Chlorofyl 2/2001

âNROQtþDVRSLVQHMHQSUR6=DâD92â=D
þtVOR
0LOtþWHQi L
Xå MVPH ]DVH WDG\ 3 LVS
YWRPWR Y\GiQt Q
Y%HWOpP
FKDOL MVPH N YiP VSROX V YiQRþQtPL VYiWN\ R NWHUêFK QDMGHWH
NROLN VWUiQHN -DN 9iQRFH Y]QLNO\ YtPH VQDG YãLFKQL 0DULH -RVHI QDUR]HQt -HåtãH .ULVWD DWGDOH Xå PiORNGR Yt MDN VH QDS tNODG VODYt 9iQRFH
Y MLQêFK ]HPtFK $ WR D MHãW
VSRXVWX MLQpKR LQHYiQRþQtKR VL ]GH P
S HMHPH YiP L QiP DE\VWH VL YWRPWR SURVLQFRYpP þtVOH QDãOL Q
SRXþQpKRQHERDOHVSR
Q
åHWH S HþtVW 7DN
FR ]DMtPDYpKR
FRFRYiVSREDYt
9DãHUHGDNFH
+<M;BNIBINIßÀMF;
.ITBIPIL 2´HI=?DMIOT;M?N;>S &;EPTHCEFIG¼DG¼HI 0?=BHIEOFNOL;;MJIF?ßHIMN 6;BL´>E´ûMEÐBILIMEIJ 2I<EFÀß?HÀELOBS 2´HIßHÀEIOTF; ;F;DF´GIPIJIMF´HÀ
/HIQ<I;L>CHA > PI> JLIßD?MEPíF¼<ÐNGOÛ
> PI> JLIßD?MEPíF¼<ÐNÛ?H; 0;E¼P´G>´LESEP?NIO &;EM?MF;PÀ2´HI=?DCH>? ÞÀHMEÐBILIMEIJ>ÀF
.SNÀûCT?Gíß?ME¼ 5R]KRYRU
9HYiQRþQtPþtVOH&KORURI\OXQD9iVþHNiUR]KRYRUVSDQHPSURIHVRUHP/DGLVODYHP3\WORXQHP0QRKp
]QiVXþtþHãWLQX]HP SLVQHERÄREþDQNX³=QDãHKRUR]KRYRUXMVHPVHGR]Y G ODVSRXVWXLQIRUPDFt
SURWRVHSRKRGOQ XVD
WHDE\YiVODYLQDLQIRUPDFtQH]DYDOLOD
3URQRYpVWXGHQW\-DNGORXKRMVWHQDWpWRãNROH""
+RGQ 9iVYtGiPXRUJDQL]RYiQt.XOWXUN\7DNWpåYtPåH.XOWXUNDMH]QRYXREQRYHQD3URþE\OD
-DNRNDQWRUWXS VREtPãHVWêãNROQtURN
SR]DVWDYHQDDQHKUiORVH""
3 HGYiQRþQtNXOWXUQtVRXW åHWDNVHWpWRS HKOtGFH]SRþiWNX tNDORRVRELWêYêUD].XOWXUNDY]QLNOSRVWXSQ
DåSR]G MLVHNRQDO\QDQDãtãNROH]iVOXKRXSURIHVRUN\þHãWLQ\DG MHSLVX5HQDW\+RUiNRYpYOHWHFK
1D]DKUDGQLFNpãNROHMVHPVWXGRYDOQDNRQFLOHWDNDåGRURþQ MVHPVHPRWDOWURFKXNROHP
RUJDQL]RYiQt.XOWXUN\1DSRG]LPVLFHSUREtKDO\S tSUDY\QDMHMtGDOãtURþQtNDOHQiKOiVDPHWRYi
UHYROXþQtVPUã OLVWRSDGXDSURVLQFH]FHODRGVXQXODGRSR]DGtLWXWRDNFLQHENDåGêP OYWXFKYtOL~SOQ
MLQpP\ãOHQN\7DN\9iQRFHWHKG\Q MDNSURãO\NROHPEH]SRYãLPQXWtNUYDYiUHYROXFHY5XPXQVNXE\OD
VW HGHPG Qt.G\åMVPHSDNYOHGQXXYDåRYDOL]GD.XOWXUNXQH]RUJDQL]RYDWMLQG\VQDGSRGWtKRXWp
VYRERG\QiPYãHPFK\E ORGRVWY OHLS HGFKR]tYHONpQDGãHQt1iVOHGQêRGFKRGSURIHVRUN\+RUiNRYp]H
ãNRO\SDN]iQLN.XOWXUN\MLVW MHQ]SHþHWLO2]PUWYêFKYVWiQtWpWRQDãtMHGLQHþQpãNROQtDNFHVH]DVORXåLOYHGOH
GDOãtFKS HGHYãtPVWXGHQW9DãHN$OWPDQQ-DNVLPQR]tSDPDWXMHWHQRYêREQRYHQêURþQtN.XOWXUN\SURE KO
YSURVLQFL0iPUDGRVWåHMVHPPRKOEêW]DVHXWRKR
-HVWOL9iPWRQHYDGtUiGDE\FKVLY]SRPQ ODQDQDãHGUDKpPDWXUDQW\-DNY\ViPMVWHVHFtWLO]KUXEDP VtF
S HGYHONRX]NRXãNRXGRVS ORVWL""
3 WP VtF S HGPRXPDWXULWRXMVHPS HSLVRYDOS LKOiãNXQDY\VRNRXãNROXD]DþDOVL]Y\NDWåHPQRKp]WRKR
FRMVPHVHGRVXGQDXþLOLQiKOHQHSODWt'RKiQ OMVHPVSRXVWXQRYpOiWN\NS tMtPDþNiP]þHãWLQ\DREþDQVNp
QDXN\0DWXULW\MVHPVHEiODOHQHSURWRåHE\FKMLQH]YOiGQXO=DþDOMVHPVLDåS tOLãVLOQ XY GRPRYDWåHWtP
VNRQþtQiãþW\ OHWêS tPêS HQRVQHRSDNRYDWHOQpKRVHWNiYiQtVYêWHþQêPLOLGPLYV\PSDWLFNpPSURVW HGtQD
NRSFLQDG HNRX
6O\ãHODMVHPåHUiGFHVWXMHWH-DNpH[RWLFNp]HP MVWH]DVY MPODGêåLYRWQDYãWtYLO""
'YDNUiWMVHP]DVY MXåGORXKêPODGêåLYRWSREêYDOYH6W HGQt$PHULFHGRKURPDG\MVHPWDPSURåLODVLþWYUW
URNX$OHH[RWLNXP åHWHREMHYLWLSiUNURN ]DYDãtPGRPHPVWDþtVHMHQGRE HGtYDW
3 LQiVWXSXQDWXWRãNROXMVWHPXVHOPtWREURYVNRXWUpPX-DNiE\ODUHDNFH9DãLFKQRYêFKNROHJ
SURIHVRU
NWH t9iVPQRKG\LXþLOL""
1HåRWUpP E\FKVStãKRYR LORXUþLWpQHMLVWRW $OHVWRXVHMLVW SRWêNDONDåGêNGRVHPWDNWRSRþDVH]QRYX
YNURþLONG\åVHUR]KOpGQHWHSR]RUQ SRQDãHPSHGDJRJLFNpPVERUXDRVWDWQtFKSUDFRYQtFtFKãNRO\QDOH]QHWH
OLGtVSRGREQRX]NXãHQRVWtYHOLNpPQRåVWYt0RMLVWDURQRYtNROHJRYpPLQiVWXS]S WYHOPLXVQDGQLOLGtN\]DWR
.G\åMVHPE\ODYHY NXWDNOHWWRXåLODMVHPSRWRPEêWLSULQFH]QRX%RKXåHOVHPLWRQHVSOQLORýtPMVWH
FKW OEêWY\""
2GG WVWYtMVHPKRGQ WtKQXONS tURG ]SRþiWNXNH]Yt DW PSR]G MLNURVWOLQiP9S WLOHWHFKMVHPVQLOR
HGLWHOVNpIXQNFLYSUDåVNp=22
%OtåtVHQiPQRYêURN&RE\VWHSRS iOVWXGHQW
P]DP VWQDQF
PDFHOpPXOLGVWYXNURNX""
1HFtWtPVHEêWSUH]LGHQWHP]HP NRXOHDE\FKQ FRY]ND]RYDOFHOpPXOLGVWYX6NURPQ VLYãDNS HMLDE\VH
KRGQRWiPPH]LNWHUpSDW tOiVNDãW VWtD]GUDYtMHåWDNþDVWRRPtOiPHYQDãt HþLYUiWLOMHMLFKS YRGQtKOXERNê
Yê]QDP$DE\OLGpNG\åXYDåXMtQHP\VOHOLMHQKODYRXDOHWDN\VUGFHP
-PpQHPFHOpUHGDNþQtUDG\9iPS HMLYHVHOp9iQRFHDã
DVWQêQRYêURN
' NXML]DUR]KRYRU
.X H
9iQRFHSURQ NRKRVORYRYêKUXåQpSOQp]PDWNXDGHSUHVtSURMLQpKRQDRSDNVORYR]QDPHQDMtFtFKYtOHSRKRG\
GREUpKRMtGODDGiUN
0\MVPHSURYiVS LSUDYLOLWDNRYRXPDORXHQF\NORSHGLLYiQRþQtFKWHUPtQ
D]DMtPDYRVWt
DE\VWHE\OLMDNVH tNiWURFKXYREUD]H
.G\]DþtQDMt"
9iQRFHWRQHQtMHQRPâW GUêGHQ&HOêWHQYiQRþQtþDV]DþtQiGiYQRS HGSURVLQFHP6WDUWXMHQHG OtNWHUiMHQHMEOLåãt
OLVWRSDGX7HKG\]DþtQi$GYHQWMHQåWUYiþW\ LWêGQ\3URWRVHQDVWRO\GiYDMtDGYHQWQtY QFHNWHUpPDMtþW\ LVYtþN\D
NDåGRXQHG OLVH]DSiOtMHGQD
1DãLS HGNRYpVLVYiWN\XåtYDOL1DSRVOHG\VL]DMXFKDOLOLVWRSDGXQDVYDWRX&HFtOLLNWHUiMHSDWURQNRXPX]LNDQW
VHKUiOR]StYDORDWDQþLORDE\SDNQDVWDONOLGýDVS iVWHNVYiWHþQtFKS tSUDYDKODYQ S
VWX3
9WHQGHQ
VWQH]QDPHQiåHE\QDãL
S HGNRYpGUåHOLKODGRYNX.GHSDNMHQVHVWUDYRYDOLYODVWQ YHJHWDULiQVN\%\OR]DNi]iQRMtVWPDVRYHMFHPOpNRDVêU
9iQRþQtVWURPHN
6WURPHNMHSRP UQ PODGêPYiQRþQtPV\PEROHP3RSUYpVHR]GREHQpVWURPN\REMHYLO\Y1 PHFNXYVWROHWt=PtQNXR
WRPQDMGHPHYNURQLFHP VWD%UpP\]URNX7DPQtFHFKRYQtVSROHNR]GRELONUiVQRXMHGOLDQDVODYQRVWSR]YDOG WL
HPHVOQtN DE\VSROHþQ RVODYLO\VYiWN\2GGUXKpSRORYLQ\VWROHWtVHVWURPN\]GRELO\YURGLQiFKQHMG tY
SURWHVWDQWVNêFKSR]G MLLYNDWROLFNêFK3RVWXSQ VH]Y\N]GRELWVLVWURPHNUR]ãt LO]1 PHFNDGRFHOp(YURS\-HKR
UR]PDFKXSRPRKODKODYQ Q PHFNRIUDQFRX]VNiYiONDWHKG\VLQ PHþWtYRMiFL]GRELOLVWURPN\DE\VHDOHVSR
V\PEROLFN\YUiWLOLGRP NHVYêPEOt]NêP
9ýHFKiFKDQD0RUDY VHVWURPN\]DþDO\]GRELWRG]DþiWNXVWROHWt1HMG tYVHVDPR] HMP ]GRELO\YERKDWãtFKURGLQiFK
WHSUYHPQRKHPSR]G MLLYW FKFKXGãtFK
'
OHåLWpMHLRGVWURMHQtVWURPNX1XWQ PXVHOEêWRGVWURMHQDVSiOHQSR7 HFKNUiOtFKMLQDNE\G
PVWLKORQ MDNpQHãW VWt
-HåtãHN
-HåtãHNS LãHO]1 PHFNDVWHMQ WDNMDNRYiQRþQtVWURPHþHN1DMLKX1 PHFNDPX tNDOL&KULVWNLQGQDVHYHUX
:HLKQDFKWVPDQQ7XKOHSRVWDYLþNXVLS HY]DOLLQDãLS HGNRYpDWDNVHNU\VW\QGOH]DþDOREMHYRYDWVGiUN\LYþHVNêFKD
PRUDYVNêFKGRPiFQRVWHFKDOHS LFKi]HODåGHQSRâW GUpPYHþHUXQD%RåtKRGYiQRþQt7HSUYHNRQFHPVWROHWtVHMHKR
GQHPVWDOSURVLQHF
'iUN\
'QHVMHEHUHPHMDNRYHOPLG
OHåLWRXVRXþiVWâW GUpKRYHþHUD1HOLGRNRQFHQHMG
OHåLW Mãt$OHGiUN\9iQRFHS
YRGQ
QHSURYi]HO\3RSUYpVHREMHYLO\DåYVWROHWt'RWpGRE\VHGiYDO\N1RYpPXURNX2VWDWQ YPQRKD]HPtFKVHGRGQHV
GiYDMtDåQD1RYêURN9QDãLFK]HPtFKGiUN\QRVLOKODYQ 0LNXOiãDOHQHE\O\WRGiUN\QDNWHUpMVPH]Y\NOtGQHV9 WãLQRX
VHGDURYDODMDEONDR HFK\DVODGNRVWL
%HWOpP\
3UYQtEHWOpPVHREMHYLOYURFHY,WiOLL6Y)UDQWLãHN]$VVLVLYHONêS tWHO]Yt DWWHKG\YOHVHSRVWDYLOSURVWpMHVOLþN\
-HåtãHNYQLFKVLFHQHE\ODOH]MHGQpVWUDQ\E\OXYi]iQRVOtND]GUXKpYROHN.MHVOLþNiP)UDQWLãHNS L]YDOYHVQLþDQ\DVORXåLO
PãL1DPãLS LãOLWDNp]Y GDYFL]ãLURNpKRRNROtDWDNVHMLPWHQWRRE DGOtELOåHVLåiGDOLS tãWtURNMHKRRSDNRYiQt
8QiVVHEHWOpPREMHYLOYURFH3RVWDYLOLKRMH]XLWpYSUDåVNpPNRVWHOH%\ODYQ PSRVWDYHQDVRFKD-H]XOiWND-RVHIDD
0DULHYãLFKQLYåLYRWQtYHOLNRVWLQHVFKi]HODQLRVOtNDYROHN9ãHFKQ\SRVWDY\P O\NUiVQiURXFKDYROHNP OSR]ODFHQp
URK\0p
D
-$.9=1,./20§-0§12"
$'$0 u%LEOLFNÇ MP KHEUHM S YRGX VRXYLVË VKHEU K¿G¿P WM eSUV ]HPør Y\NO¿G¿ VH MDNR eêORYøN SR]HPx DQ
]êHUYHQÇKOËQ\r
'RPSRGŸGD$GËN$GRXx$GRXxHN$GHN$G¿PHNDM
6ORYQøPDQJOIUDQFKROUXVSROVFK$GDPLWDO$GDPRxSDQ$G¿QPDóŸG¿P
-PHQLQ\SURVLQFH
0,526/$9-PVORYHQVNÇKRS YRGXO]HY\ORæLWMDNRVODYQÛPËUHPVODYËFËPËUPËUXPLORYQÛ2EGREQÛYÛ]QDPP¿L
6ODYRPËU]FL]ËFK)ULHGULFK%HG LFKD,UHQHXV
'RPSRG0ËUD0LU0LUHN0LUêD0LUGD0ËUDV0LUHêHN0LUNR0LURXxHN0LUDQ6O¿YD6O¿YHNDSRG
6ORYUXVEXOKVFK0LURVODYxSDQ0LURVODYRSRO0LURVODZQøP0LURVODZODW0LURVODXV
-PHQLQ\E H]QD
3$9(/-PODWLQVNÇKRS YRGX]ODWSDXOXV]QDPHQ¿PDOÛS HQHVHQøVNURPQÛQHSDWUQÛ' ËYHVHXQ¿VRMHGLQøOH
XæËYDODLSRGRED3$9/«1]ODWSDXOOLQXVWMQ¿OHæHMËFË3DYORYL
'RPSRG3¿OD3DYOËN3DYOL3DYOËêHN3DYêD3DYORXxHN3¿MD3DYND3¿MËN3DYODV3DYO¿VHN3DYOR 3DYOËQ
3DYOXxD3¿MËQHNDM
6ORY3DYRO3DYHOQøPDQJOG¿QKROIUDQFxYÇGQRUUXP3DXOLWDO3DRORxSDQ3DEORSRUW3DXORUXV3DYHO
3DYOLQEXOK3DYHOSRO3DZHO3DXOLQVFK3DYDR3DYDOPDó3¿OILQ3DDYRODW3DXOOXV
-PHQLQ\êHUYQD
9Ÿ&/$9éHVNÇMPVORYHQVNÇKRS YRGX]QDPHQ¿YËFHVODYQÛ-HKRYÛ]QDPQRXREGRERXMH%ROHVODY
'RPSRG9¿xD9DxHN9DxËN9DxËêHN9ÇQD9HQGD9HQFD9HQRXxHN9¿FD9DFHN9¿ D9DQøNDWGFHONHPQD
WYDU QøNWHUÇVHXæËYDMËWÇæMDNRS ËMPHQË
6ORY9¿FODYUXV9MDêHVODY9DFODYSRO:DFODZVFK9HêHVODY:HQFHVODYOLWHYVN\9DFORYDV]ODWLQL]RYDQÇSRGRE\
9HQFHVODXVSRFK¿]ËQøP:HQ]HVODXV]NU¿FHQø:HQ]HOKRO9HQFHVODV:HQFHVODXVDQJO:HQFHVODVxSDQLWDO
9HQFHVODRSRUW9HQFHVODXIUDQF9HQFHVODVPDó9HQFHO
-PHQLQ\]¿ Ë
.$7( ,1$u-P$'$0u%LEOLFNÇMPKHEUHMS YRGXVRXYLVËVKHEUK¿G¿PWMeSUV ]HPørY\NO¿G¿VHMDNReêORYøN
SR]HPx DQ]êHUYHQÇKOËQ\r
'RPSRGŸGD$GËN$GRXx$GRXxHN$GHN$G¿PHNDM
6ORYQøPDQJOIUDQFKROUXVSROVFK$GDPLWDO$GDPRxSDQ$G¿QPDóŸG¿P
-PHQLQ\SURVLQFH
HFNÇKRS YRGX] HêNDWKDURVY\NO¿G¿VHMDNRêLVW¿FXGQ¿PUDYQ¿]¿NODGVORYDE\OVQDGHJ\SWVNÛD]QDPHQ¿
NRUXQD
'RP SRG .DWND .¿ D .¿êD .DêND .DêHQD .DW\QND .¿WøQND .DêXOH .DWXxND .DêDED .DêHQND .DWH LQND
.LW\.D XOND.DWODDM
6ORY.DWDUËQDG¿Q.DWKDULQDQøP.DWKDULQDRVDPRVWDWQøOÛPL]NU¿FHQLQDPLMVRX.DWKL.DW\QRU.DWKDULQD
DQJO &DWKDULQD &DWKHULQH WRWÇæ V. RVDPRVWDWQøOÛPL GRP¿FËPL SRGREDPL MVRX .DWH .LWW\ KRO .DWKDULQH
.DWKDULQD &DWKDULQD IUDQF &DWKHULQH LWDO &DWHULQD xSDQ &DWDOLQD SRUW &DWDULQD UXP (FDWHULQD .DWDOLQD ODW
&DWKDULQD HF $LNDWHULQÇ Q (NDWHULQL .DWHULQD xYÇG .DWDULQD &DWKHULQH UXV -HNDWHULQD EXOK (NDWHULQD PDó
.DWDOLQSRO.DWDU]\QDVFK.DWDULQD.DWHULQD.DWLQD
-PHQLQ\OLVWRSDGX
0$*'$/(1$ 0$*'$/§1$ MP KHEU S YRGX ]QDPHQ¿ PDJGDOVN¿ 0DULH SRFK¿]HMËFË ] 0DJGDO\ 0DJGDOD E\OR
PøVWHêNRQDE HKX*HQH]DUHWVNÇKRMH]HUDS YRGQËDUDPHMVNÇPDJGDOD]QDPHQ¿Yøæ
'RP SRG 0DJGD 0DJGLêND 0DJGLQND 0DJGDOÇQND 0DMGDOÇQND 0DMGDOHQD 0DGOHQND 0DGOD 0DMGD
0DMêD0DMROHQNDDM
6ORY 0DJGDOÇQD DQJO 0DJGDOHQH 0DGHOHLQH QøP G¿Q QRU 0DJGDOHQD 0DJGDOHQH IUDQF 0DGHOHLQH LWDO
0DGGDOHQDPDó0DJGDOÇQD0DJGROQDKROxYÇGSROVFKxSDQ0DJGDOHQDSRUW0DJGDOHQDUXV0DJGDOLQD
EXOK0DJGDOHQD0DJGDOLQD
-PHQLQ\êHUYHQFH
/8&,(-PODWLQVNÇKRS YRGX]QDPHQ¿VYøWO¿]¿ ËFËRGODWOX[VYøWOR
'RPSRG/XFD/XFËN/XF\/XFND/XFLQND/XFLêND/XFLHQND/XFLQHêND/ØêD/XVL
6ORY /XFLD /XFL¿QD DQJO xYÇG ODW LWDO /XFLD IUDQF /XFLH /XFLHQQH QøP /XFLD /XFLH /X]LD xSDQ /XFËD SRUW
/XFLD/X]ËDKROG¿NQRU/XFLD/XFLHUXV/MXFLMD/XNLMDVFKEXOK/XFLMDSRO/XFMDPDó/ØFLD
-PHQLQ\SURVLQFH
9iåHQtþWHQi LSURWRåHPLQ NWH tVWXGHQWLY\WêNDOLåHVHYQDãHPãNROQtPþDVRSLVXQHREMHYXMtþOiQN\
RKXGE DQHWUDGLþQtFK]S
+XGEDDQHWUDGLþQt]S
VREHFK]iEDY\WDNRGWRKRWRþtVODVHEXGHWHVHWNiYDWVþOiQN\QDWpPD
VRE]iEDY\
7(&+12.8/785$$632/(ý1267
¸êHOHPWRKRWRWH[WXMH]NXVLWS LEOËæLWQ¿xQHWUDGLêQË]S VRE]¿EDY\WDNMDNKRYLGËPHDSURæËY¿PH
P\SURNWHUÇDOWHUQDWLYQËWDQHêQËNXOWXUD]QDPHQ¿G OHæLWRXVRXê¿VWæLYRWDDXN¿]DWæHIUHHSDUW\QHQË
MHQWRFRYSRVOHGQËGREøêDVWRXND]XMËPÇGLD
9H]S VREXMDNÛPMVRXQDxHDNWLYLW\YQËP¿Q\MHPQRKR]E\WHêQÛFKQHGRUR]XPøQËDQHSRFKRSHQË
9ø ËPHæHMHPRæQÇMHRGVWUDQLWYHxNHUÇSUREOÇP\Y\ HxLWDGRV¿KQRXWSRNOLGQÇKRVRXæLWËVHVSROHêQRVWË
GRNWHUÇSDW ËPHDNWHURXQHFKFHPHYæ¿GQÇPS ËSDGøQLMDNRKURæRYDWMDNRVQËSRNOLGQøVRXæLMËMLQËOLGÇ
VDOWHUQDWLYQËPL]¿MP\
)UHHSDUW\MVRXDNFH
SR ¿GDQÇOLGPLNWHUÛPQHY\KRYXMH
SURVW HGËYHONÛFKWDQHêQËFKKDODV
QLPLVRXYLVHMËFËKR]¿EDYQËKR
SU P\VOXNWH ËFKWøMËWYR LWDGøODW
UDGRVWVREøVYÛPS ¿WHO PD
YxHPQ¿YWøYQËN PVYÛFKDNFËDQLF
YËFQHWRXæËVW¿WVHKYø]GDPL
3URWRVLY\WYR LOLYODVWQËPL
SURVW HGN\VYRXYODVWQËVFÇQX-H
WRNU¿VQÛDOHQ¿URêQÛNRQËêHN
ILQDQFRYDQÛ]YÛVOHGN YODVWQË
SRFWLYÇSU¿FH-HDæQHXYø LWHOQÇNROLNS ËMHPQÛFKKOXERNÛFK]¿æLWN GRN¿æËOLGÇ]SURVW HGNRYDWRVWDWQËP
MHQêLVWRXVYÇSRPRFË9HONÇWHFKQLYDO\QHMVRXMHQRGSDGN\NWHUÇSRVREøQXWQø]DQHFK¿YHONÇPQRæVWYËOLGË
DOHWDNÇQ¿GKHUQ¿EDUHYQ¿VKRZØæDVQ¿XN¿]NDOLGVNÇY\QDOÇ]DYRVWLDVDPRVWDWQRVWLPODGÛFKOLGËNWH Ë
VLGRN¿]DOLYGQHxQËPVYøWøQDMËWDNWLYQË]S VREVHEHUHDOL]DFH
3URQ¿YxWøYQËNDS LQ¿xËVHWN¿QËVYÛVOHGN\WDNRYÇWRVQDK\QDSURVWRQRYÛ]¿æLWHNQøFRFRQLNGH
MLQGHQHQDMGH-HWRVDPRWQ¿SDUW\SRGRWHY HQÛPQHEHPSURVW¿MDNÛFKNROLRPH]HQËGDQÛFK
SRGQLNDWHOVNÛPLSRW HEDPL
3DUW\MHSURQ¿VPËVWHPVRXQ¿OHæLWRVWLVHWN¿Y¿QËSR]Q¿Y¿QËQRYÛFKS ¿WHO6YÇE\WQ¿NRPXQLWD
GRVSøOÛFKØêDVWQËN WHFKQRSDUW\MHLQVSLUDWLYQËPSURVW HGËPNWHUÇGRG¿Y¿HQHUJLLHO¿QDRSWLPLVPXVGR
MLQÛFKREODVWËæLYRWDMDNRMHêDVWRVWXGLXPêLQ¿URêQ¿]DPøVWQ¿QËYREODVWLLQIRUPDêQËFKWHFKQRORJLË
7RMHWY¿ WHFKQDNWHURXPÇGLDY]KOHGHPNSRFKRSLWHOQÇPXQHSRUR]XPøQËQøêHPXQRYÇPXDFL]ËPX
QHYLGË-HWRM¿GURWÇWRQHREY\NOÇNXOWXU\
6DPR] HMPøQHSRSËU¿PHH[LVWHQFLWÇGUXKÇWY¿ HSOQÇSUREOÇP GDQÛFKFHONRYRXVYRERGRX
DYROQRVWËQDDNFËFKYNRPELQDFLVQDEDORY¿QËPPÇQø]RGSRYøGQÛFKHOHPHQW QDS YRGQËRNUXKQDGxHQF 9SRVOHGQËGREøERKXæHOMHWHFKQRPÑGRXPH]LGRVWY\VRNÛPSRêWHP]YO¿xWøYHOPLPODGÛFKNWH ËMHKR
LGH¿O\S HGHYxËPRW¿]N\RVREQË]RGSRYøGQRVWLDUHVSHNWXNOLGHPLS ËURGøQHGRN¿æËFWËW,Q¿PWRYDGË
DLQWHQ]LYQøVHVQDæËPHQDFK¿]HW HxHQËSR ¿G¿QËPDNFËWDNDE\QDQøWDNRYËOLGÇQHGRUD]LOLSRVËOHQËP
RUJDQL]DêQËVWU¿QN\LVQDKDPLRYÛFKRYQÇS VREHQË
-HRYxHPW HEDSRGRWNQRXWæHWHQWRSUREOÇPVHQHWÛN¿]GDOHNDMHQWHFKQDMGHRSUREOÇPGQHxQË
GRVSËYDMËFËJHQHUDFHNWHUÛVHSURMHYXMHYxXGHWDPNGHVHDGROHVFHQWQËPO¿GHæVFK¿]Ë-HVPXWQÇæH
SU¿YøWHFKQD PMHS HGKD]RY¿QRQøFRFRYLGËPHYxXGHNROHPVHEHFRVRXYLVËVHVWDYHPURGLQ\DFHOÇ
VSROHêQRVWL
7HFKQD LQHFKWøMËQLNRKRREWøæRYDWDQLQLFQLêLW6QDæËVHVYÛPSRêËQ¿QËPFRQHMPÇQøUXxLWRNROË
SURWRSURVYÇDNFHYROËPËVWDMDNRMVRXQDS ËNODGRSXxWøQÇYRMHQVNÇSURVWRU\3RNDæGÇSDUW\VHXNOË]Ë
9QHVODYQøSURVOXOÇ/LSQLFLS HVWRæHxORRSURYL]RUQøDERKXæHOQH]FHODx DVWQø]YROHQRXORNDOLWXE\OD
VNXWHêQRVWSRQøNXGMLQ¿QHæSUH]HQWRYDODQøNWHU¿PÇGLD,QWHQ]LYQøVHWDPXNOË]HORDY\EUDO\VH]QDêQø
Y\VRNÇê¿VWN\QDS LVWDYHQËNRQWHMQHU 9ÛVOHGQÛVWDYSDNQHE\O]GDOHNDWDN]OÛMDNRVHYH HMQRVWLWYUGLOR
1DWRæHVHYxHGøMHQDGREURYROQÇE¿]LMHXY¿GøQËSURVW HGËGRS YRGQËKRVWDYXQDYHOPLY\VRNÇØURYQL
.GRNROLP æHQDYxWËYLWPËVWDQDNWHUÛFKVHSURYÛKRGQÇSRGPËQN\DNFHNRQDMËSUDYLGHOQøDSURKOÇGQRXWVL
MH=FHODMLVWøQHQDMGH]QLêHQÇSURVW HGËVWRSEXGHPRæQ¿LPÇQøQHæQDPËVWHFKNGHE\O\SR ¿G¿Q\YHONÇ
NRPHUêQËNRQFHUW\DWDQHêQËYHêHU\
9HOPLêDVWRMVRXREYLQøQËSURWLWHFKQRNXOWX H]DORæHQDQDRW¿]N¿FKXæËY¿QËGURJ,]GHVH
GRPQËY¿PHæHMVPHQHVSUDYHGOLYøVWDYøQLQDSUDQÛ NY OLSUREOÇPXNWHUÛQHQË]¿OHæLWRVWËIUHHWHFKQDDOH
FHOÇVSROHêQRVWL
1DDNFËFKVHVDPR] HMPøY\VN\WXMËOLGÇNWH ËGURJ\XæËYDMË7DNMDNRMHGQHVQDMGHWHYNDæGÇxNROH
NDæGÇPPøVWøDWÇPø NDæGÇREFLDSRFKRSLWHOQøYxXGHNGHVHVFK¿]ËPODGËOLGÇ]DØêHOHP]¿EDY\
2UJDQL]¿WR LDNFËQHPRKRXQLNRPX]DEU¿QLWDE\S LMHODSRæLOVYÇREOËEHQÇVXEVWDQFH
1DIUHHWHFKQXVHYxDNGURJ\S HVWREHURXSRGVWDWQøPÇQøQHæQDYHONÛFKNRPHUêQËFKWDQHêQËFK
SDUW\NGHMHYøWxLQDOLGËSRGYOLYHPDPIHWDPLQ LSURWRRW\WRDNFHS ËOLxQHVWRMËPHDNG\XæSDNQøNWH Ë
OLGÇXæËYDMËPDULKXDQXSURWRæHMVRXVLYøGRPLQHJDWLYQËFKQ¿VOHGN SUDYLGHOQÇKRSRæËY¿QËGDOxËFKO¿WHN
/LGLNWHUÇP¿UHSUH]HQWRYDWWHQWRGRNXPHQWPDMËYæLYRWøMLQÇ]¿MP\QHæVHQLêLW
¸êDVWQËNWHFKQRSDUW\PXVËY\QDORæLWPQRKHPYËFHQ¿PDK\DE\VHQDPËVWRDNFHGRVWDODPQR]ËVH
SRWÇU ]QÛPL]S VRE\DNWLYQøØêDVWQËSURJUDPX7HFKQRMHYHVYÇSRGVWDWøRSDNHPSDVLYQËKRDSDWLFNÇKR
S ËVWXSXNæLYRWXNWHUÛYHGHOLGLN]¿YLVORVWLQDWYUGÛFKGURJ¿FK
2UJDQL]¿WR LWHFKQRSDUW\MVRXY]¿MPXNOLGQÇKRSU EøKXVYÛFKDNFËDE\VLMHPRKOLQ¿YxWøYQËFLSOQø
DQHUXxHQøXæËWS LSUDYHQLVSROXSUDFRYDWVPËVWQËVDPRVSU¿YRXDGDOxËPLRUJ¿Q\VRXêDVQøVHVQDæË
XGøODWPD[LPXPSUR]DMLxWøQËSR ¿GNXQHUXxHQËRE\YDWHOD]DFKRY¿QËSURVW HGË.ODGQRXVWU¿QNRX
QøNROLNDGHVËWHNKRGLQ]YÛxHQÇKRUXFKXDSURYR]XMHSURREFHNXSQËVËODQ¿YxWøYQËN WHFKQRSDUW\PRæQRVW
PLPR ¿GQÇKRS ËMPXSURPËVWQËRE\YDWHOH3RNXGQ¿PVSROHêQRVWY\MGHYVW ËFDXPRæQËYøQRYDWVHYH
YROQÇPêDVHQDxË]¿EDYøQDYKRGQÛFKQLNÛPQHSRXæËYDQÛFKPËVWHFKXGøO¿PHFREXGHPHPRFLDE\VH
S HGHxORMDNÛPNROLSUREOÇP P9ø ËPHæHVHLQDxHNXOWXUDP æHVW¿WVRXê¿VWËPQRKRWY¿UQÇUHDOLW\WÇWR
]HPø
3XEOLF
KWWSZZZIUHHWHNQRF]
.R]RURK
1HSRXãW
%êN
MWHNR]ODQD]DKUDGX
YãHFKQRYiPSRGXSH1HWUS
OLYê
QêYQLW QtP
.R]RURKSRKiQ
QHNOLGHPQHQtYåG\XPtUQ
3DQQD
3UDNWLFNêDVWDELOQt%êNQHQtåiGQê
KHMSRþNHM6HVYêPLYêS
QêD
VWN\]H
7Y
UþtDLQWHOHNWXiOQtVFKRSQRVWL
YHGRX3DQQXNWRPXåHREþDV
]DKUDG\XPtGRE HQDORåLWDSURWRåH
Y\S
REþDVQHKOHGtQDFR]URYQDãOiSQH
VHY\]QiYHILQDQFtFKGRNiåHVL
QHREY\NOpKR3 HVWRMLY
0
YãHFKQRWDNpYêERUQ
XVWDUDQRVWYHGHNVRXVWDYQêP
åHVHWRSURMHYLWLQDMHKR
VSRþtWDW
VWXMHQ
FRRSUDYGX
þQi
]DKUiGFHNG\YãHFKQROtWiNROHPD
3 LWRPMHY HOêDODVNDYêN
REDYiPRNY
þDVWRVHQ
]iND]QtN
VNURPQRVWLVLDQLQHS LSXVWtFRXPt
MDNiWDNY
WLQNDSRQLþt
P-LQDNMDNRQiUXåLYê
0iOLYãDNGREUêSOiQSUiFHDQLFPX
]DKUiGNi SUDFXMHQD]DKUDG
MHMQHQDUXãtQHUHSWiSUDFXMHD
LYOpW
YGREUpSRKRG
SDNUR]GiYiSORG\
VYpSUiFHS iWHO
P
S
Y]LP
3RPiKiPXWRXGUåHWVL
WLQN\9HVYp
QDWRåDE\VHSRFKOXELODWtPFR
Y\WYR LOD3 LWpWRREH] HOpD
NQRXSRVWDYXSURWRåHPXQHO]H
~]NRVWOLYpSpþLVHYãDNMHMtP
XS tW]iOLEXYGREUpPMtGOHDSLWt
PLOiþN
9RGQi %OtåHQFL
9iK\
-HQHS HGYtGDWHOQêDFHONHP
-LQDNUDFLRQiOQt%OtåHQFLSDPDWXMtYH
9iK\VHVYêPVP\VOHPSURNUiVXVL
RGP
VYp]DKUiGFHQDYãHFKQRLWXGêQLVL
MLVW
Y\S
Y\MtPDWYMHMLFKS HS\FKRYpP
HQê9HVYpWRX]HSR
URPDQWLFHDQ
QHMVStãS
þHPQHREY\NOpPEXGH
VWRYDWQDEDONRQ
OHNQtQ\
VWXMt-VRXYãDNWURFKXUR]W
DQHG
VOHGQtWDNåHVHP
NDQt
åHVWiWåH
SR tGtRUFKLGHMNWHUiVHEXGH
S tE\WNX%XGHWRY\KRYRYDWMHMLFK
EODWRXFK\DMLQpYRGQtURVWOLQ\.G\å
]DWtPFRVNOt]HMtGêQ
VHQ
MDEOND-DNYLGtPHQHPXVtVHWR
QH]DOHNQRXS
SRNDåGpY\SODWLW=DFKUiQtMHSRX]H
SURWRåHYåG\XVLOXMtR~VS
NGRQDGWRXWR]iOLERX
SR]DVWDYtSRXåLMHVYRMHRVREQt
NRX]ORDY\VY
WOtPXMDNVQDGQpMH
]DSRPHQRXQD
PGD tGRFHODGRE H
MHMLFKU\FKOiUHDNFH&HONRY
PDMt
URPDQWLFNpSRYD]H5R]KRGQ
VH
VWLWHOVNêFKQH]GDU
ãQp
GRNRQþHQtVYpKRS HGVHY]HWt
WRWRKREE\SURYR]RYDW'REUi
YHONêVP\VOSURREMHNWLYLWXWDNåHMLP
9\WYR tNROHPVHEHPLOpSURVW HGt
S HGVWDYLYRVWPXSRPiKiY\WYi HW
]DKUDGDMHQRPNYHWH=NUiWNDMVRXQD
NGHYNOLGXDEH]VS
~KOHGQi]iNRXWt3 LWRPMHUDFLRQiOQt
YãHFKQRGYDDYHGYRXVHWROpSH
OHWLWpKR~VLOtR]GRNRQDORYiQt
WDNåHQDVYpKRNRQtþNDY\GiMHQ
WiKQH
QiGKHUQêFKH[HPSOi
5DN
âWtU
FKXVNOt]tSORG\
WROLNNROLNMHQXWQp
5\E\
3RQ
/DVNDYpQ
ViPVHVYêPLNY
åQpSRHWLFNpDYOtGQp
5\E\GRE HRSDWUXMtVYpNY
2GP
QRX]DY
MLPNUiVQ
WLQN\
QRYDQRXSpþLMVRX
NYHWRXFtURVWOLQ\6
LQWXLFtVRE
YODVWQtS
NXGLQWURYHUWQt5DNVLY\VWDþt
QDMGHVSUiYQRXSUiFLQHERNRQtþND
VFLWHPDOiVNRXRãHW XMH$YãDN
6HYãtVYRXHQHUJLtMDNGXãHYQtWDN
VP\VOSURKURPDG
I\]LFNRXVHSXVWtGRS
SURP
VWXMtYRGQt
9WRX]HSRVHEHUHDOL]DFLVLYåG\
WLQDPLNWHUp
QtY
FtDWpåMHKR
QOLYiSRYDKDPRKRXS LVS
NWRPXåHVHLPLORYDQpNY
W
VWRYiQt
ERQVDt9HVQD]HGREUDWVH
WLQ\
VSUiYQpKRNR HQHY
FLYWRPWR
URVWOLQ\DY\WYi HMtSRHWLFNi]iNRXWtX
MHGQRXRFWQRXPH]LKDOGDPLMLQêFK
S tSDG
VYêFKED]pQN
RGORåHQêFKY
S HåHQH3URWRMHKRYêWYRU\Q
þLMH]tUHN3 LWRPMLP
Ft1DãW
VWtPiGREURX
SRPiKiERKDWiREUD]RWYRUQRVW
SDP
%RKXåHOFK\EtMLPVP\VOSUR
RGORåLO-HQHVREHFNêDSRåiGiWH±OL
HPRFLRQiOQ
SUDNWLþQRVWDMHVWOLåHYãHFKQR
MHMRQ
VHWROtEtS HGP
LQYHVWXMtGRNRQtþNDQH]EêYiMHMLFK
SRG
PLOXMtFtPXSURW
WDNåHVLSDPDWXMHNDPFR
MDNêYêS
VWHNUiGVHVYiPL
OtRUDGRVW
%HUDQ
YåG\MLVWVYêP~VS
%HUDQVHXPtQDGFKQRXWSURWRFR
Oi=DXMDW
SUDFXMHQD]DKUDG
D
GEiQDGRNRQþHQtSUiFH
WDNåHåiGQêSD H]S HGQtP
QHREVWRMt'
OiYãHFKQRQDSOQRMH
]NUiWNDRGUiQ\'REURGUXåQêGXFK
KRQHXVWiOHSRKiQtN]DYiG
S
Qt
VWLWHOVNêFKQRYLQHNFRåQHPXVt
YåG\GRE HGRSDGQRXW-HãW
åHPi
VP\VOSURKXPRUDGRYHGHVHWRPX
]DVPiW
YUKiVW HPKODY-HVWOL
WXMHKRSR]RUQRVWL
FGUXKi-HYHOPLE\VWUê
WDNåHQHQtQLF]WUDFHQR
/HY
$XWRULWDWLYQtDVHEHY
G
FDå
NG\
VREtQHORJLFN\'RVYêFK]iOLEVH
MHYãDNY
MãNXQHåDE\MH
VSRQ]RURYDO
WYUGRKODY
S
WYDUXERQVDMHFHORXY
VHSRXãWtGRS
NWHUpPXQ
GRPê/HYVLMH
FKHP2GYiåQ
VWLWHOVNêFKSRNXV
KODYQ
NY
7RXKDSRQHREY\NOpPMHMGRYHGH
NG\Y\MGRX$NG\åQH
QHYDGt6QLþtPVLQHG
QHSR iGN\1HP
åH
OiYãHOLMDNp
åHPHVHQDQ
VWRYDWW HEDNDNWXV\QHERERQVDMH
-HLQWHOHNWXiOQ
WLQDSRVORXåLW-LQDNQHQtS tOLã
RSDWUQêWDNåHREþDVQDG
NWRPXåHVStãHQHåPXãNiW\EXGH
S
OiVWDURVWL
åHMHHOHJDQWQt,NWRPXP
6W HOHF
M]D
]DP
HQWDNåHVL
NWRPXLOHGDFRVS HþWH$YêVOHGN\
PiYêERUQpQ
0iUiGLPpQ
NG\DåS HNYDSXMtFt
E
åQpVSRUW\MDNRMH
OXNRVW HOEDDOHSR]RUDE\OXNDãtS\
WR]ORELWMHWRYêVOHGHNHQWX]LDVPX
QHVNRQþLO\QDK HEtNXNY
VQtPåVHGR]DKUDGQLþHQtSRXãWt
NDNWXV
9]NYpWiPXYãHFRS HåLMHMHKR
SURWRåHPiVNORQNQDGYi]H
WHPSHUDPHQW
OL
P-HKROLQLHE\WtPXWUS
OD
.]iKDGQêP]QDPHQtPYRELOtVHGiS LVWXSRYDWPQRKD]S
VRE\1 NWH tVH
UR]SOêYDMtSRX]HQDGMHMLFKQiGKHURXMLQtYQLFKYLGtSRNXV\PLPR]HPã DQ
QDYi]DWVOLGVWYHPNRQWDNW'DOãt]DVHVRXGtåHMVRXWR]QDPHQt]QHEH0QRKROLGt
VHMLPYãDNGRVXGY\VPtYiDQLY GFHREY\NOHQH]DMtPDMt%H]MHMLFKSRPRFLYãDN
WDMHPVWYt]QDN
YRELOtDVLQHUR]OXãWtPH
1
DS HORPXêHUYHQFHDVUSQDREMHYLOLEULWxWËYøGFLFHUHDORJRYÇ]DMËPDYÇ
S ËU VWN\KUDEVWYË:LOWVKLUH-HGHQ]QLFKOHæËQDSROL]YDQÇP<DWHVEXU\NRXVHNRGVLOQLFH
$PH]LPøVW\%HFNKDPSWRQD&DOQHQHGDOHNRPøVWD$YHEXU\NGHVHQDOÇ]DMËWDMHPQÇ
NDPHQ\
2'9Èä1é32.861(9<â(/
6QtPHN IRUPDFH SRFKi]t ]þDVQpKR UiQD D WDN O]H S HGSRNOiGDW åH S HG EDGDWHOL ML QHSRãODSDOR PQRKR
OLGt 2 WR YtF YãDN ]DUD]t ]MHYQp QHS HVQRVWL 1 NWHUp REUD]FH MVRX WRWLå RþLYLGQ ÄQHSRYHGHQp³ QHPDMt
SUDYLGHOQêWYDU=WRKRO]HXVRXGLWåHSRP UQ VORåLWpJHRPHWULFNpVHVNXSHQtVSU
WDN]YDQêFK FLUFOHPDNHU
SDG ODWHO
RELOQêFK NUXK
P UHPPMHGtOHP
1D WR SRXND]XMH VNXWHþQRVW åH VWpEOD SROHKOêFK
URVWOLQQHMVRXXVSR iGiQDVWHMQRP UQ MVRXSRãNR]HQDD]DEOiFHQD8SURVW HG FHOpKRREUD]X]HMHYKOtQ
]QDþQiGtUD3DG OHNQHPiS HGHYãtPRQX~FKYDWQRXV\PHWULLRULJLQiOX
+8'%$9Ë
Ë&Ë&+6)e5
VUSQD E\O YH :LOWVKLUH QDOH]HQ QiGKHUQê SLNWRJUDP
VORåHQê ]SDGHViWL GYRX NUXK
2]GRELO SROH QD .QQDS +LOO
SREOtå $OWRQ 3ULROV -DNê MH VNXWHþQê Yê]QDP WRKR ]YOiãWQtKR
ÄVFKpPDWX³VHP
åHPHRSUDYGXMHQGRKDGRYDW2EUD]HFãHVWL
VRXVW HGQêFK NUXåQLF NWHUp Y\WYi HMt þW\ L NUXKRYp SiV\
S
VREt GRMPHP RWiþLYpKR SRK\EX -DNR E\ ]H VW HGRYpKR
NUXKX RKUDQLþHQpKR VWRMtFtP RELOtP Y\FKi]HOR MDNpVL Yt HQt
.DåGê ]H þW\ SiV
MH WRWLå UR]þOHQ Q QD W L ~VHN\ SRPRFt
YêUD]QêFKREORXN
]DQLPLåQiVOHGXMH VHVNXSHQt SRVWXSQ VH
]PHQãXMtFtFKNUXK
6P UHP]FHQWUDIRUPDFHREVDKXMHNDåGp
]HW tSROtSUYQtVIpU\MHGHQNUXKDOHXGUXKpMVRXWRXåW LDX
W HWtKRSiVXS W-HQYHYQ MãtþWYUWpVIp HMHMHMLFKSRþHWVXGê
2EUD]Yt tFtFKHQHUJLtþLVIpUX.QDSS+LOOY\WYi t
~åDVQêODE\ULQW
ãHVW DOH SRX]H YH GYRX S tSDGHFK -HGQR SROH MLFK WRWLå REVDKXMH VHGP 7R FHOp SRXND]XMH MDNR
XPQRKêFK MLQêFK IRUPDFt QD XUþLWRX QHGRNRQþHQRVW QD Q MDNê SUREtKDMtFt SURFHV =Qi]RU
URWXMtFt
XMt VQDG
DG\ MDNpVL SURXG Qt HQHUJLt" 1HER G Qt YSDUDOHOQtFK GLPHQ]tFK" 2EUD] ÄYt tFtFK VIpU³ VNêWi
VLOQê ]iåLWHN QHMHQRP ]YêãN\ .UXåQLFH SROHKOpKR RELOt MVRX WRWLå SURSRMHQ\ D Y\WYi HMt RKURPQê
ODE\ULQW
7$-(0679Ë*Ï*$$0$*Ï*$
2MHGLQ Oê
VNYRVW
NWHUê
EULWãWt
FHUHDORJRYp
QD]YDOL ÄDQG O³ E\O REMHYHQ MLå þHUYHQFH
QHGDOHNR &DPEULGJH YH VWHMQRMPHQQpP
KUDEVWYt 0tVWR NGH RELOt SROHKOR GR REUD]X
QHREY\NOp
D
MHPQp
NUiV\
QHVH
SRQ NXG
]YOiãWQt MPpQR *RJ 0DJRJ +LOOV 3LNWRJUDP
Pi YHOPL VORåLWRX JHRPHWULFNRX NRQVWUXNFL
SURWRåHMHGQRWOLYpSUYN\MVRXNRPSRQRYiQ\QD
VW HG KODYQtKR NUXKX DOH SRGOH ERGX QD MHKR
RVH
1DY]GRU\
WRPX
MH
QDSURVWR
S HVQ
SURYHGHQ MDNR Y\ H]DQê E LWYRX 9 Wãt þiVW
REUD]FHY\SO
S
XMtGYDPRKXWQpGRVHEHYORåHQp
OP VtFH ]H VWRMtFt SãHQLFH 2ENOLþXMt PHQãt
NUXK SROHKOpKR RELOt 9 Q P MH RYãHP MHãW
MHGHQ PDOê NUXK NWHUê S LOpKi N YQLW Qt VWUDQ
PHQãtKR VUSNX 'RWêNi VH KR Y ERGX NDP VH
)RUPDFHX<DWHVEXU\QHVHW\SLFNp]QiPN\SDG ONX
Y RELOt Y]GiOHQ MãtKR Y WãtKR S
SDSUVNRYLW VEtKiWHQNêFKS tPHN FHVWLþHN
OP VtFH .DåGi ] QLFK MH ãLURNi DVL SDWQiFW FHQWLPHWU
]MHGQp VWUDQ\ Y\þHVDQi GR VWRMtFtFK VWpEHO &R NURP ]MHGQRGXãHQpKR DQG OD P
D SãHQLFH Y Qt MH
åH REUD] ]QDPHQDW"
0RKORE\VHMHGQDWR]Qi]RUQ Qt]HPVNpPDJQHWRVIpU\"1HER]YêãHQtVOXQHþQtDNWLYLW\"&R tNi]QDPHQt
S
OP VtFH MDNR WUDGLþQt V\PERO" $ Xå Y NUXKX þL EH] Q KR MH WR YHOPL VWDUp ]QDPHQt 0i U
RGVWtQ QpYê]QDP\SRGOHVYpSRORK\FRåQHO]HQDWpWRIRUPDFLMHGQR]QDþQ XUþLW7pP
Q MDNY]WDKXMtN~GROt(XIUDWXD7LJULGXDSUDVWDUêPERåVWY
S HGVWDYXMH QDS tþ U
PWDPQtFK tãt3
]Q
YãHFKQ\VHYãDN
OP VtFVNUXKHPXYQLW SDN
]QêPL NXOWXUDPL OXQX V ÄKY ]GRX³ 9HQXãt -LW HQNX 9 GQHãQt GRE E\FKRP PRKOL
]QDNYQtPDWMDNR V\PERO DUDEVNpKR VY WD 3DN MH RYãHP ]DMtPDYi VRXYLVORVW V Qi]YHP PtVWD 6RXVORYtP
Ä*yJD0DJyJ³VHWRWLåYELEOLFNêFKSURURFWYtR]QDþXMtQHS iWHOpÄERåtKROLGX³NWH tQDQ MS LWiKQRX]H
VHYHUX 7R MH ] SRKOHGX ÄVYDWp ]HP ³ RG %DE\ORQX þLOL RG (XIUDWX D 7LJULGX 1D YêMHYX Y RELOt MDNR E\
S
OP VtFSRKOFRYDO]HPL9\WiKQHVQDGLVOiPGRVYDWpYiON\"'RXIHMPHåHQH.påS HGVWDYXMHRSUDYGX
-LW HQNXNpåRKODãXMH~VYLWOHSãtFKþDV
DQLNROL9HþHUQLFL«
Ä$QG O³]&DPEULGJHVKLUH±Rþ]iKDGQ MãtRWRNUiVQ Mãt
%HME\
”
”
”
”
”
”
”
”
”
”
”
”
”
”
-F[åTQ\MTQLÊVGLCDNMQCPCLFGVGL¾FTQXGVXCTWJX÷\F[DWFGVGEGNÚTQM\FTCXÊ0CLFGVGNK
VXCTM ÊåGPKEFQDTÆJQPGéGMGLVG
5GFPGNKUKUXQDQFP¾FÊXMCQiV÷FTÆOFPWPC\¾RTCåÊDWFGNKRQLÊFCVLCDNMQCFQéM¾NKUG
OWåGLFQWEÊJQMQNGOFQTQMCDWFGRQFéGREGOXF¾UG
0G\CFCP¾FÊXMCO åGVCMÆX[JPCV\FQOWRUCCFÊXCVUGMVGTÚOUO÷TGOUGRGUX[F¾
6COVQVKåéGM¾RCTVPGT
/¾VGNKFQOCXÊEGUXQDQFPÚEJRCMLGPGLNGRwÊTQ\MT¾LGVMQN¾éPCVQNKMMWU MQNKM
PG\CFCPÚEJFQOCO¾VG2CMR KF÷NÊVGMCåFÆOW\PKEJLGFGPMQWUGMC\CXQN¾VGRUCPGDQ
MQéMWèÊMQWUGMUKFQO¾EÊ\XÊ GX[DGTGVGPPCLFGåKXQVPÊJQRCTVPGTC
5RQNGJNKXÚORTQUV GFMGOLGDG\-F[åUGMP÷OWRQwV÷FTQXGéGTPÊXGéG KX[F¾UXQDQFP¾
FÊXMCWEJQRÊQD÷OCTWMCOCMOGP\CV GUGLÊOCDWFGTGEKVQXCV6 GUWV GUWDG\Q\XKUG
OKRGUMFGO LOKNÚFPGU2CMOWUÊX[éMCVCåUGQRTCXFWP÷LCMÚRGUQ\XGCVCOC UG
X[F¾JNGFCVOWåGUXÆJQUTFEG
/ åGVGUKVCMÆJQFKVUV GXÊEGO*¾\ÊUGR GUJNCXWCF NGåKVÆLGMCOUO÷ WLGwRKéMC
UV GXÊEG/Ê ÊNKXGP\GFXG ÊDWFGR ÊwVÊTQMUXCVDC5O÷ WLGNKFQOÊUVPQUVKRCMUGUXCVDC
OKPKO¾NP÷TQMMQPCVPGDWFG
4Q\wÊ GPÚOX¾PQéPÊO\X[MGOLGRQWwV÷PÊUMQ ¾RGM0GLéCUV÷LKUGRQWwV÷N[XGFXQLKEK&ÊXMC
CEJNCRGEUKTQ\R NÊQ GEJFCLÊFQUMQ ¾RGMRQUXÊéEGCRWUVÊLGPCXQFW-F[åUG
UMQ ¾RM[R KDNÊåÊLGLKEJN¾UMCX[FTåÊ-F[åQFUGDGQFRNWLÊN¾UMWRQVM¾UVGLPÚQUWF
1iV÷FTÆOFPWPG\COGVGLVGPGOGNVGQDKNÊPGOCNWLVGPGwKLVGPGX[NÆXGLVGXQFWPCFX T
PGX[P¾wGLVGRQRGNPGXUV¾XGLVGRTWFEGQFUVQNWPKEUKPGR LéWLVGPGQDEJQFWLVGPGMÚEJGLVG
tVQXwGO åGR KXQNCVPGwV÷UVÊDCFQMQPEGUOTV
8GéGTR GFiV÷FTÚOFPGOUKFGLVGRQFRQNwV¾ Q GEJ2QRTQDW\GPÊJQTQ\NQWUMP÷VGCLGwV÷
XRQUVGNKUP÷\VG2QEGNÚTQMX¾UPGPCXwVÊXÊDNGEJ[wV÷PKEGCPKLKPÊPGR ¾VGNÆRQUVGNÊ
-TCX¾OFGLVGVTQEJWMCwGX÷VÆXMWTQWV[CV KLGéPÆMNCU[tDWFQWFQLKVCDWFQW\FTCXÆ
,GUVNKEJEGVGCD[O¾UNQ\LGLKEJONÆMCD[NQåNWVÆLCMQUNWPEGR KFGLVGLKOFQMTOGPÊQ GEJ[
-QPKPCDÊFP÷VGRQUQNGPÚEJNÆDtDWFGXGNOKXÚMQPPÚ
5NGRKEÊOFGLVGRwGPKEKJT¾EJCLGéOGPDWFQWUP¾wGVXGNM¾XGLEGUMT¾UP÷åNWVÚOKåNQWVM[
-Q\GFGLVGLCDNMQDWFGOÊVONÆMQUNCFMÆLCMQOGF
-QJQWVRGUCJQWUGTD[O÷NKFQUVCVéGUPGMCD[D[NKQFX¾åPÊCFQD GJNÊFCNK
,CMUKRQNÊéKVPCwV÷UVÊ
”
”
”
”
”
”
”
”
&QUVWF¾PM[XJQòVGLCDNMQCQ GEJDWFGXPÊFQDT¾XQFC
7UVQNWD[X¾UO÷NDÚVUWFÚRQéGVR KPGUGVQwV÷UVÊ
iV÷UVÊR KPGUGKUGPQRQFUVQNGOEQåR KRQOÊP¾PCTQ\GPÊ,GåÊwMCXDGVNÆOUMÆOEJNÆX÷
2QFWDTWUOWUÊDÚVD÷NQUVPÚCX[FTåGVPCUVQNGCåFQiV÷R¾PCFGLVGUGOGPCXwGEJ
TQUVNKPMVGTÆEJEGVGXR ÊwVÊOTQEGR÷UVQXCV2CMLGR KFGLVGMQUVCVPÊOWQUKXWCFQDTQW
×TQFWO¾VG\CTWéGPQW
6QåGRQFWDTWURCV ÊKT[DÊwWRKPCWTéKV÷XÊVGLKPCMUGDQJCVUVXÊPGFQéM¾VG
0QJ[WUVQNWUGRP÷VG GV÷\GOVCMX[VTX¾XCwGTQFKPP¾UQWFTåPQUV
,GUVNKO¾VGUVTCEJ\G\NQF÷L RCMM GV÷\ OR KFGLVGLGwV÷RTQXC\[tQFRWFÊLG
2QMTO O¾DÚVPCUVQNGFGXCVGTQRTQVQåGFGXÊVMCU[ODQNK\WLG×RNPQUVLGPCMQPEKRQéGVPÊ
CF[CLGVQéÊUNQMVGTÆX[XQN¾X¾\¾\TCM[
/ÆòC
'DODMOiPRYRSRVOiQt
9H]P
WHY~YDKXæHYHONiOiVNDDYHONpVNXWN\]DKUQXMtYHONpULVNRYiQt
WH]MLVWLWSUR
.G\æSURKUDMHWHQH]DSRPH
'UæWHVHW t55HVSHNWY
]RGSRY
LVRE
GQRVWL]DYäHFKQ\VYRMH
5HVSHNWY
VW
LRVWDWQtP5HVSRQVLELOLW\
LOL
HKRFKFHWHMHWRQ
NG\]iVDK
Q\
WHVHSUDYLGO
1DX
HQt
LQ\
3DPDWXMWHVLæHNG\æQHGRViKQHWHYäHKR
äW
DY]tWVLSRQDX
PDE\VWHY
G
OLMDNMHVSUiYQ
SRUXäLW
1HGRYROWHDE\PDOpQHVKRG\]UDQLO\YHONpS iWHOVWYt
-DNPLOHVLXY
QiSUDY
GRPtWHæHMVWHXG
ODOLFK\EXX
L
WHRNDPæLWpNURN\NMHMt
.DæGôGHQ]
VWD
WHXU
2WHY HWHVYRMLQiUX
3DPDWXMWHVLæHPO
åLMWHGREUô
LWô
]P
DVRVDPRW
QiPDOHQHY]GiYHMWHVHS
HQtMHQ
NG\WDQHMOHSätRGSRY
LWRPVYôFKKRGQRW
HVWQôæLYRW$æ]HVWiUQHWHDSRGtYiWHVH]S
WSRW
ätYiVWDNRYô
æLYRWSRGUXKp
/iVN\SOQiDWPRVIpUDYHYDätGRPiFQRVWLMH]iNODGHPYDäHKRæLYRWD
3 LQHVKRGiFKVHVYôPLPLORYDQôPL HäWHSRX]HS tWRPQRXVLWXDFL1HY\WDKXMWH
QDVY
WORPLQXORVW
6GtOHMWHVYRMHSR]QDWN\MHWR]S
%X
VREMDNGRViKQRXWQHVPUWHOQRVWL
WHMHPQtN=HPL
-HGQRXGRURNDVHY\SUDYWHQ
NDPNGHMVWHQLNG\QHE\OL
3DPDWXMHWHVLæHWHQQHMOHSätY]WDKMHWHQYHNWHUpPMHYDäHY]iMHPQiOiVND
Y
WätQHæYDäHQiURN\
3RVX]XMWHVY
M~VS
FKWtP
3 LVWXSXMWHNOiVFHDYD
HKRMVWHVHPXVHOLY]GiWDE\VWHKRGRViKOL
HQtVKUDYRXEH]VWDURVWQRXRGHY]GDQRVWt
6XPPL
6QRZERDUGLQJ
-HMHGHQ]QHMUR]xË HQøMxËFKH[WUÇPQËFKVSRUW NWHUÛXæWÇPø S HVW¿Y¿EÛWH[WUÇPQËPSURWRæH
QDVDGLWSUNQRDVMHWQøMDNRXVMH]GRYNXXæXPËVNRURNDæGÛDWRVHDQLQHPXVËSRêËWDW]D
NODVLFNÇKRVQRZERDUGLVWX3 HVWRVQRZERDUGLQJRWHY HOQRYÇRE]RU\YxHPNWH ËXæE\OL]QXGøQL
O\æRY¿QËP
6RXWøæËVHSRG,6),QWHUQDWLRDQO6QRZERDUGLQJ)HGHUDWLRQu0H]LQ¿URGQËVQRZERDUGRY¿
IHGHUDFHD),6)HGHUDWLRQ,QWHUQDWLRQDOGX6NLu0H]LQ¿URGQËO\æD VN¿IHGHUDFH
3UDYLGOD
3RNXGVHQHMHGQ¿R]¿YRGYHVODORPXQHERRE ËPVODORPXD XæGXDOQHERVLQJOHVRXWøæH
KRGQRWËUR]KRGêË9U¿PFLIUHHULGLQJXVHERGXMHQøNROLNYøFËYÛEøUWUDV\SO\QXORVWMË]G\MHMË
REWËæQRVWS LGDQÇWULN\DFHONRYÛGRMHP9UDPSøVHKRGQRWËYÛxNDVNRN SURYHGHQËURWDFH
GRSDG\DFHONRYÛGRMHP6RXWøæËFËQHMSUYHKO¿VËFREXGRXYHVYÇMË]GøVN¿NDWW]YURXWLQH
WDNæHUR]KRGêËPDMËMHGQRGXxxËØORKX
9ELJDLUXP¿NDæGÛ]HVRXWøæËFËFKW LVNRN\S LNWHUÛFKS HGY¿GËVYÇWULN\=DMHGQRWOLYÇVNRN\
REGUæËERGRYÇRKRGQRFHQËRGUR]KRGêËFK3RRGVN¿N¿QËVHYH]PRXMHKRGYDQHMOHSxËYÛVOHGN\
VHêWRXVHDY\GøOËGYøPDDE\Y]QLNORNRQHêQÇVNÑUH3RGOHQøMVH]¿YRGQËNXPËVWË
3 LVRXWøæLMDNRMHQDS ËNODG;*DPHVUR]KRGXMHUR]KRGêËFK'¿YDMËERG\]DYÛxNXu
ERG REWËæQRVWuERG S LVW¿QËuERG DY]G¿OHQRVWuERG 9\EËUDMËWHG\]H
VWRERGRYÇxN¿O\1HMKRUxËDQHMOHSxËYÛVOHGHNVHY\PD]¿Y¿êW\ LRVWDWQËVHVHêWRXDY\GøOË
êW\ PLDWDNY]QLNQHVNÑUHSURNDæGÛVNRN9S ËSDGøURYQRVWLERG VHEHUHYØYDKXYÛVOHGHN
]¿YRGQËN ]MHMLFKQHMKRUxËKRVNRNX
9\EDYHQË
3R ¿GQÇSUNQRMHQHMG OHæLWøMxËVRXê¿VWËWRKRWRVSRUWX9øWxLQRXVHGøOËSRGOHWRKRQDFRKR
VQRZERDUGLVWDSRW HEXMH3UNQRVHxSLêNRXDVH Ë]QXWRX]DGQËKUDQRXEÛY¿SRXæËY¿QRQD
VODORP\SUNQDYRY¿OQøMxËPWYDUXVSËxHQDIUHHVW\OH1HVPËPH]DSRPHQRXW]PËQLWWDNÇY¿]¿QË
NWHUÇVHGøOËREGREQøuWYUGÇSHYQÇY¿]¿QËQDVODORP\DMË]GXSRXSUDYHQÛFKVMH]GRYN¿FKD
PøNNÇQDIUHHVW\OHDWHG\QøMDNÇWREOEQXWËQDVYDKX
6DPRWQÛVQRZERDUGMHWYR HQSRGREQøMDNRO\æH]YUVWHYVNORODPLQ¿WXG HYDDRFHORYÛFK
YÛ]WXK6NOX]QLFHEÛY¿WHIDORY¿MHMËY\NURMHQËXPRæ XMHY\MËæGøWREORXN\SRKUDQ¿FKDSUDNWLFN\
VHG¿ ËFLæHYÛYRMFDUYLQJRYÛFKO\æËVHWDNWURFKX]KOÇGOSU¿YøYHVQRZERDUGHFK$OHVSR
QøMDNÇSUYHQVWYËRSURWLO\æËP
/ËGD
S HPìåOHQt]DEHURXVH[XiOQt
-VLYOiGFHPYåHFKGiONRYìFK
IDQWD]LH
RYOiGiQt
=DNXVVYpKRVSRGQtKRSUiGOD
7HOHIRQiW\WUYDMtPD[LPiOQ
]DSODWtåQHVURYQDWHOQ
W LFHWYWH LQ
QHççHQD
9HILOPHFKMVRXYçG\QDKp
9åHFKQRVLYçG\P
MHQRPçHQ\
NY
9åHFKQ\WYpRUJDVP\MVRX
1HçVNRQ
t]SUiY\PiåVY
M
NXIU]DEDOHQì
WLQDPL
VRW
KRWQ
QtP
0tVWRDE\VGiYDOSHQt]HQD
VLOLNRQD
0iåSUDYpKR
RGViYiQt
WXNX
FHOìçLYRW
LQYHVWXMHåGR
IRWEDO
3OD\6WDWLRQ
1HPXVtå
QHERGR
QHXVWiOH
SR
DQDO\]RYDWVH[XiOQtçLYRW
NDPDUiG
0
NY
QDERW\
%XOLPLHDQLDQRUH[LHWLQHKUR]t
5R]KRGQ
1HPXVtåFSiWSUVDGR
W
QHEROtNG\çVL
QLNGRQHYåLPQHWYpKRQRYpKR
SRGSUVHQN\
~
7Yi]DGQLFHQHKUDMHS L
HVX
=Qiå]S
S HGVWDYRYiQtçiGQRXUROL
VRE
MDNRWHY tW
SLYQtOiKHY
1HWDKiåVHERXSOQRXWDåNX
äHGpYODV\DYUiVN\W
QRVWt
QH]DMtPDMt
tUNXYUHVWDXUDFLP
çHå
MtWQDWRDOHWXViP
MHGQRGXåHQDPDQçHOFH
1LNGRRGWHEHQHR
3 L
XUiQtYOHVHW
QHSiOt
NRS LY\GR]DGQLFH
3UDQtSUiGODQHFKiYiå
HNiYiçH
EXGHåSREtKDWSRORçQLFL
YSRGYD]FtFK
8åHW tåVL]E\WH
H
SURWRçHPiåMHQW LSiU\
OLWRPX
3 LYH
tWD
1HSRW HEXMHåVN t
çHå]WORXVWQRXWDQHWUStå
]E\WH
]
1HPXVtåVHVWDUDWRSUREOpP\
S tWHOHQD
MLQHç
çHQDDOHGRVWiYiåYtFHSHQ
1HMHQRPçHMVLYODVWQtNHP
YLGHDDOHXPtåKRLRYOiGDW
çHåY\çHKOLW
1HSUDFXMHåQDPiKDY
SUDYp
PpQ
QpP\åOHQN\
2YRGXVHVWDUiåMHQNG\ç
]DWiStVNOHS
1HPXVtåS HGVWtUDWPLJUpQX
FKX PiåSR iG
3XåW
MH"
SURWRçHSURFHQWGHQQtKR
QpRNRQDSXQ
RåHFRWR
2GW LFHWLWLQH]D
QRXPL]HW
1HPXVtåVHQHFKDWS
YODV\]KODY\
FL]tPL
0iåYtFQHçMHGQXHURWRJHQQt
,YSOQpUHVWDXUDFLVHSURWHEH
1RVDXåLWLQH]DU
QDMGHYROQìVW
VWDMt
XP
QHS tMHPQìPLFKOXS\
8åHW tåNDçGìP
1HMHQçHPiåFLW\DOHXPtå
VtF]D3OD\ER\
çHåPtWQHVNXWH
GtW
0iåS LUR]HQpQDGiQtGiYDWWR
SRVRE
QtF\NOXV
QpPQRçVWYt
RSUDYGXWYRMH
.G\çVHEXGHåMHQWURFKX
]DMtPDWRIRWEDOPXçLWLEXGRX
1HPXVtåVH
YOi
1HPXVtåPtWREDY\]GDMHWYp
FKWLQHKUR]t
SUDYp
SRXçtWVYp]EUDQ
VYHGHåQDPHQVWUXD
RUJDVP
$ Y\SLMHåNROLNFKFHåSLYQt
P
WåLNRYQ
OMHQPXVtå
1iYDO\çUDYRVWLMHGQRGXåH
0
RQLFKLPOXYLW
XUiQtQD
YH HMQìFKWRDOHWiFKRNXNRYDW
]yQX
L
OHçHW
HWV
XQRKRX
EHGQRX
FKODVWXGR
SDWUD
9KRUNìFK
.G\ç
OHWQtFKGQHFKP
SODYHåY
NDQFHOi HYNUD DVHFK
ED]pQXQHPXVtåVHEiWçH
Q
NGRVSDW tWYpY]UXåHQt
1HPXVtåPtWVWUDFKçHW
3RGOHVWDWLVWLNEXGHåçtWRVHGP
Mt]G
OHWGpOHQHçPXç
1HPXVtåP
QDIRXNOpKRNXVXN
UR]SOi
8FtWtåSUYQtNRSQXWtGtW
KUDMtWX
QHVP\VOQRXKUXVKRQ
YNLQ
QDNROHS LSUDYtUiP
0iåSUVDDXPtåMHSRXçtYDW
2VRERWiFKVHQHPXVtåVWDUDW
1HPXVtåVHVW\G
S L
RSRKODYQtRUJiQ\
QLWStFKOpNROR
RWRNGHSUiY
çHåGR
1iODGXVLVSUDYtåNRXSHQtPERW
QtP
&HOpSDUNRYLåW
çH
MHWYp
8PtåXYD LWVNY
WNG\çVH
OpS
WLFKRGRYp
PHQXDQLçE\E\ORQXWQp
Hå
=DçLYRWXåHW tåQHMPpQ
WH
UHNRQVWUXRYDWFHORXNXFK\QL
KRGLQSURWRçHVHQHPXVtåKROLW
1H]QiåVWUDFK]HVHOKiQt
YSRVWHOL
%HME\
7DNpYiPGiUN\NYHWRX"
-HãW MVPHVHDQLQHVWDþLOLY]SDPDWRYDW]NRQFHGRYROHQpDMVRXWX]DVH9iQRFH6YiWN\NOLGXDPtUXVYiWN\
YH]QDPHQtNDSUDSRKiGHNREåHUVWYtDOHWDNpYiQRþQtFKGiUN
.DåGRURþQ ]DVHGiPH]DãW GURYHþHUQtWDEXOL
Y\FKXWQiYiPHVLã DYQDWpKRNDSUDVY\QLNDMtFtPEUDPERURYêPVDOiWHPDSRWRPVHRGHEHUHPHNYiQRþQtPX
VWURPHþNXSRGNWHUêPQiVþHNDMtEDOtþN\VGiUN\.ROLNUiWDOHEDOtþHNUR]EDOtPHDGiUHNNWHUêMHXYQLW NRQþt
Q NGHYNRXW RSRPtMHQêS HGYãHPLRVWDWQtPL3URþWHG\QHXG ODWQ NRPXUDGRVWGiUNHPNWHUêMHQWDNQH]PL]t
]MHKRRþtDEXGHVW HGHPMHKRSR]RUQRVWL0iPQDP\VOLQ MDNRXS NQRXN\WLFLQHERW HEDKH]NRXKUQNRYNX
'RYROXMLVLYiPWHG\QDEtGQRXWQ NROLNW\S
QDWHQWR]DMtPDYêYiQRþQtGiUHN3 LGiYiPVWUXþQêSRSLVDQiURN\QD
S VWRYiQt
7DNFRW HED«««««³9iQRþQtKY ]GX³"
(XSKRUELDSXOFKHUULPDSRLQVHWWLH³9iQRþQtKY ]GD³±WDWRURVWOLQDSDW tGRþHOHGLSU\ãFRYLWêFK
(XSKRUELDFHDHSRFKi]HMtFtFK]0H[LND9HVYpGRPRYLQ Y\WYi tVRXYLVOpNH RYpSRURVW\-HWR tGNiNH RYLWi
G HYLQDVHVY WOH]HOHQêPLãLURNêPLQDRNUDMLP OFH]XEDWêPLOLVW\9êKRQ\MVRX]DNRQþHQ\QHYêUD]QêP
åOXWR]HOHQêPNY WHQVWYtP=DGHNRUDWLYQtHIHNWQHYG þtNY W
RENORSXMtDWYDUHPVHSRGREDMtOLVW
PQêEUåRKQLY þHUYHQêPOLVWHQ
PNWHUpNY WHQVWYt
P=HYãHFKSOHWLYURQtSU\ãHFS LSRUDQ QtPOpNR/LVWHQ\VH]EDUYXMtREY\NOH
NROHP9iQRF-HYHOPLFLWOLYiYHOPLFLWOLYiQDIRWRSHULRGLVPXVGREDWUYiQtVY WODDMHKRLQWHQ]LWDWDNåHNY W
DY\EDUYHQtOLVWHQ
MHPRåQRY\YRODWXP OHLYMLQpURþQtGRE 0iUDG MLQLåãtWHSORWXƒ&3 LYKRGQpP
]DFKi]HQtP åHSU\ãHFY\GUåHWYGRPiFQRVWLQ NROLNOHW1HMþDVW MLS HVD]XMHPHSRRGNY WXGRVP VLOLVWRYN\
GUQRYN\UDãHOLQ\DStVNXYSRP UX3 LWRPMHGREUp]DNUiWLWYêKRQ\DåRSRORYLQXDE\VHNH tNUR]NRãDWLO
9OpW P åHPHSU\ãHFXPtVWLWYHQNX3 VWXMtVHLSU\ãFHVOLVWHQ\U
åRYêPLD]HOHQREtOêPL
$QHEREUDPER tN"
&\FODPHQSHUVLFXPEUDPER tN±SUiYHPQiOHåtNHNODVLFNêPGiUNRYêPNY WLQiP3DW tGRþHOHGL
SUYRVHQNRYLWêFK3ULPXODFHDHS
=SORãHNXORYLWpKOt]\Y\U
YRGHP]YêFKRGQtKR6W HGRPR t9HVYpGRPRYLQ MHWRY\WUYDOiURVWOLQD
VWiWUVVUGþLWêFKQHEROHGYLQRYLWêFKOLVW
VGORXKêPL DStN\DWXKêPLWPDY ]HOHQêPL
þHSHOHPL1DQLFKVHREMHYXMHYêUD]QiãHGLYiNUHVED1iOHYNRYLWpNY W\QDGORXKêFKVWYROHFKDVLRW HWLQX
S HY\ãXMtOLVW\.Y WQtSOiWN\MVRXQD]S WRKQXWpD]SUDYLGODVP
.Y W\PDMtãLURNRXãNiOXRGVWtQ
VY WORYOKþtY]GXFKDS LP
DEDUHYDW\S
HQRX]iOLYNX0
NY W
XMtY]K
UXQHERGROQtSOiWHNREMtPiNY WQtVWYRO
9\åDGXMHSURVW HGtVQt]NRXWHSORWRXƒ&UR]SWêOHQp
åHPHMH]DOpYDWVKRUDQHERGRPLVN\3 L]DOpYiQtGRVW HGXWUVXE\
PRKO\]DKQtYDWOLVWRYp DStN\LNY WQtVWYRO\2GNYHWOpNY W\QHRGVW tKiYiPHDQLQH]DãWLSXMHPHDOHRGVWUDQtPHMH
SUXGNêPWUKQXWtPVWYROX%UDPER tNXPtVWtPHQHMOpSHQDRNHQQtSDUDSHWQHERQDQ MDNpMLQpVY WOpPtVWR$å
URVWOLQD]DWiKQHXFKRYHMWHKOt]XYFKODGXEH]]iOLYN\GROpWD3RWRPML]DVD
WHGRNY WLQiþHRSU
P UXFP
GRVP VLOLVWRYN\UDãHOLQ\DStVNX.Y WLQiþ]DSXV WHQDSRORVWLQQpVWDQRYLãW GR]HP DS LP
]DOpYHMWH3 HGS tFKRGHPSRG]LPQtFKPUD]tN
HQ
S HQHVWHRWXåLORXURVWOLQXVSHYQêPLOLVW\GRFKODGQpPtVWQRVWL
DþHNHMWHQRYpNY W\
$NG\åDQLW\WRQHWDNFRW HEDK\DFLQW"
+\DFLQWKXVRULHQWDOLVK\DFLQWYêFKRGQt±MHW\SLFNRXYiQRþQtGiUNRYRXFLEXOQDWRXNY WLQRX3DW tGR
þHOHGLOLOLRYLWêFK/LOLDFHDHS
YRGHP]H6W HGRPR t=NXORYLWpFLEXOHY\U
VWDMtþiUNRYLWpOLVW\DREHStQDMtVLOQt
NY WQtVWYROXNRQþHQêKUR]QHPRPDPQ YRQtFtFKGUREQêFKKY ]GLþNRYLWêFKNY W
EDUY\EtOpU
åRYpþHUYHQp
ILDORYpVY WOHDWPDY PRGUp LGþHMLåOXWp.G\åGRVWDQHPHGDUHPNYHWRXFtK\DFLQWQHEXGHPHKRS tãWtURN]QRYX
U\FKOLW&LEXOHMHY\VtOHQiDSURWRMtUDG MLY\VDGtPHQDSRG]LPQD]DKUiGNX3RNXGVHFKFHPHSRNXVLWGRPD
RU\FKOHQtNRXStPHVLFLEXOLQRYRXQHMOpSH]KRODQGVNpKRGRYR]X'
OHåLWRXUROLS LWRPKUDMH]DORåHQtDYêYRM
NY WQtKR]iURGNXFRåMHSRGPtQ QpGRGUåRYiQtPYKRGQpWHSORW\S LVNODGRYiQtFLEXOt&KFHPHOL]tVNDWNYHWRXFt
K\DFLQWQD9iQRFH]DþQHPHVU\FKOHQtP]DþiWNHP]i t&LEXOL]DVDGtPHGRKOXERNpKRNY WLQiþHVGUHQiåtWDNDE\
] VWDODMHGQDW HWLQDYUFKRORYpþiVWLQDGSRYUFKHP]HP =DOLMHPHMLDXPtVWtPHGRFKODGQpPtVWQRVWLVWHSORWRX
NROHPƒ&GRWP\QHERMLS LNU\MHPHSDStURYêPNRUQRXWHPþLNY WLQiþHP9GRE NG\FLEXOHY\åHQHNY WQt
VWYROGRYêãN\±FPDVL]DWêGQ
S HQHVHPHVWiOHMHãW S LNU\WêNY WLQiþGRWHSOHMãtPtVWQRVWLD]DþQHPH
URVWOLQXRSDWUQ ]DOpYDW7HSORWX]Y\ãXMHPHDVLGRƒ&7HSUYHNG\åVHVWYROYtFHY\WiKQHQDGOLVW\Y\VWDYtPH
URVWOLQXVY WOX$NG\åEXGHPHXGUåRYDWUR]NYHWOêK\DFLQWS LQLåãtWHSORW Y\GUåtQiPQ NROLNWêGQ
-LUND
äHXQiV]DþtQDMtYiQRþQtVYiWN\XåSUYQtQHG OLNWHUiMHQHMEOtåHOLVWRSDGXMVWHVHMLåPRKOL
GR]Y G W]SUYQtKRYiQRþQtKRþOiQNXåHNQiP-HåtãHNFKRGtVGiUN\SURVLQFHYtPHVQDGRG
PDODDOHMDNVHVODYt9iQRFHYMLQêFK]HPtFKWR]QiXåPiORNGR3RNXGYiVWRWHG\DOHVSR
WURFKX]DMtPiS HþW WHVLWRQDWpWRVWUiQFH
-DNVODYt%ULWRYp
9H9HONp%ULWiQLLVH]DþtQiVODYLWSURVLQFHQD0LNXOiãH'iUN\VHQDG OXMtSURVLQFHUiQRSR
SUREX]HQt7HKG\G WLKOHGDMtYHYHONêFKSRQRåNiFKGiUN\RG6DQWD&ODXVH5RGLQDVHVHMGHYSUDYp
SROHGQHQDGNURFDQHPQDGtYDQêPNDãWDQRYRXQiGLYNRXQHERPDQGOHPLQ NGHVHSRGiYiVNRSRYp
VU\Et]RYRXRPiþNRX$OHQDSURVWRQH]E\WQêMHYiQRþQtSXGLQJQDNWHUêPiNDåGiURGLQDVY
YODVWQtUHFHSW1HMþDVW MLMHY\UREHQê]R tãN
ãYHVWHN3RGiYiVHVNR
UXPXYDMHFVWURXKDQN\FXNUXFLWURQ
M
DVDPR] HMP
DNHPQHERSXQþHP3XGLQNVHY\UiEtGORXKRS HG9iQRFHPLDMHYHOPL
WUYDQOLYêP OE\Y\GUåHWDOHVSR
GYDURN\9ãXGHVHKUDMtNROHG\]GREtVHYiQRþQtVWURPN\YHOPL
REOtEHQiMHFHVPtQD7DV\PEROL]XMHVYêPLWUQ\.ULVWRYXWUQRYRXNRUXQ\DþHUYHQpEREXON\]DVH
S LSRPtQDMt.ULVWRYXNUHY
-DNVODYt6NDQGLQiYFL
9HYãHFKVNDQGLQiYVNêFK]HPtFK±YHâYpGVNX)LQVNX1RUVNX'iQVNXLQD,VODQGX±MVRX9iQRFH
VP VtN HV DQVNêFKRVODYQDUR]HQt.ULVWDDSRKDQVNêFKVODYQRVWtVOXQRYUDWX9HâYpGVNXQDG OXMH
VWD HþHN-XOWRPWHQNWHUpKRGRSURYi]HMtVN tWFLDOHMHãW G tYVHYHOPLUXãQ VODYtVYDWi/XFLH7HQWR
VYiWHNS LSDGiQDSURVLQFHDPDOpGtYN\VHREOpNDMtGRVSOêYDYêFKEtOêFKãDW
DQDKODY PDMt
Y QHþN\VKR tFtPLVYtþNDPL9H)LQVNXQDG OXMHGiUN\E ORYODVêDE ORYRXVêG GHþHN9HONê8NNR
NWHUêPtYiY\VRNRXþHUYHQRXþHSLFL-HYHOPLKRGQêODVNDYêPRXGUêDVDPR] HMP ±ãW GUê1D
VWROHYHþHUQDMGHWHNURFDQD±VU
]QêPLS tORKDPL1HMHQVHVDOiWHPDOHWDNpVUêåt
-DNVODYt,WDORYp
9,WiOLLVHâW GUêYHþHUVODYtMDNRQDUR]HQt3iQ SRX]HVHWNiQtPVS iWHOL1DXOLFtFKE\FKRP
QHSR]QDOLåHMHâW GUêGHQ2EFKRG\MVRXRWHY HQpMDNRNWHUêNROLYMLQêYãHGQtGHQKUDMtGLYDGOD
LNLQD' WLGRVWiYDMtGiUN\GUXKêGHQUiQR,WDOVNp9iQRFHMVRXVNURPQpGRNRQFHDQLVWURPHN
VFXNURYtPQHQtSRGPtQNRX=DWRS
OQRþQtPãH±WDMHQXWQi9\KOiãHQiMHPãHYH9DWLNiQX
YFKUiPXVYDWpKR3HWUD6YiWN\]DþtQDMtRE GHPQD%RåtKRGSRVODYQpPSDSHåRY SRåHKQiQt8UELHW
RUEL1DVODYQRVWQtPVWROHMHY WãLQRXMHKQ QHERNURFDQMDNRGH]HUWVHSRGiYDMtGDWOHQHERItN\
VU
]QêPLQiSOQ PLDSDQHWWRQH±FRåMHREGREDQDãtYiQRþN\=DMtPDYpMHåHY,WiOLLGiUN\QRVt
%HIDQD6WD HQNDNWHUiMHRãNOLYiDOHQLNRPXWRQHYDGt
-DNVODYt1 PFL
1 PHFNê&KULVWNLQGQHER:HLKQDFKWVPDQQY\SDGiWURFKXMLQDNQHåQiã-HåtãHN=SUDYLGODMHUH]DYê
YRXVDWêQRVtGORXKêSOiã VNDSXFt1 PFLVLSRWUStR9iQRFtFKKODYQ QDU\E\DWRQHMHQQDNDSUD
3 LSUDYXMtORVRVDYURVROXãWLNXFDQGiWD~KR H.DSUD]SUDYLGODSOQtQiGLYNRXDSDNSHþRX=DVYp
WUDGLþQtMtGORSRYDåXMtSHþHQpYLQQpNOREiV\DVSHFLiOQtFXNURYt]PRXN\YDMHFFXNUXDQê]X
DDPRQLDNWHUpPXVH tNi6SULQJOH$VDPR] HMP WtPQHMW\SLþW MãtPSHþLYHPMHYiQRþQtãWROD
-DNVODYt3ROiFL
3ROiN
PQDG OXMHGiUN\%HWOpPVNiKY ]GDFRåMHWDMHåVHRâW GUpPYHþHUXREMHYtQDREOR]HMDNR
SUYQt3ROiFL]DSDOXMtR9iQRFtFKYRNROtVYêFKGRP
QHMYtFHMLVNHU9
RKQ DS LNOiGDMtQDQ WDNDE\OpWDORFR
tåHNROLNMHMLVNHUWROLNEXGRXPtWYS tãWtPURFHGRE\WNDWDNERKDWRXEXGRXPtW
YS tãWtPURFH~URGX
-DNVODYt$XVWUDODQp
9$XVWUiOLLVHVODYtMDNRYH9HONp%ULWiQLLMHQNXOLV\MVRXMLQp9$XVWUiOLLMHWRWLåRâW GUpPYHþHUX
YHGUR9tFQHåVWXS
&HOVLD$OHVWURPN\VH]GREtGiUN\VHS LSUDYXMtDYD tVHVSRXVWDVSHFLDOLW
3URWRåHY$XVWUiOLLåLMHYHOPLPQRKRS LVW KRYDOF
]FHOpKRVY WD.G\E\FKRPDOHSiWUDOLSRSUDS
DMHMLFKSRWRPN
VHWNiPHVHWDPVNXFK\Q PL
YRGQtFKGRPiFtFKUHFHSWHFKSUDYG SRGREQ E\FKRP
VHGRVWDOLNPHGRYpPXPUDYHQFLNWHUêFKXWQiMDNRYþHOtPHG=PDVDE\FKRPPRKOLRFKXWQDWåiE\
SHþHQpYSRSHOXQHERVWHMQ XSUDYHQpKRKDGD3DNVHWDNpS LSUDYXMHSãWURVNWHUêFKXWQiSRGREQ
MDNRNDFKQDQHERMHåXUDMHåMH]DVHYHOPLSRGREQiYHS RYpPX
-DNVODYt)UDQFRX]L
)UDQFRX]
PQDG OXMH3DSD1RsO±FHOêYEtOpP9URGLQiFKVHUR]GDMtGiUN\S HGYHþH tDSDNVH
Y WãLQRXVS FKiGRUHVWDXUDFHQDYiQRþQtYHþH L'RPD]
G
VWiYDMtMHQURGLQ\NGHPDMtMHQYHOPLPDOp
iWNRQHERMHQ NGRQHPRFQê9ãHFKQ\UHVWDXUDFHPDMtR9iQRFtFKåQ DEêYDMtSOQ REVD]HQp
9HþH HMVRXRNi]DOpPtYDMtYtFHQHåGHVHWFKRG
-DNVODYt$PHULþDQp
9H6SRMHQêFKVWiWHFKDPHULFNêFKVH9iQRFHVODYtYHOPLRNi]DOHDOHMHQRPMHGHQGHQ±SURVLQHF
6\PEROHPDPHULFNêFK9iQRFMHRE tVWURPHNDNURFDQQDGtYDQêNDãWDQRYRXQiGLYNRXýtPY Wãt
NURFDQWtPOHSãt$PHULNDGDOD6DQWD&ODXVRYLSRGREX9\P\VOHOMLYODVWQ &OHPHQW&0RRU
SURIHVRUHSLVNRSiOQtKRVHPLQi HY1HZ<RUNX7HQYURFHQDSVDOEiVH
1LFKRODVH9QtSRSLVXMHSRKiGNRYpKRPXåHNWHUêREGDURYiYiOLGL2S
1iYãW YDVY
OVWROHWtSR]G MLVHWDWREiVH
VWDODLQVSLUDFtSURPDOt H7KRPDVH1DVWDNWHUê6DQWD&ODXVHQDPDORYDO-HKRSRGREDPXXå]
VWDOD
-DNVODYt5XVRYp
95XVNXMVRX9iQRFHSUDFRYQtPGQHP3RGOHSUDYRVODYQpKRNDOHQGi HS LSDGDMtQDDOHGQDDOH
VODYtVHPiORNGH9URFHE\O\9iQRFH]DNi]iQ\DQDKUDGLODMHMRONDDG GD0Ui]VHViQ PL
SOQêPLGiUN
-GHRRVODYX1RYpKRURNXDEêYiWRRVODYDYHONROHSi2EURYVNpEêYDMtVWURPN\SRG
QLPLåVHVFKi]HMtVYiWHþQ DQDVWURMHQtOLGp9QHGiYQêFKGREiFKVHRUJDQL]RYDO\RVODY\KURPDGQp
GQHVVHS HVRXYDMtGRLQWLPLWGRPiFQRVWt.URP G G\0Ui]HVHXYiQRþQtKRVWURPNXREMHYXMH
6Q KXUNDSRVWDYDXUXVNêFKG WtYHOPLREOtEHQi
0p
D
ýË16.é+2526.23GtO
ÒWRþQiNU\VD
±
±
±
±
±
±
±
±
-HGQRVHMLPPXVtQHFKDW.U\V\PDMt]DXãLPDýHKRVHMLQtVQDåtGRViKQRXWKUXEêP
QiVLOtP MLP VH SRGD t OVWt -HMLFK ~WRþQRVW O]H VW
]H VRXW
åt RYOiGQRXW MGHOL R Y\ D]HQt VRXSH H
åH 3 HGVWDYHQt VL MLFK FHQt MDNR VSROHKOLYêFK D VQDåLYêFK VSROXSUDFRYQtN
SDUWQH LMDNRPLOêFKDHOHJDQWQtFKGUXK
3RG t]HQt MH QH YåG\ SRFKRSt QHER
NU\VtP KHVOHP MH YãHFKQR DQHER QLF $ ]WRKR
WDNp SO\QRX ]NODPiQt OHFNWHUi .U\VD GRYHGH WR FR SUiY
YVDGLW GR KU\ D WR EH] RKOHGX QD ]WUiW\ 3DN VDPR] HMP
]tVNDOD RS
W OHKNRP\VOQ
]MLVWt åH OHKFH QDE\OD OHKFH
SR]E\OD%XGHYãDN]DþtQDWVWiOH]QRYX±MHMtPFtOHPMH]LVNSRGOHQtWDQHMOHSãtVWUiQND
åLYRWD -H MDVQp åH MHMt SURIHVQt FHVW\ SRYHGRX N~VS
FKX D
EXGH NUiORYVNê NXSHF
QHER EH]RKOHGQê OLFKYi -DNR SROLWLFL PDMt .U\V\ YHONp VORYR -HMLFK VOLE\ MVRX PtQ
SRFWLY
NOLGQ
YãDN
V~VP
YHP
GRNiåRX
tFW
Y\FKYDORYDOL MDNR KRGQp XVLORYiQt .U\V\ þDVWR S
GRYHGRX SURP
1HER
W Y]LP
FWLåiGRVWLY
MHãW
QHGiYQR
OR UR]OLãRYDW ± QDUR]HQp YOpW
VYêP
Mãt
QHå
åLW
MVRX MLQp QHå W\ NWHUp
-H WR QDSURVWR ORJLFNp /HWQt .U\V\ QDOp]DMt S HPtUX SRWUDY\
PRKRX þHUSDW ]KRMQRVWL 7R MH þLQt S tY
D
FR
OHåLWp
0H]L .U\VDPL E\ VH YãDN P
]GYR LOp
WRKR
OHFNp NRQtþN\ NWHUp U\FKOH
QLW YFLQNDYp PLQFH MDNPLOH ]MLVWt FR YãHFKQR VH ]WRKR Gi Y\W
SHQt]HMVRXSUR.U\V\G
S LãO\ QD VY
SURWLNODG
VWXMt XP
Q\
ãDUPHP
MHMLFK
GRNiåRX
]LPQt
WLY
MãtPL S HV YHãNHURX DJUHVLYLWX ]
RNRX]OLW
GUXåN\
RNROt
GRYHGRX
/HWQt
V~VP
.U\V\
YHP
MVRX
tNDW
QHVWRXGQRVWLDYãtVLORXSRXåtWORNW\DE\RGVWUDQLO\NRQNXUHQW\]FHVW\
W\
VWiYDMt
PQRKHP
QHMY
Wãt
ÒWRþQRVW ]LPQtFK .U\V VSRþtYi YQHXVWiOpP VWUDFKX R FKOpE YH]GHMãt äHQVNp
S HGVWDYLWHON\ XNOiGDMt ]iVRE\ NWHUp VWDþt QD OpWD D Y
]ND]t D ]SOHVQLYt ± Y\KRGt WR D VKURPDå
XMt ]QRYX
EHF MLP QHYDGt NG\å VH YãHFKQR
tNi VH åH ]LPQt .U\V\ PDMt VNORQ
NQHVW tGPRVWL D WtP MH RKURåHQR MHMLFK ]GUDYt $OH VH ]GUDYtP .U\VD QDNOiGi MDNR
VSHQ
]L NG\å Mt KUR]tåH ]DE HGQH GR QHMKOXEãtKR EDKQD RS
W VH Y\WiKQH ]D YODVWQt
SDþHV\ WR MH YODVWQRVW NWHURX MVRX REGD HQ\ L .U\V\ QDUR]HQp YOHWQt SRORYLQ
SRX]HQHMVRXWDNRGROQpMDNRMHMLFK]LPQtVHVWU\
URNX
0QRKR .U\V MH åLYRWHP KêþNiQR 0DMt SDN UiG\ OX[XV ERKXåHO þDVWR L QHVW tGPRVW
DQHYi]DQê åLYRW 7R QHRKURåXMH MHQ ]GUDYt DOH WDNp RWXSXMH MHMLFK VRXGQRVW 1HMHGQD
.U\VDVHYGRE
SR KODY
EODKRE\WXRENORStIDOHãQêPLS iWHOLNWH tþHNDMtMHQQDWRDE\MLSUDãWLOL
-HVWOLåH VH .U\VD WDNWR ]NODPH ]DOH]H GR VYp GtU\ QHG
Y
LYi Y
þL NDåGpPX
DQHVSRNRMHQi VDPD VH VHERX 0QRKp .U\V\ WDN GRSOiFHMt QD WR åH VH QHY\]QDMt
YOLGHFKG
Y
RYDO\DE\O\SRGYHGHQ\
7DNp YOiVFH FKFH .U\VD YãHFKQR $ VYpKR FtOH YåG\ GRViKQH L NG\E\ SDUWQHU QD
NWHUpKR VH ]DP
DHOHJDQFt S
NU\VtKR PXåH Y
'RPQ
t ]SRþiWNX QHSURMHYRYDO YHONê ]iMHP -H WR ãDUPHP NU\VtFK PXå
YDEQêFK NU\VtFK GtYHN .U\VD åHQD YVWXSXMH GR PDQåHOVWYt QD UR]GtO RG
WãLQRX YHOPL EU]\ -H YiãQLYi D FKW
OpVRXSH N\SRGH]tUDY
Pi QHEH QD ]HPL E
OD E\ PLOpKR QHMUDGãL MHQ SUR VHEH
Y\ãWYH]DUpQ\-HVWOLåHPXåKUDMHPLORVWQRXKUXYHGYRX
GD YãDN MHOL QHY
UQê 3DN SR]Qi VRSNX NWHUi KR ]DYDOt åKDYRX
OiYRX8G
OiQHMOtSNG\åS LOH]HKQHGQDN tåNX QHER]PL]t.U\VtPXåVHMHQWDNU\FKOH
QHYiåH 1HMG tY FKFH NWp þL RQp NY
QHMKH]þt 1D YGDYHNFKWLYp GtYN\ S
WLQFH S LYRQ
W WHSUYH SRWRP VL Gi GR Yi]\ WX
VREt VYRX YHONRU\VRVWt ]HYQ
MãNHP D VH[DSSHDOHP
6Yp PLOp GRNiåH GiW YãHFKQR ]ODWR L VW tEUR VQDG L QRUNRYê NRåLFK DOH S HGHYãtP Mt
GDUXMHVYpVUGFH
SX
9PDQåHOVWYt MVRX .U\V\ GRPiFNp þORY
N E\ MH PRKO SRNOiGDW ]D SHFLYiO\ D GRPiFt
N\QHEêWMHMLFKQHVSRXWDQpWRXK\SRSHQ
QHGRS iYi NOLGX 1HER
FtOHPWRXKDSR]LVNX
]tFKDSRYHãNHUpPãW
S L Yãt OiVFH NSDUWQHURYL D NVRE
]
VWtVY
WDNWHUiMLP
VWiYi SUR .U\V\ åLYRWQtP
.U\VDRG%HUDQDSR5\E\
.U\VDY%HUDQX±FKFHY
WãLQRXSURUD]LW]H
9åLYRW
WRKRKRGQ
GRViKQH
MH WR UR]HQê PDQDåpU .þHPX VH MHGQRX UR]KRGQH WRKR VH GUåt -HMtP NDSLWiOHP MH
HQHUJLH
.U\VD Y%êNX ± MH S L Yãt SRGQLNDYRVWL YHOPL GRPiFNi 9iåt VL NOLGQpKR
URGLQQpKRåLYRWD]Q
KRåþHUSiVtOXSURYROiQt-HQHRE\þHMQ
YOtGQi
.U\VD Y%OtåHQFtFK ± Pi þDVWR VODEp QHUY\-LQDN MH YãDN WR QHMOHSãt FR
P
åHURN.U\V\QDEtGQRXW7DNpYOiVFHVHSURMHYXMHYHVSUiYQpPVY
.U\VDY5DNX±ãSDWQ
6Q\MtYãDNþDVWR]DWDUDVtFHVWXY]K
VQiãtNULWLNX-HYHOLFHFHQ
UX
WOH
QDSURVY
MY
FQêUR]XP
.U\VD YH /YX ± MH RVREQRVW NWHUi QRVt KODYX Yêã QHå RVWDWQt 6YRX
YHONRU\VRVWtVLP
.U\VD Y 3DQQ
åHS LYRGLWSRKURP\YHVYpKUGRVWLS
VREtDåDURJDQWQ
Pi VP\VO SUR ILQDQþQt KRGQRW\ 1
PDOLFKHUQiFRåNRPSOLNXMHVRXåLWt'RYHGHVHPLPR iGQ
REOpNDW
NG\ EêYi S tOLã
.U\VDYH9DKiFKMHSURURYQRYiKXYHYãHFKåLYRWQtFKVLWXDFtFK0iUiGD
OX[XV MHãW
SRKODYt
YtF QHå MLQp .U\V\ 9 OiVFH EêYi þDVWR ]ERå
RYDQêP REMHNWHP RSDþQpKR
.U\VD YH âWtUX MH ERMRYQê W\S NWHUê VH N FtOL W HED L SURNRXãH 1LF Mt
QHUR]]OREtYtFQHåQHXS tPQRVW
.U\VD YH 6W HOFL þDVWR S HVW HOt -H YêERUQê
FRVOtEtGRGUåt-HVFKRSQiDOHSRQ
NXGODNRPi
HþQtN DYãDN QH YãHFKQR
.U\VD Y .R]RURKX Y\EtUi GORXKR ]NRXPi DOH NG\å Y\EHUH SDN VH
Y
VW
WãLQRX FHOê åLYRW SHYQ
åt
GUåt Y\YROHQpKR 'R PDQåHOVNp SDVWL ML YãDN O]H Y\OiNDW MHQ
.U\VD YH 9RGQi L KOHGi þDVWR ãW
DQHWUS
FK\WUi
OLYi -DNPLOH GRViKQH MHGQRKR FtOH Xå VP
VWt Y FL]tFK ]HPtFK MH QHNOLGQi
XMH N GDOãtPX 9
.U\VD Y 5\EiFK MH QHXVWiOH QD ORYX ]D ãW
Y\VORYHQpGtW
ãW
VW
WãLQRX EêYi YHOPL
VWtP W HEDåH WR QHQt åiGQp
Q\6YpS iWHOHGRYHGHUR]WRPLOHY\XåtYDWYHVY
MSURVS
FK
0p
D
5\Wt
L]HP
þHVNp
HGVWDYLODQRYRXNQLKX'DJPDUâW
'RYROWHPLDE\FK9iPS
NWHUiMHSUDSUDSUDYQXþNRXSRVOHGQtEDURQN\URGX1HXEHUN
.QLKDY\SUiYtRRVXGHFKURGLQ\1HXEHUN
YGRE
SRE
WLQRYp
$OåE
W\
ORKRUVNp
H[HNXFHDþHVNpKRQiURGQtKRREUR]HQtNG\VH1HXEHUNRYpYê]QDPQRXUROt
]DVORXåLOLR]DORåHQtDIXQJRYiQt1iURGQtKRPX]HD
.QLKDY]QLNDODS
HVOHWSRWXWRGREXSDQL'DJPDUâW
PXVHODSiWUDWSRVYêFKS
GRSLV
DþWHQi
WLQRYi
HGFtFK'tORREVDKXMHPQRKRIRWRJUDILt
HVH]QDPXMHSRPRFtURGRNPHQXVMHGQRWOLYêPLþOHQ\
ãOHFKWLFNpKRURGX8ND]XMHQiPOLGVNpRVXG\U\Wt
VNpG\QDVWLHDSR]DGt
GRE\DPtVWDNGH1HXEHUNRYpåLOL
.QLKDVVWUDQDPLVWRMt.þ3
VWXGHQW
DSURIHVRU
VLWXWRNQLKXP
EXGHY\
åHWHWpåY\S
tSDGQpREMHGQiYN\]
DG
L]RYDWSDQt0DOi]HãNROQtNQLKRYQ\NGH
MþLW
.X
36
=FHODGRSRUXþXML-H]YOiãWQtFRYãHFKQRVHPRKORRGHKUiWQD
GtYþtPLQWHUQiW
DMHKRRNROt
7KHHQG
%RKXåHOMHWRWDG\.RQþtPH$OHQHERMWHY]iY UXMHMHQWRKOHY\GiQt3URWRXåWH
VHP
åHWHW ãLWQD
QRYpþtVORNWHUpXUþLW Y\MGHDNRUiWYiPQH HNQHPHNG\MHOLNRåWRQHYtPHDQLP\VDPL-HQYiP
P
åHPHVOtELWåHWRXUþLW QHEXGHWHQWRURN
7DNåHVHP MWHKH]N\XåLMWHVLGRV\WDYiQRþQtVYiWN\DQH]DSRPH
WHY\NURþLWGRQRYpKRURNXWRX
VSUiYQRXQRKRX$MHãW Q FRS LVStYHMWHGRþDVRSLVXNWHUêMHWXMHQDMHQSURYiV
/RXþtVHVYiPLYDãHUHGDNþQtUDGD
(GLWD1HGY GRYi0p
D&
0DJGD+UXEi%HME\&
-LUND9HOHELO-LUND%
/tGD.XWWQHURYi/tGD%
+DQND9D
NRYi.X H$
/XNiã+iMHN.RYERM$
1DVFKRYiYDQRX
H
$WRMHYãH«