Dn 032008

  • October 2019
  • PDF

This document was uploaded by user and they confirmed that they have the permission to share it. If you are author or own the copyright of this book, please report to us by using this DMCA report form. Report DMCA


Overview

Download & View Dn 032008 as PDF for free.

More details

  • Words: 5,527
  • Pages: 16
 

PDUHF 0HG]LQiURGQìGHěçLHQ MHVYLDWNRPQDåLFK QDMGUDKåtFKE\WRVWt    .RĕNRNUiW VL P\ PXçL DQL QHXYHGRPXMHPH ĀR YåHWNR 9\ QDåH çHQ\ PDQçHON\ D PDWN\ Y çLYRWH ]YOiGQHWH 6WH ]iNODGQìP NDPHěRP QDåLFK URGtQ 6NOi ěDPVDSUHG9DåRXREHWDYRVĨRXRFKRWRXOiV NDYRVĨRX DOH L KXPRURP D GREURX QiODGRX NWRURX RNRUHěXMHWH FKYtOH QiåKR NDçGRGHQ QpKRçLYRWD  3ULSUtOHçLWRVWL9iåKRNUiVQHKR VYLDWNX PL GRYRĕWHDE\VRP9iPYPHQHYåHWNìFKPXçRY DNR DM Y PHQH VYRMRP ]DçHODO SUHGRYåHWNìP SHYQp]GUDYLH$E\VWHYWHQWRGHěDOHDMYĊDO åtFKQDVWiYDM~FLFKGěRFK9iåKRçLYRWDPDOLĀR QDMPHQHM SUREOpPRY FKYtĕ EROHVWL D VP~WNX DE\ 9iV SRKRGD SRUR]XPHQLH D OiVND VSUH YiG]DOLQDNDçGRPNURNXDE\VPHP\PXçLER OLN9iPJDODQWQtQLHOHQYWHQWRVYLDWRĀQìGHě DOHSRFHOìURN .UDGXĊDOåtFKYLQåRYQtNRY DMMDSRGĕDGREUìFK]Y\NRY SULSRMLĨFKFHPNHĊQLHLQåLH DVSRěVYRMHVNURPQpYLQåH  3HNQpVYLDWN\GREU~]KRGX çHQiPĀHUVWY~VYLHçXYRGX PXçRPWLHçQHFKVODGNRMH QHFKVLSUtGXQDVYRMH 3UDMHPYåHWNìPREĀDQRPSUtMHPQp SUHçLWLH9HĕNRQRĀQìFKVYLDWNRY  ,QJ-R]HI*DåSDUtN SULPiWRUPHVWD





9ìYR] RGSDGX SR QRYRP  6HVWUD URND   9ì VWDYEDåSRU WRYìFKLKUtVN 9HĕNRQRĀQp]Y\N\YNUD MLQiFK (XUyS\  9ìVWDYD IRWRJUDILt 9/$',0Ì5$ %$ ÿ8  3URJUDP QDĊDOHM NUDĕXMH IXWVDORYHM H[WUDOLJH











GXEQLFNpQRYLQ\ PDUHF ZZZGXEQLFDVN

+LVWyULD0'æ

(GLWRULDO

 9VWXSXMHP GR WULHG\ MH YHĐNi D SOQiGHWt6DGiPVLGRODYLFHSUHGR PQRXMHFHGXĐNDVREUi]NRPREiO N\9HGĐDPĖDVHGt¿DORYpKUR]LHQ NR D ]D PQRX ]HOHQê WURMXKROQtN 'R WULHG\ YFKiG]D XVPLDWD ÄWHWD³ +RYRUt åH MH QDãD SDQL XþLWHĐND D åH REUi]N\ NWRUp V~ SUHG QDPL QD FHGXĐNiFK EXG~ VO~åLĢ DNR SRGSLV\ GRYWHG\NêPVDQHQDXþtPHStVDĢ  $M WDNpWR V~ VSRPLHQN\ QD P{M SUYêãNROVNêGHĖDQDWRDNRVDWR YãHWNR]DþDOR  .HćVDSRURNRFKYUDFLDPYP\ ãOLHQNDFK GR ]iNODGQHM ãNRO\ D QD J\PQi]LXPRNUHPVSROXåLDNRYNWR UtPLSULUiVWOLNVUGFXDVNWRUêPLVD VWUHWiYDPGRGQHVVDPLY\EDYLDDM WYiUHPRMLFKXþLWHĐRYDSURIHVRURY  1LHNWRUt EROL SUtVQHMãt LQt VD N QiPVSUiYDOLSULDWHĐVN\7ULHGQHXþL WHĐN\ EROL þDVWRNUiW QDãLPL GUXKêPL PDPDPL$WDNNHćVDGQHVY\EHUL HPQDNiYXV¿DORYêPKUR]LHQNRP DOHER VR ]HOHQêP WURMXKROQtNRP þDVWR ]DVSRPtQDPH DM QD ãNROVNp þDV\ D QD ĐXGt YćDND NWRUêP VPH VDVWDOLWêPþtPVPH  9 PHVLDFL PDUHF RVODYXMHPH 0HG]LQiURGQê GHĖ XþLWHĐRY 0Rå QR ] U{]Q\FK G{YRGRY Xå QHPiPH SUtOHåLWRVĢY\VORYLĢYćDNXVYRMLPSH GDJyJRP VQDåPH VD SUHWR DVSRĖ åLĢ WDN DE\ QD QiV PRKOL E\Ģ KUGt 7REXGHQDMYlþãRXRGPHQRX]DLFK REHWDYRVĢDOiVNX9PHQHFHOHMUH GDNFLHSUDMHPYãHWNêPSHGDJyJRP YHĐD VtO D WUSH]OLYRVWL SUL IRUPRYDQt RVREQRVWLćDOãtFKJHQHUiFLt 6WDQLVODYDýHFKRYi  9HĐD ~VSHFKRY SUL Y\NRQiYDQt QiURþQpKR SRYRODQLD SUDMH YãHW NêPSHGDJyJRPYHGHQLHPHVWD ,QJ-R]HI*DãSDUtN

  $N VD Y KLVWRULFNêFK SUDPHĖRFK XYiG]D DNR ]DþLDWRN ERMD åLHQ ]D VYRMH SUiYD URN  DOHER  QLH MH WR FHONRP SUDYGD 8åPDUFD]DþDOLYHUHMQHSURWHVWRYDĢ URERWQtþN\WH[WLOQêFKIDEUtNY1HZ
 0HG]LQiURGQêGHĖåLHQGRVWDOVYRMHSHY Qp NRQW~U\ SR URNRYDQt NRQIHUHQFLH VRFLD OLVWLFNêFK RUJDQL]iFLt åLHQ Y .RGDQL Y URNX  1D QiYUK .OiU\ =HWNLQRYHM VD RG QD VOHGXM~FHKR URNX GRKRGQXWê PDUFRYê GHĖ YQtPDDNRGHĖERMDåLHQDM]DYROHEQpSUi YR D URYQDN~ P]GX ]D URYQDN~ SUiFX DN~ PDM~ PXåL 7HQWR VSRORþHQVNê VYLDWRN MH GQHVYãHREHFQHFKiSDQêDNRYêUD]ERMDDM SURWL DNêPNRĐYHN IRUPiP GLVNULPLQiFLH þR ]G{UD]QLODDMGHNODUiFLD9DOQpKR]KURPDåGH QLD261YURNXY\KOiVLDFPDUHF]D GHĖERMD]DSUiYDåLHQDVYHWYPLHUL3UHWR MHYåG\N\WLþNDNYHWRYGDURYDQiV~VPHYRP SULMtPDQêPV\PERORP

0(672'XEQLFDQDG9iKRP SUtMPHGR]DPHVWQDQLDSUDFRYQtNDQDSR]tFLX 6DPRVWDWQìRGERUQìUHIHUHQWNQLçQLFH



3RåLDGDYN\  6WUHGRãNROVNpDOHERY\VRNRãNROVNpY]GHODQLHNQLKRYQtFNHKR]DPH UDQLD QDSU âNROD NQLKRYQtFN\FK D LQIRUPDþQêFK ãW~GLt .QLåQLþQp D LQIRUPDþQpYHG\QDäLOLQVNHMXQLYHU]LWH))8.%UDWLVODYDNQLåQLþQR LQIRUPDþQpãW~GLD   äLDGRVWL VR ãWUXNW~URYDQêP åLYRWRSLVRP D V~KODVRP V XFKRYDQtP RVREQêFK~GDMRYYQDãHMGDWDEi]H]DVLHODMWHGRQDDGUHVX

0HVWVNê~UDG %UDWLVODYVNi 'XEQLFDQDG9iKRP

DOHERHPDLOSUHGQRVWD#GXEQLFDHX LQIRUPiFLH

2GGHOHQLHNXOW~U\0VÔR]QDPXMH çHYSULHEHKXPHVLDFDPDUHFRWYiUDQDVOHGRYQpNU~çN\ SUHGHWLRGURNRYDPOiGHçRGURNRY ./$6,&.ë%$/(76&e1,&.e',9$'/2 0$æ25(7.<',6.2'$1&( 6WUHWQXWLDEXG~GYDUD]\GRWêåGĖDY0V'.SRSODWRN6N]DPHVLDF =iXMHPFRYLDVDP{åXSULKOiVLĢQDRGGHOHQtNXOW~U\ 0VÒY0HVWVNRPGRPHNXOW~U\

YSRQGHORNXWRURNåWYUWRNRGK YVWUHGXGRKDYSLDWRNGRK WHOHPDLONXOWXUD#GXEQLFDHX

9ë92=2'3$'83212920 

 2G IHEUXiUD WRKWR URNX YêYR] NRPXQiOQHKR RGSDGX D MHKR WULHGHQêFK ]ORåLHN ]DEH]SHþXMH PHVWR 'XEQLFD QDG 9iKRP YR YODVWQHM UpåLL  SUHVQHMãLH SURVWUHGQtFWYRP WHFKQLFNêFK VOXåLHE PHVWD  0HVWRSULVW~SLORNWRPXWRNURNXQD]iNODGHHNRQRPLFNHMDQD Oê]\ D SUHVYHGþHQLD åH GRNiåH SRVN\WQ~Ģ VYRMLP REþDQRP NYDOLWQHMãLHVOXåE\YREODVWLQDNODGDQLDVRGSDGPL  3RYDåVNi RGSDGRYi VSRORþQRVĢ DV VR VtGORP Y 7UHQþtQH NWRUiWLHWRVOXåE\]POXYQH]DEH]SHþRYDODGRWHUD]XNRQþLODVYR MX þLQQRVĢ 7êND VD WR DM SUHYiG]NRYDQLD ]EHUQpKR GYRUD QD

6OiGNRYLþRYHMXOLFL6WUHGLVNRWULHGHQpKR]EHUXVDWDNYUiWLORGR U~N7HFKQLFNêPVOXåEiPPHVWD  $M QDSULHN VNXWRþQRVWL åH PHVWR MH DNFLRQiURP VSRORþQRVWL 6WUHGQp 3RYDåLH DV NWRUi SUHYiG]NXMH VNOiGNX RGSDGRY /Xã WHN EXGH RGSDG ]QHãNRGĖRYDQê QD VNOiGNH 8QLNRPDV DV Y /LHVNRYFL -H WR ] G{YRGX QLåãHM FHQ\ ]D XORåHQLH RGSDGX ]D WRQX7DNWLHåVDXãHWUtDMQDSUHSUDYQêFKQiNODGRFK QD/XãWHN VD YR]LOR FH] 3UtOHV  3UHYiG]NRYDWHĐ SUHGPHWQHM VNOiGN\ Pi Y\GDQp  LQWHJURYDQp SRYROHQLH 6ORYHQVNHM LQãSHNFLH åLYRWQpKR SURVWUHGLDWR]QDPHQiåHVNOiGNDVSĎĖDYãHWN\]iNRQQpNULWpULD SUHULDGQXSUHYiG]NX  ġDåLVNRP]EHUXYFHORPPHVWHYUiWDQHPLHVWQHMþDVWL3UHMWD EXGHNRQWDMQHURYRLQWHUYDORYêPQRåVWYRYê]EHUVG{UD]RPQD ]YêãHQLH ~URYQH VHSDURYDQLD ]KRGQRWLWHĐQêFK ]ORåLHN RGSDGX







GXEQLFNpQRYLQ\ PDUHF ZZZGXEQLFDVN 7RMHDMG{YRGSUHþRQLHMHQD~]HPtPHVWD¿[QêSRSODWRN]DRGSDG\-HGQRGXFKRWDP NGHĐXGLDVHSDUXM~SRFWLYHMãLHPDM~PHQãLHLQWHUYDO\YêYR]XNRPXQiOQHKRRGSDGXUHVS PHQãt SRþHW QiGRE D VD WR SUHMDYt DM QD YêãNH SRSODWNX =YêãHQLH SRSODWNX SUH WHQWR URNQHV~YLVtVR]PHQRXYêYR]FXDþHUSDQtP~YHUXERORYãDNSRWUHEQp]YêãLĢSRSODWRN ]G{YRGXåHPHVWR]UR]SRþWXGRSOiFDORURþQHQLHNRĐNRPLOLyQRYNRU~Q]DYêYR]RG SDGRY9\UXEHQpSRSODWN\RGREþDQRYQHSRNUêYDOLVNXWRþQpQiNODG\QDYêYR]RGSDGX =YêãHQLHRYãDNQHERORWDNYêUD]QpDNRYLQêFKPHVWiFKQD6ORYHQVNXNGHVW~SOL SRSODWN\]DYêYR]NRPXQiOQHKRRGSDGXRDå  9HĐDVDGLVNXWRYDORR]UXãHQtYUHFRYpKR]EHUXYPþ3UHMWD7êPWRNURNRPVPHVD XUþLWHQHFKFHOLYUiWLĢQLHNGHVSlĢWDNDNRWRQLHNWRUtSUH]HQWRYDOL1DãRXVQDKRXEROR þRQDMYLDFREPHG]LĢQHOHJiOQXOLNYLGiFLXRGSDGXWYRUEXþLHUQ\FKVNOiGRNNWRUêFKMHY RNROtQDR]DMGRVĢDþDVWRNULWL]RYDQpVSDĐRYDQLHRGSDGXSULURGLQQêFKGRPRFK  =~YHUXYFHONRYRPREMHPHFFDPLOVD]DN~SLOLRNUHP]YR]RYHMWHFKQLN\DMQRYp NRQWDMQHU\QDRGSDGNWRUpNRPSOHWQHYFHORPPHVWHQDKUDGLOLVWDUp)DUHEQHVDRYHĐD QHOtãLDRGS{YRGQêFK±þLHUQHV~QDNRPXQiOQ\RGSDGPRGUpQDSDSLHUåOWpQDSODVW\ QRYLQNRXV~GYRMLWpNRQWDMQHU\QDVNORELHOHDIDUHEQp3UHOHSãtSUHKĐDGV~QDNRQWDM QHURFKQDVHSDURYDQêRGSDGXPLHVWQHQpSLNWRJUDP\NWRUpE\PDOLSRP{FĢREþDQRP ]RULHQWRYDĢVDDNêGUXKRGSDGXMHDOHERQLHMHYKRGQpYKDG]RYDĢGRSUtVOXãQHMQiGRE\ 1DQDãHYHĐNpSUHNYDSHQLHVDYãDNSUiYHWLHWRQiOHSN\VWDOLWHUþRPYDQGDOL]PX1DYLD FHUêFKNRQWDMQHURFKV~]QLþHQpDOHERFKêEDM~9DQGDOL]PXVVDYãDNSUHMDYXMHDMLQêP VS{VRERP1LHNWRUpNRQWDMQHU\DQLQLHSRWêåGQLEROLSRVSUHMRYDQpDGRNRQFDVNRQþLOLDM YSRWRNX-HWRQDãNRGXYHFLDSHQLD]HYORåHQpGRQiSUDY\E\VDXUþLWHYHGHOLLQYHVWRYDĢ ~þHOQHMãLH  -H QDãRX VQDKRX QLHOHQ ]HIHNWtYQLĢ DOH DM UR]ãtULĢ VHSDURYDQLH RGSDGX -H QXWQp ]DEH]SHþLĢ GRWULHćRYDFLX OLQNX V EDOtNRYDFtP OLVRP DE\ PHVWR PRKOR HIHNWtYQHMãLH D HNRQRPLFNHMãLH ]KRGQRFRYDĢ Y\VHSDURYDQp ]ORåN\ 3UHWR VD ]DþLDWNRP URNX VSUDFR YDOSURMHNWDåLDGDOVD(QYLURQPHQWiOQ\IRQGVRVtGORPY%UDWLVODYHRGRWiFLXYRYêãNH PLO6NQDMHM]DN~SHQLH'RWULHćRYDFLDOLQNDEXGHXPLHVWQHQiYRYODVWQêFKSULHVWR URFKYVWUHGLVNXWULHGHQpKR]EHUX2GIHEUXiUDQDVW~SLOQDPLHVWRYHG~FHKRVWUHGLVND GOKRURþQêDNWLYLVWD'XEQLFNHM(QYLURQPHQWiOQHMVNXSLQ\0DUHN.XULQHF0iVN~VHQRVWL VR ]KRGQRFRYDQtP RGSDGX D YHUtPH åH EXGH SUH PHVWR SRVLORX QLHOHQ SUL ]DYHGHQt WULHGLDFHMOLQN\DOHDMSULRUJDQL]iFLLRVWDWQêFKþLQQRVWtYVWUHGLVNX  ýRVDćDOHMSOiQXMHYV~YLVORVWLVRGSDGPL"  3RGSRURYDĢ]EHUYLDFYUVWYRYêFKREDORY WHWUDSDN\ QDãNROiFKUR]ãtULĢ]EHUNRYRYD WH[WLOXQDVtGOLVNiFKGREXGRYDĢVWDQRYLãWLDSUHNRQWDMQHU\]LQWHQ]tYQLĢRVYHWXD]YêãLĢ HQYLURQPHQWiOQH ]PêãĐDQLH PHG]L ĐXćPL /HQ WDN VD SRGDUt ]OHSãRYDĢ SRGPLHQN\ SUH þLVWpD]GUDYpPHVWR)LQDQþQpSURVWULHGN\NWRUpVD]tVNDM~]DVHSDURYDQLHRGSDGX] UHF\NODþQpKRIRQGXP{åHPHVWR~þHORYRYLD]DĢQD]OHSãHQLHDVNYDOLWQHQLHåLYRWQpKR SURVWUHGLD ,YDQD7HSOLþNRYi

3RVODQFLYRNUHVH 

 'ĖDRNUHV,/$9$QDYãWtYLOL SRVODQFL 15 65 ]D ď6+='6 1iYãWHYD VD NRQDOD Y UiPFL SUDYLGHOQêFK YêMD]GRY NWRUpSRVODQFL1565]Dď6+='6DEVRO YXM~NDåGpGYDPHVLDFH9åG\YLQRPNUD MLDRNUHVHDE\VL]PDSRYDOLþR]DXMtPD REþDQRY D V DNêPL SUREOpPDPL VD REþD QLDERULD



'Ě$)(%58É5$ %2/29%5$7,6/$9( 9<+/É6(1,(6(675<52.$  =iãWLWX QDG V~ĢDåRX D SDWURQiW QDG RFHQHQtP &HQD ]D FHORåLYRWQp GLHOR Y RãHWURYDWHĐVWYH SUHY]DO 5yEHUW )LFR SUHGVHGDYOiG\65  3DWURQiW QDG RFHQHQtP 6HVWUD UR ND SRVN\WRYDWHĐND RãHWURYDWHĐVNHM VWDURVWOLYRVWLSUHY]DODS6LOYLD*DãSD URYLþRYi D SDWURQiW QDG RFHQHQtP 6H VWUDURNDPDQDåpUNDPLQLVWHU]GUDYRW QtFWYDS,YDQD9DOHQWRYLþD  *DODYHþHUVDNRQDOYSULHVWRURFK6OR YHQVNHM¿OKDUPyQLH]DSUtWRPQRVWLPDQ åHON\ SUH]LGHQWD 65 S 6LOYLH *DãSDUR YLþRYHMDPLQLVWUD]GUDYRWQtFWYD65S,YD QD 9DOHQWRYLþD ýDVRSLV SUH GLDEHWLNRY ',$%(7,. Y\KOiVLO 6HVWUX URND  Y GLDEHWROyJLL  1D VOiYQRVWQê YHþHU RGRY]GiYDQLD FLHQEROSR]YDQêDMSUHGVHGD]iNODGQHM RUJDQL]iFLHGLDEHWLNRY',$'8%Y'XEQL FLQ9S5XGROI%XOLFDVPDQåHONRXDSUL PiWRU PHVWD S -R]HI *DãSDUtN 0HG]L RFHQHQêPL Y GLDEHWROyJLL EROD S 0i ULD âWHIiNRYi ] 1('8 Y ďXERFKQL NWRU~ QDYUKOD]iNODGQiRUJDQL]iFLDGLDEHWLNRY ',$'8% 'XEQLFD Q97DNWLHå SUHGVHGD =2 SUHY]DO RVREQê GDU ]D QDMOHSãt SUt VSHYRNQDRFHQHQ~S0iULXâWHIiNRY~  0HVWR 'XEQLFD Q9 VD UR]KRGOR SUL SUtOHåLWRVWL Y\KOiVHQLD 6HVWU\ URND  XGHOLĢRFHQHQHM

 9 RNUHVH ,ODYD VD ]~þDVWQLOL SRVODQFL 15650LURVODY-XUHĖD-iQ.RYDUþtN  6SUHYiG]DOL LFK SRVODQFL 9Ò&76.$ &KDOXSNRYiD0%ULGtN 9UiPFLWêFKWRVWUHWQXWtQDYãWtYLOL*\P Qi]LXP Y 'XEQLFL QDG 9iKRP Y NWRURP EHVHGRYDOL VR ãWXGHQWPL R Y]QLNX 6OR YHQVNHM UHSXEOLN\ SUREOpPRFK Y ]GUDYRW QtFWYHDRWYRUEHOHJLVODWtY\  3RWRPSRVODQFRY1565SULMDOSULPi WRUPHVWD,QJ-R]HI*DãSDUtN3RSROXGQLH SRVODQFL 15 65 -XUHĖDD.RYDUþtN QDYãWtYLOL 'RPRY VRFLiOQ\FKVOXåLHE Y 6OiYQLFL D QD VOHGRYDORVWUHWQX WLH VR VWDURVWDPL D SRGQLNDWHĐPL ] RNROLWêFK REFt 9R YHĐNHM ]DVDGDþNH 'RPRYD VRFLiO Q\FK VOXåLHE Y 6OiYQLFL VD Y SR SROXGĖDMãtFKKRGL QiFKNRQDORGYRM KRGLQRYp VWUHWQX WLH V REþDQPL FH OpKRRNUHVX,ODYD ,QJ$QQD &KDOXSNRYi

6(675$52.$

3DPlWQêOLVWPHVWD'XEQLFDQ9 DYHFQêGDU]DGOKRURþQ~VSROXSUiFX DSRPRFREþDQRP'XEQLFHQ9









GXEQLFNpQRYLQ\ PDUHF ZZZGXEQLFDVN

8UEDQLVWLFNiV~ĢDçQD1iPHVWLH0DWLFHVORYHQVNHM D1iPHVWLHVY-DNXED  0HVWR'XEQLFDQDG9iKRPY\KOiVLNX GĖX    YHUHMQ~ DQRQ\PQ~ XUED QLVWLFN~ V~ĢDå QD ULHãHQLH QiPHVWt 0DWL FHVORYHQVNHMDVY-DNXED7REROMHGHQ ]KODYQêFK]iYHURY]DVDGQXWLDSRURW\SUH W~WR V~ĢDå NWRUp VD XVNXWRþQLOR GĖD    9 ~YRGH ]DVDGQXWLD EROL SULPiWRURP PHVWD ,QJ -R]HIRP *DãSDUtNRP PHQR YDFtPL GHNUpWPL Y\PHQRYDQt QDVOHGRYQt þOHQRYLD SRURW\ 3URI ,QJ DUFK 7LERU $OH[\  3URI ,QJ DUFK -iQ$QWDO 'U6F ,QJDUFK-R]HIâROWpV]D6.$,QJDUFK 9LHUDâRWWQtNRYi]D6.$,QJDUFK-iQ .YDVQLFD,QJ-R]HI*DãSDUtN,QJ-DUR VODYâOHVDU  1iKUDGQtFLþ,QJDUFKďXERPtU %~WRUD þ   ,QJ DUFK 3DYRO %H]QiN þ0JU,YDQD7HSOLþNRYi  =D SUHGVHGX SRUR W\ ERO QDYUKQXWê D RG V~KODVHQê 3URI ,QJ DUFK7LERU$OH[\MHGHQ ] SRSUHGQêFK VORYHQ VNêFK XUEDQLVWRY D ]D SRGSUHGVHGQtþNX SRURW\ ,QJ DUFK 9LHUD âRWWQtNR Yi GRSRUXþHQi 6ORYHQ VNRX NRPRURX DUFKLWHN WRY ĆDOãLX þDVĢ ]DVDG QXWLD YLHGOD SRGSUHGVHG QtþND SRURW\ QDNRĐNR SUHGVHGDSRURW\SUHFKR UREX QHERO SUtWRPQê  6HNUHWiURP V~ĢDåH ERO Y\PHQRYDQê ,QJ -R ]HI ýXSiN D RYHURYD WHĐRP ,QJ 0LODQ 'R KĖDQVNê

=iNODGQpKRGQRWLDFHNULWpULiV~ĢDåH  6~ĢDåQp QiYUK\ NWRUp QHEXG~ Y\O~ þHQp ]R V~ĢDåH EXG~ KRGQRWHQp QDMPl SRGĐDQDVOHGXM~FLFKNULWpULtQDKRGQRWHQLH V~ĢDåQêFKQiYUKRY D NYDOLWDXUEDQLVWLFNRDUFKLWHNWRQLFNpKR  ULHãHQLD E NYDOLWD ULHãHQLD GRSUDY\ ] KĐDGLVND  Y]ĢDKX SUHGSRNODGDQêFK GRSUDYQêFK  V\VWpPRY F NYDOLWDULHãHQLDSULHVWRUX1iP0DWLFH  VORYHQVNHM G NYDOLWDULHãHQLDSULHVWRUX1iPVY-D  NXED

+ODYQpFLHOHD~þHOV~ĢDåH  SUHKRGQRWHQLH SULHVWRURYHM VNODGE\ D  IXQNþQêFKSO{FK SULHVWRURYiRSWLPDOL  ]iFLD Y\PHG]HQpKR~]HPLDQDYUKQX  WpKR SRGĐD XUEDQLVWLFNHM ãW~GLH Ä'XE  QLFD QDG 9iKRP  FHQWUiOQD PHVWVNi  ]yQD &0= þDVĢ³DYêVOHGNRYMHMSUH  URNRYDQLD  QiYUK]KRGQRWHQLD~]HPQRUR]YRMRYp  KRSRWHQFLiOX1iP0DWLFHVORYHQVNHM  D 1iP VY -DNXED Y MHKR I\]LFNHM D  WLHå LGHRYHM þDVRSULHVWRURYHM URYLQH  ]tVNDQLH QRYêFK Qi]RURY QD ULHãHQLH  DGRVWDYEXY\PHG]HQpKR~]HPLD  &0=KODYQHMHKR~VWUHGQpKRSULHVWR  UX1iP0DWLFHVORYHQVNHMVG{UD]RP  QDNRPSOH[QpULHãHQLH~]HPLDYUiWD  QHXUEDQLVWLFNpKRULHãHQLDGRSUDY\  GRSUDYQpDSUHYiG]NRYpYl]E\ DVWD  WLFNHMGRSUDY\  YHUHMQRXV~ĢDåRX]tVNDĢXUEDQLVWLFNR  DUFKLWHNWRQLFNê QiYUK QDMYKRGQHMãLH  KRULHãHQLDY\PHG]HQêFKþDVWt&0=  ]iYHU\ V~ĢDåH EXG~ SUHPLHWQXWp GR  ]iNODGQêFK]iVDG UHJXODWtYRY VWDQR  YHQêFK SUH SRNUDþRYDQLH LQYHVWLþQHM  þLQQRVWL D QDGYl]Qê SURFHV REVWDUD  QLD~]HPQRSOiQRYDFHMGRNXPHQWiFLH  QD~URYQL]yQ\

 FHQD 6N  FHQD 6N  FHQD 6N   3RURWDP{åHQDYUKQ~ĢDMLQpUR]GHOH QLHFLHQSRGĐDKRGQRWHQLDQiYUKRYDXUþH QLD SRUDGLD V~ĢDåQêFK QiYUKRY Y KRGQR WHQtFHONRYiVXPDXUþHQiQDFHQ\YãDN QHVPLHE\ĢSUHNURþHQi  9HUHMQêREVWDUiYDWHĐ PHVWR VLY\KUD G]XMHSUiYRXGHOLĢ]YOiãWQHRGPHQ\YFHO NRYHMYêãNHPD[LPiOQHGR6N

&HQ\DRGPHQ\V~ĢDåH  9V~ĢDåLQiYUKRYEXG~XGHOHQpQDVOH GRYQpFHQ\

 7HUPtQ\V~ĢDåH 9\KOiVHQLHV~ĢDåH  9\]GYLKQXWLHV~ĢDåQêFKSRGNODGRY GRKRG  /HKRWDQDRGRY]GDQLH V~ĢDåQêFKQiYUKRY GRKRG 2WYiUDQLHV~ĢDåQêFKQiYUKRY GRKRG

=DVDGQXWLHSRURW\ DY\KRGQRWHQLHV~ĢDåH  9êVWDYDV~ĢDåQêFKQiYUKRY GRGQtRGGRNRQþHQLDV~ĢDåH  6~ĢDåQê HODERUiW PXVt E\Ģ GRUXþHQê QDMQHVN{UGRGRKRGY\ KODVRYDWHĐRYL V~ĢDåH QD PHVWR 'XEQLFD QDG9iKRPGRU~NVHNUHWiUDV~ĢDåH,QJ -R]HIDýXSiND1HVN{UGRUXþHQpQiYUK\ QHEXG~GRV~ĢDåH]DUDGHQp  3UREOHPDWLNDULHãHQpKR~]HPLD  Ò]HPLH NWRUp MH SUHGPHWRP ULHãHQLD YRY\KOiVHQHMYHUHMQHMV~ĢDåLMHFKDUDNWH UL]RYDQp ]Y\ãNDPL S{YRGQHM ]iVWDYE\ SR]GĎå 'XEQLFNpKR SRWRND Y ãWUXNW~UH V YêUD]QêP ]DVW~SHQtP ]HOHQH = KĐDGLVND SR WHQFLiOQ\FK PRåQRVWt MH WHQWR SULHVWRU SUHGXU þHQê QD UR]YRM FHQWUiO QHM PHVWVNHM ãWUXNW~U\ 2SRGVWDWQHQp MH ]KRG QRWHQLH XYHGHQêFK ~]H PtQiPHVWtYUiPFLFHQW UiOQHM PHVWVNHM ]yQ\ DNR FHQWUXP Y\EDYH QRVWL DOH DM G{OHåLWê GLVWULEXþQê X]RO YQ~ WURPHVWVNHM GRSUDY\ Y MDGURYRPSULHVWRUHPHV WDVSRWUHERX]RV~ODGH QLD IXQNFLt  KODYQH GR SUDYQHM D Y\EDYHQRVW QHM  0HVWRP DNR SULHĢDK SUHFKiG]DFHVWD, XO 2EUDQFRY PLHUX  &HVWD SUHWtQD SULDPR FHQWUiOQXPHVWVN~]yQXUR]GHĐX MHPHVWRQDGYHþDVWLDSULVYRMHM]EHUQHM IXQNFLL MH ]DĢDåRYDQi GRSUDYRX WUDQ]LW QRX]GURMRYRXFLHĐRYRXDDMYQ~WURPHVW VNRX  1iPHVWLH VY -DNXED MH V~þDVĢRX SULHþQHM GRSUDYQHM RVL PHVWD D WDNPHU FHOpMHSUtVWXSQpGRSUDYQHMREVOXKH1H GRVWDWNRPMHVWDYVWDWLFNHMGRSUDY\FKê EDM~FH SDUNRYDFLH PLHVWD 9êKRGRX Qi PHVWLD MH SUHYDåQH GLIHUHQFRYDQi SHãLD SUHPiYNDRGDXWRPRELORYHM  9 SULDPRP NRQWDNWH 1iPHVWLD 0DWL FH VORYHQVNHM VD QDFKiG]D FHVWD , V Y\VRNêP GRSUDYQêP ]DĢDåHQtP D VLWXR YDQêPL ]iVWDYNDPL PLHVWQ\FK D GLDĐNR YêFK DXWREXVRY 1HYêKRGRX MH SUHMD]G QiPHVWtP RVREQp YR]LGOi SULFKiG]DM~FH QDSDUNRYLVNiV~YNROt]LLVSRK\ERPSH ãtFK QiYãWHYQtNRY 6WDWLFNi GRSUDYD MH Y V~þDVQHM GREH OHQ WDNWDN Y\KRYXM~FD DYãDN V UR]YRMRP VWDYHEQêFK ãWUXNW~U KUR]t åH FHOp QiPHVWLH VD VWDQH MHGQRX SORFKRXVPLHãDQtPDXWRPRELORYHMDSH ãHMSUHYiG]N\  3HãLH SUHSRMHQLH RELGYRFK QiPHVWt MHYKRGQHXVPHUQHQpSHãtPSRGFKRGRP SRGFHVWRX,







GXEQLFNpQRYLQ\ PDUHF ZZZGXEQLFDVN  'RSRVLDĐ REVWDUDQp ~]HPQRSOiQRYD FLHSRGNODG\DRVWDWQpGRNXPHQW\RNUHP 8âÄ'XEQLFDQDG9iKRP&0=þDVĢ³VD ]DPHULDYDOLOHQQD~]NRY\PHG]HQpSULHV WRU\ D þLDVWNRYp SUREOpP\ ~]HPLD 'RWH UDMãLD XUEDQL]iFLD SULHVWRUX 1iP 06 XVNXWRþĖRYDQi Y ]iVDGH SRGĐD XYHGH QêFKSRGNODGRYDGRNXPHQWRYQHSULVSH OD YêUD]QHMãRX PLHURX N IRUPRYDQLX Qi PHVWLD  3RURWD QD VYRMRP SUYRP ]DVDGQXWt SR QLHNRĐNR KRGLQRYRP VL Y\VYHWĐRYDQt D SULSRPLHQNRYDQt YãHWNêFK SRGPLHQRN V~ĢDåHQiVOHGQHMSUHKOLDGNHFHOHMORNDOLW\ WêNDM~FHMVDWHMWRV~ĢDåH RGåHOH]QLþQpKR

SULHFHVWLDYVPHUH'XEQLFNpKRSRWRNDDå SR=96 V~ĢDåQpSRGPLHQN\RGV~KODVLOD DSUHGORåLODLFKNXVFKYiOHQLX6ORYHQVNHM NRPRUHDUFKLWHNWRY  .RPSOH[QpV~ĢDåQpSRGPLHQN\SRY\ KOiVHQtV~ĢDåHEXG~XYHUHMQHQpQDZHER YHMVWUiQNHPHVWD  8UEDQLVWLFNR  DUFKLWHNWRQLFNi ãW~GLD E\ PDOD ULHãLĢ ~]HPLH EXG~FHKR FHQWUD NRPSOH[QH$NêEXGHMHKRYêYLQ]iOHåtDM QD MHKR RE\YDWHĐRFK 0{åX PX SRPiKDĢ DOHERKRNRPSOLNRYDĢ 9HGHQLH PHVWD ]DþtQD WêPWR NURNRP QD SĎĖDĢWRþRERORREþDQRPVĐ~EHQpÄ3UH KRGQRWLĢ GRWHUDMãLH QHUHDOL]RYDQp ãW~GLH

9ìVWDYEDåSRUWRYìFKLKUtVN  9ãSRUWRYRPDUHiOL=iNODGQHMãNRO\QDVtGOLVNX&HQWUXP,,VD YURNX]DþDODYêVWDYEDQRYêFKãSRUWRYêFKLKUtVNVFLHĐRP GRNRPSOHWRYDQLD DUHiOX D Y\WYRUHQLD SRGPLHQRN SUH ãSRUWRYp Y\XåLWLHãLUãHMYHUHMQRVWL  9PHVLDFLRNWyEHUEROL]DþDWpSUiFHQDVSRGQHMVWDYEH ]HP Qp D SRGNODGRYp SUiFH SUH GYH LKULVNi QD PLHVWH H[LVWXM~FHKR DVIDOWRYpKRLKULVNDDQHGRNRQþHQpKRWHQLVRYpKRNXUWXDYROHMED ORYpKRLKULVND   3UYpÄ9LDF~þHORYpLKULVNR³SUHGVWDYXMHY\EXGRYDQLHãSRUWRYp KRSRYUFKX]XPHOHMWUiY\RUR]PHURFK[PSUHKUXPLQL IXWEDOEDVNHWEDOYROHMEDODQRKHMEDO,KULVNRMHY\EDYHQpPDQWL QHORYêPV\VWpPRPYRYêãNHPSRFHORPREYRGHVRFKUDQQêPL VLHĢDPL QD VWĎSRFK  P QDG PDQWLQHORP QD NUiWN\FK DM GOKêFK VWUDQiFKLKULVNDDRVYHWOHQtP[:  =KRWRYLWHĐRPLKULVNDEROD¿63257(5VUR%UDWLVODYD=D þLDWRN YêVWDYE\ YLDF~þHORYpKR LKULVND ERO Y WHUPtQH  D GRNRQþHQpERORYWHUPtQHNHG\VDSRGStVDOSURWRNRO R RGRY]GDQt D SUHY]DWt GLHOD 1iNODG\ QD Y\EXGRYDQLH LKULVND EH] ]HPQêFK D SRGNODGRYêFK SUiF SUHGVWDYRYDOL VXPX   6N]WRKRþLDVWNXYRYêãNH6NWYRULOSUtVSHYRN ]1DGiFLH633  'UXKp Ä0XOWLIXQNþQp LKULVNR³ SUHGVWDYXMH Y\EXGRYDQLH SROR SLHVNRYpKRãSRUWRYpKRSRYUFKX]XPHOHMWUiY\Ä(OLWH6RIW³RUR] PHURFK[PSUHWHQLVPLQLIXWEDOYROHMEDOQRKHMEDODEDV NHWEDO,KULVNREXGHRSORWHQpSRFHORPREYRGHRFKUDQQêPLVLH ĢDPLDY\EDYHQpRVYHWOHQtP[:  =KRWRYLWHĐRPLKULVNDMHWiLVWi¿UPD9êVWDYEDPXOWLIXQNþQp KRLKULVND]DþDODYWHUPtQHDGRNRQFDURNDEROR Y\EXGRYDQpRSORWHQLHLKULVNDVRFKUDQQêPLVLHĢDPLRVDGHQp NVEDVNHWEDORYêFKNRãRYDSRORåHQiSUXåQiSRGORåND3RYHWHU QRVWQp SRGPLHQN\ QHXPRåQLOL Y\NRQDĢ PRQWiå GRGDQpKR SRYU FKX]XPHOHMWUiY\1iNODG\QDYêVWDYEXLKULVNDY]P\VOHX]DWYR



=EHURGSDGXYUpçLL760 'RGiYDWHĐ YR]LGLHO QD ]EHU NRPXQiOQHKR RGSDGX VSOQLO RED WHUPtQ\ GRGiYRN NHć MHGQR YR]LGOR GRGDO  D GUXKp  = ~YHUX 760 PLPR VWURMRY QDN~SLOL DM NRQWDMQHU\ D RNUHPOLWURYêFKVDYPHVWHY\PHQLDYãHWN\8åYSRORYLFLGH FHPEUD VD ]DþDOR V LFK YêPHQRX NWRUi VD GRNRQþt Y  WêåGQL GRGiYNRXNRQWDMQHURYQDVNOR-HHãWHQHGRVWDWRNNRQWDMQHURYQD SODVW\DSDSLHUNWRUpEXG~GRGDQpYNUiWNRPþDVH 9GHFHPEUL VD]DSRþDOD JHQHUiOQD RSUDYD W]Y5DPHQiþDNWR UêP760 EXGH ]DEH]SHþRYDĢ YêYR] SlĢ NXEtNRYêFK YHĐNRREMH PRYêFKNRQWDMQHURYSUHGRYãHWNêP]RVWUHGLVNDWULHGHQpKR]EH UX QDFKiG]DM~FHKR VD SRG 'RPRP NXOW~U\7HQ ERO GRGDQê Då ]DþLDWNRPIHEUXiUD]G{YRGXYHĐNpKRUR]VDKXRSUDY\2G326 VPHRGN~SLOL0XOWLNiUXQD]EHURGSDGX]PDOêFKRGSDGRYêFKNR ãRYYPHVWH 7DNåHRG760'XEQLFDQDG9iKRP]DEH]SHþXM~NRP SOHWQH]EHURGSDGXYPHVWH6NRQþLORSUHFKRGQpREGRELHMDQX iUNHćRRGSDGYPHVWHVDVWDUDOLGYHVSRORþQRVWL760MHGQêP YR]LGORP]DEH]SHþRYDORYêYR]]PHVRYpKRNRPXQiOQHKRRGSD

NWRUp QHSULVSHOL YêUD]QHMãRX PLHURX N IRUPRYDQLX QiPHVWLD QDVPHURYDĢ SHãLX ]yQX Y PHVWH Y VPHUH KLVWRULFNRP  Y VPHUH 'XEQLFNpKR SRWRND V MHM FHQWUiO Q\PL X]ODPL 1iPHVWLD 0DWLFH VORYHQVNHM D QiPHVWLH VY -DNXED WDN DE\ PHVWR 'XEQLFD QD 9iKRP PDOR GOKRGRE~ NRQ FHSFLX VYRMKR UR]YRMD NRQFHSFLX PRGHU QpKRPHVWDVWRURþLDNRQFHSFLXNWRUi ]DORåtUR]YRMRYpSUYN\QDGHVLDWN\URNRY 0HVWD NGH EXG~ ĐXGLD VSRNRMQt D EXG~ QDĖKUGt³       ,QJ-DURVODYâOHVDU ]iVWXSFDSULPiWRUDPHVWD

UHQHM]POXY\RGLHORSUHGVWDYXM~VXPX6N.  EROD SUHVWDYDQi þLDVWND    6N 1D ¿QDQFRYDQLH WRKWRLKULVNDEROSRVN\WQXWêSUtVSHYRN6N]0LQLVWHU VWYD ãNROVWYD 65 'RNRQþHQLH VWDYE\ LKULVND VD SUHGSRNODGi Y MDUQêFKPHVLDFRFKURNDY]iYLVORVWLRGSRþDVLD  6SRGQ~ VWDYEX UHDOL]XMH ¿ =HPSUD V U R ,ODYD &HONRYp QiNODG\VSRGQHMVWDYE\SUHRELGYHXYHGHQpLKULVNiEH]SUtSRM N\ 11 SUH RVYHWOHQLH LKUtVN SUHGVWDYXM~ VXPX    6N .ERODSUHVWDYDQiþLDVWND6N6WDYED EXGHGRNRQþHQiV~EHåQHVRVWDYERXPXOWLIXQNþQpKRLKULVND  =iPHURPPHVWDMHGREXGRYDĢDVNRPSOHWL]RYDĢãSRUWRYêDUH iOWDNDE\SOQLOIXQNFLXQLHOHQSUHãSRUWRYpWULHG\]iNODGQHMãNR O\DOHDE\]iURYHĖDMSRVN\WRYDOVOXåE\RE\YDWHĐRPPHVWDSUH LFKãSRUWRYpDNWLYLW\=WRKRG{YRGXPHVWR]DþLDWNRPWRKWRURNX ]DEH]SHþLOR Y\SUDFRYDQLH SURMHNWRYHM GRNXPHQWiFLH FHOpKR ãSRU WRYpKRDUHiOX'REXGRYDORE\VDYHĐNpIXWEDORYpLKULVNRVXPH OêP SRYUFKRP D ]UHNRQãWUXRYDOD E\ VD DM EHåHFNi GUiKD 6D PR]UHMPH MH SRWUHEQp GREXGRYDĢ ãDWQH D VRFLiOQH ]DULDGHQLD 6DPRWQiUHDOL]iFLDYãDN]iYLVtRG¿QDQþQêFKSURVWULHGNRYSUH WRVDEXGHPHVWRXVLORYDĢ]tVNDĢ¿QDQþQpSURVWULHGN\DM]LQêFK ]GURMRY GRWiFLHãWUXNWXUiOQHIRQG\DS   ,KULVNi]DWLDĐQLHV~YSUHYiG]N\VFKRSQRPVWDYHQDþRXSR ]RUĖXMH YLDF DNR GHVLDWND WDE~Đ7R YãDN QHSUHNiåD ãSRUWXFKWL YêPMHGLQFRPLVNXSLQNiPNWRUtQDSULHN]iND]XGRVORYDGHYDV WXM~QHGRNRQþHQêDUHiO$QLRSORWHQLHDUHiOXãNRO\DQLGR]RU]R VWUDQ\=âQHGRNiåH]DVWDYLĢLFKW~åEXSRãSRUWH  3UHWRDSHOXMHPHWRXWRFHVWRXQD]GUDYêĐXGVNêUR]XPYãHW NêFK 'XEQLþDQRY QDMPl WêFK PODGãtFK NWRUêFK VD WR EH]SUR VWUHGQHWêNDMHWRDUHiOEXGRYDQêSUHYiVQHGRYRĐWHKRSRãNR G]RYDĢDQLþLĢXåWHUD] 0JU,YDQD7HSOLþNRYi YHG~FDRGGHOHQLDYêVWDYE\ ~]HPQpKRSOiQRYDQLDDåLYRWQpKRSURVWUHGLD

GX326Y\YiåDODRVWDWQêRGSDG 9R]LGOR 0HUFHGHV QD NRPXQiOQ\ RGSDG EXGH Y\XåtYDQp DM QD ]EHUVHSDURYDQêFK]ORåLHNSUHWRDNEXGHWHYLGLHĢåHVDGRYR ]LGODKiGåHSDSLHUSODVW\DOHERVNORQHMGHWRQDVNOiGNXDOHGR 6WUHGLVNDWULHGHQpKR]EHUXQDGRWULHGHQLHDYêYR])XQJRYDQLH ]DEH]SHþXMHDMQRYêSUDFRYQtN7600DUHN.XULQHF 9LHPHåHYSUHFKRGQRPREGREtQHERORYãHWNRDNRPiE\ĢDOHN QDãLPVWDURVWLDPSULE~GDOLDMWDNpDNRKRGHQêYHĐNêOLWURYê NRQWDMQHUYSRWRNXDOHERNRQWDMQHUY]iEUHKX5R]YR]\NRQWDMQH URY ]QHSUtMHPĖRYDOL DM GRP\ EH] þtVHO QHIXQNþQp ]YRQFH7LHå YLD]ODSULYêPHQHV~KUDV326DMYG{VOHGNXUR]GLHOQHMWHFKQLN\ UR]YR]X 9HUtPH åH SRVWXSRP þDVX Y\ULHãLPH YãHWN\ QHGRVWDWN\ QiEH KXQRYHMVSRORþQRVWLQD]EHUDSUHMDYtVDVSRNRMQRVĢQDRERFK VWUDQiFK 2E\YDWHOLD QHEXG~ QHFKiYDĢ ]E\WRþQH RWYRUHQp NRQ WDMQHU\  QHFKDM~ LFK QD PLHVWH NGH SDWULD QHEXG~  VWUKiYDĢ ] QLFKSLNWRJUDP\GRNRQWDMQHURYEXG~KiG]DĢOHQRGSDGSRWRP XåVXURYLQXNWRUiWDPSDWUt760VDEXG~VQDåLĢDE\NRQWDMQHU\ QHEROLSUHSOQHQpDSRY\V\SDQtERORNRORQLFKSRULDGRN ,QJ$.RQtþHNULDGLWHĐ760



9HĜNRQRĀQp]Y\N\YNUDMLQiFK(XUyS\ 

 9HĐNiQRFMHMHGQêP]QDMYê]QDPQHMãtFKNUHVĢDQVNêFKVYLDW NRYNWRU~þDVWRVREĐXERXRVODYXM~LĐXGLDNWRUtQLHV~QiERåHQ VN\]DORåHQt.DåGiþOHQVNiNUDMLQDPiYRVODYRYDQt9HĐNHMQRFL VYRMHWUDGtFLHD]Y\NORVWLNWRUêPLVDRGLQêFKOtãL9NDåGHM]QLFK YãDNWHQWRVYLDWRNSUtFKRGXMDULRVODYXM~YURYQDNRPþDVH9QH GHĐXDSRQGHORNSRSUYRPVSOQHNWRUêQDVWDQHSRSUHFKRGH6OQ NDMDUQêPERGRP3RQ~NDPH9iP]Y\N\QLHNWRUêFKHXUySVN\FK NUDMtQ %HOJLFNR  )RONOyURP WêFKWR VYLDWNRY MH SURFHVLD ÄþLHUQ\FK NDM~FQLNRY³ NWRUiPiSULSRPtQDĢSRFKRYDQLH-HåLãD.ULVWDDćDOãtFKRE\þDMRY DNRV~ÄKRQ\QDYDMFLD³NWRUpVSRþtYDM~YXNUêYDQtþRNROiGRYêFK YDMtþRNY]iKUDGiFKYNWRUêFKVDLFKSRWRPGHWLXVLOXM~QiMVĢ 'iQVNR  'RP\DREFKRG\Y'iQVNXV~QD9HĐN~QRFY\]GREHQp]HOH QêPLYHWYLþNDPLDåOWêPLQDUFLVPL9'iQVNXYãDNYOiGQHMHGQD ãSHFL¿FNi WUDGtFLD 3RVLHODQLH SUHNiUDþNRYêFK OLVWRY 8å GYDWUL WêåGQHSUHG9HĐNRXQRFRXStãXGHWLWDN]YDQpSUHNiUDþNRYpYHU ãHNWRUpSRWRPSRVLHODM~DNROLVW\6~VtFHDQRQ\PQpDOH]iUR YHĖ SRGStVDQp WDNêP SRþWRP ERGLHN NWRUp ]RGSRYHGDM~ SRþWX KOiVRN Y PHQH RGRVLHODWHĐD 7DNåH DGUHViW Pi ]YlþãD ãDQFX XKiGQXĢNWRPXYHUãtNSUHNiUDþNXSRVODO'ROLVWRYVDYNODGDM~ VQHåLHQN\DNRV\PEROSUYHMMDUQHMNYHWLQ\YURNX1D9HĐN~QRF YDULDSLYRYDU\ãSHFLiOQHYHĐNRQRþQpSLYiNWRUpV~RYHĐDVLOQHMãLH DNREHåQp (VWyQVNR  9 (VWyQVNX VD 9HĐNi QRF RVODYXMH SUHGRYãHWNêP MDUQêPL SUi]GQLQDPL 'HWL LFK YRODM~ ÄVYLDWNDPL YDMtþRN³7LH V~ REY\NOH ]DIDUEHQpãXSLQDPL]FLEXOHY\]GREHQpIDUHEQêPLQLĢDPLEUH ]RYêPL OtVWNDPL D S~þLNPL NYHWRY 'RP\ V~ VNUiãOHQp YĚERYêPL YHWYLþNDPLVEDKQLDWNDPLPDOêPLNUiOLNPLDNXULDWNDPL )tQVNR  )tQL URYQDNR DNR L Y ćDOãtFK NUDMLQiFK (Ò RVODYXM~ 9HĐNRX QRFRXSUtFKRGMDUL$MNHćYPDUFLQLHNHG\LYDSUtOLYWHMWRVH YHUVNHMNUDMLQHHãWHVWiOHYOiGQH]LPD1DMVWDUãtPDQDMQHREY\N OHMãtPMHGORPMHWUDGLþQiItQVNDPLVDPlPPL-HWRWPDYRKQHGi RYVHQiNDãDY\UREHQi]YRG\DVODGHQpKRåLWQpKRVODGX3HþLH VDSRPDO\YSHFLYOHSHQNRYêFKãNDWXOLDFKY\UREHQêFKWDNDE\ Y\]HUDOLDNRNRãtN\]EUH]RYHMN{U\  1D 9HĐN~ QRF P{åHWH QD ItQVNRP YLGLHNX D Y PHVWHþNiFK VWUHWQ~ĢPDOpSRVWDYLþN\VR]DI~ĐDQêPLWYiUDPLDãiOPL]DYLD]D QêPLRNRORLFKKOiY,G~åREUDĢQHV~QiVDG\PHWLHONDQYLFHQD NiYXD]Yl]N\PODGêFKYĚERYêFKYêKRQNRY'LHYþDWiDQLHNHG\ GRNRQFD L FKODSFL V~ SRREOLHNDQt DNR þDURGHMQtFL ,G~ RG GYHUt N GYHUiP RGULHNDM~ NROHG\ D ]D RGPHQX GRVWiYDM~ VODGNRVWL D SHQLD]H )UDQF~]VNR  9R)UDQF~]VNXMHUR]ãtUHQiWUDGtFLDþRNROiGRYêFKYHĐNRQRþ QêFK YDMtþRN SUH GHWL ýRNROiGD VD Y WRP þDVH MH Y DNHMNRĐYHN SRGREH  Y SRGREH QLHOHQ þRNROiGRYêFK YDMtþRN DOH L NXULDWRN ]YRQRYDWć ËUVNR  9 ËUVNX MH 9HĐNi QRF SRVYlWQêP þDVRP  REGREtP S{VWX D PRGOLWLHE7UDGLþQêPYHĐNRQRþQêPMHGORPËURYMHSyURYiSROLHYND DSHþHQpMDKĖDFLHPlVR9ãHWN\YDMtþNDNWRUpVOLHSN\]QLHVOLQD 9HĐNê SLDWRN V~ R]QDþHQp NUtåLNRP D NDåGê ËU ]MH DVSRĖ MHGQR WDNWR R]QDþHQp YDMtþNR YR 9HĐNRQRþQ~ QHGHĐX 1D 9HĐNRQRþQ~ QHGHĐXVDYËUVNXWDQFXMHYXOLFLDFK7DQHþQtFLV~ĢDåLDRNROiþH ĆDOãRXREĐ~EHQRXþLQQRVĢRXMHNRW~ĐDQLHYDMtþRN.DåGêSUHWHNiU GRVWDQHGRU~NEDPEXVRYêNROtNDOHERO\åLþNXDMHKR~ORKRXMH GRNRW~ĐDĢYDMtþNRSRWUiYQLNXDOHER]NRSFDGRFLHĐRYpKRERGXY þRQDMUêFKOHMãRPþDVH





GXEQLFNpQRYLQ\ PDUHF ZZZGXEQLFDVN 7DOLDQVNR 9HĐNRQRþQpWUDGtFLHVDY7DOLDQVNXYLDåXKODYQHNMHGOX=DQDM YlþãLX YHĐNRQRþQ~ ODK{GNX VD YãHREHFQH SRYDåXMH SHþHQi MDKĖDFLQD 9HĐNRQRþQRX ãSHFLDOLWRX V~ DM SUDFOtN\ ,FK VNU~WHQê WYDU Pi SUHGVWDYRYDĢ ]DORåHQLH U~N SUL PRGOLWEiFK 7DOLDQL YUDM VWiOLLSUL]URGHþRNROiGRYêFKYHĐNRQRþQêFKYDMtþRN &\SUXV  1D9HĐN~QRFPXVtE\ĢYGRPiFQRVWLDPYãDGHþLVWXþNRWDNåH SUHGWêPWRVYLDWNRPVDJHQHUiOQHXSUDWXMHPDĐXMHDY\QRYXMH ďXGLDVLQDNXSXM~QRYpREOHþHQLHDRVRELWQHQRY~REXY7UDGLþ QêPMHGORPQD9HĐNêSLDWRNMHÄ)DNL;LGDWL³þRMHN\VOiãRãRYL FRYiSROLHYND%LHODVRERWDMHGĖRPSRNRMDDRGSRþLQNX3RþDV 9HĐNRQRþQHMQHGHOHDSRQGHONDMH]Y\NRPREHGRYDĢYEOt]NRVWL NRVWRORY3UHWRVLNDåGiURGLQDSULQHVLHMHGORDSLWLHSUHGRYãHW NêPYtQRD]DVDGQH]DGOKpGUHYHQpVWRO\NWRUpQDWLHWRVYLDWN\ ]PRQWRYDOL 3R GREURP REHGH SUtGX QD UDG U{]QH KU\ WDQFH D YWLS\ /LWYD  6ORYRÄ9HO\NRV³NWRUpR]QDþXMH9HĐN~QRFMH]ELHORUXVNpKR MD]\NDD]QDPHQiÄG{OHåLWêGHĖ³9HĐNiQRFSDWUtY/LWYHNQDMYê ]QDPQHMãtPVYLDWNRPYURNX2EĐ~EHQêPV\PERORP9HĐNHMQRFL MHÄ9HO\NX6HQHOp³þLåH9HĐNRQRþQiEDENDNWRUiMD]GtYRVYRMRP YHĐNRQRþQRPNRþLDULNWRUêĢDKDM~]DMDþLN\DUR]YiåDM~YHĐNRQRþ QpYDMtþNDSRFHOHMNUDMLQH7LHGHWLNWRUpEROLSRFHOêURNSRVOXã Qp GRVWDQ~ NUiVQH Y\IDUEHQp YDMtþND$ WLH NWRUp QHSRVO~FKDOL QHQDPDĐRYDQp /RW\ãVNR  =DXMtPDYRVĢRXMHåHY/RW\ãVNXSRXåtYDM~YHĐNRQRþQpYDMtþ NDSUHGRYãHWNêPQDKU\3RGVWDWRXMHGQHM]QLFKMHUR]ELWLHYDMtþ ND1DMSUYVDPODGtĐXGLDSRSiULD3RWRPVLNDåGê]SiUXY\EHU~ VYRMH YDMtþNR D VQDåt VD KR WRPX GUXKpPX UR]ELĢ .RPX V~SHU UR]ELO DNR SUYpPX MHKR YDMtþNR SUHKUDO D YtĢD] Y\]YH ćDOãLHKR YtĢD]DSRNLDĐQHUR]ELM~SRVOHGQpYDMtþNR7UDGLþQêPSRNUPRPQD 9HĐN~QRFMH.XOLFKDOHERVODGNêãDIUiQRYêFKOLHE /X[HPEXUVNR  6YLDWRN(PDLVFKHQ ]GUREQHOLQDQi]YXSDOHVWtQVNHKRPHV WHþNDQHćDOHNR-HUX]DOHPDNGHVD-HåLãSUHGVYRMLPY]NULHVHQtP QDURGLOÄ(PPDV³ Y/X[HPEXUVNXQH]QDPHQiLED9HĐNRQRþQ~ QHGHĐXDSRQGHORN-HWRSUHGRYãHWNêPWUKQDNWRURPDPDWpUVNL KUQþLDULSUHGYiG]DM~VYRMHXPHQLH1DMþDVWHMãRXXNiåNRXV~NH UDPLFNpStãĢDON\YWYDUHYWiþLND2NUHPWRKRWXQiMGHWHLVWiQN\ VGREURWDPLDNRV~QXJDW\PDQGOHSUDåHQpOLHVNRYpRULHãN\D SRGREQH 0DćDUVNR  9HĐNRQRþQê SRQGHORN MH Y 0DćDUVNX ]QiP\ SRG Qi]YRP Ä'XFNLQJ0RQGD\³ GXFNLQJ SRWiSDQLHDOHERORYNDþtF 7HQWR Qi]RYERORGYRGHQêRGWUDGtFLHKiG]DQLDPODGêFKGLHYGRU\EQt NRYDOHERMD]LHURN2GGLHYþDWVDRþDNiYDORåHWHQWRQHGREUR YRĐQêN~SHĐEXG~EUDĢãSRUWRYR1DY\ãHVDLPQDKRYiUDåHNHć W~WRQLHNHG\LQHSUtMHPQ~WRUW~UXSRGVW~SLDVWDQ~VD]QLFKOHSãLH PDQåHON\ 0DOWD  9HĐNRQRþQpVYLDWN\SDWULDQDRVWURYH0DOWDNWêPQDMG{OHåL WHMãtP Y URNX 2VODY\ 9HĐNHM QRFL VD QD 0DOWH ]DþtQDM~ 9HĐNêP SLDWNRP NHG\ VD Y PHVWiFK NRQDM~ SURFHVLH VR VRFKDPL ]Qi ]RUĖXM~FLPLNUtåRY~FHVWX-HåLãD.ULVWD3URFHVLHP{åHWHNDåGR URþQHYLGLHĢYQDMYlþãtFKPDOWVNêFKPHVWiFK 1HPHFNR  9HĐNiQRFY1HPHFNXVD]DþtQDRPãRXNWRUiVDNRQiYVR ERWXYHþHUDSRNUDþXMHDåGRQHGHĐQpKRUiQDĆDOãRXWUDGtFLRX MHÄYHĐNRQRþQêRKHĖ³1DY\KOLDGQXWRPPLHVWHVDXåSUHGWêPQD ]KURPDåGLDVWDUpYLDQRþQpVWURPþHN\DQD]DþLDWNX9HĐNHMQRFL VD SRGSiOLD 7iWR RE\þDM Pi V\PEROL]RYDĢ SiOHQLH SRVOHGQêFK ]Y\ãNRY]LP\







GXEQLFNpQRYLQ\ PDUHF ZZZGXEQLFDVN

 +RODQGVNR  1D.YHWQ~QHGHĐXFKRGLDGHWLYVSULHYRGRFKRGIDUP\NIDUPH D]ELHUDM~YDMtþNDQDYHĐNRQRþQpãSRUW\$E\WLHWRYDMtþNDQDãOL QRVLD VR VHERX R]GREHQ~ YHWYX NWRU~ YRODM~ Ä3DOPSDVV³ DOHER YHĐNRQRþQi SDOPD 7iWR SDOPRYi YHWYD MH SULSHYQHQi NX NU~å NX NWRUê MH SRNU\Wê ]HOHĖRX D MH QDY\ãH Y\]GREHQê IDUHEQêPL SDSLHURYêPLYODMRþNDPLãNUXSLQNDPLSRPDUDQþPLKUR]LHQNDPL ¿JDPLþRNROiGRYêPLYDMtþNDPLNROiþLNPL]FHVWDDOHERODEXĢDPL DNRK~WLNPL

PiFKXĢ3RFHOêWHQWRGHĖĐXGLDQRVLDVRVHERXNUDVOLFHDNHć SRVWUHWQ~]QiP\FKWDNVLVNUDVOLFDPLÄĢXNQ~³DSRYHGLDÄ.ULVWXV YVWDO]PĚWY\FK³  *UpFLMHGLDJXĐDWêSORVNêERFKQtN &KULVWRSVRPRQ QDNWRURP MHNUtåDQDþHUYHQR]DIDUEHQpYDMtþND1D%LHOXVRERWXVD]GRELD NRVWRO\ D NDåGê FK\VWi SRVYLDFNX 9 QHGHĐX SRWRP SULFKiG]DM~ QDUDGUDGRYiQN\

3RĐVNR  3ROLDFLQD]êYDM~YHĐNRQRþQpVYLDWN\Ä:LHONDQRF³þLåH9HĐNi QRFDOHERQRFY]NULHVHQLD.ULVWD93RĐVNXMHYHĐNRQRþQêPV\P ERORP W]Y 3RåHKQDQê NRãtN 1D 9HĐNRQRþQ~ QHGHĐX ĐXGLD SUL SUDYLDNRãtN\GRQLFKYORåLDNUDVOLFHFKOLHENROiþVRĐNRUHQLH DELHOHNOREiVN\DVWRXWRQRãRXVDY\EHUDM~GRNRVWRODDQHFKi YDM~VLMXSRåHKQDĢ+RYRUtVDåHÄYHĐNêS{VW³NWRUê]DþtQD GQt SUHG 9HĐNRX QRFRX QHVNRQþt SRNLDĐ QLH MH NRãtN Y NRVWROH SRåHKQDQê

âSDQLHOVNR  1D 9HĐN~ QRF MH FHOp âSDQLHOVNR KRUH QRKDPL äLDGHQ âSD QLHO VL QHQHFKi XMVĢ YHĐNp YHĐNRQRþQp RVODY\ ]YDQp 6HPDQD 6DQWD 6YlWêWêåGHĖ 7LHP{åHWHNDåGRURþQHYLGLHĢYRYãHWNêFK YlþãtFKPHVWiFK=DþtQDM~.YHWQRXQHGHĐRXWUYDM~FHOêWêåGHĖ D YUFKROLD YR 9HĐNRQRþQê SRQGHORN 3R FHOê þDV VD Y FHQWUiFK PLHVW]DVWDYtKURPDGQiGRSUDYDďXGLDVDVYLDWRþQHY\REOLHNDM~ DY\UD]LDGRXOtFDE\VLSR]UHOLSUHGVWDYHQLDNWRUpVDGDM~SULURY QDĢNVWUHGRYHNêPSURFHVLiP6NXSLQ\YVWUHGRYHNêFKVXWDQiFK SXWXM~ ] NRVWRORY NX NWRUêP SULVO~FKDM~ GR KODYQHM NDWHGUiO\ Y FHQWUHPHVWDDSRWRPVD]DVHYUDFDM~VSlĢ

3RUWXJDOVNR  93RUWXJDOVNXVDQD9HĐNêSLDWRN]DSDĐXM~REURYVNpKUDQLFH ďXGLDXSDĐXM~VODPHQêFKSDQiNRYNWRUtY\]HUDM~DNR-XGiã9WHQ LVWê GHĖ VD FK\VWDM~ YHĐNRQRþQp RPHOHW\ NWRUp VD QDMþDVWHMãLH SOQLDVODQLQNRX1D9HĐNRQRþQ~QHGHĐXVDMHQDMþDVWHMãLHPlVLWp MHGOR 2EY\NOH MH WR NR]OLDWNR DOHER MDKQLDWNR þDVWR L SUDVLDWNR þLXåSHþHQpDOHEREUDYþRYiãXQND 9QLHNWRUêFKREODVWLDFKVD FK\VWDM~NROiþHSOQHQpQLHNRĐNêPLGUXKPLPlVDDYDMtþNDPL

âYpGVNR  âYpGLPDM~RGSUDGiYQDYþDVH9HĐNRQRþQêFKVYLDWNRYPQRå VWYR YãDNRYDNêFK ]Y\NRY DOH KODYQH åDUWRY D SRYLHU 0HG]L WLH SRVOHGQpVDUDGtLSRYHUDYNWRUHMVDQDâNDUHG~VWUHGXNDåGê VQDåLODNRPRKRORFKUiQLĢVYRMHRE\GOLHDPDMHWRNSUHGQiMD]G PLþDURGHMQtFNWRUpVDQDMQHEH]SHþQHMãtPLVWDOLSUiYHYREGREt PHG]LâNDUHGRXVWUHGRXD9HĐNRQRþQRXQHGHĐRX1DMOHSãLHEROR YWRPþDVHQHY\FKiG]DĢY{EHF]GRPX

5DN~VNR  95DN~VNXVDKUiKUDVYDMtþNDPL$MWXVDVQDåLDV~SHULMHGHQ GUXKpPX YDMtþND UR]ELĢ 9 UiPFL 9HĐNHM QRFL VD NRQi L IHVWLYDO ďXGLDSHþ~SUDFOtN\YWYDUHYHQþHNRYDQDMW\SLFNHMãRXIDUERXYD MtþRNMHSUHGRYãHWNêPQD=HOHQêãWYUWRN]HOHQi

9HĐNi%ULWiQLD  9DMtþND SDWULD QHRGP\VOLWHĐQH N WêPWR VYLDWNRP L Y %ULWiQLL 2NUHP VOHSDþtFK D SUHSHOLþtFK NWRUp V~ Y SUHGDML SR FHOê URN ]DKUQXMHYHĐNRQRþQiSRQXNDLPRUþDFLHEDåDQWLHEDGRNRQFDL SãWURVLHYDMFLD.WRFKFHE\ĢQDMRULJLQiOQHMãtQiMGHGRNRQFDLYD MtþNDþDMRN$OHSUHYDKXWYRULDDMYR9HĐNHM%ULWiQLLSUHGRYãHWNêP þRNROiGRYp YDMtþND 9 EULWVNêFK URGLQiFK VD SRþDV 9HĐNHM QRFL XVSRUDG~YDM~ SULDP ÄKRQ\ QD YDMtþND³ 'HWL SR FHORP E\WH KĐD GDM~XNU\WpþRNROiGRYpYDMtþND.WRLFKQiMGHWHQLFKPiSUiYR L]MHVĢ

*UpFNR  9*UpFNXVDSRþDV9HĐNRQRþQHMQHGHOHNRQDM~YLGLHFNHKRV WLQ\*ULORYDQpMDKĖDFLHYDMtþNDFKOLHEãDOiW\DNROiþH7RYãHW NRMHSUHVWUHWpQDGOKêFKVWRORFKDNGLVSR]tFLLSUHNDåGpKRNWR

9HĜNRQRĀQp UHFHSW\ 

9(Ĕ.212ÿ1É%$%$ 3RWUHEXMHPH  URåNRYJ~GHQpKRPlVD NOREiVN\YDMHFVRĐPOHWpþLHUQHNRUH QLHSHWUåOHQRYiYĖDĢROHMQDY\PDVWHQLH SOHFKX 3RVWXS  5RåN\ QDNUiMDPH QD NROLHVND D WLH HãWH QD ãWYUĢN\ 'iPH GR PLV\ D SROHMH PHYêYDURP]~GHQpKRPlVDDNOREiVN\ DE\]PlNOLQLHYãDNYHĐPLDE\VD]WRKR QHXURELOD EODWRYi NDãD ÒGHQp PlVR DM NOREiVNX QDNUiMDPH QDGUREQR D SULPLH ãDPHNURåNRP0{åHPHSULGDĢWURFKXVR OLDOHQHPXVtPHSUHWRåH~GHQpPlVRMH VODQp9DMFLD Y\ãĐDKiPHDSULGiPH N]i NODGQHM]PHVL3ULV\SHPHNRUHQLHDSULGi PHSHWUåOHQRY~YĖDĢ9HĐNêSOHFKY\PDV WtPHROHMRPD³EDEX´GiPHSLHFĢQDƒ& GRUXåRYD

9(Ĕ.212ÿ1É+58'.$ 3RWUHEXMHPH  OPOLHNDYDMHFYHJHWXVRĐPOHWp NRUHQLHSHWUåOHQRY~YĖDĢ 3RVWXS  'R YULDFHKR POLHND SULGiPH UR]ãĐD

KDQp YDMFLD D YãHWN\ RVWDWQp NRUHQLQ\ D PLHãDPHDåGR]UD]HQLD3RWRPSUHFHGt PH FH] Ji]X D QHFKiPH RGNYDSNDĢ 1D YêFKRGQRP 6ORYHQVNX MH WRWR QHRGP\V OLWHĐQi V~þDVĢ YHĐNRQRþQHM PLV\  ãXQND YDMtþNDKUXGNDNOREiVND«

9(Ĕ.212ÿ1ë%$5$1ÿ(. 3RWUHEXMHPH   J SRORKUXEHM P~N\ ò EDOtþND SUiãNXGRSHþLYDåĎWN\JSUiãNRYp KRFXNUXO\åLFHYRG\ELHON\òEDOtþND YDQLOtQRYpKR FXNUX ò EDOtþND KUR]LHQRN WXNDVWU~KDQNXQDSUtSUDYXIRUP\ 3RVWXS  0~NX SUHRVHMHPH D SUHPLHãDPH V SUiãNRPGRSHþLYDäĎWN\VFXNURPY\PLH ãDPH GR SHQLVWD SULGiPH YRGX P~NX KUR]LHQNDDVQHK]ELHORNY\ãĐDKDQêFKV YDQLOtQRYêP FXNURP )RUPX QD SHþHQLH EDUDQþHND QDKUXER Y\PDVWtPH WXNRP 6WU~KDQNX SUHRVHMHPH D SRV\SHPH ĖRX FHO~SORFKXIRUP\&HVWRY\OHMHPHGRIRU P\ QHVPLHE\ĢGRSOQD DGiPHSLHFĢGR Y\KULDWHM U~U\ 3RWRP EDUDQþHND Y\NORSt PHSRV\SHPHKRSUiãNRYêPFXNURPD] KUR]LHQRNXUREtPHRþL

9(Ĕ.212ÿ1ë0$=$1(& 3RWUHEXMHPH   J SRORKUXEHM P~N\  J PDV

ODJFXNUXJGURåGLDGOPOLHND åĎWN\YDQLONRYêFXNRUãWLSNDVROLYDM FHKUR]LHQNDPDQGĐRYpOXSLHQN\ 3RVWXS  9\SUDFXMHPH FHVWR YPLHãDPH KUR ]LHQND D QHFKiPH DVL  KRG N\VQ~Ģ = FHVWDXUREtPHERFKQtNDGiPHKRQDY\ PDVWHQêSOHFK1HFKiPHKRHãWHFKYtĐNX QDN\VQ~Ģ9UFKERFKQtNDQDNURMtPHGRNUt åD SRWULHPH YDMtþNRP SRV\SHPH PDQ GĐDPL QHPXVtE\Ģ DSHþLHPHFFDPL Q~WSULVW

9(Ĕ.212ÿ1ë3/(7(1(& 3RWUHEXMHPH   J SRORKU P~N\  J GURåGLD  JWXNXPOPOLHNDYDMFLD./VROL ./POHWHMþHUYHQHMSDSULN\SHWUåOHQRYHM YĖDWHSDåtWNX3/VPRWDQ\UDVFXPDN VH]DPRYpVHPLHQND 3RVWXS  3ULSUDYtPH FHVWR D QHFKiPH Y\N\V Q~Ģ &HVWR SUHPLHVLPH D UR]GHOtPH QD  URYQDNp þDVWL 'R MHGQHM ]DSUDFXMHPH SDSULNX GR GUXKHM QDVHNDQ~ SDåtWNX D SHWUåOHQ 7UHWLX QHFKiPH EH] SUtFKXWH 9ãHWN\WULVIRUPXMHPHGRYDOFDDXSOHWLH PH DNR YLDQRþNX 9DMFH UR]ãĐDKiPH VR VPRWDQRX D SRWULHPH FHVWR 6WULHGDYR SRV\SHPHPDNRPUDVFRXDVHPLHQNDPL 3HþLHPHSULFFDVW







GXEQLFNpQRYLQ\ PDUHF ZZZGXEQLFDVN

)DåLDQJ\ V~]DQDPL

3RĀDVIDåLDQJRYpKRREGRELD VPHYXOLFLDFK'XEQLFHPRKOL VWUHWQ~ĨYHVHOpPDVN\

'HWLVDDNRNDçGìURN QDMYLDFWHåLOLQDNDUQHYDO

äLåNDEiOXSUHG2'$%& VD]~ĀDVWQLORYHĕDĕXGt

)DåLDQJ\RVOiYLOL DMQDåLG{FKRGFRYLD

3OHVåSRUWRYFRY $MWHQWRURN VDY/HGQLFNìFK5RYQLDFK NRQDO3OHVåSRUWRYFRY RNUHVRY3RYDçVNi%\VWULFD 3~FKRYD,ODYD

6~ĀDVĨRXSOHVXEROR Y\KOiVHQLHQDM~VSHåQHMåtFK åSRUWRYFRYDåSRUWRYìFK NROHNWtYRY 0HG]LRFHQHQìPLQHFKìEDOL DQL]iVWXSFRYLDQiåKRPHVWD

2]iEDYXVDVWDUDO]QiP\ VSHYiND]DEiYDĀ 2WR:HLWHU

3RVODQFL YRNUHVH

3RVODQFLQDYåWtYLOLDM*\PQi]LXPY'XEQLFLQ9NGHRNUHP LQpKRDEVROYRYDOLDM]DXMtPDY~GLVNXVLXVRåWXGHQWDPL

3ULQiYåWHYHRNUHVX ]DYtWDOLDMQDPHVWVNì~UDG







GXEQLFNpQRYLQ\ PDUHF ZZZGXEQLFDVN

2VODY\0'æ IHEUXiUDVDSULHVWRU\0V'.]DSOQLOLçHQDPL NWRUpSULåOLRVOiYLĨ0'æVĀHOQìPLSUHGVWDYLWHĕPL VWUDQ\60(5²VRFLiOQDGHPRNUDFLD DViODGRPXNXOW~U\ERODQDELWi

1D]DĀLDWNXFHOpKRSURJUDPX VDNSUtWRPQìPçHQiPSULKRYRULOSUHPLpU DSUHGVHGDVWUDQ\60(56'S5yEHUW)LFR

0LOiĀLNçHQVNpKRSXEOLNDPLQLVWHU YQ~WUD65DSRGSUHGVHGDVWUDQ\ 60(5S5yEHUW.DOLěiN

5yEHUW)LFRD5yEHUW.DOLěiNSULV~ĨDçL RQDMNUDMåtFKOHEDVPDVORPDFLEXĕRX

5REHUW)LFR²SUHPLHU65DSUHGVHGDVWUDQ\   60(56' 0DUHN0DĊDULĀ²PLQLVWHUNXOW~U\65  DSRGSUHGVHGD60(56' 9ODGLPtU0DěND²HXURSRVODQHF]DVWUDQX   60(56'SULVOHGRYDQtNXOW~UQHKRSURJUDPX

SULRGFKRGH]RViO\ GRVWDODNDçGiçHQDĀHUYHQ~UXçX



 

ÿLWDWHOLDYQDåHMNQLçQLFL

  9]KĐDGRP QD WR åH PDUHF VD R]QDþXMH ]D Ä0HVLDF NQLK\³ XYiG]DPHVWUXþQ~ãWDWLVWLNX]NQLåQLFHY'XEQLFLQDG9iKRP  2GURNXNHG\EROLYNQLåQLFLVSXVWHQpDXWRPDWL]RYDQp YêSRåLþQp VOXåE\ERORGRNRQFDURNX HYLGRYDQêFK þLWDWHĐRY9URNXVDUHJLVWURYDORþLWDWHĐRY]WRKR GRURNRY3RGĐDãWDWLVWLFNpKR YêND]XVD]DSRVOHGQpURN\ XGUåDOUHODWtYQHURYQDNêSRþHWþLWDWHĐRY RGU  PHQtVDYãDN]ORåHQLH NDWHJyULD þLWDWHĐRY8E~GDGHW VNêFKþLWDWHĐRY RGU UDVWLHSRþHWãWXGHQWRY DG{FKRGFRY9UGHWtãWXGHQWLG{FKRGFRYLD  RVWDWQt GRVSHOt ýR VD WêND SRKODYLD MHGQR]QDþQH YR YãHW NêFKNDWHJyULiFKSUHYOiGDM~åHQ\ åHQ\PXåL 9HĐNê ]iXMHP ]R VWUDQ\ åHQVNêFK D GHWVNêFK þLWDWHOLHN MH R åHQVNp D GLHYþHQVNpURPiQ\ýRMHSRWHãXM~FHQLHV~WROHQW\SLFNpDPH ULFNp URPiQ\ DOH VW~SD X QLFK ]iXMHP DM R S{YRGQ~ VORYHQVN~ WYRUEX3RþHWQ~þDVĢGRVSHOêFKþLWDWHĐRYWYRULDDMãWXGXM~FLSRSUL ]DPHVWQDQtDYRGGHOHQtQiXþQHMOLWHUDW~U\VDQDMYLDFSRåLþLDYDM~ NQLK\]RVSRORþHQVNêFKYLHGSHGDJRJLNDSV\FKROyJLDVRFLiOQD SUiFD]HNRQyPLHPDQDåPHQWXPDUNHWLQJXĐXGVNêFK]GURMRY ]WHFKQLFNêFKRGERURYVWURMiUVWYRHOHNWURWHFKQLNDDSRþtWDþRYi OLWHUDW~UD8PXåRYV~WRYRMQRYpURPiQ\FHVWRSLV\DGREURGUXå QiOLWHUDW~UDYUiWDQHVFL¿





GXEQLFNpQRYLQ\ PDUHF ZZZGXEQLFDVN  âWXGHQWL Y\KĐDGiYDM~ NQLK\ SRWUHEQp N VYRMLP VHPLQiUQ\P SUiFDP D SRYLQQp þtWDQLH 8 GHWVNêFK þLWDWHĐRY SUHGãNROVNpKR YHNXVDYHĐNHMREĐXEHWHãLDNQLK\]YHþHUQtþNRYêFKVHULiORY 5X ãHĖ7RPiã 3RãWiU 3DW %RE VWDYLWHĐ  X VWDUãtFK åLDNRY V~ WR KODYQH]iKDG\DIDQWDV\OLWHUDW~UD 7UDMDSiWUDþLNQLK\7KRPDVD %UH]LQX 9V~þDVQRVWLXåþDVWHMãLHPDM~åLDFLPRåQRVĢY\EUDĢVL YUiPFLSRYLQQpKRþtWDQLDNQLK\XUþLWpKRåiQUXVDPLEH]SUHG StVDQpKRWLWXOXþRLPXPRåQtY\EUDĢVLNQLKXNWRUiLFK]DXMPHD NWRU~QDR]DMGRþtWDM~  9NQLåQLFLVD]Y\ãXMHSRþHWþLWDWHĐRYNWRUtSUDYLGHOQHGHQQH Y\XåtYDM~ PRåQRVĢ SUHþtWDĢ VL GHQQ~ WODþ D þDVRSLV\ NQLåQLFD RGREHUiWLWXORY  =QDMQRYãtFKWLWXORYY0HVWVNHMNQLåQLFL ]Y\GDYDWHĐVWYD(SRV     

    

&%/HVVPDQQ.DPRãN\9,5R]WUåND 0,&KRYDQ0RGUê\SVLORQ $6KHHQDUG+ĐDGDQLHPHþD .ĖD]H,YDQ3RWXON\VORYHQVNRXSUtURGRX 7RPiã.ULYMDQVNê6RNROLDUVWYR+LVWyULDVRNROLDUVWYD Y\GDYDWHĐWYD,NDU





-.5RZOLQJRYi+DUU\3RWWHUDGDU\VPUWL 0DUWDäiþLNRYi

2ĀLQQRVWLY&HQWUHQH]LVNRYìFKRUJDQL]iFLt  9FHQWUHQH]LVNRYêFKRUJDQL]iFLtYV~ þDVQRVWL VtGOL  RUJDQL]iFLt  -HGQRWD G{ FKRGFRY 6ORYHQVND -'6  .OXE G{FKRG FRY þ .OXE 6ORYHQND iNODGQi RUJDQL ]iFLD GLDEHWLNRY ',$'8% =2 ',$'8%  6ORYHQVNê ]Yl] ]GUDYRWQH SRVWLKQXWêFK 6==3  ÒQLD QHYLGLDFLFK D VODER]UDNêFK 6ORYHQVND 8166  9 FHQWUH S{VREt DM VSHYiFN\ V~ERU -HVLHQND SUL .' þ D VSHYiFN\V~ERU6WXGQLFDSUL-'60DULND %DJtQRYiVSUtMHPĖXMHSRVHGHQLDMHGQRWOL YêFK RUJDQL]iFLt VYRMLP VSHYRP D VSULH YRGQRXKURXQDYDUKDQ\.DåGêSUYêãWYU WRNYPHVLDFLQDYãWHYXMHFHQWUXP0JU$U SiG 0DćDU NWRUê SUH REþDQRY 'XEQLFH Q9 SRVN\WXMH EH]SODWQp VRFLiOQH SRUD GHQVWYR ] RGERUX VRFLiOQHKR SUiYD ]i NRQD R VRFLiOQHM SRPRFL ]iNRQD R VRFL iOQRPSRLVWHQt .DåGiRUJDQL]iFLDVDULD GLYODVWQêPSOiQRPþLQQRVWL3ULHVWRU\Y\ XåtYDM~DMPHQãLHRUJDQL]iFLHQDMHGQRUi ]RYpDNFLH7DNWLHåQDURGLQQpSRVHGHQLH SULåLYRWQRPMXELOHX9åG\MHDOHSRWUHEQp VDGRKRGQ~ĢVR]iVWXSFRP&12NWRUêNR RUGLQXMH þLQQRVĢ -HGQRWOLYp GQL Y WêåGQL PDM~ RUJDQL]iFLH UR]GHOHQp QDVOHGRYQH 3RQGHORN  =2 GLDEHWLNRY ',$'8% 8WR URN.'þD6==36WUHGD-'6âWYUWRN .' þ  D .OXE 6ORYHQND 3LDWRN 8166 6RERWDD1HGHĐDMHY\KUDGHQiSUHVSROR þHQVNpDNFLHSULU{]Q\FKSUtOHåLWRVWLDFKD LQGLYLGXiOQX QiYãWHYX REþDQRY 'XEQLFH Q9  &12MHRWYRUHQpSUHYHUHMQRVĢGHQQH RGGRKRGQDFKiG]DM~VDWDPDM GYHNDQFHOiULHNWRUpVDY\XåtYDM~QD]D VDGQXWLDYêERURY  .DQFHOiULD =2 ',$'8% -'6 8166 MH Y\XåtYDQi NDåGê GHĖ SUH þOHQRY =2 Y þDVHRGDKRGNGHV~ SRVN\WRYDQpU{]QHLQIRUPiFLHSUHþOHQRY DOHDMREþDQRY'XEQLFHQ9D]iURYHĖVO~ åLDMSUHSRUDGHQVNpFHQWUXPGLDEHWLNRYY VRFREODVWL

-HGQRWOLYpRUJDQL]iFLHPDM~QDVOHGRY QêSRþHWþOHQRY  -'6   .' þ   .OXE 6OR YHQND6==3   =2',$'8%8166  &HQWUXPQH]LVNRYêFKRUJDQL]iFLtQDY ãWtYLOR Y URNX  SUL U{]Q\FK SUtOHåLWRV WLDFK D DNFLiFK SRULDGDQêFK MHGQRWOLYêPL RUJDQL]iFLDPLSULEOLåQHþOHQRYRE þDQRY'XEQLFHQ9  ýOHQRYLD MHGQRWOLYêFK RUJDQL]iFLt VD SRGLHĐDM~DMQD~SUDYHRNROLD&12~SUD YDRYRFQêFKVWURPRYåLYpKRSORWDNRVH QLH WUiY\ D WDNWLHå þLVWHQLH YQ~WRUQêFK SULHVWRURY  =þLQQRVWLMHGQRWOLYêFKRUJDQL]iFLt.XO W~UQR VSRORþHQVNp DNFLH IDãLDQJRYp SR VHGHQLD V SRFKRYiYDQtP EDV\ VWUHWQXWLH SULSUtOHåLWRVWL0'äDGĖDPDWLHNMXQLiOHV VSRORþHQVNpSRVHGHQLDSULKXGEH~FWDN VWDUãtP FHORVORYHQVNp VWUHWQXWLH NOXELV WRY PLNXOiãVNH SRVHGHQLH V QiYãWHYRX 0LNXOiãD YêVWDYN\ V YODVWQêPL SUiFDPL þOHQLHN Y\VW~SHQLD VSHYiFNHKR V~ERUX -HVLHQNDQDDNFLiFKSRULDGDQêFKPHVWRP QiYãWHYD V~ERUX -HVLHQND D 6WXGQLFD Y GRPRYRFK G{FKRGFRY QiYãWHYD GLYDGHO QêFKSUHGVWDYHQtY1LWUH  âSRUWRYpY\åLWLH  RNUHVQp ãSRUWRYp KU\ SUH VHQLRURY  RNUHVQp ãSRUWRYp KU\ SUH ]GUDYRWQH  SRVWLKQXWêFKYêVWXSQD9iSHþN~SD  QLH Y WHUPiOQ\FK N~SDOLVNiFK ýDORYR  %LHOLFH&KDOPRYi3RGKiMVNHKU\  SUHGHWLDMGRVSHOêFKYSUtURGHãDFKR  YpWXUQDMH 5{]QHSR]QiYDFLH]iMD]G\  3UDKD *DEþtNRYR 6NDOLFD %RMQLFH  0O\ĖDQ\DUERUHWXP7RSROþLDQN\3H  ]LQRN9UiPFLGUXåREQêFKVW\NRYV

 PHVWRP=DZDG]NLHVDXVNXWXþQLOLWURM  GĖRYpYêPHQQp]iMD]G\YPHVLDFLDX  JXVWRNWyEHU  2UJDQL]iFLHVDYHQXM~DM]GUDYLXVYR MLFKþOHQRYRGERUQêPLSUHGQiãNDPLHGX NDþQpVWUHWQXWLDSRULDGDVD'XEQLFNêGLD EHWLFNêGHĖQiYãWHYDUHKDELOLWDþQpKR]D ULDGHQLD 6DOXV þOHQPL =2 8166 RUJDQL ]XMHSUHVYRMLFKþOHQRYGYRMDåWURMGĖRYp UHKDELOLWDþQpSRE\W\NGHVDXþLDSULHVWR URYHMRULHQWiFLLDVDPRVWDWQpPXSRK\EXY SUtURGH NDåGê SLDWRN VD VWUHWiYDM~ D SR VN\WXM~U{]QXSRPRFUDGXVYRMLPþOHQRP VWRORYDQLXVHEDREVOXKHEH]NRQWURO\]UD NX  5D] URþQH VD SRULDGD V~ĢDå Y StVDQt DþtWDQt%UDLOORYKRStVPD9VHSWHPEULVD XVNXWRþQLOD FHORVORYHQVNi YHUHMQi ]ELHU ND SRG Qi]YRP ³%LHOD SDVWHOND³ QD SR PRF REþDQRP VR ]UDNRYêP SRVWLKQXWtP QD SRPRF SUL YêFYLNX YRGLDFLFK SVRY SUL þtWDQtDStVDQt%UDLOORYKRStVPDQDVHED REVOXKX  9URNXVDEXG~NRQDĢDMQDćDOHM DNFLH MHGQRWOLYêFK RUJDQL]iFLt NWRUp EROL ~VSHãQpYPLQXORPURNXDYêERU\VDEXG~ VQDåLĢSULSUDYLĢDMQRYpDNFLHDE\SULWLDK OLHãWHYlþãtSRþHWREþDQRY'XEQLFHQ9 3RULDGDQLHDNFLtMHYãDNREPHG]HQpDMND SDFLWRXSULHVWRURYNWRUpV~NGLVSR]tFLL  $M Y URNX  PDM~ RUJDQL]iFLH SUL SUDYHQê ERKDWê SURJUDP SUH VYRMLFK þOH QRY2SUiFLY&12VDP{åHWHLQIRUPRYDĢ QDYêERURFKRUJDQL]iFLtSRGĐDUR]GHOHQLD GQtYWêåGQLDWDNWLHåYNDQFHOiULL=2',$ '8%GHQQHRGDKRG  3UtćWHVDLQIRUPRYDĢDSRVHGLHĢVLSUL WHOHYt]LLDUHSURGXNRYDQHMKXGEHYSUtMHP QRPSURVWUHGtYOHWQRPREGREtDMY]iKUD GH&HQWUDQH]LVNRYêFKRUJDQL]iFLt  =iYHURPMHWUHEDSRćDNRYDĢVDPHVWX ]DSRPRFNWRU~QiPSRVN\WXMHSUHQDãX þLQQRVĢ &12







GXEQLFNpQRYLQ\ PDUHF ZZZGXEQLFDVN



$UFKLWHNW~UDDXUEDQL]PXVY'XEQLFL 3292-129É02'(51$935,(0<6(/1(-$5&+,7(.7Ô5(  5R]YRMSULHP\VOXY'XEQLFLQDG9iKRPSRVYHWRYHMYRMQH ]QDPHQDOSUtVXQQRYêFKWHFKQRORJLFNêFKDPDWHULiORYêFKPRå QRVWtDMYVWDYHEQtFWYH9êVWDYERXQRYêFKSULHP\VHOQêFKKiO]D þDOL SULHP\VHOQp SRGQLN\ UiVĢ QLHOHQ GR ãtUN\ DOH DM GR NYDOLW\ 'QHVXåREþDQRPGRVWXSQpOHWHFNp]iEHU\QDSUQDDUHiO=76 VYHGþLDRWRPåHUR]ãLURYDQLHSRGQLNRYERORULDGHQpNRQFHSþQH DSOiQRYLWR-DVQpXUEDQLVWLFNpXVSRULDGDQLHNRPXQLNiFLtYêURE QêFK D VNODGRYêFK KiO ]HOHQH EROR GRSOQHQp REMHNWPL VOXåLHE SUH ]DPHVWQDQFRY ãNROVNêPL ]DULDGHQLDPL D ]DULDGHQLDPL SUH ãSRUW 9R YVWXSQHM ]yQH SULHP\VHOQêFK DUHiORY EROL EXGRYDQp DGPL QLVWUDWtYQH EXGRY\ SUH SUiFX YHGHQLD SRGQLNX REFKRGQtNRY HNRQyPRY SUiYQLNRY SURMHNWDQWRY NRQãWUXNWpURY D SRG$GPL QLVWUDWtYQHEXGRY\VDVWiYDOLGRPLQDQWDPLQLHOHQYêUREQêFKDUHi ORYDOHþDVWRNUiWLFHOêFKPLHVWDSRGLHĐDOLVDQDLFKSDQRUiPDFK , GQHV SUL SUHMD]GH GLDĐQLFRX RNROR 'XEQLFH YQtPDPH YêUD]Q~ VLOXHWXYêãNRYêFKVWDYLHESULHP\VHOQpKRDUHiOX1DMYêUD]QHMãLH S{VREtEXGRYDEêYDOpKRYHGHQLD¿UP\R]QDþRYDQi'&ĐXGRYR QD]êYDQiÄSHQWDJRQ³6WDYEDPiYêUD]QpKRUL]RQWiOQHþOHQHQLH IRUPRX RNLHQ D SDUDSHWRY 9VWXSQi D NRPXQLNDþQi þDVĢ MH GR SOQHQi W\SLFNêPL WURMLFDPL PDOêFK RNLHQ 3RVOHGQp SRGODåLH MH XVW~SHQpDOH]YêUD]QHQpSUHVWUHãHQtPSRFHORPRFKRG]H =DDUFKLWHNWRQLFN\URYQDNRKRGQRWQ~PRåQRSRYDåRYDĢW]YNRQ ãWUXNþQ~EXGRYX1DQHãĢDVWLHQDEXGRYHERORSUHYHGHQêFKYL DFHURQHFLWOLYêFK]iVDKRYDVODEi~GUåED]RVWUDQ\PDMLWHĐDVD SRGSLVXMHSRGMHM]KRUãXM~FLVDWHFKQLFNêVWDY1DSULHNWRPXSR ]RUQpRNR]EDGiåHVWDYEDY\QLNiNRPELQiFLRXKRUL]RQWiOQHKR IXQNFLRQDOLVWLFNpKR þOHQHQLD KPRW\ V YHUWLNiOQ\P NRQãWUXNWLYLV WLFNêP þOHQHQtP V W\SLFNRX PRGURX IDUERX YHUWLNiO 9VWXSQi D NRPXQLNDþQi þDVĢ VWDYE\ MH EH] þOHQHQLD GRSOQHQi ãWYRULFDPL PDOêFKRNHQQêFKRWYRURYâLNPpRULHQWRYDQLHYVWXSQHMþDVWLDNR



'HMLQ\'XEQLFHQDG9iKRP ;ĀDVĨ   3UHG SUYRX VYHWRYRX YRMQRX GRãOR Y 'XEQLFL N ]iYDåQêP D SRGVWDWQêP ]PH QiP 9 URNRFK  ±  EXGDSHãWLDQ VND 3R]HPNRYi D SDUFHODþQi EDQND V~G QH SUHY]DOD PDMHWN\ ]EDQNURWRYDQHM JUyI N\,¿JpQLHć+DUFRXUWRYHMDUR]SUHGDODLFK QD~KUDGXMHMGOå{E/HV\VNDãWLHĐRPDNR QDMYlþãLXþDVĢMHMGXEQLFNpKRPDMHWNXRG N~SLODDNFLRYiVSRORþQRVĢ+D]DL(UGRLSDU] %XGDSHãWLNWRUiSDWULODGRNRQFHUQXWDPRM ãHM 3R]HPNRYHM EDQN\ 7DN ]PL]RO ] 'XE QLFH SRVOHGQê ãĐDFKWLFNê YHĐNRVWDWRN SUH WRåH PDMHWRN EDUyQD )LOLSD 6NULEHQVNpKR XåSUHGWêPRGN~SLOLEUDWLD6FKOHVLQJHURYFL .UiWNRSRWHMWR]PHQHVLMHGHQ]QDMYlþãtFK DNFLRQiURYOHVRSULHP\VHOQHMVSRORþQRVWL,J QiF6FKDQFHURGN~SLONDãWLHĐLþDVĢOHVRY9 URNXGDO]DYLHVĢGRNDãWLHĐDYRGRYRG L HOHNWULFNê SU~G ] HOHNWUiUQH WHSODQVNpKR FXNURYDUX=iURYHĖVD]DVO~åLODMRHOHNWUL¿ NiFLXFHOHMREFH6~þDVQH]DYLHGOLGR'XE QLFH SUYê WHOHIyQ 7HOHIyQQX FHQWUiOX SUH YLDFHUR~þDVWQtNRY]ULDGLOLDåYURNX 3RGQLNDYê 6FKDQFHU ]DVLDKRO DM GR Y]KĐD GXREFHWêPåHSRVWDYLO~]NRNRĐDMQ~KRV SRGiUVNX åHOH]QLFX ] GXEQLFNpKR ÒGROLD .RĐDMH LãOL SR ĐDYRP EUHKX SRWRND FH] REHF 3R QLFK VD GUHYR ]YiåDOR ] OHVRY QD YR]tNRFK VDPRVSiGRP Då NX ãWiWQHM åHOH]QLFL 3Ui]GQH YR]tN\ ~]NRNRĐDMN\ ĢDKDOL VSlĢ GR ÒGROLD NRQVNp ]iSUDK\

LãLNPiPDUNt]DYêĢDKRYHMãDFKW\VYHGþtRVYLHåRVWLDUFKLWHNW~U\ DKUDYRVWLDXWRUD9ORåHQLHKPRW\VFKRGLVNDDYHGĐDMãLHKRYVWX SXYRIRUPHUL]DOLWXY\WYiUDNRPSR]LþQpY\YiåHQLHFHOHMVWDYE\ 2ELGYHVWDYE\GQHV]DUDćXMHPHPHG]LSUHGVWDYLWHĐRYSRYRMQRYHM PRGHUQ\ 6WDYE\ V~ W\SLFNp GLVSR]LþQêP WURMWUDNWRP Y VWUHGH V FKRGERX NRQãWUXNþQH V~ ULHãHQp DNR RFHĐREHWyQRYê VNHOHW 8 RELGYRFK VWDYLHE ERO SRXåLWê QD NRPXQLNiFLX PHG]L SRGODåLDPL SDWHUQRVWHU±GQHVXåQHSRXåtYDQêYêĢDKNWRUêQLNGHQH]DVWD YXMH 2EH EXGRY\ EROL QDYUKQXWp ãWêORYR VR ]P\VORP SUH PLHUNX D NRPSR]tFLXS{VRELDV~þDVQHRþRPVYHGþtIDNWåHDMQRYRVWDY E\DGPLQLVWUDWtYQ\FKEXGRYNRStUXM~YlþãLQXSRXåLWêFKDUFKLWHN WRQLFNêFKSULQFtSRYDGRNRQFDSRXåLW~IDUHEQRVĢ ĆDOãtRVXGWêFKWRVWDYLHEMHYUXNiFKLFKPDMLWHĐRYDLFK]RGSR YHGQpKRSUtVWXSXNYODVWQpPXPDMHWNXDKLVWyULLÒORKRXDUFKLWHN WRYSURMHNWDQWRYDNRPSHWHQWQêFKĐXGtQD~UDGRFKMHUR]SR]QDĢ KRGQRW\QDãHMDMNHćQHGiYQHMKLVWyULHDNYDOLWXDUFKLWHNW~U\ ,QJDUFK0DULiQ$QWDO

32=1É9$-0(1$ä8+,67Ð5,8

=ćDOãtFKSRGQLNRYSULHP\VHOQpKRFKDUDN WHUXSULEXGOLYREFLYURNX-XUDQVNpKR StODDREHFQêELW~QRN1D]OHSãHQLHKRVSR GiUHQLDPDOêFKURĐQtNRYY]QLNROYPiML 'XEQLFNê JD]GRYVNê VSRORN 9 G{VOHGNX Y\SXNQXWLDSUYHMVYHWRYHMYRMQ\YãDNQHPR KROGREUHSOQLĢVYRMFLHĐ1DRSDNVSRONRP NWRUêYWHMWRVLWXiFLLYHĐPLGREUHSOQLOVYRMH ~ORK\ EROD PLHVWQD SRERþND 8KRUVNpKR þHUYHQpKR NUtåD ]DORåHQi Y URNX  9RMQRYpSRPHU\SULQLHVOL]KRUãHQLHKRVSR GiUVNHM VLWXiFLH 1D ]iVRERYDQLH RE\YD WHĐVWYDSRWUDYLQDPLERO]DYHGHQêSUtGHORYê V\VWpP3UHSRWUHE\YRMQRYpKR]EURMiUVNH KRSULHP\VOXSULãORQDULDGHQLHDE\]GXE QLFNpKRNRVWROD]REUDOL]YRQ\&tQRYpStã ĢDO\ ] KLVWRULFN\ FHQQpKR RUJDQD ]DFKUiQLO SUHG URY QDNêP RVXGRP OHQ YþDVQê ]iNURNÒVWUHGQHMSDPLDWNR YHM NRPLVLH 3UYi VYHWRYi YRMQDVLY\åLDGDODPQRåVWYR ĐXGVNêFK åLYRWRY 9R YRMQH ]DK\QXORDM'XEQLþDQRY 9HĐD GHWt L GRVSHOêFK ]R PUHOR GRPD QD FKRURE\ Y G{VOHGNX SRGYêåLYRX ]Qt åHQHM RGROQRVWL QDMPl QD HSLGpPLXãSDQLHOVNHMFKUtS N\9URNXYQLHNWRUêFK GRPRFKY\PUHOLFHOpURGLQ\ 2 SRWODþHQLH WHMWR HSLGp

PLHVD]DVO~åLOLOHNiU'U.DURO5HLPNWRUê SRFKiG]DO ] URGLQ\ WXQDMãLHKR VWDYHEQp KR YHĐNRSRGQLNDWHĐD 7RWR REGRELH PRåQR QD]YDĢ REGREtP KODGX ELHG\ D XWUSHQLD 'XEQLþDQRP  NWRUt ]DK\QXOL Y , VYHWRYHM YRMQH YćDþQt URGiFL SRVWDYLOL SDPlWQtN ÒVWUHGQêNUtåMHXPLHVWQHQêYVWUHGHGXE QLFNpKRFLQWRUtQDDMVPHQDPLSDGOêFK  3RNUDþRYDQLHYEXG~FRPþtVOH =GURM'XEQLFNpPRQRJUD¿H 6SUDFRYDOâWHIDQ$QWDOtN



 

262%1267,1Éä+20(67$ 0$7(-/$&=2  %RO YêERUQê F\NOLVWD ~VSHãQê WUpQHU D REHWDYê IXQNFLRQiU 1DURGLOVDY6DUYDãLY0DćDUVNX3ULSRPtQDPHVL YêURþLHMHKRVPUWL  'R'XEQLFHQDG9iKRPSULãLHOYURNX3DWULOPHG]LQDM OHSãtFKF\NOLVWRYYEêYDORPýHVNRVORYHQVNX9UHSUH]HQWDþQRP GUXåVWYHS{VRELOYURNRFKDå%RO]QiP\DNRYêERUQê MD]GHFGRYUFKX9URNXãWDUWRYDOQD3UHWHNRFKPLHUXćD OHMY5DN~VNXDYR)UDQF~]VNX1DXYHGHQêFKSUHWHNRFKSDWULO PHG]L QDãLFK QDMOHSãtFK F\NOLVWRY 0LPRULDGQ\ ~VSHFK GRVLDKRO QD3UHWHNRFKRNROR$QJOLFNDNGHVDXPLHVWQLOPHG]LHXUySVNRX HOLWRXQDPLHVWH9\QLNDM~FLYêNRQGRVLDKRODMYURNXNHć Y\KUDOSUHWHN\2NROR6ORYHQVND9QDVOHGXM~FLFKURNRFKãWDUWR YDODMQD7RXUGHĐ$YHQLUćDOHMQDSUHWHNRFKY%XOKDUVNX1'5 1653RĐVNXD%HOJLFNX



/HV\ GXEQLFNpKR8UEiUX PDM~FHUWLILNiW3()&   9 URNX  Y]QLNOD ] LQLFLDWtY\ V~ NURPQêFK YODVWQtNRY OHVRY NUDMtQ (XUyS VNHM ~QLH  5DGD SUH ]DYiG]DQLH SURJUD PRY FHUWL¿NiFLH OHVRY 3()&  3URJUDP IRU (QGRUVHPHQW RI )RUHVW &HUWL¿FDWLRQ 6FKHPHV  DNR SULDPD RGR]YD QD Yê]Y\ NWRUp SRVWDYLOR SUHG OHVQtNRY D HNROyJRY QHNRQWURORYDQp Y\XåtYDQLH ERKDWVWYD OH VRY D MHKR NDWDVWURIiOQH G{VOHGN\ QDMPl Y NUDMLQiFK W]Y WUHWLHKR VYHWD 5DGD MH QH]iYLVOi QH]LVNRYi PLPRYOiGQD RUJD QL]iFLD NWRUHM KODYQRX ~ORKRX MH VWDQR YHQLH ]iNODGQêFK VFKpP SUH FHUWL¿NiFLX OHVRY D LFK SUHQRV D X]QiYDQLH Y UiPFL



GXEQLFNpQRYLQ\ PDUHF ZZZGXEQLFDVN  9URNX]DQHFKDODNWtYQXþLQQRVĢD]DþDOVDYHQRYDĢYê FKRYHPODGêFKF\NOLVWRY  3RþDVVYRMHMWUpQHUVNHMSUiFHY\FKRYDOYLDFHUêFKNYDOLWQêFK SUHWHNiURY NWRUt GRVLDKOL YêUD]Qp ~VSHFK\ DM QD ]DKUDQLþQêFK SUHWHNRFK%ROLWR0LODQ-XUþR$QWRQ1RYRVDG-R]HI5HJHFD 0LODQ'YRUãþtN 9 URNRFK  ±   SUDFRYDO DNR UHSUH]HQWDþQê WUpQHU MX QLRURYý6659URNRFK±EROWUpQHURPVHQLRUVNpKR GUXåVWYD6ORYHQVNHMUHSXEOLN\NGHSRGMHKRYHGHQtP]tVNDOGXE QLFNê RGFKRYDQHF 0LODQ 'YRUãþtN VWULHERUQ~ PHGDLOX QD 0DMV WURYVWYiFKVYHWDQD6LFtOLL 3RVNRQþHQtWUpQHUVNHMNDULpU\VD]DþDOYHQRYDĢIXQNFLRQiUVNHM SUiFLYâ.±&\NOLVWLN\3DWULOPHG]LKODYQêFKRUJDQL]iWRURY0HG ]LQiURGQêFKGQtF\NOLVWLN\Y'XEQLFLQDG9iKRP 0DWHM/DF]R]RPUHOY3RYDåVNHM%\VWULFL =GURM'XEQLFNpPRQRJUD¿H 6SUDFRYDOâWHIDQ$QWDOtN

MHGQRWOLYêFKþOHQVNêFKNUDMtQYFHORVYHWR YRPUiPFL  +ODYQêP FLHĐRP SURJUDPRY FHUWL¿Ni FLH OHVRY MH SRGSRUD W]Y WUYDOR XGUåDWHĐ QpKR REKRVSRGDURYDQLD OHVRY NWRUp MH ]DORåHQp QD WDNRP REKRVSRGDURYDQt OH VRY NWRUp ]DEH]SHþt RNUHP SURGXNFLH GUHYDDM]DFKRYDQLHDUR]YRM]GUDYLDDYL WDOLW\OHVQêFKHNRV\VWpPRY]DFKRYDQLHD SULPHUDQêUR]YRMLFKELRORJLFNHMUR]PDQL WRVWL ]DEH]SHþHQLH LFK S{GRRFKUDQQHM D YRGRRFKUDQQHMIXQNFLH]DFKRYDQLHOHVRY DNRYê]QDPQpKRSUYNXSUHSRWOiþDQLHQH SULD]QLYêFKNOLPDWLFNêFK]PLHQDSRVN\WR YDQLHYê]QDPQêFKVRFLiOQ\FK~åLWNRYSUH FHO~VSRORþQRVĢ  1D 6ORYHQVNX V~ SURJUDP\ FHUWL¿Ni FLHOHVRYSRGĐDVFKpP\3()&]DYiG]DQp SURVWUHGQtFWYRP =GUXåHQLD SUH FHUWL¿Ni FLXOHVRY6ORYHQVNDNWRUpMHRGURNX QiURGQêPULDGLDFLPFHQWURPFHUWL¿NDþQp KR V\VWpPX 3()& D NWRUp SURVWUHGQtF

 32ÿÌ7$0( 6$&+$5,'29e -('127.< 32.5$ÿ29$1,(   $NRSUtORKXNKODYQpPXMHGOXPiPH]HPLDN\-HGHQPDOê]H PLDNYHĐNRVWLVOHSDþLHKRYDMFDWRMH6-7DNLVWRJXYDUHQêFK ]HPLDNRY$NLFKSRNUiMDWHQDNRFN\]DSOQLDYiPGYHSROLHYNRYp O\åLFH$NE\VRP]WRKRMHGQpKR]HPLDNDXURELOD]HPLDNRY~NDãX 6- E\ EROD Y  J þR VD WLHå ]PHVWt QD GYH SROLHYNRYp O\åLFH $OHDNE\VRPVSUDYLODKUDQROþHN\WDNXåJPi6- QDY\ãH WHQ SUHSiOHQê WXN  8å  J OXSLHQNRY PXVtPH ]DSRþtWDĢ DNR  6-7DNåHEDOtþHN]REFKRGXNWRUêYiåLJ]QDPHQi6-3UL WHOHYt]LLE\VWHKR]MHGOLDNRQLþDOHJO\NpPLDE\ãODKRUHGiYDMWH VLQDQHYHĐNêSR]RU  ÒSUDYDSRWUDYtQPHQtLFKS{VREHQLHQDJO\NpPLX$NGRVWDQ~ GYDMDGLDEHWLFLQDREHG]HPLDN\]D6-MHGHQYSRGREH]HPLD NRYHMNDãHDGUXKêYSRGREHKUDQROþHNRYWDNSUYpPXS{MGHJO\ NpPLDPLHUQHKRUHSRKRGLQHVDY\URYQiDNOHVQH7HQNWR UêPDOPDVWQp]HPLDNRYpKUDQROþHN\EXGHPDĢNY{OLWXNXNWRUê EU]GtSUHPLHĖDQLHVDFKDULGRYQDJOXNy]XQDMVN{UQLåãLXJO\NpPLX VW~SQHPXDåSUHGYHþHURX  ýRVDWêNDU\åHDNRSUtORK\QD6-WUHEDJWHGDGYHSR OLHYNRYpO\åLFH5\åDPiYãDNMHGQXFK\EXYHĐPLUêFKOR]Y\ãXMH JO\NpPLX3UHWRMHGREUpYþDVHNHćYiVOHNiUQDVWDYXMHQDGiY N\LQ]XOtQXUDGãHMU\åXGRþDVQHY\O~þLĢ]MHGiOQHKROtVWND5\åX QHMHG]WHUR]YDUHQ~DOHWDN~NWRUiVDUR]VêSDDMJO\NpPLDEXGH OHSãLD $NRGUXKiYHþHUDVWDþtRYRFLH".RĐNRRYRFLDP{åHGLDEHWLN]MHVĢ GHQQH".WRUpGUXK\PXRGSRU~þDWHDNWRUpPHQHM"

WYRP QH]iYLVOêFK DXGtWRUVNêFK RUJDQL]i FLt ]DEH]SHþXMH ]DYiG]DQLH WRKWR V\VWp PXQD6ORYHQVNX  1iURþQpPX SURFHVX FHUWL¿NiFLH VD Y URNXSRGURELOLDMOHV\8UEiUVNHMREFH 'XEQLFDQ9DMHKRYêVOHGNRPERORXGHOH QLHFHUWL¿NiWXNWRUêMHSRWYUGHQtPåHWLH WROHV\V~REKRVSRGDURYDQpHNRQRPLFN\ SUtQRVQêP HQYLURQPHQWiOQH YKRGQêP D VRFLiOQH SURVSHãQêP VS{VRERP &HUWL¿ NiW3()&EROSUHGVHGRYL8UEiUVNHMREFH 'XEQLFDQ9-XUDMRYL9DQNRYLRGRY]GDQê QD VWUHWQXWt ~þDVWQtNRY FHUWL¿NiFLH ] RE ODVWL]iSDGQpKR6ORYHQVNDGĖDMDQXi UDY3DOiULNRYH  8GHOHQLHWRKWRFHUWL¿NiWXMHQLHOHQX] QDQtPSUiFHþOHQRY8UEiUVNHMREFH'XE QLFD Q9 DOH DM ]iYl]NRP ]DFKRYDĢ D ]YHĐDGLĢSUHEXG~FQRVĢERKDWVWYRDNUiVX WêFKWROHVRY -XUDM9DQNR

 'HQQHP{åHWHVNRQ]XPRYDĢDMWULSRUFLHRYRFLDQDSUtNODGQD GRMHGDQLH SR UDĖDMNiFK REHGH DM YHþHUL 2YRFLH REVDKXMH YLWD PtQ\PLQHUiOQHOiWN\DUR]SXVWQ~YOiNQLQXNWRUi]QLåXMHKODGLQX FKROHVWHUROXYNUYL1DGUXK~YHþHUXVLGLDEHWLNSULLQWHQ]L¿NRYDQHM OLHþEHLQ]XOtQRPP{åHNRYRFLXSULGDĢDMPDO~SRUFLXFKOHED=MHVĢ LEDRYRFLHE\PDOGLDEHWLNNWRUêPDOQDYHþHUX6-DQDGUXK~ YHþHUX  6- WRPX PDOi SRUFLD RYRFLD ~SOQH VWDþt$N VL FKFHWH GDĢRYRFLH]D6-P{åHWRE\ĢSROPDOpKREDQiQXDOHERMHGHQ SRPDUDQþ SUtSDGQH SRORYLFD JUDSHIUXLWX GYH PDOp NLZL MHGQR PHQãLHMDEONRDOHERNRPSyWRYiPLVNDþHUHãQt  .HE\VWHVLQDUDĖDMN\QHGDOLJUDKDPRYêURåRNDQLELHOXNiYX DQLPDVORDV\UDOHLEDRYRFQêWDQLHU]D6-WDNE\VWHRSROGH VLDWHMGRVWDOLK\SRJO\NpPLX-HGQXWUHWLQXLQ]XOtQXE\VWHY\SO\WYDOL ]E\WRþQH 3UHWR GLDEHWLNRP RGSRU~þDPH ]PLHãDQ~ VWUDYX 6WUD SHFKUR]QDVtFHPi6-WDNåHYiPPRåQRGLDEHWROyJSRYLHåH E\VWHKRQHPDOLMHVĢDOHQLHNHG\QDR]DMQLHNHG\P{åHWHNSRU FLLREHGDDMPDOpPQRåVWYRKUR]QD3RWRPKRVDPR]UHMPH]DSR þtWDMWHGRREVDKX6-YMHGOH  3UH GLDEHWLND  W\SX NWRUê SRWUHEXMH VFKXGQ~Ģ V~ YKRGQHM ãLHGUXK\RYRFLDVQLåãtPJO\NHPLFNêPLQGH[RP *, JUDSHIUXLW þHUHãQHKUXãNDMDEONRVOLYN\0HQHMYKRGQpV~EDQiQ\SUH]UH WpPDUKXOHDQDQiVWMRYRFLHVY\ããtP*,ýRMHWRJO\NHPLFNê LQGH["-HWRVFKRSQRVĢSULMDWHMSRWUDY\QDYRGLĢ]YêãHQLHJO\NpPLH SULSRURYQDQtV~þLQNRPJOXNy]\ýtPMH*,GDQHMSRWUDYLQ\Y\ããt WêPJO\NpPLDVW~SDUêFKOHMãLHþRMHKODYQHSUHGLDEHWNRYW\SX QHåLDG~FH  3RXåLWi OLWHUDW~UD ',$*1Ï=$ &8.529.$  GRF 08'U -R]HI  0LFKiOHN 3K' D 0iULD âWHIiNRYi GLpWQD VHVWUD ] 1('  ďXERFKĖD 6SUDFRYDOD'DQDäLDþNRYiSRGSUHGVHGD='6=2',$'8%  'XEQLFDQ9







GXEQLFNpQRYLQ\ PDUHF ZZZGXEQLFDVN



9ìVWDYDIRWRJUDILt9/$',0Ì5$%$ÿ8 Y0HVWVNRPGRPHNXOW~U\ RGPDUFD

  9ODGLPtU %DþD IRWRJUDIXMH RG URNX  1DMVN{U S{VRELO YR )RWRNOXEHSUL'RPHNXOW~U\Y'XEQLFLQDG9iKRPYURNXVD VWDO]DNODGDM~FLPþOHQRP)RWRNOXEXSUL0V.VY1RYHM'XEQL FL6YRMHIRWRJUD¿FNpSUiFHY\VWDYRYDOQDPQRKêFKV~ĢDåLDFKD YêVWDYiFK  3UDYLGHOQH VD ]~þDVWĖRYDO QD FHORãWiWQ\FK V~ĢDåLDFK /LSWRY YRIRWRJUD¿L0QH6ORYHQVNRNUiVDMHDQDV~ĢDåLDFKIRWRNOXERY  9ODGLPtU %DþD VD YR VYRMHM IRWRJUD¿FNHM þLQQRVWL VQDåt YåG\ SULFKiG]DĢ V QRYêPL WYRULYêPL SRGQHWPL 9 MHKR IRWRJUD¿iFK V~ ]DVW~SHQpSRUWUpW\]REUD]HQLHþORYHNDYGDQRPSURVWUHGtSODV WLFNpNUDMLQQpYêVHN\  9êVWDYDÄIRWRJUD¿FNêFKREUD]RY³9ODGLPtUD%DþXY0HVWVNRP GRPHNXOW~U\EXGH]DPHUDQiQDNUDMLQXRNROR9UãDWFDD9UãDWHF NpKR3RGKUDGLD  6OiYQRVWQiYHUQLViåVDXVNXWRþQtYSLDWRNPDUFDRK YRYêVWDYQHMPLHVWQRVWLþY0HVWVNRPGRPHNXOW~U\ 0JU(YD.HEtVNRYi



9içHQtVSROXREĀDQLD PLOtPODGtSULDWHOLD åNROVNiPOiGHç

=R]iSLVXSUYiĀLNRY

 1HSULD]QLYiãWDWLVWLNDSRåLDURYRVWLQD~]HPt65DNRLYQD ãRP UHJLyQH YHG~ þOHQRY '32 N RSDWUHQLDP QHXVWiOH QDEiGDĢ REþDQRYNGRGUåLDYDQLX]iNRQDþ=]RRFKUDQHSUHG SRåLDUPLY]QHQtQHVNRUãtFKSUHGSLVRY%OtåLDFHVDMDUQpREGRELH MH SRGĐD ãWDWLVWLFNêFK XND]RYDWHĐRY REGRELH ]YêãHQpKR Y]QLNX SRåLDURYDWRYHĐNRXQHGLVFLSOLQRYDQRVĢREþDQRYU{]Q\FKYHNR YêFKNDWHJyULtDSULU{]Q\FKþLQQRVWLDFK3RåLDUQDRFKUDQDY65 ]DYLHGODYWêFKWRMDUQêFKREGRELDFKDNFLHSRGQi]YRPÄ2FKUDQD OHVRYÄ&LHĐRPWHMWRDNFLHMHKODYQH]DEUiQLĢY]QLNXSRåLDURPNWR UpQLþLDWUiYQDWpDOHVQpSRUDVW\YWiFWYROHVQ~]YHUDNRLGUREQp åLYRþtãVWYR  =WRKWRG{YRGX9iVYiåHQtVSROXREþDQLDPLOtPODGtSULDWHOLD DNRDMãNROVN~POiGHååLDGDPHR]YêãHQpGRGUåLDYDQLHSUiYQ\FK SUHGSLVRYN]iNRQXR2FKUDQHSUHGSRåLDUPL&KUiĖPHVLQDãX SUtURGXRGSRåLDURYYHćRQDVDQiPYåG\RGPHQtSULQiYãWHYHGR MHMORNDOtWþLXåMHWRMHMNUiVRXVSHYRPYWiFWYDDNRL]KOLDGQXWtP OHVQHM]YHUL%XćPHNQHMRKĐDGXSOQtDYiåPHVLMX'EDMPHQD Yê]Y\þOHQRYSRåLDUQHMRFKUDQ\NWHMWRDNFLt

 3RþDVSUYpKRIHEUXiURYpKRWêåGĖDQDãDãNRODRSlĢRåLODãWH ERWRP PDOêFK QiYãWHYQtNRY  EXG~FLFK SUYiþLNRY 1HGRþNDYt D ]YHGDYtVDYVSULHYRGHURGLþRYSULãOL]DStVDĢGRSUYHMWULHG\3UL YtWDOLFKãDãR-DãRVSROXVćDOãtPLUR]SUiYNRYêPLSRVWDYLþNDPLD SUtMHPQi Y{ĖD NWRUi VD ãtULOD FHORX ãNRORX 6SULHYRGQRX DNFLRX EROWRWLå'HĖþDMX'HWLDMURGLþLDVDRVYLHåLOLþDMPLU{]Q\FKY{QtL FKXWt  9URþQtNRYHMXþHEQLVDYãHWFLSRWHãLOLSULSUDYHQpPXSURJUDPX 9 ĖRP åLDFL SUYpKR URþQtND ]DUHFLWRYDOL EiVQLþN\ ]DVSLHYDOL ]D FYLþLOL]DKUDOLGLYDGLHONR2ýHUYHQHMþLDSRþNH'UXKiFLXEH]SHþLOL GLYiNRYåHXQiVMHYHVHORDUDGLVSLHYDPHâWYUWiFLYãHWNêFK]D YLHGOLGRćDOHNpKRËUVNDD]DWDQFRYDOLLFKQiURGQêWDQHF1D]iYHU SURJUDPXVDSUHGYLHGOLGLHYþDWi]PRGHOLQJRYpKRNU~åNXYRYODVW QRUXþQHY\WYRUHQêFKPRGHORFK  3RSUtMHPQêFKFKYtĐDFKSULSURJUDPHVDGHWLSREUDOLGRWULHG NGH VD LP YHQRYDOL Y\XþXM~FH 'HWL SUHGYLHGOL þR Xå YãHWNR YH GLD Y\SUDFRYDOL ãDãRYVNê OLVW SRUR]SUiYDOL R WRP þR PDM~ UDG\ 'RPRY VD RGQiãDOL QRYp ]iåLWN\ D GDUþHN\ SULSUDYHQp åLDNPL VWXSĖD  3RćDNRYDQLH ]D ~VSHãQê SULHEHK ]iSLVX SUYiNRY SDWUt YHGH QLXãNRO\DYãHWNêPSHGDJyJRPNWRUtVDQDĖRPSRGLHĐDOL 1DQDãLFKEXG~FLFKSUYiþLNRYVDXåWHUD]WHãtPH

3ULSUDYLOSUHYWLWLYiU32SâXUDQVNê

1DGHåGD%DþLQVNi=âV0â&,,,







$KRMWHYåHWFLNDPDUiWLPDOtDMYHĜNt VPHGHWLVR=âV0â3RG+iMRPY'XEQLFLQDG9iKRP&KFHPHVDV9DPL SRGHOLĢ R ]iåLWN\ NWRUp PiPH Y ãN{ONH 9R ãWYUWRN    QHSULãOL GR ãN{ON\GHWLDOHYtO\SULQFH]QpSLUiWLVSLGHUPDQLSULOHWHODDMYþLHONDOLHQNDD SULFXSNDODM]DMDþLN'RNRQFDDMSDQLXþLWHĐNDPDODSUREOpP]LVWLĢNWRUpGLHĢD VDVNUêYDSRGPDVNRX  6WUHWOLVPHVDYNUiVQHY\]GREHQHMWULHGHNGHOLHWDOLEDOyQ\NRQIHW\YLVHOL ODPSLyQ\DGRWRKRYãHWNpKRKUDODKXGED=DEiYDOLVPHVDWDQFRYDOLDV~ ĢDåLOL.HćVDXåRGKDOLODDMSRVOHGQiPDVNDIDãLDQJRYi]iEDYDSRNUDþRYD ODGREUêPREHGRP1DVWRORFKQiVþDNDOLVODGNpãLãN\DIiQN\7REROSHNQê GHĖ1DãĢDVWLHXQiVPiPHWDNêFKSHNQêFKGQtYHĐDýDVWRFKRGtPHQDYê OHW\GRSUtURG\GREOt]NHMPLQL=22FKRGLDNQiPQDQiYãWHYXXMRYLDSROL FDMWLEDGRNRQFDNQiPSULãLHODM0LNXOiã&H]WêåGHĖFKRGtPHQDSRþtWDþH XþtPHVDDQJOLFNêDQHPHFNêMD]\NSULSUDYXMHPHDMVURGLþPL]GUDYpRYRFQp D]HOHQLQRYpãDOiW\ 3R]GUDYXMHPHYãHWNêFKNDPDUiWRYDURGLþRY 'HWLDSDQLXþLWHĐN\]R=âV0â3RG+iMRP



 



GXEQLFNpQRYLQ\ PDUHF ZZZGXEQLFDVN

3URJUDPNXOW~UQRVSRORĀHQVNìFK DåSRUWRYìFKDNFLtQD ,SROURN



0$5(& $NFLD  9HĐNRQRþQiYêVWDYD  'iWXP  0LHVWR &HQWUXPYRĐQpKRþDVX 2UJDQL]iWRU&HQWUXPYRĐQpKRþDVX  $NFLD  9HĐNRQRþQiGLHOĖD 'iWXP  0LHVWR =iNODGQiãNRODVPDWHUVNRXãNRORX&, 2UJDQL]iWRU=iNODGQiãNRODVPDWHUVNRXãNRORX&,  $NFLD  ýHVWQiVWUiåSULERåRPKUREH 'iWXP  0LHVWR .RVWROVY-DNXED 2UJDQL]iWRU'REURYRĐQêKDVLþVNê]ERU'XEQLFD  $NFLD  9tWDQLHMDUL  'iWXP  0LHVWR 0HVWVNiWUåQLFD'XEQLFNêSRWRN 2UJDQL]iWRU&HQWUXPYRĐQpKRþDVX    .OXEG{FKRGFRYþ  $NFLD  9êVWDYDYHĐNRQRþQêFKNUDVOtF 'iWXP PDUHF 0LHVWR &HQWUXPQH]LVNRYêFKRUJDQL]iFLt 2UJDQL]iWRU.OXEG{FKRGFRYþ  $NFLD  3URMHNWRYêGHĖ 'iWXP PDUHF 0LHVWR 0HVWVNêGRPNXOW~U\ 2UJDQL]iWRU*\PQi]LXP'XEQLFD



)DåLDQJ\Y'''3'  )DãLDQJ\V~REGREtPRG7URFKNUiĐRYDåGRSROQRFLSUHGãNDUHGRX3RSRO FRYRXVWUHGRX3RþDVIDãLDQJRYVDRUJDQL]RYDOL]iEDY\]DEtMDþN\DWLHåVDUR ELHYDORYHĐDVYDGLHE  ýDVYHVHORVWLDKRGRYDQLDY\YUFKROLOLYQDãRP]DULDGHQtIDãLDQJRYRX]iED YRX Y SUYê IHEUXiURYê GHĖ 2 SHNQ~ Yê]GREX SULHVWRURY MHGiOQH VD SRVWDUDOL ]DPHVWQDQFLVSRORþQHVRE\YDWHĐPL]DULDGHQLDDRGREU~QiODGXþOHQRYLD6H QLRU NOXEX 9UãDWHF NWRUêP VD WRXWR FHVWRX FKFHPH SRćDNRYDĢ ]D SUHNUiVQH Y\VW~SHQLHDY\WYRUHQLHSUtMHPQHMDWPRVIpU\  ďXGRYiKXGEDDSLHVQH]OiNDOLQDSDUNHWNDåGpKRNWRDVSRĖWURFKXYOiGDO WDQFRYDĢ9ãDGHSUtWRPQiVNYHOiDWPRVIpUDRYOiGODLWêFKNWRUtVDVtFHQHVWUDWLOL YRYtUHWDQFDDOHVDDVSRĖV~VPHYRPSUL]HUDOLDQ{WLOLYHVHOpPHOyGLH  6SHVWUHQtPSURJUDPXERORLY\VW~SHQLHQDãLFK]DPHVWQDQNêĖYPDVNiFK 2 FKYtOH QDSlWLD VD XSURVWUHG WDQHþQHM YHVHORVWL SRVWDUDOD WRPEROD 7t ãĢDVW QHMãtVDPRKOLWHãLĢ]YêKU\YHFQêFKFLHQ6DPR]UHMPHQHFKêEDORDQLFKXWQp REþHUVWYHQLH  9HVHOpSRGXMDWLHERORQHSRFK\EQHRERKDWHQtPDVSUtMHPQHQtPNDåGRGHQ QpKR åLYRWD RE\YDWHĐRY =iURYHĖ FKFHPH SRćDNRYDĢ L V~ERUX 9UãDWHF NWRUp KRþOHQRYLDYVRERWXYGRSROXGĖDMãtFKKRGLQiFKSRWHãLOLRE\YDWHĐRY SHNQêPY\VW~SHQtPSUHGQDãLP]DULDGHQtP

352*5$02''(/(1,$.8/7Ô5<0VÔ QDPHVLDFPDUHF âWYUWRNPDUHF

RDK 9HĐNiViOD0V'.

YêFKRYQêNRQFHUWRUJDQL]RYDQêSUH=âD6â +8'2%1Ée5$),/029(-6/É9< 67252ÿ,$ 9êYRM¿OPRYHMKXGE\VOiYQHRVREQRVWLVKRZEL] QLVXUDVRYiGLVNULPLQiFLDVWDYWUHWLHKRVYHWD  3LDWRNPDUHF RGK 9HĐNiViOD0V'. 9(Ĕ.É12&,'( YHĐNRQRþQpWUDGtFLHDĐXGRYtUHPHVHOQtFL 3UHGYiG]DQLHDSUHGDMYHĐNRQRþQêFKR]G{E NUDVOtFNRUEiþRYGHNRUiFLtWUDGLþQpYHĐNRQRþ QpMHGOiWYRULYpGLHOQHNXOW~UQ\SURJUDP  6WUHGDPDUHF RDK 9HĐNiViOD0V'. YêFKRYQêNRQFHUWSUH=â 69(729e+8'2%1e1É6752-( QDMVOiYQHMãtFKKXGREQêFKQiVWURMRYÄQDåLYR³  3LDWRNPDUHFR RUJDQL]RYDQp  DSUHYHUHMQRVĢ 9HĐNiViOD0V'. 62Ĕ1$'=/$72 'LYDGHOQêV~ERU+XJRNQiPSULFKiG]DVR]Qi PRXUR]SUiYNRXNWRU~XSUDYLOLGRPX]LNiORYHM SRGRE\

,QJ+DJDQ-DURVODYULDGLWHĐ'''3'



%H]SODWQpVRFLiOQH SRUDGHQVWYR SUH]GUDYRWQH SRVWLKQXWìFKREĀDQRY DG{FKRGFRY 

352*5$0.,1$ VRERWDQHGHĐD KRG 0('9Ì'(. 9VWXSQp6N

01

  0HVWR 'XEQLFD Q9 D 6ORYHQVNê ]Yl] ]GUDYRWQH SRVWLKQXWêFK UHJLy QX6WUHGQpKR3RYDåLDSRVN\WXMHSUH ]GUDYRWQH SRVWLKQXWêFK REþDQRY D G{FKRGFRY EH]SODWQp SRUDGHQVWYR ] RGERUX VRFLiOQHKR SUiYD ]iNRQD R VRFLiOQHMSRPRFL]iNRQDRVRFLiOQRP SRLVWHQt YSULHVWRURFK&120R\]H VRYDXOLFD'XEQLFDQ9 7HUPtQ\NRQDQLD SUYìSROURN 

RGGRKRG RGGRKRG RGGRKRG RGGRKRG 

VRERWDQHGHĐD KRG *<03/ 9VWXSQp6N

01

 SLDWRNVRERWD QHGHĐD DKRG $67(5,;$2/<03,-6.e+5< 9VWXSQp6N 

352*5$0.,1$







GXEQLFNpQRYLQ\ PDUHF ZZZGXEQLFDVN

 =8'$/267Ì5,(ä(1ë&+0(676.2832/Ì&,289 

632/2ÿ(16.É 58%5,.$

'8%1,&,1992%'2%Ì2''2 Å6723É5´  'ĖDSRSROQRFLERORR] QiPHQp åH SR VWUHGH QHRVYHWOHQHM FHVWQHM NRPXQLNiFLH VD SRK\EXMH QH ]QiPDRVREDNWRUiWDNWRRKUR]XMHVH EDLEH]SHþQRVĢFHVWQHMSUHPiYN\  +OLDGND PHVWVNHM SROtFLH Y\NRQDOD NRQWUROXXYHGHQpKRPLHVWDD]LVWLODåH QH]QiP\ PXå VD QLHOHQåH SRK\ERYDO SRVWUHGHYR]RYN\DOHLQiKOHYVWXSR YDO GR GUiK\ SUHFKiG]DM~FLP PRWRUR YêPYR]LGOiPDVQDåLOVDLFK]DVWDYLĢ ,ãOR R URþQpKR SRGQDSLWpKR PXåD NWRUêVDWDNWRVQDåLOÄVWRSRYDĢ³ 0$/2/(7Ì=/2'(-,  =MHGQHM]R]iNODGQêFKãN{OPHVWD ERORR]QiPHQpåHQH]Qi P\ SiFKDWHĐ SRþDV Y\XþRYDQLD RGFX G]LO URþQpPX åLDNRYL MHKR PRELOQê WHOHIyQ1DPLHVWHVD]LVWLORåHNXNUi GHåL GRãOR HãWH SUHGFKiG]DM~FL GHĖ D QD]iNODGHSR]QDWNRYDVYHGHFNêFKYê SRYHGt ERO Y\W\SRYDQê SRGR]ULYê Si FKDWHĐ7HOHIyQRGFXG]LOSRãNRGHQpPX MHKR URþQê VSROXåLDN NWRUê PX KR Y]DO]RãNROVNHMWDãN\7HOHIyQVDYUi WLO PDMLWHĐRYL D YHF EROD GRULHãHQi DNR SULHVWXSRN SURWL PDMHWNX Y]KĐDGRP N Qt]NHPXYHNXSiFKDWHĐDRGORåHQi  9 SRSROXGĖDMãtFK KRGLQiFK GĖD  QD]iNODGHWHOHIRQLFNpKRR]Qi PHQLD Y\NRQDOD UHDOL]DþQi KOLDGND PHVWVNHM SROtFLH YêMD]G GR MHGQHM ] SUHGDMQt  Y PHVWH 7X VD PDOL SRN~VLĢ QH]QiPH RVRE\ R NUiGHå WRYDUX 'YH ãNROiþN\DURþQiVDSRN~VLOLRG FXG]LĢ ULIĐRYp QRKDYLFH 3RG ]iPLHQ NRXRGVN~ãDQLDWRYDUXVLKRYNDEtQNH REOLHNOLSRGYODVWQêRGHY3RWRPVDSR N~VLOL]SUHGDMQHRGtVĢEH]WRKRåHE\ ]DQRKDYLFH]DSODWLOL2GFXG]HQêWRYDU ERO QHSRãNRGHQê YUiWHQê PDMLWHĐRYL D REHãNROiþN\RGRY]GDQpURGLþRP 32'92'  'ĖDREMDVĖRYDOLSUtVOXã QtFL PHVWVNHM SROtFLH ]DXMtPDYê SUtSDG SRGYRGQpKR NRQDQLD 'RSXVWLOD VD KR URþQiåHQDWDNåHQDMPHQHMYGYRFK SUtSDGRFK ] QHX]DPNQXWêFK SRãWRYêFK VFKUiQRN VXVHGRY RGFXG]LOD SRãWRY~ SHĖDåQ~GRUXþHQNXD¿QDQFLHQiVOHGQH Y\EUDODQDSRãWH9\GiYDOD]DSUtEX]Q~ RV{EXYHGHQêFKQDGRUXþHQNiFKDSUL YêEHUHKRWRYRVWLSUHGNODGDODVYRMSODW QêREþLDQVN\SUHXND]QD]iNODGHþRKR EROD QDNRQLHF ]LVWHQi MHM WRWRåQRVĢ 3iFKDWHĐND EROD SUHGYHGHQi QD ~WYDU PHVWVNHMSROtFLHNGHVRNXVYRMPXNR QDQLX Y SOQHM PLHUH SUL]QDOD 9HF EROD Y]KĐDGRP N YêãNH VS{VREHQHM ãNRG\ ULHãHQi DNR SULHVWXSRN SURWL PDMHWNX



 SRGYRG SULþRP RNUHP QiKUDG\ ãNR G\ERODSiFKDWHĐNHXGHOHQiL¿QDQþQi VDQNFLD =$'5æ$1,(32'2=5,9ë&+

=R]QDPRE\YDWHĜRYNWRUtVDQDURGLOL RGGR

 9 SUYê IHEUXiURYê GHĖ NUiWNR SUHG SROQRFRX EROR QD RSHUDþQp VWUHGLVNR PHVWVNHMSROtFLHR]QiPHQpåHQDMHG QRP]SDUNRYtVNVtGOLVND&HQWUXP,,VD SUL RGVWDYHQêFK PRWRURYêFK YR]LGOiFK SRK\EXMHDSRGR]ULYRVSUiYDQH]QiPD GYRMLFDPXåRY1DXYHGHQpPLHVWRY\ NRQDOD YêMD]G UHDOL]DþQi PRWRKOLDGND WiYãDNXåQDPLHVWHåLDGQHRVRE\QH ]DVWLKOD 1DNRĐNR DOH ERO N GLVSR]tFLL SRGUREQêSRSLVRV{EERORSUHKĐDGDQp RNROLH SDUNRYLVND 2 QLHNRĐNR PLQ~W EROD VSR]RURYDQi GYRMLFD PXåRY ]RG SRYHGDM~FDSRSLVX,ãORRDURþ Qp RVRE\ NWRUp QHEROL REþDQPL 'XE QLFHQDG9iKRPDQHYHGHOLKRGQRYHU QH XYLHVĢ VYRMX SUtWRPQRVĢ Y EOt]NRVWL PLHVWD þLQX 8YHGHQp RVRE\ EROL RGR Y]GDQpSUtVOXãQtNRP223=NWRUtFHO~ YHFREMDVĖXM~ 9$1'$/6.e.21$1,(

(OLãND%ULJiĖRYi (PPD%XGLDþRYi %LELiQD&HQWiURYi 3DYOtQDýLåQiURYi 7RELiã&KXGR (PLO\.RNDQRYLþRYi

=R]QDPRE\YDWHĜRYNWRUt]RPUHOL RGGR -iQĆXULã %HQHGLNW0LNRYLþ -DURVODY%DUWRãHN 0iULDĆXUPHNRYi -R]HID&HQWiURYi 9ODGLPtU6DOD\ 0iULD+{UNRYi *L]HOD0DMHUþiNRYi 3HWURQHOD7YDURåNRYi +HOHQD5\EDQVNi

 'ĖD    Y VNRUêFK UDQQêFK KRGLQiFK EROR QD ~WYDU PHVWVNHM SROt FLH R]QiPHQp åH Y SRUDVWH RNUHVQHM ]HOHQH QD 1iPHVWt 0DWLFH VORYHQVNHM OHåt QH]QiP\ PXå .RQWURORX QD XYH GHQRP PLHVWH EROD VNXWRþQH QiMGHQi RVREDURþQêPXå]REFHYRNUHVH 7UHQþtQNWRUêåLODNRW]YEH]GRPRYHF . ]RPUHOpPX EROL SULYRODQt SUtVOXãQtFL 223=LOHNiUNWRUêXPXåDVNRQãWD WRYDO~PUWLHEH]FXG]LHKR]DYLQHQLD

6SRPLHQNDQD2ĕJX0LĀNRY~

(PtOLD)XVNRYi %RKXPLO*iERU $QWRQ0LQiULN -R]HI-XUHQD $QWRQ%DND\ -R]HI6WDQþHN 0LODQ5iF 0iULD.UDMtþNRYi 7LERU0DQiN

9PHVLDFLMDQXiURVOiYLOLRNU~KOH çLYRWQpMXELOHXP URNRY

 9 WHQ LVWê GHĖ YR YHþHUQêFK KRGL QiFKERORR]QiPHQpåHQH]QiP\PXå ~P\VHOQHUR]ELORNQRYSULHVWRURFKMHG QpKR]R]iEDYQêFK]DULDGHQtYPHVWH 1DPLHVWREROY\NRQDQêYêMD]GSRGR ]ULYiRVREDVDWXYãDNXåQH]GUåLDYD OD 1HćDOHNR RG PLHVWD XGDORVWL YãDN KOLDGND VSR]RURYDOD URþQpKR POD GtND NWRUê NUYiFDO ] UH]QHM UDQ\ QD UXNH7HQ~P\VHOQH~GHURPUXN\UR] ELO RNQR SUL þRP VL VS{VRELO ]UDQHQLH 9]KĐDGRP N SRYDKH WRKWR ]UDQHQLD EROR PODGtNRYL ]DEH]SHþHQp OHNiUVNH FKLUXUJLFNpRãHWUHQLH  1LHNRĐNRKRGtQQDWREROR]URYQD NpKR ]DULDGHQLD R]QiPHQp åH WDNWLHå QH]QiPDRVREDUR]ELODVNORQDYVWXS QêFK GYHUiFK , Y WRPWR SUtSDGH EROD ]LVWHQi WRWRåQRVĢ SiFKDWHĐD URþQp KR PXåD NWRUê SUHVNOHQLH UR]ELO ~P\ VHOQH NRSQXWtP 2EH YHFL EROL SUtVOXã QtNPL PHVWVNHM SROtFLH ULHãHQp DNR SULHVWXSN\SURWLPDMHWNX 1É/(=0ğ792/<

-XUDM.UiWN\ 9DQHVD/XOMDNRYi 7LPHD3DYODþNRYi )LOLS3ROiþHN 'HQLV6DERO

0ýLåPDULNRYi $0LKDO\RYi 65DMHF 05HKiNRYi *8EODQLþRYi 09HOLFNi $)ODNRYi (3UHNRSRYi

0âWRO~QRYi *.XFPHUND -/DV]Oy +0DUWLãRYi $2QGUXãNRYi 53LSLWRYi -5HPãtN 0'ROHåDORYi

6UGHþQHEODKRåHOiPH

./8%6/29(16.ë&+ 785,6729'8%1,&$19 9É632=ë9$  

  9(Ĕ.É/Ô.$    0$57,16.e+2/(     2'20<.$1,(     0$1Ì16.(-7,(6Ě$9<     =$+É-(1,(     -$51ë&+.,/20(7529     9/É56.<35,(60<.     95ä$7(&  %/,æä,(,1)250É&,( 929ë9(61(-6.5,1.(35,260É-

&HOêåLYRWSUDFRYDODYRYHUHMQHMVSUiYHYEêYDOêFKQiURGQêFK YêERURFKDSRWRPLYVDPRVSUiYHQD0VÒ'XEQLFDQDG9iKRP 9RYHNXQHGRåLWêFKURNRYQiVGĖDRSXVWLODEêYD 'ĖDVDVĖRXQDMHMSRVOHGQHMFHVWHSULãOLUR]O~þLĢ OiNROHJ\ĖD2ĐJD0LþNRYi$MNHćåLODGOKãLXGREXYRYHĐNRP]GUD NROHJRYLDDSULDWHOLDDY]GDOLMHMKROG]DMHMFHORåLYRWQ~SUiFXSULD YRWQRPUL]LNXMHMQiKO\RGFKRGQiVYãHWNêFKNWRUtVPHMXSR]QDOL WHĐVWYRDYHUHMQ~þLQQRVĢ ýHVĢMHMSDPLDWNH SUHNYDSLODKOERNR]URQLO âWHIDQ.UãNDYHGRGG96D20VÒ



 

3URJUDPQDĘDOHMNUDĜXMH IXWVDORYHMH[WUDOLJH

  1HWUDGLþQH YR ãWYUWRN  IHEUXiUD  VD Y ãSRUWRYHM KDOH RGRKUDOR VWUHWQXWLH IXWVDORYHM -RPD H[WUDOLJ\ Y NWRURP 3URJUDP SULYtWDO QD GRPiFHMSDOXERYNH~UDGXM~FHKRPDMVWUD6OR YHQVND6ORYPDWLF%UDWLVODYX  =iSDV PDO SUHNYDSLYR UêFKO\ ~YRG 8å Y SUYHM PLQ~WH GRVWDO GRPiFLFK GR YHGHQLD *UHQGHO +RVWLD VD HãWH QHVWLKOL DQL SRULDGQH VSDPlWDĢDRGYHPLQ~W\QHVN{USRSULKUiYNH 'HFNpKRVDNVWUHOHGRVWDO3DXOtQ\DEROR âDFX ]YêãLĢ YHGHQLH GRPiFLFK PDO *iERU NWRUê PLHULO WHVQH YHGĐD EUiQN\ 3HNQ~ DNFLX UR]RKUDODM*UHQGHONHćGREUHQDãLHO0HOLãD WHQDOHORSWXWHVQHPLQXO  9 SUYRP SROþDVH YLGHOD SRþHWQi GLYiFND NXOLVD SULEOLåQHGLYiNRY QHSUtMHPQp]UD



GXEQLFNpQRYLQ\ PDUHF ZZZGXEQLFDVN QHQLHâYLNUXKX3ULREHWDYHM]iFKUDQHORSW\] EUiQNRYHMþLDU\QHãĢDVWQHWUD¿OåUćNXD]iSDV SUH]UDQHQLHQHGRNRQþLO  3URJUDP ERO Y VWUHWQXWt MHGQR]QDþQH DN WtYQHMãtP PXåVWYRP 9  PLQ~WH PDO YHĐN~ ãDQFX RSlĢ *iERU DOH DQL WHQWRNUiW QHPLHULO SUHVQH3UHVQRVĢXåDOHQHFKêEDODYPL Q~WH+DĐNRYLNWRUêVWUHOLOSUYêJyO6ORYPDWLFX  'XEQLþDQLDYãDNRNDPåLWHRGSRYHGDOLSUXG NRXVWUHORX]YROHMD6WDĖD3R]PHQHVWUiQQD  ]Y\ãRYDO 7XU]D NWRUê SUHNYDSLO JyOPDQD %UDWLVODY\*DãSDURYLþD6ORYPDWLFXVDSRGD ULORVWLDKQXĢQDUR]GLHOMHGQpKRJyOX]iVOXKRX GYRFK SUHVêFK ]iVDKRY 0LNLWX 9]iYHUH GUD PDWLFNpKRVWUHWXWLDKUDOV~SHU]KODYQpKRPHV WDSRZHUSOD\  9 SRVOHGQHM PLQ~WH WUD¿O RSXVWHQ~ VYlW\ ĖX%UDWLVODYþDQRY0DGURDXURELOWDNVWUHOHF N~ERGNX]DY\QLNDM~FLPVWUHWQXWtPYNWRURP 3RUJUDP'XEQLFD]GRODO~UDGXM~FHKRPDMVWUD 6ORYHQVND6ORYPDWLF%UDWLVODYX Vþ

0iPHĘDOåLHKRPDMVWUD

  0RåQRVWHKRDMY\XåSiUNUiWVWUHWOLQDFHVWHPHG]L'XEQL FRXQDG9iKRPD.RODþtQRPDOHERYRNROLWêFKKRUiFK-HY\ã ãHM Y\ãSRUWRYDQHM SRVWDY\ Pi  URNRY Y UXNiFK SDOLFH D QD QRKiFKSULSQXWpEHåN\5HþMHR-HUJXãRYL.RSOtNRYLåLDNRYL URþQtND=âV0â&HQWUXP,,,Y'XEQLFLQDG9iKRPþHUVWYRP 0DMVWURYL 65 Y EHåHFNRP O\åRYDQt  NP NODVLFNêP ãWêORP  Y NDWHJyULLPODGãtGRUDVW  -HUJXã VD WRPXWR ãSRUWX YHQXMH RG VYRMLFK ãLHVWLFK URNRY VSRþLDWNXSRGYHGHQtPWUpQHUN\$QQ\0DMHUþiNRYHMDQHVN{UMHM PDQåHOD0LURVODYD2EDMDV~GXãRXâSRUWRYpKRNOXEXO\åRYDQLD 7-6SDUWDN=76'XEQLFDQDG9iKRPDLFKUXNDPLSUHãORYLDFH UR ãSRUWRYêFK QiGHMt EHåHFNpKR O\åRYDQLD -HUJXãRYD FHVWD N SUYêP~VSHFKRPQHERODMHGQRGXFKi.DåGRGHQQiGULQDWUpQLQ J\NUiWWêåGHQQHQiURþQiVH]yQDWUYDM~FDRGQRYHPEUDDå GRPDUFDQDVQHKXDSRWRPÄVXFKpWUpQLQJ\³WRMHGDĖ]D~VSH FK\$YHUXåHLFKPiQDVYRMRPNRQWHQH~UHNRP=DYãHWN\VSR PHQLHPOHQWLWXO\9tĢD]6ORYHQVNpKRSRKiUDD/\åLDUURND  Y NDWHJyULL VWDUãt åLDFL  Y WRPWR URNX VD VWDO Y NDWHJyULL PODGãLHKRGRUDVWX0DMVWURP65 NPNODVLFN\ 6WULHERUQêERO YGLVFLSOtQHNPYRĐQêPãWêORP-HYtĢD]RP$/3,1$&83XY ãSULQWRFKDSUHWRåHMHERGRYRQDMOHSãtMHYtĢD]RPDM6ORYHQVNp KRSRKiUD),6&+(5&83X

9ćDNDWêPWRXPLHVWQHQLDPVDGRVWDOPHG]LUHSUH]HQWDQWRY65 Y NDWHJyULL 2O\PSLMVNp QiGHMH 3RG YHGHQtP UHSUH]HQWDþQpKR WUpQHUD -R]HID %UĦQQD VD ]~þDVWĖXMH V~VWUHGHQt QDMEOLåãLH KR þDNiY6NDONHSUL.UHPQLFL=DVHERXPiDMSUHWHN\%LHODVWRSD DþDNDM~KR0DMVWURYVWYi65YVNLDWORQH  DYEHKXQDNP NODVLFN\    -HUJXãRY SOiQ SUHWHNRY L WUpQLQJRY MH VNXWRþQH QDELWê 3R SUL WRP PXVt XNRQþLĢ ãW~GLXP QD =â NWRUi VDPXVQDåtPD[LPiO QH Y\MVĢ Y ~VWUHW\ LQ GLYLGXiOQ\P ãWXGLMQêP SOiQRPQRDRGVHS WHPEUD DN VD YãHWNR Y\GDUt E\ PDO Xå ]D VDGQ~Ģ GR ODYtF 63â Y'XEQLFLQDG9iKRP 'UåtPHWLSDOFH DSUDMHPHYãHWNR GREUp-HUJXã 3DHG'U 6RĖD.DþtNRYi

'8%1,&.e129,1<PHVDþQtNREþDQRYPHVWD'XEQLFDQ99\GiYD0HVWR'XEQLFDQ9ZZZGXEQLFDVNWHO$GUHVDUHGDNFLHDLQ]HUWQpKRRGGHOHQLD2GGNXOW~U\0VÒ 2ĐJD 7PiNRYi 0V'. %UDWLVODYVNi  WHO    HPDLO WPDNRYD#GXEQLFDHX âpIUHGDNWRU 6WDQLVODYD ýHFKRYi HPDLO VFHFKRYD#FHQWUXPVN *UDILFNi ~SUDYD -iQ )DMQRU 5HGDNþQiUDGDSUHGVHGD,QJ-DURVODYâOHVDU]iVWXSFDSULPiWRUDWHOHPDLO]DVWXSFD#GXEQLFDHXýOHQRYLD0JU0LURVODYD/XNiþRYi0DUWLQD0DWXãNRYi-iQ3RUXEDQâWHIDQ$QWDOtN 0JU5LFKDUG%HQHFK2ĐJD7PiNRYi ,Q]HUFLD REMHGQiYNRX DOHER RVREQH Y 0V'.  RGG NXOW~U\ WHO    3UtVSHYN\ QHKRQRUXMHPH 5HGDNFLD VL Y\KUDG]XMH SUiYR ~SUDY\ PDWHULiORY 1HY\åLDGDQp UXNRSLV\ QHYUDFLDPH5HJLVWUiFLD377ODþ.8%21HPãRYi

Related Documents

Dn 032008
October 2019 22
Res 032008
June 2020 7
Dn
June 2020 43
Dn 052008
October 2019 44
Dn 072008
October 2019 48
Dn . Citas.docx
June 2020 26