)XQNFHGYRXSRVREČQiVOHGXMtFtFKUHFHSWĤ
9iãSĜtVWURMXPRåĖXMHSĜLSUDYLWUHFHSW\QDNiYXQHERHVSUHVRSURQiVOHGXMtFtW\S\HVSUHVRHVSUHVRFRUVRNiYD8SĜtSUDY\
OXQJDQHQtWDWR IXQNFHNGLVSR]LFL3ĜtVWURMSURYHGH DXWRPDWLFN\NRPSOHWQtF\NO\ SĜtSUDY\NiY\MHGHQ SR GUXKpP3URWR SR
XNRQþHQtSUYQtKRF\NOXLQVWDOXMWHSRGNiYRYRXWU\VNXGUXKêãiOHN
3URYHGOLMVWHSĜtSUDYXSĜtVWURMH=REUD]LODVHQDEtGNDSURYêEČUQiSRMĤ<![>i
'HMWHSRGNiYRYRXWU\VNXãiOHN.iYRYRXWU\VNXPXVtWHVQtåLWQHER]YêãLWSRGOHYHOLNRVWLYDãHKRãiONX<!g>i!
9\EHUWHVLYiãQiSRMDSRWYUćWHGYRMLWêPU\FKOêPVWLVNHPSRWYU]RYDFtKRWODþtWND
+OiãHQtYiPXNiåHåHMVWHQDYROLOLGYČNiY\
3ĜtVWURMDXWRPDWLFN\SURYHGHNRPSOHWQtF\NO\SĜtSUDY\NiY\
3ěË35$9$6+25.2892'28
,QVWDOXMWHQDSĜtVWURMSDUQtWU\VNX9QDEtGFHSURYêEČUQiSRMĤ]YROWHUHFHSWVKRUNRXYRGRX+OiãHQtYiVY\]YHDE\VWHSRGSDUQt
WU\VNXXPtVWLOLQiGREX6WLVNHPSRWYU]RYDFtKRWODþtWNDPĤåHWH]DþtWVRKĜHYHPKRUNpYRG\
.SĜHUXãHQtIXQNFHRKĜHYXKRUNpYRG\VWDþtVWLVNQRXWQČNWHUp]WODþtWHN
3RNXGMHWU\VND]DFSDQiXYROQČWHMLSRPRFtSĜLORåHQpMHKO\
0D[LPiOQtPQRåVWYtKRUNpYRG\QDF\NOXVMHPO
3ěË35$9$&$338&&,1$
'RSRUXþXMHPH SRXåtYDWSDVWHUL]RYDQpQHERQHGiYQR RWHYĜHQp8+7 POpNR1HRãHWĜHQpPOpNRQHXPRåĖXMHGRViKQRXW
RSWLPiOQtFKYêVOHGNĤ
3ĜtSUDYDDLQVWDODFHQiGRE\QDPOpNRQDSĜtVWURML
1iGREDQDPOpNRVHVNOiGi]XPČORKPRWQpQiGRE\YtNDREVDKXMtFtKRYORåNXDRKHEQpKDGLþN\NWHUiMLVSRMXMHVNiYRYRX
WU\VNRXQDVWURML3ĜHGSUYQtPSRXåLWtPYãHFKQ\VRXþiVWLSHþOLYČY\þLVWČWH
1DOLMWHPOpNRGRQiGRE\PLQLPiOQČPO<!@>i!s(X 8(!,ë[#!&2!&ê0#=+!2!9ë-&û9!8.2[(9!T2ü-#+=+X8(!<!h>=YHGQČWHEORNRYDFt
<ê[+;<^?>i,QVWDOXMWHQiGREXQDPOpNRQDVWURMWDNåHMLSĜLSRMtWHNHNiYRYpWU\VFH;<^!>;!<#8'!/[.#<8(!=.#[#,2*ë!<ê[+!<^^>9ORåWH
RKHEQRXWUXENXGRRWYRUXYORåN\XUþHQpKR]DWtPWR~þHOHP<^C>GUXKêNRQHFSDNYORåWHSRGPDJQHWLFNRXNiYRYRXWU\VNX<^A>O!
=NRQWUROXMWH]GDMHWODþtWNRYtNDV\VWpPXYSROR]HOPUUSOOGFH;<^B>i
3ĜtSUDYDFDSSXFFLQD
=DWtPFR GLVSOHM ]REUD]XMH QDEtGNX SUR YROEX QiSRMĤ NUiWFH VWLVNQČWH VHF WODþtWNR FDSSXFFLQR <^[>i! :<+/8 ë! /(! 6ê T(!
SĜHGHKĜHYXSRWpWYRUEDPOpþQpSČQ\DQDNRQHFY\WpNiQtHVSUHVD9iãQiSRMMHSĜLSUDYHQ;<^g>i
F\NOXVPĤåHWHSĜHUXãLWVWLVNHP2.
SR]RUN]DVWDYHQtF\NOXQHGRMGHRNDPåLWČ
1DGLVSOHMLVHREMHYtKOiãHQtVRXYLVHMtFtVþLãWČQtPV\VWpPX'RSRUXþXMHPHYiPSURYiGČWMHSRGOHRGVWDYFĤ(&4(1ñ%.36)à;
6<67e08&$338&&,12DQHER58ý1ËÒ'5ä%$6<67e08&$338&&,12
3+$)+7#3à;%+((6%%'34
6WURMXPRåĖXMHQDVWDYLWPQRåVWYtPOpNDDNiY\GOHYDãHKRSĜiQtSURSĜtSUDYXRVRFDSSXFFLQDSĜHVQČSRGOHYDãLFKSUHIHUHQFt
7RWRQDVWDYHQtVHSURYiGtSĜHVQDEtGNX3PVDPYEFä;%PUUSOOGFHi
=DWtPFRGLVSOHM]REUD]XMHQDEtGNXSURYROEXQiSRMĤGORX]H!VHFVWLVNQČWHWODþtWNROPUUSOOGFHO
!i 3URGtOHQVNpQDVWDYHQt]YROWH6WDQGDUGQČ
^i! "-#!#/#=&ë!&2/82,(&ë!T,#.8(!1RYê%XGRXSUREtKDWMHGQRWOLYpHWDS\YWRPWRSRĜDGt
Pi! 3ĜHGHKĜHYVWURMH
li! )i]HY\WYRĜHQtSČQ\QDPOpFHSRGRVDåHQtåiGRXFtKRREMHPXPOpNDVWLVNQČWH40O
Oi! )i]HSĜtSUDY\NiY\SRGRVDåHQtåiGRXFtKRREMHPXNiY\VWLVNQČWH40O
3ĜtVWURMYiVXSR]RUQtåHE\O\XORåHQ\QRYpREMHP\SURSĜtãWtSĜtSUDY\FDSSXFFLQD
32=25.=$67$9(1Ë9é52%<3ċ1<1$0/e&(1('2-'(2.$0ä,7ċ
Ò'5ä%$9$â(+23ěË6752-(
3R]RU$E\VWHVSOQLOL]iUXþQtSRGPtQN\MHQXWQpSURYiGČWþLãWČQtDRGVWUDĖRYiQtYRGQtKRNDPHQHNG\åYiVNWRPX
SĜtVWURMY\]YH6OHGXMWHSR]RUQČSRN\Q\XYHGHQpQDGLVSOHML3ĜtVWURMPĤåHWHQDGiOHSRXåtYDWDOHGRSRUXþXMHPHSURYpVW
#< (-2*(!*#!&(X-D*>.(X$O
9\SUD]GĖRYiQt]iVREQtNXNiYRYpVHGOLQ\]iVXYN\QDNiYXDRGNDSiYDFtPĜtåN\
1HMGĜtYHGHPRQWXMWHV\VWpPFDSSXFFLQR<^@>i
2EMHYtOLVHKOiãHQtY\MPČWHY\SUi]GQČWHDY\þLVWČWHRGNDSiYDFtPĜtåNX;<^h>i
9\MPČWHY\SUi]GQČWHDY\þLVWČWH]iVREQtNNiYRYpVHGOLQ\<C?>i
9\WiKQČWH]iVXYNXQDNiYX;<C!>i
2GNDSiYDFtPĜtåNDMHY\EDYHQDSORYiN\NWHUpYiVQHXVWiOHXSR]RUĖXMtNG\MHSRWĜHED]QtY\OtWYRGX<C^>i
-DNPLOHY\MPHWH]iVREQtNQDNiYRYRXVHGOLQXPXVtWHMHMY\SUi]GQLW~SOQČDE\QHGRãORNQiVOHGQpPXSĜHSOQČQt
1HQtOL]iVREQtNQDNiYRYRXVHGOLQXĜiGQČ]DFYDNQXWêQHERVSUiYQČLQVWDORYDQêQDGLVSOHML]ĤVWDQHYDURYQpKOiãHQt
'RNXGVH]REUD]XMHYDURYQpKOiãHQtSĜtSUDYDHVSUHVDQHERNiY\QHQtPRåQi=iVREQtNQDNiYRYRXVHGOLQXPiNDSDFLWX
p![ê,O
3URSOiFKQXWtRNUXKĤYL]VWUDQD
(LHUMáOJFSDä;V_VD]WS;OPU USOOGFH
3RYêUREČFDSSXFFLQYiPVWURMXPRåĖXMHSURSOiFKQRXWV\VWpP3URSOiFKQXWtMHPRåQpLWHKG\]ĤVWiYiOLYQiGREČQDPOpNR
MHãWČ]E\WHNPOpND-HYHOPLGĤOHåLWpSURYiGČWWRWRSURSOiFKQXWtSRNDåGpPY\UREHQpPFDSSXFFLQX
Sê 0#=2!&2!9.'[#!9+/ë!=û8!#/2T(&ê!82[;!X2[!X(!<#</ê&#!,!#0/82,*$!3ěË35$9$&$338&&,1$!
2WRþWHWODþtWNHPQDYtNXV\VWpPXFDSSXFFLQRGRSRORK\%1#+3;<CC>i
=DWtPFRGLVSOHM]REUD]XMHQDEtGNXSURYêEČUQiSRMĤVWLVNQČWHQDVWURMLWODþtWNR%1#+3;<CA>.HVSXãWČQtSURSODFKRYDFtKRF\NOX
VHVWDþtĜtGLWSRN\Q\QDGLVSOHML3RVNRQþHQtF\NOXYUDĢWHWODþtWNRV\VWpPXFDSSXFFLQRGRSRORK\%+((6%% '34QHåVSXVWtWH
&#,û!-(*(<8O
'ģ/(ä,7e
'RSRUXþXMHVHSURYiGČWWRWRSURSOiFKQXWtMHãWČSĜHGWtPQHåGiWHQiGREXQDPOpNRREVDKXMHOLMHãWČPOpNRGROHGQLþN\
SRYêUREČSRVOHGQtKRFDSSXFFLQD3RNDåGpPSURSOiFKQXWtVHGRSRUXþXMHY\þLVWLWMHGQRWOLYpVRXþiVWLV\VWpPXSRGWHNRXFt
,#0#+!YL]RGVWDYHF5XþQt~GUåEDQiGRE\QDPOpNR
ýLVWLFtSURJUDPNiYRYpKRRNUXKXFHONRYiGREDSĜLEOLåQČPLQXW
ýLVWLFtSURJUDPPXVtWHSURYiGČWSĜLEOLåQČSRNDåGêFKSĜtSUDYiFKHVSUHVDQHERNiY\
-HOLQXWQpSĜLVWRXSLWNþLãWČQtSĜtVWURMYiVQDWRXSR]RUQtSHULRGLFNêP]REUD]RYiQtPKOiãHQt
.SURYHGHQtþLVWLFtKRSURJUDPXEXGHWHSRWĜHERYDWQiGREXNWHUiMHVFKRSQDSRMPRXWQHMPpQČODþLVWLFtSDVWLONX.5836
Mq:!bQQQNO
2GSRMtWHOL SĜtVWURMEČKHP þLãWČQt]H VtWČ QHER Y SĜtSDGČYêSDGNXHOHNWULFNpKR SURXGX EXGHþLVWLFt SURJUDPSRNUDþRYDW
HWDSRXNWHUiE\ODSĜHUXãHQDY\SQXWtPSURXGX7XWRRSHUDFLQHEXGHPRåQpRGORåLWQDSR]GČML
ýLãWČQt MH QH]E\WQp NYĤOL SURSOiFKQXWt YRGQtKR RNUXKX 9 WRP SĜtSDGČ MH PRåQp åH EXGHWH PXVHW SRXåtW QRYRX þLVWLFt
SDVWLONXýLVWLFtSURJUDPSURYiGČMWHĜiGQČFHOêDE\VWH]DPH]LOLMDNpPXNROLUL]LNXLQWR[LNDFH
ýLVWLFtF\NOXVMHSĜHUXãRYDQêSURFHVQHGiYHMWHEČKHPF\NOXUXFHSRGNiYRYpWU\VN\
2EMHYtOLVHKOiãHQtÄ3URYHćWHþLãWČQt³PĤåHWHVSXVWLWDXWRPDWLFNêþLVWLFtSURJUDPVWLVNQXWtPWODþtWND(&4-i
ěLćWHVHSRN\Q\]REUD]HQêPLQDGLVSOHML
3URJUDPDXWRPDWLFNpKRþLãWČQtVHGČOtQDþiVWL þLVWLFtF\NOXVMDNRWDNRYêSRWp SURSODFKRYDFtF\NO\7HQWRSURJUDPWUYi
SĜLEOLåQČPLQXWýLãWČQtO]HSURYpVWNG\NROLVWLVNQXWtP(&4-;![8(-'!T#=-2Të!&2= ë0[D;!<#8'!,#.=#+!Ò'5ä%<Ź2.Źý,â7ċ1Ë
0ñ7:i
3RXåtYHMWHSRX]HþLVWLFtSDVWLON\.5836;6=HãNRGY]QLNOêFKSRXåtYiQtPSDVWLOHNMLQêFK]QDþHNQHO]HY\YRGLWåiGQRX
RGSRYČGQRVW
ýLVWLFtSDVWLON\PĤåHWHREMHGQDWXSRSURGHMQtKRVHUYLVX.5836
157
CS
!B[