Page 1

BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
1D ]DþiWNX VYpKR MHGQiQt VH 2GERU GXFKRYQt YêFKRY\ ]DP\VOHO QDG ~YDKRX
NQDãHPXGDOãtPXOHWRãQtPXWpPDWX9Ë5$QD]YDQRXÄ2Yt HWURFKXMLQDN,³3 HGQHVO
MLEU7RPiã%L RYHF$WSXL
6WRMtPS HGWpPDWHPNWHUpMHQiP]GiQOLY MDVQpDS HG VORYHP MHå Y\MDG XMH
QiãSRVWRMNåLYRWXNHVNXWHþQRVWHPNWHUpQHYLGtPHDOHRQLFKåPiPHMLVWpS HVY GþHQt
1HFKFL YiP WX S HGNOiGDW QDXNX N Y HQt WD MH REVDåHQD Y HYDQJHOLX &KW O E\FK VH
SRGtYDWQDWpPDYtU\]WURFKXMLQpKRSRKOHGX
9\EDYXMHVHPLMHGQRVHWNiQtQDPpPEêYDOpPS VRELãWL1DFHVW NID HYQDãt
XOLFLMVHPSRWNDOPODGRXåHQXVGtW WHPNWHUiPQHRVORYLOD2QDY G ODNGRMVHPMiRQt
QLNROL 'DOL MVPH VH GR HþL D ] UR]KRYRUX Y\SO\QXOR åH Pi PODGãt VHVWUX NWHUi Pi
QiGRURYp RQHPRFQ Qt D SUiY SUREtKi WHUDSLH 1DYHQHN QLF YêMLPHþQpKR HNQHWH VL
7DNRYêFK SUREOpP Pi GQHV PQRKR OLGt 7D åHQD YãDN QHE\OD Y tFt DOHVSR QH Y WRP
VP\VOXMDNWRQHMþDVW MLFKiSHPH1HFKRGLODGRNRVWHODDþNROLE\GOHODYHGOHQ MVQDGDQL
QHE\ODSRN W QDSRIRUPiOQtVWUiQFHE\VHPRKOD]D DGLWPH]LSRKDQ\-HQåHYêUD]Wp
åHQ\DQHY\VORYHQiåiGRVW]DMHMtVHVWUXE\O\Q þtPQHREY\NOêP9]SRPQ OMVHPVLYWX
FKYtOLQD0DUWX]-DQRYDHYDQJHOLD-HåtãS LFKi]tGR%HWiQLHD0DUWDPXMGHQDSURWL tNi
PXÄ3DQHNG\E\VE\O]GHQHE\OE\P MEUDWUXP HO$OHLWDNYtPåH]DFRNROLSRåiGiã
%RKD % K WL Gi³ - Q 0i YHOLNRX YtUX SURWRåH Y t åH E\ -HåtãRYD S tWRPQRVW
]DEUiQLOD EUDWURYX ~PUWt 9ãLPQ PH VL åH 0DUWD VH VDPD QHPRGOt DOH S HVWR GRXIi
=GiQOLY WR Y\SDGi MDNRE\ VH VPt LOD V RVXGHP $OH RQD RþHNiYi 1HFKiYi SURVWRU
-HåtãRYLDE\PRKOY\NRQDWWHQQHMY Wãt]i]UDNY]N tVLWPUWYpKR
7DG\ VH YUDFtPH ]S W GR QDãt åLYRWQt VLWXDFH 6DPL QHMVPH VFKRSQL Xå QLþHKR
1DãH PRåQRVWL VH Y\þHUSDO\ QDãH ]iVOXK\ MVRX WDN QHSDWUQp åH VH ELEOLFN\ HþHQR
QHRGYDåXMHPH0LVWUDRQLFSURVLW7RYãDNQH]QDPHQiåHE\FKRP]WUDWLOLQDG ML tNiVH
åHSUiY RQDXPtUiSRVOHGQt0\VOtPåHMHWRSURMHY QDRSDN KOXERNpYtU\NG\å þORY N
QHFKiSURVWRU %RKX DE\ PRKOS VRELW 6YDWê %HUQDUG ] &ODLUYDX[ N WRPX tNi Ä5DG ML
FKFHPH WUS OLY RþHNiYDW FR FKFH QHå QHVWRXGQ åiGDW FR PRåQi QHFKFH .RQHþQ FR
QiPFK\EtQD]iVOXKiFKWRVQDGQDKUDGtQDãHVNURPQiXFWLYRVW³9HOPLVHPLOtEtWHUPtQ
VNURPQiXFWLYRVWSURWRåHY\MDG XMHWRRþVHDQLQHRGYDåXMHPHSURVLW 3RKOHGQDYtUX
SRG WtPWR ~KOHP P åH EêW SUR QiV S HNYDSLYê DOH SUR RVREQt GXFKRYQt åLYRW MLVW
S tQRVQê9HOLNiYtUDYPRFWRKRNWHUêN tVtLPUWYpVHVWtPQLMDNQHY\OXþXMH
7RPiã*%L RYHF$WSXL
'DOãtSURMHGQiYDQpERG\ tMQRYpKRVHWNiQt2'9
%LEOLFNê OHVQt NXUV V SRGSRURX LQVWUXNWRUVNpKR WêPX -LKRþHVNp OHVQt ãNRO\ S HGE åQ ~þDVW S LVOtELO S HGQt VY WRYê RGERUQtN QD SUREOHPDWLNX 1RYpKR ]iNRQD
SURI3HWU3RNRUQê
0HWRGLND/LOLRYpKRN tåHGRVXGGRãOp UHDNFH ]H VWUDQ\ GXFKRYQtFK UiGF DY GF
RGGtO MVRX SUR]DWtP QHGRVWDWHþQ UHSUH]HQWDWLYQt UHDNFH -RåND .RSHFNê
VKURPiåGt YãHFKQ\ GRVWXSQp SRGQ W\ D YH VSROXSUiFL V RGERUHP NWHUê WRPX EXGH
Y QRYDW S tãWt MHGQiQt S LSUDYt QiYUK SUR FK\VWDQp OLVWRSDGRYp MHGQiQt GXFKRYQtFK
UiGF WUYiVRXKODVRW FKWR]iNODGQtFKSULQFLSHFK/LOLRYpKRN tåH
D -GH R YêFKRYQ PRWLYDþQt SRPRF QLNROLY ]NRXãNX NWHUi Pi QDSRPiKDW
VNDXW PDVNDXWNiPN HV DQVNpKRS HVY GþHQtDE\LSURVW HGQLFWYtPRGGtORYpKR
åLYRWDVYRXYtUXUR]YtMHOL
E 9ODVWQtÄSOQ Qt³PXVtYê]QDPQ Y]tWYSRWD]NRQNUpWQtSRGPtQN\GtW WHLWRKR
NGRRMHKR]S VRELORVWLUR]KRGXMHGXFKRYQtUiGFHY GFHDS
=DKUDQLþt =X]ND SRGDOD VRXKUQQRX LQIRUPDFL R VY WRYp NRQIHUHQFL ,&&* Y 7RJX
MHKRå VH RVREQ ~þDVWQLOD D SUH]HQWDFL VNDXW QD VY WRYpP VHWNiQt POiGHåH Y
tP N ~þDVWL QD KXGHEQt þiVWL MVPH URYQ å Y\]YDOL Y WRPWR QDãHP RE åQtNX Y
S tãWtPþtVOHXYH HMQtPHSRGUREQRVWL
6WH]ND 3tVPiN SURMHGQiQR RUJDQL]DþQt ]DMLãW Qt NROD Y 3UD]H OLVWRSDGX
GDOãtPLQIRUPDFtPMHY QRYiQYWRPWRþtVOHVDPRVWDWQêþOiQHN
'XFKRYQtREQRYDþOHQ RGERUX'9XVNXWHþQtVHDåY2KUREFL.iURY X
3UDK\SURJUDPS LSUDYXMt'DULQDD0DUHN%iUWRYL
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
352ý-$.29 '(&9 5Ë09%2+$
5R]KRYRUV51'U-L tP*U\JDUHP
2Wi]ND 9H VWROHWt MVPH E\OL
VY GN\ ~åDVQpKR UR]YRMH Y G\ D
WHFKQLN\ 1HVWDOD VH YtUD Y %RKD
S HåLWNHP"
2GSRY 9 GHFNp REMHY\ YHGO\ ]HMPpQD
YVWROHWt DGXEDGDWHO NWDNRYpPX
S HVY GþHQt7YUGLOLåHPRKRXSRPRFtMHGQRGXFKêFK]i
NRQ PHFKDQLN\ SRSVDW FHORX VORåLWRVW VY WD D S LWRP VH
REHMtW EH] ELEOLFNp S HGVWDY\ R VWYR HQt -DNR W HED IUDQ
FRX]VNê I\]LN 3LHUUH /DSODFH NWHUê QD SRþiWNX VWRO
HNO 3 L VYp SUiFL MVHP K\SRWp]X R H[LVWHQFL %RKD Y EHF
QHSRW HERYDO7DNpPDU[LVWpY LOLåHY GDSRVWXSQ GRNiåH
Y\VY WOLWYHãNHUpG QtYS tURG L YH VSROHþQRVWL 7HG\ åH
YH VY W NROHP QiV QHH[LVWXMt Y FL Y GHFN\ QHSR]QDWHOQp
SRX]H GRþDVQ QHSR]QDQp 9 WãLQD OLGt VL P\VOt åH Y GFL
]DVWiYDMtWDNRYêQi]RULGQHV
2Wi]ND-DNVHQDVY WGtYiY GDQ\Qt"
2GSRY 9H VWROHWt GRãOR Y KODYQtFK RERUHFK S tURGQtFK
Y GNS HYUDWQêPREMHY P2EHFQiWHRULHUHODWLYLW\NYDQWRYi
PHFKDQLND D PROHNXOiUQt JHQHWLND XNi]DO\ MDN QDLYQt E\O\
QDãH S HGHãOp SRNXV\ REMDVQLW H[LVWHQFL D FKRG YHVPtUX MDNR
JLJDQWLFNpKR Y þQpKR RUORMH NWHUê S NQ WLNi SURWR åH GR
VHEH]DSDGDMtQ MDNiR]XEHQiNROHþND3 HGHãOiY GHFNiSêFKD
WDNY]DODSDWUQ MLåGHILQLWLYQ ]DVYp
2Wi]ND 3 HVWR VL PQRKR OLGt P\VOt åH Y GD GRNiåH YãH Y\
VY WOLW«
2GSRY 1HWDNGRFHOD3 tURGQtY G\ QiP GiYDMt RGSRY QD
RWi]N\ NWHUp ]DþtQDMt VO YNHP MDN MDN Q FR IXQJXMH MDN
MHWRVHVWURMHQRMDNVHWRY\YtMt$OHW\WpåS tURGQtY G\
MVRX QHRE\þHMQ ãSDWQêP QiVWURMHP NG\å FKFHPH RGSRYtGDW QD
RWi]N\W\SXSURþ]HMPpQDSDNQD]iVDGQtILORVRILFNRX
RWi]NX 3URþ MH Q FR VStãH QHå QLF" 3 tURGQt Y G\ QLNG\
QHSRVN\WQRXMHGQR]QDþQRXDY\þHUSiYDMtFtRGSRY QDYãHFK
Q\RWi]N\7RFRMHYODVWQ NUiVQpQDS tURGQtFKY GiFKMH
QHNRQHþQê SURFHV SR]QiYiQt ([LVWHQFH D YêYRM YHVPtUX
QiP GQHV S LSDGi VQDG MHãW WDMHPQ Mãt QHå Y GREiFK NG\
QDãLS HGNRYpY LOLQDERK\EOHVNXYRGDVRSHN
2Wi]ND-HY EHFPRåQpWDMHPVWYtYHVPtUXQ MDNRGKDOLW"
2GSRY ýtPYtFHVY MRERUY GHFVWXGXMH
WtPYtFHåDVQHþtPYtFHVHUR]ãL XMHMHKR
YODVWQtSR]QiQtWtPREWtåQ MãtMHSURQ M
FRNROLY S HVQ SRSVDW 9 GD QHP åH
]YtW ]LW QDG S tURGRX SURWRåH YåG\ MH
PRåQp SRORåLW GDOãt QH]RGSRY ]HQRX
RWi]NX ,QWXLWLYQ SRFL XMHPH SRW HEX
KOHGDW RGSRY WDNp MLQGH QHå MHQRP YH
Y G 3RGOH PpKR RVREQtKR PtQ Qt WDWR
GUXKi þiVW SR]QiYiQt VY WD KOHGiQt
RGSRY Gt QD RWi]N\ W\SX SURþ MH Y\KUD]HQD QiERåHQVNp
Yt H
2Wi]ND7HG\Y GDDYtUD"
2GSRY -HãW GRQHGiYQD VH tNDOR åH Y WãLQD Y GHFNêFK
SUDFRYQtN VHXåGiYQRS HQHVODS HVQiERåHQVNpS HGVXGN\
D MVRX ]DVWiQFL PDWHULDOL]PX .G\å VH YãDN SRGtYiPH QD
YHONp I\]LN\ WRKRWR VWROHWt PRåQi V S HNYDSHQtP ]MLVWtPH
åHWRE\OLþDVWROLGpKOXERFHY tFt3 HVSR]QiQtNWH
UpKRGRViKOLDQHERVStãHSUiY SURWRVL] HWHOQ XY GR
PRYDOL åH VH MHQRP GRWêNDMt KOXERNêFK WDMHPVWYt NWHUp Qiã
QHGRNRQDOêOLGVNêPR]HNQHP åH]FHODSR]QDWDSRFKRSLW
2Wi]ND1HEUiQtYtUDSRNURNXYSR]QiQt"
2GSRY 9 tFt S tURGRY GHF MH PRåQi Y MLVWp YêKRG åH
SR]QiYi %RKD QHMHQ VXEMHNWLYQ MDNR NDåGê MLQê þORY N DOH
WDNp SURVW HGQLFWYtP S HGP WX VYpKR EiGiQt MtPå MH YåG\
XUþLWê X]RXþNê YêVHN SR]QiYiQt NRVPX RG KY ]G SR PR VNp
KY ]GLFHRGY Q NY WLQSRY QLNYDUN RGS HQRVQêFKFKR
URESRS HQRV]i HQtþLJHQHWLFNpLQIRUPDFH7URXIiPVLWYU
GLWåHY tFtS tURGRY GHFP åHGQHVVYRXYtUXY%RKDRS tW
WDNpRNYDOLILNRYDQê~GLYQDGSRGLYXKRGQêP iGHPPDWHUL
iOQtKR VY WD 7DN MDN WR NG\VL Y %LEOL WDN S HGYtGDY D
YêVWLåQ Y\MiG LO åDOPLVWD 1HEHVD Y\SUDYXMt VOiYX %RKD
VLOQpKRDGtORUXNRXMHKRREORKD]Y VWXMHäDOP
5R]KRYRU SRVN\WO EU - *U\JDU VNDXWVNêP MPpQHP ' tPDO
RVREQ EU .DP]tNRYL YStVHPQp SRGRE Spþt 3DVWRUDþQtKR VW HGLVND
S LSUDåVNpPDUFLELVNXSVWYtY\GDOD%UQ QVNiWLVNRYiPLVH
3URVtPH QHYiKHMWH VH SRG OLW VRVWDWQtPL þWHQi L MDN VH
VYêPL Qi]RU\ QD WRWR WpPD WDN VYêVOHGN\ GLVNXVH NWHURX MLVW
Qi]RU\ EU *U\JDUD Y\YRODMt 'RSRUXþXMHPH GiW WHQWR UR]KRYRU
NGLSR]LFLLURYHU PDUDQJHUVUHVSUiGF P
YtPHYãLFKQLåHNYDUN\SDW tPH]LþiVWLFH"
UHG
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
%ODLVH3DVFDO
IUDQFRX]VNêILOR]RIPDWHPDWLNDI\]LN
9tUD tNiQ FRFRQH tNDMtVP\VO\QHWYUGtYãDNRSDNWRKRFRRQ\YQtPDMt
MHQDGQLPLQHSURWLQLP
$UWKXU6FKDZORZ
DPHULFNêI\]LNQRVLWHO1REHORY\FHQ\]DYê]NXP\YODVHURYpVSHNWURVNRSLL
1DãW VWtPiPH%LEOLD]YOiãW 1RYê]iNRQNWHUêQiP tNi
WROLNR%RKXYHYãHREHFQ S tVWXSQêFKSRMPHFK
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
3 ('61 029É',6.86(
3URMHYEU-L tKRýHMN\3pJX\KRQD]iY UHþQpPMHGQiQt
VQ PXýHVWQpKRRGGtOX9HOHQD)DQGHUOtNDNRQDQpKR
YHGQHFK]i tY5RXGQLFLQ/QD]YDQê
6NDXWVNp KQXWt Y VRXþDVQRVWL D EXGRXFQRVWL D
SRYLQQRVWQiVS HVWiUOêFKNQ PX
2GVPUWL]DNODGDWHO VNDXWLQJX5REHUWD%DGHQ3RZHOOD(UQHVWD7KRPSVRQD
6HWRQD D QDãHKR $QWRQtQD %HQMDPLQD 6YRMVtND XSO\QXOR S LEOLåQ ãHGHViW OHW
6NDXWVNpKQXWtYãDN] VWDORåLYpS HNRQDORVORåLWiDW åNiREGREtWRWDOLWRILFLiOQtH[LVWHQFHDQHH
[LVWHQFHD]QRYXSURNi]DORRSUiYQ QRVWVYpKRE\Wt
3RVOiQtP VRXþDVQpKR WHG\ GQHãQtKR D WDNp EXGRXFtKR VNDXWLQJX MH S LVStYDW N Yê
FKRY PODGêFK OLGt NWHURX SRYDåXMHPH ]D FHORåLYRWQt SURFHV V SRXåLWtP Y\YiåHQpKR V\VWpPX
]DORåHQpKR QD ]iNODGQtFK SULQFLSHFK KQXWt QD VNDXWVNpP VOLEX D VNDXWVNpP ]iNRQX YH NWHUp
Y tPH D ]D QLPLå SOQ VWRMtPH D SRPRFL WDN VSROX V RVWDWQtPL NWH t SR]LWLYQ RYOLY XMt PODGRX
JHQHUDFLY\WYi HWOHSãtVY WSRGOH]iVDG\OHSãLOLGpOHSãtVY WNGHOLGpXSODW XMtVYpVFKRSQRVWL
SOQ VHVHEHUHDOL]XMtDKUDMtDNWLYQtWY UþtDþLQRURGRX~ORKXYHVSROHþQRVWLPtVWQtQiURGQtDPH]L
QiURGQt7RKRYãHKRFKFHVNDXWVNpKQXWtGRViKQRXW]DLQWHUHVRYiQtPPODGpJHQHUDFH YSU E KX
OHWNG\GRFKi]tNMHMtPXIRUPRYiQtYQHIRUPiOQtPYêFKRYQpPSURFHVXSRXåLWtPVSHFLILFNpPHWRG\
NWHUi þLQt NDåGpKR MHGQRWOLYFH KODYQt K\EQRX VLORX Y MHKR UR]YRML MDNR VDPRVWDWQRX VSROHKOLYRX
]RGSRY GQRXDDQJDåRYDQRXRVREQRVWSRGSRURYiQtPPODGpJHQHUDFHS LY\WYi HQtKRGQRWRYpKR
V\VWpPX]DORåHQpKRQDVSLULWXiOQtFKGXFKRYQtFKVRFLiOQtFKDRVREQtFKSULQFLSHFKMDNMVRXY\MiG
HQ\YHVNDXWVNpP]iNRQXDVNDXWVNpPVOLEX
9QXN=DNODGDWHOHVNDXWVNpKRKQXWL0LFKDHO%DGHQ3RZHOOGQHV tNiåHMDVQ XåQH
MVPHKQXWtPSRX]HMHGQRGXãHYi]DMtFtPX]O\KUDMtFtPKU\DQRVtFtPNUiWNpNDOKRW\1DãHYêFKRYD
MH Y SRGVWDW VRXþiVWt WUYDOH SRNUDþXMtFtKR FHORåLYRWQtKR YêFKRYQpKR SURJUDPX NDåGpKR þORY ND
3 HVYãHFKQ\QHMLVWRW\DSUREOpP\OLGVNpKRåLYRWDMVHPVLMLVWåHVWLVNOHYLþN\PiVWiOHPQRKRFR
QDEtGQRXW
3ULQFLS\VNDXWVNpKRKQXWLWM]MHGQRGXãHQ HþHQRSRYLQQRVWN%RKXSRYLQQRVWNGUX
KêPSRYLQQRVWNVRE Y UQRVWVNDXWVNpPXVOLEXDVNDXWVNpPX]iNRQXMVRXWUYDORXDQHP QQRX
NRQVWDQWRXQDQtåVNDXWVNpKQXWtE\ORY\EXGRYiQRDQDNWHUpLGQHVVWRMt7DNpVNDXWVNiYêFKRYQi
PHWRGLNDDPHWRG\VNDXWVNpYêFKRY\] VWiYDMtVWHMQpMDNMHUR]SUDFRYDOLDYSUD[LXSODWQLOL=DNOD
GDWHOpDOHP QtVHSRVWXSQ MHMLFKQiSO NWHUiVHS LUR]HQ Y\YtMtYVRXODGXVSRW HEDPLDYêYRMHP
OLGVNpVSROHþQRVWLDQLåGRFKi]tNQDUXãHQt]iNODGQtFKSULQFLS VNDXWVNpKRKQXWt
9HVKRG VS HGFKR]tPLERG\DWXGtåQLNROLYYUR]SRUXVQLPLMHSOQ RSUiYQ QêSRåD
GDYHNDE\VHVNDXWVNpKQXWtXQiVYUiWLORNHNR HQ PMDNMHIRUPXORYDOL=DNODGDWHOpWMN]iNODG
QtP SULQFLS P VNDXWVNpKR KQXWt VNDXWVNpPX VOLEX D VNDXWVNpPX ]iNRQX -H ]FHOD HYLGHQWQt åH
QHQt åiGQê UR]SRU PH]L RILFLiOQtP VWDQRYLVNHP Y\GDQêP 6Y WRYRX VNDXWVNRX NDQFHOi L Y E H]QX
YL]ERGQi]RUHPY\VORYHQêPEUDWUHP0LFKDHOHP%DGHQ3RZHOOHPOHWRVY~QRUXQDYHþH
UX SR iGDQpP MDNR Y]SRPtQND QD =DNODGDWHOH VNDXWLQJX /RUGD 5REHUWD %DGHQ3RZHOOD YL] ERG
DS HGVWDYDPLNWHUpY\VORYLOMDNýHVWQê6YRMVtN YRGGtOýHVWQêRGGtO9HOHQD)DQGHUOtNDWDNL
PQRKRVNDXWVNêFKþLQRYQtN S VREtFtFKQDYãHFK~URYQtFK-DNRR]Y QDNWRPX]D]Q ODYWRPWR
VP\VOXVRXKODVQiY\MiG HQt6YD]XVNDXW DVNDXWHNýHVNpUHSXEOLN\6NDXWDþHVNpKRVNDXWLQJX
$%6D<0&$VNDXW 0XVtPHVLRYãHPXY GRPLWåHVRXþDVQêQD]Y PHWRSUDNWLFNêVNDXWLQJMH
VNXWHþQ SRQ NXGMLQêQHåWRPXE\OR]DQDãLFKPODGêFKOHW
-HW HEDYHOPLSR]LWLYQ RFHQLWSUiFLW FKVWDUãtFKVHVWHUDEUDW tNWHUpDNWH tS VREt
YHVW HGLVFtFKYRNUHVQtFKUDGiFKDWSQHERSRPiKDMtþLVDPLYHGRXRGGtO\URMHDVPHþN\%H]
MHMLFKSUiFHE\PQRKGHKQXWtIXQJRYDORVH]QDþQêPLREWtåHPLQHERE\QHH[LVWRYDORY EHF-HMLVW
GREUpNG\åVWDUãtVNDXWLDVNDXWN\Y\VWXSXMtYNURMtFKS LU ]QêFK VODYQRVWQtFKS tOHåLWRVWHFK FRå
GQHVY WãLQDPODGêFKSRYDåXMH]D]E\WHþQpDVQDGLSRQLåXMtFt
1LFPpQ KODYQtP~NROHPSURQiVVWDUãtDS HVWiUOpVNDXWN\DVNDXW\] VWiYiS VREHQL
QDPODGRXJHQHUDFLS HGHYãtPYREODVWLGXFKRYQtKRUR]P UXVNDXWVNpKRKQXWtYREODVWLNWHUiE\OD
WDNKOXERFHQDUXãHQDQDFLVWLFNêPD]HMPpQDSDNNRPXQLVWLFNêPWRWDOLWQtPV\VWpPHP9tPHGRE H
åHRSXVWtOLVNDXWVNpKQXWtVYRXGXFKRYQtGLPHQVLS HVWDQHEêWVNDXWLQJHP3URWRPQRKR]NXãH
QêFKVNDXWVNêFKY GF S HGWtPWRQHEH]SHþtPKUR]tFtPQDãHPXVNDXWVNpPXKQXWtXåGORXKRGRE
YDUXMH -H ]FHOD QH]E\WQp DE\ LQVWUXNWR L /â D /. þOHQRYp 62 D 29) D RVWDWQt VWDUãt VNDXWL D
VNDXWN\Y\XåLOLNDåGpS tOHåLWRVWLNWRPXDE\IRUPRXUR]KRYRU EHVHGS HGQiãHNDWSSR]LWLYQ
S VRELOL QD PODGRX VNDXWVNRX JHQHUDFL D SURKOXERYDOL Y Qt Y GRPt VRXQiOHåLWRVWL V GXFKRYQtPL
KRGQRWDPLVGXFKRYQtPUR]P UHPVNDXWLQJX-HWRQDãtPGRåLYRWQtP~NROHPGRåLYRWQtSRYLQQRVWt
3RNXGYWRPWRVHOåHPHSDNMVPHMDNRVNDXWLDVNDXWN\VYRXSRYLQQRVWNKQXWtQHVSOQLOLDQHH[LVWXMH
G YRG YêPOXYD þL RPOXYD NWHUp E\ QiV S HG EXGRXFtPL VNDXWVNêPL JHQHUDFHPL RVSUDYHGOQLO\
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
+8'%$+1('327(2/2*,,
-DQ âWHIDQ GRFHQW (7) 8. Y
3UD]HEU9RMHQEêYDOêþOHQVW Y3UD]HVHYWêGHQtNX.RVWQLFNp-LVNU\
þ]DPêãOtQDGY]WDKHPKXGE\D
WHRORJLH
2 SURWHVWDQWLVPX VH WUDGXMH åH
MH DP~]LFNê DQR PLVRP~]LFNê åH
P~]\ QLNWHUDN QHPLOXMH åH VH N QLP
NG\VL]DFKRYDODQDPQR]HLQDGiOHFKR
YiEDUEDUVN\9 þLMHGQRPXXP QtYãDN
E\OLUHIRUPiWR LS HMQ PLORVWLYtY þL
WRPX NWHUp QD]êYiPH QH SRGOH MHKR
VSHFLILFNpKR NRQiQt KUDQt ]StYiQt
DWG QêEUå VRXKUQQêP R]QDþHQtP
P~VLNp WHFKQp PXVLFD PX]LND
RGYR]HQêP RG HFNêFK ERK\ XP OHF
NêFK D Y GQtFK RERU 0Ò=
=:,1*/,MDNNROLGDO]NRVWHODY\PêWLW
YDUKDQ\DPQRKRKODVê]S YViP PX]L
FtURYDO QD WXFHW KXGHEQtFK QiVWURM /87+(5 KUiYDO QD ORXWQX D S tþQRX
IOpWQX D REOLERYDO ]S Y D KXGEX MDN Y
NUXKXURGLQQpPWDNYFKUiPRYpOLWXUJLL
-$1 %/$+26/$9 GDURYDO YH VYpP
VSLVNX0XVLFD þHVNp PX]LNROR
JLLSUYQtPRQRJUDILLRKXGHEQt
WHRULtDSUD[L
7RWR S HGQRVWQt SRVWDYHQt
KXGE\ Y W VQp EOt]NRVWL VORYD %RåtKR
WRWR SUYQt PtVWR SURYR]RYiQt KXGE\
KQHGYHGOHS VWRYiQtWKHRORJLHPX]LFt
URYiQt YHGOH WKHRORJL]RYiQt Y\VORYLO
VQDG QHMVLOQ MãtPL VORY\ S HGQt ] UHIRU
PiWRU 0$57,1 /87+(5 3UYQt
PtVWR SR WKHRORJLL GiYiP KXGE /X
WKHU VH UDG ML RULHQWRYDO QD KHEUHMVNp
QHåQD HFNpSUDYG DY\ãHO]UR]SR]Qi
Qt VWUXNWXUiOQt REGRE\ PH]L KXGERX D
VORYHPPH]LY]QLNHPYtU\]H]Y VWRYi
Qt D VO\ãHQt %RåtKR VORYD D
~þLQNHP SRVOHFKX KXGHEQtKR GtOD =i
]UDN\YLG QtGLY\MHåVHQDEt]HMtQDãLP
RþtPXSR]DGLOMDNR]i]UDN\VURYQDWHOQ
PHQãt QHå MVRX ]i]UDN\ VO\ãHQt GLY\
MHå YQtPiPH VYêPD XãLPD NG\å QD
SVDO =i]UDN\ YLGLWHOQp MVRX GDOHNR
PHQãt QHå ]i]UDN\ VO\ãLWHOQp 3URWR VH
RGYDåXML tFLåHE\5HIRUPiWRUVSRþLQXO
V Y WãtP ]DOtEHQtP QD YDãt KLIL Y åL D
YDãHPZDONPDQXQHåQDYDãHPYLGHXD
YDãtWHOHYL]L
+XGED N QiP WRWLå SUiY WDN
MDNRVORYRS LFKi]t]REODVWLVO\ãLWHOQD]
DXGLRVIpU\ MHMt KODV YQtPiPH XFKHP
QiVWURMHP VO\ãHQt QHMYODVWQ MãtP WR
RUJiQHP PX]LNDQWRYêP L WKHRORJRYêP
7RWR SODWt MDN R VORYX -HåtãRYX WDN R
OLWXUJLFNpP RUGLQDULX D VERURYpP FKR
UiOXMDNRRSWDþtP]S YXþLVP\þFRYpP
NYDUWHWX3DS\U\REMHYStVPDDY\Qi
OH] *XWHQEHUJ Y S LãO\ QD DGX Då GUX
KRWQ %Råt VORYR PiPH ]DSViQR QD
VWUiQNiFKNQLKDåMDNVLQRX]RY .ULVWXV
3iQPQRKRNi]DODOHMDNYãLFKQLYtPH
QLFQHQDSVDODNSURURN PVHGiORVORYR
+RVSRGLQRYR QHSDGDO\ N QLP V QHEH
KHEUHMVNpVYLWN\%LEOHFKFHEêWGRQHVH
QD QD ND]DWHOQX SRGREQ MDNR SDUWLWXUD
QD GLULJHQWVNê SXOW QRW\ MH W HED XP W
QHMHQ S HþtVW DOH WDNp ]DKUiW MDNR MH
QXWQp ELEOLFNp WH[W\ QHMHQ S HGþtWDW
QêEUåWDNpNi]DW
QtVHGRVWDQHQDNUiORYVNêGY UPOD
GtþHN 'DYLG QHGORXKR S HGWtP SRPD
]DQê QD L]UDHOVNpKR NUiOH .G\NROL QD
6DXODGROpKDOGXFKRG%RKDEUDO'DYLG
FLWDUX D KUiO QD QL 6DXORYL WR S LQiãHOR
~OHYXDE\ORPXGRE H]OêGXFKRGQ KR
RGVWXSRYDO6
0$57,1 /87+(5 QD Q KRå
WDNpþDVRGþDVXGROpKDO iEHOSRNXãH
Qt DSRFK\E\ D ]Op P\ãOHQN\ VH V REOL
ERX GRYROiYDO SUiY WpWR VFpQ\ SUR
LOXVWUDFLNRQ]HUYDþQtDH[RUFLVWQtIXQNFH
KXGE\ Y OLGVNpP åLYRW 0X]LND WRWLå
Pi PRF XGUåRYDW Y WRPWR ]PDWHQpP D
RKURåHQpP VY W iG D SR iGHN Y Ft D
Y\KiQ W RG QiV VDPRWQpKR 6DWDQD D
YãHFKQ\MHKR]OpGXFK\+Ui]SURWLFKD
RVX D QHJDFL REUDQD SURWL ]PDWNX D
]PDUX $ SRW ãHQt D REYHVHOHQt SURWL
]iUPXWNX SURWL VPXWNX RENORSXMtFtPX
YãHFKQRQHY\NRXSHQpVWYR HQt
1HMLQDN VRXGt Qiã -$1
%/$+26/$9 Y VODYQp )LOLSLFH SURWL
PLVRPXV P $ GXFK 3iQ
SUDYt åH YãHFN\ Y FL VWYR HQ\ E\O\
YHOPLGREUpWHG\LXP QtDWDNKDQtQR
EêWLQHPi
2G%RKHPMLå]DYUåHQpKRNUiOH
6DXOD RGVWRXSt GXFK +RVSRGLQ Y D ]D
þQH MHM S HSDGDW ]Oê GXFK S LFKi]HMt QD
Q KRFKPXU\XSDGiMHGQRXGRGHSUHVH
SRGUXKp GR DJUHVH -HKR GUXåLQtFL PX
3 HGQHVHQRNYêURþt(7)8.SR
QDYUKQRXKXGHEQtWHUDSLLPiVLSUêGiW
GRKRG VDXWRUHP Y\EUDO RNRPHQWRYDO D ]NUiWLO
Y\KOHGDWQ NRKRNGRXPtKUiWQDFLWD
9-
UX 7DNWR SURVW HGQLFWYtP PXVLFtURYi
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
'HãWLYpYHþHU\
-L t:RONHU
=DGHãWLYêFKYHþHU Y]SRPHQX
QDWHEHS tWHOL
]DGHãWLYêFKYHþHU NG\VPXWHNWLFKêDQHVP Oê
SRNRMQ KOHGiVLSRãHUX
FHVWLþNXNVUGFL
6GHãW PVLRWRE SURPOXYtP
2QPtYiSURVPXWHNQHMþLVWãtGODQ 2YãHPVLGRYHGXãHSWDWLVQtP
POXYtLWHKG\NG\åQHRGSRYt
âHSWiPRWRPFRQHGiVHSRY G W
VORY\
RNY WHFKNWHUpMVPHXWUKOLYVQiFK
REOHG VW tEUQêFKSULQFH]QiFK
RW FKFRSURNUiVXS LMtWLQHVP OL
RWYRMtFKRþtFKS tWHOL
9]SRPHQXY]G\FKQX]DSOiþLVQDG
9VO]iFKYãDNQHEXGHSDOþLYêFK
EROHVWtUDQ
1HåS MGXVSiW
NOLGQ DUiG
RNQDVYiRWHYUXGRNR iQ
QRFL
=iORåNDNGHQtNX-:RONHUDY\GDOR7'&
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
&21È68ýË=9Ë È7.$
(YD0HLULQJHURYi
0DFKiþNRYLP OLGY UQDGYR
HYUDWDD]DYUDW\SVD7HQSHVE\ORE\
þHMQê R tãHN DOH FK\WUê E\O ]D GYD DI
JiQVNp FKUW\ D MHGQRKR ODEUDGRUD 6WD
þLOR DE\ VH YUDWD MHQ SRRWHY HOD D Xå
E\OQDVYêFKPLORYDQêFKWRXONiFK
-HGQRX]DVHQ NGRQHFKDOSRR
WHY HQiYUDWDD0DFKiþNRYLFýHUWWDNVH
MPHQRYDO ]PL]HO Q NGH Y XOLFtFK 3DQt
0DFKiþNRYi VH QHVWDUDOD 9ãDN RQ VH
ýHUWQH]WUDWt
-DN WDN R WRP S HPêãOHOD QD
MHGQRXYLGtþHUQpKRFKXQGHOiþNDMDNVH
EHOKiGRP 3DFLþNXY\VRNR]GYLåHQRX
RFiVHNVWDåHQêDXãLVFKOtSOp
$ åH WR E\O QHMHQ FK\WUêVHN
DOH L EH]YD NDPDUiG SDQt 0DFKiþNRYp
WDN WD KQHG Y\E KOD D WDNp LKQHG YRODOD
SDQD 0DFKiþND 3RSDGOL ýHUWD D XWtNDOL
N YHWHULQi L ýHUW E\O KUGLQD D Y\O MHQ
WURFKX ãW NDO WDNp MHQ WURFKX D GRNWRUD
NRXVQRXWQDãW VWtQHVWLKO$SURWRGRVWDO
] EtOp VN t N\ QD VW Q RUGLQDFH SiU
EUDPERURYêFK OXStQN DE\ VH S tãW
]DVHQHEiO
8E KOR MHQSiUGQ D QDMHGQRX
SDQ GRNWRU YHWHULQi YLGt MDN VH N MHKR
RUGLQDFL EOtåt GRMHPQi GYRMLFH ýHUW
NWHUpPX WDG\ QHGiYQR SRPRKOL D YHGH
VYpKRQHPRFQpKRNDPDUiGD$XåVHVWUD
E åHOD NH GYH tP RUGLQDFH DE\ W\ GYD
YSXVWLOD GRYQLW &HOê SHUVRQiO YHWHUL
QiUQtDPEXODQFHS LKOtåHOMDNýHUWYHGH
VYpKR NXOKDYpKR NDPDUiGD QD PtVWR R
NWHUpP Y G O åH PX WDP SRPRKOL 5R
]HFKY Oi VHVW LþND ]DPiþNOD VO]X QDG
GRMHPQRXGYRMLFt
3Vt RþL XS HQ KOHG O\ N EtOp
VN t FH NWHUi YLVHOD Y RUGLQDFL È WDN
W\ VL SDPDWXMHã L WRKOH SRKODGLO ýHUWD
SDQ GRNWRU 7DN WRE ]D RGP QX D
SDFLHQWRYLQDNXUiå HNOGRNWRUDNDå
GpPX ]H SVtFK NDPDUiG GDO YHONê
N XSDYêEUDPERURYêOXStQHN
=È=5$. 3DFLHQW VH X]GUDYLO D SR
RGYiåQpP VNRNX ] RWHY HQpKR RNQD
RUGLQDFH ]PL]HOL RED Y XOLFtFK 3 HNYD
SHQtY\VW tGDOVPtFK
7 HEDåH MPpQD MVRX VP\ãOHQi
S tE K VH VNXWHþQ VWDO 9\SUiY O KR
MHGHQSDQGRNWRUYHWHULQi $ SURþ KR Y\SUiYtP YiP"
=SUiYDRQHEHVNpPNUiORYVWYtMHSUROLGL
VWHMQ EiMHþQi MDNR SUR W\KOH SHMVN\
FKXWQi POVND &R WR tNiP 7D ]SUiYD
MHMHãW VWRNUiWOHSãt7DNåHVLY]SRPH WH
QD PDOpKR SHMVND ýHUWD D XUþLW VL WDN
GREURX]SUiYXMDNRXMHHYDQJHOLXPR
QDEtGFH ERåtKR NUiORYVWYt WDNp QHQH
FKiYHMWHMHQSURVHEH
9\EUiQR]þDVRSLVX
3$7+),1'(5þ
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
B
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
1DNODGDWHOVWYt .DOLFK Y3UD]H RKOiVLORY\GiQt NQLK\ $UQXOID + %DXPDQQD Ä&R
E\P ONDåGêY G WRåLGRYVWYt³±MHWRS HKOHGQpXVSR iGiQtG MLQ,]UDHOHDGDOãtFKLQIRU
PDFtRåLGRYVNpYt HPRGOLWEiFKRE DGHFKDVYiWFtFKLSUDNWLFNpPQiERåHQVNpPåLYRW .WRPXWR S HNODGX / ýHMSRYp MH S LSRMHQD WDNp VWXGLH . &XGOtQD Ä1iVWLQ G MLQ äLG
YþHVNêFK]HPtFK³
.GR E\GOt Y3UD]H QHER ]GH VWXGXMH VQDG Yt åH Y%HUDQRY XOLFL 3UDKD QHGDOHNR 2OãDQVNpKR QiP VWt MH ] t]HQD Ä. HV DQVNi NQLKRYQD 3UDKDFHQWUXP SUR
U VW³0iHPDLORYRXDGUHVXNNSBSFO#ERQF]=WpWRNQLKRYQ\MHPRåQpVLWDNpREMHGQDW
NRSLHPDWHULiO DNQLKRYQDGLVSRQXMHURYQ åPtVWQRVWPLSURS HGQiãN\DVHPLQi H
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
6WH]NDStVPiN
%LEOLFNiVRXW åSUR
Y NVY WOXãHNDYOþDWVNDXW DVNDXWHN
6RXW åtWpP VRXW åQtFKWêP DYQLFKYtFQHåG Wt
3 LMDOLMVPHWDNpS LKOiãN\Q NROLND~þDVWQtN QDGOHWNWH tVH~þDVWQt
ÄPLPRSR DGt³±GRXIiPHåHQD]iY UHþQpPNROHY3UD]H
EXGRXPRFLSRPiKDWSR DGDWHO P
-HãW YWRPWRP VtFLREGUåtVRXW åtFtY\KRGQRFHQtVYêFKRGSRY Gt
'RVS OêFKDRUJDQL]iWRU NWH tVRXW åNRRUGLQXMtMHW LFHW
.DQFHOi -XQiNDY3UD]HSRGOHSRGNODG 2'9SRGDOD0LQLVWHUVWYXNXOWXU\
SUR,,URþQtNVDPRVWDWQêSURMHNW±GRXIHMPHåHEXGHS LMDW
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
$.78$/,7<
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
0QR]t]QiVMLVW VOHGRYDOL]DVHGiQt00)D6%Y3UD]HLNG\åDQL-XQiNMDNR
DQLQDãHUHGDNFHNWRPXQHY\GDOLåiGQpRILFLiOQtSURKOiãHQt
=DMtPDYpE\ORSURKOiãHQtNWHUpGDOWLVNX]S YiNVNXSLQ\8%RQR9R[GQH
]i t0\ãOHQNDVQtåHQtGOXKXFKXGêP]HPtPMHYVRXþDVQpGRE VY WRYpSURVSHULW\
MHGLQRXP\ãOHQNRXQDNWHURXEXGRXOLGpYVRXYLVORVWLVURNHPY]SRPtQDW³'HQtN
0HWUR~WHUê
1HFKFLWtP tFL]HPQHQDGFKORYêURþQtDWHG\YODVWQ QLNROLYSUDFRYQt]DVHGi
QtRERXJOREiOQtFKLQVWLWXFt=DXMDOPQHYãDNQiVOHGXMtFtGRNXPHQW
352+/Èâ(1Ë3 ('67$9,7(/8. (6 $16.é&+&Ë5.9Ë9ý(6.e5(38%/,&(
.(.21)(5(1&,0(=,1È52'1Ë+20 129e+2)21'8$69 729e%$1.<
935$=(9=È Ë
ýHVNiELVNXSVNiNRQIHUHQFHD(NXPHQLFNiUDGDFtUNYtYý5
YtWDMt]DVHGiQt00)D6%Y3UD]H
'RXIiPHåHMHGQiQtW FKWRVY WRYêFKILQDQþQtFKLQVWLWXFt~þLQQ S LVS MHN HãH
QtQHMQDOpKDY MãtFKSUREOpP VY WRYpKRKRVSRGi VNpKRYêYRMHDWtPLQDOpKDYêFKRWi]HN
VRFLiOQtFKDSROLWLFNêFK
9\MDG XMHPH VYRX SRGSRUX SRåDGDYN P D QiYUK P VY WRYpKR KQXWt -XELOHXP
QDRGSXãW QtGOXK FKXGêFKUR]YRMRYêFK]HPt0LORVWLYpOpWRNRQHFWLVtFLOHWt
RG QDUR]HQt .ULVWD E\ WDN PRKOR GiW QRYRX ãDQFL W PWR ]HPtP QD ]OHSãHQt KRVSRGi VNêFKDåLYRWQtFKSRGPtQHNXPRåQLWY]U VWMHMLFKYêGDM ]YOiãW QDY]G OiQtD]GUDYRWQt
SpþL
-VPHVLY GRPLåHWDNRYpNURN\MVRXYHOPLVORåLWp-HGQiVHRSROLWLFNRXRGSR
Y GQRVWYOiGQtFKRUJiQ S tVOXãQêFK]HPtMHMLFKSUiYQtKR iGXLRQHVQDGQpRWi]N\UH
JXODFH VY WRYêFK ILQDQþQtFK WUK 3RNXG QHGRMGH N QiSUDYQêP RSDW HQtP N UHIRUP
LQVWLWXFt D S HGHYãtP N UHVSHNWRYiQt D ]DFKRYiYiQt ]iNODGQtFK PUDYQtFK QRUHP KUR]t
QHEH]SHþt åH RGGOXåHQt Q NWHUêFK ]HPt RWHY H FHVWX N ]tVNiYiQt GDOãtFK ~Y U N GDOãt
NRUXSFLDNQRYêPUHJLRQiOQtPYiONiPDNRQIOLNW P3UiY SURWRåHMGHRYHOPLQHVQDG
Qê~NROQDOpKDY Y\]êYiPHYãHFKQ\~þDVWQtN\3UDåVNpKR]DVHGiQt00)D6%DE\XVL
ORYQ KOHGDOLPRåQi HãHQtNH]PtUQ QtEtG\DNXVQDGQ QtKRVSRGi VNpKRUR]YRMHPiOR
Y\YLQXWêFK ]HPt D WDNp ]S VRE\ NWHUp E\ ]DEUiQLO\ ]QHXåLWt KRVSRGi VNp SRPRFL 1D
YHGRXFtþLQLWHOH00)D6%DQDS HGVWDYLWHOHHNRQRPLFN\QHMVLOQ MãtFKVWiW SDNDSHOX
MHPHDE\QHRGNOiGDOLSRW HEQiUR]KRGQXWtS MGHWHOLY\S tNODGHPS LGDMtVHMLVW LGDOãt
3 LMtPiPH V SRUR]XP QtP VQDK\ þHWQêFK DNWLYLVWLFNêFK DQWLJOREDOLVWLFNêFK
KQXWtDHNRORJLFNêFKRUJDQL]DFtDY EHFYãHFKOLGtGREUpY OHMLFKåVUGFtVHGRWêNiFKX
GREDL]KRUãRYiQtåLYRWQtKRSURVW HGtYFHORVY WRYpPP tWNX%X WHNQiPYtWiQLYãLFK
QLNGRåVGREUêPL~P\VO\S LFKi]tWH.RQIURQWDFHNRQIOLNWDQiVLOtYãDNQHQt HãHQtP
tPVNRNDWROLFNi FtUNHY VH N RWi]NiP PH]LQiURGQtKR ]DGOXåHQt Y\MDG RYDOD MLå
SRYtFHQHåOHWYHQF\NOLNiFKSRVOHGQtFKþW\ SDSHå %ROHVWQpWpPDFKXGRE\MHSROpWD
S HGP WHPMHGQiQt6Y WRYpUDG\FtUNYtLUHJLRQiOQtFKLQLFLDWLY DG\N HV DQVNêFKFtUNYt
. HV DQVNpFtUNYHYý5MLåSRGYDURN\VSROHþQ S LSUDYXMtVRFLiOQtGRNXPHQW3RNRMD
'REUR NWHUê VH ]DEêYi VRFLiOQt SUREOHPDWLNRXYQDãt ]HPL L Y FHORVY WRYpP VSROHþHQ
VWYt8Y GRPXMHPH VL åH W FKWR YUFKROQêFK KRGQRW SRNRMH D GREUD O]H Y GQHãQtP VY W
GRViKQRXWMHQYJOREiOQtPP tWNXDWR]QDPHQiFRQHMXåãtY]iMHPQRXVSROXSUDFtDVROL
GDULWRXäLMHPHYMHGLQpPVY W SRGYOiGRXMHGLQpKR%RKD
1HFKFHPHYãDN] VWDWMHQS LDSHOX5R]KRGOLMVPHVHåHS LWpWRS tOHåLWRVWLY\
KOiVtPHD]RUJDQL]XMHPHILQDQþQtVEtUNXYãHFKN HV DQVNêFKFtUNYtYýHVNpUHSXEOLFHYH
SURVS FK QHMFKXGãtFK ]HPt QD SRGSRUX G OHåLWêFK SURMHNW NWHUp E\ XPRåQLO\ MHMLFK
KRVSRGi VNêUR]YRM9PLQXORVWLVHQiPGRVWDORDVWiOHGRVWiYiþHWQpSRPRFLRGEUDW tD
VHVWHU]ERKDWãtFK]HPtS HGHYãtPRGQDãLFKVRXVHG -VRXYãDNQDVY W GDOHNRSRW HE
Q Mãt 1HFKFHPH QHFKDW VYi VUGFH ]NDPHQ W -H QDG MH åH VWROHWt E\ VH PRKOR VWiW
VWROHWtPFHORVY WRYpVROLGDULW\
3DYHO6PHWDQD
-DQ*UDXEQHU
3 HGVHGDýHVNpELVNXSVNpNRQIHUHQFH
3 HGVHGD(NXPHQLFNpUDG\FtUNYtYý5
93UD]HVUSQD
0LOLWDQWQtRGS UFLJOREDOL]DFH
SDUDGR[Q Y\EDYHQt PRELO\ D RG QtP
NWHUp MVRX QHSRFK\EQ SUiY YêSORGHP
JOREDOL]DFH YH YêURE L GLVWULEXFL ]ERåt
D VOXåHE QDSiFKDOL YQDãt ]HPL D]HQp
PH]L FKXGp GOH NULWpULt 6% PLOLRQRYp
ãNRG\
1HSRNRMH Y 3UD]H MVRX MLå ]D
QiPL=D]DP\ãOHQtYHVNDXWVNpPGXFKX
YãDN VWRMt S LQHMPHQãtP WR ]GD S VREt
PH PH]L POiGHåt WDN DE\ VH VNDXWN\ D
VNDXWL MHGQRX QHRFLWOL PH]L W PL NWH t ]
QHSRUR]XP Qt ]RXIDOVWYt ]WUiW\ VP\VOX
åLYRWD DS VH RFLWQRX PH]L W PL NGR
S VREtãNRG\NWHUpQDNRQHFPXVtXKUD
GLWVWiWDWHG\YãLFKQLNGRSODWtGDQ $MHãW MHGQDY FVHPLY\EDYL
OD NG\å MVHP VH S HG Q NROLND P VtFL
GR]Y G ORÄVNDXWVNpRFKUDQQpVOXåE ³
SRGLYLO MVHP VH QDþ ML PtW PiPHOL
SURIHVLRQiOQtY\FYLþHQRXSROLFLL =GiVH
DOH åH L RWi]N\ RFKUDQ\ KURPDGQêFK
DNFt PRKRX EêW GR EXGRXFQD SUREOp
PHP NGH EXGH ]DSRW HEt YLG W DNFH
VFKRSQp VNDXW\ NWH t PDMt VSUiYQp PR
UiOQtSRVWRMHDSRVWXSXMtSURIHVLRQiOQ 1HFKFL Y\YRODW ãLURNRX SROHPL
NXNWHUiSDW tVStãHGRWLVNXUR]KODVXD
WHOHYL]H ± QLFPpQ FKFHOL VH Q NGR
]þWHQi 1'6 R]YDW MLVW WR QHEXGH
YUR]SRUXVQDãtPVNDXWVNêPVOLEHPLVH
]iNRQHP
.DP]tN
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
=~þDVWQLOR VH KR QD WLVtFH 55
YUiPFLDNFHQD]YDQp
9WRPWR þtVOH VH VHV ,GD 9HOLFKRYi GR]Y G OD ]SUiYX R NRQiQt QHMY WãtKR VHWNiQt
6HWNiQt VH NRQDOR QD ]iNODGQ
'36* YH :HVWHUQKRKH D VNRQþLOR LUVNêP
SRåHKQiQtP
Q PHFNêFKNDWROLFNêFKURYHU DUDQJHUV]H
6YD]XVY-L t'36*ROHWRãQtFKOHWQLFtFK
Ä$ FHVWDVS FKiWRE YVW tF
D YtWUYåG\FN\YHVYêFK]iGHFKPiã
D VOXQFHWHSOHVYtWtQDWYRXWYi
DGpã D P NFHQDWYiSROHSDGi
$QHåVH]QRYXVHMGHPH
% KRSDWUXMW
9SRNOLGXVYpGODQ ³
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
9&KRW ER L RVODYLOD VW HGLVND Ä'RXEUDYND³ D Ä9LD³ Y]i t 260'(6È7 /(7
759È1Ë6.$87,1*8
1D YêVWDYNiFK PRKOL MDN VRXþDVQt þOHQRYp
VW HGLVHN WDN L KRVWp XYLG W REUD]RYp GRNODG\ ±
S HGHYãtPR]DNODGDWHOVNpRVREQRVWL.DUOD*UWKD
D MHKR SUYQtKR
VSROXSUDFRYQtND-RVHID)LUNXãQpKR
DOH GR]Y G OL VH L R GDOãtFK RVXGHFK
VNDXWLQJXYWRPWRP VW VRXVW HG QpNURQLN\YODMN\
L SUiFH VNDXWHN D VNDXW MLVW SDW t PH]L W\
PLPR iGQ ]GD LOp
&KRW ER VNêVNDXWLQJPiVDPR] HMP VYRMHSRN LN\ÄýLVWêMHRKH L'RXEUDY
N\WRNWYUGpMVRXGRNRODVNiO\NSRPRFLVODEãtPNDåGêYH NURNSURGREUpþLQ\EX
VWiOê³ D Ä3UDYG D OiVFH VORXåLW FKFHP 9LD MH FHVWD ]D VOXQFHP³ GRNRQFH L YODVWQt
K\PQXVÄ5RGQêNUDM³NWHUêVHRGU]StYiGRGQHV
-DNRKRVW\SRGREXVYpGORXKpKLVWRULHP OLY&KRW ER LQiþHOQtND$%6YRMtND
SUHVLGHQWD(%HQHãHD/DG\2%DGHQ3RZHORYRXL DGDþLQRYQtN VRXþDVQpKR-XQiND
] RNUHVQt L ~VW HGQt ~URYQ &KRW ER QDYãWtYLOD QHER ]GH S VREt &KRW ER ãWt VNDXWL D
VNDXWN\WDNpVWDUDMtRSDP WQtNiPHQRGKDOHQêEU-)RJODURYLþHUYHQFH
7DWRVNXWHþQ Yê]QDPQiVSROHþHQVNiXGiORVWSURP VWRLVNDXWVNRXÄNRPXQLWX³
E\ODGRSURYi]HQDY]G ODYDWHOQêPVHPLQi HP=~þDVWQLOLVHKRNURP YODVWQtFKþLQRYQt
N ]RGGtO VW HGLVND'RXEUDYNDDRGGtO ]HVW HGLVND9LDWDNpKRVWp'U-*U\JDU
D,QJ%iUWD
%U 9 -HFK.DP]tN REGUåHO WDNp SR]YiQt
NS HGVQ PRYp GLVNXVL NWHUi VH NRQDOD YVRERWX D E\OD ]DORåHQD QD VRXERUX RWi]HN ± NYL]X
9êVOHGN\ UR]KRYRUX NSUREOHPDWLFH S HGVQ PRYp
GLVNXVH S HYiåQ ]DP HQp QD RVREQRVW Y GFH EXGRX
QDEtGQXW\NXYH HMQ QtVDPRVWDWQ YH6NDXWLQJXYUiPFL
WpWR UHSRUWiåH PDMt þWHQi L 1'6 PRåQRVW QDKOpGQRXW GR
MHGQpþiVWLGLVNXVHY QRYDQpGXFKRYQtPXUR]P UX
1DGKR]HQêSUREOpP]Q O
8þLWHO -Håtã ]1D]DUHWD tNi Y%LEOL Ä7R MH Pp
S LNi]iQt DE\VWH VH PLORYDOL QDY]iMHP MDNR MVHP Mi
PLORYDO YiV 1LNGR QHPi Y Wãt OiVNX QHå WHQ NGR SRORåt
åLYRW ]D VYp S iWHOH³ HNXPHQLFNê S HNODG HYDQJHOLD
SRGOH-DQD
$ ~þDVWQtFL VH QD ]iNODG WRKR P OL Y\MiG LW NH
VNXWHþQRVWLRE WLS LþHPåVLPRKOLY\EUDW]Q NROLNDQDEtGHNþLVDPLVYRXYHU]L]IRUPX
ORYDW$YêVOHGN\"1 NWH t~þDVWQtFLVHS LNORQLOLNQiVOHGXMtFtPGY PDQDEtGNiP
Ä%X S LSUDYHQ YH VYpP G VOHGNX ]QDPHQi L WRWR ± RVWDWQ DGD VNDXW L VNDXWHN Xå
WHQWRS tND]VSOQLORDVY MåLYRWSRORåLOR]DVYRMLYODVW]DVYpS iWHOH³
Ä$E\ þORY N SRORåLO ]D S iWHOH åLYRW MH RWi]ND YtU\ YH Y\ããt KRGQRW\ ± SURWR QHPXVt
MHãW þORY NEêW]URYQDN HV DQ«³
'DOãt±MLåLQGLYLGXiOQtYODVWQtRGSRY GLE\O\
Ä1HYtPMHVWOLEêYiYWpFKYtOLYãHPLGRFHQ QþDVHPWRDVLVQDGSRFKRStYãLFKQLQH
YtPYãDNMHVWOLWDNRYtOLGpMHãW MVRX'RXIiPåHDQR³
Ä=DãNUWODE\FKE SUYQt]XYHGHQêFKQDEtGHNDOHQHE\ORWRRE WRYiQtQ NG\WURãNX
]E\WHþQp"³
ÄäLYRWVHQHPXVtRE WRYDWYHVPUWLDOHSUiY YåLYRW ³
=SUDFRYDWHOUHSRUWiåHQHFKFHQLFYtFHNRPHQWRYDW9ãHFKQ\RGSRY GLE\O\DQR
Q\PQtQLFPpQ RGSRYtGDMtFtVRXKODVLOLVMHMLFK]SUDFRYiQtPDGDOãtPY\XåLWtP
1DSURWLWRPXGDOãtNRPHQWi HþWHQi NHNYL]XMVRXYtWDQpQDSLãWH
2VODY\ XSURVW HG FHOp VODYQRVWL ]DKUQRYDO\ URYQ å NRQFHUW D Y]iY UHþQê GHQ
VNDXWVNRX PãL VYDWRX D QDNRQHF E\O\ ]DNRQþHQ\ SRFKRGHP D SRVH]HQtP X WiERURYpKR
RKQ VN\WDUDPL
=iMHPFLPRKRX]tVNDW]YOiãWQt$OPDQDFKNWHUêVHVWDYLOLEUDW L-'RVWiO.RQJD
)U 3 LELO9LOtN REVDKXMH S NQp NUHVE\ 0 +XEiþNRYp 9 6WUDN\ D 6 .OHþN\ Y\GiQt
SURYHGO-%OiKD*DQGDI
3R]QiPNDUHGDNFHWXWRIRUPX]YROLOEU.DP]tNSRGOH]NXãHQRVWtQD3UDåVNpOHVQtãNROHDVYpKR
GRPRYVNpKRVW HGLVNDÄ-HþQi³Y3UD]H
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
9PLQXOpPþtVOHMVPHS LSRPQ OL3/âQ\QtS LQiãtPH]DMtPDYRX~YDKX
S HGQHVHQRXQD(/â
6.$87,1*-$.2ä,9271Ë67</
EU-DQD3HþHQpKR1HSWXQDNWHUêGHOãtGREXS VRELOLY2GERUXGXFKRYQtYêFKRY\
9 WRPWR ]DP\ãOHQt
E\FKVHFKW OGRWNQRXW
VNDXWLQJX QH MDNR YêFKRYQp PHWRG\ D FHOR
VY WRYpKR KQXWt DOH MDNR ]S VREX åLYRWD åLYRWQtKR VW\OX 0 åHPH VNDXWLQJ Y EHF
WDNWR FKiSDW" /Lãt VH Q MDN åLYRW VNDXWD VNDXWN\RGRVWDWQtFKNWH tþOHQ\WRKRWRKQXWt
QHMVRX"
1D WXWR RWi]NX VH SRNXVPH KOHGDW
SUDYGLYRX RGSRY 3 HGHYãtP PXVtPH
GRE HUR]OLãLWWHRULLDåLYRWQtSUD[L6RKOHGHP
QDREHFQêWUHQGYQDãtVRXþDVQpVSROHþQRVWL
PXVtPH NRQVWDWRYDW åH E\ VH åLYRW VNDXWD
RGOLãRYDW P O = MDNpKR G YRGX E\ WRPX WDN
EêW P OR D SURþ WRPX WDN PQRKG\ QHQt"
3 tþLQD Y WãtKR þL PHQãtKR UR]SRUX ]iYLVt QD
RVREQtP SRFKRSHQt VDPRWQêFK ]iNODG
VNDXWLQJX
-DN YtPH VNDXWLQJ E\O ]DORåHQ D
VWRMtQDW HFKSULQFLSHFK
ÂSRYLQQRVWN%RKX
ÂSRYLQQRVWNHVSROHþQRVWL
ÂSRYLQQRVWNVRE VDPpPX
2VREQt S LMHWt W FKWR SULQFLS ]D
YODVWQtD]QLFKY\SOêYDMtFtSRåDGDYHNVOXåE\
MH ]iNODGQtP D FKDUDNWHULVWLFNêP ]QDNHP
NDåGpKRVNDXWD
+RGQRW\NWHUpXS HGQRVW XMHY WãL
QD VSROHþQRVWL QHMHQ åH QHMVRX VNDXWLQJX
YODVWQt DOH PQRKG\ MVRX V MHKR ]iVDGDPL Y
S tPpP UR]SRUX ([LVWHQFH GXFKRYQtKR UR]
P UX þORY ND MH SRStUiQD Y]WDK NH VSROHþ
QRVWLMHGHIRUPRYiQIODJUDQWQtPSRUXãRYiQtP
SUDYLGHO VRXåLWt ]iNRQ D SRYLQQRVW N VRE
MHFKiSiQDQHMDNR~VLOtRQHXVWiOp]GRNRQD
ORYiQtYGREUpPDOHS HGHYãtP MDNR ]G UD]
Q Qt MDNpKRVL SVHXGRQiURNX QD åLYRWQt
~VS FK]DNDåGRXFHQX$SUiY WHQWRYãHR
EHFQê WODN Y\WYi t YH VNDXWHFK QDS Wt NWHUp
PXVHQHVQDGQRþHOt-VPHVWUKiYiQLP\ãOH
QtPDåLYRWQtSUD[tVYpKRRNROt9åG\ MHQiV
SRX]H KUVWND D SUR PQRKp MVPH MHQ UHOLNWHP
GRE\GiYQRPLQXOp&KFHPHOLVHGUåHWLGHi
OX NWHUê MVPH S LMDOL ]D YODVWQt SRþtWHMPH V
WtP åH VH EXGHPH RGOLãRYDW $ WR QHEêYi
Y WãLQRX S tMHPQp WR NDåGpKR ] QiV Q FR
VWRMt
6NDXWLQJ MH GQHV Y SUDYpP VORYD
VP\VOX HKROH HKROH]QDPHQiåtWYSRVOXã
QRVWL SRGOH S LMDWêFK QRUHP YH VSROHþHQVWYt
]DP HQpPNHVSROHþQpPXFtOL$FRMHFtOHP
VNDXWLQJX" -H MtP UR]YRM OLGVNp RVREQRVWL Y
REODVWL I\]LFNp NXOWXUQt L GXFKRYQt D WR Y
NDåGpP Y NX ätW VNDXWLQJ ]QDPHQi åtW SR
VOXãQ SRGOH MHKR åLYRWQtFK SUDYLGHO NWHUi
QiV N Y\WêþHQpPX FtOL YHGRX 7DWR SUDYLGOD
MVRXGiQDS HGHYãtPVNDXWVNêP]iNRQHP-H
W HEDDE\FKRP VL XY GRPLOL REVDK ]QiPpKR
YêURNX EUDWUD %DGHQ3RZHOOD 6NDXWHP
MHGQRX VNDXWHP SURYåG\ 7HG\ VNDXWVNê
]iNRQ QHQt MHQ SUR G WL D VNDXWVNê VOLE MVPH
QHGiYDOLMHQQDþDVDOHQDYåG\
9ãLPQ PHVLMHQQDS YêãH]PtQ QpSRVOXã
QRVWL 7R MH Q FR FR VH
GQHV ]iVDGQ QHQRVt
5XNX QD VUGFH -DN P\
VDPL åLMHPH ERG
QDãHKR]iNRQD"9Q PMH
]DNRWYHQD L SRVOXãQRVW
GRGUåRYDW FR MVPH VOtELOL
7DG\ Q NGH MVPH X
S tþLQ\ SURþ VH Qiã åLYRW
]URYQDPRFYLGLWHOQ QHOLãt
RG RVWDWQtFK 6 OHKNêP VUGFHP WRWLå QD VY M
VOLEDMHKRREVDK ]DSRPtQiPH =WUiFtPH WDN
VYRML VNDXWVNRX LGHQWLWX D GHJUDGXMHPH VDPL
QiãVNDXWLQJQDSRXKRXRUJDQL]DFLNQDSOQ Qt
YROQpKR þDVX QiV L G Wt 1HFtWtPH VH EêW
Yi]iQL VNDXWVNêP ]iNRQHP DQHER MHM FKi
SHPHS tOLãP OFHD~þHORY 0XVtPH VL XY GRPLW RVWUê UR]GtO
PH]L WtPWR ]iNRQHP D ]iNRQHP WpWR VSROHþ
QRVWL Dþ QHNRGLILNRYDQêP S HVWR Y SUD[L
X]QiYDQêP
=DWtPFR Qiã VNDXWVNê ]iNRQ tNi 6NDXW
MH SUDYGRPOXYQê RNROQt VY W QiV S HVY G
þXMH0OXYDMHGQHMWDNDE\V]WRKRP OYåG\
SURVS FK
=DWtPFR Qiã VNDXWVNê ]iNRQ tNi 6NDXW
MHY UQê D RGGDQê RNROQt VY W QiP S HGKD
]XMH 9 UQRVW D RGGDQRVW MVRX S HåLWNHP
]QDPHQDMtKORXSRVW
=DWtPFR Qiã VNDXWVNê ]iNRQ tNi 6NDXW
MH SURVS ãQê D SRPiKi MLQêP RNROQt VY W
QiPWYUGt6WDURVWVDPDRVHEHDRVWUpORNW\
MVRXS HGSRNODGHP~VS FKX
=DWtPFR Qiã VNDXWVNê ]iNRQ tNi 6NDXW
MH S tWHOHP YãHFK OLGt GREUp Y OH D EUDWUHP
NDåGpKR VNDXWD RNROQt VY W QiP UDGt 1L
NRPXQHY DGUåVHWRKRNGRQ FR]QDPH
QiNGRWLP åHQ MDNSURVS W
=DWtPFR Qiã VNDXWVNê ]iNRQ tNi 6NDXW
MH]GYR LOêRNROQtVY WQiPS HGNOiGi&RVL
QHY\GXSHãWRQHPiã&KFHWRSR iGQ RVWUp
ORNW\2NR]DRNR]XE]D]XE
=DWtPFR Qiã VNDXWVNê ]iNRQ tNi 6NDXW
MH RFKUiQFHP S tURG\ D FHQQêFK YêWYRU
OLGVNêFK RNROQt VY W QiV S HVY GþXMH
&KUD åLYRW D KRGQRW\ MHQ WHKG\ NG\å WL WR
QHEXGHG ODWSRWtåH
=DWtPFRVNDXWVNê]iNRQQiP tNi6NDXW
MH SRVOXãQê URGLþ S HGVWDYHQêFK D Y GF RNROQt VY W QiP WYUGt 1HQHFK VL SRURXþHW
1HYDåVH2GYDåVH-VLVYRERGQê
=DWtPFR Qiã VNDXWVNê ]iNRQ tNi 6NDXW
MHYHVHOpP\VOLRNROQtVY WQiP tNi
+OHGHM S HGHYãtP SRW ãHQt W OD D MHKR
VP\VO =DWtPFR Qiã VNDXWVNê ]iNRQ tNi 6NDXW
MH KRVSRGiUQê RNROQt VYLW QD QiV QDOpKi
0tUDãW VWtMHGiQDPQRåVWYtPSHQ ]DPtURX
VSRW HE\7DNVLGRS HMFRP åHã
=DWtPFRQiãVNDXWVNê]iNRQ tNiÄ6NDXW
MH þLVWê Y P\ãOHQt VORYHFK D VNXWFtFK RNROQt
VY W VH QiP VP MH 9\ MVWH DOH QHPRGHUQt
SXULWiQL
1DWpWRPDOpXNi]FHP åHPHYLG W
WHQ REURYVNê UR]SRU PH]L GXFKHP D LGHiO\
VNDXWLQJXQDMHGQpVWUDQ DGXFKHPDLGHiO\
WRKRWRVY WDQDVWUDQ GUXKp3URWREêWGQHV
RSUDYGRYêPVNDXWHP]QDPHQi MtW SURWL SURX
GX =QDPHQi WR VWiW VH PDMiNHP NROHP
Q KRå]X tUR]ERX HQpPR HDNWHUêXND]XMH
VSUiYQêåLYRWQtVP UVSUiYQRXåLYRWQtRULHQ
WDFL -H W HED DE\FKRP VH ]DP\VOHOL VDPL
QDG VHERX ]GD MVPH VNXWHþQ WtP VY WOHP
NWHUp XND]XMH VSUiYQê VP U .WHUêNROL QH]i
YLVOê SR]RURYDWHO E\ P O ] QDãHKR åLYRWD
SR]QDWMDNêMHQiãåHE tþHNKRGQRWDKODYQ åHWRNþHPXVHKOiVtPHWDNpVDPLSUDNWLFN\
åLMHPH
.DåGê RSUDYGRYê VNDXWVNDXWND VH
QXWQ EXGH VHWNiYDW YH VYpP RNROt V QHSR
FKRSHQtPDV~VP ãNHP7DNRYpQHS tMHPQp
VLWXDFH PXVt EêW S LSUDYHQS LSUDYHQD ]YOiG
QRXW %êW VNXWHþQêP VNDXWHP QHQt GQHV
VQDGQp DOH Pi WR VP\VO -H WR NUiVQp -H
W HED VH XP W QDY]iMHP EUDWUVN\ SRY]EX]R
YDW D Y]iMHPQ VH XSHY RYDW Y FHVW ]D
VNDXWVNêPLLGHiO\S HGVWDYRYDQêPL]iNRQHP
DVOLEHP1H]DSRPH PHåHYH VSROHþHQVWYt
MH VtOD 3URWR MH QXWQp DE\FKRP Y NUXKX
VYêFKEUDW tDVHVWHUþDVWRKOHGDOLQRYêQiERM
SUR VY M NDåGRGHQQt åLYRW .GH WRWR IXQJXMH
WDP MH PQRKHP VQD]ãt Y\GiYDW VNDXWVNp
VY GHFWYtVOXåE\DOiVN\
1HEX PH XVWUDãHQt DOH QDRSDN
0 MPH ]GUDYRX KUGRVW SURWRåH ~NRO NWHUê
MDNR VNDXWL PiPH MH YVNXWNX Y]QHãHQê 9
GXFKXU\Wt VWYtXVLOXMPHRYtUXQDG MLDOiVNX
XVLOXMPHROHSãtDVSUDYHGOLY MãtVY W0RåQi
MVPH UH]LJQRYDOL D QHY tPH Y åiGQRX SR]L
WLYQt ]P QX 1HþHNHMPH RNDPåLWp YêVOHGN\
DOHEX PHVLY GRPL=P QtPHOLVHP\VDPL
GQHãQtKR GQH DOHVSR WURFKX N OHSãtPX
]P QtVHNOHSãtPXL ]FHOD NRQNUpWQt NRXVHN
VY WD3URWRVWRMt]DWRDE\FKRPVHQDPiKD
OL DE\FKRP ERMRYDOL V QHS t]QLYêP GXFKHP
VY WDS HGHYãtPVDPLYVRE 1HNODPPH VH 3RNXG DQL P\ QHYL
GtPHUR]GtOYåLYRWQtFKQi]RUHFKSRVWRMtFKD
SUDNWLFNêFK þLQHFK PH]L VNDXW\ D Y WãLQRX
QDãt VSROHþQRVWL SDN WR P åH IDNWLFN\ ]QD
PHQDW MHQRP GYRMt %X QDãH LGHiO\ WDWR
VSROHþQRVW S LMDOD D EH]H ]E\WNX MLPL åLMH D
SURWR ]GH QHQt YLGLWHOQpKR UR]GtOX QHER W PLWRLGHiO\QHåLMHPHDQLP\VDPL0iPHSDN
SUiYR SRþtWDW VH PH]L VNXWHþQp VNDXW\"
3UDYGLYRX RGSRY SRQHFKiYiP QD NDåGpP
]QiV
([LVWXMH WHG\ VNXWHþQ Q MDNê
]YOiãWQt VNDXWVNê VW\O åLYRWD" 'RPQtYiP VH
åH QD WXWR RWi]NX O]H RGSRY G W $QR -H WR
åLYRWNWHUêåLMHPHYQHXVWiOpS LSUDYHQRVWLNH
VOXåE QDãLP EOLåQtP YH VQD]H R QHXVWiOp
]GRNRQDORYiQt VH Y OiVFH SRGOH VNDXWVNpKR
]iNRQDDYHVP RYiQtN%RKXRQpQHMY\ããt
3UDYG D /iVFH NWHUp SUiY WDNWR åLWêP
åLYRWHP VORXåtPH D NWHURX WDNWR P åHPH
VWiOHYtFHSR]QiYDW
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
1$'2%5e6723 GXFKRYQtUiGFHVNDXWVNêFKRGGtO
9\GiYi2GERUGXFKRYQtYêFKRY\-XQiND
5HGDNFH9ODGLVODY-HFKYMHFKNDP]LN#YROQ\F]3UDKD=HOHQHþVNi
D-L t=DMtFMLUL]DMLF#FURF]7HFKQLFNp]i]HPt-DURVODYâORViUHN
3 HGSODWQpSURURN]DVtOHMWHUHGDNFLSRGOHW FKWRSUDYLGHOSURGRGiQtSRãWRX.þ
S tVS YHNþWHQi ZHERYêFKVWUiQHN.þVSRQ]RUVNpS HGSODWQpMHQHRPH]HQR
SURVtPHRS HVQp~GDMH%H]MD]\NRYpNRUHNFH