²@]RPVNY ]YNPR` a\ `aNf³

IfW_d
²@]RPVNY]YNPR`a\`aNf³
I]Z ZhiVWa^h]bZcih VhhdX^ViZY id <gZVi =djhZh d[ HeV^c!
WZa^ZkZidjg^hbidWZVcZllVnd[\Zii^c\id`cdleaVXZh
Spain come from every part
VcY XjaijgZh! \Vhigdcdbn VcY adXVa hjggdjcY^c\ Xdjcign"
of Spain and from numerous
h^YZ# 9^hXdkZg^c\ i]Z g^X]cZhh ]^YYZc ^c i]Z k^aaV\Zh VcY
(XURSHDQFRXQWULHV7KH\ÀQGLQ ]VbaZihi]ViVgZhdcZVgnZihd[Vg[gdbdcZhZkZgnYVna^[Z
VcYbV`^c\^iVkV^aVWaZidi]Zk^h^idghdi]Vi]Z]VhVgZVa
our houses peace or emotions not hZchZd[ZmeZg^ZcX^c\^i!^hi]ZV^bd[i]ZVhhdX^Vi^dc#
The clients of Great Houses of
too far removed from their own
homes. They have the opporWXQLW\WRGLVFRYHUWKHGLɲHUHQW
regions of the country based in
a home that is an integral part
of the history of the area, which
assures the guest a warm family reception and service of the
highest quality.
86H6H<G6C9:H9:=>HE6C>6
BdciZ7VX]Vd!h$c#
HVciV8g^hi^cVYZ;ZX]V
&*-.-HVci^V\dYZ8dbedhiZaVÕHE6>C
IZa ().-&&.)&&-
;Vm ().-&&.'%'-
:bV^aWVX]Vd5eVodhYZ\Va^X^V#Xdb
&%.
I]ZXa^Zcihd[<gZVi=djhZhd[HeV^cXdbZ[gdbZkZgneVgi
d[HeV^cVcY[gdbcjbZgdjh:jgdeZVcXdjcig^Zh#I]ZnÒcY
^cdjg]djhZheZVXZdgZbdi^dchcdiidd[VggZbdkZY[gdb
i]Z^gdlc]dbZh#I]Zn]VkZi]Zdeedgijc^inidY^hXdkZgi]Z
Y^[[ZgZcigZ\^dchd[i]ZXdjcignWVhZY^cV]dbZi]Vi^hVc^c"
iZ\gVaeVgid[i]Z]^hidgnd[i]ZVgZV!l]^X]VhhjgZhi]Z\jZhi
VlVgb[Vb^angZXZei^dcVcYhZgk^XZd[i]Z]^\]ZhifjVa^in#
7Zh^YZhi]^h!\jZhihVi<gZVi=djhZhd[HeV^c`cdli]ZnXVc
gZandcVaVg\ZgVc\Zd[deZcV^gVXi^k^i^Zh!VYkZcijgZhedgih
^cXdciVXil^i]i]ZZck^gdcbZcidgVkVg^Zind[\Vhigdcdb^X!
XjaijgVagdjiZhbV`^c\VhiVnVidcZd[i]ZhZ]djhZhVcjc"
[dg\ZiiVWaZZmeZg^ZcXZ#
I]ZbV_dg^ind[^ih[dginVhhdX^ViZhVgZidWZ[djcY^c<Va^X^V
Vh^ihXdchdgi^jblVhXdcXZ^kZY[gdbi]ZEVodhYZ<Va^X^V
igVYZbVg`l]^X]ÒghiegdbdiZYi]ZXgZVi^dcd[VcZlHeVc"
^h]dg\Vc^hVi^dcidZc\adWZVaai]ZVhhdX^Vi^dchYZY^XViZYid
fjVa^inidjg^hbViVcVi^dcVaaZkZa#L^i]i]ZXgZVi^dcd[i]Z
cZl HeVc^h] igVYZbVg` Vaa i]dhZ ^cYZeZcYZci ZhiVWa^h]"
bZcih[djcY^cV]^hidg^XVaWj^aY^c\^cVgjgVahZii^c\l^i]
V]^\]aZkZad[fjVa^in!^cYZeZcYZcid[i]Z^gi^iaZdgcVbZdg
l]ZgZi]ZnVgZ\Zd\gVe]^XVaanh^ijViZY!l^aa]VkZVeaVXZ#
9WiWi=hWdZ[iZ[>_ifWd_W
%&8VhV<gVcYZ68ZgXV
&.EVodYVIgVkZ
%'8VhV<gVcYZYV;ZgkZcoV
'%EVodYZ6cYZVYZ
%(8VhV<gVcYZYZ8dgc^YZ
'&EVodYZ:^Y^Vc
%)8VhV<gVcYZYZHdjijaad
''EVodYZ=Zgb^YV
%*8VhV<gVcYZYd7VX]Vd
'(EVodYZAZhigdkZ
%+8VhV<gVcYZYdHdmVa
')EVodYZHZYdg
%,8VhVHdaVg^Z\VYZ8ZgkVciZh
'*EVodYZIZggV[Z^iV
%-;ZggZg†VYZGj\VcYd
'+EVodYd8Vhigd
%.AVEdhVYVYZa6WVYYZ6bejY^V
',EVodYdHdjid
&%AVEdhVYVYZaE^cVg
'-GZXidgVaYZ6caad
&&BVhEVhhVbVcZg
'.EVodMVcMdgYd
&'BdcVhiZg^dYZ6X^kZ^gd
(%GZXidgVaYZ6gZVh
&(DÉEg^dgVa
(&GZXidgVaYZ8^cZh
&)EVaVX^dYZ7VggZ^gd
('GZXidgVaYZ8dWgZh
&*EVod6abjoVgV
((GZXidgVaYZ;d[Z
&+EVod8VggVhfjZ^gV
()8VhV<gVcYZYZGdhZcYZ
&,EVodYV7joVXV
(*EVaVX^dYZEgZad
IfW_d
&-EVodYVIdjoV
&&%
&&&
&' 9WiW=hWdZ[79[hYW
9WiW=hWdZ[ZW<[hl[dpW &(
BVg†V?dh‚;Zgc{cYZoEVY†c
CdgbVcH{cX]ZoE‚gZoDgdoXd
8]V\jVodhd!6BZofj^iVÕDjgZchZÕHeV^c
>c8]V\jVodhd!^ci]Zbjc^X^eVa^ind[6BZofj^iV!i]ZgZ^h
Vc jc[dg\ZiiVWaZ hedi! i]Z eZg[ZXi XdbW^cVi^dc d[ ]^hidgn
VcY cVijgZ# I]Z Xdjcign ]djhZ! 8VhV <gVcYZ YZ 6 8ZgXV!
^h hjggdjcYZY Wn * =V# d[ aVcY! l^i] bV\c^ÒXZci ]jcYgZY
nZVgdaYX]ZhicjiigZZh#I]Z]djhZ!hiVgiZYWj^aY^c\^c&,%%
VcYl]dhZaVhi[VXVYZYViZh[gdb&.%&!lVhgZhidgZY^c'%%'
VcY]Vh&*%%b'd[hjg[VXZ"heVXZZcdj\][dg\jZhihid
lVcYZgVWdjiVcYgZaVm#
8igV#Aj\d!E{gVbd!`b&&ÕD8dg\dÕAj\dÕHeV^c
6ccjVaXadh^c\/
DeZcVaanZVg
6ccjVaXadh^c\/
DeZcVaanZVg
6Xi^k^i^Zhq;VX^a^i^Zh/
=dghZWVX`g^Y^c\0=^`^c\07^XnXaZigV^ah0
=^aaigV^ah0HbVaadg<gZViZg\VbZ
]jci^c\0G^kZgÒh]^c\09gVl^c\gddb0
8V[ZiZg^V0A^WgVgn!(9^c^c\gddbh0
<VgYZc0Hl^bb^c\Edda0EVg`^c\#
6Xi^k^i^Zhq;VX^a^i^Zh/
A^WgVgn0IVkZgc!ine^XVad[i]ZgZ\^dc0
Hl^bb^c\edda0Hjcad\\^V0@^iX]Zc\Vg"
YZc0<j^YZYidjghd[i]Z]djhZÉhZXdad\^"
XVabjhZjb0BdcjbZciVah^\]ihZZ^c\0
=^`^c\07^XnXaZig^eh0LViZghedgih
6XXdbbdYVi^dc/
*YdjWaZgddbh
&YZajmZYdjWaZgddb
&YdjWaZVYVeiZY[dg]VcY^XVeeZY
6XXdbbdYVi^dc/
-YdjWaZWZYgddbh
&heZX^VaYdjWaZWZYgddb
l^i]Zchj^iZWVi]gddb
:bV^aVXZgXV5eVodhYZ\Va^X^V#Xdb
:bV^a[ZgkZcoV5eVodhYZ\Va^X^V#Xdb
Dci]ZWVc`hd[i]Zg^kZgB^Šd!cZmiidVlViZg[Vaa!lZÒcY
AV8VhV<gVcYZYV;ZgkZcoV!VcdaYMK>8#b^aaXdckZgiZY
^cidVgjgVaidjg^hb]djhZa#I]ZgZ]VW^a^iVi^dcegdXZhh]Vh
egZhZgkZY i]Z ZaZbZcih igjZ id i]Z hinaZ d[ daY <Va^X^Vc
]djhZhVcY^ihlVgbi]!Xdb[dgiVcYXVgZ[jaYZXdgVi^dcVgZ
djihiVcY^c\#6aai]^h^hhZi^ci]Zjc^fjZ[gVbZldg`d[i]Z
[ZgkZcoVWd^a^c\lViZg#
>i bVn iV`Z hdbZ i^bZ id Y^hXdkZg Vaa i]Z a^iiaZ hZXgZih d[
8VhV<gVcYZYV;ZgkZcoV#NdjÉaa]VkZidheZcYi^bZidY^h"
XdkZgi]ZlViZg[gdbi]Zheg^c\i]ViÓdlh[gdbi]ZiVe^cid
i]Z daY h^c` WZh^YZ i]Z daY ]ZVgi] dc i]Z \gdjcY Óddg! dg
ÒcY^c\djil]ZgZi]ZdaYcVggdlYZ[ZchZl^cYdlhVgZad"
XViZYl]^X]`Zeii]ZWVcY^ihd[ndgZViWVn#
AdXVi^dc
6BZofj^iVcZVgDjgZchZ#
AdXVi^dc
D8dg\dcZVgAj\d#
6eegdVX]
;gdbBVYg^Y!6"*'[dgDjgZchZ#:m^i&'%VcY[daadli]ZD"(&&[dgVWdji
(@bhidD8]V\jVodhd#
6eegdVX]
;gdbAj\d!C"K>[dgBVYg^Y#6[iZg)`bh^c8dcijg^o!g^\]iWn]diZaIdggZ
YZCŠZo[dgE{gVbd[dg&&`bh0g^\]iVih^\c[dg&`bid]diZa#
&&'
&&(
&) 9WiW=hWdZ[Z[9ehd_Z[
9WiW=hWdZ[Z[Iekjkbbe &*
?Vk^Zg<dnVcZhK^aVg
7Zc^idK{ofjZoVcY<^aaB#7^gY
8dgc^YZ!8Vad!I:DÕ68dgjŠVÕHeV^c
L^i] bdgZ i]Vc '%% nZVgh d[ ]^hidgn! 8VhV <gVcYZ YZ
8dgc^YZ^hVa^k^c\ZmVbeaZd[i]ZbdhiigVY^i^dcVa<Va^X^Vc
VgX]^iZXijgZ! Vadc\h^YZ ^ciZgZhi^c\ jaigVbdYZgc ZaZbZcih#
>ihVbeaZXdaaZXi^dcd[<Va^X^VceV^ci^c\XdjaYZVh^anfjVa"
^[n^iVhVhbVaa6gi\VaaZgnbjhZjb#I]Z]djhZWdVhihVc
-#%%%b'\VgYZci]ViZcXadhZhhjX]ZbWaZbVi^XigZZhVhV
aZV[nBV\cda^Vi]Vi]VhWZZceVgid[i]ZbVcdg]djhZh^cXZ
^ilVhWj^ai#
HdjijaadYZ6WV^md!8daZhÕDjgZchZÕHeV^c
6ccjVaXadh^c\/
[gdb:VhiZgid(%DXidWZg
6Xi^k^i^Zhq;VX^a^i^Zh/
A^k^c\gddb0A^WgVgn0EZgbVcZci
eV^ci^c\Zm]^W^i^dc0Hl^bb^c\edda0
<VgYZch!L^cZXZaaVg08VgeVg`07^"
XnXaZgdjiZh0LVa`^c\igV^ah0<Va^X^Vc!
HeVc^h]VcY:jgdeZVcl^cZiVhi^c\#
6XXdbbdYVi^dc/
(bV^hdcZiiZh0&<jZhihj^iZ0
-YdjWaZWZYgddbh
:chj^iZWVi]gddbh!IK!iZaZe]dcZ
HdjijaadBVcdg=djhZ!VhbVaaX]Vgb^c\=diZa^cVcMK>>>
8ZcijgnWj^aY^c\!^hh^ijViZYl^i]^c*b^cjiZh+@b[gdb
i]ZdaYidlcd[DjgZchZVadc\dcZd[i]Z^bedgiVci?VXdWZ"
6Xi^k^i^Zhq;VX^a^i^Zh/
8ViVbVgVcig^ei]gdj\]i]ZG^WZ^gV
VcE^a\g^blVnhidHVci^V\d!cZVgDhZ^gVbdcVhiZgnl]ZgZ
HVXgV\dg\Z0BdcjbZciVaVcYVgi^hi^X
i]Zlg^iZg<gV]Vb<gZZcjhZYidgZhiZkZgnhjbbZg#>i^h
gdjiZh0<da[0=dghZ"g^Y^c\08VcdZ^c\0
hZi^cVbZY^ZkVak^aaV\Z!hjggdjcYZYWnV'%#%%%bXdjcign
LVa`^c\idjgh0Hjcad\\^V0>ciZg^dgeVi^d0
ZhiViZVcYXdchZgkZhbVcndg^\^cVaVgX]^iZXijgVaZaZbZcih
Hl^bb^c\edda0IZcc^hXdjgi0<VgYZch
l^i]kZ\ZiVWaZVaadibZci0<gVcVgnWVgch [gdb^ihcdWaZeVhi#
6ccjVaXadh^c\/
DeZcVaanZVg
VcYhidcZXgdhh0EVg`^c\VgZV#
6XXdbbdYVi^dc/
-YdjWaZXZcigVaan]ZViZYWZYgddbh
l^i]WVi]gddbhZchj^iZVcYiZaZe]dcZ
:bV^aXdgc^YZ5eVodhYZ\Va^X^V#Xdb
:bV^ahdjijaad5eVodhYZ\Va^X^V#Xdb
AdXVi^dc
IZdcZVgHVci^V\dYZ8dbedhiZaV#
AdXVi^dc
8daZhcZVgDjgZchZ#
6eegdVX]
;gdbHVci^V\d!C"**%[dgEdciZkZYgV#I]ZgZ^hVh^\c[dg8dgc^YZdci]Vi
gdVY#6ii]ZgdjcYVWdji!ijgcaZ[i#
6eegdVX]
;gdbDjgZchZ!C"*'*[dgHVci^V\did<jhiZ^#IV`Zi]Z8E"+id6EZgdmV0
Òghiijgc^c\dci]Zg^\]iidHdjijaadYZ6WV^md#
&&)
&&*
&+ 9WiW=hWdZ[Ze8WY^We
9WiW=hWdZ[ZeIenWb
Hdc^VBVgi†cZoAaVbZYd
?Vk^Zg<dnVcZhK^aVg
BdciZ7VX]Vd!h$c#HiV#8g^hi^cVYZ;ZX]V!HVci^V\dÕ68dgjŠV
8VhV<gVcYZYd7VX]Vd^hV\gdjed[Wj^aY^c\hi]Vi^hVine^"
XVaZmVbeaZd[MK>>>8Zcijgn<Va^X^VcVgX]^iZXijgZl^i]ild
]djhZh!Xdgc\gVcVg^Zh!hidcZXgdhh!VcYheVX^djhhidcZiZg"
gVXZh#H^ijViZY^ci]Zb^YYaZd[V&)#%%%b'ZhiViZl^i]Y^gZXi
VXZhhidi]Zg^kZgIVbWgZ!^i^hbVcV\ZYWn^ihdlcZgVcYd["
[Zghi]Zk^h^idgVaai]Z[VX^a^i^Zhi]ViVgZYZbVcYZY^cV]diZa
d[]^\]XViZ\dgn!l^i]djiadh^c\^ihgjgVa[Vb^anVibdhe]ZgZ#
HdmVa!7gV\VYZ!8ZhjgVhÕ68dgjŠVÕHeV^c
6ccjVaXadh^c\/
DeZcVaanZVg
6ccjVaXadh^c\/
DeZcVaanZVg
6Xi^k^i^Zhq;VX^a^i^Zh/
HVjcVVcY\nbcVh^jb0A^WgVgn!\VbZh
gddbVcYIKadjc\Z0<jZhiadjc\ZVcY
VgZVh08dc[ZgZcXZgddb0Hl^bb^c\
edda!<VgYZc0iZggVXZhVcYhdaVg^jb0
7VgWZXjZ07^XnXaZh0Dg\Vc^oZYcVijgZ
VXi^k^i^Zh0G^kZgÒh]^c\0lVa`^c\idjgh0
<j^YZYidjghidHVci^V\dYZ8dbedhiZaV
6Xi^k^i^Zhq;VX^a^i^Zh/
9^c^c\gddb0GZhiVjgVci!Adjc\Z0
<VgYZch!KZ\ZiVWaZ\VgYZch0EVg`^c\0
=dghZÉhgdjiZh0=^`^c\08jaijgVagdjiZh
6XXdbbdYVi^dc/
,il^cWZYYZYgddbh0'YdjWaZWZYYZY
gddbh0(h^c\aZWZYgddbh
6XXdbbdYVi^dc/
*YdjWaZgddbh
'heZX^VaYdjWaZgddbh
(h^c\aZWZYgddbh
:chj^iZWVi]gddbh
8VhV<gVcYZYdHdmVa^hVidjg^hiXdbeaZmbVYZjed[i]gZZ
daY [Vgb aVWdjgZghÉ YlZaa^c\h! V Xdgc \gVcVgn! V WV`ZghÉ
dkZcVcYVWVgc#I]ZdkZc]VhWZZcijgcZY^cidVl^cZXZa"
aVgVcYi]ZWVgc^cidV\jZhiadjc\Z#I]ZbV^c]djhZl]ZgZ
i]ZY^c^c\gddbXVcWZ[djcY^hbdgZi]Vc&*%nZVghdaY#
I]ZXdbeaZm]VhVaai]ZViig^WjiZhd[VÒghiXaVhh]diZa!hi^aa
XdchZgk^c\^ihgjgVahe^g^i#
:bV^ahdmVa5eVodhYZ\Va^X^V#Xdb
:bV^aWVX]Vd5eVodhYZ\Va^X^V#Xdb
AdXVi^dc
HVci^V\dYZ8dbedhiZaV#
AdXVi^dc
8ZhjgVhcZVg68dgjŠV#
6eegdVX]
;gdbHVci^V\d8E"%,&%!HVciV8dbWVgdVY#EVodh^\cZYdcg^\]iVi&&`b
b^aZedhiWZ[dgZk^aaV\Z#;daadlgdVY[dg*@b0h^\cZY#
6eegdVX]
;gdbAj\d!6"+[dg68dgjŠV#>c7ZiVcodhiV`Zi]Z8"*)%[dgBZa^YZ#IV`Z
Vg^\]iijgcid8ZhjgVhVcY[daadlh^\ch#
&&+
&,
&- 9WiWIebWh_[]WZ[9[hlWdj[i
<[hh[h‡WZ[Hk]WdZe &.
I^id;Zgc{cYZoYZI‚bZo
8VgbZcGdYg†\jZo
HVcGdb{cYZ8ZgkVciZhÕ8ZgkVciZhÕAj\dÕHeV^c
I]Z8VhVHdaVg^Z\VYZ8ZgkVciZh!h^ijViZY^cVbjc^X^eVa"
^ind[i]ZhVbZcVbZ!^hV]^hidg^XWj^aY^c\[djcYZY^ci]Z
MK>8#VcYl]^X]]VhWZZc^cXdchiVciigVch[dgbVi^dcje
idi]ZMK>8#7Zadc\^c\iddcZd[i]ZdaYZhiVcY^cÓjZci^Va
[Vb^a^Zhd[i]ZgZ\^dc!i]Z8djcihd[<gV_VaVcYi]ZadgYhd[
8ZgkVciZh! i]Z ]djhZ egZhZgkZh dg^\^cVa [jgc^ijgZ VcY i]Z
Vg^hidXgVi^X Vibdhe]ZgZ [gdb YVnh \dcZ Wn# >i ]Vh V ]^\]
lVaahjggdjcY^c\i]ZegdeZginVcYi]Z[Vb^anXdVid[Vgbh
dci]Z[VVYZ#
Ndj XVc Zc_dn i]Z Y^[[ZgZci gddbh ^c i]Z ]djhZ i]Vi ^ck^iZ
gZhi! gZVY^c\! dg gZaVm^c\ XdckZghVi^dc# 6 lVa` VgdjcY i]Z
daYdgX]VgY^h^c^ihZa[Zcdj\]gZVhdcidk^h^ii]^hZhiViZ!i]Vi
^h h^ijViZY ^c i]Z aVcY d[ aZ\ZcYh/ i]Z Dh 6cXVgZh bdjc"
iV^ch!l]ZgZi^bZhZZbhid]VkZhiddYhi^aa#
K^aVgbZa!Fj^gd\VÕAj\dÕHeV^c
6ccjVaXadh^c\/
DeZcVaanZVg
6ccjVaXadh^c\/
DeZcVaanZVg
6Xi^k^i^Zhq;VX^a^i^Zh/
BV^cadjc\Zl^i]bVgWaZÒgZeaVXZ0'
\jZhiadjc\Zh09^c^c\gddb0A^WgVgn
GZhiVjgVci0<VgYZc0@^iX]Zc\VgYZc0
EVg`^c\0BdcjbZciVah^\]ihZZ^c\
gdjiZh0=jci^c\VXi^k^i^Zh0;^h]^c\0
8nXa^c\gdjiZh0=^`^c\#
6Xi^k^i^Zhq;VX^a^i^Zh/
8V[ZiZg^V0GZhiVjgVci0Adjc\Zl^i]
Hcdd`ZgiVWaZ0Adjc\Zl^i]a^WgVgn
VcYIK0Adjc\Zl^i]X]^bcZn0<VbZh
gddb0<VgYZch0KZ\ZiVWaZ\VgYZc07^"
XnXaZh0G^kZgÒh]^c\0IgZ``^c\gdjiZh0
EdejaVg\VbZh0CVijgVahl^bb^c\
edda08VcndcYZhXZcih0EVgV\a^Y^c\#
6XXdbbdYVi^dc/
(HeZX^VaYdjWaZWZYgddbh
&9djWaZWZYgddb
&H^c\aZWZYgddb
6XXdbbdYVi^dc/
+YdjWaZgddbh
'hj^iZhl^i]ijWd[]^YgdbVhV_Z
:bV^aXZgkVciZh5eVodhYZ\Va^X^V#Xdb
:bV^agj\VcYd5eVodhYZ\Va^X^V#Xdb
AdXVi^dc
8ZgkVciZhcZVgAj\d#
;ZggZg†VYZGj\VcYdlVh[djcYZY^ci]ZMK>8ZcijgnWni]Z
bdc`h [gdb i]Z bdcVhiZgn ^c HVbdh# :kZc i]dj\] ldg`
XdjaYdcanWZYdcZh^mbdci]hd[i]ZnZVgWZXVjhZd[VlV"
iZg h]dgiV\Z! \gZVi WZcZÒih lZgZ dWiV^cZY# L]Zc bdcVh"
iZgnaVcYlVhhdaYd[[^i[Zaa^cideg^kViZ]VcYhVcYldg`ZY
^ciZgb^iiZcianjci^a&.'*#I]ZegZhZci]djhZhiVcYhdci]Z
gZbV^chd[i]ZVcX^ZcibdcVhi^XWaVX`hb^i]Éhid\Zi]Zgl^i]
i]ZVY_VXZcilViZgb^aa#
AdXVi^dc
Fj^gd\VcZVgAj\d#
6eegdVX]
;gdbBVYg^Y!6"+[dg68dgjŠV#:m^i)*&[dg7ZXZggZ{!CVk^VYZHjVgcV!
8ZgkVciZh#I]ZAJ",''iV`Zhjhidi]ZYZHVcGdb{cYZ8ZgkVciZhXgdhh
,`b#;gdb]ZgZlZ\djei]Zi]ZgdVYidHVcGdb{c[dg*`b#
6eegdVX]
;gdb DjgZchZ! C"&'% [dg D 7VgXd$ Edc[ZggVYV# 6i `b )-*!* iV`Z V aZ[i
]VcYijgc^c\idK^aVgbZa&&`bh#
&&-
&&.
&/ BWFeiWZWZ[b7XWZZ[7cfkZ_W
BWFeiWZWZ[bF_dWh '&
;Vb^a^V<VgX†VEjZgiVh
>\cVX^d:hXg^WVcd
E#;gVcX^hXdBVgi†c<gdbVo!&'Õ()&+%6bejY^V"EVaZcX^VÕHeV^c
6&,i]XZcijVgnWj^aY^c\!i]Vi^c^ihYVnhlVhi]Z]djhZd[
i]Z 6WWdi d[ i]Z 6WWZn d[ Hi# B^\jZa d[ 6bejY^V# L^i] ^ih
hiViZan edgX] ZcigVcXZ! ^i XVc WZ [djcY ZbWZYYZY ^c i]Z
eg^cX^eaZ hfjVgZ! VcY ^h Xdch^YZgZY dcZ d[ i]Z bdhi Zb"
WaZbVi^XWj^aY^c\hd[i]Zidlc#
:kZc i]dj\] i]ZgZ ]VkZ WZZc kVg^djh bdY^ÒXVi^dch id i]Z
Wj^aY^c\i]gdj\]dji^ihi^bZ!i]ZbViZg^VahjhZY^c^ihXdc"
higjXi^dcVgZine^XVad[i]ZgZ\^dc#I]ZWj^aY^c\]VhgZiV^cZY
egVXi^XVaan ^ih Zci^gn dg^\^cVa^in l]^aZ WZ^c\ XdbeaZiZan gZ"
[jgW^h]ZY#I]Z^ciZ\gVi^dcd[VcVibdhe]ZgZd[i]ZdaYl^i]
i]Z bdhi bdYZgc VcY VYkVcXZY iZX]cdad\n ZmeZXiZY d[ V
egZhZciYVn)hiVg]diZa]VhWZZcbVYZedhh^WaZWndcZd[
i]Z[djgWgdi]Zgh!ZaVgfj^iZXiÛc\Za<VgX†VEjZgiVh#
E^cVgYZHVcGV[VZa"EdoVaYZ<Vaa^cVhÕ),)*%KVaaVYda^YÕHeV^c
6ccjVaXadh^c\/
DeZcVaanZVg
6Xi^k^i^Zhq;VX^a^i^Zh/
BZZi^c\h7VcfjZih0HeV"LZaacZhh0
Hedgi6gZV0=dghZGZVY^c\0H]ddi^c\0
<j^YZYIdjgh
6XXdbbdYVi^dc/
&HeZX^VaHj^iZYZa6WVY
(Hj^iZh
&&_jc^dgHj^iZh
&%9djWaZhGddbh
6aagddbhl^i]WVi]gddb!6^gXdcY^"
i^dc^c\$=ZVi^c\!iZaZe]dcZVcYIK#
:bV^a]diZa5XVhVYZaVWVY#Xdb
>c i]Z 8Vhi^a^Vc gZ\^dc d[ I^ZggV YZ E^cVgZh! WZilZZc i]Z
]^hidg^X k^aaV\Zh d[ BZY^cV YZa XVbed VcY DabZYd aVnh :a
E^cVg YZ HVc GV[VZa! l]^X] hegZVYh VXgdhh ('% VXgZh# AV
6Xi^k^i^Zhq;VX^a^i^Zh/
8]^bcZnadjc\Z09^cc^c\gddb0
EdhVYVGZVaYZaE^cVg^hh^ijViZY^cdcZd[^ihhadeZh![VX^c\
8dc[ZgZcXZgddb0<VgYZch0Hl^bb^c\ ZVhiVcY^h[dgbZYWnhZkZgVaWj^aY^c\hWZ^c\i]ZdaYZhidcZ
edda0DjiYddg0<VaaZgn0=dghZWVX`
[gdbi]Z&,i]XZcijgn#
g^Y^c\0BdjciV^cW^`Zh0LVa`h^c
AVEdhVYVYZaE^cVg]VhWZZcXVgZ[jaanXdcY^i^dcZYidXgZ"
eg^kViZlddYh0E^X`jebjh]gddbh0
<Vhigdcdb^XVcYXjaijgVaidjgh
ViZ V Xdb[dgiVWaZ ZhiVWa^h]bZci l^i] Xdhn WZYgddbh VcY
l^YZ h^ii^c\ VgZVh# 6eVgi [gdb i]Z WZYgddbh VcY i]Z gZh"
6XXdbbdYVi^dc/
iVjgVcihZgk^XZAVEdhVYVGZVaYZaE^cVgd[[Zgh^ih\jZhih!
'eg^kViZVeVgibZcih[dg)eZdeaZ0
&hj^iZ0&)aVg\ZYdjWaZWZYgddbh0
^i^hVahdVcY^YZVaeaVXZidXZaZWgViZlZYY^c\h!bZZi^c\h!
'h^c\aZgddbh
eVgi^Zh½I]ZeZg[ZXieaVXZidiVhiZi]ZkVg^ZYVcYVeegZX^"
:bV^agZhZgkVh5aVedhVYVYZae^cVg#Xdb ViZY\Vhigdcdbnd[8Vhi^aaVnAZ‹c#
6ccjVaXadh^c\/
DeZcVaanZVg
AdXVi^dc
6bejY^V!cZVgEVaZcX^V#
AdXVi^dc
EdoVaYZ<Vaa^cVh!cZVgDabZYdVcYBZY^cVYZa8Vbed#KVaaVYda^Y#
6eegdVX]
;gdb6^gedgi"BVYg^Y!6"+[dgKVaaVYda^Y#I]Zc!C"+%[dgEVaZcX^V$7jg\dh#
:m^iVi8^\VaZh[dg6bejY^V#
;gdb7jg\dh!C"+%#:m^i9jZŠVh[dg6bejY^V#
;gdbEVaZcX^V!iV`Z[gdbK^aaVbVgi†cidIdggZbdgbd_‹c#:m^i[dg6bejY^V#
;gd6^gedgi!iV`Z;jZchVaYVŠVid8^\VaZhVcYi]Zc[dg6bejY^V#
6eegdVX]
6"+#6i`b&*,!Zm^i[dgEdhVYV#
I]ZhjggdjcY^c\hVgZhi^aah^aZciVcYeZVXZ[ja#
&'%
&'&
'' CWiFWiiWcWd[h
CedWij[h_eZ[7Y_l[_he '(
;Vb^a^V<VgX†VEjZgiVh
?dh‚BVcjZaDiZgd
8Vb†YZaVHZggV!*'Õ:")(),%AVHZakVYZa8VbeÕIVggV\dcVÕHeV^c
BVhEVhhVbVcZg^hVÒkZhiVgajmjgn]diZa^cHeV^c#H^ijViZY^c
AVHZakVYZa8VbecZVgIVggV\dcV!BVhEVhhVbVcZg^hVbdY"
Zgc^hi Wj^aY^c\ YZh^\cZY Wn i]Z [Vbdjh VgX]^iZXi 9dbZcZX]
> BdciVcZg VcY gZhidgZY ^cid V heaZcY^Y ajmjgn ]diZa Wn i]Z
dlcZghd[i]Z]diZaAVEdhVYVGZVaYZaV8VhVYZa6WVYYZ
6bejY^V#Ldg`dci]ZgZhidgVi^dcd[i]^h&.'%ÉhBVh^V]Vh
WZZcXVgg^ZYdjiWni]ZVgX]^iZXiÛc\Za<VgX†VEjZgiVh!l]d
^hVahdgZhedch^WaZ[dgi]Z^ciZg^dgYZh^\c#6hndjldjaYZm"
eZXi[gdbVÒkZhiVgajmjgn]diZa^cHeV^c!i]ZXj^h^cZ^hd[
i]ZkZgn]^\]ZhifjVa^in#DjggZhiVjgVciÆAV<^\VciZVÇ^hgjc
Wni]ZX]Z[?dVfj†c@dZgeZg!l]dhZgZhiVjgVciÆ<^gVhdaÇ^c
BdgV^gV6a^XVciZ]VhildB^X]Za^chiVgh#>[ndjVgZadd`^c\
[dgVX]Vgb^c\]diZa^cHeV^c[dgi]ViheZX^VaajmjgnWgZV`
add`cd[jgi]Zgi]VcBVhEVhhVbVcZg#
HVciVBVg†VYZ6X^kZ^gdÕ;dgXVgZ^ÕEdciZkZYgVÕHeV^c
6ccjVaXadh^c\/
DeZcVaanZVg
6Xi^k^i^Zhq;VX^a^i^Zh/
Gddbh[dgZkZcih!WVcfjZihdg
bVcV\Zg^VabZZi^c\h0HE6"LZaacZhh
Hl^bb^c\edda0<nb";^icZhh0IZcc^h
8djgi0EVYZa8djgi06gX]Zgn0BdjciV^c
7^`Zh08]^aYgZch6gZV0CVijgVaan
I]ZbVi^XEgd\gVbbZh#
6XXdbbdYVi^dc/
&)9djWaZhHjeZg^dgh
&%Hj^iZh
'GdnVaHj^iZhl^i]hl^bb^c\edda
:bV^a]diZa5bVheVhhVbVcZg#Xdb
I]ZXdchigjXi^dcd[i]ZHVciVBVg^VYZ6X^kZ^gdBdcVhiZgn
WZ\Vc^ci]ZM>>8#!dci]ZdgYZghd[i]Z<Va^X^Vc@^c\6a[dc"
hdK>>#>ihgZcdkVi^dcVcYhjWhZfjZciXdckZgh^dc^cidV]diZa
6Xi^k^i^Zhq;VX^a^i^Zh/
8dc[ZgZcXZgddbh0<jZhiadjc\Z07Vg
]Vh gZheZXiZY id i]Z aZiiZg ^ih egZk^djh bdcVhi^X jhZ VcY
XV[ZiZg^V0GZhiVjgVci0<VgYZch0IZggVXZ0 ]^hidgn#I]ZbdcVhiZgnWj^aY^c\]VhVaai]ZX]VgVXiZg^hi^Xh
8]VeZa0EVg`^c\0=^`^c\0BdcjbZciVa
d[^ih8^hiZgX^VceVhi!l^i]i]Z`^iX]Zc!gZ[ZXidgn!bV^c]Vaa!
h^\]ihZZ^c\gdjiZh0EdcnigZ``^c\0<da[
XZaah!hiVWaZhZiX0Y^hig^WjiZYVgdjcYi]ZXad^hiZg#
6XXdbbdYVi^dc/
I]Z6X^kZ^gdBdcVhiZgn^hh^ijViZYkZgnXadhZidi]ZgdjiZd[
.YdjWaZgddbh0)heZX^Vagddbh
i]Z AZgZo Wg^Y\Zh VcY cZVg i]Z Zck^gdcbZciVaan egdiZXiZY
*ig^eaZgddbhVaal^i]Zchj^iZ
odcZ d[ i]Z 8VcYVc bdjciV^c X]V^c# I]^h bV\c^ÒXZci h^i"
WVi]gddbh!gVY^d!iZaZe]dcZ!I#K#VcY
^ciZgcZiXdccZXi^dcVkV^aVW^a^in#
jVi^dc bV`Zh ^i i]Z eZg[ZXi WVhZ [dg hZii^c\ dji id [daadl
cjbZgdjh]^`^c\eVi]hl]^X]Vaadli]Zk^h^idgidXdciZb"
:bV^aVX^kZ^gd5eVodhYZ\Va^X^V#Xdb
eaViZcVijgZ^cVhZii^c\d[\gZViVgi^hi^XVcYbdcjbZciVa
^bedgiVcXZ#
6ccjVaXadh^c\/
B^Y"?jcZidb^Y"HZeiZbWZg
AdXVi^dc
AVHZakVYZa8Vbe!cZVgGZjh#IVggV\dcV#
6eegdVX]
;gdbGZjh!Zm^i8"&)[dgBdciWaVcX#:m^iViAVHZakVYZa8Vbe$8dchiVci†
[dg8dchiVci†#6[iZg'#*`bijgcg^\]i#;gdb7VgXZadcV$KVaZcX^V!6",#:m^i
()[dgGZjh$6^gedgi#IV`ZgdVY8"&)[dgBdciWaVcX#;gdbBVYg^Y$7VhfjZ
8djcign$AZg^YV!6"'[dgBdciWaVcX#:m^i.VcYiV`ZgdVY8"&)[dgGZjh#
AdXVi^dc
;dgXVgZ^!cZVgEdciZkZYgV
6eegdVX]
;gdbHVci^V\d!6E"*([dgAVa^c#>cH^aaZYViV`Zi]ZED"'%&id;dgXVgZ^#
&''
&'(
') E·Fh_ehWb
FWbWY_eZ[8Whh[_he '*
6cVBVg†V6bdgBZ^odhd
6cidc^dIgdcXdhd
6<gVŠV!(Õ8VaadWgZÕB^ŠdÕ68dgjŠVÕHeV^c
LZÒcYi]ZX]Vgb^c\VcX^Zcieg^dgnd[DÉEg^dgVahZkZc`bh
V[iZg i]Z 6". bdidglVn ZciZgh i]Z bjc^X^eVa^in d[ B^Šd#
>i ^h V eaVXZ Wg^b[ja d[ bV\^X! ]^hidgn VcY WZVjin VcY Va"
i]dj\]kZgnlZaaXdccZXiZYidVaai]Z^bedgiVciadXVagdVY
cZildg`h!^i^hhjggdjcYZYWnWZVji^[jaXdjcignh^YZ#L]Zc
ndj hiVn ]ZgZ ndj ]VkZ i]Z [ZZa^c\ ndj ]VkZ \dcZ WVX` ^c
i^bZVhndjVYb^gZi]ZWZYgddb[jgc^ijgZ!bVYZd[cdWaZ
lddYh!i]Zadjc\Zhl^i]deZc]ZVgi]h!XVhZbZcil^cYdlh
VcYdeZcV^gh]VYneVi^dh#
<Zii^c\id`cdli]Zeg^dgn^hVcVYkZcijgZ^c^ihZa[!dl^c\id
i]Z[VXii]Vi^ih^ciZg^dg]djhZhhdbZZmfj^h^iZe^ZXZhd[[jg"
c^ijgZWZadc\^c\idY^[[ZgZcieZg^dYh#>ihbV\c^ÒXZciedh^i^dc!
WZilZZci]ZhZVVcYi]Z[Zgi^aZ]^aahXgdhhZYWng^kZgh^ck^iZ
i]Zk^h^idgidegVXi^hZVaa`^cYhd[hedgihVcYaZ^hjgZVXi^k^i^Zh#
6HZggV!+#K^aVgYZ8gZXZciZÕEdciZkZYgVÕHeV^c
6ccjVaXadh^c\/
DeZcVaanZVg
6Xi^k^i^Zhq;VX^a^i^Zh/
'adjc\Zh09^c^c\gddb08VhZbZci
l^cYdlh0<VgYZciZggVXZl^i]djiYddg
WVgWZXjZVgZV0EVi^dh0EVg`^c\06Xi^k^"
i^Zh0EdcnigZ``^c\0Ig^ehWnVci^fjZ
XdVX]0HV^a^c\ig^eh0FjVYW^`Zh0EV^ci"
WVaa06gX]Zgn
6XXdbbdYVi^dc/
*YdjWaZWZYgddbh
&ajmjgnhj^iZl^i]VhidcZWVaXdcn
I]Z VXijVa EVaVX^d YZ 7VggZ^gd YViZh [gdb i]Z MK>> 8 VcY
lVh]dbZid]^\]<Va^X^VccdWaZ[Vb^a^Zh#>ih[djcYVi^dch
lZgZWj^aidci]Zgj^chd[i]ZM>K8IdggZYd8djidVcY^i
6Xi^k^i^Zhq;VX^a^i^Zh/
8dc[ZgZcXZgddb0Adjc\Z07Vg09^c^c\ lVh Wj^ai [dg YZ[ZcXZ ejgedhZh ^c i]Z hinaZ d[ V <Va^X^Vc
gddb0L^cZXZaaVgVcYegZhh0A^WgVgn0
eVod# >i lVh XdchigjXiZY ^c \gVc^iZ l^i] kZgn i]^X` lVaah#
Hl^bb^c\edda0<VgYZch09dkZXdiZ0
>i ]Vh V bdcjbZciVa WVajhigVYZ! V hidcZ hiV^gXVhZ! V ha^i
LViZgb^aa0EVg`^c\!L^cZVcYa^fjdg
l^cYdl [dg YZ[ZcXZ! Vc ZcXadhZY XdjginVgY! X]VeZa VcY
iVhi^c\06YkZcijgZhedgih0=jci^c\
VcYÒh]^c\0=^`^c\^cbdjciV^ch0Edcn WViiaZbZcihVcYZaZbZcihi]Vi\^kZi]ZZcXaVkZ^ihhigViZ"
igZ``^c\0CVijgZVcY8jaijgVagdjiZh#
\^X [dgigZhha^`Z X]VgVXiZg! bjX] VeegZX^ViZY ^c i]Z i^bZh
d[i]ZHeVc^h]lVgh#
6XXdbbdYVi^dc/
6ccjVaXadh^c\/
DeZcVaanZVg
+YdjWaZgddbh0'h^c\aZgddbh0
&hj^iZ*eVm#
:bV^aeg^dgVa5eVodhYZ\Va^X^V#Xdb
:bV^aWVggZ^gd5eVodhYZ\Va^X^V#Xdb
AdXVi^dc
6<gVŠV!cZVg68dgjŠV#
6eegdVX]
8"+*&[dgB^Šd#;daadlh^\cEdciZYdEdgXdWZ[dgZB^Šd#IV`Zh^\cK^aVgbV^dg
[dg*`bh#;daadlEdciZYZjbZh^\c[dgVeegdm^bViZan`bVcYi]ZciV`Zi]Z
ÒghiaZ[i]VcYijgc^c\h^\cedhiZY<gVŠVkZgnhbVaagdVYVcYndjl^aaÒcYjh
Vii]ZÒghi]djhZdcndjgg^\]i#;gdbHVci^V\d!6".[dg;Zggda#:m^iViB^Šd#
IV`Zi]Z8+*&[dg68dgjŠV#;daadlh^\cEdciZYdEdgXdWZ[dgZB^Šd#
AdXVi^dc
K^aVgYZ8gZXZciZ!cZVgK^\d
6eegdVX]
;gdbK^\d!6"*'[dgDjgZchZ#:m^i^c68VŠ^oVidK^aVgYZ8gZXZciZ#
&')
&'*
'+ FWpe7bckpWhW
FWpe9WhhWigk[_hW ',
?Vk^Zg7Zgc{gYZo
<dcoVadE^cidh
6abjoVgV!7dWdg{h!D8VgWVaa^ŠdÕDjgZchZÕHeV^c
6i i]Z ZcY d[ i]Z M>M 8! EZg[ZXi^cd K^ZiZo! V lZVai]n Zb^"
\gVcil]d]VYgZijgcZY]dbZ!Wj^aiV\gZVi]djhZcZVgid
i]Z h^iZ d[ i]Z daY 6abjoVgV! l]ZgZ ]Z ]VY WZZc Wdgc! ^c
i]Z gZ\^dc d[ D 8VgWVaa^Šd# EVod YZ 6abjoVgV WZXVbZ Vc
^bedgiVciWj^aY^c\!]dbZidcdWaZ[Vb^a^ZhVcY`^c\h!hjX]
Vh6a[dchdM>>>#>ilVhgZhidgZY^ci]ZMM>8!VcY^iWdVhihVc
^bbZchZ\VgYZc!VcYVheZXiVXjaVghl^bb^c\edda#
8VggVhfjZ^gV!+#H^h{c!G^WVYjb^VÕEdciZkZYgVÕHeV^c
6ccjVaXadh^c\/
DeZcVaanZVg
6ccjVaXadh^c\/
DeZcVaanZVg
6Xi^k^i^Zhq;VX^a^i^Zh/
Adjc\Z08dc[ZgZcXZgddb0EZgbVcZci
Zm]^W^i^dchd[eV^ci^c\h0<VgYZch0
Hl^bb^c\edda0=^hidg^XVaVgi^hi^X
gdjiZh0HeVgdjiZh0<Vhigdcdb^X
gdjiZh0G^kZgÒh]^c\0=^`^c\
6Xi^k^i^Zhq;VX^a^i^Zh/
8V[ZiZg^V0Adjc\Zgddb0A^WgVgn0
AVjcYgn0Hl^bb^c\edda0<VgYZch0
EVg`^c\08jaijgVagdjiZh0L^cZgdjiZh0
Dgc^i]dad\^XVagdjiZh0<da[XdjghZ
6XXdbbdYVi^dc/
.YdjWaZgddbh0&hj^iZ
:chj^iZWVi]gddbhl^i]]V^gYgnZg!
]ZVi^c\VcYIK
6XXdbbdYVi^dc/
'YdjWaZWZYYZYgddbh
(YdjWaZgddbh^ci]ZÒghiÓddg
)YdjWaZgddbh^ci]ZVii^X
:chj^iZWVi]gddbh!XZcigVa]ZVi^c\!IK
:bV^aVabjoVgV5eVodhYZ\Va^X^V#Xdb
:bV^aXVggVhfjZ^gV5eVodhYZ\Va^X^V#Xdb
>c i]Z G†Vh 7V^mVh! ^c i]Z kZgn XZcigZ d[ KVaaZ YZ HVacZh!
EVodYZ8VggVhfjZ^gVXVcWZ[djcY#IV`^c\^cidVXXdjci^ih
i]^X`lVaahVcYi]ZaVndji!lZVgZaZYidWZa^ZkZi]Vi^ilVh
XdchigjXiZYVii]ZYVlcd[i]ZMK>>>8Zcijgn#6ii]Vii^bZ!Vh
kVg^djhYdXjbZcihgZaVi^c\idadXVaiVmZhd[i]Zi^bZYZb"
dchigViZ! i]Z bVcdg ]djhZ lVh Vc VXi^kZ egZhZcXZ ^c i]Z
cZ^\]Wdjg]ddYd[i]ZeVg^h]d[H^hVc#
AdXVi^dc
7dWdgVh!cZVgDjgZchZ#
AdXVi^dc
G^WVYjb^V!cZVgEdciZkZYgV#
6eegdVX]
;gdbK^\d!6"*'[dgDjgZchZ#:m^i')&[dg8VgWVaa^Šd"EdciZkZYgV#6ahd
Zm^i'*'[dgG^WVYVk^VVcYXVggndcidD8VgWVaa^ŠdV[iZg*!*`bhdc#
6eegdVX]
;gdbEdciZkZYgV!6E".[dgHVci^V\d#:m^i&&.[dg8VbWVYdh$HVcmZcmd$
D<gdkZ#IV`Zi]ZKG<")#&!Zm^iED(%%!XVggndcidH^h{c"G^WVYjb^V#
&'+
&',