Zpravodaj Mčstského úřadu v Hradci nad Moravici HRADECKÉ

Transkript

Zpravodaj Mčstského úřadu v Hradci nad Moravici HRADECKÉ
;QSBWPEBK.ǏTUTLÊIPÙǭBEVW)SBEDJOBE.PSBWJDÎ
)3"%&$,­
/07*/:
EVCFO
.Ǝ45&Ɖ,040#05"%6#/")
05&7±3¦/±+"3"
"563*45*$,­4&;¶/:
1ƭ±13"7"7&-,­*/7&45*Ɖ/±",$&10,3"Ɖ6+&
,FLPODJSPLVCZMPWZIMÃØFOPWÝCǏSPWÊǭÎ[FOÎOB[BKJØ
UǏOÎ NJJOOPTUÎ TQSÃWDF TUBWCZ B IMBWOÎIP EPEBWBUFMF TUBWCZ
t0EWÃEǏOÎBMJLWJEBDFPEQBEOÎDIWPEPCDÎ)SBEFDO.#SBOLBV0Qi7BMOÃISPNBEBt%PCSPWPMOÊIP
TWB[LVPCDÎƉ07BLBOBMJ[BDF)SBEFDO.#SBOLBV0QiOBTWÊN[BTFEÃOÎEOFOB[Ã
LMBEǏTUBOPWJTLBQǭÎTMVØOÊWÝCǏSPWÊLPNJTFSP[IPEMBPWÝCǏSVOFKWIPEOǏKØÎIPVDIB[FNJFOB[BKJØUǏOÎ
NJJOOPTUÎTQSÃWDFTUBWCZBQǭFETFEBTWB[LVQPEFQTBMTNBOEBUÃǭFN43#$3TSPƭÎNJBOZQǭFENǏUOPV
NBOEÃUOÎ TNMPVWV %OF EVCOB [BTFEOF WÝCǏSPWÃ LPNJTF OB IMBWOÎIP EPEBWBUFMF TUBWCZ B QP
UPNUPEBUVCVEPVBLUVBMJ[PWÃOZSFBMJ[BNJOÎUFSNÎOZ5FSNÎOV[BWǭFOÎEFñOJUJWOÎ4NMPVWZPQPTLZUOVUÎ
QPEQPSZTF4'Â1Ɖ3TFQǭFEQPLMÃEÃQPNJÃULFN**QPMPMFUÎMFUPØOÎIPSPLV
.ǏTUP)SBEFDO.[EǹWPEV[NBQPWÃOÎ[ÃKNVWMBTUOÎLǹSPEJOOÝDIEPNLǹPOBQPKFOÎOBOPWPVLB
OBMJ[BDJEPSVNJJMPCǏIFNÙOPSBEPEPNÃDOPTUÎEPUB[OÎLǹ/BWSÃDFOPCZMPEPUB[OÎLǹ[UPIP
WMBTUOÎLǹTPVIMBTÎ
BPCNJBOǹOFTPVIMBTÎ
4WǏENJÎUPPUPNßFNJJTUPUBßJWPUOÎIP
QSPTUǭFEÎWOBØFNNǏTUǏOFOÎOBØJNPCNJBOǹNMIPTUFKOÃBßFQSPKFWVKÎWFMLÝ[ÃKFNPUVUPBLDJLUFSÃKF
TWÝNñOBONJOÎNSP[TBIFNOFKWǏUØÎJOWFTUJNJOÎBLDÎOBÙ[FNÎNǏTUBWQPTMFEOÎDIMFUFDI$IUǏMJCZDIPN
UPVUPDFTUPVQPEǏLPWBUWØFNWMBTUOÎLǹNEPUNJFOÝDIOFNPWJUPTUÎßFWǏOPWBMJQP[PSOPTUWZQMOǏOÎB
PEFW[EÃOÎWÝØFVWFEFOÝDIEPUB[OÎLǹ*WBOB)ZLMPWÃ
53"%*Ɖ/±4&5,¦/±
+6#*-"/5ƹ
7ZTUPVQFOÎISBEFDLÊIP%FDIPWÊIPPSDIFTUSVQǭFECSÃOPV
ƉFSWFOÊIP [ÃNLV VWÎUÃOÎ ÙNJBTUOÎLǹ UǭJ UVSJTUJDLÊ USBTZ
BLN
CPIBUÝEPQSPWPEOÝQSPHSBNW.ǏTUTLÊ
HBMFSJJWÝTUBWB0MEǭJDI,VMIÃOFLHSBñLB1FUS/JßǥBO
TLÝ TPDIZ
W 1JWPWBSTLÝDI TLMFQFDI LPODFSUOÎ ISB OB
UJCFUTLÊNÎTZBI
QSPIMÎELBTLMFQǹ
V#ÎMÊ
WǏßFWFǭFKOÊDWJNJFOÎUBJNJJWFI
BOB.BSJÃOTLÝDI
MPVLÃDI PE EP I VLÃ[LZ WÝDWJLV B QPVßJUÎ
TMVßFCOÎDIJMPWFDLÝDIQTǹW[EVDIPWLPWÃTUǭFMOJDFWÝDWJL
BWZVßJUÎLPOÎQSPKÎßǍLZOBLPOÎDIBWCSZNJDF
0CNJFSTUWFOÎ1ǹMMFT7NJFMÎISBE"SFÃMEPCSÊQPIPEZÂJN
SPWJDF.BSJÃOTLÊMPVLZ,BWÃSOB4QPSU)SBEFDO.
.Ǝ450)3"%&$/"%.03"7*$±7¦47»&$)/:;7&
.ǏTUP)SBEFDOBE.PSBWJDÎQǭJQSBWJMPQSPTFOJP
SZLUFǭÎWMFUPØOÎNSPDFEPWSØÎWÝ[OBNOÊßJWPUOÎ
KVCJMFVN MFU B EÃMF WßEZ LBßEÊ
EBMØÎ OBSP[FOJOZ
TMBWOPTUOÎ TFULÃOÎ OB [ÃNLV
6TLVUFNJOÎ TF WF TUǭFEV LWǏUOB WF I
W SFTUBVSBDJ ƉFSWFOÊIP [ÃNLV +VCJMBOUǹN QP
HSBUVMVKÎ QǭFETUBWJUFMÊ NǏTUB B CVEF QǭJQSBWF
OP QPIPØUǏOÎ 7 QSPHSBNV LUFSÝ CVEF VWÃEǏU
0MEǭJDI ,PMPWSBU WZTUPVQÎ TÓMJTUÊ PQFSZ 4MF[
TLÊIPEJWBEMBW0QBWǏ;EFǥLB.FSWPWÃB1FUFS
4PÓT %PQSBWB CVEF [BKJØUǏOB ,BßEÝ KVCJMBOU
PCESßÎWQǭFETUJIVQP[WÃOLVOBLUFSÊCVEFVWF
EFOPNÎTUPBNJBTPEKF[EVBVUPCVTV5ǏØÎNFTFOB
TFULÃOÎTWÃNJ+JǭÎ.PKD[FL
.Ǝ450)3"%&$/"%.03"7*$±
QPE[ÃØUJUPVNÎTUPTUBSPTUZ
*OH,BSMB)BOÃLBWZIMBØVKFTPVUǏß
POFKLSÃTOǏKØÎ[JNOÎTOÎNFL)SBEDF
0)-­%/65±;"-&50»/±;*.06
/&+-&1»±4/±.,:#6%067:%¦/:
+",010)-&%/*$&
'PUPHSBñFWUJTLPWÊLWBMJUǏBEJHJUÃMOÎ
QPEPCǏNǹßFUFPEFW[EBUW*OGPSNBNJOÎN
DFOUSVQǭÎ[FNÎ.ǏTUTLÊIPÙǭBEV
OFCP
[BTMBUNBJMFNOBBESFTV
JD!NVISBEFDD[EP.(
PTUBUOÎQǭFTIUUQXXXVTDIPWOBD[
04-"7:7À30Ɖ± $04&%Ǝ+&7&410-&Ɖ/045*)3"%&$,¦;&.Ǝ%Ǝ-4,¦"4
0470#0;&/±
.ǏTUP )SBEFD OBE .PSBWJDÎ TJ WÃT EPWPMVKF
QP[WBUOBPTMBWZWÝSPNJÎPTWPCP[FOÎNǏTUB
3VEPV BSNÃEPV LUFSÊ TF VTLVUFNJOÎ W QÃUFL
EVCOB1ǭJQJFUOÎNBLUVOBQPNJFTUQBEMÝDI
PTWPCPEJUFMǹ CVEPV QPMPßFOZ LWǏUJOZ OB
.ǏTUTLÊN IǭCJUPWǏ I
B V QBNÃUOÎLV
OB 1PEPMTLÊ VMJDJ I
4PVNJÃTUÎ QSPHSB
NV CVEF MBNQJÓOPWÝ QSǹWPE LUFSÝ WZKEF WF
I [ 1PEPMTLÊ VMJDF OB .ǏTUFNJLP LEF
CVEF[BQÃMFOBWBUSBI
0TMBWZCVEPV
VLPONJFOZTMBWOPTUOÎNPIǥPTUSPKFNI
$FMÝ QSPHSBN EPQSPWPEÎ IVECPV ISBEFDLÝ
%FDIPWÝPSDIFTUS+JULB,PUBNJLPWÃ
/B[ÃLMBEǏNOPßÎDÎDITFEPUB[ǹUÝLBKÎDÎDITFEǏOÎWFTQPMFNJOPTUJ)SBEFDLÃ[FNǏEǏMTLÃBTKTNFTF
SP[IPEMJWZVßÎUUÊUPDFTUZBTF[OÃNJUNJUFOÃǭFTUÎNKBLÊ[NǏOZQSPCÎIBKÎWTPVNJBTOÊEPCǏWOBØÎTQP
MFNJOPTUJ0DFMLPWÊNTUBWVTQPMFNJOPTUJKTPVBLDJPOÃǭJQSBWJEFMOǏJOGPSNPWÃOJOBWBMOÝDIISPNBEÃDI
LEZOBQǭVßWSPDFCZMQSPKFEOÃONPßOÝWTUVQQǭÎQBEOÊIPJOWFTUPSBEPTQPMFNJOPTUJUBLBCZCZMB
[BDIPWÃOBLPOUJOVJUBWÝSPCZBTQPMFNJOPTU)SBEFDLÃ[FNǏEǏMTLÃBTNPIMBCÝUJOBEÃMFWÝ[OBNOÝN
[BNǏTUOBWBUFMFNQǹTPCÎDÎNOBÙ[FNÎNǏTUB7FǭFKOPTUJKF[OÃNBTLVUFNJOPTUßFTQPMFNJOPTUFWJEVKF
[ÃWB[FLWǹNJJ1(3-'BTPKFKÎßWÝØJKFWFEFOTPVEOÎTQPSLUFSÝOFCZMVLPONJFOBTUÃMFQSPCÎIÃ7MBTUOÎ
LFNUÊUPQPIMFEÃWLZKFWTPVNJBTOÊEPCǏPSHBOJ[BDFLUFSÃPTMPWJMBQǭFETUBWFOTUWPTQPMFNJOPTUJ)SB
EFDLÊ[FNǏEǏMTLÊBTTFßÃEPTUÎPWTUVQEPTQPMFNJOPTUJBUPOFKNJJTUØÎNNPßOÝN[QǹTPCFNLUFSÝNKF
OBCÎELBWÝLVQVBLDJÎPEKFEOPUMJWÝDIBLDJPOÃǭǹ.BKJUFMÊBLDJÎ)SBEFDLÊ[FNǏEǏMTLÊBTLUFǭÎKTPV
[ÃSPWFǥPCNJBOZOBØFIPNǏTUBNBKÎUFEZTWPCPEOPVNPßOPTUTBNJTFSP[IPEOPVU[EBUVUPOBCÎELV
PEQSPEFKFBLDJÎWZVßJKÎNJJOJLPMJ;ÃNǏSOǏOFVWÃEÎNFOÃ[FWTQPMFNJOPTUJLUFSÃWÝLVQBLDJÎOBCÎ[ÎBCZ
UPUPOFCZMPWOÎNÃOPKBLPQPLVTPWOVDFOÎKBLÊIPLPMJWOÃ[PSV(BSBOUVKFNFßFOFCZMBOFCVEFWZ
WÎKFOOÃUMBLOBßÃEOÊIPBLDJPOÃǭF+FEOÃTFPTWPCPEOÊSP[IPEOVUÎWMBTUOÎLǹBLDJÎ[EBUZUPQSPEBKÎ
BVNPßOÎUBLWTUVQDJ[ÎIPLBQJUÃMVEPTQPMFNJOPTUJ%ÃMFVQP[PSǥVKFNFBLDJPOÃǭFßFKTNFQǭJQSBWFOJ
[PEQPWǏEǏUKBLÝLPMJWEPUB[UÝLBKÎDÎTFUÊUPQSPCMFNBUJLZ
*OH+BOB6MCSJDIPWÃQǭFETFEBQǭFETUBWFOTUWB*OH+BO7ÎDIBNJMFOQǭFETUBWFOTUWB
1ƭ±+&.%*(*5¦-/±)07:4±-¦/±Ɖ&4,­5&-&7*;&7)3"%$*"0,0-±
;EPQJTV3VEPMGB1PQBǭFEJUFMFUFDIOJLZƉFTLÊ
UFMFWJ[FKTNFQSPWÃTWZCSBMJ
7BØFNǏTUPTFOBDIÃ[ÎWPCMBTUJQPLSZUÎOÃTMFEVKÎ
DÎDI[ÃLMBEOÎDIEJHJUÃMOÎDIWZTÎMBNJǹ0TUSBWB)PØ
dzÃMLPWJDFLBOÃMWÝLPOL8
'SÝEFL-ZTÃ
IPSB LBOÃM WÝLPO L8 PE +FTFOÎL 1SBEǏE LBOÃM WÝLPO L8 PE
4UÃWBKÎDÎ UFMFWJ[OÎ QǭFWBEǏNJF )SBEFD
OBE .PSBWJDÎ Ɖ5 B Ɖ5 B ÂJNSPWJDF Ɖ5 B Ɖ5
NPIPVCÝUQSPWP[PWÃOZOFKEÊMFEP
BMF TOBIPV ƉFTLÊ UFMFWJ[F CVEF WZQOPVU KF [ FLP
OPNJDLÝDI EǹWPEǹ W OÃWB[OPTUJ OB [BKJØUǏOÎ EJHJ
UÃMOÎIPQPLSZUÎ
0CFDOǏKFBMFOVUOP[EǹSB[OJUßFTFOFQǭFEQPLMÃEÃ
ßFCZTÎdzEJHJUÃMOÎDIEPLSÝWBNJǹPQBLPWBNJǹBQǭFWB
EǏNJǹ NBMÊIP WÝLPOV
NǏMB CÝU UBL SP[TÃIMÃ KBLP
."5&ƭ4,¦»,0-"
%045"/&/07À,"#¦5
.ǏTUP)SBEFDO.CZMPÙTQǏØOÊTFTWPVßÃEPTUÎ
P QPEQPSV ñOBODPWÃOÎ QSPKFLUVt7ÝNǏOB PLFO
B [BUFQMFOÎ GBTÃEZ .BUFǭTLÊ ØLPMZ 4NFUBOPWB
W )SBEDJ OBE .PSBWJDÎi LUFSÝ CVEF SFBMJ[PWÃO
W SÃNDJ 0QFSBNJOÎIP QSPHSBNV ÂJWPUOÎIP QSP
TUǭFEÎ [ QSPTUǭFELǹ 4UÃUOÎIP GPOEV ßJWPUOÎIP
QSPTUǭFEÎƉ3$FMLPWÊOÃLMBEZNJJOÎ,NJ
WÝØF EPUBDF KF [ DFMLPWÝDI V[OBUFMOÝDI
OÃLMBEǹUKWNBYJNÃMOÎWÝØJ,NJ/B[Ã
LMBEǏFOFSHFUJDLÊIPBVEJUVCZMOBWSßFOGBTÃEOÎ
[BUFQMPWBDÎTZTUÊNTWÝNǏOPVPLFOOÎDIBEWFǭ
OÎDI WÝQMOÎ 7 TPVNJBTOÊ EPCǏ QSPCÎIÃ LPOUSPMB
[BEÃWBDÎ EPLVNFOUBDF OB IMBWOÎIP EPEBWBUFMF
TUBWCZOB4'Â1Ɖ31PKFKJNTDIWÃMFOÎCVEFWZ
IMÃØFOPWÝCǏSPWÊǭÎ[FOÎOBIMBWOÎIPEPEBWBUFMF
TUBWCZBOÃTMFEOǏTOÎNCVEFQPEFQTÃOBTNMPV
WBPEÎMP1ǭFEQPLMÃEBOÝUFSNÎOSFBMJ[BDFKFNJFS
WFOTSQFOMFUPØOÎIPSPLV*WBOB)ZLMPWÃ
*/'03."$&0Ɖ*//045*3"%:
";"4561*5&-457".Ǝ45"
0EMFEOBEPEPCZWZEÃOÎUPIPUPNJÎTMB)SB
EFDLÝDIOPWJOTFLPOBMZDFMLFNNJUZǭJTDIǹ[F3BEZ
NǏTUB)SBEFDOBE.PSBWJDÎ3BEBTF[BCÝWBMBQǭF
WÃßOǏ NBKFULPQSÃWOÎNJ [ÃMFßJUPTUNJ QSPOÃKNFN
B QSPEFKFN NBKFULV NǏTUB B LPVQÎ QP[FNLǹ PE
GZ[JDLÝDI PTPC
%ÃMF TF [BCÝWBMB WÝKJNLBNJ [F
TUBWFCOÎV[ÃWǏSZÙ[FNOÎNQMÃOFNEPUBDFNJQǭÎ
TQǏWLZ PSHBOJ[BDÎN B [FKNÊOB SP[QPNJUFN OB SPL
1ǭÎØUÎTDIǹ[FSBEZNǏTUBKFEVCOB
7 VWFEFOÊN PCEPCÎ TF LPOBMP KFEOP [BTFEÃOÎ
;BTUVQJUFMTUWB NǏTUB )SBEDF OBE .PSBWJDÎ /B
QSPHSBNVNǏMPNBKFULPQSÃWOÎ[ÃMFßJUPTUJQSPWP[
OÎ[ÃMFßJUPTUJNǏTUBB[FKNÊOBTDIWÃMFOÎSP[QPNJUV
OBSPL1ǭÎØUÎ[BTFEÃOÎ[BTUVQJUFMTUWBNǏTUBKF
NJFSWOB
6TOFTFOÎKTPVLEJTQP[JDJOBXXXNVISBEFDD[
*OH7ÃDMBWÂBNQBUBKFNOÎLÙǭBEV
130%¦.10;&.&,
)SBEFDOBE.PSBWJDÎ,BKMPWFD
WFMJLPTUQP[FNLVN
JOßFOÝSTLÊTÎUǏOBQP[FNLV
WIPEOÊKBLPTUBWFCOÎQBSDFMBLMJEOÃNJÃTU
$FOBEPIPEPV
,POUBLUUFM
WQǭÎQBEǏBOBMPHPWÊIPWZTÎMÃOÎ/BWÎDEOFTFYJTUVKF
LBCFM*157B[FKNÊOBTBUFMJU
1SP EJHJUÃMOÎ TBUFMJUOÎ QǭÎKFN QSPHSBNǹ ƉFTLÊ
UFMFWJ[F[ESVßJDF"TUSB"M[FQPǭÎEJUTQFDJÃMOÎQǭÎ
TUVQPWPVLBSUV[BKFEOPSÃ[PWPVDFOVDDB,NJ
CF[EBMØÎDINǏTÎNJOÎDIQMBUFC
,BSUBKFSP[ØJǭJUFM
OÃ J P EBMØÎ QSPHSBNZ 6 TUBOEBSEOÎIP SP[MJØFOÎ
TLÝUÃ TBUFMJU P OǏDP MFQØÎ LWBMJUV PCSB[V OFß QǭJ
QP[FNOÎNQǭÎKNVBKTPV[EFEPTUVQOÊJQSPHSBNZ
WFWZTPLÊNSP[MJØFOÎ)%
ƉFTLÃUFMFWJ[FTFTOBßÎQǭJWÝTUBWCǏEJHJUÃMOÎDIEP
LSÝWBNJǹLPPSEJOPWBUQPTUVQTPTUBUOÎNJQSPWP[PWB
UFMJEJHJUÃMOÎIPQP[FNOÎIPUFMFWJ[OÎIPWZTÎMÃOÎBCZ
OPWǏ CVEPWBOÊ EJHJUÃMOÎ WZTÎMBNJF NBMÊIP WÝLPOV
ØÎǭJMZ ÙQMOPV QSPHSBNPWPV OBCÎELV UFEZ QSPHSB
NZ WFǭFKOPQSÃWOÎ J LPNFSNJOÎ 7 TPVNJBTOPTUJ OFOÎ
SP[IPEOVUP[EBKFWF7BØÎMPLBMJUǏNPßOÊQPNJÎUBU
TFTQVØUǏOÎNEJHJUÃMOÎIPEPLSÝWBNJFPTUBUOÎDITÎUÎ
TLPNFSNJOÎNJTUBOJDFNJ+FEOPUMJWÝNWZTÎMBUFMǹN
SFTQFLUJWFQSPWP[PWBUFMǹNEJHJUÃMOÎDITÎUÎNǹßF
ƉFTLÃUFMFWJ[FQPV[FOBCÎEOPVUTQPMFNJOÝQPTUVQ
;ÃMFßÎWØBLWßEZKFOOBKFKJDISP[IPEOVUÎ1PLVECZ
TFWZCVEPWBMKFOEJHJUÃMOÎEPLSÝWBNJTÎUǏTQSPHSB
NZƉFTLÊUFMFWJ[FM[FPNJFLÃWBUßFWǏUØJOBEJWÃLǹCZ
TFTUBLPWÝNQSPHSBNPWÝNQPSUGPMJFNOFTQPLPKJMB
BQǭFØMBCZOBKJOPVBMUFSOBUJWVLUFSÃQPTLZUVKFØJSØÎ
OBCÎELVQSPHSBNǹ
3VEPMG1PQǭFEJUFMUFDIOJLZƉFTLÊUFMFWJ[F
;&;13¦7:0#&;1&Ɖ/045/±4*56"$*
;QSÃWBPCF[QFNJOPTUOÎTJUVBDJV0CWPEOÎIPPEEǏMFOÎ1PMJDJFƉ3)SBEFDOBE.PSBWJDÎ[BSPLKF
QǭFELMÃEÃOBOB[ÃLMBEǏ[ÃLPOBNJ4CP1PMJDJJƉFTLÊSFQVCMJLZ;QSÃWBTF[BCÝWÃUSFTUOPV
NJJOOPTUÎOBÙ[FNÎNǏTUBBPTUBUOÎDIPCDÎWQǹTPCOPTUJ0CWPEOÎIPPEEǏMFOÎ1PMJDJFƉ3)SBEFDOBE
.PSBWJDÎ1PSP[ØÎǭFOÎÙ[FNÎPEMFEOBPQǏUPCDÎKFOZOÎWQǹTPCOPTUJPEEǏMFOÎDFMLFNPCDÎ
OBÙ[FNÎPCSB[OǏWZNF[FOÊNPCDFNJ,ZKPWJDF6IMÎǭPWm#ǭF[PWÃ
53&45/¦Ɖ*//045
7SPDFCZMPØFUǭFOPQǭÎQBEǹUSFTUOÊNJJOOPTUJWSPDFEPØMPLQǭÎQBEǹNUSFTUOÊNJJO
OPTUJWOÃTMFEVKÎDÎNQǭFIMFEVTLMBECZUSFTUOÝDINJJOǹ
ESVIUSFTUOÊNJJOOPTUJ
QPNJFU PCKBTOǏOP QPNJFU PCKBTOǏOP QPV[F)SBEFD
OÃTJMOÃ NSBWOPTUOÎ
NBKFULPWÃ
LSÃEFßFWMPVQÃOÎN
QSPTUÊ
PTUBUOÎ
IPTQPEÃǭTLÃ
PTUBUOÎ DFMLFN 7SPDFTUPVQMQPNJFULSÃEFßÎWMPVQÃOÎNPWÎDFOFßQǭJNJFNßTFQPEBǭJMPUǭFUJOVQǭÎQBEǹPC
KBTOJU+FUPOFKWZØØÎPCKBTOǏOPTUVUPIPUPESVIVUSFTUOÊNJJOOPTUJWPLSFTF0QBWB7OǏLPMJLBQǭÎQBEFDI
TFQPEBǭJMPDIZUJUQBDIBUFMFQǭÎNPOBNÎTUǏNJJOVOFCPUǏTOǏQPTQÃDIÃOÎUSFTUOÊIPNJJOV/FKWÎDFCZMP
WMPVQÃOÎEPSPEJOOÝDIEPNǹQSPEFKFOOÃESßÎNPUPSPWÝDIWP[JEFMBEPTPVLSPNÝDIñSFN/ÃSǹTU
UÊUPUSFTUOÊNJJOOPTUJKF[ǭFKNǏ[BQǭÎNJJOǏOSP[ØÎǭFOÎNÙ[FNÎPCWPEOÎIPPEEǏMFOÎIPTQPEÃǭTLPVLSJ[ÎB
WØFPCFDOǏTF[WZØVKÎDÎOFÙDUPVLTPVLSPNÊNVNBKFULV
7MPǥTLÊNSPDFOFEPØMPOBÙ[FNÎ001Ɖ3)SBEFDLßÃEOÊNV[ÃWBßOÊNVOÃTJMOÊNVUSFTUOÊNVNJJOV
1ƭ&4561,:
7SPDFCZMPWPCWPEVTQÃDIÃOPQǭFTUVQLǹDPßKFPWÎDFOFßWSPDF7UPNUPQPNJUV
OFKTPV[BISOVUZQǭFTUVQLZLUFSÊCZMZǭFØFOZWCMPLPWÊNǭÎ[FOÎOBNÎTUǏ
%013"7/±/&)0%:
7SPDFEPØMPOBÙ[FNÎPCWPEVLOFIPEÃN[UPIPW)SBEDJOBE.PSBWJDÎLOFIPEÃN
7&ƭ&+/À10ƭ¦%&,
7 SÃNDJ PCWPEOÎIP PEEǏMFOÎ CZMZ SPDF WF TQPMVQSÃDJ T .BHJTUSÃUFN NǏTUB 0QBWZ QSPWFEFOZ
LPOUSPMOÎ BLDF OB QPßÎWÃOÎ BMLPIPMV NMBEJTUWÝNJ B OF[MFUJMÝNJ7[IMFEFN L UPNV ßF )SBEFD OBE
.PSBWJDÎBKFIPPLPMÎKFUVSJTUZWFMNJWZIMFEÃWÃOBMPLBMJUBBQSPCÎIÃ[EFPEKBSBEPQPE[JNVOFTQPNJFU
Sǹ[OÝDILVMUVSOÎDIBTQPSUPWOÎDIBLDJKFOVUOÊTUÃMFEPIMÎßFUOBWFǭFKOÝQPǭÃEFL-[FLPOTUBUPWBUßF
TFEBǭÎVESßFUOFCPdzCǏIFNSPLVJOFEPØMPLßÃEOÊNV[ÃWBßOǏKØÎNVOBSVØFOÎWFǭFKOÊIP
QPǭÃELV3PWOǏßOFCZMPOVUOÊǭFØJUßÃEOÊQǭÎQBEZEJWÃDLÊIPOÃTJMÎ
0CWPEOÎPEEǏMFOÎ1PMJDJFƉ3)SBEFDOBE.PSBWJDÎÙ[DFTQPMVQSBDVKFT.ǏTUTLÝNÙǭBEFN)SBEFDOBE
.PSBWJDÎBTEBMØÎNJPCFDOÎNJÙǭBEZOQPS*OH3BEJN,PUBMBWFEPVDÎPEEǏMFOÎ
103"%/±4#03¼ƭ"%613¦$&701"7Ǝ
1PSBEOÎTCPS¼ǭBEVQSÃDFW0QBWǏKFTMPßFO[FTUBSPTUǹNǏTUPLSFTV[ÃTUVQDǹ0CDIPEOÎLPNPSZBPE
CPSǹ1SWOÎMFUPØOÎTDIǹ[LBTCPSVTFLPOBMBCǭF[OBBIMBWOÎNUÊNBUFNCZMBt;QSÃWBPTJUVBDJOBUSIV
QSÃDFWPLSFTF0QBWB[BSPLi1SPJOGPSNPWBOPTUQǭFELMÃEÃNFWZCSBOÊNJÃTUJ[QSÃWZ0LSFT0QBWB
NǏMLPCZWBUFM[UPIPCZMPWLBUFHPSJJMFUWLBUFHPSJJMFU
BCZMPTUBSØÎDIMFU+BLTFWQPTMFEOÎDIMFUFDIWZWÎKFMBWPLSFTFNÎSBOF[BNǏTUOBOPTUJWQSP
DFOUFDI 7SPDFCZMPCF[QSÃDFMJEÎWSPDFWSPDFWSPDF
Vß 7 )SBEDJ OBE .PSBWJDÎ CZMP W SPDF OF[BNǏTUOBOÝDI W SPDF WSPDFBMPOJVßUPCZMP1PNJFUVDIB[FNJǹP[BNǏTUOÃOÎNJJOJMLWPLSFTF
0QBWBOF[BNǏTUOBOÝDI[UPIPW)SBEDJOBE.PSBWJDÎMJEÎ
/BØFNǏTUPKFEMPVIPEPCǏEPCǭFIPEOPDFOPW[BNǏTUOÃWÃOÎVDIB[FNJǹPQSÃDJ[BQPEQPSZ¼ǭBEVQSÃ
DFBEÃMFWFWZUWÃǭFOÎQPENÎOFLQSPSFLWBMJñLBDJ[BTQPMVQSÃDFT1PF&EVDP,PNQMFUOÎt;QSÃWBPTJUVBDJ
OBUSIVQSÃDFWPLSFTF0QBWB[BSPLiKFWFMNJPCTÃIMÃBKFQǭÎQBEOÝN[ÃKFNDǹNLEJTQP[JDJVUB
KFNOÎLBÙǭBEV*OH7ÃDMBWÂBNQBUBKFNOÎLÙǭBEV
0#/07&/À 130#&;1&Ɖ/045$)0%$ƹ7Â*.307*$±$)
)"4*Ɖ4,À#¦-
.ǏTUP)SBEFDOBE.PSBWJDÎDIDFQPLSBNJPWBUWFTOB[FP[WZØPWÃOÎCF[QFNJOPTUJOBTWÝDIQP[FNOÎDILPNV
OJLBDÎDIBQPEBMPßÃEPTUPEPUBDJ[SP[QPNJUV.PSBWTLPTMF[TLÊIPLSBKFQSPHSBN;WZØPWÃOÎQBTJWOÎCF[QFNJ
4CPS EPCSPWPMOÝDI IBTJNJǹ )SBEFD OBE .PSBWJDÎ OPTUJOBQP[FNOÎDILPNVOJLBDÎDI%4)OBQSPKFLUt$IPEOÎLZVMJDF)SBEFDLÃÂJNSPWJDFi1SPKFLUǭFØÎ
PCOPWJMMFUPTQPMFUFDIUSBEJDJQPǭÃEÃOÎWNJ WZCVEPWÃOÎOPWÊIPDIPEOÎLVQPQSBWÊTUSBOǏ)SBEFDLÊVMJDFWFTNǏSVQǭÎKF[EVEPPCDFPE)SBEDFOBE
OVMPTUJWFMNJPCMÎCFOÝDI)"4*Ɖ4,À$)#¦-ƹ,P .PSBWJDÎ$IPEOÎLCZNǏMCÝUPE[BNJÃULVPCDFQPLǭÎßFOÎT.MÝOTLPVVMJDÎWEÊMDFDDBN%OFTQPEÊM
OBMTFWTÃMFSFTUBVSBDF/B1PEPMÎWTPCPUVMFE )SBEFDLÊVMJDFWQPETUBUǏOFFYJTUVKÎLPNVOJLBDFQSPQǏØÎBKFUBL[OBNJOǏPISPßFOBCF[QFNJOPTUDIPEDǹ
OB"TJØFEFTÃUOÃWØUǏWOÎLǹTFCBWJMPQǭJSFQSPEV $FMLPWÊOÃLMBEZQSPKFLUVNJJOÎ,NJBDFMLPWÃWÝØFEPUBDFNBY,NJ7ǏǭÎNFßFJUFOUP
LPWBOÊ IVECǏ B QFTUSÊN QSPHSBNV 5PNCPMB B QSPKFLUCVEFQPEQPǭFOBKFIPSFBMJ[BDFQǭJTQǏKFLWǏUØÎCF[QFNJOPTUJDIPEDǹ*WBOB)ZLMPWÃ
CPIBUÊ PCNJFSTUWFOÎ CZMZ TBNP[ǭFKNPTUÎ +FMJLPß
BLDF QSPCǏIMB LF TQPLPKFOPTUJ WØFDI [ÙNJBTUOǏ
OÝDICVEFNFWUÊUPUSBEJDJQPLSBNJPWBUJWQǭÎØUÎN
SPDFƉMFOPWÊ4CPSVEPCSPWPMOÝDIIBTJNJǹEǏLVKÎ ÂÃEPTUJPQǭJKFUÎEÎUǏUFLQǭFEØLPMOÎNVW[EǏMÃWÃOÎQSPØLPMOÎSPLWNJFUOǏTPVWJTFKÎDÎEP
WØFNTQPO[PSǹNBUǏØÎTFOBTFULÃOÎTPCNJBOZV LVNFOUBDF
KFNPßOPQPEBUW.BUFǭTLÊØLPMF)SBEFDO.BPEMPVNJFOÝDIQSBDPWJØUÎDIW#PIVNJPWJ
QǭÎMFßJUPTUJ)"4*Ɖ4,­)0#¦-6WSPDF
DÎDI+BLVCNJPWJDÎDI,BKMPWDJBÂJNSPWJDÎDIWFEOFDIBEVCOBWEPCǏPEEPI
3PTUJTMBWƭÎNTLÝKFEOBUFM4%))SBEFDO.
0QǭJKFUÎEÎUǏUFEPQǭFEØLPMOÎIP[BǭÎ[FOÎSP[IPEV TF QPESPCJMP TUBOPWFOÝN QSBWJEFMOÝN PNJLPWÃ
KFǭFEJUFMLBNBUFǭTLÊØLPMZ[BQPENÎOFLTUBOPWF OÎNNÃEPLMBEQPUWS[FOÎOBßÃEPTUJPQǭJKFUÎ
ßF
4%)+BLVCNJPWJDFOBCÎ[ÎPCNJBOǹN
OÝDIf[ÃLPOBNJ4CPQǭFEØLPMOÎN KFQSPUJOÃLB[FJNVOOÎOFCPTFOFNǹßFPNJLPWÃOÎ
LÃDFOÎBPǭF[TUSPNǹ$FOBEPIPEPV
[ÃLMBEOÎN TUǭFEOÎN WZØØÎN PECPSOÊN B KJOÊN QPESPCJUQSPUSWBMPVLPOUSBJOEJLBDJfPETU
W[EǏMÃWÃOÎ ØLPMTLÝ [ÃLPO
B QǭJ QǭJKÎNÃOÎ QPTUV ØLPMTLÊIP[ÃLPOBBf[ÃLPOBNJ4C
,POUBLU%,VEǏMB
QVKFQPEMFTQSÃWOÎIPǭÃEVfPETUQÎTNC
P PDISBOǏ WFǭFKOÊIP [ESBWÎ
;ÃLPOOÎ [ÃTUVQDJ
'4POOFL
QǭJOFTPV SPEOÝ MJTU EÎUǏUF B WZQMOǏOPV ßÃEPTU P
ØLPMTLÊIP[ÃLPOB
%MF f ØLPMTLÊIP [ÃLPOB KTPV QǭFEOPTUOǏ QǭJ QǭJKFUÎQPUWS[FOPVMÊLBǭFN
KÎNÃOZ EǏUJ W QPTMFEOÎN SPDF QǭFE [BIÃKFOÎN 0QǭJKFUÎEÎUǏUFTF[ESBWPUOÎNQPTUJßFOÎNSP[IPE
QPWJOOÊ ØLPMOÎ EPDIÃ[LZ %BMØÎ LSJUÊSJB QǭJKÎNÃOÎ OFǭFEJUFMLBNBUFǭTLÊØLPMZOB[ÃLMBEǏQÎTFNOÊIP
EǏUÎLQǭFEØLPMOÎNVW[EǏMÃWÃOÎKTPV
WZKÃEǭFOÎ ØLPMTLÊIP QPSBEFOTLÊIP [BǭÎ[FOÎ QǭÎ
EǏUJTUSWBMÝNCZEMJØUǏNWFNǏTUǏNJJPCDJ
QBEOǏ UBLÊ SFHJTUSVKÎDÎIP QSBLUJDLÊIP MÊLBǭF QSP
*OGPSNBNJOÎ DFOUSVN *$
)SBEFD O . PCIÃKJMP QSP
EǏUJLDFMPEFOOÎEPDIÃ[DF
EǏUJBEPSPTUfPETUØLPMTLÊIP[ÃLPOB
SPL DFSUJñLÃU "TPDJBDF UVSJTUJDLÝDI JOGPSNBNJ
EǏUJLUFSÊWEPCǏOÃTUVQVEP.»EPWSØÎNJUZǭJSPLZ ÂÃEPTUJLWZQMOǏOÎBQPUWS[FOÎPEMÊLBǭFTJNǹßF
OÎDIDFOUFSƉ3LBUFHPSJF#3PWOǏßTQMOJMPWØFDIOZ
BWÎDFBEǏUJLUFSÊEPWSØÎUǭÎMFUWǏLVBWÎDF
UFWZ[WFEOPVUPEEVCOBWFWØFDINBUFǭTLÝDI
TUBOEBSEZLUFSÊTUBOPWÎƉFTLÃDFOUSÃMBDFTUPWOÎIP
[BNǏTUOBOPTUSPEJNJǹ
ØLPMÃDI
SVDIV $[FDIUPVSJTN QSP [BǭB[FOÎ JOGPSNBNJOÎIP
.BUFǭTLÃ ØLPMB NǹßF QǭJKNPVU QPV[F EÎUǏ LUFSÊ
-JCVØF#FǥPWJNJPWÃǭFEJUFMLBNBUFǭTLÊØLPMZ
DFOUSBEPEBUBCÃ[FPñDJÃMOÎDIUVSJTUJDLÝDIDFOUFS
*$ )SBEFD O . QSPTUǭFEOJDUWÎN .ǏTUTLÊIP JOGPS
1BSLFUQMOÝUBOFNJOÎLǹ
NÎTUOÎPECPS)SBEFDO.QPǭÃEÃ[ÃKF[EZ
NBNJOÎIPDFOUSB.*$
0QBWBQSF[FOUPWBMPMFUPTOBØF
BEPCSÃOÃMBEBWFWØFDITÃMFDI
NǏTUP OB WFMFUS[ÎDI DFTUPWOÎIP SVDIV 1SPQBHBNJOÎ
EVCOB
NBUFSJÃMZ CZMZ EJTUSJCVPWÃOZ OB 3FHJPOUPVS #SOP
104501¦$)30%6-"3*4$)ƹ
Bß 4MPWBLJBUPVS #SBUJTMBWB ,BSWJOÃBPLPMÎ
)PMJEBZ8PSME1SBIB
B%PWPMFOÃB3FHJPO
LWǏUOB
0TUSBWB
7QSǹCǏIVSPLVQSPCǏI
;¦.&,#36/5¦-0#&$+*ƭ±,07
OPV QSF[FOUBDF W QPMTLÝDI PCDIPEOÎDI DFOUSFDI
)3"%407*/&$
OB LUFSÝDI CVEF NÎU ISBEFDLÊ *$ QSPTUǭFEOJDUWÎN
.*$0QBWBSPWOǏßTWÊ[BTUPVQFOÎ5ZUPBLDFNǏMZ ,POUBLU3PTUJTMBWB3BJEPWÃUFM
WMPǥTLÊNSPDFWFMLÝÙTQǏDI
.ǏTUTLÃ LOJIPWOB B *$ )SBEFD O . QPEBMZ MPOJ 0[OBNVKFNFOBØJN[ÃLB[OÎLǹNßF".&5:45PC
QSPKFLUWSÃNDJEPUBNJOÎIPQSPHSBNVt1PEQPSBUV DIǹEFLTNJBKJBEÃSLPWÝN[CPßÎNVLPONJÎWLWǏUOV
SJTUJDLÝDI JOGPSNBNJOÎDI DFO TWPVNJJOOPTU%ǏLVKFNFWØFN[BQǭÎ[FǥBQPEQPSV
UFS W .PSBWTLPTMF[TLÊN LSBKJ #ZMJKTNFUVQSPWÃTBTOBßJMJTFWZUWPǭJUQǭÎKFNOPV
QSP SPL i LUFSÝ LSBKTLÊ BUNPTGÊSVWEOFØOÎVTQǏDIBOÊEPCǏBQPEMFNPß
UBLPWÝCZM[DFMBWZQSPEBOÝ
[BTUVQJUFMTUWPTDIWÃMJMP*$UBL OPTUÎQPNPDJJSBEPVCZMPMJUPWOBØJDITJMÃDI
[ÎTLBMP QFOǏßOÎ QSPTUǭFELZ OB [BLPVQFOÎ SFEBLNJ .BTÃßF B SFLPOEJNJOÎ NJJOOPTU WØBL OFLPONJÎ #V
OÎIP TZTUÊNV B UWPSCV OPWÝDI XFCPWÝDI TUSÃOFL EPVQSPWÃEǏOZWOPWÝDIQSPTUPSÃDITUÃWBKÎDÎIP 7**3&13&;&/5"Ɖ/±1-&4
WNJFUOǏKB[ZLPWÝDINVUBDÎBOHMJNJUJOBQPMØUJOBSVØ EPNVTWDIPEFN[F[BISBEZPLPMPñSNZ»QB
.Ǝ45")3"%&$/"%.03"7*$±
UJOB
;LVØFCOÎQSPWP[OPWÝDITUSÃOFLCZMTQVØUǏO DÎS
/BCÎELBTMVßFCCVEFSP[ØÎǭFOBPNBTÃßFB
CǭF[OBOBBESFTFXXXJDISBEFDD[0TUSÝTUBSUKF QPSBEFOTUWÎ OB QSJODJQFDI WÝDIPEOÎ NFEJDÎOZ
%Ǝ54,À,-6#4-6/±Ɖ,0
OBQMÃOPWÃO OB EVCFO 7ǏǭÎNF ßF TUSÃOLZ CVEPV WNJFUOǏQSPEFKFQPEQǹSOÝDIQSPTUǭFELǹLMÊNJCǏ
QPǭÃEÃWFNJUWSUFLLWǏUOB
WZVßÎWBU OFKFO UVSJTUÊ LUFǭÎ IMFEBKÎ JOGPSNBDF P 0CKFEOÃWLZ CVEFNF QǭJKÎNBU EÃMF OB UFMFGPOV
PEEPIW/ÃSPEOÎNEPNǏ
OBØFN NǏTUǏ BMF CVEPV LV QSPTQǏDIV UBLÊ ISB OFCPPTPCOǏ
QSPEFKQPVßJUÊIPEǏUTLÊIPPCMFNJFOÎ
EFDLÝNPCNJBOǹN
+BOBB.BSUJOB-ZTÃLPWZ
*$)SBEFDO.TFTOBßÎWZKÎUWTUǭÎDTWÝNVßJWBUFMǹN
BKFJOBGBDFCPPLV4UBǥUFTFOBØÎNGBOPVØLFN
4SFBMJ[BDÎQSPKFLUVt7ÝTUBWCBDZLMPTUF[LZ)SBEFDOBE.PSBWJDÎÂJNSPWJDFiCZMPKJß[BQPNJBUP(FOFSÃM
1ǭFE[BIÃKFOÎNUVSJTUJDLÊTF[ÓOZEVCOBSP[ØÎ OÎN[IPUPWJUFMFNCZMBOB[ÃLMBEǏWÝCǏSPWÊIPǭÎ[FOÎWZCSÃOBñSNB,"3&5"TSP#SVOUÃMB[BNJÃULFN
ǭJMP*$TPSUJNFOU[CPßÎPOPWÊQPIMFEOJDFMFQPSF CǭF[OBKÎCZMPQǭFEÃOPTUBWFOJØUǏ%MFTNMPVWZPEÎMPCVEFTUBWCBEPLPONJFOBEPNJFSWOB+BL
MPSP[IMFEFOW.PSBWTLPTMF[TLÊNLSBKJQVCMJLBDF KTNFWÃTKJßJOGPSNPWBMJ.ǏTUP)SBEFDOBE.PSBWJDÎ[ÎTLBMPOBUFOUPQSPKFLUEPUBDJ[SP[QPNJUVt3FHJP
4UÃUOÎ[ÃNFL)SBEFDO.#ÎMÃWǏßB4UÃUOÎ[ÃNFL OÃMOÎSBEZSFHJPOVTPVESßOPTUJ.PSBWTLPTMF[TLPiWFWÝØJ[DFMLPWÝDI[QǹTPCJMÝDIWÝEBKǹQSP
3BEVǥ /PWǏ W QSPEFKJ KTPV UBLÊ QMFDIPWÊ NBH KFLUVNBYJNÃMOǏWØBLWDFMLPWÊWÝØJ,NJ7SÃNDJQSPKFLUVCVEFWZCVEPWÃOBOBQǹWPEOÎN
OFULZ T SFUSP TOÎNLZ [ÃNLV 7 CǭF[OV QSPCǏIMB NÎTUǏTUBSÊIPEǭFWǏOÊIPNPTUVOPWÃMÃWLBQǭFTǭFLV.PSBWJDÎWUǏTOÊCMÎ[LPTUJMÃWLZCVEFQPTUBWFO
W /ÃSPEOÎN EPNǏ ÙTQǏØOÃ CFTFEB T QSPG 1I%S EǭFWǏOÝBMUÃOLPEQPNJJOLVBOPWÃDZLMPTUF[LBWEÊMDFN
%VØBOFN 6IMÎǭFN $4D BVUPSFN LOJIZ 4MF[TLÝ 3FBMJ[BDÎUPIPUPQSPKFLUVQǭJTQǏKFNF[FKNÊOBLF[WÝØFOÎCF[QFNJOPTUJDZLMJTUǹBTJMOJNJOÎIPQSPWP[VOBTJM
ØMFDIUJD 'FMJY -JDIOPWTLÝ 5VUP LOJIV TJ SPWOǏß OJDJ[)SBEDFOBE.PSBWJDÎEPÂJNSPWJD1PEPLPONJFOÎWÝTUBWCZEPKEFLOBQPKFOÎDZLMPTUF[LZOBSFHJPOÃM
OÎDZLMPUSBTVNJWFEPVDÎ[0QBWZQǭFT)SBEFDOBE.PSBWJDÎ
NǹßFUF[BLPVQJUWOBØFN*$[B,NJ
.BSLÊUB#BZFSPWÃ ÂJNSPWJDFB1PEISBEÎLWPEOÎOÃESßJ,SVßCFSL*WBOB)ZLMPWÃ
;¦1*4%Ǝ5±%0."5&ƭ4,­»,0-:
/07*/,:
;*/'03."Ɖ/±)0$&/53"
."5*$&4-&;4,¦
".&5:45*/'03.6+&
7À45"7#"$:,-045&;,:)3"%&$/"%.03"7*$±Â*.307*$&
7"-/¦)30."%"
)"4*Ɖƹ7Â*.307*$±$)
/BTWÊWBMOÊISPNBEǏTFWQPMPWJOǏÙOPSBTFØMJNJMFOPWÊ4CPSVEPCSPWPMOÝDI
IBTJNJǹWÂJNSPWJDÎDI#JMBODPWBMPTFIPEOPUJMPTFBUBLÊTFWPMJMOPWÝWÝCPSB
TUBSPTUB+JǭÎ,ǭÎßQǭFEBMßF[MPLUFSÊUǭÎNBMEMPVIÊSPLZOPWÊTUBSPTUDF4UBMBTF
KÎ%BOJFMB/PWPUOÃ*LEZßUPOFNÃTWPMCPVßÃEOPVTPVWJTMPTUOFNPIVOFV
WÊTUKFEOV[BKÎNBWPTU7MFUPØOÎNSPDFUPUPUJßCVEFQBEFTÃUMFULEZØFTUJMFUÝ
+JSLB,ǭÎßWTUPVQJMEPPEEÎMVNMBEÝDIIBTJNJǹQPEWFEFOÎN(VTMÎLB»UFODMB
+BLÝ CZM IBTJNJTLÝ SPL W ÂJNSPWJDÎDI OB UP
WØFNPEQPWǏEǏMBWF[QSÃWǏPNJJOOPTUJ%BOJFMB/P
WPUOÃ;KFKÎIPWZTUPVQFOÎKTPVJOÃTMFEVKÎDÎǭÃELZ
,BßEÝ SPL QSP OÃT [BNJÎOÃ USBEJNJOÎN IBTJNJTLÝN QMF
TFN-POJWMFEOVOBOǏKQǭJØMBEPLVMUVSOÎIPEPNV
W%PNPSBEPWJDÎDI[ISVCBTUPWLBMJEÎB[ÃCBWBCZMB
KBLPWßEZBßEPCS[LÝDISBOOÎDIIPEJO5BLÊQPFLP
OPNJDLÊTUSÃODFEPQBEMQMFTÙTQǏØOǏ7FMLÊEÎLZQBUǭÎ
WØFNLUFǭÎTFQPEÎMFMJOBKFIPQǭÎQSBWǏB[BKJØUǏOÎ
0EMFEOBEPCǭF[OBTFOBØJIBTJNJJQSBWJEFMOǏÙNJBTUOÎ
QPßÃSOÎDIIMÎEFL5ZKTPVEOFTEPTUNJBTUPPQPNÎKFOÊ
.ZLOJNQǭJTUVQVKFNFPEQPWǏEOǏBTWÊIMÎELZKTNF
NǏMJ OB Sǹ[OÝDI BLDÎDI W PLSFTF
OFKNJBTUǏKJ OB QMFTFDI NK OB QPMJ
DFKOÎNBWPKFOTLÊNLUFSÊTFLPOBMZ
OB[ÃNLVW)SBEDJOBE.PSBWJDÎ
7 MFEOV B CǭF[OV TF OBØJ IBTJNJJ
ÙNJBTUOJMJ WÝKF[EV L QPßÃSV EÃMF
QBL LF TNSUFMOÊNV [SBOǏOÎ QǭJ
LÃDFOÎ TUSPNV B IPǭÎDÎNV TFOÎLV
W)SBEDJOBE.PSBWJDÎ
%BMØÎUSBEJNJOÎBLDÎTCPSVKFPTMBWB
1SWOÎIP NÃKF QPKBUB WF TUZMV EOF
PUFWǭFOÝDI EWFǭÎ W OBØÎ IBTJNJÃSOǏ
B TQPKFOB T EFHVTUBDÎ EPNÃDÎ [B
CÎKBNJLZ"OJUBUPBLDFTFOFPCFKEF
CF[JOUFO[JWOÎDIQǭÎQSBW5JLEPTF
[ÙNJBTUǥVKÎWǏEÎBUǏNLUFǭÎQǭJKEPV
QPEQPǭJU OÃØ TCPS EǏLVKFNF [B
OÃWØUǏWV1PEPCOǏUSBEJNJOÎKTPVJ'MPSJÃOTLÊNØFLUF
SÝDITFBLUJWOǏÙNJBTUOÎNFW1PMTLV)SBEDJOBE.PSB
WJDÎB.FMNJJ7CǭF[OVKTNFVTQPǭÃEBMJWOBØÎIBTJNJTLÊ
[CSPKOJDJQPTF[FOÎTFßFOBNJVQǭÎMFßJUPTUJ.%Â
ƉFSWFO CZM QSP OÃT PQSBWEV OÃSPNJOÝ QSPUPßF QP
WPEOǏ [BTÃIMZ WǏUØJOV Ù[FNÎ OB .PSBWǏ B IBTJNJJ
NǏMJQPIPUPWPTU/F[ǹTUBMJKTNFLQPTUJßFOÝNMIPT
UFKOÎB[PSHBOJ[PWBMJNBUFSJÃMOÎQPNPDQSPMJEJLUFǭÎ
CZMJQǭÎSPEOÎNJßJWMZ[BTBßFOJOFKWÎDF0QPNPDKTNF
QPßÃEBMJNJMFOZTCPSVPCNJBOZÂJNSPWJDBUBLÊWØFDI
OZ TCPSZ W OBØFN PLSTLV B KFKJDI QSPTUǭFEOJDUWÎN
UBLÊPCNJBOZUǏDIUPPCDÎ#ZMJKTNFPQSBWEVSÃEJßF
TPMJEBSJUBWØFDICZMBWFMJLÃ1PEBǭJMPTFOÃNWZQSB
WJUDFMÝLBNJPONBUFSJÃMOÎQPNPDJQSP#MVEPWJDFV
/PWÊIP+JNJÎOB
1SBLUJDLZQPDFMÝSPLQSBDPWBMJOBØJNJMFOPWÊOBPQSB
WǏOBØFIPIBTJNJTLÊIPWP[V$"4LUFSÃTF[EÃSOǏ
CMÎßÎLEPLPONJFOÎ7FMLÊQPEǏLPWÃOÎQBUǭÎWØFNIB
TJNJǹNJOFIBTJNJǹNLUFǭÎTFTUBSBKÎBCZUPUPBVUPKJß
CS[ZTMPVßJMPTWÊNVÙNJFMV
6ßOB[BNJÃULVSPLVKTNF[BNJBMJJOUFO[JWOǏQǭJQSBWP
WBUWFMLPVTQPMFNJFOTLPTQPSUPWOÎBLDJWFTQPMVQSÃDJ
T 1PMTLFN B &WSPQTLPV VOJJ QPE OÃ[WFN t4QPMFNJOǏ
DISÃOÎNF TQPMFNJOǏ TF CBWÎNFi 7 NJFSWOV TF QBL
QPEBǭJMP [BTF P LPVTFL QǭJCMÎßJU
EWBOÃSPEZLTPCǏ&WSPQTLÃVOJF
QǭJTQǏMB NJÃTULPV ,NJ OÃØ
TCPS,NJ7ÂJNSPWJDÎDIKTNF
QǭJWÎUBMJQPMTLÊIBTJNJF[#PKBOPWB
1ØPWB1JFUSBØÎOVTMPWFOTLÊ[-JQ
UPWTLÊIP .JLVMÃØF -JQUPWTLÊ 1P
SǹCLZB)ZCFNJFTLÊ[-BOØLSPVOB
+FTFOÎLVB0QBWZ$FMÝEFOTFOFTM
W EVDIV QPIPEZ B J LEZß QSØFMP
[BNJBMBUBUPWFMLÃTMÃWBQǭFIMÎELPV
WØFDIIBTJNJǹWQSǹWPEVTWMBKLBNJ
DFMPV OBØÎ PCDÎ )MBWOÎN ÙNJFMFN
TFULÃOÎCZMB[ÃCBWB)SÃMPTF[QÎ
WBMPBTPVUǏßJMP/FOÎKFEOPEVDIÊ
QPTUBSBUTFPUBLPWPVBLDJBCZWØF
LMBQBMPKBLNÃBQSPUPKFPQǏUOB
NÎTUǏ QPEǏLPWÃOÎ WØFN [ÙNJBTUOǏOÝN 7 SÃNDJ UÊUP
BLDFTFLPOBMBUBLÊTPVUǏßQBQÎSFOTLÝDIQPEOJLǹ[B
ÙNJBTUJIBTJNJǹ[F4MPWFOTLB1PMTLBBƉFTLB
7 OBØFN TCPSV KJß OǏLPMJL MFU QǹTPCÎ LPMFLUJW NMB
EÝDIIBTJNJǹ*OUFO[JWOǏTFQPEÎMFKÎOBWFØLFSÊNEǏOÎ
WFTCPSVBOBCÎSBKÎUBLUP[LVØFOPTUJ,PODFNSPLVTF
NMBEÎIBTJNJJSP[MPVNJJMJTFTWPVWFEPVDÎ+BOPV»UFDP
WPVBOPWÝNWFEPVDÎNTFTUBM%BWJE/ÃCǏMFL
7 EPCǏ MFUOÎDI QSÃ[EOJO KTNF OBWØUÎWJMJ TUBOJDJ IB
TJNJTLÊIP[ÃDISBOOÊIPTCPSVW+FTFOÎLVBUBLÊKTNF
OBWØUÎWJMJOBØFESVßFCOÎIBTJNJFW-BOØLSPVOǏ
7ǭÎKOVKTNFPQǏUQPǭÃEBMJEFOPUFWǭFOÝDIEWFǭÎTQP
KFOÝTEPNÃDÎ[BCÎKBNJLPVBPQǏUTWFMLÝNPIMBTFN
;QFTUǭFOÎN UÊUP VEÃMPTUJ CZM WÝKF[E OBØÎ KFEOPULZ
LQPßÃSVLUFSÝTF[ÃIZVLÃ[BMKBLPQMBOÝQPQMBDI
3PLKFEFñOJUJWOǏ[BOÃNJ#ZMQSPOÃØTCPS
WFMJDFQFTUSÝBOÃSPNJOÝ1ǭJOFTMTJUVBDFLUFSÊTFOB
QSWOÎ QPIMFE [EÃMZ UǏßDF [WMÃEOVUFMOÊ "MF PQǏU
KTNF TF QǭFTWǏENJJMJ ßF TQPMFNJOÝNJ TJMBNJ UÃIOF
NFMJ[BKFEFOQSPWB[EPLÃßFNFNOPIP
/B WBMOÊ ISPNBEǏ TF QPDIPQJUFMOǏ IPWPǭJMP J P
QMÃOFDI OB MFUPØOÎ SPL /ǏDP Vß NBKÎ ßJNSPWJNJUÎ
IBTJNJJ [B TFCPV ,POLSÊUOǏ USBEJNJOÎ IBTJNJTLÝ QMFT
7 CS[LÊ EPCǏ KF NJFLÃ ØLPMFOÎ NJMFOǹ KFEOPUFL OB
NPUPSPWÊQJMZØLPMFOÎWFMJUFMǹESVßTUFWWKFEOPUDF
/BLWǏUFOBǭÎKFOQǭJQSBWVKÎEFOPUFWǭFOÝDIEWFǭÎ
T EPNÃDÎ [BCÎKBNJLPV .MBEÎ IBTJNJJ TF OB KBǭF B OB
QPE[JN[ÙNJBTUOÎISZ1-".&//BQSPHSBNVWLWǏU
OVKTPV'MPSJÃOTLÊNØFBUBLÊIBTJNJTLÊTPVTUǭFEǏOÎ
QSPNMÃEFßW.BMÊ.PSÃWDF7NJFSWOVTFßJNSPWJNJUÎ
[ÙNJBTUOÎPTMBWWÝSPNJÎ[BMPßFOÎIBTJNJTLÊIPTCPSV
W 0QBWǏ 7 MFUOÎDI NǏTÎDÎDI CVEPV CPKPWBU OB
PLSTLPWÝDI TPVUǏßÎDI W ,BKMPWDJ #FOLPWJDÎDI B
QPIÃSPWÝDITPVUǏßÎDIW#SBODFV0QBWZBW)SBE
DJ OBE .PSBWJDÎ ƉFLBKÎ KF UBLÊ PECPSOÃ ØLPMFOÎ
W IBTJNJTLÊ ØLPMF W +ÃOTLÝDI ,PVQFMÎDI B [LPVØLB
NJFSQBEFMVTQMBWVWÂJNSPWJDÎDI0QǏUTF[BKFEPV
QPEÎWBU EP IBTJNJTLÊ TUBOJDF W +FTFOÎLV B IPEMBKÎ
SP[WÎKFUJESVßFCOÎW[UBIZTIBTJNJJW-BOØLSPVOǏB
OB 4MPWFOTLV 4MPWFOTLÊ QǭÃUFMF QǭJWÎUBKÎ J W ÂJN
SPWJDÎDI7FMLÝNÙLPMFNWMFUPØOÎNSPDFKFQSPOǏ
WZQSBDPWÃOÎ QSPKFLUV OB PQSBWV GBTÃEZ B WÝCBWV
IBTJNJTLÊ[CSPKOJDF[GPOEǹ&WSPQTLÊVOJF
,EPUWPǭÎOPWÝWÝCPS4%)ÂJNSPWJDF +TPVUP%B
OJFMB/PWPUOÃTUBSPTULB
+JǭÎ,ǭÎßOÃNǏTUFLTUB
SPTUZ
.BSFL »UFD WFMJUFM 4%)
%BWJE /ÃCǏMFL
SFGFSFOU NMÃEFßF
%BOJFMB ,SFKNJÎ IPTQPEÃǭLB
.JDIBM.BSPØ-VLÃØƉVǭÎLB'SBOUJØFL4FEMÃNJFL
NJMFOPWÊ WÝCPSV
3FWJ[OÎ LPNJTF CVEF QSBDPWBU
WF TMPßFOÎ .JSPTMBW ,ǭÎß QǭFETFEB
+BSNJMB ,ǭÎ
ßPWÃB;EFOB3BNÎOLPWÃNJMFOLZ
1ǭJQSBWJMBGPUP,BSFM4UVDIMÎL
%0.0,0»57%0.03"%07*$±$)
7[JNOÎNPCEPCÎTFTPVTFEÊOBWFTOJDÎDIW[ÃKFNOǏOBWØUǏWVKÎWHBSÃßÎDIBTLMFQÎDI[BÙNJFMFNTPV
LSPNÝDI EFHVTUBDÎ 4BNP[ǭFKNÝN DÎMFN KF QPSPWOÃWÃOÎ LUFSÃßF KF UB MFQØÎ "CZ OF[ǹTUBMP QPV[F V
TPVTFEǹVTQPǭÃEBMJIBTJNJJ[%PNPSBEPWJDSPNJOÎLLPØUVEPNÃDÎDIQÃMFOFLt0QVUPWOÎMÃIFW%PNP
LPØUi"UBLTFWTPCPUOÎWFNJFSCǭF[OB)BTJNJBSÊOBW%PNPSBEPWJDÎDIQPOPǭJMBEP[ÃWBOVPWPDFB
WǹOǏQÃMFOJD
4MJWPWJNJLB KF OÃØ OÃSPEOÎ MÊL +Jß OBØJ QǭFELPWÊ T OÎ MÊNJJMJ WØFDIOZ OFEVIZ B EǏMBMJ NPD EPCǭF #ZMP
CZUFEZØLPEBOFDIBUTJUVUPNFEJDÎOVKFOQSPTFCFBUÎNKJOFEPDFOJUOBWFǭFKOPTUJ7UPNIMFEVDIV
[BTFEMJ[ÙNJBTUOǏOÎTQǹMMJUSFNEPNÃDÎQÃMFOLZLEFHVTUBNJOÎNTUPMǹNQMOÝDIØQFLVLMPCÃT[FMÎTÝSǹ
QFNJJWB B WPE " ßF TJ QǭJØMJ OB TWÊ EPLB[PWBMP PQSBWEV LWBMJUOÎDI W[PSLǹ LUFSÊ NǏMZ [ÃLMBE W Sǹ[
OÝDINJÃTUFDIOFKFOEPNPSBEPWTLÝDITWBIǹ[BISBE
BMFKÎBTLMFQǹ
,WBMJUBW[PSLǹTFSPLPESPLVMFQØÎBOǏLEPQǭFDFKFO
NVTÎ EPTUBU CPEǹ WÎDF B OǏLEP NÊOǏ -FUPØOÎ SPL
CZM IPKOÝ OB ØWFTULZ B UBL NVTFMB WZISÃU TMJWPWJDF
+PTFGB 4FEMÃNJLB [ 0QBWZ OBTOÎNLVWMFWP
1PQSWÊ
CZMBVEǏMFOBJTMFQFDLÃIǹMQSPW[PSFLLUFSÝTLPONJJM
OB QPTMFEOÎN NÎTUǏ /VUOP PQSBWEV EPEBU ßF EMF
CPEPWÊIPIPEOPDFOÎCZMZW[PSLZOFWÎEBOǏLWBMJUOÎ
B WZSPWOBOÊ 1P WZIMÃØFOÎ WÎUǏ[ǹ QSPCÎIBM WFNJFS
W EJTLV[ÎDI PDIVUOÃWLÃDI B IPEOPDFOÎDI 1PǭBEB
UFMÊEǏLVKÎWØFN[BWZEBǭFOPVBLDJBUǏØÎTFOBEBMØÎ
TFULÃOÎTPDFǥPWÃOÎNUPIPUPMÊNJJWB
5FYUBGPUP7MBTUJNJM+BIOB+JǭÎ)BOÃL
+",7:1"%"-"
/FEÃWOPKTNFCZMJQPßÃEÃOJ%S7BMFONJÎLFN[1SBIZPPC
OPWVLBQMJNJLZKJßOǏPE%PNPSBEPWJDLUFSÃTFOBDIÃ[FMB
OB LPQDJ WQSBWP OBE .FMNJTLÝN QPUPLFN +FO NÃMPLEP
[ OÃT TJ W[QPNFOF LEF TUÃMB B NPßOÃ T QǭFLWBQFOÎN
[KJTUÎßFMFßÎOBLSBKJLBUBTUSVOBØFIPNǏTUB,BQMJNJLBCZMB
TPVNJÃTUÎ QSBWEǏQPEPCOǏ KJß W TUPMFUÎ [BOJLMÊ PCDF
+BWPǭÎ KJOÝ OÃ[FW KF 1PMPNFD
; UFSÊOOÎDI OFSPWOPTUÎ
UV NǹßFUF WZUVØJU [CZULZ [ÃLMBEǹ OǏLPMJLB EPNǹ +BL
WZQBEBMBTBNPUOÃLBQMJNJLBVßEOFTOFWÎNF+FØUǏQǭFE
BTJEWBDFUJMFUZ[EFBMFTUÃMBBKFNPßOÊßFTJKJOǏLEPWZGPUJMOFCPOBLSFTMJM;ÎTLBUKFKÎ[PCSB[FOÎCZQP
NPIMPQǭJSP[IPEPWÃOÎPEBMØÎNKFKÎNPTVEV5ǭFCBTFQBLOBKEFOǏLEPLEPCVEFDIUÎULBQMJNJLVPQSBWJU
BVDIPWBUKJOBØJNOÃTMFEPWOÎLǹN;LBUBTUSVOFNPWJUPTUÎM[FWZNJÎTUßFNBKJUFMFNQBSDFMZOBLUFSÊTUÃMB
KFEOFTñSNB$&800%;MÎOBUBEMF%S7BMFONJÎLBPPQSBWVOFNÃ[ÃKFN/BTOÎNLVWÝǭF[[NBQZ*WP
KFOTLÊKPTFGTLÊ
NBQPWÃOÎ4MF[TLPNBQPWÝMJTUNJ[S
*OH,BSFM)BOÃLNÎTUPTUBSPTUB
45ƭ±1,:;)*4503*&
1ǭJQSBWVKF*OH,BSFM)BOÃL
&-&,53¦3/"
7 SPDF LPVQJM NBKJUFM ISBEFDLÊIP QBOTUWÎ ,BSFM
.BY-JDIOPWTLÝQBQÎSOVOBt4USÃODFiB[BNJBMKJQǭFTUB
WPWBUOBFMFLUSÃSOV,PMBVEBNJOÎSP[IPEOVUÎFMFLUSÃSOZ
CZMP[ÎTLÃOPBß&MFLUSÃSOBEPEÃWBMBTUFK
OPTNǏSOÝQSPVEPOBQǏUÎ7QǭFEFWØÎNEP[ÃNLV
BMFJEPOǏLUFSÝDI[ÃNPßOǏKØÎDIEPNǹW)SBEDJB1P
EPMÎ#ǏIFNQǭFDIPEVGSPOUZ[BTWǏUPWÊWÃMLZEPØMP
LF [OBNJOÊNV QPØLP[FOÎ [BǭÎ[FOÎ FMFLUSÃSOZ WNJFUOǏ
FMFLUSJDLÊIPWFEFOÎBMF[ÃTMVIPVQǏUJNÎTUOÎDIFMFLUSJ
LÃǭǹCZMBCS[PVWFEFOBEPQSPWP[V7SPDFCZMB
FMFLUSÃSOB[SVØFOB,BQMBOPWBUVSCÎOBCZMBPEWF[FOB
EPPQBWTLÊIP[ÃWPEV1BQDFM#VEPWBCZMB[CPVSÃOB
BDJIMZCZMZQPVßJUZQSPTUBWCVSPEJOOÝDIEPNǹ
1*-:
%ǭFWP [ ISBEFDLÝDI MFTǹ [QSBDPWÃWBMP OǏLPMJL QJM
7SPDFLPVQJMBMCSFDIUJDLÝNMÝO$BSM8FJTTIVIO
BCS[ZIPQǭFTUBWǏMOBQJMV
7ÂJNSPWJDÎDICZMBQJMBOB.MÝOTLÊVMJDJNJ
1BOTLÃ QJMB TF OBDIÃ[FMB OB MFWÊN CǭFIV .PSBWJDF
W QSPTUPSV NF[J EOFØOÎ QJMPV B EÎMOBNJ ñSNZ 5SMJDB
+FQSBWEǏQPEPCOÊßFFYJTUPWBMBKJßQǭFESPLFN
1PSPDFKJ-JDIOPWØUÎ[BNJBMJQSPOBKÎNBU1SWOÎN
OÃKFNDFNCZM&EVBSE)FSUMQPSPDF[ÃNFNJOÎL
+PTFG )JSD[BL B PE SPLV +BO +BTDIFL [ ,PNÃ
SPWB /ÃKFNDF TF NVTFM TNMVWOǏ [BWÃ[BU ßF CVEF
[QSBDPWÃWBU EǭFWP [ LOÎßFDÎDI MFTǹ 1JMB [BOJLMB QP
QSWOÎTWǏUPWÊWÃMDF
1PNJÃULZ EOFØOÎ QJMZ OB ÂJNSPWJDLÊ VMJDJ NJ TBIBKÎ
EPSPLV1BUǭJMBNBKJUFMǹNISBEFDLÊIP[ÃNLV
-JDIOPWTLÝN7SPDFCZMBQJMBKJßOPWÝNNBKJUF
MFNQPWFMLÊNQPßÃSVPCOPWFOBWEBMFLPWǏUØÎNSP[
TBIV,SPNǏǭF[JWBTF[EFWZSÃCǏM[BISBEOÎOÃCZUFLB
Sǹ[OÊEǭFWǏOÊWÝSPCLZKBLPWBǭFNJLZWǏØÃLZSBNÎOLB
BQ%PTUBUFNJOPVFOFSHJJEPEÃWBMBWPEOÎ'SBODJTPWB
UVSCÎOB%PTUBUFNJOÝQǭÎWPEWPEZCZMQǭJWÃEǏOOÃIP
OFNPEÂJNSPWJDLÊIPTQMBWV
0ESPLVCZMB[ǭÎ[FOBQJMBWCÝWBMÊN1PEPMTLÊN
NMÝOǏ/ǏNDFN"MGSÊEFN-JDIOPGTLÝNOFCZMQǭÎCV[
OÝ ISBEFDLÝDI -JDIOPWTLÝDI
1ǭJ QǭFDIPEV GSPOUZ
TWǏUPWÊWÃMLZQJMBEP[ÃLMBEǹWZIPǭFMB7QSPTUPSV
EOFØOÎIPGPUCBMPWÊIPIǭJØUǏCZMTLMBEEǭFWB
.BMÃQJMBCZMBWPCEPCÎQSWOÎSFQVCMJLZJOB1BTUWJT
LV1BUǭJMBTUBWJUFMJOǏNFDLÊOÃSPEOPTUJQ.JMMFSPWJ
CǏIFNTWǏUPWÊWÃMLZQJMB[BOJLMB
3:#/±,:"3:#0-07
&YJTUFODF ISBEFDLÝDI SZCOÎLǹ KF EPMPßFOB W t6SCÃǭJ
QBOTUWÎISBEFDLÊIPi[SPLV3ZCOÎLZTFSP[LMÃEB
MZOBÙQBUÎ)BOVØFBUÃIMZTFWEÊMDFLN[B%PMOÎ
EWǹSV#SBOLZBßLOZOǏKØÎPTBEǏ3ZCOÎNJLZ1SWOÎSZCOÎL
OBQÃKFOÝ [ .PSBWJDF [ NÎTU OZOǏKØÎIP ßJNSPWJDLÊIP
TQMBWVTFKNFOPWBM1JMBǭ/BOǏKOBWB[PWBMZEWBTUFKOǏ
WFMLÊ SZCOÎLZ 4QÃMFOÝ B ,FǭPWÝ 7FEMF CZM KFØUǏ KFEFO
NFOØÎWFLUFSÊNTFDIPWBMZSZCZQSPQPUǭFCV[ÃNFDLÊ
LVDIZOǏ 7 NÎTUFDI NF[J EOFØOÎ UPWÃSOPV B ÙQBUÎN
)BOVØFCZMSZCOÎL[WBOÝ.PSEÝǭB[BOÎNL0QBWǏQP
TMFEOÎ %PMOÎ $FMLFN SZCOÎLZ EÃWBMZ EPISPNBEZ LPQUFEZBTJUJTÎDSZCWEWPVMFUÊNPCEPCÎ
,".%0410-&Ɖ/045*
7À45"7:
.ǏTUTLÃHBMFSJFBNV[FVN;ÃNFDLÃVM
PUFWǭFOPTPCPUZOFEǏMFTWÃULZBßIPEJO
0-%ƭ*$),6-)¦/&,(3"'*,",3&4-±ƭ
1&53/*Âƥ"/4,À40$)"ƭ
7ÝTUBWBUSWÃEP
%Ǝ%*$57±/"»*$)#"#*Ɖ&,"%Ǝ%ƹ
)JTUPSJDLÊQǭFENǏUZTCǏSBUFMF,BSMB,PTUFSZ
WÝTUBWBUSWÃEP
0#3";:40$):",&3".*,"
-6#0.±3"%045¦-"
7FSOJTÃßLWǏUOBIWÝTUBWBUSWÃEPNJFSWOB
%6#&/
#&;36Ɖ07".03"7*$&
SPNJOÎLTMBWOPTUOÎ[BIÃKFOÎIWFWFTUJCVMV.ǏTU
TLÊIPÙǭBEV)SBEFDO.
7&-*,0/0$&/";¦.,6
;ÃNFL)SBEFDO.QSPIMÎELZTWFMJLPOPNJOÎUÊNBUJLPV
7&-,¦$&/")3"%$&7&'-03#"-6
;»)SBEFDO.IQPǭÃEÃ-.JØJNJLPWÃWÎDFTUS
5+)3"%&$/.',#0)6.±/
.JTUSPWTLÊGPUCBMPWÊVULÃOÎLSBKTLÊIPQǭFCPSVI
05&7±3¦/±+"3""563*45*$,­4&;¶/:
SPNJOÎLQǭJQSBWFOZUVSJTUJDLÊUSBTZBCPIBUÝQSPHSBN
OB.BSJÃOTLÝDIMPVLÃDIBW"SFÃMVEPCSÊQPIPEZWÂJNSP
WJDÎDITBUSBLDFNJQSPEǏUJJQSPEPTQǏMÊWÎDFTUS
0-­Ɖ*7&$)";%3"7±
1ǭFEOÃØLB.HS7PMOÊIP%140QBWTLÃVMIQPǭÃ
EÃ4MF[TLÝTWB[[ESBWPUOǏQPTUJßFOÝDI)SBEFDO.
,0/$&35%&$)07­)00%%Ǝ-&/±
,PODFSU;6»)SBEFDO.7FMLÃEWPSBOBƉFSWFOÊIP[ÃN
LVIQPǭÃEÃ;6»)SBEFDO.
B0%&.:,¦/±.03"7*$&
.FNPSJÃM.#VKOPDIBQPǭÃEÃ.ǏTUP)SBEFDO.7,$BN
QBOVMBƉFTLÃUÃCPSOJDLÃVOJFB.JLSPSFHJPO.PSBWJDF
5+)3"%&$/.0%3"1&5ƭ,07*$&
.JTUSPWTLÊGPUCBMPWÊVULÃOÎLSBKTLÊIPQǭFCPSVI
,0/$&35"4-"7/045/±05&7ƭ&/±
7&-,­0#:5/­1ƭ&%4±/Ǝ
/ÃEWPǭÎ#ÎMÊIP[ÃNLVI1PǭÃEÃ4U[ÃNFL)SBEFDO.
,7Ǝ5&/
%&/05&7ƭ&/À$)%7&ƭ±4%)Â*.307*$&
53"%*Ɖ/±7&1ƭ07­)0%:PEI
WIBTJNJTLÊ[CSPKOJDJ
B/&53"%*Ɖ/±7&Ɖ&3/±1370.¦+07À13ƹ70%I
TQPKFOÝTPTMBWBNJWÝSPNJÎPTWPCP[FOÎPCDF
5+)3"%&$/.,3/07
.JTUSPWTLÊGPUCBMPWÊVULÃOÎLSBKTLÊIPQǭFCPSVI
,0/$&35,-"7±3/±)0"1Ǝ7&$,­)00%%
,PODFSU;6»)SBEFDO.7FMLÃEWPSBOBƉFSWFOÊIP[ÃN
LVIQPǭÃEÃ;6»)SBEFDO.
,0/$&35,:5"307­)00%%Ǝ-&/±
,PODFSU ;6» )SBEFD O . LPODFSUOÎ TÃM ;6» I
QPǭÃEÃ;6»)SBEFDO.
5+)3"%&$/.*31Ɖ&4,À5Ǝ»±/
.JTUSPWTLÊGPUCBMPWÊVULÃOÎLSBKTLÊIPQǭFCPSVI
5+)3"%&$/.0-%ƭ*»07
.JTUSPWTLÊGPUCBMPWÊVULÃOÎLSBKTLÊIPQǭFCPSVI
4*-&4*".&3*%"#*,&."3"5)0/
SPNJOÎLDZLMJTU[ÃWPEVWÝKF[EOB,BMWÃSJJLPMFNI
0%#03/¦1ƭ&%/¦»,"
4UBWFCOǏIJTUPSJDLÝQSǹ[LVNSFTUBVSPWÃOÎBPCOPWBJOUFSJÊ
SV#ÎMÝ[ÃNFLIQPǭÃEÃ4U[ÃNFL)SBEFDO.
t7&%-"+4&.¦,:,50.6
"#:.Ǝ-*3¦%*1ƭ±30%6i
%OFTQǭFETUBWVKFNF.HS.BSDFMV4PVELPWPVOBTOÎNLV
PTPCOPTUISBEFDLÊ;ÃLMBEOÎ
ØLPMZLUFSÃQPEPCVOFVWǏǭJUFMOÝDIUǭJDFUJEWPVMFUQǭFEÃWÃHFOFSBDÎNßÃLǹTWÊPECPS
OÊ[OBMPTUJ[CJPMPHJFDIFNJFBOFTQPNJFUEÎWFLKJßOBVNJJMB[ÃLMBEǹNSVNJOÎDIQSBDÎ,EZTJ
CZMBJNPVVNJJUFMLPVBNPDSÃEBOBOJW[QPNÎOÃN.BSDFMB4PVELPWÃISBEFDLPVØLPMV
QP[OBMBOFKQSWF[QP[JDFßÃLZOǏQP[EǏKJKBLPVNJJUFMLB/ZOÎKFVßWEǹDIPEVBMFKJßESV
IÝNSPLFNNJÃTUFNJOǏWFØLPMFWZQPNÃIÃ3FMBYVKFQPCZUFNWQǭÎSPEǏBQSBDÎOB[BISBEǏ
3ÃEBNJUFBKFKÎOPWPV[ÃMJCPVTFTUBMBLFSBNJLB)PEOǏSBEPTUJTJVßÎWÃUBLÊTWOPVNJBUZ
+BLKTUFTFEPTUBMBLVNJJUFMTLÊNVQPWPMÃOÎ
#ZMBUPTQÎØFOÃIPEB1ǹWPEOǏKTFNDIUǏMBTUVEPWBU
tMFTBǭJOViQSPUPßFCJPMPHJJKTFNNǏMBPQSBWEVNPD
SÃEB 0UFD BMF T MFTOJDLPV ØLPMPV OFTPVIMBTJM B UBL
KTFNTJWZCSBMBQFEBHPHJDLPVGBLVMUVTBQSPCBDÎCJ
PMPHJFDIFNJF;UǏDIUPEWPVQǭFENǏUǹNÃNCMJßØÎ
W[UBIQSÃWǏLCJPMPHJJ6NJÎNUBLÊ[NJǥPWBOÊQSBLUJD
LÊ NJJOOPTUJ LEF EǏWNJBUB [ÎTLÃWBKÎ [ÃLMBEZ WZØÎWÃOÎ
QMFUFOÎIÃNJLPWÃOÎBWBǭFOÎ*UZUPIPEJOZNÃNWFMJDF
SÃEB /ǏLEP KF UZQ TUVEJKOÎ KJOÝ KF [BTF [SVNJOÝ NB
OVÃMOǏ .ZTMÎN ßF KTFN TJ QPWPMÃOÎ WZCSBMB EPCǭF
QPǭÃE KF QSP NǏ TUFKOǏ BUSBLUJWOÎ B LEZCZDI NǏMB
NPßOPTUWPMJU[OPWVWPMJUSP[IPEMBCZDITFTUFKOǏ
)SBEFDLÃØLPMBCZMBWBØÎQSWOÎQFEBHPHJDLPV
[LVØFOPTUÎ
5POF.PKFQSWOÎQǹTPCJØUǏCZMPOB;ÃLMBEOÎØLPMF
WF7ÎULPWǏLEFKTFNTUSÃWJMBQǏUMFU/BUVEPCVWFM
NJSÃEBW[QPNÎOÃN
410-&Ɖ&/4,¦
,30/*,"
."-­7±5¦.&30%*Ɖƹ.#-")01ƭ&+&.&
+BO#BCÃL
+VMJB4BNBSB
.JDIBM(SPEB
*WBOB1FM[MPWÃ
.BSJF$JSPLPWÃ
5PNÃØ7ÎDIB
+BO4MBOJOB
,SJTUJÃO7PMOÝ
,BKMPWFD
)SBEFDOBE.PSBWJDÎ
%PNPSBEPWJDF
+BLVCNJPWJDF
ÂJNSPWJDF
)SBEFDOBE.PSBWJDÎ
)SBEFDOBE.PSBWJDÎ
ÂJNSPWJDF
)0%/Ǝ;%3"7±"410,0+&/045*
)FEWJLBƉFSOÃ
&EVBSE7BMÃØFL
"OUPOJF.JLTUFJOPWÃ
.BSJF4FJEMPWÃ
7MBEJTMBW1FUSßFMB
,WǏUPTMBWBƉFSOÎOPWÃ
"OOB.BSUJOÃLPWÃ
+BO7PMLNFS
-BEJTMBW3BNÎL
.JMBEB#FǥPWJNJPWÃ
"OOB4PVELPWÃ
3VEPMG»LSPCÃOFL
"OOB7ÎDIPWÃ
MFU
MFU
MFU
MFU
MFU
MFU
MFU
MFU
MFU
MFU
MFU
MFU
MFU
)SBEFDO.PS
)SBEFDO.PS
ÂJNSPWJDF
ÂJNSPWJDF
,BKMPWFD
%PNPSBEPWJDF
+BLVCNJPWJDF
)SBEFDO.PS
)SBEFDO.PS
)SBEFDO.PS
)SBEFDO.PS
)SBEFDO.PS
ÂJNSPWJDF
#6%&.&/"7¦47;10.±/"5
7MBEJNÎSƉFSOÝ
.JMBO4LMFQFL
7JMÊN3BØLB
%BOVØF4UǭJßÎLPWÃ
.JMBO,PǭFOÝ
+JǭJOB,VEǏMPWÃ
7ÃDMBW7BMFOUB
+BSNJMB)FSPELPWÃ
+BLVCNJPWJDF
,BKMPWFD
)SBEFDOBE.PSBWJDÎ
)SBEFDOBE.PSBWJDÎ
+BLVCNJPWJDF
+BLVCNJPWJDF
%PNPSBEPWJDF
)SBEFDOBE.PSBWJDÎ
/FNÃUFMJ [ÃKFN P [WFǭFKOǏOÎ WF TQPMFNJFOTLÊ LSPOJDF
TEǏMUFUPOBFWJEFODJPCZWBUFM.BSJJ7MBEBǭPWÊ.ǏTUTLÝ
ÙǭBE)SBEFDOBE.PSBWJDÎUFMFGPO
,PMJL ßÃLǹ WÃNtQSPØMPi SVLBNB /BLUFSÊOFKWÎDFW[QPNÎOÃUF
+BLPUǭÎEOÎVNJJUFMLBKTFNTFENLSÃUQǭJWFE
MBßÃLZPEØFTUÊQPEFWÃUPVUǭÎEV#ZMZUP
TUPWLZßÃLǹ/BWØFDIOZTWÊUǭÎEZW[QPNÎ
OÃNSÃEB.ǏMBKTFNCF[WBEOÊßÃLZBMF
OFKWÎD W[QPNÎOÃN OB TWPV QSWOÎ UǭÎEV
OB )SBEDJ LBN DIPEJMB J UWÃ NBNJOLB
5Z UWÃǭF TJ QBNBUVKJ EPEOFT B CF[ PCUÎßÎ
QǭJǭBEÎN KFKJDI KNÊOB +TPV BLUJWOÎ B JO
UFO[JWOǏQPǭÃEBKÎTSB[ZOBLUFSÝDITFTFULÃWÃNF6NJJMB
KTFNEPLPODFVßJKFKJDIQPUPNLZUǭFCBJUFCFTNÎDI
$PKFQPEMFWÃTQǏLOÊOBVNJJUFMTLÊQSPGFTJ 6NJJUFMTLÊQPWPMÃOÎKFLSÃTOÊWUPNßFKFNJMPWǏLQP
ǭÃE NF[J NMBEÝNJ MJENJ B OFQǭJQBEOF NJ KBL SPLZ
SZDIMF VUÎLBKÎ /JD TF OFPQBLVKF LBßEÃ IPEJOB KF
KJOà .ǏOÎ TF ßÃDJ J KFKJDI DIPWÃOÎ NJMPWǏL NVTÎ CÝU
QPǭÃE BLUJWOÎ NVTÎ TF W[EǏMÃWBU BCZ EPLÃ[BM SFB
HPWBUOB[WÎEBWÊPUÃ[LZßÃLǹ
$PQFEBHPHJDLÝLPMFLUJW 7ZDIÃ[FMBKTUFWßEZ
TLPMFHZBLPMFHZOǏNJEPCǭF
5P WÎØ ßF TJ OB NÊ CÝWBMÊ LPMFHZ NJBTUP W[QPNFOV
4QPMFNJOǏQPǭÃEÃNFPCNJBTOÃTF[FOÎLEFTJJUSPDIV
[BW[QPNÎOÃNFOBQSPßJUÊSPLZWFØLPMFBQSPCFSFNF
WØFDIOZOPWJOLZ$PTFUÝLÃTPVNJBTOÊIPVNJJUFMTLÊIP
TCPSVUFOTFUÊNǏǭDFMÝTF[BUBMÊUBWZNǏOJMBPNMB
EJM.F[JTWÝNJLPMFHZKTFNTFDÎUJMBEPCǭFEǭÎWFJUFǍ
/BØMBKTUFTJWOǏLUFSÊN[OJDITWǹKW[PS 7FMJDF SÃEB W[QPNÎOÃN OB QBOB VNJJUFMF (PSNJJDV
LUFSÝUBEZVNJJMDIFNJJ#ZMUPTLVUFNJOǏWÝCPSOÝLBO
UPS;BßJMBKTFNIPOFKEǭÎWFKBLPßÃLZOǏQP[EǏKJKBLP
LPMFHZOǏ.ǏMTUFKOÊBQSPCBNJOÎQǭFENǏUZKBLPKÃB
NVTÎNǭÎDUßFNJCZMWFMLÝNW[PSFNBIPEOǏKTFN
TFPEOǏKOBVNJJMB
1SP[SBǍUFOÃNUBKFNTUWÎLBßEÊIPVNJJUFMFKBL
KTUFTJ[ÎTLÃWBMBBVUPSJUV "VUPSJUVVNJJUFMCVǍNÃOFCPOFNÃ5PTFOFEÃOBVNJJU
%à TF QPEQPǭJU LBNBSÃETLÝN QǭÎTUVQFN L ßÃLǹN
PECPSOÝNJ [OBMPTUNJ TNZTMFN QSP TQSBWFEMOPTU
5WSEÎNßFBVUPSJUBBLÃ[FǥWFUǭÎEǏKTPVEǹMFßJUÊQSP
LWBMJUOÎ WÝVLV ƉMPWǏL QSPTUǏ WTUPVQÎ EP UǭÎEZ B KJß
QSWOÎIPEJOV[KJTUÎ[EBBVUPSJUVNÃOFCPOF
,EZßKTNFVLÃ[OǏQPUÝLÃUFTFTWÃßOǏKØÎNJ
QSPCMÊNZWDIPWÃOÎßÃLǹ
%ǭÎWFTLÃ[OÎOFCZMZUBLPWÊQPUÎßFCZMBJWǏUØÎQPE
QPSB [F TUSBOZ SPEJNJǹ /B ßÃLZ EǭÎWF QMBUJMZ CǏßOÊ
USFTUZKBLPKFQP[OÃNLBOǏKBLÃUBEǹULB"MFEOFT
UP Vß OF[BCÎSà ßÃDJ KTPV ES[FKØÎ +TPV UP SFCFMPWÊ
TNÎDI
/FDIDJ UP [FWØFPCFDǥPWBU QSPUPßF TBNP
[ǭFKNǏOFWØJDIOJKTPVUBLPWÎTWǏUØJOPVßÃLǹßÃEOÊ
QSPCMÊNZOFKTPV+FUPOBVNJJUFMJLEZßßÃLZ[BVKNF
[BNǏTUOÃKFUBLOFNBKÎNJBT[MPCJU
$PMFINJÎGZ[JDLÊUSFTUZ +TUFQSP 0CNJBTCZUP[ǭFKNǏBTJQPNPIMPTNÎDI
BMFKÃKTFN
OJLEZGZ[JDLÊUSFTUZOFQPVßÎWBMB;WÝØÎNIMBTBWǏU
ØJOPVUP[BCFSF
.ÃUFTWÊQFWOÊ[ÃTBEZWFØLPMF ;ÃTBEZUPBOJOFBMFUSWÃNOBUPNßFDPǭFLOVUP
QMBUÎBTUPKÎNTJ[BTWÝN,EZßTFTßÃLZOBOǏNJFNEP
IPEOVUBLUPUBLNVTÎCÝUWZßBEVKJUP)SBKJGBJSQMBZ
+TUFQǭÎTOÝLBOUPS "TJBOP1PTUVQFNNJBTVTJBMFVWǏEPNVKJßFKTFNNJÃT
UFNJOǏTMFWJMB[FTWÝDIEǭÎWǏKØÎDIQPßBEBWLǹ+FUPEÃOP
NPßOÃJNFOØÎN[ÃKNFNPQǭÎSPEPWǏEOÊQǭFENǏUZ
ƭÎEÎUFTFIFTMFNtØLPMBISPVi 7ßEZDLZKTFNTFTOBßJMBEPIPEJOZ[BWÊTUQSBLUJDLÃ
DWJNJFOÎBMBCPSBUPSOÎQSÃDFLUFSÊ[QFTUǭPWBMZIPEJOV
QǭÎSPEPQJTV,MBEMBKTFNEǹSB[OBQSBLUJDLÊVSNJPWÃ
OÎ QǭÎSPEOJO ƉBTUP KTNF NJLSPTLPQPWBMJ QSBDPWBMJ
TPECPSOPVMJUFSBUVSPVQSPNÎUBMJñMNZ/JLEZKTFN
OFDIUǏMB BCZ TF ßÃDJ tCJóPWBMJi BMF BCZ EPLÃ[BMJ
NMVWJU WMBTUOÎNJ TMPWZ 7 LBßEÊ IPEJOǏ KTFN NǏMB
WßEZ OÃ[PSOÊ QPNǹDLZ 0SHBOJ[PWBMB KTFN IPEOǏ
FYLVS[ÎBCFTFETPECPSOÎLZ
$PWÃTKBLPVNJJUFMLVQPUǏØÎ 1PUǏØÎNǏLEZßTFCÝWBMÎßÃDJLFNOǏIMÃTÎPQUBKÎTF
KBLTFNÃNBJWEOFØOÎVTQǏDIBOÊEPCǏTFEPLÃßPV
OBDIWÎMJ[BTUBWJUBQSPIPEJUQÃSTMPW+TFNWFMNJSÃEB
LEZß PDFOÎ ßF [ÎTLBOÊ WǏEPNPTUJ [ÙSPNJJMJ QǭJ TWÊN
EBMØÎN TUVEJV 1ǭJ OPSNÃMOÎDI IPEJOÃDI KF QSP NǏ
EǹMFßJUÊVNJJWPWZTWǏUMJUUBLBCZIPßÃDJQPDIPQJMJ
+BLÝKFEOFT[ÃKFNPCJPMPHJJ
.PIVǭÎDUßFTCJPMPHJÎßÃDJOFNǏMJOJLEZWFMLÝQSP
CMÊN1BUǭJMBBTUÃMFQBUǭÎLPCMÎCFOÝNQǭFENǏUǹN
OB ISBEFDLÊ ØLPMF 7ßEZ KTFN TF TOBßJMB BCZ TF CJ
PMPHJFTUBMBQSPßÃLZ[BKÎNBWPV[WMÃØUǏWEOFØOÎN
TWǏUǏLEZKTPVQǭÎSPEPWǏEOÊQǭFENǏUZtWÃMDPWÃOZi
JOGPSNBUJLPV B DJ[ÎNJ KB[ZLZ /FUWSEÎN ßF KF UP
ØQBUOÊ EǏUJ QFSGFLUOǏ [WMÃEBKÎ QSÃDJ T QPNJÎUBNJFN
NPCJMOÎNUFMFGPOFNBMFEPVGÃNßFQP[JDFQǭÎSPEP
WǏEOÝDIQǭFENǏUǹ[BTFW[SPTUF7ßEZdzQSÃWǏQPNPDÎ
QPNJÎUBNJF B JOUFSOFUV TJ NPIPV SP[ØÎǭJU WǏEPNPTUJ J
[CJPMPHJF
+BL TJ EǏWNJBUB WFEPV W NJBTUP PQPNÎKFOÝDI
SVNJOÎDIQSBDÎDI
)PMLZTJNZTMÎßFKJNUPLOJNJFNVOFCVEFBMFKÃUWS
EÎNßFWØFDIOPDPTFKFEOPVNJMPWǏLOBVNJÎTFNǹßF
W ßJWPUǏ IPEJU 5P WÎØ ßF EǭÎWF CZMZ EÎWLZ [SVNJOǏKØÎ
BMFNPDTJWÃßÎNUPIPKBLTFTOBßÎBNBKÎSBEPTU[F
TWÝDIWÝUWPSǹ
.ÃUF[BTFCPVǭBEVØLPMOÎDIÙTQǏDIǹNǹßF
UFKNFOPWBUUZOFKWÝ[OBNOǏKØÎ 7 ISBEFDLÊ ØLPMF KTPV UBMFOUPWBOÎ ßÃDJ B UP OFKFO
WPCMBTUJQǭÎSPEPWǏEOÊ,BßEPSPNJOǏTFNJEBǭÎUZUP
UBMFOUZ[BQPKJUEPCJPMPHJDLÊPMZNQJÃEZWFLUFSÊPC
TB[VKFNFQǭFEOÎOFCPQSWOÎNÎTUBWPLSFTOÎNLPMFB
QPTUVQVKFNFEÃMF1PWBßVKJUP[BWFMLÝÙTQǏDI+FUP
OÃSPNJOÃTPVUǏßQSPUPßFPCTBIVKFOFKFOUFTUQP[OÃ
WÃOÎSPTUMJONJJßJWPNJJDIǹBMBCPSBUPSOÎQSÃDJBMFUBLÊ
WZQSBDPWÃOÎ WMBTUOÎ QÎTFNOÊ QSÃDF 1SÃWǏ KFEOB
[UǏDIUPQSBDÎTFTUBMBOÃNǏUFNQSP[ǭÎ[FOÎOBVNJOÊ
TUF[LZOB.BSJÃOTLÝDIMPVLÃDI)PEOǏBCTPMWFOUǹ
ØLPMZWFTUVEJVCJPMPHJFUBLÊQPLSBNJPWBMPOBQǭÎLMBE
W MFTOJDUWÎ [FNǏEǏMTUWÎ FLPMPHJJ NJJ NJLSPCJPMPHJJ
+FEFO NǹK CÝWBMÝ ßÃL KF EPLPODF ØÊGFN DISÃOǏOÊ
LSBKJOOÊ PCMBTUJ #FTLZEZ %PVGÃN ßF KTFN V TWÝDI
ßÃLǹQǭJTQǏMBLWZUWPǭFOÎQǏLOÊIPW[UBIVLQǭÎSPEǏ
1ǭJQSBWJMBBGPUP"OFUB)BOLPWÃ
0-%ƭ*$),6-)¦/&,(3"'*,"
1&5&3/*Âƥ"/4,À40$):
7ÝTUBWZLUFSÊUSWBKÎW.ǏTUTLÊHBMFSJJEPLWǏUOBPUFWǭFOPTPCPUZOFEǏMFTWÃULZBßIPEJO
1FUFS/JßǥBOTLÝ
0MEǭJDI,VMIÃOFL
1FUFS/JßǥBOTLÝTFOBSPEJMNJFSWFODFW%VOBKTLÊ4USFEǏ7MFUFDI
TUVEPWBMOB461»W#SBUJTMBWǏPCPSLBNFOPTPDIBǭTUWÎ7MFUFDIWZ
TUVEPWBMQSBßTLPV"76TPDIBǭTLÝBUFMJÊSQSPG+JǭÎIP#SBEÃNJLB+JßPEQPNJÃULǹ
CZMP[ǭFKNÊßF[EFCVEFNFNÎUDPEPNJJOǏOÎTFTPDIBǭFNJOUFMFLUVÃMOÎIPUZQV
TJMOÊIP IVNBOJTUJDLÊIP DÎUǏOÎ T QTZDIPMPHJ[VKÎDÎN QǭÎTUVQFN LF [WPMFOÊNV
OÃNǏUV;ÃLMBEOÎNBUSJCVUFNKFIPUWPSCZTFTUBMñMP[PñDLPTZNCPMJDLÝPCTBI
T PCNJBTOÝNJ MJUFSÃSOÎNJ B ßÃOSPWÝNJ QǭFTBIZ VTJMVKÎDÎ P OBMÊIBWPTU TEǏMFOÎ
TPDIBǭTLPV WÝQPWǏEÎ B [ GPSNPWÊIP IMFEJTLB WZOJLBKÎDÎ NPEFMBNJOÎ TDIPQ
OPTUÎ T UFOEFODÎ KBL L WÝSB[OÊNV SVLPQJTOÊNV EFUBJMV UBL J
L NPOVNFOUBMJ[VKÎDÎNV QPKFUÎ 5WPSCB 1FUSB /JßǥBOTLÊIP KF
NOPIPTUSBOOÃ7ǏOVKFTFNPOVNFOUÃMOÎJLPNPSOÎQǭFWÃßOǏ
ñHVSBUJWOÎ TPDIBǭTLÊ UWPSCǏ SFMJÊGV B NFEBJMÊSTUWÎ 1SBDVKF TF
EǭFWFN J W LBNFOJ UBLÊ T PTJOLPDFNFOUFN QMBTUJLZ PEMÊWÃ
EP DÎOV B CSPO[V $UÎ LMBTJDLÊ TPDIBǭTLÊ IPEOPUZ WZDIÃ[FKÎDÎ
[ñHVSBUJWOÎIPTPDIBǭTLÊIPLPODFQUVWNJFUOǏQPVßJUÎUSBEJNJOÎDI
TPDIBǭTLÝDINBUFSJÃMǹ1ǭJDIÃ[ÎTQSPHSBNFNLUFSÝSFTQFLUVKF
EVDIPWOÎIPEOPUZLVMUVSOÎNJOVMPTUJWOÃØÎEPTWÊUWPSCZJQSW
LZIBSNPOJFVØMFDIUJMPTUJDJUPWPTUJBLSÃTZ
7ZLSPNJJM WMBTUOÎ JOEJWJEVÃMOÎ DFTUPV CF[ EOFT UBL NJBTUÊIP
QSPHSBNPWÊIP FLMFLUJTNV OFCP BLUVÃMOPTUJ [B LBßEPV DFOV
+FIP UWPSCB WZSǹTUÃ MPHJDLZ [ EMPVIPEPCÊIP JNBOFOUOÎIP
WÝWPKF[WMBTUOÎIPVNǏMFDLÊIPQǭFTWǏENJFOÎBLPODFOUSBDF+F
QSPEDIOVUB IVNBOJTUJDLÝN OÃCPKFN B WǏEPNÎN LPOUJOVJUZ
TVNǏMFDLPVUSBEJDÎ"UPKFEOFTQPNǏSOǏW[ÃDOÝKFW
+F[BTUPVQFOWTCÎSLÃDI.JOJTUFSTUWBLVMUVSZƉFTLÊSFQVCMJLZB
.JOJTUFSTUWBLVMUVSZ4MPWFOTLÊSFQVCMJLZBWTPVLSPNÝDITCÎS
LÃDIVOÃTBW/FX:PSLV$VSZDIV"OUWFSQÃDI"NTUFSPEBNV
0YGPSEV#SBUJTMBWǏ.PTLWǏ1SB[FBOB5DIBKXBOV
0MEǭJDI ,VMIÃOFL TF OBSPEJM ÙOPSB W 1SB[F 7ÝUWBSOÃ TUVEJB [BNJBM OB
7ÝUWBSOÊØLPMFW1SB[F0ESPLVTUVEPWBMOB7ZTPLÊØLPMFVNǏMFDLPQSǹNZT
MPWÊW1SB[FWBUFMJÊSVQSPGFTPSB,BSMB4WPMJOTLÊIP6NJFEOJDLÃMÊUBTUSÃWFOÃOB
ØLPMFQPEKFIPWFEFOÎNTFTUBMB[ÃLMBEFNKFIPVNǏMFDLÊLBSJÊSZ4FENEFTÃUÃ
MÊUBKTPVWKFIPUWPSCǏWF[OBNFOÎUPUÃMOÎIP[ÃLB[VWÝTUBW[ÃLB[VTQPMVQSÃDF
TOBLMBEBUFMTUWÎNJ[ÃLB[VQVCMJDJUZ%ÎLZǭBEǏQǭÃUFM[64")PMBOETLB#FMHJF
/ǏNFDLB 3BLPVTLB B 'SBODJF OF[USÃDFM LPOUBLU T WÝUWBSOPV TDÊOPV &WSPQZ
7 SPDF QPQSWÊ OBWØUÎWJM 64" QǭJ QǭÎMFßJUPTUJ -JUIPHSBQIJD 8PSLTIPQ W -PT
"OHFMFT0EUÊEPCZOBWØUÎWJM64"WÎDFLSÃU7MÊUǏ
WFEMTFNJOÃǭPLSFTCǏW"UMBOUJD$FOUFSGPS
UIF"SUT/FX4NZSOF#FBDI7SPDFIPTUP
WBMOB6OJWFSTJUZPG)PVTUPO$MFBS-BLFW5FYB
TV7MFUFDIBßQSBDPWBMOBOÃWS[ÎDI
OPWÝDINJFTLÝDICBOLPWFL7QPTMFEOÎDIMFUFDITF
0MEǭJDI,VMIÃOFLTPVTUǭFEJMOBCJCMJDLÃUÊNBUB
[FKNÊOBIP[BVKBMÙEǏM+PCB7KFIPHSBñDLÝDI
MJTUFDI KF +PC DIÃQÃO KBLP FYJTUFODJÃMOÎ ESBNB
NJMPWǏLBLUFSÝLMBEFWǏNJOÊPUÃ[LZ1SPNJ ;BDP 7 TPVNJBTOÊ EPCǏ TF WǏOVKF EBMØÎNV TUǏßFKOÎNV
UÊNBUV QPTUBWǏ TW »FCBTUJÃOB 7FMLÝ WÝ[OBN
KFIPQSÃDFNǹßFNFEPMPßJUǭBEPVPDFOǏOÎLUFSÃ
PCESßFMOBNF[JOÃSPEOÎDIWÝTUBWÃDIBCJFOOBMF
OBQǭÎLMBE &VSPQBIBVT 7JFOOB #JFOOBMF 'SF
DIFO#JFOOBMF-KVCMKBOB5IF(SBOE%JQMPNBGPS
(SBQIJD"SU5V[MBTU1SJ[F#JFOOBMFPG1SJOUT
JO 8BLBZBNB BUE +FIP EÎMB KTPV [BTUPVQFOB
WNOPIBTWǏUPWÝDITCÎSLÃDI
5FYUZ+JULB,PUBNJLPWÃGPUP,BSFM4UVDIMÎL
%Ǝ%*$57±/"»*$)#"#*Ɖ&,"%Ǝ%ƹ
7FTUFKOÝEFOCZMBW.ǏTUTLÊHBMFSJJPUFWǭFOBKFØUǏKFEOBWÝTUBWBLUFSÃ
WSBDÎOÃWØUǏWOÎLZEPEPCZNJOVMÊ4CǏSBUFM,BSFM,PTUFSB[F4UǏCPǭJD
SP[ØÎǭJMQǭFEOǏLPMJLBMFUZTWÊIVEFCOÎBLUJWJUZPEBMØÎWÃØFǥ4CÎSÃQǭFE
NǏUZLUFSÊQǭJQPNÎOBKÎKBLßJMJOBØJQSBSPEJNJF7ZTUBWVKFOFKFOOÃCZUFL
BMFUBLÊQBOFOLZQPSDFMÃOPWÊñHVSLZPCSB[ZLǭÎßFIVEFCOÎOÃTUSPKFB
EBMØÎQǭFENǏUZ5VUPWÝTUBWV[BIÃKJMNÎTUPTUBSPTUB*OH,BSFM)BOÃLBMF
IMBWOÎTMPWPNǏMEJSJHFOU[QǏWÃLTCPSNJTUSOǏLPMJLBIVEFCOÎDIUǏMFTJ
OFÙOBWOÝPSHBOJ[ÃUPSLVMUVSOÎIPßJWPUBW0QBWǏBPLPMÎ,BSFM,PTUFSB
WØFN[B[QÎWBMBW[ÃQǏUÎTFVKBMSPMFQSǹWPEDFWÝTUBWPVLUFSÃPQSBWEV
TUPKÎ[BWJEǏOÎ5SWÃEPNJFSWOB5FYUBGPUP,BSFM4UVDIMÎL
.ǏTUTLÃHBMFSJF)SBEFDOBE.PSBWJDÎ[WFWØFDIOZOBQǭJQSBWPWBOPVWÝTUBWV
0#3";:40$):",&3".*,"-6#0.±3"%045¦-"
7FSOJTÃßLWǏUOBIWÝTUBWBQPUSWÃEPNJFSWOB
10;7¦/,"
%0,*/"
%6#&/
/"47"5­)07"-&/5À/"
'JMNQǭJOÃØÎQǭÎCǏIZTLVQJOZMJEÎ[-PT"OHFMFT
KFKJDIßPTVEZTFQSPUOPVQSÃWǏOBEFOTWBUÊIP
7BMFOUÝOBLEZTFLBßEÝ[OJDITOBßÎOBKÎUMÃT
LVOFCPǭFØÎNJMPTUOÊQSPCMÊNZ3PNBOUJDLÃ
LPNFEJF W IMBWOÎ SPMJ +VMJB 3PCFSUT B "TIUPO
,VUDIFSNJOVU
TUǭFEBIWTUVQOÊ,NJ
%&»Ƴ07¦7±-"
7[EVDI PIFǥ B WPEB QSPWÃEǏKÎ QSBWJEFMOPV
JOTQFLDJVMJEÎ7PEBLUFSÊMJEÊǭÎLBKÎ%FØdzPWÃ
WÎMB KEF LSBKFN QǭFWMFNJFOB [B DIVEPV ßFOV
1P[OÃßFMJEÊ[BNJBMJNZTMFUIMBWOǏOBQFOÎ[F
ßF TF WZUSÃDÎ MÃTLB B EPCSP ,MBTJDLÃ ñMNPWÃ
QPIÃELBNJOVU
TUǭFEBIWTUVQOÊ,NJ
"7"5"3
1ǭÎCǏI TF PEFISÃWÃ WF W[EÃMFOÊ CVEPVDOPTUJ
mKFUPTWǏUUBLSP[NBOJUÝQMOÝUWPSǹBSPTUMJO
LUFSÊTJMJETLÃNZTMEPLÃ[BMBTUǏßÎQǭFETUBWJU
"LNJOÎ EPCSPESVßOÝ TDJñ UISJMMFS NJOVU
.MÃEFßJQǭÎTUVQOÝ
TUǭFEBIWTUVQOÊ,NJ
/Ǝ+",4&50,0.1-*,6+&
7F ñMNV TF QǭFETUBWÎ QFLBǭLB +BOF .FSZM
4USFFQ
KFKÎCÝWBMÝQSÃWOÎL+BLF"MFD#BMEXJO
B EP UǭFUJDF BSDIJUFLU "EBN 4UFWF .BSUJO
LUFSÝ QSP +BOF OBWSIVKF EǹN %WPKJDF NVßǹ
OBMF[OF[BMÎCFOÎWKFEOÊßFOǏBKBLVßUPWSP
NBOUJDLÝDI ñMNFDI CÝWÃ OJLEP OJLPNV OJD
OFEBSVKFNJOVU
.MÃEFßJQǭÎTUVQOÝ
TUǭFEBIWTUVQOÊ,NJ
,7Ǝ5&/
4,ƭ±5&,30--*
1PIÃELB QSP DFMPV SPEJOV P WFMJLÊN EPCSP
ESVßTUWÎ NBMÊIP TLǭÎULB "OJNPWBOÝ W NJFTLÊ
WFS[JNJOVU
TUǭFEBIWTUVQOÊ,NJ
406#0+5*5¦/¼
1FSTFVT TZO CPIB %JB B QP[FNTLÊ LSÃTLZ
KF OFWǏEPNLZ [BUBßFO EP JOUSJL LPOóJLUǹ
PTUBUOÎDICPIǹ"MFWÃMLBNF[JCPIZCZNPIMB
[OJNJJUDFMÝTWǏUQSPUPßF1FSTFVTOFNÃDP[USB
UJU1ǭJIMÃTÎTFOBOFCF[QFNJOPVNJTJBCVEFTF
TOBßJUTQMOJUOFCF[QFNJOÝÙLPMEǭÎWOFß)BEFT
SP[QPVUÃQFLMPOB[FNJ"LNJOÎESBNB
TUǭFEBIWTUVQOÊ,NJ
1-"/&5"
1ǭÎCǏI BOJNPWBOÊIP ñMNV TF PEFISÃWÃ OB
1MBOFUǏ KFKÎß PCZWBUFMÊ ßJKÎ W OFVTUÃMÊN
TUSBDIV[NJNP[FNTLÊJOWB[FNJOVU
TUǭFEBIWTUVQOÊ,NJ
/*/&
3FßJTÊS PTLBSPWÊIP NV[JLÃMV $IJDBHP OÃN
QǭFETUBWVKF TWǹK ESVIÝ IVEFCOÎ LPVTFL
T IWǏ[EOÝN PCTB[FOÎN %BOJFM %BZ-FXJT
/JDPMF,JENFO1FOÊMPQF$SV[BEBMØÎ.V[JLÃM
NJOVU
TUǭFEBIWTUVQOÊ,NJ
;.Ǝ/"130(3".67:)3";&/"
.%Â7Â*.307*$±$)
;BUÎNDPWF8BTIJOHUPOVQǭJWÎUBMBÙNJBTUOÎLZSFDFQDFOBQPNJFTU.F[JOÃSPEOÎIPEOFßFONBOßFMLBQSF[J
EFOUB.JDIFMMF0CBNPWÃWÂJNSPWJDÎDIVWÎUBMWIBTJNJTLÊ[CSPKOJDJWÎDFOFßQBEFTÃUßFONJMFO[BTUVQJUFMTUWB
)SBEDFOBE.PSBWJDÎ+BO)PSÃL4QPMVTEBMØÎN[BTUVQJUFMFN+JǭÎ,ǭÎßFNB4%)ÂJNSPWJDFQǭJQSBWJMJßFOÃN
LTWÃULVLUFSÝ0SHBOJ[BDFTQPKFOÝDIOÃSPEǹV[OÃWÃ
KBLP NF[JOÃSPEOÎ PE SPLV WFMNJ IF[LÊ PEQP
MFEOF7F WÃßOÊN UÓOV [B[OǏMP KFO QSWOÎDI QÃS TMPW
+BOB)PSÃLBOBVWÎUBOPVBQBLVßTFKFOQSF[FOUPWBM
KBLPWÝCPSOÝWZQSBWǏNJBOFLEPUWǏUØJOPVPßFOÃDIB
QǭJ[OFKNFQPQSBWEǏJUBLPWÝNJLUFSÊCZTFWUFMFWJ[J
NPIMZWZTÎMBUBßQPIPEJOǏ
5BUPNJÃTUQSPHSBNVTF
WFMNJMÎCJMBBWZQSBWǏNJ
TLMJEJM [BTMPVßFOÝ QP
UMFTL %ÃSLFN L .%Â
QPUǏØJMZ
QǭÎUPNOÊ
ßFOZJEWǏEÎWLZ[F;ÃLMBEOÎØLPMZÂJNSPWJDF.BSVØLB7BMÎLPWÃB-VDLB
(SPTTNBOPWÃQPEWFEFOÎNWZDIPWBUFMLZ+BSNJMZ.FOØÎLPWÊ[BISÃMZNPD
QǏLOǏ OB óÊUOV B QBL Vß TF KFO WZQSÃWǏMP B W[QPNÎOBMP UBLÊ TF QǭJUPN
OǏDP [BLPVTMP B WZQJMP 4FULÃOÎ UP CZMP VSNJJUǏ TLSPNOǏKØÎ OFß UP W #ÎMÊN
EPNǏBMFPUPTSEFNJOǏKØÎ5FYUBGPUP,BSFM4UVDIMÎL
."»,"3/±,"3/&7"-/","+-07$*
7OFEǏMJÙOPSBTFOB,BKMPWDJVTLVUFNJOJMUSBEJNJOÎNBØLBSOÎLBSOFWBMLUFSÝQPǭÃEBMJSPEJNJFBNÎTUOÎ
NBUFǭTLÃØLPMBWFTQPMVQSÃDJTLBKMPWFDLÝNJIBTJNJJ7FTMBWOPTUOǏWZ[EPCFOÊNTÃMFIBTJNJTLÊ[CSPKOJDF
TFTFØMZEǏUJ[,BKMPWDFBPLPMÎTFTWÝNJSPEJNJJJQSBSPEJNJJBCZTJVßJMZPEQPMFEOFLUFSÊQBUǭJMPQPV[F
KJN"QSPUPßFTFLBßEÝTQSÃWOÝLBSOFWBMOFPCFKEFCF[NBTFLBQǭFWMFLǹCZMJ[EFLWJEǏOÎOBQǭÎLMBE
LPWCPKPWÊJNJFSUJTUSBØJEMBJQSJODF[OZ0QFTUSÝQSPHSBNTFQPTUBSBMZNJMÊQBOÎVNJJUFMLZ+BOBB%BOVØF
LUFSÊTBNZWFWUJQOÝDILPTUÝNFDIQǭJQSBWJMZQSPEǏUJ[BKÎNBWÊTPVUǏßF,BßEÝTJUBLNPIMWZ[LPVØFU
IÃ[FOÎESÃUǏOLPVOBDÎMOBGVLPWÃOÎCBMÓOLǹNJJOPØFOÎWBKÎNJLBOBMßÎDJ7ØJDIOJTPVUǏßÎDÎCZMJPDFOǏOJ
TMBELPVPENǏOPV)VEFCOÎEPQSPWPELBSOFWBMV[BKJTUJM7MBEJNÎS)BBTTFTZOFN%BWJEFNBEÎLZOJN
OF[ǹTUBMUBOFNJOÎQBSLFUBOJDIWÎMJQSÃ[EOÝ;ÃWǏSDFMÊIPSFKFNBTFLQBUǭJMCPIBUÊUPNCPMFWFLUFSÊ
CZMPNOPIPBUSBLUJWOÎDIDFO7ØFNPSHBOJ[ÃUPSǹNQBUǭÎQPEǏLPWÃOÎ[BTLWǏMPVSFBMJ[BDJLBSOFWBMV[F
LUFSÊIPEǏUJPEDIÃ[FMZWFMNJTQPLPKFOÊ3ƉFDI
7;10.±/¦/±+"/:-:4¦,07­
3ÃEB CZDI W[QPNFOVMB OBØF TQPMVPCNJBOZ LUFǭÎ
KJßTJDFNF[JOÃNJOFKTPVBMFTWPVQSPGFTÎLPOÎNJ
LFN BOFCP KFO QSPUP ßF CZMJ EPCǭÎ MJEÊ TF OÃN
WSZMJIMVCPLPEPQBNǏUJ
0Q#FǥPWJNJPWJLUFSÝCZMLSFKNJÎNTFEÃǭÎDUßFNǏM
[MBUÊSVDFBCZMUPNJTUSTWÊIPPCPSV+FIPLPTUÝNZ
J LBCÃUZ CZMZ WßEZ NJTUSPWTLÝNJ LPVTLZ %PLPODF
[PCMÎCFOÝDIEFLt-BSJTBiOBØJMLSÃTOÊBUFQMÊLBCÃ
UZ-JØJMZTFKFOCBSWPVBTUǭJIFN0QSBWEVVNǏM
7ØJDÎEÎMOǏBMFJEPNBVQ4UPEǹMLPWÊCZMPQǭÎKFN
OÊBWFTFMÊQPTF[FOÎ6ØJMBPQSBWJMBBOBVNJJMBOÃTJ
QMÊTU /JLEZ OFEBMB OBKFWP ßF OFNÃ NJBT WßEZ OÃT
WÎUBMBTÙTNǏWFN"WTFEMÃǭTLÊBNJBMPVOJDLÊEÎMOǏ
KFKÎIPUBUÎOLBQ4UPEǹMLZUPCZMBQBTUWBQSPPNJJB
OBWÎDUPUBNOFTLVUFNJOǏWPOǏMP14UPEǹMLBSP[EÃ
WBMWFTWÊNLSÃMPWTUWÎLǹßFDWPNJLǹBSǹ[OÝDIP[EPC
EPCSPV QPIPEV %ǏMBM PIMÃWLZ J TFEMB QSP LPOǏ B
UBLÊ TQPVTUV EBMØÎDI WǏDÎ /ÃN EǏUFN PQSBWPWBM
ØLPMOÎCSBØOZBWØFDPKTNFQPOJNJJMJ1FOÎ[FQPOÃT
OFDIUǏM BMF QPLBßEÊ TF OÃN EPTUBMP VQP[PSOǏOÎ
BCZDIPNTJTWÊWǏDJWÎDFØFUǭJMJ
7FWPǥBWÊNQSPTUǭFEÎIPMJNJTUWÎVQ4UPØLBBQ»WÊ
EZTFWßEZQǭÎKFNOǏNJFLBMP,PVLBMJKTNFKBLCSPVTÎ
PLǹßJCǭJUWVBKBLTOÎCSBWVSOǏIPMÎUWÃǭF14UPØFL
OÃNOFDIÃWBMWMBTZEFMØÎBMFQ»WÊEBOÃTtPMFQBMi
EPQǹMIMBWZ1SÝBdzOÃNUPEMPVIPWZESßÎ"DIUB
IBOCB)PMLBBIMBWVKTFNNǏMBKBLPLMVL
4UǭFDIZ CZMZ WǏUØJOPV [ CǭJEMJDF B SÝOZ CZMP UǭFCB
PCNJBT WZNǏOJU 5ZUP TMVßCZ [BKJØdzPWBMJ Q #ÕIN B
Q )FJO[ 1 )FJO[ NǏM [B LPMFN WP[ÎL T OÃǭBEÎN B
ßFCǭÎL #ZM WFMNJ SZDIMÝ OFVNǏM QP ßFCǭÎLV BOJ QP
TUǭFØFDIPEJUQPNBMV"WØFCF[VWÃ[ÃOÎ1P[PSPWBMJ
KTNFIPTPUFWǭFOPVQVTPVBCÃMJTFßFTQBEOF"MF
OFTQBEMCZMØJLPWOÝ
#ZUZ NBMPWBMJ PLOB B EWFǭF OBUÎSBMJ Q ,SFTB B
Q 3ZCLB 1PDUJWÃ QSÃDF Q 3ZCLZ WZESßFMB IPEOǏ
EMPVIP.ǏMWÃMFNJLZTSǹ[OÝNJW[PSZB[LPVØFMLUFSÝ
TFOÃN[BMÎCÎ%PSPIǹWLVDIZOJQǭJLMÃEBMØBCMPOV
T PWPDFN J LWǏUJOBNJ B USQǏMJWǏ UP QǭFNBMPWÃWBM B
NJFLBM DP TJ WZCFSFNF /FKSBEǏKJ CZDI NǏMB LBßEÝ
LPVU KJOÝ BMF UP OFØMP /FNǏMJ UFOLSÃU LWBMJUOÎ NB
UFSJÃM/BTUǏOÃDITFQSPUPEǏMBMZtßJEZiBCZMPUǭFCB
OǏLPMJLSÃUQǭFNBMPWÃWBUBßCZMZTUǏOZCF[ØNPVIǹ
/FCZMBUPMFILÃQSÃDF
,EZßKEFNFQPDIPEOÎLVUBLTFOÃNNPßOÃWZCBWÎ
Q )FJEFS ,MFNJFM OB [FNJ QPLMÃEBM KFEOV LBDIMJ
WFEMF ESVIÊ ,MBEÎWLFN VQFWOJM QÎTLFN PCTZQBM B
DIPEOÎL CZM SPWOÝ KBLP TUǹM ,PMJL NFUSǹ DIPEOÎLǹ
BTJWZEMÃßEJM 6SNJJUǏKJDICZMPTUSBØOǏNPD
QPLSBNJPWÃOÎQǭÎØUǏ
0,­/,0%0»,0-:
.BØLBSOÎ LBSOFWBM QSP ßÃLǹ OJßØÎIP
TUVQOǏ QSPCǏIM MFUPT [DFMB OFUSBEJNJOǏ
1PQSWÊ TF UPUJß VTLVUFNJOJM W OPWÊ IBMF
+BLTFVLÃ[BMPOÃQBEUPCZMWFMNJEPCSÝ
%PTUBUFNJOÝQSPTUPSVNPßOJMWØFNßÃLǹN
TPVUǏßJU WF TQPSUPWOÎDI EJTDJQMÎOÃDI B
OFDIZCǏMBBOJWPMOÃ[ÃCBWBLUFSPVWZQM
OJM UBOFD ;QFTUǭFOÎN CZMB WPMCB OFKMFQØÎ
NBTLZBUBOFNJOÎLBLBßEÊUǭÎEZ/FCZMBUP
WPMCBWǹCFDKFEOPEVDIÃOFCPdzQBSLFUFN
TF QSPIÃOǏMJ JOEJÃOJ LMBVOJ QPIÃELPWÊ
QPTUBWZ MZßBǭJ B EBMØÎ 4MBELÃ PENǏOB
PWØFN OFNJOVMB BOJ UZ LUFǭÎ OF[WÎUǏ[JMJ
;BTMPVßJMJTJKJUPUJßWØJDIOJ
5FYU.HS"OOB4UǭJßÎLPWÃGPUP-FOLB*MMFØPWÃ
/"t-:¦,6i4&.*-±#*-0
7TPCPUVMFEOB[BNJBMOÃØUÝEFOOÎMZßBǭTLÝWÝDWJLW1PMBODFV+BCMVOLPWB,BßEÝEFOKTNFCZMJCV[FOJ
TMVßCPVEOFPQǹMPTNÊ/BTOÎEBOJKTNFDIPEJMJEPKÎEFMOZLUFSÃCZMBOBESVIÊTUSBOǏTKF[EPWLZ5BNUÊß
KTNFDIPEJMJOBPCǏEZBWFNJFǭF1ǭFEWFNJFǭÎCZMBWßEZQǭFEOÃØLBBQPKÎEMFWFNJFSOÎQSPHSBN-ZßPWBMJKTNF
PEEPIPEJOBPEQPMFEOFPEEP#ZMJKTNFSP[EǏMFOJEPUǭÎESVßTUFW$WJNJJMJKTNF
OBQǭÎLMBEKÎ[EVQPKFEOÊOP[FWFEǭFQVOFCPKÎ[EVtDPVWÃLFNi
/FKEǭÎWFKTNFWØBLNVTFMJWÝCPSOǏPWMÃEBUPCMPVNJLZKBLTNZ
LFNUBLJDBSWJOHFN,EZßKTFNQSWOÎEFOWJEǏMOǏLUFSÊDPKFØ
UǏOFTUÃMJOBMZßÎDINZTMFMKTFNTJßFTFMZßPWBUOJLEZOFOBVNJÎ
7QÃUFLÙOPSBTFVULBMJßÃDJ*TUVQOǏWFóPSCBMV/FDIZ
BMFLEZßKTFNKFQP[PSPWBMWQÃUFLUBLMZßPWBMJIPEOǏEPCǭF
7QPOEǏMÎKTNFTFWZEBMJOBCǏßLZ#ZMPUPGBKOLSÃTOÃQǭÎSPEB CǏMBCPKPWOPTUBTQPSUPWOÎ[ÃQPMFOÎ7ØFDIOZISÃNJFOBEØFOǏ
BKFOØLPEBßFKTNFOFKFMJWÎDFLSÃU7FNJUWSUFLPEQPMFEOFCZM QPW[CV[PWBMJTQPMVßÃDJQPLǭJLZJSVNJOǏWZSPCFOÝNJUSBOTQB
QSPOÃTQǭJDIZTUÃO[ÃWPEOÎTMBMPN[FLUFSÊIPCZMBQPMPWJOBMJEÎ SFOUZ7*LBUFHPSJJWZISÃMB#QǭFE"B"7F**LBUFHPSJJ
EJTLWBMJñLPWÃOBQSPUPßFOFQSPKFMJCSBOLV7QÃUFLEPQPMFEOF CZMBOFKMFQØÎ"ESVIÃTFVNÎTUJMB"BUǭFUÎTLPONJJMB#
5FYU.HS+BO7ÎDIBGPUP.HS1BWMÎOB#JUUOFSPWÃ
KTNFKFØUǏDIWÎMJMZßPWBMJ1PUPNKTNFTJTCBMJMJWǏDJBQPPCǏEǏ
KTNFVßWØFDIOPOBTLMÃEBMJEPBVU,PMFNEWPVIPEJOPEQP
MFEOFKTNFVßBVUPCVTFNNÎǭJMJEPNǹ/BtMZßÃLViTFNJMÎCJMP
[MFQØJMKTFNTFWMZßPWÃOÎQBSUVKTNFNǏMJEPCSPVVCZUPWÃOÎ 7MFEOVTFW/ÃSPEOÎNEPNǏVTLVUFNJOJMBSFDJUBNJOÎ
GBKOBPLPMOÎ[JNOÎQǭÎSPEBCZMBOÃEIFSOÃ1FUS4PTOB#
TPVUǏß ßÃLǹ UǭÎE ; LBßEÊ UǭÎEZ CZMJ WZCSÃOJ
UǭJ OFKMFQØÎ SFDJUÃUPǭJ 7 QPSPUǏ CZMZ QBOÎ VNJJUFMLZ
+JǭJOB ÂJWOà "OOB 4UǭJßÎLPWà B *WB 7JNJÃOLPWÃ
-FUPTWMFEOVTFOBØFUǭÎEB"BUǭÎEB#[ÙNJBTUOJMZ EPQPMFEOF QMOÊ [ÃCBWZ LUFSÊ NJ OF[LB[JM BOJ NǹK 7OVMUÊLBUFHPSJJTPVUǏßJMJßÃDJQSWOÎDIUǭÎE*LEZß
LSÃULÊIPMZßBǭTLÊIPLVS[V3ÃOPKTNFTFTFØMJVØLPMZ PNZM LEZß KTFN OBKFMB OB TLPLÃOFL /BØUǏTUÎ KTFN KTPVWFØLPMFKFOQÃSNǏTÎDǹNǏMJW[PSOǏWZCSBOÊ
BTQPMFNJOǏTFWZEBMJLFLPQDJTMZßBǭTLÝNWMFLFNLEF KÎ[EVVTUÃMBBTWÊMZßFPWMÃEMB6ßTF[BTFUǏØÎNBß B OBDWJNJFOÊ CÃTOǏ /B QSWOÎN NÎTUǏ TF VNÎTUJM
[BNJBMIPSPSTPCPVWÃOÎNMZßBǭTLÝDICPU1PNÃIBMJ QPKFEFNFQǭÎØUǏQSPUPßFNǏMZßPWÃOÎNPDCBWÎ
.BSUJO»LSPCÃOFL7QSWOÎLBUFHPSJJTPVUǏßJMJßÃDJ
OÃNJEPTQǏMÎ1PUPN[BNJBMQǭFTVOOBWSDIPMLPQDF
,MÃSB.B[VSPWÃ"
ESVIÝDIBUǭFUÎDIUǭÎE5JUBLÊNǏMJQǏLOǏOBDWJNJFOÊ
PELVE CZM WJEǏU DFMÝ )SBEFD #ZMP UBN UPMJL TOǏIV +ÃQSPUPßFMZßFOFNÃNKTFNNǏMNPßOPTUWZ[LPV CÃTOǏ OǏLUFSÊ WÃßOÊ B OǏLUFSÊ MFHSBNJOÎ 7ZISÃMB
ßF UP WZQBEBMP KBLP W QPIÃEDF -ZßPWBMJ KTNF QPE ØFUTJCǏßLZLUFSÊOÃN[BQǹKNJJMBØLPMB4UÃMKTFNOB ;V[BOB,VØOÎSPWÃ/BLPOFDCZMBESVIÃLBUFHPSJF
WFEFOÎNQBOBVNJJUFMF»QJNJLZBQBOÎVNJJUFMLZ#SZKPWÊ OJDIÙQMOǏQPQSWÊ;F[BNJÃULVNJUPNPDOFØMPBMF ßÃLǹBUǭÎE7OÎVßCZMPDÎUJUUSPDIVWǏUØÎOBQǏUÎ
4OÎI OFCZM [MFEPWBUǏMÝ QSPUP TF MZßPWBMP LSÃTOǏ T QPTUVQFN NJBTV TF NJ [BNJBMP EBǭJU %P LPQDF UP B TPVUǏßJWPTU 4QPMVßÃDJ TLWǏMPV BUNPTGÊSPV QP
0EFØMJKTNFVOBWFOÎBMFTQPLPKFOÎBWØJDIOJKTNFTF ØMPIǹǭBMF[BUPKÎ[EB[LPQDFCZMBOFKMFQØÎ1PVKFUÎ W[CVEJMJ TWÊ UǭÎEOÎ GBWPSJUZ ;WÎUǏ[JMB &MJØLB 4FMWF
UǏØJMJOBQÃUFLBßTF[OPWVTFKEFNFOBMZßÎDI
OFNBMÊUSBTZKTNFTFTPTUBUOÎNJTFØMJQPEWMFLFNB LPWÃ7ØJDIOJÙNJJOLVKÎDÎCZMJPENǏOǏOJQPUMFTLFN
"MFYBOESB)ÃKLPWÃ"
EBMJTJTWBNJJOV1ǭFLWBQFOÎNCZMPßFNǹKNJBKQPDFTUǏ LOJIPVBESPCOÝNJEÃSLZ%BOJFM)PSOÝ#
/FKWǏUØÎQSPCMÊNNJWßEZEǏMÃPCPVUTJCPUZ[WBOÊ ÙQMOǏ[NS[OVMQSPUPKTFNTJQǭÎØUÎEFOOFTMUFQMÝNJBK
QǭF[LÃNJF LUFSÊ LBßEÝ QPUǭFCVKF OB MZßPWÃOÎ 1SPUP KJßWUFSNPTDF3PEJNJFNJTMÎCJMJßFQǭÎØUÎSPLEPTUBOV 7 ÙOPSV TF VTLVUFNJOJMB QSP OÃT ßÃLZ UǭÎE
KTFN NǏMB WFMLPV SBEPTU LEZß KTFN TJ UZUP CPUZ CǏßLZTWÊBCVEFNFKF[EJUTQPMV
SFDJUBNJOÎ TPVUǏß %PQPMFEOF TJ WØJDIOJ TPVUǏßÎDÎ
PCVMB ÙQMOǏ TBNB CF[ DJ[Î QPNPDJ 6ßJMB KTNF TJ
7PKUǏDI»WBOJHB"
PQǭFTUÃWLÃDIQǭFǭÎLÃWBMJTWÊCÃTOJNJLZBMFNPUÝMǹ
WCǭJØFOÃTUPOF[CBWJMP4FØMJKTNFTFWFIPEJO
W IVEFCOǏ QSPIMÊEMJ TJ TPVQFǭF J QPSPUV LUFSPV
UWPǭJMZVNJJUFMLZNJFØUJOZ"ØMPTFOBWǏD%FWBUFOÃDU
TPVUǏßÎDÎDITFVULBMPWFEWPVLBUFHPSJÎDI7ØJDIOJ
LSÃTOǏ PESFDJUPWBMJ PWØFN WZISÃMJ KFO OFKMFQØÎ
7PCPVLBUFHPSJÎDICZMBPDFOǏOBUǭJNÎTUBBMFKFO
[ QSWOÎDI EWPV TF QPTUVQPWBMP EP PLSTLPWÊIP
LPMB W 0QBWǏ7 LBUFHPSJJ SPNJOÎLǹ [WÎUǏ[JMB
.BSLÊUB#MBUFDLÃ#
OBESVIÊNNÎTUǏTFVNÎT
UJMB 4JNPOB .VSBǥPWÃ "
B UǭFUÎ CZMB "EÊMB
4UǭJßÎLPWÃ#
7LBUFHPSJJSPNJOÎLǹWZISÃMB
%PNJOJLB 7BWSFNJLPWÃ #
OÃTMFEPWBMB *WFUB
.BMÃ#
B,BNJMB#FEOÃǭPWÃ"
;BTWǹKWÝLPOEPTUBMJWØJDIOJTMBELPVPENǏOVBUJ
OFKMFQØÎUBLÊEJQMPNBLOÎßLV4PVUǏßKTNFTJVßJMJ
USÊNV QǭFLPOBMJ B UǏØÎNF TF OB LMÃOÎ W QǭÎØUÎN
SPDF0LSTLPWÊLPMPTFLPOBMPOBLPODJÙOPSB
'PUP.HS1BWMÎOB#JUUOFSPWÃ
%PNJOJLB7BWSFNJLPWÃB*WFUB.BMÃPCǏ#
3&$*5"Ɖ/±4065ƎÂ&
;¦Â*5,:;t."-­)0i-:Â"ƭ4,­)0,63;6
".&3*$,¦70;*%-"
$2'
#0'0:'
'$2'
01Ǝ57,"+-07$*
+VCJMFKOÎSPNJOÎLTSB[VBNFSJDLÝDIWP[JEFMQPǭÃEÃPEEPLWǏUOB,MVCQǭÃUFM64$"347F
TWÊIJTUPSJJTFQPESVIÊVTLVUFNJOÎOB0QBWTLVTDFOUSFNWLFNQV,BKMPWFD7TPCPUVLWǏUOBWF
IWZKFEFLPMPOBTUPBßTUPQBEFTÃUJWP[ǹWNJFUOǏEPQSPWPEVNPUPDZLMǹ)BSMFZ%BWJETPO
[,BKMPWDFQPUSBTF4LǭJQPW+BLVCNJPWJDF3BEVǥ,PNÃSPWEP0QBWZ1ǭFEQPLMÃEBOÝOÃWSBUQP
USBTF0QBWB#SBOLB)SBEFDOBE.PSBWJDÎKFWI0SHBOJ[ÃUPǭJUÎNUP[WPVLOÃWØUǏWǏ
KÎ[EZQPUSBTFOBQSPHSBNOB%PMOÎNOÃNǏTUÎ0QBWǏJWLFNQVW,BKMPWDJLEFTJNPIPVOÃWØUǏW
OÎDJWP[JEMB[CMÎ[LBQSPIMÊEOPVU1PEǏLPWÃOÎQBUǭÎ.ǏTUV)SBEFDOBE.PSBWJDÎJEBMØÎNQBSUOF
SǹNBTQPO[PSǹNCF[OJDIßCZUVUPBLDJOFCZMPNPßOÊVTQPǭÃEBU5FYUBGPUP%VØBO(FSFDLÝ
%
%""'//*('1-1'-*''"'"'"6'
ÿ5'31*.1.+1'
'
'
'''''''6'''''&'"'')'''!'''''&'''''7''' '
'
#!! "
'
$$#
'%" 8(' 8
'%!79'
$!" '% ' 8'
Ā6'"&6 ''
&6'Ī'4'Ā6'%"!76(''
,' "'('' '
ď&$
%
/"14"-/¦.
1ǭÎTQǏWFLOFCZMSFEJHPWÃOBNǹßFPCTBIPWBUJWǏDOÊOFQǭFTOPTUJ
+",0#:$)0.4&73¦5*-*%0-&5
#ZEMÎNW)SBEDJOBE.PSBWJDÎBUPDPTFEǏKFWFNǏTUǏ
B KFIP PLPMÎ NOF TBNP[ǭFKNǏ [BKÎNà 7 SPDF KTFN OB QPßÃEÃOÎ WFEFOÎ 1SWOÎ ISBEFDLÊ [FNǏEǏMTLÊ
TQPMFNJOPTUJWFEMKFKÎWBMOPVISPNBEV4QPMFNJOPTUCZMB
[BUÎßFOB[OBNJOÝNÙWǏSFN[NJOVMÊEPCZOBDIÃ[FMBTF
W JOTPMWFNJOÎN ǭÎ[FOÎ BMF NǏMB [ESBWÝ [ÃLMBE B QSPUP
KTNF WØJDIOJ W SPDF NJOVMÊN QǭFTWǏENJPWBMJ BLDJPOÃǭF
ßF TJUVBDF KF [WMÃEOVUFMOÃ B LF LPOLVS[OÎNV ǭÎ[FOÎ
OFCPDIDFUFMJUPTMZØFUSPWOPVLCBOLSPUVTQPMFNJOPTUJ
OFNVTÎWǹCFDEPKÎU
$FMLFNKTFNNǏM[QSǹCǏIVWBMOÊISPNBEZWFMNJEPCSÝ
QPDJUUPDPNǏIǭÃMPVTSEDFCZMPUPßFPCNJBOÊBLDJP
OÃǭJCZMJLSJUJNJUÎOFCPdzKJNOBTSEDJMFßFMPTVEKFKJDINB
KFULV )MBWOÎN B QPLVE TF OFNÝMÎN KFEJOÝN WÃßOÝN
EǹWPEFN JOTPMWFODF TQPMFNJOPTUJ W SPDF CZM EMVI
WF WÝØJ DDB LPSVO WǹNJJ 1(3-' 1PEQǹSOÝ
B HBSBONJOÎ [FNǏEǏMTLÝ GPOE
+JOBL CZMB TQPMFNJOPTU
[ESBWÃBTUBCJMJ[PWBOÃUPTBNÊUWSEJMPKFKÎWFEFOÎßFBß
OBCSVUÃMOÎÙWǏSKFTQPMFNJOPTUWQPǭÃELV
,PODFNSPLVWMÃEBƉ3SP[IPEMBPQSPEFKJÙWǏSV
B OB QPNJÃULV MFUPØOÎIP SPLV CZM WF WÝCǏSPWÊN ǭÎ[FOÎ
EMVI UFEZ QPIMFEÃWLB WǹNJJ 1(3-'
QSPEÃOB [B DDB
$;, 4LWǏMÝ WÝTMFEFL 4UÃU TF LPOFNJOǏ
[BDIPWBM TUÃUOJDLZ QPDIPQJM ßF TPVNJBTOÎ BLDJPOÃǭJ
OJLEZ [ WÝOPTǹ [FNǏEǏMTLÊ NJJOOPTUJ OFNPIPV UBLPWÝ
EMVI[BQMBUJUBQPIMFEÃWLVQSPEBM[BOFQBUSOÝ[MPNFL
KFKÎTLVUFNJOÊIPEOPUZ4QPWEǏLFNKTFNQǭJWÎUBMJUPßF
OJLEP[PLSFTOÎDISÃEPCZQPMJUJLǹTJOBUPNUPOFQǭJIǭÃM
QǭFEWPMFCOÎHVMÃØBMFßFWØJDIOJUMBNJJMJBCZWMÃEBSP[
IPEMB UBL KBL SP[IPEMB NJÎNß EBMB QǭFEFWØÎN OBKFWP
UP ßF [BDIPWÃOÎ QSBDPWOÎDI NÎTU KF KÎ QǭFEOǏKØÎ OFß
MJLWJEBDFWÎDFNÊOǏGVOHVKÎDÎTQPMFNJOPTUJ
"MF UFǍ LPOFNJOǏ L KÃESV QSPCMÊNV 1PIMFEÃWLB CZMB
QPTUPVQFOB TQPMFNJOPTUJ (FOPTFSWJT LUFSÝ KJ QPTUPVQJM
EÃMF CǏIFN KFEOPIP EOF KBL ÙßBTOǏ SZDIMÊ
EBMØÎ
TQPMFNJOPTUJ /BWPT 7FEFOÎ 1SWOÎ ISBEFDLÊ OB [ÃLMBEǏ
UPIPUP SP[KFMP TÊSJJ KFEOÃOÎ P WTUVQV TUSBUFHJDLÊIP
QBSUOFSB B [BNJBMP BLDJPOÃǭǹN tQSPEÃWBUi ÙßBTOPV
NZØMFOLV ßF KF QSBWÝ NJBT TF UBLPWÝN [QǹTPCFN tWÝ
IPEOǏi [CBWJU BLDJÎ .JNP KJOÊ J QSPUP ßF TQPMFNJOPTU
KFWF[USÃUǏDDB$;,
LUFSPVWZSPCJMJ[BSPL
5BLßFKEFPUPßFNÎTUPEMVIV$;,NÃ
1SWOÎISBEFDLÃ[BQMBUJUQPV[FDDB
.ǏMBCZCÝUQPEMFUWS[FOÎQBOÎǭFEJUFMLZtKJOBL[ESBWÃi
BMF OǏKBLÝN [ÃIBEOÝN [QǹTPCFN KF UǭFCB UFǍ [BNJÎU
QǭFTWǏENJPWBU BLDJPOÃǭF ßF OZOÎ KF UB OFKMFQØÎ DIWÎMF
L QSPEFKJ TQPMFNJOPTUJ 1BOÎ ǭFEJUFMLB BMF OFNÃ W SVDF
BOJTUSBUFHJDLÝ[ÃNǏSJOWFTUPSBBOJKFIPQPEOJLBUFMTLÝ
QMÃOOJDNÊOǏNÃQSPBLDJPOÃǭFLEJTQP[JDJ[EǹWPEOǏ
OÎßFUPUPKFKFEJOÊTQSÃWOÊǭFØFOÎ
5PDPTFQPWFEMPQBOÎǭFEJUFMDF6MCSJDIPWÊKFTLVUFNJOǏ
WÝLPO"OJßCZOFDIBMBEPCǏIOPVUTPVEOÎǭÎ[FOÎWFWǏDJ
JOTPMWFODFTQPMFNJOPTUJBOJßCZTEǏMJMBBLDJPOÃǭǹNOǏKB
LÝTUSBUFHJDLÝ[ÃNǏSJOWFTUPSBQPLVETJUPOFǭFLMJWLBO
DFMÃǭJVLBGF
[BNJOFQǭFTWǏENJPWBUMJEJßFUFǍKFWIPEOÃ
EPCBLQSPEFKJBLDJÎBLFWTUVQVTUSBUFHJDLÊIPQBSUOFSB
.ZTMÎN ßF CZ OBQǭÎLMBE NPIMB EPǭFØJU JOTPMWFONJOÎ
TPVE QPNJLBU OB OBQMOǏOÎ VTOFTFOÎ WMÃEZ P QPTUPVQF
OÎ QPIMFEÃWLZ BMF IMBWOǏ Bß TPVE TLPONJÎ [BÙNJUPWBU
4#Ǝ3"5&-7:,061±
45"3­10)-&%/*$&
%030,6
,PVQÎN TUBSÊ QPIMFEOJ
DFOFCPGPUPHSBñF)SBE
DF OBE .PSBWJDÎ B KFIP
TQÃEPWÝDI PCDÎ NǏTUB
0QBWZBWFTOJDPQBWTLÊ
IPPLSFTV3PWOǏßTUBSÊ
QPIMFEZNǏTUBWFTOJNJFLDFMÊ.PSBWZB4MF[TLBEPSPLV
0DFOǏOÎ[EBSNB1MBUCBWIPUPWPTUJ/BCÎEOǏUF
1FUS)BWSMBOU,BKMPWFDUFM
FNBJMQFUSIBWSMBOU!TF[OBND[
NJOVT$;,NÎTUPEPTVEÙNJUPWBOÝDINJOVT
$;,5BLPWÝSP[EÎMCZTFQPEMFNǏUFPSF
UJDLZNPIMVßOǏKBLQSPKFWJUWÙNJFUOJDUWÎ/JDNÊOǏUPDP
QBOÎǭFEJUFMLBQǭFEWÃEÎBTOÎDFMÊQǭFETUBWFOTUWPUPKF
OǏDPNJFNVKTNFWMFUFDIǭÎLBMJtQSPIP[i7QPETUBUǏ
KEF P OÃTJMOÊ QǭFW[FUÎ ñSNZ QPNPDÎ EMVIV [B WZEBUOÊ
QPNPDJTUÃWBKÎDÎIPNBOBHFNFOUV
1SPNJ NJ UP OFOÎ KFEOP +BL KTFN Vß VWFEM CZEMÎN OB
)SBEDJBKTFNUVSÃEBUFǍBCZDITFNÎTUPDIP[FOÎOB
SZCZ[BNJBM[BKÎNBUPUPLEPUVCVEFQPEOJLBUW[FNǏ
EǏMTUWÎBKBLÝN[QǹTPCFN.PßOÃTFNÃNFOBDPUǏØJU
.PßOÃKTPVUPKFOQMBOÊPCBWZ5POJDOFNǏOÎOBUPN
ßFQBOÎ6MCSJDIPWÃOFWÎLEFKFTFWFS5BLKBLPNBOßFǭJ
MFU/PBKÃUZ[LVØFOPTUJNÃNUBLTFCVEV[BKÎNBUP
UPDPOÃNUBEZUFO[Ã[SBNJOÝJOWFTUPSQǭFEWFEF
.HS"MFØ.VSPǥ
"650."5*;"$& ","%&.*&450-/±)05&/*46
,/*)07/:
10137­/")3"%$*
7Â*.307*$±$)
7MFUPØOÎNSPDFTFQPEWPVEFTÎULÃDIMFUVTLVUFNJOÎ.JTUSPWTUWÎ&WSPQZWFTUPMOÎNUFOJTFWƉFTLÊSF
QVCMJDFLPOLSÊUOǏW0TUSBWǏ"QPOǏWBEßW)SBEDJOBE.PSBWJDÎBPLPMÎOFVTUÃMFSPTUF[ÃKFNPTUPMOÎ
UFOJTQǭJQSBWJMPPCNJBOTLÊTESVßFOÎ'*54QPSUt"LBEFNJJTUPMOÎIPUFOJTViQSPWØFDIOZNJMPWOÎLZUPIPUP
,OJIPWOB W ÂJNSPWJDÎDI KF OFKWǏUØÎ QPCPNJLPV TQPSUVCF[SP[EÎMVWǏLV
.ǏTUTLÊLOJIPWOZW)SBEDJOBE.PSBWJDÎ+FPUF "LDFTFVTLVUFNJOÎPEEPTSQOBBKFVSNJFOBQSPWØFDIOZ[ÃKFNDFCF[SP[EÎMVWǏLVBWÝLPO
WǭFOBWßEZWQPOEǏMÎBWFTUǭFEVEWǏIPEJOZBUP OPTUJ5BLßFTF[EFNPIPVTFULBU[ÃWPEOÎISÃNJJBOBQSPTUÎ[BNJÃUFNJOÎDJPEEPMFU1SPUZ[EBU
PEEPIPEJO7[JNOÎNPCEPCÎTFQǹK OǏKØÎUPCVEFQǭÎQSBWBOBOPWPVTF[ÓOVQSPUZLUFǭÎDIUǏKÎTUPMOÎUFOJTUFQSWFWZ[LPVØFUUPCVEF
NJPWOÎEPCBQPTVOVKFPIPEJOVEPQǭFEV,OJIPW TF[OÃNFOÎTUÎNUPTQPSUFN7ØFCVEFPCPIBDFOPPEBMØÎCPIBUÝQSPHSBN
OJDÎ KF KJß ǭBEV MFU ;EFOLB )MVDIà 7[IMFEFN LF #MJßØÎJOGPSNBDFM[F[ÎTLBUOBXXXJOMJOFTQPSUTD[FNBJMVJOGP!JOMJOFTQPSUTD[OFCPOBUFMFGPOOÎN
TQMOǏOÎ QPENÎOLZ EPESßPWÃOÎ LOJIPWOÎDI TUBO NJÎTMF*OH-FOLB.JØJNJLPWÃ
EBSEǹWUÊUPLOJIPWOǏNPIMB.ǏTUTLÃLOJIPWOB
W)SBEDJOBE.PSBWJDÎWSPDFQPEBUßÃEPTU
PQPTLZUOVUÎEPUBDF[SP[QPNJUVPECPSVVNǏOÎB
LOJIPWFO.,Ɖ3OBQSPKFLUt"VUPNBUJ[BDFNÎTUOÎ 6ßTFTUBMPUSBEJDÎßF,MVCTFOJPSǹNMBEØÎDI[BIBKVKFSPLQSWOÎNTFULÃOÎNWMFEOV[BQǭÎUPNOPTUJ
LOJIPWOZÂJNSPWJDFiWSÃNDJQSPHSBNV7*4,/B [ÃTUVQDF.ǏTUTLÊIPÙǭBEV4WPVOÃWØUǏWPVOÃTQPDUJMNÎTUPTUBSPTUB*OH,BSFM)BOÃLLUFSÝOÃN
[ÃLMBEǏ LMBEOǏ WZǭÎ[FOÊ ßÃEPTUJ B TDIWÃMFOÎ EP QǭJCMÎßJMÙLPMZBQMÃOZNǏTUB4WPVCF[QSPTUǭFEOPTUÎ[BVKBMWØFDIOZQǭÎUPNOÊBPDIPUOǏPEQPWÎEBM
UBDFNPIMBCÝULFLPODJMPǥTLÊIPSPLV[BIÃKFOB OBLMBEFOÊPUÃ[LZ
SFBMJ[BDF BVUPNBUJ[BDF LOJIPWOZ ; QSPTUǭFELǹ 7 ÙOPSV TF OǏLUFSÊ OBØF NJMFOLZ [ÙNJBTUOJMZ QǭFE DFTUǏKTNFOFWZOFDIBMJBVUPLFNQ/ZTLÊKF[FSPB
EPUBDFCZM[BLPVQFO1$TQǭÎTMVØOÝNIBSEXBSFN OÃØLZ 3PNBOB 6ISJOB OB .ǏTUTLÊN ÙǭBEǏt.BMÊ QPLPDIBMJTFKFIPLSÃTPV;ÃKF[EKTNF[BLPONJJMJOB
BTPGUXBSFNBUJTLÃSOB
[NǏOZWFMLÊ[Ã[SBLZiP[ESBWPUOÎNTUZMVTPDIVU »FMFOCVSLVV,SOPWBWLSÃTOÊSFTUBVSBDJTEPCSPV
+JßEǭÎWFCZMQSPTUǭFEOJDUWÎNSFUSPLBUBMPHJ[BDFWMP OÃWLPV %P LMVCV QǭJØMB UBLÊ %BSKB .BSFNJLPWÃ PCTMVIPVBQǭÎKFNOÝNQPTF[FOÎN5FOUP[ÃKF[EB
ßFOWFØLFSÝLOJßOÎGPOELOJIPWOZEPLOJIPWOJDLÊIP ,VDIFKEPWÃ
TLPMFHZOÎBTF[OÃNJMBOÃTTFLPMP EBMØÎLVMUVSOÎBTQPSUPWOÎBLUJWJUZCZDIPNOFNPI
TZTUÊNV $MBWJVT WZUWPǭFOB FWJEFODF NJUFOÃǭǹ B PE HJDLÝNJQǭÎQSBWLZQSPEPNÃDOPTU;ÃSPWFǥKTNFTJ MJVTLVUFNJOJUCF[WFMLÊIPQǭJTQǏOÎ.ǏTUTLÊIPÙǭB
[BNJÃULVMFUPØOÎIPSPLVQSPCÎIBM[LVØFCOÎBVUPNB QǭJQPNOǏMJßFQSÃWǏVQMZOVMSPLLEZPOFNPDOǏMB EV)SBEFDOBE.PSBWJDÎ[BDPßUPVUPDFTUPVNPD
UJ[PWBOÝQSPWP[LOJIPWOZ/BPTUSP[BNJBMBLOJIPWOB WÃßOPVDIPSPCPVOBØFQǭFETFELZOǏ%BOB,VDIFK EǏLVKFNF ,SPNǏ ñOBONJOÎ QPEQPSZ B OÃLVQV
QǹKNJPWBULOJIZQǭFTQPNJÎUBNJCǭF[OB
EPWÃ 1ǭJ NBTPQVTUV W OBØFN LMVCV TBNP[ǭFKNǏ QPUǭFCOÝDIWǏDÎEPOBØÎLVDIZOǏLUFSPVCPIBUǏ
"VUPNBUJ[BDÎ LOJIPWOZ EPDIÃ[Î L EBMØÎNV [LWB OFTNǏMZDIZCǏUUSBEJNJOÎLPCMJIZ
WZVßÎWÃNF QǭJTQÎWBKÎ KFIP QSBDPWOÎDJ J SBEPV B
MJUOǏOÎ TMVßFC NJUFOÃǭǹN [QǭFTOǏOÎ FWJEFODF 7CǭF[OVOÃTQ,WBTOJNJLPWÃVNJJMBTLMÃEBUVCSPVT QPNPDÎQǭJPSHBOJ[PWÃOÎOǏLUFSÝDIBLDÎ
EPLVNFOUǹPETUSBOǏOÎCZSPLSBUJDLÊQSÃDFBUÎN LZOBSǹ[OÝ[QǹTPC
7[ÃǭÎTFUBLÊOBØJDINJMFOFL[ÙNJBTUOJMPQǭFEOÃØ
[MFQØFOÎ QSÃDF TF NJUFOÃǭFN 3PWOǏß TF VQǭFTOÎ 7 EVCOV KTNF TF W IPKOÊN QPNJUV [ÙNJBTUOJMJ PTMBW LZ3PNBOB6ISJOBLUFSPVQPǭÃEBM.ǏTUTLÝÙǭBE
FWJEFODF OÃWØUǏWOÎLǹ B NJUFOÃǭǹ LOJIPWOZ FWJ WÝSPNJÎPTWPCP[FOÎOBØFIPNǏTUBBQPMPßJMJLZUJDJ t$FTUPQJTOÊ[ÃßJULZ[*[SBFMFi5BUPQǭFEOÃØLBCZMB
EFODF KFKJDI WÝQǹKNJFL LOJI B NJBTPQJTǹ 1SPTUǭFE LQPNOÎLV%FONBUFLKTNFPTMBWJMJCPIBUÝNQPIPØ IPEOǏ[BKÎNBWÃQǭJCMÎßJMBOÃNLVMUVSVKJOÝDIOÃ
OJDUWÎNFMFLUSPOJDLÊIPLBUBMPHVEPKEFLF[SZDI UǏOÎN B TBNJ TJ L UPNVUP EOJ VEǏMBMJ NBMÝ LVMUVSOÎ SPEǹBNǏMBWFMLPVPEF[WV
MFOÎWZIMFEÃWÃOÎLOJIWFGPOEVLOJIPWOZ6TOBEOÎ QSPHSBN ¼NJBTUOJMJ KTNF TF LVMUVSOÎDI BLDÎ KBLP CZM 7 ǭÎKOV WǏUØJOB [ OÃT QPQSWÊ OBWØUÎWJMB CPXMJOH
TFQSBWJEFMOÃSFWJ[FLOJIPWOÎIPGPOEVLEZSVNJOǏ LPODFSU-FOLZ'JMJQPWÊUBOFNJOÎTIPXEBODFBOFWZ OB ,SOPWTLÊ VMJDJ W 0QBWǏ 0ENǏOPV CZMB WFMLÃ
QSPWÃEǏOB SFWJ[F USWBMB OFKNÊOǏ UÝEFO OZOÎ OFDIBMJ BOJ EJWBEFMOÎ QǭFETUBWFOÎ )BESJÃO [ ƭÎNTV SBEPTU[FISZBUPVIBTJUP[OPWV[PQBLPWBUDPß
CVEFQSPWFEFOB[BNÊOǏOFßEWBQSBDPWOÎEOZ
B#SBUSÃOFL[#BUÃWJF1SP[QFTUǭFOÎTFULÃOÎWLMVCV KTNFUBLZQǭÎØUÎNǏTÎDVNJJOJMJ#PXMJOHOBØFNJMFOLZ
#ZMZWZUWPǭFOZUBLÊQPENÎOLZQSPQMOPIPEOPUOÊ KTNF T NBMÝN LPMFLUJWFN QǭJQSBWPWBMJ Sǹ[OÊ ESVIZ UBL[BVKBMßFQMÃOVKFNFMFUPTPQǏUKFIPOÃWØUǏWV
[BQPKFOÎ LOJIPWOZ EP WFǭFKOÊ JOGPSNBNJOÎ TÎUǏ QPIPØUǏOÎOBLUFSÊTFKJßOBØFNJMFOLZUǏØJMZ
0QPNFOPVUOFNǹßFNFKFEOVWFMNJ[EBǭJMPVBLDJ
LOJIPWFO B NPßOPTU KFEOPEVDIÊ LPNVOJLBDF 7 [ÃǭÎ KTNF [WMÃEMJ [EBǭJMÝ [ÃKF[E TQPMV T LMVCFN 7 MJTUPQBEV NF[J OÃT QǭJØFM UBKFNOÎL .ǏTUTLÊIP
T .ǏTUTLPV LOJIPWOPV W )SBEDJ OBE .PSBWJDÎ TFOJPSǹ TUBSØÎDI EP +FTFOÎLǹ /BWØUÎWJMJ KTNF #JT ÙǭBEV*OH7ÃDMBWÂBNQBTNBHJTUSFN5PNÃØFN
7OFKCMJßØÎEPCǏCVEPVWZUWPǭFOZJWMBTUOÎXFCP LVQTLPV IPSV T SP[IMFEOPV UJ NÊOǏ [EBUOÎ CZMJ 7PMOÝNLUFSÝPCPIBUJMOBØFWǏEPNPTUJPGBSNBDJJ
WÊ TUSÃOLZ LOJIPWOZ OB LUFSÝDI [ÃKFNDJ P EǏOÎ W EǏUTLÊN TBOBUPSJV WF ;MBUÝDI )PSÃDI LEF TJ WÝSPCǏMÊLǹKFKJDIDFOÃDIQPVßÎWÃOÎBUE7ØFDIOZ
W LOJIPWOǏ OBKEPV WFØLFSÊ JOGPSNBDF P NJJOOPTUJ QSPIMÊEMJOÃEIFSOÝQBSLBQPUPNTQPMFNJOǏKTNF OÃTUBUPQǭFEOÃØLBWFMNJ[BVKBMBBCZMPOBWSIOV
LOJIPWOZPLOJßOÎDIOPWJOLÃDIBPBLDÎDIQPǭÃEB TFWZEBMJOBQPVUOÎNÎTUP.BSJF1PNPDOÊ7ÎUBMZ UPBCZJWMFUPØOÎNSPDFPQǏUQǭJØFMNF[JOÃT
OÝDIWLOJIPWOǏ1SPTUǭFEOJDUWÎNPOMJOFLBUBMPHV OÃT[WPOÎDÎ[WPOZOBOBØJQPNJFTUBQBOGBSÃǭOÃT 7 [ÃWǏSV SPLV KTNF TF TFØMJ W [BTFEBDÎ NÎTUOPTUJ
WZTUBWFOÊN OB XFCPWÝDI TUSÃOLÃDI LOJIPWOZ TJ TF[OÃNJM T IJTUPSJÎ UPIPUP QPVUOÎIP NÎTUB 1P .ǏTUTLÊIPÙǭBEVBPTMBWJMJWÃOPNJOÎTWÃULZ,UPNV
CVEPVNPDJVßJWBUFMÊWFGPOEVLOJIPWOZWZIMFEBU DFTUǏ KTNF [BWÎUBMJ EP ¼EPMÎ [USBDFOÝDI ØUPM LEF KTNFQP[WBMJJEǏUJ[NBUFǭTLÊØLPMZLUFSÊQSPOÃT
QPßBEPWBOÊLOJIZBLOJIZTJSF[FSWPWBU3PWOǏßTJ TJQSPIMÊEMJKBLTFEǭÎWFUǏßJMP[MBUP;BTUBWJMJKTNF QǭJQSBWJMZLVMUVSOÎQSPHSBNQSP[QFTUǭFOÎBNZTF
CVEPVNPDJOBEÃMLVTWÊWÝQǹKNJLZQSPEMPVßJU
TFUBLZWQPMTLÊ/ZTFLEFLSPNǏQSPIMÎELZNǏTUB UBLEǹTUPKOǏSP[MPVNJJMJTFTUBSÝNSPLFN
5ZUP[NǏOZLUFSÊQPTPVWBKÎLOJIPWOVWÂJNSPWJ KTNFOBWØUÎWJMJJLBUFESÃMVTW+BLVCB/B[QÃUFNJOÎ
0MEǭJØLB)FJO[PWÃ
DÎDI EP TUPMFUÎ CZ OFNPIMZ CÝU VTLVUFNJOǏOZ
CF[PEWBIZLOJIPWOJDF;EFOLZ)MVDIÊOFCÃUTF
[BWÃEǏOÎOPWÝDIQSPHSFTJWOÎDINFUPELOJIPWOJD
LÊQSÃDF
1SPOǏLPIPKFUǭJOÃDULBØdzBTUOÝNNJÎTMFNQSPOǏLPIPKFUPOBPQBL5ǏßLPǭÎDUKBLUPCZMPW
"MFOBÂBNQPWÃǭFEJUFMLB.ǏTUTLÊLOJIPWOZB
TPCPUVÙOPSB#ZMMJØdzBTUOÝNFEWǏEßFNǏMUBLQFTUSÝBCPIBUÝEPQSPWPEBOFCPUJ
*OGPSNBNJOÎIPDFOUSB)SBEFDOBE.PSBWJDÎ
,-6#4&/*03ƹ730$&
70%Ǝ/±.Ǝ%7Ǝ%"7,"+-07$*
LUFSÊQPDUJMTWPVOÃWØUǏWPV7LBßEÊNQǭÎQBEǏKFBMFNPßOPLPOTUBUPWBUßFUSBEJDFW,B
KMPWDJßJKFBMFUPØOÎ70%Ǝ/±.&%7Ǝ%"
CZMPPQǏUOBWZTPLÊÙSPWOJ1ǭÎQSBWZ
J WMBTUOÎ PSHBOJ[BDF TF TF DUÎ [IPTUJM
UBNOÎ 4CPS EPCSPWPMOÝDI IBTJNJǹ
7ØF [BNJBMP V IBTJNJTLÊ [CSPKOJDF PE
LVE KF J TQPMFNJOÝ TOÎNFL B QBL Vß
OÃTMFEPWBMZOǏLEFWÎDFOǏLEFNÊOǏ
OÃSPNJOÊOÃWØUǏWZVPCNJBOǹ,BKMPWDF
,BßEÝDIUǏMNFEWǏEBTEPQSPWPEFN
QPIPTUJUBVß[UPIPEǹWPEVUPCZMB
QSPOFKSǹ[OǏKØÎNBTLZOÃSPNJOÃBLDF
0TNÎDIBEPCSPVOÃMBEVBMFWßÃE
OÊNQǭÎQBEǏOPV[FOFCZMB
5FYU,BSFM4UVDIMÎLGPUP*OH+JǭÎ)BKEVL
4103507/±»,0-" -:Â"ƭ*;-*1507"
%Ǝ5*1ƭ&,7"1±
/"13"%Ǝ%6
+FEJOFNJOPV ØBODJ TJ P QSÃ[EOJOÃDI [BTQPSUPWBU B
[BßÎUOFPQBLPWBUFMOÊPLBNßJLZWZVßJMZWMPǥTLÊN
SPDFWFEWPVUVSOVTFDIWt*OMJOF4QPSUTØLPMFiEǏUJ
OFKFO[)SBEDFOBE.PSBWJDÎBMFJ[PLPMÎ
1SPMFUPØOÎMFUOÎNǏTÎDFDIZTUÃNUǭJUVSOVTZKFEFO
W NJFSWFODJ B EWB W TSQOV $ÎMFN ØLPMZ KF OFKFO
OBVNJJU ßÃLZ JOMJOF CSVTMFOÎ BMF TF[OÃNJU KF UBLÊ
TEBMØÎNJTQPSUPWOÎNJPEWǏUWÎNJ/FDIZCÎ[ÃLMBEZ
TUPMOÎIP UFOJTV WPMFKCBMV GPUCBMV IÃ[FOÊ B EBM
ØÎDI NÎNJPWÝDI IFS %ǏUJ TF TF[OBNVKÎ TF [ÃLMBEZ
UǏDIUPOPWÝDITQPSUǹQPEWFEFOÎNUSFOÊSǹUBLßF
TFLÙNJBTUJNPIPVQǭJIMÃTJUJOBQSPTUÎ[BNJÃUFNJOÎDJ
1SPñMØLPMZTFQPTUVQFNMFUUSPØLVNǏOÎBUBLKFKÎ
ÙNJBTUOÎDJNǏMJWMPǥTLÊNSPDFOFKFONPßOPTUTJOǏ
LUFSÊTQPSUZWZ[LPVØFUBMFUBLÊTFULBUTF[OÃNÝNJ
PTPCOPTUNJNJJCÝUQǭÎUPNOJUFMFWJ[OÎNVOBUÃNJFOÎ
0CPIBDFOÎNCZMPJOBIMÊEOVUÎEPQSÃDFQTPWPEǹ
1PMJDJFƉFTLÊSFQVCMJLZ
+BLPIMBWOÎPSHBOJ[ÃUPSLBTFTOBßÎNVEǏUÎWZWPMBU
[ÃKFNPTQPSUGPSNPVIFSUBLBCZTFUǏØJMZOBUP
DPTFOPWÊIPOBVNJÎ0ENǏOPVKFQSPNǏTQPLP
KFOPTUNBMÝDITQPSUPWDǹBUBLÊTLVUFNJOPTUßFBC
TPMWFOUJQSWOÎIPLVS[VTFWSBDÎBNOP[ÎBCTPMWPWB
MJKJßOǏLPMJLSPNJOÎLǹt*OMJOF4QPSUTØLPMZi%PVGÃN
ßFJMFUPØOÎSPNJOÎLTFCVEFMÎCJU1PLVENÃUF[ÃKFN
NǹßFUFTWÊEǏUJQǭJIMÃTJUOBUZUPUVSOVTZ
NJFSWFODFTSQOBBTSQOB%BMØÎJOGPS
NBDF M[F [ÎTLBU OB XXXJOMJOFTQPSUTD[ FNBJMV
JOGP!JOMJOFTQPSUTD[*OH-FOLB.JØJNJLPWÃ
7SÃNDJW[ÃKFNOÝDIESVßFCOÎDIW[UBIǹOBWØUÎWJMJWFEOFDICǭF[OBUVSJTUÊMZßBǭJ[.»,-JQ
UPWTLÝ)SÃEPLPCMBTU)SVCÊIP+FTFOÎLV4QPMVTQSǹWPEDJ[PECPSV,MVCVNJFTLÝDIUVSJTUǹ5+)SBEFD
OBE.PSBWJDÎBCTPMWPWBMJ[BWFMNJQǭÎ[OJWÝDIQPWǏUSOPTUOÎDIQPENÎOFLNJUZǭJOÃSPNJOÊUSBTZ/FKEFM
ØÎIǭFCFOPWÃNǏǭJMBLN+FEOP[BTUBWFOÎCZMPJV+FMFOÎTUVEÃOLZBTOÎNFLEPLB[VKFßFQPNJBTÎJ
BUNPTGÊSBCZMZWÝCPSOÊ5FYU*OH7JMÊN#SFU[GPUP*OH+BO1FUSÃOFL
7&-*,0/0Ɖ/±563/"+7&'-03#"-6
'*54QPSUPTWFTQPMVQSÃDJT.ǏTUTLÝNÙǭBEFN)SBEFDO.;ÃLMBEOÎØLPMPV)SBEFDO.BóPSCB
MPWPV[OBNJLPV4BMNJOHQPǭÃEBKÎQSPWFǭFKOPTU*SPNJOÎLWFMJLPOPNJOÎIPUVSOBKFWFóPSCBMVt7FMLPV
DFOV)SBEDFOBE.PSBWJDÎi,POÃTFWTPCPUVEVCOBWFTQPSUPWOÎIBMF;»)SBEFDOBE.PSBWJDÎ
,"5&(03*& NJOJ ßÃDJ NMBEØÎ ßÃDJ NJUZǭNJMFOOà 0DFOǏOB CVEPV ESVßTUWB OB QSWOÎDI UǭFDI NÎT
ESVßTUWB
TUBSØÎßÃDJNJUZǭNJMFOOÃESVßTUWB
ßÃLZOǏ UFDIWKFEOPUMJWÝDILBUFHPSJÎDI7ZIMÃØFOBKFTPV
UǭÎNJMFOOÃ ESVßTUWB
B SPEJOOÃ ESVßTUWB SPEJNJF UǏßPOFKÙTQǏØOǏKØÎUǭÎEV;»)SBEFDOBE.PSBWJDÎ
/FQMBUÎTFTUBSUPWOÊ
EÎUǏOFCPSPEJNJEǏUJ
13&;&/5"$&INMBEØÎßÃDJMFU
7ØJDIOJ ISÃNJJ TF ÙNJBTUOÎ UVSOBKF OB WMBTUOÎ [PEQP
ßÃLZOǏMFU
ITUBSØÎßÃDJBß WǏEOPTUBPSHBOJ[ÃUPSOFOÎ[PEQPWǏEOÝ[BQǭÎQBE
MFU
NJOJßÃDJMFU
ISPEJOOÃ OÊØLPEZB[SBOǏOÎ0SHBOJ[ÃUPSOFSVNJÎ[BQǭÎQBEOÊ
[USÃUZPTPCOÎDIWǏDÎCǏIFNUVSOBKF
ESVßTUWBQPENÎOLBEǏUJNVTÎCÝUNMBEØÎMFU
1"35/&ƭ*4BMNJOHƉ3TSP5FNQJTITSP4FNJY
1MVTP TSP #PIVØPWJDLÃ NMÊLÃSOB BT 4MF[TLÃ
QFLÃSOB0QBWB+FTFOJDLÊQSBNFOZBT(SBEB1V
CMJTIJOHBT1FYJTSP4QPSUTSP7MBEJNÎS
ƉFSOÎO'-003#"%DPN7JUÃMOÎTWǏU3BEVǥ1BWFM
,V[OÎLTSP.F[JOÃSPEOÎEPQSBWBBTQFEJDF
1ƭ*)-¦»,:"*/'03."$&*OH-FOLB.JØJNJLPWÃ
UFMFGPOFNBJMJOGP!JOMJOFTQPSUTD[
*OH-FOLB.JØJNJLPWÃ
'05#"-07­/"%Ǝ+&.&;*/¦30%/Ǝ
6ß 7** SPNJOÎL NF[JOÃSPEOÎIP GPUCBMP
WÊIP UVSOBKF ßÃLǹ t0 10)¦3 .Ǝ45"
)3"%&$/"%.03"7*$±iTFVTLVUFNJ
OJMWFTQPSUPWOÎIBMFISBEFDLÊ;ÃLMBE
OÎØLPMZ7TPCPUVÙOPSBISÃMJNMBE
ØÎ ßÃDJ ; EFTFUJ ESVßTUFW CZM OFKMFQØÎ
4'$0QBWBESVßFCOÎ#BCPSPXTLPONJJM
QÃUÝ ISBEFDLÊ tÃNJLPi CZMP PTNÊ B
tCÊNJLPiEFTÃUÊ/FKMFQØÎNTUǭFMDFNTF
TUBM+BLVC»FWNJÎL.Ǐ'40TUSBWB
TF
CSBOLBNJ B OFKMFQØÎN CSBOLÃǭFN 3B
EPWBO.VSJO.Ǐ'40TUSBWB
0UÝEFO
QP[EǏKJISÃMJNJOJßÃDJ0QǏUTFTFØMP
ESVßTUFW 5VSOBK WZISÃM #BOÎL 0TUSBWB
)SBEFDCZMØFTUÝEWǏNÎTUBQǭFEGPUCBMJTUZ#BCPSPXBBOBEFWÃUÊNNÎTUǏTFVNÎTUJMZ1BQÎSOZÂJNSPWJDF
LUFSÊNǏMZWFTWÝDIǭBEÃDIOFKNMBEØÎIPISÃNJFUVSOBKF%BMJCPSB7FNJFSLV/FKMFQØÎNTUǭFMDFNCZMWZIMÃ
ØFO+BO+FTDI#BOÎL0TUSBWB
TFCSBOLBNJOFKMFQØÎNCSBOLÃǭFN3BEPWBO.VSJO.Ǐ'40TUSBWB
5FYUBGPUP,BSFM4UVDIMÎL
5+)3"%&$/"%.03"7*$±LSBKTLÝQǭFCPSKBSP
EBUVN
CǭF[OB
CǭF[OB
EVCOB
EVCOB
EVCOB
EVCOB
LWǏUOB
LWǏUOB
LWǏUOB
LWǏUOB
LWǏUOB
LWǏUOB
NJFSWOB
NJFSWOB
NJFSWOB
EFO
TPCPUB
OFEǏMF
TPCPUB
OFEǏMF
TPCPUB
OFEǏMF
TPCPUB
TPCPUB
TUǭFEB
TPCPUB
TPCPUB
TPCPUB
TPCPUB
OFEǏMF
TPCPUB
PEKF[E
[BNJÃUFL
TPVQFǭ
)SBEFDO.PS#JPDFM7SBUJNPW
#','SÝEMBOUO0)SBEFDO.PS
)SBEFDO.PS',#PIVNÎO
1VTUÃ1PMPN)SBEFDO.PS
)SBEFDO.PS0ESB1FUǭLPWJDF
/PWÝ+JNJÎO)SBEFDO.PS
)SBEFDO.PS,SOPW
)ÃKWF4MF[TLV)SBEFDO.PS
&10'SFOØUÃUQ3)SBEFDO.PS
)SBEFDO.PS*31ƉFTLÝ5ǏØÎO
)SBEFDO.PS.PSBWBO0MEǭJØPW
-PLPNPUJWB1FUSPWJDF)SBEFDO.PS
)SBEFDO.PSƉFMBEOÃ
#BOÎL"MCSFDIUJDF)SBEFDO.PS
)SBEFDO.PS4PLPM-ÎTLPWFD
$)$&5&#364-*5+",0."35*/"
,VS[Z JOMJOF CSVTMFOÎ [BNJÎOBKÎ W )SBEDJ OBE .P
SBWJDÎ KJß PE EVCOB 1SWOÎ TF VTLVUFNJOÎ PE EP
EVCOB"LDFKFVSNJFOBKBLQSP[BNJÃUFNJOÎLZNÎS
OǏQPLSPNJJMÊUBLJ[EBUOǏKØÎCSVTMBǭFCF[PIMFEVOB
WǏL LUFǭÎ TF DIUǏKÎ W KÎ[EǏ [EPLPOBMJU B UBLZ [BßÎU
TQPVTUV [ÃCBWZ 1SP [ÃKFNDF KF QǭJQSBWFOB NPß
OPTU[LPO[VMUPWBUWIPEOÊWZCBWFOÎOBUFOUPTQPSU
,EPOFCVEFNÎUCSVTMFNǹßFTJKFJWÝTUSPKWZQǹKNJJU
1ǭJIMÃTJU TF NǹßFUF OB JOGP!JOMJOFTQPSUTD[ NJJ OB
UFMFGPOOÎNNJÎTMF#MJßØÎJOGPSNBDFM[F
OBMÊ[UOBXXXJOMJOFTQPSUTD[
*OH-FOLB.JØJNJLPWÃ
)3"%&$,­/07*/:
7ZEÃWÃ
.ǏTUTLÝÙǭBE)SBEFDOBE.PSBWJDÎ
0QBWTLÃ)SBEFDOBE.PSBWJDÎ
UFMGBY
FNBJMTFLSFUBSJBU!NVISBEFDD[
XXXNVISBEFDD[
&WJEFODFQFSJPEUJTLV.,Ɖ3&
ƭÎEÎSFEBLNJOÎSBEB3FEBLDFGPUPBHSBñLB
,BSFM4UVDIMÎL5JTL(SBñTTSP
6[ÃWǏSLBUPIPUPNJÎTMBCZMB
"SDIÎW)SBEFDLÝDIOPWJOOBKEFUFOB
XXXNVISBEFDD[
6;¦7Ǝ3,"1ƭ±»5±)0Ɖ±4-"+&
4WÊQǭÎTQǏWLZEPEFKUFOB.ǏTUTLÝÙǭBEW)SBEDJOBE.P
SBWJDÎSFGFSFOUDFLVMUVSZ+JUDF,PUBNJLPWÊOFCPQPTÎMFKUF
NBJMFNOBBESFTVKLPUBDLPWB!NVISBEFDD[

Podobné dokumenty

Zpravodaj Mčstského úřadu v Hradci nad Moravici HRADECKÉ

Zpravodaj Mčstského úřadu v Hradci nad Moravici HRADECKÉ Þ[FNÓNǔTUB)SBEFDOBE.PSBWJDÓBKFIPNǔTUTLÏǏÈTUJLSPNǔPCDF%PNPSBEPWJDF%PLPOǏFOÓEJHJ UBMJ[BDFNǔTUTLÏǏÈTUJ%PNPSBEPWJDFTFQDzFEQPLMÈEÈLFLPODJSPLV+FMJLPäEJHJUBMJ[BDFDFMÏIP LBU...

Více

HRADECKÉ NOVINY 4

HRADECKÉ NOVINY 4 VßOBTPVLSPNÊNNBKFULVOFCPOBNBKFULVNǏTUB OFKSǹ[OǏKØÎSFLMBNOÎBQSPQBHBNJOÎQBOFMZ"UBLTF OBCÎ[ÎPUÃ[LZQSPWÃT PCNJBOZOBØFIPNǏTUB+BLTFWÃNSFLMBNOÎQBOFMZSP[NBOJUǏSP[NÎTUǏOÊOBQMP...

Více

obal 1:obal 1

obal 1:obal 1 s Luftjardou. Resuscitace se prodlužuje na neurčito. Politika tohoto typu už nezajímá 80 % občanů. Nelze se ovšem této skutečnosti moc divit, když si přečtete informace posledních dnů o studijních ...

Více

PLES MÉSTA

PLES MÉSTA LSBKFIUUQXXXLSNPSBWTLPTMF[TLZD[ OBLUF SâDIKF[WFDzFKOǔOJTF[OBNLPUMǾÇÈEPTUJPEPUBDF NǾäFUF QPTÓMBU OB BESFTV .PSBWTLPTMF[TLÝ LSBK  LSBKTLÝ ÙǭBE   ǭÎKOB    ...

Více

Zpravodaj Mčstského úřadu v Hradci nad Moravici HRADECKÉ

Zpravodaj Mčstského úřadu v Hradci nad Moravici HRADECKÉ ;BNǔTUOBODJÞDzBEVKTPVQDzJQSBWFOJPEQPWÓEBUOB QDzÓQBEOÏEPUB[ZLKFEOPUMJWâNQPMPäLÈNSP[QPǏ UVQPEMFTWÏPEQPWǔEOPTUJ *OH7ÃDMBWÂBNQB UBKFNOÎLÙǭBEV

Více

HRADECKÉ NOVINY 5

HRADECKÉ NOVINY 5 CVEF[BIÈKFOBKFÝUŞKFEOBEPUBŘOÓTUBWCBSFLPO KF [BUFQMFOÓ CVEPWZ  WâNŞOB PLFO  ÞQSBWB UPQOÏ TUSVLDF IBTJŘTLÏ [CSPKOJDF W )SBEDJ OBE .PSBWJDÓ TPVTUBWZ B WâNŞOB [ESPKF UFQMB W...

Více

Zde

Zde TMVäCZCVEPVQPTLZUPWÈOZEPTQŞMâNPTPCÈNPE HV EŞUTLÏIPIżJÝUŞBSZCOÓŘLV7PCMBTUJVCZUPWB MFU;BżÓ[FOÓCVEFTMPVäJUQżFEFWÝÓNKBLPEPNPWQSP DÓDITMVäFCKFWEMPVIPEPCŞKÝÓNQMÈOVWZCVEPW...

Více

Zpravodaj Méstského úřadu v Hradci nad Moravici HRADECKÉ

Zpravodaj Méstského úřadu v Hradci nad Moravici HRADECKÉ EBMÝÓNWâWPKJWÈTCVEFNFJOGPSNPWBUOQPS#D7MBEJNÓS1PMÈÝFL WFEPVDÓ001)SBEFDO.

Více

ZAĆALY JIM POVINNOSTI Zpravodaj Méstského úřadu v Hradci

ZAĆALY JIM POVINNOSTI Zpravodaj Méstského úřadu v Hradci ;BŘÈUFL[ÈżÓCZMWF[OBNFOÓTJMOâDIEFÝƃƉ LUFSÏ WFMNJSZDIMF[WZÝPWBMZIMBEJOZżFLBQPUPLƉOB .PSBWŞ B WF 4MF[TLV 0 UPN  KBL SZDIMF NƉäF WFMLÈ WPEB QżJKÓU  TWŞEŘÓ NŞżFOÓ MJNOJHSB...

Více