PDU]HF
QU 9,,, URN &(1$ ] ,661
ZZZ NXMDZ\ PHGLD SO
0 , ( 6 , ĉ & = 1 , . , 1 ) 2 5 0 $ & < - 1 2 3 8 % / , & < 6 7 < & = 1 <
0,$67$ $OHNVDQGUÏZ .XMDZVNL &LHFKRFLQHN 1LHV]DZD *0,1< $OHNVDQGUÏZ .XM % GNRZR .RQHFN 5DFL HN :DJDQLHF =DNU]HZR
6 G XQLHZD QLD Z\ERU\ 6 G 2NUÆJRZ\ ZH : R F DZNX SR WUZDM F\P RG OL VWRSDGD XE URNX SURFHVLH XQLHZD QL PDUFD Z\ ERU\ VDPRU] GRZH Z 5D FL NX QD ZÏMWD WHM JPLQ\ : X]DVDGQLHQLX Z\WNQ SU]HZRGQLF] F\P SLÆFLX NRPLVML Z\ERUF]\FK UD FH XFK\ELHQLD
: DG\V DZD 6R W\V ] $OHN VDQGURZD .XMDZVNLHJR VNRÍ F]\ D ODW
UHNODPD
&]\WDM VWU
]J RV]RQD SU]H] .RPLWHW :\ERUF]\ 5R]ZÏM L 7UDG\ FMD RUD] -DQXV] &HJOHZVNL NWÏU\ VWDUWRZD ] Z DVQHJR NRPLWHWX 8SUDZQLRQ\FK GR J RVRZDQLD E\ R RVÏE NDUW GR J RVRZDQLD Z\GDQR 1LHZD Q\FK NDUW E\ R :LHV DZD 6 DZLÍVND ]H EUD D ZHG XJ Z\OLF]HÍ SLÆ : 5DFL X Z XELHJ R FLX NRPLVML Z\ERUF]\FK URF]Q\FK Z\ERUDFK VDPR J RVÏZ -DQXV] &H U] GRZ\FK QD ZÏMWD VWDUWR JOHZVNL 'HF\]M 3DÍ ZD R GZÏFK NDQG\GDWÏZ VWZRZHM .RPLVML :\ERU GRW\FKF]DVRZD ZÏMW :LH F]HM ZÏMWHP QD QDVWÆSQ V DZD 6 RZLÍVND NLHUXM NDGHQFMÆ ]RVWD D :LHV DZD FD JPLQ GZLH NDGHQFMH 6 RZLÍVND
.RPLWHW -DQXV]D &H JOHZVNLHJR GRSDWU]\ VLÆ SRGF]DV Z\ERUÏZ ZLHOX QLHSUDZLG RZRyFL P LQ ]DJLQÆ R VWR NDUW NWÏUH E\ \ SU]HND]DQH NRPLVMRP Z\ERUF]\P Z J RVRZD QLX EUD \ XG]LD RVRE\ QLH XSUDZQLRQH PLHV]NDM FH Z V VLHGQLFK JPLQDFK 1LH PLD \ RQH SUDZD EUDÂ XG]LD X Z Z\ERUDFK QD ZÏMWD ER WR PRJ URELÂ W\ONR Z\ERUF\ ] GDQHM JPL Q\ 3RGHMU]HZDQR R E ÆG\ Z SRGOLF]DQLX J RVÏZ =JRGQLH ] SURFHGXUDPL NRPLWHW &HJOHZVNLHJR ] R
\ OLVWRSDGD XE URNX SURWHVW Z\ERUF]\ GR 6 GX 2NUÆJRZHJR ZH : RF DZ NX GRPDJDM F VLÆ XQLHZD QLHQLD Z\ERUÏZ 6 G Z\ M WNRZR VNUXSXODWQLH ]DM VLÆ W VSUDZ EDGD QLHPDO ND G NDUWÆ GR J RVRZDQLD SU]HQDOL]RZD ZV]\VWNLH OL VW\ Z\ERUFÏZ XSUDZQLR Q\FK GR J RVRZDQLD 3U]HV XFKDQL ]RVWDOL SU]H ZRGQLF] F\ ZV]\VWNLFK NR PLVML REZRGRZ\FK NWÏU]\ E\OL VWURQDPL SRVWÆSRZD QLD RUD] LQQ\FK yZLDGNÏZ P LQ W\FK NWÏU]\ J RVRZDOL FKRÂ QLH E\OL XSUDZQLHQL
QD ZÏMWD 7DNLFK RVÏE V G QDOLF]\ 1LHNWÏU]\ ]R VWDOL GRSLVDQL GR OLVW\ Z\ ERUFÏZ NWÏUD ]RVWD D VSR U] G]RQD QD VWDQ ] GQLD SD|G]LHUQLND FKRÂ ZQLRVNL ] R \OL Z SLHUZV]\FK GQLDFK OLVWRSDGD 6 G SRWZLHUG]L Z\QLHVLHQLH VWX NDUW NWÏUH MHGQDN Z]LÆ \ G]LD Z J R VRZDQLX 6NDOD VWZLHUG]R Q\FK QLHSUDZLG RZRyFL MDN V G VWZLHUG]L RND]D D VLÆ E\ D RJURPQD '2.2&=(1,( 675 6WDQLV DZ %LD RZ V
, *$=(7$ $/(.6$1'52:6.$ , ZZZ NXMDZ\ PHGLD SO
:\GDU]HQLD
QU PDU]HF
'\ XU\ UDGQ\FK
.$/(1'$=5 ,035(= : $/(.6$1'52:,( .8-
=DSUDV]DP\ QD VSR WNDQLD ] UDGQ\PL 5DG\ 0LHMVNLHM $OHNVDQGURZD .XMDZVNLHJR 8U] G 0LD VWD , SLÆWUR SRNÏM QU '\ XU\ SH QL 3U]HZRGQLF] F\ 50 %RJ GDQ :\SLM yURGD :LFHSU]HZRGQLF] FD 50 8UV]XOD 3DSURFND ZWRUHN 3U]HZRGQLF] F\ .RPLVML 5HZL]\MQHM %RJXV DZ *RO OXV SL WHN 3U]HZRGQLF] FD L ZLFH SU]HZRGQLF] FD .RPLVML %X G HWRZR )LQDQVRZHM L 5R] ZRMX *RVSRGDUF]HJR $QQD .XJODU] L (O ELHWD *DSLÍ VND 6]XOF SLHUZV]\ F]ZDU WHN PLHVL FD
= :\G]LD X 3URPRFML 8U]ÆGX 0LHMVNLHJR Z $OHNVDQGURZLH .XMDZVNLP RWU]\PDOLyP\ NDOHQGDU]\N ] SODQRZDQ\PL Z QDMEOL V]\P F]DVLH LPSUH]DPL NXOWXUDOQ\PL L VSRWNDÍ ] FLHNDZ\PL OXG|PL = ]DGRZROHQLHP SU]\MÆOLyP\ WÆ LQLFMD W\ZÆ -HVWHyP\ SU]HNRQDQL H V]\EV]H SRLQIRUPRZDQLH R ]DPLHU]HQLDFK Z \FLX NXOWXUDOQ\P L VSR HF]Q\P SR]ZROL QD ZLÆN V]\ Z QLFK XG]LD QLH W\ONR PLHV]NDÍFÏZ $OHNVDQGURZD .XM 2G WHJR MDN DNWXDOQ\ L SH Q\ EÆG]LH WHQ NDOHQGDU] ]DOH \ MHGQDN SU]HGH ZV]\VWNLP RG RUJDQL]DWRUÏZ NWÏU]\ QDGHyO WH LQIRU PDFMH GR :\G]LD X 3URPRFML 80
NZLHWQLD :LHONDQRFQH VSRWNDQLD ] SDVM 3U]\MHG]LH GR 0&. R JRG] 3DZH 6WDVLDN OLGHU ]HVSR X d3D SD'r NZLHWQLD kZLDWRZ\ ']LHÍ 3D PLÆFL 2ILDU .DW\QLD t Z\VWDZD PDWHULD ÏZ ELEOLRWHF]Q\FK NZLHWQLD ']LHÍ 3DPLÆFL 2ILDU =EURGQL .DW\ÍVNLHM ] R HQLH NZLDWÏZ ]DSDOHQLH ]QLF]\ NZLHWQLD :\VWDZD NR D IRWRJUD ILF]QHJR NZLHWQLD .RQFHUW ZLRVHQQ\ &KÏU /XWQLD 1RZD L $OHNVDQGHU .DPHGXOVNL NZLHWQLD URF]QLFD KLWOHURZ VNLHM GHSRUWDFML RVWDWQLFK DOHNVDQGURZ VNLFK \GÏZ ] R HQLH NZLDWÏZ ]DSDO QLH ]QLF]\
NZLHWQLD JRG] ;,; )HVWL ZDO 3LRVHQNL +DUFHUVNLHM NZLHWQLD t PDMD kZLÆW\ -DQ 3DZH ,,r Z\VWDZD ] RND]ML 5RNX kZLÆ WHJR -DQD 3DZ D ,, NZLHWQLD JRG] 6SRWNDQLH ] SRGUÏ QLNLHP 5RPDQHP 3DQNLHZL F]HP
3U]HZRGQLF] F\ .RPLVML 7HFKQLF]QR ,QZHVW\F\MQHM *HRGH]ML %XGRZQLFWZD L 5ROQLFWZD $GDP /HZDQ GRZVNL SLHUZV]\ SRQLH G]LD HN PLHVL FD 3U]HZRGQLF] F\ .RPLVML 2yZLDW\ *U]HJRU] 6]HO JRZVNL SLHUZV]\ ZWRUHN PLHVL FD 3U]HZRGQLF] FD .RPLVML .XOWXU\ 6SRUWX L 5HNUHDFML (PLOLD *D VND SLHUZ V]\ SRQLHG]LD HN PLHVL FD :V]HONLH ]PLDQ\ GRW\ F] FH SH QLRQ\FK G\ XUÏZ ]DPLHV]F]DQH EÆG QD VWURQDFK %,3 8U]ÆGX 0LHM VNLHJR Z $OHNVDQGURZLH .XMDZVNLP
%DGDQLD SLHUVL /8; 0(' 'LDJQRVW\ND ]D SUDV]D SDQLH Z GZÏFK JUX SDFK ZLHNRZ\FK QD EH]S DWQH EDGDQLD PDPPRJUDILF]QH Z PDPPREXVLH $OHNVDQGUÏZ .XMDZVNL t t NZLHWQLD SU]\ 8U]ÆG]LH 0LHMVNLP XO 6 RZDFNLHJR .RQHFN t NZLHWQLD SU]\ *PLQQ\P 2yURGNX .XOWXU\ .RQHFN &LHFKRFLQHN t NZLHWQLD SU]\ 6]NROH 3RG VWDZRZHM QU XO .RSHUQLND :DJDQLHF t NZLHW QLD SU]\ 8U]ÆG]LH *PLQ\ XO 'ZRUFRZD %H]S DWQD PDPPRJUDILD GOD SDÍ Z ZLHNX t ODW 3URVLP\ R ZF]HyQLHMV] UHMH VWUDFMÆ SRG QU WHO &DOO &HQWHU F]\QQH MHVW GQL Z W\JRGQLX
UHNODPD
t OHFLH d+XEDODr SRG SDWURQDWHP VWDURVW\ : PDUFX SR UD] GUXJL GR V] R GR VSRWNDQLD QDXF]\FLHOL d+XEDODr ]H VWDURVW 'DULXV]HP :RFKQ NWÏU\ SRWZLHUG]L FKÆÂ REMÆFLD SDWURQDWHP REFKRGÏZ OHFLD V]NR \ 3DWURQDW PD PLHÂ QLH W\ONR FKDUDNWHU KR QRURZ\ DOH R]QDF]D ZVSDUFLH ILQDQVRZH 6WDURVWD ]DSHZQL
H UHPRQW\ SUDFRZQL JDVWURQR PLF]Q\FK L WHUPRPRGHUQL]DFMD V]NR \ SRZLQQ\ E\ ]DNRÍF]RQH ] NRÍFHP URNX 3U]\F]\QL VLÆ WR QLH W\ONR GR SRSUDZ\ ZL]HUXQNX QDMVWDUV]HM V]NR \ Z SRZLHFLH DOH ZS \QLH QD MDNRy NV]WD FH QLD 7 5
.XSLÆ S \W\ EHWRQRZH GURJRZH 7HO
QU PDU]HF
, *$=(7$ $/(.6$1'52:6.$ ,
$NWXDOQRyFL
ZZZ NXMDZ\ PHGLD SO
PDUFD URNX =DÂPLHQLH V RÍFD ZLG]LDQH ] 0LHMVNLHJR &HQWUXP .XOWXU\ Z $OHNVDQGURZLH .XM =GMÆFLD $UNDGLXV] 6]W\JLHO
6 G XQLHZD QLD Z\ERU\ '2.2&=(1,( =( 675 PDUFD 6 G 2NUÆJRZ\ ZH : RF DZNX X]QD SUR WHVW Z\ERUF]\ L XQLHZD QL Z\ERU\ QD ZÏMWD JPLQ\ 5D FL HN FR R]QDF]D H PXV] E\Â UR]SLVDQH QRZH Z\ERU\ 2G WHJR SRVWDQRZLHQLD VWURQRP SRVWÆSRZDQLD V GRZHJR D E\OL QLPL SU]H ZRGQLF] F\ NRPLVML REZR
GRZ\FK RUD] ..: -DQXV] &HJOHZVNL V X \ RGZR DQLH GR V GX DSHODF\MQHJR 3ÏNL FR F]HNDM QD SLVHPQH X]D VDGQLHQLH Z\URNX = QLHRILFMDOQ\FK |UÏGH ZLHP\ H EÆG]LH RGZR D QLH ZLÆF VSUDZD WUDIL SR QRZQLH SRG REUDG\ V GX 1D RVWDWHF]QH UR]VWU]\JQLÆ FLH WU]HED EÆG]LH ]DWHP SR
3RPDOXM VDORQ Z 0&.
F]HNDÂ NLOND PLHVLÆF\ 1LH Z\NOXF]RQH H SR XSUD ZRPRFQLHQLX VLÆ Z\URNX VSUDZ ]DMPLH VLÆ SURNXUD WXUD 1D RGSRZLHG| F]HND FKRÂE\ S\WDQLH MDN GRV] R GR ]DJLQLÆFLD NDUW FR VLÆ ] QLPL GDOHM G]LD R NWR ]D WR RGSRZLDGD "
6WDQLV DZ %LD RZ V
0LHMVNLH &HQWUXP .XOWXU\ RWU]\PD R SU]HG yZLÆWDPL NLONDG]LHVL W OLWUÏZ IDUE\ RG ILUP\ $67(; 38&=<6&< 7<1., ./(-( )$5%< ] 2W R F]\QD 6HUGHF]QH G]LÆNXMÆ SD QRP 0DUFLQRZL L 0LFKD RZL 3XF]\ÍVNLP Z DyFLFLHORP ]D ZVSDUFLH G]LD DOQRyFL 0LHMVNLHJR &HQWUXP .XOWXU\ Z $OHNVDQGURZLH .XMDZVNLP t PÏZL $UNDGLXV] *UDODN G\UHNWRU 0&. 2ILDURZDQH PDWHULD \ ]RVWDQ Z\NRU]\ VWDQH GR SRSUDZLHQLD HVWH W\NL QLH]Z\NOH LQWHQV\ZQLH HNVSORDWRZDQHJR VDORQX WD QHF]QR NLQRZHJR QD SDUWH U]H 0&. 7D SRPRF QDGHV] D ZH Z DyFLZHM FKZLOL L ]D QL EDUG]R VHUGHF]QLH G]LÆNXMÆ
:\JUDQ\ NRQNXUV
8F]QLRZLH ] % GNRZD ZLHG]LHOL QDMZLÆFHM R SDWURQLH KDUFHU]\ :HURQLND :LÆFNRZVND ] 3XEOLF]QHJR *LPQD]MXP Z % GNRZLH ]Z\FLÆ \ D Z :RMHZÏG]NLP .RQNXUVLH ,Q WHUG\VF\SOLQDUQ\P R :LHONLFK 3RODNDFK ] VHULL d5HJLRQDOQ\FK ROLPSLDG :LHG]\ R :LHONLFK 3RODNDFKr 7HJRURF]QD HG\FMD SRyZLÆFRQD E\ D SRVWDFL % RJRV DZLRQHJR 6WHIDQD :LQ FHQWHJR )UHOLFKRZVNLHJR 3RVWDÂ E NV 6WHIDQD :LQFHQWHJR )UHOLFKRZVNLHJR PLHV]NDÍFD QDV]HJR UHJLRQX SDWURQD KDUFHU]\ VNXSLD ZD QH Z\GDU]HQLD KLVWRU\F]QH G]LHMH
.RyFLR D Z ODWDFK t QD WOH ZDONL QDURGX SROVNLHJR R QLHSRGOHJ Ry ']LD DOQRy RUJDQL]DFML KDUFHUVNLFK VNDX WLQJX Z RPDZLDQ\P F]DVLH Z 3ROVFH E\ D ]QDNRPLW\P SU]\N DGHP NV]WD WRZDQLD ZDUWRyFL D WDN H XPLHMÆWQRyFL RUJDQL]DF\MQ\FK L HGXNDF\M Q\FK P RG]LH \ &HOHP NRQNXUVX E\ R P LQ XND]DQLH SRVWDFL ZLHONLFK 3R ODNÏZ V]F]HJÏOQLH ]ZL ]DQ\FK ] UHJLRQHP NXMDZVNR SRPRU VNLP D WDN H UR]ZLMDQLH ZyUÏG P RG]LH \ LQWHUG\VF\SOLQDUQ\FK
XPLHMÆWQRyFL F]HQLD ZLHG]\ L SUDNW\NL ] UÏ Q\FK G]LHG]LQ QDXNRZ\FK 3U]HSURZDG]RQ\ Z IRUPLH SLVHPQHM NRQNXUV REHMPRZD ZLHG]Æ ] ]DNUHVX KLVWRULL MÆ]\ND SROVNLHJR UHOLJLL JHRJUDILL L ZLHG]\ R VSR HF]HÍ VWZLH 'R U\ZDOL]DFML SU]\VW SL R RN XF]QLÏZ ] JLPQD ]MÏZ QDV]HJR ZRMHZÏG]WZD /DXUHDFL ]RVWDOL XKRQRURZDQL FHQQ\PL QDJURGDPL :yUÏG ] JLPQD]MXP Z % GNRZLH SRQDGWR ]QDOH|OL VLÆ 'DQLHON /HZDQGRZVNL 0LFKDOLQD %DQD VLDN ,]D 'DQLHOHZVND .DULQD &LFKRZODV L 'RPLQLN 1RZDN 1DJURG\ WR Z\FLHF]ND GR : RFK URZHU\ L XSRPLQNL 2SLHNXQHP MHVW QDXF]\FLHO KLVWRULL -Ï]HI 1RZDNRZVNL
= RND]ML ]EOL DM F\FK VLÆ kZL W :LHONDQRFQ\FK VPDF]QHJR MDMND GREUHJR RGSRF]\QNX V]DORQHJR L Z\M WNRZHJR PRNUHJR kPLJXVD '\QJXVD RUD] VDP\FK V RQHF]Q\FK VSRNRMQ\FK L FXGRZQ\FK GQL \F]\
0DFLHM : RFK
UDGQ\ SRZLDWX DOHNVDQGURZVNLHJR
ELV
, *$=(7$ $/(.6$1'52:6.$ , ZZZ NXMDZ\ PHGLD SO
QU PDU]HF
3RZLDW = RND]ML 'QLD .RELHW
6SRWNDQLH ] NR DPL JRVSRG\Í WZD 5ROQLF]HJR REHFQD E\ D NLHURZQLN $QQD '\NF]\ÍVND : VSRWNDQLX XG]LD Z]LÆ \ UHSUH]HQWDQWNL .OXEX .R ELHW .UHDW\ZQ\FK Z 5DFL NX .R D *RVSRG\Í :LHM VNLFK Z =EUDFKOLQLH .R D *RVSRG\Í :LHMVNLFK *PL Q\ $OHNVDQGUÏZ .XMDZVNL .R D *RVSRG\Í :LHMVNLFK Z .DQLHZLH .R R *RVSRG\Í :LHMVNLFK Z .RQHFNX *PLQ QHM 5DG\ .*: Z % GNRZLH .OXEX 6HQLRUD d= RW\ :LHNr ] $OHNVDQGURZD .XM .R D *RVSRG\Í :LHMVNLFK Z 5R QLH 3DUFHOH L .OXEX .RELHW $N W\ZQ\FK Z :R XV]HZLH 6SRWNDQLH RWZRU]\ L SDQLH SRZLWD 'DULXV] :RFKQD VWDURVWD DOHNVDQGURZVNL = RND]ML WHJRURF]QHJR 'QLD .RELHW yZLÆWD EÆG FHJR Z\UD]HP V]DFXQNX L ZG]LÆF]QRyFL ZREHF SDÍ VWDURVWD DOHNVDQGURZVNL 'D ULXV] :RFKQD ]DSURVL QD VSRWNDQLH SU]HGVWDZLFLHONL .Ï *RVSRG\Í :LHMVNLFK
']LD NL QD VSU]HGD
.RQNXUV SLRVHQNL REFRMÆ]\F]QHM
=DU] G 3RZLDWX Z $OHNVDQGURZLH .X MDZVNLP PDUFD EU SRGM XFKZD Æ Z VSUDZLH VSRU] G]HQLD L SRGDQLD GR SX EOLF]QHM ZLDGRPRyFL Z\ND]X QLHUXFKR PRyFL SU]H]QDF]RQ\FK GR VSU]HGD \ ']LD NL SR R RQH V Z $OHNVDQGURZLH .XMDZVNLP SU]\ XO :\VSLDÍVNLHJR L V Z DVQRyFL 3RZLDWX $OHNVDQGURZVNLH JR 6]F]HJÏ \ Z %,3 QD VWURQLH ZZZ DOHNVDQGURZ SO OXE SRG QU WHO :\G]LD *HRGH]ML 5ROQLFWZD L 2FKUR Q\ kURGRZLVND Z 6WDURVWZLH 3RZLDWR Z\P Z $OHNVDQGURZLH .XMDZVNLP
: VDOL NLQD 0&. Z &LHFKRFLQNX RGE\ VLÆ PDUFD ,9 3RZLDWRZ\ .RQNXUV 3LRVHQNL 2EFRMÆ]\F]QHM RUJDQL]R ZDQ\ SU]H] G\UHNFMÆ RUD] QDXF]\FLHOL MÆ]\NÏZ REF\FK /2 Z &LHFKRFLQNX SRG KRQRURZ\P SDWURQDWHP &KDW\ -Æ]\NÏZ kZLDWD L VWDURVW\ DOHNVDQGURZVNLHJR 2WR WH JRURF]QL ODXUHDFL .DW VROLyFL 0LFKD 0D HFNL ] *LPQD]MXP Z 5D FL NX 0LURQ .DUOHZVNL ] /2 &LHFKRFLQHN 3DXOD 5DV]ND ] *LPQD]MXP Z 5DFL NX NDW ]HVSR \ -XOLD %DUWRV]HN L 'RPLQLND %LEUR ] *LPQD]MXP Z &LHFKRFLQ NX 1DJURGD SXEOLF]QRyFL 6DUDK 5\JLHOVNL ] /2 Z &LH FKRFLQNX QDJURGD QLHVSRG]LDQND ]HVSÏ d7HWUDJUD PDWRQr ] =HVSR X 6]NÏ 1U &.3 Z $OHNVDQGURZLH .XM
%H]SLHF]HÍVWZR Z V]NROH
¢ZLF]HQLH HZDNXDFML : /LFHXP 2JÏOQRNV]WD F F\P L *LPQD]MXP 7RZDU]\VWZD 6DOH]MDÍVNLHJR Z $OHNVDQGUR ZLH .XM RGE\ \ VLÆ PDUFD EU ÂZLF]HQLD NWÏU\FK FHOHP E\ R SUDNW\F]QH VSUDZG]HQLH ]QDMRPRyFL ]DVDG HZDNXDFML Z SU]\SDGNX ]DLVWQLHQLD ]D JUR HQLD Z\ZR DQHJR SR D UHP : ÂZLF]HQLX XG]LD Z]LÆOL
XF]QLRZLH G\UHNFMD L SUDFRZ QLF\ V]NR \ RUD] MHGQRVWNL .R PHQG\ 3RZLDWRZHM 3DÍVWZR ZHM 6WUD \ 3R DUQHM MHGQRVWHN 2FKRWQLF]\FK 6WUD \ 3R DUQ\FK ] 5DFL ND 6 X HZD L .RQHF ND RUD] .RPHQG\ 3RZLDWRZHM 3ROLFML ¢ZLF]HQLH UR]SRF]Æ R VLÆ NLOND PLQXW SR JRG]LQLH L SU]HELHJD \ ]JRGQLH ]H
VFHQDULXV]HP RSUDFRZDQ\P SU]H] G\UHNFMÆ V]NR \ 3R ]D NRÍF]HQLX ÂZLF]HÍ P RG]LH ZUD] ] QDXF]\FLHODPL XGD D VLÆ GR VDOL JLPQDVW\F]QHM QD SRND] XG]LHODQLD SLHUZV]HM SRPRF\ SU]HGPHG\F]QHM Z Z\NRQDQLX UDWRZQLNÏZ 3DÍVWZRZHM 6WUD \ 3R DUQHM 2EVHUZDWRUDPL DNFFML E\OL P LQ SUDFRZQLF\ VWDURVWZD SRZLDWRZHJR L XU]Æ GX PLHMVNLHJR ]DMPXM F\ VLÆ ]DJDGQLHQLDPL ]DU] G]DQLD NU\ ]\VRZHJR
L RUJDQL]DFML NRELHF\FK G]LD DM F\FK QD WHUHQLH SRZLDWX DOHNVDQGURZVNLHJR 3RZLDW $OHNVDQGURZVNL SUÏF] VWDUR VW\ UHSUH]HQWRZDOL VHNUHWDU] SRZLDWX 3LRWU 0DUFLQLDN F] RQHN ]DU] GX SRZLDWX /RWIL 0DQVRXU RUD] Z\VWÆSX
M FD Z SRGZÏMQHM UROL UDGQD 5DG\ 3RZLDWX $JDWD &H JOHZVND NWÏUD ]ZL ]DQD MHVW QD FR G]LHÍ ] G]LD DOQRyFL .OXEX .RELHW .UHDW\ZQ\FK Z 5DFL NX L 6WRZDU]\V]H QLHP d6HUSHQW\QDr = 3R ZLDWRZHJR =HVSR X 'RUDG]
5R]PDZLDQR R V]NRGDFK
=DSURV]HQLH QD VWR \ ZLHONDQRFQH
= LQLFMDW\Z\ VWDURVW\ PDUFD Z VLHG]LELH 6WDURVWZD 3RZLDWRZHJR Z $OHNVDQGURZLH .XMDZ VNLP RGE\ R VLÆ VSRWNDQLH GRW\F] FH V]NÏG Z XSUD ZDFK UROQ\FK ]ZL ]DQ\FK ] Z]UDVWDM F\PL ] URNX QD URN VWUDWDPL UROQLNÏZ Z\QLNDM F\PL ]H V]NÏG Z XSUDZDFK UROQ\FK Z\U] G]DQ\FK SU]H] QDGPLHUQ SRSXODFMÆ ]ZLHU] W RZ Q\FK D Z V]F]HJÏOQRyFL G]LNÏZ : VSRWNDQLX XG]LD Z]LÆOL P LQ SRZLDWRZ\ OHNDU] ZH WHU\QDULL Z $OHNVDQGURZLH .XM 'DULXV] +R RG\ RZF]\ RNUÆJRZ\ 3= ZH : RF DZ NX *U]HJRU] :LyQLHZVNL SU]HGVWDZLFLHOH QDGOHyQLFWZ NÏ RZLHFNLFK RUD] ZÏMWR ZLH JPLQ ] WHUHQX SRZLDWX DOHNVDQGURZVNLHJR
9,,, 3RZLDWRZH 3UH]HQWDFMH 3RWUDZ L 7UDG\FML :LHONDQRFQ\FK RGEÆG VLÆ PDUFD EU Z KDOL VSRUWRZHM d+XEDODr Z $OHNVDQ GURZLH .XM SU]\ XO 6LNRUVNLHJR SRF] WHN JRG] ZVWÆS ZROQ\ 3UH]HQWDFMH V RND]M GR SU]\SRPQLHQLD PLHV]NDÍFRP UHJLR QX WUDG\F\MQ\FK SURGXNWÏZ VWDQRZL F\FK yZLDGHFWZR QDV]HJR ERJDWHJR G]LHG]LFWZD NXOWXURZHJR (NVSR]\FMH VWR ÏZ ZLHOND QRFQ\FK ]RVWDQ SU]\JRWRZDQH SU]H] NRELHFH RUJDQL]DFMH JPLQ SRZLDWX RUD] XF]QLÏZ =HVSR X 6]NÏ QU &.3 L =HVSR X 6]NÏ QU Z $OHNVDQGURZLH .XMDZVNLP &R URNX MHGQD ] SRWUDZ ]J DV]DQD MHVW GR NRQNXUVX : W\P URNX EÆG]LH WR SDV]WHW ZLHONDQRFQ\ 3U]HZLG]LDQR WDN H QDJURG\ Z NDWHJRULDFK NRQNXUVRZ\FK RUD] QDJURG\ GOD SU]HGV]NRODNÏZ ODXUHDWÏZ ,,, 3RZLDWRZHJR .RQNXUVX 3ODVW\F]QHJR SW d:LHOND QRFQ\ NXUF]DF]HNr .RQNXUV RUJDQL]XMH 3U]HGV]NROH %LP %DP %LQR Z $OHNVDQGURZLH .XMDZVNLP SRG SDWURQDWHP VWDURVW\ DOHN VDQGURZVNLHJR =DSUDV]DP\
1DEÏU GR 5DG\ ']LD DOQRyFL 3R \WNX 3XEOLF]QHJR 6WDURVWD DOHNVDQGURZVNL RJ RVL QDEÏU NDQG\GDWÏZ GR VN DGX 3RZLDWRZHM 5DG\ ']LD DOQRyFL 3R \WNX 3XEOLF]QHJR Z $OHNVDQ GURZLH .XMDZVNLP 'R PDUFD EU RUJDQL]DFMH SR]DU] GRZH G]LD DM FH QD WHUHQLH SRZLDWX PRJ ]J DV]DÂ VZRLFK NDQG\GD WÏZ :]ÏU XSRZD QLHQLD GR UHSUH]HQWRZDQLD VWRZDU]\V]HQLD RUD] V]F]HJÏ RZH LQIRUPDFMH QD ZZZ DOHNVDQGURZ SO
1DXF]\FLHOH ]DJUDOL GOD XF]QLÏZ DIU\NDÍVNLH EDMNL
1DXF]\FLHOH SU]\JRWRZDOL VFHQRJUDILÆ L ]DJUDOL
0L QLHVSRG]LDQN GOD SDÍ E\ Z\VWÆS ODXUHDWÏZ ,9 3RZLDWRZHJR .RQNXUVX 3LR VHQNL 2EFRMÆ]\F]QHM 6SH FMDOQ\ UHSHUWXDU ] RND]ML yZLÆ WD NRELHW SU]\JRWRZDOL 6DUDK 5\JLHOVNL L 0LURQ .DUOHZVNL XF]QLRZLH /2 Z &LHFKRFLQNX
1LHZLHOND V]NROQD VDOD JLPQD VW\F]QD =HVSR X 6]NÏ QU ]PLH QLD VLÆ UD] Z URNX Z SURIHVMRQDO Q VFHQÆ ] ERJDW VFHQRJUDIL G|ZLÆNLHP L RyZLHWOHQLHP UR GHP ] GHVHN SUDZG]LZHJR WHDWUX '\UHNFMD L QDXF]\FLHOH =HVSR X 6]NÏ QU Z $OHNVDQ GURZLH .XMDZVNLP SU]\JRWRZDOL PDUFD GOD VZRLFK Z\FKRZDQ NÏZ VSHNWDNO ] F\NOX d1DXF]\ FLHOH XF]QLRPr 7\P UD]HP E\ \ WR EDMNL DIU\NDÍVNLH 1D ZLGRZQL ZUD] ] XF]QLDPL ]DVLHGOL JRyFLH L SU]\MDFLHOH V]NR \ 3RZLDW $OHN VDQGURZVNL UHSUH]HQWRZDOL ZL FHVWDURVWD :RMFLHFK 0DUMDÍVNL F] RQHN ]DU] GX SRZLDWX /RWIL 0DQVRXU ZLFHSU]HZRGQLF] F\ 5DG\ 3RZLDWX $UNDGLXV] kZL W NRZVNL UDGQ\ 5DG\ 3RZLDWX
$QGU]HM 1DZURFNL RUD] 3DXOLQD 6P\NRZVND QDF]HOQLN :\G]LD X 3ROLW\NL 6SR HF]QHM L 3URPRFML 3RZLDWX : UROÆ NRQIHUDQVMHUD L QDUUDWRUD ZFLHOL D VLÆ G\UHNWRU ]HVSR X V]NÏ (ZD :RFKQD 6FHQRJUDILÆ D ]DUD]HP W R EDMHN VWDQRZL D ]DLPSURZL]R ZDQD VSHFMDOQLH QD WÆ RND]MÆ DIU\NDÍVND ZLRVND ] FKDW RWR F]RQ PLVWHUQLH Z\NRQDQ\PL SDOPDPL NRNRVRZ\PL L ]ZLVDM F\PL ] VXILWX OLDQDPL =H VFHQ\ S \QÆ D DIU\NDÍVND PX]\ND RUD] RGE\ZD \ VLÆ QLHUR]HUZDOQLH ]ZL ]DQH ] W\P NRQW\QHQWHP WDÍFH ']LHFL G XJR QLH PRJ \ VLÆ QD SDWU]\Â QD WR FR G]LD R VLÆ WHJR GQLD QD LFK VDOL JLPQDVW\F]QHM L Z MDNLH SRVWDFLH ZFLHODOL VLÆ LFK QDXF]\FLHOH &L RVWDWQL G]LÆ
NL NRVWLXPRP L JU]H DNWRUVNLHM RGJU\ZDOL UROÆ G]LNLFK ]ZLHU] W ZRMRZQLNÏZ L PLHV]NDÍFÏZ DIU\NDÍVNLHM ZLRVNL 1D VFHQLH SRMDZLOL VLÆ P LQ PD S\ Ï Z KLHQD ODPSDUW ]HEUD \UDID L ZLHOH LQQ\FK ]ZLHU] W 6DP GREÏU EDMHN GR VSHNWDNOX E\ QLHSU]\SDGNRZ\ :V]\VWNLH QLR V \ ]H VRE P GU\ XQLZHUVDOQ\ PRUD NWÏU\ SRGDQ\ Z SU]\ VWÆSQHM IRUPLH EDMNL ]RVWD SU]H] PD \FK RGELRUFÏZ ]UR]XPLDQ\ L ]DSDPLÆWDQ\ 3R ]DNRÍF]HQLX VSHNWDNOX /RW IL 0DQVRXU SU]HND]D G\UHNWRU (ZLH :RFKQLH d+LVWRU\MNL VDKD U\MVNLH L U\PRZDQNL GOD ZQXNDr LOXVWURZDQH NVL NL GOD QDM P RGV]\FK R DIU\NDÍVNLFK ]ZLH U]ÆWDFK DXWRUVWZD 0DULL %RXNHI
6WURQÆ SU]\JRWRZD R 6WDURVWZR 3RZLDWRZH
QU PDU]HF
$OHNVDQGUÏZ .XMDZVNL
, *$=(7$ $/(.6$1'52:6.$ , ZZZ NXMDZ\ PHGLD SO
3UH]\GHQW 53 Z $OHNVDQGURZLH .XM 'R $OHNVDQGURZD .XMDZVNLHJR Z UDPDFK NDPSDQLL Z\ERUF]HM SU]\MHFKD SUH]\GHQW %URQLV DZ .RPRURZVNL *RyFLD QD SODFX 0DMD Z REHFQRyFL OLF]QLH ]JUR PDG]RQ\FK PLHV]NDÍFÏZ PLDVWD SRZLWD EXUPLVWU] $QGU]HM &LHyOD PÏZL F :LWDP\ Z PLHyFLH Z V VLHG] WZLH KLVWRU\F]QHJR V]ODNX EXUV]W\ QRZHJR ] SU]HSUDZ SU]H] :LV Æ Z PLHyFLH JG]LH ]QDMGXMH VLÆ QDM G X V]\ GZRU]HF Z (XURSLH JG]LH VZRMH EUDWHUVWZR EURQL SR]RVWDZLOL
Z QDV]HM ZG]LÆF]QHM SDPLÆFL R QLHU]H XNUDLÍVF\ ZDOF] F\ ZVSÏO QLH ] DUPL 3L VXGVNLHJR ] EROV]H ZLNDPL :LWDP\ Z PLHyFLH VN G (GZDUG 6WDFKXUD Z\MH G D Z 3RO VNÆ ] GZRUFD NROHMRZHJR L ZUDFD Z URG]LQQH VWURQ\ E\ QDSLVDÂ H ZV]\VWNLP Z\VWDUF]\ PLHMVFD SRG ZLHONLP GDFKHP QLHED %XUPLVWU] SRLQIRUPRZD H WUZD QDMZLÆNV]D LQZHVW\FMD EXGRZD VLHFL NDQDOL]DF\MQHM L UR]EXGRZD RF]\V]F]DOQL yFLHNÏZ D QLHEDZHP ]DNRÍF]RQD ]RVWDQLH UHZLWDOL]D
FMD F]ÆyFL ]DE\WNRZHJR GZRUFD :UÆF]\ SUH]\GHQWRZL QD SDPL WNÆ PRQRJUDILÆ PLDVWD 1DZL ]XM F GR V ÏZ H MHVW GUX JLP SUH]\GHQWHP Z KLVWRULL %URQL V DZ .RPRURZVNL VWZLHUG]L H MDN SÏMG]LH GREU]H F]\WDM t ]RVWDQLH Z\EUDQ\ WR QD SHZQR WX MHV]F]H SU]\MHG]LH &KRÂ PÏZL RJÏOQLH H QLH RGGDP\ 3ROVNL Z UÆFH VPHU IÏZ VWDOH QDU]HNDM F\FK H MHVW W\ONR |OH WR QLH ]DEUDN R DNFHQWÏZ Z\ERUF]\FK
6WZLHUG]L ZSURVW H ]DELHJD R J RV\ L SRSDUFLH GOD ZL]ML JG]LH MHVW PLHMVFH QD ]JRGÆ L EH]SLHF]HÍ VWZR 3R RILFMDOQ\FK NUÏWNLFK SU]H PÏZLHQLDFK SUH]\GHQW SRGV]HG GR RF]HNXM F\FK JG]LH SRGSLV\ZD VHWNL DXWRJUDIÏZ L UREL ] PLHV] NDÍFDPL OLF]QH VZHHW IRFLH 3UH]\GHQW SU]\MHFKD d%URQNREX VHPr ] &LHFKRFLQND JG]LH VSÆG]L WDP QRF Z GZRUNX SUH]\GHQFNLP L MDN VWZLHUG]LOL KLVWRU\F\ E\ D WR MHG\QD QRF SU]HVSDQD WDP SU]H] J RZÆ SDÍVWZD FKRÂ WR GOD QLHM
)RWRJDOHULD QD ZZZ NXMDZ\ PHGLD SO
WHQ RELHNW SRVWDZL SUH]\GHQW ,JQDF\ 0RyFLFNL Z URNX 3R yQLDGDQLX SRV]HG GR SREOLVNLHJR :RMVNRZHJR 6]SLWDOD 6DQD WRU\MQR 5HKDELOLWDF\MQHJR JG]LH VSRWND VLÆ ] SU]HE\ZDM F\PL WDP R QLHU]DPL = $OHNVDQGURZD .XM d%URQNX EXVr SRMHFKD GR 3DNRyFL L 0RJLOQD 7HNVW L IRW 6W % 2 ZL]\FLH SLV]HP\ WH QD VWU
, *$=(7$ $/(.6$1'52:6.$ , ZZZ NXMDZ\ PHGLD SO
3URPRFMD
QU PDU]HF
: SU]HGV]NROX %LP %DP %LQR 0LQÆ R SLHUZV]H SÏ URF]H URNX V]NROQHJR Z 3U]HGV]NROX %LP %DP %LQR 7HQ MHVLHQQR ]LPRZ\ F]DV REILWRZD Z OLF]QH Z\GDU]HQLD Z NWÏU\FK XF]HVWQLF]\ \ G]LHFL QDXF]\FLHOH URG]LFH D QDZHW EDEFLH L G]LDGNR ZLH 'OD G]LHFL L QDXF]\FLHOL E\ WR F]DV LQWHQV\ZQHM SUDF\ QDJURG]RQHM ZLHORPD VXNFHVDPL PD \PL L ZLÆNV]\PL UDGRyFLDPL RUD] V]F]HU\P XyPLHFKHP ZLHOX \F]OLZ\FK QDP RVÏE 3RQL HM R Z\GDU]HQLDFK Z %LP%DP%LQR Z , SÏ URF]X URNX V]NROQHJR
:\FLHF]NL
$WUDNFMH NXOWXUDOQH
:\FLHF]ND GR JDELQHWX VWRPDWRORJLF]QH JR t SR]QDQLH ]DZRGX VWRPDWRORJ :\FLHF]ND GR VNOHSX ZDU]\ZQHJR SR]QD QLH ]DZRGX VSU]HGDZF\ :\FLHF]ND GR ELEOLRWHNL SR]QDQLH ]DZR GX ELEOLRWHNDU]D :\FLHF]ND QD SRF]WÆ t ]DSR]QDQLH ] ]DZR GHP SRF]WRZFD :\FLHF]ND GR JURW\ VROQHM t ]DSR]QDQLH ] GDUHP ]LHPL VRO :\FLHF]ND GR JRVSRGDUVWZD UROQHJR :\FLHF]ND GR 8U]ÆGX 0LDVWD :\MD]G GR VDOL ]DEDZ .LQGHU 3DUN Z 7RUXQLX
d: ]GURZ\P FLHOH ]GURZ\ GXFKr d$QLHO VNL Z\ZLDGr L d:D QH QXPHU\r t VSHNWDNOH 7HDWUX 0DJPRZF\ 6]XIODGNRZRr L d0DU]\FLHOVND 3RF]WD 0L NR DMDr t VSHNWDNO 7HDWUX )UDMGD 1XWND 0LOXWND t PLQL RSHUD 2 NUDVQROXGNDFK L 6LHURWFH 0DU\VLr L d3ODVWXVLRZ\ 3DPLÆWQLNrt VSHNWDNOH Z WHDWU]H &LHFKRFLQNX d3ODPDr t VSHNWDNO Z UDPDFK ;;, 0LÆG]\ QDURGRZHJR )HVWLZDOX 7HDWUÏZ /DOHN Z 7R UXQLX d: r d%U]GÆN L G|ZLÆNr RUD] d5RPHR L 0UÏZNDr t VSHNWDNOH Z 7HDWU]H %DM 3RPRUVNL d5RPHR L 0UÏZNDr 8G]LD Z SOHQHUDFK PDODUVNLFK 8G]LD L RUJDQL]DFMD OLF]Q\FK NRQNXUVÏZ DUW\VW\F]Q\FK
:\M WNRZH Z\GDU]HQLD %LFLH UHNRUGX *XLQQHVVD Z P\FLX ]ÆEÏZ ]ZL ]DQH ] 2JÏOQRSROVNLP 3URJUDPHP (GX NDFML =GURZRWQHM $NDGHPLD $TXDIUHVK UH NRUG Z LORyFL G]LHFL MHGQRF]HyQLH P\M F\FK ]ÆE\ .UÏORZD kQLHJXr SRND] U]H|ELHQLD Z OR G]LH Z Z\NRQDQLX PLVWU]RZVNLHJR GXHWX )HULH QD ZHVR R :L]\WD SRGRSLHF]Q\FK :DUV]WDWÏZ 7HUD SLL =DMÆFLRZHM L kURGRZLVNRZHJR 'RPX 6D PRSRPRF\ 3U]HGVWDZLHQLH MDVH NRZH SW d%\ D QRFr Z .RyFLHOH 3DUDILL 103 :VSRPR HQLD :LHU Q\FK =DMÆFLH , PLHMVFD Z 0LHMVNR *PLQQ\P 3U]HJO G]LH .ROÆG d'R V]RS\ KHM SDVWHU]Hr =DMÆFLH , PLHMVFD Z 3RZLDWRZ\P .RQNXU VLH /RJRSHG\F]Q\P
8URF]\VWRyFL 3DVRZDQLH QD SU]HGV]NRODND L QD VWDUV]H JR SU]HGV]NRODND 3DVRZDQLH QD VWDUV]HJR EUDWD OXE VWDUV] VLRVWUÆ 2EFKRG\ 2JÏOQRSROVNLHJR 'QLD 3U]HG V]NRODND kZLÆWD 3LHF]RQHJR =LHPQLDND kZLDWRZHJR 'QLD 3OXV]RZHJR 0LVLD L 0LVLD .VL NRZHJR $QGU]HMHN 0LNR DMHN kZL W %R HJR 1DURG]HQLD L :DOHQW\QHN 8URF]\VWH VSRWNDQLD ] URG]LQDPL SR F]R QH ] SUH]HQWDFM G]LHFLÆF\FK VSHNWDNOL yZL WHF]Q\FK Z 5HVWDXUDFML 7DUD %DO ] %DEFL L ']LDGNLHP Z 5HVWDXUDFML 7DUD &RPLHVLÆF]QH yZLÆWD ZDU]\Z RZRFÏZ D WDN H NDV] U\ X ZRG\ LWS
$WUDNFMH NXOLQDUQH ]ZL ]DQH ] SURPRZDQ\P SU]H] SU]HGV]NROH ]GURZ\P \ZLHQLHP &RPLHVLÆF]QH ZDUV]WDW\ NXOLQDUQH GOD G]LHFL SRG KDV DPL d5RELP\ NRPSRW\r d&LD VWHF]ND ] MDE NLHPr d6XUÏZND ] PDUFKHZNL L MDE NDr d6RNL Z\FLVNDQH ] PDUFKZLr d.L V]HQLH NDSXVW\r 3LHF]HP\ FKOHEr r6D DW ND ] NDV]\ NXVNXV ] ZDU]\ZDPLr d3LHUQLF]NL yZL WHF]QHr d.RNWDMOH POHF]QR RZRFRZHr :DUV]WDW\ NXOLQDUQH GOD URG]LFÏZ d'\QLR ZH LQVSLUDFMHr 'QL EDMNRZH ']LHÍ GXV]ND .DFSHUNDr ']LHÍ ZUÏ HN L F]DURG]LHMÏZr ']LHÍ EDMNR ZHM JZLD]GNLr ']LHÍ ED ZDQNÏZ %XOLr 'QL NUDMÏZ HXURSHMVNLFK :ÆJLHUVNL 3RO VNL : RVNL $QJLHOVNL 1LHPLHFNL +ROHQGHUVNL &RPLHVLÆF]Q\ +LW V]HIRZHM NXFKQL ,; d6]DUORWND ] P NL UD]RZHMr ; d'UR G ÏZND ]H yOLZNDPLr ;, d1XWHOOD ] NDV] MDJODQ r ;,, r+HUEDWND ]LPRZDr , d&LDVWR F]HNRODGRZHr ,, d7 XVW\ F]ZDUWHN t3 F]NLr
8G]LD Z DNFMDFK =GURZ\ 3U]HGV]NRODN &D D 3ROVND F]\WD G]LHFLRP 0DPR 7DWR ZROÆ ZRGÆ .XEXVLRZL 3U]\MDFLHOH 1DWXU\ *ÏUD JURV]D 6]ODFKHWQD 3DF]ND .VL ND GOD V]SLWDOD
QU PDU]HF
3URPRFMD
, *$=(7$ $/(.6$1'52:6.$ , ZZZ NXMDZ\ PHGLD SO
, *$=(7$ $/(.6$1'52:6.$ ,
=GURZLH
ZZZ NXMDZ\ PHGLD SO
QU PDU]HF
)RW $JQLHV]ND .UDV]HZVND
=RVWDZ LQIRUPDFMH R VWDQLH ]GURZLD Z ZLGRF]Q\P PLHMVFX
0DU]HQQD L :DOGHPDU *PLÍVF\
2SRZLHy R SDVMDFK PDUFD RGE\ R VLÆ SLÆNQH Z\GDU]HQLH Z Z\NRQDQLX ]QD Q\FK DOHNVDQGURZVNLFK DUW\VWÏZ :LHF]RUQ SRU Z 0&. Z $OHN VDQGURZLH .XMDZVNLP 0DU]HQQD L :DOGHPDU *PLÍVF\ SU]HGVWDZLOL SRHW\FNR PX]\F]Q RSRZLHy R VZRLFK SDVMDFK %\ D WR RSRZLHy QLH]Z\N D NXQV]WRZQD PR QD E\ U]HF QDWFKQLRQD 0X]\ND :DOGH PDU L 0DU]HQQD *PLÍVF\ V RZD 0DU]HQQD *PLÍVND =HEUDQL Z 0&. GRyZLDGF]\OL FLHS HJR SU]HND]X
SU]HND]X SH QHJR PL RyFL L HOHJDQFML %\ D WR NROHMQD RGV RQD dDOHN VDQGURZVNLFK VSRWNDÍ ] SDVM r 3R ZLHOX EDUG]R FLHNDZ\FK L UÏ QRURG Q\FK VSRWNDQLDFK QDGV]HG F]DV QD Z\GDU]HQLH SRHW\FNR PX]\F]QH 0DU]HQQD L :DOGHPDU *PLÍVF\ Z\GDOL F]WHU\ S \W\ d%ÏJ +RQRU 2MF]\]QDr d3U]HQLNDQLHr d6L D 8IQRyFLr d0RGOLWZD GR VHUF PL RyFL -H]XVD L 0DU\Lr 1DJU\ZDM Z VWXGLX QDJUDÍ Z .UDNRZLH
$UNDGLXV] *UDODN
d.RSHUWD \FLDr XUDWXMH \FLH :]RUHP LQQ\FK PLDVW EXUPLVWU] $OHNVDQGURZD .XMDZVNLHJR SRVWDQRZL SU]HSURZDG]LÂ DNFMÆ VSR HF]Q GRW\F] F W]Z .RSHUW\ \FLD
6SR HF]QHM Z $OHNVDQ GURZLH .XMDZVNLP $NFMD VNLHURZDQD MHVW SU]HGH ZV]\VWNLP GR RVÏE VWDUV]\FK SU]HZOHNOH FKRU\FK V]F]HJÏOQLH W\FK VDPRWQ\FK DOH QLH W\ONR $NFMD PD QD FHOX : WDNLHM .RSHUFLH XyZLDGRPLHQLH MDN ZD QH V GRN DGQH LQIRU SRZLQQ\ VLÆ ]QDOH|Â PDFMH QD WHPDW QDV]HJR QDMZD QLHMV]H LQIRUPD FMH GRW\F] FH 3DÍVWZD ]GURZLD Z SU]\SDGNX ]GURZLD SU]\MPRZDQ\FK JG\ ]QDMG]LHP\ VLÆ Z VWDQLH ]DJUR HQLD \FLD OHNÏZ RUD] NRQWDNW GR OXE ]GURZLD d.RSHUWD \ URG]LQ\ OXE RSLHNXQÏZ d.RSHUWD \FLDr SRZLQ FLDr XPR OLZLD UDWRZQL QD E\Â XPLHV]F]RQD NRP PHG\F]Q\P V]\ENL Z ORGÏZFH Z PLHMVFX GRVWÆS GR LQIRUPDFML QD DWZ\P GR ]ORNDOL]RZD WHPDW ]GURZLD QLD NWÏUH XPR OLZL UD 2 QDV]HM DNFML SRLQIRU WRZQLNRP V]\ENL GRVWÆS PRZDOLyP\ UDWRZQLNÏZ GR W\FK LQIRUPDFML 1D SRJRWRZLD REV XJXM ]HZQÆWU]Q\FK GU]ZLDFK F\FK PLDVWR $OHNVDQ FK RG]LDUNL NRQLHF]QLH GUÏZ .XMDZVNL RUD] 0LHMVNL 2yURGHN 3RPRF\ WU]HED SU]\NOHLÂ QDNOHMNÆ
d7X MHVW .RSHUWD \FLDr ,VWRWQH MHVW DE\ GDQH ]DZDUWH Z NRSHUFLH E\ \ DNWXDOQH : SU]\SDGNX MDNLFKNROZLHN ]PLDQ OXE SR XS \ZLH RNUHVX ZD QRyFL MHGHQ URN NDUWD SRZLQQD E\Â Z\PLHQLR QD QD QRZ .RPSOHW ]DZLHUDM F\ SODVWLNRZ NRSHUWÆ QD ]DWU]DVN ZUD] ] NDUW RUD] QDNOHMN QD ORGÏZ NÆ RWU]\PDM 3DÍVWZR EH]S DWQLH Z :\G]LD OH 3URPRFML .XOWXU\ L 6SRUWX 8U]ÆGX 0LHM VNLHJR Z $OHNVDQGURZLH .XMDZVNLP SRNÏM RG SRQLHG]LD NX GR SL WNX Z JRG]LQDFK RG GR 'OD QDV]\FK PLHV]NDÍFÏZ SU]\JRWR ZDOLyP\ V]WXN WDNLFK NRPSOHWÏZ
2 QDV]HM DNFML SRZLDGR PLOLyP\ 0LHMVNL 2yURGHN 3RPRF\ 6SR HF]QHM Z $OHNVDQGURZLH .XMDZ VNLP 6]SLWDO 3RZLDWRZ\ Z $OHNVDQGURZLH .XMDZ VNLP RUD] SU]\FKRGQLH OH NDUVNLH ]QDMGXM FH VLÆ QD WHUHQLH QDV]HJR PLDVWD 2 d.RSHUWÆ \FLDr PRJ 3DÍVWZR WDN H S\WDÂ Z SU]\FKRGQLDFK OHNDUVNLFK PLHV]F] F\FK VLÆ QD WHUHQLH PLDVWD $OHNVDQGURZD .XMDZ VNLHJR ,QIRUPDFMH QD WHPDW .RSHUW\ \FLD PR QD X]\VNDÂ WDN H SRG QU WHO ,QI :\G]LD X 3URPRFML 8U]ÆGX 0LHMVNLHJR
'DU\ :2k3 GR ]DN DGX RSLHNXÍF]R OHF]QLF]HJR
%XGXM VWHU\OL]DWRUQLÆ $OHNVDQGURZVNL V]SLWDO ]PLHQLD VLÆ : EXG\QNX J ÏZQ\P OHF]QLF\ WUZD M SUDFÆ LQZHVW\F\MQH ]ZL ]DQH ] WZRU]HQLHP FHQWUDOQHM VWHU\OL]DWRUQL D GR ]DN DGX RSLHNXÍ F]R OHF]QLF]HJR WUDILD QRZRF]HVQ\ VSU]ÆW GDU IXQGDFML 2ZVLDND
:VSDUFLH XQLMQH XWZRU]HQLH QRZRF]HVQHM L EXG HWX SDÍVWZD FHQWUDOQHM VWHU\OL]DWRUQL SR VWDZLOLyP\ QD SLHUZV]\P :DUWR SU]\SRPQLH H PLHMVFX -DN GRW G SUDFH SU]HELHJDM VSUDZQLH PLPR FD D LQZHVW\FMD t REHMPXMH :Ï]HN ZDQQD X DWZL XWU]\PDQLH KLJLHQ\ FLD D SDFMHQWÏZ H WU]HED MH SURZDG]L SU]\ Z\NRQDQLH SUDF EXGRZOD Q\FK RUD] ]DNXS QRZRF]H .XOWXU\ WDN H ]DMPRZDOL VLÆ /DPEGD SLRQL]DWRUD RUD] QRUPDOQHM SUDF\ V]SLWDOD VQHJR VSU]ÆWX .RV]WRZD SU]\JRWRZDQLHP L REV XJ SRGQRyQLND VRODU ] SRG 1D SRWU]HE\ PXUDU]\ EÆG]LH RNR R POQ ] ILQD ÏZ :2k3 ZLHV]NDPL 3RG NRQLHF PLQLRQHJR HOHNWU\NÏZ L LQQ\FK VSHFMD D NZRWD GRILQDQVRZDQLD 3U]HFLÆWQHPX F]\WHOQLNRZL URNX ] )XQ QLF WH QD]Z\ VSU]ÆWX QLH PÏ OLVWÏZ Z\G]LHORQR RVREQH SRFKRG] FD ]H ']LÆNL ZVSDUFLX )XQ GDFML :LHONLHM ZL DOH GOD REV XJXM F\FK GURJL SU]HMyFLD L GRVWDUF]DQLD yURGNÏZ 5HJLR 3R SRGSLVDQLX XPRZ\ ] PDWHULD ÏZ EXGRZODQ\FK QDOQHJR 3URJUD GDFML :2k3 DOHNVDQ 2UNLHVWU\ kZL RVRE\ VWDUV]H F]ÆVWR QLHGR Z\NRQDZF LQWHQV\ZQH 2F]\ZLyFLH XWUXGQLHÍ FD PX 2SHUDF\MQH GURZVNL V]SLWDO EÆG]LH WHF]QHM 3RPR Æ QH ] RJUDQLF]HQLDPL UX SUDFH EXGRZODQH UXV]\ \ QD PLD GX R ZLÆFHM F\ QDGHV] D FKX WR ]EDZLHQQH XU] G]H NRZLFLH QLH XQLNQLH VLÆ DOH JR :RMHZÏG]WZD SLHUZV]\P SLÆWU]H J ÏZQH QDSUDZGÆ QRZRF]H QLH SRWUZDM RQH G XJR 3UR .XMDZVNR 3RPRU JR EXG\QNX 3RZLDWRZHJR VQHJR VSU]ÆWX GOD Z L D G R P R y  QLD 7U]HED GRGD H G]LÆNL ]DPLHU]D ZÏ]NRZDQQLH PR QD EH] JUDP LQZHVW\F\MQ\ SU]HZL VNLHJR Z\QLHVLH SDFMHQWÏZ NRU]\VWD H 6]SLWDOD JG]LH SRZVWDQLH GXMH WDN H UHPRQW QLHNWÏU\FK RNR R POQ ] M F\FK ] ]DN DGX RSLH RQD SU]HND]D ZLÆNV]\FK SUREOHPÏZ XP\ FHQWUDOQD VWHU\OL]DWRUQLD NODWHN VFKRGRZ\FK ZLÆF 'UXJLH W\OH RNR R NXÍF]R OHF]QLF]HJR V]SLWDORZL GOD SDFMHQWD FR Z QRUPDOQ\FK 3UDFH SURZDG]L SR]QDÍVND =DN DGX 2SLH ZDUXQNÏZ ZL ]D R E\ VLÆ SRSUDZL VLÆ HVWHW\ND WDN H POQ ] SRFKR ILUPD ,QIRUPHU 0HG NWÏ G]L EÆG]LH ] EXG HWX SDÍ NXÍF]R /HF]QLF]HJR Ï ND L ] GX \PL WUXGQRyFLDPL OXE LQQ\FK F]ÆyFL V]SLWDOD UD QLH W\ONR SU]\JRWXMH RG VWZD 3R]RVWD H yURGNL QD WÆ ZÏ]NL LQZDOLG]NLH 2F]\ZL E\ R ZUÆF] QLHPR OLZH SRZLHGQLH SRPLHV]F]HQLD LQZHVW\FMÆ SRFKRG] ] NUH yFLH WDN ]DSRZLHG| ZVSDU G\WX MDNL V]SLWDO ]DFL JQ FLD QRZRF]HVQ\P VSU]ÆWHP .ROHMQH XU] G]HQLD 3RUÆF]HQLD XG]LHOL VDPRU] G SU]\MÆWR ] RWZDUW\PL UÆNDPL = RND]ML QDGFKRG] F\FK SRZLDWRZ\ NWÏU\ MHVW Z DyFL 1LH EÆGÆ XNU\ZD H FLH 1LHGDZQR WDNLH XU] G]H V]\P\ VLÆ ] WHJR VSU]ÆWX ER FLHOHP SODFÏZNL QLD ]DNXSLRQH SU]H] :2k3 Z REHFQ\FK ZDUXQNDFK ILQDQ VN DGDP GR $OHNVDQGURZD .XM GRWDU VRZ\FK QLH E\ RE\ QDV VWD :2k3 Z GDU]H \ 3U]\ZLH]LRQR WU]\G]LHyFL QD MHJR ]DNXS t PÏZL SUH]HV ZV]\VWNLP 0LHV]NDÍFRP SRZLDWX DOHNVDQGURZVNLHJR : V]SLWDOX FLHV] VLÆ ] ND Ï HN D ND GH RGSRZLDGD 0DULXV] 7URMDQRZVNL 6 WR 3DFMHQWRP L 3UDFRZQLNRP GHM ]PLDQ\ QD OHSV]H 3RZLD VWDQGDUGRZL Ï ND NWÏUH V XU] G]HQLD NRV]WRZQH SR QDMOHSV]H \F]HQLD PLOH VSÆG]RQ\FK FKZLO WRZ\ 6]SLWDO ] R \ ZQLRVHN XPLHV]F]DQH QD RGG]LD DFK SUDZLDM FH RSLHNRZDQLH VLÆ GR )XQGDFML :23 R SU]H LQWHQV\ZQHM WHUDSLL V ]D SDFMHQWDPL Z ]DN DG]LH RSLH Z URG]LQQ\P JURQLH L ZyUÏG QDMEOL V]\FK QDMQRZRF]HyQLHMV]H NXÍF]\P 1LHGDZQR RWU]\ ND]DQLH VSU]ÆWX QLRV FHJR WHP VPDF]QHJR MDMND ZHVR HJR $OOHOXMD ZLHOH UDGRyFL SRPRF ]DUÏZQR RVRERP Z 'Ry SRZLHG]LH H MHGQR PDOLyP\ NROHMQ LQIRUPDFMÆ , FLHS \FK GQL Z \FLX SU\ZDWQ\P L ]DZRGRZ\P ZLHNX SRGHV] \P MDN UÏZ NRV]WXMH RNR R W\V ] 'R H GRVWDQLHP\ MHV]F]H LQQH QLH QRZRURGNRP 1DOH \ FKRU\FK SU]HE\ZDM F\FK Z XU] G]HQLD GOD WHJR ]DN DGX D 0DULXV] 752-$12:6., QDGPLHQL H REHFQ\ SUH]HV ]DN DG]LH WUDIL \ WH WU]\ ZÏ]NL PLDQRZLFLH SRGQRyQLN GOD SD 3UH]HV 3RZLDWRZHJR 6]SLWDOD V]SLWDOD 0DULXV] 7URMDQRZVNL ;;/ ] RGFK\ODQ\PL RSDUFLD FMHQWÏZ OH F\FK IRWHO N SLH ORZ\ RUD] DSDUDW GR PLHU]HQLD E\ RG ODW V]HIHP V]WDEX PL Z $OHNVDQGURZLH .XMDZVNLP FLyQLHQLD : SR RZLH PDUFD GR =2 / :2k3 Z $OHNVDQGURZLH .X 6W % MDZVNLP ZUD] JUXS SUDFRZ SU]\V] D NROHMQD ]DSRZLDGD QLNÏZ NWÏU]\ QLHJG\y SUD QD SDUWLD VSU]ÆWX PHG\F]QH FRZDOL Z 0LHMVNLP &HQWUXP JR Z SRVWDFL ZÏ]ND ZDQQ\ DOH WDN H ]DNXSL QLH]EÆGQ\ VSU]ÆW 2 VWHU\OL]DWRUQL PÏZL VLÆ H WR VHUFH ND GHJR V]SLWD OD Z F]\P QLH PD SU]HVDG\ SU]\SRPLQD SUH]HV V]SL WDOD 0DULXV] 7URMDQRZVNL 1DV]D E\ D RG ODW Z WDNLP VWDQLH H VDQHSLG Z\GD ZD UXQNRZ ]JRGÆ QD X \ZDQLH L JG\E\yP\ QLH SRGMÆOL VLÆ WHM LQZHVW\FML WR Z SHZQ\P PRPHQFLH JUR]L RE\ QDP ]D PNQLÆFLH FD HJR V]SLWDOD %H] VWHU\OL]DWRUQL QLH PRJ \E\ IXQNFMRQRZD QDMZD QLHMV]H RGG]LD \ 2G SU]HSURZDG]H QLH WHM LQZHVW\FML ]DOH \ ZLÆF QDMEOL V]D SU]\V] Ry : SURJUDPLH GRVWRVRZ\ ZDQLD QDV]HM SODFÏZNL OHF] QLF]HM GR QRZ\FK Z\PDJDÍ
kZL W :LHONDQRFQ\FK
QU PDU]HF
, *$=(7$ $/(.6$1'52:6.$ ,
$OHNVDQGUÏZ .XMDZVNL
ZZZ NXMDZ\ PHGLD SO
']LHÍ .RELHW =D ZG]LÆN L NUHDW\ZQRyÂ
/DQJ QD WXUQLHM NDSVORZ\ 0LHMVNLH &HQWUXP .XOWXU\ Z $OHNVDQGURZLH .XMDZVNLP
L 6WRZDU]\V]HQLH d$OHNVDQGURZVND .XOWXUDr UR]SRF]\QDM SU]\JRWRZDQLD GR NROHMQHJR 0LÆG]\QDURGRZHJR $OHNVDQ GURZVNLHJR 7XUQLHMX .DSVORZHJR 0$7 .$3 7UDG\F\MQLH MX RUJDQL]DFMÆ WXUQLHMX ZSLHUD &]HV DZ /DQJ OHJHQGD SROVNLHJR NRODUVWZD G\UHNWRU JHQHUDOQ\ 7RXU GH 3RORJQH V]HI /DQJWHDP 2VWDWQLR 0&. RWU]\PD RG QLHJR NRV]XONL L VP\F]H QD QDJURG\ -HVW UÏZQLH V]DQVD H ]D MDNLy F]DV SU]\MHG]LH GR 0&. QD VSRWNDQLH 7XUQLHM 0$7 .$3 SODQRZDQ\ MHVW PDMD EU : W\P URNX RUJDQL]D WRU]\ ]DSUDV]DM GR XG]LD X UÏZQLH GRURV \FK ]DZRGQLNÏZ GOD NWÏU\FK VWZRU]RQD ]RVWDQLH RGG]LHOQD NDWHJRULD 7XUQLHM NDSVORZ\ PD QD FHOX SU]\SRPQLHÂ GRURV \P MHG Q ] ]DEDZ LFK G]LHFLÍVWZD 1DWRPLDVW G]LHFLRP SRND]DÂ H PR QD GREU]H VLÆ EDZLÂ EH] ODSWRSD NRQVROL NRPÏUNL OXE LQQHJR QRZRF]HVQHJR JDG HWX
XPLHMÆWQLH RSDUW\ QD Z\ M WNDFK ] NDQRQX OLWHUDWXU\ SROVNLHM .RQVWDWDFM SH QH JR KXPRUX SU]HGVWDZLHQLD E\ R MHGQDN GRy SRZD QH VWZLHUG]HQLH OHSLHM NRFKD QL ]DELMD :\VL NL DUW\VWÏZ
] WHJR yZLDWDr REHFQLH SU]\JRWRZXM FD SURGXNFMÆ d: VRODQNRZHM GROLQLHr QD OHFLH FLHFKRFLÍVNLFK VRODQHN L OHFLH PLDVWD &LHFKRFLQND RUD] GUXJL ILOP R (GZDUG]LH 6WDFKXU]H d:L GRN QDG ZLGRNLr RSRZLD GDM F\ R JG\ÍVNLP RNUHVLH \FLD SRHW\ (ZHOLQD 8UEDÍVND t G\ UHNWRU REND L 3U]HGV]NROD 1LHSXEOLF]QHJR $NDGHPLD 0DOXFKD Z $OHNVDQGURZLH .XMDZVNLP ]DDQJD RZDQD Z VZRM G]LD DOQRy NWÏUHM FHOHP MHVW ]GURZ\ UR]ZÏM L V]F]ÆyFLH G]LHFND 3R JDOL ZUÆF]HQLD Z\ UÏ QLHÍ RUJDQL]DWRU]\ ]DIXQGRZDOL ODXUHDWNRP L SXEOLF]QRyFL SU]HGVWD ZLHQLH V RZQR PX]\F]QH SW d5RPDQV Z ELEOLRWHFHr Z\VWDZLRQH SU]H] DNWRUÏZ 7HDWUX ,PSUHVDU\MQHJR d$ILV]r ] 7RUXQLD 1LHFR IU\ ZROQ\ ]DVDGQLF]\ Z WHN GR W\F] F\ GDPVNLFK SUDJQLHÍ L PÆVNLFK PR OLZRyFL ]RVWD
VSRVRELH LFK SU]HGVWD ZLHQLD .D G\ EÆG]LH PLD PR OLZRy SRSURZDG]HQLD VZRMHM DXWRUVNLHM DXG\FML 6SRWNDQLD SR F]RQH ] ZDUV]WDWDPL G]LHQQLNDUVNL PL EÆG SURZDG]RQH SU]H] PLHVLÆF\ 3URMHNW 0LHMVNLHJR &HQ WUXP .XOWXU\ Z $OHNVDQGUR ZLH .XMDZVNLP UHDOL]RZDQ\ MHVW Z UDPDFK SURJUDPX 5ÏZQD 6]DQVH -HJR WZÏU F MHVW 3ROVNR $PHU\NDÍ VND )XQGDFMD :ROQRyFL DG PLQLVWURZDQD SU]H] 3ROVN
=ELJQLHZ 6R W\VLÍVNL
SXV]F]\N VRZD#LQWHULD HX
'RGDWNRZ DWUDNFM ZLHF]RUX E\ D Z\VWDZD IRWRJUDILL SW d=DZV]H NRELHWDr SU]HGVWDZLDM FD SDQLH Z LFK yURGRZLVNX \FLD SUDF\ L SDVML 'R ]GMÆÂ SR]RZD \ SDQLH Z UR]PDLW\P ZLHNX RG GZXPLHVLÆF]QHM G]LHZF]\QNL GR VWXODWNL
1LHEDZHP QDV]H UDGLR $OHNVDQGUÏZ .XMDZVNL : $OHNVDQGURZLH .XMDZ VNLP Z 0LHMVNLP &HQWUXP .XOWXU\ SRZVWDQLH LQWHUQH WRZH 5DGLR $OHNVDQGUÏZ D WR G]LÆNL SURMHNWRZL GOD P RG]LH \ JLPQD]MDOQHM L SRQDGJLPQD]MDOQHM Z ZLH NX t ODW -HJR FHOHP MHVW XPR OLZLHQLH P RG\P OXG]LRP ] PD \FK PLHMVFR ZRyFL L ZVL SRSURZDG]HQLD UDGLD LQWHUQHWRZHJR 5D]HP ] NRRUG\QDWRUHP XF]HVWQLF\ SURMHNWX EÆG GHF\GRZDOL R WUHyFLDFK HPLWRZDQ\FK Z UDGLX L
]RVWD \ HQWX]MDVW\F]QLH SU]\MÆWH SU]H] ]JURPDG]RQ SXEOLF]QRyÂ
)RW 80
NXUVLH d2 :DFKODU] :LOKHO PLQ\r RUJDQL]RZDQ\P SU]H] 6XOHFKRZVNL 'RP .XOWXU\ ODXUHDWND SURMHNWX d3R ÏZr Z UDPDFK 3RHW\FNLFK 'HELX WÏZ ODXUHDWND 1DJURG\ /LWHUDFNLHM d6LOHVLXVr Z URNX RUJDQL]RZDQ\FK SU]H] :URF DZVNLH %LXUR /LWHUDF NLH ODXUHDWND ; 2JÏOQRSRO VNLHJR .RQNXUVX /LWHUDF NLHJR = RW\ kURGHN 3RH]ML .XWQR QD QDMOHSV]\ SRHW\FNL GHELXW NVL NRZ\ URNX ]D WRPLN d0RMD MHVW WD ]LHPLDr 'RPLFHOD .RSDF]HZ 1DJURG]RQH SDQLH d5Ï DPL %XUPLVWU]Dr 2G OHZHM (ZH VND t SRV DQND QD VHMP 53 ZVSLHUDM FD ORNDOQH LQLFMDW\ OLQD 8UEDÍVND 'DQXWD %DUDQRZVND 0DUW\QD %XOL DÍVND Z\ RGEXGRZ\ GZRUFD NR 7HUHVD .XG\ED 'RPLFHOD .RSDF]HZVND L $QGU]HM &LHyOD OHMRZHJR L UR]ZRMX NXOWXU\ Z PLHyFLH :\GDU]HQLH PLD R PLHM 3UDZLH Z SU]HGG]LHÍ 7HUHVD .XG\ED t UHSRU VFH QD VDOL J ÏZQHM UHVWDX kZLÆWD .RELHW L WR MX WD \VWND GRNXPHQWDOLVWND UDFML d7DUDr JG]LH QD RF]DFK SURGXFHQWND WHOHZL]\MQD SR UD] V]ÏVW\ Z KLVWRULL OLF]QLH ]HEUDQHM SXEOLF]QR $OHNVDQGURZD .XMDZVNLH GZXNURWQD ODXUHDWND 3ROVNR JR PDUFD PLD D PLHMVFH yFL %XUPLVWU] &LHyOD SR 1LHPLHFNLHM 1DJURG\ ']LHQ ZF]HyQLHMV]\P RVRELVW\P JDOD ZUÆF]HQLD Z\UÏ QLHÍ QLNDUVNLHM L Z\ RWZDUFLX JDOL ZUÆF]\ VWD d5Ï H %XUPLVWU]Dr UÏ QLHÍ d1DMOHSV]\ 3URGXNW WXHWNL UÏ H L RNROLF]QRyFLR 2SROV]F]\]Q\ r 2SROVND /DXUHDWNL ]RVWD \ Z\UÏ ZH G\SORP\ SLÆFLX SDQLRP 0DUND 2SROVND 0DUND ZyUÏG NWÏU\FK ]QDOD] \ VLÆ QLRQH ]D G]LD DOQRy SU]\ QDJURG\ *UDQG 3UL[ F]\QLDM F VLÆ GR SRSUDZ\ IHVWLZDOX :RUOG 0HGLDWUDYHO 'DQXWD %DUDQRZVND t ZDUXQNÏZ \FLD ORNDOQHM 1RPLQRZDQD GR 3ROVNR 1LH NLHURZQLN ODERUDWRULXP VSR HF]QRyFL SURPXM F PLHFNLHM 1DJURG\ ']LHQQL Z DOHNVDQGURZVNLP V]SL PLDVWR QD DUHQLH NUDMRZHM NDUVNLHM ODXUHDWND ,,, L PLÆG]\QDURGRZHM RUD] ]D WDOX G]LD DF]ND VSR HF]QD 1DJURG\ )HVWLZDOX )LOPÏZ V]F]HSLDM F QRZH LGHH QD E\ D UDGQD PLHMVND 'RNXPHQWDOQ\FK 3UR&LQH 0DUW\QD %XOL DÍVND t ORNDOQ\P JUXQFLH L RWZLH PD ÏG|p 5H \VHUND UDM F PLDVWR QD yZLDW L GOD P RGD DOHNVDQGURZVND VFHQDU]\VWND L SURGXFHQWND SRHWND Z\UÏ QLRQD Z NRQ yZLDWD ILOPX d(GZDUG 6WDFKXUD
)RW 80
)RW =ELJQNLHZ 6R W\VLÍVNL
5Ï H %XUPLVWU]D
)XQGDFMÆ ']LHFL L 0 RG]LH \ 0DP\ GR G\VSR]\FML ] QD ]DNXS PLNURIRQÏZ SD QHOX UDGLRZHJR L SURPRFMÆ Z\GDU]HQLD SODNDW\ XORWNL L UÏ QH JDG HW\ 6SRWNDQLD RGE\ZDM VLÆ Z ND G\ SL WHN R JRG]LQLH Z 0&. Z VDOL QU 3LHUZV]D DXG\FMD EÆG]LH QDGDQD QD SRF] WNX NZLHW QLD
$UNDGLXV] : RGDUVNL 5DGLR $OHNVDQGUÏZ
&\NO VSRWNDÍ 0LHMVND %LEOLRWHND 3XEOLF]QD LP 0DULL 'DQLOHZLF] =LHOLÍVNLHM Z $OHNVDQGURZLH .XMDZVNLP ]DSUDV]D GR XG]LD X Z F\NOX VSRWNDÍ ]ZL ]DQ\FK ] SR]QDZDQLHP URyOLQ FKDUDNWHU\VW\F]Q\FK GOD RNROLF $OHNVDQGURZD .XMDZVNLHJR d52k/,1< 1$6=<&+ 3¯/ . , /$6¯:r 6SRWND QLH RUJDQL]DF\MQH RGE\ R VLÆ Z PDUFD : UDPDFK VSRWNDÍ SU]HZLGXMH VLÆ Z\FLHF]NL SLHV]H ]ELÏU L REVHUZDFMD URyOLQ VWZRU]HQLH ]LHOQLND ]ELÏU L VXV]HQLH ]LÏ t IRWRJUDIRZDQLH 3ODQRZDQ\ F]DV UHDOL]DFML PDU]HF t OLVWRSDG U
)RW -DQXV] :DVLFNL
.RELHWR FKRÂ W\OH PDV] ZDG
$UW\yFL SR SUHPLHU]H
: VLHG]LELH DOHNVDQGURZ VNLHJR RGG]LD X 3ROVNLHJR =ZL ]NX 1LHZLGRP\FK RGE\ R VLÆ VSRWNDQLH ] RND]ML 'QLD .RELHW Z ']LHÍ 0Æ F]\]Q ] XG]LD HP F] RQNÏZ 3=1 RUD] JRyFL =DSURV]HQLH =DU] GX .R D 3RZLDWRZHJR 3=1 SU]\MÆOL P LQ -DGZLJD +HQVHOHN NLH URZQLN ']LD X 5HKDELOLWDFML Z 2NUÆJX .XMDZVNR 3RPRUVNLP 3=1 %HDWD 6WRODUVND ] DOHN VDQGURZVNLHM ELEOLRWHNL (G\WD +HUPDQRZVND t UHSUH]HQWXM FD k'6 2VRE\ WZRU] FH .OXE \ZHM .VL NL NWÏU\ SRZVWD Z Z\QLNX ZVSÏ SUDF\ DOHN VDQGURZVNLHJR RGG]LD X 3=1 RUD] PLHMVNLHM ELEOLRWHNL ]DSUH ]HQWRZD \ SURJUDP DUW\VW\F]
Q\ ]DW\WX RZDQ\ d.RELHWD QLH MHGQR PD LPLÆr %\ WR MX GUXJL Z\VWÆS VFHQLF]Q\ RVÏE QLHZL GRP\FK RUD] QLHGRZLG] F\FK $NWRU]\ QD VFHQLH F]XOL VLÆ MX ]QDF]QLH SHZQLHM 3U]HGVWDZLH QLH Z\UH \VHURZD D :DQGD :DVLFND 1D SURJUDP DUW\VW\F]Q\ NWÏU\ UR]EDZL SXEOLF]QRy QLHPDO H GR H] ] R \ \ VLÆ WHNVW\ VDW\U\F]QH RGQRV] FH VLÆ GR Z]DMHPQHJR SRVWU]H JDQLD VLÆ NRELHW L PÆ F]\]Q E\ \ WDN H SLRVHQNL QD ZHVR R 'RPLQRZD NOLPDW WHDWU]\ NÏZ NDEDUHWRZ\FK ] RNUHVX PLÆG]\ZRMHQQHJR UÏZQLH Z VWURMDFK 6FHQ E\ D &DIH d3RG $PRUHPr =D VWURQÆ PX]\F]Q SU]HGVWDZLHQLD RGSRZLDGD -D
QXV] :DVLFNL 6W\ORZH NDSHOX V]H GOD SDÍ Z\NRQDOL 8UV]XOD L 7DGHXV] 'DQLHODN D GOD SDQÏZ 6WDQLV DZ 6]F]ÆVQ\ 0HOSRPH QLH MHGQHM ] PX] WHDWUX GDOL VLÆ ]DXURF]\Â 0DULD &KRMQDFND 8UV]XOD 'DQLHODN $QQD .U\ FKRZLDN 'DQXWD 0DOLQRZVND .DWDU]\QD 6REF]DN 'DQXWD :\U]\NRZVND :DQGD :DVLFND 7DGHXV] 'DQLHODN 0DULDQ 0D OLQRZVNL 6WDQLV DZ 6]F]ÆVQ\ -DQXV] :DVLFNL =D ]DSURV]HQLH SU]HGVWDZLH QLH L \F]HQLD SRG]LÆNRZDOL %HDWD 6WRODUVND (G\WD +HUPD QRZVND L -DGZLJD +HQVHOHN NWÏUD ]DSURVL D ]HVSÏ DNWRUVNL GR %\GJRV]F]\
: :
, *$=(7$ $/(.6$1'52:6.$ , ZZZ NXMDZ\ PHGLD SO
(QHUJHW\ND SURPRFMD
QU PDU]HF
QU PDU]HF
(QHUJHW\ND SURPRFMD
, *$=(7$ $/(.6$1'52:6.$ , ZZZ NXMDZ\ PHGLD SO
, *$=(7$ $/(.6$1'52:6.$ , ZZZ NXMDZ\ PHGLD SO
*LH GD V]NÏ Z 6WDZNDFK 5RN V]NROQ\ ]RVWD RJ RV]RQ\ SU]H] 0LQLVWHUVWZR (GXNDFML 1DURGRZHM 5RNLHP =D ZRGRZFÏZ * ÏZQ\P FHOHP V]NR \ ]DZRGRZHM MHVW GREUH SU]\JRWRZDQLH SU]\V] HJR SUD FRZQLND GR Z\NRQ\ZDQLD SURIH VMRQDOQ\FK ]DGDÍ NWÏUH SRVWDZL SU]HG QLP SUDFRGDZFD -DN ]RVWD ]DZRGRZFHP" 7R MH GHQ ] ZLHOX UHDOL]RZDQ\FK SURMHN WÏZ HGXNDF\MQ\FK SU]H] XF]QLÏZ 3XEOLF]QHJR *LPQD]MXP Z 6WDZ NDFK : UDPDFK WHJR SU]HGVLÆ Z]LÆFLD XF]QLRZLH PDM PR OL ZRy SR]QDQLD UÏ Q\FK ]DZRGÏZ RUD] F]\QQLNÏZ WUDIQHJR Z\ERUX GDOV]HJR NLHUXQNX NV]WD FHQLD 3URMHNW ]DNRÍF]\ VLÆ 32:,$ 72: *,( ' 6=.¯ 321$' *,01$=-$/1<&+ NWÏUD RGEÆ G]LH VLÆ NZLHWQLD R JRG] Z =HVSROH 6]NÏ Z 6WDZNDFK *LPQD]MDOLyFL ] SRZLDWX DOHN VDQGURZVNLHJR EÆG PRJOL ]D SR]QD VLÆ ] RIHUW G\GDNW\F]Q VSRVREDPL UHNUXWDFML D WDN H ] PR OLZRyFLDPL ]DZRGRZ\PL Z\ QLNDM F\PL ] XNRÍF]HQLD V]NR \ : JLH G]LH EÆG XF]HVWQLF]\ \ V]NR \ SRQDGJLPQD]MDOQH ] $OHN VDQGURZD .XM &LHFKRFLQND 7RUX QLD RUD] : RF DZND .D GD V]NR D EÆG]LH PLD D VZRMH VWDQRZLVNR SU]\ NWÏU\P ]DSUH]HQWXMH VZÏM GRUREHN SRND H QRZH RIHUW\ RSRZLH R ]DVDGDFK UHNUXWDFML 2U JDQL]DWRU]\ MX ]DSUDV]DM ZV]\VW NLFK XF]QLÏZ NRÍF] F\FK JLPQD ]MXP ZUD] ] URG]LFDPL
+DQQD .D|PLHUF]DN
SHGDJRJ V]NROQ\ ZVSÏ RUJDQL ]DWRU JLH G\
QU PDU]HF
*PLQD $OHNVDQGUÏZ .XM
:\ERU\ VR W\VÏZ L UDG VR HFNLFK 1D WHU\WRULXP JPLQ\ $OHNVDQGUÏZ .XMDZVNL ]QDMGXMH VLÆ VR HFWZ : W\P URNX PLMD F]WH UROHWQLD NDGHQFMD VR W\ VÏZ L UDG VR HFNLFK 3RGF]DV ]HEUDÍ ZLHM VNLFK SRGVXPRZDQ\ ]R VWDQLH F]WHUROHWQL RNUHV G]LD DOQRyFL RUD] SU]H SURZDG]RQH ]RVWDQ Z\ ERU\ QRZ\FK VR W\VÏZ RUD] UDG VR HFNLFK 1D RVWDWQLHM VHVML 5DG\
*PLQ\ $OHNVDQGUÏZ .X MDZVNL SU]\MÆWR KDUPR QRJUDP ]HEUDÍ MDNLH RG EÆG VLÆ ZH ZV]\VWNLFK VR HFWZDFK Z GQLDFK NZLHWQLD :\ E R U \ V R W \ V D L F] RQNÏZ UDG\ VR HFNLHM V SRZV]HFKQH UÏZQH EH]SRyUHGQLH ZLÆNV]R yFLRZH L RGE\ZDM VLÆ Z J RVRZDQLX WDMQ\P 1DMSLHUZ Z\ELHUD VLÆ VR W\VD Z GUXJLHM NR OHMQRyFL F] RQNÏZ UDG\
VR HFNLHM =D Z\EUDQH JR QD VR W\VD XZD D VLÆ NDQG\GDWD NWÏU\ X]\VND QDMZLÆNV] OLF]EÆ J R VÏZ ]Dy F] RQNÏZ UDG\ VR HFNLHM W\FK NDQG\GD WÏZ NWÏU]\ X]\VNDOL NR OHMQR QDMZLÆNV] OLF]EÆ J RVÏZ =JRGQLH ] 2UG\QD FM :\ERUF] 6R W\VD L 5DG\ 6R HFNLHM SUDZR Z\ELHUDQLD PD ND G\ RE\ZDWHO NWÏU\ Z GQLX Z\ERUX PD XNRÍF]RQH
ODW L VWDOH PLHV]ND QD WHUHQLH VR HFWZD 'OD GRNRQDQLD Z\ERUX Z\ PDJDQD MHVW REHFQRy FR QDMPQLHM XSUDZ QLRQ\FK PLHV]NDÍFÏZ 2 LOH Z Z\]QDF]RQ\P WHUPLQLH QLH X]\VNDQR QLH]EÆGQHJR TXRUXP Z\ERU\ Z QRZ\P WHU PLQLH PRJ E\ SU]H SURZDG]RQH EH] Z]JOÆ GX QD OLF]EÆ REHFQ\FK QD ]HEUDQLX
3RQL HM KDUPRQRJUDP *26=&=(:2 JRG] VFH t V]NR D 6 X HZR ]HEUDÍ ZLHMVNLFK Z JPLQLH PLHMVFH t =HVSÏ 6]NÏ 6 X HZR 27 2&=<1 JRG] PLHM $OHNVDQGUÏZ .XMDZVNL ='81< JRG] PLHMVFH t VFH t SUDFRZQLD 2UDQJH 2W R NZLHWQLD 6 8 (:2 JRG] PLHM VFH ]HEUDQLD t GRP NXOWXU\ Z 6 X HZLH 52 12 3$5&(/( JRG] PLHMVFH t 8U] G 0LHMVNL Z $OHNVDQGURZLH .XM VDOD 32'*$- JRG] PLHMVFH t yZLHWOLFD 3RGJDM
NZLHWQLD 232&=., JRG] PLHM VFH t UHPL]D 263 2SRF]NL 58'81., JRG] PLHM VFH t yZLHWOLFD 1RZD :LHy 35=<%5$1¯:(. JRG] PLHMVFH t UHPL]D 3U]\EUD QÏZHN %,$ ( % 27$ JRG] PLHMVFH t yZLHWOLFD %LD H % RWD
NZLHWQLD 6 20.2:2 JRG] PLHMVFH t UHPL]D 263 6 RPNRZR
yZLHWOLFD Z =GXQDFK
NZLHWQLD 2k12 JRG] PLHMVFH t yZLHWOLFD 2yQR 232., JRG] PLHMVFH t V]NR D 2SRNL 12:< &,(&+2&,1(. JRG] PLHMVFH t UHPL]D 263 2GROLRQ 3/(%$1.$ JRG] PLHM VFH t yZLHWOLFD 3OHEDQND
NZLHWQLD 35=<%5$12:2 JRG] PLHMVFH t V]NR D 3U]\EUDQRZR 2'2/,21 JRG] PLHM VFH t UHPL]D 263 2GROLRQ 67$:., JRG] PLHMVFH t V]NR D 6WDZNL :¯/.$ JRG] PLHMVFH t V]NR D 3U]\EUDQRZR
NZLHWQLD &+5867< JRG] PLHM
F]\Q 26752: 6 JRG] PLHMVFH V]NR D 2VWURZ V 32&=$ .2:2 JRG] PLHMVFH t yZLHWOLFD 3RF]D NRZR
NZLHWQLD :,/.2672:2 JRG] PLHMVFH t yZLHWOLFD :LONRVWRZR $=,(1,(& JRG] PLHM VFH t yZLHWOLFD D]LHQLHF NZLHWQLD 6 26. '2/1< JRG] PLHMVFH t yZLHWOLFD 6 RÍVN 'ROQ\ *5$%,( JRG] PLHMVFH t yZLHWOLFD *UDELH 2k12 '58*,( JRG] PLHMVFH t yZLHWOLFD Z 2yQLH 'UX JLP
NZLHWQLD :2 86=(:2 JRG] PLHMVFH t yZLHWOLFD :R XV]HZR
3U]\ G|ZLÆNDFK IOHWQL 3DQD : *PLQQHM %LEOLRWHFH 3XEOLF]QHM Z 6 X HZLH XF]QLRZLH NODV\ ,9 6]NR \ 3RGVWDZRZHM Z 6 X HZLH PLHOL PR OLZRy SRV XFKDQLD FXGRZQHM PX]\NL 2OHJD 'RZJDOD ] 8NUDLQ\ NWÏU\ Z ZLH NX SLÆFLX ODW UR]SRF]\QD VZRM HGXND FMÆ Z V]NROH PX]\F]QHM 3DQ 2OHJ MHVW HWDWRZ\P PX]\NLHP )LO KDUPRQLL /ZRZVNLHM RUD] Z\N DGRZF Z :\ V]HM 6]NROH 0X]\F]QHM ZH /ZRZLH 1D VWD H ZVSÏ SUDFXMH ] ]HVSR HP %5( 9,6 : ZROQ\P F]DVLH NRPSRQXMH PX ]\NÆ NWÏUHM LQVSLUDFM V OXGRZH XWZRU\ ] UHMRQX JÏU .DUSDW 8WDOHQWRZDQ\ PX]\N ]DFKZ\FL ZV]\VW NLFK VZRLPL ]GROQRyFLDPL PX]\F]Q\ PL Z\JU\ZDM F XWZRU\ QD SLV]F]D NDFK 3DQD 1D SRF] WNX VSRWNDQLD JRy ]D SUH]HQWRZD NLOND XWZRUÏZ D QDVWÆSQLH ] SRPRF ]QDQHJR SLVDU]D 3DQD 5RPDQD 3DQNLHZLF]D ZFL JQ G]LHFL GR ]DEDZ\ =RUJDQL]RZD ]DEDZÆ SW -DND WR PHOR GLD"r 8F]HÍ NWÏU\ Z\JUD RWU]\PD S \WÆ ] PX]\N IOHWQL 3DQD 0DJGDOHQD %XUPLVWU]DN
3RV]XNLZDF]H SRZLWDOL :LRVQÆ 3LHUZV]\ G]LHÍ ZLRVQ\ RE FKRG]RQ\ MHVW Z GQLX ]UÏZ QDQLD GQLD ] QRF FR QDMF]Æ yFLHM SU]\SDGD PDUFD = WHM RND]ML G]LHÍ ZF]HyQLHM ER E\ WR SL WHN GR *PLQQHM %LEOLRWHNL 3XEOLF]QHM Z 6 X HZLH ]DSURVLOLyP\ XF]QLÏZ NODV\ ,D L ,E =HVSR X 6]NÏ Z 6 X HZLH 3RZLWDQLH WHM SRU\ URNX WR GOD ND GHJR G]LHFND PR OL ZRy SR]QDQLD ]Z\F]DMÏZ OXGRZ\FK NXOW\ZRZDQ\FK Z QDV]\P yURGRZLVNX 7R UÏZQLH RND]MD GR UR]EXG]D QLD ZUD OLZRyFL QD SLÆNQR RWD F]DM FHM SU]\URG\ 3LHUZV]DNL GX R ZF]HyQLHM UR]SRF]Æ \ SU]\JRWRZDQLD GR QDGHMyFLD ZLRVQ\ 3RGF]DV VSDFHUÏZ L
SLHV]\FK Z\FLHF]HN ] Z\FKR ZDZFDPL V]XND \ ]ZLDVWXQÏZ L MHM R]QDN SR]QD \ ZLHUV]H L SLRVHQNL :\NRQD \ WUDQVSDUHQW\ ] KDV DPL R WHPDW\FH ZLRVHQQHM L HNRORJLF]QHM D Z WUDNFLH VSR WNDQLD d3RV]XNLZDF]H ZLRVQ\r RSRZLDGDOL ] KXPRUHP P LQ ]D FR NRFKDM ZLRVQÆ 6]F]HJÏOQH ]DLQWHUHVRZDQLH EXG]L D NXN D RUD] OHJHQGD R 0DU]DQQLH NWÏU ]JRGQLH ] WUDG\FM WRSLRQR Z U]HNDFK 'OD QDV]\FK SU]RGNÏZ RE\F]DM WHQ Z\UD D UDGRy ] QDGFKR G] FHM ZLRVQ\ NWÏUD R]QDF]D D RGURG]HQLH VLÆ yZLDWD SU]\ URG\ ]DSRZLDGD D SU]\V] H SORQ\ D ZLÆF GRVWDWHN : W\P URNX GRSLVD D SRJRGD %DUZ
Q\P SRFKRGHP ZV]\VF\ XGDOL VLÆ Z NRORURZ\P NRURZRG]LH QLRV F 0DU]DQQÆ QDG MH]LRUR : WUDNFLH SU]HPDUV]X G]LHFL ySLHZD \ d0DU]DQQR 0DU]DQQR W\ ]LPRZD SDQQR P\ FLHELH HJQDP\ ER ZLRVQÆ ZLWDP\r * RyQ\P ySLHZHP SU]\ZR \ZD \ XSUDJQLRQ :LRVQÆ : QDJURGÆ SRV]XNLZDF]H RWU]\PDOL NDUWRQ V RGNRyFL :VSÏOQH REFKRG\ 3LHUZV]HJR 'QLD :LRVQ\ QD VWD H ZSLVD \ VLÆ Z NDOHQGDU] LPSUH] L XUR F]\VWRyFL *PLQQHM %LEOLRWHNL 3XEOLF]QHM Z 6 X HZLH
0DJGDOHQD %XUPLVWU]DN
JPLQQD ELEOLRWHND Z 6 X HZLH
QU PDU]HF
*PLQD $OHNVDQGUÏZ .XM
, *$=(7$ $/(.6$1'52:6.$ , ZZZ NXMDZ\ PHGLD SO
: 5R QLH 3DUFHOH
7URSHP ZLOF]\P %LHJ 3DPLÆFL R QLHU]\ :\NOÆW\FK RGE\ VLÆ Z 5R QLH 3DUFHOH JPLQD $OHN VDQGUÏZ .XMDZVNL Z G]LHÍ 1DURGRZHJR 'QLD 3DPLÆFL d R QLHU]\ :\NOÆW\FKr MD NLH RG URNX REFKRG]R QH MHVW PDUFD -HVW WR yZLÆWR XSDPLÆW QLDM FH R QLHU]\ SROVNLHJR SRG]LHPLD QLHSRGOHJ RyFLR ZHJR G]LD DM F\FK Z ODWDFK Z JUDQLFDFK 3RO VNL VSU]HG ,, ZRMQ\ yZLDWR ZHM PDUFD WR URF]QLFD Z\NRQDQLD Z U Z\UR NÏZ yPLHUFL QD F] RQNDFK ,9 =DU] GX * ÏZQHJR =U]HV]H QLD :ROQRy L 1LH]DZLV Ry %LHJ RGE\ZDM F\ VLÆ SRG KDV HP d7URSHP :LOF]\Pr MHVW LQLFMDW\Z )XQGDFML :RO QRy L 'HPRNUDFMD L RUJDQL ]RZDQ\ MHVW Z PLDVWDFK 3ROVNL L GDZQ\FK .UHVÏZ 5]HF]SRVSROLWHM 1D .XMDZDFK RGE\ VLÆ SR UD] SLHUZV]\ : DNFMÆ Z F]\ VLÆ =ZL ]HN +DUFHUVWZD 5]HF]SR VSROLWHM Z $OHNVDQGURZLH .XMDZVNLP UHSUH]HQWRZDQ\ SU]H] SZG 'DULXV]D -DQ NRZVNLHJR +2 RUJDQL]DWRUD DOHNVDQGURZVNLHM LPSUH]\ :\GDU]HQLH ZVSLHUD D *PL QD $OHNVDQGUÏZ .XMDZVNL SU]HGVLÆELRUF\ L RUJDQL]DFMH VSR HF]QH 2UJDQL]DWRURP L XF]HVW QLNRP VSU]\MD D V RQHF]QD DXUD L U]HyNLH SRZLHWU]H SREXG]DM FH GR VSRUWRZH JR Z\VL NX 'R ELHJX ]J R VL R VLÆ VWR RVÏE MHGQDN XF]HVWQLNÏZ E\ R ]QDF]QLH
:\VWDUWRZDQR ] SODFX ]DEDZ Z 5R QLH 3DUFHOH
1D ELHJ SU]\E\ \ URG]LQ\ ] G]LHÂPL
: VSUDZLH PDQGDWX VNDUJD Z :6$ 5DGQD .DWDU]\QD %LQLDN ]H 6WDZHN QLH ]JRG]L D VLÆ ] XFKZD 5DG\ *PLQ\ Z VSUDZLH Z\JDyQLÆFLD PDQGD WX UDGQHM L VNLHURZD D ]D SRyUHGQLFWZHP UDG\ VNDUJÆ GR :RMHZÏG]NLHJR 6 GX $GPLQLVWUDF\MQHJR 1D VHVML OXWHJR EU 5DGD *PLQ\ $OHNVDQGUÏZ .XMDZ VNL SRGMÆ D XFKZD Æ Z VSUDZLH VWZLHUG]HQLD Z\JDyQLÆFLD PDQGDWX UDGQHJR .DWDU]\QLH =RILL %LQLDN 3RZRGHP E\ R ]GDQLHP UDGQ\FK Z\PHOGRZDQLH VLÆ VW\F]QLD EU ] SR E\WX VWD HJR QD WHUHQLH JPLQ\ FR VNXWNRZD R Z\NUHyOH QLHP ] UHMHVWUX Z\ERUFÏZ JPLQ\ :SUDZG]LH UDGQD WHJR VDPHJR GQLD ]DPHOGRZD D VLÆ QD RNUHV F]DVRZ\ DOH QLH ] R \ D ZQLRVNX R ZSLVDQLH MHM GR UHMHVWUX Z\ERUFÏZ =UR EL D WR GRSLHUR VW\F]QLD JG\ SU]HZRGQLF] F\ UDG\ VNLH URZD GR QLHM SLVPR ] SURyE R XVWRVXQNRZDQLH VLÆ GR ]DLVWQLD HM V\WXDFML = WHJR WH SRZRGX ]GDQLHP UDG\ Z\JDyQLÆFLH PDQGD WX QDVW SL R ] PRF\ SUDZD = WDN LQWHUSUHWDFM SUDZD UDG QD QLH ]JRG]L D VLÆ L VNLHURZD D VNDUJÆ GR :RMHZÏG]NLHJR 6 GX $GPLQLVWUDF\MQHJR =JRGQLH ] SURFHGXU VNDUJÆ SU]HND]XMH VLÆ ]D SRyUHG QLFWZHP 5DG\ *PLQ\ ZLÆF Z WHM VSUDZLH ]RVWD D ]ZR D QD VHVMD UDG\ Z WU\ELH QDG]Z\F]DMQ\P 5DGQL SU]HND]DOL VNDUJÆ GR :6$ Z %\GJRV]F]\ ] ZQLRVNLHP R RGU]XFHQLH MHM : X]DVDGQLHQLX UD] MHV]F]H SU]\SRPQLDQR SRZRG\ GOD NWÏU\FK SRGMÆWR XFKZD Æ R Z\JDyQLÆFLX PDQGDWX OXWHJR 3R UR]VWU]\JQLÆFLX VSUDZ\ SU]H] :6$ GR VSUDZ\ ZUÏFL P\ : SU]\SDGNX QLH XZ]JOÆGQLHQLD VNDUJL L Z\JDyQLÆFLD PDQGDWX Z RNUÆJX 6WDZNL UR]SLVDQH ]RVWDQ Z\ERU\ X]X SH QLDM FH ELV
ZLÆFHM NWÏU]\ Z ]GURZHM U\ ZDOL]DFML FKFLHOL XSDPLÆWQL ERKDWHUÏZ %LHJ \ QDZHW FD H URG]LQ\ 3U]HG]LD ZLH NRZ\ GRy V]HURNL MHGQDN ZyUÏG XF]HVWQLNÏZ SU]HZD D D P RG]LH 1DMP RGV] XF]HVWQLF]N QLH ELRU F MHGQDN F]\QQHJR XG]LD X Z ELHJX E\ D V]HyFLRPLH VLÆF]QD 'REUDZD &\JDÍVND NWÏUD SRG RSLHN URG]LFÏZ SU]\JO GD D VLÆ Z\GDU]HQLX '\VWDQV OLF]\ PHWU\ D WR GOD XSDPLÆWQLHQLD URNX ]DPRUGRZDQLD SU]H] =202 RVWDWQLHJR ] Z\NOÆW\FK -Ï ]HID )UDQF]DND SV /DOHN 0LHMVFHP VWDUWX E\ SODF ]D EDZ Z 5R QLH 3DUFHOH SU]\ XOLF\ .RQZDOLRZHM JG]LH ZF]HyQLHM UR]GDQR NRV]XONL
=DE\WNRZ\ NRyFLÏ Z 2W RF]\QLH
*PLQD SRPR H Z UHPRQFLH .RyFLÏ Z 2W RF]\QLH JPLQD $OHNVDQGUÏZ .XMDZVNL ]QDMGX M F\ VLÆ SU]\ XO %XUV]W\QRZHM MHVW ZSLVDQ\ GR UHMHVWU ]DE\WNÏZ 3URERV]F] SDUDILL SZ 1DMyZLÆW V]HJR 6HUFD 3DQD -H]XVD SRGM VWDUDQLD R SU]HSURZDG]HQLH UH PRQWX RELHNWX JG\ PRGHUQL]D FML Z\PDJD LQVWDODFMD HOHNWU\F]QD ]DFKRG]L NRQLHF]QRy ]DEH]SLH F]HQLD VWDELOL]DFML NRQVWUXNF\MQHM F]ÆyFL 1D RVWDWQLHM VHVML 5DGD *PLQ\
QD ZQLRVHN ZÏMWD XG]LHOLOL GRWDFML QD UHPRQW ]DE\WNX Z NZRFLH W\V ] &D NRZLWD ZDUWRy NRV]WRU\VRZD ZV]\VWNLFK SUDF NRQVHUZDWRUVNLFK UHVWDXUDF\M Q\FK RUD] EXGRZODQ\FK Z\QRVL RNR R W\V ] 3DUDILD X]\VND D MX GRILQDQVRZDQLH ] 8U]ÆGX 0DUV]D NRZVNLHJR Z 7RUXQLX QD SUDFH NRQVHUZDF\MQH Z NZRFLH W\V ] ELV
%H]S DWQH EDGDQLD JUXQWX :ÏMW JPLQ\ $OHNVDQGUÏZ .X MDZVNL LQIRUPXMH H Z ]ZL ]NX ] WUZDM F\PL SUDFDPL QDG Z\]QD F]HQLHP REV]DUÏZ ] RJUDQLF]HQLD PL QDWXUDOQ\PL 21: Z 3ROVFH 0LQLVWHUVWZR 5ROQLFWZD L 5R]ZRMX :VL ]RERZL ]D R RNUÆJRZH VWDFMH FKHPLF]QR UROQLF]H GR Z\NRQDQLD EDGDÍ RGF]\QX JOHE :\QLNL SRV X MDNR MHGQR ] NU\WHULÏZ GR XVWDOHQLD SRZLHU]FK QL NUDMX REMÆW\FK VSHFMDOQ IRUP S DWQRyFL Z ODWDFK 1D WHUHQLH JPLQ\ $OHNVDQGUÏZ
.XMDZVNL SUDFH PRQLWRULQJRZH SURZDG]RQH EÆG GR NRÍFD PDMD EU $QRQLPRZH GDQH GRVWDUF]R QH ]RVWDQ GR ,QVW\WXWX 8SUDZ\ 1DZR HQLD L *OHER]QDZVWZD 3DÍ VWZRZHJR ,QVW\WXWX %DGDZF]HJR Z 3X DZDFK NWÏU\ QD ]OHFHQLH PL QLVWUD UROQLFWZD Z\]QDF]\ 21: %DGDQLD V EH]S DWQH D LFK Z\QLNL PRJ SU]\QLHy ]QDF] FH NRU]\yFL UROQLNRP JPLQ\ Z XQLMQHM SHUVSHNW\ZLH ILQDQVRZHM ELV
L PLD D PLHMVFH V\PEROLF]QD PRGOLWZD ]D 2MF]\]QÆ 1D ]DNRÍF]HQLH ELHJX QD WHUHQLH VWDGQLQ\ d.DOLQRZ\ =DN WHNr QLH RGE\ R VLÆ MDN ]Z\NOH ZUÆF]DQLH ODXUÏZ ]Z\FLÆ]FRP ER LGH ELHJX E\ VDP Z QLP XG]LD GOD XSDPLÆWQLHQLD ERKDWHUÏZ 'OD SU]\EOL HQLD LFK SRVWDFL QD PLHMVFX XVWDZLRQR WDEOL FH LQIRUPDF\MQH :V]\VF\ XF]HVWQLF\ RWU]\PDOL SDPL W NRZH PHGDOH L ]RVWDOL XUD F]HQL Z\ERUQ\P SRF]ÆVWXQ NLHP SU]\JRWRZDQ\P SU]H] .R R *RVSRG\Í :LHMVNLFK 5R QR 3DUFHOH =ELJQLHZ 6R W\VLÍVNL SXV]F]\N VRZD#LQWHULD HX
8GDQD DNFMD :VSÏOQLH ] 3U]HGVLÆELRU VWZHP 8 \WHF]QRyFL 3XEOLF] QHM d(.26. $'r Z 6 X HZLH JPLQD ]RUJDQL]RZD D V\VWH PHP REMD]GRZ\P ]ELÏUNÆ ]X \WHJR VSU]ÆWX HOHNWU\F]QHJR L HOHNWURQLF]QHJR RG PLHV] NDÍFÏZ 2GELRURZL SRGOHJD \ RGSD G\ NWÏUH ]RVWD \ Z\VWDZLRQH SU]HG SRVHVMÆ OXE SU]\ SHUJR ODFK yPLHWQLNRZ\FK QD G]LHÍ RGELRUX ZHG XJ ZF]HyQLHM XVWDORQHJR KDUPRQRJUDPX =HEUDQR NJ ]X \WHJR VSU]ÆWX HOHNWU\F]QHJR L HOHN WURQLF]QHJR P LQ SUDONL ORGÏZNL NRPSXWHU\ WHOHIRQ\ DUÏZNL HQHUJRRV]F]ÆGQH WH OHZL]RU\ UDGLD RGWZDU]DF]H HOD]ND ZLHUWDUNL WHOHIRQ\ NRPÏUNRZH L LQQH SRGREQH VSU]ÆW\ :ÏMW JPLQ\ $OHNVDQGUÏZ .XMDZVNL G]LÆNXMH ZV]\VWNLP NWÏU]\ E\OL ]DDQJD RZDQL Z SU]HSURZDG]HQLH DNFML ]ELÏUNL ZZ RGSDGÏZ 6WDQRZL RQD ER ZLHP ZD Q\ HOHPHQW SU]\F]\ QLDM F\ VLÆ GR SRSUDZ\ VWDQX F]\VWRyFL Z JPLQLH
, *$=(7$ $/(.6$1'52:6.$ , ZZZ NXMDZ\ PHGLD SO
*PLQD $OHNVDQGUÏZ .XM
QU PDU]HF
']LHÍ .RELHW
']LHVL W\ NRQNXUV WHDWUDOQ\ EDMHN L OHJHQG
% G| SLÆNQD QD ZLRVQÆ
8F]HVWQLNDPL ; :RMHZÏG]NLHJR .RQNXUVX 7HDWUDOQH JR %DMHN L /HJHQG Z :2 86=(:,( E\ \ G]LHFL Z ZLHNX ODW ] SU]HGV]NROL L V]NÏ SRGVWDZRZ\FK 1DJURGD VSHFMDOQD SU]\SDG D 7HDWU]DNRP ] NO ,9 363 Z :R XV]H ZLH RSLHNXQ (ZD &]DUQRPVND Z\UÏ QLHQLH ]D JUÆ DN WRUVN -DNXE 3OXVNRWD 1DJURGD , SU]\SDG D NO , 363 Z 6WDZNDFK RS .DUROLQD 2UHSXN 3LRWURZVND Z\UÏ QLRQR ]D JUÆ DNWRUVN $PHOLÆ 7DUDQRZVN QDJURGD ,, 6PHUI\ ] 3U]HGV]NROD d%DMNDr Z &LHFKRFLQNX RS +DQQD 0DUV]HZVND QDJURGD ,,, 0DOL $UW\yFL ] NO 63 Z :R XV]HZLH RS 0DULD .R RG]LHM 2UJDQL]DWRUHP NRQNXUVX MHVW (ZD &]DUQRPVND
PDUFD VDOÆ ZLGRZLVNRZ *PLQQHM %LEOLRWHNL 3XEOLF]QHM Z 6 X HZLH Z\SH QL \ PLHV]NDQ NL JPLQ\ $OHNVDQGUÏZ .XMDZVNL L QLH W\ONR :V]\VWNR WR ]D VSUD Z RUJDQL]RZDQHJR 'QLD :L]D X ] RND]ML 0LÆG]\QDURGRZHJR 'QLD .RELHW
)RW -XVW\QD 6FKZHEV
1LH WU]HED ZFDOH Z\MH G DÂ EDUG]R GDOHNR HE\ E\Â SRGUÏ QLNLHP L RGNU\ZF
3RGF]DV WHM QLHFRG]LHQQHM LP SUH]\ NRELHW\ PRJ \ VNRU]\VWDÂ ] EH]S DWQ\FK ]DELHJÏZ NRVPH W\F]Q\FK WDNLFK MDN PDQLFXUH SHGLFXUH ]DELHJL QD WZDU] SUR IHVMRQDOQ\ PDNLMD KHQQD L UHJX ODFMD EUZL 3URIHVMRQDOQH ]DELHJL Z\NRQ\ZD \ NRVPHW\F]NL $JDWD 6REF]DN 0DUW\QD 3LHWU]DN %DVLD %DOFHUDN L -RDQQD 7URMDQRZVND D VNRU]\VWD R ] QLFK SUDZLH SDÍ .D GD NRELHWD PRJ D Z\EUDÂ FRy RGSRZLHGQLHJR GOD VLHELH %\ R RGSUÆ DM FR L SU]HGH ZV]\VWNLP NRELHFR 1LH ]DEUDN R WDN H VHUGHF]Q\FK \F]HÍ ] R RQ\FK SU]H] ZÏMWD JPLQ\ $QGU]HMD 2OV]HZVNLHJR = VHNUHWDU]HP JPLQ\ $UNDGLXV]HP kZL WNRZVNLP ZUÆF]\OL SU]\E\ \P SDQLRP WXOLSDQ\ &] RQNLQLH 6WRZDU]\V]HQLD 5D ]HP GOD 6 X HZD RUD] .R D (PH U\WÏZ L 5HQFLVWÏZ SU]\JRWRZD \ GOD ZV]\VWNLFK PD \ SRF]ÆVWXQHN FLDVWD FLDVWHF]ND L WRUW 0L D DWPRVIHUD MDND SDQRZD D SRGF]DV ZLHF]RUX SR]ZROL D SD QLRP QD RGHUZDQLH VLÆ RG FRG]LHQ Q\FK WURVN L RERZL ]NÏZ 0DJGDOHQD %XUPLVWU]DN
:R XV]HZR : :R XV]HZLH SDQLH VSRWND \ VLÆ Z 'QLX :LRVQ\ PDUFD Z PLHMVFR ZHM yZLHWOLF\ 8F]HVWQLF]\ :DOGH PDU %DUWF]DN SU]HZRGQLF] F\ UDG\ JPLQ\ RUD] UDGQL 6WDQLV DZ %RQR ZLF] L .DPLOD 'U]HZXFND =DJUD D RUNLHVWUD JPLQQD MDN Z F]ÆVWR E\ZD Z WHJR W\SX LPSUH]DFK 3U]HZRGQLF] FD .*: 0DULD kZLHF] NRZVND SU]HND]D D NDSHOPLVWU]RZL 5RPDQRZL 2UJDQLyFLDNRZL NVL NÆ Z\GDQ ] RND]ML OHFLD NÏ HN URO QLLF]\FK L NÏ JRVSRG\Í ZLHMVNLFK ELV
kZLHWQLH VSLVD VLÆ QD NRQNXUVLH d3R]QDMHP\ 2MFRZL]QÆr 0LNR DM 6FKZHEV XF]HÍ NO ,, 6]NR \ 3RGVWDZRZHM Z 6WDZNDFK : HOLPLQDFMDFK RGG]LD RZ\FK 377. ZH : RF DZNX MHJR SUDFD SW d0RMH QDMFLHNDZV]H yFLH NL NUDMR]QDZ F]Hr ]DMÆ D PLHMVFH : VZRMHM SUH]HQWDFML 0LNR DM SU]HGVWDZL QLH]Z\N H PLHMVFD QDV]HJR NUDMX NWÏUH ]ZLHG]D ZUD] ] URG]LFDPL :LÆNV]Ry ] QLFK ]QDMGXMH VLÆ Z QDV]\P UHJLRQLH ER MDN QDSLVD Z VZRMHM SUDF\ ODXUHDW QLH WU]HED ZFDOH Z\MH G D EDUG]R GDOHNR HE\ E\ SRGUÏ QLNLHP L RGNU\ZF 2SLHNXQHP 0LNR DMD MHVW $JQLHV]ND 0DUMDÍVND 3RZLDW DOHNVDQGURZVNL Z W\P NRQNXUVLH UHSUH]HQWR ZD \ WDN H XF]HQQLFH =HVSR X 6]NÏ Z 1LHV]DZLH $OHNVDQGUD 1RZDNRZVND ] NO 9, NWÏUD ]GRE\ D PLHMVFH Z NDWHJRULL V]NÏ SRGVWDZRZ\FK 7DN H GUXJLH PLHMVFH ]DMÆ \ JLPQD]MDOLVWNL $OHNVDQGUD 3LHFKRF ND L 0DUFHOLQD 6]\PF]DN ] NO ,, 1DJURGÆ ]D XG]LD Z NRQNXUVLH RWU]\PD \ 0LFKDOLQD 6]\PF]DN L :HURQLND /HZDQGRZVND ] NO ,, JLPQD]MXP 2SLHNXQHP XF]HQQLF MHVW 0DFLHM 0DUMDÍVNL /DXUHDFL HOLPLQDFML RGG]LD RZ\FK EÆG U\ZDOL]RZDOL Z ILQDOH ZRMHZÏG]NLP PDUFD WDN H ZH : RF DZNX $ 0
)RW 6WDQLV DZ %LD RZ V
0LNR DM 6FKZHEV L $JQLHV]ND 0DUMDÍVND
: =HVSROH 6]NÏ Z 6WDZNDFK SRG VXPRZDQR HWDS V]NROQ\ NRQNXUVX SODVW\F]QHJR d3DVMH -DQD 3DZ D ,,r .RQNXUV RJ RV]RQ\ Z 5RNX yZ -DQD 3DZ D ,, MHVW LQLFMDW\Z :\GDZQLF WZD d3URP\F]HNr ] 1RZHJR 6 F]D L )XQGDFML ']LH R 1RZHJR 7\VL FOHFLD 8F]QLRZLH NODV 2 9, ]J RVLOL Z VXPLH SUDF -XU\ SR G XJLFK L EXU]OLZ\FK REUDGDFK SRVWDQRZL R SU]\]QDÂ QD VWÆSXM FH QDJURG\ PLHMVFH 1D
.RQNXUV d3DVMH -DQD 3DZ D ,,r WDOLD /HZDQGRZVND NO 9E L .U\VWLDQ /HZDQGRZVNL NO ,E 6HEDVWLDQ 3DZ RZVNL NO ,D =X]DQQD .D|PLHU F]DN NO ,,,E :\UÏ QLHQLD 6]\PRQ .UHWNRZVNL NO 2 5RNVDQD 3DZODN NO ,,E 0DJGDOHQD 6]F]ÆVQD NO 9E 1DJURG\ XIXQGRZDQH SU]H] SUR ERV]F]D SDUDILL 2GROLRQ NV -DQXV]D
: 2yQLH E\ \ NZLDW\ ] F]HNRODGNDPL 6R W\V 2yQD 0DJGDOHQD &LHyOHZLF] ]RUJDQL]RZD D PDUFD VSRWNDQLH GOD FKÆWQ\FK SDÍ ] QDV]HM ZLRVNL DE\ XF]FLÂ kZLÆWR .RELHW 3U]\E\ R ZLHOH SDÍ ] F]HJR ZDUWR VLÆ FLHV]\Â H WDN ZLHOH RVÏE FKFH XF]HVWQLF]\Â Z \FLX ZVL kZLÆWR UR]SRF]Æ D VR W\V NWÏUD SRZLWD D ]HEUDQ\FK JRyFL L ] R \ D ZV]\VWNLP SDQLRP \F]HQLD 6Z REHFQRyFL ]DV]F]\ FLOL QDV ZÏMW $QGU]HM 2OV]HZVNL ZUD] ] VHNUHWDU]HP $UNDGLXV]HP kZL WNRZVNLP D WDN H F] RQNRZLH 5DG\ 6R HFNLHM 3DQRZLH RSUÏF] \F]HÍ ZUÆF]\OL SDQLRP NZLDWNL RUD] F]HNRODGNL 3R F]Æ yFL RILFMDOQHM RGE\ D VLÆ XURF]\VWD NRODFMD L V RGNL SRF]ÆVWXQHN :LHF]ÏU XS \Q Z PL HM DWPRVIHU]H L ZLHU]Æ L Z WDN OLF]Q\P JURQLH VSRWNDP\ VLÆ ]D URN 0 & 2yQR
6WDQRZVNLHJR ]RVWDQ ZUÆF]RQH SRG F]DV V]NROQ\FK UHNROHNFML ZLHONRSRVW Q\FK PDUFD :V]\VWNLH SUDFH ]JRGQH ] UHJXODPL QHP ]RVWDQ SU]HND]DQH QD HWDS RJÏO QRSROVNL Z 1RZ\P 6 F]X $JQLHV]ND 0DUMDÍVND
QU PDU]HF
, *$=(7$ $/(.6$1'52:6.$ ,
*PLQD $OHNVDQGUÏZ .XM
ZZZ NXMDZ\ PHGLD SO
6]XNDP\ yODGÏZ KLVWRULL 2yQR
3DUWHURZ\ EXG\QHN ZH ZVL 2yQR JPLQD $OHNVDQ GUÏZ .XMDZVNL WX SU]\ VNU]\ RZDQLX WUDNWX GR 1LHV]DZ\ ] GURJ GR 2VWUR Z VD QD SLHUZV]\ U]XW RND VZRM QLHUHJXODUQ EU\ QD SODQLH OLWHU\ d/r L F]WHURVSDGRZ\P DPDQ\P GDFKHP QLH SU]\ZRG]L QD P\yO RELHNWX NWÏU\ PÏJ E\ Z\UÏ QLÂ VLÆ F]\Py Z RNR OLF\ -HGQDN SRG VNURPQ SRZLHU]FKRZQRyFL NU\MH SRQDG GZLHyFLH ODW KLVWR ULL ER RVWDWQLR Z\NRQDQH HNVSHUW\]\ QDXNRZH GDWXM MHJR SRZVWDQLH QD GUXJ SR RZÆ ;9,,, Z %XG\QHN SLHUZRWQLH QD SODQLH SURVWRN WD ] U\]DOLWD PL FHQWUDOQ\PL J ÏZQ\FK HOHZDFML ']Ly X \WNRZH SRGGDV]H NU\MH F]WHURVSD GRZ\ GDFK SRG HWHUQLWHP D SR]RVWD \ U\]DOLW IURQWR Z\ GZXVSDGRZ\ (OHZD FMD IURQWRZD REHFQLH MHVW VLHGPLRRVLRZD RJURGRZD RyPLRRVLRZD
)RW =ELJQLHZ 6R W\VLÍVNL
7R E\ V]ODFKHFNL GZÏU
3U]HG GDZQ\P GZRUHP SRZVWD SODF ]DEDZ GOD G]LHFL
-HV]F]H QD SRF] WNX ELH FHJR ZLHNX RERN VWD D VWRGR D L EXG\QNL JRVSR GDUF]H MHGQDN G]Ly QLH SR ]RVWD SR QLFK yODG 2EHFQH SR]RVWD RyFL WR UHOLNW\ SDUNX ] NRÍFD ;,; ZLHNX $ WHQ Z ;; ZLHNX Z\FLQDQ\ L QLV] F]RQ\ ]RVWD SUDZLH FD NRZL FLH ]OLNZLGRZDQ\ D QD MHJR WHUHQLH SRZVWD D POHF]DUQLD : ODWDFK V]HyÂG]LHVL W\FK L SU\ZDWQH JRVSRGDUVWZD XELHJ HJR ZLHNX VNUÏFRQR EU\ Æ EXG\QNX R VNU]\G R kODG\ SDUNX WDN H RWU]\PD G]LVLHMV] IRU PÆ 0DWHULD EXGRZODQ\ VWD 0LÆG]\ GZRUHP D GURJ QRZL FHJ D QD SRGPXUÏZFH RG SR XGQLD PR QD MHV]F]H NDPLHQQHM :LÆ|ED GDFKRZD ]QDOH| ]H VWDUHJR ]D R HQLD NURNZLRZR t VWROFRZD ] S D NDV]WDQRZFH OLS\ L NORQ\ 2G WZL SRyUHGQL :H ZQÆWU]X ZVFKRGX SRMHG\QF]H NORQ\ SRG RJD ] GHVHN 6WRODUND D RG SÏ QRF\ VDPRWQLH UR RNLHQQD ZHG XJ UHODFML ] ODW VQ F\ Z SROX SODWDQ L ]D QLP RVLHPG]LHVL W\FK XELHJ HJR QLHUHJXODUQLH UR]PLHV]F]R ZLHNX GZXVNU]\G RZD F]WH QH JUDE\ URG]LHOQD 'ZÏU SR NROHMQ\FK 3U]\ GURG]H Z NLHUXQNX UHPRQWDFK Z ODWDFK V]Hy ZVL 6WDZNL RG SÏ QRFQHJR G]LHVL W\FK ;; Z FD NRZLFLH tZVFKRGX NRPSR]\FMÆ SDU VWUDFL FHFK\ VW\ORZH NX ]DP\NDM V]SDOHU\ DND
FMRZR t MHVLRQRZH ]QDF]QLH MHGQDN P RGV]H RG SR]RVWD \FK 2G SR XGQLD ZHMyFLH GR GZRUX RNDODM UHJXODUQH \ZRS RW\ =DFKRGQL JUDQLFÆ GDZ QHJR SDUNX VWDQRZL PD \ FLHN ZRGQ\ ZSDGDM F\ GR VWDZX VWDQRZL FHJR SÏ QRFQR ]DFKRGQL QDUR QLN ]D R HQLD SDUNRZHJR %U]HJL VWDZX ]DURyQLÆWH P RG\PL GU]HZDPL L NU]HZDPL =DUÏZQR GZÏU MDN L WR ZDU]\V] FH PX ]D R HQLH SDUNRZH SRZVWD \ Z GUXJLHM SR RZLH ;9,,, ZLHNX -HG QDN SLVDQD KLVWRULD ZVL MHVW ]QDF]QLH G X V]D ER ]QDQD E\ D MX QD SRF] WNX ;,9 Z JG\ MHM ORNDFML GRNRQD QD SUDZLH QLHPLHFNLP *HU ZDUG ] 2VWURZD SURERV]F] NDSLWX \ NDWHGUDOQHM ZH : R F DZNX RG U ELVNXS NXMDZVNL EOLVNL ZVSÏ SUD FRZQLN : DG\V DZD RNLHW
ND XF]HVWQLN SURFHVÏZ ] ]DNRQHP NU]\ DFNLP
=D 6LNRUVNLHJR" :HG XJ UHMHVWUX ] URNX 2yQR QDOH D R GR $O EHUWD 6]HPLNRZVNLHJR PDM FHJR ZÏZF]DV F]WHU\ DQ\ ]DJURGQLNÏZ L U]H PLHyOQLNÏZ /XFMDQD 6]H PLNRZVNLHJR ] DQDPL L ]DJURGQLNDPL RUD] -DQD 6]HPLNRZVNLHJR Z DGDM FH JR QD DQDFK ] ]DJURGQL NDPL : E\ R Z 2yQLH G\PÏZ 2G VWDQRZL R Z D VQRy QLHMDNLHJR 6LNRU VNLHJR V\QD SRGF]DV]HJR EUDF DZVNLHJR L SUDZGR SRGREQLH ]D MHJR F]DVÏZ SRZVWD REHFQ\ EXG\QHN GZRUVNL : , SR RZLH ;,; E\ R MX Z DVQRyFL -DQD 6XPLÍVNLH JR : U ZH ZVL ]QDM GRZD R VLÆ GRPÏZ ]D
PLHV]ND \FK SU]H] RVÏE )ROZDUN 2yQR ] ZVLDPL .D]LQ 2GRODQ\ 2GROLRQ $OHNVDQGURZR L 6WDZNL Z URNX UR]FL JD VLÆ QD REV]DU]H PÏUJ Z W\P JUXQWÏZ RUQ\FK PÏUJ N t SDVWZLVN ODVÏZ t QLHX \WNÏZ 1D W\P WHUHQLH ]QDMGRZD R VLÆ EXG\QNÏZ PXURZDQ\FK VWRVRZDQR S RGR]PLDQ SRORZ\ 2SUÏF] SRZ\ V]HJR IRO ZDUNX Z VN DG GÏEU 2yQR ZFKRG]L IROZDUN 6WDZNL ] DUHD HP PÏUJ IROZDUN $OHNVDQGUÏZ PÏUJ $OHNVDQGUÏZHN PÏUJ : SR RZLH ;,; ZLHNX GREUD REM Z IRUPLH G]LHU DZ\ .RQVWDQW\ /LSVNL D QDVWÆS QLH Z URNX QDE\ MH $QWRQL :HEHU : URNX MDNR Z DyFLFLHOH PDM WNX Z\ PLHQLHQL V VSDGNRELHUF\ SRSU]HGQLHJR 0LHF]\V DZ :HEHU L EUDW WHJR R QLH]QD Q\P LPLHQLX 'REUD VN DGD \ VLÆ ZWHG\ ] 2yQD .D]LQD 2GROLRQX $OHNVDQGURZD L 6WDZHN L OL F]\ \ UD]HP PÏUJ : U RG F]RQR RG QLFK IROZDUNL 6WDZNL L $OHN VDQGUÏZ 2NURMRQ\ PDM WHN VWD VLÆ Z DVQRyFL -Ï]HID *ROGD \GRZVNLHJR ILQDQ VLVW\ L SU]HGVLÆELRUF\ ] : R F DZND MHV]F]H SU]HG URNLHP D QDVWÆSQLH RG QDOH D GR MHJR VXNFHVRUÏZ &]DSOLÍVNLFK ] NWÏU\FK SU]\ IROZDUNX ]RVWD D 5HJLQD NWÏUD SRVLDGD D JR GR URNX :VSÏ Z DyFLFLHO +HQ U\N &]DSOLÍVNL yZLDWRZHM V DZ\ VNU]\SHN RUNLHVWU\ IL ODGHOILMVNLHM ]JLQ Z U
7DN VLÆ SUDFXMH QD VXNFHV 2GG]LD 'RUDG]WZD 5ROQLF]HJR Z =DU]HF]HZLH ]J RVL 6SÏ G]LHO QLÆ 6RFMDOQ d.XMDZVN 6SL DU QLÆr ]H 6WDZHN GR NUDMRZHJR NRQNXUVX ]D URN d6SRVÏE QD VXNFHVr RUJDQL]RZDQHJR SU]H] .DQFHODULÆ 3UH]\GHQWD 53 -X SU]H] VDP IDNW ]J RV]HQLD QDV RGELHUDP\ MDNR Z\UÏ QLHQLH t PÏZL -RODQWD /HZDQGRZVND SUH]HV VSÏ G]LHOQL t -HVW QDV W\ONR NLOND RVÏE &]\ PR QD PÏZLÂ R VXNFHVLH WUXGQR PL SRZLHG]LHÂ 'OD QDV QD SHZQR E\ 8GD R QDP VLÆ VSÏ G]LHOQLÆ XWZRU]\Â SUD FXMHP\ ]GRE\Â NOLHQWÏZ PDP\ VZRMH FHOH 7R FK\ED ]DGHF\GR ZD R R W\P Z\UÏ QLHQLX 6SÏ G]LHOQLD PD VZRM VLHG]LEÆ Z 6WDZNDFK 3URZDG]L NXFKQLÆ NWÏUD G]LHQQLH Z\GDMH RNR R VWX RELDGÏZ D Z SL WNL GX R ZLÆFHM &R ZD QH SRVL NL V WDQLH RELDG
2ELDG SU]\JRWRZXM -RODQWD /HZDQGRZVND L $QHWD 7DUF]HZVND
GZXGDQLRZ\ NRV]WXMH ] 0R QD MH ]DPDZLDÂ QD WHO .XFKQLD UHDOL]XMH ]DPÏZLHQLD QD FDWHULQJ : IHULH EÆG]LH \ZL D JUXSÆ =+3 NWÏUD SU]\MHG]LH GR $OHNVDQGURZD .XM 3DQLH ]H VSÏ G]LHOQL XF]HVWQL F] Z Z\GDU]HQLDFK JPLQQ\FK OLVWRSDGD UD]HP ] d*DO r RUJDQL]RZDQR LPSUH]Æ ]ZL ]DQ ] SURPRFM JÆVLQ\ V]WDQGDUR ZHJR SURGXNWX ZRMHZÏG]WZD NXMDZVNR SRPRUVNLHJR = NROHL Z JUXGQLX EUD \ XG]LD Z IHVW\QLH MDUPDUNX RUJDQL]RZDQ\P SU]H] 8U] G 0DUV]D NRZVNL Z 3U]\VLHNX 3U]\JRWRZDQR JÆVLQÆ Z GZÏFK SRVWDFLDFK IDV]HURZDQ XUDZL Q QD V RGNR RUD] ] ZLHSU]RZLQ L Z WUÏEN 3RGREQR WR UHFHSWD Z DVQD /DWHP FKFHP\ ]RUJDQL]R ZDÂ Z 5R QLH 3DUFHOH SLNQLN
QD WHUHQDFK ]DMÆW\FK SU]H] $UPLÆ 5DG]LHFN
6LHG]LED JURPDG\ 3R ,, ZRMQLH yZLDWRZHM PDM WHN SU]HFKRG]L QD Z D VQRy SDÍVWZD L ]RVWDMH UR]SDUFHORZDQ\ : EXG\Q NDFK IROZDUNX RVLHGORQR SDUFHODQWÏZ 3RPLHV]F]HQLD GZRUVNLH ]DMÆ D $OLQD .R QRÍF]XN SD|G]LHUQLND GRNRQDQR Z\Z DV] F]HQLD JUXQWÏZ QD U]HF] VNDUEX SDÍVWZD D ZH GZR U]H XORNRZDQR VLHG]LEÆ JUR PDG]NLHM UDG\ QDURGRZHM VW\F]QLD URNX RELHNW QDE\ D JPLQD ZLHMVND $OHN VDQGUÏZ .XMDZVNL 2EHFQLH ZH GZRU]H ]QDMGXMH VLÆ EL EOLRWHND L PLHV]NDQLD NRPX QDOQH (WHUQLWRZD U]HF]\ZLVWRy :SUDZQH RNR ]QDZF\ ]GROQH MHVW MHGQDN Z\NU\ Z EU\OH EXG\QNX Z 2yQLH V]F]HJÏ \ yZLDGF] FH R MHJR SU]HV] RyFL FKR VW\ORZH FHFK\ V SUDZLH QLH]DXZD DOQH =PLDQ\ Z DVQRyFLR ZH D V]F]HJÏOQLH WH MDNLH ]DV] \ SR GUXJLHM ZRMQLH yZLDWRZHM SR]RVWDZL \ WX VZRMH Z\UD|QH GHVWUXNF\MQH SLÆWQR E\ RVWDWHF]QLH Z OD WDFK VLHGHPG]LHVL W\FK ;; ZLHNX GZXVWXOHWQL KLVWRULÆ SRNU\ D HWHUQLWRZD U]HF]\ ZLVWRy WDPW\FK F]DVÏZ QRWD EHQH DNWXDOQD GR GQLD G]LVLHMV]HJR
=ELJQLHZ 6R W\VLÍVNL SXV]F]\N VRZD#LQWHULD HX
] SLHF]RQ\P NXUF]DNLHP t PÏZL /HZDQGRZVND t 0LHV]NDP Z WHM ZVL ZLÆF FKFHP\ M SURPRZDÂ D NXUF]DN ] UR QD QDMOHSLHM VLÆ GR WHJR QDGDMH 6SÏ G]LHOQLD ]DU] G]D JPLQQ\P RyURGNLHP Z\SRF]\QNRZ\P Z QDG MH]LRUHP Z 2VWURZ VLH 3URZDG]L WDP PD JDVWURQRPLÆ 0LQLRQ\ VH]RQ FKRÂ SRJRGD QLH ]DZV]H GRSLV\ZD D RFHQLDM MDNR XGDQ\ =DF]Æ R SU]\MH G DÂ ZLHOH RVÏE QD NLONXJRG]LQQ\ Z\SRF]\QHN JG\ SRZLÆNV]RQR SOD Æ RF]\V]F]RQR EU]HJ L QD ZLH]LRQR SLDVHN 1DUHV]FLH MHVW WDP SOD D QD PLDUÆ WHJR PLHMVFD %\ \ V RQHF]QH GQL NLHG\ QD SOD \ SU]HE\ZD R NLONDVHW RVÏE 0R H Z W\P URNX XGD VLÆ ]EX GRZDÂ SRPRVW %\ DE\ WR DWUDNFMD GOD Z\SRF]\ZDM F\FK 2yURGHN RWZDUW\ ]RVWDQLH MDN W\ONR SRJR GD QD WR SR]ZROL ELV
, *$=(7$ $/(.6$1'52:6.$ , ZZZ NXMDZ\ PHGLD SO
*PLQD $OHNVDQGUÏZ .XM
QU PDU]HF
7UDJLF]Q\ ]MD]G 1D ]MH|G]LH ] DXWRVWUDG\ $ Z 1RZ\P &LHFKRFLQ NX GRV] R GR WUDJLF]QHJR Z\SDGNX Z Z\QLNX NWÏUHJR yPLHUÂ SRQLÏV OHWQL NLHUXM F\ VDPRFKRGHP FLÆ D URZ\P 'R ]GDU]HQLD GRV] R PDUFD RNR R JRG]LQ\ QD SÆWOL ]MD]GRZHM ] DXWRVWUDG\ $ Z 1RZ\P &LHFKR FLQNX -DN Z\QLND ]H ZVWÆSQ\FK XVWDOHÍ SROLFMDQWÏZ NLHUXM F\ VDPRFKRGHP FLÆ DURZ\P ZLR] F\P ZRUNL ] PDWHULD HP EXGRZODQ\P ] QLHXVWDORQ\FK SU]\F]\Q XGHU]\ Z EDULHUNL RFKURQQH D QDVWÆSQLH ]MHFKD ]H VNDUS\ L SU]HZUÏFL VLÆ GDFKRZD OHWQL NLHURZFD ]JL Q QD PLHMVFX 6DPRFKÏG XVXQLÆWR QDVWÆSQHJR GQLD LQI .33
6 X HZR
)RW .33
:VSRPQLHÍ F]DU
&LÆ DURZ\ VDPRFKÏG VLRG RZ\ VWRF]\ VLÆ ]H VNDUS\ DXWRVWUDGRZHJR ]MD]GX Z 1RZ\P &LHFKRFLQNX
$NDGHPLD 5RG]LFÏZ 3U]HGVWDZLFLHOH 5DG\ 5RG]LFÏZ ] =HVSR X 6]NÏ Z 6WDZNDFK XF]HVW QLF]\OL Z $NDGHPLL 5RG]LFÏZ NWÏUHM LQDXJXUDFMD RGE\ D VLÆ PDUFD Z 6]NROH 3RGVWDZRZHM QU ZH : RF DZNX 7HPDW SU]HZRGQL WR d-DN RG NU\ZDÂ L UR]ZLMDÂ WDOHQW\ QDV]\FK G]LHFLr ,QLFMDWRUHP $NDGHPLL E\ D L 'RPLFHOD .RSDF]HZVND t SRVH QD 6HMP 53 6SRWNDQLRP Z $NDGHPLL 5RG]LFÏZ EÆG]LH SU]\yZLHFD FHO EXGRZDQLD RGSRZLHGQLHJR NOLPDWX V]NÏ SDUWQHUVNLFK UHODFML GDM F\FK VDW\VIDNFMÆ URG]LFRP QDXF]\FLHORP L XF]QLRP 3RGF]DV DNDGHPLL RGE\ D VLÆ SUH]HQ WDFMD RJÏOQRSROVNLHJR 3URMHNWX 0LVWU]RZLH .RGRZDQLD D WDN H Z\VWÆS ODXUHDWD d'URJL GR *ZLD]Gr &H]DUHJR .OLPF]DND
0 :
7HJRURF]QH IHULH Z *PLQQHM %LEOLRWHFH 3XEOLF]QHM Z 6 X HZLH E\ \ SH QH DWUDNFML L QLHVSRG]LDQHN GOD G]LHFL 'R ELEOLRWHNL FRG]LHQQLH SU]\ELHJD R ] XyPLHFKHP QD WZDU]\ RNR R F]WHUG]LHVWX XF]HVWQLNÏZ .D G\ PÏJ ]QDOH|Â FRy GOD VLHELH : SLHUZV]\FK GQLDFK RGE\ \ VLÆ ]DMÆFLD SODVW\F]QH SRGF]DV NWÏU\FK ND G\ PÏJ Z\ND]DÂ VLÆ NUHDW\ZQRyFL L SRP\V RZRyFL 1LH ]DEUDN R JU\ Z ]ELMDND RUD] JLHU L ]DEDZ VWROLNRZ\FK $E\ QDFLHV]\Â VLÆ ZLRVHQQ SRJRG Z ]LPRZHM SRU]H G]LHFL Z\FKRG]L \ QD SREOLVNL SODF ]DEDZ JG]LH RSUÏF] LQWHJUDF\MQ\FK ]DEDZ WZRU]\ \ SLDVNRZH ILJXUNL L EXGRZOH 1LH ]DEUDN R ZDUV]WDWÏZ DUW\VW\F]Q\FK = S \W &' WZRU]R QR PRW\Z\ PRW\OL NZLDW\ ] ELEX \ RUD] UHDOL]RZD \ Z DVQH SRP\V \ 1LHVSRG]LDQN E\ \ ]DMÆFLD NXOLQDUQH QD NWÏU\FK URELRQR IDQWD]\MQH NDQDSNL : RVWDWQLP GQLX IHULL F]HND D QD G]LHFL QLH]Z\N D QLHVSR G]LDQND t 0,1,.,12 L ILOP SW d$OYLQ L ZLHZLÏUNLr -DN QD NLQR SU]\VWD R QLH ]DEUDN R SRSFRUQX L FKLSVÏZ :V]\VWNLH G]LHFL NWÏUH V\VWHPDW\F]QLH SU]\FKRG]L \ GR ELEOLRWHNL RUD] EUD \ XG]LD Z ]DMÆFLDFK RWU]\PD \ SDPL W NRZ NVL HF]NÆ ] SU]\ND]DQLDPL Z]RURZHJR F]\WHOQLND G XJRSLV L V RGNL XSRPLQHN /LF]ED XF]HVWQLNÏZ yZLDGF]\ R W\P H Z ELEOLRWHFH VSÆG]RQR F]DV ] SR \WNLHP GOD ZV]\VWNLFK G]LHFL 0DJGDOHQD %XUPLVWU]DN
6WDUW ]H 6WDZHN ]RUJDQL]RZD WXUQLHM SL NDUVNL P RG]LNÏZ : +DOL 6SRUWRZHM Z &LHFKR FLQNX RGE\ VLÆ SRG NRQLHF OX WHJR , +DORZ\ 7XUQLHM d*,(. 6$ &83 r Z NDWHJRULL P RG]LN URF]QLN L ]RUJDQL]RZDQ\ SU]H] .OXE 6SRUWRZ\ d67$57r 6WDZNL : LPSUH]LH Z]LÆ R XG]LD GUX \Q %\ \ WR HNLS\ ] %\G JRV]F]\ 7RUXQLD : RF DZND 5DG]LHMRZD /LSQD &LHFKR FLQND 6 X HZD L 6WDZHN
6WDUW 5DG]LHMÏZ 9 t 8.6 /LSQR 9, t &.6 =GUÏM &LHFKRFLQHN 9,, t *ZLD]GD %\GJRV]F] 9,,, t (ODQD 7RUXÍ ,; t *.6 6WDUW 6WDZNL ; t *.6 6WDUW 6WDZNL
7XUQLHM VWD QD EDUG]R Z\VRNLP SR]LRPLH VSRUWRZ\P L RUJDQL]D F\MQ\P R F]\P yZLDGF]\ ]DLQWH UHVRZDQLH NOXEÏZ NWÏUH Z]LÆ \ Z QLP XG]LD :yUÏG XF]HVWQLNÏZ
Z\ RQLRQR QDMOHSV]HJR ]DZRGQL ND t WR ,JRU 7HU]FLÍVNL 'ZXQDVWND : RF DZHN QDMOHSV]HJR EUDP NDU]D $GDP %HFLÍVNL 2U]H 6 X HZR QDMOHSV]HJR VWU]HOFD
'UX \Q\ SRG]LHORQH ]RVWD \ QD GZLH JUXS\ SR SLÆÂ ]HVSR ÏZ 5R]JU\ZNL JUXSRZH ]RVWD \ UR]H JUDQH V\VWHPHP ND G\ ] ND G\P JG]LH Z\ RQLRQR SDU\ SÏ ILQD R ZH 'UX \Q\ NWÏUH ]DMÆ \ NROHMQH PLHMVFD RG GR Z JUXSDFK UR ]HJUD \ ]H VRE PHF]H R PLHMVFD L Z NODV\ILNDFML NRÍFRZHM 0HF]H UR]JU\ZDQH E\ \ SR PL QXW 1DVWÆSQLH RGE\ \ VLÆ SÏ ILQD \ RUD] PHF] R , L ,,, PLHMVFH .ODV\ILNDFMD NRÍFRZD Z NDWH JRULL P RG]LN Z\JO GD D QDVWÆ SXM FR , PLHMVFH t 'ZXQDVWND : RF DZHN ,, t 2U]H 6 X HZR ,,, t : RF DYLD : RF DZHN ,9 t
0DUFHOL .U\JHU 6WDUW 5DG]LHMÏZ 2WU]\PDOL RQL SDPL WNRZH VWDWX HWNL XIXQGRZDQH SU]H] ZÏMW JPL Q\ $OHNVDQGUÏZ .XMDZVNL .D GD ] GUX \Q RWU]\PD D SXFKDU\ PH GDOH RUD] V RG\F]H 6SRQVRUDPL , +DORZHJR 7XUQLHMX d*,(.6$ &83 r E\ \ ILUP\ %LXUR 3OXV -D QRZVF\ 7RUXÍ &HQWUXP 8EH]SLH F]HÍ 6SR HF]Q\FK &LHFKRFLQHN t 6RELHUDMVNL $UFKL 7HF SURMHNW\ t $OHNVDQGUÏZ .XMDZVNL 5HGODPD 570 t 2SDNRZDQLD 3RG]LÆNRZDQLD QDOH VLÆ RE V XG]H WXUQLHMX Z VN DG]LH &H]D U\ 3U]\E\OVNL 7RPDV] kPLJLHOVNL 0LFKD XF]\ÍVNL .U\VWLDQ /LQHN 3U]HP\V DZ 3DF]NRZVNL 7RPDV] 6NLELÍVNL RUD] *PLQD $OHNVDQ GUÏZ .XMDZVNL ]D ZVSDUFLH L SR PRF Z RUJDQL]DFML 2UJDQL]DWRU]\ ]DSRZLDGDM H 7XUQLHM +DORZ\ d*,(.6$ &83 r EÆG]LH LPSUH] F\NOLF]Q L XURyQLH GR UDQJL WXUQLHMX RJÏOQR SROVNLHJR &H]DU\ 3U]\E\OVNL
=HVSR \ ] JPLQ\ $OHNVDQGUÏZ .XMDZVNL ELRU FH XG]LD Z WXUQLHMX
SUH]HV *PLQQHJR .OXEX 6SRUWRZHJR d67$57r 6WDZNL
QU PDU]HF
*PLQD $OHNVDQGUÏZ .XM
&]\VWD JPLQD .RQWUROD XPÏZ QD RGELÏU RGSDGÏZ NRPXQDOQ\FK L QLHF]\VWRyFL FLHN \FK SU]HGVLÆELRUVWZ 1LHEDZHP Z JPLQLH $OHN VDQGUÏZ .XMDZVNL Z\]QD F]RQH V X E\ SU]\VW SL GR NRQWUROL XPÏZ QD RGELÏU RG SDGÏZ NRPXQDOQ\FK L QLHF]\ VWRyFL FLHN \FK MDNLH SRZLQQ\ SRVLDGD ILUP\ SURZDG] FH G]LD DOQRy JRVSRGDUF]
2 PLHV]NDÍFÏZ PDUWZL VLÆ JPLQD 2G OLSFD URNX Z JPLQLH $OHNVDQGUÏZ .X MDZVNL SRGREQLH MDN Z FD HM 3ROVFH RERZL ]XMH QRZ\ V\VWHP JRVSRGDURZDQLD RGSDGDPL NRPXQDOQ\PL :F]HyQLHM 5DGD *PLQ\ Z GURG]H XFKZD \ SRGMÆ D GHF\]MÆ H RGSDG\ NR PXQDOQH EÆG RGELHUDQH ] JRVSRGDUVWZ GRPRZ\FK Z NWÏU\FK ]DPLHV]NXM PLHV]NDÍF\ RUD] ] W\FK Z NWÏU\FK QLH PLHV]NDM DOH RGSDG\ SRZVWDM 2G WHJR F]DVX ]D RGELÏU yPLHFL RG PLHV]NDÍFÏZ RGSRZLDGD JPLQD 7R QD MHM EDUNDFK VSRF]\ZD RER ZL ]HN ]DZDUFLD XPRZ\ ] SRGPLRWHP NWÏUH EÆG]LH ]DMPRZD VLÆ RGELRUHP L Z\ ZR]HP QD VN DGRZLVNR 1LF MHGQDN ]D GDUPR :SURZD G]RQR WDN H RERZL ]NRZH RS DW\ : JPLQLH $OHNVDQ GUÏZ .XMDZVNL VWDZNÆ REOL F]D VLÆ RG PLHV]NDÍFD D MHM Z\VRNRy X]DOH QLRQD MHVW RG IDNWX F]\ ]ELHUD RQ RG SDG\ VHJUHJRZDQH F]\ WH ]PLHV]DQH 1DN DGDM F QD JPLQ\ RERZL ]HN ]DMPRZDQLD VLÆ RGELRUHP RGSDGÏZ NRPX QDOQ\FK RG PLHV]NDÍFÏZ MHGQ\P ] DUJXPHQWÏZ E\ R SU]HNRQDQLH H G]LÆNL WHM ]PLDQLH SRSUDZL VLÆ VWDQ VDQLWDUQ\ Z PLDVWDFK L JPL QDFK t SU]\SRPLQD ZÏMW $Q GU]HM 2OV]HZVNL 6NRUR WR JPLQD ]RERZL ]DQD MHVW GR RELRUX ZV]\VWNLFK yPLHFL WR QLH PD SRZRGX DE\ SR ]E\ZD VLÆ LFK Z\U]XFDM F MH Z LQQH PLHMVFD
1DGDO PR QD QDWUDILÂ QD WDNLH REUD]NL Z ODVDFK 2ND]XMH VLÆ MHGQDN H QDGDO yPLHFL ]QDMGXMHP\ Z SU]\GUR Q\FK URZDFK OD VDFK ]E\W ZLHOH LFK Z XOLF] Q\FK NRV]DFK 3R SÏ WRUD URNX IXQNFMRQRZDQLD WHJR V\VWHPX ZLGDÂ H SR]RVWDMH OLF]QD JUXSD ILUP t PD \FK L GX \FK t NWÏUH PDM ]DZLH UDÂ XPRZ\ QD RGELÏU RGSD GÏZ LQG\ZLGXDOQLH ] ILUPD PL NRPXQDOQ\PL 2ND]XMH VLÆ H QLH ZV]\ VF\ Z\ZL ]XM VLÆ ] WHJR RERZL ]NX D V WH ILUP\ NWÏUH ZSUDZG]LH PDM ]D ZDUW XPRZÆ DOH QD RGELÏU W\ONR QLHZLHONLHM LORyFL RGSD GÏZ :LHOH ] QLFK SRGU]XFD Q\FK MHVW Z UÏ QH PLHMVFD
3RND FLH XPRZÆ
6ZHJR F]DVX RSLV\ZDOL yP\ Z JD]HFLH ]GDU]HQLH QD Z\V\SLVNX Z 6 X HZLH JG]LH MHGHQ ] SU]HGVLÆELRU FÏZ KDQGORZ\FK SU]\MHFKD GX \P VDPRFKRGHP Z\ D GRZDQ\P NDUWRQDPL L LQQ\ PL RGSDGDPL ]DOLF]DQ\PL GR VXURZFÏZ ZWÏUQ\FK %\ ]G]LZLRQ\ H ]D GDQR RG QLHJR ]DS DFHQLD ]D RGELÏU 8ZD D H WR RQ ]UREL DVNÆ SU]\ZR F RGSDG\ 3U]HGVLÆELRUFD WHQ ZSUDZG]LH ]DZDU XPRZÆ QD RGELÏU RGSDGÏZ DOH QLH ZLHON LORy Z VWRVXQNX GR WHM MDN FR PLHVL F dSURGX NXMHr t PÏZL 0DFLHM %DUWR .RV]H SH QH RGSDGÏZ V]HN SUH]HV d(NRVN DGXr :LHOX QDZHW WDNLHM XPRZ\ : 6 X HZLH Z SREOL X QLH PD MHGQHJR ]H VNOHSÏZ ]DXZD RQR H NRV]H XOLF]QH VWDOH 8VWDZD R XWU]\PDQLX V ]DSH QLDQH EXWHONDPL SR F]\VWRyFL L SRU] GNX Z JPL QDSRMDFK NDUWRQDPL SDSLH QDFK PÏZL H Z DyFLFLHOH UDPL QLHUXFKRPRyFL NWÏU]\ SR 6 X E\ SRU] GNRZH QLH ]E\ZDM VLÆ ] WHUHQX QLH QDG D \ ]D LFK XVXZDQLHP UXFKRPRyFL QLHF]\VWRyFL ZLHOH yPLHFL ZDOD R VLÆ SR FLHN \FK RUD] Z DyFLFLHOH XOLF\ .LHG\ VSUDZG]RQR QLHUXFKRPRyFL NWÏU]\ QLH F]\ VNOHS PD XPRZÆ QD RG V RERZL ]DQL GR SRQRV]H ELÏU RGSDGÏZ RND]D R VLÆ QLD RS DW ]D JRVSRGDURZD H WDNLHM XPRZ\ ] ILUP Z\ QLH RGSDGDPL NRPXQDOQ\PL ZR]RZ QLH ]DZDU 7 XPD QD U]HF] JPLQ\ V RERZL F]RQR H VNOHS QLH dSURGX ]DQL GR XGRNXPHQWRZDQLD NXMHr yPLHFL NRU]\VWDQLD ] XV XJ Z\ZR ]X RGSDGÏZ L QLHF]\VWRyFL
FLHN \FK SU]H] RND]DQLH VWR VRZQ\FK XPÏZ L GRZRGÏZ XLV]F]DQLD RS DW ]D WH XV XJL t SU]\SRPLQD 0DOZLQD $Q GUXVLDN NLHURZQLN :\G]LD X 3ODQRZDQLD 8U]ÆGX *PLQ\ Z $OHNVDQGURZLH .XMDZ VNLP 1D Z DyFLFLHODFK QLHUXFKRPRyFL Z\NRU]\VW\ ZDQ\FK GR SURZDG]HQLD G]LD DOQRyFL JRVSRGDUF]HM VSRF]\ZD RERZL ]HN ]DZDU FLD LQG\ZLGXDOQ\FK XPÏZ QD Z\ZÏ] RGSDGÏZ ] SU]HG VLÆELRUF SRVLDGDM F\P XSUDZQLHQLD QD Z\ZÏ] RG SDGÏZ ] WHUHQX JPLQ\ $OHN VDQGUÏZ .XMDZVNL :DUWR SU]\SRPQLH H ]JRGQLH ] DUW XVW XVWD Z\ R XWU]\PDQLX F]\VWRyFL L SRU] GNX Z JPLQDFK SR ]E\ZDQLH VLÆ SRZVWD \FK QD WHUHQLH QLHUXFKRPRyFL RGSDGÏZ NRPXQDOQ\FK RUD] QLHF]\VWRyFL S \QQ\FK ]H ]ELRUQLNÏZ EH]RGS \ZR Z\FK Z VSRVÏE QLH]JRGQ\ ] SU]HSLVDPL XVWDZ\ L SU]H SLVDPL RGUÆEQ\PL X]QD ZDQH MHVW ]D Z\NURF]HQLH L SRGOHJD NDU]H JU]\ZQ\ .D U]H WHM SRGOHJD WDN H WHQ NWR QLH Z\NRQXMH RERZL ]NÏZ RNUHyORQ\FK Z RERZL ]XM F\P UHJXODPLQLH .RQLHF]QRy SRSUDZLHQLD VWDQX VDQLWDUQHJR Z JPLQLH ]PXV]D GR SU]HSURZDG]H QLD NRQWUROL Z SU]HGVLÆELRU VWZDFK NWÏUH WDN H PXV] PLH SRGSLVDQ XPRZÆ QD RGELÏU RGSDGÏZ 6SUDZG]D QH EÆG DNWXDOQH XPRZ\ L UDFKXQNL %UDN W\FK GRNX PHQWÏZ VNXWNRZD EÆG]LH V]F]HJÏ RZ NRQWURO G]LD DOQRyFL SU]HSURZDG]RQ SU]H] SUDFRZQLNÏZ 8U]ÆGX *PLQ\ L 6WUD *PLQQ ELV
35=('6,¦%,25&< 086= 0,(¢ 802:¦ 0LHV]NDÍF\ ]ELHUDM RGSDG\ GR WU]HFK SRMHPQLNÏZ
3/$67,. 3$3,(5 0(7$/
323,¯
, *$=(7$ $/(.6$1'52:6.$ , ZZZ NXMDZ\ PHGLD SO
+DUPRQRJUDP
]ELÏUNL Z NZLHWQLX Z JRG]
RGSDGÏZ ZLHONRJDEDU\WRZ\FK ] WHUHQX JPLQ\ $OHNVDQGUÏZ .XMDZVNL Z UDPDFK PRELOQHJR SXQNWX VHOHNW\ZQHM ]ELÏUNL RGSDGÏZ NRPXQDOQ\FK
, *$=(7$ $/(.6$1'52:6.$ ,
1LH PD NRQWUDNWX GOD VWRPDWRORJD Z JPLQLH *PLQD % GNRZR QDOH \ GR QLHOLF]Q\FK Z NWÏUHM QLH PD GHQ W\VW\ &KR GOD OHNDU]D SU]\JRWRZDQR PLHV]NDQLH Z RyURGNX ]GURZLD Z\G]LHORQR SRPLHV]F]HQLD QD JDELQHW WR VWRPDWRORJ QLH PR H SRGM  SUDF\ ER 1DURGRZ\ )XQGXV] =GURZLD QLH ]D NRQWUDNWRZD yZLDGF]HÍ 'OD PQLH WR VNDQGDO DE\ OLF] FD W\V PLHV]NDÍFÏZ JPLQD E\ D SR]EDZLRQD VWRPDWRORJD t PÏZL ZÏMW % GNRZR 5\V]DUG 6WÆSNRZVNL t -HVWHP GHF\]M 1)= Z %\GJRV]F]\ ]EXOZHUVR ZDQ\ 3RQRZQLH ]ZUÏFL HP VLÆ GR G\UHNWRUD RGG]LD X R SRGSL VDQLH NRQWUDNWX 3U]\ GX \P Z\VL NX ORJLVW\F]Q\P ]H VNURP Q\FK ]DVREÏZ PLHV]NDQLRZ\FK XGD R QDP VLÆ ]RUJDQL]RZD PLHV]NDQLH GOD OHNDU]D NWÏU\ QD VWD H WXWDM RVL G]LH : DyFLFLHO RyURGND ]GURZLD ]JRG]L VLÆ QD Z\G]LHU DZLHQLH SRPLHV]F]HÍ QD JDELQHW :DUWR GRGD H LQLFMDW\ZD Z\V] D RG PLHV]NDÍFÏZ NWÏU]\ RG PLHVLÆF\ GRPDJDM VLÆ DE\ OHNDU] GHQW\VWD SU]\MPR ZD SDFMHQWÏZ QD PLHMVFX : SLyPLH GR G\UHNWRU RGG]LD X 1)= ZÏMW SU]\SRPQLD H NR U]\VWDQLH ] XV XJ VWRPDWRORJLF]Q\FK QLH MHVW URG]DMHP SRPRF\ VSR HF]QHM OHF] RERZL ]NLHP ZREHF RVÏE XEH]SLHF]RQ\FK S DF F\ VN DGNL ]GURZRWQH PDM F\P SUDZR E\ ]D GDUPR OH F]RQ\PL :LÆNV]Ry PLHV]NDÍFÏZ QLH MHVW Z VWDQLH SRQRVL GRGDWNRZ\FK NRV]WÏZ ]ZL ]DQ\FK ] Z\MD]GDPL GR V VLHGQLFK JPLQ NRU]\VWD ] S DWQ\FK XV XJ VWRPDWRORJLF]Q\FK NWÏU\FK ]UHV]W Z JPLQLH QLNW QLH yZLDGF]\ 7HM VSUDZ\ QD SHZQR QLH dRGSXV]F]Ær t GRGDMH VWDQRZF]R ZÏMW t : SU]\SDGNX SRQRZQHJR QHJDW\ZQHJR ]D DWZLHQLD QD V]HM SURyE\ EÆGÆ RGZR \ZD VLÆ GR FHQWUDOL 1)= Z :DUV]DZLH : FHOX SRGMÆFLD VWRVRZQ\FK G]LD DÍ EÆGÆ WDN H SRGHMPRZD LQQH SUDZHP SU]HZLG]LDQH NURNL :\UD|QLH R W\P QDSLVD HP 1LH FKFÆ NRQIOLNWÏZ Z\ZR \ZDQLD VHQVDFML DOH SRZD QHJR WUDNWRZDQLD \ZRWQ\FK SRWU]HE PLHV]NDÍFÏZ QDV]HM JPLQ\ ER LP VLÆ WR SR SURVWX QDOH \
.R R *RVSRG\Í :LHMVNLFK Z % GNRZLH SRGVXPRZD R F]WHUROHWQL RNUHV G]LD DOQRyFL L Z\EUD R QRZH Z DG]H 3U]H ZRGQLF] F QDGDO MHVW 0LURV D ZD :R|QLDN : JPLQLH % GNRZR G]LD D G]LHZLÆÂ .Ï *RVSRG\Í :LHM VNLFK -HGQ ] QDMVWDUV]\FK RU JDQL]DFML NRELHF\FK QLH W\ONR Z JPLQLH DOH Z UHJLRQLH MHVW .*: Z % GNRZLH =D GZD ODWD REFKRG]LÂ EÆG]LH VWR ODW LVWQLH QLD : W\P URNX PLMD F]WHUROHWQLD NDGHQFMD Z DG] WHJR NR D = WHJR SRZRGX ]HEUDQR VLÆ Z VDOL *PLQQHJR 'RPX .XOWXU\ DE\ SRGVXPRZDÂ F]WHUROHWQL RNUHV G]LD DOQRyFL RUD] Z\EUDÂ QRZH Z DG]H 2 GRNRQDQLDFK PÏZL D VH NUHWDU] NR D (O ELHWD 6NRZURÍ VND SU]\SRPLQDM F ]Z DV]F]D WR FR ]URELRQR Z PLQLRQ\P URNX 6]F]HJÏ RZR Z\PLHQLD D G]LD DQLD Z SRV]F]HJÏOQ\FK PLHVL FDFK -DN ]DZV]H URN UR] SRF]\QDQR RG XG]LD X Z ILQDOH :LHONLHM 2UNLHVWU\ kZL WHF]QHM 3RPRF\ Z NWÏU\P SDQLH ELRU
QU PDU]HF
*PLQD % GNRZR
ZZZ NXMDZ\ PHGLD SO
= SODFÏZ EXGRZ\
: 6LQNDFK WUZD EXGRZD XMÆFLD ZRG\
: V]\ENLP WHPSLH SRVWÆSXM SUDFH SU]\ EXGRZLH F]QLND Z =HVSROH 6]NÏ Z % GNRZLH
.*: SRGVXPRZD R L Z\EUD R RG ODW DNW\ZQ\ XG]LD : JUXG QLX MDN ]Z\NOH VSRWNDQR VLÆ QD NRODFML ZLJLOLMQHM :WHG\ WH ]DSODQRZDQR Z\PLDQÆ VWURMÏZ yZL WHF]QR Z\MyFLRZ\FK NWÏUH ]DSUH]HQWRZDQR QD ]HEUDQLX VSUDZR]GDZF]R Z\ERUF]\P 3DQLH ] E GNRZVNLHJR .*: DNW\ZQLH XF]HVWQLF] QLH W\ONR Z JPLQQ\FK XURF]\VWRyFLDFK L LPSUH]DFK &]ÆVWR ZLGRF]QH V Z LQQ\FK PLHMVFRZRyFLDFK UH JLRQX MDN FKRÂE\ Z RyURGNDFK GRUDG]WZD UROQLF]HJR Z =DU]H F]HZLH L 0LQLNRZLH JG]LH ELRU XG]LD Z UÏ Q\FK NRQNXUVDFK L SRND]DFK : PDMX XE URNX Z 0LQLNRZLH -RODQWD &]DUQLDN ]GRE\ D Z\UÏ QLHQLH ]D QDOHZNÆ d0LÆWÏZND ] % GNÏZNDr -HGQR ]H VSRWNDÍ SRyZLÆFRQH E\ R SRND]RZL XN DGDQLD NRNDUG\ L SDNRZDQLD SRGDUXQNÏZ ]DMÆFLD SURZDG]L D /DXUD 0DFLHMHZVND 3DQLH ] .*:
ZVSÏ SUDFXM ] NR HP HPHU\WÏZ d6WRNURWNLr V REHFQH ] ZLHÍFD PL QD GR \QNDFK SRZLDWRZ\FK 'OD XDWUDNF\MQLHQLD F]ÆVWR VSR WNDQLD RUJDQL]RZDQR Z SOHQHU]H .R HP RG ODW NLHUXMH 0LUR V DZD :R|QLDN : GRZÏG X]QD QLD L SRG]LÆNRZDQLD RWU]\PD D NZLDW\ .LHG\ SU]\VW SLRQR GR Z\ERUX Z DG] QD NROHMQD NDGHQ FMÆ RyZLDGF]\ D NX ]DVNRF]HQLX REHFQ\FK H ] NDQG\GRZDQLD UH]\JQXMH ER SR ODWDFK F]DV QD ]PLDQÆ 1D V]F]ÆyFLH MHGQDN SRG ZS \ZHP NROH DQHN ]JRG]L D VLÆ E\Â Z\EUDQD GR ]DU] GX NR D D WDP MX SU]HNRQDQR M HE\ GDOHM NLHURZD D RUJDQL]DFM :LFHSU]HZRGQLF] F .*: Z % GNRZLH ]RVWD D +DOLQD %LHU QDFLDN VHNUHWDU]HP (O ELHWD 6NRZURÍVND VNDUEQLNLHP 'D QXWD .UÆSHÂ NURQLNDU]HP %DU EDUD -Ï|ZLDN F] RQNLHP ]DU] GX (O ELHWD .DPLÍVND .RPLVMD UHZL]\MQD +DOLQD % F]NRZVND SU]HZRGQLF] FD 0DULDQQD &]\ HZVND L .U\VW\QD 0HQGHO 7HNVW L IRW 6W %
&] RQNLQLH .R D *RVSRG\Í :LHMVNLFK Z % GNRZLH
6R W\VL L UDG\ VR HFNLH Z JPLQLH % GNRZR : JPLQLH % GNRZR ]DNRÍ F]\ \ VLÆ ]HEUDQLD PLHV]NDÍFÏZ VR HFWZ SRGF]DV NWÏU\FK SRG VXPRZ\ZDQR PLMDM FD F]WHUR OHWQL NDGHQFMÆ VR W\VÏZ L UDG VR HFNLFK RUD] Z\ELHUDQR QRZH Z DG]H :\ERU\ RGE\ \ VLÆ Z VR HFWZDFK Z Z GUXJLP WHU PLQLH : J RVRZDQLX WDMQ\P Z\ELH UDQR VR W\VÏZ RUD] SR]RVWD \FK F] RQNÏZ UDG VR HFNLFK 3R ZV]HFKQ\P SRSDUFLHP FLHV]\OL VLÆ GRW\FKF]DVRZL VR W\VL =PLD Q\ QDVW SL \ MHG\QLH Z SLÆFLX VR HFWZDFK $1721,(:2 6R W\V t 'DULXV] %HUJXQGD F] RQNRZLH UDG\ VR HFNLHM t : DG\V DZ .R] RZVNL /LGLD %HUJXQ GD 3LRWU &KRMQDFNL % '.2:2 6R W\V 5\V]DUG .XU GXSVNL F] RQNRZLH UDG\ t 6WDQLV DZ
6NRZURÍVNL 0DUHN .XMDZD *U]HJRU] 1LHPF]\N : DG\V DZ &]\ HZVNL %$'.¯:(. 6R W\V -DQ :RFK QD F] RQNRZLH UDG\ :DOGHPDU \ ZLFD 'DULXV] &]DUQLDN 6WDQLV DZ .U\VLÍVNL 0LURV DZ 0HQGHO %,(/( 6R W\V 6WDQLV DZ /H ZDQGRZVNL F] RQNRZLH UDG\ t 3LRWU .REXVLÍVNL 'RURWD %U]H]LÍVND %RJX PL D =LHPNLHZLF] $JQLHV]ND %U]H]LÍ VND -$5$12:2 6R W\V t 6 DZRPLU 6WU]HOHFNL F] RQNRZLH UDG\ t 5DID *UDODN 6 DZRPLU :LyQLHZVNL 7R PDV] 1RZDN (PLO 6WU]HOHFNL -$5$12:2 '8 ( 6R W\V t $JQLHV]ND 1RZDNRZVND F] RQNRZLH UDG\ t 0DJGDOHQD 6DODPRÍVND :LH V DZ 6]NXGODUHN -DURV DZ :LWNRZ VNL 'DZLG '\GXFK .$/,12:,(& 6R W\V 7HUHVD 1RZDN F] RQNRZLH UDG\ t $GDP /H ZDQGRZVNL .U]\V]WRI :UÏEOHZVNL 0DULROD .ZLDWNRZVND 0RQLND 3D FKROVND
.$1,(:2 6R W\V t +DOLQD %Æ G]LDN F] RQNRZLH UDG\ t .D]LPLHU] 'RQGDOVNL /HV]HN 8UEDÍVNL 3DZH 'DODVLÍVNL -Ï]HI )LJXURZVNL .5<6. 6R W\V t : DG\V DZ 3L NXOVNL F] RQNRZLH UDG\ t .U]\V]WRI 6]F]XSDNRZVNL 'DULXV] %HUJXQGD +DOLQD 6DGRNLHUVND 0LURV DZD 3DZ ODN .8-$:.$ 6R W\V t .U]\V]WRI 6XFKDUD F] RQNRZLH UDG\ t 0DULXV] 6WÆSNRZVNL :LROHWWD 6XFKDUD 0DUHN -DQNRZVNL $QGU]HM 3U]HNZDV .:,$7.2:2 6R W\V t 'DQXWD 3DOLZRGD F] RQNRZLH UDG\ t +HQ U\N .UÆSHÂ -HU]\ .UDZF]DN 0DULROD &HQWNRZVND .U]\V]WRI .RWRZVNL .2/ 2:,&=(. 6R W\V t 7H UHVD .HPSDUD F] RQNRZLH UDG\ t .U]\V]WRI 0HQGHO 0DUHN 3U]HNZDV -DQ 8UEDÍVNL -HU]\ :R|QLDN 2:,&=(. 6R W\V t -DQ 7RERO VNL F] RQNRZLH UDG\ t $JDWD %DU\]D 6 DZRPLU $QGU\V]HZLF] 3LRWU 2JUR GRZVNL 0DULXV] 6]DIUDÍVNL
¯:.2:,&( 6R W\V t .U]\V]WRI 0DUF]HZVNL F] RQNRZLH UDG\ t 5R PDQ ' EHN 0DULXV] 6]XG]LN 3LRWU 'ROLJDOVNL %HDWD %LD RZ V 6,1., 6R W\V t 5HQDWD 8OF]\FND F] RQNRZLH UDG\ t -DURV DZ 6PDU G]HZVNL =HQRQ .RFKDQRZVNL 5REHUW 8UEDÍVNL :RMFLHFK 8OF]\FNL 6 83< '8 ( 6R W\V t -DQXV] 'DODVLÍVNL F] RQNRZLH UDG\ t 0DUHN :DVLHOHZVNL : DG\V DZ 'HSWD )UDQ FLV]HN *U]HJRUVNL =HQRQ ÆJD 6 83< 0$ ( 6R W\V t %DUEDUD .XU]\S F] RQNRZLH UDG\ t : RG]L PLHU] 5DWDMF]\N 0LHF]\V DZ .XU]\S 0DUHN -X|ND =ELJQLHZ :HVR RZVNL 720$6=(:2 6R W\V t +HQU\N %RUNRZVNL F] RQNRZLH UDG\ t $QGU]HM .UX \ÍVNL 3DZH :LÆFNRZVNL +RQR UDWD .R] RZVND 7RPDV] 6]DIUDÍVNL 72325=<6=&=(:2 6R W\V t 0D JRU]DWD %DUWRV]HN F] RQNRZLH UDG\ t 6WDQLV DZ %U]H]LÍVNL 7RPDV] :R|QLDN -DQ 0DNRZVNL %DUEDUD 3X FKDOVND
72325=<6=&=(:2 67$5(
6R W\V t +RQRUDWD :UÏEOHZVND F] RQNRZLH UDG\ t 'LRQL]\ 5DNRFD -DQ .ZLDWNRZVNL -DQ 6]SHUNRZVNL -DQXV] :R|QLDN :<62&,1 6R W\V t :DQGD 'D QLHOHZVND F] RQNRZLH UDG\ t .DUR OLQD kZLHUF] 7RPDV] 3LHOND :LHV DZ &KUXSHN =ELJQLHZ 3U]HNZDV :¯-7¯:.$ 6R W\V 6WDQLV DZ 3DFKROVNL F] RQNRZLH UDG\ t 5RPDQ 8UEDÍVNL .DURO 0DMFKU]DN 0DUFLQ 3DFKROVNL -DURV DZ 0DUV]DOHN =,(/(1,(& 6R W\V t 7RPDV] &LFKRFNL F] RQNRZLH UDG\ t (O ELH WD .UDZF]DN -Ï]HI 0RUDF]HZVNL .U]\V]WRI 7UDZLÍVNL 5\V]DUG 0LOHZ VNL $%,(1,(& 6R W\V t %URQLV DZ %DQDVLDN F] RQNRZLH UDG\ t $QGU]HM 3LHOND 8UV]XOD +ÆVLDN 0DULD .X DF] NRZVND 3LRWU .ZLDWNRZVNL
QU PDU]HF
, *$=(7$ $/(.6$1'52:6.$ ,
3ROLW\ND
ZZZ NXMDZ\ PHGLD SO
ZŽnjŵŽǁĂ nj D Z</ D <h^ zF^</D͕ ŬŽŽƌĚLJŶĂƚŽƌĞŵ ĂŬĐũŝ ŵŝĞůĞŶŝ͘Ɖů͕ ƉƌŽƉĂŐĂƚŽƌĞŵ ũĞĚŶŽŵĂŶĚĂƚŽǁLJĐŚ ŽŬƌħŐſǁ ǁLJďŽƌĐnjLJĐŚ ĚŽ ^ĞũŵƵ͕ ƌĂĚŶLJŵ ZĂĚLJ DŝĞũƐŬŝĞũ ŝĞĐŚŽĐŝŶŬĂ
2GSRZLHG]LDOQRy SU]HG Z\ERUFDPL 2G NLONX ODW ZDOF]\ SDQ R ZSURZDG]HQLH MHGQRPDQ GDWRZ\FK RNUÆJÏZ Z\ ERUF]\FK Z Z\ERUDFK GR 6HMPX 53 &]ÆVWR SU]\ GUR G]H Z 2yQLH JPLQD $OHN VDQGUÏZ .XMDZVNL JG]LH PLHV]ND SDQD URG]LQD VWRL QD SODWIRUPLH VDPRMH]GQHM ZLHONL ELOERUG NWÏU\ SUR SDJXMH LQQ\ VSRVÏE Z\ ELHUDQLD SRV ÏZ -HVW SDQ J ÆERNR SU]HNRQDQ\ GR NR QLHF]QRyFL ]PLDQ\ RUG\QDFML Z\ERUF]HM" 8ZD DP H SURSRUFMR QDOQD RUG\QDFMD Z\ERUF]D NWÏU REHFQLH PDP\ MHVW ] D 7U]HED M MDN QDMV]\EFLHM ]PLHQL QD RUG\QDFMÆ ZLÆN V]RyFLRZ ] MHGQRPDQGDWR Z\PL RNUÆJDPL Z\ERUF]\PL WDN DE\ PR QD E\ R J RVR ZD QD OXG]L D QLH QD SDUWLH : WHM FKZLOL ZD QLHMV]D MHVW GOD Z\ERUFÏZ SDUWLD D QLH RVRED NWÏUD ] QLHM VWDUXMH .DQG\GDWÏZ ]QDMGXM F\FK VLÆ QD OLVWDFK RFHQLDP\ SU]H] SU\ ]PDW SDUWLL L MHM OLGHUD -HVW SDQ ZRMRZQLNLHP" 0\yOÆ H WDN .D GHJR NWR ZDOF]\ R FRy OXE Z MDNLHMy VSUDZLH PR QD QD]ZD ZR MRZQLNLHP &R VN RQL R SDQD HE\ ]DLQWHUHVRZD VLÆ W\P WH
PDWHP MDN GR WHJR GRV] R" 0R QD SRZLHG]LH H MX RG F]DVX VWXGLÏZ LQWHUHVR ZD D PQLH SROLW\ND L WR FR VLÆ G]LHMH Z QDV]\P NUDMX RUD] ]D JUDQLF 2EVHUZRZD HP SU]HPLDQ\ SROLW\F]QH SR ZVWDM FH SDUWLH L UXFK\ RE\ ZDWHOVNLH MHGQDN QLH DQJD R ZD HP VLÆ Z LFK G]LD DOQRy $ GR F]DVX NLHG\ WR VWZLHU G]L HP H DE\ FRy ]PLHQL WU]HED Z]L  VSUDZ\ Z VZRMH UÆFH :H ZU]HyQLX URNX ]QDQ\ ZRNDOLVWD URFNRZ\ 3DZH .XNL] ]DDQJD RZD VLÆ Z G]LD DOQRy 5XFKX QD U]HF] -HGQRPDQGDWRZ\FK 2NUÆJÏZ :\ERUF]\FK =D LQLFMRZD RQ Z WHQ VSRVÏE SRZVWDQLH DNFML =PLHOHQL SO NWÏUD PD GRSURZDG]L GR UR]SLVDQLD RJÏOQRSROVNLHJR UHIHUHQGXP Z NWÏU\P 3R ODF\ RGSRZLHG]LHOLE\ QD S\ WDQLH F]\ V ]D ZSURZDG]H QLHP MHGQRPDQGDWRZ\FK RNUÆJÏZ Z\ERUF]\FK Z Z\ ERUDFK GR 6HMPX 53 $E\ GR WHJR GRV] R QD OH \ ]HEUD PLQLPXP W\V SRGSLVÏZ SRSDUFLD SRG ZQLRVNLHP R UHIHUHQGXP 1DG ]ELHUDQLHP SRGSLVÏZ F]XZDM NRRUG\QDWRU]\ DNFML -D ]RVWD HP MHGQ\P ] WDNLFK NRRUG\QDWRUÏZ
DĂƌĞŬ <ƵƐnjLJŷƐŬŝ ,OH SRGSLVÏZ ]HEUDOLyFLH GR WHM SRU\" 1D FKZLOÆ REHFQ PDP\ ]HEUDQ\FK RN W\V 7R QLH ZLHOH MDN QD GZD ODWD WUZDQLD DNFML SU]\]QDMÆ : RVWDWQLP F]DVLH ZLÆNV]\ QDFLVN ]RVWD SR R RQ\ QD LQIRUPRZDQLH VSR HF]HÍVWZD Z WHM VSUDZLH QL QD LFK ]ELHUDQLH 0\yOÆ MHGQDN H QLH]EÆG QH MHVW ZLÆNV]H ]DDQJD R ZDQLH ND GHJR ] QDV V]F]H JÏOQLH NRRUG\QDWRUÏZ DE\ Z NRÍFX X]ELHUDÂ Z\PDJDQ OLF]EÆ 0DP SHZLHQ SRP\V
NWÏU\ SRVWDUDP VLÆ ]DF] Â UHDOL]RZDÂ MDN W\ONR ]UREL VLÆ WURFKÆ FLHSOHM 0DP WH QDG]LHMÆ H SRSU]H] PRMH G]LD DQLD Z DNFMÆ Z F]\ VLÆ ZLÆFHM RVÏE NWÏUH PLÆG]\ LQQ\PL SRPRJ Z ]ELHUDQLX SRGSLVÏZ 0\yOL SDQ H 3RODF\ FKF ZSURZDG]HQLD MHGQRPDQ GDWRZ\FK RNUÆJÏZ L F]\ WR FRy WDN QDSUDZGÆ ]PLHQL" 1D VWURQLH LQWHUQHWRZHM =PLHOHQL SO SRSDU R QDV EOL VNR W\V RVÏE QDWRPLDVW
RVWDWQLH EDGDQLD VRQGD R ZH SRND]XM H SRQDG SURF 3RODNÏZ FKFLD RE\ HE\ Z Z\ERUDFK GR 6HMPX RERZL ]\ZD \ MHGQRPDQGD WRZH RNUÆJL Z\ERUF]H -HG QDN SDUWLH SROLW\F]QH EÆG FH X Z DG]\ EÆG UREL \ ZV]\VW NR DE\ GR UHIHUHQGXP Z WHM VSUDZLH QLJG\ QLH GRV] R ER REHFQD RUG\QDFMD Z\ERUF]D MHVW LP QD UÆNÆ :\EUDQL SRV RZLH V RG SRZLHG]LDOQL SU]HG V]HIDPL VZRLFK SDUWLL D QLH SU]HG Z\ERUFDPL ER WR RQL GHF\ GXM R W\P NWR ]QDMG]LH VLÆ QD OLVWDFK Z\ERUF]\FK L MDNLH GRVWDQLH PLHMVFH 'OD WDNLH JR NDQG\GDWD GREUH PLHMVFH QD OLyFLH WR MHVW E\Â DOER QLH E\Â 'ODWHJR MHVW RQ SRV XV] Q\ VZRMHPX V]HIRZL D QLH V XFKD F]HJR FKFLHOLE\ MHJR Z\ERUF\ -HGQRPDQGDWRZH RNUÆJL VSRZRGXM H ]PLHQL VLÆ WH NZHVWLD RGSRZLHG]LDOQRyFL SRV ÏZ D R W\P NWR ]RVWDQLH Z\EUDQ\ GHF\GRZDÂ EÆG RE\ZDWHOH D QLH ZRG]RZLH SDUWLL -DN SR WHM ]PLDQLH Z\ JO GD \E\ Z\ERU\" 3ROVND E\ DE\ SRG]LHORQD QD RNUÆJÏZ Z\ERUF]\FK ER W\OX PDP\ SRV ÏZ : WHM FKZLOL RNUÆJÏZ Z\ERUF]\FK
:LG]LDQH ] ERNX
= SRZRGX FKRU JLHZHN 3LHUZV]H SRUXV]HQLH Z\QLN QÆ R ] ZL]\W\ SUH]\GHQWD 53 ZH : RF DZNX JG]LH RGE\ZD R VLÆ VSRWNDQLH SRG KDV HP OHFLD VD PRU] GQRyFL ORNDOQHM 0R QD E\ R XF]HVWQLF]\Â Z QLP W\ONR ]H VSH FMDOQ\P ]DSURV]HQLHP 7UDNWRZDQR MH MDNR Z\UÏ QLHQLH ZLÆF SRG W\P N WHP DQDOL]RZDQR NWR MH RWU]\PD D UDF]HM NWR ZyUÏG Z\EUDÍFÏZ QLH ]QDOD] VLÆ =DSURV]HQLDPL QD SRZLDW DOHN VDQGURZVNL U] G]L VWDURVWD NWÏU\ UR]G]LHOD MH ZHG XJ Z DVQHJR X]QDQLD $IHUND Z\EXFK D NLHG\ RND]D R VLÆ H ZyUÏG Z\EUDÍFÏZ E\ -DQXV] &KPLHOHZVNL E\ \ SU]HZRGQLF] F\ UDG\ SRZLDWX NLONX NDGHQFML QD NWÏU\P MHGQDN FL \ V GRZ\ Z\URN 1D MXELOHXV]RZH VSRWNDQLH QLH ]DSURV]RQR E VHQDWRUD 53 -Ï]HID \F]DND ZÏMWD .RQHFND L ZLHOX LQQ\FK G XJROHWQLFK VDPRU] GRZFÏZ MDN FKRÂE\ 6WHIDQD $OHNVLXND NWÏU\ UDGQ\P PLHMVNLP Z $OHNVDQGURZLH .XMDZVNLP MHVW RG SLHUZV]HM NDGHQFML 2F]\ZLyFLH NWRy ]DZV]H EÆG]LH SRPLQLÆW\ MHGQDN Z]EXU]RQ\P FKRG]L R UDF]HM
R DUELWUDOQ\ VSRVÏE UR]G]LHODQLD SUHVWL RZ\FK ]DSURV]HÍ
3U]HGZF]HVQ\ 606 .ROHMQD ZL]\WD SUH]\GHQWD W\P UD]HP Z &LHFKRFLQNX L $OHNVDQGUR ZLH .XMDZVNLP L NROHMQH SRZRG\ GR Z]EXU]HQLD :SDGNÆ ]DQRWRZD EXUPLVWU] &LHFKRFLQND NLHG\ WR WHOHIRQLF]Q\ PL 606 DPL SRZLDGRPL PLHV] NDÍFÏZ NXURUWX H PRJ VSRWND VLÆ ] SUH]\GHQWHP UDQR PDUFD 3R SHZQ\P F]DVLH RND]D R VLÆ H GR VSRWNDQLD GRMy QLH PR H ER ]DUD] SR yQLDGDQLX SUH]\GHQW MHG]LH GR $OHNVDQGURZD .XM =QRZX Z UXFK SRV] \ 606 RGNUÆFDM FH ZF]HyQLHMV]H ZH]ZDQLH : &LH FKRFLQNX SRGOLF]DM LOH WD SRP\ ND NRV]WRZD D 1D yQLDGDQLH ] SUH]\GHQWHP NWÏU\ MDNR SLHUZV]D J RZD SDÍ VWZD QRFRZD Z GZRUNX Z\EX GRZDQ\P MDN ZLDGRPR W\ONR GOD SUH]\GHQWÏZ ]RVWDOL ]DSURV]HQL Z\EUDÍF\ 1D VSRWNDQLH ] SUH]\GHQWHP QD SODFX 0DMD Z $OHNVDQGURZLH .XM 32 QDZHW VZRLFK QLH ZV]\VWNLFK ]DSURVL D P LQ ZÏMWD JPLQ\ $ L WDN ZL]\WD QDW\FKPLDVW RGEL D VLÆ V]H URNLP HFKHP Z NUDMX *G\ Z 3ROVNÆ SRS \QÆ \ ILOP\ L IRWRVHUZLV\ ] WHJR Z\GDU]HQLD UR]SÆWD R VLÆ PHGLDOQH SLHNLH NR 3RGQLHVLRQR DODUP H
ZyUÏG ZLWDM F\FK E\OL XF]QLRZLH NWÏU]\ PDFKDOL ELD R F]HUZRQ\PL FKRU JLHZNDPL ] QDSLVHP d3RSLH UDP .RPRURZVNLHJRr 8]QDQR WR ]D DQJD RZDQLH G]LHFL Z NDPSDQLÆ Z\ERUF] SUH]\GHQWD FR RF]\ZLyFLH QLH SRZLQQR PLHÂ PLHMVFD 1DVWÆSQHJR GQLD EXU PLVWU] SU]HG NDPHUDPL RJÏOQRSRO VNLFK VWDFML WHOHZL]\MQ\FK W XPDF]\ VN G ]QDOD] \ VLÆ G]LHFL 0LQLVWHU RyZLDW\ ]D GD D Z\MDyQLHÍ RG NX MDZVNR SRPRUVNLHM NXUDWRU RyZLDW\ D WD RG EXUPLVWU]D 5HJLRQDOQ\ SR VH 3,6 ]D GD J ÏZ ZRMHZÏG] NLHM NXUDWRU L G\UHNWRU V]NR \
$OHNVDQGUÏZ .XMDZVNL ] SRZR GX G]LHFL ] FKRU JLHZNDPL SU]H] NLOND GQL E\ QD XVWDFK FD HM 3ROVNL FR RF]\ZLyFLH GD R SR \ZNÆ GOD LQWHUQDXWÏZ GR Z\UD DQLD UÏ Q\FK QDZHW VNUDMQ\FK RFHQ
%XUPLVWU] ELMH VLÆ Z SLHUVL L SU]HSUDV]D ]D FXG]H ZLQ\ 0\ SRWUDNWRZDOLyP\ SU]\MD]G SUH]\GHQWD 53 %URQLV DZD .RPR URZVNLHJR MDNR ZL]\WÆ J RZ\ SDÍ VWZD W XPDF]\ EXUPLVWU] $QGU]HM &LHyOD %\ D WR GUXJD Z KLVWRULL D SLHUZV]D SR ZRMQLH ZL]\WD SUH]\GHQWD 53 Z QDV]\P PLHyFLH
)RW 6WDQLV DZ %LD RZ V
3U]\MD]G SUH]\GHQWD 53 %UR QLV DZD .RPRURZVNLHJR GR &LHFKRFLQND L $OHNVDQGURZD .X MDZVNLHJR Z\ZR D NROHMQ EXU]Æ ZyUÏG G]LD DF]\ UÏ Q\FK RSFML SROLW\F]Q\FK
PDP\ L V RQH EDUG]R GX H 3R ]PLDQDFK RNUÆJL E\ \E\ PQLHM ZLÆFHM ZLHO NRyFL REHFQ\FK SRZLDWÏZ : WDNLP VWRVXQNRZR PD \P RNUÆJX Z\JU\ZD E\ WHQ NDQ G\GDW NWÏU\ X]\VND E\ QDM ZLÆNV] OLF]EÆ J RVÏZ : WDNLFK Z\ERUDFK QLH Z\JU\ZD \E\ RVRE\ ] SU]\ SDGNX OXE RVRE\ NWÏUH V ELHUQH PLHUQH DOH ZLHUQH V]HIRZL SDUWLL 1D Z\JUDQ Z WDNLFK Z\ERUDFK WU]HED E\ VRELH ]DV X \Â X Z\ERUFÏZ D QLH X V]HID SDUWLL :LHP FRy QD WHQ WHPDW ER Z RVWDWQLFK Z\ERUDFK VDPRU] GRZ\FK XGD R PL VLÆ ]Z\FLÆ \Â Z D yQLH Z MHGQRPDQGDWRZ\P RNUÆJX Z\ERUF]\P 3R UD] SLHUZV]\ ZSURZDG]RQR MH QD SR]LRPLH JPLQ QLH EÆG F\FK PLDVWDPL QD SUDZDFK SRZLDWX : NROHMQ\FK Z\ERUDFK RFHQD PRMHM RVRE\ D QLH SR ]\FMD QD OLyFLH EÆG PLD \ GH F\GXM FH ]QDF]HQLH F]\ SR UD] NROHMQ\ X]\VNDP PDQGDW 0DQGDW ]DXIDQLD Z\ERUFÏZ D QLH SDUW\MQHJR V]HID , WDN SRZLQQR E\Â ZV]ÆG]LH 5R]PDZLD 0 6
ZLÆF WUXGQR QLH X]QDÂ WHJR ]D ZUÆF] KLVWRU\F]QH Z\GDU]HQLH 1D XG]LDOH P RG]LH \ JLPQD]MDOQHM QDP ]DOH D R ER WR E\ D GOD QLHM PR H MHG\QD RND]MD EH]SRyUHGQLH JR NRQWDNWX ] SUH]\GHQWHP 53 3U]\V]OL WH XF]QLRZLH V]NR \ SRGVWDZRZHM WR SUDZGD &]\ QDXF]\FLHOH PLHOL LFK SR]EDZLÂ PR OLZRyFL SRV XFKDQLD SUH]\GHQ WD QD \ZR" 3U]HFLH HIHNW Z\ERU F]\ ] SRZRGX XG]LD X Z VSRWNDQLX EÆG]LH DGHQ ER XF]QLRZLH FL QLH PDM ODW ZLÆF QD QLNRJR QLH EÆG J RVRZDOL 7R V]WDERZF\ NR PLWHWX Z\ERUF]HJR ZUÆF]DOL ELD R F]HUZRQH FKRU JLHZNL ] QDSLVHP d3RSLHUDP .RPRURZVNLHJRr 8EROHZDP H QD SU]HELHJDM FHM Z VHUGHF]QHM DWPRVIHU]H ZL]\FLH ER FL NWÏU]\ Z QLHM XF]HVWQLF]\OL E\OL ]DGRZROHQL VNXSLRQR VLÆ QD HOHPHQWDFK LQF\GHQWDOQ\FK GUX JRU]ÆGQ\FK %XUPLVWU] &LHyOD WDN VLÆ SRF]X RGSRZLHG]LDOQ\ ]D ZV]\VWNR FR VWD R VLÆ QD L SR VSRWNDQLX H Z\GD RyZLDGF]HQLH SU]HSUDV]DM F SUH]\GHQWD 53 7R MX Z PRLP SU]HNRQDQLX E\ D JUXED SU]HVDGD -HGQDN ND G V\WXDFMÆ PR QD SU]HNXÂ Z VXNFHV 7DN ZLHOH R $OHNVDQGURZLH GDZQR QLH PÏZLRQR t FLHV] VLÆ Z 8U]ÆG]LH 0LHMVNLP $ H GRV] R GR PHGLDO QHM ZU]DZ\" .WR SR ODWDFK EÆG]LH R QLHM SDPLÆWD &KRÂ ]DSHZQH R QLHNWÏU\FK GR yZLDGF]HQLDFK Z\QLNDM F\FK ] WHM ZL]\W\ SDPLÆWDÂ PLPR ZV]\VWNR ZDUWR
6WDQLV DZ %LD RZ V ']LHFL SU]\V] \ EH] FKRU JLHZHN L WDEOLF ] QDSLVHP Z\ERUF]\P
, *$=(7$ $/(.6$1'52:6.$ , ZZZ NXMDZ\ PHGLD SO
:<'$5=(1,$ : 0&.
$OHNVDQGUÏZ .XMDZVNL
QU PDU]HF
8URF]\VWRyFL MXELOHXV]RZH
6WR ODW L FL JOH Z UXFKX
0DJGDOHQD 0\GODU] SRND]XMH VZRMH SUDFH
2F]\PD 'XV]\ 0\GODU] 2F]\PD GXV]\ 0DJGDOHQ\ 0\GODU] ] %\GJRV]F]\ SDWU]\ D ]JURPDG]RQD PDUFD EU Z VDORQLH WDQHF]QR NLQRZ\P 0&. SXEOLF]QRy 2EUD]\ L U\VXQNL P RGHM PDODUNL ]UREL \ RJURPQH ZUD HQLH QD SU]\E\ \FK 0DJGDOHQD 0\GODU] SRFKRG]L ] DUW\VW\F]QHM URG]LQ\ 0LHV]ND Z %\GJRV]F]\ 0DOXMH SDVWHO ROHMHP J ÏZQLH SRVWDFLH SRU WUHW\ =DMPXMH VLÆ W\P RG G]LHFLÍVWZD 3LHUZV]\P MHM SRUWUHWHP ROHMQ\P E\ 'DODL /DPD QD SRJLÆWHM GHVFH QDPDORZDQ\ Z ZLHNX ODW L WDN WH UR]SRF]Æ D VLÆ WD SU]\JRGD ,QWHUHVXMH VLÆ GXFKRZRyFL L J ÆELDPL OXG]NLHM SV\FKLNL $E\ UR]ZLMD VLHELH Z W\P NLHUXQNX L OHSLHM UR]XPLH LQQ\FK XF]ÆV] F]D GR V]NR \ SV\FKRWURQLF]QHM :L H ] W\P VZRM SU]\V] Ry SRGREQLH MDN ] PDODUVWZHP 6WDUD VLÆ F]\ WH GZLH G]LHG]LQ\ Z\UD DM F Z VZRLFK SUDFDFK J ÆELÆ OXG]NLHM GXV]\ 0ÏZL 8ZD DP H LFK WZDU]H PDM QLH]Z\N Z\UD]LVWRy ,FK ORV L P GURy MHVW QD QLFK Z\U\VRZDQD : DyQLH X QLFK GR VWU]HJDP QDMEDUG]LHM WÆ SUDZGÆ H RF]\ V RNQHP GXV]\ :\VWDZÆ 0DJGDOHQ\ 0\GODU] 2F]\PD GXV]\ PR QD RJO GD Z 0LHMVNLP &HQWUXP .XOWXU\ Z $OHNVDQGURZLH .XMDZVNLP GR NZLHWQLD :F]HyQLHM SUH]HQWRZDQD E\ D Z 0LHMVNLHM %LEOLRWHFH 3XEOLF]QHM LP -DQXV]D HUQLFNLHJR Z &LHFKRFLQNX
7HNVW L IRW $JQLHV]ND .UDV]HZVND $UNDGLXV] *UDODN
3DQL : DG\V DZD SRZLWD D SU]HGVWDZLFLHOL Z DG] PLHM VNLFK EXUPLVWU]D $QGU]HMD &LHyOÆ UDGQ (PLOLÆ *D VNÆ RUD] -DGZLJÆ 'XGHN NLHURZQLND 86& QD VWRM FR L SU]H] FD \ F]DV VN DGDQLD \F]HÍ G XJLFK ODW Z ]GURZLX DQL P\yOD D XVL y 6WD D QD ZHW ZWHG\ JG\ \ZR ] Z D yFLZ MHM HQHUJL RSRZLDGD D R VZRLP \FLX L SU]H \FLDFK -DN QD VZÏM ZLHN MHVW Z\M W NRZR VDPRG]LHOQD 'Ry SR ZLHG]LH H PLHV]ND VDPD VDPD WH SDOL Z SLHFX L MDN GR WHM SRU\ GED R SU]\GRPRZ\ RJUÏGHN Z NWÏU\P OXEL SUD FRZD 3UDFRZD D ]UHV]W FD H \FLH L FK\ED WD SUDFD MDN PÏZL WU]\PD D M Z GREUHM NRQG\FML 7U]\ ODWD WHPX ] DPD D QRJÆ DOH NRy VLÆ ]URV D $ \FLH PLD D QLH D WZH 8URG]L D L Z\FKRZD D VLHGPLRUR G]LHFL GZLH FÏU NL L SLÆFLX V\QÏZ ] NWÏU\FK GZRMH QLH \MH GRFKRZD D VLÆ WU]\QDVWX ZQXNÏZ L G]LH ZLÆFLX SUDZQXNÏZ 6\Q 5\ V]DUG RUD] ZQXN PLHV]ND M F\ Z $OHNVDQGURZLH .XM
)RW 6WDQLV DZ %LD RZ V
3U]H \ VWR ODW WR U]DG NRy QDG U]DGNRyFLDPL 1LHZLHOX GR \ZD WDN VÆG]L ZHJR ZLHNX $OH PLH VWR ODW L E\ Z FL J \P UXFKX VDPHPX GED R VLHELH SDOL Z SLHFX SLHOÆJQRZD MDN UREL WR : DG\V DZD 62 7<6 ] $OHNVDQGURZD .X MDZVNLHJR WR QDSUDZGÆ QLH FRG]LHQQRy QDZHW ZyUÏG P RGV]\FK MXELODWÏZ
*UDWXODFMH L \F]HQLD G XJLFK ODW Z ]GURZLX VN DGD MXELODWFH : DG\V DZLH 6R W\V Z yURG NX EXUPLVWU] $QGU]HM &LHyOD RUD] UDGQD (PLOLD *D VND L -DGZLJD 'XGHN NLHURZQLN 86& ]DJO GDM F]ÆVWR SRPDJDM F Z UD]LH SRWU]HE\ &ÏUND -D QLQD PLHV]NDM FD RG SHZQH JR F]DVX Z &LHFKRFLQNX WH ZSDGQLH 8URG]L D VLÆ OXWHJR URNX Z 1LHPF]HFK JG\ 3RO VNL ZROQHM MHV]F]H QLH E\ R D URG]LFH Z\MHFKDOL ] .XMDZ ]D SUDF :UD] RG]\VNDQLHP ZROQRyFL ] ZLHORPD HPL JUDQWDPL ZUÏFLOL QD .XMDZ\ -DNR G]LHFNR SDPLÆWD ZRM VNRZD XNUDLÍVNLH ER MDN ZLH P\ ] KLVWRULL Z $OHNVDQGUR ZLH .XMDZVNLP ]QDMGRZD VLÆ REÏ] LQWHUQRZDQ\FK SR ]D NRÍF]HQLX , ZRMQ\ yZLDWRZHM
kOXE EUD D Z GQLX Z\EX FKX ,, ZRMQ\ yZLDWRZHM ZU]HyQLD URNX Z DOHN VDQGURZVNLP NRyFLHOH , MDN SDPLÆWD OXG]LH XFLHNDOL SR PV]\ Z SRS RFKX JG\ SR MDZL \ VLÆ VDPRORW\ L VSD G D ERPED 0 XPDU JG\ PLD D ODW 3UDFRZD MDNR ZR|Q\ Z V]NROH QD 3LDVNDFK D SRWHP MDNR ]DRSDWU]HQLR ZLHF Z V]SLWDOX 3DQL : D G\V DZD WH SUDFRZD D DOH GRU\ZF]R JG\ J ÏZQLH ]DM PRZD D VLÆ GRPHP -HM UHFHSWD QD G XJRZLHF] QRy WR SUDFD L \F]OLZRy GOD OXG]L = SHZQRyFL SR
PDJDM GREUH JHQ\ ER EDE FLD MXELODWNL SU]H \ D ODWD D PDPD -XELODWND MDN ZV]\VF\ SR RVL JQLÆFLX VWX ODW RWU]\ PD D RNROLF]QRyFLRZH OLVW\ JUDWXODF\MQH RG SUHPLHUD U] GX (Z\ .RSDF] ZRMHZR G\ NXMDZVNR SRPRUVNLHJR (Z\ 0HV D WDN H \F]HQLD RG SUH]HVD =86 NWÏU\ SRLQ IRUPRZD WDN H R SU]\]QD QLX VSHFMDOQHJR GRGDWNX GR HPHU\WXU\ ELV
3UH]\GHQFNLH PHGDOH ]D ZVSÏOQH SU]H \FLH URNX Z]LÆOL yOXE : PDUFX URNX NXSLOL QLHZLHONL GR PHN Z $OHNVDQGURZLH .XMDZ VNLP SU]\ XO /LVWQHM NWÏU\ SU]H] ODWD UR]EXGRZ\ZDOL 1DMSLHUZ XURG]L D VLÆ ,ZRQD SRWHP :LR OHWWD $OGRQD L XNDV] 'RFKR ZDOL VLÆ WURMH ZQXNÏZ L F]WHU\ ZQXF]NL 3DQ -HU]\ SU]H] ODWD SURZDG]L ]QDQ Z $OHNVDQ GURZLH ILUPÆ $OH[ *D] NWÏU REHQLH SURZDG]L V\Q = RND]ML OHFLD SUH]\GHQW 53 %URQLV DZ .RPRURZVNL SU]\]QD PHGDOH d=D G XJR OHWQLH SR \FLH PD HÍVNLHr :UÆF]\ MH QD URG]LQQHM XURF]\ VWRyFL Z 86& EXUPLVWU] $OHN VDQGURZD .XM $QGU]HM &LHyOD ELV
=DLQWHUHVRZDQLH GLQR]DXUDPL E\ R GX H
'LQR]DXU\ ] .UDVLHMRZD : UDPDFK dVSRWNDÍ ]H ]QD Q\PL OXG|PLr RGE\ R VLÆ PDUFD Z 0LHMVNLP &HQWUXP .XOWXU\ Z $OHNVDQGURZLH .X MDZVNLP VSRWNDQLH DXWRUVNLH ] 7HUHV .XG\E
0 RG]LH PRJ D ]REDF]\ d'L QR]DXU\ ] .UDVLHMRZDr GRNXPHQW ZHG XJ VFHQDULXV]D L UH \VHULL 7H UHV\ .XG\E\ =GMÆFLD GR ILOPX NUÆFL 0DULXV] 3U]\JRGD .UDVLHMÏZ WR PLHMVFRZRy Z NWÏ UHM SURZDG]RQH V MHGQH ] QDMZLÆN V]\FK Z 3ROVFH Z\NRSDOLVN SDOHRQ WRORJLF]Q\FK 1D WHUHQLH GDZQHJR Z\URELVND FHJLHOQL NRSDQR L GOD FH PHQWRZQL Z 6WU]HOFDFK 2SROVNLFK L Z W\P Z DyQLH PLHMVFX ]QDOH]LRQR V]F] WNL GLQR]DXUÏZ VSU]HG POQ ODW )LOP SRND]XMH SUDFH VWXGHQWÏZ 7HUHVD .XG\ED Z\SRZLHG]L SURIHVRUÏZ ZVSDQLD H SUH]HQWDFMH GLQR]DXUÏZ Z 3DZLOR QLH 3DOHRQWRORJLF]Q\P 8QLZHUV\WHWX 2SROVNLHJR 3R SUH]HQWDFML E\ \ S\WDQLD QDZL ]XM FH GR WHM RUD] LQQ\FK SUR GXNFMDFK ILOPRZ\FK UH \VHUNL 3U]\SRPQLMP\ 7HUHVD .XG\ED MHVW UH \VHUHP L SURGXFHQWHP NUÆFRQHJR P LQ Z $OHNVDQGURZLH .X MDZVNLP ILOPX d(GZDUG 6WDFKXUD ] WHJR yZLDWDr -HJR SUHPLHUD PLD D PLHMVFH Z 793 5HJLRQDOQD RUD] Z 0&. OLSFD XE URNX
$UNDGLXV] *UDODN
-XELODFL Z URG]LQQ\P JURQLH 0D HÍVWZRP NWÏUH SU]H \ \ ] VRE ODW SUH]\GHQW 53 SU]\]QDMH PHGDOH d=D G X JROHWQLH SR \FLH PD HÍVNLHr 5RF]QLH Z $OHNVDQGURZLH .X MDZVNLP W\P Z\UÏ QLHQLHP GHNRURZDQ\FK MHVW NLONDQDyFLH SDU 2VWDWQLR SUH]\GHQFNLH R]QDF]HQLH RWU]\PDOL &]HV D ZD L -HU]\ .RZDOF]\NRZLH =QDM VLÆ RG V]NR \ SRGVWD ZRZHM GR NWÏUHM FKRG]LOL Z =D NU]HZLH JG]LH RERMH PLHV]NDOL 0RMH ]DLQWHUHVRZDQLH SU]\
V] PD RQN VSURZDG]D R VLÆ GR IDNWX H NLOND UD]\ SRFL JQ HP M ]D ZDUNRF] D PLD D GX \ t DUWXMH SDQ -HU]\ t -D WH QLH GDU]\ DP JR MDN y V]F]HJÏOQ V\PSDWL t RGFLQD VLÆ SDQL &]HV DZD 3RWHP LFK GURJL VLÆ UR]HV] \ 2QD XF]\ D VLÆ Z V]NROH UROQL F]HM Z =DNU]HZLH RQ V]NROH UROQLF]HM Z 5DG]LHMRZLH D SÏ| QLHM Z\MHFKD GR SUDF\ Z *G\QL :UDFD MHGQDN L SR NWÏU\Py VSR WNDQLX RND]D R VLÆ H EH] VLHELH QLH PRJ \Â : SD|G]LHUQLNX
%XUPLVWU] $QGU]HM &LHyOD GHNRUXMH PHGDOHP &]HV DZÆ .RZDOF]\N
QU PDU]HF
, *$=(7$ $/(.6$1'52:6.$ ,
*PLQD :DJDQLHF
ZZZ NXMDZ\ PHGLD SO
:LDWUDNL MX NUÆF ] RWÏZNL GR EXG HWX 1LHGDZQR QD NRQWR JPLQ\ :DJDQLHF ZS DFRQ\FK ]R VWD R RNR R W\V ] -HVW WR SLHUZV]D ZS DWD Z URNX SRGDWNX RG F]WHUHFK WXUELQ NWÏUH SRZVWD \ QD WHUHQLH JPLQ\ : VXPLH W\ONR ] WHJR W\WX X JPLQD Z W\P URNX RWU]\PD RNR R W\V ]
kURGNL ] WHJR |UÏG D GR FKRGÏZ JPLQ\ ]DPLHU]DP\ SU]H]QDF]\Â QD UR]ZÏM LQ IUDVWUXNWXU\ WR MHVW EXGR ZÆ GUÏJ FKRGQLNÏZ ODPS XOLF]Q\FK PÏZL 3LRWU .R VLN ZÏMW JPLQ\ :DJDQLHF t 6 WR Z\PLHUQH NRU]\yFL MDNLH EÆG]LH PLD D JPLQD
] ZLDWURZ\FK LQZHVW\FML :DUWR SU]\SRPQLHÂ H LQZHVWRU IDUP\ ZLDWURZHM Z PLQLRQ\P URNX NRV]WHP GZÏFK PLOLRQÏZ ] RW\FK Z\UHPRQWRZD GURJÆ QD RGFLQNX ' EURZND 'X D t 6LHU]FKRZR :ÏMW ]DSHZQLD H EÆG]LH
]DELHJD R SRNU\FLH ZDU VWZ ELWXPLF]Q RGFLQ NÏZ GUÏJ Z 6LHU]FKRZLH L -Ï]HIRZLH NWÏUH E\ \ Z\ NRU]\VW\ZDQH Z ]ZL ]NX ] EXGRZ IDUP\ ZLDWURZHM ELV
0L* SRZLQLHQ RGOHFLH 7\ONR Z MDNLH PLHMVFH" : =EUDFKOLQLH JPLQD :DJDQLHF ZUDFD WHPDW VD PRORWX ]QDMGXM FHJR VLÆ QD V]NROQ\P SRGZÏUNX :ÏMW JPLQ\ ]DGDMH S\WDQLH F]\ ]QDMG]LH VLÆ SRP\V DE\ 0L* RGQRZL L SU]HQLHy Z LQQH EH]SLHF]QH PLHMVFH"
WDNLHJR PLHMVFD Z\SRF]\QNX L UHNUHDFML ']LHFL NRU]\VWDM ] PLHMVFD SR GUXJLHM VWURQLH V]RV\ D WR MX FD D Z\SUDZD
6DPRORW XVWDZLRQ\ MHVW QD Z\VRNLP QLHVWDELOQ\P VWHOD X FR SRZRGXMH H SRG F]DV VLOQ\FK ZLDWUÏZ LVWQLHMH ,QVSLUDFM GR ]GRE\FLD Z\ QLHEH]SLHF]HÍVWZR SU]HZUÏ V X RQHJR VDPRORWX ERMRZH FHQLD JR 6WDQ WHFKQLF]Q\ JR L SRVWDZLHQLD JR Z :D SRZLHU]FKQL VDPRORWX WH JDÍFX OXE V VLHG]WZLH E\ D GRZRG]L H SRWU]HEQ\ MHVW FKÆ XSDPLÆWQLHQLD Z\GD VROLGQ\ UHPRQW 1LH ]DPLH U]HÍ ] ZU]HyQLD URNX U]DP\ SR]E\ VLÆ VDPRORWX 6DPRORW XQLHPR OLZLD ]EXGRZDQLH SODFX ]DEDZ SU]HG NLHG\ WR Z NLOND GQL SR Z\EX DOH PXVLP\ ]QDOH| GOD QLHJR FKX ,, ZRMQ\ yZLDWRZHM VDPR SU]HGV]NROHP :\PDJD WH UHPRQWX LQQH PLHMVFH GRGDMH ZÏMW ORW\ ]ERPEDUGRZD \ VWRM FH QD VWDFML NROHMRZHM SRFL JL JUD D VLÆ ZDOND SRZLHWU]QD XFKZD Æ H QD WHUHQLH JPL 3U]\]QDMÆ H PLHMVFH XV\ D SÏ|QLHM UR]HJUD D VLÆ WXWDM NWÏUHM RSLV PR QD ]QDOH| Q\ VDPRORWX QLH FKF 7U]HED WXRZDQLD VDPRORWX QLH MHVW SRGQLHEQD ELWZD Z NVL FH SW d&]DUQH NU]\ H ZLÆF E\ R V]XND GOD QLHJR QDMV]F]ÆyOLZV]H t PÏZL /H LQQHJR PLHMVFD ']LÆNL RIL V]HN &LHyODN t 3U]HGH ZV]\VW QDG 3ROVN r 6SDG \ ERPE\ FHURP ] ED]\ UHPRQWRZHM NLP QLH PXVL RQ VWD QD WDN :LHF]RUHP ]DELW\FK SU]\ Z %\GJRV]F]\ ]DZLH]LRQR JR Z\VRNLP VWHOD X 0R QD JR 6DPRORW\ QLHPLHFNLH OH ZLH]LRQR ZR]DPL QD FPHQ GR QLQD 3R SHZQ\P F]D MDN Z &]DSOLQNX XVWDZL QL FLD \ WHJR GQLD GR : RF DZND WDU] Z =EUDFKOLQLH L WDP SR VLH FKÆ SU]\MÆFLD VDPRORWX VNR QLHPDO QD ]LHPL DE\ ND t ZVSRPLQD /HV]HN &LHyODN FKRZDQR -DNR SLHUZV]\ RG Z\UD]L D 1LHV]DZD DOH JG\ G\ PÏJ GR QLHJR SRGHMy GDZQ\ PLHV]NDQLHF :D VWURQ\ NRyFLR D OH \ SX NRZ ]PLHQL \ VLÆ Z DG]H JPLQ\ %\ RE\ ZLHON VWUDW GOD JDÍFD QDGDO HPRFMRQDOQLH QLN %RJXV DZ %DFLDUHOOL RVWDWHF]QLH NX UDGRyFL PLHV] =EUDFKOLQD JG\E\ VDPRORWX ]ZL ]DQ\ ] PLHMVFHP G]LH NDÍFÏZ Z\O GRZD SU]HG FKFLDQR VLÆ SR]E\ :UÏV RQ FLÍVWZD t &]Æy SROHFLD D V]NR Z =EUDFKOLQLH 6SRG 7DUQRZVNLFK *ÏU ERZLHP Z yZLDGRPRy OR GR $OHNVDQGURZD .XM JG]LH NDOQHM VSR HF]QRyFL -DN QDM ]U]XFRQR ERPE\ D Z :DJDÍ 7R FR NLHG\y FLHV]\ R RNR EDUG]LHM SRSLHUDP P\yO DE\ :RMHQQH Z\GDU]HQLD FX ]ERPEDUGRZDQR VWRM FH Z :DJDÍFX ]DSDG \ Z SD E\ R QLHZ WSOLZ DWUDNFM SU]HQLHy JR Z LQQH PLHMVFH QD VWDFML SRFL JL : MHGQ\P PLÆFL /HV]ND &LHyODND .WÏUH ZVL L JPLQ\ L QDGDO Z MDNLPy : PRLP SU]HNRQDQLX GR ] QLFK ]QDMGRZDOL VLÆ UDQQL JRy GQLD QDSLVD GR GRZÏGF\ VWRSQLX SR]RVWDMH G]LVLDM VWD EU ORNDOL]DFM E\ \E\ WHUHQ HZDNXRZDQL ] ZRMVNRZHJR ZRMVN ORWQLF]\FK R SU]HND]D R VLÆ GOD V]NR \ L JPLQ\ ZLHO SU]HG V]NR SR SUDZHM VWUR V]SLWDOD Z 7RUXQLX DOH W\FK QLH Z\V X RQHJR VDPRORWX NLP N RSRWHP 6DPRORW VWRL QLH EXG\QNX 'RVNRQDOH E\ QD V]F]ÆyFLH ERPE\ RPLQÆ \ ZRMVNRZHJR DE\ SU]\SRPL WX SU]\ EXG\QNX SU]HGV]NR E\ ZLGRF]Q\ ] GURJL 6SDG \ QDWRPLDVW QD ZDJRQ\ QD R W\P ZD Q\P GOD JPLQ\ OD NWÏUHJR NLHG\y WX QLH E\ R ] R QLHU]DPL GQLX -DND E\ D UDGRy JG\ :ÏMW JPLQ\ U]XFD P\yO UR] 6DPRORW\ ODWD \ WDN QLVNR RWU]\PD SLVPR H PR H RGH 3U]HGV]NROH F]HND ZD HQLD PLHMVFD SU]\ VWDGLR H MDNR G]LHFNR ZLG]LD HP SL EUD VDPRORW /LP SROVND QD SODF ]DEDZ QLH MDNR SU]\V] HM ORNDOL]DFML ORWÏZ /H D HP ZWHG\ ] G]LDG ZHUVMD 0L* ]QDMGXM F\ VLÆ VDPRORWX &KÆWQLH Z\V XFKD NLHP Z NDUWRIOLVNX .LHG\ QD ORWQLVNX SRG 7DUQRZVNLPL $ SURVL VLÆ DE\ WHQ WH LQQ\FK SURSR]\FML PLHV]NDÍ VDPRORW\ ZUDFD \ RG VWURQ\ *ÏUDPL UHQ SU]H]QDF]\ QD SODF ]D FÏZ SR]QD LFK ]GDQLH QD WHQ : RF DZND Z SRZLHWU]X MX 3R SRNRQDQLX UÏ Q\FK EDZ GOD G]LHFL t PÏZL ZÏMW WHPDW 6]\EFLHM OXE SÏ|QLHM FRy ]QDMGRZD \ VLÆ SROVNLH VDPR SU]HV]NÏG VDPRORW SU]\ZLH JPLQ\ RUD] G\UHNWRU =HVSR X ] VDPRORWHP WU]HED ]UREL ORW\ -HGHQ ] QLFK SLORWRZD ]LRQR L XPLHV]F]RQR QD WHUH 6]NÏ GR NWÏUHJR SU]HGV]NR 6WDQLV DZ %LD RZ V 6NDOVNL OHJHQGDUQ\ SLORW QLH VSÏ G]LHOQL Z 3OHEDQFH OH QDOH \ t -HVW WR QLHOLF]QH :WHG\ QDG :DJDÍFHP UR]H 7\PF]DVHP UDGQL SRGMÆOL SU]HGV]NROH NWÏUH QLH PD
:DUWR R W\P ZLHG]LHÂ 3ROLFMDQFL RGZLHG]LOL PDUFD XF]QLÏZ ]H V]NR \ Z =EUDFKOLQLH 6SRWNDQLH SRyZLÆFRQH E\ R F\EHU SU]HPRF\ L ]DJDGQLHQLRP GRW\F] F\P RGSRZLHG]LDOQR yFL SUDZQHM RUD] SRQRV]HQLD NRQVHNZHQFML SU]HVWÆSF]\FK ]DFKRZDÍ Z GRURV \P L VD PRG]LHOQ\P \FLX 6SRWNDQLD Z V]NR DFK WR MHGHQ ] HOHPHQWÏZ G]LD DÍ SURILODNW\F]Q\FK SURZDG]R Q\FK SU]H] SROLFMDQWÏZ ] $OHN
VDQGURZD .XM = XF]QLDPL RG URNX \FLD PXQGXURZL UR]PDZLDM J ÏZQLH R RGSR ZLHG]LDOQRyFL ]D SRSH QLRQH F]\Q\ SU]HVWÆSF]H R RUD] ZVSÏ F]HVQ\FK ]DJUR HQLDFK F\ZLOL]DF\MQ\FK L VNXWNDFK QLH Z DyFLZHJR ]DFKRZDQLD VLÆ 0XQGXURZL SU]HSURZDG]LOL WH ]DMÆFLD ] NODVDPL ,9 9, L JLPQD ]MDOLVWDPL Z =EUDFKOLQLH 3ROLFMDQWND SRGF]DV VSRWND QLD SRLQIRUPRZD D XF]QLÏZ R RGSRZLHG]LDOQRyFL SUDZQHM NDUQHM D WDN H SU]HGVWDZL D
*RWRZ\ SDUNLQJ Z =EUDFKOLQLH 7HUHQ SU]\ VWDGLRQLH L RUOLNX Z =EUDFKOLQLH ]RVWD MX XSRU] GNRZDQ\ L XWZDUG]RQ\ : QDMEOL V]\P F]DVLH RG EÆG VLÆ RVWDWHF]QH RGELRU\ L SR RILFMDOQ\P RWZDUFLX PR QD EÆG]LH ] QLHJR NRU]\VWDÂ -HVW WR SLHUZV]D Z WHM NDGHQFML Z\NRQDQD LQZHVW\FMD t PÏZL ZÏMW 3LRWU .RVLN -HVWHyP\ ] QLHM ]DGRZROHQL W\P EDUG]LHM H XGD R VLÆ QDP Z\G X \Â WHUPLQ UHDOL]DFML D W\P VDP\P XUDWRZDÂ GRILQDQVRZDQLH ] 8U]ÆGX 0DUV]D NRZ VNLHJR Z NZRFLH RNR R W\V ] -HM V]\ENLH Z\NRQDQLH E\ R PR OLZH P LQ G]LÆNL DJRGQHM ]LPLH NWÏUD SR]ZROL D QD SURZDG]HQLH URERW ]LHPQ\FK 'R SUDF\ SU]\ R \ VLÆ WDN H Z\NRQDZFD ] &LHFKRFLQND : W\P VDP\P F]DVLH WUZD \ UR]PRZ\ ] =DU] GHP 'UÏJ 3RZLDWRZ\FK L VWDURVW DOHNVDQGURZVNLP Z VSUDZLH XWZDU G]HQLD FL JX SLHV]HJR SU]\ GURG]H SRZLDWRZHM QU & &KRG]L R QLHZLHONL ER PHWURZHM G XJRyFL RGFLQHN PLÆ G]\ ZHMyFLHP QD VWDGLRQ D SU]HMyFLHP GOD SLHV]\FK 3U]\ MH]GQL SRZVWDQLH FKRGQLN FR SRSUDZL EH]SLHF]HÍVWZR SLHV]\FK 7 GURJ FKRG] FRG]LHQQLH XF]QLRZLH SREOLVNLHM V]NR \ QD ERLVNR 8VWDORQR QD VSRWNDQLX ]H VWDURVW H FKRÂ GURJD QLH QDOH \ GR JPLQ\ WR EÆG]LH RQD Z UHDOL]DFML WHM LQZHVW\FML SDUW\F\SRZD D
PDUFD 2VWDWQLH SUDFH SU]HG ]DNRÍF]HQLHP LQZHVW\FML
LP ]GDU]HQLD SRZV]HFKQLH ED JDWHOL]RZDQH NWÏUH Z yZLHWOH RERZL ]XM FHJR SUDZD V Z\ NURF]HQLDPL OXE QDZHW SU]H VWÆSVWZDPL 0 RG]LH PLD D UÏZQLH RND]MÆ ]DSR]QDÂ VLÆ ] RJÏOQ\PL ]DJDGQLHQLDPL GRW\F] F\PL SUDZD NDUQHJR L SUDZD R Z\NURF]HQLDFK &HOHP WHJR VSRWNDQLD E\ R XyZLDGRPLHQLH P RG\P OXG]LRP ZNUDF]DM F\P Z GR URV H \FLH H E ÆG\ SRSH QLRQH Z ZLHNX P RG]LHÍF]\P PDM LVWRWQ\ ZS \Z QD GDOV]H GRURV H MX \FLH LQI .33
6SRWNDQLH ] DXWRUHP : 6]NROH 3RGVWDZRZHM Z 1LV]F]HZDFK JPLQD :D JDQLHF NZLHWQLD RGEÆG]LH VLÆ VSRWNDQLH DXWRUVNLH ] :LH V DZHP 'UDELNLHP MHGQ\P ] QDMSRF]\WQLHMV]\FK Z 3ROVFH ZVSÏ F]HVQ\FK DXWRUÏZ OLWHUD WXU\ G]LHFLÆFHM 1DSLVD SRQDG VWR NVL HF]HN GOD G]LHFL XND]X M F\FK VLÆ RG U Z UÏ Q\FK Z\GDZQLFWZDFK 3H QH KXPRUX ZLHUV]RZDQH EDMHF]NL V FKÆW QLH F]\WDQH L RJO GDQH SU]H] QDMP RGV]\FK 2UJDQL]DWRUHP VSRWNDQLD MHVW *PLQQD %LEOLRWH ND 3XEOLF]QD Z :DJDÍFX ELV
, *$=(7$ $/(.6$1'52:6.$ , ZZZ NXMDZ\ PHGLD SO
QU PDU]HF
+LVWRULD
3U G Z $OHNVDQGURZLH SRMDZL VLÆ SRF] WNRZR QD NROHL .UÏWNR SU]HG Z\EXFKHP , ZRMQ\ yZLDWRZHM
1
= SU GHP KLVWRULL Z ]DN DG]LH ]DOD] R V]HyFLX SUDFRZ QLNÏZ 3U]HGVLÆELRUVWZR RGSRZLD GD R ]D SURGXNFMÆ HQHUJLL NWÏUD Z SLHUZV]HM NROHMQRyFL E\ D SU]H ]QDF]RQD QD SRWU]HE\ EXG\QNÏZ 6WDURVWZD 3RZLDWRZHJR 8U]ÆGX 3RF]WRZHJR V]SLWDOD L PDJD]\ QÏZ W\WRQLRZ\FK 3URGXNRZDQR UÏZQLH HQHUJLÆ FHOHP RyZLHWOHQLD NLONX XOLF RUD] GRPÏZ SU\ZDWQ\FK -DNRy yZLDGF]RQ\FK SU]H] ]DN DG XV XJ QLH QDOH D D MHGQDN GR QDM Z\ V]\FK L SU]HGH ZV]\VWNLP QLH QDMWDÍV]\FK &HQD HQHUJLL E\ D
LHJG\y E\ D OXNVXVHP REHFQLH MHVW F]\Py SR ZV]HFKQ\P =DVLOD ZLÆN V]Ry XU] G]HÍ ] NWÏU\FK NRU]\ VWDP\ FRG]LHQQLH PR QD QDZHW SRZLHG]LH H MHVWHyP\ RG QLHM X]DOH QLHQL (OHNWU\F]QRy ER R QLHM PRZD PD Z $OHNVDQGUR ZLH UÏZQLH VZÏM IUDJPHQW KLVWR ULL &LHPQRy MHVW QLHSRNRM FD D F]ÆVWR ZUÆF] SU]HUD DM FD -HVW WDN ] SURVWHM SU]\F]\Q\ Z FLHP QRyFL ZLG]LP\ JRU]HM OXE QLH ZLG]L P\ ZFDOH 1LF ZLÆF G]LZQHJR H RG QDMGDZQLHMV]\FK F]DVÏZ F] R ZLHN VWDUD VLÆ FLHPQRy RVZRL UR]yZLHWODM F M SU]\ SRPRF\ UÏ Q\FK PDWHULD ÏZ 3U]HG SRQDG VWX ODW\ Z $OHNVDQGURZLH VWDUDQR VLÆ X DWZL \FLH MHJR PLHV]NDÍFÏZ VWDZLDM F QD J ÏZQ\FK XOLFDFK NLOND ODWDUQL QDIWRZ\FK 7H MHGQDN SRSU]H] ]DQLHGEDQLH OXE SUR]DLF] Q\ EUDN QDIW\ G]LD D \ RND]MRQDOQLH L MDN GRQRVL d']LHQQLN .XMDZVNLr Z URNX SDQXM HJLSVNLH FLHPQRyFL L MHGQL QD GUXJLFK ZFKR G] /XG]LVND EUQ Z E RFLH 7UXG QR GR ZV]\VWNLHJR SU]\]Z\F]DL VLÆ PR QD 3U G Z $OHNVDQGURZLH SRMDZL VLÆ SRF] WNRZR QD NROHL .UÏWNR SU]HG Z\EXFKHP , ZRMQ\ yZLDWR ZHM
Z V VLHG]WZLH SU]HMD]GX NROHMRZHJR
Z\EXGRZDQR QLHZLHON HOHNWURZ QLÆ NWÏUD ]DVLOD D XU] G]HQLD HOHN WU\F]QH QD GZRUFX NROHMRZ\P 1LHVWHW\ QLHZLHOH R QLHM ZLDGRPR 8 \WNRZDQR M UÏZQLH Z RNUHVLH PLÆG]\ZRMHQQ\P MHGQDN XV XJL SU]H] QL yZLDGF]RQH QLH QDOH D \ GR QDMVROLGQLHMV]\FK 2 OLF]Q\FK DZDULDFK PRJOL VLÆ SU]HNRQDÂ V]F]HJÏOQLH SDVD HURZLH SRFL JÏZ QRFQ\FK NWÏU]\ Z NROHMRZ\P EXIHFLH F]ÆVWR ]PXV]HQL E\OL GR SL FLD KHUEDW\ SU]\ yZLHFDFK 'R $OHNVDQGURZD SU G SRS \Q ]D VSUDZ ZRMVND QLHPLHFNLHJR NWÏUH Z ODWDFK RNXSR
GZXNURWQLH Z\ V]D
(OHNWURZQLD PLHMVND Z $OHNVDQGURZLH .XM ]H ]ELRUÏZ ,]E\ +LVWRU\F]QHM Z $OHNVDQGURZLH .XMDZVNLP
ZD \ PLDVWR (OHNWURZQLD SRZVWD D Z URNX QD WHUHQDFK GDZQHM NRPRU\ FHOQHM SU]\ REHFQHM XOLF\ -XOLXV]D 6 RZDFNLHJR 0LHyFL D VLÆ RQD Z GUHZQLDQ\P EXG\QNX RERN NWÏUHJR Z]QLHVLRQR ZLH Æ NRQGHQ VDF\MQ L SRPLHV]F]HQLD JRVSRGDU F]H 3U G Z\WZDU]DQ\ Z HOHNWURZQL SU]H]QDF]RQ\ E\ GOD EXG\QNÏZ DGPLQLVWUDFML ZRMVNRZHM RUD] ]D R RQHJR Z RVDG]LH V]SLWDOD 3RZVWD \ Z W\P VDP\P URNX SU]\ REHF QHM XOLF\ 1DUXWRZLF]D NRPSOHNV EDUDNÏZ PLHV]F] F\ REÏ] VDQL WDUQ\ SRVLDGD QDMSHZQLHM Z DVQH XU] G]HQLD SU GRWZÏUF]H 3R RSXV]F]HQLX $OHNVDQGURZD SU]H] ZRMVND QLHPLHFNLH EXG\QHN HOHNWURZQL SU]HV]HG QD Z DVQRy VNDUEX SDÍVWZD : URNX ]D N DG SU]HM 2GG]LD /LNZLGDFML 'H PRELOX :RMVNRZHJR d'(0$7r G]LD DM F\ SU]\ 0LQLVWHUVWZLH 3U]H P\V X L +DQGOX RG NWÏUHJR Z URNX HOHNWURZQLÆ ]DNXSL 0DJLVWUDW $OHNVDQGURZD .XMDZVNLHJR &R FLHNDZH PLDVWR QDE\ R MH G\QLH EXG\QNL 3ODF ]QDMGRZD VLÆ Z DGPLQLVWUDFML 2NUÆJRZHM '\UHN FML 5REÏW 3XEOLF]Q\FK :RMHZÏG]
WZD :DUV]DZVNLHJR GR NWÏUHJR PLDVWR RGSURZDG]D R FRURF]Q G]LHU DZÆ : ]ZL ]NX ] QLHGRJRG Q ORNDOL]DFM HOHNWURZQL XU]ÆGQLF\ FKFLHOL M ]GHPRQWRZD L SU]HQLHy Z LQQH PLHMVFH MHGQDN WUXGQD V\ WXDFMD ILQDQVRZD ]PXVL D XU]ÆGQL NÏZ GR ]DU]XFHQLD WHJR SRP\V X -X Z VLHUSQLX URNX PD JLVWUDW RJ RVL SU]HWDUJ QD Z\NR QDQLH QLH]EÆGQ\FK SUDF UHPRQ WRZ\FK Z W\P UHSHUDFMÆ NRPLQD ZVWDZLHQLH QRZHJR RJU]HZDF]D SDU\ L Z\F]\V]F]HQLH NRW D SDURZH JR 5HPRQW Z\NRQDQR VSUDZQLH L Z JUXGQLX URNX RJ RV]RQR
NRQNXUV QD G]LHU DZÆ L HNVSORDWDFMÆ HOHNWURZQL Z\SRVD RQ P LQ Z PDV]\QÆ SDURZ PDUNL d:ROI 0DJGHEXUJr ] FK RGQLF L SRG JU]HZDF]HP SDU\ RUD] SU GRZQLFÆ PDUNL $ ( * W\SX + 1 (OHNWURZQLD ]RVWD D Z\G]LHU DZLRQD SU\ZDWQHPX SU]HGVLÆ ELRUF\ LQ +HQU\NRZL 'DQLHORZL SRFKRG] FHPX ] %URGQLF\ NWÏU\ UR]SRF] SURGXNFMÆ SU GX ] GQLHP OXWHJR URNX =DWUXGQLHQLH
QL Z 7RUXQLX F]\ : RF DZNX 3U G GRVWDUF]DQ\ E\ WDN H GR RGELRU FÏZ LQG\ZLGXDOQ\FK Z RNUHyOR Q\FK SRUDFK ] V]F]HJÏOQLH XFL OLZ SU]HUZ Z JRG]LQDFK RN ]ZL ]DQ ]H ]E\W PD OLF]E DERQHQWÏZ 2ERN PLHMVNLHM IXQN FMRQRZD D QDGDO WDN H HOHNWURZQLD NROHMRZD : RNUHVLH G]LHU DZ\ ]DN DGX SU]H] +HQU\ND 'DQLHOD GRNRQD QR OLF]Q\FK PRGHUQL]DFML RELHNWX &]Æy yFLDQ GUHZQLDQHJR EXG\QNX ]DVW SLRQR PXURZDQ\PL : URNX SU]\ HOHNWURZQL VWDQ UÏZ QLH SURZL]RU\F]QLH XU] G]RQ\ WDU WDN )XQNFMRQRZD RQ QD SRWU]HE\ EXGRZDQHJR Z ODWDFK LQWHUQDWX *LPQD]MXP 6DOH]MDÍVNLH JR L SR XNRÍF]HQLX EXGRZ\ ]R VWD ]GHPRQWRZDQ\ : URNX SU]\VW SLRQR QDWRPLDVW GR LQVWD ORZDQLD DNXPXODWRUÏZ PDM F\FK ]DSHZQL SU G QDMZD QLHMV]\P EXG\QNRP PLHMVNLP Z UD]LH DZDULL XU] G]HÍ SU GRWZÏUF]\FK 3RF] ZV]\ RG PDMD URNX PDJLVWUDW ]DF] UR]PRZ\ ] SU]HG VWDZLFLHODPL HOHNWURZQL Z *UÏGNX QD 3RPRU]X 5R]PRZ\ ]DNRÍ F]RQH VXNFHVHP SRVNXWNRZD \ SU]\ F]HQLHP $OHNVDQGURZD GR OLQLL QDSRZLHWU]QHM F] FHM 7RUXÍ ] &LHFKRFLQNLHP $OHNVDQGURZVND JPLQD PLHMVND NXSRZD D RG URNX SU G ]D SRyUHGQLFWZHP 8U]Æ GX 0LHMVNLHJR Z 7RUXQLX 1D SRG VWDZLH RVREQHM XPRZ\ Z\QHJR
85= ' 6.$5%2:< : $/(.6$1'52:,( .8- ,1)2508-( 8V XJD ZVWÆSQLH Z\SH QLR Q\FK ]H]QDÍ SRGDWNRZ\FK SU]H] DGPLQLVWUDFMÆ SRGDWNRZ 3,7 5 SU]HND]DQ\FK GR XU]ÆGÏZ VNDUERZ\FK SU]H] S DWQLNÏZ SRGDWNX GRFKRGRZHJR RG RVÏE IL]\F]Q\FK RUD] SRGPLRW\ QLHSH QL FH IXQNFML S DWQLND Z W\P SRGDWNX =H]QDQLH 3)5 SRGDWQLN ]QDMG]LH QD VWURQLH ZZZ SRUWDOSRGDWNRZ\ PI JRY SO Z ]DN DGFH d:VWÆSQLH Z\SH QLRQH ]H]QDQLH SRGDWNRZHr s DE\ RWZRU]\Â ]H]QDQLH QDOH \ SR GDÂ QU 3(6(/ OXE 1,3 LPLÆ L QD]ZLVNR GDWÆ XURG]HQLD L F]Q VXPÆ SU]\FKR GX ]D URN s GDQH XMÆWH Z ]H]QDQLX QDOH \ ]ZH U\ILNRZDÂ RUD] X]XSH QLÂ R GDQH GR W\F] FH yURGNÏZ Z\S DFDQ\FK SU]H] RUJDQ\ UHQWRZH ] 3,7 $ 3,7 $ R XOJL ] NWÏU\FK SRGDWQLN FKFH VNRU]\ VWDÂ RUD] R QXPHU RUJDQL]DFML SR \WNX
SXEOLF]QHJR MH HOL SRGDWQLN FKFH QD MHM U]HF] SU]HND]D SURF SRGDWNX s GR Z\V DQLD ]H]QDQLD SRWU]HEQD EÆG]LH ZDUWRy SU]\FKRGX ]D URN DOER SRGSLV NZDOLILNRZDQ\ WDN MDN Z SU]\SDGNX H 'HNODUDFML s SR Z\V DQLX ]H]QDQLD 3,7 GR XU]ÆGX VNDUERZHJR SRGDWQLN DXWRPD W\F]QLH X]\VND XU]ÆGRZH SRyZLDGF]H QLH RGELRUX 832 3RQDGWR ]H]QDQLD PR QD VN DGD WDN MDN GRW\FKF]DV WM SU]H] H 'HNOD UDFMH ZZZ H GHNODUDFMH JRY SO OXE SDSLHURZR 1DF]HOQLN 8U]ÆGX 6NDUERZHJR LQ IRUPXMH H ] GDQ\FK SU]HND]DQ\FK SU]H] 0LQLVWHUVWZR )LQDQVÏZ ]D RNUHV RG VW\F]QLD GR PDUFD URNX GRW\F] F\FK PLHMVFRZRyFL Z NWÏU\FK SU]\QDMPQLHM SRGDW QLNÏZ ] R \ R ]H]QDQLD 3,7 ]D U 3,7 3,7 / 3,7 3,7 3,7 GURJ HOHNWURQLF]Q EH] NZDOLIL NRZDQHJR SRGSLVX Z\QLND H &LH
FKRFLQHN MDNR MHG\QD PLHMVFRZRy SRZLDWX DOHNVDQGURZVNLHJR SU]H NURF]\ ZVND]DQ\ SX DS L ]QDOD] VLÆ Z NUDMRZ\P UDSRUFLH
1RZH ]DVDG\ VN DGDQLD ]H]QDÍ &,7 ]D URN PDUFD EU PLMD WHUPLQ VN DGDQLD ]H]QDÍ ]D URN R Z\VRNRyFL RVL JQLÆWHJR GRFKRGX SRQLHVLRQHM VWUDW\ SU]H] SRGDWQLNÏZ SRGDWNX GRFKRGR ZHJR RG RVÏE SUDZQ\FK NWÏU\FK URN SRGDWNRZ\ SRNU\ZD VLÆ ] URNLHP ND OHQGDU]RZ\P =JRGQLH ] SU]HSLVDPL NWÏUH ZHV] \ Z \FLH RG VW\F]QLD U SRGDW QLF\ SRGDWNX GRFKRGRZHJR RG RVÏE SUDZQ\FK ]RERZL ]DQL V ] R \Â ZZ ]H]QDQLH ]D SRPRF yURGNÏZ NRPX QLNDFML HOHNWURQLF]QHM WM Z IRUPLH GRNXPHQWX HOHNWURQLF]QHJR RSDWU]R QHJR EH]SLHF]Q\P SRGSLVHP HOHNWUR QLF]Q\P ZHU\ILNRZDQ\P ]D SRPRF ZD QHJR NZDOLILNRZDQHJR FHUW\ILNDWX
2ERZL ]HN WHQ PD ]DVWRVRZDQLH SR F] ZV]\ RG VW\F]QLD U -H HOL X SRGDWQLND URN SRGDWNRZ\ MHVW LQQ\ QL URN NDOHQGDU]RZ\ t RERZL ]HN WHQ GRW\F]\ GRFKRGÏZ X]\VNDQ\FK SR QLHVLRQ\FK VWUDW RG SLHUZV]HJR GQLD URNX SRGDWNRZHJR UR]SRF]\QDM FHJR VLÆ SR GQLX JUXGQLD U :\M WNLHP RG ]DVDG\ VN DGDQLD ]H ]QDÍ Z IRUPLH GRNXPHQWX HOHNWURQLF] QHJR REMÆFL V Z\ F]QLH SRGDWQLF\ SRGDWNX GRFKRGRZHJR RG RVÏE SUDZ Q\FK NWÏU]\ QD PRF\ XVWDZ\ R SRGDW NX GRFKRGRZ\P RG RVÏE IL]\F]Q\FK VSRU] G]LOL LQIRUPDFMÆ 3,7 3,7 & 3,7 5 ,)7 RUD] URF]QH REOLF]HQLH SR GDWNX 3,7 ]D URN GOD QLH ZLÆFHM QL SLÆFLX SRGDWQLNÏZ 3RGDWQLF\ FL PRJ ] R \Â ]H]QDQLH &,7 SDSLHUR ZR FK\ED H ]H]QDQLH VN DGD Z LPLH QLX SRGDWQLND ELXUR UDFKXQNRZH
FMRZDQR EDUG]R NRU]\VWQ RIHUWÆ 1LH SU]HV]NRG]L R WR MHGQDN PDJL VWUDWRZL VSU]HGDZDÂ SU GX PLHV] NDÍFRP $OHNVDQGURZD SR ]QDF] QLH ]DZ\ RQHM FHQLH &R FLHNDZH PLPR GRFKRGÏZ F]HUSDQ\FK SU]H] PLDVWR ]H VSU]HGD \ HQHUJLL FL JOH QDSRW\NDQR QD WUXGQRyFL ]H VS DWDPL ]DOHJ RyFL QD U]HF] 8U]Æ GX 0LHMVNLHJR Z 7RUXQLX SU]H] FR NLONXNURWQLH DOHNVDQGURZVNL PDJL VWUDW SRGDZDQ\ E\ GR V GX 3RPLPR WDN SRWÆ QHJR NRQNX UHQWD HOHNWURZQLD PLHMVND IXQNFMR QRZD D QDGDO GRVWDUF]DM F SU G PLHV]NDÍFRP RUD] HOHNWU\ILNXM F NROHMQH GRPRVWZD Z $OHNVDQGUR ZLH .XMDZVNLP : URNX QLH SU]HG X RQR XPRZ\ ] GRW\FKF]D VRZ\P G]LHU DZF L ]DN DG ZUÏ FL SRG DGPLQLVWUDFMÆ PDJLVWUDWX : URNX GRNRQDQR FLÆÂ SHQVML Z ]DN DG]LH Z UDPDFK RV]F]ÆGQR yFL VSRZRGRZDQ\FK NU\]\VHP 2VWDWQLH LQIRUPDFMH R DOHNVDQ GURZVNLHM HOHNWURZQL GRW\F] FH RNUHVX PLÆG]\ZRMHQQHJR SRFKR G] ]H VW\F]QLD URNX NLHG\ WR ]DN DG SRGD NLONRUR PLHV]NDÍ FÏZ PLDVWD GR V GX ] SRZRGX QLHXUHJXORZDQLD QDOH QRyFL ]D VNRQVXPRZDQ\ SU G -HGQDN QD GDO PLPR REQL HQLD FHQ HQHUJLD HOHNWU\F]QD E\ D Z $OHNVDQGURZLH Z\]QDF]QLNLHP ]DPR QRyFL JG\ Z SR RZLH ODW ]DUHMHVWURZD Q\FK RGELRUFÏZ E\ R W\ONR RNR R &R FLHNDZH Z ODWDFK Z DG]H $OHNVDQGURZD .XMDZVNLHJR LQZH VWRZD \ Z UR]ZÏM LQIUDVWUXNWXU\ HQHUJHW\F]QHM QD WHUHQLH PLDVWD : URNX XFKZDORQR SURMHNW EXGRZ\ WUDQVIRUPDWRUD : NROHM Q\P URNX RGGDQR GR X \WNX QD VWÆSQH RGFLQNL VLHFL HQHUJHW\F] QHM ELHJQ FH Z GX HM F]ÆyFL SR ]LHPLDFK QDOH F\FK GR (GZDUGD KU 0\FLHOVNLHJR 7URMDQRZVNLHJR NWÏU\ ] WHJR W\WX X GD RG PLDVWD RGV]NRGRZDÍ 3R ]DNRÍF]HQLX ,, ZRMQ\ yZLDWR ZHM HOHNWURZQLD PLHMVND G]LD D D QDGDO :LDGRPR MHG\QLH H ]\VNL ] MHM SUDF\ E\ \ MHGQ\PL ] ZLÆN V]\FK GRFKRGÏZ PLDVWD Z SR RZLH ODW 'RW\FKF]DV QLH ZLDGRPR NLHG\ RELHNW WHQ ]QLNQ ] NUDMREUD]X PLDVWD 0R H 3DÍVWZR ZLHG] FRy QD WHQ WHPDW" 3,275 0,(51,.
&]HNDM QD WZÏM MHGHQ SURFHQW =DFKÆFDP\ GR SU]HND]DQLD MHGQHJR SURFHQWD SRGDWNX GRFKRGRZHJR QD U]HF] Z\ EUDQHM RUJDQL]DFML SR \WNX SXEOLF]QHJR 7R QLF QDV QLH NRV]WXMH MHVW ]D WR RJURP Q\P ZVSDUFLHP GOD W\FK NWÏU]\ VSR HF]QLH G]LD DM $E\ SU]HND]DÂ MHGHQ SUR FHQW SRGDWNX RUJDQL]DFML SR]DU] GRZHM Z\VWDUF]\ Z URF]Q\P ]H]QDQLX SRGDWNR Z\P ZSLVDÂ MHM QXPHU .56 RUD] Z\OLF]RQ NZRWÆ ] SUR FHQWD SRGDWNX NWÏU FKFH VLÆ SU]HND]DÂ ZVSDUFLH PR QD SRG]LHOLÂ PLÆG]\ NLOND SRG PLRWÏZ 5HV]W IRUPDOQRyFL ]DMPLH VLÆ Z DyFLZ\ XU] G VNDUERZ\
QU PDU]HF
, *$=(7$ $/(.6$1'52:6.$ ,
5R]PDLWRyFL
/LVW\ ] SRG]LÆNRZDQLDPL ]D SUDFÆ QD U]HF] KDUFHUVWZD
kPLHUÂ QD GU]HZLH
']LHÍ 0\yOL %UDWHUVNLHM :yUÏG ZLHOX ZD Q\FK GQL Z FL JX URNX MHVW GOD KDUFHU]\ WHQ MHGHQ Z V]F]HJÏOQRyFL Z\ M WNRZ\ G]LHÍ t WR ']LHÍ 0\ yOL %UDWHUVNLHM : DyQLH Z W\P F]DVLH F] VLÆ P\yOL VNDXWÏZ QD FD \P yZLHFLH E\ ] R \Â VRELH \F]HQLD SRZVSRPLQDÂ PLQLRQ\ F]DV L ]DVWDQRZLÂ VLÆ QDG LGH KDUFHUVWZD 7R G]LHÍ Z\SH QLRQ\ SU]\MD|QL GREU\P V RZHP L EUDWHUVWZHP QLH]DOH QLH RG S FL NRORUX VNÏU\ ZLHNX F]\ QDURGRZRyFL :VSRPLQDM F OXWHJR XUR G]LQ\ ]D R \FLHOD VNDXWLQJX 5R EHUWD %DGHQ 3RZHOOD L MHJR RQ\ 2ODYH %DGHQ 3RZHOO PR HP\ dSRN RQLÂ VLÆr QDG W\PL ZD Q\ PL GOD QDV]HJR KDUFHUVNLHJR yURGRZLVND RVREDPL DOH WDN H SU]\SRPQLHÂ VRELH LQQ\FK KDUFHU]\ F]\ WH LQVWUXNWRUÏZ NWÏU]\ SRMDZLOL VLÆ QD GURG]H QD V]HJR \FLD
:\VW SLOL KDUFHU]H ] ': 6]\FK\ ] % GNRZD = RND]ML ZVSRPQLDQHJR yZLÆ WD LQVWUXNWRU]\ +XIFD =+3 LP =LHPL .XMDZVNLHM Z $OHNVDQGUR ZLH .XMDZVNLP ]RUJDQL]RZDOL PDUFD VSRWNDQLH NWÏUH PR QD yPLD R QD]ZDÂ SRNROH QLRZ\P JG\ SU]\E\OL QD QLH ]XFK\ KDUFHU]H D WDN H LQVWUXN WRU]\ L VHQLRU]\ QDV]HJR KXIFD 1LH PRJ R ]DEUDNQ Â UÏZQLH REHFQRyFL ]DSURV]RQ\FK JRyFL NWÏU]\ VHUFHP ]ZL ]DQL V ] RU
JDQL]DFM KDUFHUVWZD :yUÏG QLFK ]QDOH|OL VLÆ $Q GU]HM &LHyOD t EXUPLVWU] $OHNVDQ GURZD .XMDZVNLHJR 6WDQLV DZ 2OHMQLN t UDGQ\ $OHNVDQGURZD .XM GK KP : RG]LPLHU] 6 R GRZLF] UDGQ\ &LHFKRFLQND RUD] =G]LV DZ 3LHWU]DN t G\UHN WRU =HVSR X 6]NÏ Z 5DFL NX 3RQDGWR QLH ]DEUDN R UÏZQLH F] RQNÏZ 5XFKX 3U]\MDFLÏ +XIFD Z RVREDFK 0D JRU]DWD
=DSUH]HQWRZD VLÆ ]HVSÏ d0X]Dr G]LD DM F\ SU]\ 0&. Z $OHNVDQGURZLH .XMDZVNLP
1D GHVNDFK VFHQ\ Z DXOL =HVSR X 6]NÏ QU Z $OHN VDQGURZLH .XMDZVNLP RG EÆG]LH VLÆ NZLHWQLD EU NR OHMQD HG\FMD :RMHZÏG]NLHJR 3U]HJO GX 0X]\F]QHJR SRG QD]Z d0X]\F]QH 3HM]D Hr
6XNFHV 8.6 -HG\QNL =HVSÏ DNÏZ 8.6 -HG\QND $OHNVDQGUÏZ .XM SURZDG]RQ\ SU]H] 6 DZRPLUD :RMFLHFKRZ VNLHJR ]DM EDUG]R GREUH ,, PLHMVFH Z RUJDQL]RZDQ\P SU]H] NOXE 9, 2JÏOQRSROVNL +D ORZ\P 7XUQLHMX 3L NL 1R QHM D NÏZ $OHNV &XS 'URJD GR ILQD X E\ D EDUG]R WUXGQD : ID]LH JUXSRZHM ]H VSÏ ] $OHNVDQGURZD SR ]Z\ FLÆVWZDFK ] $3 0 RGD : R F DZLDQND : RF DZHN L ] $3 &] XFKÏZ ZRM SRPRUVNLH UH PLVLH ] $3 6RFFHU ,QRZUR
0ROHQGD t SU]HZRGQLF] FD 5X FKX %DUEDUD 6]HO JRZVND L .D ]LPLHU] kPLHV]Q\ 1DWRPLDVW ] UDPLHQLD &KRU JZL .XMDZVNR 3RPRUVNLHM =+3 PLHOLyP\ VSR VREQRy JRyFL GK KP /XF\QÆ $QGU\VLDN 6SRWNDQLH SU]HELH J R Z SUDZG]LZLH KDUFHUVNLHM DWPRVIHU]H NWÏU Z]ERJDFL D SUH]HQWDFMD V RZQR PX]\F] QD KDUFHU]\ ] ': d6]\FK\r ] =HVSR X 6]NÏ L 3U]HGV]NROL Z % GNRZLH RUD] Z\VWÆS ]H VSR X d0X]Dr G]LD DM FHJR SU]\ 0&. Z $OHNVDQGURZLH .XMDZVNLP %\ D WR UÏZQLH GREUD RND]MD GR XKRQRURZD QLD LQVWUXNWRUÏZ KXIFD OLVWDPL ] SRG]LÆNRZDQLDPL ]D SUDFÆ ZQLHVLRQ QD U]HF] QDV]HM RU JDQL]DFML = U N KP /XF\Q\ $QGU\VLDN /LVW 3RFKZDOQ\ 1DF]HOQLND =+3 RWU]\PDOL SZG 5HQDWD 6]F]HU ELDN SZG .DUROLQD 6]WXF]ND SKP +HQU\ND :LWRÍVND L SZG .U\VWLDQ /LQHN 3RQDGWR /LVWHP 3RFKZDOQ\P .RPHQGDQWD &KR U JZL .XMDZVNR 3RPRUVNLHM =+3 ]RVWDOL Z\UÏ QLHQL SKP .DWDU]\QD 7RNDUVND SKP $QL WD 5\EF]\ÍVND KP 6WDQLV DZ ']LHG]LF L SKP $QQD 3U]\E\O VND 'RGDWNRZR NRPHQGDQWND +XIFD =+3 LP =LHPL .XMDZVNLHM Z $OHNVDQGURZLH .XMDZVNLP SU]\]QD D G\SORP\ KP 7HUH VLH -DQNRZLF] GK 0DJGDOHQLH .RFLV]HZVNLHM GK =HQRQRZL 2FKRFLÍVNLHPX L GK 'DZLGRZL 3DFKROVNLHPX SKP $QLWD 5\EF]\ÍVND
3HM]D H G|ZLÆNLHP PDORZDQH
]RZDQHJR GOD DPDWRUVNLFK ]HVSR ÏZ PX]\F]Q\FK ZR NDOLVWÏZ L LQVWUXPHQWDOLVWÏZ ]H V]NÏ SRQDGJLPQD]MDO Q\FK ] ZRMHZÏG]WZD NXMDZ 7R ,9 HG\FMD 3U]HJO GX VNR SRPRUVNLHJR 3R UD] FLHV] FHJR VLÆ GX \P ]D NROHMQ\ KRQRURZ\ SDWURQDW LQWHUHVRZDQLHP ]RUJDQL REHMPXMH ZLFHPDUV]D HN
F DZ RUD] SRUD FH ] :LV 3 RFN ZRM PD]RZLHFNLH ]DM GUXJLH PLHMVFH L Z SÏ ILQDOH PX VLD ]PLHU]\Â VLÆ ]H ]Z\FLÆ]F U\ZDOL]DFML Z JUXSLH %r 8QL %RU\V]HZ ZRM PD]RZLHFNLH 0HF] SÏ ILQD RZ\ ]DNRÍF]\ VLÆ UHPLVHP DOH U]XW\ NDUQH OHSLHM VWU]HODOL ]DZRGQLF\ 8.6 -HG\QNL L WR RQL ]DJUDOL Z ILQDOH ] :LV 3 RFN 3U]HJUD L ]D M ,, PLHMVFH =H Z]JOÆGX QD WR H WX SU]HG WXUQLHMHP Z\FRID VLÆ ] XG]LD X ]HVSÏ .6 *QLHZ NR *QLH]QR Z WXUQLHMX ]DJUD
SUH] NXOWXURWZÏUF] L SUDZ G]LZ\P yZLÆWHP PX]\NL SUH]HQWRZDQHM Z ERJDFWZLH 6HMPX 53 -HU]\ :HQGHU L UÏ QRURGQRyFL JDWXQNÏZ L OLFK 1DG SU]\JRWRZDQLHP L VW\OÏZ PX]\F]Q\FK ,QLFMD SU]HELHJLHP d0X]\F]Q\FK W\ZD PX]\F]QD UHNRPHQGR 3HM]D \r F]XZD 6WRZDU]\ ZDQD MHVW SU]H] :RMHZÏG]NL V]HQLH 3U]\MDFLÏ =HVSR X 2yURGHN $QLPDFML .XOWXU\ Z 6]NÏ QU LP PMUD + 'R 7RUXQLX EU]DÍVNLHJR d+XEDODr 0DULXV] %LD NRZVNL d0X]\F]QH 3HM]D Hr V LP
,, ]HVSÏ 8.6 -HG\QNL -HGQDN SRPLPR DPELWQHM SRVWDZ\ ]DM RVWDWQLH PLHMVFH 1DMOHSV]\P ]D ZRGQLNLHP E\ 0DUFLQ .RyFLHOHFNL 8.6 -HG\QND $OHNV .XM =HVSÏ 8.6 -HG\QNL ]DJUD Z VN DG]LH .DFSHU 3RODQRZVNL t 'RPLQLN 0RUDZVNL 'DZLG 6]\ PDÍVNL $GULDQ 6NDOVNL -DNXE .RU]HQLHZVNL 0DUFLQ .RyFLHOHF NL 0DWHXV] 6WÆSRZVNL 0L RV] 2EUÆEVNL 6]\PRQ 8UEDÍVNL %UXQR :RFKQD 6]\PRQ =DSLHF :RMWHN 6LNRUVNL
,QI 8.6 -HG\QND
8ZDJD DZDULD %XUPLVWU] $OHNVDQGUR ZD .XM LQIRUPXMH H ZV]HONLH DZDULH GRW\F] FH RyZLHWOHQLD XOLF]QHJR PR QD ]J DV]DÂ Z 8U]Æ G]LH 0LHMVNLP RG SRQLH G]LD NX GR SL WNX Z JR G]LQDFK SRG QXPHUHP WHO RUD] EH]SRyUHGQLR GR 3RJRWRZLD 2yZLHWOHQLR ZHJR Z 6RSRFLH SRG QU WHO
ZZZ NXMDZ\ PHGLD SO
= 7..) d5\ZDOr 2JQLVNR 7..) d5\ZDOr ]RUJDQL]RZD R Z RVWDWQLP F]DVLH GZLH LPSUH]\ VSRUWR ZR UHNUHDF\MQH : WXUQLHMX WHQLVD VWR RZHJR Z]LÆ R XG]LD G]LHZF] W L FK RS FÏZ : JUXSLH G]LHZF] W , P 5R[DQD 6SLHFKRZVND ,, t 0DJGD 1RZDN ,,, t $OLFMD 6RNÏ &K RSF\ GR ODW , t 'RPLQLN .RSURZVNL ,, t 'RQDOG 3LRWURZVNL FK RSF\ GR ODW , t -DQ %RURZLFNL ,, t -DNXE %RURZLFNL ,,, t 0DULXV] 6SLHFKRZVNL ,9 t *UDFMDQ 5\V]HZVNL 'UXJ LPSUH] E\ ZLHOR EÏM VSRUWRZR UHNUHDF\MQ\ U]XW SL N GR NRV]D U]XW ULQJR GR FHOX VNDNDQND VODORP VSUDZQRyFLRZ\ :\QLNL ']LHZF]ÆWD , $OLFMD 6RNÏ 5R[DQD 6SLHFKRZVND &K RSF\ GR ODW , t *UDFMDQ 5\V]HZ VNL ,, t -DQ %RURZLFNL ,,, t 3U]HP\V DZ :DUSDV ,9 t 0DULXV] 6SLHFKRZ VNL 1DMOHSV]\P ZUÆF]RQR XSRPLQNL XIXQGRZDQH SU]H] 8U] G 0LHMVNL
KHZ
: Z\SDGNX VDPRFKRGRZ\P GR NWÏUHJR GRV] R PDUFD Z QRF\ ]JLQ OHWQL NLHURZFD RSOD WLJU\ 'R V]SLWDOD Z FLÆ NLP VWDQLH WUDIL OHWQL SDVD HU WHJR DXWD 'R Z\SDGNX GURJRZHJR GRV] R R JRG] Z PLHM VFRZRyFL 6WUDV]HZR JPLQD .RQHFN -DN Z\QLND ] XVWDOHÍ SROLFMDQWÏZ NLHUXM F\ RSOHP WLJU PLHV]NDQLHF .RORQLL 6WUD V]HZVNLHM ] QLHXVWDORQHM SU]\F]\Q\ ]MHFKD QD SUDZH SRERF]H L XGHU]\ Z GU]HZR OHWQL NLHURZFD ]JLQ QD PLHMVFX 3R VSUDZG]HQLX Z ED]DFK GDQ\FK RND]D R VLÆ H PÆ F]\]QD QLH SRVLDGD SUDZD MD]G\ 'R V]SLWDOD Z FLÆ NLP VWDQLH WUDIL OHWQL SDVD HU
.DQNDQ GOD UR]\U\ZNL PDUFD Z *PLQQ\P 2yURGNX .XOWXU\ Z 5DFL NX ]D SUH]HQWRZDQ\ ]RVWD SURJUDP DUW\VW\F]Q\ ] RND]ML 'QLD .RELHW : SURJUDPLH Z\VW SLOL 3DQRZLH ] .OXEX 6HQLR UD d5DMr L 263 RUD] )RUPDFMD 0ÆVND Z NDEDUHWRZ\P VKRZ NWÏUD ]DSUH]HQWRZD D VFHQ\ NDEDUHWRZH QD WH PDW SURJUDPX d5ROQLN V]XND RQ\ WDÍFH L SLRVHQNLr 1D V]F]HJÏOQ\ DSODX] ]DV X \OL Z\NRQXM F NDQDNDQD
-HVWHP GR Z]LÆFLD ] WRUXÍVNLHJR VFKURQLVND 7HO
6=257, MHVW RNR R OHW QL yUHGQLHM ZLHONRyFL VXF]N R FHFKDFK WHULHUD ZDOLMVNLHJR 0D UDGRVQH L SU]\MDFLHOVNLH XVSRVRELHQLH -HVW DNW\ZQD RGZD QD PD GX H ]DSRWU]H ERZDQLH QD UXFK 2WZDUWD QD NRQWDNW\ ] OXG|PL XZLHOELD VLÆ SU]\WXODÂ 1LH UREL QLHSRWU]HE QHJR KD DVX QU VFKU
),.86 PD \ yOLF]Q\ SUÆJR ZDQ\ EDUG]R SU]\MD]Q\ L FLH NDZVNL NRPSDQ GR ]DEDZ\ :V]\VWNLP SRWUDIL VLÆ FLHV]\Â -HVW ZXONDQHP HQHUJLL NRFKD ELHJDQLH L SRGVNRNL DV\ QD VPDF]NL 7HQ EDUG]R SR]\W\Z Q\ L EDUG]R DGQ\ SLHV ZQLHVLH Z WZRMH \FLH ZLHOH XyPLHFKX QU VFKU
6=2*81(. ]QDOD] VLÆ Z VFKURQLVNX ] SRZRGX HNVPL VML RSLHNXQD 7HQ IDMQ\ PLVLR ZDW\ PDOXFK MHVW EDUG]R G]LDU VNL NRQWDNWRZ\ L P GU\ -HVW VXSHU E\VWU\ :V]ÆG]LH JR SH QR ZV]\VWNLP VLÆ LQWHUHVXMH 8ZLHOELD J DVNDQLH L GUDSDQLH Z\GDMH ZWHG\ QLHVDPRZLWH G|ZLÆNL QU VFKU
/,=$. PD RNR R ODW L MHVW yOLF]Q\P PDOXWNLP SLHVNLHP ] U\VDPL UDWOHUND OHF] EH] WDNR ZHJR FKDUDNWHUX -HVW JU]HF] Q\ L VSRNRMQ\ QLHKD DyOLZ\ L VWRQRZDQ\ %DUG]R XOHJ \ L QLH QDU]XFDM F\ VLÆ XZD QLH REVHUZXMH RWRF]HQLH 7\ONR GOD RVÏE VSRNRMQ\FK QU VFKU
d*$=(7$ $/(.6$1'52:6.$r :\GDZFD :\GDZQLFWZR .XMDZ\ ZZZ NXMDZ\ PHGLD SO
3<6,$ PR H PD SU]HFLÆWQ\ Z\JO G DOH ]D WR ZLHONLH VHU FH -HVW DJRGQD L SU]\OHSQD 0D URNX L RJURPQLH FLHV]\ VLÆ ND G FKZLO VSÆG]RQ ] F] RZLHNLHP 3\VLD MHVW WDN V\PSDW\F]QD H SRGELMD VHU FD ZV]\VWNLFK =DELHU] M QD VSDFHU D QD SHZQR M SRNR FKDV] QU VFKU
6\OZLD XNRZVND
$GUHV NRQWDNW XO 6 RZDFNLHJR $OHNVDQGUÏZ .XM 5HGDNWRU QDF]HOQ\ 6WDQLV DZ %LD RZ V
VWDQLVODZ ELDORZDV# ZS SO WHO
3U]\MPRZDQLH UHNODP
, *$=(7$ $/(.6$1'52:6.$ ,
5R]PDLWRyFL
ZZZ NXMDZ\ PHGLD SO
*LPQD]MDOLyFL ] % GNRZD ]DNRÍF]\OL , HWDS RJÏOQRSRO VNLHJR SURJUDPX SQ d1D Z D VQH NRQWRr 2UJDQL]DWRUHP MHVW )XQGDFMD (XURSHMVNL )XQGXV] 5R]ZRMX :VL 3ROVNLHM ZH ZVSÏ SUDF\ ] )XQGDFM QD 5]HF] 5R]ZR MX :VL d3ROVND :LHy r 3URMHNW UHDOL]RZDQ\ MHVW Z 1%3 Z UDPDFK SURJUDPX HGXNDFML HNRQRPLF]QHM &HOHP MHVW VWZRU]HQLH P R G]LH \ GRGDWNRZ\FK PR OLZR yFL SRV]HU]HQLD ZLHG]\ L XPLH MÆWQRyFL ] SU]HGVLÆELRUF]RyFL L HNRQRPLL &]Æy WHRUHW\F]Q JLPQD]MDOLVWÏZ UHDOL]RZD R SU]\ ZVSDUFLX -Ï]HID 1RZD NRZVNLHJR RUD] 0DJGDOHQ\ 3HQND \ t VWXGHQWNL 9 URNX 3ROLWHFKQLNL 3R]QDÍVNLHM 1D SUDNW\F]QH G]LD DQLD Z\ EUDQR VLÆ QD Z\FLHF]NÆ GR QR
7RSLOL 0DU]DQQÆ 1D UDMG SLHV]\ RGG]LD X 377. ZR NÏ MH]LRUD XED Z RNROLFDFK : R F DZND ] SRZ DOHNVDQGURZVNLHJR SRMHFKD \ V]NROQH NR D WXU\VW\F]QR NUDMR]QDZF]H ] 1LHV]DZ\ L ]H 6WDZHN 1LHV]DZLDQLH ]GRE\OL PLHMVFH QD 0DU]DQQÆ :ÆGUÏZND SRyUÏG EXG] FHM VLÆ GR \FLD SU]\URG\ XyZLDGRPL D ZLHOX XF]HVWQLNRP H PR QD FLHND ZLH VSÆG]LÂ F]DV EH] NRPSXWHUD 1D ]GMÆFLX JUXSD =HVSR X 6]NÏ Z 1LHV]DZLH ] RSLHNXQDPL 0DFLHMHP 0DUMDÍVNLP L 'DZLGHP 3DFKROVNLP
:LRVQD ] d%LP %DP %LQRr
d:LRVQD QD GUXJLHM SÏ NX OL F]\OL UDQ\ RUDQJXWDQ\r VHQQ\ VSHNWDNO WHDWUDOQ\ : SU]HUZLH VHUZRZDQR Z Z\NRQDQLX JUXS 0$ *$ SU]\JRWRZDQH SU]H] SU]HG L )5$-'$ ] 7RUXQLD 3U]HG V]NROH GOD PD \FK ZLG]ÏZ VWDZL \ RQH ZLGRZLVND SW L RSLHNXQÏZ VPDNR \NL d3RZLWDQLH ZLRVQ\r RUD] )RW 6WDQLV DZ %LD RZ V
1D SRZLWDQLH :LRVQ\ PDUFD 0&. Z $OHNVDQGUR ZLH .XMDZVNLP ZVSÏOQLH ] SU]HGV]NROHP %LP %DP %LQR ]RUJDQL]RZD R ZLR
QU PDU]HF
*LPQD]MDOLyFL XF] VLÆ HNRQRPLL Z SUDNW\FH ZRF]HVQHJR =DN DGX &XNLHUQL F]HJR Z %U]HyFLX .XMDZVNLP '\UHNWRU $UNDGLXV] 'U HN QLH W\ONR RSURZDG]L P RG\FK SR ]DN DG]LH DOH V]F]HJÏ RZR RSRZLHG]LD L SRND]D MDN QD OLQLL SURGXNF\MQHM SRZVWDM FXNLHUQLF]H S\V]QRyFL ]DQLP WUDIL GR NOLHQWÏZ :F]HyQLHM SR]QDQR SURFHGXU\ VDQLWDUQH L WHFKQRORJLF]QH MDNLH RERZL ]XM QLP ZHMG]LH VLÆ QD ]DN DG .ROHMQH VSRWNDQLH RGE\ R VLÆ Z .XMDZVNLP %DQNX 6SÏ G]LHOF]\P Z % GNRZLH '\UHNWRU *UD \QD 6S\FKDOVND RSRZLHG]LD D R KLVWRULL L GQLX G]LVLHMV]\P EDQNX SU]HGVWD
ZL D MHJR RIHUWÆ D QDVWÆSQLH Z F]ÆyFL SUDNW\F]QHM E\ D RND ]MD GR SR]QDQLD Z SUDNW\FH MDN EDQN G]LD D MDNLH V SURFHGXU\ VN DGDQLD ZQLRVNÏZ R NUHG\W\ MDN REOLF]D VLÆ RGVHWNL L VWRS\ SURFHQWRZH 3RPDJDOL Z W\P SUDFRZQLF\ EDQNX 0D JR U]DWD 3LRWURZVND +HQU\ND %DQDVLDN L 5DID 3LNXOVNL 3U]HG XF]QLDPL WHUD] GZD PLHVL FH F]ÆyFL SUDNW\F]QHM GRGDMP\ EDUG]R SUDFRZLWHM 1DMOHSV]H SLÆÂ V]NÏ D MHVW LFK Z SURMHNFLH ]RVWDQLH ]DSUR V]RQ\FK GR VWROLF\ QD ILQD
-1