653(1 ˘ 52ø1‚.ˆ...

14
653(1 52ø1‚. 5HOLNW\ xLEHQLF SDWÖ¸ PH]L KPRWQ˙ SUDPHQ\ SDP¿WN\ KUGHOQ¸KR VRXGQLFWY¸ MH| MVRX VSROX V SRSUDYLxWL D SUDQÛÖL V\PERO\ SU¿YD D VSUD YHGOQRVWL Y GRE¿FK PLQXOÛFK =¿URYH— MVRX YxDNLGUXKHPSDP¿WHNNWHU˙YHOPL˘DVWRSRG OHKO\ØSOQ˙PX]¿QLNX jLEHQLFH E\O\ MDN V\PEROHP IXQJXM¸F¸ VSUD YHGOQRVWL RE˚xHQ¸ EÛYDOR QHM˘DVW˚Mx¸P KUGHO Q¸P WUHVWHP Y REGRE¸ u VWRO D WR ]H MP˙QD ]D PDMHWNRY˙ GHOLNW\ WDN L RGVWUD xXM¸F¸P P¸VWHP KDQE\ D QHxW˚VW¸ -HGLQÛ NGR VHPRKOYEO¸]NRVWLxLEHQLFHSRK\ERYDWDYVWX SRYDWGRQ¸E\ONDW . xLEHQLFL MDNR|WR P¸VWX RGVWUDxXM¸F¸PX ]D SRY˚]HQ˙PX D P¸VWX SÖLWDKXM¸F¸PX SR]RU QRVW VH SRMLOD ÖDGD SRY˚U SÖHGHYx¸P R ]¿]UD˘ Q˙PRFLQ˚NWHUÛFKSÖHGP˚W×MDNÛPLE\O\VRX ˘¿VWN\ xLEHQLFH RG˚YX ˘L W˚O RE˚xHQÛFK QHER L E\OLQ ]GH URVWRXF¸FK 7\WR SÖHGP˚W\ VORX|L O\MDNRWDOLVPDQ\SÖLQ¿xHM¸F¸SHQ¸]HDxW˚VW¸Q˚ NG\WDN˙LRFKUDQXQDSÖ]ORG˚M×PSÖLNU¿GH|L 9 QDxHP RNUHVH E\OD ÖDGD P˚VW D P˚VWH˘HN GLVSRQXM¸F¸FK GR U KUGHOQ¸P SU¿YHP %DYRURY -LQ¸Q .DWRYLFH .DVHMRYLFHu/Q¿ ÖH6WUDNRQLFH9RG—DQ\ML|RGUD9R O\Q˚ 9xHFKQDP˚ODYHVY˙PRNRO¸SRWÖHEQ˙SRSUD YLxW˚ Y Q˚NWHUÛFK SÖ¸SDGHFK ]YO¿xW˚ SRWRP Y u VWROHW¸ L SRSUDYLxW˚ GY˚ u xLEHQLFL DVW¸QDGODQDSÖ6WUDNRQLFHD9RG—DQ\ 7DN˙P˚VWR6WUDNRQLFHVWHMQ˚MDNRND|G˙ML Q˙ P˚VWR V KUGHOQ¸P SU¿YHP GLVSRQRYDOR YODVWQ¸PSRSUDYLxW˚P7˚FKE\ORYSU×E˚KX uVWROHW¸YƒHFK¿FKQ˚NROLNVHWDSRSUDYLx W˚ WDN WYRÖLOD E˚|QÛ D QHG¸OQÛ SUYHN WHKGHMx¸ NUDMLQ\%\ODEXGRY¿QDYEO¸]NRVWLFHVWY˚WxLQRX QD Q¿YUx¸FK D NRSF¸FK NG\ SRGP¸QNRX E\OD GREU¿ YLGLWHOQRVW 7RWR XP¸VW˚Q¸ WDN VOHGRYDOR ØP\VOYDURYDWNROHPMGRXF¸|H]GHIXQJXMHSÖ¸V Q˙WUHVW¿Q¸SURYLQLOF×’QHVMHYQDSURVW˙Y˚WxLQ˚ MHMLFK H[LVWHQFH SÖLSRP¸Q¿QD ML| MHQ GRFKR YDQÛPL SRP¸VWQ¸PL Q¿]Y\ jLEHQL˘Q¸ YUFK 1D jLEHQLFL jLEHQLFH jLEHQÛ YUFK 1D 6SUD YHGOQRVWL6SUDYHGOQRVW6W¸QDGOD1D6W¸QDGOHFK DWG jLEHQLFH u GÖHY˚Q˙ L ]G˚Q˙ u E\O\ SR] G˚ML RGVWUD—RY¿Q\ PLPR MLQ˙ L Y G×VOHGNX ]¿ QLNX KUGHOQ¸KR SU¿YD WRKR NWHU˙KR P¸VWD D WR VQDG ML| Y Q˚NG\ YxDN D| Y SU×E˚KX VWROHW¸ 9¸PH WDN˙ |H RG OHGQD ]×VWDOR SU¿YR KUGHOQ¸KR VRXGX SUR 3U¿FKH—VNÛ NUDM P˚VWX 3¸VNX $OH L SÖHGW¸P VL 6WUDNRQL˘W¸ PXVHOLNPX˘HQ¸GHOLNYHQW×DNMHMLFKSRSUDY˚ S×M˘RYDW PLVWUD RVWU˙KR PH˘H u NDWD ] 3¸VNX QHERRGMLQXG =¿MHP R SUREOHPDWLNX KUGHOQ¸KR VRXGQLFWY¸ QDØURYQLVWXGLDDUFKLYQ¸FKPDWHUL¿O×O]HGD WRYDWML|RGVWROHW¸DNWRPXWRW˙PDWXH[LV WXMHGQHVML|REV¿KO¿QDxHL]DKUDQL˘Q¸OLWHUDWXUD 9SRVOHGQ¸PGHVHWLOHW¸VHKUGHOQ¸VRXGQLFWY¸VWD OR L MHGQ¸P ] RGY˚WY¸ DUFKHRORJLH 7HU˙QQ¸ DUFKHRORJLFNÛYÛ]NXPMHYxDNVW¿OHMHxW˚YÛMLP NRXSUR]NRXPDQ˙ORNDOLW\QHPRYLW˙SDP¿WN\ VRXYLVHM¸F¸ V YÛNRQHP KUGHOQ¸KR VRXGQLFWY¸ O]H Y (YURS˚ SR˘¸WDW MHQ QD GHV¸WN\ 9Û]NXP\ DYÛVOHGN\]G˚QÛFKxLEHQLFMVRX]Q¿P\]HMP˙ QD ] 3ROVND 1˚PHFND ’¿QVND D jYÛFDUVND 9ƒHFK¿FKE\OD]DW¸P]NRXP¿QDURNXMHQ NUXKRY¿ NDPHQQ¿ xLEHQLFH Y %H˘RY˚ QDG 7HS ORX X .DUORYÛFK 9DU× D VWUDNRQLFN˙ PX]HXP Y U¿PFL ]¿FKUDQQ˙KR YÛ]NXPX SURNRSDOR U eSRKÖE\r SRSUDYHQÛFK Y P¸VWHFK GÖHY˚Q˙xLEHQLFHX9RG—DQ 9˚WxLQD xLEHQLF E\OD MHGQRGXFKÛFK u GÖH Y˚QÛFK jLEHQLFH ]G˚Q˙ ] NDPHQH V SLO¸ÖL QHVRXF¸PL GÖHY˚Q¿ EÖHYQD VH REMHYLO\ SR ˘¿WNHP VWROHW¸ %\O\ QHM˘DVW˚ML NUXKRY˙ KR DOH WDN˙ REG˙OQ˙KR ˘WYHUFRY˙KR D Q˚NG\ L WURMØKHOQ¸NRY˙KR S×GRU\VX 3RGOH WRKR VH Ö¸ GLO L SR˘HW SLO¸Ö× 9ÛxND REYRGQ¸KR ]GLYD E\ OD REY\NOH NROHP P FHONRY¿ YÛxND V SLO¸ÖL SRWRPD|P=G˚Q˙xLEHQLFHP¸YDO\LYFKRG NWHUÛ VH ]DP\NDO ]D Ø˘HOHP EH]SH˘¸ NDWD SÖL H[HNXFL 1D QDxHP Ø]HP¸ VH GRGQHV ]DFKRYDOR MHQ Q˚NROLN UHOLNW× W˚FKWR ]G˚QÛFK xLEHQLF %H˘RY QDG 7HSORX +RUQ¸ 6ODYNRY 1HSRPXN nHOH] QÛ %URG D %ODWQ¿ ]GH SUDYRØKO¿ UR]P˚U× [PGRFKRYDQ¿YÛxNDPMGHRxLEHQLFL QD NWHU˙ E\OL SRSUDYHQL YUD]L U\W¸ÖH /RUHFN˙KR ]H/NRXxHDMHKRV\Q×YjDPRQLF¸FK X3¸VNX 3ÖL DUFKHRORJLFNRWRSRJUDILFN˙P SU×]NXPX P¸VW EÛYDOÛFK SRSUDYLx{ Y QDxHP RNUHVH MH MLFK VH]QDP YL] YÛxH VH SRGDÖLOR URNX ORNDOL]RYDW L UHOLNW\ VWUDNRQLFN˙ xLEHQLFH 9 WRPWR SÖ¸SDG˚ MGH URYQ˚| R NDPHQQ˙ ]¿NOD G\ SUDYRØKO˙KR SRGREQ˚ MDNR Y %ODWQ˙ S× GRU\VX R UR]P˚UHFK DVL [ D YÛxFH P NWHU˙ MVRX VLWXRY¿Q\ QD SDUF ˘ PDMLWHOHP MVRX OHV\ P˚VWD 6WUDNRQLFH DVL P YÛFKRGQ˚ RG NÑW\ P QPujLEHQÛYUFK]YDQÛW˙| jLEHQL˘Q¸ YUFK QHER jLEH —¿N -HM¸ H[LVWHQFL GRNO¿G¿ ÖDGD S¸VHPQÛFK SUDPHQ× SRGOH Q˚NWHUÛFK ØGDM× P˚OD EÛWSRWRPSÖHP¸VW˚QDQD.¿Q¸ YUFK &R VH WÛ˘H S¸VHPQÛFK SUD PHQ×R]GHSRSUDYHQÛFKRVR E¿FK P¿PH N GLVSR]LFL ]¿ ]QDP\ ] GHQ¸NX S¸VHFN˙KR NDWD $QWRQ¸QD 1\PEXUVN˙KR YH VOX|E¿FK NDWD P˚VWD 3¸V NXE\ORGU=GHVHGR ]Y¸G¿PH|He5RNXGQH -XOL E\O ,JQ¿FLXV +LQLQN× PX˘HQHM YH 6WUDNR QLF¸FK 5RNX GQH-XOLE\O.Dx SDU7LUDQD.DUHO’R PDQYRM¿FLRE˚xHQL RG UHNHPHQWX POD G˙KR 9ROILQSLWOD YH 6WUDNRQLF¸FK 5RNX GQH-XOLE\O YRM¿N 0DW˚M jUR WKRPHU RE˚xHQÛ RG UHNHPHQWX 7LUKDP YH6WUDNRQLF¸FKD5R NXGQH-XOL E\OYRM¿N-RVHI9DUWHVV{DWHMW˚ORQDNRORKODYD QD xSLF QDVWU˘HQD D GR SRY˚WÖ¸ Y\]GYL|HQD RG UHNHPHQWX7LUKDMPYH6WUDNRQLF¸FKr .H VWUDNRQLFN˙ xLEHQLFL VH Y¿|H L Q˚NROLN SRY˚VW¸ 2 xYDQGRYL QD jLEHQL˘Q¸P YUFKX 2 VOHS˙P PO¿GHQFL 2 GXG¿NRYL QD .¿Q¸P YUFKXDY\REUD]HQ¸QDSÖjYDQGDGXG¿NKUDM¸ F¸ QD GXG\ QD xLEHQLFL Y 2E˘DQVN˙P NDOHQG¿ÖL ]U 3RGREQ˚ MDNR Y %H˘RY˚ QDG 7HSORX MH QD x¸P]¿P˚UHPMHGQDNQDP¸VW˚]DFKRYDQÛFKSR ]×VWDWN× XVNXWH˘QLW DUFKHRORJLFNÛ YÛ]NXP D V W¸P VRXYLVHM¸F¸ SRGUREQ˙ ]DP˚ÖHQ¸ UHOLN W× SURYHGHQ¸ SURVSHNFH NWHU¿ E\ PRKOD RG KDOLW MDN E\OR QDNO¿G¿QR V SR]×VWDWN\ SR SUDYHQÛFKDNDPE\O\XNO¿G¿Q\NWHUÛE\]MLV WLO YODVWQ¸ VWDY D VWXSH— ]DFKRY¿Q¸ NDPHQQÛFK ]¿NODG× MHGQDN R|LYLW REHFQ˙ SRY˚GRP¸ R H[LVWHQFL W˙WR RMHGLQ˚O˙ SDP¿WN\ D SÖ¸SDGQ˚ LQDP¸VW˚VDP˙P]KRWRYLWDXP¸VWLWLQIRUPD˘ Q¸WDEXOLVØGDMLDY\REUD]HQ¸PLYÛNRQXKUGHO Q¸KRSU¿YD 6HVRXKODVHPPDMLWHOHSR]HPNXuP˚VWD6WUD NRQLFH u E\O Y NY˚WQX OHWRxQ¸KR URNX PLQL VWHUVWYX NXOWXU\ RGG˚OHQ¸ RFKUDQ\ NXOWXUQ¸FK SDP¿WHN SRG¿Q Q¿YUK QD SURKO¿xHQ¸ NDPHQ QÛFKSR]×VWDWN×VWUDNRQLFN˙xLEHQLFH]DNXOWXU Q¸SDP¿WNX 3K’U-DQ0LFK¿OHNDUFKHRORJPX]HD 6WUDNRQLFNi˘LEHQLFH .DPHQQ˙SR]×VWDWN\xLEHQLFHYH6WUDNRQLF¸FKSÖHGYÛ]NXPHP )RWR$XWRU 9\REUD]HQ¸ ]G˚Q˙ xLEH QLFHY&KHEX]U 5\WLQD]DUFKLYX063

Upload: others

Post on 28-May-2020

0 views

Category:

Documents


0 download

TRANSCRIPT

Page 1: 653(1 ˘ 52ø1‚.ˆ 6WUDNRQLFNi˘LEHQLFH...3267$5=QDUHDOL]DFLDNFH5HNRQVWUXNFHEURG¸WHNuSODYHFNÛVWDGLRQ˚ 52˘ ˇYHYÛxL ˇ ˙ .˘uQDYÛxHQ¸YÛGDM×QDRSUDY\PDMHWNX P˚VWDuDUH¿OP˚VWVN˙KR]DKUDGQLFWY¸˚52˘

���653(1����� 52ù1¸.��

�5HOLNW\�xLEHQLF�SDWÖË�PH]L�KPRWQÇ�SUDPHQ\�SDP¿WN\��KUGHOQËKR�VRXGQLFWYË�� MH|�MVRX�VSROXV� SRSUDYLxWL� D� SUDQÛÖL� V\PERO\� SU¿YD� D� VSUD�YHGOQRVWL� Y� GRE¿FK� PLQXOÛFK�� =¿URYHÐ� MVRXYxDN�L�GUXKHP�SDP¿WHN��NWHUÇ�YHOPL�ÆDVWR�SRG�OHKO\�ØSOQÇPX�]¿QLNX�jLEHQLFH� E\O\� MDN� V\PEROHP� IXQJXMËFË� VSUD�

YHGOQRVWL� �REÊxHQË� EÛYDOR� QHMÆDVWÊMxËP� KUGHO�QËP� WUHVWHP�Y� REGREË� ���� u� ���� VWRO��� D� WR� ]H�MPÇQD� ]D� PDMHWNRYÇ� GHOLNW\��� WDN� L� RGVWUD�xXMËFËP� PËVWHP� KDQE\� D� QHxWÊVWË�� -HGLQÛ�� NGRVH�PRKO�Y�EOË]NRVWL�xLEHQLFH�SRK\ERYDW�D�YVWX�SRYDW�GR�QË��E\O�NDW�.�xLEHQLFL� MDNR|WR�PËVWX�RGVWUDxXMËFËPX��]D�

SRYÊ]HQÇPX� D� PËVWX� SÖLWDKXMËFËPX� SR]RU�QRVW� VH�SRMLOD� ÖDGD�SRYÊU��SÖHGHYxËP�R�]¿]UDÆ�QÇ�PRFL�QÊNWHUÛFK�SÖHGPÊW×��MDNÛPL�E\O\�VRX�Æ¿VWN\� xLEHQLFH�� RGÊYX� ÆL� WÊO� REÊxHQÛFK� QHERL� E\OLQ� ]GH� URVWRXFËFK�� 7\WR� SÖHGPÊW\� VORX|L�O\�MDNR�WDOLVPDQ\�SÖLQ¿xHMËFË�SHQË]H�D�xWÊVWË��QÊ�NG\�WDNÇ�L�RFKUDQX��QDSÖ��]ORGÊM×P�SÖL�NU¿GH|L�9� QDxHP�RNUHVH� E\OD� ÖDGD�PÊVW� D�PÊVWHÆHN

GLVSRQXMËFËFK� GR� U�� ����� KUGHOQËP� SU¿YHP�%DYRURY�� -LQËQ�� .DWRYLFH�� .DVHMRYLFH�u�/Q¿�ÖH��6WUDNRQLFH��9RGÐDQ\��ML|�RG�U��������D�9R�O\QÊ�9xHFKQD�PÊOD�YH�VYÇP�RNROË�SRWÖHEQÇ�SRSUD�

YLxWÊ�� Y� QÊNWHUÛFK� SÖËSDGHFK�� ]YO¿xWÊ� SRWRPY� ���� u����� VWROHWË�� L� SRSUDYLxWÊ� GYÊ� u� xLEHQLFLD�VWËQDGOD��QDSÖ��6WUDNRQLFH�D�9RGÐDQ\��7DNÇ�PÊVWR�6WUDNRQLFH��VWHMQÊ�MDNR�ND|GÇ�ML�

QÇ� PÊVWR� V� KUGHOQËP� SU¿YHP�� GLVSRQRYDORYODVWQËP�SRSUDYLxWÊP��7ÊFK�E\OR�Y�SU×EÊKX����u�����VWROHWË�Y�¦HFK¿FK�QÊNROLN�VHW�D�SRSUDYLx�WÊ� WDN� WYRÖLOD� EÊ|QÛ� D� QHGËOQÛ� SUYHN� WHKGHMxËNUDMLQ\��%\OD�EXGRY¿QD�Y�EOË]NRVWL�FHVW��YÊWxLQRXQD� Q¿YUxËFK� D� NRSFËFK�� NG\� SRGPËQNRX� E\ODGREU¿� YLGLWHOQRVW�� 7RWR� XPËVWÊQË� WDN� VOHGRYDORØP\VO�YDURYDW�NROHPMGRXFË��|H�]GH�IXQJXMH�SÖËV�QÇ�WUHVW¿QË�SURYLQLOF×��'QHV�MH�Y�QDSURVWÇ�YÊWxLQÊMHMLFK� H[LVWHQFH� SÖLSRPËQ¿QD� ML|� MHQ� GRFKR�YDQÛPL�SRPËVWQËPL�Q¿]Y\� �jLEHQLÆQË�YUFK��1DjLEHQLFL�� jLEHQLFH�� jLEHQÛ� YUFK�� 1D� 6SUD�YHGOQRVWL��6SUDYHGOQRVW��6WËQDGOD��1D�6WËQDGOHFKDWG���� jLEHQLFH� u� GÖHYÊQÇ� L� ]GÊQÇ� u� E\O\� SR]�GÊML�RGVWUDÐRY¿Q\��PLPR� MLQÇ� L�Y�G×VOHGNX�]¿�QLNX� KUGHOQËKR� SU¿YD� WRKR� NWHUÇKR� PËVWD�D� WR� VQDG� ML|� Y� ����� QÊNG\� YxDN� D|� Y� SU×EÊKX���� VWROHWË�� 9ËPH� WDNÇ�� |H� RG� ��� OHGQD� ����]×VWDOR�SU¿YR�KUGHOQËKR�VRXGX�SUR�3U¿FKHÐVNÛNUDM�PÊVWX� 3ËVNX��$OH� L� SÖHGWËP� VL� 6WUDNRQLÆWËPXVHOL�N�PXÆHQË�GHOLNYHQW×�D�N�MHMLFK�SRSUDYÊS×MÆRYDW� PLVWUD� RVWUÇKR� PHÆH� u� NDWD� ]� 3ËVNXQHER�RGMLQXG�=¿MHP� R� SUREOHPDWLNX� KUGHOQËKR� VRXGQLFWYË

�QD�ØURYQL�VWXGLD�DUFKLYQËFK�PDWHUL¿O×��O]H�GD�WRYDW�ML|�RG�����VWROHWË�D�N�WRPXWR�WÇPDWX�H[LV�WXMH�GQHV�ML|�REV¿KO¿�QDxH�L�]DKUDQLÆQË�OLWHUDWXUD�9�SRVOHGQËP�GHVHWLOHWË�VH�KUGHOQË�VRXGQLFWYË�VWD�

OR� L� MHGQËP� ]� RGYÊWYË� DUFKHRORJLH�� 7HUÇQQËDUFKHRORJLFNÛ�YÛ]NXP�MH�YxDN�VW¿OH�MHxWÊ�YÛMLP�NRX��SUR]NRXPDQÇ�ORNDOLW\��QHPRYLWÇ�SDP¿WN\�VRXYLVHMËFË� V� YÛNRQHP� KUGHOQËKR� VRXGQLFWYËO]H�Y�(YURSÊ�SRÆËWDW� MHQ�QD�GHVËWN\��9Û]NXP\D�YÛVOHGN\�]GÊQÛFK�xLEHQLF�MVRX�]Q¿P\�]HMPÇ�QD� ]� 3ROVND�� 1ÊPHFND�� '¿QVND� D� jYÛFDUVND�9�¦HFK¿FK�E\OD�]DWËP�]NRXP¿QD�URNX������MHQNUXKRY¿�NDPHQQ¿�xLEHQLFH�Y�%HÆRYÊ�QDG�7HS�ORX� X� .DUORYÛFK� 9DU×� D� VWUDNRQLFNÇ� PX]HXPY� U¿PFL� ]¿FKUDQQÇKR� YÛ]NXPX� SURNRSDOR�U�� ������ eSRKÖE\r� �� SRSUDYHQÛFK� Y� PËVWHFKGÖHYÊQÇ�xLEHQLFH�X�9RGÐDQ�9ÊWxLQD� xLEHQLF� E\OD� MHGQRGXFKÛFK� u� GÖH�

YÊQÛFK�� jLEHQLFH� ]GÊQÇ� ]� NDPHQH�� V� SLOËÖLQHVRXFËPL� GÖHYÊQ¿� EÖHYQD�� VH� REMHYLO\� SR�Æ¿WNHP� ���� VWROHWË�� %\O\� QHMÆDVWÊML� NUXKRYÇ�KR�� DOH� WDNÇ� REGÇOQÇKR�� ÆWYHUFRYÇKR� D� QÊNG\L� WURMØKHOQËNRYÇKR�S×GRU\VX��3RGOH� WRKR�VH� ÖË�GLO� L� SRÆHW� SLOËÖ×��9ÛxND� REYRGQËKR� ]GLYD� E\�OD� REY\NOH� NROHP� ��P�� FHONRY¿� YÛxND� V� SLOËÖLSRWRP�D|���P��=GÊQÇ�xLEHQLFH�PËYDO\�L�YFKRG�NWHUÛ� VH� ]DP\NDO� ]D� ØÆHOHP� EH]SHÆË� NDWD� SÖLH[HNXFL�1D� QDxHP� Ø]HPË� VH� GRGQHV� ]DFKRYDOR� MHQ

QÊNROLN� UHOLNW×� WÊFKWR� ]GÊQÛFK� xLEHQLF�� %HÆRYQDG�7HSORX��+RUQË� 6ODYNRY��1HSRPXN��nHOH]�QÛ�%URG�D�%ODWQ¿� �]GH�SUDYRØKO¿�� UR]PÊU×����[����P��GRFKRYDQ¿�YÛxND�����P��MGH�R�xLEHQLFL�QD�NWHUÇ�E\OL�SRSUDYHQL�YUD]L� U\WËÖH�/RUHFNÇKR]H�/NRXxH�D�MHKR�V\Q×�������������Y�jDPRQLFËFKX�3ËVNX��3ÖL� DUFKHRORJLFNR�WRSRJUDILFNÇP� SU×]NXPX

PËVW� EÛYDOÛFK� SRSUDYLx{� Y� QDxHP� RNUHVH� �MH�MLFK� VH]QDP� YL]� YÛxH�� VH� SRGDÖLOR� URNX� ����ORNDOL]RYDW� L� UHOLNW\� VWUDNRQLFNÇ� xLEHQLFH�9� WRPWR�SÖËSDGÊ� MGH� URYQÊ|�R�NDPHQQÇ�]¿NOD�G\� SUDYRØKOÇKR� �SRGREQÊ� MDNR� Y� %ODWQÇ�� S×�GRU\VX� R� UR]PÊUHFK� DVL� ��[��� D� YÛxFH� ���� P�NWHUÇ� MVRX� VLWXRY¿Q\� QD� SDUF�Æ�� ���� �PDMLWHOHP� MVRX� OHV\PÊVWD� 6WUDNRQLFH��� DVL� ��� PYÛFKRGQÊ� RG� NÑW\� ������ PQ�P��u�jLEHQÛ�YUFK��]YDQÛ�WÇ|jLEHQLÆQË� YUFK� QHER� jLEH�пN��� -HMË� H[LVWHQFL� GRNO¿G¿ÖDGD� SËVHPQÛFK� SUDPHQ×�SRGOH� QÊNWHUÛFK� ØGDM×� PÊODEÛW�SRWRP�SÖHPËVWÊQD�QD�.¿QËYUFK�&R� VH� WÛÆH�SËVHPQÛFK�SUD�

PHQ×�R�]GH�SRSUDYHQÛFK�RVR�E¿FK�� P¿PH� N� GLVSR]LFL� ]¿�]QDP\� ]� GHQËNX� SËVHFNÇKRNDWD� $QWRQËQD� 1\PEXUVNÇKR�YH� VOX|E¿FK� NDWD� PÊVWD� 3ËV�NX�E\O�RG�U���������=GH�VH�GR�]YËG¿PH��|H��e5RNX������GQH���� -XOL�E\O� ,JQ¿FLXV�+LQLQN×

PXÆHQHM� YH� 6WUDNR�QLFËFK�� 5RNX� ����GQH�����-XOL�E\O�.Dx�SDU�7LUDQ�D�.DUHO�'R�PDQ��YRM¿FL��REÊxHQL�RG� UHNHPHQWX� POD�GÇKR� 9ROILQSLWOD�� YH6WUDNRQLFËFK�� 5RNX�����GQH�����-XOL�E\OYRM¿N� 0DWÊM� jUR�WKRPHU� REÊxHQÛ�� RGUHNHPHQWX� 7LUKDP�YH�6WUDNRQLFËFK�D�5R�NX������GQH�����-XOLE\O�YRM¿N�-RVHI�9DUWHV�V{DWHM��WÊOR�QD�NROR��KODYDQD� xSLF� QDVWUÆHQD� D� GR� SRYÊWÖË� Y\]GYL|HQD�� RGUHNHPHQWX�7LUKDMP��YH�6WUDNRQLFËFK�r.H� VWUDNRQLFNÇ� xLEHQLFL� VH� Y¿|H� L� QÊNROLN

SRYÊVWË� �2� xYDQGRYL� QD� jLEHQLÆQËP� YUFKX�2� VOHSÇP� PO¿GHQFL�� 2� GXG¿NRYL� QD� .¿QËPYUFKX��D�Y\REUD]HQË��QDSÖ��jYDQGD�GXG¿N�KUDMË�FË�QD�GXG\�QD�xLEHQLFL�Y�2EÆDQVNÇP�NDOHQG¿ÖL]�U��������3RGREQÊ� MDNR� Y� %HÆRYÊ� QDG� 7HSORX� MH� QD�

xËP�]¿PÊUHP�MHGQDN�QD�PËVWÊ�]DFKRYDQÛFK�SR�]×VWDWN×� XVNXWHÆQLW� DUFKHRORJLFNÛ� YÛ]NXP�D� V� WËP� VRXYLVHMËFË� SRGUREQÇ� ]DPÊÖHQË� UHOLN�W×�� SURYHGHQË� SURVSHNFH�� NWHU¿� E\� PRKOD� RG�KDOLW�� MDN� E\OR� QDNO¿G¿QR� V� SR]×VWDWN\� SR�SUDYHQÛFK�D�NDP�E\O\�XNO¿G¿Q\���NWHUÛ�E\�]MLV�WLO� YODVWQË� VWDY� D� VWXSHÐ� ]DFKRY¿QË� NDPHQQÛFK]¿NODG×�� MHGQDN� R|LYLW� REHFQÇ� SRYÊGRPËR� H[LVWHQFL� WÇWR� RMHGLQÊOÇ� SDP¿WN\� D� SÖËSDGQÊL�QD�PËVWÊ�VDPÇP�]KRWRYLW�D�XPËVWLW�LQIRUPDÆ�QË�WDEXOL�V�ØGDML�D�Y\REUD]HQËPL�YÛNRQX�KUGHO�QËKR�SU¿YD�6H�VRXKODVHP�PDMLWHOH�SR]HPNX�u�PÊVWD�6WUD�

NRQLFH� u� E\O� Y� NYÊWQX� OHWRxQËKR� URNX� PLQL�VWHUVWYX� NXOWXU\�� RGGÊOHQË� RFKUDQ\� NXOWXUQËFKSDP¿WHN�� SRG¿Q� Q¿YUK� QD� SURKO¿xHQË� NDPHQ�QÛFK�SR]×VWDWN×�VWUDNRQLFNÇ�xLEHQLFH�]D�NXOWXU�QË�SDP¿WNX�

3K'U��-DQ�0LFK¿OHN��DUFKHRORJ�PX]HD

6WUDNRQLFNi�ÆLEHQLFH

.DPHQQÇ�SR]×VWDWN\�xLEHQLFH�YH�6WUDNRQLFËFK���SÖHG�YÛ]NXPHP�)RWR��$XWRU

9\REUD]HQË� ]GÊQÇ� xLEH�QLFH�Y�&KHEX�]�U�������5\WLQD�]�DUFKLYX�063

Page 2: 653(1 ˘ 52ø1‚.ˆ 6WUDNRQLFNi˘LEHQLFH...3267$5=QDUHDOL]DFLDNFH5HNRQVWUXNFHEURG¸WHNuSODYHFNÛVWDGLRQ˚ 52˘ ˇYHYÛxL ˇ ˙ .˘uQDYÛxHQ¸YÛGDM×QDRSUDY\PDMHWNX P˚VWDuDUH¿OP˚VWVN˙KR]DKUDGQLFWY¸˚52˘

675$1$�� =35$92'$-�0û67$�675$.21,&( ���653(1�����

9�FA@JàJëV=OPQLEPAHOPR=�IêOP=

3RX|LWË�Æ¿VWL�YÛWÊ|NX�]�SURYR]XYÛKHUQËFK�KUDFËFK�SÖËVWURM×

1D� VYÇP� ���� ]DVHG¿QË� GQH� ���� ÆHUYQD� ����� ]DVWXSLWHOVWYR� PÊVWDXUÆLOR� UR]GÊOLW� Æ¿VW� YÛWÊ|NX� ]� SURYR]X�YÛKHUQËFK� KUDFËFK�SÖËVWURM×�YHYÛxL�����������.Æ�WDNWR�����������.Æ�u�SÖËVSÊYHN�2NUHVQËPX�P\VOLYHF�NÇPX�VSRONX�6WUDNRQLFH������������.Æ�u�SÖËVSÊYN\�D�JUDQW\�SUR�NXOWXUX�����������.Æ�u�SÖËVSÊYN\�D�JUDQW\�SUR�VSRUW�

5R]SRÆWRY¿�RSDWÖHQË1D�VYÇP�����]DVHG¿QË�GQH�����ÆHUYQD������]DVWXSLWHOVWYR�PÊVWD�VFKY¿�OLOR� ]PÊQ\� Y� UR]SRÆWX� R��52� Æ�� ��� YH� YÛxL� ������������.Æ� u� QDYÛxHQËSÖËVSÊYNX�QD�YÛNRQ�VW¿WQË�VSU¿Y\�SUR�REFH�V�UR]xËÖHQRX�S×VREQRVWË�R����u�GRWDFH�]�YxHREHFQÇ�SRNODGQË�VSU¿Y\�VW¿WQËKR�UR]SRÆWX��52�Æ�����YH�YÛxL���������� .Æ� u� GRWDFH� QD� LQYHVWLFH� SUR� 7-� ¦=� 6WUDNRQLFH� u� ]DWHSOHQËWÊORFYLÆQ\��52�Æ�����YH�YÛxL�����������.Æ�u�GRWDFH�SUR�EDVNHWEDORYÛ�NOXE6WUDNRQLFH� �)LQDQÆQË� SURVWÖHGN\� EXGRX� SRXN¿]¿Q\� QD� ØÆHW� 67$5=� NHNU\WË�Q¿MPX�VSRUWRYQË�KDO\�%.�6WUDNRQLFH����52�Æ�����YH�YÛxL����������.Æ�u�QDYÛxHQË�YÛGDM×�QD�YËFHSU¿FH�X�DNFH��2GYRGQÊQË�YLDGXNWX��6WUDNR�QLFH��52�Æ�����YH�YÛxL�����������.Æ�u�QDYÛxHQË�GRWDFH�QD�LQYHVWLFH�SUR32�67$5=�QD�UHDOL]DFL�DNFH�5HNRQVWUXNFH�EURGËWHN�u�SODYHFNÛ�VWDGLRQ�52�Æ�����YH�YÛxL�������������.Æ�u�QDYÛxHQË�YÛGDM×�QD�RSUDY\�PDMHWNXPÊVWD�u�DUH¿O�PÊVWVNÇKR�]DKUDGQLFWYË��52�Æ�����YH�YÛxL�������������.Æ�uQDYÛxHQË�SROR|N\�SURMHNW\��]H�NWHUÛFK�EXGH�PLPR�MLQÇ�KUD]HQD�SURY¿GÊFËSURMHNWRY¿�GRNXPHQWDFH�QD�SÖËVWDYEX�0Ê'.�YH�YÛxL�������������.Æ��52Æ�����YH�YÛxL�����������.Æ�u�QDYÛxHQË�YÛGDM×�QD�RSUDY\�PDMHWNX�PÊVWDu�YHÖHMQÇ�RVYÊWOHQË�(OOHURYD�XOLFH��52�Æ�����YH�YÛxL�����������.Æ�u�GRWDFH.¸�QD�YÛNRQ�VW¿WQË� VSU¿Y\�Y�REODVWL� OHVQËKR�KRVSRG¿ÖVWYË��52�Æ�����YHYÛxL�����������.Æ�u�GRWDFH�.¸�SUR�jPLGLQJHURYX�NQLKRYQX�u�]DMLxWÊQËUHJLRQ¿OQËFK� IXQNFË� NQLKRYHQ� Y� -LKRÆHVNÇP� NUDML�� 52� Æ�� ��� YH� YÛxL���������� .Æ� u� QDYÛxHQË� YÛGDM×� SUR� RGERU� PDMHWNRYÛ� QD� DNFL� ¸SUDYDSORFK\�PH]L�0OÛQVNÛP�Q¿KRQHP�D�ÖHNRX�2WDYRX�

=SUDFRY¿QË�UHJXODÆQËKR�SO¿QX=D�6WËQDGO\

1D� VYÇP� ���� ]DVHG¿QË� GQH� ���� ÆHUYQD� ����� ]DVWXSLWHOVWYR� PÊVWDVRXKODVLOR� V�SURMHGQ¿QËP�]PÊQ\�]¿YD]QÇ�Æ¿VWL�Ø]HPQËKR�SO¿QX�VËGHO�QËKR�ØWYDUX�6WUDNRQLFH�D�]SUDFRY¿QËP�UHJXODÆQËKR�SO¿QX�=D�6WËQDGO\�8NO¿G¿�RGERUX�UR]YRMH�SURMHGQDW�]PÊQX�]¿YD]QÇ�Æ¿VWL�Ø]HPQËKR�SO¿QXD� UHJXODÆQË� SO¿Q� Y� VRXODGX� VH� ]¿NRQHP� Æ�� �������� 6E��� R� Ø]HPQËPSO¿QRY¿QË�D�VWDYHEQËP�Ö¿GX��VWDYHEQË�]¿NRQ���Y�SODWQÇP�]QÊQË��D�Y�VRX�ODGX� V�Y\KO¿xNRX�Æ�����������6E���R�Ø]HPQÊ�SO¿QRYDFËFK�SRGNODGHFKD�Ø]HPQÊ�SO¿QRYDFË�GRNXPHQWDFL�

-HGQ¿� VH� R� Ø]HPË� PH]L� NRPXQLNDFË� .DWRYLFN¿� D� ORNDOLWRX� -H]¿UN\�/RNDOLWD�E\�PÊOD�EÛW�VPËxHQÛP�Ø]HPËP�YHÖHMQÇ�Y\EDYHQRVWL�D�E\GOHQË�

'×P�V�SLYQLFË�1D�5×|NX�MH�SURG¿Q1D�VYÇP�����]DVHG¿QË�GQH�����ÆHUYQD�����]DVWXSLWHOVWYR�PÊVWD�VRXKODVLOR�V�SURGHMHPGRPX�V�Q¿MHPQËPL�E\W\�D�QHE\WRYÛP�SURVWR�UHP�SLYQLFH�1D�5×|NX�Æ�S�������V�SR]HPNHPS�Æ��VW�������R��YÛPÊÖH������P���XOLFH��+XVRYDY�N�Ø��6WUDNRQLFH��VSROHÆQRVWL�$05$��V��U��R��6WUDNRQLFH�]D�FHQX�������������.Æ�

9\KRÖHOÛ�G×P�Y�+DYOËÆNRYÊ�XOLFLP¿�QRYÇKR�PDMLWHOH

1D�VYÇP�����]DVHG¿QË�GQH�����ÆHUYQD�����]DVWXSLWHOVWYR�PÊVWD�VRXKODVLOR� V�SURGHMHPGRPX�Æ�S������Y�+DYOËÆNRYÊ�XOLFL�V�SR]HPN\S�Æ��VW������D�S�Æ��������Y�N�Ø��6WUDNRQLFH�VSR�OHÆQRVWL�-,+2632/��D��V���6WUDNRQLFH�]D�FHQX����������.Æ�

1¿UR|Ë�Y�¦HODNRYVNÇKR�XOLFL�]NU¿VQË1D� VYÇP� ���� ]DVHG¿QË� GQH� ���� ÆHUYQD� ����� ]DVWXSLWHOVWYR� PÊVWDVRXKODVLOR� V� SURGHMHP� Æ¿VWL� SR]HPNX� S�Æ�� ������� Y� N�� Ø�� 6WUDNRQLFHR� YÛPÊÖH� FFD� ����P� u� SÖHVQ¿� YÛPÊUD� EXGH� XUÆHQD� QD� ]¿NODGÊ� *3�VSROHÆQRVWL�-,+2632/��D��V���6WUDNRQLFH�]D�FHQX���������.Æ�P��

3URGHM�E\WRYÜFK�MHGQRWHN�MHGQRWOLYÜP�QÀMHPFØP1D� VYÇP� ���� ]DVHG¿QË� GQH� ���� ÆHUYQD� ����� ]DVWXSLWHOVWYR� PÊVWDVRXKODVLOR�V�SURGHMHP�E\WRYÛFK�MHGQRWHN�MHGQRWOLYÛP�Q¿MHPF×P�Y�Q¿�VOHGXMËFËFK�E\WRYÛFK�GRPHFK��XO��%��1ÊPFRYÇ�Æ�S�������XO��3��%H]UXÆHÆ�S�������XO��nL|NRYD�Æ�S�������XO��.ORVWHUPDQQRYD�Æ�S������D�Æ�S������XO��nL|NRYD�Æ�S������

6PÊQD�SR]HPN×�SRG�3DSH|RYÛPL�GRP\1D� VYÇP� ���� ]DVHG¿QË� GQH� ���� ÆHUYQD� ����� ]DVWXSLWHOVWYR� PÊVWDVRXKODVLOR�V�Y\KO¿xHQËP�]¿PÊUX�QD�VPÊQX�Æ¿VWL�SR]HPNX�S�Æ����R�YÛ�PÊÖH�FFD�����P��D�Æ¿VWL�SR]HPNX�S�Æ�������R�YÛPÊÖH�FFD�����P��Y�N�Ø�1RYÇ�6WUDNRQLFH��MH|�MVRX�YH�YODVWQLFWYË�PÊVWD�6WUDNRQLFH��]D�SR]HPN\SDUF�Æ�� ������ R� YÛPÊÖH� ����P��� S�Æ�� VW������� R� YÛPÊÖH� ���P�� Y�N�Ø�1RYÇ�6WUDNRQLFH��S�Æ������R�YÛPÊÖH�����P��D�S�Æ�������R�YÛPÊÖH����P�Y�N�Ø��6WUDNRQLFH��MH|�MVRX�YH�YODVWQLFWYË�¦5�u�3RYRGË�9OWDY\�V�S�

9ÛxH�XYHGHQÇ�XVQHVHQË�ÖHxË�PQRKDOHWÛ�SUREOÇP��NWHUÛ�VH�WÛNDO�YODVWQLFWYËSR]HPN×�PH]L�3DSH|RYÛPL�GRP\�D�VLOQLFL�.DWRYLFN¿�D�QÊNWHUÛFK�GDOxËFKSR]HPN×��NWHUÇ�VH�QDFK¿]HMË�Y�FHQWUX�PÊVWD��-HGQ¿�VH�R�QHXSUDYHQRX�SORFKX�NWHU¿�GORXK¿�OÇWD�GÊODOD�VWDURVWL�QHMHQ�]DVWXSLWHO×P�PÊVWD��DOH�SRXND]RYDOLQD� QL� ÆDVWR� L� Q¿YxWÊYQËFL��0ÊVWR�YxDN�QHE\OR�YODVWQËNHP�� WDN|H� MDNÇNR�OLY�ØSUDY\�E\O\�Y\ORXÆHQÇ��=DVWXSLWHOÇ�RGVRXKODVLOL�VPÊQX�SR]HPN×��NWH�URX�PÊVWR�]ËVN¿�GR�VYÇKR�YODVWQLFWYË�YÛxH�XYHGHQÇ�SR]HPN\�YÛPÊQRX�]DSR]HPHN�SRG�KUDGHP�X�ÖHN\�2WDY\��SRG�]¿SDGQË�EU¿QRX�X�MH]X���¸]HPQËP� SO¿QHP� MH� WDWR� SORFKD� XUÆHQD� SUR� LQWHJURYDQRX� ]¿VWDYEX

PÊVWVNÇKR�FHQWUD�

352'(-��3521�-(0������������UDGD�PÊVWD�VRXKODVLOD�V�Y\KO¿xHQËP�]¿PÊUX�QD�SURQ¿MHPEDUX�Y�NLQÊ�2.2�YH�6WUDNRQLFËFK�

������������UDGD�PÊVWD�VRXKODVLOD�VH�]YHÖHMQÊQËP�]¿PÊUX�QD�SURQ¿�MHP�QË|H�XYHGHQÛFK�13�Y�REMHNWX�Æ�S������1D�2VWURYÊ�

u 13�R�YÛPÊÖH����P��Y�SÖË]HPË��URKRYÛ�SURVWRU�X�YVWXSQËFK�YUDW�GRREMHNWX�

u 13� R� YÛPÊÖH� ���� P�� URYQÊ|� Y� SÖË]HPË� �EÛYDO¿� DXWRGËOQD� YHGOHVNOHQ¿ÖVWYË���

1DEËGND��E\WRYÛFK��MHGQRWHNN��SÖËPÇPX�SURGHML

5DGD� PÊVWD� QD� VYÇP� MHGQ¿QË� GQH� ���� ��� ����� D� ���� ��� ����UR]KRGOD�REVDGLW�QË|H�XYHGHQÇ�E\WRYÇ�MHGQRWN\�SÖËPÛP�SURGHMHPGR�RVREQËKR�YODVWQLFWYË�GOH�]¿NRQD�Æ����������6E���Y�SODWQÇP�]QÊQË�QD�]¿NODGÊ�QHMY\xxË�QDEËGN\�

O E\W�Æ����R�YHOLNRVWL�����Y�Æ�S�������Y�XOLFL�¦HODNRYVNÇKR�R�YÛ�PÊÖH�������P��PLQLP¿OQË�FHQD�����������.Æ

O E\W�Æ�����R�YHOLNRVWL�����Y�Æ�S�������Y�XOLFL�¦HODNRYVNÇKR�R�YÛ�PÊÖH�������P��PLQLP¿OQË�FHQD�����������.Æ

O E\W� Æ�� ��� R� YHOLNRVWL� ���� Y� Æ�S�� ��� Y� XOLFL�1D�2KUDGÊ� R� YÛPÊ�ÖH�������P��PLQLP¿OQË�FHQD�����������.Æ

O E\W�Æ����R�YHOLNRVWL�����Y�Æ�S������Y�XOLFL�7U|QË�R�YÛPÊÖH�������P�

PLQLP¿OQË�FHQD�����������.Æ

9HxNHUÇ� GDOxË� LQIRUPDFH� Y¿P� EXGRX� SRVN\WQXW\� QD� PDMHWNRYÇPRGERUX���WHO�����������������������������

Page 3: 653(1 ˘ 52ø1‚.ˆ 6WUDNRQLFNi˘LEHQLFH...3267$5=QDUHDOL]DFLDNFH5HNRQVWUXNFHEURG¸WHNuSODYHFNÛVWDGLRQ˚ 52˘ ˇYHYÛxL ˇ ˙ .˘uQDYÛxHQ¸YÛGDM×QDRSUDY\PDMHWNX P˚VWDuDUH¿OP˚VWVN˙KR]DKUDGQLFWY¸˚52˘

���653(1����� =35$92'$-�0û67$�675$.21,&( 675$1$��

¸SUDYD�=¿VDG�KRVSRGDÖHQË�V�E\W\1D� VYÇP� ���� ]DVHG¿QË� GQH� ���� ÆHUYQD� ����� ]DVWXSLWHOVWYR� PÊVWDUR]KRGOR� ]UXxLW� SRGPËQNX� WUYDOÇKR� SRE\WX� |DGDWHOH� R� Q¿MHP� E\WX� YHPÊVWÊ�6WUDNRQLFH�VWDQRYHQRX�Y�=¿VDG¿FK�KRVSRGDÖHQË�V�E\W\�YH�YODVW�QLFWYË�PÊVWD�6WUDNRQLFH�]H�GQH��������������SRG�SËVP��D��Y�WRPWR�]QÊQË�D��nDGDWHO�P¿�NH�GQL�SRG¿QË�|¿GRVWL� WUYDOÛ�SRE\W�YH�PÊVWÊ�6WUDNRQLFHQHSÖHWU|LWÊ� SR� GREX�PLQLP¿OQÊ� �� OHW� D� WHQWR� WUYDOÛ� SRE\W� MH� SR� FHORXGREX� Ö¿GQÊ�RKO¿xHQ�Y�VRXODGX�V�SÖËVOXxQÛPL�SU¿YQËPL�SÖHGSLV\�u� WDWRSRGPËQND� QHSODWË� SUR� |DGDWHOH� R� Q¿MHP� E\WRYÇ� MHGQRWN\�� NWHU¿� EXGHREVD]RY¿QD� W]Y�� RE¿ONRYRX�PHWRGRX� Y� VRXODGX� V� XVQHVHQËP�PÊVWVNÇUDG\� Æ�� ������� ]H� GQH� ���� ��� ����� �WM�� Q¿MHPQÇKR� ]D� ���PÊVËF� Q¿MPXEXGH�]DKUQXWD�ILQDQÆQË�Æ¿VWND�QDEËGQXW¿�|DGDWHOHP��Df'RVDYDGQË�RGVWDYFH�E���F��D�G��VH�R]QDÆXMË�MDNR�RGVWDYFH�D���E��D�F��

2GNXS�DUH¿OX�D�SÖHYRG�EXGRY\1D� VYÇP� ���� ]DVHG¿QË� GQH� ���� ÆHUYQD� ����� ]DVWXSLWHOVWYR� PÊVWDVRXKODVLORD�� V�RGNXSHP�DUH¿OX�6¸6�-Æ.�]¿YRG�6WUDNRQLFH�u�EXGRY\�V�Æ�S�����VSROX�VH�VWDYHEQË�SDUFHORX�.1�Æ��������R�YÛPÊÖH�������P���]DVWDYÊQ¿SORFKD��Q¿GYRÖË�D�SR]��SDUFHO\�.1�Æ���������R�YÛPÊÖH�����P���RVWDWQËSORFKD��PDQLSXODÆQË�SORFKD�Y�N�Ø��6WUDNRQLFH�]D�FHONRYRX�FHQX�Q¿NODG×VSRMHQÛFK�V�SÖHYRGHP�PD[��YH�YÛxL�������.Æ�P��SR]HPNX��Y�WÇWR�NXS�QË� FHQÊ� MH� ]DKUQXWD� KRGQRWD� VWDYHE� L� SR]HPNX�� VH� ]¿PÊUHP� Y\X|LWËY�VRXODGX�V�¸3�RG�-LKRÆHVNÇKR�NUDMH�E�� V�EH]ØSODWQÛP�SÖHYRGHP�EXGRY\�Æ�S������QD�SR]��SDUF��Æ��VW�������Y�N�Ø��6WUDNRQLFH��xNROD���j-�Y�XO��3O¿QNRYD��-LKRÆHVNÇPX�NUDML��%XGRYDÆ�S������EXGH�Y\X|ËY¿QD�YÛKUDGQÊ�SUR�xNROQË�YÛXNX��9�SÖËSDGÊ��|H�EXGHXYHGHQ¿� EXGRYD� Y\X|LWD� N� MLQÛP�ØÆHO×P�QH|� SUR� xNROQË� YÛXNX�� EXGHREGDURYDQÛ�-.�SRYLQHQ�SÖHYÇVW�EH]ØSODWQÊ�EXGRYX�Æ�S������QHSURGOHQÊ]SÊW�G¿UFL�PÊVWX�6WUDNRQLFH�

3OQÇ�]QÊQË�XVQHVHQË�]�����MHGQ¿QË�=0�QDMGHWH�QD�0ʸ�

9�FA@JàJë�N=@U�IêOP=

5R]GÊOHQË�SÖËVSÊYN×�QD�ÆLQQRVW�NXOWXU\D�FHVWRYQËKR�UXFKX

1D�VYÇP������MHGQ¿QË�GQH�������������UDGD�PÊVWD�VRXKODVLOD�V�UR]�GÊOHQËP�Æ¿VWN\�����������.Æ��YÛWÊ|HN�]�YÛKHUQËFK�DXWRPDW×���6RXKODVLOD�V�UR]GÊOHQËP�SÖËVSÊYN×�QD�ÆLQQRVW�Y�REODVWL�NXOWXU\��-XQ¿N�VWÖHGLVNR�jYDQGD� GXG¿N�6WUDNRQLFH� u� ��������.Æ��''0�6WUDNRQLFH� u���������.Æ�QD� ]DMLxWÊQË� DNFH�+UDG�SDWÖË� GÊWHP� ���� ��� �������7DQHÆQËVNXSLQD�5R]¿OLH�u���������.Æ�QD�ØKUDGX�Q¿NODG×�VSRMHQÛFK�V�DNFË�0LV�WURYVWYË�¦5�Y�FRXQWU\� WDQFËFK�GÊWË�u�FORJJLQJ��'¿OH�VRXKODVLOD�V�SUH�]HQWDFË�PÊVWD�Y�REUD]RYÇP�DWODVX�WXULVWLFNÛFK�FËO×�Y�¦5�u�(XUREHGV�QDVWUDQ\�$��]D�FHQX���������.Æ�D�V�SUH]HQWDFË�PÊVWD�Y�ÆDVRSLVH�5HJLRPL[QD���VWUDQÊ�$��V�XSRXW¿YNRX�QD�OHWQË�DNFH�]D�FHQX���������.Æ�

2SUDYD�PËVWQË�NRPXQLNDFH1D�VYÇP������MHGQ¿QË�GQH�������������UDGD�PÊVWD�VRXKODVLOD�V�RSUDYRXÆ¿VWL�PËVWQË� NRPXQLNDFH� Y� ORNDOLWÊ�8�¶HSLFNÇ� ]DVW¿YN\� �]D� SLORX�� YH6WUDNRQLFËFK��QD�SR]HPFËFK�S�Æ��GOH�.1��������������������������������YxH�Y�N�Ø��6WUDNRQLFH��V�SRGPËQNRX�����ILQDQÆQË�VSROXØÆDVWL�ILUP\�¦5%HWRQ�%RKHPLD��VSRO��V�U�R�

3URQ¿MHP�13�Y�RUJDQL]DFL�67$5=1D�VYÇP������MHGQ¿QË�GQH�������������UDGD�PÊVWD�VRXKODVLOD�V�SUR�Q¿MPHP�13� R� YÛPÊÖH� ���P�� QD� SODYHFNÇP� VWDGLRQX�� NDQFHO¿Ö� YOHYRRG� KODYQËKR� YVWXSX�� VDPRWQÛ� YFKRG� ]� Q¿VWXSQË� UDPS\�� |DGDWHOL� SDQX/XERxRYL�6RVQRYL��6WUDNRQLFH�

3URQ¿MHP�UHVWDXUDFH�D�EDUX�Y�'.1D� VYÇP������ MHGQ¿QË� GQH� ���� ��� ����� UDGD�PÊVWD� VRXKODVLOD�X]D�YÖHQËP�Q¿MHPQË�VPORXY\�QD�SURQ¿MHP�UHVWDXUDFH�D�EDUX�Y�'.��0ËURY¿����YH�6WUDNRQLFËFK�Q¿VOHGXMËFËPX�|DGDWHOL��0Êx{DQVNÛ�SLYRYDU�6WUDNR�QLFH��D�V�

=PÊQD�FHQ\�]D�XMHWÇ�NP�SÖL�VYR]XNRPXQ¿OQËKR�RGSDGX

1D�VYÇP������MHGQ¿QË�GQH�������������UDGD�PÊVWD�VRXKODVLOD�V�SÖHG�OR|HQÛP� Q¿YUKHP� QD� ØÆWRY¿QË� FHQ� ]D� XMHWÇ� NP� YH�PÊVWÊ� 6WUDNRQLFHD�SÖËPÊVWVNÛFK�Æ¿VWË�YH�YÛxL������.Æ�NP��D�WR�V�ØÆLQQRVWË�RG������������

7DWR� ØSUDYD� QHEXGH� PËW� YOLY� QD� ]YÛxHQË� FHQ\� NRPXQ¿OQËKR� RGSDGXY�OHWRxQËP�URFH������

2GVWRXSHQË�RG�VPORXY\1D�VYÇP������MHGQ¿QË�GQH�������������UDGD�PÊVWD�UR]KRGOD�RGVWRXSLWRG�VPORXY\�R�X|ËY¿QË�SR]HPNX�S�Æ��������Y�N�Ø��6WUDNRQLFH��Æ��VPORXY\��u�����X]DYÖHQÇ�GQH�������������PH]L�PÊVWHP�6WUDNRQLFH�D�6SRUWRY�QËP�NOXEHP�6WUDNRQLFH� ������ D� WR� Y� VRXODGX� V� XVW�� ÆO�� ,,� RGVW�� �� WÇWRVPORXY\��QHER{�6.�6WUDNRQLFH������QH]ËVNDO�SÖËVOXxQRX�GRWDFL�]�SUR�JUDPX�0LQLVWHUVWYD�xNROVWYË�¦5�QD�URN������D�QHSÖHGOR|LO�PÊVWX�6WUD�NRQLFH�QHMSR]GÊML�GR�������������SËVHPQÇ�Y\UR]XPÊQË�R�SÖL]Q¿QË�WÇWRGRWDFH�2GVWRXSHQËP�RG�VPORXY\�VH�VPORXYD�UXxË�NH�GQL�GRUXÆHQË�SËVHPQÇKRY\KRWRYHQË�RGVWRXSHQË�6SRUWRYQËPX�NOXEX�6WUDNRQLFH������

6.� 6WUDNRQLFH� ����� GRWDFL� QD� VWDYEX� KÖLxWÊ� ERKX|HO� QH]ËVNDO��PÊVWRWHG\�EXGH�YÛVWDYEX�GOH�X]DYÖHQÇ�VPORXY\�ILQDQFRYDW�]H�VYÇKR�UR]SRÆWXY�FHONRYÇ�Æ¿VWFH����PLOLRQ×�.Æ�IRUPRX�SÖËVSÊYNX�6.�

=PÊQ\�Y�UR]SRÆWX1D� VYÇP� ����� MHGQ¿QË� GQH� ��� ��� ����� UDGD� PÊVWD� VFKY¿OLOD� SÖH�VXQ� D� QDYÛxHQË� UR]SRÆWX� R��52� Æ�� ��� YH� YÛxL� ����������.Æ� u� GRWDFH.¸� QD� ÆLQQRVW� GREURYROQÛFK� KDVLÆVNÛFK� VERU×�� 52� Æ�� ��� YH� YÛxL���������� .Æ� u� QDYÛxHQË� SÖËVSÊYNX� SUR�0Ê.6� u� SUR� 6779� u� GRNX�PHQW¿UQË� ILOP\� R� YÛ]QDPQÛFK� RVREQRVWHFK� 6WUDNRQLF�� 52� Æ�� ��� YHYÛxL����������.Æ�u�QDYÛxHQË� ILQDQÆQËFK�SURVWÖHGN×�SUR�RGERU� UR]YRMHu� SÖËVSÊYN\� QD� NXOWXUX� u� |¿GRVW� R� ILQDQÆQË� SRGSRUX� GRNXPHQW¿UQËKRILOPX�-HxWÊ�KUDMRX�GXG\�

1D�VYÇP������MHGQ¿QË�GQH�������������UDGD�PÊVWD�VFKY¿OLOD�SÖHVXQD�QDYÛxHQË�UR]SRÆWX�R��52�Æ�����YH�YÛxL�����������.Æ�u�QDYÛxHQË�YÛGDM×RGERUX�PDMHWNRYÇKR�u�QD�RSUDY\�EXGRY��52�Æ�����YH�YÛxL����������.Æu�GRWDFH�.¸�SUR�jPLGLQJHURYX�NQLKRYQX�QD�UHDOL]DFL�SURMHNW×�]�SUR�JUDPX�.QLKRYQD�����VWROHWË��52�Æ�����YH�YÛxL�����������.Æ�u�QDYÛxHQËSÖËVSÊYNX�32�67$5=�QD�ØSUDYX�xDWHQ�SUR�UR]KRGÆË��52�Æ�����YH�YÛxL����������.Æ�u�QDYÛxHQË� ILQDQÆQËFK�SURVWÖHGN×�QD�GÊWVN¿�KÖLxWÊ�u�]D�MLxWÊQË�RSUDY�D�RGVWUDQÊQË�KHUQËFK�SUYN×�

1D�VYÇP������MHGQ¿QË�GQH�������������UDGD�PÊVWD�VFKY¿OLOD�QDYÛxHQËUR]SRÆWX�R��52�Æ�����YH�YÛxL����������.Æ�u�GRWDFH�.¸�SUR�0ª.6�QDUHDOL]DFL�SURMHNWX�6NXSRY\�6WUDNRQLFH�u�SRVWXSRY¿�NUDMVN¿�ORXWNDÖVN¿SÖHKOËGND�� 52� Æ�� ��� YH� YÛxL� ��������� .Æ� u� QDYÛxHQË� SÖËVSÊYNX� QDSURYR]�SUR�=j�'XNHOVNRX�u�QD�RGYÊWU¿QË�SURVWRUX�QDG�P\ÆNRX�ÆHUQÇKRQ¿GREË�

/¿YND�SÖHV�GRSUDYQË�S×OREORXN1D� VYÇP� ����� MHGQ¿QË� GQH� ��� ��� ����� UDGD�PÊVWD� VRXKODVLOD� V�Y\�KRGQRFHQËP� YÛEÊURYÇKR� ÖË]HQË� QD� NRPSOHWQË� GRG¿YNX� SURMHNWRYÇGRNXPHQWDFH� SUR� Ø]HPQË� ÖË]HQË� �'¸5�� YÆHWQÊ� SRWÖHEQÛFK� GRNODG×QD�VWDYEX�/¿YND�SÖHV�VLOQLFL�,����YH�6WUDNRQLFËFK�6RXKODVLOD�V�X]DYÖHQËP�VPORXY\�V�ILUPRX�9$/%(.��VSRO��V�U�R���SUR�MHNÆQË� NDQFHO¿Ö�� 3O]HÐ�� QD� Y\SUDFRY¿QË� SURMHNWRYÇ� GRNXPHQWDFH� SURØ]HPQË� ÖË]HQË� �'¸5��� YÆHWQÊ� SRWÖHEQÛFK� GRNODG×�� QD� VWDYEX�� /¿YNDSÖHV�VLOQLFL�,����YH�6WUDNRQLFËFK�]D�FHQX�����������.Æ�YÆHWQÊ�'3+�6RXKODVLOD� V� XYROQÊQËP� ILQDQÆQËFK� SURVWÖHGN×� ]� UR]SRÆWX� PÊVWD� uNDSLWROD�3URMHNW\�QD�Y\SUDFRY¿QË�YÛxH�]PËQÊQÇ�SURMHNWRYÇ�GRNXPHQ�WDFH�

3URMHNWRY¿�GRNXPHQWDFH�EXGH� ÖHxLW�YÛVWDYEX� O¿YN\�SUR�SÊxË�D�F\NOLV�W\�� NWHU¿� E\� Y� VRXYLVORVWL� V� UHDOL]DFË� VHYHUQËKR� GRSUDYQËKR� S×OREORX�NX��PÊOD�EÛW�XPËVWÊQD�]D�]DKUDGDPL�URGLQQÛFK�GRPN×�Y�XOLFL�1HUXGRYÊVPÊUHP� N� XOLFL� %XGRYDWHOVNÇ�� 0ÊOD� E\� YÇVW� QDG� VW¿YDMËFË� NRPXQLNDFË+UDGHFNÇKR�� 9ODVWQË� UHDOL]DFH� O¿YN\� EXGH� SOQÊ� ILQDQFRY¿QD� PÊVWHP6WUDNRQLFH�

Page 4: 653(1 ˘ 52ø1‚.ˆ 6WUDNRQLFNi˘LEHQLFH...3267$5=QDUHDOL]DFLDNFH5HNRQVWUXNFHEURG¸WHNuSODYHFNÛVWDGLRQ˚ 52˘ ˇYHYÛxL ˇ ˙ .˘uQDYÛxHQ¸YÛGDM×QDRSUDY\PDMHWNX P˚VWDuDUH¿OP˚VWVN˙KR]DKUDGQLFWY¸˚52˘

675$1$�� =35$92'$-�0û67$�675$.21,&( ���653(1�����

1RYÇ�YHVWDYE\�Y�+XVRYÊ�XOLFL1D�VYÇP������MHGQ¿QË�GQH������������UDGD�PÊVWD�VRXKODVLOD�V�Y\KRG�QRFHQËP�YÛEÊURYÇKR�ÖË]HQË�QD�GRGDYDWHOH�VWDYHEQËFK�SUDFË�QD�DNFL�3×G�QË�YHVWDYE\���E\WRYÛFK� MHGQRWHN��6WUDNRQLFH�u�+XVRYD�XOLFH�Æ������u����D�ØSUDYD�GYRUD��1D�SUYQËP�PËVWÊ�u�$OGDVW��VSRO��V�U��R���6WUDNRQLFH�6RXKODVLOD�V�X]DYÖHQËP�VPORXY\�V�XFKD]HÆHP�$OGDVW��VSRO��V�U��R���6WUD�NRQLFH��]D�FHONRYRX�FHQX�������������.Æ��YÆHWQÊ�'3+���'RED�YÛVWDYE\u�����GQË�

%\WRYÇ�GRP\�Y�+XVRYÊ�XOLFL�Y�OHWRxQËPURFH�]NU¿VQË��3RPRFË�VW¿WQË�GRWDFH�]GH�EX�GRX�UHDOL]RY¿Q\�GDOxË�YHVWDYE\�QRYÛFK�E\�W×�� 6WDYHEQËPL� ØSUDYDPL� YH� VW¿YDMËFËFKYROQÛFK� S×GQËFK� SURVWRU¿FK� D� SURGORX|H�QËP� VFKRGLx{� GR� WÊFKWR� SURVWRU� Y]QLNQRXY�ND|GÇP�VDPRVWDWQÇP�YFKRGX�ÆS������u���� GYD� QRYÇ� E\W\� QD� ØURYQL� ��� SRGOD|Ë�&HONHP� WHG\� PÊVWR� ]ËVN¿� GDOxËFK� �� QR�YÛFK�E\W×�R�X|LWQÛFK�SORFK¿FK���[�����P���[�����P����[�����P����[�����P��9HVWDYE\�VH�EXGRX�UHDOL]RYDW�SRPRFË�VW¿WQË�GRWDFH��NWHU¿�ÆLQË��������

.Æ�QD� MHGQX�E\WRYRX� MHGQRWNX� �FHONHP�����PLO�� NRUXQ�� D� MH�SRVN\WQXWD]H�6W¿WQËKR�IRQGX�UR]YRMH�E\GOHQË�SRGOH�1DÖË]HQË�YO¿G\�Æ�����������6E��2�SRX|LWË�SURVWÖHGN×�6)5%�NH�NU\WË�Æ¿VWL�Q¿NODG×�VSRMHQÛFK�V�YÛVWDYERXE\W×�SUR�SÖËMPRYÊ�Y\KUD]HQÇ�RVRE\�3ÖLGÊOHQË�GRWDFH�GOH�]PËQÊQÇKR�QDÖË]HQË�P¿�VY¿�SÖËVQ¿�SUDYLGOD�D�SRG�

PËQN\��NWHUÇ�MVRX�VSHFLILNRY¿Q\�D�EXGRX�SÖHGPÊWHP�SR]GÊMxËFK�NRQWURO�9RGËWNHP� EXGH� Y|G\� SU×PÊUQÛ� URÆQË� SÖËMHP� Y� REGREË� ���PÊVËF×� SÖHGX]DYÖHQËP�VPORXY\�

9¿FODYVN¿�SRX{�VH�EOË|Ë1D�VYÇP������MHGQ¿QË�GQH�������������UDGD�PÊVWD�VRXKODVLOD�V�SUR�Q¿MPHP�SR]HPN×�u�Æ¿VW�SR]HPNX�S�Æ�������R�YÛPÊÖH��������P��D SR�]HPNX� S�Æ�� ������ R� YÛPÊÖH� ������P��� YxH� Y� N�Ø�� 6WUDNRQLFH�� Y� GREÊNRQ¿QË�9¿FODYVNÇ�SRXWÊ�SË�6RQÊ�7ÖËVNRYÇ��¦HVNÇ�%XGÊMRYLFH�

6SRUWRYQË�SÖËVSÊYN\�E\O\�UR]GÊOHQ\1D�VYÇP������ MHGQ¿QË�GQH�������������UDGD�PÊVWD�VRXKODVLOD� V�Y\�SODFHQËP� SÖËVSÊYN×� Q¿VOHGXMËFËP� VSRUWRYQËP� NOXE×P� D� RGGËO×P�� .OXEÆHVNÛFK�WXULVW×�u���������.Æ�QD�ÆLQQRVW�]QDÆNDÖ×��7-�3RVSRO�6WUDNRQLFH�uQRKHMEDORYÛ�RGGËO�u���������.Æ�QD�]RUJDQL]RY¿QË�RNUHVQËKR�WXUQDMH�WURMLFSRÖ¿GDQÇKR� GQH� ���� ÆHUYQD� ����� Y�+DEHxL�� 6NLNOXE� 6WUDNRQLFH� u� RGGËOEÊ|HFNÇKR�O\|RY¿QË�u���������.Æ�QD�]DMLxWÊQË����URÆQËNX�%ÊKX�RNROR�.XÖLGODSRÖ¿GDQÇKR�GQH���� ÖËMQD�������2NUHVQË� VGUX|HQË�¦679�u���������.Æ�QD]DMLxWÊQË�����URÆQËNX�6WUDNRQLFNÇKR�EÊKX�SRÖ¿GDQÇKR�GQH�����VUSQD������

2SUDYD�VW×HFK\�QD�KODYQÌ�EXGRYË�0˹�Ç�S���1D� VYÇP������ MHGQ¿QË�GQH����� ��� ����� UDGD�PÊVWD� UR]KRGOD� ]DVODWYÛ]YX� N� SRG¿QË� QDEËGN\� u� +ODYQË� EXGRYD�0ʸ� Æ�S�� ��� 6WUDNRQLFH� uRSUDYD� VWÖHFK\� u� WÊPWR� GRGDYDWHO×P�� 3HWU� &KO¿GHN�� 6WUDNRQLFH�� -LÖË8UE¿QHN��6WUDNRQLFH��*DUDQVWDY�u�)��nDKRXU��6WUDNRQLFH��+���7��V�U�R��6WUDNRQLFH��-LÖË�6RXNXS��6WUDNRQLFH�

5HYLWDOL]DFH�VËGOLxWÊ�6WDYEDÖ×�SRNUDÆXMH1D� VYÇP� ����� MHGQ¿QË� GQH� ���� ��� ����� UDGD�PÊVWD� UR]KRGOD� ]DGDWSRGOLPLWQË�YHÖHMQRX�]DN¿]NX�QD�UHDOL]DFL�VWDYE\��¶HxHQË�DUH¿OX�=¿NODG�QË�xNRO\�'XNHOVN¿�YH�6WUDNRQLFËFK�Y�RWHYÖHQÇP�ÖË]HQË�D�XYHÖHMQLW�ML�QDFHQWU¿OQË�DGUHVH�5R]KRGOD�� |H� SRGDQÇ� QDEËGN\� EXGRX� KRGQRFHQ\� GOH� YÛxH� QDEËGNRYÇFHQ\�

6WDYHEQË� ØSUDY\� Y� DUH¿OX� =j�'XNHOVN¿� MVRX� VRXÆ¿VWË� FHOÇKR� YHONÇKRSURMHNWX�QD�UHYLWDOL]DFL�VËGOLxWÊ�6WDYEDÖ×��NWHUÛ�PÊVWR�6WUDNRQLFH�SRVWXSQÊY�]¿YLVORVWL�QD�ILQDQÆQËFK�SURVWÖHGFËFK�ÖHxË� ML|�QÊNROLN�OHW��.RQNUÇWQÊ�VHQ\QË�EXGH�MHGQDW�R�UHDOL]DFL�ML|�,,,��HWDS\��3UYQË�HWDSD�ÖHxLOD�SURVWUDQVWYËSÖHG�=j�YÆHWQÊ� MHGQRWOLYÛFK�DUFKLWHNWRQLFNÛFK�SUYN×��GUXK¿�]DKUQRYDODKÖLxWÊ��ØSUDYX�SURVWUDQVWYË�PH]L�RE\WQÛPL�GRP\�Y�XOLFL�jNROQË�D�YHxNHUÇFKRGQËN\�D�]HOHÐ�QD�VËGOLxWL�6WDYEDÖ×�'DOxË�HWDSD�]DKUQXMH�WHQLVRYÇ�D�YËFHØÆHORYÇ�KÖLxWÊ��YVWXSQË�EUDQNX��SDU�

WHU�D�SDUNRYLxWÊ��NRPXQLNDFL�D�]SHYQÊQÇ�SORFK\�NROHP�DUH¿OX��]HOHÐ�6WDYË� VH� RSÊW� VH� VW¿WQË� GRWDFË� ]� 3URJUDPX� QD� UHJHQHUDFL� SDQHORYÛFK

VËGOLx{�� NWHUÛ� Y\SLVXMH�0LQLVWHUVWYR� SUR�PËVWQË� UR]YRM� ¦5�� &HONRYÇ� Q¿�

NODG\�ÆLQË�SRGOH� UR]SRÆWX�����������.Æ��PÊVWR�|¿GDOR�R�����������.Æ�WM�� ��� �� ]� FHONRYÛFK� Q¿NODG×��� ]ËVNDOR� �� PLO�� NRUXQ�� 6WDYED� VH� EXGHUHDOL]RYDW�MHxWÊ�Y�WRPWR�URFH�

3URQÀMHP�EÜYDOÈKR�REFKRGQÌKR�GRPX�0DMÀN1D�VYÇP������MHGQ¿QË�GQH�������������UDGD�PÊVWD�VRXKODVLOD�V�X]D�YÖHQËP�Q¿MHPQË�VPORXY\�QD�SURQ¿MHP�REMHNWX�Æ�S�������EÛYDOÛ�REFKRGQËG×P�0DM¿N��|DGDWHOL�+.�632576:($5��V��U��R���3ËVHN�

1RY¿�UDGRVW�SUR�GÊWL�Y�DUH¿OXSODYHFNÇKR�VWDGLRQX

1D��VYÇP�������MHGQ¿QË��GQH��������������UDGD�PÊVWD�VRXKODVLOD�V�X]DYÖHQËP�Q¿MHPQË�VPORXY\QD�SURQ¿MHP�Æ¿VWL�SR]HPNX�S�Æ���������N��Ø��6WUD�NRQLFH� Y�OHWQËP�DUH¿OX�SODYHFNÇKR�VWDGLRQX�6WUD�NRQLFH��]D��ØÆHOHP��XPËVWÊQË��QDIXNRYDFË��GÊWVNÇ�DWUDNFH�|DGDWHOFH�-DUPLOH�7ÖËVNRYÇ��6WUDNRQLFH�

1RYÇ�REÆHUVWYHQË�QD�.ÖHPHOFH1D�VYÇP������MHGQ¿QË�GQH�������������UDGD�PÊVWD�VRXKODVLOD�V�X]DY�ÖHQËP�Q¿MHPQË�VPORXY\�QD�SURQ¿MHP�Æ¿VWL�SR]HPNX�S�Æ���������Y�N�Ø�6WUDNRQLFH��Y�OHWQËP�DUH¿OX�SODYHFNÇKR�VWDGLRQX�6WUDNRQLFH��NRQNUÇWQÊÆ¿VWL�SR]HPNX�X�SORWX�N� IRWEDORYÇPX�KÖLxWL�.ÖHPHOND�]D�ØÆHOHP�SUR�YR]RY¿QË�VW¿QNX�V�REÆHUVWYHQËP��MHGQDOR�E\�VH�R�SURGHM�]PU]OLQ\�D�Q¿�SRM×�|DGDWHOL�u�6.������6WUDNRQLFH�u�IRWEDO��6WUDNRQLFH�

)LQDQÇQÌ�S×ÌVSËYHN�SUR�QRYÈ�REÇÀQN\�PËVWD1D�VYÇP������MHGQ¿QË�GQH�������������UDGD�PÊVWD�UR]KRGOD�SRVN\WRYDWSÖL� QDUR]HQË� GËWÊWH� ILQDQÆQË� Æ¿VWNX� ��������.Æ� URGLÆ×P� WRKRWR� GËWÊWH�D�WR�]D�VRXÆDVQÇKR�SOQÊQË�SRGPËQHN���� PDWND�GËWÊWH�D�GËWÊ�PDMË�Y�GREÊ�QDUR]HQË�GËWÊWH�PËVWR�WUYDOÇKR�SRE\WXYH�6WUDNRQLFËFK��Y\MPD�PËVWD�WUYDOÇKR�SRE\WX�Y�VËGOH�RKODxRYQ\����� NH�GQL�NRQ¿QË�REÖDGX�YËW¿QË�REÆ¿QN×�MH�GËWÊ�Y�SÇÆL�DOHVSRÐ�MHGQRKR]�URGLÆ×���� |¿GQÛ�]�URGLÆ×�QHP¿�NH�GQL�Y\SODFHQË�WÇWR�Æ¿VWN\�Y×ÆL�PÊVWX�6WUD�NRQLFH�QHVSOQÊQÇ�SRYLQQRVWL�SHQÊ|LWÇ�ÆL�QHSHQÊ|LWÇ�SRYDK\�)LQDQÆQË�Æ¿VWND�YH�YÛxL���������.Æ�EXGH�Y\SODFHQD��SR|¿GDMË�OL�URGLÆH�URGLÆ��GËWÊWH�R�MHMË�Y\SODFHQË�QHMSR]GÊML�GR���URNX�YÊNX�GËWÊWH��

1D�3RGVUS�S×MGHPH�EH]SHÆQÊML1D�VYÇP������ MHGQ¿QË�GQH�������������UDGD�PÊVWD�VRXKODVLOD�V�Y\�KRGQRFHQËP� ]DG¿YDFËKR� ÖË]HQË� QD� GRG¿YNX� ØSUDY� SR]HPQË� NRPX�QLNDFH� VWDYE\� &KRGQËN� SUR� REÆDQVNRX� Y\EDYHQRVW�� XOLFH� 3RGVUSHQ�VN¿�� 6WUDNRQLFH��1D� SUYQËP�PËVWÊ� MH� ILUPD�675$%$*�� D�V��2=�¦HV�NÇ�%XGÊMRYLFH��REODVW�6WÖHG��3ËVHN�]D�FHQX���������������.Æ� �YÆHWQÊ'3+��

1RYÛ�YRGRYRG�D�NDQDOL]DFHQD�3RGVUSHQVNÇ

1D�VYÇP������ MHGQ¿QË�GQH�������������UDGD�PÊVWD�VRXKODVLOD�V�Y\�KRGQRFHQËP�YÛEÊURYÇKR�ÖË]HQË�GOH�����RGVW����SËVP��D��E��H�D�����RGVW���]¿NRQD�Æ����������6E��QD�SRGOLPLWQË�]DN¿]NX�QD�DNFL�8OLFH�3RGVUSHQ�VN¿�� 6WUDNRQLFH� u� YRGRYRG�� NDQDOL]DFH�� 3UYQË� PËVWR� REVDGLOD� ILUPD352720� 6WUDNRQLFH�� V�� U�� R��� 6WUDNRQLFH� ]D� FHQX� ������������� .Æ�YÆHWQÊ�'3+��

9\KO¿xHQË�]DN¿]N\1D�VYÇP������ MHGQ¿QË�GQH����� ��� �����UDGD�PÊVWD�UR]KRGOD� ]DVODWYÛ]YX�N�SRG¿QË� QDEËGN\�QD�]KRWRYLWHOH�GËOD��66=�67�����9RO\ÐVN¿�u+UDQLÆQË�� 6WUDNRQLFH�� WÊPWR� GRGDYDWHO×P�� 6WDYE\� |HOH]QLF�� D�� V��� RG�xWÊSQÛ� ]¿YRG� ¦HVNÇ� %XGÊMRYLFH�� 6WUDEDJ�� D�� V��� REODVW� VWÖHG�� 3ËVHN�3URWRP�6WUDNRQLFH��V��U��R���6WUDNRQLFH��=QDNRQ��D��V���6WUDNRQLFH��6ZL�HWHOVN\�VWDYHEQË��V��U��R���¦HVNÇ�%XGÊMRYLFH�

3OQÇ�]QÊQË�XVQHVHQË�]������u������MHGQ¿QË�50�QDMGHWH�QD�0ʸ�

+XVRYD�XO��ÆS������u�����)RWR��$UFKLY�0ʸ

Page 5: 653(1 ˘ 52ø1‚.ˆ 6WUDNRQLFNi˘LEHQLFH...3267$5=QDUHDOL]DFLDNFH5HNRQVWUXNFHEURG¸WHNuSODYHFNÛVWDGLRQ˚ 52˘ ˇYHYÛxL ˇ ˙ .˘uQDYÛxHQ¸YÛGDM×QDRSUDY\PDMHWNX P˚VWDuDUH¿OP˚VWVN˙KR]DKUDGQLFWY¸˚52˘

���653(1����� =35$92'$-�0û67$�675$.21,&( 675$1$��

.LQR�2NR�XYHGHQR�GR�SURYR]X9H�VWÖHGX�����ÆHUYQD������E\OR

SR� WÇPÊÖ� WÖHFK� OHWHFK� SÖHG¿QRVWUDNRQLFNÛP� REÆDQ×P� RSUDYHQÇNLQR� 2NR�� 5HNRQVWUXNFH� ]D� FFD���PLOLRQ×�NRUXQ�E\OD�QXWQRVWË�SRNDWDVWURI¿OQËFK� ]¿SODY¿FK� Y� URFH������ NWHUÇ� QDS¿FKDO\� QD� WÇWR� EX�GRYÊ�REURYVNÇ�xNRG\�6ODYQRVWQË�]DK¿MHQË�SUREËKDOR�]D

ØÆDVWL� PLQLVWUD� SUR� PËVWQË� UR]YRMSDQD� 5DGNR� 0DUWËQND�� NWHUÛ� VSR�

OHÆQÊ�VH�VWDURVWRX�PÊVWD�,QJ��3DYOHP�9RQGU\VHP�SÖHVWÖLKO�S¿VNX��=D�ØÆDVWLGDOxËFK�KRVW×�u�SRVODQF×�3DUODPHQWX�¦5��SÖHGVWDYLWHO×�NUDMH�� ÆOHQ×�=D�VWXSLWHOVWYD�PÊVWD�6WUDNRQLFH�D�VWUDNRQLFNÛFK�ILUHP�D�LQVWLWXFË�SDN�]DSR�ÆDOD�SURKOËGND�NLQD�9H� ������ KRGLQ� WÇKR|� GQH� E\OD� QRY¿� EXGRYD� SÖHG¿QD� YHÖHMQRVWL�� 9H

]FHOD�]DSOQÊQÇP�V¿OH�SRNÖWLO�VWDURVWD�PÊVWD�,QJ��3DYHO�9RQGU\V�VSROHÆQÊV� UH|LVÇUHP�)LOLSHP�5HQÆHP�NLQR�D�E\OR�]DK¿MHQR�KLVWRULFN\�SUYQË�SUR�PËW¿QË�SUR�YHÖHMQRVW�ÆHVNÛP�ILOPHP�5RP¿Q�SUR�|HQ\�1RYÇ�NLQR�]DXMPH�YÛMLPHÆQRVWË�VYÇKR�H[WHULÇUX��NU¿VQÛP�D�NRPIRUWQËP

LQWHULÇUHP�� WHFKQLFNÛP�Y\EDYHQËP�D�GOH�PËQÊQË�RGERUQËN×�VH�ÖDGË�PH]LQHMOHSxË�NLQD�Y�¦5�9ÊÖËPH��|H�SUR�REÆDQ\�6WUDNRQLF�EXGH�NLQR�2NR�PËVWHP��NDP�EXGRX

U¿GL�FKRGLW�]D�]¿EDYRX�L�SRXÆHQËP��D�|H�Q¿P�SRPRKRX�RFKU¿QLW�KR�SÖHGYDQGDO\�D�ND]LVYÊW\� (YD�'UHVVOHURY¿��ÖHGLWHOND�0Ê.6�6WUDNRQLFH

=DMËPDYRVWL�R�NLQÊ�2NR�YH�6WUDNRQLFËFKO SURMHNÆQË� SORFKD� MH

REU¿FHQD�R�����VWXSÐ×O Y� V¿OH� MH� ���� SRKRGO�

QÛFK�VHGDGHOO Y� SRVOHGQË� ÖDGÊ� MVRX

W]Y��SDUWQHUVN¿�VHGDGODO NLQR� MH� GRVWXSQÇ� WDNÇ

QD� LQYDOLGQËP� YR]ËNXSRPRFË�SRMË]GQÇ�SORxL�Q\��N�SÖHNRQ¿QË�YÛxNR�YÇKR�UR]GËOX

O Q¿YxWÊYQËFL� NLQD� PR�KRX� SRVHGÊW� Y� PDOÇPEDUX

O SURPËWDFË�NDELQD�MH�Y\EDYHQD�QHMHQ�SURPËWDFËPL�VWURML��DOH�WDNÇ�GDWDSUR�MHNWRUHP��NWHUÛ�XPR|ÐXMH�SURMHNFL�]�'9'��9+6�L�GLVNHW

O YH�YÛEDYÊ�MH�WDNÇ�]YXNRYÛ�V\VWÇP�'2/%<�',*,7$/

3URGHM�D�S×HGSURGHM�YVWXSHQHN�QD�DNFH�0Ë.6�6WUDNRQLF

H6RXÆDVQÊ� V� GRNRQÆHQËP� NLQD

2NR� E\OD� Y\EXGRY¿QD� SRÆËWDÆR�Y¿�VË{��NWHU¿�VSRMXMH�SRNODGQ\�Y�GR�PÊ� NXOWXU\�� Y� NLQÊ�2NR� D� Y� NLQÊ8�0UDYHQÆË� VN¿O\�� 3UR� GLY¿N\� WR]QDPHQ¿�� |H� PRKRX� SÖL� Q¿YxWÊYÊNWHUÇNROL�]�QLFK�]DNRXSLW�YVWXSHQ�N\� QD� YxHFKQ\� DNFH� SRÖ¿GDQÇ0Ê.6� 6WUDNRQLFH� �GLYDGOD�� NRQ�FHUW\��ILOPRY¿�SÖHGVWDYHQË��IHVWLYD�

O\�� SÖHKOËGN\� DSRG����'DOxË� SÖËMHPQRX� QRYLQNRX� MH� L�PR|QRVW� UH]HUYDFHYVWXSHQHN�SURVWÖHGQLFWYËP�LQWHUQHWX��5H]HUYRYDQÇ�YVWXSHQN\�MH�QXWQR�VLY\]YHGQRXW�QHMSR]GÊML����PLQXW�SÖHG�]DÆ¿WNHP�SURJUDPX�1D�GRWD]\�GLY¿N×�R�YÛxL�YVWXSQÇKR�QD�MHGQRWOLYÇ�ILOP\�VGÊOXMHPH��|H

MH�VWDQRYHQD�GLVWULEXÆQË�VSROHÆQRVWË��NWHU¿�ILOP�]DS×MÆLOD��D�SURYR]RYDWHONLQD�QHQË�RSU¿YQÊQ�ML�VQË|LW�

3ÖLSUDYXMHPH�QD�]¿ÖË�����3RQGÊOË�����]¿ÖË

',9$'(/1«�3¶('3/$71§'DULR�)2�D�)UDQFD�5$0(��27(9¶(1§�0$1n(/679«.RPHGLH�LWDOVNÇKR�GUDPDWLND�'DULD�)2�D�)UDQN\�5$0(

2WHYÖHQÇ�PDQ|HOVWYË�MH�YÊÆQÛP�VWÖHWHP�PX|VNÇKR�D�|HQVNÇKRSULQFLSX�D�JURWHVNQËP�ERMLxWÊP�Y]WDKX�PH]L�GYÊPD�OLGPL��NWHÖË�VHSÖL�NRPLFN\�QHRKUDEDQÇP�KOHG¿QË�O¿VN\�D�VRX]QÊQË�Y�SDUWQHUVNÇP

|LYRWÊ�XEËMË�QDY]¿MHP��7DWR�EULODQWQË�WUDJLNRPHGLH�R�MHGQRPVYÇU¿]QÇP�PDQ|HOVNÇP�S¿UX�MH�KHUHFNRX�SÖËOH|LWRVWË�SUR�GYD

Y\QLNDMËFË�KHUFH�u�-DQX�.UDXVRYRX�D�.DUOD�5RGHQD�+UDMË��.DUHO�5RGHQ��-DQD�.UDXVRY¿��0DULDQ�5RGHQ

'×P�NXOWXU\�u�������KRG�

¦WYUWHN�����]¿ÖË9(¦(5<�352�n(1<

3ÖHGQ¿xND�VSRMHQ¿�V�EHVHGRX�R�EROHVWHFK�KODY\�NUÆQË�D�EHGHUQË�S¿WHÖH�

3ÖHGQ¿xË�,QJ��9LQFHQW�/¿V]OR'×P�NXOWXU\�u�������KRG�

¸WHUÛ�����]¿ÖË.21&(57�+$1<�+(*(529§�VH�VNXSLQRX�3HWUD�0DO¿VND

'×P�NXOWXU\�u�������KRG�

6RERWD�����]¿ÖË328m29��',6.27§.$�6�0,/2j(0�=(0(1(0

'×P�NXOWXU\�u�������KRG�

¸WHUÛ�����]¿ÖË.UXK�SÖ¿WHO�KXGE\

6/$912671«�.21&(57�.�9»=1$01§08�n,9271«08-8%,/(8�352)(625$�j7ª3�1$�5$.$

3URJUDP��,YDQ�-HOËQHN��ØSUDYD�jWÊS¿Q�5DN�u�3DUWKLD�GL�%RKHPLD�j��5DN�u�3ËVHÐ�SUR�'DYLGD��j��5DN�u�'¿YQÇ�WDQFH�j��5DN�u�&KY¿OD�ÆDMH��j��5DN�u�9×QÊ�SRG]LPX�

j��5DN�u�3ËVHÐ�SUR�.U¿ORYQX�j��5DN�u�6WUDNRQLFNÛ�GXG¿N�u�VXLWD�SUR�VÑORYRX�N\WDUX�LQVSLURYDQ¿�VODYQRX�SRK¿GNRX�R�jYDQGRYL�GXG¿NRYL

u�VYÊWRY¿�SUHPLÇUD

0Ê.6�YH�6WUDNRQLFËFKSÖLMPH�RPH]HQÛ�SRÆHW�]¿MHPF×�R�NXU]\�DQJOLÆWLQ\�D�QÊPÆLQ\

SUR�SRNURÆLOÇ�3ÖLKO¿xN\�SRG¿YHMWH�Y�SÖHGSURGHML�YVWXSHQHNY�'RPÊ�NXOWXU\�YH�6WUDNRQLFËFK�GR�������������

0ÊVWVNÇ�NXOWXUQË�VWÖHGLVNR�6WUDNRQLFH�Y\SLVXMH

8»12°5)+°�»°B-6°8:7�;<:)3761+3¬�5)s7:-<3A�.RQ¿�VH�Y�SRQGÊOË����]¿ÖË������Y�������KRGLQ�Y�'RPÊ�NXOWXU\

YH�6WUDNRQLFËFK��=ØÆDVWQLW�VH�KR�PRKRX�GËYN\�QDUR]HQÇY�OHWHFK������D�������NWHUÇ�VH�Y�GRSURYRGX�URGLÆ×�GRVWDYËN�SÖLMËPDFËPX�ÖË]HQË��.�GRSOQÊQË�VW¿YDMËFËFK�VNXSLQ�EXGHSÖLMDWR�QÊNROLN�GËYHN�QDUR]HQÛFK�Y�OHWHFK������D������

6ODYQRVWQË�SÖHVWÖL|HQË�S¿VN\�PLQLVWUHP�SUR�PËVWQË�UR]YRM5DGNR�0DUWËQNHP�D�VWDURVWRX�PÊVWD�,QJ��3DYOHP�9RQGU\VHP

Page 6: 653(1 ˘ 52ø1‚.ˆ 6WUDNRQLFNi˘LEHQLFH...3267$5=QDUHDOL]DFLDNFH5HNRQVWUXNFHEURG¸WHNuSODYHFNÛVWDGLRQ˚ 52˘ ˇYHYÛxL ˇ ˙ .˘uQDYÛxHQ¸YÛGDM×QDRSUDY\PDMHWNX P˚VWDuDUH¿OP˚VWVN˙KR]DKUDGQLFWY¸˚52˘

675$1$�� =35$92'$-�0û67$�675$.21,&( ���653(1�����

.,12�2.2�675$.21,&(3RQGÊOË����u�ØWHUÛ����VUSQD RG�������KRG�86$��GUDPD��WLWXON\����� GRSRUXÆHQ¿�SÖËVWXSQRVW��RG����OHW.,16(< YVWXSQÇ������.Æ5H|LH��%LOO�&RQGRQ+UDMË��/��1HHVRQ��/��/LQQH\��3��6DUVJDDUG� +ROO\ZRRG1HGÊOH����u�ØWHUÛ����VUSHQ RG�������KRG�9%��-��$IULND��,W��Y¿OHÆQÇ�GUDPD��WLWXON\����� GRSRUXÆHQ¿�SÖËVWXSQRVW��RG����OHW+27(/�5:$1'$ YVWXSQÇ������.Æ.G\|�FHOÛ�VYÊW�]DYËUDO�RÆL��RQ�RWHYÖHO�VYRX�Q¿UXÆ��1HRE\ÆHMQÇ�KUGLQVWYË�RE\ÆHMQÇKR�ÆORYÊND�5H|LH��7HUU\�*HRUJH+UDMË��'��&KHDGOH��1��1ROWH��-��3KRHQL[��&��6H\PRXURY¿�DG� +ROO\ZRRG1HGÊOH�����u�ØWHUÛ�����VUSHQ RG�������KRG�¦5��PXOWLNXOWXUQË�WUDJLNRPHGLH��WLWXON\���� GRSRUXÆHQ¿�SÖËVWXSQRVW��SÖËVWXSQÛ%/«=.2�1(%( YVWXSQÇ������.Æ)LOP�SUR�OLGL��FR�QHYLGË�ÆHUQREËOH�5H|LH��'DQ�6Y¿WHN+UDMË��7��1RYRWQ\��*��-��0��)UDQFLV��0��7¿ERUVNÛ��&K��3RXOODLQ�DG� %RQWRQILOP1HGÊOH�����u�ØWHUÛ�����VUSQD RG�������KRG�86$��651��DNÆQË�WKULOOHU��WLWXON\����� GRSRUXÆHQ¿�SÖËVWXSQRVW��RG����OHW�58.2-0« YVWXSQÇ������.Æ%UXFH�:LOOLV�MDNR�HOLWQË�Y\MHGQ¿YDÆ�P¿�MHQ�MHGQX�QRF�QD�]¿FKUDQX�UXNRMPË�5H|LH��)ORUHQW�6LUL+UDMË��%��:LOOLV��.��3ROODN��%��)RVWHU��-��7XFNHU��-��%HQQHWW�DG� %LRVFRS1HGÊOH�����u�ØWHUÛ�����VUSQD RG�������KRG�86$��WKULOOHU�GUDPD��WLWXON\����� GRSRUXÆHQ¿�SÖËVWXSQRVW��RG����OHW�69ª5$&«�.$=$-.$ YVWXSQÇ������.Æ9HWHU¿Q�]�Y¿ON\�MH�QHSU¿YHP�REYLQÊQ�]�YUD|G\��6OHG�XG¿ORVWË�KR�XYUKQH�GR�SÇÆH�SV\FKLDWU×f5H|LH��-RKQ�0D\EXU\+UDMË��$��%URG\��.��.QLJKWOH\��.��.ULVWRIIHUVRQ�DG� +ROO\ZRRG

/(71«�.,12�675$.21,&(6WÖHGD����VUSQD RG�������KRG�)UDQFLH��SROLFHMQË�SV\FKRO��WKULOOHU��WLWXON\����� GRSRUXÆHQ¿�SÖËVWXSQRVW��RG����OHW9�/.$�32/,&$-7· YVWXSQÇ������.Æ'YD�xSLÆNRYË�SROLFDMWL�VY¿GÊMË�ERM�R�WR��NGR�]�QLFK�GRSDGQH�EDQGX�QHEH]SHÆQÛFK�EDQNRYQËFK�OXSLÆ×�5H|LH��2��0DUFKDO+UDMË��'��$XWHXLO��*��'HSDUGLHX��$��'XVVROOLHU�DG� %LRVFRS¦WYUWHN����u�S¿WHN����VUSQD RG�������KRG�86$��-DSRQVNR��GUDPD��WLWXON\����� GRSRUXÆHQ¿�SÖËVWXSQRVW��RG����OHW/(7(& YVWXSQÇ������.Æ/HRQDUGR�'L&DSULR�Y�UROL�VODYQÇKR�OHWFH��UH|LVÇUD�D�GREURGUXKD�+RZDUGD�+XJKVH�5H|LH��0DUWLQ�6FRUVHVH+UDMË��/��'L&DSULR��&��%ODQFKHWW��.��%HFNLQVDDOH�DG� %LRVFRS6RERWD����VUSQD RG�������KRG�¦5��NRPHGLH�JURWHVND����� GRSRUXÆHQ¿�SÖËVWXSQRVW��RG����OHW6.¶«7(. YVWXSQÇ������.Æ9HVQLFN¿�URGLQND��NWHURX�]Q¿PH�]�ILOPX�&HVWD�]�PÊVWD�VH�SÖHVWÊKRYDOD�]D�OHSxËP�GR�PDOÇKR�PÊVWD�5H|LH��7RP¿x�9RUHO�+UDMË��%��3ROËYND��(��+ROXERY¿��7��+DQ¿N��-��0DFK¿ÆHN�DG� :DUQHU�%URV6WÖHGD�����VUSQD RG�������KRG�)UDQFLH��NRPHGLH��WLWXON\���� GRSRUXÆHQ¿�SÖËVWXSQRVW��SÖËVWXSQÛ.256,&.»�3¶«3$' YVWXSQÇ������.Æ'HWHNWLY�MH�]�3DÖË|H�Y\VO¿Q�QD�.RUVLNX��DE\�QDxHO�Y×GFH�PËVWQË�PDILH��.G\|�VH�YxDN]DPLOXMH�GR�MHKR�NU¿VQÇ�VHVWU\��YHONÇ�SUREOÇP\�QD�VHEH�QHGDMË�GORXKR�ÆHNDWf5H|LH��$ODLQ�%HUEHULDQ+UDMË��&K��&ODYLHU��-��5HQR��&��0XULQR��3LGR�DG� %LRVFRS¦WYUWHN�����VUSQD RG�������KRG�86$�9%��URPDQWLFN¿�NRPHGLH�PX]LN¿O��WLWXON\����� GRSRU��SÖËVWXSQRVW��SÖËVWXSQÛ02-(�9(/.��,1',&.��69$7%$ YVWXSQÇ������.Æ3RP¿GD�QD�ERPEDMVNÛ�]S×VRE�DQHE�%ROO\ZRRG�YV��+ROO\ZRRG�5H|LH��*XULQGHU�&KDGKD+UDMË��$��5DL��0��+HQGHUVRQ��'��*LOOLHV�DG� 63,3¿WHN�����u�VRERWD�����VUSQD RG�������KRG�86$��WKULOOHU��WLWXON\����� GRSRUXÆHQ¿�SÖËVWXSQRVW��RG����OHW%$70$1�=$¦«1� YVWXSQÇ������.Æ=UR]HQË�OHJHQG\�R�WHPQÇP�U\WËÖL�PÊVWD�*RWKDP�5H|LH��&KULVWRSKHU�1RODQ+UDMË��&K��%DOH��0��&DLQH��/��1HHVHQ��.��+ROPHV�DG� :DUQHU�%URV6WÖHGD�����u�ÆWYUWHN�����VUSQD RG�������KRG�86$��VFL�IL��WLWXON\����� GRSRUXÆHQ¿�SÖËVWXSQRVW��RG����OHW9�/.$�69ª7· YVWXSQÇ������.Æ3RVOHGQË�Y¿ONX�QD�=HPL�QH]DÆQRX�OLGÇ�5H|LH��6WHYHQ�6SLHOEHUJ+UDMË��7��&UXLVH��'��7DQQLQJ��7��5REELQV��0��2WWR�DG� %RQWRQILOP3¿WHN�����u�VRERWD�����VUSQD RG�������KRG�¦5��NRPHGLH����� GRSRUXÆHQ¿�SÖËVWXSQRVW��RG����OHW520�1�352�n(1< YVWXSQÇ������.Æ5RP¿Q�SUR�|HQ\�MH�QDWRÆHQ�SRGOH�VWHMQRMPHQQÇKR�EHVWVHOOHUX�0LFKDOD�9LHZHJKD�5H|LH��)LOLS�5HQÆ+UDMË��=��.DQRF]RY¿��6��6WDxRY¿��0��9DxXW��0��'RQXWLO�DG� %LRVFRS

6WÖHGD�����VUSQD RG�������KRG�86$��SV\FKRORJLFNÇ�GUDPD��WLWXON\����� GRSRUXÆHQ¿�SÖËVWXSQRVW��RG����OHW0,//,21�'2//$5�%$%< YVWXSQÇ������.Æ%RM�MHGQRWOLYFH�R�NXV�VYÊWOD�Y�VUGFL�WHPQRW\�5H|LH��&OLQW�(DVWZRRG+UDMË��&��(DVWZRRG��+��6ZDQN��0��)UHHPDQ�DG� +ROO\ZRRG¦WYUWHN�����VUSQD RG�������KRG�86$��KRURU�u�NRPHGLH��WLWXON\���� GRSRUXÆHQ¿�SÖËVWXSQRVW��RG����OHW352./(7« YVWXSQÇ������.Æ&R�WÊ�QD]DELMH��WR�WÊ�SRVËOË��1DSDGHQË�YONRGODNHP�]PÊQË�|LYRW\�QÊNROLND�PODGÛFK�OLGË�5H|LH��:HV�&UDYHQ+UDMË��&K��5LFFL��-��(LVHQEHUJ��-��-DFNVRQ��6��(OL]DEHWK�DG� %LRVFRS3¿WHN�����VUSQD RG�������KRG�86$��NULPL�NRPHGLH��WLWXON\����� GRSRUXÆHQ¿�SÖËVWXSQRVW��RG����OHW6/(¦1$�'56°�.��-(j7ª�'561ª-j« YVWXSQÇ������.Æ$JHQWND�)%,�MH�Y\VO¿QD�GR�/DV�9HJDV�QD�VYRX�GUXKRX�xSLRQ¿|QË�PLVL�Y�U¿PFL�)%,�5H|LH��0DUF�/DZUHQFH+UDMË��6��%XOORFN��5��.LQJ��:��6KDWQHU�DG :DUQHU�%URV6RERWD�����VUSQD ������KRG�9%�,UVNR��URPDQWLFN¿�NRPHGLH��WLWXON\���� GRSRUXÆHQ¿�SÖËVWXSQRVW��SÖËVWXSQÛ=�.21�3¶,7$n/,9267, YVWXSQÇ������.Æ/¿VND�P¿�Y|G\�SRVOHGQË�VORYRf5H|LH��3HWHU�+RZLWW+UDMË��3��%URVQDQ��-��0RRUH��0��6KHHQ��3��3RVH\�DG� %LRVFRS6WÖHGD�����VUSQD ������KRG�86$��KRURU��WLWXON\����� GRSRUXÆHQ¿�SÖËVWXSQRVW��RG����OHW'·0�926.29»&+�),*85«1 YVWXSQÇ������.Æ9ËNHQG��NWHUÛ�]DÆËQ¿�MDNR�MHGHQ�YHONÛ�ØOHW��VH�SUR�SDUWX�xHVWL�SÖ¿WHO�VW¿Y¿�KU×]QÛPERMHP�R�SÖH|LWË�5H|LH��-DXPH�&ROOHW�6HUUD+UDMË��(��&XWKEHUW��&K��0��0XUUD\��%��9DQ�+ROW�DG� :DUQHU�%URV

+0+-<-37=81<�*A<'¦62%�6WUDNRQLFH�9¿P�QDEË]Ë�SRPRF

SÖL�ÖHxHQË�ILQDQFRY¿QË�E\WXYH�YHOPL�NU¿WNÇ�GREÊ

O ]D���u���GQ×

O ØURNRY¿�VD]ED�X|�RG�������S�D�

O VSODWQRVW�D|����OHW

O PR|QRVW�G¿YDW�PLPRÖ¿GQÇ�VSO¿WN\�

O 0ÊVWR�6WUDNRQLFH�GRVWDQH�]DSODFHQR�MHxWÊ�SÖHG�SRG�SLVHP�NXSQË�VPORXY\

O 9\�GRVWDQHWH�S×MÆNX�MHxWÊ�SÖHG�SURYHGHQËP�YNODGX]¿VWDYQËKR�SU¿YD�GR�NDWDVWUX�QHPRYLWRVWË

1(¦(.(-7(��$n�1$�1ª-�1$j(7¶«7(�

O SRWÖHEXMHWH�VL�REVWDUDW�SRX]H�SRWYU]HQË�R�SÖËMPX�]DSRVOHGQË���PÊVËFH��|DGDWHO�L�HYHQW��VSROX|DGDWHO�

O NRSLL� VPORXY\� R� X]DYÖHQË� EXGRXFË� NXSQË� VPORXY\R�SURGHML�E\WRYÇ�MHGQRWN\�VL�SRÖËGËPH�]�9DxHKR�RUL�JLQ¿OX

O YÊWxLQX�GRNODG×�P¿PH�D�RVWDWQË�9¿P�REVWDU¿PH�

%OL|xË�LQIRUPDFH�R�K\SRWÇN¿FK�9¿P�SRVN\WQHPHQD�SRERÆN¿FK�¦62%�

¦62%�SRERÆND�6WUDNRQLFH��/LGLFN¿����

,YDQD�¦HUQ¿WHO�������������LFHUQD#FVRE�F]

/XFLH�.DXIQHUWHO�������������ONDXIQHU#FVRE�F]�

¦62%�SRERÆND�6WUDNRQLFH��3DODFNÇKR�Q¿P�����

0DULH�7¿ERURY¿�WHO�������������PWDERURYD#FVRE�F]

6WDQLVODY�/HYÛWHO�������������VOHY\#FVRE�F]

Page 7: 653(1 ˘ 52ø1‚.ˆ 6WUDNRQLFNi˘LEHQLFH...3267$5=QDUHDOL]DFLDNFH5HNRQVWUXNFHEURG¸WHNuSODYHFNÛVWDGLRQ˚ 52˘ ˇYHYÛxL ˇ ˙ .˘uQDYÛxHQ¸YÛGDM×QDRSUDY\PDMHWNX P˚VWDuDUH¿OP˚VWVN˙KR]DKUDGQLFWY¸˚52˘

���653(1����� =35$92'$-�0û67$�675$.21,&( 675$1$��

+XGHEQÌ�RGGËOHQÌ�S×L�jPLGLQJHURYË�NQLKRYQË-L|� RG� URNX� ����� IXQJXMH� SÖL� jPLGLQJHURYÊ� NQLKRYQÊ� VDPRVWDWQÇ

KXGHEQË�RGGÊOHQË��NDP�VL�P×|HWH�ND|GÛ�YxHGQË�GHQ��V�YÛMLPNRX�ØWHUÛ�RG����GR����KRGLQ�SÖLMËW�SRVOHFKQRXW�ÆL�Y\S×MÆLW�KXGEX�ÆL�POXYHQÇ�VORYRQD�&'�D�/3�QRVLÆËFK��+XGHEQË�RGGÊOHQË�RG�GXEQD������VËGOË�Y�REMHNWXQÊNGHMxË�QHPRFQLÆQË�EXGRY\��25/��Y�+XVRYÊ�XOLFL������-HKR�X|LYDWH�OHP�VH�P×|H�VW¿W�ND|GÛ�ÆWHQ¿Ö�jPLGLQJHURY\�NQLKRYQ\�VWDUxË�SDWQ¿FWLOHW��SRGPËQNRX�MH�SRX]H�YODVWQLFWYË�ÆWHQ¿ÖVNÇ�OHJLWLPDFH�&'�L�JUDPRIRQRYÇ�GHVN\�VH�S×MÆXMË�]GDUPD��YÛS×MÆQË�GRED�MH���WÛGHQ

X�&'�D���PÊVËF�X�/3��)RQG�JUDPRIRQRYÛFK�GHVHN�ÆËW¿�YËFH�QH|�����DOE�D�Y�VRXÆDVQRVWL�VH�ML|�QHGRSOÐXMH��1RYÇ�NRPSDNWQË�GLVN\�NQLKRYQDQDNXSXMH� MHGQRX�PÊVËÆQÊ��PRPHQW¿OQÊ� VL�P×|HWH� Y\EUDW� WÇPÊÖ� ]� ���WLWXO×��3RGOH�DXWRUVNÇKR�]¿NRQD�QHVPË�NQLKRYQD�S×MÆLW�QRYLQN\�SR�GREX��PÊVËF×� RG� MHMLFK� Y\G¿QË�� MH� RYxHP�PR|QÇ� VL� QRY¿�&'�SRVOHFKQRXW

Y� SURVWRUX� KXGHEQËKR� RGGÊOHQË�� NWHUÇ� GLVSRQXMH� WÖHPL� SRVOHFKRYÛPLPËVW\�V�NYDOLWQËPL�VOXFK¿WN\�1¿NXS�QRYLQHN�VH�ÖËGË�SRSW¿YNRX�ÆWHQ¿Ö×��NWHÖË�VYÇ�SR|DGDYN\�PRKRX

SV¿W�GR�DQNHWQËKR�OËVWNX��Y\YÊxHQÇKR�Y�RGGÊOHQË��3URVWÖHGN\�QD�Q¿NXSMVRX�ERKX|HO�RPH]HQÇ��D�WDN�VW¿OH�QHO]H�Y\KRYÊW�YxHP��3ÖHGQRVW�SURWRGRVW¿YDMË� WLWXO\�� NWHUÇ� VH� Y� SR|DGDYFËFK� REMHYXMË� QHMÆDVWÊML�� QHER� O]HSÖHGSRNO¿GDW�� |H�EXGRX�YËFH�S×MÆRY¿Q\��3UDYLGHOQÊ�VH�QDYËF�GRSOÐXMHIRQG�POXYHQÇKR�VORYD��Y¿|QÇ�KXGE\�D�MD]]X��6QD|ËPH�VH�]�WÇWR�SURGXNFH]ËVNDW� WR�QHMNYDOLWQÊMxË�D�QDSÖËNODG�Y¿|QRX�KXGEX�QDEË]HW�YH�YUFKROQÇLQWHUSUHWDFL� SÖHGQËFK� VYÊWRYÛFK� RUFKHVWU×� SRG� WDNWRYNDPL� QHMYÊWxËFKGLULJHQW×��'¿Y¿PH�SÖHGQRVW�NYDOLWÊ�SÖHG�YÛSURGHMRYÛPL�WLWXO\�D�YÊÖËPH�|H� WHQWR� SÖËVWXS� Q¿P� ÆDVHP� SRP×|H� Y\EXGRYDW� VROLGQË� VEËUNX� WRKRQHMOHSxËKR�]H�VYÊWRYÇ�KXGE\�7DN� MDNR�YxHFKQD�RVWDWQË� RGGÊOHQË� NQLKRYQ\�� L� WR�QDxH� MH�SÖËVWXSQÇ

SR� LQWHUQHWX�� 1D� MHKR� VWU¿QN¿FK� �ZZZ�NQLKuVW�F]�RGGBKXGHEQL�KWPO�QDOH]QHWH�Y|G\�DNWX¿OQË�VH]QDP�&'��NRPSOHWQË�VH]QDP�JUDPRIRQRYÛFKGHVHN�D�RQ�OLQH�NDWDORJ��NGH�O]H�Y\KOHG¿YDW�SRGOH�QHMU×]QÊMxËFK�NULWÇULËQHER� WÖHED�]MLVWLW�� ]GD�SR|DGRYDQÛ� WLWXO�QHQË�Y\S×MÆHQÛ��D�SÖËSDGQÊ�VLMHM�URYQRX�]DPOXYLW��¦WHQ¿ÖL��NWHÖË�YODVWQË�H�PDLORYRX�VFKU¿QNX��EXGRXQDYËF�RNDP|LWÊ� LQIRUPRY¿QL�� MDNPLOH� VH�]DPOXYHQÛ� WLWXO�YU¿WË�]SÊW�GRNQLKRYQ\��3DN�X|�MHQ�VWDÆË�YÆDV�VL�MHM�Y\]YHGQRXW�'RXI¿PH��|H�X|LYDWHO×�KXGHEQËKR�RGGÊOHQË�EXGH�QDG¿OH�SÖLEÛYDW�D�|H

MDN�VW¿YDMËFË�� WDN� L�QRYË�Q¿YxWÊYQËFL�VH�N�Q¿P�EXGRX�U¿GL�YUDFHW�� ,�P\VH�EXGHPH�VQD|LW��DE\FKRP�MLP�PÊOL�VW¿OH�FR�QDEËGQRXW� 3HWU�.DODx

6W¿OÇ�VEËUN\�PX]HD�D�VWUDNRQLFNÛ�KUDGV�YÊ|Ë�5XPS¿OHP

2WHYÖHQR��GHQQÊ�PLPR�SRQGÊOË���u����KRG�

9ÛVWDY\9×QÊ�PHGX�u�YÆHODÖVWYË�QD�6WUDNRQLFNX�D�ÖH]E¿ÖVNÇ�XPÊQË�-RVHID�0DFKD]�.UXxORYD��HWQRJUDILFN¿�D�YÛWYDUQ¿�YÛVWDYD���9ÛVWDYD�SRWUY¿�GR�������

�������u��������u�$WULEXW\�VYDWÛFK�Y\SU¿YÊMË9ÛVWDYD�VRFK��REUD]×�D�SRGPDOHE�QD�VNOH��,��D�,,��Æ¿VW��]H�VEËUHN�$-*Y�+OXERNÇ�QDG�9OWDYRX��0X]HD�jXPDY\�Y�6XxLFL�D�.DxSHUVNÛFK�+R�U¿FK�� 0ÊVWVNÇKR� PX]HD� YH� 9RO\QL�� 0X]HD� &KRGVND� Y� 'RPD|OLFËFKD�0X]HD�VWÖHGQËKR�3RRWDYË�YH�6WUDNRQLFËFK�¦¿VW�,��u�NDSLWXOQË�VËÐ�u�RWHYÖHQR�GHQQÊ�PLPR�3R����u����D����u����KRG�¦¿VW�,,��u�-HOHQND�u�RWHYÖHQR�GHQQÊ�PLPR�3R����u����KRG�

=¿PHFN¿�JDOHULH�063�6WUDNRQLFH�u�VWUDNRQLFNÛ�]¿PHN6W¿O¿�SURGHMQË�YÛVWDYD�NPHQRYÛFK�DXWRU×�JDOHULH��2WHYÖHQR��¸W�u�3¿����u����D����u�����6R����u����D�1H����u����KRG�6WURP�D�NUDMLQD9ÛVWDYD�XPÊOHFNÛFK�IRWRJUDILË�3DYOD�+DQ]OËND��9ÛVWDYD�SRWUY¿�GR�������=¿PHFN¿�JDOHULH�SÖL�063�6WUDNRQLFH�u�VWUDNRQLFNÛ�]¿PHN�

$NFH���VUSQD1RÆQË�SURKOËGND�DQHE�2EUD]\�]�GÊMLQ�VWUDNRQLFNÇKR�KUDGX3URKOËGND�SÖL� WDMXSOQÇ�QRÆQË� DWPRVIÇÖH�Y�SURVWRU¿FK�KUDGX��NGH�Q¿KOHR|LMË�SRVWDY\�D�XG¿ORVWL�G¿YQR�PLQXOÇ�=DÆ¿WHN�Y|G\�YH�������D�������KRGLQ�9VWXSHQN\� SRX]H� QD� SÖHGEÊ|QÇ� UH]HUYDFH� �WHO��� ���� ���� ����� H�PDLO�PX]HXP#VWUDNRQLFH�F]��9H�VSROXSU¿FL�V�'LYDGHOQËP�VSRONHP�¦HODNRYVNÛ��6+j�0DUNÛ]�D�3R�xXPDYVNRX�GXG¿FNRX�PX]LNRX�

08=(80�67¶('1«+2�3227$9«�9�675$.21,&«&+

9ODVWLYÊGQÇ�VERUQËN\�6WUDNRQLFHY�SURGHML

���GËO�u�.DSLWRO\�]�KLVWRULH�u�]DEÛY¿�VH�KLVWRULË�PÊVWD�RG�SUDYÊNX�D|SR����VYÊWRYRX�Y¿ONX���� GËO� u� .DSLWRO\� ]H� VSROHÆHQVNÇKR� |LYRWD� u� REVDKXMH� U×]QRURGÊM�xË� Q¿SOÐ� u� VSRONRY¿� ÆLQQRVW�� WÊORYÛFKRYD�� VSRUW�� GLYDGOR�� NXOWXUD�NQLKRYQD��PX]HXP����GËO�u�.DSLWRO\�]H�|LYRWD�PÊVWD�u�PDSXMH�SÖËURGX��xNROVWYË��KLVWRULLQRYLQ�D�XUEDQLVWLFNÛ�YÛYRM�6WUDNRQLF��&HQ\�� ���GËO�������.Æ&HQ\�� ���GËO�������.Æ&HQ\�� ���GËO�������.Æ3ÖL� ]DNRXSHQË� NRPSOHWX� YxHFK� WÖË� GËO×� XxHWÖËWH� D� PËVWR� ������ .Æ

]DSODWËWH�������.Æ�9ODVWLYÊGQÇ�VERUQËN\�O]H�]DNRXSLW�Y�PÊVWVNÇP�LQIRUPDÆQËP�FHQWUX�

jPLGLQJHURYÊ�NQLKRYQÊ��0X]HX�VWÖHGQËKR�3RRWDYË��Y�7XULVWLFNÇP�LQ�IRUPDÆQËP�FHQWUX�SÖL�&.�&LDRf�D�Y�QÊNWHUÛFK�NQLKNXSHFWYËFK�

.RQWDNWQË�DGUHVD��0X]HXP�VWÖHGQËKR�3RRWDYË�6WUDNRQLFH��=¿PHN�����������6WUDNRQLFH��WHO����������������ID[��������������H�PDLO��PX]HXP#VWUDNRQLFH�F]��KWWS���ZZZ�PX]HXP�VWUDNRQLFH�F]��WHOHWH[W�79�129$�u�VWU�����

>� ;:86=� 8:7 � >¤; � B,):5)9� WÛGQX� RG� ���� GR� ���� VUSQD� ����� SURREÆDQ\� PÊVWD� 6WUDNRQLFH� Y\X|LWË� ��� PLQXW

YHÖHMQÇKR� LQWHUQHWX� ='$50$� Y� LQIRFHQWUX� u� &.� &LDRf�=¿PHN�����������6WUDNRQLFH�

2WHYÖHQR�RG������u�GR�������KRG�

3ÖHKOHG�NURX|N×�V�SÖLKO¿xNDPL�MH�PR|QÇ�]ËVNDW�Y�''0�1D2KUDGÊ�L�YH�9RGÐDQHFK�EÊKHP�PÊVËFH�VUSQD��

7ÊxËPH�VH�QD�YxHFKQ\�]¿MHPFH�

3ÖLSUDYXMHPH�'HQ�RWHYÖHQÛFK�GYHÖË�����]¿ÖË���������u����KRG��D����u����KRG�

$872'5�+$�(//(529$���]¿ÖË��������u����KRG��D����u����KRG�

1$�2+5$'ª�,�1$�32'6.$/«���]¿ÖË��������u����KRG��D����u����KRG�

''0�92'°$1<

0HGL¿OQË�SDUWQHU�PÊVWD�6WUDNRQLFH

Page 8: 653(1 ˘ 52ø1‚.ˆ 6WUDNRQLFNi˘LEHQLFH...3267$5=QDUHDOL]DFLDNFH5HNRQVWUXNFHEURG¸WHNuSODYHFNÛVWDGLRQ˚ 52˘ ˇYHYÛxL ˇ ˙ .˘uQDYÛxHQ¸YÛGDM×QDRSUDY\PDMHWNX P˚VWDuDUH¿OP˚VWVN˙KR]DKUDGQLFWY¸˚52˘

67$5=�675$.21,&(352*5$0�1$�653(1�����3ODYHFNÛ�VWDGLRQ��OHWQË�DUH¿O��EXGH�Y�SURYR]X�GHQQÊ�Y|G\�RG�������GR�������KRGLQ��3ÖLQHSÖË]QLYÇP�SRÆDVË�QHEXGH�PR|QRVW�SODY¿QË�SUR�YHÖHMQRVW�Y�NU\WÇP�ED]ÇQX��NU\WÛ�ED]ÇQ

EXGH�Y\SXxWÊQ���EXGRX�VH�Y�QÊP�SURY¿GÊW�RSUDY\�D�ØGU|ED��,�Y�VUSQX�VH�Y�OHWQËP�DUH¿OX�XVNXWHÆQË�QÊNROLNVRXVWÖHGÊQË� VSRUWRYQËFK�RGGËO×��SURWR�SURVËPH�Q¿YxWÊYQËN\��DE\�VOHGRYDOL� LQIRUPDÆQË� WDEXOL�X�YVWXSX�GRDUH¿OX��NGH�EXGH�Y|G\�QDSV¿Q�UR]SLV�ÆDV×�D�GUDK�Y\KUD]HQÛFK�SUR�WUÇQLQN\�

0DUWLQ�:DOWHU��YHGRXFË�SURYR]X�SODYHFNÇKR�VWDGLRQX

8:7>7B�84)>-+3¬07�;<),176=�>�;:86=�����

62867¶('ª1«�63257291«&+�2''«/·����VUSQD�u����VUSQD

.RQWDNW�E%�u�YR]ËÆN¿ÖL

���VUSQD�u�����VUSQD7-�7¿ERU�u�RGGËO�V\QFKURQL]RYDQÇKR�SODY¿QË

&HQËN�SODYHFNÇKR�VWDGLRQX��OHWQË�DUH¿O��67$5=�6WUDNRQLFH

¦DV�SÖËFKRGX�RG

������KRG� ������KRG�

'ÊWL�GR��� OHW� �YÆHWQÊ� ]GDUPD ]GDUPD

'ÊWL�RG���GR���� OHW� �YÆHWQÊ� �����.Æ �����.Æ

2VRE\� VWDUxË���� OHW �����.Æ �����.Æ

2VRE\� V�SU×ND]HP�=73 �����.Æ �����.Æ

5RGLQD���GRVSÊOË�����GËWÊ� �GR���� OHW� SODWË���GRVSÊOË

5RGLQD���GRVSÊOË�����GÊWL� �GR���� OHW� SODWË���GRVSÊOË�����GËWÊ

5RGLQD���GRVSÊOË�����GÊWL� �GR���� OHW� SODWË���GRVSÊOË�����GÊWL

+URPDGQ¿�YVWXSHQND� �xNRO\�� W¿ERU\�� VSRUWRYQË�RGGËO\��SODWË� SR�FHOÛ�GHQ�YVWXSQÇ� MDNR�RG�������KRG�

5RGLQQÇ�YVWXSQÇ�SODWË�Y�SÖËSDGÊ�� |H� URGLÆH�QHY\X|ËYDMË�QÊNWHURX�]�GDOxËFK� VOHY�SHUPDQHQWQË�YVWXSHQND��ERGRY¿�YVWXSHQND�� OHJLWLPDFH�SUR�YROQÛ�YVWXS��

3HUPDQHQWQË�YVWXSHQN\� u� GÊWL� RG���GR���� OHW� �YÆHWQÊ�3HUPDQHQWQË�YVWXSHQN\� u� RVRE\� VWDUxË���� OHW

������.Æ������Q¿YxWÊY

������.Æ������Q¿YxWÊY

675$1$�� =35$92'$-�0û67$�675$.21,&( ���653(1�����

/(71«�$5(�/32 � ������u�������KRG�¸7 � ������u�������KRG�67 � ������u�������KRG�¦7 � ������u�������KRG�3� � ������u�������KRG�62 � ������u�������KRG�1( � ������u�������KRG�

),71(6632 � �����u������ ������u�������KRG�¸7 � �����u������ ������u�������KRG�67 � �����u������ ������u�������KRG�¦7 � �����u������ ������u�������KRG�3� � �����u������ ������u�������KRG�62 � ]DYÖHQR1( � ]DYÖHQR

67$5=�6WUDNRQLFH1D�.ÖHPHOFH�����������6WUDNRQLFH

H�PDLO��VWDU]�VW#TXLFN�F]

.5<7»�%$=§1

$�6$81$

0,02�35292=

Page 9: 653(1 ˘ 52ø1‚.ˆ 6WUDNRQLFNi˘LEHQLFH...3267$5=QDUHDOL]DFLDNFH5HNRQVWUXNFHEURG¸WHNuSODYHFNÛVWDGLRQ˚ 52˘ ˇYHYÛxL ˇ ˙ .˘uQDYÛxHQ¸YÛGDM×QDRSUDY\PDMHWNX P˚VWDuDUH¿OP˚VWVN˙KR]DKUDGQLFWY¸˚52˘

3)4-6,¤»�5¯;°+-�;:86)O 3UREËK¿� IRWRJUDILFN¿� VRXWÊ|�6� REMHNWLYHP� ]D�SÖËURGRX� �32=25�

6287ªn�.21¦«��������������

O 9\KRGQRFHQË� VRXWÊ|H� REFË� VWUDNRQLFNÇKR� UHJLRQX� 67520� 3522%(&�

O 3RNUDÆXMË�DNFH�67520<�352�0ª672��GDOxË�YÛVDGED�YH�6WUDNR�QLFËFK�

O 3RNUDÆXMË� SU¿FH� QD� GRNXPHQWX� R� SDP¿WQÛFK� VWURPHFK� 6WUDNR�QLFND�

O &K\VW¿� VH� YÛVWDYD� R�SDP¿WQÛFK� VWURPHFK�6WUDNRQLFND�D� R�5RNXVWURPX� YH� 6WUDNRQLFËFK�� 9HUQLV¿|� YÛVWDY\� MH� SO¿QRYDQ¿� QD� ��� �������Y�0X]HX�VWÖHGQËKR�3RRWDYË�YH�6WUDNRQLFËFK�

;:8-6�z�5¯;°+�2);)6=9HOPL�UR]xËÖHQRX�ÆHOHGË�NU\WRVHPHQQÛFK�URVWOLQ�V����URG\��NWHUÇ�REVD�

KXMË�WÇPÊÖ������GUXK×�RSDGDYÛFK�D�VW¿OH]HOHQÛFK�VWURP×��NHÖ×�D�SRSËQD�YÛFK� E\OLQ�� MH� ÆHOHÍ� ROLYRYLWÛFK� �ODW��2OHFHDH��� NDP� ÖDGËPH� L� ]¿VWXSFHWRKRWR�PÊVËFH�-DVDQ�]WHSLOÛ�QHGRVWDO�VY×M�ERWDQLFNÛ�Q¿]HY�Q¿KRGRX��MH�GHNRUDWLYQËP

D�]SUDYLGOD�YHOPL�Y\VRNÛP�VWURPHP��ÆDVWR�GRVDKXMH�YÛxN\�D|����PHWU×�D� SURWR� MH� SU¿YHP� ÖD]HQ�PH]L� QHMY\xxË� GRP¿FË� OLVWQ¿ÆH��9\]DÖXMH� ]� QÊMNOLG��PDMHVW¿WQRVW�D�RSRUD��5R]xËÖHQ�MH�Y�OX|QËFK�OHVËFK��]DOHVQÊQÛFK�UR�NOLQ¿FK�V�KRMQÛP�SRURVWHP�E\OLQ��YÊWxLQRX�QD�VYÊ|ËFK��YOKNÛFK�S×G¿FK�ERKDWÛFK�QD�|LYLQ\��9�(YURSÊ�VH� MHGQ¿�R�VWURP�SRPÊUQÊ�EÊ|QÛ�D�KRMQÊMH� Y\VD]RY¿Q� L� MDNR� VWURP� RNUDVQÛ�� 3ÖËEX]QÛP� MH� MDVDQ� Ø]NROLVWÛ� �MDNQ¿]HY�QDSRYËG¿�V�X|xËPL� OLVW\��SRFK¿]HMËFË�]� MLKRYÛFKRGQË�(YURS\�QHERWHSORPLOQÊMxË�MDVDQ�]LPQ¿Ö��MDVDQ�PDQQRYÛ���7\SLFNÛP�D�YHOPL�G×OH|LWÛP�UR]OLxRYDFËP�]QDNHP�MVRX�SXUSXURYÊ�KQÊ�

GÇ� ]LPQË�SXSHQ\� V� xHGÛPL�FKOXS\�SÖLSRPËQDMËFËPL�ELVNXSVNRX�ÆHSLÆNX�-DVDQ�MH�FLWOLYÛ�QD�PU¿]��D�WDN�ÆHN¿��D|�]LPD�RSUDYGX�]WUDWË�PRF��SR�WÖHFKOHGRYÛFK� PX|ËFK��� D� WHSUYH� NRQFHP� NYÊWQD�� QÊNG\� L� ]DÆ¿WNHP� ÆHUYQD�NG\|�EDUYD�RVWDWQËFK�VWURP×�ML|�WHPQË��]¿ÖË� MHKR�S×YDEQÇ��SOQÊ�RWHYÖHQÇ]SHÖHQÇ�OLVW\�QHMMDVQÊMxË�]HOHQË�D|�KOXERNR�GR�SRG]LPX��3UÛ�QHNYHWH�GÖËYH�QH|�]H�VYÛFK�VNUÛxË�Y\OH]RX�KDGL��WHG\�QD�SÖHORPX�GXEQD�D�NYÊWQD��3UR�GXNFH� D� DJUHVLYLWD� S\OX� SDN� ÖDGË� MDVDQ� ]WHSLOÛ� N� DOHUJRORJLFN\� VWÖHGQÊYÛ]QDPQÛP�GUXK×P�'ÖËYH�E\O\�MDVDQ\�]H�]Y\NX�ÆDVWR�SOHQÊQ\�VHGO¿N\��NWHÖË�RÖH]¿YDOL�YÊW�

YLÆN\� D� OLVW\� SDN� GRVW¿YDO� GRE\WHN��¶ËNDOR� VH�� |H� NR]\�� NWHUÇ� GRVW¿YDO\OLVWË�]�MDVDQX��QHE\O\�QLNG\�QHPRFQÇ��-DVDQRYÇ�GÖHYR�SUÛ�RGSX]XMH�KDG\D� MDVDQRYÇ� OLVW\� SROR|HQÇ� SRG� SROxW¿Ö� SUÛ� Y]EX]XMË� YÊxWHFNÇ� VQ\�� /LVW\D�VHPHQD�MVRX�X|ËY¿Q\�N�OÇÆEÊ�UHYPDWLVPX�D�GQ\��=�N×U\�MH�PR|QR�Y\URELWOÇÆLYÛ�SURVWÖHGHN�QD�U¿Q\�QHER�SURWL�KRUHÆFH��2GYDU�P¿�PRÆRSXGQÇ�D�PËU�QÊ�SURMËPDYÇ�ØÆLQN\��YÊÖLOR�VH��|H�SRP¿K¿�SURWL�KDGËPX�XxWNQXWË�L�SVËPXNRXVQXWË��1HXYÊÖLWHOQÊ�GORXKÇ�NRÖHQ\�MDVDQ×�]SHYÐXMË�VYDK\�EÖHK×��6YÊWOHKQÊGÇ�GÖHYR�MDVDQX�MH�WYUGÇ��WXKÇ��YHOPL�WUYDQOLYÇ��HODVWLFNÇ�D�RGROQÇ�Y×ÆLYRGÊ��1DxL�SÖHGFL�]�QÊM�Y\U¿EÊOL�OXN\��xËS\��SR]GÊML�L�VDPRVWÖËO\��9H�VWD�UÛFK�|HOH]QLÆQËFK�YDJRQHFK�E\O\�ODYLFH�]�MDVDQRYÇKR�GÖHYD��'QHV�VH�Y\�X|ËY¿�N�YÛUREÊ�Q¿E\WNX�D�WÊORFYLÆQÇKR�Q¿ÖDGË�YxHKR�GUXKX�-DVDQ�MH�G×OH|LWÛP�VWURPHP�PQRKD�P\WRORJLË��9�JHUP¿QVNÇ�P\WRORJLL

E\O�GRNRQFH�VWURPHP�QHMG×OH|LWÊMxËP��=Q¿PÛ�<**5$6,/�E\O�YHVPËUQÛPVWURPHP��MHQ|�E\O�]DVYÊFHQ�ERKX�2GLQRYL��*HUP¿QL�YÊÖLOL��|H�]�MDVDQX�VH]URGLO�SUYQË�PX|��]DWËPFR�SUYQË�|HQD�Y]QLNOD�]�ROxH��9�NHOWVNÇ�P\WRORJLLE\O� MDVDQ� SRYD|RY¿Q� ]D� PRFQÇKR� RFKU¿QFH� D� OÇÆLWHOH�� .HOWxWË� GUXLGRYÇSÖLÆËWDOL�MDVDQX�]YO¿xWQË�PRF�QDG�YRGRX��MHKR�GÖHYR�SRX|ËYDOL�N�SÖLYRO¿Y¿QËGHxWÊ� D� NH� VSRXW¿QË� QLÆLYÇ� VËO\� YRG\��.HOWRYÇ� ]� QÊM� VWDYÊOL� ÆOXQ\�� NWHUÇE\O\�SRYD|RY¿Q\�]D�RE]YO¿x{�EH]SHÆQÇ��9�OLGRYÇ�PDJLL�RGMDN|LYD�SODWLOR�|H� MDVDQ�GRYHGH�ÆORYÊND�]EDYLW�PQRKD�QHGXK×�ML|� MHQ�VYRX�SÖËWRPQRVWL�3URWR�EÛYDOR�]Y\NHP�QHPRFQÇ�GÊWL�SURWDKRYDW�UR]xWÊSHP�PODGÇKR�MDVDQX�-DVDQ� MH� URVWOLQRX�RFKUDQQRX�u�K×O�]� MHKR�GÖHYD�QDG�GYHÖPL�YDxHKR�SÖË�E\WNX�RGU¿|Ë� xNRGOLYÇ�YOLY\��7HQWR�]Y\N�]ÖHMPÊ�P¿�VY×M�S×YRG�Y�XÆHQËNHOWVNÛFK�GUXLG×��NWHÖË�VL�]�MDVDQRYÇKR�GÖHYD�Y\U¿EÊOL�VYÇ�NRX]HOQÇ�KROH�7D�E\OD�PRFQÛP�RFKUDQQÛP�D�OÇÆLYÛP�SURVWÖHGNHP��]HMPÇQD�NG\|�Y�QËE\O\�Y\U\W\�GDOxË�PDJLFNÇ�V\PERO\��-DVDQRYÇ�OLVW\�VH�SRX|ËYDMË�Y�RFKUDQ�QÛFK�DPXOHWHFK�

'UXKÛ�QHMYÊWxË�MDVDQ�]WHSLOÛ�URVWH�Y�]DQLNOÇ�REFL�3RSRY�QD�.DUORYDUVNX�QD� VWDUÇ� ]ËGFH�SREOË|�YHGHQË�Y\VRNÇKR�QDSÊWË��6WURP�V�YÛxNRX�������PV�REYRGHP�NPHQH�PÊÖHQÇKR�YH�YÛxFH�����FP�QDG�]HPË�����FP�]ËVNDOWLWXO�6WURP�URNX������

0JU��-DURVODYD�0U×]NRY¿��RGERU�|LYRWQËKR�SURVWÖHGË

'ÊWL�Y\EËUDO\�MPÇQD�SUR�QRYÇ�VWURP\7HSO¿UQD� 6WUDNRQLFH�� D�V��� SÖLSUDYLOD� MDNR� ND|GÛ� URN� GÊWVNÛ� GHQ� SOQÛ

KHU��UDGRVWL�D�SÊNQÇKR�SRÆDVË��0H]L�SORW\�QRYÇKR�SDUNRYLxWÊ�VSROHÆQRVWLVH� SÖLxOR� SRGËYDW� QD� ���� GÊWË� ]H� YxHFK� PDWHÖVNÛFK� xNRO� YÆHWQÊ� xNRO\VSHFL¿OQË�D�]YO¿xWQË��/HWRxQË�URÆQËN�E\O�DOH�SÖHFH�MHQRP�MLQÛ��.URPÊ�KHU�EDOÑQN×�D�VODGNRVWË�ÆHNDO�QD�GÊWL�L�ØNRO��-DNÛ"�9]KOHGHP�N�WRPX��|H�SU¿YÊSUREËK¿�DNFH�5RN�VWURPX��MHMËP|�JDUDQWHP�MH�PÊVWR�6WUDNRQLFH��D�|H�QDQRYÊ�]ÖË]HQÇP�SDUNRYLxWL�VSROHÆQRVWL�7HSO¿UQD�6WUDNRQLFH��D�V���E\OR�Y\�VD]HQR� SÊW� QRYÛFK� VWURP×�� MVPH� GÊWL� SR|¿GDOL� R� VSROXSU¿FL� SÖL� MHMLFKSRMPHQRY¿QË��'ÊWL�VH�WRKRWR�ØNROX�]KRVWLO\�QD�YÛERUQRX�D�SÖHGOR|LO\�Q¿PYHONÇ�PQR|VWYË�Q¿YUK×�MPHQ�SÖHV�SRK¿GNRYÇ�E\WRVWL�� MDNR�MH�5DFRFKHMO�D|�SR�RULJLQ¿OQË�MPÇQD��MDNR�MH�WÖHED�1HVD]ËN��¸NRO�NRPLVH�Y\EUDW�MHQ�SÊWMPHQ�E\O�RSUDYGX�WÊ|NÛ��1DNRQHF�]YËWÊ]LOD�WDWR�MPÇQD��7HSO¿UQËÆHN��6WUD�NRпÆHN��jYDQGËN��7HSORPËOHN�D�1HVD]ËN��&HGXON\�V�Q¿]YHP�D� MPÇQHPEXGRX�XPËVWÊQ\�SÖHG�ND|GÛ�VWURPHN�D�EXGRX�Q¿P�SÖLSRPËQDW�URN��NWHUÛE\O�YÊQRY¿Q�YxHP�VWURP×P�

,QJ��%DUERUD�jNRSRY¿��7HSO¿UQD�6WUDNRQLFH��D�V�

'ÊWxWË�]DVWXSLWHOÇ�]YROLOL�YËWÊ]H6RXWÊ|�PDWHÖVNÛFK�xNRO�VWUDNRQLFNÇKR�UHJLRQX�67520(¦(.��NWHU¿�VL

NODGOD�]D�FËO�U×]QÛPL�DNWLYLWDPL�SÖLPÊW�GÊWL�YËFH�VL�YxËPDW�RNROË�D�SÖËURG\NROHP�VHEH��P¿�VYÇKR�YËWÊ]H��7ËP�E\OD�QD�SRVOHGQËP�]DVHG¿QË�GÊWVNÇKR]DVWXSLWHOVWYD�YH�xNROQËP�URFH������u�������NWHUÇ�VH�NRQDOR�����ÆHUYQD������]YROHQD�0DWHÖVN¿�xNROD�jXPDYVN¿�]H�6WUDNRQLF�3RURWFH� ]DXMDOD� RULJLQDOLWD� D� PQR|VWYË� Q¿SDG×� SUR� SU¿FL� V� GÊWPL�� MD�

NR� QDSÖËNODG� YÛVDGED� EÖË]N\� D� MHMË� ]GREHQË� N� U×]QÛP�SÖËOH|LWRVWHP� �NH'QL�VWURP×��0LNXO¿xVN¿�EÖË]ND��9¿QRÆQË�EÖË]ND��7ÖËNU¿ORY¿�EÖË]ND��0D�VRSXVWQË�EÖË]ND��0RUÇQRY¿�EÖË]ND��¦DURGÊMQLFN¿�EÖË]ND��0¿MNRY¿�EÖË]ND�/HWQË� EÖË]ND��� RVODY\� D� SÖLSRPHQXWË� YÛ]QDPQÛFK� VYÊWRYÛFK� GQ×� �MDNR'HQ� VWURP×� u� ���� ����� 'HQ� EH]� DXW� u� ��� ����� 'HQ� YRG\� u� ���� ���� 'HQSWDFWYD�u��������'HQ�=HPÊ�u���������'HQ�POÇND�u����������YÛOHW\�D�]DSRMHQËGÊWË� L� MHMLFK�URGLÆ×��'ÊWVNÇ�KÖLxWÊ�YËWÊ]QÇ�xNRON\�VH�UR]URVWH�R�GDOxË�SÖË�U×VWHN�1D�GUXKÇP�PËVWÊ�VNRQÆLOD�0DWHÖVN¿�xNROD�/LGLFN¿�YH�6WUDNRQLFËFK�D�QD

WÖHWËP� 0DWHÖVN¿� xNROD� ¦HSÖRYLFH� VSROHÆQÊ� V� 0DWHÖVNRX� xNRORX� $�� %�6YRMVËND�YH�6WUDNRQLFËFK��3UR�QÊ�MVRX�SDN�SÖLSUDYHQ\�GUREQÇ�FHQ\�

:73�;<:75=5¯;<7�;<:)3761+-

z� 5¯;<7�:73=z� ;<:75=

���653(1����� =35$92'$-�0û67$�675$.21,&( 675$1$��

=YO¿xWÊ�FKU¿QÊQÇ�D�RKUR|HQÇURVWOLQ\�6WUDNRQLFND�����

3ÖL�QDxHP�SRVOHGQËP�Y\SU¿YÊQË�MVPHQDYxWËYLOL� W×QÊ�� 'QHV� ]×VWDQHPH� MHx�WÊ� X� WRKRWR� SURVWÖHGË� D� SRYxLPQHPH

VL� GDOxË� ]YO¿xWÊFKU¿QÊQÇ�YRGQËURVWOLQ\�� 1DxHEDELÆN\� ML� ]QDO\� MDNR� OÇÆLYNX� D� QD]ÛYDO\� MLOLGRYÛP�MPÇQHP�KRÖNÛ�MHWHO��7HQWR�Q¿]HY�E\ORGYR]HQ�RG�WYDUX�OLVW×�SRGREQÛFK�VNXWHÆQÇPXMHWHOL�D�RG�KRÖNÇ�FKXWÊ�FHOÇ�E\OLQ\��'QHV�WXWRURVWOLQX�QD]ÛY¿PH�9DFKWD�WURMOLVW¿��0HQ\DQ�WKHV�WULIROLDWD���5RVWH�QD�PRNUÛFK�ORXN¿FK��X�W×QË�D�QD�EDK�

QLWÛFK�RNUDMËFK�U\EQËN×��8�Q¿V�QD�6WUDNRQLFNXVH� Y\VN\WXMH� MHQ� UR]WURXxHQÊ�� KRMQÊMxË� MH

Y�U\EQLÆQË�NUDMLQÊ�QD�%ODWHQVNX��.YHWHY�NYÊWQX�D�ÆHUYQX�9DFKWD� WURMOLVW¿� MH� Y\WUYDORX� URVWOL�

QRX� V� GORXKÛP� SOD]LYÛP� RGGHQNHP� D� V� QÊNROLND� WURMÆHWQÛPL� OLVW\�=�Ø|ODEË� NRSLQDWÛFK� OLVWHQ×�Y\U×VW¿�EH]OLVW¿� ORG\KD�XNRQÆHQ¿�KUR]�QHP�QÊNROLND�EËOÛFK�YHOPL�R]GREQÛFK�NYÊW×�'UXK�E\O� Y�PLQXORVWL� MLVWÊ� KRMQÊML� UR]xËÖHQÛ�� DOH�PHOLRUDFHPL�E\O

YÛVN\W�YDFKW\�Y�ÖDGÊ� ORNDOLW�]QLÆHQ��¸E\WNHP�SÖLUR]HQÛFK�VWDQRYLx{VH�VW¿Y¿�WHQWR�GUXK�Y]¿FQÊMxË� 9¿FODY�&K¿Q

9DFKWD�WURMOLVW¿

Page 10: 653(1 ˘ 52ø1‚.ˆ 6WUDNRQLFNi˘LEHQLFH...3267$5=QDUHDOL]DFLDNFH5HNRQVWUXNFHEURG¸WHNuSODYHFNÛVWDGLRQ˚ 52˘ ˇYHYÛxL ˇ ˙ .˘uQDYÛxHQ¸YÛGDM×QDRSUDY\PDMHWNX P˚VWDuDUH¿OP˚VWVN˙KR]DKUDGQLFWY¸˚52˘

675$1$��� =35$92'$-�0û67$�675$.21,&( ���653(1�����

=H�]¿SLVQËNX�PÊVWVNÇ�SROLFLH%ÊKHP�PÊVËFH� ÆHUYQD� ÖHxLOL� QDxL� VWU¿|QËFL� YËFH� QH|� ÆW\ÖL� VWD� SDGHV¿W

SÖHVWXSN×�QD�ØVHNX�YHÖHMQÇKR�SRÖ¿GNX�ÆL�GRSUDY\��9]KOHGHP�N�WRPX��|HW\WR�Ö¿GN\�EXGHWH�ÆËVW�Y�GREÊ��NG\�X�QÊNRKR�YUFKROË��X�MLQÇKR�]DVH�]DÆËQ¿REGREË�GRYROHQÇ��QHFKFL�Y¿V� WHQWR�PÊVËF�]DWÊ|RYDW� MHMLFK�YÛÆWHP��6SËxHE\FKRP� VH�PRKOL� VSROHÆQÊ� YU¿WLW� GR� ���� VWROHWË��$� FR� Y� WÇ� GREÊ� ÆHWQËFLÖHxLOL"�3ÖHVWXSN\�SÖHGVWDYRYDO\� UR]V¿KORX� xN¿OX� MHMLFK� ÆLQQRVWL� D� ]GH� MHXN¿]ND�QÊNROLND�QHM]DMËPDYÊMxËFK�� ��� 6WUK¿Y¿QË��]QHÆLV{RY¿QË�QHER�SRxNR]HQË�YHÖHMQÛFK�ØÖHGQËFK�Y\KO¿xHN�� ��� 8G¿QË�IDOHxQÇKR�MPÇQD�QHER�IDOHxQÛFK�RVREQËFK�ØGDM×�ØÖDG×P�� ��� 6Y¿GÊQË�NH�VYÇYROQÛP�D�EH]G×YRGQÛP�VWË|QRVWHP�SURWL�ØÖDG×P�� ��� 9\G¿Y¿QË�VH�]D�YHÖHMQÇKR�ØÖHGQËND�QHER�ØÖHGQËKR�VOXKX�� ��� 6HEH]PU]DÆHQË�� ��� =UDQÊQË�RVRE\�SÖL�UYDÆFH�� ��� 3RQHFK¿QË�NRQË�QD�YHÖHMQÇP�SURVWUDQVWYË�EH]�GRKOHGX�� ��� .RXÖHQË�QD�QHEH]SHÆQÛFK�PËVWHFK��FHVWRY¿QË�V�KRÖËFËPL�SRFKRGQÊPL

SÖHV�GÖHYÊQÇ�PRVW\�REFH��ÆL�OHV\�� ��� nHEU¿QË�Y�EOË]NRVWL�FKXGLQVNÛFK�ØVWDY×��|HEU¿QË�V�SÖHGVWËUDQÛPL�QH�

GXK\��SURS×MÆRY¿QË�GÊWË�N�|HEU¿QË�QHER�SRVËO¿QË�GÊWË�QD�|HEURWX������ 3ÖËWRPQRVW�R]EURMHQÛFK�RVRE�QD�VKURP¿|GÊQËFK�OLGX�$� FR� WÖLF¿W¿� OÇWD� VWROHWË� Q¿VOHGXMËFËKR"� -DNÇ|H� WR� GRSUDYQÊ� SROLFHMQË

SÖHVWXSN\�ÆHWQËFL�ÖHxLOL�D�MDNÛ�E\O�VD]HEQËN�SRNXW"�3ÖHVWXSNX�VH�GRSRXxWÊOQDSÖËNODG�L�WHQ��NGR�NRQDO�WDNWR�� ��� 0¿�OL�ÖLGLÆ�SÖL�MË]GÊ�YHGOH�VHEH�RVRE\�QHER�SÖHGPÊW\�SÖHN¿|HMËFË�PX

Y�ÖË]HQË�D�REVOX]H�YR]LGOD�u�SRNXWD����.� ��� 1DVNDNRY¿QË�D�Y\VNDNRY¿QË�]D�MË]G\��Y\NO¿QÊQË�VH�]�YR]×�]D�MË]G\�u

SRNXWD����.�� ��� 1HVSU¿YQÇ�]DERÆRY¿QË�QD�MLQRX�VLOQLFL�u�SRNXWD����.�� ��� 1HMHGH�OL� ÖLGLÆ� QD� KODYQË� VLOQLFL� QHER� SÖL� MHMËP� SÖHMË|GÊQË� PËUQRX

U\FKORVWË�u����.�� ��� 1HR]QDÆHQË�YR]LGOD�MPÇQHP�D�E\GOLxWÊP�GU|LWHOH�u�SRNXWD����.�� ��� 2SXxWÊQË�QH]DEH]SHÆHQÇKR�PRWRURYÇKR�YR]LGOD�u�SRNXWD����.�� ��� 1RxHQË�D�YR]HQË�QHFKU¿QÊQÛFK�NRV�u�SRNXWD����.�� ��� 1HRSDWÖHQË�|HEÖËNX�N�WUK¿QË�RYRFH�ÆHUYHQÛP�SUDSRUNHP��QHRGVWUDQÊQË

MHKR�]D�WP\�QHER�KXVWÇ�POK\�u�SRNXWD����.�� ��� ¦HN¿QË� QD� YHÖHMQÇ� GRSUDYQË� SÖHVWXSN\� QD�PËVWHFK� QHSÖËSXVWQÛFK� u

��.�7RWR�E\O�SRX]H�NU¿WNÛ�YÛÆHW�QD�GQHxQË�GREX�WURFKX�QHREY\NOÛFK�SÖH�

VWXSN×�ÖHxHQÛFK�ÆHWQLFWYHP�Y�PLQXOÛFK�VWROHWËFK�9xHP�QDxLP�YÊUQÛP�ÆWHQ¿Ö×P�SÖHML�SRKRGRYÇ��EH]VWDURVWQÇ�OHWQË�PÊVËFH

SOQÇ�VOXQËÆND� 0LODQ�0LFK¿OHN��YHOLWHO�VWU¿|QËN×�PÊVWVNÇ�SROLFLH

3XWRY¿QË�V�%XEHP3R�GHVHWLPÊVËÆQËP�VSROHÆQÇP�ØVLOË�MVPH�GQH������������]DYUxLOL�GHV¿WÛP

NROHP�FHORURÆQË�VSRUWRYQÊ�YÊGRPRVWQË�VRXWÊ|�3XWRY¿QË�V�%XEHP�� MHKR|VH�]ØÆDVWQLO\�Y\EUDQÇ�eVHGPLÆN\r�=j�.U¿OH�-LÖËKR�]�3RGÊEUDG��=j�)��/�¦HODNRYVNÇKR�� =j� 9HONÇ� Q¿PÊVWË� D� =j� 'XNHOVN¿�� 3R� VHÆWHQË� ERG×� YHYxHFK�GHVHWL�NROHFK�E\OR�Y\KO¿xHQR�Q¿VOHGXMËFË�SRÖDGË��&HONRYÛP�YËWÊ]HPVH�VWDOL�|¿FL�UHSUH]HQWXMËFË�=j�)��/��¦HODNRYVNÇKR��'UX]Ë�VNRQÆLOL�UHSUH�]HQWDQWL�=j�.U¿OH�-LÖËKR�]�3RGÊEUDG��WÖHWË�=j�'XNHOVN¿�D�QD�ÆWYUWÇP�PËVWÊ=j�9HONÇ�Q¿PÊVWË��${�ML|�E\OR�SRÖDGË�MDNÇNROL��YxHP�|¿N×P��NWHÖË�VH�GRQDxË�VRXWÊ|H�]DSRMLOL��SDWÖË�QDxH�X]Q¿QË�]D�SRGDQÇ�YÛNRQ\�EÊKHP�VRXWÊ|�QËFK�NRO��&KWÊOL�E\FKRP�SRGÊNRYDW�SHGDJRJLFNÇPX�VERUX�YxHFK�WÖËG��DOHL�ÖHGLWHOVWYË�xNRO�]D�YVWÖËFQRVW�SÖL�XYROÐRY¿QË�|¿N×�QD�MHGQRWOLY¿�NROD�FHOÇVRXWÊ|H��9ÊÖËPH��|H�Q¿SOÐ��NWHURX�MVPH�SUR�|¿N\�SÖLSUDYLOL��R|LYLOD��PR|Q¿L�Y�QÊÆHP�RERKDWLOD�QHMHQ�MHMLFK�]QDORVWL�WHRUHWLFNÇ��DOH�L�SUDNWLFNÇ�-L|�Q\QË�SÖLSUDYXMHPH�SRNUDÆRY¿QË�VRXWÊ|H�,,��URÆQËNHP�D�WÊxËPH�VH�QD

]DSRMHQË�QRYÛFK�eVHGP¿N×r��-DQD�-DQRXWRY¿��PDQD|HUND�SUHYHQFH�NULPLQDOLW\�03�6WUDNRQLFH

=ERURYLFNÇ�OËS\�QHGRxO\�GR�ILQ¿OH.D|GRURÆQË� FHORUHSXEOLNRY¿� DQNHWD� 6WURP�¦HVNÇ� UHSXEOLN\� �����P¿

ML|�VYÇ�ILQDOLVW\��YËFH�LQIRUPDFË�R�QLFK�QDOH]QHWH�QD�ZZZ�VWURP]LYRWD�F]��)LQ¿OH�VH�WHQWRNU¿W�PXVË�REHMËW�EH]�3DP¿WQÇKR�VWURPX�6WUDNRQLFND�����u� =ERURYLFNÛFK� OLS� Y� REFL� 3ÖHGQË� =ERURYLFH�� 3RGOH� LQIRUPDFË�� NWHUÇMVPH� REGU|HOL�� VL� Y� |¿GQÇP� SÖËSDGÊ� QHYHGO\� xSDWQÊ� D� SUR� ÖDGX� SRURWF×E\O\� IDYRULWHP� ML|QËFK�¦HFK��9�KODVRY¿QË�R�QRPLQDFL�SDN�]YËWÊ]LOD� OËSDX� ØVWÊMRYVNÇ� NDSOLÆN\� QD�7¿ERUVNX�� SUR� QL|� SÖHFH� MHQ� ]YHGOR� UXNX�YËFHSRURWF×��3RGOH�VORY�]¿VWXSFH�1DGDFH�SDUWQHUVWYË��NWHU¿�ND|GRURÆQÊ�DQNHWXSRÖ¿G¿��PÊO\�=ERURYLFNÇ�OËS\�WHQWRNU¿W�VLOQÇKR�NRQNXUHQWD��8YLGËPH��MDNVH� SÖËxWË� URN� SRYHGH� YËWÊ]L� GUXKÇKR� URÆQËNX� DQNHW\� R� 3DP¿WQÛ� VWURP6WUDNRQLFND������3RNXG� MHxWÊ� W\WR� SU¿]GQLQ\� KRGO¿WH� SRGQLNQRXW� NU¿WNÛ� YÛOHW� GR� RNROË

6WUDNRQLF��XUÆLWÊ�VL�YH]PÊWH�]D�FËO�VYÇ�FHVW\�REHF�3ÖHGQË�=ERURYLFH�D�SD�

P¿WQÇ�=ERURYLFNÇ�OËS\��3DP¿WQÛ�VWURP�Y�PÊVËFL�ÆHUYQX�]ËVNDO�QHMHQ�QRYÇ]QDÆHQË��NWHUÇ�RGSRYËG¿�]¿NRQX�Æ�����������6E���R�RFKUDQÊ�SÖËURG\�D�NUD�MLQ\��DOH�REHF�3ÖHGQË�=ERURYLFH�QD�VYÇ�Q¿NODG\�RSUDYLOD�L�PËVWQË�NDSOLÆNX�NWHU¿�N�OËS¿P�QHRGP\VOLWHOQÊ�SDWÖË��3DP¿WQÛ�VWURP�6WUDNRQLFND������EXGH�QDYËF�QD�Q¿NODG\�0ʸ�6WUDNR�

QLFH�RGERUQÊ�GHQGURORJLFN\�RxHWÖHQ�MHxWÊ�Y�WRPWR�URFH�0JU��-DURVODYD�0U×]NRY¿��RGERU�n3

9\KRGQRFHQË�DQNHW\¸SUDYD�SDP¿WQËNX�QD�'XERYFL

2GERU� UR]YRMH� 0ÊVWVNÇKR� ØÖDGX� 6WUDNRQLFH� REGU|HO� ��� Y\SOQÊQÛFKDQNHWQËFK�OËVWN×��'RWD]RYDQË�PÊOL�R]QDÆLW�SRÖDGË�X�WÖHFK�QHMOHSxËFK�Q¿YUK×u����QHMYKRGQÊMxË�Q¿YUK�����Q¿YUK�QD�GUXKÇP�PËVWÊ�D����Q¿YUK�QD� WÖHWËPPËVWÊ��1¿YUKX�QD�SUYQËP�PËVWÊ�E\OR�XGÊOHQR���ERG×��Q¿YUKX�QD����PËVWÊE\OR�XGÊOHQR���ERG×�D�Q¿YUKX�QD�WÖHWËP�PËVWÊ�E\O\�XGÊOHQ\���ERG\��1¿YUK�NWHUÛ�REGU|HO�QHMY\xxË�SRÆHW�ERG×��E\O�Y\KRGQRFHQ�MDNR�QHMYÛKRGQÊMxË�

3HWU�.RO¿Ö�u�'ËOÆË�ØSUDYD�VW¿YDMËFËKR�SRPQËNX3HWU�.RO¿Ö�u���������������������������������� PËVWR�XGÊOHQR�u������ PËVWR�XGÊOHQR�u������ PËVWR�XGÊOHQR�u��&HONRYÛ�SRÆHW�ERG×�u���[������[�����[�� ����3HWU�.RO¿Ö�u�1RYÇ�]WY¿UQÊQË�SRPQËNX3HWU�.RO¿Ö�u���������������������������������� PËVWR�XGÊOHQR�u����� PËVWR�XGÊOHQR�u������ PËVWR�XGÊOHQR�u���&HONRYÛ�SRÆHW�ERG×�u��[������[������[�� ����-LÖË�.XEHOND�u�%U¿QD�u��������������������������� PËVWR�XGÊOHQR�u����� PËVWR�XGÊOHQR�u������ PËVWR�XGÊOHQR�u��&HONRYÛ�SRÆHW�ERG×�u��[������[�����[�� ����-LÖË�.XEHOND�u�2EHOLVN�u���������������������������� PËVWR�XGÊOHQR�u����� PËVWR�XGÊOHQR�u������ PËVWR�XGÊOHQR�u��&HONRYÛ�SRÆHW�ERG×�u��[������[�����[�� ����-RVHI�6YRERGD��DWHOLÇU�*UDYLV�u�9DULDQWD�,��u�3\UDPLGD�u��������������� PËVWR�XGÊOHQR�u����� PËVWR�XGÊOHQR�u����� PËVWR�XGÊOHQR�u��&HONRYÛ�SRÆHW�ERG×�u��[�����[�����[�� ���-RVHI�6YRERGD��DWHOLÇU�*UDYLV�u�9DULDQWD�,,��u������������� PËVWR�XGÊOHQR�u����� PËVWR�XGÊOHQR�u����� PËVWR�XGÊOHQR�u��&HONRYÛ�SRÆHW�ERG×�u��[�����[�����[�� ���-RVHI�6YRERGD��DWHOLÇU�*UDYLV�u�9DULDQWD�,,,�� u����������� PËVWR�XGÊOHQR�u����� PËVWR�XGÊOHQR�u����� PËVWR�XGÊOHQR�u��&HONRYÛ�SRÆHW�ERG×�u��[�����[�����[�� ���,QJ��DUFK��2QGÖHM�jHIF×�u���������������������������������������� PËVWR�XGÊOHQR�u������ PËVWR�XGÊOHQR�u����� PËVWR�XGÊOHQR�u��&HONRYÛ�SRÆHW�ERG×�u���[�����[�����[�� ����1¿YUK\� E\O\� Y\KRGQRFHQ\�Y� Q¿VOHGXMËFËP�SRÖDGË�� NWHUÇ� UDGD�PÊVWD� RG�VRXKODVLOD�VYÛP�XVQHVHQËP�ÆËVOR����������]H�GQH�������������

��� SRÖDGË�u�,QJ��DUFK��2QGÖHM�jHIF×��� SRÖDGË�u�3HWU�.RO¿Ö�u�'ËOÆË�ØSUDYD�VW¿YDMËFËKR�SRPQËNX��� SRÖDGË�u�3HWU�.RO¿Ö�u�1RYÇ�]WY¿UQÊQË�SRPQËNX��� SRÖDGË�u�-LÖË�.XEHOND�u�2EHOLVN��� SRÖDGË�u�-LÖË�.XEHOND�u�%U¿QD��� SRÖDGË�u�-RVHI�6YRERGD��DWHOLÇU�*UDYLV�u�9DULDQWD�,��u�3\UDPLGD��� SRÖDGË�u�-RVHI�6YRERGD��DWHOLÇU�*UDYLV�u�9DULDQWD�,,���� SRÖDGË�u�-RVHI�6YRERGD��DWHOLÇU�*UDYLV�u�9DULDQWD�,,,6�Q¿YUK\�MH�PR|QÇ�VH�VH]Q¿PLW�QD�RGERUX�UR]YRMH�5DOL]DFH� Y\EUDQÇKR� Q¿YUKX� ,QJ�� DUFK��2QGÖHMH� jHIF×� E\OD� SÖHGEÊ|QÊ

RFHQÊQD�QD�����������.Æ��&HQD�]D�YÛNRQ�DXWRUVNÇKR�GR]RUX�E\OD�Y�QD�EËGFH�SÖHGOR|HQD�]D����������.Æ�

,QJ��DUFK��0DUWD�6O¿PRY¿��YHGRXFË�RGERUX�UR]YRMH

Page 11: 653(1 ˘ 52ø1‚.ˆ 6WUDNRQLFNi˘LEHQLFH...3267$5=QDUHDOL]DFLDNFH5HNRQVWUXNFHEURG¸WHNuSODYHFNÛVWDGLRQ˚ 52˘ ˇYHYÛxL ˇ ˙ .˘uQDYÛxHQ¸YÛGDM×QDRSUDY\PDMHWNX P˚VWDuDUH¿OP˚VWVN˙KR]DKUDGQLFWY¸˚52˘

���653(1����� =35$92'$-�0û67$�675$.21,&( 675$1$���

3RGÊNRY¿QË3RVOHGQË� ÆHUYQRYÛ� YËNHQG� SODYFL� D� SÑOLVWÇ� 6WUDNRQLF� XNRQÆLOL� OHWRxQË

VH]RQX�=D�YxHFKQ\�URGLÆH�E\FKRP�U¿GL�SRGÊNRYDOL�YxHP�WUHQÇU×P�MDN�SODYHF�

NÇKR�RGGËOX�� WDN� L�RGGËOX�YRGQËKR�SÑOD�]D�PQR|VWYË�YROQÇKR�ÆDVX��NWHUÛGÊWHP�D�PO¿GH|L�YÊQRYDOL��=D�QDGxHQË��V�QËP|�MLP�SÖHG¿YDMË�VYÇ�]QDORVWLD�]NXxHQRVWL�9HONÛ� GËN� SDWÖË� L� IXQNFLRQ¿Ö×P� 67$5=X� D� SÖHGVWDYLWHO×P�PÊVWD� ]D

SRVN\WRY¿QË�YKRGQÛFK�WUÇQLQNRYÛFK�SRGPËQHN�2SWLP¿OQË�SRGPËQN\�VSROX�V�Y\VRNÛP�WUÇQLQNRYÛP�QDVD]HQËP�SÖLQHVO\

ÖDGX�ØVSÊFK×��3ODYFL�VH�PRKRX�S\xQLW���]ODWÛPL����VWÖËEUQÛPL�D����EURQ�]RYÛPL�PHGDLOHPL� ]� NUDMVNÛFK� SÖHERU×��¸VSÊFKHP� MVRX� L� WÖL� QRPLQDFHQD�PLVWURYVWYË�¦5�6WDUxË�|¿FL�RGGËOX�YRGQËKR�SÑOD�Y\ERMRYDOL����PËVWR��GRURVWHQN\�D�GR�

URVWHQFL�Y\KU¿OL�SÖHERU\�¦HVNÇ�UHSXEOLN\�¸VLOË� D�SURVWÖHGN\�YOR|HQÇ�GR�PODGÛFK�VSRUWRYF×�SÖLQ¿xHMË�GREUÇ�YÛ�

VOHGN\�D�VNYÊOH�UHSUH]HQWXMË�QDxH�PÊVWR�3ÖHMHPH�YxHP�PQRKR�]GDUX�GR�SÖËxWË�VH]RQ\�

5RGLÆH�D�SÖË]QLYFL�YRGQËFK�VSRUW×

-,+2§(6. �+2632' ·6. �.2025$

2%/$671¬�.$1&(/ ·�675$.21,&(

8]¿YÊUND�YÛ]Y\�N�Q¿YUKX�GR�VRXWÊ|H

9¼=1$01¼�32'1,.$7(/��262%1267�52.89\KO¿xHQÇ�-LKRÆHVNRX�KRVSRG¿ÖVNRX�NRPRURX��REODVW6WUDNRQLFH��SRG�]¿xWLWRX�VWDURVW×�PÊVW�6WUDNRQLFH�

%ODWQ¿�D�9RGÐDQ\�MH�����]¿ÖË������

¸ÆHOHP�ML|�WÖHWËKR�URÆQËNX�WÇWR�VRXWÊ|H�Y\KO¿xHQÇ�YH�WÖHFKNDWHJRULËFK�

9Û]QDPQ¿�VSROHÆQRVW�URNX9Û]QDPQÛ�|LYQRVWQËN�URNX9Û]QDPQ¿�RVREQRVW�URNX

MH�]YLGLWHOQÊQË�ØVSÊxQÛFK�D�SURVSHUXMËFËFK�SRGQLNDWHOVNÛFKVXEMHNW×��NWHUÇ�SRGQLNDMË�QD�Ø]HPË�RNUHVX��-H�YÛUD]HP�]¿MPX

-+.�D�SÖHGVWDYLWHO×�PÊVW�R�]GUDYÇ�D�SÖËQRVQÇ�SRGQLN¿QËD�]YÛxHQË�SUHVWL|H�RFHQÊQÛFK�SRGQLNDWHO×�

2EUDFËPH�VH�QD�YxHFKQ\�RUJDQL]DFH��ILUP\�L�MHGQRWOLYFH��]DxOHWHVYÇ�Q¿YUK\�QD�SRGQLNDWHOH��MHMLFK|�SÖËQRV�SUR�UHJLRQ��DOH�L�YÛERUQ¿NYDOLWD�VOX|HE�D�YÛUREN×�MVRX�G×YRGHP�SUR�]DÖD]HQË�GR�WÇWR�VRX�WÊ|H��$QNHWQË�OËVWHN�V�EOL|xËPL�LQIRUPDFHPL�MH�N�GLVSR]LFL�Y�0ÊVW�VNÇP� LQIRUPDÆQËP� FHQWUX� QD�0¸� 6WUDNRQLFH� QHER� Y� NDQFHO¿ÖË2+.�6WUDNRQLFH�

,QIRUPDFH��-LKRÆHVN¿�KRVSRG¿ÖVN¿�NRPRUD� � � � � �2EODVWQË�NDQFHO¿Ö�6WUDNRQLFH� � � � � �3ËVHFN¿�������������6WUDNRQLFH� � � � � �7HO��)D[��������������t�(�PDLO��MDMD#MKN�F]

2GGËO�K¿]HQÇ�7-�¦=u�''0�6WUDNRQLFH

SRÖ¿G¿

1 %25�&+/$3&¸�$�'«9§$7]����u����WÖËG

'2�9j(2%(&1§+263257291«+2�.528n.8

3UDYLGHOQÇ�FYLÆHQË�VH�EXGH�NRQDW�Y�WÊORFYLÆQÊ�7-�¦=�6WUDNRQLFH�0¿FKRYD�XOLFH�Æ�S�������D�WR�ND|GRX�VWÖHGX�RG�������GR�������KRGLQ�=DK¿MHQË�MH�YH�VWÖHGX�����]¿ÖË��������6SRUWRY¿QË�GÊWË�EXGH�]DPÊ�ÖHQR�QD�YxHFKQ\�PËÆRYÇ�KU\�D�YxHVWUDQQÛ�SRK\ERYÛ�UR]YRM��&YLÆHQËSRYHGRX�]NXxHQË� WUHQÇÖL�u�PDQ|HOÇ�-LÖË�D�2OJD�'REHxRYL��GRWD]\]RGSRYËPH�QD�WHO���������������PRELO��������������

%OL|xË�LQIRUPDFH�SÖËPR�Y�WÊORFYLÆQÊ�7-�¦=Y�0¿FKRYÊ�XOLFL�Æ�S������

3RGÊNRY¿QË�0ÊVWVNÇPX�ØÖDGXYH�6WUDNRQLFËFK

-PÇQHP� 0LURVODYD� D� $QWRQLH� /XNHxRYÛFK� 9¿P� FKFL� SRGÊNRYDW]D�XVSRÖ¿G¿QË�MHMLFK�=ODWÇ�VYDWE\�Y�REÖDGQË�VËQL�VWUDNRQLFNÇKR�KUD�GX�GQH�������������0ÛP� URGLÆ×P� D� YxHP� ]ØÆDVWQÊQÛP� VH� REÖDG� PLPRÖ¿GQÊ� OËELO�

3RGÊNRY¿QË�SDWÖË�YxHP��NWHÖË�VH�QD�SÖËSUDYÊ�REÖDGX�SRGËOHOL�=D�FHORX�URGLQX� � � � � V\Q�0LURVODY�/XNHx

7(1,629¼�6.$16.$�&83�675$.21,&(9H� GQHFK� ���� u� ���� ��� ����� SUREÊKQH� QD� GYRUFËFK� QD� 6ËGOLxWL

WUDGLÆQË� FHORVW¿WQË� WXUQDM� PX|×�� WHQWRNU¿WH� SRSUYÇ� SRG� QRYÛPQ¿]YHP�6.$16.$�&83�675$.21,&(��7(1,6�./8%�675$�.21,&(� MHM� SRÖ¿G¿� YH� VSROXSU¿FL� V� ILUPRX� 6NDQVND� &=�� D�V��'LYL]H� 7HFKQRORJLH�� 1D� WXUQDM� MVRX� ML|� SÖLKO¿xHQË� SÖHGQË� KU¿ÆLNUDMH� YÆHWQÊ�QHMOHSxËFK�GRP¿FËFK��3RGÊNRY¿QË� NOXEX�SDWÖË�XYH�GHQÇ�ILUPÊ�QHMHQ�]D�ILQDQÆQË�SRGSRUX�WXUQDMH��DOH� L�]D�SRGSRUXUR]YRMH�WHQLVX�PO¿GH|H�YH�6WUDNRQLFËFK�

6UGHÆQÊ�]YHPH�GLY¿N\�QD�NYDOLWQË�WHQLV�7HQLV�NOXE�6WUDNRQLFH

;*¯:6¬�,>7:A7RY¿UQË�XOLFH

3R�u�3¿������u��������������u�������KRG�6R������u��������������u�������t�1H������u�������KRG�

3ËVHFN¿�XOLFH3R��6W��3¿������u�������������u�������KRG�¸W��¦W������u�������������u�������KRG�

;,��52¦1«.�675$.21,&.§+2�%ª+8u�628¦�67�¦(6.26/29(16.§+2

32+�58�0,=812�&833RÖDGDWHO��299�¦679�6WUDNRQLFH�SRG�]¿xWLWRX�PÊVWD�6WUDNRQLFH�'DWXP��QHGÊOH�����VUSQD������Y�������KRG�6WDUW�D�FËO��]D�KRWHOHP�%DYRU��6WDUW�MH�SUR�YxHFKQ\�NDWHJRULH�VSROHÆQÛ�=¿YRGQË�NDQFHO¿Ö�����SDWUR�REFKRGQËKR�GRPX�/DEX{�6WDUWRYQÇ�������.Æ��SUR�GRURVWHQHFNÇ�NDWHJRULH������.Æ�3ÖLKO¿xN\�� SËVHPQÊ� QD� DGUHVX� u� )UDQWLxHN�.RXED�� 9RG¿UHQVN¿� ����������6WUDNRQLFH�,��H�PDLO��RVVW#LRO�F]��QHER�Y�GHQ�]¿YRGX�QD�PËVWÊ�7UDVD�]¿YRGX��KRWHO�%DYRU��SÖHV�PRVW�-DQD�3DODFKD��NROHP�SRxW\���/¿]HÐVNRX�XOLFË��NROHP�PÊVWVNÇKR�ØÖDGX��XOLFË�1D�6WU¿|L��SÖHV�5HQ�QHURY\�VDG\��XOLFË�6RNRORYVNRX��SÖHV�9HONÇ�Q¿PÊVWË��3DODFNÇKR�Q¿�PÊVWË��XOLFË�8�1¿KRQX��(OOHURYRX�XOLFË��VPÊUHP�N�UHVWDXUDFL�+YÊ]GD��/LGLFNRX�XOLFË��SÖHV�SUD|VNÛ�PRVW��NROHP�SODYHFNÇKR�VWDGLRQX�D�XOLFË1D�2KUDGÊ� ]SÊW� N� KRWHOX�%DYRU��&HONHP�������P��3RYUFK�u� DVIDOW�GOD|ED�.DWHJRULH��|¿FL�D�|¿N\QÊ��GRURVWHQN\�D�GRURVWHQFL��MXQLRUN\�D�MXQLRÖL�|HQ\� D� PX|L�� |HQ\� QDG� ��� OHW�� YHWHU¿QL� $�� YHWHU¿QL� %�� YHWHU¿QL� &�NDWHJRULH�GOH�DWOHWLFNÇKR�VYD]X��9\KO¿xHQË�YËWÊ]×������KRG��SR�GREÊKQXWË�SRVOHGQËKR�]¿YRGQËND�&HQ\��ILQDQÆQË�D�YÊFQÇ�3URWHVW\��GR����PLQ��SR�VNRQÆHQË�]¿YRGX�SURWL�YNODGX�������.Æ��3ÖLQHRSU¿YQÊQÇP�SURWHVWX�YNODG�SURSDG¿�3R]Q¿PN\��PR|QRVW�Y\VSUFKRY¿QË�Y�DUH¿OX�SODYHFNÇKR�VWDGLRQX�&HORX�DNFL�GRSURY¿]Ë�VNXSLQD�3$8=$�1D�NRQFL�]¿YRGX�EXGRX�YxHFKQD�VWDUWRYQË�ÆËVOD�VORVRY¿QD�R�ERKDWRXYÊFQRX�WRPEROX�

32-­7(�6,�6�1�0,�=$%ª+$7352�69§�='5$9«�$�=�%$98���

'DOxË� LQIRUPDFH� SRVN\WQH�� )UDQWLxHN� .RXED�� 9RG¿UHQVN¿� ����������6WUDNRQLFH�,��WHO��������������

6UGHÆQÊ�Y¿V�YxHFKQ\�]YHPH�

Page 12: 653(1 ˘ 52ø1‚.ˆ 6WUDNRQLFNi˘LEHQLFH...3267$5=QDUHDOL]DFLDNFH5HNRQVWUXNFHEURG¸WHNuSODYHFNÛVWDGLRQ˚ 52˘ ˇYHYÛxL ˇ ˙ .˘uQDYÛxHQ¸YÛGDM×QDRSUDY\PDMHWNX P˚VWDuDUH¿OP˚VWVN˙KR]DKUDGQLFWY¸˚52˘

675$1$��� =35$92'$-�0û67$�675$.21,&( ���653(1�����

=SUDYRGDM�PÊVWD�6WUDNRQLFH��PÊVËÆQËN�u�Y\G¿Y¿�PÊVWR�6WUDNRQLFH��UHJ��Æ��55������������jÇIUHGDNWRUND� �3K'U��,YDQD�¶ËKRY¿��5HGDNÆQË�UDGD��(YD�'UHVVOHURY¿�0JU��0DUFHOD�.ÖLY¿ÆNRY¿��$GUHVD�UHGDNFH��0ÊVWR�6WUDNRQLFH��9HONÇ�Q¿PÊVWË�����������6WUDNRQLFH�,��(�P DLO��OXFLH�VQDMGURYD#PX�VW�F]��5HJ��Æ��0.�¦5�(�������

1¿NODG�������=GDUPD��6D]ED�'73�%HQGD�6WUDNRQLFH��Y\WLVNOD�7LVN¿UQD�6WUDNRQLFH�

3URWRNRO� VHSVDQÛ� Y� ]DVHGDFË� VËQL� REHFQË�KR�GRPX�ÆS���� Y�6WUDNRQLFËFK�GQH����ÆHUYHQFH����

¦������u�������9,�

2EHFQË�ØÖDG�Y�1RYÛFK�6WUDNRQLFËFK�|¿G¿�]D]YROHQË� WÖË� ÆOHQ×�]H� VODYQÇKR�]¿VWXSLWHOVWYD�GR

NRPLWÇ� ]D� SÖËÆLQRX� XSUDYHQËFHVW\� D� RGVWUDQÊQË� SÖËWRNXKQRM×YN\�GR�QË�eQD�RKUDGÊr�3XUNPLVWU� XSR]RUQXMH� DE\

VH�QHVYROLOR�SRG�|¿GQRX�SRG�PËQNRX� E\� REHFQË� FHVWD� QD2KUDGÊ�]YÛxHQ¿�QHE�]DVLSDQ¿E\OD��|H�E\�E\OR�PDOÇ�PÊVWRRKUR|HQR�]¿WRSRX�SÖL�UR]YRG�QÊQË�ÖHN�

DG�9,�

=D�WRX�SÖËÆLQRX�E\OL�]YROH�QÇ� ]¿VWXSFL�PLPR� SDQD� SXU�NPLVWUD� S¿QL� 0DWHM� .XVD�3HWU�.DUWD�DE\�]¿MPL�PÊVWDFKU¿QLOL�� SÖËWRN� KQRM×YN\� QDREHFQË�FHVWX�ØÆLQOLYÊ�]¿VWXS�F×P� REFH� 1RYÛFK� 6WUDNRQLF� ]DN¿]DOL� MDNR|L�]YÛxHQË�QHE�]DV\S¿QË�REHFQË�FHVW\�]DPH]RYDOL�

WR�SUR�SÖËSDG�UR]YRGQÊQË�RERX�ÖHN�D�KUR]LFËKR]DWRSHQË�PDOÇKR�PÊVWD� 2SV¿QR�EH]�ØSUDY�

+QRMÕYND�GÈODOD�SUREOÅP\

9¿|HQË�ÆWHQ¿ÖL��V�ØÆLQQRVWË�RG�����������QDEË]ËPH� PR|QRVW� UHNODP\� D� LQ]HUFHY�QDxHP�=SUDYRGDML�]D�FHQX������.Æ�FP�

u� NG\� SROËÆND� LQ]HUFH� MVRX� UR]GÊOHQD� GRUR]PÊU×�����FP�[����FP�]D�FHQX��������.Æ�� ��� FP� [� ��� FP� ]D� FHQX� �������� .Æ����FP�[���FP�]D�FHQX���������.Æ�����FP[�����FP�]D�FHQX�������.Æ��%OL|xË� LQIRUPDFH� Y¿P� SRVN\WQH� /XFLH

jQDMGURY¿�u�RGERU�UR]YRMH��WHO���������������H�PDLO��OXFLH�VQDMGURYD#PX�VW�F]��

3RKOHG�QD�0DOÇ�Q¿PÊVWË�YH�6WUDNRQLFËFK�SÖL�YHONÇ�YRGÊ�]�URNX�����YH�VPÊUX�N�VY��0DUNÇWÊ�

3DP½WN\��NWHUÅ�SÔHzLO\�SÔHORP�GDOvÉKR�VWROHWÉ3RGVNDOË

2EOËEHQÛP�PËVWHP�SURFK¿]HN�VWUDNRQLFNÛFKREÆDQ×� MH� 3RGVNDOË�� SURWR�PX� YÊQXMHPH� WHQWRGËO�F\NOX�R�SDP¿WN¿FK��NWHUÇ�SÖH|LO\�SÖHORP�GDO�xËKR� VWROHWË��.D|GÛ�� NGR� U¿G� VH� NRFK¿� NU¿VDPLSÖËURGQËPL��]DPLOXMH�VL�WHQWR�NRXWHN��NWHUÛ�Y�OÇWÊVNÛW¿� SÖËMHPQÛ� SRE\W� D� NGH� ND|G¿� GRED� GHQQË]D�U×]QÇKR�RVYÊWOHQË�SÖLQ¿xË�WDNÇ�U×]QÊ�PDOHEQÇREUD]\�� 9HOLNÇ� VN¿O\� UXORYÇ�PDOHEQÊ� Y\VWXSXMËGR�SRSÖHGË�D�Y�ØGROË�VDPRWQÇP�MVRX�GËOHP�SROH�SURPÊQÊQ¿�Y�]DKUDG\��GËOHP�ORXN\��&HOÇ�ØGROËSRNUÛY¿�RYRFQÇ�VWURPRYË��PH]L�QËP|�SUREÊO¿Y¿OHWQË� UHVWDXUDFH� V� OHWQËPL� E\W\� D� YHUDQGRX��-��'\N�������3RGVNDOË� VH� UR]NO¿G¿� QD� RERX� EÖH]ËFK� ÖHN\

2WDY\�]¿SDGQÊ�RG�PÊVWD��/HYÛ�EÖHK�MH�G¿YQÛPYLQLÆQËP� Ø]HPËP� VWUDNRQLFNÛFK� PÊx{DQ×�� FR|GRGQHV� GRNO¿G¿� WHUDVRYLWÇ� XVSRÖ¿G¿QË� VYDKXD� ]E\WN\� YLQQÛFK� VNOHS×�� SRNO¿GDQÛFK� Y� UR�PDQWLFNÛFK� SÖHGVWDY¿FK� GÊWË� ]D� WDMQÇ� FKRGE\�-VRX� ]GH� SÖHGPÊVWVNÇ� GYRUFH� VH� VRXNURPÛPL]DKUDGDPL�� YD]LxWÊ� YRU×�� SODYHFN¿� KRVSRGDL�PÊVWVNÇ�EÊOLGOR��.G\|�VH�]�3RGVNDOË�VW¿Y¿�RE�OËEHQÇ�UHNUHDÆQË�PËVWR��Y\U×VW¿�SUR�REÆHUVWYHQË

Q¿YxWÊYQËN×� KRVWLQHF� D� WDQHÆQË� SDUNHW�� 9� WÇGREÊ� ]×VW¿Y¿� 3RGVNDOË� QDG¿OH� Y� VRXNURPÛFKUXNRX�7HSUYH� Y� URFH� ����� Y\NXSXMH� PÊVWR� 6WUD�

NRQLFH� OHYÛ� EÖHK� 3RGVNDOË�� UHDOLWX� R� YÛPÊÖH�������P���VHVW¿YDMËFË�]�EXGRY��OXN��UROË�D�VNDO�QDWÛFK�VWU¿QË��RG�9¿FODYD�D�$QQ\�+XU\FKRYÛFK]D� ��������.��0ÊVWR� RG�PDMLWHO×� SÖHEËU¿� NQL�KRYQË� SRKOHG¿YN\� �������� .�� WDN|H� SODWË� MHQ��������.��¸KUDGD�MH�]ËVN¿QD�K\SRWHÆQË�]¿S×MÆ�NRX� X�PÊVWVNÇ� VSRÖLWHOQ\� ��������.�� ]¿ORKRXRG� PÊx{DQVNÇKR� SLYRYDUX� ������� .� D� GDUHPPÊVWVNÇ�VSRÖLWHOQ\���������.��FHONHP��������.���+\SRWÇND�� NWHURX� REHF� NH� NRXSL� ]ËVN¿Y¿�P¿� EÛW� Æ¿VWHÆQÊ� KUD]HQD� L� ]� Q¿MPX� SORY¿UQ\D�UHVWDXUDFH��SURQDMDWÛFK�-DQX�%OD|NRYL��$GDS�WDFË�VWDUÇ�UHVWDXUDFH��YRGRYRG��NDQDOL]DFH���SÖL�VWDYÊQËP� FKDW\� SR� Y]RUX�KRUVNÛFK� FKDW�� VDGR�YÛPL�ØSUDYDPL�D�]ÖË]HQËP�KÖLx{�D�SORY¿UQ\��MHMË|SRWÖHED� MH�R� WR�DNWX¿OQÊMxË��RÆ� MH� VW¿YDMËFË�SOR�Y¿UQD�]�K\JLHQLFNÛFK�G×YRG×�QHXGU|LWHOQ¿��]D�PÛxOË�REHF�Y\EXGRYDW�UHNUHDÆQË�PËVWR��NWHUÇ�E\PÊOR� YÛ]QDP� L� SUR� R|LYHQË� FL]LQHFNÇKR� UXFKXYH�PÊVWÊ��3ORY¿UQD�Y\YRO¿Y¿�L�SUREOÇP\��9�UR�FH������|¿G¿�VSROHN�5HQQHU�PÊVWVNRX�UDGX�R�]¿�

ND]�YROQÇKR�SRK\EX�NRXSD�MËFËFK� VH� Y� QHGRVWDWHÆQÇPRGÊYX� SR� 3RGVNDOË� PLPRNRXSDOLxWÊ�� n¿GRVWL� MH� Y\�KRYÊQR� D� PÊVWVN¿� SROLFLHMH�SRYÊÖHQD�GR]RUHP�0ÊVWVN¿�NURQLND�N�WRPX

GRG¿Y¿�� .RXSË� 3RGVNDOËY\NRQDOR� PÊVWR� ]¿VOX|QÛÆLQ�� .U¿VQÛ� WHQWR� NRXWHNQDxHKR� RNROË� GDOR� N� REHF�QÇPX�X|ËY¿QË�SUR�RVYÊ|HQËREÆDQVWYD�3ÇÆH� R� 3RGVNDOË� MH� VYÊ�

ÖHQD� 2NUDxORYDFËPX� VSRO�NX�5HQQHU��NWHUÛ�VH�MË�V�IL�QDQÆQËPL�SURVWÖHGN\��NWHUÇQD� WR� RG� PÊVWD� GRVW¿Y¿�

RFKRWQÊ�XMËP¿��=D�ILQDQÆQË�SRPRFL�¦HVNÇ�]EUR�MRYN\��SHQÊ|QËFK�ØVWDY×�D�SLYRYDUX� MVRX�FHVW\UR]xËÖHQ\�� XURYQ¿Q\� D� Y\V\S¿Q\� SËVNHP�� -VRX]ÖË]HQD� ]¿WLxË�� UROH� VH� SÖHPÊÐXMË� QD� WU¿YQËN\�Y]QLNDMË� QRYÇ� FHVW\� D� VWH]N\�� .GH� MH� VWRXS¿�QË�� MVRX� ]DVD]HQ\� VFKRG\�� XPR|ÐXMËFË� SÖËVWXSN�SÊNQÛP�SURFK¿]NRYÛP�SDUWLËP�V�NU¿VQRX�Y\�KOËGNRX�� 3RGOH� RVD]RYDFËKR� SO¿QX� Y\SUDFRYD�QÇKR� ]DKUDGQËP� DUFKLWHNWHP�9DÐNHP� ]�&KUX�GLPL�Y\VD]XMH�VH�PQRKR�QRYÛFK�VWURP×�D�NÖR�YLQ�� 6WURPN\� D� NHÖH� MVRX� SRÖË]HQ\� RG� ]Q¿PÇILUP\� :DOWHU� ]� &KXFKOH�� ]H� VFKZDU]HQEHUVNÇxNRON\�Y�+OXERNÇ�D�]H�xNRON\�YÛ]NXPQÇ�VWDQL�FH� PHGRQRVQÛFK� URVWOLQ� ]� .HOÆH� X� +UDQLF� QD0RUDYÊ�1D� W]Y��EDxWÊ� MH�XSHYQÊQR�]¿EUDGOË�D�RVD]HQ

NXODWÛ�VW×O�D�NROHP�QÊKR�ODYLÆN\��0QR|VWYË�OD�YLÆHN� OD{NRYÛFK� L�NRYRYÛFK� MH�RVWDWQÊ�XPËVWÊ�QR� SR� FHOÇP� 3RGVNDOË�� 2EQRYHQD� MH� NDSOLÆNDVY��3HWUD��VRxN\�MVRX�QRYÊ�SR]ODFHQ\�D�RNROË�MHXSUDYHQR�WDN��|H�MHGQÇ�QHGÊOH�RGSROHGQH�Y�URFH�����MH�VWUDNRQLFNÛP�GÊNDQHP�IUD�$QWRQËQHP9RU¿ÆNHP� ]D� ØÆDVWL�PQRKD� YÊÖËFËFK� QRYÊ� Y\�VYÊFHQD�� 'DUHP�¦HVNÇ� ]EURMRYN\� MH� RSUDYHQDFHVWD� X�=DYDGLO×� D� RSDWÖHQD� |HOH]QÛP�]¿EUDG�OËP�� 3ÖHV� W×Ð� MH� SRÖË]HQD� O¿YND� VSRMXMËFË� 3RG�VNDOË� V�GUD|HMRYVNÛPL� ORXNDPL��2NXSDFH�D�]¿�ND]� YxHFK� VWDYHEQËFK�SUDFË� W\WR�SU¿FH�ERKX|HO]SRPDOXMË�9� URFH������]DÆËQ¿� MHGQ¿QË� V�PDQ|HOL�.RX�

ERYÛPL��PDMLWHOL� GUXKÇKR� EÖHKX� 3RGVNDOË�� W]Y�=HOOHULQRY\� VWU¿QÊ� �QD]Y¿QD� SRGOH� S×YRGQËKRPDMLWHOH� SR]HPN×� VWUDNRQLFNÇKR�PDOËÖH� $QWR�QËQD�=HOOHULQD�������u��������R�YÛPÊQÊ� MHMLFKSR]HPN×�R�YÛPÊÖH�������P��]D�Æ¿VW�REHFQËKROHVD�� 0ÊVWX� VH� MHGQ¿� R� WR�� DE\� VWU¿Ð� QDSURWL3RGVNDOË�E\OD�Y�MHKR�YODVWQLFWYË�D�QHGRxOR�VQDGN� Y\N¿FHQË� VWURP×� VRXNURPQËNHP�� ÆËP|� E\E\O� SRxNR]HQ� URPDQWLFNÛ� FKDUDNWHU� FHOÇKR3RGVNDOË�� 7RWR� MHGQ¿QË� MH� Y� URFH� ����� ]G¿UQÊXNRQÆHQR� D� L� GUXKÛ� EÖHK� 3RGVNDOË� VH� VW¿Y¿PÊVWVNÛP�PDMHWNHP��

,QJ��DUFK��%F��-LÖË�.XSND��3K�'�

7HUDVRYLWÇ� XVSRÖ¿G¿QË� VYDKX� VH� ]E\WN\� YLQQÛFK� VNOHS×� u� L� WR� E\ORY�PLQXORVWL�VWUDNRQLFNÇ�3RGVNDOË�

Page 13: 653(1 ˘ 52ø1‚.ˆ 6WUDNRQLFNi˘LEHQLFH...3267$5=QDUHDOL]DFLDNFH5HNRQVWUXNFHEURG¸WHNuSODYHFNÛVWDGLRQ˚ 52˘ ˇYHYÛxL ˇ ˙ .˘uQDYÛxHQ¸YÛGDM×QDRSUDY\PDMHWNX P˚VWDuDUH¿OP˚VWVN˙KR]DKUDGQLFWY¸˚52˘
Page 14: 653(1 ˘ 52ø1‚.ˆ 6WUDNRQLFNi˘LEHQLFH...3267$5=QDUHDOL]DFLDNFH5HNRQVWUXNFHEURG¸WHNuSODYHFNÛVWDGLRQ˚ 52˘ ˇYHYÛxL ˇ ˙ .˘uQDYÛxHQ¸YÛGDM×QDRSUDY\PDMHWNX P˚VWDuDUH¿OP˚VWVN˙KR]DKUDGQLFWY¸˚52˘

16/��2)6�3=,:4-[W]LV�bVITMK�b�WJWZ]�MSWVWUQSI

WL^Ï\^Ð�KMVa�I�WLPILa[XMKQITQbIKM�WKMÕW^ÄVÐ�VMUW^Q\W[\Ð5RYQ¿������������6WUDNRQLFH�t�7HO��������������

0RELO��������������t�(�PDLO��MDQNXGUOH#FHQWUXP�F]

.203/(71«�635�9$�1(029,7267«

REODVW�WHFKQLFNR�SURYR]QËREODVW�HNRQRPLFN¿

REODVW�SU¿YQËO 5R]ØÆWRY¿QË�Q¿NODG×�QD�E\WRYÇ�MHGQRWN\O 6WDQRYRY¿QË�]¿ORK�QD�VOX|E\O (YLGHQFH�SODWHE�Q¿MHPQÇKR�D�VOX|HEO 8UJHQFH�D�Y\P¿K¿QË�SODWHEO =DVWXSRY¿QË�QD�ØÖDGHFK

9xH�QD�SU¿YQËP�SRGNODGÊ�����OHW�]NXxHQRVWË

;8:¤>)�6-57>1<7;<°

<YHWW��V�U�R���WHO���������������������������

1HWUDGLÆQË� YÛVWDYD� V� Q¿]YHP�9×QÊ�PHGX� EXGH� MHxWÊ� GR�NRQFH� VUSQDYËWDW� Q¿YxWÊYQËN\� H[SR]LF� 0X]HD� VWÖHGQËKR� 3RRWDYË� QD� VWUDNRQLFNÇPKUDGÊ�� jLURNÇ� YHÖHMQRVWL� YÆHWQÊ� GÊWË� FKFH� SÖLEOË|LW� ]HMPÇQD� OLGL�� NWH �UÛP� Y×QÊ�PHGX� XÆDURYDOD� QDWROLN�� |H� VH� VWDOD� QHGËOQRX� VRXÆ¿VWË� MHMLFK|LYRWD�9ÛVWDYD�VDPD�VH�VNO¿G¿�]�QÊNROLND�WHPDWLFNÛFK�RNUXK×��6DPRVWDWQRX

Æ¿VW� WYRÖË�KLVWRULH�YÆHODÖVWYË�3U¿FKHÐVNÇKR�NUDMH�Y�����D�QD�SRÆ¿WNX����VWROHWË��1HMHQ�YÆHODÖH�MLVWÊ�]DXMPRX�Y\EUDQÇ�KLVWRULFNÇ�H[SRQ¿W\�]�PX]HËY� 6XxLFL�� +RUD|ÍRYLFËFK�� %ODWQÇ�� 3ËVNX� D� Y� 6WUDNRQLFËFK�� 1HFK\EË� DQLGUREQÇ�SRP×FN\��NWHUÇ�VH�YH�YÆHODÖVNÛFK�URGLQ¿FK�SÖHG¿YDO\�]�JHQHUDFHQD�JHQHUDFL��QHER{�L�QD�6WUDNRQLFNX�|LMË�URG\��NWHUÇ�VH�WRPXWR�RERUX�YÊQXMËML|� SR� QÊNROLN� JHQHUDFË�� 9ÆHODÖH� ]� WRKRWR� UHJLRQX� SÖLEOË|Ë� L� SUH]HQWDFHGQHxQËFK�SDWQ¿FWL�YÆHODÖVNÛFK�RUJDQL]DFË��NWHUÇ�]GH�SUDFXMË��.D|G¿�]�QLFK]DKUQXMH� xLURNÇ�Ø]HPË�NROHP�VYÇKR�RILFL¿OQËKR� VËGOD�� D� WR�Y�%DYRURYÊ�%ODWQÇ��¦HUQLYVNX��¦HVWLFËFK��/RPFL��5DGRP\xOL��6HGOLFL��6NRÆLFËFK��6WUD �NRQLFËFK��jWÊNQL��6WÖHOVNÛFK�+RxWLFËFK��9RGÐDQHFK��9ROHQLFËFK��9RO\QLD�=¿ERÖË�6DPRVWDWQRX� Æ¿VW� WYRÖË� H[SR]LFH� YÊQRYDQ¿� YÆHODÖL� D� OLGRYÇPX� ÖH] �

E¿ÖL� -RVHIX� 0DFKRYL� ]� .UXxORYD�� &HOÛ� VY×M� |LYRW� ]DVYÊWLO� QHMHQ� |L �YÛP� YÆHO¿P�� DOH� VYRX� O¿VNX� N� QLP� SURPËWO� L� GR� ÖH]E¿ÖVNÇKR� ÖHPHVODD� ]� U×]QÛFK� GUXK×� GÖHY� Y\WYRÖLO� FHOÇ� YÆHOË� NU¿ORYVWYË��'ÖHYÊQÇ� YÆHON\OHPXMË� ]UFDGOR�� SRVHG¿YDMË� QD� REUD]HFK� ÆL� KRGLQ¿FK�� YÆHOË� VSROH �ÆHQVWYË� QDMGHPH� L� QD� RNHQQËFK� SDUDSHWHFK�� SROLFËFK�� VWRMDQHFK�� VWRONXD�|LGOËFK�9ÛVOHGNHP� SU¿FH� MHKR� xLNRYQÛFK� UXNRX� MH� L� Y\ÖH]¿YDQÛ� PDORYDQÛ

YÆHOËQ��NWHUÛ�QDMGHWH�QD�YÛVWDYÊ�Y�SRGREÊ�YHONRIRUP¿WRYÇ�IRWRJUDILH�9ÛVWDYD�SÖLEOL|XMH�L�GDOxË�RVREQRVW��YÆHODÖNX�D�SHUQËN¿ÖNX�-LQGUX�'YR �

Ö¿NRYRX�]�.ÖHQNX�X�.RVWHOFH�QDG�/DEHP��.G\|�Y�URFH������]DÆDOD�GËN\VYÇPX�PDQ|HORYL� SURQLNDW� GR� VYÊWD� YÆHO�� VH]QDPRYDOD� VH� L� V� Y\X|LWËPMHMLFK� KODYQËKR� SURGXNWX� u� PHGX�� 6HKQDOD� IRUPLÆN\�� VWDUÇ� UHFHSWXU\�N�WRPX�SÖLGDOD�QRWQRX�G¿YNX�VYÇ�IDQWD]LH�D�SXVWLOD�VH�GR�SHUQËN¿ÖVNÇKR

ÖHPHVOD��'QHV�MH�VYÛPL�SHUQËN\�D�SHUQËÆN\�]Q¿P¿�QHMHQ�SR�FHOÇ�UHSXE �OLFH��DOH�QDSÖ��L�Y�-DSRQVNX�2SDÆQÛP�SÖËNODGHP� MH� WYRUED�0LODQD� D�/DG\�3XxRYÛFK�� NWHUÇ� MHMLFK

SHUQËN\� WYDURYDQÇ�]�KLVWRULFNÛFK�IRUHP�SÖLYHGO\�N�FKRYX�YÆHO��1D�QDxËYÛVWDYÊ�XYLGËWH�MHMLFK�SHUQËN\�QHMYÊWxËFK�YHOLNRVWË��NG\VL�G¿UNRYÇ��REÖDGQË�ÆDVWR�GÊODQÇ�L�QD�REMHGQ¿YNX�u�KXVDU�QD�NRQL��xDxHN��VUGFH�DSRG�2EODVW� YRVNDÖVWYË� MH� SÖHGVWDYHQD� QHMHQ� SURVWÖHGQLFWYËP� KLVWRULFNÛFK

SÖHGPÊW×�]DS×MÆHQÛFK�]�0X]HD�jXPDY\�Y�6XxLFL��DOH�L�VRXÆDVQRX�WYRU �ERX�)UDQWLxND�.LOL¿QD�� NWHUÛ� VYÛPL� U×]QRURGÛPL� VYËÆNDPL�QDYD]XMH� QDWUDGLÆQË�YRVNDÖVNÇ�ÖHPHVOR�'DOxË� YÛVWDYD�� NWHURX� P×|HWH� ]KOÇGQRXW� QD� VWUDNRQLFNÇP� KUDGÊ� GR

����]¿ÖË��P¿�Q¿]HY�$WULEXW\�VYDWÛFK�Y\SU¿YÊMË��-HGQ¿�VH�R�]FHOD�XQLN¿WQËVRXERU�YÛWYDUQÛFK�GÊO�SÖHGVWDYXMËFËFK�SÖHGQË��YÊWxLQRX�HYURSVNÇ��VYÊWFHV�MHMLFK�DWULEXW\��9ÛVWDYD�VDPD�MH�UR]GÊOHQD�GR�GYRX�Æ¿VWË��9�-HOHQFH�VHYHÖHMQRVWL� SÖHGVWDYXMË�PDOËÖVN¿� SO¿WQD� D� SRGPDOE\� QD� VNOH��9�NDSLWXOQËVËQL�QDMGHWH�Y]¿FQÇ�SODVWLN\��1HMVWDUxË� MVRX�]H�����VWROHWË��QDSÖ��6Y��0L �NXO¿x�]�-LQGÖLFKRYD�+UDGFH��]DS×MÆHQÛ�]�$OxRY\�JDOHULH��1H]Q¿PÛ�PLVWUD�6Y��$QQD�6DPRWÖHWË� ]�PX]HD�YH�9RO\QL��0H]L�QHMVWDUxË� VNYRVW\�SDWÖËL�6Y��0¿ÖË�0DJGDOÇQD�]�QDxHKR�PX]HD��2EUD]×� MH� Y\VWDYHQR� FHONHP� ��� D� SRGPDOHE� QD� VNOH� ���� 1HMVWDU �

xË� ]� REUD]×� MH� GDWRY¿Q� GR� ���� VWROHWË�� MHGQ¿� VH� R� =DVQRXEHQË� 3DQQ\0DULH� RG� QH]Q¿PÇKR� PLVWUD�� QHMPODGxË� MH� ]� SRÆ¿WNX� ���� VWROHWË6YDW¿� %DUERUD� RG� )U�� 6FKH]HUHUD�� 3ÖHY¿|Q¿� Æ¿VW� SO¿WHQ� MH� ]� ���� D� ���VWROHWË�&HONHP�]SUDFRYDOD�NXU¿WRUND�YÛVWDY\�-DQD�jLOKDQRY¿����OHJHQG��1H �

FK\EË�]GH�VDPR]ÖHMPÊ�6YDW¿�URGLQD��SUYQË�PXÆHGQËFL�u�VY��jWÊS¿Q�D�HYDQ �JHOLVWÇ�/XN¿x��0DWRXx��-DQ�D�0DUHN�9ÛVWDYX�QDYËF�GRSOÐXMË�NDWDORJ�6YÊWFL��SDWURQL�D�SXEOLNDFH�¦HVNÇ�QHEH�8GÊOHMWH�VL�FKYËOL�ÆDV�D�SÖLMÍWH�]DSRPHQRXW�QD�VYÇ�VWDURVWL�GR�YÛVWDY �

QËFK�VËQË�PX]HD�QD�VWUDNRQLFNÇP�KUDGÊ��8UÆLWÊ�QHEXGHWH�OLWRYDW�

3K'U��,YDQD�¶ËKRY¿��ÖHGLWHOND�PX]HD

9ÆHOË�NU¿ORYVWYË�-RVHID�0DFKD�]�.UXxORYD� )RWR��,��¶DQGRY¿

-HOHQND�VWUDNRQLFNÇKR�KUDGX�QDEË]Ë�RSUDYGX�YÛWYDUQÇ�ODK×GN\�)RWR��(��¦DGNRY¿

9ÆHOË�NU¿ORYVWYË�D�DWULEXW\�VYDWÛFK�QD�VWUDNRQLFNÇP�KUDGÊ