΪϳΪθϟ΍ ϒϴλήϟ΍ Ϧϣ
1SJNBEJQSPDFEFSFOFMMFPQFSB[JPOJEJSJCBMUBNFOUPEFMDBTTPOF
BDDFSUBSTJDIFOPODJTJBOFTTVOPOFMSBHHJPEB[JPOFEFMNF[[P
#FGPSFPWFSUVSOJOHUIFCPEZDIFDLUIFSFJTOPCPEZJOUIFWFIJDMF
NPWFNFOUSBOHFBSFB
"WBOUEFCBTDVMFSVOFCFOOFJMGBVUTBTTVSFSRVJMOZBQFSTPOOF
EBOTMFSBZPOEBDUJPOEVWÏIJDVMF
·OBJOUFEFBQSPDFEBMBSJEJDBSFBCFOFJWFSJmDBƄJTœOVmFOJNFOJ
ÔOSB[BEFBDƄJVOFBNJKMPDVMVJBVUP
ϡΪϋ Ϧϣ Ϊϛ΄Θϟ΍ ΐϠϘϟ΍ ΔϴϠϤϋ ϲϓ ΃ΪΒϟ΍ ϞΒϗ
ϞϘϨϟ΍ ΔϠϴγϭ ωΎόη ϲϓ κΨη ΩϮΟϭ
&WJFUBUPGBSNVPWFSFJMNF[[PDPODBTTPOFBODIFQBS[JBMNFOUF
SJCBMUBUP%FWFFTTFSDJVOBEJTUBO[BEJBMNFOPNFUSJEBRVBMTJBTJ
MJOFBFMFUUSJDBBFSFB
*UJTGPSCJEEFOUPNPWFUIFWFIJDMFXIJMFUIFCPEZJTFWFOQBSUJBMMZ
SBJTFE5IFSFIBTUPCFBEJTUBODFPGBUMFBTUNUCFUXFFOUIF
WFIJDMFBOEBOZFMFDUSJDMJOF
*M FTU JOUFSEJU EF EÏQMBDFS VO WÏIJDVMF RVJ B MB CFOOF NÐNF FO
QBSUJFMFWÏF*MEPJUZBWPJSVOFEJTUBODFEFNÒUSFTNJOJNVNEF
UPVUFMJHOFÏMFDUSJRVFBÏSJFOOF
&TUFJOUFS[JTTœNJſDBƄJDBNJPOVMDVCFOBDIJBSſJQBSƄJBMSJEJDBUœ
5SFCVJFTœmFPEJTUBOƄœEFDFMQVƄJONFUSJEFPSJDFMJOJFFMFDUSJDœ
BFSJBOœ
ϥ΍ ΐΠϳΏϮϠϘϣ Ύϴ΋ΰΟ Ϯϟϭ ϞϘϨϟ΍ ΔϠϴγϭ ϚϳήΤΗ ωϮϨϤϣ
ϲ΋ΎΑήϬϛ ςΧ ϱ΍ Ϧϣ ήΘϣ Ϟϗϻ΍ ϰϠϋ ΔϓΎδϤϟ΍ ϥϮϜΗ
"650$"330 $0/ 410/%" $"3*$"53*$& EVSBOUF MF PQFSB[JPOJ
JOEPTTBSFMFTDBSQFEJTJDVSF[[BEJTQPSSFJDBSJDIJJONPEPDIFSJ
NBOHBOPTUBCJMJEVSBOUFJMNPWJNFOUPUFOFSFMPOUBOJHMJFTUSBOFJ
BMMBNBOPWSB
536$,8*5)4*%&#0"3%EVSJOHMPBEPQFSBUJPOTXFBSTUFFMDBQ
QFEXPSLCPPUTBSSBOHFMPBETTPUIBUUIFZBSFTUBCMFEVSJOHNP
WFNFOULFFQVOBVUIPSJ[FEQFSTPOOFMBXBZ
10*%4-063%"7&$)":0/QFOEBOUUPVUFTPQÏSBUJPOTQPSUFS
EFTDIBVTTVSFTEFTÏDVSJUÏEJTQPTFSMBDBSHBJTPOEFTPSUFËDF
RVFMMFSFTUFTUBCMFQFOEBOUMFNPVWFNFOUÏMPJHOFSMFTQFSTPO
OFTOPOBVUPSJTÏFT
"650$".*0/ $6 0#-0/ ·/$Ē3$Ē503 JO UJNQVM PQFSBƄJJMPS
ÔNCSœDBƄJÔODœMƄœNJOUFBEFTJHVSBOƄœEJTQVOFƄJÔODœSDœUVSBÔOBſB
GFMÔODÉUTœSœNÉOœTUBCJMœÔOUJNQVMNJſDœSJJƄJOFƄJMBEJTUBOƄœQFS
TPBOFMFTUSœJOFEFNBOFWSœ
˯΍άΣ ˯΍ΪΗέ΍ ΔϴϠϤόϟ΍ ˯ΎϨΛ΍ϦΤθϠϟ ΔϓΎΣ Ε΍Ϋ ΔΑήϋ
ϙήΗ ϙήΤΘϟ΍ ˯ΎϨΛ΍ ΎΘΑΎΛ ϰϘΒϳ ΚϴΤΑ ϦΤθϟ΍ Δϣϼδϟ΍
ΓέϭΎϨϤϟ΍ ˯ΎϨΛ΍ ΎϬΟ΍ήΧ΍ ϭ ΍ΪϴόΑ ϦΤθϟ΍
"650$"330$0/$"440/&4$"33"#*-&OFMMPQFSB[JPOFEJTDBS
SBNFOUPJMDBTTPOFSBHHJVOHFVOBOPUFWPMFBMUF[[BGBSFBUUFO[JP
OFBMMFMJOFFFMFUUSJDIF
536$,8*5)3&.07"#-&#0%:EVSJOHPQFSBUJPOUIFCPEZSFB
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UBPVOJOEVNFOUPMVOHPDPODVJQPTTBFTTFSFUSBTDJOBUP
8IFOUIFJOKVSFEQFSTPOIBTUPCFNPWFEJOBTBGFSQMBDFNPWF
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JONPEPEBNBOUFOFSMPTFNQSFESJUUPFEJOPSJ[[POUBMF
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