Professional Documents
Culture Documents
ÛÖàêáéÖåÚÙÖÜäÜÞØàY
ÀÖéÚÙçÖéeáÚèãdÖèåäçéäëãmëØÝäëî
ÂÚéäÙÞàÖãYØëÞàêßêÙÖåçä
ïÖbYéÚbãmàî
' L S O R P R Y i S U i F H
OLVWRSDG 7RPiä9HOH
7i]OHURYD7XUQRY
XÿLWHOVWYt,,,VWXSQě
79=
3URKODäXMLæHMVHPGLSORPRYRXSUiFLY\SUDFRYDOVDPRVWDWQěDXYHGOYQtYHäNHURXOLWHUDWXUXDMLQp
]GURMHNWHUpMVHPSRXæLO
97XUQRYěGQH 7RPiä9HOH
Ä×èÖÝ
ÓYRG
&tOHD~NRO\
)RUPXODFHFtOHDGtOÿt~NRO\
+LVWRULHMDSRQVNëFKERMRYëFKXPěQtDMXGD
1iVWLQYëYRMHMDSRQVNëFKERMRYëFKXPěQt
-LJRUR.DQRDYëYRMMXGD
9ëYRMMXGDYÿHVNëFK]HPtFK
&KDUDNWHULVWLNDVSRUWRYQtKRYëNRQXYMXGX
2EHFQiFKDUDNWHULVWLND
)\]LRORJLFNiFKDUDNWHULVWLND
3V\FKRORJLFNiFKDUDNWHULVWLND
0HWRG\D]iVDG\SőLQiFYLNXMXGD
9\XÿRYDFt]iVDG\
9\XÿRYDFtPHWRG\
=iNODGQtSUYN\MXGD
3R]GUDY5(,
=iNODGQtSUYN\WHFKQLNYSRVWRMLQDJHZD]D
3RVWRMäLQ]HL
ÓFKRSNXPLNDWD
3RK\ESRWDWDPLäLQWDL
9\FKëOHQtNX]XäL
1iVWXSFXNXUL
+RGNDNH
3iG\XNHPL
SiGY]DGXäLURXNHPL
SiGYSőHGPDHXNHPL
3iGYSőHGVWUDQRX
3iGVWUDQRX
1DJHZD]DWHFKQLNDERMHYSRVWRML
ÓYRGGRQDJHZD]\
1iFYLNFKYDWţYSRVWRML
2JRäL
8NLJRäL
2VRWRJDUL
6HRLQDJHLSSRQ
6DVDHFXULNRPLDäL
+L]DJXUXPD
'HDäLKDUDL
0HWRGLNDQiFYLNXERMHYSRVWRML
=iVDG\PHWRGLFNpKRSRVWXSX
0HWRGLFNëSRVWXSSőLQiFYLNXD]GRNRQDORYiQtWHFKQLN\SRUD]ţ
1iFYLNEH]VRXSHőHWDQGRNXUHQäX
2SDNRYDQpQiVWXS\GRFKYDWţXÿLNRPLEXFXNDUL
2SDNRYDQpKRG\EH]RGSRUXVRXSHőHQDJHNRPL
3URFYLÿRYiQtFKYDWţ]DSRK\EXMDNXVRNXJHLNR
3URFYLÿRYiQtFKYDWţVGRSRPRFtVXWHJHLNR
&YLÿQëDYROQëERMNDNDULJHLNRDUDQGRUL
9ëEěURVREQtWHFKQLN\WRNXLZD]D
1iFYLNNRPELQDFt
=KL]DJXUXPDGRKL]DJXUXPD
=RVRWRJDULGRRVRWRJDUL
=KL]DJXUXPDGRRVRWRJDUL
=KL]DJXUXPDOHYiGRVDVDHFXULNRPLDäLSUDYi
=RVRWRJDULGRKL]DJXUXPD
1iFYLNSURWLFKYDWţ
RVRWRJDULSURWLRVRWRJDUL
GHDäLKDUDLSURWLGHDäLKDUDL
KL]DJXUXPDSURWLKL]DJXUXPD
XNLJRäLSURWLRJRäL
RJRäLSURWLGHDäLKDUDL
7HFKQLNDERMHQD]HPL
1HZD]DWHFKQLNDGUæHQt
ÓYRGGRQHZD]\
1iFYLNFKYDWţQHZD]\
.HVDJDWDPH
.X]XUHNHVDJDWDPH
.DWDJDWDPH
.DPLäLKRJDWDPH
-RNRäLKRJDWDPH
7DWHäLKRJDWDPH
åLPHZD]DWHFKQLNDäNUFHQt
ÓYRGGRæLPHZD]\
=iVDG\~WRNX
=iVDG\REUDQ\
1iFYLNFKYDWXæLPHZD]\
.DQVHFXZD]DWHFKQLNDSiÿHQt
ÓYRGGRNDQVHFXZD]\
=iVDG\~WRNX
=iVDG\REUDQ\
1iFYLNFKYDWXNDQVHFXZD]\
8GHKLäLJLæXæLJDWDPH
0HWRGLNDQiFYLNXERMHQD]HPL
=iVDG\PHWRGLFNpKRSRVWXSX
0HWRGLFNëSRVWXSQiFYLNXERMHQD]HPL
1iFYLNEH]VRXSHőHWDQGRNXUHQäX
2SDNRYDQpQiVWXS\GRFKYDWţXÿLNRPL
0HWRG\NDWD
0HWRG\UDQGRUL
=iVREQtN~SRORYëFKKHUDFYLÿHQt
+RQLÿN\
+U\VPtÿHP
ÓSRORYpKU\GUXæVWHY
2GSRU\GYRMLF
ÓSRORYpKU\
6ORYQtÿHNMDSRQVNëFKYëUD]ţSRXætYDQëFKYMXGX
3UDYLGODMXGDYHU]H
=iYěU
Ëæä[ÍÜãÜÀ¸Ç·¼¾´Á¶É¼¾È½È·´ÃÅÂÍ´"Ǹ"Á.¾Ì ¤¡KÉ·
¦£MËĹ
-XGRMDNRW\SLFNë~SRORYëVSRUWVSOłXMHSRæDGDYN\ÿORYěNDPRGHUQt
GRE\1HEëYDOpKRUR]PDFKXGRViKORMXGRWtPæHVHYURFHY7RN\X
]DőDGLORGRURGLQ\RO\PSLMVNëFKVSRUWţ3őtÿLQ\UR]PDFKXMVRXYäDNGiQ\
VDPRWQëP FKDUDNWHUHP MXGD NWHUp MH VSRUWHP Y\æDGXMtFtP GRNRQDORX
SV\FKLFNRXDI\]LFNRXNRQGLFLDVRXKUX-HVSRUWHPU\FKOpKRUR]KRGR
YiQtYROE\RSWLPiOQtKRőHäHQtVLWXDFt&YLÿtYţOLXSHYłXMHGLVFLSOtQX-H
Y\QLNDMtFt SUR NXOWLYDFL WěOD L GXFKD 9
WRPWRSőHWHFKQL]RYDQpPDVWUHVRYDQpP
VYěWěQDEt]tMXGR]SţVREXYROQěQtSőH
E\WHÿQpHQHUJLH
2G SRÿiWNX YëVN\WX MXGD Y QDäLFK
]HPěSLVQëFKätőNiFKVHREMHYRYDORYěWät
ÿLPHQätPQRæVWYtUţ]QěNYDOLWQtFKWLWXOţ
2EU0LVWURYVNpXWNiQtYMXGX SRMHGQiYDMtFtFKRMXGXMDNRFHONXÿLMHKR
MHGQRWOLYëFK WHFKQLNiFK 1HGi VH WHG\ KRYRőLW R QHGRVWDWNX PDWHULiOţ
YKRGQëFKNHVWXGLXMXGD9\YVWiYiWHG\RWi]NDSURÿVHYODVWQěSRXäWtPGR
WpPDWXNWHUëMHMLæWROLNUiW]SUDFRYiQ'ţOHæLWpMHXUÿLWFtORYRXVNXSLQX
7DWRSUiFHE\PěODEëWXUÿHQDKODYQěVWXGHQWţPY\VRNëFKäNROVHVSRU
WRYQtP]DPěőHQtPDQDSRPRFLMLPSőLVWXGLX~SROţ3RGVWDWXWpWRSUiFH
E\FK VSDWőRYDO SUiYě Y WRP æH SURYHGH VHOHNFL LQIRUPDFt ] SXEOLNDFt
NWHUpVHVRXVWőHĐXMtYHOLFH~]FHQDXUÿLWpRNUXK\MXGDD]iURYHłNRPSOH
WDFL]NQLKSőtOLäREHFQëFKDQěNWHUiWpPDWD]FHODRSRPtMHMtFtFKWDNDE\
ÊËɸŸ ®
Ëæä[ÍÜãÜÀ¸Ç·¼¾´Á¶É¼¾È½È·´ÃÅÂÍ´"Ǹ"Á.¾Ì ¤¡KÉ·
PěOVWXGHQWYHäNHUpSRWőHEQpLQIRUPDFHSURUROLWRKRNWHUëVHVMXGHP
WHSUYHVH]QDPXMHWDNLSURUROLSR]GěMätWHG\XÿLWHOVNRX
'DOätYěFtYHNWHUpVSDWőXMLYëKRGXWpWRSUiFHMHæHEXGHDNFHSWR
YDWWHFKQLFNëSRNURNDUR]YRMPXOWLPHGLiOQtKRY]GěOiYiQtDEXGHSURWR
SőHYHGHQDLGRHOHNWURQLFNpSRGRE\NWHUiEXGHPRFLEëWLY\VWDYHQDQD
FHORVYěWRYpLQIRUPDÿQtVtWL7HG\EXGHGRVWXSQiQDLQWHUQHWX
ÊËɸŸ ¯
Ëæä[ÍÜãÜÀ¸Ç·¼¾´Á¶É¼¾È½È·´ÃÅÂÍ´"Ǹ"Á.¾Ì ¥¡¶.¿¸´K¾Â¿Ì
§£¸máÚÖàäáî
§£¦»äçâêáÖØÚØmáÚÖÙmábmàäáî
)RUPXODFHFtOH
&tOHPWpWRSUiFHMH]DSRPRFLMLæH[LVWXMtFtFKPDWHULiOţDRGERUQpKR
YHGHQtKODYQtKRPHWRGLNDþHVNpKRVYD]XMXGDVHVWDYHQtSXEOLNDFHNWHUi
VH]QiPtÿWHQiőHVMXGHP~URYQěN\XDPHWRGLNRXMHKRQiFYLNX
'tOÿt~NRO\
=MLäWěQtGRVWXSQëFKPDWHULiOţDSR]QDWNţ]OLWHUDWXU\DMHMLFKVWX
GLXP
6HOHNFH PDWHULiOţ D NRQ]XOWDFH QDE\WëFK LQIRUPDFt V RGERUQt
NHP
6HVWDYHQtSőHKOHGXWHRUHWLFNëFKSR]QDWNţRMXGX
6HVWDYHQtQHMYKRGQěMätKRPHWRGLFNpKRSRVWXSXQiFYLNXMXGDSUR
]DÿiWHÿQtN\
6HVWDYHQt]iVREQtNX~SRORYëFKKHUDFYLÿHQt
9\WYRőHQtIRWRJUDÀFNpGRNXPHQWDFH
3őHYHGHQtSUiFHGRHOHNWURQLFNpSRGRE\
ÊËɸŸ °
Ëæä[ÍÜãÜÀ¸Ç·¼¾´Á¶É¼¾È½È·´ÃÅÂÍ´"Ǹ"Á.¾Ì ¦¡»¼ÆÇÂż¸µÂ½ÂÉR¶»ÈÀ&Á.
¨£½ÞèéäçÞÚ×äßäëØÝêâeãmÖßêÙÖ
9SRVOHGQtFKGHVHWLOHWtFK]tVNiYDMtYHVYěWěYtFHDYtFHQDSRSXODULWě
DVLMVNi ERMRYi XPěQt XVSRNRMXMtFt VYRX ÀORVRÀFNRX SRGVWDWRX ÿiVW
SRSXODFHNRQ]XPQtVSROHÿQRVWL'iVHőtFLæHWHQWRWUHQGNRUHVSRQGXMH
VSURFHVHPJOREDOL]DFHNG\GRFKi]tNSUROtQiQtNXOWXUDæLYRWQtFKVW\Oţ
6DPRVWDWQRXRGQRæWYRőtERMRYiXPěQt%8SRFKi]HMtFt]-DSRQVND
NWHUi Y MDSRQVNp NXOWXőH ]DXMtPDMt Yë]QDPQp PtVWR 1HMYë]QDPQěMät ]
QLFKMH-8'2NWHUpVHVWDORLRO\PSLMVNëPVSRUWHP9VRXÿDVQpPSRMHWt
MDSRQVNëFK%8QiPY\YVWiYDMtWőLKODYQtDVSHNW\
GRVDæHQtDXGUæHQtGREUpI\]LFNpDGXäHYQtNRQGLFH
VHEHREUDQQpY\XæLWt
VSRUWRYQtY\XæLWt
7DNRYpWR SRMHWt NWHUp VH UR]YLQXOR Dæ Y SUţEěKX D VWROHWt
Y\FKi]t ]H VWDUätFK YiOHÿQëFK ÿLQQRVWt 3ţYRGQt ERMRYi XPěQt L MHMLFK
QRYRGREpRGYR]HQLQ\őDGtPHPH]L~SRO\QHEROLÿLQQRVWLPDMtFtSőtPë
SţYRGQDERMLäWL
¨£¦ÃYèéÞãëëäßÚßÖåäãèàØÝ×äßäëØÝêâeãm
-DSRQVNR MDNR RVWURYQt VWiW E\OR FKUiQěQR RG SőtOLä YHONëFK YOLYţ
FL]tFK ]HPt 2YäHP L YěWäLQD YiOHN Y MDSRQVNpP IHXGDOLVPX SUREtKDOD
MDNRYiON\REÿDQVNp9ÿDVWëFKYiONiFKVHőHäLO\R]EURMHQpNRQÁLNW\YěW
äLQRX IRUPRX LQGLYLGXiOQtFK VRXERMţ 7\ NRQÿLO\ SőHYiæQě VPUWt MHG
QRKR]HVRXSHőţ1HE\ORREY\NOpEUiW]DMDWFHDWDNLSURWLYQtNNWHUëVH
ÊËɸŸ ¨§
Ëæä[ÍÜãÜÀ¸Ç·¼¾´Á¶É¼¾È½È·´ÃÅÂÍ´"Ǹ"Á.¾Ì ¦¡»¼ÆÇÂż¸µÂ½ÂÉR¶»ÈÀ&Á.
Y]GDOE\O]DELW3URWRVHQHO]HGLYLWYHOPL~SRUQpPXERMLDæGRQDSURV
WpKRNRQFH
-Læ Y SRORYLQě VWRO Q O VL SRÿDO QHMVLOQěMät ] NPHQRYëFK VWiWţ
-DPDWR SRGPDłRYDW RVWDWQt NPHQRYp VWiW\ D HWQLFNp VNXSLQ\ 'ORX
KRGREěQDSőtNODGRGROiYDORRE\YDWHOVWYRRVWURYD+RQäţ$LQRYpNWHőt
E\OL LQGRHYURSVNpKR SţYRGX $ SUiYě WHQWR GORXKRGREë ERM SURWL
$LQţPQHERMLQëPQHSRGPDQěQëPVNXSLQiPRE\YDWHOVWYDE\OMHGQRX]
Yë]QDPQëFKSőtÿLQY]QLNX%81HE\ODRYäHPMHGLQi3R]DYHGHQtDUR]
ätőHQtEXGGKLVPX]GHSţVRELO\R]EURMHQpMHGQRWN\EXGGKLVWLFNëFKVHNW
YHONëYOLYPěORL]DYHGHQtYRMHQVNpYOiG\äyJXQiWXQDNRQFLVWROD
URVWRXFtYOLYDSUHVWLæYRMiNţGiOHL]DKUDQLÿQtVW\N\VþtQRXQHERGYRM
QiVREQëSRNXVRY\ORGěQtPRQJROVNëFKYRMVNYHVWRO
3URY]QLNDFKDUDNWHUMDSRQVNëFK%8MHYHOPLGţOHæLWëSőtQRVMLQëFK
NXOWXUQtFKREODVWt1HMIRUPDWLYQěMätE\OEH]HVSRUXYOLY,QGLHþtQ\DWDNp
.RUHMH
9 ,QGLL VH UR]YLQXOD PHGLWDÿQt SUDNWLND MHæ RYOLYQLOD MDSRQVNp Sőt
VWXS\NőHäHQtERMRYëFKVLWXDFt'DOätPGţOHæLWëPSUYNHPE\ORSR]RUR
YiQtGHFKXDNODVLÀNDFHMHKRUţ]QëFKIi]tFRæVORXæLORMDNRYëFKR]tERG
MyJ\ ,QGRYp E\OL SUDYGěSRGREQě SUYQt NGR VH V\VWHPDWLFN\ ]DEëYDOL
SUREOpPHPMDN]OLNYLGRYDWSURWLYQtNDEH]SRXæLWt]EUDQt9,QGLLE\OR
SUDNWLNRYiQR%8YDGæUDPXäWL´WYUGiSěVWµMHQæPţæHPtWMLVWëY]WDK
NHNDUDWH
=þtQ\SőLäOD%8VWDUiQěNROLNWLVtFOHWY]QLNQXYäLSRGYOLYHPVWőHWţ
QRPiGVNëFKNPHQţVHYHUQtþtQ\DRE\YDWHOVWYDXVHGOpKRSRGpOYHONëFK
őHN 9 SRGVWDWě FHOi ÿtQVNi NXOWXUD E\OD SőHGPěWHP QDSRGRERYiQt Y
-DSRQVNXYÿHWQěQDSőSOiQXKODYQtKRPěVWD1DUD9OLYQiE\ODWpæQiER
ÊËɸŸ ¨¨
Ëæä[ÍÜãÜÀ¸Ç·¼¾´Á¶É¼¾È½È·´ÃÅÂÍ´"Ǹ"Á.¾Ì ¦¡»¼ÆÇÂż¸µÂ½ÂÉR¶»ÈÀ&Á.
æHQVWYtDÀORVRÀFNpVPěU\SőLFKi]HMtFt]þtQ\9%8MDNÿtQVNëFKWDN
MDSRQVNëFK VH QHMYtFH RGUiæHOD PDKDMiQRYi IRUPD EXGGKLVPX Y ,QGLL
QD]ëYiQDGKMDQDYþtQěÿFKDQDY-DSRQVNX]HQ=HQRYëEXGGKLVPXV
E\OYHOPLREOtEHQ]HMPpQDXMDSRQVNëFKYRMHQVNëFKVWDYţNWHUëKOHGDO
SURVWőHGN\NGRVDæHQtVHEHRYOiGiQtXNi]QěQRVWLDNOLGX=iNODGQtP\ä
OHQN\WDRLVPXYë]QDPQěRYOLYQLO\WDNWLFNpDWHFKQLFNpSőtVWXS\YMDSRQ
VNëFK%8DMVRXSDWUQpLQDNRőHQHFKMXGD9SőHVQpPY\PH]HQtY]WDKţ
PH]L PLVWUHP LQVWUXNWRU\ D FYLÿHQFL O]H Y\SR]RURYDW VWRS\ NRQIXFLD
QLVPX 7HQ Pi GRVXG Yë]QDP Y FHOpP VRFLiOQtP D NXOWXUQtP æLYRWě
-DSRQVND
9.RUHLE\OD%8YHOPLSRSXOiUQtDH[LVWRYDOD]GHGRNRQFHVRFLiOQt
VNXSLQD Y PQRKpP SRGREQi MDSRQVNëP VDPXUDMţP ÿL LQGLFNp NDVWě
NäiWULMţSRGQi]YHPKZDUDQJ´NYěWLQDOLGVWYtµ1ěNWHUiNRUHMVNi%8
XætYDMtSiNLSRUD]ţÿDVWRWDNpVSROXV~GHURYëPLWHFKQLNDPL/]HMPH
QRYDW%8VQi]YHPKZDUDQJGRNRPELQXMtFt~GHU\SiN\SRUD]\LDNFHV
QěNWHUëPL]EUDQěPL
-DSRQVNRE\ORRGRNROQtKRVYěWDL]RORYiQRQHMHQVYRXJHRJUDÀFNRX
SRORKRX DOH NURP ÿLOpKR VW\NX V þtQRX D QěNWHUëPL GDOätPL DVLMVNëPL
VWiW\VHVWUDQLORLVW\NXVFL]tPL]HPěPL-HMLFKQHYUDæLYRVWNFL]LQFţPVH
SURMHYRYDODDæYWDNRYëFKH[WUpPHFKMDNRæHSR]WURVNRWiQtFL]tORGLX
EőHKţ-DSRQVNDSőHæLYäLSDVDæpU\SRSUDYLOL-HGQRX]PiODYëMLPHNE\OR
SőLVWiQt3RUWXJDOFţXMDSRQVNëFKEőHKţURNXNWHUpE\ORYë]QDPQp
LVH]QiPHQtP-DSRQFţVSDOQëPL]EUDQěPL
'ţOHæLWëREUDWQDVWDODæYHGUXKpSRORYLQěVWRONG\VHY-DSRQVNX
REMHYXMt ]iURGN\ NDSLWDOLVWLFNëFK YëUREQtFK Y]WDKţ 7DNp Y]UţVWi RSR
]LFHSURWLäyJXQiWXVFHQWUHPY.MyWX'RX]DYőHQpKR-DSRQVNDVLY\QX
ÊËɸŸ ¨©
Ëæä[ÍÜãÜÀ¸Ç·¼¾´Á¶É¼¾È½È·´ÃÅÂÍ´"Ǹ"Á.¾Ì ¦¡»¼ÆÇÂż¸µÂ½ÂÉR¶»ÈÀ&Á.
FXMtSőtVWXSFL]tVWiW\DæMH-DSRQVNRRWHYőHQRSRGKUR]ERXDPHULFNëFK
ORGtDGPLUiOD3HDUU\KRYURFH3RGYOLYHPWěFKWRXGiORVWtDSRG
WODNHP VWDUëFK YiOHÿQëFK URGţ KODYQě ] NQtæHFWYt 6DFXPD +L]HQ D
7RVD GRFKi]t N RÀFLiOQtPX SőHGiQt PRFL ]H äyJXQD QD FtVDőH 0HLGæL
YURFHFRæEëYiXYiGěQRMDNRQHGRNRQÿHQiEXUæRD]QtUHYROXFH
0HLGæL9QDGFKi]HMtFtFKOHWHFKQDSRGREXMt-DSRQFLKRU
OLYěYäHFKQR]H=iSDGXPyGXLGHMHLNXOWXUX7RWRVOHSpLPLWRYiQtYäDN
MLæ NROHP URNX PL]t %\OR WR ]iURYHł REGREt NG\ YH YHőHMQRVWL
VWRXSDODDYHU]HYţÿLMXMXFXNWHUiE\OD]SţVREHQDMHKR]QDÿQëP]QHXæt
YiQtP9WpGREěH[LVWRYDO\SRFHOpP-DSRQVNXVWRYN\äNROMXMXFXDW\VH
]iQLNHPIHXGDOLVPXYHOLFHU\FKOH]DQLNDO\
$SUiYěYGREě]KURXFHQtIHXGDOLVPXDQDSRÿiWNXREGREt0HLGæL
DEVROYRYDOäNROQtGRFKi]NXDVWXGLD]DNODGDWHOMXGDSURI-LJRUR.DQR
-DSRQVNiERMRYiXPěQt]DKUQXMtGYěYHONpVNXSLQ\
%XMXFX EX YiOND ERM MXFX XPěQt GRYHGQRVW QHEROL ´XPěQt
YiOHÿQtNDµMHRSURWLEXGyKLVWRULFN\VWDUätDREVDKXMHDNWLYLW\YNODVLFNpP
VP\VOXVORYDYiOHÿQp3ULPiUQtPREMHNWHPEXMXFXE\ODWHFKQLFNiGRYHG
QRVWDMHMtRULJLQDOLWD'REXMXFXSDWőtLMXMXFXSőHGFKţGFHMXGD2MXMXFX
VHMHäWě]PtQtPRQěFRQtæH%XMXFXVHY\YLQXORYREGREtMDSRQVNpKR
IHXGDOLVPX]YOiäWě]SRæDGDYNţNODGHQëFKQDSURIHVLRQiOQtYiOHÿQtN\,
SőHVYäHFKQ\~SUDY\NWHUpSRVWLKO\EXMXFXVLQěNWHUi]RGYěWYt]DFKRYDOD
VYţMUi]~ÿHORYëFKERMRYëFKGRYHGQRVWtQDSőäXULNHQMXFXXPěQtSőHV
QpKR YUKiQt SUţERMHN ÿL QRæţ 0H]L QHM]QiPěMät EXMXFX őDGtPH DLNLM
XFXXPěQtKDUPRQLHGXFKDEyMXFXXPěQtERMHVGORXKRXW\ÿtMXMXFX
XPěQtERMHEH]H]EUDQěLDLMXFXXPěQtU\FKOpKRWDVHQtPHÿHD~WRNX
ÊËɸŸ ¨ª
Ëæä[ÍÜãÜÀ¸Ç·¼¾´Á¶É¼¾È½È·´ÃÅÂÍ´"Ǹ"Á.¾Ì ¦¡»¼ÆÇÂż¸µÂ½ÂÉR¶»ÈÀ&Á.
NHQGyFHVWDPHÿH
VXPy
+ODYQtPFtOHPEXGyMHSőLYpVWDGHSWD´ERMRYëFKFHVWµNWRPXDE\
QDOH]O Y\YiæHQRX SR]LFL XSURVWőHG UHDOLW\ D XYěGRPLO VL VYp KUDQLFH D
PRæQRVWL
9UDřPHVHMHäWěNEXMXFX=PLłRYDOMVHPæHVHPSDWőtLSőtPëSőHG
FKţGFH MXGD MXMXFX -HGQi VH R QHR]EURMHQë ERM MHPXæ E\OL XÿHQL
YäLFKQLVDPXUDMRYpDSRVOp]HQHMHQRQL([LVWRYDORPQRKRVPěUţWRKRWR
ERMHDSUYQt]iSDVQLFNpSUYN\VHREMHYLO\MLæYVWROQO=SUYXE\O\
SURYiGěQ\QDYiOHÿQtN\RGěQpYEUQěQt]ÿHKRæSRFKi]tLQi]HYMRUR
LNXPLXÿLMRURLEUQěQt1i]HYMXMXFXSRFKi]tDæ]REGREt7RNXJDYD
MDNRSRMHPSURERMHVPLQLPiOQtYë]EURMtQHER]FHODEH]H
]EUDQt 9ěWäLQD VPěUţ E\OD RYOLYQěQD ÿtQVNëPL ÀOR]RÀFNëPL NRQFHS
FHPL MDN GRND]XMt QHMÿDVWěML SRXætYDQp SRXÿN\ ´Y SRYROQRVWL MH VtODµ
´PěNNpGREëYiWYUGpµ´ERXőHGXE\Y\YUDFt]DWtPFRUiNRVMHQRKëEiµ
¨£§¿ÞÜäçäÀÖãäÖëëäßßêÙÖ
ÊËɸŸ ¨¬
Ëæä[ÍÜãÜÀ¸Ç·¼¾´Á¶É¼¾È½È·´ÃÅÂÍ´"Ǹ"Á.¾Ì ¦¡»¼ÆÇÂż¸µÂ½ÂÉR¶»ÈÀ&Á.
VWHMQěMDNRPQRKRGDOätFKPLVWUţMXMXFX]HVDPXUDMVNpURGLQ\7HQ]DQH
FKDO .DQRYL VYp YHONp WHFKQLFNp GěGLFWYt YH YtőH æH .DQR EXGH MHKR
SRNUDÿRYDWHOHPYMXMXFXäNROH.LWR=~FW\N,LNXERYL.DQRVNXWHÿQě
QěNWHUpVWDUpWHFKQLN\]DFKRYDOYSRGREě.RäLNLQRNDW\
5RNHPY]QLNXMXGDMHXYiGěQURNSURWRæHYWRPWRURFHSőL
FKi]t.DQRGRFKUiPX(LäyMLNGH]DNOiGiVYpSUYpGRMRSURVWRUPtVW
QRVW NGH VH Y\XÿXMt %8 2YäHP MXGR Y]QLNDOR ] MXMXFX SRVWXSQě D
QH MHQ Y SUţEěKX URNX D SURWR
QHO]H SőHVQě őtFL NG\ VH MHGQi MHäWě R
MXMXFXDNG\MHWRMLæMXGR.SőHGSR
NOiGDQpPX ]IRUPRYiQt WHFKQLN GRäOR
SUDYGěSRGREQěGRURNX.URPě
VKURPiæGěQt D WYţUÿtKR SőHSUDFRYiQt
UXNRSLVţ D SR]QDWNţ PLVWUţ KODYQtFK
äNRO MXMXFX QDYtF VWXGRYDO HYURSVNRX
WěOHVQRX YëFKRYX L DQDWRPLL ÿORYěND
FRæ E\OR WHKG\ Y -DSRQVNX SőHYUDWQp 2EU=DNODGDWHOMXGD0LVWU-LJRUR.DQR
.GDOätPMHKR]iMPţPSDWőLOHYURSVNëER[DJ\PQDVWLND9URFH
E\OVWDQRYHQőiGFKRYiQt]Y.QLKDSőiQt7LNGRæE\OLÿOHQ\.yGRNDQX
WDNVHMPHQRYDOD.DQRYDäNRODMXGDYSőHNODGXWR]QDPHQi´äNRODSUR
VWXGLXPFHVW\µMLæGYDURN\MHMPXVHOLSRGHSVDWäWěWFHPVPRÿHQëPYH
YODVWQtNUYL
9URFHPěO.yGRNDQæiNţYURFHæiNţDYäDNYURFH
WRE\ORMLææiNţFRæGRND]XMH]QRYXRæLYHQtMDSRQVNëFKNXOWXU
QtFKWUDGLFDRGNORQRGVOHSpKRSőHMtPiQt=iSDGXþtPYtFHVHKOiVLOR
æiNţGR.DQRYD.yGRNDQXDÿtPYtFHSURVSHURYDOWtPYtFHSőLFKi]HOL
ÊËɸŸ ¨
Ëæä[ÍÜãÜÀ¸Ç·¼¾´Á¶É¼¾È½È·´ÃÅÂÍ´"Ǹ"Á.¾Ì ¦¡»¼ÆÇÂż¸µÂ½ÂÉR¶»ÈÀ&Á.
RVYpæiN\RVWDWQtäNRO\MXMXFXDWtPLRREæLYX6WRXSDMtFtUR]HSőHVH
Y\KURWLODQDWROLNæHQHE\ORMLQpFHVW\QHæGRMRMDEXULYSRGVWDWěVRXERM
GYRX äNRO R QDOH]HQt SUDYGLYp RGSRYěGL .WHUi äNROD SURKUiOD DXWR
PDWLFN\ ]WUDWLOD YäHFKQ\ VYp æiN\ 5RN WRKRWR XWNiQt DQL MHKR PtVWR
QHMVRX]FHODSőHVQě]QiP\8YiGtVHMDNURNWDNURNDQHQt
VMLVWRWRX]QiPp]GDVHXWNiQtNRQDORYKDOHSROLFHMQtKRőHGLWHOVWYtÿLY
-DRMNDQXYãLEě7HKG\VHWRPXWRXWNiQtQHYěQRYDODWDNRYiSR]RUQRVW
MDN VH GQHV GRPQtYiPH
QHERř Uţ]QëFK XWNiQt VH
FYLÿHQFL MXMXFX D .yGR
NDQHP VH RGHKUiOD őDGD
9 URFH VH ]DÿDOR
2EU.yGRNDQYGREěY]QLNX MXGR MDNR VRXÿiVW XÿHE
QtFK RVQRY Y\XÿRYDW QD QiPRőQt DNDGHPLL NGH E\OD SRERÿND .yGR
NDQX9URFHRGMtæGt.DQRGR(YURS\NGHSRNUDÿXMHY2[IRUGXYH
VWXGLtFK2GWXGVHSROHWHFKYUDFt]SěWGR-DSRQVND-LJRUR.DQRE\O
]DNOiGDMtFtPÿOHQHPMDSRQVNpKRRO\PSYëERUXDYOHWHFK
E\OMHKRSőHGVHGRX9URFHE\O]YROHQMDNRSUYQtÿORYěN]RULHQWX
ÿOHQHP029
9URFHVH]DÿtQiMXGRWHKG\MHäWěSRGQi]YHPMXMXFXätőLWGR
FL]LQ\1HMSUYHKODYQě86$D9HONi%ULWiQLH2GURNX]DÿDO.DQR
D QHMHQ RQ SRGQLNDW WXUQp SURSDJXMtFt MXGR SR VYěWě 6iP .DQR E\O
SURWLWRPXDE\VHMXGXYěQRYDO\LæHQ\DOHQHSRGDőLORVHPXWXWRP\ä
OHQNXSURVDGLWDRGURNX]iSDVtLæHQ\9OHWHFKDQDYäWt
YLO3UDKX3őL]SiWHÿQtFHVWě]3UDK\GR-DSRQVND]HPőHOYHYěNXOHW
QD]iSDOSOLF
ÊËɸŸ ¨®
Ëæä[ÍÜãÜÀ¸Ç·¼¾´Á¶É¼¾È½È·´ÃÅÂÍ´"Ǹ"Á.¾Ì ¦¡»¼ÆÇÂż¸µÂ½ÂÉR¶»ÈÀ&Á.
3RVNRQÿHQtVYYiON\E\ORMXGRY-DSRQVNX]DNi]iQRDOHMLæYURFH
MHRSěW]DőD]HQRGRäNROQtYëXN\1D]DVHGiQt029YŐtPěURNX
E\ORMXGRSőLMDWRPH]LRO\PSLMVNpVSRUW\DE\OR]DőD]HQRQDSRőDG
2+YURFHY7RNLX
-XGRQLNROLVWDUpMXMXFXREVDKXMHSULQFLS\WěOHVQpYëFKRY\PRUiO
QtKRDLQWHOHNWXiOQtKRWUpQLQNXNWHUëVHSURMHYXMHYFKRYiQtDY\FKi]t]
SőHWDYXMtFtKRYOLYXQDRVREQRVWFYLÿHQFH-XGRYÿOHłXMHHWLNXGRVWDUëFK
WHFKQLN MXMXFX .DQR GHÀQRYDO FtOH MXGD Y WHUPtQHFK WěOHVQp YëFKRY\
D ÀOR]RÀFNëFK LGHiOţ SRGSRUXMtFtFK YëFKRYX D EH]SHÿQRVW NDæGpKR
FYLÿHQFH -DNR YëFKRYQë SUDFRYQtN YěőLO æH QHQt QLF GţOHæLWěMätKR QHæ
YëFKRYD.DQRVWDQRYLOQD]iNODGěSR]QDWNţ]MXMXFXDYODVWQtPVWXGLHP
KODYQtSULQFLS\MXGD
-HGHQ]H]iNODGQtFKSULQFLSţMHSULQFLSQHMY\äät~ÿLQQRVWL-HGQiVHR
PD[LPiOQě~ÿLQQpXæLWtI\]LFNëFKDGXäHYQtFKVLO9MXGXVHWDWR]iVDGD
XSODWłXMHGYěPDPHWRGDPL
3RYROLWRSRQHQWRYěWODNXQHERWDKXDYäDNYæG\SőLWRPXGUæHW
URYQRYiKX 3URWLYQtN VH VWőHWQH V PDOëP ÿL æiGQëP RGSRUHP Y RND
PæLNXNG\RGSRURÿHNiYDOFRæKRSőLYHGHNH]WUiWěURYQRYiK\DWHG\
GRVLWXDFHNG\MHPRæQpKRVQDGQěMLSRUD]LW
7DWRPHWRGDY\æDGXMHRGSRURYDWSURWLYQtNRYěDNFLDYäDNVSHFL
ÀFNëP]SţVREHP2GSRUPXVtEëWXVNXWHÿQěQVLORXFHOpKRWěODQHMHQ
QDSőtNODG SDæHPL D WR SURWL QěNWHUëP VODEëP ERGţP Y SURWLYQtNRYě
SR]LFL 3őL XFKRSHQt ]iSěVWt SURWLYQtNHP E\ WR ]QDPHQDOR VRXVWőHGLW
FHORXVtOXREUiQFHQDSUVW\D]iSěVWt7tPMHPRæQp]GHXYROQLWYěWätVtOX
QHæMDNRXSURWLYQtNVYtUi]iSěVWtSURWRMHPRæQpVHXYROQLW
ÊËɸŸ ¨¯
Ëæä[ÍÜãÜÀ¸Ç·¼¾´Á¶É¼¾È½È·´ÃÅÂÍ´"Ǹ"Á.¾Ì ¦¡»¼ÆÇÂż¸µÂ½ÂÉR¶»ÈÀ&Á.
.RQFHSWXWNiQtYMXGRMHRGYR]HQ]WHUPtQXäLQNHQäREXäLQSUDY
GLYëNHQPHÿäREXSUDYGLYë=QDPHQDORWRSţYRGQěXNRQÿHQtERMH
VHNHPPHÿHWHG\VPUWMHGQRKR]~ÿDVWQtNţMHGLQRXDNFt3URWRVHYMXGX
NRQiXWNiQtQDMHGLQëERGLSRQ
¨£¨ËëäßßêÙÖëbÚèàØÝïÚâmØÝ
ÊËɸŸ ¨°
Ëæä[ÍÜãÜÀ¸Ç·¼¾´Á¶É¼¾È½È·´ÃÅÂÍ´"Ǹ"Á.¾Ì ¦¡»¼ÆÇÂż¸µÂ½ÂÉR¶»ÈÀ&Á.
NWHUiVHVHäODY0DUDWKRQXDXGěOLOD'DQ\LQJ)UãtPRYL
.DUOX=UţENRYLD0LORäL7ţPRYL
9ëFYLNMXGDQHXVWDODQL]DWěæNëFKGRERNXSDFH1ěNWHUpMXGLVWLFNp
RGGtO\ Y\YtMHO\ SURWL
IDäLVWLFNRX ÿLQQRVW D
QěNWHőt ÿOHQRYp QD WR
GRSODWLOLXYě]QěQtPY
NRQFHQWUDÿQtFK WiER
UHFKLVPUWtMDNRQDSő
2EU'RMRWXUQRYVNpKRRGGtOX
)6 'RER NWHUë
]HPőHOYNRQFHQWUDÿQtPWiERőH0DXWKDXVHQ9URFHSUREěKOR,
0LVWURYVWYt 3URWHNWRUiWX þHFK\ D 0RUDYD SRYDæRYDQp ]D QDäH SUYQt
QHRÀFLiOQtPLVWURYVWYtVHQLRUţ
9SRYiOHÿQpPYëYRMLE\O]iVDGQtURNNG\E\ORMXGR]DőD]HQR
MDNRSRYLQQëSőHGPěWGRYëXN\WěOHVQpYëFKRY\VHPHVWUXYäHFKY\VR
NëFKäNROXQiVDWDNpURNNG\E\ORWRWRXVWDQRYHQt]UXäHQR3R
´ÓQRURYpPYtWě]VWYtSUDFXMtFtKROLGXµSőHäHOSRVMHGQRFHQtEëYDOëþHV
NRVORYHQVNëVYD]MXMXFXGRþHVNRVORYHQVNpREFHVRNROVNpSRGQi]YHP
´1iÿHOQLFWYRMXMXFXþ26µ9URFHE\OSRSUYpRÀFLHOQěSőLMDWQi]HY
MXGRDGRVDYDGQtSRMPHQRYiQtMXMXFXVHSőHVWDORSRXætYDW1DNRQJUHVX
,-)0H]LQiURGQtMXGLVWLFNiIHGHUDFHY3DőtæLYURFHE\ODþ65SőL
MDWD]DÿOHQDWpWRVYěWRYpRUJDQL]DFH
ÊËɸŸ ©§
Ëæä[ÍÜãÜÀ¸Ç·¼¾´Á¶É¼¾È½È·´ÃÅÂÍ´"Ǹ"Á.¾Ì §¡¶»´Å´¾Ç¸Å¼ÆǼ¾´ÆÃÂÅÇÂÉÁ.»ÂÉR¾ÂÁÈɽȷÈ
©£¸ÝÖçÖàéÚçÞèéÞàÖèåäçéäëãmÝäëàäãêë
ßêÙê
©£¦Ä×ÚØãYØÝÖçÖàéÚçÞèéÞàÖ
-XGRMH~SRORYëVSRUWYQěPæSőLYODVWQtPYëNRQXYWRPWRSőtSDGě
]iSDVHMGHRSőHNRQiQtVRXSHőHI\]LFNRXWHFKQLFNRXDWDNWLFNRXSőHYD
KRX
8SODWłXMHVH]GHYHONpPQRæVWYtSRK\ERYëFKGRYHGQRVWtSőHYiæQě
GRVWLVORæLWpVWUXNWXU\.RQWDNWPH]LREěPDVRXSHőLQDVWiYi~FKRSHP
]D VSRUWRYQt ~ERU WRPXWR ~ERUX VH Y MXGX őtNi NLPRQR D QHER
SőtPëP~FKRSHPNRQÿHWLQ\ÿLWUXSX3UDYLGODGRYROXMt]QDÿQRXYDULDEL
OLWX~FKRSXD]DSRMRYiQtNRQÿHWLQDWUXSXGRFKYDWţWpPěőQHRPH]HQě
=iSDV SUREtKi QD URYQpP SHYQpP D SUXæQpP ]iSDVLäWL WDWDPL
NWHUpXPRæłXMHYHONRXU\FKORVWSRK\ERYëFKÿLQQRVWtD]iURYHłSRVN\
WXMHGRVWDWHÿQRXRFKUDQXSőLSiGHFK
+ODYQtQiSOłWHFKQLN\MXGDWYRőtFKYDW\NWHUpVHGORXKRGREěXVWiOLO\
YHVYp]iNODGQtVWUXNWXőHDYäDNMHMLFKSURYHGHQtVHPţæH]QDÿQěOLäLWGOH
RVREQtFKGLVSR]LFVW\OXWHPSHUDPHQWXDVRPDWRW\SXNDæGpKRMXGLVW\
&tOHPFKYDWţERMHYSRVWRMLMHKRGLWVRXSHőHU\FKOHGRVWDWHÿQRXVLORX
DSőtPRQD]iGD&KYDW\ERMHQD]HPLUR]OLäXMHPHGRWőtVNXSLQSRGOH
SőHYOiGDMtFtKR~ÿLQNXDWRQDGUæHQtäNUFHQtDSiÿHQtNORXEXORNHWQtKR
ÓÿLQQRVWFKYDWţGUæHQtMHKRGQRFHQDÿDVHPQDVD]HQtGUæHQtXFKYDWţ
äNUFHQtDSiÿHQtNORXEXORNHWQtKRSDNY]GiQtPVRXSHőH
ÊËɸŸ ©¨
Ëæä[ÍÜãÜÀ¸Ç·¼¾´Á¶É¼¾È½È·´ÃÅÂÍ´"Ǹ"Á.¾Ì §¡¶»´Å´¾Ç¸Å¼ÆǼ¾´ÆÃÂÅÇÂÉÁ.»ÂÉR¾ÂÁÈɽȷÈ
.URPFKYDWţSDWőtGRWHFKQLNMXGDLGDOätFKDUDNWHULVWLFNpGRYHGQRVWL
SUYN\WHFKQLN\-VRXWRUţ]QpGUXK\~FKRSXSRVWRMHSRK\E\SR]iSD
VLäWLREUDW\GRFKYDWţGiOH~K\E\~QLN\EORNRYiQtDOHWDNpSiG\NWHUp
PDMtIXQNFLRFKUDQQRX9SRGPtQNiFK]iSDVXVHFKYDW\DGDOätSUYN\
WHFKQLN\REPěłXMtNRPELQXMtMDNYERMLYSRVWRMLWDNYERMLQD]HPL
3őHFKRG\]ERMHYSRVWRMLGRERMHQD]HPLMVRXFRQHMSO\QXOHMätSőLUR
]HQp&KYDW\äNUFHQtDSiÿHQtO]HQDVDGLWWDNpSőtPRYSRVWRML
9HONiSURPěQOLYRVWREVDKXWHFKQLN\MXGDPLPRőiGQëUR]VDKWHFK
QLFNëFKSURVWőHGNţNSőHNRQiQtVRXSHőHSőHGXUÿXMHWDNp]QDÿQRXSUR
PěQOLYRVW WDNWLFNëFK VLWXDFt L YHONp SRæDGDYN\ QD WDNWLFNp VFKRSQRVWL
GRYHGQRVWLMXGLVW\
©£§»îïÞäáäÜÞØàYØÝÖçÖàéÚçÞèéÞàÖ
ÊËɸŸ ©©
Ëæä[ÍÜãÜÀ¸Ç·¼¾´Á¶É¼¾È½È·´ÃÅÂÍ´"Ǹ"Á.¾Ì §¡¶»´Å´¾Ç¸Å¼ÆǼ¾´ÆÃÂÅÇÂÉÁ.»ÂÉR¾ÂÁÈɽȷÈ
UR]YtMHQDU\FKORVWSőHYiæQěDF\NOLFNëFKSRK\ERYëFKÿLQQRVWtSURYiGě
QëFKYHYHOPLSURPěQOLYëFKSRGPtQNiFK
3RæDGDYN\QDUR]YRMY\WUYDORVWLY\FKi]HMt]GpON\MHGQRWOLYëFK]iSDVţ
DæPLQXWÿLVWpKRÿDVXDOHMHGiQDPRæQRVW]YtWě]LWSőHGÿDVRYëPOLPL
WHP.GRVDæHQtSőHGQtKRXPtVWěQtYVRXWěæLMHQXWQRY\ERMRYDW
]iSDVţYMHGQRPGQLWHG\ÿDVWěMLSţOGQLSőLÿHPæGREDRGSRÿLQNXPH]L
]iSDV\VH]NUDFXMHDNYDOLWDVRXSHőţURVWH,QWHQ]LWD]DWtæHQtVHSRK\EXMH
RGVXEPD[LPiOQtNPD[LPiOQtYGţOHæLWëFK]iSDVHFKWHSRYiIUHNYHQFH
QHNOHViSRGUR]PH]tWHSţ]DPLQXWXKODGLQDODNWiWXVWRXSi
QD PPRO 'RFKi]t NH VWőtGiQt DHUREQtFK D DQDHUREQtFK Ii]t V
ÿDVWëPLVSXUW\Y\æDGXMtFtPLPD[LPiOQtPRELOL]DFLHQHUJHWLFNëFKUH]HUY
~QLN\]GUæHQtQHERäNUFHQtVpULH~WRNţYSRVWRMLY\VWXSłRYiQtWHPSD
ERMH« 3őL NRQWDNWX VH VRXSHőHP Y ERML QD ]HPL PQRKG\ GRFKi]t N
PHFKDQLFNpPXRPH]HQtGëFKiQtQHERNUHYQtKRREěKXGUæHQtQHERäNU
FHQt 8YHGHQp YOLY\ SţVREt NRPELQRYDQě D NODGRX YHONp QiURN\ QD
VFKRSQRVWRUJDQL]PXSRGiYDWYëNRQYSRGPtQNiFKK\SR[LHDQiVOHGQp
UHJHQHUDÿQt VFKRSQRVWL 1H]E\WQëP SőHGSRNODGHP UR]YRMH VSHFLiOQt
]iSDVRYpY\WUYDORVWLMHGRVDæHQtY\VRNp~URYQěREHFQpDHUREQtY\WUYD
ORVWL
2EUDWQRVWYMXGXMHUR]YtMHQDYHY]WDKXNWHFKQLFHFKYDWţDSURMH
YXMHVHYHYDULDELOLWěSőL]SţVRELYRVWLWHFKQLN\RGOLäQpPXY]UţVWXSRK\
ERYëPQiY\NţPW\SXUHDNFHDGDOätPYODVWQRVWHPVRXSHőH=iNODGHP
WpWRVSHFLÀFNpREUDWQRVWLMHY\VRNi~URYHłREHFQpREUDWQRVWLUR]YtMHQp
]HMPpQDYPODGpPYěNX
1DUR]YRMLSRK\EOLYRVWLDVYDORYpSUXæQRVWLSőtPR]iYLVt~ÿLQQRVWD
NYDOLWDWHFKQLN\=QDÿQpMVRXSRæDGDYN\QDNORXEQtSRK\EOLYRVWMDNSőL
ÊËɸŸ ©ª
Ëæä[ÍÜãÜÀ¸Ç·¼¾´Á¶É¼¾È½È·´ÃÅÂÍ´"Ǹ"Á.¾Ì §¡¶»´Å´¾Ç¸Å¼ÆǼ¾´ÆÃÂÅÇÂÉÁ.»ÂÉR¾ÂÁÈɽȷÈ
SURYiGěQtYODVWQtFKFKYDWţWDNSőL~QLFtFKYERMLYSRVWRMLLYERMLQD
]HPL1HMYěWätQiURN\MVRXNODGHQ\QDSRK\EOLYRVWYNORXEXN\ÿHOQtPD
SiWHőH
©£¨ÅèîØÝäáäÜÞØàYØÝÖçÖàéÚçÞèéÞàÖ
ÊËɸŸ ©«
Ëæä[ÍÜãÜÀ¸Ç·¼¾´Á¶É¼¾È½È·´ÃÅÂÍ´"Ǹ"Á.¾Ì ¨¡À¸Ç·¼¾´´ÍÆ´·ÌÃD¼Á¶É¼¾È½È·´
ª£ÂÚéäÙîÖïYèÖÙîåÞãYØëÞàêßêÙÖ
-DNRYNDæGpPSHGDJRJLFNpPSURFHVXMHQXWQpLSőLQiFYLNXFKYDWţ
GRGUæRYDWREHFQěSODWQpGLGDNWLFNpSULQFLS\-VRXVKUQXW\YHY\XÿRYD
FtFK]iVDGiFKDPHWRGiFKNWHUpMHQXWQRGţVOHGQěGRGUæRYDWPiOLEëW
GRVDæHQRFtOţWUpQLQNX
1HMGţOHæLWěMätYNDæGpPVSRUWRYQtPWUpQLQNXMVRXSUDNWLFNpPHWRG\
-HMLFK]iNODGHPMHRSDNRYDQpSURYiGěQtFYLÿHQtMHKRæFtOHPMH]tVNiQt
GRYHGQRVWtMHMLFKSURKORXEHQtXSHYQěQtD]DőD]HQtGRV\VWpPXRVYRMH
QëFKÿLQQRVWt
ª£¦ËîêbäëÖØmïYèÖÙî
YRXVWUXNWXURXPi]iVDGDQi]RUQRVWLRE]YOiäWQtYë]QDP$E\MLWUHQpU
PRKOSOQěXSODWQLWPXVtXVYëFKVYěőHQFţUR]YtMHWVFKRSQRVWSR]RUR
YiQt7DWRVFKRSQRVWMHGţOHæLWiMDNSURRVYRMRYiQtWHFKQLN\MHGQRWOLYëFK
FKYDWţWDNSURMHMLFKSR]GěMätXSODWQěQtYSUD[L.XSőHVQěQtVSUiYQëFK
SőHGVWDYRQDFYLÿRYDQëFKFKYDWHFKPXVtWUHQpUVYëPVYěőHQFţPXPRæ
QLW YQtPDW QRYë SR]QDWHN GRW\NHP NWHUë SDWőt YH YODVWQtP ]iSDVH N
QHMGţOHæLWěMätP=iVDG\Qi]RUQRVWLNRQNUHWL]XMtPHWRG\Qi]RUQpKRY\X
ÿRYiQt
=iVDGDVRXVWDYQRVWL]QDPHQiæHWUpQLQNPiSUREtKDWSRGOHQDSőHG
SURP\äOHQpKRDORJLFN\XVSRőiGDQpKRSOiQX2VYRMRYiQtQRYëFKWHFK
QLFNëFKÿLQQRVWtPiEëWVRXVWDYQpDPiSőLUR]HQěQDYD]RYDWQDÿLQQRVWL
MLæRVYRMHQp8SODWłRYiQt]iVDG\VRXVWDYQRVWLMHYMXGXEH]SRGPtQHÿQě
QXWQp -HMt RSRPtMHQt VH QHJDWLYQě SURMHYt MHGQDN QD ]GUDYt VSRUWRYFH
MHGQDNYHVODEätFKVSRUWRYQtFKYëNRQHFKD]WUiWěSHUVSHNWLYQRVWL
=iVDGD SőLPěőHQRVWL VOHGXMH DE\ REVDK D UR]VDK XÿLYD MHKR REWtæ
QRVWD]SţVREY\XÿRYiQtRGSRYtGDO\VFKRSQRVWHPVSRUWRYFţ]KOHGLVND
MHMLFK WěOHVQpKR D PHQWiOQtKR YëYRMH = WpWR ]iVDG\ Y\SOëYi L ]iVDGD
]DFKRYiQt ]GUDYt D EH]SHÿQRVWL NWHUi MH SUR ~SRORYë VSRUW RE]YOiäWě
Yë]QDPQi3őLERMLQD]HPLPXVtPH]WRKRWRKOHGLVNDYěQRYDW]YOiäWQt
SR]RUQRVW WHFKQLNiP SiÿHQt D äNUFHQt O]H MH Y VRXWěæL SRXætYDW Dæ X
VWDUätFKæiNţYHYěNXOHW-HQXWQpWDNpGEiWQDYiKRYpUR]GtO\
DI\]LFN\DNFHOHURYDQpMHGLQFHNWHUpMHQXWQRY\ÿOHQLWGRVDPRVWDWQëFK
GUXæVWHY)\]LFN\QHY\URYQDQpSRPěU\YHGRXSőLYëFYLNXVLOQěMätMHGLQFH
N WRPX æH SRGFHłXMt Yë]QDP QiFYLNX WHFKQLN\ FRæ MH RYäHP Y WUp
QLQNXMXGDGRPLQXMtFtÿLQQRVW=PHWRGLFNpKRKOHGLVNDXSODWłXMHWUHQpU
]iVDGXSőLPěőHQRVWLQDSőtNODGMHVWOLæHSőLQiFYLNXERMHQD]HPLY\FKi]t
ÊËɸŸ ©
Ëæä[ÍÜãÜÀ¸Ç·¼¾´Á¶É¼¾È½È·´ÃÅÂÍ´"Ǹ"Á.¾Ì ¨¡À¸Ç·¼¾´´ÍÆ´·ÌÃD¼Á¶É¼¾È½È·´
ª£§ËîêbäëÖØmâÚéäÙî
-DNRPHWRGXR]QDÿXMHPHNRQNUpWQtSRVWXSSőLY\XÿRYDFtPSURFHVX
NWHUëPXÿLWHOSOQtYëFKRYQěY]GěOiYDFtFtOH
ÓVSěäQëXÿLWHOY\FKi]tSőLYROEěNRQNUpWQtPHWRG\SUiFH]HäLUätFK
VRXYLVORVWt REHFQě SODWQëFK SRæDGDYNţ MHæ FKDUDNWHUL]XMt Y\XÿRYDFt
]iVDG\3őLKOtætWHG\NHVWiőtVYëFKVYěőHQFţNMHMLFKGXäHYQtWěOHVQpD
WHFKQLFNpY\VSěORVWLDNFtOţPNWHUëFKFKFHYGDQpY\XÿRYDFtMHGQRWFH
GRViKQRXW
3RGOH]SţVREXSURYiGěQtGěOtPHPHWRG\QDVORYQtQi]RUQpDSUDN
WLFNp
ÊËɸŸ ©®
Ëæä[ÍÜãÜÀ¸Ç·¼¾´Á¶É¼¾È½È·´ÃÅÂÍ´"Ǹ"Á.¾Ì ¨¡À¸Ç·¼¾´´ÍÆ´·ÌÃD¼Á¶É¼¾È½È·´
ÊËɸŸ ©¯
Ëæä[ÍÜãÜÀ¸Ç·¼¾´Á¶É¼¾È½È·´ÃÅÂÍ´"Ǹ"Á.¾Ì ©¡Í¾¿´·Á.ÃÅɾ̽ȷ´
«£ÏYàáÖÙãmåçëàîßêÙÖ
«£¦ÅäïÙçÖë¢Çº¾
=DÿiWNHPLXNRQÿHQtPNDæGpKRFYLÿHQtÿL]iSDVXYMXGXMHSR]GUDY
QHRGP\VOLWHOQiVRXÿiVWMXGLVWLFNpHWLNHW\3R]GUDYQHQtMHQSRXKëPSUR
MHYHP~FW\NYiæHQěMätPXMXGLVWLFN\Y\VSěOHMätPXSDUWQHURYLDOHWHQWR
SURMHYY]iMHPQp~FW\QDSRPiKiWUHQpURYLLFYLÿHQFţPSOQLWVYpVRFLiOQt
UROHQDWUpQLQNX
([LVWXMtGYěIRUP\UHL
DWDÿLUHLSR]GUDYYSRVWRMLQD]DÿiWNXDNRQFLFYLÿHQtÿL]iSDVX
E]DUHLSR]GUDYYNOHNXSőLXUÿLWëFKFHUHPRQLiOQtFKREőDGHFK
DGD)RUPRXSR]GUDYXYSRVWRMLMHSR]GUDYVRXSHőţULFXUHL6RX
2EU3R]GUDY]DUHL
SHőLVWRMtSURWLVREěYHY]GiOHQRVWLDVLP3R]GUDYtVHSőHGNORQěQtP
WěODSőLEOLæQěSRGWLVWXSłRYëP~KOHP9ëGUæYSőHGNORQXWUYiDVL
ÊËɸŸ ©°
Ëæä[ÍÜãÜÀ¸Ç·¼¾´Á¶É¼¾È½È·´ÃÅÂÍ´"Ǹ"Á.¾Ì ©¡Í¾¿´·Á.ÃÅɾ̽ȷ´
VHNXQGXDSRWpQiVOHGXMHQiYUDWGRY]SőtPHQpSRORK\5XFHMVRXSROR
æHQpGODQěPLQDSőHGQtVWUDQ\VWHKHQ
DGE=DUHLVHSURYiGtYNOHNXVHGPRQDSDWiFKSőHNőtæHQëFKFKR
GLGHOWHG\YWDN]YDQpVHL]H7RXWRSRORKRXREY\NOH]DÿtQiDNRQÿtWUp
QLQNRYiMHGQRWND
7ěORYNOHNXVHGPRMHY]SőtPHQpDUXFHMVRXYROQěSRORæHQpGODQěPL
QD VWHKQHFK SUVW\ UXNRX SURWL VREě 3őL SR]GUDYX VH GODQě VSXVWt ]H
VWHKHQQDWDWDPLDSőHGVXQRXVHSőHGNROHQD9WpWRSROR]HVHSURYHGH
KOXERNëSőHGNORQYHNWHUpPVHWUYiPHVHNXQGX
7\WR WUDGLÿQt ]SţVRE\ SR]GUDYX SOQě UHVSHNWXMt MXGLVWp QD FHOpP
VYěWě
«£§ÏYàáÖÙãmåçëàîéÚØÝãÞàëåäèéäßÞãÖÜÚìÖïÖ
32672-ã,1=(,
1iFYLN FKYDWţ D GDOätFK SUYNţ WHFKQLN MXGD L NDæGë ]iSDV VH PXVt
ÊËɸŸ ª§
Ëæä[ÍÜãÜÀ¸Ç·¼¾´Á¶É¼¾È½È·´ÃÅÂÍ´"Ǹ"Á.¾Ì ©¡Í¾¿´·Á.ÃÅɾ̽ȷ´
D~WRÿQëäL]HQWDL
EREUDQQëMLJRWDL
DGD=iNODGQtSőLUR]HQëSRVWRMSőtPëäL]HQKRQWDL
9WRPWRSRVWRMLVWRMtMXGLVWDY]SőtPHQěYPtUQpPVWRMLUR]NURÿQpP
.ROHQDPiPtUQěSRNUÿHQDDKPRWQRVWWěODVSRÿtYiQDSőHGQtFKÿiVWHFK
RERXFKRGLGHOEH]]GYLKQXWëFKSDW7ěORMHXYROQěQp
2EPěQRX ]iNODGQtKR SRVWRMH SőtPpKR MH SRVWRM SUDYë PLJL äL]HQ
WDLDOHYëKLGDULäL]HQWDL7\WRSRVWRMHVHRGOLäXMtRGSRVWRMHSőtPpKR
WtPæHMXGLVWDPiSUDYRXUHVSOHYRXQRKXSőHGVXQXWRXYSőHG
DGE2EUDQëSRVWRMSőtPëMLJRKRQWDL
7HQWRREUDQQëSRVWRMVHRG]iNODGQtKRSRVWRMHOLätWtPæHMXGLVWDMHY
äLUätPVWRMLUR]NURÿQpPDNROHQDPiYtFHSRNUÿHQi6YDOVWYRFHOpKRWěOD
MLæQHPiWROLNXYROQěQpDOHMLæGRMLVWpPtU\QDSMDWp
2EPěQRXREUDQQpKRSRVWRMHSőtPpKRMHREUDQQëSRVWRMSUDYëPLJL
MLJRWDLDOHYëKLGDULMLJRWDL2GSőtPpKRSRVWRMHVHRSěWRGOLäXMtSőHG
VXQXWRXSUDYRXUHVSOHYRXQRKRX
ÓWRÿQë SRVWRM GRYROXMH OHKÿt D U\FKOHMät SRK\E D SőHPtVWěQt PD[L
PiOQtU\FKORVWtDVRSWLPiOQtHQHUJLt
2EUDQQë SRVWRM SRGVWDWQě RPH]XMH SRK\EOLYRVW D QHQt DQL ]GDOHND
WDNVWDELOQtMDNE\VH]GiOR3URWRKRMXGLVWp]DXMtPDMtSRX]HQDNUiWNp
ÊËɸŸ ª¨
Ëæä[ÍÜãÜÀ¸Ç·¼¾´Á¶É¼¾È½È·´ÃÅÂÍ´"Ǹ"Á.¾Ì ©¡Í¾¿´·Á.ÃÅɾ̽ȷ´
RNDPæLN\EěKHPVRXSHőRYD~WRNXãLURNëSRVWRMXPRæłXMHRGRODW~VLOt
VRXSHőHSRWRPMHDOHQXWQpVHU\FKOHYUiWLWGR~WRÿQpKRSRVWRMH
Ó&+23.80,.$7$
.DæGëQiVWXSGRFKYDWXMHPRæQpY\NRQDWSRSőHGHäOpPXFKRSHQt
VRXSHőH XNHKR 'RPLQXMtFt WHFKQLFNRWDNWLFNRX ~ORKRX Y ]iSDVH MH
GRVDæHQtY\KRYXMtFtKR~FKRSX([LVWXMHYtFHGUXKţ~FKRSX
ÓFKRSPţæHPHDSOLNRYDWY
DSUDYpPOHYpP~WRÿQpPSRVWRML
ESUDYpPOHYpPREUDQQpPSRVWRML
DG D 9 ]iNODGQtP QiFYLNX VH SRXætYi ]iNODGQt ~FKRS SUDYRX
UXNRX GUætPH XNHKR OHYë OtPHF D OHYRX
UXNRXMHKRSUDYëUXNiY]YHQÿtSőLEOLæQěX
ORNWH%H]RKOHGXQDWRNWHURXÿiVWVRX
SHőRYD NLPRQD GUætPH ]DÿtQiPH XFKR
2EU3UDYë~WRÿQë~FKRS SHQtPDOtÿNHPDSUVWHQtÿNHPVRXÿDVQě
3RWěFKWRGYRXSUVWHFKDSRSőLWDæHQtNLPRQDNVREěVHGR~FKRSX]DSR
MXMtLGDOätSUVW\
DGEÓFKRSYREUDQQpPSRVWRMLVHSRXætYiYPRGHUQtPVSRUWRY
QtPMXGXMHQ]őtGND3RXætYiVHSőLQiFYLNX
VRXERUQëFKFYLÿHQtW]YNDW\3őL~FKRSXY
SUDYpPREUDQQpPSRVWRMLSőLORætPHSUDYRX
UXNX SRG XNHKR SDæL QD MHKR ERN 7RXWR
UXNRXXFKRStPHMHKRNLPRQR/HYRXUXNRX 2EU3UDYëREUDQQë~FKRS
MHQXWQpXFKRSLWYQěMätÿiVWVRXSHőRYDSUDYpKRUXNiYXDVYRXOHYRXSDæt
ÊËɸŸ ª©
Ëæä[ÍÜãÜÀ¸Ç·¼¾´Á¶É¼¾È½È·´ÃÅÂÍ´"Ǹ"Á.¾Ì ©¡Í¾¿´·Á.ÃÅɾ̽ȷ´
SőLGUætPHVRXSHőRYXSUDYRXUXNX7ěORMHPtUQěSőHGNORQěQpDSRVWRM
äLURNëVSRNUÿHQëPLNROHQ\
9SUţEěKX]iSDVXVH~FKRSYHOPLÿDVWRPěQt3URWRMHGţOHæLWpDE\
~FKRS QHE\O NőHÿRYLWë D E\OR PRæQp U\FKOH ]DUHDJRYDW QD VRXSHőRYR
SRÿtQiQt
.URPě]iNODGQtKR~FKRSXVHSRXætYiLYQLWőQt~FKRS]DREDUXNiY\
VRXSHőRYDNLPRQDDYQěMät~FKRSREěPDUXNDPD]DVRXSHőRY\UXNiY\
32+<%327$7$0,ã,17$,
3RG SRK\EHP UR]XPtPH SRK\E YSőHG Y]DG GR VWUDQ D SRK\E GR
NUXKXUHVSREUDW\WDLVDEDNL=GLGDNWLFNpKRKOHGLVNDMHYHOPLGţOH
æLWp]DPěőLWVHQDYKRGQë]SţVRESRK\EXSRWDWDPLKQHGYSRÿiWFtFK
YëFYLNX1HQtYKRGQpSRK\ERYDWVHSRWDWDPL]E\WHÿQěQHHNRQRPLFN\
ÿLGRNRQFHäSDWQě3RWDWDPLVHQHO]HSRK\ERYDWFKţ]tMDNRYEěæQpP
æLYRWěNGHSRPěUQěGORXKRVSRÿtYiKPRWQRVWWěODQDVWRMQpQR]HFRæ
SőtOLäSRUXäXMHVWDELOLWXWěOD
3RK\EYMXGXMHVSHFLÀFNëWtPæHVHSőLQěPQHVPtSőHQiäHWKPRW
QRVWWěODQDMHGQXQRKXYäHFKQ\ÿiVWLWěODPXVtGRNRQDOHVSROXSUDFRYDW
DSţVRELWVWHMQëPVPěUHP9MXGXSőHVRXYiPHQRKXERN\DWěORQDUi]
&YLÿHQHF QHVPt Y\NURÿLW GRSőHGX D WěæLäWě WěOD QHFKDW QD GUXKp QR]H
QHO]HDQLQDRSDN
3UYQtSRGPtQNRXMHXGUæRYDWSőLUR]HQëSRVWRMWěOD1HVPtPHGRYROLW
DE\WěæLäWěWěODE\ORSőHVXQXWpMHQQDMHGQXQRKX7RVHWëNiSRVWRMHL
FKţ]H
'UXKRXSRGPtQNRXYMXGXMHNUiÿHWYSőLUR]HQpPSRVWRML]MHGQRGX
äHQěőHÿHQRNUiÿHW´ERN\µ
ÊËɸŸ ªª
Ëæä[ÍÜãÜÀ¸Ç·¼¾´Á¶É¼¾È½È·´ÃÅÂÍ´"Ǹ"Á.¾Ì ©¡Í¾¿´·Á.ÃÅɾ̽ȷ´
3őL FKţ]L QHSőHVRXYiPH QRK\ SőtOLä GDOHNR RG VHEH DQL DE\ E\O\
EOt]NRMHGQDGUXKp7ěORKODYDUDPHQDERN\VHQHVPtSőLFKţ]LSRK\
ERYDWQDKRUXDGROţ-HQXWQpNUiÿHWWDNDE\VHWěæLäWěWěODSőHVRXYDORY
MHGQpURYLQěDDE\KPRWQRVWVSRÿtYDODQDRERXQRKiFK
3R ]YOiGQXWt WěFKWR ]iNODGţ MH PRæQp SőLVWRXSLW N QiFYLNX SRVXY
QpKRSRK\EXFKRGLGHOFXJLDäL=iURYHłVFKRGLGOHPNWHUpVH]DÿtQi
SRVRXYDWSUYQtVHSRVRXYiLNROHQRDERNSőLÿHPæMGHRSUXæQëSRK\E
FHOpKRWěOD=DÿiWHÿQtNVHPXVtXÿLWSRK\ERYDWYFXJLDäL]SUDYpKRÿL
OHYpKR ]iNODGQtKR SRVWDYHQt D WR GRSőHGX L GR]DGX D GR RERX VWUDQ
&KRGLGODPXVtEëWRGVHEHVWiOHQDätőNXUDPHQQHSőLVRXYDMtVHNVREě
DQL VH QHNőtæt &KRGLGOD VH ]SUDYLGOD NORX]DMt SR WDWDPL EőtäN\ VYëFK
SőHGQtFK ÿiVWt +PRWQRVW WěOD MH VWiOH UR]ORæHQD QD RERX FKRGLGOHFK
'RGUæRYiQtPWěFKWR]iVDG]QHPRæQtPHVRXSHőLOHKNpSURYHGHQtKRGX
$MXPL DäL ]SţVRE FKţ]H SőLSRPtQDMtFt QRUPiOQt FKţ]L SőtPRX
YSőHGLY]DG
&XJLDäL]SţVREFKţ]HSőLVRXYiQtPQRKRX
&XULDäL]SţVREFKţ]HVSRMXMtFtREDSőHGHäOp]SţVRE\
2EUDW\ QHEROL ´NRQWUROX SRK\EXµ WDL VDEDNL MH PRæQp REMDVQLW
GYěPD]SţVRE\9äLUätPVORYDVP\VOXMHWRSőLUR]HQëSRK\EWěODSRXæt
YDMtFtFXJLDäLWDNMDNMVHPMLæSőHGHVODO3őHPtVřRYiQtNRPELQDFtNURNţ
ÿLSţONURNţVHSőLWDLVDEDNLQHSURYiGtMHQYMHGQRPVPěUXDOHYNRP
ELQDFtFKUţ]QëFKVPěUţDKODYQěREUDWţ
9XæätPVORYDVP\VOXWDLVDEDNL]QDPHQiL]SţVRENRQWURO\SRK\EX
DMH~ÿLQQëPREUDQQëPSUYNHP
ÊËɸŸ ª«
Ëæä[ÍÜãÜÀ¸Ç·¼¾´Á¶É¼¾È½È·´ÃÅÂÍ´"Ǹ"Á.¾Ì ©¡Í¾¿´·Á.ÃÅɾ̽ȷ´
.RQWURODSRK\EX]iYLVtQDQiVOHGXMtFtFKäHVWLSUYFtFK
'UæHQtSRORKDKODY\Y]SőtPHQiSRORKDVSURWiKORXEUDGRX
3RXæLWtRÿtWRMHVWNDPKOHGěWEěKHP]iSDVX=DÿiWHÿQtNE\VH
PěOGtYDWQDVRXSHőRYXKUXĐÿLKUGOR=GRNRQDORYiQtPVHSRKOHG
SőHVRXYiGRVRXSHőRYëFKRÿt=QLFKO]HY\ÿtVWMHKR~P\VO\=
SRKOHGXRÿtVHGiY\ÿtVWMHäWěQH]DSRÿDWiDNFH3URWRMHSRWőHEDSőL
]iSDVHRÿLOHKFHPKRXőLW
.RQWURODGëFKiQtY]iSDVHMHGţOHæLWpGëFKDWNUiWFHDE\E\OR
PRæQpGRVWDWHÿQěU\FKOH]DGUæHWGHFKDWtP]SHYQLWEőLäQtVYDOVWYR
&RæMHSUYRWQtSRGPtQNDSUR~VSěäQpSURYHGHQtFKYDWXÿLRGUDæHQt
VRXSHőRYD~WRNX
3RXæLWtUXNRXSőLWDKXWODÿHQtGUæHQtY\XæLWtSőL~FKRSX
Y\FKëOHQtÿLEORNRYiQt
9\XæLWtKRUQtÿiVWLWěODSőHGNORQ\~NORQ\]iNORQ\SUROHSät
RGEORNRYiQtVRXSHőRYD~WRNXÿLSRPRFY~WRNXYODVWQtP
3RXæLWtQRKRXPDMtYHONp]DVWRXSHQtPH]LFKYDW\MXGD9\XætYi
VHSRGPHWţSRGUD]ţ]DGUæHQtÿLäYLKţY]KţUX
9\FKëOHQt QiVWXS GR FKYDWX D KRG MVRX WőL ]iNODGQt Ii]H FKYDWţ Y
SRVWRML
9<&+ê/(1Ì.8=8ã,
9\FKëOHQtMHSRUXäHQtURYQRYiK\VRXSHőHWDNæHKRPţæHPHOHKNR
KRGLWÓVSěäQpY\NRQiQtKRGXYSRVWRMLMHYSUYQtőDGě]iYLVOpQDVSUiY
QpPY\FKëOHQtVRXSHőHNWHUpWYRőtPLQLPiOQě~VSěäQRVWLSURYHGHQt
FKYDWX
ÊËɸŸ ª¬
Ëæä[ÍÜãÜÀ¸Ç·¼¾´Á¶É¼¾È½È·´ÃÅÂÍ´"Ǹ"Á.¾Ì ©¡Í¾¿´·Á.ÃÅɾ̽ȷ´
=DNODGDWHO MXGD -LJRUR .DQR SőLäHO QD ]SţVRE NX]XäL NG\æ VH XÿLO
äNRO\ WDQäLQ äLQMR D NLWR D äNROX MLX MLWVX -HKR SUDYLGOR őtNi æH NG\æ
VRXSHőHY\FKëOtPH]URYQRYiK\UHVSSőHORPtPHMHKRURYQRYiKXVWDÿt
SRXætWMHQPDORXVtOXQDWRDE\FKRPKRKRGLOL
.X]XäL MH WHG\ ]iNODGQt Ii]H NDæGpKR ~WRNX Y SRVWRML 6RXSHőH
PţæHPHY\FKëOLWGYěPD]iNODGQtPL]SţVRE\
3őL SUYQtP SţVREt QDäH VtOD GR MHGQRKR ] RVPL VPěUţ Y\FKëOHQt
KDSSRQRNX]XäLYHNWHUpPMHXNHODELOQtSRVWDYHQtPVYëFKFKRGLGHO
8NHMHYæG\QHMODELOQěMätYHVPěUXNROPLFHQDVSRMQLFLMHKRFKRGLGHO
2VP]iNODGQtFKVPěUţNX]XäLW]YKDSSRQRNX]XäL
PDHNX]XäLY\FKëOHQtSőtPRYSőHG
XäLURNX]XäLY\FKëOHQtSőtPRY]DG
KLGDULNX]XäLY\FKëOHQtYOHYR
PLJLNX]XäLY\FKëOHQtYSUDYR
PLJL PDH VXPL NX]XäL Y\FKëOHQt GR SUDYpKR SőHGQtKR URKX
YSUDYRYSőHG
KLGDULPDHVXPLNX]XäLY\FKëOHQtYOHYRYSőHG
PLJL XäLUR VXPL NX]XäL Y\FKëOHQt GR SUDYpKR ]DGQtKR URKX
YSUDYRY]DG
KLGDULXäLURVXPLNX]XäLY\FKëOHQtYOHYRY]DG
3őLGUXKpP]SţVREXY\FKëOHQtMHXNHY\FKëOHQëYOLYHPYODVWQt
DNFH UHVS UHDNFH QD SőHGHäOë ~WRN WRULKR 7HQWR ]SţVRE R]QDÿXMHPH
MDNRKDQGRQRNX]XäL
ÊËɸŸ ª
Ëæä[ÍÜãÜÀ¸Ç·¼¾´Á¶É¼¾È½È·´ÃÅÂÍ´"Ǹ"Á.¾Ì ©¡Í¾¿´·Á.ÃÅɾ̽ȷ´
1É6783&8.85,
1iVWXSMHYODVWQtSőHPtVWěQtSőLVRXÿDVQpPXGUæHQtY\FKëOHQtXNHKR
MGHWHG\RQiVWXSGRFKYDWX=SţVREQiVWXSXMHVSHFLÀFNëSURNDæGë
FKYDW1iVWXSVHUHDOL]XMHSőHYiæQěSDæHPLDSUDFtWěOD
+2'.$.(
+RGMH]iYěUHÿQRXÿiVWtFHOpKRFKYDWX-HORJLFNëPY\~VWěQtPVQDK\
Y\FKëOLWVRXSHőHDQDVWRXSLWGRFKYDWX3őLKRGXMHQXWQpNRQWURORYDW
SiGXNHKRWDNDE\GRSDGOQD]iGDDDE\FKRPVQtPQH]WUDWLOLNRQWDNW
WRMHVW~FKRS]DUXNiYÿLOtPHF
3URFHQWXHOQt UR]GěOHQt SRGtOX WőHFK Ii]t FKYDWX QD MHKR ~VSěäQpP
SURYHGHQtMH]KUXEDWDNRYpWR
NX]XäL
FXNXUL
NDNH
=WRKRWRUR]GěOHQtMDVQěY\SOëYiæHSőLWUpQLQNXMHSőHGHYätPQXWQp
VH]DPěőLWQDQiFYLNY\FKëOHQt
3É'<8.(0,
.G\æ VH MXGLVWD SRNRXät KRGLW VRXSHőH QD WDWDPL PţæH EëW L ViP
KR]HQë0XVtVLWRXYěGRPRYDWNDæGëNGRVH]DÿDOXÿLWMXGR-XGLVWDVH
QHVPtEiWVSDGQRXWDPXVtYěGěWMDNSDGQRXWWHG\MDNSUDFRYDWVWěOHP
SőLSiGX
9ëXND MXGLVWţ]DÿiWHÿQtNţ ]DÿtQi QiFYLNHP SiGţ -HMLFK EH]SHÿQp
]YOiGQXWtXPRæłXMHDEVROYRYDWPQRKRKRGţYWUpQLQNXLY]iSDVHFK
ÊËɸŸ ª®
Ëæä[ÍÜãÜÀ¸Ç·¼¾´Á¶É¼¾È½È·´ÃÅÂÍ´"Ǹ"Á.¾Ì ©¡Í¾¿´·Á.ÃÅɾ̽ȷ´
3R]YOiGQXWtSiGţVHYHY\XÿRYiQtSRNUDÿXMHQiFYLNHPGDOätFKWHFK
QLFNëFK SUYNţ MXGD =YOiGQXWt VSUiYQpKR SDGQXWt VRXYLVt L V OHSätP
]YOiGQXWtPWHFKQLN\MXGD
3őLQiFYLNXSiGţMHGţOHæLWpGRGUæRYDW]iVDG\SRVWXSQRVWL1HMSUYH
VHQDFYLÿXMtSiG\]Qt]NëFKSRORKGőHSVHGDDæSRWpVHXÿtSDGDW]
YěWätYëäN\
3RGOH VPěUX SRK\EX UR]H]QiYiPH WőL ]iNODGQt QDY]iMHP VH SRG
VWDWQěOLätFtGUXK\SiGţSiGY]DGYSőHGYSőHGVWUDQRXDSiGVWUDQRX
3RGOH ]SţVREX SURYHGHQt KODYQě YäDN SRGOH NRQHÿQp Ii]H SiGX
PţæHPHSiGY]DGDSiGYSőHGMHäWěGiOHUR]GěOLWQDSiGEH]Y]W\NXDSiG
VHY]W\NHP
'őtYH QHæ ]DÿQHPH V SőtSUDYQëPL FYLN\ D QiFYLNHP SiGX Y]DG MH
PHWRGLFN\VSUiYQpQHFKDWKRQDFYLÿRYDWMDNRSUYQtQHFKiPHNDæGpKR
QRYpKR FYLÿHQFH SURYpVW QěNROLN GRFHOD RE\ÿHMQëFK NRWRXOţ YSőHG L
Y]DG7tPRGKDGQHPHSRK\ERYpVFKRSQRVWLNDæGpKRFYLÿHQFHD]WpWR
LQIRUPDFHPţæHPHSRVOp]HY\FKi]HWSőLVDPRWQpPQiFYLNXQDSőSőL
UR]GěORYiQtFYLÿHQFţGRKRPRJHQQtFKVNXSLQ
35Ţ35$91É&9,þ(1Ì352-8',67,&.e3É'<
&YLÿHQHFVLOHKQHQD]QDNDGRNRQDOHXYROQtYäHFKQ\VYDO\8ÿLWHO
QHERVSROXFYLÿHQHFKRXFKRSt]DMHGQXYROQěOHætFtSDæL]YHGQHMLDVL
FPRGætQěQN\DSDNMLSXVWt&YLÿHQHFPXVtQHFKDWYäHFKQ\VYDO\VWiOH
XYROQěQ\DE\SDæHGRSDGODQDætQěQNXMHQVYRXYODVWQtYDKRXDGRFHOD
EH]FYLÿHQFRYD~VLOtDWRFHORXVYRXGpONRXGODQtGROţDY~KOXDVL
VWXSłţRGWUXSX7RWRXPtVWěQtSDæHSRSőtSDGěRERXSDætYSRPěUX
NWUXSXSODWtMDNR]iVDGDSURYäHFKQ\GUXK\SiGţ7DNWRXYROQěQiSDæH
ÊËɸŸ ª¯
Ëæä[ÍÜãÜÀ¸Ç·¼¾´Á¶É¼¾È½È·´ÃÅÂÍ´"Ǹ"Á.¾Ì ©¡Í¾¿´·Á.ÃÅɾ̽ȷ´
VHSRGRSDGXQDætQěQNXSRQěNXGRGUD]t7tPWR]SţVREHPWUHQpU]YHGi
DFYLÿHQHFQHFKiYiYROQěGRSDGDWVWőtGDYěLVRXÿDVQěREěSDæH
.G\æ FYLÿHQHF SRSVDQëP ]SţVREHP ]tVNDO VSUiYQRX SőHGVWDYX R
WRPMDNPDMtMHKRSDæHGRSDGDW]DÿQHViP]YHGDWDYROQěVSRXäWěWQD
ætQěQNXQHMSUYHVWőtGDYěSRWRPVRXÿDVQěREěSDæH
3őLSUYpP]SţVREXWMSőLFYLÿHQtVFL]tSRPRFtOHætFYLÿHQFRYDKODYD
WëOHP QD ætQěQFH -DNPLOH YäDN FYLÿHQHF ]DÿQH ]YHGDW D VSRXäWěW SDæH
YODVWQtP~VLOtPPXVt]YHGQRXWKODYXWDNDE\VHEUDGRXGRWëNDODKUXGL
QHERDOHVSRłE\ODXQtWDNEOt]NRMDNMHQMHPRæQR2GWRKRWRRNDPæLNX
VHMLæKODYDQHVPtGRWNQRXWætQěQN\DE\E\OYHFYLÿHQFLSěVWRYiQQiY\N
GUæHWKODYXWDNDE\VHQLNG\QHXGHőLODR]HP$E\VL]DÿtQDMtFtFYLÿHQHF
]Y\NDOGUæHWKODYXYæiGRXFtSROR]HYORætPXXÿLWHOSRGEUDGXQěMDNë
PěNNëSőHGPěWVORæHQëNDSHVQtNNRXVHNPROLWDQX
7őHWtIi]HQiFYLNXSUiFHSDætMH]WěæRYiQtSRSVDQpKRFYLNXWtPæH
FYLÿHQHF]YHGiSDæHÿtPGiOHWtPYëäHDæGRSőHGSDæHQtDQHQHFKiYi
MHGRSDGQRXWYROQěMHMLFKYODVWQtYDKRXQëEUæYNOiGiGRWěFKWRSRK\Eţ
VtOXWDNæHSDæHGRSDGDMtäYLKHPNWHUë]Y\äXMHU\FKORVWLLQWHQ]LWXMHMLFK
GRSDGX6tODMtæMVRXSDæHYHGHQ\NGRSDGXD~GHUXQDætQěQNXPXVt
Y\FKi]HW]UDPHQÓÿHOHPWpWRSUiFHSDætMHRGOHKÿLWSDGDMtFtPXWěOXDE\
GRSDGQHE\OSőtOLäWYUGëD]E\WHÿQěMXGLVWRXQHRWőiVODVRXÿDVQěVDPR
]őHMPěMHQXSiGţVHY]W\NHPXPRæQLWFRQHMU\FKOHMätQiYUDWGRSRVWRMH
3DæHSR~GHUXRSěWSRQěNXGRGVNRÿtRGætQěQN\FHOëSRK\EMHSUXæQë
SHYQëDYäDNQLNROLYVWUQXOë
'DOätPFYLÿHQtPMH´NROpENDµ&YLÿHQHFVLVHGQHVQRæPRSőLWiKQH
REěQRK\SDWDPLFRQHMWěVQěMLNKëæGtPREěPDSDæHPLREHMPHKROHQě
Y\VXQH UDPHQD YSőHG QDKUEt ]iGD D EUDGX SőLWLVNQH N KUXGL 3DN VH
ÊËɸŸ ª°
Ëæä[ÍÜãÜÀ¸Ç·¼¾´Á¶É¼¾È½È·´ÃÅÂÍ´"Ǹ"Á.¾Ì ©¡Í¾¿´·Á.ÃÅɾ̽ȷ´
RGUD]tFKRGLGO\]KRXSQHVHSR]iGHFKDæNUDPHQţPD]DVHVHYUDFtGR
VHGXSőLÿHPæVLSRPiKiPtUQëPRGGiOHQtPSDWRGKëæGtDE\Y\YiæLO
WUXS&HOëFYLNQěNROLNUiWSO\QXOHRSDNXMH
7RWpæFYLÿHQtSURYiGtFYLÿHQHF]HGőHSXSőLÿHPæVHVQDætGRVWDWVH
SRNXGPRæQRSRSURYHGHQt]KRXSQXWtSO\QXOH]SěWGRGőHSX
&YLÿHQHF VL OHKQH QD]QDN REě SDæH XPtVWt GR SRORK\ GR QtæVH
PXVtGRVWDWSRVSUiYQpPSURYHGHQt~GHUXREěPDSDæHPLQDÿHæ]YHGQH
VQRæPRREěSRNUÿHQpQRK\QDGDSőHVVYpOHYpUDPHQRDE\VHREěPD
äSLÿNDPLGRWNOætQěQN\YHYKRGQpY]GiOHQRVWL]DVYRXKODYRXDYOHYRRG
Qt3RGRVDæHQtGRWHNXYHGHQRK\RSěW]SiWN\QDætQěQNXDSRWpSURYiGt
FHOëFYLNQDRSDÿQRXVWUDQXDWRWRQěNROLNUiWRSDNXMH9N\ÿOtFKVHSőL
WRPPXVtYæG\Y\WRÿLWWDNDE\FRQHMYtFHXVQDGQLOGRWHNætQěQN\DDE\
VHFRQHMYtFH]YHGODKëæGěQHVRXKODVQiVUDPHQHPSőHVNWHUpYHGHQRK\
6RXÿDVQěVWtPWRMHQXWQpFYLÿLWLVSUiYQpXPtVWěQtKODY\NWHUiVHYæG\
SőLNOiQtWYiőtSőLNOiQtQLNROLRWiÿtNRSDÿQpPXUDPHQLQHæSőHVNWHUp
VH]YHGDMtQRK\
3RGRVWDWHÿQpP]YOiGQXWtWRKRWRFYLÿHQtMHMPţæHPHSR]PěQLWWDN
æHFYLÿHQHFSőL]YHGiQtQRKRXSRSVDQëP]SţVREHPGRVWDWHÿQěQDWiKQH
VUDPHQHPVRXKODVQRXQRKXNWHUiY\YiætMHKRWUXSGRWpPtU\æHVH
SőHYUiWt Y]DG QHEXGHOL PX Y WRP EUiQLW QHVSUiYQě XPtVWěQi KODYD
WDNæHGRäOiSQHQDäSLÿNXQDWDæHQpQRK\NROHQHPSRNUÿHQpQRK\VHMHQ
OHKFHGRWNQHætQěQN\DYVWDQHGRSRVWRMHREUiFHQÿHOHPNPtVWXNGH
OHæHO
&YLÿHQHFVLOHKQHQDOHYëERNDSUDYRXSDæLXSDæt3DNVHFRQHM
U\FKOHML SőHYUiWt QD ]iGD D SUDYRX SDæt XGHőt QDXÿHQëP ]SţVREHP R
ætQěQNX
ÊËɸŸ «§
Ëæä[ÍÜãÜÀ¸Ç·¼¾´Á¶É¼¾È½È·´ÃÅÂÍ´"Ǹ"Á.¾Ì ©¡Í¾¿´·Á.ÃÅɾ̽ȷ´
&YLÿHQHFVLOHKQHQDOHYëERNDSőHGSDætSUDYRXWDNDE\OHæHODSőHG
QtPQDætQěQFH3DNVH]DVHFRQHMU\FKOHMLREUiWtQD]iGDDSUDYRXSDæt
XGHőtRætQěQNX
&YLÿHQHF]DXMPHSRGSRUOHæPR]DUXNDPDDSőHQHVHYiKXVYpKRWěOD
]FHODQDSUDYRXSDæLDE\GRNRQDOHRGOHKÿLOOHYRX8ÿLWHOVSROXæiNN
QěPXSőLVWRXSt]SUDYpVWUDQ\MHGQRXQHERREěPDUXNDPDXFKRStSRG
MHKR WUXSHP MHKR OHYRX SDæL ]D ]iSěVWt D HQHUJLFN\ ]DWiKQH N VREě D
SRQěNXGY]KţUX&YLÿHQHFVHYHY]GXFKXREUiWtRVWXSłţDGRSDGQH
QD]iGDSőLÿHPæXGHőtSUDYRXSDætRætQěQNX
&YLÿHQHFVLOHKQHQD]QDNSDæHSRORætGRSRORK\SR~GHUX3DN
]YHGQHVQRæPRREěQRK\DæSőHVSUDYë~KHOQHMPpQěWDNGDOHNRDE\VH
SR]YHGO\MHKRN\ÿOHQDÿHæVHYN\ÿOtFKY\WRÿtYOHYRDVSXVWtREěQRK\QD
ætQěQNXWDNDE\OHYiRKQXWiYNROHQěGRSUDYpKR~KOXOHæHODQDætQěQFH
FHORXGpONRXVYpYQěMätVWUDQ\DSUDYiURYQěæRKQXWiYNROHQLVWiODQD
SOQpPFKRGLGOHSőHGOHYRXDWěVQěXVWőHGXGpON\OHYpKROHQě2EěQRK\
GRSDGQRXQDætQěQNXäYLKHPVWRMtFtQRKDHQHUJLFN\GXSQHÓÿHOHPWpWR
SUiFHQRKRXMHRGOHKÿLWGROQtÿiVWLWUXSXSiQHYD]PtUQLWSUXGNRVWMHKR
GRSDGX VWHMQě MDNR SUiFH SDæt ]PtUłXMH SUXGNRVW GRSDGX KRUQt ÿiVWL
WUXSX 2Eě QRK\ PXVt EëW XPtVWěQ\ SRSVDQëP ]SţVREHP WDNp SURWR
DE\VHQHVUD]LO\NROHQ\FRæE\PRKOR]SţVRELW]E\WHÿQRXEROHVWQHOL
GRNRQFH]UDQěQt
3RXPtVWěQtQRKRXSRSVDQëP]SţVREHP]YHGQH]DVHFYLÿHQHFREě
QRK\Y]KţUXDæGRWXSpKR~KOXSőLÿHPæGROHKQHRSěWURYQěQDSOQp
N\ÿOH Y\WRÿt VH Y N\ÿOtFK YSUDYR D XPtVWt QRK\ RSDÿQëP ]SţVREHP
7RWRFYLÿHQtMHQXWQRRSDNRYDWWROLNUiWDæVHXMLVWtPHRMHKREH]SHÿQpP
]YOiGQXWt
ÊËɸŸ «¨
Ëæä[ÍÜãÜÀ¸Ç·¼¾´Á¶É¼¾È½È·´ÃÅÂÍ´"Ǹ"Á.¾Ì ©¡Í¾¿´·Á.ÃÅɾ̽ȷ´
3RGRNRQDOpP]YOiGQXWtWěFKWRSőtSUDYQëFKFYLNţMHPRæQRSőLVWRX
SLWN]DKiMHQtQiFYLNXSUYQtKRSiGX
3É'9=$'8ã,528.(0,
$3É'9=$'%(=9=7<.8
3RSLV
-HGQiVHRSiGY]DGQDSOQi]iGDEH]PRæQRVWLY]W\NX
0HWRGLFNëSRVWXSQiFYLNX
1DFYLÿXMHPHQHMSUYH]HVHGX
&YLÿHQHFVHGtQDætQěQFHPiSőHGQRæHQRSőHGSDæHQRGODQěGROţ
WUXSY]SőtPHQ
3RQěNXGVHQDKUEtDSDGi]iG\QDætQěQNX6RXÿDVQě]YHGiREě
QRK\DVLWDNDE\~KHONWHUëVYtUDO\VWUXSHP]ţVWDOSőLEOLæQě
]DFKRYiQ
9RNDPæLNXNG\VHGRWëNiORSDWNDPLWDWDPLXGHőtRQěKRREěPD
SDæHPL
ÓGHUSDætSRQěNXGSR]YHGQHFYLÿHQFRYLKëæGě3RWRPQHFKiFYLÿH
QHFREěQRK\NOHVQRXW]DVHRSěWQDætQěQNXDMLPLY\YiæHQYUDFt
VH]SěWGRVHGX
9VHGX]DXMPHRSěW]iNODGQtSR]LFLDFHOëFYLN]QRYXRSDNXMH
+ODYDPXVtEëWSőLYäHFKSiGHFKGUæHQDWDNDE\E\ORY\ORXÿHQR
MHMt]UDQěQt3RRYOiGQXWtWRKRWRFYLÿHQtPţæHPHSőLVWRXSLWNQiFYLNX
WpKRæ SiGX ] GőHSX 3UţEěK FHOpKR FYLÿHQt MH Wëæ MDNR X SőHGFKR
]tKRMHQVWtPUR]GtOHPæHFYLÿHQHFY\FKi]t]GőHSXGRQěKRæVHY
SRVOHGQtIi]LSO\QXOHYUDFtSRNXGMHWRKRVFKRSHQ
'iOH SRNUDÿXMH YëFYLN QDFYLÿRYiQtP WpKRæ SiGX ] SRVWRMH 3UţEěK
FHOpKR FYLÿHQt MH WRWRæQë V SőHGFKR]tP OLät VH MHQ WtP æH YëFKR]t
ÊËɸŸ «©
Ëæä[ÍÜãÜÀ¸Ç·¼¾´Á¶É¼¾È½È·´ÃÅÂÍ´"Ǹ"Á.¾Ì ©¡Í¾¿´·Á.ÃÅɾ̽ȷ´
SR]LFtMHSRVWRMGRQěKRæVHFYLÿHQHFQHYUDFtDOH]ţVWiYiOHæHWQD
]iGHFK
&YLÿHQHF]DKDMXMHFYLNWDNæH]SRVWRMHSURYHGHGőHS]QěKRæSO\
QXOHSRNUDÿXMHMLæQDFYLÿHQëPVNXOHQtPY]DG
%3É'9=$'6(9=7<.(0
3RSLV
-HGQiVHRSiGY]DGNRWRXOHPVSO\QXOëPQiYUD
WHPGRSRVWRMH7HQWRSiGQDFYLÿXMHPHSőHVQěVWHM
QëP]SţVREHPMDNRSiGSőHGFKR]t7RMHVWQHMSUYH
]HVHGX]GőHSXDQDNRQHF]SRVWRMH
7HQWRNUiWYäDNFYLÿHQHFQH]ţVWiYiSRGRNRQÿHQt
SiGXOHæHWQD]iGHFKQëEUæVHYUDFtSőHVNRWRXOY]DG
FR QHMU\FKOHML GR SRVWRMH 1HSDGi SURWR SőtPR QD
SOQi]iGDQëEUæWDNDE\PRKOFRQHMVQi]HSURYpVW
NRWRXO Y]DG V GRäOiSQXWtP YSUDYR QHER YOHYR ]D
VYRXKODYRX
0HWRGLFNëSRVWXSQiFYLNX
=DÿtQiPHRSěWSiGHP]HVHGX
&YLÿHQHF]DXMPHVWHMQRXSRORKXYVHGXMDNRSőL
SőHGFKR]tP]SţVREX
1DKUEt SRQěNXG ]iGD D SDGi Y]DG SőHGNORQt
KODYX OHYRX WYiőt N OHYpPX UDPHQL D VRXÿDVQě
]YHGiREěYKRGQěSRNUÿHQpQRK\QDGVYpSUDYp
UDPHQR 2EU3iGY]DG
9RNDPæLNXNG\VHMHKRORSDWN\GRWëNDMtWDWDPLXGHőtGRQěKRHQHU
JLFN\REěPDSDæHPLDE\VLRGOHKÿHQtPKëæGtXVQDGQLONRWRXOY]DG
ÊËɸŸ «ª
Ëæä[ÍÜãÜÀ¸Ç·¼¾´Á¶É¼¾È½È·´ÃÅÂÍ´"Ǹ"Á.¾Ì ©¡Í¾¿´·Á.ÃÅɾ̽ȷ´
DQDSőtPtGRVWDWHÿQěOHYRXQRKXDE\VLY\YiæHQtPWUXSXXVQDGQLO
Y]W\N
&YLÿHQHFGRäOiSQHQHMSUYHQDäSLÿNXOHYpQRK\SDNQDFHOpFKRGL
GORDY]iSěWtLQDSUDYpFKRGLGOR9]W\NVLPţæHXU\FKOLWDXVQDGQLW
UXNDPDNWHUëPDVHSRQěNXGRSőHRWDWDPL
6NXSLQRYëQiFYLN
9\VYěWOLW]iVDG\NWHUpMHWőHEDGRGUæRYDWSőLSiGXY]DG
5R]HVWDYěW FYLÿHQFH GR GYRX őDG WYiőHPL SURWL VREě &YLÿHQFL VH Y
GőHSXQDY]iMHPRSőRXRGODQě1D]QDPHQt]DÿQRXVNiNDWYGőHSXD
SRNRXäHMtVHMHGHQGUXKpKRSRYDOLWQD]iGD3őLSiGXY]DGVHFYLÿH
QHFQHVPtRSőtWUXNDPDDOHPXVtSDGDWSRGOHSőHGHPGDQëFK]iVDG
5R]HVWDYWHFYLÿHQFHGRGYRXőDGFYLÿHQFL]MHGQpőDG\VHVQDætVWUÿLW
VRXSHőHGRSUVRXWDNDE\E\OQXFHQXGěODWSiGY]DG
5R]HVWDYWHFYLÿHQFHGRGYRXőDG&YLÿHQFLMHGQpőDG\FK\Wt]H]DGXVYp
SDUWQHU\]DOtPHFD]DWiKQRX]DQěMWDNæHVSDGQRXQD]iGD
3őLQiFYLNXMHWőHEDGEiWQDVSUiYQRXSRORKXKODY\EUDGDQDKUXGL
KODYD]GYLæHQDDE\]iW\ONHPQHXGHőLODGRWDWDPL
1HMÿDVWěMätFK\E\
&YLÿHQHFWOXPtSiGSRX]HSORFKRXGODQtDSőHGORNWt
3DæHMVRXSőtOLäY]GiOHQ\RGWěODKRGQěQDGVWXSłţ
3DæHMVRXSőtOLäEOt]NRXWěODKRGQěSRGVWXSłţ
ÊËɸŸ ««
Ëæä[ÍÜãÜÀ¸Ç·¼¾´Á¶É¼¾È½È·´ÃÅÂÍ´"Ǹ"Á.¾Ì ©¡Í¾¿´·Á.ÃÅɾ̽ȷ´
3É'93Ő('0$(8.(0,
3RSLV
6NXSLQRYëQiFYLN
&YLÿHQFLNOHÿtYHGYRXőDGiFKFYLÿHQHF]H]DGQtőDG\VWUÿtGRVYpKR
SDUWQHUDSőHGVHERXWDNæHSDGQHYSőHG
&YLÿHQFLYHGYRXőDGiFK]DVHERXMVRXYSRGőHSXDSRGREQěMDNRY
SőHGFKi]HMtFtPSőtSDGěVWUÿtFYLÿHQHF]H]DGQtőDG\GRVYpKRNROHJ\
YőDGěSUYQt
ÊËɸŸ «¬
Ëæä[ÍÜãÜÀ¸Ç·¼¾´Á¶É¼¾È½È·´ÃÅÂÍ´"Ǹ"Á.¾Ì ©¡Í¾¿´·Á.ÃÅɾ̽ȷ´
3É'93Ő('675$128
$3É'93Ő('675$128%(=9=7<.8
3RSLV
9WRPWRSőtSDGěVHMHGQiRSiGNRWRXOHPYSőHG
SőHVSUDYpSRSőOHYpUDPHQRNRQÿtFtYOHKX
0HWRGLNDQiFYLNX
ÿHQtNRWRXOXQDOHYëERNDOHYRXQRKXRKQXWRXYNROHQěDOHætFtQD
ætQěQFHFHORXGpONRXVYpYQěMätVWUDQ\6RXÿDVQěVGRSDGHPGRWpWR
SRORK\XGHőtFYLÿHQHFHQHUJLFN\RWDWDPLOHYRXSDætDMHäWěHQHUJLÿWěML
GRäOiSQHGXSQHSUDYëPFKRGLGOHPDVLXVWőHGXVYpOHYpKROHQě
3RGRNRQDOpP]YOiGQXWtSRSVDQpKR]SţVREXSiGXMHPRæQpQDFYL
ÿRYDWWHQWëæSiG]SRVWRMH$QDNRQHFO]HWHQWRSiGQDFYLÿRYDWVUR]
EěKHPÿLSőHVSőHNiæN\
%3É'93Ő('6(9=7<.(0
3RSLV
-HWRSiGNRWRXOHPYSőHGSőHVUDPHQRNRQÿtFtYSRVWRMLÿHOHPSURWL
VPěUX SRK\EX 1DFYLÿXMHPH YäHPL WőHPL ]SţVRE\ D VWHMQRX PHWRGRX
MDNRSiGSőHGFKR]tQHERřSURYHGHQtWRKRWRSiGXMHSőHVQěWRWpæMDNR
XSőHGFKR]tKR]SţVREXMHQVWtPUR]GtOHPæHYHIi]LFYLÿHQHFQHGR
SDGiQDERNQëEUæVHFRQHMU\FKOHMLYUDFtGRSRVWRMHDWRWtPWR]SţVR
EHP
1DSőtPtSRQěNXGQRKXVWHMQRMPHQQRXVUDPHQHPSőHVNWHUpSUR
YiGtNRWRXODVRXÿDVQěMLSRQěNXGY\WRÿtäSLÿNRXGRYQLWőDE\YiKDQDWD
æHQp QRK\ SRPRKOD Y\YiæLW WUXS D WtP XU\FKOLOD NRWRXO D DE\ U\FKOp
GRäOiSQXWt QD äSLÿNX Y\WRÿHQRX GRYQLWő XPRæQLOR U\FKOH ]DXMPRXW
SRVWRMÿHOHPSURWLVPěUXSRK\EXÓGHUQHVWHMQRMPHQQRXSDætRGOHKÿt
WUXSXDXU\FKOtGRNRQÿHQtNRWRXOXLY]W\N
1HMÿDVWěMätFK\E\
&YLÿHQHFPiQHVSUiYQěY\WRÿHQRXGODł
3RGRSDGXMHKODYDQD]HPL
3RGRSDGXMVRX]NőtæHQpQRK\
ÊËɸŸ «®
Ëæä[ÍÜãÜÀ¸Ç·¼¾´Á¶É¼¾È½È·´ÃÅÂÍ´"Ǹ"Á.¾Ì ©¡Í¾¿´·Á.ÃÅɾ̽ȷ´
3É'675$128
3RSLV
-HWRSiGQDSUDYëQHEROHYëERNEH]PRæQRVWL
Y]W\NX
0HWRGLNDQiFYLNX
1HMSUYHQDFYLÿXMHPH]HVHGX
&YLÿHQHF VHGt QD ætQěQFH QRK\ QDWDæHQ\ SőHG
VHERX OHYi UXND GODQt QD OHYpP VWHKQě SUDYi
SDæHRKQXWDYORNWLWDNDE\SUDYiUXNDVPěőXMtFt
GODQtGROţE\ODXOHYpKRUDPHQH
&YLÿHQHF ]DKiMt SiG Y]DG YSUDYR VWUDQRX DE\
GRSDGOQDSUDYRXSRORYLQX]DG
6RXÿDVQě]DÿQH]YHGDWREěQRK\OHYRXRQěFR
U\FKOHML D YëäH QHæ SUDYRX D Y RNDPæLNX NG\
VHGRWNQHSUDYRXORSDWNRXætQěQN\XGHőtSUDYRX
SDætRætQěQNX
3RWRP QHFKi REě QRK\ NOHVQRXW QD ætQěQNX D
MLPLY\YiæHQVHYUDFt]DVH]SěWGRVHGX
=HVHGXVHSDNSURYiGtFHOëFYLN]QRYX
3RGRNRQDOpP]YOiGQXWtWRKRWRFYLNXSR]PěQtFYL
ÿHQHFMHKRSURYiGěQtWDNWR 2EU3iGVWUDQRX
9HIi]LSőHGFKR]tKRSRSLVXQHYUDFtQRK\]SěWGRSţYRGQtSRORK\
QDætQěQFHQëEUæMHYHGHGROţWDNDE\SUDYiQRKDRKQXWiYNROHQě
WpPěőGRSUDYpKR~KOXGROHKODQDætQěQNXYQěMätVWUDQRXFHOpVYp
GpON\ D OHYi URYQěæ RKQXWi VNRUR GR SUDYpKR ~KOX GRSDGOD QD
ætQěQNXFKRGLGOHPDVLXSURVWőHGGpON\SUDYpKROHQě
ÊËɸŸ «¯
Ëæä[ÍÜãÜÀ¸Ç·¼¾´Á¶É¼¾È½È·´ÃÅÂÍ´"Ǹ"Á.¾Ì ©¡Í¾¿´·Á.ÃÅɾ̽ȷ´
ÓGHUSUDYpSDæHPiRVODELWVtOXGRSDGXKRUQtÿiVWLWUXSXWHG\RGOHK
ÿLWKUXGQtNX3RSVDQpXPtVWěQtQRKRX]QLFKæ]YOiäWěOHYiVWRMtFt
GRSDGQH QD ætQěQNX YHOPL HQHUJLFNëP GXSQXWtP Pi RVODELW VtOX
GRSDGXGROQtÿiVWLWUXSXNWHUiVHSőLSRSVDQpPSiGX]YHGODDQ\Qt
GRSDGi]SěWQDætQěQNXWHG\RGOHKÿLWN\ÿOtP
6DPR]őHMPěæHXYHGHQëÿDVRYëVOHGMHGQpSDæHDRERXQRKRXSODWt
MHQ SUR WHQWR QiFYLN 9 SUD[L YäDN PXVt SDGDMtFt MXGLVWD GEiW DE\
MHGQD]SDætDREěQRK\GRSDGO\QDætQěQNXSőHVQěVSUiYQëP]SţVR
EHPDVRXÿDVQěDE\WDNE\ORFRQHMYtFHRGOHKÿHQRFHOpWěORDMHKR
SiGQDWDWDPLFRQHMYtFH]WOXPHQ
3R]YOiGQXWtWRKRWRFYLÿHQtMHPRæQRSRNURÿLWNQiFYLNXWpKRæSiGX]H
GőHSX
&YLÿHQHF VL VHGQH GR SRGőHSX REě GODQě RSőH R VWHKQD 3RWRP
REORXNRYLWëP SRK\EHP ]GYLKQH OHYRX SDæL SőHG SUDYp UDPHQR D
VRXÿDVQě]GYLKQHOHYRXQRKXäLNPRYSőHGSőHGSUDYpNROHQR9\WR
ÿHQtPWěODYOHYRSURYiGtFYLÿHQHFSiGQDOHYëERN9RNDPæLNXNG\
VHMHKROHYiORSDWNDGRWNQHWDWDPLSURYiGtVRXÿDVQěOHYiXYROQěQi
SDæH~GHURWDWDPL'DOätSRVWXSMHWRWRæQëMDNRXSőHGFKi]HMtFtKR
]SţVREX
3RGRVWDWHÿQpPSURFYLÿHQtSiGX]HGőHSXMHPRæQRSRNUDÿRYDWQiFYL
NHPSiGX]HVWRMH
&YLÿHQHF]DXMPH]iNODGQtSőLUR]HQëSRVWRM
3RWRPY\NURÿtOHYRXQRKRXYSőHGYOHYRVWUDQRXGRäOiSQHDKQHGQD
QLSőHQHVHYiKXWěOD
2GOHKÿHQRX SUDYRX QRKX SDN SRVXQH URYQěæ YSőHG YOHYR VWUDQRX
PLPRVWRMQRXOHYRXVRXÿDVQěSDGiY]DGYSUDYRDVWUDQRXDSURYHGH
ÊËɸŸ «°
Ëæä[ÍÜãÜÀ¸Ç·¼¾´Á¶É¼¾È½È·´ÃÅÂÍ´"Ǹ"Á.¾Ì ©¡Í¾¿´·Á.ÃÅɾ̽ȷ´
FHOëFYLNVWHMQëP]SţVREHPMDNRREDSőHGFKR]t6WHMQëP]SţVREHP
PXVtPHYäHFKQDWDWRFYLÿHQtSURYiGěWLQDRSDÿQRXVWUDQXDE\E\O
QDFYLÿHQYäHPLXYHGHQëPL]SţVRE\LSiGQDOHYëERN
6NXSLQRYëQiFYLN
&YLÿHQFLVWRMtYHGYRMLFtFK]DVHERX'UXKëXFKRStSUDYpQHEROHYp
UDPHQR SUYpKR NLPRQR QD UDPHQL D VWUKiYi KR VWUDQRX 'UXKë
SURYiGtSiGVWUDQRXVNXOHQtP
3UYQtFYLÿHQHFVWRMtSUDYëPERNHPNGUXKpPXXFKRStSUDYRXUXNRX
NLPRQRGUXKpKRQDSUVRX3RRGUD]XSURYiGtSiGVWUDQRXVGRSD
GHPQDOHYëERN'UXKëVHSőHGNOiQtDEU]GtSUYpKRYSiGX
1HMÿDVWěMätFK\E\
7OXPHQtSiGXGODQtDSőHGORNWtP
ÊËɸŸ ¬§
Ëæä[ÍÜãÜÀ¸Ç·¼¾´Á¶É¼¾È½È·´ÃÅÂÍ´"Ǹ"Á.¾Ì ª¡Á´º¸Ê´Í´ Ǹ¶»Á¼¾´µÂ½¸ÉÃÂÆǽ¼
¬£ÃÖÜÚìÖïÖ¢éÚØÝãÞàÖ×äßÚëåäèéäßÞ
¬£¦MëäÙÙäãÖÜÚìÖïî
9WpWRÿiVWLVHGRVWiYiPHNQiFYLNXVDPRWQëFKFKYDWţ-HGQiVHR
QěNROLN ]iNODGQtFK FKYDWţ D SRVOp]H L NRPELQDFt D NRQWUDFKYDWţ 'R
WRKRWRYëEěUXE\O\]DőD]HQ\FKYDW\NWHUpVSDGDMtGRYěGRPRVWtMXGLVW\
QDWHFKQLFNpPVWXSQLN\XWHG\QHMQLæätKRVWXSQě
%XGH ]GH XYHGHQR SRX]H MHGLQp SURYHGHQt WRKR NWHUpKR SRUD]X
NWHUpMHSRYDæRYiQR]D]iNODGQt7pPěőXNDæGpKRSRUD]XH[LVWXMHQěNR
OLNYDULDQWDQDYtFPQRKRSőtOHæLWRVWtNMHMLFKSURYHGHQtMHæQHSRYDæXML
]DGţOHæLWpDSURWRVHMLPL]GHQHEXGX]DEëYDW
9PHWRGLFHMXGDVRXÿDVQëH[LVWXMtFtWUHQGSRæDGXMHDE\VLFYLÿHQFL
RVYRMLOLWHFKQLFN\VSUiYQRXQHMOpSHWDN]YDQRXNODVLFNRXIRUPXNDæGpKR
FKYDWX NWHURX VL SDN Y ]iSDVRYp SUD[L XSUDYt SRGOH VYëFK I\]LFNëFK
D SV\FKLFNëFK SőHGSRNODGţ GR IRUP\ NWHUi MLP QHMYtFH Y\KRYXMH D Mtæ
GRVDKXMtQHMYtFH~VSěFKţ2Wi]NRXDOHQDGiOH]ţVWiYiNWHUpSURYHGHQt
SRYDæRYDW]DNODVLFNpQHERřLVDPLMDSRQäWtXQLYHU]LWQtPLVWőL]MDSRQ
VNëFKXQLYHU]LWQtFKFHONţY\FKi]HMtQHMOHSätVYěWRYt]iYRGQtFLLXÿLWHOp
.RGRNDQXVHYHVYëFKQi]RUHFKQDWHFKQLNXFKYDWţOLät
9 MXGLVWLFNp WHUPLQRORJLL MVRX RED FYLÿHQFL SURYiGěMtFt FKYDW RG
VHEHRGOLäRYiQLWHUPtQ\725,~WRÿQtNFYLÿHQHFSURYiGěMtFtFKYDWD
8.(REUiQFHFYLÿHQHFQDNWHUpPMHFKYDWGHPRQVWURYiQ
ÊËɸŸ ¬¨
Ëæä[ÍÜãÜÀ¸Ç·¼¾´Á¶É¼¾È½È·´ÃÅÂÍ´"Ǹ"Á.¾Ì ª¡Á´º¸Ê´Í´ Ǹ¶»Á¼¾´µÂ½¸ÉÃÂÆǽ¼
¬£§ÃYØëÞàØÝëÖéëåäèéäßÞ
2*2ã,
2JRäLMHMHGHQ]H]iNODGQtFKSRUD]ţSURYiGěQëFKN\ÿOHPL.ODVLFNp
SURYHGHQtMH]REUDQQpKRVWőHKX
3RSLV
MHKRKëæGěE\O\YHYëäLVODELQXNHKR&KRGLGODWRULKRMVRXSRREUDWX
URYQREěæQpVFKRGLGO\XNHKRDSDWDPLQD~URYQLäSLÿHNXNHKR9iKD
ÊËɸŸ ¬©
Ëæä[ÍÜãÜÀ¸Ç·¼¾´Á¶É¼¾È½È·´ÃÅÂÍ´"Ǹ"Á.¾Ì ª¡Á´º¸Ê´Í´ Ǹ¶»Á¼¾´µÂ½¸ÉÃÂÆǽ¼
WRULKR MH SőHQHVHQD QD äSLÿN\ %ěKHP REUDWX QHVPt EëW SRUXäHQR
Y\FKëOHQtXNHKRSURWRMHGţOHæLWpDE\WRULQHSőHUXäLOWDKOHYRXSDæt
7RULSUDYRXUXNXSRORætRWHYőHQRXGODQtQDEHGUDXNHKRGODQtDSőHG
ORNWtPSUDYpSDæHSHYQěSőLWLVNQHXNHKRQDREěVYpKëæGěDGROQt
ÿiVW]DGQDSQXWtPYNROHQRXDPtUQëPSőHGNORQHPKRKi]tSőtPR
SőHGVHEH
3R]QiPNDNQiFYLNX
7UHQpUGEiDE\WRULWDKRYRXSDætWiKOäLNPRY]KţUX-HVWOLæHWiKQH
GROţXNH´WUHVWiµWRULKRREěKQXWtPDKRGHPDFKYDWHPRJRäLRSDÿQëP
ERNHP
&K\E\
1iVWXSGDOHNRRGVRXSHőHEH]GRVWDWHÿQpKRNRQWDNWX
1iVWXSGRFKYDWXVQDSQXWëPDQRKDPDYNROHQRX
1iVWXSGRFKYDWXYSőHGNORQX
1iVWXSGRFKYDWXQD]DWtæHQëFKSDWiFK
2EUDQD
ÊËɸŸ ¬ª
Ëæä[ÍÜãÜÀ¸Ç·¼¾´Á¶É¼¾È½È·´ÃÅÂÍ´"Ǹ"Á.¾Ì ª¡Á´º¸Ê´Í´ Ǹ¶»Á¼¾´µÂ½¸ÉÃÂÆǽ¼
8.,*2ã,
3RSLV
7RULY\FKëOtVRXSHőHYSUDYRYSőHGSőLYHGHKRGRWěVQpKRNRQWDNWX
VHVYRXSUDYRXN\ÿOtDSUDYRXÿiVWtEHGHU]YHGQHKRDKRGtURWDFtN\ÿOt
DKRUQtÿiVWLWěODYOHYR
3RVWXS
2EDVRXSHőLMVRXYSUDYpPVWőHKX
/HYiSDæHWRULKRMHSRNUÿHQiYORNWL]YHGQXWDGR
YëäH UDPHQH D WRUL ML WiKQH YRGRURYQëP REORX
NHPYOHYRVWUDQRXDY]DG3UDYRXSDætWRULSUR
YiGt FXULNRPL Y\FK\ORYiQt SUDYRX SDæt GUætFt
]D VRXSHőţY OtPHF 8NH MH Y\FK\ORYiQ YSUDYR
YSőHG
=iURYHłVY\FKëOHQtPSRVXQHWRULSUDYRXQRKX
YSőHGDGRNURÿtGRSURVWőHGPH]LFKRGLGODXNHKR
SRQěNXGSőHGMHMLFKVSRMQLFL3UDYRXUXNXYVXQH
QD SiVHN QD EHGUHFK XNHKR D SHYQě SőLWLVNQH
XNHKRQDVYţMSUDYëERN
2EUDWHPYOHYRQDSUDYpQR]HVHWRULRWRÿt]iG\
N XNHPX SőHQHVH YiKX QD VYRX OHYRX QRKX D
QDRGOHKÿHQpPSUDYpPERNXVRXSHőHQDGQHVH]H
ætQěQN\DYSRVOHGQtIi]LREUDWXKRKi]tRWRÿHQtP
N\ÿOtDKRUQtÿiVWLWěODYOHYRDVLOQëP]DWDæHQtP 2EU8NLJRäL
OHYRXSDætSőtPRSőHGVHEH3RUD]MHYëVOHGNHPSőHQHVHQtYiK\DRWR
ÿHQtWěOD
ÊËɸŸ ¬«
Ëæä[ÍÜãÜÀ¸Ç·¼¾´Á¶É¼¾È½È·´ÃÅÂÍ´"Ǹ"Á.¾Ì ª¡Á´º¸Ê´Í´ Ǹ¶»Á¼¾´µÂ½¸ÉÃÂÆǽ¼
7RULVWRMtSRREUDWXÿHOHPYHVPěUXKRGXWMRGXNHKRYSUDYRYSőHG
WDNæHMHKRFKRGLGODQHMVRXURYQREěæQiVKRGLGO\XNHKRDOHSRQěNXG
RGNORQěQDYSUDYR7RULMHWHG\NVRXSHőLQDWRÿHQYtFHSUDYëPERNHP
KUXGQtNXDEHGU\3URYiGtREUDWVHVRXSHőHPSőLWLVNQXWëPNHVYpPX
ERNXDRWiÿHQtPN\ÿOtDSőHQiäHQtPYiK\QDOHYRXQRKXMHMVWiOHYtFH
QDEtUiQDERNDæMHM]FHODRGSRXWi]HætQěQN\3őLKRGXPiWRULYiKX
QDOHYpSUDYiVHRStUiSRX]HRäSLÿNXFKRGLGODQHERřSUDYëERNMH
PD[LPiOQě]YHGQXW
3R]QiPN\
5R]GtO\PH]LSRUD]\XNLJRäLDRJRäLMVRXQiVOHGXMtFt
3őL XNLJRäL WRUL RWiÿt N\ÿOH YOHYR QH]YHGi MH D RGKD]XMH XNHKR
]DWtPFR X RJRäL WRUL QDUiæt ]GROD N\ÿOHPL QD WěOR XNHKR ] SRORK\
KOXEätDKi]tKR]YHGQXWtPN\ÿOt
9 XNLJRäL MH XNH Ki]HQ SRX]H SőHV MHGHQ ERN N\ÿOL UHVS ] MHGQp
N\ÿOH
1iVWXSQDXNLJRäLEëYiÿDVWRU\FKOHMätQHERřWRULSőLQěPQHPXVt
SURYiGěWREUDWRSOQëFKVWXSłţ
9XNLJRäLWRULQHSURYiGtYëUD]QëSRGőHSDQLSőHGNORQ
3R]QiPNDNQiFYLNX
6H]DÿiWHÿQtN\MHQHMYKRGQěMät]DÿtWVQiFYLNHPQDPtVWě7RULY\FK\
OXMH VRXSHőH QD äSLÿN\ D VRXÿDVQě Y\NUDÿXMH SUDYRX QRKRX 3R FHORX
GREXREUDWXPXVt]ţVWDWXNHY\FKëOHQëQDäSLÿNiFK
&K\E\
7RULQHGRNRQÿtREUDWOHYRXQRKRXD~WRÿtEH]NRQWDNWXVHVRXSHőHP
7RULOHYRXUXNRXWiKQHVRXSHőHN]HPLÿtPæVHY\VWDYXMHPRæQRVWL
REHMLWtDSURWLFKYDWX
ÊËɸŸ ¬¬
Ëæä[ÍÜãÜÀ¸Ç·¼¾´Á¶É¼¾È½È·´ÃÅÂÍ´"Ǹ"Á.¾Ì ª¡Á´º¸Ê´Í´ Ǹ¶»Á¼¾´µÂ½¸ÉÃÂÆǽ¼
2EUDQD
ÓWRNSURWLYQtND]QHäNRGQtPHWtPæHVNRÿtPHSőHGQěKRYRNDPæLNX
NG\QDVWXSXMHGRFKYDWX
1DSDGOOLQiVVRXSHőPXVtPHVQtæLWERN\RWRÿLWWěORYSUDYRSUDYRX
UXNRXWUKQRXWY]KţUXDWtPMLRVYRERGLW]HVRXSHőRYD~FKRSX
26272*$5,
3RSLV
7RULLXNHVWRMtYSUDYpPVWőHKX
7RULY\NURÿtVYRXOHYRXQRKRXSőLEOLæQěFPRG
SUDYpQRK\XNHKRQDVSRMQLFLMHKRFKRGLGHO-HVW
OLæH WRUL VWRMt SőtOLä GDOHNR QHPi GREUë NRQWDNW
VHVRXSHőHP-HVWOLæHQDSURWLWRPXY\NURÿtOHYRX
QDY]GiOHQRVWWěVQěMätPţæHMHQREWtæQěSURYpVW
QiSőDKSUDYRXQRKRXSőHGSRGPHWHQtPDMHWpæ
YHOPLODELOQt
1DY\NURÿHQRXOHYRXQRKXSőHQHVHWRULSOQěYiKX
WěOD D SRNUÿt NROHQR /HYRX UXNRX WiKQH SUDYë
UXNiYXNHKRNROPRN]HPLSőHGORNWtPSRNUÿHQp
SUDYp SDæH OHKFH XGHőt QD KUXGQtN XNHKR UXND
VWiOHGUætOtPHFD]DWODÿtXNHKRY]DG9ëVOHGNHP
SUiFH RERX SDæt MH Y\FKëOHQt XNHKR Y]DG WDNæH 2EU2VRWRJDUL
ÊËɸŸ ¬
Ëæä[ÍÜãÜÀ¸Ç·¼¾´Á¶É¼¾È½È·´ÃÅÂÍ´"Ǹ"Á.¾Ì ª¡Á´º¸Ê´Í´ Ǹ¶»Á¼¾´µÂ½¸ÉÃÂÆǽ¼
VWRMtQDSDWiFKDYěWäLQRXYiK\VSRÿtYiQDSUDYpQR]H3UDYëPUDPH
QHPMHWRULYNRQWDNWXVSUDYëPUDPHQHPXNHKRRV\UDPHQRERX
VRXSHőţMVRXURYQREěæQp7UXSMHY]SőtPHQSRQěNXGSőHGNORQěQ
DOHQHVPtVHXNOiQěW3URFHONRYpVSUiYQpSRVWDYHQtMHGţOHæLWpDE\
FKRGLGOR OHYp QRK\ E\OR URYQREěæQp V FKRGLGO\ XNHKR QHPěOR E\
VPěőRYDWVWUDQRX
2NDPæLWěSRWpFRWRULSőHQHVHYiKXQDOHYRXUHVSVRXÿDVQěVGRNUR
ÿHQtPOHYpSURYiGtQiSőDKSUDYRXD]iäYLKHPWpWRGROQtNRQÿHWLQ\
SRGPHWiSUDYRXQRKXXNHKRUXNDPDWiKQHN]HPLDYHGHXNHKRGR
SiGXQD]iGD7DKHPOHYpSDæHY]KţUXWěVQěSőHGGRSDGHPXNHKR
PţæH]SRÿiWNX]PtUQLWMHKRSiG
3őLQiSőDKXWiKQHWRULSUDYRXQRKRXKőEHW\SUVWţSRætQěQFHD]YHGQH
MLDæSRWpFRPLQHXNHKR3őLSRGPHWXQDUiæt]DGQtSORFKRXVWHKQDD
OëWNDQD]DGQtSORFKXVWHKQDDOëWNDXNHKRSUDYpQRK\7UXSDSUDYi
QRKDWYRőtSőLSRGPHWXMHGHQFHOHN
3R]QiPNDNQiFYLNX
2VRWRJDULQDFYLÿXMHWUHQpUX]DÿiWHÿQtNţQHMSUYHQDPtVWěWHSUYH
SR]GěML]DSRK\EX=GHMH]YOiäWěQXWQpQDFYLÿRYDW]SRÿiWNXRGGěOHQě
~ORK\XNHKRDWRULKRQHERřSiGY]DGY\YROiYiX]DÿiWHÿQtNţREDY\
&K\E\
1iVWXSY]iNORQXEH]Y\FKëOHQtVRXSHőH
&K\EQp SRVWDYHQt OHYp QRK\ GDOHNR RG VRXSHőH QHER QDRSDN SőtOLä
EOt]NR
9\FKëOHQtSDæHPLEH]NRQWDNWXERNXVWěOHPVRXSHőH
ÊËɸŸ ¬®
Ëæä[ÍÜãÜÀ¸Ç·¼¾´Á¶É¼¾È½È·´ÃÅÂÍ´"Ǹ"Á.¾Ì ª¡Á´º¸Ê´Í´ Ǹ¶»Á¼¾´µÂ½¸ÉÃÂÆǽ¼
6(2,1$*(,3321
,SSRQVHRLQDJHMHMHGQRX]QěNROLNDYDULDQWSRUD]XVHRLQDJH2G
RVWDWQtFKYDULDQWVHOLätMLQRXIRUPRX~FKRSXSUDYRXSDæt
3RSLV
2EDVRXSHőLVWRMtYSUDYpPVWőHKX
7RULWDKHPRERXSDætY\FKëOtXNHKRSőtPRYSőHG
QHER YSUDYR YSőHG VRXÿDVQě SőHGVXQH SUDYRX
QRKXSőHGSUDYRXQRKXXNHKRSRQěNXGGRYQLWő
DVQtætWěæLäWěSURYHGHQtPSRGőHSX
6RXÿDVQě V SURYHGHQëP REUDWHP QD SUDYp QR]H
XYROQt WRUL SUDYRX UXNRX OtPHF XNHKR VSRGQtP
REORXNHPäYLKQHSDætY]KţUXDORNHWQtPRKEtP
QDGUiætXNHKRSRGSDæGt3RREUDWXMVRXFKRGLGOD
WRULKR D XNHKR QDY]iMHP URYQREěæQě FKRGLGOD
WRULKRSRQěNXGYSőHGXWUXSMHY]SőtPHQYiKD
WěODSőHQHVHQDQDSőHGQtÿiVWLFKRGLGHO
6 QDGUDæHQtP SUDYRX SDæt WRUL QDStQi NROHQD
PtUQěVHSőHGNOiQtRWiÿtVHSUDYëPUDPHQHPN
ætQěQFHDKi]tXNHKRSőHGVHEH1HMYěWätWDKY\YtMt 2EU6HRLQDJHLSSRQ
ÊËɸŸ ¬¯
Ëæä[ÍÜãÜÀ¸Ç·¼¾´Á¶É¼¾È½È·´ÃÅÂÍ´"Ǹ"Á.¾Ì ª¡Á´º¸Ê´Í´ Ǹ¶»Á¼¾´µÂ½¸ÉÃÂÆǽ¼
9SRVOHGQtIi]LKRGXSőHKPiWQHWRULSUDYRXUXNRXQDUXNiYXNHKR
YHGOHPtVWD~FKRSXVYpOHYpDREěPDUXNDPD]DEH]SHÿXMHSiGXNHKR
QDætQěQNX
3R]QiPN\NQiFYLNX
6HRLQDJHQDFYLÿXMHWUHQpUDæNG\ææiFLEH]SHÿQěSDGDMtYSőHGDRYOi
GDMt WDL VDZDNL 1HGRVWDWHÿQi SUţSUDYD EëYi ]GURMHP ]QDÿQpKR SRÿWX
]UDQěQt
6WHMQě MDNR SőL RVWDWQtFK FKYDWHFK NG\ VH WRUL PXVt RWRÿLW R
VWXSłţ]DÿtQiPHVQiFYLNHPQDPtVWě3UYQtGREDY\WDæHQtXNHKRQD
äSLÿN\GUXKiQiVWXSSUDYRXQRKRXWőHWtGRNRQÿHQtREUDWXSőLVWiOpP
WDKXRERXSDætDE\XNHQHNOHVO]SěWQDSDW\-DNPLOHWRULGRNRQÿtREUDW
]DNURÿHQtPOHYpRNDPæLWěQDStQiQRK\YNROHQRXDXNHKRKi]tYSőHG
&K\E\
ÊËɸŸ ¬°
Ëæä[ÍÜãÜÀ¸Ç·¼¾´Á¶É¼¾È½È·´ÃÅÂÍ´"Ǹ"Á.¾Ì ª¡Á´º¸Ê´Í´ Ǹ¶»Á¼¾´µÂ½¸ÉÃÂÆǽ¼
6$6$(&85,.20,$ã,
3RSLV
7RULLXNHVWRMtYSUDYpPVWőHKX
7RUL WDKHP RERX SDæt QHER SőHGFKR]tP ]DWODÿH
QtPVRXSHőHY]DG]SţVREtæHXNHY\NURÿtYSőHG
OHYRXQRKRX7RMHRNDPæLNNG\VHREDVRXSHőL
GRÿDVQěRFLWDMtYOHYpPSőLUR]HQpPSRVWRML
9 RNDPæLNX NG\ XNH SRÿtQi SURYiGěW SUDYRX
QRKRX NURN YSőHG SőLNOiGi WRUL FKRGLGOR VYp
RGOHKÿHQpOHYpQRK\QDYQěMätNRWQtNSUDYpQRK\
XNHKR ÿtPæ ]DVWDYXMH SRK\E SUDYp QRK\ XNHKR
YSőHG /HYRX UXNRX VLOQě WiKQH XNHKR YHONëP
REORXNHP YOHYR Y]DG 3őL WpWR DNFL VSROXSţVREt
MHäWě WODN SUDYp UXN\ WRULKR Y]KţUX D HQHUJLFNp
RWRÿHQtMHKRWUXSXYOHYRVSROXVH]iNORQHP
1iVOHGNHPDNFtWěODDSDætWRULKRMDNRæL]DGUæH
QtP MHKR QRK\ FKRGLGOHP OHYp QRK\ WRULKR XNH
SDGiRWiÿHMHVHNROHPOHYpQRK\
2EU6DVDHFXULNRPLDäL
3R]QiPNDNQiFYLNX
3URGRNRQDOpSőHQHVHQtKPRWQRVWLXNHKRQDSUDYRXQRKXMHQXWQp
GţUD]QpSURYHGHQtFXULNRPLNWHUpO]HVDPRVWDWQěQDFYLÿRYDWYőDGiFK
ÊËɸŸ §
Ëæä[ÍÜãÜÀ¸Ç·¼¾´Á¶É¼¾È½È·´ÃÅÂÍ´"Ǹ"Á.¾Ì ª¡Á´º¸Ê´Í´ Ǹ¶»Á¼¾´µÂ½¸ÉÃÂÆǽ¼
&K\E\
1HGRVWDWHÿQëRGVWXSRGVRXSHőH
3UDYiQRKDQHGRVWDWHÿQěQDWRÿHQiNRVHFKYDWXDYNROHQLQDSQXWi
9\VD]HQëSRVWRM
5XNDWiKQHN]HPL
2EUDQD
/]HSRXætWSRGREQRXREUDQXMDNRXFKYDWXKL]DJXUXPDYL]QtæH
-HäWěSőHG~SOQëPY\FKëOHQtPPţæHXNHVQtæLWVYpWěæLäWěDSőHNURÿLW
WRULKR]DGUæXMtFtSUDYRXQRKX
+,=$*8580$
3RSLV
8NHLWRULVWRMtYSUDYpPVWőHKX
7RULWDKHPRERXSDætQHERSőHGFKR]tP]DWODÿHQtPVRXSHőHY]DG]Sţ
VREtæHXNHY\NURÿtOHYRXQRKRX
6RXÿDVQěVY\NURÿHQtPXNHKROHYRXWRUL]DNURÿtSUDYRXY]DGDPtUQě
YSUDYR WM YOHYR YSőHG RG RSRQHQWD VH VRXÿDVQëP VWRÿHQtP SUD
YpKRFKRGLGODYOHYR1DWXWRSUDYRXQRKXSőHQHVHYiKX
9RNDPæLNXNG\XNHSRÿtQiSURYiGěWSUDYRXQRKRXNURNYSőHGSőL
NOiGiWRULFKRGLGORVYpOHYpRGOHKÿHQpQRK\QDSUDYpNROHQRVRXSHőH
Y PtVWě UR]KUDQt PH]L SőHGQt D YQěMät ÿiVWt NROHQD =GH MH GţOHæLWp
XGUæRYDWWODNQDNROHQRVRXSHőHFRQHMGpOH9RSDÿQpPSőtSDGěE\
PRKOXNHQDUXäLWÿLVWRWXSRUD]XGRNURÿHQtPSUDYpQRK\
ÊËɸŸ ¨
Ëæä[ÍÜãÜÀ¸Ç·¼¾´Á¶É¼¾È½È·´ÃÅÂÍ´"Ǹ"Á.¾Ì ª¡Á´º¸Ê´Í´ Ǹ¶»Á¼¾´µÂ½¸ÉÃÂÆǽ¼
.KRGXGRFKi]tKDUPRQLFNRXSUDFtFHOpKRWěODWRULKR]HMPpQDWDKHP
OHYp SDæH REORXNHP äLNPR GROţ YOHYR D ]YHGi
QtPSUDYpSDæHREORXNHP.WRPXDE\WRUL]YěWäLO
DPSOLWXGX D VtOX SRK\EX PXVt SRK\E SDæt SUR
YiGěW V\QFKURQL]RYDQě V HQHUJLFNëP RWRÿHQtP
WUXSX YOHYR =DEORNRYDQp SUDYp NROHQR XNHKR
VORXætMDNRERGRWiÿHQt
&K\E\
'($ã,+$5$,
3RSLV
7RULSRGPHWiVRXSHőRYXGRNUDÿXMtFtOHYRXQRKXDVHVRXÿDVQRXSUDFt
SDætKRKRGt
3RVWXS
6RXSHőL]DXMPRXSUDYëVWőHKVSUDYRXQRKRXY\NURÿHQRX
ÊËɸŸ ©
Ëæä[ÍÜãÜÀ¸Ç·¼¾´Á¶É¼¾È½È·´ÃÅÂÍ´"Ǹ"Á.¾Ì ª¡Á´º¸Ê´Í´ Ǹ¶»Á¼¾´µÂ½¸ÉÃÂÆǽ¼
8NHY\NURÿtOHYRXQRKRX7RULVRXÿDVQě]DNURÿtSUDYRXY]DGGRYQLWő
&KRGLGORSUDYpQRK\Y\WRÿtWpPěőNROPRNFKRGLGOXOHYpÿtPæXKQH
XNHPX]GUiK\MHKRSRK\EX1DSUDYpQR]HVHWRULSRQěNXGVQtætD
SőHQHVHQDQtYiKXDE\RGOHKÿLOOHYRX
8NH SRNUDÿXMH Y SRVWXSX NURNHP YSőHG
SUDYRX9RNDPæLNXNG\QDQtSőHQiätYiKX
SRGPHWi PX ML WRUL FKRGLGOHP OHYp QRK\
äLNPR YSőHG WM GLDJRQiOQě N YODVWQt SUDYp
QR]H 7RUL ]iURYHł HQHUJLFN\ WiKQH REěPD
SDæHPL NH VYpPX OHYpPX ERNX QHMNUDWätP
VPěUHP D YHGH XNHKR GR SiGX SőtPR SőHG
VHEH 3őHG GRSDGHP XNHKR YUiWt WRUL SRG
PHWDMtFtQRKXQDætQěQNXDE\]DXMDOVWDELOQt
SRVWRM D REěPD UXNDPD ]DEH]SHÿXMH SiG
XNHKR 3RGPHWDMtFt QRKD MH PtUQě SRNUÿHQD
YNROHQLDOH]SHYQěQD&KRGLGORMHSőLSRG
PHWXY\WRÿHQRPDOtNRYRXKUDQRXNætQěQFH
D SRGPHWi XNHKR QRKX WěVQě SRG YQěMätP
NRWQtNHP WpPěő Dæ QD SDWě 7RUL PXVt SőL
SRGPHWX WiKQRXW PDOtNRYRX KUDQX VWiOH SR
ætQěQFH DE\ SRGPHWDO VNXWHÿQě SORVNRX
3RGPHW SDOFRYRX KUDQRX MH PiOR ~ÿLQQë D
2EU'HDäLKDUDL
SURXNHKREROHVWLYë
ÊËɸŸ ª
Ëæä[ÍÜãÜÀ¸Ç·¼¾´Á¶É¼¾È½È·´ÃÅÂÍ´"Ǹ"Á.¾Ì ª¡Á´º¸Ê´Í´ Ǹ¶»Á¼¾´µÂ½¸ÉÃÂÆǽ¼
3R]QiPNDNQiFYLNX
7HQWRFKYDWY\æDGXMHGORXKRGREëQiFYLNQHERřMHQXWQpRGKDGQRXW
SRK\EXNHKRYHOPLSőHVQě]ÿDVRYpKRKOHGLVND]YOiäWěSőHVQěY\VWLK
QRXWRNDPæLNNG\XNHSőHQiätYiKXQDSRVWXSXMtFtQRKX
7HQWRSRGUD]VHQDFYLÿXMH]iVDGQěYSRK\EXQDSRVWXSXMtFtKRVRX
SHőH&HORXDNFL]DÿtQiXNHSRVWXSHPYSőHG7RULY\XætYiMHKRSRVWXSX
FRæMHYQiFYLNX]SRÿiWNXVQDGQěMät
&K\E\
3őLQiVWXSXQHGRVWDWHÿQë]iäYLKSUDYRXQRKRX]DSDWXOHYp]SţVREXMH
FK\EQpSRVWDYHQtYţÿLVRXSHőL
1HVSUiYQëRNDPæLNSRGPHWX
3őHGNORQDY\VD]HQtKëæGt
2EUDQD
¬£¨ÂÚéäÙÞàÖãYØëÞàê×äßÚëåäèéäßÞ
ÊËɸŸ «
Ëæä[ÍÜãÜÀ¸Ç·¼¾´Á¶É¼¾È½È·´ÃÅÂÍ´"Ǹ"Á.¾Ì ª¡Á´º¸Ê´Í´ Ǹ¶»Á¼¾´µÂ½¸ÉÃÂÆǽ¼
SRVORXSQRVW=GHE\FKVHFKWěO]DPěőLWSőHYiæQěQDKODYQtPHWRGLFNp
]iVDG\
=É6$'<0(72',&.e+23267838
9 UiPFL WHFKQLFNp SőtSUDY\ VH XVNXWHÿłXMH SRK\ERYi YëXND D VRX
ÿDVQěVHUR]YtMHMtIXQNÿQtVFKRSQRVWLRUJDQLVPX,]GHSőLQiFYLNXMXGD
SODWt]iNODGQtGLGDNWLFNpSULQFLS\7HFKQLFNëQiFYLN]DÿtQiPHRVYRMRYi
QtPHOHPHQWiUQtFKSRK\ERYëFKGRYHGQRVWtDSRK\ERYëFKIi]tSRUD]X
~FKRSXY\FK\ORYiQtQiVWXSXREUDWXGRFKYDWXQDEDOHQtGRVDæHQt
NRQWDNWX VH VRXSHőHP &R QHMGőtYH YäDN MHGQRWOLYp Ii]H VSRMXMHPH D
QDFYLÿXMHPHMDNRFKYDWYFHONXMDNRMHGHQSO\QXOëSRK\E=SRÿiWNXVH
VQDætPHRQiFYLNW]YKUXEpIRUP\SURYHGHQtMHæEëYiSURYi]HQDMHäWě
L]iNODGQtPLFK\EDPL1iFYLNSUREtKiYMHGQRGXFKëFKSRGPtQNiFKQD
PtVWě EH] RGSRUX VRXSHőH SRSőtSDGě V GRSRPRFt ]NXäHQěMätKR SDUW
QHUDÿLWUHQpUD1HMÿDVWěMLSRXætYDQëPLFYLÿHQtPLMVRXSUţSUDYQpIRUP\
XÿLNRPLXÿLNRPLQDPtVWěWDQGRNXUHQäXDVXWHJHLNREXGHY\VYěWOHQR
QtæH
'DOätP PHWRGLFNëP VWXSQěP MH QiFYLN Y SRK\EX SRGREQpP MDNR
SőL XWNiQt DOH VWiOH EH] RGSRUX VRXSHőH 6QDætPH VH SRVWXSQě GRViK
QRXWSO\QXOHMätKRSRK\ERYpKRSUţEěKXDRGVWUDQLWHOHPHQWiUQtFK\E\Y
SURYHGHQt3R]GěMLSRGPtQN\QiFYLNX]WěæXMHPHVRXSHőNODGHRGSRUD
]DőD]XMHPHVORæLWěMätFYLÿHQt9WpWRHWDSěY\XætYiPHQHMÿDVWěMLXÿLNRPL
YHYHONëFKVpULtFKXÿLNRPL]DSRK\EXDMDNXVRNXJHLNRWpæYL]QtæH
.RQHÿQëP WHVWHP D GţND]HP RVYRMHQt FKYDWX MH MHKR ~ÿLQQp SRXæLWt
YXWNiQtQHMGőtYHWUpQLQNRYpPSR]GěMLYVRXWěæQtP7HFKQLNXRVYRMH
ÊËɸŸ ¬
Ëæä[ÍÜãÜÀ¸Ç·¼¾´Á¶É¼¾È½È·´ÃÅÂÍ´"Ǹ"Á.¾Ì ª¡Á´º¸Ê´Í´ Ǹ¶»Á¼¾´µÂ½¸ÉÃÂÆǽ¼
QpKRFKYDWX]GRNRQDOXMHPHQiURÿQëPLIRUPDPLXÿLNRPLQDU\FKORVW
VHGYěPDSDUWQHU\GiOHYQDJHNRPLYNDNDULJHLNRDYUDQGRUL
0(72',&.ê3267833Ő,1É&9,.8$
='2.21$/29É1Ì7(&+1,.<325$=Ţ
1É&9,.%(=6283(Ő(7$1'2.85(1ã8
1iFYLN D ]GRNRQDORYiQt WHFKQLN\ FKYDWţ D GDOätFK SRK\ERYëFK
GRYHGQRVWtEH]VRXSHőHVORXætNQDYR]HQtLQIRUPDWLYQtSRK\ERYpSőHG
VWDY\ QDFYLÿRYDQpKR FKYDWX QHER SUYNX WHFKQLN\ Y KUXEp IRUPě 3R
]YOiGQXWtFKYDWXEH]YěWätFKFK\ESőLVStYiNUR]YRMLU\FKORVWLSURYiGěQt
MHGQRWOLYëFKIi]tFKYDWX-HWDNpYKRGQRXIRUPRXNSURFYLÿRYiQtNRP
ELQDFtFKYDWţ
3őLQiFYLNXEH]VRXSHőHVHQHUR]YtMtYQtPiQtSRORK\YODVWQtKRWěæLäWě
SőL RYOiGiQt VRXSHőH 3URWR Y SRÿiWHÿQt HWDSě QiFYLNX NG\æ MH FKYDW
]YOiGQXWMHQYKUXEpIRUPěQH]DőD]XMHPHWDQGRNXUHQäXSőtOLäÿDVWR9
WUpQLQNXY\VSěOHMätFKMXGLVWţMHQDRSDNYKRGQëP]SHVWőHQtPWHFKQLFNp
SőtSUDY\DÿDVWRVH]DőD]XMHYUiPFLLQGLYLGXiOQtSőtSUDY\SőHGXWNiQtP
MDNR U\FKOp WHFKQLFNp UR]FYLÿHQt 3URFYLÿHQt WHFKQLFNëFK GRYHGQRVWt Y
WDQGRNXUHQäXSőt]QLYěRYOLYłXMHSRK\ERYRXSőHGVWDYLYRVWDMHNYDOLWQtP
VSHFLÀFNëPWUpQLQNRYëPSURVWőHGNHP3őLQiURÿQpPGiYNRYiQtDSRG
QěFRYiQtU\FKORVWLRSDNRYiQtO]HGRViKQRXWVXEPD[LPiOQtDæPD[LPiOQt
LQWHQ]LW\]DWtæHQt
23$.29$1e1É6783<'2&+9$7Ţ8þ,.20,
%8&8.$5,
-GHRU\FKOpNRRUGLQRYDQpDYëEXäQpRSDNRYiQtQiVWXSţGRFKYDWX
VH VRXSHőHP DOH EH] Ki]HQt VRXSHőH 1i]Y\ XÿLNRPL D EXFXNDUL PDMt
ÊËɸŸ
Ëæä[ÍÜãÜÀ¸Ç·¼¾´Á¶É¼¾È½È·´ÃÅÂÍ´"Ǹ"Á.¾Ì ª¡Á´º¸Ê´Í´ Ǹ¶»Á¼¾´µÂ½¸ÉÃÂÆǽ¼
VWHMQëYë]QDPEXFXNDULVHÿDVWěMLSRXætYiNR]QDÿHQtIRUHPRSDNRYD
QëFK QiVWXSţ GR FKYDWX ]D SRK\EX SőHV WDWDPL 1iVWXSHP GR FKYDWX
UR]XPtPHSO\QXOpVSRMHQtSUYëFKGYRXSRK\ERYëFKIi]t9\FKëOHQtVRX
SHőH]URYQRYiK\NX]XäLDQDEDOHQtFXNXUL3RSURYHGHQtQiVWXSXVH
WRULSO\QXOHYUDFtGRYëFKR]tKRSRVWDYHQtDFHOëSRK\ERYëF\NOXVVHU\W
PLFN\RSDNXMH1D]iYěUVpULHQiVWXSţQHERYXUÿHQëFKLQWHUYDOHFKSUR
YHGHWRULFHOëSRUD]YÿHWQěKRGXNDNH
0HWRGLFNp]iVDG\XÿLNRPL
1HXVWiOHGEiPHQDGRGUæRYiQt]iNODGQtFKSUYNţWHFKQLN\VSUiYQpKR
~FKRSXSRVWRMHSRK\E\SR]iSDVLäWLREUDWţY\FK\ORYiQtVRXSHőH
&RQHMGőtYHVHVQDætPHSO\QXOHVSRMRYDWREěQDFYLÿRYDQpIi]HFKYDWX
Y\FKëOHQtDQDEDOHQtYMHGHQSRK\ERYëFHOHN
3őLQiVWXSHFKVREUDWHPGEiPHQDGRVWDWHÿQpVQtæHQtWěæLäWěSRNUÿH
QtPQRKRXYNROHQRX+QHGRG]DÿiWNX]DSRMXMHPHGRSRK\EXVYDO
VWYRFHOpKRWěODSRK\EERNţ]HMPpQDYREUDWHFKPXVtEëWUD]DQWQt
KODYX RWiÿtPH YæG\ GR VPěUX KRGX 6 SRVWXSXMtFtP RVYRMRYiQtP
WHFKQLN\NODGHPHGţUD]QDU\FKORVWRSDNRYiQt
ÓÿLQQRVWFYLÿHQt]Y\äXMHPHRGSRYtGDMtFtPSRÿWHPRSDNRYiQtYMHGQp
VpULL3RK\EXMHVHRGGRVYëMLPNRXXÿLNRPLQDU\FKORVWNGHMH
SRÿHWRSDNRYiQtQLæät]KUXEDDæ'EiPHQDVWőtGiQtSDUWQHUţ
Uţ]QpWěOHVQpYëäN\YiK\DW\SXSRK\ERYpUHDNFH
&KYDW\SURFYLÿXMHPHQDREěVWUDQ\=DÿtQiPHVRSDNRYDQëPLQiVWXS\
QDPtVWěSRRVYRMHQtFKYDWXSURYiGtPHQiVWXS\]DSRK\EXVHVRXSH
őHPSőHV]iSDVLäWěD]DYROQpKRSRK\EXREGREQěMDNRSőLUDQGRUL
1D]iYěUXUÿHQpKRSRÿWXRSDNRYiQt]DőDGtPHFHOëFKYDWYÿHWQěKRGX
QHER]DőD]XMHPHNRQWUROQtKRG\YSUDYLGHOQëFKLQWHUYDOHFK
ÊËɸŸ ®
Ëæä[ÍÜãÜÀ¸Ç·¼¾´Á¶É¼¾È½È·´ÃÅÂÍ´"Ǹ"Á.¾Ì ª¡Á´º¸Ê´Í´ Ǹ¶»Á¼¾´µÂ½¸ÉÃÂÆǽ¼
2UJDQL]DFHFYLÿHQt
6SUiYQiRUJDQL]DFHFYLÿHQtQDSRPiKiGRGUæRYiQtPHWRGLFNëFK]iVDG
XÿLNRPL 2VYěGÿXMH VH SRVWDYLW FYLÿHQFH GR GYRX őDG ÿHOHP N VREě Y
GRVWDWHÿQëFKY]GiOHQRVWHFK3RGRNRQÿHQtVWDQRYHQpVpULHRSDNRYiQtVH
MHGQDőDGDSRVXQHYæG\RMHGQRPtVWRVWUDQRXWMSRVOHGQtSőHEěKQHQD
PtVWRSUYQtKR7tPMH]DMLäWěQRSUDYLGHOQpVWőtGiQtSDUWQHUţDWUHQpUPi
GREUëSőHKOHGDNRQWUROX
3RGREQě O]H FYLÿHQFH UR]HVWDYLW GR GYRX VRXVWőHGQëFK NUXKţ SR
GRNRQÿHQt VpULH VH YQLWőQt NUXK SRVXQH R MHGQR PtVWR YOHYR QHER
YSUDYR
23$.29$1e+2'<%(=2'32586283(Ő(
1$*(.20,
&YLÿHQt ]DPěőHQp SőHGHYätP QD XSHYQěQt SRK\ERYpKR QiY\NX Y
]iYěUHÿQpIi]LFKYDWXKRGX1DYD]XMHSőLUR]HQěQDXÿLNRPLDVSRMXMH
YäHFKQ\WőLIi]HFKYDWXY\FKëOHQtQiVWXSDKRG3őLVSUiYQpPY\FKë
OHQtDQDEDOHQtE\PěOKRGY\SO\QRXWDXWRPDWLFN\DOHSRK\ERYëSUţEěK
FHOpKRSRUD]XVHRGXÿLNRPLSRQěNXGOLät8NHKRMHWőHEDGRVWDWGRSiGX
EH]SHÿQě D NRQWURORYDW KR SR FR QHMGHOät GUi]H SRNXG PRæQR Dæ SR
GRSDGQDætQěQNX9QDJHNRPLRSDNRYDQěSURFYLÿXMHPHKRGVHVWiOëP
VWőtGiQtPVRXSHőţ3URWLWRULPXSRVWXSQěQDVWXSXMtUţ]QtVRXSHőLNWHUp
WRULRSDNRYDQěKi]t]YROHQëPFKYDWHP8NHVHSURYHGHQtKRGXQHEUiQt
]DFKRYiYi SHYQë Y]SőtPHQë SRVWRM 3RGQěFXMHPH FR QHMU\FKOHMät VOHG
KRGţY\VRNRXNRQFHQWUDFLDPD[LPiOQt~VLOt3RXætYiVHMHQGRVWDWHÿQě
]YOiGQXWëFKFKYDWţ3URWL]QDÿQěY\äätPVRXSHőţPMHYKRGQpXSODWłR
YDWW]YPDOpFKYDW\VNUDWätPSRK\ERYëPSUţEěKHPNRXÿLJDULNRVRWR
JDUL
ÊËɸŸ ¯
Ëæä[ÍÜãÜÀ¸Ç·¼¾´Á¶É¼¾È½È·´ÃÅÂÍ´"Ǹ"Á.¾Ì ª¡Á´º¸Ê´Í´ Ǹ¶»Á¼¾´µÂ½¸ÉÃÂÆǽ¼
352&9,þ29É1Ì&+9$7Ţ=$32+<%8-$.862.8
*(,.2
3URFYLÿXMHPH FKYDW\ YFHONX ]D YROQpKR SRK\EX REGREQě MDNR SőL
UDQGRULDOHEH]YěWätKRRGSRUXVRXSHőHSUXæQěOHKFHDSőHVQě=DPě
őXMHPHVHQDSőtSUDYQpSRK\E\MHMLFKæFtOHPMHSőLYpVWXNHKRGRSRVWD
YHQtYKRGQpKRSURSURYHGHQt]DPëäOHQpKRFKYDWX3RWpWRULKi]tXNHKR
VGţUD]HPQDSőHVQëGRSDGQDWDWDPLÓORK\RERXVRXSHőţWRULXNHVH
PěQtSUDYLGHOQěSRNDæGpPKRGXQHERYXUÿHQëFKÿDVRYëFKLQWHUYDOHFK
3URFYLÿXMtVHFKYDW\XUÿHQpWUHQpUHPQHERFKYDW\GOHYODVWQtKRXYiæHQt
FYLÿHQFţ
352&9,þ29É1Ì&+9$7Ţ6'23202&Ì687(*(,.2
7HFKQLFN\ Y\VSěOHMät FYLÿHQHF WUHQpU Y UROL XNHKR SőLMtPi EH]
RGSRUXWRULKR~WRN\DÿDVRGÿDVXVHQHFKiKi]HW9SUţEěKXFYLÿHQt
RSUDYXMHWRULKRFK\E\YWHFKQLFHDQDYR]XMHVSUiYQëSRK\ERYëSUţEěK
FKYDWX
&9,þ1ê$92/1ê%2-.$.$5,*(,.2$5$1'25,
7DWRFYLÿHQtMLæPDMtNRPSOH[QtFKDUDNWHUD]DYUäXMtPHWRGLFNëSRVWXS
RVYRMRYiQtFKYDWX
9NDNDULJHLNRPiQDSőHGXUÿHQëWRUL]D~NROSURORPLWREUDQXXNHKR
D KRGLW KR ~ÿLQQëP ~WRNHP 9\XætYi YäHFK WHFKQLFNëFK SURVWőHGNţ
~WRNXFKYDWţNRPELQDFtÀQW8NHXSODWłXMHYäHFKQ\REUDQQpGRYHG
QRVWLVYëMLPNRXSURWLFKYDWţ]HMPpQDEORNRYiQt~K\E\D~QLN\7RULWDN
PţæH~WRÿLWQDSOQREH]REDY\æHEXGHKR]HQSURWLFKYDWHP
5DQGRUL MH IRUPD YROQpKR WUpQLQNRYpKR ERMH Y QěPæ RED VRXSHőL
Y\XætYDMt YäHFK SUDYLGO\ GRYROHQëFK WHFKQLFNëFK SURVWőHGNţ ERMH Y
SRVWRMLLQD]HPL1DUR]GtORGVSRUWRYQtKRXWNiQtQHNRQÿtUDQGRULERM
ÊËɸŸ °
Ëæä[ÍÜãÜÀ¸Ç·¼¾´Á¶É¼¾È½È·´ÃÅÂÍ´"Ǹ"Á.¾Ì ª¡Á´º¸Ê´Í´ Ǹ¶»Á¼¾´µÂ½¸ÉÃÂÆǽ¼
GRVDæHQtPLSSRQXDPiSURWRG\QDPLÿWěMätSUţEěKDPQRKR~VSěäQëFK
DNFtDSRNXVţR~WRN
3őLWěFKWRFYLÿHQtFKVHXSODWłXMHőDGDYQěMätFKSRGQěWţMDNRSőLPě
őHQë QHER PD[LPiOQt RGSRU VRXSHőH MHKR ~WRN\ D SRK\E GR Uţ]QëFK
VPěUţ2SDNRYDQpSRNXV\SRXætWFKYDWXYWěFKWRVORæLWëFKSRGPtQNiFK
YHGRXU\FKOHNRGKDOHQtVODELQYWHFKQLFHÓVSěäQëPL~WRN\VH]iURYHł
XSHYłXMHVSUiYQëSUţEěKMHGQRWOLYëFKIi]tSRUD]X6RXÿDVQěMVRXőHäHQ\
WDNWLFNp~NRO\YHYD]EěQDPRæQRVWLXSODWQěQt]YROHQpKRFKYDWX
¬£©Ë×eçäèä×ãméÚØÝãÞàî¢éäàêÞìÖïÖ
ÊËɸŸ ®§
Ëæä[ÍÜãÜÀ¸Ç·¼¾´Á¶É¼¾È½È·´ÃÅÂÍ´"Ǹ"Á.¾Ì ª¡Á´º¸Ê´Í´ Ǹ¶»Á¼¾´µÂ½¸ÉÃÂÆǽ¼
VRXWěæL -DNR ]iNODG RVREQt WHFKQLN\ E\ VL PěO MXGLVWD ]YROLW QěNWHUë ]
W]YYHONëFKFKYDWţRZD]DMDNRMVRXVHRLQDJHXÿLPDWDRVRWRJDUL
RXÿLJDULKDUDLJRäLDSRGREQě7\WRFKYDW\VLFHY\æDGXMtYěWätUR]VDK
SRK\EXDYěWätY\QDORæHQtVtO\DOHPDMtYVRXWěætFKYěWät~ÿLQQRVWDWDNp
VHMLFKQHMÿDVWěMLSRXætYiÓÿLQQRVWRVREQtWHFKQLN\Yë]QDPQě]Y\äXMt
W]YPDOpFKYDW\NRZD]DMDNRMVRXNRXÿLJDULGHDäLKDUDLDSRGREQp
7\WRFKYDW\MVRXQiURÿQěMätQDY\VWLæHQtQHMYKRGQěMätKRRNDPæLNX~WRNX
DOH~WRNWěPLWRFKYDW\MHYHOLFHSőHNYDSLYëDSURWRæHKRGSUREtKiSR
NUiWNpGUi]HVNëWiMHQPLQLPiOQtPRæQRVWL~QLNXQHERREUDQ\EěKHP
SiGX2EHFQěO]HőtFLæHFKYDW\Y\æDGXMtFtYëUD]QpVQtæHQtWěæLäWěMDNR
MHVHRLQDJHDFXULNRPLJRäLQHMVRXYKRGQpSURMXGLVW\Y\VRNëFKSRVWDY
V GHOätPL NRQÿHWLQDPL 1DSURWL WRPX FKYDW\ Y\æDGXMtFt ~ÿLQQë SRPěU
SiN\MDNRMHXÿLPDWDDRVRWRJDULQHMVRXYKRGQpSURMXGLVW\PDOëFK
SRVWDY
.H ]GRNRQDORYiQt RVREQt WHFKQLN\ Y\XætYiPH QiURÿQěMätFK IRUHP
XÿLNRPLVWőtGDYpQDU\FKORVWVHGYěPDVRXSHőLGiOHQDJHNRPLDMDNX
VRNXJHLNR=YOiGQRXWRVREQtWHFKQLNXYMHPQpIRUPěY\æDGXMHPQRKR
NUiWRSDNRYDWSRUD]YFHONXWMYÿHWQěKRGX3őLYHONëFKVpULtFKKRGţV
GţVOHGQëPGRYiGěQtPVRXSHőHYGţUD]QpPNRQWDNWXDæSRGRSDGSRX
ætYiPHNH]PtUQěQtSiGţXNHKRVLOQpPROLWDQRYpPDWUDFHEěæQěSRXæt
YDQpSURVNRNGRYëäN\NWHURXSRORætPHQD]iSDVLäWě
¬£ªÃYØëÞààäâ×ÞãÖØm
ÊËɸŸ ®¨
Ëæä[ÍÜãÜÀ¸Ç·¼¾´Á¶É¼¾È½È·´ÃÅÂÍ´"Ǹ"Á.¾Ì ª¡Á´º¸Ê´Í´ Ǹ¶»Á¼¾´µÂ½¸ÉÃÂÆǽ¼
9V\VWHPDWLFHWHFKQLN\MXGDUR]OLäXMHPHGYDW\S\NRPELQDFt
RSDNRYDQp ~WRN\ Uţ]QëPL FKYDW\ Y WěVQpP VOHGX UHQUDNX KHQND
ZD]D REY\NOH Y\~VWt Y XSODWQěQt RVREQtKR FKYDWX QDSő NRXÿL JDUL
RXÿLJDULWDLRWRäLRSDNRYDQp~WRN\VWHMQëPFKYDWHPYWěVQpPVOHGX
DæGRGRVDæHQtKRGXUHQ]RNXZD]D9GQHäQtPYëUD]QěG\QDPLFNpP
SRMHWt ERMH Y VRXWěætFK MVRX RED W\S\ FKYDWRYëFK NRPELQDFt ~ÿLQQRX
]EUDQtWDNWLN\YHGHQtERMH3URWRMHWőHEDYěQRYDWQiFYLNXD]GRNRQDOR
YiQtNRPELQDFtVWHMQRXSR]RUQRVWMDNRRVYRMRYiQtMHGQRWOLYëFKFKYDWţ
3R ]YOiGQXWt SRWőHEQpKR SRÿWX FKYDWţ ]DőD]XMHPH QiFYLN NRPELQDFt
GRNDæGpWUpQLQNRYpMHGQRWN\VSHFLiOQtKRFKDUDNWHUX.RPELQDFHQDFYL
ÿXMHPH QHMSUYH Y MHGQRGXFKëFK SRGPtQNiFK EH] RGSRUX VRXSHőH Y
XÿLNRPL Y MDNXVRNX JHLNR SR]GěML MH ]GRNRQDOXMHPH Y NDNDUL JHLNR D
QDNRQHFYUDQGRUL
.20%,1$&(69<8å,7Ì0&+9$7Ţ.<8
=+,=$*8580$'2+,=$*8580$
8NHXQLNO]WRULKR~WRNXSőHNURÿHQtPMHKROHYpQRK\7RULFRQHM
U\FKOHMLREQRYtURYQRYiKXSRVWDYHQtPOHYpQRK\]SěW3URYHGHGţUD]Qp
Y\FKëOHQtVRXÿDVQěVMHGQtPQHERGYěPDNURN\YFXJLDäLSőtVXQHPD
2EU=KL]DJXUXPDGRKL]DJXUXPD
~WRNRSDNXMHVWHMQRXQRKRX
ÊËɸŸ ®©
Ëæä[ÍÜãÜÀ¸Ç·¼¾´Á¶É¼¾È½È·´ÃÅÂÍ´"Ǹ"Á.¾Ì ª¡Á´º¸Ê´Í´ Ǹ¶»Á¼¾´µÂ½¸ÉÃÂÆǽ¼
=26272*$5,'226272*$5,
8NHVHY]HSőHOD]ţVWDOVWiWKPRWQRVWSőHQHVOQDSUDYRXQRKX7RUL
OHYRXUXNRX]DWiKQHYRGRURYQěVWUDQRXSUDYRXUXNRXXNHKRSHYQěSőL
WiKQHNSUDYpPXERNX6RXÿDVQěOHYRXQRKRXWRULSRVNRÿtVWUDQRXYH
VPěUX WDKX OHYp D WODNX SUDYp UXN\ -DNPLOH MH XNH Y\FKëOHQë SRVNRÿt
2EU=RVRWRJDULGRRVRWRJDUL
WRULQDOHYpQR]HNRVHFKYDWX]DXNHKRDSURYHGHSRGUD]=SţYRGQtKR
SRVWDYHQtSURYiGtWRULSRVNRNVWUDQRXDY]DGSRWURM~KHOQtNX-HVWOLæH
WRULSRVNRÿtEH]GţUD]QpKRY\FKëOHQtXNHKRGiPXSőtOHæLWRVWNSURWLFK
YDWXXPRæQtPXSURWL~WRN
=+,=$*8580$'226272*$5,
8NH ]DVWDYLO WRULKR ~WRN SőHQHVHQtP KPRWQRVWL QD SDWX OHYp QRK\
2EU=KL]DJXUXPDGRRVRWRJDUL
/HYRXUXNRXWRULSUXGFH]DWODÿtXNHKRSUDYëORNHWNMHKRSUDYpPXXFKX
ÊËɸŸ ®ª
Ëæä[ÍÜãÜÀ¸Ç·¼¾´Á¶É¼¾È½È·´ÃÅÂÍ´"Ǹ"Á.¾Ì ª¡Á´º¸Ê´Í´ Ǹ¶»Á¼¾´µÂ½¸ÉÃÂÆǽ¼
SUDYRXUXNRX]DWiKQHWRULQHMSUYHYRGRURYQěDRWRÿtVHNXNHPXOHYëP
ERNHP7RULVNORQtKODYXDSURYHGHOHYpRVRWRJDUL
=+,=$*8580$/(9É'26$6$(&85,.20,$ã,
35$9É
8NH]DVWDYLOWRULKR~WRNSőHQHVHQtPKPRWQRVWLQDäSLÿNXSUDYpQRK\
7RUL VH U\FKOH SRVWDYt ]SěW QD SUDYRX QRKX äSLÿNRX RWRÿHQRX N RVH
2EU=KL]DJXUXPDGRVDVDHFXULNRPLDäL
FKYDWXDVQtætWěæLäWě/HYRXUXNRXWRUL]DWiKQHNHVYpPXERNXSUDYRX
UXNRX]YHGiXNHKROHYRXQRKRXEORNXMHMHKRSUDYëQiUWDSURYHGHVDVDH
FXULNRPLDäL
=26272*$5,'2+,=$*8580$
8NHVHXEUiQLOSiGXY\NURÿHQtPOHYRXQRKRXSőLÿHPæSőHQHVOKPRW
QRVWQDäSLÿNXQRK\7RULMHMSUDYRXUXNRX]DWiKQHU\FKOHYSőHGOHYRX
2EU=RVRWRJDULGRKL]DJXUXPD
XNHPX ]YHGi SUDYë ORNHW 6RXÿDVQě VH WRUL RWRÿt QD äSLÿFH OHYp QRK\
N RVH FKYDWX D SUDYRX QRKRX SURYHGH KL]D JXUXPD ]DGUæHQtP NROHQD
XNHKR
ÊËɸŸ ®«
Ëæä[ÍÜãÜÀ¸Ç·¼¾´Á¶É¼¾È½È·´ÃÅÂÍ´"Ǹ"Á.¾Ì ª¡Á´º¸Ê´Í´ Ǹ¶»Á¼¾´µÂ½¸ÉÃÂÆǽ¼
¬£«ÃYØëÞàåçäéÞØÝëÖé
1HPpQěYë]QDPQëPÿOiQNHPYőHWě]XWHFKQLFNëFKGRYHGQRVWtERMH
Y SRVWRML MVRX SURWLFKYDW\ NDHäL ZD]D -DNR SURWLFKYDWX O]H Y\XætW Y
RGSRYtGDMtFtVLWXDFLSUDNWLFN\NDæGpKR]iNODGQtKRFKYDWXŐDG\FKYDWţ
ERMHYSRVWRMLVHY\XætYiSőHGHYätPMDNRSURWLFKYDWţQDSőXFXULJRäL
XäLURJRäLXUDQDJHÿDVWRVHY\XætYiMDNRSURWLFKYDWţWDNpVWUKţVXWHPL
ZD]DNHNDæGpPXMHGQRWOLYpPXFKYDWXVWXGXMHPHPRæQRVWLSURWLFKYDWţ
SőLQHMW\SLÿWěMätFKFK\EiFKVRXSHőH-HMLFKSUDNWLFNëQiFYLNPiYë]QDP
SURUR]YRMREUDQQëFKGRYHGQRVWtDVRXÿDVQěYHGHNXYěGRPRYiQtKODY
QtFK FK\E Y WHFKQLFH D SőLVStYi N MHMLFK VQD]ätPX RGVWUDłRYiQt 3UR
WLFKYDW\ QDFYLÿXMHPH QHMSUYH Y XÿLNRPL QD PtVWě Y MDNXVRNX JHLNR D
QDNRQHFRSěWYUDQGRUL
.RPSOH[QtPHWRGLFNëSRVWXSQiFYLNXFKYDWţERMHYSRVWRML]DKUQXMH
WHG\ ]iNODGQt SURYHGHQt FKYDWX D MHKR YDULDQW\ VSHFLDOL]RYDQë QiFYLN
FKYDWX MDNR RVREQt WHFKQLN\ őD]HQt FKYDWţ GR FKYDWRYëFK NRPELQDFt
VWXGLXPPRæQëFKSURWLFKYDWţDPRæQRVWLY\XæLWt]iNODGQtKRFKYDWXMDNR
SURWLFKYDWX
3527,&+9$7<69<8å,7Ì0&+9$7Ţ.<8
26272*$5,3527,26272*$5,
7RUL ~WRÿtFt SUDYëP RVRWR JDUL QHGRVWDWHÿQě Y\FKëOLO XNHKR 8NH
XNUDÿXMHOHYRXDQDWiÿtVHSUDYëPERNHPNWRULPXDVRXÿDVQěPRKXWQě
]DWiKQHYRGRURYQěWRULKRSUDYRXSDæLDOHYRX]DWODÿtSURWLMHKRNUNX
DE\E\OY\FKëOHQYSUDYRY]DG3RWRPSUDYRXSRGUD]tMHKRSUDYRX]H]DGX
YSRGNROHQt3RNXG]YHGOWRULSőL~WRNXY\VRNRSUDYRXQRKXDQHVWDÿLO
ÊËɸŸ ®¬
Ëæä[ÍÜãÜÀ¸Ç·¼¾´Á¶É¼¾È½È·´ÃÅÂÍ´"Ǹ"Á.¾Ì ª¡Á´º¸Ê´Í´ Ǹ¶»Á¼¾´µÂ½¸ÉÃÂÆǽ¼
ML YUiWLW ]SěW SRGUD]t XNH MHKR VWRMtFt OHYRX 3őL SURWL~WRNX MH GţOHæLWp
GRGUæHWSRNUÿHQtOHYpQRK\YNROHQL
2EU2VRWRJDULSURWLRVRWRJDUL
'($ã,+$5$,3527,'($ã,+$5$,
7RUL~WRÿtOHYRXQRKRXQDXNHKRSUDYRX8NHSőHQHVHKPRWQRVWQD
OHYRX QRKX SRGPHWDQRX SUDYRX RKQH Y NROHQL ÿtPæ VH Y\KQH ~WRNX
WRULKR9]iSěWtXNHQDStQiSUDYRXQRKXDSőLNOiGiFKRGLGORSUDYpQRK\
NHNRWQtNXWRULKROHYpQRK\DSRGPHWiYHVPěUXMHKRSţYRGQtKR~WRNX
2EU'HDäLKDUDLSURWLGHDäLKDUDL
/HYRXUXNRX]YHGiXNHWRULKRORNHWSUDYRXWiKQHWRULKROtPHFNHVYpPX
SUDYpPXERNX
+,=$*8580$3527,+,=$*8580$
7RUL~WRÿtOHYRXQRKRXQDNROHQRXNHKR]DNURÿHQpSUDYpQRK\8NH
SőHQHVHKPRWQRVWQDOHYRXQRKXDSUDYRXXVWRXSt7RUL]WUiFtURYQR
YiKXDVWDYtVH]SěWQDOHYRXQRKX9WHQRNDPæLNXNHY\NURÿtSUDYRX
QRKRXNHäSLÿFHWRULKROHYpY\FK\OXMHMHMQDREěäSLÿN\OHYRXQRKRX
]DGUæXMHWRULKRSUDYpNROHQRDGRNRQÿtKRG3RGREQëP]SţVREHPO]H
SURYpVWSURWLFKYDWVDVDHFXULNRPLDäL
ÊËɸŸ ®
Ëæä[ÍÜãÜÀ¸Ç·¼¾´Á¶É¼¾È½È·´ÃÅÂÍ´"Ǹ"Á.¾Ì ª¡Á´º¸Ê´Í´ Ǹ¶»Á¼¾´µÂ½¸ÉÃÂÆǽ¼
2EU+L]DJXUXPDSURWLKL]DJXUXPD
8.,*2ã,3527,2*2ã,
-HVWOLæH WRUL ~WRÿt MDNëPNROLY ERÿQtP FKYDWHP D GRSRXäWt VH FK\E\
WtPæHXNHKRäSDWQěY\FKëOtWDKHP]DUXNiYN]HPLXPRæQtPXREHMtW
KRYHVPěUXWDKXD~VSěäQěSURYpVWSURWL~WRNERÿQtPFKYDWHPQDRSDÿ
QRXVWUDQX
2EU8NLJRäLSURWLRJRäL
3őL ~WRNX SUDYëP R JRäL Y\NURÿt XNH SUDYRX QRKRX äLNPR YSőHG
6RXÿDVQěWRULKRREěPDUXNDPDSHYQěSőLWLVNQHNOHYpPXERNXSőHPtVWt
OHYRXQRKXSőHGäSLÿNXMHKROHYpDSURYHGHXNLJRäL
2*2ã,3527,'($ã,+$5$,
9HOPL ÿDVWR VH VWiYi æH WRUL SőHUXät ~WRN D YUDFt VH GR SţYRGQtKR
SRVWDYHQt7pWRFK\E\O]HVQDGQRY\XætWYXNHKRSURVSěFK9RNDPæLNX
NG\VHWRULYUDFt]GHDäLKDUDLY\WDKXMHXNHWRULKROHYëOtPHFY]KţUX
Y\FK\OXMHWRULKRQDOHYRXVWUDQX8NHY\NUDÿXMHOHYRXQRKRXSőHGWRULKR
ÊËɸŸ ®®
Ëæä[ÍÜãÜÀ¸Ç·¼¾´Á¶É¼¾È½È·´ÃÅÂÍ´"Ǹ"Á.¾Ì ª¡Á´º¸Ê´Í´ Ǹ¶»Á¼¾´µÂ½¸ÉÃÂÆǽ¼
OHYRX SURYiGt REUDW ERNHP N XNHPX QDEDOXMH KR QD VHEH D SURYiGt
FKYDWRJRäL
2EU2JRäLSURWLGHDäLKDUDL
ÊËɸŸ ®¯
Ëæä[ÍÜãÜÀ¸Ç·¼¾´Á¶É¼¾È½È·´ÃÅÂÍ´"Ǹ"Á.¾Ì «¡Ç¸¶»Á¼¾´µÂ½¸Á´Í¸À¼
£ÉÚØÝãÞàÖ×äßÚãÖïÚâÞ
£¦ÃÚìÖïÖ¢éÚØÝãÞàÖÙçÚãm
Ó92''21(:$=<
1\Qt SőHMGěPH GR ERMH QD ]HPL D ]DÿQěPH WHFKQLNRX GUæHQt QH
ZD]RX8NiæHPHVLQěNROLN]iNODGQtFKGUæHQtNWHUiVSDGDMtVWHMQěMDNR
FKYDW\]ERMHYSRVWRMLNWHUpMVPHVLXNi]DOLQěNROLNVWUDQGR]DGXVSDGDMt
GRYěGRPRVWtN\X
1HZD]DMHSRGVWDWQRXVRXÿiVWt]iSDVXYMXGXDMVRX]iYRGQtFLNWHőt
XSőHGQRVWłXMtERMQD]HPLSőHGERMHPYSRVWRML
1É&9,.&+9$7Ţ1(:$=<
.(6$*$7$0(
9 RNDPæLNX NG\ WRUL KRGt XNHKR D VRXSHőL MVRX SR GRSDGX
XNHKRYSRVWDYHQtERNHPNVREěMH
YëKRGQp SRXætW ]iNODGQtKR GUæHQt
NHVD JDWDPH QHER QěNWHUp ] MHKR
YDULDQW
1HMSUYH WRUL SőLWLVNQH SUDYRX
VWUDQRX KUXGQtNX XNHKR N ]HPL D
2EU.HVDJDWDPH
OHYRX UXNRX SőLWiKQH SUDYRX SDæL
XNHKR GR VYpKR SRGSDæGt 6WiOëP 7DKHP N OHYpPX ERNX SőHV VYp
SUDYpUDPHQRXPtVWěQpWěVQěSRGVRXSHőRYëPSUDYëPUDPHQHPXNHKR
SUDYRXSDæLNRQWUROXMH7RULYäDNPţæHOHYRXSDæLWDNpRYLQRXWNROHP
ÊËɸŸ ®°
Ëæä[ÍÜãÜÀ¸Ç·¼¾´Á¶É¼¾È½È·´ÃÅÂÍ´"Ǹ"Á.¾Ì «¡Ç¸¶»Á¼¾´µÂ½¸Á´Í¸À¼
2EUDQD
8NH VH SőHWRÿt QD SUDYë ERN D Y\WDæHQtP VYp SUDYp SDæH ]UXät MHMt
NRQWUROX 7HQWR ]SţVRE REUDQ\
,]HXSODWQLWMHOLNRQWDNWWRULKR
VWHKQDVXNHKRUDPHQHPQHGR
NRQDOë
8NHVSRMtVYpSDæHRNRORWRULKR
WUXSX D GţUD]QëP RWRÿHQtP
WUXSXSURWLWRULPXQD]QDÿt~QLN 2EU.HVDJDWDPH
2EUDQD
/]HSRXætW~QLNţXYHGHQëFKXNHVDJDWDPH
8NHXFKRStOHYRXUXNRXOtPHFWRULKRSRGMHKRSUDYëPXFKHPSUVW\
GRYQLWőD]DWODÿtSURWLNUNX6RXÿDVQěU\FKOHSőLWiKQHSDW\NKëæGtP
DQDSQXWtPQRKRXDURWDFtWěODYSUDYRXYROQtY\WDæHQtPVYRXSUDYRX
SDæLDGRNRQÿt~QLN
8NH VH VQDæt URWDFt WěOD YOHYR SRUXäLW NRQWDNW WRULKR SUDYp SDæH
3DNSőHPtVWtOHYRXSDæLSRGSUDYRXSDæLWRULKR]DVRXÿDVQpURWDFH
YSUDYR]DNOHVQHOHYRXSDWXPH]LQRK\VRXSHőHD~WRÿtäNUFHQtP
.$7$*$7$0(
.DWDJDWDPHSDWőtNQHMXætYDQěMätP]SţVREţPGUæHQt
7RUL REHMPH SUDYRX UXNRX XNHKR ätML D KUXGQtNHP WLVNQH VRXSHőH
NWDWDPL3UDYpNROHQRRStUiRVRX
SHőţY ERN OHYRX QRKRX RSőHQRX
SUVW\R]HPXGUæXMHVWDELOLWX'ODQt
OHYpUXN\]DWODÿtSURWLSUDYpPXORNWL
XNHKR VPěUHP N MHKR NUNX D ]QH
PRæQt PX WDN SRK\E SDæH NWHURX
2EU.DWDJDWDPH SőLGUæt SUDYRX VWUDQRX VYpKR NUNX
6SRMHQtPUXNRX]DätMtQHERYHGOHätMHVRXSHőHWRULGUæHQtGRNRQÿt-HVW
OLæHSDæHVLOQěVWLVNQH]PěQtVHGUæHQtYHYHOPL~ÿLQQpäNUFHQt
9DULDQWDNHVDJDWDPHNHLNDWDJDWDPH
3UiFH WRULKR SDæt MH VWHMQi MDNR Y ]iNODGQtP SURYHGHQt QRK\ YäDN
MVRXYSROR]HMDNRSőLNHVDJDWDPHWRULWHG\EORNXMHYHERGHFK
ÊËɸŸ ¯¨
Ëæä[ÍÜãÜÀ¸Ç·¼¾´Á¶É¼¾È½È·´ÃÅÂÍ´"Ǹ"Á.¾Ì «¡Ç¸¶»Á¼¾´µÂ½¸Á´Í¸À¼
9DUNX]XUHNDWDJDWDPH
3DæH WRULKR SUDFXMt MDNR·Y ]iNODGQtP SURYHGHQt WRUL YäDN OHæt QD
EőLäHNROHQHPEORNXMHXNHKRERNOHYiQRKDRSőHQiSUVW\RWDWDPLMH
QDWDæHQDGDOHNRY]DGX
2EUDQD
ÊËɸŸ ¯ª
Ëæä[ÍÜãÜÀ¸Ç·¼¾´Á¶É¼¾È½È·´ÃÅÂÍ´"Ǹ"Á.¾Ì «¡Ç¸¶»Á¼¾´µÂ½¸Á´Í¸À¼
8NHSőLORætPDOtNRYRXKUDQXSUDYpKRSőHGORNWtSRGWRULKREUDGXD
XFKRStVYţMOHYëUXNiYYRKEtSDæH/HYRXSDætREHMPHVRXSHőRYX
ätMLDXFKRStUXNiYVYpKRNLPRQDQDSUDYpPORNWL6WLVNHPRERX
SőHGORNWtäNUFHQtGRNRQÿtYL]NDWDWHæLPH
8NH SőLORæt PDOtNRYRX KUDQX SUDYpKR SőHGORNWt SRG WRULKR EUDGX
SUDYRXQRKRXREHMPHVRXSHőţYNUNDSUDYRXUXNRXXFKRSt]YQěMäNX
VYpSUDYpFKRGLGOR6LOQëPSőLWDæHQtPSUDYpSDæHQDVDGtYHOPL~ÿLQQp
äNUFHQtYL]DäLJDWDPHæLPH
-2.2ã,+2*$7$0(
-RNRäLKRJDWDPHDMHKRYDULDQW\SDWőtY]iSDVRYpSUD[LNQHMSR
XætYDQěMätP ]SţVREţP GUæHQt /]H
MH QDVDGLW Y RNDPæLNX NG\ MH WRUL
Y SRVWDYHQt ] ERNX XNHKR D SDN
VQDGQR]DOHKQHVRXSHőHKUXGQtNHP
WLVNQH KR N ]iSDVLäWL D EORNXMH PX
KODYXWUXSDGROQtNRQÿHWLQ\SRSőL
2EU-RNRäLKRJDWDPH
SDæL
=iNODGQt]SţVRE]QHK\EQěQtVHSURYiGtWDNWR7RULWODNHPKUXG
QtNXEORNXMHVRXSHőHSUDYRXSDætKRGUætSRGätMtWDNGDOHNRDE\PX
]QHK\EQLOätMRYpVYDOVWYRDWtP]QHPRæQLO~QLNPRVWRYiQtPOHYRXSDæt
SRGYOpNQXWRXSRGMHKRSUDYRXQRKRXKRGUæt]DäHUSX
=YOiäWQtSR]RUQRVWMHWőHEDYěQRYDWSUiFLWRULKRQRKRXNWHURX
UHDJXMHQDSRK\E\XNHKR9]iNODGQtPSRVWDYHQtPiWRULREěQRK\SRNU
ÿHQp MHGQR NROHQR ]DSőHQp GR XNHKR SRGSDæt GUXKp RSőHQp R MHKR
ERN -HVWOLæH VLWXDFH Y\æDGXMH YěWät VQtæHQt WěæLäWě WRUL ]DQRæt OHYRX D
RSőHVHRSUVW\QRKRX-HVWOLæHVHXNHPXGDőtRGWODÿRYDWWRULKRSUDYëP
ÊËɸŸ ¯«
Ëæä[ÍÜãÜÀ¸Ç·¼¾´Á¶É¼¾È½È·´ÃÅÂÍ´"Ǹ"Á.¾Ì «¡Ç¸¶»Á¼¾´µÂ½¸Á´Í¸À¼
NROHQHPWRULSőHWRÿtWUXSYOHYRDSUDYëPVWHKQHPEORNXMHVRXSHőRYR
SUDYp UDPHQR MDNR SőL NHVD JDWDPH 7RUL PţæH SőHWRÿLW WUXS D QRK\ L
QD RSDÿQRX VWUDQX MDNR SőL XäLUR NHVD JDWDPH 9 SUD[L VH RVYěGÿXMH
SUDYRXUXNRXXNHKRPtUQěQDG]YHGQRXWDOHYpNROHQRYVXQRXWSRGMHKR
KëæGě
9HYDULDQWiFKMRNRäLKRJDWDPHWRULQHEORNXMHXNHKRQRKXDOHPi
PRæQRVWXFKRSLW]HVSRGXMHKRäHUSXQHERXFKRSHQtPUXNiYXEORNRYDW
LMHKRGUXKRXSDæL9HOLFH~ÿLQQiYDULDQWDVHQD]ëYiPXQHJDWDPHWRUL
PiUXFHVSRMHQpQDXNHKRUDPHQLDEUDGXSőLWLVNQXWRXNMHKRNUNX
ãtMLVRXSHőH,]HEORNRYDW~FKRSHP]RSDÿQpVWUDQ\7RULVHSőLWRP
GUæt]DYODVWQtäHUSXGUXKRXUXNRXXFKRStXNHKRäHUSXVHVKRUDDWLVNQH
VRXSHőHN]HPLQHERVHRSőHSUDYëPSőHGORNWtPR]iSDVLäWě
2EUDQD
8NH]YHGQHREěQRK\SHYQěVHYőHWRULKRSDæLVWHKQ\DSőLEOLæRYiQtP
QRKRXNSRGORæFHQDWiKQHSDæL
NWHURXPXWRULEORNXMHätML1DWR
SRGYOpNQHKODYXSRGWRULKRSDæt
DXSODWQtXGHKLäLJLXGHJDWDPH
8NH VH YROQRX SDæt RSőH R
WRULKRNUNDVQDætVHRGWODÿLWMHKR
2EU-RNRäLKRJDWDPH
KODYXNVYpPXEőLFKX3DNU\FKOH
]DNOHVQHSRGNROHQtPWRULKRNUNWODNHPQRK\PXQDWiKQHSDæLDRSěW
XSODWQtSiÿHQt
8NHVHSőHWRÿtQDERNDRGWODÿXMHSDæLNWHURXPXWRULEORNXMHQRK\
.G\æVHPXSRGDőtY\WYRőLWPH]HUXYVXQHMHGQRNROHQRGRSRGSDæt
VRXSHőHGRNRQÿtRGWODÿHQtDQDVDGtSiÿHQt-HVWOLæHVHXNHPXSRGDőt
ÊËɸŸ ¯¬
Ëæä[ÍÜãÜÀ¸Ç·¼¾´Á¶É¼¾È½È·´ÃÅÂÍ´"Ǹ"Á.¾Ì «¡Ç¸¶»Á¼¾´µÂ½¸Á´Í¸À¼
RGWODÿLWSRGNROHQtPWRULKRKODYXMHYHOPL~ÿLQQpRSőtWäSLÿNXRGWOD
ÿXMtFtQRK\RSRGNROHQtGUXKpQRK\7tPMHWRULSHYQěEORNRYiQY
WURM~KHOQtNX XNHKR QRKRX D XNH PţæH EH]SHÿQě QDVDGLW SiNX QD
ORNHWWRULKRSDæHMHæEORNRYDODMHKRätML
7$7(ã,+2*$7$0(
7RKRWR]SţVREXGUæHQtVHÿDVWRSRXætYiMDNRQiVOHGQpÿLQQRVWLSR
FKYDWX RXÿL JDUL QHER SR MLQpP ]SţVREX GUæHQt 7RUL OHæt UR]QRæPR
QDXNHPQRKDPDWLVNQHMHKRERN\
QHER QiUW\ EORNXMH MHKR KROHQě
DQHER QRK\ ]Nőtæt SRG WěOHP VRX
SHőH-HVWOLæHVHXNHPXSRGDőtXQLN
QRXW SDæt SRG VWHKQR WRULKR WRUL
SRNUDÿXMHYGUæHQtWtPæHSőHPtVWt
QRKXSRGNROHQtPDæQDVRXSHőRYR 2EU7DWHäLKRJDWDPH
UDPHQR
5RYQěæYH]SţVREXEORNRYiQtSDætMHőDGDPRæQRVWt=iNODGQt~FKRS
MHNG\WRULEORNXMHätMLDKODYXVRXSHőHVSRMHQtPVYëFKSDætSRGXNHKR
ätMt.H]QHK\EQěQtSDæHDUDPHQHXNHKRGRFKi]tWtPæHWRULGUætSUDYRX
UXNRXVYţMOtPHFDOHYRXXNHKRSiVSRGWěOHP=WpWRSR]LFH,]HSőHMtW
GRGDOätYDULDQW\SőLQtæWRULXFKRStOHYRXUXNRXVYţMSiV]HSőHGX
2EUDQD
8NH RGWODÿt WRULKR NROHQR GROţ SőHWRÿt VH QD ERN D ]DNOHVQH QRK\
RNRORQRKRXWRULKR
8NH SRGYOpNQH UXNX SRG VRXSHőRYR VWHKQR XFKRSt QRKDYLFL QD
]DGQtVWUDQěSőHWRÿtVHQDERNDVQDætVHSőHWRÿLWVRXSHőHSőHVVYp
UDPHQR
ÊËɸŸ ¯
Ëæä[ÍÜãÜÀ¸Ç·¼¾´Á¶É¼¾È½È·´ÃÅÂÍ´"Ǹ"Á.¾Ì «¡Ç¸¶»Á¼¾´µÂ½¸Á´Í¸À¼
8NHXFKRStSiVVRXSHőHSRGMHKREőLFKHPDVQDætVHREěPDQRKDPD
SőHWiÿHWVWőtGDYěYOHYRDYSUDYR9RNDPæLNXXYROQěQtVHYőHQtVLOQě
]DWODÿtSURWLVRXSHőRYXEőLFKXDGRNRQÿt~QLN
£§WÞâÚìÖïÖ¢éÚØÝãÞàÖ àçØÚãm
Ó92''2å,0(:$=<
7HFKQLNDäNUFHQtMHYSRGVWDWěWODNQDVRXSHőţYNUNMHKRæGţVOHGHN
VRXSHőH GRQXWt Y]GiW VH 5R]VDK GRYROHQëFK WHFKQLFNëFK ÿLQQRVWt MH
Y\PH]HQSUDYLGO\
-XGRGěOtWHFKQLNXäNUFHQtSRGOHREODVWLSţVREHQtGRWőtNDWHJRULt9
SUYpSţVREtWODNSőHVKUWDQQDSUţGXäQLFLNLNDQYHGUXKpQDNUNDYLFLD
YQLWőQtKUGHOQLFLNHLEXVHLP\DNXYHWőHWtSţVREtNRPSOH[Qě1DYëVOHG
QpPHIHNWXäNUFHQtVHYHGOHWěFKWRRUJiQţYë]QDPQěSRGtOtLQHUYRYë
V\VWpP QHUY EORXGLYë ÓÿLQHN WHFKQLFN\ SHUIHNWQě SURYHGHQpKR äNU
FHQtMHWDNőNDEH]SURVWőHGQtDSőLYHGHäNUFHQpKREěKHPQěNROLNDVHNXQG
GR EH]YěGRPt 2EHFQě VH XYiGt æH WODN QD SUDYRX VWUDQX NUNX YHGH
U\FKOHMLNEH]YěGRPtQHæWODNQDVWUDQěRSDÿQp=OpNDőVNpKRKOHGLVND
QHQtWRWRWYU]HQtÿtPSRGHSőtWOHÿMHKRSUDYGLYRVWMHRYěőHQDSUD[t
3őLäNUFHQtMHPRæQRSRXætWKUDQ\SőHGORNWtYQLWőQtSDOFRYpÿLYQěMät
PDOtNRYpKUDQ\UXN\DOtPFHVRXSHőRYDNLPRQD1RKRX,]HYMXGXY\XætW
NHäNUFHQtSőLWHFKQLFHWURM~KHOQtNXVDQNDNXDOHMHWőHEDDE\YVHYőHQt
E\ODXPtVWěQDVRXSHőRYDSDæH3őtPpKRäNUFHQtQRKDPD,]HSRXætWMHQY
VHEHREUDQě
3RGOHVPěUXSţVREHQtVtO\GěOtPHäNUFHQtGRWőtVNXSLQ9SUYpVNX
SLQěMVRXFKYDW\SőLQLFKæVtODSţVREtVPěUHPY]KţUXNUDQLiOQtPYH
ÊËɸŸ ¯®
Ëæä[ÍÜãÜÀ¸Ç·¼¾´Á¶É¼¾È½È·´ÃÅÂÍ´"Ǹ"Á.¾Ì «¡Ç¸¶»Á¼¾´µÂ½¸Á´Í¸À¼
=É6$'<Ó72.8
3őHG QDVD]HQtP äNUFHQt PXVt WRUL SOQě NRQWURORYDW YäHFKQ\ QHEH]
SHÿQpSRK\E\XNHKRGţOHæLWRXUROLKUDMtQRK\NWHUpYěWäLQRXREHSt
QDMtWUXSQHERUDPHQRVRXSHőH
7HFKQLNXäNUFHQtYROtWRULGOHVYpSRORK\YţÿLXNHPXDWRYæG\WDN
DE\QH]UXäLONRQWUROXQDGMHKRSRK\E\
9ODVWQt~WRNQDSőHGGREőHSURP\äOHQë]DKDMXMHWRULSőHVQëP~FKR
SHPSRQěPæRNDPæLWěQiVOHGXMHVLOQëWODNQDFRQHMPHQätSORFKX
VRXSHőRYDNUNXÓÿLQHNWDNRYpKR]SţVREXäNUFHQtMHEH]SURVWőHGQt
ÓÿLQHN äNUFHQt VH ]Yëät MHVWOLæH VH WRUL SőHG GRNRQÿHQtP FKYDWX
QDGHFKQHD]DGUætGHFKWtP]SHYQtWěORD]YěWätVHYőHQtQHERWODNQD
VRXSHőH
ãNUWtFtSDæHPXVtEëWSőLQDVD]HQt´SRGGDMQiµMLQëPLVORY\PiSUDFR
YDWWDNMDNRE\VHRNRORVRXSHőRYDNUNXRYtMHOWHQNëSURYD]NWHUë
QHSRQHFKi QLNGH PH]HUX ãNUFHQt WYUGRX ´QHSRGGDMQRXµ SDæt MH
ÊËɸŸ ¯¯
Ëæä[ÍÜãÜÀ¸Ç·¼¾´Á¶É¼¾È½È·´ÃÅÂÍ´"Ǹ"Á.¾Ì «¡Ç¸¶»Á¼¾´µÂ½¸Á´Í¸À¼
QH~ÿLQQp/]HMHSőLURYQDWNYUiæHQtW\ÿHGRNUNXVRXSHőHFRæPX
SţVREtEROHVWDMHYUR]SRUXVSUDYLGO\DOHQDGUXKpVWUDQěXPRæłXMH
VRXSHőLXFKUiQLWFLWOLYpERG\NUNXD]HäNUFHQtXQLNQRXW
7RULQHVPtEUiWRKOHGQDWRNRKRäNUWtDPXVtVHVQDæLWQDVD]HQëFKYDW
YtWě]QěGRNRQÿLW
-DNPLOHVHXNHY]GiYiSRNOHSHPQHERVORYHPPDLWDMHWRULSRYLQHQ
äNUFHQtRNDPæLWěSőHUXäLW-HVWOLæHXNHXSDGQHGREH]YěGRPtPXVt
WRUL LKQHG ]DKiMLW XPěOp GëFKiQt QHER WHFKQLNX NXDFX UHVXVFLWDFH
SRPRFtWODNţD~GHUţYHGHQëFKQDQHUYRYiFHQWUD
=É6$'<2%5$1<
9RNDPæLNX~WRNXQHVPtWRULSRGOHKQRXWSDQLFHDOHPXVtFRQHMU\FK
OHMLEORNRYDWMHGQRXSDætÿLQQRVWäNUWtFtSDæHXNHKRDGUXKRX]DWODÿLW
SURWLMHMtPXORNHWQtPXNORXEX6RXÿDVQěVHPXVtVQDæLWXYROQLWKODYX
]HVHYőHQtD]UXäLWNRQWUROXXNHKRQDGVYëPWěOHP
1iVOHGXMH LKQHG SURWL~WRN SőL QěPæ O]H YëKRGQě SRXætW FKYDWţ
SiÿHQt=YOiäřYKRGQpMVRXUţ]QpYDULDQW\XGHJDUDPL
-LQDN SODWt SUR REUDQX SURWL äNUFHQt VWHMQp ]iVDG\ MDNR SUR REUDQX
SURWLGUæHQt
1É&9,.&+9$78å,0(:$=<
.$7$å8å,å,0(
9]iNODGQtPSURYHGHQtVHGtWRULUR]QRæPRQDEőLäHXNHKRDVWHKQ\
VYtUiMHKRWUXS/HYRXUXNX]DVXQHSUVW\GRYQLWőOtPFHSRGVRXSHőRYR
XFKRSUDYRXUXNRXXFKRStMHKROtPHFSDOHFXYQLWőWDNDE\PDOtNRYi
KUDQDSUDYpUXN\WODÿLODQDNUÿQtWHSQX3DNNUiWNëP]DWiKQXWtPRERX
ÊËɸŸ ¯°
Ëæä[ÍÜãÜÀ¸Ç·¼¾´Á¶É¼¾È½È·´ÃÅÂÍ´"Ǹ"Á.¾Ì «¡Ç¸¶»Á¼¾´µÂ½¸Á´Í¸À¼
UXNRX QDSQH WRUL VRXSHőţY OtPHF OHYi UXND SRNUDÿXMH Y WDKX SUDYi
]DWODÿtNUXKRYëPSRK\EHPSURWLVRXSHőRYXNUNXDGRNRQÿtäNUFHQt7RWR
äNUFHQt,]HWDNpVYëKRGRXXSODWQLW
MHOL WRUL YH VSRGQt SR]LFL D NRQW
UROXMHXNHKRSRK\E\QRKDPD/HYp
FKRGLGORRSőHGRSUDYpVODELQ\VRX
SHőHSUDYëPSRGNROHQtPKRSőLGU
æXMH SőHV ORSDWN\ ãNUWLW MH PRæQR
VWHMQëP]SţVREHPMDNRY]iNODGQtP 2EU3RORKDUXNRXSőLNDWDæXæLæLPH
SURYHGHQtQHEROHYRXSDætREHMPHWRULSUDYRXSDæLXNHKRDXFKRStOHYRX
VWUDQXOtPFHMHKRNLPRQDSUVW\XYQLWőWtPSDæLSOQěNRQWUROXMHSUDYRX
UXNRX SDOHF XYQLWő XFKRSt URYQěæ OHYRX VWUDQX OtPFH D ]DWiKQH VRX
SHőH GROţ -DNPLOH SőHGNORQt KODYX WRUL SőHKRGt NUXKRYëP SRK\EHP
SUDYRX UXNX SőHV MHKR KODYX PDOtNRYRX KUDQX SőLORæt SRG MHKR SUDYp
XFKR D GRNRQÿt äNUFHQt 7DWR YDUL
DQWD MH QěNG\ Y OLWHUDWXőH XYiGěQD
SRGQi]YHPWRPRæLPH
7őHWtYDULDQWDMHWHKG\NG\æWRUL
NOHÿt YHGOH VRXSHőH SUDYëP NROH
QHPEORNXMHMHKRSUDYëERN/HYRX
2EU3RORKDUXNRXSőLNDWDæXæLæLPH
UXNRX SDOHF XYQLWő XFKRSt XNHKR
OtPHF]DNUNHPSUDYRXUXNRXSUVW\XYQLWőSRGMHKROHYëPXFKHP3DN
VHWUXSHPSőLWiKQHQDGVRXSHőRYXKODYX]DGUætGHFKDGRNRQÿtäNUFHQt
2EUDQD
8NH~WRÿtSURWLSDæLNWHUiMHSőLäNUFHQtQDKRőHWMSURWLSUDYp'ODł
OHYpUXN\SRORætSRGWRULKRORNHWSUDYRXUXNRXXFKRStUXNiYVRXSH
ÊËɸŸ °§
Ëæä[ÍÜãÜÀ¸Ç·¼¾´Á¶É¼¾È½È·´ÃÅÂÍ´"Ǹ"Á.¾Ì «¡Ç¸¶»Á¼¾´µÂ½¸Á´Í¸À¼
őRYDNLPRQDQDORNWLDVLOQě]DWODÿtOHYRXUXNRXD]DWiKQHSUDYRX]D
VRXÿDVQpURWDFHWUXSXYSUDYR3RGDőtOLVHXNHPXVRXSHőRYXSUDYRX
SDæL]DEORNRYDWKODYRXNVYpPX
SUDYpPX UDPHQL PţæH XSODWQLW
XGHJDWDPH
8NHSRGYOpNQHSUDYRXUXNXSRG
SUDYRXäNUWtFtSDæLWRULKRDGODł
VL RSőH R WYiő 6RXÿDVQě GODQt
2EU.DWDæXæLæLPH
OHYpUXN\VLOQě]DWODÿtSRGVRXSH
őţYORNHWURWDFtWUXSXYSUDYRXQLNiD]DKiMtSURWL~WRNSiÿHQtP
-HVWOLæHWRULäNUWt]HVSRGQtSR]LFHPXVtXNHQHMSUYHEORNRYDWVRXSH
őRYXKRUQtäNUWtFtSDæLWMSUDYRX=iURYHłVHPXVtXYROQLW]HVHYőHQt
VRXSHőRYëFKQRKRXQHMOpSHNROHQHPSURWLWRULKRVWHKQXD]DXMPRXW
VWDELOQtSRVWRMDE\KRWRULURWDFtVYpKRWUXSXQHGRVWDOSRGVHEHD
QHPRKOGRNRQÿLWäNUFHQt
£¨ÀÖãèÚØêìÖïÖ¢éÚØÝãÞàÖåYbÚãm
Ó92''2.$16(&8:$=<
3iÿHQtMHWHFKQLFNiÿLQQRVWSőLQtæWRULXYHGHQěNWHURXVNORXEHQRX
ÿiVW XNHKR WěOD GR QHSőLPěőHQp SRORK\ 9H VSRUWRYQtP MXGX MH SRYR
OHQRSiÿLWSRX]HORNHWQtNORXEYVHEHREUDQěMHPRæQR~WRÿLWQDYäHFKQ\
NORXE\KRUQtFKLGROQtFKNRQÿHWLQDSiWHőH
3RGOH]SţVREXSURYHGHQtGěOtPHSiÿHQtGRWőtVNXSLQ9SUYpVNX
SLQěSţVREtWRULKRVtODSőtPRYHVPěUXSUVWţSiÿHQpSDæHSURWLSRK\EX
NORXEX9GUXKpVNXSLQěSţVREtVtODQDNORXESőLURWDFLSDæHGRYQLWő]D
ÊËɸŸ °¨
Ëæä[ÍÜãÜÀ¸Ç·¼¾´Á¶É¼¾È½È·´ÃÅÂÍ´"Ǹ"Á.¾Ì «¡Ç¸¶»Á¼¾´µÂ½¸Á´Í¸À¼
=É6$'<Ó72.8
7RUL~WRÿtYRNDPæLNXNG\PiXNHSDæLQDSMDWRXQHERMLQDSQHMDNR
UHDNFLQDSRK\EWRULKR7RULPXVtSőHGHYätPGRNRQDOHEORNRYDWXNHKR
SRK\E\3őLWHFKQLFHSiÿHQtEëYDMtYSUD[L]iVDG\NRQWDNWXDNRQWURO\QDG
VRXSHőHPÿDVWRRSRPtMHQ\WDNæHSiÿHQtEëYiQH~ÿLQQpDMHKRGRNRQ
ÿHQt]GORXKDYp9ODVWQtSiÿHQtSURYiGtWRULSO\QXOHWDKHPQHER URWDFt
SDæH=EH]SHÿQRVWQtKRKOHGLVNDQHQtGRYROHQRQDVD]RYDWSiNXWUKQX
WtP9\QDORæHQiVtODWRULKRPXVtEëW~PěUQiI\]LFNp]GDWQRVWLXNHKR
-HVWOLæHVHXNHPXSRGDőtLQWHQ]tYQtSUDFtFHOpKRWěODSőHUXäLWNRQWDNW
VHVRXSHőHPPXVtVHWRULVQDæLWNRQWDNWRNDPæLWěREQRYLWDSRNUDÿRYDW
YSiÿHQtQHERSőHMtWGRMLQpKRFKYDWX
-HVWOLæHVHXNHY]GiYiMHWRULSRYLQHQSiÿHQtRNDPæLWěSőHUXäLW$E\
QHGRäOR N SRäNR]HQt ORNHWQtKR NORXEX QHPXVt SőL VRXWěætFK POiGHæH
UR]KRGÿtY]iSDVLäWLÿHNDWDæVHXNHY]GiDPţæH]iYRGQtNDNWHUëWHFK
QLFN\GRNRQDOHQDVDGLOSiÿHQtY\KOiVLWYtWě]HP
ÊËɸŸ °©
Ëæä[ÍÜãÜÀ¸Ç·¼¾´Á¶É¼¾È½È·´ÃÅÂÍ´"Ǹ"Á.¾Ì «¡Ç¸¶»Á¼¾´µÂ½¸Á´Í¸À¼
=É6$'<2%5$1<
2EHFQp ]iVDG\ REUDQ\ MVRX SODWQp SUR YäHFKQ\ NDWHJRULH ERMH QD
]HPL3URWHFKQLNXSiÿHQtSODWtæH~QLN]GRNRQDOHQDVD]HQpSiN\QHQt
EH]~MP\QD]GUDYtPRæQë
3RNXGXNHQHPiSOQRXNRQWUROXQDGWRULPMHPRæQpXQLNQRXWU\FK
OëPSRNUÿHQtPDY\WDæHQtPRKURæHQpSDæHSőLÿHPæSUDFXMtLYHONpVYDO\
WUXSX QHER URWDFt FHOpKR WěOD YH VPěUX RKURæHQp SDæH ]PěQLW VPěU
SţVREHQtXNHKRVtO\DWtPSőHUXäLWNRQWDNW8QěNWHUëFK]SţVREţSiÿHQt
PţæHWRULXFKRSLWYODVWQtNLPRQRQHERSRPRFLRKURæHQpSDæLWtPæH
MtXFKRStGUXKRXYROQRXUXNRX3őLURWDFLWěODVHPţæHWDNp]DNOHVQRXW
QRKRX]DätMLXNHKRDSDNWDKHPFHOpKRWěODGRNRQÿLW~QLN
-HVWOLæHMHSiÿHQtGRNRQDOHQDVD]HQRMHQXWQpVHLKQHGY]GiWSRNOH
SHPGODQtVORYHPPDLWDSRSőNOHSiQtPQRKDPD
1É&9,.&+9$78.$16(&8:$=<
8'(+,ã,*,å8å,*$7$0(
7DWRSiNDMHY]iSDVRYpSUD[LQHMSRXætYDQěMätDWDNpQHM~VSěäQěMät
/]HMLQDVDGLWYHYäHFKVWDQGDUGQtFK
VLWXDFtFKERMHQD]HPL
9]iNODGQtPSURYHGHQtOHætXNH
QD ]iGHFK WRUL XFKRSt REěPD
UXNDPD MHKR OHYRX SDæL ]D ]iSěVWt
DVRXÿDVQěEORNXMHSRK\E\VRXSHőH
2EU8GHKLäLJLæXæLJDWDPH
QRKDPD/HYRXQRKXRStUiQiUWHPR
VRXSHőţYKUXGQtNOëWNHPSUDYp]QHPRæłXMHSRK\EVRXSHőRY\KODY\3őL
YODVWQtPSiÿHQtVHYőHWRULVRXSHőRYXSDæLPH]LVWHKQ\DSiGHPY]DGML
ÊËɸŸ °ª
Ëæä[ÍÜãÜÀ¸Ç·¼¾´Á¶É¼¾È½È·´ÃÅÂÍ´"Ǹ"Á.¾Ì «¡Ç¸¶»Á¼¾´µÂ½¸Á´Í¸À¼
QDStQiWDNDE\SDOHFSiÿHQpSDæHVPěőRYDOY]KţUX.GRVDæHQtGRNRQD
OpKRNRQWDNWXVSDætVRXSHőHMHWőHEDDE\WRULVHGěOFRQHMEOtæHNOHYpPX
UDPHQLVRXSHőHDSUDYRXSDWXSőLWD
KRYDONVREě
ÓWRN ]H VSRGQt SR]LFH 7RUL
QHMSUYH Y\FKëOt VRXSHőH VPěUHP N
VREě D SőLWiKQH MHKR SDæL PH]L VYi
VWHKQDNWHUiVWLVNQH7ODNHPOHYpKR 2EU8GHKLäLJLæXæLJDWDPH
-HVWOLæHWRULMHäWěQHGRNRQÿLOQDSQXWtXNHKRSDæHVQDætVHXNHVSRMLW
REěUXFHDRWiÿHQtPNVRXSHőL]SiN\XQLNQRXW
.G\æWRULQDStQiXNHKRSDæLPţæHVHXNHSRNXVLWY\WRÿLWSiÿHQRX
SDæLPDOtNRYRXKUDQRXY]KţUX]DVRXÿDVQpURWDFHWUXSXVPěUHPRG
VRXSHőH
ÓWRÿtOLWRUL]HVSRGQtSR]LFHPţæHVHXNHSRNXVLWVRXSHőHQDG]YHG
QRXW QHER XFKRSLW YROQRX UXNRX VRXSHőRYX äHUSX Y\WRÿLW ERN\ D
SDæLY\WiKQRXW]HVHYőHQt
ÊËɸŸ °«
Ëæä[ÍÜãÜÀ¸Ç·¼¾´Á¶É¼¾È½È·´ÃÅÂÍ´"Ǹ"Á.¾Ì «¡Ç¸¶»Á¼¾´µÂ½¸Á´Í¸À¼
£©ÂÚéäÙÞàÖãYØëÞàê×äßÚãÖïÚâÞ
=É6$'<0(72',&.e+23267838
6WHMQěMDNRYPHWRGLFHQiFYLNXERMHYSRVWRMLSRXætYiPHLYPHWR
GLFHQiFYLNXERMHQD]HPLPHWRGWDQGRNXUHQäXXÿLNRPLJHLNRDNDWD
QDQěæQDYD]XMtUţ]QpIRUP\UDQGRUL
0(72',&.ê3267831É&9,.8%2-(1$=(0,
1É&9,.%(=6283(Ő(7$1'2.85(1ã8
3őLQiFYLNXGUæHQtRVDHNRPLZD]DO]HWpWRPHWRG\SRXætWSőLRVYR
MRYiQt]iNODGQtFKSR]LFäLKRJDWDPHNHLDNHVDJDWDPHDMHMLFKNRPELQDFt
3őLQiFYLNXäNUFHQtæLPHZD]DMHPRæQpWpWRPHWRG\Y\XætWSURQiFYLN
SőHVQpKR D VSUiYQpKR ~FKRSX NLPRQD REY\NOH VH SRXætYi N WRPXWR
~ÿHOXW\ÿHSURYOHÿHQpSUi]GQëPNLPRQHPQHERXPěOiÀJXUtQDREOHÿHQi
GRNLPRQDNUR]YRMLREUDWQRVWLUXNRXDNUR]YRMLVtO\SURGRNRQÿHQt
FKYDWX D N QiFYLNX VSUiYQpKR GëFKiQt SőL ~WRNX 3őL QiFYLNX SiÿHQt
NDQVHFXZD]DO]HWpWRPHWRG\SRXætWSRX]HSőLQiFYLNXNURNţDREUDWţ
NWHUpMHQXWQRSURXSODWQěQtMHGQRWOLYëFKFKYDWţRYOiGDW
7pWRPHWRG\SRXætYiPHURYQěæSURQiFYLNU\FKOëFKDSO\QXOëFKSőH
FKRGţ]ERMHQD]HPLSURQiFYLNU\FKOëFKREUDWţDSőHYDOţDLQVWLQNWLY
QtKRVNUÿRYiQtSDætDQRKRX
23$.29$1e1É6783<'2&+9$7Ţ8þ,.20,
7DWR PHWRGD VSRÿtYi Y RSDNRYDQpP SURYiGěQt QiVWXSX GR FKYDWX
QDVRXSHőHNWHUëVHEUiQtMHQWDNRYëP~VLOtPDE\WRULPX]QHPRæłRYDO
SRK\E7RUL]DÿtQiDNFL~FKRSHPSRNUDÿXMHY\FKëOHQtPNX]XäLXSODWQt
ÊËɸŸ °¬
Ëæä[ÍÜãÜÀ¸Ç·¼¾´Á¶É¼¾È½È·´ÃÅÂÍ´"Ǹ"Á.¾Ì «¡Ç¸¶»Á¼¾´µÂ½¸Á´Í¸À¼
NRQWDNW QD WěOR VRXSHőH VHL äRNX D NRQÿt Y RNDPæLNX GRVDæHQt SOQp
NRQWURO\QDGVRXSHőHPVHLVXUX
)RUP\ XÿLNRPL MVRX UR]PDQLWp -HMLFK Y\XæLWt XPRæłXMH WUHQpURYL
XGUæHWSR]RUQRVWD]iMHPVYěőHQFţSRFHORXWUpQLQNRYRXMHGQRWNX8
Y\VSěOëFK MXGLVWţ PţæHPH ]DőDGLW L IRUP\ XÿLNRPL V GYěPD VRXSHőL
QDSőSőLQiFYLNX~QLNX]GUæHQt
7RXWR PHWRGRX O]H WDNp GRViKQRXW SőHVQRVWL Y SURYHGHQt MHGQRW
OLYëFK WHFKQLFNëFK GRYHGQRVWt =SRÿiWNX SURYiGt WRUL FYLN SRPDOX D
VRXVWőHĐXMHVHQDSőHVQRVWSURYHGHQtSőLGDOätFKRSDNRYiQtFK]Y\äXMH
U\FKORVWSURYiGěQtDæGRPD[LPDDVQDætVHSőLWRP]DFKRYDWSőHVQRVW
SRK\Eţ
$E\MXGLVWp]tVNDOLGRNRQDORXRULHQWDFLYERMLQD]HPLMHWőHEDPěQLW
]iNODGQt SRORK\ XNHKR OHK QD EőLäH OHK QD ]iGHFK Y]SRU NOHÿPR D
VWőtGDWVPěU\~WRNX]HÿW\őVWUDQSRPţFNRXMHRÿtVORYiQtVPěUXWRULKR
~WRNXGOHFLIHUQtNXKRGLQ~WRNRGKODY\ KRGLQ~WRNRGQRKRX
KRGLQRGSDæt DKRGLQ1HGEiOLWUHQpUWěFKWR]iVDGY\FKRYi
MHGQRVWUDQQpMXGLVW\NWHőtY]iSDVHSURPDUQtPQRKRSőtOHæLWRVWtXPRæ
łXMtFtFKYtWě]VWYt
3őLQiFYLNXQRYpWHFKQLN\MH]Y\NHPQDFYLÿRYDWFKYDWYHGYRMLFtFK
9 GDOätFK Ii]tFK QiFYLNX VH RVYěGÿXMH UR]GěOLW FYLÿHQFH GR VNXSLQ SR
ÿW\őHFK7RULSURYHGHFKYDWSRVWXSQěQDYäHFKQ\WőLXNHSDNVH]DőDGt
DY~WRNXSRNUDÿXMHGDOätÿWYHőLFH&YLÿHQFHO]HWDNpUR]GěOLWGRGYRX
őDG RED VRXSHőL SURYHGRX WHFKQLNX QD REě VWUDQ\ SRWRP VH MHGQD
őDGDSRVXQHRMHGQRPtVWRVWUDQRXDFYLÿHQtVHRSDNXMHVQRYëPVRXSH
őHP3URY\VSěOHMätMXGLVW\O]HXVSRőiGDWFYLÿHQtGRNUXKX1DMHGQRWOL
ÊËɸŸ °
Ëæä[ÍÜãÜÀ¸Ç·¼¾´Á¶É¼¾È½È·´ÃÅÂÍ´"Ǹ"Á.¾Ì «¡Ç¸¶»Á¼¾´µÂ½¸Á´Í¸À¼
YëFKVWDQRYLäWtFK]DXMtPDMtFYLÿHQFLYUROLXNHKRUR]GtOQpSRORK\9WpWR
IRUPěMHPRæQROpSHVWőtGDWFKYDW\DVPěU\~WRNX
0(72'<.$7$
9RÀFLiOQtFKNDWiFK.RGRNDQXMHSURERMQD]HPLXUÿHQDNDWDPHQR
NDWDNWHUiREVDKXMHSRSěWL]iNODGQtFKFKYDWHFK]NDWHJRULHRVDHNRPL
ZD]D æLPH ZD]D D NDQVHFX ZD]D 7HQWR VRXERU MH YëKRGQë SUR ]Dÿi
WHÿQtN\ 3UR SRNURÿLOp MXGLVW\ VH SRXætYi W]Y VHEHREUDQQp NDW\ NLPH
QRNDWDNWHUiREVDKXMHRVPFKYDWţSURYiGěQëFKYNOHNXMHGQRQRæY
ÿiVWL]YDQpLGRULDGYDQiFWFKYDWţYSRVWRMLYÿiVWL]YDQpWDÿLDL,NG\æ
QěNWHUëFK]WěFKWRFKYDWţQHQtGRYROHQRYMXGXXætYDWVWXGLXPWpWRNDW\
SőLVStYiNUR]YtMHQtVFKRSQRVWtWRULKRUHDJRYDWQD~WRNXNHKR~ÿHOQëP
SRK\EHP6YţMYë]QDPPiLSURKORXEHQt]QDORVWLWHFKQLN\SiÿHQt
0HWRG\NDWDMVRXMDNëPVLQiYRGHPN~ÿHOQpPXXVSRőiGiQtUţ]QëFK
FKYDWţVHVSHFLiOQtPWHFKQLFNëPÿLWDNWLFNëP]DPěőHQtP-HWRYPRæ
QRVWHFKNDæGpKRWUHQpUDVHVWDYLWWDNRYëY]RURYëVRXERUFKYDWţNWHUëP
E\VHMHKRVYěőHQFLRGOLäRYDOLRGVYëFKVRXSHőţ3RXSODWQěQtY]iSDVRYp
SUD[LPiWDNRYpXVSRőiGiQtFKYDWţVYpQHVSRUQpSőHGQRVWL
0(72'<5$1'25,
3ULQFLS\ D RUJDQL]DÿQt IRUP\ UDQGRUL XYHGHQp Y PHWRGLFH QiFYLNX
ERMHYSRVWRMLO]HDSOLNRYDWLSőLERMLQD]HPL6SHFLÀNRXWpWRPHWRG\
YERMLQD]HPLMVRXSRX]HLQVWUXNFHWUHQpUDSURUţ]Qp]SţVRE\]DKiMHQt
ERMH]HVWDQGDUWQtFKVLWXDFtSőtND]\SURVPěU\~WRNXD]SţVREXREUDQ\
3RGREQěMDNRSőLERMLYSRVWRMLO]HW\WRSRN\Q\XGtOHWREěPDVRXSHőţP
QHERMHQMHGQRPX]QLFK
ÊËɸŸ °®
Ëæä[ÍÜãÜÀ¸Ç·¼¾´Á¶É¼¾È½È·´ÃÅÂÍ´"Ǹ"Á.¾Ì ¬¡ÍƵÁ.¾KÿÂÉR¶»»¸Å´¶É¼"¸Á.
®£ÏYèä×ãmàåäáäëØÝÝÚçÖØëÞbÚãm
®£¦½äãÞbàî
.RUHMVNiKRQLÿNDKRQtFtVORætSiVHNQDÿWYUWLQXGpON\DSURQiVOHGXMH
VSROXKUiÿH]YëFKR]tKRURKX]iSDVLäWěVNiNDMHSRMHGQpQR]HQHER
YH GőHSX QHER VH VYi]DQëPL QRKDPL« EDEX SőHGiYi ~GHUHP
SiVNX SőHV ]iGD &K\FHQë KUiÿ VH RNDPæLWě VWiYi VWőHGHP ~WRNX
RVWDWQtFKNWHőtVHVQDætMHMXGHőLWSőHV]iGDSőLMHKR~WěNXGRYëFKR
]tKRURKX+UDVHSRWpRSDNXMH9SőtSDGěSRUXäHQtSUDYLGHOWRMHVW
~GHUQDMLQpPtVWRQHæSőHV]iGDSőL~WěNXRWiÿHQtNKRQtFtPXÿHOHP
DWG PXVt SURYLQěQë SUREěKQRXW XOLÿNRX VSROXKUiÿţ NWHőt KR ELMt
SiVN\SőHV]iGD
-DSRQVNi KRQLÿND REGRED SUYp KU\ DOH KRQtFt ELMH VYpKR SDUWQHUD
WDNGORXKRGRNXGRQViPQHSőHGiEDEXGDOätPXKUiÿLNWHUëRSěW
ELMHNROHJXGRNXGWHQQHSőHGiEDEXGiO+RQLÿNDSRNUDÿXMHGiOHGOH
WRKRWRSULQFLSX
=DGHÿNRYiSURQiVOHGRYDWHOSőHGiYiEDEXGRWHNHPKëæGěPLWDWRKUD
MHYHOPLXæLWHÿQiMDNRSUţSUDYDERÿQtFKFKYDWţ
+RQLÿND YH GYRMLFtFK SDUWQHőL VH N VREě SRVWDYt ]iG\ ]DNOHVQRX VL
QDY]iMHP SDæH Y SőHGORNWt -HGQD GYRMLFH KRQt GUXKRX SőLÿHPæ VH
YäLFKQL SRK\EXMt SRX]H Y FKţ]L D NOXVX VWUDQRX %DEX SőHGiYDMt
UXNRX
+RQLÿND WőtQRKëFK GYRMLFH VL QDY]iMHP VYiæH MHGQX QRKX SiVNHP
-HGQDGYRMLFHSURQiVOHGXMHRVWDWQt%DEDVHSőHGiYiUXNRX
ÊËɸŸ °¯
Ëæä[ÍÜãÜÀ¸Ç·¼¾´Á¶É¼¾È½È·´ÃÅÂÍ´"Ǹ"Á.¾Ì ¬¡ÍƵÁ.¾KÿÂÉR¶»»¸Å´¶É¼"¸Á.
+RQLÿNDYHWURMLFtFKWőLKUiÿLVHGUæt]DUXFHDKRQtGDOätWURMLFHEDEX
SőHGiYDMtNUDMQtKUiÿL5RYQěæO]HPěQLW~NRO\SRVNRNYHGőHSXSR
MHGQpQR]HDWG
ãWDIHWRYp ]iYRG\ FYLÿHQFL VH UR]HVWDYt GR GUXæVWHY SRNXG PRæQR
VLORYěY\URYQDQiGUXæVWYDD]iYRGtYUţ]QëFKGUX]tFKFYLÿHQt5ţ]Qp
IRUP\ SRVNRNţ MHGQRWOLYFţ YH GYRMLFtFK V Y\XæLWtP SOQëFK Ptÿţ
NRXOHQt NRSiQt QHVHQt PH]L NROHQ\« äYLKDGOD 8 WpWR IRUP\ MH
GţOHæLWpDE\WUHQpUQLNG\QH]DSRPQěO]DSRÿtWDWERG\]DXPtVWěQtD
Y\KOiVLWNRQHÿQpYëVOHGN\
®£§½çîèâmbÚâ
´5DJEtÿNRµFYLÿHQFLVHUR]GěOtQDGYěVNXSLQ\-HGQD]GţYRGXRGOL
äHQt GUXæVWHY VYOpNQH NDEiW NLPRQD SiVHN VL SRQHFKi ÓNROHP MH
GRSUDYLWPtÿGREUDQN\VRXSHőHSőLÿHPæMHSRYROHQRQDKUiYDWSRX]H
GR]DGX2EPěłXMHPHSRORKXKUiÿţYHNWHUpVHSRK\EXMtYSRVWRML
Y VHGě SR NROHQRX 3őL ]DKiMHQt KU\ OHæt Ptÿ XSURVWőHG ætQěQN\
GUXæVWYD MVRX UR]HVWDYěQD QD RNUDML ætQěQN\ %RM R Ptÿ ]DÿtQi QD
SRYHOWUHQpUD
0tÿRYi YiOND FYLÿtFt VH UR]GěOt QD GYě GUXæVWYD NWHUi VH SRVWDYt
ÿHOHPNVREěQDRNUDML]iSDVLäWě.DæGpGUXæVWYRREGUætVWHMQëSRÿHW
SOQëFKPtÿţ=iSDVLäWěVHUR]GěOtODQHPQDGYěSRORYLQ\1DGDQë
SRYHO ]DÿQH ELWYD ÓNROHP MH PtW FR QHMPpQě Ptÿţ QD VYp VWUDQě
]iSDVLäWě0tÿHQHKi]tPHMHQQRVtPH3RXSO\QXWtXUÿLWpKRÿDVRYpKR
OLPLWX]YHGQHWUHQpUSURYD]DSőHSRÿtWiERG\
ÊËɸŸ °°
Ëæä[ÍÜãÜÀ¸Ç·¼¾´Á¶É¼¾È½È·´ÃÅÂÍ´"Ǹ"Á.¾Ì ¬¡ÍƵÁ.¾KÿÂÉR¶»»¸Å´¶É¼"¸Á.
9\EtMHQi V SOQëPL PtÿL GUXæVWYD REGUæt SR GYRX SOQëFK PtÿtFK
ÓNROHPMH]DViKQRXWSURWLKUiÿHWDNDE\PtÿQHPRKOFK\WLWDWDNE\O
Y\őD]HQ9tWě]tGUXæVWYRVQHMYěWätPSRÿWHPÿOHQţ
®£¨MåäáäëdÝçîÙçêèéÚë
3őHWODÿRYiQt GUXæVWHY GUXæVWYD VH SRVWDYt GR őDG SURWL VREě ÿHOHP
QHER]iG\8FKRStVHQDY]iMHPYSőHGORNWtDVSRMtYőDGXÓNROHPMH
]HVWőHGXY\WODÿLWVRXSHőHNHNUDML]iSDVLäWě+UXO]HKUiWLYHGőHSX
%RM R NUiOH FYLÿtFt VH UR]GěOt GR GYRX GUXæVWHY Y\EUDQë MHGLQHF
] GUXæVWYD MH MPHQRYiQ NUiOHP .UiO VH SRVWDYt QD RNUDM ]iSDVLäWě
'UXæVWYDPDMt]D~NRO]PRFQLWVHNUiOHSURWLKUiÿţDSőHWiKQRXWMHMQD
RNUDMVYpSRORYLQ\]iSDVLäWěVRXÿDVQěPXVtFKUiQLWVYpKRNUiOHSőHG
XQHVHQtP
3őHWDKRYDQi]iSDVLäWěMHUR]GěOHQRQDGYěSRORYLQ\GUXæVWYDMVRXQD
VYëFKVWUDQiFKÓNROHPMHFK\WLWVRXSHőHDSőHWiKQRXWQDVYp~]HPt
EH]SőHäOiSQXWtKUDQLFH
3őHWDKODQHPVRXSHőtFtGUXæVWYDVHVQDætVYpSURWLYQtN\SőHWiKQRXW
QD VYRX VWUDQX ]iSDVLäWě 8ÿLWHO KOtGi NGR ] KUiÿţ SőHNURÿt SUYQt
SRORYLQX
2 SőHWDK ætQěQN\ QD VWőHGRYp ÿiőH MH SRORæHQD ætQěQND YH VWHMQp
Y]GiOHQRVWLRGQtDVLPMVRXSőLSUDYHQDGYěVRXSHőtFtGUXæVWYD
DVLWLÿOHQQi1DSRYHOY\EtKDMtNætQěQFHQDVYpSRORYLQěMLOLER
YROQěXFKRStDXVLOXMtRMHMtSőHWDæHQtQDVYRXSRORYLQX1HMVRXSRYH
OHQ\~FKRS\]DGUæDGODætQěQN\
ÊËɸŸ ¨§§
Ëæä[ÍÜãÜÀ¸Ç·¼¾´Á¶É¼¾È½È·´ÃÅÂÍ´"Ǹ"Á.¾Ì ¬¡ÍƵÁ.¾KÿÂÉR¶»»¸Å´¶É¼"¸Á.
3URUiæHQt´]GLµMHGQRGUXæVWYRMVRXREUiQFLWYRőtFt´]Hе7MæH
VWRMtQDVWőHGRYpÿiőHYőDGěYHGOHVHEHDVLYSţOPHWURYëFKUR]HVWX
SHFK0RKRXVHGUæHW]DUXFHQHERWpæEH]GUæHQtQHSRK\EXMtVH
YäDN]PtVWD'UXKpGUXæVWYRSőLSUDYHQpQDMHGQpVWUDQěPtVWQRVWL
QDSRYHOY\EtKiSURWL´]GLµDVQDætVHMtSUREěKQRXWQDGUXKRXVWUDQX
PtVWQRVWL3őHEěKMHQDÿDVDVLV=DWXWRGREXVHVQDætSUREěK
QRXW]GtFRQHMYtF~WRÿQtNţ3RWpVH~ORK\RWRÿtDQDNRQFLYëVOHGN\
SRURYQDMt
®£©ÄÙåäçîÙëäßÞØ
1HGRYRO VRXSHőL YVWiW KUiÿ VL VHGQH ]NőLæPR QHER VL OHKQH QH ]iGD
SDUWQHU PX ]DEUDłXMH DE\ YVWDO +UDMH VH YH Y\PH]HQpP ÿDVRYpP
~VHNX
6XPRFYLÿHQFLVHUR]GěOtGRGYRMLF]HVYëFKSiVNţXWYRőtNUXK-HMLFK
~NROHPMHGRVWDWVRXSHőH]DKUDQLFHSiVN\Y\PH]HQpKR]iSDVLäWě
0LQLVXPRNUXKVHY\WYRőtSRX]H]MHGQRKRSiVNX3DUWQHőLVWRMtSURWL
VREěDVQDætVHY]iMHPQěVHY\VWUÿLWYHQ]NUXKX
=YHGQLVRXSHőHSDUWQHőLVHRWRÿt]iG\NVREěSDæH]DNOHVQXWpGRVHEH
1D GDQë SRYHO VH VQDæt SőHGNORQěQtP ]YHGQRXW VRXSHőH GR Y]GX
FKX
%RMYHY]SRUXSDUWQHőLMVRXQDSURWLVREěYHY]SRUXOHæPRÓNROHPMH
SRGWUKQRXWVRXSHőLSDæLDE\VLOHKOQD]iSDVLäWě
'Uæ URYQRYiKX VRXSHőL PDMt VYi]DQp QRK\ SiVNHP 8FKRSt VH ]D
NDEiWNLPRQDDVQDætVHFXNiQtPDWDKiQtPVRXSHőHSRYDOLW
ÊËɸŸ ¨§¨
Ëæä[ÍÜãÜÀ¸Ç·¼¾´Á¶É¼¾È½È·´ÃÅÂÍ´"Ǹ"Á.¾Ì ¬¡ÍƵÁ.¾KÿÂÉR¶»»¸Å´¶É¼"¸Á.
,QGLiQVNë]iSDVVRXSHőLVHVQDætMHGHQGUXKpKRREHMPRXWYSDVHD
QDG]YHGQRXWKRRGWDWDPL
5\WtőVNp]iSDV\MHGHQKUiÿQDÿW\őHFKSőHGVWDYXMHNRQěGUXKëVHGt
RENURÿPRQDQěPSőHGVWDYXMHMH]GFH7DNWRMH]GtSRViGN\SRWDWDPL
DMH]GFLVHVQDætRVWDWQtMH]GFHVWUKQRXW]NRQěGROţ
0DODMVNë]iSDVVRXSHőLVLSRGDMtQDY]iMHPUXNX6QDKRXRERXVRX
SHőţMHNRSQRXWSDUWQHUDGRKëæGt+UDMHVHQDÿDVÿLSRÿHWERGţ
ãSLÿNRYëWDQHFVRXSHőLÿHOHPNVREěVLSRGDMtUXFHOHKFHVHGUæt]D
SUVW\ÓNROHPMHVRXSHőLOHKFHäOiSQRXWQDäSLÿN\QRKRX&YLÿHQt
PţæHSUREtKDWLYHWURMLFtFK
3őHWDK]DREěSDæHVRXSHőLSURWLVREěVHQDY]iMHPXFKRSt]DREěUXFH
2GKUDQLFHÿiUDPH]LQLPLMVRXYHVWHMQpY]GiOHQRVWL9tWě]VWYtVH
GRFtOtSőHWDæHQtPVRXSHőHSőHVKUDQLÿQtÿiUXGRWLVHNXQG6RXSHő
PXVtPtW]DKUDQLFtREěQRK\
3őHWDKYSőHGQRæHQtFYLÿHQFLÿHOHPNVREěRGKUDQLÿQtÿiU\PH]LQLPL
VWHMQě Y]GiOHQL 8FKRSt VH ]D SUDYi OHYi ]iSěVWt D OHYRX SUDYRX
UXNRX Y]iMHPQě ]D SUDYp OHYp SőHGQRæHQp QRK\ QDG NRWQtNHP
3RVNRN\Y]DGXVLOXMHPHRSőHWDæHQtSURWLYQtNDFRQHMGiOHSőHVÿiUX
3őHWODN]iG\VRXSHőLVWHMQěY]GiOHQLRGKUDQLÿQtÿiU\VHRStUDMt]iG\
SDæHYROQě]DNOHVQXWpYORNWHFK1D]QDPHQtVH]DÿtQDMt]iG\SőHWOD
ÿRYDW9tWě]tWHQNGRVHSUYQtGRVWDQHREěPDQRKDPDQD~]HPtVRX
SHőH
þDSt SőHWDK\ VRXSHőL MVRX ÿHOHP N VREě XFKRSt VH ]D SUDYi OHYi
]iSěVWtOHYRXSUDYRXQRKXPDMtVNUÿHQRX]iQRæPROHYRXSUDYRX
UXNRX VH NDæGë GUæt ]D VYţM QiUW 3RVNRN\ SR SUDYp OHYp Y]DG VH
ÊËɸŸ ¨§©
Ëæä[ÍÜãÜÀ¸Ç·¼¾´Á¶É¼¾È½È·´ÃÅÂÍ´"Ǹ"Á.¾Ì ¬¡ÍƵÁ.¾KÿÂÉR¶»»¸Å´¶É¼"¸Á.
XVLOXMHRSőHWDæHQtVRXSHőHFRQHMGiOHSőHVKUDQLÿQtÿiUX3URKURXMH
LSRVWDYHQtVHQDREěQRK\
3őHWDKVSOQëPPtÿHPVRXSHőLYHVWőHKRYpPSRVWRMLSURWLVREěGUætY
SőHGSDæHQtSOQëPtÿ1DSRYHOXVLOXMtRSőHWDKSURWLYQtNDVPtÿHP
QHMPpQěREěPDQRKDPDSőHVÿiUX9ëKURXMHLY\WDæHQtPtÿH]UXNRX
VRXSHőH
2 ]iVDK\ WOHVNQXWtP SőHV KëæGě Y NOHNX FYLÿHQHF YH Y]SRUX NOHÿPR
GUXKëVWRMtQDGQtPDXVLOXMHRGRW\NÿLOHKNë~KR]SőHVKëæGěNOHÿt
FtKR.OHÿtFtVHMHQEUiQtDWRXQLNiQtPSRSROp]iQtPDVWiOëPQDWi
ÿHQtPVHKODYRXNVRXSHőLÓWRÿtFtQHVPtNOHÿtFtKRSőHVNDNRYDWVWiW
QDGQtPUR]NURÿPRSRX]HREtKi
3őHWODN FKRGLGO\ GR NROpEN\ VRXSHőL Y VHGX ÿHOHP SURWL VREě QRK\
VNUÿLW SőHGQRæPR SRYëä UR]QRæPR Y]iMHPQě VH RStUDMt FKRGLGO\
3DæH XVQDGłXMt ]YHGQXWt QRKRX UXFH VH VSRMt Y SRGNROHQt 6QDæt
VH RGWODÿLW VRXSHőRYD FKRGLGOD D SőHYUiWLW KR WDN QD ]iGD GR W]Y
NROpEN\
&KRERWQLFH MHGHQ FYLÿHQHF MH YH VWőHKRYpP OHKX QD ]iGHFK GUXKë
SőHGMHKRQRKDPLYHVWőHKRYpPSRVWRMLÓNROHPVWRMtFtKRMHGRWNQRXW
VHSUVRXÿLEőLFKDOHætFtKRÓWRÿtFt]ţVWiYiYSRVWRMLWHG\QDQRKRX
REtKiQtPÿLRGVXQRYiQtPQRKRXOHætFtKRVHVQDætSőLEOtæLWVHNOHæt
FtPX]HVWUDQ\RGNXGMHQHMYëKRGQěMätSőtOHæLWRVWNGRWNQXWt/HætFt
VHSRX]HEUiQtDWRVWiOëPQDWiÿHQtPVHQRKDPDN~WRÿQtNRYLSRYR
OHQpMHQDVWDYRYiQtQRKRXLSDætRGUiæHQtUXNRXQHERLSőHWRÿHQtQD
ERN1HQtSRYROHQRSőHWRÿHQtQDEőLFKR
ÊËɸŸ ¨§ª
Ëæä[ÍÜãÜÀ¸Ç·¼¾´Á¶É¼¾È½È·´ÃÅÂÍ´"Ǹ"Á.¾Ì ¬¡ÍƵÁ.¾KÿÂÉR¶»»¸Å´¶É¼"¸Á.
®£ªMåäáäëdÝçî
%RMRRVWURYRVWURYSőHGVWDYXMtætQěQN\QHERQD]QDÿHQpNUXK\RSUţ
PěUXDVLPHWU\1DMHGQpætQěQFHMHFYLÿHQFţ1DSRYHOVHY]i
MHPQěY\WODÿXMt]HætQěQN\NUXKX.GRVHGRWNQHMDNRXNROLYÿiVWt
WěOD~]HPtPLPRRVWURYMH]GDOätFKERMţY\őD]HQDQHVPtMLæGRERMţ
]DVDKRYDW9tWě]tNGR]ţVWDQHQDRVWURYěViP
=iSDVQLFNpWőtG\FYLÿHEQtSORFKDVHÿDUDPLUR]GěOtQD~]HPQt
SiV\QHMOpSHSRätőFH3UYëSiVMHDVLPHWU\äLURNëSőL]DKDMRYiQt
KU\MVRXYQěPYROQěUR]HVWDYHQLYäLFKQLFYLÿHQFL'DOätSiV\
MVRXMLæXæätP1DSRYHOVH]DÿQRXYäLFKQLFYLÿHQFLY]iMHPQě
Y\WODÿRYDW]SUYQtKRGRGUXKpKRSiVX+UiÿMHY\WODÿHQYRNDPæLNX
NG\æVHREěPDQRKDPDGRVWDQHGRGUXKpKRSiVX-LæVHQHVPtYUiWLW
GRSUYQtKRSiVXDOHGiOHERMXMHVRVWDWQtPLY\WODÿHQëPLRXGUæHQtYH
GUXKpPSiVX7RWpæVHGěMHYSiVXWőHWtP-HGQRWOLYpSiV\SőHGVWDYXMt
]iSDVQLFNpWőtG\.DæGëNGRYÿDVRYpPOLPLWXQDSőPLQXW\XKiMLO
VYRXSőtVOXäQRVWY~]HPtMH]iSDVQtNHP,WőtG\'DOätVHNODVLÀNXMt
REGREQěSiVPR,,WőtGD«
2GFK\WGLYRNp]YěőHQDY\PH]HQpSORäHYHOLNRVWDVLMDNRYROHMEDORYp
KőLäWěVHYROQěSRK\EXMHFYLÿHQFţ]Yěő2GOLÿXMtVHQDSőRGOLä
QRVWtYREOHÿHQt3RÿHWQěMätVNXSLQXFYLÿHQFţWYRőtORYFL3őHG
]DKiMHQtPORYXMVRXYőDGěQDGHOätVWUDQěFYLÿLäWě1DSORäHGiORG
VHEH MVRX SRORæHQ\ ætQěQN\ SőHGVWDYXMtFt NOHFH QD ]Yěő 1D
SRYHOMH~NROHPORYFţFK\WDW]YěőDGRSUDYLWMLGRNOHFt3URQiVOHGR
YDQt]YěőXWtNDMtEUiQtVHFK\FHQtY]StUDMtVHSőLSőHSUDYě3RSőH
PtVWěQt QD ætQěQN\ GR NOHFt MH MLæ QHPRKRX RSXVWLW 0ěőt VH ÿDV
ÊËɸŸ ¨§«
Ëæä[ÍÜãÜÀ¸Ç·¼¾´Á¶É¼¾È½È·´ÃÅÂÍ´"Ǹ"Á.¾Ì ¬¡ÍƵÁ.¾KÿÂÉR¶»»¸Å´¶É¼"¸Á.
]DNWHUëE\ODSRODSHQDDSőHVXQXWDYHäNHUi]Yěő+UDMHPHGRNXGMHG
QRWOLYpQHSURVWőtGiPHQDSRVWX]YěőH3RWpSRPěőtPHGRVDæHQp
ÿDV\
ÊËɸŸ ¨§¬
Ëæä[ÍÜãÜÀ¸Ç·¼¾´Á¶É¼¾È½È·´ÃÅÂÍ´"Ǹ"Á.¾Ì ¤£¡Æ¿ÂÉÁ."¸¾½´ÃÂÁƾR¶»ÉRÅ´ÍQÃÂÈU.É´ÁR¶»É½È·È
¦¥£ÈáäëãmbÚàßÖåäãèàØÝëçÖïåäêmëÖ¢
ãØÝëßêÙê
%XWVXNDULRSDNRYDQpQiVWXS\GR
FKYDWţSURYiGěQp]DSRK\EX
$JH]YHGQRXWRGVWUDQLWYVWiW
$JREUDGD
$JR RVKL UR]WtW UR]äWtSQRXW &XJLDVKLSőtVXQQiFKţ]H
EUDGX &XNXULQiVWXSGRFKYDWX
$NL QR VHQ YëKRGD YKRGQRVW &XULNRPL SUiFH SDæH MHæ GUæt
OtPHFSőLY\FK\ORYiQt
$UDVKLERXőH
$ULJDWRGěNXML 'DQPLVWURYVNëVWXSHłWHFKQLFNp
$VDKL]YHGiQt Y\VSěORVWL
$VKLQRKDGROQtNRQÿHWLQD 'HSőHGVXQXWë
$WDPDKODYD 'RMLPH VHYőHQt VRXSHőH ]NőtæH
$WH~GHUXGHőLW QëPD QRKDPD QţæN\ ]DNi]DQi
$\XPLSRFKRGFKRG DNFH
$\XPLDVKLQRUPiOQtFKţ]H 'RMRWěORFYLÿQDSURMXGRDRVWDWQt
MDSRQVNi%8
%DVDPLQţæN\ 'RULY]tWEUiW
%DUDLKDUDLSRGPHW
%RJLRREUDQD (ELODQJXVWDNUDEKXPU
%RVKLSROLFLH (ULNUNOtPHF
%XVKLYiOHÿQtN
ÊËɸŸ ¨§
Ëæä[ÍÜãÜÀ¸Ç·¼¾´Á¶É¼¾È½È·´ÃÅÂÍ´"Ǹ"Á.¾Ì ¤£¡Æ¿ÂÉÁ."¸¾½´ÃÂÁƾR¶»ÉRÅ´ÍQÃÂÈU.É´ÁR¶»É½È·È
)XPLNRPLSRVWUÿLWSRYëäLW +DMLPH]DÿQěWHERMXMWH]DÿiWHN
)XVHQJDWFKLYtWě]VWYtQHQDVWRX ]iSDVXERMHSRSőHUXäHQt
SHQtPVRXSHőH +DQGRSURWLNODG
+DQHNőtGORVNRN
*DHVKL SURWLFKYDW NRQWUDFKYDW +DQVRNXPDNHGLVNYDOLÀNDFHVRX
SHőH
*DNHSRYěVLWQDKiN]DKiNQRXW +DQWHLSRYHOUR]KRGÿtKRY]iSD
VLäWLNXUÿHQtYtWě]HYROERX
*DUDPLSRGHSőtWSRY]EXGLW +DSR QR NX]XäL RVP VPěUţ
*DUDPLSiND Y\FKëOHQt
*DULVHNDWNRVLWVUSHPSRGUD +DUDEőLFKR
æHQt +DUDLYL]EDUDL
*DWDPH ]QHK\EQěQt NRQWUROR +LGDULYOHYR
YDW +LNL ZDNH QHUR]KRGQë YëVOHGHN
*HLNRFYLÿHQtSURYR]
*HVD.HVDSőtÿQěSőHVWěOR +LVKLJL ]ORPLW UR]EtW SőHUXäLW
*RN\R VRXERU ]iNODGQtFK SiÿHQt
FKYDWţMXGD +L]DNROHQR
*RQRVHQSURWL~WRNNRQWUD +L]LORNHW
*RVKLERN +RQ]iNODGQt
*RVKLQMLWVXXPěQtREUDQ\
*XUXPDNROR &KLNDUDVtODPRF
*\DNXRSDÿQěSőHYUiFHQě &KXLWUHVWYHYëäLSěWLERGţ
+DGDNDQDKëKROë ,FKLSRORKDSRVWDYHQt
+DLDQR
ÊËɸŸ ¨§®
Ëæä[ÍÜãÜÀ¸Ç·¼¾´Á¶É¼¾È½È·´ÃÅÂÍ´"Ǹ"Á.¾Ì ¤£¡Æ¿ÂÉÁ."¸¾½´ÃÂÁƾR¶»ÉRÅ´ÍQÃÂÈU.É´ÁR¶»É½È·È
6KLGRWUHVWYHYëäLWőHFKSRPRF 7DQL~GROt
QëFKERGţ 7DWHVYLVOëVYLVOH
6KLKDQXÿLWHO 7DWFKLUHLSR]GUDYYSRVWRML
6KLPHMLPHXäNUWLW 7HUXND
6KL]HLäL]HLSRVWRMVWőHK 7HLNRRGROQRVW
6KL]HQäL]HQWDL]iNODGQtSőLUR 7HNXELWHS]iSěVWt
]HQëSRWRM 7RNXL SRK\E REOtEHQi RVWHFK
6RJR JDWFKL VSRMHQp YtWě]VWYt QLND
ZD]DULDNHLNRNX 7RNXLZD]DRVREQtWHFKQLND
6RUHPDGHNRQHF 7RPRHÿiUDOLQNDNőLYNDREORXN
6RWRYQěMät 7RUL~WRÿQtNDNWLYQěMät]GYRMLFH
6XNXLOætFHSRK\EFKRG
6XPL~KHOURKNRXW 7VXJLDVKLNURNVXQ
6XWH JHLNR FYLÿHQt VH ]NXäHQěM 7VXNNRPLSRVWUNRYDWWODÿLW
ätPVRXSHőHPNWHUëPpQě]NXäH 7VXNXULÿLQQRVWDNFHSőtSUDYD
QpKRLQVWUXXMH 7VXUL ORYLW U\E\ WiKQRXW ]DVHN
6XWHPLZD]DVWUK\DSőHNRW\ QRXW
7VXULNRPL]DVHNQXWtU\E\
7DFKLWDÿL SURPtWQXWt SRVWRM
SőHGYHGHQt 8ÿL NRPL QiVWXS\ GR FKYDWX EH]
7DFKLUHLSR]GUDYYSRVWRML Ki]HQtVRXSHőH
7DFKLZD]DSRUD]\ 8FKLYQLWőQt
7DLWěOR 8GHSDæHUiPěSőHGORNWt
7DLVDEDNLREUDW\ 8NHSDVLYQěMätVRXSHőNWHUëSDGi
7DLVRWěORFYLN 8NHPLSiG\
7DQGHQEőLFKR 8NLWHNRXFtSORYRXFt
ÊËɸŸ ¨¨§
Ëæä[ÍÜãÜÀ¸Ç·¼¾´Á¶É¼¾È½È·´ÃÅÂÍ´"Ǹ"Á.¾Ì ¤£¡Æ¿ÂÉÁ."¸¾½´ÃÂÁƾR¶»ÉRÅ´ÍQÃÂÈU.É´ÁR¶»É½È·È
<RNRERÿQtSRVWUDQt
<XFKLSUVW
<XGDQVKDYë]QDÿQëÿHUQëSiVHN
:DNLSRGSDæt
:D]DERMRYiDNFHWHFKQLND
:D]DDUL SţOERG SRPRFQëFK
ERGţ
:D]DDULDYDVHWHLSSRQYtWě]VWYt
GRVDæHQpGYěPDSţOERG\
=DUHLSR]GUDYYVHL]H
åLPHZD]DWHFKQLNDäNUFHQt
åXæLäNUFHQt
ÊËɸŸ ¨¨¨
Ëæä[ÍÜãÜÀ¸Ç·¼¾´Á¶É¼¾È½È·´ÃÅÂÍ´"Ǹ"Á.¾Ì ¤¤¡ÃŴɼ·¿´½È·´ ɸÅ͸¤¬¬«
¦¦£ÅçÖëÞÙáÖßêÙÖ¢ëÚçïÚ¦®®
Ó92'
9QiVOHGXMtFtÿiVWLE\FK9iVFKWěOVH]QiPLWVYHOPL]NUiFHQRXYHU]t
SUDYLGHOMXGD=NUiFHQRXSURWRæH~ÿHOHPWpWRSUiFHQHQtSőHSVDWSUD
YLGODMXGDDOHQDGUXKRXVWUDQXVHSőLQiFYLNXQHREHMGHWHEH]]QDORVWt
]iNODGQtFKSUDYLGHOMXGD
3UDYLGOD-8'$MVRX]SUDFRYiQDDXVSRőiGiQDSRGOHSODWQëFKSUDYL
GHO,-),QWHUQDWLRQDO-XGR)HGHUDWLRQ
3UDYLGOD ]H NWHUëFK E\OR SőL SőtSUDYě WpWR ]NUiFHQp YHU]H ÿHUSiQR
E\ODVFKYiOHQD99þ6-XDMVRX]iYD]QiSURőt]HQt]iSDVţMXGDYþ5V
SODWQRVWtRG
þ/É1(.=É3$6,ã7Ě
=iSDVLäWěPěőtQHMPpQě[PDQHMYëäH[PDMHY\WYR
őHQR]WDWDPLQHERSRGREQpKRSőLMDWHOQpKRPDWHULiOX]SUDYLGOD]HOHQp
EDUY\
=iSDVLäWěVHGěOtQDGYě]yQ\+UDQLFHPH]LWěPLWRGYěPD]yQDPL
VHQD]ëYiYDURYQiSORFKDDMHY\]QDÿHQDÿHUYHQëPSUXKHPDVLPäLUR
NëPNWHUëMHVRXÿiVWt]iSDVRYpSORFK\DMHYHGHQëURYQREěæQěVMHKR
ÿW\őPLVWUDQDPL
þ/É1(.9<%$9(1Ì
DåLGOHDSUDSRUN\SRPH]QtUR]KRGÿt
1D EH]SHÿQRVWQt SORäH VH XPtVřXMt Y SURWLOHKOëFK UR]tFK ]iSDVRYp
SORFK\OHKNpæLGOHNWHUpQHVPěMt]DNUëYDWYëKOHGSRPH]QtPUR]KRG
ÊËɸŸ ¨¨©
Ëæä[ÍÜãÜÀ¸Ç·¼¾´Á¶É¼¾È½È·´ÃÅÂÍ´"Ǹ"Á.¾Ì ¤¤¡ÃŴɼ·¿´½È·´ ɸÅ͸¤¬¬«
ÿtPDREVOX]HUHJLVWUiWRUţQDLQGLNDÿQtWDEXOL.æLGOtPMVRXSőLSHYQěQD
GXWiSRX]GUDSURPRGUëDEtOëSUDSRUHN
E5HJLVWUDÿQtWDEXOHYëVOHGNţ
3URNDæGp]iSDVLäWěVHLQVWDOXMtGYěUHJLVWUDÿQtWDEXOHQDNWHUëFKVH
VNyUHY\]QDÿXMHYRGRURYQě
F3UDSRUN\ÿDVRPěőLÿL
þDVRPěőLÿLPXVtSRXætYDWQiVOHGXMtFtSUDSRUN\
åOXWë NR]QDÿHQtSőHUXäHQt]iSDVX
=HOHQë NR]QDÿHQtSUREtKDMtFtKRGUæHQt
HþDVRYëVLJQiO
0XVtEëWNGLVSR]LFL]YRQHNQHERSRGREQpVO\äLWHOQp]Dőt]HQtNWHUp
R]QiPtUR]KRGÿtPXNRQHFVWDQRYHQpGRE\]iSDVX
I0RGUpDEtOpMXGRJL
=iYRGQtN PţæH EëW REOHÿHQ GR PRGUpKR
QHEREtOpKRMXGRJL3UYQtY\KOiäHQë]iYRGQtNPi
REOHÿHQRPRGUpMXGRJLDGUXKëEtOp
þ/É1(.=É92'1ÌÓ%25-8'2*,
7eå6(328åÌ9É9ê5$=.,0212
KpKR]iYRGQtND
ÊËɸŸ ¨¨ª
Ëæä[ÍÜãÜÀ¸Ç·¼¾´Á¶É¼¾È½È·´ÃÅÂÍ´"Ǹ"Á.¾Ì ¤¤¡ÃŴɼ·¿´½È·´ ɸÅ͸¤¬¬«
F.ROHPERNţVHSőHVNDEiWHFXYD]XMHSHYQëFPäLURNëSiV
MHKRæEDUYDRGSRYtGiVWXSQLWHFKQLFNp]GDWQRVWL
þ/É1(.+<*,(1$
D =iYRGQt~ERUPXVtEëWÿLVWëVXFKëDEH]]iSDFKX
E1HKW\QDUXNRXLQRKRXPXVtPtW]iYRGQtNNUiWFHRVWőtKDQp
F 2VREQtWěOHVQiK\JLHQDVWDUWXMtFtFKPXVtEëWQDY\VRNp~URYQL
G'ORXKpYODV\PXVtEëWXYi]iQ\WDNDE\MLPLQHE\OVRXSHőREWěæRYiQ
8WDKRYiQtGORXKëFKYODVţVHEěKHP]iSDVXSRYROXMHGYDNUiWDNDæGp
GDOätSőHUXäRYiQtÿDVX]iSDVX]WRKRWRGţYRGXVHWUHVWiVKLGR
þ/É1(.52=+2'þÌ$2),&,É/1Ìþ,1291Ì&,
2EHFQě ]iSDV őtGt MHGHQ UR]KRGÿt Y ]iSDVLäWL D GYD SRPH]Qt UR]
KRGÿt 5R]KRGÿtP SRPiKDMt ÿDVRPěőLÿL D REVOXKD UHJLVWUDÿQtFK ]Dőt
]HQt
þ/É1(.80Ì67Ě1Ì$)81.&(52=+2'þÌ+29
=É3$6,ã7,
5R]KRGÿtY]iSDVLäWLVWRMt]SUDYLGODXYQLWő]iSDVRYpSORFK\ŐtGt]iSDV
D Y\KODäXMH UR]KRGQXWt =DMLäřXMH DE\ E\OD MHKR UR]KRGQXWt VSUiYQě
]D]QDPHQiYiQDQDUHJLVWUDÿQtP]Dőt]HQt
þ/É1(.80Ì67Ě1Ì$)81.&(320(=1Ì&+
52=+2'þÌ&+
3RPH]QtUR]KRGÿtVSROXSUDFXMtVUR]KRGÿtPY]iSDVLäWL6HGtQDæLG
OtFKQDEH]SHÿQRVWQtSORäHYHGYRXSURWLOHKOëFKUR]tFK3RPRFtRÀFLiOQt
JHVWLNXODFHXSR]RUłXMtUR]KRGÿtKRMHVWOLæHVHMHMLFKQi]RUQDSRVRX]HQt
WHFKQLN\DWUHVWXOLätRGMHKRUR]KRGQXWtJHVWLNXODFH
ÊËɸŸ ¨¨«
Ëæä[ÍÜãÜÀ¸Ç·¼¾´Á¶É¼¾È½È·´ÃÅÂÍ´"Ǹ"Á.¾Ì ¤¤¡ÃŴɼ·¿´½È·´ ɸÅ͸¤¬¬«
þ/É1(.*(67,.8/$&(52=+2'þÌ&+
3URQtæHXYHGHQiUR]KRGQXWtNWHUiMVRXGiOHYWH[WXSRSViQDSRX
ætYiUR]KRGÿtY]iSDVLäWLWpWRJHVWLNXODFH
,SSRQY]SDætQDGKODYRXGODQtYSőHG
:D]DDULXSDætGRYëäHUDPHQGODQtGROţ
:D]DDULDZDVHWHLSSRQQHMGőtYHJHVWLNXOXMHZD]DDULDSDNLSSRQ
<XNRXSDætSRQtæDVLVWXSłţRGWěODGODQtGROţ
.RND]YHGQHSRNUÿHQRXSDæLSDOFHPNUDPHQLORNHWXERNX
2VDHNRPLSőHGSDætäLNPRGROţVPěUHPN]iYRGQtNţPREUiFHQë
VPěUHPNQLPDPtUQěVHSőHGNORQt
2VDHNRPLWRNHWDSőHGSDætäLNPRSRQtæPDOtNRYRXKUDQRXGROţD
QěNROLNUiWSDæt]DPiYiGROHYDSőLJHVWLNXODFLVHSőHGNOiQtVPěUHPN
]iYRGQtNţP
0DWWHSőHGSDætGODQtYSőHGSUVW\Y]KţUXVPěUHPNÿDVRPěőLÿL
=UXäHQtY\KOiäHQpKRRKRGQRFHQtRSDNXMHJHVWLNXODFLSURRFHQěQtD
VRXÿDVQěGUXKRXSDætYHY]SDæHQtPDOtNHPYSőHG]DPiYiGYDNUiWQHER
WőLNUiW]SUDYDGROHYD
*HVWLNXODFHPiEëWSRQHFKiQDRGGRVHNXQG
3őLY\KOiäHQtDR]QDÿHQtYtWě]HVHUR]KRGÿtYUiWtGRSRVWDYHQtMDNRSőL
]DKiMHQt]iSDVXY\NURÿtNURNYSőHGXNiæHQDYtWě]HDRSěWVHYUDFtNURN
]SěW
7ROLNQěNROLNQHMGţOHæLWěMätFKDQHMSRXætYDQěMätFKJHVWLNXODFtUR]
KRGÿtFKYMXGX
þ/É1(.=É3$629É3/2&+$
=iSDVPXVtEëWY\ERMRYiQXYQLWő]iSDVRYpSORFK\-DNiNROLWHFKQLND
SURYHGHQiNG\æVHMHGHQQHERRED]iYRGQtFLQDFKi]tPLPR]iSDVRYRX
ÊËɸŸ ¨¨¬
Ëæä[ÍÜãÜÀ¸Ç·¼¾´Á¶É¼¾È½È·´ÃÅÂÍ´"Ǹ"Á.¾Ì ¤¤¡ÃŴɼ·¿´½È·´ ɸÅ͸¤¬¬«
SORFKX VH QHX]QiYi 7R ]QDPHQi æH MHOL ]iYRGQtN Y SRVWRML QRKRX
NROHQHP QHER UXNRX PLPR ]iSDVRYRX SORFKX SőL SURYiGěQt VXWHPL
ZD]D YtFH QHæ SRORYLQRX WěOD PLPR ]iSDVRYRX SORFKX MH SRVX]RYiQ
MDNRE\E\OPLPR]iSDVRYRXSORFKX
([LVWXMH ]GH YHONi VSRXVWD YëMLPHN NWHUëFK MH WROLN æH VH R QLFK
QHFKFLKORXEěMLUR]HSLVRYDWSURMHMLFKSURVWRURYRXQiURÿQRVW
þ/É1(.'2%$759É1Ì=É3$68
0XæL PLQXW
-XQLRőLPLQXW\
'RURVWHQFLPLQXW\
åiFLVWDUätPLQXW\
åiFLPODGätPLQXW\
åHQ\GRURVWHQN\MXQLRUN\PLQXW\
åiN\QěVWDUätPLQXW\
åiN\QěPODGätPLQXW\
þ/É1(.3Ő(58ã(1Ì=É3$68
'RED NWHUi XSO\QH PH]L ]YROiQtP UR]KRGÿtKR Y ]iSDVLäWL PDWWH D
KDMLPHDPH]LVRQRPDPDD\RVKLVHQHSRÿtWiGR]iSDVRYpKRÿDVX
þ/É1(.þ$629e=1$0(1Ì
8SO\QXWtÿDVXXUÿHQpKRSURGREXWUYiQt]iSDVXVHUR]KRGÿtPXR]QD
PXMH]YRQNHPQHERSRGREQëP]YXNRYëPVLJQiOHP
þ/É1(.26$(.20,þ$6'5å(1Ì
,SSRQ FHONHPVHNXQG
:D]DDUL DYtFHDOHPpQěQHæVHNXQG
<XNR DYtFHDOHPpQěQHæVHNXQG
.RND DYtFHDOHPpQěQHæVHNXQG
ÊËɸŸ ¨¨
Ëæä[ÍÜãÜÀ¸Ç·¼¾´Á¶É¼¾È½È·´ÃÅÂÍ´"Ǹ"Á.¾Ì ¤¤¡ÃŴɼ·¿´½È·´ ɸÅ͸¤¬¬«
þDVRVDHNRPLNUDWätQHæVHNXQGVHKRGQRWtVWHMQěMDNR~WRN
þ/É1(.7(&+1,.<3529('(1e628þ$61Ě6
þ$629ê0=1$0(1Ì0
.DæGëRNDPæLWëYëVOHGHNWHFKQLN\]DKiMHQpVRXÿDVQěVÿDVRYëP]QD
PHQtPMHSODWQë
þ/É1(.=$+É-(1Ì=É3$68
3őHG ]DKiMHQtP VRXWěæH VWRMt YäLFKQL WőL UR]KRGÿt VSROHÿQě XYQLWő
]iSDVRYp SORFK\ XSURVWőHG D SőHG ]DXMHWtP VYëFK PtVW VH XNORQt
VPěUHPNMRVHNL3őHGRSXäWěQtP]iSDVLäWěVHUR]KRGÿtPXVtWDNpXNORQLW
VPěUHPNMRVHNL
=iYRGQtFLVHPXVtXNORQLWQDNUDML]iSDVRYpSORFK\YMHMtPVWőHGX
SőHGLSRXNRQÿHQtPNDæGpKR]iSDVX-DNPLOHVHXNORQtSRVWRXStYSőHG
D]DXMPRXVYpYëFKR]tSR]LFHQDPRGUpUHVSEtOp]QDÿFHSiVFH=GHVH
]iYRGQtFLQDY]iMHPSR]GUDYt~NORQHPDSURYHGRXNURNYSőHG-DNPLOH
VNRQÿt]iSDVDUR]KRGÿtY\KOiVtYëVOHGHN]iYRGQtFLSURYHGRXVRXÿDVQě
NURN]SěWDQDY]iMHPVHSR]GUDYt~NORQHP=iSDV]DÿtQiYæG\YSRVWRML
=iSDVPRKRXSőHUXäLWSRX]HÿOHQRYpNRPLVHUR]KRGÿtFK
þ/É1(.3Ő(&+2''21(:$=$%2-(1$=(0,
=iYRGQtFLPRKRXSőHMtWGRQHZD]DYQiVOHGXMtFtFKSőtSDGHFK1HQtOL
YäDN WHFKQLND SURYiGěQD SO\QXOH QDőtGt UR]KRGÿt REěPD ]iYRGQtNţP
]DXMPRXWPtVWRYSRVWRML
'RViKQHOL ]iYRGQtN XUÿLWpKR YëVOHGNX SURYHGHQtP SRUD]X SőHMGH
EH]SőHUXäHQtGRQHZD]DD~WRÿt
8SDGQHOLMHGHQ]H]iYRGQtNţSőLQH~VSěäQpPSRNXVXRSURYHGHQt
SRUD]XPţæHVRXSHőY\XætWMHKRY\FKëOHQpSRORK\DQiVOHGRYDWKRQD
]HP
ÊËɸŸ ¨¨®
Ëæä[ÍÜãÜÀ¸Ç·¼¾´Á¶É¼¾È½È·´ÃÅÂÍ´"Ǹ"Á.¾Ì ¤¤¡ÃŴɼ·¿´½È·´ ɸÅ͸¤¬¬«
'RViKQHOL]iYRGQtNXUÿLWpKR~VSěFKXSőLERMLYSRVWRMLFKYDWHPVKL
PHZD]DäNUFHQtPQHERNDQVHWVXZD]DSiÿHQtPSDNEH]SőHUXäHQt
SőHFKi]tGRQHZD]D
.G\æ]iYRGQtNGRQXWtVYpKRVRXSHőHNERMLYQHZD]DPLPRőiGQě
REUDWQëPSRK\EHPNWHUëVHSRGREiSRUD]XLNG\æMDNRSRUD]QHPţæH
EëWRKRGQRFHQ
9 RVWDWQtFK SőtSDGHFK YH NWHUëFK ]iYRGQtN PţæH XSDGQRXW QHER
SDGi D NWHUp QHMVRX ]DKUQXW\ Y SőHGFKR]tFK ERGHFK WRKRWR ÿOiQNX
PţæHVRXSHőY\XætWSR]LFHGRNWHUpVH]iYRGQtNGRVWDODSőHMtWGRQH
ZD]D
þ/É1(.0$77(3Ő(58ã(1Ì=É3$68
9QiVOHGXMtFtFKSőtSDGHFKUR]KRGÿtY]iSDVLäWLGRÿDVQěSőHUXät]iSDV
]YROiQtPPDWWHÿHNHMWHDRSěWKR]DKiMt]YROiQtPKDMLPH
D 2SXVWtOLMHGHQQHERRED]iYRGQtFL]iSDVRYRXSORFKX
E -HGQiOLMHGHQQHERRED]iYRGQtFL]DNi]DQëP]SţVREHP
F 2QHPRFQtOLQHERMHOL]UDQěQMHGHQQHERRED]iYRGQtFL
G -HOL QXWQp DE\ VL MHGHQ QHER RED ]iYRGQtFL XSUDYLOL ]iYRGQt
~ERU
H 1HSRNUDÿXMHOLERMYQHZD]DSO\QXOHD]őHWHOQěYSőHG
I -HVWOLæHVH]iYRGQtNGRVWiYi]QHZD]D]SěWGRSRVWRMHDSőLWRP
]YHGiVRXSHőHQD]iGHFK
K=ţVWDQHOL]iYRGQtNYSRVWRMLQHERVHGRVWiYi]QHZD]DRSěWGR
SRVWRMHD]őHWHOQěVRXSHőHNWHUëOHætQD]iGHFKDPi]DNOHVQXWRXQRKX
QRK\NROHPQěNWHUpÿiVWLWěODVWRMtFtKR]iYRGQtND
ÊËɸŸ ¨¨¯
Ëæä[ÍÜãÜÀ¸Ç·¼¾´Á¶É¼¾È½È·´ÃÅÂÍ´"Ǹ"Á.¾Ì ¤¤¡ÃŴɼ·¿´½È·´ ɸÅ͸¤¬¬«
FK-HVWOLæH]iYRGQtNSURYiGtQHERVHVQDætYSRVWRMLSURYpVWWHFKQLNX
NDQVHWVXZD]DSiÿHQtQHERVKLPHZD]DäNUFHQtD~ÿLQHNQHQtLKQHG
]őHMPë
L 9H YäHFK RVWDWQtFK SőtSDGHFK NG\ WR UR]KRGÿt SRYDæXMH ]D
QH]E\WQp
M 3őHMtOLVLUR]KRGÿtQHERNRPLVHUR]KRGÿtFKSURYpVWSRUDGX
þ/É1(.62120$0$1(+ê%$76(
&KFHOLUR]KRGÿtNUiWNRGREěSőHUXäLW]iSDVQDSőDE\MHGQRKRQHER
RED]iYRGQtN\RVORYLODQLæE\WtP]SţVRELO]PěQXMHMLFKSRVWDYHQtQHER
DE\ Y\VORYLO WUHVW DQLæ E\ QHSRWUHVWDQë ]iYRGQtN ]WUDWLO VYp YëKRGQp
SRVWDYHQt ]YROi VRQRPDPD QHKëEDW VH 3UR SRNUDÿRYiQt Y ]iSDVX
]YROi\RVKL6RQRPDPDO]HSRXætWSRX]HSőLQHZD]DYERMLQD]HPL
þ/É1(..21(&=É3$68
5R]KRGÿt]YROiVRUHPDGHWRMHYäHDXNRQÿt]iSDV
D 'RViKQHOL MHGHQ ]H ]iYRGQtNţ LSSRQ QHER ZD]DDUL DZDVHWH
LSSRQ
E9SőtSDGěVRJRJDFKLVSRMHQpYtWě]VWYt
F 9 SőtSDGě IXVHQJDFKL YtWě]VWYt QHQDVWRXSHQtP VRXSHőH QHER
NLNHQJDFKLYtWě]VWYtY]GiQtPVRXSHőH
G9SőtSDGěKDQVRNXPDNHGLVNYDOLÀNDFH
H 1HPţæHOL MHGHQ ]H ]iYRGQtNţ SRNUDÿRYDW Y ERML ] GţYRGX ]UD
QěQt
I8SO\QHOLVWDQRYHQëÿDV]iSDVX3R]YROiQtUR]KRGÿtKRY]iSDVLäWL
VRUHPDGHVH]iYRGQtFLYUiWtQDPtVWDRGNXG]DKDMRYDOL]iSDV
ÊËɸŸ ¨¨°
Ëæä[ÍÜãÜÀ¸Ç·¼¾´Á¶É¼¾È½È·´ÃÅÂÍ´"Ǹ"Á.¾Ì ¤¤¡ÃŴɼ·¿´½È·´ ɸÅ͸¤¬¬«
þ/É1(.,3321
5R]KRGÿtY\KOiVtLSSRQYæG\MHOLQi]RUXæHSURYHGHQiDNFHRGSR
YtGiQiVOHGXMtFtP]iVDGiP
D +RGtOL]iYRGQtNVRXSHőH]QDÿQRXVLORXDU\FKORVWtQDYěWätÿiVW
MHKR]DGDQLæE\QDGQtP]WUDWLONRQWUROX
E 8GUætOL ]iYRGQtN VRXSHőH Y RVDHNR
PLZD]D SR GREX VHNXQG RG Y\KOiäHQt
RVDHNRPLDQLæE\VHVRXSHőLSRGDőLORXQLN
QRXW
F 9]GiOL VH ]iYRGQtN WtP æH UXNRX
ÿL QRKRX ]DNOHSH GYDNUiW QHER YtFHNUiW QD 2EU5R]KRGÿtVLJQDOL]XMHLSSRQ
]iSDVLäWěVYpQHERVRXSHőRYRWěORQHER]YROi
PDLWDY]GiYiPVHYGţVOHGNX~ÿLQQěQDVD]HQpWHFKQLN\GUæHQtVKLPH
ZD]DQHERNDQVHWVXZD]D
G .G\æ MH ]iYRGQtN ~ÿLQNHP WHFKQLN VKLPHZD]D QHER NDQVHWVX
ZD]DQHVFKRSHQSRNUDÿRYDWY]iSDVH
þ/É1(.:$=$$5,$:$6(7(,3321
3RNXG]iYRGQtNGRFtOtYMHGQRP]iSDVHGUXKpZD]DDULYL]ÿO
Y\KOiVtUR]KRGÿtY]iSDVLäWLZD]DDULDZDVHWHLSSRQGYěZD]DDULMVRX
LSSRQ
þ/É1(.62*2*$&+,632-(1e9Ì7Ě=679Ì
5R]KRGÿtY]iSDVLäWLY\KOiVtVRJRJDFKLYQiVOHGXMtFtFKSőtSDGHFK
D =tVNiOLMHGHQ]H]iYRGQtNţZD]DDULDMHKRVRXSHőMHSRWpWUHVWiQ
NHLNRNX
E =tVNiOLMHGHQ]H]iYRGQtNţZD]DDULDMHKRVRXSHőE\OMLæSőHGWtP
SRWUHVWiQNHLNRNX
ÊËɸŸ ¨©§
Ëæä[ÍÜãÜÀ¸Ç·¼¾´Á¶É¼¾È½È·´ÃÅÂÍ´"Ǹ"Á.¾Ì ¤¤¡ÃŴɼ·¿´½È·´ ɸÅ͸¤¬¬«
þ/É1(.:$=$$5,
5R]KRGÿtY]iSDVLäWLY\KOiVtZD]DDULMHOLQi]RUXæHSURYHGHQiDNFH
RGSRYtGiQiVOHGXMtFtP]iVDGiP
.G\æ]iYRGQtNKRGtVRXSHőHEH]]WUiW\NRQWURO\QDGQtPDOHSURYH
GHQpPXSRUD]XFK\EtÿiVWHÿQěMHGHQ]HWőtQXWQëFKSRæDGDYNţSURKRG
QRFHQtLSSRQ
.G\æ ]iYRGQtN XGUæt VRXSHőH Y RVDHNR
PLZD]DSRGREXNUDWätQHæVHNXQGQHM
PpQěYäDNSRGREXVHNXQG
5RYQRFHQQRVW -HOL ]iYRGQtN SRWUHVWiQ
NHLNRNX RNDPæLWě VH MHKR VRXSHőL SőL]QiYi
RKRGQRFHQtZD]DDUL 2EU5R]KRGÿtVLJQDOL]XMHZD]DDUL
þ/É1(.<8.2
5R]KRGÿt Y ]iSDVLäWL Y\KOiVt \XNR MHOL Qi]RUX æH SURYHGHQi DNFH
RGSRYtGiQiVOHGXMtFtP]iVDGiP
D .G\æ ]iYRGQtN KRGt VRXSHőH EH]
]WUiW\ NRQWURO\ QDG QtP DOH SURYHGHQpPX
SRUD]X FK\Et ÿiVWHÿQě GYD ]H Wőt QXWQëFK
SRæDGDYNţSURLSSRQ
&K\Et SRæDGDYHN GRSDGX QD
´YěWät ÿiVW ]DGµ D WDNp ÿiVWHÿQě 2EU5R]KRGÿtVLJQDOL]XMH\XNR
FK\EěOD´U\FKORVWµQHER´VtODµ
'RSDG VRXSHőH E\O QD YěWät ÿiVW ]DG DOH ÿiVWHÿQě FK\EěOD
´U\FKORVWµDVRXÿDVQě´VtODµ
E .G\æ ]iYRGQtN XGUæt VRXSHőH Y RVDHNRPLZD]D SR GREX NUDWät
QHæVHNXQGQHMPpQěYäDNSRGREXVHNXQG
ÊËɸŸ ¨©¨
Ëæä[ÍÜãÜÀ¸Ç·¼¾´Á¶É¼¾È½È·´ÃÅÂÍ´"Ǹ"Á.¾Ì ¤¤¡ÃŴɼ·¿´½È·´ ɸÅ͸¤¬¬«
5RYQRFHQQRVW-HOL]iYRGQtNSRWUHVWiQFKXLRNDPæLWěVHMHKRVRX
SHőLSőL]QiYiRKRGQRFHQt\XNR
þ/É1(..2.$
5R]KRGÿt Y ]iSDVLäWL Y\KOiVt NRND MHOL Qi]RUX æH SURYHGHQi DNFH
RGSRYtGiQiVOHGXMtFtP]iVDGiP
D .G\æ ]iYRGQtN KRGt VYpKR VRXSHőH
EH] ]WUiW\ NRQWURO\ QDG QtP XUÿLWRX VLORX D
U\FKORVWtDVRXSHőGRSDGQHQDMHGQRUDPHQR
VWHKQRVWHKQDQHERKëæGě
E .G\æ]iYRGQtNXGUætVRXSHőHYRVDH
NRPLZD]D SR GREX NUDWät QHæ VHNXQG
QHMPpQěYäDNSRGREXVHNXQG 2EU5R]KRGÿtVLJQDOL]XMHNRND
ÊËɸŸ ¨©©
Ëæä[ÍÜãÜÀ¸Ç·¼¾´Á¶É¼¾È½È·´ÃÅÂÍ´"Ǹ"Á.¾Ì ¤¤¡ÃŴɼ·¿´½È·´ ɸÅ͸¤¬¬«
G $OHVSRłMHGHQ]H]iYRGQtNţVHYGREěY\KOiäHQtRVDHNRPLPXVt
GRWëNDWNWHURXNROLYÿiVWtWěOD]iSDVRYpSORFK\
H =iYRGQtNSURYiGěMtFtGUæHQtPXVtEëWYSR]LFLNHVDQHERVKLKR
-HGQiVHRWHFKQLN\SRGREQpNHVDJDWDPHQHERNDPLVKLKRJDWDPH
þ/É1(.=$.É=$1É-('1É1Ì$75(67<
5R]GěOHQtWUHVWţGRÿW\őVNXSLQMH]DPëäOHQRMDNRYRGtWNRNWHUpPi
YäHPSRVN\WQRXWMDVQRXSőHGVWDYXRSRPěUX
WUHVWţ MDNp VH REY\NOH XGěOXMt ]D SURYLQěQt
SőtVOXäQëP]DNi]DQëPMHGQiQtP
7UHVW\ VH QHVÿtWDMt NDæGp ]DNi]DQp MHG
QiQtVHWUHVWiSőtVOXäQëPWUHVWHPYëätWUHVWX
XGěOHQt GUXKpKR QHER QiVOHGXMtFtKR WUHVWX
DQXOXMH SőHGFKR]t WUHVW %\OOL ]iYRGQtN MLæ 2EU5R]KRGÿtVLJQDOL]XMHWUHVW
SRWUHVWiQPXVtEëWSőLGDOätPSURYLQěQtSRWUHVWiQQHMPpQěQHMEOLæätP
Y\äätPWUHVWHPQHæNWHUëMLæREGUæHO
=DNi]DQiMHGQiQtDSőtVOXäQpWUHVW\
D 6KLGR XSR]RUQěQt VH XGěOXMH NDæGpPX ]iYRGQtNRYL NWHUë VH
GRSXVWLOOHKNpKRSURYLQěQt
1HJDWLYQtMXGR
ÓP\VOQě]QHPRæłRYDW~FKRSYHVQD]H]DEUiQLWDNFLYSUţ
EěKX]iSDVX
1HGRYROHQë~FKRS´6WDQGDUGQtµ~FKRSMHYäHREHFQěFKiSiQ
WDNæHOHYiUXNDGUætVRXSHőHNGHNROLY]DMHKRSUDYRXÿiVW
NDEiWFH QDG SiVHP D SUDYi UXND GUæt VRXSHőH NGHNROLY ]D
MHKROHYRXÿiVWNDEiWFHQDGSiVHP
1HDNWLYLWD
ÊËɸŸ ¨©ª
Ëæä[ÍÜãÜÀ¸Ç·¼¾´Á¶É¼¾È½È·´ÃÅÂÍ´"Ǹ"Á.¾Ì ¤¤¡ÃŴɼ·¿´½È·´ ɸÅ͸¤¬¬«
9SRVWRMLSR~FKRSXQHSURYiGěW~WRÿQpSRK\E\
2VWDWQt
E &KXLYDURYiQtVHXGěOXMHNDæGpPX]iYRGQtNRYLNWHUëVHGRSXV
WLOYiæQpKRSURYLQěQtQHERVHSRGUXKpGRSXVWLOOHKNpKRSURYLQěQtDE\O
PXMLæY\VORYHQWUHVWVKLGR
8SODWłRYDW WHFKQLNX VKLPHZD]D SRPRFt VSRGNX NDEiWFH
SiVXQHERSRPRFtVDPRWQëFKSUVWţ
3RXæLWt~WRNXGRMLPHQţæN\VHYőHQtQRKDPLNőtæHPSőL
ÿHPæ MVRX QRK\ QDWDKRYiQ\ QD VRXSHőţY WUXS NUN QHER
KODYX
.RSDW NROHQHP QHER FKRGLGOHP GR VRXSHőRY\ UXN\ QHER
SDæHYHVQD]HGRQXWLWVRXSHőHXYROQLW~FKRS
2KëEDW VRXSHőţY SUVW QHER SUVW\ YH VQD]H XYROQLW MHKR
~FKRS
ÓP\VOQěRSRXäWěWYWDFKLZD]DQHERYQHZD]D]iSDVRYRX
SORFKXQHER~P\VOQěSőLQXWLWVRXSHőHNRSXäWěQt]iSDVRYp
SORFK\
F .HLNRNXL QDSRPHQXWt VH XGěOXMH NDæGpPX ]iYRGQtNRYL NWHUë
VHGRSXVWLOWěæNpKRSURYLQěQtQHERVHSRGUXKpGRSXVWLOOHKNpKRQHER
YiæQpKRSURYLQěQtDE\OPXMLæY\VORYHQWUHVWFKXL
3RNXVLW VH KRGLW VRXSHőH SRPRFt WHFKQLN\ NDZD]XJDNH WM
QRKRXREWiÿHWVRXSHőRYXQRKXGtYDWVHYtFHPpQěVWHMQëP
VPěUHPMDNRRQDSDGDW]iG\QDVRXSHőH
1DVD]RYDWNDQVHWVXZD]DQDMLQëNORXEQHæQDNORXEORNHWQt
=YHGQRXW OHætFtKR VRXSHőH ]H ætQěQN\ D KRGLW KR ]SěW QD
]iSDVLäWě
ÊËɸŸ ¨©«
Ëæä[ÍÜãÜÀ¸Ç·¼¾´Á¶É¼¾È½È·´ÃÅÂÍ´"Ǹ"Á.¾Ì ¤¤¡ÃŴɼ·¿´½È·´ ɸÅ͸¤¬¬«
ÊËɸŸ ¨©¬
Ëæä[ÍÜãÜÀ¸Ç·¼¾´Á¶É¼¾È½È·´ÃÅÂÍ´"Ǹ"Á.¾Ì ¤¤¡ÃŴɼ·¿´½È·´ ɸÅ͸¤¬¬«
SRWőHFKY\YROiQtFKYPLQXWRYëFKLQWHUYDOHFKQH]DXMPHVYpYëFKR]t
PtVWRSURKUiYi]iSDV
'őtYHQHæUR]KRGÿtY]iSDVLäWLY\KOiVtIXVHQJDFKLXMLVWtVHXYHGHQt
VRXWěæH]GDPiNWRPXRSUiYQěQt
5R]KRGQXWtNLNHQJDFKLYtWě]VWYtY]GiQtPVRXSHőHVHSőL]QiYiWRPX
]iYRGQtNRYL MHKRæ VRXSHő VH ] MDNpKRNROLY GţYRGX Y]Gi Y SUţEěKX
]iSDVX
þ/É1(.=5$1Ě1Ì1(02&1(%21(+2'$
1HQtOLMHGHQ]H]iYRGQtNţ]GţYRGX]UDQěQtQHPRFLQHERQHKRG\
EěKHP]iSDVXVFKRSHQSRNUDÿRYDWY\KOiVtUR]KRGÿtY]iSDVLäWLSRSRUDGě
VSRPH]QtPLUR]KRGÿtPLJDFKLQHERKLNLZDNHSRGOHQiVOHGXMtFtFKXVWD
QRYHQt
D =UDQěQt
=DYLQtOLVL]iYRGQtN]UDQěQtViPSURKUiYi]iSDV
=DYLQtOL]UDQěQtVRXSHő]UDQěQpKRSURKUiYiQH]UDQěQë]iYRG
QtN
1HQtOL PRæQp XUÿLW YLQtND ]UDQěQt PţæH UR]KRGÿt Y\KOiVLW
KLNLZDNH
E 1HPRF
2QHPRFQtOL]iYRGQtNYSUţEěKX]iSDVXWDNæHQHQtVFKRSHQ
]iSDVGRNRQÿLWSURKUiYi]iSDV
F 1HKRGD
=DYLQtOLQHKRGXYQěMätRNROQRVWLSODWtUR]KRGQXWtKLNLZDNH
/pNDőVNiY\äHWőHQt
9SUţEěKX]iSDVXPiNDæGë]iYRGQtNSUiYRQDGYěOpNDőVNiY\äHW
őHQt
ÊËɸŸ ¨©
Ëæä[ÍÜãÜÀ¸Ç·¼¾´Á¶É¼¾È½È·´ÃÅÂÍ´"Ǹ"Á.¾Ì ¤¤¡ÃŴɼ·¿´½È·´ ɸÅ͸¤¬¬«
5R]KRGÿtPXVt]DMLVWLWDE\E\OXNDæGpKR]iYRGQtND]D]QDPHQiQ
SRÿHW SőHUXäHQt ]iSDVX ] GţYRGX OpNDőVNpKR Y\äHWőHQt 2EVOXKD UHJLV
WUDÿQt WDEXOH Y\]QDÿt NőtæNHP SUYQt OpNDőVNp Y\äHWőHQt D GYěPD NőtæN\
GUXKpOpNDőVNpY\äHWőHQt
ÊËɸŸ ¨©®
Ëæä[ÍÜãÜÀ¸Ç·¼¾´Á¶É¼¾È½È·´ÃÅÂÍ´"Ǹ"Á.¾Ì ¤¥¡ÍÉ&Å
¦§£ÏYëeç
9~YRGXWpWRSUiFHMVHPSőHGVHY]DOMLVWpFtOHD~NRO\5iGE\FKVHY
]iYěUXWpWRSUiFHSRGtYDOPëPVXEMHNWLYQtPSRKOHGHPQDMHMLFKQDSO
QěQtDRKOpGOVH]DSOQěQtPMHGQRWOLYëFKGtOÿtFK~NROţ
0\VOtPæHVHPLSRGDőLORVKURPiæGLWWDNőNDYHäNHURXXQiVGRVWXS
QRXOLWHUDWXUXRMXGXDGRNRQFHLQěNWHUpSXEOLNDFH]DKUDQLÿQt6RKOH
GHP QD FtO SUiFH MVHP SURYHGO VHOHNFL LQIRUPDFt D W\ VORXÿLO V YODVWQt
MXGLVWLFNRXSUD[t9ÿiVWLWHRUHWLFNpNRQNUpWQěYNDSLWROHRKLVWRULLMXGD
MVRX GRNRQFH SRXæLW\ LQIRUPDFH NWHUp X QiV GRSRVXG QHE\O\ SXEOLNR
YiQ\ 9 VDPRWQp ÿiVWL PHWRGLFNp MVHP ÿHUSDO KRGQě LQIRUPDFt ] PëFK
YODVWQtFKYěGRPRVWtDOHYHYHONpPtőHLYěGRPRVWtVYpKRRWFHQěNGHMätKR
WUHQpUDæHQVNpUHSUH]HQWDFH0QěRVREQěGDORYHONRXSUiFLRGSRXWDWVH
RGPëFKMXGLVWLFNëFKYěGRPRVWtDYætWVHGRUROH~SOQpKR]DÿiWHÿQtNDD
WHG\Y\FKi]HWYWpWRSUiFL]MHKRSRWőHEDSRWHQFLiOQtFKGRWD]ţ7DNpMVHP
DOHGRVSěONQi]RUXæHDQLVWRXWRSUDFtDGOHPpKRQi]RUXDQLVæiGQRX
MLQRX VH DGHSW WRKRWR VSRUWX MXGX NYDOLWQě QHQDXÿt SRNXG QHEXGH PtW
GREUpWUpQLQNRYpYHGHQt7HG\KODYQěMDNRXVLSRPRFQRXUXNXVSDWőXMLY
WpWRSUiFL
'ţOHæLWëNODGNWHUëVSDWőXMLYWpWRSUiFLMHWRæHQDLQWHUQHWXEXGHSR
ÿHVNëFKVWUiQNiFKNWHUpVH]DPěőRYDO\SRX]HQDMXGLVWLFNpRGGtO\SUYQt
SUiFHNWHUiVHEXGHYěQRYDWMXGXMDNRWDNRYpPX
'RXIiP æH WDWR SUiFH SőQHVH GRVWDWHÿQp PQRæVWYt LQIRUPDFt YäHP
]iMHPFţP R MXGR D MHäWě OpSH SőLOiNi L QRYp DGHSW\ WRKRWR NUiVQpKR
ERMRYpKRVSRUWX3RNXGEXGHWHPtWMDNRÿWHQiőLQěMDNpGRWD]\QHERSőL
ÊËɸŸ ¨©¯
Ëæä[ÍÜãÜÀ¸Ç·¼¾´Á¶É¼¾È½È·´ÃÅÂÍ´"Ǹ"Á.¾Ì ¤¥¡ÍÉ&Å
SRPtQN\PţæHWHVHQDPQHREUiWLWDMiVH9iPSRNXVtPY\MtWYVWőtF.RQ
WDNWRYDW PQH PţæHWH QD DGUHVH ] WLWXOQt VWUDQ\ D QHER QD LQWHUQHWX QD
HPDLORYpDGUHVHWYHOH#SRVWF]
-H QXWQR XYpVW D SRGěNRYDW WěP EH] NWHUëFK E\FK VL SUiFL QD WpWR
GLSORPRYpSUiFLQHGRYHGOSőHGVWDYLW
0p QHMYěWät SRGěNRYiQt SDWőt PpPX YHGRXFtPX GLSORPRYp SUiFH
.DUOX.őtæRYL]DNYDOLWQtYHGHQtDVSRXVWXNRQVWUXNWLYQtFKSőLSRPtQHN
GiOHSDNPpPXRWFLKODYQtPXPHWRGLNRYLþHVNpKRVYD]XMXGDNWHUpPX
YGěÿtP]DRGERUQpYHGHQtSőLWYRUEěWpWRSUiFH9QHSRVOHGQtőDGěMHWR
JUDÀN-DQãLPHNPDMLWHONUHDWLYQtGtOQ\3UR3iQD-iQDNWHUëPLKRGQě
SRPRKOVW\SRJUDÀFNRX~SUDYRXWH[WXDSURJUDPiWRU9ODGLPtU5LFKWHU
NWHUpPXYGěÿtP]DSRPRFSőLUHDOL]DFLHOHNWURQLFNpSRGRE\
1D ~SOQë ]iYěU E\FK FKWěO YäHP NWHőt EXGRX SURYiGěW QiFYLN GOH
PëFKSRGNODGţSRSőiWPQRKR]GDUXDVSRUWRYQtFK~VSěFKţ
ÊËɸŸ ¨©°
Ëæä[ÍÜãÜÀ¸Ç·¼¾´Á¶É¼¾È½È·´ÃÅÂÍ´"Ǹ"Á.¾Ì
ÈÚïãÖâáÞéÚçÖéêçî
%(1(ã9D=É752&+''æXGRPHWRGLFNiSőtUXÿNDSUHYHGţFtFK
NUţæNRYGæXGD%UDWLVODYDãSRUW
%5./29É'D+(5&,*6'LSORPRYpD]iYěUHÿQpSUiFHVWXGXMtFtFK
79DVSRUW3O]HłY\GDYDWHOVWYt=þ8
%52å - 0HWRGLFNë GRSLV 6SRUWRYQt SőtSUDYD Y ]iNODGQt HWDSě MXGD
3UDKD6SRUWSURSDJ
%52å-D9$1Ě.30HWRGLFNëGRSLV3UDNWLFNpMXGRNRPELQDFHD
NRQWUDFKYDW\3UDKD6SRUWSURSDJ
.$12-.RGRNDQMXGR7RN\R.RGDQVKD,QWHUQDFLRQDO/WG
/25(1=9'æXGRSőtUXÿNDSURäNROHQtWUHQpUţ,,,WőtG\3UDKD671
/25(1=9D=58%(.-XGRWHFKQLNDFKYDWţYSRVWRML3UDKD2O\P
SLD
129É.-Dã3,þ.$,7HRULHGæXGD3UDKD2O\PSLD
2.$12,D6$7279LWDOMXGRWKURZLQJWHFKQLTXHV7RN\R.RGDQ
VKD,QWHUQDFLRQDO/WG
528%Ìþ(.9.GRVNRKR3UDKD2O\PSLD
65'Ì1.250DOiäNRODMXGD3UDKD2O\PSLD
65'Ì1.25D9$&+810-XGRWHFKQLNDY\EUDQëFKFKYDWţDWUp
QLQN3UDKD2O\PSLD
9$&+810=iNODG\WUpQLQJXGæXGD%UDWLVODYDãSRUW
9(/(-7UHQpUMXGD3UDKD6SRUWSURSDJ
=É752&+'-XGRRGELHOHKRSRÿLHUQ\RSDVRN%UDWLVODYD,SRQVSRO
VUR
ÊËɸŸ ¨ª§
Ëæä[ÍÜãÜÀ¸Ç·¼¾´Á¶É¼¾È½È·´ÃÅÂÍ´"Ǹ"Á.¾Ì
ÈÚïãÖâä×çYïàÖåmáäÝ
2EU0LVWURYVNpXWNiQtYMXGX 2EU.DWDæXæLæLPH
2EU=DNODGDWHOMXGD0LVWU-LJRUR.DQR 2EU8GHKLäLJLæXæLJDWDPH
2EU.yGRNDQYGREěY]QLNX 2EU8GHKLäLJLæXæLJDWDPH
2EU'RMRWXUQRYVNpKRRGGtOX 2EU-XGLVWDYMXGRJL
2EU3R]GUDYWDWFKLWDÿLUHL 2EU5R]KRGÿtVLJQDOL]XMHLSSRQ
2EU3R]GUDY]DUHL 2EU5R]KRGÿtVLJQDOL]XMHZD]DDUL
2EUãL]HQKRQWDL 2EU5R]KRGÿtVLJQDOL]XMH\XNR
2EU0LJLäL]HQWDL 2EU5R]KRGÿtVLJQDOL]XMHNRND
2EU+LGDULäL]HQWDL 2EU5R]KRGÿtVLJQDOL]XMHRVDHNRPL
2EU-LJRKRQWDL 2EU5R]KRGÿtVLJQDOL]XMHWUHVW
2EU0LJLMLJRWDL
2EU+LGDULMLJRWDL
2EU3UDYë~WRÿQë~FKRS 3őtORKD1DKUDQp&'VHOHNWURQLFNRX
2EU3UDYëREUDQQë~FKRS SRGRERXWpWRGLSORPRYpSUiFH
2EU3iGY]DG
2EU3iGYSőHG
2EU3iGYSőHGVWUDQRX
2EU3iGVWUDQRX
2EU2JRäL
2EU8NLJRäL
2EU2VRWRJDUL
2EU6HRLQDJHLSSRQ
2EU6DVDHFXULNRPLDäL
2EU+L]DJXUXPD
2EU'HDäLKDUDL
2EU=KL]DJXUXPDGRKL]DJXUXPD
2EU=RVRWRJDULGRRVRWRJDUL
2EU=KL]DJXUXPDGRRVRWRJDUL
2EU=KL]DJXUXPDGRVDVDHFXULNRPL
DäL
2EU2VRWRJDULSURWLRVRWRJDUL
2EU'HDäLKDUDLSURWLGHDäLKDUDL
2EU+L]DJXUXPDSURWLKL]DJXUXPD
2EU2JRäLSURWLXNLJRäL
2EU2JRäLSURWLGHDäLKDUDL
2EU.HVDJDWDPH
2EU.HVDJDWDPH
2EU.X]XUHNHVDJDWDPH
2EU.DWDJDWDPH
2EU.DWDJDWDPH
2EU.DPLäLKRJDWDPH
2EU.DPLäLKRJDWDPH
2EU-RNRäLKRJDWDPH
2EU-RNRäLKRJDWDPH
2EU7DWHäLKRJDWDPH
2EU3RORKDUXNRXSőLNDWDæXæLæLPH
2EU3RORKDUXNRXSőLNDWDæXæLæLPH
ÊËɸŸ ¨ª¨
Ëæä[ÍÜãÜÀ¸Ç·¼¾´Á¶É¼¾È½È·´ÃÅÂÍ´"Ǹ"Á.¾Ì
ÊËɸŸ ¨ª©