Zpravodaj Méstského úřadu v Hradci nad Moravici HRADECKÉ

Transkript

Zpravodaj Méstského úřadu v Hradci nad Moravici HRADECKÉ
;QSBWPEBK.ŞTUTLÏIPÞżBEVW)SBEDJOBE.PSBWJDÓ
)3"%&$,²
/07*/:
EVCFO
+",130#¶)«#6%07«/¶,"/"-*;"$&
,F LPODJ ÞOPSB CZMP WZCVEPWÈOP LN [ DFM
LPWÏEÏMLZLNTUPL7MFEOVQPLSBŘPWBMZTUB
WFCOÓ QSÈDF W )SBEDJ OBE .PSBWJDÓ OB HSBWJUBŘOÓ
LBOBMJ[BDJ W VMJDÓDI /B $JIFMOÓ B 4MF[TLÏ /PWŞ
CZMZ[BIÈKFOZQSÈDFOBHSBWJUBŘOÓDILBOBMJ[BDÓDI
W VMJDÓDI 4NFUBOPWB B /B 1PUƉŘLV B OB UMBLPWÏ
LBOBMJ[BDJ OB VMJDÓDI (VESJDIPWB B 1JWPWBSTLÈ
7ÞOPSVQPLSBŘPWBMZTUBWFCOÓQSÈDFOBHSBWJUBŘOÓ
LBOBMJ[BDJWVMJDÓDI1PE)BOVÝÓ4NFUBOPWBBOB
UMBLPWÏ LBOBMJ[BDJ W 1JWPWBSTLÏ VMJDJ 6LPOŘFOZ
CZMZ QSÈDF OB VMJDÓDI $JIFMOÓ -JEJDLÈ /B 1PUƉŘ
.ĝ450)3"%&$/"%.03"7*$¶
/ÈSPEOÓQBNÈULPWâÞTUBWÞ[FNOÓPECPSOÏ
QSBDPWJÝUŞW0TUSBWŞ4QSÈWBTUÈUOÓIP
[ÈNLV)SBEFDOBE.PSBWJDÓ
,MVCŘFTLâDIUVSJTUƉ5+)SBEFDOBE.PSBWJDÓ
BTQPMVQPżBEBUFMÏ.ŞTUTLÈLOJIPWOBB
*OGPSNBŘOÓDFOUSVNW)SBEDJOBE.PSBWJDÓ
LZOPMPHPWÏWŘFMBżJ.ZTMJWFDLÏTESVäFOÓ
,BMWÈSJF)SBEFDLâEFDIPWâPSDIFTUS+F[EFDLâ
LMVC)SBEFDOBE.PSBWJDÓėFTLÏESÈIZ0;1
[BNŞTUOBODƉCBOLQPKJÝƃPWFOBTUBWFCOJDUWÓ
BNFEJÈMOÓQBSUOFS3ÈEJPėBT
WTPCPUVEVCOBTSEFŘOŞ[WPVOB
05&7¶3«/¶+"3"
"563*45*$,²4&;0/:
WZTUPVQFOÓ)SBEFDLÏIPEFDIPWÏIP
PSDIFTUSVVėFSWFOÏIP[ÈNLV
VWÓUÈOÓÞŘBTUOÓLƉ
53"4:
B
#VLPWÈDFTUBÇJNSPWJDF.BSJÈOTLÏMPVLZ
[ÈNFLLN
C
#F[SVŘPWB WZIMÓELB 1ƉMMFT 7ŘFMÓ ISBE
ÇJNSPWJDF.BSJÈOTLÏMPVLZ[ÈNFLLN
D
#F[SVŘPWB WZIMÓELB 1ƉMMFT 7ŘFMÓ ISBE
)SBEFŘOÈ MPN
IÈKPWOB .PTULZ +BLVCŘP
WJDFSP[IMFEOB)SBEFDLN
%013070%/Å130(3".
B 1JWPWBSTLÏTLMFQZQPTMFDIUJCFU
TLâDINÓT
QSPIMÓELB1JWPWBSTLâDITLMFQƉ
QSPIMÓELZ[ÈNFDLâDIJOUFSJÏSƉ
WâTUBWBW.ŞTUTLÏHBMFSJJ
#ÓMÈWŞäWFżFKOÏDWJŘFOÓ5BJŘJ
.BSJÈOTLÏMPVLZWâDWJLTMVäFC
OÓDI B MPWFDLâDI QTƉ W[EVDIPWLPWÈ TUżFMOJDF
WâDWJLLPOÓQSPKÓäśLZOBLPOÓDIBWQPWP[F
0#ė&3457&/¶
7ŘFMÓ ISBE "SFÈM EPCSÏ QPIPEZ ÇJNSPWJDF
.BSJÈOTLÏMPVLZ
LV B OB UMBLPWÏ LBOBMJ[BDJ OB (VESJDIPWŞ VMJDJ
7OÈTMFEVKÓDÓNNŞTÓDJCVEPVQSÈDFQPLSBŘPWBUOB
VMJDÓDILEFOFCZMZKFÝUŞVLPOŘFOZBOPWŞQBLOB
VMJDÓDI4MF[TLÈ#F[SVŘPWB1ÓTFDLÈB1PE,BMWÈSJÓ
7 QżÓQBEŞ QżÓ[OJWâDI LMJNBUJDLâDI QPENÓOFL OFOÓ
WZMPVŘFOP äF CVEPV [BIÈKFOZ QSÈDF W EBMÝÓDI MP
LBMJUÈDI1żJQSÈDJW[JNOÓDINŞTÓDÓDIKFUBLÏ[OBŘOŞ
TOÓäFOBFGFLUJWJUBQSÈDF1SÈDFWNSB[JWÏNQPŘBTÓKF
MJNJUPWBOÈUFQMPUPVP$+FEÈOBWâSPCDFNQPUSVCÓ
KBLPNF[QSPNBOJQVMBDJTUÓNUPNBUFSJÈMFN7FÝLF
SÏPTUBUOÓQSÈDFOFKTPVOJKBLPNF[PWÈOZQPV[FKTPV
[UÓäFOZQPENÓOLZ[FNOÓDIQSBDÓ
$P TF UâŘF EPQSBWOÓIP PNF[FOÓ WF NŞTUŞ KTPV
QSPKFLUPWPV EPLVNFOUBDÓ VSŘFOZ QMOÏ V[BWÓSLZ
VMJDWSFBMJ[PWBOâDIÞTFDÓDI+FWÝBLTOBIPVTUBW
CZVMJDFQPEPLPOŘFOÓQSBDÓJIOFEKFEOÓNQSVIFN
[QSƉKF[EOJU 4FULÈWÈNF TF QBL BMF T QżÓQBEZ LEZ
PCŘBOÏ OFECBKÓ GBLUV äF W VMJDJ KF PTB[FO [ÈLB[
WKF[EVBWKÓäEŞKÓEPVMJDWQSƉCŞIVQSBDÓBEPäBEVKÓ
TFQSƉKF[EVLFTWÏOFNPWJUPTUJ;UPIPUPEƉWPEV
BQFMVKFNF OB PCŘBOZ BCZ SFTQFLUPWBMJ EPQSBWOÓ
[OBŘFOÓ +TNF TJ WŞEPNJ äF TUBWFCOÓ QSÈDF OÈN
WÝFN[OFQżÓKFNŵVKÓäJWPUBMFNVTÓNFUPWZESäFU
7TPVŘBTUOÏEPCŞKFQPEFQJTPWÈOBTWMBTUOÓLZOFNP
WJUPTUÓLUFSÏNBKÓCâUOBQPKFOZOBOPWPVWFżFKOPV
TQMBÝLPWPVLBOBMJ[BDJOBLBUBTUSÈMOÓNÞ[FNÓ)SBEDF
OBE .PSBWJDÓ 4NMPVWB P CVEPVDÓ TNMPVWŞ P PE
WÈEŞOÓ PEQBEOÓDI WPE OB [ÈLMBEŞ LUFSÏ TF NŞTUP
)SBEFD OBE .PSBWJDÓ [BWB[VKF WZQSBDPWBU QSPKFL
UPWPV EPLVNFOUBDJ WŘFUOŞ QżÓTMVÝOâDI QPWPMFOÓ
PQSÈWOŞOâNQSPKFLUBOUFNQSPEPNPWOÓLBOBMJ[BŘOÓ
QżÓQPKLZLOFNPWJUPTUFNVOJDIäKFQMÈOPWÈOPEMF
QSPKFLUPWÏ EPLVNFOUBDF QżJQPKFOÓ OB WFżFKOPV
TQMBÝLPWPV LBOBMJ[BDJ 1SÈDF QSPKFLUBOUB CVEF ISB
[FOB EMF VTOFTFOÓ [BTUVQJUFMTUWB [ SP[QPŘUV NŞTUB
4PVŘÈTUÓTNMPVWZKFJ[ÈWB[FLWMBTUOÓLBOFNPWJUPTUJ
SFBMJ[PWBU EMF TDIWÈMFOÏ QSPKFLUPWÏ EPLVNFOUBDF
EPNPWOÓ QżÓQPKLV TQMBÝLPWÏ LBOBMJ[BDF B QżJQPKFOÓ
OBWFżFKOâżBEWFMIƉUŞNŞTÓDƉPEWâ[WZWMBTUOÓLB
OPWÏ TQMBÝLPWÏ WFżFKOÏ LBOBMJ[BDF ; EƉWPEV QP
NPDJPCŘBOƉNOFKFOQżJQżÓQSBWŞBMFŘÈTUFŘOŞJQżJ
SFBMJ[BDJEPNPWOÓDILBOBMJ[BŘOÓDIQżÓQPKFL;BTUVQJ
UFMTUWPNŞTUB)SBEFDOBE.PSBWJDÓVMPäJMPQżJQSBWJU
QPELMBEZQSP[BKJÝUŞOÓWâCŞSPWÏIPżÓ[FOÓOBEPEBWB
UFMFNBUFSJÈMVBQSBDÓLSFBMJ[BDJEPNPWOÓDIQżÓQPKFL
W[ÈKNV[BCF[QFŘFOÓNOPäTUFWOÓDITMFW#MJäÝÓJOGPS
NBDFOBXXXNVISBEFDD[*WBOB)ZLMPWÈ
;«.&$,«6-*$&6;"7Ļ&/"
0EEVCOBCVEPV[BIÃKFOZTUBWFCOÎQSÃDFOBVMJDJ;ÃNFDLÃBKFKJDIVLPONJFOÎKFQǭFECǏßOǏTUBOPWFOPOBTSQOB
; EǹWPEV TUBWCZ CVEF ;ÃNFDLÃ VMJDF PE ÙTFLV LǭJßPWBULZ T VMJDÎ ,PMPOJF
V[BWǭFOB B QP EPCV TUBWCZ EPKEF
LPNF[FOÎQSPWP[VEPQSBWZOÃTMFEPWOǏ4UBWCBCVEFQSPCÎIBUWQSBDPWOÎDIEOFDIQPOEǏMÎBßNJUWSUFLPEEP
IPEJOWQÃULZPEEPIPEJO7UVUPEPCVCVEFVMJDF;ÃNFDLÃQSǹKF[EOÃQPV[FQSPQSBWJEFMOÝMJOLPWÝBVUPCVT
BJOUFHSPWBOÝ[ÃDISBOOÝTZTUÊN1SPPTUBUOÎEPQSBWVCVEFWFEFOBPCKÎßǍLBVMJDÎ,PMPOJFLUFSÃCVEFKFEOPTNǏSOÃ
TNǏSFNL[ÃNLVEÃMFCVEFPCKÎßǍLBWFEFOBTUBSPV[ÃNFDLPVDFTUPVtBVUPNPCJMLPVuQǭFT,BKMPWFD#ǏIFNWÎLFOEǹ
OFCVEPVTUBWFCOÎQSÃDFQSPCÎIBUBQSǹKF[E;ÃNFDLPVVMJDÎCVEFTVSNJJUÝNJPNF[FOÎNJQSPPTPCOÎEPQSBWVVNPßOǏO
%CFKUFQSPTÎN[WÝØFOÊPQBUSOPTUJQSPUPßFJCǏIFNWÎLFOEǹTFTUÃMFCVEFUFQPIZCPWBUWSFßJNVTUBWCZ+FØUǏOVUOP
EPEBUßFQǭFEQPLMÃEBOÝNJBTPWÝIBSNPOPHSBNTUBWCZOBVMJDJ;ÃNFDLÃNǹßFCÝUQPTVOVUBUP[EǹWPEVTMPßJUPTUJ
UFSÊOV WFMLÊIP NOPßTUWÎ KJß QPMPßFOÝDI JOßFOÝSTLÝDI TÎUÎ B QǭÎQBEOǏ UBLÊ [ EǹWPEV [ÃDISBOOÊIP BSDIFPMPHJDLÊIP
WÝ[LVNVLUFSÝCVEFWUÊUPMPLBMJUǏWSÃNDJTUBWCZQSPCÎIBU.JDIBM,VODLPPSEJOÃUPSTUBWCZ("4$0TQPMTSP
/&+4-0Ç*5ĝ+À¶50#6%&/"01"74,²6-*$*
,BOBMJ[BDJ TUBWÓ TESVäFOÓvėJTUÈ .03"7*$&i 7 UPNUP TESVäFOÓ KTPV mSNZ &JõBHF $POTUSVDUJPO ėFTLÈ
SFQVCMJLBTSPB("4$0TQPMTSP5FSNÓOEPLPOŘFOÓWâTUBWCZKFTUBOPWFOOBTSQOB4OBIPV
[IPUPWJUFMF KF BCZ TUBWFCOÓ QSÈDF QSPCŞIMZ DP OFKSZDIMFKJ T NJOJNÈMOÓN WMJWFN OB PCŘBOZ NŞTUB
/FKEFWÝBL[BCSÈOJU[WâÝFOÏNVIMVLVWJCSBDÓNBQSBÝOPTUJ4UBWCBUBLÏ[QƉTPCVKFOFNBMÏEPQSBWOÓ
LPNQMJLBDF 4 PIMFEFN OB CF[QFŘOPTU B [ESBWÓ PCZWBUFM OFOÓ NPäOÏ OFDIBU VMJDF W SFBMJ[PWBOâDI
ÞTFDÓDIQSƉKF[EOÏ7âLPQZ[ƉTUÈWBKÓQżFTOPDPUFWżFOÏBJQżFTCF[QFŘOPTUOÓISB[FOÓNƉäFEPKÓULOŞKBLÏ
OFQżFEWÓEBUFMOÏ TJUVBDJ /FKLPNQMJLPWBOŞKÝÓ CVEF WâTUBWCB LBOBMJ[BDF WF ESVIÏ QPMPWJOŞ MFUPÝOÓIP
SPLVOB0QBWTLÏVMJDJ1SPWP[CVEFQPÞTFDÓDITWFEFOEPKFEOPIPKÓ[EOÓIPQSVIVBżÓ[FOTFNBGPSZ
4PIMFEFNOB[OBŘOâQSPWP[OBUÏUPLPNVOJLBDJKFUżFCBQPŘÓUBUTWFMLâNJEPQSBWOÓNJLPNQMJLBDFNJ
1PLVECZTUFNŞMJKBLÏLPMJWQżJQPNÓOLZOFCPäÈEPTUJTQPKFOÏTWâTUBWCPVLBOBMJ[BDFPCSBDFKUFTFCVś
OBTUBWFCOÓPECPSNŞTUBOFCPQżÓNPOBTQSÈWDFTUBWCZOBFNBJMLBOBMJ[BDF!NVISBEFDD[QżÓQBEOŞ
PTPCOŞWÞżFEOÓDIIPEJOÈDIWFTUżFEVPEEPIOB.ŞTUTLÏNÞżBEŞ)SBEFDOBE.PSBWJDÓ
.JDIBM,VODLPPSEJOÈUPSTUBWCZ("4$0TQPMTSP
10%103"%ĝ5¶".-«%&Ç&730$&
;BTUVQJUFMTUWPNŞTUB)SBEFDOBE.PSBWJDÓTDIWÈMJMPQSPSPLQPTLZUOVUÓQżÓTQŞWLVOBWPMOPŘB
TPWÏBLUJWJUZEŞUÓWFWŞLVPEEPMFULUFSÏNBKÓUSWBMÏCZEMJÝUŞW)SBEDJOBE.PSBWJDÓQżJŘFNä
LBäEÏ EÓUŞ NÈ OÈSPL OB QżÓTQŞWFL WF WâÝJ ,Ř $ÓMFN KF TNZTMVQMOÏ WZVäJUÓ WPMOÏIP ŘBTV EŞUÓ
B TPVŘBTOŞ QPEQPSB ŘJOOPTUJ NÓTUOÓDI [ÈKNPWâDI PSHBOJ[BDÓ LUFSÏ TF UŞNJUP BLUJWJUBNJ [BCâWBKÓ
/B Þ[FNÓ OBÝFIP NŞTUB KF UP PSHBOJ[BDÓ 3PEJŘF CZMJ W CżF[OV PTMPWFOJ EPQJTFN T QżJMPäFOPV
OÈWSBULPVOBLUFSÏNBKÓNPäOPTUP[OBŘJUBUÓN[WPMJULUFSÏPSHBOJ[BDJCVEFQżÓTQŞWFL[BKFKJDIEÓUŞ
QPVLÈ[ÈO+FNPäOPWZCSBUQPV[FKFEOVPSHBOJ[BDJOBKFEOPEÓUŞ1PLVEWBÝFEÓUŞKJäOBWÝUŞWVKFOŞ
LUFSPV[F[ÈKNPWâDIPSHBOJ[BDÓBWZKJWOÈWSBUDFP[OBŘÓUFWZVäJKFPSHBOJ[BDFQżÓTQŞWFLWFQSPTQŞDI
WBÝFIPEÓUŞUF1PLVEWBÝFEÓUŞEPTVEäÈEOPV[NÓTUOÓDIPSHBOJ[BDÓOFOBWÝUŞWVKFNÈUFQżÓMFäJUPTU
QPEPIPEŞTPSHBOJ[BDÓ
KFEPWÈNJWZCSBOÏPSHBOJ[BDFQżJIMÈTJUBQżÓTQŞWLVUBLWZVäÓU1żÓTQŞWFL
OBWPMOPŘBTPWÏBLUJWJUZEŞUÓKFQPTLZUOVUOBESÈNFDEPUBDÓLUFSÏPSHBOJ[BDÓNNŞTUP)SBEFDOBE
.PSBWJDÓOB[ÈLMBEŞKFKJDIäÈEPTUÓQPTLZUVKF.HS+BOÀQJŘLBNÓTUPTUBSPTUBNŞTUB
3"%"307«",5*7*5"10-*$*&".ĝ45"
0CWPEOÓPEEŞMFOÓ1PMJDJFėFTLÏSFQVCMJLZ)SBEFDO.BWFEFOÓNŞTUBQżJDIÈ[ÓTFTQPMFŘOPVBLUJWJUPV
OB [BLPVQFOÓ SBEBSV L NŞżFOÓ SZDIMPTUJ B UÓN [WâÝFOÓ CF[QFŘOPTUJ OB DFTUÈDI7FEPVDÓ PCWPEOÓIP
PEEŞMFOÓ PTMPWJM W ÞOPSV TUBSPTUZ #SBOLZ V 0Q $IWBMÓLPWJD 3BEVOŞ #żF[PWÏ 4LżJQPWB B )MVCPŘDF
PCDFTQBEBKÓDÓQPE001PMJDJFė3)SBEFDO.
BCZCZMTQPMFŘOŞ[BLPVQFONPCJMOÓSBEBSLUFSâCZ
001PMJDJFė3QPVäÓWBMBTUżÓEBWŞWFWÝFDIPCDÓDIJWTBNPUOÏN)SBEDJO.7ŞDKFWKFEOÈOÓBPKFKÓN
EBMÝÓNWâWPKJWÈTCVEFNFJOGPSNPWBUOQPS#D7MBEJNÓS1PMÈÝFLWFEPVDÓ001)SBEFDO.
7***3&13&;&/5"ė/¶
1-&4.ĝ45"
)3"%&$/"%.03"7*$¶
$JNCÈMPWÈ NV[JLB 7Å)0/&, WZISÈWBMB QżÓDIP[ÓN B ISBEFDLÏ ."Ç0
3&5,: $)"3-*& QPE WFEFOÓN .BSDFMZ 5FTBżPWÏ B -VDJF ,PDJÈOPWÏ
CZMZNJMâNJIPTUFTLBNJKJä7***SFQSF[FOUBŘOÓIPQMFTVNŞTUB)SBEFDOBE
.PSBWJDÓ;BIÈKJMIP.JSFL4QÈŘJMLUFSâVäQżJNJOVMâDIQMFTFDIQżJWFEM
OBQBSLFU7FMLÏEWPSBOZJ[ÈNFDLÏSFTUBVSBDFÝQJŘLPWÏUBOFŘOÓLZBEBMÝÓ
VNŞMDF-FUPÝOÓSPŘOÓLTFOFTMWEVDIVNV[JLÈMƉ;OÈNÏNFMPEJF[B[QÓWB
MB)BOB'JBMPWÈOBTOÓNLVWQSBWP
TØMJTULBPQFSZ/ÈSPEOÓIPEJWBEMBNP
SBWTLPTMF[TLÏIPW0TUSBWŞBNV[JLÈMPWŞMBEŞOBCZMBJOÈTMFEOÈUBOFŘOÓ
WZTUPVQFOÓ,QPTMFDIVBUBODJISÈMZTLVQJOZ16-4"3B03*&/5&913&4
UPNCPMBCZMBCPIBUÈQSPTUżFEÓQżÓKFNOÏBPCTMVIB[ÈNFDLÏSFTUBVSBDF
QFSGFLUOÓ;BŘÈUFLQMFTVCZMSFQSF[FOUBŘOÓ5FYUBGPUP,BSFM4UVDIMÓL
4&5,«/¶+6#*-"/5ň
4MBWOPTUOÓ TFULÈOÓ KVCJMBOUƉ LUFżÓ EPWSÝÓ W MFUPÝ
OÓN SPDF Wâ[OBNOÏ äJWPUOÓ WâSPŘÓ MFUBEÈMFWäEZLBäEÏEBMÝÓOBSP[FOJOZ
TFVTLVUFŘ
OÓWFTUżFEVLWŞUOBWFIPEJOWSFTUBVSBDJ
ėFSWFOÏIP [ÈNLV )SBEFD OBE .PSBWJDÓ +VCJMBO
UƉN QżJ UÏUP TMBWOPTUOÓ QżÓMFäJUPTUJ QPHSBUVMVKÓ
QżFETUBWJUFMÏ NŞTUB CVEF QżJQSBWFO TMBWOPTUOÓ
PCŞEBLVMUVSOÓQSPHSBN%PQSBWBCVEF[BKJÝUŞOB
,BäEâ KVCJMBOU PCESäÓ W QżFETUJIV QP[WÈOLV OB
LUFSÏCVEFVWFEFOPNÓTUPBŘBTPEKF[EVBVUPCV
TV5ŞÝÓNFTFOBTFULÈOÓTWÈNJ+JżÓ.PKD[FL
7&4501«$)7*,*/(ň
.ŞTUP )SBEFD OBE .PSBWJDÓ QPżÈEÈ WF ŘUWSUFL
LWŞUOB W LJOPTÈMF /ÈSPEOÓIP EPNV DFTUPWB
UFMTLPV QżFEOÈÝLV7& 4501«$)7*,*/(ň7 SPDF
TF.ÈSPWJWZEBMJOBEBMÝÓFYQFEJDJUFOUPLSÈU
[B FWSPQTLPV FYPUJLPV OB USBTF %ÈOTLP 'BFSTLÏ
PTUSPWZ *TMBOE B (SØOTLP ;BŘÈUFL QżFEOÈÝLZ KF
WIPEJO.Á
;¦1*4%0."5&ƭ4,­»,0-:
ÇÈEPTUJPQżJKFUÓEÓUŞUFLQżFEÝLPMOÓNVW[EŞMÈWÈOÓ
QSPÝLPMOÓSPLKFNPäOPQPEBUW.BUFż
TLÏ ÝLPMF )SBEFD OBE .PSBWJDÓ B WÝFDI PEMPVŘF
OâDIQSBDPWJÝUÓDIW#PIVŘPWJDÓDI+BLVCŘPWJDÓDI
,BKMPWDJ B ÇJNSPWJDÓDI WF EOFDI B LWŞUOB
WEPCŞPEEPIPEJO
,SJUÏSJBQżJKÓNÈOÓEŞUÓLQżFEÝLPMOÓNVW[EŞMÈWÈOÓ
EMF f ÝLPMTLÏIP [ÈLPOB KTPV QżFEOPTUOŞ
QżJKÓNÈOZ EŞUJ W QPTMFEOÓN SPDF QżFE [BIÈKFOÓN
QPWJOOÏÝLPMOÓEPDIÈ[LZ
EŞUJTUSWBMâNCZEMJÝUŞNWFNŞTUŞŘJPCDJ
EŞUJLDFMPEFOOÓEPDIÈ[DF
EŞUJLUFSÏNBKÓSPLZBWÓDFWEPCŞOÈTUVQVEP.À
EŞUJ LUFSÏ EPWSÝÓ UżÓ MFU WŞLV B WÓDF W EPCŞ OÈ
TUVQVEP.À
[BNŞTUOBOPTUSPEJŘƉ
1żJ QżJKÓNÈOÓ EŞUÓ L QżFEÝLPMOÓNV W[EŞMÈWÈOÓ KF
UżFCBEPESäFUUZUPQPENÓOLZ
.BUFżTLÈÝLPMBNƉäFQżJKNPVUQPV[FEÓUŞLUF
SÏTFQPESPCJMPTUBOPWFOâNQSBWJEFMOâNPŘLPWÈ
OÓNNÈEPLMBEQPUWS[FOÓOBäÈEPTUJPQżJKFUÓ
äF
KFQSPUJOÈLB[FJNVOOÓOFCPTFOFNƉäFPŘLPWÈOÓ
QPESPCJUQSPUSWBMPVLPOUSBJOEJLBDJfPETU
ÝLPMTLÏIP[ÈLPOBBf[ÈLPOBŘ4C
PPDISBOŞWFżFKOÏIP[ESBWÓ
;ÈLPOOÓ [ÈTUVQDJ QżJOFTPV SPEOâ MJTU EÓUŞUF
BWZQMOŞOPVäÈEPTUPQżJKFUÓQPUWS[FOPVMÏLBżFN
ÇÈEPTUJLWZQMOŞOÓBQPUWS[FOÓPEMÏLBżFTJNƉäF
UFWZ[WFEOPVUPEEVCOBWFWÝFDINBUFżTLâDI
ÝLPMÈDI-JCVÝF#FŵPWJŘPWÈżFEJUFMLB.À
%"Ĵ;/&.07*5045*
4QSÈWDFNEBOŞ[OFNPWJUPTUJKFNÓTUOŞQżÓTMVÝOâm
OBOŘOÓÞżBE7QSƉCŞIVEVCOBPCESäÓPCŘBOÏ
QSPTUżFEOJDUWÓNėFTLÏQPÝUZTMPäFOLZ1PLVESPŘOÓ
EBŵ[OFNPWJUPTUJOFQżFTÈIOFŘÈTULV,ŘKF
TQMBUOÈOBKFEOPVEP1PLVEKFEBŵWZÝÝÓ
OFä,ŘNƉäFCâUVISB[FOBWFEWPVTUFKOâDI
TQMÈULÈDIBUPOFKQP[EŞKJEPQSWOÓTQMÈULB
B ESVIÈ TQMÈULB
%Bŵ [ OFNPWJUPTUJ
M[F [BQMBUJU QżÓNP W QPLMBEOŞ 'JOBOŘOÓIP ÞżBEV
W0QBWŞQPOEŞMÓBTUżFEBPEEPIBPE
EPI
CBOLPWOÓNQżFWPEFNQżÓQBEOŞ
ÞISBEPV TMPäFOLZ OB ėFTLÏ QPÝUŞ PE MFUPÝOÓIP
SPLV KF KJä UBUP ÞISBEB [QPQMBUOŞOB
6QP[PSOŞOÓ
QSP PCŘBOZ WFÝLFSÏ [NŞOZ OBQż QSPEFK LPV
QŞ EBSPWÈOÓ
KF PCŘBO QPWJOFO OBIMÈTJU NÓTUOŞ
QżÓTMVÝOÏNV TQSÈWDJ EBOŞ QSP PCŘBOZ )SBEDF
OBE .PSBWJDÓ KF UP 'JOBOŘOÓ ÞżBE W 0QBWŞ +JULB
#PSTVDLÈUFM.Á
;13¦7"0#&;1&Ɖ/045/±4*56"$*60#70%/±)00%%Ǝ-&/±
10-*$*&Ɖ3)3"%&$/"%.03"7*$±730$&
;QSÈWB P CF[QFŘOPTUOÓ TJUVBDJ V 0CWPEOÓIP PEEŞMFOÓ 1ė3 )SBEFD OBE .PSBWJDÓ [B SPL KF
QżFELMÈEÈOBOB[ÈLMBEŞ[ÈLPOBŘ4CP1PMJDJJėFTLÏSFQVCMJLZBQSPÞŘFMZ[WFżFKOŞOÓ
W)SBEFDLâDIOPWJOÈDIKFSFEBLŘOÓSBEPV[LSÈDFOB;QSÈWBTF[BCâWÈUSFTUOPVŘJOOPTUÓOBÞ[FNÓ
NŞTUB)SBEDFOBE.PSBWJDÓBPTUBUOÓDIPCDÓWQƉTPCOPTUJ001PMJDJFė3)SBEFDOBE.PSBWJDÓ
5SFTUOÈŘJOOPTU7SPDFCZMPÝFUżFOPQżÓQBEƉUSFTUOÏŘJOOPTUJWSPDFEPÝMPLQżÓQB
EƉNUSFTUOÏŘJOOPTUJWOÈTMFEVKÓDÓNQżFIMFEVTLMBECZUSFTUOâDIŘJOƉBKFKJDIPCKBTOŞOPTUJ
SPLSPL
ESVIUSFTUOÏŘJOOPTUJ QPŘFU PCKBTOŞOP QPŘFU PCKBTOŞOP
QPV[F)SBEFD
OÈTJMOÈ
NSBWOPTUOÓ
NBKFULPWÈ
LSÈEFäFWMPVQÈOÓN
QSPTUÏ
PTUBUOÓ
IPTQPEÈżTLÈ
PTUBUOÓ DFMLFN 3PL TF PE SPLV W NOPäTUWÓ CŞäOâDI 0QBWBQSPCÓIBMPOBÞ[FNÓNŞTUBNŞżFOÓSZDIMPTUJ
USFTUOâDI ŘJOƉ OBQż LSÈEFäÓ OFMJÝÓ NÓSOâ OÈSƉTU NPUPSPWâDI WP[JEFM 7 SPDF CZMP QPMJDJTUZ
CZM [B[OBNFOÈO W OÈTJMOÏ B NSBWOPTUOÓ USFTUOÏ [KJÝUŞOPDFMLFNQżFTUVQLƉ[BLUFSÏCZMZVMPäFOZ
ŘJOOPTUJ,SÈEFäÓWMPVQÈOÓNCZMPOFKWÓDFQżJWMPV QPLVUZ WF WâÝJ ,Ř #ZMP [BESäFOP żJEJŘƉ
QÈOÓEPQSPEFKFOOÈESäÓNPUPSPWâDIWP[JEFMBEP QP QPäJUÓ BMLPIPMJDLâDI OÈQPKƉ7 SPDF EPÝMP
QSPTUPS TPVLSPNâDI mSFN 6 LSÈEFäÓ WMPVQÈOÓN OBÞ[FNÓ001ė3)SBEFDLOFIPEÈN[UPIPOB
TFQPEBżJMPWOŞLPMJLBQżÓQBEFDIDIZUJUQBDIBUFMF )SBEDJLOFIPEÈN7SPDFUPCZMP
QżÓNPOBNÓTUŞŘJOVOFCPCF[QSPTUżFEOŞQPTQÈ 7FżFKOâQPżÈEFL/BWFżFKOâQPżÈEFLCZMPOVUOP
DIÈOÓŘJOV/ÈTJMOÈUSFTUOÈŘJOOPTUTFWSPDF TUÈMF B JOUFO[ÓWOŞ EPIMÓäFU OFCPƃ )SBEFD OBE
[WâÝJMB,OFK[ÈWBäOŞKÝÓNQBUżJMPQżFQBEFOÓCFO[Ó .PSBWJDÓBKFIPPLPMÓKFWFMNJWZIMFEÈWBOÈMPLBMJUB
OPWÏŘFSQBDÓTUBOJDFB[MBUOJDUWÓ0WÝFNL[ÈWBä BQSPCÓIÈ[EFPEKBSBEPQPE[JNVOFTQPŘFUSƉ[OâDI
OÏNVOÈTJMOÏNVUSFTUOÏNVŘJOVOBÞ[FNÓNŞTUB LVMUVSOÓDIBTQPSUPWOÓDIBLDÓ7SÈNDJ0011ė3)SB
OFEPÝMP.SBWOPTUOÓUSFTUOÏŘJOZTFWFTQPMVQSÈDJ EFDCZMZWSPDFQSPWFEFOZLPOUSPMOÓBLDFOB
QPäÓWÈOÓBMLPIPMVNMBEJTUWâNJBOF[MFUJMâNJ
T4,170QBWBQPEBżJMPPCKBTOJUWÝFDIOZ
1żFTUVQLZ7SPDFCZMPOBDFMÏNÞ[FNÓPC -[FLPOTUBUPWBUäFVESäFUWFżFKOâQPżÈEFLTFEBżÓ
WPEVTQÈDIÈOPQżFTUVQLƉDPäKFPWÓDFOFä OFCPƃCŞIFNSPLVOFEPÝMPLäÈEOÏNV[ÈWBä
WSPDF[UPIPOBÞ[FNÓNŞTUBQżFTUVQLƉ OŞKÝÓNVOBSVÝFOÓWFżFKOÏIPQPżÈELVOFCZMPOVUOÏ
7 UPNUP QPŘUV OFKTPV [BISOVUZ QżFTUVQLZ LUFSÏ żFÝJUäÈEOÏQżÓQBEZEJWÈDLÏIPOÈTJMÓBOFCZMPOVUOÏ
CZMZżFÝFOZWCMPLPWÏNżÓ[FOÓOBNÓTUŞ
QżJKÓNBUäÈEOÈ[WMÈÝUOÓPQBUżFOÓ7UÏUPPCMBTUJ00
%PQSBWB 1SBWJEFMOŞ J [B TPVŘJOOPTUJ IMÓEFL %* 1ė3)SBEFDÞ[DFTQPMVQSBDVKFT.ŞTUTLâNÞżBEFN
)SBEFDOBE.PSBWJDÓBTEBMÝÓNJPCFDOÓNJÞżBEZ
OQPS#D7MBEJNÓS1PMÈÝFLWFEPVDÓPEEŞMFOÓ
v70%/¶)3"%i130%ĝ5*
.ŞTUP)SBEFDOBE.PSBWJDÓ[ÓTLBMPEPUBDJ[1SP
HSBNV SP[WPKF WFOLPWB ė3 OB QSPKFLUv%ŞUTLÏ
IżJÝUŞ7PEOÓISBEiWNBYJNÈMOÓWâÝJ,Ř
DFMLPWÏOÈLMBEZQSPKFLUVKTPVQMÈOPWÈOZOBDDB
,Ř 5FOUP QSPKFLU KF TQPMVmOBODPWÈO
&WSPQTLPVVOJÓ[&WSPQTLÏIP[FNŞEŞMTLÏIPGPO
EVQSPSP[WPKWFOLPWBWSÈNDJPTZ*7-&"%&3
%ŞUTLÏ IżJÝUŞ 7PEOÓ ISBE OBCÓEOF QżÓKFNOâ B[ZM
QSP SPEJŘF J QSBSPEJŘF T EŞUNJ /B IżJÝUJ CVEF
OBQżÓLMBE EżFWŞOÈ WŞä TF TLMV[BWLPV IPVQBŘLB
ÝQMIBDÓÝFTUJISBOLMÈEPWÈIPVQBŘLBBQ#VEFUBN
J QFSHPMB T MBWJŘLBNJ PEQBELPWÏ LPÝF B TUPKBOZ
OB LPMB "SFÈM CVEF PTWŞUMFO TWÓUJEMZ OB TPMÈSOÓ
FOFSHJÓLUFSÈCVEPV[BLPNQPOPWÈOBEPPQMPDF
OÓISBEFCBQPEQPżÓUBLOFKFOCF[QFŘOPTUWQSP
TUPSV EŞUTLÏIP IżJÝUŞ BMF UBLÏ WFŘFSOÓ WJ[VÈMOÓ
FGFLUQSPÝJSPLÏPLPMÓ)żJÝUŞCVEFOBQPMPPTUSPWŞ
NF[J.PSBWJDÓB)SBEFŘOPVWFEMFQP[FNLVQBOB
,PżFOÏIP QżÓTUVQOÏ OPWPV MÈWLPV [ VMJDF /B
1PUƉŘLV 7 PQMPDFOÓ IżJÝUŞ CVEF WTUVQOÓ CSÈOB
LUFSÈ KF JOTQJSPWBOÈ CSÈOPV ėFSWFOÏIP [ÈNLV
EÈMF[EFCVEPVPCMPVLPWÏvCBTUJPOZiTFTUżÓMOBNJ
BEWŞTUSÈäOÓWŞäF
)SBEFDLÏ NBNJOLZ TF JOUFO[JWOŞ [BQPKPWBMZ EP
LPNVOJUOÓIPQMÈOPWÈOÓWSÈNDJQżÓQSBWZQSPKFLUV
BOFNBMPVNŞSPVQżJTQŞMZLFLPOFŘOÏNVW[IMF
EVQSPKFLUPWÏIPOÈWSIV7ŞżÓNFäFUPUPIżJÝUŞTF
CVEFMÓCJUOFKFOEŞUFN4UBWFCOÓQSÈDFOB[ÈLMBEŞ
WâCŞSPWÏIPżÓ[FOÓCVEF[BKJÝƃPWBUPQBWTLÈmSNB
304*4TSPBQSÈDFCZNŞMZCâUVLPOŘFOZEPLPO
DFMFUPÝOÓIPŘFSWOB*WBOB)ZLMPWÈ
04-"7:0470#0;&/¶
.ŞTUP )SBEFD OBE .PSBWJDÓ TSEFŘOŞ [WF
WÝFDIOZ OB PTMBWZ WâSPŘÓ PTWPCP[FOÓ
NŞTUBLUFSÏTFVTLVUFŘOÓWQÈUFLEVCOB
7 I CVEPV QPMPäFOZ LZUJDF V QBNÈU
OÓLV OB NŞTUTLÏN IżCJUPWŞ B WF I
L QBNÈUOÓLV OB 1PEPMTLÏ VMJDJ 7F I
WZKEF[1PEPMTLÏVMJDFMBNQJPOPWâQSƉWPEOB
.ŞTUFŘLPLEFCVEF[BQÈMFOBWBUSBBPEQÈMFO
TMBWOPTUOÓPIŵPTUSPK7ZISÈWBUCVEF)SBEFD
LâEFDIPWâPSDIFTUS.Á
7:+«%Ļ&/¶,3"+&
,7Å;7ĝ45"3045ň
/B[BŘÈULVÞOPSBTFTFÝMJOB.ŞTUTLÏNÞżBEVW)SBE
DJ OBE .PSBWJDÓ TUBSPTUPWÏ )SBEDF OBE .PSBWJDÓ
3BEVOŞ 1PEWJIPWB $IWBMÓLPWJD #SBOLZ V 0QBWZ
)MVCPŘDF 4LżJQPWB B #żF[PWÏ7Z[WBMJ ,SBKTLâ ÞżBE
.PSBWTLPTMF[TLÏIPLSBKFBCZCZM[OPWVPUFWżFOEP
UBŘOÓ UJUVMv1SPHSBN [WZÝPWÈOÓ QBTJWOÓ CF[QFŘOPTUJ
OB QP[FNOÓDI LPNVOJLBDÓDIi LUFSâ MFUPT QPQSWÏ
PESPLVOFCZMLSBKFNWZIMÈÝFO1żJUPNEPQżÓ
QSBWZ OPWâDI QSPKFLUƉ JOWFTUPWBMZ PCDF [F TWâDI
SP[QPŘUƉKJäOFNBMÏmOBOŘOÓQSPTUżFELZ;WZKÈEżFOÓ
LSBKF WZQMâWÈ äF Wâ[WV TUBSPTUƉ QMOŞ QPEQPSVKF
BCVEFTFTOBäJUBCZWOÈWSIVSP[QPŘUVOBSPL
CZMZmOBOŘOÓQSPTUżFELZOBUFOUPEƉMFäJUâEPUBŘOÓUJ
UVMVWPMOŞOZ1PLVECVEFOÈWSISP[QPŘUVTDIWÈMFO
NƉäFSBEBLSBKFOBQPŘÈULVSPLVUFOUPEPUBŘOÓ
UJUVMPQŞUPWOŞWZIMÈTJU+JULB,PUBŘLPWÈ
5*4,07­;13¦7:/"8&#6
/BXFCPWâDITUSÈOLÈDI.ŞTUTLÏIPÞżBEV)SBEFD
OBE .PSBWJDÓ XXXNVISBEFDD[ KF OPWŞ QżJEÈOB
[ÈMPäLBUJTLPWÏ[QSÈWZ3VCSJLBTFCVEFQPTUVQOŞ
QMOJU ŘMÈOLZ BLUVÈMOÓNJ VEÈMPTUNJ [QSÈWBNJ
J[BKÓNBWPTUNJLUFSÏTFEŞKÓWOBÝFNNŞTUŞ.Á
13070;4#Ǝ3/­)0%703"
610;03/ĝ/¶0#ė"/ň. /BäÈEPTUPCŘBOƉEPÝMPPECżF[OBMFUPÝOÓIP
/BQżFMPNVÞOPSBBCżF[OBCZMZPCŘBOƉNSP[FTMÈ
OZTMPäFOLZLÞISBEŞNÓTUOÓDIQPQMBULƉ[BLPNV
OÈMOÓPEQBEB[BQTZ,BäEâQPQMBUOÓLKFWTPVMBEV
TPCFDOŞ[ÈWB[OPVWZIMÈÝLPVNŞTUB)SBEFDOBE
.PSBWJDÓQPWJOFOUZUPQPQMBULZVISBEJUWFTUBOP
WFOÏMIƉUŞBWFTQSÈWOÏWâÝJ4QMBUOPTUQPQMBULV
VESäJUFMƉQTƉKFEPTQMBUOPTUQPQMBU
LV [B LPNVOÈMOÓ PEQBE KF 1SPTÓNF
PEPESäFOÓUFSNÓOƉTQMBUOPTUJ.Á
SPLVLF[NŞOŞQSPWP[OÓEPCZTCŞSOÏIPEWPSB
0UFWżFOKFWäEZWFTUżFEVPEEPI
BWTPCPUVPEEPI
1PEPIPEŞTF[ÈTUVQDJmSNZ$"3."/700%QJMB
OB ÇJNSPWJDLÏ VMJDJ
KF NPäOP TUSPNLZ WŞUWF B
KJOÏEżFWJOZ[F[BISBEWP[JU[EBSNBLMJLWJEBDJEP
UÏUP mSNZ 0UFWżFOP NBKÓ LBäEâ QSBDPWOÓ EFO
WEPQPMFEOÓDIIPEJOÈDIWÞUFSâBWFŘUWSUFLBä
EPI3PNBO$FMUB
130.ĝ/")Ļ*À5ĝ7Ç*.307*$¶$)
.ŞTUP)SBEFDOBE.PSBWJDÓ[ÓTLBMPEPUBDJ
[ SP[QPŘUV 3FHJPOÈMOÓ SBEZ SFHJPOV TPV
ESäOPTUJ.PSBWTLPTMF[TLPWFWâÝJ
[DFMLPWâDI[QƉTPCJMâDIWâEBKƉQSPKFLUV
NBYJNÈMOŞ WÝBL WF WâÝJ ,Ř
OB QSPKFLUv7âTUBWCB GPUCBMPWÏIP IżJÝUŞ
BÝBUFOÇJNSPWJDFi
7[IMFEFN L [ÈKNV P WZVäJUÓ GPUCBMPWÏIP
IżJÝUŞ KBL [F TUSBOZ GPUCBMPWâDI LMVCƉ UBL
[F TUSBOZ PCZWBUFM ÇJNSPWJD B [ÈSPWFŵ KFIP
OFWZIPWVKÓDÓNVUFDIOJDLÏNVTUBWVCZMPSP[IPEOVUPJOWFTUPWBUEPSFLPOTUSVLDFIżJÝUŞBEPWâTUBWCZOP
WâDIÝBUFOLUFSÏ[BKJTUÓLWBMJUOÓ[È[FNÓQSPOFKSƉ[OŞKÝÓBLDF%PKEFUBLÏLUFSÏOOÓNÞQSBWÈNIżJÝUŞQżÓKF[
EPWÏLPNVOJLBDFBDIPEOÓLVLPMFNIżJÝUŞCVEF[żÓ[FOBQżÓQPKLBFMFLUSPQJUOÏWPEZBEFÝƃPWÏLBOBMJ[B
DF4QMBÝLPWÈLBOBMJ[BDFCVEFTWFEFOBEPKÓNLZOBWZCÓSÈOÓLUFSÈCVEFWZWÈäFOBEPŘJTUÓSOZPEQBEOÓDI
WPE7SÈNDJQSPKFLUVCVEPVUBLÏQPTUBWFOZEWBTMPVQZWFżFKOÏIPPTWŞUMFOÓBEPQMOŞONPCJMJÈżIżJÝUŞ
)MBWOÓN[IPUPWJUFMFNTUBWFCOÓDIQSBDÓKFmSNB*/(+63ė¶,45"7&#/¶"0#$)0%/¶'*3."TSP[)PS
OÓIP#FOFÝPWBLUFSÈCZMBWZCSÈOBOB[ÈLMBEŞWâCŞSPWÏIPżÓ[FOÓ'JSNBTF[BWÈ[BMBäFIPUPWÏEÓMPQżFEÈ
OFKQP[EŞKJEPŘFSWFODFMFUPÝOÓIPSPLV7TPVŘBTOÏEPCŞQPLSBŘVKÓTUBWFCOÓQSÈDFEMFIBSNPOPHSBNV
5FYU*WBOB)ZLMPWÈGPUP,BSFM4UVDIMÓL
410-&ė&/4,«
,30/*,"
;-*1507"/"13"%ĝ%
."-²7¶5«.&30%*ėň.#-")01Ļ&+&.&
.BHEBMÏOB,VEŞMPWÈ
+BLVCŘPWJDF
"OESFX6SCBO
)SBEFDOBE.PSBWJDÓ
+BO,V[OÓL
)SBEFDOBE.PSBWJDÓ
ÀUŞQÈOÀFCFTUB
)SBEFDOBE.PSBWJDÓ
5PNÈÝ%WPżÈL
)SBEFDOBE.PSBWJDÓ
&MJÝLB5ŞäLÈ
)SBEFDOBE.PSBWJDÓ
%BOB1PMLPWÈ
ÇJNSPWJDF
;V[BOB.BDÈLPWÈ
)SBEFDOBE.PSBWJDÓ
5PCJÈÝ4UVEOÓL
)SBEFDOBE.PSBWJDÓ
&MJÝLB,PżFOÈ
+BLVCŘPWJDF
)0%/ĝ;%3"7¶"410,0+&/045*
"OOB7ÓDIPWÈ
MFU
3VEPMGÀLSPCÈOFL
MFU
+VMJF(FSNBOJŘPWÈ MFU
7ŞSBĻÓNTLÈ
MFU
.BSLÏUB)POPWÈ
MFU
3ƉäFOB5SPKLPWÈ
MFU
#PIVNJM4UBMMNBDI MFU
-VENJMBėFSOÓOPWÈ MFU
;EFOŞL)FSUFM
MFU
7MBEJNÓSÀUFODFM
MFU
-VNÓS0SMÓL
MFU
(FSUSVEB,MFNFOUPWÈ MFU
7ŞSB#SPäLPWÈ
MFU
.JMBO#MBIVU
MFU
#SPOJTMBWBÀBNÝVMPWÈ MFU
ÇJNSPWJDF
)SBEFDO.PS
)SBEFDO.PS
)SBEFDO.PS
)SBEFDO.PS
)SBEFDO.PS
)SBEFDO.PS
)SBEFDO.PS
ÇJNSPWJDF
,BKMPWFD
+BLVCŘPWJDF
ÇJNSPWJDF
)SBEFDO.PS
)SBEFDO.PS
#FOLPWJDF
0ECPS,MVCVTMPWFOTLÝDIUVSJTUǹ4,.-JQUPWTLÝ)SÃEPLVTQPǭÃEBMWFEOFDIBßCǭF[OBMZßBǭTLÝ[ÃKF[EQSPUVSJTUZ
MZßBǭFEP+FTFOÎLǹ*QǭFTOBTUÃWBKÎDÎUÊNǏǭKBSOÎQPNJBTÎCZMBBCTPMWPWÃOBOÃSPNJOÃMZßBǭTLÃUSBTB[0WNJÃSOZQǭFT»WÝDÃSOV
OBƉFSWFOPIPSTLÊTFEMPB[QǏUCZMOBWØUÎWFOOFKWZØØÎWSDIPM.PSBWZ1SBEǏEBOBØJTMPWFOØUÎIPTUÊNǏMJNPßOPTUTFTF[OÃNJU
TQSPTUǭFEÎNLMJNBUJDLÝDIMÃ[OÎ,BSMPWB4UVEÃOLB0ÙTQǏØOÝQSǹCǏIUÊUPESVßFCOÎOÃWØUǏWZTFOFKWÎDF[BTMPVßJMJOBØJ[LVØFOÎ
UVSJTUÊBMZßBǭJ*OH+1FUSÃOFLB#ǭ»FWNJÎL5FYU,MVCNJFTLÝDIUVSJTUǹ5+)SBEFDO.PSGPUP*OH+1FUSÃOFL
Ɖ*//045,-6#64&/*03ƹ.-"%»±$)730$&
7MFEOVKTNFWOBÝFNLMVCVQżJWÓUBMJTUBSPTUV+6%S,BSMB7BMVÝLBLUFSâOÈTTF[OÈNJMTÞLPMZBQMÈOZ
NŞTUB7CżF[OVCZMB[BKÓNBWÈQżFEOÈÝLBP+BQPOTLVQPżÈEBOÈ.ŞTUTLâNÞżBEFN)SBEFDOBE.PSB
WJDÓ7EVCOVKTNFTF[ÞŘBTUOJMJPTMBWPTWPCP[FOÓOBÝFIPNŞTUBBQPMPäJMJLZUJDJLQPNOÓLVQBEMâDI
7LWŞUOVEPLMVCVQżJÝMB"OOB4LżJWÈOLPWÈ[ė44% HSBN QżJ LUFSÏN [BSFDJUPWBMZ B [B[QÓWBMZ QÓTOŞ
TLZUJDÓLBSBmÈUƉQSPOBÝFŘMFOLZBTQPMFŘOŞKTNF BUBLOÈNQżJCMÓäJMZWÈOPŘOÓBUNPTGÏSV
IPWPżJMJPOBÝFNSPEOÏNNŞTUŞ7ŘFSWFODJTOÈNJ 5PWÝFKTNFNPIMJVTLVUFŘOJU[BQżJTQŞOÓNŞTUBBUP
EJTLVUPWBM NÓTUPTUBSPTUB *OH ,BSFM )BOÈL LUFSâ KBLSBEPVUBLJmOBOŘOÓQPNPDÓ[BDPäNPDEŞLV
OÈN QPNPIM [PSHBOJ[PWBU QŞLOâ [ÈKF[E 6TLV KFNF0MEżJÝLB)FJO[PWÈ,MVCTFOJPSƉNMBEÝÓDI
UFŘOJM TF W [ÈżÓ TQPMV T ,MVCFN TFOJPSƉ TUBSÝÓDI
EP PLPMÓ ,BSWJOTLB /BWÝUÓWJMJ KTNF ÝJLNâ LPTUFM
LEFOÈTQżJWÓUBMQBOGBSÈż7ÓDIBSPEÈL[FÇJNSPWJD
ÇÈDJ;ÈLMBEOÓÝLPMZÇJNSPWJDFQżJQSBWJMJPCZWBUFMLÈN
1PUÏKTNFOBWÝUÓWJMJW,BSWJOÏ[ÈNFLTQżFLSÈTOPV
#6%&.&/"7«47;10.¶/"5 FYQP[JDÓ 7 [ÈżÓ KTNF TF [ÞŘBTUOJMJ TMBWOPTUOÓIP IPUFMPWÏIPEPNV#FMÈSJBCżF[OBPQSBWEVLSÈTOâ
[ÈäJUFL 1żJÝMJ NF[J LMJFOUZ T LZUJŘLPV UBODƉ QÓTOÓ
PUFWżFOÓOPWÏUŞMPDWJŘOZ7żÓKOVKTNFCZMJOBEJWB
.JMPÝ3BKTLâ
)SBEFDOBE.PSBWJDÓ
B CÈTOJŘFL LUFSâNJ CBCJŘLÈN QPQżÈMJ LF TWÈULV
EFMOÓNQżFETUBWFOÓvėUZżJEPIPEZiBOBLPODFSUV
"OUPOÓOB,MPTPWÈ
)SBEFDOBE.PSBWJDÓ
.%Ç1ŞLOÏWZTUPVQFOÓWSZUNVäJWÏIVECZWOFTMP
+BLVCB 4NPMÓLB W LJOŞ .ÓS 7FMNJ KTNF TF UŞÝJMJ
.JDIBMÀUFŵLP
)SBEFDOBE.PSBWJDÓ
ÞTNŞWZ EP UWÈżÓ QżÓUPNOâDI B BUNPTGÏSV KFÝUŞ
OBCPXMJOHOB,SOPWTLÏVMJDJW0QBWŞQżJLUFSÏN
7ŞSB4POOLPWÈ
+BLVCŘPWJDF
VNPDOJMZ QÓTOŞ OPUPWBOÏ KBL EŞUNJ UBL WÝFNJ
KTNF TF EPCżF CBWJMJ 7 QSƉCŞIV SPLV KTNF UBLÏ
-BEJTMBW;FNBO
)SBEFDOBE.PSBWJDÓ
QżÓUPNOâNJ -ÓCJMP TF J WZTUPVQFOÓ IBSNPOJLÈżF
PTMBWJMJäJWPUOÓKVCJMFBOBÝJDIŘMFOƉ,POFDNBTP
)FEWJLB,POFŘOÈ
)SBEFDOBE.PSBWJDÓ
QBOB ėVżÓLB B OFKFEOB CBCJŘLB VEŞMBMB QPLVT
QVTUV KTNF TJ QżJQPNOŞMJ LPCMJIBNJ B TNBäFOÓN
/FNÃUFMJ[ÃKFNP[WFǭFKOǏOÎWFTQPMFNJFOTLÊLSPOJDF
P UBOFŘFL 4WÏ QPEŞLPWÈOÓ QżJOFTM W QPEPCŞ SƉäÓ
WBKFD/B[BLPOŘFOÓSPLVKTNFTFTFÝMJW[BTFEBDÓ
TEǏMUFUPOBFWJEFODJPCZWBUFM3BEDF(FCBVFSPWÊ
LBäEÏ äFOŞ J żFEJUFM mSNZ .0'*4 $;&$) TSP
NÓTUOPTUJ.ŞTUTLÏIPÞżBEV)SBEFDOBE.PSBWJDÓ
BQżÓUPNOÓSPEJOOÓQżÓTMVÝOÓDJLMJFOUƉNŞMJOFKFEOP
.ǏTUTLÝÙǭBE)SBEFDO.PSUFMFGPO
%ŞUJ [ NBUFżTLÏ ÝLPMLZ QżFEWFEMZ LVMUVSOÓ QSP
MFTLMÏ PLP KBL PE DJUƉ OBCJUÏIP PEQPMFEOF UBL
JLSÈTOÏIPTQPMFŘFOTLÏIP[ÈäJULV
+BO)PSÈL/PWÈ#FMBSJBPT
.F[JOÈSPEOÓEFOäFOPTMBWJMZTQPMFŘOŞäFOZ[FÇJNSPWJDBPLPMÓ)BTJŘJTQPMVTF;0,4ė.WÇJNSPWJDÓDI
KJNWFTWÏIBTJŘTLÏ[CSPKOJDJQżJQSBWJMJCPIBUÏPCŘFSTUWFOÓ[BDPäUBLÏQBUżÓQPEŞLPWÈOÓTQPO[PSƉNBLDF
ISBEFDLÏDVLSÈSOŞ,BNBIBKBPQBWTLâN4MF[TLâNQFLÈSOÈN
OBCÓEMJQSPHSBNBEBMJJNPäOPTUBCZTJ
W[ÈKFNOŞQPQPWÓEBMZPWÝFNDPKF[BKÓNÈ1P[ESBWJMKFJQPTMBOFD1BSMBNFOUVėFTLÏSFQVCMJLZ.JSPTMBW
0QÈMLBLUFSâNF[JOŞLPMJLEFTÓUFLäFOQżJÝFMTKFEJOPVLZUJDÓ+BLTÈNżFLMQBUżÓWÝFNäFOÈN[BUPDPQSP
OÈTEŞMBKÓBMFTZNCPMJDLZKJQżFEBMKFEJOÏ&NJMJJ1BVMFSPWÏLUFSÈVäTFQPNBMVQżJQSBWVKFOBPTMBWZTWÏIP
WFMNJLVMBUÏIPäJWPUOÓIPKVCJMFB7ÝFDIOZQżÓUPNOÏQPUŞÝJMPWZTUPVQFOÓ,MÈSZ$ISPNÏB,SJTUâOZ7BMVÝ
LPWÏ[FäJNSPWJDLÏ[ÈLMBEOÓÝLPMZLUFSÏQPEWFEFOÓNVŘJUFMLZ+BSNJMZ.FOÝÓLPWÏOFKFO[B[QÓWBMZBMFEP
LPODFJSP[F[QÓWBMZ[BQMOŞOPVIBTJŘTLPV[CSPKOJDJ5SBEJŘOÓTFULÈOÓQSPCŞIMPPQŞUWFWFMNJQżÓKFNOÏBTS
EFŘOÏ BUNPTGÏżF B QżJ
MPVŘFOÓ CZMP TMZÝFU
v[BSPLOBTIMFEBOPVi
%ĝ5*105ĝÀ*-:#"#*ė,:
Ç&/:04-"707"-:7&;#30+/*$*
5FYUBGPUP,BSFM4UVDIMÎL
/07«7Å45"7"7.ĝ454,²("-&3**Ç&/"
.ŞTUP)SBEFDOBE.PSBWJDÓ[WFOBWâTUBWVBVUPSƉ1BWMÓOZ(BSEJBOPWÏ0#3"
;:B1BWMB0DIPOTLÏIP'050(3"'*&7âTUBWBOFTFOÈ[FWÇ&/"BKBLUFOUP
OÈ[FWOBQPWÓEÈ[BKÓNBWâDZLMVTPCSB[ƉBGPUPHSBmÓKF[BTWŞDFOŘJTUŞäFOÈN
7âTUBWBCZMB[BIÈKFOBCżF[OBBLWJEŞOÓCVEFW.ŞTUTLÏHBMFSJJ)SBEFDOBE
.PSBWJDÓEPŘFSWOB0UFWżFOBKFWTPCPUZOFEŞMFBWFTWÈULZPE
EP I 1P EPNMVWŞ OB UFM NPäOP WâTUBWV OBWÝUÓWJU NJNP
VWFEFOPVPUFWÓSBDÓEPCV
1BWMÓOB (BSEJBOPWÈ KF OB ŘFTLÏ WâUWBSOÏ TDÏOŞ Vä QPKNFN 4WPV UWPSCPV
VLÈ[LBOBTOÓNLV
TF [BQTBMB IMBWOŞ KBLP NBMÓżLB PLBNäJLV OŞIZ B QPF[JF
+FKÓPMFKPNBMCZEâDIBKÓUJDIFNWZ[OBŘVKÓTF[WMÈÝUOÓLżFILPTUÓUFQMâNJPETUÓOZ
CBSFWBTWŞUMFNSP[QUâMFOâNWQSPTUPSV
.6%S1BWFM0DIPOTLâQżFETUBWÓDZLMVTGPUPHSBmÓTUżFEOÓIPBWFMLÏIPGPSNÈ
UVLUFSâKF[BTWŞDFOŘJTUŞäFOÈN/ÈWÝUŞWOÓDJNBKÓQżÓMFäJUPTUW[EÈUTQPMVTBVUPSFNIPMEäFOTLÏLSÈTF
BWOÓNBUDJUMJWŞWZUWPżFOÏPCSB[ZLUFSÏOBWÈTOFÞUPŘÓBMF[BVKNPVUÓNäFNBKÓTWPVPTPCJUPTUBTUZM
1BWFM0DIPOTLâäJKFBQSBDVKFW)SBEDJOBE.PSBWJDÓBW0QBWŞ+JULB,PUBŘLPWÈ
41"/¶41"/¶#0Ç&/06/ĝ.$0706
7QPEWFŘFSÞOPSBKTNFTFW;ÀÇJNSPWJDFPQŞUQPSPDFTFULBMJOBBLDJQPżÈEBOÏOBÝÓÝLPMPVv/PD
TQBOÓ#PäFOPV/ŞNDPWPVi7FŘFSOÓQSPHSBNOÈNQżJÝFM[QżÓKFNOJULBNBSÈEOBÝÓÝLPMZJMVTUSÈUPS#PżFL
'SâCB#ŞIFNŘFUCZQPIÈELZ#PäFOZ/ŞNDPWÏ0[BLMFUÏMBCVUJ[BDIZDPWBMNBMÓżOBQżJQSBWFOÏWFMLÏ
GPSNÈUZ QBQÓSƉ EŞK QżÓCŞIV7ÝFN [ÈKFNDƉN NBMPWBM EP QżJOFTFOâDI EFOÓLƉ NJMÏ JMVTUSBDF ;CZUFL
WFŘFSBQBUżJMISÈNBOFDIZCŞMBBOJTUF[LBPEWBIZ1PWZŘFSQÈWBKÓDÓNQSPHSBNVKTNFVMFIMJEPTQBDÈLƉ
#ŞIFNQÈUFŘOÓIPEPQPMFEOFEŞUJWSÈNDJQSPKFLUPWÏIPEOFWŞOPWBOÏIP#PäFOŞ/ŞNDPWÏQMOJMZWF
TLVQJOLÈDIÞLPMZ"LDÓKTNFTJQżJQPNFOVMJWâSPŘÓOBSP[FOÓUÏUPWâ[OBNOÏŘFTLÏTQJTPWBUFMLZ
"MFOBB%BWJEÀSPNPWJ;ÀÇJNSPWJDF
v)"4*ė4,Å#«-i7)3"%$*4&7:%"Ļ*5SBEJDFIBTJŘTLâDICÈMƉW)SBEDJ1PEPMÓTBIÈBä
EPTUPMFUÓ7MPŵTLÏNSPDFOBOJ4CPSEPCSPWPM
OâDIIBTJŘƉ)SBEFDOBE.PSBWJDÓOBWÈ[BMESVIâ
SPŘOÓLv)BTJŘTLÏIPCÈMViQBLQżJQSBWJMOBTPCPUV
ÞOPSB WF TQPMFŘFOTLÏ NÓTUOPTUJ )SBEFDLÏ
[FNŞEŞMTLÏ BT ;BIÈKFOÓ QMFTV ÞWPEOÓN TMPWFN
BQżÓQJULFNTFVKBMJTUBSPTUBTCPSV+BO5JDIâBŘMFO
WâCPSV+BSPTMBW.VSÈŵ)OFEQPUÏTFQżFETUBWJMZ
UBOFŘOÓN ŘÓTMFN WF TUZMV EJTDP EBODF 4JNPOB
.VSÈŵPWÈ B ,BUFżJOB ĻÓNTLÈ [ ISBEFDLÏ TLVQJ
OZ%BODF-JGF1BLKJäUBOFŘOÓQBSLFUQBUżJMWÝFN
IPTUƉN 0 EBMÝÓ [QFTUżFOÓ WFŘFSB TF QPTUBSBMP
PTN CżJÝOÓDI UBOFŘOJD [F TLVQJOZ %BIBC ,EZä
TFQżJCMÓäJMBQƉMOPDQżFEWFEMOFPUżFMÏUBOFŘOÓWZ
TUPVQFOÓ7MBTUJNJM.BHSMB,PMFNQƉMOPDJ[BŘBMP
MPTPWÈOÓUPNCPMZWFIżFCZMPSPWOâDIDFO
0DFMPVPSHBOJ[BDJQMFTVTFTUBSBMJGVOLDJPOÈżJ4%)
)SBEFD OBE .PSBWJDÓ +BO 5JDIâ +BSPTMBW .VSÈŵ
B;EFOŞL.VSDFLB.JSPTMBW,VCFTB[4%)+BLVC
ŘPWJDF 1PEPCOâ MJEPWâ QMFT W TBNPUOÏN )SBEDJ
W EżÓWŞKÝÓDI MFUFDI DIZCŞM /F[CâWÈ OFä QPQżÈU
ISBEFDLâNIBTJŘƉNBCZTFKJNQPEBżJMP)BTJŘTLâ
CÈMVTLVUFŘOJUJWQżÓÝUÓNSPDF
.BSUJO4PTOB
,"3/&7"-7&À,0-$&
.BUFżTLÈÝLPMB[)SBEDFOBE.PSBWJDÓWFTQPMVQSÈDJ
T"(&/5630650.*/0QPżÈEBMBWQÈUFLÞOPSB
NBÝLBSOÓLBSOFWBM7OB[EPCFOÏNTÈMF)SBEFDLÏ
[FNŞEŞMTLÏ BT TJ EŞUJ TF TWâNJ SPEJŘJ J QSBSPEJŘJ
VäJMZ PEQPMFEOF LUFSÏ QBUżJMP QPV[F KJN 0SHBOJ
[BDJWâ[EPCVTÈMVBTMBELÏQPIPÝUŞOÓ[BKJTUJMZQBOÓ
VŘJUFMLZBUFUZ[FÝLPMLZ7ÝFNQBUżÓQPEŞLPWÈOÓ[B
TLWŞMâ LBSOFWBM [F LUFSÏIP EŞUJ PEDIÈ[FMZ WFMNJ
TQPLPKFOÏ-JCVÝF#FŵPWJŘPWÈżFEJUFMLB.À
30%*Ɖ&;03("/*;07"-*53"%*Ɖ/±t1-&41ƭ*47±Ɖ,¦$)i
7,VMUVSOÓNEPNŞ%PNPSBEPWJDFQSPCŞIMÞOPSBUSBEJŘOÓ1-&41Ļ*47¶ė,«$)LUFSâ[PSHBOJ[PWBMP
4ESVäFOÓ SPEJŘƉ B QżÈUFM ÝLPMZ ÇJNSPWJDF .OPIÏ ÝLPMZ B TESVäFOÓ LUFSÏ QżJ OJDI QSBDVKÓ PSHBOJ[VKÓ
ÝLPMOÓQMFTZBCÈMZ1żFTUPTJEPWPMÓNUWSEJUäFOÈÝTWÓŘLPWâQMFTKFNJOJNÈMOŞ[FEWPVEPCSâDIEƉWPEƉ
WâKJNFŘOâ7âKJNFŘOâKFUÓNäFSPEJŘFJUBLUPNBMÏÝLPMZKBLPV;ÀÇJNSPWJDFCF[FTQPSVKFEPLÈäPV
[PSHBOJ[PWBU UBL OÈSPŘOPV BLDJ ESVIâN EƉWPEFN KF äF TWÓŘLPWâ QMFT QPżÈEBKÓ OBEÝFOÓ SPEJŘF Vä
PE ÝFEFTÈUâDI MFU NJOVMÏIP TUPMFUÓ $IUŞM CZDI QPEŞLPWBU QżFETFEPWJ TESVäFOÓ -JCPSV $ISPNÏNV
NBOäFMƉN )żJWŵÈLPWâN .JLTUFJOPWâN 7FŘFSLPWâN B 3P[CPSJMPWâN [B ÞTJMÓ B ŘBT LUFSâ EP
QżÓQSBWZBPSHBOJ[BDFQMFTVWMPäJMJ%ÓLZQBUżÓJWÝFNSPEJŘƉNäÈLƉOBÝÓÝLPMZBTQPO[PSƉNLUFżÓOB
OÈTQBNBUPWBMJTEBSZEPUPNCPMZ;JTL[QMFTVOBLUFSâMÓTULZCZMZWZQSPEÈOZKJäNOPIPEOƉQżFEFN
CVEFQPVäJUOBBLDFQPżÈEBOÏÝLPMPV%BWJEÀSPNżFEJUFM;ÀÇJNSPWJDF
,".%0410-&Ɖ/045*
%6#&/
Ç&/"
7ÝTUBWB PCSB[ǹ 1BWMÎOZ (BSEJBOPWÊ B GPUPHSBñÎ 1BWMB
0DIPOTLÊIPWÎDFOBTUS
05&7¶3«/¶+"3""563*45*$,²4&;0/:
WÎDFOBTUS
7&-*,0/0$&/";«.,6
1SPIMÎELPWÃ USBTB KF WZ[EPCFOB WFMJLPOPNJOÎNJ EFLPSB
DFNJBOB7FMJLPOPNJOÎQPOEǏMÎNJFLÃLBßEÊIPQǭFLWBQFOÎ
BNBMÃQP[PSOPTU4UÃUOÎ[ÃNFL)SBEFDO.TPCPUZBOF
EǏMFWNJFUOǏ7FMJLPOPNJOÎIPQPOEǏMÎPEEPI
)3"%&$/"%.033Å."Ļ07
'PUCBMPWÊVULÃOÎLSBKTLÊIPQǭFCPSVI
B ;«70% )*4503*$,Å$) "650
.0#*-ň".050$:,-ň%073$)6
ÂJNSPWJDF%PNPSBEPWJDFIQPǭÃEÃ%BMJCPS
»ÎNB
7:/«À&/¶ ."Ļ&/: " 7¶5«/¶ +"3"
7,"+-07$*
1PǭÃEÃ.»,BKMPWFDB4%),BKMPWFD
,0/$&351016-«3/¶$).&-0%*¶
7FMLÃ EWPSBOB ƉFSWFOÊIP [ÃNLV I QPǭÃEÃ ;6»
)SBEFDO.
7:$)«;,",ė5
3P[DFTUÎ(SVNJPWJDF-FTLPWFDIÃK#MFØLB)SBEFNJOÃ,BK
MPWFD)SBEFDO.LN
0EKF[E52.0QBWBI)SBEFDO.I1PǭÃEÃ
,MVCNJFTLÝDIUVSJTUǹ5+)SBEFDO.
.:4-*7&$,«7Å45"7"
.ZTMJWFDLÃ WÝTUBWB USPGFKÎ WF 7FMLÊ EWPSBOǏ ƉFSWFOÊIP
[ÃNLV
B05&7¶3«/¶.03"7*$&
1PǭÃEÃ4QPMFLWPEÃLǹ$BNQBOVMBƉFTLÃUÃCPSOJDLÃVOJF
BNJLSPSFHJPO.PSBWJDF
)3"%&$/"%.03'3&/À5«513
'PUCBMPWÊVULÃOÎLSBKTLÊIPQǭFCPSVI
7Å45"7:/";«.,6
-PWFDLÊ[CSBOǏLOÎßBU-JDIOPWTLÝDIBIJTUPSJDLÊLPNJÃSLZ
7ÝTUBWOÎQSPTUPSZ#ÎMÊIP[ÃNLVWÝTUBWZUSWBKÎEP[ÃǭÎ
WEVCOVTPCPUZOFEǏMFBTWÃULZI1PǭÃEÃ
4UÃUOÎ[ÃNFL)SBEFDO.
#&;36ė07".03"7*$&
%ÃMLPWÝ QPDIPE TUBSU V .ǏTUTLÊIP ÙǭBEV )SBEFD O .
PEI1PǭÃEÃPECPSWZTPLPIPSTLÊUVSJTUJLZ5+0QBWB
BPECPS,Ɖ57)50QBWBQPE[ÃØUJUPVNǏTUB)SBEFDO.
04-"7:0470#0;&/¶
WÎDFOBTUS
"LUVBMJ[BDJTMFEVKUFOBXXXJDISBEFDD[
;BUÓNDPOBIPSÈDIBTJKFONÈMPLEPSÈEQPULÈNFEWŞEBW,BKMPWDJTFOBOŞKWZMPäFOŞ
UŞÝÓ/F[LMBNBMBOJMFUPTBUPJQżFTUPäFUSBEJŘOÓIBTJŘTLÏWPEŞOÓNFEWŞEBTLPOŘJMP
QPDIPWÈOÓNCBTZWIBTJŘTLÏ[CSPKOJDJ5FYU,BSFM4UVDIMÓLGPUP+JżÓ)BKEVL
Ļ¶.4,0,"50-*$,²#0)04-6Ç#:
WLPTUFMFTW1FUSBB1BWMB)SBEFDO.PS
QPOEŞMÓ
ŘUWSUFL
QÈUFL ÞUFSâ TUżFEB TPCPUB OFEŞMF
10Ɖ¦5,:"650.0#*-*4.67)3"%$*/"%.03"7*$±"/&#t»1"
"VUPNPCJMZ TF TUBMZ GFOPNÏOFN NPEFSOÓ
EPCZ +FKJDI QPŘFU OFVTUÈMF SPTUF B JOUFO[JUB
EPQSBWZOB0QBWTLVTUÈMFTUPVQÈ/FOÈIPEPV
KTPVWSFHJPOVKJäżBEVMFUQMÈOPWÈOZPCDIWBUZ
NOPIBNŞTU%OFTLEZQSPEFKBVU[WFMLÏŘÈTUJ
PWMJWŵVKF FLPOPNJDLâ SƉTU B mOBOŘOÓ USIZ QP
DFMÏNTWŞUŞBLPVQJBVUPNPCJMVTJNƉäFEPWPMJU
UÏNŞżLBäEâTJKFOUŞäLPVWŞEPNÓNFKBLÏCZMZ
BVUPNPCJMPWÏQPNŞSZW)SBEDJOBE.PSBWJDÓOB
QPŘÈULVTUPMFUÓ
5BUSBUPWÈSOÓLB8FJTTIVIOB
,PVQJUBVUPNPCJMTJOBQPŘÈULVTUPMFUÓTLVUFŘ
OŞNPIMEPWPMJUKFONÈMPLEP;żFKNŞQSWOÓNNB
KJUFMFNNPUPSPWÏIPWP[JEMBCZM&SOTU8FJTTIVIO
TZO [OÈNÏIP NBKJUFMF äJNSPWTLâDI QBQÓSFO
UPWÈSOÓLB ,BSMB 8FJTTIVIOB 7P[JEMP [O 5BUSB
[BLPVQFOÏ W SPDF CZMP QSWOÓN WP[JEMFN
OFKFOOB)SBEDJBMFQSWOÓNBVUPNPCJMFNWDFMÏN
PQBWTLÏNPLSFTF&SOTU8FJTTIVIOWMBTUOJMżJEJŘ
TLâ QSƉLB[ BMF BVUPNPCJM żÓEJM ŘBTUŞKJ żJEJŘ +PTFG
)FOŘM
[OÈNâWPKFOTLâWZTMPVäJMFD
BKFEFO[OFKTUBSÝÓDIESäJUFMƉvWƉEŘÓIPPQSÈWOŞOÓi
OBOBÝFNÞ[FNÓ%ÈTFżÓDJäFLPVQŞBVUPNPCJMV
CZMB DÓMFOÈ 7 SPDF CZMB UPUJä EPLPOŘFOB
OPWÈTJMOJDFEPÇJNSPWJDWZTUBWŞOÈmSNPV.JH
MJPSJOJ[0QBWZ,BUFżJOFLLUFSÈEFGBDUPVNPäOJMB
OÈLVQ B TNZTMVQMOÏ WZVäJUÓ OPWÏIP BVUPNPCJMV
1PUÏUPTJMOJDJKF[EJM+PTFG)FOŘMKBLPmSFNOÓżJEJŘ
8FJTTIVIOƉNOPIPMFU
+ 'BCFS 7P[JEMP LUFSÏ TJ W SPDF QPżÓEJM
BCZ TF EPTUBM SZDIMFKJ LF TWâN QBDJFOUƉN WÝBL
SP[IPEOŞ OFCZMP UBL WâLPOOÏ KBLP WƉ[ LUFSâN
EJTQPOPWBMLOÓäF-JDIOPWTLâ+FEPMPäFOPäFWƉ[
.6%S+'BCFSBOFCZMTDIPQFOWZKFUWSPDF
BOJ OPWPV DFTUV EP #PIVŘPWJD *OV QPŘÈULZ PE
WÈäOâDIBVUPNPCJMJTUƉPQSBWEVOFCZMZMFILÏ
7P[JEMP0QFM%BSSBDR7[SPLVBSDIJW1FUS)BWSMBOU
QżFCVEPWBULPWÈSOVOBOÈEWPżÓėFSWFOÏIP[ÈNLV
B[żÓEJM[OÓPmDJÈMOÓHBSÈäÁQSBWZQSPWFEMLOÓäFDÓ
vEWPSOÓiTUBWJUFM+VMJVT-VOEXBMM[CMÓ[LÏ0QBWZ
,OÓäFBVUPżÓEJMWŞUÝJOPVTÈNCZMESäJUFMFNżJEJŘ
TLÏIPPQSÈWOŞOÓ
BMFQPNOPIBOFIPEÈDILUFSÏ
[QƉTPCJMLPŵTLâNQPWP[ƉNŘJDIPEDƉNWZVäÓWBM
KJäOŞLEZTMVäFCPmDJÈMOÓIPżJEJŘF*OBEÈMFWÝBLLOÓ
äFKF[EJMSÈETÈNOBWÓDŘBTUPBUBLÏWFMNJSZDIMF
,OÎßF,BSFM.BYNJMJÃO-JDIOPWTLÝ
OFKFOEJQMPNBU
BMFUBLÊWÃØOJWÝBVUPNPCJMJTUBBSDIJW1FUS)BWSMBOU
/PWÃTJMOJDFWFEPVDÎ[)SBEDFEPÂJNSPWJDTUBWWSPDF
BSDIJW1FUS)BWSMBOU
;UPIPQMZOVMJWFMLâQPŘFUOFIPEPLUFSâDIŘBTUP
SFGFSPWBM EPCPWâ UJTL 1SBQPSLPWâ [ÈLPO QMBUÓDÓ
/VUOPEPEBUäFOPWÈTJMOJDFCZMBPQSBWEPWPVOVU WF 7FMLÏ #SJUÈOJJ EP S PNF[PWBM SZDIMPTU
OPTUÓQSPUPäFTUBSÈLOÓäFDÓDFTUBQżFTQBOTLâEWƉS WP[JEFMWPCDÓDIOBLNI
CZWQżÓQBEŞ,BSMB
4USÈOLV.BSJÈOTLÏMPVLZB+Ó[EÈSOVCZMBŘBTUPOF .BYNJMJÈOB-JDIOPWTLÏIP[DFMBOFQPDIZCOŞOB
TKÓ[EOÈBTUBMBTFQżFENŞUFNŘBTUâDITPVEOÓDIQżÓ MF[MTWÏVQMBUOŞOÓ
NF[JLOÓäFDÓTQSÈWPVBTPVLSPNâNJVäJWBUFMJ
4NSUFMOÈOFIPEBLOÓäFUF-JDIOPWTLÏIP
, OFKUSBHJŘUŞKÝÓ OFIPEŞ LUFSPV LOÓäFDÓ WP[JEMP
,BSFM.BYNJMJÈO-JDIOPWTLâOBEÝFOâ
[QƉTPCJMP EPÝMP W QPEWFŘFS LEZ
BSZDIMPTUNJMVKÓDÓBVUPNPCJMJTUB
%SVIâNNBKJUFMFNWP[JEMBOB)SBEDJCZMLOÓäF,B [$IVDIFMOÏLOÓäFTQŞDIBMEP3BUJCPżFBCZTUJIM
SFM.BYNJMJÈO-JDIOPWTLâ
3PWOŞä WFŘFSOÓ SZDIMÓL EP #FSMÓOB7 LBUBTUSV PCDF ,S[B
KFNVVŘBSPWBMUFDIOJDLâQPLSPLQPŘÈULVTUP OPXJDFEOFÝOÓ1PMTLP
BVUPNPCJMOBLSBKOJDJ[B
MFUÓ1PTNSUJTWÏIPPUDF,BSMB.BSJJ-JDIOPWTLÏ DIZUJMBOBNÓTUŞVTNSUJMCâWBMÏIPLS[BOPXJDLÏIP
IP
QMOŞWZVäJMQP[OBULƉBOPWJOFLNPEFSOÓ TUBSPTUV /ÈTMFEOÏ WZÝFUżPWÈOÓ LOÓäFUJ -JDIOPW
EPCZ/B[ÈNLV[żÓEJMOPWâWZTPLPUMBLâWPEPWPE TLÏNV WJOV OFQSPLÈ[BMP /B WJOŞ CZM TIMFEÈO
WZCVEPWBM NPEFSOÓ LPVQFMOZ LVDIZOŞ WâÝF VWFEFOâ QżFKFUâ FYTUBSPTUB 4DIXJFEFSHBM
UPBMFUZ7SPDFWZCVEPWBMNPEFSOÓQSÈEFMOV LUFSâ OFEPTMâDIBM CZM OB KFEOV OPIV DISPNâ
FMFLUSÈSOV[FLUFSÏ[ÈTPCPWBMQPNOPIPMFUDFMâ BKFOäNŞMNÓUPTVEOÏIPWFŘFSBEMFTWŞELƉJMJEP
WŞ żFŘFOPvPQJŘLVi %PCPWâ UJTL BMF OFPQPNOŞM
)SBEFDWŘFUOŞWFżFKOÏIPPTWŞUMFOÓ
7SPDF[BLPVQJMLOÓäFTWƉKQSWOÓBVUPNPCJM [EƉSB[OJU v5PMJL OFCF[QFŘOâDI OFIPE TF TOBE
+FEOBMP TF P WƉ[ [BISBOJŘOÓ QSPWFOJFODF [OBŘLZ äÈEOÏNV BVUPNPCJMJTUPWJ OFQżJIPEJMP KBLP LOÓäFUJ
0QFM%BSSBDR 7 "VUPNPCJM EPEBMB OŞNFDLÈ -JDIOPWTLÏNVi
BVUPNPCJMLB 0QFM LUFSÈ KFK WZSÈCŞMB W MJDFODJ
GSBODPV[TLÏ mSNZ %BSSBDR EPEÈWBKÓDÓ LPNQMFUOÓ %PLUPS+'BCFS
DIBTTJTTEWPVWÈMDPWâNNPUPSFN,OÓäFQSPUFOUP 5żFUÓN BVUPNPCJMJTUPV OB )SBEDJ LUFSâ QSPLB[B
OBTWPVEPCVNPEFSOÓSZDIMâBUŞäLâWƉ[OFDIBM UFMOŞWMBTUOJMPTPCOÓNPUPSPWÏWP[JEMPCZM.6%S
7JMÏN-JDIOPWTLâBKFIPMVYVTOÓ
vÝQBOŞMTLâÝMFDIUJDi
1PżFLBEMP äF KBCMLP OFQBEÈ EBMFLP PE TUSPNV
QMBUJMP UBLÏ W LOÓäFDÓ SPEJOŞ -ÈTLV L BVUPNPCJ
MƉN [EŞEJM QP TWÏN PUDJ J KFIP TZO LOÓäF 7JMÏN
-JDIOPWTLâ
4WÏQSWOÓBMF[ÈSPWFŵ
WFMNJMVYVTOÓWP[JEMPTJQPżÓEJMKFÝUŞ[BTUVEJÓQSÈW
W 0YGPSEV W SPDF #ZMP UP LSÈUDF QP TNSUJ
KFIP PUDF .ƉäFNF TF KFO EPNOÓWBU [EB KFIP
PUFD OÈTMFELFN USBHJDLÏ OFIPEZ [ SPLV OFDIUŞM P PTPCOÓN BVUPNPCJMV QSP TWÏIP TZOB
WƉCFDTMZÝFUŘJTFNMBEâNBKJUFMQBOTUWÓSP[IPEM
LUBLOÈLMBEOÏLPVQJBäQPTNSUJTWÏIPQPNŞSOŞ
TQPżJWÏIPPUDF/FTNÓNF[BQPNFOPVUäFESBIâ
BVUPNPCJM CZM [BLPVQFO W EPCŞ LEZ WSDIPMJMB
QPWÈMFŘOÈ LPOKVOLUVSB B LEZ TWŞU NÓżJM L WFMLÏ
IPTQPEÈżTLÏLSJ[J"PKBLâBVUPNPCJMTFKFEOBMP 4BNP[żFKNŞPKFEFO[OFKMVYVTOŞKÝÓDIKBLâCZMP
NPäOÏ [BLPVQJU )JTQBOP4VJ[B )# QżF[EÓWBOâ
EMFTWÏIPQƉWPEVvÝQBOŞMTLâÝMFDIUJDi
0 )JTQBOP4VJ[F )# CZ TF EBMP OBQTBU NOPIÏ
%OFT KJä OFFYJTUVKÓDÓ ÝQBOŞMTLÈ BVUPNPCJMLB
[BMPäFOÈ .BSDFN #JSLJHUFN W SPDF B QżF
TUŞIPWBWÝÓ TF EP 'SBODJF W SPDF CZMB WäEZ
TZNCPMFNQSFTUJäFBSZDIMPTUJ;B*TWŞUPWÏWÈMLZ
TMBWJMB BVUPNPCJMLB ÞTQŞDIZ TF TWâNJ MFUFDLâNJ
NPUPSZ OB KFKJDIä CÈ[J QPUÏ WZUWPżJMB OPWPV
HFOFSBDJ BVUPNPCJMPWâDI NPUPSƉ B UÓN J TWPV
QPWÈMFŘOPVTMÈWVOBBVUPNPCJMPWÏNUSIV1PWÈ
MFŘOÈ )JTQBOP4VJ[Bv)i TMBWJMB PQSBWEV WFMLÏ
ÞTQŞDIZ +FKÓN NBKJUFMFN TF OBQż TUBM J QSPTMVMâ
&UUPSF#VHBUUJ
7 SPDF [BLPVQJMB MJDFODJ OBv)JTQBOVi UBLÏ
ÀLPEB 1M[Fŵ ,WBMJUB KFKÓDI WâSPCLƉ TJ W OJŘFN
OF[BEBMB T GSBODPV[TLâNJ PSJHJOÈMZ 7ÝFPCFDOŞ
TFTPVEÓäFKFQPLWBMJUBUJWOÓTUSÈODFJQżFLPOÈWB
MB/FOBEBSNPUFIEZQBUżJMBQM[FŵTLÈÀLPEPWLB
LFTWŞUPWÏÝQJŘDF7ÝFIPWÝVEZCZMPWMJDFODJWQM
[FŵTLÏÀLPEPWDFWZSPCFOPQPVIâDILTUŞDI
UPVOJLÈUOÓDIWP[JEFM/ÈÝvLOÓäFDÓiBVUPNPCJMCZM
EPEÈOTWÏNVNBKJUFMJKBLPWQPżBEÓ,NBKJUF
MƉN)JTQBOZVWFEFOâNWFÝLPEPWÈDLÏNBSDIJWV
NK QBUżJMJ QSF[JEFOU 5 ( .BTBSZL NJOJTUFSTLâ
QżFETFEB "OUPOÓO ÀWFIMB ,BSFM -PFWFOTUFJO
żFEJUFM ÇJWOPCBOLZ +BSPTMBW 1SFJTT B NOPIP
QżFEOÓDI QPMJUJLƉ QPEOJLBUFMƉ J ŘMFOƉ ÝMFDIUJD
LâDISPEƉPCEPCÓ*SFQVCMJLZ
/FCZM
UPBVUPNPCJMVSŘFOâQSPvIPSOÓDIEFTFUUJTÓDiBMF
,OÎßFDÎ)JTQBOP4VJ[B)#KFØUǏTBOHMJDLPVQP[OÃWBDÎ
[OBNJLPVWSPDFQǭFE[ÃNLFNW$IVDIFMOÊ
BSDIJW/1¼[ÃNFL)SBEFDOBE.PSBWJDÎ
"/Ǝ-4,À»-&$)5*$i;)3"%&$,­)0;¦.,6
,".%0410-&Ɖ/045*
QSPTUPWZWPMFOâDI+FOQSPTSPWOÈOÓDIBTTJTBV
UPNPCJMV3PMMT3PZDFTJMWFS(IPTUTFEBMPQPżÓEJU
PDDB,MFWOŞKJ
1PTUPQÈDILOÓäFDÓIPBVUPNPCJMV
BOFCMVYVTQSPTUPWZWPMFOâDI
"VUPNPCJM CZM PCKFEOÈO W 1M[OJ QSP
TUżFEOJDUWÓN CFSMÓOTLÏ QSPEFKOÓ LBODFMÈżF BVUP
NPCJMƉ 0CKFEOBUFM [OŞM v'àSTU -JDIOPXTLZi
$FOB TBNPUOÏIP DIBTTJT QPEWP[LV T NPUPSFN
PPCTBIVDN
CZMBTUBOPWFOBOB
,Ř7PCEPCÓ*SFQVCMJLZUPCZMBDFOB[BLUFSPVTF
EF GBDUP EBMZ QPżÓEJU EWB NFOÝÓ EPNZ
ėFLBDÓ
EPCBOBUFOUPBVUPNPCJMCZMBUFIEZUżJNŞTÓDF
"VUPNPCJMCZMEPEÈOEOFBLBSPTÏSJJ
TF TLMÈQŞDÓ TUżFDIPV L OŞNV WZSPCJMB EPQPTVE
CMÓäFOF[KJÝUŞOÈmSNB+FEOBMPTF[żFKNŞPmSNV
GSBODPV[TLPV 4WŞEŘÓ P UPN IMBWOÓ TWŞUMPNFUZ
(SÏCFM IMFEÈŘFL 1IBSFT #FTOBSE B UZQPMPHJDLZ
KJOâOÈSB[OÓLOFäCZMPCWZLMFEPEÈWÈOOBQżLBSP
TÈSOPVNMBEPCPMFTMBWTLÏÝLPEPWLZOFCPJKJOâNJ
QSPTMVMâNJ LBSPTÈSOBNJ .F[J UZUP KFEJOFŘOÏ QS
WPSFQVCMJLPWÏLBSPTÈSOZLUFSÏLBSPTPWBMZQM[Fŵ
TLÏv)JTQÈOZi QBUżJMZ + 0 +FDI 1SBIB 7 #SPäÓL
TZOPWÏ1M[FŵOFCP1PLPSOâ#FZXFM1SBIB
7P[JEMP TBNPUOÏ CZMP [WMÈÝUOÓ UÓN äF TF KFEOBMP
P U[WvBFBSBCMF NPOPCMPDi DPä CZM EF GBDUP LB
CSJPMFU LUFSâ NŞM PWÝFN QP [BUBäFOÓ
QMOPIPE
OPUOPVTUżFDIV#ZMPUFEZNPäOÏNÓUCVśTUżFDIV
äÈEOPV TUBäFOPV QPV[F OBE JOUFSJÏSPWPV ŘÈTUÓ
vQSPQÈOBiBOFCPUBLÏOBEżJEJŘFN7ÝFDIOZUZUP
UżJQPMPIZUFOUPKFEJOFŘOâBVUPNPCJMVNPäŵPWBM
*UPOFKMVYVTOǏKØÎWP[JEMPTFOǏLEZNVTÎPQSBWJUNJJTFǭÎEJU
6OJLÃUOÎGPUPHSBñFLOÎßFUF7JMÊNB-JDIOPWTLÊIPQǭJtQSÃDJi
QPSBSDIJW&WB,PMÃǭPWÃ
,BCSJPMFU NŞM QP V[BWżFOÓ TUżFDIZ UWBS MJNV[ÓOZ
.F[JżJEJŘFNBQÈOFNCZMBTLMFOŞOÈNF[JTUŞOB7ÝF
CZMPQMOÏWâ[UVIBSƉ[OâDITQPVÝUŞDÓDINFDIBOJT
NƉ,BSPTÏSJFUBLCZMBLWƉMJUŞNUPWZNPäFOPTUFN
WFMNJ UŞäLÈ B KFKÓ QPżÓ[FOÓ CZMP KFO P OŞDP NÈMP
OÈLMBEOŞKÝÓ OFä TBNPUOÏ DIBTTJT "VUPNPCJM WÈäJM
TBNPUOâBäUEPTBIPWBMSZDIMPTUJBäLNI
BKFIPTQPUżFCBEPTBIPWBMBMOBLN
%PSP[VNÓWÈOÓ NF[J QÈOFN B żJEJŘFN TF EŞMP
QSPTUżFEOJDUWÓN UFMFGPOV +FEOBMP TF P UFMFGPO
OB NFDIBOJDLÏ CÈ[J PWMÈEBOâ QPNPDÓ TUJTLBDÓIP
CBMØOLVĻJEJŘQżJMPäJMVDIPLTMPVQLVTOBTMPVDIB
EMFNLUFSâNŞMWżÓEJDÓLBCJOŞCMÓ[LPVDIB4UBŘJMP
,7ĝ5&/
Ç&/"
7ÝTUBWB PCSB[ǹ 1BWMÎOZ (BSEJBOPWÊ B GPUPHSBñÎ 1BWMB
0DIPOTLÊIPWÎDFOBTUS
7ÝTUBWBUSWÃEP
,OÎßFDÎ)JTQBOP4VJ[BQPSPDFWQMOÊQBSÃEǏ
TQPMP[BTVOVUPVTUǭFDIPVLOÎßFUFN7JMÊNFN-JDIOPWTLÝN[B
WPMBOUFNBWQP[BEÎTUPKÎDÎNǭJEJNJFNBSDIJW+JOEǭJDI4LBǭVQB
QżJMPäJU VDIP B WZTMFDIOPVU QPLZO DP QÈO DIDF
[BTUBWJUPECPŘJUy5FMFGPOCZMKFEOPTNŞSOâ0E
QPWŞśOFCZMBNPäOÈ[żFKNŞJQSPUPäFPEQPWŞś
OFCZMBPŘFLÈWÈOB
*OUFSJÏSCZMWZCBWFOPQSBWEVOBUÏOFKMVYVTOŞKÝÓ
ÞSPWOJ , TBNP[żFKNPTUFN QBUżJMZ CSPVÝFOÏ WÈ
[JŘLZOBŘFSTUWÏLWŞUJOZESäÈLZOBLMPCPVLZFMFL
USJDLâ [BQBMPWBŘ EPVUOÓLƉ QPQFMOÓL PTWŞUMFOÓ
[CSPVÝFOÏIPTLMBOFDFTÏS[WZLMÈEBOÏIPEżFWB
TQVEżFOLBNJIPEJOLBNJ[SDÈULZJIżFCFOZ%MF
QżÈOÓ [ÈLB[OÓLB CZMP NPäOÏ EPEBU [ÈDMPOLZ OB
WÝFDIOB PLOB ŘJ LPCFSFŘLZ ėBMPVOŞOÓ JOUFSJÏSV
B TFEBEFM CZMP NPäOÏ WZCSBU CVś W LƉäJ QMZÝJ
OFCP CSPLÈUV +BL [ QżFEFÝMÏIP WZQMâWÈ JOUFSJÏS
WP[JEMB CZM WF TLVUFŘOPTUJ QPKÓ[EOâN PCâWBDÓN
TBMØOFNOBŘUZżFDILPMFDI
/VUOPEPEBUäFBVUPNPCJMƉ[O)JTQBOP4VJ[BTF
OB Þ[FNÓ OBÝÓ SFQVCMJLZ EPDIPWBMP EP EOFÝOÓDI
EOƉQPVIPQPVIâDILT
;ÈIBEBUżÓ41;
+BL KTFN TF KJä [NÓOJM WâÝF BVUPNPCJM TJ LOÓäF
7JMÏN -JDIOPWTLâ QPżÓEJM W [ÈWŞSFŘOÏN PCEPCÓ
TWâDI TUVEJÓ W 0YGPSEV ;BKÓNBWPTUÓ KF äF BVUP
NPCJM T OÓN TLVUFŘOŞ OB CSJUTLÏ QƉEŞ QPCâWBM
4WŞEŘÓPUPNCSJUTLÈQP[OÈWBDÓ[OBŘLB66
LUFSÈCZMBKFÝUŞWSPDFPmDJÈMOŞSFHJTUSPWÈOB
OB Þ[FNÓ v(SFBU -POEPOi OFCPMJ 7FMLÏIP -PO
EâOB +JTUÏ WÝBL KF äF JIOFE QP VLPOŘFOÓ TUVEJÓ
BOÈTMFEOÏQSPNPDJLOÓäFUF7JMÏNBCZMPWP[JEMPSF
HJTUSPWÈOPKJäWSPDFOBÞ[FNÓPLSFTV)MVŘÓO
LEZPCESäFMPOPWPVQP[OÈWBDÓ[OBŘLV197**
+BLP NBKJUFM CZM VWFEFOvLOÓäF7JMÏN -JDIOPWTLâ
$IVDIFMOÈi4IPEPVPLPMOPTUÓBEÓLZWZEÈOÓOPWÏ
IP[ÈLPOBLUFSâ[OBNFOBMWSPDFQPWJOOPV
QżFSFHJTUSBDJ WÝFDI WP[JEFM OB Þ[FNÓ * SFQVCMJLZ
PCESäFMBVUPNPCJMKFÝUŞUżFUÓ41;7MFUFDIBä
CZMPNPäOÏSZDIMÏBäLNIżÓUÓDÓTFWP
[JEMPQPULBUOBDFTUÈDIPQBWTLÏIPBIMVŘÓOTLÏIP
PLSFTVTQP[OÈWBDÓ[OBŘLPV.
"ä EP KBSB S BVUPNPCJM LOÓäBUƉN -JDIOPW
TLâNWŞSOŞTMPVäJM$PTFTOÓNTUBMPEÈMFOFWÓNF
+JTUÏKFäFWQPWÈMFŘOâDIJOWFOUÈżÓDI[ÈNLVKFBV
UPNPCJMWFEFOKJäKBLPOF[WŞTUOâ+FTBNP[żFKNŞ
QSBWEŞQPEPCOÏ äF T OÓN SPEJOB -JDIOPWTLâDI
DFTUPWBMBOBTWÏQPTMFEOÓDFTUŞ[)SBEDFJTŘÈTUÓ
NBKFULVWCżF[OPWâDIEOFDISPLVEP#BWPS
TLBLFTWâNQżÓCV[OâN+BLÏWÝBLCZMZEBMÝÓPTVEZ
UPIPUP KFEJOFŘOÏIP BVUPNPCJMV WÝBL Vä [żFKNŞ
OBWäEZ[ƉTUBOFPCFTUżFOPUBKFNTUWÓN
7:$)«;,",ė5
#PMBUJDF "MCFSUPWFD »UǏQÃOLPWJDF 4WPCPEB ,SBWBǭF
LN
0EKF[EƉ%)SBEFDO.I0QBWBI
1PǭÃEÃ,MVCNJFTLÝDIUVSJTUǹ5+)SBEFDO.
)3"%&$/"%.03ė&-"%/«
'PUCBMPWÊVULÃOÎLSBKTLÊIPQǭFCPSVI
410-&ė/« 7:$)«;," 4 .¶45/¶.
0%#03&.."5*$&4-&;4,²
.FMNJÂJWPUTLÊIPSZ-IPULBV-JUVMUPWJD.PSBWJDF.FMNJ
0EKF[E52.0QBWBI)SBEFDO.I1PǭÃEBKÎ
,Ɖ55+)SBEFDO..BUJDFTMF[TLÃ)SBEFDO.
B4²3*&v"i703*&/5"ė/¶.#ĝ)6
;ÃLMBEOB OB ,BMWÃSJJ QPǭÃEÃ ƉFTLÝ TWB[ PSJFOUBNJOÎIP
CǏIV.PSBWTLPTMF[TLÝLSBK
B+"3/¶+&;%&$,²;«70%:
+F[EFDLÝLMVC)SBEFDO.
)3"%&$/"%.03%ĝ5."307*$&
'PUCBMPWÊVULÃOÎLSBKTLÊIPQǭFCPSVI
B.«+07«.03"7*$&
4KF[EǭFLZ
$:,-07:$)«;,"
)SBEFD O . ßTU
.FMNJ .PSBWJDF /PWÊ -VCMJDF ,SVß
CFSL#VEJØPWO#ÙEPMÎN#VEJØPWLZƉFSNFOTLÝNMÝO
7ÎULPW)SBEFDO.LN
0EKF[EWIPE[BTUÃWLZ
#64ßTUQPǭÃEÃ,MVCNJFTLÝDIUVSJTUǹ5+)SBEFDO.
#&&5)07&/ň7)3"%&$
SPNJOÎL PCPS LMBWÎS QPǭÃEÃ 4ESVßFOÎ QSP VNǏOÎ B
WÝDIPWV5BMFOUWÎDFOBTUS
+"/«ė,ň7.«+
,PODFSU LF WÝSPNJÎ OBSP[FOÎ 'FSFODF -JT[UB 1SPHSBN
$IPQJO-JT[U+BSP.Ã)PMVCJNJLP4DIVNBOO-JT[U5ZTEVØF
NÃ 4DIVCFSU-JT[U %PCSPV OPD 1PØUB ;QÎWBU OB WPEǏ
7FMLÃEWPSBOBƉFSWFOÊIP[ÃNLV
"LUVBMJ[BDJTMFEVKUFOBXXXJDISBEFDD[
#&&5)07&/ň7)3"%&$
.F[JOÈSPEOÓJOUFSQSFUBŘOÓTPVUŞäBGFTUJWBM#FFUIP
WFOƉW)SBEFDWTUPVQÓWŘFSWOVEPTWÏIPSPŘOÓ
LV5PNVUPKVCJMFVCZMV[QƉTPCFOWâCŞSTPVUŞäOÓ
IPPCPSVTUFKOŞKBLPWSPDFUPCVEFLMBWÓS
%PMFUPÝOÓIPGFTUJWBMPWÏIPQSPHSBNVTFQSPNÓUMP
UBLÏ WâSPŘÓ OBSP[FOÓ EBMÝÓIP Wâ[OBNOÏIP
ISBEFDLÏIPIPTUB'FSFODF-JT[UB7[ÈNFDLÏN
QBSLVCVEFLWŞUOBPEIBMFOBQMBLFUBTFTLMB
EBUFMPWâNQPSUSÏUFNOBWB[VKÓDÓ[ÈNFDLâSFDJUÈM
NBśBSTLÏIP LMBWÓSJTUZ (FSHFMZ #PHÈOZJIP CVEF
TPVŘÈTUÓ+BOÈŘLPWBNÈKF
4MBWOPTUOÓ LPODFSU MBVSFÈUƉ QPŘÓUÈ T ÞŘBTUÓ WÓUŞ
;WMÈÝUOÓ QPEŞLPWÈOÓ BVUPSB QÈOƉN %BMJCPSV [Ɖ TPVUŞäF [ NJOVMâDI SPŘOÓLƉ LUFżÓ QżFEOFTPV
'FVFSFJTMPWJB7ÈDMBWV1żJCZMPWJ[1SBIZ
#FFUIPWFOƉW 5SPKLPODFSU $ EVS PQ 7FOFUB
1FUS)BWSMBOU/ÈSPEOÓQBNÈULPWâÞTUBW /FZOTLB LMBWÓS +BO .SÈŘFL IPVTMF $IBSMFT
Þ[FNOÓPECPSOÏQSBDPWJÝUŞW0TUSBWŞ "OUPJOF%VnPUWJPMPODFMMP
B,PODFSUQSPWJPMV
4QSÈWBTUÈUOÓIP[ÈNLV)SBEFDOBE.PSBWJDÓ ##BSUØLB4BSB,JN
S
45«5/¶;«.&,)3"%&$/"%.03"7*$¶730$&
7 SPDF CZMZ W BSFÈMV TUÈUOÓIP [ÈNLV W )SBEDJ
OBE.PSBWJDÓQSPWFEFOZWâ[OBNOÏTUBWFCOÓPQSBWZ
7EVCOVCZMBQPUÏNŞżUżJDFUJMFUFDIPE[BQPŘFUÓSF
LPOTUSVLDFCVEPWZ#ÓMÏIP[ÈNLVPUFWżFOBU[W.BMÈ
PCZUOÈQżFETÓŵBEPÝMPUÓNLQSPQPKFOÓWâDIPEOÓIP
B [ÈQBEOÓIP LżÓEMB7 UÏUP DIPECŞ CZMB QSPWFEFOB
EFmOJUJWOÓJOUFSJÏSPWÈJOTUBMBDF#ÓMâ[ÈNFLUBLNPIM
OBCÓEOPVU OÈWÝUŞWOÓLƉN EWB QMOPIPEOPUOÏ PLSV
IZKFEFOWFTUZMVSFQSF[FOUBŘOÓDIPCZUOâDIJOUFSJ
ÏSƉTNPäOPTUÓQSPIMÓELZWFMLÏBNBMÏPCSB[PWÏHB
MFSJF%SVIâQSPIMÓELPWâPLSVIOBCÓ[ÓNÓTUOPTUJU[W
7FMLÏIP IPTUJOTLÏIP BQBSUNÈ )VCFSUPWV TWŞUOJDJ
10;7«/,"
%0,*/"
%6#&/
$*;*/&$
+PIOZ%FQQKBLPBNFSJDLâUVSJTUBLUFSÏIPnJSU
[BQMFUFEPTÓUŞJOUSJLBLŘOÓESBNBNJOVU
TUżFEBIWTUVQOÏ,Ř
/&7*//045
$FTUB[WSDIPMVOBBCTPMVUOÓEOPNƉäFCâUWFM
NJSZDIMÈ'JMN+BOB)żFCFKLBNJOVU
TUżFEBIWTUVQOÏ,Ř
'*.'«36.
-PVULPWÏQPIÈELZ+BOB8FSJDIB0LMPCPVŘ
LVTQÏSLFNTPKŘÓNBOFC,SÈMNŞMUżJTZOZ+BL
OBÀVNBWŞPCżJWZIZOVMJB3P[VNBÝUŞTUÓ
TUżFEBIWTUVQOÏ,Ř
%"-˦30,
,PMFN ÝƃBTUOÏIP NBOäFMTLÏIP QÈSV PCÓIBKÓ
OFÝƃBTUOÏäJWPUZKFKJDIQżÈUFMBQżÓCV[OâDI
NJOVU
%PQPSVŘFOÈQżÓTUVQOPTUPEMFU
TUżFEBIWTUVQOÏ,Ř
,7ĝ5&/
-&501*4:/"3/*&1-"7#"+*5Ļ/¶)01065/¶,"
%PCSPESVäOâSPEJOOâmMNNJOVU
TUżFEBIWTUVQOÏ,Ř
3"/(0
1żÓCŞIDIBNFMFØOBLUFSâ[BäJKFTQPVTUVEPC
SPESVäTUWÓBMFQPULÈJOŞLPMJLOPWâDIQżÈUFM
TUżFEBIWTUVQOÏ,Ř
ė&3/«-"#6ł
1żÓCŞI/JOZCBMFSÓOZOFXZPSTLÏIPCBMFUVKF
KÓääJWPUKFQMOŞQPIMDFOUBODFNNJOVU
TUżFEBIWTUVQOÏ,Ř
"65010)«%,:
"OJNPWBOâ mMN EMF LOJäOÓ QżFEMPIZ +JżÓIP
.BSLB
)MBWOÓNJISEJOZKTPVMJEÏLUFżÓ
QżJDIÈ[Ó EP LPOUBLUV T BVUZ )MBT IMBWOÓNV
ISEJOPWJ QSPQƉKŘJM .JDIBM .BMÈUOâ $IJOBTLJ
TLVQJOBTFSPWOŞäQPTUBSÈPIVECVWFmMNV
TUżFEBIWTUVQOÏ,Ř
(6--*7&307:$&45:
#ŞIFNWâQSBWZOB#FSNVEZ(VMMJWFS[USPTLPUÈ
B EPTUBOF TF EP EPTVE OFPCKFWFOÏ [FNŞ -JMJ
QVUÈOƉSPEJOOâEPCSPESVäOâmMNNJOVU
TUżFEBIWTUVQOÏ,Ř
,3«-07"Ļ&ė
7ZTUSBÝFOÈ[FNŞQPUżFCVKFWƉEDFWZTUSBÝFOâ
ŘMPWŞL QPUżFCVKF QSBWÏIP QżÓUFMF IJTUPSJDLâ
mMNTŘFTLâNJUJUVMLZNJOVU
%PQPSVŘFOÈ
QżÓTUVQOPTUPEMFU
TUżFEBIWTUVQOÏ,Ř
;.ĝ/"130(3".67:)3";&/"
[ÈNFDLPVLBQMJTF[ÈLSJTUJÓFSCPWOÓTÈMBIJTUPSJDLPV
FYQP[JDJTWâTUBWPVNPEFMƉ[ÈNLVBLPŘÈSƉ
/ÈWÝUŞWOÓDJ TJ NPIMJ QSPIMÏEOPVU W FYQP[JDJ
GSBODPV[TLÏ QPMOÓ EŞMP W[PS 'SBODJF B NF
DIBOJDLâLVMPNFUW[PS'SBODJFTPECPSOâN
UFYUFN T QPESPCOâN WâLMBEFN P KFKJDI IJTUPSJJ
B KFKJDI QBSBNFUSFDI WŘFUOŞ QBOFMV NBQVKÓDÓIP
UÏNŞż UżJDFUJMFUPV PQSBWV #ÓMÏIP [ÈNLV T NPä
OPTUÓQPSPWOBUTUBW[MFUBTPVŘBTOâTUBW
7PCKFLUV#ÓMÏIP[ÈNLVTFLPOBKÓTWBUFCOÓPCżBEZ
WPCżBEOÓTÓOJ0EEBUTFM[FSPWOŞäWQBSLVV#ÓMÏ
WŞäF OFCP OB OÈEWPżÓ ėFSWFOÏIP [ÈNLV 1PŘFU
TWBUFCOÓDIPCżBEƉTFWNJOVMâDIMFUFDIWZÝQMIBM
UÏNŞżLFEWŞNBTUPWLÈN
7 MPŵTLÏN SPDF CZMZ W HBMFSJJ WZTUBWFOZ EWB OFK
DFOOŞKÝÓPCSB[ZPE0TLBSB,PLPTDILZ5ZUPEWBPC
SB[Z TQSÈWDF [ÈNLV EPQSPWÈ[FM QżJ WFMLÏ WâTUBWŞ
0TLBSB ,PLPTDILZ WF7ÓEOJ LEF TLMJEJMZ PCSPWTLâ
OÈWÝUŞWOJDLâÞTQŞDI
%P OPWŞ [CVEPWBOâDI EFQP[JUƉ W QPELSPWÓ
WâDIPEOÓIP LżÓEMB CZMZ EFmOJUJWOŞ QżFWF[FOZ
WÝFDIOZ TCÓSLPWÏ QżFENŞUZ LUFSÏ CZMZ EMPVIP
EPCŞ VMPäFOZ OB TUÈUOÓN [ÈNLV 3BEVŵ B CZMB
EFmOJUJWOŞ[QŞUQżFWF[FOB[ÈNFDLÈLOJIPWOB
7[ÈNFDLÏNQBSLVLSPNŞCŞäOÏÞESäCZUżFUÓIP
OFKWŞUÝÓIP [ÈNFDLÏIP BSÈMV W ėFTLÏ SFQVCMJDF
CZMB [SFBMJ[PWÈOB OPWÈ EPÝLPWÈ TUżFDIB OB #F[
SVŘPWŞ WZIMÓEDF OB .FEWŞEÓ TLÈMF B -JT[UPWŞ
OÈWSÝÓPQSBWFOBMÈWLBWFEPVDÓOB#FFUIPWFOPWP
OÈWSÝÓ [DFMB PCOPWFOB U[W -FPOBSEPWB WZIMÓELB
BPQMPDFOÓIJTUPSJDLÏIPIżJÝUŞ/FKWâ[OBNOŞKÝÓN
[ÈTBIFNW[ÈNFDLÏNQBSLVCZMBEFNPMJDFUżÓTP
DJÈMOÓDI[BżÓ[FOÓWMPLBMJUŞ+Ó[EÈSOZB.BSJÈOTLâDI
MVL LUFSÏ UFQSWF MPOJ [ÓTLBM EP NBKFULV [ÈNFL
W )SBEDJ OBE .PSBWJDÓ *IOFE QP OBCZUÓ UPIPUP
NBKFULVQSPWFEMKFKJDIPETUSBOŞOÓ
/B[ÈQBEOÓTUSBOŞTUżFDIZ#ÓMÏWŞäFCZMBQPMPäFOB
OPWÈCżJEMJDPWÈLSZUJOBBEPÝMPLDFMLPWÏPQSBWŞ
TUżFDIZ B LSPWƉ 7 MFUPÝOÓN SPDF CVEF KFKÓ ŘÈTU
[QżÓTUVQOŞOBWFżFKOPTUJ
5FYUBGPUP*OH3BEPNÓS1żJCZMB
3&,0/4536,$&-&0/"3%07:7:)-¶%,:
1SP NOPIÏ [ ISBEFDLâDI PCŘBOƉ [DFMB KJTUŞ
EPQPTVE OF[OÈNÏ NÓTUP 0WÝFN KFO [EÈOMJWŞ *
NPEFSOÓ EPCB NƉäF QżJOÈÝFU TUÈMF OPWÈ B OPWÈ
QżFLWBQFOÓ B JOGPSNBDF L NJOVMPTUJ B UBL UPNV
CZMP J W UPNUP QżÓQBEŞ /JLEP OFUVÝJM äF OBQMÈ
OPWBOÈ LPNQMFUOÓ SFLPOTUSVLDF CF[FKNFOOÏIP
WZIMÓELPWÏIP NÓTUB W [ÈNFDLÏN QBSLV QżJWFEF
WÝFDIOZ [ÞŘBTUOŞOÏ OB TUPQV OFKFO QƉWPEOÓIP
OÈ[WVBMF[ÈSPWFŵQPWFEFLPCKBTOŞOÓEPQPTVE
VUBKFOâDIKNFOBQPKNFOPWÈOÓNOPIBNÓTUW[È
NFDLÏN QBSLV %ÓLZ OÈIPEŞ TF QPEBżJMP PELSâU
DFMPV QƉWPEOÓ TPVTUBWV QBSLPWâDI BSDIJUFLUP
OJDLâDIQSWLƉNƉTULƉWZIMÓEFLBMBWJŘFL
EOFT
KJäEÈWOP[NJ[FMâDIBEPQMOJULOJNOBQSP[BUÓN
vTMFQÏiNBQŞWÝFDIOZQƉWPEOÓOÈ[WZ"KBLLUP
NVWÝFNVEPÝMP /BQPŘÈULVżÓKOBCZMPOBQPQVE
LBTUFMÈOB [ÈNLV 3BEPNÓSB 1żJCZMZ [BQPŘBUP
T LPNQMFUOÓ SFLPOTUSVLDÓ QPMPSP[QBEMÏ WZIMÓELZ
OB [ÈQBEOÓ WZIMÓELPWÏ UFSBTF ISBEFDLÏIP QBSLV
[B #ÓMPV WŞäÓ7ZIMÓELPWÏ NÓTUP CZMP WF ÝQBUOÏN
TUBUJDLÏN TUBWV B CF[ QƉWPEOÓIP [ÈCSBEMÓ 3PW
OŞä OÈMFUPWÏ EżFWJOZ [B QPTMFEOÓDI TFENEFTÈU
MFUQSPNŞOJMZQƉWPEOŞWZIMÓELPWÏNÓTUPWUÏNŞż
[BSPTUMPVIPVÝUJOV/B[ÈLMBEŞWâCŞSPWÏIPżÓ[FOÓ
CZMP TUBWFCOÓ mSNPV ,BNJMB ÀUFODFMB [ )SBEDF
OBE.PSBWJDÓQSPWFEFOPDFMLPWÏTUBWFCOÓ[BKJÝUŞ
OÓQƉWPEOÓDILBNFOOâDI[EÓWâ[UVäLBNFOOÏIP
WŞODFBPQŞUOÏQPMPäFOÓQƉWPEOÓIPLBNFOOÏIP
QżÓTUVQPWÏIPTDIPEJÝUŞ1PLPO[VMUBDJTF[BISBE
OÓNBSDIJUFLUFNBVUPSFNÞQSBW
[ÈNFDLÏIPQBS
LV-VCPNÓSFN3ZDIUBSFNTF[BŘBMPTSFIBCJMJUBDÓ
QƉWPEOÓIPWâIMFEV[WZIMÓELZ
)MBWOÓ QSPCMÏN OBTUBM W PLBNäJLV LEZ TJ WÝJDIOJ
[ÞŘBTUOŞOÓQPMPäJMJPUÈ[LVKBLÏPTBEJUOBWZIMÓELV
[ÈCSBEMÓ 1BNŞUOÓDJ TJ UFOUP EFUBJM OFQBNBUPWBMJ
GPUPEPLVNFOUBDF L UPNVUP NÓTUV QBSLV OFFYJT
UPWBMB1SBDPWOÓDJ[ÈNLVTFQSPUPEBMJEPQÈUSÈOÓ
-JUPHSBmF 3 "MUB [ QPM TUPMFUÓ VMPäFOÈ W [È
NFDLâDI TCÓSLÈDI OBCÓEMB WPEÓULP KBLÏ [ÈCSBEMÓ
WZSPCJU;ÈSPWFŵCZMBOÈIPEPVW;FNTLÏNBSDIJWV
W 0QBWŞ QSBDPWOÓLZ [ÈNLVvPCKFWFOBi EPQPTVE
OF[OÈNÈOFQVCMJLPWBOÈNBQB[ÈNFDLÏIPQBSLV
[ QPMPWJOZ TUPMFUÓ 3P[NŞSOÈ LSÈTOÈ SVŘOŞ
LPMPSPWBOÈ NBQB PEIBMJMB NOPIP [BKÓNBWPTUÓ
;ÓELZ MBWJŘLZ WZIMÓELZ NƉTULZ J QBNŞUOÓ LBNF
OZW[ÈNFDLÏNQBSLVEPTUBMZOB[ÈLMBEŞOPWâDI
JOGPSNBDÓ TWÈ QƉWPEOÓ KNÏOB 7 NBQŞ OB NÓTUŞ
SFLPOTUSVPWBOÏ WZIMÓELPWÏ UFSBTZ TF OBWÓD TLWŞM
OÈQJT -FPOIBSET 1MBU[ WPMOŞ QżFMPäFOPv-FPOBS
EPWBWZIMÓELBi4IPEPVPLPMOPTUÓCZMW[ÈNFDLâDI
TCÓSLÈDIVMPäFOQBNŞUOÓLÈNFOTFTUFKOŞ[OŞKÓDÓN
OÈQJTFNBOJäLEPLPMJWWŞEŞMLBNWMBTUOŞQBUżÓ
/È[FW TBNPUOâ [żFKNŞ VQPNÓOÈ OB -FPOBSEB
%PSTUBWPO4DIBU[CFSH
TUBWFCOÓIP
SBEV %PSPUIFZ ;BIÈŵTLÏ ŘMFOB #SBUSTUWB TW )V
CFSUB[BMPäFOÏIPWQPMTUPMFUÓ3PCFSUFN-JDI
OPWTLâN /ŞLUFSÏ [ OÈ[WƉ QBNŞUOÓDI LBNFOƉ
W[ÈNFDLÏNQBSLVUPUJäEMFOFKOPWŞKÝÓDIQP[OBULƉ
VQP[PSŵVKÓ OB EBMÝÓ Wâ[OBNOÏ ŘMFOZ UPIPUP vMP
WFDLÏIPi CSBUSTUWB ;ÈIBEB OÈ[WV WZIMÓELZ SFTQ
VNÓTUŞOÓQBNŞUOÓIPLBNFOFUBLCZMBPEIBMFOB
4MBWOPTUOÎPUFWǭFOÎWZIMÎELZOBTOÎNLV[MFWB
3BEPNÎS1ǭJCZMB1FUS)BWSMBOU;CZOǏLƭFNFMLB
,BNJM»UFODFM-VCPNÎS3ZDIUBSGPUP»ÃSLB#PSPWDPWÃ
7TPVWJTMPTUJTSFLPOTUSVLDÓWZIMÓELZCZMQƉWPEOÓ
LÈNFOEMFVNÓTUŞOÓOBNBQŞ
[OPWVPTB[FOOB
QƉWPEOÓ NÓTUP 0TB[FOÓN QBNŞUOÓIP LBNFOF
CZMB UBLÏ -FPOBSEPWB WZIMÓELB EOF TMBWOPTUOŞPUFWżFOB%żFWŞOÏ[ÈCSBEMÓ[MPVQBOÏ
LVMBUJOZOBLPOFDEMFQƉWPEOÓDIQżFEMPIBPCKF
WFOÏEPLVNFOUBDF[IPUPWJMBGB;CZŵLBĻFNFMLZ
[ )MVCPŘDF ;CâWÈ KFO EPEBU äF SFLPOTUSVLDF
WZIMÓELZ B QżFLWBQJWâ OÈMF[ NBQZ WFEM L UPNV
äF W SFLPOTUSVLDJ EBMÝÓDI QBNŞUOÓDI NÓTU W [È
NFDLÏN QBSLV TF CVEF QPLSBŘPWBU UBLÏ W SPDF
DPäKJTUŞPDFOÓWÝJDIOJOÈWÝUŞWOÓDJLUFżÓEP
[ÈNFDLÏIPQBSLV[BWÓUBKÓ
1FUS)BWSMBOU/ÈSPEOÓQBNÈULPWâÞTUBW
Þ[FNOÓPECPSOÏQSBDPWJÝUŞW0TUSBWŞ
4QSÈWBTUÈUOÓIP[ÈNLV)SBEFDOBE.PSBWJDÓ
0,²/,0%0À,0-:
XXX[TISBEFDD[
;«1*4%ĝ5¶%0
137/¶$)5Ļ¶%
7QÈUFLÞOPSBQżJÝMPWEPQSPWPEVSPEJŘƉ
EPOBÝÓÝLPMZEŞUÓL[ÈQJTVEPQSWOÓUżÓEZ
#VEPVDÓ QSWŵÈŘLZ WÓUBMZ /JDPMB ÀUFODMPWÈ
+BOB 4UPÝLPWÈ %PNJOJLB 7BWSFŘLPWÈ
B,SJTUâOB;FEOÓŘLPWÈWÝFDIOZ[#
BŘF
LÈOÓ QżFE WMBTUOÓN [ÈQJTFN KJN [ÈCBWOPV
ISPV LSÈUJMZ 1FUSB .JOÈżPWÈ "
7FSPOJLB
7BJHOFSPWÈ.BSLÏUB#MBUFDLÈB"EÏMB4UżJäÓ
LPWÈWÝFDIOZ[F#
7 TFENJ QżÓQBEFDI CZMP WZIPWŞOP äÈEPTUJ
PPELMBEQPWJOOÏÝLPMOÓEPDIÈ[LZUBLäFWQżÓÝUÓNÝLPMOÓNSPDFCZEPEWPVQSWOÓDIUżÓENŞMPOBTUPV
QJUEŞUÓ+NÏOBUżÓEOÓDIVŘJUFMFLJKNFOOÏTF[OBNZäÈLƉPCPVUżÓECVEPV[PSHBOJ[BŘOÓDIEƉWPEƉ
[WFżFKOŞOÏOBLPODJTSQOB7ÝFDIOZQPäBEBWLZSPEJŘƉ[F[ÈQJTVQżJSP[EŞMPWÈOÓäÈLƉEPUżÓE[PIMFE
OÓNFQPLVEUPPSHBOJ[BŘOÓNPäOPTUJEPWPMÓ,FLPODJŘFSWOBEPTUBOPVSPEJŘFCVEPVDÓDIQSWŵÈŘLƉ
QSPTUżFEOJDUWÓNNBUFżTLÏÝLPMZJOGPSNBDFPOÈTUVQVEPÝLPMZBQPUżFCŞÝLPMOÓDIQPUżFCBQPNƉDFL
3PEJŘFäÈLƉLUFżÓOFOBWÝUŞWVKÓNÓTUOÓNBUFżTLÏÝLPMZCVEPVPCFTMÈOJEPQJTFN
5FYUBGPUP.HS3BELB0ŘBEMÓLPWÈżFEJUFMLBÝLPMZ
/ĝė¶./«4;"6+"-*
1BWFM0DIPOTLâ
/FKWŞUÝÓ PTPCOPTUÓ OBÝÓ UżÓEZ KF
1BWMÓL0DIPOTLâ-POJOÈNVLÈ
[BM KBL PEWÈäOâ B TUBUFŘOâ VNÓ
CâU 4BNB KTFN TJ [BäJMB DIWÓMJ
LEZ NŞ [BTLPŘJMB OFNPD 1SPUP
WÓNKBLUŞäLÏKFTOÓCPKPWBU7Z
ISÈMUFOOFKWŞUÝÓ[ÈQBTLUFSâOF
QżFEŘÓäÈEOâTQPSUPWOÓWâLPO+FUPQSPNŞWFMLâ
ISEJOBBKTFNQZÝOÈOBUPäFKFUPNƉKLBNBSÈE
+F UP QSP NŞ W[PS WFMLÏ PEWBIZ KF LBNBSÈETLâ
BNÈSÈEÝLPMV7ÝJDIOJKTNFNVESäFMJQBMDFBQżÈ
MJ TJ BCZ TF CS[Z V[ESBWJM 1żFKFNF NV BCZ IP
WäJWPUŞVäOJDÝQBUOÏIPOFQPULBMP
5FSF[B*MMFÝPWÈQżFETFELZOŞ#
10%ĝ,07«/¶;"1-&4
7TPCPUVÞOPSBTFVTLVUFŘOJMW,VMUVSOÓNEPNŞ
W#SBODFKJäEFWÈUâQMFTSPEJŘPWTLÏIPTESVäFOÓ[B
ÞŘFMFN [ÓTLÈOÓ EBMÝÓDI mOBOŘOÓDI QSPTUżFELƉ QSP
ÞISBEV ÝLPMOÓDI OÈLMBEƉ EŞUÓ $IUŞMB CZDI UPVUP
DFTUPVQPEŞLPWBUWÝFNSPEJŘƉNJQżÈUFMƉNLUFżÓ
TFQPEÓMFMJOBOÈSPŘOÏQżÓQSBWŞJ[EÈSOÏNQSƉCŞIV
QMFTV 5BLÏ EŞLVKJ WÝFN TQPO[PSƉN CF[ LUFSâDI
CZOFQSPCŞIMBÞäBTOÈUPNCPMB
%BHNBS.SƉ[LPWÈQżFETFELZOŞ3PEJŘPWTLÏIP
TESVäFOÓQżJ;À)SBEFDOBE.PSBWJDÓ
+BOB4UPÝLPWÈ
3FQSF[FOUPWBMB PLSFT 0QBWB
W OÈSPEOÓN LPMF [BISÈELÈżTLÏ
TPVUŞäFDFMLFNUżJLSÈU7NMBEÝÓ
LBUFHPSJJ PCTBEJMB NÓTUP
WFTUBSÝÓLBUFHPSJJCZMBQżFEMPOJ
OB NÓTUŞ B W MPŵTLÏN ÝLPM
OÓN SPDF W UÏäF LBUFHPSJJ OB NÓTUŞ +F UJDIÈ
LBNBSÈETLÈBQFŘMJWÈ;LWŞUJONÈOFKSBEŞKJSƉäF
BMJMJF$IUŞMBCZCâUTÈMPWPVTFTUSPV
%PNJOJLB7BWSFŘLPWÈ#
-VLÈÝ5BUBSJO
.ƉKTQPMVäÈL-VLÈÝ5BUBSJOWZOJ
LÈWNOPIBWŞDFDI%PCżFQPŘÓ
UÈWÓUPIPTQPVTUVPFMFLUSPOJDF
BWâCPSOŞTFVŘÓ/FKWÓDFIPCBWÓ
NBUFNBUJLBGZ[JLBB[FNŞQJT7F
WPMOÏNŘBTFTF[BCâWÈFMFLUSPOJ
LPV7NJOVMÏNSPDFTF[ÞŘBTUOJMPLSFTOÓIPLPMB
-VLÈÝ.B[VS
TPVUŞäF EŞUÓ B NMÈEFäF W SÈEJPFMFLUSPOJDF WF
)PEOPUJU TÈN TFCF TF NJ [EÈ
LUFSÏ[ÓTLBMNÓTUP"EÈMF[ÓTLBMWLSBKTLÏNLPMF
EPTU UŞäLÏ .JNP ÝLPMV ISBKJ
UÏUP TPVUŞäF NÓTUP ;ÞŘBTUOJM TF [FNŞQJTOÏ
[ÈWPEOŞ QJOHQPOH LUFSâ KF
PMZNQJÈEZ LEF [ÓTLBM WF ÝLPMOÓN LPMF NÓTUP
NPV OFKWŞUÝÓ WÈÝOÓ .F[J WFMLÏ
WPLSFTOÓNLPMFUBLÏNÓTUPBWLSBKTLÏNNÓT
ÞTQŞDIZ QPWBäVKJ QSWOÓ NÓTUP
UP 4PVUŞäJM UBLÏ W SÈEJPFMFLUSPOJDF 7 PLSFTOÓN
OB7ÈOPŘOÓNUVSOBKJBESV
LPMF[ÓTLBMNÓTUPBWLSBKTLÏNNÓTUP.JNP
IÏ NÓTUP OB nPSCBMPWÏN UVSOBKJ NŞTUB )SBEFD KJOÏ KF UP OÈÝ UżÓEOÓ QżFETFEB KJä OŞLPMJLÈUâN
)SBKJOBBLVTUJDLPVLZUBSVNPDNŞOFCBWÓOBOJ SPLFNQSPUPäFVŘJUFMÏJNZWÓNFäFTFOBOŞKEÈ
DWJŘJU
%BMFLPWÓDNŞCBWÓDIPWBUQÈSFLHFLPOŘÓ TQPMFIOPVUBWÝFQFSGFLUOŞ[BżÓEÓ
LƉOPŘOÓDI#ZMCZDISÈELEZCZTFNJQPEBżJMPKF
"OOB1MÝLPWÈ#
SP[NOPäJUBPEDIPWBUNMBEÏ.PDNŞUPCBWÓ
5PNÈÝ8PMG
-VLÈÝ.B[VS"
0ENBMJŘLB KTFN DIPEJM QPTMPV
+BOB0ŘBEMÓLPWÈ
DIBU NÏIP EŞEV LUFSâ ISBKF OB
+BOB 0ŘBEMÓLPWÈ KF UB vOFKGBKOP
WBSIBOZ W ISBEFDLÏN LPTUFMF
WŞKÝÓ CZUPTUi W OBÝÓ UżÓEŞ +F LB
.PDTFNJUPMÓCJMPKBLISBKFBDIUŞM
NBSÈETLÈ IPEOÈ BLUJWOÓ TMVÝOÈ
KTFNTFUPUBLZOBVŘJU1SPUPKTFN
TQSBWFEMJWÈ WTUżÓDOÈ CF[QSPCMÏ
VäWFÝLPMDF[BŘBMDIPEJUEP;6À
NPWÈDIZUSÈ+BOŘBPQSBWEVLBä
W)SBEDJOBE.PSBWJDÓ%PIPEJOZ
EÏNV WF UżÓEŞ QPNƉäF B QPSBEÓ
LMBWÓSV DIPEÓN KFEOPV UâEOŞ EPNB QBL DWJŘÓN
" OFKFO UP POB NÈ TLWŞMâ UBMFOU
TLPSP LBäEâ EFO BTJ IPEJOV )SBKJ TLMBECZ SƉ[
QSPQTBOÓLSÈTOâDIŘMÈOLƉ,EZäOŞDP[BŘOFQTÈU OâDITLMBEBUFMƉ/FKWÓDFTFNJMÓCJMP"MMFHSFUUPPE
OFOÓL[BTUBWFOÓ/BQżÓLMBEOBQTBMBOBŘUZżJTUSÈOLZ +,7BIŵBMBTFLUFSâNKTFNWZTUVQPWBMOBLSBK
ŘMÈOFL P OBÝÓ UżÓEŞ OFCP OÈEIFSOPV QPIÈELV TLÏQżFIMÓEDFLMBWÓSJTUƉW,BSWJOÏ5FOUPSPLKTFN
0EWPVQPOPäLÈDI,EPUPŘFUMäBTM+FUBLÏOBEBOÈ [BŘBMISÈUWOPWÏLBQFMFOBÝÓ;6À.ÈNF[LPVÝLZ
OBLSFTMFOÓQSPUPDIPEÓEPWâUWBSOÏIPLSPVäLVWF KFEFOLSÈUUâEOŞBISBKJUBNTEBMÝÓNJÝFTUJEŞUNJ
LUFSÏNNBMVKFLSFTMÓBWZUWÈżÓOÈEIFSOÏWâUWPSZ
OBSƉ[OÏIVEFCOÓOÈTUSPKF.PDNŞUPCBWÓ
-VCB$JOHFMPWÈ"
5PNÈÝ8PMGUż
7FEFOÓÝLPMZTQPMFŘOŞTÞŘBTUOÓLZQMFTV[żBE[B
NŞTUOBODƉEŞLVKFUPVUPDFTUPVWÝFNLUFżÓTFOB
QżÓQSBWŞUÏUPTQPMFŘFOTLÏVEÈMPTUJOŞKBLâN[QƉ
TPCFNQPEÓMFMJBQżJQSBWJMJUBL[ÈCBWOâBQżÓKFN
OâWFŘFSTCPIBUPVUPNCPMPV;BWâUFŘOPVPSHB
OJ[BDJ QMFTV QżFETFELZOJ SPEJŘPWTLÏIP TESVäFOÓ
%BHNBS .SƉ[LPWÏ B KFIP ŘMFOLÈN TQPO[PSƉN
[BmOBOŘOÓBWŞDOÏEBSZSPEJŘƉNäÈLƉOBÝÓÝLPMZ
[B mOBOŘOÓ QżÓTQŞWLZ IVEFCOÓ TLVQJOŞ #0-&30
ŘMFOLÈN TLVQJOZ CżJÝOÓDI UBODƉ ."Ç03&5,«.
$)"3-*&IPTUƉN[BIPKOPVÞŘBTU+JäEOFTTFUŞÝÓ
NFOBEBMÝÓTQPMVQSÈDJBTQPMFŘOŞQSPäJUÏDIWÓMF
.HS*WFUB.JOÈżPWÈ
."À,"3/¶,"3/&7"-
5SBEJŘOÓNBÝLBSOÓLBSOFWBMKTNFQSPäÈLZOJäÝÓIP
TUVQOŞ VTQPżÈEBMJ ÞOPSB 7 OPWŞ P[WVŘFOÏ
IBMF TF LBSOFWBMPWâ SFK SP[QSPVEJM Vä W IPEJO
BCZMPTFPQSBWEVOBDPTFEÓWBU%ŞUTLÈGBOUB[JF
KF TLVUFŘOŞ OFLPOFŘOÈ B UBL OÈN IBMV [BQMOJMJ
WPEOÓDJWÓMZTLżFUJNPUâMJLPV[FMOÓDJLPTNPOBVUJ
BNOPIPEBMÝÓDI1SPäÈLZCZMZQżJQSBWFOZTPVUŞäOÓ
EJTDJQMÓOZ[BLUFSÏKFŘFLBMZTMBELÏPENŞOZ"ŘUP
OFCZMP WƉCFD KFEOPEVDIÏ OBLPOFD KTNF WZCSBMJ
UżJOFKMFQÝÓNBTLZ[LBäEÏUżÓEZ7ÝFNäÈLƉNQBUżÓ
OÈÝ VQżÓNOâ PCEJW B QPUMFTL [B KFKJDI LSFBUJWJUV
WQżÓQSBWŞLBSOFWBMPWÏNBTLZ1PEŞLPWBUCZDIPN
DIUŞMJ UBLÏ äÈLZOÓN # %PNJOJDF 7BWSFŘLPWÏ
B1FUżF.JOÈżPWÏ[BKFKJDIQSƉWPEOÓTMPWP
5FYUBGPUP-FOLB*MMFÝPWÈ
#Å7"-«."Ç03&5,"
+&%/&453&/²3,06
.BSDFMB 5FTBżPWÈ OB TOÓNLV
KBLP NBMÈ IPMLB TF DIPEJMB T PCEJWFN LPVLBU OB
NBäPSFULZLEZäTFLPOÈWBMPW)SBEDJOBE.PSBWJDÓNJTUSPWTUWÓSFQVCMJLZWNBäP
SFULPWÏNTQPSUV"TJPUPNJIPEOŞNMVWJMBQSPUPäFEÓLZTWÏCBCJŘDFTFQżJIMÈTJMB
EP)SBEFDLâDINBäPSFUFLLEF[ÓTLÈWBMBQSWOÓ[LVÝFOPTUJ5FIEZKBLPNBäPSFULB
%OFTKFTBNBUSFOÏSLPVBNOP[Ó[WÈTVäKJTUŞPCEJWPWBMJWâTMFELZKFKÓQSÈDFWÝVEF
UBNLEFNPEFSÈUPSPIMÈTJMWZTUPVQFOÓNBäPSFUFL$IBSMJF[)SBEDFOBE.PSBWJDÓ
+BLTF[SPEJMOÈQBE[BMPäJU.BäPSFULZ$IBSMJF
.BäPSFULZKTFNDWJŘJMBEWBSPLZWF4MBUJOŞV#ÓMPWDF
BQPUPNOBQPQVESPEJŘƉ[)SBEDFKFKJDIEŞUJVäQÈS
MFUDIPEJMZEPNBäPSFUFL
LUFżÓW[QPNÓOBMJOBTMBWOÈ
MÏUBQƉTPCFOÓNBäPSFUFLWOBÝFNNŞTUŞKTNFWMBTU
OŞPCOPWJMJISBEFDLPVNBäPSFULPWPVUSBEJDJB[BMP
äJMJ PCŘBOTLÏ TESVäFOÓ ."Ç03&5,: $)"3-*& 5BLäF
[BLMBEBUFMÏ KTPV WMBTUOŞ SPEJŘF NBäPSFUFL -POJ
W [ÈżÓ KTNF WZUWPżJMJ TLVQJOZ QżJÝMP OÈN OPWâDI
EŞWŘBU.ÈNFEŞWŘBUB[)SBEDF,BKMPWDF#PIVŘP
WJD B EBMÝÓDI NÓTU $IUŞMJ CZDIPN WSÈUJU NBäPSFULZ
OB )SBEFD B UBLÏ TF QPLVTJU P OÈWSBU NJTUSPWTUWÓ
SFQVCMJLZWNBäPSFULPWÏNTQPSUV
,EZKTUFTFWZPTPCOŞTUBMBNBäPSFULPV
1PNŞSOŞ QP[EŞ CZMP NJ Vä MFU ,WƉMJ ÝLPMF KTFN
UPIP QBL NVTFMB OFDIBU B L NBäPSFULÈN KTFN TF
WSÈUJMB Bä KBLP USFOÏSLB /FKTFN OB UP BMF TBNB
$PTFUâŘFUSÏOPWÈOÓNJIMBWOŞQPNÈIÈNPKFBTJT
UFOULB-VDJF,PDJÈOPWÈUBLÏCâWBMÈNBäPSFULBOB
)SBEDJ " W SƉ[OâDI WŞDFDI LUFSÏ TF UâLBKÓ DIPEV
NBäPSFUFLBmOBOŘOÓTUSÈOLZTESVäFOÓOÈNIMBWOŞ
QPNÈIBKÓ [BLMBEBUFMÏ 5PNÈÝ )P[B QżFETFEB
)BOB )P[PWÈ QPLMBEOÓ
.JSPTMBWB 7JODVSLPWÈ
IPTQPEÈżLB
%FOJTB 1BWFMLPWÈ NBOBäFSLB
#F[
UŞDIUP MJEÓ CZ TESVäFOÓ OFNPIMP GVOHPWBU B [B QP
NPDKJNNPDEŞLVKFNF
$PUBIMFŘJOOPTUEŞWŘBUƉNEÈWÈ +FUPTQPSU
QPDIPEPWÈOÓOFCPUBOFD
7EOFÝOÓEPCŞKFUPVäIPEOŞPUBOFŘOÓBCBMFUOÓQSƉ
QSBWŞ4BTJTUFOULPVKF[EÓNFOBÝLPMFOÓBUBNTFLMB
EFWFMLâEƉSB[OBQPIZCPWPVQSƉQSBWV+FUPŘBTUP
WFMNJPCUÓäOÈTZODISPOJ[BDFQPIZCVQSPUPäFQSBWÈ
OPIBEŞMÈOŞDPKJOÏIPOFäMFWÈOPIBJLBäEÈSVLB
7&-*,0/0ė/¶%¶-/"
"(&/563" 50.*/0 WF TQPMVQSÈDJ T .ŞTUTLâN
ÞżBEFNW)SBEDJOBE.PSBWJDÓQPżÈEÈWF7ŘFMBż
TLÏNEPNŞOBQSPUJPCDIPEV0,0
7&-*,0/0ė
/¶%¶-/6LUFSÈTFVTLVUFŘOÓPEEPEVCOB
QPOEŞMÓBäQÈUFLTP
CPUB 7TUVQOÏ KF ,Ř OB PTPCV
7 EÓMOŞ CVEF QSPCÓIBU J WâTUBWB WBKÓŘFL [ KBSOÓ
EŞUTLÏTPVUŞäFESPCOâQSPEFKEÓMOJŘLB&GLPBSU
B UBLÏ [EF CVEPV äJWÈ [WÓżÈULB ;WFNF WÝFDIOZ
LEPCZTJDIUŞMJWZ[LPVÝFUWZSPCJUESPCOÏWFMJLP
OPŘOÓ EFLPSBDF OFCP TJ KFO UBL PEQPŘJOPVU PE
KBSOÓIPÞLMJEV1żJOFTUFTJWZGPVLMÈWBKÓŘLB
"(&/563"50.*/0 WF TQPMVQSÈDJ T &GLPBSU WZ
IMBÝVKFTPVUŞäQSPEŞUJ0/&+)&;ė¶7&-*,0/0ė
/¶7"+¶ė,07ZUWPżUFIP[KBLÏIPLPMJWNBUFSJÈMV
B KBLPVLPMJW UFDIOJLPV .VTÓ TF BMF EÈU [BWŞTJU
)PEOPUÓ TF OÈQBEJUPTU PSJHJOBMJUB B [SVŘOPTU
4PVUŞäÓTFWLBUFHPSJÓDIMFUBMFU4PV
UŞäOÓWBKÓŘLPQżJOFTUFEPEVCOBEP*OGPSNBŘ
OÓIP DFOUSB W )SBEDJ OBE .PSBWJDÓ LEF WZQMOÓUF
TPVUŞäOÓLVQØO7ÝFDIOBWBKÓŘLBCVEPVWZTUBWF
OBWF7ŘFMBżTLÏNEPNŞWSÈNDJWFMJLPOPŘOÓEÓMOZ
+FKÓ ÞŘBTUOÓDJ NPIPV IMBTPWBU P VEŞMFOÓ DFOZ
WFżFKOPTUJ7ZIMÈÝFOÓWÓUŞ[ƉQSPCŞIOFEVCOB
WIWF7ŘFMBżTLÏNEPNŞ7ÝFDIOZWâIFSDF
CVEFNFQżFEFNLPOUBLUPWBU7BKÓŘLBQPTPVUŞäJ
KFNPäOÏTJWZ[WFEOPVUEVCOB
"(&/563"50.*/0
EŞMÈ OŞDP KJOÏIP %ŞWŘBUB NVTÓ
[BQPKJU DFMÏ UŞMP /FKFO [BQPKJU
BMF NÓU QPE LPOUSPMPV LBäEâ QP
IZC+BLPTQPSUKFUPWFMNJOÈSPŘ
OÏOBEâDIÈOÓQSPUPäFKFEOPUMJWÏ
TFTUBWZTFEŞMBKÓWFWFMLÏNUFNQV
OBSZDIMPVIVECVUBLäFUVNVTÓ
CâUJEPCSÈvGZ[JŘLBi
.VTÓNÓUEŞWŘBUBQPIZCPWÏ
QżFEQPLMBEZ UBLPWâ UFO
UBMFOU PE QÈOBCPIB OFCP
TFUPEÈOBVŘJU
+TPVEŞWŘBUBLUFSâNUPKEFIOFE
BKBLPCZTBNP"MFNÈNFUVIPM
ŘJŘLZ LUFSâN UP UżFCB IOFE OFKEF .OPIÏ [ OJDI TJ
TWÏVNŞOÓEPTMPWBWZEżPV/BOÈT[ÈMFäÓBCZKFUP
IMBWOŞ CBWJMP B BCZ UB VSŘJUÈ żFIPMF USÏOJOLƉ CZMB
QSPOŞDPOFKQżÓKFNOŞKÝÓ/FLBäEÏNVKFEÈOPDÓUŞOÓ
SZUNVBMFIPMLZTFTOBäÓB[WMÈEBKÓUP
+BLP EJWÈL CZDI żFLM äF OFTNÓSOŞ EƉMFäJUÈ
KF V NBäPSFUFL B IMBWOŞ TLVQJOPWâDI WZ
TUPVQFOÓ
EJTDJQMÓOBDPäBTJOBUSÏOJOLVNPD
[ÈCBWOÏOFOÓ#BWÓKFUP
4OBäÓNFTFKFNPUJWPWBU/ŞLEZUżFCBNVTÓNF[Wâ
ÝJUIMBTBMFPOZTBNZWŞEÓäFUPNVTÓCâUBäFCF[
OFVTUÈMÏIPPQBLPWÈOÓBQJMPWÈOÓTFTUBWCZUPOFÝMP
/BÝFEŞWŘBUBTF[BQƉMSPLVEPLÈ[BMBOBVŘJUTFTUB
+"3/¶7Å45"7"
7+",6#ė07*$¶$)
,MVCäFO+BLVCŘPWJDFQPżÈEÈUSBEJŘOÓ+"3
/¶7Å45"7613"$¶Ç&/"%ĝ5¶7,VMUVSOÓN
EPNŞW+BLVCŘPWJDÓDITFLPOÈBEVC
OBWäEZPEEPIPEJO
,WJEŞOÓCVEPVQSÈDFEŞUÓ[ÈLMBEOÓDIÝLPM
OB QSPEFK CVEPV NBMPWBOÏ B IÈŘLPWBOÏ
LSBTMJDF WFMJLPOPŘOÓ QFSOÓŘLZ B LSÏNPWÏ
WŞOFŘLZ WâSPCLZ DISÈOŞOâDI EÓMFO $IB
SJUZ 0QBWB WFMJLPOPŘOÓ WB[CB NBMPWBOÏ
IFEWÈCÓ KVUPWÏ UBÝLZ ÝQFSLZ [BISBEOÓ
LFSBNJLBBLPÝÓLÈżTLÏ[CPäÓ7âTUBWBCVEF
[BIÈKFOBWTPCPUVWIPEJOWFSOJTÈäÓOB
LUFSÏWZTUPVQÓäÈDJ;6À)SBEFDOBE.PSBWJ
DÓ B 4LżJQPW7TUVQOÏ EPCSPWPMOÏ 4SEFŘOŞ
WÝFDIOZ[WFNF,MVCäFO+BLVCŘPWJDF
WV UBL BCZ T OÓ NPIMB KÓU OB WZTUPVQFOÓ ,EZä QBL
TBNPUOÏWJEÓUFOUPFGFLUUBLTFKJNVSŘJUŞJMÏQFUSÏ
OVKF4BNP[żFKNŞUSÏOJOLZOFKTPVKFOPNESJMPWÈOÓ
BMFVäJKFNFTJTQPMFŘOŞVUPIPJIPEOŞMFHSBDF)PMLZ
UPCBWÓBUPNZT-VDLPVDIDFNF
+BLŘBTUPUSÏOVKFUF
%ŞWŘBUBPEEPMFUUSÏOVKÓEWBLSÈUUâEOŞWÞUFSâ
B WF ŘUWSUFL TUBSÝÓ EŞWŘBUB USÏOVKÓ UżJLSÈU UâEOŞ
W ÞUFSâ ŘUWSUFL B QÈUFL 5SÏOJOLZ KTPV W NBMÏ UŞMP
DWJŘOŞ ;ÈLMBEOÓ ÝLPMZ )SBEFD OBE .PSBWJDÓ %WFżF
QSPWÝFDIOZEBMÝÓ[ÈKFNLZOŞNÈNFPUFWżFOÏ
;ŘFIPNÈUFWŞUÝÓSBEPTU ;NFEBJMFOBTPV
UŞäJ OFCP [ UMFTLBKÓDÓIP TÈMV QżJ WFżFKOÏN
WZTUPVQFOÓ
; UPIP LEZä EŞWŘBUB EPCżF DWJŘÓ TNŞKÓ TF B ŘJÝÓ
[OJDIäFUPEŞMBKÓQSPMJEJLUFżÓOBOŞLPVLBKÓ5PV
QPTMFEOÓWFMLPVSBEPTUÓCZMBTPVUŞäOB[BŘÈULVCżF[
OB1PEIPTUâOTLâQPIÈSLEZIPMLZCZMZTLWŞMÏBNV
TÓNFżÓDUäFQżJQPIMFEVOBOŞKFKJDIOBTB[FOÓDIVƃ
BWJUBMJUVTFOÈNBäTM[ZUMBŘJMZEPPŘÓ$PNƉäFNF
[BäÓUIF[ŘÓIP 1żJQSBWJMBGPUP,BSFM4UVDIMÓL
)*4503*$,¦"65"/";¦.,6
,MVC IJTUPSJDLâDI WP[JEFM 0QBWB [WF OB LVMUVSOŞ
TQPSUPWOÓ BLDJ 0,0-0 )3"%$& LUFSÈ TF VTLV
UFŘOÓ W TPCPUV LWŞUOB OB [ÈNLV )SBEFD OBE
.PSBWJDÓ "LDF KF NF[JOÈSPEOÓ VSŘFOÈ QSP IJT
UPSJDLÈ WP[JEMB Uż "' EP SPLV 1SF[FOUBDF
BQSPIMÓELBIJTUPSJDLâDIWP[JEFMPEEPI
7FITUBSUVKFKÓ[EBIJTUPSJDLâDIWP[JEFMEWŞ
NB TNŞSZ T DÓMFN OB OÈNŞTUÓ WF7ÓULPWŞ B [QŞU
7IQSPCŞIOFWZIPEOPDFOÓTPVUŞäFWLBUF
HPSJÓDIBVUPNPCJMZBNPUPDZLMZEPSPLVWâSPCZ
BVUPNPCJMZ B NPUPDZLMZ PE SPLV WâSPCZ
EPSPLVBWZIPEOPDFOÓOFKW[EÈMFOŞK
ÝÓIPBOFKTUBSÝÓIPÞŘBTUOÓLB/BWBÝJÞŘBTUTFUŞÝÓ
PSHBOJ[ÈUPżJ #MJäÝÓ JOGPSNBDF OBMF[OFUF UBLÏ OB
XXXLIWPQBWBD[S
/BCÓ[ÓNLQSPOÈKNVQSPTUPSZ
WQżÓ[FNÓSPEJOOÏIPEPNV
W)SBEDJOBE.PSBWJDÓ/B1PUƉŘLV
7IPEOÏLCZEMFOÓŘJQPEOJLÈOÓ
#MJäÝÓJOGPSNBDF[ÓTLÈUFOBUFM
7%0.03"%07*$±$)4&,0»507"-04103507"-05"/Ɖ*-0*#*-"/$07"-0
)BTJŘJ W %PNPSBEPWJDÓDI VTQPżÈEBMJ [BŘÈULFN
MFEOB SPŘOÓL PDIVUOÈWLZ EPNÈDÓDI QÈMFOFL
4FÝMPTFEFHVTUÈUPSƉTFTWâNJW[PSLZ7[PSLZ
OFKNÏOŞQƉMMJUSV
TFWOBIPEJMÏNQPżBEÓQżFMJKÓ
EP KFEOPUOâDI MBIWÓ B KTPV W UPNUP TUBEJV BOP
OZNOÓ )PEOPDFOZ KTPV EFTFUJCPEPWPV TUVQOJDÓ
PEvWFMNJEPCSÈiBäQPvWIPEOÈEPPTUżJLPWBŘƉi
-FUPÝOÓNWÓUŞ[FNTFTUBM,BNJMĻFNFMLBLUFSâNÈ
TWPV[BISBEVVNÓTUŞOPVÞEBKOŞWFTUÓOVLPNÓOƉ
äFMF[ÈSFO"SDFMMPS.JUUBMW0TUSBWŞ,VOŘJDÓDI
+FO P UâEFO QP[EŞKJ TUBSUPWBM W TÈMF LVMUVSOÓIP
EPNVKJäSPŘOÓLUVSOBKFWFTUPMOÓNUFOJTF4FÝMP
TFSFLPSEOÓDIISÈŘƉNÓTUOÓDIPTUBUOÓQBL[F
ÝJSPLÏIP PLPMÓ ÁSPWFŵ ISÈŘƉ CZMB WFTNŞT EPCSÈ
BWÝBL[OŞLUFSâDITFWZLMVCBMJBLUJWOÓSFHJTUSPWBOÓ
ISÈŘJ QƉTPCÓDÓ W PmDJÈMOÓDI LMVCPWâDI TPVUŞäÓDI
7UVSOBKJ[WÓUŞ[JM%BOJFM-B[FDLâ[$IWBMÓLPWJD%BM
ÝÓ NFEBJMPWÏ QP[JDF PCTBEJMJ -VLÈÝ (SJHBS [ 0UJD
B.BSUJOB7ÓDIPWÈ[+BLVCŘPWJD/ZOÓNÈNFDFMâ
SPL OB QżFNâÝMFOÓ KBL QżJ SP[EÓMOÏ ÞSPWOJ ISÈŘƉ
[BKJTUJUSFHVMÏSOPTUTPVUŞäF
7TPCPUVMFEOBTFTÈMLVMUVSOÓIPEPNV[BQM
OJM OÈWÝUŞWOÓLZ USBEJŘOÓIP IBTJŘTLÏIP CÈMV ;B
IVEFCOÓIPEPQSPWPEVISBEFDLÏTLVQJOZ30-&/
TFBäEPSÈOBTQPLPKFOŞCBWJMPUÏNŞżIPTUƉ
1SPHSBNQMFTVPäJWJMPWZTUPVQFOÓEŞWŘBU[UBOFŘ
OÓIPTPVCPSV%"/$&-*'&LUFSÏTFWFMNJMÓCJMP
5SBEJŘOŞJUPNCPMBCZMBCPIBUÈ,VLPKFOÓIMBEV
BOBCSÈOÓEBMÝÓDITJMEPUBOFŘOÓIPNBSBUØOVOB
CÓ[FMJ IBTJŘJ QżÓSPEOÓ LVżFDÓ żÓ[FL B TBNP[żFKNŞ
OFNPIMDIZCŞUQSPTMVMâEPNPHVMÈÝ
)OFE UâEFO OBUP UP KJä CZMP ÞOPSB TF TÈM LVM
UVSOÓIPEPNVPQŞU[BQMOJM5PEPSB[JMPUÏNŞż
EŞUÓTFTWâNJSPEJŘJBCZTFWZTLPUBŘJMZQPEWFEF
OÓN5PNÈÝFÇJELBBKFIPTQPMVQSBDPWOÓLƉ[BHFO
UVSZ50.*/0 4 EŞUNJ UP TLVUFŘOŞ VNÓ B EŞUJ TF
BOJ OB DIWÓMJ OF[BTUBWJMZ +FEOB TPVUŞä TUżÓEBMB
EBMÝÓ B UBL CZMP EPCżF äF J P żÈEOÏ PCŘFSTUWFOÓ
CZMPEPLPOBMFQPTUBSÈOP0QPżBEBUFMTLÏTUBSPTUJ
TFSP[EŞMJMZOBÝFNBOäFMLZLUFSâNKF
UżFCBNPDQPEŞLPWBU0mDJÈMOÓQPEŞ
LPWÈOÓ[BKFKJDIQPDIPQFOÓBQPEQP
SVWOBÝÓQSÈDJTFVTLVUFŘOJMPWQÈUFL
CżF[OB7 IBTJŘTLÏ [CSPKOJDJ KTNF
QSPOŞQżJDIZTUBMJQżÈUFMTLÏQPTF[FOÓ
T NBMâN PCŘFSTUWFOÓN5BLZ KTNF KF
QżJUÏUPQżÓMFäJUPTUJQPäÈEBMJBCZOÈN
UVIBTJŘJOVJOBEÈMFUPMFSPWBMZ
1P IBTJŘTLÏN QMFTV CZMB J MFUPT Wâ
SPŘOÓWBMOÈISPNBEB4CPSVTLMÈEBMJ
ÞŘUZ ŘMFOPWÏ WâCPSV LUFżÓ CZMJ MPOJ
EPTWâDIGVOLDÓ[WPMFOJ*QżÓUPNOâ
TUBSPTUB *OH ,BSFM )BOÈL LPOTUB
UPWBM äF POB HFOFSBŘOÓ PCNŞOB
WF WFEFOÓ TCPSV QSPCŞIMB ÞTQŞÝOŞ
B KF TCPSV LV QSPTQŞDIVv.MBEÓDJi
WFMNJÞTQŞÝOŞOBWÈ[BMJOBQSÈDJTUB
SÏIPWâCPSV4UBSPTUBTCPSV.BSUJO
,PXBM NPIM LPOTUBUPWBU äF QMÈO
ŘJOOPTUJ CZM TQMOŞO %PLÈ[BMJ KTNF
VESäFUOBEPCSÏÞSPWOJJŘJOOPTUPE
EÓMVNMBEâDIIBTJŘƉ*UFOTFQPUâLÈ
THFOFSBŘOÓNQSPCMÏNFN7PLSFTOÓMJ[FNMÈEF
äFPCTBEJMJOBÝJTUBSÝÓNÓTUP[ESVäTUFW
%PNJOBOUOÓ BLDÓ LUFSPV OÈÝ TCPS QPżÈEBM MPOJ
Vä QP KFEFOÈDUÏ KF TFULÈOÓ NPUPSLÈżƉ LUFSÏ KJä
EÈWOP TWâN SP[TBIFN QżFSPTUMP ISBOJDF PCDF
CBJLSBKF"SFÈMQżFELVMUVSOÓNEPNFN[BQMOJMP
OB OÈWÝUŞWOÓLƉ B WÓDF OFä NPUPDZLMƉ
PE OFKNPEFSOŞKÝÓDI:BNBI B )POE Bä QP OZOÓ
KJä IJTUPSJDLÏ +BXZ QÏSÈLZ LâWBŘLZ J QJPOâSZ
BNPQFEZ4QżFIMFEFNKJNWÏWPEJMBLSÈTOŞVES
äPWBOÈ;FULBWZSPCFOÈWSPDF;BKJTUJU
BCZ P UBLPWÏ NOPäTUWÓ MJEÓ B TUSPKƉ CZMP EPCżF
QPTUBSÈOP BCZ CZMB [BKJÝUŞOB CF[QFŘOPTU WÝFDI
OÈWÝUŞWOÓLƉBOFCZMSVÝFOQPżÈEFLBBCZWÝJDIOJ
NŞMJDPKÓTUJQÓUKFWFMNJOÈSPŘOÏ+FUPOÈSPŘOÏ
J QSP PCZWBUFMF QżJMFIMâDI EPNƉ LUFSÏ PSHBOJ
5"&,80/%085')3"%&$/"%.03"7*$¶
7ÓUFäFWQSPTJODJPCTBEJMISBEFDLâPEEÓMUBFLXPOEBOBNJTUSPWTUWÓėFTLÏSFQVCMJLZNÓTUP 7ÓUFäFOBÝF
CâWBMÈäÈLZOŞWTPVŘBTOÏEPCŞTUVEFOULB.FOEFMPWBHZNOÈ[JBBTJTUFOULBUSFOÏSBŘMFOLBSFQSF[FOUBDF
ėFTLÏ SFQVCMJLZ +BOB )PŵLPWÈ PCTBEJMB W KVOJPSTLÏ LBUFHPSJJ
&YUSBMJHZQPPNTFėFTLÏSFQVCMJLZNÓTUP 7ÓUFäFTFQSB
WJEFMOŞ ÞŘBTUOÓNF SFQVCMJLPWâDI [ÈWPEƉ TFNJOÈżƉ B USÏOJOLƉ
SFQSF[FOUBDF /ÈÝPEEÓMUPUJäQSBDVKFOBQMOP7ÞUFSâBWFŘUWSUFL
QSPCÓIBKÓ QSBWJEFMOŞ EWB USÏOJOLZ QSP [BŘÈUFŘOÓLZ B QPLSPŘJMÏ
7 TPCPUZ B OFEŞMF KF[EÓNF QSBWJEFMOŞ OB TFNJOÈżF B [ÈWPEZ
1PIZCPWÏISZTUSFŘJOLQPTJMPWÈOÓUFDIOJLZTFCFPCSBOBTFTUBWZ
BTQPVTUBEPCSÏOÈMBEZBŘBTUPWFTFMÓUBLUPWZQBEBKÓOBÝFUSÏOJO
LZLUFSÏNÈNFWOBÝÓ$ÓSLFWOÓ[ÈLMBEOÓÝLPMFTW-VENJMZW)SBEDJ
OBE.PSBWJDÓ0UBFLXPOEPKFUBLWFMLâ[ÈKFNäFPCŞTLVQJOZOB
QMOJMZEŞUJOBÝÓÝLPMZ4QPSUKFTPVŘÈTUÓLPODFQDFOBÝÓWâDIPWZ"CZ
CZMB UBUP WâDIPWB LPNQMFUOÓ WZVŘVKFNF UFEZ KFOPN äÈLZ OBÝÓ
ÝLPMZ 0QBLPWBOŞ TF OB OÈT PCSBDFKÓ SPEJŘF KFKJDIä EŞUJ OFDIPEÓ
EPOBÝÓÝLPMZ$IUŞMJCZTWÏEÓUŞQżJIMÈTJUKFOEPPEEÓMV;WâÝFVWF
EFOâDIEƉWPEƉLBQBDJUOÓDIQSPQPKFOÓTDFMLPWâNQPKFUÓNWâDIPWZWOBÝÓÝLPMF
KFPENÓUÈNF7ÓDFJO
GPSNBDÓTFEP[WÓUFOBOBÝJDIPEEÓMPWâDIXFCPWâDITUSÈOLÈDIIUUQUBFLXPOEPQSPJUD[+BOB)PŵLPWÈ
TF[ÞŘBTUOJMBCżF[OBNF[JOÈSPEOÓDI[ÈWPEƉW#FMHJJ$IBMMFOHF0QFOLUFSâDITF[ÞŘBTUOJMPBTJ[FNÓ
&WSPQZBWKVOJPSTLÏLBUFHPSJJPCTBEJMBPQŞUNÓTUP5FYUBGPUP*OH5PNÈÝ)POŞL
"%01$&/"%«-,6
"EPQDFOBEÈMLVKFOÈ[FWQSPHSBNVėFTLÏLBUPMJDLÏDIBSJUZLUFSÈUBLUP[QSPTUżFELPWÈWÈmOBODPWÈOÓ
ÝLPMOÓEPDIÈ[LZEÓUŞUF[DIVEÏ[FNŞ5ÓNäFNBKÓ[BKJÝUŞOÏW[EŞMÈOÓOBKEPVQBLTOBEOŞKJVQMBUOŞOÓ
W äJWPUŞ %ÓUŞ QÓÝF OŞLPMJLSÈU SPŘOŞ EPQJT TWâN TQPO[PSƉN 1ÓÝF IP W SPEOÏN KB[ZDF UBNJM B EPQJT
KFQżFMPäFOEPBOHMJŘUJOZ;FÝLPMZEPLUFSÏDIPEÓQżJDIÈ[ÓJOGPSNBDFPQSPTQŞDIVÝLPMOÓDIBLDÓDI
BQ $ÓSLFWOÓ [ÈLMBEOÓ ÝLPMB TW -VENJMZ W )SBEDJ OBE .PSBWJDÓ NÈ UBLÏ KFEOPvBEPQUJWOÓ EÓUŞi +F UP
7FMBOLBOOJ $IJUSB 1BMBOJTBNZ +F [ *OEJF B OBSPEJMB TF LWŞUOB ÇÈDJ UżÓEZ QżJQSBWJMJ SƉ[OÏ
WâSPCLZLUFSÏQBLQSPEÈWBMJBWâUŞäFLCZMQPTMÈOOBUFOUPÞŘFM-FUPTTFEÓLZQSPEFKJOBWÈOPŘOÓN
KBSNBSLVWFÝLPMFWLPTUFMFBEÓLZQSPEFKJBEWFOUOÓDIWŞODƉQPEBżJMP[ÓTLBUŘÈTULV,Ř
$IDFNFUPVUPGPSNPVQPEŞLPWBUWÝFNLUFżÓOÈNQżJTQŞMJBVNPäOJMJUBLOBÝÓ7FMBODFEBMÝÓSPLvOFQP
WJOOÏÝLPMOÓEPDIÈ[LZiäÈDJUżÓEZ$;ÀBVŘJUFM.JMBO7ÓDIB
[ÈUPżJQżFEFNQPäÈEBMJPTIPWÓWBWPTU0UPNäF
TF WÝF QPEBżJMP TWŞEŘÓ UP äF OFCZM [B[OBNFOÈO
KFEJOâJODJEFOU5BLUÏäOBEÝFOÏPIMBTZÞŘBTUOÓLƉ
TSB[VOBOBÝFNXFCVEPNPSBEPWJDFD[OÈTOBQM
ŵVKÓVTQPLPKFOÓN[EPCżFWZLPOBOÏQSÈDF
%SVIâN WSDIPMFN OBÝÓ ŘJOOPTUJ OB LUFSâ KTNF
TLVUFŘOŞ QZÝOÓ CZMB ÞŘBTU OBÝFIP ESVäTUWB
WQPLVTVPQżFLPOÈOÓTWŞUPWÏIPSFLPSEVB[ÈQJT
EP(VJOFTTPWZLOJIZSFLPSEƉWEÈMLPWÏQżFQSB
WŞ WPEZ5FOUP QPLVT VTLVUFŘOJM 4%) [ /PWâDI
%WPSƉ W PLSFTF ÇśÈS OBE 4È[BWPV %WB B QƉM
UJTÓDF IBTJŘƉ [ TCPSƉ UżJ B QƉM UJTÓDF IBEJD
QSPQPKFOâDI ŘFSQBEMZ TFEN IPEJO NJNP
żÈEOÏIP OBTB[FOÓ 5P WÝF TF SPWOÈ LN
EMPVIÏNVIBEJDPWÏNVWFEFOÓ[%PMOÓDI-PVŘFL
OB WSDIPM OFKWZÝÝÓ IPSZ ėFTLPNPSBWTLÏ WZTPŘJ
OZ %FWŞU TLBM /PWâ SFLPSE QżFLPOBM UFO TUBSâ
POFVWŞżJUFMOâDILN
7TPCPUVÞOPSBTFLPOBMKJäSPŘOÓLUVSOBKF
WNBSJÈÝJ-FUPTTFTFÝMPISÈŘƉ[FÝJSPLÏIPPLP
MÓ7ÓUŞ[LPVTFTUBMB%BHNBS)FSUMPWÈIPTQPETLÈ
[IPTQƉELZv/BEFTÓUDFiWÇJNSPWJDÓDI
/F[CâWÈOFäOPWÏNVWâCPSVBWÝFNŘMFOƉNSF
BMJ[BŘOÓDIUâNƉQPQżÈUNOPIPÞTQŞDIƉWQSÈDJ
B UÏä BCZ OFQPEMFIMJ ÞOBWŞ B TFCFVTQPLPKFOÓ
%ŞMÈNFUPWÝFKFOQSPUPBCZOBÝFNBMÈWFTOJŘLB
CZMBQżÓKFNOâNNÓTUFNLäJWPUV
5FYUBGPUP#PIVNJM,żÓä
7¦/0Ɖ/±."5&."5*$,­
137/±.±450
7ÈOPŘOÓNBUFNBUJDLÏTPVUŞäFLUFSPVPSHBOJ[VKF
4MF[TLÏHZNOÈ[JVNW0QBWŞTF[ÞŘBTUOJMJ.BSFL
7ÓDIBUż
%BOJFM,PQGB7ÈDMBWėFSOâPCBUż
7ZUWPżJMJ UBL UâN LUFSâ SFQSF[FOUPWBM $ÓSLFWOÓ
[ÈLMBEOÓÝLPMVTW-VENJMZW)SBEDJOBE.PSBWJDÓ
4QPMFŘOŞ J KFEOPUMJWŞ żFÝJMJ TMPäJUÏ NBUFNBUJDLÏ
QżÓLMBEZIÈEBOLZSÏCVTZJMPHJDLÏISZ;ÓTLBMJTUâ
NFN .FOEFMPWB HZNOÈ[JB OFKWZÝÝÓ QPŘFU CPEƉ
B QSPUP NVTFMJ BCTPMWPWBU KFÝUŞ SP[IPEVKÓDÓ NB
UFNBUJDLâ SP[TUżFM WF LUFSÏN TUVEFOUZ HZNOÈ[JB
QPSB[JMJ#MBIPQżFKFNF
#MBIPQżÈOÓTJ[BTMPVäÓUBLÏ-FOLB,PQGPWÈUż
LUFSÈTFWPLSFTOÓNLPMF.BUFNBUJDLÏPMZNQJÈEZ
QSPäÈLZUżÓEVNÓTUJMBOBQSWOÓNNÓTUŞBWPLSFT
OÓNLPMF1ZUIBHPSJÈEZ[ÓTLBMBQŞLOÏNÓTUP+FKÓ
CSBUS %BOJFM ,PQG TF W .BUFNBUJDLÏ PMZNQJÈEŞ
QSPäÈLZUżÓEVNÓTUJMOBNÓTUŞESVIÏN%ŞLVKF
NF[BW[PSOPVÞŘBTU*OH1FUS)SVEB
010)«3.ĝ45")3"%&ė5¶'05#"-*45²%36;¶
1SWOÓÞOPSPWPVTPCPUVTFLPOBMKJäPTNâSPŘOÓLäÈLPWTLÏIPIBMPWÏIPUVSOBKFv0QPIÈS
.ŞTUTLÏIPÞżBEV)SBEFDOBE.PSBWJDÓi7LPOLVSFODJEBMÝÓDIDFMLƉGPUCBMJTUÏOBSP[FOÓ
WSPDF
WZCPKPWBM5+)SBEFDOBE.PSBWJDÓOBTOÓNLV
LSÈTOÏESVIÏNÓTUP
/B UVSOBK CZMP QƉWPEOŞ QżJIMÈÝFOP EFTFU LMVCƉ BMF OFNPD OBLPOFD OFEPWPMJMB UżFN
EPSB[JU,SPNŞEPNÈDÓIP)SBEDFTWÏLWBMJUZQSPLÈ[BMJ4'$0QBWB)MVŘÓO#BOÓL0TUSBWB
#ÓMPWFD3BEVŵB#SVOUÈM7IBMFCZMBTLWŞMÈBUNPTGÏSBLFLUFSÏQżJTQŞMZQPŘFUOÏTLVQJOZ
SPEJŘƉ QPEQPSVKÓDÓDI TWÏ SBUPMFTUJ 0E QSWOÓDI [ÈQBTƉ TF VLB[PWBMP äF WÓUŞ[TUWÓ TJ
PEWF[PVCVśäÈŘDJ[F4'$0QBWBOFCP[ƉTUBOFEPNBOB)SBEDJ/BLPOFDTJPKFEFOHØM
WZCPKPWBMJQSWOÓNÓTUPGPUCBMJTUÏ4'$0QBWBBOBÝJDIMBQDJTLPOŘJMJWTJMOÏLPOLVSFODJOB
LSÈTOÏNESVIÏNNÓTUŞ/FKMFQÝÓNISÈŘFNUVSOBKFCZMWZIMÈÝFOISBEFDLâ+BO,żÓä
/ÈTMFEVKÓDÓTPCPUVCPKPWBMJäÈDJSPŘOÓLV7LPOLVSFODJEFTFUJUâNƉTLPOŘJMJOBQŞLOÏN
QÈUÏNNÓTUŞ5VSOBKFTF[ÞŘBTUOJMBESVäTUWB)SBOJD'VMOFLV'SâELV.ÓTULV#ÓMPWDF#BCP
SPXB4MBWLPWB)OŞWPÝJD4UŞCPżJD.BMâDI)PÝUJD4'$0QBWBB5+)SBEFDOBE.PSBWJDÓ
%ŞLVKJUSFOÏSƉN[BQSÈDJUSFOÏSTLÏOBTB[FOÓBUSQŞMJWPTUTOBÝJNJEŞUNJBMFUBLÏSP
EJŘƉNLUFżÓTWÏNBMÏGPUCBMJTUZQPEQPSVKÓ.ZTMÓNTJäFUZUPEWBUVSOBKFCZMZPSHBOJ
[BŘOŞQFSGFLUOŞQżJQSBWFOÏBTQPLPKFOPTUÓTFOFUBKJMJBOJUSFOÏżJPTUBUOÓDINVäTUFW
.JDIBM.BOEFSMBWFEPVDÓNMÈEFäF5+)SBEFDOBE.PSBWJDÓ
'-03#"-*45­'4$)3"%&$ 7&-,¦$&/"7&'-03#"-610%;¦»5*506.Ǝ45"
.MBEÓ nPSCBMJTUÏ '4$ )SBEFD " OBTUPVQJMJ LF
TWÏNV QSWOÓNV EWPK[ÈQBTV PLSFTOÓIP QżFCPSV
MJHZäÈLƉ[BŘÈULFNÞOPSBW0QBWŞWDFOUSV&MJN
&-*.01"7"'4$)3"%&$"
1SWOÓ [ÈQBT QSPUJ EPNÈDÓN [BŘBM QSP ISBEFDLÏ
EPCżFOFCPƃKJäWÞWPEOÓDINJOVUÈDI[BQSBDPWB
MBEWPKJDF%PNJOJL.PSBWFD"EBN3BUIBOBKF
KJDI HØM QżJOFTM LMJE EP WMBTUOÓDI żBE 5BUP USFGB
SP[KFMBOFWÓEBOPVLBOPOÈEV
47ė01"7"o'4$)3"%&$"
)SÈŘJ SP[SBEPTUOŞOJ [ ÞWPEOÓIP [ÈQBTV OFVESäFMJ
LPODFOUSBDJ B QP ISVCâDI DIZCÈDI W PCSBOŞ QSP
ISÈWBMJOB[BŘÈULV7UÏUPGÈ[J[ÈQBTVCZMP47ė
MFQÝÓN ESVäTUWFN B QżFISÈWBMP ISBEFDLÏ QżFEF
WÝÓNQżÓNPŘBSPTUÓ/BÝUŞTUÓWÝBLW[BMPTVEEPSVLPV
LBQJUÈO "EBN 3BUIBO UâN [BŘBM ISÈU EƉSB[OŞKJ
BWFTQPMVQSÈDJT5PNÈÝFN.PUZŘLPVVULÈOÓPUP
ŘJMJB[BżÓEJMJUBLWÓUŞ[TUWÓ)SBEDF'4$TFUBLEP
TUBMPEPŘFMBTPVUŞäFBPCBISÈŘJWÏWPEÓTUBUJTUJLÈN
TUżFMDƉBLBOBETLÏIPCPEPWÈOÓDFMÏTPVUŞäF
%PNJOJL.PSBWFDB*OH-FOLB.JÝJŘLPWÈ
#30/;130'4$)3"%&$
0LSFTOÓ QżFCPSZ NMÈEFäF CZMZ QSP ISBEFDLÏ
TUPMOÓ UFOJTUZ ÞTQŞÝOÏ -VCB $JOHFMPWÈ B &MJÝLB
4FMWFLPWÈ PCIÈKJMZ WF ŘUZżIżF NMBEÝÓDI B TUBSÝÓDI
äÈLZŵ MPŵTLÏ CSPO[PWÏ NFEBJMF 0CŞ ISÈŘLZ TF
SBEPWBMZUBLÏ[FŘUWSUÏIPNÓTUBWFEWPVISÈDIEWŞ
vCSBNCPSPWÏ NFEBJMFi QżJEBMB WF ŘUZżIżF ;V[BOB
4UPÝLPWÈT)BMGBSPWPV
*OH-FOLB.JÝJŘLPWÈ
'*54QPSUPTQPE[ÈÝUJUPV.ŞTUTLÏIPÞżBEV)SBEFDOBE.PSBWJDÓQPżÈEÈ**SPŘOÓLUVSOBKFWF
nPSCBMVv7&-,06$&/6)3"%$&/"%.03"7*$¶i,POÈTFWTPCPUVEVCOBWFTQPSUPWOÓ
IBMF;ÈLMBEOÓÝLPMZ)SBEFDOBE.PSBWJDÓ)SBKFTFWLBUFHPSJÓDINJOJäÈDJMFUUżÓŘMFOOÈ
ESVäTUWB
BäÈDJMFUQŞUJŘMFOOÈESVäTUWB
4UBSUPWOÏCVEFTUBOPWFOPQPEMFQPŘUV
ÞŘBTUOÓLƉDDB,ŘOBKFEOPIPISÈŘF1żJIMÈÝLZBJOGPSNBDFEPEVCOB'*54QPSUPT
UFMFGPOFNBJMJOGP!JOMJOFTQPSUTD[*OH-FOLB.JÝJŘLPWÈ
'05#"-07²/"%ĝ+&7:)3«-:7&'6-/&,6
/FEŞMF ÞOPSB CZMB QSP OBÝF NMBEÏ GPUCBMJTUZ WFMNJ ÞTQŞÝOÈ ;ÞŘBTUOJMJ TF GPUCBMPWÏIP UVSOBKF
QżÓQSBWFL SPŘOÓL B WF 'VMOFLV /BÝJ ÞäBTOÓ DIMBQDJ CPKPWBMJ IOFE PE [BŘÈULV OBQMOP
BTQPMFŘOâNJTJMBNJTJEPÝMJ
QSPTWÏWZUPVäFOÏNÓTUP
/FKQSWF OBTUPVQJMJ TUBSÝÓ
QSPUJ 'VMOFLV B WZISÈMJ B7FMNJÞTQŞÝOŞTJWFEMJ
JTUâNZ0EFSB5żF
CPWJD ;B IMBTJUÏ
QPEQPSZ SPEJŘƉ LUFżÓ TWÏ
NBMÏGPUCBMJTUZEPQSPWÈ[FKÓ
OB [ÈQBTZ B UVSOBKF TF
QPEBżJMP [BTMPVäFOŞ [ÓTLBU
[MBUP0CESäFMJUBLÏEWŞJO
EJWJEVÈMOÓ DFOZ LEZä OFK
MFQÝÓN ISÈŘFN TF TUBM
5PNÈÝ .BOEFSMB B OFKMFQ
ÝÓNTUżFMDFN-VLÈÝ'BKLVT
.JDIBM.BOEFSMB
WFEPVDÓNMÈEFäF
5+)SBEFDOBE.PSBWJDÓ
'05#"-*45²#3"/0(3061%36;¶
ÀFTUESVäTUFWmSFNBVUPNPCJMPWÏIPQSƉNZTMVTFTFÝMPWUŞMPDWJŘOŞ;ÈLMBEOÓÝLPMZW)SBEDJOBE
.PSBWJDÓBCZ[NŞżJMPTWÏTÓMZWUVSOBKJWIBMPWÏLPQBOÏ4PVUŞäQSPCŞIMBQPEPSHBOJ[BŘOÓN[B
KJÝUŞOÓN#3"/0(3061WTPCPUVÞOPSB1żÓUPNOÓEJWÈDJNF[JLUFSâNJOFDIZCŞMBOJHFOFSÈMOÓ
żFEJUFM#3"/0(30611BWFM+VżÓŘFLTFNŞMJPQSBWEVOBDPEÓWBU
0QPIÈSZBNFEBJMFCPKPWBMBNVäTUWBUŞDIUPPSHBOJ[BDÓ
#3"/0 (3061 )SBEFD OBE .PSBWJDÓ *WFDP $[FDI 3F
QVCMJD7ZTPLÏ.âUP1BOBW4FOJDFOB)BOÏ51$",PMÓO
7JTUFPO"VUPQBM/PWâ+JŘÓO;FUPS5SBLUPST#SOP)SÈMPTF
TZTUÏNFNLBäEâTLBäEâNBUPOBYNJOVU
7âTMFELZ KFEOPUMJWâDI VULÈOÓ #3"/0 *WFDP 1BOBW 51$" ;FUPS 7JTUFPO #3"/0 1BOBW
7JTUFPO 51$" W OPSNÈMOÓ ISBDÓ EPCŞ *WFDP;FUPS#3"/051$";FUPS1BOBW
*WFDP51$"#3"/07JTUFPO1BOBW*WFDP
51$";FUPS7JTUFPO1BOBW#3"/0;FUPS
*WFDP7JTUFPO
,POFŘOÏ QPżBEÓ *WFDP $[FDI 3FQVCMJD #3"/0
(3061 1BOBW 51$" 7JTUFPO o "VUPQBM ;FUPS5SBLUPST /FKMFQÝÓN TUżFMDFN CZM WZIMÈÝFO
.JSPTMBW1PENBKFSTLâ*WFDP
CSBOLÈżFN3BEFL7PLPVO51$"
OFKTUBSÝÓNÞŘBTUOÓLFN1BWFM'JBMB
7JTUFPO"VUPQBM
OFKNMBEÝÓNÞŘBTUOÓLFN+JżÓ,VLVD[LB1BOBW
4PVUŞäÓDJPCESäFMJWŞDOÏEBSZBUâNZ
OBQSWOÓDIUżFDINÓTUFDIUBLÏNFEBJMFBQPIÈSZ5FYUBGPUP.JSPTMBW1PTQÓÝJM
)3"%&$,²/07*/:
7ZEÈWÈ.ŞTUTLâÞżBE)SBEFDOBE.PSBWJDÓ
0QBWTLÈ)SBEFDOBE.PSBWJDÓ
UFMGBY
FNBJMTFLSFUBSJBU!NVISBEFDD[
XXXNVISBEFDD[
&WJEFODFQFSJPEUJTLV.,ė3&
ÀÏGSFEBLUPS+JULB,PUBŘLPWÈ
3FEBLŘOÓSBEB.HS)BOB/PWÈLPWÈ
4POOLPWÈQżFETFELZOŞ
.HS1FUS)BWSMBOU
#D+JżÓ)FJEFS.JDIBM.BOEFSMB
.HS.BSJF/PWÈLPWÈKB[ZLPWÈLPSFLUVSB
B3PTUJTMBWB3BJEPWÈ
5JTL3&5*4(3061TSP
6[ÈWŞSLBUPIPUPŘÓTMBCZMB
"SDIÓW)SBEFDLâDIOPWJOOBKEFUFOB
XXXNVISBEFDD[
1żÓTQŞWLZEPQżÓÝUÓIPŘÓTMBEPEFKUFEP
OB.ŞTUTLâÞżBEW)SBEDJOBE.PSBWJDÓ
+JUDF,PUBŘLPWÏOFCPNBJMFNOBBESFTV
KLPUBDLPWB!NVISBEFDD[

Podobné dokumenty

porgazeen 42

porgazeen 42 UPIPUPǁÎTMBQPELJLPWBUBOBLPOFDTFPCSÃUJUOBTBNPUOÊǁUFOÃǥFmOF[DzTUÃWFKUFǁUFOÃǥJ  TQPMVWZUWÃǥFKUFTJTWDzKØLPMOÎǁBTPQJT QJØUFEPOLJK OFCPPOLJNBMFTQPǞNMVWUF1PUǥF CVKFNFJOUFSBLDJ OFD...

Více

PDF ke stažení - Praha sportovní

PDF ke stažení - Praha sportovní ;MFQÝJU äJWPU  QPIPEV B LPNGPSU PCŘBOƉ W IMBWOÓN NŞTUŞ o UP KF DÓMFN 1SPKFLUV ŘJTUÏ B [FMFOÏ 1SBIZ o 1SP [ESBWÏ NŞTUP 0CZWBUFMƉN NFUSPQPMF KTPV L EJTQP[JDJ JOUFSOFUPWÏ ...

Více

HRADECKÉ NOVINY 3

HRADECKÉ NOVINY 3 OÓQDzJCMJäOǔPTPCKBL[)SBEDFOBE.PSBWJDÓ UBL GPUCBMPWÏIP TPVTUDzFEǔOÓ CVEPV WZCSÈOJ TWâNJ [OBÝFIPQBSUOFSTLÏIP#BCPSØXBÁǏBTUOÓDJLFNQV USFOÏSZ [ ESVäTUFW NMBEÝÓDI äÈLǾ 5+ )SBE...

Více

zde

zde KFUFśUBEZi 5P CZM TJHOÈM L WÈMFŘ OÏNV QPLżJLV ,VQPEJ WV  OBKFEOPV CZM IMBE " Vä LEPTJ WMFLM [BCJUÏ IPTSODF+JOâKÈTBMVżF LZ  OFNPIM BOJ VOÏTU SZCZ  DP KJDI [B DIW...

Více

S Davidem Vodrá1kou o Pra1ské muzejní noci

S Davidem Vodrá1kou o Pra1ské muzejní noci 11th from 12 p. m. to 7 p. m. in front of the main building of the National Museum on Wenceslas´ Square (Václavské náměstí) and on June 12th on the Central transfer point located on Náměstí Jana Pa...

Více

Zpravodaj Mčstského úřadu v Hradci nad Moravici HRADECKÉ

Zpravodaj Mčstského úřadu v Hradci nad Moravici HRADECKÉ [BQPǏBUPQPEPLPOǏFOÓTUBWFCOÓDIQSBDÓOBWâTUBW CǔLBOBMJ[BDF7FNǔTUǔUFEZCZMBWEPCǔWâ[LVNV TUBOEBSEOÓEPQSBWOÓTJUVBDFCF[PNF[FOÓQSPWP[V 7âTMFELZ TUVEJF OBCÓ[Ó UBLÏ TSPWOÈOÓ OBNǔDz...

Více

PLES MÉSTA

PLES MÉSTA .0#*-/±¼ƭ"%07/"7;1Ɖ3 13070;/¶%0#"4#Ɠ3/²)0%703" 0EMFEOBKFLBäEPVQPTMFEOÓTUDzFEVWNǔTÓDJWCVEP Wǔ.ǔTUTLÏIPÞDzBEVW)SBEDJOBE.PSBWJDÓ QDzÓ[FNÓ

Více