Ŷ
*DUDQWLH'
2IIHQVLFKWOLFKH0lQJHOVLQGLQQHUKDOEYRQ7DJHQQDFK(UKDOWGHU:DUHDQ]X]HLJHQDQGHUQIDOOVYHUOLHUWGHU.lXIHUVlPWOLFKH$QVSUFKH
ZHJHQVROFKHU0lQJHO:LUOHLVWHQ*DUDQWLHIUXQVHUH0DVFKLQHQEHLULFKWLJHU%HKDQGOXQJDXIGLH'DXHUGHUJHVHW]OLFKHQ*HZlKU-
OHLVWXQJVIULVWDEhEHUJDEHLQGHU:HLVHGDVVZLUMHGHV0DVFKLQHQWHLOGDVVLQQHUKDOEGLHVHU=HLWQDFKZHLVEDULQ)ROJH0DWHULDORGHU
)HUWLJXQJVIHKOHUXQEUDXFKEDUZHUGHQVROOWHNRVWHQORVHUVHW]HQ)U7HLOHGLHZLUQLFKWVHOEVWKHUVWHOOHQOHLVWHQZLUQXULQVRZHLW*HZlKU
DOVXQV*HZlKUOHLVWXQJVDQVSUFKHJHJHQGLH9RUOLHIHUDQWHQ]XVWHKHQ'LH.RVWHQIUGDV(LQVHW]HQGHUQHXHQ7HLOHWUlJWGHU.lXIHU
:DQGOXQJVXQG0LQGHUXQJVDQVSUFKHXQGVRQVWLJH6FKDGHQVHUVDW]DQVSUFKHVLQGDXVJHVFKORVVHQ
:DUUDQW\*%
$SSDUHQWGHIHFWVPXVWEHQRWL¿HGZLWKLQGD\VIURPWKHUHFHLSWRIWKHJRRGV2WKHUZLVHWKHEX\HUtVULJKWVRIFODLPGXHWRVXFKGHIHFWV
DUHLQYDOLGDWHG:HJXDUDQWHHIRURXUPDFKLQHVLQFDVHRISURSHUWUHDWPHQWIRUWKHWLPHRIWKHVWDWXWRU\ZDUUDQW\SHULRGIURPGHOLYHU\LQ
VXFKDZD\WKDWZHUHSODFHDQ\PDFKLQHSDUWIUHHRIFKDUJHZKLFKSURYDEO\EHFRPHVXQXVDEOHGXHWRIDXOW\PDWHULDORUGHIHFWVRIIDEULFD
-
WLRQZLWKLQVXFKSHULRGRIWLPH:LWKUHVSHFWWRSDUWVQRWPDQXIDFWXUHGE\XVZHRQO\ZDUUDQWLQVRIDUDVZHDUHHQWLWOHGWRZDUUDQW\FODLPV
DJDLQVWWKHXSVWUHDPVXSSOLHUV7KHFRVWVIRUWKHLQVWDOODWLRQRIWKHQHZSDUWVVKDOOEHERUQHE\WKHEX\HU7KHFDQFHOODWLRQRIVDOHRUWKH
UHGXFWLRQRISXUFKDVHSULFHDVZHOODVDQ\RWKHUFODLPVIRUGDPDJHVVKDOOEHH[FOXGHG
*DUDQWLH)5
'HVGpIDXWVYLVLEOHVGRLYHQWrWUHVLJQDOpVDXSOXVWDUGMRXUVDSUqVODUpFHSWLRQGHODPDUFKDQGLVHVDQVTXRLOtDFKHWHXUSHUGWRXWGURLWj
GHVUHGHYDQFHVSRXUGHWHOVGpIDXWV1RXVJDUDQWLVVRQVQRVPDFKLQHVGDQVODPHVXUHRHOOHVVRQWPDQLpHVFRUUHFWHPHQWSRXUODGXUpH
OpJDOHGHJDUDQWLHjFRPSWHUGHODUHPLVHGDQVFHVHQVTXHQRXVUHPSODoRQVJUDWXLWHPHQWWRXWHSLqFHGHODPDFKLQHGHYHQXHLQXWLOLVDEOH
GXUDQWFHWWHSpULRGHSRXUGHVUDLVRQVGtHUUHXUGHPDWpULDXRXGHIDEULFDWLRQ7RXWHVSLqFHVTXHQRXVQHIDEULTXRQVSDVQRXVPrPHVQH
VRQWJDUDQWLHVTXHVLQRXVSRVVpGRQVGHVGURLWVjODJDUDQWLHYLVjYLVGHVIRXUQLVVHXUVUHVSHFWLIV/HVIUDLVSRXUODPLVHHQSODFHGHV
QRXYHOOHVSLqFHVVRQWjODFKDUJHGHOtDFKHWHXU7RXVGURLWVjUpGKLELWLRQHWWRXWHVSUpWHQWLRQVjGLPLQXWLRQVDLQVLTXHWRXVDXWUHVGURLWVj
OtLQGHPQLWpVRQWH[FOXV
*DUDQ]LD,
9L]LHYLGHQWLYDQQRVHJQDODWLHQWURJLRUQLGDOODULFH]LRQHGHOODPHUFHDOWULPHQWLGHFDGRQRWXWWLLGLULWWLGHOOtDFTXLUHQWHLQHUHQWLDYL]LGHO
JHQHUH$SSXUDWRXQLPSLHJRFRUUHWWRGDSDUWHGHOOtDFTXLUHQWHJDUDQWLDPRSHUOHQRVWUHPDFFKLQHSHUWXWWRLOSHULRGROHJDOHGLJDUDQ]LDD
GHFRUUHUHGDOODFRQVHJQDLQPDQLHUDWDOHFKHVRVWLWXLDPRJUDWXLWDPHQWHTXDOVLDVLFRPSRQHQWHFKHHQWURWDOHSHULRGRSUHVHQWLGHLYL]LGL
PDWHULDOHRGLIDEEULFD]LRQHWDOLGDUHQGHUORLQXWLOL]]DELOH3HUFRPSRQHQWLQRQIDEEULFDWLGDQRLJDUDQWLDPRVRORQHOODPLVXUDQHOODTXDOH
QRLVWHVVLSRVVLDPRULYHQGLFDUHGLULWWLDJDUDQ]LDQHLFRQIURQWLGHLQRVWULIRUQLWRUL/HVSHVHSHULOPRQWDJJLRGHLFRPSRQHQWLQXRYLVRQRD
FDULFRGHOOtDFTXLUHQWH6RQRHVFOXVHSUHWHVHGLULVROX]LRQHSHUYL]LGLULGX]LRQHRXOWHULRULSUHWHVHGLULVDUFLPHQWRGDQQL
*DUDQWtD(6
/RVGHIHFWRVHYLGHQWHVGHEHUiQVHUQRWL¿FDGRVGHQWURGHGtDVGHVSXpVGHKDEHUUHFLELGRODPHUFDQFtDGHORFRQWUDULRHOFRPSUDGRU
SLHUGHWRGRVORVGHUHFKRVVREUHWDOHVGHIHFWRV*DUDQWL]DPRVQXHVWUDVPiTXLQDVHQFDVRGHPDQLSXODFLyQFRUUHFWDGXUDQWHHOSOD]RGH
JDUDQWtDOHJDODSDUWLUGHODHQWUHJD6XVWLWXLUHPRVJUDWXLWDPHQWHWRGDSLH]DGHODPiTXLQDTXHGHQWURGHHVWHSOD]RVHWRUQHLQ~WLODFDXVD
GHIDOODVGHPDWHULDORGHIDEULFDFLyQ/DVSLH]DVTXHQRVRQIDEULFDGDVSRUQRVRWURVPLVPRVVHUiQJDUDQWL]DGDVKDVWDHOSXQWRTXH
QRVFRUUHVSRQGDJDUDQWtDGHOVXPLQLVWUDGRUDQWHULRU/RVFRVWHVSRUODFRORFDFLyQGHSLH]DVQXHYDVUHFDHQVREUHHOFRPSUDGRU(VWiQ
H[FOXLGRVGHUHFKRVSRUPRGL¿FDFLRQHVDPLQRUDFLRQHV\RWURVGHUHFKRVGHLQGHPQL]DFLyQSRUGDxRV\SHUMXLFLRV
*DUDQWLD37
3DUDHVWHDSDUHOKRFRQFHGHPRVJDUDQWLDGHPHVHV$JDUDQWLDFREUHH[FOXVLYDPHQWHGHIHLWRVGHPDWpULDORXGHIDEULFDomR3HoDV
DYDULDGDVVmRVXEVWLWXLGDVJUDWXLWDPHQWHFDEHDRFOLHQWHHIHWXDUDVXEVWLWXLomR$VVXPLPRVDJDUDQWLDXQLFDPHQWHGHSHoDVJHQXLQDV
1mRKiGLUHLWRjJDUDQWLDQRFDVRGHSHoDVGHGHVJDVWHGDQRVGHWUDQVSRUWHGDQRVFDXVDGRVSHORPDQHMRLQGHYLGRRXSHODGHVDWHQomR
DVLQVWUXo}HVGHVHUYLoRIDOKDVGDLQVWDODomRHOpWULFDSRULQREVHUYDQoLDGDVQRUPDVUHODWLYDViHOHFWULFLGDGH$OpPGLVVRDJDUDQWLDVy
SRGHUiVHUUHLQYLGLFDGDSDUDDSDUHOKRVTXHQmRWHQKDPVLGRFRQVHUWDGRVSRUOHUFHLURV2FDUWmRGHJDUDQWLDVyYDOHHPFRQH[mRFRP
DIDWXUD
*DUDQWLH1/
=LFKWEDUHJHEUHNHQPRHWHQELQQHQGHGDJHQQDRQWYDQJVWYDQGHJRHGHUHQZRUGHQJHPHOG]RQLHWYHUOLHVWGHYHUNRSHUHONHDDQVSUDDN
RSJURQGYDQGH]HJHEUHNHQ2Q]HPDFKLQHVZRUGHQJHOHYHUGPHWHHQJDUDQWLHYRRUGHGXXUYDQGHZHWWHOLMNHJDUDQWLHWHUPLMQ'H]H
WHUPLMQJDDWLQYDQDIKHWPRPHQWGDWGHNRSHUGHPDFKLQHRQWYDQJW'HJDUDQWLHKRXGWLQGDWZLMHONRQGHUGHHOYDQGHPDFKLQHGDWELQQHQ
GHJDUDQWLHWHUPLMQDDQWRRQEDDURQEUXLNEDDUZRUGWDOVJHYROJYDQPDWHULDDORISURGXFWLHIRXWHQNRVWHORRVYHUYDQJHQ'HJDUDQWLHYHUYDOW
HFKWHUELMYHUNHHUGJHEUXLNRIYHUNHHUGHEHKDQGHOLQJYDQGHPDFKLQH9RRURQGHUGHOHQGLHZLMQLHW]HOISURGXFHUHQJHYHQZLMHQNHOGH
JDUDQWLHGLHZLM]HOINULMJHQYDQGHRRUVSURQNHOLMNHOHYHUDQFLHU'HNRVWHQYRRUGHPRQWDJHYDQQLHXZHRQGHUGHOHQYDOOHQWHQODVWHYDQGH
NRSHU(LVHQWRWKHWDDQEUHQJHQYDQYHUDQGHULQJHQRIKHWWRHVWDDQYDQHHQNRUWLQJHQRYHULJHVFKDGHORRVVWHOOLQJVFODLPV]LMQXLWJHVORWHQ
*DUDQWL12
cSHQEDUHPDQJOHUVNDOPHOGHVLQQHQGDJHUHWWHUDWYDUHQHUPRWWDWWHOOHUVWDSHUNXQGHQVDPWOLJHNUDYSJDVOLNPDQJHO9LJLUJDUDQWLIRU
DWYnUHPDVNLQHUYHGULNWLJEHKDQGOLQJXQGHUGHQUHWWVOLJHJDUDQWLWLGHQVYDULJKHWIUDRYHUOHYHULQJSnGHQPnWHQDWYLHUVWDWWHUNRVWQDGVIULWW
KYHUPDVNLQGHOVRPLQQHQGHQQHWLGHQSnYLVHOLJHUXEUXNEDUVRPI¡OJHDYPDWHULDOHOOHUSURGXNVMRQVIHLO)RUGHOHUVRPYLLNNHSURGXVHUHU
VHOY\WHUYLJDUDQWLNXQLGHQXWVWUHNQLQJVRPJDUDQWLNUDYPRWXQGHUOHYHUDQG¡UWLONRPPHURVV.M¡SHUHQEUHUNRVWQDGHQHYHGPRQWHULQJ
DYQ\HGHOHU(QGULQJVRJYHUGLWDSVNUDYRJ¡YULJHVNDGHHUVWDWQLQJVNUDYHUXWHOXNNHGH
*DUDQWL6(
8SSHQEDUDEULVWHUVNDDQPlODVLQRPGDJDUHIWHUPRWWDJDQGHWLDQQDWIDOOI|UORUDUN|SDUHQVDPWOLJDDQVSUnNSnJUXQGDYGHVVDEULVWHU
9LOlPQDUJDUDQWLI|UYnUDPDVNLQHUYLGULNWLJKDQWHULQJI|UGHQODJHQOLJDJDUDQWLWLGHQIUnQ|YHUWDJDQGHWSnGHWVlWWHWDWWYLNRVWQDGVIULWW
HUVlWWHUYDUMHPDVNLQGHOVRPLQRPGHQQDWLGEOLUREUXNEDUEHYLVOLJHQVRPI|OMGDYPDWHULDOHOOHUWLOOYHUNQLQJVIHO)|UGHODUVRPYLLQWH
VMlOYDWLOOYHUNDUOlPQDUYLHQGDVWJDUDQWLLVnPnWWRVRPYLVMlOYDInUJDUDQWLDYYnUDXQGHUOHYHUDQW|UHU.RVWQDGHUQDI|UPRQWHULQJHQDYGH
Q\DGHODUQDElUN|SDUHQ)|UlQGULQJVRFKYlUGHPLQVNQLQJVDQVSUnNRFK|YULJDVNDGHVWnQGVDQVSUnNlUXWHVOXWQD
*DUDQWL'.
0HGGHQQDPDVNLQI|OMHUHQPnQDGHUVJDUDQWL*DUDQWLQWlFNHUHQGDVWPDWHULDORFKNRQVWUXNWLRQVIHO'HIHNWDGHODUHUVlWWVXWDQ
RPNRVWQLQJDUPHQNXQGHQVWnUI|ULQVWDOODWLRQHQ9nUJDUDQWLWlFNHUHQGDVWRUJLQDOGHODU$QVSUnNSnJDUDQWL|UHOLJJHULQWHI|UJDUDQWLQ
WlFNHUHMWUDQVSRUWVNDGRUVNDGRURUVDNDGHDYIHODNWLJEHKDQGOLQJRFKGnVN|WVHOI|UHVNULIWHULQWHEHDNWDWV9LGDUHNDQJDUDQWLNUDYHQGDVW
VWlOODVI|UPDVNLQHUVRPLQWHKDUUHSDUHUDWVDYWUHGMHSDUW
7DNXX),1
,OPHLVLVWlSXXWWHLVWDWXOHHLOPRLWWDDNDKGHNVDQSlLYlQNXOXHVVDWDYDUDQYDVWDDQRWWDPLVHVWD0XXWRLQRVWDMDHLYRLYDDWLDNRUYDXVWDNR
SXXWWHLVWD$QQDPPHWDNXXQRLNHLQNlVLWHOO\LOOHNRQHLOOHPPHODNLVllWHLVHNVLWDNXXDMDNVLWDYDUDQOXRYXWXNVHVWDDONDHQVLWHQHWWlYDLKGDP-
PHNRUYDXNVHWWDPLQNlWDKDQVDNRQHHQRVDQMRNDRVRLWWDXWXXWlPlQDMDQNXOXHVVDNl\WW|NHOYRWWRPDNVLUDDNDDLQHWDLYDOPLVWXVYLUKHHV-
WlMRKWXHQ2VLOOHMRLWDHPPHYDOPLVWDLWVHDQQDPPHWDNXXQYDLQPLNlOLRVLHQWRLPLWWDMDRQDQWDQXWQLLVWlWDNXXQPHLOOH8XVLHQRVLHQ
DVHQQXVNXVWDQQXNVHWPDNVDDRVWDMD3XUNXMDYlKHQQ\VYDDWLPXNVHWMDPXXWYDKLQJRQNRUYDXVYDDWLPXNVHWHLYlWWXOHN\V\P\NVHHQ
=iUXND6.
=UHMPpYDG\PXVLDE\ĢSUHGVWDYHQpYSULHEHKXGQLSRREGUåDQtWRYDUXLQiþ]iND]QtNVWUDWtYãHWN\QiURN\WêNDM~FHVDWDNHMWRYDG\
3RQ~NDPH]iUXNXQDQDãHDSDUiW\NWRUpV~VSUiYQHSRXåtYDQpSRþDV]iNRQQpKRWHUPtQX]iUXN\WDNåHEH]SODWQHY\PHQtPHNDåG~þDVĢ
DSDUiWXNWRUiVDYSULHEHKXWRKWRþDVXP{åHVWDĢGRNi]DWHĐQHQHIXQNþQRXG{VOHGNRPPDWHULiOQHMþLYêUREQHMYDG\1DþDVWLNWRUpVDPL
QHY\UiEDPHSRVN\WXMHPH]iUXNXLEDYUR]VDKXYNWRURPQiPSUtVOXãtQiURNQD]iUXþQpSOQČQLHNVXEGRGiYDWHĐRYL=DWURY\WêNDM~FHVD
LQãWDOiFLHQRYHMV~þLDVWN\MH]RGSRYHGQê]iND]QtN1iURNQDYêPHQXWRYDUDQD]ĐDYXDLQpQiURN\QDQDKUDGHQLHãNRG\V~Y\O~þHQp
*DUDQFLMD6/2
2þLWQHSRPDQMNOMLYRVWLMHSRWUHEQRQD]QDQLWLGQLSRSUHMHPXEODJDYQDVSURWQHPSULPHUXL]JXELNXSHFYVHSUDYLFHGRJDUDQFLMH]DUDGL
WDNãQLKSRPDQMNOMLYRVWL=DQDãHQDSUDYHGDMHPRJDUDQFLMRRESUDYLOQLXSRUDEL]DþDV]DNRQVNRGRORþHQHJDURNDJDUDQFLMHRGSUHGDMHLQ
VLFHUQDWDNãHQQDþLQGDYVDNGHOQDSUDYHEUH]SODþQRQDGRPHVWLPR]DNDWHUHJDELVHYWHPURNXL]ND]DORGDMH]DUDGLVODEHJDPDWHULDOD
DOLVODEHL]GHODYHQHXSRUDEHQ=DGHOHNLMLKVDPLQHL]GHOXMHPRMDPþLPRVDPRWROLNRNROLNRU]DKWHYDJDUDQFLMDGUXJLKSRGMHWLM6WURãNL]D
YVWDYOMDQMHQRYLKGHORYQRVLNXSHF=DKWHYH]DVSUHPLQMDQMHLQ]PDQMãDQMHWHURVWDOH]DKWHYH]DQDGRPHVWLORãNRGHVRL]NOMXþHQH
=iUXND&=
9LGLWHOQpYDG\MVRXSRXND]DWHOQpEČKHPGQtRGREGUåHQt]ERåtMLQDN]WUiFt]iND]QtNYãHFKQ\QiURN\WêNDMtFtVHWDNRYêFKWRYDG
3RVN\WXMHPH]iUXNXQDQDãHVWURMHVNWHUêPLMHVSUiYQČ]DFKi]HQRQDGREX]iNRQQQp]iUXþQtOKĤW\]DþtQDMtFtRGGRUXþHQtWDNåHEH]SODWQČ
Y\PČQtPHNDåGRXþiVWVWURMHNWHUiVHEČKHPWpWRGRE\PĤåHVWiWSURND]DWHOQČQHSRXåLWHOQRXQiVOHGNHPPDWHULiORYpþLYêUREQtYDG\1DGtO\
NWHUpVDPLQHRSUDYXMHPHSRVN\WXMHPH]iUXNXSRX]HYUR]VDKXYQČPåQiPSĜtVOXãtQiURNQD]iUXþQtSOQČQtYĤþLVXEGRGDYDWHOL1iNODG\QD
LQVWDODFLQRYpKRGtOXQHVH]iND]QtN1iURNQDYêPČQX]ERåtQDVOHYXDMLQpQiURN\QDRGãNRGQČQtMVRXY\ORXþHQp
*DUDQWLL(67
,OPVHOJHWHVWYLJDGHVWWXOHEWHDWDGDSlHYDMRRNVXOSlUDVWNDXEDNlWWHVDDPLVWYDVWDVHOMXKXONDRWDERVWMDN}LN}LJXVHGJDUDQWLLOHQLPHWDWXG
YLJDGHW}WWX®LJHNlVLWVHPLVHNRUUDODQQDPHRPDPDVLQDWHOHJDUDQWLLVHDGXVHJDHWWHQlKWXGDMDNVDODWHVNDXEDOHDQGPLVHVWQLLHWYDKHWDPH
WDVXWDYlOMDN}LNPDVLQDRVDGPLVQLPHWDWXGDMDMRRNVXOSHDNVPXXWXPDNDVXWXVN}OEPDWXNVPDWHUMDOLY}LWRRWPLVYHDW}WWX2VDGHHHVWPLGD
PHLVHHLWRRGDDQQDPHJDUDQWLLYDLGVHOOHVRVDVPLVWDUQLMDRQPHLOHJDUDQWHHULQXG8XWHRVDGHSDLJDOGDPLVHNXOXGNDQQDERVWMD0XXWPLV
MDDPRUWLVDWVLRRQLQ}XGHGQLQJPXXGNDKMXWDVXQ}XGHGYlOLVWDWDNVH
*DUDQFLMD+5
9LGOMLYHãWHWHVHPRUDMXSULMDYLWLXURNXRGGDQDRGSULPLWNDUREH8VXSURWQRPVOXþDMXNXSDFJXELSUDYRQDUHNODPDFLMX0LMDPþLPR]D
QDãHVWURMHYHXVOXþDMXLVSUDYQRJSRVWXSDQMDWLMHNRPSHULRGD]DNRQVNRJMDPVWYDWDNRãWR]DPLMHQMXMHPREHVSODWQRELORNRMLGLRVWURMDNRML
GRND]DQRSRVWDQHQHXSRWUHEOMLYXVOLMHGQHLVSUDYQRJPDWHULMDODLOLJUHãDNDXSURL]YRGQMLXWRPYUHPHQVNRPSHULRGX=DGLMHORYHNRMHPLQLVPR
SURL]YHOLMDPþLPRVDPRXNROLNRLPDPRSUDYRQDUHNODPDFLMXSUHPDGREDYOMDþLPD7URãNRYH]DXJUDGQMXQRYLKGLMHORYDVQRVLNXSDF0ROEH]D
VPDQMHQMHPFLMHQHNDRLVYHGUXJHUHNODPDFLMH]ERJãWHWDVXLVNOMXþHQH
*ZDUDQFMD32/
:V]HONLHXV]NRG]HQLDPXV]ąE\ü]JáDV]DQHZSU]HFLąJXGQLRGGDW\RWU]\PDQLDWRZDUXZSU]HFLZQ\PZ\SDGNXSUDZRGRUHNODPDFML
Z\JDVD*ZDUDQWXMHP\ĪHZF]DVLHWUZDQLDJZDUDQFMLZ\PLHQLP\ZV]HONLHF]ĊĞFLPDV]\Q\NWyUHRNDĪąVLĊQLHVSUDZQHQDVNXWHNZDG
PDWHULDáX]MDNLHJR]RVWDá\Z\NRQDQHOXEEáĊGyZZSURGXNFMLEH]GRGDWNRZ\FKRSáDWSRGZDUXQNLHPĪHPDV]\QDEĊG]LHREVáXJLZDQD]JRGQLH
]]DOHFHQLDPL:RGQLHVLHQLXGRF]ĊĞFLQLHSURGXNRZDQ\FKSU]H]QDVJZDUDQFMDRERZLą]XMHW\ONRZSU]\SDGNXQDV]\FKGRVWDZFyZ.RV]W\
LQVWDODFMLQRZ\FKF]ĊĞFLVąSRQRV]RQHSU]H]NOLHQWD2GV]NRGRZDQLDZ\QLNáH]XV]NRG]HĔPDV]\Q\RUD]UHGXNFMHFHQ\]DNXSXPDV]\Q\Z
UDPDFKUHNODPDFMLQLHEĊGąUR]SDWU\ZDQH
*DUDQWLMD/$7
$FƯPUHG]DPLGHIHNWLLUMƗSD]LƼRGLHQXODLNƗQRSUHFHVVDƼHPãDQDV3UHWƝMƗJDGƯMXPƗSLUFƝMDWLHVƯEDVSLHSUDVƯWDWOƯG]ƯEXSDUãƗGLHP
GHIHNWLHPLUVSƝNƗQHHVRãDV0ƝVGRGDPJDUDQWLMXVDYƗPLHNƗUWƗPMDSLUFƝMVSUHWWƗPDWELOVWRãLL]WXUDVJDUDQWLMDVODLNƗ0ƝVDSƼHPDPLHV
EH]PDNVDVSLHJƗGƗWMHENXUXUH]HUYHVGDƺXNDVLHVSƝMDPVNƺXYXVLQHOLHWRMDPDERMƗWXPDWHULƗOXYDLUDåRãDQDVGHIHNWXGƝƺãDMƗODLNDSHULRGƗ
$WWLHFƯEƗX]UH]HUYHVGDƺƗPNXUDVQDYPnjVXUDåRWDVPƝVJDUDQWƝMDPWLNDLJDGƯMXPƗMDPXPVLUJDUDQWLMDQRVDYLHPSLHJƗGƗWƗMLHP-DXQR
GHWDƺXX]VWƗGƯãDQDVL]PDNVDVLUMƗX]ƼHPDVSLUFƝMDP3LUNXPDDWFHOãDQDYDLSLUNXPDFHQDVVDPD]LQƗãDQDNƗDUƯMHENXUDVFLWDVSUDVƯEDVSDU
ERMƗMXPXDWOƯG]LQƗãDQXQHWLHNL]VNDWƯWDV
*DUDQWLMD/,7
'ơODNLYDL]GåLDLPDWRPǐGHIHNWǐWXULEnjWLLQIRUPXRWDSHUGLHQDVQXRƳUHQJLQLRJDYLPRPRPHQWR.LWXDWYHMXSLUNơMRWHLVơUHLNãWLSUHWHQ]LMą
GơOãLǐGHIHNWǐ\UDQHJDOLRMDQWL6DYRƳUHQJLQLDPVPHVJDUDQWXRMDPHƳVWDW\PRQXVWDW\WąSLOQąDSWDUQDYLPąJDUDQWLQLRODLNRWDUSLRPHWXMHL\UD
ODLNRPDVLJDPLQWRMRYDUWRWRMRVXVLWDULPRLUPHVSDåDGDPHQHPRNDPDLSDNHLVWLEHWNXULDVPDãLQRVGDOLVVXJHGXVLDVGơOEORJRVPHGåLDJRV
DUJDP\NOLQLREURNR0HVQHDWVDNRPHXåGDOLVSDJDPLQWDVQHPnjVǐLUMnjVǐJDXWDVLãNLWRWLHNơMR1DXMǐGDOLǐPRQWDYLPRNDãWDL\UDSLUNơMR
DWVDNRP\Eơ3LUNLPRQXWUDXNLPDVDUSLUNLPRNDLQRVVXPDåLQLPDVNDLSLUEHWNXULRVNLWRVSUHWHQ]LMRVGơOQXRVWROLǐQHEXVSDWHQNLQDPRV
6]DYDWRVViJ+8
$Q\LOYiQYDOyKLEiNDWNLNHOOMHOHQWHQLV]iPtWRWWQDSRQEHOOD]iUXNNO|QEHQDYHYĘHOYHV]WLPLQGHQLJpQ\WD]LO\HQKLEiN.tQiOXQN
JDUDQFLiWDJpSHLQNHWDPHJIHOHOĘNH]HOpVLGĘWDUWDPiQDNKDOOJDWyODJRVJDUDQFLDDV]iOOtWiVLGĘSRQWMiWRO\PyGRQKRJ\FVHUpOMHNLPLQGHQ
HJ\HVUpV]HH]HQLGĘDODWWpV]OHOKHWĘDVRUEDQDQ\DJYDJ\J\iUWiVLOHJ\HQKLiEDYDOyLQJ\HQ$]DONDWUpV]HNHWKRJ\QHPWHUPHOPDJXQNDW
KRJ\FVDNRO\DQJDUDQFLiWKLV]HQMRJRVXOWDNMyWiOOiVLLJpQ\HNEHV]iOOtWyNNDOV]HPEHQ$N|OWVpJHNEHLOOHV]WpVHD]~MUpV]HNDYHYĘQHN
ÈWDODNtWiVDpVFV|NNHQWpVHN|YHWHOpVHNpVHJ\pENiUWpUtWpVLLJpQ\HNNLYDQQDN]iUYD
VFKHSSDFK)DEULNDWLRQYRQ+RO]EHDUEHLWXQJVPDVFKLQHQ*PE+_*Q]EXUJHU6WU_
',FKHQKDXVHQ_ZZZVFKHSSDFKFRP_6HUYLFH+RWOLQH