,03257(5 =$%$:(. 3 + 3,6$5(. 63 -
3 + 3,6$5(. 63 - 63(É1,$0< '=,(&,Æ&( 0$5=(1,$ WR PRWWR WRZDU]\V]\
QDP MX× SRQDG ODW JG\× RG WDN GÊXJLHJR F]DVX ]DMPXMHP\ VLÇ LPSRUWHP ]DEDZHN
235&= 635$:1(- '<675<%8&-, =$%$:(. /,&=< 6,Æ '/$ 1$6
35=('( :6=<67.,0 =$'2:2/(1,( ./,(17$
ZZZ SLVDUHN FRP SO
SLVDUHN#SLVDUHN FRP SO
,03257(5 =$%$:(. 3 + 3,6$5(. 63 -
3 + 3,6$5(. 63 - 63(É1,$0< '=,(&,Æ&( 0$5=(1,$ WR PRWWR WRZDU]\V]\
3RVLDGDQLH ZÊDVQ\FK SU]HVWURQQ\FK PDJD]\QµZ QD WHUHQLH QDV]HM ĆUP\ KDO
QDP MX× SRQDG ODW JG\× RG WDN GÊXJLHJR F]DVX ]DMPXMHP\ VLÇ LPSRUWHP ]DEDZHN VSU]HGD×RZ\FK SU]\VWRVRZDQ\FK GR VSU]HGD×\ FDVK FDUU\ GRÐZLDGF]RQ\FK
: QDV]HM ERJDWHM RIHUFLH ]QDMG]LHFLH 3DÌVWZR RNRÊR Z]RUµZ ]DEDZHN DNZL]\WRUµZ RUD] XUXFKRPLHQLH SODWIRUP\ % % SR]ZDOD ]DSHZQLÅ QDE\ZFRP QDV]\FK
SRFKRG]ÃF\FK ]DUµZQR ] Uµ×Q\FK VWURQ ÐZLDWD MDN L ] U\QNX URG]LPHJR
]DEDZHN PR×OLZRÐÅ ]DNXSX WRZDUX Z V]HURNLHM JDPLH DVRUW\PHQWRZHM Z GRJRGQ\P
GOD QLFK PLHMVFX F]DVLH L SU]\ X×\FLX Uµ×Q\FK ÐURGNµZ WUDQVSRUWX
235&= 635$:1(- '<675<%8&-, =$%$:(. /,&=< 6,Æ '/$ 1$6
35=('( :6=<67.,0 =$'2:2/(1,( ./,(17$
3UDJQLHP\ DE\ QDV]D RIHUWD DVRUW\PHQWRZD ]DEDZHN 63(É1,$É$ '=,(&,Æ&(
0$5=(1,$ DOH WDN×H E\ 35=(= =$%$:Æ ('8.2:$É$ GODWHJR WH× VWDUDP\ VLÇ
DE\ Z QDV]\P LPSRUFLH QLH ]DEUDNÊR UµZQLH× WDNLFK SR]\FML NWµUH ZSÊ\ZDMÃ
L SRPDJDMÃ Z SV\FKR UXFKRZ\P UR]ZRMX PDÊHJR G]LHFND &]RÊRZH ]QDF]HQLH PD GOD
QDV WDN×H EH]SLHF]HÌVWZR RVWDWHF]QHJR RGELRUF\ QDV]HM RIHUW\ WDN ZLÇF
VSU]HGDMHP\ W\ONR WH ]DEDZNL NWµUH SRVLDGDMÃ Z\PDJDQH FHUW\ĆNDW\ L DWHVW\
6]\ENR ]PLHQLDMÃFD VLÇ U]HF]\ZLVWRÐÅ Uµ×QH WUHQG\ QD U\QNX EUDQ×\ ]DEDZNDUVNLHM
L SRWU]HE\ QDV]\FK NOLHQWµZ ]PXV]DÊ\ QDV QD SU]HVWU]HQL W\FK ODW GR FLÃJÊHJR
V]XNDQLD L RIHURZDQLD Uµ×Q\FK IRUP VSU]HGD×\ L G\VWU\EXFML QDV]\FK ]DEDZHN
-HGQ\P ] JʵZQ\FK QDV]\FK FHOµZ E\ÊR GRWDUFLH GR QRZHJR SRWHQFMDOQHJR
RGELRUF\ L ]DLQWHUHVRZDQLH JR QDV]Ã RIHUWÃ LPSRUWRZÃ 7DN WH× SRZVWDÊD
LGHD XUXFKRPLHQLD SODWIRUP\ EL]QHVRZHM % %
ZZZ SLVDUHN FRP SO
XO %U]R]RZD $ 1DGDU]\Q N :DUV]DZ\
SLVDUHN#SLVDUHN FRP SO
,03257(5 =$%$:(. 3 + 3,6$5(. 63 -
3 + 3,6$5(. 63 - 63(É1,$0< '=,(&,Æ&( 0$5=(1,$ WR PRWWR WRZDU]\V]\
3RVLDGDQLH ZÊDVQ\FK SU]HVWURQQ\FK PDJD]\QµZ QD WHUHQLH QDV]HM ĆUP\ KDO
QDP MX× SRQDG ODW JG\× RG WDN GÊXJLHJR F]DVX ]DMPXMHP\ VLÇ LPSRUWHP ]DEDZHN VSU]HGD×RZ\FK SU]\VWRVRZDQ\FK GR VSU]HGD×\ FDVK FDUU\ GRÐZLDGF]RQ\FK
: QDV]HM ERJDWHM RIHUFLH ]QDMG]LHFLH 3DÌVWZR RNRÊR Z]RUµZ ]DEDZHN DNZL]\WRUµZ RUD] XUXFKRPLHQLH SODWIRUP\ % % SR]ZDOD ]DSHZQLÅ QDE\ZFRP QDV]\FK
SRFKRG]ÃF\FK ]DUµZQR ] Uµ×Q\FK VWURQ ÐZLDWD MDN L ] U\QNX URG]LPHJR
]DEDZHN PR×OLZRÐÅ ]DNXSX WRZDUX Z V]HURNLHM JDPLH DVRUW\PHQWRZHM Z GRJRGQ\P
GOD QLFK PLHMVFX F]DVLH L SU]\ X×\FLX Uµ×Q\FK ÐURGNµZ WUDQVSRUWX
235&= 635$:1(- '<675<%8&-, =$%$:(. /,&=< 6,Æ '/$ 1$6
35=('( :6=<67.,0 =$'2:2/(1,( ./,(17$
3UDJQLHP\ DE\ QDV]D RIHUWD DVRUW\PHQWRZD ]DEDZHN 63(É1,$É$ '=,(&,Æ&(
0$5=(1,$ DOH WDN×H E\ 35=(= =$%$:Æ ('8.2:$É$ GODWHJR WH× VWDUDP\ VLÇ
DE\ Z QDV]\P LPSRUFLH QLH ]DEUDNÊR UµZQLH× WDNLFK SR]\FML NWµUH ZSÊ\ZDMÃ
L SRPDJDMÃ Z SV\FKR UXFKRZ\P UR]ZRMX PDÊHJR G]LHFND &]RÊRZH ]QDF]HQLH PD GOD
QDV WDN×H EH]SLHF]HÌVWZR RVWDWHF]QHJR RGELRUF\ QDV]HM RIHUW\ WDN ZLÇF
VSU]HGDMHP\ W\ONR WH ]DEDZNL NWµUH SRVLDGDMÃ Z\PDJDQH FHUW\ĆNDW\ L DWHVW\
6]\ENR ]PLHQLDMÃFD VLÇ U]HF]\ZLVWRÐÅ Uµ×QH WUHQG\ QD U\QNX EUDQ×\ ]DEDZNDUVNLHM
L SRWU]HE\ QDV]\FK NOLHQWµZ ]PXV]DÊ\ QDV QD SU]HVWU]HQL W\FK ODW GR FLÃJÊHJR
V]XNDQLD L RIHURZDQLD Uµ×Q\FK IRUP VSU]HGD×\ L G\VWU\EXFML QDV]\FK ]DEDZHN
-HGQ\P ] JʵZQ\FK QDV]\FK FHOµZ E\ÊR GRWDUFLH GR QRZHJR SRWHQFMDOQHJR
RGELRUF\ L ]DLQWHUHVRZDQLH JR QDV]Ã RIHUWÃ LPSRUWRZÃ 7DN WH× SRZVWDÊD
LGHD XUXFKRPLHQLD SODWIRUP\ EL]QHVRZHM % %
ZZZ SLVDUHN FRP SO
XO %U]R]RZD $ 1DGDU]\Q N :DUV]DZ\
SLVDUHN#SLVDUHN FRP SO
-('<1( : 32/6&( 08/7Ζ0('Ζ$/1(
12:2&=(61( =$6.$.8-Æ&(
1$-/(36=< 352'8.7 785<67<&=1<
=$35$6=$0< 2' :725.8 '2 1Ζ('=Ζ(/Ζ 2' '2
ZZZ PX]HXPSLRVHQNL SO
&HOHP XWZRU]HQLD 0X]HXP 3ROVNLHM 3LRVHQNL Z 2SROX MHVW SU]HGH ZV]\VWNLP
WUZDĄD RFKURQD NXOWXURZHJR G]LHG]LFWZD QDURGRZHJR L ]ZLÛNV]HQLH UROL SROVNLHM &(1< %Ζ/(7:
SLRVHQNL Z GLDORJX PLÛG]\NXOWXURZ\P QD U]HF] SURPRFML PLDVWD L SRGQLHVLHQLD MHJR
DWUDNF\MQRĝFL WXU\VW\F]QHM 2SROH MDNR ȌVWROLFD SROVNLHM SLRVHQNLȋ ] WUDG\FMDPL SRQDG ȏ QRUPDOQ\ Ȃ ]Ą ȏ XOJRZ\ Ȃ ]Ą ȏ JUXSRZ\ Ȃ ]Ą
F]WHUG]LHVWROHWQLHM KLVWRULL .UDMRZHJR )HVWLZDOX 3ROVNLHM 3LRVHQNL MHVW QDMOHSV]\P ȏ URG]LQQ\ Ȃ ]Ą GRURVĄ\FK G]LHFL
PLHMVFHP GR SRZVWDQLD LQVW\WXFML ]DMPXMÇFHM VLÛ JURPDG]HQLHP NDWDORJRZDQLHP %LOHW\ PRJÇ 3DĆVWZR NXSLÉ
NRQVHUZRZDQLHP GLJLWDOL]RZDQLHP QDXNRZ\P RSUDFRZ\ZDQLHP L XGRVWÛSQLDQLHP
] ȏ Z NDVDFK 1&33 Z $PȴWHDWU]H
]ELRUµZ GRW\F]ÇF\FK SROVNLHM SLRVHQNL 3RWU]HED ]DMÛFLD VLÛ GRURENLHP SROVNLFK ELRUµZ GRW\F]ÇF\FK SROVNLHM SLRVHQNL 3RWU]HED ]DMÛFLD VLÛ GRURENLHP SROVNLFK
SLRVHQHN NWµUH SRVLDGDMÇ RJURPQH QLH GR NRĆFD ]EDGDQH ]DVRE\ ȏQD VWURQLH ZZZ ELOHW\ PX]HXPSLRVHQNL SO
MHVW SU]HGVLÛZ]LÛFLHP ZDľQ\P SU]HGH ZV]\VWNLP E\ ]DFKRZDÉ WHQ ERJDW\ FHQQ\ %LOHW\ XOJRZH VÇ ZDľQH ZUD] ] GRNXPHQWHP SRWZLHUG]DMÇF\P XSRZDľQLHQLH GR ]QLľNL
L LQWHUHVXMÇF\ PDWHULDĄ GOD SU]\V]Ą\FK SRNROHĆ
08=(80 32/6.Ζ(- 3Ζ26(1.Ζ
XO 3LDVWRZVND $ 2SROH $PȴWHDWU ZHMĝFLH RG XO %DUOLFNLHJR
_ ZZZ PX]HXPSLRVHQNL SO _ PX]HXP#PX]HXPSLRVHQNL SO
-('<1( : 32/6&( 08/7Ζ0('Ζ$/1(
12:2&=(61( =$6.$.8-Æ&(
1$-/(36=< 352'8.7 785<67<&=1<
=$35$6=$0< 2' :725.8 '2 1Ζ('=Ζ(/Ζ 2' '2
ZZZ PX]HXPSLRVHQNL SO
&HOHP XWZRU]HQLD 0X]HXP 3ROVNLHM 3LRVHQNL Z 2SROX MHVW SU]HGH ZV]\VWNLP
WUZDĄD RFKURQD NXOWXURZHJR G]LHG]LFWZD QDURGRZHJR L ]ZLÛNV]HQLH UROL SROVNLHM &(1< %Ζ/(7:
SLRVHQNL Z GLDORJX PLÛG]\NXOWXURZ\P QD U]HF] SURPRFML PLDVWD L SRGQLHVLHQLD MHJR
DWUDNF\MQRĝFL WXU\VW\F]QHM 2SROH MDNR ȌVWROLFD SROVNLHM SLRVHQNLȋ ] WUDG\FMDPL SRQDG ȏ QRUPDOQ\ Ȃ ]Ą ȏ XOJRZ\ Ȃ ]Ą ȏ JUXSRZ\ Ȃ ]Ą
F]WHUG]LHVWROHWQLHM KLVWRULL .UDMRZHJR )HVWLZDOX 3ROVNLHM 3LRVHQNL MHVW QDMOHSV]\P ȏ URG]LQQ\ Ȃ ]Ą GRURVĄ\FK G]LHFL
PLHMVFHP GR SRZVWDQLD LQVW\WXFML ]DMPXMÇFHM VLÛ JURPDG]HQLHP NDWDORJRZDQLHP %LOHW\ PRJÇ 3DĆVWZR NXSLÉ
NRQVHUZRZDQLHP GLJLWDOL]RZDQLHP QDXNRZ\P RSUDFRZ\ZDQLHP L XGRVWÛSQLDQLHP
] ȏ Z NDVDFK 1&33 Z $PȴWHDWU]H
]ELRUµZ GRW\F]ÇF\FK SROVNLHM SLRVHQNL 3RWU]HED ]DMÛFLD VLÛ GRURENLHP SROVNLFK ELRUµZ GRW\F]ÇF\FK SROVNLHM SLRVHQNL 3RWU]HED ]DMÛFLD VLÛ GRURENLHP SROVNLFK
SLRVHQHN NWµUH SRVLDGDMÇ RJURPQH QLH GR NRĆFD ]EDGDQH ]DVRE\ ȏQD VWURQLH ZZZ ELOHW\ PX]HXPSLRVHQNL SO
MHVW SU]HGVLÛZ]LÛFLHP ZDľQ\P SU]HGH ZV]\VWNLP E\ ]DFKRZDÉ WHQ ERJDW\ FHQQ\ %LOHW\ XOJRZH VÇ ZDľQH ZUD] ] GRNXPHQWHP SRWZLHUG]DMÇF\P XSRZDľQLHQLH GR ]QLľNL
L LQWHUHVXMÇF\ PDWHULDĄ GOD SU]\V]Ą\FK SRNROHĆ
08=(80 32/6.Ζ(- 3Ζ26(1.Ζ
XO 3LDVWRZVND $ 2SROH $PȴWHDWU ZHMĝFLH RG XO %DUOLFNLHJR
_ ZZZ PX]HXPSLRVHQNL SO _ PX]HXP#PX]HXPSLRVHQNL SO
-('<1( : 32/6&( 08/7Ζ0('Ζ$/1(
12:2&=(61( =$6.$.8-Æ&(
1$-/(36=< 352'8.7 785<67<&=1<
=$35$6=$0< 2' :725.8 '2 1Ζ('=Ζ(/Ζ 2' '2
ZZZ PX]HXPSLRVHQNL SO
0DULD 6DGRZVND SRSURZDG]LĄD 0DĄÇ $NDGHPLÛ 3LRVHQNL
$QQD :\V]NRQL Z 0DĄHM $NDGHPLL 3LRVHQNL
0DULD 6DGRZVND WR SROVND SLRVHQNDUND Z\NRQXMÇFD PX]\NÛ MD]] SRS IXQN
: SRQLHG]LDĄHN NZLHWQLD JRĝFLHP 0DĄHM $NDGHPLL 3LRVHQNL EÛG]LH $QQD L HOHNWURQLF]QÇ D WDNľH VFHQDU]\VWND L UHľ\VHU ȴOPRZ\ 0D QD NRQFLH G]LHZLÛÉ VRORZ\FK
:\V]NRQL ZRNDOLVWND L NRPSR]\WRUND QLHJG\ĝ ]ZLÇ]DQD ] ]HVSRĄHP Ȍă]\ȋ SĄ\W P LQ 7ULEXWH WR .RPHGD ]ĄRWD SĄ\WD L Z SHĄQL DXWRUVNÇ Ȍ6SLV WUHĝFLȋ -HM HWLXGD
$UW\VWFH EÛG]LH WRZDU]\V]\Ą JRVSRGDU] PX]\F]Q\ ΖJRU 3U]HELQGRZVNL : SURJUDPLH IDEXODUQD SW Ȍ6NU]\GĄDȋ SRND]\ZDQD E\ĄD QD PLÛG]\QDURGRZ\FK IHVWLZDODFK
ȴOPRZ\FK P LQ Z 0RVNZLH 7DMSHM %RORQLL %DUFHORQLH 6WDPEXOH L 3DU\ľX
PX]\F]QH ]DMÛFLD GOD G]LHFL Z ZLHNX SU]HGV]NROQ\P L ZF]HVQRV]NROQ\P D WDNľH
PLQLNRQFHUW GOD QDMPĄRGV]\FK 2SRODQ 0 0DULD 6DGRZVND E\ĄD JRĝFLHP 0DĄHM $NDGHPLL 3LRVHQNL PDUFD $UW\VWND ZUD]
] JRVSRGDU]HP PX]\F]Q\P ΖJRUHP 3U]HELQGRZVNLP ]DSURVLOL G]LHFL QD QLH]Z\NĄH ZDUV]WDW\
PX]\F]QH SRGF]DV NWµU\FK ZVSµOQLH ĝSLHZDOL DOH SU]HGH ZV]\VWNLP GREU]H VLÛ EDZLOL
08=(80 32/6.Ζ(- 3Ζ26(1.Ζ
XO 3LDVWRZVND $ 2SROH $PȴWHDWU ZHMĝFLH RG XO %DUOLFNLHJR
_ ZZZ PX]HXPSLRVHQNL SO _ PX]HXP#PX]HXPSLRVHQNL SO
-('<1( : 32/6&( 08/7Ζ0('Ζ$/1(
12:2&=(61( =$6.$.8-Æ&(
1$-/(36=< 352'8.7 785<67<&=1<
=$35$6=$0< 2' :725.8 '2 1Ζ('=Ζ(/Ζ 2' '2
ZZZ PX]HXPSLRVHQNL SO
0DULD 6DGRZVND SRSURZDG]LĄD 0DĄÇ $NDGHPLÛ 3LRVHQNL
$QQD :\V]NRQL Z 0DĄHM $NDGHPLL 3LRVHQNL
0DULD 6DGRZVND WR SROVND SLRVHQNDUND Z\NRQXMÇFD PX]\NÛ MD]] SRS IXQN
: SRQLHG]LDĄHN NZLHWQLD JRĝFLHP 0DĄHM $NDGHPLL 3LRVHQNL EÛG]LH $QQD L HOHNWURQLF]QÇ D WDNľH VFHQDU]\VWND L UHľ\VHU ȴOPRZ\ 0D QD NRQFLH G]LHZLÛÉ VRORZ\FK
:\V]NRQL ZRNDOLVWND L NRPSR]\WRUND QLHJG\ĝ ]ZLÇ]DQD ] ]HVSRĄHP Ȍă]\ȋ SĄ\W P LQ 7ULEXWH WR .RPHGD ]ĄRWD SĄ\WD L Z SHĄQL DXWRUVNÇ Ȍ6SLV WUHĝFLȋ -HM HWLXGD
$UW\VWFH EÛG]LH WRZDU]\V]\Ą JRVSRGDU] PX]\F]Q\ ΖJRU 3U]HELQGRZVNL : SURJUDPLH IDEXODUQD SW Ȍ6NU]\GĄDȋ SRND]\ZDQD E\ĄD QD PLÛG]\QDURGRZ\FK IHVWLZDODFK
ȴOPRZ\FK P LQ Z 0RVNZLH 7DMSHM %RORQLL %DUFHORQLH 6WDPEXOH L 3DU\ľX
PX]\F]QH ]DMÛFLD GOD G]LHFL Z ZLHNX SU]HGV]NROQ\P L ZF]HVQRV]NROQ\P D WDNľH
PLQLNRQFHUW GOD QDMPĄRGV]\FK 2SRODQ 0 0DULD 6DGRZVND E\ĄD JRĝFLHP 0DĄHM $NDGHPLL 3LRVHQNL PDUFD $UW\VWND ZUD]
] JRVSRGDU]HP PX]\F]Q\P ΖJRUHP 3U]HELQGRZVNLP ]DSURVLOL G]LHFL QD QLH]Z\NĄH ZDUV]WDW\
PX]\F]QH SRGF]DV NWµU\FK ZVSµOQLH ĝSLHZDOL DOH SU]HGH ZV]\VWNLP GREU]H VLÛ EDZLOL
08=(80 32/6.Ζ(- 3Ζ26(1.Ζ
XO 3LDVWRZVND $ 2SROH $PȴWHDWU ZHMĝFLH RG XO %DUOLFNLHJR
_ ZZZ PX]HXPSLRVHQNL SO _ PX]HXP#PX]HXPSLRVHQNL SO
1$6=<&+ .6,ÆIJ(. 1,( 02IJ( 3,26(1., 35=('6=.2/$.$ 3,26(1., 1$6=(*2
=$%5$.1ÆÈ : 7:2,0 '208 ;OBKE[JFNZ UV QJPTFOLJ [OBOF XT[ZTULJN '=,(&,þ67:$ &'
+FE[JF QPDJnjH [ EBMFLB ,SBLPXJBD[FL KFEFO D[Z
E[JFDJPN PSB[ JDI SPE[JDPN J E[JBELPN
8 LTJnjȈFD[DF [FCSBOP NFMPEJF 1JFTLJ NBF EXB UP QJPTFOLJ [OBOF XT[ZTULJN
E[JFDJPN PSB[ JDI SPE[JDPN J E[JBELPN
QS[FLB[ZXBOF [ QPLPMFOJB OB QPLPMFOJF 8 LTJnjȈFD[DF [FCSBOP NFMPEJF QS[FLB[ZXBOF
LUØSF OB EVHP [BKNnj VXBHǗ [BSØXOP [ QPLPMFOJB OB QPLPMFOJF LUØSF OB EVHP [BKNnj
NBZDI KBL J XJǗLT[ZDI QPDJFDI VXBHǗ [BSØXOP NBZDI KBL J XJǗLT[ZDI QPDJFDI
&(1$ ǮǮ ǶǶ =ü &(1$ ǰǶ Ƕǭ =ü
%(=3,(&=1( '=,(&,$., /,7(5., , &<)(5., : =22
;BQFXOJFOJF CF[QJFD[FǩTUXB E[JFDJPN ,TJnjȈFD[LB [BXJFSB XFTPF XJFST[ZLJ E[JǗLJ
UP KFEOP [ OBK XBȈOJFKT[ZDI [BEBǩ LUØSZN NPET[F E[JFDJ QP[OBKnj MJUFSLJ J DZGFSLJ
: Q D V ] \ P V N O H S L H ] Q D M G Ç 3 D ÿ V W Z R N V L Ç ij N L SPE[JDØX OBVD[ZDJFMJ PQJFLVOØX /BT[B PSB[ QPETUBXPXF E[JBBOJB J [OBLJ
NBUFNBUZD[OF KBL QMVT NJOVT [OBL SØXOPǴDJ
G O D G ] L H F L N V L Ç ij N L G O D Pý R G ] L H ij \ N R O R U R Z D Q N L LTJnjȈLB [BXJFSB OBKXBȈOJFKT[F [BTBEZ %PXJFE[nj TJǗ UFȈ EP D[FHP TVȈnj X [EBOJV
CF[QJFD[FǩTUXB /BVLB SFHV [BDIPXBOJB
G O D G ] L H F L N V L Ç ij N L N X O L Q D U Q H R U D ] S R U D G Q L N L TJǗ X SØȈOZDI TZUVBDKBDI PECZXB TJǗ LSPQLB XZLS[ZLOJL J [OBL [BQZUBOJB /BUPNJBTU
TUBST[F QPDJFDIZ CǗEnj NPHZ EPTLPOBMJǎ
D[[ZUBOJF NFUPEnj TZMBCPXnj
] V H U L L 6 L R V W U D 0D U L D QS[F[ [BCBXǗ D
&(1$ ǯDZ ǶǶ =ü &(1$ ǮDz ǶǶ =ü
$.$'(0,$ $.$'(0,$ 35(=(17:
.5($7<:1(*2 '=,(&.$ "LBEFNJB QSF[FOUØX UP XTQBOJBB LTJnjȈLB EMB
"LBEFNJB LSFBUZXOFHP E[JFDLB [BXJFSB E[JFDJ J NPE[JFȈZ E[JǗLJ LUØSFK CǗEnj NPHZ
XJFMF XTQBOJBZDI QSPKFLUØX OB P[EPCZ QS[ZHPUPXBǎ QJǗLOF QSF[FOUZ EMB OBKCMJȈT[ZDI
J QS[FENJPUZ LUØSF LBȈEF E[JFDLP NPȈF J PSZHJOBMOF P[EPCZ ǴXJnjUFD[OF 8T[ZTULJF
TBNPE[JFMOJF XZLPOBǎ B QØȇOJFK [BXBSUF X "LBEFNJJ QSPQP[ZDKF Tnj CBSE[P
QSBLUZD[OJF XZLPS[ZTUBǎ MVC LPNVǴ BUXF EP XZLPOBOJB B LBȈEZ PQJT PQBUS[POZ
QPEBSPXBǎ KFTU CBSXOZNJ GPUPHSBöBNJ
&(1$ ǯǶ ǶǶ =ü &(1$ ǯǶ ǶǶ =ü
/(*(1'< 32/6.,( /(*(1'< 32/6.,(
-FHFOEZ 1PMTLJF UP PQPXJFǴDJ -FHFOEZ 1PMTLJF UP PQPXJFǴDJ TUBOPXJnjDF
TUBOPXJnjDF XJFMLnj MJUFSBDLnj QS[ZHPEǗ XJFMLnj MJUFSBDLnj QS[ZHPEǗ [BSØXOP EMB
[BSØXOP EMB OBKNPET[ZDI KBL UFȈ EMB OBKNPET[ZDI KBL UFȈ EMB TUBST[ZDI
TUBST[ZDI QBTKPOBUØX OJFTBNPXJUZDI QBTKPOBUØX OJFTBNPXJUZDI IJTUPSJJ LUØS[Z
IJTUPSJJ LUØS[Z E[JǗLJ OJFK CǗEnj NPHMJ E[JǗLJ OJFK CǗEnj NPHMJ DIPǎ OB DIXJMǗ
WHO ZHZ _ VNOHS#Z\GDZQLFWZRPDUWHO SO DIPǎ OB DIXJMǗ QPXSØDJǎ EP QJǗLOZDI QPXSØDJǎ EP QJǗLOZDI D[BTØX TXPKFHP
E[JFDJǩTUXB
D[BTØX TXPKFHP E[JFDJǩTUXB
ZZZ Z\GDZQLFWZRPDUWHO SO &(1$ ǮǮ ǶǶ =ü &(1$ ǮǮ ǶǶ =ü
1$6=<&+ .6,ÆIJ(. 1,( 02IJ( 3,26(1., 35=('6=.2/$.$ 3,26(1., 1$6=(*2
=$%5$.1ÆÈ : 7:2,0 '208 ;OBKE[JFNZ UV QJPTFOLJ [OBOF XT[ZTULJN '=,(&,þ67:$ &'
+FE[JF QPDJnjH [ EBMFLB ,SBLPXJBD[FL KFEFO D[Z
E[JFDJPN PSB[ JDI SPE[JDPN J E[JBELPN
8 LTJnjȈFD[DF [FCSBOP NFMPEJF 1JFTLJ NBF EXB UP QJPTFOLJ [OBOF XT[ZTULJN
E[JFDJPN PSB[ JDI SPE[JDPN J E[JBELPN
QS[FLB[ZXBOF [ QPLPMFOJB OB QPLPMFOJF 8 LTJnjȈFD[DF [FCSBOP NFMPEJF QS[FLB[ZXBOF
LUØSF OB EVHP [BKNnj VXBHǗ [BSØXOP [ QPLPMFOJB OB QPLPMFOJF LUØSF OB EVHP [BKNnj
NBZDI KBL J XJǗLT[ZDI QPDJFDI VXBHǗ [BSØXOP NBZDI KBL J XJǗLT[ZDI QPDJFDI
&(1$ ǮǮ ǶǶ =ü &(1$ ǰǶ Ƕǭ =ü
%(=3,(&=1( '=,(&,$., /,7(5., , &<)(5., : =22
;BQFXOJFOJF CF[QJFD[FǩTUXB E[JFDJPN ,TJnjȈFD[LB [BXJFSB XFTPF XJFST[ZLJ E[JǗLJ
UP KFEOP [ OBK XBȈOJFKT[ZDI [BEBǩ LUØSZN NPET[F E[JFDJ QP[OBKnj MJUFSLJ J DZGFSLJ
: Q D V ] \ P V N O H S L H ] Q D M G Ç 3 D ÿ V W Z R N V L Ç ij N L SPE[JDØX OBVD[ZDJFMJ PQJFLVOØX /BT[B PSB[ QPETUBXPXF E[JBBOJB J [OBLJ
NBUFNBUZD[OF KBL QMVT NJOVT [OBL SØXOPǴDJ
G O D G ] L H F L N V L Ç ij N L G O D Pý R G ] L H ij \ N R O R U R Z D Q N L LTJnjȈLB [BXJFSB OBKXBȈOJFKT[F [BTBEZ %PXJFE[nj TJǗ UFȈ EP D[FHP TVȈnj X [EBOJV
CF[QJFD[FǩTUXB /BVLB SFHV [BDIPXBOJB
G O D G ] L H F L N V L Ç ij N L N X O L Q D U Q H R U D ] S R U D G Q L N L TJǗ X SØȈOZDI TZUVBDKBDI PECZXB TJǗ LSPQLB XZLS[ZLOJL J [OBL [BQZUBOJB /BUPNJBTU
TUBST[F QPDJFDIZ CǗEnj NPHZ EPTLPOBMJǎ
D[[ZUBOJF NFUPEnj TZMBCPXnj
] V H U L L 6 L R V W U D 0D U L D QS[F[ [BCBXǗ D
&(1$ ǯDZ ǶǶ =ü &(1$ ǮDz ǶǶ =ü
$.$'(0,$ $.$'(0,$ 35(=(17:
.5($7<:1(*2 '=,(&.$ "LBEFNJB QSF[FOUØX UP XTQBOJBB LTJnjȈLB EMB
"LBEFNJB LSFBUZXOFHP E[JFDLB [BXJFSB E[JFDJ J NPE[JFȈZ E[JǗLJ LUØSFK CǗEnj NPHZ
XJFMF XTQBOJBZDI QSPKFLUØX OB P[EPCZ QS[ZHPUPXBǎ QJǗLOF QSF[FOUZ EMB OBKCMJȈT[ZDI
J QS[FENJPUZ LUØSF LBȈEF E[JFDLP NPȈF J PSZHJOBMOF P[EPCZ ǴXJnjUFD[OF 8T[ZTULJF
TBNPE[JFMOJF XZLPOBǎ B QØȇOJFK [BXBSUF X "LBEFNJJ QSPQP[ZDKF Tnj CBSE[P
QSBLUZD[OJF XZLPS[ZTUBǎ MVC LPNVǴ BUXF EP XZLPOBOJB B LBȈEZ PQJT PQBUS[POZ
QPEBSPXBǎ KFTU CBSXOZNJ GPUPHSBöBNJ
&(1$ ǯǶ ǶǶ =ü &(1$ ǯǶ ǶǶ =ü
/(*(1'< 32/6.,( /(*(1'< 32/6.,(
-FHFOEZ 1PMTLJF UP PQPXJFǴDJ -FHFOEZ 1PMTLJF UP PQPXJFǴDJ TUBOPXJnjDF
TUBOPXJnjDF XJFMLnj MJUFSBDLnj QS[ZHPEǗ XJFMLnj MJUFSBDLnj QS[ZHPEǗ [BSØXOP EMB
[BSØXOP EMB OBKNPET[ZDI KBL UFȈ EMB OBKNPET[ZDI KBL UFȈ EMB TUBST[ZDI
TUBST[ZDI QBTKPOBUØX OJFTBNPXJUZDI QBTKPOBUØX OJFTBNPXJUZDI IJTUPSJJ LUØS[Z
IJTUPSJJ LUØS[Z E[JǗLJ OJFK CǗEnj NPHMJ E[JǗLJ OJFK CǗEnj NPHMJ DIPǎ OB DIXJMǗ
WHO ZHZ _ VNOHS#Z\GDZQLFWZRPDUWHO SO DIPǎ OB DIXJMǗ QPXSØDJǎ EP QJǗLOZDI QPXSØDJǎ EP QJǗLOZDI D[BTØX TXPKFHP
E[JFDJǩTUXB
D[BTØX TXPKFHP E[JFDJǩTUXB
ZZZ Z\GDZQLFWZRPDUWHO SO &(1$ ǮǮ ǶǶ =ü &(1$ ǮǮ ǶǶ =ü
1$6=( 35(0,(5<
,JQDÐ .LWHN DUFKLWHNW
$QGUHD %HDW\ LOXVWUDWRU 'DYLG 5REHUWV
3U]H]DEDZQD L QLHSRNRUQD NVLÃ×ND
9Ü«Ă¹« ôØãÊĎ«Êô ¼«ãØ¹Ê R UHDOL]RZDQLX VZRLFK SDVML ZEUHZ
SU]HFLZQRÐFLRP
« Õ« ¹Ã« «¼èÜãØÊôà =É
5µ]LD 5HZHOND LQ×\QLHUND
1DV]H Z\GDZQLFWZR VSHFMDOL]XMH VLÇ Z VWDUDQQ\P GRERU]H RIHUW\ L SURSRQXMH $QGUHD %HDW\ LOXVWUDWRU 'DYLG 5REHUWV
URG]LFRP L G]LHFLRP Z\VRNLHM MDNRÐFL NVLÃ×NL ]DUµZQR ZDUWRÐFLRZH OLWHUDFNR =DEDZQD L PÃGUD RSRZLHÐÅ R
MDN L SLÇNQLH LOXVWURZDQH 7R ìSLFWXUHERRNVë å NVLÃ×NL Z NWµU\FK WHNVW L REUD] UHDOL]RZDQLX SDVML L QLH]UD×DQLX
ZVSµÊJUDMà ]H VREà WZRU]ÃF XQLNDOQà MDNRÐÅ NWµUHM QLH GDÊRE\ VLÇ RVLÃJQÃÅ EH] VLÇ QLHSRZRG]HQLDPL
KDUPRQLL PLÇG]\ QLPL 6Ã WR SXEOLNDFMH GOD Z\PDJDMÃF\FK å SRXF]DMÃFD
L MHGQRF]HÐQLH HNVF\WXMÃFD OLWHUDWXUD G]LHFLÇFD =É
7HN 1RZRF]HVQ\ MDVNLQLRZLHF
3DWULFN 0F'RQQHOO
=DEDZQ\ VSRVµE PµZLHQLD R ]QDF]HQLX Z\ÊÃF]HQLD
RWDF]DMÃF\FK QDV XU]ÃG]HÌ L FLHV]HQLD VLÇ XURNDPL
SLÇNQHJR ÐZLDWD GRRNRÊD
=É
$GD %DPELQL 1DXNRZF]\QL
$QGUHD %HDW\ LOXVWUDWRU 'DYLG 5REHUWV
=$32:,('Ô
#.LQGHUNXOND
:6=<67.,( .6,ÂÖ., '267Æ31( 1$ ::: .,1'(5.8/.$ 3/
1$6=( 35(0,(5<
,JQDÐ .LWHN DUFKLWHNW
$QGUHD %HDW\ LOXVWUDWRU 'DYLG 5REHUWV
3U]H]DEDZQD L QLHSRNRUQD NVLÃ×ND
9Ü«Ă¹« ôØãÊĎ«Êô ¼«ãØ¹Ê R UHDOL]RZDQLX VZRLFK SDVML ZEUHZ
SU]HFLZQRÐFLRP
« Õ« ¹Ã« «¼èÜãØÊôà =É
5µ]LD 5HZHOND LQ×\QLHUND
1DV]H Z\GDZQLFWZR VSHFMDOL]XMH VLÇ Z VWDUDQQ\P GRERU]H RIHUW\ L SURSRQXMH $QGUHD %HDW\ LOXVWUDWRU 'DYLG 5REHUWV
URG]LFRP L G]LHFLRP Z\VRNLHM MDNRÐFL NVLÃ×NL ]DUµZQR ZDUWRÐFLRZH OLWHUDFNR =DEDZQD L PÃGUD RSRZLHÐÅ R
MDN L SLÇNQLH LOXVWURZDQH 7R ìSLFWXUHERRNVë å NVLÃ×NL Z NWµU\FK WHNVW L REUD] UHDOL]RZDQLX SDVML L QLH]UD×DQLX
ZVSµÊJUDMà ]H VREà WZRU]ÃF XQLNDOQà MDNRÐÅ NWµUHM QLH GDÊRE\ VLÇ RVLÃJQÃÅ EH] VLÇ QLHSRZRG]HQLDPL
KDUPRQLL PLÇG]\ QLPL 6Ã WR SXEOLNDFMH GOD Z\PDJDMÃF\FK å SRXF]DMÃFD
L MHGQRF]HÐQLH HNVF\WXMÃFD OLWHUDWXUD G]LHFLÇFD =É
7HN 1RZRF]HVQ\ MDVNLQLRZLHF
3DWULFN 0F'RQQHOO
=DEDZQ\ VSRVµE PµZLHQLD R ]QDF]HQLX Z\ÊÃF]HQLD
RWDF]DMÃF\FK QDV XU]ÃG]HÌ L FLHV]HQLD VLÇ XURNDPL
SLÇNQHJR ÐZLDWD GRRNRÊD
=É
$GD %DPELQL 1DXNRZF]\QL
$QGUHD %HDW\ LOXVWUDWRU 'DYLG 5REHUWV
=$32:,('Ô
#.LQGHUNXOND
:6=<67.,( .6,ÂÖ., '267Æ31( 1$ ::: .,1'(5.8/.$ 3/
=GURZH VWRS\ 'R SURGXNFML REXZLD 0HPR VWRVR
ZDQH VĈ QDMZ\İV]HM MDNRĤFL PDWHULDã\ :LHU
G]LHFND ]FKQLD L ZHZQčWU]QD F]čĤþ EXWD Z\NRQDQD
MHVW ] QDWXUDOQ\FK PLčNNLFK VNyU NR]LFK
LGHDOQ\FK GOD VWRS\ G]LHFND 6NyU\ WH Z
VSRVyE QDWXUDOQ\ GRVWRVRZXMĈ VLč GR
0HPR WR QDMZ\İV]HM MDNRĤFL REXZLH GOD
G]LHFL Z\NRQDQH Z NODV\F]Q\P VW\OX ] VWRS\ W\P VDP\P ]ZLčNV]DMĈ NRPIRUW Xİ\W
QDWXUDOQ\FK PDWHULDãyZ SU]\MD]Q\FK VWRSLH NRZDQLD 1LHNWyUH PRGHOH Z\SRVDİRQH
G]LHFND 8QLNDWRZĈ IXQNFMč GLDJQRVW\F]QĈ ]RVWDã\ Z VSHFMDOLVW\F]QĈ SRGV]HZNč
]DSHZQLD V\VWHP PRQLWRULQJX Z SRGHV]ZLH EH]FKURPRZĈ 1DWXUDOQH PDWHULDã\ R
0HPR :\SUDFRZDQD SU]H] ODWD NRQVWUXN ZãDĤFLZRĤFLDFK KLJURVNRSLMQ\FK VSUDZLDMĈ
FMD L WHFKQRORJLD PRQWDİX EXWyZ 0HPR İH EXW RGG\FKD D VWRSD QLH XOHJD
] ]DSRFHQLX
]\VNDãD\VNDãD X]QDQLH VSHFMDOLVWyZ MDNR
VNXWHF]QD PHWRGD SURILODNW\NL L OHF]HQLD
QDMF]čVWV]\FK ZDG SRVWDZ\
8QLNDWRZ\ V\VWHP G\QDPLF]QHM NRQWUROL
VWyS G]LHFND GDMĈF\ PRİOLZRĤþ ELHİĈFHJR
PRQLWRURZDQLD VWDQX VWyS RUD] QDW\FKPLD
VWRZHM UHDNFML 6SHFMDOQ\ RGVWDZLRQ\ NV]
WDãW SRGHV]Z\ GRGDWNRZR VWDELOL]XMH VWRSč
L ]DSHZQLD SUDZLGãRZH MHM XãRİHQLH SRG 6SHFMDOQD WHFKQRORJLD PRQWDİX
F]DV FKRGX 'LDJQRVW\F]QD SRGHV]ZD 9 WHFK SROHJDMĈFD QD SUDZLGãRZ\P XVW
0HPR 2EV]DUHP GLDJQRVW\F]Q\P REXZLD DZLHQLX FKROHZNL SRGF]DV SURFHVX PRQ
0HPR MHVW MHJR SRGHV]ZD 1D MHM SRZLHU WRZDQLD EXWD 7HFKQRORJLD WD JZDUDQWXMH
]FKQL RUD] QD REFDVLH ]RVWDãR Z\RGUčEQL ]DFKRZDQLH RVL V\PHWULL Z Z\SURGXNRZ
RQ\FK V]HĤþ SRQXPHURZDQ\FK VWUHI ] Z\ DQ\P EXFLH D W\P VDP\P ZUD] ] FKDUDNW
SXNã\PL SDVNDPL ELHİQLND VWUHID QRUP\ HU\VW\F]Q\P V]W\ZQ\P ]DSLčWNLHP L Z\VRNĈ
VWUHID U\]\ND RUD] F]WHU\ VWUHI\ GXİHM G\V FKROHZNĈ ZVSRPDJD SUDZLGãRZ\ UR]ZyM
IXQNFML 3RGF]DV Xİ\WNRZDQLD SDVNL XOHJDMĈ VWyS 2EXZLH 0HPR SR]EDZLRQH MHVW FHFK
ĤFLHUDQLX G]LčNL F]HPX VWDUWH IUDJPHQW\ NRQVWUXNF\MQ\FK PRJĈF\FK ]DNãyFLþ
XPRİOLZLDMĈ V]\ENĈ L SUHF\]\MQĈ GLDJQR]č REUD] U]HF]\ZLVWHM IL]MRORJLL L SRWU]HE VWyS Z
ZDG VWyS RUD] HZHQWXDOQH GREUDQLH RNUHVLH Z]UDVWDQLD ']LčNL WHPX REXZLH
ZNãDGHN : SU]\SDGNX EUDNX NRQLHF]QRĤFL 0HPR XMDZQLD LFK SUDZLGãRZRĤþ PRUIR
VWRVRZDQLD ZNãDGHN NRU\JXMĈF\FK EXW\ ORJLF]QRF]\QQRĤFLRZĈ OXE LVWQLHMĈFH
0HPR VSHãQLDMĈ IXQNFMč SURILODNW\F]QĈ ZDG\ EĈGĮ LFK V\PSWRP\
=HVWDZ ZNãDGHN ZFKRG]ĈF\FK Z VNãDG
V\VWHPX\VWHPX 0HPR ZUD] ] ZEXGRZDQ\P Z
V 3URGXNW X]\VNDã SR]\W\ZQĈ RSLQLč
SRGHV]ZLH REFDVHP 7KRPDV·D QDGDMH Å&HQWUXP =GURZLD ']LHFNDµ
EXWRP 0HPR FKDUDNWHU REXZLD NRUHNF\M
QHJR 2GSRZLHGQLD GOD G]LHFND ZNãDGND
PRİH E\þ GREUDQD EH]SRĤUHGQLR SU]H]
URG]LFD QD SRGVWDZLH ]DãĈF]RQHM LQVWUXNFML
Xİ\WNRZDQLD 6\VWHPX 0HPR OXE ZJ ZVND
]Dę VSHFMDOLVW\
ZZZ ]GURZHEXFLNL SO