You are on page 1of 16

 

'DěRYpQHGRSODWN\ )LQDQFRYDQLHåN{ODåNROVNìFK]DULDGHQt 1iYåWHYD


 
GUXçREQHMåNRO\ 2FHQHQLD]-DSRQVND 0DMiNRSlĨ]DVYLHWLOGRWP\  
 
2VREQRVWL QiåKR PHVWD  -iQ %DOWD]iU 0DJLQ  0''  .XOW~UQH SURJUD
 
P\  3RĀDVLH WXULVWLNH SULDOR  'XEQLFD Pi ĊDOåLHKR 0DMVWUD 6ORYHQVND
 6QDKRXWRKWRþOiQNXMHþRQDMMHGQRGXFK VY'6DYLDD&HQWUXPYRĐQpKRþDVX/DXUD
ãLHY\VYHWOLĢDNêPVS{VRERPD]DNêFK]GUR QDNRĐNRLFKQDYãWHYXM~åLDFLPHVWD Y]P\VOH
MRYVD¿QDQFXM~ãNRO\DãNROVNp]DULDGHQLDY SODWQHMOHJLVODWtY\ 
]ULDćRYDWHĐVNHMS{VREQRVWLPHVWD'{YRGRP  3UHLOXVWUiFLXPHVWRþLQQRVĢãNROVNêFKNOX
V~QHUD]VNUHVOHQpLQIRUPiFLHDSUHGVWDY\ãL ERY GHWt GRWXMH þLDVWNRX  6N QD åLD
URNHMYHUHMQRVWLRWHMWRSUREOHPDWLNHNWRUiVD ND URþQH -HGQR PLHVWR Y PDWHUVNHM ãNR
GRWêNDSULDPRYãHWNêFKRE\YDWHĐRYPHVWD OH  6N URþQH MHGQpKR åLDND =8â 
 3UHGRYãHWNêP PHVWR MH ]ULDćRYDWHĐRP 6NDMHGQpKRåLDNDY&9ý
ãLHVWLFK VDPRVWDWQêFK SUiYQLFNêFK VXEMHN 6N URþQH 'RWiFLD QD ]DEH]SHþHQLH FHOpKR
WRY  ]iNODGQêFK ãN{O V PDWHUVNêPL ãNROD V\VWpPXãNROVNpKRVWUDYRYDQLDY]iNODGQêFK
PL  VDPRVWDWQHM PDWHUVNHM ãNRO\ D &HQWUD ãNROiFK GRVDKXMH URþQH VXPX  PLO 6N 9
YRĐQpKRþDVXD=iNODGQHMXPHOHFNHMãNRO\Y XUþLWRP]P\VOHLGHWLHåRQRUPDWtYQHSULGHĐR
'XEQLFLQDG9iKRP YDQLH¿QDQFLtPHVWRPKRYRUtPHRW]YRULJL
 3RYLQQi ãNROVNi GRFKiG]ND Y WURFK ]i QiOQ\FKNRPSHWHQFLDFKPHVWD
NODGQêFK ãNROiFK MH Y ]P\VOH SODWQHM OHJLV  7LHWR]GURMHVO~åLDYãDNOHQQD]DEH]SH
ODWtY\FKiSDQiDNRSUHQHVHQêYêNRQãWiWQHM þHQLH SHUVRQiOQHKR D SUHYiG]NRYpKR NU\WLD
VSUiY\DSUHWRãWiWSRVN\WXMHPHVWXQDWHQ QiNODGRYDKRFLWRDVLEXGH]QLHĢQDGQHVHQH
WR YêNRQ ¿QDQþQp SURVWULHGN\ 9êãND WêFKWR SULWêFKVXPiFKQH]DEH]SHþXM~YSRåDGRYD
SURVWULHGNRYVDRGYRG]XMHRGSRþWXåLDNRYY QHMPLHUH]GURMHQDUR]VLDKOHMãLHRSUDY\DUH
]iNODGQêFK ãNROiFKNWRUêFKMHREHF]ULDćR NRQãWUXNFLHXYHGHQêFKãNROVNêFK]DULDGHQt
YDWHĐRP,GHRWDN]YDQpQRUPDWtYQH¿QDQþ  1D VNYDOLWQHQLH MHGQRWOLYêFK þLQQRVWt Y
QpSURVWULHGN\]NWRUêFKVDSRNUêYDM~P]G\ WêFKWRãNROVNêFK]DULDGHQLDFKPiSULVSLHYDĢ
SRLVWHQLHDRGYRG\]DPHVWQDQFRYãN{ONWRUt DMURGLþGLHĢDĢDÄ9êãNDPHVDþQpKRSUtVSHY
SRYLQQ~ ãNROVN~ GRFKiG]NX ]DEH]SHþXM~ D NX URGLþD GLHĢDĢD QD þLDVWRþQ~ ~KUDGX Qi
SUHYiG]NRYp QiNODG\ ãN{O SRþQ~F YãHWNêPL NODGRYVSRMHQêFKVKPRWQêP]DEH]SHþHQtP
GUXKPL HQHUJLt Då SR QiNXS NULHG\ D þLVWLD QDSUtNODG Yâ.'P{åHE\ĢQDMHGQpKRåLDND
FLFKSURVWULHGNRY QDMPHQHM  6N D QDMYLDF  VXP\ åLYRW
 2NUHPWRKR]iNODGQpãNRO\GRVWiYDM~QH QpKRPLQLPD³WDNåHVDP{åHSRK\ERYDĢRG
QRUPDWtYQH ¿QDQþQp SURVWULHGN\ QDY]GH GR6NPHVDþQH0HVWR'XEQLFDQ9
OiYDFLH SRXND]\ ]D PLPRULDGQH YêVOHGN\ PDOR WHQWR SRSODWRN QDMQLåãt QD 6ORYHQVNX
åLDNRYãNRO\ V~ĢDåHQDFHORãWiWQHMDPHG]L DMHKR]YêãHQLHRGVDQHVWUHWORX
QiURGQHM ~URYQL  QD UR]YRMRYp SURMHNW\ Y URGLþRYVSRFKRSHQtP1DMHGQHMVWUDQHPi
URNX=âV0â&HQWUXP,,PLOQDPXO PHVWRVQDKXSULVSLHĢYþRQDMYlþãHMPRåQHM
WLIXQNþQpLKULVNi DSRGREQH&HONRYêREMHP PLHUH Y XYHGHQRP SUtSDGH WLPL NRUX
WêFKWR SURVWULHGNRY QRUPDWtYQH  QHQRUPD QDPL PHVDþQH ] GDQt QiV YãHWNêFK  NêP
WtYQH  ] UR]SRþWX 0â 65 Y URNX  WYRULO URGLþ NWRUê VD Pi QD QiNODGRFK SRGLHĐDĢ
þLDVWNXPLOLyQRY6NWMSULEOLåQH LQNOLQXMH VN{U N SRFLWX åH WR Pi E\Ģ ]DGDU
6NQDåLDNDURþQH ]WRKR6NWYRULO PRDOHERYPLQLPiOQHMYêãNH$WRDMQDSULHN
SULHPHUQêQRUPDWtYQDåLDND  WRPXåHYãHWFLSOQHFKiSHPHåH]D6N
 9ãHWN\RVWDWQpþLQQRVWLWR]QDPHQiSUH PHVDþQHQHP{åHPHDQLSRP\VOLHĢQD]DRE
YiG]N\ PDWHUVNêFK ãN{O ãW\UL   GHWt  VWDUDQLHVLGR]RUXNVYRMPXãNRORSRYLQQpPX
]DULDGHQLD ãNROVNpKR VWUDYRYDQLD =â 0â  GLHĢDĢXQDPHVLDF7DNWRE\VDGDORYSUtNOD
ãNROVNpNOXE\GHWt YWURFKãNROiFKGHWt  GRFKSRNUDþRYDĢ
þLQQRVĢ FHQWUD YRĐQpKR þDVX  GHWt Y  8YLHGOLVPHWXYãDNOHQ]iNODGQpIDNW\D
U{]Q\FK ]iXMPRYêFK NU~åNRFK  D ]iNODGQHM VNXWRþQRVWLYRYHĐPL]MHGQRGXãHQHMSRGREH
XPHOHFNHMãNRO\ åLDNRY V~¿QDQFRYDQp &HOêV\VWpP¿QDQFRYDQLDMHSRPHUQH]ORåLWê
PHVWRP ] WDN]YDQêFK SRGLHĐRYêFK GDQt D Y DQDGHWDLOQêYêNODGE\VPH]DSOQLOLDVLSRG
URNX  LFK REMHP ERO WDNPHU  PLO 6N VWDWQ~þDVĢWRKWRSHULRGLND
 9\PiKDQLHGDĖRYêFKQHGR
+RFL PHVWR QLH MH ]ULDćRYDWHĐRP SULVSLHYD
SODWNRYYURNXDYREGREt
DM QD þLQQRVĢ â.' D YêGDMQH VWUDY\ QD =â 0JU9ODGLPtU+DQXVRGGãNROVWYD0VÒ
 SURVWUHGQtFWYRP QiVWUR
MRY Y\SOêYDM~FLFK ]R ]iNRQD R
VSUiYHGDQtDSRSODWNXDR]PH
QiFKYV~VWDYH¿QDQþQêFKRUJi QHSODWLDFH GDĖRYp VXEMHNW\ VXEMHNW\ Y NRQ ~UDGPLNWRUpSUHMDYLOL]iXMHPRVSROXSUi
QRY Y ]QHQt QHVNRUãtFK SUHGSL NXU]H D UHãWUXNWXUDOL]iFLL QD ']1 D SRSODWNX FXSULY\PiKDQtSRKĐDGiYRNPHVWDGDĖR
VRYMH~VSHãQpþRGRNXPHQWXMH ]D.27DNêWRGDĖRYtGOåQtFLNWRUêFKMHD YHMSRYDK\DSRYDK\]REFKRGQHMþLQQRV
UHiOQ\YêEHUGDĖRYêFKQHGRSODW GOKXM~LQGLYLGXiOQHPHVWXYLDFDNR6N WL SRGĐD ]iNRQD R V~GQ\FK H[HN~WRURFK
NRYQD']1DSRSODWNX]D.2YR Y\WYiUDM~FHONRYêGDĖRYêQHGRSODWRN DH[HNXþQHMþLQQRVWLDR]PHQiFKDGRSO
YêãNHWLV6N WLV 6N = WRKR QD ']1   WLV 6N D QD QHQt ćDOãtFK ]iNRQRY =KRGQRWHQtP WRKWR
SRSODWNX]D.2WLV6N SURFHVXEXGHY\EUDQêH[HN~WRUVNê~UDGNWR
 3UL SRURYQDQt VR Y]QLNRP QR  2EMHP\GDĖRYêFKQHGRSODWNRYGDĖRYêFK Uê QDMYLDF Y\KRYXMH QDãLP SUHGVWDYiP D Pi
YêFK GDĖRYêFK QHGRSODWNRY ] U VXEMHNWRYSUHGVWDYXM~]FHONRYpKRGDĖRYpKR QDMYlþãLHSUHGSRNODG\GRVLDKQXĢþRQDMOHSãLH
 YR YêãNH   WLV 6N MH QHGRSODWNXWLV6NQDGDQL]QHKQX YêVOHGN\SULY\PiKDQtSRKĐDGiYRNPHVWD
WR YãDN PHQHM R  WLV 6N 7D WHĐQRVWL  QDSRSODWNX]D.2  0HVWRPi]iXMHPQDWDNHMWRVSROXSUiFL
NiWR UHOiFLD PHG]L Y\PRåHQêPL WLV6N   DVĐXEXMHVLRGQHMćDOãtYêEHUGDĖRYêFKQH
GDĖRYêPL QHGRSODWNDPL D QRYê  9\PiKDQLH GDĖRYêFK QHGRSODWNRY VD GRSODWNRY]PLQXOêFKURNRYD]QtåHQLHURþ
PL GDĖRYêPL QHGRSODWNDPL Xå QLH XVNXWRþĖXMHDMSURVWUHGQtFWYRPH[HN~WRUVNp QêFKGDĖRYêFKQHGRSODWNRY1iNODG\QDW~WR
MH WDNi XVSRNRMLYi 9 WHMWR ELODQFLL KR~UDGXDOHERYLDFHUêFK~UDGRY9V~þDVQRV þLQQRVĢEXGH]QiãDĢOHQGDĖRYêGOåQtNYUiP
QHJDWtYQXUROX]RKUiYDM~GOKRGRER WLSUHELHKDM~NRQ]XOWiFLHVH[HN~WRUVNêPL FLQHY\KQXWQêFKQiNODGRYH[HN~WRUDSULUHDOL
]RYDQtH[HN~FLH3UHWRVDY\SODWtVLGDĖR QLHNRĐNêNUiW DSHOXMHPH QD YãHWNêFK GD QtWODNXV~GQ\FKH[HN~WRURYþRLPP{åH
Yp QHGRSODWN\ þR QDMVN{U Y\URYQDĢ D Y\ ĖRYêFK GOåQtNRY DE\ VD Y\KOL V~GQHPX XãNRGLĢQDFWLYSURVWUHGtYNWRURPåLM~DY
KQ~Ģ VD WDN ~KUDGH ćDOãtFK YêGDYNRY ] H[HN~WRURYL D þR QDMVN{U ]DSODWLOL PHVWX SUiFLNGHSUDFXM~
UR]SRþWXURGLQ\ VYRMHGDĖRYpSRYLQQRVWL9SUtSDGHDNVD
 1D ]iNODGH WêFKWR VNXWRþQRVWt Xå SR WDNQHVWDQHEXG~GDĖRYtGOåQtFLY\VWDYH ,QJ0LODQ.XþHUNDRGERUQêUHIHUHQW60

 Ä$M NHć QH]DUREtP DVSRĖ VD ]DVPHMHP³ EROL VORYi YRGLþD


DXWREXVX NWRUê YLH]RO GR 9iFX WURFK YHVHOêFK SHGDJyJRY VR
]P\VORPSUHKXPRUDåLDþRN]R=âV0â&HQWUXPY'XEQLFL
QDG9iKRP
 .UiVQHWULGQLDSUtODVPHSUHåLOLYPHVWHVNWRUêP
Pi'XEQLFDQDG9iKRPQDGYLD]DQ~GUXåEX1DãDãNRODVSROX
SUDFXMHVR=â)ROGYiU\.iURO\YR9iFLWUHWtURNDWRWRVSRORþQp
VWUHWQXWLH EROR Xå SLDWH Y SRUDGt 0DćDUVNt SULDWHOLD EROL YHĐPL
SRKRVWLQQtPLOtDSULSUDYLOLQiPQH]DEXGQXWHĐQp]iåLWN\.HćåH
GUXåREQi ãNROD RVODYRYDOD YêURþLH ]DORåHQLD DM QDãH GHWL VD
]~þDVWQLOL RUJDQL]RYDQêFK SRGXMDWt Y UiPFL PHVWD 9iF äLDþND
3HĢND*HUJHO\RYiVDXPLHVWQLODQDPLHVWHYVWROQRPWHQLVHD
0RQLND%DþtNRYi]tVNDODPLHVWRYRYêWYDUQHMV~ĢDåL%ROLVPH
R¿FLiOQH SULMDWt ]iVWXSFRP SULPiWRUD PHVWD D GREUêP Y]iMRP
QêP Y]ĢDKRP YR YHĐNHM PLHUH QDSRPiKD DM SUHGVHGD 6ORYHQ
VNHMVDPRVSUiY\9iFX'U$OW2ER]QiPLOLVPHVDVKLVWyULRXD
SDPLDWNDPLPHVWDQDYãWtYLOLÄ0HGYHGLXIDUPX³QHćDOHNRPHVWD
9%XGDSHãWLVLGHWLRGVN~ãDOLYÄ3DOiFL]i]UDNRY³I\]LNiOQHMDY\
]iEDYQRXIRUPRXNGHPDOLPRåQRVĢGRY{OHVDY\KUDĢ9]ĢDK\
PHG]LGUXåREQêPLãNRODPLV~XåQDWDNHM~URYQLåHGHWLEROLXE\
WRYDQpYPDćDUVNêFKURGLQiFKDMD]\NRYiEDULpUDQHH[LVWRYDOD
NHćåHVDGHWLRERFKãN{OXþLDFXG]LHMD]\N\3RWURFKQiGKHUQH
SUHåLWêFKGĖRFKVPHVDYãHWFLO~þLOLVRVO]DPLYRþLDFKDGHWLVL
FKFHOL SRE\W SUHGĎåLĢ 9HUtPH åH SUHGVWDYLWHOLD PHVWD EXG~ QD
NORQHQtWHMWRVSROXSUiFLDEXG~QiVLQDćDOHMSRGSRURYDĢ

  9 FHQH MH ]DKUQXWp XE\WRYDQLH Y  9HG~FL%F$OHQD/DGHFNi%F'DQD


  VWDQRFK V SRVWHĐDPL [ GHQQH   .DGOHþtNRYi
  VWUDYDGRSUDYDDXWREXVRPSRLV 
32%<729ë7É%25   WHQLH SRSODWRN ]D WUDMHNW 3LODWH  
  VRYHFYLþHQLD  3UtURGRYHGQRYODVWLYHGQêWiERU
   9HG~FL0JU(YD%RþLQFRYi  3RSODWRN6N
 /HWQêSRE\WRYêWiERU9\ãQi6ODQi   -DQD5DIIDMRYi%DUDEiãRYi   9FHQHMH]DKUQXWpMD]GHQLHYêOH
 3RSODWRN6N    W\GRSUtURG\REHG\
  7iERUMH]DPHUDQêQDSR]QiYDQLH
35Ì0(676.e7É%25<   EOt]NHKRRNROLDY\FKiG]N\GRSUt
  URG\ D QiYãWHYD P~]HD U{]QH
    VSRORþHQVNpKU\V~ĢDåHDWYRULYp
 *\PQDVWLFNêWiERU   DNWLYLW\
 3RSODWRN6N  9HG~FL%F'DQD.DGOHþtNRYi
  9FHQHMH]DEH]SHþHQêREHG   %F$OHQD/DGHFNi
  J\PQDVWLFNpFYLþHQLD 
  'HĖSOQêSRK\EXKLHUDV~ĢDåtY  
  9 FHQH MH ]DKUQXWp XE\WRYDQLH   J\PQDVWLFNHM WHORFYLþQL =â &,  7XULVWLFNêWiERU
  VWUDYD[GHQQHSLWQêUHåLPYêOH   Y 'XEQLFL Q9 %XGHPH FYLþLĢ  3RSODWRN6N
  W\QiYãWHYDN~SDOtVNV~ĢDåHKU\   VNiNDĢQDWUDPSROtQHDV~ĢDåLĢ   9 FHQH MH ]DKUQXWp FHVWRYQp QD
  GDUþHN   FH]SUHNiåNRYpGUiK\Y\XåLMHPH   YêOHW\REHG\SLWQêUHåLP
 9HG~FL0JU(YD%RþLQFRYi-DURVODY   DMSRE\WQDLKULVNX   7iERUMH]DPHUDQêQDSR]QiYDQLH
  0DOHQþtN  9HG~FD-DQD5DIIDMRYi%DUDEiãRYi   EOt]NHKRRNROLDY\FKiG]N\GRSUt
  .RQWDNW   URG\GQLSOQpSRK\EXKLHUDV~ĢDåt
    9HG~FL%F9ODGLPtU5RQHF-DURVODY
 3RE\WSUHURGLQ\VGHĢPL     0DOHQþtN
 *UpFN\RVWURY7KDVVRV  7XULVWLFNRWYRULYêWiERU 
 3RSODWRN6N  3RSODWRN6N 3ULKOiãN\VLP{åHWHY\]GYLKQ~Ģ
  9 FHQH MH ]DKUQXWp FHVWRYQp QD YFHQWUHYRĐQpKRþDVX
  YêOHW\REHG\SLWQêUHåLP YSRQGHORNSLDWRN
  7iERUMH]DPHUDQêQDSR]QiYDQLH RGGRKRG
  SUtURG\ D EOt]NHKR RNROLD PHVWD
  'XEQLFD Q9 YêOHW GR 7UHQþtQD .RQWDNW
  7U7HSOtF,ODY\ 
  7LHåMH]DPHUDQêQDWYRULYpDNWLYL 
  W\]NHUDPLFNHMKOLQ\GU{WXU{]QH ZZZFYFGXEHGXVN
  KU\DV~ĢDåH
DGUHVD 3DXOtQVND7UQDYD    WODþLYR SULKOiãN\ VL XFKiG]Dþ P{åH ]DN~SLĢ Y SUHGDMQLDFK
WHOþ   â(97XDSULKOiãNXWUHED]DVODĢQDDGUHVXIDNXOW\GR7UQDY\
ãWXGLMQpRGGHOHQLHWHOþ  YêVOHGRNSULMtPDFLHKRNRQDQLDEXGH]YHUHMQHQêQDZHE
ID[    VWUiQNHZZZPWIVWXEDVNDQDYêYHVQêFKWDEXOLDFKYSULHV
ZZZPWIVWXEDVN  WRURFKIDNXOW\
 7HUPtQ 7HUPtQ 3RSODWRN 6PHUQpþtVOD
SRGDQLDSULKOiãN\ YêEHURYpKRNRQDQLD ]DSULMtPDFLHNRQDQLH SUHDNDGU
 $.28)250286$'Èâ78'29$ġ1$07)678"
  1D IDNXOWH PRåQR ãWXGRYDĢ GHQQRX IRUPRX SUH]HQþQRX GR DXJXVW 6N 
—
 DOHERNRPELQRYDQRXNUHGLWRYêPV\VWpPRPãW~GLD
  'HQQRX IRUPRX SUH]HQþQRX PHWyGRX PRåQR ãWXGRYDĢ —6NWUHEDXKUDGLĢ]HOHQRXSRXNiåNRXW\SX8QD~þHWIDNXOW\NyGEDQN\96

 Y7UQDYH DOHER QD GHWDãRYDQêFK YêXþERYêFK SUDFRYLVNiFK


 IDNXOW\ Y 'XEQLFL Q9 Y %UH]QH D Y .RPiUQH 1D GHWDãRYD 3RYLQQRXSUtORKRXSULKOiãN\MH
 QêFK SUDFRYLVNiFK ãWXGXM~ SRVOXFKiþL EDNDOiUVNHKR VWXSĖD   åLYRWRSLV
 ãW~GLDSUYpGYDURþQtN\   XXFKiG]DþRYPDWXUXM~FLFKYUPXVtXFKiG]DþGR
  'HQQRX IRUPRX NRPELQRYDQRX SUH]HQþQRGLãWDQþQRX  UXþLĢQDIDNXOWX SRãWRXDOHERRVREQH PDWXULWQpY\VYHGþHQLH
 PHWyGRX PRåQR ãWXGRYDĢ %FãWXGLMQp SURJUDP\ Y 7UQDYH D  D VWUHGRãNROVNp YêURþQp Y\VYHGþHQLD ]R YãHWNêFK URþQtNRY
 Y'XEQLFLQ9.RQWDNWQiYêXþEDY7UQDYHDY'XEQLFLVDXVNX  RULJLQiO\DOHERRYHUHQpIRWRNySLH
 WRþĖXMHYSLDWRNSRSROXGQtDYVRERWX ãW~GLXPSRSUL]DPHVW  XXFKiG]DþRYNWRUtPDWXURYDOLSUHGURNRPMHSRWUHE
 QDQt   QpSULORåLĢRYHUHQpNySLHDOHERRULJLQiO\VWUHGRãNROVNêFKYê
 URþQêFKY\VYHGþHQtDPDWXULWQpKRY\VYHGþHQLD QHWUHEDSR
 $.eâ78',-1e352*5$0<321Ò.$07)678"  WYUGHQLHVWUHGQHMãNRO\YSULKOiãNH 
  1DIDNXOWHMHPRåQpãWXGRYDĢYRERFKIRUPiFKQDVOHGRY
  QpDNUHGLWRYDQpEDNDOiUVNHãWXGLMQpSURJUDP\ ĆDOãLHLQIRUPiFLHNSRGDQLXSULKOiãN\
M M
 $SOLNRYDQiLQIRUPDWLNDDDXWRPDWL]iFLDYSULHP\VOH
 8FKiG]DþRãW~GLXPYSULKOiãNHXYHGLHMHGHQ]EDNDOiUVN\FK
 7HFKQLFNp PDWHULiO\ —  ãWXGLMQêFKSURJUDPRYNWRUêFKFHãWXGRYDĢ
 1HNRYRYpPDWHULiO\  3ULKOiãN\ N ãW~GLX QD GHWDãRYDQp VWUHGLVNi WUHED SRVODĢ QD
 9êUREQp]DULDGHQLDDV\VWpP\  DGUHVXIDNXOW\GR7UQDY\]iURYHĖWUHEDQDSULKOiãNHY\]QDþLĢ
 3RþtWDþRYiSRGSRUDYêUREQêFKWHFKQROyJLt—  'HWDãRYDQpSUDFRYLVNR'XEQLFDQ9NGHFKFHXFKiG]DþãWX
 9êUREQp WHFKQROyJLH —  GRYDĢ
 3ULHP\VHOQp PDQDåpUVWYR —   )DNXOWDStVRPQHSRWYUGtSULMDWLHSULKOiãN\
 3HUVRQiOQD SUiFD Y SULHP\VHOQRP SRGQLNX —

 1HNRPSOHWQpSULKOiãN\EXG~Y\UDGHQp]SULMtPDFLHKRNRQDQLD
.YDOLWDSURGXNFLH
 ,QåLQLHUVWYRåLYRWQpKRSURVWUHGLD
 %H]SHþQRVĢDRFKUDQD]GUDYLDSULSUiFL  %/,æä,(,1)250É&,(
 8þLWHĐVWYRSUDNWLFNêFKSUHGPHWRYYWHFKQLFNêFKRGERURFK $GUHVD
— SODWtSUH'HWDãRYDQpSUDFRYLVNRY'XEQLFLQDG9iKRP  'HWDãRYDQpSUDFRYLVNR07)678'XEQLFDQ9
 3DUWL]iQVNDXO'XEQLFDQDG9iKRP
 ,1)250È&,(29é%(52920.21$1Ë  7HOHPDLOGSPWI#GXEQLFDHX
 SULMtPDVDEH]SULMtPDFHMVN~ãN\QD]iNODGHGRVLDKQXWêFKYê
 VOHGNRYQDVWUHGQHMãNROH

 'XEQLFNê NDãWLHĐ VYRMRX UR]OR


KRXMHGHQ]QDMYlþãtFKQD6ORYHQ
VNXEXGHQDMHGHQGHĖVSUtVWXSQH
Qê YHUHMQRVWL D WR Y QHGHĐX   
YUiPFLRVOiYYêURþLDSU
YHM ]PLHQN\ R 'XEQLFL .DãWLHĐ QD
NWRUpKRUHNRQãWUXNFLXVDY\QDORåLOR
RGURNXGRURNXPL
OLyQRY NRU~Q MH YHUHMQRVWL QHSUtV
WXSQêQHXYHULWHĐQêFKURNRY

 &HOiMHGQDJHQHUiFLDGRVSHOêFK
REþDQRYPHVWDQLNG\NDãWLHĐ]YQ~
WUD QHYLGHOD9 UiPFL REKOLDGN\ VL
EXG~ P{FĢ QiYãWHYQtFL SUH]ULHĢ DM
QLHNWRUpH[SRQiW\]'XEQLFNpKRP~
]HD

%UiQDNDãWLHĐDEXGHRWYRUHQi
YþDVHRGGRKRG
 2EþLDQVNH ]GUXåHQLH .HUDPL PHFND S{VRELOL URN Y .HUPLNOXEH
NOXE RWYRULOR QHGiYQR YR VYRMLFK DNR GREURYRĐQtþN\ (8 D SR QLH
SULHVWRURFKNOXE.DP"DUiGNWR NRĐNêFKPHVLDFRFKQiVSULãOLLVSULD
UêVO~åLYHUHMQRVWLDNRQt]NRSUDKR WHĐPLQDYãWtYLĢ 5HQ\QDãDWHUDM
YpFHQWUXP ãLDGREURYRĐQtþND]0DćDUVNDSUL
 âW\ULD PODGt ĐXGLD  0DĢR 6D SUDYLODREþHUVWYHQLHDPDO~REUi]
PR6WDQRD'RPLQLNDVLYNOXEHQD NRY~ SUH]HQWiFLX MHM NUDMLQ\ QLH
ãOLSULHVWRUSUHKXGREQ~VN~ãREĖX NRĐNRSHVQLþLHNYDQJOLþWLQHSULGDO
,FK VNXSLQD (;$&72 VD SR SUYê L=HOR
NUiW SUHGVWDYLOD Y SLDWRN  PiMD  9SLDWNRYpSRSROXGQLHVDY.H
 þOHQRP .UDPLNOXEX SULDWH UDPLNOXEH VWUHWOR YLDF DNR  ĐXGt
ĐRP D YHUHMQRVWL 0DOp SyGLXP VD D QLNRPX QHSUHNiåDOD U{]QRURGR
RWULDVDORULDGQ\PLGHFLEHOPLSULHV VĢMD]\NRYDQiURGQRVWt6SRORþQi
WRU\ NOXEX X]QDQOLYêP SRWOHVNRP UHþKXGE\DPODGRVWLSRVSiMDODU{]
9êERUQ~ DWPRVIpUX Y\WYRULOD ,LGD QHN~W\(XUyS\
VYRMLP VSHYRP D JLWDURX -HM ItQ 7HãtPHVDDMQDćDOãLHSLDWN\RSLD
ãWLQDQiP]QHODYHĐPLH[RWLFN\MHM WHM
YêERUQiVORYHQþLQD]QHODYHĐPLYH 6RĖD=HOLVNRYi.HUDPLNOXE
VHOR ,LGD ] )tQVND D 6XVL ] 1H

GRNRQFD HãWH Y VRERWQp SRSROXGQLH SRWHãLOL VWDUãtFK REþDQRY


NHćLPSULãOL]DKUDĢGRGRPRYXG{FKRGFRYDMGRSHQ]LyQD
 1DSyGLXSUHG2EFKRGQêPGRPRP$%&VDSRþDVGĖDVWULH
 7UHWtURþQtNIHVWLYDOX0DMiNVDVNXWRþQHY\GDULO6OQHþQpSR GDOL VNXSLQ\ ] U{]Q\FK N~WRY 6ORYHQVND DNR DM ]R VXVHGQpKR
þDVLHXYRĐQHQiDWPRVIpUDDYêERUQiKXGED*RVSHORYêIHVWLYDO ýHVND3RVWXSQHVDSUHGVWDYLOGRPiFL2UHPXV$Q\(OVH6*
EROSUHKOLDGNRXNUHVĢDQVN\]PêãĐDM~FLFKDVSLHYDM~FLFKKXGREQt %DQG6OQRYUDW0LFKDHODLQp9UFKRORPYHþHUDERODþHVNiND
NRYNWRUtFKF~RVORYLĢW~WRGREXDVYRMLPLSLHVĖDPL]DVYLHWLĢGR SHOD (OLDWD NWRUi QD 6ORYHQVNX HãWH QLH MH Då WDNi ]QiPD QR
WP\SUHWêFKNWRUtKĐDGDM~FHVWX2NUHPHYDQMHOL]iFLHMHFLHĐRP 'XEQLþDQLD MX YHĐPL GREUH SR]QDM~ ] 0DMiNX  (OLDWD VD
IHVWLYDOXDMY\WYRUHQLHD]GLHĐDQLHYHĐNHMKXGREQHMDERåHMURGLQ\ XNi]DODDNRVNXWRþQêYUFKRONRQFHUWQpKRSURJUDPXSRYãHWNêFK
2UJDQL]iWRURPEROR6WUHGLVNRHNRORJLFNHMYêFKRY\'8%DIHVWL VWUiQNDFKKXGREQêSUHMDYNRPXQLNiFLDVSXEOLNRPSUH]HQWiFLD
YDOY]QLNROIRUPRXFH]KUDQLþQHMVSROXSUiFHDNRVORYHQVNiYHU]LD VYRMLFKQi]RURYDGXFKRYQêFKKRGQ{W
)HVWLYDOXSRGYČåt  3UL SRKĐDGH QD GREUH EDYLDFLFK VD ĐXGt MH MDVQp åH DM WUHWt
 3RGXMDWLHWUYDORWULGQLSULþRPKODYQêSURJUDPþLåHY\VW~SH URþQtN0DMiNXERO~VSHãQê
QLDKXGREQêFKVNXStQEROLYVRERWX'YHNDSHO\ $QJHOVD055.

YKĐDGLVNX8UþLWHVDQLNWRQHQXGLO
'LYDGORVUãDORKXPRURP$OH6YlWê
NRPHGLDQW QHERO ODFQRX SUYRSOi
 3UL SUtOHåLWRVWL JRVSHORYpKR IH QRYRX SDUyGLRX 3RQ~NRO GLYiNRP
VWLYDOX 0DMiN NWRUê VD Y QDãRP ãLURNp VSHNWUXP HPyFLt UDGRVWQê
PHVWHXVNXWRþQLOXåWUHWtURNGLYD ~VPHYVDQDWYiUDFKGLYiNRYVWULH
GHOQêV~ERUPODGêFK]'RPN\Ä'L GDO V GRMDWtP 6SUiYQX DWPRVIpUX
YDGHOQp RPUYLQN\³ SULSUDYLO GLYD SULQLHVOD V~GUåQRVĢ YãHWNêFK ~þLQ
GHOQ~KUXRG0DULiQD+XViUD6'% NXM~FLFK D UDGRVWQi VDOH]LiQVND
Ä6YlWê NRPHGLDQW³ 3UHGVWDYHQLH DWPRVIpUD VD RG SUYêFK FKYtĐ SUH
VD XVNXWRþQLOR Y SLDWRN  PiMD D QiãDODQDGLYiNRY9WHQGHĖNDå
]KOLDGORKRWDNPHUGLYiNRY Gê RGFKiG]DO ] 'XEQLFNpKR POi
 +QHćY~YRGHVDVWUKODSRXOLþ GHåQtFNHKRVWUHGLVNDQDGFKQXWêD
Qi ELWND D PDOê -DQNR PDO YHĐPL ]DSiOHQê GRQ %RVFRYêP Ä'D PLKL
åLYê VHQ 2 FKYtĐX FKODSFL åLYHOQH DQLPDV³
KĐDGDOL YKRGQpKR GRQD %RVFD 3DYRO'UãND

 .DåGRURþQHDSUtODVLSULSRPtQDPH'HĖ DMQDMNUDMãLHåLDFNHSURMHNW\]R]HPHSLVXDSUt
]HPH3UDYLGOiVORYHQVNpKRSUDYRSLVXXYiG]D URGRSLVX
M~StVDQLHVORYD]HPYWRPWRVORYQRPVSRMHQtV  9  DSUtORYRP WêåGQL VPH SUL SUtOHåLWRVWL
PDOêP]DþLDWRþQêPStVPRPQRY]KĐDGRPQD 'ĖD]HPHVYRMH~VLOLH]DPHUDOLQDVNUiãĐRYDQLH
MHKR Yê]QDP E\ EROR åLDGXFH StVDĢ KR ]ODWêP D þLVWHQLH ãNROVNpKR DUHiOX äLDFL Y\KUDEiYDOL
SHURP9=âVY'RPLQLND6DYLDY'XEQLFLQDG WUiYXþLVWLOLEHåHFN~GUiKXRNRSiYDOLVWURPþH
9iKRP VPH WHQWR VYLDWRN RVOiYLOL YLDFHUêPL N\ OHWQLþN\ D WUYDON\ ]EHUDOL RGSDGN\ RSUDYR
DNWLYLWDPL 9HĐNê Yê]QDP ]HPH DNR G{OHåLWHM YDOLSUDFRYQpQiUDGLH1H]DE~GDOLVPHDQLQD
SUtURGQHM ]ORåN\ NUDMLQ\ L åLYRWQpKR SURVWUHGLD VWDURVWOLYRVĢ R LQWHULpURYp NYHW\ D ]LQWHQ]tYQLOL
VPHY\]GYLKOLYV~ĢDåQRPGRSROXGQtRUJDQL]R VPH]EHUHNRSDNRY
YDQRP SUH åLDNRY  URþQtND NWRUp VSROX V  9HUtPH åH QDãL åLDFL PDOL UDGRVĢ QLHOHQ ]
SHGDJyJPLSULSUDYLOLGHYLDWDFL8VNXWRþQLOLVPH SHNQêFKFLHQ]tVNDQêFKYRYHGRPRVWQRPNYt
YHGRPRVWQêNYt]WYRUHQêRWi]NDPL]R]HPHSL ]HDOHYåG\LFKSRWHãtDMSRKĐDGQDUR]NYLWQXWp
VX SUtURGRSLVX D YãHREHFQpKR SUHKĐDGX 0H NYHW\~URGXSULQiãDM~FLVWURPRNWRUêVDVDPL
G]LMHGQRWOLYêPLNRODPLVLV~ĢDåLDFL]PHUDOLVLO\ VWDUDOLDXVNXWRþQHQpDNWLYLW\SULVSLHYDM~NXYH
YU{]Q\FKSRK\ERYêFKGLVFLSOtQDFKDFKYtOHRG GRPHQLX VL YHĐNpKR Yê]QDPX ]HPH SUH FHOp
G\FKX EROL VSHVWUHQp NXOW~UQ\PL Y\VW~SHQLDPL ĐXGVWYRWHMWRSODQpW\
åLDNRY1DSRGXMDWtVPHY\KRGQRWLOLDRGPHQLOL 0JU'DULQD'UXVRYi
 9 SULHVWRURFK =iNODGQHM ãNRO\ 3RG KiMRP
VWUHWOLåLDFLDURþQtNRYVRVORYHQVNêPVSL
VRYDWHĐRP-iQRP8OLþLDQVN\P1DWHMWRQH
WUDGLþQHM KRGLQH OLWHUDW~U\ GHWL PDOL PRåQRVĢ
GR]YHGLHĢ VD RG VDPRWQpKR DXWRUD R ]DþLDW
NRFK MHKR WYRUE\ DNp SRGQHW\ D XGDORVWL KR
LQãSLURYDOLNStVDQLXNQtKUR]KODVRYêFKWHOH
Yt]Q\FK D EiENRYêFK KLHU SUHYDåQH SUH GHWL
DPOiGHå=MHKRUR]VLDKOHKRGLHODV~]QiPH
QDSU9HYHULþND9HURQNDýDURYQêFKODSHF
.RF~U QD NROLHVNRYêFK NRUþXOLDFK -DQNR
3LSRUD +UGLQRYLD VLHGPLFK PRUt  2NUHP
OLWHUiUQHM WYRUE\ S{VREt WLHå DNR GUDPDWXUJ
6ORYHQVNpKR UR]KODVX D MH GRFHQWRP .DWHG
U\ EiENRYHM WYRUE\ 'LYDGHOQHM IDNXOW\ 9â08
Y%UDWLVODYH

NRQFHUWRFKG\FKRYpKRRUFKHVWUD/LHVNRYDQp]0RUDYVNpKR/LHV
NRYpKRD'XDNRQWDNW]'XEQLFHQ9
 0HVWR'XEQLFDQ9SULSUDYLORLWHQWRURNSUHVYRMLFKRE\YDWH  .XOW~UQ\SURJUDPQDMDYLVNXSUHGQiNXSQêPFHQWURP)L[ERO
ĐRY ERKDWê NXOW~UQ\ D VSRORþHQVNê SURJUDP SUL SUtOHåLWRVWL  YHQRYDQêGHĢRPDPOiGHåL&HQWUXPYRĐQpKRþDVXVDSUH]HQWR
YêURþLDRVORERGHQLDPHVWDYêURþLDYVWXSXGR(8DPiMD YDORY\VW~SHQLDPLVYRMLFKWDQHþQêFKDVSHYiFN\FKNU~åNRYWYR
2VODY\EROLUR]GHOHQpGRYLDFHUêFKGQt ULYêPLGLHOĖDPLMD]GRXQDSRQtNRFK3UHQDMPHQãtFKERORXUþHQp
Y\VW~SHQLH 0DMVWUD 1 'HWL VD YêERUQH ]DEiYDOL D YHULOL WDNPHU
 7UDGtFLDVWDYDQLDPiMRYMHYQDãRPUHJLyQHVWiOHåLYi9SR ÄYãHWNpPX³þRLP0DMVWHU1QDUR]SUiYDO3RSULSiVPHGHĢRPVWL
VOHGQêDSUtORYêGHĖRSlĢY\UiVWOLPiMHR]GREHQpSHVWURIDUHEQê KROVHPWDPãSOHFKQ~ĢDMQLHþRþRPXUR]XPHOLLEDGRVSHOt3ULH
PLVWXKDPL'RREHGDQDXOLFL*DJDULQRYHMDVtGOLVNX3RGKiMRP UH]VYRMLFK]QiP\FKSLHVQtSULSUDYLOSUHGXEQLFNpSyGLXPURFNHU
]D~þDVWLåLDNRY]iNODGQêFKDPDWHUVNêFKãN{ONWRUtVL]iURYHĖ ,YDQâWURIIHNVRVYRMRXVNXSLQRX8Ni]DOåH~þDVĢYR¿QiORYHM
SULSUDYLOL VSRORþQH VR VSHYiþNRX 0iULRX %DJLQRYRX DM NXOW~UQ\ VNXSLQH6XSHUVWDUPXSUiYRPSDWULOD
SURJUDP 6WDYDQLX PiMD SUHG 0HVWVNêP ~UDGRP SUHGFKiG]DO  6DPR]UHMPHSRþDVFHOpKRSRGXMDWLDQHPRKROFKêEDĢVNiNDFt
SLHWQ\DNWNODGHQLDYHQFRYNSDPlWQtNXRVORERGLWHĐRYQDPHVW KUDGNWRUêEROÄQDELWê³RG]DþLDWNXGRNRQFD1DYHþHUQRPKX
VNRP~UDGH]SUtOHåLWRVWLYêURþLDRVORERGHQLDPHVWDUXPXQ GREQR]iEDYQRP SURJUDPH ãDUPDQWQHM VSHYiþN\ EDONiQVN\FK
VNRXDVRYLHWVNRXDUPiGRX6WDYDQLHPiMDSUHGEXGRYRX0HVW SLHVQt-DGUDQN\+DQGORYVNHMDKXPRULVWRYâWHIDQD+UXãWLQFDD
VNpKR~UDGXDYPHVWVNHMþDVWL3UHMWDVSHVWULOLDVSUtMHPQLOLþOHQR -XUDMD &KOHEDQX Y PHVWVNRP GRPH NXOW~U\ VD QiYãWHYQtFL SUt
YLD)60ODGRVĢD6HQLRUNOXE9UãDWHF3UHGRYãHWNêPGHĢRPERO MHPQHEDYLOL
YHQRYDQê Y\QLNDM~FL PX]LNiO 6RĐ QDG ]ODWR Y SRGDQt LODYVNêFK  9WRKWRURþQRPSURJUDPHRVOiYRVORERGHQLDYVWXSXGR(8D
RFKRWQtNRYNWRUêVDXVNXWRþQLOQD]iYHUGĖDY0V'. PiMDVLPRKRONDåGêQiMVĢÄWRVYRMH³ýLXåWRERORXFWHQLHSD
 9GXFKXWUDGtFLtVDRGHĖQHVN{UQLHVOLRVODY\YêURþLDYVWX PLDWN\RVORERGLWHĐRYþLPiMSULSRPtQDM~FLVYLDWRNSUDFXM~FLFK
SXGR(8DPiMDQDMDYLVNiFKSUHG2'$%&DQiNXSQêPFHQ DOHERPiMDNRVYLDWRNYVWXSX6ORYHQVNDGR(XUySVNHM~QLH
WURP),;'UDPDWXUJLDQDMDYLVNXSUHG2'$%&EROD]DORåHQiQD
WUDGLþQêFKY\VW~SHQLDFKIRONOyUQ\FKV~ERURY0ODGRVĢD9UãDWHF 0JU(YD.HEtVNRYi

 =iNODGQiXPHOHFNiãNRODPiXåVYRMH *UDWXOXMHPHDćDNXMHPHGHĢRP
SHYQp PLHVWR Y SRYHGRPt REþDQRY 'XE LFKURGLþRPLY\XþXM~FLP
QLFHQ90RåQR]NDåGHMUR]YHWYHQHMUR
GLQ\ MH DVSRĖ MHGQR GLHĢD XVPHUĖRYDQp þLKXGREQtNRYVDGRVWiYDM~GR-DSRQVND 0LURVODYD=HPNRYi]ODWiFHQD
QDGãHQFDPLXPHOHFNHMYêFKRY\YKXGRE GR,QGLH 1i]RYRFHQHQHMSUiFHÄ'UiþLN³
QRPWDQHþQRPþLYêWYDUQRPRGERUH=8â  9WHMWRREODVWLGRVLDKOLQDãLåLDFLYWRP 9êWYDUQiWHFKQLNDÄGRNUHVĐRYDQiNROiå³
1LHNWRUp GLHĢD Pi YLDF ÄXPHOHFNêFK EX WRãNROVNRPURNXPLPRULDGQ\~VSHFK1D   URþQi åLDþND YêWYDUQpKR RGERUX
QLHN³ DNR LQp URYQDNR DNR QD PDWHPDWL V~ĢDåL Y -DSRQVNX NWRUHM VD ]~þDVWQLOR REĐXEXMH YãHWN\ YêWYDUQp WHFKQLN\ 1DM
NXVORYHQþLQXDSRG QRYãHWN\GHWLXQiV SUiF]RNUDMtQERORRFHQHQêFK YLDFYãDNNUHVEXSDVWHORPNWRUêXPRåĖX
UR]YtMDM~IDQWi]LXSUHKOEXM~FLWRYRVĢ YêWYDUQêFKGLHO6SRPHG]LQLFKSXWR MHYERKDWHMIDUHEQHMãNiOHY\MDGULĢDWPR
 ýDVWR VD Y V~YLVORVWL V YêFKRYRX KR YDOLGR'XEQLFHQ9RFHQHQLD VIpUXYSORFKHD]iURYHĖDMYNUHVEHDGH
YRUtRNRQÀLNWHV~ĢDåLYRVWLDHPSDWLHþDV  =ODW~FHQXVSROXVćDOãtPL~þDVWQtN WDLOH-HVQDåLYiDYêWYDUQ~SUREOHPDWLNX
WR VD KRYRUt R SUtQRVH þL ]E\WRþQRVWL V~ PL]tVNDOD0LURVODYD=HPNRYiVWULHERUQ~ FKiSHUêFKORVDPRVWDWQHDWYRULYR9V~
ĢDåt7DPNGHVDYêNRQ\QHGDM~RGPHUDĢ 0DUFHODâLPRQII\RYiEURQ]RY~FHQX$OHã þDVQRVWLSUDFXMHQDQiYUKXQt]NHKRUHOLpIX
VWRSNDPL MH RNR KRGQRWLDFHKR SRURWFX 3RUXEVNê D þHVWQp X]QDQLH -iQ +UXERã SUHPHVWR'XEQLFDQDG9iKRPNWRUêPR
SRG GUREQRKĐDGRP URGLþRY SHGDJyJRY L ,FKY\XþXM~FL-DURVODY6YHWOtNPiE\ĢSUi GHOXMHDRGOLHYDGRViGU\
åLDNRYDQLHNDåGêMHVSRNRMQê-HGHQVD YRPQDþRKUGê
FKFH SUHGVWDYRYDĢ DVSRĖ YHUHMQRVWL EH]  =KXGREQêFKQiVWURMRYMHYSRVOHGQRP 0DUFHODâLPRQII\RYiVWULHERUQiFHQD
V~ĢDåHQLDLQpKRDMWRWR]QHSRNRMXMHDVYR REGREtPLPRULDGQHSUHIHURYDQêNH\ERDUG 1i]RYRFHQHQHMSUiFHÄ0RQRJUDP³
MHVFKRSQRVWLVLQDMUDGãHMY\KUDG]XMHSUH 0LQLVWHUVWYRãNROVWYDFKFHSRGFK\WLĢWHQWR 9êWYDUQiWHFKQLNDÄNRORURYDQiNUHVED³
VHEDþLQDMEOLåãLHRNROLH ]iXMHPDMV~ĢDåRXDWDNVDNRQDODY3R   URþQi åLDþND YêWYDUQpKR RGERUX
 9WRPWRÄV~ERML³Y\FKiG]DM~VUHPt]RX YDåVNHM%\VWULFLSUYiFHORVORYHQVNiV~ĢDå NWRUiQDYãWHYXMH]iNODGQ~XPHOHFN~ãNR
åLDFL YêWYDUQpKR RGERUX PRåQR DM SUHWR YKUHQDNH\ERDUGH]D~þDVWLV~ĢDåLD OXXåVLHGP\URNVD]DXMtPDRNDåG~Yê
åHSUHVYRMXYHUHMQ~SURGXNFLXQHSRWUHEX FLFKNGHQiãåLDN)LOLS2OHMQtN~þLQNXM~FL WYDUQ~WHFKQLNX-HYHĐPLĢDåNRKRGQRWLĢ
M~SULDP\NRQWDNWVGLYiNRP$WDNVDLFK YNDWHJyULLVDYNRQNXUHQFLLVSROXKUi NWRU~XSUHGQRVWĖXMHYHĐPLVDMHMSiþLJUD
SUiFHP{åXGRVWDĢYHĐPLćDOHNRDRERKD þRYVWDODEVRO~WQ\PYtĢD]RP-HKRY\XþX ¿NDDNRMHQDSUtNODGU\WLHGROLQROHDDWODþ
WLĢĐXGtVNWRUêPLE\VDLQDNQLNG\QHPRKOL M~FL)UDQWLãHN5yåDEROY\KOiVHQê]DQDM ]QHKR7XY\QLNiMHM]UXþQRVĢDSUHGVWD
VWUHWQ~Ģ1DUR]GLHORGQDãLFKWDQHþQtNRY ~VSHãQHMãLHKRSHGDJyJD YLYRVĢYJUD¿FNRPYLGHQtSORFK\2EĐXEXMH
WLHå ãW~GLH NUHVE\ FHUX]RX DNR ]iWLãLD þL MHKR SUiFD KRGQRWHQi DNR MHGQD ] QDM )LOLS2OHMQtNDEVRO~WQ\YtĢD]
GUDSpULX-HWRåLDþNDVIDQWi]LRXDWYRUL OHSãtFK   URþQê åLDN KXGREQpKR RGERUX =i
YRXLQYHQFLRXYHĐPLFLHĐDYHGRPiDKODY NODGQHMXPHOHFNHMãNRO\Y'XEQLFLQâWX
QHYRþLVHEHQiURþQi9HĐPLGREUHUHSUH -iQ+UXERãþHVWQpX]QDQLH GXMHKUXQDDNRUGHyQHLKUXQDNH\ERDUGH
]HQWRYDODãNROXXåDMYPLQXORVWL 1i]RYSUiFH =RERFKQiVWURMRYYãNROVNRPURNX
Ä0RMHQDMREĐ~EHQHMãLH]YLHUDWNR³ DEVROYXMHVWXSHĖ
$OHã3RUXEVNêEURQ]RYiFHQD 9êWYDUQiWHFKQLND  )LOLSMHPLPRULDGQHWDOHQWRYDQêåLDNV
1i]RYRFHQHQHMSUiFHÄýHUWGUDN³ ÄIDUHEQêOLQROHRU\W³ JUD¿ND YêUD]QêP KXGREQêP FtWHQtP D LQWHOLJHQ
9êWYDUQiWHFKQLNDÄOLQROHRU\W³ JUD¿ND  URþQêåLDNSUYpKRVWXSĖDYêWYDUQp FLRX+RFLMHYHNRYRPODGãtDNRMHKRVSR
 URþQêåLDNURþQtNDSUYpKRVWXSĖD KRRGERUXQD=8â'XEQLFDQ9 OXåLDFL QD YãHWNêFK V~ĢDåLDFK NWRUp DE
QD]iNODGQHMXPHOHFNHMãNROHVDYêWYDUQH  6YRMRX SUiFRX Y\MDGULO VYRM Qi]RU QD VROYRYDO VD XPLHVWĖXMH QD SRSUHGQêFK
SUHMDYXMH QHNRPSOLNRYDQH SUREOpP ULHãL JUD¿FN~WHFKQLNXYGYRFKIDUEiFKNGHMH PLHVWDFK
VSRQWiQQH MHGQRGXFKRX VNUDWNRX GHW PHG]LU\WêPLãWRþNDPLSRVXYYWYDUHDMH  7HQWRDEVRO~WQ\YtĢD]NDWHJyULH&H
VNêP ]MHGQRGXãRYDQtP *UD¿ND NWRURX KRYHĐNRVWLDWDNQD]QDþLOSRK\E]REUD]R ORVORYHQVNHM V~ĢDåH Y KUH QD NH\ERDUGH
UHSUH]HQWRYDO ãNROX MH FKiSDQi OLQHiUQH YDQêFK ]YLHUDWLHN NWRUp V~ HãWH QDYLDF VDYV~þDVQRVWLSULSUDYXMHQDFHORVORYHQ
D H[SUHVtYQH NGH VD SUHMDYXMH MHKR NUH ãW\OL]RYDQpGRY\P\VOHQHMDEVWUDNWQHMSR VN~V~ĢDåYKUHQDDNRUGHyQHNWRUiEXGH
VHEQiLQYHQFLD]YLGHQpKRDSUHåLWpKR1D GRE\ äLDN VYRMRX VYHGRPLWRVĢRX Y UHDOL Y%DQVNHM%\VWULFLPiMD
Y\XþRYDFHMKRGLQHVPHUR]SUiYDOLR³þHU ]RYDQt JUD¿FNHM WHFKQLN\ Y\MDGUXMH VYRM
WRYVN\ GREUHM QiODGH³ D YêVOHGNRP EROD Y]ĢDKNY\XþRYDQLXDYêWYDUQHMYêFKRYH

 9 %DQVNHM %\VWULFL VD


QDFHORVORYHQVNHMV~ĢDåL
YKUHQDDNRUGHyQHVSR
PHG]L  ãN{O XPLHVWQLO
)LOLS2OHMQtNYRVYRMHMND
WHJyULL Y ]ODWRPSiVPH D
URYQDNR DM DNRUGHyQRYp
NYDUWHWRY]ORåHQt
0LFKDO %DUWiN )LOLS 2OHM
QtN1DWiOLD)LOtSNRYiD7L
PRWHM)LOtSHN
 *UDWXOXMHPHåLDNRPD
LFKY\XþXM~FLP,QJ0DU
WLQH +ROHM D )UDQWLãNRYL
5yåRYL

0JU-iQ6HPNR
ULDGLWHĐ=8â

 YDGRREVDKX6-YMHGOHURYQDNRDNRFXNRU1DSUtNODGJVRUEL
WXDOHERIUXNWy]\]RGSRYHGi6-URYQDNRDNRJVDFKDUy]\
WMEHåQpKRVWRORYpKRFXNUX
$NêMHUR]GLHOPHG]LQiKUDGQêPLDXPHOêPLVODGLGODPL".WR ýRMHOHSãLHIUXNWy]DWHGDFXNRUYRYRFtDOHERXPHOpVODGL
UpVLY\EUDĢQDVODGHQLHDNHG\" GOi"-HIUXNWy]DYKRGQiSUHGLDEHWLNDNWRUêMHQDLQ]XOtQH"
2YRFQêFXNRU IUXNWy]X RGSRU~þDPþHUSDĢ]SULURG]HQêFK]GUR
 1HHQHUJLFNpVODGLGOi DVSDUWDPVDFKDUtQDFHVXOIDQGUDVHO MRYYRIRUPHRYRFLDD]HOHQLQ\-HWRQDMVODGãtGUXKVDFKDULGRY
Qê V~DVLDåNUiWVODGãLHDNRFXNRU1HPDM~HQHUJHWLF 9SRWUDYLQiUVWYHVDSRXåtYDDNRQiKUDGQpVODGLGOR7RWRHQHUJH
N~ KRGQRWX QHREVDKXM~ åLDGQH VDFKDULG\ D QH]DSRþtWDYDM~ VD WLFNpVODGLGORREVDKXMHURYQDNpPQRåVWYRVDFKDULGRYDNRJOXNy
GRREVDKX6-YMHGOH ]D DOHER VDFKDUy]D EHåQê VWRORYê FXNRU  DOH ]R VODGLGLHO Pi
 (QHUJHWLFNp REMHPRYp QiKUDGQpVODGLGOi VRUELWIUXNWy]D QDMQLåãtJO\NHPLFNêLQGH[*O\NpPLDSRĖRPWHGDVW~SDSRPDO\
JOXNy]RYêVLUXS PDM~URYQDN~HQHUJHWLFN~KRGQRWXDNRVWRORYê þRMHSUHGLDEHWLNRYYtWDQp9]KĐDGRPQDWRåHPiY\ããLXVODGL
FXNRU VDFKDUy]D  OHQ VD SRPDOãLH Y VWUHEiYDM~ D PDM~ Y\ããLX YRVĢ SUL VODGHQt SRNUPX MH SRWUHEQp PHQãLH PQRåVWYR IUXNWy]\
VODGLYRVĢ]WRKRG{YRGXVDSUHGSRNODGiPHQãLDVSRWUHEDVODGL DNRFXNUXDGRFLHOLPHURYQDNRVODGN~FKXĢ'LDEHWLNQDLQ]XOtQH
GOD QD GRVLDKQXWLH URYQDNHM VODGLYRVWL DNR SUL SRXåLWt VWRORYpKR VLIUXNWy]XPXVt]DSRþtWDĢGRSRþWX6-URYQDNRDNRNHćVLRVOD
FXNUX VDFKDUy]\  GtSRNUPEHåQêPFXNURPJIUXNWy]\]RGSRYHGi6-$MSR
 .Hć Xå PXVtPH SRXåLĢ VODGLGOR OHER VPH VL ]Y\NOL GRFKXWLĢ IUXNWy]H SUHVQH WDN DNR SR FXNUH VD SULEHUi D ND]LD VD ]XE\
QiSRM DOHER SRNUP DE\ VPH GRVLDKOL SRåDGRYDQ~ VODGN~ FKXĢ .Hć VL FKFHWH Y\FKXWQDĢ þDM DOHER NiYX QDXþWH VD LFK SLĢ EH]
QHHQHUJHWLFNp VODGLGOR P{åHPH SRXåLĢ GR QiSRMRY D RPiþRN VODGLGOD3UtSUDYDQLHNWRUêFKMHGiOKODYQHLFK¿QiOHGRNRQþHQLHD
WHGD WDP NGH QLH MH SRWUHEQi KPRWD VODGLGOD 3UtMHP WDNêFKWR GRFKXWHQLHVLYãDNY\åDGXMHSRXåLĢVODGLGOR9WDNRPSUtSDGHE\
VODGLGLHOMHYãDNOLPLWRYDQêSRþWRPWDEOHWLHNQDGHĖDSRYROHQp VRPXSUHGQRVWQLODQHHQHUJHWLFNpVODGLGOR1tPVLQDUR]GLHORG
PQRåVWYRE\VPHPDOLGRGUåDĢýtWDMWHSR]RUQH~GDMHQDHWLNH HQHUJHWLFNpKRQiKUDGQpKRVODGLGODQH]YêãLPSRþHW6-YMHGOH
WHYêURENRY(QHUJHWLFNpVODGLGOiSRXåLMHPHYãDGHWDPNGHRN
UHP GRFKXWHQLD SRNUPX QD VODGN~ FKXĢ SRWUHEXMHPH DM KPRWX 3RXåLWiOLWHUDW~UD',$*1Ï=$&8.529.$GRF08'U-R]HI
VODGLGODDE\VPHQDSUtNODGQDPLHVWRSLãNyWRYpKRFHVWDQHXURELOL  0LFKiOHN3K'D0iULDâWHIiNRYiGLpWQDVHVWUD]1('
VODGN~ RPHOHWX &KFHP YiV XSR]RUQLĢ åH YlþãLQD WêFKWR VODGL  ďXERFKĖD
GLHOP{åHVS{VRELĢKQDþNXNHćQHEXGHWHUHãSHNWRYDĢPQRåVWYR 6SUDFRYDOD'DQDäLDþNRYiSRGSUHGVHGD='6=2',$'8%
NWRUpMH SRYROHQp VNRQ]XPRYDĢ Y UiPFL GĖD QLH YLDF DNR J  'XEQLFDQ9
GHĖþRPX]RGSRYHGi6- (QHUJHWLFNpVODGLGORVD]DSRþtWD
5RGiþND]'XEQLFHSâXYDGRYiXYiG]DNRQFHUW
ãYDMþLDUVNHKRRUFKHVWUD


'8%1,&.É+<'52&(175É/$


 6~VWDYDYRGQêFKGLHOQD9iKXQD]êYDQiDM9iåVNDNDVNiGD
]DEH]SHþXMH RFKUDQX ~]HPLD SUHG SRYRGĖDPL 9iK Y PLQXORVWL
VS{VRERYDO PQRKp ]iSODY\ Y PHG]LYRMQRYRP ýHVNRVORYHQVNX
VDUR]KRGORåHVDV~þDVQHVRFKUDQRX~]HPtY\EXGXM~DM]GURMH
HOHNWULFNHMHQHUJLH9êVWDYEDSRNUDþRYDODDMSRVYHWRYHMYRMQH
DGQHVPiNDVNiGDHOHNWUiUQtRG/LSWRYVNHM0DU\DåSR0DGX
QLFH1DMQRYãLHMHY\EXGRYDQpYRGQpGLHORäLOLQD2G]DþLDWNXYê
VWDYE\QDWêFKWRVWDYHEQRSULHP\VHOQêFKDYRGRKRVSRGiUVN\FK
NRPSOH[RFK SUDFRYDOL DUFKLWHNWL 0HG]L QDM]QiPHMãtFK SDWUt -LQ
GĜLFK0HUJDQFD0DUWLQ.XVêVW
 'XEQLFNiK\GURFHQWUiODSRFKiG]D]URNXDMHYSRUDGt
WUHĢRXYRGQRXHOHNWUiUĖRXQDKLVWRULFN\SUYRPGHULYDþQRPNDQi
OH /DGFH,ODYD'XEQLFD7UHQþtQ -HQDYUKQXWiQDSULHWRN[
PVHN'YDWXUERDJUHJiW\W\SXNDSODQRYHMWXUEtQ\PDM~LQãWDOR
YDQêYêNRQ0:DSULHPHUQHURþQHY\UREt*:KHQHUJLH
1DFKiG]DVDYNDWDVWUL'XEQLFHQDG9iKRPDMHGREUHYLGLWHĐQi
]GLDĐQLFHD]SULYiG]DþD'QHVYV~YLVORVWLVGREXGRYDQtPGLDĐ
QLFHMHSUYRXDNRQWDNWQRXVWDYERX'XEQLFH6WDYEDSR]RVWiYD
]QLHNRĐNêFKþDVWt+ODYQiKPRWDVWDYE\NROPRSUHKUDG]XMHGHUL
YDþQê NDQiO 1DFKiG]D VD Y QHM QDMG{OHåLWHMãLD WHFKQLFNi þDVĢ
HOHNWUiUQHWXUERDJUHJiW\-HMIDViGDMH]YêUD]QHQiYêVWXSNRP  9êERUQpNRPSR]LþQpXPLHVWQHQLHVWDYE\Y]KĐDGRPNGLDĐQLFL
UL]DOLWRPQDNWRURPVDQDFKiG]DM~W\SLFNp]YLVOpRNQi5L]DOLW MHSUDYGHSRGREQHQiKRGQpQH]QLåXMHWRYãDNWHUDMãLHYêQLPRþ
MH]YRQNDMãHMVWUDQ\XNRQþHQêUtPVRX]YQ~WRUQHMVWUDQ\VDYR QpJHQLXVORFLWHMWRDUFKLWHNW~U\3UHV~þDVQRVĢMHG{OHåLWêDMLQê
YêãNHUtPV\QDFKiG]DåHULDYRYiGUiKDSUHY\NRQiYDQLHSRWUHE RGND]$QLSULVWDYEiFKYêVRVWQHKRVSRGiUVNHKRFKDUDNWHUXVD
QHM~GUåE\DJUHJiWRY+ODYQiKPRWDSRNUDþXMHćDOHMUDGRPRNLHQ QH]DEXGORQDLFKHVWHWLNXDNRPSR]tFLXSUiYHQDRSDNLFKG{OH
DMHXNRQþHQiNRUXQQRXUtPVRX9HGĐDMãLHNUtGORYNWRURPV~ćDO åLWRVĢDHNRQRPLFNiKRGQRWDEROD]G{UD]QHQiDMYêERUQêPDUFKL
ãLHWHFKQLFNpV~þDVWLVWDYE\VLDKDXåOHQGRYêãN\UL]DOLWXKODYQHM WHNWRQLFNêPULHãHQtP
KPRW\ ,QJDUFK0DULiQ$QWDO


;,9ĀDVĨ
 ([LVWHQþQp VWDURVWL Y ]KRUãHQêFK VR NRPSOHWL]iFLH]iYRGXDYêVWDYEXSRG]HP ]DþDOLSUDFRYDĢDMW]YODERUDþQpGLHOQHQD
FLiOQ\FK SRPHURFK XWOPLOL VSRORþHQVN~ QêFKPHFKDQLFNêFKGLHOQtSUHSUtSDGYRM YêUREXPXQtFLHYÒGROt
DNWLYLWX GXEQLFNHM YHUHMQRVWL 7HVQH SUHG Q\SULMDOLćDOãtFKURERWQtNRY9MDQX  9êYRMYPHVWHNRQFRPOHWDURNX
9LDQRFDPL Y URNX  VD SULKRGLOD ]DX iULYURNX]QLFKVtFHSUHSXV RYSO\YQLOD ]KRUãXM~FD VD PHG]LQiURGQi
MtPDYiXGDORVĢYDUHiOLYêVWDYE\]iYRGX WLOL SUH REPHG]HQLH SUiF Y ]DPU]QXWRP VLWXiFLD 9ãHREHFQi PRELOL]iFLD EROD Y\
3UL]HPQêFKSUiFDFKURERWQtFLREMDYLOL WHUpQHDOHSUtFKRGRPMDUQpKRSRþDVLDVD KOiVHQi    ďXGLD V QHY{ĐRX D
SR]RVWDWN\PDPXWD2FHOêQiOH]SUHMD YSUiFDFKRGDSUtOD]QRYXLQWHQ]tYQHSR UR]KRUþHQtPSULMDOLPQtFKRYVNêGLNWiWãW\
YLORYHĐNê]iXMHP6ORYHQVNpQiURGQpP~ NUDþRYDOR URFK YHĐPRFt D UR]KRGQXWLH 9LHGHQVNHM
]HXPY7XUþLDQVNRP6YlWRP0DUWLQH9H  9URNXYêVWDYED]iYRGXQDWRĐNR DUELWUiåHNWRUpPDOL]DQiVOHGRN~]HPQp
GHQLH ]iYRGX YãDN UR]KRGOR åH WHQWR SRNURþLODåHYRIHEUXiULSULãOLRGERUQtFL] RN\SWHQLH UHSXEOLN\ 3RþHW RE\YDWHĐRY Y
Y]iFQ\H[SRQiWVDSUHYH]LHGR3UDK\=i 3O]QHSULSUDYLĢ]DþDWLHYêURE\3UHQRYêFK 'XEQLFL SRVWXSQH UiVWRO 9 URNX  Xå
VOXKRX-0iGODVDDVSRĖMHGHQNHODVWR ]DPHVWQDQFRY VD ]DþDOL VWDYDĢ IDEULFNp PDOD REHF   RE\YDWHĐRY =D SRVOHG
OLþND ] FKUXSX PDPXWLHKR VNHOHWX GRVWDOL þLQåLDN\ 2 Yê]QDPH GXEQLFNpKR ]iYRGX QêFK GYDGVDĢ URNRY VD SRþHW MHM RE\YD
GR7UHQþLDQVNHKRP~]HD VYHGþtDMVNXWRþQRVĢåHVLKRSULãLHORVRE WHĐRY ]YêãLO R WUHWLQX D SRþHW GRPRY VD
 .RQLHF KRVSRGiUVNHM NUt]\ VD Y 'XE QHSR]ULHĢVHSWHPEUDLSUH]LGHQW WDNPHU]GYRMQiVRELO
QLFL SUHMDYLO URNX  RåLYHQtP WUL URN\ UHSXEOLN\GU(GXDUG%HQHã9]KĐDGRPQD
]PUD]HQHM YêVWDYE\ WRYiUQH 'RãOR QLH ]RVWUHQ~ PHG]LQiURGQ~ VLWXiFLX D YãHR 3RNUDþRYDQLHYEXG~FRPþtVOH
OHQNREQRYHQLXDOHYG{VOHGNXYRMQRYHM EHFQpYRMQRYpSUtSUDY\VD]EURMQiYêURED =GURM'XEQLFNpPRQRJUD¿H
KUR]E\ ] 1HPHFND L N UR]ãtUHQLX S{YRG ]DþDODXåMDQXiUDYW]YGHORYNH
QêFK]iPHURYDNQHEêYDOpPXXUêFKOHQLX DQiVWURMDUQL,FKYHG~FLPLEROL,QJ.DUHO 6SUDFRYDOâWHIDQ$QWDOtN
WHPSD VWDYHEQêFK SUiF 1D GRNRQþHQLH :iJQHUD)UDQWLãHN6RXþHN9PiML


3R]YiQNDQD2O\PSLiGXPDWHUVNìFKåN{O
 'ĖDRKRGLQHVDNRQiQDDWOHWLFNRPãWDGLyQH2O\PSLiGDPDWHUVNêFKãN{OY'XEQLFLQ93UHSRWUHEXãtULĢP\ãOLHQ
NXRO\PSL]PXVFLHĐRP]DSRMLĢGRãSRUWRYpKRGLDQLDYãHWN\VNXSLQ\RE\YDWHĐVWYDVPHVDUR]KRGOLSULSUDYLĢW~WRRO\PSLiGXSUHGHWL
QDMPODGãLHMNDWHJyULHGHWLPDWHUVNêFKãN{O1DXþLDVDV~ĢDåLĢDOHDMSUHKUiYDĢVRVYRMLPLURYHVQtNPL'HWLEXG~V~ĢDåLĢYãW\URFK
GLVFLSOtQDFKYEHKXQDPHWURYYEHKXFH]SUHNiåN\YKRGHNULNHWRYRXORSWLþNRXDYVNRNXGRGLDĐN\5R]KRGRYDĢEXG~XþLWHOLD
=âV0â&O,DDWPRVIpUXSUHWHNRYEXG~GRSOĖDĢURGLþLDV~ĢDåLDFLFKGHWt&HQ\DPHGDLOHSUHGHWL¿QDQþQHGRWXMH0HVWR'XEQLFDQ9
D5DGDURGLþRYVNpKR]GUXåHQLDSUL=âV0â&O,%XG~FLURNSUHEHULHãWDIHWXRUJDQL]iWRUDćDOãLDPDWHUVNiãNRODY'XEQLFLQ9&KFH
PHDE\WiWRWUDGtFLDRVWDODY'XEQLFLQ9þRQDMGOKãLH9EXG~FRPURþQtNXP{åHPHSUL]YDĢDMRNROLWpPDWHUVNpãNRO\NWRUpSUHMDYLD
]iXMHPRV~ĢDåHQLH
 9\FKRYiYDĢ]GUDY~DFWLåLDGRVWLY~PODG~JHQHUiFLXMHQDãHSRVODQLHDFLHOµ=KRWRYLOLVPHVLDMYODVWQ~RO\PSLMVN~]iVWDYXDY\EUDOL
K\PQXSUHGHWL 3R]êYDPHYãHWNêFKNWRUtFKF~YLGLHĢUDGRVĢDãSRUWRY~V~ĢDåLYRVĢ
 0JU(YD.RVWROQi
 VNHMNDSLWXO\=RPUHOPDUFDDMH  ĆDOHM-iQ%DOWD]iU0DJLQDNRSUYêMDV
SRFKRYDQêYNU\SWHGXEQLFNpKRNRVWROD QH SRXNi]DO QD FHOLVWYRVĢ VORYHQVNHM Qi
 -iQ %DOWD]iU 0DJLQ ]RKUDO Yê]QDPQ~ URGQRVWLDY\PHG]LOMHM~]HPLHLKUDQLFH
~ORKX Y QiERåHQVNRP D VSRORþHQVNRP  9HĐPLSRGSRURYDOF\ULORPHWRGVN~WUD
åLYRWH QiãKR QiURGD %RO X]QiYDQêP GtFLXDNRGHGLþVWYRRWFRY9LDFHUpKLVWRULF
-iQ%DOWD]iU0DJLQ
]QDOFRP FLUNHYQpKR D VYHWVNpKR SUiYD NpDELRJUD¿FNp~GDMH]0DJLQRYHMSUiFH
 3DWUt PHG]L QDMYê]QDPQHMãLH RVRE =DREHUDO VD DM DQWLFNRX Y]GHODQRVĢRX D SUHY]DO$QWRQ %HUQROiN7HMWR Yê]QDPQHM
QRVWLQiãKRPHVWDLVORYHQVNpKRQiURGD OLWHUDW~URX6YRMHVFKRSQRVWLY\XåtYDOQLH VORYHQVNHM RVREQRVWL EROL Y 'XEQLFL Q9
-HKRPHQRV~FWRXY\VORYRYDOLJHQHUiFLH OHQQDãtUHQLHGXFKRYQêFKKRGQ{WDOHDM RGKDOHQp GYH SDPlWQp WDEXOH -HGQD MH
EHUQROiNRYFRYLãW~URYFRY0\ãOLHQNDPLD QD SR]GYLKQXWLH Y]GHODQLD 6ORYiNRY 9R QD.DWROtFNRPGRPHDGUXKiYRYHVWLEXOH
Qi]RUPLSUHGVWLKROVYRMXGREX VYRMHM$SROyJLLNWRU~QDStVDOYURNX GXEQLFNpKRNRVWROD$MGXEQLFNêSDUNQH
 1DURGLO VDYR9UERYRPSUL D NQLåQH Y\GDO Y URNX  ]G{UD]ĖRYDO VLHPHQRSR-iQRYL%DOWD]iURYL0DJLQRYL
3LHãĢDQRFK1DYLHGHQVNHMXQLYHU]LWH]tV URYQRSUiYQRVĢ 6ORYiNRY V RVWDWQêPL Qi 'XEQLFNi YHUHMQRVĢ VL QD QHKR V ~FWRX
NDOY]GHODQLH]WHROyJLH¿OR]R¿HKLVWyULH URGPL Y 8KRUVNX -HKR REKDMRED QiãKR VSRPHQXODYURNXNHG\0LHVWQ\RG
D SUiYD =D NĖD]D ERO Y\VYlWHQê Y URNX QiURGD PDOD Y WRP REGREt YHĐNê VSROR ERU 0DWLFH VORYHQVNHM XVSRULDGDO VSR
2GURNXS{VRELOY-iUNXSUL1L þHQVNêDPHG]LQiURGQêYê]QDP$SROyJLD PLHQNX ] SUtOHåLWRVWL  YêURþLD MHKR
WUHDRWULURN\QHVN{UYQHćDOHNHM.RãHFL MHYODVWQHREUDQDDOHERREKDMREDVORYHQ VPUWL
2GWLDĐ QDVW~SLO GR -H]XLWVNpKR NOiãWRUD Y VNpKRQiURGDYSRGREHRGSRYHGHSURIH =GURMGXEQLFNpPRQRJUD¿H
7UHQþtQH2GURNXDåGRVYRMHMVPU VRURYL XKRUVNpKR SUiYD 0LFKDORYL %HQFt
WLS{VRELOY'XEQLFLQ99URNXKRY\ NRYL NWRUê QHX]QiYDO VORYHQVN~ KLVWyULX 6SUDFRYDOâWHIDQ$QWDOtN
PHQRYDOL ]DWLWXOiUQHKR NDQRQLND1LWULDQ DQLNXOW~UX

 'RPND=GUXåHQLHVDOH]LiQVNHMPOiGHåHVDUR]KRGODtVĢNPODGêP
 6UGHþQH EODKRåH PHG]LSDQHOiN\DSUHWRYVSROXSUiFLVRFKRWQêPLDQLPiWRUPLXVSRULD
OiPH QDãLP KDVLþRP GDODQDVtGOLVNX3RGKiMRPKRNHMEDORYêWXUQDM6WUHHWFXS1HFKêEDOLDQL
NX LFK VYLDWNX NWRUê VSULHYRGQpSRGXMDWLD
RVODYRYDOL QD VYlWpKR  Ä6DPRWQtV~ĢDåLDFLY\WYRULOLVHGHPPXåVWLHYRVWDWQêPGHĢRPD
)ORULiQDDNRDMNXEOt PODGêPNWRUtSULãOLOHQWDNPLPRFKRGRPVDYHQRYDOLDQLPiWRULSULNDO
åLDFHPX VD YêURþLX þHWiFK IXWEDOH Y\EtMDQHM DOHER LED Y GLVNXVQHM VNXSLQNH³ Y\MDGULO VD
Y]QLNX'REURYRĐQpKR VDOH]LiQDSUHGVHGD'RPN\3DYRO'UãNDDGRGDOÄ$NFLDERODVNXWRþQH
SRåLDUQHKR]ERUX %RKRPSRåHKQDQiRþRPVYHGþLORQiGKHUQpSRþDVLHDNRDMSULE~GDM~
 7RXWR FHVWRX LP FLSRþHWGHWt1HFKêEDOLDQL]YHGDYFLSUL]HUDM~FLVD]RNLHQSDQHOiNRY
ćDNXMHPHDM]DGREU~ DOHERURGLþLDGHWtNWRUpV~ĢDåLOL³
VSROXSUiFX SUL SUtSUD  3RGXMDWLHERORXUþHQpSUHGHWLRGGRURNRYDVSROXVRVDOH]LiQ
YH PODGêFK KDVLþRY PLKRSULSUDYLORGYDGVDĢDQLPiWRURY6YRMXSRGSRUXWRPXWRSRGXMDWLX
QD WUDGLþQ~ V~ĢDå Y\MDGULODMSULPiWRUPHVWD,QJ-R]HI*DãSDUtN
Ä3/$0(ĕ³

3HGDJyJRYLD
GXEQLFNêFKãN{O

 3UYêPiMRYêGHĖVDQD913UHMWDGROQiXVNXWRþQLOLU\
EiUVNHSUHWHN\YORYHUêEXGLFRXSUHPOiGHåGRU.Då
Gê V~ĢDåLDFL VL PRKRO SULYODVWQLĢ QDMYLDF GYRFK NDSURY ]
GĎåNRX%RGRYDQpEROLYãHWN\FK\WHQpU\E\KRGQRWRX
FHQWLPHWHUERG9ãHWNRVD]DþDORRYêVWUHORP]R
VYHWOLFH%ROWRQDStQDYê]iSDVDPQRKRPODGêFKY\GUåD
ORDåGR NRQFD 3RþDVLH SULDOR D SUHWR FKXWLOR DM U\EiP
&K\WDOLVDQDMPlEHOLFHRVWULHåHDVHPWDPVDSRãĢDVWLOR
FK\WLĢDMNDSUtND2QDVWDOćDOãtYêVWUHONWRUê]QDPH
QDONRQLHFSUHWHNRY9ãHWFLVD]LãOLSUHGU\EiUVNRXFKDWRX
DþDNDORVDQDYêVOHGN\.DåGpKROiNDOL]DXMtPDYpFHQ\
1DMVN{UVDKRGQRWLOLGLHYþDWiNWRUpV~ĢDåLOLWUL3UYi/D]D
ĖRYi 'RPLQLND QD]ELHUDOD  ERGRY D Y\KUDOD XGLFX = 
FKODSFRYVDDNRSUYêXPLHVWQLO%RULV&YDFKRNWRUê]DKR
GLQ\QD]ELHUDOQHXYHUL
WHĐQêFKERGRYD
PDO REURYVNê QiVNRN
SUHG GUXKêP 7DNWLHå
Y\KUDOQRY~XGLFX'~
IDPåHVDYãHWFLDMR
URN VWUHWQ~ D SRFK\
WDM~ WDNpWR DN QLH DM
YlþãLH~ORYN\DVWUiYLD
NUiVQ\GHĖSULYRGH

5DVWLVODY0RãNR


 R

6.â325729È+$/$
  6.SUHGSUHGDM GR
2''(/(1,(.8/7Ò5<0VÒ0JU.HEtVNRYi
 'XEQLFDQDG9iKRPâ325729È+$/$

2GSRYHGDMWHGR
9SRNODGQLNLQDYKRćWHY\SOQHQêNXSyQ
$OHERPDLORPQDNLQR#GXEQLFDHX
2Wi]ND
.WRVWYiUĖXMHSRVWDYX,QGLDQD-RQHVD"
1DStãWHPHQRWRKWR]QiPHKR
DPHULFNpKRKHUFD


=PìOLOLVD" FHVWX GRPRY D ÄXVWODOÄ VL QD FHVWQHM NR QDQt , NHć LãOR R SUHYDåQH R PDOROHWêFK
PXQLNiFLLDSULNU\OVDVYRMLPELF\NORP1D SiFKDWHĐRYNWRUêFKQHPRåQRSUHLFKQt]
 'ĖD  DSUtOD  Y SRSROXGĖDM NRĐNR PXå QHXWUSHO åLDGQH ]UDQHQLD ERO N\ YHN ]D XYHGHQp NRQDQLH VWtKDĢ EXG~
ãtFK KRGLQiFK ULHãLOD KOLDGND PHVWVNHM SUHYH]HQêGRPRYDGRULHãHQê]DVSiFKD PXVLHĢ Y]QLNQXW~ ãNRGX XKUDGLĢ LFK ]i
SROtFLH WURMLFX PXåRY YR YHNX  Då  QLHSULHVWXSNXSURWLYHUHMQpPXSRULDGNX NRQQt]iVWXSFRYLD
URNRY NWRUt VL GHWVNp LKULVNR ÄSRPêOLOL³ V
SRKRVWLQVNêP ]DULDGHQtP D QD XYHGH  3UtVOXãQtFL PHVWVNHM SROtFLH Y VOHGR $JUHVtYQ\KRVĨ
QRP PLHVWH SRStMDOL DONRKROLFNp QiSR YDQRP REGREt ULHãLOL NRQDQLH WLFK
MH 2NUHP WRKR YXOJiUQH SRNULNRYDOL QD RV{E NWRUp VD SRG YSO\YRP VNRQ]XPR  'ĖD    QD ]iNODGH WHOHIRQLF
RNRORLG~FH RVRE\ 1DNRĐNR VD WLHWR RVR YDQpKR DONRKROX GRSXVWLOL SULHVWXSNRY NpKR R]QiPHQLD ]DVDKRYDOD UHDOL]Dþ
E\ VYRMtP NRQDQtP GRSXVWLOL SULHVWXSNX SURWL YHUHMQpPX SRULDGNX  Y]EXG]RYD Qi KOLDGND PHVWVNHM SROtFLH Y MHGQRP
SURWLYHUHMQpPXSRULDGNXERODWURMLFDPX OL YHUHMQp SRKRUãHQLH UXãLOL QRþQê SRNRM ] UHãWDXUDþQêFK ]DULDGHQt QD ~]HPt
åRYSUHGYHGHQiQD~WYDUPHVWVNHMSROtFLH ]QHþLVĢRYDOL YHUHMQp SULHVWUDQVWYR DOH PHVWD NGH URþQê PXå ]DþDO QDMVN{U
NGHSRSRGDQtY\VYHWOHQLDERODYHFULHãH ER NRQDOL SURWL REþLDQVNHPX VSROXQDåtYD YHUEiOQH D QiVOHGQH L I\]LFN\ QDSiGDĢ
QiXGHOHQtPEORNRYHMSRNXW\ QLX  YHUEiOQH DOHER I\]LFN\ QDSiGDOL LQp RVWDWQêFK QiYãWHYQtNRY ]DULDGHQLD 1D
RVRE\ DOHER VD YRþL WêPWR LQDN KUXER NRĐNR VD PXå VSUiYDO DJUHVtYQH L YRþL
$ONRKROÅ~UDGRYDO´ VSUiYDOL KOLDGNH D QHUHDJRYDO QD Yê]Y\ DE\
RG WDNpKRWR NRQDQLD XSXVWLO EROL YRþL
 'ĖD    SRSROXGQt ]DVDKR 6WDUĀHN]ORGHM QHPX SRXåLWp GRQXFRYDFLH SURVWULHGN\
YDOD KOLDGND Y FHQWUH PHVWD NGH VD Y 0Xå ERO Y PLQXORVWL SV\FKLDWULFN\ OLH
EOt]NRVWL REFKRGQêFK SUHYiG]RN QD  0HVWVNi SROtFLD SUDYLGHOQH ULHãL DM þHQê D MHKR NRQDQLH SUHMDYRYDOR RSlĢ
FKiG]DO QD FKRGQtNX OHåLDFL SRGQDSLWê SULHVWXSN\ NWRUêFK VD GRS~ãĢDM~ RVR WDNpWR SRUXFK\ 9]KĐDGRP QD WR VD QD
PXå 3UL ĖRP VD ]GUåLDYDO MHKR SHV QH E\ RGFXG]XM~FH WRYDU Y REFKRGQêFK PLHVWR SULYRODOD DM OHNiUVND VOXåED D
PHFNê RYþLDN RKUR]XM~FL RNRORLG~FLFK ]DULDGHQLDFK QD ~]HPt PHVWD 3RPHU PXå ERO SR SUYRWQRP RãHWUHQt SUHYH]H
+OLDGND QiVOHGQH QHEH]SHþQpKR SVD QH NXULy]Q\ SUtSDG VD Y\VN\WRO GĖD Qê QD ćDOãLH Y\ãHWUHQLD $M SUL SUHYR
RGFK\WLOD D SRWRP SUHEUDOD L MHKR SRG  NHG\ ERO ]D SRNXV R NUiGHå ]H VD VSUiYDO DJUHVtYQH D WDN PHVWVNi
QDSLWpKR URþQpKR PDMLWHĐD NWRUê WRYDUX ULHãHQê WDNPHU URþQê PXå SROtFLD PXVHOD FKUiQLĢ L ]GUDYLH OHNiU
VYRMLP NRQDQtP QDSOQLO VNXWNRY~ SRG 1DNRĐNR REMDVĖRYDQtP YHFL EROR ]LVWH VNHKRSHUVRQiOX
VWDWX SULHVWXSNX SURWL YHUHMQpPX SR Qp åH G{FKRGFD VD NUiGHåH GRSXVWLO
ULDGNX ~P\VHOQêP NRQDQtP YHF EROD GRULH =D~WRĀLOQDSROLFDMWRY
ãHQiY]P\VOH]iNRQDDNRSULHVWXSRNSUR
6SUiYDOVDÅDNRGRPD´ WLPDMHWNX  3RGREQê SUtSDG ERO ULHãHQê L GĖD
   NHć QH]QiP\ PXå I\]LFN\
 6OXåEXNRQDM~FD KOLDGND PHVWVNHM SR 6SUD\HUL QDSiGDO QLHNRĐNêFK QiYãWHYQtNRY ćDO
OtFLH ULHãLOD    NRQDQLH URþ ãHM UHãWDXUiFLH URþQê PXå EH]G{
QpKR PXåD NWRUê VL SRG YSO\YRP DONR  9 SULHEHKX PHVLDFD DSUtO  SUt YRGQH I\]LFN\ QDSDGRO QLHNWRUêFK ] KRV
KROX XVWODO QD FKRGQtNX SULþRP VD Y GR VOXãQtFL PHVWVNHM SROtFLH REMDVĖRYDOL Wt D DJUHVtYQH VD VSUiYDO L N KOLDGNH
PQHQt åH VD QDFKiG]D GRPD SRY\]OLH SUtSDG\ NHć QH]QiPH RVRE\ SRStVD PHVWVNHM SROtFLH 0Xå ERO SUHGYHGH
NDO D ãDWVWYR L WRSiQN\ SRXNODGDO YH OL EXGRY\ ]DULDGHQLD L DXWREXV Y PHVWH Qê QD ~WYDU PHVWVNHM SROtFLH ]D ~þHORP
GĐDVHED U{]Q\PL QiSLVPL IDUHEQêPL VSUD\PL 9 SRGDQLD Y\VYHWOHQLD 3R Y\VW~SHQt ]R
GĖRFK  D  DSUtOD VD SRGDULOR ]LVWLĢ VOXåREQpKR PRWRURYpKR YR]LGOD PXå
8VWODOVLQDFHVWH WRWRåQRVĢ WêFKWR RV{E ,ãOR VD R VNXSLQ I\]LFN\ QDSDGRO SUtVOXãQtND KOLDGN\ D
NX PDOROHWêFK D PODGLVWYêFK FKODSFRY XGUHO KR GR REODVWL KODY\ ÒWRþQtN ERO
 2 QLHNRĐNR GQt QHVN{U ERO KOLDGNRX YR YHNX  Då  URNRY 9HF EXGH SR RNDPåLWH ]D SRPRFL GRQXFRYDFtFK SUR
PHVWVNHM SROtFLH QiMGHQê URþQê PXå MHM ]GRNXPHQWRYDQt RGRY]GDQi QD GR VWULHGNRY RGRY]GDQê RUJiQRP þLQQêP Y
NWRUê SRG YSO\YRP DONRKROX QH]YOiGRO ULHãHQLH RUJiQRP þLQQêP Y WUHVWQRP NR WUHVWQRPNRQDQt

 =R]QDPRE\YDWHĐRYNWRUtVD =R]QDPRE\YDWHĐRYNWRUt]RPUHOL
QDURGLOLRGGR 632/2ÿ(16.É RGGR
58%5,.$
9DQHVVD%LHOLNRYi $OåEHWD'XEQLþNRYi
9PHVLDFLDSUtO
$GHOD*DEULãRYi -R]HItQD+UXEi
RVOiYLOLåLYRWQpMXELOHXP
0LFKDO*DJR =X]DQD'RPDQVNi
D
.DWDUtQD+tUHãRYi -R]HIäLOND
3DYRO&KDOXSHN =GHQR0HGHUD
0iULD.OLPHNRYi
$QGUHD-DQNHFKRYi -RODQD.RViNRYi
5XGROI5DþHN
3DWULN.XUXF $OEtQD3ODþNRYi
,PULFK7LQiWK
0DWHM0DULiQ/DOLQVNê $QQD3UHNRSRYi
0DUJLWD.DSLORYi
-DNXE/XNiþLN $GROI%LViN
=GHQND0DWHLþNRYi
0DUFHO0DĖiN $QQDäRYLQFRYi
0iULD9HOLþRYi
3HWHU0XWDOD -R]HIýXSDOND
5R]iOLD*DELNRYi
$OH[HM3ULHYR]QtN 9HURQLNDâYRQGUNRYi
$QQD+RUDQVNi
.DULQâHYþHNRYi 0DULiQ7UHQþDQ
+HOHQD.DPHQiURYi
$QHWD9DOHQWRYi 7LERU.XUXF
0DW~ã=XER 6UGHþQHEODKRåHOiPH





WDNåHVRPVL]Y\NRODQHVĢDåXMHPVL9SRGVWDWH
MHWRPRMDSUiFDDMDVRPUiGåHUREtPWRþRPD
EDYt
1HSULãLHOQLHNHG\PRPHQW
åHVLRĐXWRYDOåHVLVDGDOQDKiG]DQ~"
 8UþLWHSULãLHODOHQLNG\WRQHERORWDNp]OpDE\
VRPQDGWêPYiåQHMãLHXYDåRYDO
ýRVLP\VOtãNWRMHQDWHEDQDMYLDFS\ãQê"
 $VLFHOiURGLQD.HćP{åXFKRGLDQDNDåGê
]iSDVDWRPLGiYDHQHUJLXDVLOXNHćYLHPåH
PLQLHNWRGUåtSDOFHYLDFDNRRVWDWQtIDQ~ãLNRYLD
-HPODGêMH~VSHãQêDMHþHUVWYêP0DMVWURP6OR 9NWRURPPXåVWYHVLVDFtWLOQDMOHSãLH"
YHQVND5HþMHR3HWURYL'XGiãRYLRGFKRYDQFRYL  .DåGp PXåVWYR D NROHNWtY Pi QLHþR GR VHED
GXEQLFNHMKiG]DQHM 7XY'XEQLFLVPHEROLGREUiSDUWLDEROLVPHPODGt
FKRGLOLVPHVSROXDMQDGLVNRWpN\9%UDWLVODYHXå
$NRVLVDGRVWDONKiG]DQHM WRERORLQpSUHWRåHRQLV~WURãNXLQtDNRRVWDWQt
DNWRĢDNQHMSULYLHGRO" DOH]DWDNpGYDWULURN\VPHVDWLHåGDOLGRNRS\D
 0{MRWHFVtFHKUiYDOKiG]DQ~DOHMDVRP]DþDO Y\WYRULOLVPHGREU~SDUWLX0\VOtPVLåHGREUi
VIXWEDORP9HĐPLPDWRYãDNQHEDYLOR+iG]DQ~ SDUWLDSRGSRUXMHGREUpYêNRQ\QDLKULVNX93UH
KUiYDODMP{MVSROXåLDN1D]iSDV\FKRGLOQLHNHG\ ãRYHMHWRSRGREQpDVPHNDPDUiWL
DMFH]WêåGHĖDYWHG\KRXYRĐĖRYDOL]RãNRO\þR $N~QDMY\ããLXPpWXYKiG]DQHME\VLFKFHOGR
VDPL]DSiþLOR VPLHFK $VLSRWURFKURNRFKVRP VLDKQXĢ"
WHGD SUHãLHO QD KiG]DQ~ =KRGRX RNROQRVWt P{M  $VLGRVWDĢVDQLHNDPGR]DKUDQLþLD/iNDPD
SUYêWUpQHUWUpQRYDODMRWFD+iG]DQiPDFK\WLOD ãSDQLHOVND DOHER QHPHFNi OLJ\ WLH V~ QDMNYDOLW
DWDNVRPVDMHMRGãWYUWHMWULHG\]DþDOYHQRYDĢD QHMãLH
ĢDKiPWRDåGRWHUD] 5R]PêãĐDO VL QDG WêP þR E\ VL URELO NHE\ SUL
9NWRUêFKPXåVWYiFKVLS{VRELO" ãOR]UDQHQLHDPXVHOE\VLVKiG]DQRXVNRQþLĢ"
 $VLDåGRURNXVRPKUiYDOY'XEQLFLSR  1DGWêPYHĐPLQHUR]PêãĐDPDOHPDPDPDWOD
WRPVRPSUHãLHOGR%UDWLVODY\DRGWLDĐVRPPLQXOp þtGRWRKRDE\VRPVLVSUDYLOQHMDN~ãNROX0QH
OHWR SUHVW~SLO GR 3UHãRYD ĆDOãtP YHĐNêP ~VSH VD]DWLDĐYHĐPLQHFKFHDOHYHćVRPHãWHPODGêD
FKRPMHSUHWHEDXUþLWHDM~þDVĢYUHSUH]HQWiFLL PiPþDV VPLHFK
'R UHSUH]HQWiFLH VRP VD GRVWDO PLQXOê URN NHć ýR E\ VL SRUDGLO PODGêP FKODSFRP SUH NWR
EROD NODVL¿NiFLD QD 0DMVWURYVWYi (XUyS\ 3RþDV UêFKVLY]RU"
WRKRURNDVRPVDSUHSUDFRYDODåGRXåãLHKRYê  .HćFKFHþORYHNQLHþRGRVLDKQXĢWDNPXVtQD
EHUX D PRKRO VRP UHSUH]HQWRYDĢ 6ORYHQVNR QD VHEH MHGQRGXFKR PDNDĢ ËVĢ VL ]D VYRMtP VQRP
PDMVWURYVWYiFK 0XVtXURELĢQLHþRQDY\ãHDNRRVWDWQtDY\GDĢ]R
+iG]DQHMYHQXMHãDVLYHĐDþDVXMHWRQiURþQp" VHEDPD[LPXPDSRWRPHãWHUD]PD[LPXP
 &H]WêåGHĖPiPHGYRMIi]RYpWUpQLQJ\DFH] Vþ
YtNHQGEêYDM~]DVD]iSDV\8åWRPiP]DEHKDQp

 .OXEVORYHQVNêFKWXULVWRYY'XEQLFLQ9YVSROXSUi
FLVPHVWRPSULSUDYLOWXULVWLFNêSRFKRG'XEQLFNiWULG
VLDWND.RQDOVDXåMHKRURþQtNDXNi]DORVDåHPi
YHĐD SULD]QLYFRY 1D ãWDUWH VD SUH]HQWRYDOR  ĐXGt
.UiVQ\ VOQHþQê GHĖ VD UR]KRGOR VWUiYLĢ SUHFKiG]NRX
Y SUtURGH V URGLQRX þL SULDWHĐPL  REþDQRY PHVWD
'XEQLFDQ93RWHãLORåH~þDVWQtNRYGRURNRYEROR
QDSRFKRGH7XULVWLNDSRQ~NDPRåQRVĢSR]QDĢNUi
VXSUtURG\DWLHåSRGDĢXUþLWêãSRUWRYêYêNRQYãHWNêP
YHNRYêPNDWHJyULiP1DMPODGãtP~þDVWQtNRPEROR
PHVDþQp GLHYþDWNR ] 'XEQLFH D QDMVWDUãtP WXULVWRP
URþQê.DURO*DYHQGD]2SDWRYHMQ9
 'XEQLFNi ND Pi Xå VYRMH PHQR DM ]D KUDQLFD
PLUHJLyQX3RYDåLD6SR]QiYDĢ'XEQLFXDRNROLWpKRU\
SULãOLDMWXULVWL]7UQDY\3LHãĢDQ5XåRPEHUND=YROHQD
'ROQpKR.XEtQDþL%UDWLVODY\=DW~WRPRåQRVĢSUHMVĢVDRNROLWê VN\WORYFLHOL~þDVWQtNRPREþHUVWYHQLH9ãHWNêPNWRUtDNRNRĐYHN
PL KRUDPL SDWUt SRćDNRYDQLH DM VSUiYFRP SUtVOXãQpKR SROHVLD SULVSHOLNXVNXWRþQHQLXSRFKRGXSDWUtQDãHSRćDNRYDQLH'~ID
DNR8UEiUVNDREHFâWiWQHOHV\DćDOãtPYODVWQtNRP3HNQiDOH MPHåHVSRORþQêPLVLODPLSULSUDYtPHW~WRDNFLXDMQDEXG~FLURN
¿QDQþQHQiNODGQiDNFLDVDXVNXWRþQLODDM]DSULVSHQLDPHVWDD DWRDSUtOD
QLHNRĐNêFKV~NURPQêFK¿ULHP7UDV\NRQþLOLQD'XWDIHNWRUpSR $QWRQ=HOHQND

'8%1,&.e129,1<PHVDþQtNREþDQRYPHVWD'XEQLFDQ99\GiYD0HVWR'XEQLFDQ9ZZZGXEQLFDHXWHO$GUHVDUHGDNFLHDLQ]HUWQpKRRGGHOHQLD2GGNXOW~U\0VÒ
0JU (YD .HEtVNRYi 0V'. %UDWLVODYVNi  WHO    GQ#GXEQLFDHX âpIUHGDNWRU 6WDQLVODYD ýHFKRYi HPDLO VFHFKRYD#FHQWUXPVN *UDILFNi ~SUDYD -iQ )DMQRU
5HGDNþQiUDGDSUHGVHGD,QJ-DURVODYâOHVDU]iVWXSFDSULPiWRUDWHOHPDLO]DVWXSFD#GXEQLFDHXýOHQRYLD,QJ%HiWD1HPFRYi0JU(YD.HEtVNRYi0JU5LFKDUG%HQHFK-iQ3RUXEDQ
âWHIDQ$QWDOtN

,Q]HUFLD REMHGQiYNRX DOHER RVREQH Y 0V'.  RGG NXOW~U\ WHO    3UtVSHYN\ QHKRQRUXMHPH 5HGDNFLD VL Y\KUDG]XMH SUiYR ~SUDY\ PDWHULiORY 1HY\åLDGDQp UXNRSLV\
QHYUDFLDPH5HJLVWUiFLD377ODþ.8%21HPãRYi

You might also like