(FCSVJLTBBOXJK[JOHHFTQMJUTUFVOJUWPPSXBOENPOUBHF
(FTDIJLUFPNHFWJOHTUFNQFSBUVVS
)PVEEFPNHFWJOHTUFNQFSBUVVSPQEFKVJTUFXBBSEFPN
MJDIBNFMJKLXFMCFIBHFOHFNBLFOJOTPNNJHFHFWBMMFO
BBOEFXFUUFMJKLFWPPSTDISJGUFOUFWPMEPFO&MLFHSBBE
CPWFOEF[FXBBSEFCFUFLFOUFFOBBO[JFOMJKLFUPFOBNF
%FUFNQFSBUVVSEJFOUPPLBBOHFQBTUUF[JKOBBOIFU
TQFDJGJFLFHFCSVJLWBOEFSVJNUFEFUFNQFSBUVVSJO
POHFCSVJLUFLBNFSTPGTMBBQLBNFSTIPFGUOJFU
OPPE[BLFMJKLFWFOIPPHUF[JKOBMTEJFJOEFXPPOLBNFS
&MJNJOBUJFWBOXBSNUFFOLPVEFCSPOOFO
7PPSIFUHFWBMEBUFSXBSNUFJOLPFMNPEVTPGLPVEF
JOWFSXBSNNPEVTCSPOOFO[JKOEJFHFÑMJNJOFFSE
LVOOFOXPSEFOEJUTWQEPFOCJKWFFOSBBNEBUPG
EFVSEJFOJFUHPFEHFTMPUFOJT0QEF[FXJK[F[BMIFU
BQQBSBBUNJOEFSFOFSHJFWFSCSVJLFO
8FSLJOHJOWFSXBSNJOHTNPEVT8BSNUFQPNQ
"MTVXVOJUJOEFWFSXBSNJOHTNPEVTESBBJUGVODUJPOFFSU
EF[FBMTFFOXBSNUFQPNQ%X[EFVOJUOFFNUXBSNUF
PQWBOCVJUFOWJBEFCVJUFOVOJUFOTUBBUEF[FCJOOFOBG
WJBEFCJOOFOVOJUJOFFOWSJKLPSUFUJKE&FO
DPOWFOUJPOFMFWFSXBSNJOHQSPEVDFFSUBMMFFONBBS
XBSNUFEJFVJUTMVJUFOEBGLPNTUJHJTVJUWFSCSVJLUF
FOFSHJF0NEF[FSFEFOJTIFUWFFM[VJOJHFSPNFFO
SVJNUFNJEEFMTFFOXBSNUFQPNQUFWFSXBSNFOEBOEBU
NFUDPOWFOUJPOFMFWFSXBSNJOHSBEJBUPSFOLBDIFMT
WFSXBSNJOHFUDUFEPFO
0NHFWJOHTUFNQFSBUVVSCJKBGXF[JHIFJE
#JKIFUWFSXBSNFOLBOFFOCFTQBSJOHHFSFBMJTFFSE
XPSEFOEPPSEFPNHFWJOHTUFNQFSBUVVSPOHFWFFS$
MBHFSUFIPVEFOEBOEFOPSNBMFUFNQFSBUVVS&FO
UFNQFSBUVVSWFSMBHJOHEJFHSPUFSJTEBO$MFWFSUHFFO
WFSEFSFFOFSHJFCFTQBSJOHPQBBOHF[JFOFSNFFS
WFSXBSNFOEWFSNPHFOOPEJHJTWPPSBBOTMVJUFOEF
QFSJPEFOPOEFSOPSNBMFCFESJKGTPNTUBOEJHIFEFO
7FSEFSWFSMBHFOWBOEFUFNQFSBUVVSMPPOUBMMFFOEF
NPFJUFCJKMBOHEVSJHFBGXF[JHIFJE[PBMTUJKEFOTEF
*OEFXJOUFSJTIFUIPFEBOPPLOPPE[BLFMJKLIFU
BQQBSBBUUFHFOCFWSJF[JOHUFCFTDIFSNFO
*OFFOIVJTEJFOUBMUJKEUFONJOTUFÏÏOLBNFSWFSXBSNE
#FIBMWFPWFSEFPQQFSWMBLLFOEJFEFSVJNUFPNHFWFO
EX[EFXBOEFOEFVSFOSBNFOQMBGPOEFOWMPFSIFFGU
NFOHFFODPOUSPMFPWFSEFWFSXBSNJOHWBOEF
BBOHSFO[FOEFSVJNUFTPOHFXJMEHBBUIJFSWFFMFOFSHJF
WFSMPSFO(FWPMHJTEBUNFOEFSVJNUFOJFUWPMEPFOEF
LBOWFSXBSNFOFOFFOPOBBOHFOBNFLPVEFFSWBSJOH
POEFSHBBUIFU[FMGEFHFCFVSUXBOOFFSEFVSFOEJF
WFSXBSNEFWBOPOWFSXBSNEFPGNBUJHWFSXBSNEF
SVJNUFTTDIFJEFOPQFOCMJKWFOTUBBO
0QEF[FXJK[FXPSEUWFSLFFSECF[VJOJHEEFWFSXBSNJOH
XFSLUFOEFTPOEBOLTJTEFPNHFWJOHTUFNQFSBUVVS
POQSFUUJH(SPUFSDPNGPSUFOFFOSFEFMJKLFSWFCSVJL
XPSEFOWFSLSFHFOXBOOFFSBMMFLBNFSTJOFFOIVJT
HFMJKLNBUJHWFSXBSNEXPSEFOXBBSCJKSFLFOJOHXPSEU
HFIPVEFONFUIFUHFCSVJLWBOFMLFLBNFSEF
UFNQFSBUVVSWBOMFHFLBNFSTFOTMBBQLBNFSTIPFGUOJFU
IFU[FMGEFUF[JKOBMTEFCFMBOHSJKLTUFXPPOSVJNUF
3FEVDFFSIFUWFSCSVJLUJKEFOTEFOBDIUFMJKLF
)FUBQQBSBBUCFTDIJLUPWFSFFO4-&&1GVODUJFEJFIFU
NPHFMJKLNBBLUEFUFNQFSBUVVSHFEVSFOEFEFVSFOWBO
OBDIUSVTUBVUPNBUJTDIUFOPQ[JDIUFWBOEFJOHFTUFMEF
XBBSEFOUFWFSBOEFSFOJOEFWFSXBSNJOHTNPEVTXPSEU
EFUFNQFSBUVVSXBUPNMBBHHFCSBDIUJOEFLPFMNPEVT
XPSEUEFUFNQFSBUVVSFOJHT[JOTWFSIPPHE0QEF[F
XJK[FXPSEUOBBTUUPFOBNFWBODPNGPSUFFO
WFSNJOEFSJOHWBOFOFSHJFHFCSVJLCFXFSLTUFMMJHE7PPS
NFFSCJK[POEFSIFEFOBBOHBBOEFEF4-&&1GVODUJF[JF
3FEVDFFSIFUWFSCSVJLNFUHFQSPHSBNNFFSEF
CFESJKGTUJKE5*.&3GVODUJF
.FUCFIVMQWBOEF5*.&3GVODUJFLVOUVIFUVVSJOTUFMMFO
XBBSJOIFUBQQBSBBUJOXFSLJOHUSFFEU%BBSPNJTIFU
NPHFMJKLPNEFXFSLJOHWBOIFUBQQBSBBUUF
QSPHSBNNFSFO[PEBUIFUBMMFFOGVODUJPOFFSUJOEJFO
OPEJH)JFSEPPSLBOFFOFDPOPNJTDIGVODUJPOFSFO
0OEFSIPVEWBOIFUBQQBSBBU
8BOOFFSIFUBQQBSBBUJOHPFEFTUBBUJTGVODUJPOFFSUIFU
FGGJDJÑOUFOIBBMUIFUBMMFTVJUEFFOFSHJFEJFIFU
WFSCSVJLU7FSHFXJTUV[JDIFSWBOEBUIFUBQQBSBBUPQEF
KVJTUFXJK[FXPSEUPOEFSIPVEFOWPPSNFFS
CJK[POEFSIFEFO[JFIPPGETUVL-FUVFSJOIFU
CJK[POEFSPQEBUEFGJMUFSTTDIPPOCMJKWFOFOEF
MVDIUJOMBUFOFOVJUMBUFOWBO[PXFMEFCJOOFOBMTEF
CVJUFOVOJUPOCFMFNNFSELVOOFOXFSLFO